Overview
Fund objective
The High Yield Bond Fund aims to produce a combination of income and capital growth.
The fund will invest in sub-investment grade bonds and will be actively managed. The fund is global best ideas, hedged to sterling.
The manager believes an appropriate comparison for this Fund is the Investment Association Sterling High Yield Sector average given the investment policy of the Fund and the approach taken by the manager when investing.
Investment proposition
Share price and charges
Share class
B, IncPrice
115.70p% change
0.09%Ex-dividend (XD)
XOngoing charges*
0.40%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Fund facts
Fund launch date
30 November 2001
Fund size
£227.79m
The Investment Association sector
£ High Yield
Guideline number of issuers
90-120
Current number of issuers
90
Style
Income
XD Date
Last day of December, March, June and September each year
Distribution
Last day of February, May, August and November each year
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus three business days (T+3)
Portfolio characteristics
As at 30 June 2026
| Fund | |
|---|---|
| Duration | 3.6 |
| Average credit rating | BB |
| Tracking error | 0.8 |
| Tracking error range | 0-5% |
| Redemption yield | 5.8 |
| Running yield | 6.1 |
Source: Baillie Gifford & Co.
A full glossary of definitions can be viewed at the bottom of this page.
Meet the managers
Risk Warnings
Risk Introduction
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. The specific risks associated with the Fund include:
Market Conditions/Liquidity
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 such securities will accurately reflect the price the Fund might receive upon their sale. In certain circumstances it can be difficult to buy or sell the Fund's holdings and even small purchases or sales can cause their prices to move significantly, affecting the value of the Fund and the price of shares in the Fund.
Custody
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.
Concentration
The Fund's concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.
Derivatives
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.
Volatility
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.
Fees to Capital
The manager can charge some, or all, expenses to the Fund’s capital, reducing its value. This amount can vary from year to year.
Further Information
Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Index disclaimer
Important information
Your location indicates you are based in Jersey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.
Fund performance
Periodic performance
As at: 30 June 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Inc | 1.5% | 3.7% | 1.9% | 6.0% | 9.6% | 3.3% |
Sector Average* | 0.8% | 3.1% | 2.3% | 6.1% | 8.5% | 3.7% |
Sector Ranking | 4/31 | 7/31 | 23/31 | 16/31 | 6/29 | 20/29 |
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
As at: 30 June 2026
30/06/2021 – 30/06/2022 | 30/06/2022 – 30/06/2023 | 30/06/2023 – 30/06/2024 | 30/06/2024 – 30/06/2025 | 30/06/2025 – 30/06/2026 | |
|---|---|---|---|---|---|
Class B-Inc | -15.1% | 5.4% | 12.8% | 10.2% | 6.0% |
Sector Average* | -12.5% | 7.1% | 10.7% | 8.8% | 6.1% |
Important information
Your location indicates you are based in Jersey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 June 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | UK Treasury | 2.7% |
| 2 | Cirsa Finance International S.à r.l. | 2.2% |
| 3 | Asmodee Group AB (publ) | 2.1% |
| 4 | B&M Retail | 1.9% |
| 5 | EDF | 1.8% |
| 6 | Lottomatica Group S.p.A. | 1.7% |
| 7 | CPI Property Group | 1.7% |
| 8 | Deluxe Corp | 1.6% |
| 9 | SoftBank Group | 1.6% |
| 10 | Shift4 Payments, Inc. | 1.6% |
Quarterly transactions
Transactions for the three-month period ending 30 June 2026
New purchases
- British American Tobacco 4.2% 2030 Perp
- British American Tobacco 4.75% 2033 Perp
- Encore 6.5% 2033 FRN
- Fertiberia E+5% FRN 2031
- Golden Goose 6.212967% 2033 FRN
- Golden Goose 6.25% 2033
- INEOS Finance 8.5% 2031
- James Hardie 5.875% 2031 (144A)
- Jerrold Finco 7.875% 2030
- Jerrold Finco 8.5% 2032
- Lottomatica Gp 4.625% 2032
- Molins Finance 5.75% 2033
- Neo Next Energy 5% 2031
- Roquette Freres 6% 2032 Perp
- Tidewater 9.125% 2030 (144A)
- TMD Friction 8.25% 2031
- UGI International 5% 2031
- Whirlpool 7.75% 2031 (144A)
Complete sales
- Cable One Convertible 1.125% 2028
- Cirsa PIK 8.625% 2030
- CPI Property 3.75% 2028 Perp
- Evri 8.125% 2031
- Full House Resorts 8.25% 2028 (144A)
- Hemso Fastighets 4.2% 2033/2058
- Ht Troplast Ag 9.375% 2028
- Ion Platform 6.5% 2030
- Miller Homes E+4.25% 2030 FRN
- Roquette Freres SA 6% 2032 Perp
- SIG 9.75% 2029
- Travelodge 10.25% 2028
- Verizon Communications 5.743% 2032/2056
- Virgin Media VFN 8.875% 2033
- ZF Europe Finance 5.5% 2032
Important information
Your location indicates you are based in Jersey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Important information
Your location indicates you are based in Jersey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.
Documents
You can access any literature about the Fund here.
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.
Important information
Your location indicates you are based in Jersey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.
This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.