Saba Capital, a New York hedge fund, has become a polarizing figure in the UK investment trust sector. The firm frequently acquires significant stakes in investment trusts that are trading at a wide discount to their net asset value—meaning the market price of the shares is lower than the value of the assets the trust holds. Once a significant position is established, Saba Capital typically pressures the board to implement changes aimed at narrowing this discount, which often includes calls for share buybacks, restructuring, or liquidation.

Critics, including some market commentators, describe the firm’s approach as "belligerent" and argue that their demands for change are frequently presented in vague terms. The central point of contention is whether this activism provides a necessary check on underperforming boards or if it merely disrupts long-term investment strategies for short-term gain. While some observers acknowledge that Saba has successfully forced boards to address long-standing complacency, others view the firm's presence as a destabilizing force that prioritizes quick exits over the sustainable growth of the trusts involved.