FinlandFinlandProfessional investor
Baillie Gifford

Capital at risk

Investment strategy

UK Alpha

We invest in a small collection of tremendously exciting UK businesses. Many may not be household names, but they are typically leaders in their fields with attractive competitive positions that rivals find hard to match.  

We pride ourselves on the strength of our relationships with companies and the level of corporate access and insight this affords us.  

Tower Bridge viewed from an alleyway in London.

A carefully selected portfolio

This is a punchy, concentrated portfolio of 30-50 carefully selected British businesses. We typically invest in them for at least five years to take full advantage of their strengths as they emerge over time.

View transcript
<p><strong>Your capital is at risk. Past performance is not a guide to future returns.&nbsp;</strong></p> <p><strong>Kathleen Hunter:</strong> When markets lose confidence, they become increasingly short-term and more sensitive to events. Volatility rises, stocks are bucketed together, and simple labels start to take hold. AI winners, AI losers, safe havens, domestic cyclicals. This type of environment can create significant mispricing, which long-term fundamental growth investors can capitalise on. And dramatic share price moves underpinned by short-term news flow can become vulnerable to reversal when this narrative changes.</p> <p>The clearest example this year has been oil. Prices spiked as investors worried about disruption linked to the conflict in Iran, before giving back most of these gains by the end of this quarter. That created a turbulent period for the oil majors, which went from dominant drivers of the index returns in the first quarter to notable underperformers in the second. And there are echoes of this behaviour in software and technology stocks. Earlier this year, concerns about artificial intelligence led investors to group companies together and mark them down sharply. Many are still caught up in this AI loser narrative, but in some cases, that pressure has actually started to ease as the market has looked again at the individual businesses.</p> <p>The label came first, but to some extent, the fundamentals have started to come back into focus. This quarter, the UK Alpha Strategy delivered positive, absolute and relative performance. We don’t want to overstate one quarter, though. A few months don’t settle a long-term investment case. But the quarter did show what can happen when the market starts to differentiate broad narratives from fundamental characteristics of the individual companies. Softcat, the biggest contributor to outperformance, is a good example.</p> <p>It’s an IT infrastructure and services provider, and its shares sold off earlier in the year as investors worried that AI would disrupt parts of its market. We thought that interpretation was too blunt. In our view, AI is not making IT easier for companies. If anything, it’s making it much more complicated. Businesses need to work out what technology to use, how it fits with their existing systems, how to manage the risks around it, and how to make sure it actually delivers value. This plays right into Softcat’s strengths.</p> <p>It has long-standing customer relationships, strong vendor partnerships, and a track record of helping companies make sensible technology decisions. And in its latest trading update, it demonstrated that it’s actually already benefiting from AI-related demand. In terms of detractors this quarter, Genus was one of the laggards as its shares were weighed down by macroeconomic uncertainty and the timing of a recovery in the Chinese pork market. We recognise these uncertainties, but we think they risk obscuring the progress that the business has made, including delivering record profits and achieving important milestones in its gene-editing programme. We also continue to work through a strong pipeline of new ideas this quarter and purchased two new holdings, Cranswick and Helios Towers. With Helios Towers, this is a company that owns and operates telecom towers across Africa and the Middle East.</p> <p>We expect demand for mobile data in these markets to grow significantly and for Helios to benefit as their customers rely more heavily on its infrastructure and add more equipment to its existing towers. So to summarise, performance this quarter was encouraging, but it’s only a start. There is still a long way to go before the portfolio’s long-term growth potential is properly reflected in its share prices. AI, geopolitics, interest rates and near-term economic data all matter, but they do not affect every company in the same way. Our job is to look through the labels and ask how change affects the long-term economics of each business. Is the market reacting to the facts or simply reacting to the narrative?</p> <p>For long-term fundamental growth investors, that is not just a challenge, it’s an opportunity. The recovery in performance this quarter is welcome, but we believe the bigger opportunity is still to come.