Key Takeaways
- • Saba Capital, led by activist investor Boaz Weinstein, has launched a requisition notice to install three new board candidates at Baillie Gifford US Growth Trust, with voting scheduled for October 2026.
- • This represents a resumption of Saba's activism campaign against Baillie Gifford, following a previous boardroom battle over Edinburgh Worldwide Investment Trust (EWIT), which the hedge fund lost.
- • Saba is targeting one of Baillie Gifford's largest investment trusts, signaling continued pressure on the asset manager's governance and operational strategy.
- • The October election will determine whether Saba succeeds in gaining board representation and influence over the trust's investment decisions and management.
Summary
Saba Capital has escalated its activist campaign against Baillie Gifford by formally requisitioning a shareholder vote to install three new directors on the board of Baillie Gifford US Growth Trust. The requisition notice, filed on August 24, 2026, sets voting for October 2026, according to multiple financial news sources including Portfolio Adviser, Trustnet, and City AM.
This move represents a renewal of Saba's activism efforts following a prior engagement with Baillie Gifford over Edinburgh Worldwide Investment Trust (EWIT). In that earlier campaign, EWIT's board successfully defeated Boaz Weinstein's U.S. hedge fund's proposals in what sources describe as a "bitter boardroom battle," marking a setback for the activist investor's efforts to reshape Baillie Gifford-managed trusts.
Saba's targeting of Baillie Gifford US Growth Trust underscores persistent strategic disagreements between the activist hedge fund and the Edinburgh-based asset manager. By proposing three director candidates for board election, Saba is seeking operational and investment policy influence over one of Baillie Gifford's principal investment vehicles. The trust's size and prominence within Baillie Gifford's portfolio make it a significant battleground for activist influence.
The upcoming October shareholder vote will test whether Saba can overcome previous electoral defeats and gain board seats. Institutional investors holding shares in the trust will be the determinative voters, adding another chapter to an ongoing conflict between activist capital and traditional asset management governance structures.
This move represents a renewal of Saba's activism efforts following a prior engagement with Baillie Gifford over Edinburgh Worldwide Investment Trust (EWIT). In that earlier campaign, EWIT's board successfully defeated Boaz Weinstein's U.S. hedge fund's proposals in what sources describe as a "bitter boardroom battle," marking a setback for the activist investor's efforts to reshape Baillie Gifford-managed trusts.
Saba's targeting of Baillie Gifford US Growth Trust underscores persistent strategic disagreements between the activist hedge fund and the Edinburgh-based asset manager. By proposing three director candidates for board election, Saba is seeking operational and investment policy influence over one of Baillie Gifford's principal investment vehicles. The trust's size and prominence within Baillie Gifford's portfolio make it a significant battleground for activist influence.
The upcoming October shareholder vote will test whether Saba can overcome previous electoral defeats and gain board seats. Institutional investors holding shares in the trust will be the determinative voters, adding another chapter to an ongoing conflict between activist capital and traditional asset management governance structures.
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.