Overview
Fund objective
The Positive Change Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, over rolling five-year periods. It also aims to contribute to a more sustainable and inclusive world through investing in companies whose products and/or services contribute to impact themes addressing critical social and/or environmental challenges, measured over at least a five-year period.
The manager believes this is an appropriate performance target given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Global Sector.
There is no guarantee that this performance objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.
Investment proposition
Strategy behind the fund
Positive ChangeShare price and charges
Share class
B, AccPrice
395.20p% change
-0.63%Yield
0.2%Ex-dividend (XD)
NOngoing charges*
0.53%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Sustainability label
Sustainable investment labels help investors find products that have a specific sustainability goal. This product invests mainly in solutions to sustainability problems, with an aim to achieve a positive impact for people or the planet. More details can be found in the product’s SDR Sustainability-related Disclosure Document found within the documents section of the website.
Fund facts
Fund launch date
3 January 2017
Fund size
£1,227.30m
The Investment Association sector
Global
Comparative Index
MSCI ACWI Index
Active share
93%**
Annual turnover
25%
Guideline number of holdings
25-50
Current number of holdings
39
Style
Growth
XD Date
Last day of December each year
Distribution
Last day of February each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus two business days (T+2)
**Relative to MSCI ACWI. Source: Baillie Gifford & Co, MSCI.
Meet the managers
Risk Warnings
Risk Introduction
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:
Custody
Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Impact
There is no universally accepted definition of impact. Furthermore, there is a risk that individual investments fail to make a positive contribution to society and/ or the environment, and that overall the Fund fails to meet its objective.
Emerging Markets
The Fund invests in emerging markets where difficulties in trading could arise, resulting in a negative impact on the value of your investment.
Concentration
The Fund's concentrated portfolio relative to similar funds 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.
Environmental, Social and Governance
The Fund invests in companies whose products or behaviour make a positive impact on society and/or the environment. This means the Fund will not invest in certain sectors and companies and the universe of investments available to the Fund will be more limited than other funds that do not apply such criteria. The Fund therefore may have different returns than a fund which has no such restrictions.
Further Information
Further details of the risks associated with investing in the Fund can be found in the NURS-Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Index disclaimer
Important information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.
Fund performance
Periodic performance
As at: 30 April 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 6.9% | -1.2% | -6.9% | 14.2% | 6.5% | 0.1% |
Index* | 7.0% | 4.7% | 4.4% | 29.3% | 17.2% | 11.6% |
Sector Average** | 6.7% | 2.8% | 2.7% | 23.3% | 12.2% | 7.4% |
Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance
As at: 31 March 2026
31/03/2021 – 31/03/2022 | 31/03/2022 – 31/03/2023 | 31/03/2023 – 31/03/2024 | 31/03/2024 – 31/03/2025 | 31/03/2025 – 31/03/2026 | |
|---|---|---|---|---|---|
Class B-Acc | 2.1% | -9.3% | 7.0% | -5.1% | 8.0% |
Index* | 12.9% | -0.9% | 21.2% | 5.3% | 18.0% |
Sector Average** | 8.4% | -2.7% | 16.7% | -0.3% | 13.4% |
Important information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | TSMC | 9.1% |
| 2 | ASML | 6.4% |
| 3 | Deere & Co | 4.8% |
| 4 | Remitly Global | 4.6% |
| 5 | Microsoft | 4.3% |
| 6 | Arm Holdings | 3.6% |
| 7 | Sandoz Group AG | 3.5% |
| 8 | New York Times Co | 3.5% |
| 9 | Ecolab | 3.2% |
| 10 | CATL | 3.1% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 28.5 | 28.7 | -0.2 |
| 2 | Industrials | 23.9 | 11.3 | 12.7 |
| 3 | Health Care | 17.4 | 8.1 | 9.3 |
| 4 | Financials | 13.7 | 16.4 | -2.7 |
| 5 | Consumer Discretionary | 9.3 | 9.3 | -0.1 |
| 6 | Communication Services | 3.5 | 8.8 | -5.3 |
| 7 | Materials | 3.2 | 3.8 | -0.6 |
| 8 | Cash | 0.6 | 0.0 | 0.6 |
Total | 100.0 | 86.3 |
Top 10 geographical locations
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | United States | 46.4 | 63.4 | -17.0 |
| 2 | Taiwan | 9.1 | 2.9 | 6.2 |
| 3 | Netherlands | 6.4 | 1.2 | 5.2 |
| 4 | UK | 6.3 | 3.2 | 3.1 |
| 5 | Brazil | 5.0 | 0.6 | 4.5 |
| 6 | Sweden | 4.2 | 0.8 | 3.4 |
| 7 | Singapore | 4.1 | 0.4 | 3.8 |
| 8 | Switzerland | 3.5 | 2.0 | 1.5 |
| 9 | China | 3.1 | 2.7 | 0.3 |
| 10 | France | 3.0 | 2.2 | 0.8 |
Total | 91.0 | 79.4 |
Region
As at: 30 April 2026
# | Region | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | North America | 47.9 | 66.5 | -18.6 |
| 2 | Emerging Markets | 25.7 | 11.8 | 13.9 |
| 3 | Europe (ex UK) | 19.6 | 11.2 | 8.3 |
| 4 | UK | 6.3 | 3.2 | 3.1 |
| 5 | Developed Asia Pacific | 0.0 | 7.3 | -7.3 |
| 6 | Cash | 0.6 | 0.0 | 0.6 |
Total | 100.0 | 100.0 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Beijer Ref
- Veeva Systems Inc Class A
Complete sales
- Soitec
Additions
- Kaspi.kz ADR
Reductions
- MercadoLibre
- Nu Holdings Ltd.