</p> <p style="margin-bottom: 6.0pt;" class="MsoNormal">&nbsp;</p> <h3>UK Alpha</h3> <p><strong>Annual past performance to 30 June each year (%)</strong></p> <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 93.9395px;"> <tbody> <tr style="height: 18.7879px;"> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; width: 27.8552%;">&nbsp;</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;"><strong>2022</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;"><strong>2023</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;"><strong>2024</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;"><strong>2025</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;"><strong>2026</strong></td> </tr> <tr style="height: 37.5758px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 37.5758px; width: 27.8552%;">UK Alpha Composite (gross)&nbsp;</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 37.5758px; text-align: right; width: 14.4483%;">-39.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 37.5758px; text-align: right; width: 14.4483%;">23.7</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 37.5758px; text-align: right; width: 14.4483%;">2.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 37.5758px; text-align: right; width: 14.4483%;">17.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 37.5758px; text-align: right; width: 14.4483%;">2.8</td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 27.8552%;">UK Alpha Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">-40.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">23.0</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">1.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">17.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">2.2</td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 27.8552%;">FTSE All Share index*</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">-10.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">12.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">12.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">20.5</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">18.1</td> </tr> </tbody> </table> <p>&nbsp;</p> <p><strong>Annualised returns to 30 June 2026 (%)</strong></p> <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 93.3523px;"> <tbody> <tr style="height: 36.9886px;"> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9886px; width: 61.3387%;">&nbsp;</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9886px; width: 13.1043%; text-align: right;"><strong>1 year</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9886px; width: 12.713%; text-align: right;"><strong>5 years</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9886px; width: 12.844%; text-align: right;"><strong>10 years</strong></td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3387%;">UK Alpha Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 13.1043%; text-align: right;">2.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.713%; text-align: right;">-1.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.844%; text-align: right;">6.0</td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3387%;">UK Alpha Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 13.1043%; text-align: right;">2.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.713%; text-align: right;">-2.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.844%; text-align: right;">5.4</td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3387%;">FTSE All Share index</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 13.1043%; text-align: right;">18.1</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.713%; text-align: right;">10.0</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.844%; text-align: right;">8.6</td> </tr> </tbody> </table> <p><span class="source-text">Source: Revolution, FTSE. US dollars. Net returns have been calculated by reducing the gross return by the highest annual management fee for the composite. 1 year figures are not annualised.</span><br><br></p> <p><strong>Past performance is not a guide to future returns.</strong></p> <p>Legal notice: FTSE International Limited (“FTSE”) © FTSE 2025. “FTSE ®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and/or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.</p> <p>&nbsp;</p> <h3>Risk factors&nbsp;</h3> <p>This communication was produced and approved in July 2026 and has not been updated subsequently. It represents views held at the time and may not reflect current thinking.</p> <p>The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.</p> <p>This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned.</p> <p>All information is sourced from Baillie Gifford &amp; Co and is current unless otherwise stated.&nbsp;</p> <p>The images used in this communication are for illustrative purposes only.</p> <p><strong>Important information<br></strong>Baillie Gifford &amp; Co and Baillie Gifford &amp; Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford &amp; Co Limited is an Authorised Corporate Director of OEICs.</p> <p>Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford &amp; Co. Baillie Gifford &amp; Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.&nbsp;</p> <p>Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances.</p> <p><strong>Financial intermediaries</strong><br>This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.</p>

