Saudi Arabia Sees Success in Fight To Retain Dominance of Global Oil
Saudi Arabia Sees Success in Fight To Retain Dominance of Global Oil
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2 ★★★ FINANCIAL TIMES Thursday 14 May 2015
NATIONAL
Burnham and Cooper enter leadership race David Mundell, the UK secretary of
state for Scotland, said this week that
the new Conservative government
would rapidly implement a cross-party
deal on powers brokered last year by
Lord Smith of Kelvin, but would not go
Shadow ministers add to further.
crowded field for competition Ms Sturgeon, whose party won 56 of
Scotland’s 59 Westminster seats,
set to run through the summer insisted the election showed a “signifi-
cant proportion” of voters were not sat-
JIM PICKARD isfied with the Smith package, which
— CHIEF POLITICAL CORRESPONDENT
would allow Edinburgh to set the rates
Andy Burnham and Yvette Cooper have and bands of income tax and give it con-
joined the race for the leadership of trol over about £2.5bn worth of welfare
Labour as it seeks to claw its way back spending.
from an election defeat that has left “If the prime minister and his govern-
party members emotionally flattened. ment mean what they say about
Mr Burnham, shadow health secre- respecting the outcome of the election
tary, has been building a strong support in Scotland, they must now agree with
base for years, fuelling claims of disloy- us a process that looks again at the
alty from Ed Miliband’s inner circle. Smith Commission proposals, with a
He has garnered the backing of many view to extending devolution even fur-
left-leaning and northern MPs who ther,” Ms Sturgeon said.
believe that he can reach out to alien- “That must be a process that is made
ated former voters. in Scotland — and one that involves
The bigger Labour-supporting wider Scottish society,” she said, adding
unions, who still wield huge financial she would make the case directly to
clout over the party, are also expected to David Cameron, prime minister, when
endorse him. they meet for the first time since the
In a 90-second video message election this week.
Mr Burnham warned that his party had Mr Mundell, who was promoted to Mr
“lost its emotional connection with mil- Cameron’s cabinet on Monday, said he
lions of people” in its worst election Timetable of vote would aim to pass legislation on the
defeat for 30 years. June 9 MPs’ nominations open Smith proposals within months.
The 45-year-old Liverpudlian said June 17 Hustings period starts But Mr Mundell said the UK govern-
that Labour’s challenge was to go nei- August 12 Cut-off for new ment hoped this would be the last act of
ther left nor right. He said voters could members to be eligible devolution to Scotland this parliament.
relate to him because he could “under- September 12 Conference to “I don’t think people in Scotland want to
stand their lives”, arguing that his party announce result have a constant constitutional debate,”
needed to reach out both to people on he said.
zero-hours contracts and John The SNP has called for “full fiscal
Lewis shoppers. Andy Burnham, ced yesterday that there would be a con- at the heart of his leadership bid. He band’s successor. The Financial Times autonomy” from the UK for Scotland,
Mr Miliband stepped down on Friday, above, and test through the summer, with the result faces competition from Liz Kendall, the revealed on Tuesday that the unions are but Ms Sturgeon made clear this was not
just hours after leading his party to a Yvette Cooper, announced at a special conference on Blairite shadow social care minister, racing to sign up “affiliated supporters” a priority amid an oil price fall that
defeat of historic proportions, leaving a below, will vie September 12. That would allow the new who has already declared her candi- to take part in the leadership election. experts say would mean an annual gov-
crowded field of potential candidates to for the mantle leader to make a speech at the party dacy. Tristram Hunt, shadow education In the past the influence of union ernment funding gap of more than
replace him. of ‘continuity conference at the end of September. secretary, is an outside bet. members was limited to only a third of £7bn.
Yvette Cooper, shadow home secre- candidate’ Ms Cooper’s odds have drifted as Mr Miliband, who thought he could the electoral college, with MPs and Instead, Ms Sturgeon said she would
tary, also declared her candidacy. Writ- Carl Court/Getty Images attention turns to other frontrunners win the election up until 10pm last members each having another third. first seek power over “employment pol-
ing in the Daily Mirror, she pledged to such as Chuka Umunna, shadow busi- Thursday, is now on holiday in Ibiza, Labour’s new election process has icy, including the minimum wage, wel-
make life better for families, saying she ness secretary. Mr Umunna launched leaving behind a party struggling to introduced a “one member one vote” fare, business taxes, national insurance
wanted Labour to be “credible, compas- his bid with a video shot on a high street come to terms with defeat. 5/4 system. Union members, who can affili- and equality policy”.
sionate, creative and connected to the in Swindon, the Wiltshire town that The scale of Labour’s humiliation, Chuka Umunna ate for free, will have the same voting In a move to build momentum for
day-to-day realities of life”. Labour failed to seize from the Tories sinking from 258 seats to 232, is worse rights as those paying full £46.56 mem- more powers, Ms Sturgeon yesterday
Ms Cooper worked closely under last week. than any scenario envisaged by most of
9/4 bership. It means they could end up out- signed an agreement with the Scottish
Gordon Brown with the triumvirate that The Facebook clip appeared delib- its MPs. Marc Stears, speech writer to Andy Burnham numbering full members. Trades Union Congress to campaign for
ran the party until last Thursday; erately amateurish in what was Mr Miliband, had written several drafts 5/1 Unite has engaged an external “pro- “full devolution” of powers over the
Mr Miliband, Douglas Alexander and seen as an attempt to deflect criti- for his speech last Friday — but none of Yvette Cooper fessional engagement operation” — sim- minimum wage, trade union and
Ed Balls, her husband. cism of the Streatham MP’s them involved resignation. 6/1 ilar to a call-centre — to sign up as many employment law, health and safety law
Until last week she was the bookmak- overly smooth reputation. “I never thought we would be in this of its 1m-plus members as possible and equality legislation.
Liz Kendall
ers’ favourite for the post but she faces With the backing of Lord position,” said one member of the before the contest begins. “The STUC strongly believes that the
a strong challenge for the position of Mandelson, the co-architect of shadow cabinet. “It’s taking a while to 8/1 Unions will no longer send out ballot programme of the new UK government
“continuity candidate” against Mr New Labour, Mr Umunna has come to terms with it.” Tristram Hunt papers: in 2010 they stuffed envelopes will inevitably result in a weaker econ-
Burnham, who was health secretary distanced himself from Mr But in the corridors of the House (expected to with pro-Miliband leaflets. Yet they can omy and a significant increase in ine-
declare)
under Mr Brown. Miliband’s leadership with a of Commons, talk among Labour MPs still contact members via letters, calls or quality,” said Grahame Smith, STUC
Labour’s governing body announ- promise to enshrine “aspiration” and activists has turned to Mr Mili- Odds: Paddy Power
emails recommending a candidate. general secretary.
NATIONAL
Chronicles of
the prince and
steady inflation rise by end of year the Patagonia
toothfish
Central bank indicates interest rates are likely to start increasing in mid-2016
MARK ODELL AND JIM PICKARD
CHRIS GILES — ECONOMICS EDITOR Inflation is still more likely than not to
Mixed bag Productivity conundrum remains amid expansion Prince Charles wrote to Tony Blair
fall into negative territory in the coming
while he was prime minister in 2004 to
The Bank of England has sounded a months, Mr Carney said, but he once
protest at “pressure on the defence
more cautious note on Britain’s econ- again rejected that this was a sign of
budget” that was leaving troops with-
omy, replacing extremely optimistic damaging deflation, particularly when
out the “necessary resources”, accord-
growth forecasts from February with household spending was robust.
ing to private correspondence released
steady expansion and stable inflation. The BoE’s forecasts were based on the
by the government yesterday.
Although it downgraded its forecast, assumption that interest rates would
the central bank said yesterday that begin to rise gradually next summer and The letter is one of 27 that have been
“the outlook for growth remains solid”, reach 1.4 per cent by spring 2018. Even released following a lengthy legal battle.
with its quarterly inflation report ini- though the BoE judged there to be only a The correspondence between the heir to
tially predicting expansion would come little slack left in the labour market for the throne and seven government
from more falls in unemployment and, unemployment to fall, Mr Carney said departments covers an eight-month
subsequently, a pick-up in productivity he was not worried about inflationary period and includes subjects as diverse
growth. pressure and slack was only one indica- as badger culling, herbal medicine and
Forecasting that inflation would tor the BoE looked at when setting rates. the dominance of supermarkets.
remain close to zero before rising Instead, Mr Carney said that the lim- In one letter to the environment
towards the end of this year to move ited rise in expected interest rates department, he tells Elliot Morley, the
back to its 2 per cent target, the BoE sug- stemmed from “persistent headwinds fisheries minister: “I particularly hope
Alex Segre/Alamy
gested interest rates were likely to rise [after the financial crisis] which con- the illegal fishing of the Patagonian
for the first time in the middle of 2016 The bank cut its forecast for growth ... ... but the outlook for inflation is almost tinue to weigh on the UK economy from toothfish will be high on your list of pri-
and continue on a gradual path higher to unchanged ... weaker global demand, sustained fiscal orities because until that trade is
about 1.5 per cent in three years’ time. consolidation, ongoing private delever- stopped, there is little hope for the poor
George Osborne, chancellor, will be Annual % change in real GDP Annual % change in CPI aging and, with time, higher financial old albatross, for which I shall continue
disappointed the BoE has downgraded Actual Feb 2015 May 2015 Actual
intermediation costs”. to campaign.” He also asked if there was
its forecast, but the change brings the forecast forecast 3.0 5 The governor’s concern about the any role the Royal Navy might play in
BoE outlook more into line with that of Feb 2015 forecast impact of the government’s efforts to preventing illegal fishing.
other forecasters, including the Office 2.5 May 2015 forecast 4 reduce the UK’s deficit came as the Dubbed the “black spider memos”
for Budget Responsibility. 2.0 European Commission cited Britain as a because of the prince’s distinctive hand-
The BoE’s forecasts have been more 3 country “not taking effective action” to writing, the letters offer a glimpse at the
positive than the OBR’s for some time. 1.5 quickly lower its deficit below 3 per cent private views and beliefs of the heir to
In March, the OBR forecasted that real 2 of national income. the throne, but few big surprises.
1.0
gross domestic product growth for 2015 The bank does not publish forecasts There is an unwritten rule that British
and 2016 would be 2.5 and 2.3 per cent 0.5 1 for when it is likely to raise interest rates monarchs never speak out on political
respectively. 0 0 from their historical low of 0.5 per cent, matters and the Queen has never com-
After relatively weak 0.3 per cent but said its outlook implied “only grad- mented in public on political issues dur-
growth in the first quarter of 2015, the 2010 11 12 13 14 15 16 17 2011 12 13 14 15 16 17 18 ual rises in [the] bank rate over the next ing her 60-year reign. But Prince
Charles has for decades sought to influ-
ence public opinion on issues such as
Predicting any ‘pick-up ... productivity growth is expected ... with the first rise in interest ‘Persistent headwinds architecture and the environment
in productivity growth to be lower this year ... rates now expected in mid-2016 continue to weigh on through speeches and articles.
In the letter to Mr Blair, Prince
remains our most Annual % change in GDP per hour worked Level of bank rate implied by forward market interest rates the UK economy from Charles raised concerns about the per-
difficult judgment’ Actual 6
(%)
weaker global demand’ formance of the Lynx, one of the army’s
Feb 2015 forecast Feb 2015 forecast 1.4 main helicopters, which could not cope
BoE yesterday reduced its central fore- May 2015 forecast 4 May 2015 forecast few years”. Most economists said the with the high temperatures encoun-
cast for the full year to 2.6 per cent, from 1.2 BoE’s report validated the market’s tered in Iraq and Afghanistan.
its 2.9 per cent estimate in February. existing expectations for interest rates The prince also complained to Mr
2 1.0
It has also revised its prediction for and should be viewed as neutral for Blair about the delay in replacing the
expansion in 2016 and 2017, cutting it by 0.8 interest rates. ageing Lynx aircraft, writing: “The pro-
a similar amount to average 2.5 per cent 0 Andrew Benito of Goldman Sachs said curement of new aircraft to replace the
— because of a more pessimistic outlook 0.6 the Monetary Policy Committee still Lynx is subject to further delays and
for growth in productivity (the amount -2 0.4 thought that inflation could be lower uncertainty due to the significant pres-
of output per worker or hour worked) than its forecasts. “The first step of the sure on the defence budget.”
and labour supply. 2000 02 04 06 08 10 12 14 17 2015 16 17 18 committee to actively prepare the way Mr Blair replied about a month later,
“Productivity growth has been per- FT graphic Source: Bank of England
for a rate rise will be to remove that assuring Prince Charles, who holds an
sistently weak since the start of the crisis downside risk,” he added. honorary five-star rank in all three
and, despite the pickup in output David Tinsley at UBS said the report armed services, that “our future invest-
growth, has remained subdued in recent was “straight down the middle”. ment in helicopters will be substantial”.
years,” the inflation report said. But economists warned there was still the recovery when self-employment and Questioned on recent moves higher in The letters have been released follow-
Mark Carney, governor, said the BoE Jobs no improvement in productivity, which part-time work accounted for most of government bond prices, Mr Carney ing a 10-year legal battle between the
had limited tools to raise productivity has flatlined since the 2008 recession, the growth. said there was little to be worried about government and the Guardian newspa-
growth. “Monetary policy . . . can only raising questions over the sustainability Matthew Whittaker, chief economist at yet. “If you look at the broad brush in per. Ministers sought to protect Prince
provide a foundation,” he said, adding of the recovery in living standards. the Resolution Foundation think-tank, terms of where the bond market is, even Charles from scrutiny in late 2012 when
that “the timing and extent of any pro- Pay packets swell and Average weekly pay (excluding said Britain’s pay recovery appeared to with the moves upwards, it is only par- Dominic Grieve, then attorney-general,
spective pick-up in productivity growth bonuses) between January and March be on a “surer footing”. But he warned tial retracement of moves over the blocked the release of the letters
remains our most difficult judgment”.
unemployment falls to 5.5% was 2.2 per cent higher than a year ago. that “the longer-term challenge — course of the past year . . . More broadly months after the Guardian won a tribu-
Ben Broadbent, deputy governor for This is the highest growth rate since arguably the key one facing the new real interest rates are still flat to nega- nal that ordered their publication.
monetary policy, said that he still held mid-2011. Pay including bonuses was up government — is encouraging tive for quite some time”. But in March, the Supreme Court
out hope that the BoE would be right Workers enjoyed slightly higher pay 1.9 per cent. The figures were slightly productivity gains to ensure that the Interest rates set at 0.5 per cent were overturned the government veto.
about a productivity pick-up this time growth than expected in the first quarter higher than economists expected but current level of real wage growth holds still providing a stimulus to the econ- Clarence House said the prince’s 600-
even though it has been wrong many while unemployment fell and the were much lower than the wage growth as inflation returns to normal.” omy, he added. plus engagements a year gave him “a
times before. He reasoned that because employment rate rose to a fresh high. seen before the financial crisis, when it John Philpott of the Jobs Economist On the UK’s intensifying discussions unique perspective” and said Prince
the BoE could blame weak productivity The workforce expanded 202,000 and averaged about 4 per cent a year. consultancy said the “most encouraging with Europe, the governor said that the Charles believed he “should have the
on a temporary increase in low-wage offered some hope that wage growth — The employment rate rose from 73.4 [news] of all” was that pay was rising BoE had not yet seen any caution in right to communicate privately”.
jobs last year, there was more scope for a long missing from the economic to 73.5 per cent, a record, and the fastest in low-wage sectors. companies regarding the possibility of It said this view was supported by par-
pick-up in future. recovery — is beginning to pick up. unemployment rate fell to 5.5 per cent, The Conservatives want to see an in-out referendum on membership liament, which amended the Freedom
The central bank’s more pessimistic After six years of falling real pay, the the lowest level since 2008 and near the another 2m jobs created by 2020. But of the EU but conceded that the bank of Information Act in 2010 to exempt
productivity outlook is why its medi- pick-up in nominal salaries, along with pre-crisis average of 5.3 per cent. independent watchdog the Office for would continue to look at the matter the prince and the Queen from further
um-term inflation forecast held up even inflation’s slide to zero, means real Almost all the jobs created in the past Budget Responsibility forecasts closely as “it could be an important publication of correspondence.
though the BoE now expects a slower wages are rising at the fastest pace since year were “traditional” full-time roles, in employment will only rise half as quickly determinant of the forecast”. Additional reporting by Jane Croft and
recovery. 2007. sharp contrast with the earlier stages of as the Tories hope. Sarah O’Connor Editorial Comment page 10 Helen Warrell
Self-employed Energy
NATIONAL
Antibiotics commission
Values on rise
Big hurdles ahead for Tories’ home ownership pledge nationwide
Promise to protect greenbelt
for first time
and localist approach to since last
planning are main obstacles
summer
KATE ALLEN AND JIM PICKARD
INTERNATIONAL
GLOBAL INSIGHT
Asylum seekers
EASTERN EUROPE
L
address the surge of migrants crossing asylum, while Portugal accepted just 40. Objections from the UK were unwel- set to be proposed on Monday. ike the great powers of the 19th and early 20th
the Mediterranean from north Africa. London has vowed to oppose the pro- come but expected, according to offi- A consensus has emerged among EU centuries, the EU faces an Eastern Question.
But the proposal, unveiled yesterday posals — the only large country to do so. cials in Brussels. While Britain opts out and will ministers to establish a military mission Political and ethnic violence that erupted in
by the European Commission, faces stiff The UK, along with Ireland and Den- of most EU migration rules, it does par- — resist next week to hit networks of human Macedonia last weekend is the latest symptom
opposition from the UK, which has mark, has the right to opt out of the EU’s ticipate in the bloc’s asylum system, traffickers in the country. It would pre- of a deep-seated disorder shaking an area of
threatened to reject it. That has put Brit- justice and home affairs policies and has which says arrivals must claim asylum calls for pare for operations to be launched — southeastern Europe that stretches from Greece to Bosnia-
ain on a collision course with several said it will do so unless the measures are in the first EU country in which they mandatory including destroying boats in Libyan Herzegovina.
member states, led by Germany, that watered down. Ireland is likely to sign arrive. This has enabled Britain to send waters before they can take on refugees The deaths of 14 ethnic Albanians and eight police offic-
have accepted large numbers of refu- up to the scheme, according to one per- thousands of potential refugees back to relocation’ — if a UN mandate were secured. ers in the northern Macedonian town of Kumanovo were
gees and are clamouring for relief. son familiar with the discussions. other EU states. Theresa May, There remain serious doubts about followed yesterday by the resignations of the nation’s intel-
At the heart of the proposal is an Theresa May, home secretary, reiter- The commission also introduced a UK home the effectiveness and feasibility of such ligence chief — who happens to be a first cousin of Nikola
emergency distribution plan that would ated British opposition to the moves in a resettlement programme of 20,000 ref- secretary an operation, say senior diplomats. Gruevski, the prime minister — and the interior minister.
But the true source of tension in the former Yugoslav
republic is that it is a young state regarded with suspicion
by its neighbours since its birth in 1991 and harnessed,
under Mr Gruevski, to the causes of glorifying Slav Mace-
Eurozone. Spending surge donian identity and neutering his political opponents.
In this sense, the turmoil harks back to the first Eastern
Confident consumers open throttle for growth Question, which centred on how to accommodate the aspi-
rations of rival Balkan nationalities, not least the Slav Mac-
edonians themselves, as the Ottoman Empire lost control
of its European territories.
The first Eastern Question found a bloody and incom-
Sharply accelerating new car plete answer in the first world war and the peace treaties
that followed. In the second half of the 20th century, com-
sales in Ireland and elsewhere munist rule and the cold war kept a lid, more or less, on
frictions among the region’s states and on social and eco-
epitomise the bloc’s recovery nomic tensions within each of them.
Now a second Eastern Question is taking shape. It
VINCENT BOLAND — DUBLIN encompasses issues such as Greece’s struggle to reform
itself, Kosovo’s struggle to survive as a functioning state
Just after Colm Quinn opened his first and Macedonia’s struggle
BMW dealership in 2008 in Athlone, to persuade its neigh-
central Ireland, “the world crashed”. As bours that its grandiose
The powers of
eurozone consumers finally open their nation-building effort is western Europe
wallets after years of austerity the pros- no threat to their territo-
pects for Mr Quinn’s second outlet, rial integrity or cultural
find themselves
opened this year after an investment “in identity. acting as political
excess of €3m”, are more promising. It also involves the EU’s
Figures published yesterday showed struggle to square the cir-
schoolmasters
the eurozone economy grew 0.4 per cent cle of upholding regional
in the first quarter, as the fall in energy stability while sticking to its plan, announced last year, to
prices helped to revive consumer confi- deny membership to more Balkan countries until 2019 —
dence. The strong start to the year indeed, for most if not all of them, probably much longer.
means the eurozone grew at a faster Just as in the pre-1914 era, the powers of western Europe
pace than the US or UK, reversing the find themselves acting, with questionable success, as polit-
trend of recent years when the region ical schoolmasters and financial treasurers to the region.
was a laggard. The flash estimate for They construct minutely detailed aid-for-reform deals for
gross domestic product, produced by Greece, covering everything from fiscal rectitude to the
Eurostat, was broadly as expected and timeframe within which professional tourist guides should
beat the 0.3 per cent expansion recor- be issued with identity cards.
ded for the final quarter of last year. None of it seems to achieve lasting improvements in
A sturdier performance from the Greek public administration. But it has produced a 25 per
French and Italian economies boosted A Porsche seen during the pre-crisis boom. House- pent-up demand. Tax cuts, cheaper oil ple are taking advantage of low borrow- cent collapse in economic output, as well as bringing to
the single currency area and fuelled outside Spain’s hold spending is also rising fast. The and low interest rates have also helped. ing costs.” power the most radical leftist government in a European
hopes that confidence is strengthening parliament government’s forecast is for a 3.3 per “The eurozone’s economy has been so Industry experts say the rise in car democracy since 1945.
in weaker parts of the region. in Madrid cent increase in private consumption weak for so long that we’re likely to see a sales should not be exaggerated. Cyril The US and its European allies have also poured billions
Nowhere is the revival more evident, Oli Scarff/Getty Images this year, following a 2.4 per rise in 2014. lot of pent-up demand released,” says Molloy, who owns four Ford outlets in of dollars and euros into Kosovo, doubtless to justify their
arguably, than in sales of new cars. Italian household expenditure rose 0.1 Erik Nielsen of UniCredit. “Car sales are suburban Dublin, says the surge comes controversial decision in 2008 to recognise its independ-
In Ireland, new-car sales reached per cent in the fourth quarter of last the best evidence of that. They indicate from a low base. Government incentives ence. But all this money did not prevent the sudden exodus
nearly 66,000 in the first four months of year. Domestic demand grew strongly in that confidence is growing and that peo- help and so does the arrival, at least in last winter of tens of thousands of desperate Kosovars — an
this year. That is more than for the full Germany, providing most of the lift to Ireland, of “personal contract pur- estimated 5 per cent of the population — into the EU,
year of 2009, when the industry was economic growth even though exports chases” — a manufacturer-led financing mostly without the required visas.
ravaged by the global credit squeeze and ‘There was disappointed. Private consumption incentive that makes it worthwhile to According to the World Bank, 29.7 per cent of Kosovo’s
Ireland’s financial collapse. Yet it is sales of new cars that stand spending buy a new rather than a used car. 1.8m people were, in 2011, on the poverty line of €1.72 per
“There was a period when you a period out. Between January and April, overall In constant price terms (annual % Moreover, Irish car sales are still a day. Jobless rates in Kosovo, Macedonia and Greece are at
couldn’t be seen to be driving a new car, when you car sales in Spain rose 24 per cent com- change) long way from the nearly 250,000 sold catastrophic levels, ranging from 25 to 30 per cent.
even if you could afford it,” Mr Quinn pared with the same period last year. in 2000. An industry body forecasts Clientelism, corruption and public suspicion of state
says, such was the backlash by hard-hit couldn’t be Italian car sales were also up 24 per cent
Ireland Italy 4 123,000 this year and perhaps 145,000 authority look much the same in Greece, an EU member
Spain Germany
families against years of austerity, reces- seen to be in the same period. Nor is it just mass- in 2016 if the recovery continues. Never- since 1981, as they do in Macedonia, a candidate member
sion and pay cuts. But with the Irish market brands: there is also a surge in 2 theless, buying a new car is an since 2005, and in Kosovo, which is far from EU member-
economy rebounding quickly, “it has driving a sales of luxury marques. Spanish Por- undoubted sign of confidence. After a ship because five of the EU’s 28 countries do not recognise
become acceptable to have a new car new car, sche dealers, for example, sold 43 per 0 home, it is probably the biggest expend- its independence.
again”. cent more cars in the first four months iture a family will make. Alan McQuaid These defects point to the essence of the second Eastern
The relatively confident picture in even if than in the previous year. -2 of Merrion Stockbrokers in Dublin says: Question. At heart, it is about how to promote good gov-
Ireland is repeated across much of the you could Economists say this rebound in eco- “They are the most obvious sign that ernance in a region beset with fragile democratic and civil
eurozone, where consumer confidence nomic activity reflects factors that are at -4 people have confidence in the recovery.” institutions, severe economic distress and states that are,
is rising again after years of hardship afford it’ play across the eurozone: unemploy- Additional reporting by Claire Jones in paradoxically, both weak and overbearing to citizens.
and recession. In April it reached a ment is falling, disposable incomes are 2010 11 12 13 14 Frankfurt, Tobias Buck in Madrid and
Colm Quinn. Source: Thomson Reuters Datastream
record high in Spain, exceeding levels Irish car dealer on the rise and there is significant James Politi in Rome [email protected]
INTERNATIONAL
Gloomy China
data prompt
spending despite crude price fall predictions of
fresh stimulus
In the first in a series on oil’s decline, Riyadh faces calls to diversify but insists it can withstand shock
JAMIL ANDERLINI — BEIJING
Fracking holds promise of unlocking 140bn Economies in emerging markets slow to pace
barrels of reserves across globe, says report not seen since aftermath of financial crisis
CHRISTOPHER ADAMS — ENERGY EDITOR boom in US output, with companies Iran, where the government is hoping to JONATHAN WHEATLEY — LONDON crisis, continuing a downward trend ing markets could fall to an annual rate
using technological advances to cut attract foreign investment if and when observed since the third quarter of of 3.5 per cent in the coming months.
Fracking, which is blamed by some for Growth in emerging markets has fallen
costs and improve productivity. But it is sanctions are lifted following a deal on 2014. The IIF said industrial output had been
causing earthquakes in the US, could to its slowest pace in six years, return-
less widely used elsewhere, in part due its nuclear ambitions. Mexico, which is Earlier this month, it was reported the biggest drag on growth and that
unlock nearly 140bn barrels of global ing to levels not seen since the after-
to environmental opposition but also opening its energy sector to foreign that capital outflows from emerging trade data for March and April contin-
oil supplies — equivalent to Russia’s math of the global financial crisis,
the need for specialist equipment. investment, follows with 14bn of poten- markets amounted to more than ued to show broad weakness with only
known reserves, says a study. according to data from the Institute of
In the UK, more densely populated tially recoverable barrels, Russia with $600bn in the three quarters to the end one out of 18 readings being positive.
International Finance.
