1. Emerging Markets Bond Fund

    Emerging Markets Bond Fund

  2. This fund is closing on 22 April 2024

    In the letter of 22 January 2024 to shareholders, we noted the expected closure date of Emerging Markets Bond Fund as being 22 April 2024.  We now confirm 22 April 2024 as the closure date.  More detail on the closure of the Fund can be found in the letter to shareholders.

    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 29/02/2024

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Inc 0.8%5.6%1.8%1.7%
    Index* 2.4%4.6%0.7%0.9%
    Target Benchmark** 2.7%5.2%1.3%1.5%

    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 December each year

    Annual percentage return (Updated Quarterly)

    31/12/2018
    31/12/2019

    31/12/2019
    31/12/2020

    31/12/2020
    31/12/2021

    31/12/2021
    31/12/2022

    31/12/2022
    31/12/2023

    Class B-Inc 10.1%0.5%-5.5%-1.6%8.5%
    Index* 9.1%-0.5%-7.9%-0.6%6.3%
    Target Benchmark** 9.7%0.1%-7.4%0.0%7.0%
    Sector Average*** 9.1%0.7%-7.6%1.1%7.3%

    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* - 29/02/2024

    Fund %
    1 Colombia 7% 26/03/2031 10.3%
    2 Mexico 7.75% 23/11/2034 7.5%
    3 Indonesia 9% 15/03/2029 7.2%
    4 Brazil 10% 01/01/2027 4.8%
    5 Mexico 8.5% 31/05/2029 4.7%
    6 Hungary 4.5% 23/03/2028 4.1%
    7 South Africa 6.5% 28/02/41 3.4%
    8 Indonesia 8.375% 15/04/2039 3.4%
    9 Czech Republic 1.75% 23/06/2032 3.4%
    10 South Africa 10.5% 21/12/2026 3.3%
    Total 52.0%
    GEOGRAPHIC ANALYSIS OF TOTAL ASSETS - 29/02/2024

    Fund %

    • 1 Indonesia 12.55
    • 2 Mexico 12.17
    • 3 Colombia 10.26
    • 4 South Africa 9.95
    • 5 Malaysia 7.23
    • 6 Czech Republic 6.62
    • 7 Brazil 4.84
    • 8 Hungary 4.65
    • 9 Thailand 4.62
    • 10 Poland 3.66
    • 11 Chile 2.74
    • 12 International 2.63
    • 13 Peru 2.18
    • 14 Romania 2.09
    • 15 Others 5.84
    • 16 Cash & Derivatives 7.96
    • 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.

    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.