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<p><strong>Your capital is at risk. Past performance is not a guide to future returns.</strong></p>
<p> </p>
<p><strong>Ewan Wilson (EW): </strong>Good morning, and thank you for joining our latest webinar update on our International Alpha Strategy. I'm Ewan, a senior associate in our Consultant Relations team, and I'm joined today with Andrew Brown, Investment Specialist Director. </p>
<p>Before we begin, just a brief update on our newly established active ETF range. As many of you had seen, last month we launched four active ETFs, including International Alpha under ticker BGIA. So, I do encourage you, if you want to hear more about the range, to get in touch with your relationship manager at Baillie Gifford, and we'll be happy to go over any of those details with you. </p>
<p>So back to the webinar. Over the next 20 minutes or so, Andrew and I will cover what we've seen in international markets, the portfolio's recent performance, the changes the team has been making, and where they're finding opportunities today. </p>
<p>So, I do want to remind people, this is an interactive webinar, so please feel free to send your questions using the Q&A panel on your screen, and we'll pick up as many as possible during the discussion. </p>
<p>So, Andrew, thank you for joining us. Let's begin with the market backdrop. International equities rose over the quarter, but returns were unusually concentrated – a particular strong performance from AI hardware names and companies linked to the AI narrative. So, how would you characterize the environment, and how did the portfolio navigate that?</p>
<p><strong>Andrew Brown (AB):</strong> Thanks, Ewan. It's been a really unusual market environment. It's been a very unusual environment. A relatively small number of industries, a small number of companies accounting for a significant proportion of the return, real narrowness that we haven't seen for a long time. And it won't come as a surprise to many in the audience that it was AI infrastructure businesses and businesses closely associated with the AI theme, particularly the semiconductor-related companies, that performed particularly well. </p>
<p>The International Alpha Strategy has held its own in this environment. In fact, we've stayed ahead of a very strongly rising tide. That's a good outcome. It really has been a challenging market to navigate. And we believe strongly in this AI disruption theme. We're very excited about it. We've got holdings that are benefiting from this. But we're also acutely aware that the current very strong sentiment can't continue forever. </p>
<p>What I would say is that, beyond this AI narrative, there's some really encouraging signs for the portfolio. So, we're not running a portfolio that is only exposed to AI, and even within the AI theme, we're broadening our exposure within that to the businesses that are not in vogue, if you like, the ones that we think have been overlooked. But we're also broadening beneath the AI exposure to make sure the portfolio has more resilience and can perform in a variety of different types of market environment from here. </p>
<p><strong>EW:</strong> Thanks, Andrew. I think that's encouraging to hear, that although the headline market was supportive, and the underlying leadership remained quite narrow, that in turn the breadth has been particularly of importance here.</p>
<p>If we just turn to what's happened to the individual company level, as you said, the quarter's performance for the Strategy was encouraging. Can you run through the main contributors? And was this principally an AI and semiconductor story that we're continuing to see? </p>
<p><strong>AB:</strong> Sure. Unsurprisingly, the AI and semi-related names did lead the outperformance of the Strategy, and they did feature heavily among the top contributors. Samsung Electronics delivered an extraordinary sevenfold increase in profits year-on-year, and it was a very strong performer. So, that's a Korean specialist in memory, for those that don't know that. </p>
<p>Taiwanese chip foundry business, TSMC, also featured very, very prominently as a top contributor. It also delivered very strong revenue and earnings growth. Margins expanded over the quarter, and forecasts are very optimistic for the future. These two businesses are longstanding holdings. They've both been held in the strategy for over a decade. </p>
<p>But there were also some newer semi-related names that performed extremely well, too, and that's really encouraging. I would hold out MediaTek, which is a Taiwanese chip design company. It's more associated, or has been associated up until now, with smartphones. So, it competes in a duopoly with Qualcomm there. But actually, the excitement is around these application-specific integrated circuits that it designs for large language models, and it's gained traction with a very large customer in that regard. And the business is being reconsidered by the market. It's performed extremely well as it's gone into this new, very profitable growth area. </p>
<p>So I think it's very important just to emphasize, it's not just longstanding holdings, it's new ones as well. SoftBank is another one which has performed extremely well over the quarter. SoftBank is more of a technology holding company. It's Japanese in terms of where it's listed, but actually it has exposure to a range of different businesses exposed to AI. The main ones are ARM, the chip designer, and also OpenAI, which is a private company still, but it keeps getting revalued upwards. So these two businesses, ARM and OpenAI, account for a significant proportion, the lion's share, if you like, of SoftBank's value. </p>
