American hedge fund relaunches campaign against Scottish investment trust

The American hedge fund tycoon, Boaz Weinstein, has once again made headlines with his relentless campaign against the investment trust industry in Britain. This time, his target is the Baillie Gifford-run fund, Edinburgh Worldwide Investment Trust (Ewit), which he believes is not performing up to its potential.

Weinstein, the founder of Saba Capital, has been a vocal critic of the investment trust industry in Britain for years. He has accused these trusts of underperforming and failing to deliver satisfactory returns for their shareholders. In his latest move, Weinstein has shared an open letter to investors in Ewit, urging them to take action and demand changes in the management of the fund.

This development comes less than a month after Weinstein suffered a resounding defeat at a crucial meeting of Ewit shareholders. Despite his best efforts to rally support and gain control of the trust, the majority of shareholders voted against his proposals. However, this has not deterred Weinstein from continuing his crusade against the investment trust industry.

In his letter, Weinstein has highlighted his concerns about the performance of Ewit, which is managed by Baillie Gifford, one of the largest investment management firms in the UK. He has accused the fund of underperforming compared to its peers and failing to capitalize on the potential of its investments. Weinstein believes that a change in the management of the fund is necessary for it to reach its full potential and deliver better returns for its shareholders.

The American hedge fund tycoon has also raised questions about the fees charged by Baillie Gifford for managing Ewit. He believes that these fees are too high and are eating into the returns of the fund. Weinstein has called for a reduction in these fees and has urged shareholders to demand more transparency in the management of the fund.

Despite Weinstein’s persistent criticism, Baillie Gifford has defended its management of Ewit. The firm has pointed out that the fund has consistently outperformed its benchmark index over the years and has delivered strong returns for its shareholders. Baillie Gifford has also stated that it is committed to working in the best interests of the fund and its shareholders.

The ongoing battle between Weinstein and Baillie Gifford has once again brought the investment trust industry in Britain into the spotlight. While some may see Weinstein’s campaign as disruptive and unnecessary, others believe that it has shed light on the need for greater accountability and transparency in the management of these trusts.

Regardless of one’s stance on the matter, it is clear that Weinstein is a determined and influential figure in the investment world. His actions have sparked a much-needed debate about the performance and management of investment trusts in Britain. This could lead to positive changes and improvements in the industry, ultimately benefiting shareholders and investors.

In conclusion, Boaz Weinstein’s renewed campaign against the Baillie Gifford-run Edinburgh Worldwide Investment Trust has once again put the spotlight on the investment trust industry in Britain. While his tactics may be controversial, his efforts have sparked an important discussion about the management and performance of these trusts. It remains to be seen what impact his latest move will have, but one thing is certain – Weinstein’s determination and influence cannot be ignored.