Manager's Report
Michael MacPhee - Trust Manager
Michael graduated BA in Law from Oxford University and was called to the English Bar in 1987. He joined Baillie Gifford in 1989 and is an Investment Manager in the European Investment Team. He became a partner in 1998.
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This has been another challenging and volatile month for markets.
News on the financial system and the US consumer and housing markets continues to deteriorate. America is in recession.
The Federal Reserve Bank is acting promptly, though this may not benefit shareholders in troubled banks.
Elsewhere, the resurgence of inflation is becoming a more immediate problem.
The non financial corporate sector is so far relatively insulated. Global growth remains resilient and funding requirements are moderate.
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.
