Saba Capital Management

What Saba Capital Management does

Saba Capital Management is a global alternative asset manager founded in 2009 by Boaz Weinstein, operating three core strategies: Credit Relative Value, Tail Hedge (tail-risk hedging), and Closed-End Funds (activist and discount-arbitrage oriented). The firm manages approximately $6 billion in assets under management as of August 2025 and serves institutional investors, family offices, high-net-worth individuals, and — through NYSE-listed CEFs (BRW, SABA) and the UKIT UCITS ETF — retail investors. Saba is recognized for its activist playbook in the closed-end fund and UK investment trust space, having secured board representation at Edinburgh Worldwide and Impax Environmental Markets in 2026, and a £12.5 billion standstill covering eight Aberdeen trusts. Founder Boaz Weinstein has received industry recognition including Activist Hedge Fund Manager of the Year (2023/24) and Credit-Focused Hedge Fund Manager (2023). The firm is private and founder-controlled, with offices in New York (Chrysler Building) and London (Mayfair), and operates with a lean team of 11-50 employees.

The business model is a hybrid of the traditional hedge fund "2 and 20" structure (management fee plus performance fee on flagship and credit vehicles) and listed fund management, where CEFs and the UCITS ETF generate fee revenue on permanent capital. Revenue mechanics therefore include: (i) management and incentive fees on hedge fund AUM, (ii) management fees on listed CEF/ETF AUM, and (iii) gains from activist campaigns that unlock NAV discounts or trigger tender offers. The proprietary edge combines quantitative screens for CEF discount anomalies with fundamental credit analysis; in 2026 Saba expanded its toolkit via a tender-offer partnership with Cox Capital and extended into private credit through a BDC and interval fund platform expanded by approximately $115 million.

Technically and operationally, Saba is best understood as a specialist credit and closed-end fund activist rather than a technology platform. The firm's product set now spans three hedge fund strategies, multiple NYSE-listed CEFs, a UCITS ETF, and a BDC/interval fund shelf — an unusually broad distribution footprint for a sub-$10B AUM shop. Go-to-market relies on institutional LP relationships, family office distribution, and retail access through listed funds. Customer concentration is structurally low given this multi-channel, multi-strategy approach, though key-person risk around Weinstein is the most material concentration in the franchise.

Name

Saba Capital Management

Legal name

Saba Capital Management, L.P.

Website

https://sabacapital.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

51–100 employees

Short description

Saba Capital Management is a New York-based alternative asset manager founded in 2009 by Boaz Weinstein, operating three strategies (Credit Relative Value, Tail Hedge, Closed-End Funds activist) with approximately $6B AUM across institutional, family office, and retail channels.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Investment Banking and Securities Intermediation (523150)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)

akta.pro secondary industry

Mid-Cap Equity (Active) (FSAAAIAB)

Keywords

• Alternative asset management
• Hedge fund strategies
• Closed-end fund arbitrage
• Activist investing
• Credit relative value

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Hedge Fund Management Fees: Saba Capital generates revenue through traditional hedge fund management fees (typically 2% management fee and 20% performance fee) from its alternative asset management strategies including Credit Relative Value, Tail Hedge, and Closed-End Fund strategies.
2. Closed-End Fund Advisory Services: Manages publicly listed closed-end funds (BRW, SABA) and UCITS ETF (UKIT), generating management fees from fund operations and potential performance-based compensation.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Saba Capital Management is a global alternative asset management firm that delivers hedge fund strategies centered on Credit Relative Value, Tail Hedge, and Closed-End Fund activism, targeting dislocations across credit and equity markets to generate risk-adjusted and convex returns. The firm manages approximately $6 billion in AUM through directly invested hedge fund vehicles, NYSE-listed closed-end funds (BRW and SABA), and a UCITS ETF (UKIT) that focus on securities trading at discounts to NAV.

Product overview

Saba Capital Management is a global alternative asset management firm founded in 2009 by Boaz Weinstein that offers a suite of investment products including closed-end funds and ETFs. The core offerings include Saba Capital Income & Opportunities Fund (BRW) and Saba Capital Income & Opportunities Fund II (SABA), both NYSE-listed closed-end funds with managed distribution plans, along with the Saba Closed-End Funds ETF that targets discount narrowing opportunities in closed-end funds. The recently launched Saba Capital Investment Trusts UCITS ETF (UKIT) expands the strategy to UK and European investment trusts. The firm manages approximately $6 billion in assets under management across three core strategies: Credit Relative Value, Tail Hedge, and Closed-End Funds.

