Capital at risk
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 provide solutions to global challenges, we believe a proactive investment approach can also be the basis of attractive investment returns.
Investing to make a difference
We seek to invest in companies whose products and services can make a difference to society and the environment – all while generating exciting returns.
A shocking revelation: capitalism can power positive change
In this film, investment managers Kate Fox and Lee Qian explain why positive change really matters. They consider companies shaping the future across our four impact themes and show how purpose and profit can go hand in hand.
Profits complement purpose
Positive Change is a global equity strategy with two equally important objectives: to generate attractive investment returns (2 per cent per annum ahead of the MSCI ACWI Index over rolling five-year periods) and to contribute towards a more sustainable and inclusive world.
Addressing global challenges
Positive Change is a concentrated global portfolio of about 35 stocks. Rather than relying on broad exclusionary screens, we leverage fundamental analysis to identify exceptional businesses we believe will prosper over the long term.
Through their products and services, these businesses are addressing some of the world’s most pressing challenges across our four impact themes:
- social inclusion and education
- environment and resource needs
- healthcare and quality of life
- base of the pyramid - the needs of those at the bottom of the global income ladder
The two objectives we’ve set, to make attractive returns and to deliver positive change, are closely interlinked. They go hand in hand. They are complementary, not contradictory.
Meet the managers
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Strategy portfolio holdings
A list of the top 10 holdings that the representative portfolio invests in.
All figures up to: 31 October 2024
| # | Holding | % of portfolio |
|---|---|---|
| 1 | MercadoLibre | 8.0% |
| 2 | TSMC | 7.8% |
| 3 | Shopify | 5.3% |
| 4 | Duolingo | 5.1% |
| 5 | Nu Holdings | 4.9% |
| 6 | ASML | 4.9% |
| 7 | HDFC Bank | 4.8% |
| 8 | Alnylam Pharmaceuticals | 4.7% |
| 9 | Autodesk | 4.7% |
| 10 | Bank Rakyat Indonesia | 4.7% |
Please note
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co. Please note that totals may not add due to rounding.
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Impact measurement and reporting
Impact investments are made with the intention to generate positive, measurable social and environmental impact alongside a financial return.
By investing in Positive Change, you are investing in companies that contribute towards a more sustainable and inclusive world. As an impact investing strategy, Positive Change measures and reports on portfolio companies’ contribution annually in our Impact Report.
Impact report
Impact matters, but how much? It’s surprising what a big difference a small number of innovative companies can make when selected to meet dual investment and impact objectives. You can read our portfolio companies’ impact in our seventh impact report.
Impact indicator
The Positive Change Impact Indicator gives you an idea of what your share of these positive outcomes would have been if you had invested in companies in the portfolio in 2023.
The Positive Change Impact Indicator is based on historic information and indicates the estimated impact benefit of investing in the portfolio. Therefore you should not rely on it as a projection of future impact benefit. You should not consider it as advice or a recommendation to buy, sell or hold a particular investment. You should not take it as a statement of fact nor should you rely on it when making investment decisions. The methodology paper allows you to understand how these figures are calculated and how they relate to your investment.
engage in better
farming practices on
of land
water
creation of
of waste
metric tonnes of
CO₂e, equivalent of
cars off the
street*
financial services
to at least
loans
to
healthier lifestyles
for
to education
and/or training to
learners
Important information
- Contributions are based on the full-year impact of portfolio holdings as at 31 December 2023. For those holdings that have been in the portfolio for less than the full year, no attempt has been made to pro-rate the contribution. However, as we have a long time horizon and aim to invest in our holdings for 5-10 years or longer, portfolio turnover is low.
- Headline Impact Data, while providing an indication of the impact of the portfolio, is vulnerable to inconsistencies. These can be caused by underlying assumptions. How companies measure and report are not always uniform and, in some cases, require conversion to allow for aggregation across the portfolio.
- Where information is unavailable, we do not include a company’s contribution within the Headline Impact Data snapshot. As such, we believe this provides a conservative estimate. In time, we hope to be able to encourage companies to increase their reporting.
- Data for CO2e saved is based on company reporting, which is either in CO2 or CO2e. The aggregate data is presented as CO2e as this is the most conservative approach.
- Data related to healthcare is presented to date, covering multiple years.
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You can invest in this strategy through the following fund(s).
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Curious to learn more about our products and what we can offer you? Please get in touch.
Insights
Key articles, videos and podcasts relating to the strategy:
Filters
Insights
Positive Change Q3 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments
Positive Change Q3 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Future Stocks: Our best impact ideas
Rosie Rankin explains why Nubank, Xylem and Grab can both improve lives and offer investment returns.
