Baillie Gifford UK Growth Trust had 15,870,775 shares in treasury on 2 November, according to its voting rights notice. That is up from 14,255,114 on 13 October, with the shares still about 9.4% below estimated NAV on AJ Bell's data.

What happened

The trust (LSE:BGUK) issued three notices on 2 November: a NAV figure, its Total Voting Rights statement and a Closed Period Confirmation. Transaction in Own Shares notices were also issued on 27, 28, 29 and 30 October, which shows repurchases continuing into the end of the month.

According to an AI-generated summary on, the voting rights notice gave 112,484,853 issued shares, 15,870,775 in treasury and 96,614,078 with voting rights. The text of the closed period notice was not read for this report, and no results were published in the period covered.

Baillie Gifford UK Growth Trust is a constituent of the FTSE All-Share index. It sits in the Investment trust sector, and AJ Bell notes that its performance is measured against the FTSE All-Share itself, with investments mostly in FTSE 350 companies.

Why it matters for investors

The pace of repurchases is the main point. Ticker.app listed 14,255,114 treasury shares on 13 October, so the treasury holding has grown by about 1.6m shares in less than three weeks, on our calculation.

Buybacks at a discount add slightly to NAV per share for continuing holders, and they provide a regular buyer in the market. They also shrink the trust. AJ Bell showed a Market Capitalisation of £217.12m.

So far, the discount has not moved far. AJ Bell gave 9.39%, against a 12-month average of 9.7%. That points to a trust whose discount is holding near its recent norm while the board buys, although the data cannot show what the discount would have been without those purchases.

Income plays a secondary role. The latest Dividend was 6.20p, up from 5.70p a year earlier. It went ex-dividend on 13 August and was paid on 11 September.

How the shares have performed

AJ Bell's delayed page, retrieved on 3 November, showed a sell price of 222p and a buy price of 224p, with a previous close of 225p and a 1p fall on the day shown. The most recent trade listed was dated 30 October, so the quote is several days old.

The 52-week range was 180.12p to 231p. Ticker.app dated the low to 23 March 2026 and the high to 7 August 2026. The shares therefore remain in the upper part of their range.

NAV has edged up. The notice issued on 2 November gave 248.40p including income and 245.86p excluding it at 30 October, again according to the AI summary, with short-term borrowings at par. AJ Bell listed 248.60p at 28 October and an estimated figure of 247.21p. In mid-October, ticker.app had shown 243.11p.

What to watch next

Next month's voting rights notice will show whether buying continues at the same pace. The closed period confirmation, issued alongside NAV on 2 November, is a further item for holders to read in full, since such notices usually relate to a forthcoming reporting date.

A substantial holder notice was issued on 27 October, and QuotedData published a non-regulatory "In The HotSeat" item on 22 October. Neither was read for this report, so no conclusions are drawn from them.

Holdings, gearing and returns against the FTSE All-Share were not in the material retrieved, so the next published report is the place to check them. Daily NAV notices will show whether the discount stays near its 12-month average.