Saba Capital Management, L.P.
Saba Capital Management, L.P. ("Saba") is an Investment Adviser launched in 2009. Saba is a spin-out of one of the largest proprietary groups in the industry, 'Saba Principal Strategies', founded by Boaz Weinstein at Deutsche Bank in 1998. Saba's senior investment team began working together at Deutsche Bank in the early 2000s, and is best known for having pioneered certain credit relative value and capital structure trading strategies. Saba's investors are predominately institutions and include corporate pensions, public pensions, foundations, fund of funds, endowments, and family offices. Saba has 41 employees and is 100% self-owned. Saba is registered with the SEC and CFTC, with its controlled affiliate in London authorized by the FCA. Saba currently manages assets in three core strategies: Credit Relative Value, Tail Hedge, and Closed-End Funds.
Credit Relative Value (Flagship) focuses on identifying dislocations across the capital structure. It utilizes a long / short, market neutral approach in credit and equity markets. Saba employs a rigorous investment process by combining quantitative models with in-depth fundamental and technical analysis.
Tail Hedge seeks to provide a cost effective portfolio hedge with potentially strong absolute returns during periods of market stress and dislocation. This is implemented by investing primarily in credit default swaps ("CDS") on a portfolio of low spread investment grade companies. In addition, Saba opportunistically buys CDS on indices and high yield companies, as well as equity puts and related instruments. By using proprietary tools and active portfolio management Saba aims to generate alpha relative to tail hedges that rely more heavily on passive index strategies.
Closed-End Funds ("CEFs") focuses on securities that are trading at significant discounts to NAV, thereby offering more yield than their underlying fixed income instruments - predominately high yield bonds and loans. In addition, Saba selectively pursues an activist approach where corporate actions may be an effective tool to unlock shareholder value and monetize the discount to NAV. Saba seeks to generate superior absolute returns compared to high yield ETFs and similar instruments.
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