1. Overview

    The Worldwide Positive Change Fund aims to produce capital growth over the long term by investing primarily in the equities of companies whose products, behaviour or services make a positive social impact. The Fund may also invest in other transferable securities, money market instruments, cash and cash equivalents.

    Performance & Portfolio

    Select currency
    Cumulative Performance
    Created with Highstock 4.2.2ZoomSince Inception5 Years3 Years1 YearQuarterWorldwide Positive Change Fund - B Acc USD (in USD)MSCI ACWIJul 2018Jan 2019Jul 2019Jan 2020Jul 2020Jan 2021Jul 2021Jan 2022Jul 2022Jan 2023Jul 2023Jan 2024Jul 2024Jan 2…Jan 2025201820192020202120222023202450.0100.0150.0200.0250.0300.0

    Chart data displayed since inception May 2018.

     

    Rebased to 100 at the start date of this chart.

     

    B Acc USD share class launched on 05 May 2018.

    Annualised Periodic Performance 31/01/2025
    • Month-end
    • Quarter-end
    • Calendar Year
    • 12 Month Performance
    1 Month3 MonthsYTD1 Year3 Years5 YearsSince Inception
    Fund - B Acc - USD (in USD) 6.58 6.37 6.58 13.15 2.70 12.15 12.59
    MSCI ACWI 3.38 4.78 3.38 21.27 8.92 11.55 10.62
    Created with Highcharts 4.2.2% p.a.6.58%6.37%6.58%13.15%2.70%12.15%12.59%3.38%4.78%3.38%21.27%8.92%11.55%10.62%Fund - B Acc - USD (in USD)MSCI ACWI0510152025
    1 Month3 MonthsYTD1 Year3 Years5 YearsSince Inception

    Chart data displayed since inception May 2018.

     

    Performance figures of periods of one year or less have not been annualised. An annualized total return is the geometric average amount of money earned by an investment each year over a given time period.

    Past performance does not predict future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.


    The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. Performance is based on NAV to NAV calculations with income reinvestments done on the ex-div date. Performance is calculated for the portfolio and the individual investor performance may differ as a result of initial fees, actual investment date, date of reinvestment and dividend withholding tax.


    Where performance is shown gross of fees it does not reflect the deduction of investment management fees. The returns will be reduced by the management fees and any other expenses incurred in the management of the account. For example a fund paying a 0.50% annual fee, with a given rate of 5.0% annualised over a 10-year period would result in a net-of-fee return of 4.50% p.a. The Worldwide Emerging Markets Leading Companies, Worldwide Global Alpha and Worldwide US Equity Growth Funds show gross performance figures for their C classes only.


    Share class performance converted to chosen currency. If the fund’s base currency is different to your client's currency, exchange rates will affect performance and the fees/charges.


    Source: Baillie Gifford & Co, BBH, Revolution, relevant underlying index provider.

     

    1 MonthYTD1 Year3 Years5 YearsSince Inception
    Fund - B Acc - USD (in USD) -4.20 3.51 3.51 -5.79 11.82 11.68
    MSCI ACWI -2.33 18.02 18.02 5.93 10.57 10.21

    Chart data displayed since inception May 2018.

     

    Performance figures of periods of one year or less have not been annualised. An annualized total return is the geometric average amount of money earned by an investment each year over a given time period.

    Past performance does not predict future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.


    The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. Performance is based on NAV to NAV calculations with income reinvestments done on the ex-div date. Performance is calculated for the portfolio and the individual investor performance may differ as a result of initial fees, actual investment date, date of reinvestment and dividend withholding tax.


    Where performance is shown gross of fees it does not reflect the deduction of investment management fees. The returns will be reduced by the management fees and any other expenses incurred in the management of the account. For example a fund paying a 0.50% annual fee, with a given rate of 5.0% annualised over a 10-year period would result in a net-of-fee return of 4.50% p.a. The Worldwide Emerging Markets Leading Companies, Worldwide Global Alpha and Worldwide US Equity Growth Funds show gross performance figures for their C classes only.


    Share class performance converted to chosen currency. If the fund’s base currency is different to your client's currency, exchange rates will affect performance and the fees/charges.


    Source: Baillie Gifford & Co, BBH, Revolution, relevant underlying index provider.

     

    201920202021202220232024
    Fund - B Acc - USD (in USD) 30.32 89.01 10.68 -29.78 15.04 3.51
    MSCI ACWI 27.30 16.82 19.04 -17.96 22.81 18.02

    Chart data displayed since inception May 2018.

