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.

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.

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As with any investment, your capital is at risk.   Kate Fox (KF): We believe capital can be a powerful mechanism for positive change. This is a bold statement to make, but it's one that we stand behind. By channelling capital towards companies whose products and services are addressing global challenges, we believe investors can contribute to a better world while also making attractive returns. Society has made remarkable progress in science, technology and the way we live. Extreme poverty has declined from more than 1 in 3 people in 1990 to under 1 in 10 now. Much of this transformation has been driven by companies unleashing innovations that have reshaped the world of today. Ed Whitten (EW): And it's the companies of tomorrow that excite us most.  Positive Change focuses on two objectives of equal importance. To deliver attractive long-term investment returns and to help accelerate the transition towards a healthier, more inclusive and sustainable society. Rather than using broad exclusionary screens, we rely on deep fundamental research and a global network of expertise to identify the truly exceptional businesses addressing the world's most complex challenges. The result is a concentrated global portfolio of 25 to 50 holdings powered by our clients' capital and guided by our team's thoughtful engagement. KF: There are more of us on this planet than ever before and our demand for energy, food and materials continues to rise. The strain on natural resources is intensifying and the impact on our climate is impossible to ignore. Yet technology and innovation are changing how we interact with natural systems. Electrification is transforming how we power our homes, factories and transport systems. Digitalisation is making supply chains and cities more efficient. Renewable energy is rapidly scaling, while advances in energy storage and grid technology are accelerating the shift to cleaner systems. Together, innovation and investment can help build a more sustainable society, one that uses resources wisely and safeguards the planet for generations to come. EW: We are living longer than ever before, but longevity isn't the same as well-being. Preventable diseases, delayed diagnoses and rising costs still hold too many people back. Advances in science and technology are shifting the focus from treatment to prevention, from late-stage intervention to early detection. They're enabling cures once thought impossible, offering hope where there was none. Every advance that improves well-being helps create a healthier society, one where more people can live longer, fuller lives. KF: Human potential is universal, but opportunity is not. Education, finance, and connectivity are unevenly distributed, closing too many doors to too many people. For those on the lowest incomes, daily life can be fragile in the face of climate change, conflict, and economic shocks. This is compounded by a lack of access to basic services and opportunities. But the landscape is shifting for the better. Online platforms are helping millions learn new skills. Digital financial services are reaching people once excluded. And small businesses are thriving in online marketplaces. Step by step, the doors of participation are being pushed open. Expanding access and opportunity strengthens the fabric of an inclusive society where everyone has the chance to contribute and thrive. EW: We believe the investment community has a vital role to play, providing patient capital to the businesses driving positive change and to the social and technological breakthroughs that make such progress possible. The companies we invest in don't just aim for growth, they aim to solve problems that matter, helping to build a sustainable society, a healthy society and an inclusive society. You don't have to choose between building your portfolio and building a better world. We believe the most powerful outcomes happen when you do both.   <h3 data-gtm-vis-recent-on-screen934959_1669="1806" data-gtm-vis-first-on-screen934959_1669="1806" data-gtm-vis-total-visible-time934959_1669="100" data-gtm-vis-has-fired934959_1669="1">Risk factors</h3> This communication was produced and approved in January 2026 and has not been updated subsequently. It represents views held at the time and may not reflect current thinking. The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions. This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned. All information is sourced from Baillie Gifford & Co and is current unless otherwise stated. The images used in this communication are for illustrative purposes only. Important Information  Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs.  Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK. Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances. Financial Intermediaries This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.

Positive Change: our philosophy

Investment manager Kate Fox and impact director Ed Whitten discuss the Baillie Gifford Positive Change Strategy and reflect on its philosophy and the exciting opportunities ahead.

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.

