Gore Street Energy Storage Fund PLC (GSF), a UK-listed closed-ended investment company focused on utility-scale battery energy storage assets, has disclosed that New York-based Saba Capital Management, L.P. crossed a significant voting rights threshold on 4 November 2026. A TR-1 regulatory notification filed the following day reveals that Saba Capital's combined position — comprising direct shareholdings and total return swaps — reached 21.661179% of GSF's voting rights. The disclosure, which covers holdings across fourteen Saba Capital-affiliated funds and separately managed accounts, signals a material increase in the activist investment manager's economic exposure to the fund and is likely to attract close attention from GSF shareholders.

Key Points

  • Gore Street Energy Storage Fund PLC (GSF) — UK-listed battery energy storage fund (ISIN: GB00BG0P0V73)
  • Saba Capital Management, L.P. disclosed a combined voting rights position of 21.661179% in GSF as at 4 November 2026
  • Direct shareholding stands at 12.479120% (63,031,969 shares); a further 9.182059% is held via a total return swap over 46,378,532 voting rights, expiring 15 December 2026
  • Investors will be watching whether Saba Capital increases its position further or makes any public statement regarding its intentions at GSF

Saba Capital's 21.66% Combined Position Breaks Down Across Direct Shares and a December 2026 Total Return Swap

According to the TR-1 notification, Saba Capital Management, L.P. holds 63,031,969 shares directly in Gore Street Energy Storage Fund, representing 12.479120% of voting rights. An additional 9.182059% — equivalent to 46,378,532 voting rights — is held synthetically through a cash-settled total return swap instrument due to expire on 15 December 2026. Together, these positions amount to 109,410,501 voting rights in total, bringing Saba Capital's aggregate interest to 21.661179%. The ultimate controlling person behind the notification chain is identified in the filing as Boaz Weinstein, via Saba Capital Management GP, LLC.

How the Position Compares with Saba Capital's Previous Notification in GSF

The TR-1 form shows that Saba Capital's previous notification recorded a combined position of 21.609226%, comprising 13.469024% in direct voting rights and 8.140202% through financial instruments. The latest disclosure therefore represents a modest net increase of approximately 0.05 percentage points at the aggregate level, though the composition has shifted — direct share voting rights fell while exposure through the total return swap increased. This structural shift, alongside the approaching December expiry of the swap, may be a factor that investors in GSF choose to monitor closely in the weeks ahead.

Fourteen Saba-Affiliated Entities Named as Shareholders Across Multiple Jurisdictions

The notification lists fourteen separate Saba Capital-affiliated funds and accounts as shareholders, spanning the United States, the Cayman Islands, and Ireland. Named vehicles include Saba Capital Bluebird Fund Ltd., Saba Capital Income & Opportunities Fund, Saba Capital CEF Opportunities 1 and 2 Ltd., Saba Capital Master Fund Ltd., Saba Capital Pine Creek Fund LP, Saba K Fund LP, Saba Capital Carry Neutral Tail Hedge Master Fund Ltd., Saba Capital Investment Trusts UCITS ETF, and multiple separately managed accounts. The breadth of vehicles involved underscores the scale and structural complexity of Saba Capital's accumulated position in this UK energy storage vehicle.

Gore Street Energy Storage Fund's Role as a UK Battery Storage Investment Vehicle

Gore Street Energy Storage Fund is a London-listed closed-ended investment company that acquires, constructs, and operates utility-scale battery energy storage systems. The fund generates returns through grid services and energy arbitrage revenues across multiple electricity markets. Saba Capital Management is widely recognised as an activist investor in the closed-ended fund sector, and its accumulation of a position exceeding one-fifth of GSF's voting rights — including through derivative instruments — is a development that investors in the UK energy storage and investment trust sectors are likely to monitor as the total return swap expiry date approaches.