Legal

Proceeding to use this website (the “Site”) will indicate your acceptance of the following terms and conditions. If you do not agree to these terms and conditions, you must not use our Site. If you wish to use any services produced online now or in the future, you are also subject to the applicable terms which we will make available to you.

We reserve the right to change the Site and these terms and conditions from time to time without notice to you, and your continued use of the Site indicates your continued acceptance of the terms and conditions as modified. Every time you wish to use our Site, please check these terms to ensure you understand the terms that apply at that time.

Baillie Gifford & Co and Baillie Gifford Overseas Limited are both authorised and regulated by the Financial Conduct Authority (“FCA”). Baillie Gifford Overseas Limited is a direct, wholly-owned subsidiary undertaking of Baillie Gifford & Co. For further information on Baillie Gifford & Co and its subsidiary undertakings (together “Baillie Gifford”, “we” or “us”) you can access the Important Information webpage here.

If you would like further information on the FCA, you can access their website here.

© Copyright Baillie Gifford 2024. All rights reserved.

This Site, the information and images contained within it are protected by copyright. All title, ownership rights and intellectual property rights in and to the content, information, images, articles and webcasts or any other related material on this Site are and shall remain the property of Baillie Gifford or third parties where relevant. Downloading, retransmission or reproduction of part or all of the Site’s contents in any form is prohibited, unless for personal use. Content of this Site may not be edited, altered, adapted in any way or copied to any other publication (including electronic, hard copy or others) without Baillie Gifford’s prior consent. Interior deep linking or framing of this Site is prohibited without permission of Baillie Gifford.

How we use your information

When you access the Site, we may collect and process certain personal information relating to you. we will collect and process certain personal information relating to you, specifically name, email address and IP location, for customer service and audit purposes. We will take all reasonable steps to ensure your personal information remains secure and is not disclosed to any third party. You can find out more about how Baillie Gifford use your personal information in our Privacy Policy.

Search engine

The search engine on our Site is powered by a search service provided by Swiftype. Click here for an overview of privacy at Swiftype.

Links to other websites

These terms and conditions do not cover the links within this Site linking to third party websites. Baillie Gifford does not sponsor, maintain or have any control over the content of any third party websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.

We encourage you to read the terms and conditions on the third party websites you visit.

Visitors to our site

When someone visits this Site we collect standard internet log information and details of visitor behaviour patterns. We do this to find out things such as the number of visitors to the various parts of the Site. For further information please see: cookie policy.

Disclaimers

The views, opinions, conclusions and findings expressed in the articles and webcasts or any other related material on this Site are those of the relevant contributor and do not necessarily reflect the views of Baillie Gifford, its officers, directors, partners, employees or consultants. The information contained in this Site consists of opinions and indicators only and is not intended to be relied upon to make business decisions. This information is subject to change without notice.

Any research or analysis contained herein has been procured by Baillie Gifford for its own use and may be acted on in that connection. The information does not in any way constitute investment advice. Examples used in these reports do not imply that they will prove profitable in the future and neither is it known if they will feature in any future portfolios. Any individual examples may represent only a small part of the overall portfolio and are included to help illustrate our investment style. A full list of portfolio holdings and transactions is available on request.

This Site is made available by Baillie Gifford on an “as is” and “as available” basis and Baillie Gifford gives no warranty of any kind in relation to Baillie Gifford articles, information, webcasts, related material or their content that is available on this Site.

Articles, webcasts and any other related material on this Site contain information on investments which does not constitute independent investment research. Accordingly, they are not subject to the protections afforded to independent research and Baillie Gifford and its staff may have dealt in the investments concerned. The value of an investment may go down as well as up and investors may not get back the amount originally invested. Past performance is no guide to future performance.

Baillie Gifford makes no warranties, representations or undertakings about: (1) the content of this Site; or (2) the content of any other website referred to or accessed by hyperlink (including all third party websites). Whilst we will endeavour to maintain our online services, we cannot guarantee that this Site will always be accessible to you nor can we guarantee that services provided by this Site will not be interrupted. Furthermore, whilst we operate strict internal procedures regarding the integrity of the Site, we cannot promise that any information that you may download or copy will be error free.

For the avoidance of doubt, we disclaim responsibility for: (1) any damages that may be caused to you as a result of this Site being unavailable; and (2) any damages third parties may cause to you by your use of third party content through this Site. We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors and for fraud or fraudulent misrepresentation.

Social media disclosure

Social media accounts owned by individual investors, analysts, or other staff members are not opinions of Baillie Gifford or its related companies. The views expressed are those of the individual and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect personal opinions and should not be taken as statements of fact, nor should any reliance be placed on them when making investment decisions. The accounts aid our investment teams in their research process and allow them to engage with industry peers, academia and companies. Some of the securities discussed may be held currently or historically by Baillie Gifford, but such conversations are not a recommendation to buy, sell or hold any particular security. For more information, please contact: enquiries@bailliegifford.com

Use of social media by Baillie Gifford

The term ‘social media’ can have different interpretations. For the purposes of this policy, it includes, but is not limited to, digital forms of communication that tend to be characterised by being informal, easily shared and fast moving where the reader is actively involved. Baillie Gifford’s social media channels include X (formerly known as Twitter), LinkedIn, YouTube and other social media platforms we make available.

The information shared by Baillie Gifford via social media channels is intended to highlight areas of intellectual thought and debate which inform the investment philosophy of the firm, in the hope that they may be of wider interest. This information will consist of opinion and indicators only and is not intended to be relied upon to make investment decisions. It should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment.

By nature, social media sites are public and, as such, Baillie Gifford is not responsible for, and does not endorse the content posted by other users of these sites. Any views or opinions expressed by followers and other users of social media sites on which Baillie Gifford shares information are those of the relevant contributor and do not necessarily reflect the views of Baillie Gifford, its officers, directors, partners, employees or consultants.

Please do not post personal, confidential or account information via social media. Instead, if you wish to speak with us regarding your investments or to raise a customer service issue, please contact us directly.
In the interests of moderation, we reserve the right to remove comments, or to block a user or follower who posts content that we deem to be:

• Inappropriate, offensive or malicious;
• unlawful or encouraging such activity;
• a solicitation or advice;
• inaccurate or misleading; and/or
• spam or not a real person.

We keep our terms and conditions under regular review. These were last updated on 19 February 2024.

Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority.

The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.

The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Nothing in this information or elsewhere in this website shall exclude, limit or restrict our duties and liabilities to you under the United Kingdom's Financial Services and Markets Act 2000 or any conduct of business rules which we are bound to comply with.

This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.