Overview
Edinburgh Worldwide changed its investment strategy at the start of 2014. It now aims for capital growth from a global portfolio of initially immature entrepreneurial companies, typically with a market capitalisation of less than $5bn at time of initial investment, which are believed to offer long term growth potential.
The fund manager’s website can be found here.
Fundamentals
Price
Research History
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13 Aug 2025 35 min read
Edinburgh Worldwide – Significant progress on “Reset for growth”
Significant progress on “Reset for growth” In November 2024, Edinburgh Worldwide (EWI) set out its “Reset for growth” plan, which included team changes, process changes, a more-focused portfolio, and a commitment to return up to £130m to shareholders in 2025 (see pages 4 and 5 for more details). Shareholders approved changes needed to implement the […]
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36 min read
Edinburgh Worldwide – Significant progress on “Reset for growth”
Significant progress on “Reset for growth” In November 2024, Edinburgh Worldwide (EWI) set out its “Reset for growth” plan, which included team changes, process changes, a more-focused portfolio, and a commitment to return up to £130m to shareholders in 2025 (see pages 5 and 6 for more details). Shareholders approved changes needed to implement the […]
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33 min read
Edinburgh Worldwide – Making progress on “Reset for growth”
Making progress on “Reset for growth” In November 2024, Edinburgh Worldwide (EWI) set out its “Reset for growth” plan, which included team changes, process changes, a more-focused portfolio, and a commitment to return up to £130m to shareholders in 2025 (see pages 4 and 5). Shareholders approved changes needed to implement the plan in December, […]
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26 Apr 2024 11 min read
QuotedData’s Investment Companies Quarterly Review – First quarter of 2024
First quarter of 2024 Investment Companies | Quarterly roundup | April 2023 Kindly sponsored by abrdn Equity rally belies difficult quarter for sector 2024 started on strong footing, with global equities (as measured by the MSCI All Countries World Index) rallying 9.2% over the first three months (in sterling terms). However, while there some standouts […]
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13 Feb 2024 34 min read
Edinburgh Worldwide – “The opportunity is as exciting as ever”
Edinburgh Worldwide Investment companies | Annual Overview | 13 February 2024 “The opportunity is as exciting as ever” As the rate of inflation continues its descent (barring a small bounce in the UK in December 2023) interest rates look likely to fall. Growth stocks have been recovering and Edinburgh Worldwide (EWI), the most growth-focused of […]
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34 min read
Edinburgh Worldwide – “The opportunity is as exciting as ever”
Edinburgh Worldwide Investment companies | Annual Overview | 13 February 2024 “The opportunity is as exciting as ever” As the rate of inflation continues its descent (barring a small bounce in the UK in December 2023) interest rates look likely to fall. Growth stocks have been recovering and Edinburgh Worldwide (EWI), the most growth-focused of […]
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35 min read
Edinburgh Worldwide – “The opportunity is as exciting as ever”
Edinburgh Worldwide Investment companies | Annual Overview | 13 February 2024 “The opportunity is as exciting as ever” As the rate of inflation continues to fall (barring a small bounce in the UK in December 2023) interest rates look likely to fall. Growth stocks, which tend to suffer disproportionately when interest rates rise, have been […]
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17 Oct 2023 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2023
Third quarter of 2023 Investment Companies | Quarterly roundup | October 2023 Kindly sponsored by abrdn ‘Uncomfortable’ Following a fast start to the first half of the year, globally equities took a breather in Q3, as markets assessed the implications of the worst bond sell-off in a generation. Yields on 10-year US treasuries and UK […]
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13 Oct 2023 10 min read
QuotedData’s Investment Companies Roundup – October 2023
October 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in September 2023 September was defined by the ongoing US bond selloff, with global markets trending down in sympathy. Investment trust returns were negative on average for the month, although several sectors still achieved positive returns. The Royalties sector was the […]
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16 May 2023 32 min read
Edinburgh Worldwide – The output of innovation is alive and well
Edinburgh Worldwide Investment companies | Annual overview | 16 May 2023 “The output of innovation is alive and well” At a time when interest rates have risen in response to rising inflation, Edinburgh Worldwide (EWI) – with its focus on small cap global growth stocks – has given up a significant portion of its previous […]
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32 min read
Edinburgh Worldwide – The output of innovation is alive and well
Edinburgh Worldwide Investment companies | Annual overview | 16 May 2023 The output of innovation is alive and well As interest rates have risen in response to rising inflation, Edinburgh Worldwide (EWI) – with its focus on small cap global growth stocks – has given up a significant portion of its previous outperformance. The trust […]
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32 min read
Edinburgh Worldwide – The output of innovation is alive and well
Edinburgh Worldwide Investment companies | Annual overview | 16 May 2023 The output of innovation is alive and well As interest rates have risen in response to rising inflation, Edinburgh Worldwide (EWI) – with its focus on small cap global growth stocks – has given up a significant portion of its previous outperformance (see page […]
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09 Feb 2023 40 min read
QuotedData’s Economic and Political Monthly Roundup February 2023
Economic and Political Monthly Roundup Investment companies | Monthly | February 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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25 Jan 2022 20 min read
Edinburgh Worldwide – Tomorrow’s winners
Tomorrow’s winners Edinburgh Worldwide (EWI) invests in some of the world’s most exciting companies, many of which would otherwise be hard for investors to access. It seeks to identify tomorrow’s winners when they are still relatively small, and hang onto them as they become successful. The manager acknowledges that not every company will make it, […]
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19 min read
Edinburgh Worldwide – Tomorrow’s winners
Tomorrow’s winners Edinburgh Worldwide (EWI) aims to invest in some of the world’s most exciting companies, many of which would otherwise be hard for investors to access. It seeks to identify tomorrow’s winners when they are still relatively small, and hang onto them as they become successful. The manager acknowledges that not every company will […]
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20 min read
Edinburgh Worldwide – Tomorrow’s winners
Tomorrow’s winners Edinburgh Worldwide (EWI) invests in some of the world’s most exciting companies, many of which would otherwise be hard for investors to access. It seeks to identify tomorrow’s winners when they are still relatively small, and hang onto them as they become successful. The manager acknowledges that not every company will make it, […]
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16 Oct 2020 11 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit Stubborn resistance The end […]
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14 Jul 2020 9 min read
QuotedData’s Investment Companies Quarterly Review – Second Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit When the going gets […]
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07 Jul 2020 8 min read
QuotedData’s Economic Roundup – July 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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08 Jun 2020 7 min read
QuotedData’s Investment Companies Roundup – June 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over May: GCP Infrastructure – […]
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10 Jan 2020 5 min read
QuotedData’s investment companies roundup – January 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over December: An update note on BlackRock Throgmorton (THRG) “BlackRock Throgmorton continues to lead its peer group in […]
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8 min read
QuotedData’s economic roundup – January 2020
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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06 Dec 2019 6 min read
QuotedData’s investment companies roundup – December 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over November: An initiation note on Henderson High Income “We have initiated coverage on Henderson High Income (HHI). Since […]
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15 Apr 2019 6 min read
Quarterly Investment Companies Roundup – First Quarter 2019
Quarterly Investment Companies Roundup – First Quarter 2019 QuotedData news Through the first quarter of 2019, global equities largely clawed back the losses suffered over the final weeks of 2018. How much longer this ten-year bull market can sustain itself is the subject of much debate. US interest rate rises have stalled, reflecting growing cautiousness. Elsewhere, […]
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22 Mar 2019 1 min read
QuotedData’s investment companies roundup – March 2019
QuotedData’s investment companies roundup – March 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2019. Kindly sponsored by Baillie Gifford. JPMorgan Chinese, Fidelity China and Pacific Horizon benefited from a booming Chinese market in […]
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22 Feb 2019 1 min read
QuotedData’s investment companies roundup – February 2019
QuotedData’s investment companies roundup – February 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2019. Kindly sponsored by Baillie Gifford. December’s sharp sell-off in technology and growth stocks reversed somewhat in January. This was […]
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13 Nov 2018 1 min read
QuotedData’s investment companies roundup – November 2018
QuotedData’s investment companies roundup – November 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2018. Kindly sponsored by Baillie Gifford. Winners and losers in October In what was generally a miserable month for equity markets, Brazil shone […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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14 Sep 2018 1 min read
QuotedData’s investment companies roundup – September 2018
QuotedData’s investment companies roundup – September 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in […]
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
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11 Jun 2018 1 min read
QuotedData’s investment companies roundup – June 2018
QuotedData’s investment companies roundup – June 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2018. Kindly sponsored by Baillie Gifford. The premium of biotech company, Syncona, rose on positive news on two of its […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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14 Jun 2017 1 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
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27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2016. october-investment-companies-roundup
News
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07 Aug 2026 2 min read
Trust Spot: 3i Group and RIT Capital Partners rally as technology trusts beat a retreat in July
3i Group (III) extended its recovery from May lows with the £29bn private equity backer of Action, the European discount retailer, rallying just over 15% in July, following an 11.6% gain in June. RIT Capital Partners (RCP) benefited from a £300m tender offer that spurred shares in the Rothschild-backed global multi-asset fund 12% higher. Greencoat […]
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27 Jul 2026 2 min read
