BAILLIE GIFFORD EUROPEAN GROWTH TRUSTBAILLIE GIFFORD EUROPEAN GROWTH TRUST
Baillie Gifford European Growth Trust aims to achieve capital growth over the long term from a diversified portfolio of European securities.
Performance & Portfolio
Annual Performance to 30 June each year
Share Price -19.3% 51.7% -0.9% -5.1% 30.7% NAV -6.1% 36.2% 1.9% -4.2% 20.7% Index* 6.3% 28.7% 3.0% 8.6% 0.2%
All figures to 30/06/2020
Share Price 30.7% 22.8% 50.4% 186.2% NAV 20.7% 17.7% 50.5% 146.1% Index* 0.2% 12.1% 53.5% 133.1%
The value of your investment may go down as well as up, and you may not get back the amount you invested.
NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
*FTSE All-Share (GBP) TR.
Performance source: Morningstar and relevant underlying index provider, total return.
Please bear in mind that past performance is not a guide to future performance.
Holdings - 31/05/2020
Fund % 1 Prosus 5.6% 2 Zalando 4.9% 3 IMCD 4.6% 4 Bechtle 4.5% 5 NIBE 4.2% 6 adidas 4.2% 7 Atlas Copco 3.8% 8 Spotify 3.7% 9 Ryanair 3.4% 10 L'Oréal 3.2% Total 42.1%All holdings of 0.7% and above Fund % 1 Prosus 5.6% 2 Zalando 4.9% 3 IMCD 4.6% 4 Bechtle 4.5% 5 NIBE 4.2% 6 adidas 4.2% 7 Atlas Copco 3.8% 8 Spotify 3.7% 9 Ryanair 3.4% 10 L'Oréal 3.2% 11 Delivery Hero 3.2% 12 ASML 3.1% 13 Adyen 2.9% 14 Kingspan Group 2.8% 15 Sartorius Stedim Biotech 2.8% 16 AddLife 2.7% 17 Beijer, G & L AB 2.6% 18 Adevinta 2.6% 19 Kering 2.5% 20 DSV 2.4% 21 Just Eat Takeaway.com 2.3% 22 Morphosys 2.0% 23 Carl Zeiss Meditec 1.9% 24 Kinnevik 1.9% 25 Investor 1.9% 26 Hexpol 1.8% 27 Novozymes 1.6% 28 Mettler-Toledo 1.6% 29 Remy Cointreau 1.6% 30 Ubisoft Entertainment 1.4% 31 Richemont 1.4% 32 Alfa Laval 1.3% 33 Inditex 1.3% 34 Kuehne & Nagel 1.2% 35 Edenred 1.2% 36 Epiroc 1.1% 37 Tenaris 1.0% 38 Pernod Ricard 0.8% Total 97.1%Unfortunately we were unable to load the chart. Please try again later.
InsightsAll insightsJune 2020
European Growth Trust - Manager Insights.
Stephen Paice, investment manager of the Baillie Gifford European Growth Trust plc, gives an update on the activity and current positioning of the portfolio.Fourth Quarter 2019
EUROPEAN GROWTH TRUST PLC.
Baillie Gifford are now managers of the re-named Baillie Gifford European Growth Trust plc. In this film, co-managers Stephen Paice and Moritz Sitte outline why they have repositioned the portfolio to focus on the 40 or so companies that they believe are most likely to deliver outstanding growth over the next five to ten years.November 2019
Continental Blend – The Case for European Companies.
Managers Stephen Paice and Moritz Sitte on the Baillie Gifford European Growth Trust plc.
View all Insights.
Meet the Managers
Stephen is Head of the European Equity Team. He is a co-manager of the Baillie Gifford European Fund and also a member of the Global Stewardship Portfolio Construction Group. He joined Baillie Gifford in 2005 and spent time in the US, UK Smaller Companies and Japanese Equities Teams. Stephen graduated BSc in Financial Mathematics in 2005.
Moritz joined Baillie Gifford in September 2010 and is an Investment Manager in the European Equity Team. He is a co-manager of the Baillie Gifford European Fund. He graduated BSc in Business Administration from the University of Regensburg, Germany in 2009 where he took part in the Honours Elite Degree Programme. Moritz then went on to complete an MSc in Finance and Investment from the University of Edinburgh in 2010.
How to Buy
You can invest in a range of our funds via a number of fund platforms and supermarkets, please see the links opposite. Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request. Information on the range of funds available through platforms can be found in our Platform Matrix.
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.
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). 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.
Bulletins and Factsheets
Investor Disclosure Document
Key Information Document
Other Fund Literature
Philosophy and Process Documents
Any investment in an investment trust involves risk. You should be aware of the following risks when considering investing.
Past performance is not a guide to future performance.
The value of your investment
The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.
The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
The Trust can borrow money to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by the Trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the Trust will make a loss. If the Trust's investments fall in value, any invested borrowings will increase the amount of this loss.
The Trust can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.
Market values for securities which have become difficult to trade may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trust might receive upon their sale.
The Trust can make use of derivatives to obtain, increase or reduce exposure to assets and may result in the Trust being leveraged. Derivatives are most often used to compensate for possible unfavourable currency and market movements. This may result in greater movements (down or up) in the net asset value of the Trust. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Trust. A further risk exists in respect of the counterparty with whom the derivative transaction is made. Due care and diligence is exercised in the selection of counterparties, however, the possibility of the counterparty failing to pay sums due to the Trust still remains.
The Trust's risk could be increased by its investment in unlisted investments. These assets may be more difficult to buy or sell, so changes in their prices may be greater.
The Trust's risk is increased as it holds fewer investments than a typical investment trust and the effect of this, together with its long-term approach to investment, could result in large movements in the share price.
Charges to capital
The Trust charges 80% of the investment management fee and borrowing costs to capital which reduces the capital value. Also, where income is low, the remaining expenses may be greater than the total income received, meaning the Trust may not pay a dividend and the capital value would be further reduced.
Income is less important
The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.
You should note that tax rates and reliefs may change at any time and their value depends on your circumstances.
The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.
Information subject to change
The information and opinions expressed within this website are subject to change without notice.
Not Investment Advice
This information has been issued and approved by Baillie Gifford & Co Limited and does not in any way constitute investment advice.
Suitability for retail distribution
Please note that the Company currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s ordinary shares can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPI). The Company’s ordinary shares are excluded from the FCA’s restrictions which apply to non-mainstream pooled investment products because they are shares in an investment trust.
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