Baillie Gifford Positive Change B Acc

The objective is to produce capital growth over the long term. Investment will be primarily in equities of companies whose products or behaviour, in the ACD’s opinion, make a positive impact. This will include companies addressing critical challenges in areas such as, but not limited to; education, social inclusion, healthcare and the environment. The Sub-fund may also be invested in other transferable securities, money market instruments, collective investment schemes, deposits, cash and near cash. The Sub-fund will be invested globally and the portfolio will be concentrated. Investments will be made following a process of fundamental business analysis by the Investment Advisor using its own research to identify companies where delivering a positive impact is core to their business and whose products or services represent an improvement to the status quo.