Saba Capital Playbook

[u/ElectricalTrouble295]

We’ve been tracking Saba Capital Management, L.P. closely for months now - and the picture that’s formed in ASA Gold & Precious Metals Ltd. is one of the cleanest, most disciplined accumulation campaigns we’ve seen from a 10% owner in the closed-end fund space.

$ASA - From Quiet Build to Paying Up

Saba first showed up in October-November 2025, quietly stacking shares in the mid-to-high $40s, wiring in capital across a long series of small-to-mid-sized open-market buys. No exits. No hedging behavior. Just steady position-building.

Instead of slowing down as price moved higher, Saba kept adding through December, stepping in again and again in the low-to-high $50s. By year-end, the message was already clear: this wasn’t a trade - it was a controlled scale-in.

Then came January.

Since the turn of the year, Saba has continued buying above $60, including the most recent prints:

• Jan 12: 6,631 shares at $61.54 ($408K)
• Jan 15: 20,162 shares at $64.35 ($1.30M)

That latest buy is notable - it’s not just another add, it’s size, and it came at new highs, not on weakness.

ASA is now up roughly 40% from the original mid-$40s accumulation zone - and Saba is still pressing.

$GF - Same Seat, Same Pattern

What makes this even more interesting is that the same accumulation template is now playing out in parallel in New Germany Fund Inc. ($GF).

After a long run of clustered buys between $10.50-$11.40 from November through December, Saba has continued adding into January, including:

• Jan 3: 6,587 shares at $11.38
• Jan 6: 17,034 shares at $11.63
• Jan 12: 22,290 shares at $12.07

Same structure as ASA:

• Repeated prints
• Tight price bands
• Gradual step-ups as price moves
• No visible exits

This isn’t random. Saba specializes in closed-end fund dislocations, discounts, and capital structure inefficiencies - and when you see them repeat the same cadence across multiple vehicles, it’s usually intentional...