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 are providing 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 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 around 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 and 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. 

Invest in this strategy

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

Explore further

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

Strategy portfolio holdings

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

All figures up to: 31 January 2024

#Holding% of portfolio
1ASML8.4%
2MercadoLibre7.6%
3TSMC7.0%
4Shopify6.4%
5Dexcom5.1%
6Bank Rakyat Indonesia5.0%
7Moderna4.7%
8Deere & Co4.6%
9Xylem4.3%
10Autodesk4.2%

Strategy holdings by region

All figures up to: 31 January 2024

1North America52.70%
2Emerging Markets30.80%
3Europe (ex UK)16.00%
4Cash0.40%
Total 100%

Strategy holdings by region

All figures up to: 31 January 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.

Invest in this strategy

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

Explore further

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

How to invest in this strategy

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

Explore further

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

Important information

Please remember that all investment strategies have the potential for profit and loss and your or your clients’ capital may be at risk.
The information on this website is intended for institutional investors (as defined in the Securities and Futures Act, Chapter 289 of Singapore, as amended) and consultants in Singapore only. It is not intended for use by any other persons including members of the general public or investors from other jurisdictions.
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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. You can read details of our Legal and Important Information here.