Saba Capital and the Baillie Gifford-run Edinburgh Worldwide (EWI) are at loggerheads again, a year after the activist first tried to oust its directors and replace them with its preferred alternatives. This time, a lot of focus has been on EWI's stake in SpaceX, where it recently sold down a large chunk of its holding a few months before a large increase in the company's valuation. Here, we look at the history of SpaceX in the various Baillie Gifford trusts that have invested in it. At $800bn, SpaceX is the world's most highly valued private company, and it is rumoured to be targeting an IPO ...
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Edinburgh Worldwide (EWI) was launched in 1998 as a reconstruction vehicle for a previous fund that dated back to 1896. Baillie Gifford was appointed as manager in 2003, first running EWI under its Long Term Global Growth strategy before switching to global small-caps in early 2014 when Douglas Brodie took over as its lead manager. Unlisted investments have become an increasingly large proportion of EWI's portfolio in recent years and account for just over a quarter of its assets, mostly due to major positions in SpaceX and PsiQuantum. EWI's share price doubled from 2016 to 2019 and then doubl...
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