The trust's net asset value per share total return for the year to 30 September grew 8.3%, which lagged the total return of 20.5% for the FTSE Europe ex UK index.
Baillie Gifford took over management of the trust from Edinburgh Partners Limited in November 2019. Since then, its net asset value has grown 9.3%, compared to the index's increase of 24.1%.
The trust's discount has remained steady in the double digits over the last year, currently sitting at 14.7%, according to data from the Association of Investment Companies.
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Numis analysts Ash Nandi and Gavin Trodd noted that the trust has been the weakest performer in its peer group year-to-date, largely due to the 50% share price fall of Adyen earlier this year.
Ayden represented about 4% of the portfolio before the fall, and while the firm's shares have recovered somewhat, they remain about 40% below July levels.
The trust currently holds 10.9% of its portfolio in unquoted assets, with its largest holding being Swedish battery developer and manufacturer Northvolt.
Northvolt was another key detractor throughout the year, after it was written down by 22% to reflect listed benchmarks, though the trust noted that the firm and another private firm, Flix, are "rumoured" to be considering an initial public offering in 2024.
Positive key contributors to performance over the year included Ryanair, Adevinta, Schibsted, DSV, Kingspan and Spotify.
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The trust made six new listed investments throughout the year, along with one unlisted investment in Italian software company Bending Spoons, while exiting from five.
Chair Michael MacPhee said: "The board is painfully aware of the volatility and disappointment this has entailed for shareholders but is confident that Baillie Gifford's currently out-of-favour growth style will be vindicated in the longer term.
"The reason equity investment yields the best long run returns is that it involves volatility and requires patience and, on occasion, a degree of endurance. The board therefore considers it premature to make a proper assessment of long-term performance."