Assets Under Management (AUM) - Ending AUM increased to $88.9 billion as of June 30, 2025, compared to $87.6 billion as of March 31, 2025[2] - Average AUM for Q2 2025 was $87.2 billion, up from $86.8 billion in Q1 2025[2] - Market appreciation contributed $2.3 billion to AUM in Q2 2025, compared to $2.1 billion in Q1 2025[2] Flows - The company experienced net outflows of $131 million in Q2 2025, a shift from net inflows of $222 million in Q1 2025[2] - Open-end funds and closed-end funds saw net inflows, while advisory and subadvisory experienced net outflows[2] - Total firm net flows were -$0.1 billion in Q2 2025, representing an organic decay of -0.6%[18] Financial Performance (As Adjusted) - Net income was $37.3 million in Q2 2025, slightly lower than $38.4 million in Q1 2025[2] - Diluted EPS was $0.73 in Q2 2025, compared to $0.75 in Q1 2025[2] - Operating margin was 33.6% in Q2 2025, a decrease from 34.7% in Q1 2025[2] - Revenue reached $135.3 million in Q2 2025, compared to $133.8 million in Q1 2025[4] - Expenses totaled $89.9 million in Q2 2025, up from $87.3 million in Q1 2025[4] Revenue Breakdown (As Adjusted) - Open-end fund fees generated $69.9 million in revenue in Q2 2025[8] - Institutional fees contributed $32.8 million in revenue in Q2 2025[8] - Closed-end fund fees accounted for $24.9 million in revenue in Q2 2025[8] Expense Breakdown (As Adjusted) - Employee compensation and benefits amounted to $54.8 million in Q2 2025[11] - Distribution and service fees were $15.7 million in Q2 2025[11] - General and administrative expenses totaled $17.0 million in Q2 2025[11] Investment Performance - 94% of total AUM was in outperforming strategies over the 1-year period as of June 30, 2025[32] - 90% of total AUM was in outperforming strategies over the 10-year period as of June 30, 2025[32] - 96% of U S open-end fund AUM was rated 4 or 5 stars by Morningstar[32]

I rate Saba Closed-End Funds ETF (BATS: CEFS ) a Buy, for income focused investors who are looking for monthly distributions in a long term buy and hold investment. The most important factors that influence my opinion of theDavid A. Johnson is founder and principal of Endurance Capital Management, a New Jersey Limited Liability Company. As an investor entrepreneur, David invests in stocks, bonds, options, ETFs, REITs, real estate, closed end funds and alternative investment funds such as hedge funds and pri ...

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