Overview
Investment proposition
We are bottom-up, growth investors with a long-term horizon. We back our judgement, running a concentrated portfolio (usually between 30-50 stocks) with low turnover.
The team aims to outperform by harnessing the asymmetry of returns inherent in equity markets. We believe we will maximise our chances of achieving this aim by identifying the exceptional growth businesses in America and owning them for long enough that the advantages of their business models and cultural strengths become the dominant drivers of their stock prices.
We take a five-year view when investing in stocks and are not driven by short-term trends.
Strategy behind the fund
US Equity GrowthInvesting in innovative, high-growth US companies that we believe may be at the forefront of global change.
Share price and charges
Share class
C, Acc, GBPNAV per share
75.01% change
-1.66%Ongoing charges*
0.11%Initial charge
0%Fund facts
As at: 30 April 2026
Current number of holdings
47
Guideline number of holdings
30-50
Benchmark
S&P 500 Index
Active share
76%**
Annual turnover
45%
Fund launch date
13 November 2012
Style
Growth
Fund Settlement Cycle
Trade date plus two business days (T+2)
Fund size calculated using base currency in US dollars and converted into listed currencies.
**Relative to S&P 500 Index. Source: Baillie Gifford & Co, S&P.
Meet the managers
Risks
General Investment Risk
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Fund include:
Custody
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Single Country
The Fund's exposure to a single market and currency may increase share price movements.
Concentration
The Fund's concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
Foreign Currency
The Fund has exposure to a foreign currency and changes in the rate of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Environmental, Social and Governance
The Fund's approach to Environmental, Social and Governance (ESG) means it cannot invest in certain sectors and companies. The universe of available investments will be more limited than other funds that do not apply such criteria/ exclusions, therefore the Fund may have different returns than a fund which has no such restrictions. Data used to apply the criteria may be provided by third party sources and is based on backward-looking analysis and the subjective nature of non-financial criteria means a wide variety of outcomes are possible. There is a risk that data provided may not adequately address the underlying detail around material non-financial considerations. Please consider all of the characteristics and objectives of the fund as described in the Key Information Document (KID) and prospectus before making a decision to invest in the Fund. For more information on how sustainability issues, such as climate change are considered, see bailliegifford.com.
Volatility
The Fund's share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Further Details
Further details of the risks associated with investing in the Fund can be found in the Key Information Document (KID), or the Prospectus. Copies of both the KID and Prospectus are available at bailliegifford.com.
Definitions
Active Share - A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.
Index disclaimer
The S&P 500, S&P Global SmallCap and Dow Jones Islamic Market World (index) are products of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Baillie Gifford & Co. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Baillie Gifford & Co. Baillie Gifford & Co Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500, S&P Global Small Cap and Dow Jones Islamic Market World Index.
Complaints
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com.
A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.
Fund performance
Performance data is not currently available for this share class.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Amazon.com | 9.8% |
| 2 | NVIDIA | 7.4% |
| 3 | Meta Platforms | 6.2% |
| 4 | Cloudflare | 5.7% |
| 5 | Alphabet | 4.6% |
| 6 | Shopify | 4.6% |
| 7 | DoorDash | 3.5% |
| 8 | Netflix | 3.4% |
| 9 | Broadcom | 3.2% |
| 10 | Guardant Health | 2.8% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 29.2 | 35.0 | -5.8 |
| 2 | Consumer Discretionary | 23.8 | 10.0 | 13.8 |
| 3 | Communication Services | 16.0 | 11.0 | 5.0 |
| 4 | Health Care | 15.8 | 8.5 | 7.3 |
| 5 | Industrials | 4.9 | 8.8 | -3.9 |
| 6 | Financials | 4.8 | 12.0 | -7.2 |
| 7 | Real Estate | 2.5 | 1.9 | 0.5 |
| 8 | Materials | 1.6 | 1.9 | -0.3 |
| 9 | Consumer Staples | 0.3 | 4.9 | -4.6 |
| 10 | Cash | 1.0 | 0.0 | 1.0 |
Total | 100.0 | 94.1 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Axon Enterprise Inc
- RBC Bearings Inc
Complete sales
- Globant Sa
Reductions
- Datadog
- Netflix Inc
- Wayfair Inc
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Viewing 62 of 62
Why American culture feels so chaotic
The American public’s tastes and habits are splintering. How will this affect US growth companies?
US Perspectives: notes from the road
From AI labs to SpaceX, the US Growth team looks for signals beyond desk research alone.
AI agents: why 2025 rewrote the AI timeline
The step change that means AI will have a larger impact on the economy much sooner than expected.
US Equity Growth Q1 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
US Perspectives: fear, fundamentals and fortitude
Why indiscriminate market selling may be obscuring resilient company fundamentals.US Equity Growth Q1 update
Investment specialist Philip Rae reflects on recent performance, portfolio changes and market developments.
US Perspectives: AI-immunity and The Acronym Fallacy
How ‘AI-immune’ businesses compound beyond market acronyms.
