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17 Jun 2021

Baillie Gifford UK Growth Trust

Company Notes

Performance validates growth approach to UK equities

Baillie Gifford UK Growth Trust* aims to provide capital growth in excess of the FTSE All Share Index by investing in UK equities. The concentrated portfolio consists of 35-65 stocks, representing high-conviction investment in the team’s ‘best ideas’. The fund has been managed by Iain McCombie and Milena Mileva since June 2018, when Baillie Gifford assumed responsibility for the fund. The managers employ a bottom-up approach and stock selection is based on fundamental analysis, with a bias towards high-growth quality businesses. Investments are made on a long-term view, with a five-year investment horizon. At the upcoming AGM in August, shareholder approval will be sought for a policy change, allowing up to 10% of NAV to be invested in private companies. Since Baillie Gifford assumed responsibility for the portfolio in 2018, the fund has generated a NAV total return of +19%, compared with +8% for the FTSE All Share benchmark and +26% for the UK All Companies peer group.

In April, the fund announced proposals to adopt an ‘enhanced ESG’ approach that will adhere to sustainable and responsible investing criteria as defined by its Board. It will henceforth target a carbon intensity at least 20% lower than the FTSE All Share Index. Shareholders will vote on the proposals at the AGM on 10 June.

*Denotes a corporate broking client of Winterflood Securities