Saba Capital Boosts Holdings in BlackRock ESG Trust by $5.4m

According to recent filings with the Securities and Exchange Commission, Saba Capital Management recently made significant purchases of BlackRock ESG Capital Allocation Term Trust’s common stock. The trust, which trades under the ECAT ticker on NYSE, is part of BlackRock’s suite of sustainable investment products that are focused on environmental, social and governance (“ESG”) criteria.

The credit-relative, value-focused hedge fund purchased a total of 314,036 shares via two different transactions on March 27, 2024, and March 28, 2024, with a combined value of more than $5.4 million. The first transaction saw the hedge fund purchase 110,651 shares at a $17.23 a share while the additional 203,385 shares were acquired the next day at $17.37 per share.

The recent acquisitions have increased the hedge fund’s holdings of BlackRock ESG Capital Allocation Term Trust to a total of 28,496,747 shares.

Saba Capital’s recent move underlines a notable investment within the ESG space, reflecting institutional investors’ increasing interest in sustainable investment strategies. Investors usually monitor such filings in a bid to assess investment trends and insider sentiment, with significant purchases being viewed as a sign of confidence in the future prospects of the issuer.

The filings were signed by Boaz Weinstein and William Manzolillo on behalf of Saba Capital on April 1, 2024, confirming the timelines and accuracy of the transactions.

In other news, Saba Capital Management also increased its stake in BlackRock Health Sciences Term Trust. The investment company acquired an additional 6,297 shares of the health sciences trust at $16.33 a share. This brings its total investment to about $266,130.

The acquisition was made on March 28, 2024, and effectively increased Saba Capital Management’s holdings in BlackRock Health Sciences Term Trust to 20,492,010 shares in total. This acquisition demonstrates the investment company’s continued confidence in the trust, which is centered on the health sciences sector.

The purchase also reinforces Saba Capital’s position as a 10% owner of the trust.

In addition to this, Saba Capital purchased 152,676 shares of BlackRock Innovation and Growth Term Trust stock on March 25, 2024. The stock was purchased at an average cost of $7.98 a share, with a combined value of $1,218,354.48.

On March 27, 2024, the hedge fund added an additional 185,987 shares to its portfolio. The stock was purchased at an average cost of $8.06 a share, with a combined value of $1,499,055.22. Following the transaction, Saba Capital now owns 51,857,705 shares of the trust’s stock, valued at $417,973,102.30.

The investments that Saba Capital has made in BlackRock’s ESG fund can only reinforce the conviction of enterprises such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) that implementing ESG principles is the future of doing any business.

NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF

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