Saba Capital, the most prolific closed-end fund (CEF) activist in the world, has won a major campaign against Baillie Gifford, which manages over GBP 200 billion in assets.

Saba Capital built a 23% stake in a Baillie Gifford’s technology-focused CEF, which has been trading at a large (i.e. 14%) discount to its net asset value.

On 9 September 2024, Baillie Gifford announced that it will liquidate the CEF. Investors may either cash out, or roll into a sister fund.

We, Argyle Street Management, applaud Baillie Gifford for acting in the best interest of its investors.

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Saba Capital,全球最活约的封闭式基金积极投资者,已经赢得了一场针对Baillie Gifford的重要战役。Baillie Gifford目前管理逾2,000亿英镑资产。

针对一只由Baillie Gifford管理的专注于科技的封闭式基金,Saba Capital共持有其23%的股份。该基金一直以较大(即14%)的折扣进行交易。

2024年9月9日,Baillie Gifford宣布将清盘该基金。投资者可以选择以现金退出或转入其他由Baillie Gifford管理的基金。

我们Argyle Street Management对Baillie Gifford为了投资者的最大利益而采取行动表示赞赏。

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2 responses to “👏 UK closed-end fund gets liquidated by Saba Capital / 英国封闭式基金被Saba Capital清盘”

  1. The price at which closed-end funds trade will usually include a discount for the net present value of expected future management fees payable out of NAV.

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    1. Thank you David for the excellent comment. By that logic, the market is pricing a massive NPV of the US$10m-fee-per-year management agreement.

      I’d be very curious how much CMCDI will be re-rated, if that NPV is removed.

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