UPDATE (Nov 2026): MNTN has benefited from valuation uplifts from the IPOs of SpaceX and Bending Spoons and in the run-up to the upcoming IPO of Anthropic. It shifted from the Specialist Funds Segment to the Main Market in December 2025, subsequently joining the FTSE 250 index in early 2026. It returned +32.6% in the year to January 2026 and +29.1% in the six months to July 2026. The shares traded at a premium in the run-up to the SpaceX IPO, allowing for some regular issuance, but have since returned to a double-digit discount.
Schiehallion (ticker: MNTN) was launched in 2019 when it raised ...
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UPDATE (Oct 2026): BGFD returned -5.4% versus +6.7% for its benchmark for the year to August 2023, +10.0% versus +14.7% to August 2024, +20.5% versus +12.1% to August 2025, and +17.7% versus 26.7% to August 2026. The trust has bought back around a third of its shares since mid-2022, but its discount has averaged around 10% over the past one and three years. It has put a 25% conditional tender offer in place at a 2% discount for the three years ending 31 August 2029. An updated version of this profile will be published in December 2026.
Baillie Gifford Japan (ticker: BGFD) was launched in 1981...
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UPDATE (Oct 2026): Scottish Mortgage has continued to bounce back since June 2024, with SpaceX becoming its largest holding, and its share price touching the level it hit in late 2021. The NAV total return for the year to March 2025 was +11.2% versus +5.5% for its benchmark, followed by +27.4% versus +18.0% for the year to March 2026. In early 2026, SMT asked its shareholders to give it more flexibility regarding the level of its private investments, but this concern has since lessened due to the IPO of SpaceX. The trust briefly returned to a premium rating around the time of the SpaceX IPO, a...
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UPDATE: Following the trust's continued underperformance, Brian Lum took over from Praveen Kumar as lead manager in May 2025. The trust returned -5.1% versus +8.9% for its benchmark in the year to January 2025, followed by +5.4% versus +21.5% to January 2026, and +22.9% versus +13.3% in the six months to July 2026. The management fee was cut to 0.65% on the first £250m of net assets and 0.55% thereafter with effect from February 2026. A 15% conditional tender offer covering the three years to January 2027 was replaced by an immediate 15% tender offer that took place in March 2026, in which 50%...
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UPDATE (Sep 2026): PHI returned -4% in the year to July 2023 versus +1% for its benchmark, +5% versus +7% to July 2024, +8% versus +17% to July 2025. and +65% versus +36% to July 2026. The trust has bought back around 15% of its shares over the last three years, with its discount trading in a fairly tight range either side of 10%.
Pacific Horizon (ticker: PHI) was launched in 1989 by a small boutique called Tyndall Funds which was soon afterwards acquired by Jupiter. The trust had a poor first few years, resulting in Baillie Gifford being appointed as its investment manager in 1992. Baillie G...
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UPDATE (Sep 2026): In April 2026, at the third attempt, Saba succeeded in ousting the directors of Edinburgh Worldwide, replacing them with its own preferred candidates. The new board is consulting with shareholders and planning a liquidity opportunity close to NAV, assuming it can undertake an orderly realisation of its holding in SpaceX, which has boosted its returns over the last couple of years. EWI returned 12.8% in the year to October 2024, versus 21.6% for its benchmark, and 29.7% in the year to October 2025, versus 12.8% for its benchmark. Returns for the six months to April 2026 were ...
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UPDATE: Saba, which still owns around 29% of USA's shares, is proposing that three new directors be added to the trust's board at its AGM on 23 October 2026. The directors are encouraging shareholders to vote against, saying that Saba had rejected a full cash exit at NAV less costs. USA's NAV return for the year ended May 2025 was 22.1% versus 7.2% for the S&P, and 31.0% for the year ended May 2026 versus 29.8% for the S&P, with outperformance helped by strong performance from its unlisted investments, especially SpaceX. The trust has also invested in both Anthropic and OpenAI.
Bailli...
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Baillie Gifford UK Growth (BGUK) was managed by Schroders from its IPO in 1994 until June 2018, during which time it was known as Schroder UK Growth. The trust's directors appointed Baillie Gifford after a prolonged period of underperformance and a persistent discount. Although returns improved for a few years, the switch away from growth stocks in 2022 has seen BGUK underperform its benchmark in each of the last five financial years. A 100% performance-related tender offer at a 2% discount has been promised, measured over the five years to April 2029, and an additional continuation vote is du...
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UPDATE: Like most other Baillie Gifford trusts, it took Monks over four years to regain the share price level it enjoyed in 2021, which was the time when the stocks fitting the firm's disruptive growth style were in very high demand. On a NAV total return basis, Monks returned -2% in the year to April 2023, +18% in 2024, 0% in 2025, and 29% in the year to April 2026. From May to mid-September 2026, it was up around 4%. As of September 2026, it had an annual return of 12% a year over the previous decade, putting it in third place out of nine in the AIC's Global sector. Since the start of 2023, ...
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UPDATE: A revised version of this profile was published in November 2025.
Scottish American Investment Company (ticker: SAIN), often shortened to SAINTS, is one of the oldest UK-listed investment trusts. It sits in the Global Equity Income sector and has been managed by Baillie Gifford since January 2004. Unlike Baillie Gifford's more growth-focused offerings, SAINTS looks for slightly more mature companies that offer a combination of growth, resilience, and reliable income. Its performance over the last decade has largely matched global markets although it has tended to outperform its more c...
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