Baillie Gifford High Yield Bond Class B Inc
Report And Accounts
Simplified Prospectus / KIID
Performance
Discrete performance - to last month end
| 30/11/19 to 30/11/20 |
30/11/20 to 30/11/21 |
30/11/21 to 30/11/22 |
30/11/22 to 30/11/23 |
30/11/23 to 30/11/24 |
|
|---|---|---|---|---|---|
| Fund | 3.0% | 2.4% | -11.6% | 6.7% | 14.3% |
| Sector | 3.7% | 4.5% | -9.1% | 7.8% | 11.5% |
| Rank | 20/26 | 25/28 | 23/29 | 22/29 | 2/29 |
| Quartile | 4 | 4 | 4 | 3 | 1 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/11/24 |
5 Years to 30/11/24 |
10 Years to 30/11/24 |
||
| Fund | 2.5% | 2.6% | 3.8% | |
| Sector | 3.0% | 3.4% | 3.7% | |
| Rank | 20/29 | 20/26 | 11/22 | |
| Quartile | 3 | 4 | 2 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| Barclays 7.125% 2025 Perp AT1 | 1.79 |
| Aggreko 6.125% 2026 (144A) | 1.67 |
| IMA E+3.75% FRN 2029 | 1.65 |
| UK T Bill 13/01/2025 | 1.63 |
| Teva Pharma 7.375% 2029 | 1.54 |
| Brightline East 11% 2030 (144A) | 1.53 |
| Neopharmed 7.125% 2030 | 1.52 |
| Burford Capital 9.25% 2031 (144A) | 1.41 |
| Cheplapharm 5.5% 2028 (144A) | 1.40 |
| Kier Group 9% 2029 | 1.40 |
| Total | 15.54 |
Fund Aims
Investment Objective The Sub-fund aims to produce a combination of income and capital growth. Investment Policy The Sub-fund will invest at least 80% in sub-investment grade bonds and will be actively managed. To the extent that the Sub-fund is not fully invested in sub-investment grade bonds, the Sub-fund may also invest in other bonds, shares, other transferable securities, money market instruments, deposits and cash. The bonds in which the Sub-fund invests will be denominated in sterling or denominated in other currencies and hedged back to sterling. The Sub-fund may use derivatives and currency forwards for both investment purposes and in the management of risk.
Fund Manager
Faisal is an investment manager in the Credit Team, co-managing our High Yield Bond Strategy. Before joining Baillie Gifford in 2018, he worked for four years at PwC where he qualified as a chartered accountant in corporate finance, before moving to Aberdeen Standard Investments in 2016 as a high yield credit analyst. Faisal graduated BSc in Economics from the London School of Economics and Political Science in 2011 and is a CFA Charterholder.
Arthur Milson is an investment manager in the Credit Team. He is co-manager of our high yield bond funds and a member of the High Yield Portfolio Group. Before joining Baillie Gifford in 2022, Arthur worked for abrdn/Standard Life Investments for 16 years, where he was responsible for managing a number of high yield funds. Arthur graduated BSc Biological Sciences from The University of Edinburgh in 1992, has a postgraduate diploma in Commerce from The University of Wollongong and is a Chartered Accountant.
Fund Overview
| Mid (20/12/2024) | 118.90p |
| Distribution yield | 7.40% |
| Underlying yield | 7.00% |
| Fund size (31/10/2024) | £304.18m |
| Number of holdings | 123 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.37% |
| Launch date | 28/02/2002 |
Asset Allocation
| International Bonds | 84.26% | |
| UK Corporate Bonds | 13.76% | |
| Cash and Equivalents | 0.44% | |
| Alternative Trading Strategies | -1.26% | |
| Other Assets | 2.81% |
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| International Bonds | 84.26% | |
| UK Corporate Bonds | 13.76% | |
| Cash and Equivalents | 0.44% | |
| Alternative Trading Strategies | -1.26% | |
| Other Assets | 2.81% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 98.01% | - | - | - | |
| Non-Classified | 2.81% | - | - | - | |
| Cash and Equivalents | 0.44% | - | - | - | |
| Alternative Trading Strategies | -1.26% | - | - | - | |
| Alternative Trading Strategies | - | -1.26% | - | - | |
| Alternative Trading Strategies | - | - | -1.26% | - | |
| Alternative Trading Strategies | - | - | - | -1.26% | |
Regional Allocation
| Developed Europe - Excl UK | 43.33% | |
| North America | 34.18% | |
| UK | 13.76% | |
| Non-Classified | 6.67% | |
| Developed Asia | 0.65% | |
| Australia & New Zealand | 0.53% | |
| Emerging Europe | 0.45% | |
| Cash and Equivalents | 0.44% |
Fixed Interest Currencies
| Euro | 42.26% | |
| US Dollar | 40.14% | |
| Pound Sterling | 15.62% | |
| Non-Fixed Interest Assets | 1.55% | |