     

    Performance figures of periods of one year or less have not been annualised. An annualized total return is the geometric average amount of money earned by an investment each year over a given time period.

    Past performance does not predict future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.


    The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. Performance is based on NAV to NAV calculations with income reinvestments done on the ex-div date. Performance is calculated for the portfolio and the individual investor performance may differ as a result of initial fees, actual investment date, date of reinvestment and dividend withholding tax.


    Where performance is shown gross of fees it does not reflect the deduction of investment management fees. The returns will be reduced by the management fees and any other expenses incurred in the management of the account. For example a fund paying a 0.50% annual fee, with a given rate of 5.0% annualised over a 10-year period would result in a net-of-fee return of 4.50% p.a. The Worldwide Emerging Markets Leading Companies, Worldwide Global Alpha and Worldwide US Equity Growth Funds show gross performance figures for their C classes only.


    Share class performance converted to chosen currency. If the fund’s base currency is different to your client's currency, exchange rates will affect performance and the fees/charges.


    Source: Baillie Gifford & Co, BBH, Revolution, relevant underlying index provider.

     

    31/12/14-31/12/1531/12/15-31/12/1631/12/16-31/12/1731/12/17-31/12/1831/12/18-31/12/1931/12/19-31/12/2031/12/20-31/12/2131/12/21-31/12/2231/12/22-31/12/2331/12/23-31/12/24
    Fund - B Acc - USD (in USD) n/a n/a n/a n/a 30.32 89.01 10.68 -29.78 15.04 3.51
    MSCI ACWI n/a n/a n/a n/a 27.30 16.82 19.04 -17.96 22.81 18.02

    Chart data displayed since inception May 2018.

     

    Past performance does not predict future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.


    The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. Performance is based on NAV to NAV calculations with income reinvestments done on the ex-div date. Performance is calculated for the portfolio and the individual investor performance may differ as a result of initial fees, actual investment date, date of reinvestment and dividend withholding tax.


    Where performance is shown gross of fees it does not reflect the deduction of investment management fees. The returns will be reduced by the management fees and any other expenses incurred in the management of the account. For example a fund paying a 0.50% annual fee, with a given rate of 5.0% annualised over a 10-year period would result in a net-of-fee return of 4.50% p.a. The Worldwide Emerging Markets Leading Companies, Worldwide Global Alpha and Worldwide US Equity Growth Funds show gross performance figures for their C classes only.


    Share class performance converted to chosen currency. If the fund’s base currency is different to your client's currency, exchange rates will affect performance and the fees/charges.


    Source: Baillie Gifford & Co, BBH, Revolution, relevant underlying index provider.

     

    Top Ten Holdings - 31/01/2025

    Fund %
    1 TSMC 7.9%
    2 MercadoLibre 6.6%
    3 Shopify 5.7%
    4 ASML 5.0%
    5 Duolingo 5.0%
    6 Autodesk 4.5%
    7 Alnylam Pharmaceuticals 4.2%
    8 Microsoft 4.0%
    9 HDFC Bank 3.8%
    10 Ecolab 3.8%
    Total 50.5%
    Geographic Analysis of Total Assets 31/01/2025
    Created with Highcharts 4.2.2123

    Fund %

    • 1 North America 54.32
    • 2 Emerging Markets 30.52
    • 3 Europe (ex UK) 14.55
    • 4 UK 0.98
    • 5 Cash -0.36
    • Total 100.00

    As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
    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.

    Key Decision Makers

    Kate Fox

    Kate is an investment manager and decision maker in the Positive Change Team. Kate joined Baillie Gifford in 2002 and became a partner of the firm in 2020. She is a CFA Charterholder and graduated MA in Economics and Maths from the University of Edinburgh in 2001.

    Kate believes the financial community plays a crucial role in creating a more sustainable world for future generations. Kate’s experience analysing smaller companies has left her with a natural enthusiasm for businesses that address unmet needs or challenge the status quo, as well as an appreciation of their long-term potential.

    Lee Qian

    Lee is an investment manager and decision maker in the Positive Change Team. He joined Baillie Gifford in 2012 and has previously worked as an analyst on the Developed Asia, International Growth, Global Income Growth and International Alpha strategies. Lee is a CFA Charterholder and graduated BA (Hons) in Economics and Management from the University of Oxford in 2012.  
     
    Lee grew up in China during a period of incredible economic and social progress, when hundreds of millions of people were lifted out of poverty and the standard of living improved for the majority of the population. Witnessing that has influenced Lee deeply and he has been interested in development since.

