Title: URL Source: https://is.gd/DAIKPH Published Time: Mon, 16 Jun 2025 18:47:21 GMT Markdown Content: Baillie Gifford US Growth Trust plc # 31 May 2025 All data as at 31 May 2025 and source Baillie Gifford & Co L imited unless otherwise stated. Past performance is not a guide to future returns. ## Key Information Manager s Gary Robinson / Kirsty Gibson Total Assets £781.23 m Total Borrowings £37.08 m Ongoing Charges 0.7 %* Dividend Yield Nil Gross Gearing 5% Gearing 4% Active Share 88 %** Annual Turnover 9% Net Asset Value per Share (NAV) 264.61 p Share Price 239.50 p Discount of Share Price to NAV 9.5 % > *Ongoing charges as disclosed in the latest Annual Report and Financial > Statements and c alculated in accordance with AIC recommendations. These > charges are incurred by the Trust and are not deducted from the value of your > investment as these charges are already accounted for in the Trust’s share price. > **Relative to S&P 500 Index . Source: Baillie Gifford & Co, S&P . ## Sector Analysis of Total Assets > 1Information Technology 30.3 % > 2Consumer Discretionary 20.0 % > 3Industrials 15.3 % > 4Communication Services 15.2 % > 5Health Care 10.0 % > 6Financials 3.6 % > 7Real Estate 2.0 % > 8Consumer Staples 1.6 % > 9Materials 0.8 % > 10 Net Liquid Assets 1.1 % ## Portfolio Concentration The largest 30 holdings accounted for 76.3 % of total assets, and the total number of holdings was 71 . The portfolio includes 27 private companies , which in aggregate accounted for 35.0 % of total assets . ## Top Ten Holdings Holdings % of Total Assets 1 Space Exploration Technologies 11.1 2 Stripe 5.3 3 Netflix 4.7 4 Cloudflare 4.6 5 Amazon.com 4.6 6 Meta Platforms 4.6 7 Shopify 3.6 8 DoorDash 3.4 9 Duolingo 3.2 10 NVIDIA 2.5 Total 47.4 ## 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 the ir 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 investi ng in stocks and are not driven by short -term trends. ## Performance Periodic Performance (%) 1 Year 3 Years 5 Years Since Inception † Share Price 24.5 42.6 26.7 138.3 NAV 22.1 38.1 45.5 170.1 Index* 7.2 40.0 92.1 170.1 ## Discrete Performance (%) 31/03/20 - 31/03/21 31/03/21 - 31/03/22 31/03/22 - 31/03/23 31/03/23 - 31/03/24 31/03/24 - 31/03/25 Share Price 117.0 -19.9 -42.3 42.3 9.2 NAV 123.8 -17.0 -25.7 23.9 10.3 Index* 40.5 21.2 -1.7 27.1 5.9 > Performance source: Morningstar, S&P , total return in sterling . > †23 March 2018. > *S&P 500 Index > 1 > 23 > 4 > 5 > 6 > 60 > 80 > 100 > 120 > 140 160 > 180 > 200 > 220 > May 20 May 21 May 22 May 23 May 24 May 25 > Indexed > Share Price –Baillie Gifford US Growth Trust plc > NAV –Baillie Gifford US Growth Trust plc > Index* ## Additional Trust Information Full product details, including a Key Information Document, the possible effect of charges on an investment, are available on request, please see below for contact details. In this document all references to NAV and NAV performance are calculated with borrowings deducted at fair value. Borrowings at fair value is borrowings (if any) at an estimate of their market worth. The total borrowings disclosed in this document are at par value. All performance figures are in sterling terms, total return – that is, with any dividends reinvested. The graph represents five years’ performance (or since inception, if five years is not available), to the date at the top of the document, and has been indexed to start at 100 (this aids comparison and is not a reflection of actual values at any given date). The discrete performance table is updated quarterly. Gearing is calculated according to Association of Investment Companies (AIC) guidelines. The gross gearing figure reflects the amount of borrowings at par drawn expressed as a percentage of shareholders’ funds. The gearing figure reflects the amount of borrowings at par less cash and cash equivalents actively invested, expressed as a percentage of shareholders’ funds. Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio that differs from its benchmark. