Worldwide Discovery Quarterly Update

BAILLIE GIFFORD

30 June 2021 Contents 02 Executive Summary Baillie Gifford Investment Management (Europe) Limited 03 Commentary is a wholly owned subsidiary of Baillie Gifford Overseas Limited, which is wholly owned by Baillie Gifford & Co. 05 Performance Persons resident or domiciled outwith the UK should 11 Portfolio Overview consult with their professional advisers as to whether they require any governmental or other consents in order to enable 12 Governance Summary them to invest, and with their tax advisers for advice relevant to 16 Governance Engagement their own particular circumstances. This document contains information on investments which 17 Voting does not constitute independent research. Accordingly, it is not 19 Transaction Notes subject to the protections afforded to independent research and Baillie Gifford and its staff may have dealt in the investments 20 Legal Notices concerned. All information is based on a representative portfolio, new client portfolios may not mirror the representative portfolio This document is solely for the use of professional exactly. As at 30 June 2021, in US dollars and sourced from investors and should not be relied upon by any other Baillie Gifford & Co unless otherwise stated. person. It is not intended for use by retail clients. Canada Important Information and Risk Factors Baillie Gifford International LLC is wholly owned by Baillie Baillie Gifford Overseas Limited provides investment Gifford Overseas Limited; it was formed in Delaware in 2005 management and advisory services to non-UK and is registered with the SEC. It is the legal entity through Professional/Institutional clients only. Baillie Gifford Overseas which Baillie Gifford Overseas Limited provides client service Limited is wholly owned by Baillie Gifford & Co. Baillie and marketing functions in North America. 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Product Overview Worldwide Discovery is a concentrated, long-term, global equity strategy investing predominantly in growth companies that are initially lower down the market cap spectrum. The strategy selects stocks on a bottom-up basis with a focus on companies that have a strong culture of innovation and entrepreneurialism. Risk Analysis

Key Statistics Number of Holdings 72 Typical Number of Holdings 50-75 5Active Share 98%* Rolling One Year Turnover 39%

*Relative to MSCI AC World Small Cap Index. Source: Baillie Gifford & Co, MSCI.

Portfolio performance is weaker over the quarter and year-to-date periods. Our process targets smaller companies trying to do novel things, which by default will be volatile We are confident that the portfolio contains a collection of unique, immature businesses. We firmly believe that over the long-term it's these high quality, ambitious businesses that succeed and offer truly outsized returns Over the quarter we've taken a position in Ceres Power, the developer of hydrogen fuel cells. We exited positions in Yext and Dialog Semiconductor

Key Facts Assets under management and advice US$486.8bn Number of clients 730 Number of employees 1488 Number of investment professionals 300 Commentary 03

