Manager's Report
Gerald Smith - Trust Manager
Gerald is Head of the Emerging Markets Equities team. He graduated MA in Philosophy from St. Andrews University and B.Phil. in Philosophy from Brasenose College, Oxford University. Gerald joined Baillie Gifford in 1987 and became a Partner in 1998.
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The net asset value (NAV) fell by 2.5%*, this compares to a fall of 1.4* in the FTSE World Index, in sterling terms. Over the year to end March, NAV rose by 11.0%*, and the Index fell by 4.6%*.
During the month some of the mining and oil company shares that had performed well over the last year suffered a setback, partly offset by strength in steel and engineering stocks.
The remainder of the outstanding yen borrowings were repaid early and hedged investments were made in sterling investment grade bonds in order to benefit from the unusually wide credit spreads in this market.
* 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.
