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Baillie Gifford China Growth Trust (BGCG) investor relations material

Baillie Gifford China Growth Trust H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary24 Sep, 2025

Executive summary

  • NAV per share total return was 14.6% for the six months to 31 July 2025, outperforming the MSCI China All Shares Index by 4.3%.

  • Share price total return was 15.5%, reducing the discount to NAV to 9.9%.

  • Strong performance was driven by holdings in Pop Mart, Zhongji Innolight, Tencent, Zijin Mining, and an upward revaluation of ByteDance.

  • Portfolio turnover was below 20%, with new positions in ANTA Sports, Yangtze Power, and reductions in Meituan.

  • The company bought back 0.87m shares at an average discount of 10.6%, enhancing NAV total return.

Financial highlights

  • Total assets before bank loans rose to £179.5m from £159.2m at 31 January 2025.

  • Net asset value per share increased to 294.53p from 259.07p, a 13.7% rise.

  • Share price rose to 265.50p from 232.00p, an increase of 14.4%.

  • Revenue earnings per share for the period were 2.45p, up from 2.40p year-over-year.

  • Ongoing charges ratio was 1.12% for the year ended 31 January 2025.

Outlook and guidance

  • The outlook is constructive, supported by policy stimulus, private sector support, and innovation in AI and high-growth industries.

  • Portfolio holdings are forecasted to deliver nearly double the benchmark's earnings growth over the next three years.

  • The Board believes the portfolio remains attractively valued, trading at a substantial discount to global equities.

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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.

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