This is a monthly update for the Baillie Gifford UK Growth investment trust, which focuses on UK stocks. The fund underperformed recently, returning 9.6% last month versus the market's 16.8%, and has lagged over five years. The manager doesn't give a clear market view, but the data shows a concentrated portfolio (88% active share, meaning it's very different from the index), modest borrowing (13% leverage), and low turnover, suited for long-term investors (5+ years). Top holdings include Games Workshop (4.9%), Moonpig Group (4.7%), and Softcat (4.1%), all key positions.
Baillie Gifford UK Growth Trust aims to achieve capital appreciation by investing in UK-listed equities, with a target total return exceeding the FTSE All-Share Index. The report’s core argument is that the trust adopts a five-year investment horizon, a concentrated portfolio (35–65 holdings), and a
The fund's NAV returned 9.6% this month vs. the benchmark's 16.8%, trailing by 7.2 percentage points year-to-date. Over the past year, the share price returned 10.5% and the NAV returned 9.6%, both significantly lagging the FTSE All-Share Index's 16.8%. Over a five-year horizon, the cumulative NAV return stands at 12.9%, still markedly underperforming the benchmark's 68.2%.
| Metric | This Month | Year-to-Date |
|---|---|---|
| Fund (NAV) | 9.6% | 12.9% (5-year) |
| Benchmark (FTSE All-Share Index) | 16.8% | 68.2% (5-year) |
| Excess Return | -7.2% | -55.3% (5-year) |
The report does not provide monthly attribution data, only listing the top ten holdings and their sector distribution. The top ten holdings account for 40.1% of total assets. The largest holding is Games Workshop (4.9%), followed by Moonpig Group (4.7%), Softcat (4.1%), Kainos (4.1%), Autotrader (3.9%), 4imprint (3.9%), Renishaw (3.9%), Volution Group (3.8%), Spirax (3.5%), and AJ Bell (3.2%).
The report does not provide commentary on specific holdings.
[Stance: Not explicitly stated] The report does not provide the manager's views on the market or sectors. Key position structure data is as follows:
The report does not disclose monthly position changes. The sector distribution shows the top five sectors are: Software & Computer Services, Investment Banking & Brokerage Services, Retailers, Industrial Support Services, and Pharmaceuticals & Biotechnology. The fund explicitly states that sector weights are a result of stock selection and do not track the benchmark.