Baillie Gifford US Growth launched in 2018, making it the first new Baillie Gifford trust to list since Baillie Gifford Shin Nippon in 1985. Modelled on the popular open-ended Baillie Gifford American fund, US Growth also invests in unlisted companies and it has been one of the best-performing investment trusts on the London market since its IPO. It's consistently traded at a small premium but in common with most other Baillie Gifford trusts, it's been a pretty volatile ride.

2018 was the last year that we saw a significant number of equity investment trusts join the market with the likes of ...