Saba Capital Activist Boaz Weinstein Calls for Removal of Baillie Gifford-Run Tech Investment Trust's Entire Board
Saba Capital activist Boaz Weinstein has called for the removal of the entire board of Baillie Gifford's EWI trust. This move comes after the trust's recent underperformance, with its shares falling by 30% over the past year.
Background
Baillie Gifford's EWI trust is a technology-focused investment trust that has been underperforming in recent times. The trust's shares have fallen by 30% over the past year, leading to concerns among investors.
Weinstein's Call for Change
Boaz Weinstein, the activist hedge fund manager at Saba Capital, has called for the removal of the entire board of Baillie Gifford's EWI trust. Weinstein believes that the current board is not doing enough to turn around the trust's performance and is calling for a complete overhaul.
Impact on Investors
The move by Weinstein is likely to have a significant impact on investors in the trust. If the board is removed, it could lead to a change in the trust's investment strategy and potentially improve its performance. However, it could also lead to a short-term decline in the trust's shares as investors adjust to the new board.
Conclusion
The call by Boaz Weinstein for the removal of the entire board of Baillie Gifford's EWI trust is a significant development in the world of activism. It highlights the growing trend of activist investors seeking to shake up underperforming companies and improve their fortunes.