Overview
The Fund aims to achieve, after deduction of costs, an annualised return over rolling five-year periods that is 3.5% more than the UK Base Rate; a positive return over rolling three-year periods; and annualised volatility of returns over rolling five-year periods that is below 10%*. The Fund also aims to have a weighted average greenhouse gas emissions intensity that is lower than that of the Fund's stated carbon budget. The carbon budget is set in absolute terms and will decrease at a steady annual rate of 7% per annum. Defensive Growth's carbon budget for the period 1 January 2024 to 31 December 2024 is 71.5 tCO2e/USD million EVIC. Both the budget and the portfolio saw a step-up in carbon footprint at the end of the year, in line with the EU Technical Expert Group guidance for the phasing-in of Scope 3 emissions for a wider range of economic activities.
*The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing.
Performance & Portfolio
Periodic performance
All figures to 30/11/2024 6 Months
1 Year
3 Years
Since Inception
Class B-Acc 4.5% 10.2% n/a 2.1% Index* 2.5% 5.2% n/a 4.2% Target Benchmark** 4.3% 8.7% n/a 7.7%
Annual discrete performance 30 September each year
Annual percentage return (Updated Quarterly) 30/09/2019
30/09/202030/09/2020
30/09/202130/09/2021
30/09/202230/09/2022
30/09/202330/09/2023
30/09/2024Class B-Acc n/a n/a n/a 1.6% 13.4% Index* n/a n/a n/a 4.2% 5.5% Target Benchmark** n/a n/a n/a 7.6% 8.8% Sector Average*** n/a n/a n/a 3.4% 8.3% Source: FE, Revolution. Total return net of charges, in sterling.
Share class returns calculated using 10am prices, while the Index is calculated close-to-close.
Figures for 3 years and Since Inception are shown as the annualised rate of return. This is the average yearly return over the specified period.
Share Class Inception Date: 20 May 2022.
*UK Base Rate.
**UK Base Rate +3.5%.
Top ten holdings 30/11/2024
Fund % 1 Australia 4.25% (Green Bond) 21/06/2034 5.0% 2 Blackrock GBP LEAF Fund 4.7% 3 Citi/BG EM Equity ETN 4.3% 4 Leadenhall UCITS ILS Fund 3.3% 5 Baillie Gifford Responsible Global Equity Income Fund 2.9% 6 3i Infrastructure 2.7% 7 Baillie Gifford Positive Change Fund 2.7% 8 Galene Fund 2.6% 9 Aegon ABS Opportunity Fund Acc 2.5% 10 Citi/BG Value Equity ETN 2.1% Total 32.8% Asset allocation 30/11/2024Fund %
- 1 Infrastructure 21.32
- 2 Listed Equities 17.01
- 3 Emerging Market Bonds 15.66
- 4 Insurance Linked 9.23
- 5 Cash and Equivalents 8.72
- 6 Structured Finance 8.23
- 7 Property 7.44
- 8 Government Bonds 5.01
- 9 Commodities 4.59
- 10 High Yield Credit 3.76
- 11 Special Opportunities -0.90
- 12 Active Rates and Currency -27.86
- Total 72.21
As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
A negative cash position may sometimes occur due to obligations awaiting settlement. Futures positions are included at their net exposure weight, and cash includes collateral held to back all long futures positions. Therefore, total portfolio exposure may not sum to 100%.
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.
Insights
No insights available.
Meet the Managers
Scott Lothian
Scott is an investment manager in the Multi Asset Team. He joined Baillie Gifford in 2015. Prior to joining the firm, he worked as a Solutions Strategist for Schroders in London, led a multi-manager team for BEA Union in Hong Kong, and was a senior investment consultant at Towers Watson. Scott is a Fellow of the Institute and Faculty of Actuaries, and graduated BSc (Hons) in Actuarial Mathematics and Statistics from Heriot-Watt University in 1999.
James Squires
James is head of the Multi Asset Team and chairs our Multi Asset and Income Leadership Group. He became a partner in 2018. James joined Baillie Gifford in 2006, initially working in our North American Equity and Fixed Income teams. He has been a CFA Charterholder since 2010 and graduated BA in Mathematics and Philosophy from the University of Oxford in 2005.
Felix Amoako-Kwarteng
Felix joined Baillie Gifford in 2011 and is an investment manager in the Multi Asset Team. He is a CFA Charterholder. Felix graduated BComm in Accounting from University of Cape Coast, Ghana, in 2008 and MSc in Investment Analysis from the University of Stirling in 2010.
Nicoleta Dumitru
Nicoleta is an investment manager in the Multi Asset Team and part of the Sustainable Income and Multi Asset Income Portfolio Construction Group. She joined Baillie Gifford in 2013 after graduating BSc (Hons) in Management and Marketing from the University of Manchester that same year.
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 platforms@bailliegifford.com
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.
Application forms
Bulletins
Enhanced disclosure document
Factsheets
Interim reports
Key investor information documents (KIIDs)
Other fund literature
Philosophy and process documents
Quarterly investor reports
Sustainability-related disclosures and climate reports
Value assessment
Sustainability disclosure requirements (SDR)
Risks
The Fund does not guarantee positive returns. It aims to limit the extent of loss in any short term period to a lower level than equities. 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 dealing, settlement and custody 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).
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.
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.
Ethical Investment
The Fund invests according to sustainable and responsible investment criteria which includes employing carbon screens. This 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.
Tax Rates
Tax rates and the tax treatment of OEICs can change at any time.
Further details of the risks associated with investing in the Fund can be found in the NURS-Key Investor Information Document or the Prospectus, copies of which are available at bailliegifford.com.
This factsheet, as well as investment in the Fund described herein, is directed at and intended for Investors that fall within at least one category in each of: (1) the First Schedule of the Israeli Securities Law, 1968 (“Sophisticated Investors”); and (2) the First Schedule of the Investment Advice Law (“Qualified Clients”).
