The strategy employed for Baillie Gifford US Growth (ticker: USA) which launched at the end of March 2018, revolves around the notion that long-term wealth is best created through finding exceptional growth companies, and where those companies’ innovation is likely to offer significant contributions to society. The portfolio will be comprised of both listed and unlisted companies. This, the managers believe, gives the trust a unique edge over its peers, giving investors exposure to the most compelling growth companies, which are now choosing to stay private for longer. USA has not at the time of writing made any announcements revealing what the portfolio constitutes so far, or how far the managers have got in terms of investing the capital raised. The managers have stated that they expect that companies held within the portfolio will exhibit three common characteristics: they address a large market opportunity; they are able to create and maintain a deep competitive moat; and the company’s culture is aligned with what they are trying to achieve. USA is the only trust in the AIC North America sector to be trading on a premium (currently +3%). The board has not adopted any formal discount or premium targets; however, it has stated that it does recognise the importance of purchasing or issuing further shares when it might need to mitigate the effects of an imbalance. The trust has an annual management charge of 0.7% on assets up to £100m and 0.55% thereafter. This is the second cheapest management fee in the North American sector, behind only JPMorgan American.