AI is coming for your mind
AI is reshaping human cognition. What does that mean for workers, companies and society?
US Perspectives: is AI eating software?
Breaking down where software value shifts when AI writes code.
US Perspectives: what really matters?
A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.
The Long View
Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
US Equity Growth Q4 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
US Equity Growth Q4 update
Investment specialist Ben James reflects on recent performance, portfolio changes and market developments.
Yarak: culture in the age of AI
What happens to great company cultures in the age of AI, where knowledge can be compressed, and decisions are pushed toward algorithms?
US Perspectives: are we in an era of commercial diplomacy?
US tariffs are reshaping trade. Explore the opportunities and political risks for leading US growth companies.
The world is about to get ‘weird’
Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.
US Perspectives: are we in an AI bubble?
Real growth or market mania — how can we tell the difference?
Fragmenting systems, cultural change
US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
US Perspectives: AI breaks the internet
AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
US Equity Growth Q3 update
Investment specialist Ben James reflects on recent performance, portfolio changes and market developments.
US Equity Growth Q3 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
US Perspectives: things are getting weird, quickly
An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?
Cultural architects
How great founders shape exceptional companies in changing times.
US Perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
US Equity Growth Q2 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
US Equity Growth Q2 update
Investment manager Gary Robinson reflects on recent performance, portfolio changes and market developments.
US Perspectives: infrastructure, the invisible opportunity
A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.
US Perspectives: comfortable in discomfort
Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
US Perspectives: the retail ecosystem
Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.
US Equity Growth Q1 update
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
US Equity Growth Q1 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.
Why ants, scaffolding and long jumps matter to growth investors
Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.
Joby Aviation readies for take-off
How a flying taxi firm could launch a transport revolution.
US perspectives: AI evolves again
Explore how the rapid market shift in AI and computer processing is transforming industries.
The concentration conundrum: challenge or opportunity?
In today’s era of US mega caps, is market concentration a challenge or an opportunity?US Equity Growth Q4 update
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
US Equity Growth Q4 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
Why technical leaders have an advantage
How the leaders of Meta, Shopify, Roblox and Spotify’s expertise helps them put AI to use.
The rise of cloud computing
From data lakes to Databricks, cloud storage will be key to driving progress and future innovation.
Streamlined for success
How efficiency drives at Meta, Shopify and Block could fuel their long-term growth.
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
US Equity Growth Strategy
Investment manager, Tom Slater, discusses the Baillie Gifford US Equity Growth Strategy.
Recursion Pharmaceuticals: finding new drugs using data science
How Recursion Pharmaceuticals is using AI to turn the hunt for new medicines on its head.
Denali Therapeutics: rising to the challenge of brain disease
Developing brain disease drugs is hard, but this company’s early results suggest it can succeed.
Four questions for growth investors
Investors must find companies with the key qualities needed to thrive in a stormy economy.
Teleportation: just a Zipline away
Zipline delivers instantly, whether that’s blood in Rwanda or rotisserie chicken from Walmart.
Defining impact
The US Equities team discuss ESG and effective growth investing.
US Equity Growth Webinar: The Long View
Join Investment Managers Tom Slater, Gary Robinson, Kirsty Gibson and Dave Bujnowski as they share their thoughts on the investment environment, explain why they believe there is scope for upside from here, and discuss their search for transformational growth companies.
Seeing the wood for the trees.
Companies operate in complex ecosystems, requiring a nuanced approach to sustainability.
US Equities: manager insights
Gary Robinson, investment manager at Baillie Gifford, responds to questions on inflation and valuation.
A conversation about sustainability
Our long-term investors know that investing sustainably is a plus for value creation.
Hyper-connected Networks
What’s left of exception growth companies? With the internet and the cloud, the sky’s the limit.
The future of mobility - Part 2
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility – Part 3
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility - part 4
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility – Part 1
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
Navigating Change in US Equities.
In this webinar recording, US Equity strategy specialist Ben James talks to all four of the key decision makers in the US Equities Team, Tom Slater, Kirsty Gibson, Gary Robinson and Dave Bujnowski. The team explore the thought processes that have helped them navigate the challenge of maintaining a 5-10 year investment horizon during what has been a year of rapid change, followed by questions from attendees.
US Equity Strategy – Manager Insights
Ben James gives an update on the positioning and activity of the US Equity portfolio.
Why American culture feels so chaotic
The American public’s tastes and habits are splintering. How will this affect US growth companies?US Perspectives: notes from the road
From AI labs to SpaceX, the US Growth team looks for signals beyond desk research alone.AI agents: why 2025 rewrote the AI timeline
The step change that means AI will have a larger impact on the economy much sooner than expected.US Equity Growth Q1 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.US Perspectives: fear, fundamentals and fortitude
Why indiscriminate market selling may be obscuring resilient company fundamentals.US Equity Growth Q1 update
Investment specialist Philip Rae reflects on recent performance, portfolio changes and market developments.US Perspectives: AI-immunity and The Acronym Fallacy
How ‘AI-immune’ businesses compound beyond market acronyms.AI is coming for your mind
AI is reshaping human cognition. What does that mean for workers, companies and society?US Perspectives: is AI eating software?
