Saba Capital Management has been systematically reducing its stake in the BlackRock ESG Capital Allocation Term Trust (ECAT). Since August 28, 2025, the hedge fund has sold roughly 12.2 million shares in 167 separate open-market transactions, generating combined proceeds of approximately $188 million, SEC filings show.
The latest Form 4 submission, filed on August 11, 2026, disclosed a sale of 205,881 shares on August 10 at $15.81 each. That single trade brought in $3,254,978.61 and left Saba Capital holding 14,949,738 shares. The filing was assigned accession number 0001510281-26-000264 and described the disposition as a direct, open-market sale.
The selling spree was not entirely uninterrupted. In early April 2026, Saba paused its sales to acquire shares. On April 1 and April 2, the firm purchased 303,392 shares at $13.87 per share, spending around $4.2 million. Those buys pushed its ECAT holdings to 21,718,771 shares. The respite was brief; by mid-April, selling had resumed. From that point through the August 10 trade, Saba sold on most trading days. During this most recent phase, the price per share ranged from $14.51 to $15.91, with the bulk of the transactions occurring near the top of that band.
Saba Capital is a credit-focused hedge fund founded by Boaz Weinstein. It often accumulates large positions in closed-end funds, such as BlackRock’s ESG-oriented term trust. The firm’s Form 4 filings reveal it has been the most active trader in ECAT shares by a considerable margin.
The only other insider to record a recent ECAT trade was Richard M. Rieder. He reported an open-market purchase of 35,734 shares on July 13, 2026, at $15.86 per share, for a total of $566,648. Meanwhile, STOCK Act filings show no members of Congress have disclosed any transactions in ECAT.
Despite the steady sell-down, Saba Capital remains the largest reported corporate insider holder of the trust, with a stake just under 15 million shares.