Overview
Baillie Gifford US Growth Trust : USA
Baillie Gifford US Growth Trust aims to produce long-term capital growth. It will invest predominantly in equities of companies which are incorporated or domiciled, or which conduct a significant portion of their business, in the United States and which the company believes have the potential to grow substantially faster than the average company over the long term. Such investment will typically be direct, but may be indirect, including through investment in funds. Up to half the fund can be invested in unlisted securities. The fund’s portfolio will have a maximum of 90 holdings, typically with 30 to 50 listed security holdings.
The investment manager believes that the United States is an attractive location for starting innovative businesses that may develop into exceptional growth companies. The United States is home to some very active and diverse entrepreneurial hubs, whose conditions and collective wisdom for creating innovative companies is, in the Investment Manager’s view, unrivalled. Silicon Valley has become a nexus for some of the world’s most exciting technology companies, while Boston and San Francisco play hosts to deep concentrations of bio-technology companies operating at what the manager understands to be the vanguard of scientific advancement in their respective fields. This abundance of thriving entrepreneurial ecosystems makes the United States fertile ground for the manager to identify exceptional growth companies.
you can access the fund’s website here
Fundamentals
Price
Research History
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09 Feb 2023 40 min read
QuotedData’s Economic and Political Monthly Roundup February 2023
Economic and Political Monthly Roundup Investment companies | Monthly | February 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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05 Jan 2023 9 min read
QuotedData’s Investment Companies Roundup – January 2023
December 2022 Monthly roundup | Investment companies Winners and losers in December 2022 The Financials sector only has two constituents, one of these – Trian Investors 1 – has seen its discount narrow since it promised to return cash to investors by next June, and it has also benefited from underlying NAV appreciation. Last month’s […]
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07 Dec 2022 8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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16 Oct 2020 11 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit Stubborn resistance The end […]
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09 Oct 2020 7 min read
QuotedData’s Economic Roundup – October 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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10 Sep 2020 6 min read
QuotedData’s Investment Companies Roundup – September 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over August: Aberdeen New Dawn – COVID positive “In […]
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10 Aug 2020 7 min read
QuotedData’s Investment Companies Roundup – August 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over July: Seneca Global Income & Growth – […]
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14 Jul 2020 9 min read
QuotedData’s Investment Companies Quarterly Review – Second Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit When the going gets […]
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07 Jul 2020 7 min read
QuotedData’s Investment Companies Roundup – July 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over June: CQS New City High Yield – […]
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07 May 2020 8 min read
QuotedData’s Investment Companies Roundup – May 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over April: An update note […]
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07 Feb 2020 6 min read
QuotedData’s Economic Roundup – February 2020
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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7 min read
QuotedData’s Investment Companies Roundup – February 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over January: An annual overview note on Shires Income (SHRS) “Shires Income (SHRS) will […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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11 Sep 2019 3 min read
QuotedData’s economic roundup – September 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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05 Jul 2019 3 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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22 Mar 2019 1 min read
QuotedData’s investment companies roundup – March 2019
QuotedData’s investment companies roundup – March 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2019. Kindly sponsored by Baillie Gifford. JPMorgan Chinese, Fidelity China and Pacific Horizon benefited from a booming Chinese market in […]
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22 Feb 2019 1 min read
QuotedData’s economic roundup – February 2019
QuotedData’s economic roundup – February 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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13 Nov 2018 1 min read
QuotedData’s economic roundup – November 2018
QuotedData’s economic roundup – November 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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14 Sep 2018 1 min read
QuotedData’s investment companies roundup – September 2018
QuotedData’s investment companies roundup – September 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in […]
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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11 Jun 2018 1 min read
QuotedData’s investment companies roundup – June 2018
QuotedData’s investment companies roundup – June 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2018. Kindly sponsored by Baillie Gifford. The premium of biotech company, Syncona, rose on positive news on two of its […]
News
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22 Aug 2024 2 min read
Narrowing discount offsets Baillie Gifford US Growth underperformance
