LONDON, Jan 21 (Reuters) - Baillie Gifford U.S. Growth

Trust plc said on Tuesday it had outperformed the S&P

500 Index in sterling terms in the six months to Nov. 30, as it

repeated calls to shareholders to reject plans by activist Saba

Capital to shake-up its board.

In direct response to Saba's allegations of consistent

underperformance, Ballie Gifford said the company's share price

and net asset value returned 40.9% and 29.4% respectively over

the period, after deducting borrowings at fair value.

This compares with a total return of 15.3% for the S&P 500

Index, in sterling terms.

From its 2013 launch to Nov. 30, the company's share price

and NAV returned 169.7% and 186.1% respectively, compared with a

total return of 190.5% for the S&P 500 index in sterling terms,

after deducting borrowings at fair value.