According to the company, it has decided, in agreement with Baillie Gifford, that Smith will step down as manager to be replaced by the firm’s Global Alpha Desk, with Charles Plowden as manager and Spencer Adair and Malcolm MacColl as deputy managers.
Plowden is one of Baillie Gifford’s two joint senior Partners, Adair and MacColl are both partners in the firm and all three have been involved with Global Alpha since its inception in May 2005, the firm said, adding, it also has the ability to draw on the experience and insights of over 90 research analysts working at Baillie Gifford.
While it said the trust’s objective and investment policy of “investing internationally to achieve capital growth, which takes priority over income and dividends” remains unaltered, it said it expects over time that at least 80% of the trust’s portfolio will be “common to unconstrained Global Alpha clients”.
James Ferguson, Chairman of the Monk’s Trust said: “It is now appropriate that changes are made at the portfolio management level in order to improve performance. Baillie Gifford’s Global Alpha strategy, has a well established process and a strong performance record.”
