Time to tell US raider Saba Capital to get lost – again | Nils Pratley
News Source
•Mon, 12 Oct 2026 13:14:04 GMT
📰 What Happened
A Guardian columnist argues UK investors should again reject US hedge fund Saba Capital's campaign against the Baillie Gifford US Growth Trust. Saba, run by Boaz Weinstein, holds a near-30% stake and wants to install three new directors. Shareholders have already voted the firm down twice in 18 months. The writer says Saba's campaigns often look self-interested and short-term, and could harm UK investors. The trust trades on the FTSE 250 under the USA ticker.
🔍 The Backstory
Saba Capital is a New York hedge fund that buys stakes in UK investment trusts, which are companies that invest in other companies. It then pushes for changes, often to close the gap between a fund's share price and the value of its assets. Saba's boss, Boaz Weinstein, has targeted many trusts in recent years. Supporters say he shakes up complacent boards. Critics say he seeks quick profits without helping long-term investors, and similar fights have divided shareholders across the sector.
🎯 Why It Matters
Investment trusts hold the savings of many ordinary people, so battles over how they are run can affect pensions.
A Guardian columnist argues UK investors should again reject US hedge fund Saba Capital's campaign against the Baillie Gifford US Growth Trust. Saba, run by Boaz Weinstein, holds a near-30% stake and wants to install three new directors. Shareholders have already voted the firm down twice in 18 months. The writer says Saba's campaigns often look self-interested and short-term, and could harm UK investors. The trust trades on the FTSE 250 under the USA ticker.
Saba Capital is a New York hedge fund that buys stakes in UK investment trusts, which are companies that invest in other companies. It then pushes for changes, often to close the gap between a fund's share price and the value of its assets. Saba's boss, Boaz Weinstein, has targeted many trusts in recent years. Supporters say he shakes up complacent boards. Critics say he seeks quick profits without helping long-term investors, and similar fights have divided shareholders across the sector.
Investment trusts hold the savings of many ordinary people, so battles over how they are run can affect pensions.