OverviewThe 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.
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.
About the Trust
It’s all about finding truly exceptional growth companies and holding onto them for long periods of time. We believe that such companies are the major drivers of market wealth creation. Their contributions to wealth creation are a function of their outsized role in driving productive innovation in society. Evidence suggests that only a handful of exceptional growth companies drive all long-term returns; and the United States is home to a significant proportion of them. We believe this will continue to be the case long into the future.
The Trust’s investment universe will comprise all quoted and unquoted companies in the US. Whilst the opportunity set is very broad, we do not believe that there are many stocks that offer the possibility of truly superior long-term returns. Academic studies on the long-term returns of equity markets have shown that equity market returns are highly concentrated in a small number of stocks. Our task is to find the generators of these returns.
Meet the Trust ManagersGary 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.
Actual investors imagine 'what if?'
Not 'what is'.
Meet our DirectorsTom Burnet - Chairman
Tom Burnet was appointed a Director and Chairman on 5 March 2018 and is also Chairman of the Nomination Committee. He is a chairman of Kainos Group plc, a London listed IT services business and a non-executive director of AIM company accesso Technology Group plc, a leading supplier of technology platforms to the global leisure and attractions market. Previously, Tom was managing director of Serco’s Defence Services division. He started his career as an Army Officer serving in the Black Watch (R.H.R.), having graduated with an MBA from the University of Edinburgh.Sue Inglis
Sue Inglis was appointed a Director on 5 March 2018 and is the Senior Independent Director. She has a wealth of experience from more than 30 years advising listed investment companies and financial institutions. Before embarking on a non-executive career, her executive roles included managing director – Corporate Finance in the Investment Companies teams at Cantor Fitzgerald Europe (2012–2018) and Canaccord Genuity (2009–2012). Sue is a qualified lawyer, and was a partner and head of the funds and financial services group, at Shepherd & Wedderburn, a leading Scottish law firm. In 1999 she was a founding partner of Intelli Corporate Finance, an advisory boutique firm focusing on the asset management and investment company sectors, which was acquired by Canaccord Genuity in 2009. Sue is currently the chairman of The Bankers Investment Trust PLC, and a non-executive director of BMO Managed Portfolio Trust PLC, Seneca Global Income & Growth Trust plc and NextEnergy Solar Fund Limited.Graham Paterson
Graham Paterson was appointed a Director on 5 March 2018 and is Chairman of the Audit Committee. He is an investment and financial services professional with over 20 years’ experience in the private equity industry. A chartered accountant, Graham was one of the founding partners of SL Capital Partners LLP (formerly Standard Life Investments (Private Equity) Ltd), where he was a partner and board member until 2010. During his 13 years at SL Capital, he was one of the managers of Standard Life Private Equity Trust plc and was a member of the advisory boards to a number of leading private equity fund managers. In 2013, Graham co-founded TopQ Software Ltd, a technology company which develops software for the private equity industry. TopQ Software was acquired by eVestment Inc (now part of NASDAQ Inc) in 2015, where Graham was a director of the private markets data and analytics business until early 2018. Graham is a non-executive director of Mobeus Income & Growth 4 VCT plc, Invesco Perpetual UK Smaller Companies Investment Trust plc and a member of the Finance and Administration Committee of Foundation Scotland.
Baillie Gifford believes that exceptional growth companies are the major drivers of market wealth creation.
The Company’s investment objective is to produce long-term capital growth.
The Company will invest predominantly in equities of companies which are incorporated or domiciled, or which conduct a significant portion of their business, in the United States and which the Company believes have the potential to grow substantially faster than the average company over the long term. Such investment will typically be direct, but may be indirect, including through investment in funds.
The maximum direct investment in any one holding or fund will be limited to 10 per cent. of the Company’s total assets measured at the time of investment.
The Portfolio will consist of holdings in Listed Securities and Unlisted Securities in up to a combined maximum of 90 holdings, typically with 30 to 50 Listed Security holdings. The maximum amount which may be invested in Unlisted Securities shall not exceed 50 per cent. of the total assets of the Company, measured at the time of investment.
The Company will at all times be invested in several sectors. While there are no specific limits placed on exposure to any one sector, the Company will at all times invest and manage the Portfolio in a manner consistent with spreading investment risk.
With prior approval of the Board, the Company may use derivatives for the purposes of efficient portfolio management (in order to reduce, transfer or eliminate investment risk in the Company’s Portfolio). Derivative instruments in which the Company may invest may include foreign exchange forwards, exchange-listed and over-the-counter options, futures, options on futures, swaps and similar instruments. The Board, however, currently does not expect to enter into derivative or hedging transactions to mitigate against currency or interest rate risk.
The Board intends to employ gearing in the normal course of events. The Company may in aggregate borrow amounts equalling up to 30 per cent. of the net asset value of the Listed Securities held by the Company, calculated at the time of drawdown, although the Board expects that borrowings will typically represent an amount in the range of 10 to 20 per cent. of the net asset value of the Listed Securities held by the Company.
While it is intended that the Company will be fully invested in normal market conditions, the Company may hold cash on deposit or invest on a temporary basis in a range of cash equivalent instruments. The Board does not expect that the Company will hold cash or cash equivalent instruments, but there is no restriction on the amount of cash or cash equivalent instruments that the Company may hold.