The 2011 calendar year proved to be one in which most major global equity markets fell in Sterling terms. Amongst the best the US did manage to rise by 2.9% in Sterling terms (total return). However, the UK still fi nished down by 3.5%, even with a significant rally during the final quarter of the year.
By far the worst performing regions of the year were those of Europe, Japan, Asia Pacific and Emerging Markets. All with sizeable double-digit falls as concerns around the European sovereign debt crisis and fears of a hard landing of China’s economy loomed.
Through the year we made greater use of active managers, particularly those with a strong stock-picking style that can recognise the fundamental value of individual companies and use the opportunities created by the market volatility we’ve been experiencing to their advantage.
We continue to remain wary of the situation in Europe and to some extent the UK given its close links to the Continent and similar levels of indebtedness. Consequently the portfolio is biased towards the growth of Asia and Emerging Markets and the greater dynamism demonstrated by the US.
Commentary taken from the December 2011 T. Bailey Growth Fund Factsheet
Submitted by: Elliot Farley
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