MARKET REPORT: Investment trust bosses must go, says hedge fund By HUGO DUNCAN Updated: 22:00 GMT, 18 December 2024 e-mail View comments There could be a shake-up in the world of trusts after hedge fund Saba Capital Management called for managers to be axed in seven of the firms in which it invests. In a letter to shareholders, Saba, founded by former Deutsche Bank banker Boaz Weinstein, urged them to vote out bosses after poor returns. The investment trusts called out are: Baillie Gifford US Growth, CQS Natural Resources Growth & Income, Edinburgh Worldwide Investment, European Smaller Companies, Henderson Opportunities, Herald Investment and Keystone Positive Change Investment. Saba is the largest investor in all of them, with stakes of between 19 per cent and 29 per cent, and is requisitioning general meetings for each trust, which it says should be scheduled for early February at the latest. The London benchmarks were higher ahead of interest rate decisions from the US Federal Reserve and the Bank of England The FTSE 100 closed ahead 0.05 per cent, or 3.91 points, at 8199.11, while the FTSE 250 ended up 0.29 per cent, or 59.13 points, at 20,601.99. Melrose was among the blue-chip risers, gaining 2.9 per cent, or 15.6p, to 553.6p, after Prime Minister Keir Starmer restated his pledge to increase defence spending. Shake-up: Saba Capital Management urged shareholders to vote out the current bosses after underwhelming, and in some cases disastrous, returns British Airways and Iberia owner IAG rose again, adding 1.9 per cent, or 5.5p, to 302.8p, after analysts at Jefferies hiked their price target for the airlines group to 350p from 270p. And Kingfisher edged up 0.5 per cent, or 1.2p, to 253.9p as the DIY retailer announced the sale of its Brico Depot business in Romania for £58million. Unilever lost 1 per cent, or 44p, to 4608p after the consumer products giant said it has received a binding offer for its Unox and Zwan meat and soup brands from Zwanenberg Food Group. And National Grid shed 1.1 per cent, or 10.4p, to 926.2p as the energy distributor released a plan detailing investments of up to £35billion over five years from April 2026. Transact platform owner IntegraFin was among the big FTSE 250 fallers, dropping 12.7 per cent, or 49.5p, to 340.5p, as caution about rising administrative costs next year offset full-year results which showed a 17 per cent improvement in funds under direction to £64.1billion. RELATED ARTICLES Previous 1 Next Hawkish cut for Fed as 'foggy night' lies ahead: America's... UK is 'taxing London stock market out of existence': Rachel... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account On AIM, Active Energy surged 218.2 per cent, or 0.12p, higher to 0.18p as trading resumed following a temporary suspension. Hardide jumped 29 per cent, or 1.38p, to 6.13p as the surface coating technology provider signed a ten-year supply deal for the coating of cargo door components with a major customer. And Windar Photonics gained 10.9 per cent, or 5.5p, at 56p as the technology firm said it has secured a £2million order. Digitalbox held steady at 4.85p as the owner of The Daily Mash website acquired the online assets of Walford News, which writes about TV soap EastEnders. But Zotefoams fell 5.2 per cent, or 17p, to 308p as the packaging specialist said it is halting investment in a new product, after the firm failed to secure a partner for the project. Stock Watch - Artisanal Spirits Investors raised a dram to Artisanal Spirits after the whisky specialist said it was on track to meet its full-year 2024 earnings forecast of £1million, a swing from a loss last year. The AIM-listed firm reported a 5 per cent rise in members to 42,000, with strong UK growth. It expects further profitability in 2025 and 2026, driven by cash flow improvements and efficiency measures and is investing £500,000 to take full control of its US business from January. It rose 2.7 per cent, or 1p, to 38.5p. DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More Saxo Saxo Get £200 back in trading fees Learn More Learn More Trading 212 Trading 212 Free dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Compare the best investing account for you Share or comment on this article: MARKET REPORT: Investment trust bosses must go, says hedge fund e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence. More top storiesDarajar Naira na kara farfadowa
Google renews push into mixed reality headgearThomas leads by 1-shot at Hero World Challenge
By Aldgra Fredly Contributing Writer Two astronauts who have been stranded in space for months won’t be able to return to earth until March, NASA said on Tuesday as it announced the latest in a string of delays sparked by problems with the Boeing-designed Starliner spacecraft. NASA said it needed more time to complete the processing of SpaceX’s Dragon spacecraft, which is scheduled to arrive at the space agency’s processing facility in Florida in early January. Butch Wilmore and Suni Williams were initially expected to return within a week after traveling to the International Space Station on NASA’s Boeing Crew Flight Test mission in June. Their mission was later extended after NASA decided to return the spacecraft empty in September after the pilots identified helium leaks and issues with the Starliner’s reaction control thrusters on June 6. NASA initially planned to launch the Crew-10 mission in February 2025, with Wilmore and Williams returning home by the end of that month alongside two other astronauts who arrived at the ISS on Sept. 29 aboard the SpaceX Dragon capsule. The pair now face another delay, as NASA announced on Tuesday that Crew-10 will not launch until March 2025. By the time they return next year, they will have spent more than nine months in space. “Fabrication, assembly, testing, and final integration of a new spacecraft is a painstaking endeavor that requires great attention to detail,” Steve Stich, manager of NASA’s Commercial Crew Program, said in a statement. “We appreciate the hard work by the SpaceX team to expand the Dragon fleet in support of our missions and the flexibility of the station program and expedition crews as we work together to complete the new capsule’s readiness for flight.” NASA stated that it had considered using another SpaceX spacecraft but ultimately decided to wait until the Dragon spacecraft was ready and launch the Crew-10 mission in late March. On Sept. 30, NASA launched the SpaceX Crew-9 Dragon capsule carrying NASA astronaut Nick Hague and Roscosmos cosmonaut Aleksandr Gorbunov to join the Expedition 72 crew at the ISS to do research, technology demonstrations, and maintenance activities. Another two seats on the capsule were saved for Wilmore and Williams. NASA stated Tuesday that Crew-9 will return to Earth only after Crew-10 arrives at the orbital laboratory for a handover period. According to the space agency, Crew-9 will “share any lessons learned with the newly arrived crew and support a better transition for ongoing science and maintenance at the complex” during the handover period. NASA did not specify the duration of the handover process. The Associated Press contributed to this report.TLSI stock touches 52-week low at $3.5 amid market challenges