Manager's Report
Patrick Edwardson - Trust Manager
Patrick graduated BSc in Banking and International Finance from the City University, London in 1993 and joined Baillie Gifford the same year. He is currently the head of the Diversified Growth Department and became a Partner in 2005.
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Global economic growth this year is still likely to be strong (ie above trend) and it looks like corporate profits and dividends will show good growth.
However, we are concerned by inflation in some of the developing economies and the high level of debt in some developed countries.
We think stockmarkets are unlikely to make significant further progress until these issues are resolved.
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.
