Saba Capital Management, L.P.

Q4 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
350
Total value ($000)
$3,365,149
Net value change ($000)
-292,087 (-8.0%)
New positions
68
Sold out positions
46
Turnover %
18.0%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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 108,448 50.8%
BPRE 46,119 NEW
BSTZ 21,186 25.9%
NFJ 13,691 14.0%
RMT 12,644 86.4%
MESH 9,496 NEW
AGQ 9,479 NEW
DIAX 9,009 58.5%
MXF 8,892 35.3%
HCAC 8,721 NEW
Top Reduces (Value $000, Stocks/ETFs)
PDX -59,075 -31.6%
ECAT -50,880 -11.2%
XEVMX -43,126 -100.0%
XENWX -38,444 -100.0%
ADX -29,865 -100.0%
NQP -20,972 -37.0%
XTEAX -18,219 -100.0%
BFZ -16,355 -54.0%
BCAT -15,944 -100.0%
MEGI -14,926 -16.2%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 383,591 (11.4% 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.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type