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<p><strong>Your capital is at risk. Past performance is not a guide to future returns.</strong></p>
<p><strong>This transcript has been generated by AI.</strong></p>
<p><strong>Jack Paladini (JP):</strong> Good morning, and welcome to this quarter 4 updates on Baillie Gifford International Concentrated Growth Strategy, or ICG, for short. My name is Jack Paladini. I'm one of the client relationship managers in our US financial intermediaries team, and I'm very pleased to be joined by Paul Taylor today, who is, an ICG, investment specialist director. Before we begin, a quick reminder that everything discussed today is at a strategy level, and it may differ from the specific vehicle that you're invested in. For some broader context,</p>
<p>As of the end of December 2025, Baillie Gifford manages 270 billion USD on behalf of our clients globally, with around $1.8 billion of that invested in international concentrated growth. Over the next 20 to 30 minutes. Paul will share his perspectives on international markets, both in recent months and some reflections on 2025 more broadly. We'll also dig into the team's philosophy and process and look at the strategies, performance and positioning within the environment that Paul lays out.</p>
<p>Paul will also look ahead to where the team see some of the most compelling long term growth opportunities. As always, we'd like this session to be interactive, so please use the Q&A function on your screen. I'll try my very best to keep on top of any questions that come in and incorporate them into Paul and I's chat, but anything that we don't cover off, we'll follow up with you individually afterwards.</p>
<p>Paul, thanks for joining me today. I think it'd be fair to say that 2025 hasn't been an easy year for non-U.S. growth investors, but I think it'd be helpful if you could set the scene and explain the environment that international investors have been navigating, both in the last quarter and 2025. More broadly.</p>
<p><strong>Paul Taylor (PT): </strong>Sure. Thanks, Jack. And, pleasure to speak to some of you again.</p>
<p>Yeah. 2025 was, a paradoxical year in many ways. And what we've really been challenging ourselves now is, you know, where was the signal and where was the noise? So on the signal side, I think what became increasingly clear, is that artificial intelligence is a general purpose technology that is going to meaningfully change the world in ways that we can only begin to imagine today.</p>
<p>That's not making a call on some of the valuations that you're being asked to pay for some of these large language models today, but more that the technology will transform large swathes of the economy. Against that, there was a lot of headlines. Noise around geopolitics, noise around trade, relationships, around the global economy, but also, noise around the excitement about AI.</p>
<p>We think that there's possibly some misallocation of capital we've seen last year around some of the hype around these AI names and what we've really been trying to do is to separate, excitement from long term competitive advantage. So that's really where we're seeing the signal and noise, in the markets last year. In international markets more broadly.</p>
<p>You're absolutely right. What we saw was a continuation of growth in the US, out with the US. Value was very much in favor. Looking at some of the leading sectors from the year, European and UK banks perform very strongly. Also insurance businesses, UK telcos have had a rebirth of interest. But these aren't areas that we're particularly, interested in as a long term concentrated growth investor.</p>
<p>We don't think that the structural opportunity that these companies have before them has really changed, has been more vocal on valuations. So it's been a difficult backdrop for international growth investing. But what we have seen is an increasing conviction on our side that, the world is continuing to change in some very, very material ways.</p>
<p><strong>JP:</strong> Picking up on something you mentioned there, Paul, if the team is trying to separate long term signal from short term noise, what are some of the practical things that you do to build conviction in the long term winners?</p>
<p><strong>PD: </strong>It's actually one very simple but very telling question at the start of our process. And that is, can this company be materially bigger in five years time? So really looking at that growth opportunity, are they exposed to a rapidly expanding market or have they got a technology that's incredibly disruptive, where they've be able to take material market share for incumbents?</p>
<p>And if a company passes that, passes that first question, we can then start to dig into, other areas that we can get sustainable, competitive advantage, competency and trust in management. But from a very large universe, you can quite quickly cut down your opportunity set by just asking that very one simple question upfront.</p>
<p><strong>JP: </strong>I know the team really values, being able to build meaningful long term relationships with management teams of the companies that we hold in the strategy.</p>
<p>And I wonder is, is is that particularly important at the moment and in the environment that we find ourselves in, and perhaps are there any other parts of the teams process that you'd like to highlight?</p>
<p><strong>PT: </strong>Yeah, we build strong long term relationships with management teams. And that's not to say that we're we're blind to, mistakes that they may be making, but we, we believe in we're allocating capital over the long term.</p>
