Baillie Gifford Positive Change Class B Acc
Report And Accounts
Simplified Prospectus / KIID
Performance
Discrete performance - to last month end
| 31/03/20 to 31/03/21 |
31/03/21 to 31/03/22 |
31/03/22 to 31/03/23 |
31/03/23 to 31/03/24 |
31/03/24 to 31/03/25 |
|
|---|---|---|---|---|---|
| Fund | 79.3% | 2.1% | -9.3% | 7.0% | -5.1% |
| Sector | 40.6% | 8.4% | -2.6% | 16.7% | -0.3% |
| Rank | 26/407 | 347/444 | 404/480 | 467/510 | 439/535 |
| Quartile | 1 | 4 | 4 | 4 | 4 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 31/03/25 |
5 Years to 31/03/25 |
10 Years to 31/03/25 |
||
| Fund | -2.7% | 11.0% | n/a | |
| Sector | 4.3% | 11.5% | 8.5% | |
| Rank | 441/478 | 263/407 | n/a | |
| Quartile | 4 | 3 | n/a | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED | 7.50 |
| MERCADOLIBRE | 7.33 |
| ASML HOLDING N.V. | 5.03 |
| DUOLINGO INC | 4.56 |
| SHOPIFY | 4.41 |
| ECOLAB | 4.08 |
| MICROSOFT CORPORATION | 4.01 |
| HDFC BANK LIMITED | 3.97 |
| ALNYLAM PHARMACEUTICALS | 3.84 |
| AUTODESK | 3.75 |
| Total | 48.47 |
Fund Aims
The fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, by at least 2% per annum over rolling five-year periods. The fund also aims to contribute to a more sustainable and inclusive world through investing in companies whose products and/or services contribute to impact themes addressing critical social and/or environmental challenges, measured over at least a five-year period.
Fund Manager
Thaiha is an Investment Manager and joined Baillie Gifford in 2014. Following rotations across several investment teams, she spent 4 years in the North American team before joining the Positive Change team in 2021, following two years of working closely with the team. In July 2022 she became a decision maker for the strategy. She is a CFA Charterholder and graduated BA (Hons) in Economics from the University of Cambridge in 2014.
TBC
Ed joined Baillie Gifford in 2018 and is an Impact Analyst for the Positive Change strategy and a member of the Positive Change Portfolio Construction Group. 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 in Whitehall. He graduated with a BA (Hons) in History from Newcastle University in 2008 and is studying towards an MSc in Sustainable Development at London’s School of Oriental and African Studies. 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.
Lee joined Baillie Gifford in 2012 and is an Investment Manager and decision maker in the Positive Change Team. He 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.
Kate joined Baillie Gifford in 2002 and is an Investment Manager and decision maker in the Positive Change Team, as well as a Partner of the firm. 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.
Fund Overview
| Mid (17/04/2025) | 298.30p |
| Historic yield | 0.32% |
| Fund size (28/02/2025) | £1783.89m |
| Number of holdings | 36 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.53% |
| Launch date | 03/01/2017 |
Asset Allocation
| International Equities | 97.98% | |
| Cash and Equivalents | 1.09% | |
| UK Equities | 0.93% |
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| International Equities | 97.98% | |
| Cash and Equivalents | 1.09% | |
| UK Equities | 0.93% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Technology | 28.41% | - | - | - | |
| Technology | - | 28.41% | - | - | |
| Software & Computer Services | - | - | 15.26% | - | |
| Software | - | - | - | 7.75% | |
| Consumer Digital Services | - | - | - | 7.51% | |
| Technology Hardware & Equipment | - | - | 13.15% | - | |
| Semiconductors | - | - | - | 8.12% | |
| Production Technology Equipment | - | - | - | 5.03% | |
| Consumer Discretionary | 20.05% | - | - | - | |
| Consumer Products & Services | - | 16.70% | - | - | |
| Consumer Services | - | - | 16.70% | - | |
| Consumer Services: Misc. | - | - | - | 11.01% | |
