Manager's Report
John MacDougall - Trust Manager
John graduated BA in Ancient & Modern History from Oxford University in 2000. He joined Baillie Gifford in 2000 and is now Investment Manager in the Japanese Investment Team. John is a CFA charterholder.
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The net asset value fell by 3.1%* compared to a 2.5%* decline in the MSCI Japan Small Cap Index, in sterling terms. Small caps fell by less than the broad market.
Japanese economic releases were generally encouraging but the market was worrying about the impact of a possible slowdown in Europe and China.
In the run up to the Upper House elections, cross-party agreement appears to be forming that reform of the inefficient tax system is a priority to repair the government's finances.
There were no significant transactions to report.
*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.
