{"id":46398,"date":"2025-12-29T11:35:38","date_gmt":"2025-12-29T11:35:38","guid":{"rendered":"https:\/\/quickassetsmarket.com\/index.php\/2025\/12\/29\/edinburgh-worldwides-spacex-bet-delivers-nearly-950-return\/"},"modified":"2025-12-29T11:35:38","modified_gmt":"2025-12-29T11:35:38","slug":"edinburgh-worldwides-spacex-bet-delivers-nearly-950-return","status":"publish","type":"post","link":"https:\/\/quickassetsmarket.com\/index.php\/2025\/12\/29\/edinburgh-worldwides-spacex-bet-delivers-nearly-950-return\/","title":{"rendered":"Edinburgh Worldwide\u2019s SpaceX bet delivers nearly 950% return"},"content":{"rendered":"
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The Edinburgh Worldwide Investment Trust (EWIT) has generated a near 950% return on its long-held investment in Elon Musk\u2019s Space Exploration Technologies, better known as SpaceX, underscoring one of the most successful private-market bets in its portfolio. <\/p>\n

The investment has also become a focal point in a growing dispute with the trust\u2019s largest shareholder, activist hedge fund Saba Capital.<\/p>\n

A speculative bet that paid off<\/h2>\n

EWIT, a closed-end investment trust managed by Baillie Gifford, first invested in SpaceX in 2018. <\/p>\n

At the time, the position was considered an early-stage and speculative bet, according to Jonathan Simpson-Dent, chair of the trust. <\/p>\n

Much of the conviction came from EWIT\u2019s portfolio management team, backed by what Simpson-Dent described as a \u201cmassively supportive\u201d board.<\/p>\n

The trust\u2019s familiarity with Musk\u2019s track record, particularly through its early investment in Tesla, played a key role in shaping confidence in SpaceX\u2019s long-term potential. <\/p>\n

Simpson-Dent said Tesla had generated \u201cdisproportionate returns\u201d for EWIT shareholders over the past decade, helping reinforce the belief that SpaceX could follow a similarly transformational path.<\/p>\n

As SpaceX expanded its launch capabilities and the Starlink satellite network gained traction across multiple end markets, EWIT continued to strengthen its position over several years. <\/p>\n

In a recent update, the trust said its SpaceX holding has generated an absolute return of 947%, making it EWIT\u2019s largest investment.<\/p>\n

Portfolio discipline and trimming the position<\/h2>\n

SpaceX now accounts for around 16% of EWIT\u2019s overall portfolio, which totals approximately \u00a3847.15 million ($1.14 billion) in assets. <\/p>\n

The position is more than double the size of the trust\u2019s next-largest holding.<\/p>\n

Recently, EWIT trimmed its exposure to SpaceX, selling roughly one-third of its stake, while keeping it as the trust\u2019s biggest investment. <\/p>\n

Simpson-Dent said the decision was driven by portfolio discipline rather than a loss of conviction. <\/p>\n

EWIT\u2019s investment guidelines allow around 25% of the portfolio to be held in unlisted assets, a threshold that can naturally rise as valuations increase.<\/p>\n

However, Simpson-Dent noted that when the unlisted portion grows closer to 30%, it reduces the flexibility to invest in other private companies. <\/p>\n

Trimming the SpaceX stake was intended to manage concentration risk and preserve \u201cdry powder\u201d for future opportunities, while maintaining significant exposure to the business.<\/p>\n

Activist pressure and boardroom tensions<\/h2>\n

The sale has intensified a long-running dispute between EWIT and Saba Capital, a New York-based hedge fund that holds roughly 30% of the trust. <\/p>\n

Saba founder Boaz Weinstein publicly criticized the decision, questioning the price at which EWIT sold part of what he described as its \u201ccrown jewel,\u201d amid speculation over SpaceX\u2019s potential valuation.<\/p>\n

Simpson-Dent explained that SpaceX periodically conducts employee tender offers, providing opportunities for shareholders like EWIT to reduce positions while remaining invested. <\/p>\n

Despite this, Saba has accused EWIT of value destruction and has called for significant governance changes.<\/p>\n

Saba has secured a general meeting scheduled for January 26, where it plans to propose removing EWIT\u2019s current board and replacing it with three nominees of its own. <\/p>\n

EWIT has urged shareholders to vote against the proposal, arguing that its approach balances long-term conviction with prudent risk management.<\/p>\n<\/p>\n

The post Edinburgh Worldwide\u2019s SpaceX bet delivers nearly 950% return<\/a> appeared first on Invezz<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Edinburgh Worldwide Investment Trust (EWIT) has generated a near 950% return on its long-held investment in Elon Musk\u2019s Space Exploration Technologies, better known as SpaceX, underscoring one of the most successful private-market bets in its portfolio. The investment has also become a focal point in a growing dispute with the trust\u2019s largest shareholder, activist <\/p>\n","protected":false},"author":1,"featured_media":46399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-46398","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"_links":{"self":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/46398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/comments?post=46398"}],"version-history":[{"count":0,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/46398\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media\/46399"}],"wp:attachment":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media?parent=46398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/categories?post=46398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/tags?post=46398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}