1. Overview

    The Investment Grade Long Bond Fund aims to outperform (after deduction of costs) the ICE Bank of America Merrill Lynch Sterling Non-Gilt over 10 Years Index by 0.5% 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 Sterling Corporate Bond Sector.

    Portfolio

    Top Ten Physical Bond Holdings* - 31/03/2021

    Fund %
    1 UK Treasury 3.25% 22/01/2044 2.3%
    2 Rabobank 6.5% Perp 2.2%
    3 Enel 5.75% 2040 1.9%
    4 E.on 6.125% 2039 1.9%
    5 National Grid 5.625% 2025/73 1.8%
    6 Cadent 2.75% 2046 1.6%
    7 Heathrow Airport 4.625% 2046 1.6%
    8 Hasbro 6.35% 2040 1.5%
    9 Tesco Property Finance 6 5.4111% 2044 1.5%
    10 Centrica 4.25% 2044 1.4%
    Total 17.8%
    SECTOR ANALYSIS OF TOTAL ASSETS - 31/03/2021

    Fund %

    • 1 Utility 20.86
    • 2 Real Estate 10.70
    • 3 Banking 7.69
    • 4 Telecommunications 7.61
    • 5 Sovereign 6.47
    • 6 Asset Backed 5.71
    • 7 Commercial Mortgage Backed 5.22
    • 8 Technology & Electronics 3.87
    • 9 Financial Services 3.87
    • 10 Media 3.63
    • 11 Health Care 3.40
    • 12 Retail 2.68
    • 13 Basic Industry 2.57
    • 14 Government Guaranteed 2.35
    • 15 Consumer Goods 2.13
    • 16 Others 8.67
    • 17 Cash & Derivatives 2.57
    • 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 Manager

    Paul Dilworth

    Paul joined Baillie Gifford in 2019 and is an Investment Manager in the Credit Team. Previously, Paul worked for almost 13 years at Kames Capital where he was responsible for managing a broad range of fixed income mandates, including Global Financial Credit, Global Absolute Return and Investment Grade Credit. Paul is a CFA Charterholder and graduated BSc (Hons) in Mathematics from Heriot-Watt University in 2006.

    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: [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.