Key Takeaways
- • Saba Capital Management, led by hedge fund manager Boaz Weinstein, has nominated three directors for the board of Baillie Gifford US Growth Trust (valued at approximately £1 billion), holding roughly 29% ownership, with a shareholder vote scheduled for October 23, 2026.
- • Tim Campbell, CEO of Edinburgh-based Baillie Gifford, publicly declared it would be "incredibly sad" for shareholders if Saba's slate succeeds, citing the trust's strong track record since its 2018 launch and portfolio holdings including SpaceX, Anthropic, and Stripe.
- • Saba previously secured a successful board replacement at Edinburgh Worldwide Investment Trust (EWIT) on April 30, 2026, after losing two earlier votes, demonstrating persistence in its multi-year campaign against UK investment trusts that began with seven initial targets in 2025.
- • The hedge fund's nomination strategy represents an escalation in activist shareholder pressure on Scottish-based asset managers, with Baillie Gifford remaining as fund manager despite board opposition despite previous board composition changes at peer entities.
Summary
Boaz Weinstein's Saba Capital Management is pursuing another board replacement at a major UK investment trust, targeting the £1 billion Baillie Gifford US Growth Trust ahead of an October 23 shareholder vote. The US hedge fund, which holds approximately 29% of the trust, has nominated Jason Chen, James Waterlow, and Thomas McGlade for board positions. The move marks a continuation of Saba's multi-year campaign against British investment trusts, which began with a salvo against seven funds in 2025, all of which initially rejected the hedge fund's proposals.
Tim Campbell, chief executive of Edinburgh-headquartered Baillie Gifford, expressed strong opposition in an exclusive interview, stating it would be "incredibly sad for underlying shareholders if that vote went in favour of the Saba-appointed directors." Campbell emphasized the trust's operational performance since its 2018 inception, characterizing shareholder experience as "fantastic." The trust's portfolio includes significant stakes in high-profile growth companies: Elon Musk's SpaceX, artificial intelligence platform Anthropic, and payments infrastructure provider Stripe.
Saba's current push follows a significant victory at Edinburgh Worldwide Investment Trust (EWIT), where the hedge fund successfully installed three US-based board members on April 30, 2026, after two prior shareholder vote defeats. The fund holds approximately 30% of EWIT. Despite the board replacement, Baillie Gifford retained its position as investment manager. Notably, a tender offer for EWIT shareholders that Saba had previously signaled has yet to materialize.
The persistence of Saba's activist campaign underscores deepening tensions between hedge fund activists and traditional asset management structures in the UK investment trust sector. The outcomes of these contests carry implications for governance practices, fee structures, and strategic direction across comparable funds, with institutional investors and fund shareholders closely monitoring both the October 23 vote outcome and any subsequent shareholder actions.
Tim Campbell, chief executive of Edinburgh-headquartered Baillie Gifford, expressed strong opposition in an exclusive interview, stating it would be "incredibly sad for underlying shareholders if that vote went in favour of the Saba-appointed directors." Campbell emphasized the trust's operational performance since its 2018 inception, characterizing shareholder experience as "fantastic." The trust's portfolio includes significant stakes in high-profile growth companies: Elon Musk's SpaceX, artificial intelligence platform Anthropic, and payments infrastructure provider Stripe.
Saba's current push follows a significant victory at Edinburgh Worldwide Investment Trust (EWIT), where the hedge fund successfully installed three US-based board members on April 30, 2026, after two prior shareholder vote defeats. The fund holds approximately 30% of EWIT. Despite the board replacement, Baillie Gifford retained its position as investment manager. Notably, a tender offer for EWIT shareholders that Saba had previously signaled has yet to materialize.
The persistence of Saba's activist campaign underscores deepening tensions between hedge fund activists and traditional asset management structures in the UK investment trust sector. The outcomes of these contests carry implications for governance practices, fee structures, and strategic direction across comparable funds, with institutional investors and fund shareholders closely monitoring both the October 23 vote outcome and any subsequent shareholder actions.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.