Saba Capital Management, L.P. sold 112,371 shares of $ECAT — BlackRock ESG Capital Allocation Term Trust — on June 29, 2026, at $15.542 per share, for a total of approximately $1.75 million. The firm filed the disclosure with the SEC the following day, June 30. After the transaction, Saba held 17,742,619 shares of the closed-end fund, according to the Form 4.
The June 29 sale was the sixth in an unbroken string of open-market sales across the final two weeks of June. Starting June 22, Saba sold shares on each of the next six trading sessions — June 22, 23, 24, 25, 26, and 29 — cutting its stake by a combined 567,261 shares at prices ranging from $15.25 to $15.54. Those six transactions produced approximately $8.74 million in gross proceeds.
Activity earlier in June ran at a similar pace. On June 10 alone, Saba sold 116,920 shares for roughly $1.78 million. The firm also recorded sales on June 4, 5, 8, 9, 15, and 16, bringing the month's transaction count to at least thirteen separate filings before that final-week cluster.
The selling extends well before June. In May, Saba filed sales on more than a dozen separate dates, with per-share prices ranging from $14.87 to $15.69 across the month. The picture looked different in early April: on April 1 and April 2, the firm recorded two open-market purchases totaling 303,392 shares at $13.87 per share. Those were the only buy-side transactions visible in its recent $ECAT history before sustained selling resumed mid-month.
Saba Capital has maintained a 10%-or-greater ownership stake in $ECAT throughout this period, a threshold that triggers the enhanced Form 4 reporting obligations required of large beneficial owners under Section 16 of the Securities Exchange Act. At 17,742,619 shares after the June 29 transaction, the firm's position remains substantial, though it sits meaningfully below the levels recorded earlier in the spring.