Saba Puts Pressure on New Closed-End Fund Targets

The credit-oriented hedge fund also is calling on two Western Asset funds to declassify their boards.

(Michael Nagle/Bloomberg)

(Michael Nagle/Bloomberg)

Boaz Weinstein’s Saba Capital Management is putting pressure on several new activist targets.

The credit-oriented hedge fund, which employs a strategy of buying up shares of closed-end mutual funds that are trading at significant discounts to their net asset values and putting pressure on management to narrow the discounts, on Wednesday notified three different Invesco mutual funds that it plans to nominate four directors to their board at their 2019 annual meetings.

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