In the seven-game series, it’s 1-0 to the UK investment trusts. Saba Capital, the New York hedge fund trying to oust the entire boards of seven trusts, suffered a heavy defeat at Herald, the tech-focused FTSE 250 fund. Saba started with a 29% holding but still got a drubbing; only 0.15% of other votes cast sided with it. On an 80% turnout, the defending board survived with 65% of the votes.
The other six investment trusts (companies that invest in other companies) await their turn, and it’s too soon to assume the UK crew will sweep the board. There were special factors at play at Herald. First, it has a famous fund manager, Katie Potts, who has a loyal following in the UK’s tech scene.
