Boaz Weinstein's Saba Capital, a U.S. activist investor, has divested its approximately 30% ownership in the British investment trust Keystone Positive Change (KPC), as indicated by a regulatory filing on Tuesday.

The investment trust managed by Baillie Gifford is in the midst of a scheduled liquidation, offering shareholders the choice to receive cash or transfer their stake to another Baillie Gifford-managed fund.

According to the filing, Saba Capital's voting rights in KPC decreased to zero on March 28 from around 29.65%, with no further transaction specifics disclosed.

Saba Capital had targeted seven UK entities, including KPC, in a campaign to revamp their boards due to what it deemed as poor and disappointing performance.

In response to Saba's attempts to reshape their boards in December, six out of the seven entities, including KPC, turned down the proposals and publicly criticized Saba Capital, accusing it of opportunism that did not align with the interests of all shareholders.

Facing persistent underperformance, KPC had already initiated the process of winding down its operations and decided to proceed with liquidation after shareholders resisted Saba's attempts to take control.