<p>And we need to engage with management teams that we trust. And they allocate the capital appropriately. So we put great stead in identifying management teams who think along the same timelines as we do. You can have a, you know, a very broad level professional management teams who are thinking about next quarter earnings or how they're going to get paid out at the end of the year, depending on what metrics they're measured against.</p>
<p>Or you can find, typically in our portfolio is a very strong representation of founder or family representation in management, or at least at board level or ownership. And they're thinking more long term in terms of allocating capital, growing the business sustainably. But thinking years ahead rather than quarters, so that's really important. Beyond, management teams, we also find a different sources of insight.</p>
<p>So Wall Street research is very good at maybe telling you what next quarter's numbers are going to be, but they're not so good at thinking on, five year time horizon. Whereas if we're trying to understand an industry, we will go and find experts in that field and talk to them about what they think is important over the longer term.</p>
<p>And I want to add one other piece into that. And that's private companies. At Baillie Gifford, we've got a strong and growing private companies business as well. And what that lends us is an alternative point of view on the world. It would be kind of like putting a jigsaw together with half the pieces missing if we didn't really have insight into what, you know, new companies are coming through that could potentially disrupt, current holdings.</p>
<p>And that's also an incredibly important vantage point that we have.</p>
<p><strong>JP: </strong>Let's shift to talk about performance. Paul. So against the backdrop that you've you very clearly laid out, across 2025, the portfolio delivered positive absolute returns. But relative performance did lag against the benchmark. How are you and the team thinking about the year's performance?</p>
<p>And what are some of the key messages that you'd like to highlight?</p>
<p><strong>PT: </strong>Yeah. We underperformed last year. We don't take underperformance lightly. But running a concentrated growth portfolio, there will be years when the types of stocks that we hold, not necessarily out of favor because it, it's, it's very telling that some of the stocks that we hold performed positively absolutely.</p>
<p>But they just weren't strong enough to keep up with a very value orientated benchmark. So but there will be years when the stocks we hold are out of favor in other sectors are more in favor. That doesn't necessarily change our view on the companies and how the companies are operating and the opportunities that they're capitalizing on.</p>
<p>So we try and maintain a longer term view, long term numbers remain very, very strong for the strategy. But we cannot control how the market rewards, a particular stock in any one year. Unfortunately.</p>
<p><strong>JP: </strong>There's a really interesting question which is coming from the audience. Thank you for your participation. I think it fits in quite nicely here. Paul. How does conviction translate into position sizing, particularly within a portfolio as concentrated as ICG?</p>
<p><strong>PT: </strong>Yeah. So it's really a function of three elements. One is how big is the opportunity. So if the company's very early in its trajectory and the opportunities, that it's addressing is it's vast.</p>
<p>So the larger the opportunity that's a so you can you turn that dial up if you like. The next dial is what quality metrics we put on management. So, you know, are they competent operators. Do we trust them to be able to capitalize on the opportunity in front of them? And the third is where's the valuation set? So if we think that, the opportunity is large, the management team are competent and the valuation doesn't capture, the growth opportunities out of the we piece all those together. That's really how we come to form a view on position sizing. It's a little bit of an art compared to a science. But those are the sort of parameters that we're thinking about when we're, putting position sizing in the portfolio together.</p>
<p><strong>JP: </strong>So moving on to, portfolio activity, I suppose, from as much as I can see, there hasn't been any new buys or complete sells in the portfolio in the last quarter, but is there any particular trading activity that you would pull out?</p>
<p><strong>PT: </strong>Yeah. It's not unusual for us to have, no new entrants or exits from the portfolio over particularly a three month period.</p>
<p>We only need to really find a good two names a year, given the size of the portfolio and that low turnover rate to keep things moving. So no new buys in one quarter is not unusual in any way. That being said, we have been taking profits in Spotify, Spotify over the last three years. It's contributed around ten percentage points in outperformance.</p>
<p>So it's been a phenomenal contributor. We still think there's a long way to go in terms of Spotify's opportunity, but we have been rightsizing the position. So taking capital from Spotify and redeploying it to where we see competitive advantages building for other holdings. So, that capital can flow towards Nubank, which is a Latin American neobank and SEA or S.E.A, which is a digital commerce and fintech company particularly focused on the Indonesian market.</p>
<p>Can talk more about either of those if that would be of interest.</p>
<p><strong>JP: </strong>Yeah, I absolutely I think it'd be interesting to hear about, the investment case for Nubank. Did I hear that they have recently, obtained US licenses?</p>
<p><strong>PT: </strong>Yes. That was news, in autumn last year. So where they come from, they now, they touch around 60% of the adult population in Brazil.</p>
