Baillie Gifford US - Baillie Gifford US Growth Trust Half-Year Results
23/01/2026 07:00
RNS Number : 0383Q
Baillie Gifford US Growth Trust PLC
23 January 2026
Baillie Gifford US Growth Trust plc
Legal Entity Identifier: 213800UM1OUWXZPKE539
Regulated Information Classification: Half Yearly Financial Report
Tom Burnet, Chair of the Company commented:
"The Company has continued to make progress during this period with our strategy of identifying and actively managing a portfolio of exceptional US growth companies which are capable of generating meaningful value for shareholders over long-term investment horizons. Looking ahead, we see exciting opportunities for our diversified portfolio of companies, with their transformative potential, and we are confident about the Company's ability to deliver growth and sustainable shareholder value.
We have also continued to be highly focussed on addressing the discount to NAV using the levers within our control, including buybacks. Over the period under review, the discount decreased from 9.4% to 6.3%. The base effect created by the exceptional gains achieved during the COVID period continue to weigh on relative performance over five years. We believe that over the longer term, as the macro backdrop for innovative, growth focussed businesses improves, performance will continue to narrow the discount and deliver a share price that more accurately reflects the quality of the portfolio."
Results for six months to 30 November 2025
During the six months to 30 November 2025, the Company's share price and NAV (after deducting borrowings at fair value) returned 18.0% and 14.1% respectively. This compares with a total return of 18.6% for the S&P 500 Index* (in sterling terms).
¾ During the period from 23 March 2018, launch date and first trade date, to 30 November 2025, the Company's share price and NAV (after deducting borrowings at fair value) returned 181.1% and 207.9% respectively. This compares with a total return of 220.5% for the S&P 500 Index* (in sterling terms).
¾ At the end of November, we held positions in 27 private companies which comprised 29.9% of total assets (31 May 2025 - 34.9% of total assets).
¾ We made six new purchases over the reporting period: Circle Internet, Figma, Coinbase, Applovin, Knife River and Anthropic (private company). In addition, we made three complete sales during the period: Airbnb, Roku and Chewy.
¾ During the period, the Company reduced its holding in SpaceX. Capital allocation within the portfolio is subject to ongoing review, with investment decisions informed by considerations of portfolio diversification, risk management and the need to position the portfolio to maximise the likelihood of the Company achieving its investment objective. Subsequent to the period end, following press speculation regarding a potential initial public offering, a significant corporate event resulted in a material uplift in the valuation of the retained holding. As at 21 January 2026, SpaceX represented 11.5% of total assets.
¾ The Board believes that the Company is well positioned for future growth given the improving macro backdrop for innovative, growth focused businesses. The Manager's focus is on backing transformational founders who are building businesses that can create wealth by changing how society works and lives, often at an ever-increasing pace and, in doing so, create significant value for shareholders.
* Source: LSEG and relevant underlying index providers. See disclaimer at the end of this announcement.
Past performance is not a guide to future performance.
Baillie Gifford US Growth Trust plc seeks to invest predominantly in listed and unlisted US companies which the Company believes have the potential to grow substantially faster than the average company, and to hold onto them for long periods of time, in order to produce long term capital growth. The Company has total assets of £872.5 million (before deduction of loans of £37.7 million) as at 30 November 2025.
Baillie Gifford US Growth Trust plc is managed by Baillie Gifford & Co, the Edinburgh based fund management group with approximately £203.9 billion under management and advice in active equity and bond portfolios for clients in the UK and throughout the world (as at 22 January 2026).
The following is the unaudited Interim Financial Report for the six months to 30 November 2025 which was approved by the Board on 22 January 2026.
Responsibility statement
We confirm that to the best of our knowledge:
a. the condensed set of Financial Statements has been prepared in accordance with FRS 104 'Interim Financial Reporting';
b. the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (being an indication of important events that have occurred during the first six months of the financial year, their impact on the condensed set of Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the financial year); and
c. the Interim Financial Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).
On behalf of the Board
Tom Burnet
Chair
22 January 2026
Chair's statement
Introduction
The Board presents your Company's Interim Report for the six months to 30 November 2025. This has been a period in which the Company delivered strong share price performance and continued to make progress in line with its long-term investment philosophy of identifying exceptional US growth companies, whether public or private, that are capable of generating meaningful value for shareholders over extended time horizons.
While market conditions remained mixed, confidence in growth investing strengthened. In this improving backdrop, the Company's net asset value ('NAV') total return over the period was 14.1%, with the share price rising 18.0%. Over longer time periods, the Company has delivered strong NAV growth, including 60.7% over three years and 207.9% since inception. That being said, we note that our five-year NAV performance figure is disappointing, reflecting a period with particularly high macro volatility when our long-term growth style was out of favour, and several holdings faced short-term challenges. We are, however, very confident that the Company is well positioned for future growth given the improving macro backdrop for innovative, growth-focused businesses. Our Manager's focus is on backing transformational founders who are building businesses that can create wealth by changing how society works and lives, often at an ever-increasing pace and, in doing so, create significant value for shareholders.
The Board, which comprises experts in investment and growth companies, as well as entrepreneurs and seasoned business builders, draws on its wealth of experience to actively challenge and support the Managers in finding and holding these opportunities for shareholders. During the period, the Board has been engaging regularly with shareholders to understand their views on the future direction of the Company and ensuring these perspectives are reflected in the proactive actions being taken to manage the discount and optimise performance.
Information on the performance of the individual portfolio companies can be found in the Managers' report below.