UK Alpha Q2 update

Investment specialist Kathleen Hunter reflects on recent performance, portfolio changes and market developments.

Seeking out potential

Our objective is to outperform the FTSE All-Share Index by 2 per cent per annum, after management fees, over rolling five-year periods. 

To achieve this, we aim to identify well-managed, high-quality growth companies which enjoy sustainable competitive advantages. We seek out businesses that have the potential to deliver superior earnings growth over many years and hold onto them long enough for their strengths to emerge as the dominant influence on share prices.  

We take stewardship seriously, meeting with management and boards regularly, voting thoughtfully at general meetings and advocating for change where needed. 

The performance target is aspirational and is not guaranteed. We don’t use it to compile the portfolio and returns will vary. A single performance target may not be appropriate across all vehicles and jurisdictions. We may not meet our investment objectives if, for example, our growth investment style is out of favour or we misjudge the long-term earnings growth of our holdings.

Investing to add value

This is a concentrated portfolio, which only invests in between 30-50 stocks. Therefore, it looks very different to the broader UK equity index and has a very high active share.  

This is simply because we believe that to add value over the long term, we need to take an active and differentiated approach.  

When we look across the portfolio, we can group our holdings into broad themes that we are really excited about, including research and development innovators, digital consumer stocks and world-class industrials. 

Meet the manager

Milena Mileva

Milena Mileva

Milena is an investment manager in the UK Equity Team and lead manager of the UK Alpha Strategy. She is a member of the International All Cap Portfolio Construction Group. She joined Baillie Gifford in 2009 and became a partner of the firm in 2022.Milena graduated BA in Social and Political Science from the University of Cambridge in 2007 and MPhil in Politics from the University of Oxford in 2009.

Documents

Philosophy and process

Explore our investment philosophy and the processes around how the team constructs the portfolio.

View PDF

Quarterly update

Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting. 

View PDF

Stewardship report

Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.

Start a conversation

Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 30 June 2026

#Holding% of total assets
1Games Workshop8.9%
24imprint 5.8%
3Softcat5.7%
4AJ Bell5.0%
5Moonpig Group4.9%
6Autotrader4.8%
7Experian4.2%
8Renishaw4.1%
9Wise3.8%
10Spirax3.7%

Sector

As at: 30 June 2026

#
Sector
Fund %
Index % *
Difference %
1
Consumer Discretionary
25.1
6.7
18.4
2
Industrials
22.2
12.2
10.0
3
Technology
16.3
2.3
14.0
4
Financials
15.7
30.2
-14.6
5
Consumer Staples
7.7
12.8
-5.1
6
Health Care
5.5
12.1
-6.5
7
Basic Materials
4.9
7.4
-2.5
8
Real Estate
1.2
2.1
-0.9
9
Telecommunications
0.4
1.2
-0.7
10
Cash
0.9
0.0
0.9
Total
100.0
86.9

Please note

The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co. Please note that totals may not add due to rounding.

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.

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Insights

Key articles, videos and podcasts relating to the strategy:

Filters

Insights

Viewing 18 of 18
  1. Photograph showing a partial view of Earth from space, focusing on Western Europe including the United Kingdom, France, and surrounding regions.

    Rebuilding confidence in UK growth

    The UK Equities team explain why overlooked UK growth companies deserve fresh attention.
    July 2026
    Article5 minutes
  2. alt=""

    UK Alpha Q2 update

    Investment specialist Kathleen Hunter reflects on recent performance, portfolio changes and market developments.
    July 2026
    Video6 minutes
  3. alt=""

    UK Alpha Q1 update

    Investment specialist Kathleen Hunter a reflects on recent performance, portfolio changes and market developments.
    April 2026
    Video6 minutes

  4. UK Alpha Q4 update

    Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.
    January 2026
    Video6 minutes

  5. UK Alpha Q3 update

    Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video6 minutes

  6. Our best UK ideas

    Chloe Darling-Stewart on why the UK’s Autotrader, Moonpig and Genus are hidden treasures.
    September 2025
    Video3 minutes
  7. “”

    Actual investing revisited

    In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
    May 2025
    ArticleLong read

  8. UK growth: opportunities amid tariff turbulence

    How adaptable firms in growth-driving sectors can prosper over the long term despite trade restrictions.
    April 2025
    Podcast33 minutes

  9. UK Alpha Q1 update

    The UK Alpha Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video10 minutes

  10. Saving when sending abroad: a Wise move

    With international payments a profitable afterthought for the banks, it’s been left to a newcomer to build the best way of moving money around the world.
    October 2024
    Article4 minutes

