Capital at risk

Investment strategy

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.

3d model of a plus icon featuring images of fields, landscapes and vergetables.

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.

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.

The performance target is aspirational and is not guaranteed. We don’t use it to compile the portfolio and returns will vary. A single performance target may not be appropriate across all vehicles and jurisdictions. We may not meet our investment objectives if, for example, our growth investment style is out of favour or we misjudge the long-term earnings growth of our holdings.

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.
Kate Fox

Meet the managers

Documents

Philosophy and process

Explore our investment philosophy and the processes around how the team constructs the portfolio.

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Quarterly update

Get the latest investment commentary, portfolio overview, transactions and performance information alongside governance engagement and voting. 

View PDF

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford Positive Change Collective Investment Trust (CIT)
  • Separate account

Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 31 May 2025

#Holding% of portfolio
1MercadoLibre6.5%
2TSMC6.0%
3Duolingo5.3%
4ASML4.8%
5Microsoft4.7%
6Bank Rakyat Indonesia3.8%
7Alnylam Pharmaceuticals3.7%
8Autodesk3.7%
9HDFC Bank3.6%
10Sea Limited3.6%

Strategy holdings by sector

All figures up to: 31 May 2025

Created with Highcharts 11.4.6Information TechnologyIndustrialsFinancialsHealth CareConsumer DiscretionaryMaterialsCommunication ServicesCash1234567823.0%16.9%16.0%15.6%15.0%6.4%6.0%1.1%

Total: 100%

Strategy holdings by region

All figures up to: 31 May 2025

Created with Highcharts 11.4.6United StatesBrazilSingaporeTaiwanNetherlandsIndonesiaCanadaIndiaUKDenmarkFranceSwedenOthersCash123456789101112131446.0%9.5%6.9%6.0%4.8%3.8%3.7%3.6%3.3%3.2%2.8%2.2%3.2%1.1%

Total: 100%

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.

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford Positive Change Collective Investment Trust (CIT)
  • Separate account

Insights

Key articles, videos and podcasts relating to the strategy:

Filters

Blog

Positive Sparks

Tales of innovation and impact, designed to make you curious about what is possible. 
 
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.
 
Explore the latest article, which highlights how companies such as Savers Value Village and Novonesis are confronting the challenges of the fashion industry. 

Positive Conversations

Discover the difference dialogue makes in Positive Change’s latest ESG and engagement report.

  1. “”

    Actual investing revisited

    In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.
    May 2025
    ArticleLong read
  2. Fast fashion: investing for positive change

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

    Richie Vernon explores the revolutionary drugs transforming patient lives.
    April 2025
    Video3 minutes
  4. Positive Change Q1 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Video11 minutes
  5. Positive Change Q1 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    April 2025
    Article12 minutes
  6. ASML: Stock Story

    Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.
    March 2025
    Video3 minutes
  7. Positive Change: a review of 2024

    A detailed overview of 2024 covering performance, portfolio and investment approach.
    March 2025
    DocumentLong read
  8. Positive Conversations 2024

    Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.
    February 2025
    External link
  9. Diabetes: investing for positive change

    Discover how innovative diabetes solutions are driving global positive change.
    January 2025
    Article7 minutes
  10. Positive Change Q4 update

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Video11 minutes
  11. Positive Change Q4 investor letter

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    January 2025
    Article14 minutes
  12. Red legged partridge, (Alectoris rufa), in snowy residential garden in Suffolk.

    Heeding nature: what’s at stake?

    How we seek to understand the implications of a changing world for the companies we back.
    December 2024
    Article5 minutes
  13. Stock story: Ecolab

    Learn how Ecolab is helping customers around the world be better stewards of water.
    December 2024
    Video3 minutes
  14. Positive Change Q3 investor letter

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

    The Positive Change Team reflects on recent performance, portfolio changes and market developments.
    October 2024
    Video11 minutes

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford Positive Change Collective Investment Trust (CIT)
  • Separate account

Invest through other vehicles

Get in touch to learn about the other ways to invest, including:

  • Baillie Gifford Positive Change Collective Investment Trust (CIT)
  • Separate account