Overview
Fund objective
The Positive Change Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, over rolling five-year periods. It also aims to contribute to a more sustainable and inclusive world through investing in companies whose products and/or services contribute to impact themes addressing critical social and/or environmental challenges, measured over at least a five-year period.
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.
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.
Investment proposition
Share price and charges
Share class
B, AccPrice
348.30p% change
-0.63%Yield
0.2%Ex-dividend (XD)
NOngoing charges*
0.53%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
3 January 2017
Fund size
£1,335.82m
The Investment Association sector
Global
Comparative Index
MSCI ACWI Index
Active share
94%**
Annual turnover
21%
Guideline number of holdings
25-50
Current number of holdings
37
Style
Growth
XD Date
Last day of December each year
Distribution
Last day of February each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus two business days (T+2)
**Relative to MSCI ACWI. Source: Baillie Gifford & Co, MSCI.
Meet the managers
Risk Warnings
Risk Introduction
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Fund include:
Custody
Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Impact
There is no universally accepted definition of impact. Furthermore, there is a risk that individual investments fail to make a positive contribution to society and/ or the environment, and that overall the Fund fails to meet its objective.
Emerging Markets
The Fund invests in emerging markets where difficulties in trading could arise, resulting in a negative impact on the value of your investment.
Concentration
The Fund's concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
Foreign Currency
The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Volatility
The Fund's share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Environmental, Social and Governance
The Fund invests in companies whose products or behaviour make a positive impact on society and/or the environment. This means the Fund will not invest in certain sectors and companies and the universe of investments available to the Fund will be more limited than other funds that do not apply such criteria. The Fund therefore may have different returns than a fund which has no such restrictions.
Further Information
Further details of the risks associated with investing in the Fund can be found in the NURS-Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Index disclaimer
Fund performance
Periodic performance
As at: 28 February 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Acc | 1.7% | 0.6% | 1.4% | 9.7% | 7.0% | 1.1% |
Index* | 3.4% | 3.9% | 12.3% | 16.8% | 17.1% | 13.1% |
Sector Average** | 3.2% | 4.0% | 9.7% | 14.2% | 12.2% | 8.9% |
Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance
As at: 31 December 2025
31/12/2020 – 31/12/2021 | 31/12/2021 – 31/12/2022 | 31/12/2022 – 31/12/2023 | 31/12/2023 – 31/12/2024 | 31/12/2024 – 31/12/2025 | |
|---|---|---|---|---|---|
Class B-Acc | 10.8% | -21.9% | 9.3% | 4.3% | 8.8% |
Index* | 20.1% | -7.6% | 15.9% | 20.1% | 14.4% |
Sector Average** | 17.7% | -11.1% | 12.7% | 12.6% | 11.2% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 28 February 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | TSMC | 9.4% |
| 2 | ASML | 6.8% |
| 3 | Deere & Co | 5.5% |
| 4 | MercadoLibre | 4.4% |
| 5 | Microsoft | 4.0% |
| 6 | Sandoz Group AG | 3.8% |
| 7 | Shopify | 3.7% |
| 8 | Ecolab | 3.7% |
| 9 | Remitly Global | 3.5% |
| 10 | New York Times Co | 3.4% |
Sector
As at: 28 February 2026
# | Sector | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | Information Technology | 28.3 | 26.1 | 2.3 |
| 2 | Industrials | 21.4 | 11.7 | 9.6 |
| 3 | Health Care | 16.6 | 9.0 | 7.6 |
| 4 | Financials | 14.1 | 16.9 | -2.9 |
| 5 | Consumer Discretionary | 11.5 | 9.5 | 2.0 |
| 6 | Materials | 3.7 | 4.2 | -0.5 |
| 7 | Communication Services | 3.4 | 8.4 | -5.0 |
| 8 | Cash | 0.9 | 0.0 | 0.9 |
Total | 100.0 | 85.9 |
Top 10 geographical locations
As at: 28 February 2026
# | Top 10 locations | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | United States | 41.7 | 61.6 | -20.0 |
| 2 | Taiwan | 9.4 | 2.7 | 6.7 |
| 3 | Netherlands | 6.8 | 1.2 | 5.6 |
| 4 | UK | 6.7 | 3.5 | 3.3 |
| 5 | Brazil | 6.4 | 0.6 | 5.9 |
| 6 | Singapore | 5.3 | 0.4 | 4.9 |
| 7 | Switzerland | 3.8 | 2.2 | 1.6 |
| 8 | Canada | 3.7 | 3.1 | 0.6 |
| 9 | India | 3.1 | 1.6 | 1.6 |
| 10 | France | 3.0 | 2.4 | 0.6 |
Total | 89.9 | 79.2 |
Region
As at: 28 February 2026
# | Region | Fund % | Index % * | Difference % |
|---|---|---|---|---|
| 1 | North America | 45.4 | 64.8 | -19.4 |
| 2 | Emerging Markets | 28.6 | 12.0 | 16.5 |
| 3 | Europe (ex UK) | 18.4 | 12.0 | 6.5 |
| 4 | UK | 6.7 | 3.5 | 3.3 |
| 5 | Developed Asia Pacific | 0.0 | 7.8 | -7.8 |
| 6 | Cash | 0.9 | 0.0 | 0.9 |
Total | 100.0 | 100.0 |
Quarterly transactions
Transactions for the three-month period ending 31 March 2026
New purchases
- Beijer Ref
- Veeva Systems Inc Class A
Complete sales
- Soitec
Additions
- Kaspi.kz ADR
Reductions
- MercadoLibre
- Nu Holdings Ltd.