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Quarterly update

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

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Invest in this strategy

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

View Worldwide Positive Change Fund

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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 2026

#	Holding	% of total assets
1	TSMC	9.1%
2	ASML	6.4%
3	Deere & Co	4.8%
4	Remitly Global	4.6%
5	Microsoft	4.3%
6	Arm Holdings	3.6%
7	Sandoz Group AG	3.5%
8	New York Times Co	3.5%
9	Ecolab	3.2%
10	CATL	3.1%

Sector

As at: 30 April 2026

#	Sector	Fund %	Index % *	Difference %
1	Information Technology	28.5	28.7	-0.2
2	Industrials	23.9	11.3	12.7
3	Health Care	17.4	8.1	9.3
4	Financials	13.7	16.4	-2.7
5	Consumer Discretionary	9.3	9.3	-0.1
6	Communication Services	3.5	8.8	-5.3
7	Materials	3.2	3.8	-0.6
8	Cash	0.6	0.0	0.6
	Total	100.0	86.3

Top 10 geographical locations

As at: 30 April 2026

#	Top 10 locations	Fund %	Index % *	Difference %
1	United States	46.4	63.4	-17.0
2	Taiwan	9.1	2.9	6.2
3	Netherlands	6.4	1.2	5.2
4	UK	6.3	3.2	3.1
5	Brazil	5.0	0.6	4.5
6	Sweden	4.2	0.8	3.4
7	Singapore	4.1	0.4	3.8
8	Switzerland	3.5	2.0	1.5
9	China	3.1	2.7	0.3
10	France	3.0	2.2	0.8
	Total	91.0	79.4

Region

As at: 30 April 2026

#	Region	Fund %	Index % *	Difference %
1	North America	47.9	66.5	-18.6
2	Emerging Markets	25.7	11.8	13.9
3	Europe (ex UK)	19.6	11.2	8.3
4	UK	6.3	3.2	3.1
5	Developed Asia Pacific	0.0	7.3	-7.3
6	Cash	0.6	0.0	0.6
	Total	100.0	100.0

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.

Positive Conversations

From environmental transitions to responsible AI and governance, Positive Conversations 2025 captures how we engage with the companies we invest in. This seventh edition brings together a year of dialogue - showing how constructive challenge and long-term relationships shape both investment judgement and stewardship. Explore the digital summary and highlights from our 2025 report below.

Positive Conversations 2025

Impact Report 2024

From climate solutions to social progress, our 2024 Impact Report highlights how the companies we invest in make a difference and build a more sustainable future.

Positive Change Impact Report 2024

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 2024.

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.

Methodology paper

Enter an investment amount

01. Select currency

02. Amount

03. Calculate Impact

Helped farmers
engage in better
farming practices on

hectares
of land

Saved a total of

litres of
water

Through products in use and/or sold during the year, enabled the avoidance of

metric tons
of CO₂e*

Provided access to
financial services
to close to

people

Enabled borrowing for over

borrowers

Provided treatment and disease management solutions to

patients

Provided access
to education
and/or training to

registered
learners

Provided

in financing
to SMEs

Important information

Contributions are based on the full-year impact of portfolio holdings as at 31 December 2024. 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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Insights

Key articles, videos and podcasts relating to the strategy:

