(Alliance News) - Baillie Gifford US Growth Trust PLC on Tuesday said its net asset value grew, with NAV total return falling below the S&P benchmark.
The UK-based investor in US-based companies said NAV share at November 30 was 194.11 pence, up 4.1% from 186.48p at May 31.
NAV total return was 4.1%, which compares to a total return of 7.9% for the S&P 500 Index.
Pretax net return was GBP23.7 million in the six months ended November 30, swung from a pretax net loss of GBP12.6 million a year before.
Baillie Gifford did not declare an interim dividend.
Looking ahead, Chair Tom Burnet said: "As inflation drops and with interest rates potentially peaking, perhaps we can allow ourselves some optimism that valuations might begin to recover over the coming months. In any case, the board remains supportive of the managers' long-term approach to investing."
Shares in Baillie Gifford were up 0.3% at 179.00 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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Baillie Gifford (USA)