BMEZ - BlackRock Health Sciences Term Trust
Printed from CEF Radar (cefradar.com). Source: public filings at the U.S. Securities and Exchange Commission. Last checked: Nov 1, 2026, 11:35 p.m. New York time.
A closed-end fund run by BlackRock. Invests in healthcare companies. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - one large investor is pushing for changes at this fund.
- Saba owns 20% and has said it may push for changes. Since Jan 31, 2024.
Is the fund doing anything you need to act on?
Yes - the fund is offering to buy back shares until Nov 18, 2026.
Your broker's letter may call this a "tender offer".
The fund offered to buy back 5% of its shares at 98% of value, until Nov 18, 2026.
Do I need to do anything? The fund will buy back up to 5% of its shares at 98% of the value of its holdings. If you want to sell at that price, tell your broker to tender all of your shares before Nov 18, 2026; if more people tender than the fund will take, everyone is cut back in proportion, so tendering everything gets you the most. Brokers usually need your instruction a business day or two earlier - ask yours for its own cut-off. If you hold fewer than 100 shares, you are usually not cut back. If you do nothing, you keep your shares. This is information, not advice.
Deadline: Nov 18, 2026.
This date comes from the fund's filing of Oct 16, 2026 and can be extended, changed or withdrawn. Check with your broker.
Original document →In the fund's last buy-back (results filed April 22, 2025), holders offered 40% of all shares and the fund bought about 96 of every 100 shares offered, so holders who took part got most of what they offered. Results of the last buy-back →
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What this means for you
Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.
The investor's notice itself does not require anything from you. The fund's own announcement above does need a decision by the date shown.
Large investors can also sell down and walk away. We show every notice they file, the day it is filed.
Separately, the fund itself has announced a buy-back.
What happened, and when
-
Oct 16, 2026
The fund offered to buy back 5% of its shares at 98% of value, until Nov 18, 2026.
Original document → -
April 22, 2025
The buy-back ended; holders offered 40% of all shares and the fund paid $14.2086 a share.
Original document → -
April 18, 2025
The buy-back ended; an early count says holders offered 38.3% of all shares.
Original document → -
March 21, 2025
The fund offered to buy back 40% of its shares at 99.5% of value, until April 17, 2025.
Original document → -
Jan 21, 2025
Saba raised its stake to 20% (from 19.4%). It has said it may push for changes.
Original document →
Show all 14 events
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Jan 3, 2025
The fund offered to buy back 2.5% of its shares at 98% of value, until Jan 21, 2025.
Original document → -
Nov 20, 2024
The buy-back ended; holders offered 20.3% of all shares and the fund paid $16.3856 a share.
Original document → -
Nov 19, 2024
The buy-back ended; an early count says holders offered 20.3% of all shares.
Original document → -
Oct 16, 2024
The fund offered to buy back 2.5% of its shares at 98% of value, until Nov 18, 2024.
Original document → -
Oct 11, 2024
Saba raised its stake to 19.4% (from 19.1%). It has said it may push for changes.
Original document → -
May 21, 2024
Saba filed an updated notice; it still owns 19.1%. It has said it may push for changes.
Original document → -
March 8, 2024
Saba raised its stake to 19.1% (from 17.9%). It has said it may push for changes.
Original document → -
Feb 20, 2024
Saba raised its stake to 17.9% (from 17%). It has said it may push for changes.
Original document → -
Jan 31, 2024
Saba now owns 17%. It has said it may push for changes.
Original document →
About this fund
- Run by BlackRock Advisors, LLC. Part of the BlackRock-advised Funds fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
- Size: about $1.08 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 1.3% a year in management fees; 1.4% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025.
As of Dec 31, 2025, from the fund's yearly report. Original document →
Among the 7 funds we follow that invest in healthcare companies, 3 charge a lower management fee and 3 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts. - Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.87 a share. $0.32 came from gains; $1.55 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
- Value of holdings per share at the last fiscal year end (Dec 31, 2025): $17.10. The shares traded at $15.05, about 12% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
- How the holdings did: up 8.8% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- First reported to the regulator in 2019.
