How to make your vote count in the latest Saba investment trust battles

Crucial shareholder votes are taking place this month at Baillie Gifford US Growth and SDCL Energy Efficiency Income trust where US activist investor Saba Capital is battling with the boards for change.

Saba appeared on the UK scene in 2024, targeting seven investment trusts. Having taken large stakes in these trusts, it launched campaigns to remove the current boards and change their investment approach because, Saba argued, they weren’t doing enough for investors to improve returns and narrow their discounts to net asset value.

Spearheaded by founder and chief investment officer Boaz Weinstein, Saba requisitioned shareholder meetings to vote on its proposals but was defeated in all of these initial votes.

However, it has continued to push for change in the trust universe and, as of October 2026, Saba has secured board control of two UK investment trusts: Edinburgh Worldwide and Impax Environmental Markets.

It had also reached negotiated tender, exit, restructuring or standstill agreements involving Herald, The European Smaller Companies Trust, City Natural Resources Growth and Income, Middlefield Canadian Income, Schroder UK Mid Cap, BlackRock Throgmorton / BlackRock Smaller Companies, Brown Advisory US Smaller Companies / JP Morgan US Smaller Companies alongside seven Aberdeen - managed investment trusts.

What campaigns is Saba running now?

In the UK, Saba is currently fighting on several fronts. These include in investment trusts Baillie Gifford US Growth and SDCL Energy Efficiency Income. There’s also an ongoing situation at Workspace Group, a London-based Real Estate Investment Trust (REIT), where Saba lost a vote in July to put its proposed board in charge.

Baillie Gifford US Growth and SDCL Energy Efficiency Income Trust: what investors need to know

The situations at Baillie Gifford US Growth and SDCL Energy Efficiency Income trust are distinct, but both sets of shareholders face important votes this month.

Baillie Gifford US Growth

Baillie Gifford US Growth has been requisitioned by Saba for a third time.

It was one of the original seven trusts Saba targeted two years ago and the activist has continued to argue for a shakeup in its management in the interim.

In previous attempts, Saba pushed to remove the entire board and appoint Weinstein himself and another candidate in their place. After losing this battle, Saba voted against the reappointment of four directors standing for re-election in 2025 and several other company motions but other shareholders voted the other way. Saba also blocked the proposed merger between Baillie Gifford US Growth and sister trust Edinburgh Worldwide, which is also managed by Baillie Gifford, but Saba gained control of the board back in April 2026.

Saba is one of the biggest shareholders in Baillie Gifford US Growth, owning more than 30% of the stock. This gives it the ability to call multiple votes and put forward motions to change the company.

In its latest proposal, Saba has put forward three candidates to join the board: Jason Chen, Thomas McGlade and James Waterlow. Saba has also said that as the trust’s major shareholder, it would urge the new board to offer shareholders a 100% cash exit, at or near net asset value, from the trust.

There’s been no opportunity so far for shareholders to hear from Chen, McGlade or Waterlow directly about their plans for the company if they joined the board. The current directors argue this doesn’t allow investors to know what long-term future they’re voting for in the company with this trio at the helm.

Little is known about the three nominees, but it’s been confirmed that Waterlow is a Saba employee and Chen is one of the four Saba-nominated directors installed on the now Saba-controlled board of Impax Environmental Markets trust. This has raised questions over his independence and indeed that of all three Saba-backed nominees.

Baillie Gifford US has been the best performing trust in the IT North America sector over the past year and beaten the S&P 500 benchmark, largely thanks to its sizeable SpaceX holding its had since before the Initial Public Offering (IPO). However, it has lagged longer term making the lowest share price total return in the sector over five years.

Its discount is around 4.8% now, narrowing from when Saba first took action against it in 2024 when it was closer to 14%, but widening after it moved to a premium earlier this year.

The current board is recommending shareholders vote against Saba’s proposal.

SDCL Efficiency Income

The situation for SDCL Efficiency Income shareholders is very different as they’ve already voted to wind up the company, meaning the trust will cease to exist in its current state and the board and managers will now sell its assets as quickly and fairly priced as they can and return any remaining cash to shareholders.

What’s being voted on is whether or not its two major shareholders, one of which is Saba and the other, General Atlantic, should have a direct representation on the board while the company is being shut down.

The board is recommending shareholders vote in favour of adding Saba and General Atlantic to its board.

Key dates and how to vote on AJ Bell

For Baillie Gifford US shareholders that are AJ Bell customers they have until midnight on the 20 October to cast their vote.

The results will be announced at the annual general meeting (AGM) on the 23 October.

For SDCL Energy Efficiency Trustthe AGM is on the 15 October and the deadline to vote is the 12 October.

As a shareholder in any company, your investment gives you voting rights which allow you to participate in key company decisions made at shareholder meetings and make choices about how the company is run, which could impact its future performance.

You can vote on matters like whether a dividend should be paid, or the overall strategy of the company. These happen every year at the AGM, but companies can also hold extraordinary general meetings (EGMs) when necessary.

AJ Bell offers a system for electronic voting instructions on UK and international shares in any of your AJ Bell accounts. This means that if you can’t make the Meeting in person you can still make your voice heard in the future of your companies.

To do this you need to:

• Log in to your AJ Bell account on our website. Note that instructions cannot be submitted via the AJ Bell app
• Select "Voting Instruction" from your account menu
• Review your shareholder meetings and choose to submit an instruction

You'll be directed to a website managed by Broadridge to complete your instruction, as AJ Bell uses this third-party provider for voting services.

Voting at shareholder meetings is a way to have your say and AJ Bell customers are notified of corporate actions and shareholder meetings such as AGMs and EGMs, and are able to vote on them via the website.

If you want to receive a company's wider communications, this is something you have to opt in for, which you can do through your AJ Bell account.