**Summary of Baillie Gifford UK Growth Trust Interim Results (Six Months to 31 October 2025)**
**Performance Highlights**
**Net Asset Value (NAV) Total Return** 16.2%, outperforming the FTSE All-Share Index (16.0%).
**Share Price Total Return:** 17.7%with the discount narrowing to 9.6%.
**Notable Contributors** Just Group, St Jamess Place, AJ Bell, and Renishaw drove positive absolute and relative performance.
**Detractors** Autotrader, Wise, Experian, and not owning banks or Rolls Royce negatively impacted performance.
**Portfolio Changes**
**New Position** Spirax (engineering business) was added.
**Exit** First Derivatives (following a takeover).
**Reductions** Several positions were trimmed to fund new purchases and buybacks.
**Portfolio Composition** 37 companies held
net gearing at 8%.
**Financial Metrics**
**Net Revenue Return per Share** 2.60p (down from 2.78p in the corresponding period last year).
**Dividend Policy** No interim dividend
all dividends paid as a single final dividend.
**Share Buybacks**
**Six Months to 31 October 2025** 11,097,159 shares bought back (8.6% of shares in issue).
**Post-Period** Additional 1,625,737 shares purchased (1.3% of shares in issue).
**Chairman’s Commentary (Neil Rogan)**
Many portfolio companies are growing despite a lacklustre UK economy.
Excitement would come if the UK unleashes its growth potential.
A repeat of recent performance (valuation discount closing and earnings growth) would be positive.
**Board Actions**
Committed to a continuation vote in 2027 and a 100% performance conditional tender in 2029.
Tightened buyback program to maintain a single-digit discount.
**Investment Philosophy**
Focus on long-term growthpatienceand active management.
High active share (90%) indicates significant differentiation from the FTSE All-Share Index.
**Outlook**
Portfolio companies are on attractive valuations with strong growth potential.
Weighted average historic price-to-earnings ratio: ~20x.
Predicted 7% annualised earnings growth over the next three years.
**Risks**
Principal risks include financialinvestment strategydiscountclimateregulatorycustodyoperationalleveragepoliticalcyber securityand emerging risks.
**Conclusion**
Baillie Gifford UK Growth Trust delivered solid performance in a challenging environment, with a focus on long-term growth and active portfolio management. The Board remains optimistic about the portfolio’s potential, despite near-term economic headwinds.