Share price and discount
The discount of the Company's share price to NAV narrowed over the period from 9.4% at 31 May 2025 to 6.3% at 30 November 2025. This compares with the AIC North America sector that had an average discount of 20.8% as at 30 November 2025. The Board monitors the discount closely and considers prevailing market conditions, investor demand and the long-term interests of shareholders as a whole when determining the appropriate use of share buybacks, particularly with reference to the level of private company exposure in the portfolio. During the period, 4,505,000 shares were repurchased at a total cost of £11.9 million, which contributed modestly to NAV accretion and helped to reduce discount volatility.
Borrowings and gearing
There were no changes to the Company's borrowings during the period. Net gearing moved from 4% at 31 May 2025 to 3% at 30 November 2025, reflecting the Board's view that only modest structural gearing is appropriate for a portfolio that has a significant exposure to private companies. The Board will continue to keep the level of gearing under review in light of market conditions, portfolio opportunities and risk considerations.
Private companies
The Company remains committed to providing patient capital to private companies with the potential for transformational growth.
The Company reduced its holding in SpaceX during the period. As noted in the Managers' report, the position had grown to represent more than 10% of the portfolio, around twice the size of the next largest holding, and larger than we would like for our investment strategy which places importance on a diversified portfolio. Despite much media speculation, there is no clear timing on any potential IPO of SpaceX, and the Managers felt it prudent to realise 48.5% of the growth in the company at this stage but we remain confident on the company's future growth prospects. The Managers continue to review all holdings on an ongoing basis, taking into account prospective returns, competition for capital and the importance of maintaining appropriate diversification as part of disciplined risk management. The Board believes that this approach to portfolio construction best positions the Company to deliver on its long-term investment objective.
During the period, BillionToOne listed successfully. One new private investment - Anthropic - was completed. At the period end, the Company held 27 private companies, representing 29.9% of total assets (May 2025: 34.9%).
Shareholder engagement and activism
The Board endeavoured to maintain regular and constructive engagement with shareholders throughout the period, recognising the importance of transparency, accountability and open dialogue. Since Saba Capital Management, L.P. ('Saba') requisitioned the General Meeting of the Company held on 3 February 2025, the Board has worked diligently to identify a way forward that is fair, transparent and beneficial to shareholders as a whole and has sought extensive feedback to understand shareholders' priorities.
I, together with the Senior Independent Director, met with Saba in April, at which Saba indicated that they respected the outcome of the requisitioned General Meeting. Following that meeting, Saba declined several offers of further meetings to discuss their views before meeting with our financial advisers in November at which the proposed merger of Edinburgh Worldwide Investment Trust plc ('EWIT') with the Company was discussed.
Our shareholders who engaged with the Company provided clear feedback. Firstly, they expressed strong support for the Company's highly differentiated investment strategy. Secondly, there was general consensus regarding the desired range of exposure to private companies from a risk management perspective. Thirdly, they encouraged the Company to consider merger opportunities while being mindful of the above. Finally, they were very clear that they did not want to see any deal benefit Saba over other existing shareholders.
In response, the Board negotiated and advanced a credible proposal to combine with EWIT. The Board believed the proposal had considerable attractions given the companies share a similar investment philosophy and have a significant overlap in geographic exposure and shared portfolio holdings. However, Saba, as the Company's largest shareholder, blocked this proposed combination. Therefore there is no further work being done to advance the proposal at this time.
The Board remains cognisant that a significant proportion of the register are retail shareholders and we will be actively seeking to engage with them in the coming months to understand their views and feedback.
In accordance with good corporate governance practice and following the significant vote against Resolutions 2, 4, 5, 6, 7 and 10 relating to the Directors' Remuneration Policy, the re-appointment of the Directors and the Directors' authority to allot shares at the 2025 AGM, the Chair and Senior Independent Director sought to engage with those shareholders who voted against the resolutions, principally Saba, to understand the rationale for the votes against. As stated above, Saba refused to engage with us. Based on feedback received from other shareholders earlier in the year and as evidenced by their votes at the AGM, they continue to be supportive of the current Board; accordingly, the Board does not plan to take any action as a consequence of the votes cast against the resolutions at the AGM.
Board composition and governance
The Board was pleased to appoint a new Director, Liz Flockhart, during the period. In making this appointment, the Board undertook a comprehensive search, using an independent search firm, to ensure that the skills, experience and perspectives added would continue to support the Company's long-term strategic objectives. The appointment is part of a succession plan that takes into account the fact that three of the current Directors have been on the Board since IPO in March 2018.
The Board will continue to review its composition to ensure that it maintains an appropriate balance of diversity and relevant expertise in overseeing the Company on behalf of shareholders.
Outlook
The Board remains focused on delivering long-term value for shareholders and on stewarding a portfolio of businesses with significant potential for durable growth. In parallel, we will continue to engage with shareholders on the Company's future direction, while remaining steadfast in our commitment to act in the interests of shareholders as a whole.
Tom Burnet
Chair
22 January 2026
Source: LSEG/Baillie Gifford. See disclaimer below.
For a definition of terms see Glossary of terms and alternative performance measures below.
Past performance is not a guide to future performance.
Interim management report
Investment performance
During the period from 23 March 2018, launch date and first trade date, to 30 November 2025, the Company's share price and NAV (after deducting borrowings at fair value) returned 181.1% and 207.9% respectively. This compares with a total return of 220.5% for the S&P 500 Index (in sterling terms).
