Capital at risk

UK OEIC

Positive Change Fund

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Overview

Fund objective

The Positive Change Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, over rolling five-year periods. It also aims to contribute to a more sustainable and inclusive world through investing in companies whose products and/or services contribute to impact themes addressing critical social and/or environmental challenges, measured over at least a five-year period.

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.

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.

Investment proposition

The Fund invests in an actively managed portfolio of 25-50 global high quality growth companies which can deliver positive change in one of four current areas: Social Inclusion and Education, Environment and Resource Needs, Healthcare and Quality of Life; and Base of the Pyramid (addressing the needs of the world's poorest populations). The Positive Change Decision Makers generate ideas from a diverse range of sources. With a focus on fundamental in-house research, the team complete a two stage analysis of all holdings, looking at both the financial and positive change aspects case for each stock using a consistent framework. The output is a high conviction and differentiated portfolio. We aim for a low turnover, around 20% per annum over the long run.

Strategy behind the fund

Positive Change
We invest in companies that we believe positively impact society and the environment, with the aim of generating attractive returns.

The capabilities behind this strategy

Share price and charges

Share class

B, Acc

Price

395.20p

% change

-0.63%

Yield

0.2%

Ex-dividend (XD)

N

Ongoing charges*

0.53%

Initial charge

0%

Minimum investment

£100,000

Minimum top up

£1,000

Sustainability label

Sustainable investment labels help investors find products that have a specific sustainability goal. This product invests mainly in solutions to sustainability problems, with an aim to achieve a positive impact for people or the planet. More details can be found in the product’s SDR Sustainability-related Disclosure Document found within the documents section of the website.

Fund facts

As at: 30 April 2026

Fund launch date

3 January 2017

Fund size

£1,227.30m

The Investment Association sector

Global

Comparative Index

MSCI ACWI Index

Active share

93%**

Annual turnover

25%

Guideline number of holdings

25-50

Current number of holdings

39

Style

Growth

XD Date

Last day of December each year

Distribution

Last day of February each year

Pricing

Valuation point 10am daily, swinging single price

Fund settlement cycle

Trade date plus two business days (T+2)

**Relative to MSCI ACWI. Source: Baillie Gifford & Co, MSCI.


Ratings

As at: 31 March 2026

Defaqto Risk Rating

Defaqto Risk Rating - 9
Titan Square Mile Recommended Fund - A

Synaptic Risk Rating

Synaptic Risk Rating - 1-10 9

Meet the managers

Risk Warnings

Risk Introduction

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. The specific risks associated with the Fund include:

Custody

Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

Impact

There is no universally accepted definition of impact. Furthermore, there is a risk that individual investments fail to make a positive contribution to society and/ or the environment, and that overall the Fund fails to meet its objective.

Emerging Markets

The Fund invests in emerging markets where difficulties in trading could arise, resulting in a negative impact on the value of your investment.

Concentration

The Fund's concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.

Foreign Currency

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.

Volatility

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.

Environmental, Social and Governance

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.

Further Information

Further details of the risks associated with investing in the Fund can be found in the NURS-Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.

Index disclaimer

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Complaints

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: InstitutionalComplaints@bailliegifford.com. 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.

Contact us

Still have a question?  Please get in touch with us.

Fund performance

Periodic performance

As at: 30 April 2026

1 Month
3 Months
6 Months
1 Year
3 Years
5 Years
Class B-Acc
6.9%
-1.2%
-6.9%
14.2%
6.5%
0.1%
Index*
7.0%
4.7%
4.4%
29.3%
17.2%
11.6%
Sector Average**
6.7%
2.8%
2.7%
23.3%
12.2%
7.4%

Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.

 

Annual discrete performance

As at: 31 March 2026

31/03/2021 –
31/03/2022
31/03/2022 –
31/03/2023
31/03/2023 –
31/03/2024
31/03/2024 –
31/03/2025
31/03/2025 –
31/03/2026
Class B-Acc
2.1%
-9.3%
7.0%
-5.1%
8.0%
Index*
12.9%
-0.9%
21.2%
5.3%
18.0%
Sector Average**
8.4%
-2.7%
16.7%
-0.3%
13.4%

Contact us

Still have a question?  Please get in touch with us.

