Baillie Gifford US Growth Trust asks shareholders support against Saba

Baillie Gifford US Growth Trust PLC on Thursday said its annual general meeting will include three resolutions requisitioned by activist investor Saba Capital Management LP, but it asked shareholders to vote them down.

The investment trust focused on US growth stocks called its AGM for October 23. The Saba resolutions are to appoint three Saba representatives to the board.

Chair Tom Burnet said Saba is seeking to obtain control of the company, with the three Saba directors, if elected, likely to "pursue proposals that are designed to further Saba's own interests at the expense of other shareholders".

Burnet noted that shareholders have voted down Saba proposals before, while the Baillie Gifford US Growth Trust board has offered Saba and other shareholders a cash exit, which Saba rejected.

The trust noted that it had a net asset value total return of 31% in the financial year that ended May 31, just ahead of the total return of the S&P 500 index in sterling terms of 30%.

Burnet said the trust has succeeded in its strategy since launch in 2018 of giving shareholders exposure to US growth companies, including "difficult to access" private companies such as Anthropic, OpenAI and Stripe, as well as the recently listed Space Exploration Technologies Corp.

Baillie Gifford US Growth Trust shares were up 2.0% to 361.00 pence on Thursday morning in London for a market capitalisation of £999.0 million. They are up 36% in the past 12 months.

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