Baillie Gifford Us Growth Share Discussion Threads

[vacendak] 15/3/2024 16:42

I bought on the way up last time, so am still about 6% in the red but my decision to keep it and wait seems to slowly turn out to have been the right one.

[quepassa] 15/3/2024 13:36

Continuing to accumulate all the way from the recent 140's.

Doesn't get the same limelight as big-brother ScoMo but a star fund hiding in the footlights and waiting to be discovered.

a great portfolio

Very much looking forward to next Tuesday's 19/3 webinar at 2pm with Fund Co-Manager, Kirsty Gibson.

all imo. dyor.
qp

[vacendak] 12/1/2024 08:08

Entering the FTSE 250! :)

[vacendak] 20/12/2023 17:44

Yes, there was a good outook for it on Citywire lately.

[arja] 20/12/2023 15:45

nice looking chart BUT discount to NAV now down to 14% and NAV has unquoted investments . Might still be worth accumulating with US indices close or over ATH

[takeiteasy] 17/10/2023 14:43

24% discount is really becoming rather extraordinary....wonder what our managers make of this - relentlessly holding onto stocks like Moderna is not helping imvho dyor

[takeiteasy] 14/9/2023 18:58

Databricks is one of our PE holdings, separately, the ARM IPO seemed to go OK today that may help PE sentiment...

[takeiteasy] 14/9/2023 12:43

https://www.theverge.com/2023/9/13/23872244/spacex-starlink-revenue-customer-base-elon-muskMentions of recent trading activity of our largest holding...buried within the article...

[takeiteasy] 11/9/2023 14:04

https://www.cnbc.com/2023/09/11/online-grocery-firm-instacart-looks-to-raise-up-to-616-million-in-ipo.htmlSome tests for the health of the US IPO market coming up shortly ...

[takeiteasy] 01/9/2023 06:45

It's strange to observe that the PE fund at BG rose about 6% over the recent month which exceeded the gain on this fund - may be a very temporary and anecdotal point, but a small glimmer of a change in the generally downcast mood over PE holdings/discounts perhaps that has been prevailing for quite some time?
Some parts of the equity market are slowly coming back to life eg shopify up > 10% yesterday...

[vacendak] 23/8/2023 10:26

Basically someone has read the AR and is putting the highlights in this article.

I am torn between topping up on some unloved PE trust or USA... I think I will top-up on NBPE again, at least they give a divi.

[takeiteasy] 04/8/2023 06:48

cloudflare and amazon up about 10% and wayfair up about 18% based on results yesterday. Growth it seems is coming into more fashion atm than for the past couple of years....

[takeiteasy] 01/8/2023 17:08

My only wish for Christmas is BG fall rapidly out of love with moderna -one way bet downwards at the moment falling hard even on days the market is rising. I think just about everyone can work out the pandemic is over and the sales of the vaccines are ever dwindling - why can BG not see this and they seem to have them at very high levels in so many funds...I wonder how much this puts people off...

The other thing that has changed so much from 2 years ago pre pandemic is that when the market went up punters pushed this up by an amount too. We seem to be entirely disconnected from the market in this respect for the interim...

[quepassa] 01/8/2023 16:23

hopefully as the rest of the quoted market is steadily increasing in value - so will the unlisted equally be subject to UPWARDS revaluation.

and likely sooner rather than later perhaps, I surmise


i don't really see why investors are so concerned about the unlisted element of the portfolio. For me, it's the cherry on top of the sundae. I want access to the future ipo heroes and ipo unicorns which are otherwise effectively off limits to private investors.

And this investment trust has the highest proportion of its assets that I can find invested in SpaceX which is destined to become the most valuable company in the world when it floats. That's exciting.

If investors don't like unlisted, there are just so many other funds and trust to chose from, so why do they invest here in the first place?

good luck all.

but one things is for sure....

.....the market seems to be falling rapidly back in love with both the GROWTH and the TECH sectors

all imo. dyor.
qp

[takeiteasy] 01/8/2023 15:47

Ex fair NAV 204p that is finally a chart breakout after many long months ...I guess ongoing assurance is needed over the PE holdings but they are thankfully shrinking day by day as a percentage of total assets as I wish BG would keep these to a far lower level ...

[quepassa] 31/7/2023 15:16

SIGNIFICANT jump in NAV today from 195p to 199.5p.

[takeiteasy] 17/7/2023 22:20

Are things finally starting to turn in the PE space?

