Shares in GCP Infrastructure rose on Thursday after Saba Capital, the activist hedge fund firm led by Boaz Weinstein, disclosed a stake of more than 5% in the UK-listed investment company, according to a report by Quoted Data.
Saba revealed a 5.3% economic interest in the high-yielding infrastructure debt fund, held through total return swaps, prompting GCP’s shares to climb around 2.5% on the day.
The move adds GCP Infrastructure to Saba’s expanding portfolio of UK-listed investment company positions, where the New York-based hedge fund has increasingly targeted vehicles trading at persistent discounts to net asset value.
GCP’s shares continue to trade at a significant discount, standing at roughly 29% below the company’s latest reported net asset value of 101.8p per share as at 30 September. Thursday’s share price gains narrowed the gap only modestly.
A spokesperson for GCP Infrastructure said the board was aware of Saba’s position and reiterated that its priority remains “the protection and enhancement of value for all shareholders,” as it continues to advance its capital allocation strategy.
Saba’s appearance on the register comes as investors await further clarity on potential asset disposals by investment adviser Gravis Capital. The company said in December that it was actively progressing transactions, raising expectations of possible capital returns alongside ongoing share buybacks and quarterly dividends.
