Saba Capital Management, L.P.
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +2.4% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 46.9% of quarters (excess t = -0.22, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 367 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| ECAT | $299M | | TRIM |
| PDX | $142M | | TRIM |
| XGDVX | $138M | | TRIM |
| NFJ | $129M | | ADD |
| BSTZ | $123M | | ADD |
| GAM | $108M | | TRIM |
| NBXG | $97M | | HOLD |
| BPRE | $79M | | ADD |
| PEO | $63M | | TRIM |
| MEGI | $60M | | TRIM |
| LEO | $38M | | HOLD |
| MXF | $37M | | ADD |
| FSK | $36M | | NEW |
| RMT | $34M | | ADD |
| LQD | $33M | | ADD |
| DSM | $31M | | HOLD |
| APO | $30M | | NEW |
| HFRO | $29M | | ADD |
| TSLA | $29M | | ADD |
| GF | $27M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.