This factsheet covers Baillie Gifford European Growth Trust, a fund that invests in 30–60 European companies, some of them private start-ups. Over the past year it returned 10.3%, but its benchmark—the FTSE Europe ex UK index—gained 23.5%. Over five years the fund lost 16.4% while the index rose 61.4%. The shares also trade at an 11.3% discount to the value of the underlying assets. In plain terms: this is a concentrated, high-risk fund that can lag markets for years. It might suit patient investors who want something different from an index fund, but not anyone seeking steady, market-like returns.
Baillie Gifford European Growth Trust targets long-term capital growth, selecting 30–60 high-quality European companies bottom-up, with an active share of 76%. As of 30 June 2026, total assets stood at £395.37m, the share price traded at an 11.3% discount to NAV, and private companies accounted for
For the rolling 12 months ended June 30, 2026, the trust returned +10.3% on a NAV basis and +7.0% on a share-price basis, versus +23.5% for the FTSE Europe ex UK index over the same period — a 13.2 percentage point underperformance on a NAV basis. This report does not disclose June single-month or year-to-date figures; it presents figures on a rolling annual basis.
The trust's investment proposition is long-term capital growth, with income secondary: it selects 30–60 listed and private companies bottom-up, favoring high-quality, owner-operated businesses with strong competitive positions. Industry weights are an outcome of stock selection rather than top-down allocation. This is the fund's own positioning language; readers should note that its five-year performance does not support the recent validity of this approach.
| Period | NAV | Share price | FTSE Europe ex UK |
|---|---|---|---|
| 1 year | 10.3% | 7.0% | 23.5% |
| 3 years | 16.3% | 21.0% | 54.0% |
| 5 years | -16.4% | -24.2% | 61.4% |
| 10 years | 88.6% | 106.4% | 186.4% |
Discrete years (rolling years to June 30):
| Year | Share price | NAV | Index |
|---|---|---|---|
| 2022 | -47.5% | -38.0% | -12.4% |
| 2023 | 19.3% | 15.8% | 19.6% |
| 2024 | 5.0% | 5.1% | 13.5% |
| 2025 | 7.6% | 0.4% | 9.9% |
| 2026 | 7.0% | 10.3% | 23.5% |
Across the five rolling years shown in the report, the trust lagged the index on a NAV basis in every period. Over five years, the fund's cumulative NAV return was -16.4%, versus +61.4% for the index over the same period.
This report discloses no new positions, additions, reductions, or exits. The following is the disclosed period-end weights, leverage, and structural detail.
Top ten holdings (direction not indicated; period-end holding weights):
| Holding | Weight |
|---|---|
| Bending Spoons | 14.7% |
| ASML | 7.8% |
| Tekever Holdings SA | 4.7% |
| Roche | 4.5% |
| KBC Group | 2.9% |
| Allianz AG | 2.8% |
| TotalEnergies | 2.7% |
| Lonza | 2.6% |
| Investor | 2.4% |
| CaixaBank | 2.3% |
| Total | 47.3% |
Geographic weights (%): Netherlands 16.9, Italy 15.4, Switzerland 12.1, Germany 10.6, Belgium 7.6, Sweden 7.3, Poland 5.3, France 5.0, Ireland 4.8, Portugal 4.7, Spain 4.6, Greece 1.8, Denmark 1.6, Norway 1.6, net current assets 0.8. At the sector level, the report lists the top 20 industries (of 28 categories) in a bar chart without precise figures; the chart order shows the largest industry as Software & Computer Services, followed by Banks, then Technology Hardware & Equipment.
Period-end total assets £395.37m; share price at an 11.3% discount to NAV; ongoing charges ratio 0.66%.