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In February the net asset value per share (NAV) rose by 5.7%*, this compares to a rise of 6.4%* in the FTSE World Index, in sterling terms. Over the year to the end of February, NAV rose by 50.2%*, and the Index rose by 44.3%*.
Currency movements dominated returns during the month with the US dollar strengthening against most currencies and sterling and the euro weakening as concerns about public finances came to the fore. The benefit of our relatively small position in the UK was offset by relatively modest exposure to the US dollar.
Holdings were taken in a number of high yielding shares in order to help fund the cost of increased borrowing that was drawn down in early March and current low long-term borrowing rates have been locked in using an interest rate swap.
*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.
