Saba Capital Management, L.P.
Q3 2025 13F-HR Holdings
Net value change ($000)
-599,301
(-14.1%)
New positions
37
Sold out positions
39
Turnover %
28.7%
Sector allocation + QoQ delta (equities-only)
Snapshot: Change Analysis
Compared to Q2 2025
Methodology:
sector metrics are equities-only;
instrument mix chart is ex-options;
options exposure is shown separately.
Why this matters.
Top Adds (Value $000, Stocks/ETFs)
| ASA | 110,552 | 107.6% |
| GAM | 25,986 | 25.7% |
| RVT | 22,649 | NEW |
| TY | 17,843 | 427.1% |
| WENN | 15,820 | NEW |
| RMT | 12,118 | 482.4% |
| HFRO | 11,875 | 100.6% |
| MXF | 9,940 | 65.3% |
| HCMA | 9,596 | NEW |
| PCQ | 9,409 | NEW |
Top Reduces (Value $000, Stocks/ETFs)
| BTX | -445,357 | -100.0% |
| BCAT | -102,185 | -86.5% |
| PIONEER MUNICIPAL HIGH INCOME FUND, INC. | -38,489 | -100.0% |
| PIONEER MUNICIPAL HIGH INCOME ADVANTAGE FUND, INC. | -33,332 | -100.0% |
| ADX | -32,446 | -52.1% |
| TYG | -26,483 | -96.4% |
| Pioneer Municipal High Income Opportunities Fund, Inc. | -25,504 | -100.0% |
| NXJ | -22,146 | -84.8% |
| WENN | -20,751 | -100.0% |
| BFZ | -20,418 | -40.2% |
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000):
630,840
(17.2% of total reported value)
How this table is calculated:
SEC
VALUE ($000) is used as reported.
For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received.
Column % is bucket-based:
non-options share is calculated inside non-option total, options share is calculated inside options total.
Details.
Filter:
Instrument:
| Issuer Name | Ticker | Sector | Industry | Class | History | Value ($000) | % | Shares | Shares Δ | Shares Δ% | Value Δ ($000) | Value Δ% | Principal | Option Type |
|---|