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.
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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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 |
---|---|---|
1 | MercadoLibre | 6.5% |
2 | TSMC | 6.0% |
3 | Duolingo | 5.3% |
4 | ASML | 4.8% |
5 | Microsoft | 4.7% |
6 | Bank Rakyat Indonesia | 3.8% |
7 | Alnylam Pharmaceuticals | 3.7% |
8 | Autodesk | 3.7% |
9 | HDFC Bank | 3.6% |
10 | Sea Limited | 3.6% |
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:
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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.
Actual investing revisited
In this keynote paper Partner Stuart Dunbar reaffirms the importance of active management to healthy capitalism.Fast fashion: investing for positive change
Shifting consumer attitudes are driving innovative solutions to make fashion more sustainable.Alnylam: Stock Story
Richie Vernon explores the revolutionary drugs transforming patient lives.Positive Change Q1 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Positive Change Q1 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.ASML: Stock Story
Paul Taylor explores the cutting-edge semiconductor technology advancing the digital revolution.Positive Change: a review of 2024
A detailed overview of 2024 covering performance, portfolio and investment approach.Positive Conversations 2024
Discover the difference made by dialogue in Positive Change’s latest ESG and engagement report.Diabetes: investing for positive change
Discover how innovative diabetes solutions are driving global positive change.Positive Change Q4 update
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Positive Change Q4 investor letter
The Positive Change Team reflects on recent performance, portfolio changes and market developments.Heeding nature: what’s at stake?
How we seek to understand the implications of a changing world for the companies we back.Stock story: Ecolab
Learn how Ecolab is helping customers around the world be better stewards of water.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.
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