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 30 April 2026

#Holding% of total assets
1TSMC9.1%
2ASML6.4%
3Deere & Co4.8%
4Remitly Global4.6%
5Microsoft4.3%
6Arm Holdings3.6%
7Sandoz Group AG3.5%
8New York Times Co3.5%
9Ecolab3.2%
10CATL3.1%

Sector

As at: 30 April 2026

#
Sector
Fund %
Index % *
Difference %
1
Information Technology
28.5
28.7
-0.2
2
Industrials
23.9
11.3
12.7
3
Health Care
17.4
8.1
9.3
4
Financials
13.7
16.4
-2.7
5
Consumer Discretionary
9.3
9.3
-0.1
6
Communication Services
3.5
8.8
-5.3
7
Materials
3.2
3.8
-0.6
8
Cash
0.6
0.0
0.6
Total
100.0
86.3

Top 10 geographical locations

As at: 30 April 2026

#
Top 10 locations
Fund %
Index % *
Difference %
1
United States
46.4
63.4
-17.0
2
Taiwan
9.1
2.9
6.2
3
Netherlands
6.4
1.2
5.2
4
UK
6.3
3.2
3.1
5
Brazil
5.0
0.6
4.5
6
Sweden
4.2
0.8
3.4
7
Singapore
4.1
0.4
3.8
8
Switzerland
3.5
2.0
1.5
9
China
3.1
2.7
0.3
10
France
3.0
2.2
0.8
Total
91.0
79.4

Region

As at: 30 April 2026

#
Region
Fund %
Index % *
Difference %
1
North America
47.9
66.5
-18.6
2
Emerging Markets
25.7
11.8
13.9
3
Europe (ex UK)
19.6
11.2
8.3
4
UK
6.3
3.2
3.1
5
Developed Asia Pacific
0.0
7.3
-7.3
6
Cash
0.6
0.0
0.6
Total
100.0
100.0

Quarterly transactions

Transactions for the three-month period ending 31 March 2026

New purchases

  • Beijer Ref
  • Veeva Systems Inc Class A

Complete sales

  • Soitec

Additions

  • Kaspi.kz ADR

Reductions

  • MercadoLibre
  • Nu Holdings Ltd.
  • Shopify 'A'

Contact us

Still have a question?  Please get in touch with us.

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 66 of 66
  1. Positive Sparks: financial resilience

    Why more accessible, affordable protection products could become a major growth theme.
    May 2026
    Article5 minutes
  2. alt=""

    Positive Change Q1 update

    Investment specialist Catherine Flockhart reflects on recent performance, portfolio changes and market developments.
    April 2026
    Video7 minutes
  3. Chinese folk artists performing a dragon dance, creating a unique scene of a dragon flying through the shower of sparking fireworks.

    Riding the Fire Horse

    Why the Positive Change portfolio is built to stay resilient when markets turn disorderly.
    April 2026
    Article11 minutes
  4. A diver swims near with a large undersea power cable

    Positive Sparks: AI and energy

    Uncover two companies tackling key grid bottlenecks that support both data centres and society.
    March 2026
    Article5 minutes
  5. Positive Conversations 2025

    Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
    February 2026
    External link
  6. Positive Change: our philosophy

    Kate Fox and Ed Whitten discuss the Baillie Gifford Positive Change Strategy.
    January 2026
    Video5 minutes
  7. alt=""

    Positive Change Q4 update

    Investment manager Kate Fox reflects on recent performance, portfolio changes and market developments.
    January 2026
    Video7 minutes
  8. Positive Change: looking back at 2025

    Assessing a year of AI-dominated markets and our innovation-driven portfolio.
    January 2026
    ArticleLong read
  9. TSMC: Stock Story

    Qian Zhang unwraps TSMC, the company powering modern life.
    November 2025
    Video3 minutes
  10. Positive Sparks: rare diseases

