Manager's Report
John MacDougall - Trust Manager
John graduated BA in Ancient & Modern History from Oxford University in 2000. He joined Baillie Gifford in 2000 and is now Investment Manager in the Japanese Investment Team. John is a CFA charterholder.
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Corporate results for the year to March 2011 were encouraging, although profits will be hit for the next few months by the aftermath of the earthquake.
Production does seem to be recovering more quickly than anticipated and the major car manufacturers have brought forward their schedules.
The political situation remains confused and little concerted action can be expected from the government.
There was no significant dealing.
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.
