Boaz Weinstein’s Main Hedge Fund at Saba Said to Lose 2% in JulyBy and
Saba Capital’s $1.2 billion hedge fund is up 7% for year
Firm’s closed-end fund has risen about 20% this year
Boaz Weinstein’s Saba Capital Management lost 2 percent in its main hedge fund in July, paring its gain for the first seven months of the year to 6.8 percent, according to two people familiar with the matter.
The $1.2 billion fund has rebounded in August, helping it post a 7 percent annual return through Friday, according to one of the people, who asked not to be named because the information is private. Saba’s $100 million closed-end fund increased almost 20 percent through Friday, said one of the people.
Weinstein, who co-managed Deutsche Bank AG’s credit business before starting Saba Capital in 2009, has outpaced struggling peers this year. The average hedge fund rose about 1.2 percent through July, according to Bloomberg’s hedge fund index. The S&P 500 Index, with reinvested dividends, gained about 8.4 percent this year through Friday.
A spokesman for $1.6 billion Saba, which invests in securities including convertible bonds, closed-end funds and stock indexes, declined to comment.