Key Takeaways
- • Saba Capital, led by hedge fund manager Boaz Weinstein, has launched its third attempt to oust the board of Edinburgh Worldwide Investment Trust (EWIT), a Baillie Gifford-run Scottish investment trust with £857.29 million in total assets as of January 31, 2026.
- • Shareholders decisively rejected Saba's proposals at a January 20, 2026 requisitioned general meeting, with 92.7% of non-Saba shareholders voting against the hedge fund's slate of three director nominees (Gabriel Gliksberg, Michael Joseph, and Jassen Trenkow); including Saba's 30% stake, opposition fell to 53.2%.
- • EWIT's board, chaired by Jonathan Simpson-Dent, responded by announcing a tender offer proposal for up to 100% of the trust's issued share capital, positioning this as a response to "Saba's obsession" and describing the move as "regrettable but necessary."
- • Saba's campaign centers on allegations of board underperformance and poor portfolio management, with Weinstein asserting in an open letter that "the current Board has fallen short" on capital protection and value creation; the hedge fund cited continued shareholder dissatisfaction despite January's vote.
- • EWIT's proposed tender offer would provide shareholders with immediate cash liquidity while retaining access to the trust's largest holding: SpaceX, the aerospace company founded by Elon Musk.
Summary
Edinburgh Worldwide Investment Trust finds itself in a protracted governance battle with Saba Capital Management, the New York-based hedge fund controlled by veteran activist investor Boaz Weinstein. Less than three months after shareholders overwhelmingly rejected Saba's bid to replace EWIT's entire board at a January 20, 2026 requisitioned general meeting, Weinstein has relaunched his campaign with a third formal attempt to install three Saba-nominated directors ahead of the trust's annual meeting, which must be held by end of April 2026.
The scale of shareholder rejection in January was substantial: 92.7% of voting shareholders excluding Saba opposed the hedge fund's proposals. Even when Saba's own 30% stake is included in the calculation, 53.2% of total shares voted against the hedge fund's slate of candidates—Gabriel Gliksberg, Michael Joseph, and Jassen Trenkow. Despite this decisive outcome, Weinstein argues that the vote margin indicates "a meaningful portion of shareholders remain unhappy" and that shareholders "deserve better than the status quo."
EWIT's board responded to the renewed pressure by announcing a tender offer proposal designed to provide shareholders with a significant immediate cash exit while preserving exposure to the trust's most valuable asset: a substantial SpaceX holding. Jonathan Simpson-Dent, the trust's chairman, stated the board had "reached the end of the road with Saba's obsession to break the status quo and its continuing disregard for the expressed wishes of other shareholders." The tender offer, if approved by shareholders, would effectively provide an alternative path forward that addresses liquidity concerns while potentially undermining Saba's activist narrative.
Weinstein's core argument centers on governance and performance failures. In his open letter, he contends that EWIT's board has failed in its fundamental responsibilities to protect investor capital, address underperformance, and prioritize value creation. Saba owns approximately 30% of EWIT's shares, giving the hedge fund substantial leverage despite minority status. The trust, managed from Edinburgh by Baillie Gifford, held £857.29 million in total assets as of January 31, 2026, making it a significant vehicle within the Scottish investment trust sector. This ongoing dispute reflects broader tensions within Britain's investment trust industry, where activist hedge funds have pursued aggressive campaigns to reshape board compositions and strategic direction.
The scale of shareholder rejection in January was substantial: 92.7% of voting shareholders excluding Saba opposed the hedge fund's proposals. Even when Saba's own 30% stake is included in the calculation, 53.2% of total shares voted against the hedge fund's slate of candidates—Gabriel Gliksberg, Michael Joseph, and Jassen Trenkow. Despite this decisive outcome, Weinstein argues that the vote margin indicates "a meaningful portion of shareholders remain unhappy" and that shareholders "deserve better than the status quo."
EWIT's board responded to the renewed pressure by announcing a tender offer proposal designed to provide shareholders with a significant immediate cash exit while preserving exposure to the trust's most valuable asset: a substantial SpaceX holding. Jonathan Simpson-Dent, the trust's chairman, stated the board had "reached the end of the road with Saba's obsession to break the status quo and its continuing disregard for the expressed wishes of other shareholders." The tender offer, if approved by shareholders, would effectively provide an alternative path forward that addresses liquidity concerns while potentially undermining Saba's activist narrative.
Weinstein's core argument centers on governance and performance failures. In his open letter, he contends that EWIT's board has failed in its fundamental responsibilities to protect investor capital, address underperformance, and prioritize value creation. Saba owns approximately 30% of EWIT's shares, giving the hedge fund substantial leverage despite minority status. The trust, managed from Edinburgh by Baillie Gifford, held £857.29 million in total assets as of January 31, 2026, making it a significant vehicle within the Scottish investment trust sector. This ongoing dispute reflects broader tensions within Britain's investment trust industry, where activist hedge funds have pursued aggressive campaigns to reshape board compositions and strategic direction.
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