In our last letter we described the start of 2021 as feeling somewhat like a rollercoaster ride. We end the second quarter with not dissimilar thoughts. The first six months of 2021 were preceded by an exceptionally strong year in which the strategy rose by significantly more than the index. We say that not to try and justify a period where performance is weaker. More that we believe the context is useful in appreciating just how robust the strategy’s returns have been in a period of extreme uncertainty and challenge created by the ongoing pandemic. Our last letter also explored the reasons for this robustness alongside postulating on the lasting impacts of the Covid-19 pandemic. While we think many such impacts will be of deep long-term significance, we also recognise that there is a more immediate transition that both society and commerce will need to navigate as much of the world emerges from its enforced hibernation. This will inevitably pose challenges across a range of business-related activities as supply and demand wrestle to form a new post-Covid equilibrium. Pockets of Short-term cycles of exaggerated investor behaviour inflationary pressure are already evident in some tend to come and go, but company fundamentals prevail dislocated supply chains and the significant monetary over the longer term. The long duration cycles of stimulus that was a necessity during the pandemic raises innovation and technological advancement to which the the prospect of broader inflationary forces being strategy is aligned remain very robust and we remain unleashed during a recovery. hugely excited about how the portfolio will develop over the coming years and decades. Recently such fears have appeared to spook global markets resulting in a pronounced equity market sell-off alongside a rise in volatility. Our sense is that investors Portfolio update are second guessing how the various central banks might be forced to act through potentially raising interest rates Staar Surgical, the developer of vision correcting from their exceptionally low levels. This would be of implantable lenses, was among the top contributors this most relevance to companies with interest sensitivity in quarter. The company recently released a positive set of either their operational or financial characteristics, but it quarterly results showing a significant increase in net also has a broader impact on discount rates used to value sales, and this growth was delivered while expanding future cashflows generated by businesses. gross margins. Recent revenue growth has predominantly come from its key Asian markets; China, Japan and As we frequently state, we are not economic South Korea all posted meaningful increases. This is forecasters. This is primarily because we feel we have the latest in a series of encouraging results, and it does little of merit to say on the dynamics that will shape the appear that Staar is gathering sales momentum. Staar is above debate. That said, with US treasury yields at increasing its marketing efforts to improve consumer broadly similar levels to where they were prior to the awareness and working to further develop surgeon pandemic, we wonder if anything especially fundamental commitments. Perhaps most excitingly, it remains on has occurred. Also were inflation to pick up, we question track to launch in the US in Q4 2021. It will be a whether interest rates would be an effective enough challenge going into the US market as it will have to control tool in such an atypical recovery scenario. adapt to the US healthcare system and its complex Aggressive swings in market sentiment, such as we structures. But it’s a massive opportunity and especially have seen in recent months, are part of the unpredictable intriguing as Staar’s solution will increase the total fabric of modern equity investing. As long-term investors addressable market versus traditional laser surgery we are accustomed to navigating them and generally find (its lenses can be used in situations unsuitable for laser). them to be more of a source of opportunity than angst. Commentary 04

Shares in Novocure, the oncology-focused medical device company, surged in recent months. This rise was driven by favourable feedback from an independent data monitoring committee regarding trials for the use of Novocure’s Tumor Treating Fields (TTFs) in non-small cell lung cancer. The trial is being conducted with Zai Lab, a Chinese biotech business also held in the portfolio. This is a positive development and can be seen as further evidence of the underlying technology (TTFs) de-risking. Success in this trial could enable use of the device to treat lung cancer – the cause of most cancer deaths globally. This year is shaping up to be pivotal for Novocure, with further trials of TTF’s effectiveness treating liver and ovarian cancer also set to conclude over the next twelve months. Novocure’s success from here will be driven by its ability to bring through its pipeline of treatments, therefore, this quarter’s encouraging news from trials is of great significance. Zillow, the online platform covering all aspects of American real estate, was among the bottom contributors to relative performance this quarter. With little of note from the business to cause this fall, we believe that the share price has been affected by market volatility (stoked by fears of rising inflation, interest rates and valuation levels of the technology sector). Zillow is particularly exposed to interest rates, as rising rates could reduce the underlying demand for property. However, Zillow’s COO (Jeremy Wacksman) recently pointed to the company’s long-running tail winds of the technological shift from offline to online, the demographics of millennials moving into their peak home-buying years and the ‘great reshuffling’ the pandemic created with people looking to move, as having a much greater effect on Zillow’s demand rather than a shift in US rates. These sentiments are very consistent with where we see the attractiveness of Zillow’s offering over meaningful time periods.

The views expressed reflect the personal opinion of the author and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. Performance - US Dollar 06

Performance Objective +3% p.a. over rolling 5 year periods vs benchmark.

