Cristian Angeloni, Investment Week, 04 September 2025:
US hedge fund Saba Capital Management has taken a position in another UK investment trust.
According to disclosures on the London Stock Exchange on Wednesday (3 September), the US activist investor has acquired a just over 5% stake in SDCL Efficiency Income trust – equivalent to 54,406,116 voting rights..
James Carthew, head of investment company research at QuotedData, noted that the latest move from Saba marks a “departure from its usual modus operandi”.
This is because SDCL is only the second alternative assets listed trust out of the 35 targets identified as Saba holdings by Deutsche Numis in the summer – with VCP Specialty Lending trust the first vehicle of this nature.
Carthew argued there is “no way” for the activist investor to hedge the underlying portfolio exposures, signalling a shift away from its usual tactics. “This looks like a straight bet on SDCL’s share price going up rather than on its discount narrowing,” he added.
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