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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14 Feb 2025 1 min read
Edinburgh Worldwide rejects Saba, monumental waste of time and money
At today’s meeting of Edinburgh Worldwide shareholders that was requisitioned by Saba Capital, Saba’s proposals were overwhelmingly rejected by 63.8% to 36.2%. The turnout at the meeting was 64.7%. Edinburgh Worldwide’s chair Jonathan Simpson-Dent said: “Edinburgh Worldwide’s shareholders have spoken: they have rejected Saba Capital’s proposal for a fundamentally different strategy based on fundamentally different […]
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03 Feb 2025 2 min read
Saba loses Baillie Gifford US Growth by significant margin
Shareholders at Baillie Gifford US Growth have voted to reject Saba’s proposals for the trust by 65.6% to 34.4%. Excluding the shares voted by Saba, approximately 98.5% of the votes cast were against the requisitioned resolutions. The turnout (the percentage of eligible shares that were voted) was 78.4%, not that far shy of that at […]
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24 Jan 2025 2 min read
Proxy advisers recommend shareholders vote against Saba’s proposals for Baillie Gifford US Growth Trust
All three of the major independent proxy advisers – Glass Lewis, ISS and PIRC – have published voting recommendations in relation to Baillie Gifford US Growth Trust’s (USA’s) upcoming requisitioned general meeting in which they all recommend that shareholders VOTE AGAINST ALL of resolutions proposed by Saba Capital. Furthermore, all three of these industry-leading governance […]
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21 Jan 2025 1 min read
QuotedData’s morning briefing 21 January 2025 – USA
In QuotedData’s morning briefing 21 January 2025: Baillie Gifford US Growth Trust (USA) announced its interim results for the six months to 30 November 2024. The manager notes that this was a highly successful period for its growth strategy, delivering NAV returns to shareholders of 29.4% over the six month period, almost double the 15.3% […]
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17 Jan 2025 4 min read
Saba: the view from the boards
Boaz Weinstein, head of New York-based hedge fund Saba Capital, pulled no punches when discussing the boards of investment trusts in his recent webcast. They were “obstinate”, a “boys’ club”, protecting their own interests, “part of an ecosystem of greed taking fees away from the pensioners.” Their actions verged on “almost malpractice”, distributing misinformation to […]
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16 Jan 2025 3 min read
Fight back against Saba! – let us show you how
Saba Capital, a US-based hedge fund, has been on the offensive against the UK’s investment trust sector. Having built substantial stakes in seven investment trusts, ranging from 20% to just shy of 30% of the trusts’ outstanding shares (a key level that would require them to make a bid for the trust), it is using […]
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10 Jan 2025 5 min read
Shareholders must get out and vote against Saba’s self-serving and destructive proposals for Baillie Gifford US Growth
After several years of uncertainty, US hedge fund Saba Capital Management finally made its intentions for the UK investment trust sector clear on 18 December 2024, requisitioning general meetings of seven trusts, including Baillie Gifford US Growth Trust (US Growth), to vote on resolutions to remove the existing, entirely independent boards of directors. Saba hopes […]
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06 Jan 2025 3 min read
Baillie Gifford US Growth urges shareholders to VOTE AGAINST Saba’s “self-serving and destructive changes”
Following the receipt of a requisition request from Saba Capital Management, L.P. (click here to see our original coverage of this) Baillie Gifford US Growth (USA) has published a notice for the requisitioned general meeting alongside a unanimous board recommendation to vote against all of the requisitioned resolutions, which USA describes as being proposals “to […]
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03 Jan 2025 8 min read
QuotedData’s analysts’ picks for 2025
As we begin another year, here at QuotedData, we thought we’d have some fun and challenge our analysts, once again, to come up with some ideas for investment companies that they like and think could do well over the course of the coming year but first, we’re also going to take a look back and […]
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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19 Dec 2024 3 min read
Trusts acknowledge Saba requisitions – aim to see off vulture investor
Baillie Gifford US Growth says: “The board considers these proposals to be fundamentally without merit, and in contravention of shareholder interests as a whole. A further announcement will be made in due course by the company accordingly, relating to the posting of a notice of a general meeting and an accompanying circular in which the […]
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18 Dec 2024 10 min read
Saba Capital launches campaign “to deliver value” to shareholders of seven UK-listed investment trusts
Saba Capital Management has announced that it has requisitioned the boards of directors of Baillie Gifford US Growth Trust USA), CQS Natural Resources Growth & Income (CYN), Edinburgh Worldwide Investment Trust (EWI), European Smaller Companies Trust (ESCT), Henderson Opportunities Trust (HOT), Herald Investment Trust (HRI) and Keystone Positive Change Investment Trust (KPC) to convene general […]
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22 Nov 2024 3 min read
MAGA or TINA, the only way is up?
The problem with Trump’s use of the phrase “MAGA” – Make America Great Again – is that it implies America wasn’t already great. With its booming equity markets, robust economic growth, and strong fundamentals – such as energy independence, deep pools of domestic capital, and the inherent advantages of the US dollar’s reserve currency status […]
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15 Nov 2024 3 min read
Are the lunatics now in charge of the asylum?
