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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Baillie Gifford China Growth Trust
Baillie Gifford China Growth Trust (BGCG) investor relations material
Baillie Gifford China Growth Trust H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary23 Sep, 2026
Executive summary
Net asset value (NAV) per share fell 0.9% over six months to 31 July 2026, outperforming the MSCI China All Shares Index, which declined 5.6%.
Share price total return was -3.3%, also ahead of the benchmark, despite an increased discount to NAV.
Portfolio remains concentrated in high-conviction growth stocks, with significant exposure to AI, advanced manufacturing, semiconductors, and energy transition.
Private holdings ByteDance and RedNote, representing 16.7% of assets, were revalued upwards, contributing materially to performance.
Financial highlights
Total assets decreased to £192.5m from £205.3m at 31 January 2026.
Shareholders' funds declined to £184.7m from £197.6m.
NAV per share at 31 July 2026 was 338.93p, down from 344.44p.
Revenue earnings per share rose to 3.04p from 2.45p year-over-year.
Ongoing charges ratio was 1.06% for the year ended 31 January 2026.
Outlook and guidance
Chinese economy remains bifurcated: strong growth in advanced manufacturing and exports, but weak property and consumer sectors.
Portfolio expected to benefit from continued AI and advanced manufacturing growth, with policy support targeting these sectors.
Valuations remain attractive relative to global equities, with the portfolio trading at 12.4x forward earnings and expected one-year earnings growth of 17%.
Policy support likely to remain targeted and incremental, not broad-based stimulus.
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Latest events from Baillie Gifford China Growth Trust
- NAV and share price returns strongly outperformed the benchmark, with improved discount and outlook.BGCG
H2 2026 - NAV total return outperformed at 35.4%, with robust tech and consumer gains and a 2028 tender offer.BGCGH2 2025
- NAV per share rose 14.6%, outperforming the benchmark, with strong stock selection and prudent gearing.BGCGH1 2025
- NAV rose 10.2% but lagged the benchmark as discount widened and portfolio turnover increased.BGCGH1 2024
Next Baillie Gifford China Growth Trust earnings date
H2 20278 Apr, 2027
Baillie Gifford China Growth Trust
Next Baillie Gifford China Growth Trust earnings date
H2 20278 Apr, 2027
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Frequently asked questions
Baillie Gifford China Growth Trust PLC is a United Kingdom-based investment trust primarily focused on achieving long-term capital growth. It invests in a portfolio that includes both listed and unlisted Chinese companies, with the flexibility to allocate up to 20% of its assets in unlisted companies. The trust's investments cover a broad range of sectors such as consumer discretionary, communication services, industrials, and technology. The company is headquartered in Edinburgh, Scotland, and its shares are listed on the London Stock Exchange.