Overview
ISIN
GB00BDFGHW41SEDOL
BDFGHW4Investment proposition
The Trust aims to produce long-term capital growth by investing predominantly in equities of companies which are incorporated, domiciled or conducting a significant portion of their business in the United States of America. The maximum amount which may be invested directly in private companies shall not exceed 50% of the total assets of the Company, measured at the time of investment. We are bottom-up, growth investors with a long-term horizon. The
portfolio consists of direct holdings in listed securities and private companies in up to a combined maximum of 90 companies or funds, typically with 30 or more listed security holdings.
The team aims to deliver outstanding investment performance by harnessing the asymmetry of returns inherent in equity markets. We believe we will maximise our chances of achieving this aim by identifying the exceptional growth businesses in America and owning them for long enough that the advantages of their business models and cultural strengths become the dominant drivers of their valuations.
We have observed that, increasingly, companies in the US are choosing to remain private for longer, and as such the public equity markets do not offer the full spectrum of growth investment opportunity that we have previously enjoyed. The Trust’s ability to invest up to 50% of NAV in private companies at the time of purchase gives us the flexibility to invest in what we believe are the exceptional growth companies in the US, whatever their listed status.
We take a five-year view when investing in stocks and are not driven by short-term trends.
Share price and charges
Price
291.50pNAV at fair
300.12pPremium (+) or discount (-) at fair
-2.9%Ongoing charges*
0.72%Fund facts
Active share
85%*
Fund launch date
2018
AIC Investment Sector
North America
Benchmark
S&P 500 Index
*Relative to S&P 500 Index. Source: Baillie Gifford & Co, S&P.
Baillie Gifford believes that exceptional growth companies are the major drivers of market wealth creation.
Meet the managers
Meet the directors
Regulatory news announcements
Regulatory news announcements which are released to the London Stock Exchange can be accessed via their service.
The Association of Investment Companies
Further information on investment trusts and the investment trust sector can be found on The Association of Investment Companies website.
Index disclaimer
The S&P 500, S&P Global SmallCap and Dow Jones Islamic Market World (index) are products of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Baillie Gifford & Co. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Baillie Gifford & Co. Baillie Gifford & Co Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500, S&P Global Small Cap and Dow Jones Islamic Market World Index.
Fund performance
Periodic Performance
As at: 28 February 2026
1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
Share Price | 13.4% | 89.2% | -12.7% | 181.6% |
NAV | 5.1% | 60.6% | -7.4% | 200.5% |
Index* | 9.6% | 62.7% | 101.9% | 218.2% |
Discrete Performance
As at: 31 December 2025
31/12/2020 – 31/12/2021 | 31/12/2021 – 31/12/2022 | 31/12/2022 – 31/12/2023 | 31/12/2023 – 31/12/2024 | 31/12/2024 – 31/12/2025 | |
|---|---|---|---|---|---|
Share Price | -4.7% | -52.8% | 22.3% | 56.0% | 3.0% |
NAV | 5.7% | -44.1% | 20.4% | 33.4% | 11.1% |
Index* | 29.9% | -7.8% | 19.2% | 27.3% | 9.8% |
Performance
As at: 28 February 2026
View by date range:
Source: Morningstar, S&P.
Performance figures appear in GBP. Please bear in mind that past performance is not a guide to future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.
Benchmark data is limited to a 5 year period from the current date.
The graph has been rebased to 100.
Discount/premium history at fair
As at: 28 February 2026
View by date range:
Source: Morningstar. Premium/Discount of share price to NAV at fair.
If the graph shows negative figures this means that the share price is lower than the NAV at fair – this is known as trading at a Discount.
If the graph shows positive figures this means that the share price is higher than the NAV at fair - this is known as trading at a Premium.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 28 February 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | Space Exploration Technologies | 11.9% |
| 2 | Stripe | 8.6% |
| 3 | Amazon.com | 4.5% |
| 4 | NVIDIA | 4.4% |
| 5 | Meta Platforms | 4.3% |
| 6 | Netflix | 3.3% |
| 7 | Anthropic | 3.3% |
| 8 | Databricks | 3.1% |
| 9 | BillionToOne | 2.8% |
| 10 | Shopify | 2.6% |
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Viewing 67 of 67
US Perspectives: AI-immunity and The Acronym Fallacy
How ‘AI-immune’ businesses compound beyond market acronyms.
AI is coming for your mind
AI is reshaping human cognition. What does that mean for workers, companies and society?
US Perspectives: is AI eating software?
Breaking down where software value shifts when AI writes code.
US Growth Trust: vertigo and investing
Kirsty Gibson on navigating US volatility by backing firms with resilient cultures and durable competitive advantages.
US Perspectives: what really matters?
A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.
