(Alliance News) - Baillie Gifford US Growth Trust PLC on Monday reported it significantly outperformed its benchmark during the first half of its 2021 financial year while appointing an additional investment manager.
The investor in listed and unlisted US companies said as at November 30, its net asset value per share stood at 280.01 pence compared to 181.92 pence as at May 31.
The trust's total net assets rose 66% over the six months to GBP791.6 million from GBP476.2 million. Baillie Gifford US ended the interim period with 282.7 million shares in issue compared to 261.8 million at the beginning of the period.
Baillie Gifford US Growth's benchmark, the S&P 500 in sterling terms, grew 11% over the six months to November 30, seeing the trust vastly outperform it with a NAV return of 54%.
Since the fund launched in March 2018, its NAV return has more than doubled, which compares with the S&P 500 adding 56% over the same period.
The trust's largest holdings at the end of the first half were Tesla Inc, Shopify Class A Inc and Amazon.com Inc, making up almost 22% of its portfolio.
In addition, the trust said it has appointed Kirsty Gibson as co-manager alongside existing investment manager Gary Robinson, effective from March 1. Gibson is an investment manager in Baillie Gifford's US equities team and a co-manager of the Baillie Gifford American Fund, and will replace Helen Xiong, who joined Baillie Gifford's Global Alpha Team last year.
"As we look forward, we are optimistic about what the future holds. As we have said many times before, the pace of innovation is speeding up and spreading out. This ought to be a fruitful environment for growth investors," said Baillie Gifford US Growth.
Shares in Baillie Gifford US Growth were up 1.5% at 330.89 pence in London on Monday.
By Zoe Wickens; zoewickens@alliancenews.com
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Baillie Gifford (USA)