Overview
Fund objective
To produce monthly income, whilst seeking to maintain the value of that income and of capital in line with inflation (UK CPI) over five -year periods.
The Fund has no target. However, you may wish to assess performance of both income and capital against inflation (UK CPI) over five-year periods. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Mixed Investment 40 -85% Shares Sector.
Investment proposition
Bespoke portfolios in each asset class are constructed specifically to meet the objectives of Monthly Income. We believe a focus on income is essential in all aspects of portfolio construction, and we benefit from the depth of resource and expertise across Baillie Gifford in selecting individual securities from a global opportunity set. Getting the stock selection right and favouring resilient companies and countries that will not cut dividends or default on coupons is particularly important in limiting the income drawdown in extreme market conditions. Across all asset classes, each underlying investment is compatible with a sustainable economy.
Share price and charges
Share class
B, IncPrice
111.00p% change
-0.63%Yield
4.1%Ex-dividend (XD)
XOngoing charges*
0.50%Initial charge
0%Minimum investment
£100,000Minimum top up
£1,000Sustainability label
Sustainable investment labels help investors find products that have a specific sustainability goal. This product does not have a UK sustainable investment label. This product promotes environmental and/or social characteristics but does not meet the requirements to adopt a label. More details can be found in the product’s SDR Sustainability-related Disclosure Document found within the documents section of the website.
Fund facts
As at: 30 April 2026
Fund launch date
31 August 2018
Fund size
£1,017.48m
Annual turnover
469%
Current number of holdings
372
Style
Income
XD Date
Last day of each month
Distribution
Second last business day of each month
Pricing
Valuation point 10am daily, swinging single price
Fund settlement cycle
Trade date plus three business days (T+3)
Ratings
As at: 31 March 2026
Defaqto Risk Rating
Defaqto Income Drawdown Rated Fund
Dynamic Planner Risk Profile
EV Risk Rating
Scopic Rated Fund
Titan Square Mile 3D Rating
Synaptic Risk Rating
Meet the managers
Risk Warnings
Risk Introduction
The Fund does not guarantee positive returns. It aims to maintain the capital value in line with inflation, however this is not guaranteed. 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/Liquidity
Market values for illiquid securities which are difficult to trade, or value less frequently than the Fund, such as holdings in weekly or monthly dealt funds, may not be readily available. There can be no assurance that any value assigned to them will reflect the price the Fund might receive upon their sale. In certain circumstances it can be difficult to buy or sell the Fund's holdings and even small purchases or sales can cause their prices to move significantly, affecting the value of the Fund and the price of shares in the Fund.
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.
Alternative Assets
Investments may be made directly in hedge funds or, through specific investment vehicles into property, infrastructure and commodities. Returns from these investments are sensitive to various factors which may include interest and exchange rates, economic growth prospects and inflation, the occurrence of natural disasters, and the cost and availability of gearing (debt finance).
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.
Fees to Capital
The manager can charge some, or all, expenses to the Fund’s capital, reducing its value. This amount can vary from year to year.
Environmental, Social and Governance
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.
Further Information
Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
Fund performance
Periodic performance
As at: 30 April 2026
1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | |
|---|---|---|---|---|---|---|
Class B-Inc | 4.8% | 1.2% | 3.3% | 8.9% | 5.7% | 3.7% |
Sector Average* | 5.0% | 1.5% | 3.1% | 17.8% | 9.6% | 5.3% |
Sector Ranking | 132/225 | 157/225 | 106/222 | 203/213 | 183/192 | 146/178 |
Figures for 3 and 5 years are shown as the annualised rate of return. This is the average yearly return over the specified period.
Annual discrete performance
As at: 31 March 2026
31/03/2021 – 31/03/2022 | 31/03/2022 – 31/03/2023 | 31/03/2023 – 31/03/2024 | 31/03/2024 – 31/03/2025 | 31/03/2025 – 31/03/2026 | |
|---|---|---|---|---|---|
Class B-Inc | 7.4% | -3.9% | 6.4% | 2.3% | 5.2% |
Sector Average* | 5.2% | -4.5% | 10.2% | 3.3% | 11.1% |
Fund portfolio holdings
The list of top 10 holdings that this fund invests in.