View transcript

Your capital is at risk. Past performance is not a guide to future returns. The following update is based on a representative portfolio. As such, stock examples may not be held in every client portfolio, and performance may differ. Catherine Flockhart: Positive Change invests for the long term in companies tackling major sustainable development challenges, and we do that with an ambitious growth mindset. This quarter, the businesses we own continued to deliver strong operational results and impact, but share prices were shaped by a very noisy market backdrop. Conflict in the Middle East, concerns around software following the release of a more sophisticated AI model, and a broader rotation into value stocks all weighed on near-term sentiment. As long-term growth investors, that’s not the kind of short-term market environment where we would expect to outperform, and we have lagged the global index by around 3 percent this quarter, but overall we think the portfolio has held up well given what markets have been dealing with so far this year. Most importantly, the resilience we have been deliberately building into the portfolio is coming through. Fundamentals remain very strong. Over five years, our companies have delivered earnings growth around 30 percent faster than the index, and sales growth is nearly double, yet the valuation premium today is fairly modest. Among the strongest contributors were longstanding holdings in semiconductor hardware, so TSMC and ASML. But also The New York Times, which is defending the concept of truth and also performing well as it continues to execute its transition from print to digital subscriptions. Elsewhere, Remitly, which does global remittances, and Sandoz, who make generic biologic drugs, have been resilient too, which speaks to the breadth of growth drivers across the portfolio. The main detractors were ecommerce and software businesses, where markets have become concerned about AI disruption, particularly around agentic commerce. Holdings such as Shopify, MercadoLibre and Sea were caught up in that selloff. These are all businesses helping small/medium enterprises, with MercadoLibre and Sea focusing in emerging markets. But it is important to keep recent moves in perspective. Shopify and MercadoLibre, in particular, have been very strong long-term contributors to performance, and our base case remains that these are high-quality businesses with attractive long-term prospects. Though over recent months, as we have spoken to you about before, we have moderated our overall exposure to these businesses. We have also used recent volatility to our advantage. We initiated positions in Veeva, which provides software to life sciences companies, and Beijer Ref, whose energy-efficient cooling and heat pump solutions support climate adaptation and decarbonisation. They again add different growth drivers and strengthen portfolio resilience. Stepping back, the events of this quarter also reinforce two structural trends we’ve been focused on talking to you about for some time: the energy transition and innovation, now supercharged by AI. On energy, conflict in the Middle East is once again highlighting the fragility of fossil fuel supply chains. Combined with rising electricity demand from AI data centres, we think that further supports the shift towards electrification and, ultimately, renewable power. We’re being disciplined, especially where capital intensity and the cost of capital matter, but we do see opportunity and we’re working hard to identify new ideas as well as considering whether we now have increased conviction in existing holdings such as CATL, the world’s leading battery manufacturer, who will clearly be beneficiaries of this structural change. On AI, the pace of change remains extraordinary. We are cautious of anyone claiming certainty about exactly how it all plays out. Our focus remains on companies with durable competitive advantages, adaptability, and the potential to be the disruptors or the winners rather than the disrupted.  Our broad range of information sources, and insights from private companies such as Anthropic, held by our private equity colleagues at Baillie Gifford, are a tremendous sources of insight as we think about this area. And of course, as an impact strategy, even if short-term share price moves dominate headlines, we never lose our focus on impact. This quarter we published the latest edition of Positive Conversations, setting out how we have engaged with portfolio companies to support their delivery of impact – so our investor contribution – and we’d encourage you to check it out on our website. Just to finish off, we’d remind you that uncertainty is always part of investing, and of course it’s elevated today, but we remain resilient and optimistic. We know the businesses we own are continuing to drive positive change.   <h3>Past performance</h3> Annual past performance to 31 March each year (%) <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 75.1248px;"> <tbody> <tr style="height: 18.7812px;"> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7812px; width: 25.4964%;"> </td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7812px; width: 14.9824%; text-align: right;">2022</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7812px; width: 14.9824%; text-align: right;">2023</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7812px; width: 14.9824%; text-align: right;">2024</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7812px; width: 14.9824%; text-align: right;">2025</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.7812px; width: 14.9824%; text-align: right;">2026</td> </tr> <tr style="height: 18.7812px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7812px; width: 25.4964%;">Positive Change Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> -5.1</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> -11.7</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> 6.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> -2.0</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> 13.7</td> </tr> <tr style="height: 18.7812px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7812px; width: 25.4964%;">Positive Change Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> -5.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> -12.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> 6.2</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> -2.5</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> 13.1</td> </tr> <tr style="height: 18.7812px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.7812px; width: 25.4964%;">MSCI ACWI Index</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> 7.7</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> -7.0</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> 23.8</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> 7.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.7812px; width: 14.9824%; text-align: right;"> 20.5</td> </tr> </tbody> </table>   Annualised returns to 31 March 2026 (%) <table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 92.5px;"> <tbody> <tr style="height: 37px;"> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 37px; width: 44.8549%;"> </td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 37px; width: 14.248%; text-align: right;">1 year</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 37px; width: 16.6227%; text-align: right;">5 years</td> <td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 37px; width: 24.2744%; text-align: right;">Since inception</td> </tr> <tr style="height: 18.5px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 44.8549%;">Positive Change Composite (gross)</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.5px; width: 14.248%; text-align: right;"> 13.7</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.5px; width: 16.6227%; text-align: right;"> -0.1</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.5px; width: 24.2744%; text-align: right;"> 15.4</td> </tr> <tr style="height: 18.5px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 44.8549%;">Positive Change Composite (net)</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.5px; width: 14.248%; text-align: right;"> 13.1</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.5px; width: 16.6227%; text-align: right;"> -0.6</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.5px; width: 24.2744%; text-align: right;"> 14.8</td> </tr> <tr style="height: 18.5px;"> <td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.5px; width: 44.8549%;">MSCI ACWI Index</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.5px; width: 14.248%; text-align: right;"> 20.5</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.5px; width: 16.6227%; text-align: right;"> 10.0</td> <td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.5px; width: 24.2744%; text-align: right;"> 11.7</td> </tr> </tbody> </table> Source: Revolution, MSCI. USD. Net returns have been calculated by reducing the gross return by the highest annual management fee for the composite. Since Inception: 3 January 2017. 1 year figures are not annualised. Positive Change composite is more concentrated than MSCI ACWI Index.  Past performance is not a guide to future returns. Legal notice: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. <h3>Risk factors and important information</h3> The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions. This communication was produced and approved in April 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking. <h3>Potential for Profit and Loss</h3> All investment strategies have the potential for profit and loss, your or your clients’ capital may be at risk. Past performance is not a guide to future returns. This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned. All information is sourced from Baillie Gifford & Co and is current unless otherwise stated. The images used in this communication are for illustrative purposes only. <h3>Important Information</h3> Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK. Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances. <h3>Financial Intermediaries</h3> This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.

