1. Overview

    The Fund aims to outperform (after deduction of costs) the J.P. Morgan GBI-EM Global Diversified Index unhedged in sterling by 0.6% per annum over rolling three-year periods. There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.

    The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Global Emerging Markets - Local Currency Sector .

    Our long experience of investing in emerging markets through Baillie Gifford’s history led us to establish our dedicated Emerging Markets Bond Fund in 2008.

    Portfolio

    Top Ten Physical Bond Holdings* - 31/03/2021

    Fund %
    1 China Development Bank 3.09% 18/06/2030 6.6%
    2 Thailand 1.25% IL 12/03/2028 3.3%
    3 Romania 3.65% 24/09/2031 3.1%
    4 Petroleos Mexicanos 7.47% 12/11/2026 2.9%
    5 Indonesia 8.375% 15/03/2024 2.8%
    6 Brazil 0% 01/07/2023 2.7%
    7 Indonesia 8.375% 15/03/2034 2.7%
    8 Brazil 10% 01/01/2023 2.7%
    9 South Africa 10.5% 21/12/2026 2.4%
    10 China Development Bank 3.23% 10/01/2025 2.2%
    Total 31.5%
    GEOGRAPHIC ANALYSIS OF TOTAL ASSETS - 31/03/2021

    Fund %

    • 1 China 11.55
    • 2 Indonesia 9.96
    • 3 Brazil 9.04
    • 4 Mexico 7.11
    • 5 Thailand 6.92
    • 6 South Africa 6.80
    • 7 Poland 5.39
    • 8 Colombia 5.16
    • 9 Peru 4.40
    • 10 Russia 3.83
    • 11 Egypt 3.61
    • 12 Romania 3.11
    • 13 Uruguay 2.50
    • 14 Others 12.76
    • 15 Cash & Derivatives 7.86
    • Total 100.0

    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.
    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.

    Meet the Managers

    Sally Greig

    Sally joined Baillie Gifford in 2005 and is an Investment Manager in the Emerging Market Debt Team. Prior to joining Baillie Gifford, she worked at the Bank of England from 2001 as an economist in the Foreign Exchange Division and provided regular analysis to the Monetary Policy Committee. Sally graduated MA in Economics and Statistics from the University of Edinburgh in 1998 and MSc in Finance and Econometrics from the University of York in 2003.

    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.

    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.

    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.