The activist had previously held a position in Montanaro earlier this year too, before selling out in March. Credit: Saba Capital
Activist US hedge fund Saba Capital has sold out of its position in Montanaro UK Smaller Companies, shortly after it re-entered the £145m trust.
Saba exited its near 5% position in Montanaro, according to a regulatory filing, having re-established a position over the 5% threshold for public disclosure just last month.
Saba Capital re-enters Montanaro UK Smaller Companies
The activist had previously held a position in Montanaro earlier this year too, before selling out in March after the trust agreed to carry out its first share buyback programme in 17 years, buying about 20 million shares, equating to approximately 12% of its issued share capital at the time.
When Saba crossed the 5% threshold in October, the trust was trading at around an 11% discount to its net asset value (NAV). This figure has since narrowed to 7.2% at the time of reporting, according to data from the Association of Investment Companies.
Saba Capital continues UK trust buying spree with 5% stake in Vietnam Enterprise Investments
The sale of the Montanaro position marks the latest change to Saba's UK trust holdings. In recent weeks, a 5% position in Vietnam Enterprise Investments (VEIL) has been revealed.
The activist has also doubled its stake in both Life Science REIT and Workspace Group to around 11%.
