Saba doubles stake in Molten Ventures

The US hedge fund now owns 10% of the £800m venture capital company’s shares.

Activist investor Saba Capital has doubled its stake in stake in Molten Ventures (GROW) from 5% to 10%, according to a stock market filing today.

The US hedge fund first disclosed a position in the FTSE 250 venture capital company in October last year, at which point it was trading on a 44.1% discount.

The £800m firm has since narrowed the gap between its share price and net asset value (NAV) to 37.2% thanks to rallying returns.

It has undergone a challenging period, with shares in the investment company down 47.8% over the past five years, but has seen a marked improvement more recently.

GROW shares are up 67.3% over the past 12 months, reigning in its discount from the 57.2% mark they stood at a year ago.

Its largest position is digital banking app Revolut, who’s estimated valuation was revised up to $75b in November from $45bn in August 2024. The private fintech company represented 11.1% of GROW’s portfolio in its September interims, before the upgraded price.

Crypto security company Ledger was its second largest position at 8% of net investments, followed by artificial intelligence customer service interface Aircall at 6.1%.

Molten Ventures is one of the first investments Saba took in its newly released active exchange-traded fund.

The Saba Capital Investment Trusts UCITS ETF (UKIT) is mostly held in cash (which currently makes up 74.6% of the portfolio), with GROW representing 0.2% of its investments so far.