Weinstein’s Saba Capital Hedge Fund Fell 2.8% in OctoberKelly Bit
Boaz Weinstein’s Saba Capital Management LP posted a 2.8 percent October loss in its main hedge fund as it heads for its third yearly decline.
The Saba Capital Master Fund slumped 6.8 percent this year through October, according to a performance update, a copy of which was obtained by Bloomberg News. The fund fell 6.8 percent last year and 3.9 percent in 2012 after climbing 9.3 percent in 2011 and 11 percent in 2010.
Weinstein’s fund has struggled since July 2012 as central bank intervention damped volatility and bolstered credit markets. When volatility did soar and then subside in October, the fund still posted its worst monthly performance since January. Assets have declined to $2.3 billion as of Nov. 1 from a peak of about $5.5 billion two years ago, according to the update.
Weinstein, the former co-head of Deutsche Bank AG’s credit business, founded the New York-based long-short credit firm in 2009.
Jonathan Gasthalter, a spokesman for Saba at Sard Verbinnen & Co., didn’t immediately respond to a request for comment.