Shareholders of Edinburgh Worldwide Investment Trust (Ewit) have decisively rejected a bid by hedge fund Saba Capital, led by Boaz Weinstein, to overhaul the trust’s leadership and investment strategy.
At a Requisitioned General Meeting held on Tuesday, January 20, 2026, approximately 93 per cent of Ewit shareholders – excluding Saba Capital’s holdings – voted against the resolutions proposed by the activist fund. The resolutions included the removal of the entire board and the appointment of Saba-approved independent directors.
The vote represents the latest setback in Saba’s campaign targeting UK investment trusts, which began in 2024. Between 2024 and 2025, Weinstein’s firm proposed changes at 11 trusts, all of which were ultimately rejected by investors.
“For the second time in less than a year, Edinburgh Worldwide’s shareholders have voted decisively to reject Saba’s proposal,” stated Jonathan Simpson-Dent, chair of Ewit. “Shareholders have clearly stated their preference for EWIT’s unique mandate.”
The conflict between Saba and Ewit centered on the trust’s investment decisions, particularly the sale of shares in SpaceX prior to a significant valuation increase in December. Saba publicly criticized these decisions as “defying commercial logic.”
Baillie Gifford, Ewit’s investment manager, launched a “Stop Saba” campaign in response, and reported Weinstein to the Financial Conduct Authority alleging false statements regarding their performance.
Simpson-Dent indicated that Ewit will continue to engage with Saba as a major shareholder, but emphasized the board’s commitment to its existing investment strategy. “Following a year of significant and costly distraction, we are ready to return our full attention to our primary purpose,” he said.
Frequently Asked Questions
What was the outcome of the vote at Edinburgh Worldwide Investment Trust?
Shareholders overwhelmingly rejected the resolutions proposed by Saba Capital, with 93 per cent of shares – excluding those held by Saba – voting against the changes.
What did Saba Capital propose?
Saba Capital proposed removing the entire board of Ewit and replacing them with independent directors approved by the fund.
What was the main point of contention between Saba and Ewit?
The dispute centered on Ewit’s investment decisions, specifically the sale of shares in SpaceX before a significant increase in the company’s valuation.
As investment trusts continue to face scrutiny from activist investors, will shareholders prioritize stability and long-term strategy, or embrace calls for radical change?
