Overview
ISIN
GB00BDFGHW41SEDOL
BDFGHW4Investment proposition
The Trust aims to produce long-term capital growth by investing predominantly in equities of companies which are incorporated, domiciled or conducting a significant portion of their business in the United States of America. The maximum amount which may be invested directly in private companies shall not exceed 50% of the total assets of the Company, measured at the time of investment.
We are bottom-up, growth investors with a long-term horizon. The portfolio consists of direct holdings in listed securities and private companies in up to a combined maximum of 90 companies or funds, typically with 30 or more listed security holdings.
Share price and charges
Price
278.50pNAV at fair
300.54pPremium (+) or discount (-) at fair
-7.3%Ongoing charges*
0.72%Fund facts
Active share
85%*
Fund launch date
2018
AIC Investment Sector
North America
Benchmark
S&P 500 Index
Past performance is not a guide to future returns.
*Relative to S&P 500 Index. Source: Baillie Gifford & Co, S&P.
Baillie Gifford believes that exceptional growth companies are the major drivers of market wealth creation.
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.
Ratings
As at: 30 September 2025
AGM, voting and registrar details
AGM
2 October 2025, 12:00pm, Baillie Gifford & Co Limited, Calton Square, 1 Greenside Row, Edinburgh EH1 3AN.
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:
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.
Private Companies
Unlisted investments such as private companies, in which the Trust has a significant investment, 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.
Derivatives
The Trust can make use of derivatives which may impact on its performance.
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.
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.
Unlikely Income
The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income.
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 | Since Inception | |
|---|---|---|---|---|
Share Price | 27.2% | 67.3% | 5.7% | 174.6% |
NAV | 29.8% | 57.8% | 27.5% | 214.9% |
Index* | 18.8% | 61.8% | 121.7% | 222.4% |
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 | 20.9% | -44.7% | -15.5% | 35.4% | 34.2% |
NAV | 33.4% | -39.0% | -5.3% | 18.7% | 32.1% |
Index* | 24.7% | 2.1% | 11.2% | 24.1% | 17.2% |
Performance
As at: 31 October 2025
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.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 31 October 2025
| # | Holding | % of total assets |
|---|---|---|
| 1 | Space Exploration Technologies | 5.9% |
| 2 | Shopify | 5.5% |
| 3 | Stripe | 5.3% |
| 4 | Amazon.com | 5.1% |
| 5 | NVIDIA | 5.0% |
| 6 | Cloudflare | 4.9% |
| 7 | Meta Platforms | 4.3% |
| 8 | Netflix | 4.1% |
| 9 | DoorDash | 3.6% |
| 10 | Databricks | 2.4% |
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights

The world is about to get ‘weird’
Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
US perspectives: are we in an AI bubble?
Real growth or market mania — how can we tell the difference?
Fragmenting systems, cultural change
US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
US perspectives: AI breaks the internet
AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
US Growth Trust: Manager Insights
Kirsty Gibson explores the trust’s strategic shifts and generative AI’s transformative impact.
Lights, camera, AI
From storyboard to final cut, Runway is changing how films get made.
US perspectives: things are getting weird, quickly
An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?
Cultural architects
How great founders shape exceptional companies in changing times.
US perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
US perspectives: infrastructure, the invisible opportunity
A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.
The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
Private growth: Looking over the overlooked
Brian Kelly of Baillie Gifford’s Private Companies team explores late-stage private market investing.
US perspectives: comfortable in discomfort
Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.
US Growth Trust: public and private companies in an uncertain world
Gary Robinson on tariffs, the US Growth Trust's private powerhouses and AI breakthroughs.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
US Growth Trust: Top 10 Private Companies
Explore the advances of key players such as Databricks and Faire in spearheading innovation and growth.
US perspectives: the retail ecosystem
Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.
Why ants, scaffolding and long jumps matter to growth investors
Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.
Top 10 Private Companies Progress Report
Explore the future of technology and innovation through the advances of private companies.
US perspectives: AI evolves again
Explore how the rapid market shift in AI and computer processing is transforming industries.
The concentration conundrum: challenge or opportunity?
In today’s era of US mega caps, is market concentration a challenge or an opportunity?
Edison research report - Baillie Gifford US Growth Trust
Please note that the below is Edison Investment Research’s research report and that this is paid for research.
Private investor forum: growth on sale
Why it pays to keep faith in the company fundamentals
Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
US Growth Trust: Manager Insights
Gary Robinson explores the trust’s strategic shifts and generative AI's transformative impact.
