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 31/03/2024 6 Months
1 Year
3 Years
5 Years
Class B-Inc 9.5% 14.0% 0.3% 2.2% 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 Sector Average
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 -10.8% 23.9% -3.5% -8.2% 14.0% Sector Average*** -10.1% 23.5% -1.1% -4.5% 10.8% 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. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
*IA £ High Yield Sector.Top Ten Physical Bond Holdings* - 31/03/2024
Fund % 1 LeasePlan 7.375% 2024 Perp AT1 2.3% 2 Iliad 6.5% 2026 (144A) 1.8% 3 IQVIA 2.25% 2029 1.5% 4 Taseko Mines 7% 2026 (144A) 1.5% 5 EDF 6% 2026 Perp 1.5% 6 Biogroup 5% 2029 1.5% 7 Barclays 7.125% 2025 Perp AT1 1.5% 8 Telecom Italia 7.875% 2028 1.4% 9 Teva Pharma Ind 7.375% 2029 1.4% 10 Aggreko 6.125% 2026 (144A) 1.4% Total 15.8% Sector Analysis of Total Assets - 31/03/2024Fund %
- 1 Industrials 85.72
- 2 Financial 12.16
- 3 Utility 1.51
- 4 Sovereign 1.03
- 5 Cash & Derivatives -0.41
- 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
Faisal Islam
Faisal is an investment manager in the Credit Team, co-managing our High Yield Bond Strategy. Before joining Baillie Gifford in 2018, he worked for four years at PwC where he qualified as a chartered accountant in corporate finance, before moving to Aberdeen Standard Investments in 2016 as a high yield credit analyst. Faisal graduated BSc in Economics from the London School of Economics and Political Science in 2011 and is a CFA Charterholder.
Robert Baltzer
Robert is Head of Credit Research and co-manager of the Strategic Bond and High Yield strategies. He joined Baillie Gifford in 2001 on the graduate scheme and became an Investment Grade Bond manager in 2004. Robert has managed high yield portfolios since 2010 and crossover portfolios since 2012. He graduated MMath from Durham University in 2001 and is a CFA Charterholder.
Arthur Milson
Arthur is an investment manager in the Credit Team, co-managing our High Yield Bond Strategy. Before joining Baillie Gifford in 2022, he worked for abrdn/Standard Life Investments for 16 years. Arthur graduated BSc in Biological Sciences from the University of Edinburgh in 1992, has a postgraduate diploma in commerce from the University of Wollongong and is a Chartered Accountant.
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
Philosophy and Process Documents
Quarterly Investor Reports
Value Assessment
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.
