Saba has suffered its fourth and fifth consecutive defeat at the hands of investment trust investors after the shareholders of two more funds rejected its takeover proposals.

Saba Capital has lost two more votes in the US hedge fund’s campaign to take over a variety of UK investment trusts, leaving its campaign looking increasingly unlikely to succeed. Two trusts run by Baillie Gifford,

Saba has been handed a second and third defeat at the hands of UK investment trust investors, after USA and KPC shareholders rejected the hedge fund's proposals.

Shareholders in two more investment trusts have snubbed New York hedge fund Saba Capital's attempts to unseat their boards

Investment trusts in the UK offer the chance to own shares in multiple companies, different currencies or other asset classes

The boss of Saba Capital, an American hedge fund, was railing at fund managers in Britain’s venerable investment-trust industry. Mr Weinstein has picked seven trusts, overseeing £4bn ($5bn), whose performance he deems so abysmal that both boards and managers must be fired.

Baillie Gifford US Growth Trust and Keystone Positive Change investors opposed plans by Weinstein's firm Saba Capital to clear out the board.