Saba Capital Management Amends Stake in BlackRock ESG Trust
Ticker: ECAT · Form: SC 13D/A · Filed: May 21, 2024 · CIK: 1864843
Sentiment: neutral
Topics: activist-investor, sec-filing, ownership-change
TL;DR
Saba Capital filed an update on their BlackRock ESG stake - watch this space.
AI Summary
Saba Capital Management, L.P. has filed an amendment (Amendment No. 22) to its Schedule 13D/A concerning BlackRock ESG Capital Allocation Term Trust. The filing, dated May 21, 2024, indicates changes in beneficial ownership. Saba Capital Management, L.P. is a significant holder of the issuer's common shares.
Why It Matters
This filing signals potential shifts in activist investor Saba Capital's strategy or holdings within the BlackRock ESG Capital Allocation Term Trust, which could influence the trust's future performance and management.
Risk Assessment
Risk Level: medium — Filings from activist investors like Saba Capital can indicate potential changes in strategy or governance, leading to increased volatility.
Key Players & Entities
- Saba Capital Management, L.P. (company) — Filing entity and significant shareholder
- BlackRock ESG Capital Allocation Term Trust (company) — Issuer of common shares
- Michael D'Angelo (person) — Contact person for Saba Capital Management, L.P.
FAQ
What is the specific change in beneficial ownership reported in this amendment?
The filing is an amendment (No. 22) to Schedule 13D/A and indicates changes in beneficial ownership, but the exact percentage or number of shares acquired or disposed of is not detailed in the provided header information.
When was this amendment filed with the SEC?
This amendment was filed on May 21, 2024.
Who is the filing entity making this amendment?
Saba Capital Management, L.P. is the entity filing this amendment.
What is the CUSIP number for the BlackRock ESG Capital Allocation Term Trust common shares?
The CUSIP number for the common shares is 09262F100.
What is the business address of Saba Capital Management, L.P.?
The business address for Saba Capital Management, L.P. is 405 Lexington Avenue, 58th Floor, New York, NY 10174.
Filing Stats: 1,500 words · 6 min read · ~5 pages · Grade level 10.3 · Accepted 2024-05-21 15:50:41
Key Financial Figures
- $0.001 — Trust (Name of Issuer) Common Shares, $0.001 par value (Title of Class of Securitie
- $424,448,249 — ported herein. A total of approximately $424,448,249 was paid to acquire the Common Shares r
Filing Documents
- formsc13da.htm (SC 13D/A) — 54KB
- 0001062993-24-010855.txt ( ) — 56KB
is hereby amended and supplemented as follows
Item 4 is hereby amended and supplemented as follows: The Reporting Persons issued the investor presentation (the "Investor Presentation") attached hereto as Exhibit 8 to shareholders (such exhibit to be deemed incorporated by reference in its entirety into this Item 4) providing their views on the Issuer and its Board, including value-unlocking steps it believes the Issuer should take. 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/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition. (c) The transactions in the Common Shares effected in the last sixty days by the Reporting Persons, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference. (d) The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Shares. (e) Not applicable. Item 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit 8: Investor Presentation, incorporated herein by reference to the DFAN14A filed with the Securities and Exchange Commission on May 20, 2024. CUSIP No. 09262F100 SCHEDULE 13D/A Page 6 of 7 Pages
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: May 21, 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 7 of 7 Pages Schedule A This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital in the last sixty days. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 3/22/2024 Buy 35,187 17.02 3/25/2024 Buy 40,881 17.09 3/26/2024 Buy 98,314 17.18 3/27/2024 Buy 110,651 17.23 3/28/2024 Buy 203,385 17.37 4/1/2024 Buy 55,980 17.34