Saba Capital Boosts Stake in BlackRock Term Trust to 10%
Ticker: BCAT · Form: SC 13D/A · Filed: Mar 13, 2024 · CIK: 1809541
| Field | Detail |
|---|---|
| Company | Blackrock Capital Allocation Term Trust (BCAT) |
| Form Type | SC 13D/A |
| Filed Date | Mar 13, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $239,298,947 |
| Sentiment | neutral |
Sentiment: neutral
Topics: activist-investor, ownership-filing, amendment
TL;DR
Saba Capital now owns 10% of BlackRock Capital Allocation Term Trust, filing amended 13D.
AI Summary
Saba Capital Management, L.P. filed an amendment (No. 10) to its Schedule 13D on March 13, 2024, regarding BlackRock Capital Allocation Term Trust. Saba Capital Management, L.P. is reporting beneficial ownership of 10,410,000 shares, representing 10.0% of the outstanding common shares. This filing indicates a significant stake by Saba Capital in the trust.
Why It Matters
This filing signals increased activist investor interest from Saba Capital in BlackRock Capital Allocation Term Trust, potentially leading to changes in the trust's strategy or management.
Risk Assessment
Risk Level: medium — Increased stake by an activist investor like Saba Capital can lead to significant corporate actions and volatility.
Key Numbers
- 10.0% — Ownership Stake (Saba Capital Management's beneficial ownership of BlackRock Capital Allocation Term Trust's common shares.)
- 10,410,000 — Number of Shares (The total number of common shares Saba Capital Management, L.P. beneficially owns.)
Key Players & Entities
- Saba Capital Management, L.P. (company) — Filing entity and beneficial owner
- BlackRock Capital Allocation Term Trust (company) — Subject company
- Michael D'Angelo (person) — Contact person for Saba Capital Management
- 10.0% (percentage) — Percentage of shares beneficially owned
- 10,410,000 (number) — Number of shares beneficially owned
FAQ
What is the total number of shares Saba Capital Management, L.P. now beneficially owns?
Saba Capital Management, L.P. beneficially owns 10,410,000 shares.
What percentage of BlackRock Capital Allocation Term Trust's common shares does Saba Capital Management, L.P. own?
Saba Capital Management, L.P. owns 10.0% of the outstanding common shares.
What is the filing date of this amendment?
This amendment (No. 10) was filed on March 13, 2024.
Who is the contact person listed for Saba Capital Management, L.P. in this filing?
Michael D'Angelo is listed as the contact person.
What is the CUSIP number for BlackRock Capital Allocation Term Trust's common shares?
The CUSIP number is 09260U109.
Filing Stats: 1,298 words · 5 min read · ~4 pages · Grade level 11.7 · Accepted 2024-03-13 08:44:35
Key Financial Figures
- $0.01 — rust (Name of Issuer) Common Shares, $0.01 par value (Title of Class of Securiti
- $239,298,947 — ported herein. A total of approximately $239,298,947 was paid to acquire the Common Shares r
Filing Documents
- formsc13da.htm (SC 13D/A) — 60KB
- 0001062993-24-006306.txt ( ) — 62KB
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: March 13, 2024 SABA CAPITAL MANAGEMENT, L.P. By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Chief Compliance Officer SABA CAPITAL MANAGEMENT GP, LLC By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Authorized Signatory BOAZ R. WEINSTEIN By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Attorney-in-fact* * Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823 Schedule A This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital since the filing of the Schedule 13D/A on 2/20/24. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 2/20/2024 Buy 214,640 15.49 2/21/2024 Buy 2,100 15.38 2/22/2024 Buy 126,947 15.51 2/23/2024 Buy 40,366 15.59 2/26/2024 Buy 72,909 15.65 2/27/2024 Buy 153,644 15.70 3/12/2024 Buy 1,061,017 15.78