BAILLIE GIFFORD POSITIVE CHANGE EQUITIES FUNDBAILLIE GIFFORD POSITIVE CHANGE EQUITIES FUND
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.
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.
Holdings - 6/30/2020
SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund % 1 B616C79 US88160R1014 Tesla Inc United States 3,727 1079.81 USD Equity 4024451.87 9.62 2 B0796X4 US2521311074 Dexcom United States 6,817 405.40 USD Equity 2763611.80 6.61 3 B02K2M3 JP3435750009 M3 Japan 56,500 4585.00 JPY Equity 2401191.08 5.74 4 B929F46 NL0010273215 ASML Netherlands 6,342 326.90 EUR Equity 2328514.42 5.57 5 2613990 US4523271090 Illumina United States 6,227 370.35 USD Equity 2306169.45 5.51 6 2113382 US8740391003 TSMC Taiwan 34,595 56.77 USD Equity 1963958.15 4.70 7 B23X1H3 US58733R1023 MercadoLibre Brazil 1,781 985.77 USD Equity 1755656.37 4.20 8 BF44466 BE0974320526 Umicore Belgium 35,687 41.91 EUR Equity 1679830.55 4.02 9 BYYT1T6 SE0008321293 NIBE Sweden 72,830 205.90 SEK Equity 1609558.91 3.85 10 4491235 IE0004927939 Kingspan Group Ireland 24,269 57.35 EUR Equity 1563230.71 3.74 Total 53.56% SEDOL ISIN Company Country Holding Asset Price Currency Asset Type Market Value (USD) Fund % 1 B616C79 US88160R1014 Tesla Inc United States 3,727 1079.81 USD Equity 4024451.87 9.62 2 B0796X4 US2521311074 Dexcom United States 6,817 405.40 USD Equity 2763611.80 6.61 3 B02K2M3 JP3435750009 M3 Japan 56,500 4585.00 JPY Equity 2401191.08 5.74 4 B929F46 NL0010273215 ASML Netherlands 6,342 326.90 EUR Equity 2328514.42 5.57 5 2613990 US4523271090 Illumina United States 6,227 370.35 USD Equity 2306169.45 5.51 6 2113382 US8740391003 TSMC Taiwan 34,595 56.77 USD Equity 1963958.15 4.70 7 B23X1H3 US58733R1023 MercadoLibre Brazil 1,781 985.77 USD Equity 1755656.37 4.20 8 BF44466 BE0974320526 Umicore Belgium 35,687 41.91 EUR Equity 1679830.55 4.02 9 BYYT1T6 SE0008321293 NIBE Sweden 72,830 205.90 SEK Equity 1609558.91 3.85 10 4491235 IE0004927939 Kingspan Group Ireland 24,269 57.35 EUR Equity 1563230.71 3.74 11 BGSXTS3 US60770K1079 Moderna United States 23,660 64.21 USD Equity 1519208.60 3.63 12 B573M11 DK0060227585 Chr Hansen Denmark 14,527 684.00 DKK Equity 1497369.33 3.58 13 BYVY8G0 US02079K3059 Alphabet United States 945 1418.05 USD Equity 1340057.25 3.20 14 B00FWN1 US02043Q1076 Alnylam Pharmaceuticals United States 8,446 148.11 USD Equity 1250937.06 2.99 15 BYQRFY1 US87918A1051 Teladoc United States 6,181 190.84 USD Equity 1179582.04 2.82 16 BXDZ9Z0 CA82509L1076 Shopify Canada 1,237 949.20 USD Equity 1174160.40 2.81 17 Cash and Deposits International 1,108,216 0.00 USD Equity 1108216.05 2.65 18 2003698 US0036541003 Abiomed United States 4,227 241.56 USD Equity 1021074.12 2.44 19 B798FW0 DK0060336014 Novozymes Denmark 17,396 383.50 DKK Equity 1005336.99 2.40 20 B3P2CN8 US98419M1009 Xylem United States 13,919 64.96 USD Equity 904178.24 2.16 21 6709099 ID1000118201 Bank Rakyat Indonesia Indonesia 4,151,000 3030.00 IDR Equity 880471.12 2.11 22 BYT16L4 DK0060094928 Ørsted Denmark 7,518 765.40 DKK Equity 867136.91 2.07 23 BP41ZD1 US01609W1027 Alibaba China 3,725 215.70 USD Equity 803482.50 1.92 24 2304227 US2788651006 Ecolab United States 3,790 198.95 USD Equity 754020.50 1.80 25 5843329 DE0007165631 Sartorius Group Germany 2,208 292.60 EUR Equity 725623.21 1.74 26 6177878 ZAE000022331 Discovery South Africa 115,842 104.55 ZAR Equity 697052.15 1.67 27 2261203 US2441991054 Deere & Co United States 4,392 157.15 USD Equity 690202.80 1.65 28 6883807 JP3351100007 Sysmex Japan 6,900 8230.00 JPY Equity 526366.04 1.26 29 BYMWL19 US3773221029 Glaukos Corporation United States 12,825 38.42 USD Equity 492736.50 1.18 30 BJ1FDK7 US08862E1091 Beyond Meat United States 2,725 133.98 USD Equity 365095.50 0.87 31 BLWDVP5 GB00BLWDVP51 FDM United Kingdom 28,393 9.04 GBP Equity 317144.97 0.76 32 B2QN3J6 KE1000001402 Safaricom Kenya 1,123,500 28.65 KES Equity 302095.50 0.72 Total 100.0%
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It should not be assumed that recommendations/transactions made in the future will be profitable or will equal performance of the securities mentioned. The composition of the Fund's holdings is subject to change. Percentages are based on securities at market value. Internal classifications are used for any graphs represented above.
