Baillie Gifford US Growth Trust (USA) H2 2025 earnings summary

Executive summary

• Achieved strong performance for the year ending 31 May 2025, with share price and NAV total returns of 24.5% and 22.1%, respectively, significantly outperforming the S&P 500 Index's 7.2% return in sterling terms.

• Over five years, NAV returned 45.4% and share price 26.7%, while the S&P 500 Index returned 92.1%.

• Since inception in March 2018, NAV total return matched the S&P 500 Index at 170.0% vs. 170.1%.

• Portfolio construction enhancements and guide rails were implemented to improve risk management and performance consistency.

Financial highlights

• Shareholders' funds increased to £743.8m from £643.9m, a 15.5% rise year-over-year.

• NAV per share rose to 264.48p from 216.65p, up 22.1% year-over-year.

• Share price increased to 239.5p from 192.40p, up 24.5% year-over-year.

• Ongoing charges were 0.72%, and the discount to NAV narrowed to 9.4% from 11.2%.

• Net return per share: revenue -2.54p, capital 49.51p, total 46.97p.

• Net return after tax: £135.4m (2024: £89.9m).

Outlook and guidance

• Optimism for the year ahead, with technology and AI expected to drive further opportunities.

• Portfolio managers see AI adoption as a key growth driver across sectors, with opportunities in infrastructure, data management, and application layers.

• The closed-ended structure enables access to high-potential private companies not available in passive vehicles.