What is the main topic?

The article discusses Saba Capital's campaign to reform UK investment trusts led by Boaz Weinstein.

What changes does Saba propose?

Saba proposes transitioning some UK investment trusts from closed-ended to open-ended structures.

How have shareholders responded?

Most shareholders have opposed Saba's proposals, with six out of seven trusts voting against them.

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Home > Finance > Hedge fund Saba's Weinstein steps up campaign against UK investment trusts

Finance

Hedge fund Saba's Weinstein steps up campaign against UK investment trusts

Published by Global Banking & Finance Review®

Posted on February 10, 2025

2 min read

Last updated: January 26, 2026

Boaz Weinstein discusses UK investment trusts at a finance conference - Global Banking & Finance Review — Boaz Weinstein of Saba Capital Management speaks at a London School of Economics conference, highlighting his campaign against UK investment trusts. The image captures Weinstein's commitment to reforming underperforming investment structures, a key focus of the article.

Saba's Weinstein Intensifies UK Investment Trust Campaign

By Nell Mackenzie

LONDON (Reuters) -Saba Capital Management has added more UK investment trusts to its activist campaign and plans to further shake up the sector, the hedge fund's founder Boaz Weinstein told a London School of Economics conference on Monday.

Saba is waging a campaign to overhaul seven British investment trusts over performances it has said ranged from "underwhelming" to "disastrous".

Weinstein on Monday said he now plans to call general meetings in four UK investment trusts to vote on whether they should transition from a closed ended structure to a comparable open-ended one, where shares can be issued and redeemed at any time.

"If investors want to stay in the investment trust, good for them, but investors should have the option," said Weinstein.

The four funds include: CQS Natural Resources Growth & Income PLC, European Smaller Companies Trust PLC, Middlefield Canadian Income and Schroder UK Mid Cap Fund.

Richard Stone, chief executive of the Association of Investment Companies (AIC), said that Saba's proposals on Monday marked a significant shift in strategy for the hedge fund but that more detail on how these funds would change their structure was needed.

Shareholders would remain invested in the same strategy with the same manager, but in an open ended fund, said Weinstein.

Weinstein said that since he launched his UK campaign in 2024, his campaign related fund had seen record inflows. Saba Capital Management oversees several different strategies, including activism.

With the new investor money, Weinstein said he would continue to add to his current UK activist campaign.

The trusts have publicly hit back in recent weeks, dubbing Saba's campaign opportunistic and not in the interests of broader shareholders.

Six of the seven trusts' shareholders have voted against Weinstein's proposals which have ranged from buying investors out of the funds to board overhauls. The last of seven UK investment trusts targeted by Saba's activist campaign, – Edinburgh Worldwide – votes on Friday.

(Reporting by Nell Mackenzie; Editing by Dhara Ranasinghe and Tomasz Janowski)

Hedge fund Saba's Weinstein steps up campaign against UK investment trusts

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Saba's Weinstein Intensifies UK Investment Trust Campaign

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