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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 US Growth Trust
Baillie Gifford US Growth Trust (USA) investor relations material
Baillie Gifford US Growth Trust H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary17 Sep, 2026
Executive summary
Share price total return for the year to 31 May 2026 was 44.5%, with NAV total return at 31.0%, both outperforming the S&P 500 Index's 29.8% (in sterling terms).
Outperformance was driven by high-conviction private holdings, notably SpaceX, Anthropic, Stripe, and Databricks.
Since inception (March 2018), NAV total return is 253.6% versus 250.7% for the S&P 500 Index.
Private company investments comprised 45.0% of total assets at year-end, with SpaceX listing on Nasdaq post-period.
The discount to NAV narrowed from 9.4% to 0.1% over the year, supported by buybacks.
Financial highlights
Shareholders' funds increased to £958.4m from £743.8m, a 28.9% rise year-over-year.
NAV per share rose to 346.35p from 264.48p (+31.0%).
Share price increased to 346.00p from 239.50p (+44.5%).
Ongoing charges reduced to 0.70% from 0.72%.
Net return after tax was £226.6m (2025: £135.4m).
Net revenue return per share was negative 2.58p; no dividend declared.
Outlook and guidance
The Board is optimistic about further value creation, citing technology-driven industrial transformation and significant value catalysts ahead.
AI is expected to have a larger and earlier impact on the economy than previously assumed, with portfolio positioning adjusted accordingly.
The Board highlights ongoing market volatility and uncertainty, especially related to shareholder activism and potential cash exit proposals.
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Latest events from Baillie Gifford US Growth Trust
- Strong share price rebound, narrowed discount, and robust private company exposure.USA
H2 2024 - NAV up 22.1% and share price up 24.5%, with strong private and tech sector growth.USAH2 2025
- NAV up 29.4%, share price up 40.9%, discount narrowed, Board opposes Saba's proposals.USAH1 2025
- Share price and NAV rose 18.0% and 14.1%, with discount to NAV narrowing to 6.3%.USAH1 2026
Next Baillie Gifford US Growth Trust earnings date
H1 202722 Jan, 2027
Baillie Gifford US Growth Trust
Next Baillie Gifford US Growth Trust earnings date
H1 202722 Jan, 2027
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Frequently asked questions
Baillie Gifford US Growth Trust PLC is an investment trust focused on long-term capital growth by investing primarily in both public and private companies based in the United States. The trust aims to identify and hold investments in businesses with the potential for substantial growth over extended periods. It is managed by Baillie Gifford & Co Limited, which adopts a long-term investment horizon and a research-driven approach to portfolio construction. The company is headquartered in Edinburgh, Scotland, and its shares are listed on the LSE.