NetherlandsNetherlandsProfessional 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.

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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><strong>Kathleen Hunter</strong>: &nbsp;Periods of significant relative underperformance are deeply uncomfortable. For those of you who have trusted us with your capital and feel disappointed by recent outcomes, we absolutely recognise that. While being odds with the market is an inevitable part of long-term investing, the past five years have been unusually extreme.&nbsp;</p> <p>A challenging macroeconomic backdrop marked by sharp rate rises, higher energy prices and geopolitical tensions has given strong returns in parts of the index, particularly oil and gas, banking and defence sectors.</p> <p>By contrast, the long-duration growth companies that we typically invest in have firmly been out of favour with sustained operational progress largely unrewarded by the market. Periods like this do test conviction, but they also create huge opportunities. While share prices have been weak, the earnings power of the companies we invest in has remained robust. As a result, valuations across many companies in the UK Alpha Strategy are now trading at historically low levels.</p> <p>This growing disconnect increasingly resembles a coiled spring where short-term pressure is building, not eroding the potential for future returns. The most recent quarter illustrates this clearly.&nbsp;</p> <p>While the FTSE All-Share Index finished&nbsp;ahead, there was a range of highly polarised share price moves beneath the surface. Oil and gas shares rose sharply, driven by the conflict in the Middle East, while a pronounced AI-related sell off weighed heavily on software and technology businesses.</p> <p>Against this backdrop, the UK Alpha Strategy underperformed. Our lack of exposure to oil majors Shell and BP detracted from the performance. At the same time, shares in several holdings including Auto Trader, Kainos, Experian and Softcat struggled as concerns around artificial intelligence weighed on sentiment. We have reviewed these businesses carefully through a combination of structured site visits, bottom up analysis and rigorous internal debate.</p> <p>And in our view, the market is overestimating disruption and underestimating durability. Take Auto Trader. There's a concern that AI could disintermediate its role in the car buying journey, but Auto Trader is at the centre of the UK automotive ecosystem, with the largest audience of buyers and the broadest network of dealers. The value it provides to both sides of this network is underpinned by a rich dataset spanning pricing, inventory and consumer behaviour.</p> <p>An asset that we believe is strengthened, not weakened, by AI. In terms of Kainos, concerns have been focused on AI reducing demand for their IT implementation services. However, our discussions with management suggest that customer adoption will be gradual, constrained by data quality and organisational readiness. While AI may lower barriers to writing code, it's likely to increase demand for higher value services such as integration and governance, where Kainos is well positioned to support its customers.&nbsp;</p> <p>Across the strategy we see a consistent pattern. Short-term uncertainty is driving more cautious assumptions and lower valuations, despite resilient fundamentals and strong long term prospects. But there's also been some areas of strength. AJ Bell performed well during the quarter, after another strong trading update, growing both customer numbers and assets by around 20 percent over the past year. Oxford Instruments also contributed positively,</p> <p>benefiting from rising demand from semiconductor equipment and a significantly stronger order book. We've also been actively trading. We exited Trainline and Ocado and redeployed the capital into higher conviction opportunities, adding to Greggs and Softcat. Both are high-quality businesses with strong competitive positions, and recent share price weakness has given us the opportunity to increase exposures at attractive valuations.</p> <p>To summarise, while recent performance has been challenging, we believe the current environment is reinforcing, not undermining our approach. Markets today are increasingly driven by short-term narratives and narrow leadership. This is creating mispricing in businesses with strong long-term prospects. We're seeing this across the strategy and we're leaning into it, deploying capital into high-quality companies at compelling valuations.</p> <p>As I said at the start, when conviction is tested, opportunities are created. While this has been a difficult period, we would struggle to identify a time when the opportunity to generate long-term returns from UK growth companies has ever been more compelling.</p> <p>&nbsp;</p> <h3 class="TABLEHEADER1212pt">UK Alpha</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: 74.6668px;"> <tbody> <tr style="height: 18.6667px;"> <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: 18.6667px;">&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: 18.6667px; 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: 18.6667px; 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: 18.6667px; 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: 18.6667px; text-align: right;"><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: 18.6667px; text-align: right;"><strong>2026</strong></td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">UK Alpha Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-22.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-9.4</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">6.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">1.5</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">6.4</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">UK Alpha Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-23.4</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-9.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">6.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">0.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">5.8</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">FTSE All Share index</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">7.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-3.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">10.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">12.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">24.2</td> </tr> </tbody> </table> <p>&nbsp;</p> <p><strong>Annualised returns to 31 March 2026 (%)</strong></p> <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 93.0001px;"> <tbody> <tr style="height: 37px;"> <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: 37px; 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: 37px; 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: 37px; 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: 37px; 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%;">UK Alpha Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">6.4</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">-4.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">4.1</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">UK Alpha Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">5.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">-4.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">3.5</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">FTSE All Share index</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">24.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">10.1</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">7.7</td> </tr> </tbody> </table> <p><strong>Source:</strong> 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.<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 April 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>&nbsp;</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 Q1 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 April 2026

