Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust ($ECAT), sold 201,906 shares at $15.16 per share on August 3, 2026, for a total transaction value of $3,060,895. The transaction was disclosed in a Form 4 filing with the SEC on August 4, one business day after the trade, well within the two-business-day reporting window for insider transactions.
Following the August 3 sale, Saba reported holding 15,596,313 shares of the closed-end fund. $ECAT, which trades on the New York Stock Exchange, had a market capitalization of approximately $1.53 billion as of late July 2026.
The August 3 sale was the twentieth consecutive trading day on which Saba reduced its $ECAT position. The streak began on July 7, 2026, and continued without interruption through the first trading day of August. Across those twenty sessions, the firm sold a combined 1,869,790 shares for aggregate proceeds of approximately $28.6 million. Per-share prices obtained during the streak ranged from $14.94 on July 29 to $15.91 on July 14. The August 3 transaction, at 201,906 shares, was the largest single-day sale within that twenty-day window and the only day during the streak on which volume exceeded 200,000 shares.
Saba's reduction of its $ECAT stake extends well beyond this summer stretch. The firm first began selling shares on August 28, 2025, when it reported holding 28,600,644 shares of the trust. Over the roughly eleven months since, Saba has sold a total of 11,563,386 $ECAT shares across hundreds of individual transactions, generating aggregate proceeds of approximately $177.9 million. The firm executed two purchases during the same period — on April 1 and April 2, 2026 — acquiring a combined 303,392 shares at $13.87 per share, for a total outlay of roughly $4.2 million. Those consecutive-day purchases were the only acquisitions the firm made amid the broader reduction.
The selling has at times overlapped with buying from another $ECAT insider. Richard M. Rieder, whose role at BlackRock includes portfolio management responsibilities for the trust, purchased 35,734 shares at $15.86 per share on July 13, 2026 — the same day Saba sold 56,926 shares at an average price of $15.88. Rieder's total reported holdings after that purchase stood at 141,464 shares, a position substantially smaller than Saba's remaining stake.
Saba Capital Management, founded by Boaz Weinstein, is a New York-based credit-focused hedge fund known for activist campaigns in the closed-end fund space. The firm's Form 4 filings characterize the $ECAT transactions as open-market sales executed by the reporting person.