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Baillie Gifford China Growth Trust
Baillie Gifford China Growth Trust (BGCG) investor relations material
Baillie Gifford China Growth Trust H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary9 Apr, 2026
Executive summary
Achieved a NAV total return of 34.0% and share price total return of 38.8% for the year to 31 January 2026, both significantly outperforming the 22.2% benchmark return.
Discount to NAV narrowed to 7.4% from 10.4% year-over-year, supported by share buybacks and a performance-related Conditional Tender Offer (CTO).
Revenue earnings per share rose 17.8% to 2.98p; proposed final dividend increased 14% to 2.50p.
Unlisted investments, notably ByteDance and RedNote, comprised 12.2% of total assets, with ByteDance delivering a 158% value increase since acquisition.
Financial highlights
Total adjusted assets rose 29% to £205.3m; shareholders' funds increased to £197.6m.
NAV per share grew 33% to 344.44p; share price up 37.5% to 319.00p.
Ongoing charges ratio improved to 1.06% from 1.12% year-over-year.
Net gearing was 3.1% at year-end.
Outlook and guidance
Board remains positive on prospects, citing China’s structural transformation and innovation-led growth.
Portfolio companies forecasted to deliver nearly double the benchmark’s earnings growth over the next three years.
Risks include US-China relations, portfolio concentration in AI, and deflation, but discount control mechanisms provide some protection.
Impact of TikTok US deal on ByteDance valuation
Triggers for the 2028 Conditional Tender Offer
Explain the AI diffusion investment thesis
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Latest events from Baillie Gifford China Growth Trust
- NAV total return outperformed at 35.4%, with robust tech and consumer gains and a 2028 tender offer.BGCG
H2 202526 Feb 2026 - NAV per share rose 14.6%, outperforming the benchmark, with strong stock selection and prudent gearing.BGCGH1 202513 Oct 2025
- NAV rose 10.2% but lagged the benchmark as discount widened and portfolio turnover increased.BGCGH1 202413 Jun 2025
Next Baillie Gifford China Growth Trust earnings date
H1 202623 Sep, 2026
Baillie Gifford China Growth Trust
Next Baillie Gifford China Growth Trust earnings date
H1 202623 Sep, 2026
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