Morning briefing: Tritax Big Box gains full approval for Manor Farm data centre; Chris Mills objects to terms of US private equity bid for Pinewood; Railpen abandons IP Group pursuit; Invesco Asia Dragon gets third manager; plus BSIF and EWI
Tritax Big Box REIT (BBOX) has achieved planning consent on its Manor Farm data centre development near Heathrow after a six-week judicial review brought by Slough Borough Council failed to overturn the approval granted by the Ministry of Housing, Communities and Local Government last month. Chief executive Colin Godfrey said a pre-let agreement for the 107MW […]
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03 Jul 2026 4 min read
Good news as regulator queues up positive changes
Like buses – you wait around for regulatory changes to go your way, and then three come along at once. Well, I’m stretching that a bit, because the win on the Pensions Bill was back on 29 April 2026, but then last week the FCA launched a consultation on related party transactions between boards and […]
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25 Jun 2026 2 min read
Edinburgh Worldwide’s Saba-stuffed board seeks independent UK directors to shore up its credibility
The new US-based, Saba-backed board of Edinburgh Worldwide (EWI) is looking to hire directors in the UK to “promote diversity of viewpoints and professional skills”. Chair Gabi Gliksberg, the founder and managing partner of ATG Capital Management in Miami, and Jassen Trenkow, a former bank executive in New York, and Michael Joseph, a portfolio manager […]
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15 Jun 2026 3 min read
Monks and HarbourVest: Two unsung members of the SpaceX investment company “Magnificent Seven”
Monks and HarbourVest Global Private Equity remind investors they also hitched a ride on $2.3trn SpaceX. Monks (MNKS), a £2.4bn investor in global equities, and HarbourVest Global Private Equity (HVPE) are bidding for attention as two of the just seven UK investment trusts that invested in SpaceX before its record $1.77trn (£1.3trn) flotation on Friday. […]
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12 Jun 2026 3 min read
Scottish Mortgage rallies on day of SpaceX IPO as fund manager Tom Slater warns its shares could be volatile
Update: Scottish Mortgage (SMT) shares rallied 5% after bullish SpaceX investors shook off a warning from fund manager Tom Slater of the potential for volatility in Elon Musk’s company heading for a record $1.77trn (£1.3trn) flotation this afternoon. Shares in the £15.9bn Baillie Gifford flagship advanced 68.5p to £14.94 before slipping to close at […]
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05 Jun 2026 1 min read
Baillie Gifford lifts SpaceX valuation to $1.6trn, raising Scottish Mortgage Trust’s stake to 21% or £3.5bn
Baillie Gifford investment trusts have raised their valuation of SpaceX for a third time in six months with its flagship Scottish Mortgage (SMT) now holding a highly concentrated 21% position in the Elon Musk’s rocket, satellite and artificial intelligence (AI) group seeking a record $1.78tn (£1.3trn) flotation next week. Scottish Mortgage Trust and stablemates Schiehallion […]
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04 Jun 2026 2 min read
Edinburgh Worldwide’s new Saba-backed board promises shareholders an exit and a “review” that spells trouble for fund manager Baillie Gifford
The new Saba-backed board of Edinburgh Worldwide (EWI) has confirmed its intention to offer shareholders an exit through a tender offer once SpaceX has floated this month, but its statement to the stock exchange has failed to dispel concerns over its lack of independence from the activist hedge fund widely thought to want to replace […]
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15 May 2026 4 min read
Activism is important but be constructive
The past month has seen a number of significant triumphs for Saba Capital’s aggressive brand of activism. Herald Investment Trust (HRI) had to be rescued by Aberdeen, with Saba winning a partial tender offer. The activist investor also won Edinburgh Worldwide (EWI), having ousted the chair and five board members. Impax Environmental Markets (IEM) has […]
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12 May 2026 2 min read
Scottish Mortgage sticks with $1.25trn valuation for SpaceX it says provides “infrastructure for the global economy”
Scottish Mortgage Trust (SMT) has confirmed its $1.25trn (£920bn) valuation of SpaceX and said it does not yet know what restrictions will apply to its $3.94bn (£2.98bn) investment after the Elon Musk group’s possible record-breaking flotation this summer. There has been intense speculation about the valuation of the space technology giant since its merger with […]
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08 May 2026 3 min read
Morning briefing: Seraphim Space “delighted” by £137m fundraise; Saba requisitions Workspace, doubles stake in Syncona; Edinburgh Worldwide announces its Saba nominated chair; Baker Steel reaps more mining gains
Seraphim Space (SSIT) raised £137m in its C-share offer before costs: £76.4m in the institutional placing, £45m to retail investors and a £15.1m direct subscription by a single institution. The £529m investment trust and its fund manager said they were “delighted” by the response which came in below the £350m maximum cap but was drawn […]
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30 Apr 2026 2 min read
Edinburgh Worldwide admits defeat to Saba after another US fund backs removal of its board at today’s AGM
Edinburgh Worldwide (EWI) has conceded defeat in its battle with Saba Capital saying the activist hedge fund has won the support of another US fund to take its base to over 40% of the shares, meaning its three nominees to the board will be elected at the annual general meeting (AGM) today. Subject to confirmation […]
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27 Apr 2026 3 min read
Morning briefing: Edinburgh Worldwide offers two exits if its board survives Thursday’s Saba vote; Molten Ventures rallies on strong update; NB Private Equity makes four AI investments; BOOK’s record discount prompts marketing
Edinburgh Worldwide (EWI) has proposed holding two tender offers, or exit opportunities, if its board survives another crunch shareholder vote brought by Saba Capital on Thursday. The board of the Baillie Gifford managed global smaller companies investment trust needs around 75% of shareholders to vote at the annual general meeting (AGM) on 30 April to […]
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20 Apr 2026 2 min read
Edinburgh Worldwide rallies shareholders to AGM vote saying there’s “real opportunity” to defeat Saba a third time
Edinburgh Worldwide (EWI) has attempted to gee up its long-term shareholders for a third defence of the investment trust against Saba Capital, saying the board will offer the hostile hedge fund and its supporters another exit opportunity if it survives the vote at the annual general meeting (AGM) on 30 April. Although Saba succeeded in […]
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13 Apr 2026 3 min read
Edinburgh Worldwide urges shareholders to “vote in record numbers” to prevent Saba taking control after hedge fund blocks tender offer
(Update of first published on 10 April) Edinburgh Worldwide (EWI) has called on shareholders to “vote in record numbers” to defend the investment trust’s board for a third time at the annual general meeting on 30 April after activist hedge fund Saba blocked an attempt to give them an exit. At a general meeting on […]
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07 Apr 2026 2 min read
Edinburgh Worldwide sets AGM for 30 April, urging shareholders to resist Saba’s third bid for control
Edinburgh Worldwide (EWI) has announced it will hold its annual general meeting on Thursday 30 April in a third showdown with its hostile, largest shareholder Saba Capital. The £783m global equities trust said shareholders should still vote in the AGM even if they have applied to sell their shares in the exit tender offer it […]
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02 Apr 2026 2 min read
Baillie Gifford hikes SpaceX to 13%-20% of Scottish Mortgage, Edinburgh Worldwide, US Growth and Schiehallion as Elon Musk’s rocket company aims for $1.75trn IPO
Update: Baillie Gifford has hiked its valuation of SpaceX for the second time in four months amid reports that the Elon Musk rocket and satellite group has filed for an initial public offering (IPO) in the US that could value it at up to $1.75trn (£1.3trn), up from the $800bn it doubled at the end […]
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31 Mar 2026 3 min read
Edinburgh Worldwide says “shareholders should not be fooled” as Saba says it wants to run the trust but will offer an exit first
Update: Saba Capital has told Edinburgh Worldwide (EWI) shareholders for the first time that it wants to replace Baillie Gifford as fund manager in a letter to shareholders outlining the exit opportunities it would support if it wins control of the £736m global equities trust at next month’s annual general meeting. Saba said: “In the […]
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30 Mar 2026 2 min read
Impax Environmental says FCA should take Saba threat “damned seriously” as regulator insists trusts use their existing legal powers first
The argument between investments trusts and the City regulator over the Saba crisis has escalated with Glen Suarez, chair of Impax Environmental Markets (IEM), joining Edinburgh Worldwide (EWI) in demanding the Financial Conduct Authority take their calls for intervention against the hostile US hedge fund seriously. Like EWI chair Jonathan Dent-Simpson, Suarez and the IEM […]
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26 Mar 2026 2 min read
Morning briefing: SpaceX “to file” IPO prospectus; 3i falls on Action update; Int’l Biotechnology boosted by Terns bid; Golden Prospect considers management proposals
SpaceX is to file a prospectus for an initial public offering with US regulators as early as this week, according to reports, with the Times saying this starts a countdown to a $1.5trn flotation that could see Elon Musk’s rocket, satellite and AI group raise $75bn. Baillie Gifford trusts Scottish Mortgage Trust (SMT), Edinburgh Worldwide […]
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23 Mar 2026 3 min read
Edinburgh Worldwide rejects FCA’s criticism that calls for anti-Saba protections are “self-interested” and “special pleading”
The chair of Edinburgh Worldwide (EWI) has hit out at the Financial Conduct Authority after one of its senior officials said the regulator should not be expected to “pick sides” in investment trusts’ battles with activist hedge fund Saba. Jonathan Simpson-Dent (pictured) said smaller investors needed “meaningful protection” after Simon Walls, interim executive director for […]
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16 Mar 2026 2 min read
Edinburgh Worldwide warns there is “high probability” of Saba winning control next month as it urges shareholders to approve a 100% exit
Edinburgh Worldwide (EWI) has repeated its call for shareholders to approve a 100% exit and to sell their shares in the ensuing tender offer, warning that Saba Capital is poised to seize control at next month’s annual general meeting. Explaining its decision last week to launch a 100% tender offer that is likely to bring […]
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13 Mar 2026 6 min read
With much regret, Edinburgh Worldwide shareholders should take up the board’s 100% tender offer in full
This week, much to our disappointment, Edinburgh Worldwide (EWI) announced proposals for a 100% tender offer which, if enacted, would bring about the demise of the trust as we know it. On the face of it, the proposals appear to be a response to the ongoing attacks that EWI is facing from the New York-based […]
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10 Mar 2026 3 min read
AIC calls for “immediate” FCA action on Saba after “exhausted” Edinburgh Worldwide presses self-destruct button with 100% tender offer
Update: The Association of Investment Companies (AIC) has called for “immediate action” from the Financial Conduct Authority (FCA) after Edinburgh Worldwide (EWI) announced a drastic 100% tender offer to end its 16-month battle with activist hedge fund Saba Capital. Last week, responding to a previous call from the AIC, the FCA announced it would look […]
