Baillie Gifford UK Growth NAV slumps 12% as discount widens

Share price total return down 12.5%

Baillie Gifford UK Growth trust has suffered a net asset value total return drop of 11.9% in the six months to 31 October 2023, compared to a 5.9% decline in the FTSE All-Share index.

In its six-month results published today (1 December), managers Iain McCombie and Milena Mileva said it was "disappointing to report another period of poor portfolio performance". Over the period, the trust's share price total return fell by 12.5%, with the discount widening from 14.1% to 15%. According to data from the Association of Investment Companies, BG UK Growth is currently trading at a 14% discount. The biggest detractors to portfolio performance over the period were St James's Place, FD Technologies and Burberry, the managers noted, while not owning Shell and HSBC - which ha...