As expected given the nature of the Company's high growth investment style, this has not been a smooth journey. From launch until 30 November 2025, the top 15 listed holdings of the current portfolio experienced 65 drawdowns of greater than 20%. The largest single peak to trough hit was 94% for Affirm from 4 November 2021 to 2 May 2023. The same stock has delivered a 407% return for the Company since inception. The total average return of the top 15 since we first invested or since the asset listed is 661% with NVIDIA topping the list with a 3,155% return. This is asymmetry in action.
During the six months to 30 November 2025, the Company's share price and NAV (after deducting borrowings at fair value) returned 18.0% and 14.1% respectively. This compares with a total return of 18.6% for the S&P 500 Index (in sterling terms). The Company's five-year return figure falls short of our ambitions, with the base effect from exceptional COVID-period gains weighing on relative performance. While we are disappointed in this outcome, in 2024 we tightened portfolio construction through process refinements and continue to manage risk through a diversified portfolio in the face of a concentrated index. We believe the opportunity set for exceptional growth companies in the next five plus years will be far broader than it has been over the past five.
A period of vertigo
In The Vertigo Years, Philipp Blom describes Europe from 1900 to 1914 as a world "dizzy with the speed of its own transformation", a civilisation trying to absorb shocks from electricity, automobiles, telephones, mass media, new financial systems and rival scientific revolutions in physics and biology. It was an era when inventions arrived faster than society could make sense of them.
We are living through a similar dislocation today. If the early 20th century was humanity's first confrontation with exponential technology, artificial intelligence ('AI') is the second - only this time the exponent is accelerating. The curve is steeper, the diffusion instantaneous and the potential scope broader than anything an industrial-age observer could have imagined.
Electricity reorganised work and home; AI is reorganising cognition itself. Industrial machines replaced muscle; intelligent systems are beginning to reshape judgement, creativity and problem-solving. Intelligence itself is becoming a deployable utility.
Both eras share the psychological signature of upheaval: excitement, fear, speculation, utopianism, backlash, bubbles and a pervasive sense that the old mental models are no longer adequate. People then struggled with how to live in a world of rapid invention. AI is generating a similar sense of dislocation now: the feeling that structures built for one world are being stress-tested by another.
What makes the comparison with the early 1900s so striking is that the vertigo came from stacked change, not isolated breakthroughs. As the layers of a technological era begin to reinforce one another, the world can change faster than its inhabitants can narrate it. We are witnessing a similar stack emerging in the world of AI.
At the foundation sits the sheer acceleration of compute. NVIDIA's advances have collapsed the cycle time between idea and capability. New private holding, and frontier-model company, Anthropic is turning that compute into something fluid and general-purpose for enterprises. Amazon, through AWS, is playing the crucial role of diffuser: turning breakthrough into infrastructure, and infrastructure into widespread adoption.
Further up the stack, Runway AI, the generative video and imagery tools company, shows how new capabilities can change not only productivity, but also expression and who gets to create. AI is redefining how products are conceived, designed, launched and scaled and players such as Shopify, the platform for entrepreneurship, and Figma, the collaborative design platform, and another new buy for the Company, are not just providing tools that make work faster but, through AI, expanding what counts as possible. The distance between idea and execution is shrinking dramatically.
Finally, in the layer of trust and coordination, new holding Coinbase, which allows users to buy, sell and store cryptocurrencies, has the opportunity to provide infrastructure for a world where AI agents create, transact and interact at scale.
From a long-term investment perspective, vertigo is not a warning sign. It's the atmospheric condition of a genuine paradigm shift. Our opportunity is to identify the companies not merely reacting to this moment, but compounding through it. Those using AI to expand their markets, accelerate their loops, redesign their cost structures, or unlock categories that simply didn't exist before.
Portfolio
The dynamics outlined are shaping how we allocate capital. During the period, our perspective informed several additions and adjustments across both the public and private portfolios.
Within the public portfolio, we initiated new holdings in Figma and Coinbase. We also took a holding in Knife River, the construction materials and contracting business that produces and delivers aggregates, ready-mix concrete and related services for large infrastructure and building projects. Knife River operates in a market with significant barriers to entry and local scale advantages. The company's vertically integrated model supports strong pricing, which, when combined with the potential for accretive M&A and a CEO focused on improving efficiency, should lead to an expanding margin and return profile. We have also taken a holding in AppLovin, a leading advertising technology company with a dominant position in the mobile game market, and Circle, the USDC stablecoin issuer. AppLovin's core AppDiscovery platform leverages advanced AI models (like Axon 2) to optimise ad placements, driving higher conversion rates for mobile game developers and generating revenue for AppLovin with each installation. Additionally, there is promising upside potential from the company's expansion into e-commerce advertising, a new vertical showing encouraging early signs. We believe Circle is helping to lay the financial infrastructure that supports the transition from traditional to digital transactions. Circle has already built credibility and relationships with key financial institutions, encouraging a growing proportion of transaction volume onto USDC.
We added to CoStar, the real estate platform, Oddity, the cosmetics and skincare holding company, and Samsara, the connected operations business which helps businesses manage their physical operations. CoStar's extended investment into the US residential property portal market has created short-term share price pressure. Given the scale of the opportunity this investment could unlock, alongside founder and CEO Andy Florence's track record of making bold and successful, long-term investments, we have taken the opportunity to build the position. At Oddity, the evidence is growing that management is building a scalable engine rather than a single successful brand, and it therefore warranted a larger position in the portfolio. Finally, we saw the recent share price weakness of Samsara as an opportunity to lean into the compounding data advantage of the business and the stickiness that comes from deep operational integration.
