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Positive Conversations
Positive Conversations explores how we think about the most important environmental, social and governance (ESG) topics affecting the portfolio. Continue scrolling for a summary or download the full report.
We see engagement as purposeful dialogue that builds commitment and drives lasting change. Watch the video to see how our approach is different.
Introduction
Positive Conversations 2025 is our annual Stewardship Report which looks at how all the companies in the Positive Change portfolio operate — how they manage their environmental, social and governance (ESG) responsibilities and how we, as long-term investors, engage with them to foster positive change.
Positive Conversations examines the business practices behind those outcomes — how these organisations are run, governed and evolving in response to global sustainability challenges.
This year’s report highlights another active year of engagement across the portfolio, reflecting our belief that constructive, long-term dialogue is central to creating both impact and investment value;
Part One: explores our approach to ESG issues, with detailed case studies illustrating how we address environmental risks and opportunities, support fair and inclusive social practices, and encourage strong, forward-looking governance. It also shares portfolio-level insights, including progress towards net zero commitments, social performance considerations and voting activity.
This section is rounded off with a summary of our external collaborations and industry initiatives, which amplify our research and stewardship efforts across the global impact investing community.
Part Two: provides a closer look at each company in the portfolio as at end December 2025 into each of our Impact Themes, setting out our engagement objectives, the key indicators we use to track progress, and notable developments during the year.
Part 1: Our approach to business practices
Collaborations and industry engagements
Advocating for change is sometimes best done directly through our external company engagements, but at other times benefits from being made alongside other stakeholders or on advice from other experts.
Part 2: Engagement objectives and activities
We are proud of our 102 engagements with 36 unique holdings in 2025.
Engaging with companies is central to our role as impact investors and stewards of our clients’ capital.
Click on the four impact theme links below to view dedicated pages for each company in the Positive Change portfolio as at December 2025. You will also find a summary of all engagement and voting activity to the end of December 2025.
View our engagements by Impact theme:
Conversations that matter
Through sustained engagement, we assess progress, challenge where needed and support long-term company success. Discover more in the seventh annual edition of Positive Conversations.
Sustainability Impact label
In 2024, the Positive Change Fund adopted the UK Financial Conduct Authority's (FCA) Sustainability Impact label.
This label applies to the UK OEIC Fund only.
This recognises the Team's commitment to contributing to a more sustainable and inclusive world. The labels were introduced by the FCA under its new Sustainability Disclosure Requirements regime (SDR) to reduce 'greenwashing' within the investment industry.
By choosing products with a Sustainability Impact label, investors can trust the authenticity of a product's sustainable investment claims.
Sustainable investment labels help investors find products that have a specific sustainability goal. This product invests mainly in solutions to sustainability problems, with an aim to achieve a positive impact for people or the planet. More details can be found in the product’s SDR Sustainability-related Disclosure Document found within the documents section of the website.
Impact report
Impact matters, but can we prove it? Our latest annual impact report highlights the progress being made by the innovative companies selected to further the portfolio’s dual investment and impact objectives.
Risk factors
The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.
This communication was produced and approved in February 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.
This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned.
All information is sourced from Baillie Gifford & Co and is current unless otherwise stated.
The images used in this communication are for illustrative purposes only.
Important information
Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs.
Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford & Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.
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