Saba Capital activist Boaz Weinstein demands the removal of the entire board of a tech-focused fund managed by Baillie Gifford, citing unprecedented value destruction. In a letter to the Edinburgh Worldwide Investment Trust's board, Weinstein highlights the board's failure to meet shareholder expectations, with a 30.8% decline in net asset value and a 35% drop in share price over five years. The trust's portfolio, valued at £847.15 million, includes SpaceX, but its performance lags behind the FTSE All-Share Index by over 100%. Weinstein proposes a general meeting to replace the board with qualified, independent directors, committed to long-term value creation. This move follows a previous attempt that failed to gain investor support. Weinstein's hedge fund, Saba Capital, has been building positions in U.K. investment trusts, predicting a storm in the sector due to widening discounts.
