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.

    Holdings 10/31/2023

    SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (CAD) Fund %
    1 B23X1H3 US58733R1023 MercadoLibre Brazil 10,343 1240.74 USD Equity 17815375.97 8.66
    2 B929F46 NL0010273215 ASML Netherlands 17,876 565.30 EUR Equity 14828521.40 7.21
    3 6889106 TW0002330008 TSMC Taiwan 527,000 529.00 TWD Equity 11932187.44 5.80
    4 2261203 US2441991054 Deere & Co United States 19,783 365.36 USD Equity 10034155.64 4.88
    5 6709099 ID1000118201 Bank Rakyat Indonesia Indonesia 21,497,943 4960.00 IDR Equity 9318779.73 4.53
    6 BXDZ9Z0 CA82509L1076 Shopify Canada 137,078 47.19 USD Equity 8980187.83 4.36
    7 BK1N461 INE040A01034 HDFC Bank India 354,921 1476.50 INR Equity 8737816.97 4.25
    8 BNZJHH8 US75960P1049 Remitly Global United States 228,230 26.93 USD Equity 8532509.24 4.15
    9 B0796X4 US2521311074 Dexcom United States 67,005 88.83 USD Equity 8262939.20 4.02
    10 BN6NP19 KYG6683N1034 Nu Holdings Brazil 692,534 8.20 USD Equity 7883564.70 3.83
    Total 51.68%

    Total may not sum due to rounding

    Download
    Sector Analysis of Total Assets - 9/30/2023

    Fund %

    • 1 Health Care 23.42
    • 2 Information Technology 19.16
    • 3 Consumer Discretionary 19.15
    • 4 Financials 16.01
    • 5 Industrials 9.99
    • 6 Materials 8.63
    • 7 Utilities 2.33
    • 8 Communication Services 0.20
    • 9 Cash 1.10
    • Total 100.00

    Total may not sum due to rounding

    Regional Analysis of Total Assets - 9/30/2023

    Fund %

    • 1 North America 47.19
    • 2 Emerging Markets 30.46
    • 3 Europe (ex UK) 17.71
    • 4 Developed Asia Pacific 3.54
    • 5 Cash 1.10
    • Total 100.00

    Total may not sum due to rounding

    ASSET CLASS ANALYSIS 9/30/2023

    Fund %

    • 1 Listed Equities 96.57
    • 2 Infrastructure 2.33
    • 3 Cash and Equivalents 1.10
    • 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. 

    TAX & DISTRIBUTIONS

    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

    Status
    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: CIBC Mellon and Baillie Gifford & Co.

    Capital Gains

    Please click here to view estimated capital gain distributions for 2023.

    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.