Update on NAV and Zipline Valuation

Zipline now makes up 4.0% of Baillie Gifford US Growth Trust’s assets after revaluation.

What the company is saying

Baillie Gifford US Growth Trust plc is notifying investors of an upwards adjustment in the valuation of its private holding in Zipline, following its established policy for valuing private company investments. The announcement emphasizes that this change has been incorporated into the company’s Net Asset Value, which stands at 372.15p as of the close of business on 16 September 2026. The company highlights that Zipline’s share of total assets has doubled from 2.0% on 31 July 2026 to 4.0% after the adjustment. The tone is strictly factual and regulatory, focusing on transparency and compliance with disclosure obligations. There is no promotional language or forward-looking commentary, and the update is framed as a routine portfolio valuation event. The announcement is issued by Baillie Gifford & Co Limited, Company Secretaries, and is classified as containing inside information under Article 7 of the UK Market Abuse Regulation.

What the data suggests

The data shows a significant increase in the valuation of the Zipline holding, with its proportion of total assets rising from 2.0% at the end of July 2026 to 4.0% by mid-September 2026. This adjustment is already reflected in the Net Asset Value, which is reported at 372.15p as of 16 September 2026. The disclosure is specific, providing both the NAV and the asset allocation impact for two distinct dates, allowing investors to quantify the change. No additional details are given on the underlying drivers of the Zipline revaluation, such as operational milestones or market transactions. The announcement does not provide broader portfolio context or income statement figures, focusing solely on the impact of this single private holding. The evidence is complete for the stated purpose of updating the NAV and asset allocation, but does not extend to a wider financial or strategic update.

Analysis

The announcement is a factual regulatory update disclosing an upwards adjustment in the valuation of the company's holding in Zipline, with the impact already reflected in the Net Asset Value as of 16 September 2026. All claims are realised and supported by specific numerical data (NAV, asset proportions), with no forward-looking statements or promotional language present. There is no evidence of narrative inflation or exaggerated tone; the language is strictly informational and regulatory in nature. No large capital outlay or future benefit is discussed, and the update does not attempt to frame the adjustment as a broader strategic or financial breakthrough. The gap between narrative and evidence is nonexistent, as all statements are directly substantiated by disclosed figures. This is a routine portfolio valuation update with no hype or overstatement.

Risk flags

• ●The revaluation of Zipline increases its concentration within the portfolio, now representing 4.0% of total assets. This higher weighting heightens exposure to the performance and valuation volatility of a single private company.
• ●The announcement does not disclose the specific rationale or external validation for the Zipline revaluation, leaving investors reliant on internal valuation processes without transparency into the underlying drivers or third-party corroboration.
• ●No additional context is provided on the overall portfolio or other private holdings, limiting investors’ ability to assess whether similar revaluations or concentration risks exist elsewhere in the trust.

Bottom line

Investors in Baillie Gifford US Growth Trust plc should be aware that Zipline’s valuation has been increased, doubling its share of the trust’s assets from 2.0% to 4.0% between 31 July and 16 September 2026. This adjustment is already reflected in the reported NAV of 372.15p, so the benefit is immediate and not speculative. The announcement is narrowly focused and does not provide detail on what drove the revaluation or how it compares to other holdings. While the update is credible and regulatory in tone, the lack of external validation or explanation for the change means investors must trust the internal valuation process. The most important takeaway is that Zipline is now a more significant component of the trust’s portfolio, increasing both potential upside and concentration risk.

Announcement summary

(LSE:USA) Baillie Gifford US Growth Trust plc announced an update on its Net Asset Value (NAV) and the valuation of its holding in Zipline. The Board has been advised by the Manager of an upwards adjustment in the valuation of the Company's holding in Zipline, in accordance with its policy for valuing private company investments. This adjustment has been reflected in the Net Asset Value of the Company. As at the close of business on 16 September 2026, the Net Asset Value stands at 372.15p. Following the adjustment, the proportion of the Company's total assets represented by Zipline is 4.0% as at 16 September 2026. This compares to 2.0% as at 31 July 2026. The announcement was made by Baillie Gifford & Co Limited, Company Secretaries, on 17 September 2026. The Legal Entity Identifier for Baillie Gifford US Growth Trust plc is 213800UM1OUWXZPKE539. The update was released via a Regulatory Information Service and is now considered to be in the public domain. The announcement contains inside information for the purposes of Article 7 of the UK Market Abuse Regulation. The information provided is subject to terms and conditions relating to its use and distribution. The update specifically addresses the change in valuation of the Zipline holding and its impact on the Company's asset allocation.

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