Boaz Weinstein’s activist investor Saba seizes control of UK tech fund after bitter SpaceX feud

Saba Capital, the activist hedge fund led by Boaz Weinstein, has won a dramatic victory in its long-running campaign against the board of Edinburgh Worldwide Investment Trust . Shareholders in Edinburgh Worldwide voted Thursday for Saba Capital's plan to oust EWIT chair Jonathan Simpson-Dent — and five other board members — and to install three Saba-backed board nominees. The result gives Weinstein's firm control of Baillie Gifford-run EWIT, which is focused on cutting-edge public and private technology companies and which offers rare public-market access to SpaceX. SpaceX, whose private market valuation has soared ahead of an imminent IPO, is EWIT's largest holding, at about 20% of its portfolio. It has been a key flashpoint in the protracted boardroom battle, with Weinstein criticizing the board's decision to sell down a portion of the investment last year. Stock Chart Icon Stock chart icon Edinburgh Worldwide Investment Trust (EWIT). EWIT generated a staggering 947% return on SpaceX since 2018, on what was then a "speculative" tech bet, Simpson-Dent told CNBC in December. Weinstein also blasted EWIT's large discount to net asset value, since narrowed, describing it in a November letter as "unprecedented value destruction." Saba now plans to put itself forward as the next manager of EWIT, keeping the fund listed in London but overhauling its strategy. …