Saba outlines plans for Edinburgh Worldwide

Boaz Weinstein, founder and chief investment officer of Saba Capital Management which has just requested a general meeting at Edinburgh Worldwide

(Image credit: Jeenah Moon/Bloomberg via Getty Images)

Saba Capital, the activist investor that has been pushing for shake-ups of the boards of UK investment trusts, has confirmed details of its requisitioned general meeting at Edinburgh Worldwide (EWIT).

On 3 December, Saba sent a letter to EWIT’s shareholders confirming it has requisitioned a general meeting which it expects to be scheduled by early 2026.

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“We are highly disappointed that Saba has chosen once again to impede other shareholders by blocking the Board from credibly presenting a potential merger opportunity that would result in a materially improved position for shareholders of both companies,” said Tom Burnet, chair of Baillie Gifford US Growth Trust. “This potential merger opportunity includes the offer of substantial liquidity for those shareholders who wish it.”

Saba’s three independent directors for EWIT

Saba’s approach differs from its prior attempts to shake up the boards of UK investment trusts in two ways, in response to feedback from its previous campaign.

Firstly, it is proposing independent directors with no current or former relationship with Saba.

Secondly, it is proposing an odd number of directors in order to improve accountability and facilitate decisive action.

The three directors that Saba is proposing to replace EWIT’s current board are:

Gabi Gliksberg, founder and managing partner of ATG Capital Management;
Michael Joseph, portfolio manager and deputy chief investment officer at Stansberry Asset Management and author of A Dollar for Fifty Cents: Proven Strategies to Outperform the Market with Closed-End Funds;
Jassen Trenkow, a former finance and banking executive who previously held senior positions at Barclays and Goldman Sachs Asset Management. According to Trenkow’s LinkedIn profile, he was most recently chief operating officer at Allied Express Group.

Why is Saba trying to displace Edinburgh Worldwide’s board?

Both EWIT and USA were among seven investment trusts in which Saba saw an opportunity to gain greater control in December 2024. The activist investor requisitioned general meetings at all seven during the opening months of 2025, with the aim of replacing the boards of directors with new appointments, including two of its own directors.

Saba cited persistent share price underperformance and alarming discounts to net asset value (NAV) in its attempt to displace the trusts’ boards.

All seven investment trusts voted against Saba, meaning its attempt was unsuccessful.

But Saba has now revived its interest, at least in Edinburgh Worldwide.

“We remain profoundly frustrated by the Board's prolonged inertia, especially given the decisive actions taken by the boards of several other UK investment trusts to increase share prices and narrow persistent discounts to NAV,” said Boaz Weinstein, founder and chief investment officer of Saba Capital, in the 27 November letter to Edinburgh Worldwide’s board.

“The Company's Net Asset Value (NAV) return of -30.8% and Share Price return of -35.0% have massively underperformed its self-selected benchmark, the FTSE All-Share Index (+71.4%), by more than 100 percentage points,” said Weinstein.

“Therefore, we will requisition a general meeting of the Company to remove the entire incumbent Board and, in its place, appoint a new board composed solely of qualified, independent directors who are committed to delivering long-term value for all shareholders.”

In his 2 December letter, Simpson-Dent implied that Saba is acting in its own interests rather than those of EWIT’s shareholders more generally.

“Throughout the last year we have made numerous attempts to engage with Saba to understand their objectives and find an equitable and holistic solution including most recently the proposed merger with USA,” he said. “Saba's lack of support suggests to us that their agenda is to take control of the Company for their own commercial gain at the expense of the remaining 70% of shareholders.”

Saba responded with a statement saying:

“By pushing for a merger that benefits Baillie Gifford rather than shareholders, EWI’s Board has confirmed where its loyalties truly lie. Shareholders deserve a Board that puts them first – not another cosy deal that entrenches an unaccountable manager.”

AIC: it is vital that shareholders vote

When Saba attempted to replace the boards of Edinburgh Worldwide and six other investment trusts early this year, the proposals were defeated by surprisingly large numbers of shareholders turning out to exercise their shareholder voting rights.

The AIC has called for shareholders in Edinburgh Worldwide to once again ensure their voices are heard when Saba’s proposals are voted on.

“It is vital that shareholders vote their shares,” said Richard Stone, CEO of the AIC. “It’s important that shareholders understand that the final decision rests with them. Every vote counts.”

Information on how to vote and attend general meetings is available via the AICs.

Dan is a financial journalist who, prior to joining MoneyWeek, spent five years writing for OPTO, an investment magazine focused on growth and technology stocks, ETFs and thematic investing.

Before becoming a writer, Dan spent six years working in talent acquisition in the tech sector, including for credit scoring start-up ClearScore where he first developed an interest in personal finance.

Dan studied Social Anthropology and Management at Sidney Sussex College and the Judge Business School, Cambridge University. Outside finance, he also enjoys travel writing, and has edited two published travel books.