As at: 30 April 2026
| # | Holding | % of total assets |
|---|---|---|
| 1 | UK Treasury 4.25% 07/03/2036 | 2.9% |
| 2 | TSMC | 2.0% |
| 3 | Terna | 1.5% |
| 4 | Sequoia Economic Infrastructure Income Fund | 1.4% |
| 5 | Microsoft | 1.4% |
| 6 | Brazil 10% 01/01/2035 | 1.4% |
| 7 | Analog Devices | 1.3% |
| 8 | Apple | 1.2% |
| 9 | Greencoat UK Wind | 1.1% |
| 10 | United Utilities | 1.1% |
Insights
Key articles, videos and podcasts relating to the fund:
Filters
Insights
Viewing 39 of 39
Infrastructure: beyond the HALO
Why hard asset, low obsolescence infrastructure gives the Monthly Income Fund resilience and flexibility
Monthly Income Fund Q1 update
Investment specialist David Rolland reflects on recent performance, portfolio changes and market developments.
Monthly Income Fund: retirement income in volatile markets
How we think differently about building a steady, long-term income stream that can grow over time.
Smooth the journey, not the market
For retirement investors, a steady, growing income stream can help mitigate market volatility.
Monthly Income Fund Q4 update
Head of Credit Lesley Dunn reflects on recent performance, portfolio changes and market developments.
Monthly Income Fund Q3 update
Investment manager Nicoleta Dumitru reflects on recent performance, portfolio changes and market developments.
Scopic Research interview: natural retirement income
In an interview with Scopic Research, we unpack natural income and how it may support more predictable payouts.
EMLC debt: why now is a good time to add
Emerging market local currency bonds offer high income supported by strong fundamentals.
Property hunting
Jon Stewart, co-manager of the Monthly Income Fund, explains why real estate investment trusts are a long-term opportunity.
How pension reform is reshaping retirement income
Why the Baillie Gifford Monthly Income Fund is suited to address regulatory changes in the UK pension market.
Monthly Income Fund Q2 update
Investment manager Nicoleta Dumitru reflects on recent performance, portfolio changes and market developments.
Monthly Income Fund: retirement income for the long term
Investment manager Steven Hay discusses the complexities of income investing and how the Fund approaches them.
Navigating retirement: sequencing risk
How retirees can protect their income during volatile times.
Monthly Income Fund Q1 update
The Monthly Income Fund Team reflects on recent performance, portfolio changes and market developments.
Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.
L'Oréal: Stock Story
Katie Muir discusses how innovation and a positive culture have fuelled the success of the world’s leading beauty enterprise.
A real assets recovery in the UK
Real assets like property and infrastructure are presenting new opportunities in the UK. Learn how we are taking advantage of them.
Investing in UK water
The companies transforming the UK’s water infrastructure.
The retirement date lottery – can it be avoided?
Sustainable Income Fund manager Steven Hay addresses three big questions facing today’s cohort of income investors.
Legally bond: finding underestimated resilience
By keeping an open mind, we hope to find opportunities other credit investors might overlook.
Can we mine sustainably?
Minerals are key to the energy transition. We believe mining responsibly will bring rewards.
Sustainable Income: built to last
Most investors demand a lasting income stream. Find out how we pursue growth that lasts.
Sustainable Income Fund update
Thoughts on investing in mixed assets in the current environment and keeping pace with inflation.
Navigating a turbulent Turkey
Turkey may be volatile, but there’s opportunity in currency forwards and competitive companies
The real deal in property
In a challenging environment, discover a European property sector company bucking the trend.
Baillie Gifford to rename its Multi Asset Income Fund
The Fund will be renamed the Baillie Gifford Sustainable Income Fund with effect from 31st March.
Re-awakening utilities
Utility companies which can adapt to climate change and the shift to renewables bring the best chance of returns.
Credit where credit’s due
Join Client Director Jan Oliver, as she hosts a webinar on Baillie Gifford’s Income solutions.