Breaking down where software value shifts when AI writes code.US Perspectives: what really matters?
A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.The Long View
Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.US Equity Growth Q4 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.US Equity Growth Q4 update
Investment specialist Ben James reflects on recent performance, portfolio changes and market developments.Yarak: culture in the age of AI
What happens to great company cultures in the age of AI, where knowledge can be compressed, and decisions are pushed toward algorithms?US Perspectives: are we in an era of commercial diplomacy?
US tariffs are reshaping trade. Explore the opportunities and political risks for leading US growth companies.The world is about to get ‘weird’
Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.Amazon: Stock Story
Jon Henry gives three key reasons why tech giant Amazon remains a special investment.US Perspectives: are we in an AI bubble?
Real growth or market mania — how can we tell the difference?Fragmenting systems, cultural change
US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.US Perspectives: AI breaks the internet
AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.US Equity Growth Q3 update
Investment specialist Ben James reflects on recent performance, portfolio changes and market developments.US Equity Growth Q3 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.US Perspectives: things are getting weird, quickly
An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?Cultural architects
How great founders shape exceptional companies in changing times.US Perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.US Equity Growth Q2 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.US Equity Growth Q2 update
Investment manager Gary Robinson reflects on recent performance, portfolio changes and market developments.US Perspectives: infrastructure, the invisible opportunity
A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.US Perspectives: comfortable in discomfort
Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.US Perspectives: the retail ecosystem
Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.US Equity Growth Q1 update
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.US Equity Growth Q1 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.Cloudflare: Stock Story
Ben James highlights how one cybersecurity approach is redefining digital infrastructure.Why ants, scaffolding and long jumps matter to growth investors
Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.Joby Aviation readies for take-off
How a flying taxi firm could launch a transport revolution.US perspectives: AI evolves again
Explore how the rapid market shift in AI and computer processing is transforming industries.The concentration conundrum: challenge or opportunity?
In today’s era of US mega caps, is market concentration a challenge or an opportunity?US Equity Growth Q4 update
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.US Equity Growth Q4 investor letter
The US Equity Growth Team reflects on recent performance, portfolio changes and market developments.Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.Why technical leaders have an advantage
How the leaders of Meta, Shopify, Roblox and Spotify’s expertise helps them put AI to use.The rise of cloud computing
From data lakes to Databricks, cloud storage will be key to driving progress and future innovation.Streamlined for success
How efficiency drives at Meta, Shopify and Block could fuel their long-term growth.Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?US Equity Growth Strategy
Investment manager, Tom Slater, discusses the Baillie Gifford US Equity Growth Strategy.Recursion Pharmaceuticals: finding new drugs using data science
How Recursion Pharmaceuticals is using AI to turn the hunt for new medicines on its head.Denali Therapeutics: rising to the challenge of brain disease
Developing brain disease drugs is hard, but this company’s early results suggest it can succeed.Four questions for growth investors
Investors must find companies with the key qualities needed to thrive in a stormy economy.Teleportation: just a Zipline away
Zipline delivers instantly, whether that’s blood in Rwanda or rotisserie chicken from Walmart.Defining impact
The US Equities team discuss ESG and effective growth investing.US Equity Growth Webinar: The Long View
Join Investment Managers Tom Slater, Gary Robinson, Kirsty Gibson and Dave Bujnowski as they share their thoughts on the investment environment, explain why they believe there is scope for upside from here, and discuss their search for transformational growth companies.Seeing the wood for the trees.
Companies operate in complex ecosystems, requiring a nuanced approach to sustainability.US Equities: manager insights
Gary Robinson, investment manager at Baillie Gifford, responds to questions on inflation and valuation.A conversation about sustainability
Our long-term investors know that investing sustainably is a plus for value creation.Hyper-connected Networks
What’s left of exception growth companies? With the internet and the cloud, the sky’s the limit.The future of mobility - Part 2
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.The future of mobility – Part 3
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.The future of mobility - part 4
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.The future of mobility – Part 1
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.Navigating Change in US Equities.
In this webinar recording, US Equity strategy specialist Ben James talks to all four of the key decision makers in the US Equities Team, Tom Slater, Kirsty Gibson, Gary Robinson and Dave Bujnowski. The team explore the thought processes that have helped them navigate the challenge of maintaining a 5-10 year investment horizon during what has been a year of rapid change, followed by questions from attendees.US Equity Strategy – Manager Insights
Ben James gives an update on the positioning and activity of the US Equity portfolio.
How to invest
You can invest in our funds through a wide range of investment platforms. If your preferred platform does not currently offer our funds, they may be made available upon request by contacting the platform directly.
Baillie Gifford does not sponsor, maintain, or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Documents
Documents
You can access any literature about the Fund here.
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.