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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During May, markets worried again about European peripheral sovereign debt - we think this is noise which obscures some of the long-term changes taking place in the world economy.
At company level we continue to see strong operational growth including Whole Foods Market - the organic food retailer; C-Trip - the online Chinese travel site and Salesforce.com - the leader in cloud computing software.
It was a quiet month in terms of transactions with a small reduction in Petrobras - oil exploration and production - and the sale of Atlas Copco - industrial compressors and mining equipment - redemption shares being our only activity.
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.