<p>Beyond the AI story, I would highlight that a number of other companies are performing extremely well operationally. This ranges from the credit bureau Experian, which delivered another exceptionally strong year. Recruit, the Japanese media and recruitment business, its underlying holding in Indeed, which is an online recruitment platform that does very well in the US, is really benefiting from AI itself, it's monetizing its job seeker platform more effectively than it was in the past. And then even businesses like Richemont, the jewelry company, the company that owns several very attractive jewelry maisons and watches, delivered extremely strong earnings. So, it's very broad-based, the strong operational performance, which is great to see. </p>
<p><strong>EW: </strong>Well, that's great. And just to reiterate, I think it's very encouraging that you see some of the strongest contributors include companies that we've owned for more than a decade alongside those newer ideas. And again, it's great to see the operational progress extends well beyond the tech AI side of things that we're seeing. </p>
<p>Turning to the other side of the ledger, which holdings detracted during the quarter? With those cases, was there weakness in short-term share price movements, operational performance, or changing fundamentals? </p>
<p><strong>AB:</strong> Yes, as always, there are stocks that perform less well. I suppose a couple of areas I would highlight, and they overlap somewhat. </p>
<p>One is the Chinese names in the Strategy. China has been somewhat out of favor recently, particularly the technology platforms. I would argue that digital platforms is another area where performance has been a bit weaker than we've seen in the past. On the China side of things, we know that there are risks investing in China, but there are some exceptional companies listed there, and we believe we have exposure to some of these in the Strategy. A lot of these businesses are somewhat out of favor at the moment, but they're still making great progress operationally. Their valuations look extremely attractive relative to history. </p>
<p>I think a case-in-point here would be the internet behemoth, if you like, Tencent. Tencent has significant amounts of value under the bonnet through some of its underlying investments. It also is monetizing AI very successfully through its advertising platform. It has the most engaged consumer and enterprise communications portal in China with WeChat. We think it's very well-placed to continue growing that and leveraging the benefits of AI. So, we think this is an exceptional business, but it's been out of favor. </p>
<p>Elsewhere, almost reversing what we saw the previous quarter, the energy and materials exposure for the Strategy has been unhelpful for performance. Now, this simply reflects a change in sentiment following some progress with the peace agreement in Iran. We know these things wax and wane. Having energy and materials exposure in the portfolio gives it diversification. It's very important in a portfolio context. </p>
<p>The businesses that we invest in, in this area, we think have very long runways of growth and are very high-quality. In the case of the oil and gas businesses, like Petrobras, they can generate an attractive profit at quite low oil prices. So we remain very optimistic on these businesses, but in the short run, as some of the risk-on sentiment came about, these businesses cooled off in share price terms. </p>
<p><strong>EW: </strong>Thanks, Andrew. I think that's always a good distinction, looking between the temporary, short-term noise that you can hear with these companies and how that might impact company performance, but there's much more to look ahead with, with operational progress. </p>
<p>So, I guess with the most recent quarter that has been positive, we also recognize that longer-term performance has been weaker. So, I guess my question to you would be, what gives you the confidence that the portfolio is now on a firmer footing rather than this simply being one encouraging quarter? </p>
<p><strong>AB:</strong> Yes, that's right, Ewan, long-term performance is not where it needs to be or where our clients would expect it to be. But this really is in contrast with the operational performance of the underlying holdings. In fact, it's really quite staggering how strong the operational delivery has been across a range of different companies, sectors and industries. </p>
<p>To bring that point home, I'll maybe quote a couple of aggregate statistics. One is that over the past 12 months, 40 percent of holdings have actually reported earnings forecasts that have gone upwards, that have been revised upwards. Around three-quarters of the portfolio are now delivering very… meeting or exceeding our own internal expectations of what we expect them to do. And two-thirds of the portfolio holdings are expected to deliver double-digit growth over the next three years. Now, that's based on independent forecasts. </p>
<p>These are quite staggering operational aggregate statistics for the portfolio, and they really don't chime with the performance. And at the same time, the valuation of the portfolio is actually at a 15-year low, measured by the premium to the index. Now, this is really the story of why the performance has been poor, is that the portfolio holdings have suffered from a derating whilst index-related stocks have had a rerating. It's not been about earnings. Earnings growth is coming through very strongly. And so, when we look forward, when we get to this position, from the starting point we're at now, we feel very optimistic – in fact, the most optimistic we've been in some time. </p>
