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LONDON (Alliance News) - Baillie Gifford US Growth Trust PLC on Tuesday said it has underperformed against its comparative index for the first interim since it was incorporated.
The US investor's net asset value total return from its February 7 incorporation to November 30 was 16%. This fell below the 20% target set by its comparator, the S&P 500 Index in sterling terms.
The company urged shareholder to judge its performance for "periods of five years or more".
As at November 30, the company's net asset value per share was 116.35 pence. The stock was quoted at 118.46p on Tuesday afternoon, up 0.6% on the day.
The company raised gross of GBP173 million during its launch on March 23 and on November 30 its assets totalled GBP254.4 million.
"Share price volatility has increased recently but we remain resolutely focused on the long-term potential of the businesses that we own. In aggregate the company's holdings continue to make excellent operational progress," said Chairman Tom Burnet.
"Volatility often creates opportunities for genuinely long-term investors and, since the end of the reporting period, we have added to a handful of holdings which have been disproportionately, and we believe unfairly, discounted in the broader market sell off," Burnet added.