CHAIRMAN S STATEMENT Markets have been dominated by the response to the pandemic through both fiscal stimulus and very loose monetary conditions. In general, these policies have been very positive for risk assets like equities. More recently, as the end of the crisis has become more visible, the expectation of a surge in economic activity has unsettled bond markets and been to the benefit of more cyclical markets and sectors, where earnings momentum is likely to be strong. The portfolio positioning reflects these shifting sands, while recognising that government policies still provide a tailwind. Managed Growth The objective of the Managed Growth share class is long term capital growth. In the six month period, the portfolio outperformed its benchmark and delivered a total return on net assets of 15.5%, compared with the portfolio s benchmark which returned 9.9%. The share price total return was 20.4%. The long-term performance of the Managed Gro
Sales at its 2,100 shops have been higher over the past four weeks than in the same period of 2019. In a trading update, it said the reopening of the High Street led to a significant pick-up in business.
Rising inflation concerns sparked a tech sell-off in New York last night
That spilled over in Europe, with the FTSE 100 down 2.3% to 6,961 by midday
Germany s DAX and France s CAC 40 were also down more than 2%
Commodity prices like copper and iron ore have hit new highs recently
Traders await US inflation figures due to be published tomorrow
Tesla holdings reduced by 40% by Baillie Gifford in the first quarter, filing shows
Baillie Gifford, the Scottish fund manager that manages funds including the Edinburgh Worldwide Investment Trust and the Baillie Gifford US Growth Trust , reduced its position in electric vehicle maker Tesla by 40% during the first quarter, according to an analysis of its 13-F filing made Thursday from Whale Wisdom. Tesla still accounts for 6.06% of its portfolio, its top holding but down from 10.72% at the end of the fourth quarter. Baillie Gifford also reduced its holding in its second-highest position, Amazon , by 7% to 5.1% of its portfolio. Of its top holdings, the biggest gain was for biotech Moderna , where its position rose to 3.32% from 1.41%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.