Shareholders — your trust needs your vote

Edinburgh Worldwide Investment Trust (EWI) is under fire from activist US hedge fund Saba Capital. It is time for EWI’s shareholders to make their feelings known following Saba’s approach to seven UK investment trusts. Saba proposes to remove EWI’s independent board and replace it with two non-independent directors, change the management of the company from Baillie Gifford to Saba and amend EWI’s strategy, which may be at an unfavourable stage of the market cycle following a period where small-cap growth stocks have de-rated. EWI’s board had already implemented proposals to improve the trust’s disappointing near-term performance, which have started to take effect, with a meaningful NAV uplift in recent months and EWI’s discount has conti...