Baillie Gifford Japanese Smaller Companies B Inc

The sub-Fund aims to outperform (after deduction of costs) the MSCI Japan Small Cap Index, as stated in Sterling, by at least 1.5% per annum over rolling five-year periods. The Sub-fund will invest at least 90% in shares of smaller Japanese companies, being those which are listed, incorporated, domiciled or conducting a significant portion of their business in Japan. The Subfund will be actively managed and will generally invest in smaller companies in any sector, being companies which typically at the time of initial purchase have a market capitalisation which is smaller than or equal to the market capitalisation of the largest company in the MSCI Japan Small Cap Index.