Latest news with #BoazWeinstein
Yahoo
6 days ago
- Business
- Yahoo
ASA Gold and Precious Metals Shareholders Vote to Expand the Board and Elect Maryann Bruce as an Independent Director
Saba Capital Thanks Shareholders for Supporting Proposals to Move ASA Forward NEW YORK, June 16, 2025--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, "Saba"), the largest common shareholder of ASA Gold and Precious Metals Limited (NYSE: ASA) ("ASA" or the "Fund") with 17.2% ownership of the Fund's outstanding shares, today commented on the outcome of the Fund's Special Meeting of Shareholders (the "Special Meeting") held on June 13, 2025. Based on the preliminary results of the Special Meeting, shareholders voted to expand ASA's Board of Directors (the "Board") to five members and to elect independent candidate Maryann Bruce as the fifth director. Once the results are certified, the five-member Board will be composed of Maryann Bruce, Ketu Desai, William Donovan, Mary Joan Hoene and Paul Kazarian. The Board will serve until the 2025 Annual Meeting of Shareholders, at which time shareholders will vote on the composition of the entire Board. Boaz Weinstein, Founder and Chief Investment Officer of Saba, commented: "ASA shareholders overwhelmingly voted to move ASA forward by returning the Board to five directors and electing independent candidate Maryann Bruce. Maryann's extensive fund management background and deep governance expertise will be an exceptional value-add to the Fund and to all shareholders. We are grateful for shareholders' support and look forward to building on this momentum at the Annual Meeting so that together, we can set ASA on a clear path toward meaningful, long-term value creation." About Saba Capital Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at View source version on Contacts Longacre Square PartnersKate Sylvester, 646-386-0091ksylvester@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
6 days ago
- Business
- Business Wire
ASA Gold and Precious Metals Shareholders Vote to Expand the Board and Elect Maryann Bruce as an Independent Director
NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, 'Saba'), the largest common shareholder of ASA Gold and Precious Metals Limited (NYSE: ASA) ('ASA' or the 'Fund') with 17.2% ownership of the Fund's outstanding shares, today commented on the outcome of the Fund's Special Meeting of Shareholders (the 'Special Meeting') held on June 13, 2025. Based on the preliminary results of the Special Meeting, shareholders voted to expand ASA's Board of Directors (the 'Board') to five members and to elect independent candidate Maryann Bruce as the fifth director. Once the results are certified, the five-member Board will be composed of Maryann Bruce, Ketu Desai, William Donovan, Mary Joan Hoene and Paul Kazarian. The Board will serve until the 2025 Annual Meeting of Shareholders, at which time shareholders will vote on the composition of the entire Board. Boaz Weinstein, Founder and Chief Investment Officer of Saba, commented: 'ASA shareholders overwhelmingly voted to move ASA forward by returning the Board to five directors and electing independent candidate Maryann Bruce. Maryann's extensive fund management background and deep governance expertise will be an exceptional value-add to the Fund and to all shareholders. We are grateful for shareholders' support and look forward to building on this momentum at the Annual Meeting so that together, we can set ASA on a clear path toward meaningful, long-term value creation.' About Saba Capital Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at
Bloomberg
06-06-2025
- Business
- Bloomberg
Boaz Weinstein Ready to Plow Billions More Into UK Trust Fight
Weeks after scoring a string of wins in his high-profile campaign for better returns from UK investment trusts, here is activist hedge fund manager Boaz Weinstein's latest message for the industry: I'm not going anywhere. 'I'm here and I'm ready to buy billions more of whatever is for sale and not effective,' Weinstein said in an interview. The comments come after he struck agreements with London-listed funds run by Janus Henderson Group Plc and Manulife Investment Management — two of the trusts he had campaigned against.
Bloomberg
03-06-2025
- Business
- Bloomberg
US Hedge Fund Raider Turns London Defeat to Victory
US hedge fund manager Boaz Weinstein was rebuffed when he tried storming the boardrooms of seven UK investment firms earlier this year. But the activist has since shown he didn't need to win to achieve his goals and to make money. To recap, Weinstein sees an opportunity in publicly traded companies that invest their capital in stocks and sometimes private firms. Shareholders of these so-called investment trusts get something similar to a mutual fund with the added benefit of daily liquidity and access to equity investments they might be unable to make directly. These trusts typically trade at a discount to their underlying portfolio value. Blame corporate bloat – the costs of a board, advisers, financial reporting and so on – and often mediocre to poor investment performance.
Reuters
28-05-2025
- Business
- Reuters
Hedge fund Saba reaches agreement with another investment trust target
LONDON, May 28 (Reuters) - Activist hedge fund Saba Capital Management has reached a restructuring deal with another of the UK investment trusts it has targeted in a longstanding campaign to achieve higher returns. Saba said on Wednesday it had agreed with CQS Natural Resources Growth & Income (CYNL.L), opens new tab that the investment trust will offer investors a cash exit for their shares at full value, or if enough investors stick with the fund, it will raise dividends and lower management fees. Five of nine UK investment trusts have voted to restructure or liquidate this year because of Saba's $5.5 billion activist campaign that targeted UK investment funds. Saba Capital Management, founded and run by Boaz Weinstein, began the campaign in 2024 to overhaul seven close-ended investment trust boards over performance, adding more funds in February. Investment trusts hold a range of stocks and because of the costs of running them, funds' shares can trade at a discount to their net asset value (NAV). Weinstein first demanded that the trusts vote to give Saba board seats so the hedge fund might run those funds. But shareholders rejected this and more than half have now decided instead to restructure. Saba's CEF Opportunities 1 fund is up 5.11% in May and down 0.76% for 2025 so far, said HSBC data seen by Reuters. Here is the latest campaign update: "This outcome gives CYN (CQS Natural Resources Growth & Income) shareholders a clear choice: full liquidity at NAV or the opportunity to stay invested in a trust with a higher dividend and a reduced management fee. It's a true win-win," Weinstein said in a statement. Yet some investors like these discounts and restructuring means a loss of opportunity, like catching the funds at a cheap moment and collecting dividend payments. "Discounts to NAV are not always bad," said Chris Barter, an investment trust investor. "If you're an income investor buying an investment trust at a 15-25% discount, you'll achieve a yield which mutual funds and ETFs simply can't reach."
