As the financial services world was getting ready to shut their laptops, bring out the mince pies and get ready to celebrate the Christmas holidays and the New Year, US-based hedge fund Saba Capital had different plans in mind, as it unveiled some last-minute activism to end an ever-eventful 2024 with.
On 18th December 2024, the activist investor requisitioned general meetings for seven investment trusts it is a shareholder of, to bring about change to their investment objectives and oust their current boards, lamenting poor performance and stubborn discounts. The trusts in question are: Baillie Gifford US Growth; CQS Natural Resources Growth & Income; Edinburgh Worldwide; European Smaller Companies; Henderson Opportunities; Herald, and Keystone Positive Change. Unsurprisingly, the decision rocked the investment trust space and forced the respective seven boards to begin the new yea...
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