Baillie Gifford US Growth trust doubles down on strategy

Half-year report

Baillie Gifford’s US Growth trust has stressed its long term commitment to bottom up stock picking, arguing that it cannot add value by “making macro predictions or second guessing the Federal Reserve”.

In its half-year report, the trust saw its share price and net asset value fall 4.6% and 2.1%, respectively, in the six months to 30 November 2022, compared to a 5.4% growth in the S&P 500 index. The trust, which sat at £613.5m in asset under management at the end of November, has struggled since the pandemic, seeing a 61.9% drop in share price since February 2021, with 2022 being an especially tough year as growth fell out of favour. Investec downgrades Scottish Mortgage to 'Sell' over potential 'sharp' correction It reported that it had made two new purchases during the six m...