Date: 24th January 2025
Time: 1:00 PM
Format: Online Webinar
Saba Capital, a US hedge fund, has recently called for general meetings at seven investment trusts:
Baillie Gifford US Growth Trust (USA), Edinburgh Worldwide (EWI), Keystone Positive Change (KPC), Henderson Opportunities Trust (HOT), European Smaller Companies Trust (ESCT), CQS Natural Resources Growth & Income (CYN), Herald Investment Trust (HRI).
Unless other shareholders vote at these general meetings, Saba’s resolutions will pass, enabling Saba to take control of these trusts.
In this webinar, an expert panel, including Ros Altmann, James Carthew, and Richard Stone, will explore the implications of these developments, focusing on the broader issues surrounding shareholder democracy. Additionally, there will be a concise presentation on how shareholders, particularly those holding shares via brokers or platforms, can ensure their voting rights are effectively exercised.
Learn more and register here: |
This is undoubtedly part SpaceX driven so will only go higher in anticipation of it listing. No more discount now. |
This trust has the largest stake for SpaceX. at 7.6% after EWI.As per the FT article on Friday, "SpaceX is preparing to launch a tender offer in December that would value the rocket builder at more than $250bn, up from about $210bn during a similar deal earlier this year". |
The 12m average discount to NAV is 12%. That's now zero.SMT on the other hand is at its average discount to NAV of 10%.Looks the better option at the moment IMO for recovery / growth with a bigger holding in TSLA too which no doubt there will be some mega Trump payback with regards to Chinese EV tariffs helping his new "Efficiency Dept" head!!!. |
Looking strong here. A possible Trump trade. Technically overbought so will wait for a pullback.Last time the RSI was this high was late December last year. |
When the share price was above 400p, it looked like "buying the hype".
Now, even though still below those heights, the current share price seems more like buying the future that is already in the present (SpaceX). This makes the current climb (to 300?) more sustainable.
I had entered close to the former top, then crashed and added more when in the doldrums, so I am now a bit in the black and growing more confident I made the right decisions in the end. |
Nearing the $billion marker:-
Current Market cap.
£711 million
or US$905 million.
As USA has increased so much in value recently, it will increasingly come back onto the institutional radar.
My guess is that they will be taking some of those near 21 million Treasury shares out of deep-freeze soon and selling them at a premium.
Looking good.
ALL IMO> DYOR.
QP |
 Read This.
1. Baillie Gifford US Growth has dramatically and rapidly narrowed its formerly wide DISCOUNT-To-NAV to circa 3.5% (ticker: USA)
- Compared to ScoMo's current Discount-to-NAV of around 7.5%
2. If you want the Trump trade, BGUSA is 100% US exposure
- Compared to ScoMo's 55% US exposure.
3. If you want exposure to perhaps the most exciting private equity situation in the world - namely SpaceX-
BGUSA has 7.6% SpaceX portfolio holding
- Compared to ScoMo's 4.8% exposure
4. If you want Musk industry exposure, BGUSA has 10.9% (SpaceX 7.6% plus Tesla 3.3%)
- Compared to ScoMo's 8.9% (SpaceX 4.8% + Tesla 4.1%)
5. Saba Capital Management have now built a massive position of 22% in BGUSA
6. JP Morgan have now increased their holding in BGUSA to c 6.7%
7. BGUSA's 3.8% holding in Shopify increased 25% yesterday and is ripping.
BGUSA is looking very compelling in my view when weighed against the geo-political uncertainties perhaps now contained in some of ScoMo's 45% non-US holdings.
It appears to me that BGUSA may now the be agile frigate which ScoMo once was - as ScoMo has morphed into a super-tanker.
ALL IMO. DYOR.
QP |
Trump effect. :) |
Shopify +25% today |
Very good research note here (published today) for new investors looking into USA IThttps://www.research-tree.com/companies/uk/investment-trusts/baillie-gifford-us-growth-trust-plc/research/edison/baillie-gifford-us-growth-trust-seeking-tomorrow-s-mega-caps/3_34034xxx-4272-fe30-31b2-41f0ed142701 |
Yep, let's get there again soon. |
All time high was around 400 back in 2021. Still, I agree that it is improving nicely at the moment. |
This is improving and has reached all time highs this week (for the last 12 months).The discount has also improved from -14 to -10.Hopefully it follows the Nasdaq more closely now? |
I bought on the way up last time, so am still about 6% in the red but my decision to keep it and wait seems to slowly turn out to have been the right one. |
Continuing to accumulate all the way from the recent 140's.
Doesn't get the same limelight as big-brother ScoMo but a star fund hiding in the footlights and waiting to be discovered.
a great portfolio
Very much looking forward to next Tuesday's 19/3 webinar at 2pm with Fund Co-Manager, Kirsty Gibson.
all imo. dyor.
qp |
Entering the FTSE 250! :) |
Yes, there was a good outook for it on Citywire lately. |
nice looking chart BUT discount to NAV now down to 14% and NAV has unquoted investments . Might still be worth accumulating with US indices close or over ATH |
24% discount is really becoming rather extraordinary....wonder what our managers make of this - relentlessly holding onto stocks like Moderna is not helping imvho dyor |
Databricks is one of our PE holdings, separately, the ARM IPO seemed to go OK today that may help PE sentiment... |
https://www.theverge.com/2023/9/13/23872244/spacex-starlink-revenue-customer-base-elon-muskMentions of recent trading activity of our largest holding...buried within the article... |
https://www.cnbc.com/2023/09/11/online-grocery-firm-instacart-looks-to-raise-up-to-616-million-in-ipo.htmlSome tests for the health of the US IPO market coming up shortly ... |
It's strange to observe that the PE fund at BG rose about 6% over the recent month which exceeded the gain on this fund - may be a very temporary and anecdotal point, but a small glimmer of a change in the generally downcast mood over PE holdings/discounts perhaps that has been prevailing for quite some time?
Some parts of the equity market are slowly coming back to life eg shopify up > 10% yesterday... |
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