1. Positive Change Equity Fund

    Positive Change Equity Fund

  2. 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.

    Sector Analysis of Total Assets - 3/31/2024

    Fund %

    • 1 Information Technology 25.26
    • 2 Health Care 21.88
    • 3 Financials 16.83
    • 4 Consumer Discretionary 15.12
    • 5 Industrials 11.54
    • 6 Materials 7.99
    • 7 Communication Services 0.36
    • 8 Cash 1.02
    • Total 100.00

    Total may not sum due to rounding

    Regional Analysis of Total Assets - 3/31/2024

    Fund %

    • 1 North America 52.09
    • 2 Emerging Markets 31.68
    • 3 Europe (ex UK) 15.21
    • 4 Cash 1.02
    • Total 100.00

    Total may not sum due to rounding

    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. 

    Holdings 3/31/2024

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (CAD) Fund %
    1 B929F46 NL0010273215 ASML Netherlands 15,792 892.20 EUR Equity 20591983.21 8.10
    2 6889106 TW0002330008 TSMC Taiwan 625,000 779.00 TWD Equity 20587235.57 8.10
    3 B23X1H3 US58733R1023 MercadoLibre Brazil 7,933 1511.96 USD Equity 16231392.92 6.39
    4 B0796X4 US2521311074 Dexcom United States 75,415 138.70 USD Equity 14155076.85 5.57
    5 6709099 ID1000118201 Bank Rakyat Indonesia Indonesia 24,876,943 6050.00 IDR Equity 12845889.30 5.05
    6 BXDZ9Z0 CA82509L1076 Shopify Canada 120,526 77.17 USD Equity 12586566.62 4.95
    7 B3P2CN8 US98419M1009 Xylem United States 68,729 129.24 USD Equity 12020291.77 4.73
    8 BGSXTS3 US60770K1079 Moderna United States 83,114 106.56 USD Equity 11985231.60 4.72
    9 2261203 US2441991054 Deere & Co United States 20,760 410.74 USD Equity 11539111.85 4.54
    10 BN6NP19 KYG6683N1034 Nu Holdings Brazil 646,983 11.93 USD Equity 10445069.84 4.11
    Total 56.26%


    The Fund intends to pay dividends to its unitholders at least annually. Distributions will be automatically reinvested in additional units of the Fund or, if a unitholder requests, paid directly to unitholder.

    The distribution date for the Fund shall be the last Valuation Date in each taxation year or such other frequency as may be determined by the Manager. The distribution dates will appear on this page alongside the rates once they become available. For more information on the Funds distributions please see the Offering Memorandum.

    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 F 0.04452 0.00000 0.04452 12/29/2023 12/29/2023 Final
    Positive Change Equity Fund Series Z 0.04579 0.00000 0.04579 12/29/2023 12/29/2023 Final

    Source: CIBC Mellon and Baillie Gifford & Co.

    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.

    Important Information

    The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Baillie Gifford does not currently have any funds that offer securities under a simplified prospectus for general offer or sale within Canada. No securities regulatory authority in Canada has reviewed or in any way passed upon this website or the merits of any investment available, and any representation to the contrary is an offence.

    Persons resident or domiciled in Canada should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to trade.

    You can read details of our Legal and Important Information here.

    Trade Matching Statement
    This Trade-Matching Statement is being provided in accordance with National Instrument 24-101 -"Institutional Trade Matching and Settlement" and Companion Policy 24-101 CP (the "National
    Instrument"). It applies to all trades that are subject to the National Instrument. View the whole statement.