Differentiator

Problem solved

Functional benefit

Brands

• Saba Capital Income & Opportunities Fund: Closed-end investment fund managed by Saba Capital, listed on NYSE under ticker BRW (formerly Voya Prime Rate Trust)
• Saba Capital Income & Opportunities Fund II
• Saba Closed-End Funds ETF
• Saba Capital Investment Trusts UCITS ETF (UKIT)

Products and services

• Saba Capital Income & Opportunities Fund (BRW)

Quantifiable outcome

• $6B AUM demonstrates scale and investor confidence
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Aberdeen InvestmentscoreStrategic or Co-development Partner · 7 May 2026Aberdeen Investments agreed to become the new investment manager of Herald Investment Trust, resolving a dispute with Saba Capital. The agreement includes a three-year standstill arrangement, with Herald proposing a tender offer for up to 66% of share capital at close to NAV, allowing Saba to exit its position. Similar standstill arrangements cover up to eight additional Aberdeen trusts with combined AUM of approximately £12.5bn.
• Cox Capital PartnerscoreStrategic or Co-development Partner · 6 March 2026Saba Capital and Cox Capital Partners jointly launched tender offers for shares in Blue Owl Capital Corporation II and Starwood Real Estate Income Trust, providing liquidity to retail investors in non-traded BDCs and REITs at discounts to NAV.
• HANetfcoreStrategic or Co-development Partner · 5 March 2026Saba Capital partnered with HANetf to launch the Saba Capital Investment Trusts UCITS ETF (UKIT), an actively managed ETF designed to capitalize on investment trusts trading at discounts to NAV. The ETF is approved to trade on the London Stock Exchange, Borsa Italiana, and Deutsche Borse Xetra, targeting UK, Guernsey, and Jersey-domiciled investment trusts.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Karpus Investment Management: Independent investment adviser focused on closed-end fund discount arbitrage and activism. Closely comparable to Saba's core CEF strategy and proxy-driven discount-narrowing approach.
• Asset Value Investors (AVI): London-based activist manager focused on UK and global closed-end investment trusts trading at discounts to NAV. The most direct UK comparability to Saba's UKIT ETF and Impax/EWIT/Herald campaigns.
• Bulldog Investors: Specialist closed-end fund activist with a long track record of discount-narrowing campaigns and proxy contests. The most direct niche competitor to Saba's closed-end fund arbitrage strategy.
• Third Point: Multi-strategy hedge fund combining activist equity with credit and structured-event positions. Highly comparable to Saba's hybrid Credit Relative Value + Activist positioning and event-driven style.
• Icahn Enterprises (Carl Icahn): Long-running activist platform combining a listed holdco structure with aggressive shareholder activism. Closely comparable to Saba's model of running publicly-listed funds (BRW/SABA) while pursuing activist campaigns.
• Elliott Investment Management: One of the largest and most prolific activist hedge funds globally, running multi-strategy credit and equity campaigns including closed-end fund activism. Directly comparable to Saba in activist playbook, AUM scale, and willingness to litigate/exert pressure.
• Trian Fund Management: Activist investor pursuing operational and capital-structure improvements at portfolio companies. Comparable to Saba on activist orientation and capital-structure thesis, though Trian skews toward larger operational targets.
• Pershing Square Capital Management: Activist-focused public equities manager with concentrated positions and campaigns targeting capital return and governance reform. Highly comparable to Saba's listed-fund strategy (BRW/SABA) and high-conviction activist posture.
• ValueAct Capital: Activist manager focused on constructive engagement with boards to unlock long-term value, similar in size and style to Saba's mid-cap activism. Comparable on governance-driven activism and operating-mode of constructive board engagement.

Regional players

• Cevian Capital: Largest Nordic activist fund with European focus on governance and capital-structure improvements at portfolio companies. Comparable activist playbook but regional focus limits direct campaign overlap with Saba's U.S./UK mix.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/saba-capital-management-l-p-

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Saba Capital Management