  11. Wise: Money Without Borders

    Co-founder and CEO of digital payments platform Wise explains how a customer-centric approach is helping revolutionise global money movement.
    October 2024
    Video37 minutes

  12. Creo Medical: at the spearhead of surgery

    The Welsh company cutting surgery waiting lists – and costs.
    September 2024
    Article7 minutes

  13. Ashtead: hiding in plain sight

    This little-known equipment rental company is one of the UK’s most exciting growth stories.
    December 2023
    Article5 minutes

  14. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes

  15. UK equities: growth on our doorstep

    Our specialist approach is well-placed to take advantage of early-stage British businesses.
    December 2023
    Article5 minutes

  16. The case for UK equities

    Baillie Gifford’s Iain McCombie discusses UK equities on Hymans Robertson’s investment podcast.
    September 2023
    Podcast30 minutes

  17. Joiners’ mate

    Iain McCombie on how Howdens’ kitchens won the building trade’s trust.
    September 2023
    Article

  18. UK equities: Home focus

    Companies solving big problems in healthcare, fintech and AI, are proving the UK is an exciting place to invest.
    December 2022
    Article
View transcript
<p><strong>Your capital is at risk. Past performance is not a guide to future returns.&nbsp;</strong></p> <p><strong>Kathleen Hunter:</strong> When markets lose confidence, they become increasingly short-term and more sensitive to events. Volatility rises, stocks are bucketed together, and simple labels start to take hold. AI winners, AI losers, safe havens, domestic cyclicals. This type of environment can create significant mispricing, which long-term fundamental growth investors can capitalise on. And dramatic share price moves underpinned by short-term news flow can become vulnerable to reversal when this narrative changes.</p> <p>The clearest example this year has been oil. Prices spiked as investors worried about disruption linked to the conflict in Iran, before giving back most of these gains by the end of this quarter. That created a turbulent period for the oil majors, which went from dominant drivers of the index returns in the first quarter to notable underperformers in the second. And there are echoes of this behaviour in software and technology stocks. Earlier this year, concerns about artificial intelligence led investors to group companies together and mark them down sharply. Many are still caught up in this AI loser narrative, but in some cases, that pressure has actually started to ease as the market has looked again at the individual businesses.</p> <p>The label came first, but to some extent, the fundamentals have started to come back into focus. This quarter, the UK Alpha Strategy delivered positive, absolute and relative performance. We don’t want to overstate one quarter, though. A few months don’t settle a long-term investment case. But the quarter did show what can happen when the market starts to differentiate broad narratives from fundamental characteristics of the individual companies. Softcat, the biggest contributor to outperformance, is a good example.</p> <p>It’s an IT infrastructure and services provider, and its shares sold off earlier in the year as investors worried that AI would disrupt parts of its market. We thought that interpretation was too blunt. In our view, AI is not making IT easier for companies. If anything, it’s making it much more complicated. Businesses need to work out what technology to use, how it fits with their existing systems, how to manage the risks around it, and how to make sure it actually delivers value. This plays right into Softcat’s strengths.</p> <p>It has long-standing customer relationships, strong vendor partnerships, and a track record of helping companies make sensible technology decisions. And in its latest trading update, it demonstrated that it’s actually already benefiting from AI-related demand. In terms of detractors this quarter, Genus was one of the laggards as its shares were weighed down by macroeconomic uncertainty and the timing of a recovery in the Chinese pork market. We recognise these uncertainties, but we think they risk obscuring the progress that the business has made, including delivering record profits and achieving important milestones in its gene-editing programme. We also continue to work through a strong pipeline of new ideas this quarter and purchased two new holdings, Cranswick and Helios Towers. With Helios Towers, this is a company that owns and operates telecom towers across Africa and the Middle East.</p> <p>We expect demand for mobile data in these markets to grow significantly and for Helios to benefit as their customers rely more heavily on its infrastructure and add more equipment to its existing towers. So to summarise, performance this quarter was encouraging, but it’s only a start. There is still a long way to go before the portfolio’s long-term growth potential is properly reflected in its share prices. AI, geopolitics, interest rates and near-term economic data all matter, but they do not affect every company in the same way. Our job is to look through the labels and ask how change affects the long-term economics of each business. Is the market reacting to the facts or simply reacting to the narrative?</p> <p>For long-term fundamental growth investors, that is not just a challenge, it’s an opportunity. The recovery in performance this quarter is welcome, but we believe the bigger opportunity is still to come.