Overview
Given the materiality of the Bending Spoons position within the Baillie Gifford European Growth Trust's portfolio, and in light of recent speculation and uncertainty surrounding a potential Bending Spoons IPO, this communication aims to provide shareholders with greater clarity and transparency.
Image courtesy of Bending Spoons
As with any investment, your capital is at risk.
Baillie Gifford European Growth Trust first invested in Bending Spoons in August 2023, deploying capital through to February 2024, with a total investment of £4.4 million (approximately €5.1 million at the time of purchase).
As at 22 June 2026, the holding was valued at £53.2 million (approximately €61.6 million), representing an increase of around 12 times the original investment and accounting for 13.4 per cent of total assets. Overall private company exposure at that date was 20.6 percent.
Baillie Gifford European Growth Trust plc
Annual past performance to 31 March each year (%)
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Share Price | -20.2 | -12.0 | 7.4 | -6.5 | 3.1 |
| Net Asset Value | -14.2 | -2.6 | 5.9 | -13.0 | 2.6 |
| Index* | 3.9 | 8.7 | 13.8 | 3.8 | 16.5 |
Source: Morningstar, FTSE. Total return in sterling. Ordinary shares. *FTSE Europe ex UK Index.
Past performance is not a guide to future returns.
Important information
This communication was produced and approved in June 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.
Private Company assets may be more difficult to buy or sell, so changes in their prices may be greater. There is no guarantee that private companies will become publicly traded companies in the future.
This communication does not constitute, and is not subject to the protections afforded to, independent research. Baillie Gifford and its staff may have dealt in the investments concerned. The views expressed are not statements of fact and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. A Key Information Document is available at bailliegifford.com.
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.
Baillie Gifford & Co and Baillie Gifford & Co Limited is authorised and regulated by the Financial Conduct Authority (FCA).
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