Countries such as Iran, Russia, Mexico than the US, drillers hoping to frack 12bn and China 6bn. of March, more than the $545bn of out- Business sentiment had declined
and China stand to gain most from shale gas reserves have met public wari- IHS has examined more than 170 The IIF said average growth in gross flows seen in the three quarters to the sharply for the second consecutive
exploiting techniques used by modern- ness amid concern over the risk of mature oil plays worldwide and three domestic product across emerging mar- end of March 2009, immediately after month, wiping out gains registered at
day wildcatters in America’s shale revo- minor earth tremors — which can be fields in France, Tunisia and China kets fell to 1.6 per cent in the three the crisis. the start of the year.
lution to breathe life into their ageing oil triggered by injecting waste water back where operators have revived old assets months to the end of April compared On Monday, Capital Economics said But the IIF said that financial market
and gasfields, according to analysis by underground — and the noise and dis- with new technologies. In France, where with the previous three months, down that its latest GDP tracker, which is indicators had continued a recent
IHS, the research company. ruption from transporting materials to fracking is not allowed, the Saint Martin from 1.9 per cent in the three months to compiled from monthly data on output upwards trend, led by a rebound in
Two-thirds of the extra recoverable and from sites. de Bossenay field near Paris, abandoned March. and spending, suggested that average commodity prices.
oil would come from the Middle East IHS says as much as 141bn barrels in 1996, has been redeveloped with hori- “This suggests that EM growth in GDP growth across emerging markets “The pace of deceleration has at least
and Latin America, it has estimated. could be unlocked from known fields zontal drilling, boosting its rate of oil Q2 could turn out even weaker,” the IIF had fallen below an annual rate of 4 per eased and a pickup in financial market
Fracking, or hydraulic fracturing, outside North America, with 135bn of recovery from 40 to 44 per cent and said. cent in the first quarter. variables provides grounds for cautious
involves pumping a mixture of water, these in plays likely to require fracking. swelling its reserves by 1m barrels, or The figures follow recent data sug- This, too, would be the slowest pace of optimism that the downturn has now
sand and chemicals at high pressure As much as 40bn of these barrels lie in about 10 per cent. gesting that growth and confidence are growth since the 2008-09 crisis. Capital almost run its course,” said Kristina
into rocks deep underground to open up According to IHS, the fields that could at post-crisis lows across the emerging warned that average growth in emerg- Morkunaite, lead author of the IIF’s
tiny fissures, allowing oil and gas to flow benefit from the new technologies are world. But the IIF’s survey did point to report.
more freely to the wellhead. Horizontal
Two-thirds of the extra relatively evenly distributed across the some signs of a recovery later this year. The downturn was strongest in Latin
drilling — sinking a well a mile or more recoverable oil would world. The other top 10 countries, each The IIF said its EM Coincident Indic- Data-driven news
and analysis on
America, led by negative growth in
straight down, then a mile or more side- with more than 4bn in additional ator — a compilation of 41 macroeco- Brazil. The pace of GDP growth was
ways — has made it possible to expose a
come from the Middle resources, are the United Arab Emir- nomic and financial variables — fell to
emerging markets
strongest in emerging Asia, although
SQUARED
SSQ
Q AR
from the FT
greater area of resource-bearing rock. East and Latin America ates, Kuwait, Kazakhstan, Algeria, its lowest level since the spring of 2009
ft.com/em-squared
there, too, the IIF’s indicator suggested
These processes have contributed to a Libya and Venezuela. in the aftermath of the global financial the pace had slowed sharply.
8 ★★★ FINANCIAL TIMES Thursday 14 May 2015
INTERNATIONAL
Israel’s rising star prompts liberal concerns adjusted to strip out some of the volatil-
ity from factors such as annual holidays.
But the regularity of first-quarter
slowdowns in recent years has raised
questions over how good a job the sea-
sonal adjustments are doing. From 2010
Democracy fears voiced over to 2015 growth in first-quarter GDP has
new justice minister who has averaged only 0.6 per cent as against an
average 2.9 per cent in the remaining
been likened to Sarah Palin quarters. Some of this can be explained
by one-off events but analysts have been
searching for other explanations.
JOHN REED — JERUSALEM
JPMorgan Chase last month said first-
She has criticised the Israeli military- quarter GDP growth averaged 1.6 per-
run Army Radio for its “left-leaning centage points lower than in other quar-
agenda”, supports the deportation of ters over 20 years. It concluded that
African immigrants and is seeking to while it was possible the data reflected a
curb the power of non-governmental deeper problem, “it does not seem like
organisations and the Supreme Court. the most likely explanation to us” and
Ayelet Shaked, a 39-year-old political that the pattern may be a coincidence.
newcomer some have likened to Sarah Barclays calculates that removing
Palin, the former Alaska governor, has “residual seasonality” from the num-
been named justice minister in Ben- bers would lead to growth of 1.8 per cent
jamin Netanyahu’s new coalition gov- in the quarter, instead of 0.2 per cent.
ernment. The powerful role will give her The main source of this seasonality is
a say in judicial appointments and a monthly construction survey from the
chairmanship of a Knesset committee Census Bureau which is fed into the GDP
that decides which bills become law. data, the report argues, with the rest
The rapid rise of Ms Shaked — sealed coming from exports and defence. The
in a last-minute coalition deal between origin of issues with the construction
Mr Netanyahu’s Likud and her party, numbers may lie in the boom-to-bust
Naftali Bennett’s far-right Jewish Home cycle in construction between 2005 and
— has raised concerns among moderate 2010, which could have made it harder
and leftwing Israelis over democratic for statisticians to perform seasonal
checks and balances. adjustment calculations, it claims.
Nachman Shai, an MP with the cen- The BEA has said it may introduce
tre-left Zionist Union, said handing Ms improvements to seasonal adjustment
Shaked the justice portfolio was “like methods as part of its regular revision of
giving the fire and rescue services to a Rightwing: the appointment of Ayelet Shaked has disturbed some, but the issues have been partly clouded by sexist comments about her looks — Gali Tibbon/AFP the national income and product
pyromaniac”. Saeb Erekat, the Palestin- accounts this summer. Nicole Mayer-
ians’ chief negotiator, has accused her of hauser, chief of BEA’s national income
“openly calling for the genocide and eth- pointed to Ms Shaked’s lack of formal Jewish state, despite its Arab minority. kept her clothes on”. The Knesset come it — a move that would allow him and wealth division, said it was aware of
nic cleansing of the Palestinian people”. legal training and political experience; She also favours a proposed law limiting Speaker this week ordered bodyguards to expel Jewish Home. the potential for residual seasonality in
During last summer’s Israeli military she was elected as an MP only in 2013. foreign funding for NGOs, which critics be assigned to Ms Shaked after she Ms Shaked, whose background is in GDP and its components and was “con-
operation in Gaza, Ms Shaked was criti- In her justice role, Ms Shaked will sit say if approved would put Israel in a received death threats. He said he was Israel’s technology industry, worked as tinually looking for ways to minimise
cised after quoting on her Facebook on the committee that appoints judges, league with Vladimir Putin’s Russia. especially worried by faked images of director of his office from 2006 to 2008, this phenomenon”.
page the words of a pro-settler journalist and has called for a stronger govern- Yet much of the criticism directed at her on social media wearing a Nazi SS leaving after a reported dispute with She said the BEA was reviewing the
who likened the children of Palestinians ment role in the body. She is among a her has been of a sexist nature. Yosef uniform, which reminded some of post- Sara, Mr Netanyahu’s wife. possibility of residual seasonality in
who harmed Israelis to “little snakes”. number in the incoming government Paritsky, a former minister, said Ms ers of Yitzhak Rabin that circulated She will face serious constraints. measures of defence spending, after
She posted the quote a day before who think Israel’s Supreme Court is too Shaked could “star as a calendar pin-up before he was assassinated in 1995. Moshe Kahlon, incoming finance minis- research suggested the first- and fourth-
Mohammed Abu Khdeir, a Jerusalem powerful and has a leftwing bias, in garages”. A gossip column in the The tawdry tone of much of the dis- ter, who heads the centre-right Kulanu quarter growth rates were lower than
Arab teenager, was beaten and burnt to although she had conciliatory words for newspaper Yedioth Ahronoth, report- cussion has detracted from the weight- party, won as part of his coalition deal those of the third and second quarters
death by a group of Jews in revenge for the institution on Tuesday, saying: “We ing a visit by Ms Shaked to a spa, said she ier issues at stake and obscured a more with Likud the right to vote against any on average. “As BEA continues its sea-
the killing of three Israeli teenagers in are proud of our Supreme Court.” took a dip in the pool but “unfortunately salient fact: Mr Netanyahu’s govern- measure to weaken the Supreme Court. sonal adjustment review, should it iden-
the West Bank. “Judicial reforms should make us ment, with 61 of the Knesset’s 120 seats, “The left want to show how terrible tify other areas of potential residual sea-
Recep Tayyip Erdogan, Turkey’s worried,” said Mikhael Manekin, man- will probably struggle to get much of things are with Shaked, but her power is sonality, BEA will develop methods to
prime minister and a fierce critic of aging director of Molad, a think-tank.
‘The left want to show anything done. Animosity between Mr limited,” said Yehuda Ben-Meir, senior address these findings,” she said.
Israel, compared her behaviour to that “The minute the executive is stronger how terrible things are Netanyahu and Ms Shaked’s party fellow at the Institute for National Secu- A spokesman for the US Census
of Adolf Hitler. Ms Shaked, who was not and the judiciary becomes less power- remains after a bitter election campaign rity Studies, a think-tank. Bureau said: “We are working with BEA
available for comment, said her words ful, it becomes more difficult, for exam-
with Shaked, but her and tough coalition talks. “There is no majority in this Knesset to attempt to identify areas of residual
were taken out of context. ple, to protect minorities.” power is limited’ The prime minister, after ruling out a for any law that would change the com- seasonality in source data provided for
With Mr Netanyahu’s government Ms Shaked has previously backed a coalition with the Zionist Union during position of the committee that chooses the GDP. Anything we identify will be
about to be sworn in, critics have “nation state” bill enshrining Israel as a the campaign, now says he would wel- Supreme Court judges.” shared as soon as possible.”
North Korea executes defence minister Japan military shake-up challenges Abenomics
SIMON MUNDY — SEOUL executions, we have to wonder whether and top adviser, who was executed in ROBIN HARDING — TOKYO editor of the political newsletter Tokyo should fight to protect its allies, rather
it’s a sign of authority or an inability to December 2013 on charges ranging Insideline. than merely fend off direct attacks on its
North Korea has executed its defence Shinzo Abe, Japan’s prime minister,
keep things under control,” Victor Cha, from distributing pornography to plot- The ruling Liberal Democratic party territory. One bill creates a framework
minister by anti-aircraft fire for crimes will this week push ahead with plans to
a White House adviser on Asia under ting a coup. and its Komeito coalition partner signed for Japan’s military to provide logistical
including falling asleep at a meeting in loosen rules governing the military,
George W Bush, said. The suggestion that Hyon was exe- off on the package of security bills on support for multinational peacekeeping
front of Kim Jong Un, the supreme even as analysts warn this could squan-
The executions are part of a broader, cuted for falling asleep in front of Mr Monday. They are set for cabinet forces. Another revises 10 different laws
leader, Seoul’s intelligence agency has der political capital needed to pursue
unusually extensive, turnover of posi- Kim — as well as disobeying orders — approval today and could reach parlia- governing Japan’s military and its
reported. tough economic reforms.
tions in North Korea’s senior ranks. echoes the state denunciation of Jang, ment by tomorrow. response to armed attacks.
Hyon Yong Chol, 66, had enjoyed a rapid About half of the top 218 military and who was condemned for “halfheartedly The military reform, a significant shift The bills will put into effect a new US- The security changes are unpopular
rise under Mr Kim: relatively unknown civilian bureaucrats were replaced clapping” the supreme leader. in Japan’s pacifist outlook, is just one Japan defence agreement and last sum- with the public. A recent poll for Japan
when he was promoted to vice-marshal within two years of Mr Kim taking Shin Kyung-min, a South Korean law- piece of legislation scheduled for mer’s reinterpretation of Japan’s pacifist News Network showed 46 per cent of
in 2012, he became one of Pyongyang’s power, according to South Korean esti- maker, cited NIS claims that 15 officials approval this summer. Parliament nor- constitution by Mr Abe. They are based the public against the changes com-
top officials last year with a ministerial mates. The most spectacular purge was had been killed this year, 41 last year mally closes in June but, according to on the principle that Japan can and pared with 36 per cent in favour. That
position and a seat on the National that of Jang Song Thaek, Mr Kim’s uncle and 10 the year before. “Kim seems to political analysts, Mr Abe is set to pro- may get worse as the measures go
Defence Commission, the most power- be maintaining a reign-of-terror strat- long the current session into August as through parliament. “Opposition par-
ful organ in North Korea. His name reg- egy, executing people . . . when he feels he pursues economic reform. ties will likely leverage public sentiment
ularly appeared near the top of the list of threatened,” he said. The summer of legislation will be cru- to prolong the debate,” said Tobias Har-
officials accompanying Mr Kim to pub- This extreme response to signs of dis- cial for the prime minister’s Abenomics ris, an analyst at Teneo Intelligence.
lic events. respect reflects the struggle faced by Mr stimulus, which is aimed at ending 20 Mr Abe’s approval ratings are hover-
Hyon was executed in front of hun- Kim, generally believed to be 32, to years of on-and-off deflation and restor- ing above 50 per cent and he has gener-
dreds of people near the end of last assert his authority over much older ing the country to sustainable growth. ally moved cautiously on reforms to
month, South Korea’s National Intelli- senior figures, said Ahn Myeong-chul, a But if Mr Abe sacrifices too much keep it there. After a strong LDP per-
gence Service (NIS) told lawmakers yes- former North Korean prison camp political capital on the security changes, formance in April’s local elections, Mr
terday. It appears to be the latest in a guard who heads the non-profit group it could threaten his ability to pass Abe has a breathing space before his
series of executions interpreted as part NK Watch. structural economic reforms — the 10 46% own re-election as party leader in Sep-
of efforts by the young leader to protect “He’s not being paranoid — from high- “third arrow” of Abenomics. Number of laws Share of public tember, and then upper house elections
his authority since taking power on his level officials to ordinary people, they “This could well lead to a 10 percent- governing Japan’s in recent poll next year. That makes it one of the best
father’s death in December 2011. Hyon Yong Chol: fell asleep during really don’t respect him.” age-point fall in the approval rating for military being opposed to opportunities he will have to pass legis-
“Every time we hear rumours of more a meeting with Kim Jong Un Additional reporting by Tae-jun Kang the Abe cabinet,” said Takao Toshikawa, revised by one bill security changes lation to reform the economy.
Thursday 14 May 2015 ★ FINANCIAL TIMES 9
The question of who will succeed the septuagenarian leaders of Uzbekistan and Kazakhstan is growing
more urgent for an oil-rich region delicately balanced between Russia, China, Afghanistan and Iran.
By Jack Farchy
Letters
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Include daytime telephone number and full address
Corrections: [email protected]
Comment
Smaller government is a moral mission Unanswered
questions on
OPINION
Britain’s welfare state was founded on
the ambition of meeting all the needs of
Public services will have to do less.
But if we are going to cut the supply of
first thing to go when budgets are tight.
We need to look beyond the public
tem that will bring costs down over the
long term. And the third is a reinvigor- Nigeria’s
Danny
Kruger
all the people. But that was when only a
few people received only a little help.
The system was designed to deliver
services, we need to reduce the demand
for them too. That means shifting the
focus of our attention upstream.
sector. That means that the social sector
— the complicated ecology of services
and institutions that surround disad-
ated culture of philanthropy, whereby
wealthy individuals and corporates
make good their responsibilities to soci-
missing billions
reactive, acute services, meeting occa- Consider services such as social care vantaged communities — needs to work ety directly — instead of just settling
sional, exceptional needs. Now the need for young people who are in trouble. The far better. their taxes as cheaply as possible.
T
here are two ways to reduce is neither occasional nor exceptional: Early Intervention Foundation has cal- The charity I run, Only Connect, Tony Blair regretted wasting his first
spending on public serv- more and more people need more and culated that each year we spend £17bn works with young people at risk of term as prime minister by delaying pub- OPINION
ices: make them more effi- more help for longer and longer. managing problems that would not exist offending, in prisons and the commu- lic sector reforms. Mr Cameron will
cient, or ask them to do less. The National Health Service was built nity. We are not here to meet young peo- have no such grounds for self-reproach. Lamido
The first way, technically in an age when doctors were for births, ple’s “needs” or address their “prob- In the past five years, huge chunks of the Sanusi
hard but morally easy, was David Cam-
eron’s focus in his first term at Number
death and emergencies — not for the
management of ongoing conditions. Yet
If we are going to cut the lems”, but to help them maximise their
assets — their talents, creativity and nat-
state — welfare administration, many
schools, probation services, prison man-
supply of public services,
J
10. But you can only take it so far. a majority of over-fifties now receive ural resilience — by empowering them agement — have crashed off the iceberg ust over a year ago President
While UK government spending will
need to fall further, there are dangers to
regular treatment and are expected to
live for decades. Welfare was designed
we need to reduce the to sort their own lives out and make a
positive contribution. We call our model
of government and floated into the pri-
vate and voluntary sectors.
Goodluck Jonathan suspended
me from my position as gover-
shaving budgets and outsourcing man- to cover short periods of unemployment demand for them too “handshake not handout”. We work But the focus has been efficiency and nor of the Central Bank of
agement: we may end up with less for a small minority. It now covers long closely with local and national govern- cost saving. That was a sensible start, Nigeria after I questioned an
accountable services, whose managers periods of unemployment for a large if we had spent £5bn earlier on proven ment, but are independent of it. but something more imaginative is now estimated $20bn shortfall in oil reve-
make things worse by shunting costs minority. Pensions were for the lucky preventive measures. Sustainable public services will also needed. Public sector reform, a more nues due to the treasury from the state
elsewhere in the system or into the few who lived beyond working age. The fiscal calculation is obvious: the require far more private capital. There professional and better connected char- oil company. As I said then, you can sus-
future. And this is where the moral mis- The same goes for adult social care, taxpayer should invest in prevention are three ways to obtain it. The first is itable sector, and a lot of private cash — pend a man, but you cannot suspend the
sion for this parliament comes in. mental health treatment, prison and not cure. But the state’s priority is to co-payment: asking users to meet some this is the recipe for social change and a truth. The publication last month of a
Instead of vainly clinging to the idea of a probation. Services designed for tiny provide urgently needed ambulances of the costs. The second is social invest- worthy mission for a second term of PwC audit into the “missing billions”
“comprehensive, universal” welfare minorities are overwhelmed. Systems at the foot of the cliff (like prisons and ment, whereby working capital is pro- government. brings us a step closer to it.
state, we need political leadership to built for the few are being used for the police), not the nice-to-have fences vided by private finance, and the tax- When I was central bank governor I
design a system — a culture, no less — in many. We cannot afford this burden, at the top (family support and good payer pays for success in arrears. This The writer is a former speech writer for raised three broad questions. First, did
which society heals itself. and the services will not be adequate. youth work). Preventive spending is the offers better value for money, and a sys- David Cameron the Nigerian National Petroleum Corpo-
ration remit to the government the
entire proceeds of its crude oil sales?
Second, if it did not, is there proof of the
purpose to which the unremitted
Picasso is only
amounts were applied? And third, did
NNPC have the legal authority to with-
hold these funds?
Contrary to the claims of petroleum
minister Diezani Alison-Madueke, the
audit report does not exonerate the
valuable in the
NNPC. It establishes that the gap
between the company’s oil revenues
between January 2012 and July 2013 and
cash remitted to the government for the
same period was $18.5bn. And it goes
abstract sense
into detail about the NNPC’s account of
how it used that money, which raises
serious questions about the legality of
the state oil company’s conduct.
The auditors say a significant part of
the unremitted funds is supposed to
have gone towards a kerosene subsidy
that had been stopped two and a half
But paintings are not securities. The years earlier by the late President
BUSINESS financial value of any work of art Umaru Yar’Adua. His decree never
remains as unknowable and intangible appeared in the official gazette, leading
John as the Mona Lisa’s smile. As the econo-
Gapper mist William Baumol put it 30 years
ago, the prices of paintings “float more
or less aimlessly . . . exacerbated by the
The state oil company
activities of those who treat such art withheld $3.4bn to pay for
objects as ‘investments’”. Those seeking a subsidy that effectively
W
hen a group of wealthy intrinsic value, in the financial sense,
investors compete with must look elsewhere. did not exist
each other to buy an Although we do not know who bought
asset, surely they have a the Picasso, beyond the fact that he or There are social as well as aesthetic prices of works sold at auction, rose chance of achieving a stable return. some to question whether it ever had
clear idea of its financial she can afford to drop $179m on a work rewards. The status value of buying art 7 per cent between 2003 and 2013 — Masterpieces can lose their lustre — legal force.
value? Jussi Pylkkänen, president of that would be difficult to shift for the — being invited to gallery and museum slightly less than the Standard & Poor’s postwar art is celebrated as older works Evidence disclosed in the report sug-
Christie’s, who on Monday night auc- same price in a market panic, we can dinners, and regarded as a person of 500 index (contemporary art achieved have faded. Mr Doig has surpassed gests this is a sideshow. The executive
tioned Picasso’s “Les Femmes d’Alger” speculate on the motive. The true value exquisite taste — is alluring. Sixty one a higher return at 10.5 per cent). Art has Damien Hirst but the buyer of Mr Doig’s secretary of the agency charged with
(Version O) to an anonymous buyer for lies in owning a painting that the Tate or per cent of collectors surveyed last year performed better than bonds on some “Swamped” cannot know whether that administering subsidies confirmed that,
$179.4m, thinks they do. Getty museums would love to display in by Deloitte, the accounting firm, admit- measures over some decades, but there will last. Jianping Mei and Michael acting on Yar’Adua’s orders, it had
“People sometimes think of buying public, and being able to dazzle yourself ted to this motivation. are reasons for scepticism. Moses, the economists, warned in one ceased granting subsidies on kerosene.
art as a frivolous occupation but these and others in private. The financial returns are murkier, One is that measuring financial study of art prices between 1955 and There was no appropriation for such a
bidders are very conscious of what the The only way to prove that you are the despite the efforts to explain rationally returns on works that are sold and later 2004 that “investors should not be subsidy in the 2012 or 2013 budgets.
object is worth, and they make decisions kind of person who is both cultured and the tide of money flowing into art. Sales resold at auction ignores those that obsessive [about] masterpieces and they Throughout all this, Nigerians paid
in an extremely considered way,” Mr wealthy enough to own a major Picasso of fine art globally rose to €51bn last never resurface, possibly because they need to guard against overbidding”. 120-140 naira a litre of kerosene, far
Pylkkänen assured me afterwards. He is to buy one. Auction houses prosper by year, according to the European Fine have fallen in value. A second is that the Or perhaps they need not. Defying the more than the supposed subsidised
emphasised that the final bids for the holding it in front of you briefly, while Art Foundation, overtaking the previ- art market is highly illiquid and opaque odds, making a bravura public state- price of 50 naira. Yet the state oil com-
Picasso, in a New York auction that offering to sell it to your rival. “They ous peak of €48bn in 2007. This is — no painting, even by the same artist, is ment and finally taking possession of a pany withheld $3.4bn to pay for a sub-
raised $706m for 34 works of 20th-cen- suddenly say, ‘I am never going to get minuscule compared with the $294tr of exactly equivalent to another work. A revered Picasso painting is sufficient. sidy that in effect did not exist. I have
tury art, proceeded in careful, $500,000 this chance again’, and go all the way,” global financial assets, but it demands to third is that the transaction costs are “Standing in front of the object and hav- consistently held that this was a scam
increments. Mr Pylkkänen says of the world’s ulti- be justified financially. extremely high — auction houses charge ing people know that you’re the buyer is that violated the constitution and
Amid record-breaking auctions in mate art collectors. That is hard to do. The Mei Moses buyers about 20 per cent. worth all the money in the world,” says siphoned off money from the treasury.
London and New York, art is increas- Works of art are “a very rational World All Art index, which tracks the The oddest aspect of the market Jeff Rabin, co-founder of Artvest, a New The second major item raised in the
ingly treated as a financial asset. choice for those who derive a high rate (among many) is that the wealthiest York art advisory firm. report relates to the transfer of oil assets
“Swamped”, a painting by Peter Doig, a of return in the form of aesthetic pleas- collectors take the least predictable There is no doubt that “Les Femmes belonging to the federation to the Nige-
56-year-old Scottish artist, sold for
$25.9m on Monday night. Billionaires
ure,” Mr Baumol concluded. The econo-
mist John Picard Stein wrote in 1977:
The financial worth of any financial risks, at least when bidding at
auctions rather than buying works pri-
d’Alger” is an extraordinary work of art.
Whether it will be an exceptional invest-
rian Petroleum Development Company,
a subsidiary of the NNPC.
fly to Art Basel Miami Beach to buy from “Any superior performance derivable work of art remains as vately through galleries. Masterpieces ment is another question. To the bidder, NPDC has paid $100m for these
big galleries, private bankers tell clients
to diversify into art; masterpieces clog
from paintings can be attributed
entirely to the viewing pleasure they
unknowable and intangible such as “Les Femmes d’Alger” often
underperform in the long term, while
it may not matter. assets, from which it extracted crude
valued at $6.8bn but paid tax and royal-
free port warehouses in Geneva. provide, not capturable by speculators.” as the Mona Lisa’s smile less-glamorous paintings stand a better [email protected] ties worth $1.7bn in the period scruti-
nised by the auditors. PwC was unable
to establish how much of the remaining
$5.1bn should have been remitted to the
government. But the report showed
B
enjamin Franklin said the be true. Equally, his remarks have sent one affecting Vodafone, been settled in a uniform tax is absolutely correct. regulations are subject to whim. The tax expenses, “unsubstantiated” costs,
only things that were certain foreign funds scrambling for the exits. India should pass a sensible version of code should be simplified. The latest computation “errors” and tax shortfalls;
in life were death and taxes. The rupee is down to levels not seen the GST forthwith. budget goes some way towards this by a total of $1.48bn has to be refunded.
Obviously he had never been
to India. As any foreign inves-
since late 2013.
There are three areas of concern. One
One minute a company Thankfully, the government is aware
of its tax problem. Arvind Subrama-
cutting corporate tax levels while clos-
ing loopholes and declaring war on
Of the $18.5bn in revenues that the
state oil company did not send to the
tor knows, the one thing you can say is that fund managers are suddenly thinks it has settled its bill, nian, chief economic adviser, says black money. India’s goal should be fair government, about $12.5bn appears by
about India’s tax regime is that it lacks
any certainty at all. One minute a com-
being asked to pay the so-called mini-
mum alternative tax, a levy introduced
the next it is being hit for India’s reputation as a place to invest has
“been hurt very badly”. So what should
taxes, consistently implemented.
Mr Jaitley may have seen the light. He
my calculations to have been diverted.
And this relates only to a random 19-
pany thinks it has settled its bill, the in the mid-1990s to ensure that domes- billions in retroactive levies be done? First, national priorities and has set up a high-level committee to month period, not the five-year term of
next it is being hit up for billions in ret- tic companies don’t get away scot-free. those of the tax authorities need to look into the issue. If it acts swiftly and Mr Jonathan, the outgoing president.
roactive levies. If it is lucky, after an The MAT was never intended for foreign the courts, than they sent a summons to meld. Too often, the government sets a decisively, it could solve the MAT prob- Nigerians did not vote for an amnesty
excruciatingly lengthy (and doubtless funds, but a 2012 ruling from one tax Edinburgh-based Cairn Energy for policy only to have it undermined by a lem and put an end to retroactivity at a for anyone. The lines of investigation
costly) sojourn in the courts, the threat body opened the door to charging them. $1.6bn related to the reorganisation of a righteous tax official seeking his pound stroke. Its task is urgent. India must suggested by this audit need to be pur-
evaporates. If not, it pays up — and vows Instead of knocking that on the head, as former Indian division. of flesh. The system needs to be ration- send out the message that its tax code is sued. Any officials found responsible for
never to invest in India again. he should have done, Mr Jaitley has Tax was in the news again this week alised so that the government and its tax both rational and carved in stone. Rede- involvement in this apparent breach of
India has got itself into a terrible mess stressed the tax authorities’ independ- when parliament’s upper house rejected bureaucracy pull in the same direction. ployed, Ed Miliband’s missing “Ed trust must be charged.
over taxes. Many of the problems are a ence. True, he has ruled out levying the a bill to introduce a unified national Second, it goes without saying that Stone” could be put to good use yet.
hangover from previous administra- tax after this April. But that leaves open goods and services tax. The so-called foreign and domestic companies, armed The writer is the emir of Kano and a former
tions. The government of Narendra the possibility of more than $6bn in GST has been 10 years in the making. with the cleverest lawyers, do their [email protected] governor of the Central Bank of Nigeria
12 ★ FINANCIAL TIMES Thursday 14 May 2015
BUSINESS LIFE
‘
The Tories’ “UK Border” is the sign that greets
passengers arriving at Heathrow. The
domestic product and 10 per cent of
employment in 2013, according to
Ms May also proposed visa
restrictions for Brazilians, which she The review
internal battle airport is not on the border. It is in a
west London suburb. But the wording
carries a message: “You are approaching
figures cited in a Commons committee
report in March.
Almost one-third of UK jobs created
put on hold after protests from cabinet
members and Robert Halfon, Tory MP
and co-chairman of the British-Brazil Bold thesis with little comfort
on tourism and a barrier. Do not expect an easy time.”
