Baillie Gifford US Growth Trust (USA) H2 2026 earnings summary

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.