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04 Mar 2026 2 min read
FCA promises to check its rules protect investment company shareholders against dominant investors like Saba
The Financial Conduct Authority has said it will consider how to protect investment company investors from activist shareholders like Saba. Launching a review into its shakeup of UK listing rules two years ago, the FCA said: “As part of this review, we will also conduct targeted work to assess how our rules, in the context of […]
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27 Feb 2026 2 min read
Investec: Saba’s record as fund manager is a “cautionary tale” for investors in UK trusts the US activist wants to seize
If shareholders in Herald (HRI), Impax Environmental Markets (IEM) and Edinburgh Worldwide (EWI) investment trusts require any reminding of the peril they could face under Saba Capital, they only need look at the “cautionary tale” of the US activist’s record on one of its own funds, says broker Investec. Alan Brierley, head of investment company […]
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13 Feb 2026 2 min read
AIC demands FCA and DBT “get to grips” with Saba threat
The Association of Investment Companies (AIC) has written to the Financial Conduct Authority (FCA) and the Department for Business and Trade (DBT) demanding measures to protect shareholders following Saba Capital’s call for a third meeting to remove the board of Edinburgh Worldwide (EWI). The trade body, which represents 276 London-listed investment companies with assets of […]
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12 Feb 2026 2 min read
Saba offers Edinburgh Worldwide shareholders a full cash exit if it succeeds in third bid to gain control
Saba Capital has sought to deflect criticism of its third attempt to replace the board of Edinburgh Worldwide (EWI) by proposing a full cash exit near net asset value (NAV) for shareholders who don’t want to remain invested in the investment trust dominated by the activist hedge fund. Saba, which holds just over 30% of […]
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10 Feb 2026 2 min read
Saba resumes hostilities against Edinburgh Worldwide with third attempt to oust the board
Saba Capital has vowed to continue its war of attrition against Edinburgh Worldwide (EWI) by re-submitting resolutions to appoint the same three nominees for the investment trust’s board that shareholders rejected just three weeks ago. In the latest open letter to EWI shareholders, Saba, holder of a dominant 30% stake in the global companies smaller companies […]
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03 Feb 2026 2 min read
Morning briefing: SpaceX merges with xAI before “$1.25tn” IPO; DL Invest has €1.5bn pipeline to restart ASLI; Starling bank eyes US for Engine expansion; hedge funds buy LABS after British Land bid; plus GHV1, GHV2
SpaceX, the Elon Musk rocket and satellite company backed by Baillie Gifford investment trusts Scottish Mortgage (SMT), Edinburgh Worldwide (EWI), Baillie Gifford US Growth (USA) and Schiehallion (MNTN), has merged with xAI, his artificial intelligence startup and developer of the Grok chatbot. It said the energy to properly develop AI is only available in space […]
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23 Jan 2026 3 min read
Baillie Gifford US Growth says it was “prudent” to halve SpaceX position before it rocketed last month
Baillie Gifford US Growth (USA) has defended its decision to almost halve its investment in SpaceX shortly before the valuation of Elon Musk’s rocket company doubled to $800bn last month. In interim results for the six months to 30 November, chair Tom Burnet said “the position had grown to represent more than 10% of the […]
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20 Jan 2026 2 min read
Edinburgh Worldwide wins! Activist Saba fails to oust investment trust’s board for a second time
Edinburgh Worldwide (EWI) has beaten off Saba Capital for a second time in a year. Excluding shares held by Saba, shareholders representing 92.7% of shares voted in the general meeting in Edinburgh today rejected the activist hedge fund’s resolutions to remove the investment trust’s board of directors. EWI chair Jonathan Simpson-Dent (pictured above) thanked shareholders […]
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13 Jan 2026 3 min read
Edinburgh Worldwide’s investment in SpaceX doubled last month and even before that it had made a stonking 947% return. That’s why shareholders should vote against Saba
Edinburgh Worldwide (EWI) has published its annual report, confirming the dramatic doubling last month in the valuation of SpaceX, its biggest holding. In so doing, the results for the year to 31 October underline the strength of the investment trust’s argument against Saba Capital, the 30.7% shareholder that is attempting to seize control of its […]
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12 Jan 2026 3 min read
Saba says Baillie Gifford and Edinburgh Worldwide “impossible to believe” as they dismiss as “complete nonsense” activist’s claim that SpaceX shares were sold to ease USA merger
(Update) Baillie Gifford has issued a statement clarifying the decision to sell a third of Edinburgh Worldwide’s stake in SpaceX “was not made to facilitate a merger” with Baillie Gifford US Growth (USA). Responding to questions asked by activist hedge fund Saba Capital, which has accused the board of Edinburgh Worldwide (EWI) of acting in […]
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09 Jan 2026 1 min read
Edinburgh Worldwide: why shareholders must vote AGAINST SABA
Jonathan Simpson-Dent, chair of Edinburgh Worldwide Investment Trust, urges shareholders to vote against Saba for the trust’s long-term future. Learn more about the upcoming vote: Edinburgh Worldwide Investment Trust | Individual Investors | Baillie Gifford Capital at risk.
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1 min read
Edinburgh Worldwide: why shareholders must vote AGAINST SABA
Jonathan Simpson-Dent, chair of Edinburgh Worldwide Investment Trust, urges shareholders to vote against Saba for the trust’s long-term future. Learn more about the upcoming vote: Edinburgh Worldwide Investment Trust | UK Intermediaries | Baillie Gifford Capital at risk.
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2 min read
Glass Lewis backs Edinburgh Worldwide board, urges vote against Saba
The board of Edinburgh Worldwide Investment Trust (EWI) has received another significant endorsement in its battle to fend off activist investor Saba Capital. Glass Lewis, the independent proxy advisory firm, has recommended shareholders vote against all of Saba’s proposals at the upcoming requisitioned general meeting scheduled for 20 January 2026. We have also written an […]
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07 Jan 2026 4 min read
Saba threatens to sue Edinburgh Worldwide over SpaceX share sale “debacle” as battle with trust’s board hots up
Saba Capital’s Boaz Weinstein has threatened to sue the board of Edinburgh Worldwide (EWI) if it does not respond to the activist hedge fund’s questions over the partial sale of its prized holding in SpaceX. Doubling down on criticism he made last month, Weinstein issued an open letter to the investment trust’s board, demanding answers […]
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30 Dec 2025 7 min read
As Saba stalks Edinburgh Worldwide – we ask, can a leopard really change its spots?
Working in finance, I frequently hear the quote, widely attributed to Mark Twain, that “History doesn’t repeat itself, but it often rhymes”. With the new year fast approaching, I am getting a sense of déjà vu as, once again Saba Capital is back launching a campaign that, on the face of it, appears to be […]
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2 min read
Edinburgh Worldwide demands full transparency from Saba
The board of Edinburgh Worldwide (EWI), which was requisitioned by Saba in November, has published an open letter to the US hedge fund requesting it provides shareholders full transparency on its plans for the company ahead of a vote in January. It comes after Saba published a presentation yesterday (Monday) reiterating its calls for the […]
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23 Dec 2025 2 min read
Morning briefing: Edinburgh Worldwide publishes circular in fight against Saba; Trian buys Janus Henderson; plus DGI9, GPM, SEED
Edinburgh Worldwide (EWI) has published the circular ahead of the meeting that was requisitioned by Saba. The board’s arguments against Saba’s proposals have already been published – we covered them here – but the main message is don’t hand over control to Saba’s nominees (especially since they have refused to articulate what will happen to […]
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17 Dec 2025 3 min read
Baillie Gifford hikes SpaceX valuation by 87%, adding £1bn to Scottish Mortgage in one day
(Update of article published yesterday) Baillie Gifford has hiked its valuation of SpaceX by 87% according to updates published by four of its investment trusts yesterday. This includes flagship Scottish Mortgage, which saw its net asset value (NAV) jump by a remarkable £1bn in one day Citing a “trigger event that required an upwards adjustment” in the valuation, Scottish […]
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2 min read
Edinburgh Worldwide: Don’t let Saba rob you of SpaceX!
Edinburgh Worldwide (EWI) has urged shareholders to come to its rescue for a second time this year after activist hedge fund Saba Capital followed through on its threat to call an extraordinary general meeting. Saba, which holds a 30% position in the £744m global smaller companies investment trust, wants to oust the board’s six directors […]
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12 Dec 2025 2 min read
Saba boss slams Baillie Gifford for selling down SpaceX stakes in EWI and USA before rocket company’s “$1.5trn” flotation
Update with Baillie Gifford response: Saba Capital boss Boaz Weinstein has attacked Baillie Gifford for reducing the positions held in SpaceX by Edinburgh Worldwide (EWI) and Baillie Gifford US Growth (USA) investment trusts. Tweeting on X, Weinstein said he had received calls from “furious” shareholders in both trusts, where Saba holds around 30%, amid reports […]
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04 Dec 2025 2 min read
Edinburgh Worldwide hits back against Saba
Edinburgh Worldwide (EWI) has issued a new statement as it hits back against Saba’s latest requisition notice. The board says that it recommends that shareholders take no action and await a further announcement from the company. The chair Jonathan Simpson-Dent had this to say:“Saba has for a second time launched a power grab calling for […]
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02 Dec 2025 3 min read
Saba blocks Baillie Gifford US Growth and Edinburgh Worldwide merger plans; trusts look for way out of impasse
Update: Baillie Gifford US Growth (USA) and stablemate Edinburgh Worldwide (EWI) want to merge, offering investors a 40% exit, but activist hedge fund Saba Capital, which owns around 30% of both investment trusts, is opposed. At a meeting yesterday, Saba was presented with the proposal, the product of advanced talks between the two boards of […]
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28 Nov 2025 3 min read
Edinburgh Worldwide: Shareholders told it’s “vital” they vote again; board rejects Saba’s second attempt to win control
The Association of Investment Companies (AIC) has urged shareholders in Edinburgh Worldwide (EWI) to vote in the forthcoming general meeting called by Saba Capital yesterday as its board rejected the activist hedge fund’s renewed attempt to replace its board. Jonathan Simpson-Dent, chair of the £700m global smaller companies investment trust, said the board was “disappointed” […]
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27 Nov 2025 2 min read
Saba calls another EGM to remove “failed” board at Edinburgh Worldwide
Saba Capital has warned Edinburgh Worldwide (EWI) of its plans to requisition a general meeting in a second attempt to remove the board of the £700m investment trust. The activist hedge fund, which owns 30% of the trust’s shares, failed to get its representatives elected at an EGM in February. It says it remains “profoundly […]
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16 Oct 2025 3 min read
Morning briefing: Small-cap investors SEC and JUGI report flat returns after “tricky” year; RIT gains 2.4% in September; plus OCI, EWI, ESCT, OAP3, GCL
