2. Overview

    The Cautious Managed Fund aims to achieve capital growth over rolling five-year periods. To accomplish this, the Fund will invest globally with a strategic asset allocation of 50% in equities, and 50% in bonds and cash.

    The manager believes an appropriate comparison for this Fund is the Investment Association Mixed Investment 20 – 60% Shares sector median, given the investment policy of the Fund and the approach taken by the managers when investing.

    Top ten equity holdings 30/11/2025

    Fund %
    1 BG Corporate Bond Fund 23.2%
    2 US Treasury 5.2%
    3 Colombia 2.6%
    4 Spain 2.2%
    5 Poland 1.9%
    6 Peru 1.3%
    7 Romania 1.1%
    8 Amazon.com 1.0%
    9 Brazil 0.9%
    10 Italy 0.9%
    Total 40.2%
    Geographic analysis of total assets 30/11/2025

    Fund %

    • 1 Overseas Bonds 32.95
    • 2 Europe (ex UK) 12.70
    • 3 UK 12.59
    • 4 North America 12.50
    • 5 UK Bonds 11.83
    • 6 Developed Asia Pacific 7.00
    • 7 Emerging Markets 5.51
    • 8 Index Linked 1.02
    • 9 Cash & Derivatives 3.90
    • Total 100.00

    A negative cash position may sometimes occur due to obligations awaiting settlement.

    The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. Source Baillie Gifford & Co.

    Please note that totals may not sum due to rounding.

    Meet the Managers

    Steven Hay

    Steven joined Baillie Gifford in 2004 and is head of the Income Research Team. He has been involved in running the Fixed Income portion of the strategy since 2012. He previously worked at Scottish Widows and spent seven years doing research for the Bank of England's Monetary Policy Committee and managing the UK's foreign exchange reserves. Steven graduated BAcc (Hons) in Economics and Accountancy from the University of Glasgow in 1992 and MSc in Economics from the University of Warwick in 1993.

    Iain McCombie

    Iain is the head of our UK Equity Team and co-manager of the UK Core Strategy. He is also the joint manager on our flagship Managed Strategy, which he has been involved in since 2000. Iain joined Baillie Gifford in 1994 and became a partner of the firm in 2005. He has previously spent time on the US Equities Team. Iain graduated MA in Accountancy from the University of Aberdeen and subsequently qualified as a Chartered Accountant.

    How to Buy

    Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.

    You can invest in our funds via a number of fund platforms. Information on the range of funds available through platforms can be obtained from [email protected]

    OEIC Terms of Business

    To buy and sell our funds, you must complete and return a copy of the document below, if you don't already have an agreement with us. In order for us to accept your business for our range of OEICs, please complete and return the Terms of Business Acceptance Form.

    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.

    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:

    Custody

    Custody of assets, particularly in emerging markets, involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

    Emerging markets

    The Fund invests in emerging markets where difficulties in trading could arise, resulting in a negative impact on the value of your investment.

    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, particularly in emerging markets, may not be able to pay the bond income as promised or could fail to repay the capital amount.

    Foreign currency

    The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.

    Derivatives

    Derivatives may be used to obtain, increase or reduce exposure to assets and may result in the Fund being leveraged. This may result in greater movements (down or up) in the price of shares in the Fund. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Fund.

    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.