Gore Street Energy Storage Fund PLC (GSF), the London-listed battery energy storage fund, has disclosed that New York-based Saba Capital Management, L.P. crossed a significant voting rights threshold on 9 November 2026. A TR-1 regulatory notification filed on 11 November 2026 reveals that Saba Capital's combined position — comprising direct share holdings and total return swaps — now stands at 21.724137% of voting rights in the fund. The disclosure marks an increase from Saba's previous notified total position of 21.661179%, and investors will be watching the activist investor's intentions closely given the scale of its accumulated stake.

Key Points

  • Gore Street Energy Storage Fund PLC (GSF) — UK-listed closed-ended investment company focused on battery energy storage assets
  • Saba Capital Management, L.P. has notified a combined voting rights position of 21.724137% as of 9 November 2026
  • Direct shareholding stands at 11.910738% (60,161,074 shares); a further 9.813399% is held via total return swaps referencing 49,567,427 voting rights, expiring 15 December 2026
  • Investors should watch whether Saba Capital increases its position further, exercises influence at shareholder meetings, or engages with the board ahead of the swap expiry

Saba Capital's 21.72% Combined Position in GSF Broken Down by Direct Shares and Swaps

The TR-1 notification confirms that Saba Capital Management, L.P., ultimately controlled by Boaz Weinstein, held 60,161,074 shares directly in Gore Street Energy Storage Fund as of 9 November 2026, representing 11.910738% of voting rights. In addition, Saba holds total return swap exposure over a further 49,567,427 voting rights — equating to 9.813399% — giving a combined notified total of 109,728,501 voting rights, or 21.724137%. The swaps are cash-settled and carry an expiration date of 15 December 2026, a detail that investors may regard as particularly significant given its proximity.

Multiple Saba Entities Hold the GSF Position Across a Range of Funds and Managed Accounts

The notification lists fourteen separate Saba Capital vehicles holding exposure to GSF, including Saba Capital Master Fund Ltd., Saba Capital Investment Trusts UCITS ETF (domiciled in Ireland), Saba Capital CEF Opportunities 1 and 2 Ltd., Saba Capital Pine Creek Fund LP, and several separately managed accounts. The breadth of entities involved — spanning the Cayman Islands, the United States, and Ireland — reflects the scale of Saba's structured approach to building positions across closed-ended funds, a strategy the firm has pursued publicly with other UK investment trusts.

Gore Street Energy Storage Fund Operates Battery Storage Assets Across Multiple Markets

Gore Street Energy Storage Fund is a closed-ended investment company whose portfolio comprises operational battery energy storage system assets. The fund targets revenues from grid balancing, capacity markets, and ancillary services, primarily in Great Britain and Ireland, with assets also located in other international markets. The fund's business model depends on grid services revenue, power price spreads, and regulatory frameworks for energy storage — all of which remain subject to policy and market volatility, representing a material risk specific to the company.

Previous Saba Notification Showed a Marginally Lower Combined Stake of 21.66%

Saba Capital's previous TR-1 notification recorded a combined position of 21.661179%, comprising 12.479120% in direct voting rights and 9.182059% through financial instruments. The latest filing shows direct share voting rights have decreased slightly from 12.479120% to 11.910738%, while the financial instruments component has risen from 9.182059% to 9.813399%, producing a modest net increase in the overall combined position. The notification was completed in New York on 11 November 2026 and filed with GSF the same day.