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An update from our investment managers – Ben Ritchie and Georgina Cooper, 18 September 2020
During August the FTSE All Share rose quite sharply as optimism continued to build around a sustained economic recovery and the development of a potential vaccine. The pound continued its very strong run finishing the month at the highest level against the US Dollar since 2018, having appreciated more than ten percent since March. From a sector and style perspective companies that had been most affected by the virus were strongest with the travel & leisure sector in particular doing well. On the other side more defensive assets such as pharmaceuticals and utilities lagged.
Our outlook remains unchanged from recent months in that the level to which the global economy recovers to and its ultimate growth trajectory remain uncertain. Across many markets there are signs of positive progress as economies re-open, albeit there are also indications of a resurgence in virus cases in a number of countries. The economic recovery has been reflected in markets to a reasonable degree with a strong rebound from the lows of March. However, there are significant challenges ahead and we are still focussed on closely monitoring the financial strength of our holdings and remain wary of chasing yield at the expense of total return. We are watchful for opportunities though for the moment we remain happy to retain a relatively defensive tilt to our overall positioning.
Ben Ritchie is Deputy Head of European Equities at Aberdeen Standard Investments and originally joined Aberdeen Asset Management in 2002 as a graduate, having interned with Aberdeen in 2000 and 2001. Ben graduated with a BA (Hons) in Modern History and Politics from Pembroke College, University of Oxford and is a CFA Charterholder.
Georgina Cooper is an Investment Manager in the UK Equities team for Aberdeen Standard Investments having originally joined Aberdeen Asset Management in 2014 on the graduate scheme. Georgina graduated with a BSc with Honours Mathematics from the University of Edinburgh and is also a certified CFA Charterholder.
Head of European Equities
Ben Ritchie is Deputy Head of European Equities at Aberdeen Standard Investments and originally joined Aberdeen Asset Management in 2002 as a graduate, having interned with Aberdeen in 2000 and 2001. Ben graduated with a BA (Hons) in Modern History and Politics from Pembroke College, University of Oxford and is a CFA Charterholder.
Investment Manager
Georgina Cooper is an Investment Manager in the UK Equities team for Aberdeen Standard Investments having originally joined Aberdeen Asset Management in 2014 on the graduate scheme. Georgina graduated with a BSc with Honours Mathematics from the University of Edinburgh and is also a certified CFA Charterholder.
Jasper Judd is a Chartered Accountant. Until 2012, he worked for Brambles Limited, a listed Australian multinational, where he held a number of senior executive roles including Global Head of Strategy. He is also a non-executive director of JP Morgan Indian Investment Trust plc.
He is Chairman of the Audit Committee.
Christine Montgomery has over 30 years of investment management experience, most recently as Head of Global Equities at AustralianSuper in Melbourne from 2016 to 2019. She previously held roles as a global equities portfolio manager at Fidelity Worldwide Investments, Martin Currie and Edinburgh Partners.
Elisabeth Scott worked for Schroders in Hong Kong from 1992 until 2008, most recently as Country Head. Previously she was responsible for Schroders’ institutional client business in Hong Kong and managed multi-asset portfolios. She chaired the Hong Kong Investment Funds Association between 2005 and 2007. She is also director of India Capital Growth Fund Limited, Fidelity China Special Situations Investment Trust PLC, Allianz Technology Trust PLC and the Association of Investment Companies.
Howard Williams has over 35 years’ of fund management experience and was, until October 2017, Chief Investment Officer and Head of the Global Equity Team at JPMorgan Asset Management. Prior to joining JPMorgan Asset Management in 1994, he held a number of senior positions at Shell Pensions and Kleinwort Benson Asset Management. He started his career at James Capel & Co. He is also a non-executive director of Schroders Unit Trust Limited. He is the Senior Independent Director.
Chairman
Non-Executive Director
Jasper Judd is a Chartered Accountant. Until 2012, he worked for Brambles Limited, a listed Australian multinational, where he held a number of senior executive roles including Global Head of Strategy. He is also a non-executive director of JP Morgan Indian Investment Trust plc.
He is Chairman of the Audit Committee.
Non-Executive Director
Christine Montgomery has over 30 years of investment management experience, most recently as Head of Global Equities at AustralianSuper in Melbourne from 2016 to 2019. She previously held roles as a global equities portfolio manager at Fidelity Worldwide Investments, Martin Currie and Edinburgh Partners.
Non-Executive Director
Elisabeth Scott worked for Schroders in Hong Kong from 1992 until 2008, most recently as Country Head. Previously she was responsible for Schroders’ institutional client business in Hong Kong and managed multi-asset portfolios. She chaired the Hong Kong Investment Funds Association between 2005 and 2007. She is also director of India Capital Growth Fund Limited, Fidelity China Special Situations Investment Trust PLC, Allianz Technology Trust PLC and the Association of Investment Companies.
Non-Executive Director
Howard Williams has over 35 years’ of fund management experience and was, until October 2017, Chief Investment Officer and Head of the Global Equity Team at JPMorgan Asset Management. Prior to joining JPMorgan Asset Management in 1994, he held a number of senior positions at Shell Pensions and Kleinwort Benson Asset Management. He started his career at James Capel & Co. He is also a non-executive director of Schroders Unit Trust Limited. He is the Senior Independent Director.
| Year End | 31 January |
| Accounts Published | March |
| Annual General Meeting | May |
| Dividend Paid | August, November, February, May |
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