The performance objective stated is in no way guaranteed. The performance target is aspirational and is not used for the purpose of determining or constraining the composition of the portfolio. Performance may vary between segregated accounts and pooled funds in different jurisdictions as each structure will bear a different set of costs. A single performance target may not be appropriate for all vehicles in all jurisdictions and for this reason our portfolio specific materials will often refer to ‘material’ outperformance of a benchmark. Periodic Performance

Composite Net (%) Benchmark (%) Difference (%) 3 Months* 5.9 5.8 0.1 YTD* 0.0 15.7 -15.6 1 Year* 43.3 54.7 -11.4 3 Years 27.1 12.7 14.4 Since Inception 31.0 13.1 17.9

Annualised periods ended 30 June 2021. *Not annualised. Inception date: 30 June 2017. Figures may not sum due to rounding. Benchmark is MSCI AC World Small Cap Index. Source: StatPro, MSCI. US dollars

Discrete Performance

30/06/16- 30/06/17- 30/06/18- 30/06/19- 30/06/20- 30/06/17 30/06/18 30/06/19 30/06/20 30/06/21 Composite Net (%) N/A 43.3 8.3 32.4 43.3 Benchmark (%) N/A 14.3 -2.5 -5.1 54.7

Benchmark is MSCI AC World Small Cap Index. Source: StatPro, MSCI. US dollars Performance - Euro 07

Performance Objective +3% p.a. over rolling 5 year periods vs benchmark.

Periodic Performance

Composite Net (%) Benchmark (%) Difference (%) 3 Months* 5.0 4.9 0.1 YTD* 3.2 19.3 -16.1 1 Year* 35.7 46.5 -10.8 3 Years 26.4 12.1 14.3 Since Inception 29.7 12.0 17.7

Annualised periods ended 30 June 2021. *Not annualised. Inception date: 30 June 2017. Figures may not sum due to rounding. Benchmark is MSCI AC World Small Cap Index. Source: StatPro, MSCI. euro

Discrete Performance

30/06/16- 30/06/17- 30/06/18- 30/06/19- 30/06/20- 30/06/17 30/06/18 30/06/19 30/06/20 30/06/21 Composite Net (%) N/A 40.0 11.0 34.2 35.7 Benchmark (%) N/A 11.6 -0.1 -3.8 46.5

Benchmark is MSCI AC World Small Cap Index. Source: StatPro, MSCI. euro Performance - Sterling 08

Performance Objective +3% p.a. over rolling 5 year periods vs benchmark.

Periodic Performance

Composite Net (%) Benchmark (%) Difference (%) 3 Months* 5.8 5.7 0.1 YTD* -1.0 14.4 -15.4 1 Year* 28.1 38.3 -10.2 3 Years 25.2 11.0 14.2 Since Inception 29.0 11.3 17.6

Annualised periods ended 30 June 2021. *Not annualised. Inception date: 30 June 2017. Figures may not sum due to rounding. Benchmark is MSCI AC World Small Cap Index. Source: StatPro, MSCI. sterling

Discrete Performance

30/06/16- 30/06/17- 30/06/18- 30/06/19- 30/06/20- 30/06/17 30/06/18 30/06/19 30/06/20 30/06/21 Composite Net (%) N/A 41.0 12.3 36.3 28.1 Benchmark (%) N/A 12.4 1.1 -2.3 38.3

Benchmark is MSCI AC World Small Cap Index. Source: StatPro, MSCI. sterling Performance- Canadian Dollar 09

Performance Objective +3% p.a. over rolling 5 year periods vs benchmark.

Periodic Performance

Composite Net (%) Benchmark (%) Difference (%) 3 Months* 4.4 4.2 0.1 YTD* -2.8 12.4 -15.2 1 Year* 30.3 40.6 -10.4 3 Years 24.6 10.4 14.1 Since Inception 29.4 11.7 17.7

Discrete Performance

30/06/16- 30/06/17- 30/06/18- 30/06/19- 30/06/20- 30/06/17 30/06/18 30/06/19 30/06/20 30/06/21 Composite Net (%) N/A 45.1 7.5 38.0 30.3 Benchmark (%) N/A 15.8 -3.2 -1.1 40.6

Benchmark is MSCI AC World Small Cap Index. Source: StatPro, MSCI. Canadian dollars Performance – Australian Dollar 10

Performance Objective +3% p.a. over rolling 5 year periods vs benchmark.