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark. Annual turnover is a measure of portfolio change or trading activity in a portfolio. Turnover is calculated as the minimum of purchases and sales in a month, divided by the average market value of the portfolio , summed to get rolling 12 month turnover data. A negative cash position may sometimes occur due to obligations awaiting settlement. Baillie Gifford & Co Limited’s annual remuneration is calculated at 0.70% on the first £100 million net assets of the Trust attributable to its shareholders , 0.55% on the next £900 million of net assets and 0.50% for net assets in excess of £1 billion . This is calculated and payable on a quarterly basis. The ongoing charges figure represents the total operating costs of the Trust divided by the average net assets (with debt at fair value) as disclosed in the most recently published Annual Report and Financial Statements. There are no additional one -off, ongoing or incidental costs charged by the Trust when its shares are traded. As such, costs have been shown as nil (0.00%) in the costs table of the Trust’s Key Information Document. This reflects the temporary exemption from the PRIIPs Regulation and other assimilated EU law provided by the FCA to investment companies. The dividend yield quoted is historical. It is based on dividends paid by the Trust in the previous 12 months as a percentage of the share price. It includes any non -recurring special dividends paid by the Trust in the prior year. All figures are rounded, so any totals may not sum. ## Further Information This factsheet is issued by Baillie Gifford & Co Limited, Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Baillie Gifford group provides the following services to the Trust. Baillie Gifford & Co Limited is the manager and secretary of the Trust, and it delegates portfolio management to Baillie Gifford & Co. Both firms are authorised and regulated by the Financial Conduct Authority. ## Target Market The Trust is suitable for all investors seeking a fund that aims to deliver capital growth over a long -term investment horizon. The investor should be prepared to bear losses. The Trust is aimed at mass market distribution. The Trust may not be suitable for investors who are concerned about short -term volatility and performance, who are seeking a regular source of income or who may be investing for less than 5 years. The Trust does not offer capital protection. ## Contact Us For further information about the Trust or Baillie Gifford’s range of Investment Trusts, please contact us at the below address, call our Client Relations Team on 0800 917 211 3 (your call may be recorded for training or monitoring purposes), visit our website at bailliegifford.com , or email enquiries@bailliegifford.com . ## Risk Warnings The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Trust include: — The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up. — Unlisted investments such as private companies, in which the Trust has a significant investment, can increase risk. These assets may be more difficult to sell, so changes in their prices may be greater. — The Trust can borrow money to make further investments (sometimes known as "gearing" or "leverage"). The risk is that when this money is repaid by the Trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the Trust will make a loss. If the Trust's investments fall in value, any invested borrowings will increase the amount of this loss. — Market values for securities which have become difficult to trade may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trust might receive upon their sale. — The Trust can make use of derivatives which may impact on its performance. — Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavourable economic conditions. — The Trust's exposure to a single market and currency may increase risk. — Share prices may either be below (at a discount) or above (at a premium) the net asset value (NAV). The Company may issue new shares when the price is at a premium which may reduce the share price. Shares bought at a premium may have a greater risk of loss than those bought at a discount. — The Trust can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares. — The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income. — The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority. The information and opinions expressed within this factsheet are subject to change without notice. This information has been issued and approved by Baillie Gifford & Co Limited and does not in any way constitute investment advice. This factsheet does not constitute an offer or invitation to deal in securities. Further details of the risks associated with investing in the Trust, including how charges are applied, can be found by calling the number below or visiting the website. ## Legal Notices 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. Baillie Gifford & Co Limited Calton Square, 1 Greenside Row, Edinburgh EH1 3AN Telephone 0800 917 211 2 bailliegifford.com > Ref: 157001 > Copyright © Baillie Gifford & Co 2025 . Ratings – As at 30 April 2025 Overall Morningstar Rating ™ This Fund is rated by © Morningstar, for more information, please go to morningstar.co.uk.