The government’s online visa and
over the past three years have been in
tourist-related businesses.
parliamentary group.
In addition, she abandoned a scheme
for the put-upon at work
universities immigration page is just as forbidding.
This week, below the link to visa
Tourists have a choice of countries to
visit, and they are put off by being told
Tourists for a £3,000 bond for visitors from
India, Nigeria, Pakistan, Kenya, Sri
STEFAN STERN
applications, were three news stories. they are not welcome. Some in the have a Lanka and Bangladesh.
The first was about a health surcharge previous and current Tory choice of All these proposals left a residue of kind. What safe conclusions
for temporary migrants. The second administration understand this. Battles hurt, as have the government’s policies should we draw from that?
reported on a London-based Moldovan over the balance between controlling countries to on foreign students at UK universities McGonigal says that
accountant who was fined for immigration and attracting tourists visit, and — like tourism, a sector of great stress is an important
providing unregulated immigration have pitted top Conservatives against importance to the British economy. signifier, not something to
advice. The third said that “nearly 800 each other. they are put The government has included be ignored. “You don’t stress
foreign criminals are being kicked out For years, the argument was over off the UK foreign students in its immigration out about things you don’t
’
of the country”. visas for Chinese visitors. Tourists from target, in spite of representatives from care about, and you can’t
These are all important issues. But China can apply for a Schengen visa, every corner of UK business asking it create a meaningful life
what would it cost, apart from a few which gives them the right to travel to not to. The Upside of Stress without experiencing some
buckets of paint and a little computer 26 European countries. They need a It also restricted the right of foreign — Why stress is good for you and stress,” she writes.
work, if the government’s information separate visa for the UK, which is not graduates to work for a limited period how to get good at it She suggests a three-step
page and the sign at Heathrow — and party to the Schengen border-free after their degrees. The all-party By Kelly McGonigal approach to change our
Vermilion
all Britain’s entry points — said travel agreement. parliamentary group on migration, £12.99/Avery $26.95 “mindset”: acknowledge
“Welcome to the UK”? It is a hassle. Of Chinese travellers to which includes Conservatives, said stress when you experience
The overwhelming majority of those Europe, 94 per cent apply for a some students were instead going to it, welcome the stress by
visiting have no intention of Schengen visa only, Paul Barnes of the university in Australia. Kelly McGonigal is a convert. recognising that it is a
committing crimes or using UK UK China Visa Alliance lobbying group In January, we reported that Mr A health psychologist who response to something you
hospitals. They want to do business or told me. The group asked the Osborne had quashed plans by Ms May teaches at Stanford care about, then make use of
have a good time. government to agree to joint UK and to clamp down further. University, for years she had the energy it gives you.
But these visitors have been lumped Schengen visa applications. In 2012, What will the new government’s held to the conventional McGonigal has the zeal of
with immigrants. I do not object to the Financial Times reported that direction be? John Whittingdale, the view that stress is bad for a convert, which possibly
immigrants; I am one. But large David Cameron and George Osborne, new culture secretary whose brief you. leads her to believe she has
numbers of Britons do. The the chancellor, were frustrated that includes tourism, chaired the But when a few years ago cracked the problem. There
Conservatives went into the election Theresa May, then — as now — home committee that produced the report
Michael Skapinker repeating their commitment to reduce secretary, had not made progress explaining the sector’s importance.
she came across research
which suggested that stress
are some big claims.
Working better with stress
annual net migration to tens of on this. Both Mr Osborne and Ms May would is bad for you only when you “could even mean the
Businessandsociety thousands and they won a majority. She eventually budged. Chinese like to succeed Mr Cameron. The believe it to be damaging, difference between having a
But this government is committed to tourists can now fill in one form, but battles are likely to continue. she had to reconsider. heart attack at 50 or living
business too — and tourism is one of they still have to make a special visit to Indeed, the same research into your nineties,” she says.
the UK’s most important. The industry a UK-appointed company to be [email protected] found that people who lived She acknowledges that
accounted for 9 per cent of gross photographed and fingerprinted. Twitter: @Skapinker with stress but did not view not all life events can be
it as harmful were the managed away: “Not every
healthiest people of all. trauma has an
McGonigal started upside . . . you shouldn’t
digging deeper into the force a positive
subject and the result is this interpretation on every
book, which argues that by instance of suffering.” But
recognising and working only a few pages on she
with stress, rather than writes: “Choosing to see the
trying to ignore or suppress upside in our most painful
it, we can perform better experiences is part of how
and achieve more. we can change our
It is a bold and counter- relationship with stress.”
John Neill believes the intuitive thesis, and she “Stress is harmful, except
‘Unipart Way’ can stop makes quite a good case for
it. In particular, she forces
when it’s not,” she
concludes. But something is
UK businesses lagging the reader to take a more missing: any reference to the
behind foreign rivals, nuanced view. For example,
there is more than one kind
large body of work carried
out by Sir Michael Marmot
writes Peggy Hollinger of response to stress. There over recent decades. He has
are alternatives to “fight or shown that stress can be
J
ohn Neill bristles at the sugges- flight”. We can also rise to hard to avoid, or deal with,
tion that he is the leader of a the challenge. especially for those with
cult. But he is messianic about What is more, some of our lower status in an
the need to save British compa- fundamental concepts could organisation.
nies from their benighted ways. be misconceived. The McGonigal does concede
“In 2011 the US was 39 per cent more Hungarian endocrinologist that stress can be harmful
productive than the UK. This isn’t a fail- Hans Selye carried out when three things are true:
ure to invest in IT. It is about the attitude significant research into the you feel inadequate to it, it
to change,” says the chairman and chief subject in the 1930s, isolates you and it feels
executive of Unipart, the global car studying the behaviour of meaningless and against
parts and logistics group that was spun rats in experiments. But, as your will. Unfortunately, for
out of British Leyland in 1987. McGonigal points out, some quite a lot of people at work,
“If only the UK could achieve the of these tests involved that unholy trinity can apply
average of best practice, the prize is randomised electric shocks all too often.
£300bn.” and near-death by
Mr Neill has been preaching the gos- drowning, hardly the The writer is visiting
pel of productivity for decades, ever common experience of many professor in management
since he led the management buyout of humans. The stress the rats practice at Cass Business
A productivity evangelist
British Leyland’s spare parts business. endured was of the worst School
The methods he used to take what
was once labelled the UK’s worst factory
to its best in six years (as voted by The riff
Management Today) have been
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14 ★ FINANCIAL TIMES Thursday 14 May 2015
Bus drivers
Transport companies with a high exposure to the UK bus market, such as
Go-Ahead and Stagecoach, have done well. Bus fares have risen faster
than rail, and much more than motoring costs
LOW
HIGH Forecasts by
1020 1000
1010
13 14
12 1010
14
11 19
10 29
3 Luxembourg Shower 18 64
13
10 1010 Lyon Drizzle 24 75
13 11 Madrid Sun 32 90
11 16 16 18 Manchester Cloudy 12 54
16
LOW 11 Miami Fair 31 88
11
13 23 18 19 LO Milan Sun 30 86
12 Montreal Sun 18 64
16 22
12 22 Moscow Cloudy 19 66
12 1020 27
10 Mumbai Fair 33 91
15 1 LOW 23 Munich Shower 20 68
12 28 28 20
11 New York Sun 21 70
25 Nice Fair 21 70
12 22 32 24 Paris Rain 16 61
30 25
26 Prague Fair 18 64
19 Reykjavik Rain 9 48
39 34 27 24 25
Rio Fair 26 79
1020 Rome Fair 25 77
Wind speed in MPH at 12 BST 38
Temperatures max for day˚C Wind speeds in KPH 25 San Francisco Shower 18 64
Stockholm Fair 13 55
Today’s temperatures Strasbourg Shower 20 68
Abu Dhabi Sun 42 108 Belgrade Thunder 26 79 Copenhagen Sun 16 61 Hamburg Cloudy 13 55 Sydney Sun 18 64
Amsterdam Fair 16 61 Berlin Cloudy 16 61 Delhi Sun 37 99 Helsinki Fair 14 57 Tokyo Sun 28 82
Athens Sun 25 77 Brussels Shower 17 63 Dubai Sun 40 104 Hong Kong Fair 31 88 Toronto Sun 17 63
B’ham Rain 10 50 Budapest Shower 22 72 Dublin Shower 11 52 Istanbul Sun 20 68 Vancouver Shower 17 63
Bangkok Fair 33 91 Buenos Aires Fair 23 73 Edinburgh Cloudy 10 50 Jersey Shower 13 55 Vienna Fair 20 68
Barcelona Fair 26 79 Cardiff Rain 12 54 Frankfurt Fair 20 68 Lisbon Sun 22 72 Warsaw Fair 16 61
Beijing Sun 27 81 Chicago Cloudy 18 64 Geneva Shower 24 75 London Rain 11 52 Washington Fair 23 73
Belfast Fair 13 55 Cologne Sun 20 68 Glasgow Fair 13 55 Los Angeles Shower 18 64 Zurich Shower 22 72
8 5 $ 7 6 7 (
26 “Bones” has one meaning (5) 9 , 5 * , / ( ; 7 5 $ ' 5 <
JOTTER PAD 27 Little time, long year (6) 5 5
5 ( 9 ( 5 (
,
' ( 9 , & (
6
Deutsche Mondi Pall Corp Dollar index US 10-year Sterling / Gold Brent oil
Lombard Admiral’s founder Telekom Treasury bond dollar
pulls down the flag 3.58% 8.94% 4.44% 0.9% 2bp 0.4% $22 0.1%
JONATHAN GUTHRIE, PAGE 20
€16.01 £14.14 $123.89 93.71 2.29% $1.5729 $1,215 $66.81
COMPANIES
INSIDE BUSINESS
Oil equipment
EUROPE
I
ture groups. has become increasingly popular in the its. terday morning, and thereby giving a taly’s Banca Monte dei Paschi di Siena, the biggest
The two businesses have agreed an US energy industry in recent years. It As the general partner, the Williams premium of about 25 per cent to the bank to fail last year’s European bank health check,
all-share deal for Williams to purchase has units instead of shares, and unlike a parent company benefited from that closing price of the units on Tuesday achieved its first quarterly profit for nearly three
the 40 per cent of Williams Partners conventional company pays no corpo- arrangement, but investors wanted to evening. years in the first three months of 2015. Now, the
that it does not own already, at a price rate tax. Investors instead pay income be compensated for that, so it increased However, Williams Partners units accepted wisdom is that MPS will move swiftly
that values the entire partnership at tax on their share of the partnerships’ the cost of capital for the partnership. have been losing value for the past six towards a tie-up — a deal with northern Italian lender UBI
$34.7bn. profits. Williams said the cost of capital would months, having peaked above $65 in Banca, for example, has been much touted.
The move follows similar deals The tax benefits of MLPs, which are be lower if it abandoned the MLP struc- November. But it may well prove harder than expected — not least
announced last year by Kinder Morgan, available only to energy businesses, ture, and the incentive distribution The companies both expect the acqui- because the Italian economy’s return to growth is threat-
in which the company bought out the have made them a low-cost way to raise rights, and was structured as a regular sition to close in the autumn. ening to reduce the need for dealmaking among Italy’s
fiercely territorial midsized banks.
For MPS — the bank that calls itself the world’s oldest —
even a quarterly profit of €72.6m represents a milestone
after a torrid and, at times, tragic three years. Fabrizio
Banks. DoJ probe Viola, MPS chief executive, has also said that after the
bank’s €3bn capital raising, which is slated for this month
Timing vital to size of UBS settlement after gaining ECB approval yesterday, it will finally be able
to pay back the Italian state’s bailout bonds. Profitability,
as at most Italian banks, remains weak, however. MPS now
predicts net profit of about €880m in 2018, having previ-
ously hoped for €900m in 2017. By 2018, it expects its
return on tangible equity to
Hundreds of millions of dollars have reached about 8 per
cent. But forecasts for what
Consolidation
could rest on exactly when happens between now and among popolari
traders sought to rig markets 2018 are scant on detail.
Bankers close to MPS
banks could lead
FT REPORTERS
insist that when its capital to €1.8bn in
raising is completed, it will at
Timing, as the adage has it, is every- least be able to take a seat at
savings
thing. the dealmaking table. A big-
For UBS, one of five banks trying to ger question, though, is whether anyone will want it there.
settle with US prosecutors over alleged Banks are being drawn to the table by a government
manipulation of foreign-exchange reform of Italy’s popolari mutual banks which, by no coin-
benchmarks, a criminal conviction and cidence, coincides with MPS’s cash call. A change in the law
hundreds of millions of dollars in extra will force the 10 largest, with a combined €525bn in assets,
penalties could rest on exactly when its to become joint stock companies.
traders attempted to rig one of the For now, popolari are popular with investors. Shares in
world’s biggest financial markets. the largest popolari have risen about 35 per cent this year.
Wrangling over the details of an Shares in MPS are up 20 per cent. But consolidation among
expected $6bn settlement has gone popolari banks could lead to €1.8bn in savings, or 15 per
down to the wire, as the US Department cent of their current cost base, according to Bernstein ana-
of Justice has threatened to tear up an lysts Johan De Mulder and Priyanka Agnihotri.
earlier 2012 deal in which it agreed not Bankers argue that, as well as paving the way for cost
to file criminal charges against the Swiss cutting, consolidation will also result in bigger banks bet-
ter placed for any cash calls that may be required under a
new single banking supervisor.
Others will be watching But Italy’s return to growth in the first quarter is remov-
closely. HSBC is one of ing the pressure for consolidation and raising expectations
that the burden of Italy’s more than €300bn in non-per-
several banks still being forming loans will start to lighten in an economic upturn.
investigated over forex Giuseppe Castagna, chief executive of Banca Popolare di
Milano, has indicated on several occasions that he is ready
bank for manipulating Libor, another to consider tie-ups. So has Banca Popolare CEO Pier Franc-
major benchmark. esco Saviotti who has even
Scrapping the non-prosecution agree- indicated that Banca Popo-
ment, or NPA, could theoretically put lare di Milano would be a
The last round of
UBS’s ability to operate in the US in jeop- suitable partner. Banca Italian banking
ardy — although pulling its licence, Popolare di Vicenza and
described by legal experts as the Veneto Banca have hired
mergers in 2007
“nuclear option”, is not understood to be advisers. Mr Castagna is varied wildly in
under consideration in this case. expected to announce his
According to people familiar with the Wrangling over tors, as opposed to criminal prosecu- and file criminal charges where such Some banks have pleaded guilty to adviser next week, according
their outcome
negotiations, the decision on whether to the details of an tors. The wrongdoing covered by that action is appropriate and proportional DoJ charges in the past year without it to people close to him.
scrap the NPA hinges partly on a ques- expected $6bn settlement stretched into 2013 but it to the breach,” assistant attorney- having a significant knock-on effect on With a more than 60 per cent jump in BPM’s share price
tion of dates: did any of the alleged settlement punished the banks for having poor sys- general Leslie Caldwell said last month. their US operations, notably BNP Pari- this year giving BPM a market value of €4.1bn, Mr Cast-
wrongdoing in the forex markets occur between UBS tems in place to prevent rigging rather UBS is not the only bank worried bas and Credit Suisse. agna’s enthusiasm is clear. In any all-paper deal, he will
after the NPA on Libor was signed in and the DoJ has than manipulation per se. about the long shadow of a Libor settle- If the DoJ does tear up the UBS agree- come out on top, bankers say.
December 2012? gone down to NPAs, and similar deals called ment; Barclays also signed a Libor NPA ment, it would mark the first time it has On the subject of Monte Paschi and its much-mooted tie-
The discussions have also been com- the wire — Michael deferred prosecution agreements, have in 2012. Both the banks’ deals expired brought criminal charges against a bank up with UBI Banca, the situation is more complex. Victor
plicated by the fact that UBS has immu- Buholzer/Reuters
been used by US prosecutors for years. last year, but the DoJ extended them that breached the terms of an NPA. Massiah, UBI’s tough but well-respected chief executive,
nity from prosecution for antitrust vio- They are supposed to act like a “sword of partially to allow it to examine whether Others will be watching closely. HSBC has given no indication of appointing advisers soon. Along
lations connected to the forex probe Damocles” hanging over the banks. the deals had been voided by alleged is one of several banks still being investi- with Intesa Sanpaolo, UBI emerged as one of Italy’s strong-
because it was the first bank to alert They carry the threat of renewed crimi- criminal activity in forex trading. gated by the DoJ over forex, and author- est banks in last year’s stress tests — a position that people
authorities to possible misbehaviour in nal prosecution if the institutions com- ities are understood to be considering close to UBI say it is not planning on giving up. Its common
that market. mit any further illegal acts for a fixed tearing up its 2012 DPA for sanction equity Tier 1 stands at 12.6 per cent. But MPS’s pro forma
Prosecutors could still punish the period of time; in the Libor cases, two
Interbank lending fines breaches and money laundering. ratio fell to 10.9 per cent as of March 31, from 11.4 per cent
bank on other grounds. The allegations years from the signing date. In NPAs and $bn RBS, meanwhile, has been breathing a at the end of December.
in the forex probe have expanded DPAs, the institutions admit wrongdo- sigh of relief. Neither Mr Massiah nor his shareholders are keen to
0 1 2 3 4
beyond collusion to claims that UBS ing, pay hefty fines and may be required It agreed to a DPA over Libor in 2013, consider a tie-up with MPS unless it comes very cheap,
may have committed fraud by failing to to overhaul their compliance structures Deutsche Bank but the two-year period has already according to people close to them. Meanwhile, the MPS
make adequate disclosures to clients and install someone to monitor their UBS expired, meaning it will not be affected shareholders about to pump €3bn into the bank, having
and counterparties. UBS has no immu- behaviour. RBS by the expected forex settlement. put €5bn in only last June, appear unlikely to have the
nity against fraud charges and is DPAs were introduced in the UK last Rabobank As part of deal, all five banks involved appetite to sell the bank in a fire sale. Haunting the minds
expected to pay up to $800m in penal- year but have yet to be used. Société Générale are expected to commit to “assurances of popolari executives is also the realisation that the last
ties as part of the broader deal. It is extremely rare for a DPA to be Barclays of good behaviour in the future” with an round of Italian banking mergers in 2007 varied wildly in
Barclays, JPMorgan Chase, Citigroup, torn up, but that could change. DoJ offi- Lloyds Banking EU understanding that if they break this their outcome. The tie-up of Intesa and Sanpaolo to create
and Royal Bank of Scotland are also cials have been taking a harder public US & UK promise they will pay a heavy toll, Italy’s most strongly capitalised bank was deemed a suc-
JPMorgan
expected to settle with the DoJ as soon as line lately, at a time when there has been according to a person familiar with the cess, while MPS’s €9bn cash buyout of Antonveneta irrev-
next week. criticism that such deals reward banks Citigroup matter. ocably weakened its capital base. No one wants to be on the
UBS and three of those banks were that are “too big to jail”. Reporting by Caroline Binham, Martin losing side this time.
also part of a separate $4.3bn forex deal “Let me be clear: the criminal division Source: FT Research Arnold and Laura Noonan in London and
in November with US and UK regula- will not hesitate to tear up a DPA or NPA Gina Chon in Washington [email protected]
Danaher to acquire Pall in $13.8bn all-cash deal Morgan Stanley fined over reporting lapses
ANNA NICOLAOU AND PAN YUK $16.5bn last year, the company said. capitalisation of about $62bn — rose BEN MCLANNAHAN — NEW YORK unable to get an accurate sense of the numbers can get pretty large,” he said.
— NEW YORK
The businesses being spun into the 2 per cent yesterday. Pall’s share price market’s sentiment towards certain In a statement, Morgan Stanley said it
Morgan Stanley misled investors over
Danaher, a US industrial and health- industrial company, which takes the climbed 5 per cent to $124.25. stocks and of the cost of putting on short had “co-operated fully with Finra’s
the scale of its short positions for more
care equipment company, is to acquire name NewCo, had revenues of about Acquiring Pall would “likely please” trades, said Thomas Gira, executive investigation, self-reported many of the
than six years, according to the US
Pall, a maker of water-filtration sys- $6bn last year. The price of $127.20 a Danaher’s investors because it would vice-president of market regulation at issues raised in the settlement,
Financial Industry Regulatory Author-
tems, in a $13.8bn all-cash deal. share represents a 28 per cent premium complement Danaher’s water quality Finra. “There was no bias to under- and . . . revised its short-interest
ity, which has extracted its biggest ever
to Pall’s closing price on Monday, before unit, analysts at Jefferies wrote in a note or over-report, but their supervisory reporting policies, procedures and
penalty for this type of violation.
Announcing the merger on Tuesday, the Wall Street Journal reported Pall last week. Pall is the largest “pure-play system had flaws in it. Over time, if internal controls to address these
Danaher also said that it would split may sell itself. Ryan Mendy, chief oper- fluid filtration asset” in the public arena Finra said yesterday that the bank had you don’t realise those flaws, the issues.”
itself into a science and technology com- ating officer of The Edge Consulting and has a scarcity value, they wrote. agreed to pay $2m and submit to a The fine is the largest levied for this
pany, including Pall, and an industrial Group, a corporate research company, For the fiscal year that ended in July toughening of its internal processes, type of violation by Finra, an independ-
company before the end of next year. said investors should welcome the deal 2014, Pall generated revenues of $2.8bn. after it admitted lapses in its aggregat-
‘There was no bias to ent, not-for-profit organisation funded
The science and technology arm, because Danaher had “basically cleaned Thomas Joyce, Danaher’s chief execu- ing of short positions — bets that a com- under- or over-report, but by the firms it regulates. Last year it
which will retain the Danaher name, up its business”. “Danaher had a hand- tive, said that Pall’s “best in class tech- pany’s stock will fall — across its various brought 1,397 disciplinary actions
will add Pall to Danaher’s dental, life sci- ful of unrelated businesses with abso- nology” makes it the “premier brand in business units.
their supervisory system against registered brokers and other
ences and water quality businesses, lutely no synergies whatsoever,” he said. the filtration industry”. The lapses affected “billions” of had flaws in it’ firms, which paid a total of $134m in
which combined had revenues of about Shares in Danaher — with a market See Lex shares, and meant that investors were fines.
Thursday 14 May 2015 ★ FINANCIAL TIMES 17
COMPANIES
Banks
General financial
COMPANIES
General financial
COMPANIES
Beverages Electricity
SABMiller calls time on lager lout ads RWE warns emissions tax rise
will have ‘drastic consequences’
Brewer’s chief attacks growth in mature markets such as people drink, instead of whether those On a reported basis, currency effects —
North America and Europe — where drinking were male or female. principally the strength of the dollar — JEEVAN VASAGAR — BERLIN plans in Berlin last month, warning of
‘insulting’ material that alcohol consumption rates are falling SABMiller’s marketing move has not pulled revenues down 2 per cent. job losses.
RWE has warned of “drastic” conse-
puts women off beer and beer is still overwhelmingly the had an effect on beer volumes in mature Nevertheless, the brewer said that it
quences for the energy group if plans
The German economics ministry has
drink of choice for men. markets. In the 12 months to March 31, would increase its final dividend by 9 promised to review the impact on
by the German government to increase
Mr Clark pointed to the Peroni lager its volumes were flat in Europe and per cent to 87 cents, bringing the total employment before going ahead with
KADHIM SHUBBER emissions charges for older coal-fired
brand as an example of SABMiller’s suc- down 2 per cent in North America. dividend to 113 cents, up 8 per cent. Mr the plans.
power stations go ahead.
SABMiller’s chief executive has blamed cess in appealing to female drinkers. Of Despite this, overall group net pro- Clark said that the move showed “our RWE’s operating result from conven-
brewers’ “insulting” and “dismissive” the brand’s affluent London consumers, ducer revenue — a measure of sales that confidence in the underlying business”. The overall operating result, earnings tional power generation dropped 23 per
advertising for putting women off beer 30 per cent are women, the company excludes excise — rose 5 per cent to SABMiller’s shares rose 2.1 per cent to before interest and tax, at the company cent from €559m to €428m in the first
— and said it is time to consign the “lager found — double the industry average for close at £35.76 in London. Last week, dropped 5 per cent from €1.7bn to quarter.
lout, laddish, college frat” image of beer -drinking. they had jumped above £36 on rumours €1.6bn in the first quarter with the Mr Günther said: “As expected the
beer-drinking to history. Earlier this year, Sue Clark, SAB-
Women were ‘either that Anheuser-Busch InBev, the world’s group blaming a “persistent drop” in crisis in conventional power
Alan Clark, who has run the world’s Miller’s managing director in Europe, not present at all or largest brewer, was preparing a takeo- margins for conventional electricity generation continues and this leads
second-largest brewer by sales since wrote in a blog that the brewer had ver bid for SABMiller. Domenic De generation.
2013, criticised marketing material in taken a “huge step” away from the
entered as a butt of Lorenzo, SABMiller’s acting chief finan- Like its rival Eon, which last week
which women were “either not present “misogynistic marketing that became a joke’ in marketing cial officer, said that the merger and reported a fall of 15% in underlying net €1.6 bn €27.7 bn
at all or entered as a butt of a joke”, and the industry norm”. acquisition activity reflected the fact income for the first quarter, earnings at RWE’s first- RWE’s net debt at
claimed the industry had to “modernise But Jim Prior, chief executive of Lam- $26.3bn as a strong performance in that “everyone’s positioning for oppor- RWE have been squeezed by the Ger- quarter earnings the end of March
beer”. bie Nairn and The Partners, advertising Latin America and Africa, where SAB- tunities for scale, everyone’s looking for man government backing renewable before interest this year after sale
Speaking after the group reported flat agencies owned by WPP, said that it was Miller makes two-thirds of its operating growth opportunities”. energy. and tax, down 5% of gas arm Dea
full-year profits, as dollar strength offset time to move beyond the “outmoded” profits, made up for sluggish trading in SABMiller’s pre-tax profits for the full The subsidised expansion of clean
higher sales in newer markets, Mr Clark approach of dividing beer drinkers by its other markets. year were flat at $4.83bn, excluding energy, which now accounts for more to shrinking profits there.” However,
said: “We have to acknowledge that core gender. “Why on earth would it be a Group NPR rose 7 per cent in Latin exceptional costs, and adjusted earnings than a quarter of electricity generation RWE’s gas supply business benefited
lager, for many years, was either dis- product defined by gender?” he said. America and 9 per cent in Africa, com- per share were down 1 per cent to 239.1 in Germany, has led to a glut of power from a colder winter compared with the
missive of, or insulting to, women.” “There’s nothing inherent to make pared with a flat performance in North cents — slightly ahead of analysts’ production that has pushed down mild first quarter of 2014.
Brewers have been targeting female that so.” He argued that alcohol adver- America, 1 per cent growth in Asia- expectations of 237.1 cents. wholesale prices. The company’s net income rose to
drinkers as a way of eking out sales tising should focus on the events where Pacific and a 2 per cent rise in Europe. See Lex Utilities are also under pressure as more than 2bn in the first quarter, a one-
Berlin seeks to cut carbon dioxide emis- off effect from the €5.1bn sale of its oil
sions by imposing penalties on older and gas arm Dea to Russian billionaire
and more polluting plants. Mikhail Fridman’s fund L1 Energy.
Media Bernhard Günther, RWE’s chief finan- The disposal of Dea has reduced
cial officer, said that the emissions pro- RWE’s net debt from €31bn at the end of
posals would have “drastic economic last year to €27.7bn at the end of March
consequences”. this year.
Mr Günther said in a statement yes- Recurrent net income for the first
terday: “We would have to shut down quarter rose 10 per cent to €877m from
two out of our three lignite mines and €797m.
17 out of our 20 lignite-fired power sta- RWE confirmed a forecast for 2015 of
tions.” an operating result between €3.6bn and
Thousands of coal miners and work- €3.9bn and recurrent net income of
ers in power plants marched against the between €1.1bn and €1.3bn.
Cars
Publishers strike digital content deal with Facebook deaths in the US and Malaysia.
