Baillie Gifford closes Investment Grade Long Bond fund

The fund aims to outperform the ICE BofA Sterling NonGilt over 10 Years index by 0.5% per annum over rolling three-year periods and has primarily been used by defined benefit pension schemes to access long-dated assets.
A spokesperson for Baillie Gifford said that as these schemes have matured, investors have sold out of the fund, leading to a decrease in its AUM.
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According to data from FE fundinfo, the fund held close to £200m and hit almost £250m in early 2021, but since then the AUM has continuously fallen, bar a short spike in late 2022. …