Baillie Gifford China Growth Trust plc reported strong performance for the year to 31 January 2026, with a net asset value total return of 34.0% and a share price total return of 38.8%, outperforming the MSCI China All Shares Index by 11.8% and 16.6%, respectively. The companys total assets grew to £205.3 million, driven by successful investments in Chinese companies like ByteDance, Zijin Mining Group, Pop Mart, and Zhongji Innolight. The Board highlighted the unique investment strategy, including prudent gearing, unlisted investments, and a commitment to discount management via buybacks and a Conditional Tender Offer (CTO). The companys dividend increased by 14% to 2.50p per share, reflecting improved capital discipline among portfolio companies. The Board remains optimistic about Chinas structural transformation and the companys prospects, despite geopolitical risks and market volatility.
| Financial Metric | 2025 | 2026 | Year-on-Year Change |
|---|---|---|---|
| Total Assets (£'000) | 158,682 | 204,126 | +28.6% |
| Net Asset Value (£'000) | 153,099 | 197,595 | +29.1% |
| Net Asset Value per Share (p) | 259.07 | 344.44 | +33.0% |
| Revenue Earnings per Share (p) | 2.53 | 2.98 | +17.8% |
| Net Return after Taxation (£'000) | 40,411 | 50,545 | +25.1% |
| Net Return per Ordinary Share (Total) (p) | 66.92 | 86.81 | +29.7% |
| Dividend per Ordinary Share (p) | 2.20 | 2.50 | +13.6% |
| Gearing (%) | 3.3 | 3.1 | -6.1% |
| Ongoing Charges Ratio (%) | 1.12 | 1.06 | -5.4% |
| Discount of Share Price to NAV (%) | 10.4 | 7.4 | -28.8% |