Periodic Performance

Composite Net (%) Benchmark (%) Difference (%) 3 Months* 7.5 7.3 0.1 YTD* 2.8 18.9 -16.0 1 Year* 31.4 41.8 -10.4 3 Years 26.4 12.1 14.3 Since Inception 31.7 13.7 18.0

Discrete Performance

30/06/16- 30/06/17- 30/06/18- 30/06/19- 30/06/20- 30/06/17 30/06/18 30/06/19 30/06/20 30/06/21 Composite Net (%) N/A 48.8 14.0 34.9 31.4 Benchmark (%) N/A 18.7 2.6 -3.3 41.8

Benchmark is MSCI AC World Small Cap Index. Source: StatPro, MSCI. Australian dollars Performance – Attribution 11

Stock Level Attribution Top and Bottom Ten Contributors to Relative Performance

Quarter to June 30, 2021 One Year to June 30, 2021 Stock Name Contribution (%) Stock Name Contribution (%) Novocure 1.5 Tesla 6.4 Staar Surgical 1.0 Novocure 2.2 Zai Lab 0.7 Upwork 1.4 Alnylam Pharmaceuticals 0.6 Staar Surgical 1.4 Trupanion 0.5 Appian Corp 1.0 Upwork 0.5 Zai Lab 0.9 ShockWave Medical 0.3 Zillow 0.8 Axon Enterprise 0.2 Trupanion 0.8 Sprout Social 0.2 ShockWave Medical 0.6 Genmab 0.2 Codexis 0.4 MarketAxess Holdings -0.5 MarketAxess Holdings -2.0 Ocado -0.4 Ocado -1.9 Zillow -0.4 LendingTree -1.8 Teladoc -0.4 Teladoc -1.7 iRobot -0.3 Galapagos NV -1.6 Chegg -0.3 Alnylam Pharmaceuticals -1.0 PureTech Health -0.3 MorphoSys AG -1.0 Pacira BioSciences -0.2 Splunk -0.9 Renishaw -0.2 Adaptimmune Therapeutics -0.7 Exact Sciences -0.2 Yext -0.6

Source: StatPro, MSCI. Worldwide Discovery composite relative to MSCI AC World Small Cap Index. Some stocks may have only been held for part of the period. Portfolio Overview 12

Top Ten Largest Holdings % of Stock Name Description of Business Portfolio Ocado Online grocery retailer and technology provider 5.7 Zillow US online real estate services 4.4 Tesla Inc Electric vehicles, autonomous driving and solar energy 4.4 Alnylam Pharmaceuticals Drug developer focussed on harnessing gene silencing technology 4.1 Novocure An oncology company 3.9 STAAR Surgical Opthalmic implants for vision correction 3.8 MarketAxess Electronic bond trading platform 3.4 Zai Lab Chinese bio-pharmaceutical development and distribution company 3.3 Chegg Online educational company 2.8 Appian Enterprise software developer 2.8 Total 38.6

Sector Weights (%) 6 1 Health Care 32.2 5 2 Information Technology 24.9 1 3 Consumer Discretionary 19.2 4 4 Financials 7.0 5 Industrials 6.8 6 Communication Services 6.4 7 Materials 0.4 3 8 Cash 3.0

Regional Weights (%) 5 1 North America 64.6 4 2 UK 10.6 3 Emerging Markets 10.1 3 4 Developed Asia Pacific 7.3 5 Europe (ex UK) 4.4 6 Cash 3.0

2 1

Figures may not sum due to rounding.

