Boaz Weinstein Takes on Blackrock in Fund Battle

Boaz Weinstein is a hedge fund manager who has been making waves in the industry with his bold move against Blackrock. He's taking on the giant investment manager in a fund battle that's got everyone talking.

Weinstein's hedge fund, 13D, has been a thorn in Blackrock's side, with a significant short position against the company. This move has sparked a heated debate about the role of activist investors in the market.

The stakes are high, with Blackrock's market value in the trillions of dollars. But Weinstein is undaunted, having built a reputation as a shrewd and fearless investor. His fund's success has been impressive, with returns that have beaten the market in recent years.

Weinstein's strategy is to use his fund's resources to push for change at Blackrock, rather than simply profiting from the company's decline. It's a bold move, but one that could have significant consequences for the investment giant.

Saba Capital sued BlackRock in June in a New York federal court after BlackRock trustees said at their 2023 annual meeting they would strip shareholders’ votes.

A judge ruled in favor of Saba Capital, determining that BlackRock's practice of stripping shareholders' votes violated the Investment Company Act of 1940.

This ruling is a significant win for Saba Capital and its investors, who will now have their votes counted in the future.

The Investment Company Act of 1940 regulates investment companies and the investment products they offer, and it seems BlackRock didn't follow the rules.

Additional reading: Blackrock Inc Shareholders

Boaz Weinstein's departure from BlackRock in 2019 was a significant event. He left his position as the head of the firm's systematic trading group.

Weinstein joined BlackRock in 2007, bringing with him a team of traders from his former firm, Medallion. His team's strategies and skills were instrumental in helping BlackRock navigate the financial crisis.

Weinstein's departure was not without controversy, as some sources suggested that he left due to disagreements with the firm's leadership.

Saba Capital Management, a prominent investment firm, has made significant changes to its ownership structure. They filed a Form 4 with the SEC on December 27, 2023, indicating a change in ownership.

Saba Capital Management is led by Boaz Weinstein, a well-known investment manager. As of December 19, 2023, Weinstein's company owned 315,179 shares of BlackRock Health Sciences Term Trust.

On December 20, 2023, Saba Capital Management acquired an additional 146,904 shares of BlackRock Health Sciences Term Trust.

Here's a summary of Saba Capital Management's ownership changes:

Saba Capital's Boaz Weinstein won a significant battle against BlackRock in a New York federal court, with a judge ruling that BlackRock's practice of stripping shareholders' votes violated the Investment Company Act of 1940.

This decision highlights the importance of understanding the regulations that govern investment companies, such as the ICA, which was enacted in 1940 to protect investors and ensure fair practices.

Boaz Weinstein's lawsuit against BlackRock was filed in June, and the judge's ruling in December marked a major victory for Saba Capital and its investors.

The Investment Company Act of 1940 is a crucial piece of legislation that regulates investment companies and the products they offer, setting standards for fairness and transparency.