Key Takeaways
- • Shareholders of Edinburgh Worldwide Investment Trust rejected Saba Capital's activist campaign for a second time, with 53.2% of votes cast opposing the removal of six board directors and installation of three Saba-backed nominees at a general meeting on January 21, 2026.
- • Saba Capital, the $6 billion New York-based hedge fund led by Boaz Weinstein, increased its stake in EWIT from 25% to 30%, yet failed to secure investor support despite framing the campaign around the fund's persistent discount to net asset value and alleged long-term underperformance.
- • EWIT's board chair Jonathan Simpson-Dent characterized Saba's campaign as a "significant and costly distraction," while signaling willingness to engage constructively with Saba, which remains the fund's largest shareholder with 30% ownership.
- • The rejection represents the second consecutive activist defeat for Saba within less than a year, following an initial failed attempt to reshape EWIT's board in February 2025.
- • EWIT manages £847.15 million ($1.1 billion) in assets as of October 31, 2025, with a portfolio focused on cutting-edge public and private technology companies.
Summary
Edinburgh Worldwide Investment Trust shareholders decisively rejected Saba Capital's activist campaign to overhaul the board at a general meeting held on Tuesday, January 21, 2026. The vote saw 53.2% of votes cast opposing Saba's proposal to remove six directors and replace them with three Saba-backed candidates. Excluding shares held by Saba itself, an overwhelming 92.7% of EWIT shareholders voted against the initiative, signaling broad institutional opposition to the activist push.
The rejection marks a second consecutive defeat for Saba Capital in its protracted campaign against EWIT's management. The New York-based $6 billion hedge fund, led by prominent activist Boaz Weinstein, initially attempted to reshape the board in February 2025 but failed to gain sufficient investor backing. Since that defeat, Saba has increased its ownership stake from 25% to 30%, demonstrating continued commitment to its activist thesis despite sustained shareholder opposition.
Saba's campaign has centered on EWIT's persistent discount to net asset value and what Weinstein characterized as "unprecedented value destruction" reflected in longer-term underperformance. While the fund's NAV discount has narrowed recently, Saba maintained that structural governance issues warranted board-level intervention. EWIT Chair Jonathan Simpson-Dent dismissed the activist effort as a "significant and costly distraction," while acknowledging that Saba remains the fund's largest shareholder and expressing openness to "constructive engagement" on potential solutions going forward.
EWIT, a Baillie Gifford closed-end investment fund focused on cutting-edge public and private technology companies, holds total assets of £847.15 million ($1.1 billion) as of October 31, 2025. The lopsided shareholder vote suggests that despite Saba's substantial 30% stake and activist messaging, institutional investors viewed the incumbent board and management team as more credible stewards of the portfolio than Saba's proposed alternatives, at least under current market conditions.
The rejection marks a second consecutive defeat for Saba Capital in its protracted campaign against EWIT's management. The New York-based $6 billion hedge fund, led by prominent activist Boaz Weinstein, initially attempted to reshape the board in February 2025 but failed to gain sufficient investor backing. Since that defeat, Saba has increased its ownership stake from 25% to 30%, demonstrating continued commitment to its activist thesis despite sustained shareholder opposition.
Saba's campaign has centered on EWIT's persistent discount to net asset value and what Weinstein characterized as "unprecedented value destruction" reflected in longer-term underperformance. While the fund's NAV discount has narrowed recently, Saba maintained that structural governance issues warranted board-level intervention. EWIT Chair Jonathan Simpson-Dent dismissed the activist effort as a "significant and costly distraction," while acknowledging that Saba remains the fund's largest shareholder and expressing openness to "constructive engagement" on potential solutions going forward.
EWIT, a Baillie Gifford closed-end investment fund focused on cutting-edge public and private technology companies, holds total assets of £847.15 million ($1.1 billion) as of October 31, 2025. The lopsided shareholder vote suggests that despite Saba's substantial 30% stake and activist messaging, institutional investors viewed the incumbent board and management team as more credible stewards of the portfolio than Saba's proposed alternatives, at least under current market conditions.
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