SABA CAPITAL MANAGEMENT Top 10 13F Positions in Q3 2015

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Saba Capital Management Lp 13F Holdings

Boaz Weinstein’s Saba Capital Management Lp just filed its quarterly 13F. Dated 25/12/2015, the report reveals the hedge fund has a portfolio value of $1.28 billion, representing an increase of $276.91 million from the previous quarter when it was $999.39 million. Note: This filling reprents only about 16.10% of Saba Capital Management Lp’s assets, which which are listed in the US.

Portfolio Q32015
Market Value:$1,276,304,000
Previous Mkt Value:$999,390,000
Chg Mkt Value %:27.71 %
Sentiment:
Turnover %:42.47 %
Stocks Activity
New Purchases:21
Additional Purchases:39
Sold out:35
Reduced:34
Top 10 Holdings %:48.72%

Based on $7.93 billion in assets under management, Saba Capital Management Lp’s equity exposure represents only 16.10% of assets. Please also keep in mind that we can’t know the Saba Capital Management Lp’s shorts and net exposure.

Fund New Stocks

In this quarter, Boaz Weinstein’s Saba Capital Management Lp started positions in Ishares Tr (TLT) for $123.54 million, Freeport (FCX) for $30.75 million, Beazer Homes Usa Inc (Put) (BZH) for $26.15 million, Kb Home (Put) (KBH) for $25.46 million and Weatherford Intl Plc (Put) (WFT) for $23.06 million. These were the 5 biggest new positions. In total the hedge fund bought 21 new stocks.

Portfolio New Buys

Top 5 New Buys
Ishares Tr9.68%
Freeport2.41%
Beazer Homes Usa Inc (Put)2.05%
Kb Home (Put)1.99%
Weatherford Intl Plc (Put)1.81%
13F Sector Allocation
Finance59 %
Utilities & Telecommunications12 %
Energy12 %
Materials9 %
Consumer Discretionary8 %

Increased Positions

As revealed in this report the hedge fund upped its stakes in United States Stl Corp New (Put) (X) by 163% to $86.53 million, Blackstone Gso Strategic Cr (BGB) by 9% to $36.99 million, Pimco Dynamic Cr Income Fd (PCI) by 15% to $34.94 million, Frontier Communications Corp (Put) (FTR) by 67% to $51.56 million and Centurylink Inc (Put) (CTL) by 286% to $77.20 million. Saba Capital Management Lp also acquired smaller stakes in Wells Fargo Advantage Multi (ERC) by 29.42% to $25.65 million, Deutsche High Income Opport (DHG) by 22.64% to $23.94 million and Western Asset High Incm Opp (HIO) by 7.72% to $16.49 million. Building positions gradually is normal investing strategy for many funds.

Sold Positions

Boaz Weinstein’s fund sold all its stakes in Consol Energy Inc (Put) (CNX), Vanguard Bd Index Fd Inc (BND), Sears Hldgs Corp (Put) (SHLD), Sprint Corp (Put) (S) and Seadrill Limited (Put) (SDRL). These stocks constituted 2.68 %, 0.86 %, 0.55 %, 0.36 % and 0.32 % of the fund’s portfolio, respectively. We can only speculate about the reasons for the dumping but we believe it has to do with either value, momentum or a better place for Saba Capital Management Lp’s capital.

Portfolio Sold All

Reduced Positions

The fund also trimmed its postitons in Blackrock Corpor Hi Yld Fd I (HYT) by -1.91%, United States Stl Corp New (X) by -94.63%, Transocean Ltd (Put) (RIG) by -11.75%, Frontier Communications Corp (FTR) by -96.59% and Morgan Stanley Em Mkts Dm De (EDD) by -9.60%.

Top Positions

Ishares Tr (TLT), United States Stl Corp New (Put) (X) and Centurylink Inc (Put) (CTL) made up the majority of Saba Capital Management Lp’s total US long portfolio in this quarter. These securities were top 3 and constitute 22.51% of Saba Capital Management Lp’s US-listed securities. The top 10 securities make about 48.72% of the fund’s portfolio value.

Portfolio Top Holdings

The chart above provides an overview of Saba Capital Management Lp’s top 10 US-listed equity positions in this quarter.

Sector Positions

Utilities Sector Saba Capital Management Lp - Boaz WeinsteinSaba Capital Management Lp upped the utilities & telecommunications sector from 7 % to 12 %. According to the report, the institutional investor also has securities for 12 % in the energy sector. The materials sector is 9 % of Saba Capital Management Lp’s 13f assets. The fund trimmed the Finance sector stakes by 59 %.

So these are Q3 2015 fund’s sector weights now: finance 59 % for $753.02 million, utilities & telecommunications 12 % for $153.16 million, energy 12 % for $153.16 million, materials 9 % for $114.87 million and consumer discretionary 8 % for $102.10 million.

Important Position Changes

Top 10 Q3 2015 New Positions: Ishares Tr (TLT), Freeport (FCX), Beazer Homes Usa Inc (Put) (BZH), Kb Home (Put) (KBH), Weatherford Intl Plc (Put) (WFT), Ishares Tr (FXI), Penney J C Inc (Put) (JCP), Murphy Oil Corp (Put) (MUR), Beazer Homes Usa Inc (BZH) and Deutsche Global High Income (LBF).

Top 10 Q3 2015 Sold Out Completely: Consol Energy Inc (Put) (CNX), Vanguard Bd Index Fd Inc (BND), Sears Hldgs Corp (Put) (SHLD), Sprint Corp (Put) (S), Seadrill Limited (Put) (SDRL), Vanguard Bd Index Fd Inc (BSV), Vanguard Bd Index Fd Inc (BLV), Emcor Group Inc (EME), Itron Inc (ITRI) and Unifirst Corp Mass (UNF).

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Download the full 13F form in CSV: Q3-2015-Saba-Capital-Management-Lp-Boaz-Weinstein-13F-Portfolio-Stock-Holdings.csv

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13F Filing Link: 000090266415004296

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