Morningstar Fund Report  | 03/04/2025Print

Baillie Gifford Positive Change Fund B Accumulation

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Baillie Gifford Positive Change Fund B Accumulation
Fund10.8-21.99.34.3-6.6
+/-Cat-3.7-3.8-6.8-10.9-0.1
+/-B’mrk-7.2-2.9-13.0-19.72.0
 
Category: Global Large-Cap Growth Equity
Category Benchmark: Morningstar Gbl Growth TME ...
Key Stats
NAV
02/04/2025		 GBX 315.40
Day Change 0.48%
Morningstar Category™ Global Large-Cap Growth Equity
IA (formerly IMA) Sector Global
ISIN GB00BYVGKV59
Fund Size (Mil)
02/04/2025		 GBP 1669.53
Share Class Size (Mil)
28/02/2025		 GBP 1112.47
Max Initial Charge -
Ongoing Charge
06/02/2025		  0.54%
Morningstar Research
Analyst Report02/05/2024
Ronald van Genderen, Senior Analyst
Morningstar, Inc

Baillie Gifford Positive Change builds on the firm’s long-standing experience in growth investing, with an impact objective added on top. Nonetheless, some reservations about its investment team and the strategy’s bold portfolio hold back our...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent25
Process23
Performance
Price
Investment Objective: Baillie Gifford Positive Change Fund B Accumulation
The Sub-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 Sub-fund will invest at least 90% in shares or other transferable securities (such as ADRs) of companies anywhere in the world whose products and/or services contribute to the Impact. The Impact Outcomes may evolve over time and are reviewed by the Investment Adviser on a regular basis. The Sub-fund will be actively managed, concentrated and will invest in companies of any size, and in any sector, provided they are assessed in line with the Investment Adviser’s proprietary qualitative framework and Theory of Change as having products and/or services which contribute to the Impact.
Returns
Trailing Returns (GBP)02/04/2025
YTD-6.47
3 Years Annualised-2.32
5 Years Annualised11.98
10 Years Annualised-
12 Month Yield 0.30
Management
Manager Name
Start Date
Kate Fox
03/01/2017
Lee Qian
03/01/2017
Click here to see others
Inception Date
03/01/2017

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI ACWI NR GBP + 2%Morningstar Gbl Growth TME NR USD
Portfolio Profile for  Baillie Gifford Positive Change Fund B Accumulation31/01/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock100.360.00100.36
Bond0.000.000.00
Property0.000.000.00
Cash0.410.78-0.36
Other0.000.000.00
Top 5 Regions%
United States47.65
Asia - Developed13.50
Latin America9.95
Eurozone9.66
Asia - Emerging7.44
Top 5 Sectors%
Technology39.57
Healthcare17.35
Industrials12.32
Financial Services10.75
Consumer Cyclical10.41
Top 5 HoldingsSector%
Taiwan Semiconductor Manufacturi... TechnologyTechnology7.82
MercadoLibre IncConsumer CyclicalConsumer Cyclical6.66
Shopify Inc Registered Shs -A- S... TechnologyTechnology5.60
Duolingo IncTechnologyTechnology5.39
ASML Holding NVTechnologyTechnology5.10
Increase Decrease New since last portfolio
Baillie Gifford Positive Change Fund B Accumulation
Growth Of 1000 (GBP) 31/03/2025
Fund:  Baillie Gifford Positive Change Fund B Accumulation
Category:  Global Large-Cap Growth Equity
Category Index:  Morningstar Gbl Growth TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return5.3825.8680.0810.83-21.889.264.30-6.58
+/- Category10.131.6356.39-3.74-3.81-6.76-10.89-0.11
+/- Category Index----7.24-2.91-13.05-19.652.02
% Rank in Category23926977829451
Trailing Returns (GBP)02/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.48   0.01-0.36
1 Week-4.54   -1.24-0.90
1 Month-7.53   -0.690.08
3 Months-6.80   -0.581.06
6 Months-0.60   1.08-0.51
YTD-6.47   -0.251.37
1 Year-4.34   -2.98-7.87
3 Years Annualised-2.32   -6.19-9.07
5 Years Annualised11.98   1.05-2.07
10 Years Annualised-   --
 
Category: Global Large-Cap Growth Equity
Category Index: Morningstar Gbl Growth TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-6.58---
20242.66-1.96-2.406.17
20234.871.74-7.3510.53
2022-9.66-22.275.235.72
2021-1.9013.516.28-6.35
2020-1.4836.2616.6015.05
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageHigh1 star
5-YearAbove AverageHigh2 star
10-Year--Not Rated
OverallAverageHigh2 star
 
Category :  Global Large-Cap Growth EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev18.17 %
3-Yr Mean Return-1.15 %
 
