Saba Capital Portfolio Moves
Saba Capital Adjusts Key Holdings in Multiple Funds; Other Investors Increase Stakes
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Key Points
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NBXG remained a sizable position for Saba, ranking as its 8th largest holding and comprising about 2.7% of the portfolio, with 7,548,223 shares after selling 147,012 in Q1 for a disclosed value around $97.15 million.
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Digital Asset Acquisition Corp. (DAAQ) saw a 29.4% reduction to 600,000 shares after a 250,000-share sale in Q1, leaving the position valued at about $6.144 million; the stock opened at $10.41, with a 52-week range of $10.10–$10.51 and key moving averages near $10.37 (50-day) and $10.29 (200-day). DAAQ is a Cayman Islands SPAC formed December 9, 2024; Weiss Ratings also reissued a sell rating on June 4.
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SWZ insider activity continued, with Phillip Goldstein buying 5,980 shares on July 6 at about $5.95 per share (roughly $35,581 total), increasing his stake to 119,214 shares worth approximately $709,323. Andrew Dakos also purchased 7,500 SWZ shares on May 27.
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Winnebago Industries (WGO) saw a substantial reduction of Saba’s stake by 58.8% to 33,750 shares; the report also notes broader institutional activity in WGO, with major holders including Vanguard (~1.99 million), Dimensional Fund Advisors (~1.58 million), UBS (~1.35 million), Pzena (~993k), and Charles Schwab Investment Management (~889k).
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Overall SWZ ownership shows notable institutional participation, with about 41.12% of the stock held by hedge funds and other institutions; post-quarter activity includes North Ground Capital increasing its stake by 241.6% to 661,145 shares, while Matisse Capital, Rivernorth Capital Management, Alpine Global Management, and Evolve Private Wealth also expanded or established stakes.
Saba Capital Management trimmed positions across several funds in the first quarter of 2025, with cuts ranging from a modest 1.9% reduction in Neuberger Berman Next Generation Connectivity Fund (NBXG) to a sharp 58.8% slash in Winnebago Industries (WGO), according to Ticker Report.
The repositioning signals a broader portfolio cleanup by the hedge fund. Despite the trims, NBXG remains Saba's 8th largest holding, with 7.55 million shares worth roughly $97.15 million, per Ticker Report.
Saba Slashes DAAQ and WGO by Nearly Half or More
The steepest cuts came in Digital Asset Acquisition Corp. (DAAQ) and Winnebago Industries (WGO). Saba sold 250,000 DAAQ shares in Q1, leaving it with 600,000 shares — a 29.4% drop — valued at about $6.14 million, according to Ticker Report. DAAQ is a Cayman Islands-based SPAC, formed December 9, 2024. Its stock trades in a tight range, between $10.10 and $10.51 over the past 52 weeks.
The WGO reduction was even bigger. Saba cut its stake by 58.8%, leaving just 33,750 shares. That move stands out against a backdrop of large institutional holders like Vanguard (~1.99 million shares), Dimensional Fund Advisors (~1.58 million), and UBS (~1.35 million), per Ticker Report.
SWZ Insiders Buy Shares While Saba Sells a Third of Its Stake
Saba cut its Total Return Securities Fund (SWZ) stake by 33.2%, down to 404,080 shares worth about $2.40 million. But insiders moved in the opposite direction. Phillip Goldstein bought 5,980 SWZ shares on July 6 at roughly $5.95 each, spending about $35,581 and lifting his total to 119,214 shares, per Ticker Report.
Andrew Dakos also purchased 7,500 SWZ shares on May 27. The insider buying signals confidence in the fund even as Saba reduced its exposure. Roughly 41.12% of SWZ is held by hedge funds and institutions, with North Ground Capital growing its stake by 241.6% to 661,145 shares after the quarter ended.
New Money Flows Into These Names as Saba Steps Back
While Saba pulled back, other investors moved in. Across NBXG, SWZ, DAAQ, and WGO, new or expanded positions came from Sona Asset Management, Berkley W.R. Corp, and Bank of America, according to Ticker Report. In SWZ specifically, Matisse Capital, Rivernorth Capital Management, Alpine Global Management, and Evolve Private Wealth all added or opened stakes.
In DAAQ, Weiss Ratings reissued a sell rating on June 4. The SPAC's 50-day moving average sits at $10.37 and its 200-day at $10.29 — a narrow band suggesting limited price movement. With Saba stepping back from these positions, the question is whether incoming buyers see value the hedge fund no longer does.
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