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 Index 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 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.
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. 

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Strategy portfolio holdings

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

All figures up to: 30 April 2024

#Holding% of portfolio
1TSMC8.6%
2ASML8.0%
3MercadoLibre6.6%
4Dexcom5.5%
5Moderna5.2%
6Xylem5.1%
7Shopify4.8%
8Deere & Co4.6%
9Duolingo4.5%
10HDFC Bank4.3%

Strategy holdings by region

All figures up to: 30 April 2024

1North America51.90%
2Emerging Markets32.30%
3Europe (ex UK)15.10%
4Cash0.60%
Total 100%

Strategy holdings by region

All figures up to: 30 April 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.

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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.

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.


*In April 2024, we identified and corrected a misprint in our previously reported metrics for avoided CO2e and cars off the street statistics. This adjustment was made after an internal review revealed an inconsistent calculation of one company's market capitalization. We are committed to transparency and accuracy in our reporting and have taken steps to ensure the integrity of our metrics.

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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

Viewing 28 of 28
  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
    Document
  22. How education escaped from the classroom

    Online courses have upended the economics of education, Thaiha Nguyen explains.
    May 2022
    Podcast21 minutes
  23. Positive Conversations 2021

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    April 2022
    Document
  24. Positive Conversations 2020

    This document looks at the contribution of the Positive Change portfolio to society through its business practices and focuses on our approach to engagement with the companies owned on behalf of our clients.
    Full Year 2020
    Document
  25. Innovation: why it’s crucial for sustainability

    Lee Qian, Investment Manager in Baillie Gifford’s Positive Change Strategy, tells us why we should harness innovation and economic growth to create a more prosperous, sustainable and inclusive world.
    December 2020
    Document
  26. 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
  27. Positive Change Impact Report

    For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
    July 2020
    Document
  28. Positive Conversations 2019

    An accompaniment to our annual Impact Report using a different lens to look at the contribution of the Positive Change portfolio to society.
    October 2019
    Document

Positive Change Q1 update

The Positive Change Team reflects on recent performance, portfolio changes and market developments.

  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
    Document
  22. How education escaped from the classroom

    Online courses have upended the economics of education, Thaiha Nguyen explains.
    May 2022
    Podcast21 minutes
  23. Positive Conversations 2021

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    April 2022
    Document
  24. Positive Conversations 2020

    This document looks at the contribution of the Positive Change portfolio to society through its business practices and focuses on our approach to engagement with the companies owned on behalf of our clients.
    Full Year 2020
    Document
  25. Innovation: why it’s crucial for sustainability

    Lee Qian, Investment Manager in Baillie Gifford’s Positive Change Strategy, tells us why we should harness innovation and economic growth to create a more prosperous, sustainable and inclusive world.
    December 2020
    Document
  26. 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
  27. Positive Change Impact Report

    For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
    July 2020
    Document
  28. Positive Conversations 2019

    An accompaniment to our annual Impact Report using a different lens to look at the contribution of the Positive Change portfolio to society.
    October 2019
    Document

Explore further

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

Important information

The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. ’Professional investors’ are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.

Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.

This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.