Capital at risk
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.
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 Index over rolling five-year periods) and to contribute towards a more sustainable and inclusive world.
Addressing global challenges
Positive Change is a concentrated global portfolio of about 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
- 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.
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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 |
|---|---|---|
| 1 | TSMC | 8.1% |
| 2 | ASML | 8.1% |
| 3 | MercadoLibre | 6.4% |
| 4 | Dexcom | 5.6% |
| 5 | Bank Rakyat Indonesia | 5.1% |
| 6 | Shopify | 4.9% |
| 7 | Xylem | 4.7% |
| 8 | Moderna | 4.7% |
| 9 | Deere & Co | 4.6% |
| 10 | Duolingo | 4.1% |
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.
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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.
engage in better
farming practices on
of land
water
creation of
of waste
metric tonnes of
CO₂e, equivalent of
cars off the
street
financial services
to at least
loans
to
healthier lifestyles
for
to education
and/or training to
learners
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.
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You can invest in this strategy through the following fund(s).
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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
Positive Change Q1 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Climeworks: digging deeper for climate solutions
A small holding with a long-term climate goal.
Positive Conversations 2023
The Positive Change Team’s ESG and engagement report shows the difference talking can make.
Positive Change in a new paradigm
Impact investing amidst shifting economic landscapes and technological advancements.
Positive Change: a review of 2023
A performance update explaining why we back firms solving social and economic issues such as Moderna and MercadoLibre.
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
Positive Change Q4 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
A net zero initiative update
A reflection on Baillie Gifford’s commitment to the climate transition.
Positive Change Q3 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Positive Change Fund webinar
Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
Positive Change Impact Report 2022
If impact and investing go together, it is important to understand the difference we make.
Positive Change Q2 update
The Positive Change team reflects on recent performance, portfolio changes, and market developments.
Climate change innovators
How Positive Change targets companies at the forefront of tackling carbon emissions.
Finding Brazil’s social innovators
Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
Positive Change Q1 update
Positive Change Team reflects on recent performance, portfolio changes, and market developments.
The sustainability revolution
Positive Change’s Kate Fox on thinking about the world in 2050 to spot opportunities today.
Positive Change reflections on 2022
The team considers performance in a year of ‘permacrisis’ and the outlook for the months ahead.
Positive Conversations 2022
We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.
Positive Conversations 2022
Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
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.
How education escaped from the classroom
Online courses have upended the economics of education, Thaiha Nguyen explains.
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.
Positive Change Q1 investment update
The Positive Change Team reflects on recent performance, portfolio changes and market developments over the last quarter.
Related insights
Positive Change Q1 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Climeworks: digging deeper for climate solutions
A small holding with a long-term climate goal.Positive Conversations 2023
The Positive Change Team’s ESG and engagement report shows the difference talking can make.Positive Change in a new paradigm
Impact investing amidst shifting economic landscapes and technological advancements.Positive Change: a review of 2023
A performance update explaining why we back firms solving social and economic issues such as Moderna and MercadoLibre.Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?Positive Change Q4 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.A net zero initiative update
A reflection on Baillie Gifford’s commitment to the climate transition.Positive Change Q3 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Positive Change Fund webinar
Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.Positive Change Impact Report 2022
If impact and investing go together, it is important to understand the difference we make.Positive Change Q2 update
The Positive Change team reflects on recent performance, portfolio changes, and market developments.Climate change innovators
How Positive Change targets companies at the forefront of tackling carbon emissions.Finding Brazil’s social innovators
Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.Positive Change Q1 update
Positive Change Team reflects on recent performance, portfolio changes, and market developments.The sustainability revolution
Positive Change’s Kate Fox on thinking about the world in 2050 to spot opportunities today.Positive Change reflections on 2022
The team considers performance in a year of ‘permacrisis’ and the outlook for the months ahead.Positive Conversations 2022
We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.Positive Conversations 2022
Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.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.How education escaped from the classroom
Online courses have upended the economics of education, Thaiha Nguyen explains.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.
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.
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