During the period we sold our holdings in Chewy, Roku and Airbnb. Chewy, the online pet product business, is expanding into physical vet clinics, and with significant margin expansion under its belt we feel less confident in the return profile from this point. Roku, the leading connected TV platform in the US, is facing mounting competition from major technology firms like Amazon, Netflix and Disney. This competitive pressure, coupled with a lack of progress towards sustainability, led to the decision to sell. Airbnb, the global accommodation marketplace, has struggled to broaden its offering since IPO and we have found it difficult to gain conviction in what drives growth from here.
We made reductions to Roblox, the mobile gaming business, Affirm, the buy-now-pay-later platform, Shopify and DoorDash, the food delivery company, after periods of strong share price performance - all remain sizeable holdings for the Company. After significant share appreciation in the weeks following its IPO, we reduced Circle, the stablecoin issuer, to deploy some of the gains elsewhere in the public portfolio.
Within the private portfolio, we made a new investment in Anthropic.
We reduced our holding in SpaceX. As the Company's largest position, even after the reduction, SpaceX remains the holding we are most enthusiastic about. However, it had become twice the size of our next largest holding at over 10% of the portfolio and there was no clear line of sight to an IPO. For every holding in the portfolio, we assess future upside on an ongoing basis whilst considering competition for capital and the importance of discipline in maintaining appropriate portfolio diversification as part of risk management. We must shape the portfolio to have the best chance of the Company delivering on its overall objective. Subsequent to the period end, following press speculation regarding a potential IPO, a significant corporate event resulted in a material uplift in the valuation of the retained holding. As at 21 January 2026, SpaceX represented 11.5% of total assets.
BillionToOne, one of our private companies, listed in the period.
Outlook
What we feel now - the excitement, the unease, the sense of standing on the edge of something vast - is vertigo. AI sits on the cusp of breathtaking possibility, but it is surrounded by a haze of uncertainty. The vertigo years of the early 20th century were noisy, speculative, unequal and, at times, overconfident, and yet they birthed the foundational technologies of the modern world. The signal was extraordinary, even if the noise was overwhelming.
The institutions that thrived were those that adapted early, those able to see through the chaos to the underlying structural shift. That is precisely where we stand with AI. Yes, the pace is disorienting. Yes, it's hard to separate substance from hype. Yes, there will be excesses and missteps. But the underlying transformation is as profound as the transition from muscle-powered industry to electrified industry. We are not looking at a trend. We are looking at a new foundation.
US Equity Growth Team
Baillie Gifford & Co
22 January 2026
Source: LSEG/Baillie Gifford. See disclaimer below.
For a definition of terms see Glossary of terms and alternative performance measures below.
Past performance is not a guide to future performance.
The principal risks and uncertainties facing the Company are set out below.
Baillie Gifford - valuing private companies
We aim to hold our private company investments at 'fair value', i.e. the price that we would expect to be paid in an open-market transaction, taken to mean a transaction between a willing seller and willing buyer and allowing reasonable time to negotiate and address matters such as the transferability of shares. Valuations are adjusted both during regular valuation cycles and on an ad hoc basis in response to 'trigger events'. Our valuation process ensures that private companies are valued in both a fair and timely manner.
The valuation process is overseen by a valuations group at Baillie Gifford, which takes advice from an independent third party (S&P Global). The valuations group is independent from the investment team, as well as Baillie Gifford's Private Companies Specialist team, with all voting members being from different operational areas of the firm, and the investment team only receives final valuation notifications once they have been applied.
We revalue the private holdings on a three-month rolling cycle, with one-third of the holdings reassessed each month. During stable market conditions, and assuming all else is equal, each investment would be valued two times in a six month period. For Baillie Gifford US Growth, and our other investment trusts, the prices are also reviewed twice per year by the respective boards and are subject to the scrutiny of external auditors in the annual audit process.
Beyond the regular cycle, the valuations team also monitors the portfolio for certain 'trigger events'. These may include: changes in fundamentals; a takeover approach; an intention to carry out an Initial Public Offering ('IPO'); material company news which is identified by the valuation team or by the investment team; or meaningful changes to the valuation of comparable public companies. Any ad hoc change to the fair valuation of any holding is implemented swiftly and reflected in the next published net asset value. There is no delay.
The valuations team also monitors relevant market indices on a weekly basis and updates valuations in a manner consistent with our external valuer's (S&P Global) most recent valuation report where appropriate. Continued market volatility has meant that recent pricing has moved more frequently than would have been the case with the quarterly valuations cycle.
The data below quantifies the revaluations carried out during the six months to 30 November 2025, but does not reflect the ongoing monitoring of the private investment portfolio that hasn't resulted in a change in valuation.
