Boaz Weinstein, founder and chief investment officer at Saba Capital, has accused seven investment trusts of making misleading claims about his track record in an increasingly bitter war of words.

Mr Weinstein has called on shareholders in the trusts to sack their boards and replace them with new directors in order to boost performance.

Among the attacks on Saba’s move was a claim that its “motives are self-serving and will not benefit all shareholders,” that it wants to take control of each trust “for its own economic benefit rather than due to concerns about the company’s performance”, and that it “has not offered a plan for the benefit of all shareholders.”

Mr Weinstein hit back, saying: “The current boards of directors and investment managers have failed to perform versus their benchmarks, resulting in deep trading discounts to net asset value, which we believe have only recently narrowed as a result of Saba’s investment.”

In one response – to criticism from Baillie Gifford US Growth Trust – he said: “Baillie Gifford’s Scottish Mortgage Investment Trust and Schiehallion Fund have similar positions in private companies like SpaceX, yet they trade at double-digit discounts.”

Mr Weinstein will be hosting a live webinar on Tuesday, 14 January at 1pm to explain his position.

Aside from Baillie Gifford US Growth Trust, the others being targeted are: Natural Resources Growth & Income, Edinburgh Worldwide Investment Trust, European Smaller Companies Trust, Henderson Opportunities Trust, Herald Investment Trust, and Keystone Positive Change Investment Trust.