Overview
Investment proposition
Share price and charges
Share class
B, Acc, USDNAV per share
26.03% change
-1.02%Ongoing charges*
0.58%Initial charge
0%Fund facts
Current number of holdings
39
Guideline number of holdings
25-50
Benchmark
MSCI ACWI Index
Active share
93%**
Annual turnover
27%
Fund launch date
8 May 2018
Fund Settlement Cycle
Trade date plus two business days (T+2)
Fund size calculated using base currency in US dollars and converted into listed currencies.
**Relative to MSCI ACWI Index. Source: Baillie Gifford & Co, MSCI.
Meet the managers
Risks
General Investment Risk
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.
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. Data used to apply the criteria may be provided by third party sources and is based on backward-looking analysis and the subjective nature of non-financial criteria means a wide variety of outcomes are possible. There is a risk that data provided may not adequately address the underlying detail around material non-financial considerations. Please consider all of the characteristics and objectives of the fund as described in the Key Information Document (KID) and prospectus before making a decision to invest in the Fund. For more information on how sustainability issues, such as climate change are considered, see bailliegifford.com.
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.
Further Details
Further details of the risks associated with investing in the Fund can be found in the Key Information Document (KID), or the Prospectus. Copies of both the KID and Prospectus are available at bailliegifford.com.
Definitions
Active Share - A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.
Index disclaimer
Complaints
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com.
A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.
Fund performance
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 | 9.4% |
| 2 | ASML | 6.2% |
| 3 | Deere & Co | 4.7% |
| 4 | Remitly Global | 4.6% |
| 5 | Microsoft | 4.1% |
| 6 | Arm Holdings | 3.6% |
| 7 | Sandoz Group AG | 3.5% |
| 8 | New York Times Co | 3.5% |
| 9 | Ecolab | 3.3% |
| 10 | Alnylam Pharmaceuticals | 3.0% |
Sector
As at: 30 April 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 28.6 | 28.7 | -0.1 |
| 2 | Industrials | 23.7 | 11.3 | 12.4 |
| 3 | Health Care | 17.3 | 8.1 | 9.3 |
| 4 | Financials | 13.7 | 16.4 | -2.7 |
| 5 | Consumer Discretionary | 8.9 | 9.3 | -0.4 |
| 6 | Communication Services | 3.5 | 8.8 | -5.3 |
| 7 | Materials | 3.3 | 3.8 | -0.5 |
| 8 | Cash | 1.0 | 0.0 | 1.0 |
Total | 100.0 | 86.3 |
Top 10 geographical locations
As at: 30 April 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | United States | 46.0 | 63.4 | -17.4 |
| 2 | Taiwan | 9.4 | 2.9 | 6.5 |
| 3 | UK | 6.2 | 3.2 | 3.0 |
| 4 | Netherlands | 6.2 | 1.2 | 5.0 |
| 5 | Brazil | 5.0 | 0.6 | 4.4 |
| 6 | Sweden | 4.2 | 0.8 | 3.4 |
| 7 | Singapore | 4.1 | 0.4 | 3.7 |
| 8 | Switzerland | 3.5 | 2.0 | 1.4 |
| 9 | China | 3.0 | 2.7 | 0.3 |
| 10 | France | 3.0 | 2.2 | 0.8 |
Total | 90.5 | 79.4 |
Regional analysis
As at: 30 April 2026
# | Region | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | North America | 47.6 | 66.5 | -18.9 |
| 2 | Emerging Markets | 25.9 | 11.8 | 14.1 |
| 3 | Europe (ex UK) | 19.2 | 11.2 | 8.0 |
| 4 | UK | 6.2 | 3.2 | 3.0 |
| 5 | Developed Asia Pacific | 0.0 | 7.3 | -7.3 |
| 6 | Cash | 1.0 | 0.0 | 1.0 |
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'
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.
How to invest
You can invest in our funds through a wide range of investment platforms. If your preferred platform does not currently offer our funds, they may be made available upon request by contacting the platform directly.
Baillie Gifford does not sponsor, maintain, or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Documents
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.