Saba Capital Management, L.P.Saba Capital Management, L.P.

Institutional investor · Portfolio as of Q1 2020

Top Holdings147 positions

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Activity:
HYGHYG
PUT

ISHARES TR

4M$308.3M16.2%———
Increased
—
PPRPPRDelisted
Fund

VOYA PRIME RATE TR

35.8M$132.8M7.0%——
3 qtrssince 2019-Q3
Increased
77
CHTRCHTR
PUT

Charter Communications Inc Cl

187,900$82M4.3%———
New
—
XEVVXXEVVX
Fund

EATON VANCE LIMITED DURATION

6.3M$66.3M3.5%$11.50-17.30%
3 qtrssince 2019-Q3
Decreased
0
EHIEHI
Fund

WESTERN ASSET GLOBAL HIGH IN

8.4M$62.5M3.3%$4.65-20.33%
3 qtrssince 2019-Q3
Increased
58
HIHIO
Fund

WESTERN ASSET HIGH INCOME OP

12.9M$54.4M2.9%$2.60-13.22%
3 qtrssince 2019-Q3
Decreased
0
XVTAXXVTAXDelisted
Fund

INVESCO DYNAMIC CR OPPORTUNI

5.2M$41.7M2.2%$10.60-18.90%
3 qtrssince 2019-Q3
Increased
62
YPFYPF
PUT

YPF SA

9.5M$39.6M2.1%———
Increased
—
HIHIX
Fund

WESTERN ASSET HIGH INCOME FD

7.5M$37.3M2.0%$3.05-22.54%
3 qtrssince 2019-Q3
Decreased
0
NHSNHS
Fund

NEUBERGER BERMAN HIGH YIELD

4.3M$37.3M2.0%$4.93-22.30%
3 qtrssince 2019-Q3
Increased
52
VVRVVR
Fund

INVESCO SR INCOME TR

11.4M$36.6M1.9%$1.98-20.58%
3 qtrssince 2019-Q3
Decreased
0
GHYGHY
Fund

PGIM GLOBAL HIGH YIELD FD FO

3.1M$34.2M1.8%$6.54-12.02%
3 qtrssince 2019-Q3
Increased
70
FSDFSDDelisted
Fund

FIRST TR HIGH INCOME LONG /

2.7M$32.4M1.7%——
3 qtrssince 2019-Q3
Increased
64
CNXCNX
PUT

Cnx Resources Corporation

5.9M$31.4M1.7%———
Decreased
—
XJXJQCX
Fund

NUVEEN CR STRATEGIES INCOME

5.1M$28.8M1.5%$6.64-14.34%
3 qtrssince 2019-Q3
Increased
65
XFRAXXFRAX
Fund

BLACKROCK FLOATING RATE INCO

2.7M$26.7M1.4%$12.20-16.33%
3 qtrssince 2019-Q3
Increased
52
XX
PUT
Delisted

UNITED STATES STL CORP NEW

4.2M$26.5M1.4%———
New
—
NQPNQPDelisted
Fund

NUVEEN PENNSYLVANIA QLT MUN

2M$26.2M1.4%$9.98-2.81%
3 qtrssince 2019-Q3
Decreased
0
ISDISD
Fund

PGIM HIGH YIELD BOND FUND IN

2.1M$23.9M1.3%$6.83-7.29%
3 qtrssince 2019-Q3
Increased
73
PHDPHD
Fund

PIONEER FLOATING RATE FUND I

3M$22.6M1.2%——
3 qtrssince 2019-Q3
Increased
47
$1.9B
AUM
147
Positions
Q1 2020
Filing
HI score · 2.5/5
Quarterly 13F Value Change
-11%Q4'19$1.2B+9%Q1'20$1.3B
Activity profile
$ moved · Q1'20
New33%Increased22%Decreased34%Exited11%
Composition
Equity vs derivatives
Equity70%Puts30%Calls0%
Holding period
Avg 1.1 quarters
<1Q45%1-4Q55%1-2Y0%2Y+0%

Saba Capital Management, L.P. manages $1.9B across 147 positions as of Q1 2020. Top holdings: HYG puts (16.2%), PPR (7.0%), CHTR puts (4.3%). Fund DNA: Diversified Scout. HoldingsIntel Score: 2.5/5.0.

Q1 2020 Summary

Active quarter - 60 new positions, 5 exits, 40 increased. Top move: PPR (INCREASED, conviction 77). Portfolio: $1.9B across 147 positions.

Top holdings by portfolio weight

Total AUM$1B
PPR6.98%
XEVVX3.49%
EHI3.29%
HIO2.86%
XVTAX2.19%
HIX1.96%
NHS1.96%
VVR1.93%
GHY1.80%
FSD1.71%
Other1.51%

Portfolio allocation by GICS sector

Sectors9
Unknown96.20%
Energy1.30%
Consumer Cyclical0.62%
Communication Services0.52%
Healthcare0.45%
Consumer Defensive0.30%
Technology0.23%
Industrials0.22%
Basic Materials0.16%

Behavioral investing profile

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Diversified Scout- primarily Unknown
Compare DNA across all funds
7-dimension, SEC 13F-derived research score
Solid(2.5 / 5.0)
Holdings P&L38
Conviction33
Concentration60
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Position Outcomes

Best and worst performing positions by estimated return

Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.

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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer

Verify source filings on SEC EDGAR

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