Prudential Baillie Gifford High Yield Bond S4
Performance
Discrete performance - to last month end
| 30/09/19 to 30/09/20 |
30/09/20 to 30/09/21 |
30/09/21 to 30/09/22 |
30/09/22 to 30/09/23 |
30/09/23 to 30/09/24 |
|
|---|---|---|---|---|---|
| Fund | -2.0% | 5.4% | -17.5% | 7.1% | 12.1% |
| Sector | -1.2% | 7.7% | -13.8% | 8.1% | 11.1% |
| Rank | 28/30 | 29/30 | 29/30 | 20/30 | 9/30 |
| Quartile | 4 | 4 | 4 | 3 | 2 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/09/24 |
5 Years to 30/09/24 |
10 Years to 30/09/24 |
||
| Fund | -0.3% | 0.5% | 1.6% | |
| Sector | 1.2% | 1.9% | 2.5% | |
| Rank | 27/30 | 30/30 | 30/30 | |
| Quartile | 4 | 4 | 4 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| Barclays 7.125% 2025 Perp AT1 | 1.74 |
| Gannett Hdgs 6% 2026 (144A) | 1.66 |
| Brightline East 11% 2030 (144A) | 1.63 |
| Aggreko 6.125% 2026 (144A) | 1.60 |
| IMA E+3.75% FRN 2029 | 1.60 |
| UK T Bill 18/11/2024 | 1.57 |
| Teva Pharma 7.375% 2029 | 1.51 |
| EDF 6% 2026 Perp | 1.49 |
| Neopharmed 7.125% 2030 | 1.47 |
| Kier Group 9% 2029 | 1.34 |
| Total | 15.62 |
Fund Aims
Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford High Yield Bond Fund - the underlying fund.
Underlying Fund Objective: The fund aims to produce a combination of income and capital growth and 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
| Bid (11/10/2024) | 156.00 |
| Offer (11/10/2024) | 164.30 |
| Fund size (31/08/2024) | £3.89m |
| Underlying Fund size | £314.66m |
| Number of holdings | 121 |
| Launch date | 25/01/2010 |
Fund Charges
| Annual Management Charge (AMC) | 1.60% |
| Further Costs | 0.04% |
| Yearly Total | 1.64% |
Asset Allocation
| International Bonds | 87.88% | |
| UK Corporate Bonds | 8.73% | |
| Alternative Trading Strategies | 1.11% | |
| Cash and Equivalents | -0.43% | |
| Other Assets | 2.71% |
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
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 fund charges and further costs, but take no account of product charges, or any Annual Management Charge paid for by the deduction of units. Charges and further costs 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 net 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 | 87.88% | |
| UK Corporate Bonds | 8.73% | |
| Alternative Trading Strategies | 1.11% | |
| Cash and Equivalents | -0.43% | |
| Other Assets | 2.71% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 96.62% | - | - | - | |
| Non-Classified | 2.71% | - | - | - | |
| Alternative Trading Strategies | 1.11% | - | - | - | |
| Alternative Trading Strategies | - | 1.11% | - | - | |
| Alternative Trading Strategies | - | - | 1.11% | - | |
| Alternative Trading Strategies | - | - | - | 1.11% | |
| Cash and Equivalents | -0.43% | - | - | - | |
Regional Allocation
| Developed Europe - Excl UK | 45.02% | |
| North America | 36.34% | |
| Non-Classified | 9.37% | |
| UK | 8.73% | |
| Developed Asia | 0.55% | |
| Emerging Europe | 0.43% | |
| Cash and Equivalents | -0.43% |
Fixed Interest Currencies
| US Dollar | 43.30% | |
| Euro | 41.54% | |
| Pound Sterling | 11.78% | |
| Non-Fixed Interest Assets | 3.82% | |
| Cash | -0.43% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Developed Europe - Excl UK | 45.02% | - | |
France
|
- | 10.02% | |
Germany
|
- | 8.13% | |
Netherlands
|
- | 7.83% | |
Italy
|
- | 6.81% | |
Luxembourg
|
- | 6.55% | |
Spain
|
- | 2.52% | |
Ireland
|
- | 2.27% | |
Austria
|
- | 0.88% | |
| North America | 36.34% | - | |
United States
|
- | 35.76% | |
Canada
|
- | 0.58% | |
| Non-Classified | 9.37% | - | |
| UK | 8.73% | - | |
United Kingdom
|
- | 8.73% | |
| Developed Asia | 0.55% | - | |
Singapore
|
- | 0.55% | |
| Emerging Europe | 0.43% | - | |
Poland
|
- | 0.43% | |
| Cash and Equivalents | -0.43% | - | |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
59.97% |
| 5Yr - 10Yr Maturity |
|
28.97% |
| > 15Yr Maturity |
|
7.68% |
| Cash And Equivalents |
|
-0.43% |
| Unknown Maturity |
|
2.71% |
| Other Asset Types |
|
1.11% |
Fixed Interest Quality Profile
| BBB |
|
2.68% |
| Sub-Investment Grade |
