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USA aims to deliver long-term capital growth by backing some of America’s most exceptional businesses, whether listed on the stock market or privately owned. Launched in 2018, the trust takes a five-to-ten-year view, seeking companies with substantial growth opportunities, strong competitive advantages and ambitious management teams. Its ability to invest up to half of its assets in private companies gives shareholders access to businesses that would otherwise be beyond the reach of most individual investors, including innovators such as Anthropic, Stripe and Databricks. Alongside these holdings, the portfolio includes established public companies such as Nvidia and Amazon. Drawing on Baillie Gifford’s longstanding relationships with entrepreneurs, the managers seek to capture the value created as businesses develop and expand. The result is a distinctive approach to investing in the US innovation economy, combining public and private markets within a single investment trust designed for patient, growth-focused investors.
In this episode, John Hughman speaks to co-manager Gary Robinson about the trust’s investment approach and the opportunities emerging across America’s growth companies. Gary explains why businesses are staying private for longer, how Baillie Gifford secures access to sought-after investments and how private holdings are valued independently of the fund managers. He discusses their contribution to performance, the challenges of beating a concentrated US stock market and the importance of backing ambitious founders. Artificial intelligence is a central theme, with Gary outlining the portfolio’s exposure, the rapid growth in paid adoption and his focus on durable competitive advantages. He also considers the risks surrounding AI safety, infrastructure and public acceptance, alongside the discipline involved in managing large holdings and reassessing valuations.
Finally, Gary addresses Saba Capital’s proposed board appointments and urges shareholders to make their voices heard by voting early ahead of the trust’s AGM on 23 October this year.

BPCR is a specialist London-listed investment company that provides debt financing to emerging life sciences companies with approved or late-stage pharmaceutical products. Managed by Pharmakon Advisors, the trust seeks to deliver attractive, predictable income for investors by lending against high-value medicines rather than investing directly in biotech equities. Its highly specialised team combines extensive healthcare, banking and credit expertise to identify businesses with strong commercial prospects, focusing on capital preservation through disciplined underwriting, careful loan structuring and rigorous due diligence.
In this interview, John Hughman speaks to Pedro Gonzalez de Cosio, CEO and co-founder of Pharmakon Advisors, about how the company identifies lending opportunities within the biopharmaceutical sector and why debt has become an increasingly attractive source of funding for innovative healthcare companies. Pedro explains the trust's selective investment process, its emphasis on approved therapies, patent protection and downside risk management, and discusses how higher interest rates, changing market conditions and advances such as gene therapy, cell therapy and AI are shaping future opportunities. The conversation also explores the trust's dividend record, discount to NAV, and Pedro's ambitions to broaden the shareholder base and support the trust's continued growth.

Welcome to another episode of The Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk. Each month, John Baron joins former Investors' Chronicle editor John Hughman to discuss the big themes dominating the investment landscape and the important issues affecting the sector, while explaining how these are influencing the way the website's ten live investment trust portfolios are being managed.
In episode 22, they discuss the progress of John Baron’s “Trade of the Decade”, a decade outlook first mooted five years ago, revisiting the case for investing in the UK and its undervalued stock market. They explore why UK equities have defied pessimistic expectations, the growing appeal of value investing, and why smaller companies and investment trusts may now increasingly contribute to themarket’s continued strong performance over the next half-decade.
In the second section, they also look at the recent rise in long bond yields, and the structural forces keeping inflation and interest rates higher, including geopolitical uncertainty, deglobalisation and increased expenditure on defence,the energy transition, infrastructure and AI spending – and why, in the context of mounting government debt and stretched central bank credibility, they remain cautious on equities generally while favouring the UK market and alternative investments.

UEM is aspecialist investment company focused on infrastructure, utilities and essential services across emerging markets. Managed by Charles Jillings and his team, the trust invests in the companies that help economies function and grow, including ports, railways, electricity networks, telecoms, digitalinfrastructure and transport assets. With a concentrated, bottom-up approach, UEM looks for high-quality businesses with strong management teams, resilient cash generation and the potential to deliver long-term capital growth alongside a progressive dividend. Investing across regions from Latin America to Asia, the trust aims to benefit from the structural growth trends underpinning urbanisation, industrialisation and rising middle-class demand in emerging economies.
In the interview, Charles discusses how the company has navigated a volatile backdrop shaped by tariffs, geopolitical tensions, inflation and energy shocks, while continuing to uncover attractive opportunities in often-overlooked infrastructure sectors. He explains why emerging markets have become more resilient and adaptable, highlights opportunities in ports, digital infrastructure and Brazil’s waste sector, and outlines how governance and management quality drive stock selection. The conversation also explores China’s industrial evolution, India’s infrastructure ambitions, Latin America’s growing appeal, and why energy security, AI enablement and supply-chain resilience could become powerful drivers of future growth.

Welcome to another episode of The Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk. Each month, John Baron joins former Investors' Chronicle editor John Hughman to discuss the big themes dominating the investment landscape and the important issues affecting the sector, while explaining how these are influencing the way the website's ten live investment trust portfolios are being managed.
In episode 21, they examine why infrastructure is emerging as one of the most compelling long-term investment opportunities, driven by ageing assets, surging electricity demand from AI, the energy transition and growing concerns over energy security. They discuss how governments are increasingly relying on private capital to bridge a multi-trillion-dollar global infrastructure funding gap, creating attractive opportunities in sectors such as utilities, water and transport. The episode also revisits the ongoing conflict in Iran, exploring why geopolitical uncertainty reinforces the importance of portfolio diversification, disciplined risk management and maintaining a long-term investment perspective rather than reacting to short-term market volatility.