Saba Capital Management Amends 13D Filing for BlackRock ESG Trust

TL;DR

Saba Capital just updated its filing for BlackRock ESG Trust, adding new group members. Keep an eye on this.

AI Summary

Saba Capital Management, L.P. has filed an amendment (No. 21) to its Schedule 13D on March 8, 2024, regarding its holdings in BlackRock ESG Capital Allocation Term Trust. The filing indicates a change in the reporting person's group members, specifically adding Boaz R. Weinstein and Saba Capital Management GP, LLC. Saba Capital Management, L.P. is based in New York, NY.

Why It Matters

This amendment signals potential shifts in activist investor Saba Capital's strategy or stake in the BlackRock ESG Capital Allocation Term Trust, which could influence the trust's future operations or shareholder value.

Risk Assessment

Risk Level: medium — Amendments to 13D filings often indicate changes in an activist investor's strategy or stake, which can lead to increased volatility or strategic shifts for the target company.

Key Numbers

• 21 — Amendment Number (Indicates this is the 21st update to the filing.)

Key Players & Entities

• Saba Capital Management, L.P. (company) — Reporting Person
• BlackRock ESG Capital Allocation Term Trust (company) — Subject Company
• Boaz R. Weinstein (person) — Group Member
• Saba Capital Management GP, LLC (company) — Group Member
• Michael D'Angelo (person) — Contact Person

FAQ

Key Financial Figures

• $0.001 — Trust (Name of Issuer) Common Shares, $0.001 par value (Title of Class of Securitie
• $415,051,633 — ported herein. A total of approximately $415,051,633 was paid to acquire the Common Shares r

Filing Documents

• formsc13da.htm (SC 13D/A) — 62KB
• exhibit5.htm (EX-5) — 45KB
• exhibit7.htm (EX-7) — 13KB
• 0001062993-24-005955.txt ( ) — 121KB

is hereby amended and supplemented as follows

Item 4 is hereby amended and supplemented as follows: On March 6, 2024, Saba Capital Master Fund, Ltd. filed a complaint (the " Complaint ") in the United States District Court's Southern District of New York against the Issuer and each of the ten incumbent members of the Issuer's Board (the " Incumbents ") - R. Glenn Hubbard, W. Carl Kester, Cynthia L. Egan, Frank J. Fabozzi, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, Catherine A. Lynch, Robert Fairbairn, and John M. Perlowski - seeking rescission and to invalidate as unlawful under the Investment Company Act of 1940 the Issuer's bylaw provisions where, in an uncontested election in which the Incumbents run for election unopposed, the bylaw requires that the Incumbents garner only the vote of a plurality of the shares voted in the election, but in a contested election, a candidate must win the votes of a majority of all outstanding shares, which includes the shares represented by those who choose not to vote (the " Entrenchment Bylaw "). The foregoing summary of the Complaint does not purport to be complete and is qualified in its entirety by reference to the full text of the Complaint, a copy of which is attached as Exhibit 5 and is incorporated by reference herein. In connection with the Complaint, among other things, Saba Capital Management, L.P. released a press release, a copy of which is attached as Exhibit 7 and is incorporated by reference herein. CUSIP No. 09262F100 SCHEDULE 13D/A Page 6 of 8 Pages Item 5. INTEREST IN SECURITIES OF THE ISSUER (a) See rows (11) and (13) of the cover pages to this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 101,893,121 shares of common stock outstanding as of 12/31/23, as disclosed in the company's N-CSR filed 3/6/24. (b) See rows (7) through (10) of the cover pages to this Schedule 13D/

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 8, 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 CUSIP No. 09262F100 SCHEDULE 13D/A Page 8 of 8 Pages 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 91,079 16.66 2/21/2024 Buy 23,672 16.72 2/22/2024 Buy 43,233 16.96 2/23/2024 Buy 65,882 17.05 2/26/2024 Buy 246,840 17.08 2/27/2024 Buy 278,093 17.13 2/28/2024 Buy 34,662 16.99 2/29/2024 Buy 49,946 17.13 3/1/2024 Buy 133,395 17.20 3/6/2024 Buy 53,685 16.92 3/7/2024 Buy 36,450 17.07

View Full Filing

View this SC 13D/A filing on SEC EDGAR