1. Objective

    The Baillie Gifford Positive Change Equities 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 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 five 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 cases for each stock using a consistent framework. The output is a high conviction and differentiated portfolio.

  3. Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please click here for the most recent month-end performance.

    The Baillie Gifford Fund's performance shown assumes reinvestment or dividend and capital gain distributions and is net of management fees and expenses. Returns for periods less than one year are not annualized. From time to time, certain fees and/or expenses have been voluntarily or contractually waived 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 of 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 3/31/2020
    Ticker - Share Class K BPEKX
    Ticker - Share Class Institutional BPESX
    Launch Date December 14, 2017
    Size $24.7m
    Benchmark MSCI AC World Index
    Current Number of Stocks 30
    Active Share 97%*
    Annual Turnover 15%
    Style Growth
    Stocks (guideline range) 25-50

    *Relative to MSCI AC World ex US Index. 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) $70.43bn $182.57bn
    Price/Book 4.87 1.84
    Price/Earnings (12 months forward) 35.06 14.03
    Earnings Growth (5 year historic) 12.23% 5.33%
    Return on Equity 13.88% 13.16%
    Beta 1.18 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. Actual investors imagine 'what if?'

    Not 'what is'.
    Find out more
  8. Meet the Managers

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      K Institutional
    Management Fee 0.50% 0.50%
    Other Expenses 1.13% 1.13%
    Gross Expense Ratio 1.63% 1.63%
    Fee Waiver -0.98% -0.98%
    Net Expense Ratio 0.65% 0.65%

    Source: Bank of New York Mellon and Baillie Gifford & Co

    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 taxes, sub-accounting expenses and extraordinary expenses), through April 30, 2021.

  10. Fund Risks

    The most significant risks of an investment in The Baillie Gifford Positive Change Equities Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Non-Diversification Risk, Impact Risk, Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Focused Investment Risk, Frontier Markets Risk, Information Technology Risk, IPO Risk, Japan Risk, Large Capitalization Securities Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, New and Smaller-Sized Funds Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium Capitalization Securities Risk, Socially Responsible Investing Risk, Valuation Risk.

  11. 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).

  12. 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.