1. Worldwide European High Yield Bond Fund

    Worldwide European High Yield Bond Fund

  2. Overview

    The Worldwide European High Yield Bond Fund aims to produce a combination of income and capital growth. The Fund will invest predominantly in sub-investment grade bonds and will be actively managed. Bonds are primarily of European currency, hedged to the client’s base currency.

    Performance & Portfolio

    Data is not currently available for this share class.

    Top Ten Holdings - 31/05/2022

    Fund %
    1 Burford Capital 3.0%
    2 Grifols 2.7%
    3 Banco Santander 2.6%
    4 EDF 2.3%
    5 B&M European Value Retail S.A. 2.3%
    6 ProGroup 2.3%
    7 LeasePlan Corporation N.V. 2.2%
    8 Virgin Media Holdings Inc. 2.2%
    9 Victoria 2.2%
    10 InPost S.A. 2.1%
    Total 23.8%
    Geographic Analysis of Total Assets 31/05/2022

    Fund %

    • 1 Europe 50.16
    • 2 United Kingdom 25.69
    • 3 North America 10.67
    • 4 Emerging Markets 8.72
    • 5 Developed Asia 2.70
    • 6 Cash, Futures and Forwards 2.05
    • 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.

    Managers

    Robert Baltzer

    Robert is Head of Credit Research and co-manager of the Global Strategic Bond Fund and our high yield funds. He is a member of the Investment Grade, Crossover and High Yield Portfolio Groups. Robert joined Baillie Gifford in 2001 on the graduate scheme. He graduated MMath from Durham University in 2001 and is a CFA Charterholder.

    Lucy Isles

    Lucy is an investment manager in the Credit Team and co-manager of our high yield bond funds. She leads the High Yield Portfolio Group and chairs the Governance and Sustainability Multi Asset and Fixed Income Working Group. Lucy joined Baillie Gifford in 2012 on the graduate scheme. She 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).

    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.

    Further Information

    BAILLIE GIFFORD INVESTMENT MANAGEMENT (EUROPE) LIMITED: REGISTERED OFFICE
    Baillie Gifford Investment Management (Europe) Limited is authorised and regulated by the Central Bank of Ireland (No. C182354). Registered office: 4/5 School House Lane East, Dublin 2, D02 N279. Registered in Ireland (No. 625892).

    COMPLAINTS CONTACT DETAILS
    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.

    Risks

    Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.

    The specific risks associated with the Fund include:

    Market Conditions

    Market values for illiquid securities which are difficult to trade may not be readily available, and there can be no assurance that any value assigned to them will reflect the price the Fund might receive upon their sale.

    Custody

    Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

    Bonds & Inflation

    Bonds issued by companies and governments may be adversely affected by changes in interest rates, expectations of inflation and a decline in the creditworthiness of the bond issuer. The issuers of bonds in which the Fund invests may not be able to pay the bond income as promised or could fail to repay the capital amount.

    Concentration

    The Fund’s concentrated portfolio relative to similar funds may result in large movements in the share price in the short term.

    Environmental, Social and Governance (ESG)

    The Fund invests according to sustainable and responsible investment criteria which means it cannot invest in certain sectors and companies. The universe of available investments will be more limited than other funds that do not apply such criteria/ exclusions, therefore the Fund may have different returns than a fund which has no such restrictions. Data used to apply the criteria may be provided by third party sources and is based on backward-looking analysis and the subjective nature of non-financial criteria means a wide variety of outcomes are possible. There is a risk that data provided may not adequately address the underlying detail around material non-financial considerations.

    Fees to Capital

    Part or all of the expenses of the Fund will be taken from the Fund’s capital. This will reduce the capital value of the Fund. The amount of expenses that will be allocated to capital for the current financial period has not yet been determined.

    Volatility

    The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.

    Further Details

    Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document (KIID), or the Prospectus. Copies of both the KIID and Prospectus are available at bailliegifford.com.