Capital at risk

Baillie Gifford US Growth Trust

Investing in exceptional US growth companies, whether public or private, for the long term (5+ years). By investing in transformative US businesses, the Company aims to capture the immense potential of structural change taking place in a nation obsessed with innovation and entrepreneurialism.

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Overview

ISIN

GB00BDFGHW41

SEDOL

BDFGHW4

Investment proposition

The Trust aims to produce long-term capital growth by investing predominantly in equities of companies which are incorporated, domiciled or conducting a significant portion of their business in the United States of America. The maximum amount which may be invested directly in private companies shall not exceed 50% of the total assets of the Company, measured at the time of investment.

We are bottom-up, growth investors with a long-term horizon. The portfolio consists of direct holdings in listed securities and private companies in up to a combined maximum of 90 companies or funds, typically with 30 or more listed security holdings.

Share price and charges

Price

276.50p

NAV at fair

298.85p

Premium (+) or discount (-) at fair

-7.5%

Ongoing charges*

0.72%

Fund facts

Active share

85%*

Fund launch date

2018

AIC Investment Sector

North America

Benchmark

S&P 500 Index

Past performance is not a guide to future returns.

*Relative to S&P 500 Index. Source: Baillie Gifford & Co, S&P.

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

Meet the managers

Meet the directors

Ratings

As at: 30 September 2025

Rayner Spencer Mills Research Rated Fund

Rayner Spencer Mills Research Rated Fund - Investment Trust

AGM, voting and registrar details

AGM

2 October 2025, 12:00pm, Baillie Gifford & Co Limited, Calton Square, 1 Greenside Row, Edinburgh EH1 3AN.

View latest results

Voting

Access information on our Corporate calendar, AGM voting and attendance.

Access information on votes cast by Baillie Gifford during the previous quarter on behalf of the investment trust in the Proxy voting disclosure.

Registrar

Computershare Investor Service PLC,
The Pavilions,
Bridgwater Road,
Bristol,
BS99 6ZZ.

Regulatory news announcements

Regulatory news announcements which are released to the London Stock Exchange can be accessed via their service.

US Growth Trust announcements

The Association of Investment Companies

Further information on investment trusts and the investment trust sector can be found on The Association of Investment Companies website.

Visit the website

Risk Warnings

Risk Introduction

The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. 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 specific risks associated with the Trust include:

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.

Private Companies

Unlisted investments such as private companies, in which the Trust has a significant investment, can increase risk. These assets may be more difficult to sell, so changes in their prices may be greater.

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.

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.

Derivatives

The Trust can make use of derivatives which may impact on its performance.

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.

Premium Risk

Share prices may either be below (at a discount) or above (at a premium) the net asset value (NAV). The Company may issue new shares when the price is at a premium which may reduce the share price. Shares bought at a premium may have a greater risk of loss than those bought at a discount.

Buy-backs

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.

Unlikely Income

The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income.

Regulation of Investment Trusts

The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.

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.

Important information

Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority.

The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.

The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Nothing in this information or elsewhere in this website shall exclude, limit or restrict our duties and liabilities to you under the United Kingdom's Financial Services and Markets Act 2000 or any conduct of business rules which we are bound to comply with.

This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.

Contact us

Still have a question?  Please get in touch with us.

Fund performance

Periodic Performance

As at: 31 October 2025

1 Year
3 Years
5 Years
Since Inception
Share Price
27.2%
67.3%
5.7%
174.6%
NAV
29.8%
57.8%
27.5%
214.9%
Index*
18.8%
61.8%
121.7%
222.4%

Discrete Performance

As at: 30 September 2025

30/09/2020 –
30/09/2021
30/09/2021 –
30/09/2022
30/09/2022 –
30/09/2023
30/09/2023 –
30/09/2024
30/09/2024 –
30/09/2025
Share Price
20.9%
-44.7%
-15.5%
35.4%
34.2%
NAV
33.4%
-39.0%
-5.3%
18.7%
32.1%
Index*
24.7%
2.1%
11.2%
24.1%
17.2%

Performance

As at: 31 October 2025

View by date range:

Performance figures appear in GBP. Please bear in mind that past performance is not a guide to future returns. 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.

 

Discount/premium history at fair

As at: 31 October 2025

View by date range:

Source: Morningstar. Premium/Discount of share price to NAV at fair.

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.

