1. Overview

    The Baillie Gifford US Growth Trust plc seeks to invest predominantly in listed and unlisted US companies which the Company believes have the potential to grow substantially faster than the average company, and to hold onto them for long periods of time, in order to produce long-term capital growth.

    Baillie Gifford believes that exceptional growth companies are the major drivers of market wealth creation.

    Performance & Portfolio

    Periodic Performance

    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.
    *S&P 500 Index (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.


    Discrete Performance

    Performance - 30/09/2020
    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    Benchmark data is limited to a 5 year period from the current date.
    The graph has been rebased to 100.
    Please bear in mind that past performance is not a guide to future performance.
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    Discount/Premium History at Fair - 30/09/2020
    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    If the graph shows negative figures this means that the share price is lower than the NAV at fair – this is known as trading at a Discount.
    If the graph shows positive figures this means that the share price is higher than the NAV at fair - this is known as trading at a Premium.
    Please bear in mind that past performance is not a guide to future performance.

    Holdings - 30/09/2020

    Fund %
    1 Tesla Inc 9.6%
    2 Shopify 7.3%
    3 Amazon.com 7.0%
    4 Wayfair 5.6%
    5 The Trade Desk 3.7%
    6 Zoom Video Communications 3.4%
    7 Netflix 3.3%
    8 Peloton 2.4%
    9 Stripe 2.4%
    10 Alphabet 2.3%
    Total 46.7%
    All holdings of 0.7% and above
    Fund %
    1 Tesla Inc 9.6%
    2 Shopify 7.3%
    3 Amazon.com 7.0%
    4 Wayfair 5.6%
    5 The Trade Desk 3.7%
    6 Zoom Video Communications 3.4%
    7 Netflix 3.3%
    8 Peloton 2.4%
    9 Stripe 2.4%
    10 Alphabet 2.3%
    11 Mastercard 2.2%
    12 Chegg 2.1%
    13 Roku 1.9%
    14 Twilio 1.9%
    15 Illumina 1.8%
    16 Carvana 1.8%
    17 First Republic Bank 1.8%
    18 Space Exploration Technologies 1.8%
    19 Workday 1.6%
    20 Novocure 1.6%
    21 CoStar 1.5%
    22 Redfin 1.5%
    23 Chewy 1.5%
    24 Abiomed 1.4%
    25 MarketAxess 1.3%
    26 Watsco 1.3%
    27 NVIDIA 1.2%
    28 Teladoc 1.2%
    29 Appian 1.1%
    30 Snowflake 1.1%
    31 Vroom 1.1%
    32 Alnylam Pharmaceuticals 1.0%
    33 Zillow 1.0%
    34 Moderna 1.0%
    35 Tanium 0.9%
    36 Affirm 0.9%
    37 Penumbra 0.9%
    38 Datadog 0.9%
    39 Cloudflare 0.8%
    40 Slack 0.8%
    41 Warby Parker (JAND) 0.8%
    42 Denali Therapeutics 0.7%
    Total 88.5%
    Sector Analysis of Total Assets - 30/09/2020
    As the Fund 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 information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co.
    Please note that totals may not add due to rounding.
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    Meet the Manager

    Gary Robinson - Co-manager

    Gary is an Investment Manager in the US Equities Team. He graduated MBiochem in Biochemistry from the University of Oxford in 2003 and joined Baillie Gifford the same year. He spent time working on our Japanese, UK and European Equity Teams before moving to the US Equities Team in 2008. Gary is a generalist investor but retains a special interest in the healthcare sector dating back to his undergraduate degree. Gary is also a member of the Global Stewardship Portfolio Construction Group.

     

    Helen Xiong - Co-manager

    Helen joined Baillie Gifford in 2008 and is an Investment Manager in the US Equities Team. She has also spent time working on our Developed Asia, UK, North America, Emerging Markets and Global Equity Teams. Before coming to live and work in the UK, Helen lived in China, South Africa and Norway. She graduated BSc (Hons) in Economics from the University of Warwick in 2007 and MPhil in Economics from the University of Cambridge the following year.

    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.

    Fund Platforms/Supermarkets

    Documents

    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.

    Risks

    Any investment in an investment trust involves risk. You should be aware of the following risks when considering investing.

    Past performance

    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.

    Currency

    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.

    Gearing

    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.

    Buy-back shares

    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.

    Liquidity

    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.

    Concentration

    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.

    Derivatives

    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.

    Smaller Companies

    Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavourable economic conditions.

    Single country

    The Trust’s exposure to a single market and currency may increase risk.

    Private Companies

    The Trust has a significant investment in private companies. The Trust’s risk could be increased as these assets may be more difficult to sell, so changes in their prices may be greater.

    Concentration

    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 income

    Charges are deducted from income. Where income is low, the expenses may be greater than the total income received, meaning the Trust may not pay a dividend and the capital value would be 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.

    Tax rates

    You should note that tax rates and reliefs may change at any time and their value depends on your circumstances.

    Regulation

    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.

    Disclaimers

    S&P Dow Jones Disclaimer

    The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Baillie Gifford.  Copyright © 2018 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com.  S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.