Baillie Gifford US Growth Trust (USA) H2 2024 earnings summary

Executive summary

• Share price total return for the year to 31 May 2024 was 32.9%, with NAV total return at 16.2%, compared to the S&P 500 Index return of 24.8% (in sterling terms).

• Discount to NAV narrowed from 22.4% to 11.2% over the year, reflecting improved sentiment towards growth investing and the trust sector.

• 7,925,000 shares (2.6% of issued share capital) were bought back to support liquidity and manage the discount.

• Private company investments comprised 34.1% of total assets at year-end, with 24 private holdings.

Financial highlights

• Shareholders' funds increased 13.2% to £643.9m; market capitalisation rose to £571.9m.

• Net asset value per share rose to 216.65p from 186.48p year-over-year.

• Ongoing charges remained low at 0.70%.

• Net return after tax was £89.9m, reversing a loss of £15.6m in the prior year.

• Revenue return per share was negative at -2.07p; no dividend was declared.

Outlook and guidance

• Management remains optimistic about long-term growth, citing adaptability and innovation among portfolio companies.

• The trust expects continued volatility but believes its holdings are well-positioned for future technological shifts, especially in AI.