As the stock market plunges amid concerns about the coronavirus and its impact on the global economy, one hedge fund appears to be on the rise — Saba Capital Management, headed by Boaz Weinstein, which made significant gains in recent weeks, according to a letter sent to Saba clients over the weekend.

Money talks: Weinstein told clients that Saba, which manages $2.2 billion, had seen its “most profitable week in the firm’s 11-year history and our most profitable year to date.” Through Friday, Saba’s main fund was up 67% and its tail fund was up 175%, while his closed-end funds ETF was down 17%. The hedge fund manager, who launched Saba in 2009, told investors: “I have had the conviction… for a long time that investors needed to be ready for an extreme market decline.”

Not the norm: Saba is an anomaly on Wall Street this week, as major hedge funds — including many that profited from past market crises — hit record losses. Jim Simons’ Renaissance is having one of its worst months in more than a decade. Bridgewater Associates founder Ray Dalio told The Financial Times last week that his flagship fund had already dropped 20%. Avenue Capital Group co-founder Marc Lasry explained to Bloomberg Businessweek that he “totally misunderstood this virus.”

Flashback: In 2010, Weinstein told Yediot Aharonot that while he was born in America he is “Israeli in my heart.” His parents met in the 1960s at a fundraiser for Golda Meir, and he named his fund after his grandfather, a Holocaust survivor.