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Minimum of 80% of NAV in average of fund accounting year is invested in the investment units of foreign fund titled Baillie Gifford Worldwide US Equity Growth Fund (the master fund) that seeks to invest in a concentrated but diversified portfolio of equity securities being listed on Regulated Markets in the U.S. The Fund may also invest up to 15% of its NAV in equity securities issued by companies deriving a substantial part of their income or assets located in the U.S. (The change of the master fund Merian North American Equity Fund takes effect on 2 November 2020.)
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