(Bloomberg) -- An activist fund run by Boaz Weinstein that invests exclusively in a collection of BlackRock Inc.’s closed-end products jumped 22% this year through July.
Weinstein, who runs Saba Capital Management, has been pushing BlackRock to try to close discounts at which its closed-end funds trade compared to the value of their holdings.
The Saba Capital CEF Special Opportunities Master Fund 1 invests in 10 BlackRock closed-end funds, according to people familiar with Weinstein’s firm, who also provided information on the fund’s performance and asked not to be identified because the matter is private.
A spokesperson for Saba declined to comment. BlackRock didn’t respond to messages seeking comment.
Weinstein — whose firm oversees $5 billion — has waged several activist campaigns against the $250 billion closed-end fund industry and its biggest names, including BlackRock, Nuveen Investments and Franklin Resources Inc.
His campaigns against the closed-end industry focus on funds trading at large discounts. Weinstein pushes money managers to boost returns through steps such as buying back shares and liquidating funds.
Weinstein has said investors would gain $1.4 billion if BlackRock allowed shareholders to exit at the net-asset-value of the 10 funds where Weinstein has campaigns.
The 51-year-old hedge fund manager is suing BlackRock over a bylaw at one of its funds that he contends keeps un-elected trustees in place indefinitely.
--With assistance from Silla Brush.
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