Overview
The Cautious Managed Fund aims to achieve capital growth over rolling five-year periods. To accomplish this, the Fund will invest globally with a strategic asset allocation of 50% in equities, and 50% in bonds and cash.
The manager believes an appropriate comparison for this Fund is the Investment Association Mixed Investment 20 – 60% Shares sector median, given the investment policy of the Fund and the approach taken by the managers when investing.
Top ten holdings 30/11/2025
Fund % 1 BG Corporate Bond Fund 23.2% 2 US Treasury 5.2% 3 Colombia 2.6% 4 Spain 2.2% 5 Poland 1.9% 6 Peru 1.3% 7 Romania 1.1% 8 Amazon.com 1.0% 9 Brazil 0.9% 10 Italy 0.9% Total 40.2% Geographic analysis of total assets 30/11/2025Fund %
- 1 Overseas Bonds 32.95
- 2 Europe (ex UK) 12.70
- 3 UK 12.59
- 4 North America 12.50
- 5 UK Bonds 11.83
- 6 Developed Asia Pacific 7.00
- 7 Emerging Markets 5.51
- 8 Index Linked 1.02
- 9 Cash & Derivatives 3.90
- Total 100.00
A negative cash position may 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
View all 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.
Iain McCombie
Iain is the head of our UK Equity Team and co-manager of the UK Core Strategy. He is also the joint manager on our flagship Managed Strategy, which he has been involved in since 2000. Iain joined Baillie Gifford in 1994 and became a partner of the firm in 2005. He has previously spent time on the US Equities Team. Iain graduated MA in Accountancy from the University of Aberdeen and subsequently qualified as a Chartered Accountant.
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.
Factsheets
Key investor information documents (KIIDs)
Complaints
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: [email protected]. 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.
