(Alliance News) - Baillie Gifford UK Growth Fund PLC on Friday said it swung to a negative annual total return but did outperform its benchmark, helped by its holdings in Just Eat Takeaway.com NV and Boohoo Group PLC.
In the year ended April 30, the trust's net asset value per share slumped by 14% to 175.2 pence from 203.1p.
Its shares were 0.8% lower at 172.67p each in London on Friday morning.
Baillie Gifford UK reported a negative total return of negative 13%, swinging from 0.2% in the year prior, but outperforming the FTSE All-Share Index which lost 17%.
"The notable contributors to the relative outperformance were: Genus PLC, Boohoo.com, Just Eat Takeaway.com and Ultra Electronics Holdings PLC," Baillie Gifford UK Growth said.
The trust cut its dividend by 30% to 3.10p per share from 4.45p.
"The long-term ramifications of Covid-19 on the UK and global economies are unknown, but it is likely that in the short-term the trading environment for many companies will be exceptionally challenging. On top of this, whilst the UK has left the European Union, the risks of a disorderly Brexit remain high," the trust said.
By Eric Cunha; ericcunha@alliancenews.com
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Genus (GNS)
Boohoo (BOO)
Just Eat Takeaw (JET)
Baillie Gifford (BGUK)