Manager's Report
Sarah Whitley - Trust Manager
Sarah graduated BA in Experimental Psychology from Oxford University in 1980 and joined Baillie Gifford the same year. She quickly specialised in Japan and has worked in the department since 1982 and became Head of the Team in 2001. Sarah became a partner of the firm in 1986 and her main areas of responsibility are in Investment Policy and Strategy.
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The Topix was fairly flat during the month in yen terms, but the substantial strength of the yen versus sterling meant that it was up 6.5%*, in sterling terms.
Many Japanese companies released third quarter results which were generally strong, driven both by recovering demand and the effect of cost cuts.
During the month the holding in Acom was sold as it became clear that harsh regulations surrounding the consumer finance sector are likely to be fully implemented.
*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.