- Shopify 'A'
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights

Positive Sparks: AI and energy
Uncover two companies tackling key grid bottlenecks that support both data centres and society.
Positive Conversations 2025
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
Positive Change: our philosophy
Kate Fox and Ed Whitten discuss the Baillie Gifford Positive Change Strategy.
TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.
Positive Sparks: rare diseases
Discover the companies transforming global health with rare disease innovations.
Pioneering Positive Change
In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?
Opportunities in the pursuit of Positive Change
A conversation on navigating uncertainty while staying true to the philosophy of positive change.
Positive Sparks: financial inclusion
Explore how digital innovation is revolutionising financial access for the world's unbanked.
The ‘invisible’ millions: banking’s new frontier
From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.
Positive Change Impact Report 2024
What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.
Positive Sparks: fast fashion
Shifting consumer attitudes are driving innovative solutions to make fashion more sustainable.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
Positive Conversations 2024
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
Positive Sparks: diabetes
Discover how groundbreaking diabetes solutions are driving global positive change.
Stock story: Ecolab
Learn how Ecolab is helping customers around the world be better stewards of water.
Academic collaborations that count
The experts helping us gain an investment edge when thinking about farming, human rights and AI.
Positive Change Impact Report 2023
Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.
Lessons from a time traveller
A journey through time uncovers the deep transitions that can reshape our world.
Positive Change: impact investing
Discover how our Positive Change Fund is combining attractive investment returns with positive global impact.
Remitly: easy global remittance
The mobile app that busts stress and high charges for workers sending money back home.
Positive Conversations 2023
The Positive Change Team’s ESG and engagement report shows the difference talking can make.
Why Positive Change? Why now?
Rosie Rankin gives a performance update and highlights exciting purpose-driven companies.
Positive Change Fund webinar
Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
Finding Brazil’s social innovators
Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
Transformative investment
Why time travelling to 2050 helps us invest in companies tackling climate change and inequality.
Positive Conversations 2022
We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.
A dose of innovation
Your money or your health. Marina Record asks if society is ready to pay for health innovation.
A theory of radical change
Why a ‘deep transition’ may have started to deliver a more sustainable age.
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.
Future impacts.
Four ways Positive Change’s holdings can benefit the environment and society.
How education escaped from the classroom
Online courses have upended the economics of education, Thaiha Nguyen explains.
The future of education
For digital learning companies that can balance accessibility and profits, the opportunities are vast.
Positive Conversations 2021
Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
Solving tomorrow’s food challenges
In this Nasdaq TradeTalks broadcast, Lee Qian discusses investing in companies that are revolutionising how the world’s growing population will be fed.
Can capitalism power positive change?
While some see capitalism as the problem, Lee Qian, joint manager of Baillie Gifford’s Positive Change Fund, sees it as the solution to many of the pressing problems society faces. He tells finance writer and Young Money blog founder Iona Bain why.
Investing for a positive impact
Kate Fox, joint manager of Baillie Gifford’s Positive Change Fund talks to Young Money blog founder, Iona Bain.
Positive Change - It's Not Obvious
Positive Change invests in businesses that can help solve global challenges. But, as Kate Fox explains, the impact that some of the most influential companies have on daily lives is hidden from view.
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.
Sustainable investing: Finding the innovative companies of the future
Investment manager Lee Qian learned first-hand the difference growth made to China. He explains how innovative firms can help nurture economic expansion, while creating a more sustainable world.
Sustainable investing: finding the innovative companies of the future
Are there limits to economic growth? Will we run out of ideas? Investment manager Lee Qian explains why he’s confident innovation will create a more prosperous, sustainable and inclusive world.
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.
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.
Positive Change Impact Report
For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
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.

