Overview
The Positive Change Fund aims to outperform (after deduction of costs) the MSCI ACWI 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 & Portfolio
Periodic Performance
All figures to 28/02/2023 6 Months
1 Year
3 Years
5 Years
Class B-Acc 3.2% -0.2% 16.6% 15.8% Index* -0.5% 2.2% 11.3% 9.1% Target Benchmark** 0.5% 4.3% 13.5% 11.3%
Annual Discrete Performance to 31 December each year
Annual percentage return (Updated Quarterly) 31/12/2017
31/12/201831/12/2018
31/12/201931/12/2019
31/12/202031/12/2020
31/12/202131/12/2021
31/12/2022Class B-Acc 5.4% 25.9% 80.1% 10.8% -21.9% Index* -3.3% 22.4% 13.2% 20.1% -7.6% Target Benchmark** -1.3% 24.8% 15.5% 22.5% -5.8% Sector Average*** -5.7% 21.9% 15.3% 17.7% -11.1% 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, StatPro, MSCI, total return in sterling.
*MSCI ACWI.
**MSCI AC World Index (in sterling) plus at least 2% per annum over rolling five-year periods.
***IA Global Sector.Figures for 3 and 5 years show the annual rate of return.
Performance - 28/02/2023The 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.Top Ten Holdings - 28/02/2023
Fund % 1 MercadoLibre 7.7% 2 ASML 6.8% 3 TSMC 5.4% 4 Deere & Co 5.1% 5 Moderna 4.8% 6 Dexcom 4.5% 7 Alnylam Pharmaceuticals 4.2% 8 HDFC 4.1% 9 Shopify 4.1% 10 Bank Rakyat Indonesia 4.0% Total 50.9% Geographic Analysis of Total Assets - 28/02/2023Fund %
- 1 North America 44.90
- 2 Emerging Markets 26.39
- 3 Europe (ex UK) 24.40
- 4 Developed Asia Pacific 2.10
- 5 UK 0.71
- 6 Cash 1.50
- Total 100.00
As 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.Insights
View all Insights.Key Decision Makers
Kate Fox
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 graduated MA in Economics and Maths from the University of Edinburgh in 2001.
Lee Qian
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 O'Keeffe
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 Whitten
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.
Thaiha Nguyen
Thaiha believes that we are entering the golden age of technological innovations and impact entrepreneurship. The combination of the two will be a powerful driver of a thriving, sustainable and inclusive world. In her view, investors could play a critical role to support ambitious entrepreneurs that leverage technologies to bring creative solutions to global challenges.
Documents
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
Impact Report
Interim Reports
Key Investor Information Documents
Other Fund Literature
Philosophy and Process Documents
Prospectus
Quarterly Investor Reports
Value Assessment
Shareholders Rights Directive
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.