| Baillie Gifford US Growth Trust* | |
| Instruments (lines of stock) reviewed | 53 |
| Revaluations performed | 143 |
| Percentage of portfolio revalued 2 times | 69.5% |
| Percentage of portfolio revalued 3 to 6 times | 30.5% |
| Average movement in investee company valuation | Average movement in investee share price | |
| Baillie Gifford US Growth Trust* | 7.4% | 3.7% |
| Name | Business | 30 November 2025 Value £'000 | 30 November 2025 % of total assets * | 31 May 2025 Value £'000 |
| Space Exploration Technologies Series N Preferred§ | Rocket and spacecraft company | 29,629 | 3.4 | 25,404 |
| Space Exploration Technologies Series K Preferred§ | Rocket and spacecraft company | 11,763 | 1.3 | 10,085 |
| Space Exploration Technologies Series J Preferred§ | Rocket and spacecraft company | 10,557 | 1.2 | 44,253 |
| 51,949 | 5.9 | 79,742 | ||
| Stripe Series G Preferred§ | Online payment platform | 21,448 | 2.4 | 18,157 |
| Stripe Series I Preferred§ | Online payment platform | 20,898 | 2.4 | 17,693 |
| Stripe Class B Common§ | Online payment platform | 4,404 | 0.5 | 3,729 |
| Stripe Series H Preferred§ | Online payment platform | 1,839 | 0.2 | 1,649 |
| 48,589 | 5.5 | 41,228 | ||
| Shopify Class A | Cloud-based commerce platform provider | 44,199 | 5.1 | 27,948 |
| Amazon | Online retailer and cloud computing provider | 43,399 | 5.0 | 35,674 |
| BillionToOne¶ | Molecular diagnostics technology platform | 40,860 | 4.7 | 15,580 |
| NVIDIA | Graphics chips | 38,834 | 4.5 | 19,318 |
| Meta Platforms | Social networking website | 38,057 | 4.4 | 35,580 |
| Netflix | Subscription service for TV shows and movies | 34,812 | 4.0 | 36,574 |
| Cloudflare | Cloud-based provider of network services | 34,461 | 3.9 | 36,087 |
| DoorDash | Online local delivery | 24,501 | 2.8 | 26,506 |
| Databricks Series H Preferred§ | Data and AI platform | 20,644 | 2.3 | 12,508 |
| Databricks Series I Preferred§ | Data and AI platform | 770 | 0.1 | 467 |
| 21,414 | 2.4 | 12,975 | ||
| Zipline International Series C Preferred§ | Drone-based medical delivery | 11,483 | 1.3 | 7,607 |
| Zipline International Series E Preferred§ | Drone-based medical delivery | 6,507 | 0.7 | 4,311 |
| Zipline International Series F Preferred§ | Drone-based medical delivery | 1,056 | 0.2 | 723 |
| 19,046 | 2.2 | 12,641 | ||
| CoStar Group | Commercial property information provider | 17,757 | 2.0 | 11,961 |
| Tesla | Electric cars, autonomous driving and solar energy | 17,265 | 2.0 | 13,002 |
| Guardant Health | Biotechnology company | 17,139 | 1.9 | 6,015 |
| Wayfair | Online furniture and homeware retailer | 14,939 | 1.7 | 5,203 |
| Affirm Class B¶ | Consumer finance | 10,571 | 1.2 | 7,606 |
| Affirm¶ | Consumer finance | 4,296 | 0.5 | 4,714 |
| 14,867 | 1.7 | 12,320 | ||
| Alnylam Pharmaceuticals | Therapeutic gene silencing | 14,727 | 1.7 | 9,306 |
| Roblox | User generated content game company | 14,677 | 1.6 | 15,338 |
| Snowflake¶ | Developer of a SaaS-based cloud data warehousing platform | 13,769 | 1.6 | 10,556 |
| Anthropic PBC Series F-1 Preferred§ | AI safety and research | 12,122 | 1.4 | - |
| Samsara | Connected operations cloud software company | 11,876 | 1.4 | 10,297 |
| Datadog | IT monitoring and analytics platform | 11,749 | 1.3 | 8,106 |
| Faire Wholesale Series F Preferred§ | Online wholesale marketplace | 4,108 | 0.5 | 4,934 |
| Faire Wholesale Series G Preferred§ | Online wholesale marketplace | 3,180 | 0.4 | 3,608 |
| Faire Wholesale§ | Online wholesale marketplace | 2,913 | 0.3 | 4,661 |
| 10,201 | 1.2 | 13,203 | ||
| Duolingo | Mobile learning platform | 9,886 | 1.1 | 25,104 |
| Brex Series D Preferred§ | Corporate credit cards for start-ups | 5,499 | 0.6 | 5,294 |
| Brex Class B Common§ | Corporate credit cards for start-ups | 4,304 | 0.5 | 3,983 |
| 9,803 | 1.1 | 9,277 | ||
| Insulet | Medical device company | 9,759 | 1.1 | 9,086 |
| Oddity¶ | Online cosmetics and skincare company | 9,594 | 1.1 | 12,674 |
| Human Interest Series E Preferred§ | Retirement benefits platform | 8,700 | 1.0 | 4,734 |
| Human Interest Series F Preferred§ | Retirement benefits platform | 377 | <0.1 | - |
| 9,077 | 1.0 | 4,734 | ||
| DraftKings | Online sports betting platform | 9,029 | 1.0 | 9,147 |
| Lemonade | Insurance company | 9,005 | 1.0 | 3,623 |
| The Ensign Group | Operator of skilled nursing facilities | 8,988 | 1.0 | 6,683 |
| Penumbra | Medical tools to treat vascular diseases | 8,768 | 1.0 | 7,482 |
| Discord Series I Preferred§ | Communication software | 8,760 | 1.0 | 8,734 |
| Epic Games§ | Video game platform and software developer | 7,973 | 0.9 | 7,704 |