There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments.
InsightsAll insightsJuly 2020
Positive Change Impact Report.
For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.April 2020
Positive Change in Challenging Times.
We stay positive for good reason. Our experience of investing and thinking about the long term gives us a sense of perspective and reminds us that our optimism will be rewarded in time.Fourth Quarter 2019
An accompaniment to our annual Impact Report using a different lens to look at the contribution of the Positive Change portfolio to society.
View all Insights.
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 is an Investment Manager for the Positive Change strategy and a member of the Positive Change Portfolio Construction Group. Kate graduated MA in Economics and Maths from the University of Edinburgh in 2001.
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 about the role of businesses in society.
Lee joined Baillie Gifford in 2012 and is an Investment Manager for the Positive Change strategy and a member of the Positive Change Portfolio Construction Group. He graduated BA (Hons) in Economics and Management from Oxford University in 2012.
Julia joined Baillie Gifford in 2008 and is the Portfolio Manager of the Health Innovation Strategy. Prior to Baillie Gifford, Julia worked as a management consultant for McKinsey & Co advising firms in Denmark, Russia and Hungary. Since joining Baillie Gifford Julia has worked on a number of regional and global investment strategies. Julia has a passion for the transformation taking place in healthcare, and it was this passion which led to the establishment of the strategy. She believes that over the next 10 years healthcare systems around the world will experience a monumental change and we will witness a move away from reactive medicine to a world where prevention and cure will become an integral part of healthcare driven by technology. Julia is also a member of the International Growth and Positive Change portfolio construction groups.
Julia obtained a BSc, MSc and PhD in Economics from the University of Aarhus, Denmark and speaks fluent Russian and Danish.
Having spent nearly his entire investment career as an Emerging Markets Investor, Will has a profound interest in why some societies have been able to make the transition from relatively poor to relatively rich while others have not, and the role that companies and institutions can play in facilitating this transition.
Will is a Partner, an Investment Manager in the Emerging Markets Equity Team and a member of the Positive Change Portfolio Construction Group. In addition to his investment responsibilities, Will oversees Baillie Gifford’s investment graduate recruitment programme and is a member of the firm’s Diversity and Inclusion Group. Will graduated MA in History from the University of Glasgow in 1996.
Kirsty’s Masters degree in Carbon Management brings a deep knowledge of climate change and sustainability issues. She is excited about the opportunity to further explore two areas she finds fascinating and believes are of increasing importance for investments: sustainability and the issue of sustainability when considering long-term global investments.
Kirsty joined Baillie Gifford in 2012 and is an Investment Manager in the US Equities Team. She is also a member of the Positive Change Portfolio Construction Group. Kirsty graduated MA (Hons) in Economics in 2011 and MSc in Carbon Management in 2012, both from the University of Edinburgh.
Tax & Distributions
The Fund intends to pay dividends to its shareholders at least annually. Distributions will automatically be reinvested in Fund shares unless you submit a request for cash payment with at least ten days prior notice, before the record date for distribution, to the Transfer Agent. The distribution dates will appear on this page alongside the rates once they become available. The dates can be changed by the Officers of the Funds. For more information on Baillie Gifford Funds’ Distributions please see the Statutory Prospectus.
The below table shows the makeup of the most recent distributions paid.
Short-Term Capital Gains *
Qualified Dividend Income **
Foreign Tax Credits
Long-Term Capital Gains
Total Per Share
Baillie Gifford Positive Change Equities Fund Institutional Class BPESX 0.03301 0.00000 0.03301 0.01159 0.01706 0.05008 12/27/2019 12/27/2019 Final Baillie Gifford Positive Change Equities Fund K Class BPEKX 0.03684 0.00000 0.03684 0.01159 0.01706 0.05390 12/27/2019 12/27/2019 Final
Source: Bank of New York Mellon and Baillie Gifford & Co
*Short-Term Capital Gains are treated as ordinary income for U.S. Federal Income Tax Purposes.
**Qualified Dividend Income is a subset of Income Dividends (rather than an additional category of income).
The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.
2020 12/28/2020 12/29/2020 12/29/2020
Source: Bank of New York Mellon and Baillie Gifford & Co
Estimated capital gains distributions will appear here when they become available.
Other Fund Literature
Quarterly Investor Reports
Statement of Additional Information (SAI)
Risks & Disclaimers
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.
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).
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.