Saba’s Boaz Weinstein Sees Value in Closed-End Fund Arbitrage
- A quarter of closed-end funds are trading at steep discounts
- Saba has active campaigns against three BlackRock funds
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Saba Capital Management’s Boaz Weinstein is known for his credit derivatives bets, but his current focus is about unlocking value from closed-end mutual funds.
A quarter of funds in the $500 billion market are trading at “gaping discounts,” Weinstein said, adding that he views it as “buying dollars for 80 cents.” The discount across funds is about $60 billion, he said.