Saba picks a fight with BlackRock over closed-end funds

Hedge fund kicks off new proxy campaign with letters citing ‘gruesome’ losses

Chrysler building, New York
Saba Capital Management is based in the Chrysler Building in New York

Boaz Weinstein is taking on the world’s largest asset manager in a proxy battle.

Weinstein’s Saba Capital Management filed so-called ‘fight’ letters with the US Securities and Exchange Commission on June 1 concerning three BlackRock funds: the BlackRock Innovation and Growth Term Trust (BIGZ), BlackRock California Municipal Income Trust (BFZ) and BlackRock ESG Capital Allocation Term Trust (ECAT).

The letters are part of a campaign to pressure the BlackRock funds to give investors — including Saba

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