The board of Edinburgh Worldwide Investment Trust (EWIT) is urging investors to vote against American hedge fund Saba’s attempt to take control of the trust.
A general meeting will take place on 20 January 2026, with investors required to submit their votes by noon on 17 January, but platform voting will close earlier than this so holders should check with their platforms.
This is Saba’s second stab at taking over the company, having been voted down in February 2025.
As before, Saba wants to replace the board by appointing its own US-based directors, which would effectively hand Saba control of the company.
Beyond this Saba hasn’t laid out its plans should it gain control of the company – but it’s likely to involve appointing itself as investment manager and changing the investment strategy.
The current board believes that Saba is attempting a takeover on the cheap, prioritising its own commercial interests over those of regular shareholders invested in the trust.
Jonathan Simpson-Dent, the chair of Edinburgh Worldwide, said: ‘Your vote is more important than ever, particularly considering Saba’s enlarged stake. If shareholders want to keep the Company out of Saba’s control and ensure they have a voice in its future, they must turn out and vote in even greater numbers than before.’
Use your vote: The board of Edinburgh Worldwide Investment Trust is urging investors to vote against American hedge fund Saba’s attempt to take control of the trust
About Edinburgh Worldwide
Edinburgh Worldwide Investment Trust (EWIT) is a UK-based investment trust managed by Baillie Gifford.
Its aims are to back disruptive companies that have long-term growth potential. The portfolio is certainly distinctive, with Elon Musk’s space travel business SpaceX being the trust’s largest holding.
Other holdings include BillionToOne, Echodyne, SHINE Technologies, PsiQuantum, Axon Enterprises, and Alnylam Pharmaceuticals.
The board has said that Saba’s approach to this eclectic portfolio is unknown, although its intention back in February 2025 was to appoint itself as investment manager and alter the investment strategy.
However, the company has performed well over the last year, with Edinburgh Worldwide setting out on a new path for growth.
Shareholders have benefitted from this to the tune of a NAV total return of 16.2 per cent over one year, compared to the 6.0 per cent benchmark S&P Global Small Cap Index.
Over the past decade, the company has achieved a NAV total return of approximately 119.9 per cent for shareholders.
The chair of Edinburgh Worldwide, Jonathan Simpson-Dent, points to the company’s performance since setting out the new path for growth: ‘Performance has exceeded the benchmark, and the discount compares very favourably with peers. Shareholders are benefiting from access to a distinctive, diversified global portfolio of high-growth companies, both public and private, which we are confident can deliver long-term outperformance.’
What is Saba – and what happened last time?
Saba is a US hedge fund that’s commonly called an activist investor, with Edinburgh Worldwide fighting off Saba’s last takeover bid in February 2025.
But over the last year or so, Saba has been building stakes in several investment trusts – including upping its shareholding in Edinburgh Worldwide to more than 30 per cent.
At the time of the last vote, its stake was only around 25 per cent, giving it more voting power in January’s crunch ballot.
Shareholders must turn out and vote
With Saba’s voting power greater than before, investors must use their vote if they want to keep the company out of the activist hedge fund’s hands.
If you’ve bought your position in Edinburgh Worldwide through an investment platform such as Hargreaves Lansdown or Interactive Investor, you will be able to vote through the platform itself.
Speak to your investment platform to find out more.
Otherwise, you should get full details on how to vote in the circular from Edinburgh Worldwide.
You can also visit the Edinburgh Worldwide Investment Trust website to discover how to use your vote.
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