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<p><strong>As with any investment, your capital is at risk.</strong></p>
<p><br><strong>Qian Zhang</strong>: We’ve spent the last few videos talking about why emerging markets, the rewiring of globalisation, stronger macro resilience, EM companies that are leapfrogging the west and playing essential roles in global trends such as AI and the energy transition.</p>
<p>But spotting the opportunity is only the start. The harder part is capturing it through the noise, the volatility and the short-term headlines that often dominate this asset class. That's where our edge lies. We have invested in dedicated EM strategies for over 30 years, through the Asian financial crisis, the dotcom boom and bust, the global financial crisis and the pandemic. Less than five percent of EM managers have a track record as long as us.</p>
<p>Experience matters in an asset class like this, but so does philosophy. Our philosophy is to think long-term to back great growth companies through periods of discomfort. We are prepared to look different in these inefficient, lightly-covered markets where active decisions matter most. That approach has delivered for clients. They have outperformed in more than 90 percent of rolling five-year periods since inception.</p>
<p>So if you share a view that the bigger risk today is missing the opportunity altogether, our emerging markets team is here to do the deep work finding companies that matter and investing them for the long term. If you'd like to find out more, our paper titled ‘Emerging Markets: are you missing the point?’ sets out the case in more detail.</p>
<p> </p>
<h3>Emerging Markets</h3>
<h3>Annual past performance to 31 December each year (%)</h3>
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<p class="MsoNormal"> </p>
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<p class="MsoNormal"><strong>2021</strong></p>
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<p class="MsoNormal"><strong>2022</strong></p>
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<p class="MsoNormal"><strong>2023</strong></p>
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<p class="MsoNormal"><strong>2024</strong></p>
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<p class="MsoNormal"><strong>2025</strong></p>
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<td style="border-right: 1pt solid rgb(204, 204, 204); border-bottom: 1pt solid rgb(204, 204, 204); border-left: 1pt solid rgb(204, 204, 204); border-image: initial; border-top: none; padding: 7.5pt; height: 13.9pt; width: 60.3133%;">
<p class="MsoNormal"> Emerging Markets All Cap Composite (gross)</p>
</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 7.96345%;">-7.8</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 8.09399%;">-26.5</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 7.96345%;">15.1</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 7.96345%;">6.9</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 7.96345%;">40.6</td>
</tr>
<tr style="mso-yfti-irow: 2; height: 13.9pt;">
<td style="border-right: 1pt solid rgb(204, 204, 204); border-bottom: 1pt solid rgb(204, 204, 204); border-left: 1pt solid rgb(204, 204, 204); border-image: initial; border-top: none; padding: 7.5pt; height: 13.9pt; width: 60.3133%;">
<p class="MsoNormal"> Emerging Markets All Cap Composite (net)</p>
</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 7.96345%;">-8.5</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 8.09399%;">-27.1</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 7.96345%;">14.2</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 7.96345%;">6.1</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 7.96345%;">39.4</td>
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<td style="border-right: 1pt solid rgb(204, 204, 204); border-bottom: 1pt solid rgb(204, 204, 204); border-left: 1pt solid rgb(204, 204, 204); border-image: initial; border-top: none; padding: 7.5pt; height: 13.9pt; width: 60.3133%;">
<p class="MsoNormal">MSCI Emerging Markets index</p>
</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 7.96345%;">-2.2</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 8.09399%;">-19.7</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 7.96345%;">10.3</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding-top: 7.5pt; padding-right: 7.5pt; padding-bottom: 7.5pt; height: 13.9pt; width: 7.96345%;"> 8.1</td>
<td style="border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding: 7.5pt; height: 13.9pt; width: 7.96345%;">34.4</td>
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<p class="MsoNormal"> </p>
<h3>Annualised returns to 31 December 2025 (%)</h3>
<table border="1" cellspacing="0" cellpadding="0" width="100%" class="MsoNormalTable" style="width: 100.0%; border-collapse: collapse; border: none; mso-border-alt: outset windowtext .25pt; mso-yfti-tbllook: 1184;">
