Saba Capital disclosed a 5% stake in HarbourVest Global Private Equity (HVPE) last week, joining fellow activist Asset Value Investors (AVI) which holds 3.3% of the £2.3bn listed fund and which last month called on it to consider a wind-up or sale to solve its wide discount. Saba’s position is largely held through swap derivatives.
HgCapital Trust (HGT) has made its first share buyback in response to last week’s slide in the share price over concerns of the competitive impact on software companies from artificial intelligence tools such as Anthropic’s. The company spent £844,500 buying back 200,000 shares at an average price of 422.25p. These will be held in treasury and not cancelled. Separately, Pilar Junco became the latest non-executive director to buy the investment trust’s shares, buying 10,000 at 418.54p on Friday. HGT shares fell 7% to close the week at just over 421p, having recovered from a low of 368p on Wednesday, to stand on a wide 27% discount.
Seraphim Space (SSIT) has commented on the merger of Elon Musk’s rocket company SpaceX with his Grok AI chatbot developer xAI to create a combined entity valued at over $1.25tn ahead of a flotation this year. It says the deal highlights a growing industry trend: “orbital infrastructure is increasingly seen as a key enabler for large-scale artificial intelligence (AI) and global digital systems, overcoming terrestrial limitations such as power, cooling and grid capacity.” In a monthly roundup of sector news, SSIT adds: “Industry observers note that the merger could accelerate investment and innovation across space-based computing, satellite constellations and orbital infrastructure. As global megatrends like AI, connectivity and climate solutions converge in orbit, this development reinforces the strategic importance of space as the backbone for the next wave of digital technologies.”
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