Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.

The specific risks associated with the Fund include:

Market Conditions

Any value assigned to illiquid securities which are difficult to trade, such as those in smaller, immature companies, may not accurately reflect the price the Fund might receive upon their sale.

Custody

Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

Smaller, Immature Companies

Investment in smaller, immature companies is generally considered higher risk as the market for their shares may be less liquid and more difficult to trade than that for more established companies. As a result, share price fluctuations may be greater. In addition, smaller, immature companies may not do so well in periods of adverse economic conditions. Where such companies have business models and competitive positions which are less well established, this could result in an increased likelihood of loss for investors.

Concentration

The Fund’s concentration in a particular geographical area or industry may result in large movements in the share price in the short term.

Foreign Currency

The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested .

Volatility

The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.

Further details

Further details of the risks associated with investing in the Fund can be found in the Key Investor Document (EU), Key Investor Information Document (UK), or the Prospectus. Copies of these documents are available at bailliegifford.com.