Saba Capital: Does the US hedge fund have a point on UK investment trusts? January 21, 2025 US hedge fund Saba Capital triggered fury and an industry-wide defensive effort when it launched an activist campaign against seven UK investment trusts last month. The Manhattan-based hedge fund, led by Boaz Weinstein, has laid siege to the trusts, accused them of failing to perform, and pushed for shareholder votes to “elect new directors with [...]
Why private equity trusts could be set for a bounceback in 2025 January 7, 2025 Analysts are expecting private equity trusts to bounce back in 2025 after a year in which they struggled to narrow the gap between the price of their shares and underlying value of their investments. The average private equity trust’s share price (excluding FTSE 100 giant 3i Group) currently trades more than 30 per cent below [...]
Baillie Gifford ‘appalled’ by US activist investor Saba Capital’s conduct January 6, 2025 Baillie Gifford has hit back against an activist campaign by US hedge fund Saba Capital targeting three of its investment trusts, calling the hedge fund’s actions “a backdoor attempt to seize control”. “We are appalled by Saba’s actions and conduct,” said Karen Brade, chair of one of Baillie Gifford’s trusts targeted by the attack. Last [...]
Why one US hedge fund is taking aim at the UK’s biggest investment trusts December 19, 2024 A shake up could be coming for the UK’s investment trust industry after US hedge fund Saba Capital launched a campaign to topple the boards of seven different companies yesterday. “Like the Ghost of Christmas Past, Saba has descended upon the investment trust industry, urging self-reflection,” said Shavar Halberstadt, analyst at Winterflood. There have been [...]
US hedge fund launches activist offensive against UK investment trusts December 18, 2024 US hedge fund manager Saba Capital has launched a campaign to oust the boards of seven top UK investment trusts today after amassing stakes in the firms over the past year. In an open letter to the companies today, the activist investor said it was triggering shareholder votes to “elect new directors with a concrete [...]
Dan Loeb’s Third Point weighs ‘strategic options’ after pressure from activist investors December 11, 2024 Hedge fund Third Point investment trust has identified “a number of credible strategic options” to boost its share price following a strategic review led by activist investors. In April, the trust appointed a duo of activist investors to its board to try and fix the persistent gap between its share price and value of its [...]
Etoro: ‘We could still float in London but things need to change’ December 3, 2024 The UK boss of trading platform Etoro has opened up about what the London Stock Exchange has to do to win its backing.
3i: Action’s performance continues to lift FTSE 100 investment trust November 14, 2024 3i said it will pay its first dividend of 30.5p per share, up from 26.5p in the same period last year.
Supermarket Income REIT slashes fees for shareholders November 5, 2024 Supermarket Income REIT has slashed its fees in a bid to align management’s interest with shareholders. The trust will now charge fees based on its stock price rather than on underlying assets. Since the trust trades 21 per cent below the value of its underlying assets, fees will drop by around 20 per cent, according [...]
Investec downgrades ‘deeply underwhelming’ Martin Currie trust October 29, 2024 Investec has downgraded a Martin Currie-run investment trust due to its “deeply underwhelming” performance, arguing investors should sell out of the vehicle. The performance of the £234.5m Martin Currie Global Portfolio has been “concerning” and its attempts to keep its stock price up are “clearly not sustainable,” warned Investec analysts Alan Brierley and Ben Newell. [...]