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Baillie Gifford US Growth Trust PLC on Monday said net asset value return underperformed against the S&P 500 index, but it said it shouldn’t be judged on short-term results.
The UK-based investor in US-based companies reported NAV per share for the first half ended November 30 was 187.57 pence, down 2.1% from 191.63 at the end of financial 2022.
The company said NAV return in the first half was negative 2.1%, underperforming against the S&P 500 index return of positive 5.4% in sterling terms.
‘We have a long-term approach and would ask shareholders to judge performance over periods of five years or more,’ the company said.
The company did not declare an interim dividend, in line with its focus on capital growth and policy to only distribute via a final dividend.
‘We are on a path towards abundance. The path may not be smooth, but we are convinced that the future holds promise and that the innovative companies that have the potential to drive us there will be the outliers that drive stock markets for the next decade,’ the company said.
‘We understand that weak performance is challenging for shareholders to endure but we can assure you that we remain confident in, and committed to, our approach.’
Baillie Gifford US Growth shares were up 1.2% at 149.60 pence per share on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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