On October 13, 2023, Saba Capital Management, L.P. (Trades, Portfolio), a New York-based firm, added 609,266 shares of BlackRock Innovation & Growth Tr (BIGZ, Financial) to its portfolio. The shares were acquired at a price of $6.96 per share, bringing the firm's total holdings in BIGZ to 26,625,877 shares. This transaction represents a 4.83% position in the firm's portfolio and an 11.73% stake in BIGZ.
About Saba Capital Management, L.P. (Trades, Portfolio)
Saba Capital Management, L.P. (Trades, Portfolio) is a firm based in New York, NY, with an equity of $3.84 billion. The firm's investment philosophy is centered around value investing, with a focus on the Financial Services and Technology sectors. 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).
BlackRock Innovation & Growth Tr Overview
BlackRock Innovation & Growth Tr is a non-diversified, closed-end management investment company based in the USA. The company's investment objectives are to provide total return and income through a combination of current income, current gains, and long-term capital appreciation. It operates as a single segment entity. As of October 17, 2023, the company's market capitalization stands at $1.58 billion, with its stock trading at $6.95 per share.
BlackRock Innovation & Growth Tr's Stock Performance
Since the transaction, the stock's price has decreased by 0.14%. Since its IPO on March 26, 2021, the stock's price has decreased by 50.88%. The year-to-date price change ratio stands at 1.16%. The stock's GF Score is 20/100, indicating poor future performance potential. The stock's Balance Sheet Rank is 8/10, its Profitability Rank is 1/10, and its Growth Rank is 0/10.
BlackRock Innovation & Growth Tr's Financial Health
BlackRock Innovation & Growth Tr's ROE and ROA stand at 9.84 and 9.64 respectively, ranking 408 and 292 in the Asset Management industry. The company's Cash to Debt Rank is 1. Unfortunately, due to insufficient data, the company's Gross Margin Growth, Operating Margin Growth, and Earning Growth 3 Year are not applicable.
BlackRock Innovation & Growth Tr's Stock Momentum
The stock's RSI 5 Day, RSI 9 Day, and RSI 14 Day are 33.74, 32.73, and 32.37 respectively. The stock's Momentum Index 6 - 1 Month is -6.25, and its Momentum Index 12 - 1 Month is 0.42. The stock's RSI 14 Day Rank is 632, and its Momentum Index 6 - 1 Month Rank is 1079.
Conclusion
In conclusion, Saba Capital Management, L.P. (Trades, Portfolio)'s recent acquisition of additional shares in BlackRock Innovation & Growth Tr represents a significant addition to its portfolio. Despite the stock's poor performance since its IPO and its low GF Score, the firm's increased stake in BIGZ could potentially yield significant returns in the future, given its focus on long-term capital appreciation. However, investors should carefully consider the stock's financial health and momentum before making investment decisions.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
