The £380 million Baillie Gifford European Growth Trust plc (BGEU) announced that Joe Faraday will succeed Stephen Paice and Chris Davies as the investment trust company’s portfolio manager with effect from April 1, 2026.

“The board remains highly focused on improving performance while retaining the growth style and private company exposures that differentiate BGEU from peers,” said the fund.

“Joe will therefore continue the company’s growth focus whilst aiming to deliver a more diversified portfolio that captures growth opportunities across a wider range of sectors, which the Board believes increases the company’s prospects of improving relative performance.

“Joe’s appointment will not require any material changes to the company’s investment objective or policy.

“The company’s existing 100% performance-conditional tender offer remains in place and will be triggered if NAV returns do not exceed the benchmark over the four years ending 30 September 2028.

“In addition, the board will continue to actively engage with shareholders and consider whether further action is required if relative performance does not improve.

“Joe is an experienced investment manager with over 20 years at Baillie Gifford and is a senior member of the European Equities team.

“He has been a member of the investment management team on one of Baillie Gifford’s multi billion global ex US strategies since 2007 (International All Cap) contributing significantly to its growth in assets and long-term performance record over nearly two decades.”

Baillie Gifford European Growth Trust chairman David Barron said: “The board would like to thank Stephen and Chris for their longstanding contribution to the company.

“We’re delighted to welcome Joe and we believe that his investment approach better positions the company to deliver improved relative performance for our shareholders.”