Saba Capital Comments on Templeton Global Income Fund’s Desperate, Self-Serving Attempt to Invalidate the Shareholder Vote at its 2022 Annual Meeting
June 13 2022 - 3:51PM
Business Wire
Saba Capital Management, L.P. (collectively with its affiliates,
“Saba” or “we”), a significant shareholder of the Templeton Global
Income Fund (NYSE: GIM) (“GIM” or the “Fund”), today issued the
below statement in response to the Fund’s meritless and
self-serving legal action that seeks to prevent the certification
of the results of the Annual Meeting of Shareholders held on June
6, 2022 (the "Annual Meeting"). As a reminder, preliminary voting
results show that shareholders voted to elect all four of Saba’s
nominees to the Fund’s Board of Trustees (the “Board”). Assuming
these results are certified, Saba-nominated trustees will
constitute a majority of the 11-member Board, building on the prior
election of four Saba nominees to the Board in 2021.
“Franklin’s lawsuit is a last ditch effort to hold on to GIM’s
assets at all costs. The Templeton Global Bond Fund – their
flagship mutual fund – was downgraded by Morningstar in the past
year for poor performance and heavy outflows. In 2020, GIM’s
investment team suffered the largest outflows among all US
fixed-income funds when they “lost money in a disastrous bond bet”
according to The Financial Times1.
In a particularly egregious section of their complaint, Franklin
critiques Saba’s management of its closed-end fund, BRW, despite
the last 12 months’ NAV gain of 1.3% for BRW as compared with GIM’s
NAV loss of 10.3%. Adding insult to investor injury, it has been
nearly nine years since GIM traded at or above its NAV for even a
single day – despite many other closed end funds doing so in the
past year.
Saba always abides by proxy contests rules, and did so in the
campaign at GIM.”
About Saba Capital
Saba Capital Management, L.P. is a global alternative asset
management firm that seeks to deliver superior risk-adjusted
returns for a diverse group of institutional clients. The firm,
which is a pioneer of credit relative value and capital structure
trading, currently invests across four core strategies: Credit
Relative Value, Tail Hedge, SPACs and Closed-End Funds. Founded in
2009 by Boaz Weinstein, Saba is privately held by its partnership
and headquartered in New York City. Learn more at
www.sabacapital.com.
1 Hasenstab suffers largest outflow among bond managers in 2020,
Financial Times,
https://www.ft.com/content/3b42a786-902a-48b7-9b09-48339710bf0b
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Longacre Square Partners Greg Marose / Kate Sylvester,
646-386-0091 gmarose@longacresquare.com /
ksylvester@longacresquare.com
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