Hedge fund manager Boaz Weinstein has asserted that his activist campaign targeting London-listed investment trusts has generated over £600 million in profits for shareholders since its inception nearly two years ago. Weinstein’s Saba Capital fund, which holds more than £2 billion across as many as 50 British companies, has focused primarily on investment trusts trading at a discount to their net asset values, aiming to unlock shareholder value through governance changes and management reshuffles.

Weinstein began his campaign in December 2024 with an outspoken presentation criticizing seven underperforming trusts, which he dubbed the “miserable seven.” Since then, he has intensified his efforts, steadily winning votes to install new directors aligned with his objectives. One notable success came in April when three Saba-backed directors were elected to the board of Edinburgh Worldwide, a trust holding stakes in firms such as Elon Musk’s SpaceX. Weinstein’s latest focus is on the Baillie Gifford US Growth fund, worth approximately £1 billion and invested in companies including SpaceX and Stripe, where a shareholder vote later this month will determine whether three of his nominees join the board.

Weinstein contends that his interventions have not only benefited Saba’s investors but also retail shareholders and pension funds by compelling trusts to narrow historically wide discount gaps. He claims that several trusts have since adjusted pricing and management structures in response to his activism, thereby increasing overall returns to shareholders. Among these are the Herald Investment Trust, managed by Katie Potts, and the Smithson Investment Trust, overseen by Terry Smith, both of which underwent significant changes following engagement with Saba. Smith has acknowledged that Saba’s presence influenced Smithson’s restructuring decision.

Despite these results, Weinstein faces criticism from some corners of the City of London. Critics argue that his approach, which often involves acquiring stakes just below the 30% threshold that triggers mandatory takeover bids, allows him to leverage low retail investor turnout in shareholder votes to achieve control. Some directors from targeted trusts have also voiced frustration over difficulties contacting Weinstein directly and sudden shifts in his investment tactics. Weinstein disputes allegations that he manipulates shareholder processes, emphasizing that voting participation varies and describing his approach as “aggressive” but within legal bounds.

Weinstein disclosed portions of his London investment portfolio through a fund dedicated to trusts and other companies, revealing 31 holdings, while additional stakes are held in other funds under his management. Outside investment trusts, he has recently expanded into the property sector with significant positions in firms like Workspace and Grainger.

Before founding Saba Capital in 2009, Weinstein worked at Deutsche Bank. Known for his skills as a blackjack player and poker enthusiast, he once placed third in a tournament hosted by investor Warren Buffett, winning a Maserati sports car. Weinstein has expressed frustration at a perceived lack of recognition for his activism, characterizing dismissive fund managers as “super-rich” and disconnected from shareholder interests. He has vowed to continue his campaign, aiming to bring further improvements and profits to the investment trust sector in both the UK and the US.