UK smaller companies funds Strategic Equity Capital and JPMorgan UK Small Cap Growth & Income made little overall headway in their latest financial years but express confidence that their sector offers “compelling” returns in future. Strategic Equity Capital (SEC), the £161m UK smaller companies investment company that saw 22% of shares tendered this month, had […]
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09 Jul 2025 1 min read
SpaceX eyes $400bn valuation that offers further boost to Scottish Mortgage and Baillie Gifford trusts
SpaceX is looking to achieve its second big valuation increase in a year in a further round of fund raising and share sales that could be good news for Baillie Gifford trusts, including Scottish Mortgage and Edinburgh Worldwide which both hold the company as their largest holdings. According to a Bloomberg report this week, SpaceX […]
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25 Jun 2025 2 min read
Edinburgh Worldwide outperforms in volatile markets
Edinburgh Worldwide (EWI) has released interim results for the six months to 30 April 2025. The trust delivered a NAV total return of -2.9%, significantly ahead of the -7.2% fall in its benchmark, the S&P Global Small Cap Index. The share price declined by 1.9% as the discount to NAV narrowed from 7.6% to 6.7%. […]
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23 May 2025 12 min read
An opportunity for reflection and discussion: Inside Baillie Gifford’s Investment Trust Conference
This time last week I was at Baillie Gifford’s Investment Trust Conference in Edinburgh – a two-day event, held every three years, that sees Baillie Gifford playing host to around 250 professionals from the world of investment companies. The event provides a useful forum to discuss the latest developments in the sector. However, we also […]
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14 Feb 2025 1 min read
Edinburgh Worldwide rejects Saba, monumental waste of time and money
At today’s meeting of Edinburgh Worldwide shareholders that was requisitioned by Saba Capital, Saba’s proposals were overwhelmingly rejected by 63.8% to 36.2%. The turnout at the meeting was 64.7%. Edinburgh Worldwide’s chair Jonathan Simpson-Dent said: “Edinburgh Worldwide’s shareholders have spoken: they have rejected Saba Capital’s proposal for a fundamentally different strategy based on fundamentally different […]
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07 Feb 2025 6 min read
Stormy waters for investment trusts: Navigating the crisis
HMS Investment Trust is facing turbulent waters. Not only are the sharks circling, but the icebergs are proliferating, while the regulator seems determined to put a hole in us below the waterline. The Financial Conduct Authority (FCA) recently hosted an open panel for industry members, focusing on a critical issue: the fate of the sector […]
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05 Feb 2025 2 min read
Saba hit for six as ESCT shareholders say NO
In what is now the sixth successive defeat for Saba Capital Management in its bid to take control of seven London listed investment companies, shareholders in The European Smaller Companies Trust (ESCT) have voted down Saba’s proposals to remove all of the existing board and replace them with just two of its own representatives, by […]
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03 Feb 2025 3 min read
QuotedData’s morning briefing 3 February 2025 – EWI, SSIT, CBA, TENT, SCP, SERE, SOHO
In QuotedData’s morning briefing 3 February 2025: Edinburgh Worldwide (EWI) has made an announcement in relation to its upcoming requisitioned general meeting and AGM, both of which are being held on 14 February 2025, in which it urges shareholders to “vote twice to stop Saba”. It says that shareholders can do this by voting against […]
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28 Jan 2025 1 min read
Lloyds platform opens voting on Edinburgh Worldwide
Edinburgh Worldwide has announced that shareholders on Lloyds-owned platforms can now vote in the 14th February general meeting after resolving platform issues. If you are an investor in Edinburgh Worldwide through Scottish Widows, Embark, or Stock Trader, you should now have the option to vote. Previously, Lloyds had tried to claim that these votes were […]
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24 Jan 2025 4 min read
Don’t throw away the upside potential of Edinburgh Worldwide’s exciting portfolio
Saba Capital’s (Saba) requisitioned meeting to oust the existing board and install two of its own nominees in its place is scheduled for 14 February. However small your shareholding, make sure you vote. Saba has built up a significant stake to force through its agenda while carefully avoiding breaching the limit at which it would […]
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20 Jan 2025 11 min read
Edinburgh Worldwide: Protect your investment, protect your trust, vote to stop Saba
Edinburgh Worldwide has published both its annual results for the year ended 31 October 2024 and a circular in relation to the general meeting requisitioned by Saba. EWI’s board strongly recommends that shareholders vote against all of Saba’s resolutions at the general meeting on 14 February and for all of the AGM resolutions – the […]
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17 Jan 2025 4 min read
Saba: the view from the boards
Boaz Weinstein, head of New York-based hedge fund Saba Capital, pulled no punches when discussing the boards of investment trusts in his recent webcast. They were “obstinate”, a “boys’ club”, protecting their own interests, “part of an ecosystem of greed taking fees away from the pensioners.” Their actions verged on “almost malpractice”, distributing misinformation to […]
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16 Jan 2025 3 min read
Fight back against Saba! – let us show you how
Saba Capital, a US-based hedge fund, has been on the offensive against the UK’s investment trust sector. Having built substantial stakes in seven investment trusts, ranging from 20% to just shy of 30% of the trusts’ outstanding shares (a key level that would require them to make a bid for the trust), it is using […]
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06 Jan 2025 1 min read
Edinburgh Worldwide – vote against Saba’s “backdoor attempt to seize control of the trust”
Following its announcement on Friday in which it questioned the validity of a requisition request that it had received from Saba Capital (click here to see our coverage of that), Edinburgh Worldwide (EWI) has confirmed that it has now received a valid requisition notice on behalf of Saba Capital Management, LP. Saba is seeking a […]
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03 Jan 2025 1 min read
Edinburgh Worldwide questions validity of Saba’s requisition
On 18 December 2024, Saba Capital Management, L.P. (“Saba”), wrote to the Board of Edinburgh Worldwide Investment Trust (the “Company”) with a requisition notice for a General Meeting to replace the Board and appoint alternative directors. On review of the documentation, in conjunction with the company’s registrars, it was discovered that Saba’s nominee was not […]
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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19 Dec 2024 3 min read
Trusts acknowledge Saba requisitions – aim to see off vulture investor
Baillie Gifford US Growth says: “The board considers these proposals to be fundamentally without merit, and in contravention of shareholder interests as a whole. A further announcement will be made in due course by the company accordingly, relating to the posting of a notice of a general meeting and an accompanying circular in which the […]
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18 Dec 2024 10 min read
Saba Capital launches campaign “to deliver value” to shareholders of seven UK-listed investment trusts
Saba Capital Management has announced that it has requisitioned the boards of directors of Baillie Gifford US Growth Trust USA), CQS Natural Resources Growth & Income (CYN), Edinburgh Worldwide Investment Trust (EWI), European Smaller Companies Trust (ESCT), Henderson Opportunities Trust (HOT), Herald Investment Trust (HRI) and Keystone Positive Change Investment Trust (KPC) to convene general […]
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22 Nov 2024 1 min read
QuotedData’s weekly news show 22nd November 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Blackstone Loan Financing (0:19) Edinburgh Worldwide (4:17) Miton UK MicroCap (9:36) This week’s interview was with Alex Crooke from Bankers Investment Trust – watch it again here.
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20 Nov 2024 2 min read
Shake-up for Edinburgh Worldwide as it commits to hand back £130m to investors
Edinburgh Worldwide’s board has been reviewing the trust’s strategy, execution, and recent performance. It has determined that change is needed “to put the trust back on a path to growth”. Some of the proposals need shareholder approval. Today it has published a circular setting out its plans for a change of investment policy, and a […]
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15 Nov 2024 3 min read
Are the lunatics now in charge of the asylum?
QD view – as Trump’s nominees for his cabinet court controversy, we have a look at some possible implications. On Thursday, we published a note on Polar Capital Global Healthcare – Vital signs are good. In it, we highlighted the managers’ belief that the sector is well-positioned to underpin the sector’s growth story for the […]
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12 Jul 2024 1 min read
QuotedData’s weekly news show 12th July 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Chrysalis (0:22) Schroder British Opportunities (0:39) Molten Ventures (0:51) Edinburgh Worldwide (1:05) Odyssean (6:08) Sirius Real Estate (9:25) This week’s interview was with Kenneth MacKenzie from Target Fund Managers – watch it again here.
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14 Jun 2024 3 min read
Baillie Gifford funds – Think different
QD view: The overlap between the portfolios of Baillie Gifford’s range of global investment trusts is limited, yet investors are treating them as quite narrow variations on a theme and this is throwing up opportunities for those able to appreciate the nuances within the range. It has undoubtedly been a difficult period for the Baillie […]
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06 Jun 2024 2 min read
Optimistic outlook for Edinburgh Worldwide as market shows signs of improvement
Edinburgh Worldwide (EDIN) has announced its interim results for the six months to April 20 2024. The company’s NAV increased by 6.4% while the comparative index increased by 15.0%. The share price increased by 13.6% leading to a narrowing of the discount which was 11.49% at the time of publishing. The largest positive contributors to […]
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18 Jan 2024 3 min read
Edinburgh Worldwide results reflect difficult terrain
Edinburgh Worldwide says that, for the 12 months ended 31 October 2023, its NAV decreased by 23.6% and share price by 27.7%. By contrast, the S&P Global Small Cap Index total return was -4.3% (in sterling terms). The discount ranged between 6% and 23.6%, averaging 17%, and ended the period at 17.4%. Today, the discount […]
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08 Dec 2023 5 min read
QD view – your vote will count in Arb fight
Discounts in the investment trust sector are almost double their average[1], with the combination of cost disclosure rules and rising interest rates creating widespread selling pressure. It is perhaps not surprising that this has caught the attention of activist investors who spot an opportunity. Saba Capital is the latest arbitrageur on the block, thought to […]
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08 Jun 2023 1 min read
QuotedData’s morning briefing 8 June 2023
In QuotedData’s morning briefing 8 June 2023: Pershing Square (PSH) plans to buy back an additional $100m worth of its shares. Since March 2017, when its buybacks started, it has repurchased over 60m shares at a cost of $1.14bn. BioPharma Credit (BPCR) has agreed amended terms with its borrower LumiraDx. We discussed the problems that […]
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12 May 2023 3 min read
QD view – Growth capital – fast-growing companies at compelling prices?