- Shopify 'A'
Important information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Positive Sparks: financial resilience
Why more accessible, affordable protection products could become a major growth theme.
Positive Change Q1 update
Investment specialist Catherine Flockhart reflects on recent performance, portfolio changes and market developments.
Riding the Fire Horse
Why the Positive Change portfolio is built to stay resilient when markets turn disorderly.
Positive Sparks: AI and energy
Uncover two companies tackling key grid bottlenecks that support both data centres and society.
Positive Conversations 2025
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
Positive Change: our philosophy
Kate Fox and Ed Whitten discuss the Baillie Gifford Positive Change Strategy.Positive Change Q4 update
Investment manager Kate Fox reflects on recent performance, portfolio changes and market developments.
Positive Change: looking back at 2025
Assessing a year of AI-dominated markets and our innovation-driven portfolio.
TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.
Positive Sparks: rare diseases
Discover the companies transforming global health with rare disease innovations.
Positive Change Q3 update
Investment specialist Catherine Flockhart reflects on recent performance, portfolio changes and market developments.
Pioneering Positive Change
In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?
Positive Sparks: financial inclusion
Explore how digital innovation is revolutionising financial access for the world's unbanked.
The ‘invisible’ millions: banking’s new frontier
From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.
Positive Change Q2 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Positive Change Q2 update
Investment manager Lee Qian reflects on recent performance, portfolio changes and market developments.
Positive Change Impact Report 2024
What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.
Positive Sparks: fast fashion
Shifting consumer attitudes are driving innovative solutions to make fashion more sustainable.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
Positive Change Q1 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Positive Change Q1 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
Positive Change: a review of 2024
A detailed overview of 2024 covering performance, portfolio and investment approach.
Positive Conversations 2024
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
Positive Sparks: diabetes
Discover how groundbreaking diabetes solutions are driving global positive change.
Positive Change Q4 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Stock story: Ecolab
Learn how Ecolab is helping customers around the world be better stewards of water.
Academic collaborations that count
The experts helping us gain an investment edge when thinking about farming, human rights and AI.
Positive Change Impact Report 2023
Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.
Lessons from a time traveller
A journey through time uncovers the deep transitions that can reshape our world.
Remitly: easy global remittance
The mobile app that busts stress and high charges for workers sending money back home.
Positive Conversations 2023
The Positive Change Team’s ESG and engagement report shows the difference talking can make.
Positive Change in a new paradigm
Impact investing amidst shifting economic landscapes and technological advancements.
Positive Change: a review of 2023
A performance update explaining why we back firms solving social and economic issues such as Moderna and MercadoLibre.
Positive Change Fund webinar
Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
Positive Change reflections on 2022
The team considers performance in a year of ‘permacrisis’ and the outlook for the months ahead.
Positive Conversations 2022
We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.
Positive Conversations 2022
Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
How education escaped from the classroom
Online courses have upended the economics of education, Thaiha Nguyen explains.
Sustainable investing: finding the innovative companies of the future
Are there limits to economic growth? Will we run out of ideas? Investment manager Lee Qian explains why he’s confident innovation will create a more prosperous, sustainable and inclusive world.
Positive Conversations
From environmental transitions to responsible AI and governance, Positive Conversations 2025 captures how we engage with the companies we invest in. This seventh edition brings together a year of dialogue - showing how constructive challenge and long-term relationships shape both investment judgement and stewardship. Explore the digital summary and highlights from our 2025 report below.
Impact Report 2024
From climate solutions to social progress, our 2024 Impact Report highlights how the companies we invest in make a difference and build a more sustainable future.