Positive Change Q1 update

Investment specialist Catherine Flockhart reflects on recent performance, portfolio changes and market developments.

Positive Sparks

Read this article series from the Positive Change Team, which spotlights pressing global challenges and the trailblazing companies working towards a more inclusive and sustainable world.

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How to invest in this strategy

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

View Worldwide Positive Change Fund

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

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Positive Change

Investing to make a difference

Positive Change: our philosophy

Profits complement purpose

Addressing global challenges

Meet the managers

Kate Fox

Lee Qian

Thaiha Nguyen

Ed Whitten

Apricot Wilson

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Philosophy and process

Quarterly update

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Strategy portfolio holdings

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Impact measurement and reporting

Positive Conversations

Impact Report 2024

Impact indicator

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Insights

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Insights

Positive Sparks: financial resilience

Positive Change Q1 update

Riding the Fire Horse

Positive Sparks: AI and energy

Positive Conversations 2025

Positive Change: our philosophy

Positive Change Q4 update

Positive Change: looking back at 2025

TSMC: Stock Story

Positive Sparks: rare diseases

Positive Change Q3 update

Pioneering Positive Change

Positive Sparks: financial inclusion

The ‘invisible’ millions: banking’s new frontier

Positive Change Q2 investor letter

Positive Change Q2 update

Actual investing revisited

Positive Sparks: fast fashion

Alnylam: Stock Story

Positive Change Q1 update

Positive Change Q1 investor letter

ASML: Stock Story

Positive Change: a review of 2024

Positive Conversations 2024

Positive Sparks: diabetes

Positive Change Q4 investor letter

Heeding nature: what’s at stake?

Stock story: Ecolab

Academic collaborations that count

Positive Change Impact Report 2023

Lessons from a time traveller

Stock story: PsiQuantum

Remitly: easy global remittance

Climeworks: digging deeper for climate solutions

Positive Conversations 2023

Positive Change in a new paradigm

Positive Change: a review of 2023

Moderna: designing drugs on a computer

Why growth, why now?

Positive Change Fund webinar

Positive Change Impact Report 2022

Climate change innovators

Finding Brazil’s social innovators

The sustainability revolution

Positive Change reflections on 2022

Positive Conversations 2022

Positive Conversations 2022