Governance Summary 13

Voting Activity Votes Cast in Favour Votes Cast Against Votes Abstained/Withheld Companies 57 Companies 10 Companies None Resolutions 480 Resolutions 14 Resolutions None

In 1948, the United Nations Universal Declaration of Human Rights was the first rights declaration that explicitly applied to everyone, regardless of race, gender, economic circumstance and beliefs. It is as relevant as ever today We engage with our holdings on business and human rights issues, encouraging management teams to understand the growing expectations on their businesses and support the protection of human rights within their sphere of influence A lot of work is discretely going into improving human rights standards across international business and supply chains, much taking place under initiatives such as the UN Global Compact, to which we are a long-standing signatory

Company Engagement Engagement Type Company Environmental/Social Wayfair Inc. AGM or EGM Proposals AxoGen, Inc., Benefitfocus, Inc., Cellectis S.A., Ceres Power Holdings plc, CyberArk Software Ltd., Everbridge, Inc., Galapagos NV, MorphoSys AG, Pacira BioSciences, Inc., PureTech Health plc, Rightmove plc, iRobot Corporation Executive Remuneration Galapagos NV

Notes on company engagements highlighted in blue can be found in this report. Notes on other company engagements are available on request.

Governance Summary 14

Rights, responsibilities and sustainable returns Many centuries later, the adoption of the Universal Declaration of Human Rights by the United Nations The oldest known bill of rights is thought by many General Assembly on 10 December 1948 was the final historians to be the Cyrus Cylinder. Following the act in one of the most remarkable achievements in human conquest of the City of Babylon by the armies of Cyrus history. Out of the ashes of the second world war, an the Great, the first king of ancient Persia, Cyrus international committee headed by the charismatic and apparently freed the slaves, declared that all people had dynamic former US First Lady Eleanor Roosevelt and the right to choose their own religion and established Vice Chair PC Chang of China managed to draft a racial equality. These and other decrees were recorded on ‘universal bill of rights’ that was endorsed by almost a baked-clay cylinder in the Akkadian language with every country in the world (there were a small number of cuneiform script. abstentions). Recognising this ancient object, now residing in the Before then, there had been a number of hugely British Museum, as the world’s first charter of human significant milestones towards universal rights such as rights, the script has been translated into all official the Magna Carta (1215), the French Declaration of the languages of the United Nations and its provisions Rights of Man and of the Citizen (1789), and the US Bill parallel the first four Articles of the 1948 Universal of Rights (1791), but there had never before been a Declaration of Human Rights. declaration of rights that explicitly applied to everyone, regardless of race, gender, economic circumstance and beliefs.

Members of the United Nations Commission on Human Rights rehearsing in the Delegates Lounge for a television show You and Human Rights. Left to right are: Professor Rene Cassin, France; Dr PC Chang, China; Quincy Howe, CBS (Columbia Broadcasting Service), moderator; Mrs Eleanor Roosevelt, US, Commission Chairman; Dr Charles Malik, Lebanon, and Mr E Kelen of UN Radio Division. © United Nations. https://www.flickr.com/photos/un_photo/37464345502/in/album-72157677599327615/

