Overview
ISIN
GB0007913485SEDOL
0791348Investment proposition
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.
Share price and charges
Price
203.00pNAV at fair
226.24pPremium (+) or discount (-) at fair
-10.3%Ongoing charges*
0.71%Fund facts
Active share
90%*
Fund launch date
1994
AIC Investment Sector
UK All Companies
Benchmark
FTSE All-Share Index
Past performance is not a guide to future returns.
*Relative to FTSE All-Share Index, total return. Source: Baillie Gifford & Co, FTSE.
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.
Meet the managers
Meet the directors
Intermediary client contacts
If you’d like further information, please get in touch with the Intermediary Client Contact for your area.
AGM, voting and registrar details
AGM
Wednesday 3 September 2025 at 12:00 noon at 1 Moorgate Place, City of London, EC2R 6EA.
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.
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.
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:
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.
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.
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 which may impact on its performance.
Single Country
The Trust's exposure to a single market 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.
Income Secondary
The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.
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
Fund performance
Periodic Performance
As at: 31 October 2025
1 Year | 3 Years | 5 Years | 10 Years | |
|---|---|---|---|---|
Share Price | 19.7% | 49.0% | 27.0% | 72.3% |
NAV | 15.2% | 42.2% | 32.5% | 66.3% |
Index* | 22.5% | 50.9% | 98.6% | 116.3% |
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 | 31.5% | -36.3% | 10.3% | 19.1% | 14.5% |
NAV | 23.8% | -27.8% | 9.4% | 18.1% | 10.5% |
Index* | 27.9% | -4.0% | 13.8% | 13.4% | 16.2% |
Performance
As at: 31 October 2025
Source: Morningstar, FTSE.
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
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.
Active share
As at: 31 October 2025
Relative to FTSE All-Share Index, total return. Source: Baillie Gifford & Co, FTSE.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 31 October 2025
| # | Holding | % of total assets |
|---|---|---|
| 1 | Games Workshop | 6.7% |
| 2 | Volution Group | 6.1% |
| 3 | Auto Trader | 5.5% |
| 4 | AJ Bell | 4.8% |
| 5 | St. James's Place | 4.6% |
| 6 | Experian | 4.5% |
| 7 | Wise | 4.4% |
| 8 | Howden Joinery | 4.2% |
| 9 | 4imprint | 3.5% |
| 10 | Kainos | 3.4% |
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights

Our best UK ideas
Chloe Darling-Stewart on why the UK’s Autotrader, Moonpig and Genus are hidden treasures.
The power of purpose
Why firms with a passion to improve customers’ lives do better.
UK Growth Trust: Manager Insights
Iain McCombie on portfolio performance, turnover and investment opportunities.
A compelling opportunity: the UK is on offer
Iain McCombie shares his views on the UK Growth Trust's performance and the current market conditions.
The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
UK growth: opportunities amid tariff turbulence
How adaptable firms in growth-driving sectors can prosper over the long term despite trade restrictions.
UK Growth Trust: investing in the UK's best growth companies
The UK Growth Trust's approach to finding innovative companies, managing discounts and capitalising on long-term trends.
Private investor forum: growth on sale
Why it pays to keep faith in the company fundamentals
Creo Medical: at the spearhead of surgery
The Welsh company cutting surgery waiting lists – and costs.
UK Growth Trust: a 2024 perspective
Iain McCombie discusses the UK Growth Trust's strategy and outlook in 2024.
UK Growth Trust: Manager Insights
An update on portfolio performance, turnover and investment opportunities.
UK Growth Trust: manager update
Iain McCombie and Milena Mileva on navigating growth investment in volatile markets.
Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.
Quoted Data research report - Baillie Gifford UK Growth Trust
Quoted Data's latest research report. Please note that this is paid for research.
Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
UK Growth Trust: Manager Insights
An update on portfolio performance, turnover and investment opportunities.
Baillie Gifford UK Growth Trust plc webinar
UK Equities: A fantastic hunting ground for long-term growth investors.
Long term growth opportunities in the UK: Baillie Gifford UK Growth Trust plc
Join co-managers Iain McCombie and Milena Mileva as they discuss the key traits of their long-term investing philosophy.
UK Growth Trust: home focus
Companies solving big problems in healthcare, fintech and AI, are proving the UK is an exciting place to invest.
UK Growth Trust Manager Insights
In volatile times, focusing on the fundamental long-term opportunities of our holdings is key.
Baillie Gifford explains its approach to valuing private companies in investment trust portfolios.
Baillie Gifford UK Growth Trust plc Manager Insights.
Investment manager Milena Mileva gives an update on the philosophy, positioning and activity of the Baillie Gifford UK Growth Trust portfolio.
Take-off platforms
Online trading platforms have transformed the way we put our money to work. Iain McCombie, joint manager of the Baillie Gifford UK Growth Fund, tells Faith Glasgow how these companies brought financial power to the people.
Baillie Gifford UK Growth Fund PLC.
Client contact Anzelm Cydzik talks to investment managers of the Baillie Gifford UK Growth Fund Milena Mileva and Iain McCombie. They discuss the key traits of their long-term investment philosophy, current portfolio positioning and the importance of resisting temptation to trade too often.
