Baillie Gifford US Growth Trust PLC on Thursday said the US remains a good destination for investors as companies there are leading in new technology such as artificial intelligence.

The Edinburgh-based investor in US companies said net asset value per share improved 16% to 216.65 pence as at May 31 from 186.33p a year prior.

NAV total return was around 16%, underperforming against the S&P 500 index, which had a return of about 25%.

Baillie Gifford US Growth prioritises capital growth over the long-term, rather than income. It recommended no final dividend. It also paid no dividend for the first half.

‘The US remains a fertile hunting ground for growth investors. Its companies are leading in new technological paradigms like artificial intelligence, just as they led previous innovation waves such as the internet and mobile. Our aim is to identify the most exceptional amongst these companies and hold them for the long term, thereby capturing the unique upside that such companies offer,’ the company said.

Chair Tom Burnet said: ‘We continue to believe that the seismic changes in technology that underpin many of the companies we are invested in will continue and accelerate. We are at an inflexion point where many verticals, from transportation to drug discovery to communications and many others, are all ripe for disruption and we firmly believe that the portfolio of businesses we own includes many that will deliver outsize returns to long-term investors.’

Baillie Gifford US Growth shares were 0.4% lower at 197.20 pence each on Thursday morning in London.

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