NEW YORK (Reuters) – Boaz Weinstein’s main Saba Capital Management LP hedge fund reported a 33% gain in March through Friday amid coronavirus-led market turmoil, bringing its year to date gain to 67%, according to a note sent to clients seen by Reuters.
FILE PHOTO: Boaz Weinstein, founder and chief investment officer at Saba Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian
Saba’s Tail Fund, which promises doomsday market insurance through bets that perform when markets spiral, did even better: a 99% rise in March and a 175% gain for the year through Friday, the letter said.
Weinstein, best known for finding relative value between credit investments, wrote in the letter that he did not expect such market volatility would come in the form of a virus but was certain that “investors needed to be ready for an extreme market decline.”
New York-based Saba, launched out of Deutsche Bank in 2009, manages…