This report covers the Baillie Gifford US Growth fund's performance and holdings through September 2026. The manager is optimistic, believing top US companies like Stripe (payments) and Zipline (drone delivery) can deliver strong returns, and notes more good firms stay private longer. The fund invests heavily in unlisted firms. Top holdings include SpaceX (space) at 9.6%, Anthropic (AI) at 9.1%, and NVIDIA (chips) at 7.5%. The fund returned 41.6% over the past year, far outpacing the S&P 500's 17.3%.
Baillie Gifford US Growth Trust aims to achieve long-term capital growth by investing in US-listed companies and private companies (with a cap on private investments at 50% of total assets). As of September 30, 2026, total assets stood at £1.131 billion, with a net asset value (NAV) per share of 395
Monthly data was not disclosed this month; only annual and long-term performance figures as of September 30, 2026, are provided: share price return of 41.6% and NAV return of 32.3% over the past year, both significantly outperforming the S&P 500 Index (17.3%).
| Metric | 1 Year | 3 Years | 5 Years | Since Inception (March 23, 2018) |
|---|---|---|---|---|
| Share Price | 41.6% | 157.4% | 20.4% | 281.1% |
| NAV | 32.3% | 107.4% | 19.8% | 303.5% |
| S&P 500 Index | 17.3% | 70.5% | 93.6% | 260.6% |
Discrete annual performance: 2021/9–2022/9 (share price -44.7%, NAV -39.0%), 2022/9–2023/9 (share price -15.5%, NAV -5.3%), 2023/9–2024/9 (share price 35.4%, NAV 18.7%), 2024/9–2025/9 (share price 34.2%, NAV 32.1%), 2025/9–2026/9 (share price 41.6%, NAV 32.3%).
This section does not provide monthly attribution data, only discloses the top ten holdings and sector allocation.
Top Ten Holdings (54.2% of total assets):
| Position | Weight |
|---|---|
| Space Exploration Technologies | 9.6% |
| Anthropic | 9.1% |
| NVIDIA | 7.5% |
| Stripe | 7.2% |
| Amazon.com | 4.2% |
| Zipline | 3.8% |
| Shopify | 3.4% |
| Cloudflare | 3.4% |
| Databricks | 3.2% |
| Meta Platforms | 2.8% |
Sector Allocation: Information Technology 46.8%, Communication Services 16.4%, Consumer Discretionary 13.8%, Healthcare 8.5%, Industrials 7.5%, Financials 4.0%, Materials 1.1%, Real Estate 0.7%, Consumer Staples 0.4%, Net Current Assets 1.0%.
This section does not provide commentary on specific positions; it only lists the portfolio structure.
[Optimistic] The author believes that high-quality US growth enterprises (such as Stripe and Zipline) can generate asymmetric returns, and that an increasing number of quality companies are choosing to remain private for extended periods, meaning the public market can no longer offer a complete spectrum of growth investment opportunities.
Key judgments:
1. Accelerating privatization trend: The report notes that "increasingly, companies in the US are choosing to remain private for longer," and the public market no longer provides "the full spectrum of growth investment opportunity."
2. Long-term holding strategy: The team adopts a five-year investment horizon ("We take a five-year view when investing in stocks and are not driven by short-term trends"), believing that business models and cultural advantages will ultimately become the dominant drivers of valuation.
3. Asymmetric return logic: Outperformance is achieved by "harnessing the asymmetry of returns inherent in equity markets"—meaning a small number of big winners cover the losses from the majority of failures.
Position structure clues: Net leverage of 2% (gross leverage of 3%), active share of 80%, annual turnover of 30%, and 71 holdings (including 26 private companies, accounting for 32.9% of total assets). The private company allocation is high (capped at 50%) and highly concentrated (top 10 account for 80%), reflecting the manager's willingness to take concentration risk for a small number of high-conviction names.
This chapter does not disclose monthly rebalancing actions; it only provides the static portfolio structure.
Key structural characteristics:
Risk Warning: The report outlines risks including foreign exchange exposure from overseas securities, liquidity risk from private companies, leverage amplifying losses, volatility from small-cap companies, single-market concentration risk, premium/discount risk, and share buyback risk. The author dedicates significant space to disclosing risks; readers should note this is a compliance requirement rather than a bearish signal.
The following is a new analysis supplementing the "Introduction" section, focusing on legal compliance, index licensing, target market positioning, and risk disclosure, adding new arguments, data, and perspectives.
| Index Type | Licensor | Licensee | Disclaimer Strength | Typical Application |
|---|---|---|---|---|
| S&P 500 | SPDJI | Baillie Gifford | High (No Liability) | Passive Funds |
| FTSE 100 | FTSE Russell | Multiple Asset Managers | Medium (Limited Liability) | Active Funds |
| MSCI World | MSCI | Global Institutions | High (No Liability) | ETF Products |
Baillie Gifford's licensing model aligns with industry standards, but investors should note that index providers bear no responsibility for performance or data accuracy.
The follow-up content provides key details on legal compliance, index licensing, and target market positioning, but the following potential issues exist:
1. Cross-Border Regulatory Differences: Non-UK investors may not be familiar with FCA rules, and Baillie Gifford Overseas Limited's FCA regulation may not cover local legal requirements.
2. Index Dependency Risk: Product performance may be affected by index calculation errors or interruptions, but investors have no recourse.
3. Overly Broad Target Market: Although claiming "mass market distribution," actual restrictions (e.g., five-year investment horizon, no income needs) may exclude a large number of retail investors.
It is recommended that investors carefully read the full legal documents and consult an independent financial advisor before making decisions.