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<p><strong>Your capital is at risk. Past performance is not a guide to future returns. The following update is based on a representative portfolio. As such, stock examples may not be held in every client portfolio, and performance may differ.</strong></p>
<p>Since we began Long Term Global Growth over two decades ago, we have been through several sharp drawdowns and periods where our growth style has been out of favour. The latest quarter has continued a significant rotation out of growth equities that began late last year, led by a rapid derating of technology companies and compounded by conflict in the Middle East. </p>
<p>Several of our holdings, across advertising, software, retail and gaming, were caught up in a broad sell-off as investors grew worried about the potentially disruptive impact of artificial intelligence.</p>
<p>Against that backdrop, the LTGG portfolio fell by around 16 percent in the quarter, while the MSCI All Country World Index fell by around 3 percent, in US dollar terms. We launched LTGG with a clear objective: to deliver outsized, long-term returns for our clients by holding a concentrated portfolio of exceptional growth companies. That has never made for a smooth journey.</p>
<p>These two charts illustrate that well. The first shows that $10,000 invested at inception in 2004 would have grown to around $130,000 by the end of 2025, compounding at around 13 percent per annum in US dollars and delivering nearly 3x the index return.</p>
<p>The second is the price of admission for those returns: a path of relative performance that has been bumpy, and at times uncomfortable. This is where we are now. But we know that long-term outperformance is driven by growth in earnings and cashflows. So, we have been re-testing our investment cases and acting where the gap between share prices and the long-term opportunities that we see have widened.</p>
<p>For example, we have added to holdings where hardware is strengthening product development and deepening customer relationships. Take Samsara: its sensors and cameras turn physical operations into data-driven systems, improving safety, efficiency and uptime. This is driving accelerating recurring revenues, and its operational progress remains on a strong path.</p>
<p>We also added to positions where AI enhances growing network effects. In mobile advertising, AppLovin’s AI-powered bidding model improves returns on ad spend for customers. By processing millions of decisions every second, it creates a powerful data flywheel that strengthens customer results and deepens engagement. Recent results remain exceptional, with revenue growth accelerating nearly 70 percent year on year.</p>
<p>Likewise, we have added to Reddit as one of the most distinctive places on the internet, built around real communities and human conversation. Revenue growth remains extremely strong, while performance advertising represents a nascent but significant opportunity in which Reddit is gaining early traction.</p>
<p>We’ve also continued to plant seeds for future growth by taking a new holding in MakeMyTrip, India’s leading online travel agency. It offers unrivalled breadth and depth of choice and commands a near-monopolistic position. Its outlier growth potential is supported by the structural tailwinds of rising affluence and growing digital adoption.</p>
<p>We have also remained disciplined about where we see upside diminishing. We sold The Trade Desk, where execution missteps have frayed the investment case as competition intensified, and reduced Netflix, where we view its aborted bid to acquire Warner Bros. as a signal that organic growth is becoming more challenging, and likely to be more expensive in the future.</p>
<p>Taking a step back, short-termism in markets is becoming more pronounced, not less. An increasing share of market activity is now driven by participants with little regard for long-term fundamentals, while passive flows reinforce momentum in share prices.</p>
<p>But LTGG takes a different approach. The average holding period in the portfolio is close to eight years, versus around 10 months for global markets. When the market’s horizon shortens, dislocations between share prices and long-term growth prospects widen, creating opportunity and strengthening our edge.</p>
<p>But that edge does not come from patience alone. It also reflects the inputs behind our research: long-cultivated access to management teams across both public and private companies. For example, recent engagements with founders of AI businesses in the US and China have given us a distinct vantage point on where value may accrue in the future. These inputs, among others, become ever more valuable as the market’s time horizon shrinks.</p>
<p>While recent performance has been challenging, we remain confident about the portfolio’s outlier growth potential. The holdings continue to deliver operationally: revenue and earnings growth remain significantly ahead of the market average, while reinvestment continues to support innovation and future growth. All the while, the portfolio’s relative valuation remains very supportive, at decade lows.</p>
<p>This quarter we have been intentional: adding where volatility has created opportunity and broadening the portfolio’s base of future growth. That is why we remain optimistic and excited. The path will not always be smooth. But as the market becomes more short term, the value of being different should only increase.</p>
<p> </p>
<h3 class="TABLEHEADER1212pt">Long Term Global Growth</h3>
<p><strong>Annual past performance to 31 March each year (%)</strong></p>
<table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 74px;">
<tbody>
<tr style="height: 18.5px;">
<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: 18.5px;"> </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: 18.5px; text-align: right;"><strong>2021</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: 18.5px; text-align: right;"><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: 18.5px; text-align: right;"><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: 18.5px; text-align: right;"><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: 18.5px; text-align: right;"><strong>2025</strong></td>
</tr>
<tr style="height: 18.5px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px;">Long Term Global Growth Composite (gross)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">-17.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">-17.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">27.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">8.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">5.0</td>
</tr>
<tr style="height: 18.5px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px;">Long Term Global Growth Composite (net)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">-18.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">-18.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">26.2</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">7.7</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">4.3</td>
</tr>
<tr style="height: 18.5px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px;">MSCI ACWI Index</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">7.7</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">-7.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">23.8</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">7.6</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right;">20.5</td>
</tr>
</tbody>
</table>
<p> </p>
<p><strong>Annualised returns to 31 March 2026 (%)</strong></p>
<table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 93.3334px;">
<tbody>
<tr style="height: 37.3333px;">
<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: 37.3333px; width: 61.3387%;"> </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: 37.3333px; 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: 37.3333px; 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: 37.3333px; width: 12.844%; text-align: right;"><strong>10 years</strong></td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">Long Term Global Growth Composite (gross)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">5.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">-0.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">15.4</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">Long Term Global Growth Composite (net)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">4.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">-1.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">14.6</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">MSCI ACWI Index</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">20.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">10.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">11.9</td>
</tr>
</tbody>
</table>
<p><span class="source-text"><strong>Source:</strong> Revolution, MSCI. 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><span class="source-text">Legal notice: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.</span></p>
<p> </p>
<h3>Risk factors and important information</h3>
<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 was produced and approved in April 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</p>
<h3>Potential for Profit and Loss</h3>
<p>All investment strategies have the potential for profit and loss, your or your clients’ capital may be at risk. Past performance is not a guide to future returns.</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 & Co and is current unless otherwise stated.</p>
<p>The images used in this communication are for illustrative purposes only.</p>
<h3>Important Information</h3>
<p>Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs.</p>
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<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>
<h3>Financial Intermediaries</h3>
<p>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>
