OBSR will not take any immediate action on the fund's AA rating, it says, as investment managers within the fixed income team, Rob Baltzer and Donald Philips, are set to take over at the Baillie Gifford High Yield Bond fund after Ben Thompson's departure in June.

Performance of fund vs sector over 1-yr



Source: Financial Express Analytics

"The fixed income team at Baillie Gifford works with a strong team ethic and therefore this management change does not represent a change in investment approach. However, OBSR will meet with Baillie Gifford shortly and will reflect any change in its view thereafter," the body says.

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