Manager's Report
Gerald Smith - Trust Manager
Gerald is Head of the Emerging Markets Equities team. He graduated MA in Philosophy from St. Andrews University and B.Phil. in Philosophy from Brasenose College, Oxford University. Gerald joined Baillie Gifford in 1987 and became a Partner in 1998.
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In April the net asset value per share rose by 6.1%*, this compares to a rise of 5.6%* in the FTSE World Index, in sterling terms. Over the year to end April net asset value rose by 14.2%*, and the Index fell by 1.5%*.
Holdings in Brazil, oil and gas related companies and mining shares performed well during the month as well as over the last year and in April there was also a recovery in some of the Japanese holdings, but over a year these have not performed well.
New holdings were taken in companies well placed to benefit from rising farm incomes and increased plantings of crops. These purchases were matched by sales so there was no material change to the overall level of gearing.
*Source - Fundamental Data Ltd, 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.
