What Happened to Baillie Gifford US Growth Trust plc Shares on 13 November 2026?

Baillie Gifford US Growth Trust plc (LSE:USA) shares eased 1.00% to 348.0p on 13 November 2026. The US growth Investment trust was in focus following its annual results for the year ended 31 May 2026, published in September 2026.

The results set out returns, the narrowing of the discount and changes to the portfolio.

Key Highlights

The share price total return was 44.5% in the year to 31 May 2026, and the NAV total return was 31.0%, compared with 29.8% for the S&P 500 in sterling terms. The discount to NAV narrowed from 9.4% to 0.1% over the year.

Since the trust's March 2018 launch, NAV and share price total returns stand at 253.6% and 244.3% respectively.

About Baillie Gifford US Growth Trust plc

Baillie Gifford US Growth Trust plc invests in US growth companies, both listed and unlisted, with a focus on transformational founders. Tom Burnet is Chair, and Gary Robinson and Kirsty Gibson are the portfolio managers.

The trust describes its strategy as investing in American growth companies that address large market opportunities with durable advantages.

Performance Drivers

Several of the largest contributors to performance were private holdings, alongside one large listed AI infrastructure company. The managers said the portfolio benefited from exposure to AI infrastructure and from private company growth.

The trust made new private investments during the year and added to an existing position.

Private Company Exposure

Private companies made up 45% of the trust's Assets at the year end, up from 34.9% a year earlier. The managers said they increasingly favour more established private businesses that already generate billions in revenue.

Private holdings give access to growth before companies list.

Discount and Buybacks

The discount narrowing from 9.4% to 0.1% was a feature of the year. In the earlier half to 30 November 2025, the trust repurchased 4,505,000 shares at a cost of £11.9m, which added to NAV for continuing shareholders.

Net gearing was 3% at that time.

Portfolio Changes

The managers said they have been more selective about software holdings, distinguishing between application software and the infrastructure that other software runs on. Positions were also sold during the year, including in cases of Takeover activity.

The trust's approach emphasises Diversification and risk management.

Understanding Private Holdings and Discounts

Unlisted holdings are valued by the manager using valuation policies, and values may be updated as new information or funding rounds emerge. The discount is the gap between the share price and NAV per share.

Total return measures change in value with dividends reinvested.

Why the Update Matters for the Sector

US growth trusts are followed for how they combine listed and unlisted holdings. USA's results show how private company value can contribute to returns.

AI infrastructure is a major theme for growth portfolios.

Putting the Update in Context

Total return measures the change in value including dividends reinvested, and it is a common way to compare a trust with its benchmark over different periods. Ongoing charges, gearing and portfolio turnover are also reported, giving readers further context on how the strategy is run.

Key Growth Catalysts

Exposure to innovative US companies, private holdings and a narrower discount are the main features. Experienced managers and board oversight support the approach.

The trust's focus on durable competitive advantages is a theme.

Factors to Monitor

Growth stocks can be volatile, and valuations of private holdings can change. Currency movements affect sterling returns on US assets.

The discount can move over time.

What Investors Should Watch Next

Investors may wish to follow monthly NAV updates, the half-year report in January, the discount and portfolio commentary.

Conclusion

Baillie Gifford US Growth Trust plc (LSE:USA) eased 1.00% to 348.0p on 13 November 2026. Baillie Gifford US Growth reported a 31.0% NAV total return and a 44.5% share price total return, with the discount narrowed to 0.1%. The half-year report is the next point of reference.