Up to speed with property
A growing digital economy means opportunities for those providing the real estate to support it, and a reliable income stream. Investment manager Jon Stewart tells us more in this instalment of the Actual Income series.
Actual Income Webinar: Lessons from Lockdown
Join Client Director Jan Oliver, as she hosts a webinar on Baillie Gifford’s Income solutions and reviews what we have learned about resilience from the companies in our income portfolios over the last few years.
Resilient income, time after time
Planning for future income demands preparation for an unknown tomorrow. In this film we explore the philosophy of Sustainable Income and how they are seeking real income, time after time.
Actual Income: We need to talk about inflation
When discussing investing, it's hard not to hear concerns surrounding inflation. Watch this webinar recording to hear some of the thoughts and opinions on this hot topic direct from five of our fund managers.
We need to talk about inflation
Central banks may find it hard to tackle price rises, requiring fine-tuning to fund strategies.
Multi Asset Income Fund Retrospective.
A resilient performance through the pandemic, now inflation is in focus.
Staying focused in frantic times
In the midst of the pandemic, do Mercado Libra and Avantor's bond offer long-term value?
The past is a foreign country
High yield today might not mean resilient yield tomorrow for Emerging Market debt. Theo Holland reveals how Indonesia turned raw potential into a pathway for sustainable growth.
Actual Income
Client Director Jan Oliver hosts a webinar on Baillie Gifford’s Income solutions. She is joined by James Dow, Torcail Stewart and Steven Hay, investment managers on our Global Income Growth Strategy, our Strategic Bond Strategy and our Multi Asset Income Strategy respectively.
The future is now, and it works
Innovation is the name of the game. Investment manager Torcail Stewart shares his enthusiasm for the growth companies of the future that we own the bonds of today.
Multi Asset Income Fund - annual retrospective
Investment managers Steven Hay and James Dow reflect on the first full year of the Multi Asset Income Fund.
View transcript
<p class="MsoNormal"><strong>Your capital is at risk. Past performance is not a guide to future returns. The following update is based on a representative portfolio. As such, stock examples may not be held in every client portfolio, and performance may differ.</strong></p>
<p class="MsoNormal">This transcript was generated by AI. </p>
<p class="MsoNormal"><strong>David Rolland:</strong> So, March was all about Iran. The escalation, the energy shock and the knock-on effects for markets. Before that, the quarter had started on a much calmer, more constructive footing. By the end of February, global equity markets were close to record highs. We believed inflation was moving in the right direction in several regions, and there was a growing confidence that policy rates had moved close to their destination. All this strength, despite the capture of the President of Venezuela, a US government shutdown and rapid developments in AI, prompted a more selective attitude towards parts of the software sector.</p>
<p class="MsoNormal">We also started to see leadership broaden beyond the very largest US tech companies. Investors showed more interest in what some described as halo businesses, hard asset, low obsolescence. Put simply, that means companies tied to the real world, essential spending, such as energy networks, infrastructure, defence and supply chains, where demand tends to be more predictable, and the risk of being disrupted overnight is lower. So this somewhat thematic move initially helped our performance. That backdrop was abruptly overshadowed at the end of February by the escalation of the conflict involving Iran. Markets initially appeared willing to assume that the episode might prove relatively contained.</p>
<p class="MsoNormal">But as March progressed, that confidence faded. The effective closure of the Strait of Hormuz and wider disruption to oil and LNG flows pushed Brent from around $70 a barrel before the conflict to above $100 by quarter end, reviving concerns about inflation and raising the risk of a drag on growth. The impact across asset classes was uneven. So equity markets fell, the US dollar strengthened and leadership narrowed again. In fixed income, government bonds did not provide the type of protection investors might ordinarily expect during a geopolitical shock. Long-dated developed market yields moved higher as markets focused on the inflationary nature of the move in energy, and pared back expectations for policy easing.</p>
