Capital at risk

Investment strategy

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 provide solutions to global challenges, we believe a proactive investment approach can also be the basis of attractive investment returns.

3d model of a plus icon featuring images of fields, landscapes and vergetables.

Investing to make a difference

We seek to invest in companies whose products and services can make a difference to society and the environment – all while generating exciting returns.

A shocking revelation: capitalism can power positive change

In this film, investment managers Kate Fox and Lee Qian explain why positive change really matters. They consider companies shaping the future across our four impact themes and show how purpose and profit can go hand in hand.

Profits complement purpose

Positive Change is a global equity strategy with two equally important objectives: to generate attractive investment returns (2 per cent per annum ahead of the MSCI ACWI Index over rolling five-year periods) and to contribute towards a more sustainable and inclusive world.

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.

Addressing global challenges

Positive Change is a concentrated global portfolio of about 35 stocks. Rather than relying on broad exclusionary screens, we leverage fundamental analysis to identify exceptional businesses we believe will prosper over the long term.  

Through their products and services, these businesses are addressing some of the world’s most pressing challenges across our four impact themes:

  • social inclusion and education
  • environment and resource needs
  • healthcare and quality of life
  • base of the pyramid - the needs of those at the bottom of the global income ladder
The two objectives we’ve set, to make attractive returns and to deliver positive change, are closely interlinked. They go hand in hand. They are complementary, not contradictory.
Kate Fox

Meet the managers

Documents

Philosophy and process

Explore our investment philosophy and the processes around how the team constructs the portfolio.

Quarterly update

Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting. 

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford Positive Change Collective Investment Trust (CIT)
  • Separate account

Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 31 October 2024

#Holding% of portfolio
1MercadoLibre8.0%
2TSMC7.8%
3Shopify5.3%
4Duolingo5.1%
5Nu Holdings4.9%
6ASML4.9%
7HDFC Bank4.8%
8Alnylam Pharmaceuticals4.7%
9Autodesk4.7%
10Bank Rakyat Indonesia4.7%

Strategy holdings by sector

As at: 31 October 2024

1Information Technology26.10%
2Health Care18.40%
3Consumer Discretionary17.00%
4Financials16.90%
5Industrials13.70%
6Materials7.00%
7Communication Services0.10%
8Cash0.80%
Total 100%

Strategy holdings by sector

All figures up to: 31 October 2024

Total: 100%

Strategy holdings by region

As at: 31 October 2024

1United States45.70%
2Brazil12.90%
3Taiwan7.80%
4Canada5.80%
5Netherlands4.90%
6India4.80%
7Indonesia4.70%
8Denmark3.20%
9Singapore2.60%
10France2.30%
11Others4.60%
12Cash0.80%
Total 100%

Strategy holdings by region

All figures up to: 31 October 2024

Total: 100%

Please note

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.

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford Positive Change Collective Investment Trust (CIT)
  • Separate account

Insights

Key articles, videos and podcasts relating to the strategy:

Filters

Insights

Viewing 35 of 35
  1. Positive Change Q3 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article7 minutes
  2. Positive Change Q3 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video11 minutes
  3. Future Stocks: Our best impact ideas

    Rosie Rankin explains why Nubank, Xylem and Grab can both improve lives and offer investment returns.
    September 2024
    Video3 minutes
  4. Academic collaborations that count

    The experts helping us gain an investment edge when thinking about farming, human rights and AI.
    July 2024
    Article7 minutes
  5. Lessons from a time traveller

    A journey through time uncovers the deep transitions that can reshape our world.
    July 2024
    Article2 minutes
  6. Positive change thumbnail

    Positive Change Q2 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video10 minutes
  7. Positive Change: investor letter Q2 2024

    Investment specialist Rosie Rankin gives an update on the Positive Change Strategy covering Q2 2024.
    July 2024
    Article8 minutes
  8. Stock story: PsiQuantum

    How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.
    June 2024
    Video3 minutes
  9. Positive Change Q1 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video12 minutes
  10. Remitly: easy global remittance

    The mobile app that busts stress and high charges for workers sending money back home.
    March 2024
    Article4 minutes
  11. Climeworks: digging deeper for climate solutions