    Ed Whitten

    Ed is an impact director and decision maker in the Positive Change Team. He joined Baillie Gifford in 2018. Prior to joining Baillie Gifford, Ed worked for three years in a consultancy advising investors, insurers and corporates on risk management and social impact in emerging and frontier markets. Ed started his career as an officer in the British Army, latterly working in a cross-government role on the UK government. Ed graduated BA (Hons) in History from Newcastle University in 2008 and MSc in Sustainable Development from London’s School of Oriental and African Studies in 2020.

    Ed’s experience of working in and studying developing countries drives his desire to work towards a more sustainable future that leaves no one behind. Ed believes that thoughtful and responsible investment in companies achieving financial, social and environmental returns has enormous potential to catalyse positive change in the corporate landscape, build trust in capital markets and help support solutions to global challenges.

    Thaiha Nguyen

    Thaiha is an investment manager and decision maker in the Positive Change Team. She joined Baillie Gifford in 2014 and moved full-time to Positive Change in 2021 after two years of working with the team as a portfolio advisor from our US Equities team. She is a CFA Charterholder and graduated BA (Hons) in Economics from the University of Cambridge in 2014.
     
    Thaiha believes that we are entering the golden age of technological innovations and impact entrepreneurship. The combination of the two will be a powerful driver of a thriving, sustainable and inclusive world. In her view, investors could play a critical role to support ambitious entrepreneurs that leverage technologies to bring creative solutions to global challenges.

    Apricot Wilson

    Apricot is a senior impact analyst and decision maker in the Positive Change Team. She joined Baillie Gifford in 2023. Prior to working at Baillie Gifford, Apricot completed the graduate training programme at Aberdeen Asset Management, before working for Investing for Development SICAV, a Luxembourg-based blended fund focused on development finance. Apricot is a CFA Charterholder and graduated MBA from the China Europe International Business School in Shanghai. Her first degree was in Modern and Medieval Languages from the University of Cambridge.

    Having worked in development, Apricot has been impressed by the power of financial markets to generate positive societal change. She has a particular interest in opportunities which support those living at the base of the economic pyramid.

    How to Invest

    You can invest in a range of our funds via a number of fund platforms and supermarkets. Certain share classes are available for investment via a number of platforms. Please see the links opposite.

    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.

    How to Invest

    Professional Investor Enquiries

    For further information on the funds, including availability and investment options, please contact our local distributor Volcom Capital.

    Professional Investor Enquiries

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).

    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.

    Philosophy and process documents

    Sustainability-related disclosures and climate reports

    PRIIPs performance disclosures

    Further Information

    BAILLIE GIFFORD INVESTMENT MANAGEMENT (EUROPE) LIMITED: REGISTERED OFFICE
    Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (No. C182354). Registered office: 4/5 School House Lane East, Dublin 2, D02 N279. Registered in Ireland (No. 625892).

    COMPLAINTS CONTACT DETAILS
    In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com. A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.

    Risks

    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:

    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.

    Custody

    Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

    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 and in a particular geographical area or industry 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.

    Environmental, Social and Governance (ESG)

    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. Data used to apply the criteria may be provided by third party sources and is based on backward-looking analysis and the subjective nature of non-financial criteria means a wide variety of outcomes are possible. There is a risk that data provided may not adequately address the underlying detail around material non-financial considerations.

    Please consider all of the characteristics and objectives of the fund as described in the Key Information Document (KID) and prospectus before making a decision to invest in the Fund. For more information on how sustainability issues, such as climate change are considered, see bailliegifford.com.

    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.

    Further Details

    Further details of the risks associated with investing in the Fund can be found in the Key Information Document (KID), or the Prospectus. Copies of both the KID and Prospectus are available at bailliegifford.com.

    Definitions

    Active Share: A measure of the Fund's overlap with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark.

     

    Important Information

    The content of this website is intended exclusively for professional investors in accordance with MiFID legislation. ’Professional investors’ are potential investors who are deemed to have the status of “professional clients”, within the meaning of MiFID (2004/39/EC), as transposed in Ireland. It is not intended for retail investors.

    Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (Reference number C182354) as an Alternative Investment Fund Manager and UCITS Manager to Baillie Gifford Worldwide Funds plc. Its registered office is 4/5 School House Lane East, Dublin 2, D02 N279, Ireland.

    This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. You can read details of our Legal and Important Information here.