    Discover the companies transforming global health with rare disease innovations.
    October 2025
    Article4 minutes
  11. Positive Change Q3 update

    Investment specialist Catherine Flockhart reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video7 minutes
  12. Pioneering Positive Change

    In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?
    October 2025
    ArticleLong read
  13. Opportunities in the pursuit of Positive Change

    A conversation on navigating uncertainty while staying true to the philosophy of positive change.
    September 2025
    Video36 minutes
  14. ""

    Positive Sparks: financial inclusion

    Explore how digital innovation is revolutionising financial access for the world's unbanked.
    July 2025
    Article4 minutes
  15. The ‘invisible’ millions: banking’s new frontier

    From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.
    July 2025
    Podcast32 minutes
  16. Positive Change Q2 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    July 2025
    Article7
  17. Positive Change Q2 update

    Investment manager Lee Qian reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video6 minutes
  18. Positive Change Impact Report 2024

    What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.
    June 2025
    External linkLong read
  19. ""

    Positive Sparks: fast fashion

    Shifting consumer attitudes are driving innovative solutions to make fashion more sustainable.
    April 2025
    Article5 minutes
  20. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes
  21. Positive Change Q1 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video11 minutes
  22. Positive Change Q1 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article12 minutes
  23. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  24. Positive Change Fund: rising to the challenge

    Positive Change in a changing world: Lee Qian uncovers the companies and sectors enabling progress.
    March 2025
    Video40 minutes
  25. Positive Change: a review of 2024

    A detailed overview of 2024 covering performance, portfolio and investment approach.
    March 2025
    DocumentLong read
  26. Positive Conversations 2024

    Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
    February 2025
    External link
  27. Positive Sparks: diabetes

    Discover how groundbreaking diabetes solutions are driving global positive change.
    January 2025
    Article5 minutes
  28. Positive Change Q4 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article14 minutes
  29. Stock story: Ecolab

    Learn how Ecolab is helping customers around the world be better stewards of water.
    December 2024
    Video3 minutes
  30. Positive Change Fund manager update

    Investment manager Thaiha Nguyen discusses portfolio changes, opportunities and challenges.
    September 2024
    Video42 minutes
  31. Academic collaborations that count

    The experts helping us gain an investment edge when thinking about farming, human rights and AI.
    July 2024
    Article7 minutes
  32. Positive Change Impact Report 2023

    Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.
    July 2024
    Article3 minutes
  33. Lessons from a time traveller

    A journey through time uncovers the deep transitions that can reshape our world.
    July 2024
    Article2 minutes
  34. Positive Change: impact investing

    Discover how our Positive Change Fund is combining attractive investment returns with positive global impact.
    June 2024
    Video35 minutes
  35. Remitly: easy global remittance

    The mobile app that busts stress and high charges for workers sending money back home.
    March 2024
    Article4 minutes
  36. Positive Conversations 2023

    The Positive Change Team’s ESG and engagement report shows the difference talking can make.
    February 2024
    Article64 minutes
  37. Positive Change in a new paradigm

    Impact investing amidst shifting economic landscapes and technological advancements.
    February 2024
    Document10 minutes
  38. Positive Change: a review of 2023

    A performance update explaining why we back firms solving social and economic issues such as Moderna and MercadoLibre.
    February 2024
    Article7 minutes
  39. Why Positive Change? Why now?

    Rosie Rankin gives a performance update and highlights exciting purpose-driven companies.
    December 2023
    Video47 minutes
  40. Positive Change Fund webinar

    Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
    September 2023
    Video30 minutes
  41. Climate change innovators

    How Positive Change targets companies at the forefront of tackling carbon emissions.
    April 2023
    Article
  42. Finding Brazil’s social innovators

    Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
    April 2023
    Article
  43. Transformative investment

    Why time travelling to 2050 helps us invest in companies tackling climate change and inequality.
    April 2023
    Article
  44. Positive Change reflections on 2022

    The team considers performance in a year of ‘permacrisis’ and the outlook for the months ahead.
    March 2023
    Article
  45. Positive Conversations 2022

