Saba Capital, the most prolific investor of closed-end funds (CEF) in the world, is now going after seven CEFs in the UK (known as “investment trusts” in the UK) – all at the same time.

On 16 January 2025, Saba proposed to remove ALL incumbent directors and appoint new directors at these CEFs.

These CEFs are managed by the most prominent fund managers in the UK – Baillie Gifford, Janus Henderson, Herald and Manulife – which Saba calls an “ecosystem of greed”.

These CEFs trade at 12-15% discount to net asset value, which is unacceptable to Saba.

Saba argues that “taking action to narrow discounts is a board’s key responsibility“.

Saba quoted ISS, the dominant proxy advisor, which says:

Disregarding the discount [to NAV] as a market problem defeats to some extent the purpose of having the investment vehicle listed.

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Saba 资本(Saba Capital),全球最积极的封闭式基金投资者,现在同时瞄准七只英国的封闭式基金(在英国被称为“投资信托”)。

2025年1月16日,Saba 资本提议罢免这些封闭式基金中所有现任董事,并任命新董事。

这些封闭式基金由英国最知名的基金管理公司管理,包括柏基环球(Baillie Gifford)、骏利亨德森(Janus Henderson)、Herald投资和宏利(Manulife),而Saba 资本称之为“贪婪的生态系统”。

这些封闭式基金以较净资产折价12-15%交易,这一点对Saba资本来说是不可接受的。

Saba资本认为“采取措施缩小折价是董事会的主要责任”。Saba资本亦引用了ISS的话(ISS是占据市场领先地位的投票代理顾问):

忽视折价(相较于资产净值)并将其作为市场问题,在某种程度上违背了将封闭式基金上市的初衷。

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