Baillie Gifford
Baillie Gifford Positive Change
Global Mega-cap
Jun 2026 → Sep 2026
Our archive holds 4 letters from this strategy, behind 16 investment theses and positions in 23 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in a year · follow all of Baillie Gifford for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Positive Change Composite (net)
- YTD+7.5%index +17.2%
- 1Y+7.5%index +17.2%
- 5Y · /yr+0.2%index +12.1%
- Inception · /yr+16.1%index +12.9%
Index: MSCI ACWI Index
| YTD | 1Y | 5Yper year | Since inceptionper year | |
|---|---|---|---|---|
| Baillie Gifford Positive Change | +7.5% | +7.5% | +0.2% | +16.1% |
| MSCI ACWI Index | +17.2% | +17.2% | +12.1% | +12.9% |
Calendar years
- 2025+19.1%index +17.8%
- 2024+18.7%index +32.3%
- 2023+15.7%index +21.4%
- 2022−42.7%index −20.3%
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
By contrast, we bought Cavco, one of the leading manufacturers of factory-built homes in the US.
We have taken a starter position for clients because we see encouraging momentum with the passage of the bipartisan Road to Housing Act.
We also decided to sell Coursera, the online educational business, following a challenging period for the company and our view that AI increases the uncertainty around the durability of its competitive edge.
The share price has also recovered, and we trimmed the position on strength, reflecting our valuation discipline.
We sold Joby this quarter, a pioneer electrical vertical take-off and landing aircraft company, due to it no longer meeting our impact objective.
We also reduced our holdings in Deere and digital remittances provider Remitly for the same reason.
We also reduced our holdings in Deere and digital remittances provider Remitly for the same reason.
After strong share-price performance, we trimmed Arm, TSMC and ASML.
After strong share-price performance, we trimmed Arm, TSMC and ASML.
We used weakness in the sector as an opportune moment to buy Edwards Lifesciences, a pioneer in minimally invasive heart therapies.
during the quarter, we took a position in Edwards Lifesciences .
New holding KLA provides process control equipment and services that help chip manufacturers improve production efficiency and reduce waste, water and energy intensity during semiconductor manufacturing.
We also initiated positions in Intuit and Circle, where short-term pressures have created uncertainty, but where we see significant long-term opportunity.
After strong share-price performance, we trimmed Arm, TSMC and ASML.
We also initiated positions in Intuit and Circle, where short-term pressures have created uncertainty, but where we see significant long-term opportunity.
This company has been a long-term positive contributor, and we trimmed it three times last year following strong performance.
Also held
Its investment theses
- Veeva SystemsSep 2026Veeva Systems offers cloud software for life sciences and is seen as durable thanks to its embedded role in regulated workflows, deep domain expertise, and sticky customer relationships.
- ASMLSep 2026ASML benefits from AI-driven semiconductor investment and has a unique EUV lithography position that should support long-term earnings growth and returns.
- KLASep 2026KLA benefits from ongoing AI-related semiconductor investment and is supported by leadership in process control and durable competitive advantage.
- CavcoSep 2026Cavco makes factory-built housing and is attractive because it offers affordability, a large unmet need, and long-term growth tied to improving housing-system conditions.
- ASMLSep 2026ASML supplies lithography systems for chip manufacturing and is held for its leading competitive position and strong fundamentals as customers expand capacity.
- KLASep 2026KLA provides inspection and measurement equipment for chipmakers and is valued for its leading position and rising demand as chip complexity increases.
- VeevaSep 2026Veeva provides software for pharma and biotech operations and was bought for its specialist regulated-industry know-how, resilience to AI disruption and attractive entry point.
- CavcoSep 2026Cavco manufactures factory-built homes and is owned for its leading scale and expertise in a growing affordable-housing market with expected accelerating earnings growth.
- ArmJun 2026Arm designs low-power processor architectures that should benefit from AI-driven demand and expanding use cases beyond smartphones.
- TSMCJun 2026TSMC operates foundries that enable semiconductor efficiency and performance gains, with strong growth and rising profitability.