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Baillie Gifford US Growth Trust raises GBP173 million


Baillie Gifford & Co has successfully raised gross proceeds of GBP173 million for the launch of the Baillie Gifford US Growth Trust.

The company’s shares have been admitted to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange, with first day of dealings expected to be 23 March 2018.
The company will focus on ‘exceptional growth companies’ in the US, which have the potential to grow substantially faster than the average company over the long term. It will invest in both listed and unlisted companies, up to a combined maximum of 90 holdings, typically with 30 to 50 listed companies in the portfolio. The maximum amount invested in unlisted securities will not exceed 50 per cent of total assets measured at the time of investment.
The company’s portfolio will be managed by Gary Robinson and deputy managers, Helen Xiong and Andrei Kiselev, members of Baillie Gifford’s US Equities Team and managers of the GBP1.1 billion Baillie Gifford American Fund which has returned 151.9 per cent over five years to 28 February 2018.
Tom Burnet has been appointed as Chairman of the Board of Directors, with Sue Inglis and Graham Paterson joining him as additional independent non-executive directors.
Andrew Telfer, Joint Senior Partner, Baillie Gifford & Co, says: “To raise GBP173 million for a long only equity trust is an excellent achievement and an endorsement of our ability to find exceptional growth companies in both listed and unlisted space in the US. The Trust will seek to grow its assets from here through issuance at a premium to NAV in the way that most of the other trusts we manage have done over the past 12 months.”

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