Social inclusion and education
Environment and resource needs
Healthcare and quality of life 
Base of the pyramidIn a region where opportunity is often out of reach, MercadoLibre is helping millions of people and businesses across Latin America access the digital and financial tools they need to grow.
Capital at risk
Year ended 31 December 2024
Positive Change Impact Report
Our annual Impact Report evidences how the companies we invest in are contributing solutions to big global challenges. Continue scrolling for a summary or download the full report.
Watch the video to discover exceptional companies making an impact
Our Beliefs
We believe businesses – and those who invest in them – have a responsibility to help build a more sustainable, inclusive future. Government and charity funding alone will not be enough.
Inclusive capitalism needs to be part of the solution. In our quest for attractive investment returns for our clients, we seek to harness the beneficial impact of humanity’s entrepreneurial spirit and contribute to a better world for current and future generations.
Change takes time. Our Positive Change Strategy aims to deliver strong long-term returns while supporting businesses that make a real difference with committed and patient capital.
We look for high quality companies whose products and services are in growing demand, who have attracted loyal customers and motivated teams, and whose impact is built into their business model.
Based on these beliefs, the Positive Change Strategy has two objectives of equal importance:
- To deliver attractive long-term investment returns (2 per cent per annum ahead of the MSCI ACWI net of fees over rolling five-year periods).
- To contribute towards a more sustainable, healthy and inclusive world.
We don’t just avoid harm; we actively seek out progress. Every company we invest in must meet our financial and impact goals. This long-term approach is rooted in optimism, patience and a belief that doing good and doing well can go hand in hand.
Impact Themes
Every company in the portfolio must have products or services that are meeting significant global challenges in one or more of our four impact themes. These are:
Below, you will find a brief introduction to each theme, including headline impact numbers and a short case study. We hope they will encourage you to explore our themes and portfolio companies in greater depth in the full report.
Impact theme
Social inclusion and education
Companies within this theme aim to improve how people and groups participate in society.
This could be through breaking down barriers, enabling connectivity or providing education or training.
Case study
MercadoLibre
First invested March 2020
Impact theme
Environment and resource needs
In pursuit of a sustainable future for our planet and its inhabitants, this impact theme focuses on companies progressing the energy transition, sustainable resource use and transforming agriculture.
Case study
Xylem
First invested January 2017
From cutting water loss by a trillion litres to helping customers reuse nearly five billion cubic metres of water in 2024, Xylem is helping innovation flow where needed most as it transforms how we manage this vital, life-sustaining resource.
Impact theme
Healthcare and quality of life
Under this impact theme, the Positive Change Team supports innovative companies that are pioneering new technologies to improve health around the world.
These companies are improving our understanding of diseases, and making quality healthcare and treatments accessible to more people, ensuring a positive impact on lives globally.
Case study
Alnylam
First invested January 2017
Alnylam is a biotechnology company using RNA interference (RNAi) to silence the genes that cause illness. By targeting disease at its genetic source, Alnylam’s therapies aim to prevent symptoms of rare diseases, improving patients’ quality of life.
Impact theme
Base of the pyramid
Going to where the need is greatest, this impact theme focuses on companies which address the needs of the those living on some of the lowest incomes around the world.
Companies in this theme work on improving access to financial services, building financial resilience and providing access to basic services for low-income populations.
Case study
Bank Rakyat Indonesia
First invested January 2017
In a country where, until recently, nearly half the adult population was unbanked, Bank Rakyat Indonesia is helping millions take control of their financial futures by focusing on supporting underserved and rural communities.
View our other headline impact data
We highlight headline impact data showing how portfolio companies’ provision of goods and services brings us closer to a more sustainable, inclusive future.
* In compiling our headline impact data, we have included all relevant companies, recognising their contributions to the overall highlighted impact. However, due to year-on-year variations in reporting by companies, we were unable to obtain precise figures for some entities, indicated in grey. This approach ensures our estimates remain conservative while highlighting the impact all portfolio companies are delivering. In time we hope to be able to encourage companies to increase their reporting.
Significant sustainable development goals (SDGs)
We analyse each holding in the portfolio and map significant contributions from products and services to the UN SDGs. This allows us to represent the overall contribution of the portfolio to the SDGs. Interact with the the goals to find out more.
Progress over time
Transformational change takes time, sometimes occurring over many years. You can read our full Impact report by clicking below or to remind yourself how far our portfolio companies have come.
Risk factors
The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.
This communication was produced and approved in June 2025 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.
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.