This UK investment trust buys shares of British companies and aims for long-term capital growth, but recently it has badly lagged the broader market: over the past year it returned 6.2% versus 21.6% for the FTSE All-Share. It holds a concentrated portfolio of about 35–65 stocks, and it even borrows a little to invest (leverage). Top holdings include Games Workshop (a tabletop-miniatures maker, 5.6% of assets), Softcat (an IT equipment seller, 4.7%) and Moonpig Group (an online greeting-card and flower retailer, 4.4%). The fund is patient and low-turnover, but so far that approach has underdelivered against the index.
Baillie Gifford UK Growth Trust focuses on UK-listed equities, aiming for capital growth over a five-year horizon with the objective of outperforming the FTSE All-Share Index. The portfolio is concentrated in 35–65 companies, may allocate 10% to private companies, and does not track a benchmark. As
As of July 31, 2026, the fund's NAV returned 6.2% over one year and 65.3% over ten years, trailing the FTSE All-Share Index benchmark across all periods (21.6% over one year and 129.0% over ten years).
The factsheet does not disclose monthly returns; performance is presented across 1/3/5/10-year periods and by fiscal year (ending June 30). The fund's investment proposition: primarily invests in UK-listed stocks to achieve capital growth, with a five-year investment horizon and a concentrated portfolio of 35–65 companies; at initial investment, up to 10% of total assets may be invested in private companies. Industry weights are the outcome of stock selection rather than benchmark tracking, with income yield of secondary importance.
| Metric | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|
| Fund (NAV) | 6.2% | 29.9% | 8.0% | 65.3% |
| Fund (Share Price) | 8.2% | 37.8% | 3.5% | 73.1% |
| Benchmark (FTSE All-Share) | 21.6% | 54.7% | 73.1% | 129.0% |
By fiscal year, the fund outperformed the benchmark in only 2 of the past 5 fiscal years:
| Fiscal Year (to June 30) | Fund NAV | Fund Share Price | Benchmark |
|---|---|---|---|
| 2022 | -25.2% | -35.1% | 1.6% |
| 2023 | 13.8% | 11.1% | 7.9% |
| 2024 | 6.1% | 6.6% | 13.0% |
| 2025 | 11.8% | 19.8% | 11.2% |
| 2026 | 9.7% | 9.8% | 21.9% |
The report does not disclose buys and sells for the period, only the portfolio structure as of July 31, 2026: top ten holdings account for 41.3%, net leverage 8%, active share 89%, and annual turnover 14%.
Top ten holdings:
| Rank | Position | % of Assets |
|---|---|---|
| 1 | Games Workshop | 5.6 |
| 2 | Softcat | 4.7 |
| 3 | Moonpig Group | 4.4 |
| 4 | Autotrader | 4.2 |
| 5 | 4imprint | 4.2 |
| 6 | Wise | 3.8 |
| 7 | AJ Bell | 3.7 |
| 8 | Experian | 3.6 |
| 9 | Volution Group | 3.6 |
| 10 | Howden Joinery | 3.6 |
| Total | 41.3 |
At the industry level, the report lists the top 20 industry positions (out of 25 industries), but individual industry weights are not given numerically in the text (shown on a 0–15% scale in the chart). In the report's original order: Software and Computer Services, Investment Banking and Brokerage Services, Industrial Support Services, Retailers, Life Insurance, Leisure Goods, Electronic and Electrical Equipment, Industrial Engineering, Pharmaceuticals and Biotechnology, Construction and Materials, Media, Personal Care, Drug and Grocery Stores, Software & Computer Services, General Industrials, Industrial Transportation, Food Producers, Real Estate Investment and Services, Personal Goods, Non-life Insurance, Beverages.
Portfolio structure metrics: total leverage 10% and net leverage 8%, meaning net borrowing is deployed into investments; active share 89%, indicating low overlap with the benchmark; annual turnover 14%, a low turnover rate consistent with a long-term holding style.
As of July 31, 2026, the trust had total assets of £280.62m and total borrowings of £24.35m; ongoing charge 0.76%, with the management fee temporarily reduced from 0.5% to 0.4% (July 1, 2026 to April 30, 2029), and no performance fee.