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.

    Performance & Portfolio

    Periodic Performance

    All figures to 31/05/2022

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Inc -0.9%-1.5%-0.8%-1.5%
    Index* -4.6%-5.9%-2.6%-0.8%
    Target Benchmark** -4.4%-5.3%-2.0%-0.3%

    Please bear in mind that past performance is not a guide to future performance.
    The value of your investment may go down as well as up, and you may not get back the amount you invested
    *The J.P. Morgan GBI-EM Global Diversified Index (unhedged in sterling).
    Performance source: FE and relevant underlying index provider, single pricing basis, total return.
    Returns reflect the annual charges but exclude any initial charge paid.
    The Fund’s objective changed on 7 August 2019 and performance after this date will be shown against the new benchmark.
    The manager believes The J.P. Morgan GBI-EM Global Diversified Index (unhedged in sterling) + 0.6% is an appropriate target benchmark given the investment policy of the Fund and the approach taken by the manager when investing. 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.


    Annual Discrete Performance to 31 March each year

    Annual percentage return (Updated Quarterly)

    31/03/2017
    31/03/2018

    31/03/2018
    31/03/2019

    31/03/2019
    31/03/2020

    31/03/2020
    31/03/2021

    31/03/2021
    31/03/2022

    Class B-Inc -1.5%-6.1%-5.7%6.0%-0.3%
    Index* 0.7%-0.5%-1.8%1.6%-4.2%
    Target Benchmark** 1.3%0.1%-1.2%2.2%-3.6%
    Sector Average*** 0.9%-3.4%-4.3%4.4%-2.0%
    31/05/2022

    Source FE. Single pricing basis, net income reinvested.

    Top Ten Physical Bond Holdings* - 31/05/2022

    Fund %
    1 Brazil 0% 01/07/2023 4.0%
    2 Indonesia 8.375% 15/03/2034 3.4%
    3 Brazil 0% 01/01/2024 3.2%
    4 Brazil 10% 01/01/2023 3.2%
    5 Mexico 7.75% 23/11/2034 2.8%
    6 South Africa 8.5% 31/01/2037 2.5%
    7 Uruguay 3.875% IL 02/07/2040 2.4%
    8 China Development Bank 3.09% 18/06/2030 2.4%
    9 China Development Bank 3.23% 10/01/2025 2.4%
    10 South Africa 10.5% 21/12/2026 2.4%
    Total 28.6%
    GEOGRAPHIC ANALYSIS OF TOTAL ASSETS - 31/05/2022

    Fund %

    • 1 Brazil 13.86
    • 2 South Africa 10.50
    • 3 Indonesia 10.18
    • 4 China 7.99
    • 5 Thailand 6.23
    • 6 Mexico 5.81
    • 7 Peru 4.88
    • 8 Colombia 4.57
    • 9 Poland 3.42
    • 10 Chile 2.72
    • 11 Uruguay 2.67
    • 12 Egypt 2.26
    • 13 Romania 2.06
    • 14 Others 10.98
    • 15 Cash & Derivatives 11.87
    • 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).

    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: 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.