Recalls of vehicles with potentially
faulty airbags began in 2008, but the
said the expanded recalls were a precau-
tion. Both companies said that no acci-
dents or injuries had been reported.
bulk of the recalls have taken place over Meanwhile, Nissan yesterday pledged
the past two years, and Takata has been to restore domestic Japanese car pro-
HENRY MANCE — LONDON bers of readers rely on the social net- as “Instant Articles” in the Facebook and auto-play videos. Facebook says criticised strongly by US regulators for duction to more than 1m vehicles in
MATTHEW GARRAHAN — NEW YORK
work as the main portal through which feed. that will help improve the experience of its response to the safety crisis. 2016-17, in a move that analysts viewed
In their quest to build profitable and they receive news. Facebook wants not The deal will give the company news users who currently have to wait Takata declined to comment on the as a political nod to the government of
more far-reaching digital audiences, only to point users to news sites but to be “access to new pools of users, people dis- an average of eight seconds for stories to broadened recalls, saying that the deci- Shinzo Abe. Carlos Ghosn, Nissan’s chief
publishers in the US and Europe have the place where they stay and consume covering your journalism and monetis- load. sions were made by the carmakers. Toy- executive, revealed the new production
turned to the world’s largest social net- it, too. ing through advertising”, he says. “There’s a potential to give a more ota said it would widen its recalls to plans as the company reported a net
work for help. Facebook already accounts for nearly The Facebook deal follows com- superior user experience,” says Mr include 35 car models produced profit of Y457.6bn ($3.8bn) for the year
20 per cent of the Guardian’s web traffic, plaints by some publishers that internet Thompson. between 2003 and 2007. to March 2015, up 17.6 per cent com-
Nine media organisations, including the excluding visits to its own apps, and groups such as Google and Facebook Online sharing of news articles has The latest recall affects 5m vehicles, pared with the previous 12 months. Rev-
BBC through its youth-oriented News- about 15 per cent of traffic to the New undermine their own online businesses. already lured some readers away from including 1.4m in Japan and 1.3m in enue rose 8.5 per cent to Y11.4tn.
beat service, the Guardian and the New York Times site. Rupert Murdoch’s News Corp, for publishers’ homepages towards social
York Times, have struck a deal with The BBC and Bild declined to reveal example, a critic of Google and Face- media sites.
Facebook to publish some of their con- their figures. book, is not participating. According to the Pew Research
tent directly through the social network Mark Thompson, the chief executive Others have expressed concern that Center, 39 per cent of Americans use Industrial transport
rather than simply hosting it on their Facebook would have too much power Facebook for political news — signifi-
own sites as part of a trial.
Facebook says the publishers will be
able to keep 100 per cent of any revenue
9 100%
over which stories appear and where
they are placed.
Jeff Jarvis, a professor of journalism at
cantly more than the proportion who
use Yahoo News, Google News or Twit-
ter to do so.
Maersk Line feels the squeeze
from advertising they sell directly. Pub-
lishers will also be able to sell remaining
Groups including
the BBC and New
York Times taking
part in initial trial
Share of revenue
publishers will
keep from ads
they sell directly
City University of New York, says the
distrust reflects “deal points that can be
Tony Danker, the Guardian’s interna-
tional director, says it is “great to see
but stays ahead of the pack
ad space via Facebook, which will take a negotiated. And at least Facebook wants Facebook trialling new ways for quality
30 per cent cut. to negotiate”. journalism to flourish on mobile”.
The nine publishers initially partici- of the New York Times, says it made Facebook says the scheme will give Google is considering changes to its RICHARD MILNE end of last year as most container
— NORDIC CORRESPONDENT
pating in Instant Articles are the New sense to tap into Facebook’s audience. publishers “control over their stories, own news service. In a bid to build shipping groups operated at a loss. Still,
York Times, National Geographic, Buzz- “History suggests that judicious engage- brand experience and monetisation bridges with publishers, last month it Maersk Line, the world’s largest con- Maersk Line’s quarterly net profit of
Feed, NBC News, The Atlantic, The ment with other platforms makes opportunities”, including access to some announced €150m in grants to tainer shipping company, missed earn- $714m lagged behind analyst estimates
Guardian, BBC News, Spiegel and Bild, sense,” he told the Financial Times, add- user data. digital initiatives. The FT is part of that ings forecasts and lost market share in of $783m.
the German tabloid newspaper. ing that the newspaper will have com- It will also offer “a suite of interactive initiative, but not of Facebook’s Instant the first quarter but remained the most Mr Andersen counselled investors not
The move comes as increasing num- plete control over which stories appear features”, such as easily zoomed photos Articles. profitable operator in an industry to be worried, saying that Maersk Line
bedevilled by overcapacity and low had lost market share because of staying
prices. clear of a price war as well as being
Social responsibility While Microsoft focused on vacation issue. “Women, because they comprise benefit “an important step for stronger exposed to some of the worst-hit routes
Tech group suppliers told time, Facebook yesterday went further about two-thirds of minimum wage families and healthier children”. She was Nils Andersen, chief executive of Danish such as imports into Europe. “The mar-
and said that it would force its workers nationally, are particularly writing less than two weeks after the conglomerate AP Møller-Maersk, said ket is very difficult, the industry is very
to pay $15 minimum wage contractors to pay a minimum wage of affected by wage adjustments,” she sudden death of her husband, fellow he was untroubled by weaker-than- difficult . . . I don’t see an end in sight.
$15 an hour and provide benefits to new said. tech executive Dave Goldberg. The expected volumes at its container- But we make very good money [and]
Facebook plans to require its large US parents. The Facebook executive’s personal couple had talked openly about their shipping business in a sluggish period I’m confident of a good full-year result.”
contractors and vendors to pay their The move puts Facebook at the campaign to encourage women to take efforts to make adequate time for their for global trade. Maersk Line’s cost-cutting and scale
workers hourly wages well above the forefront of a national movement to more responsibility for advancing their family. Container demand — a proxy for glo- have allowed it to withstand a depressed
legal minimum and provide them with raise minimum wage levels in the US, own interests at work, outlined in her The attention to pay levels, paid bal trade — increased by only 1 per cent environment for container shipping
parental and vacation benefits. which has become the focus of White 2013 book Lean In, has attracted vacation and other benefits for in the first quarter while Maersk Line’s companies since 2008-09. Freight rates
The social networking company’s House attempts to tackle rising controversy over whether those in low- contractors follows the spotlight that volumes dropped by 1.6 per cent. were 5.1 per cent lower compared with a
announcement comes after Microsoft inequality. San Francisco and Seattle paying or less influential jobs have the big tech companies shone last year on “We will be able to hold our own and year earlier while industry capacity was
told its big US suppliers to give their have already passed laws that will power to improve their personal the gender imbalance in their own also able to hold our share. As long as we up 7.2 per cent.
employees paid holiday or leave. impose local $15 minimum wage positions. workforces. By disclosing the scarcity of make a return that is 10 percentage Mr Andersen declined to confirm
Both moves are part of broader requirements in three years’ time, the Facebook also said that its women employed in engineering and points higher almost than the rest of the reports that Maersk Line was on the
efforts by leading tech companies to highest in the country. contractors would be told to make a senior leadership positions, the tech industry it’s the right approach,” said Mr verge of ordering up to 11 large ships
show they are taking on the greater In a blog post announcing the move, $4,000 payment to new parents who do companies said they wanted to set a Andersen. capable of carrying about 20,000 con-
social responsibility that comes with Sheryl Sandberg, Facebook’s chief not already have paid parental leave so mark they would later be judged by as Maersk Line’s operating profit mar- tainers. At a group level, Maersk’s
their surging wealth and corporate operating officer, positioned the that they can afford to take time off. they try to change their hiring practices. gin, which reached 11.8 per cent in the underlying net profit rose from $1.1bn
power. minimum pay move partly as a gender Ms Sandberg called the paternity Richard Waters quarter, was 9.3 percentage points to $1.3bn despite a fall in earnings at its
higher than the industry average at the oil division on lower crude prices.
20 ★ FINANCIAL TIMES Thursday 14 May 2015
UK COMPANIES
Briefs
The admirable Engelhardt will leave Admiral with grown-up issues Barratt
Expectations build
Barratt Developments, Britain’s
biggest housebuilder by volume,
Engelhardt modestly describes his cute financial services mascots. mound,” said chief detective Precious many pages before you do.” said it expected to construct more
career as “like hot-buttered toast — Admiral has notably failed to make Ramotswe gently. “Perhaps you were “You know, this bush tea has lifted houses in 2015 than previously
ordinary but at times delicious”. profits from most of its overseas going too fast? It could be the same my spirits,” Mr Diamond said. Shortly forecast amid surging demand and
Admiral has maximised returns by ventures. These include the US with the censure vote at your African afterwards he was thrashing the Merc rising house prices.
basing itself in south Wales, selling on operation run by Kevin Chidwick, a investment vehicle Atlas Mara. Maybe away across the potholes while Mr JLB A week after the general election,
chunks of risk at good prices to former finance director once tipped to you were in such a hurry to do deals Maketone wept silently in a corner. the company has upgraded its
reinsurers and reaping large returns replace Mr Engelhardt. Instead, chief you did not notice the obstacle ahead.” Mma Ramotswe wondered whether expectations for the number of
from “ancillaries”, including, in the operating officer David Stevens will get “Jiminy Cricket!” the former to supply her advice for free. She homes it will sell this year.
When a child grows up, it leaves home. past, referral fees from personal injury the job. Mr Englehardt, 57, says he is Barclays boss exclaimed. “Just wait till I reflected that Mr Diamond could afford Barratt, which has previously said
When a business grows up, its parent lawyers. It prospered by selling cover to stepping down to give younger find out which investor voted against to pay, even if Atlas shares had tanked it will build about 15,700 in the year
leaves home. Henry Engelhardt, co- younger drivers who could not obtain it colleagues a chance. But charity is my reappointment to the board. I’m since the IPO. She went inside and to end of June 2015, said yesterday
founder and driving force behind affordably from incumbents. The total required to describe Mr Stevens as one gonna add their name to the shortlist of started typing an invoice. it now expected about 16,100
insurer Admiral Group for 24 years, is shareholder return since the IPO has of these. He is 51, and may lack the people who’ve teed me off, alongside *Apologies to Alexander McCall Smith completions over the same period,
to step down in a year. His monument exceeded 800 per cent. radicalism needed to pull out of failed Sir Mervyn King, George Osborne and sending its shares up 3 per cent.
is a FTSE 100 company that shook up However, the stock has never diversifications, particularly with his the entire British establishment.” “The strong consumer demand
the staid motor insurance market, but recovered the heights reached in the old boss on hand as a part-timer. “There could be many culprits, or
which is now struggling with the summer of 2011. It has been held back perhaps none,” said Mma Ramotswe, Clothes maketh the man
challenges maturity brings. by Admiral’s scale, underwriting consulting the Bloomberg terminal she
Anyone with the least interest in overcapacity and reforms to curb the used for forensic accounting cases. “I Navinder Sarao, the independent
sales should study the American merry-go-round of referral fees. Bob bushwhacked deduce from the relative size of trader who is fighting US extradition
marketer for insights. Daytime TV ads Moreover, Mr Engelhardt’s talent for shareholdings that some small attempts on legal aid, appears to have
featuring such mascots as a naval inventing spokesmodels faltered with Another mechanical failure has stranded investors must have delegated voting only one T-shirt for court appearances.
officer with a cheeky parrot showed Cara, the ditsy cartoon woman who African explorer Bob Diamond at the No. 1 to a proxy agency. This probably What would big hedge fund managers
how to build brands cheaply. promoted comparison website Ladies Detective Agency in Botswana* opposed your reappointment on the wear, in the unlikely event that charges we are seeing for new-build
After flotation in 2004, Mr Confused.com. She was blown out of “I’m unhappy your husband didn’t tick-box basis that founders should not resulted from suspicions that some of properties is supported by an
Engelhardt’s ebullient personality the water by the Russian meerkats of fix my car properly last time,” the ex- sit on audit committees.” them made similar alleged trades? improved mortgage market,” said
helped promote the stock to an adoring Comparethemarket.com, then axed in banker grumbled, sipping bush tea as “That was fast, Mma,” enthused Suits almost expensive as those worn Mark Clare, chief executive.
City fan base. Apt to compare results to favour of Brian, a robot with a higher Mr JLB Maketone laboured over his assistant Grace Makutsi. “Normally, by their lawyers, presumably. Total forward sales including joint
a “snowball running like an express quotient of annoying memorability. shiny Mercedes. readers of the heartwarming tales in ventures rose 17.9 per cent to
train” or a “baked Alaska”, Mr Life is a harsh Darwinian struggle for “But you drove into a termite which you feature solve your cases [email protected] £2.59bn in the 19 weeks to May 10,
and the group launched 64
developments during the period.
Elizabeth Paton
Saga
Insurance. Motoring on Stake sold
Saga’s biggest shareholder — a
Admiral chief exits with pledge not to ‘go cold turkey’ consortium involving Charterhouse
Capital Partners, CVC and Permira
— has sold an 11 per cent stake in
the group, which sells insurance and
holidays to the over 50s, after its
share price reached a record high
Engelhardt signals he will keep this month.
12% shareholding and retain a The consortium, which also
includes some Saga employees, has
role at the group he founded raised £239m through the sale of
122.5m shares at 195p apiece,
according to a filing to the London
ALISTAIR GRAY
— INSURANCE CORRESPONDENT Stock Exchange.
Following the sale, the
Admiral’s founder Henry Engelhardt consortium, Acromas, will still own
has indicated that he will stay on at the more than half of Saga. FastFT
FTSE 100 insurer despite disclosing
plans yesterday to step aside as chief C&C Group
executive after 25 years, saying he “can’t
quite go cold turkey”.
Into the drink
The American, who started Admiral C&C Group, the Irish company
in Cardiff with 57 people and turned it behind Magners cider and
into the UK’s second-largest motor Tennent’s lager, has revealed a
insurer, also signalled he will retain his €67.8m full-year loss.
12 per cent shareholding after he steps The pre-tax loss for the year to
down a year from now. February 28, announced yesterday,
In a further sign of continuity, Admi- compares with a €95.5m profit
ral has picked its chief operating officer previously.
David Stevens to succeed the colourful It comes after C&C booked a
entrepreneur. The former McKinsey €150m impairment charge related
consultant has worked closely with to its US operations, where its cider
Admiral’s chief since they launched the business has come up against stiff
insurer in 1991. Motor insurer Admiral was founded in Wales in 1991 with 57 people and has since become the second-largest operator in the segment competition from drinks majors and
Explaining why now was the time to a burgeoning craft cider movement.
pass the reins to his old business school Net revenue during the year rose
friend, Mr Engelhardt said: “You don’t seas operation in Spain in 2006, the focused on running the international forming businesses under Mr Stevens ongoing managerial influence. How- 10.3 per cent to €683.9m. FastFT
want to outstay your welcome. I won’t overseas ventures have been lossmak- arm in recent years, while the more than he was, the outgoing chief said: “I ever, he added that other investors
stay on the board — that would be unfair ing overall. technically minded Mr Stevens — and don’t think so. would welcome the continuity. David Lloyd Leisure
to the next generation, to have me hang- “My main concern is everything out- fellow Insead MBA graduate — has “We’re all comfortable with where the “My instinct is you’re more likely to
ing over the edge,” he said. side the UK,” said the chief executive of assumed responsibility for the UK. businesses are, and what their future have people with a glass-half-full per-
Team change
Even so, the 57-year old added he may his last 12 months at the helm. However, asked if Admiral would be holds. But if that changes, then attitudes spective,” he said. The order of play is being revised
still have “parts of the business report- He does not expect the international any more likely to jettison underper- could change.” In recent years, Admiral has come at David Lloyd Leisure, the UK
ing to me” in a yet-to-be-determined businesses to break even, in aggregate, Admiral’s largest investor explained under pressure — because of falling pre- gym chain.
role, possibly part-time executive. “I in his final year — partly because of the he had “no intention” of selling down his mium levels in its fierce domestic mar- Scott Lloyd, son of the chain’s
can’t quite go cold turkey.” heavy investment in the US, which he shareholding, which is worth £485m. ket as well as the overseas losses. Yet founder David — the former British
The announcement about his depar- described as a “potential gold mine.” He also downplayed the suggestion over the long term, it ranks among tennis player — is stepping off
ture yesterday knocked 1.4 per cent off “Part of it is just time,” said Mr Engel- that his departure would make it any Wales’s most flourishing companies. centre court and making way for
shares in Admiral to £14.42. hardt. “The businesses are using the more likely Admiral could itself be sold. Mr Engelhardt, who still meets each Glenn Earlam, a director of Merlin
It prompted immediate questions techniques we use in the UK. Now they “Everything except my wife is for sale,” new employee in South Wales, puts the Entertainments, the listed leisure
about the insurer’s strategy — particu- just need the experience and data.” he said, but added “not much has really success of the business, which employs company behind Madame
larly whether the group could change its “The strategy is always moving,” he changed” as a result of his move. 7,200 people, down to its staff. Tussauds.
approach to its underperforming inter- added. Paul Hewitt, manager at the corpo- “If people don’t get recognition they Mr Lloyd heads towards more of
national divisions, which include Italy “We’re very open minded. We don’t rate governance researchers Manifest, don’t feel valued. If people like what an umpire’s chair, becoming non-
and France. have Soviet, 10-year-plans.” News of Henry Engelhardt’s coming said that some shareholders may raise they do they’ll do it better.” executive deputy chairman. FastFT
Since Admiral launched its first over- Mr Engelhardt, a marketeer, has departure hit Admiral’s share price an eyebrow if Admiral’s founder exerted See Lombard
‘Flash crash’ trader’s case heads to High Court University of Oxford in £300m science venture
JANE CROFT £5m security, but with £50,000 pro- the dock but said nothing, except to con- HARRIET AGNEW nerstone investors. These include hedge It also highlights how investors are
— LAW COURTS CORRESPONDENT
vided by his father and two brothers. firm his name and date of birth. Last fund Lansdowne Partners; Woodford increasingly looking to provide early-
The University of Oxford has lined up a
Navinder Singh Sarao, the trader But District Judge Elizabeth Roscoe week he said that he had “done nothing Investment Management, an asset man- stage capital and scaling expertise to
roster of high-profile investors to back
accused of playing a role in the “flash refused to vary the condition, and Mr wrong” and “I am just good at my job”. ager, and the Wellcome Trust. companies long before an initial public
a £300m joint venture that will
crash” of 2010, is set to go before the Sarao remains in custody. His lawyers A full extradition hearing is due to be IP Group, a London-listed intellectual offering. OSI is expected to float further
develop science and technology busi-
High Court next Wednesday as he seeks want to appeal against her decision to held on September 24 and 25. property business that invests in tech- down the line.
nesses, one of the largest-ever attempts
to be released on bail. the High Court. Mr Sarao, who traded from his par- nology companies is also backing the “Spinouts based on our research have
to commercialise intellectual property
Joel Smith, representing Mr Sarao, ents’ modest home close to Heathrow venture. David Norwood, who founded an impressive record of generating
in the UK.
Mr Sarao, 36, who is contesting an told the magistrates’ court yesterday airport, has been charged by the US Jus- IP Group is also chairman of OSI. innovative breakthroughs and new
attempt by the US authorities to extra- that a date had been set at the High tice Department with wire fraud, com- The university and Isis Innovation, its The new venture seeks to replicate on employment regionally, nationally and
dite him to Chicago for trial, has been in Court for next week. He added that Mr modities fraud and market manipula- technology commercialisation subsidi- a much larger and broader scale what IP internationally,” said Professor Andrew
custody for the past month after he Sarao had been granted legal aid. tion over a period of several years. ary, are partnering with a new company, Group did 15 years ago when it was Hamilton, vice-chancellor of the Uni-
failed to provide £5.05m as part of bail Mr Sarao, dressed in a grey tracksuit In total, he is facing 22 charges that Oxford Sciences Innovation (OSI) to established to provide early-stage capi- versity of Oxford.
conditions set by Westminster magis- and canary yellow T-shirt, appeared in carry sentences totalling a maximum of develop research from the university’s tal to technology companies. Since 2000, Isis has developed more
trates following his arrest. 380 years in prison. The US Justice mathematical, physical, life sciences than 100 spinout companies based on
The trader earlier this month lost an Department alleges that he made £26m and medical sciences divisions, and technology developed by the University
application to vary his bail conditions. Trader Navinder illegally over five years. commercialise their ideas into compa- of Oxford research, including Oxford
Singh Sarao will £210 m 100
His legal team had argued he could not appear in the High Mr Sarao has already said in nies. The divisions will also advise com- Sum already Spinout Nanopore Technologies, which devel-
raise the £5m because his funds had Court next week as court that he will fight attempts to panies as they grow. committed by six companies based ops genome sequencing technologies.
been frozen by US authorities. They said he seeks to be extradite him. OSI is raising £300m, of which £210m cornerstone on technology Credit Suisse is acting as the sole
he should be granted bail without the released on bail See Lombard has already been committed by six cor- investors from research placement agent.
Thursday 14 May 2015 ★ FINANCIAL TIMES 21
UK COMPANIES
BT awards
Entrepreneurs back new wave of lenders chief almost
£2m in shares
Investors emerge as private
DANIEL THOMAS
equity retreats amid fears over — TELECOMS CORRESPONDENT
Banks
Private equity funds circle VocaLink as new regulator considers breaking up banks’ ownership
EMMA DUNKLEY AND JOSEPH COTTERILL the UK, from salaries to mortgage pay- stakes in other payment systems across Nordic payment services group Nets of opening up access to payment sys- ship structures. The PSR’s review is set
ments. The Payment Systems Regulator Europe in the past 18 months as the Holding from a group of banks last year. tems”. to complete within a year.
Private equity funds are eyeing stakes
(PSR) has launched a review scrutinis- trend away from bank-owned struc- A number of private equity firms He added: “Though we’re open to a Hannah Nixon, managing director of
in VocaLink, which underpins Britain’s
ing VocaLink’s ownership after raising tures gains momentum. recently entered into talks to buy Isti- PSR-driven change of ownership, there the regulator, previously said the review
payment systems, as a new regulator
“questions of competitiveness of the Advent International and Bain Capi- tuto Centrale delle Banche Popolari, the needs to be a large degree of care. Our could lead to breaking up the banks’
considers breaking up the banks’ own-
infrastructure” that could be detrimen- tal led a consortium that purchased the Italian payment systems provider infrastructure works in a resilient way.” control. “All options are on the table.
ership of the company.
tal to consumers. owned by several co-operative banks. VocaLink processes payments to We’re looking carefully at what impact
VocaLink is run by a group of 17 banks, A number of private equity funds Permira, CVC, Bain Capital and Advent the value of three times the UK’s GDP the options could have,” she said.
with the “big four” — Lloyds Banking including CVC Capital Partners and Per- VocaLink helps to International are among the interested each year. Banks controlling VocaLink could
make payments
Group, Barclays, HSBC and Royal Bank mira are already in talks with VocaLink safe across the UK, parties, according to one source. The regulator has the power to force choose to put it up for sale without wait-
of Scotland — dominating ownership. about potentially acquiring stakes, say from salaries to David Yates, chief executive at divestment of certain payment compa- ing for the PSR’s judgment.
The group provides the infrastructure people familiar with the situation. mortgages VocaLink, said that the company was nies — such as VocaLink — if it finds the CVC Capital Partners and Permira
supporting financial transactions across Private equity funds have snapped up “supportive of the regulatory objective market is not competitive due to owner- declined to comment.