Governance Summary 15

Despite being over 70-years-old today, the Universal From this relatively recent, tentative start, human Declaration is still the foundation for all international rights awareness, and many accompanying dilemmas, are human rights law, and the fundamental rights that it sets now everywhere in business, not least because of the role out are as relevant as ever. One of the reasons for the of social media and increasing NGO and employee Declaration’s ongoing significance and longevity is the activism in holding companies to account. The resulting principle of ‘universalism’ that runs through the reputational risk from the mishandling of human rights document. At the insistence of Vice Chair PC Chang, the issues is ensuring that the ‘s in esg’ – social – is rapidly Chinese diplomat, philosopher and playwright whose reaching parity with the environmental (‘e’) and membership of the drafting committee was of pivotal governance (‘g’) issues in terms of commercial importance, there was no direct mention of any specific importance. Whether this is considered by all to be religion with respect to the principles, only freedom of appropriate or not, many businesses have learned the hard religion as a right. This ensured that the principles in the way that stakeholder expectations have changed beyond Declaration were articulated as natural, inalienable rights all recognition from the Milton Friedman thesis that the that could not be arbitrarily revoked by monarchs, clerics sole responsibility of the corporation was to make money or politicians. for shareholders. While this brief history of rights is of innate academic In the past few years alone, Rio Tinto’s Chief interest, human rights is a topic of rapidly growing Executive Jean-Sébastien Jacques was forced to resign currency and importance in investment management and after a number of aboriginal cultural sites were destroyed the wider business community. during the company’s mining operations; numerous Until relatively recently, the responsibility for fashion companies have been publicly named and shamed protecting human rights fell on sovereign states, for allegedly having forced labour in their supply chains; supported by a number of international agencies and non- companies providing products or services linked to governmental organisations (NGO). However following detention centres in the US and China have found several high profile incidents in the latter 20th century, themselves in the cross-hairs of campaign groups around not least the perceived lack of intervention by oil and the world; and corporations have been accused of being gas companies during the trial and execution of Nigerian tacitly ‘part of the problem’ in the lack of progress in community activist and environmental protestor improving the human rights and economic empowerment Ken Saro-Wiwa in 1995, the United Nations became of black, minority and first nation citizens in a number of increasingly interested in the role that businesses could countries. play in supporting the protection of human rights. This While many people tend to think of issues as modern culminated in human rights being specifically included in slavery and discrimination against minority groups when the United Nations Global Compact, launched in 2000 as they think of human rights in the economy, there are also a framework for socially responsible business operations, a range of evolving areas where different conceptions of embodied in the first two of 10 principles: employee and consumer rights are coming to the fore. “Businesses should support and respect the protection These include the right to digital privacy, gender and of internationally proclaimed human rights (Principle identity rights in the workplace and the right to safer One); and businesses should make sure that they are not working conditions for all, the latter starkly highlighted complicit in human rights abuses (Principle Two)”. by some of the inequalities of the pandemic. Human rights are also increasingly relevant to discussions on the This was followed up by the much more detailed best way to ‘net-zero’ emissions, taking account of issues United Nations Guiding Principles on Business and such as the economic rights of workers in the fossil fuel Human Rights, endorsed in 2011. More recently, many industry during a ‘just transition’ and the right to businesses have also recognised the role that they can protection from the adverse physical impacts of climate play in supporting the achievement of the UN Sustainable change. Technology platforms are also grappling with the Development Goals, particularly with respect to basic at times competing rights of free speech on one hand and universal needs such as primary healthcare, nutrition and a content stewardship duty of care towards protected sanitation. characteristics groups and vulnerable users online.

Governance Summary 16

For all of the above reasons, we are engaging with our holdings on business and human rights issues, supported by additional research in this area being undertaken by the Baillie Gifford Governance and Sustainability Team and a newly established Investment Human Rights Research Group. We encourage all management teams to understand the growing expectations on their business to understand their obligations and support the protection of human rights within their sphere of influence. Our experience to date is that the ambitious, innovative and growth-oriented kinds of companies that we aim to hold typically have no interest whatsoever in being even remotely connected to human rights abuses, and are often passionate to do what they can to support progress in this area. While it can be hard (and at times counter-productive) to take bold public positions in highly sensitive areas, very considerable amounts of thought and commitment are discretely going into improving human rights standards across international business and supply chains, much of this taking place under the auspices of invaluable initiatives such as the UN Global Compact, to which we are a long-standing signatory. Human rights are at their most difficult and contentious when countries at different stages of development place differing emphasis on the trade-offs between individual rights and collective national security or economic development goals. Investors and companies alike are nevertheless still expected to be positive advocates for human rights in these circumstances, or at the very least not complicit in abuses, even though most rightly understand the limitations of their sphere of influence and the very significant risks from missteps in this arena. For our part, we will report back on our work in this critically important and rapidly evolving area in our client and regular investment stewardship reporting.

