UKUnited KingdomIndividual investor
Baillie Gifford

Capital at risk

Year ended 31 December 2025

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:

  1. To deliver attractive long-term investment returns (2 percent per annum ahead of the MSCI ACWI net of fees over rolling five-year periods)*.
  2. 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:

Social inclusion and education

Environment and resource needs

Healthcare and quality of life

Base of the pyramid

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.

Explore the our themes and portfolio companies in depth
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

Nubank

First invested December 2021

Nubank’s low-cost, mobile-first platform serves 131 million people across Latin America, many of whom are accessing financial services for the first time. It also supports 5.9 million merchants and small businesses, an underserved segment often overlooked by traditional banks.

 

Operating across Brazil, Mexico and Colombia, Nu combines a branchless model with simple products, transparent fees and a highly rated customer experience.

Its technology platform and data-led underwriting enable Nu to acquire and serve customers at significantly lower cost than incumbents, while managing risk as it expands access to accounts, payments and credit.

As Nu deepens customer relationships and broadens its product range, we believe it can build a large and profitable financial services franchise, helping more people participate in the formal economy.

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

Ecolab

First invested January 2017

Ecolab helps businesses run cleaner, safer and more sustainable operations. Its solutions have already saved customers 927 billion litres of water and avoided 4.7 million tonnes of emissions (CO₂e).

 

Working across industries from food to healthcare and manufacturing, Ecolab helps businesses use less water and energy, improve sanitation and reduce contamination. Doing so, supports lower costs and higher standards.

With a large distribution network and data rich service model, its products are embedded in day to day operations, creating a steady stream of repeat business and high switching costs.

As expectations rise on efficiency, safety and sustainability, we believe Ecolab is well placed to deliver steady earnings growth by helping customers cut water use, emissions and waste.

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

Sandoz

First invested May 2025

Sandoz supplies affordable generic medicines and biosimilars to more than one billion patients in over 100 countries. In doing so, it helps proven therapies reach far beyond those who can access the newest or most expensive options.

 

The company manufactures more than 1,300 medicines across a broad range of therapeutic areas, with particular expertise in antibiotics. By offering cost effective alternatives to branded drugs, Sandoz reduces pressure on healthcare systems and expands access to treatment.

Its scale, regulatory expertise and global distribution give it an edge in a competitive industry, particularly in Europe. These strengths support resilient cash generation, even as individual medicines face pricing pressure.

Ageing populations, constrained healthcare budgets and the loss of exclusivity on biologic drugs support a sustained growth opportunity. We believe Sandoz can broaden access to essential treatments while building a durable, cash generative business.

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

Remitly

First invested December 2022

Remitly is making it easier, safer and more affordable for migrants to send money home, providing financial services access to 9.3 million people and supporting families in more than 175 countries.

 

Remittances can play a vital role in reducing poverty, with money sent home often used for essentials such as food, rent and healthcare. Remitly’s mobile-first service challenges an industry that has historically been expensive, slow and opaque.

Its focus on user experience, competitive pricing and trust has helped build customer loyalty in a market where reliability matters deeply. For migrant workers, a faster and more transparent transfer can mean less stress and more money reaching the people who need it.

Remitly’s asset-light model allows it to scale efficiently as it grows into new transfer corridors and financial services. We believe it can combine strong revenue growth and rising profitability with improved financial wellbeing for millions of recipient households.

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.

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.

Read about our positive and negative contributions

Progress over time

Transformational change takes time, sometimes occurring over many years. You can read our full 2025 Impact Report by clicking below or searching our archive to remind yourself how far our portfolio companies have come.

Download 2025 Impact Report PDF

Independent third party assurance

We have sought and obtained independent limited assurance from BDO LLP (“BDO”) on selected information as identified with the symbol ▵ in our report. BDO’s independent limited assurance engagement was performed in accordance with the International Standard for Assurance Engagements 3000 (Revised) - 'Assurance engagement other than audits or reviews of historical financial information report'. BDO has issued an unqualified report over the selected information.

The assurance report can be accessed here

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 2026 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.