1. Overview

    The Sterling Aggregate Bond Fund aims to outperform (after deduction of costs) an index comprising 50% of the FTSE Actuaries UK Conventional Gilts All Stocks Index and 50% of the ICE Bank of America Sterling Non-Gilt Index by 0.65% 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 Strategic Bond Sector.

    A predominately sterling portfolio of government and corporate bonds created holistically to represent our best and strongest fixed income investment views. Our sterling aggregate bond strategy is driven by active bond selection based on country and company fundamentals. Our intention is to look across markets, and to exploit anomalies in fundamental values created by investors operating differently from us.

    Meet the Managers

    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.

    Phil Annen

    Phil is an Investment Manager in the Global Rates and Currencies Team and has been managing global bond funds and currency overlays since 2003. He joined Baillie Gifford in 1999 and worked in the Risk Department before becoming a Fixed Income Investment Manager in 2002. Phil graduated MSc in Physics from the University of Bern in 1997 and MSc in Financial Maths from the University of Edinburgh in 1998.

    Stuart Kelly

    Stuart joined Baillie Gifford in 2012 and is an Investment Manager in the Rates and Currencies Team. Prior to joining Baillie Gifford, he worked as an Emerging Markets Bond and Currency Trader for ING Barings and Bank of America, before working for the Bank of England as an Economist. Stuart graduated MA in Economics and Accounting from the University of Edinburgh in 1995.


    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).

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    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.