Welcome to our dedicated page for Saba Capital Income & Opportunities Fund SEC filings (Ticker: BRW), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Saba Capital Income & Opportunities Fund (NYSE: BRW) has filed a shelf Registration Statement on Form N-2 seeking authority to issue up to 15,000,000 additional common shares and/or subscription rights and warrants. The Fund is a non-diversified, closed-end management investment company managed by Saba Capital Management, L.P.
Key portfolio facts (as of 30-Apr-2025):
- Net assets: $344.1 million; total assets (incl. leverage): $1.19 billion
- Shares outstanding: 42.53 million
- NAV: $8.09; market price: $7.68 (-5.1% discount)
- Leverage: $45 million drawn on a $125 million TD Bank credit facility (matures Jan-2026)
- Asset coverage on borrowings: 7,651%
Investment profile & strategy
- Primary objective: high current income; secondary objective: capital appreciation.
- Flexible mandate to invest in debt and equity of public & private issuers, including other closed-end funds, SPACs, high-yield bonds, CLOs, reinsurance notes and event-linked securities.
- Active use of leverage via direct borrowings, derivatives (options, swaps) and short sales.
Expense structure
- Management fee: 1.05% of Managed Assets.
- Total expense ratio after waivers: 6.55%; interest expense alone 3.79%.
- Expense Limitation Agreement cap (ex-leverage) in place until at least 1-Jul-2025.
Distribution policy
- Managed Distribution Plan pays a fixed $0.085 per share monthly; distributions may include return of capital.
Offering terms
- Securities may be sold from time to time directly, through agents or underwriters. Public offerings (other than certain rights offerings) cannot be priced below then-current NAV.
- Illustrative sales load: 3.0% of offering price; Fund bears offering expenses.
Risk highlights
- Material dilution risk: additional shares increase supply and may widen market discount if priced near NAV.
- High leverage amplifies NAV and distribution volatility, especially in rising-rate environments.
- Complex portfolio (high-yield, SPACs, CLO equity, catastrophe bonds) and 6.55% expense ratio elevate hurdle to generate positive total return.
- Distributions can draw heavily on return of capital, potentially eroding NAV over time.
The shelf registration provides the Adviser flexibility to raise capital quickly, potentially supporting portfolio scale and liquidity, but introduces execution and dilution concerns for existing shareholders.
Saba Capital Income & Opportunities Fund (BRW) filed Form NPORT-P for April 2025, reporting total assets of $1.19 billion and net assets of $344.14 million with total liabilities of $841.39 million.
Key portfolio metrics:
- Long-term borrowings of $45 million from financial institutions
- Cash and cash equivalents of $6.74 million
- Significant interest rate risk exposure in USD, with DV01 sensitivity highest for 10-year (-$66,273) and 5-year (-$29,162) maturities
- Credit spread exposure concentrated in investment grade securities, particularly in 30-year maturities
Fund performance shows volatility over the previous three months with returns of +1.58%, -1.45%, and +0.09%. Derivatives activity focused on credit contracts generated positive realized gains but mixed unrealized results across forward contracts and swaps.
FAQ
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