Saba Capital, a $4.4 billion New York-based activist hedge fund firm founded by Boaz Weinstein, has emerged as a major shareholder in Regal Partners’ listed VG1 fund with a 5% stake in the investment vehicle, according to a report by the Financial Review.
Saba Capital, a $4.4 billion New York-based activist hedge fund firm founded by Boaz Weinstein, has emerged as a major shareholder in Regal Partners’ listed VG1 fund with a 5% stake in the investment vehicle, according to a report by the Financial Review.
VG1, which was listed by VGI Partners on the Australian Stock Exchange (ASX) in September 2017, before the firm was acquired by Regal Partners in June last year, employs the same long-short global equities strategy as the firm’s flagship fund previously only available to high-net-worth clients and wealth families.
Previous activists to agitate for change at the fund include former merchant bankers David Kingston and Malcolm McComas.
Saba, and chief investment officer Weinstein, are no strangers to pushing for change at major funds having earlier this month accused the world’s largest asset manager, BlackRock, of poor portfolio management and corporate governance failures at the BlackRock ESG Capital Allocation Trust and BlackRock Innovation and Growth Trust. Both BlackRock funds, like VG1, have been trading significantly below their net tangible asset values.
Other Saba targets include the Templeton Global Income Fund and more recently attempted the Citadel Income Fund.