Support services
MARKET DATA
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
15,389.28 12,338.73
7,064.30 19,789.81 19,764.72
2,102.06 2,098.48 6,949.63 2,111.72 2,114.16
14,980.72 11,351.46
Day -0.03% Month 0.43% Year NaN% Day -0.42% Month -2.62% Year 2.05% Day 0.23% Month -1.73% Year 1.00% Day -1.05% Month -8.00% Year 16.37% Day 0.71% Month -0.72% Year 39.68% Day 0.83% Month 1.26% Year 7.59%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,639.80 11,704.70
4,995.98 28,016.34 3,484.39
4,981.69 45,004.52 45,038.14 1,570.13 11,324.60 3,453.17
27,249.28
Day 0.11% Month NaN% Year NaN% Day 0.19% Month 0.10% Year 6.63% Day -0.28% Month -4.78% Year 14.59% Day 0.02% Month -3.61% Year 7.17% Day -0.58% Month -0.08% Year 22.40% Day 0.31% Month -0.55% Year 11.76%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
28,879.38
56,372.04 5,218.06 24,008.91 4,375.76
18,057.65 18,060.49
23,210.97 27,251.10
54,239.77 4,121.72
4,961.86
Day -0.04% Month NaN% Year NaN% Day -0.74% Month 3.93% Year 4.57% Day -0.26% Month -5.32% Year 10.42% Day 0.46% Month -3.32% Year 9.20% Day -0.58% Month 8.46% Year 113.15% Day 1.39% Month -5.64% Year 15.71%
Country Index May 13 May 12 Country Index May 13 May 12 Country Index May 13 May 12 Country Index May 13 May 12 Country Index May 13 May 12 Country Index May 13 May 12
Argentina Merval 12192.15 12237.66 Cyprus CSE M&P Gen 77.53 78.06 Italy FTSE Italia All-Share 24791.58 24690.17 Philippines Manila Comp 7808.35 7794.55 Taiwan Weighted Pr 9724.11 9680.73 Cross-Border DJ Global Titans ($) 245.22 244.46
Australia All Ordinaries 5710.80 5673.10 Czech Republic
PX 1034.44 1035.10 FTSE Italia Mid Cap 33077.86 33062.04 Poland Wig 57246.74 57304.71 Thailand Bangkok SET 1495.95 1485.72 Euro Stoxx 50 (Eur) 3553.42 3573.10
S&P/ASX 200 5715.10 5674.70 Denmark OMXC Copenahgen 20 957.84 961.26 FTSE MIB 23210.97 23104.87 Portugal PSI 20 6156.09 6101.98 Turkey BIST 100 85363.47 84752.83 Euronext 100 ID 973.53 974.74
S&P/ASX 200 Res 3609.30 3598.00 Egypt EGX 30 8674.34 8691.85 Japan 2nd Section 4830.77 4818.15 PSI General 2785.41 2758.92 UAE Abu Dhabi General Index 4614.36 4594.19 FTSE 4Good Global ($) 5802.92 5782.31
Austria ATX 2659.57 2633.03 Estonia OMX Tallinn 851.82 848.42 Nikkei 225 19764.72 19624.84 Romania BET Index 7526.17 7557.47 UK FT 30 2993.50 2990.10 FTSE All World 289.09 288.12
Belgium BEL 20 3657.91 3670.56 Finland OMX Helsinki General 8546.36 8480.31 S&P Topix 150 1351.52 1349.45 Russia Micex Index 1682.26 1704.62 FTSE 100 6949.63 6933.80 FTSE E300 1570.13 1574.61
BEL Mid 5672.19 5645.48 France CAC 40 4961.86 4974.65 Topix 1604.21 1602.27 RTX 1082.21 1070.19 FTSE 4Good UK 6216.15 6196.43 FTSE Eurotop 100 3136.86 3149.49
Brazil Bovespa 56372.04 56792.05 SBF 120 3918.66 3922.07 Jordan Amman SE 2128.02 2128.05 Saudi-Arabia TADAWUL All Share Index 9671.97 9627.41 FTSE All Share 3769.69 3756.45 FTSE Global 100 ($) 1373.83 1370.61
Canada S&P/TSX 60 871.82 876.65 Germany M-DAX 20296.81 20317.95 Kenya NSE 20 4980.48 5012.94 Singapore FTSE Straits Times 3453.17 3442.33 FTSE techMARK 100 3940.59 3926.19 FTSE Gold Min ($) 1254.64 1239.67
S&P/TSX Comp 14980.72 15043.15 TecDAX 1656.91 1654.47 Kuwait KSX Market Index 6379.54 6382.62 Slovakia SAX 244.48 240.86 USA DJ Composite 6319.79 6349.98 FTSE Latibex Top (Eur) 3608.90 3672.40
S&P/TSX Met & Min 785.27 793.54 XETRA Dax 11351.46 11472.41 Latvia OMX Riga 440.29 437.84 Slovenia SBI TOP 802.01 802.90 DJ Industrial 18060.49 18068.23 FTSE Multinationals ($) 1592.11 1597.57
Chile IGPA Gen 19872.74 19949.93 Greece Athens Gen 828.87 829.10 Lithuania OMX Vilnius 495.72 490.04 South Africa FTSE/JSE All Share 54053.92 53934.41 DJ Transport 8559.51 8649.87 FTSE World ($) 508.99 507.25
China FTSE A200 12238.43 12350.25 FTSE/ASE 20 248.94 247.95 Luxembourg LuxX 1711.79 1695.49 FTSE/JSE Res 20 44974.98 45457.91 DJ Utilities 572.55 578.05 FTSEurofirst 100 (Eur) 4509.16 4534.95
FTSE B35 14310.23 14305.32 Hong Kong Hang Seng 27249.28 27407.18 Malaysia FTSE Bursa KLCI 1803.02 1798.61 FTSE/JSE Top 40 47993.01 47868.91 Nasdaq 100 4426.56 4420.65 FTSEurofirst 80 (Eur) 4748.09 4774.97
Shanghai A 4583.85 4610.69 HS China Enterprise 13859.55 13973.00 Mexico IPC 45038.14 44950.49 South Korea Kospi 2114.16 2096.77 Nasdaq Cmp 4981.69 4976.19 MSCI ACWI Fr ($) 436.87 438.10
Shanghai B 423.62 421.82 HSCC Red Chip 5320.18 5385.62 Morocco MASI 9888.33 9885.16 Kospi 200 263.25 261.42 NYSE Comp 11117.00 11113.17 MSCI All World ($) 1784.91 1789.09
Shanghai Comp 4375.76 4401.22 Hungary Bux 22393.97 22529.13 Netherlands AEX 486.69 488.97 Spain IBEX 35 11324.60 11322.60 S&P 500 2098.48 2099.12 MSCI Europe (Eur) 1521.28 1521.88
Shenzhen A 2557.81 2536.90 India BSE Sensex 27251.10 26877.48 AEX All Share 744.07 745.60 Sri Lanka CSE All Share 7245.05 7258.61 Wilshire 5000 22159.94 22169.36 MSCI Pacific ($) 2564.26 2538.80
Shenzhen B 1499.26 1490.11 S&P CNX 500 6780.40 6689.40 New Zealand NZX 50 5751.76 5746.23 Sweden OMX Stockholm 30 1622.01 1600.10 Venezuela IBC 5633.82 5692.00 S&P Euro (Eur) 1571.31 1577.43
Colombia COLCAP 1361.80 1366.06 Indonesia Jakarta Comp 5246.13 5205.61 Nigeria SE All Share 34115.49 34341.88 OMX Stockholm AS 531.55 526.15 Vietnam VNI 542.82 544.41 S&P Europe 350 (Eur) 1613.30 1618.03
Croatia CROBEX 1714.30 1713.21 Ireland ISEQ Overall 6096.84 6082.66 Norway Oslo All Share 710.69 703.74 Switzerland SMI Index 9050.66 9044.98 S&P Global 1200 ($) 1986.61 1980.29
Israel Tel Aviv 100 14.25 14.36 Pakistan KSE 100 32915.44 33023.80 Stoxx 50 (Eur) 3413.61 3427.95
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
May 13 Currency Mid Change Mid Change Mid Change May 13 Currency Mid Change Mid Change Mid Change May 13 Currency Mid Change Mid Change Mid Change May 13 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.9354 0.0004 10.1440 0.0952 14.0518 0.0565 Indonesia Indonesian Rupiah 13137.5000 -60.5000 14914.4211 71.3494 20660.0472 -12.5567 Poland Polish Zloty 3.6041 -0.0398 4.0915 -0.0065 5.6677 -0.0397 ..Three Month 0.6358 -0.0025 0.7218 0.0039 - -
Australia Australian Dollar 1.2349 -0.0187 1.4019 -0.0079 1.9420 -0.0215 Israel Israeli Shekel 3.8346 -0.0228 4.3532 0.0150 6.0302 -0.0118 Romania Romanian Leu 3.9292 -0.0416 4.4606 -0.0052 6.1791 -0.0407 ..One Year 0.6356 -0.0025 0.7213 0.0039 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4280 0.0040 0.5929 0.0024 Japan Japanese Yen 119.1050 -0.7850 135.2145 0.3808 187.3044 -0.4844 Russia Russian Ruble 49.2112 -0.8973 55.8672 -0.4871 77.3894 -1.0977 United States United States Dollar - - 1.1353 0.0106 1.5726 0.0063
Bolivia Bolivian Boliviano 6.9000 -0.0100 7.8333 0.0620 10.8509 0.0275 ..One Month 119.1050 -0.7851 135.2145 0.3809 187.3043 -0.4846 Saudi Arabia Saudi Riyal 3.7501 - 4.2573 0.0398 5.8974 0.0235 ..One Month - - 1.1352 -0.4311 1.5726 0.0063
Brazil Brazilian Real 3.0156 -0.0192 3.4235 0.0103 4.7423 -0.0113 ..Three Month 119.1049 -0.7853 135.2145 0.3809 187.3041 -0.4851 Singapore Singapore Dollar 1.3252 -0.0106 1.5044 0.0021 2.0840 -0.0083 ..Three Month - - 1.1351 -0.4311 1.5725 0.0063
Canada Canadian Dollar 1.1977 -0.0022 1.3596 0.0103 1.8834 0.0041 ..One Year 119.1041 -0.7869 135.2144 0.3807 187.3043 -0.4863 South Africa South African Rand 11.8828 -0.1845 13.4899 -0.0814 18.6868 -0.2146 ..One Year - - 1.1344 -0.4311 1.5723 0.0063
Chile Chilean Peso 600.3000 -4.9500 681.4931 0.8021 944.0312 -3.9976 Kenya Kenyan Shilling 96.4000 -0.1000 109.4385 0.9103 151.5985 0.4465 South Korea South Korean Won 1099.7000 3.9500 1248.4391 16.1100 1729.3872 13.0674 Venezuela Venezuelan Bolivar Fuerte 6.2900 -0.0025 7.1407 0.0639 9.8916 0.0354
China Chinese Yuan 6.2044 -0.0048 7.0436 0.0604 9.7570 0.0313 Kuwait Kuwaiti Dinar 0.3011 -0.0007 0.3418 0.0024 0.4735 0.0008 Sweden Swedish Krona 8.2214 -0.0737 9.3334 0.0043 12.9290 -0.0640 Vietnam Vietnamese Dong 21740.0000 30.0000 24680.4499 264.4203 34188.3848 182.9916
Colombia Colombian Peso 2377.5000 -12.0000 2699.0670 11.7293 3738.8545 -3.9210 Malaysia Malaysian Ringgit 3.5965 -0.0210 4.0829 0.0145 5.6559 -0.0104 Switzerland Swiss Franc 0.9175 -0.0082 1.0417 0.0006 1.4429 -0.0070 European Union Euro 0.8809 -0.0083 - - 1.3852 -0.0075
Costa Rica Costa Rican Colon 531.7000 -0.0500 603.6146 5.5850 836.1510 3.2483 Mexico Mexican Peson 15.2374 -0.0790 17.2983 0.0728 23.9623 -0.0284 Taiwan New Taiwan Dollar 30.6815 -0.0355 34.8313 0.2856 48.2497 0.1364 ..One Month 0.8808 -0.0083 - - 1.3852 -0.0075
Czech Republic Czech Koruna 24.1925 -0.1761 27.4646 0.0587 38.0450 -0.1244 New Zealand New Zealand Dollar 1.3374 -0.0214 1.5183 -0.0098 2.1032 -0.0251 Thailand Thai Baht 33.5900 -0.2300 38.1332 0.0977 52.8236 -0.1501 ..Three Month 0.8807 -0.0083 - - 1.3851 -0.0075
Denmark Danish Krone 6.5734 -0.0624 7.4625 -0.0004 10.3373 -0.0565 Nigeria Nigerian Naira 199.0500 - 225.9723 2.1119 313.0258 1.2454 Tunisia Tunisian Dinar 1.9133 -0.0084 2.1720 0.0109 3.0088 -0.0012 ..One Year 0.8801 -0.0083 - - 1.3846 -0.0075
Egypt Egyptian Pound 7.6080 0.0015 8.6370 0.0824 11.9643 0.0499 Norway Norwegian Krone 7.3697 -0.1041 8.3664 -0.0389 11.5895 -0.1169 Turkey Turkish Lira 2.6269 -0.0422 2.9821 -0.0196 4.1310 -0.0497
Hong Kong Hong Kong Dollar 7.7517 -0.0015 8.8002 0.0806 12.1904 0.0462 Pakistan Pakistani Rupee 101.7800 0.0050 115.5462 1.0855 160.0591 0.6446 United Arab Emirates UAE Dirham 3.6731 - 4.1698 0.0390 5.7762 0.0230
Hungary Hungarian Forint 271.1606 -1.2709 307.8362 1.4477 426.4268 -0.2941 Peru Peruvian Nuevo Sol 3.1510 -0.0015 3.5772 0.0317 4.9553 0.0173 United Kingdom Pound Sterling 0.6359 -0.0025 0.7219 0.0039 - -
India Indian Rupee 63.9950 -0.1700 72.6506 0.4878 100.6385 0.1341 Philippines Philippine Peso 44.7350 -0.0450 50.7856 0.4240 70.3502 0.2094 ..One Month 0.6359 -0.0025 0.7219 0.0039 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries May 13 May 12 May 11 May 08 May 07 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2993.50 2990.10 3033.60 3029.00 2949.30 0.00 3110.40 2669.30 Industrial Metals & 32.88 Electronic & Elec Eq 10.96 Equity Invest Instr 6.09 FTSE 100 Price Change FTSE 100 Price Change
May 13 chge% Index May 12 May 11 ago yield% Cover ratio adj Return FT 30 Div Yield 1.73 1.73 1.70 1.70 1.74 0.00 3.93 2.74 Forestry & Paper 28.29 Industrials 10.91 Mobile Telecomms 6.06 3I Group PLC 512.00 6.00 Land Securities Group PLC 1281 23.00
FTSE 100 (100) 6949.63 0.23 7501.72 6933.80 7029.85 6878.49 3.42 1.93 15.15 104.14 5325.98 P/E Ratio net 25.85 25.87 26.25 26.30 25.69 0.00 19.44 14.26 Software & Comp Serv 20.16 Support Services 10.74 Health Care 5.98 Aberdeen Asset Management PLC 443.60 9.10 Legal & General Group PLC 264.10 0.70
FTSE 250 (250) 17861.53 0.97 19280.48 17689.23 17870.64 15974.61 2.40 2.05 20.31 156.79 12227.02 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Construct & Material 19.34 Personal Goods 10.47 Chemicals 5.79 Admiral Group PLC 1452 -23.00 Lloyds Banking Group PLC 88.74 1.72
FTSE 250 ex Inv Co (211) 19433.74 1.09 20977.59 19223.32 19420.43 17378.58 2.42 2.16 19.12 171.43 13563.42 FT 30 hourly changes Fixed Line Telecomms 16.85 Aerospace & Defense 10.14 Oil & Gas 5.48 Aggreko PLC 1624 -24.00 London Stock Exchange Group PLC 2460 -20.00
FTSE 350 (350) 3835.11 0.35 4139.78 3821.69 3872.36 3735.11 3.25 1.95 15.82 53.54 5929.61 8 9 10 11 12 13 14 15 16 High Low Technology 16.41 Telecommunications 10.08 Industrial Transport 5.33 Anglo American PLC 1131.5 -0.50 Marks And Spencer Group PLC 564.50 4.00
FTSE 350 ex Investment Trusts (311) 3814.40 0.36 4117.42 3800.88 3851.52 3721.22 3.27 1.96 15.63 53.69 3036.27 2990.1 3010.3 3007.8 3007.9 3007.2 3002.6 2999.6 3001.8 2985.1 3013.9 2983.6 Financial Services 15.88 Real Est Invest & Tr 9.62 Oil & Gas Producers 5.25 Antofagasta PLC 798.50 7.00 Meggitt PLC 517.00 1.50
FTSE 350 Higher Yield (94) 3649.52 0.08 3939.45 3646.64 3697.70 3779.41 4.58 1.75 12.44 70.51 5734.59 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Real Est Invest & Se 14.81 Financials 9.12 Industrial Eng 4.70 Arm Holdings PLC 1109 -7.00 Merlin Entertainments PLC 453.20 1.00
FTSE 350 Lower Yield (256) 3646.38 0.62 3936.06 3623.77 3669.13 3327.15 1.92 2.40 21.68 31.20 3814.09 Media 14.31 Nonlife Insurance 8.99 Automobiles & Parts 4.13 Ashtead Group PLC 1171 32.00 Mondi PLC 1414 116.00
FTSE SmallCap (289) 4705.06 0.39 5078.83 4686.89 4720.12 4503.20 2.52 1.99 19.99 44.59 6334.14 Household Goods & Ho 14.24 General Retailers 8.85 Basic Materials 3.59
FTSE SmallCap ex Inv Co (151) 4206.92 0.45 4541.12 4187.90 4213.36 4092.57 2.39 3.05 13.69 38.20 5948.26 FX: EFFECTIVE INDICES Tech Hardware & Eq 13.96 FTSE All{HY-}Share Index 7.97 Mining 2.40
Associated British Foods PLC 2852 13.00 Morrison (Wm) Supermarkets PLC 176.90 -4.30
Astrazeneca PLC 4390 -10.00 National Grid PLC 882.10 -8.50
FTSE All-Share (639) 3769.69 0.35 4069.17 3756.45 3805.48 3669.17 3.23 1.95 15.93 52.05 5896.67 Food & Drug Retailer 13.39 Tobacco 7.62 Health Care Eq & Srv 2.04
May 12 May 11 Mnth Ago May 13 May 12 Mnth Ago Aviva PLC 530.00 1.00 Next PLC 7340 65.00
FTSE All-Share ex Inv Co (462) 3736.31 0.36 4033.13 3723.01 3772.11 3644.52 3.25 1.97 15.59 52.24 3023.54 Life Insurance 12.13 NON FINANCIALS Index 7.58 Beverages 1.59 Babcock International Group PLC 1081 -2.00 Old Mutual PLC 227.20 0.60
FTSE All-Share ex Multinationals (575) 1251.29 0.83 1119.48 1240.94 1254.35 1145.70 2.57 2.06 18.96 12.00 2094.93 Australia 98.67 98.16 96.85 Sweden 78.38 79.00 77.66 Oil Equipment & Serv 12.13 FTSE SmallCap Index 7.55 Gas Water & Multi 0.44 Bae Systems PLC 500.00 2.00 Pearson PLC 1302 1.00
FTSE Fledgling (96) 7697.50 0.39 8309.01 7667.54 7662.74 6954.82 2.27 -0.54 -82.03 45.23 13638.81 Canada 97.59 96.94 93.69 Switzerland 166.07 165.72 164.75 Consumer Services 11.92 FTSE 100 Index 7.32 Utilities 0.38 Barclays PLC 260.25 2.80 Persimmon PLC 1820 72.00
FTSE Fledgling ex Inv Co (54) 10161.44 0.76 10968.69 10085.09 10030.87 8711.88 2.23 -2.01 -22.21 37.33 17482.47 Denmark 105.23 104.99 104.68 UK 92.17 92.07 89.19 FTSE 250 Index 11.50 Consumer Goods 6.95 Electricity 0.19 Barratt Developments PLC 564.00 18.50 Prudential PLC 1610.5 2.50
FTSE All-Small (385) 3259.01 0.39 3517.92 3246.43 3268.32 3110.00 2.51 1.88 21.17 30.33 5633.76 Japan 125.75 126.16 128.77 USA 100.29 100.85 104.27 Travel & Leisure 11.08 Banks 6.87 Leisure Goods -0.60 Bg Group PLC 1182.5 7.50 Randgold Resources LD 4881 140.00
FTSE All-Small ex Inv Co Index (205) 3132.44 0.47 3381.29 3117.91 3135.42 3027.32 2.39 2.86 14.65 27.71 5611.60 New Zealand 121.01 121.49 127.30 Euro 85.83 85.40 84.16 Pharmace & Biotech 6.34 Food Producers -2.07 Bhp Billiton PLC 1569.5 -5.50 Reckitt Benckiser Group PLC 5667 -52.00
FTSE AIM All-Share Index (833) 759.91 0.39 820.28 756.94 759.20 807.97 1.28 1.39 56.29 3.02 810.64 Norway 95.21 94.76 92.53
BP PLC 456.00 -0.05 Reed Elsevier PLC 1080 12.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3572 14.50 Rio Tinto PLC 2978.5 -16.50
Oil & Gas (19) 7900.68 0.55 8528.32 7857.19 7903.84 9220.93 4.53 1.47 15.07 134.38 6395.87 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 859.50 13.00 Rolls-Royce Holdings PLC 1005 -
Oil & Gas Producers (12) 7488.23 0.46 8083.11 7453.91 7501.94 8721.39 4.55 1.46 15.02 128.15 6267.01 Bt Group PLC 467.95 3.25 Royal Bank Of Scotland Group PLC 353.00 2.10
Oil Equipment Services & Distribution (7)19606.74 3.02 21164.33 19032.51 18890.02 24243.48 3.87 1.58 16.33 278.35 14020.95 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1871 -3.00 Royal Dutch Shell PLC 2045.5 12.00
Basic Materials (30) 4922.71 0.33 5313.78 4906.60 4935.84 5642.24 3.87 2.51 10.28 110.48 4714.00 Burberry Group PLC 1757 1.00 Royal Dutch Shell PLC 2081.5 13.50
Chemicals (7) 12691.01 0.66 13699.21 12608.27 12714.31 11786.23 2.06 2.49 19.53 76.36 10766.24 May 13 No of US $ Day Mth YTD Total
YTD Gr Div May 13 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1272 22.00 Royal Mail PLC 487.40 3.90
Forestry & Paper (1) 16619.49 8.94 17939.77 15256.08 15538.17 12270.69 2.20 3.38 13.45 241.11 17149.54 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3034 13.00 Rsa Insurance Group PLC 426.50 0.50
Industrial Metals & Mining (2) 2105.11 2.88 2272.34 2046.20 2077.25 1354.89 0.50 -20.25 -9.93 5.46 1827.09 FTSE Global All Cap 7611 495.05 0.3 0.8 5.4 667.60
6.4 2.3 Oil & Gas 165 412.54 0.2 0.2 3.6 614.61 4.7 3.5 Centrica PLC 276.60 -1.70 Sabmiller PLC 3576 73.50
Mining (20) 14034.39 -0.04 15149.31 14040.40 14112.58 16733.87 4.18 2.52 9.49 349.03 7016.71 FTSE Global All Cap 6975 508.54 0.3 0.8 5.0 673.72
6.0 2.2 Oil & Gas Producers 116 373.61 0.1 0.1 3.1 565.77 4.2 3.6 Coca-Cola Hbc AG 1401 3.00 Sage Group PLC 543.00 2.00
FTSE Global Large Cap 1359 436.74 0.3 0.8 4.8 601.92
5.9 2.5 Oil Equipment & Services 39 433.80 0.4 0.4 4.6 591.81 5.8 3.2 Compass Group PLC 1119 -44.00 Sainsbury (J) PLC 275.50 -3.50
Industrials (114) 4731.91 0.58 5107.82 4704.81 4753.47 4540.07 2.31 1.37 31.57 47.73 4632.12
Construction & Materials (13) 4958.23 -0.51 5352.12 4983.87 5028.97 4624.40 2.63 -0.40 -95.86 77.03 5023.98 FTSE Global Mid Cap 1667 661.96 0.5 1.0 7.2 854.53
8.0 1.9 Basic Materials 272 465.22 0.4 0.4 6.8 670.76 8.2 2.7 Crh PLC 1802 -16.00 Schroders PLC 3313 3.00
Aerospace & Defense (9) 5329.18 0.21 5752.53 5317.83 5412.25 4984.70 2.09 1.35 35.50 69.13 5455.05 FTSE Global Small Cap 4585 695.94 0.4 0.7 6.7 871.86
7.4 1.8 Chemicals 124 676.70 0.0 0.0 8.5 981.23 9.6 2.3 Diageo PLC 1754.5 -1.50 Severn Trent PLC 2158 32.00
General Industrials (6) 3552.00 1.24 3834.18 3508.37 3565.15 3520.79 3.19 1.82 17.21 48.72 3792.08 FTSE All-World 3026 289.09 0.3 0.8 5.2 411.19
6.2 2.4 Forestry & Paper 17 229.55 2.3 2.3 10.2 363.24 11.9 2.7 Direct Line Insurance Group PLC 320.00 1.00 Shire PLC 5170 -15.00
Electronic & Electrical Equipment (12) 5698.86 1.24 6151.58 5629.04 5646.14 5321.16 2.01 2.10 23.66 29.32 4960.52 FTSE World 2531 508.99 0.3 1.1 4.7 972.43
5.8 2.3 Industrial Metals & Mining 71 427.09 0.8 0.8 3.6 615.90 4.4 2.4 Dixons Carphone PLC 460.10 9.50 Sky PLC 1068 5.00
Industrial Engineering (14) 9584.71 1.24 10346.13 9467.61 9590.23 11294.59 2.51 2.03 19.62 151.58 11099.87 FTSE Global All Cap ex UNITED KINGDOM In 7278 506.19 0.3 0.4 5.2 673.52
6.2 2.2 Mining 60 596.96 0.8 0.8 4.8 854.83 7.0 3.9 Easyjet PLC 1653 -1.00 Smith & Nephew PLC 1112 -12.00
Industrial Transportation (8) 4411.85 0.83 4762.33 4375.35 4455.06 4827.45 3.53 1.47 19.32 29.35 3594.96 FTSE Global All Cap ex USA 5645 485.55 0.7 1.7 8.6 693.48
9.9 2.7 Industrials 531 331.06 0.6 0.6 5.2 454.34 6.2 2.1 Experian PLC 1218 4.00 Smiths Group PLC 1128 5.00
Support Services (52) 7020.05 0.66 7577.74 6973.84 7018.31 6515.08 2.15 1.49 31.09 49.22 6927.12 FTSE Global All Cap ex JAPAN 6355 505.96 0.3 0.7 4.6 688.05
5.6 2.3 Construction & Materials 110 469.18 0.8 0.8 8.8 674.96 9.9 2.0 Fresnillo PLC 749.50 36.00 Sports Direct International PLC 669.00 13.00
FTSE Developed 2089 459.61 0.3 1.0 4.9 624.77
5.9 2.3 Aerospace & Defense 29 524.32 0.2 0.2 5.5 713.54 6.4 2.0 G4S PLC 292.20 1.30 Sse PLC 1636 11.00
Consumer Goods (40) 17021.64 0.53 18373.87 16932.23 17215.60 15733.37 2.97 1.77 19.05 251.27 11805.61
FTSE Developed All Cap 5657 483.08 0.3 1.0 5.1 649.78
6.1 2.2 General Industrials 57 225.71 0.9 0.9 3.8 332.04 5.0 2.6 Gkn PLC 354.50 2.90 St. James's Place PLC 925.00 -1.50
Automobiles & Parts (1) 8330.91 0.82 8992.74 8262.76 8342.66 9042.98 2.37 1.72 24.47 131.60 7588.02
FTSE Developed Large Cap 883 424.59 0.3 1.0 4.4 584.67
5.5 2.4 Electronic & Electrical Equipment 68 355.95 1.0 1.0 9.4 450.99 10.2 1.5 Glaxosmithkline PLC 1450.5 5.00 Standard Chartered PLC 1039.5 3.50
Beverages (6) 14220.72 0.82 15350.44 14104.86 14389.74 14214.82 2.48 1.72 23.43 94.19 9489.65
FTSE Developed Europe Large Cap 205 379.32 0.6 2.3 7.3 589.07
9.3 3.2 Industrial Engineering 103 666.17 1.4 1.4 7.7 900.64 9.0 2.0 Glencore PLC 300.90 -1.10 Standard Life PLC 468.70 0.20
Food Producers (10) 7883.71 0.33 8510.01 7857.48 7950.85 7880.31 2.03 1.59 31.02 8.94 6476.49
FTSE Developed Europe Mid Cap 307 557.68 1.3 3.8 11.5 789.87
12.9 2.3 Industrial Transportation 94 580.36 -0.9 -0.9 -2.8 791.80 -2.3 2.1 Hammerson PLC 671.00 7.50 Taylor Wimpey PLC 182.30 4.30
Household Goods & Home Construction (13)12165.45 0.84 13131.89 12064.12 12214.76 9514.31 2.31 2.36 18.38 127.23 8175.90
FTSE Dev Europe Small Cap 722 776.10 1.5 5.8 12.7 1069.32
13.9 2.1 Support Services 70 290.64 0.5 0.5 6.6 384.28 7.6 1.9 Hargreaves Lansdown PLC 1221 23.00 Tesco PLC 224.70 -2.75
Leisure Goods (2) 5080.42 1.17 5484.02 5021.78 5032.87 5083.67 4.16 1.05 22.80 109.73 4203.28
FTSE North America Large Cap 314 452.05 -0.1 0.4 1.6 586.73
2.4 2.1 Consumer Goods 407 430.25 0.3 0.3 6.3 603.42 7.4 2.3 Hikma Pharmaceuticals PLC 2030 4.00 Travis Perkins PLC 2149 43.00
Personal Goods (6) 23142.29 0.08 24980.76 23124.12 23437.92 20898.24 2.83 2.74 12.92 279.57 14691.08
FTSE North America Mid Cap 400 701.21 0.0 -0.3 3.4 856.10
3.9 1.6 Automobiles & Parts 99 425.68 0.1 0.1 9.2 573.63 10.4 2.1 HSBC Holdings PLC 614.00 -6.00 Tui AG 1207 -46.00
Tobacco (2) 42717.04 0.29 46110.56 42594.13 43418.50 39627.95 4.11 1.28 19.03 1201.25 25566.36
FTSE North America Small Cap 1485 716.96 0.0 -0.9 4.1 851.67
4.6 1.6 Beverages 48 557.33 0.6 0.6 3.6 789.99 4.5 2.5 Imperial Tobacco Group PLC 3186 1.00 Unilever PLC 2817 -2.00
Health Care (21) 9617.08 0.06 10381.08 9611.67 9816.98 9363.57 3.56 3.47 8.10 154.41 6868.89
FTSE North America 714 304.65 -0.1 0.3 1.9 405.44
2.7 2.0 Food Producers 102 578.94 0.6 0.6 4.9 840.27 6.3 2.2 Intercontinental Hotels Group PLC 2728 -7.00 United Utilities Group PLC 988.50 5.00
Health Care Equipment & Services (9) 6843.84 -0.22 7387.52 6859.09 6937.54 5282.24 1.44 2.33 29.85 55.16 5761.40
FTSE Developed ex North America 1375 254.97 0.8 2.1 9.3 391.35
10.9 2.7 Household Goods & Home Construction 43 397.79 0.4 0.4 0.4 555.25 1.5 2.4 International Consolidated Airlines Group S.A. 556.00 5.50 Vodafone Group PLC 235.85 2.25
Pharmaceuticals & Biotechnology (12)13087.98 0.08 14127.72 13077.22 13368.68 12971.29 3.76 3.51 7.58 219.75 8293.31
FTSE Japan Large Cap 174 349.86 0.8 2.5 14.7 432.89
15.7 1.7 Leisure Goods 26 145.81 0.5 0.5 15.7 185.64 16.3 1.2 Intertek Group PLC 2666 28.00 Weir Group PLC 1903 7.00
Consumer Services (96) 5041.81 0.02 5442.34 5040.89 5120.28 4508.42 2.16 1.93 24.00 42.13 4483.89 FTSE Japan Mid Cap 304 493.85 1.1 1.0 16.2 591.77
17.1 1.4 Personal Goods 76 620.19 0.0 0.0 6.3 830.70 7.2 1.9
Food & Drug Retailers (7) 3298.42 -1.24 3560.45 3339.74 3397.41 3950.95 2.29 0.30 144.34 24.24 3736.60 Intu Properties PLC 340.30 4.10 Whitbread PLC 5220 15.00
FTSE Global wi JAPAN Small Cap 778 520.22 0.6 2.0 11.0 643.00
12.0 1.6 Tobacco 13 1148.26 0.4 0.4 7.0 2183.45 8.6 4.0 Itv PLC 260.00 -0.80 Wolseley PLC 3900 4.00
General Retailers (31) 3136.99 1.12 3386.19 3102.10 3142.35 2829.51 2.02 2.51 19.68 5.53 3363.23
FTSE Japan 478 143.77 0.8 2.2 15.0 199.98
16.0 1.6 Health Care 159 471.44 0.2 0.2 8.5 650.64 9.5 1.8 Johnson Matthey PLC 3345 7.00 Wpp PLC 1525 10.00
Media (23) 7504.40 0.53 8100.56 7464.88 7585.61 6097.58 2.62 1.77 21.53 93.21 4361.82
FTSE Asia Pacific Large Cap ex Japan 492 662.97 0.7 -1.5 7.7 968.47
8.5 2.8 Health Care Equipment & Services 56 633.72 0.1 0.1 7.3 721.34 7.6 1.0 Kingfisher PLC 361.00 3.50
Travel & Leisure (35) 8530.69 -0.65 9208.38 8586.29 8728.32 7310.38 1.80 2.43 22.84 79.00 7687.28
FTSE Asia Pacific Mid Cap ex Japan 445 902.96 1.1 -0.5 12.0 1275.76
12.7 2.4 Pharmaceuticals & Biotechnology 103 363.72 0.2 0.2 8.9 521.27 10.1 2.0
Telecommunications (8) 4121.18 0.91 4448.58 4083.97 4120.37 3640.92 3.77 2.52 10.55 0.00 4148.75 FTSE Asia Pacific Small Cap ex Japan 1376 595.94 1.0 0.9 11.5 830.35
12.2 2.4 Consumer Services 383 396.87 0.0 0.0 6.1 510.35 6.8 1.6
Fixed Line Telecommunications (6) 5393.65 0.71 5822.13 5355.80 5425.90 4390.93 2.56 1.86 21.00 0.00 4544.55
Mobile Telecommunications (2) 5371.31 1.05 5798.02 5315.66 5348.31 4978.50 4.57 2.76 7.94 0.00 4791.76
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
937
1954
525.29
745.95
0.7
0.6
-1.4
-0.9
8.2 815.89
9.0
8.2 1040.00
8.9
2.7 Food & Drug Retailers
2.7 General Retailers
54 320.83
121 516.59
0.3
0.0
0.3
0.0
6.7 428.92
8.0 649.02
7.4
8.7
1.8
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8718.25 -0.21 9410.84 8736.85 8843.95 8676.60 4.67 1.01 21.16 81.24 8935.51 FTSE Emerging Large Cap 476 709.78 0.5 -1.0 8.5 995.04
9.2 2.7 Media 88 311.84 0.2 0.2 3.7 401.44 4.4 1.5 May 13 May 12 May 11 May 08 May 07 Yr Ago
Electricity (3) 9742.83 0.70 10516.81 9674.97 9752.08 9699.49 5.12 0.95 20.55 157.74 12467.70 FTSE Emerging Mid Cap 461 927.06 1.0 0.2 7.7 1290.74
8.5 2.5 Travel & Leisure 120 380.13 -0.2 -0.2 5.6 493.56 6.3 1.7 SEAQ Bargains 8908.00 8943.00 7852.00 7852.00 7852.00 7645.00
Gas Water & Multiutilities (5) 7998.00 -0.47 8633.38 8036.08 8144.44 7958.03 4.54 1.03 21.34 58.66 8232.12 FTSE Emerging Small Cap 1017 752.93 0.8 -1.3 6.4 1011.99
7.0 2.6 Telecommunication 94 176.79 0.4 0.4 5.8 303.05 7.4 3.9 Order Book Turnover (m) 40.40 35.66 57.29 57.29 57.29 62.84
Financials (282) 4994.40 0.32 5391.17 4978.52 5049.17 4624.11 3.11 1.86 17.32 82.10 4287.51 FTSE Emerging Europe 99 374.33 1.0 7.4 20.1 530.55
20.8 4.0 Fixed Line Telecommuniations 44 144.09 0.7 0.7 5.2 270.12 7.2 4.3 Order Book Bargains 853640.00 839600.00 1245328.00 1245328.00 1245328.00 7.00
Banks (8) 4538.91 0.16 4899.49 4531.72 4590.13 4500.82 3.60 1.34 20.77 84.25 3065.04 FTSE Latin America All Cap 242 887.49 0.2 4.2 -1.5 1290.16
-0.2 3.3 Mobile Telecommunications 50 193.05 0.0 0.0 6.7 300.13 7.5 3.3 Order Book Shares Traded (m) 1380.00 1357.00 2141.00 2141.00 2141.00 0.00
Nonlife Insurance (11) 2376.33 0.31 2565.11 2369.02 2407.79 2160.66 2.89 1.43 24.19 46.33 3950.34 FTSE Middle East and Africa All Cap 213 810.15 1.5 -1.1 5.3 1189.41
6.6 2.7 Utilities 162 258.59 -0.2 -0.2 -3.2 462.07 -2.0 3.7 Total Equity Turnover (£m) 2778.44 8763.07 5933.66 5933.66 5933.66 -
Life Insurance/Assurance (11) 8388.88 0.18 9055.31 8373.95 8557.07 7450.14 3.20 1.77 17.68 200.42 7609.89 FTSE Global wi UNITED KINGDOM All Cap In 333 386.55 0.8 6.0 7.6 597.95
9.2 3.3 Electricity 112 274.19 -0.2 -0.2 -3.3 484.79 -2.3 3.6 Total Mkt Bargains 993496.00 940165.00 1374900.00 1374900.00 1374900.00 7.00
Index- Real Estate Investment & Services (24) 3093.22 1.05 3338.95 3061.22 3079.58 2737.41 1.72 5.27 11.03 22.83 7854.28 FTSE Global wi USA All Cap 1966 521.21 0.0 -0.1 2.4 659.38
3.1 1.9 Gas Water & Multiutilities 50 288.37 -0.3 -0.3 -3.1 528.29 -1.6 3.7 Total Shares Traded (m) 6459.00 5697.00 6347.00 6347.00 6347.00 0.00
Real Estate Investment Trusts (22) 3034.34 1.33 3275.39 2994.42 3012.97 2571.54 2.66 6.24 6.03 37.65 3526.57 FTSE Europe All Cap 1388 433.38 0.8 3.0 8.8 652.75
10.6 3.0 Financials 671 225.41 0.4 0.4 4.5 344.57 5.8 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 8323.84 0.38 8985.10 8292.18 8455.21 6828.53 2.66 1.99 18.83 71.52 8870.75 FTSE Eurobloc All Cap 636 398.96 0.7 0.8 8.3 608.11
9.9 2.8 Banks 242 209.86 0.7 0.7 4.4 341.03 5.8 3.1 (c) Market closed.