It has been a tough year for the investment companies in the growth capital sector. Valuations were hit hard by rising interest rates and widespread risk aversion among investors. The sector now offers some apparently attractive discounts to net asset value, but this depends on the continued strength of the underlying companies. Are the early […]
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27 Jan 2023 4 min read
QD view – In defence of growth
Edinburgh Worldwide recently published its annual results – covering the 12-month period to 31 October 2022 – and the figures are not great. Over the period, the NAV fell by 40.3% and the share price by 46.0%. The fund benchmarks its performance against the S&P Global Small Cap Index and this returned -6.8% over the […]
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23 Jan 2023 3 min read
Edinburgh Worldwide Investment Trust annual results
Edinburgh Worldwide Investment Trust (EWI) has released its results for the financial year ending 31 October 2022. Over this 12 month period EWI generated a NAV total return of -40.3% and share price total return of -46.0%. This compared to the -6.8% return of the trust’s comparative index, the S&P Global Small Cap Index. Despite […]
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06 Jun 2022 4 min read
Edinburgh Worldwide portfolio in ‘the eye of the storm’ says board
Edinburgh Worldwide portfolio in ‘the eye of the storm’ says board – Edinburgh Worldwide (EWI) has posted its interim results for the six months to 30 April 2022. During the period, its net asset value per share decreased by 34.1%, compared to a fall of 6.8% from the S&P Global Smaller Companies Index. The trust’s […]
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10 Dec 2021 1 min read
QuotedData’s weekly news show 10th December 2021
QuotedData’s weekly news show 10th December 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: Edinburgh Worldwide ThomasLloyd Energy Impact This week’s interview was with Nicholas Ware of Henderson Diversified Income – watch […]
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10 Dec 2020 5 min read
Edinburgh Worldwide NAV soars
Edinburgh Worldwide NAV soars – Over the year to 31 October 2020 Edinburgh Worldwide’s NAV (including income) rose by 57.8% and the share price by 63.9%. The comparative index, the S&P Global Small Cap Index total return, increased by 0.4% in sterling terms. There is no final dividend. Portfolio turnover was 8.4% compared to 4.5% in 2019 […]
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08 Jun 2020 4 min read
Edinburgh Worldwide’s healthcare and tech focus delivers over interim period
Baillie Gifford-managed Edinburgh Worldwide (EWI) delivered an NAV return of 16.4%, over the six-month interim period to 30 April 2020 (the shares increased by 21.7%). Over the same period, EWI’s comparative index, the S&P global small cap index, declined by 12,9%. The top-five holdings at the period-end were: The top allocations by sector were as […]
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08 Jan 2020 1 min read
QuotedData’s other news 8 January 2020
In QuotedData’s other news 8 January 2020 – Invesco Perpetual Select (IVPG) announced a manager change with Stephen Anness taking on the responsibility as lead manager for the company’s global equity income portfolio. The company noted that Stephen joined Invesco in 2002 to work in the UK equities team and moved on to manage global equity […]
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05 Dec 2019 3 min read
Healthcare and IT-focused Edinburgh Worldwide beats benchmark
Healthcare and IT-focused Edinburgh Worldwide beats benchmark – Global smaller companies-focused Edinburgh Worldwide (EWI)’s results period to 31 October 2019 saw NAV total returns come in at +7.4% (the shares returned +6.7%), ahead of the S&P global small cap index benchmark’s +7.2% total return. A number of the company’s holdings contributed to the positive performance, notably: Novocure, a […]
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14 Dec 2018 6 min read
Edinburgh Worldwide seeks share split and to expand its private investments
Edinburgh Worldwide Investment Trust (EWI) has announced its annual results for the year ended 31 October 2018. During the year, EWI provided Nav and share price total returns of 14.9% and 19.0% respectively. EWI says that its comparative index, the S&P Global Small Cap Index, increased by 0.1% in sterling total return terms. EWI says […]
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14 Aug 2018 2 min read
Alnylam receives expected FDA ok for Onpattro
Alnylam receives expected FDA ok for Onpattro Biotech trust stock favourite Alnylam Pharmaceuticals (Nasdaq: ALNY) received its first FDA approval late on Friday for Onpattro (patisiran) for the treatment of polyneuropathy in adults with hereditary transthyretin-mediated (hATTR) amyloidosis. However, the FDA did not allow a broader label that included patients with cardiomyopathy (CM), leading to […]
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06 Aug 2018 2 min read
Trust favourite Alnylam approaches key FDA decision
Trust favourite Alnylam approaches key FDA decision Biotech trust stock favourite Alnylam Pharmaceuticals (Nasdaq:ALNY) should find out later this week whether the FDA will grant approval to its first product, Onpattro (patisiran), for hereditary transthyretin-mediated amyloidosis (or hATTR). In this case, unusually, there is relatively little concern that Onpattro may not receive US approval and the […]
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29 May 2018 2 min read
Trust favourite Genmab hit by trial setback
Trust favourite Genmab hit by trial setback Denmark’s Genmab, a widely-held stock among the sector specialist investment trusts, has suffered a major setback in the past week with failure/termination of studies involving its lead product Darzalex, which is sold by Johnson & Johnson. The studies were both aimed at expanding the range of uses of Darzalex, […]
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09 May 2018 1 min read
Puretech digital health venture raises $55m
Puretech digital health venture raises $55m LSE-listed healthcare venture firm Puretech Health (PRTC)’s digital health offshoot, Akili Interactive, has raised $55m in a series C financing. The move comes ahead of its planned FDA filing for a tablet-based video game for the treatment for attention deficit hyperactivity disorder (ADHD). This product, AKL-T01, would – if approved – become one […]
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03 Apr 2018 2 min read
Trust favourite Alnylam sees shares tank on competitor success
Trust favourite Alnylam sees shares tank on competitor success US RNAi therapeutic specialist Alnylam Pharmaceuticals (Nasdaq:ALNY) has seen its shares fall by 22% over the long Easter weekend, principally on news of a surprise positive clinical trial result for a potential competitor to its lead product patisiran, which has been developed initially for hereditary transthyretin-mediated amyloidosis […]
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19 Dec 2017 3 min read
No takeovers please says Edinburgh Worldwide chairman
No takeovers please says Edinburgh Worldwide chairman – Edinburgh Worldwide Investment Trust says that, for the year ended 31 October 2017, its NAV increased by 31.6% and its share price by 43.0%. The comparative index, the S&P Global Small Cap Index, increased by 13.4% in sterling terms during this period. Henry Strutt, the chairman, says that the fund’s good relative […]
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18 Dec 2017 1 min read
Investment Trust Insider on Biotech
Investment Trust Insider on Biotech – inspired by the launch of our biotech news service on QuotedData, I wrote something for Citywire that looks at some of the exciting stories that have been published just in the last couple of weeks. James Carthew: biotech boom boosts generalist trusts This week I am returning to the […]
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12 Dec 2017 1 min read
Baillie Gifford-favourite Alnylam completes key US filing
Baillie Gifford-favourite Alnylam completes key US filing US biotech star and Baillie Gifford stock pick Alnylam Pharmaceuticals has completed its US regulatory application for patisiran, a treatment of adults with hereditary transthyretin-mediated amyloidosis (hATTR amyloidosis), putting the so-called RNA interference or “gene-silencing” therapeutic on track for approval in mid 2018. Patisiran may become Alnylam’s first […]
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08 Dec 2017 2 min read
Edinburgh Worldwide gets new deputy managers
Edinburgh Worldwide gets new deputy managers – Following discussion between the board and managers, Edinburgh Worldwide has announced the appointment of Svetlana Viteva and Luke Ward as deputy portfolio managers with immediate effect. Svetlana and Luke are part of Baillie Gifford’s Global Discovery investment team which is headed by Douglas Brodie, the manager of Edinburgh Worldwide. This […]
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03 May 2017 2 min read
14th consecutive year of outperformance for BlackRock Smaller
For fourteen consecutive years BlackRock Smaller Companies has outperformed its benchmark and increased its dividend. Over that period, the NAV has grown nearly ten-fold whereas the benchmark has almost quadrupled. The compound annual increase in dividends paid over the past five years has been 20% per annum. During the year to 28 February 2017, the NAV increased […]
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06 Feb 2017 1 min read
14 investment trusts for income and growth in 2017
Investors looking forward to a period of calm in 2017 might be disappointed, but David Prosser has the trusts experts are backing to navigate further storms. Having just been through a year of unprecedented political upheaval that sent financial markets spinning, many investors will be assuming 2017 cannot possibly be so tumultuous. The reality, however, […]
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09 Dec 2016 1 min read
Edinburgh Worldwide held back by healthcare exposure
Edinburgh Worldwide reports that over the year to 31 October 2016, the net asset value per share, cum income with debt at fair value, increased by 18.0% and the share price by 10.3%. The comparative index, the S&P Global Small Cap Index, increased by 29.0% in sterling terms. There is no final dividend. The manager’s […]
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01 Sep 2016 1 min read
Edinburgh Worldwide announces changes to management fee structure
Edinburgh Worldwide Investment Trust, which has a tiered fee structure, has announced that, with effect from 1 September 2016, a third stepped tier has been introduced at £250m of net assets. Under the revised arrangements, the annual management fee payable to the Company’s Investment Managers and Secretaries, Baillie Gifford & Co Limited, will be as […]
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28 Jul 2016 6 min read
F&C Managed Portfolio beats benchmark despite widening discounts
F&C Managed Portfolio reports that, for the company’s financial year to 31 May 2016, the NAV total return (i.e. adding dividends paid to capital performance) was -4.8% for the Income shares and -4.5% for the Growth shares which represented outperformance against the -6.3% total return for the FTSE All-Share Index, the benchmark index for both […]
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28 Jan 2016 2 min read
F&C Managed Portfolio beats UK market
F&C Managed Portfolio Trust has published interim results for the six months ended 30 November 2015, announcing a net asset value total return of -5.1% for the Income shares and -2.4% for the Growth shares compared to the FTSE All-Share Index return of -6.4%. The key drivers of the performance of the Growth Portfolio were […]
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11 Dec 2015 2 min read
Edinburgh Worldwide benefits from strong healthcare performance
Edinburgh Worldwide Investment Trust, managed by Douglas Brodie (pictured), has announced its annual results for the year ended 31 October 2015. During the year the company’s NAV by 10.0% and its share price by 13.8% beating its comparative index, the S&P Global Small Cap Index, which increased by 3.5% in sterling terms. The Company says […]
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08 Jun 2015 1 min read
Biotechs boost Edinburgh Worldwide
Edinburgh Worldwide beat its benchmark by a decent margin over the six months ended 30 April 2015, returning 14.7% on net assets vs. a 10.4% return for the benchmark, the S&P Citigroup Global Small Cap Index, the return to shareholders was even better at 17.7% as the discount narrowed from 8.5% to 6.1%. There is […]
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12 Dec 2014 1 min read
Policy change ill timed for Edinburgh Worldwide
Edinburgh Worldwide has published results for the year ended 31 October 2014. Over this period the fund’s net asset value fell by 2.7% and its share price fell by 4.9%. By contrast the benchmark (MSCI All Countries World Index (in sterling terms) until 31 January 2014, thereafter, the S&P Citigroup Global Small Cap Index (in […]
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09 Jun 2014 1 min read
Edinburgh Worldwide : EWI – interim results
Edinburgh Worldwide has released interim results that cover the six months that ended 30 April 2014. Approximately half way through the period Edinburgh Worldwide changed its remit and moved its portfolio from investing predominantly in large cap. stocks to investing in those with a market capitalisation of £5bn or less (only about 20% f the […]
Videos
In The Press
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05 May 2026 1 min read
Investment trust insider delievers some good news
James Carthew: Two glimmers of hope for investment trusts Seraphim Space’s £350m fundraise and investment trusts’ inclusion in the Pension Bill provide some good news for the sector. While I’m disappointed about the Edinburgh Worldwide (EWI) annual general meeting (AGM) result last week, it was already feeling like a foregone conclusion, hence why I sold […]
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30 Apr 2026 1 min read
James Carthew comments on the EWI US shareholders in Portfolio Adviser
James Carthew comments on the new US shareholders in EWI in Patrick Sanders’ article “We do not know who they [the US funds] are because no disclosures have been made, but it would be fascinating to know what they think is the benefit of buying EWI very close to asset value and handing it over […]
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1 min read