</p> <p style="margin-bottom: 6.0pt;" class="MsoNormal">&nbsp;</p> <h3>UK Alpha</h3> <p><strong>Annual past performance to 30 June each year (%)</strong></p> <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 93.9395px;"> <tbody> <tr style="height: 18.7879px;"> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; width: 27.8552%;">&nbsp;</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;"><strong>2022</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;"><strong>2023</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;"><strong>2024</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;"><strong>2025</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;"><strong>2026</strong></td> </tr> <tr style="height: 37.5758px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 37.5758px; width: 27.8552%;">UK Alpha Composite (gross)&nbsp;</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 37.5758px; text-align: right; width: 14.4483%;">-39.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 37.5758px; text-align: right; width: 14.4483%;">23.7</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 37.5758px; text-align: right; width: 14.4483%;">2.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 37.5758px; text-align: right; width: 14.4483%;">17.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 37.5758px; text-align: right; width: 14.4483%;">2.8</td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 27.8552%;">UK Alpha Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">-40.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">23.0</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">1.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">17.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">2.2</td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 27.8552%;">FTSE All Share index*</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">-10.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">12.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">12.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">20.5</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7879px; text-align: right; width: 14.4483%;">18.1</td> </tr> </tbody> </table> <p>&nbsp;</p> <p><strong>Annualised returns to 30 June 2026 (%)</strong></p> <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 93.3523px;"> <tbody> <tr style="height: 36.9886px;"> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9886px; width: 61.3387%;">&nbsp;</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9886px; width: 13.1043%; text-align: right;"><strong>1 year</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9886px; width: 12.713%; text-align: right;"><strong>5 years</strong></td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 36.9886px; width: 12.844%; text-align: right;"><strong>10 years</strong></td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3387%;">UK Alpha Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 13.1043%; text-align: right;">2.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.713%; text-align: right;">-1.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.844%; text-align: right;">6.0</td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3387%;">UK Alpha Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 13.1043%; text-align: right;">2.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.713%; text-align: right;">-2.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.844%; text-align: right;">5.4</td> </tr> <tr style="height: 18.7879px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 61.3387%;">FTSE All Share index</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 13.1043%; text-align: right;">18.1</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.713%; text-align: right;">10.0</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7879px; width: 12.844%; text-align: right;">8.6</td> </tr> </tbody> </table> <p><span class="source-text">Source: Revolution, FTSE. US dollars. Net returns have been calculated by reducing the gross return by the highest annual management fee for the composite. 1 year figures are not annualised.</span><br><br></p> <p><strong>Past performance is not a guide to future returns.</strong></p> <p>Legal notice: FTSE International Limited (“FTSE”) © FTSE 2025. “FTSE ®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and/or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.</p> <p>&nbsp;</p> <h3>Risk factors&nbsp;</h3> <p>This communication was produced and approved in July 2026 and has not been updated subsequently. It represents views held at the time and may not reflect current thinking.</p> <p>The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.</p> <p>This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned.</p> <p>All information is sourced from Baillie Gifford &amp; Co and is current unless otherwise stated.&nbsp;</p> <p>The images used in this communication are for illustrative purposes only.</p> <p><strong>Important information<br></strong>Baillie Gifford &amp; Co and Baillie Gifford &amp; Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford &amp; Co Limited is an Authorised Corporate Director of OEICs.</p> <p>Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford &amp; Co. Baillie Gifford &amp; Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.&nbsp;</p> <p>Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances.</p> <p><strong>Financial intermediaries</strong><br>This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.</p>

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