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Saba demands full cash exit at Baillie Gifford US Growth Trust

The activist is seeking to place three directors on the board at the trust’s upcoming AGM and aims for a 100% cash exit near net asset value.

Reported · Written up by our desk · Fund Industry

Hedgeweek reports that Saba Capital Management has escalated its campaign at Baillie Gifford US Growth Trust, proposing three new directors and pressing for a full cash exit for shareholders at or near net asset value.

Saba, the trust’s largest shareholder, has nominated Jason Chen, Thomas H. McGlade and Sir James Waterlow for election at the upcoming AGM, arguing that investors have faced persistent underperformance and a discount to NAV.

Saba said that over the past five years the trust underperformed the S&P 500 by 88.4% on a share price basis and 79.1% on an NAV basis.

The outcome of the AGM vote will determine whether Saba’s nominees win board seats and can push the trust toward a full liquidity event, as part of Saba’s broader UK investment trust activism.

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