1. Overview

    To produce capital growth over the long term by investing primarily in global equities that, in the opinion of the manager, deliver positive change by contributing towards a more sustainable and inclusive world. Performance will be measured against the MSCI ACWI Index.

    Investment Proposition

    The Fund invests in an actively managed portfolio of 25-50 global high quality growth companies which can deliver positive change in one of four areas: social inclusion and education, environment and resource needs, healthcare and quality of life; and base of the pyramid (addressing the needs of the world’s poorest populations). A Portfolio Construction Group generate ideas from a diverse range of sources. With a focus on fundamental in-house research, the group complete a two stage analysis of all holdings, looking at both the financial and positive change aspects case for each stock using a consistent framework. The output is a high conviction and differentiated portfolio. We aim for a low turnover, around 20% per annum over the long run.

    Holdings 12/31/2022

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (CAD) Fund %
    1 BGSXTS3 US60770K1079 Moderna United States 57,024 179.62 USD Equity 13878279.88 6.66
    2 B929F46 NL0010273215 ASML Netherlands 17,664 503.80 EUR Equity 12868577.11 6.18
    3 2261203 US2441991054 Deere & Co United States 20,810 428.76 USD Equity 12089535.48 5.80
    4 B23X1H3 US58733R1023 MercadoLibre Brazil 10,253 846.24 USD Equity 11756222.00 5.64
    5 B00FWN1 US02043Q1076 Alnylam Pharmaceuticals United States 35,534 237.65 USD Equity 11442085.49 5.49
    6 6889106 TW0002330008 TSMC Taiwan 522,000 448.50 TWD Equity 10320861.19 4.95
    7 B0796X4 US2521311074 Dexcom United States 66,175 113.24 USD Equity 10153530.60 4.87
    8 6709099 ID1000118201 Bank Rakyat Indonesia Indonesia 21,290,743 4940.00 IDR Equity 9154237.20 4.39
    9 6171900 INE001A01036 HDFC India 202,609 2637.60 INR Equity 8752415.21 4.20
    10 B3P2CN8 US98419M1009 Xylem United States 58,083 110.57 USD Equity 8701810.49 4.18
    Total 52.38%
    Sector Analysis of Total Assets - 12/31/2022

    Fund %

    • 1 Health Care 29.36
    • 2 Information Technology 17.79
    • 3 Financials 12.60
    • 4 Industrials 12.27
    • 5 Materials 11.46
    • 6 Consumer Discretionary 10.25
    • 7 Utilities 3.83
    • 8 Communication Services 0.39
    • 9 Cash 2.04
    • Total 100.00

    Total may not sum due to rounding

    Regional Analysis of Total Assets - 12/31/2022

    Fund %

    • 1 North America 46.70
    • 2 Europe (ex UK) 24.49
    • 3 Emerging Markets 23.59
    • 4 Developed Asia Pacific 2.51
    • 5 UK 0.67
    • 6 Cash 2.04
    • Total 100.00

    Total may not sum due to rounding


    Fund %

    • 1 Listed Equities 94.13
    • 2 Infrastructure 3.83
    • 3 Cash and Equivalents 2.04
    • 4 Unclassified 0.00
    • Total 100.00

    It should not be assumed that recommendations/transactions made in the future will be profitable or will equal performance of the securities mentioned. The composition of the Fund's holdings is subject to change. Percentages are based on securities at market value. Internal classifications are used for any graphs represented above.

    There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments. 


    The Fund intends to pay dividends to its shareholders at least annually. Distributions will automatically be reinvested in Fund shares unless you submit a request for cash payment with at least ten days prior notice, before the record date for distribution, to the Transfer Agent. The distribution dates will appear on this page alongside the rates once they become available. The dates can be changed by the Officers of the Funds. For more information on Baillie Gifford Funds’ Distributions please see the Statutory Prospectus. 

    The below table shows the makeup of the most recent distributions paid.

    Fund Name

    Income Dividends

    Capital Gain

    Total Per Share

    Ex. Date

    Pay Date


    Positive Change Equity Fund Series Z 0.03017 0.00000 0.03017 12/30/2022 12/30/2022 Final
    Positive Change Equity Fund Series F 0.01873 0.00000 0.01873 12/30/2022 12/30/2022 Final

    Source: StatPro, MSCI. Canadian dollars. Fund performance shown is based on the NAV calculated by CIBC Mellon Trust Company.

    Index Disclaimer

    Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.