Baillie Gifford US Growth has published results covering the 12 months ended 31 May 2024. Over that period, the trust returned 16.2% in NAV terms, well-behind the 24.8% return posted by the S&P 500 Index. However, the shares moved from trading at a discount of 22.4% at the start of the financial year to a […]
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05 Jul 2024 8 min read
An update on our analysts’ top picks for 2024
At the outset of 2024, we challenged our analysts to come up with some ideas for investment companies that they liked, and thought could do well over the course of this year (click here to read the original article which set out our analysts’ thinking and why they liked the stocks). We also promised to […]
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23 Jan 2024 1 min read
QuotedData’s morning briefing 23 January 2024 – USA, GPE
In QuotedData’s morning briefing 23 January 2024: Baillie Gifford US Growth Trust (USA) announced an update for the six months to November 30, 2023. The company’s share price and NAV returned 12.3% and 4.1% respectively. This compares with a total return of 7.9% for the benchmark US index. Since launch on 23 March 2018, to […]
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05 Jan 2024 4 min read
QD view – Our analysts’ top picks for 2024
As we begin another year here at QuotedData, we thought we’d have some fun and challenge our analysts to come up with some ideas for investment companies that they like and think could do well over the course of 2024. To keep things interesting, each analyst has been asked to select two ideas – one […]
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08 Dec 2023 5 min read
QD view – your vote will count in Arb fight
Discounts in the investment trust sector are almost double their average[1], with the combination of cost disclosure rules and rising interest rates creating widespread selling pressure. It is perhaps not surprising that this has caught the attention of activist investors who spot an opportunity. Saba Capital is the latest arbitrageur on the block, thought to […]
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13 Oct 2023 4 min read
QD view – Are cracks appearing in US markets?
US stock markets have continued to power ahead in 2023. If the environment has been fragile, they have been seen as a source of stability; if investors have been more optimistic, they have seen US companies as a source of growth. They have outpaced their peers even as inflation has rebounded, interest rates have leapt […]
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10 Aug 2023 4 min read
Manager laments five-year underperformance of Baillie Gifford US Growth
Baillie Gifford US Growth Trust has published results for the 12 months ended 31 May 2023. The share price and NAV returned -13.8% and -2.7% respectively. This compares with a total return of 4.7% for the S&P 500 Index. There is no dividend (no net income to pay one out of). Buyback abandoned The shares moved […]
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28 Apr 2023 4 min read
QD view – Finding courage in uncertain times
Fortune favours the brave, or so they say, and, as it turns out, so do the markets. One of the most important factors in investing is simply being first to bat, as by the time your turn comes, the game could be already over. Putting aside the metaphors, there is a distinct possibility that we […]
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01 Nov 2022 4 min read
Baillie Gifford: Embracing the unpredictable
Growth rarely follows a steady or predictable path, according to Kirsty Gibson of the Baillie Gifford US Growth Trust The value of an investment, and any income from it, can fall as well as rise and investors may not get back the amount invested. Cast your mind back to being told you couldn’t see friends […]
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09 Aug 2022 3 min read
Baillie Gifford US back to square one
Baillie Gifford US Growth has published results for the 12 months ended 31 May 2022. Those of a nervous disposition should look away now – over the period, the share price and NAV returned -45.5% and -35.3% respectively, which compares with a total return of +12.2% for the S&P 500 Index. Effectively, this gives back […]
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09 Jun 2022 2 min read
QuotedData’s morning briefing 9 June 2022
In QuotedData’s morning briefing 9 June 2022: NextEnergy Solar Fund (NESF) now has its hundredth operating solar asset, an 181kW commercial rooftop solar power asset located on a Holiday Inn in Nottinghamshire. The asset benefits from an attractive 25-year power purchase agreement for 100% of its generated volume. This is the final investment under the […]
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21 Sep 2021 1 min read
QuotedData’s morning briefing 21 September 2021
In QuotedData’s morning briefing 21 September 2021: Workspace has sold 13-17 Fitzroy Street, London for £92m. The 92,700 sq ft property has been vacant since Arup moved out in June 2021. The sale price represents a 3.2% discount to the last valuation as at 31 March 2021 and a capital value of £993 per sq […]
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20 Sep 2021 3 min read
QuotedData’s morning briefing 20 September 2021
In QuotedData’s morning briefing 20 September 2021: Ecofin US Renewables Infrastructure (RNEW) has completed its acquisition of Echo Solar Portfolio’s largest asset, which it signed an agreement to acquire in July. The portfolio includes 12 solar photovoltaic projects, which are at construction stage and are expected to be completed and to commence operations in phases […]
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11 Aug 2021 5 min read
Strong performance from Baillie Gifford US Growth despite negative revenue return
Strong performance from Baillie Gifford US Growth despite negative revenue return – Baillie Gifford US Growth (USA) has posted its annual results for the year to 31 May 2021. During the period, the company’s share price and net asset value (calculated deducting borrowings at fair value) returned 63% and 62.8% respectively. This compares with a total […]
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01 Apr 2021 2 min read
QD view – Go West!
