Fund Profile

Baillie Gifford UK Growth 11 March 2019

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Baillie Gifford is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication as to the desirability or appropriateness of investing in the security or securities discussed.

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Overview
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Overview

Baillie Gifford UK Growth is a quality growth portfolio with a highly active, long-term approach. The trust was taken over from Schroders in June 2018 and completely overhauled, with 42 new holdings purchased and all but a few small inherited positions sold.

Managed by Iain McCombie and Milena Mileva, the aim is to identify companies with the best long-term growth prospects without reference to the index, and to hold for a minimum of five years. The portfolio is well represented in the technology, financials and consumer-facing sectors, and light on banks, oil and gas and defensives such as healthcare and tobacco.

The intention is to run structural gearing of 10% in the long run, and the managers will build this up as the opportunities arise.

NAV performance has been behind the index in the short period since the handover as growth companies have retrenched relative to cheaper stocks. However, following the award of the mandate to Baillie Gifford, the discount has come in considerably from an average double digit discount in the previous three years, to the current level of 5.3%, which compares to an AIC UK All Companies sector average of 8.5%.

With the new managers focusing on growth first and foremost, the dividend has been cut. The board has guided that there will be a stepped cut to the dividend, and the interim was half last year’s. The historic yield is 2.5%.

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Fund History

02 Mar 2022 Investing in the UK with investment trusts
How closed-ended funds can help investors in UK companies...
17 Sep 2021 Baillie Gifford UK Growth Trust - Manager Insights
Investment manager Milena Mileva gives an update on the philosophy, positioning and activity of the Baillie Gifford UK Growth Trust portfolio...
19 May 2021 Take-Off Platforms
Online trading platforms have transformed the way we put our money to work. Iain McCombie, joint manager of the Baillie Gifford UK Growth Fund explains how these companies brought financial power to the people...
07 May 2021 Baillie Gifford UK Growth Fund PLC – Webinar
Anzelm Cydzik talks to investment managers of the Baillie Gifford UK Growth Fund Milena Mileva and Iain McCombie. They discuss the key traits of their long-term investment philosophy, current portfolio positioning and the importance of resisting temptation to trade too often. Capital at risk.
23 Apr 2020 Fund Analysis
BGUK has shown the ability to outperform in both rising and falling markets…
26 Dec 2019 Fashion retailers - the impact of online shopping
The idea that online shopping is destroying bricks-and-mortar retail stores is a popular one and it’s an easy charge to make. But, in this podcast investment manager Milena Mileva argues that it’s a simplistic narrative that doesn’t begin to tell you the whole story...
11 Mar 2019 Fund Analysis
Baillie Gifford UK Growth is a quality growth portfolio with a highly active, long-term approach...
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