| AppLovin | Connects businesses and developers to audiences in-app, on mobile and across streaming TV | 7,762 | 0.9 | - |
| SharkNinja | Home appliance company | 7,256 | 0.8 | 6,409 |
| Image sharing and social media company | 7,128 | 0.8 | 7,948 | |
| Watsco | Air conditioning, heating and refrigeration equipment distributor | 7,107 | 0.8 | 8,528 |
| Nuro Series C Preferred§ | Self-driving vehicles for local delivery | 3,738 | 0.5 | 3,672 |
| Nuro Series D Preferred§ | Self-driving vehicles for local delivery | 3,059 | 0.3 | 3,006 |
| Nuro Series E Preferred§ | Self-driving vehicles for local delivery | 212 | <0.1 | - |
| 7,009 | 0.8 | 6,678 | ||
| Block | Financial Services merchant and mobile payment company | 6,918 | 0.8 | 5,986 |
| Rippling (People Center) Series G Preferred§ | Workforce management platform | 5,031 | 0.6 | 4,944 |
| Rippling (People Center) Class A Common§ | Workforce management platform | 1,876 | 0.2 | - |
| 6,907 | 0.8 | 4,944 | ||
| Workday | Enterprise information technology | 6,788 | 0.8 | 7,305 |
| PsiQuantum Series D Preferred§ | Silicon photonic quantum computing | 5,918 | 0.7 | 5,815 |
| Knife River | Provider of aggregate and construction materials | 5,564 | 0.6 | - |
| Doximity | Social network and digital workflow tools for medical professionals | 5,359 | 0.6 | 5,080 |
| Aurora¶ | Self-driving technology | 3,091 | 0.3 | 4,218 |
| Aurora Innovation Class B Common¶ | Self-driving technology | 2,234 | 0.3 | 3,157 |
| 5,325 | 0.6 | 7,375 | ||
| Runway AI Series D Preferred§ | Generative AI research and technologies platform | 5,092 | 0.6 | 3,708 |
| Inspire Medical Systems | Medical technology company | 4,374 | 0.5 | 4,553 |
| Cosm Experience§ | Immersive entertainment venues | 4,320 | 0.5 | 3,708 |
| Thumbtack Class A Common§ | Online directory service for local businesses | 2,741 | 0.3 | 2,975 |
| Thumbtack Series I Preferred§ | Online directory service for local businesses | 1,292 | 0.2 | 1,309 |
| Thumbtack Series A Preferred§ | Online directory service for local businesses | 196 | <0.1 | 212 |
| Thumbtack Series C Preferred§ | Online directory service for local businesses | 57 | <0.1 | 62 |
| Thumbtack Series B Preferred§ | Online directory service for local businesses | 13 | <0.1 | 14 |
| 4,299 | 0.5 | 4,572 | ||
| Workrise Technologies Series E Preferred§ | Jobs marketplace for the energy sector | 1,972 | 0.3 | 2,202 |
| Workrise Technologies Series D Preferred§ | Jobs marketplace for the energy sector | 1,890 | 0.2 | 2,111 |
| Workrise Technologies Series D-1 Preferred§ | Jobs marketplace for the energy sector | 420 | <0.1 | 469 |
| 4,282 | 0.5 | 4,782 | ||
| Lyra Health Series E Preferred§ | Digital mental health platform for enterprises | 3,153 | 0.3 | 3,215 |
| Lyra Health Series F Preferred§ | Digital mental health platform for enterprises | 1,050 | 0.2 | 1,059 |
| 4,203 | 0.5 | 4,274 | ||
| Moderna | Therapeutic messenger RNA | 3,949 | 0.5 | 3,786 |
| Solugen Series C-1 Preferred§ | Combines enzymes and metal catalysts to make chemicals | 2,644 | 0.3 | 4,237 |
| Solugen Series D Preferred§ | Combines enzymes and metal catalysts to make chemicals | 1,293 | 0.2 | 2,072 |
| 3,937 | 0.5 | 6,309 | ||
| Snyk Series F Preferred§ | Developer security software | 2,797 | 0.3 | 3,522 |
| Snyk Ordinary Shares§ | Developer security software | 1,012 | 0.2 | 1,968 |
| 3,809 | 0.5 | 5,490 | ||
| Tanium Class B Common§ | Online security management | 3,642 | 0.5 | 3,917 |
| YETI | Consumer products for the outdoor and recreation markets | 3,475 | 0.5 | 2,398 |
| Away (JRSK) Convertible Promissory Note§ | Travel and lifestyle brand | 1,074 | 0.2 | 1,027 |
| Away (JRSK) Convertible Promissory Note 2021§ | Travel and lifestyle brand | 1,074 | 0.2 | 1,027 |
| Away (JRSK) Series D Preferred§ | Travel and lifestyle brand | 1,004 | 0.1 | 971 |
| Away (JRSK) Series Seed Preferred§ | Travel and lifestyle brand | 185 | <0.1 | 156 |
| 3,337 | 0.5 | 3,181 | ||
| Denali Therapeutics | Clinical stage neurodegeneration company | 3,189 | 0.4 | 2,032 |
| Honor Technology Series D Preferred§ | Home care provider | 2,056 | 0.3 | 2,032 |
| Honor Technology Series E Preferred§ | Home care provider | 889 | 0.1 | 882 |
| Honor Technology Inc Subordinated Convertible Promissory Note§ | Home care provider | 204 | <0.1 | 196 |
| 3,149 | 0.4 | 3,110 | ||
| Lineage | Dynamic temperature-controlled warehousing and logistics | 3,096 | 0.3 | 3,465 |
| Rivian Automotive | Developer security platform | 3,016 | 0.3 | 2,435 |
| Coinbase Global | Cryptocurrency exchange | 2,440 | 0.3 | - |
| Sweetgreen | Salad fast food chain | 2,322 | 0.3 | 4,500 |
| Figma | Collaborative design platform | 1,824 | 0.2 | - |
