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We had some reward in April for our determination not to give into the gloom markets demonstrated in the first three months of the year.
We have continued to add to shares such as Google and Nintendo which we felt had been unduly depressed in the recent turbulence despite their excellent secular growth prospects.
In general we see the continuing rebalancing of world growth away from over geared Anglo-American consumers and financial intermediaries towards those emerging from poverty to major productivity gains as to be welcomed not feared.
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.
