BPEKX — Baillie Gifford Positive Change Equity Fund
Data updated: 2022-08-23
BPEKX — Baillie Gifford Positive Change Equity Fund. Emerging Markets Blend / Core Equity · $138.66M AUM. Holdings, fees, performance and SEC filings.
BPEKX Fund Overview
BPEKX — Baillie Gifford Positive Change Equity Fund is a US mutual fund managed by Baillie Gifford Funds, categorised as Emerging Markets Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Baillie Gifford Funds
- Category: Emerging Markets Blend / Core Equity
- Assets under management: $138.66M
- 1-year return: -38.2%
- Ticker: BPEKX
- SEC CIK: 0001120543
- SEC series ID: S000059108
- Share class ID: C000193789
BPEKX Investment Objective and Strategy
Baillie Gifford Positive Change Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Baillie Gifford Funds.
Investment objective
The Positive Change Equity Fund seeks capital appreciation with an emphasis on investing in businesses that deliver positive change by contributing towards a more sustainable and inclusive world.
Principal investment strategy
"The Fund seeks to meet its objective by investing in a global portfolio of equities, which include common stock and other equity securities, of issuers located in countries of developed and emerging markets. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. The Fund invests predominantly in securities issued by companies located in countries contained in the MSCI ACWI Index, cash and cash equivalents. The Fund may invest in equity securities either directly or indirectly, such as through depositary receipts and may invest in preferred stocks, convertible securities and warrants. The Fund may invest in issuers of any market capitalization and may participate in initial public offerings ( ""IPOs"" ).
The portfolio managers select companies without regard to the MSCI ACWI benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, relationships with industry thought leaders and academics, and wider reading. Stock ideas will be researched to assess a range of factors, including: backdrop, competitive advantage, management, financial strength and valuation. The intended outcome is a portfolio of between 25-50 quality growth companies with the potential to outperform the benchmark over the long term and which the portfolio managers consider to have core ambitions of delivering a positive change in at least one of the following areas: social inclusion and education, healthcare, the environment, and addressing basic needs and aspirations of the world's poorest populations.
In order to assess positive change in these areas, the Manager will use a set of internal matrices and/or milestones for each issuer and, over the long term, judge the social impact against these matrices and/or milestones. With respect to each area, the Manager pursues an active, positive approach; investment decisions are generally not made on the basis of negative ""screening"" of companies viewed as socially irresponsible. The Fund is a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries or sectors. The Fund tends to hold securities for long periods (typically 5-10 years), which results in relatively low portfolio turnover and is in line with the Fund's long-term investment outlook. The Manager believes that its ability in fundamental stock research, along with its flexibility to ignore benchmark holdings, enables it to invest in attractive growth companies for the long term (typically several years, as described above).
The Manager believes that this process enhances the Fund's ability to outperform broad securities benchmarks over the long term. ""Active Share"" is a common measure used to show how much a portfolio's holdings differ from its primary benchmark index holdings. The Active Share figure increases in value as the overlap between the portfolio and the benchmark decreases. For example, an index tracker, also known as a ""passive"" portfolio, would have close to a 0% active share figure. An ""active"" portfolio would be expected to have a higher percentage figure, as it would typically seek to be significantly different from the benchmark. As of December 31, 2017 the Fund's Active Share relative to the MSCI ACWI Index was 98%. Additional information about the calculation of Active Share and the Fund's historical Active Share figures are set out under "" Additional Information about Active Share "" in the Fund's full Prospectus.
The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund may engage in currency hedging in an attempt to preserve the Fund's investments in U.S. dollar terms, which may be accomplished using such instruments as currency forwards, currency spot transactions and related options."
BPEKX Performance
Total returns for BPEKX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -38.2% |
| 3 years (annualised) | 15.3% |
BPEKX Risk Information
Risk metrics for BPEKX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 25.0%
BPEKX Costs and Fees
BPEKX costs about $65 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.65%
- Gross expense ratio: 0.70%
- Portfolio turnover: 28%
- Brokerage commissions: 3.08 bps of average net assets (SEC N-CEN)
BPEKX Cashflows
Over the 12 months to 2022-06, Baillie Gifford Positive Change Equity Fund had net inflows of $163.07M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2022-06 | $16.66M |
| 2022-05 | $7.70M |
| 2022-04 | $11.88M |
| 2022-03 | $13.03M |
| 2022-02 | $8.77M |
| 2022-01 | $15.77M |
BPEKX Debt Constituents
No individual debt constituents are reported in Baillie Gifford Positive Change Equity Fund's latest SEC N-PORT filing.
BPEKX Prospectus and SEC Filings
Official Baillie Gifford Positive Change Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-04-29
- Prospectus (485BPOS) — filed 2021-04-29
- Prospectus (485BPOS) — filed 2020-05-18
- Portfolio holdings (N-PORT) — filed 2022-08-23
- Portfolio holdings (N-PORT) — filed 2022-05-25
- Portfolio holdings (N-PORT) — filed 2022-02-22
- Annual census (N-CEN) — filed 2022-03-14
- Annual census (N-CEN) — filed 2021-03-10
Related Funds
Other Emerging Markets Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.