Baillie Gifford Positive Change Fund aims to outperform (after deduction of costs) the MSCI AC World Index, as stated in Sterling, by at least 2% per annum over rolling five-year periods. The Fund will invest at least 90% in shares of companies anywhere in the world whose products or behaviour make a positive impact on society and/or the environment in the investment manager’s opinion. Investments will be made in companies addressing critical challenges in areas such as, but not limited to; education, social inclusion, healthcare and the environment. The Fund will be actively managed, concentrated and will invest in shares of companies of any size, any country and in any sector.