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

Institutional investor · Portfolio as of Q4 2025

Top Holdings350 positions

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Activity:
ECATECAT
Fund

BLACKROCK ESG CAP ALLC TERM

26.3M$405.1M12.0%$8.68+50.73%
15 qtrssince 2022-Q2
Decreased
0
ASAASA
Fund

ASA GOLD AND PRECIOUS MTLS L

5.4M$321.7M9.6%$28.89+106.38%
13 qtrssince 2022-Q4
Increased
69
XGDVXXGDVX
Fund

GABELLI DIVID & INCOME TR

5.8M$159.7M4.7%$27.37+13.34%
9 qtrssince 2023-Q4
Decreased
0
PDXPDX
Fund

PIMCO DYNAMIC INCOME STRATEG

6.8M$127.6M3.8%$12.04+46.19%
17 qtrssince 2021-Q4
Decreased
0
GAMGAM
Fund

GENERAL AMERN INVS CO INC

2.1M$122.5M3.6%$42.61+37.84%
26 qtrssince 2019-Q3
Increased
56
NFJNFJ
Fund

VIRTUS DIVIDEND INTEREST & P

8.6M$111.4M3.3%$10.11+19.53%
20 qtrssince 2021-Q1
Increased
63
NBXGNBXG
Fund

NEUBERGER NEXT GENERATION

7.7M$111.1M3.3%$8.73+53.76%
17 qtrssince 2021-Q4
Decreased
0
BSTZBSTZ
Fund

BLACKROCK SCIENCE & TECHNOLO

4.6M$103M3.1%$14.33+42.07%
13 qtrssince 2022-Q4
Increased
67
MEGIMEGI
Fund

NYLIM CBRE GLOBAL

5.6M$77M2.3%$9.42+35.31%
14 qtrssince 2022-Q3
Decreased
0
PEOPEO
Fund

ADAMS NATURAL RESOURCES FUND INC

2.7M$58.7M1.7%$17.45+17.37%
13 qtrssince 2022-Q4
Increased
46
TSLATSLA
PUT

TESLA INC

113,100$50.9M1.5%———
Increased
—
BPREBPRE
Fund

BLUEROCK PVT REAL ESTATE FD

3.1M$46.1M1.4%$13.880.00%
1 qtr
New
67
CRWDCRWD
PUT

CROWDSTRIKE HLDGS INC

88,200$41.3M1.2%———
Increased
—
LEOLEO
Fund

BNY MELLON STRATEGIC MUNS IN

6.1M$38.6M1.1%$5.54+9.79%
9 qtrssince 2023-Q4
Increased
49
QCOMQCOM
PUT

QUALCOMM INC

224,600$38.4M1.1%———
Increased
—
NVDANVDA
PUT

NVIDIA CORPORATION

205,900$38.4M1.1%———
Decreased
—
NQPNQPDelisted
Fund

NUVEEN PENNSYLVANIA QLT MUN

3M$35.7M1.1%$9.55—
13 qtrssince 2022-Q4
Decreased
0
HQLHQL
Fund

ABRDN LIFE SCIENCES INVESTOR

2.1M$35.5M1.1%$9.86+55.13%
11 qtrssince 2023-Q2
Decreased
0
MXFMXF
Fund

MEXICO FD INC

1.7M$34.1M1.0%$17.52+9.45%
3 qtrssince 2025-Q2
Increased
58
AMDAMD
PUT

ADVANCED MICRO DEVICES INC

157,900$33.8M1.0%———
Decreased
—
$3.4B
AUM
350
Positions
Q4 2025
Filing
HI score · 2.5/5
Quarterly 13F Value Change
+0%Q3'24$4.6B-13%Q4'24$4B-8%Q1'25$3.6B+1%Q2'25$3.7B-18%Q3'25$3B-1%Q4'25$3B
Activity profile
$ moved · Q4'25
New22%Increased20%Decreased27%Exited31%
Composition
Equity vs derivatives
Equity89%Puts11%Calls0%
Holding period
Avg 2.2 quarters
<1Q26%1-4Q33%1-2Y41%2Y+0%

Saba Capital Management, L.P. manages $3.4B across 350 positions as of Q4 2025. Top holdings: ECAT (12.0%), ASA (9.6%), XGDVX (4.7%). Fund DNA: Diversified Scout. HoldingsIntel Score: 2.5/5.0.

Q4 2025 Summary

Active quarter - 86 new positions, 62 exits, 52 increased. Top move: ASA (INCREASED, conviction 69). Portfolio: $3.4B across 350 positions.

Top holdings by portfolio weight

Total AUM$3B
ECAT12.04%
ASA9.56%
XGDVX4.75%
PDX3.79%
GAM3.64%
NFJ3.31%
NBXG3.30%
BSTZ3.06%
MEGI2.29%
PEO1.74%
Other1.37%

Portfolio allocation by GICS sector

Sectors11
Unknown82.27%
Financial Services6.59%
Technology3.14%
Communication Services2.57%
Consumer Cyclical2.37%
Industrials1.52%
Real Estate0.63%
Healthcare0.44%
Basic Materials0.18%
Consumer Defensive0.15%
Other0.14%

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.

Similar Funds

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Accumulation Streaks

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

Security
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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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