Governance Engagement 17

Company Engagement Report Cellectis S.A. We had a productive pre-AGM call with the CFO, general counsel and VP corporate strategy and finance at Cellectis. The primary topics of conversation were the share request proposals and capital raise proposals, given that we had voted against these at the 2020 AGM. We were encouraged to see that Cellectis had made improvements to the share request proposals, which directly addressed all the previous concerns that we had communicated. These improvements included: no discount to the exercise price, a three- year minimum vesting requirement and performance-based vesting conditions. We were also reassured to see a clearly articulated rationale from Cellectis for the capital raise authorities and the flexibility of financing that they would provide. Overall, we thought the requests were supportable for a company in the biotechnology sector at this relatively early stage of development. The improvements made and the context the company was able to provide during engagement meant that we voted in favour of the related proposals at the 2021 AGM, which we viewed as a positive outcome. Galapagos NV We had a pre-AGM engagement with Elizabeth Goodwin and Sandra Cauwenberghs, representatives from the Galapagos Investor Relations team. The primary focus was on remuneration. Disclosures have improved since last year, but we flagged that we would welcome increased transparency when it comes to the retrospective disclosure of the annual bonus targets. We also encouraged the introduction of performance conditions for vesting of awards under the long-term incentive plan and provided an illustrative example. Overall, we recognise the difficulty early stage biotechnology companies face in relation to aligning their remuneration structures to best practice principles, but we are encouraged by the progress made by Galapagos to date and will continue to engage on this topic. Wayfair Inc. We met with the CEO and CFO of Wayfair to discuss business development, but also for an update on progress with the company's thinking and strategy around environmental sustainability. Connecting thousands of furniture and homeware suppliers to customers in Europe and the Americas, Wayfair has the opportunity to share best practice, develop information for consumers and influence the logistics providers. We discussed the company's findings on the level of inherent interest in these topics across the value chain. European customers and global logistics are most advanced, with Wayfair seeing more work to be done to educate buyers in the Americas and convince sellers that progress can be made without a long-term burden on margins. This is an evolving area of focus, and we will keep in touch with the company as efforts progress. Voting 18

Votes Cast in Favour Company Meeting Details Resolution(s) Voting Rationale Axon Enterprise Inc Annual 5 We supported a shareholder resolution requesting 05/27/21 the company adopt a majority voting standard for director elections. We think this will promote accountability of the board and is a good governance practice. EverQuote Inc Annual 4 We supported an annual say on pay vote to allow 06/10/21 shareholders the opportunity to regularly assess the company's approach to compensation. Zillow Group Inc Class A Annual 4 We supported an annual vote on executive 06/08/21 compensation due to our concerns regarding the repricing provision within the equity incentive plan. Companies Voting Rationale Adaptimmune Therapeutics, Alnylam Pharmaceuticals, We voted in favour of routine proposals at the aforementioned Ambarella, Appian Corp, Axogen Inc, Axon Enterprise Inc, meeting(s). Baozun Spn Adr 1:1, Benefitfocus Inc, Blackline, CEVA Inc, Cardlytics Inc, Cellectis, Ceres Power, Chegg, Chinook Therapeutics, Cloudera Inc, Codexis, Cosmo Pharmaceuticals, CyberArk Software Ltd, Dialog Semiconductor, Digimarc, EverQuote Inc, Everbridge Inc, Exact Sciences, Galapagos NV, Genmab, IPG Photonics Corp, JFrog Ltd, Kingdee Int'l Software Group, LendingTree, LivePerson Inc, M3, MarketAxess Holdings, MercadoLibre, MorphoSys AG, Novocure Ltd, Ocado, Pacira BioSciences, PureTech Health, Q2 Holdings Inc, Rightmove, Rubius Therapeutics Inc, ShockWave Medical Inc, Splunk Inc, Sprout Social, Staar Surgical, Tabula Rasa HealthCare Inc, Teladoc, Trupanion, Upwork Inc, Veeco Instruments, Wayfair Inc, Yext Inc, Zai Lab ADR, Zillow Group Inc Class A, Zuora Inc Class A, iRobot

