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Boaz Weinstein faced a series of defeats when executing his activist playbook against UK investment trusts. However, the trusts' NAV discounts have narrowed since he began the campaign. Saba Capital Management (Weinstein's firm) may still profit from the venture.
I bought several UK investment trusts in the past. All had huge discounts to NAV. The discounts never narrowed, and the performance was disappointing. Sold and moved on.
I have followed the activities of Boaz Weinstein on social-media. I also took a flyer on his etf of CEFs CEFS. It's ER is HIGH even taking into account that the underlying CEFs have high ERs. I think he likes to pocket a lot of money himself and investors have to count on trickle down. https://stockcharts.com/h-sc/ui?s=CEFS&p=D&yr=3&mn=0&dy=0&id=p17466725366
CEFS has done well the past year or so, even sporting the high fees. Yogi mentioned owning it 6 months to a year ago, so I suspect he’s done well. Weinstein comes across as very rational and well meaning when you listen to him. I did own the fund briefly - but at 79 I’ll stick to a daily protein shake for excitement. Low tolerance for volatility. M* continues to trash CEFS with a ”Negative” medalist rating. Take everything M* publishes with a big dose of skepticism.
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https://stockcharts.com/h-sc/ui?s=CEFS&p=D&yr=3&mn=0&dy=0&id=p17466725366