Saba's New Target: Baillie Gifford US Growth Trust

Boaz Weinstein's Saba Capital has opened a new front in its campaign against the UK investment trust sector, this time targeting the FTSE 250-listed Baillie Gifford US Growth Trust, Guardian columnist Nils Pratley reported on October 12, 2026.

Pratley's verdict is blunt. His column, headlined "Time to tell US raider Saba Capital to get lost – again," frames the latest move as another instalment in what he calls "the Saba saga" — the story of a New York hedge fund causing havoc in the UK investment trust sector by taking big stakes in funds and then demanding change, often in only vague terms.

Who is Saba Capital and what does it want?

Saba Capital is run by its founder and, in Pratley's description, "belligerent boss" Boaz Weinstein. The firm's playbook in the UK has been consistent: build a large position in a listed investment trust — a company that invests in other companies — and then push for change at board level or in the fund's structure.

The demand for change has not always come with detailed reasoning. Pratley notes that Saba's demands are often delivered "in only vague terms," a point that has frustrated boards and, judging by the column's headline, commentators alike.

What has Saba actually changed in the UK?

Pratley concedes one thing, and only one thing, in Saba's favour. "The best that can be said about Saba Capital (and it's not much) is that its belligerent boss, Boaz Weinstein, has disturbed the complacency that used to infect corners of the UK investment trust world," he writes.

That disruption has had a measurable effect on boardroom behaviour. According to Pratley, it is now harder for a board to do nothing if the share price sits at a wide discount to the value of the underlying assets for long periods.

The mechanism is structural. Investment trusts are closed-ended vehicles whose shares can trade below the net asset value of their portfolios. A persistent discount signals that shareholders are receiving less than the assets are worth. Activist stakes turn that discount from a passive irritant into a live governance question.

Why Baillie Gifford's trust is the next battleground

The Baillie Gifford US Growth Trust sits in the FTSE 250, making it one of the more prominent vehicles to draw Saba's attention. Baillie Gifford is one of Scotland's best-known asset managers, and the trust focuses on US growth companies.

Pratley's column signals that the battle will be contested. His headline — "Time to tell US raider Saba Capital to get lost – again" — indicates he has backed boards against Saba before and is prepared to do so once more. This is not the first campaign: Pratley's prior columns on Saba date back to at least January 2025, when he examined the fund's initial wave of UK investment trust stakes, and March 2026, when he called for UK regulators to act against what he described as Saba's "siege tactics."

What happens next?

For investors in Baillie Gifford US Growth Trust, the immediate question is whether Saba's stake translates into a formal requisition — a shareholder vote, a push for board seats, or proposals to change the trust's management or structure. Pratley's column suggests boards should resist vague demands while acknowledging that the era of ignoring persistent discounts is over.

The wider sector will watch closely. If Saba secures concessions at a FTSE 250 trust, expect more campaigns; if the board holds the line, Pratley's call to send the raider packing "again" may prove prescient.