Key Takeaways
- • Saba Capital Management took a fresh position in Neuberger Private Equity (NBPE), a £562m London-listed trust, with holdings reaching 5.06% according to London Stock Exchange filings.
- • Saba's NBPE exposure was built through 1.77% of direct voting rights and 3.29% in total return swaps.
- • Saba doubled its stake in RTW Biotech, a £712.9m healthcare investor, to 10.02% per filings made the prior Friday.
- • NBPE's discount to net asset value widened to more than 27%, despite a further £101.4m allocation announced in interim results and a buyback pool of $240m since the start of 2025.
- • Saba founder Boaz Weinstein claims more than £600m generated for shareholders across the investment trusts the firm has targeted.
Summary
Saba Capital Management has taken a fresh position in Neuberger Private Equity (NBPE) and doubled its stake in RTW Biotech, according to London Stock Exchange filings reported by Scottish Financial News. The filings showed Saba's position in the £562m NBPE reached 5.06% in the most recent reporting week. The stake was built through derivatives, comprising 1.77% of direct voting rights and 3.29% in total return swaps.
NBPE's discount to net asset value grew to more than 27%, which the article describes as still wide despite the trust's capital return activity. Last month, the firm announced a further £101.4m allocation in its interim results, bringing its buyback pool to $240m since the start of 2025 and pulling the discount below 30% at that point. The discount has since widened again, and the activist position comes as the trust trades at a substantial gap to the value of its underlying assets.
In a separate disclosure, filings from the prior Friday showed Saba doubled its stake in the £712.9m healthcare investor RTW Biotech to 10.02%.
Saba founder Boaz Weinstein claimed to have generated more than £600m for shareholders across the investment trusts the firm has targeted. In an interview with the Sunday Times, Weinstein criticised the complacency of "super rich" fund managers with "golf courses," marking his first public discussion of the campaign in nearly two years. The campaign has focused on investment trusts trading at discounts to the net asset value of the assets they own.
Saba Capital is a credit relative value focused hedge fund firm established in 2009, with strategies also in tail hedge and closed-end funds, according to the firm's own description.
NBPE's discount to net asset value grew to more than 27%, which the article describes as still wide despite the trust's capital return activity. Last month, the firm announced a further £101.4m allocation in its interim results, bringing its buyback pool to $240m since the start of 2025 and pulling the discount below 30% at that point. The discount has since widened again, and the activist position comes as the trust trades at a substantial gap to the value of its underlying assets.
In a separate disclosure, filings from the prior Friday showed Saba doubled its stake in the £712.9m healthcare investor RTW Biotech to 10.02%.
Saba founder Boaz Weinstein claimed to have generated more than £600m for shareholders across the investment trusts the firm has targeted. In an interview with the Sunday Times, Weinstein criticised the complacency of "super rich" fund managers with "golf courses," marking his first public discussion of the campaign in nearly two years. The campaign has focused on investment trusts trading at discounts to the net asset value of the assets they own.
Saba Capital is a credit relative value focused hedge fund firm established in 2009, with strategies also in tail hedge and closed-end funds, according to the firm's own description.
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