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IN BRIEF: Baillie Gifford UK Growth Trust underperforms benchmark

10th Jun 2022 12:04

Baillie Gifford UK Growth Fund PLC - London-based investment firm focused on capital growth over the long-term from investment primarily in shares of listed UK companies - Says net asset value per share amounts to 197.4 pence on April 30, down 17% from 237.3p a year ago. Net assets fall 17%, to GBP302.9 million from GBP363.1 million. Says NAV total return is negative 16%, underperforming the FTSE All-Share Index's return of 8.7%.

"The portfolio's relative and absolute returns over the year have been impacted by the rotation away from 'growth' business that the company invests in. More defensive names in the oil & gas, banking and also pharmaceutical sectors have been in favour as energy prices and interest rates have risen for a variety of reasons," explains Chair Carolan Dobson.

"Despite the current macro backdrop, the portfolio managers continue to be enthused by the long term prospects of the companies held," Dobson adds.

Current stock price: 158.71 pence, down 1.3% on Friday

12-month change: down 34%

By Tom Budszus; [email protected]

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