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 became a partner in 1998.
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Markets rebounded somewhat in February but volumes and convictions were light.
In line with recent events in Greece, Europe appears on course for fiscal rectitude - we reduced our modest holdings in domestic cyclicals, selling DSV (a Danish trucking business) and reducing Eurazeo (car hire amongst other things) and Geberit (plumbing systems).
We acquired a small new holding in VODone, a Hong Kong listed owner of regional Chinese mobile phone lottery licences.
We reduced large holdings in Kone and Falklands Oil and Gas, before the latter's drilling campaign commences, and cut back on Schlumberger, Pride and Petrobras, trimming our still substantial exposure to energy.
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.
