2. Overview

    Monthly Income is a simple, multi-asset fund designed to be a core holding for investors looking for a resilient long-term income stream that can keep pace with inflation over time.

    The Monthly Income Fund aims to produce monthly income, whilst seeking to maintain the value of that income and of capital in line with inflation (UK CPI) over five-year periods. The Fund has no benchmark. The manager believes an appropriate performance comparison for this Fund is the Investment Association Mixed Investment 40-85% Shares Sector.

    Thanks to its well-defined purpose and broad investment universe, Monthly Income offers a one-stop income solution, with clarity on the level of income and growth we aim to deliver over the long term.

    Performance & Portfolio

    Periodic performance

    All figures to 31/10/2025

    1 Month

    3 Months

    6 Months

    1 Year

    3 Years

    5 Years
    Class B-Inc 1.4%1.5%5.5%5.5%7.6%5.0%
    Sector Average*** 3.4%5.6%14.3%13.1%10.4%7.6%
    Sector Ranking 218/225221/225218/220212/218177/194154/174

    Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.


    Annual discrete performance 30 September each year

    Annual percentage return (Updated Quarterly)

    30/09/2020
    30/09/2021

    30/09/2021
    30/09/2022

    30/09/2022
    30/09/2023

    30/09/2023
    30/09/2024

    30/09/2024
    30/09/2025
    Class B-Inc 11.1%-9.4%5.9%14.2%2.2%
    Sector Average*** 16.6%-10.2%5.1%13.9%9.3%

    Please bear in mind that past performance is not a guide to future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.

    Source: FE, Revolution. Total return net of charges, in sterling.

    Share class returns calculated using 10am prices, while the Index is calculated close-to-close.

    ***IA Mixed Investment 40-85% Shares Sector.

    Top ten holdings 31/10/2025

    Fund %
    1 UK Treasury 4.5% 07/03/2035 1.9%
    2 TSMC 1.8%
    3 Primary Health Properties REIT 1.7%
    4 Microsoft 1.6%
    5 Italgas S.p.A 1.5%
    6 Apple 1.4%
    7 Greencoat Renewables 1.3%
    8 Greencoat UK Wind 1.2%
    9 Terna 1.1%
    10 Exelon Corporation 1.1%
    Total 14.6%
    Asset allocation 31/10/2025

    Fund %

    • 1 Global Equities 30.46
    • 2 Property 10.90
    • 3 Infrastructure 20.22
    • 4 High Yield Credit 8.69
    • 5 Investment Grade Credit 5.63
    • 6 Emerging Market Bonds Hard Currency 8.45
    • 7 Emerging Market Bonds Local Currency 8.96
    • 8 Developed Government Bonds 1.88
    • 9 Cash and Equivalents 4.81
    • Total 100.00

    As 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.

    A negative cash position can sometimes occur due to obligations awaiting settlement.

    The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. Source Baillie Gifford & Co.

    Please note that totals may not sum due to rounding.

    Insights

    Meet the Managers

    Steven Hay

    Steven joined Baillie Gifford in 2004 and is head of the Income Research Team. He has been involved in running the Fixed Income portion of the strategy since 2012. He previously worked at Scottish Widows and spent seven years doing research for the Bank of England's Monetary Policy Committee and managing the UK's foreign exchange reserves. Steven graduated BAcc (Hons) in Economics and Accountancy from the University of Glasgow in 1992 and MSc in Economics from the University of Warwick in 1993.

    Lesley Dunn

    Lesley is head of Credit and co-manager of the Strategic Bond Strategy. She is a member of the Multi Asset and Income Leadership Group and the Monthly Income Portfolio Construction Group. Lesley joined Baillie Gifford in 2016 and became a partner of the firm 2023. Prior to this, she spent 15 years at Scottish Widows Investment Partnership. Lesley graduated BSc (Hons) in Maths, Statistics & Economics from Strathclyde University in 2000 and is a CFA Charterholder.

    Jon Stewart

    Jon is an investment manager within the Income Research Team specialising in listed property securities. He joined Baillie Gifford in 2020 from abrdn where he was part of the Real Estate Equities Team managing a number of UK, European and global real estate equity mandates. Prior to that, Jon spent four years as a sell-side analyst specialising in real estate equities, having begun his career on the UK Equity Team at Ignis Asset Management. Jon is a CFA Charterholder and graduated with an MPhys (Hons) in Physics and Photonics from the University of St Andrews in 2006.

    Nicoleta Dumitru

    Nicoleta is an investment manager in the Multi Asset Team and part of the Monthly Income Portfolio Construction Group. She joined Baillie Gifford in 2013 after graduating BSc (Hons) in Management and Marketing from the University of Manchester that same year.

    Documents

    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.

    Philosophy and process documents

    Monthly Income Philosophy and Process
    Download

    Value assessment

    Value Assessment Report - 31 March 2025
    Download

    Important Information

    Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority.

    The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.

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    This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. You can read details of our Legal and Important Information here.