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.


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

    Fund %
    1 EIB 3.875% 2037 2.3%
    2 Clarion 3.125% 2048 2.0%
    3 GlaxoSmithKline 5.25% 2042 1.9%
    4 KFW 5% 2036 1.7%
    5 Longhurst Libra 3.25% 2043 1.7%
    6 Housing & Care 3.288% 2049 1.7%
    7 Sovereign Housing Capital 4.768% 2043 1.7%
    8 Orange SA 5.375% 2050 1.7%
    9 Network Rail 4.75% 2035 1.6%
    10 Tesco Property Finance 5.661% 2041 1.6%
    Total 18.1%

    Fund %

    • 1 Real Estate 17.43
    • 2 Utility 12.76
    • 3 Banking 10.95
    • 4 Asset Backed 8.03
    • 5 Telecommunications 6.48
    • 6 Supranational 6.44
    • 7 Financial Services 5.43
    • 8 Insurance 4.74
    • 9 Government Guaranteed 4.18
    • 10 Health Care 3.87
    • 11 Commercial Mortgage Backed 3.83
    • 12 Technology & Electronics 3.60
    • 13 Services 2.64
    • 14 Media 2.28
    • 15 Others 4.48
    • 16 Cash & Derivatives 2.85
    • 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 is an investment manager in the Credit Team and manages our investment grade bond funds. Before joining Baillie Gifford in 2019, he 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 graduated BSc (Hons) in Mathematics from Heriot-Watt University in 2006 and is a CFA Charterholder.


    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.


    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.