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, and to deliver a positive change by contributing towards a more sustainable and inclusive world. 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 & PortfolioPeriodic PerformanceAll figures to 31/03/2021
6 Months 1 Year 3 Years Since Inception Class B-Acc 12.9% 79.3% 32.1% 33.0% Index* 12.6% 39.6% 13.3% 11.1% Target Benchmark** 13.7% 42.4% 15.5% 13.3%Annual Discrete Performance to 31 March each yearAnnual percentage return (Updated Quarterly) 31/03/2016
Class B-Acc n/a 29.3% 11.0% 15.9% 79.3% Index* n/a 2.9% 11.1% -6.2% 39.6% Target Benchmark** n/a 5.0% 13.3% -4.3% 42.4% Sector Average*** n/a 2.7% 9.0% -6.0% 40.6%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.
Performance source: FE and relevant underlying index provider, single pricing basis, total return.
Returns reflect the annual charges but exclude any initial charge paid.
*MSCI AC World Index.
**MSCI AC World Index +2%.
***IA Global Sector.Performance - 31/03/2021The value of your investment may go down as well as up, and you may not get back the amount you invested.
Source: FE and relevant underlying index provider, single pricing basis, total return.
Please bear in mind that past performance is not a guide to future performance.
The graph is rebased to 100.Unfortunately we were unable to load the chart. Please try again later.
Top Ten Holdings - 31/03/2021
Fund % 1 Tesla Inc 8.0% 2 ASML 6.8% 3 TSMC 6.5% 4 Moderna 5.3% 5 MercadoLibre 5.0% 6 Illumina 4.2% 7 M3 4.2% 8 Dexcom 3.4% 9 Umicore 3.3% 10 10x Genomics 3.2% Total 49.9% Fund % 1 Tesla Inc 8.0% 2 ASML 6.8% 3 TSMC 6.5% 4 Moderna 5.3% 5 MercadoLibre 5.0% 6 Illumina 4.2% 7 M3 4.2% 8 Dexcom 3.4% 9 Umicore 3.3% 10 10x Genomics 3.2% Total 49.9%Geographic Analysis of Total Assets - 31/03/2021As 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.Unfortunately we were unable to load the chart. Please try again later.
InsightsAll InsightsFull Year 2020
This document looks at the contribution of the Positive Change portfolio to society through its business practices and focuses on our approach to engagement with the companies owned on behalf of our clients.January 2021
Sustainable investing: Finding the innovative companies of the future.
Are there limits to economic growth? Will we run out of ideas? Investment manager Lee Qian explains why he’s confident innovation will create a more prosperous, sustainable and inclusive world.December 2020
Innovation: Why it’s Crucial for Sustainability.
Lee Qian, Investment Manager in Baillie Gifford’s Positive Change Strategy, tells us why we should harness innovation and economic growth to create a more prosperous, sustainable and inclusive world.December 2020
Can Capitalism Power Positive Change? Webinar.
In this webinar recording, Positive Change specialist Alison Cuthbert talks to investment managers Kate Fox and Lee Qian about the potential of capitalism and the role and approach of the Positive Change strategy.September 2020
The New Plastics Economy.
With plastics production set to double in the next 20 years and almost quadruple by 2050, the Positive Change Team considers whether a circular plastics economy could be the answer and what investment opportunities it might bring.September 2020
Can capitalism power positive change?
The companies that interest Lee Qian most are the ones that are driving society forward while rewarding shareholders. Iona Bain talks to the Positive Change Fund co-manager about capitalism at its best.September 2020
A Shocking Revelation: Capitalism Can Power 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. Investment Managers Kate Fox and Lee Qian explain why positive change really matters.July 2020
Positive Change Impact Report.
For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.June 2020
Positive Change in Challenging Times Webinar.
In this webinar, investment managers Kate Fox and Lee Qian speak to portfolio specialist Alison Cuthbert about the Positive Change strategy.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.
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 is a CFA Charterholder and 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.
Michelle has a wealth of experience in assessing climate change having worked in the field since 2000. A focus on the long-term sustainability of companies in its broadest sense is therefore a topic Michelle sees as central to investment. Michelle joined Baillie Gifford in 2015 and is a Senior Impact Analyst and decision maker in the Positive Change Team. She 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.
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.
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). Please note that, due to current government restrictions, we have a limited number of staff in our office. As a result, if posting instructions to us, there may be a delay in processing these due to these current restrictions.
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
Other Fund Literature
Philosophy and Process Documents
In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: [email protected]. A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.