Equity Investment Instruments (177) 7907.27 0.22 8535.43 7890.03 7964.19 7241.46 2.44 1.06 38.54 72.04 4088.86 FTSE RAFI All World 3000 3028 6224.40 0.4 1.9 5.7 7704.54
6.9 2.8 Nonlife Insurance 70 217.62 0.3 0.3 1.6 300.49 3.1 2.2
Non Financials (357) 4362.36 0.36 4708.91 4346.53 4401.54 4318.18 3.26 1.98 15.50 56.25 5973.48 FTSE RAFI US 1000 1005 9408.36 0.0 0.3 1.3 11707.07
2.1 2.3 Life Insurance 49 228.86 -0.1 -0.1 8.4 342.01 9.7 2.4
Technology (21) 1414.76 0.00 1527.15 1414.75 1439.04 1134.66 1.24 2.33 34.80 8.23 1754.27 FTSE EDHEC-Risk Efficient All-World 3026 339.43 0.3 0.6 6.2 450.15
7.1 2.1 Financial Services 138 245.72 0.3 0.3 6.1 323.29 6.9 1.7 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1641.45 0.78 1771.85 1628.73 1651.16 1289.48 1.85 1.95 27.86 14.47 2125.47 FTSE EDHEC-Risk Efficient Developed Europe 512 303.85 1.0 3.6 9.1 438.01
10.5 2.5 Technology 182 178.87 0.6 0.6 3.9 210.97 4.5 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1688.12 -0.55 1822.23 1697.54 1730.78 1373.28 0.80 2.96 42.40 5.94 1927.34 Software & Computer Services 80 285.80 0.6 0.6 5.3 325.49 5.6 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 102 143.92 0.5 0.5 2.8 174.00 3.6 2.0 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail [email protected]
FTSE 100 6955.13 6978.15 6974.21 6976.44 6968.96 6961.67 6951.04 6957.05 6924.86 6989.54 6920.74 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 17764.43 17814.77 17820.85 17837.26 17827.31 17845.74 17862.18 17871.35 17845.70 17887.13 17754.84 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4695.65 4698.01 4701.31 4702.93 4704.48 4702.81 4706.64 4707.25 4708.78 4709.10 4694.61
FTSE All-Share 3768.56 3780.39 3778.96 3780.54 3776.97 3774.37 3770.39 3773.30 3758.43 3785.67 3757.19 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:08:23:00 Day's Low15:00:45 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:08:23:00 Day's Low15:02:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Thursday 14 May 2015 ★★★ FINANCIAL TIMES 23
MARKET DATA
FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Syngent 402.60 402.60 0.00 0.00 68.40 20.5 16.99 Vale 22.33 22.33 0.00 0.00 -2.60 -10.4 18.42 May 13 date Coupon S* M* F* price yield yield yield US May 13 date Coupon S* M* F* price yield yield yield US
Altice 112.05 104.85 7.20 6.87 17.51 18.5 3.75 ChShpbldng 14.53 15.12 -0.59 -3.90 -1.49 -9.3 42.59 High Yield US$ US$
Nmrcble-SFR 56.58 51.65 4.93 9.55 8.15 16.8 3.51 ChStConEng 9.95 10.34 -0.39 -3.77 -0.85 -7.9 31.27 Windstream Services, LLC 11/17 7.88 BB- B1 BB 107.98 4.46 -0.02 0.12 3.89 Wachovia Corporation 08/26 6.82 A A3 A+ 128.17 4.41 0.00 0.59 2.15
IntSPaolo 3.27 3.20 0.07 2.19 0.26 8.7 2.38 ChinaRailCons 14.04 14.26 -0.22 -1.54 -1.14 -7.5 -6.28 High Yield Euro Citigroup Inc. 11/26 4.30 BBB+ Baa3 A- 97.66 4.62 -0.03 0.67 2.35
Murata Mfg 18450.00 18090.00 360.00 1.99 1370.00 8.0 6.16 Bridgestne 4650.50 4749.50 -99.00 -2.08 -355.50 -7.1 -7.99 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 99.75 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 119.93 4.59 -0.03 0.57 -
Fuji Hvy Ind 4367.00 4311.00 56.00 1.30 318.00 7.9 8.53 Priceline 1177.75 1183.47 -5.72 -0.48 -86.40 -6.8 -1.83 SouthTrust Bank 12/27 6.57 A+ A1 A+ 120.33 4.49 -0.14 0.36 -
Williams Cos 53.21 50.10 3.11 6.21 3.77 7.6 5.74 AstellasPh 1755.00 1755.50 -0.50 -0.03 -120.00 -6.4 -10.13 Emerging US$ Kimberly-Clark Corp. 01/28 6.38 A A2 A 120.45 4.31 -0.03 0.56 -
LlydsBkg 88.74 87.02 1.72 1.98 6.06 7.3 11.76 Ch OSLnd&Inv 28.80 29.50 -0.70 -2.37 -1.90 -6.2 -1.71 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.66 GTE Corporation 04/28 6.94 BBB+ Baa2 A- 122.37 4.67 -0.03 0.42 -
Nokia 6.12 6.14 -0.02 -0.24 0.41 7.1 -21.24 Surgutneftegas 35.13 35.44 -0.32 -0.89 -2.23 -6.0 -4.55 Mexico 09/16 11.40 BBB+ A3 BBB+ 113.85 0.90 -0.05 0.12 0.33
Brazil 01/18 8.00 BBB- Baa2 BBB 107.81 4.87 0.26 0.29 4.30 Euro
Sony 3881.00 3833.00 48.00 1.25 252.50 7.0 5.08 ChinaMob 105.20 106.20 -1.00 -0.94 -6.50 -5.8 -4.88 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 111.10 1.76 0.00 0.32 -0.50
Yahoo 44.40 43.84 0.56 1.27 2.74 6.6 -0.84 Westpc 33.27 34.06 -0.79 -2.32 -2.01 -5.7 -16.57 Russia 07/18 11.00 BB+ Ba1 BBB- 123.17 3.32 -0.03 -0.24 2.74
Peru 03/19 7.13 BBB+ A3 BBB+ 118.18 2.22 -0.03 0.09 0.66 Citigroup Inc. 09/26 2.13 A- Baa2 A 103.67 1.76 -0.01 0.33 -0.50
Kweichow 256.40 254.42 1.98 0.78 15.45 6.4 28.06 Allianz 145.50 145.50 0.00 0.00 -8.70 -5.6 -5.87 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 97.98 2.83 0.04 0.50 -
HumanaInc 173.50 173.38 0.12 0.07 10.43 6.4 -2.83 ChUncHK 13.96 14.16 -0.20 -1.41 -0.80 -5.4 2.20 Brazil 01/21 7.88 BBB- Baa2 BBB 106.04 3.72 -0.04 0.12 2.17
Turkey 03/21 5.63 - Baa3 BBB- 108.49 4.03 -0.04 0.10 2.48 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 112.54 1.85 0.05 0.54 -
Delta 46.78 46.10 0.68 1.48 2.72 6.2 8.61 MitsubEst 2623.00 2670.50 -47.50 -1.78 -143.00 -5.2 -9.73
Poland 04/21 5.13 A- A2 A- 113.44 2.68 -0.04 0.27 1.13 Yen
Danaher 87.35 86.00 1.35 1.57 5.01 6.1 2.49 PetroChina 9.42 9.40 0.02 0.21 -0.51 -5.1 -5.33
Colombia 07/21 4.38 BBB Baa2 BBB 105.26 3.42 0.07 0.23 1.87 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.14 0.24 0.00 -0.01 -
RBS 353.00 350.90 2.10 0.60 19.90 6.0 -0.06 ChCommsCons 12.56 12.74 -0.18 -1.41 -0.68 -5.1 -17.91
Nordea Bk 108.50 106.10 2.40 2.26 5.80 5.6 -1.36 OilNatGas 311.10 309.65 1.45 0.47 -16.80 -5.1 0.44 Turkey 04/26 4.25 - Baa3 BBB- 96.31 4.74 -0.03 0.16 2.47 £ Sterling
Intcntl Exch 240.08 239.94 0.14 0.06 12.82 5.6 4.03 Anadarko 85.11 86.19 -1.08 -1.25 -4.55 -5.1 -4.03 Emerging Euro Southern Water Services (Fin) Limited 03/26 6.64 A- Baa1 A- 130.41 3.27 0.05 0.44 1.01
Swedbank 195.50 190.00 5.50 2.89 10.40 5.6 -3.93 Cernr Crp 67.27 67.24 0.03 0.04 -3.58 -5.1 -9.74 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Barclays Bank plc 09/26 5.75 BBB- Baa3 A- 113.01 4.27 0.06 0.61 2.01
Iberdrola 6.16 6.11 0.05 0.85 0.32 5.5 -0.50 ChinaRailGp 9.99 9.90 0.09 0.91 -0.53 -5.0 -0.10 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.92 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 111.37 2.91 0.01 0.23 1.35 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 119.66 3.51 0.04 0.54 1.24
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
May 13 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return May 13 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.13 16-12-2008 0.13 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 13.76 -0.10 13.86 31.06 10.28 May 13 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 13.70 -0.10 13.80 23.19 7.04 Tr 2pc '16 101.04 0.49 2.08 4.26 25.64 -33.78 102.28 101.04 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 178.82 0.20 -1.71 0.30 -0.55 1.34 VXN 15.62 -0.34 15.96 31.17 9.66 Tr 1.75pc '17 102.00 0.56 -1.75 -1.75 27.27 -50.44 102.68 101.07 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 295.89 0.14 -0.74 0.81 -2.51 8.53 VDAX 15.81 -0.83 16.64 - - Tr 5pc '18 111.57 0.83 -3.49 -2.35 27.69 -45.39 113.65 111.50 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 251.71 -0.04 -1.14 0.49 -1.14 0.49 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.53 1.13 -1.74 -0.88 28.41 -38.59 115.07 111.17 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 212.59 -0.05 -0.93 -0.05 -1.75 4.05 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.72 1.37 -0.72 0.74 26.85 -33.50 119.04 113.53 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 222.22 -0.20 -2.50 0.24 -3.91 7.59 Tr 8pc '21 137.16 1.56 -0.64 1.30 26.83 -30.97 142.92 135.65 0.24
Gilts( £) 282.78 0.18 -0.98 -1.00 -3.06 10.02 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.01 1.66 -0.60 1.22 25.76 -31.12 119.85 110.38 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 250.03 0.04 -0.90 -0.33 1.22 -1.09 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 126.65 2.00 0.00 1.01 25.00 -28.32 134.70 119.37 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 295.20 0.13 -0.77 0.58 -2.48 8.51 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 122.47 2.19 -0.45 0.46 20.99 -27.48 131.90 112.61 0.31
May 13 (Libor: May 12) night Day Week Month month month month year Overall ($) 224.69 0.03 -1.05 0.23 -1.05 0.23 Australia 10/18 3.25 103.42 2.21 -0.02 0.03 0.46 -0.98 Tr 4.25pc '32 125.40 2.42 -0.82 0.00 16.35 -25.31 136.85 112.95 0.35
US$ Libor 0.12300 0.000 0.001 0.000 0.18560 0.27500 0.41455 0.73460 Overall( £) 283.85 0.16 -0.91 -0.51 -2.88 9.53 04/26 4.25 111.32 3.03 -0.05 0.01 0.64 -0.96 Tr 4.25pc '36 127.66 2.53 -0.78 -0.39 14.48 -24.25 140.37 113.08 0.26
Euro Libor -0.17714 -0.001 -0.081 0.000 -0.06000 -0.01500 0.05357 0.17429 Overall(€) 218.93 -0.16 -1.94 0.19 -3.10 6.39 Austria 10/18 1.15 103.79 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 137.53 2.59 -0.38 -0.38 13.10 -23.60 153.16 118.96 0.26
£ Libor 0.48125 0.000 -0.002 -0.003 0.50663 0.56750 0.70563 1.00369 Treasuries ($) 215.06 0.08 -1.10 0.00 -1.10 0.00 10/24 1.65 108.86 0.68 0.00 0.00 0.00 0.00 Tr 3.75pc '52 127.68 2.59 -0.77 -0.38 12.12 -23.60 145.21 106.18 0.22
Swiss Fr Libor -0.003 -0.81900 -0.79200 -0.70160 -0.58260 FTSE Belgium 06/18 0.75 101.59 0.23 0.02 0.01 0.15 -0.70 Tr 4pc '60 138.77 2.54 -1.17 -0.78 11.89 -24.18 159.23 113.50 0.21
Yen Libor 0.003 0.07143 0.10071 0.13929 0.25400 Sterling Corporate (£) 113.07 0.22 - - -2.84 3.93 06/25 0.80 98.17 0.99 0.03 0.11 0.64 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor 0.000 -0.04500 -0.00900 0.06100 0.16900 Euro Corporate (€) 108.70 0.08 - - -2.20 2.00 Canada 05/17 0.25 99.13 0.70 -0.01 -0.02 0.13 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.50000 0.57000 0.73500 Euro Emerging Mkts (€) 1054.79 23.27 - - -2.29 6.76 06/25 2.25 103.91 1.82 0.03 0.00 0.48 0.00
US$ CDs
Euro CDs
0.000
0.000
0.16000
-0.15000
0.23000
-0.04500
0.35000
0.01500
Eurozone Govt Bond 114.19 0.12 - - -4.13 5.18 Denmark 11/16 2.50 104.32 -0.36 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 108.89 0.86 0.01 0.17 0.65 0.00
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 09/18 1.13 103.77 0.00 0.00 0.00 0.00 0.00
Fixed Coupon May 13 chg % Return 1 month 1 year Yield
May 13 term notice month month month year Markit iTraxx 07/25 4.00 132.50 0.67 0.00 0.00 0.00 0.00
1 Up to 5 Years 99.10 0.04 2343.59 -0.48 2.44 1.03
Euro -0.20 -0.10 -0.20 -0.10 -0.17 -0.02 -0.12 0.03 -0.06 0.09 0.07 0.22 Crossover 5Y 285.97 -0.11 0.76 41.45 296.41 242.25 France 11/16 0.25 100.56 -0.12 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.64 0.06 3165.58 -2.11 6.49 1.77
Sterling 0.40 0.55 0.40 0.55 0.45 0.55 0.52 0.62 0.66 0.81 0.98 1.13 Europe 5Y 61.57 0.19 -1.47 8.26 65.07 52.94 11/19 0.50 101.40 0.19 0.01 0.02 0.00 0.00
3 10 - 15 Years 205.66 0.06 3692.04 -3.59 10.64 2.19
Swiss Franc - - - - - - - - - - - - Japan 5Y 52.66 -0.05 1.23 1.32 59.45 48.09 05/25 0.50 95.32 0.99 0.02 0.09 0.63 0.00
4 5 - 15 Years 184.78 0.06 3293.56 -2.40 7.72 1.89
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 73.83 -0.31 -1.36 11.33 77.83 62.28 05/45 3.25 132.73 1.82 0.05 0.14 0.83 -1.09
5 Over 15 Years 295.38 0.32 4184.09 -5.03 18.23 2.55
US Dollar 0.12 0.22 0.12 0.22 0.13 0.23 0.20 0.30 0.29 0.39 0.55 0.65 Germany 06/16 0.25 100.49 -0.21 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.99 0.16 3155.45 -2.86 9.59 2.30
Japanese Yen -0.05 0.05 -0.05 0.00 -0.05 0.15 -0.05 0.15 -0.05 0.15 0.05 0.25 10/19 0.25 100.68 0.10 0.05 0.06 0.00 0.00
Emerging Markets 5Y 296.20 3.17 -3.16 -1.65 321.49 289.94 02/25 0.50 97.90 0.72 0.04 0.13 0.61 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 347.01 0.79 4.84 13.44 350.53 329.17 08/46 2.50 127.93 1.39 0.09 0.19 0.86 -0.97
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked May 13 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 65.10 0.21 1.26 3.29 65.82 60.22 Greece 07/17 3.38 72.33 20.34 -0.67 -1.03 -3.85 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 312.80 0.04 -0.17 -2.43 2368.60 -0.03 -0.80
02/25 3.00 58.69 10.36 -0.39 -0.73 -1.54 4.00 2 Over 5 years 570.32 -0.44 -3.43 15.49 4195.04 -3.27 16.46
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 113.29 0.02 0.00 0.01 0.00 -0.73 3 5-15 years 431.68 -0.10 -2.01 3.70 3265.09 -1.73 5.03
03/25 5.40 136.92 1.36 0.00 0.07 0.71 -1.44 4 Over 15 years 701.16 -0.56 -3.89 21.72 5064.49 -3.78 22.50
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 101.96 0.17 0.00 -0.02 0.02 0.00 5 All stocks 529.10 -0.37 -2.93 13.65 3938.55 -2.78 14.70
05/20 0.70 99.27 0.85 0.01 -0.07 0.00 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 96.56 1.89 0.02 -0.04 0.61 0.00 Yield Indices May 13 May 12 Yr ago May 13 May 12 Yr ago
Crude Oil† May 60.09 -0.47 Corn♦ Jul 362.25 1.50 Dec 05 Dec 05 Prev return stock Market stocks
09/46 3.25 105.73 2.99 0.05 -0.01 0.79 0.00 5 Yrs 1.39 1.41 1.88 20 Yrs 2.55 2.56 3.33
Brent Crude Oil‡ 66.90 -0.21 Wheat♦ Jul 481.75 0.50 Can 4.25%' 21 131.97 -0.537 -0.520 -0.72 5.18 70233.74 7
Japan 05/17 0.10 100.21 0.00 0.00 0.00 0.00 0.00 10 Yrs 2.07 2.08 2.76 45 Yrs 2.56 2.58 3.37
RBOB Gasoline† May 2.03 0.00 Soybeans♦ Jul 957.50 1.00 Fr 2.25%' 20 117.06 -0.936 -0.956 -0.83 20.31 221725.00 15
05/20 0.05 99.52 0.15 0.04 0.04 0.06 0.00 15 Yrs 2.40 2.41 3.16
Heating Oil† May 1.92 -0.02 Soybeans Meal♦ Jul 302.40 -1.40 Swe 0.25%' 22 107.76 -0.735 -0.882 -3.26 29.96 225388.41 6
03/25 0.40 99.49 0.45 -0.01 0.00 0.13 0.00
Natural Gas† May 2.94 0.04 Cocoa (ICE Liffe)X Jul 2035.00 5.00 UK 2.5%' 16 326.27 -1.784 -1.774 0.12 7.90 495224.89 24
03/45 1.50 99.95 1.50 0.01 0.00 0.16 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Jul 3064.00 5.00 UK 2.5%' 24 342.51 -0.854 -0.898 -0.50 6.82 495224.89 24
Netherlands 04/17 0.50 101.25 -0.15 0.00 0.00 0.00 0.00 Real yield May 13 Dur yrs Previous Yr ago May 13 Dur yrs Previous Yr ago
Uranium May 36.00 0.00 Coffee(Robusta)X May 1681.00 -7.00 UK 2%' 35 232.99 -0.798 -0.867 -0.65 9.08 495224.89 24
07/25 0.25 93.84 0.89 0.03 0.12 0.65 0.00 Up to 5 yrs -1.10 2.97 -1.09 -1.36 -1.68 2.99 -1.67 -1.98
Carbon Emissions - - Coffee (Arabica)♥ Jul 135.80 -0.05 US 0.625%' 21 103.68 0.028 0.046 -1.14 35.84 1069789.70 36
Diesel Jun 121.25 0.00 White SugarX 370.10 -13.20 New Zealand - - - - - - - Over 5 yrs -0.80 23.63 -0.82 -0.12 -0.82 23.71 -0.84 -0.16
US 3.625%' 28 137.55 0.600 0.046 -2.33 16.78 1069789.70 36
Unleaded Jun - - Sugar 11♥ 13.26 -0.62 12/17 6.00 107.15 3.10 0.00 -0.09 -0.03 -0.79 5-15 yrs -0.81 9.81 -0.82 -0.29 -0.88 9.82 -0.89 -0.40
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.71 0.86 -0.05 0.05 0.09 -0.85 Over 15 yrs -0.80 28.31 -0.82 -0.09 -0.82 28.37 -0.84 -0.11
Base Metals (♠ LME 3 Months) Cotton♥ Jul 65.73 0.52 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/24 3.00 111.28 1.62 -0.10 0.02 0.27 -1.14 All stocks -0.81 20.49 -0.82 -0.14 -0.84 20.63 -0.86 -0.18
Aluminium 1884.00 -8.00 Orange Juice♥ Jul 114.45 -2.50 amount.
