HIGH YIELD BOND FUNDHIGH YIELD BOND FUND
The High Yield Bond Fund aims to produce a combination of income and capital growth.
The manager believes an appropriate comparison for this Fund is the Investment Association Sterling High Yield Bond sector average given the investment policy of the Fund and the approach taken by the manager when investing.
We focus on fundamental, forward looking research leading to a best ideas portfolio where every investment should make a difference.
Performance & PortfolioPeriodic PerformanceAll figures to 31/03/2021
6 Months 1 Year 3 Years 5 Years Class B-Inc 5.0% 23.9% 4.3% 5.7%Annual Discrete Performance figures to 31 March each yearAnnual percentage return (Updated Quarterly) 31/03/2016
Class B-Inc 10.4% 5.4% 2.7% -10.8% 23.9% Sector Average*** 10.6% 3.1% 2.7% -10.1% 23.5%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
IA Sector: Sterling High Yield.
Sector data based on B-Acc share class performance.
Performance source: FE, single pricing basis, total return.
Returns reflect the annual charges but exclude any initial charge paid.
***IA £ High Yield Sector.Performance - 31/03/2021The value of your investment may go down as well as up, and you may not get back the amount you invested.
Sector data based on B-Inc share class performance.
Source: FE and relevant underlying index provider, single pricing basis, total return.
Please bear in mind that past performance is not a guide to future performance.
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Top Ten Physical Bond Holdings* - 31/03/2021
Fund % 1 PaymentSense 8% 2025 2.0% 2 Virgin Media 4.125% 2030 (144A) 1.9% 3 Rothesay Life 6.875% Perp 1.8% 4 Unicredit 4.875% 2024/29 1.8% 5 Sirius XM Radio 4.125% 2030 (144A) 1.7% 6 ANGI Homeservices 3.875% 2028 (144A) 1.7% 7 Paprec 4% 2025 1.7% 8 CrowdStrike 3% 2029 1.7% 9 Adevinta 3% 2027 1.7% 10 Canpack 2.375% 2027 1.6% Total 17.7% Fund % 1 PaymentSense 8% 2025 2.0% 2 Virgin Media 4.125% 2030 (144A) 1.9% 3 Rothesay Life 6.875% Perp 1.8% 4 Unicredit 4.875% 2024/29 1.8% 5 Sirius XM Radio 4.125% 2030 (144A) 1.7% 6 ANGI Homeservices 3.875% 2028 (144A) 1.7% 7 Paprec 4% 2025 1.7% 8 CrowdStrike 3% 2029 1.7% 9 Adevinta 3% 2027 1.7% 10 Canpack 2.375% 2027 1.6% Total 17.7%Sector Analysis of Total Assets - 31/03/2021As 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.
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InsightsAll InsightsSeptember 2020
Actual Income - Enviva.
It’s not always easy to discern how green a company actually is. A detailed governance and sustainability review helps determine what the issues are, and whether they impact on the investment case. Wood pellet producer Enviva is a case in point.July 2020
Actual Income - Expectation Management.
Client focus on governance and sustainability (or G&S) factors has never been greater and is only accelerating with time – and rightly so. We believe our early decision to integrate G&S into our investment process has enhanced our ability to source dependable income streams, precisely because we take a broad and complete view of what makes companies succeed over the long term.July 2020
Actual Income - Darling Ingredients.
What does the White House’s china crockery have in common with Mercedes car seats, animal feed and biodiesel? The answer is both simple and incredibly complex – and probably not one for a dinner party chat. They are all products made possible by the bloody-minded genius of Texas-based Darling Ingredients, whose ability to turn unwanted remains into a diverse array of useful products is unsurpassed.May 2020
High Yield Bond Fund - Manager Insights.
Lucy Isles, investment manager, gives an update on the High Yield Bond Fund and how the team are not only offering support to companies in the short term, but also looking to the future and thinking about how companies will operate sustainably longer term.May 2020
Actual Income - CO-OP.
Appearances can be deceptive. Not least in the credit markets, where companies tainted by problems can end up producing attractive buying opportunities as they start to return to health. Co-op is just one example.April 2020
Actual Income - Resilience First.
Macro-noise is a risk to credit analysis. Our approach is simple, except in extreme circumstances, we take no view of it whatsoever.March 2020
Actual Income - Netflix.
Netflix has shaken up the global paid TV market and is on track to becoming an investment grade company.ARCHIVEDDecember 2019
The Spirit Of Compromise.
Cement accounts for 5 per cent of global carbon emissions and Cemex, a leading Mexico-based producer lacks governance and sustainability appeal. But we cannot ignore well-financed companies whose products contribute to economic growth, least of all when they promise to travel the road to redemption. Compromise is essential.
Meet the Managers
Robert joined Baillie Gifford in 2001 and is Head of the High Yield Team, and co-manager of the European High Yield and Global Credit strategies. He is a CFA Charterholder and graduated MMath from the University of Durham in 2001.
Lucy joined Baillie Gifford in 2012 and is co-manager of the High Yield Bond Fund. Lucy graduated MA (Hons) in International Relations and Modern History from the University of St Andrews in 2011.
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.
Bulletins and Factsheets
Enhanced Disclosure Document
Key Investor Information Documents
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.