这是一份欧洲成长基金截至2026年4月底的持仓清单。基金总资产约3.48亿英镑，其中85%买的是欧洲上市公司，14%投给未上市的私有公司，现金只剩0.4%，基本满仓。最大持仓是光刻机龙头ASML，占6.3%；私有投资里Bending Spoons一家就占10%，风险相当集中。对普通投资者来说，这份清单能让你看清：买这只基金，钱具体投到了哪些公司、分散程度如何、现金缓冲有多薄。值得一看，尤其如果你想评估这种集中风险是否适合自己。
Baillie Gifford European Growth Trust plc披露截至2026年4月30日持仓：总资产3.485亿英镑，上市股票占85.2%，私募投资占14.4%（Bending Spoons 10.0%、Tekever 1.5%等），净流动资产0.4%。最大上市持仓为ASML（6.3%）、Roche（4.7%）、KBC Group（3.2%），私募部分以Bending Spoons为主，体现对高增长未上市企业的配置。
Introduction 章节披露了截至2026年4月30日的完整持仓组合：总资产348,486,025英镑，上市股票占85.2%、私募投资占14.4%、净流动资产仅0.4%，最大单一持仓为ASML（6.3%）。
上市股票共50只，合计市值296,836,968英镑，占总资产85.2%，持仓高度分散但头部集中。
| 标的 | 持有量 | 市值（GBP） | 占总资产 |
|---|---|---|---|
| Ackermans & Van Haaren NV | 11,333 | 2,733,482 | 0.8% |
| Adyen NV | 9,028 | 7,470,139 | 2.1% |
| AIB Group Plc | 774,350 | 6,548,338 | 1.9% |
| Airbus SE | 50,897 | 7,682,944 | 2.2% |
| Allegro.eu | 1,304,817 | 7,869,683 | 2.3% |
| Allianz SE | 28,037 | 9,405,445 | 2.7% |
| Anheuser-Busch Inbev | 141,822 | 7,884,506 | 2.3% |
| ASM International NV | 7,919 | 5,678,155 | 1.6% |
| ASML | 20,780 | 21,921,070 | 6.3% |
| Assa Abloy 'B' | 205,577 | 5,760,825 | 1.7% |
| Atlas Copco B | 391,703 | 4,802,838 | 1.4% |
| Avanza Bank Holding | 152,616 | 4,044,852 | 1.2% |
| CaixaBank | 771,570 | 7,220,207 | 2.1% |
| CTS Eventim AG & CO KGAA | 37,688 | 1,823,575 | 0.5% |
| Deutsche Telekom AG | 245,357 | 5,833,207 | 1.7% |
| Dino Polska | 867,870 | 5,641,724 | 1.6% |
| DSV | 36,002 | 6,486,258 | 1.9% |
| Epiroc B | 234,805 | 4,228,451 | 1.2% |
| EXOR | 99,641 | 5,741,619 | 1.6% |
| Groupe Bruxelles Lambert NV | 51,506 | 3,532,618 | 1.0% |
| Grupa Kety Sa | 17,437 | 3,913,930 | 1.1% |
| Iberdrola SA | 204,038 | 3,507,813 | 1.0% |
| IMCD Group NV | 63,600 | 5,498,612 | 1.6% |
| Instalco | 2,996,921 | 9,106,180 | 2.6% |
| Investor AB-B | 122,868 | 3,641,979 | 1.0% |
| KBC GROUP NV | 112,477 | 10,996,309 | 3.2% |
| Kingspan Group | 123,987 | 8,418,213 | 2.4% |
| Knorr-Bremse Aktiengesellschaft | 40,180 | 3,439,123 | 1.0% |
| Lonza Group | 19,051 | 8,590,700 | 2.5% |
| LPP | 770 | 3,416,109 | 1.0% |
| Moncler | 63,568 | 2,811,853 | 0.8% |
| Nemetschek | 46,477 | 2,533,707 | 0.7% |
| Nexans | 36,484 | 4,979,426 | 1.4% |
| Piraeus Financial Holdings SA | 582,058 | 3,994,647 | 1.1% |
| Prosus N.V. | 212,522 | 7,534,833 | 2.2% |
| Rational | 4,715 | 2,535,799 | 0.7% |
| Rheinmetall | 4,209 | 4,906,664 | 1.4% |
| Richemont | 37,936 | 5,299,388 | 1.5% |
| Roche Holding AG | 54,241 | 16,251,547 | 4.7% |
| Röko B shares | 39,062 | 5,331,744 | 1.5% |
| Royal Unibrew A/S | 81,129 | 3,979,590 | 1.1% |
| Ryanair | 157,856 | 3,053,852 | 0.9% |
| SalMar | 97,687 | 4,312,162 | 1.2% |
| Sartorius Stedim Biotech | 32,207 | 4,348,425 | 1.2% |
| Spotify Technology SA | 15,811 | 5,199,240 | 1.5% |
| Swiss Re | 42,255 | 5,008,068 | 1.4% |
| Tonies SE | 361,464 | 3,176,566 | 0.9% |
| TotalEnergies | 127,956 | 8,758,386 | 2.5% |
| UBS | 194,844 | 6,325,576 | 1.8% |
| Vend Marketplaces ASA CL-B | 181,549 | 3,656,591 | 1.0% |
| 合计 | 296,836,968 | 85.2% |
私募投资合计市值50,115,997英镑，占总资产14.4%，其中Bending Spoons一家占10.0%、占私募总市值约69.7%，集中度极高。
| 标的 | 市值（GBP） | 占总资产 |
|---|---|---|
| Bending Spoons S.p.A. Class C | 34,912,206 | 10.0% |
| Flix SE Series G Pref. | 3,640,888 | 1.0% |
| McMakler GmbH Series AA Preferred | 0 | 0.0% |
| Northvolt AB Ordinary Series A | 0 | 0.0% |
| Northvolt AB Preference D1 | 0 | 0.0% |
| Northvolt AB Preference E1 | 0 | 0.0% |
| Northvolt AB Preference E2 | 0 | 0.0% |
| Sennder Technologies GmbH Series D Pref. | 4,018,908 | 1.2% |
| Sennder Technologies GmbH Series D- Pref | 1,723,867 | 0.5% |
| Sennder Technologies GmbH Series D+ Pref | 420,537 | 0.1% |
| Sennder Technologies GmbH Warrants | 83,296 | 0.0% |
| Tekever Holdings, S.A. Class B | 5,316,295 | 1.5% |
| 合计 | 50,115,997 | 14.4% |
结构上，组合接近满仓：前十大上市持仓（ASML、Roche、KBC、Allianz、Instalco、TotalEnergies、Lonza、Kingspan、Anheuser-Busch、Allegro）合计占总资产31.5%，净流动资产仅0.4%；McMakler与Northvolt各系列账面价值均为0，报告未解释原因。