Columnist argues US hedge fund should abandon fresh assault on UK trust

If Saba Capital withdraws its activist campaign against Baillie Gifford US Growth Trust, the trust's share price would likely stabilize around its pre-campaign valuation, removing a source of volatility and uncertainty for existing shareholders.

Should the activist pressure continue without clear escalation or resolution, the trust would remain subject to periodic bouts of trading volatility tied to campaign announcements, potentially depressing valuations relative to comparable closed-end funds due to governance uncertainty.

An intensification of Saba's campaign—such as a formal proxy contest, board slate nomination, or regulatory filing—would likely increase trading activity and short-term price swings while potentially attracting other activist investors, creating broader pressure on UK-listed investment trusts perceived as underperforming or poorly governed.