Saba Capital won a shareholder vote to take control of the London-listed Edinburgh Worldwide Investment Trust by ousting the chair and five directors [1].
This victory marks a significant win for activist investors seeking to unlock value in closed-end funds, particularly those holding high-profile private assets. The battle centered on the fund's governance and its valuation relative to its underlying assets.
Led by Boaz Weinstein, Saba Capital targeted the trust due to its discounted net asset value [1]. A primary point of contention was the fund's sizable stake in SpaceX, the aerospace company founded by Elon Musk. Before the battle for control, Saba Capital sold 35% [1] of its own holdings in SpaceX.
Shareholders voted on the matter on a Thursday in late April 2026 [2, 3]. The outcome resulted in the removal of six board members in total [1]. This move allows Saba Capital to implement its own strategy for improving the fund's valuation and governance.
This action follows a broader pattern of activism by Weinstein in the United Kingdom. In a separate agreement, Saba Capital previously paused its activism against nine [3] other UK funds following a deal with Herald.
The struggle for control of the Edinburgh Worldwide Investment Trust highlights the tension between long-term asset holding and the immediate demands of activist hedge funds. By replacing the board, Saba Capital now possesses the authority to dictate how the trust manages its SpaceX stake, and other holdings, to reduce the discount on its shares [1, 2].
“Saba Capital won a shareholder vote to take control of the London-listed Edinburgh Worldwide Investment Trust”
The takeover of the Edinburgh Worldwide Investment Trust demonstrates the increasing influence of activist hedge funds on the UK's closed-end fund market. By successfully ousting a majority of the board, Saba Capital has created a precedent for how investors can force governance changes in funds that hold volatile or illiquid private equity, such as SpaceX, when those funds trade at a significant discount to their net asset value.
