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 increased by 7.4%* in February which compares to a rise of 6.4%* in the MSCI All Countries World Index.
There were lots of corporate releases during the month - we saw strong numbers from ABB (power generation equipment), Baidu (Chinese internet search engine), Teva (generic drug manufacturer) and Whole Foods Market (organic food retailer) amongst others.
There were no transactions during the month of February.
*Source - Morningstar (www.morningstar.co.uk), 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.
