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The outlines of the new world economic order are becoming reasonably clear. Chinese, Indian and Brazilian economic growth will be the driving force of the global economy. Japan and Europe will struggle to maintain living standards and Britain will be savagely exposed to any global or local ill-winds that care to blow.
What remains in doubt is the position of America. Desperate politics and anxious consumers confront a culture of innovation and a still rising population. We are unsure which will win.
At the stock level, we continue to be very excited by the opportunities in the broadening markets of China and Brazil and by the superb growth offered by US technological excellence at, once again, reasonable prices.
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.
