Saba Capital and the Baillie Gifford-run Edinburgh Worldwide (EWI) are at loggerheads again, a year after the activist first tried to oust its directors and replace them with its preferred alternatives. This time, a lot of focus has been on EWI's stake in SpaceX, where it recently sold down a large chunk of its holding a few months before a large increase in the company's valuation. Here, we look at the history of SpaceX in the various Baillie Gifford trusts that have invested in it. At $800bn, SpaceX is the world's most highly valued private company, and it is rumoured to be targeting an IPO ...
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UPDATE: Saba, which still owns around 29% of USA's shares, is proposing that three new directors be added to the trust's board at its AGM on 23 October 2026. The directors are encouraging shareholders to vote against, saying that Saba had rejected a full cash exit at NAV less costs. USA's NAV return for the year ended May 2025 was 22.1% versus 7.2% for the S&P, and 31.0% for the year ended May 2026 versus 29.8% for the S&P, with outperformance helped by strong performance from its unlisted investments, especially SpaceX. The trust has also invested in both Anthropic and OpenAI.
Bailli...
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UPDATE: A revised profile for this trust was published in March 2025.
Baillie Gifford US Growth launched in 2018, making it the first new Baillie Gifford trust to list since Baillie Gifford Shin Nippon in 1985. Modelled on the popular open-ended Baillie Gifford American fund, US Growth also invests in unlisted companies and it has been one of the best-performing investment trusts on the London market since its IPO. It's consistently traded at a small premium but in common with most other Baillie Gifford trusts, it's been a pretty volatile ride.
2018 was the last year that we saw a significan...
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There are a lot of valuable things to read this week - it goes like that sometimes. Other weeks nothing much of interest seems to pass my inbox. The week itself has been dominated by the inauguration of Joe Biden as President of the United States, which fortunately went off peacefully. The markets are expecting a big stimulus package to back up the already exceptional amounts of monetary stimulus and help reignite economic growth after the vaccines start to kick in and bring an end to the current wave of stringent lockdowns we are seeing across many countries, although there seems to be a clea...
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