Elon Musk’s Space Exploration Technologies, the most highly valued private tech company in the U.S., has told some investors it expects to bring in about $8 billion in revenue in 2023, roughly doubling its revenue from the previous year. The expectation for rapid growth helps explain the fervor of some investors for SpaceX shares, which have defied recently depressed private tech valuations.
www.theinformation.com

[alhambra1] 28/6/2023 12:25

£54k purchase today....

🫢🤔🤫

[takeiteasy] 17/6/2023 06:40

hxxps://stripe.com/en-gb/newsroom/news/stripe-and-openai

Seventy-five percent of the leading generative AI companies have signed up with Stripe to go to market quickly, scale with compliance in mind, and bring their products to many more users worldwide. They include OpenAI, Runway, Diagram, and Moonbeam.

“As these new AI companies proliferate, we’re helping them with smart monetization strategies that get their products into more hands. Personally, I’m excited to easily buy more DALL·E credits and continue my forays into AI-assisted painting,” said David Singleton, chief technology officer at Stripe.

If you look at top 10 trust holdings Stripe sits higher in % holdings than both Tesla and Nvidia which shows enormous courage and conviction given both these two giants recent relative out-performance so let's see what happens as they say :)


hxxps://uploads-ssl.webflow.com/638a2e63e7d4101440882de8/648cb6efbf930631973a9373_Caplight%20Data%20Insights%206-16.pdf

[takeiteasy] 17/6/2023 06:31

Owning a share like this trust with a high PE element has been like watching paint dry for the recent lack of excitement compared to the earlier days pre COVID...but who knows our patience may be rewarded eventually with a chance that the valuations may start to be influenced by firms wanting to go public again and be rewarded with the appropriate valuation...



The IPO schedule has been remarkably quiet over the past 18 months as appetite for new issuances sank with the overall market prices. The few companies that have gone public have mostly been small, interesting micro caps.

Cava is the first high-profile IPO since 2021, when every week seemed to have a SPAC (special purpose acquisition company) merger or IPO lead the headlines. The heavy demand for CAVA shares seen on Thursday means that investment banks will likely get to work in order to bring the next batch of private companies to public markets.

Halfway through 2023, there have only been about 45 IPOs on Wall Street, which have raised a collective $7.6 billion. This is already nearly overtaking the value of IPOs in all of 2022 but is not even close to 2021’s exuberant IPO market. In that year Wall Street pushed out nearly 400 IPOs that raised more than $142 billion in capital.

dyor etc

[takeiteasy] 03/6/2023 06:23

There is a decent portion here in PE stakes and the only proxy for understanding the valuation changes is to track the progress of the Schiehallion fund which has many of the same holdings as we have (not in same proportions of course).

Accepting this is all very approximate (but better than nothing) you can see that the NAV during 2023 has continued to tail off meaningfully month on month, with the exception of the update to 1/6 when the monthly change was down <1%.

Does this mean we are now at a bottom of the PE valuation downgrading cycle for our cohort of businesses. If it is not the bottom, lets all hope it is right close to the bottom and the very large discount here compensates for this.

It will be interesting to monitor the PE fund update at the end of June to see if we are truly into a reversal.



hxxps://www.businesspost.ie/tech/stripe-snaps-up-us-founded-analytics-start-up-in-first-acquisition-in-16-months/

hxxps://solugen.com/meet-the-bioforge-in-2050
(updates from some of the larger PE holdings I track) dyor etc

[joy division still] 02/6/2023 22:44

Back in this trust , good managers , good investment house, good growth market, good discount, equals Great opportunity , I'll let it ride up n down for a few years as I think this will get back to 230ish.

[takeiteasy] 02/6/2023 06:22

Interesting article on trustnet on this fund that for some reason the system does not allow me to post a link so have tried to paste the more relevant section but give trustnet credit for the information etc...may 2023 article...

After the past three years, which the manager acknowledged have been “very tough” for investors in the fund and “even tougher” for the underlying businesses, the future ahead isn’t the more certain, with risks including a debt-ceiling crisis, persistently high interest rates and a recession looming in the US as well as other developed markets.But, when comparing the situation to the great financial crisis of 2008, Gibson sees more differences than similarities.“We've done a lot of work in the past couple of years on the resilience of our portfolio, identifying those companies that have a greater need to raise capital (which in an environment where capital is scarce is a difficult situation to be in) and those companies which are resilient,” she said.“More than 75% of companies that we hold are generating free cash flow, which is one of the main focuses for companies right now. Many of them raised a lot of money during the pandemic, so they’ll also have very large balance sheets.”
trustnet.com/news/13378591/baillie-giffords-gibson-we-have-to-decide-how-much-of-our-portfolio-is-invested-in-companies-that-will-not-survive (please add the right prefix to make the link work)