This report shows what the Baillie Gifford US Growth Trust owned at the end of May 2026. Essentially, it lists where the fund's money sits. Just over half is in publicly traded stocks like Nvidia and Amazon. The rest is in private companies—startups not listed on any stock exchange—such as SpaceX and Stripe. SpaceX alone makes up 16.3% of the fund, its biggest bet. For an ordinary investor, this matters because private-company values are less transparent, and the top ten holdings are over half the fund, so gains and losses can swing sharply. It's worth a look to see how a professional investor is betting on tech, but don't treat it as personal advice.
Baillie Gifford US Growth Trust's holdings report as of May 31, 2026 shows that listed equities account for 54.5% (approximately £543 million) of total invested assets, with private equity comprising the remainder. The largest positions are technology leaders including NVIDIA (7.1%), Amazon (4.9%),
The report discloses only portfolio valuations; it does not disclose monthly or year-to-date performance versus the benchmark. As of 31 May 2026, total assets were £995,814,923, with listed equities accounting for 54.5%, private equity (including fixed interest) 45.0%, and net current assets 0.5%.
| Asset Class | Market Value (GBP) | % of Total Assets |
|---|---|---|
| Listed equities | 543,207,183 | 54.5% |
| Private equity (excluding fixed interest) | 445,539,507 | 44.8% |
| Private fixed interest | 2,301,480 | 0.2% |
| Net current assets | 4,766,753 | 0.5% |
| Total assets | 995,814,923 | 100.0% |
Among all holdings, SpaceX ranks first at 16.3%; NVIDIA (7.1%) is the largest listed equity; the top ten holdings together account for roughly 55%, with heavy concentration in AI, aerospace, and fintech.
Listed equities (in descending order of weight; series of the same company have been combined):
| Ticker | Market Value (GBP) | Weight |
|---|---|---|
| NVIDIA | 70,550,579 | 7.1% |
| Amazon.com | 48,789,296 | 4.9% |
| Cloudflare | 30,055,314 | 3.0% |
| Meta Platforms | 27,295,002 | 2.7% |
| Broadcom | 22,697,589 | 2.3% |
| Shopify 'A' | 21,664,194 | 2.2% |
| Doordash | 19,074,905 | 1.9% |
| BillionToOne | 18,831,212 | 1.9% |
| Tesla | 16,937,703 | 1.7% |
| Netflix | 16,348,568 | 1.6% |
| Affirm Holdings (A+B) | 14,971,557 | 1.5% |
| Alphabet 'A' | 14,115,426 | 1.4% |
| Snowflake | 13,558,976 | 1.4% |
| The Ensign Group | 11,156,827 | 1.1% |
| Guardant Health | 10,978,165 | 1.1% |
| Samsara | 10,582,121 | 1.1% |
| Alnylam Pharmaceuticals | 9,542,876 | 1.0% |
| AppLovin | 9,528,302 | 1.0% |
| Aurora Innovation (A+B) | 8,870,535 | 0.9% |
| SharkNinja | 8,800,901 | 0.9% |
| CoStar Group | 8,047,566 | 0.8% |
| Mastercard | 7,662,105 | 0.8% |
| Wayfair | 7,646,614 | 0.8% |
| Block | 7,600,922 | 0.8% |
| Axon Enterprise | 7,363,711 | 0.7% |
| Watsco | 7,311,855 | 0.7% |
| Moderna | 6,948,980 | 0.7% |
| Medline | 6,488,636 | 0.7% |
| Lemonade | 6,484,020 | 0.7% |
| United Therapeutics | 6,464,236 | 0.6% |
| DraftKings | 6,458,988 | 0.6% |
| YETI Holdings | 6,391,777 | 0.6% |
| RBC Bearings | 6,355,025 | 0.6% |
| Roblox | 6,141,602 | 0.6% |
| Knife River | 5,662,278 | 0.6% |
| Duolingo | 5,568,524 | 0.6% |
| Insulet | 4,190,101 | 0.4% |
| Figma | 3,892,807 | 0.4% |
| Lineage | 3,731,270 | 0.4% |
| Denali Therapeutics | 3,598,920 | 0.4% |
| Sweetgreen | 3,448,187 | 0.3% |
| Oddity | 2,912,575 | 0.3% |
| Rivian Automotive | 2,826,685 | 0.3% |
| Workday | 2,536,729 | 0.3% |
| Coinbase Global | 1,637,039 | 0.2% |
| Recursion Pharmaceuticals | 830,257 | 0.1% |
| Circle Internet Group | 655,726 | 0.1% |
| Abiomed CVR Line | 0 | 0.0% |
Private equity investments (multiple series combined by company, in descending order of weight):
| Ticker | Market Value (GBP) | Weight |
|---|---|---|
| SpaceX (Series J+K+N) | 162,586,891 | 16.3% |
| Stripe (B+G+H+I) | 72,645,481 | 7.3% |
| Anthropic (F-1+G-1) | 63,358,449 | 6.4% |
| Databricks (H+I) | 32,630,448 | 3.3% |
| Zipline International (C+E+F) | 18,722,431 | 1.8% |
| Faire Wholesale (A+F+G) | 10,947,437 | 1.1% |
| Rippling / People Center (A+G) | 10,318,957 | 1.1% |
| Human Interest (E+F) | 8,923,392 | 0.9% |
| OpenAI Group | 8,160,208 | 0.8% |
| Nuro (C+D+E) | 7,040,533 | 0.7% |
| Discord | 6,012,297 | 0.6% |
| PsiQuantum | 5,590,975 | 0.6% |
| Runway AI | 5,005,317 | 0.5% |
| Tanium | 4,733,906 | 0.5% |
| Solugen (C-1+D) | 4,384,570 | 0.4% |
| Lyra Health (E+F) | 4,100,740 | 0.4% |
| Epic Games | 3,496,015 | 0.4% |
| Thumbtack (A Common+A/B/C/I Pref) | 3,571,855 | 0.3% |
| Cosm Experience Holdings | 3,338,404 | 0.3% |
| Snyk (Ordinary+F) | 2,922,987 | 0.3% |
| Honor Technology (D+E) | 2,811,132 | 0.3% |
| Workrise (D+D-1+E) | 2,799,284 | 0.2% |
| Away / JRSK (D+Seed) | 1,225,104 | 0.1% |
| Niantic Spatial | 212,694 | 0.0% |
| Blockstream | 0 | 0.0% |
| Capsule Corp | 0 | 0.0% |
| Indigo Agriculture | 0 | 0.0% |
Private fixed interest:
| Ticker | Market Value (GBP) | Weight |
|---|---|---|
| Away (JRSK) Convertible Promissory Note | 1,050,595 | 0.1% |
| JRSK Inc (Away) Convertible Promissory Note 2021 | 1,050,595 | 0.1% |
| Honor Technology Subord Conv Promissory Note | 200,290 | 0.0% |
This report is a static valuation snapshot, with no comparison against the previous month's holdings, so the direction of specific increases or decreases this period cannot be determined. The capital structure is more than half allocated to listed equities (54.5%), with private equity at 44.8% and net current assets at just 0.5%.
The trust's total assets were £995,814,923; the report does not disclose changes in fund size, subscriptions/redemptions, or performance data.