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Saba Capital Management Seeks Transformation at U.K. Investment Trusts

NEW YORK–Saba Capital Management, L.P. has unveiled a strategic initiative aimed at enhancing shareholder value across seven U.K. investment trusts. These trusts include Baillie Gifford US Growth Trust PLC, CQS Natural Resources Growth & Income PLC, and several others, as outlined in their recent presentation.

At the core of Saba’s approach is a call for a shareholder-driven change in leadership within these trusts. The firm has expressed concerns that the current boards and investment managers have not met performance benchmarks, leading to significant discounts to net asset value (NAV). According to Saba, this underperformance has persisted for an extended period, only showing slight improvements recently due to Saba’s own investment activities.

Saba has formally requisitioned General Meetings for shareholders to vote on resolutions that would remove existing directors and replace them with a new slate of highly qualified individuals. The firm emphasizes the importance of these changes to address the ongoing discounts and enhance governance structures within the trusts.

Scheduled Meetings for Shareholder Votes

Six of the seven trusts have already set dates for their Requisitioned General Meetings:

• Henderson Opportunities Trust PLC: January 22, 2025, at 12 p.m. GMT
• Baillie Gifford US Growth Trust PLC: February 3, 2025, at 12 p.m. GMT
• Keystone Positive Change Investment Trust PLC: February 3, 2025, at 12 p.m. GMT
• CQS Natural Resources Growth & Income PLC: February 4, 2025, at 11 a.m. GMT
• Henderson Opportunities Trust PLC: February 4, 2025, at 10 a.m. GMT
• European Smaller Companies Trust PLC: February 5, 2025, at 12:30 p.m. GMT

Shareholders interested in participating in the voting process are encouraged to visit Saba’s dedicated site for guidance on how to support the proposed resolutions.

About Saba Capital Management

Saba Capital Management, founded in 2009 by Boaz Weinstein, is recognized for pioneering credit relative value strategies and capital structure arbitrage. With offices in both New York City and London, Saba aims to deliver superior risk-adjusted returns for a diverse array of clients.

This announcement is intended for informational purposes to other shareholders in the announced trusts. It does not constitute investment advice or recommendations, and readers are encouraged to consult financial advisors regarding their individual circumstances and decisions.

Saba’s forward-looking statements, reflecting its strategic positions, are subject to numerous uncertainties and should not be interpreted as guarantees of future results. The firm may engage in transactions involving shares and securities of the trusts, and advises individuals to ensure compliance with applicable laws in their respective jurisdictions.

Interested parties can learn more about the meeting resolutions and the proposed changes at Saba’s informational website.

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