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<td width="61%" style="width: 61.32%; border: solid #CCCCCC 1.0pt; border-bottom: solid black 1.5pt; mso-border-alt: solid #CCCCCC .75pt; mso-border-bottom-alt: solid black 1.5pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 27.75pt;">
<p class="MsoNormal"> </p>
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<td width="13%" style="width: 13.1%; border-top: solid #CCCCCC 1.0pt; border-left: none; border-bottom: solid black 1.5pt; border-right: solid #CCCCCC 1.0pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; mso-border-bottom-alt: solid black 1.5pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 27.75pt;">
<p class="MsoNormal"><strong>1 year</strong></p>
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<p class="MsoNormal"><strong>5 years</strong></p>
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<td width="12%" style="width: 12.84%; border-top: solid #CCCCCC 1.0pt; border-left: none; border-bottom: solid black 1.5pt; border-right: solid #CCCCCC 1.0pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; mso-border-bottom-alt: solid black 1.5pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 27.75pt;">
<p class="MsoNormal"><strong>10 years</strong></p>
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<tr style="mso-yfti-irow: 1; height: 13.9pt;">
<td width="61%" style="width: 61.32%; border: solid #CCCCCC 1.0pt; border-top: none; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 13.9pt;">
<p class="MsoNormal">Emerging Markets All Cap Composite (gross)</p>
</td>
<td width="13%" style="width: 13.1%; border-top: none; border-left: none; border-bottom: solid #CCCCCC 1.0pt; border-right: solid #CCCCCC 1.0pt; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 13.9pt;">40.6</td>
<td width="12%" style="width: 12.7%; border-top: none; border-left: none; border-bottom: solid #CCCCCC 1.0pt; border-right: solid #CCCCCC 1.0pt; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 13.9pt;">3.2</td>
<td width="12%" style="width: 12.84%; border-top: none; border-left: none; border-bottom: solid #CCCCCC 1.0pt; border-right: solid #CCCCCC 1.0pt; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 13.9pt;">10.5</td>
</tr>
<tr style="mso-yfti-irow: 2; height: 13.9pt;">
<td width="61%" style="width: 61.32%; border: solid #CCCCCC 1.0pt; border-top: none; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 13.9pt;">Emerging Markets All Cap Composite (net)</td>
<td width="13%" style="width: 13.1%; border-top: none; border-left: none; border-bottom: solid #CCCCCC 1.0pt; border-right: solid #CCCCCC 1.0pt; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 13.9pt;">39.4</td>
<td width="12%" style="width: 12.7%; border-top: none; border-left: none; border-bottom: solid #CCCCCC 1.0pt; border-right: solid #CCCCCC 1.0pt; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 13.9pt;">2.4</td>
<td width="12%" style="width: 12.84%; border-top: none; border-left: none; border-bottom: solid #CCCCCC 1.0pt; border-right: solid #CCCCCC 1.0pt; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 13.9pt;">9.6</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes; height: 13.9pt;">
<td width="61%" style="width: 61.32%; border: solid #CCCCCC 1.0pt; border-top: none; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 13.9pt;">
<p class="MsoNormal">MSCI Emerging Markets index</p>
</td>
<td width="13%" style="width: 13.1%; border-top: none; border-left: none; border-bottom: solid #CCCCCC 1.0pt; border-right: solid #CCCCCC 1.0pt; mso-border-top-alt: solid #CCCCCC .75pt; mso-border-left-alt: solid #CCCCCC .75pt; mso-border-alt: solid #CCCCCC .75pt; padding: 7.5pt 7.5pt 7.5pt 7.5pt; height: 13.9pt;">34.4</td>
<td width="12%" style="width: 12.7%; border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding-top: 7.5pt; padding-right: 7.5pt; padding-bottom: 7.5pt; height: 13.9pt;"> 4.7</td>
<td width="12%" style="width: 12.84%; border-top: none; border-left: none; border-bottom: 1pt solid rgb(204, 204, 204); border-right: 1pt solid rgb(204, 204, 204); padding-top: 7.5pt; padding-right: 7.5pt; padding-bottom: 7.5pt; height: 13.9pt;"> 8.9</td>
</tr>
</tbody>
</table>
<p>Source: Revolution, MSCI. US dollars. Returns have been calculated by reducing the gross return by the highest annual management fee for the composite. 1 year figures are not annualised.</p>
<p>Past performance is not a guide to future returns.</p>
<p>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.</p>
<p> </p>
<h2 data-gtm-vis-recent-on-screen934959_1669="1391" data-gtm-vis-first-on-screen934959_1669="1391" data-gtm-vis-total-visible-time934959_1669="100" data-gtm-vis-has-fired934959_1669="1">Risk factors </h2>
<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 March 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</p>
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<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>
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