Votes Cast Against Company Meeting Details Resolution(s) Voting Rationale Cellectis MIX 25 We voted against this pro-forma resolution in line 06/01/21 with Management's recommendation. There is a legal obligation under the French Commercial Code for companies to propose retirement-account share purchase plans at a discount for employees. However, this plan is currently not included within the framework of the Company's existing employee stock-based compensation policy. Cosmo Pharmaceuticals AGM 5 We opposed the authority to grant options to the 05/28/21 board as non-executive directors are eligible to participate. Cosmo Pharmaceuticals AGM 8 We opposed the resolution which sought authority 05/28/21 to issue equity without pre-emptive rights because the potential dilution levels are not in the interests of shareholders. Kingdee Int'l Software Group AGM 4 We opposed the re-appointment of the auditors 05/21/21 due to the continued high level of non-audit fees. Kingdee Int'l Software Group AGM 5.A, 5.C We opposed two resolutions which sought 05/21/21 authority to issue equity because the potential dilution levels are not in the interests of shareholders.

Voting 19

Company Meeting Details Resolution(s) Voting Rationale Pacira BioSciences Annual 3 We opposed compensation due to concerns about 06/08/21 the lack of long-term performance measures. Splunk Inc Annual 3 We opposed the executive compensation policy 06/17/21 due to concerns regarding adjustments made to targets during the year. Zillow Group Inc Class A Annual 3 We opposed the executive compensation 06/08/21 resolution due to the inclusion of a repricing provision within the equity incentive plan which has the potential to misalign the experience of management and shareholders. Zuora Inc Class A Annual 3 We opposed the resolution on executive 06/22/21 compensation as the performance and vesting periods under the STIP and LTIP are not sufficiently long-term. Companies Voting Rationale Ambarella, Veeco Instruments We opposed the executive compensation policy as we do not believe the performance conditions are sufficiently stretching. Cosmo Pharmaceuticals, Dialog Semiconductor We opposed the resolution which sought authority to issue equity because the potential dilution levels are not in the interests of shareholders.

Votes Abstained

We did not abstain on any resolutions during the period.

Votes Withheld

We did not withhold on any resolutions during the period.

Votes Not Cast Companies Voting Rationale Temenos We did not vote due to the practice known as "blocking" - the rules in some markets which restrict us from selling shares during the period between the votes being cast and the date of the meeting. Transaction Notes 20

New Purchases Stock Name Transaction Rationale Ceres Power Ceres Power develops and manufactures fuel cells and associated devices. Fuel cells are electro-chemical devices that use the inputs of an energetic gas (eg methane or hydrogen) alongside oxygen to yield energy in the form electrons and heat. Through having the ability to generate electricity at the point of use a fuel cell can bypass the significant loss that occurs when electricity is generated in central power generation assets and distributed through the grid network. Ceres Power uses a solid oxide process in its fuel cells involving ceramic electrodes printed onto steel plates before being stacked into multilayered cells. The operating temperature of the cell unit, albeit relatively high in an absolute sense, is markedly lower than other solid oxide based technologies which results in lower operating and manufacturing costs. Having refined the efficiency of its fuel cell stacks over many years Ceres has been actively engaging with commercialisation/licensing partners in a variety of applications. We have been impressed with the early traction that has been achieved and think this will translate into meaningful royalty growth and further licensing opportunities in the future.

Complete Sales Stock Name Transaction Rationale Dialog Semiconductor In February 2021 Dialog announced they had reached an agreement with Japanese semiconductor manufacturer Renesas Electronics for a complete purchase of Dialog's outstanding shares. Whilst we are disappointed that we will not be able to continue investing in Dialog, we recognise the rationale behind the deal, the justification of the proposed price and acknowledge that Dialog's own management team are supportive of the decision. The shares are currently trading near the offer price so we have decided to sell the position ahead of the transaction to free up funds for new ideas. Yext Inc Yext helps businesses manage and synchronise information across a large and growing network of services such as Facebook, Siri, Google Maps and WeChat among others. The original investment hypothesis was that the company is well placed to carve out a very differentiated position in the increasingly important area of corporate knowledge management. The product roadmap since then has diverged from what we perceive to be Yext's core skillset and competitive strength. Combined with significant employee turnover at the company, this has lowered our confidence in the investment case and we have sold our shares. Legal Notices 21

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