Sessa is believed to have teamed up with activist investor Saba Capital Management, which is making its third attempt to replace the board with its own directors on 23 October. Saba has also increased its stake in the £1.1bn trust to 29.9%, just under the 30% threshold at which it would be required to make a mandatory takeover bid under the UK Takeover Code.

Chair Tom Burnet said that outvoting Saba’s significant stake may now be more difficult given Sessa’s recent appearance on the share register. The hedge fund increased its holding from the 5.1% disclosed in September to 7.7% last week. If it votes with Saba, their combined holding would reach 37.6%, but Sessa has not yet stated its voting intentions.

On that basis, the board of US Growth would need more than 60% of the remaining shares to vote against the resolution, assuming full turnout, according to our calculations. At lower turnout, that share rises sharply.

“The tail is wagging the dog at the moment,” Burnet recently told Citywire. “We have a minority shareholder who is basically driving a pace which is against the interests of the rest of our shareholders in what is a top-decile performing trust with a fantastic future ahead of it. I find that really sad and frustrating.”

Bank of America also sold its 6.2% stake in the trust over the past week.

Baillie Gifford US Growth Trust is preparing to fight a requisition notice filed by Saba in August, which calls for shareholders to appoint three Saba-nominated directors, Jason Chen, Thomas H McGlade and James Waterlow, to the board. The AGM will be held at the offices of Stephenson Harwood on 23 October.

The trust issued a circular setting out what is at stake if shareholders fail to vote and Saba’s requisition passes, resulting in the election of three individuals “linked with or employed by Saba”. It said this would “severely compromise” the board’s independence.

During the financial year to 31 May 2026, the trust’s share price and net asset value (NAV, after deducting borrowings at fair value) returned 44.5% and 31% respectively, exceeding the 29.8% total return of its benchmark, the S&P 500 Index.