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<p><strong>Please consider a Fund’s objectives, risks (including risk of loss), charges and expenses before investing. For these, see the prospectus and summary prospectus at <a rel="noopener" href="http://www.bailliegifford.com/usmutualfunds" target="_blank" title="Mutual Funds"><u>bailliegifford.com/usmutualfunds</u></a>. Please read these before investing. Securities are offered through Baillie Gifford Funds Services LLC, an affiliate of Baillie Gifford Overseas Limited and a member of FINRA.</strong></p>
<p><br><strong>Andrew Keiller</strong>: For years, emerging market companies have been described in comparison to western peers. ‘The Amazon of Latin America’. ‘The Uber of Southeast Asia’. I’m guilty of it myself, but that framing misses the point. In many cases, these companies have leapfrogged the old playbook without decades of legacy infrastructure to work around.</p>
<p>Businesses have built digital payment systems, logistics networks and financial platforms from the ground up. They often designed for mobile first consumption. They iterated quickly. You tend to find that when novel models gain traction in dynamic markets with large, useful and connected populations, you get to scale extraordinary speed. It's important that this isn’t happening in isolation.</p>
<p>Across Asia in particular, we’re seeing clusters of talent forming. Tech clusters matter because they concentrate innovative people, capital and supply chains in one place. Creating feedback loops where ideas move quickly from research to commercialisation. China is a very good example of this. So we need to challenge the preconception that leading innovation is all about Silicon Valley.</p>
<p>We suspect that we’re only at the beginning of a step change here, and that is that global investors will pay more and more attention to EM innovators. Look at batteries. Look at solar. Look at mining. Look at gaming. In doing so, they will be aligning with companies that are increasingly not just catching up, but are leading the development of new ways of consuming and new ways of doing business.</p>
<p>Let's be clear these won't all go right. But the bigger risk, in our view, isn't backing the wrong ones. It's missing the opportunity altogether.</p>
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<h2 data-gtm-vis-recent-on-screen934959_1669="1391" data-gtm-vis-first-on-screen934959_1669="1391" data-gtm-vis-total-visible-time934959_1669="100" data-gtm-vis-has-fired934959_1669="1">Risk factors </h2>
<p class="MsoNormal">This content contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research and Baillie Gifford and its staff may have dealt in the investments concerned.</p>
<p class="MsoNormal">As with all mutual funds, the value of an investment in the fund could decline, so you could lose money.</p>
<p class="MsoNormal">The most significant risks of an investment in the Baillie Gifford Emerging Markets Equities Fund are: Investment Style Risk, Growth Stock Risk, Emerging Markets Risk, Market Disruption and Geopolitical Risk and Government and Regulatory Risk. The Fund is managed on a bottom-up basis and stock selection is likely to be the main driver of investment returns. Returns are unlikely to track the movements of the benchmark. The prices of growth stocks can be based largely on expectations of future earnings and can decline significantly in reaction to negative news. The Fund focuses on investments in emerging markets, meaning it may offer less diversification and be more volatile than other funds. Investing in emerging markets can involve additional market, credit, currency, liquidity, legal or political risks than investing in more developed markets. The value of investments could be adversely affected by events such as war, public health crises and changes in economic and political conditions in the US and elsewhere. This could prevent the Fund from implementing its investment strategies and increase exposure to other risks. Governmental and regulatory authorities in the US and elsewhere have intervened in markets and may do so again in the future. The effects of these actions can be uncertain and could restrict the Fund in implementing its investment strategies. Some non-US markets have had little regulation which could increase risk of loss due to fraud or market failures. Governmental and regulatory authorities may adopt or change laws that could adversely impact the Fund. Other Fund risks include: Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Frontier Markets Risk, Geographic Focus Risk, Information Technology Risk, Initial Public Offering Risk, Large-Capitalization Securities Risk, Liquidity Risk, Long-Term Investment Strategy Risk, Market Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk, Underlying Funds Risk and Valuation Risk.</p>
<p class="MsoNormal">For more information about these and other risks of an investment in the fund, see “Additional Information about Principal Strategies and Risks” in the prospectus. The Baillie Gifford Emerging Markets Equities Fund seeks capital appreciation. There can be no assurance, however, that the fund will achieve its investment objective. </p>
<p class="MsoNormal">The fund is distributed by Baillie Gifford Funds Services LLC. Baillie Gifford Funds Services LLC is registered as a broker-dealer with the SEC, a member of FINRA and is an affiliate of Baillie Gifford Overseas Limited.</p>
<p class="MsoNormal">This communication was produced and approved in April 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</p>
<p class="MsoNormal">All information is sourced from Baillie Gifford & Co and is current unless otherwise stated.</p>
<p class="MsoNormal">The images used in this article are for illustrative purposes only.</p>
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