    A small holding with a long-term climate goal.
    March 2024
    Article4 minutes
  12. Positive Conversations 2023

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

    Impact investing amidst shifting economic landscapes and technological advancements.
    February 2024
    Document10 minutes
  14. 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
  15. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  16. Positive Change Q4 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video15 minutes
  17. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  18. Positive Change Q3 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  19. Positive Change Fund webinar

    Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
    September 2023
    Video30 minutes
  20. Positive Change Q2 update

    The Positive Change team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video19 minutes
  21. Climate change innovators

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

    Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
    April 2023
    Article
  23. Positive Change Q1 update

    Positive Change Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video13 minutes
  24. The sustainability revolution

    Positive Change’s Kate Fox on thinking about the world in 2050 to spot opportunities today.
    April 2023
    Podcast17 minutes
  25. Positive Change reflections on 2022

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

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

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    February 2023
    Document
  28. 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
  29. How education escaped from the classroom

    Online courses have upended the economics of education, Thaiha Nguyen explains.
    May 2022
    Podcast21 minutes
  30. Positive Conversations 2021

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    April 2022
    Document
  31. 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
  32. 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
  33. 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
  34. Positive Change Impact Report

    For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
    July 2020
    Document
  35. 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

Positive Change Q3 update

The Positive Change Team reflects on recent performance, portfolio changes and market developments.

  1. Positive Change Q3 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article7 minutes
  2. Positive Change Q3 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video11 minutes
  3. Future Stocks: Our best impact ideas

    Rosie Rankin explains why Nubank, Xylem and Grab can both improve lives and offer investment returns.
    September 2024
    Video3 minutes
  4. Academic collaborations that count

    The experts helping us gain an investment edge when thinking about farming, human rights and AI.
    July 2024
    Article7 minutes
  5. Lessons from a time traveller

    A journey through time uncovers the deep transitions that can reshape our world.
    July 2024
    Article2 minutes
  6. Positive change thumbnail

    Positive Change Q2 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video10 minutes
  7. Positive Change: investor letter Q2 2024

    Investment specialist Rosie Rankin gives an update on the Positive Change Strategy covering Q2 2024.
    July 2024
    Article8 minutes
  8. Stock story: PsiQuantum

    How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.
    June 2024
    Video3 minutes
  9. Positive Change Q1 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video12 minutes
  10. Remitly: easy global remittance

    The mobile app that busts stress and high charges for workers sending money back home.
    March 2024
    Article4 minutes
  11. Climeworks: digging deeper for climate solutions

    A small holding with a long-term climate goal.
    March 2024
    Article4 minutes
  12. Positive Conversations 2023

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

    Impact investing amidst shifting economic landscapes and technological advancements.
    February 2024
    Document10 minutes
  14. 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
  15. Moderna: designing drugs on a computer

    Can scientists meet unmet health needs by writing code to help the body heal itself?
    January 2024
    Article4 minutes
  16. Positive Change Q4 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video15 minutes
  17. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  18. Positive Change Q3 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  19. Positive Change Fund webinar

    Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
    September 2023
    Video30 minutes
  20. Positive Change Q2 update

    The Positive Change team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video19 minutes
  21. Climate change innovators

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

    Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
    April 2023
    Article
  23. Positive Change Q1 update

    Positive Change Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video13 minutes
  24. The sustainability revolution

    Positive Change’s Kate Fox on thinking about the world in 2050 to spot opportunities today.
    April 2023
    Podcast17 minutes
  25. Positive Change reflections on 2022

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

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

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    February 2023
    Document
  28. 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
  29. How education escaped from the classroom

    Online courses have upended the economics of education, Thaiha Nguyen explains.
    May 2022
    Podcast21 minutes
  30. Positive Conversations 2021

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    April 2022
    Document
  31. 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
  32. 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
  33. 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
  34. Positive Change Impact Report

    For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
    July 2020
    Document
  35. 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

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford Positive Change Collective Investment Trust (CIT)
  • Separate account

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford Positive Change Collective Investment Trust (CIT)
  • Separate account