The Long View
Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
One world, two growth engines
Going beneath the bonnet of the world’s two great generators of growth opportunity
Yarak: culture in the age of AI
What happens to great company cultures in the age of AI, where knowledge can be compressed, and decisions are pushed toward algorithms?
US Perspectives: are we in an era of commercial diplomacy?
US tariffs are reshaping trade. Explore the opportunities and political risks for leading US growth companies.
The world is about to get ‘weird’
Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
US Perspectives: are we in an AI bubble?
Real growth or market mania — how can we tell the difference?
Fragmenting systems, cultural change
US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
US Perspectives: AI breaks the internet
AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
US Growth Trust: Manager Insights
Kirsty Gibson explores the trust’s strategic shifts and generative AI’s transformative impact.
Lights, camera, AI
From storyboard to final cut, Runway is changing how films get made.
US Perspectives: things are getting weird, quickly
An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?
Cultural architects
How great founders shape exceptional companies in changing times.
US Perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
US Perspectives: infrastructure, the invisible opportunity
A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.
The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
US Perspectives: comfortable in discomfort
Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.
US Growth Trust: public and private companies in an uncertain world
Gary Robinson on tariffs, the US Growth Trust's private powerhouses and AI breakthroughs.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
US Growth Trust: Top 10 Private Companies
Explore the advances of key players such as Databricks and Faire in spearheading innovation and growth.
US Perspectives: the retail ecosystem
Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.
Why ants, scaffolding and long jumps matter to growth investors
Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.
Top 10 Private Companies Progress Report
Explore the future of technology and innovation through the advances of private companies.
US perspectives: AI evolves again
Explore how the rapid market shift in AI and computer processing is transforming industries.
The concentration conundrum: challenge or opportunity?
In today’s era of US mega caps, is market concentration a challenge or an opportunity?
Edison research report - Baillie Gifford US Growth Trust
Please note that the below is Edison Investment Research’s research report and that this is paid for research.
Private investor forum: growth on sale
Why it pays to keep faith in the company fundamentals
Our best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.
Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.
US Growth Trust: Manager Insights
Gary Robinson explores the trust’s strategic shifts and generative AI's transformative impact.
Streamlined for success
How efficiency drives at Meta, Shopify and Block could fuel their long-term growth.
Stock story: PsiQuantum
How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.
US Growth opportunities
Kirsty Gibson shares insights on identifying and investing in America's exceptional growth businesses, both public and private.
The American Dream made real
Why the US is a fantastic place to invest in exceptional public and private growth companies.
Private companies top 10 deep dive
Explore an in-depth analysis of Baillie Gifford US Growth Trust's top 10 private company holdings and uncover their growth potential.
Investing in private companies
Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
How do we value private companies?
Uncover the multiple layers of governance that feed into the valuation of private companies at Baillie Gifford.
Private company investing myths
Busting three myths that could alter your view about what private company investing is.
Surfing to success
Why the waves hold the key to the pursuit of long-term growth.
What is private company investing?
Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.
US Growth Trust: Manager Insights
The US Growth Trust marks its fifth birthday with a portfolio update focused on the future.
Five years of US Growth
Gary Robinson talks investing in tough times and the outlook for the trust in a shifting economy.
Four questions for growth investors
Investors must find companies with the key qualities needed to thrive in a stormy economy.
Why 'what if...' is the most vital question for investors
Today’s outsized growth rarely follows a steady or predictable path, according to Kirsty Gibson of Baillie Gifford’s US Equities Team.
Embracing the unpredictable
The ‘what if…?’ questions are the most important of all.
Drive: rethinking motivation
What companies get wrong when trying to get the best out of their workers.
US Growth Trust: Manager Insights
Gary Robinson, co-manager of the US Growth Trust, explains why we stay focused on fundamentals in uncertain times.
Valuing private companies
The US Growth Trust Team explains how the private companies in the portfolio are valued.
The Long View: Infinite Progress.
Investment manager Gary Robinson explains why the pace of invention should continue to speed up.
Baillie Gifford US Equities update.
The US Equity Team consider fund performance, market volatility and resilience for Q1 2022.
The long view: open minds.
Investment manager Kirsty Gibson describes the hunt for companies with foundational technologies on which wider industries can be built.
US Growth Trust: The Long View.
The US is home to fast-growing, disruptive and culturally unique companies. Join Gary Robinson and Kirsty Gibson as they discuss growth investing in the US and the businesses that are driving structural change across sectors worldwide.
Baillie Gifford explains its approach to valuing private companies in investment trust portfolios.
Seismic shifts.
Companies benefiting from explosive change brought on by the pandemic.
A conversation about sustainability
Our long-term investors know that investing sustainably is a plus for value creation.
US Growth Trust Manager Insights.
Behavioural shifts caused by Covid prompt changes to Baillie Gifford US Growth Trust’s portfolio.
