ObjectiveThe value of investments and any income from them may go down as well as up and you or your client may not get back the amount originally invested. The stated objective is in no way guaranteed.
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.
Positive Change - Impact Report
A copy of our full 2017 Positive Change Impact Report can be requested from [email protected]
Meet the Portfolio Construction GroupKate 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 has a particular interest in healthcare. 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 traditional to a world where prevention and cure will become an integral part of healthcare.
Julia is a member of the International Growth, Positive Change and Health Innovation Portfolio Construction Groups. The Health Innovation is an internally incubated strategy. She joined Baillie Gifford in 2008 and has been part of different global and regional teams. Julia previously worked as a Management Consultant at McKinsey & Company advising firms in Denmark, Russia and Hungary. She obtained a 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.
Actual Investors see people’s aspirations.
Not assets under management.
Launch Date 3 January 2017 Benchmark MSCI AC World Index + 2% The Investment Association Sector Global XD Date Last day of December each year Distribution Last day of February each year Pricing Valuation point 10am daily, swinging single price Active Share 97%** 3D Investing Rating
Baillie Gifford are long-term investors, not speculators. Our investment philosophy focuses on growth while our universe is global. Accordingly, we believe that fundamental analysis and proprietary research are core to a successful, long-term, bottom-up investment approach.
Investment Choice and Charges
Share Class ISIN Number SEDOL Number Min. Investment Min. Top Up Ongoing Charges* Initial Charge B Acc GB00BYVGKV59 BYVGKV5 £1,000 No Min 0.55% 0%
* Interim figures as at 30/06/2019
A further explanation of all the charges and costs relating to this Fund can be found in the Enhanced Disclosure of Fund Charges and Costs document.