<p>So, Latin America has traditionally been massively underbanked or the fees that you had to pay the income tax were pretty egregious. So they've grown very rapidly in Brazil. They're entering, Colombia. They've gone to Mexico. And what's really interesting is that the speed at which they're, bringing up the margins and know the economics that they're seeing in these new Latin American regions is, it's at a faster pace.</p>
<p>And they managed to build in Brazil. So that's really exciting. But you're absolutely right. They got their US banking licenses at the back end of last year. How that plays in the US is going to be really, really interesting. So as I mentioned, they've had essentially, a pretty clear runway introducing a radically better service in Latin American markets.</p>
<p>But if you've if you've been banked by Chase for 20 years, quite how they're going to penetrate that market is going to be really interesting to play out. But that's like we talk about second acts for a lot of our companies, and we're very comfortable that what the opportunities that they've got in Latin America alone is, is a is a super opportunity set.</p>
<p>If they manage to come into the North American market, that will be a truly phenomenal opportunity. From, from a investment perspective. So it's very much a case of watch, watch this space. Yeah.</p>
<p><strong>JP: </strong>Let's stay in Latam. I wanted to ask you about MercadoLibre. So it's a stock that ICG has owned since 2018, I think. And during that time, we've seen them go through a few periods of significant reinvestment back into the business.</p>
<p>I just wanted to check, because has team's conviction in the investment case evolved at all?</p>
<p><strong>PT: </strong>It comes back to second acts again. So we've we as a firm have been involved with MercadoLibre for much longer than 2018, but it came into the international concentrated growth portfolio then. And what we've seen over that time is them build a formidable competitive advantage in Latin American e-commerce.</p>
<p>They've moved into fintech, not necessarily competing with new bank. They are in different parts of the market. MeLi is much, much more, strongly represented in SMEs, whereas Nubank is individuals. And we potentially seeing them going into a third act in terms of, advertising and, really pushing on the eyeballs that they've got on the digital platform to bring advertising to the fore.</p>
<p>So the growth opportunity is still, vast that growing around the top line, around 40%, which for a company of that size remains remarkable. There have been periods, as you mentioned, where we've seen them reinvest in building out certainly the, physical infrastructure for delivery in Latam. So the investment case has evolved. But if we continue to have supreme confidence management team to build and execute on their opportunities, we still see a great growth runway ahead.</p>
<p>And it remains one of the largest positions in the portfolio because of that. You know, coming back to what I said about the combination of position sizing, great opportunity, supreme confident the management team, and you're not being asked to pay an egregious price for it.</p>
<p><strong>JP: </strong>We've just had a question come in on China, Paul. So we're going to move across the globe.</p>
<p>Before actually though we get to the question that that the listener has asked. I wanted to ask you about Meituan. So one of our Chinese holdings in ICG, over the last year, we've seen significant share price volatility. But what continues to make Meituan a really compelling investment case for the team?</p>
<p><strong>PT: </strong>Yeah. Meituan.</p>
<p>I just reframe that. So my previous comment. Last year was a very good year for some holdings but they couldn't keep up with the benchmark. The world did actually get more difficult for Meituan and the stock is essentially halved last year. Meituan is a Chinese, digital platform business. Their primary role, their primary operations, is in mail delivery.</p>
<p>And what happened last year was Alibaba and JD.com decided to enter that market as well. And that pressured not only Meituan's margins, but also the multiple. What continues to give us conviction in Meituan or at least there is a path to a substantial amount of upside here. Is that these competitors didn't enter their market because they think it's worthless.</p>
<p>There's a huge opportunity there that they want a piece of. So whilst Meituan will have to compete, in a intensifying market, the what we've seen quite possibly happen is that markets going to grow much larger than it possibly would have been before. So, you know, it is a more challenging period for them. But we remain convinced that there is a path to greater, you know the piece of the pie they can take will be smaller, but the market could be much larger.</p>
<p>And this again, it really comes back down to how we manage the portfolio. We're comfortable enough that that could happen. To maintain the position in the knowledge that it could go the other way and they could be crowded out of the market. But we need to be comfortable taking that position because we have seen over the past that backing companies through periods of difficulty, can lead to extremely positive upside.</p>
<p>If things do come through successfully for them, it's trying to capitalize on that skew of equity market returns.</p>
<p><strong>JP: </strong>That's clear. Thanks, Paul. I'll, I'll ask, you know, the question that came in on China from an audience member, has the team's approach to state owned enterprises in China changed in recent years? And does the strategy currently own any?</p>
<p><strong>PT: </strong>No. We have no state owned enterprises in the portfolio. I would say our view on engaging with state owned enterprises has, diminished in terms of our appetite.</p>
