Boaz Weinstein Q1 2026 Portfolio — META Initiated, Closed-End Fund Concentration Deepens

Boaz Weinstein (Saba Capital Management) initiated five new positions in his Q1 2026 13F filing — including META ($51M), FSK ($36M), and APO ($30M) — while maintaining ASA as his largest holding at 10.2% ($366M). Total reported AUM stands at $2.0B across 20 positions. KYN was slashed by 91%, and five positions including muni bond funds and ABNB were fully exited.

Top 5 Holdings — Q1 2026

• ASA: $366M (10.2%)
• ECAT: $299M (8.3%)
• PDX: $142M (3.9%)
• XGDVX: $138M (3.8%)
• NFJ: $129M (3.6%)

Key Portfolio Moves — Q1 2026

The defining theme of this quarter's portfolio is a deepening concentration in closed-end funds (CEFs). The top 10 holdings are dominated by CEF names — led by ASA ($366M, 10.2%), followed by ECAT ($299M, 8.3%), BSTZ ($123M, weight increased +21%), and NFJ ($129M, weight increased +18%). Weinstein is well known for targeting CEFs trading at widened discounts to NAV to capture spread returns, and this filing reinforces that conviction.

• ASA: Increased +9% → $366M (10.2%) — Largest position, cornerstone of CEF concentration strategy
• BSTZ: Increased +21% → $123M — Aggressive add to tech-focused CEF
• NFJ: Increased +18% → $129M — Expanded exposure to value/dividend CEF
• META: New position $51M — Direct large-cap tech initiation, an unusual pairing with the CEF-centric strategy
• APO & ARES: New positions $30M & $26M — Structural bet on alternative asset and private credit managers
• KYN: Reduced -91% → $180,613 — Energy infrastructure exposure effectively eliminated

On the buy side, the initiation of META ($51M) stands out. New positions in private credit managers APO ($30M) and ARES ($26M) reflect a structural thesis on the expansion of alternative assets and credit markets. On the sell side, two muni bond funds (Nuveen affiliates), RVT, and ABNB were fully exited, while KYN was cut by 91%, effectively removing energy infrastructure exposure. The quarter reads as one of simultaneous liquidity-building and sector rotation amid widening credit spreads.

Outlook: CEF Discount Play and Credit Repositioning

Weinstein's Q1 2026 portfolio doubles down on the CEF NAV-discount strategy while simultaneously adding direct equity and credit manager exposure via META, APO, and ARES — a notable strategic diversification. In a persistently volatile rate environment, widening CEF discounts are likely to continue offering attractive entry points. Meanwhile, the sharp reduction in muni bonds and energy infrastructure suggests deliberate duration risk avoidance. The direction of credit spreads going forward will be the key variable determining portfolio performance.