Capital at risk

UK OEIC

Positive Change Fund

Share class

Unless otherwise stated we will show you content for the fund based on your selections.

Stay up to date

Save this fund to your shortlist, or subscribe to email updates so you never miss an insight or report.

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

The Fund invests in an actively managed portfolio of 25-50 global high quality growth companies which can deliver positive change in one of four current 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). The Positive Change Decision Makers generate ideas from a diverse range of sources. With a focus on fundamental in-house research, the team complete a two stage analysis of all holdings, looking at both the financial and positive change aspects case for each stock using a consistent framework. The output is a high conviction and differentiated portfolio. We aim for a low turnover, around 20% per annum over the long run.

Share price and charges

Share class

B, Acc

Price

348.30p

% change

-0.63%

Yield

0.2%

Ex-dividend (XD)

N

Ongoing charges*

0.53%

Initial charge

0%

Minimum investment

£100,000

Minimum top up

£1,000

Fund facts

As at: 28 February 2026

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

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.

Contact us

Still have a question?  Please get in touch with us.

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%

Contact us

Still have a question?  Please get in touch with us.

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 28 February 2026

#Holding% of total assets
1TSMC9.4%
2ASML6.8%
3Deere & Co5.5%
4MercadoLibre4.4%
5Microsoft4.0%
6Sandoz Group AG3.8%
7Shopify3.7%
8Ecolab3.7%
9Remitly Global3.5%
10New York Times Co3.4%

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'

Contact us

Still have a question?  Please get in touch with us.

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 45 of 45
  1. A diver swims near with a large undersea power cable

    Positive Sparks: AI and energy

    Uncover two companies tackling key grid bottlenecks that support both data centres and society.
    March 2026
    Article5 minutes
  2. Positive Conversations 2025

    Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
    February 2026
    External link
  3. Positive Change: our philosophy

    Kate Fox and Ed Whitten discuss the Baillie Gifford Positive Change Strategy.
    January 2026
    Video5 minutes
  4. TSMC: Stock Story

    Qian Zhang unwraps TSMC, the company powering modern life.
    November 2025
    Video3 minutes
  5. Positive Sparks: rare diseases

    Discover the companies transforming global health with rare disease innovations.
    October 2025
    Article4 minutes
  6. Pioneering Positive Change

    In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?
    October 2025
    ArticleLong read
  7. Opportunities in the pursuit of Positive Change

    A conversation on navigating uncertainty while staying true to the philosophy of positive change.
    September 2025
    Video36 minutes
  8. ""

    Positive Sparks: financial inclusion

    Explore how digital innovation is revolutionising financial access for the world's unbanked.
    July 2025
    Article4 minutes
  9. The ‘invisible’ millions: banking’s new frontier

    From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.
    July 2025
    Podcast32 minutes
  10. Positive Change Impact Report 2024

    What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.
    June 2025
    External linkLong read
  11. ""

    Positive Sparks: fast fashion

    Shifting consumer attitudes are driving innovative solutions to make fashion more sustainable.
    April 2025
    Article5 minutes
  12. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes
  13. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  14. Positive Conversations 2024

    Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
    February 2025
    External link
  15. Positive Sparks: diabetes

    Discover how groundbreaking diabetes solutions are driving global positive change.
    January 2025
    Article5 minutes
  16. Stock story: Ecolab

    Learn how Ecolab is helping customers around the world be better stewards of water.
    December 2024
    Video3 minutes
  17. Academic collaborations that count

    The experts helping us gain an investment edge when thinking about farming, human rights and AI.
    July 2024
    Article7 minutes
  18. Positive Change Impact Report 2023

    Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.
    July 2024
    Article3 minutes
  19. Lessons from a time traveller

    A journey through time uncovers the deep transitions that can reshape our world.
    July 2024
    Article2 minutes
  20. Positive Change: impact investing

    Discover how our Positive Change Fund is combining attractive investment returns with positive global impact.
    June 2024
    Video35 minutes
  21. Remitly: easy global remittance

    The mobile app that busts stress and high charges for workers sending money back home.
    March 2024
    Article4 minutes
  22. Positive Conversations 2023

    The Positive Change Team’s ESG and engagement report shows the difference talking can make.
    February 2024
    Article64 minutes
  23. Why Positive Change? Why now?

    Rosie Rankin gives a performance update and highlights exciting purpose-driven companies.
    December 2023
    Video47 minutes
  24. Positive Change Fund webinar

    Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
    September 2023
    Video30 minutes
  25. Finding Brazil’s social innovators

    Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
    April 2023
    Article
  26. Transformative investment

    Why time travelling to 2050 helps us invest in companies tackling climate change and inequality.
    April 2023
    Article
  27. Positive Conversations 2022

    We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.
    March 2023
    Article
  28. A dose of innovation

    Your money or your health. Marina Record asks if society is ready to pay for health innovation.
    December 2022
    Article
  29. A theory of radical change

    Why a ‘deep transition’ may have started to deliver a more sustainable age.
    October 2022
    Article
  30. 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
  31. Future impacts.