| Globant | Technology services company specialising in software development, IT services and consulting | 1,700 | 0.2 | 2,451 |
| Recursion Pharmaceuticals | Drug discovery platform | 1,109 | 0.2 | 936 |
| Sana Biotechnology | Gene editing technology | 712 | 0.1 | 313 |
| Circle Internet | Provides financial technology solutions | 478 | <0.1 | - |
| The Trade Desk | Advertising technology company | 443 | <0.1 | 14,653 |
| Ginkgo Bioworks¶ | Bioengineering company developing micro organisms that produce various proteins | 391 | <0.1 | 288 |
| Niantic Spatial Series A Preferred§ | Geospatial AI and spatial computing solutions | 238 | <0.1 | 242 |
| Indigo Agriculture Class A Common§ | Agricultural technology company | 3 | <0.1 | 3 |
| Blockstream Series B-1 Preferred§ | Bitcoin and digital asset infrastructure | - | - | - |
| Abiomed CVR Line§ | Manufacturer of heart pumps | - | - | - |
| Capsule Series 1-D Preferred§ | Digital pharmacy | - | - | - |
| Capsule Series E Preferred§ | Digital pharmacy | - | - | - |
| - | - | - | ||
| Total investments | 863,721 | 99.0 | ||
| Net liquid assets* | 8,731 | 1.0 | ||
| Total assets* | 872,452 | 100.0 |
| Listed equities % | Private company investments † % | Net liquid assets * % | Total assets * % | |
| 30 November 2025 | 69.1 | 29.9 | 1.0 | 100.0 |
| 31 May 2025 | 64.1 | 34.9 | 1.0 | 100.0 |
| For the six months ended 30 November 2025 | For the six months ended 30 November 2024 | For the year ended 31 May 2025 (audited) | ||||||||
| Notes | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | |
| Gains on Investments | - | 107,183 | 107,183 | - | 185,145 | 185,145 | - | 140,942 | 140,942 | |
| Currency (losses)/gains | - | (789) | (789) | - | (160) | (160) | - | 1,731 | 1,731 | |
| Income | 402 | - | 402 | 362 | - | 362 | 716 | - | 716 | |
| Investment management fee | 3 | (2,345) | - | (2,345) | (2,073) | - | (2,073) | (4,264) | - | (4,264) |
| Other administrative expenses | (448) | - | (448) | (332) | - | (332) | (1,239) | - | (1,239) | |
| Net return before finance costs and taxation | (2,391) | 106,394 | 104,003 | (2,043) | 184,985 | 182,942 | (4,787) | 142,673 | 137,886 | |
| Finance costs of borrowings | (1,117) | - | (1,117) | (1,320) | - | (1,320) | (2,458) | - | (2,458) | |
| Net return before taxation | (3,508) | 106,394 | 102,886 | (3,363) | 184,985 | 181,622 | (7,245) | 142,673 | 135,428 | |
| Tax | (40) | - | (40) | (32) | - | (32) | (67) | - | (67) | |
| Net return after taxation | (3,548) | 106,394 | 102,846 | (3,395) | 184,985 | 181,590 | (7,312) | 142,673 | 135,361 | |
| Net return per ordinary share | 4 | (1.20p) | 36.07p | 34.87p | (1.16p) | 63.19p | 62.03p | (2.54p) | 49.51p | 46.97p |
| Notes | At 30 November 2025 £'000 | At 31 May 2025 (audited) £'000 | |
| Fixed assets | |||
| Investments held at fair value through profit or loss | 6 | 863,721 | 772,747 |
| Current assets | |||
| Debtors | 1,207 | 754 | |
| Cash at bank | 9,256 | 8,929 | |
| 10,463 | 9,683 | ||
| Creditors | |||
| Amounts falling due within one year | 7 | (39,469) | (38,640) |
| Net current liability | (29,006) | (28,957) | |
| Net assets | 834,715 | 743,790 | |
| Capital and reserves | |||
| Share capital | 3,073 | 3,073 | |
| Share premium account | 250,827 | 250,827 | |
| Special distributable reserve | 168,942 | 168,942 | |
| Capital reserve | 449,189 | 354,716 | |
| Revenue reserve | (37,316) | (33,768) | |
| Total shareholder's funds | 834,715 | 743,790 | |
| Net asset value per ordinary share* | 301.64p | 264.48p | |
| Ordinary shares in issue | 8 | 276,723,700 | 281,228,700 |
| Notes | Share capital £'000 | Share premium account £'000 | Special distributable reserve £'000 | Capital reserve * £'000 | Revenue reserve £'000 | Shareholders' funds £'000 | |
| Shareholders' funds at 1 June 2025 | 3,073 | 250,827 | 168,942 | 354,716 | (33,768) | 743,790 | |
| Ordinary shares bought back into treasury | 8 | - | - | - | (11,921) | - | (11,921) |
| Net return after taxation | - | - | - | 106,394 | (3,548) | 102,846 | |
| Shareholders' funds at 30 November 2025 | 3,073 | 250,827 | 168,942 | 449,189 | (33,716) | 834,715 |
| Notes | Share capital £'000 | Share premium account £'000 | Special distributable reserve £'000 | Capital reserve * £'000 | Revenue reserve £'000 | Shareholders' funds £'000 | |
| Shareholders' funds at 1 June 2024 | 3,073 | 250,827 | 168,942 | 247,547 | (26,456) | 643,933 | |
| Ordinary shares bought back into treasury | 8 | - | - | - | (21,864) | - | (21,864) |
| Net return after taxation | - | - | - | 184,986 | (3,395) | 181,591 | |
| Shareholders' funds at 30 November 2024 | 3,073 | 250,827 | 168,942 | 410,669 | (29,851) | 803,660 |
| 2025 £'000 | 2024 £'000 | |
