The Evolution of Saba Capital Management's Portfolio:Q3 2022 vs. Q4 2022

Saba Capital Management, L.P has released its latest 13F filings for Q3 2022 and Q4 2022. 13F filings are required by the Securities and Exchange Commission (SEC) for institutional investment managers with assets worth more $100 million to disclose their holdings. The 13F filings reveal the firms' equity portfolios as on the last day of each quarter.

Below is a summary of the changes in holdings of the companies that Saba Capital Management, L.P. invested in or divested from between Q3 2022 and Q4 2022.

Saba Capital Management, L.P. reduced its stake in American Airlines Group Inc from 20,228,900 shares to 18,225,400 shares, a decrease of 4.8%. Similarly, the fund decreased its holding of NRG Energy Inc and Dominion Energy Inc, where it held put options only, reducing holdings by approximately 25% and increasing Dominion Energy’s holding to 1,110,800 shares. This investment totaled $68,114, up from zero shares in the previous quarter.

On the other hand, Saba Capital Management increased its stakes in several companies. PennyMac Finl Svcs Inc New saw an increase of 40.3% in the number of shares held by the fund, going from 2,000,900 shares to 2,125,400 shares. It also increased its holding in Templeton Global Income FD by 10.7%, ClearBridge Energy Midstrm O by 67.2%, and BlackRock ESG Cap Allc TR by 100.3%.

While the fund increased its holdings in most companies, it divested from a few companies. The fund completely divested from Miller Howard High Inc Eqiuty, iShares TR Put, and Blackrock Calif Mun Income T. It reduced its stake in American Airlines, Post Holdings Inc, and Exxon Mobil Corp by 4.8%, 2.8%, and 26.3%, respectively.

Finally, Saba Capital Management, L.P. added to its portfolio 10 new companies that were not present in the Q3 2022 filings. The largest new holding is BlackRock Innovation and Grw, where the fund acquired 6,354,411 shares. Other new companies that the fund added to its portfolio include FTAC Hera Acquisition Corp, Neuberger Berman Next Generation Connectivity Fund, and Fusion Acquisition Corp II.

In conclusion, the Saba Capital Management, L.P. Q3 2022 vs. Q4 2022 13F filings reveal the evolution of the funds' portfolio. The portfolio shows a mix of companies where the fund increased its stakes, while divesting its holdings in some. Additionally, the fund added new companies to its portfolio for the fourth quarter of 2022.