<p class="MsoNormal">Stepping back, we do not think this is a repeat of 2022. Policy settings are materially tighter than they were then. Labour markets are cooler, and there is not yet clear evidence of broad de-anchoring in longer-term inflation expectations. Even so, the quarter ended with markets having to balance policy, politics, growth and inflation in a more complicated way than it seemed likely a few weeks earlier. So what did that mean for performance? During the quarter, the fund was down around 1.5 percent.</p>
<p class="MsoNormal">The period again highlighted the value of diversification. January and February were more supportive. March was testing. The portfolio’s multiple return engines helped limit reliance on any single market outcome, and the defensive quality nature allowed us to hold up relatively well. Within real assets, property and infrastructure both contributed positively by the end of February, but March took back some of that progress. In property, weakness was more evident in the more rate-sensitive UK and European logistics holdings, while more defensive areas were steadier.</p>
<p class="MsoNormal">Infrastructure was more resilient, which I’ll come on to. And equities were mixed. The stronger start to the year gave way to a more selective backdrop. And our credit holdings were a modest headwind. The broader point, though, is the same. When market leadership narrows or the macro backdrop shifts abruptly, we do not want outcomes to hinge on one asset class.</p>
<p class="MsoNormal">We want several engines working together to support both resilience and income. What did we change in the portfolio then? At quarter end, the fund remained broadly balanced across equities, bonds and real assets, complemented by a small cash position. The most meaningful move this quarter was in infrastructure. After a very strong run, we reduced the allocation from around 21 percent to close to 18 percent, mainly in regulated utilities. We sold Consolidated Edison and Rodeia, both of which had become less compelling on a relative basis.</p>
<p class="MsoNormal">But it is worth zooming out and reflecting on what the infrastructure allocation has delivered at portfolio level, because this quarter is a good illustration of why we own it. At a time when broader equity markets have been volatile and increasingly difficult to read, infrastructure has done what it is supposed to do. Global equities were negative over the quarter, while our infrastructure portfolio returned about 8 percent. That kind of divergence matters. It provides ballast when sentiment shifts, and critically, it creates optionality. The gains we have taken this quarter have put us in a position to be patient and selective elsewhere.</p>
<p class="MsoNormal">We increased our allocation to our equity growth portfolio to about 5 percent from 4 percent. Growth valuations have come down a fair bit since October last year, so we felt this was a good entry point. In our equity income allocation, we sold Kuehne+Nagel and redeployed the proceeds into existing holdings, where we see more dependable long-term growth and lower sensitivity to macro volatility. Looking ahead, we expect the fund to continue to deliver similar levels of income to 2025, despite the ongoing uncertainty. That base case remains that this energy shock proves manageable rather than structural. But Europe and the UK are more exposed than the US if energy prices stay higher for longer.</p>
<p class="MsoNormal">The key question from here is whether markets treat the move in energy prices primarily as an inflation shock, or whether second-order effects begin to weigh more meaningfully on growth. That balance of risks is one reason we are comfortable holding a little bit more cash for now, rather than feeling compelled to redeploy it quickly. The positive point I would leave you with is this. Q1 was a reminder that sentiment can shift quickly, but it also reinforces why the fund is built the way it is. We are not trying to predict one outcome. We are building it around multiple complementary sources of income, with exposure to businesses and issuers whose cash flows are resilient, whose balance sheets are robust and whose valuations remain sensible.</p>
<p class="MsoNormal">So that when the backdrop changes, the fund can absorb shocks, respond flexibly and continue delivering dependable income and more consistent total returns.</p>
<p class="MsoNormal"> </p>
<div>
<h3>Baillie Gifford Monthly Income Fund </h3>
<p class="TABLEHEADER1212pt"><strong>Annual past performance to 31 March each year (net %)</strong></p>
<table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 56.0001px;">
<tbody>
<tr style="height: 18.6667px;">