#Holding% of total assets
1Games Workshop8.3%
24imprint 6.0%
3AJ Bell4.9%
4Experian4.6%
5Wise4.5%
6Moonpig Group4.5%
7Softcat4.4%
8Renishaw4.3%
9Spirax Sarco4.0%
10Auto Trader3.9%

Sector

As at: 30 April 2026

#
Sector
Fund %
Index % *
Difference %
1
Industrials
24.8
11.8
12.9
2
Consumer Discretionary
24.4
6.1
18.3
3
Financials
16.3
29.0
-12.7
4
Technology
14.4
2.5
11.9
5
Basic Materials
5.9
7.8
-1.8
6
Health Care
5.8
12.0
-6.2
7
Consumer Staples
5.7
12.5
-6.8
8
Real Estate
1.2
1.9
-0.7
9
Cash
1.6
0.0
1.6
Total
100.0
83.6

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.

Start a conversation

Insights

Key articles, videos and podcasts relating to the strategy:

Filters

Insights

Viewing 17 of 17
  1. alt=""

    UK Alpha Q1 update

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

  2. UK Alpha Q4 update

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

  3. UK Alpha Q3 update

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

  4. Our best UK ideas

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

  5. UK Alpha Q2 update

    Investment manager Milena Mileva reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video5 minutes
  6. “”

