Saba Capital faced additional setbacks in its efforts to shake up Britain's 269 billion pound ($332 billion) investment trust sector on Monday. Shareholders in two more trusts rejected the U.S. activist investor's proposals.
Investors in Baillie Gifford US Growth Trust voted against eight resolutions put forth by Saba to remove several board members, with 66% of votes opposed.
Similarly, shareholders in Keystone Positive Change trust also turned down Saba's proposals, with 72% of votes cast in disapproval.
Saba Capital was not available for immediate comment.
Last month, shareholders in a technology-focused trust were the first to reject Saba's campaign.
The hedge fund, led by prominent investor Boaz Weinstein, is working to revamp seven British investment trusts with performance ratings ranging from "underwhelming" to "disastrous".
Weinstein expressed readiness for a prolonged effort and pledged to enhance performance by consolidating unpopular trusts, repurchasing shares, and focusing on investments in private assets rather than large publicly traded stocks.
The trusts have recently publicly criticized Saba's campaign as opportunistic and self-serving.
($1 = 0.8093 pounds)