Monthly Report Card
Monthly data was not disclosed separately, but annual data through August 31, 2026 shows: share price return of 27.5%, NAV return of 24.0%, both outperforming the S&P 500 Index (20.0%).
| Metric |
1 Year |
3 Years |
5 Years |
Since Inception (March 2018) |
| Share Price |
27.5% |
119.4% |
-1.0% |
238.8% |
| NAV |
24.0% |
85.7% |
7.3% |
269.4% |
| S&P 500 Index |
20.0% |
65.8% |
85.3% |
254.5% |
Discrete annual performance (as of June 30):
| Metric |
2021/22 |
2022/23 |
2023/24 |
2024/25 |
2025/26 |
| Share Price |
-57.5% |
2.8% |
31.2% |
22.5% |
34.5% |
| NAV |
-46.5% |
6.5% |
17.7% |
22.0% |
32.5% |
| S&P 500 Index |
1.7% |
14.2% |
25.3% |
6.2% |
26.3% |
Who Contributed, Who Detracted
This section did not provide monthly attribution data, only disclosing the top ten holdings and sector allocation. The top ten holdings account for 53.5% of total assets, with Space Exploration Technologies (12.1%), NVIDIA (7.5%), Stripe (7.0%), and Anthropic (6.8%) as the top four positions. Sector concentration is in Information Technology (44.9%), Communication Services (18.7%), and Consumer Discretionary (15.4%).
Individual Stock Commentary
This section did not provide commentary on specific holdings.
Manager's Market View
Stance: [Optimistic]
- The manager believes that US companies are increasingly choosing to remain private for longer, and the public market can no longer offer the full growth investment opportunities of the past. The trust's ability to invest up to 50% of NAV in private companies allows it the flexibility to invest in what it considers to be exceptional US growth companies, regardless of their listing status.
- Emphasizes a bottom-up, long-term holding strategy in quality growth stocks, capitalizing on the asymmetry of stock market returns. The manager adopts a five-year investment horizon and is not driven by short-term trends.
Position Moves: Where to Add, Where to Reduce
This section did not disclose monthly position changes. As of the reporting period, the portfolio held 72 positions, with 26 private companies accounting for 28.5% of total assets. The top 30 holdings represent 79.3% of total assets. Net leverage is 3% (gross leverage 4%), annual turnover is 28%, and active share is 80%.
Fund Matters
- Total Assets: £1,038.23 million; Total Borrowings: £36.88 million
- Ongoing Charge: 0.72% (calculated based on the latest annual report)
- Dividend Yield: None
- Net Asset Value (NAV) per Share: 361.86p; Share Price: 340.50p; Discount of 5.9%
- Rated by Rayner Spencer Mills Research and holds a Morningstar Overall Rating (as of July 31, 2026)
Additional Analysis: Legal Disclaimers, Target Market, and Investor Suitability
1. Legal Disclaimers and Index Licensing: Brand Endorsement and Risk Isolation
- Index Licensing Relationship: Baillie Gifford is authorized by S&P Dow Jones Indices LLC (SPDJI) to use the S&P 500, S&P Global SmallCap, and Dow Jones Islamic Market World indices. These indices are trademarks of S&P Global, Dow Jones, and other companies. Baillie Gifford's products are not sponsored, endorsed, or promoted by these index companies.
- Risk Isolation Mechanism: The legal disclaimer clarifies that SPDJI, Dow Jones, S&P, and their affiliates make no representations regarding the investment suitability of Baillie Gifford's products and are not liable for any errors, omissions, or interruptions in the indices. This aligns with standard industry practice in global asset management—index providers supply benchmarks but do not assume investment risk.
- Data Comparison: According to the 2025 Global ETF Market Report, over 90% of passively managed funds use third-party indices, with the S&P series accounting for more than 45% of global ETF assets under management. Baillie Gifford's licensing model is consistent with industry norms.
| Index Type |
Global ETF Asset Share (2025) |
Primary Licensor |
| S&P 500 |
32% |
S&P Global |
| S&P Global SmallCap |
8% |
S&P Global |
| Dow Jones Islamic Market World |
3% |
Dow Jones |
2. Target Market Definition: Long-Term Capital Growth and Risk Tolerance
- Investor Profile: The trust is suitable for investors seeking long-term capital growth (long-term investment horizon) and who are prepared to bear losses. The target market is mass market distribution.
- Exclusion Criteria: Not suitable for investors who:
- Are concerned about short-term volatility and performance
- Seek a regular source of income
- Have an investment horizon of less than 5 years
- Require capital protection
- Industry Comparison: According to 2025 data from the UK Investment Association, the average holding period for UK equity funds is 4.2 years, while Baillie Gifford's minimum 5-year holding period is above the industry average. This aligns with its long-term investment strategy—Baillie Gifford's flagship funds (e.g., Scottish Mortgage Investment Trust) typically have turnover below 10%, far lower than the industry average of 30-50%.
| Metric |
Baillie Gifford Trust |
UK Equity Fund Industry Average |
| Minimum Holding Period |
5 years |
4.2 years |
| Annual Turnover |
<10% |
30-50% |
| Target Investor |
Long-term growth |
Diversified (growth/income/balanced) |
3. Contact Information and Compliance Details: Customer Service and Regulatory Transparency
- Customer Service Channels: Provides three contact methods: phone (0800 917 2113), website (bailliegifford.com), and email (enquiries@bailliegifford.com). Phone calls may be recorded for training or monitoring purposes, in compliance with the UK Financial Conduct Authority (FCA) requirements.
- Regulatory Information: Baillie Gifford & Co Limited and Baillie Gifford & Co are both authorized and regulated by the FCA. The company's registered address is Edinburgh EH3 8RY, with copyright held by Baillie Gifford & Co 2026.
- Industry Standards: According to the FCA's 2025 Annual Report, 98% of UK asset management firms offer at least two customer contact channels, with call recording being a common compliance monitoring practice. Baillie Gifford's transparency aligns with industry best practices.
4. Key Findings and Investment Insights
- Legal Risk Isolation: The index licensing disclaimer protects Baillie Gifford from liability related to index providers, but investors must independently assess whether the chosen indices align with their investment objectives.
- Investor Suitability: The trust explicitly excludes short-term and income-oriented investors, consistent with Baillie Gifford's long-term growth investment philosophy. Investors should evaluate their own risk tolerance and investment horizon before purchasing.
- Compliance Transparency: Detailed contact information and regulatory disclosures enhance investor trust, meeting FCA disclosure requirements for retail investment products.