Saba Capital Management, the largest shareholder in Baillie Gifford’s Edinburgh Worldwide Investment Trust (EWI), has stepped up its campaign to oust the board with a proposition to install three new board figures.

Saba, a global alternative asset management firm, founded by Boaz Weinstein in 2009, has sent an open letter to shareholders, repeating its view that EWI failed to exercise effective oversight in its sale of SpaceX shares.

It says this is “best illustrated by the illogical situation surrounding Baillie Gifford’s decision to materially sell down EWI’s stake in SpaceX – EWI’s crown jewel. The recent reports that SpaceX plans to participate in the biggest merger of all time – ahead of a potential IPO later this year – only underscore the magnitude of the lost upside.”

The investors have also repeated its criticism of director Jonathan Simpson-Dent, who was appointment to the EWI board in 2020.

“EWI failed to disclose the FCA’s £30.6m fine of HomeServe and public criticism of HomeServe’s board and senior management – both of which Mr. Simpson-Dent was a member of at the relevant time. This omission constitutes a breach of the FCA’s Listing Rules and raises serious questions about the Board’s governance controls,” says Saba.

“Rather than holding Baillie Gifford accountable for this massive failure, the board has supported the decision, refused to acknowledge any mistake, and taken no visible steps to strengthen oversight.”

“Our long-standing concerns regarding EWI’s history of underperformance combined with the board’s governance and oversight failures led us to propose resolutions be added to the notice of the upcoming Annual General Meeting to enable shareholders to elect three new qualified, independent directors committed to delivering long-term value.”

 Saba also intends to reject the re-election of the incumbent directors.

“After just 53.2 per cent of shares voted chose to stick with the status quo at the January 2026 requisitioned general meeting, we believe a meaningful portion of shareholders remain unhappy. As a result, we believe shareholders would benefit from having a refreshed Board composed of directors who possess objective viewpoints, hands-on investment management experience and an understanding of shareholders’ perspectives.”

“A board’s role is to protect investors’ capital, address underperformance and portfolio management missteps, and prioritise value creation. Unfortunately, the board has fallen short across these responsibilities.”

Saba are proposing three independent directors: Gabriel Gliksberg: founder and managing partner of ATG Capital Management, with 15 plus years of investment management experience and prior service as a board member at SafeAuto and the Tortoise Energy Independence Fund:  Michael Joseph, portfolio manager & deputy CIO at Stansberry Asset Management and author of A Dollar for Fifty Cents: Proven Strategies to Outperform the Market with Closed-End Funds, with 15 plus years of experience overseeing multi-asset portfolios with diverse strategies: and Jassen Trenkow, a former finance and banking executive with 20 plus years of experience, including senior positions at Barclays and Goldman Sachs Asset Management.

EWI has rejected all of Saba’s claims and say the board still have the backing of the majority of its shareholders.

The share price was 233p.