1. Overview

    The Positive Change Fund aims to outperform (after deduction of costs) the MSCI AC World Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods. There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.

    The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Global Sector.


    Top Ten Holdings - 31/08/2020

    Fund %
    1 Tesla Inc 10.9%
    2 Dexcom 5.7%
    3 M3 5.6%
    4 TSMC 5.3%
    5 ASML 4.8%
    6 Illumina 4.5%
    7 Kingspan Group 4.2%
    8 MercadoLibre 4.2%
    9 NIBE 4.0%
    10 Teladoc 3.6%
    Total 52.8%
    Fund %
    1 Tesla Inc 10.9%
    2 Dexcom 5.7%
    3 M3 5.6%
    4 TSMC 5.3%
    5 ASML 4.8%
    6 Illumina 4.5%
    7 Kingspan Group 4.2%
    8 MercadoLibre 4.2%
    9 NIBE 4.0%
    10 Teladoc 3.6%
    Total 52.8%
    Geographic Analysis of Total Assets - 31/08/2020
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    Key Decision Makers

    Kate Fox

    Kate believes the financial community plays a crucial role in creating a more sustainable world for future generations. Kate’s experience analysing smaller companies has left her with a natural enthusiasm for businesses that address unmet needs or challenge the status quo, as well as an appreciation of their long-term potential.

    Kate is an Investment Manager for the Positive Change strategy and a member of the Positive Change Portfolio Construction Group. Kate graduated MA in Economics and Maths from the University of Edinburgh in 2001.

    Lee Qian

    Lee grew up in China during a period of incredible economic and social progress, when hundreds of millions of people were lifted out of poverty and the standard of living improved for the majority of the population. Witnessing that has influenced Lee deeply about the role of businesses in society.

    Lee joined Baillie Gifford in 2012 and is an Investment Manager for the Positive Change strategy and a member of the Positive Change Portfolio Construction Group. He graduated BA (Hons) in Economics and Management from Oxford University in 2012.

    Julia Angeles

    Julia joined Baillie Gifford in 2008 and is the Portfolio Manager of the Health Innovation Strategy. Prior to Baillie Gifford, Julia worked as a management consultant for McKinsey & Co advising firms in Denmark, Russia and Hungary.  Since joining Baillie Gifford Julia has worked on a number of regional and global investment strategies.  Julia has a passion for the transformation taking place in healthcare, and it was this passion which led to the establishment of the strategy. She believes that over the next 10 years healthcare systems around the world will experience a monumental change and we will witness a move away from reactive medicine to a world where prevention and cure will become an integral part of healthcare driven by technology. Julia is also a member of the International Growth and Positive Change portfolio construction groups.

    Julia obtained a BSc, MSc and PhD in Economics from the University of Aarhus, Denmark and speaks fluent Russian and Danish. 

    Kirsty Gibson

    Kirsty’s Masters degree in Carbon Management brings a deep knowledge of climate change and sustainability issues. She is excited about the opportunity to further explore two areas she finds fascinating and believes are of increasing importance for investments: sustainability and the issue of sustainability when considering long-term global investments.

    Kirsty joined Baillie Gifford in 2012 and is an Investment Manager in the US Equities Team. She is also a member of the Positive Change Portfolio Construction Group. Kirsty graduated MA (Hons) in Economics in 2011 and MSc in Carbon Management in 2012, both from the University of Edinburgh.

    Kieran Murray

    Kieran is a member of the Positive Change Portfolio Construction Group. Positive Change is a global equity impact strategy and Kieran is jointly responsible for completing bottom-up impact analysis and measurement for the strategy. He has developed a keen understanding of how responsible business practices contribute to sustainable long-term performance. Kieran strongly believes thoughtful consideration of a company’s impact on the environment and its key stakeholders is essential to fulfilling our role as effective stewards of our clients’ investment for the strategy’s holdings. He joined Baillie Gifford in 2010 and is a Senior Analyst in our Governance and Sustainability Team, where he leads ESG research and stewardship activities for the firm’s North American holdings. Kieran graduated BSc (Hons) in Psychology in 2007 and MSc in Management and Corporate Governance in 2010, from the University of Ulster.

    Michelle O'Keeffe

    Michelle joined Baillie Gifford in March 2015. She is based in the Positive Change Team, Baillie Gifford’s Impact Investing Strategy, where she leads on the development and application of the methodology for assessing impact and sits on the Portfolio Construction Group. She brings expertise in climate change, resource governance and European policy assessments gained through previous roles with the Carbon Disclosure Project as Technical Director of reporting and as a research associate with University College London’s Institute for Sustainable Resources. Michelle graduated BSc (Hons) in Zoology from the University of Cardiff in 1999 and MSc in Climate Change and Risk Management from the University of Exeter in 2009.

    Will Sutcliffe

    Having spent nearly his entire investment career as an Emerging Markets Investor, Will has a profound interest in why some societies have been able to make the transition from relatively poor to relatively rich while others have not, and the role that companies and institutions can play in facilitating this transition.

    Will is a Partner, an Investment Manager in the Emerging Markets Equity Team and a member of the Positive Change Portfolio Construction Group. In addition to his investment responsibilities, Will oversees Baillie Gifford’s investment graduate recruitment programme and is a member of the firm’s Diversity and Inclusion Group. Will graduated MA in History from the University of Glasgow in 1996.

    How to Buy

    You can invest in a range of our funds via a number of fund platforms and supermarkets, please see the links opposite. Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request. Information on the range of funds available through platforms can be found in our Platform Matrix.

    Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.

    Fund Platforms/Supermarkets

    OEIC Terms of Business

    To buy and sell our funds, you must complete and return a copy of the document below, if you don't already have an agreement with us. In order for us to accept your business for our range of OEICs, please complete and return the Terms of Business Acceptance Form.


    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). To download any document you will need Adobe Reader.  Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.


    General Investment Risk

    Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.


    Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

    Emerging Markets

    The Fund invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.


    The Fund’s concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.

    Foreign Currency

    The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.


    The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.


    A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.

    Fees from Revenue

    Where possible, charges are taken from the Fund's revenue. Where there is insufficient revenue, the remainder will be taken from capital. This will reduce the capital value of your investment.

    Tax Rates

    Tax rates and the tax treatment of OEICs can change at any time.

    Sustainable & Responsible Investment
    The Fund invests in companies whose products or behaviour make a positive impact on society and/or the environment. This means the Fund will not invest in certain sectors and companies and the universe of investments available to the Fund will be more limited than other funds that do not apply such criteria. The Fund therefore may have different returns than a fund which has no such restrictions.