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Baillie Gifford has released a press release and accompanying video for the US Growth Trust which we share with you below.  

Baillie Gifford & Co., the independent investment partnership, announces the IPO of Baillie Gifford US Growth Trust plc (the “Company”). The new investment trust, to which it will act as investment manager, has formally opened.

The Company will focus on ‘exceptional growth companies’ in the US, which have the potential to grow substantially faster than the average company over the long term.  It will invest in both listed and unlisted companies, up to a combined maximum of 90 holdings, typically with 30 to 50 listed companies in the portfolio. The maximum amount invested in unlisted securities will not exceed 50% of total assets measured at time of investment.

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Shares will be made available to investors by way of a Placing and an Offer for Subscription (including an Intermediaries Offer). The Intermediaries Offer will provide private investors with the opportunity to participate via most major private investor platforms, including Hargreaves Lansdown, Interactive Investor, AJ Bell and Alliance Trust Savings. The Offer for Subscription (including the Intermediaries Offer) will close at 3p.m. on Monday 19 March 2018, with the Placing closing at 3p.m. the following day.

The Company’s Shares will be admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange, with first day of dealings expected to be 23 March 2018.

Full details on how to invest, including copies of the Prospectus and Key Information Document, are available at The Issue Price will be £1.00 per Share, with IPO costs capped so that the opening Net Asset Value per Share will be no less than 98.5 pence.

Tom Burnet has been appointed as Chairman of the Board of Directors, with Sue Inglis and Graham Paterson joining him as additional independent non-executive directors. Full details of their biographies are available in the notes to editors.

Andrew Telfer, Joint Senior Partner, Baillie Gifford & Co., says: “This is Baillie Gifford’s first investment trust launch since 1985. Our proven ability in actively managing US equities and our growing expertise in providing access to a range of exciting private companies should make this new trust a highly attractive investment proposition.

“Certain partners and members of staff of the Portfolio Manager have indicated that they intend to apply for Shares pursuant to the Issue. On the basis of these indications, the Company expects that applications by such persons will exceed £20 million in aggregate.”

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Notable Replies

  1. pauls says:

    This looks interesting. It would be nice to know a little bit more though about what the portfolio will look like. Will it be like Edinburgh Worldwide or the Baillie Gifford American fund? Because both of those exist already. I need to know how it will differ form those two before I can decide if I want to partake in this listing.

  2. Is this going to suffer like the Woodford Patient Capital fund has? It hasn’t done as well as expected.

    Does Baillie Gifford just want to create a riskier version of their American fund investing in unproven companies?

    There just isn’t enough information here, even though there is a lot of detail I just can’t get me head around what this fund is going to look like.

    Need more info please @RichardOwen @whichinvest

  3. mammon says:

    I am more positive about this @pauls and @geordieboy. Baillie Gifford have done very well with most of their range of trusts and funds, I am certainly interested in this one, though I would also like to know more.

    Like @pauls stated, I’d like to see where and how it differs from Edinburgh Worldwide, which was very well described in an article here: -Worth having a read if you haven’t already.

    We will find out more when the prospectus come out, might just have to wait unless the WhichInvestmenttrust can find out more for us.

  4. Well one difference with Edinburgh Worldwide is America. EWI invests worldwide, all be it over half the portfolio is in the USA. The question is how much overlap with there be?

    I think Baillie Gifford US Growth Trust will be a cross between the BG American fund and EWI, because EWIO invests in unlisted as well as listed companies, but as they state in the article there are more high growth in America.

  5. I think you might be right there @citygirl but I agree the key thing will be if it is different enough from EWI. After all, according to the EWI article 57% is invested in America - that’s a lot. It’s not quite an American fund but it’s getting there.

    I’d like to know how much of the portfolio will be in unlisted too. If it’s too high there’s a real risk of it getting seriously burned in the next stock market crash which might be less than two years away, who knows, it’s gotta come around again!

  6. Hi guys, thanks for all your feedback. We will try and get more information on this and address the many points you’ve raised.

  7. I’ve updated the article removing the reference to ‘patient capital’ because Baillie Gifford have told us this is misleading because they are not intending for the new trust to be a ‘patient capital’ early stage investing fund.

  8. casper says:

    @RichardOwen @whichinvest May I request that you produce an article offering real insight in to this new trust, much along the lines of the one you have done on Edinburgh Worldwide?

    I only ask because you can produce really useful and insightful features, which are invaluable to investors such as me who are cash rich but time poor.

    Thank you.

  9. I second your request @casper. I have received an email from Baillie Gifford with a newspaper release on plan to float this new trust but what I could do with is some analysis, who the managers will be, what is their track record, how is the fund going to be managed etc.

    If you can answer these points I’ll be a happy man @RichardOwen @whichinvest

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