    We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.
    March 2023
    Article
  46. Positive Conversations 2022

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    February 2023
    Document
  47. A dose of innovation

    Your money or your health. Marina Record asks if society is ready to pay for health innovation.
    December 2022
    Article
  48. Positive Change update

    Investment manager Lee Qian and investment specialist Rosie Rankin discuss the positive change portfolio.
    November 2022
    Video31 minutes
  49. A theory of radical change

    Why a ‘deep transition’ may have started to deliver a more sustainable age.
    October 2022
    Article
  50. Creating impact

    How the Positive Change Strategy backs firms tackling social and environmental challenges.
    September 2022
    Article
  51. Positive Change Impact Report: 5th Year 2021/22

    The Positive Change Team’s latest impact report, covering our activity over the last five years and plans for the future.
    August 2022
    Document
  52. How education escaped from the classroom

    Online courses have upended the economics of education, Thaiha Nguyen explains.
    May 2022
    Podcast21 minutes
  53. The future of education

    For digital learning companies that can balance accessibility and profits, the opportunities are vast.
    May 2022
    Article
  54. Positive Conversations 2021

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    April 2022
    Document
  55. Positive Change Strategy Update.

    Listen to Kate Fox, Investment Manager for Positive Change, as she provides an update on the strategy with Investment Specialist Rosie Rankin.
    March 2022
    Video30 minutes
  56. Sustainable companies, global challenges

    Learn about the up-and-coming sustainable companies radically shaping a more prosperous future.
    January 2022
    Article
  57. Solving tomorrow’s food challenges

    In this Nasdaq TradeTalks broadcast, Lee Qian discusses investing in companies that are revolutionising how the world’s growing population will be fed.
    November 2021
    External link
  58. Positive Change - It's Not Obvious

    Positive Change invests in businesses that can help solve global challenges. But, as Kate Fox explains, the impact that some of the most influential companies have on daily lives is hidden from view.
    May 2021
    Article
  59. Positive Conversations 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.
    Full Year 2020
    Document
  60. 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.
    January 2021
    Video15 minutes
  61. 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.
    January 2021
    Podcast17 minutes
  62. 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
    Document
  63. 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.
    August 2020
    Video5 minutes
  64. 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.
    June 2020
    Video0 minute
  65. Positive Change Impact Report

    For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
    July 2020
    Document
  66. Positive Conversations 2019

    An accompaniment to our annual Impact Report using a different lens to look at the contribution of the Positive Change portfolio to society.
    October 2019
    Document
alt=""

Positive Conversations

From environmental transitions to responsible AI and governance, Positive Conversations 2025 captures how we engage with the companies we invest in. This seventh edition brings together a year of dialogue - showing how constructive challenge and long-term relationships shape both investment judgement and stewardship. Explore the digital summary and highlights from our 2025 report below.

Impact Report 2024

From climate solutions to social progress, our 2024 Impact Report highlights how the companies we invest in make a difference and build a more sustainable future. 

Positive Sparks

Read this article series from the Positive Change Team, which spotlights pressing global challenges and the trailblazing companies working towards a more inclusive and sustainable world.

All insights

  1. Positive Sparks: financial resilience

    Why more accessible, affordable protection products could become a major growth theme.
    May 2026
    Article5 minutes
  2. alt=""

    Positive Change Q1 update

    Investment specialist Catherine Flockhart reflects on recent performance, portfolio changes and market developments.
    April 2026
    Video7 minutes
  3. Chinese folk artists performing a dragon dance, creating a unique scene of a dragon flying through the shower of sparking fireworks.

