1. Overview

    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 & Portfolio

    Periodic Performance

    All figures to 31/05/2022

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Inc -8.9%-8.9%0.1%1.4%

     


    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 5.4%2.7%-10.8%23.9%-3.5%
    Sector Average*** 3.1%2.7%-10.1%23.5%-1.1%

    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 - 31/05/2022

    The 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.
    The graph is rebased to 100.

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

    Fund %
    1 PaymentSense 8% 2025 2.4%
    2 Burford Capital 6.25% 2028 (144a) 2.4%
    3 Santander 4.375% 2026 Perp AT1 2.2%
    4 Rothesay Life 6.875% Perp 1.9%
    5 Bharti Airtel 5.65% 2025 Perp 1.8%
    6 LeasePlan 7.375% 2024 Perp AT1 1.8%
    7 First Cash 4.625% 2028 (144A) 1.8%
    8 Digi Communications 3.25% 2028 1.7%
    9 Adevinta 3% 2027 1.7%
    10 CPI Property 4.875% 2025 Perp 1.7%
    Total 19.5%
    SECTOR ANALYSIS OF TOTAL ASSETS - 31/05/2022

    Fund %

    • 1 Financial Services 14.50
    • 2 Services 12.04
    • 3 Retail 11.68
    • 4 Media 8.22
    • 5 Telecommunications 7.76
    • 6 Health Care 7.35
    • 7 Basic Industry 7.08
    • 8 Banking 6.81
    • 9 Technology & Electronics 4.47
    • 10 Consumer Goods 4.20
    • 11 Capital Goods 3.02
    • 12 Real Estate 2.64
    • 13 Leisure 2.43
    • 14 Energy 2.14
    • 15 Others 4.95
    • 16 Cash & Derivatives 0.71
    • 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

    Robert Baltzer

    Robert is Head of Credit Research and co-manager of the Global Strategic Bond Fund and our high yield funds. He is a member of the Investment Grade, Crossover and High Yield Portfolio Groups. Robert joined Baillie Gifford in 2001 on the graduate scheme. He graduated MMath from Durham University in 2001 and is a CFA Charterholder.

    Lucy Isles

    Lucy is an investment manager in the Credit Team and co-manager of our high yield bond funds. She leads the High Yield Portfolio Group and chairs the Governance and Sustainability Multi Asset and Fixed Income Working Group. Lucy joined Baillie Gifford in 2012 on the graduate scheme. She graduated MA (Hons) in International Relations and Modern History from the University of St Andrews in 2011.

    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.