Baillie Gifford US Growth Trust sounds alarm over hedge fund Saba's new raid
Saba has built up a 29 per cent stake in the trust and is trying to appoint three directors to its board, having twice been rebuffed .
London - Baillie Gifford US Growth Trust plc has advised shareholders to oppose three resolutions put forth by Saba Capital Management, L.P. at the company's upcoming annual general meeting on October 23, 2026. The board maintains that allowing Saba-linked individuals to join the board would undermine independence and potentially derail the company's US growth strategy.
Saba requested the resolutions on August 24, 2026, in an attempt to gain control of the company. Baillie Gifford's chairman, Tom Burnet, believes Saba's goal is control, not liquidity. The board has attempted to engage with Saba to explore exit options, but Saba has rejected those proposals. If the resolutions are unsuccessful and the current directors are re-elected, Baillie Gifford intends to pursue a cash exit opportunity in close proximity to net asset value.
Shareholders received notice of the AGM, which will be held on October 23, 2026, at 1:00 p.m. at Stephenson Harwood LLP's London offices. The proxy voting deadline is October 21, 2026, at 1:00 p.m. This report, AI-assisted and edited, offers factual details without speculation.
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