Boaz Loses for Second Year as European Bet Sours
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Boaz Weinstein’s Saba Capital Management LP is headed for its second losing year in a row, hurt in part by a wager that European equities would rise more than high-yield credit, according to four people with knowledge of the hedge-fund firm.
Saba’s main fund lost 1.2 percent in the first six days of December, bringing losses this year to 3.5 percent through Dec. 6, said the people, who asked not to be identified because the fund is private. Weinstein’s bet has backfired this month as European stocks fell and the price of non-investment grade corporate bonds jumped.