1. Baillie Gifford US Growth Trust

    Baillie Gifford US Growth Trust

  2. 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

    All figures to 29/02/2024

    1 Year

    3 Years

    5 Years

    Since Inception

    Share Price 26.7%-41.5%52.8%88.7%
    NAV 21.0%-30.3%82.3%126.3%
    Index* 24.9%54.9%109.3%144.1%

    Performance figures appear in GBP. 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

    Annual Performance to 31 December each year

    31/12/2018
    31/12/2019

    31/12/2019
    31/12/2020

    31/12/2020
    31/12/2021

    31/12/2021
    31/12/2022

    31/12/2022
    31/12/2023

    Share Price 30.0%133.5%-4.7%-52.8%22.3%
    NAV 26.6%118.4%5.7%-44.1%20.4%
    Index* 26.4%14.7%29.9%-7.8%19.2%

    Performance figures appear in GBP. 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.

    Performance - 29/02/2024

    Performance figures appear in GBP. 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.

    Holdings - 29/02/2024

    Fund %
    1 Space Exploration Technologies 6.9%
    2 NVIDIA 6.7%
    3 Shopify 5.3%
    4 Amazon.com 5.1%
    5 The Trade Desk 4.8%
    6 Stripe 3.9%
    7 Meta Platforms 3.6%
    8 Netflix 3.2%
    9 DoorDash 2.9%
    10 Tesla Inc 2.8%
    Total 45.2%

    Meet the Managers

    Gary Robinson - Co-manager

    Gary is a partner and US Equity Growth investment manager. Gary joined Baillie Gifford in 2003 and spent time working on our Japanese, UK and European Equity teams before moving to the US Equity Growth Team in 2008. Gary is a generalist investor but retains a special interest in the healthcare sector, dating back to his undergraduate degree. He graduated MBiochem in Biochemistry from Oxford University in 2003.

    Kirsty Gibson - Co-manager

    Kirsty is an Investment Manager in the US Equities Team. Kirsty joined Baillie Gifford in 2012 and began her career on the US Equities Team, moving on to spend several years in small and large cap global equities departments, before returning to the US Equities Team. She graduated MA (Hons) in Economics in 2011 and MSc in Carbon Management in 2012, both from the University of Edinburgh.

    How to Invest

    You can invest in our funds via a number of fund platforms, please see the links opposite. Information on the range of funds available through platforms can be found in our Platform Matrix.

    Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.

    Please also note that we do not have an online service for individual investors.

    Further information on our 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.

    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.

    How to Invest

    Getting Financial Advice

    At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.

    Using professional financial advice

    An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.

    Finding a financial adviser near you

    If you want to use an authorised intermediary, MyLocalAdviser is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.mylocaladviser.co.uk

    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.

    Investment Intelligence

    Investor Disclosure Document

    Sustainability-related Disclosures

    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

    Unlisted investments such as private companies can increase risk. 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 and S&P Global SmallCap (index) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and have been licensed for use by Baillie Gifford &Co.  Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“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) is 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 and S&P Global SmallCap (index).