1. Objective

    The Positive Change Equity Fund seeks capital appreciation with an emphasis on investing in businesses that deliver positive change by contributing towards a more sustainable and inclusive world.

  2. Investment Proposition

    The Fund invests in an actively managed portfolio of 25 -50 global stocks and has dual objectives: to deliver attractive long-term returns and to deliver a positive change by contributing toward a more sustainable and inclusive world. We invest in high quality growth companies which can deliver positive social change in one of four 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). A Portfolio Construction Group of six investment managers and two corporate governance analysts generate ideas from a diverse range of sources. With a focus on fundamental in-house research, the group complete a two stage analysis of all holdings, looking at both the financial and positive social change aspects case for each stock using a consistent framework. The output is a high conviction and highly differentiated portfolio. We expect turnover to be low, around 20% per annum over the long run.

  3. From time to time, certain fees and/or expenses have been voluntarily or contractually waved or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board or Trustees may modify or terminate contractual fee waivers or expense reimbursements. All fees are described in the fund's prospectus.

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    Fund Facts

    All figures to 12/31/2017
    Ticker - Share Class Institutional BPESX
    Ticker - Share Class K BPEKX
    Launch Date December 14, 2017
    Size $1.0m
    Benchmark MSCI AC World Index
    Current Number of Stocks 26
    Active Share 98%*
    Annual Turnover
    Style Growth
    Stocks (guideline range) 25-50

    Source: Baillie Gifford & Co and relevant underlying index provider(s).


    For a full glossary of definitions, please click here
  5. quote-icon
    Baillie Gifford are long-term investors, not speculators. We are not interested in following fads and fashions or pursuing short-term performance.
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    Portfolio Characteristics

      Fund MSCI AC World Index
    Market Cap (weighted average) $83.68bn $132.05bn
    Price/Book 6.19 2.48
    Price/Earnings (12 months forward) 31.93 16.15
    Earnings Growth (5 year historic) 12.14% 3.26%
    Return on Equity 19.40% 15.34%
    Beta 1.02 n/a

    Source: Baillie Gifford & Co, UBS, StatPro and relevant underlying index provider(s).

    Beta is in comparison to MSCI AC World Index.

    For a full glossary of definitions, please click here
  7. Meet the Managers

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      K Institutional
    Management Fee 0.50% 0.50%
    Other Expenses 0.56% 0.71%
    Gross Expense Ratio 1.06% 1.21%
    Net Expense Ratio 0.65% 0.80%


    Expense Ratios: All mutual funds have expense ratios which represent what shareholders pay for operating expenses and management fees. Expense ratios are expressed as an annualized percentage of a fund's average net assets paid out in expenses. Expense ratio information is as of the Fund's current prospectus, as revised and supplemented from time to time. The net expense ratios for this fund are contractually capped, excluding interest expense (if any), through April 30, 2019.

  9. Fund Risks

    The most significant risks of an investment in The Positive Change Equity Fund are Currency and Currency Hedging Risk, Emerging Markets Risk, Equity Securities Risk, Focused Investment Risk, Growth Stock Risk, Information Technology Risk, Impact Risk, IPO Risk, Large-Capitalization Securities Risk, Liquidity Risk, Long-Term Investment Strategy Risk, Market Disruption and Geopolitical Risk, Market Risk, Non-Diversification Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small- and Medium-Capitalization Securities Risk and Socially Responsible Investing Risk. For more information about these and other risks of an investment in the Fund, see “Principal Investment Risks” and “Additional Investment Strategies” in the prospectus.

  10. Index Disclaimer

    Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information 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. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com)

  11. The Baillie Gifford Mutual Funds are distributed by Baillie Gifford Funds Services LLC. Investors should carefully consider the objectives, risks, charges and expenses of the Funds before investing. This information and other information about the Funds can be found in the prospectus and the summary prospectus. For a prospectus and summary prospectus please go here. Please carefully read the Fund’s prospectus and related documents before investing.