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

Institutional investor · Portfolio as of Q3 2022

Top Holdings1,125 positions

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Activity:
AALAAL
PUT

AMERICAN AIRLINES GROUP INC

20.2M$243.6M2.7%———
Increased
—
TDGTDG
PUT

TRANSDIGM GROUP INC

364,400$191.2M2.2%———
Increased
—
SABASABA
Fund

SABA CAPITAL INCOME & OPPORT

37M$150.7M1.7%$6.37-12.11%
11 qtrssince 2020-Q1
Increased
53
POSTPOST
PUT

POST HLDGS INC

1.7M$139.6M1.6%———
Decreased
—
COOPCOOP
PUT
Delisted

MR COOPER GROUP INC

2.8M$113M1.3%———
Increased
—
NRGNRG
PUT

NRG ENERGY INC

2.9M$112M1.3%———
Decreased
—
PFSIPFSI
PUT

PENNYMAC FINL SVCS INC NEW

2M$85.8M1.0%———
Increased
—
KAHCKAHCDelisted

KKR ACQUISITION HOLDING I CO

5.8M$57.1M0.6%——
6 qtrssince 2021-Q2
Increased
43
ADIADI
PUT

ANALOG DEVICES INC

350,000$48.8M0.5%———
Increased
—
ECATECAT
Fund

BLACKROCK ESG CAP ALLC TERM

3.5M$44.9M0.5%$6.76-2.40%
2 qtrssince 2022-Q2
Increased
66
HEHERADelisted

FTAC HERA ACQUISITION CORP

4.5M$44.6M0.5%——
6 qtrssince 2021-Q2
Unchanged
0
GSEVGSEVDelisted

GORES HOLDINGS VII INC

4.4M$43.4M0.5%——
6 qtrssince 2021-Q2
Increased
40
BAXBAX
PUT

BAXTER INTL INC

750,000$40.4M0.5%———
New
—
EPHYEPHYDelisted

EPIPHANY TECHNOLOGY ACQUISIT

4M$39.2M0.4%——
7 qtrssince 2021-Q1
Increased
36
NSNSTBDelisted

NORTHERN STAR INVSTMNT CORP

3.8M$37.6M0.4%——
4 qtrssince 2021-Q4
Unchanged
0
VFLVFLDelisted
Fund

ABRDN NATL MUN INCOME FD

3.4M$37.2M0.4%$10.13-8.43%
4 qtrssince 2021-Q4
Unchanged
0
CSCOCSCO
PUT

CISCO SYS INC

900,000$36M0.4%———
Unchanged
—
ZINGZINGDelisted

FTAC ZEUS ACQUISITION COR

3.6M$35.9M0.4%——
3 qtrssince 2022-Q1
Decreased
0
BCSABCSADelisted

BLOCKCHAIN COINVSTRS ACQ CRP

3.5M$35.8M0.4%——
3 qtrssince 2022-Q1
Unchanged
0
BSXBSX
PUT

BOSTON SCIENTIFIC CORP

910,000$35.2M0.4%———
Increased
—
$8.9B
AUM
1,125
Positions
Q3 2022
Filing
HI score · 2.5/5
Quarterly 13F Value Change
+10%Q2'21$2.7B+16%Q3'21$3.1B+58%Q4'21$4.9B+21%Q1'22$6B+24%Q2'22$7.4B+2%Q3'22$7.5B
Activity profile
$ moved · Q3'22
New16%Increased43%Decreased7%Exited34%
Composition
Equity vs derivatives
Equity85%Puts15%Calls0%
Holding period
Avg 3.0 quarters
<1Q9%1-4Q60%1-2Y27%2Y+4%

Saba Capital Management, L.P. manages $8.9B across 1125 positions as of Q3 2022. Top holdings: AAL puts (2.7%), TDG puts (2.2%), SABA (1.7%). Fund DNA: Diversified Scout. HoldingsIntel Score: 2.5/5.0.

Q3 2022 Summary

Active quarter - 104 new positions, 91 exits, 280 increased. Top move: ECAT (INCREASED, conviction 66). Portfolio: $8.9B across 1125 positions.

Top holdings by portfolio weight

Total AUM$8B
SABA1.70%
KAHC0.64%
ECAT0.51%
HERA0.50%
GSEV0.49%
EPHY0.44%
NSTB0.42%
VFL0.42%
ZING0.40%
BCSA0.40%
Other0.39%

Portfolio allocation by GICS sector

Sectors11
Unknown84.39%
Financial Services10.32%
Technology2.32%
Healthcare0.70%
Industrials0.62%
Consumer Cyclical0.53%
Consumer Defensive0.28%
Energy0.26%
Communication Services0.21%
Basic Materials0.14%
Other0.23%

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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Accumulation Streaks

Positions with 2+ consecutive quarters of increases - persistent directional conviction.

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4Q
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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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