Saba Capital Income & Opportunities Fund

What Saba Capital Income & Opportunities Fund does

Saba Capital Income & Opportunities Fund (NYSE: BRW) is a non-diversified, registered closed-end management investment company organized under the Investment Company Act of 1940. The fund was originally established on May 12, 1988 as the Voya Prime Rate Trust under Voya Financial; on June 4, 2021, following a shareholder vote on May 21, 2021, the fund was renamed and Saba Capital Management, L.P. became its investment adviser, with the investment objective reframed toward high current income and a secondary goal of capital appreciation. Boaz Weinstein is the founder and CIO of the adviser.

The fund invests globally across a multi-asset credit and equity mandate that includes debt and equity securities of public and private companies, other closed-end funds, SPACs, reinsurance instruments, and public and private debt. It employs leverage (16.2% effective) and operates under a managed distribution plan paying a fixed $0.085 per share monthly, generating an annualized distribution rate of approximately 13.91% as of April 30, 2026. BRW shares trade on the NYSE with NAV per share of $8.35 in 2025, a five-year average annual total return of 7.67%, and typically trade at a discount to NAV (~12.4%).

BRW is part of a two-fund platform that also includes Saba Capital Income & Opportunities Fund II (NYSE: SABA, formerly Templeton Global Income Fund). Both funds share the same adviser, investment philosophy, and managed distribution mechanism. In February 2026, the boards of both funds approved in principle a merger of SABA into BRW to create a larger combined fund. The fund reaches investors through the public exchange, SEC filings, its official website, Business Wire press releases, and a Dividend Reinvestment and Cash Purchase Plan administered by Equiniti Trust Company, LLC (effective April 9, 2026).

Name

Saba Capital Income & Opportunities Fund

Legal name

Saba Capital Income & Opportunities Fund

Website

https://sabacef.com

Company type

Public

Founded year

1988

Operating status

Operating

Short description

Saba Capital Income & Opportunities Fund (NYSE: BRW) is a non-diversified closed-end fund managed by Saba Capital Management, L.P. that invests globally in credit, equities, CEFs, SPACs, and reinsurance, paying a ~13.91% annualized distribution to income-focused public shareholders.

Ownership category

akta.pro rank

Product category

Closed-End Investment Fund Management

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (525990), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Fixed Income Mutual Funds (FSAAAEAB)

akta.pro secondary industries

Venture Growth / Recurring Revenue Credit Funds (FSANAIAG), Structured Credit Distressed (CLO/ABS/RMBS/CMBS) Funds (FSANAKAJ)

Keywords

• Closed-end fund
• Investment management
• Fixed income securities
• Credit instrument investing
• Dividend distribution

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Investment Management Fees: The fund generates returns through investing globally in debt and equity securities of public and private companies, including closed-end funds, SPACs, reinsurance, and public and private debt instruments. Revenue is derived from the spread between investment returns and distribution payments to shareholders.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Saba Capital Income & Opportunities Fund is a registered closed-end management investment company listed on the NYSE under ticker BRW that invests globally in debt and equity securities of public and private companies—including closed-end funds, SPACs, reinsurance, and public and private debt instruments—to deliver a high level of current income with a secondary goal of capital appreciation. The fund operates under a managed distribution plan providing shareholders with fixed monthly cash distributions, executed by Saba Capital Management, L.P. as investment adviser.

Product overview

Saba Capital Income & Opportunities Fund operates two registered closed-end management investment companies listed on the NYSE: BRW (formerly Voya Prime Rate Trust) and SABA (formerly Templeton Global Income Fund). Both funds share a common investment objective of providing shareholders with high current income and secondary capital appreciation, and both are managed by Saba Capital Management, L.P. The funds invest globally across similar asset classes including closed-end funds, SPACs, reinsurance, public and private debt instruments, and derivatives. Both funds maintain managed distribution plans that provide monthly dividend payments to shareholders.