Positive Sparks
Read this article series from the Positive Change Team, which spotlights pressing global challenges and the trailblazing companies working towards a more inclusive and sustainable world.
All insights
Positive Sparks: financial resilience
Why more accessible, affordable protection products could become a major growth theme.Positive Change Q1 update
Investment specialist Catherine Flockhart reflects on recent performance, portfolio changes and market developments.Riding the Fire Horse
Why the Positive Change portfolio is built to stay resilient when markets turn disorderly.Positive Sparks: AI and energy
Uncover two companies tackling key grid bottlenecks that support both data centres and society.Positive Conversations 2025
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.Positive Change: our philosophy
Kate Fox and Ed Whitten discuss the Baillie Gifford Positive Change Strategy.Positive Change Q4 update
Investment manager Kate Fox reflects on recent performance, portfolio changes and market developments.Positive Change: looking back at 2025
Assessing a year of AI-dominated markets and our innovation-driven portfolio.TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.Positive Sparks: rare diseases
Discover the companies transforming global health with rare disease innovations.Positive Change Q3 update
Investment specialist Catherine Flockhart reflects on recent performance, portfolio changes and market developments.Pioneering Positive Change
In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?Positive Sparks: financial inclusion
Explore how digital innovation is revolutionising financial access for the world's unbanked.The ‘invisible’ millions: banking’s new frontier
From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.Positive Change Q2 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Positive Change Q2 update
Investment manager Lee Qian reflects on recent performance, portfolio changes and market developments.Positive Change Impact Report 2024
What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.Positive Sparks: fast fashion
Shifting consumer attitudes are driving innovative solutions to make fashion more sustainable.Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.Positive Change Q1 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Positive Change Q1 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.Positive Change: a review of 2024
A detailed overview of 2024 covering performance, portfolio and investment approach.Positive Conversations 2024
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.Positive Sparks: diabetes
Discover how groundbreaking diabetes solutions are driving global positive change.Positive Change Q4 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Stock story: Ecolab
Learn how Ecolab is helping customers around the world be better stewards of water.Academic collaborations that count
The experts helping us gain an investment edge when thinking about farming, human rights and AI.Positive Change Impact Report 2023
Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.Lessons from a time traveller
A journey through time uncovers the deep transitions that can reshape our world.Remitly: easy global remittance
The mobile app that busts stress and high charges for workers sending money back home.Positive Conversations 2023
The Positive Change Team’s ESG and engagement report shows the difference talking can make.Positive Change in a new paradigm
Impact investing amidst shifting economic landscapes and technological advancements.Positive Change: a review of 2023
A performance update explaining why we back firms solving social and economic issues such as Moderna and MercadoLibre.Positive Change Fund webinar
Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.Positive Change reflections on 2022
The team considers performance in a year of ‘permacrisis’ and the outlook for the months ahead.Positive Conversations 2022
We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.Positive Conversations 2022
Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.How education escaped from the classroom
Online courses have upended the economics of education, Thaiha Nguyen explains.Sustainable investing: finding the innovative companies of the future
Are there limits to economic growth? Will we run out of ideas? Investment manager Lee Qian explains why he’s confident innovation will create a more prosperous, sustainable and inclusive world.
Important information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.
Documents
You can access any literature about the Fund here.
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.
Important information
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients and is authorised and regulated by the UK Financial Conduct Authority. Baillie Gifford Overseas Limited is not licensed under the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance pursuant to the Advice Law.
Baillie Gifford Overseas Limited markets and distributes Baillie Gifford’s range of collective investment schemes to Qualified Clients and Qualified Investors in Israel, as listed in the First Addendum to the Regulation of Investment Advising, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and in the First Addendum to the Israel Securities Law, 5728-1968 (the “Securities Law”). Detailed disclosure of the collective investment schemes can be found within this website and in the relevant scheme prospectus.
Baillie Gifford Overseas Limited does not provide investment advice. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
No action has been or will be taken in Israel that would permit a public offering or distribution of the Funds mentioned in this website to the public in Israel. This website and the Funds mentioned herein have not been approved by the Israeli Securities Authority (the “ISA”). In addition, the Funds mentioned in this website are not regulated under the provisions of Israel’s Joint Investment Trusts law, 5754-1994 (the “Joint Investment Trusts Law”). This website and the Funds mentioned herein will only be distributed to Israeli residents in reliance on an exemption from any advice or marketing restrictions [in a manner that will not constitute “an offer to the public” under sections 15 and 15a of]/[in reliance on an exemption from the prospectus requirements under] the Israel Securities Law, 5728-1968 (the “Securities Law”) or the Joint Investment Trusts Law, and any guidelines, pronouncements or rulings issued from time to time by the ISA as applicable.