Fund closure and payment of Termination Proceeds
The Fund closed on 22 April 2024. Termination Proceeds are shown in the table below and will be paid to shareholders on 25 April 2024.
Payment of residual amounts will also be made to shareholders when monies due to the Fund have been received. More information on the closure of the Fund, the payment of Termination Proceeds and payment of residual amounts can be found in the letters to shareholders.
If you have any queries, please contact our Client Relations Team on 0800 917 2113. Your call may be recorded for training or monitoring purposes.
Class ISIN Sedol Termination Proceeds (pence per share) A Inc GB00B39RMP13 B39RMP1 64.630246740 B Inc GB00B39RMQ20 B39RMQ2 66.855467380 B Acc GB00B7MCJT41 B7MCJT4 131.868300030 C Acc GB00B39RMS44 B39RMS4 196.370963930 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 31/03/2024 6 Months
1 Year
3 Years
5 Years
Class B-Inc 2.9% 4.1% 2.9% 1.7% Index* 2.2% 2.7% 1.3% 0.8% Target Benchmark** 2.5% 3.3% 1.9% 1.4% 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 to 31 March each year
Annual percentage return (Updated Quarterly) 31/03/2019
31/03/202031/03/2020
31/03/202131/03/2021
31/03/202231/03/2022
31/03/202331/03/2023
31/03/2024Class B-Inc -5.7% 6.0% -0.3% 4.9% 4.1% Index* -1.8% 1.6% -4.2% 5.7% 2.7% Target Benchmark** -1.2% 2.2% -3.6% 6.4% 3.3% Sector Average*** -4.3% 4.4% -2.0% 6.2% 3.3% 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
Source: FE, Revolution JP Morgan. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*JPM GBI-EM Global Diversified Index unhedged in sterling.
**J.P. Morgan GBI-EM Global Diversified Index (unhedged in sterling) per annum over rolling three-year periods.
***IA Global Emerging Markets Bonds Sector – Local Currency.Top Ten Physical Bond Holdings* - 31/03/2024
Fund % 1 Colombia 7% 26/03/2031 10.8% 2 Brazil 10% 01/01/2027 8.5% 3 Mexico 7.75% 23/11/2034 7.4% 4 Indonesia 8.375% 15/04/2039 5.9% 5 Mexico 8.5% 31/05/2029 5.7% 6 Hungary 4.5% 23/03/2028 5.7% 7 Malaysia 3.906% 15/07/2026 5.7% 8 Czech Republic 0.25% 10/02/2027 4.1% 9 Poland 6% 25/10/2033 4.0% 10 South Africa 6.5% 28/02/41 3.8% Total 61.5% GEOGRAPHIC ANALYSIS OF TOTAL ASSETS - 31/03/2024Fund %
- 1 Mexico 13.06
- 2 Colombia 10.80
- 3 Indonesia 9.68
- 4 Malaysia 9.40
- 5 South Africa 8.69
- 6 Brazil 8.52
- 7 Hungary 5.70
- 8 Thailand 4.82
- 9 Czech Republic 4.07
- 10 Poland 4.02
- 11 Romania 2.59
- 12 International 2.21
- 13 Chile 2.15
- 14 Peru 2.03
- 15 Others 8.16
- 16 Cash & Derivatives 4.09
- Total 100.00
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.Insights
View all Insights.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.
Bulletins and Factsheets
Enhanced Disclosure Document
Interim Reports
Key Investor Information Documents
Other Fund Literature
Quarterly Investor Reports
Sustainability-related Disclosures
Shareholders Rights Directive
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.