Why Companies Should Embrace Chaos
The nimblest firms are often those that don’t fight disorder but embrace it, according to Visa founder Dee Hock.
The future of mobility - Part 2
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility – Part 3
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility - part 4
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
The future of mobility – Part 1
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.
US Growth Trust Webinar.
Fraser Thomson, client director, talks to Gary Robinson, co-manager of the US Growth Trust, and Kirsty Gibson, a key-decision maker and soon-to-be co-manager. The discussion centres around the recent investment environment and our thoughts for the future, all in the context of the investment approach employed by the trust.
US Growth Trust - Manager Update.
Gary Robinson, co-manager of the Baillie Gifford US Growth Trust, explains why he thinks the major behavioural shifts we’ve seen in recent time are here to stay, and talks about which opportunities in particular he is most excited about.
The Long View
Explore three forces reshaping American business and what they mean for your investments: fragmentation, intelligence and culture.
US Perspectives: AI-immunity and The Acronym Fallacy
How ‘AI-immune’ businesses compound beyond market acronyms.AI is coming for your mind
AI is reshaping human cognition. What does that mean for workers, companies and society?US Perspectives: is AI eating software?
Breaking down where software value shifts when AI writes code.US Growth Trust: vertigo and investing
Kirsty Gibson on navigating US volatility by backing firms with resilient cultures and durable competitive advantages.US Perspectives: what really matters?
A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.The Long View
Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.One world, two growth engines
Going beneath the bonnet of the world’s two great generators of growth opportunityYarak: culture in the age of AI
What happens to great company cultures in the age of AI, where knowledge can be compressed, and decisions are pushed toward algorithms?US Perspectives: are we in an era of commercial diplomacy?
US tariffs are reshaping trade. Explore the opportunities and political risks for leading US growth companies.The world is about to get ‘weird’
Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.US Perspectives: are we in an AI bubble?
Real growth or market mania — how can we tell the difference?Fragmenting systems, cultural change
US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.US Perspectives: AI breaks the internet
AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.US Growth Trust: Manager Insights
Kirsty Gibson explores the trust’s strategic shifts and generative AI’s transformative impact.Lights, camera, AI
From storyboard to final cut, Runway is changing how films get made.US Perspectives: things are getting weird, quickly
An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?Cultural architects
How great founders shape exceptional companies in changing times.US Perspectives: stablecoin summer
Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.US Perspectives: infrastructure, the invisible opportunity
A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.The Next Chapter
Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.US Perspectives: comfortable in discomfort
Explore how embracing uncertainty and discomfort can lead to exceptional investment opportunities and long-term success.US Growth Trust: public and private companies in an uncertain world
Gary Robinson on tariffs, the US Growth Trust's private powerhouses and AI breakthroughs.Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.US Growth Trust: Top 10 Private Companies
Explore the advances of key players such as Databricks and Faire in spearheading innovation and growth.US Perspectives: the retail ecosystem
Explore the evolution of retail, where cutting-edge technology and shifting consumer trends drive innovation.Why ants, scaffolding and long jumps matter to growth investors
Kirsty Gibson shares frameworks to analyse the cultures of exceptional growth businesses.Top 10 Private Companies Progress Report
Explore the future of technology and innovation through the advances of private companies.US perspectives: AI evolves again
Explore how the rapid market shift in AI and computer processing is transforming industries.The concentration conundrum: challenge or opportunity?
In today’s era of US mega caps, is market concentration a challenge or an opportunity?Edison research report - Baillie Gifford US Growth Trust
Please note that the below is Edison Investment Research’s research report and that this is paid for research.Private investor forum: growth on sale
Why it pays to keep faith in the company fundamentalsOur best ideas in the US
Ben James explains why DoorDash, The Trade Desk and CoStar stand out as growth stocks in the US.Eric Beinhocker: evolutionary economist
How successful companies harness the power of adaptation.US Growth Trust: Manager Insights
Gary Robinson explores the trust’s strategic shifts and generative AI's transformative impact.Streamlined for success
How efficiency drives at Meta, Shopify and Block could fuel their long-term growth.Stock story: PsiQuantum
How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.US Growth opportunities
Kirsty Gibson shares insights on identifying and investing in America's exceptional growth businesses, both public and private.The American Dream made real
Why the US is a fantastic place to invest in exceptional public and private growth companies.Private companies top 10 deep dive
Explore an in-depth analysis of Baillie Gifford US Growth Trust's top 10 private company holdings and uncover their growth potential.Investing in private companies
Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.How do we value private companies?
Uncover the multiple layers of governance that feed into the valuation of private companies at Baillie Gifford.Private company investing myths
Busting three myths that could alter your view about what private company investing is.Surfing to success
Why the waves hold the key to the pursuit of long-term growth.What is private company investing?
