This is the third time Saba have sought to remove EWIT’s independent board of directors after its failed attempt to requisite seven investment trusts in 2025 and a further requisition in January 2026. On both occasions, shareholders voted in favour of keeping the EWIT board of directors and rejected all proposals put forward by Saba.
Saba’s plans for the trust
In recent discussions with the existing board of directors, Saba confirmed it wants a new board, which would be expected to appoint a new manager for the trust. This could potentially be Saba themselves.
This could lead to a change in the trust’s investment mandate, including investment philosophy and process, where the trust invests, its risk level, and fee structure. Investors should consider whether the trust would still meet their investment needs if it were under new management and the investment mandate changed.
EWIT’s view
EWIT’s board recently put forward a tender offer for shareholders to exit the trust at close to fair value while still retaining an investment in SpaceX, the trust’s largest investment, ahead of a potential IPO later this year. The tender offer was put forward as the board believe Saba is close to gaining control of the trust. At a vote on 10 April, the proposal was narrowly rejected by shareholders. The board intends to put forward an amended tender offer.
At the upcoming AGM, the board recommends that shareholders vote against Saba’s proposal and vote to re-elect the current directors. They believe Saba’s new board of directors wouldn’t be truly independent and that the three individuals nominated by Saba would have no experience of managing UK investment trusts or operating within UK regulatory frameworks.
The board continues to believe the trust, in its current form, offers investors a unique portfolio of disruptive and transformative companies including private companies such as SpaceX and PsiQuantum. Shareholders benefit from investment manager Baillie Gifford's specialist expertise and access to early-stage, high-potential, investment opportunities. This is at risk should Saba gain control of the trust. Investors should be aware that investments in unquoted companies are higher risk and can be less liquid than those traded on established stock exchanges. Investing in smaller companies also adds risk.
EWIT’s board has already sought to address the trust’s previous period of weaker performance, undertaking a comprehensive review in 2024. Over the 12 months to the end of March 2026, the trust’s share price returned 38.2% while its net asset value (NAV) rose 35.3%. Both were ahead of the trust’s benchmark, which gained 21.0%. Past performance isn't a guide to future returns.
This information isn’t personal advice. We can’t advise on which way you should vote. If you’re unsure what to do, please seek advice. All investments can fall as well as rise in value, so you could get back less than you invested.
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Annual percentage growth
March 2021 – March 2022 | March 2022 – March 2023 | March 2023 – March 2024 | March 2024 – March 2025 | March 2025 – March 2026 | |
|---|---|---|---|---|---|
Edinburgh Worldwide Investment Trust | -32.01% | -30.40% | -3.99% | 5.37% | 38.22% |
AIC – Global Smaller Companies | -9.00% | -15.30% | 8.07% | -0.30% | 16.56% |