Baillie Gifford US Growth Trust (USA) H1 2026 earnings summary

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.