Saba Capital Management has stepped up its campaign at Baillie Gifford US Growth Trust, proposing three new directors and calling for a full cash exit for shareholders at or near net asset value.

The activist investor, the trust's largest shareholder, has put forward Jason Chen, Thomas H. McGlade and Sir James Waterlow for election at the company's upcoming AGM.

Saba said the nominees, if elected, should seek to provide shareholders with a 100% cash exit, arguing that investors have suffered from persistent underperformance and the trust's discount to NAV.

Over the past five years, Saba said the trust has underperformed the S&P 500 by 88.4% on a share-price basis and 79.1% on an NAV basis.

The move forms part of Saba's wider UK investment trust campaign. The firm said it has secured nine successful outcomes over the past two years, including liquidity events and buybacks that it argues have delivered significant value to shareholders.

The AGM vote will determine whether Saba's nominees gain seats on the board and can push the trust towards a full liquidity event.