    Actual investing revisited

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

  7. 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

  8. UK Alpha Q1 update

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

  9. 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

  10. 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

  11. Creo Medical: at the spearhead of surgery

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

  12. 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

  13. 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

  14. UK equities: growth on our doorstep

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

  15. The case for UK equities

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

  16. Joiners’ mate

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

  17. 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. 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><strong>Kathleen Hunter</strong>: &nbsp;Periods of significant relative underperformance are deeply uncomfortable. For those of you who have trusted us with your capital and feel disappointed by recent outcomes, we absolutely recognise that. While being odds with the market is an inevitable part of long-term investing, the past five years have been unusually extreme.&nbsp;</p> <p>A challenging macroeconomic backdrop marked by sharp rate rises, higher energy prices and geopolitical tensions has given strong returns in parts of the index, particularly oil and gas, banking and defence sectors.</p> <p>By contrast, the long-duration growth companies that we typically invest in have firmly been out of favour with sustained operational progress largely unrewarded by the market. Periods like this do test conviction, but they also create huge opportunities. While share prices have been weak, the earnings power of the companies we invest in has remained robust. As a result, valuations across many companies in the UK Alpha Strategy are now trading at historically low levels.</p> <p>This growing disconnect increasingly resembles a coiled spring where short-term pressure is building, not eroding the potential for future returns. The most recent quarter illustrates this clearly.&nbsp;</p> <p>While the FTSE All-Share Index finished&nbsp;ahead, there was a range of highly polarised share price moves beneath the surface. Oil and gas shares rose sharply, driven by the conflict in the Middle East, while a pronounced AI-related sell off weighed heavily on software and technology businesses.</p> <p>Against this backdrop, the UK Alpha Strategy underperformed. Our lack of exposure to oil majors Shell and BP detracted from the performance. At the same time, shares in several holdings including Auto Trader, Kainos, Experian and Softcat struggled as concerns around artificial intelligence weighed on sentiment. We have reviewed these businesses carefully through a combination of structured site visits, bottom up analysis and rigorous internal debate.</p> <p>And in our view, the market is overestimating disruption and underestimating durability. Take Auto Trader. There's a concern that AI could disintermediate its role in the car buying journey, but Auto Trader is at the centre of the UK automotive ecosystem, with the largest audience of buyers and the broadest network of dealers. The value it provides to both sides of this network is underpinned by a rich dataset spanning pricing, inventory and consumer behaviour.</p> <p>An asset that we believe is strengthened, not weakened, by AI. In terms of Kainos, concerns have been focused on AI reducing demand for their IT implementation services. However, our discussions with management suggest that customer adoption will be gradual, constrained by data quality and organisational readiness. While AI may lower barriers to writing code, it's likely to increase demand for higher value services such as integration and governance, where Kainos is well positioned to support its customers.&nbsp;</p> <p>Across the strategy we see a consistent pattern. Short-term uncertainty is driving more cautious assumptions and lower valuations, despite resilient fundamentals and strong long term prospects. But there's also been some areas of strength. AJ Bell performed well during the quarter, after another strong trading update, growing both customer numbers and assets by around 20 percent over the past year. Oxford Instruments also contributed positively,</p> <p>benefiting from rising demand from semiconductor equipment and a significantly stronger order book. We've also been actively trading. We exited Trainline and Ocado and redeployed the capital into higher conviction opportunities, adding to Greggs and Softcat. Both are high-quality businesses with strong competitive positions, and recent share price weakness has given us the opportunity to increase exposures at attractive valuations.</p> <p>To summarise, while recent performance has been challenging, we believe the current environment is reinforcing, not undermining our approach. Markets today are increasingly driven by short-term narratives and narrow leadership. This is creating mispricing in businesses with strong long-term prospects. We're seeing this across the strategy and we're leaning into it, deploying capital into high-quality companies at compelling valuations.</p> <p>As I said at the start, when conviction is tested, opportunities are created. While this has been a difficult period, we would struggle to identify a time when the opportunity to generate long-term returns from UK growth companies has ever been more compelling.</p> <p>&nbsp;</p> <h3 class="TABLEHEADER1212pt">UK Alpha</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: 74.6668px;"> <tbody> <tr style="height: 18.6667px;"> <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: 18.6667px;">&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: 18.6667px; 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: 18.6667px; 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: 18.6667px; 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: 18.6667px; text-align: right;"><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: 18.6667px; text-align: right;"><strong>2026</strong></td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">UK Alpha Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-22.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-9.4</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">6.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">1.5</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">6.4</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">UK Alpha Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-23.4</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-9.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">6.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">0.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">5.8</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">FTSE All Share index</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">7.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">-3.3</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">10.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">12.9</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; text-align: right;">24.2</td> </tr> </tbody> </table> <p>&nbsp;</p> <p><strong>Annualised returns to 31 March 2026 (%)</strong></p> <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 93.0001px;"> <tbody> <tr style="height: 37px;"> <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: 37px; 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: 37px; 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: 37px; 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: 37px; 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%;">UK Alpha Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">6.4</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">-4.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">4.1</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">UK Alpha Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">5.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">-4.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">3.5</td> </tr> <tr style="height: 18.6667px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3387%;">FTSE All Share index</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.1043%; text-align: right;">24.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.713%; text-align: right;">10.1</td> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.844%; text-align: right;">7.7</td> </tr> </tbody> </table> <p><strong>Source:</strong> 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.<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 April 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>&nbsp;</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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