James Carthew comments on the new US shareholders in EWI in Trustnet
James Carthew comments on the US shareholders’ recent buying of EWI in Jonathan Jones’ article: “It would be fascinating to know what they think is the benefit of buying EWI very close to asset value and handing it over to Saba’s nominees. They could have captured any possible upside from SpaceX without changing the board,” […]
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1 min read
James Carthew comments on EWI and the US shareholders in Investment Week
James Carthew comments on the unknown US shareholders in EWI in Linus Uhlig’s article: “We do not know who they are because no disclosures have been made (they are likely below the threshold for that) but it would be fascinating to know what they think is the benefit of buying EWI very close to asset […]
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1 min read
James Carthew comments on US shareholders in EWI in FT Adviser
James Carthew comments on the new US shareholders in EWI in Tara O’Connor’s article: “We do not know who they are because no disclosures have been made (they are likely below the threshold for that) but it would be fascinating to know what they think is the benefit of buying EWI very close to asset […]
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20 Apr 2026 1 min read
Matthew Read comments on the EWIT board’s difficult position in Investment Week
Matthew Read comments on EWIT board challenges in Linus Uhlig’s article: “It is clear that the board has been placed in an exceptionally difficult position: trying to act for all shareholders while a significant minority investor seeks to railroad others and impose its own agenda in what looks like an attempt to gather assets under […]
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13 Apr 2026 1 min read
James Carthew comments on the blocked EWIT tender in Portfolio Adviser
James Carthew comments on the blocked EWIT tender offer in Patrick Sanders’ article: “Saba has said it will block any attempt to hold a tender before it seizes control. With the shares trading fairly close to NAV, I opted to sell mine this morning,” Read the article here
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09 Apr 2026 1 min read
Matthew Read comments on options for EWIT shareholders in Citywire
Matthew Read talks about options for exiting EWIT shareholders in Lotte Edwards’ article: “Scottish Mortgage provides access to a portfolio of some of Baillie Gifford’s most exciting listed growth ideas, along with some its larger private company investments, while Schiehallion offers exposure to a comparable pool of private companies to those held by Edinburgh Worldwide,” […]
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31 Mar 2026 1 min read
James Carthew comments on new Saba proposals in Investment Week
James Carthew comments on Saba’s open letter and proposals in Michael Nelson’s article: “We still see no evidence that investors in EWI, Herald, Impax Environmental and the many other trusts that Saba has targeted want to be invested in an activist strategy. If Saba is adamant that they do, why does it not try to […]
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1 min read
James Carthew comments on Saba open letter and proposals in Portfolio Adviser
James Carthew comments on Saba’s open letter and new proposals in Lauren Hardy’s article: “We still see no evidence that investors in EWI, Herald, Impax Environmental and the many other trusts that Saba has targeted want to be invested in an activist strategy. If Saba is adamant that they do, why doesn’t it try to […]
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23 Mar 2026 1 min read
Matthew Read comments on gap in regulatory framework in Portfolio Adviser
Matthew Read comments on regulatory fixes needed in Lauren Hardy’s article: “Saba’s actions across multiple funds have exposed a clear gap in the regulatory framework: smaller shareholders are at a disadvantage to large institutional holders in terms of voting power, enabling an activist to return repeatedly with the same resolutions, imposing costs on all shareholders,” […]
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1 min read
Investment trust insider on Murray International
James Carthew: The top global fund beating even Scottish Mortgage This global equity income fund is thrashing its peers thanks to expert stock selection, whilst still delivering its shareholders with a healthy dividend. The war in Iran is shaping up to be a major shock to the global economy, and I must admit that my […]
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17 Mar 2026 1 min read
James Carthew comments on the IEM exit tender in FT Adviser
James Carthew comments on Saba and the IEM exit tender offer in Tara O’Connor’s article: “Saba, through its intransigence and determination to ride roughshod over the wishes of other shareholders, has brought about the end of a unique trust… “In my view, IEM shareholders should vote in favour of the tender and tender all their […]
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1 min read
James Carthew comments on IEM’s exit tender in Investment Week
James Carthew comments on Saba and the IEM exit tender in Michael Nelson’s article: “Saba, through its intransigence and determination to ride roughshod over the wishes of other shareholders, has brought about the end of a unique trust..In my view, IEM shareholders should vote in favour of the tender and tender all their shares. The […]
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1 min read
James Carthew comments on IEM exit tender in Portfolio Adviser
James Carthew comments on the IEM tender in Lauren Hardy’s article “Saba, through its intransigence and determination to ride roughshod over the wishes of other shareholders, has brought about the end of a unique trust. In my view, IEM shareholders should vote in favour of the tender and tender all their shares..” Read the article […]
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1 min read
Investment trust insider on Edinburgh Worldwide and Saba
James Carthew: Saba has killed a trust that investors wanted – and for nothing Saba has strong-armed the end of Edinburgh Worldwide against the wishes of almost all other shareholders, and it may be left with no assets under management to extract fees. We have reached the point in the Saba saga where it is […]
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10 Mar 2026 1 min read
James Carthew comments on EWI’s tender plans in Daily Mail online
James Carthew comments on EWI’s 100% tender plans in Jane Denton’s article: He said EWIT had pressed the “self-destruct button”. “Assuming that Saba does not tender its shares – and reports suggest that it will not – shareholders who tender their shares can get 85 per cent cash and 15 per cent in a deferred […]
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1 min read
James Carthew comments on EWI’s tender plans in Portfolio Adviser
James Carthew comments on EWI’s 100% tender plans in Patrick Sanders’ article: “Edinburgh Worldwide is pressing the self-destruct button and the countdown has begun.” He added: “I understand why, but deeply regret that it has come to this.” Read the article here
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1 min read
James Carthew comments on EWI’s tender plans in Investment Week
James Carthew comments on EWI’s 100% tender offer in Michael Nelson’s article: “Edinburgh Worldwide is pressing the self-destruct button and the countdown has begun. I understand why but deeply regret that it has come to this.” Read the article here
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1 min read
James Carthew comments on EWI tender plans in Sharesify
James Carthew comments on the 100% tender plans for EWI in James Crux’s article: “EWI is pressing the self-destruct button and the countdown has begun. I understand why but deeply regret that it has come to this.” Read the article here
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12 Feb 2026 1 min read
Matthew Read comments on Saba and EWI in Citywire Investment Trust Insider
Matthew Read comments on Saba and EWI in Tom Aylott’s article: Saba.. ‘needs to rule out trapping other shareholders in strategies that they did not sign up for’ Read the article here
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1 min read
James Carthew and Matthew Read on Saba and EWI in Investment Week
James Carthew and Matthew Read comment on Saba’s EWI plan in Linus Uhlig’s article: “We would expect to see a cash exit at asset value given that the supposedly independent new board has almost certainly already made up its mind to appoint Saba as manager, but that does not do anything for investors like me […]
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11 Feb 2026 1 min read
QD analysts comment on Saba actions in Portfolio Adviser
James Carthew and Matthew Read comment on the latest Saba actions in Patrick Sanders’ article: “Insanity is doing the same thing over and over again and expecting different results. I keep saying that I cannot follow the logic to Saba’s actions, but maybe there just isn’t any.” “This is starting to feel a bit like […]
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10 Feb 2026 1 min read
James Carthew comments on latest Saba actions in Investment Week
James Carthew comments on the latest Saba actions in Linus Uhlig’s article: “Insanity is doing the same thing over and over again and expecting different results. I keep saying that I cannot follow the logic to Saba’s actions but maybe there just is not any.” Read the article here
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26 Jan 2026 1 min read
Investment trust insider on Herald’s tender proposals
James Carthew: Herald’s Saba retaliation is an existential gamble Herald’s 100% tender could either remove its unpredictable top shareholder or spell the end of a decades old trust with a great track record. A year has passed since Saba’s resounding defeat in its attempt to seize control of Herald (HRI). Last January, when HRI shareholders […]
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20 Jan 2026 1 min read
James Carthew on Saba in FT Adviser
James Carthew comments on Saba in Tara O’Connor’s article: “So, a record turnout and almost everyone bar Saba rejecting its proposals. “Surely the message must get through to Saba that investors don’t want it in charge; not of EWI, nor Herald, nor Impax Environmental Markets, nor any other trust for that matter. If it wants […]
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1 min read
James Carthew on Saba in Portfolio Adviser
James Carthew comments on Saba in Christian Mayes’ article: “So, a record turnout and almost everyone bar Saba rejecting its proposals. Surely the message must get through to Saba that investors don’t want it in charge; not of EWI, nor Herald, nor Impax Environmental Markets, nor any other trust for that matter. “If it wants […]
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1 min read
James Carthew on Saba in Daily Mail
James Carthew comments on Saba in Angharad Carrick’s article: ‘So, a record turnout and almost everyone bar Saba rejecting its proposals. ‘Surely the message must get through to Saba that investors don’t want it in charge; not of EWI, nor Herald, nor Impax Environmental Markets, nor any other trust for that matter. ‘If it wants […]
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1 min read
James Carthew comment on Saba in interactive investor
James Carthew comments on Saba in Dave Baxter’s article: Some commentators have been quick to cite the latest vote as a clear statement to Saba, with QuotedData head of investment companies James Carthew saying: “Surely the message must get through to Saba that investors don’t want it in charge.” Read the article here
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1 min read
James Carthew on Saba in Investment Week
James Carthew comments on Saba in Linus Uhlig’s article: “So, a record turnout and almost everyone bar Saba rejecting its proposals. Surely the message must get through to Saba that investors do not want it in charge; not of EWI, nor Herald, nor Impax Environmental Markets (IEM), nor any other trust for that matter”. “If […]
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1 min read
Investment trust insider on Baillie Gifford Shin Nippon
James Carthew: This Baillie Gifford laggard may need to rethink its options Long-time underperformer Shin Nippon presented a tender offer to appease shareholders, but more drastic action may be necessary. One of the interesting things to emerge from last year’s performance numbers was a recovery in the fortunes of a number of Baillie Gifford’s trusts. […]
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17 Jan 2026 1 min read
James Carthew comments on Saba and Herald in the Daily Mail
James Carthew comments on Saba, and Herald’s forthcoming tender, in Anne Ashworth’s article: “If Saba blocks the tender, it will be proof that its real goal is to find ways of trapping investors in funds that it can extract management fees from.” Read the article here
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05 Jan 2026 1 min read
James Carthew on EWIT, Saba and SpaceX on AJ Bell podcast
James Carthew talks to Hannah Williford on the AJ Bell Money & Markets podcast about Saba, Edinburgh Worldwide and SpaceX Listen to the podcast here
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17 Dec 2025 1 min read
James Carthew comments on Saba in the Mail
James Carthew comments on Saba’s EWIT proposals and why he’ll reject them in Jane Denton’s article: “..there is no doubt in my mind that the directors Saba is putting up have been selected because they will do its bidding rather than act for all shareholders’ best interests.” Read the article here
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1 min read
James Carthew explains why ‘no’ to Saba in Investment Week
James Carthew explains why he will reject Saba’s EWIT proposals in Linus Uhlig’s article: “There are many reasons for this but chief of them is Saba’s reluctance to spell out exactly what it intends to do with the company if it manages to seize control of it, as it will do if its proposals succeed. […]
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07 Dec 2025 1 min read
James Carthew on BG proposed trusts’ merger in The Times
James Carthew on the BG trusts’ merger proposals in Patrick Hosking’s article: “I have to say that I am with Saba on this one. The whole point of persevering with EW is that small caps are out of favour globally. I want to hold it for the eventual global small cap recovery. I do not […]
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04 Dec 2025 1 min read
James Carthew on Saba and EWI/USA merger in Mail’s This is Money