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 33.4992%;"> </td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2022</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2023</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2024</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2025</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2026</strong></td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 33.4992%;">Baillie Gifford Monthly Income Fund B Inc</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 7.4</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> -3.9</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 6.4</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 2.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 5.2</td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 33.4992%;">IA Mixed Investment 40-85% Shares Sector </td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 5.2</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> -4.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 10.2</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 3.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 11.1</td>
</tr>
</tbody>
</table>
</div>
<div>
<p class="TABLEHEADER1212pt"> </p>
<p class="TABLEHEADER1212pt"><strong>Distribution per unit (pence) to 31 March each year<br></strong>Rolling 12-month periods to 31 March each year<strong><br></strong></p>
<table border="1" style="border-collapse: collapse; width: 100%; border-width: 0px; height: 56.0001px;">
<tbody>
<tr style="height: 18.6667px;">
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 33.4992%;"> </td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2022</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2023</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2024</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2025</strong></td>
<td style="border-width: 1px 1px 2px; border-style: solid; border-color: rgb(204, 204, 204) rgb(204, 204, 204) rgb(0, 0, 0); border-image: initial; padding: 10px; height: 18.6667px; width: 13.267%;"><strong>2026</strong></td>
</tr>
<tr style="height: 18.6667px;">
<td style="border: 1px solid rgb(204, 204, 204); padding: 10px; height: 18.6667px; width: 33.4992%;">Baillie Gifford Monthly Income Fund B Inc</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 4.0</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 4.1</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 4.3</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 4.5</td>
<td style="border: 1px solid rgb(204, 204, 204); padding-top: 10px; padding-right: 10px; padding-bottom: 10px; height: 18.6667px; width: 13.267%;"> 4.6</td>
</tr>
</tbody>
</table>
</div>
<div>
<p><span class="source-text"><strong>Source</strong>: FE, Revolution. Net of fees, total return in sterling. Share class returns calculated using 10am prices, while the Index is calculated close-to-close.</span></p>
<span class="source-text"></span>
<p style="margin-top: 0cm; line-height: 12.0pt;" class="BGSOURCEbodySOURCE"><strong>Past performance is not a guide to future returns.</strong></p>
<p><span class="source-text">The Fund has no target. However you may wish to assess the performance of both income and capital against inflation (UK CPI) over a five-year period. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Mixed Investment 40-85% Shares Sector. </span></p>
<h3>Important information and risk factors </h3>
<p>This recording was produced and approved in April 2026 and has not been updated subsequenty. It represents views held at the time and may not reflect current thinking. </p>
<p>The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions. </p>
<p>This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, and Baillie Gifford and its staff may have dealt in the investments concerned. </p>
<p>Baillie Gifford & Co and Baillie Gifford & Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford & Co Limited is an Authorised Corporate Director of OEICs. </p>
<p>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. </p>
<p>The Fund does not guarantee positive returns. It aims to maintain the capital value in line with inflation, however this is not guaranteed. </p>
<p>Market values for illiquid securities which are difficult to trade, or value less frequently than the Fund, such as holdings in weekly or monthly dealt funds, may not be readily available. There can be no assurance that any value assigned to them will reflect the price the Fund might receive upon their sale. In certain circumstances it can be difficult to buy or sell the Fund’s holdings and even small purchases or sales can cause their prices to move significantly, affecting the value of the Fund and the price of shares in the Fund. </p>
<p>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. </p>
<p>Further details of the risks associated with investing in the Fund can be found in the Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com. </p>
</div>
Monthly Income Fund Q1 update
Investment specialist David Rolland reflects on recent performance, portfolio changes and market developments.
