Four trusts targeted in Saba 'plan B' weather early share price moves

Share prices mostly rise

Share prices in the four investment trusts most recently targeted by US hedge fund Saba Capital have mostly edged up since markets opened today (11 February), with only Middlefield Canadian Income PCC (MCT), bucking the trend.

While Saba's founder and chief investment officer Boaz Weinstein was speaking at a conference held by the London School of Economics Students' Union on Monday (10 February), he unveil the hedge fund's "plan B" for UK investment trusts, this time seeking to transition four trusts into open-ended vehicles. As well as MCT, Saba is targeting: CQS Natural Resources Growth & Income (CYN); European Smaller Companies (ESCT) and Schroder UK Mid Cap fund (SCP). CYN and ESCT were part of initial seven trusts targeted by the hedge fund in its first round of requisitioned meetings, when the Saba l...