Discover what private company investing is, and why our decades of institutional knowledge of exceptional growth companies gives us an advantage.US Growth Trust: Manager Insights
The US Growth Trust marks its fifth birthday with a portfolio update focused on the future.Five years of US Growth
Gary Robinson talks investing in tough times and the outlook for the trust in a shifting economy.Four questions for growth investors
Investors must find companies with the key qualities needed to thrive in a stormy economy.Why 'what if...' is the most vital question for investors
Today’s outsized growth rarely follows a steady or predictable path, according to Kirsty Gibson of Baillie Gifford’s US Equities Team.Embracing the unpredictable
The ‘what if…?’ questions are the most important of all.Drive: rethinking motivation
What companies get wrong when trying to get the best out of their workers.US Growth Trust: Manager Insights
Gary Robinson, co-manager of the US Growth Trust, explains why we stay focused on fundamentals in uncertain times.Valuing private companies
The US Growth Trust Team explains how the private companies in the portfolio are valued.The Long View: Infinite Progress.
Investment manager Gary Robinson explains why the pace of invention should continue to speed up.Baillie Gifford US Equities update.
The US Equity Team consider fund performance, market volatility and resilience for Q1 2022.The long view: open minds.
Investment manager Kirsty Gibson describes the hunt for companies with foundational technologies on which wider industries can be built.US Growth Trust: The Long View.
The US is home to fast-growing, disruptive and culturally unique companies. Join Gary Robinson and Kirsty Gibson as they discuss growth investing in the US and the businesses that are driving structural change across sectors worldwide.Valuing private companies.
Baillie Gifford explains its approach to valuing private companies in investment trust portfolios.Seismic shifts.
Companies benefiting from explosive change brought on by the pandemic.A conversation about sustainability
Our long-term investors know that investing sustainably is a plus for value creation.US Growth Trust Manager Insights.
Behavioural shifts caused by Covid prompt changes to Baillie Gifford US Growth Trust’s portfolio.Why Companies Should Embrace Chaos
The nimblest firms are often those that don’t fight disorder but embrace it, according to Visa founder Dee Hock.The future of mobility - Part 2
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.The future of mobility – Part 3
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.The future of mobility - part 4
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.The future of mobility – Part 1
A wave of revolutionary new technologies is set to transform the way we travel from A to B. In this short series, Thaiha Nguyen, a Baillie Gifford investment manager, takes an in-depth look at the business of personal transport on the brink of change.US Growth Trust Webinar.
Fraser Thomson, client director, talks to Gary Robinson, co-manager of the US Growth Trust, and Kirsty Gibson, a key-decision maker and soon-to-be co-manager. The discussion centres around the recent investment environment and our thoughts for the future, all in the context of the investment approach employed by the trust.US Growth Trust - Manager Update.
Gary Robinson, co-manager of the Baillie Gifford US Growth Trust, explains why he thinks the major behavioural shifts we’ve seen in recent time are here to stay, and talks about which opportunities in particular he is most excited about.
How to invest
You can invest in our funds via a number of fund platforms.
Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.
Please also note that we do not have an online service for individual investors.
Further information on our funds can be found in the relevant Key Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Investment platforms
Getting financial advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, Unbiased is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.unbiased.co.uk
AGM and voting
When you invest in an investment trust you become a shareholder and have a say on how the Company is run. You also have a right to attend the Company's annual general meeting (AGM).
How to vote
The following link will take you through to The Association of Investment Trusts' (AIC) website where there is information on how to vote your shares if you hold them via one of the major platforms.
How to attend the AGM
If you hold your shares through a platform, it is not always obvious how to attend an AGM. The following link will take you through to The Association of Investment Trusts’ (AIC) website where there is information on how your platform can help you attend this important shareholder meeting. If you do not see your provider listed, please contact your provider directly and ask them to assist.
Baillie Gifford US Growth Trust corporate calendar
Our corporate calendar provides details of the regulatory events that occur over the year. This includes dates for reports, results, dividend payments and the AGM.
| Event | Month (each year) |
| Final results announced | August |
| Interim results announced | January |
| Financial year end date | 31 May |
| Annual general meeting | September |
| Dividends payable | N/A |
AGM
US Growth Trust's annual general meeting (AGM) was held on Thursday 2 October 2025. You can read a summary of the results of the voting on AGM resolutions here.
Voting
A breakdown of the votes cast by Baillie Gifford over the previous quarter on behalf of the investment trust is available in the Proxy voting disclosure.
Registrar
Computershare Investor Services PLC maintains the share register on behalf of the Company. Queries regarding shares registered in your own name can be directed to:
Computershare Investor Service PLC,
The Pavilions,
Bridgwater Road,
Bristol,
BS99 6ZZ
T: +44 (0)370 707 1711
Documents
You can access any literature about the Fund here.
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.