I moaned for ages that there weren’t enough trusts dedicated to North America, given the importance of that market within the global economy. Happily, there is more of a choice now and it is a real choice – between managers with quite different approaches and remits. However, in terms of assets, the sector is still […]
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1 min read
QuotedData’s afternoon briefing 1 April 2021
In QuotedData’s afternoon briefing 1 April 2021, as a raft of investment companies seem to be getting announcements out of the way ahead of the Easter break, we bring you a one-off afternoon briefing: Baillie Gifford US Growth Trust has published a prospectus in relation to a placing programme of up to 250m new ordinary shares. The placing programme allows […]
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18 Jan 2021 3 min read
Moderna a major success story for Baillie Gifford US Growth
Baillie Gifford US Growth’s (USA) interim results to 30 November 2020 brought share price and NAV returns of 50.8% and 53.8%. This compares with a total return of 11.1% for the S&P 500 index (in sterling terms). Some of the highlights from the period include: Moderna, held by USA since 2018, is one of the biotechnology companies […]
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04 Sep 2020 2 min read
Zoom-Zoom – Baillie Gifford US takes off
Zoom-Zoom – Baillie Gifford US takes off – Baillie Gifford US Growth Trust appears to be going from strength to strength. A trust which launched at 100p in April 2018 can now boast an NAV of 234.5p and a share price of 246p. Returns have been well-ahead of benchmark indices and competing funds have been left […]
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03 Sep 2020 3 min read
Amazing year for Baillie Gifford US Growth
Amazing year for Baillie Gifford US Growth – Baillie Gifford US Growth Trust has published results for the year ended 31 May 2020. It was a great period for the trust as it returned 46.5% in share price terms and 44.2% in NAV terms against a 15% return for the S&P500. The managers made eight additional unlisted […]
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17 Jul 2020 3 min read
Baillie Gifford US heading to the moon
My guest on this week’s weekly show was Nick Wood, head of Investment Fund Research at Quilter Cheviot (you can listen back here). He enthused about Baillie Gifford US Growth, which is the second-best performing investment company over the past six months (after Golden Prospect). The Baillie Gifford trust’s NAV is up by 48% over […]
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21 Jan 2020 1 min read
QuotedData’s other news 21 January 2020
In QuotedData’s other news 21 January 2020: Troy Income & Growth reports that 25.4m shares were voted against one of the resolutions proposed at its AGM. The resolution still passed as 80m shares were voted in favour. The resolution was one that allows TIGT to issue shares without first offering them to existing shareholders. As TIGT […]
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05 Aug 2019 6 min read
Great start for Baillie Gifford US Growth
Great start for Baillie Gifford US Growth – Baillie Gifford US Growth has published its first set of results and they are pretty good. During the period from 23 March 2018 to 31 May 2019, the share price and net asset value returned 28.4% and 28.8% respectively. This compares with a total return of 22.2% for […]
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08 Jan 2019 1 min read
Baillie Gifford US gets new co-manager
Baillie Gifford US gets new co-manager – Recognising her contribution to the management of the Trust, the Board of Baillie Gifford US Growth Trust plc is pleased to announce that Helen Xiong will forthwith become co-manager of the Trust. Ms Xiong joined Baillie Gifford in 2008 as a graduate from the University of Cambridge, and has […]
Upcoming Events
In The Press
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23 Aug 2024 1 min read
Baillie Gifford US Growth: Investor patience ‘will wear thin’ over underperformance
By: Elliot Gulliver-Needham, Investment Reporter, CityAM In the trust’s annual result, it revealed that its underlying assets grew by only 16.2 per cent throughout the year, compared to a 24.8 per cent gain in the S&P 500. However, the discount of the trust’s share price to underlying assets halved from 22.4 per cent to 11.2 […]
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18 Mar 2024 1 min read
Cheap trusts to add to your ISA for each developed market
