Long-term perspective rewarded since management change
Baillie Gifford European Growth Trust aims to provide long-term capital growth by investing in a diversified portfolio of listed and private (up to 10% of NAV) companies in continental Europe. Baillie Gifford assumed responsibility for the fund (formerly The European Investment Trust) on 30 November 2019 and has fully repositioned the portfolio, focusing on high-growth quality businesses with strong founder-led cultures. The fund has been managed by Stephen Paice and Moritz Sitte since 2019, and Chris Davies was appointed as co-portfolio manager in March this year. The managers employ a bottom-up approach across the European landscape, with an emphasis on identifying quality companies with a strong competitive position and the potential to deliver asymmetric returns. Since Baillie Gifford assumed responsibility for the portfolio in 2019, the fund has generated a NAV total return of +60%, compared with +20% for the FTSE Europe ex UK Index benchmark and +32% for the Europe peer group.