POSITIVE CHANGE FUNDPOSITIVE CHANGE FUND
The Positive Change Fund aims to outperform (after deduction of costs) the MSCI AC World Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods. There is no guarantee that this 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 benchmark 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.
Baillie Gifford are long-term investors, not speculators. Our investment philosophy focuses on growth while our universe is global. Accordingly, we believe that fundamental analysis and proprietary research are core to a successful, long-term, bottom-up investment approach.
Top Ten Holdings - 30/06/2020
Fund % 1 Tesla Inc 9.5% 2 Dexcom 6.6% 3 M3 5.6% 4 ASML 5.5% 5 Illumina 5.5% 6 TSMC 4.5% 7 MercadoLibre 4.2% 8 Umicore 4.0% 9 NIBE 3.8% 10 Kingspan Group 3.7% Total 52.9% Fund % 1 Tesla Inc 9.5% 2 Dexcom 6.6% 3 M3 5.6% 4 ASML 5.5% 5 Illumina 5.5% 6 TSMC 4.5% 7 MercadoLibre 4.2% 8 Umicore 4.0% 9 NIBE 3.8% 10 Kingspan Group 3.7% Total 52.9%Sector Analysis of Total Assets - 30/06/2020Unfortunately we were unable to load the chart. Please try again later.
InsightsAll insightsJuly 2020
Positive Change Impact Report.
For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.April 2020
In a time of great uncertainty, staying positive is easier said than done. Amidst the personal and professional challenges we all face, it can be hard to remain optimistic. Our experience of investing for Positive Change tells us that optimism is the only way forward.Fourth Quarter 2019
An accompaniment to our annual Impact Report using a different lens to look at the contribution of the Positive Change portfolio to society.Second Quarter 2019
Investment Manager, Kate Fox explores how fashion might evolve from eco-culprit to eco-warrior, and where investment opportunities might arise along the way.May 2019
Positive Change – Introduction.
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. Investment Managers Kate Fox and Lee Qian explain why positive change really matters.May 2019
The U.N. Sustainable Development Goals and How We Use Them.
The Positive Change team use the United Nations Sustainable Development Goals to help identify and measure the contribution that individual companies are making to solving the global challenges that are facing our planet. So, what are they? And how do we use them?May 2019
Positive Change - Four Themes.
There are many ways in which businesses can support the transition to a more sustainable world for current and future generations, so to make it easier for us to think about and articulate how companies are addressing global challenges, we have created four impact themes. Meet the members of the Positive Change team as they introduce the four themes.ARCHIVEDMay 2018
Celebrating Inefficiency: The Market's, Not Ours.
By being nimble and patient, by joining the dots to find left of field insights and by looking at the world through both a telescope and a microscope, we can find opportunities in corporate bond markets that others may miss. Discover how we go about this.
View all Insights.
Meet the Managers
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 is an Investment Manager for the Positive Change strategy and a member of the Positive Change Portfolio Construction Group. Kate 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 about the role of businesses in society.
Lee joined Baillie Gifford in 2012 and is an Investment Manager for the Positive Change strategy and a member of the Positive Change Portfolio Construction Group. He graduated BA (Hons) in Economics and Management from Oxford University in 2012.
Julia joined Baillie Gifford in 2008 and is the Portfolio Manager of the Health Innovation Strategy. Prior to Baillie Gifford, Julia worked as a management consultant for McKinsey & Co advising firms in Denmark, Russia and Hungary. Since joining Baillie Gifford Julia has worked on a number of regional and global investment strategies. Julia has a passion for the transformation taking place in healthcare, and it was this passion which led to the establishment of the strategy. She believes that over the next 10 years healthcare systems around the world will experience a monumental change and we will witness a move away from reactive medicine to a world where prevention and cure will become an integral part of healthcare driven by technology. Julia is also a member of the International Growth and Positive Change portfolio construction groups.
Julia obtained a BSc, MSc and PhD in Economics from the University of Aarhus, Denmark and speaks fluent Russian and Danish.
Kirsty’s Masters degree in Carbon Management brings a deep knowledge of climate change and sustainability issues. She is excited about the opportunity to further explore two areas she finds fascinating and believes are of increasing importance for investments: sustainability and the issue of sustainability when considering long-term global investments.
Kirsty joined Baillie Gifford in 2012 and is an Investment Manager in the US Equities Team. She is also a member of the Positive Change Portfolio Construction Group. Kirsty graduated MA (Hons) in Economics in 2011 and MSc in Carbon Management in 2012, both from the University of Edinburgh.
Kieran is a member of the Positive Change Portfolio Construction Group. Positive Change is a global equity impact strategy and Kieran is jointly responsible for completing bottom-up impact analysis and measurement for the strategy. He has developed a keen understanding of how responsible business practices contribute to sustainable long-term performance. Kieran strongly believes thoughtful consideration of a company’s impact on the environment and its key stakeholders is essential to fulfilling our role as effective stewards of our clients’ investment for the strategy’s holdings. He joined Baillie Gifford in 2010 and is a Senior Analyst in our Governance and Sustainability Team, where he leads ESG research and stewardship activities for the firm’s North American holdings. Kieran graduated BSc (Hons) in Psychology in 2007 and MSc in Management and Corporate Governance in 2010, from the University of Ulster.
Michelle joined Baillie Gifford in March 2015. She is based in the Positive Change Team, Baillie Gifford’s Impact Investing Strategy, where she leads on the development and application of the methodology for assessing impact and sits on the Portfolio Construction Group. She brings expertise in climate change, resource governance and European policy assessments gained through previous roles with the Carbon Disclosure Project as Technical Director of reporting and as a research associate with University College London’s Institute for Sustainable Resources. Michelle graduated BSc (Hons) in Zoology from the University of Cardiff in 1999 and MSc in Climate Change and Risk Management from the University of Exeter in 2009.
Having spent nearly his entire investment career as an Emerging Markets Investor, Will has a profound interest in why some societies have been able to make the transition from relatively poor to relatively rich while others have not, and the role that companies and institutions can play in facilitating this transition.
Will is a Partner, an Investment Manager in the Emerging Markets Equity Team and a member of the Positive Change Portfolio Construction Group. In addition to his investment responsibilities, Will oversees Baillie Gifford’s investment graduate recruitment programme and is a member of the firm’s Diversity and Inclusion Group. Will graduated MA in History from the University of Glasgow in 1996.
How to Invest
You can invest in our funds via a number of fund platforms and supermarkets, please see the links opposite. Information on the range of funds available through platforms can be found in our Platform Matrix.
Further information on our funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
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.
How to Invest
Getting Financial Advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, MyLocalAdviser is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.mylocaladviser.co.uk
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.
Bulletins and Factsheets
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.