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 an Investment Manager in the UK team and became a Partner in 2005.
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Financial market confidence has recovered a bit since the lows of March, credit spreads have fallen and equity markets are higher.
We had a low level of transactions in April. We added again to the holding in Swiss bank UBS in anticipation of its share price rising as the worst of the credit crisis passes. We also sold two equity holdings (container manufacturer Rexam and hedge fund manager Man Group) in order to buy bonds issued by the same two companies.
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.
