Baillie Gifford U.S. Growth Trust counters allegations of underperformance by Saba Capital, showcasing strong returns. Baillie Gifford dismisses Saba's attempts to gain board control, highlighting consistent outperformance against the S&P 500 Index.
Baillie Gifford U.S. Growth Trust, facing a challenge from U.S. activist Saba Capital to restructure its board, presented new data on Tuesday demonstrating its outperformance against the S&P 500 Index in sterling terms during the six months ending November 30th. This move comes as a direct response to Saba's claims of persistent underperformance. Baillie Gifford asserted that the company's share price and net asset value surged by 40.9% and 29.
4% respectively over the period, after accounting for borrowings at fair value. Notably, this outpaced the S&P 500 Index's total return of 15.3% in sterling terms.Baillie Gifford dismissed Saba's proposals to install two of its nominees on the board as a self-serving and destructive attempt to seize control of the company. Saba Capital, led by Wall Street veteran activist investor Boaz Weinstein, initiated a campaign last month targeting the boards of seven trusts, citing performances ranging from underwhelming to disastrous. Beyond Baillie Gifford, the firm has set its sights on Henderson Opportunities Trust, the European Smaller Companies Trust, CQS Natural Resources Growth & Income, Edinburgh Worldwide Investment Trust, Herald Investment Trust, and Keystone Positive Change (KPC). Analyzing Baillie Gifford's performance since its 2013 launch, the firm highlighted a share price and NAV return of 169.7% and 186.1% respectively, compared to a total return of 190.5% for the S&P 500 Index. KPC, one of the targeted trusts, noted that Glass Lewis had flagged a lack of detail in Saba's proposals, suggesting that the campaign was more focused on securing influence rather than offering shareholders a timely and certain exit
FINANCE ACTIVIST INVESTING SABA CAPITAL BAILLIE GIFFORD US GROWTH TRUST S&P 500 INDEX
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