Aluminium Alloy 1750.00 -80.00 Palm Oil♣ Jun 610.50 -3.75 Portugal 02/16 6.40 104.76 0.05 0.01 0.00 0.00 -1.10 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 6419.00 -2.00 Live Cattle♣ Jun 152.40 1.33 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 104.08 2.43 0.03 -0.10 0.73 0.00
Lead 2026.00 -33.00 Spain 10/17 0.50 100.61 0.25 0.05 0.02 0.08 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Aug 218.83 0.98
Nickel 14080.00 -220.00 Lean Hogs♣ Jun 84.73 -0.58 Spread Spread Spread Spread 04/25 1.60 97.75 1.85 0.01 -0.05 0.58 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 15725.00 -175.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 109.17 -0.32 0.00 0.00 0.00 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 2338.00 -15.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 116.78 0.75 -0.08 0.01 0.48 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) May 12 Month Year Australia 3.03 2.30 0.76 Italy 1.89 1.16 -0.38 Switzerland 10/16 2.00 103.98 -0.81 0.00 0.00 0.00 0.00 [email protected]
Gold 1210.50 19.00 S&P GSCI Spt 451.52 0.01 - Austria 0.68 -0.05 -1.59 Japan 0.45 -0.27 -1.81 05/26 1.25 112.15 0.14 -0.02 -0.03 0.00 0.00
Silver (US cents) 1665.00 19.00 DJ UBS Spot 104.98 0.24 - Belgium 0.99 0.27 -1.27 Netherlands 0.89 0.16 -1.38 United Kingdom 07/18 1.25 100.67 1.04 0.01 0.00 0.25 -0.69 Data provided by Morningstar | www.morningstar.co.uk
Platinum 1143.00 9.00 R/J CRB TR 231.73 6.46 -24.32 Canada 1.82 1.10 -0.44 Norway 1.62 0.89 -0.65 07/20 2.00 102.41 1.52 0.02 0.03 0.35 0.00
Palladium 786.00 0.00 Rogers RICIX TR 2757.32 - - Denmark 0.86 0.14 -1.40 Portugal 2.43 1.71 0.16 09/25 2.00 98.87 2.12 0.03 0.02 0.44 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 332.55 8.21 -28.38 Finland 0.67 -0.05 -1.59 Spain 1.85 1.13 -0.42 01/45 3.50 117.16 2.66 0.03 0.01 0.36 0.00
Iron Ore (Platts) 63.00 0.50 UBS Bberg CMCI TR 16.35 5.48 -23.74 France 0.99 0.27 -1.27 Switzerland 0.14 -0.58 -2.13 United States 04/17 0.50 99.86 0.57 -0.03 -0.07 0.00 0.00
Iron Ore (The Steel Index) 62.00 -0.30 LEBA EUA Carbon 7.35 0.00 28.05 Germany 0.72 0.00 -1.54 United Kingdom 2.12 1.40 -0.14 04/20 1.38 99.16 1.55 -0.01 -0.03 0.00 0.00
GlobalCOAL RB Index 65.25 -0.50 LEBA CER Carbon 0.47 -11.32 291.67 Greece 10.36 9.64 8.10 United States 2.27 1.54 0.00 02/25 2.00 97.69 2.27 0.01 0.02 0.37 0.00
Baltic Dry Index 634.00 45.00 LEBA UK Power 2450.00 -23.32 44.54 Ireland 1.36 0.64 -0.90 02/45 2.50 89.26 3.05 0.04 0.06 0.51 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
24 ★★★ FINANCIAL TIMES Thursday 14 May 2015
Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence DBAG € 28.90 -0.30 34.50 19.20 1.07 7.81 23.1 Spirax-S♦ 3354 54.00 3633 2548 1.80 25.40 113.0 FstQuant 960.00 -24.00 1512 581.50 0.92 13.72 14.7 Town Ctr 304.00 2.00 324.65 230.00 3.43 5.69 5.9 MngCnslt 18.13 -0.13 30.00 13.75 4.70 10.41 47.8
AvonRub 800.00 -4.00 825.00 609.00 0.70 18.15 14.9 El Oro 55.00 - 78.00 40.00 6.73 -4.71 2.8 Tex 104.50 - 107.00 81.88 4.31 7.66 0.6 Fresnillo♦ 749.50 36.00 1037 630.50 - 79.41 2767.3 Wkspace 851.50 13.50 916.00 542.00 1.25 4.13 276.7 MearsGp 430.00 -1.00 501.50 354.75 2.13 17.44 84.1
BAE Sys♦ 500.00 2.00 549.00 403.70 4.06 21.45 6409.7 Hargr Lans 1221 23.00 1300 827.00 1.83 35.85 1109.4 Trifast 107.50 -0.25 134.00 88.63 1.30 18.44 54.9 GemDmnd♦ 146.50 3.75 223.00 135.00 - 9.57 84.5 Real Estate Inv & Services MenziesJ 426.50 1.00 703.00 306.25 6.31 18.84 49.4
Chemring 217.00 0.50 248.00 181.50 2.86 -310.00 112.4 HBM Hlth SFr 102.90 2.90 113.30 74.25 - 2.59 22.7 Vitec♦ 631.00 -16.00 670.00 539.00 3.71 21.48 1.8 Harmony R 21.19 0.19 38.50 16.60 - -7.18 1876.4 Cap&Count 418.20 6.00 426.10 313.00 0.36 7.60 745.4 MichaelPge 549.50 8.00 560.50 358.70 1.94 28.74 376.7
Cobham♦ 292.40 0.40 349.10 258.30 3.40 113.16 2018.2 HenderGp♦ 272.40 -0.30 303.30 180.10 3.10 24.54 2481.0 Weir♦ 1903 7.00 2848 1574 2.26 12.40 653.7 Hochschild 113.00 9.50 181.91 60.97 - -9.39 1085.5 Cardiff 1055 10.00 1090 950.00 1.23 4.58 0.6 MITIE 292.30 -7.60 337.80 263.90 3.76 84.28 2848.9
Meggitt 517.00 1.50 593.50 421.70 2.52 23.81 1917.7 ICAP 560.00 - 573.00 338.70 3.93 32.60 1389.1 Kenmr 3.82 0.22 17.05 2.18 - -1.64 3098.5 CLS 1860 9.00 1926 1270 - 4.14 9.0 PayPoint 900.00 23.50 1192 779.82 4.06 16.48 46.9
Indvardn SKr 163.50 3.20 183.50 111.40 3.40 6.51 611.2
Industrial General Lonmin 141.50 2.40 273.96 105.70 - -18.57 3115.9 PremFarn 200.00 1.90 234.40 147.00 5.20 15.54 456.3
RollsRoyceX 1005 - 1094 777.00 2.23 -257.69 4231.7 Daejan 5615 45.00 5995 4650 1.76 4.90 1.0
ICG 540.00 5.00 556.00 361.70 3.76 15.15 659.5 BritPoly♦ 695.00 -15.00 730.00 565.00 2.16 12.08 9.1 Petra 174.50 5.00 220.87 150.00 - 21.11 1152.1 Rentokil♦ 144.70 0.80 150.00 109.80 1.64 20.82 2227.3
Senior♦ 315.00 0.90 361.70 248.90 1.67 20.91 861.9 DvlptSec 252.50 4.25 259.25 179.00 3.38 16.14 35.4
IPF 498.00 5.30 636.50 412.00 1.95 16.95 391.1 JardnMt $X 62.20 0.70 67.88 57.00 2.29 13.38 233.4 Petropvlsk 6.16 0.10 69.10 4.21 - -0.10 4725.0 Ricardo 868.50 5.50 875.00 597.70 1.75 23.64 7.7
UltraElc 1786 12.00 1909.1 1646 2.39 60.13 113.7 Grainger 213.40 1.40 226.90 167.80 1.05 11.89 777.6
Investec 604.00 10.50 628.50 477.20 3.29 19.04 1140.0 Jard Str $X 34.71 0.06 38.10 32.33 0.76 11.38 298.4 PolymtIntl♦ 566.00 18.50 634.00 315.18 1.82 -16.81 193.8 RbrtWlts 388.00 11.00 405.00 270.00 1.42 27.86 62.6
HelclBar 395.25 2.25 410.00 320.00 1.71 6.95 12.3
Automobiles & Parts Jupiter 445.90 2.40 452.60 313.70 2.87 16.41 1094.4 Macfrlne♦ 42.75 0.25 46.00 34.00 3.74 11.29 26.9 RndgldRs♦ 4881 140.00 5752.1 3638 0.81 32.16 546.4 HK Land $ 8.14 0.13 8.36 6.46 2.23 14.31 1355.9 RPS♦ 216.10 1.60 306.70 181.50 3.65 14.29 521.6
FordMtr $X♦ 15.41 -0.15 18.12 13.26 3.61 18.74 20850.8 Liontrust 285.13 -4.88 306.25 208.00 1.05 25.23 3.0 REXAM♦ 565.00 3.00 603.00 424.60 3.36 15.74 1375.9 RioTintoX 2978.5 -16.50 3530.5 2600 4.40 13.22 3833.3 Shanks 107.75 - 113.25 84.50 3.20 -24.49 87.9
RPC 609.50 5.00 672.90 488.20 2.33 23.31 300.5 Lon&Assc# 41.50 2.00 50.00 36.50 0.30 71.92 23.8
GKN♦ 354.50 2.90 397.60 281.10 2.28 34.66 5082.8 Man♦ 169.50 -6.80 217.80 87.45 3.52 12.88 14784.8 Troy Res A$ 0.41 0.02 1.32 0.35 - -0.92 942.1 MacauPrp 211.25 0.13 270.00 206.25 - 11.11 48.8 SIG♦ 211.20 6.70 212.20 143.40 1.81 37.84 1898.5
NB GFRIF♦ 96.90 -0.20 100.40 93.75 3.99 24.26 2678.5 Smith DS 363.40 12.30 383.50 231.82 2.85 20.33 2734.1 VedantaRs 660.00 2.50 1201 353.21 5.99 357.34 673.0 SpeedyHr 72.00 -1.50 80.50 50.75 0.89 77.92 339.6
Banks Smiths 1128 5.00 1363 1006 3.57 20.01 928.6 Mntview 11678.5 238.50 12900 7481.95 1.76 13.24 2.2
Paragon 447.10 9.10 449.80 313.70 1.74 14.36 389.7 Q'tainEst 100.75 0.75 101.50 75.00 - 22.91 3616.9 St Ives 175.00 -2.75 225.00 156.68 4.09 50.24 71.7
ANZ A$X♦ 33.11 0.70 37.25 30.47 7.68 12.68 7413.9
Providnt 3027 -8.00 3268 1942 2.91 24.31 211.6 SmurfKap € 27.24 0.43 30.31 14.78 1.70 26.00 423.7 Oil & Gas TribalGrp 147.75 -1.50 198.00 141.10 1.15 -17.93 34.6
BcoSant 479.50 0.25 758.00 416.37 8.54 13.61 6683.7 Vesuvius♦ 455.80 5.90 530.00 388.80 3.35 12.42 168.7 Afren 3.20 - 162.10 2.65 - -0.03 14483.5 RavenRuss 52.25 - 78.00 37.25 - -6.61 105.2
RathbnBr♦ 2228 38.00 2348 1774 2.24 29.57 12.1 RavenR Prf 140.25 - 156.00 101.50 8.56 - 63.3 Vp 657.50 2.50 690.00 539.00 2.19 15.94 0.2
BankAm $X 16.47 0.04 18.21 14.37 1.03 22.99 46712.6 Aminex 2.08 -0.03 3.17 0.75 - -9.52 6884.5
Record 35.00 - 37.50 28.38 4.29 13.97 28.5 Industrial Transportation RavenR Wrt 29.00 0.75 51.89 25.00 - - 22.0 Watermn 70.25 - 76.00 50.00 1.42 53.63 22.0
BnkGeorgia 1779 -1.00 2604 1675 3.79 7.77 117.6 BGX♦ 1182.5 7.50 1420 780.55 1.71 -31.18 6883.7
S&U 2041 -1.50 2255.5 1700 2.79 13.23 0.5 BBA Aviat♦ 333.10 1.60 362.10 293.70 3.01 15.24 1388.1 Safestre 273.00 2.00 304.75 184.25 2.22 11.88 95.1 Wolseley 3900 4.00 4242 2966 2.12 35.21 436.4
BankIre € 0.35 0.01 0.39 0.07 - 13.49 11257.0 BPX♦ 456.00 -0.05 526.80 364.40 5.96 43.70 27419.3
Schroder 3313 3.00 3412 2086 1.99 22.40 356.7 Braemar 450.00 - 557.23 390.00 6.00 33.43 2.4 Savills♦■ 903.50 4.00 935.50 567.52 1.19 19.95 629.4
BkNvaS C$X 65.09 -0.10 74.93 60.75 3.95 11.57 1236.8
..N/V 2518 6.00 2600 1692 2.62 17.03 17.4 Cadogan 8.75 - 12.44 8.36 - -0.53 30.0 Tech - Hardware
BarclaysX♦ 260.25 2.80 269.94 201.75 2.50 -0.84 42586.8 Clarkson 2307 13.00 2750 1835 2.51 25.70 5.5 CairnEng 185.90 -0.30 210.70 141.00 - -4.36 1687.6 SchroderRE♦ 60.00 0.75 63.00 51.50 4.13 4.78 519.3 ARM Hldgs♦ 1109 -7.00 1233 778.50 0.55 56.71 5289.4
SVG Cap 500.50 -1.50 518.50 226.00 - 12.49 90.5 Eurotunnl € 13.53 -0.03 14.57 8.62 1.19 119.05 923.7 Smart(J)♦ 98.50 - 104.00 86.00 3.01 40.92 24.0
CanImp C$X 94.79 0.01 107.37 88.04 4.18 13.21 615.9 Cape 257.25 1.75 327.25 177.00 5.44 13.83 357.1 CSR 882.00 0.50 890.00 506.00 1.04 24.94 705.5
TullettPre♦ 374.60 0.70 393.10 234.40 4.50 33.59 975.9 Fisher J 1325 38.00 1445 1003 1.56 16.73 28.4 StModwen 440.70 5.20 492.10 324.59 0.94 8.54 281.8
HSBCX 614.00 -6.00 674.57 550.67 5.58 12.87 27390.9 DragnOil 610.00 -10.00 656.58 447.50 3.97 7.19 283.5 Laird 381.10 -1.90 395.25 259.45 3.19 20.49 336.8
Tungsten 145.00 -5.00 409.75 136.70 - -7.18 1928.2 Flybe Grp 56.25 1.25 146.25 52.00 - -4.12 3057.5 UNITE Gp♦ 590.00 1.50 624.50 388.30 0.92 11.29 977.7
LlydsBkgX♦ 88.74 1.72 89.00 70.72 0.85 -2.33 250038.3
WlkrCrip 46.00 - 51.00 37.50 3.41 8.53 15.5 Endeav Int' $ 0.02 - 1.96 0.02 - 0.00 0.4 Pace 417.50 -3.90 476.70 284.20 0.89 14.27 1065.8
RylBkC C$X♦ 78.44 -0.28 83.87 71.74 3.68 12.65 1426.4 Goldenpt 118.50 -2.00 380.00 113.80 - -0.64 2.5 EnQuest 57.75 1.00 145.40 21.50 - -3.95 3108.6 Urban&C 255.00 2.00 280.00 215.00 - 8.30 35.2 SpirentCM 85.75 -0.50 111.23 65.95 2.75 39.96 650.7
RBSX 353.00 2.10 414.00 308.00 - -32.53 9353.5 Food & Beverages OceanWil♦ 897.50 - 1240 835.00 4.28 21.35 1.9 Exillon 108.00 -0.13 175.57 105.00 - 5.23 97.5
RoyalMail 487.40 3.90 577.00 388.00 2.73 26.78 2652.7
Retailers Tech - Software & Services
StandChX♦ 1039.5 3.50 1355.5 867.50 5.31 15.34 3550.6 AngloEst 671.00 21.00 724.00 539.00 0.44 3.61 12.9 ExxonMb $X♦ 86.56 -0.46 104.76 82.68 3.38 12.25 8570.2 AA 409.30 0.50 434.50 225.50 - 30.87 2236.3
..7.375%Pf 123.50 0.50 128.00 108.50 5.97 - 101.0 AscBrFdX 2852 13.00 3293 2407 1.22 29.57 755.4 UK Mail 505.50 -1.50 639.43 380.00 4.37 26.72 1.0 FastnetO&G 2.35 -0.05 8.70 1.97 - -3.78 584.8 Anite 93.00 1.75 98.75 69.25 2.05 29.11 788.3
AO World 181.00 - 336.00 149.60 - -274.24 891.8 AVEVA 1857 13.00 2460 1183.9 1.48 28.34 147.4
..8.25%Pf 137.75 0.50 140.50 124.50 5.99 - 110.8 Barr(AG)♦ 628.50 -1.00 699.36 548.00 1.80 24.30 32.1 Insurance GenelEgy 603.50 22.00 1084 452.75 - -8.33 694.0 AshleyL 31.50 0.38 32.50 24.50 6.70 13.90 645.5
TntoDom C$X 55.34 -0.03 58.20 49.67 3.36 13.47 1926.3 Britvic 753.00 1.50 788.00 600.72 2.54 20.78 425.1 GeoPark $ 5.50 0.26 11.00 3.60 - 42.71 36.1 Computcnt 735.00 -1.00 802.40 651.67 2.81 16.21 28.8
Admiral♦■ 1452 -23.00 1640 1175.33 3.31 14.12 1320.6 Brown N 343.80 -2.50 476.60 282.50 4.32 12.98 458.8 DRS Data 13.25 0.50 26.50 12.10 3.02 -2.71 35.0
VirginMoney 411.50 9.50 432.93 278.00 - -1028.75 561.7 C&C € 3.58 0.11 5.02 3.16 3.07 12.03 180.9 GrnDnGas 350.00 - 585.00 320.65 - -23.78 1.0 Caffyns 585.00 - 670.00 480.00 3.08 10.23 0.4
Amlin■ 466.30 12.10 533.08 418.20 5.64 10.01 1604.3 Elecdata 69.50 - 86.50 64.00 2.88 21.99 1.0
Westpc A$X♦ 33.27 -0.79 40.07 31.33 7.81 14.28 7231.4 CarrsGroup♦ 174.00 2.00 174.00 136.00 1.95 13.36 65.9 GulfKeyst 38.00 -0.50 143.00 32.00 - -2.08 1346.8 Card Factor♦ 335.90 10.40 342.00 195.50 - 31.63 224.1
Aviva♦ 530.00 1.00 578.68 458.20 2.88 11.11 10118.7 MicroFoc 1292 12.00 1364 771.50 2.35 23.95 213.6
Coca-Cola H 1401 3.00 1471 1051 1.96 22.39 448.1 HellenPet € 4.67 0.22 6.32 3.40 - -5.58 321.7 Dairy Fm $ 9.34 -0.11 10.90 8.49 2.48 24.61 48.2
Basic Resource (Ex Mining) Beazley 281.10 1.80 322.33 232.60 3.44 10.49 898.8 NCC Grp 215.00 2.75 234.50 169.80 1.63 25.64 476.3
Cranswk 1517 3.00 1550 1148.42 2.18 18.05 11.4 Brit Plc 279.50 0.20 309.08 216.00 2.24 8.03 63.1 Hunting♦ 609.00 17.00 918.83 383.90 3.13 21.20 618.7 Debenhm 93.40 0.30 94.65 56.85 3.64 12.70 2902.3
Ferrexpo♦ 78.75 2.75 153.40 47.60 5.38 4.04 665.7 RM 143.50 -0.88 174.00 120.00 2.63 11.02 42.9
Dairy Cr 487.20 6.20 520.50 367.39 4.51 21.21 259.6 Chesnar♦ 321.00 3.50 364.75 287.00 5.62 14.54 41.9 ImpOil C$X 49.18 -0.20 57.96 44.08 1.06 12.81 429.8 Dignity 2088 53.00 2284 1291 0.96 -20.08 129.4
IntFerMet 2.93 0.02 9.80 2.65 - -1.79 22.4 Sage 543.00 2.00 564.00 346.70 2.23 29.73 4501.6
Devro♦ 289.50 -3.00 316.00 229.75 3.04 110.45 46.8 DirectLine 320.00 1.00 343.30 239.70 4.00 13.45 3700.4 JKX 30.00 - 63.00 10.23 - -1.01 2.5 DixonsCar 460.10 9.50 470.00 319.20 1.14 54.13 3047.7
Mondi♦ 1414 116.00 1450.3 919.00 2.18 18.76 3892.0
Glanbia €♦ 16.78 -0.10 18.00 10.52 0.67 31.65 13.0 Lamprell 150.00 -3.00 178.00 93.50 - 7.92 258.5 SDL♦ 445.00 -18.00 472.00 284.25 - 54.86 122.8
Vale BRLX 21.60 -0.73 33.25 17.17 12.01 -7.00 9246.3 Eccles prf 141.50 0.75 144.00 122.00 6.10 - 102.2 Dunelm 935.00 7.00 960.00 745.97 2.14 19.91 87.8 Telecity 1115 36.00 1130 652.50 1.03 37.98 4493.5
Grncore 341.00 -0.60 357.20 228.50 1.50 29.58 717.0 Hansard 89.00 -1.50 102.78 80.00 9.44 14.73 94.7 Lukoil RUBX 2620 -78.60 3297.7 1881 - 7.37 1263.8 Findel 212.25 0.25 290.00 188.41 - -16.05 12.6 TriadGp 13.00 0.25 19.00 7.00 - 5.86 0.5
Chemicals HiltonFd 432.50 -3.50 530.00 342.25 2.98 17.32 0.6 Hiscox 807.00 0.50 890.00 615.50 3.27 11.00 627.8 Nostrum 591.00 -6.50 825.00 370.00 3.80 11.62 25.2 Halfords 464.00 9.50 515.00 417.10 3.08 15.12 235.0
Alent 357.50 -3.10 406.20 294.56 2.55 21.05 277.4 Kerry €♦ 64.11 0.19 69.24 49.30 0.92 21.87 58.4 JardineL 1021 -21.00 1112 815.00 2.71 21.35 88.1 OphirEgy 142.50 3.20 270.20 112.70 - 23.41 2989.7 Inchcape 867.50 13.50 890.00 589.50 2.07 22.25 903.1 Telecommunications
Bayer €X 128.85 -1.65 146.45 94.22 1.63 32.12 2534.3 Nestle SFrX 71.70 -0.10 77.00 64.15 2.79 17.02 4183.7 Lancashire 631.50 14.00 703.45 506.00 1.48 8.24 696.2 Petrofac♦ 892.00 40.00 1288 594.00 4.74 39.87 2031.7 JDSportsF 618.50 -1.00 622.50 355.94 1.10 25.18 42.7 BTX 467.95 3.25 472.85 351.90 2.20 19.09 11447.2
Carclo 153.00 -1.50 169.75 80.00 1.73 -5.41 53.8 PremFds 47.00 0.25 63.00 26.13 - -2.18 1963.3 Leg&Gen♦ 264.10 0.70 296.02 209.20 3.71 15.97 7477.3 PremOil 187.50 7.00 358.60 119.60 2.88 -7.26 6512.1 Lookers♦ 156.75 0.75 165.00 117.50 1.70 13.34 199.0 Colt Grp 151.90 1.70 165.00 113.10 - -62.13 139.2
Croda♦ 2834 10.00 3027 1965 2.29 23.37 393.1 REA 327.50 12.50 488.87 293.00 2.47 12.66 3.5 NovaeGp♦■ 690.00 2.00 750.00 495.50 3.35 8.82 34.1 RylDShlAX 2045.5 12.00 2475.5 1916.79 6.45 13.00 7124.3 Marks&Sp 564.50 4.00 577.50 380.80 3.01 18.34 5609.9 Inmarsat 1014 22.00 1041.24 653.00 3.16 22.52 1614.8
Elemntis♦■ 310.70 4.70 324.10 225.50 1.68 12.85 952.1 SABMillX 3576 73.50 3857 3105 1.80 25.79 2581.2 Old Mut♦ 227.20 0.60 241.60 163.80 3.72 18.18 6977.7 ..B 2081.5 13.50 2613.5 1984.5 6.17 13.23 5681.3 Morrison♦ 176.90 -4.30 215.20 150.60 7.46 -5.42 10773.1 KCOM Gp 95.50 -0.25 102.41 78.50 5.11 13.01 423.3
Porvair♦ 313.00 -1.50 329.00 237.53 0.96 22.10 116.1 StckSpirit♦ 192.50 7.50 316.50 178.25 0.50 14.09 167.1 PermTSB 0.06 - 0.10 0.05 - -0.20 0.0 Schlmbrg $X 92.51 0.04 118.76 75.60 1.95 22.58 5853.9 MossBros 91.00 1.88 126.18 77.50 7.03 23.93 66.8 TalkTalk 363.20 4.80 415.10 261.00 3.30 67.52 882.1
Syngent SFrX 403.00 0.40 418.90 273.20 2.60 24.75 458.3 Tate&Lyl 594.00 0.50 744.50 551.50 4.79 15.24 1046.7 PhoenixGrp 845.50 5.50 935.00 614.85 6.32 8.76 650.8 SEPLAT♦ 117.50 - 270.00 97.50 3.44 4.17 211.5 Next 7340 65.00 7625 6130 1.95 17.92 390.8 TelePlus 810.00 -1.00 1575 725.50 4.54 20.91 421.9
Synthomer 336.60 1.10 350.00 176.64 1.96 25.45 552.8 TongtHu R 128.00 - 174.93 120.26 2.87 11.42 62.6 PrudntlX♦ 1610.5 2.50 1761.5 1287 2.18 18.55 2701.3 Soco Int 197.00 3.40 450.89 134.00 - 72.37 369.5 Ocado 387.30 1.30 452.40 216.80 - 326.01 1873.7 Peoples Op 131.75 - 145.00 122.50 - -87.48 1.7
Victrex 2043 70.00 2202.55 1536 2.33 21.67 213.7 Unilever♦ 2817 -2.00 3087 2397 3.10 20.28 2602.5 RSA Ins♦ 426.50 0.50 500.50 400.30 - -29.62 1772.2 TrnCan C$X 53.49 -0.36 63.86 49.30 3.67 22.07 908.4 Pendragn♦ 38.00 0.25 41.50 27.00 1.58 11.11 121.4
..NV €♦ 38.24 -0.41 42.98 28.81 3.16 19.87 7.1 SagicFin♦ 66.50 - 76.50 55.00 3.86 6.25 3.6 Tullow 429.80 10.20 900.50 278.10 2.98 -3.92 5379.8 Photo-Me♦ 143.00 1.25 155.26 107.85 2.76 20.74 63.7 Tobacco
Construction & Materials Wood(J)♦ 715.00 15.00 825.00 517.60 2.13 12.03 1749.3 Saga 201.00 2.00 204.30 143.75 - 37.70 3531.2 BrAmTobX 3572 14.50 3894 3303 4.06 21.44 2625.8
Health Care Equip & Services StJmsPl♦ 925.00 -1.50 998.00 637.00 2.00 25.73 1841.5
Alumasc 146.50 2.00 160.00 108.66 3.41 12.66 49.8 SignetJwl♦ 8657.5 2.50 9499 5611.48 0.55 27.35 8.4 ImpTobX 3186 1.00 3385 2474 4.02 15.95 1442.7
Bioquell 131.50 -0.50 150.90 80.00 2.51 -54.97 30.8 Stan Life♦ 468.70 0.20 487.40 354.96 4.22 24.43 2869.4 Pharmaceuticals & Biotech
BalfourB 241.90 0.80 263.00 145.59 5.83 -5.51 1408.7 SuperGroup 1093 21.00 1262 750.00 - 22.73 108.8
..CvPf 122.75 0.75 123.25 101.00 7.88 - 179.7 ConstMed 903.50 -4.50 1045 650.00 2.08 19.84 64.9 Media BTG 755.00 9.00 835.87 508.50 - 69.30 485.6 Travel & Leisure
GNStre kr 141.30 1.70 164.10 122.50 0.64 28.35 760.1 CathayIn 24.00 0.50 38.75 16.00 - -109.09 70.0 TescoX 224.70 -2.75 320.75 155.40 6.80 21.29 23240.6 888 Hldg♦■ 165.00 5.50 185.75 109.19 3.95 16.13 224.2
Boot(H)♦ 223.00 5.38 237.75 170.00 2.35 13.98 41.5 4imprint 1048 10.00 1160 610.50 1.80 28.10 1.6 Thorntns 93.13 3.88 127.00 62.00 - 14.25 275.2
ClarkeT♦ 72.50 - 81.80 37.50 3.59 -50.03 30.3 Optos 339.00 -0.88 355.00 157.00 - 48.53 34.7 Blmsbury 177.50 1.00 190.00 140.50 3.28 17.99 53.6 Dechra 1017 19.00 1059 677.00 1.51 40.40 112.3 AirPrtnr 399.75 29.75 519.00 245.00 5.17 14.54 117.8