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 Q2 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Positive Change: investor letter Q2 2024
Investment specialist Rosie Rankin gives an update on the Positive Change Strategy covering Q2 2024.
Stock story: PsiQuantum
How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.
Positive Change Q1 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Remitly: easy global remittance
The mobile app that busts stress and high charges for workers sending money back home.
Climeworks: digging deeper for climate solutions
A small holding with a long-term climate goal.
Positive Conversations 2023
The Positive Change Team’s ESG and engagement report shows the difference talking can make.
Positive Change in a new paradigm
Impact investing amidst shifting economic landscapes and technological advancements.
Positive Change: a review of 2023
A performance update explaining why we back firms solving social and economic issues such as Moderna and MercadoLibre.
Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?
Positive Change Q4 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
Positive Change Q3 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Positive Change Fund webinar
Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.
Positive Change Impact Report 2022
If impact and investing go together, it is important to understand the difference we make.
Positive Change Q2 update
The Positive Change team reflects on recent performance, portfolio changes, and market developments.
Climate change innovators
How Positive Change targets companies at the forefront of tackling carbon emissions.
Finding Brazil’s social innovators
Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.
Positive Change Q1 update
Positive Change Team reflects on recent performance, portfolio changes, and market developments.
Positive Change reflections on 2022
The team considers performance in a year of ‘permacrisis’ and the outlook for the months ahead.
Positive Conversations 2022
We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.
Positive Conversations 2022
Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
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.
How education escaped from the classroom
Online courses have upended the economics of education, Thaiha Nguyen explains.
Positive Conversations 2021
Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.
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.
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 Change Q3 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.
Positive Change Q3 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developmentsPositive Change Q3 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Future Stocks: Our best impact ideas
Rosie Rankin explains why Nubank, Xylem and Grab can both improve lives and offer investment returns.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 Q2 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Positive Change: investor letter Q2 2024
Investment specialist Rosie Rankin gives an update on the Positive Change Strategy covering Q2 2024.Stock story: PsiQuantum
How one company is finally bringing the boundless possibilities of quantum computing into reach of the wider market.Positive Change Q1 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Remitly: easy global remittance
The mobile app that busts stress and high charges for workers sending money back home.Climeworks: digging deeper for climate solutions
A small holding with a long-term climate goal.Positive Conversations 2023
The Positive Change Team’s ESG and engagement report shows the difference talking can make.Positive Change in a new paradigm
Impact investing amidst shifting economic landscapes and technological advancements.Positive Change: a review of 2023
A performance update explaining why we back firms solving social and economic issues such as Moderna and MercadoLibre.Moderna: designing drugs on a computer
Can scientists meet unmet health needs by writing code to help the body heal itself?Positive Change Q4 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Why growth, why now?
Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.Positive Change Q3 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Positive Change Fund webinar
Investment manager Lee Qian discusses portfolio changes, opportunities and challenges.Positive Change Impact Report 2022
If impact and investing go together, it is important to understand the difference we make.Positive Change Q2 update
The Positive Change team reflects on recent performance, portfolio changes, and market developments.Climate change innovators
How Positive Change targets companies at the forefront of tackling carbon emissions.Finding Brazil’s social innovators
Ed Whitten travels to Rio de Janeiro and São Paulo to meet companies seeking social impact.Positive Change Q1 update
Positive Change Team reflects on recent performance, portfolio changes, and market developments.Positive Change reflections on 2022
The team considers performance in a year of ‘permacrisis’ and the outlook for the months ahead.Positive Conversations 2022
We don’t just talk to managements, we listen. A snapshot of Positive Change’s ESG conversations.Positive Conversations 2022
Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.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.How education escaped from the classroom
Online courses have upended the economics of education, Thaiha Nguyen explains.Positive Conversations 2021
Responsible business practices are fundamental to delivering sustainable long-term growth and addressing global challenges.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.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.
Invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
How to invest in this strategy
You can invest in this strategy through the following fund(s).
Explore further
Curious to learn more about our products and what we can offer you? Please get in touch.
Important information
Baillie Gifford Overseas Limited (ARBN 118 567 178) is registered as a foreign company under the Corporations Act 2001 (Cth) and holds Foreign Australian Financial Services Licence No 528911. The information in this area is provided to you on the basis that you are a “wholesale client” within the meaning of section 761G of the Corporations Act 2001 (Cth) (“Corporations Act”). Please advise Baillie Gifford Overseas Limited immediately if you are not a wholesale client. In no circumstances should the information in this area be made available to “retail clients” as defined by the Corporations Act.
The information in this area contains general information only. It does not take into account any person’s objectives, financial situation or needs.