Manager's Report
Mark Urquhart - Trust Manager
Mark graduated BA in Philosophy, Politics and Economics from Oxford University in 1992. He spent a year at Harvard as a Kennedy Scholar in 1993 before completing a PhD in Politics at Edinburgh University in 1996. He joined Baillie Gifford in 1996 and is an Investment Manager in the Global Equities team. He became a Partner in 2004.
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Net asset value decreased by 7.0%* in June which compares to a decrease of 5.8%* in the MSCI All Country World Index, in sterling terms.
Markets have been weak due to ongoing concerns over sovereign debt in Europe and some weaker than expected economic data for China and the United States.
There were no transactions during the month of June. We continue to stay focussed on individual companies and on the long term, where we remain much more optimistic than the market and its short-term view.
*Source - Morningstar (www.morningstar.co.uk), total return
Investment markets and conditions can change rapidly and the views expressed by our Managers should not be relied upon when making investment decisions. Remember, past performance is not a guide to future performance. The value of your investment may go down as well as up and you may not get back the amount you invested. Also, as the Trust invests in overseas securities changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
