Positive Change Fund
Positive Change Fund
The Positive Change Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in Sterling, by at least 2% per annum 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.
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.
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.
Performance & Portfolio
All figures to 31/10/2023
Class B-Acc -8.8% -6.5% -2.3% 11.8% Index* 1.8% 5.4% 9.5% 9.1% Target Benchmark** 2.9% 7.5% 11.7% 11.3%
Annual Discrete Performance to 30 September each year
Annual percentage return (Updated Quarterly)
Class B-Acc -1.3% 72.5% 36.2% -30.8% 4.5% Index* 7.9% 5.8% 22.7% -3.7% 11.0% Target Benchmark** 10.1% 7.9% 25.2% -1.8% 13.3% Sector Average*** 6.0% 7.2% 23.2% -8.9% 7.8%
Please bear in mind that past performance is not a guide to future performance.
The value of your investment may go down as well as up, and you may not get back the amount you invested.
Source: FE, Revolution, MSCI. Total return in sterling.
Share class and Sector returns calculated using 10am prices, while the Index is calculated close-to-close.
**MSCI AC World Index (in sterling) plus at least 2% per annum over rolling five-year periods.
***IA Global Sector.
Figures for 3 and 5 years show the annual rate of return.
Top Ten Holdings - 31/10/2023
Fund % 1 MercadoLibre 8.7% 2 ASML 7.2% 3 TSMC 5.8% 4 Deere & Co 4.9% 5 Bank Rakyat Indonesia 4.6% 6 Shopify 4.4% 7 HDFC Bank 4.3% 8 Remitly Global 4.2% 9 Dexcom 4.0% 10 Nu Holdings 3.9% Total 52.0%Geographic Analysis of Total Assets - 31/10/2023
- 1 North America 48.96
- 2 Emerging Markets 33.14
- 3 Europe (ex UK) 16.91
- 4 Developed Asia Pacific 0.83
- 5 Cash 0.16
- Total 100.00
As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
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.
Key Decision Makers
Kate believes the financial community plays a crucial role in creating a more sustainable world for future generations. Kate’s experience analysing smaller companies has left her with a natural enthusiasm for businesses that address unmet needs or challenge the status quo, as well as an appreciation of their long term potential. Kate joined Baillie Gifford in 2002 and is an Investment Manager and decision maker in the Positive Change Team, as well as a Partner of the firm. She graduated MA in Economics and Maths from the University of Edinburgh in 2001.
Lee grew up in China during a period of incredible economic and social progress, when hundreds of millions of people were lifted out of poverty and the standard of living improved for the majority of the population. Witnessing that has influenced Lee deeply and he has been interested in development since. Lee joined Baillie Gifford in 2012 and is an Investment Manager and decision maker in the Positive Change Team. He is a CFA Charterholder and graduated BA (Hons) in Economics and Management from the University of Oxford in 2012.
Ed’s experience of working in and studying developing countries drives his desire to work towards a more sustainable future that leaves no one behind. Ed believes that thoughtful and responsible investment in companies achieving financial, social and environmental returns has enormous potential to catalyse positive change in the corporate landscape, build trust in capital markets and help support solutions to global challenges. Ed joined Baillie Gifford in 2018 and is a Senior Impact Analyst and decision maker in the Positive Change Team. He graduated with a BA (Hons) in History from Newcastle University in 2008 and an MSc in Sustainable Development from London’s School of Oriental and African Studies in 2020.
Thaiha believes that we are entering the golden age of technological innovations and impact entrepreneurship. The combination of the two will be a powerful driver of a thriving, sustainable and inclusive world. In her view, investors could play a critical role to support ambitious entrepreneurs that leverage technologies to bring creative solutions to global challenges. Thaiha joined Baillie Gifford in 2014 and is an Investment Manager and decision maker in the Positive Change Team. She is a CFA Charterholder and graduated BA (Hons) in Economics from the University of Cambridge in 2014.
Having worked in development, Apricot has been impressed by the power of financial markets to generate positive societal change. She has a particular interest in opportunities which support those living at the base of the economic pyramid. Apricot joined Baillie Gifford in 2022 and is a Senior Impact Analyst and decision maker in the Positive Change Team. She is a CFA Charterholder and has an MBA from the China Europe International Business School in Shanghai. Her first degree was in Modern and Medieval Languages from the University of Cambridge.
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).
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.
Enhanced Disclosure Document
Key Investor Information Documents
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.
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
The Fund invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
The Fund’s concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
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.
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.
A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.
Fees from Revenue
Where possible, charges are taken from the Fund's revenue. Where there is insufficient revenue, the remainder will be taken from capital. This will reduce the capital value of your investment.
Tax rates and the tax treatment of OEICs can change at any time.
Sustainable & Responsible Investment
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.