Saba Posts June Drop, Loses Some Investors

Jul 14 2014 | 9:18am ET

Boaz Weinstein's Saba Capital Management had a fifth straight losing month in June, shedding 1.3%, as some investors pulled money.

The credit fund has lost 2.9% this year after dropping in the prior two years, according to an investor letter seen by Bloomberg. Saba’s assets went from $3.1 billion to $2.6 billion in May and are down from a peak of $5.5 billion two years ago.

The New York-based hedge fund, led by former Deutsche Bank star tradr Weinstein, fell 6.8% last year, much of it in December, when it lost 4.4%. Saba lost 3.9% in 2012.

Last month, the investment committee of New Mexico’s public employees pension fund voted to pull $43.5 million from Saba.

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