A contentious takeover battle is unfolding at Baillie Gifford US Growth Trust, a London-listed investment vehicle holding significant positions in prominent American companies including Anthropic and SpaceX. Boaz Weinstein, a New York-based investor and founder of Saba Capital Management, has emerged as a key challenger, pushing to reshape the trust’s board at the upcoming annual general meeting scheduled for next month.

Weinstein, who currently owns roughly 30 percent of the trust’s shares, contends that the market price of the trust’s stock substantially undervalues its underlying assets. He is seeking to appoint three new directors to the board, a move viewed by Baillie Gifford’s management as an aggressive attempt to wrest control of the fund.

Tom Burnet, chair of the US Growth Trust, has publicly urged shareholders to resist Weinstein’s bid. Burnet emphasized that the trust’s shareholder base is largely composed of retail investors who historically have low participation rates in such elections. He warned that Weinstein is relying heavily on this anticipated voter apathy to secure a victory and gain influence over the trust’s direction.

The dispute highlights a classic conflict between an activist investor pushing for change and incumbent management defending its stewardship. Supporters of Weinstein argue that his intervention could unlock greater value for shareholders by narrowing the gap between the trust’s net asset value and its share price. Opponents maintain that Baillie Gifford’s long-term investment approach justifies a patient strategy, cautioning that activist pressure risks disrupting the fund’s established philosophy.

With the vote expected to be closely contested, shareholders have been encouraged to actively participate and register their preferences at the upcoming meeting. The outcome will be closely watched by market observers, as it may signal broader dynamics in how investment trusts with concentrated ownership structures balance control, governance, and shareholder value in a challenging market environment.