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 30/09/2021

    6 Months

    1 Year

    3 Years

    5 Years

    Class B-Inc 2.6%7.7%4.8%5.1%

     


    Annual Discrete Performance to 30 September each year

    Annual percentage return (Updated Quarterly)

    30/09/2016
    30/09/2017

    30/09/2017
    30/09/2018

    30/09/2018
    30/09/2019

    30/09/2019
    30/09/2020

    30/09/2020
    30/09/2021

    Class B-Inc 9.2%2.0%6.8%0.3%7.7%
    Sector Average*** 7.4%1.4%4.7%-0.4%10.6%

    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 - 30/09/2021

    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* - 30/09/2021

    Fund %
    1 PaymentSense 8% 2025 2.2%
    2 Burford Capital 6.25% 2028 (144a) 2.1%
    3 Virgin Media 4.125% 2030 (144A) 2.0%
    4 Unicredit 4.875% 2024/29 1.9%
    5 Rothesay Life 6.875% Perp 1.8%
    6 ANGI Homeservices 3.875% 2028 (144A) 1.8%
    7 CrowdStrike 3% 2029 1.8%
    8 Paprec 4% 2025 1.8%
    9 LeasePlan 7.375% 2024 Perp AT1 1.7%
    10 Adevinta 3% 2027 1.7%
    Total 18.7%
    SECTOR ANALYSIS OF TOTAL ASSETS - 30/09/2021

    Fund %

    • 1 Media 12.51
    • 2 Financial Services 11.82
    • 3 Services 9.73
    • 4 Retail 9.41
    • 5 Basic Industry 8.47
    • 6 Health Care 7.94
    • 7 Banking 7.81
    • 8 Technology & Electronics 6.90
    • 9 Telecommunications 5.48
    • 10 Consumer Goods 4.30
    • 11 Capital Goods 2.95
    • 12 Energy 2.92
    • 13 Leisure 2.66
    • 14 Others 7.23
    • 15 Cash & Derivatives -0.13
    • 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 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 Isles

    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.

    Documents

    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.

    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.