James Carthew comments on corporate governance and the proposed merger of BG trusts in Mike Sheen’s article: “It really isn’t a good idea to have a board comprised of directors selected by a single shareholder, or a board with zero experience of UK company law or UK corporate governance,”.. Read the article here
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02 Dec 2025 1 min read
James Carthew on BG trusts merger in Portfolio Adviser
James Carthew on the proposed BG trusts merger in Christian Mayes’ article: “The whole point of persevering with Edinburgh Worldwide is that small caps are out of favour globally. “I want to hold it for the eventual global small cap recovery. I don’t hold Baillie Gifford US Growth and don’t want to. If the merger […]
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1 min read
James Carthew on BG trusts merger in Investment Week
James Carthew comments on the Baillie Gifford trust merger proposals in Eve Maddock-Jones’ article: “The whole point of persevering with EWI is that small caps are out of favour globally. I want to hold it for the eventual global small cap recovery. I do not hold USA and do not want to. If the merger […]
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1 min read
James Carthew on BG trusts merger in interactive investor
James Carthew comments on the proposed merger of EWI and USA Baillie Gifford trusts in Dave Baxter’s article: “The whole point of persevering with EWI is that small caps are out of favour globally. I want to hold it for the eventual global small-cap recovery. I don’t hold USA and don’t want to. If the […]
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01 Dec 2025 1 min read
Investment trust insider on Saba and Edinburgh Worldwide
Investment trust insider on Saba and Edinburgh Worldwide – James Carthew: ‘Saba has too much capital and is running out of targets’ Saba needs to take a chill pill, stop obsessing over asset gathering, and think more about the long term rather than making a fast buck. There has been much speculation about Saba coming […]
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10 Feb 2025 1 min read
Investment trust insider on the end game for Saba
Investment trust insider on the end game for Saba – James Carthew: Saba’s wrong, discounts aren’t all bad Saba Capital’s defeat at six of the seven investment trust votes it requisitioned doesn’t mean the activist will give up, but it needs to work with boards rather than against them We are nearing the end game […]
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29 Jan 2025 1 min read
Baillie Gifford’s Edinburgh Worldwide questions Saba over liquidity and private markets capabilities
Linus Uhlig, Investment Week, 29 January 2025: The chair of Edinbugh Worldwide investment trust (EWI) questioned US activist hedge fund Saba Capital about its ability to provide liquidity to shareholders and to handle private assets, should it be successful in its attempt to oust the EWI board at the upcoming general meeting in February. In […]
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27 Jan 2025 1 min read
Investment trust insider on shareholder democracy
Investment trust insider on shareholder democracy – Carthew: Platforms could still do better as Saba threat to trusts remains Despite Saba’s resounding defeat against Herald, the challenge of rallying support for upcoming investment trust shareholder votes could still be greater than realised. I have said it here before, but it bears repeating, that one of […]
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25 Jan 2025 1 min read
How YOU can cash in on the investment trust revolution
By ANNE ASHWORTH, Daily Mail, 25 January 2025: The investment trust sector, the custodian of £269 billion of the nation’s savings, can trace its history back to 1868. But 2025 is set to go down in the annals of this industry as the year when it faced what some saw as an existential threat. The […]
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23 Jan 2025 1 min read
Questor on Edinburgh Worldwide
Questor on Edinburgh Worldwide – Ignore recent performance blips – this trust will keep building the future If a certain US vulture investor is defeated, there is long-term gain to be had A US vulture investor has requisitioned a meeting to replace the board of Edinburgh Worldwide and replace it with two directors, one of […]
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21 Jan 2025 2 min read
Retail Votes The Key To Deciding Investment Trusts’ Future
By Najiyya Budaly, Law360, 21 January 2025: Investment trusts on the London stock market should work at persuading retail investors that they have viable plans to increase value for shareholders if they want to defend against activist shareholders moving in to seize control, lawyers say. Analysts in the sector are watching after moves by a […]
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1 min read
Saba Capital: Does the US hedge fund have a point on UK investment trusts?
By: Elliot Gulliver-Needham, Investment Reporter, CityAM, 21 January 2025: US hedge fund Saba Capital triggered fury and an industry-wide defensive effort when it launched an activist campaign against seven UK investment trusts last month. The Manhattan-based hedge fund, led by Boaz Weinstein, has laid siege to the trusts, accused them of failing to perform, and […]
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1 min read
Investment trust insider poses 10 questions to Saba
Investment trust insider poses 10 questions to Saba – James Carthew: 10 questions Saba ignored at ‘scripted’ seminar Saba’s recent webinar was no more than a choreographed attempt to pull the wool over investors’ eyes. Here are the key questions Boaz Weinstein refused to answer Last Tuesday, Saba held a webinar attended by a raft […]
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17 Jan 2025 1 min read
Friday Briefing: The time for talking is over, Saba vote will show how much the industry cares about retail investors
Eve Maddock-Jones, Investment Week, 17 January 2025: Almost a month ago to the day, Saba Capital published its bombshell letter which has since sent the UK investment trust space into a spiral. Back on 18 December, Saba went public with its plans to oust the boards of seven trusts, forcing a spotlight on the closed-ended […]
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16 Jan 2025 1 min read
Investment trusts at crunch point
James Crux, Shares Magazine, 16 January 2025: The normally sleepy world of investment trusts received a wake-up call just before Christmas with the publication (18 December 2024) of a shareholder letter by activist investor Saba Capital Management calling for change at no fewer than seven well-known funds.. ‘Initially Saba is proposing to replace the current […]
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10 Jan 2025 1 min read
Friday Briefing: Where does activism end and independence begin?
Cristian Angeloni, Investment Week, 13 January 2025: As the financial services world was getting ready to shut their laptops, bring out the mince pies and get ready to celebrate the Christmas holidays and the New Year, US-based hedge fund Saba Capital had different plans in mind, as it unveiled some last-minute activism to end an […]
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07 Jan 2025 1 min read
Investment trust insider on Saba
Investment trust insider on Saba – Carthew: My objections to Saba’s plan and approach Our columnist says he is far from convinced by Saba’s activist campaign against seven trusts, many of which could see incipient recoveries frustrated. US arbitrageur Saba Capital has been investing in the UK investment companies market for a while now. It […]
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19 Dec 2024 1 min read
Why one US hedge fund is taking aim at the UK’s biggest investment trusts
By: Elliot Gulliver-Needham, Investment Reporter, CityAM, 19 December 2024: A shake up could be coming for the UK’s investment trust industry after US hedge fund Saba Capital launched a campaign to topple the boards of seven different companies yesterday.. The New York-based hedge fund has been stalking the sector for some time but, despite attempts […]
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1 min read
Activist Saba launches board and management coup at seven London-listed investment trusts
By MIKE SHEEN, This is Money, 19 December 2024: An activist investor is hoping to seize control of seven underperforming London-listed investment trusts after urging shareholders on Wednesday to sack their respective boards.. Saba has built stakes of 19 to 29 per cent in each of the trusts, which have suffered yawning discounts to their […]
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18 Dec 2024 1 min read
Activist Saba unleashes campaign against seven investment trusts
Gavin Lumsden, Investment Trust Insider, 18 December 2024: After months of mystery over its intentions, activist Saba Capital today launched campaigns for change at seven investment trusts in which it is the leading shareholder with stakes of 19-29%. The New York based hedge fund manager has requisitioned general meetings at three Baillie Gifford trusts: Baillie […]
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1 min read
US hedge fund takeover of investment trusts may be ‘positive’
David Thorpe, FT Adviser, 18 December 2024: US hedge fund Saba Capital is attempting to remove the boards of seven UK investment trusts, a move which could be positive for advisers’ clients, according to Iain Scouller, analyst at Stifel.. Each of those trusts has suffered performance issues in recent years and traded at wide discounts […]
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1 min read
US activist looks to oust boards at seven investment trusts
by Kyle Caldwell from interactive investor,18th December 2024: US activist investor Saba Capital has called for the removal of board members at seven investment trusts in which it is the largest shareholder, owning stakes between 19% and 29%.. Saba Capital has called for general meetings to take place for each trust by early February, and […]
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1 min read
Saba Capital launches campaign to replace seven investment trust boards
Christian Mayes, Portfolio Adviser, 18 December 2024: After months of curiosity around its intentions for the investment trust sector, activist investor Saba Capital has launched a campaign to replace seven investment trust boards. The US hedge fund has requisitioned the boards of Baillie Gifford US Growth Trust, CQS Natural Resources Growth & Income, Edinburgh Worldwide […]
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1 min read
Saba slammed for ‘obvious flaw’ in strategy to oust boards of seven investment trusts
Linus Uhlig, Investment Week, 18 December 2024: Analysts have slammed hedge fund manager Saba Capital after it launched campaigns to oust the boards of seven investment trusts of which it is a major shareholder. Activist New York-based hedge fund Saba has requisitioned general meetings of shareholders at seven UK investment trusts to reconstitute their respective […]
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1 min read
The gloves are off: Saba reveals its hand
By Emma Wallis, News editor, Trustnet, 18 December 2024: Saba Capital Management has published a letter proposing dramatic changes to seven investment trusts in which it is the largest shareholder. Its targets include three trusts managed by Baillie Gifford (Edinburgh Worldwide, Keystone Positive Change and Baillie Gifford US Growth) and two from Janus Henderson Investors […]
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2 min read
US activist moves to oust seven investment trust boards
by Dave Baxter, Investors Chronicle, December 18, 2024: Saba Capital wants to remove the boards of seven investment trusts and enact measures it claims will deliver better shareholder value. The activist investor, which has built stakes for several months, called for general meetings to be held at Baillie Gifford vehicles Baillie Gifford US Growth (USA), […]
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1 min read
US hedge fund targets Baillie Gifford in swoop on British trusts
Alex Ralph, Chief Business Correspondent, The Times, December 18 2024: An American activist investor has launched a campaign to remove the boards of seven UK-listed investment trusts, accusing some of delivering “disastrous” returns. Saba Capital, the New York-based hedge fund firm, issued an open letter on Wednesday calling on the boards to call a shareholder […]
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10 Dec 2024 1 min read
Scottish Mortgage, Finsbury Growth & Income and other trusts with catalysts
By Emma Wallis, News editor, Trustnet, 10 December 2024: Some of the largest and best-known investment trusts are on the cusp of events that could boost their share prices, narrow their discounts and reward shareholders, including Scottish Mortgage and Pershing Square Holdings.. A significant catalyst for Scottish Mortgage could be its 4.8% allocation to Space […]
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20 Nov 2024 1 min read
Edinburgh Worldwide to undergo restructure following poor performance
Tom Aylott, Portfolio Adviser, 20 November 2024: Baillie Gifford’s Edinburgh Worldwide investment trust is to undergo a restructure following three years of negative returns. The £630m trust’s share price has more than halved since its peak in 2021, falling 58.7% – almost quadruple that of the 15.9% loss made by its peers in the IA […]
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31 Jul 2024 1 min read
Top 20 investment trusts that have seen their discounts narrow
by Kyle Caldwell from interactive investor, 31st July 2024: For about 18 months, there’s been no shortage of investment trust bargain opportunities, with the average trust discount typically trading at around -15%.. For this article, we asked QuotedData, the investment trust analyst, to crunch the numbers to reveal which trusts have bucked the trend and […]
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17 Jul 2024 2 min read
Baillie Gifford’s Monks Investment Trust dials down racy stocks
by Val Cipriani, Investors Chronicle, July 17, 2024: Baillie Gifford has dialled down the risk in its global investment trust, Monks Investment Trust (MNKS), in an attempt to turn around poor numbers – but all of the company’s global strategies are still some way off recovering from the 2022 rout. Despite posting better numbers in […]
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25 Apr 2024 1 min read
Fundsmith or Baillie Gifford: Which should you pick for small-cap exposure?