Contact us

Still have a question?  Please get in touch with us.

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 31 October 2025

#Holding% of total assets
1Space Exploration Technologies5.9%
2Shopify5.5%
3Stripe5.3%
4Amazon.com5.1%
5NVIDIA5.0%
6Cloudflare4.9%
7Meta Platforms4.3%
8Netflix4.1%
9DoorDash3.6%
10Databricks2.4%

We publish our full portfolio with an intentional delay to protect the company’s intellectual property.

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 sum due to rounding.

Sector analysis of total assets

All figures up to: 31 October 2025

Total: 100%

Contact us

Still have a question?  Please get in touch with us.

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 36 of 36
  1. The world is about to get ‘weird’

    Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
    December 2025
    ArticleLong read
  2. US perspectives: are we in an AI bubble?

    Real growth or market mania — how can we tell the difference?
    November 2025
    Article6 minutes
  3. Fragmenting systems, cultural change

    US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
    October 2025
    ArticleLong read
  4. US perspectives: AI breaks the internet

    AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
    October 2025
    Article6 minutes
  5. US Growth Trust: Manager Insights

    Kirsty Gibson explores the trust’s strategic shifts and generative AI’s transformative impact.
    October 2025
    Video7 minutes
  6. Lights, camera, AI

    From storyboard to final cut, Runway is changing how films get made.
    September 2025
    Article5 minutes
  7. 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?
    September 2025
    Article8 minutes
  8. Cultural architects

    How great founders shape exceptional companies in changing times.
    August 2025
    Article8 minutes
  9. US perspectives: stablecoin summer

    Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
    July 2025
    Article8 minutes
  10. 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.
    June 2025
    Article7 minutes
  11. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  12. US perspectives: comfortable in discomfort

    Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.
    May 2025
    Article5 minutes
  13. US Growth Trust: public and private companies in an uncertain world

    Gary Robinson on tariffs, the US Growth Trust's private powerhouses and AI breakthroughs.
    April 2025
    Video51 minutes
  14. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes
  15. US Growth Trust: Top 10 Private Companies

    Explore the advances of key players such as Databricks and Faire in spearheading innovation and growth.
    April 2025
    Article20 minutes
  16. US perspectives: the retail ecosystem

    Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.
    April 2025
    Article5 minutes
  17. Why ants, scaffolding and long jumps matter to growth investors

    Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.
    March 2025
    Video30
  18. Top 10 Private Companies Progress Report

    Explore the future of technology and innovation through the advances of private companies.
    March 2025
    Document18 minutes
  19. US perspectives: AI evolves again

    Explore how the rapid market shift in AI and computer processing is transforming industries.
    March 2025
    Article4 minutes
  20. The concentration conundrum: challenge or opportunity?

    In today’s era of US mega caps, is market concentration a challenge or an opportunity?
    January 2025
    Article4 minutes
  21. Private investor forum: growth on sale

    Why it pays to keep faith in the company fundamentals
    October 2024
    Article6 minutes
  22. Investment specialist Ben James

    Our best ideas in the US

    Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.
    September 2024
    Video3 minutes
  23. Eric Beinhocker: evolutionary economist

    How successful companies harness the power of adaptation.
    September 2024
    Article7 minutes
  24. Investment manager Gary Robinson

    US Growth Trust: Manager Insights

    Gary Robinson explores the trust’s strategic shifts and generative AI's transformative impact.
    September 2024
    Video7 minutes
  25. Streamlined for success

    How efficiency drives at Meta, Shopify and Block could fuel their long-term growth.
    July 2024
    Podcast35 minutes
  26. Stock story: PsiQuantum

    How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.
    June 2024
    Video3 minutes
  27. The Long View

    Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
    January 2024
    External link
  28. What is private company investing?

    Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
    September 2023
    Video8 minutes
  29. Four questions for growth investors

    Investors must find companies with the key qualities needed to thrive in a stormy economy.
    March 2023
    Article
  30. Why 'what if...' is the most vital question for investors

    Today’s outsized growth rarely follows a steady or predictable path, according to Kirsty Gibson of Baillie Gifford’s US Equities Team.
    October 2022
    Podcast16 minutes
  31. Seeing the wood for the trees.