| Education Services | - | - | - | 5.69% | |
| Media | - | 2.07% | - | - | |
| Media | - | - | 2.07% | - | |
| Publishing | - | - | - | 2.07% | |
| Retail | - | 0.79% | - | - | |
| Retailers | - | - | 0.79% | - | |
| Diversified Retailers | - | - | - | 0.79% | |
| Automobiles & Parts | - | 0.49% | - | - | |
| Automobiles & Parts | - | - | 0.49% | - | |
| Automobiles | - | - | - | 0.49% | |
| Health Care | 18.86% | - | - | - | |
| Health Care | - | 18.86% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 12.02% | - | |
| Biotechnology | - | - | - | 10.88% | |
| Pharmaceuticals | - | - | - | 1.14% | |
| Medical Equipment & Services | - | - | 6.85% | - | |
| Medical Equipment | - | - | - | 6.85% | |
| Industrials | 16.55% | - | - | - | |
| Industrial Goods & Services | - | 16.55% | - | - | |
| Electronic & Electrical Equipment | - | - | 5.73% | - | |
| Electronic Equipment: Pollution Control | - | - | - | 3.51% | |
| Electrical Components | - | - | - | 2.22% | |
| Industrial Engineering | - | - | 5.71% | - | |
| Machinery: Agricultural | - | - | - | 3.63% | |
| Machinery: Construction & Handling | - | - | - | 2.08% | |
| Industrial Support Services | - | - | 3.57% | - | |
| Transaction Processing Services | - | - | - | 3.57% | |
| Industrial Transportation | - | - | 0.93% | - | |
| Commercial Vehicle-Equipment Leasing | - | - | - | 0.93% | |
| Aerospace & Defence | - | - | 0.61% | - | |
| Aerospace | - | - | - | 0.61% | |
| Financials | 10.96% | - | - | - | |
| Banks | - | 8.11% | - | - | |
| Banks | - | - | 8.11% | - | |
| Banks | - | - | - | 8.11% | |
| Financial Services | - | 2.85% | - | - | |
| Finance & Credit Services | - | - | 2.85% | - | |
| Consumer Lending | - | - | - | 2.85% | |
| Basic Materials | 4.08% | - | - | - | |
| Chemicals | - | 4.08% | - | - | |
| Chemicals | - | - | 4.08% | - | |
| Chemicals: Diversified | - | - | - | 4.08% | |
| Cash and Equivalents | 1.09% | - | - | - | |
| Non-Classified | 0.00% | - | - | - | |
Regional Allocation
| North America | 68.49% | |
| Emerging Asia | 15.60% | |
| Developed Europe - Excl UK | 13.89% | |
| Cash and Equivalents | 1.09% | |
| UK | 0.93% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| North America | 68.49% | - | |
United States
|
- | 63.56% | |
Canada
|
- | 4.93% | |
| Emerging Asia | 15.60% | - | |
Taiwan
|
- | 7.50% | |
India
|
- | 3.97% | |
Indonesia
|
- | 3.08% | |
Kazakhstan
|
- | 1.06% | |
| Developed Europe - Excl UK | 13.89% | - | |
Netherlands
|
- | 5.03% | |
Denmark
|
- | 3.04% | |
France
|
- | 2.84% | |
Sweden
|
- | 2.08% | |
Germany
|
- | 0.89% | |
| Cash and Equivalents | 1.09% | - | |
| UK | 0.93% | - | |
United Kingdom
|
- | 0.93% | |
Breakdown By Market Cap (%)
| Mega |
|
49.65% |
| Large |
|
18.91% |
| Medium |
|
11.32% |
| Non-Classified |
|
19.02% |
| Cash |
|
1.09% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED | 7.50% | Technology Hardware & Equipment | Taiwan |
| 2 | MERCADOLIBRE | 7.33% | Consumer Services | United States |
| 3 | ASML HOLDING N.V. | 5.03% | Technology Hardware & Equipment | Netherlands |
| 4 | DUOLINGO INC | 4.56% | Consumer Services | United States |
| 5 | SHOPIFY | 4.41% | Software & Computer Services | Canada |
| 6 | ECOLAB | 4.08% | Chemicals | United States |
| 7 | MICROSOFT CORPORATION | 4.01% | Software & Computer Services | United States |
| 8 | HDFC BANK LIMITED | 3.97% | Banks | India |
| 9 | ALNYLAM PHARMACEUTICALS | 3.84% | Pharmaceuticals & Biotechnology | United States |
| 10 | AUTODESK | 3.75% | Software & Computer Services | United States |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Technology | - | 28.41% | - | - | - | - | - | - | 28.41% |
| Financials | - | 10.96% | - | - | - | - | - | - | 10.96% |
| Consumer Discretionary | - | 20.05% | - | - | - | - | - | - | 20.05% |
| Health Care | - | 18.86% | - | - | - | - | - | - | 18.86% |
