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21 Jun 2022

Baillie Gifford UK Growth

Company Notes

Confidence in fundamentals to deliver over time

Baillie Gifford UK Growth* aims to provide capital growth in excess of the FTSE All Share Index by investing in UK equities, with a recent policy change allowing investment of up to 10% of NAV in private companies. 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. The fund performed strongly in 2020, as growth stocks rallied in the wake of the pandemic, but subsequent performance has been weaker. Since Baillie Gifford’s appointment, the fund has now generated a NAV total return of -12%, compared with +7% for the FTSE All Share Index and +0% for the UK All Companies peer group.

*Denotes a corporate broking client of Winterflood Securities