1. Worldwide Sustainable Emerging Markets Bond Fund

    Worldwide Sustainable Emerging Markets Bond Fund

  2. Overview

    The investment objective of the Fund is to seek to maximise total return (a combination of income and capital growth) by investing in a diversified portfolio consisting primarily of bonds issued by governments, local authorities, Supranational Organisations, public sector bodies and corporates in Emerging Market Countries which meet the environmental, social and governance criteria of the Investment Manager’s proprietary ESG framework and will exclude governments, local authorities, Supranational Organisations, public sector bodies and corporates in Emerging Market Countries whose activities/or products, behaviour and/or services are inconsistent with international standards of conduct.

    Top Ten Issuers; 31/10/2022

    Fund %
    1 Dominican Republic 8.5%
    2 Peru 6.8%
    3 Indonesia 6.4%
    4 Romania 5.9%
    5 Oman 5.8%
    6 Uruguay 4.7%
    7 Uzbekistan 4.2%
    8 Mexico 4.1%
    9 The Republic Of Angola 4.1%
    10 Egypt 3.3%
    Total 53.8%

    Managers

    Yannis Lykouris

    Yannis joined Baillie Gifford in June 2011 and is an Investment Manager in the Emerging Markets Debt Team. He previously completed a summer internship at Goldman Sachs Asset Management in 2010. Yannis is a CFA Charterholder. He graduated BSc (Hons) in Accounting & Finance from the Athens University of Economics & Business in 2008 and MSc in Financial Economics from the University of Oxford in 2010.

    John Berry

    John joined Baillie Gifford in 2009 and is an Investment Manager in the Emerging Markets Debt Team. He also Chairs the Multi Asset and Fixed Income Review Group. Prior to joining Baillie Gifford, he spent eight years working for businesses and aid agencies in Emerging Markets. He graduated MA in Geography from the University of Edinburgh in 1999 and MSc in Development Practice from Oxford Brookes University in 2003.

    Mindaugas Lepeska

    Mindaugas joined Baillie Gifford in June 2019 and is an Investment Manager in the Emerging Markets Debt Team. Prior to joining Baillie Gifford, he worked as an Emerging Markets Strategists and Economist at Columbia Threadneedle for eight years before being promoted to lead EM Local Currency Debt Strategy. Mindaugas began his career in 2009 as an Economic Advisor for RBS. He graduated BSc in Economics from the University of Southampton in 2008 and MSc in Economics from the London School of Economics in 2009. Mindaugas has passed all three levels of CFA designation in first sitting.

    How to Invest

    You can invest in a range of our funds via a number of fund platforms and supermarkets. Certain share classes are available for investment via a number of platforms. Please see the links opposite.

    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.

    How to Invest

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). Please note that, due to current government restrictions, we have a limited number of staff in our office. As a result, if posting instructions to us, there may be a delay in processing these due to these current restrictions.

    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.

    Further Information

    BAILLIE GIFFORD INVESTMENT MANAGEMENT (EUROPE) LIMITED: REGISTERED OFFICE
    Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (No. C182354). Registered office: 4/5 School House Lane East, Dublin 2, D02 N279. Registered in Ireland (No. 625892).

    COMPLAINTS CONTACT DETAILS
    In the first instance, clients should contact their normal Client Contact with any concerns. Alternatively, or for those clients who do not have a direct client contact assigned, complaints can be emailed to Baillie Gifford’s Compliance Department at: InstitutionalComplaints@bailliegifford.com. A summary document which contains details on Baillie Gifford’s complaints management policy is available upon request. All material complaints are recorded in an in-house incident management system and are escalated to, and dealt with by, members of staff of suitable seniority, independent of the area from which the matter arose.

    Risks

    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:

    Custody

    Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

    Emerging Markets

    The Fund invests in emerging markets where difficulties in trading could arise, resulting in a negative impact on the value of your investment. The Fund’s investment in frontier markets may increase this risk.

    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, particularly in emerging markets, 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.

    Foreign Currency

    The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested .

    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.

    ESG

    The Fund invests in government and corporate issuers which meet the environmental, social and governance criteria. This means the Fund will not invest in certain government and corporate issuers and the universe of investments available to the Fund will be more limited than other funds that do not apply such criteria. The Fund therefore may have different returns than a fund which has no such restrictions. Data used to apply the criteria may be provided by third party sources and is based on backward-looking analysis and the subjective nature of non-financial criteria means a wide variety of outcomes are possible. There is a risk that data provided may not adequately address the underlying detail around material non-financial considerations.

    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.

    Further details

    Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document (KIID), or the Prospectus. Copies of both the KIID and Prospectus are available at bailliegifford.com.

    Definitions

    Duration: This is a measure of how sensitive the price of a bond (or other debt instrument) is to a change in interest rates. In general, the higher the duration, the more a bond's price will drop in response to a rise in interest rates.

    Average credit rating: Credit ratings agencies, such as S&P and Fitch, asssess the creditworthiness of a borrower and assign a rating to the debt instruments (including bonds) that they have issued. The scale that applies here goes from AAA (Investment Grade - extremely strong capicity to meet financial commitments) to D (Speculative Grade - Payment defaulted, a promise breached or filed for bankruptcy). The lowest "Investment Grade" rating is BBB.

    Redemption Yield: This represents the expected annual returns from bonds or other fixed-interest securities.