|
50.78% |
| Unknown Quality |
|
43.16% |
| Cash and Equivalents |
|
-0.43% |
| Other Asset Types |
|
3.82% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | Barclays 7.125% 2025 Perp AT1 | 1.74% | Non-Classified | Non-Classified |
| 2 | Gannett Hdgs 6% 2026 (144A) | 1.66% | Bonds | United States |
| 3 | Brightline East 11% 2030 (144A) | 1.63% | Bonds | United States |
| 4 | Aggreko 6.125% 2026 (144A) | 1.60% | Bonds | Luxembourg |
| 5 | IMA E+3.75% FRN 2029 | 1.60% | Bonds | Non-Classified |
| 6 | UK T Bill 18/11/2024 | 1.57% | Bonds | United Kingdom |
| 7 | Teva Pharma 7.375% 2029 | 1.51% | Bonds | Non-Classified |
| 8 | EDF 6% 2026 Perp | 1.49% | Bonds | France |
| 9 | Neopharmed 7.125% 2030 | 1.47% | Bonds | Italy |
| 10 | Kier Group 9% 2029 | 1.34% | Bonds | United Kingdom |
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
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 | B5B1YG0 |
| Mex Code | PUBGFF |
| Isin Code | GB00B5B1YG03 |
| Citi Code | I2Z8 |
Fund Charges
| Annual Management Charge (AMC) | 1.60% |
| Further Costs | 0.04% |
| Yearly Total | 1.64% |
Aims and Benchmark
| Aims | Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford High Yield Bond Fund - the underlying fund. Underlying Fund Objective: The fund aims to produce a combination of income and capital growth and 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 |
| ABI Sector | Sterling High Yield |
Ratings
| FE Crown |  |
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Charges and further costs 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.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | -1.78 |
| Beta | 1.21 |
| Sharpe | 0.00 |
| Standard Deviation | 7.77 |
| Info Ratio | -0.78 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | No |
| Emerging Markets | No |
| Concentrated Portfolio | Yes |
| Smaller Companies | No |
| High Yield Bonds | Yes |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | Yes |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | Yes |
| Offshore | No |
| Income Eroding Capital Growth | No |
| Umbrella Liabilities | No |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | No |
| Ethical Restrictions | No |
| Liquidity | Yes |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Concentrated Portfolio
The fund may invest in a relatively smaller number of stocks. This stock concentration may carry more risk than funds spread across a larger number of companies.
High Yield Bonds
The fund invests in high yield bonds. High yield bonds carry a greater risk of default than investment grade bonds, and economic conditions and interest rate movements will have a greater effect on their price. Income levels may not be achieved and the income provided may vary.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Exchange Rate
This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.
Derivative Exposure
The fund invests in derivatives as part of its investment strategy, over and above their use for Efficient Portfolio Management (EPM). Investors should be aware that the use of these instruments can, under certain circumstances, increase the volatility and risk profile of the Fund beyond that expected of a fund that only invests in equities. The fund may also be exposed to the risk that the company issuing the derivative may not honour their obligations which in turn could lead to losses arising.
Liquidity
This fund can suffer from partial or total illiquidity, which may lead to considerable price fluctuations and the inability to redeem your investment.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager.
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
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
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 fund charges and further costs, but take no account of product charges, or any Annual Management Charge paid for by the deduction of units. Charges and further costs 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 net 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.