Overview
Fund objective
The Positive Change Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, over rolling five-year periods. It also aims to contribute to a more sustainable and inclusive world through investing in companies whose products and/or services contribute to impact themes addressing critical social and/or environmental challenges, measured over at least a five-year period.
The manager believes this is an appropriate performance target given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Global Sector.
There is no guarantee that this performance objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.
Investment proposition
Share price and charges
Share class
B, AccPrice
395.20p% change
-0.63%Yield
0.2%Ex-dividend (XD)
NOngoing charges*
0.53%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Sustainability label
Sustainable investment labels help investors find products that have a specific sustainability goal. This product invests mainly in solutions to sustainability problems, with an aim to achieve a positive impact for people or the planet. More details can be found in the product’s SDR Sustainability-related Disclosure Document found within the documents section of the website.
Fund facts
Fund launch date
3 January 2017
Fund size
£1,227.30m
The Investment Association sector
Global
Comparative Index
MSCI ACWI Index
Active share
93%**
Annual turnover
25%
Guideline number of holdings
25-50
Current number of holdings
39
Style
Growth
XD Date
Last day of December each year
Distribution
Last day of February each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus two business days (T+2)
**Relative to MSCI ACWI. Source: Baillie Gifford & Co, MSCI.
Meet the managers
Risk Warnings
Risk Introduction
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Fund include:
Custody
Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Impact
There is no universally accepted definition of impact. Furthermore, there is a risk that individual investments fail to make a positive contribution to society and/ or the environment, and that overall the Fund fails to meet its objective.
Emerging Markets
The Fund invests in emerging markets where difficulties in trading could arise, resulting in a negative impact on the value of your investment.
Concentration
The Fund's concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
Foreign Currency
The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Volatility
The Fund's share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Environmental, Social and Governance
The Fund invests in companies whose products or behaviour make a positive impact on society and/or the environment. This means the Fund will not invest in certain sectors and companies and the universe of investments available to the Fund will be more limited than other funds that do not apply such criteria. The Fund therefore may have different returns than a fund which has no such restrictions.
Further Information
Further details of the risks associated with investing in the Fund can be found in the NURS-Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Index disclaimer
Important information
Your location indicates you are based in Jersey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
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.
Fund performance
Periodic performance
As at: 30 April 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 6.9% | -1.2% | -6.9% | 14.2% | 6.5% | 0.1% |
Index* | 7.0% | 4.7% | 4.4% | 29.3% | 17.2% | 11.6% |
Sector Average** | 6.7% | 2.8% | 2.7% | 23.3% | 12.2% | 7.4% |
Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance
As at: 31 March 2026
31/03/2021 – 31/03/2022 | 31/03/2022 – 31/03/2023 | 31/03/2023 – 31/03/2024 | 31/03/2024 – 31/03/2025 | 31/03/2025 – 31/03/2026 | |
|---|---|---|---|---|---|
Class B-Acc | 2.1% | -9.3% | 7.0% | -5.1% | 8.0% |
Index* | 12.9% | -0.9% | 21.2% | 5.3% | 18.0% |
Sector Average** | 8.4% | -2.7% | 16.7% | -0.3% | 13.4% |
Important information
Your location indicates you are based in Jersey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
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.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 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 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Beijer Ref
- Veeva Systems Inc Class A
Complete sales
- Soitec
Additions
- Kaspi.kz ADR
Reductions
- MercadoLibre
- Nu Holdings Ltd.
- Shopify 'A'
Important information
Your location indicates you are based in Jersey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
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.
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Positive Sparks: financial resilience
Why more accessible, affordable protection products could become a major growth theme.
Riding the Fire Horse
Why the Positive Change portfolio is built to stay resilient when markets turn disorderly.
Positive Sparks: AI and energy
Uncover two companies tackling key grid bottlenecks that support both data centres and society.
Positive Conversations 2025
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
Positive Sparks: rare diseases
Discover the companies transforming global health with rare disease innovations.
Pioneering Positive Change
In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?
Positive Sparks: financial inclusion
Explore how digital innovation is revolutionising financial access for the world's unbanked.
The ‘invisible’ millions: banking’s new frontier
From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.
Positive Change Q2 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Positive Change Impact Report 2024
What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.
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.
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 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.
All insights
Positive Sparks: financial resilience
Why more accessible, affordable protection products could become a major growth theme.Riding the Fire Horse
Why the Positive Change portfolio is built to stay resilient when markets turn disorderly.Positive Sparks: AI and energy
Uncover two companies tackling key grid bottlenecks that support both data centres and society.Positive Conversations 2025
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.Positive Sparks: rare diseases
Discover the companies transforming global health with rare disease innovations.Pioneering Positive Change
In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?Positive Sparks: financial inclusion
Explore how digital innovation is revolutionising financial access for the world's unbanked.The ‘invisible’ millions: banking’s new frontier
From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.Positive Change Q2 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Positive Change Impact Report 2024
What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.
Important information
Your location indicates you are based in Jersey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
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.
Documents
You can access any literature about the Fund here.
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.
Important information
Your location indicates you are based in Jersey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
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.