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Investors in two more UK trusts reject activist Saba's campaign
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Investors in two more UK trusts reject activist Saba's campaign
Feb 4, 2025 7:04 AM

LONDON, Feb 4 (Reuters) -

Shareholders in two more British investment trusts dealt a

further blow to Saba Capital's campaign to shake up the UK's 269

billion-pound ($334 billion) trust sector on Tuesday, after

rejecting the U.S. activist's proposals.

Investors in both the Henderson Opportunities Trust

and CQS Natural Resources Growth & Income rejected

Saba's resolutions to remove several of their board members at

their respective general meetings.

Hedge fund Saba - run by prominent investor Boaz

Weinstein - is attempting to overhaul seven UK 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 merge

unpopular trusts, buy back shares, and invest in more private

assets.

The proposals were rejected on Tuesday by 65% of votes

cast at the Henderson trust, and by 59% of votes cast at CQS.

Both trusts said that around 99% of non-Saba shareholders

rejected the resolutions.

They join investors in fellow trusts Baillie Gifford US

Growth, Keystone Positive Change and Henderson

Investment Trust in blocking Saba's proposals.

Saba was not immediately available for comment.

The trusts have publicly hit back at Saba in recent

weeks, dubbing its campaign opportunistic and self-serving.

($1 = 0.8044 pounds)

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