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.

    Portfolio

    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.

    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.

    Ed Whitten

    Ed’s experience of working in and studying developing countries drives his desire to work towards a more sustainable future that leaves no one behind. Ed believes that thoughtful and responsible investment in companies achieving financial, social and environmental returns has enormous potential to catalyse positive change in the corporate landscape, build trust in capital markets and help support solutions to global challenges. Ed joined Baillie Gifford in 2018 and is an Impact Analyst and decision maker in the Positive Change Team. He graduated with a BA (Hons) in History from Newcastle University in 2008 and is studying towards an MSc in Sustainable Development at London’s School of Oriental and African Studies.

    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.

    Documents

    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.

    Risks

    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

    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.

    Concentration

    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.

    Volatility

    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.

    Dilution

    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.