- Business
- Baillie Gifford US Growth Trust PLC (BLGFF) is a closed-end investment company listed on the London Stock Exchange that seeks long-term capital growth by investing predominantly in equities of companies incorporated, domiciled, or conducting a significant portion of their business in the United States. The Trust employs a bottom-up growth investment approach with a long-term horizon, maintaining a portfolio of up to 90 direct holdings in listed securities and private companies, typically comprising 30 or more listed holdings; up to 50% of total assets may be invested directly in private companies at the time of investment, with an active share of 86% relative to the S&P 500 Index benchmark. It targets exceptional growth companies across sectors such as technology, healthcare, consumer, and space exploration, with top holdings including Space Exploration Technologies, Stripe, Shopify, Amazon.com, BillionToOne, NVIDIA, Meta Platforms, Netflix, Cloudflare, and DoorDash as of November 2025.
Managed by Baillie Gifford & Co., the Trust operates in the North America sector of the Association of Investment Companies (AIC) and primarily serves institutional and retail investors seeking exposure to high-growth US equities, both public and private, through a UK-domiciled vehicle traded at a premium or discount to net asset value. Founded in 2018 and headquartered at Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, United Kingdom, with a registered office at 3 St. Helen's Place, London, EC3A 6AB, the Trust is led by investment managers Gary Robinson and Kirsty Gibson, who became a partner in 2025, under Chairman Tom Burnet.
Recent portfolio changes for the financial year ended May 2024 included additions of eight listed holdings—Block, Guardant Health, Inspire Medical Systems, Insulet, Meta Platforms, Samsara, Sprout Social, and YETI Holdings—while selling positions in Chegg, Illumina, MarketAxess, Novocure, Redfin, Snap, Twilio, Warby Parker, and Zoom Video Communications, alongside a write-off of Convoy following its cessation of operations. In December 2025, a proposed merger with Edinburgh Worldwide Investment Trust PLC, aimed at strategy continuation and a cash exit for shareholders, was blocked by major shareholder Saba Capital Management LP, which holds approximately 29% of shares. The Trust maintains gearing capabilities, share buyback programs, and ongoing charges of 0.72%, with its fiscal year ending 31 May.