<p><strong>EW: </strong>That's great. And I think for us, it's great to hear that the confidence goes beyond just the quarter, and it's definitely something that's long-term here. Earnings are progressing well, lowest valuation premium, and the returns are coming from a broader range of companies. </p>
<p>One characteristic that I've always associated with International Alpha is the combination of the high active share, low turnover. There has, however, been a bit more activity in the portfolio this year. So, I guess from me, what's driven that? And what are the team maybe trying to change? </p>
<p><strong>AB: </strong>View the recent increase in portfolio turnover or activity as a temporary phenomenon rather than a change in approach. This remains a strategy based on long-term investing. We continue to hold stocks for five years and beyond. The average holding period over very long time periods has been seven years-plus, and a lot’s changed very recently, it’s likely to gravitate back towards that sort of level. </p>
<p>Really, what we've seen recently is, following some very unusual market moves, we've been obviously broadening, as I've mentioned, the base of AI exposure, but we've also been broadening the exposure beneath AI. It’s very important in this environment, where markets are very narrow and skewed, that we produce a portfolio that can perform in a variety of different types of scenarios. </p>
<p>It's a particularly uncertain world that we're operating in at the moment. The portfolio has made a lot of progress diversifying, making sure that it’s stocks that are driving performance, rather than themes. And the recent reorientation of the portfolio, if you like, is to make sure the portfolio can deliver that and be more resilient. So, I would imagine things will start to normalize in terms of the turnover. </p>
<p>And the active share remains very, very high. What I would say is that by closing in some of the big factor bets, we're able to have bigger expressions at the underlying stock level. So I certainly wouldn't want to give the impression that this is a portfolio that's lacking in ambition. It remains very distinct, very differentiated. And so I certainly wouldn't want clients to have the impression that our longstanding philosophy has changed in any way. </p>
<p><strong>EW:</strong> So I guess [inaudible] is not about shortening the time horizon. Instead, it's about using the opportunities to make the portfolio more balanced while maintaining its growth potential. We've actually had a question that's just come through on semiconductors. I'm just going to rephrase this a little bit: Given the strength we've already seen in Samsung, TSMC and other AI-related holdings, how durable does the team believe this opportunity will be? And where do you see the most attractive opportunities from here? </p>
<p><strong>AB:</strong> So when we think about the AI opportunity, we're excited, to be clear, but we want to focus on the businesses that are operating in the key bottlenecks, so the areas where demand is likely to outstrip supply for a sustained period of time, and, of course, businesses that have competitive edges to take advantage of that. </p>
<p>Now, Samsung Electronics and TSMC feature very highly in that regard. Samsung Electronics has a very strong position in memory. Memory markets are exceptionally tight, and memory is a key bottleneck, particularly high-bandwidth memory for the continued build-out and development of AI. TSMC has unparalleled manufacturing expertise at scale for the smallest nodes of semiconductor chips. It’s hard to envisage any world where AI keeps developing where TSMC don't benefit. It's very difficult to establish new foundries. There's long lead times, there's huge amounts of capex required. So both these businesses are in a very strong position. </p>
<p>But at the same time, sentiment's been extremely strong for these businesses. There's often periods where there's a bit of heat in stock markets. We've used some of that heat to recycle some profits into some other AI-related opportunities. I've mentioned MediaTek already. </p>
<p>Also, thinking a bit more broadly, we've invested in a business, called Wärtsilä, that's more renowned for making efficient engines for the marine industry, but that's now shifting towards data centers. We think that's, I guess, a second-order-effect data center exposure, or AI exposure, play. We are very excited about these companies. These are leaders in what they do. But we're also looking for businesses that are misunderstood, overlooked, or second-order beneficiaries of the AI story as well. </p>
<p><strong>EW: </strong>That's great, and even that balance between the second-order examples are great to hear. I think it's recognizing that AI may present a profound long-term change, but there's also remaining discipline about valuations and concentration risks alongside that. </p>
<p>Before we finish, I always like to end on something forward-looking. My question to you is, without suggesting that any one holding is more important than the overall portfolio, which company are you particularly excited about? And what do you think the market is still missing? </p>
<p><strong>AB: </strong>It's a difficult question, actually, because there's lots of holdings that I could highlight here. I think I'll pick a company called Kaspi, which is a Kazakhstan-listed ecommerce platform and super app. This is a business that, in many ways, it's the Amazon of Kazakhstan, but it trades on an incredibly low valuation. It's on a mid- to high-single-digit multiple of earnings, but it's growing very strongly. It has a very, very strong position in its home market. The valuation is low because investors worry about Russia, but actually, there's very little connection between Russia and its underlying customers, which are primarily local Kazakhstanis. </p>
