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In this episode, our director of content, investment companies Milosz Papst talks about Edinburgh Worldwide Investment Trust. This is a timely podcast as the trust is once again under fire from US-based activist hedge fund Saba Capital Management. Shareholders voted decisively against Saba’s proposals in February 2025 and Edinburgh Worldwide’s board is urging shareholders to do so again. This time round, Saba has amassed a larger stake in the trust and is proposing to replace Edinburgh Worldwide’s board with three of its own representative but has given no indication about the trust’s future strategy. Timing is tight as the general meeting is scheduled for 12:00 noon on 20 January 2026. The cut-off for submitting votes is 12:00 noon on Saturday 17 January 2026 but for platforms, the date may be as soon as 12 January 2026.

Papst provides a brief introduction to Edinburgh Worldwide before highlighting how the board has proactively addressed a period of poor performance. This included enhancing the investment team and meaningful improvements in portfolio construction and execution, such as fewer holdings and stricter measures to address underperforming investments. The portfolio was reshaped to include more profitable, cash-generative companies and to have greater sector diversification. These efforts have led to notably better performance.

Attention then returns to the pressing issue of Saba. Edinburgh Worldwide’s board strongly urges all of its shareholders, no matter how large or how small, to vote against Saba’s proposal to take control of the trust in a move that would favour Saba over the trust’s existing shareholders. Saba has not stated its intentions, beyond replacing the board, and has failed to engage, including a lack of response to a list of questions in Edinburgh Worldwide’s open letter on 30 December 2025.

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About Uncovering Trusts: Uncovering Trusts is a podcast run by Edison analysts, which is released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

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1. The Asian return potential may be underestimated.
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5. AAIF has a progressive dividend policy.

For more information on AAIF, please see our website.

For any income-focused investor moving from initial interest to active consideration of adding a stock to their portfolio, it is advisable to interrogate the extent to which the company’s strategy is supported by a durable and mathematically sound shareholder return framework.

For any major integrated energy company, the central challenge is clear: deliver competitive shareholder returns today while navigating the complexities of the global energy transition. bp has announced a "fundamental update" of its strategy—a decisive answer to this challenge that reflects decades of leadership experience and the imperative to deliver strong performance for shareholders.

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