HIGH YIELD BOND FUNDHIGH YIELD BOND FUND
The High Yield Bond Fund aims to produce a combination of income and capital growth.
The manager believes an appropriate comparison for this Fund is the Investment Association Sterling High Yield Bond sector average given the investment policy of the Fund and the approach taken by the manager when investing.
We focus on fundamental, forward looking research leading to a best ideas portfolio where every investment should make a difference.
Top Ten Physical Bond Holdings* - 30/09/2020
Fund % 1 Netflix 4.625% 2029 2.7% 2 Unicredit 4.875% 2024/29 2.0% 3 Darling Ingredients 3.625% 2026 2.0% 4 First Cash 4.625% 2028 (144A) 1.8% 5 Co-operative Group 7.5% 2026 1.8% 6 LeasePlan 7.375% 2024 Perp AT1 1.7% 7 Virgin Media 5% 2027 1.7% 8 James Hardie 3.625% 2026 1.7% 9 Cheniere Energy 4.625% 2028 (144A) 1.6% 10 Dometic Group 3% 2026 1.6% Total 18.7% Fund % 1 Netflix 4.625% 2029 2.7% 2 Unicredit 4.875% 2024/29 2.0% 3 Darling Ingredients 3.625% 2026 2.0% 4 First Cash 4.625% 2028 (144A) 1.8% 5 Co-operative Group 7.5% 2026 1.8% 6 LeasePlan 7.375% 2024 Perp AT1 1.7% 7 Virgin Media 5% 2027 1.7% 8 James Hardie 3.625% 2026 1.7% 9 Cheniere Energy 4.625% 2028 (144A) 1.6% 10 Dometic Group 3% 2026 1.6% Total 18.7%Sector Analysis of Total Assets - 30/09/2020As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co.
Please note that totals may not add due to rounding.Unfortunately we were unable to load the chart. Please try again later.
InsightsView all Insights.May 2020
High Yield Bond Fund - Manager Insights.
Lucy Isles, investment manager, gives an update on the High Yield Bond Fund and how the team are not only offering support to companies in the short term, but also looking to the future and thinking about how companies will operate sustainably longer term.March 2020
High Yield Bond Fund – Manager Snapshot.
Malcolm Borthwick, managing editor at Baillie Gifford, talks to Rob Baltzer, joint manager of the High Yield Bond team. In this manager snapshot, Rob and Malcolm discuss headlines of the past, opportunities of the future and how we approach bond investing.December 2019
The Spirit Of Compromise.
Cement accounts for 5 per cent of global carbon emissions and Cemex, a leading Mexico-based producer lacks governance and sustainability appeal. But we cannot ignore well-financed companies whose products contribute to economic growth, least of all when they promise to travel the road to redemption. Compromise is essential.Fourth Quarter 2019
Bond Beats – Ørsted.
Danish government policies in favour of wind power generation have fostered the development of Ørsted over the last decade. The dual-track approach shows how clean energy can become financially resilient, as concerns over climate change increase.First Quarter 2019
New Year, New Conviction.
Lucy Isles and Robert Baltzer reflect on their team's focus on resilience and good governance.Fourth Quarter 2018
Bond Beats – Pinewood Studios.
Hollywood, California might be the first location you think of with regard to large-budget film blockbusters, but if you want to make one, there’s another “wood” that’s equally important. The fixed income team takes a look at the iconic Pinewood Studios and why they believe it is set to be centre stage in the film and TV industry for many years to come.ARCHIVED2019
High Yield Stewardship Report.
A summary of our High Yield team's Stewardship Activities in 2018 and 2019.ARCHIVEDFourth Quarter 2018
Bond Beats - WorldPay.
Rob Baltzer of the Baillie Gifford High Yield Bonds team takes a look at how, in a world where cash purchases are on the decline and e-commerce is on the rise, WorldPay is part of the technological backbone supporting digital transactions.ARCHIVEDMay 2018
Celebrating Inefficiency: The Market's, Not Ours.
By being nimble and patient, by joining the dots to find left of field insights and by looking at the world through both a telescope and a microscope, we can find opportunities in corporate bond markets that others may miss. Discover how we go about this.
View all Insights.
Meet the Managers
Robert joined Baillie Gifford in 2001 and is Head of the High Yield Team, and co-manager of the European High Yield and Global Credit strategies. He is a CFA Charterholder and graduated MMath from the University of Durham in 2001.
Lucy joined Baillie Gifford in 2012 and is co-manager of the High Yield Bond Fund. Lucy graduated MA (Hons) in International Relations and Modern History from the University of St Andrews in 2011.
How to Buy
You can invest in a range of our funds via a number of fund platforms and supermarkets, please see the links opposite. Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request. Information on the range of funds available through platforms can be found in our Platform Matrix.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
OEIC Terms of Business
To buy and sell our funds, you must complete and return a copy of the document below, if you don't already have an agreement with us. In order for us to accept your business for our range of OEICs, please complete and return the Terms of Business Acceptance Form.
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.
Enhanced Disclosure Document
Fund Ratings Reports
Key Investor Information Documents
Philosophy and Process Documents
General Investment Risk
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Bonds & Inflation
Bonds issued by companies and governments may be adversely affected by changes in interest rates, expectations of inflation and a decline in the creditworthiness of the bond issuer. The issuers of bonds in which the Fund invests may not be able to pay the bond income as promised or could fail to repay the capital amount.
The Fund’s concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
Derivatives may be used to obtain, increase or reduce exposure to assets and may result in the Fund being leveraged. This may result in greater movements (down or up) in the price of shares in the Fund. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Fund.
The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.
Under certain market conditions it can be difficult to buy or sell securities and even small purchases or sales can cause their prices to move significantly. To manage the effects of this, we may apply an increased dilution adjustment. As a result investors may face increased dealing costs.
Fees to Capital
From 1 October 2019 the fund expenses will be taken from Fund’s capital. This will reduce the capital value of the Fund. The figure for the current financial period has not yet been determined.
Market values for illiquid securities which are difficult to trade may not be readily available, and there can be no assurance that any value assigned to them will reflect the price the Fund might receive upon their sale.
Tax rates and the tax treatment of OEICs can change at any time.