Saba suffers further defeats in campaign to shake up UK trusts (updated)

Keystone Positive Change Investment Trust

03/02/2025 15:42

(Adds details on further votes, context throughout)
       LONDON, Feb 3 (Reuters) - Saba Capital suffered further
setbacks in its campaign to shake up Britain's 269 billion pound
($332 billion) investment trust sector on Monday, after
shareholders in two more trusts rejected the U.S. activist
investor's proposals.
    Investors in Baillie Gifford US Growth Trust  USAB.L 
rejected eight resolutions submitted by Saba to oust several of
its board members, with 66% of votes cast voting against them. 
    Shareholders in Keystone Positive Change  KPCK.L  trust also
rejected similar Saba proposals, with 72% of votes cast against.
    Saba Capital was not immediately available for comment.     
    Shareholders in technology-focused Herald Investment Trust
 HRI.L  had been the first to reject Saba's campaign last month.
    Hedge fund Saba - run by prominent investor Boaz Weinstein -
is waging a campaign to overhaul seven British investment trusts
over performances it has said ranged from "underwhelming" to
"disastrous".
    Weinstein previously told Reuters he was prepared for the
long haul and has vowed to fix performance by merging unpopular
trusts, buying back shares, and investing in more private assets
rather than large listed stocks.
    The trusts have publicly hit back at Saba in recent weeks,
dubbing Saba's campaign opportunistic and self-serving.
    
($1 = 0.8093 pounds)

 (Reporting by Iain Withers;
Editing by Tommy Reggiori Wilkes and Alison Williams)
 ((Iain.Withers@thomsonreuters.com;))