Activist hedge fund Saba Capital discloses exposure to 35 UK investment trusts

Including Scottish Mortgage

Valeria Martinez
clock • 2 min read

Activist hedge fund Saba Capital has disclosed exposure to Scottish Mortgage and 34 other UK closed-ended funds, which are owned directly or through derivatives.

According to the annual report of the firm's $350m Saba Capital Income & Opportunities fund, the firm led by Boaz Weinstein has direct investment in at least 11 London-listed investment trusts, as of 31 October 2023. Of the trusts owned directly, European Opportunities, Schroder UK Mid Cap and Schroder British Opportunities are among the fund's most significant exposures, but regulatory disclosures indicate much larger holdings across the entire firm. Nine of these trusts are also owned by the fund through total return swap trades, a contract popular with hedge funds that allow t...

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