How this has changed
- Payouts per share: $1.87 in the fiscal year ended Dec 31, 2025; $1.69 in the year ended Dec 31, 2024; $1.58 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
- Of that, your own money back rather than income: $1.55 in the year ended Dec 31, 2025; $1.69 in the year ended Dec 31, 2024; $1.58 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
- Costs, including interest on borrowed money: 1.36% a year in the fiscal year ended Dec 31, 2025; 1.44% a year in the year ended Dec 31, 2024; 1.32% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
- Size of the holdings: about $1.07 billion at Dec 31, 2025; $1.66 billion at Dec 31, 2024; $1.91 billion at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
- Borrowing: none at Dec 31, 2025; 3% at Dec 31, 2024; 4% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
- The fund had about 62.5 million shares at Dec 31, 2025, down 41.3% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
In between, the fund bought back shares. Original document →
What these lines mean: a payout that is your own money back, what a fund costs, borrowing.
What a holder made
- The year ended Dec 31, 2025: the shares returned +18.4%, counting payouts; the holdings +17.9%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
- The year ended Dec 31, 2024: the shares returned +9.4%, counting payouts; the holdings +2.1%. As of Dec 31, 2024, from the fund's annual report. Original document →
- The year ended Dec 31, 2023: the shares returned +5%, counting payouts; the holdings +5.6%. As of Dec 31, 2023, from the fund's annual report. Original document →
- The year ended Dec 31, 2022: the shares returned -32.8%, counting payouts; the holdings -21.7%. As of Dec 31, 2022, from the fund's annual report. Original document →
- The year ended Dec 31, 2021: the shares returned -5.8%, counting payouts; the holdings -8.3%. As of Dec 31, 2021, from the fund's annual report. Original document →
- Those five years together: the shares returned -13.8%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $8,620 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
- The holdings over the last twelve months we have, to June 30, 2026: +24.3%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Of the 7 funds that invest in healthcare companies with a fiscal year ending within six months of this one, 0 reported a higher share return for that year and 6 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
- A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.
Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.
What the fund holds
Mostly shares (95%), the rest cash and short-term holdings and preferred shares. About 79% issued in the U.S.
- Moderna - 3.6%
- Johnson & Johnson - 3.4%
- Merck & - 3%
- Cash and short-term - 2.9%
- Biogen - 2.8%
- PsiQuantum - 2.6%
- Gilead Sciences - 2.5%
- Edwards Lifesciences - 2.3%
- Neurocrine Biosciences - 2%
- Novartis AG - 2%
Show all 25
- Amgen - 1.9%
- Illumina - 1.9%
- Roche Holding AG - 1.8%
- Thermo Fisher Scientific - 1.6%
- AbbVie - 1.6%
- Genmab A/S - 1.5%
- Axsome Therapeutics - 1.4%
- Danaher - 1.4%
- Agilent Technologies - 1.4%
- Natera - 1.3%
- Cytokinetics - 1.3%
- Charles River Laboratories International - 1.3%
- UnitedHealth Group - 1.3%
- Gsk PLC - 1.3%
- Guardant Health - 1.3%
As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| Jan 21, 2025 | Saba | 20% | Updated notice |
| Oct 11, 2024 | Saba | 19.4% | Updated notice |
| May 21, 2024 | Saba | 19.1% | Updated notice |
| March 8, 2024 | Saba | 19.1% | Updated notice |
| Feb 20, 2024 | Saba | 17.9% | Updated notice |
| Jan 31, 2024 | Saba | 17% | Updated notice |
| Date | What | Deadline | Document |
|---|---|---|---|
| Oct 16, 2026 | Offer to buy back shares | Nov 18, 2026 | Original document → |
| April 22, 2025 | Buy-back results | none | Original document → |
| April 18, 2025 | Buy-back results | none | Original document → |
| March 21, 2025 | Offer to buy back shares | April 17, 2025 | Original document → |
| Jan 3, 2025 | Offer to buy back shares | Jan 21, 2025 | Original document → |
| Nov 20, 2024 | Buy-back results | none | Original document → |
| Nov 19, 2024 | Buy-back results | none | Original document → |
| Oct 16, 2024 | Offer to buy back shares | Nov 18, 2024 | Original document → |
- Run by
- BlackRock Advisors, LLC
- Fund family
- BlackRock-advised Funds
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-23466
- Auditor
- Deloitte & Touche LLP
- Fiscal year end
- Dec 31, 2025
- Number of holdings
- 175
- Preferred share classes
- none
See this fund's page at the SEC →
Email me when something new is filed for BMEZ
Free. One email when a large investor files a notice, or when the fund announces a buy-back, a vote or a closing - usually within a day. No password. Most funds announce payout changes on their own website, where we do not look.