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Baillie Gifford US Growth Trust
Baillie Gifford US Growth Trust (USA) investor relations material
Baillie Gifford US Growth Trust H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary23 Jan, 2026
Executive summary
Achieved strong share price and NAV total returns of 18.0% and 14.1% respectively for the six months to 30 November 2025, outperforming the AIC North America sector average discount and narrowing its own discount to NAV from 9.4% to 6.3%.
Maintained a diversified portfolio of US growth companies, with 29.9% of assets in private companies and active capital allocation, including new investments in Anthropic and reductions in SpaceX.
Engaged in regular shareholder dialogue, including responses to activism and merger proposals, and continued to focus on long-term value creation.
Financial highlights
Share price total return: 18.0%; NAV total return: 14.1% for the six months to 30 November 2025; S&P 500 Index total return: 18.6% (sterling terms).
Since inception (March 2018): share price return 181.1%, NAV return 207.9%, S&P 500 Index return 220.5%.
Total assets at period end: £872.5 million; net assets: £834.7 million; net asset value per share: 301.64p.
4,505,000 shares repurchased at a cost of £11.9 million, contributing to NAV accretion.
Net gearing reduced from 4% to 3% over the period.
Outlook and guidance
Confident in future growth prospects given the improving macro backdrop for innovative, growth-focused businesses.
Focus remains on backing transformational founders and maintaining disciplined risk management and portfolio diversification.
SpaceX: Future strategy given recent valuation uplift
AI's impact on portfolio construction criteria
Post-Saba block: Alternative strategic options
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Next Baillie Gifford US Growth Trust earnings date
H2 202611 Aug, 2026
Baillie Gifford US Growth Trust
Next Baillie Gifford US Growth Trust earnings date
H2 202611 Aug, 2026
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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.
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