<p>We've had a long and successful, track record of investing in, Chinese businesses, Tencent, Alibaba in particular, going back quite a few years now. But the way we treat China is very different from, other countries. We build the portfolios from the bottom up. So we're looking for between 20 and 35 of the best international growth opportunities that we can find.</p>
<p>And we were generally ambivalent to where they're listed. China is different because these companies can be more correlated than the industry or backgrounds would suggest. So what we what we're looking for in Chinese holdings is greater potential upside, given the increased geopolitical risk that we're taking, looking at where we have positions in China at the moment. BYD we added to the portfolio 2024.</p>
<p>And since then, it's become increasingly obvious to the world that they are probably going to be the dominant, electric vehicle manufacturer outside the US. Certainly the, increasingly dominant in China. We're seeing many more of them on the streets in, in Edinburgh. Jack, we've probably walked past a few of them on the way to work today.</p>
<p>But other companies like, CATL, not in the portfolio at the moment, but they do look very interesting becoming to, dominate global battery technology. So we've got, a very high bar for engaging with Chinese stocks, but no SOE today.</p>
<p><strong>JP: </strong>I'm conscious of the time. Paul, I'd like to ask you about the team's outlook, but before I do, something that struck me when I was reading the ICG quarterly letter.</p>
<p>Was this idea of sins of omission. Could you explain that in a bit more detail for all of us?</p>
<p><strong>PT: </strong>Yeah, it's something we talk about quite a lot internally. And it's probably one of the most frustrating areas for us. They are the ones that got away. Yeah. Those are the great companies that you don't own in the portfolio.</p>
<p>And the really interesting thing is they don't show up in attribution reports because you never own them. But those are where we get very frustrated that we missed an opportunity. And again, it talk to the skewness of equity market returns. So if we identify a big winner it might be a controversial stock at the at the start Tesla.</p>
<p>We think when we first engaged in Tesla it was a hugely controversial business. But made a huge amount of return for the clients owning it, that gives you license to take quite a bit of risk in some of the other holdings that you have. So, yeah. And actually, one thing we've been talking about recently, defense businesses, we've got no defense businesses in the, in the portfolio.</p>
<p>And there've been some great performances from some of the certainly European defense companies. So we're looking quite hard to try and identify, businesses in the defense sector that we can get behind. It's not just the opportunity. It's there. Again, coming back to quality of management, the valuations, you're being asked us to pay for them today.</p>
<p>So, that's one area that we're really fishing in because it's quite strongly a structural growth tailwind for defense businesses in the world today.</p>
<p><strong>JP: </strong>Okay. The teams outlook, how would you describe the portfolio's positioning today and how does that reflect the opportunities that you're most excited about looking forward?</p>
<p><strong>PT: </strong>Yeah, it hasn't changed. So just because we've turned the calendar year, positioning in our outlook doesn't tend to change from year to year.</p>
<p>We're really trying to identify long term structural trends and find companies that can offer exposure to those. So if I look at the portfolio, we have a very strong and intentional expression in semiconductor capital expenditure names. So TSMC, ASML, and a small position in Nvidia. But that's, that's around 24, 25% of the portfolio in semiconductor CapEx. And we think that's the best place to be in not only the AI world, but also the world's increasing demand for compute.</p>
<p>So, and that's been the way for some time. We've also got a strong belief that consumer preferences will continue to move online. So consumption of goods and services will continue to digitalize. And if you look at the long term trends, certainly over the last five years, the penetration rates of digital commerce continue to go up all over the world.</p>
<p>We think that's got a long way to go, and that shows up in a lot of consumer, consumer goods platforms across. We mentioned MercadoLibre, but I mentioned SEA as well. In Indonesia, I'd Coupang into that. And, South Korea, those are, supplying physical goods. So we mentioned Spotify before people's consumption of audio. Continues to move on online today.</p>
<p>Those are two. This are the strongest representations we have in the portfolio today. There's also we talked about defense not represented today. But we would we're looking hard. There's also the opportunities for technology in healthcare. So companies bringing novel therapeutics or novel devices, we think there's a huge opportunity for our increased understanding of genetics, personalized medicine.</p>
<p>And we do have a, a German biotech technology company called BioNTech in the portfolio. Some of the, some of the Chinese biotech companies are also becoming increasingly interesting. Last year, we saw a lot of US large farmers making large, multibillion dollar deals with some of the, Chinese biotechs. And we think that a lot of the engine of innovation now, will be coming from, China for the for the years ahead into the novel therapeutics.</p>
<p>That's a very exciting area of interest too.</p>
