1. Overview

    The Trust aims to maximise capital growth over the long-term from investment primarily in shares of listed UK equities which have the potential to deliver a total return in excess of the FTSE All-Share Index.

    The value of investments and any income from them may go down as well as up and you or your client may not get back the amount originally invested.
  2. About the Trust

    The Trust’s portfolio is constructed without any reference to the index and will not replicate it. The majority of the portfolio will be held in listed UK equities and may, if appropriate, include convertible securities and equity related derivatives. The yield on the Trust’s investments is of secondary importance.

    Baillie Gifford
  3. Milena Mileva and Iain McCombie, co-managers of the Baillie Gifford UK Growth Fund plc, give an overview of the trust following the board’s decision to move the mandate to Baillie Gifford.
  4. Meet the Trust Managers

    Iain McCombie
    Iain McCombie

    Iain graduated MA in Accounting from Aberdeen University and trained as a Chartered Accountant. He joined Baillie Gifford in 1994, and spent five years training as an Investment Manager in the US Equities Team before joining the UK Equity Team in 1999. Iain became a partner of the firm in 2005 and served as Chief of Investment Staff from 2013 to 2018. He is the lead manager of our UK Core strategy, and Head of the Pan-European and a member of the Global Stewardship Portfolio Construction Groups (PCGs).

    Milena Mileva, co-manager of the Baillie Gifford UK Growth Fund
    Milena Mileva

    Milena completed her MPhil in Politics at Oxford University in 2009, having graduated with a BA in Social & Political Science from the University of Cambridge in 2007. She joined Baillie Gifford in 2009 and is an Investment Manager in the UK Equity Team. Milena co-manages the Trust.

  5. Actual investors imagine 'what if?'

    Not 'what is'.
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  6. Meet our Directors

    Carolan Dobson - Chairman

    Carolan was appointed a Director on 13 March 2014. She is Chairman of JP Morgan European Smaller Companies Trust plc, Brunner Investment Trust plc, Blackrock Latin American Investment Trust plc and a trustee of Nest. She was a fund manager holding a number of positions including Director at Murray Johnstone Ltd and subsequently undertook several key roles at Abbey Asset Managers Ltd.

    Andrew Hutton - Director

    Andrew was appointed a Director on 3 September 2008 and Senior Independent Director in April 2015. He is owner and Director of A.J. Hutton Ltd., an investment advisory firm. He was previously a Managing Director of JP Morgan and Head of Investment Management at Coutts Group.

    Andrew Westenberger - Director

    Andrew was appointed a Director on 5 May 2017. He qualified as a chartered accountant with Coopers and Lybrand. He was previously Group Finance Director of Brewin Dolphin Holdings PLC and Evolution Group Plc. Prior to this, he held several senior finance roles at Barclays Capital and Deutsche Bank both in the UK and USA. He is also currently a Non-Executive Director and Trustee of the Chartered Institute of Securities and Investments.

    Scott Cochrane - Director

    Scott was appointed a Director on 15 November 2018. He is Global Head of Corporate International law firm Herbert Smith Freehills where he is responsible for leading the strategic direction of the practice across a global network of offices. He is also a member of the firm’s Global Executive and has over 25 years' experience advising clients in the asset management sector on a broad range of corporate matters.

    Ruary Neill - Director

    Ruary was appointed a Director on 15 November 2018. He is involved in Board work with both profit and not for profit organisations. He sits as an Independent Non-Executive Director on the Board of JP Morgan Emerging Markets Investment Trust plc, Chairs The Investment Committee at Great Ormond Street Children’s Charity and is a member of The Advisory Board, The SOAS China Institute, London University. Prior to this he worked in investment banking for 28 years where he latterly managed a multi asset sales business for UBS Investment Bank working closely with chief investment officers and senior asset managers on strategic and tactical asset allocation decisions. In his earlier career he spent a number of years working in the Asian Equity Markets for UBS Investment Bank (and before Warburg Dillion Read, SBC Warburg Securities and ROWAK) and Schroder Securities.

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    The portfolio is a high conviction, concentrated selection of our best ideas in the UK with a bias to mid and smaller cap growth companies, where we intuitively believe the growth spot for UK equities to be.
  8. Objective

    The principal investment objective of the Company is to achieve capital growth predominantly from investment in UK equities, with the aim of providing a total return in excess of the FTSE All-Share Index.

  9. Investment Policy

    The Company invests in a relatively concentrated portfolio of between 35 and 65 stocks principally selected for their potential to provide shareholders with attractive returns relative to the FTSE All-Share Index. The portfolio is invested primarily in listed UK equities. It may, if appropriate, include convertible securities, and equity-related derivatives may be used for efficient portfolio management purposes. The yield on the Company’s investment portfolio is of secondary importance.

    The stocks are predominantly constituents of the FTSE 350 Index.

    The size of individual stock holdings depends on the Manager’s degree of conviction, not the stock’s weight in any index.