Saba Capital’s revelation that it would target four investment trusts in a bid to transition them into open-ended funds has been met with perplexity by the sector.
On Monday (10 February), the US hedge fund revealed intentions to go ahead with a ‘Plan B' of its investment trust activism campaign, looking to requisition meetings at four trusts to "unlock liquidity" for shareholders. The vehicles in question, CQS Natural Resources Growth & Income (CYN), European Smaller Companies (ESCT), Middlefield Canadian Income (MCT) and Schroder UK Mid Cap (SCP), are yet to receive the formal requisition requests from Saba itself. Saba Capital launches next round of trust activism targeting transitions to open-ended structure The move follows what has now...
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