| Cash flows from operating activities | ||
| Net return before taxation | 102,886 | 181,622 |
| Adjustments to reconcile company profit before tax to net cash flow from operating activities | ||
| Net gains on investments | (107,183) | (185,145) |
| Currency losses | 789 | 160 |
| Finance costs of borrowings | 1,117 | 1,320 |
| Other capital movements | ||
| Overseas withholding tax incurred | (40) | (32) |
| Change in debtors | (56) | (102) |
| Change in creditors | 129 | 151 |
| Cash from operations* | (2,358) | (2,026) |
| Finance costs paid | (1,117) | (1,337) |
| Net cash outflow from operating activities | (3,475) | (3,363) |
| Cash flows from investing activities | ||
| Acquisitions of investments | (100,463) | (33,330) |
| Disposals of investments | 116,317 | 61,268 |
| Net cash inflow from investing activities | 15,854 | 27,938 |
| Cash flows from financing activities | ||
| Ordinary shares bought back into treasury and stamp duty thereon | (11,921) | (22,646) |
| Net cash outflow from financing activities | (11,921) | (22,646) |
| Increase in cash and cash equivalents | 458 | 1,929 |
| Exchange movements | (131) | (93) |
| Cash at bank at start of period | 8,929 | 6,620 |
| Cash at bank at 30 November | 9,256 | 8,456 |
| For the six months to 30 November 2025 | For the six months to 30 November 2024 | For the year ended 31 May 2025 (audited) | ||||
| £'000 | p | £'000 | p | £'000 | p | |
| Revenue return after taxation | (3,548) | (1.20p) | (3,395) | (1.16) | (7,312) | (2.54p) |
| Capital return after taxation | 106,394 | 36.07p | 184,985 | 63.19 | 142,673 | 49.51p |
| Net return | 102,846 | 34.87p | 181,590 | 62.03 | 135,361 | 46.97p |
| Weighted average number of ordinary shares in issue | 294,940,284 | 292,726,651 | 288,178,084 | |||
| As at 30 November 2025 | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 |
| Listed equities | 604,642 | - | - | 604,642 |
| Unlisted ordinary shares | - | - | 31,312 | 31,312 |
| Unlisted preference shares* | - | - | 225,415 | 225,415 |
| Unlisted convertible promissory notes | - | - | 2,352 | 2,352 |
| Unlisted CVR† | - | - | - | - |
| Total financial asset investments | 604,642 | - | 259,079 | 863,721 |
| As at 31 May 2025 | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 |
| Listed equities | 499,337 | - | - | 499,337 |
| Unlisted ordinary shares | - | - | 39,507 | 39,507 |
| Unlisted preference shares* | - | - | 231,653 | 231,653 |
| Unlisted convertible promissory notes | - | - | 2,250 | 2,250 |
| Unlisted CVR† | - | - | - | - |
| Total financial asset investments | 499,337 | - | 273,410 | 772,747 |
| 30 November 2025 Number | 30 November 2025 £'000 | 31 May 2025 Number | 31 May 2025 £'000 | |
| Allotted, called up and fully paid ordinary shares of 1p each | 276,723,700 | 2,767 | 281,228,700 | 2,812 |
| Treasury shares of 1p each | 30,636,300 | 306 | 26,131,300 | 261 |
| 307,360,000 | 3,073 | 307,360,000 | 3,073 |
| 30 November 2025 | 31 May 2025 | |
| Net asset value per ordinary share (borrowings at book value) | 301.64p | 264.48p |
| Shareholders' funds (borrowings at book value) | £834,715,000 | £743,790,000 |
| Add: book value of borrowings | £37,736,000 | £37,078,000 |
| Less: fair value of borrowings | (£37,736,000) | (£37,078,000) |
| Shareholders' funds (borrowings at fair value) | £834,715,000 | £743,790,000 |
| Number of shares in issue | 276,723,700 | 281,228,700 |
| Net asset value per ordinary share (borrowings at fair value) | 301.64p | 264.48p |
| 30 November 2025 | 31 May 2025 | ||
| Net asset value per ordinary share (after deducting borrowings at fair value) | (a) | 301.64p | 264.48p |
| Share price | (b) | 282.50p | 239.50p |
| Discount (borrowings at fair value) | (b - a) ÷ a | 6.3% | 9.4% |
| 30 November 2025 | 31 May 2025 | ||
| Net asset value per ordinary share (after deducting borrowing at book value) | (a) | 301.64p | 264.48p |
| Share price | (b) | 282.50p | 239.50p |
| Discount (borrowings at book value) | (b - a) ÷ a | 6.3% | 9.4% |
| 30 November 2025 | 31 May 2025 | ||
| Borrowings (at book value) | £37,736,000 | £37,078,000 | |
| Less: cash and cash equivalents | (£9,256,000) | (£8,929,000) | |
| Less: sales for subsequent settlement | (£354,000) | - | |
| Add: purchases for subsequent settlement | - | - | |
| Adjusted borrowings | (a) | £28,126,000 | £28,149,000 |
| Shareholders' funds | (b) | £834,715,000 | £743,790,000 |
| Net gearing: (a) as a percentage of (b) | 3% | 4% |
| 30 November 2025 | 31 May 2025 | ||
| Borrowings (at book value) | (a) | £37,736,000 | £37,078,000 |
| Shareholders' funds | (b) | £834,715,000 | £743,790,000 |
| Gross gearing: (a) as a percentage of (b) | 5% | 5% |