On September 13, 2023, Saba Capital Management, L.P. (Trades, Portfolio), a New York-based investment firm, added 52,525 shares of BlackRock ESG Capital Allocation Trust (ECAT, Financial) to its portfolio. The shares were acquired at a price of $15.13 each, bringing the firm's total holdings in ECAT to 14,299,912 shares. This transaction represents a 0.37% change in the firm's holdings and has a 0.02% impact on its portfolio. The firm now holds a 13.97% stake in ECAT, making it a significant part of its investment strategy.
About Saba Capital Management, L.P. (Trades, Portfolio)
Saba Capital Management, L.P. (Trades, Portfolio) is an investment firm located at 405 Lexington Avenue, New York. The firm manages a portfolio of 624 stocks, with a total equity of $3.84 billion. Its top holdings include Templeton Global Income Fund (GIM, Financial), BlackRock Capital Allocation Trust (BCAT, Financial), BlackRock Health Sciences Trust II (BMEZ, Financial), BlackRock Innovation & Growth Tr(BIGZ, Financial), and BlackRock ESG Capital Allocation Trust(ECAT, Financial). The firm's investments are primarily concentrated in the Financial Services and Technology sectors.
Overview of BlackRock ESG Capital Allocation Trust
BlackRock ESG Capital Allocation Trust (ECAT, Financial) is a non-diversified, closed-end management investment company based in the USA. The company aims to provide total return and income through a combination of current income, current gains, and long-term capital appreciation. As of September 15, 2023, the company has a market capitalization of $1.54 billion and its stock is trading at $15.05. Due to insufficient data, the GF Valuation and GF Value of the stock cannot be evaluated.
Performance and Financial Health of ECAT
Since its IPO, ECAT's stock price has decreased by 24.75%. However, the stock has gained 11.07% year-to-date. The stock's GF Score is 22/100, indicating poor future performance potential. In terms of financial strength, ECAT has a balance sheet rank of 8/10 and a profitability rank of 2/10. The company's growth rank, GF Value rank, and momentum rank are all 0/10 due to insufficient data. The company's Altman Z score is also not available.
Predictability and Momentum of ECAT
Due to insufficient data, the predictability rank of ECAT is not available. The stock's RSI 5 Day, RSI 9 Day, and RSI 14 Day are 18.07, 29.84, and 35.05 respectively. The momentum index 6 - 1 month and momentum index 12 - 1 month are 6.69 and 9.49 respectively. The RSI 14 Day rank is 472 and the momentum index 6 - 1 month rank is 399.
Conclusion
In conclusion, Saba Capital Management, L.P. (Trades, Portfolio)'s recent acquisition of ECAT shares represents a significant addition to its portfolio. Despite ECAT's poor performance and financial health indicators, the firm's increased stake in the company indicates a potential long-term investment strategy. This transaction could have significant implications for value investors, and it will be interesting to monitor the performance of ECAT in the coming months.
