Saba Capital launches next round of trust activism targeting transitions to open-ended structure

The US hedge fund said it intends to put forward proposals to transition them into "comparable open-ended funds to give shareholders the opportunity to receive long-overdue liquidity at net asset value". The trusts in question are CQS Natural Resources Growth & Income; European Smaller Companies; Middlefield Canadian Income PCC and Schroder UK Mid Cap fund. The former two were part of seven trusts targeted by Saba in December, looking to oust their boards in favour of two of its own nominees. Saba said the move stems from the need to unlock liquidity at net asset value for shareholder...