By Matteo Anelli, 18 March 2024, Senior reporter, Trustnet: Discount opportunities abound in the investment trusts universe, where 31% of portfolios with at least a five-year track record are now trading at double-digit discounts. But that doesn’t mean that all of them make a great investment opportunity and discerning between the good and the bad […]
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09 Nov 2023 1 min read
Shareholder activism and M&A surge is a mixed blessing for investment trust sector
Valeria Martinez, Investment Week, 09 November 2023: Discounts not seen since the Global Financial Crisis are driving a fresh surge in shareholder activism and M&A across the UK investment trust space. While this is likely to help lift prices in the short-term, it could also lead to a significant shrinkage of the sector… Alternative trusts […]
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28 Feb 2023 1 min read
20 investment trusts cheaper now than during Covid-19 sell-off
by Kyle Caldwell from interactive investor, 28th February 2023: Three years ago was a great opportunity to pick up bargains among investment trusts as the Covid-19 pandemic caused widespread panic and fear… Three years ago is a case in point. In response to the emergence of Covid-19, stock markets fell notably, with the FTSE All-Share […]
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21 Nov 2022 1 min read
The US trusts on wide discounts relative to their recent history
By Tom Aylott, Reporter, Trustnet, 21 November 2022: Trusts investing in the growth-oriented US market have faced challenging conditions this year as their investment style falls out of favour… On the bright side, declining markets could offer an attractive entry point for investors looking to increase their exposure to the US. Here, Trustnet looks at […]
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14 Jun 2022 1 min read
Bargain Hunter: Baillie Gifford trusts are cheap, time to buy?
by Kyle Caldwell, interactive investor, 14th June 2022: 11 Baillie Gifford trusts are trading on wider-than-usual discounts. We ask analysts whether this is an opportunity for brave investors to pick up bargains… With inflation levels soaring and interest rates on the rise, growth companies, including tech firms, have fallen out of favour. Instead, investors have […]
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01 Dec 2021 1 min read
The North American trusts on the biggest discount or premiums relative to their history
Trustnet looks at which North American investment trusts are trading below their five-year average discount/premium level and which ones are running well ahead of the norm. By Eve Maddock-Jones, Reporter, Trustnet, 01 December 2021 There are fewer bargains or wildly expensive trusts to be found among US investment trusts versus the UK and Global sectors, […]
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15 Nov 2021 2 min read
The alternative trusts allowing investors to capture new trends
Investment trusts enjoy record year for fundraising as they back a new wave of innovation November 11, 2021, Investors Chronicle, By Mary McDougall Investment trust fundraising amounted to £11.4bn in the first 10 months of the year, a record for the ancient fund structure which is now financing a new wave of innovation. Most striking is the […]
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15 Aug 2021 1 min read
Battle of US growth tech
Baillie Gifford US Growth versus JPMorgan American By Eve Maddock-Jones, Reporter, Trustnet, 12 August 2021 IT North American trusts Baillie Gifford US Growth and JPMorgan American have both benefited from the dominance of US large-cap, technology stocks, yet their difference in popularity among investors is stark. The 5.3% discount on JPMorgan American contrasts with the Baillie Gifford fund, which is […]
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04 Jan 2021 1 min read
2020’s investment trust winners: time to take profits?
2020’s investment trust winners: time to take profits? December 30, 2020 By Dave Baxter The enormous sell-off that took hold in February and March was swiftly followed by a fierce rally that has come to dominate much of the year. MSCI World index rose by nearly 40 per cent in sterling terms between the start of […]
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20 Dec 2018 1 min read
2018 new issue review
2018 new issue review – QuotedData’s James Carthew talks to Citywire’s Jen Hill about 2018’s clutch of new issues Investors were given an eclectic mix of opportunities within alternatives, in contrast to recent years when high-yielding propositions drove the vast majority of launches. The return of private equity and private equity like strategies – Augmentum […]
