Capital at risk

Investment strategy

Positive Change

Everyone wants to make a difference, and capital thoughtfully and responsibly deployed is a powerful mechanism for change. In seeking out companies whose products and services provide solutions to global challenges, we believe a proactive investment approach can also be the basis of attractive investment returns.

3d model of a plus icon featuring images of fields, landscapes and vergetables.

Investing to make a difference

We seek to invest in companies whose products and services can make a difference to society and the environment – all while generating exciting returns.

A shocking revelation: capitalism can power positive change

In this film, investment managers Kate Fox and Lee Qian explain why positive change really matters. They consider companies shaping the future across our four impact themes and show how purpose and profit can go hand in hand.

Profits complement purpose

Positive Change is a global equity strategy with two equally important objectives: to generate attractive investment returns (2 per cent per annum ahead of the MSCI ACWI over rolling five-year periods) and to contribute towards a more sustainable and inclusive world.

The performance target is aspirational and is not guaranteed. We don’t use it to compile the portfolio and returns will vary. A single performance target may not be appropriate across all vehicles and jurisdictions. We may not meet our investment objectives if, for example, our growth investment style is out of favour, or we misjudge the long-term earnings growth of our holdings.

Addressing global challenges

Positive Change is a concentrated global portfolio of around 35 stocks. Rather than relying on broad exclusionary screens, we leverage fundamental analysis to identify exceptional businesses we believe will prosper over the long term.  

Through their products and services, these businesses are addressing some of the world’s most pressing challenges across our four impact themes: Social Inclusion and Education, Environment and Resource Needs, Healthcare and Quality of Life and Base of the Pyramid (the needs of those at the bottom of the global income ladder).

The two objectives we’ve set, to make attractive returns and to deliver positive change, are closely interlinked. They go hand in hand. They are complementary, not contradictory.
Kate Fox

Meet the managers

Documents

Philosophy and process

Explore our investment philosophy and the processes around how the team constructs the portfolio.

Quarterly update

Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting. 

Invest in this strategy

You can invest in this strategy through the following fund(s).

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.

Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 31 March 2024

#Holding% of portfolio
1TSMC8.1%
2ASML8.1%
3MercadoLibre6.4%
4Dexcom5.6%
5Bank Rakyat Indonesia5.1%
6Shopify4.9%
7Xylem4.7%
8Moderna4.7%
9Deere & Co4.6%
10Duolingo4.1%

Strategy holdings by region

All figures up to: 31 March 2024

1North America52.20%
2Emerging Markets31.70%
3Europe (ex UK)15.20%
4Cash0.80%
Total 100%

Strategy holdings by region

All figures up to: 31 March 2024

Total: 100%

Please note

The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co. Please note that totals may not add due to rounding.

Invest in this strategy

You can invest in this strategy through the following fund(s).

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.

Impact measurement and reporting

Impact investments are made with the intention to generate positive, measurable social and environmental impact alongside a financial return.

By investing in Positive Change, you are investing in companies that contribute towards a more sustainable and inclusive world. As an impact investing strategy, Positive Change measures and reports on portfolio companies’ contribution annually in our Impact Report.

Impact report

In this sixth annual impact report, we illustrate companies’ contribution over 2022, addressing some of the world’s biggest challenges across our four impact themes: Social Inclusion and Education, Environment and Resource Needs, Healthcare and Quality of Life, and Base of the Pyramid.

Impact indicator

The Positive Change Impact Indicator gives you an idea of what your share of these positive outcomes would have been if you had invested in companies in the portfolio in 2022.

The Positive Change Impact Indicator is based on historic information and indicates the estimated impact benefit of investing in the portfolio. Therefore you should not rely on it as a projection of future impact benefit. You should not consider it as advice or a recommendation to buy, sell or hold a particular investment. You should not take it as a statement of fact nor should you rely on it when making investment decisions. The methodology paper allows you to understand how these figures are calculated and how they relate to your investment.

Enter an investment amount
Helped farmers
engage in better
farming practices on
0
hectares
of land
Saved a total of
0
litres of
water
Avoided
creation of
0
metric tonnes
of waste
Avoided 0
metric tonnes of
CO₂e, equivalent of
0
passenger
cars off the
street
Provided access to
financial services
to at least
0
people
Provided
loans
to
0
borrowers
Provided treatment and disease management solutions to
0
patients
Enabled
0
people to send, save and spend money on healthcare services
Contributed to
healthier lifestyles
for
0
people
Provided
0
instruments for scientific research
Provided access
to education
and/or training to
0
registered
learners
Provided access to online marketplaces for over
0
merchants

Important information

  • Contributions are based on the full-year impact of portfolio holdings as at 31 December 2022. For those holdings that have been in the portfolio for less than the full year, no attempt has been made to pro-rate the contribution. However, as we have a long time horizon and aim to invest in our holdings for 5-10 years or longer, portfolio turnover is low.
  • Headline Impact Data, while providing an indication of the impact of the portfolio, is vulnerable to inconsistencies. These can be caused by underlying assumptions. How companies measure and report are not always uniform and, in some cases, require conversion to allow for aggregation across the portfolio.
  • Where information is unavailable, we do not include a company’s contribution within the Headline Impact Data snapshot. As such, we believe this provides a conservative estimate. In time, we hope to be able to encourage companies to increase their reporting.
  • Data for CO2e saved is based on company reporting, which is either in CO2 or CO2e. The aggregate data is presented as CO2e as this is the most conservative approach.
  • Data related to healthcare is presented to date, covering multiple years.

Invest in this strategy

You can invest in this strategy through the following fund(s).

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.

