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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Stock markets spent a nervous month contemplating the end of Quantative Easing (QE2) in America.
Mid Wynd bought one or two new holdings, such as Hsu Fu Chi, a Chinese confectionary business, and Blinkx, a spin out from Autonomy that aims to use its video search capabilities to build up online advertising revenues.
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.
