Saba Capital Management Discloses New Position in Snap Inc.
According to a recent Form 13F filing submitted to the SEC, Saba Capital Management disclosed a noteworthy new position in Snap Inc. (NYSE: SNAP) stock. Here’s what you need to know about Snap Inc., as well as Saba Capital Management’s position in shares of SNAP stock:
Saba Capital Management
Founded in 2009, Saba Capital Management L.P. is a registered investment advisor focused on credit and equity relative value strategies. Saba is a spin-out of one of the largest proprietary groups in the industry, ‘Saba Principal Strategies’, founded by Boaz Weinstein at Deutsche Bank in 1998. Saba’s senior investment team began working together at Deutsche Bank in the early 2000s, and is best known for having pioneered credit relative value and capital structure trading strategies. Saba currently manages four core strategies: Credit Relative Value, Tail Hedge, SPACs and Closed-End Funds. Saba’s investors are predominately institutions and include corporate pensions, public pensions, foundations, fund of funds, endowments, and family offices. Saba is 100% self-owned. Saba is headquartered in the historic Chrysler Building in New York and is registered with the SEC and CFTC. You can learn more about Saba Capital Management on their website here.
Saba Capital Management’s New Position in SNAP Stock
According to the most recent 13F filing from Saba Capital Management, the institutional investment manager added a meaningful position in Snap Inc. (NYSE: SNAP), with 248,399 shares, which represents approximately 0.0154% of the 1,613,099,991 total SNAP shares outstanding. Based on SNAP’s last closing price of $11.78 per share, Saba Capital Management’s stake in SNAP is worth approximately $2,926,140.22, assuming no change in the position size. If you’re not very familiar with Snap Inc., learn more below.
Snap Inc. (NYSE: SNAP)
Snap Inc. operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images. It also provides Spectacles, an eyewear product that connects with Snapchat and captures photos and video from a human perspective; and advertising products, including AR ads and Snap ads comprises a single image or video ads, story ads, collection ads, dynamic ads, and commercials. The company was formerly known as Snapchat, Inc. and changed its name to Snap Inc. in September 2016. Snap Inc. was founded in 2010 and is headquartered in Santa Monica, California.
Be sure to check out more recent 13F filings here to stay up to date on the latest disclosures from institutional investment managers like Saba Capital Management. Also be sure to check out more recent 13F filing analysis news here.