Positive Conversations
From environmental transitions to responsible AI and governance, Positive Conversations 2025 captures how we engage with the companies we invest in. This seventh edition brings together a year of dialogue - showing how constructive challenge and long-term relationships shape both investment judgement and stewardship. Explore the digital summary and highlights from our 2025 report below.
Impact Report 2024
From climate solutions to social progress, our 2024 Impact Report highlights how the companies we invest in make a difference and build a more sustainable future.
Positive Sparks
Read this article series from the Positive Change Team, which spotlights pressing global challenges and the trailblazing companies working towards a more inclusive and sustainable world.
All insights

Positive Sparks: AI and energy
Uncover two companies tackling key grid bottlenecks that support both data centres and society.
Positive Conversations 2025
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
Positive Change: our philosophy
Kate Fox and Ed Whitten discuss the Baillie Gifford Positive Change Strategy.
TSMC: Stock Story
Qian Zhang unwraps TSMC, the company powering modern life.
Positive Sparks: rare diseases
Discover the companies transforming global health with rare disease innovations.
Pioneering Positive Change
In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?
Opportunities in the pursuit of Positive Change
A conversation on navigating uncertainty while staying true to the philosophy of positive change.
Positive Sparks: financial inclusion
Explore how digital innovation is revolutionising financial access for the world's unbanked.
The ‘invisible’ millions: banking’s new frontier
From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.
Positive Change Impact Report 2024
What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.
Positive Sparks: fast fashion
Shifting consumer attitudes are driving innovative solutions to make fashion more sustainable.
Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.
ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
Positive Conversations 2024
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
Positive Sparks: diabetes
Discover how groundbreaking diabetes solutions are driving global positive change.
Stock story: Ecolab
Learn how Ecolab is helping customers around the world be better stewards of water.
Academic collaborations that count
The experts helping us gain an investment edge when thinking about farming, human rights and AI.
Positive Change Impact Report 2023
Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.
Lessons from a time traveller
A journey through time uncovers the deep transitions that can reshape our world.
Positive Change: impact investing
Discover how our Positive Change Fund is combining attractive investment returns with positive global impact.
Remitly: easy global remittance
The mobile app that busts stress and high charges for workers sending money back home.
Positive Conversations 2023
The Positive Change Team’s ESG and engagement report shows the difference talking can make.
Why Positive Change? Why now?
Rosie Rankin gives a performance update and highlights exciting purpose-driven companies.
Positive Change Fund webinar
Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
Finding Brazil’s social innovators
Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
Transformative investment
Why time travelling to 2050 helps us invest in companies tackling climate change and inequality.
Positive Conversations 2022
We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.
A dose of innovation
Your money or your health. Marina Record asks if society is ready to pay for health innovation.
A theory of radical change
Why a ‘deep transition’ may have started to deliver a more sustainable age.
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.
Future impacts.
Four ways Positive Change’s holdings can benefit the environment and society.
How education escaped from the classroom
Online courses have upended the economics of education, Thaiha Nguyen explains.
The future of education
For digital learning companies that can balance accessibility and profits, the opportunities are vast.
Positive Conversations 2021
Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
Solving tomorrow’s food challenges
In this Nasdaq TradeTalks broadcast, Lee Qian discusses investing in companies that are revolutionising how the world’s growing population will be fed.
Can capitalism power positive change?
While some see capitalism as the problem, Lee Qian, joint manager of Baillie Gifford’s Positive Change Fund, sees it as the solution to many of the pressing problems society faces. He tells finance writer and Young Money blog founder Iona Bain why.
Investing for a positive impact
Kate Fox, joint manager of Baillie Gifford’s Positive Change Fund talks to Young Money blog founder, Iona Bain.
Positive Change - It's Not Obvious
Positive Change invests in businesses that can help solve global challenges. But, as Kate Fox explains, the impact that some of the most influential companies have on daily lives is hidden from view.
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.
Sustainable investing: Finding the innovative companies of the future
Investment manager Lee Qian learned first-hand the difference growth made to China. He explains how innovative firms can help nurture economic expansion, while creating a more sustainable world.
Sustainable investing: finding the innovative companies of the future
Are there limits to economic growth? Will we run out of ideas? Investment manager Lee Qian explains why he’s confident innovation will create a more prosperous, sustainable and inclusive world.
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.
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.
Positive Change Impact Report
For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
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.
How to invest
You can invest in our funds via a number of fund platforms.
Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.
Please also note that we do not have an online service for individual investors.
Further information on our funds can be found in the relevant Key Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
Investment platforms
Getting financial advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, Unbiased is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.unbiased.co.uk
Documents
You can access any literature about the Fund here.
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.





