The boards of three Baillie Gifford investment trusts have pushed back against plans from the New York-based hedge fund Saba Capital to oust the directors of several investment trust boards.
Earlier this week (18 December) Saba published a series of letters calling for the boards of seven investment trusts to be removed on the grounds they have failed to hold the investment managers accountable for the trusts' wide discounts to their respective net asset values and "their inability to deliver sufficient shareholder returns". Saba slammed for 'obvious flaw' in strategy to oust boards of seven investment trusts Baillie Gifford US Growth trust, Keystone Positive Change trust and Edinburgh Worldwide Investment trust, which have Baillie Gifford as the investment manager, were ...
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