Key Takeaways
- • Saba Capital Management has disclosed a 5.06% voting-rights stake in Neuberger Private Equity Partners Limited (NBPE), per a regulatory holding notification.
- • Saba's RTW Biotech Opportunities (RTW) position has grown to more than 10% of voting rights, according to a filing reported as Saba surpassing the 10% threshold, with 32,286,409 RTW voting rights held.
- • The initial RTW disclosure showed a 5% holding split between 2.3% in shares and 2.7% in total return swaps, on a trust valued at about £587m.
- • The RTW stake is one of several investment-company positions Saba has built since its London campaign failed, including Smithson (16%), Life Science REIT (10%) and Impax Environmental Markets (12%).
Summary
Saba Capital Management has expanded its positions in listed investment companies, according to regulatory filings reported by QuotedData. The firm disclosed a 5.06% voting-rights holding in Neuberger Private Equity Partners Limited (NBPE), a notification that was published as a holding-in-company announcement.
In RTW Biotech Opportunities, Saba first disclosed a 5% stake, with 2.3% held in shares and the remaining 2.7% held through total return swaps. The position is in a £587m investment company focused on life sciences. Later filings reported by QuotedData show Saba crossing the 10% threshold in RTW voting rights, with 32,286,409 voting rights held. The source material does not fully reconcile the timing of the initial 5% and subsequent holdings, so the 10% figure should be read against the filing dates.
QuotedData reports that RTW's shares have rallied 47% over six months, narrowing the discount to net asset value to about 15%. The trust has run a $30m buyback programme, expanded by a further $15m, and has benefited from a string of drugmaker acquisitions of smaller biotech firms. RTW chief investment officer Rod Wong has increased his personal stake to 15%.
The RTW position is part of a broader campaign since Saba's strategy shift following the failed attempt by founder Boaz Weinstein to oust the boards of seven London-listed funds. Other reported positions include 16% of Smithson, a £1.6bn global mid-cap fund managed by Terry Smith, 10% of Life Science REIT (LABS), which is winding down, and 12% of Impax Environmental Markets, along with a 6% stake in Premier Miton's Diverse Income Trust.
In RTW Biotech Opportunities, Saba first disclosed a 5% stake, with 2.3% held in shares and the remaining 2.7% held through total return swaps. The position is in a £587m investment company focused on life sciences. Later filings reported by QuotedData show Saba crossing the 10% threshold in RTW voting rights, with 32,286,409 voting rights held. The source material does not fully reconcile the timing of the initial 5% and subsequent holdings, so the 10% figure should be read against the filing dates.
QuotedData reports that RTW's shares have rallied 47% over six months, narrowing the discount to net asset value to about 15%. The trust has run a $30m buyback programme, expanded by a further $15m, and has benefited from a string of drugmaker acquisitions of smaller biotech firms. RTW chief investment officer Rod Wong has increased his personal stake to 15%.
The RTW position is part of a broader campaign since Saba's strategy shift following the failed attempt by founder Boaz Weinstein to oust the boards of seven London-listed funds. Other reported positions include 16% of Smithson, a £1.6bn global mid-cap fund managed by Terry Smith, 10% of Life Science REIT (LABS), which is winding down, and 12% of Impax Environmental Markets, along with a 6% stake in Premier Miton's Diverse Income Trust.
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