    Riding the Fire Horse

    Why the Positive Change portfolio is built to stay resilient when markets turn disorderly.
    April 2026
    Article11 minutes
  4. A diver swims near with a large undersea power cable

    Positive Sparks: AI and energy

    Uncover two companies tackling key grid bottlenecks that support both data centres and society.
    March 2026
    Article5 minutes
  5. Positive Conversations 2025

    Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
    February 2026
    External link
  6. Positive Change: our philosophy

    Kate Fox and Ed Whitten discuss the Baillie Gifford Positive Change Strategy.
    January 2026
    Video5 minutes
  7. alt=""

    Positive Change Q4 update

    Investment manager Kate Fox reflects on recent performance, portfolio changes and market developments.
    January 2026
    Video7 minutes
  8. Positive Change: looking back at 2025

    Assessing a year of AI-dominated markets and our innovation-driven portfolio.
    January 2026
    ArticleLong read
  9. TSMC: Stock Story

    Qian Zhang unwraps TSMC, the company powering modern life.
    November 2025
    Video3 minutes
  10. Positive Sparks: rare diseases

    Discover the companies transforming global health with rare disease innovations.
    October 2025
    Article4 minutes
  11. Positive Change Q3 update

    Investment specialist Catherine Flockhart reflects on recent performance, portfolio changes and market developments.
    October 2025
    Video7 minutes
  12. Pioneering Positive Change

    In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?
    October 2025
    ArticleLong read
  13. Opportunities in the pursuit of Positive Change

    A conversation on navigating uncertainty while staying true to the philosophy of positive change.
    September 2025
    Video36 minutes
  14. ""

    Positive Sparks: financial inclusion

    Explore how digital innovation is revolutionising financial access for the world's unbanked.
    July 2025
    Article4 minutes
  15. The ‘invisible’ millions: banking’s new frontier

    From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.
    July 2025
    Podcast32 minutes
  16. Positive Change Q2 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    July 2025
    Article7 minutes
  17. Positive Change Q2 update

    Investment manager Lee Qian reflects on recent performance, portfolio changes and market developments.
    July 2025
    Video6 minutes
  18. Positive Change Impact Report 2024

    What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.
    June 2025
    External linkLong read
  19. ""

    Positive Sparks: fast fashion

    Shifting consumer attitudes are driving innovative solutions to make fashion more sustainable.
    April 2025
    Article5 minutes
  20. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes
  21. Positive Change Q1 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video11 minutes
  22. Positive Change Q1 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article12 minutes
  23. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  24. Positive Change Fund: rising to the challenge

    Positive Change in a changing world: Lee Qian uncovers the companies and sectors enabling progress.
    March 2025
    Video40 minutes
  25. Positive Change: a review of 2024

    A detailed overview of 2024 covering performance, portfolio and investment approach.
    March 2025
    DocumentLong read
  26. Positive Conversations 2024

    Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
    February 2025
    External link
  27. Positive Sparks: diabetes

    Discover how groundbreaking diabetes solutions are driving global positive change.
    January 2025
    Article5 minutes
  28. Positive Change Q4 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article14 minutes
  29. Stock story: Ecolab

    Learn how Ecolab is helping customers around the world be better stewards of water.
    December 2024
    Video3 minutes
  30. Positive Change Fund manager update

    Investment manager Thaiha Nguyen discusses portfolio changes, opportunities and challenges.
    September 2024
    Video42 minutes
  31. Academic collaborations that count

    The experts helping us gain an investment edge when thinking about farming, human rights and AI.
    July 2024
    Article7 minutes
  32. Positive Change Impact Report 2023

    Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.
    July 2024
    Article3 minutes
  33. Lessons from a time traveller

    A journey through time uncovers the deep transitions that can reshape our world.
    July 2024
    Article2 minutes
  34. Positive Change: impact investing

    Discover how our Positive Change Fund is combining attractive investment returns with positive global impact.
    June 2024
    Video35 minutes
  35. Remitly: easy global remittance

    The mobile app that busts stress and high charges for workers sending money back home.
    March 2024
    Article4 minutes
  36. Positive Conversations 2023

    The Positive Change Team’s ESG and engagement report shows the difference talking can make.
    February 2024
    Article64 minutes
  37. Positive Change in a new paradigm

    Impact investing amidst shifting economic landscapes and technological advancements.
    February 2024
    Document10 minutes
  38. Positive Change: a review of 2023

    A performance update explaining why we back firms solving social and economic issues such as Moderna and MercadoLibre.
    February 2024
    Article7 minutes
  39. Why Positive Change? Why now?

