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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The Trust's net asset value fell by 0.7%*, which compares to a 1.7%* fall in the comparative MSCI All Country World Index, in sterling terms.
There has been more activity than usual in the portfolio as we have sought to exploit the extreme volatility which markets have displayed in the first three months of 2008. We have bought new holdings in ABB, China Mobile, First Solar and Nintendo funded by complete sales of Moody's, Omnicom and Progressive, and a partial reduction to CVRD.
In a quiet month for operational news, Q-Cells, solar company, raised their guidance for future growth and CVRD walked away from a potential takeover of Xstrata after failing to agree on price.
* Source - Fundamental Data Ltd, no income
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.