QD view – as Trump’s nominees for his cabinet court controversy, we have a look at some possible implications. On Thursday, we published a note on Polar Capital Global Healthcare – Vital signs are good. In it, we highlighted the managers’ belief that the sector is well-positioned to underpin the sector’s growth story for the […]
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01 Nov 2024 1 min read
QuotedData’s weekly news show 1st November 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Golden Prospect Precious Metals (0:22) Asia Dragon / Invesco Asia (4:08) Ashoka WhiteOak Emerging Markets (8:49) Andrew McHattie pondered whether it was right to chase the big jump in Tetragon’s share price (10:10). Tetragon […]
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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
Videos
In The Press
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04 Feb 2025 1 min read
Two more ‘Miserable Seven’ trusts vote to reject Saba threat
Patrick Hosking, Financial Editor, The Times, 3 February 2025: A London-listed investment company used by investors to back potential US tech winners has emphatically seen off a threat by the New York activist hedge fund group Saba Capital. The £750 million Baillie Gifford US Growth Trust said shareholders had voted by 65.6 per cent to […]
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03 Feb 2025 1 min read
Saba takeover rejected by Baillie Gifford US Growth and Keystone Positive Change investors
By MIKE SHEEN, This is Money, 3 February 2025: Saba has been handed a second and third consecutive defeat at the hands of UK investment trust investors, after Baillie Gifford US Growth and Keystone Positive Change shareholders rejected the hedge fund’s proposals. The pair are two of seven trusts targeted by Saba’s plans to overhaul […]
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1 min read
Victory for two Baillie Gifford trusts as shareholders reject Saba’s ‘destructive proposals’
By Emma Wallis, News editor, Trustnet, 3 February 2025: The boards of Baillie Gifford US Growth and Keystone Positive Change achieved decisive victories today as Saba Capital Management’s proposals to unseat them were defeated. The majority of Baillie Gifford US Growth trust’s shareholders made their voices heard, with votes cast representing 78.4% of total voting […]
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1 min read
Saba Capital loses double vote on Baillie Gifford trust takeovers
Elliot Gulliver-Needham, Investment Reporter, CityAM, 4 Feb 2025: Saba Capital launched a campaign against seven UK trusts in December. Saba Capital has lost two more votes in the US hedge fund’s campaign to take over a variety of UK investment trusts, leaving its campaign looking increasingly unlikely to succeed. Two trusts run by Baillie Gifford, […]
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25 Jan 2025 1 min read
How YOU can cash in on the investment trust revolution
By ANNE ASHWORTH, Daily Mail, 25 January 2025: The investment trust sector, the custodian of £269 billion of the nation’s savings, can trace its history back to 1868. But 2025 is set to go down in the annals of this industry as the year when it faced what some saw as an existential threat. The […]
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21 Jan 2025 2 min read
Retail Votes The Key To Deciding Investment Trusts’ Future
By Najiyya Budaly, Law360, 21 January 2025: Investment trusts on the London stock market should work at persuading retail investors that they have viable plans to increase value for shareholders if they want to defend against activist shareholders moving in to seize control, lawyers say. Analysts in the sector are watching after moves by a […]
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1 min read
Saba Capital: Does the US hedge fund have a point on UK investment trusts?
By: Elliot Gulliver-Needham, Investment Reporter, CityAM, 21 January 2025: US hedge fund Saba Capital triggered fury and an industry-wide defensive effort when it launched an activist campaign against seven UK investment trusts last month. The Manhattan-based hedge fund, led by Boaz Weinstein, has laid siege to the trusts, accused them of failing to perform, and […]
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1 min read
Investment trust insider poses 10 questions to Saba
Investment trust insider poses 10 questions to Saba – James Carthew: 10 questions Saba ignored at ‘scripted’ seminar Saba’s recent webinar was no more than a choreographed attempt to pull the wool over investors’ eyes. Here are the key questions Boaz Weinstein refused to answer Last Tuesday, Saba held a webinar attended by a raft […]
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16 Jan 2025 1 min read
Investment trusts at crunch point
James Crux, Shares Magazine, 16 January 2025: The normally sleepy world of investment trusts received a wake-up call just before Christmas with the publication (18 December 2024) of a shareholder letter by activist investor Saba Capital Management calling for change at no fewer than seven well-known funds.. ‘Initially Saba is proposing to replace the current […]
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10 Jan 2025 1 min read
Friday Briefing: Where does activism end and independence begin?