3-Yr Sharpe Ratio-0.28
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Gbl Growth TME NR USD  DJ Islamic World TR USD
3-Yr Beta1.091.19
3-Yr Alpha-8.71-6.60
 
Investment Style Details31/01/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 49681-
Market Capitalisation% of Equity
Giant43.06
Large18.93
Medium29.11
Small6.96
Micro1.94
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings28.261.17
Price/Book4.410.89
Price/Sales4.751.27
Price/Cash Flow18.501.12
Dividend-Yield Factor0.920.81
 
Long-Term Projected Earnings Growth12.871.15
Historical Earnings Growth6.660.50
Sales Growth9.651.07
Cash-Flow Growth24.602.03
Book-Value Growth13.171.18
 
Category: Global Large-Cap Growth Equity
Asset Allocation31/01/2025
Asset Allocation
 % Long% Short% Net Assets
Stock100.360.00100.36
Bond0.000.000.00
Property0.000.000.00
Cash0.410.78-0.36
Other0.000.000.00
World Regions31/01/2025
 % of EquityRelative to Category
United States47.650.72
Canada6.183.18
Latin America9.958.98
United Kingdom0.970.19
Eurozone9.660.91
Europe - ex Euro4.650.87
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed13.503.67
Asia - Emerging7.442.89
 
Category: Global Large-Cap Growth Equity
Sector Weightings31/01/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials6.352.26
Consumer CyclicalConsumer Cyclical10.410.84
Financial ServicesFinancial Services10.750.72
Consumer DefensiveConsumer Defensive1.030.21
HealthcareHealthcare17.351.25
Communication ServicesCommunication Services2.220.27
IndustrialsIndustrials12.321.13
TechnologyTechnology39.571.33
 
Category: Global Large-Cap Growth Equity
Top 10 Holdings31/01/2025
 Portfolio NEW
Total Number of Equity Holdings34
Total Number of Bond Holdings0
Assets in Top 10 Holdings50.39
NameSectorCountry% of Assets
Taiwan Semiconductor Manufacturing Co... 311Taiwan7.82
MercadoLibre Inc102Brazil6.66
Shopify Inc Registered Shs -A- Subord... 311Canada5.60
Duolingo Inc311United States5.39
ASML Holding NV311Netherlands5.10
Autodesk Inc311United States4.35
Alnylam Pharmaceuticals Inc206United States4.01
Microsoft Corp311United States3.98
HDFC Bank Ltd103India3.74
PT Bank Rakyat Indonesia (Persero) Tb... 103Indonesia3.73
 
Increase Decrease New since last portfolio
Category: Global Large-Cap Growth Equity
 
Management
Name of CompanyBaillie Gifford & Co Limited.
Phone44 0131 275 2000
Websitewww.bailliegifford.com
AddressCalton Square
 Edinburgh   EH1 3AN
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSNo
Inception Date03/01/2017
Fund Advisor(s)
Baillie Gifford & Co
Fund ManagerKate Fox
Manager Start Date03/01/2017
Education
2001, University of Edinburgh, M.A.
 
Biography
Ms. Fox joined Baillie Gifford in 2002 and will become a Partner of Baillie Gifford & Co, on May 1, 2020. She is a portfolio manager for the Positive Change strategy and a member of the Positive Change and Pan-European Smaller Companies Portfolio Construction Groups. Ms. Fox is a CFA Charterholder and graduated MA in Economics and Maths from the University of Edinburgh in 2001. Ms. Fox has been a member of since the Baillie Gifford Funds's inception in 2017
Fund ManagerLee Qian
Manager Start Date03/01/2017
Education
2012, University of Oxford, B.A.
 
Biography
Mr. Qian Joined Baillie Gifford in 2012 and is a portfolio manager for the Positive Change strategy and a member of the Positive Change Portfolio Construction Group. He is a CFA Charterholder. Mr. Qian graduated BA (Hons) in Economics and Management from the University of Oxford in 2012. Mr. Qian has been a member of the team since the Baillie Gifford Fund's inception in 2017.
Fund ManagerThaiha Nguyen
Manager Start Date01/07/2022
 
Biography
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.
Fund ManagerEdward Whitten
Manager Start Date30/09/2020
Fund ManagerApricot Wilson
Manager Start Date30/09/2023
Career Start Year2002
Education
2010, University of Cambridge, M.A.
2019, China Europe International Business School, M.B.A.
 
Biography
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. Apricot joined Baillie Gifford in 2022 and is a Senior Impact Analyst and decision maker in the Positive Change Team. She is a CFA Charterholder and has an MBA from the China Europe International Business School in Shanghai. Her first degree was in Modern and Medieval Languages from the University of Cambridge.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.50%
Ongoing Charge0.54%
Purchase Details
Minimum Investments
Initial100000  GBP
Additional1000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes