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SCM

Saba Capital Management Portfolio holdings

AUM $3.62B
1-Year Est. Return 13%
This Fund
S&P 500
This Quarter Est. Return
-22.75%
1 Year Est. Return
+13%
3 Year Est. Return
+26.53%
5 Year Est. Return
+34.79%
10 Year Est. Return
+47.28%
AUM
$1.9B
AUM Growth
-$206M
Cap. Flow
+$430M
Cap. Flow %
22.59%
Top 10 Hldgs %
45.34%
Holding
159
New
68
Increased
44
Reduced
30
Closed
12

Top Buys

Rank Stock Value
1
BRW
Saba Capital Income & Opportunities Fund
BRW
+$46.9M
2
JFR icon
Nuveen Floating Rate Income Fund
JFR
+$26M
3
HYD icon
VanEck High Yield Muni ETF
HYD
+$25.5M
4
BGB
Blackstone Strategic Credit 2027 Term Fund
BGB
+$21.1M
5
ISD
PGIM High Yield Bond Fund
ISD
+$19.7M

Top Sells

Rank Stock Value
1
HIO
Western Asset High Income Opportunity Fund
HIO
+$12M
2
HIX
Western Asset High Income Fund II
HIX
+$11.5M
3
VVR icon
Invesco Senior Income Trust
VVR
+$11.2M
4
CYH icon
Community Health Systems
CYH
+$9.27M
5
BTZ icon
BlackRock Credit Allocation Income Trust
BTZ
+$7.36M

Sector Composition

Rank Sector Weight
1 Energy 0.85%
2 Consumer Discretionary 0.58%
3 Industrials 0.39%
4 Communication Services 0.36%
5 Healthcare 0.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HYG icon
1
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
$308M 16.22%
4,000,000
+300,000
+8% +$25.3M
BRW
2
Saba Capital Income & Opportunities Fund
BRW
$336M
$133M 6.98%
17,894,669
+4,937,465
+38% +$46.9M
CHTR icon
3
PUT
Charter Communications
CHTR
$14.7B
$82M 4.31%
+187,900
New +$91.9M
EVV
4
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$66.3M 3.49%
6,275,718
-305,228
-5% -$3.78M
EHI
5
Western Asset Global High Income Fund
EHI
$175M
$62.5M 3.29%
8,351,378
+520,994
+7% +$4.93M
HIO
6
Western Asset High Income Opportunity Fund
HIO
$335M
$54.4M 2.86%
12,912,550
-2,506,150
-16% -$12M
VTA
7
DELISTED
INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
VTA
$41.7M 2.19%
5,219,785
+1,100,954
+27% +$11.6M
YPF icon
8
PUT
YPF
YPF
$20.2B
$39.6M 2.08%
9,492,500
+1,298,000
+16% +$10.5M
HIX
9
Western Asset High Income Fund II
HIX
$352M
$37.3M 1.96%
7,454,061
-1,825,624
-20% -$11.5M
NHS
10
Neuberger High Yield Strategies Fund Inc
NHS
$252M
$37.3M 1.96%
4,294,509
+527,588
+14% +$6M
VVR icon
11
Invesco Senior Income Trust
VVR
$456M
$36.6M 1.93%
11,374,540
-2,824,492
-20% -$11.2M
GHY
12
PGIM Global High Yield Fund
GHY
$478M
$34.2M 1.8%
3,095,445
+1,401,653
+83% +$19.6M
FSD
13
DELISTED
FIRST TRUST HIGH INCOME LONG/SHORT FUND
FSD
$32.4M 1.71%
2,665,400
+939,660
+54% +$13.7M
CNX icon
14
PUT
CNX Resources
CNX
$4.85B
$31.4M 1.65%
5,896,700
-3,633,300
-38% -$24.2M
JQC icon
15
Nuveen Credit Strategies Income Fund
JQC
$702M
$28.8M 1.51%
5,072,582
+1,913,392
+61% +$13.2M
FRA icon
16
BlackRock Floating Rate Income Strategies Fund
FRA
$381M
$26.7M 1.41%
2,671,028
+347,085
+15% +$4.29M
X
17
PUT
DELISTED
US Steel
X
$26.5M 1.4%
+4,206,600
New +$35.2M
NQP
18
DELISTED
Nuveen Pennsylvania Quality Municipal Income Fund
NQP
$26.2M 1.38%
1,965,337
-9,998
-0.5% -$140K
ISD
19
PGIM High Yield Bond Fund
ISD
$414M
$23.9M 1.26%
2,063,512
+1,378,507
+201% +$19.7M
PHD
20
DELISTED
Pioneer Floating Rate Fund
PHD
$22.6M 1.19%
2,955,011
+131,726
+5% +$1.34M
NRK icon
21
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$900M
$22.1M 1.16%
1,766,193
-361,753
-17% -$4.84M
NUO
22
DELISTED
Nuveen Ohio Quality Municipal Income Fund
NUO
$21.8M 1.15%
1,482,385
-206,473
-12% -$3.13M
HYD icon
23
VanEck High Yield Muni ETF
HYD
$4.44B
$21.6M 1.14%
+414,006
New +$25.5M
JFR icon
24
Nuveen Floating Rate Income Fund
JFR
$1.23B
$21.2M 1.11%
+2,803,197
New +$26M
EFF
25
DELISTED
EATON VANCE FLOATING-RATE INCOME PLUS FUND
EFF
$19.9M 1.05%
1,713,049
+35,855
+2% +$532K
1
2 3 4 5

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GCM
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SL
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Saba Capital Management's Q1 2020 Portfolio in Review

As of Q1 2020, Saba Capital Management held 159 positions worth $1.9B, down 9.8% from $2.11B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Saba Capital Management deployed $430M of net new capital in Q1 2020, opening 68 new positions and adding to 44 existing holdings. Its largest new stake was Nuveen Floating Rate Income Fund: 2,803,197 shares worth $21.2M.

By sector, the portfolio is most concentrated in Energy at 0.85% of assets, up from 0.1% a quarter earlier, followed by Consumer Discretionary and Industrials.

On the sell side, the largest reduction was Western Asset High Income Opportunity Fund, an estimated $12M trimmed.

  • Saba Capital Management's largest Q1 2020 buy was Nuveen Floating Rate Income Fund: 2,803,197 shares worth $21.2M.
  • Saba Capital Management added most to Saba Capital Income & Opportunities Fund in Q1 2020, an estimated $46.9M increase.
  • Saba Capital Management's biggest Q1 2020 reduction was Western Asset High Income Opportunity Fund, cutting an estimated $12M.
  • Saba Capital Management fully exited BlackRock Credit Allocation Income Trust in Q1 2020, selling an estimated $7.36M.
  • Saba Capital Management's ten largest holdings make up 45% of its $1.9B portfolio in Q1 2020.
  • Saba Capital Management opened 68 new positions and closed 12 in Q1 2020.
  • Saba Capital Management's portfolio value fell 9.8% quarter-over-quarter to $1.9B.

Based on Saba Capital Management's 13F filing for Q1 2020, filed 15 May 2020.