Baillie Gifford US Growth (ticker: USA) was launched at 100p in March 2018, and it employs Baillie Gifford's distinctive growth style with the ability to hold up to 50% of its portfolio in unquoted companies. The shares rose about 50% over the first two years but then surged from 150p to nearly 400p by early 2021. The shares trod water during the rest of 2021 but then sank as low as 140p and a discount of up to 25% during 2023 as interest rates moved higher and inflation took hold. Saba Capital disclosed a 5% stake in August 2023, and in December 2024, USA was one of seven trusts where it requ...