<p>But recently, it acquired a business called Hepsiburada in Turkey, and that opens up a huge opportunity for Kaspi to replicate the success it's had in Kazakhstan in an even larger market. So, it's just a reminder that you can find high growth at very low valuations in international markets. Nobody's really talking about Kaspi. I suspect in the years ahead, they will be. </p>
<p><strong>EW:</strong> Andrew, thank you. That's a great example, again, and a great note for us to finish on. </p>
<p>I just want to thank everyone who's joined today's webinar. And I've also highlighted a few links to some resources that you should be able to see on your screen. </p>
<p>A couple of pieces to call out. One’s The Danger of Easy Narratives, so that's how simple market narratives on AI can misdiagnose digital companies, like Spotify, and another piece on China's innovation economy and why the challenge is simply not owning exposure, but understanding China's competitive impact. You'll also find information on the latest ETF launch for International Alpha, which I encourage you to go and check out. </p>
<p>We genuinely appreciate your feedback, so please let us know if there are any other subjects or you'd like us to explore anything else in future webinars. We're always looking for new ways that we can make these sessions more informative and interactive for you. </p>
<p>Finally, should you have any questions about International, or vehicles, or Baillie Gifford more generally, please contact your relationship manager, and we'll be very happy to help. Thank you.</p>
<p class="MsoNormal"> </p>
<h3 class="TABLEHEADER1212pt">International Alpha </h3>
<p><strong>Annual past performance to 30 June 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; width: 41.2174%;"> </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; width: 11.8696%;"><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; width: 11.7391%;"><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; width: 11.7391%;"><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; width: 11.7391%;"><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; width: 11.7391%;"><strong>2026</strong></td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 41.2174%;">International Alpha Composite (gross)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.8696%;">-34.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">18.4</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">8.6</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">19.7</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">8.8</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 41.2174%;">International Alpha Composite (net)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.8696%;">-34.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">17.7</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">8.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">19.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">8.2</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 41.2174%;">MSCI ACWI ex US Index</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.8696%;">-19.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">13.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">12.2</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">18.4</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; text-align: right; width: 11.7391%;">28.3</td>
</tr>
</tbody>
</table>
<p><strong>Annualised returns to 30 June 2026 (%)</strong></p>
<table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 93.3334px;">
<tbody>
<tr style="height: 37.3333px;">
<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: 37.3333px; width: 61.3043%;"> </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: 37.3333px; width: 13.0435%; 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: 37.3333px; width: 12.6522%; 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: 37.3333px; width: 12.7826%; 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: 61.3043%;">International Alpha Composite (gross)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.0435%; text-align: right;">8.8</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.6522%; text-align: right;">2.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.7826%; text-align: right;">9.2</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3043%;">International Alpha Composite (net)</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.0435%; text-align: right;">8.2</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.6522%; text-align: right;">1.4</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.7826%; text-align: right;">8.5</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 61.3043%;">MSCI ACWI ex US Index</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 13.0435%; text-align: right;">28.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.6522%; text-align: right;">9.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 12.7826%; text-align: right;">10.5</td>
</tr>
</tbody>
</table>
<p><span class="source-text"><strong>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.</span></p>
<p><strong>Past performance is not a guide to future returns.</strong></p>
<p><span class="source-text">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.</span></p>
<h3>Risk factors</h3>
<p>This communication was produced and approved in July 2026 and has not been updated subsequently. It represents views held at the time and may not reflect current thinking.</p>
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<p>The images used in this communication are for illustrative purposes only.</p>
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