<p><strong>JP: </strong>I think that feels like a good place to stop today. Paul, unfortunately, we are running out of time. So I'll need to bring things to a close. But thank you for the conversation. It's been really interesting. And great to hear about ICG in a bit more depth. We've tried to squeeze a lot into the last 25 or so minutes, but I think if I have to summarize with covered the importance of separating long term signal from short term noise, we've looked at the role of patience in behavior when owning exceptional growth businesses, and also why we're staying focused on fundamentals rather than headlines, and why that's a core part of IQ approach.</p>
<p>We've also shared how the team likes to think about performance through volatility. Paul’s touched on the risk of missing out on future compounders, and also lastly, where the teams see structural change driving fantastic opportunities and returns for our clients over the long term, you should see on your screen, various links to recently written articles that go into more depth on the topics that Paul and I have discussed today, but we've also got plenty of insights available through the likes of our website and through our LinkedIn.</p>
<p>So please do visit those pages. And also sign up to our monthly mailings, because this means you can stay up to date with the latest thoughts from the team. Over the coming week, you'll have the chance to hear from more people at Baillie Gifford about various strategies in quarterly updates that will cover strategies such as long term global growth, emerging markets, international growth, and also our private company strategy.</p>
<p>So please do sign up to any of those that are of interest via the email that you should have received from us regarding today's session. If you do have any follow up questions at all, please do speak to your relationship manager. And we'd be very happy to continue the conversation, and we'll be sure to answer any questions that we didn't get to on today's Q&A.</p>
<p>Thank you very much for joining us, and have a good day.</p>
<p> </p>
<h3 class="TABLEHEADER1212pt">International Concentrated Growth</h3>
<p><strong>Annual past performance to 31 December 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;"> </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;"><strong>2021</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;"><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;"><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;"><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;"><strong>2025</strong></td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">International Concentrated Growth Composite (gross)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">-0.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">-39.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">15.2</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">19.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">17.9</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">International Concentrated Growth Composite (net)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">-0.8</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">-39.9</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">14.4</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">18.7</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">17.1</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">MSCI ACWI ex US Index</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">8.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">-15.6</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">16.2</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">6.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px;">33.1</td>
</tr>
</tbody>
</table>
<p> </p>
<p><strong>Annualised returns to 31 December 2025 (%)</strong></p>
<table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 92.5px;">
<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%;"> </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%;"><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%;"><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%;"><strong>10 years</strong></td>
</tr>
<tr style="height: 18.5px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 61.3387%;">International Concentrated Growth Composite (gross)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 13.1043%;">17.9</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 12.713%;">-0.4</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 12.844%;">14.3</td>
</tr>
<tr style="height: 18.5px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 61.3387%;">International Concentrated Growth Composite (net)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 13.1043%;">17.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 12.713%;">-1.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 12.844%;">13.6</td>
</tr>
<tr style="height: 18.5px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 61.3387%;">MSCI ACWI ex US Index</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 13.1043%;">33.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 12.713%;">8.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 12.844%;">8.9</td>
</tr>
</tbody>
</table>
<p><span class="source-text"><strong><br>Source:</strong> Revolution, MSCI. 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></span></p>
<p><strong>Past performance is not a guide to future returns.</strong></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>
<h3>Risk Factors </h3>
<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 January 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</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 & Co and is current unless otherwise stated. </p>
<p>The images used in this communication are for illustrative purposes only.</p>
