Saba Capital reveals new approach for investment trusts

Following defeat in its attempt to replace the boards of seven UK investment trusts, Saba Capital is now deploying a change of strategy as it tries to return liquidity to shareholders

Boaz Weinstein, founder and chief investment officer of Saba Capital Management
(Image credit: David Paul Morris/Bloomberg via Getty Images)

Seven investment trusts targeted by Saba Capital Management led a widespread and, so far, successful campaign against the hedge fund, accusing it of opportunism and self-interest in attempting to displace their current managers.

On 18 December, Saba wrote to shareholders of the seven investment trusts, in which it is a major shareholder, to call for general meetings and shareholder votes on sweeping changes to their boards and investment managers.

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Investment trusts votes on Saba proposals
Investment trustVotes cast for Saba's proposalsVotes cast against Saba's proposals
Herald Investment Trust34.9%65.1%
Baillie Gifford US Growth34.4%65.6%
Keystone Positive Change39.5%60.5%
CQS Natural Resources Growth & Income40.9%59.1%
Henderson Opportunities Trust34.4%65.6%
The European Smaller Companies Trust37.9%62.1%
Dan McEvoy
Senior Writer

Dan is a financial journalist who, prior to joining MoneyWeek, spent five years writing for OPTO, an investment magazine focused on growth and technology stocks, ETFs and thematic investing.

Before becoming a writer, Dan spent six years working in talent acquisition in the tech sector, including for credit scoring start-up ClearScore where he first developed an interest in personal finance.

Dan studied Social Anthropology and Management at Sidney Sussex College and the Judge Business School, Cambridge University. Outside finance, he also enjoys travel writing, and has edited two published travel books.