Streamlined for success
How efficiency drives at Meta, Shopify and Block could fuel their long-term growth.
Stock story: PsiQuantum
How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.
US Growth opportunities
Kirsty Gibson shares insights on identifying and investing in America's exceptional growth businesses, both public and private.
The American Dream made real
Why the US is a fantastic place to invest in exceptional public and private growth companies.
The Long View
Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
Private companies top 10 deep dive
Explore an in-depth analysis of Baillie Gifford US Growth Trust's top 10 private company holdings and uncover their growth potential.
Investing in private companies
Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
How do we value private companies?
Uncover the multiple layers of governance that feed into the valuation of private companies at Baillie Gifford.
Private company investing myths
Busting three myths that could alter your view about what private company investing is.
Surfing to success
Why the waves hold the key to the pursuit of long-term growth.
What is private company investing?
Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
US Growth Trust: Manager Insights
The US Growth Trust marks its fifth birthday with a portfolio update focused on the future.
Five years of US Growth
Gary Robinson talks investing in tough times and the outlook for the trust in a shifting economy.
Four questions for growth investors
Investors must find companies with the key qualities needed to thrive in a stormy economy.
Why 'what if...' is the most vital question for investors
Today’s outsized growth rarely follows a steady or predictable path, according to Kirsty Gibson of Baillie Gifford’s US Equities Team.
Embracing the unpredictable
The ‘what if…?’ questions are the most important of all.
Drive: rethinking motivation
What companies get wrong when trying to get the best out of their workers.
US Growth Trust: Manager Insights
Gary Robinson, co-manager of the US Growth Trust, explains why we stay focused on fundamentals in uncertain times.
Valuing private companies
The US Growth Trust Team explains how the private companies in the portfolio are valued.
The Long View: Infinite Progress.
Investment manager Gary Robinson explains why the pace of invention should continue to speed up.
Baillie Gifford US Equities update.
The US Equity Team consider fund performance, market volatility and resilience for Q1 2022.
The long view: open minds.
Investment manager Kirsty Gibson describes the hunt for companies with foundational technologies on which wider industries can be built.
US Growth Trust: The Long View.
The US is home to fast-growing, disruptive and culturally unique companies. Join Gary Robinson and Kirsty Gibson as they discuss growth investing in the US and the businesses that are driving structural change across sectors worldwide.
Baillie Gifford explains its approach to valuing private companies in investment trust portfolios.
US Equities: manager insights
Gary Robinson, investment manager at Baillie Gifford, responds to questions on inflation and valuation.
Seismic shifts.
Companies benefiting from explosive change brought on by the pandemic.
A conversation about sustainability
Our long-term investors know that investing sustainably is a plus for value creation.
US Growth Trust Manager Insights.
Behavioural shifts caused by Covid prompt changes to Baillie Gifford US Growth Trust’s portfolio.
Why Companies Should Embrace Chaos
The nimblest firms are often those that don’t fight disorder but embrace it, according to Visa founder Dee Hock.
The future of mobility - Part 2
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility – Part 3
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility - part 4
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility – Part 1
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
US Growth Trust Webinar.
Fraser Thomson, client director, talks to Gary Robinson, co-manager of the US Growth Trust, and Kirsty Gibson, a key-decision maker and soon-to-be co-manager. The discussion centres around the recent investment environment and our thoughts for the future, all in the context of the investment approach employed by the trust.
US Growth Trust - Manager Update.
Gary Robinson, co-manager of the Baillie Gifford US Growth Trust, explains why he thinks the major behavioural shifts we’ve seen in recent time are here to stay, and talks about which opportunities in particular he is most excited about.

The world is about to get ‘weird’
Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
US perspectives: are we in an AI bubble?
Real growth or market mania — how can we tell the difference?
Fragmenting systems, cultural change
US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
US perspectives: AI breaks the internet
AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
US Growth Trust: Manager Insights
Kirsty Gibson explores the trust’s strategic shifts and generative AI’s transformative impact.
Lights, camera, AI
From storyboard to final cut, Runway is changing how films get made.
US perspectives: things are getting weird, quickly
An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?
Cultural architects
How great founders shape exceptional companies in changing times.
US perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
US perspectives: infrastructure, the invisible opportunity
A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.
The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
Private growth: Looking over the overlooked
Brian Kelly of Baillie Gifford’s Private Companies team explores late-stage private market investing.
US perspectives: comfortable in discomfort
Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.
US Growth Trust: public and private companies in an uncertain world
Gary Robinson on tariffs, the US Growth Trust's private powerhouses and AI breakthroughs.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
US Growth Trust: Top 10 Private Companies
Explore the advances of key players such as Databricks and Faire in spearheading innovation and growth.
