Time to say tell US raider Saba Capital to get lost – again | Nils Pratley

Boaz Weinstein's hedge fund is waging an aggressive campaign against the FTSE 250's Baillie Gifford US Growth Trust

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Here we go again: another episode in the Saba saga, the story of a New York hedge fund causing havoc in the UK investment trust sector by taking big stakes in funds and then demanding change, often in only vague terms.

The best that can be said about Saba Capital (and it's not much) is that its belligerent boss, Boaz Weinstein, has disturbed the complacency that used to infect corners of the UK investment trust world, meaning companies that invest in other companies. It is now harder for a board to do nothing if the share price sits at a wide discount to the value of the underlying assets for long periods.