Differentiator

Problem solved

Functional benefit

Products and services

• Saba Capital Income & Opportunities Fund (BRW) A registered closed-end management investment company listed on the NYSE under ticker BRW, seeking to provide shareholders with a high level of current income with a secondary goal of capital appreciation. The fund invests globally in debt and equity securities of public and private companies, including closed-end funds, SPACs, reinsurance, and public and private debt instruments. The fund is managed by Saba Capital Management, L.P. and operates under a managed distribution plan providing fixed monthly distributions.
• Saba Capital Income & Opportunities Fund II (SABA) A registered closed-end management investment company listed on the NYSE under ticker SABA, seeking to provide shareholders with a high level of current income with a secondary goal of capital appreciation. The fund invests in debt and equity securities of public and private companies including closed-end funds, SPACs, reinsurance, public and private debt instruments, and derivatives. The fund is managed by Saba Capital Management, L.P. and is subject to a proposed merger into BRW.
• Dividend Reinvestment and Cash Purchase Plan A shareholder service that allows participating BRW investors to reinvest monthly distributions into additional fund common shares and to make optional cash purchases of shares within set monthly limits, supporting compounding of income distributions.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Saba Capital Management, L.P.coreImplementation/ SI/ Consulting PartnerSaba Capital Management, L.P. serves as the investment adviser to Saba Capital Income & Opportunities Fund effective June 4, 2021. The firm has been registered as an investment adviser under the Investment Advisers Act of 1940 since August 6, 2010. The firm manages the fund's investment program targeting high income and capital appreciation.
• Equiniti Trust Company, LLCcoreOthersEquiniti Trust Company, LLC serves as the transfer agent and administrator for the fund's Dividend Reinvestment and Cash Purchase Plan. Effective April 9, 2026, they assumed shareholder services from SS&C Technologies, Inc. Contact: 888-888-0319.

Scale indicators10 records

Recent moves8 records

Expansion highlights3 records

Direct peers

• Nuveen Credit Strategies Income Fund: NYSE-listed CEF (ticker JQC) managed by Nuveen with a leveraged, high-yield credit focus and managed distribution; comparable income-oriented CEF within the same target investor base as BRW.
• RiverNorth Capital and Income Fund: NYSE-listed CEF (ticker RIV) managed by RiverNorth with a comparable multi-asset, income-oriented mandate that invests in CEFs, credit, and opportunistic securities; often mentioned alongside Saba as a discount-arbitrage / closed-end fund activist vehicle.
• Eagle Point Credit Company: NYSE-listed CEF (ticker ECC) focused on CLO equity and credit instruments, managed distribution plan, and high effective leverage. Comparable to BRW's credit and structured credit allocations.
• Carlyle Credit Income Fund: NYSE-listed CEF (ticker CCIF) managed by Carlyle with a primarily CLO equity and leveraged credit mandate; overlaps BRW's structured / private credit allocations and managed distribution approach.
• Saba Capital Income & Opportunities Fund II (SABA): The fund's sister product managed by the same adviser, listed on NYSE under ticker SABA, with the same investment objective, asset class focus, and managed distribution plan. Currently subject to a proposed merger into BRW, the most directly comparable peer.
• Western Asset Income Fund: NYSE-listed CEF (ticker PAI) managed by Western Asset with a diversified fixed income / credit mandate and managed distribution plan similar to BRW; serves as a direct competitor for income-focused CEF allocations.
• Cornerstone Strategic Value Fund: NYSE-listed CEF (ticker CLM) that often trades at a meaningful discount and is frequently targeted by Saba Capital's activist campaigns; comparable in listing structure and discount-to-NAV dynamic.
• Aberdeen Income Credit Strategies Fund: NYSE-listed CEF (ticker ACP) managed by abrdn with a leveraged, global credit and income strategy under a managed distribution plan; comparable to BRW on leverage use, credit focus, and income-seeking mandate.

Broad incumbents

• BlackRock Credit Allocation Income Trust: NYSE-listed CEF (ticker BTZ) run by BlackRock with a multi-sector credit allocation mandate and managed distribution; overlaps BRW's high-income credit strategy while benefiting from BlackRock's broader scale.
• PIMCO Income Strategy Fund: NYSE-listed CEF (ticker PFL) managed by PIMCO with a global income strategy combining PIMCO income fund and PIMCO corporate opportunity fund; comparable to BRW's global multi-sector credit focus and managed distribution plan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

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

M&A

Investments

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

Frequently asked questions about Saba Capital Income & Opportunities Fund