Saba Capital Management said on Thursday that it has written to Edinburgh Worldwide Investment Trust Plc - in which it has a 30% stake - to request a general meeting as it looks once again to oust the entire board.
New York-based Saba, which is run by Boaz Weinstein, said in an open letter to EWI: "We do not have faith in the current board's ability to implement the necessary strategic changes.
"As the company's largest shareholder, we feel a duty to our fellow shareholders to drive this essential change.
"Therefore, we will requisition a general meeting of the company to remove the entire incumbent board and, in its place, appoint a new board composed solely of qualified, independent directors who are committed to delivering long-term value for all shareholders."
Saba had already requisitioned a general meeting nearly a year ago, saying it had been "profoundly disappointed" with the share price performance "for some time".
"At that time, you vigorously rejected our legitimate concerns and encouraged shareholders to dismiss them, imploring them to 'Protect your Trust'," it said in Thursday's letter.
"Following last year's general meeting, Mr. Simpson-Dent, as chair of the board, appeared to belatedly acknowledge the validity of our campaign, stating: '...Our job now is to deliver the performance our shareholders rightly expect'."
Since then, Saba said, the board has "objectively and categorically" failed to execute that job.
It said the trust's failure to deliver was "undeniable".
Saba pointed out that the trust's net asset value is down 30.8% over the last five years and the share price has dropped 35%, "massively" underperforming its self-selected benchmark, the FTSE All-Share Index, by more than 100 percentage points.
"The magnitude of this value destruction is unprecedented among peer UK equity investment trusts over this period," Saba wrote in the letter.
It said the company has "consistently underperformed" across the one-, three-, and five-year periods and that its buyback activity over the past three years has fallen below the average for UK investment trusts executing buybacks over the same period.
"We remain profoundly frustrated by the board's prolonged inertia, especially given the decisive actions taken by the boards of several other UK investment trusts to increase share prices and narrow persistent discounts to NAV," Saba said.
As at the end of October, EWI's total assets stood at £847.15m.