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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The MSCI Japan Small Cap Index was flat during the month in yen terms, but the substantial strength of the yen versus sterling meant that it was up 7.2%*, in sterling terms.
Many Japanese companies released third quarter results which were generally strong, driven both by recovering demand and the effect of cost cuts.
During the month the holding in DA Consortium was sold, as its growth prospects and long-term margin prospects seem insufficient to justify continuing to hold this investment.
*Source - Morningstar (www.morningstar.co.uk), no income
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.