By Jean-Baptiste Andrieux, Reporter, Trustnet, 25 April 2024: Fundsmith Equity and Scottish Mortgage rank high on investors’ buy lists due to their impressive performance over the past decade. As a result, fans of the two global large-cap portfolios might also be interested in their small-cap siblings, Smithson and Edinburgh Worldwide. In theory, small-caps should outperform […]
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23 Apr 2024 1 min read
Investment trust insider on US small caps
Investment trust insider on US small caps – James Carthew: US small caps will have their magnificent rally We know that UK-focused smaller company trusts have been suffering recently and one of the reasons cited is that UK-based investors are reducing their allocation to the domestic stock market within their portfolios. The destination for their […]
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08 Mar 2024 2 min read
The investment trusts banking on an IPO rebound
by Dave Baxter, Investors Chronicle, March 8, 2024: With its latest trading update unveiling a fifth straight annual loss, unquoted buy now, pay later business Klarna embodies some of the problems facing racy growth companies in recent times. Once seen as a promising name, the lender has struggled in the face of rising rates and […]
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06 Feb 2024 1 min read
The funds to pair with, or replace, Scottish Mortgage in your portfolio
By Jean-Baptiste Andrieux, Reporter, Trustnet, 06 February 2024: Scottish Mortgage seems to be back on investors’ radars, as they project central banks to start cutting rates at some point this year – boosting the growth-heavy portfolio… The Baillie Gifford’s flagship investment trust has struggled since central banks started their hiking cycle, but falling interest rates […]
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02 Nov 2023 1 min read
The funds pros have personally invested in for Junior ISAs
by Jennifer Hill from interactive investor, 30th October 2023: Investing for children and grandchildren is a great way to build a nest egg, and with a long time frame there’s plenty of time to ride out the inevitable ebbs and flows of investment markets… The general rule of thumb is that the younger you are, […]
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10 Aug 2023 1 min read
The pros and cons of Scottish Mortgage and Edinburgh Worldwide
By Jean-Baptiste Andrieux, Reporter, Trustnet, 10 August 2023: Scottish Mortgage and Edinburgh Worldwide belong to two different sectors but share a range of similarities. Besides being both run by Baillie Gifford, they invest with a global mandate, mix public and private equities and have highly concentrated portfolios. Moreover, they are both currently trading on a […]
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14 Jul 2023 1 min read
The Baillie Gifford trusts worth backing
By Jean-Baptiste Andrieux, Reporter, Trustnet, 13 July 2023: Edinburgh-based investment firm Baillie Gifford had a dreadful time in 2022, with none of its 49 funds and trusts making a positive return. Baillie Gifford’s funds rose to prominence and were popular among investors as their strong tilt towards growth blossomed the low interest rate environment of […]
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28 Jun 2022 1 min read
Have growth and value fund pairs outperformed the market?
by Jennifer Hill from interactive investor, 23rd June 2022: Last year we asked experts to name value and growth fund pairs to navigate the market rotation. The tactic has not yet paid off, but should investors stick with them?.. The sharp reversal in fortunes highlights the folly of pinning your colours to a single mast. […]
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14 Jun 2022 1 min read
Bargain Hunter: Baillie Gifford trusts are cheap, time to buy?
by Kyle Caldwell, interactive investor, 14th June 2022: 11 Baillie Gifford trusts are trading on wider-than-usual discounts. We ask analysts whether this is an opportunity for brave investors to pick up bargains… With inflation levels soaring and interest rates on the rise, growth companies, including tech firms, have fallen out of favour. Instead, investors have […]
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16 May 2022 1 min read
Eight star fund managers you can buy on the cheap
Sam Benstead from interactive investor, 11th May 2022: The stock market rout this year has created a rare opportunity to buy shares in investment trusts run by star managers at large discounts to the value of their investments. Headline bargains include a 38% discount on Pershing Square Holdings run by Bill Ackman, a 10% discount […]
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21 Apr 2022 1 min read
Discover the best and worst performing investment trusts so far in 2022
James Crux, Shares Magazine, 21 April 2022: Rising interest rates since the turn of the year, runaway inflation and Russia’s shocking invasion of Ukraine have shaken the investment kaleidoscope in 2022 and forced many investors to reposition portfolios for an increasingly uncertain world… COMMODITIES TRUSTS IN DEMAND Precipitated by the supply/demand imbalances caused as global […]
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02 Mar 2022 2 min read
Four high-risk funds to buy, hold and forget about
Trustnet asks fund pickers which aggressive portfolios deliver steady returns in the long-run By Eve Maddock-Jones, Reporter, Trustnet, 2 March 2022: Market volatility is expected to stay higher for longer and for the bolder investors there are several more adventurous options for delivering consistent returns long-term. The past few months have been tough for investors, […]
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22 Feb 2022 1 min read
Bargain Hunter: 10 trusts that have moved from premiums to discounts
These trusts have seen their premiums vanish since the start of the year as growth shares lost ground. Kyle Caldwell from interactive investor 17th February 2022: Given all the volatility in the first six weeks of 2022, a surprising statistic is that the number of equity investment trusts trading on a premium to their net […]
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07 Feb 2022 2 min read
Gateway to private markets
Hannah Smith, AIC’s Compass, 4 February 2022: Unquoted companies offer the exciting potential for unbridled growth, albeit with a high level of stock-specific risk. With companies taking longer to reach IPO stage, there are more opportunities in this space, and now even mainstream investment trusts are making unlisted businesses a significant part of their portfolios. […]
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31 Jan 2022 1 min read
Investment trust insider on growth stocks
Investment trust insider on growth stocks – James Carthew: Growth is strong but still on a Blue Planet Back in early December, when the severity of the impact of the Omicron variant wasn’t clear, I finished my article by saying that US stocks were quite expensive, and I was nervous about a correction in 2022. […]
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15 Nov 2021 2 min read
The alternative trusts allowing investors to capture new trends
Investment trusts enjoy record year for fundraising as they back a new wave of innovation November 11, 2021, Investors Chronicle, By Mary McDougall Investment trust fundraising amounted to £11.4bn in the first 10 months of the year, a record for the ancient fund structure which is now financing a new wave of innovation. Most striking is the […]
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19 Jul 2021 1 min read
The investment trusts readers have been studying
The surprising investment trusts Trustnet readers have started researching By Rory Palmer, Reporter, Trustnet 16 July 2021 Baillie Gifford has dominated the most-researched investment trusts by readers in 2021 but previously unheralded names such as Geiger Counter, Miton UK MicroCap and Canadian General Investments have seen the greatest surge, according to the latest figures. Comparing page […]
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29 Mar 2021 1 min read
How to spot smaller companies winners
How to spot smaller companies winners There’s additional risk with small-cap funds but the good ones pay off March 23, 2021, Investors Chronicle, By Mary McDougall Funds that focus on smaller companies tend to outperform their benchmark indices by a greater proportion than their large-cap peers over time. The average share price and net asset value (NAV) total […]
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1 min read
Mix and match to profit from recovery for value funds and trusts
Mix and match to profit from recovery for value funds and trusts by Jennifer Hill from interactive investor | 24th March 2021 10:23 Riding the resurgence of value as an investment style without throwing caution to the wind means holding both value and growth funds… While the powerful wave of returns from growth stocks appears to have broken recently amid […]
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16 Mar 2021 1 min read
Buying on the dip
Buying on the dip: investors pile in to stocks ripe for a recovery Lockdown is lifting, so why not snap up the companies that are ready to bounce back David Brenchley, Saturday March 13 2021, 12.01am, The Times Investors have been taking advantage of whipsawing markets as they buy on the dips in share prices […]
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12 Feb 2021 1 min read
When it is worth paying a premium for an investment trust
When it is worth paying a premium for an investment trust by Jennifer Hill from interactive investor | 10th February 2021 10:06 Positive news on Covid-19 vaccines led to investment trusts re-rating considerably during 2020. The average discount among equity investment trusts narrowed from 4.6% to 2.5% – the tightest level on record – according to Numis Securities. Discounts widened […]
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04 Jan 2021 1 min read
2020’s investment trust winners: time to take profits?
2020’s investment trust winners: time to take profits? December 30, 2020 By Dave Baxter The enormous sell-off that took hold in February and March was swiftly followed by a fierce rally that has come to dominate much of the year. MSCI World index rose by nearly 40 per cent in sterling terms between the start of […]
