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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The Trust released its 2009 results on 17 February. Capital returns were strong and the dividend rose 2.8% to 9.05p.
The 2009 result was so strong partly because of a low starting point (after the very difficult market conditions of 2008) and partly because of the extraordinary stimulus measures enacted by governments and central banks.
With valuations now much higher across many investment markets and the stimulus measures likely to reduce, we expect more muted returns from here. But the backdrop is still one of recovery in the global economy, improving profitability for the corporate sector, and many exciting investment opportunities at the individual company level.
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.