    Companies operate in complex ecosystems, requiring a nuanced approach to sustainability.
    March 2022
    Article
  32. US Equities: manager insights

    Gary Robinson, investment manager at Baillie Gifford, responds to questions on inflation and valuation.
    February 2022
    Video11 minutes
  33. 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.
    Document
  34. 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.
    April 2021
    Document
  35. 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.
    April 2021
    Document
  36. 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.
    April 2021
    Document

  1. The world is about to get ‘weird’

    Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
    December 2025
    ArticleLong read
  2. US perspectives: are we in an AI bubble?

    Real growth or market mania — how can we tell the difference?
    November 2025
    Article6 minutes
  3. Fragmenting systems, cultural change

    US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
    October 2025
    ArticleLong read
  4. US perspectives: AI breaks the internet

    AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
    October 2025
    Article6 minutes
  5. US Growth Trust: Manager Insights

    Kirsty Gibson explores the trust’s strategic shifts and generative AI’s transformative impact.
    October 2025
    Video7 minutes
  6. Lights, camera, AI

    From storyboard to final cut, Runway is changing how films get made.
    September 2025
    Article5 minutes
  7. 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?
    September 2025
    Article8 minutes
  8. Cultural architects

    How great founders shape exceptional companies in changing times.
    August 2025
    Article8 minutes
  9. US perspectives: stablecoin summer

    Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
    July 2025
    Article8 minutes
  10. 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.
    June 2025
    Article7 minutes
  11. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  12. US perspectives: comfortable in discomfort

    Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.
    May 2025
    Article5 minutes
  13. US Growth Trust: public and private companies in an uncertain world

    Gary Robinson on tariffs, the US Growth Trust's private powerhouses and AI breakthroughs.
    April 2025
    Video51 minutes
  14. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes
  15. US Growth Trust: Top 10 Private Companies

    Explore the advances of key players such as Databricks and Faire in spearheading innovation and growth.
    April 2025
    Article20 minutes
  16. US perspectives: the retail ecosystem

    Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.
    April 2025
    Article5 minutes
  17. Why ants, scaffolding and long jumps matter to growth investors

    Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.
    March 2025
    Video30 minutes
  18. Top 10 Private Companies Progress Report

    Explore the future of technology and innovation through the advances of private companies.
    March 2025
    Document18 minutes
  19. US perspectives: AI evolves again

    Explore how the rapid market shift in AI and computer processing is transforming industries.
    March 2025
    Article4 minutes
  20. The concentration conundrum: challenge or opportunity?

    In today’s era of US mega caps, is market concentration a challenge or an opportunity?
    January 2025
    Article4 minutes
  21. Private investor forum: growth on sale

    Why it pays to keep faith in the company fundamentals
    October 2024
    Article6 minutes
  22. Investment specialist Ben James

    Our best ideas in the US

    Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.
    September 2024
    Video3 minutes
  23. Eric Beinhocker: evolutionary economist

    How successful companies harness the power of adaptation.
    September 2024
    Article7 minutes
  24. Investment manager Gary Robinson

    US Growth Trust: Manager Insights

    Gary Robinson explores the trust’s strategic shifts and generative AI's transformative impact.
    September 2024
    Video7 minutes
  25. Streamlined for success

    How efficiency drives at Meta, Shopify and Block could fuel their long-term growth.
    July 2024
    Podcast35 minutes
  26. Stock story: PsiQuantum

    How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.
    June 2024
    Video3 minutes
  27. The Long View

    Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
    January 2024
    External link
  28. What is private company investing?

    Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
    September 2023
    Video8 minutes
  29. Four questions for growth investors

    Investors must find companies with the key qualities needed to thrive in a stormy economy.
    March 2023
    Article
  30. Why 'what if...' is the most vital question for investors

    Today’s outsized growth rarely follows a steady or predictable path, according to Kirsty Gibson of Baillie Gifford’s US Equities Team.
    October 2022
    Podcast16 minutes
  31. Seeing the wood for the trees.

    Companies operate in complex ecosystems, requiring a nuanced approach to sustainability.
    March 2022
    Article
  32. US Equities: manager insights

    Gary Robinson, investment manager at Baillie Gifford, responds to questions on inflation and valuation.
    February 2022
    Video11 minutes
  33. 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.
    Document
  34. 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.
    April 2021
    Document
  35. 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.
    April 2021
    Document
  36. 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.
    April 2021
    Document

Contact us

Still have a question?  Please get in touch with us.

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.

Contact us

Still have a question?  Please get in touch with us.