Canadian Pooled Fund

Positive Change Equity Fund

Series
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.

The Positive Change Equity Fund aims to produce capital growth over the long term by investing primarily in global equities. The Fund also aims to contribute towards a more sustainable and inclusive world by investing in companies that, in the opinion of the Manager, deliver positive change. Performance will be measured against the MSCI ACWI Index.

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 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.

Strategy behind the fund

Positive Change
We invest in companies that we believe positively impact society and the environment, with the aim of generating attractive returns.
The capabilities behind this strategy

Overview

Share price and charges

Series
F
NAV
13.94
% change
0.22%
Management fee
0.50%
Operating expenses
0.08%
Gross expense ratio
0.58%
Net expense ratio
0.58%

Fund facts

As at: 31 October 2024

Fund launch date

February 20, 2018

Fund size

$214.8m

Benchmark

MSCI ACWI Index

Current number of holdings

35

Active share

94%**

Annual turnover

24%

Style

Growth

Guideline number of holdings

25-50

** Relative to MSCI ACWI Index.

Source: Baillie Gifford & Co and relevant underlying index provider(s).

Portfolio characteristics

The fund's characteristics compared to the index.

As at 31 October 2024

FundMSCI ACWI Index
Market cap (weighted average)$318.78bn$908.63bn
Price / Book6.053.39
Price / Earnings (12 months forward)28.8917.47
Earnings growth (5 year historic)15.33%7.83%
Return on equity (12 months forward)16.02%19.26%
Standard deviation (trailing 3 years)20.21%12.33%
Beta1.36N/A

Source: Revolution, MSCI. Canadian dollars.

Index disclaimer

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).

Important information

The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Baillie Gifford does not currently have any funds that offer securities under a simplified prospectus for general offer or sale within Canada. No securities regulatory authority in Canada has reviewed or in any way passed upon this website or the merits of any investment available, and any representation to the contrary is an offence.

Persons resident or domiciled in Canada should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to trade.

You can read details of our Legal and Important Information here.

Trade Matching Statement
This Trade-Matching Statement is being provided in accordance with National Instrument 24-101 -"Institutional Trade Matching and Settlement" and Companion Policy 24-101 CP (the "National
Instrument"). It applies to all trades that are subject to the National Instrument. View the whole statement.

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: 31 October 2024

#Holding% of portfolio
1MercadoLibre8.00
2TSMC7.72
3Shopify5.29
4Duolingo5.12
5Nu Holdings4.91
6ASML4.90
7HDFC Bank4.78
8Autodesk4.75
9Bank Rakyat Indonesia4.74
10Alnylam Pharmaceuticals4.71

Total may not sum due to rounding

For extra details including SEDOLs, ISINs, countries, holding, asset price, currency, asset type and market value, view the spreadsheet.

List of top ten holdings is at month end. Full list of holdings is at quarter end. If you are an existing investor in this fund and wish to receive full portfolio holdings on a monthly basis, please get in touch with your usual Baillie Gifford contact.

Holdings by sector

As at: 31 October 2024

1Information Technology26.09%
2Health Care18.43%
3Consumer Discretionary16.97%
4Financials16.91%
5Industrials13.72%
6Materials7.00%
7Communication Services0.09%
8Cash0.79%
Total 100%

Holdings by sector

All figures up to: 31 October 2024

Total: 100%

Holdings by region

As at: 31 October 2024

1North America51.54%
2Emerging Markets32.89%
3Europe (ex UK)13.80%
4UK0.97%
5Cash0.79%
Total 100%

Holdings by region

All figures up to: 31 October 2024

Total: 100%

Quarterly transactions

Transactions for the three-month period ending 30 September 2024

New purchases

  • Insulet
  • Schneider Electric SE
  • Soitec

Complete sales

  • Umicore

Reductions

  • Deere & Co
  • Tesla Inc
  • TSMC

 

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.

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 16 of 16
  1. Positive Change Q3 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article7 minutes
  2. Positive Change Q3 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video11 minutes
  3. Future Stocks: Our best impact ideas

    Rosie Rankin explains why Nubank, Xylem and Grab can both improve lives and offer investment returns.
    September 2024
    Video3 minutes
  4. Academic collaborations that count

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

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

    A journey through time uncovers the deep transitions that can reshape our world.
    July 2024
    Article2 minutes
  7. Positive change thumbnail

    Positive Change Q2 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video10 minutes
  8. Positive Change: investor letter Q2 2024

    Investment specialist Rosie Rankin gives an update on the Positive Change Strategy covering Q2 2024.
    July 2024
    Article8 minutes
  9. Positive Change Q1 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video12 minutes
  10. Positive Change Q4 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video15 minutes
  11. Positive Change Q3 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  12. Positive Change Q2 update

    The Positive Change team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video19 minutes
  13. Positive Change Q1 update

    Positive Change Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video13 minutes
  14. 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
  15. 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
  16. Positive Change Impact Report

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

  1. Positive Change Q3 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments
    October 2024
    Article7 minutes
  2. Positive Change Q3 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video11 minutes
  3. Future Stocks: Our best impact ideas

    Rosie Rankin explains why Nubank, Xylem and Grab can both improve lives and offer investment returns.
    September 2024
    Video3 minutes
  4. Academic collaborations that count

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

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

    A journey through time uncovers the deep transitions that can reshape our world.
    July 2024
    Article2 minutes
  7. Positive change thumbnail

    Positive Change Q2 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video10 minutes
  8. Positive Change: investor letter Q2 2024

    Investment specialist Rosie Rankin gives an update on the Positive Change Strategy covering Q2 2024.
    July 2024
    Article8 minutes
  9. Positive Change Q1 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2024
    Video12 minutes
  10. Positive Change Q4 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    January 2024
    Video15 minutes
  11. Positive Change Q3 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    October 2023
    Video14 minutes
  12. Positive Change Q2 update

    The Positive Change team reflects on recent performance, portfolio changes, and market developments.
    July 2023
    Video19 minutes
  13. Positive Change Q1 update

    Positive Change Team reflects on recent performance, portfolio changes, and market developments.
    April 2023
    Video13 minutes
  14. 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
  15. 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
  16. Positive Change Impact Report

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

Contact us

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

Tax and distributions

The Fund intends to pay dividends to its unitholders at least annually. Distributions will be automatically reinvested in additional units of the Fund or, if a unitholder requests, paid directly to unitholder.

The distribution date for the Fund shall be the last Valuation Date in each taxation year or such other frequency as may be determined by the Manager. The distribution dates will appear on this page alongside the rates once they become available. For more information on the Funds distributions please see the Offering Memorandum.

Recent distributions

The below table shows the makeup of the most recent distributions paid.

Series FSeries Z
Income dividends0.044520.04579
Capital gain0.000000.00000
Total per share0.044520.04579
Expected date29 Dec 202329 Dec 2023
Pay date29 Dec 202329 Dec 2023
StatusFinalFinal

Source: CIBC Mellon and Baillie Gifford & Co.

Upcoming distributions

Please click here to view estimated capital gain distributions for 2024.

The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.

Distribution year

2024

Record date

30 December 2024

Ex-dividend date

31 December 2024

Payable date

31 December 2024

Source: CIBC Mellon and Baillie Gifford & Co.

Contact us

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

Documents

Contact us

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