    Rosie Rankin gives a performance update and highlights exciting purpose-driven companies.
    December 2023
    Video47 minutes
  40. Positive Change Fund webinar

    Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
    September 2023
    Video30 minutes
  41. Climate change innovators

    How Positive Change targets companies at the forefront of tackling carbon emissions.
    April 2023
    Article
  42. Finding Brazil’s social innovators

    Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
    April 2023
    Article
  43. Transformative investment

    Why time travelling to 2050 helps us invest in companies tackling climate change and inequality.
    April 2023
    Article
  44. Positive Change reflections on 2022

    The team considers performance in a year of ‘permacrisis’ and the outlook for the months ahead.
    March 2023
    Article
  45. Positive Conversations 2022

    We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.
    March 2023
    Article
  46. Positive Conversations 2022

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    February 2023
    Document
  47. A dose of innovation

    Your money or your health. Marina Record asks if society is ready to pay for health innovation.
    December 2022
    Article
  48. Positive Change update

    Investment manager Lee Qian and investment specialist Rosie Rankin discuss the positive change portfolio.
    November 2022
    Video31 minutes
  49. A theory of radical change

    Why a ‘deep transition’ may have started to deliver a more sustainable age.
    October 2022
    Article
  50. Creating impact

    How the Positive Change Strategy backs firms tackling social and environmental challenges.
    September 2022
    Article
  51. Positive Change Impact Report: 5th Year 2021/22

    The Positive Change Team’s latest impact report, covering our activity over the last five years and plans for the future.
    August 2022
    Document
  52. How education escaped from the classroom

    Online courses have upended the economics of education, Thaiha Nguyen explains.
    May 2022
    Podcast21 minutes
  53. The future of education

    For digital learning companies that can balance accessibility and profits, the opportunities are vast.
    May 2022
    Article
  54. Positive Conversations 2021

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    April 2022
    Document
  55. Positive Change Strategy Update.

    Listen to Kate Fox, Investment Manager for Positive Change, as she provides an update on the strategy with Investment Specialist Rosie Rankin.
    March 2022
    Video30 minutes
  56. Sustainable companies, global challenges

    Learn about the up-and-coming sustainable companies radically shaping a more prosperous future.
    January 2022
    Article
  57. Solving tomorrow’s food challenges

    In this Nasdaq TradeTalks broadcast, Lee Qian discusses investing in companies that are revolutionising how the world’s growing population will be fed.
    November 2021
    External link
  58. Positive Change - It's Not Obvious

    Positive Change invests in businesses that can help solve global challenges. But, as Kate Fox explains, the impact that some of the most influential companies have on daily lives is hidden from view.
    May 2021
    Article
  59. Positive Conversations 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.
    Full Year 2020
    Document
  60. 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.
    January 2021
    Video15 minutes
  61. 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.
    January 2021
    Podcast17 minutes
  62. 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
    Document
  63. 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.
    August 2020
    Video5 minutes
  64. 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.
    June 2020
    Video0 minute
  65. Positive Change Impact Report

    For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
    July 2020
    Document
  66. Positive Conversations 2019

    An accompaniment to our annual Impact Report using a different lens to look at the contribution of the Positive Change portfolio to society.
    October 2019
    Document

Contact us

Still have a question?  Please get in touch with us.

How to buy

You can invest in our funds through a wide range of investment platforms. If your preferred platform does not currently offer our funds, they may be made available upon request by contacting the platform directly.

Further information on our funds can be found in the relevant Key Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request or can be downloaded from the literature section of our website. 

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.

OEIC terms of business

To buy and sell our funds, you must complete and return a copy of the document below, if you don't already have an agreement with us. In order for us to accept your business for our range of OEICs, please complete and return the Terms of Business Acceptance Form.

Contact us

Still have a question?  Please get in touch with us.

Documents

You can access any literature about the Fund here.

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.

Contact us

Still have a question?  Please get in touch with us.