Investments with exposure to overseas securities can be affected by changing stock market conditions and currency rates .
This article does not constitute , and is not subject to the protections afforded to , independent research . Baillie Gifford and its staff may have dealt in the investments concerned . The views expressed are not statements of fact and should not be considered as advice or a recommendation to buy , sell or hold a particular investment . Data as at 31 December 2021 , unless otherwise stated .
Baillie Gifford & Co and Baillie Gifford & Co Limited is authorised and regulated by the Financial Conduct Authority ( FCA ). The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised and regulated by the Financial Conduct Authority .
Issue 82 - March 2022 / 23 /