Cristian Angeloni, Investment Week, 13 January 2025: As the financial services world was getting ready to shut their laptops, bring out the mince pies and get ready to celebrate the Christmas holidays and the New Year, US-based hedge fund Saba Capital had different plans in mind, as it unveiled some last-minute activism to end an […]
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07 Jan 2025 1 min read
Investment trust insider on Saba
Investment trust insider on Saba – Carthew: My objections to Saba’s plan and approach Our columnist says he is far from convinced by Saba’s activist campaign against seven trusts, many of which could see incipient recoveries frustrated. US arbitrageur Saba Capital has been investing in the UK investment companies market for a while now. It […]
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19 Dec 2024 1 min read
Why one US hedge fund is taking aim at the UK’s biggest investment trusts
By: Elliot Gulliver-Needham, Investment Reporter, CityAM, 19 December 2024: A shake up could be coming for the UK’s investment trust industry after US hedge fund Saba Capital launched a campaign to topple the boards of seven different companies yesterday.. The New York-based hedge fund has been stalking the sector for some time but, despite attempts […]
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1 min read
Activist Saba launches board and management coup at seven London-listed investment trusts
By MIKE SHEEN, This is Money, 19 December 2024: An activist investor is hoping to seize control of seven underperforming London-listed investment trusts after urging shareholders on Wednesday to sack their respective boards.. Saba has built stakes of 19 to 29 per cent in each of the trusts, which have suffered yawning discounts to their […]
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18 Dec 2024 1 min read
Activist Saba unleashes campaign against seven investment trusts
Gavin Lumsden, Investment Trust Insider, 18 December 2024: After months of mystery over its intentions, activist Saba Capital today launched campaigns for change at seven investment trusts in which it is the leading shareholder with stakes of 19-29%. The New York based hedge fund manager has requisitioned general meetings at three Baillie Gifford trusts: Baillie […]
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1 min read
US hedge fund takeover of investment trusts may be ‘positive’
David Thorpe, FT Adviser, 18 December 2024: US hedge fund Saba Capital is attempting to remove the boards of seven UK investment trusts, a move which could be positive for advisers’ clients, according to Iain Scouller, analyst at Stifel.. Each of those trusts has suffered performance issues in recent years and traded at wide discounts […]
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1 min read
US activist looks to oust boards at seven investment trusts
by Kyle Caldwell from interactive investor,18th December 2024: US activist investor Saba Capital has called for the removal of board members at seven investment trusts in which it is the largest shareholder, owning stakes between 19% and 29%.. Saba Capital has called for general meetings to take place for each trust by early February, and […]
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1 min read
Saba Capital launches campaign to replace seven investment trust boards
Christian Mayes, Portfolio Adviser, 18 December 2024: After months of curiosity around its intentions for the investment trust sector, activist investor Saba Capital has launched a campaign to replace seven investment trust boards. The US hedge fund has requisitioned the boards of Baillie Gifford US Growth Trust, CQS Natural Resources Growth & Income, Edinburgh Worldwide […]
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1 min read
Saba slammed for ‘obvious flaw’ in strategy to oust boards of seven investment trusts
Linus Uhlig, Investment Week, 18 December 2024: Analysts have slammed hedge fund manager Saba Capital after it launched campaigns to oust the boards of seven investment trusts of which it is a major shareholder. Activist New York-based hedge fund Saba has requisitioned general meetings of shareholders at seven UK investment trusts to reconstitute their respective […]
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1 min read
The gloves are off: Saba reveals its hand
By Emma Wallis, News editor, Trustnet, 18 December 2024: Saba Capital Management has published a letter proposing dramatic changes to seven investment trusts in which it is the largest shareholder. Its targets include three trusts managed by Baillie Gifford (Edinburgh Worldwide, Keystone Positive Change and Baillie Gifford US Growth) and two from Janus Henderson Investors […]
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2 min read
US activist moves to oust seven investment trust boards
by Dave Baxter, Investors Chronicle, December 18, 2024: Saba Capital wants to remove the boards of seven investment trusts and enact measures it claims will deliver better shareholder value. The activist investor, which has built stakes for several months, called for general meetings to be held at Baillie Gifford vehicles Baillie Gifford US Growth (USA), […]
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1 min read
US hedge fund targets Baillie Gifford in swoop on British trusts
Alex Ralph, Chief Business Correspondent, The Times, December 18 2024: An American activist investor has launched a campaign to remove the boards of seven UK-listed investment trusts, accusing some of delivering “disastrous” returns. Saba Capital, the New York-based hedge fund firm, issued an open letter on Wednesday calling on the boards to call a shareholder […]
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17 Dec 2024 1 min read
Investment trust insider looks back at 2024
Investment trust insider looks back at 2024 – James Carthew: Shrinking trusts provide multiple opportunities Share price discounts remain stubbornly wide despite a huge number of buybacks and corporation actions in 2024. Nevertheless, there have been some big winners this year. This year has seen the investment companies sector shrink as boards have made big […]
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03 Dec 2024 1 min read
Investment trust insider on Trump, climate change and the environment
Investment trust insider on Trump, climate change and the environment – James Carthew: The renewable trusts in Trump’s firing line President-elect Donald Trump could row back policies including the US Inflation Reduction Act, which would knock trusts with exposure to tax credits and tariffs In recent weeks, I’ve been looking at the possible impact of […]
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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 […]