Saba Capital Management, L.P.

Saba Capital Management, L.P.'s 511-transaction filing record spans fifteen closed-end and interval funds and is structured around active portfolio management rather than executive compensation — a distinction that matters because the recent filing cadence does not follow the calendar-driven pattern of a personal Form 4 file. Across those fifteen relationships, ECAT accounts for 134 transactions and 8,807,583 shares of net sells against only 303,392 bought, a nine-to-one ratio that dominates the file's volume and places ECAT in the category of an actively managed fund winding down a concentrated position. The recent two-week window of June 2026 produced ten ECAT open-market sales ranging from 10,034 to 130,170 shares and landing on consecutive or near-consecutive trading days — the kind of clustered daily distribution that a hedge fund generates when executing a pre-committed sell program through a trading desk, not the kind of pattern a retail calendar watch would flag as a single 'insider trade.' The other fourteen funds are quieter in the recent window: GF and MXF produced small open-market buys, and one other fund generated modest activity. The right read: this file is an active fund's portfolio turnover record, the ECAT sell cluster is intentional execution rather than calendar-driven mechanical disgorgement, and the appropriate watchlist signal is the concentration of ten consecutive sell-days at ECAT, which is the kind of event a multi-day sell-event detector catches with high reliability.