December 2008
Performance
The capital NAV of the Trust fell by 2.2% in November which was slightly ahead of the return
from the FTSE All-Share Index.
UK equities rallied at the start of the month in response to the Bank of England’s dramatic
cut in base rates by 1.5% to 3.0%. However, as more evidence emerged of the extent of
the slowdown in the economy, equities gave back all of these early gains and more. With
some high profile retailers (Woolworths and MFI) being forced into administration and daily
announcements of redundancies across many industries, further cuts in interest rates are likely.
The FTSE 100 Index fell by 2.0%, the FTSE 250 fell by 3.0% while the FTSE SmallCap fell
by 8.0%.
Activity
The stocks added to the FTSE 350 Index in November were Fidessa and BTG replacing Taylor
Nelson Sofres and Benfield respectively.
Strategy
The Trust’s portfolio replicates in full the constituents and weightings of the FTSE 350 Index
and also holds most of the constituents of the FTSE SmallCap Index.
Source: Monthly Factsheet Aberdeen Asset Managers Limited