Insights

Key articles, videos and podcasts relating to the strategy:

Filters

Insights

Viewing 23 of 23
  1. Positive Change Q1 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video12 minutes
  2. Climeworks: digging deeper for climate solutions

    A small holding with a long-term climate goal.
    March 2024
    Article4 minutes
  3. Positive Conversations 2023

    The Positive Change Team’s ESG and engagement report shows the difference talking can make.
    February 2024
    Article64 minutes
  4. Positive Change in a new paradigm

    Impact investing amidst shifting economic landscapes and technological advancements.
    February 2024
    Document10 minutes
  5. Positive Change: a review of 2023

    A performance update explaining why we back firms solving social and economic issues such as Moderna and MercadoLibre.
    February 2024
    Article7 minutes
  6. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  7. Positive Change Q4 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video15 minutes
  8. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  9. A net zero initiative update

    A reflection on Baillie Gifford’s commitment to the climate transition.
    November 2023
    Article
  10. Positive Change Q3 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  11. Positive Change Fund webinar

    Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
    September 2023
    Video30 minutes
  12. Positive Change Impact Report 2022

    If impact and investing go together, it is important to understand the difference we make.
    July 2023
    Article
  13. Positive Change Q2 update

    The Positive Change team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video19 minutes
  14. Climate change innovators

    How Positive Change targets companies at the forefront of tackling carbon emissions.
    May 2023
    Article
  15. Finding Brazil’s social innovators

    Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
    April 2023
    Article
  16. Positive Change Q1 update

    Positive Change Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video13 minutes
  17. The sustainability revolution

    Positive Change’s Kate Fox on thinking about the world in 2050 to spot opportunities today.
    April 2023
    Podcast17 minutes
  18. Positive Change reflections on 2022

    The team considers performance in a year of ‘permacrisis’ and the outlook for the months ahead.
    March 2023
    Article
  19. Positive Conversations 2022

    We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.
    March 2023
    Article
  20. Positive Conversations 2022

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    February 2023
    Document
  21. 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.
    August 2022
    MagazineLong read
  22. How education escaped from the classroom

    Online courses have upended the economics of education, Thaiha Nguyen explains.
    May 2022
    Podcast21 minutes
  23. A shocking revelation: capitalism can power positive change

    Everyone wants to make a difference, and capital thoughtfully and responsibly deployed is a powerful mechanism for change. In seeking out companies whose products and services are providing solutions to global challenges, we believe a proactive investment approach can also be the basis of attractive investment returns. Investment Managers Kate Fox and Lee Qian explain why positive change really matters.
    August 2020
    Video5 minutes

Positive Change Q1 investment update

The Positive Change Team reflects on recent performance, portfolio changes and market developments over the last quarter.

Related insights

  1. Positive Change Q1 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video12 minutes
  2. Climeworks: digging deeper for climate solutions

    A small holding with a long-term climate goal.
    March 2024
    Article4 minutes
  3. Positive Conversations 2023

    The Positive Change Team’s ESG and engagement report shows the difference talking can make.
    February 2024
    Article64 minutes
  4. Positive Change in a new paradigm

    Impact investing amidst shifting economic landscapes and technological advancements.
    February 2024
    Document10 minutes
  5. Positive Change: a review of 2023

    A performance update explaining why we back firms solving social and economic issues such as Moderna and MercadoLibre.
    February 2024
    Article7 minutes
  6. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  7. Positive Change Q4 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video15 minutes
  8. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  9. A net zero initiative update

    A reflection on Baillie Gifford’s commitment to the climate transition.
    November 2023
    Article
  10. Positive Change Q3 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  11. Positive Change Fund webinar

    Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
    September 2023
    Video30 minutes
  12. Positive Change Impact Report 2022

    If impact and investing go together, it is important to understand the difference we make.
    July 2023
    Article
  13. Positive Change Q2 update

    The Positive Change team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video19 minutes
  14. Climate change innovators

    How Positive Change targets companies at the forefront of tackling carbon emissions.
    May 2023
    Article
  15. Finding Brazil’s social innovators

    Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
    April 2023
    Article
  16. Positive Change Q1 update

    Positive Change Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video13 minutes
  17. The sustainability revolution

    Positive Change’s Kate Fox on thinking about the world in 2050 to spot opportunities today.
    April 2023
    Podcast17 minutes
  18. Positive Change reflections on 2022

    The team considers performance in a year of ‘permacrisis’ and the outlook for the months ahead.
    March 2023
    Article
  19. Positive Conversations 2022

    We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.
    March 2023
    Article
  20. Positive Conversations 2022

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    February 2023
    Document
  21. 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.
    August 2022
    ExternalLinkLong read
  22. How education escaped from the classroom

    Online courses have upended the economics of education, Thaiha Nguyen explains.
    May 2022
    Podcast21 minutes
  23. A shocking revelation: capitalism can power positive change

    Everyone wants to make a difference, and capital thoughtfully and responsibly deployed is a powerful mechanism for change. In seeking out companies whose products and services are providing solutions to global challenges, we believe a proactive investment approach can also be the basis of attractive investment returns. Investment Managers Kate Fox and Lee Qian explain why positive change really matters.
    August 2020
    Video5 minutes

Invest in this strategy

You can invest in this strategy through the following fund(s).

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.

How to invest in this strategy

You can invest in this strategy through the following fund(s).

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.

Important information

Please remember that all investment strategies have the potential for profit and loss and your or your clients’ capital may be at risk.
 
The information on this Website is issued by Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 (the “Company”) which is licensed by the Securities and Futures Commission of Hong Kong (the “SFC”) under the Securities and Futures Ordinance (“SFO”) for Type 1 (Dealing in Securities) and a Type 2 (Dealing in Futures Contracts) regulated activities with CE Number BGB803. It allows the Company to market and distribute the Baillie Gifford’s range of collective investment schemes to Professional Investors (as defined by the SFO) in Hong Kong.
 
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