    Four ways Positive Change’s holdings can benefit the environment and society.
    June 2022
    Article
  32. How education escaped from the classroom

    Online courses have upended the economics of education, Thaiha Nguyen explains.
    May 2022
    Podcast21 minutes
  33. The future of education

    For digital learning companies that can balance accessibility and profits, the opportunities are vast.
    May 2022
    Article
  34. Positive Conversations 2021

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    April 2022
    Document
  35. 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.
    November 2021
    External link
  36. 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.
    June 2021
    Article
  37. Investing for a positive impact

    Kate Fox, joint manager of Baillie Gifford’s Positive Change Fund talks to Young Money blog founder, Iona Bain.
    June 2021
    Article
  38. 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.
    May 2021
    Article
  39. 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
  40. 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.
    January 2021
    Document
  41. 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.
    January 2021
    Podcast17 minutes
  42. 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
  43. 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
  44. Positive Change Impact Report

    For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
    July 2020
    Document
  45. 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
alt=""

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

  1. A diver swims near with a large undersea power cable

    Positive Sparks: AI and energy

    Uncover two companies tackling key grid bottlenecks that support both data centres and society.
    March 2026
    Article5 minutes
  2. Positive Conversations 2025

    Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
    February 2026
    External link
  3. Positive Change: our philosophy

    Kate Fox and Ed Whitten discuss the Baillie Gifford Positive Change Strategy.
    January 2026
    Video5 minutes
  4. TSMC: Stock Story

    Qian Zhang unwraps TSMC, the company powering modern life.
    November 2025
    Video3 minutes
  5. Positive Sparks: rare diseases

    Discover the companies transforming global health with rare disease innovations.
    October 2025
    Article4 minutes
  6. Pioneering Positive Change

    In changed times, can bold investing in breakthrough innovation shape a brighter, more sustainable world?
    October 2025
    ArticleLong read
  7. Opportunities in the pursuit of Positive Change

    A conversation on navigating uncertainty while staying true to the philosophy of positive change.
    September 2025
    Video36 minutes
  8. ""

    Positive Sparks: financial inclusion

    Explore how digital innovation is revolutionising financial access for the world's unbanked.
    July 2025
    Article4 minutes
  9. The ‘invisible’ millions: banking’s new frontier

    From microloans for farmers to insurance for gig workers – high-impact financial firms with great growth potential.
    July 2025
    Podcast32 minutes
  10. Positive Change Impact Report 2024

    What difference did companies make in the real world during 2024? Our breakdown of progress on global challenges.
    June 2025
    External linkLong read
  11. ""

    Positive Sparks: fast fashion

    Shifting consumer attitudes are driving innovative solutions to make fashion more sustainable.
    April 2025
    Article5 minutes
  12. Alnylam: Stock Story

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes
  13. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  14. Positive Conversations 2024

    Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
    February 2025
    External link
  15. Positive Sparks: diabetes

    Discover how groundbreaking diabetes solutions are driving global positive change.
    January 2025
    Article5 minutes
  16. Stock story: Ecolab

    Learn how Ecolab is helping customers around the world be better stewards of water.
    December 2024
    Video3 minutes
  17. Academic collaborations that count

    The experts helping us gain an investment edge when thinking about farming, human rights and AI.
    July 2024
    Article7 minutes
  18. Positive Change Impact Report 2023

    Where innovation meets impact: logging portfolio companies’ progress in shaping a better future.
    July 2024
    Article3 minutes
  19. Lessons from a time traveller

    A journey through time uncovers the deep transitions that can reshape our world.
    July 2024
    Article2 minutes
  20. Positive Change: impact investing

    Discover how our Positive Change Fund is combining attractive investment returns with positive global impact.
    June 2024
    Video35 minutes
  21. Remitly: easy global remittance

    The mobile app that busts stress and high charges for workers sending money back home.
    March 2024
    Article4 minutes
  22. Positive Conversations 2023

    The Positive Change Team’s ESG and engagement report shows the difference talking can make.
    February 2024
    Article64 minutes
  23. Why Positive Change? Why now?

    Rosie Rankin gives a performance update and highlights exciting purpose-driven companies.
    December 2023
    Video47 minutes
  24. Positive Change Fund webinar

    Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
    September 2023
    Video30 minutes
  25. Finding Brazil’s social innovators

    Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
    April 2023
    Article
  26. Transformative investment

    Why time travelling to 2050 helps us invest in companies tackling climate change and inequality.
    April 2023
    Article
  27. Positive Conversations 2022

    We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.
    March 2023
    Article
  28. A dose of innovation

    Your money or your health. Marina Record asks if society is ready to pay for health innovation.
    December 2022
    Article
  29. A theory of radical change

    Why a ‘deep transition’ may have started to deliver a more sustainable age.
    October 2022
    Article
  30. 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
  31. Future impacts.

    Four ways Positive Change’s holdings can benefit the environment and society.
    June 2022
    Article
  32. How education escaped from the classroom

    Online courses have upended the economics of education, Thaiha Nguyen explains.
    May 2022
    Podcast21 minutes
  33. The future of education

    For digital learning companies that can balance accessibility and profits, the opportunities are vast.
    May 2022
    Article
  34. Positive Conversations 2021

    Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
    April 2022
    Document
  35. 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.
    November 2021
    External link
  36. 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.
    June 2021
    Article
  37. Investing for a positive impact

    Kate Fox, joint manager of Baillie Gifford’s Positive Change Fund talks to Young Money blog founder, Iona Bain.
    June 2021
    Article
  38. 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.
    May 2021
    Article
  39. 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
  40. 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.
    January 2021
    Document
  41. 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.
    January 2021
    Podcast17 minutes
  42. 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
  43. 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
  44. Positive Change Impact Report

    For Full Year 2019, updating on contributions towards a more sustainable and inclusive world.
    July 2020
    Document
  45. 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

Contact us

Still have a question?  Please get in touch with us.

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.

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

Contact us

Still have a question?  Please get in touch with us.

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.

Contact us

Still have a question?  Please get in touch with us.