Baillie Gifford
Baillie Gifford Worldwide Positive Change Fund
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 7 investment theses and positions in 20 companies. Every quote below is copied verbatim from the letter it came from.
2 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 Worldwide Positive Change Fund | +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
We took an initial holding during the broad software sell-off because our analysis suggested its position within highly regulated pharmaceutical workflows, supported by deep domain expertise and longstanding customer relationships, would be harder to displace than the market implied.
We have taken a starter position for clients because we see encouraging momentum with the passage of the bipartisan Road to Housing Act.
During the quarter we sold Coursera , which we had supported through a difficult period.
We also took advantage of an attractive valuation to initiate positions in software company Intuit and in financial technology company Circle .
This company has been a long-term positive contributor, and we trimmed it three times last year following strong performance.
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.
Share price weakness can create attractive entry points, and during the quarter, we took a position in Edwards Lifesciences .
We also took advantage of an attractive valuation to initiate positions in software company Intuit and in financial technology company Circle .
We still have conviction in Arm but recognise that market expectations are very high, so in June we trimmed the position, halving it to a more moderate 3 percent.
Also held
Its investment theses
- ASMLJun 2026ASML provides lithography equipment that is a critical enabler of semiconductor efficiency and performance gains.
- KLAJun 2026KLA supplies process control equipment and services that improve chip manufacturing efficiency while reducing waste, water and energy intensity.
- PrysmianJun 2026Prysmian makes cables and installation services, benefiting from structural demand driven by electrification, renewable infrastructure and data centers.
- AlnylamJun 2026Alnylam develops RNAi therapies and has strong growth prospects from its platform and pipeline, despite near-term share price weakness.
- CircleJun 2026Circle issues stablecoins and is building infrastructure for digital asset payments, viewed as a long-term opportunity at an attractive valuation.
- SandozJun 2026Sandoz manufactures generic drugs and provides access to medicine to more than one billion people.
- EcolabJun 2026Ecolab provides specialty chemicals that help customers save large amounts of water.