Baillie Gifford US Growth Trust PLC Edison update on Baillie Gifford US Growth Trust
04 Octobre 2022 - 2:10PM
RNS Non-Regulatory
TIDMUSA
Baillie Gifford US Growth Trust PLC
04 October 2022
London, UK, 4 October 2022
Edison issues update on Baillie Gifford US Growth Trust
(USA)
Baillie Gifford US Growth Trust (USA) has seen its net asset
value (NAV) significantly fall in 2022 as growth stocks have fallen
out of favour with investors. In addition, USA's share price has
moved to a material discount to NAV for the first time since launch
in March 2018. As a long-term fundamental investor, Baillie Gifford
believes that the current investment opportunities in
long-duration, high-growth stocks provide a tremendous opportunity
for conviction investors, which could lay the foundations for the
long-term outperformance of the fund.
Baillie Gifford is well known for its growth investment style;
however, the US team arguably take this further than almost any
other team. Its relentless focus on identifying tomorrow's leaders,
often at a very early stage of their development in nascent and
dramatically evolving markets within what is possibly the most
prominent growth market in the world, sets it apart from the
majority of its peers. In addition, the material weighting towards
unquoted investments adds a further layer of differentiation. In
2022, growth as a style has fallen dramatically out of favour,
which has negatively affected USA investor returns in both NAV and
share price terms. However, the collegiate management team and
long-term process have been in place over many years, over which
time investors have been well rewarded. There are clearly risks in
owning in some cases pre-profit and unquoted investments, which may
guide investors to consider the position size for investments of
this nature within diversified portfolios. The current discount to
NAV of 19% could prove to be an attractive level to add to or
initiate positions in USA.
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