Fantasy Figures: Games Workshop
With hits like Warhammer, this gaming company inspires a sense of community which brings huge growth potential
UK Growth Fund Manager Update.
Investment manager Iain McCombie gives an update on the positioning and activity of the Baillie Gifford UK Growth Fund portfolio.
UK Stock Stories - Abcam and Homeserve
Investment managers Iain McCombie and Milena Mileva give some examples of companies within the UK portfolio that show exciting growth potential.
Baillie Gifford UK Growth Fund plc - Stock Stories.
Investment managers Iain McCombie and Milena Mileva give an update on the Baillie Gifford UK Growth Fund plc and discuss some examples of companies within the portfolio that show exciting growth potential.
Fashion retailers: the impact of online shopping
In the fourth episode of Short Briefings on Long Term Thinking, Malcolm Borthwick is joined by Milena Mileva to discuss how profound changes in consumer behaviour are changing the retail landscape both online and in bricks-and-mortar stores.

Our best UK ideas
Chloe Darling-Stewart on why the UK’s Autotrader, Moonpig and Genus are hidden treasures.
The power of purpose
Why firms with a passion to improve customers’ lives do better.
UK Growth Trust: Manager Insights
Iain McCombie on portfolio performance, turnover and investment opportunities.
A compelling opportunity: the UK is on offer
Iain McCombie shares his views on the UK Growth Trust's performance and the current market conditions.
The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
UK growth: opportunities amid tariff turbulence
How adaptable firms in growth-driving sectors can prosper over the long term despite trade restrictions.
UK Growth Trust: investing in the UK's best growth companies
The UK Growth Trust's approach to finding innovative companies, managing discounts and capitalising on long-term trends.
Private investor forum: growth on sale
Why it pays to keep faith in the company fundamentals
Creo Medical: at the spearhead of surgery
The Welsh company cutting surgery waiting lists – and costs.
UK Growth Trust: a 2024 perspective
Iain McCombie discusses the UK Growth Trust's strategy and outlook in 2024.
UK Growth Trust: Manager Insights
An update on portfolio performance, turnover and investment opportunities.
UK Growth Trust: manager update
Iain McCombie and Milena Mileva on navigating growth investment in volatile markets.
Ashtead: hiding in plain sight
This little-known equipment rental company is one of the UK’s most exciting growth stories.
Quoted Data research report - Baillie Gifford UK Growth Trust
Quoted Data's latest research report. Please note that this is paid for research.
Joiners’ mate
Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
UK Growth Trust: Manager Insights
An update on portfolio performance, turnover and investment opportunities.
Baillie Gifford UK Growth Trust plc webinar
UK Equities: A fantastic hunting ground for long-term growth investors.
Long term growth opportunities in the UK: Baillie Gifford UK Growth Trust plc
Join co-managers Iain McCombie and Milena Mileva as they discuss the key traits of their long-term investing philosophy.
UK Growth Trust: home focus
Companies solving big problems in healthcare, fintech and AI, are proving the UK is an exciting place to invest.
UK Growth Trust Manager Insights
In volatile times, focusing on the fundamental long-term opportunities of our holdings is key.
Valuing private companies.
Baillie Gifford explains its approach to valuing private companies in investment trust portfolios.
Baillie Gifford UK Growth Trust plc Manager Insights.
Investment manager Milena Mileva gives an update on the philosophy, positioning and activity of the Baillie Gifford UK Growth Trust portfolio.
Take-off platforms
Online trading platforms have transformed the way we put our money to work. Iain McCombie, joint manager of the Baillie Gifford UK Growth Fund, tells Faith Glasgow how these companies brought financial power to the people.
Baillie Gifford UK Growth Fund PLC.
Client contact Anzelm Cydzik talks to investment managers of the Baillie Gifford UK Growth Fund Milena Mileva and Iain McCombie. They discuss the key traits of their long-term investment philosophy, current portfolio positioning and the importance of resisting temptation to trade too often.
Fantasy Figures: Games Workshop
With hits like Warhammer, this gaming company inspires a sense of community which brings huge growth potential
UK Growth Fund Manager Update.
Investment manager Iain McCombie gives an update on the positioning and activity of the Baillie Gifford UK Growth Fund portfolio.
UK Stock Stories - Abcam and Homeserve
Investment managers Iain McCombie and Milena Mileva give some examples of companies within the UK portfolio that show exciting growth potential.
Baillie Gifford UK Growth Fund plc - Stock Stories.
Investment managers Iain McCombie and Milena Mileva give an update on the Baillie Gifford UK Growth Fund plc and discuss some examples of companies within the portfolio that show exciting growth potential.
Fashion retailers: the impact of online shopping
In the fourth episode of Short Briefings on Long Term Thinking, Malcolm Borthwick is joined by Milena Mileva to discuss how profound changes in consumer behaviour are changing the retail landscape both online and in bricks-and-mortar stores.
How to buy
You can invest in our funds via a number of fund platforms. Information on the range of funds available through platforms can be obtained from platforms@bailliegifford.com
Further information on the funds can be found in the relevant Key Information Documents, which are available in English and will be sent to you free of charge on request.
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.



