Overview
Objective
The Positive Change Equity Fund aims to produce capital growth over the long term by investing primarily in global equities. The Fund also aims to contribute towards a more sustainable and inclusive world by investing in companies that, in the opinion of the Manager, deliver positive change. Performance will be measured against the MSCI ACWI Index.
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). The Positive Change Decision Makers generate ideas from a diverse range of sources. With a focus on fundamental in-house research, the team 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.
Strategy behind the fund
Positive ChangeShare price and charges
Series
FNAV
14.32% change
0.35%Management fee
0.50%Operating expenses
0.09%Gross expense ratio
0.59%Net expense ratio
0.59%Fund facts
Fund launch date
February 20, 2018
Fund size
$100.2m
Benchmark
MSCI ACWI Index
Current number of holdings
39
Active share
93%**
Annual turnover
26%
Style
Growth
Guideline number of holdings
25-50
** Relative to MSCI ACWI Index.
Source: Baillie Gifford & Co and relevant underlying index provider(s).
Portfolio characteristics
The fund's characteristics compared to the index.
As at 31 October 2025
| Fund | MSCI ACWI Index | |
|---|---|---|
| Market cap (weighted average) | $526.98bn | $1376.15bn |
| Price / Book | 6.02 | 3.72 |
| Price / Earnings (12 months forward) | 24.65 | 19.23 |
| Earnings growth (5 year historic) | 16.59% | 13.32% |
| Return on equity (12 months forward) | 22.26% | 19.30% |
| Standard deviation (trailing 3 years) | 15.35% | 10.15% |
| Beta | 1.21 | N/A |
Source: Revolution, MSCI. Canadian dollars.
Index disclaimer
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information 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. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).
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.
Fund performance
Stock level attribution
Top and bottom 5 relative contributors
One month to: 31 October 2025
| Holding | Contribution |
|---|---|
| TSMC | 0.71% |
| Shopify | 0.59% |
| Illumina | 0.50% |
| ASML | 0.29% |
| Arm Hdgs ADR | 0.25% |
| Duolingo Inc | -0.62% |
| Savers Value Village | -0.57% |
| SEA Ltd | -0.52% |
| Coursera Inc | -0.41% |
| Alphabet | -0.38% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 31 October 2025
| # | Holding | % of total assets |
|---|---|---|
| 1 | TSMC | 8.33 |
| 2 | MercadoLibre | 5.45 |
| 3 | Shopify | 4.98 |
| 4 | Microsoft | 4.86 |
| 5 | ASML | 4.82 |
| 6 | Alnylam Pharmaceuticals | 3.98 |
| 7 | Grab | 3.78 |
| 8 | Deere & Co | 3.72 |
| 9 | Nu Holdings | 3.55 |
| 10 | Autodesk | 3.44 |
Quarterly transactions
Transactions for the three-month period ending 30 September 2025
New purchases
- Arm Hdgs ADR
Reductions
- Alnylam Pharmaceuticals
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.
Positive Sparks: rare diseases
Discover the companies transforming global health with rare disease innovations.
Positive Change Q3 update
Investment specialist Catherine Flockhart reflects on recent performance, portfolio changes and market developments.
Pioneering Positive Change
In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?
Positive Sparks: financial inclusion
Explore how digital innovation is revolutionising financial access for the world's unbanked.
The ‘invisible’ millions: banking’s new frontier
From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.
Positive Change Q2 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Positive Change Q2 update
Investment manager Lee Qian reflects on recent performance, portfolio changes and market developments.
Positive Change Impact Report 2024
What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.
Positive Sparks: fast fashion
Shifting consumer attitudes are driving innovative solutions to make fashion more sustainable.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
Positive Change Q1 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Positive Change Q1 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
Positive Change: a review of 2024
A detailed overview of 2024 covering performance, portfolio and investment approach.
Positive Conversations 2024
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
Positive Sparks: diabetes
Discover how groundbreaking diabetes solutions are driving global positive change.
Positive Change Q4 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Positive Change Q4 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Stock story: Ecolab
Learn how Ecolab is helping customers around the world be better stewards of water.
Academic collaborations that count
The experts helping us gain an investment edge when thinking about farming, human rights and AI.
Positive Change Impact Report 2023
Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.
Lessons from a time traveller
A journey through time uncovers the deep transitions that can reshape our world.
Positive Change Impact Report: 5th Year 2021/22
The Positive Change Team’s latest impact report, covering our activity over the last five years and plans for the future.
Positive Conversations 2020
This document looks at the contribution of the Positive Change portfolio to society through its business practices and focuses on our approach to engagement with the companies owned on behalf of our clients.
Positive Change Impact Report
For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.Positive Sparks: rare diseases
Discover the companies transforming global health with rare disease innovations.Positive Change Q3 update
Investment specialist Catherine Flockhart reflects on recent performance, portfolio changes and market developments.Pioneering Positive Change
In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?Positive Sparks: financial inclusion
Explore how digital innovation is revolutionising financial access for the world's unbanked.The ‘invisible’ millions: banking’s new frontier
From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.Positive Change Q2 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Positive Change Q2 update
Investment manager Lee Qian reflects on recent performance, portfolio changes and market developments.Positive Change Impact Report 2024
What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.Positive Sparks: fast fashion
Shifting consumer attitudes are driving innovative solutions to make fashion more sustainable.Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.Positive Change Q1 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Positive Change Q1 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.Positive Change: a review of 2024
A detailed overview of 2024 covering performance, portfolio and investment approach.Positive Conversations 2024
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.Positive Sparks: diabetes
Discover how groundbreaking diabetes solutions are driving global positive change.Positive Change Q4 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Positive Change Q4 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Stock story: Ecolab
Learn how Ecolab is helping customers around the world be better stewards of water.Academic collaborations that count
The experts helping us gain an investment edge when thinking about farming, human rights and AI.Positive Change Impact Report 2023
Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.Lessons from a time traveller
A journey through time uncovers the deep transitions that can reshape our world.Positive Change Impact Report: 5th Year 2021/22
The Positive Change Team’s latest impact report, covering our activity over the last five years and plans for the future.Positive Conversations 2020
This document looks at the contribution of the Positive Change portfolio to society through its business practices and focuses on our approach to engagement with the companies owned on behalf of our clients.Positive Change Impact Report
For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
Tax and 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.
Recent distributions
The below table shows the makeup of the most recent distributions paid.
| Series Z | Series F | |
|---|---|---|
| Income dividends | 0.06829 | 0.06581 |
| Capital gain | 1.11561 | 1.07514 |
| Total per share | 1.18390 | 1.14095 |
| Ex-dividend date | 31 Dec 2024 | 31 Dec 2024 |
| Pay date | 31 Dec 2024 | 31 Dec 2024 |
| Status | Final | Final |
Source: CIBC Mellon and Baillie Gifford & Co.
Upcoming distributions
Please click here to view estimated capital gain distributions for 2025.
The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.
2025
30 December 2025
31 December 2025
31 December 2025
Source: CIBC Mellon and Baillie Gifford & Co.