Manager's Monthly Report


Gerald Smith



Gerald Smith - Trust Manager

Gerald graduated with an MA in Philosophy from St. Andrews University (including University of California, Berkeley in 1982/83) and B.Phil in Philosophy from Brasenose College, Oxford.  He joined Baillie Gifford in 1987 and became a Partner in 1998.  Gerald was head of the Emerging Markets Equities Investment Team until the end of 2008, at which time he moved to the head of the Global Opportunities Team.   Gerald is Chief Investment Officer and is a member of the Investment Policy Committee and Chairman of the Emerging Markets Investment Policy Committee.

 

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The results for the financial year 2010/11 have been released and can be found at www.monksinvestmenttrust.co.uk

In summary, in the year to 30 April 2011 Monks net asset value total return was 11.2%* and the share price total return was 16.7%* while the FTSE World Index in sterling terms returned 9.3%*.

The near term outlook is clouded by the forthcoming ending of quantitative easing in the USA, inflationary pressures and concerns about the solvency of governments. However, profits are exceeding expectations and the longer-term picture, helped by the growth of demand in emerging economies, is more encouraging.

*Source: Baillie Gifford & Co



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.