August 2008
Performance
The capital NAV of the Trust fell by 0.5% in July which was in line with the return from the S&P
500 Composite Index.
Weaker than expected economic data, including the suggestion that the economy may have
entered a recession late last year, kept equities under pressure. The dollar rose modestly. The
advance report on Q2 GDP growth came in at +1.9% and included revisions back to 2005 –
these changes suggest that a recession may have begun late last year. Q1 GDP growth was
revised down modestly to +0.9%, but Q4 2007 GDP was revised sharply lower to -0.2%
from +0.6%.
Activity
The changes to the constituents of the Index in July were AK Steel, MasterCard and DaVita
replacing Countrywide Financial, Ace and Clear Channel respectively.
Strategy
The portfolio replicates in full the constituents and weightings of the S&P 500 Composite Index.
Source: Monthly Factsheet Aberdeen Asset Managers Limited