| Cash | 0.44% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Developed Europe - Excl UK | 43.33% | - | |
Germany
|
- | 9.04% | |
Italy
|
- | 7.60% | |
Luxembourg
|
- | 6.98% | |
Netherlands
|
- | 6.62% | |
France
|
- | 6.11% | |
Ireland
|
- | 2.95% | |
Spain
|
- | 2.66% | |
Austria
|
- | 1.38% | |
| North America | 34.18% | - | |
United States
|
- | 33.29% | |
Canada
|
- | 0.88% | |
| UK | 13.76% | - | |
United Kingdom
|
- | 13.76% | |
| Non-Classified | 6.67% | - | |
| Developed Asia | 0.65% | - | |
Singapore
|
- | 0.65% | |
| Australia & New Zealand | 0.53% | - | |
Australia
|
- | 0.53% | |
| Emerging Europe | 0.45% | - | |
Poland
|
- | 0.45% | |
| Cash and Equivalents | 0.44% | - | |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
61.50% |
| 5Yr - 10Yr Maturity |
|
29.05% |
| > 15Yr Maturity |
|
7.47% |
| Cash And Equivalents |
|
0.44% |
| Unknown Maturity |
|
2.81% |
| Other Asset Types |
|
-1.26% |
Fixed Interest Quality Profile
| BBB |
|
0.95% |
| Sub-Investment Grade |
|
49.92% |
| Unknown Quality |
|
47.16% |
| Cash and Equivalents |
|
0.44% |
| Other Asset Types |
|
1.55% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | Barclays 7.125% 2025 Perp AT1 | 1.79% | Non-Classified | Non-Classified |
| 2 | Aggreko 6.125% 2026 (144A) | 1.67% | Bonds | Luxembourg |
| 3 | IMA E+3.75% FRN 2029 | 1.65% | Bonds | Non-Classified |
| 4 | UK T Bill 13/01/2025 | 1.63% | Bonds | United Kingdom |
| 5 | Teva Pharma 7.375% 2029 | 1.54% | Bonds | Non-Classified |
| 6 | Brightline East 11% 2030 (144A) | 1.53% | Bonds | United States |
| 7 | Neopharmed 7.125% 2030 | 1.52% | Bonds | Italy |
| 8 | Burford Capital 9.25% 2031 (144A) | 1.41% | Bonds | United States |
| 9 | Cheplapharm 5.5% 2028 (144A) | 1.40% | Bonds | Germany |
| 10 | Kier Group 9% 2029 | 1.40% | Bonds | United Kingdom |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only.
Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | 3081671 |
| Mex Code | BGHYCB |
| Isin Code | GB0030816713 |
| Citi Code | BE79 |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.37% |
Aims and Benchmark
| Aims | Investment Objective The Sub-fund aims to produce a combination of income and capital growth. Investment Policy The Sub-fund will invest at least 80% in sub-investment grade bonds and will be actively managed. To the extent that the Sub-fund is not fully invested in sub-investment grade bonds, the Sub-fund may also invest in other bonds, shares, other transferable securities, money market instruments, deposits and cash. The bonds in which the Sub-fund invests will be denominated in sterling or denominated in other currencies and hedged back to sterling. The Sub-fund may use derivatives and currency forwards for both investment purposes and in the management of risk. |
| Benchmark | Investment Association Sterling High Yield sector average |
| Benchmark Category | - |
| IA Sector | £ High Yield |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 10:00 |
| Fund type | OEIC |
| Launch price | £1.00 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Quarterly |
| Distribution Type | Interest |
| Distribution Payment Basis | Net |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 31 December | 28 February |
| 31 March | 31 May |
| 30 June | 31 August |
| 30 September | 30 November |
Ratings
| FE Crown |  |
Effect of Deductions
| Assuming a growth rate of 5.00% | Assuming a growth rate of 7.00% |
|---|---|
| 4.20% | - |
Fund Administration
| Fund Trustee/Depository | NatWest Trustee and Depositary Services Limited |
| Fund Administrator | Internal |
| Fund Registrar | Internal |
| Fund Custodian | Bank of New York Mellon Trust & Depositary Co. Ltd |
Group Details
| Group name | Baillie Gifford & Co |
| Group address | Calton Square 1 Greenside Row Edinburgh EH1 3AN |
| Group telephone | 0800 917 4752 |
| Dealing telephone | 0800 917 4750 |
| trustenquiries@bailliegifford.com | |
| Homepage | www.bailliegifford.com/intermediaries |
| Fax number | 0131 275 3955 |
Dealing
| Minimum Investment | £1000 |
| Minimum Top Up | £0 |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 3 days |
| Settlement Period: Sell | 3 days |
| Pricing Basis | Forward |
| Dealing Decimals | - |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.