Infrastructure: beyond the HALO
Why hard asset, low obsolescence infrastructure gives the Monthly Income Fund resilience and flexibilityMonthly Income Fund Q1 update
Investment specialist David Rolland reflects on recent performance, portfolio changes and market developments.Monthly Income Fund: retirement income in volatile markets
How we think differently about building a steady, long-term income stream that can grow over time.Smooth the journey, not the market
For retirement investors, a steady, growing income stream can help mitigate market volatility.Monthly Income Fund Q4 update
Head of Credit Lesley Dunn reflects on recent performance, portfolio changes and market developments.Monthly Income Fund Q3 update
Investment manager Nicoleta Dumitru reflects on recent performance, portfolio changes and market developments.Scopic Research interview: natural retirement income
In an interview with Scopic Research, we unpack natural income and how it may support more predictable payouts.EMLC debt: why now is a good time to add
Emerging market local currency bonds offer high income supported by strong fundamentals.Property hunting
Jon Stewart, co-manager of the Monthly Income Fund, explains why real estate investment trusts are a long-term opportunity.How pension reform is reshaping retirement income
Why the Baillie Gifford Monthly Income Fund is suited to address regulatory changes in the UK pension market.Monthly Income Fund Q2 update
Investment manager Nicoleta Dumitru reflects on recent performance, portfolio changes and market developments.Monthly Income Fund: retirement income for the long term
Investment manager Steven Hay discusses the complexities of income investing and how the Fund approaches them.Navigating retirement: sequencing risk
How retirees can protect their income during volatile times.Monthly Income Fund Q1 update
The Monthly Income Fund Team reflects on recent performance, portfolio changes and market developments.Atlas Copco: Stock Story
Ben Drury explores how a culture of innovation and decentralisation drives success in industrial technology.L'Oréal: Stock Story
Katie Muir discusses how innovation and a positive culture have fuelled the success of the world’s leading beauty enterprise.A real assets recovery in the UK
Real assets like property and infrastructure are presenting new opportunities in the UK. Learn how we are taking advantage of them.Investing in UK water
The companies transforming the UK’s water infrastructure.The retirement date lottery – can it be avoided?
Sustainable Income Fund manager Steven Hay addresses three big questions facing today’s cohort of income investors.Legally bond: finding underestimated resilience
By keeping an open mind, we hope to find opportunities other credit investors might overlook.Can we mine sustainably?
Minerals are key to the energy transition. We believe mining responsibly will bring rewards.Sustainable Income: built to last
Most investors demand a lasting income stream. Find out how we pursue growth that lasts.Sustainable Income Fund update
Thoughts on investing in mixed assets in the current environment and keeping pace with inflation.Navigating a turbulent Turkey
Turkey may be volatile, but there’s opportunity in currency forwards and competitive companiesThe real deal in property
In a challenging environment, discover a European property sector company bucking the trend.Baillie Gifford to rename its Multi Asset Income Fund
The Fund will be renamed the Baillie Gifford Sustainable Income Fund with effect from 31st March.Re-awakening utilities
Utility companies which can adapt to climate change and the shift to renewables bring the best chance of returns.Credit where credit’s due
Join Client Director Jan Oliver, as she hosts a webinar on Baillie Gifford’s Income solutions.Up to speed with property
A growing digital economy means opportunities for those providing the real estate to support it, and a reliable income stream. Investment manager Jon Stewart tells us more in this instalment of the Actual Income series.Actual Income Webinar: Lessons from Lockdown
Join Client Director Jan Oliver, as she hosts a webinar on Baillie Gifford’s Income solutions and reviews what we have learned about resilience from the companies in our income portfolios over the last few years.Resilient income, time after time
Planning for future income demands preparation for an unknown tomorrow. In this film we explore the philosophy of Sustainable Income and how they are seeking real income, time after time.Actual Income: We need to talk about inflation
When discussing investing, it's hard not to hear concerns surrounding inflation. Watch this webinar recording to hear some of the thoughts and opinions on this hot topic direct from five of our fund managers.We need to talk about inflation
Central banks may find it hard to tackle price rises, requiring fine-tuning to fund strategies.Multi Asset Income Fund Retrospective.
A resilient performance through the pandemic, now inflation is in focus.Staying focused in frantic times
In the midst of the pandemic, do Mercado Libra and Avantor's bond offer long-term value?The past is a foreign country
High yield today might not mean resilient yield tomorrow for Emerging Market debt. Theo Holland reveals how Indonesia turned raw potential into a pathway for sustainable growth.Actual Income
Client Director Jan Oliver hosts a webinar on Baillie Gifford’s Income solutions. She is joined by James Dow, Torcail Stewart and Steven Hay, investment managers on our Global Income Growth Strategy, our Strategic Bond Strategy and our Multi Asset Income Strategy respectively.The future is now, and it works
Innovation is the name of the game. Investment manager Torcail Stewart shares his enthusiasm for the growth companies of the future that we own the bonds of today.Multi Asset Income Fund - annual retrospective
Investment managers Steven Hay and James Dow reflect on the first full year of the Multi Asset Income Fund.
How to buy
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 platforms@bailliegifford.com
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.
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.
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.