US hedge fund Saba Capital launched an attack on seven UK investment trusts in December – seeking to seize control, remove their boards and change how they invest.
The hedge fund, led by founder Boaz Weinstein, had built up big stakes in the seven trusts: Baillie Gifford US Growth, Keystone Positive Change, Edinburgh Worldwide, Herald, European Smaller Companies, CQS Natural Resources and Henderson Opportunities.
It forced general meetings and votes on its proposals. All those who invest in the investment trusts had the right to have their say, whether they invest directly or through an investing platform.
Investors at all of the trusts – Herald, Keystone Positive Change, Baillie Gifford US Growth, Henderson Opportunities, CQS Natural Resources Growth, European Smaller Companies and Edinburgh Worldwide – have firmly rejected Saba’s bids.
However, Weinstein has also called meetings at four trusts to vote on whether to change their structure. These include CQS Natural Resources Growth and Income and European Smaller Companies Trust (ESCT), from the list above – plus Middlefield Canadian Income and Schroder UK Mid Cap Fund.
Follow all the latest stories, analysis and opinion on the Saba attack on UK investment trusts here…
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