Prudential Baillie Gifford High Yield Bond S5

Essentials Portfolio Analysis Background Data Investment Risk Performance View PDF Factsheet
Portfolio data accurate as at:

Performance

Discrete performance - to last month end

31/03/19
to
31/03/20
31/03/20
to
31/03/21
31/03/21
to
31/03/22
31/03/22
to
31/03/23
31/03/23
to
31/03/24
Fund -11.5% 18.4% -4.9% -8.9% 10.4%
Sector -9.8% 19.0% -1.9% -5.5% 9.2%
Rank 23/30 14/30 29/30 29/30 11/30
Quartile 4 2 4 4 2

Annualised performance

Annualised
3 Years to
31/03/24
5 Years to
31/03/24
10 Years to
31/03/24
Fund -1.5% 0.0% 1.0%
Sector 0.4% 1.7% 2.1%
Rank 29/30 30/30 30/30
Quartile 4 4 4

Top 10 Holdings

Stock % Weight
LeasePlan 7.375% 2024 Perp AT1 2.27
Iliad 6.5% 2026 (144A) 1.84
IQVIA 2.25% 2029 1.58
EDF 6% 2026 Perp 1.52
Biogroup 5% 2029 1.49
Barclays 7.125% 2025 Perp AT1 1.49
Taseko Mines 7% 2026 (144A) 1.49
Teva Pharma Ind 7.375% 2029 1.43
Aggreko 6.125% 2026 (144A) 1.38
Ardagh Packaging 2.125% 2026 1.37
Total 15.86

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 Islam manager of the underlying fund for 0 years and 1 months

Photo of Faisal Islam tbc

Arthur Milson manager of the underlying fund for 1 years and 3 months

Photo of Arthur Milson 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.

Rob Baltzer manager of the underlying fund for 13 years and 10 months

Photo of Rob 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.

Fund Overview

Bid (12/04/2024) 144.10
Offer (12/04/2024) 144.10
Fund size (29/02/2024) £4.02m
Underlying Fund size £439.56m
Number of holdings 130
Launch date 25/01/2010

Fund Charges

Annual Management Charge (AMC) 1.90%
Further Costs 0.04%
Yearly Total 1.94%

Asset Allocation

pie chart
  International Bonds 82.76%
  UK Corporate Bonds 13.44%
  Cash and Equivalents 3.01%
  UK Equities 0.28%
  Alternative Trading Strategies 0.04%
  Other Assets 0.46%
Portfolio data accurate as at: 29/02/24

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.

Portfolio data accurate as at:

Asset Allocation

pie chart
  International Bonds 82.76%
  UK Corporate Bonds 13.44%
  Cash and Equivalents 3.01%
  UK Equities 0.28%
  Alternative Trading Strategies 0.04%
  Other Assets 0.46%

Bond Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 96.20% - - -
 
Cash and Equivalents 3.01% - - -
 
Non-Classified 0.46% - - -
 
Financials 0.28% - - -
 
Banks - 0.28% - -
 
Banks - - 0.28% -
 
Banks - - - 0.28%
 
Alternative Trading Strategies 0.04% - - -
 
Alternative Trading Strategies - 0.04% - -
 
Alternative Trading Strategies - - 0.04% -
 
Alternative Trading Strategies - - - 0.04%

Regional Allocation

pie chart
  Developed Europe - Excl UK 41.69%
  North America 34.25%
  UK 13.72%
  Non-Classified 3.73%
  Cash and Equivalents 3.01%
  Emerging Europe 2.53%
  Japan 0.48%
  Developed Asia 0.35%
  South & Central America 0.23%

Fixed Interest Currencies

pie chart
  US Dollar 42.72%
  Euro 40.63%
  Pound Sterling 12.86%
  Non-Fixed Interest Assets 3.80%

Regional Breakdown

Expand allCollapse all
Region Country
 
Developed Europe - Excl UK 41.69% -
 
Netherlands - 10.87%
 
France - 9.44%
 
Luxembourg - 5.33%
 
Germany - 4.80%
 
Spain - 4.40%
 
Italy - 2.67%
 
Ireland - 2.40%
 
Austria - 1.78%
 
North America 34.25% -
 
United States - 31.88%
 
Canada - 2.37%
 
UK 13.72% -
 
United Kingdom - 13.72%
 
Non-Classified 3.73% -
 
Cash and Equivalents 3.01% -
 
Emerging Europe 2.53% -
 
Poland - 1.45%
 
Romania - 1.08%
 
Japan 0.48% -
 
Japan - 0.48%
 
Developed Asia 0.35% -
 
Singapore - 0.35%
 
South & Central America 0.23% -
 
Mexico - 0.23%

Breakdown By Market Cap (%)

Non-Classified
 
 
0.78%
Bonds
 
 
96.20%
Cash
 
 
3.01%

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
54.83%
5Yr - 10Yr Maturity
 
 
29.19%
> 15Yr Maturity
 
 
12.18%
Cash And Equivalents
 
 
3.01%
Unknown Maturity
 
 
0.46%
Other Asset Types
 
 
0.32%

Fixed Interest Quality Profile

BBB
 
 
4.02%
Sub-Investment Grade
 
 
53.02%
Unknown Quality
 
 
39.16%
Cash and Equivalents
 
 
3.01%
Other Asset Types
 
 
0.78%

Top 10 Holdings

Stock % Weight Sector Country
1 LeasePlan 7.375% 2024 Perp AT1 2.27% Bonds Netherlands
2 Iliad 6.5% 2026 (144A) 1.84% Bonds France
3 IQVIA 2.25% 2029 1.58% Bonds United States
4 EDF 6% 2026 Perp 1.52% Bonds France
5 Biogroup 5% 2029 1.49% Bonds France
6 Barclays 7.125% 2025 Perp AT1 1.49% Bonds United Kingdom
7 Taseko Mines 7% 2026 (144A) 1.49% Bonds Canada
8 Teva Pharma Ind 7.375% 2029 1.43% Bonds Non-Classified
9 Aggreko 6.125% 2026 (144A) 1.38% Bonds Luxembourg
10 Ardagh Packaging 2.125% 2026 1.37% Bonds United States

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 B5B1YL5
Mex Code PUBGHG
Isin Code GB00B5B1YL55
Citi Code I2Z9

Fund Charges

Annual Management Charge (AMC) 1.90%
Further Costs 0.04%
Yearly Total 1.94%

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 Crown Rating of 1

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 -2.04
Beta 1.21
Sharpe 0.00
Standard Deviation 7.70
Info Ratio -0.99

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.