Saba Capital Management: Platform Profile

Overview

Saba Capital Management is a New York-based alternative asset manager founded by Boaz Weinstein in 2009. The firm's current platform centers on Credit Relative Value, Tail Hedge and Closed-End Funds.

Saba combines quantitative, fundamental and technical analysis and is particularly associated with capital-structure dislocations, credit derivatives, volatility and closed-end-fund activism.

May fit better for

• institutions seeking credit relative-value exposure;
• investors interested in explicit tail-risk strategies;
• allocators comfortable with derivatives and capital-structure arbitrage;
• investors seeking closed-end-fund activism or discount-to-NAV strategies;
• investors who can distinguish private funds from registered closed-end or ETF products.

May fit less well for

• investors seeking simple long-only bond exposure;
• users who interpret “tail hedge” as guaranteed crisis protection;
• investors expecting one firmwide minimum or fee schedule;
• users who assume public Saba vehicles provide the same exposure as private hedge funds;
• investors uncomfortable with activist campaigns.

Saba currently publishes $6.4B of AUM

Current homepage:

• Public AUM: $6.4B
• Public AUM as of: 2026-08-01
• Founded: 2009
• Founder: Boaz Weinstein
• Core strategy count: 3

A separate “Our Firm” page still displays $6.1B.

Use the dated homepage figure as the current first-party reference. Do not silently average the two values.

Regulatory AUM is $18.304B

Form ADV filings show:

• Regulatory AUM: $18.304B
• Regulatory AUM as of: 2026-05-29
• Accounts: 41
• Discretionary AUM: $18.304B

The public $6.4B and regulatory $18.304B measure different scopes and should remain separate.

Saba has three core strategies

Current first-party descriptions:

• Credit Relative Value: Yes
• Tail Hedge: Yes
• Closed End Funds: Yes

Credit Relative Value

Saba describes a long/short, market-neutral approach across credit and equity markets designed to exploit capital-structure dislocations.

Tail Hedge

The strategy seeks cost-effective protection in periods of stress, including long-volatility positions expressed primarily through credit default swaps.

Closed-End Funds

Saba buys closed-end funds at discounts to NAV and may pursue activist measures to narrow or monetize those discounts.

Q2 2026 13F value is $3.898B

Current SEC filing:

• Q2 2026 13F value: $3.898B
• Q2 2026 13F as of: 2026-06-30
• Q2 2026 13F entry count: 400

For a credit-relative-value manager using CDS and other derivatives, 13F is especially incomplete.

Private-fund minimums vary widely

The current AUMdb adviser page reproduces private-fund data with materially different vehicle minimums.

Representative records include:

• Saba Capital Master Fund historical minimum: $5M
• Carry Neutral Tail Hedge Master historical minimum: $5M
• CEF Opportunities 2 historical minimum: $500K
• Bluebird historical minimum: $100K

Certain retail advisory services have existed, but access is not universal

Saba's Form CRS states that certain existing strategies may be made available to retail clients on a discretionary advisory basis.

Awards are not ROIStreet ratings

Saba's website lists third-party hedge-fund awards.

Assessment

Saba is the strongest asset-definition warning in Batch 79. Its current homepage says $6.4B AUM, the May 2026 Form ADV reports $18.304B of regulatory AUM, and the Q2 13F contains $3.898B of reportable long securities.

All three can be correct.

The strategy mix explains part of the divergence: credit derivatives, shorts, hedges and other exposures are not captured by a long-securities filing.