Protect your portfolio: How to fight back against hedge fund aggression in UK investment trusts Opinion Former Pensions Minister Ros Altmann warns retail investors, wealth managers, and regulators that the aggressive, short-term interests of the US hedge fund Saba Capital, which is attempting hostile takeovers like the one targeting Edinburgh Worldwide (EWIT), threaten the long-term, patient-capital model of the UK investment trust sector A year ago, an aggressive US hedge fund [...]
US investor dials up attacks on investment trust before crunch vote Investing The American hedge fund tycoon behind a campaign to shake up Britain’s investment trust sector has ramped up his attacks on a Baillie Gifford fund ahead of a pivotal shareholder vote, demanding answers over its decision to offload shares in Space X. Boaz Weinstein, the founder of Saba Capital, published an open letter to Edinburgh [...]
US hedge fund shorts British firms despite aim to ‘save’ UK market Investing Activist investor Saba Capital has taken short positions against some key UK companies, including beloved Harry Potter publisher Bloomsbury, despite previously claiming to be the “white knight of the UK market”. The American hedge fund has taken out a 0.95 per cent short position against the £537m publisher, or a roughly £5.1m bet against it. [...]
Saba Capital loses double vote on Baillie Gifford trust takeovers February 3, 2025 Saba Capital has lost two more votes in the US hedge fund’s campaign to take over a variety of UK investment trusts, leaving its campaign looking increasingly unlikely to succeed. Two trusts run by Baillie Gifford, Keystone Positive Change and Baillie Gifford US Growth, voted today to reject Saba’s proposal to unseat their boards and [...]
Saba Capital falls at first hurdle in activist trust campaign January 22, 2025 Saba Capital’s first battle over the board of a UK investment trust has failed, with investors widely rejecting its attempt to unseat the board of a targeted trust. In a shareholder vote today, 65 per cent of Herald trust shareholders voted to kill the activist hedge fund’s proposals, which aimed to depose and replace the [...]
Blackrock trusts agree peace deal with Saba Capital January 22, 2025 A host of Blackrock-run investment trusts have made a peace deal with US hedge fund Saba Capital, amid its activist campaign to take over the boards of several UK trusts. In a series of stock exchange announcements, the Blackrock trusts said that they had made an agreement with Saba to be left alone by the [...]
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 [...]
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 [...]