This is a snapshot of a European growth fund's holdings as of April 30, 2026. The fund manages about £348 million. Roughly 85% is in publicly traded European companies, 14% in private firms, and only 0.4% in cash—so it's almost fully invested. Its biggest stock position is ASML, a chip-equipment maker, at 6.3% of assets. Among private investments, one company, Bending Spoons, accounts for 10% of the whole fund, which is a significant concentration. For ordinary investors, this list shows exactly where your money would go, how diversified the fund really is, and how thin its cash cushion is. Worth reading if you want to judge whether that concentration feels comfortable.
Baillie Gifford European Growth Trust plc disclosed its holdings as of April 30, 2026: total assets of £348.5 million, with listed equities accounting for 85.2%, private investments for 14.4% (Bending Spoons 10.0%, Tekever 1.5%, etc.), and net liquid assets at 0.4%. The largest listed holdings are A
The Introduction section discloses the complete holdings portfolio as of April 30, 2026: total assets of GBP 348,486,025, with listed equities at 85.2%, private investments at 14.4%, and net current assets of only 0.4%; the largest single holding is ASML (6.3%).
The listed portfolio comprises 50 equities with a combined market value of GBP 296,836,968, representing 85.2% of total assets — highly diversified, yet concentrated at the top.
| Position | Holdings | Market Value (GBP) | % of Total Assets |
|---|---|---|---|
| Ackermans & Van Haaren NV | 11,333 | 2,733,482 | 0.8% |
| Adyen NV | 9,028 | 7,470,139 | 2.1% |
| AIB Group Plc | 774,350 | 6,548,338 | 1.9% |
| Airbus SE | 50,897 | 7,682,944 | 2.2% |
| Allegro.eu | 1,304,817 | 7,869,683 | 2.3% |
| Allianz SE | 28,037 | 9,405,445 | 2.7% |
| Anheuser-Busch Inbev | 141,822 | 7,884,506 | 2.3% |
| ASM International NV | 7,919 | 5,678,155 | 1.6% |
| ASML | 20,780 | 21,921,070 | 6.3% |
| Assa Abloy 'B' | 205,577 | 5,760,825 | 1.7% |
| Atlas Copco B | 391,703 | 4,802,838 | 1.4% |
| Avanza Bank Holding | 152,616 | 4,044,852 | 1.2% |
| CaixaBank | 771,570 | 7,220,207 | 2.1% |
| CTS Eventim AG & CO KGAA | 37,688 | 1,823,575 | 0.5% |
| Deutsche Telekom AG | 245,357 | 5,833,207 | 1.7% |
| Dino Polska | 867,870 | 5,641,724 | 1.6% |
| DSV | 36,002 | 6,486,258 | 1.9% |
| Epiroc B | 234,805 | 4,228,451 | 1.2% |
| EXOR | 99,641 | 5,741,619 | 1.6% |
| Groupe Bruxelles Lambert NV | 51,506 | 3,532,618 | 1.0% |
| Grupa Kety Sa | 17,437 | 3,913,930 | 1.1% |
| Iberdrola SA | 204,038 | 3,507,813 | 1.0% |
| IMCD Group NV | 63,600 | 5,498,612 | 1.6% |
| Instalco | 2,996,921 | 9,106,180 | 2.6% |
| Investor AB-B | 122,868 | 3,641,979 | 1.0% |
| KBC GROUP NV | 112,477 | 10,996,309 | 3.2% |
| Kingspan Group | 123,987 | 8,418,213 | 2.4% |
| Knorr-Bremse Aktiengesellschaft | 40,180 | 3,439,123 | 1.0% |
| Lonza Group | 19,051 | 8,590,700 | 2.5% |
| LPP | 770 | 3,416,109 | 1.0% |
| Moncler | 63,568 | 2,811,853 | 0.8% |
| Nemetschek | 46,477 | 2,533,707 | 0.7% |
| Nexans | 36,484 | 4,979,426 | 1.4% |
| Piraeus Financial Holdings SA | 582,058 | 3,994,647 | 1.1% |
| Prosus N.V. | 212,522 | 7,534,833 | 2.2% |
| Rational | 4,715 | 2,535,799 | 0.7% |
| Rheinmetall | 4,209 | 4,906,664 | 1.4% |
| Richemont | 37,936 | 5,299,388 | 1.5% |
| Roche Holding AG | 54,241 | 16,251,547 | 4.7% |
| Röko B shares | 39,062 | 5,331,744 | 1.5% |
| Royal Unibrew A/S | 81,129 | 3,979,590 | 1.1% |
| Ryanair | 157,856 | 3,053,852 | 0.9% |
| SalMar | 97,687 | 4,312,162 | 1.2% |
| Sartorius Stedim Biotech | 32,207 | 4,348,425 | 1.2% |
| Spotify Technology SA | 15,811 | 5,199,240 | 1.5% |
| Swiss Re | 42,255 | 5,008,068 | 1.4% |
| Tonies SE | 361,464 | 3,176,566 | 0.9% |
| TotalEnergies | 127,956 | 8,758,386 | 2.5% |
| UBS | 194,844 | 6,325,576 | 1.8% |
| Vend Marketplaces ASA CL-B | 181,549 | 3,656,591 | 1.0% |
| Total | 296,836,968 | 85.2% |
Private investments total GBP 50,115,997, representing 14.4% of total assets. Bending Spoons alone accounts for 10.0% of total assets and roughly 69.7% of total private market value — an extremely high concentration.
| Position | Market Value (GBP) | % of Total Assets |
|---|---|---|
| Bending Spoons S.p.A. Class C | 34,912,206 | 10.0% |
| Flix SE Series G Pref. | 3,640,888 | 1.0% |
| McMakler GmbH Series AA Preferred | 0 | 0.0% |
| Northvolt AB Ordinary Series A | 0 | 0.0% |
| Northvolt AB Preference D1 | 0 | 0.0% |
| Northvolt AB Preference E1 | 0 | 0.0% |
| Northvolt AB Preference E2 | 0 | 0.0% |
| Sennder Technologies GmbH Series D Pref. | 4,018,908 | 1.2% |
| Sennder Technologies GmbH Series D- Pref | 1,723,867 | 0.5% |
| Sennder Technologies GmbH Series D+ Pref | 420,537 | 0.1% |
| Sennder Technologies GmbH Warrants | 83,296 | 0.0% |
| Tekever Holdings, S.A. Class B | 5,316,295 | 1.5% |
| Total | 50,115,997 | 14.4% |
Structurally, the portfolio is nearly fully invested: the top ten listed holdings (ASML, Roche, KBC, Allianz, Instalco, TotalEnergies, Lonza, Kingspan, Anheuser-Busch, Allegro) together represent 31.5% of total assets, while net current assets are only 0.4%. McMakler and all Northvolt series carry zero book value, and the report does not explain why.