US perspectives: the retail ecosystem
Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.
Why ants, scaffolding and long jumps matter to growth investors
Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.
Top 10 Private Companies Progress Report
Explore the future of technology and innovation through the advances of private companies.
US perspectives: AI evolves again
Explore how the rapid market shift in AI and computer processing is transforming industries.
The concentration conundrum: challenge or opportunity?
In today’s era of US mega caps, is market concentration a challenge or an opportunity?
Edison research report - Baillie Gifford US Growth Trust
Please note that the below is Edison Investment Research’s research report and that this is paid for research.
Private investor forum: growth on sale
Why it pays to keep faith in the company fundamentals
Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
US Growth Trust: Manager Insights
Gary Robinson explores the trust’s strategic shifts and generative AI's transformative impact.
Streamlined for success
How efficiency drives at Meta, Shopify and Block could fuel their long-term growth.
Stock story: PsiQuantum
How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.
US Growth opportunities
Kirsty Gibson shares insights on identifying and investing in America's exceptional growth businesses, both public and private.
The American Dream made real
Why the US is a fantastic place to invest in exceptional public and private growth companies.
The Long View
Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
Private companies top 10 deep dive
Explore an in-depth analysis of Baillie Gifford US Growth Trust's top 10 private company holdings and uncover their growth potential.
Investing in private companies
Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
How do we value private companies?
Uncover the multiple layers of governance that feed into the valuation of private companies at Baillie Gifford.
Private company investing myths
Busting three myths that could alter your view about what private company investing is.
Surfing to success
Why the waves hold the key to the pursuit of long-term growth.
What is private company investing?
Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
US Growth Trust: Manager Insights
The US Growth Trust marks its fifth birthday with a portfolio update focused on the future.
Five years of US Growth
Gary Robinson talks investing in tough times and the outlook for the trust in a shifting economy.
Four questions for growth investors
Investors must find companies with the key qualities needed to thrive in a stormy economy.
Why 'what if...' is the most vital question for investors
Today’s outsized growth rarely follows a steady or predictable path, according to Kirsty Gibson of Baillie Gifford’s US Equities Team.
Embracing the unpredictable
The ‘what if…?’ questions are the most important of all.
Drive: rethinking motivation
What companies get wrong when trying to get the best out of their workers.
US Growth Trust: Manager Insights
Gary Robinson, co-manager of the US Growth Trust, explains why we stay focused on fundamentals in uncertain times.
Valuing private companies
The US Growth Trust Team explains how the private companies in the portfolio are valued.
The Long View: Infinite Progress.
Investment manager Gary Robinson explains why the pace of invention should continue to speed up.
Baillie Gifford US Equities update.
The US Equity Team consider fund performance, market volatility and resilience for Q1 2022.
The long view: open minds.
Investment manager Kirsty Gibson describes the hunt for companies with foundational technologies on which wider industries can be built.
US Growth Trust: The Long View.
The US is home to fast-growing, disruptive and culturally unique companies. Join Gary Robinson and Kirsty Gibson as they discuss growth investing in the US and the businesses that are driving structural change across sectors worldwide.
Valuing private companies.
Baillie Gifford explains its approach to valuing private companies in investment trust portfolios.
US Equities: manager insights
Gary Robinson, investment manager at Baillie Gifford, responds to questions on inflation and valuation.
Seismic shifts.
Companies benefiting from explosive change brought on by the pandemic.
A conversation about sustainability
Our long-term investors know that investing sustainably is a plus for value creation.
US Growth Trust Manager Insights.
Behavioural shifts caused by Covid prompt changes to Baillie Gifford US Growth Trust’s portfolio.
Why Companies Should Embrace Chaos
The nimblest firms are often those that don’t fight disorder but embrace it, according to Visa founder Dee Hock.
The future of mobility - Part 2
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility – Part 3
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility - part 4
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility – Part 1
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
US Growth Trust Webinar.
Fraser Thomson, client director, talks to Gary Robinson, co-manager of the US Growth Trust, and Kirsty Gibson, a key-decision maker and soon-to-be co-manager. The discussion centres around the recent investment environment and our thoughts for the future, all in the context of the investment approach employed by the trust.
US Growth Trust - Manager Update.
Gary Robinson, co-manager of the Baillie Gifford US Growth Trust, explains why he thinks the major behavioural shifts we’ve seen in recent time are here to stay, and talks about which opportunities in particular he is most excited about.
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.



