Baillie Gifford European Growth seeks to reassure investors following 24.7% fall

Half year report

Managers of the £388.1 Baillie Gifford European Growth trust sought to reassure investors about the portfolio, which suffered a 24.7% fall in the net asset value per share total return in the six month period to the end of March.

The trust's performance was significantly worse than its benchmark, the FTSE Europe ex UK index, which dropped 5.2% in sterling terms during the period. In the half-year report the managers, Stephen Paice, Moritz Sitte and Chris Davies, said "challenging performance is never easy to endure", Adding that it was "especially difficult looking through our performance attribution statistics and seeing so few strong positive contributors". However, they said they were reassured about the prospect of the portfolio because "fundamentals appear to be on track". Scottish Mortgage's Slater: W...