European Equities Manager Update.

Europe is home to many high quality businesses with good growth prospects, which are often global leaders in their industry. As fundamental, long-term investors, we aim to build a portfolio of shares of such companies which we expect to hold for a long time. We believe that by doing so we will earn attractive returns for our clients over the long term, regardless of the external environment.

Baillie Gifford European Growth Trust aims to achieve capital growth over the long term from a diversified portfolio of European securities.