| Industrials | 0.93% | 15.62% | - | - | - | - | - | - | 16.55% |
| Basic Materials | - | 4.08% | - | - | - | - | - | - | 4.08% |
| Cash and Equivalents | - | - | - | - | - | - | - | 1.09% | 1.09% |
| Non-Classified | - | - | - | - | - | - | - | - | - |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only.
Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | BYVGKV5 |
| Mex Code | - |
| Isin Code | GB00BYVGKV59 |
| Citi Code | NGPB |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.53% |
Aims and Benchmark
| Aims | The fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, by at least 2% per annum over rolling five-year periods. The fund also aims to contribute to a more sustainable and inclusive world through investing in companies whose products and/or services contribute to impact themes addressing critical social and/or environmental challenges, measured over at least a five-year period. |
| Benchmark | MSCI AC World Index + 2% |
| Benchmark Category | - |
| IA Sector | Global |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 10:00 |
| Fund type | OEIC |
| Launch price | £1.00 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Annually |
| Distribution Type | Dividend |
| Distribution Payment Basis | Net |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 31 December | 28 February |
Ratings
| FE Crown |  |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | NatWest Trustee and Depositary Services Limited |
| Fund Administrator | Internal |
| Fund Registrar | Internal |
| Fund Custodian | Bank of New York Mellon Trust & Depositary Co. Ltd |
Group Details
| Group name | Baillie Gifford & Co |
| Group address | Calton Square 1 Greenside Row Edinburgh EH1 3AN |
| Group telephone | 0800 917 4752 |
| Dealing telephone | 0800 917 4750 |
| trustenquiries@bailliegifford.com | |
| Homepage | www.bailliegifford.com/intermediaries |
| Fax number | 0131 275 3955 |
Dealing
| Minimum Investment | - |
| Minimum Top Up | - |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 2 days |
| Settlement Period: Sell | 2 days |
| Pricing Basis | Forward |
| Dealing Decimals | - |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | -8.29 |
| Beta | 1.59 |
| Sharpe | -0.01 |
| Standard Deviation | 18.17 |
| Info Ratio | -0.68 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | No |
| Emerging Markets | Yes |
| Concentrated Portfolio | Yes |
| Smaller Companies | No |
| High Yield Bonds | No |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | Yes |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | No |
| Offshore | No |
| Income Eroding Capital Growth | No |
| Umbrella Liabilities | No |
| New Fund | Yes |
| Solvency of Depository | No |
| Solvency of Bond Issuers | No |
| Ethical Restrictions | No |
| Liquidity | Yes |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Emerging Markets
The fund invests in emerging markets. Generally less well regulated than the UK. There is an increased chance of political and economic instability with less reliable custody, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments therefore carry more risk.
Concentrated Portfolio
The fund may invest in a relatively smaller number of stocks. This stock concentration may carry more risk than funds spread across a larger number of companies.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Exchange Rate
This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.
New Fund
The charges and expenses may make up a higher proportion of a newly launched fund than initially estimated.
Liquidity
This fund can suffer from partial or total illiquidity, which may lead to considerable price fluctuations and the inability to redeem your investment.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
'Prudential' is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.