UDGHlthC 538.50 -3.00 550.00 315.20 1.39 15.24 389.5 Genus 1421 33.00 1468 1001 1.25 27.22 73.7 VertuMotor 60.00 2.50 62.00 50.50 1.33 12.99 2712.2 bwin.party♦ 86.80 1.20 128.50 70.40 4.12 -9.93 1201.5
Costain♦ 329.00 4.00 336.75 248.00 3.34 15.15 864.5 Centaur♦ 79.25 4.25 83.50 55.75 3.37 -3.08 16.0
CRH 1802 -16.00 2478.5 1220 2.69 5.89 2431.1 ChimeCm 297.00 -6.00 377.00 239.00 2.58 30.94 23.1 GlaxoSmhX 1450.5 5.00 1658.39 1200.67 5.52 6.93 7026.7 Support Services Cineworld 494.00 0.50 508.00 298.40 2.06 22.54 251.4
House, Leisure & Pers Goods HikmaPhm♦■ 2030 4.00 2617 1564 0.63 22.77 359.8 CompassX 1119 -44.00 1223.36 924.41 2.42 21.72 8596.8
GalfrdT 1510 24.00 1575 1044 3.51 15.39 369.8 Creston 124.00 0.50 131.95 102.62 3.15 10.37 21.3 Acal 299.25 -15.50 418.00 180.00 2.34 254.25 61.4
AGARmst 95.50 1.50 183.50 78.44 - 663.19 113.3 Oxfd Bio 12.00 0.25 13.38 1.91 - -27.97 2615.9 EntInns 134.20 -1.80 151.30 96.85 - 22.47 1020.7
Keller♦ 1029 -8.00 1075 742.00 2.37 -244.24 45.9 DlyMailA 897.00 7.00 940.00 699.00 2.34 14.90 662.0 Aggreko♦ 1624 -24.00 1841.76 1388.75 1.69 19.71 576.9
BarrttDev♦ 564.00 18.50 571.00 323.50 1.83 14.93 9133.1 RichterG $ 16.17 -0.09 19.31 12.20 1.22 25.91 0.0 FirstGrp 111.70 1.50 141.82 88.65 - 23.10 2691.3
KierGp♦ 1645 35.00 1886 1374 4.38 34.00 148.4 HaynesPb 130.50 - 200.00 110.00 5.75 15.07 0.0 APR Engy 363.00 -6.00 820.00 146.00 2.92 -0.71 105.6
Bellway 2183 74.00 2296 1333 2.38 11.28 427.2 ShireX 5170 -15.00 5755 3227 0.29 13.20 1306.4 Fuller A 1030 -3.00 1057.62 830.50 1.47 21.49 7.5
Kingsp €♦ 18.83 0.03 19.50 11.03 0.84 28.55 19.8 ITE Grp 192.00 0.25 248.30 125.00 3.85 15.34 211.3 AshtdGp 1171 32.00 1219 763.00 1.05 20.56 1807.9
Berkeley 2813 80.00 2850 2033 6.75 10.75 565.3 VecturGp 158.00 0.50 161.00 113.25 - -89.98 1096.4 Go-Ahead 2565 8.00 2655 1813 3.29 16.56 32.8
LowBonr 68.63 1.38 91.50 44.25 3.93 19.95 27.9 ITV♦■ 260.00 -0.80 273.90 167.10 1.46 22.54 11265.4 AtknsWS 1355 16.00 1416 1225 2.58 17.01 340.3
BovisHme♦ 1035 34.00 1049 717.43 2.08 13.24 602.7 GreeneKg 832.50 2.50 891.00 712.00 3.41 19.86 649.2
Marshlls 272.75 -6.50 287.79 151.00 2.02 27.58 117.1 JohnstnP 151.50 0.50 175.00 2.90 - -344.32 29.8 Real Estate Babcock 1081 -2.00 1254 924.50 2.14 23.95 1120.6
CrestNic 479.90 19.90 481.30 291.98 2.21 12.41 738.2 IrishCtl € 4.03 0.07 29.50 2.50 2.71 12.44 43.4
MorgSdl♦ 813.00 5.00 875.00 570.00 3.32 19.54 10.2 News Corp A $ 15.26 -0.09 18.41 14.28 - 34.33 2721.1 Berendsen 1028 -2.00 1161 895.50 2.79 19.60 157.5
GamesWk 524.50 8.50 683.50 487.25 6.86 23.84 7.3 Harworth Gr 10.50 - 11.25 5.35 - 18.36 424.7 Ladbrokes♦ 115.10 2.20 155.04 101.02 7.73 25.94 6516.9
Norcros 16.50 -0.25 21.00 14.69 3.21 6.97 181.2 NewsCpB $ 15.10 -0.08 17.82 14.09 - 33.97 1458.7 Brammer 405.25 5.25 509.00 265.00 2.57 45.44 137.2
Gleeson 388.50 -4.00 410.17 322.35 1.54 12.15 23.4 REITs MandarO $ 1.57 - 1.95 1.55 4.24 16.17 16.2
StGobn € 41.09 -0.03 45.00 29.51 1.67 21.88 1954.8 Pearson 1302 1.00 1517.42 1082 3.76 43.55 1880.5 Bunzl 1871 -3.00 1969 1517 1.79 29.35 678.0
Headlam 464.00 -1.00 494.00 390.00 3.41 23.69 9.3 Assura 57.50 -0.50 62.25 41.50 2.96 11.03 771.2 Marstons 163.40 0.40 174.30 134.50 4.26 -18.40 1260.9
Tyman♦ 302.00 2.00 342.00 228.25 2.15 54.93 368.1 Quarto 196.50 - 213.35 136.66 4.26 6.77 6.2 Capita♦ 1272 22.00 1284 1000.5 2.15 35.85 2477.2
McBride 94.00 - 106.50 74.00 - -10.08 122.9 BigYellw 645.00 8.50 708.50 451.40 2.54 15.14 151.9 Natl Exp♦ 295.80 0.80 311.90 213.40 3.41 25.63 588.0
Persimn Reed ElsX♦ 1080 12.00 1199 875.00 2.31 25.41 5453.7 Carillion 338.90 0.90 386.60 294.03 5.19 26.66 1979.4
Electronic & Electrical Equip 1820 72.00 1900 1176 - 14.96 2191.1 BritLand 859.50 13.00 880.00 649.00 3.25 5.35 3537.8 Comnsis♦ 51.00 - 70.00 47.00 3.67 -6.65 54.3 Playtech♦ 845.00 2.50 868.50 570.50 2.23 22.86 1244.2
Philips €X 24.24 -0.18 28.00 20.69 - 116.61 3982.6 ReedElsNV €♦ 21.63 -0.03 24.17 14.84 2.61 24.07 2311.4
Dialight♦ 745.00 6.50 992.00 605.00 1.97 25.51 36.8 Cap&Reg♦ 56.25 - 58.06 42.25 1.33 4.33 246.8 ConnectGp 162.25 3.25 208.75 128.02 5.79 12.72 14.9 PPHE Htl 578.50 3.50 589.00 273.00 2.82 7.48 9.9
PZCusns 366.60 2.40 392.10 289.76 2.12 17.16 206.1 STV Grp♦ 350.00 0.63 393.75 322.00 1.14 9.31 15.0
e2v Tech 229.75 -0.25 239.81 145.44 1.98 18.73 214.7 Countrywd 579.50 24.50 591.00 404.30 1.90 19.31 734.3 DCC 4310 19.00 4499 3015 1.78 28.31 123.1 Rank Gp 199.70 -3.50 204.00 151.90 2.25 16.53 59.6
ReckittBX♦ 5667 -52.00 6130 4807 2.42 24.90 1142.2 ThmReut C$X 47.95 -0.45 53.00 37.24 3.51 15.75 861.9
Halma 740.00 10.00 760.00 552.50 1.51 25.15 428.0 DrwntLdn♦ 3498 48.00 3638 2530 1.07 4.89 150.3 DeLaRue 562.00 -3.00 891.91 467.40 7.81 14.53 326.6 Restaurt 719.50 10.50 748.70 551.50 2.06 24.05 1309.7
Redrow 420.30 13.70 422.30 224.00 0.71 10.96 1212.9 UTV Med 177.00 - 239.25 162.50 3.99 12.32 44.1
MorganAd♦ 333.00 5.70 359.50 258.10 3.18 121.93 229.7 Gt Portld 824.00 10.00 849.50 600.04 1.07 5.45 625.0 Diploma 804.50 4.00 916.50 603.84 2.11 24.56 112.8 SpiritPub 115.10 0.10 121.80 68.75 1.93 8.00 1032.9
TaylorWm♦ 182.30 4.30 183.70 101.70 0.39 15.85 34586.6 WPPX 1525 10.00 1616 1091 2.31 18.94 3343.1
OxfordIn 1070 -7.00 1452.92 671.58 1.16 91.43 107.2 Green Reit € 1.60 0.05 1.70 1.20 - 6.90 31.9 Elctrcmp 249.90 1.90 306.50 197.20 4.92 13.73 713.0 Sportech 66.88 -0.13 93.00 47.00 - -6.43 21.7
Renishaw 2550 40.00 2672.9 1470 1.62 16.65 57.6 TedBaker 2872 144.00 2986 1634.12 1.24 35.45 31.5 Mining Hammersn 671.00 7.50 708.00 537.00 2.92 7.01 1753.0 Stagech 396.80 -3.20 437.90 331.60 2.39 17.44 1588.8
EnergyAst 520.00 10.50 520.00 325.00 - 26.46 20.2
Spectris 2243 38.00 2420 1606 1.96 19.77 202.5 Industrial Engineering Acacia♦ 304.00 17.20 318.90 191.70 0.76 23.97 807.2 Hansteen♦■ 117.60 1.00 128.95 98.25 4.17 6.94 1736.8 Essentra 996.50 -3.50 1069 624.50 1.64 33.94 358.8 ThomasCook 156.60 0.50 184.76 99.40 - -19.11 8794.3
TT Elect 145.25 4.50 221.75 96.00 3.79 -22.01 125.0 AngloAmer 1131.5 -0.50 1678.5 923.00 4.84 -9.01 4795.8 HIBERNIA 1.24 0.03 1.29 1.01 - - 1756.5 Experian 1218 4.00 1225 909.95 1.89 23.85 2893.4 TUI 1207 -46.00 1294.78 1004.81 - 83.06 1418.5
Bodycote 729.00 17.50 797.59 542.50 1.88 17.47 204.7
XP Power 1605 55.00 1680 1340 3.61 15.88 8.8 AngloPacif 93.50 0.75 193.75 74.75 10.91 -2.22 1157.4 Highcrft♦ 920.00 -5.00 930.00 776.00 3.75 12.65 3.0 G4S♦ 292.20 1.30 309.60 239.70 3.07 50.38 2644.9 Whitbrd 5220 15.00 5475 3767 1.38 25.74 501.4
Castings 389.00 9.00 525.00 360.00 3.33 10.30 7.4
AnGoldA R 132.79 -0.62 200.05 88.36 - -43.45 1927.7 INTU♦ 340.30 4.10 376.50 299.10 4.29 7.61 2658.1 Grafton 805.00 -16.00 868.00 527.00 1.15 23.68 697.5 Willim H♦ 389.30 7.50 404.30 321.70 3.06 16.63 4104.6
Financial General Fenner 217.50 3.50 420.26 180.50 5.52 1055.83 575.5
LandSecs 1281 23.00 1312 988.50 2.42 5.79 1893.5
Goodwin 2655 175.00 4100 2120 1.60 10.64 2.0 Antofagasta♦ 798.50 7.00 861.50 620.00 7.82 26.70 1854.5 HarvyNah 96.50 1.25 124.50 66.32 3.47 12.47 117.3
3i 512.00 6.00 518.00 343.61 3.18 8.00 1447.4
..5%Pf 0.60 - 0.60 0.60833.33 - - LondonMtrc 165.30 0.50 173.20 132.30 4.23 6.85 831.4 Utilities
AberAsM 443.60 9.10 509.64 383.40 4.06 19.54 5477.8 Hill&Sm 701.50 7.50 710.18 495.00 2.34 20.25 39.7 Hays 161.20 1.80 170.10 108.15 1.63 23.96 3148.7 Centrica♦ 276.60 -1.70 348.18 234.40 6.21 -13.73 16012.9
IMI♦ 1200 26.00 1613 1108 3.01 17.49 670.6 AquarsPl 9.31 -0.13 26.40 8.51 - -3.96 714.7 McKaySec 240.00 -0.75 260.00 210.35 3.58 6.18 343.5 Homesve 403.90 5.10 414.60 293.80 2.80 48.07 95.0
Ashmore 321.00 1.40 379.40 249.00 5.12 15.36 1300.2 MucklGp 482.50 8.00 510.00 417.00 4.19 5.62 7.2 DeeVally 1285 - 1590 1135 4.86 14.36 0.4
MelroseInd♦ 260.20 1.30 319.63 252.54 3.23 30.98 2086.6 AsiaResM 40.00 0.25 210.00 3.61 - -1.69 43.3 HowdenJny 491.40 11.60 495.98 287.50 1.30 21.37 2902.6
BrewDlph 351.50 6.60 360.50 236.80 2.48 146.76 107.9 PrimyHth 389.00 2.00 407.00 324.00 5.01 13.09 54.3 Drax♦ 418.40 3.70 741.00 347.40 3.25 13.24 1249.6
Renold 62.75 - 69.00 49.00 - -18.93 40.8 Barrick C$ 15.84 0.43 21.14 11.67 1.60 -4.95 2841.2 Intserve♦ 606.50 7.50 878.50 487.20 3.66 19.14 475.1
Canaccord 365.00 -2.50 729.00 300.00 3.03 16.74 0.1 Redefine 57.75 0.90 59.90 48.00 5.54 5.71 443.7 Natl GridX 882.10 -8.50 965.00 827.50 4.95 15.45 6189.4
Rotork♦ 2470 41.00 2890 2146 1.99 20.84 200.6 BHP Bltn 1569.5 -5.50 2102.53 1247.5 4.38 10.36 6617.1 Intertek 2666 28.00 3110 2141 1.76 24.51 215.7
CtyLonInv 350.50 -4.25 362.00 251.25 7.35 16.45 25.8 SEGRO 415.00 4.00 454.80 330.90 3.57 4.51 3677.4 Pennon 866.00 -0.50 925.00 745.30 3.50 29.84 879.7
Severfd 65.00 -0.50 72.05 52.60 - 147.39 179.5 BisichMg 90.50 - 113.00 60.15 3.31 8.85 5.8 Latchways 755.00 - 1156 705.01 5.25 19.02 2.4
CloseBrs 1562 13.00 1857.39 1217 3.14 14.31 174.9 Shaftbry 855.50 15.50 899.00 632.17 1.49 5.20 387.8 UtdUtils 988.50 5.00 1045 784.00 3.65 19.05 2087.2
SKF SKr 205.10 4.00 231.70 134.80 2.71 20.63 1033.7 EVRAZ 205.50 5.60 209.90 86.20 - -4.11 1762.2 Lavendon 184.25 3.00 239.25 155.50 2.06 22.54 703.3
CoatsGrp 27.50 -0.25 36.00 19.00 - 41.67 611.0
AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Plus500♦ 770.00 10.50 781.00 344.67 3.21 13.46 714.4 Insurance Enegi Oil 0.85 - 7.25 0.65 - -0.32 42.3 InlandHms 67.25 0.50 69.50 43.00 0.89 21.26 915.8 Synectics 160.00 15.00 435.00 105.00 3.44 -7.78 111.0
Cohort 261.00 - 285.00 189.00 1.67 19.58 79.8 PolarCap 400.00 - 531.00 351.00 6.25 13.88 80.7 Gable 40.25 - 90.00 39.00 - 10.65 146.9 EuropaOil 8.63 1.63 10.75 4.65 - -12.25 7921.3 Lok'nStor♦ 287.00 -0.50 295.00 199.17 2.44 121.97 4.5 Utilityws 243.75 15.75 357.50 192.34 1.64 17.00 434.6
Share 38.00 - 46.00 29.44 1.37 84.07 4.6 Helios 160.00 - 165.00 120.00 0.94 32.10 0.0 FalkldO&G 27.25 0.38 45.00 16.75 - -57.13 421.5 LXB Retail 142.00 -2.50 149.00 119.25 - 7.51 1202.4
Banks ShoreCap 415.00 - 431.50 405.00 2.17 19.97 0.2 FaroePet 84.00 -2.25 148.00 58.00 - -106.33 555.3 MirLand 52.00 -2.00 245.00 50.00 - -0.92 0.4
Tech - Hardware
BCB Hldgs 10.00 - 14.17 8.75 - -1.69 4.2 STM Group 45.50 3.00 48.75 16.00 - 27.38 168.5 Media GETECH 56.50 -1.50 71.70 32.00 3.89 8.56 25.0 NewRiver♦ 311.50 1.00 322.00 271.00 3.29 29.20 74.8 AminoTech 133.50 -0.50 146.00 75.24 2.70 17.52 83.3
STB♦ 2855 -12.50 3024 2245 2.21 23.76 0.5 WH Ireland 99.50 - 130.00 79.00 1.51 74.03 1.6 Avesco 138.00 3.50 141.00 94.00 3.99 -10.78 30.9 GlobalPet 2.00 - 5.00 1.75 - -0.43 114.4 Palace Cap 385.00 -2.50 395.00 255.25 - -7.09 7.9 IQE 22.50 - 24.00 12.08 - 93.36 400.3
Cello Gp♦ 88.50 - 100.00 81.00 2.72 33.61 0.8 Gulfsands 17.75 - 71.91 17.00 - -1.48 2.8 PnthrSec 337.50 - 357.00 295.00 3.56 12.93 22.2 Tech - Software & Services
Basic Resource (Ex Mining) Food & Beverages M&Csaatc 330.25 2.25 395.00 235.00 1.71 -1393.46 47.3 Indus Gas 129.00 4.00 520.00 79.25 - 24.57 5.5 PSPI 29.00 0.50 30.00 21.00 - -5.37 126.4 Blinkx 39.75 2.00 82.25 23.25 - -33.80 6265.0
CropperJ 420.00 - 490.00 355.00 1.88 21.01 1.6 FinsbryFd 79.50 - 81.00 53.25 1.26 10.66 47.7 MissionMk 44.00 - 56.90 37.00 2.27 8.70 8.9 Infrastrata 4.13 -0.13 10.00 2.75 - -3.60 142.6 SiriusRE € 0.48 0.01 0.49 0.28 0.68 7.25 803.7 BondInt 146.50 2.00 153.75 83.00 1.37 38.99 28.9
Nichols 1127 4.00 1235 834.56 1.81 29.39 12.9 Next15Cm 179.50 - 181.38 109.00 1.54 116.11 43.5
Chemicals Iofina 34.50 2.00 67.50 26.13 - -15.25 580.4 SumGermny €♦ 0.96 - 0.99 0.50 1.98 3.77 52.6 Brady♦ 97.00 - 104.00 64.00 1.75 173.84 34.4
PureCircle 455.00 -2.50 635.00 450.00 - 354.36 9.2 YouGov 118.00 -1.50 133.00 98.50 0.68 212.23 29.9 Ithaca Engy 57.50 1.25 153.75 26.25 - -12.00 2128.1 TaliesinPr 2295 -27.50 2389.6 1750 - 9.40 0.3
Scapa 176.00 6.00 179.75 107.00 0.57 -45.27 213.7 Datatec 330.00 5.00 340.88 261.25 3.40 20.35 0.5
RealGdFd 46.00 0.50 47.20 23.00 - -5.75 52.8 KBC Adv 106.25 0.25 142.00 77.00 0.94 19.20 263.3 Winkworth 167.50 11.50 177.02 115.00 3.52 14.20 6.0
Construction & Materials Ukrproduct 5.20 - 9.01 4.41 - -0.72 10.5 Mining DDD 1.88 -0.25 8.00 1.25 - -1.95 1176.4
Max# 0.16 0.01 2.26 0.08 - -0.08 4916.6 Eckoh 39.13 - 48.50 33.00 0.80 92.28 17.9
Abbey 885.00 10.00 927.30 800.00 0.97 9.13 0.0 Wynnstay 512.50 5.00 628.00 474.52 1.87 14.80 6.8 AMC 11.50 -0.25 14.50 2.29 - -11.83 911.2
NewWldO&G 0.29 0.13 0.95 0.06 - -0.78 984984.9
Retailers
BeowMin 1.40 - 5.00 1.15 - -1.20 1363.9 ASOS 3788 14.00 4633 1742 - 87.09 508.9 EgSoltns 75.50 - 84.00 50.35 - 21.44 2.0
AccsysTch 80.25 - 81.50 0.92 - -7.91 115.1 Health Care Equip & Services PetrelRes 3.13 - 11.81 2.75 - -7.35 380.5
BotswanaD 1.05 -0.13 4.15 0.87 - -2.25 692.2 Koovs 75.00 1.00 171.00 60.00 - - 4.0 Iomart 227.50 1.38 288.21 159.93 0.77 28.17 43.5
Aukett 6.88 - 9.50 5.76 2.91 10.58 61.2 Petroceltic 120.25 0.25 224.00 98.50 - -6.04 50.2
Advnc Med♦ 153.75 10.00 155.00 106.85 0.41 25.28 274.9 CentAsiaM 190.00 1.50 198.00 135.16 5.52 5.37 414.6 Majestic 413.00 20.00 470.00 280.00 3.99 16.30 211.5 K3BusTc 245.00 10.00 247.00 203.59 0.51 27.19 83.7
PetroNeft 4.35 0.08 6.79 3.60 - -38.50 300.0
Electronic & Electrical Equip CareTech 242.00 -0.50 268.00 190.00 1.93 10.15 47.9 Connema 1.38 - 3.81 0.25 - -2.06 25.0 StanlGib 265.50 - 342.00 215.00 2.54 23.58 238.1 Monitise 13.25 -0.25 70.25 12.50 - -2.63 5850.3
ImmunDiag 305.00 5.00 540.00 285.00 2.79 16.10 2.4 Plexus 227.75 0.38 325.00 165.00 0.48 36.66 0.4 OMG 42.00 - 49.00 25.00 0.95 158.49 77.8
CeresPow 9.28 -0.08 11.75 5.91 - -6.75 179.8 C'royG&NR 0.78 - 1.65 0.50 - -8.42 166.3
SphereMed 16.50 - 31.00 15.50 - -1.99 176.4 PresidentEn 11.75 - 39.48 10.50 - -52.93 1720.2 Support Services Progility 5.00 - 11.49 4.00 - 5.30 150.3
Densitrn 6.75 - 7.20 3.50 1.48 -7.65 11.7 GrekaDrill 8.95 0.54 16.80 7.20 - -40.50 1024.9
Tristel 80.00 -0.50 90.50 61.00 2.03 19.94 32.4 Rockhop 63.00 0.75 100.25 51.00 - -12.32 983.2 AndSyks 317.50 -5.00 385.00 260.00 6.86 14.10 6.2 Pub Tech 176.50 - 335.00 125.50 - -75.78 8.2
ElektronT 5.63 - 6.35 3.25 - -1.59 10.0 Herencia 0.21 0.01 0.55 0.18 - -2.56 4211.1
Sound Oil 22.25 -0.63 26.73 7.78 - -8.14 1681.7 Augean 48.00 0.75 56.75 37.65 0.73 10.64 88.2 SciSys 82.50 - 96.75 76.24 1.82 11.36 14.1
FlowGp 29.13 0.50 50.00 23.25 - -7.35 175.9 House, Leisure & Pers Goods HighldGld♦ 49.00 - 74.54 17.73 10.82 -9.96 271.4
TowerRes 0.22 - 3.58 0.09 - -0.21 3107.7 Begbies 44.50 - 55.00 40.60 5.09 17.40 11.3 WANdisco 235.00 -15.00 655.00 197.00 - -2.30 43.3
LPA 76.00 4.50 127.93 60.00 1.91 32.93 8.1 KarelianDd 1.15 - 2.65 0.80 - -16.43 1246.8
Airea 15.25 -0.50 16.42 10.25 3.93 9.94 15.0 TrinityE 16.00 0.13 113.00 13.25 - -0.75 28.4 Christie 127.50 - 162.00 104.00 1.37 14.18 11.9
ThorpeFW 170.00 2.50 175.00 120.00 1.91 18.81 13.1 KEFI Min 0.95 - 1.99 0.87 - -1.80 485.5 Telecommunications
Churchll♦ 575.00 - 630.00 425.00 2.57 18.69 11.3 UnJackOil 0.24 0.02 0.52 0.14 - -3.05 15951.2 Empres 66.00 -0.50 68.00 38.13 0.53 8.77 14.7
Zytronic 288.50 -1.50 310.00 197.00 3.43 14.81 37.0 OracleC 1.48 - 1.73 0.25 - -7.16 274.8
gamingrealm 32.50 -1.00 41.70 19.50 - -6.95 80.8 VictorOil 69.25 -2.00 89.05 0.96 - -2.01 328.3 Hargreaves 418.25 -6.50 860.00 405.00 6.10 4.44 98.5 AltNetwks 509.00 17.50 540.00 415.00 2.84 30.62 7.0
RamblMtls 11.75 0.25 27.40 9.00 - 135.06 10.2
Financial General HavelckE 14.00 - 25.00 13.00 - 25.36 20.5
ShantaGold 7.50 - 16.00 7.25 - 6.19 1139.0
VolgaGas 65.50 - 143.00 55.00 3.67 6.44 0.2 Hydrogen♦ 55.50 - 102.50 53.00 8.29 -132.14 3.2 AvantiCom 230.00 -5.00 325.00 162.75 - -4.11 216.8
Ambrian 11.50 - 12.50 5.25 - 5.10 5.8 Mulberry 900.00 - 969.00 562.50 0.56 175.37 3.3 Impellam 835.00 -5.00 850.00 430.00 1.59 14.01 0.8
Portmern♦ 942.50 - 960.00 724.00 2.60 16.45 2.5
SierraRut 22.00 -0.50 56.85 17.00 - 83.65 42.7 Pharmaceuticals & Biotech Travel & Leisure
Arbuthnot♦ 1517.5 42.50 1608.58 1000.00 1.71 27.18 0.5 Sirius Min 14.00 -0.25 16.50 6.40 - -274.51 3880.9 ISG 145.00 1.00 356.00 140.00 6.52 -5.29 192.4
SinclairW 24.50 -1.00 114.00 22.00 6.12 1.36 35.3 Abcam 521.00 -4.50 542.00 270.88 1.49 29.65 159.0 CastleStIn 25.25 - 26.39 17.00 11.88 - 0.6
Aurora 9.75 - 24.15 8.00 - -0.57 17.7 SolGold 3.13 0.33 10.00 2.01 - -5.93 6717.0 JhnsnSrv♦ 79.25 - 80.00 55.00 1.65 27.33 106.4
TelfordHms 480.50 1.50 485.00 245.50 1.83 17.71 334.7 AllcePharm 42.25 - 44.00 30.00 2.22 13.38 190.2 Celtic 76.50 - 78.00 72.00 - -19.91 1.3
BP Marsh 141.50 - 155.00 116.75 1.94 10.03 1.0 Stratex 1.23 - 4.00 1.00 - -2.35 1200.4 JourneyGp 147.50 - 155.22 113.00 1.95 12.78 0.5
WalkerGb 197.50 1.50 215.00 151.05 0.94 22.30 491.8 Epistem 317.50 - 340.50 220.00 - -10.61 0.1 ..6%CvPf 62.50 - 75.00 50.00 5.18 - 1.5
BrooksMac 1567.5 2.50 1710 1300 1.66 25.03 2.4 Xtract Res 0.35 0.03 0.42 0.06 - -7.50 688895.7 LonSec 2325 125.00 2600 2050 3.15 20.46 0.2
e-Thera 37.00 - 49.40 24.25 - -12.57 41.0 ..Cv Pf 135.00 - 150.00 120.00 - - 0.9
Camellia 9850 2.50 11300 8450 1.27 95.94 3.3 Industrial Engineering ZincOx 13.13 0.50 14.04 6.00 - -0.97 752.7 Matchtech 553.50 8.50 620.00 495.00 3.61 17.26 5.7
GW Phrms 591.50 0.50 697.00 299.11 - -87.33 182.0 Dalata 265.00 - 275.00 111.15 - 93.94 38.0
CaptlMgt 123.50 - 230.00 103.00 - 3.06 10.0 NewmkSec 3.13 - 3.23 1.60 2.40 6.65 223.0
600 Grp 17.00 - 23.70 14.60 - 4.54 161.7 HtchChMd 1712.5 -2.50 1865 740.00 - 324.03 37.2 Dart 392.75 -1.75 410.00 177.75 0.71 17.87 132.5
Charlemgn 13.00 - 19.50 8.70 7.40 40.00 100.5 Oil & Gas NormanBr 20.50 - 35.00 19.00 - -1.84 10.2
CoracGrp 4.25 - 9.20 3.00 - -4.81 154.3 ImmuPhar 46.50 -0.50 67.00 41.00 - -13.54 78.4 GoalsSocc 212.50 - 242.00 206.00 0.87 23.90 17.3
Fairpoint 127.50 0.50 159.00 105.66 4.82 19.52 55.5 AlkneEng 25.00 - 44.50 19.50 0.80 11.19 320.4 NWF 131.00 1.00 163.00 120.00 3.89 13.43 27.7
Molins 82.00 2.50 187.50 74.50 6.71 -53.28 68.8 ReNeuron 5.50 0.13 5.70 2.75 - -12.22 11708.4 MinoanGp 12.38 -0.25 17.00 7.25 - -20.15 106.1
ImpaxGp 51.88 -0.88 59.00 44.50 2.51 18.76 0.8 AmeriRes 32.50 0.25 67.25 19.10 - 19.89 2049.5 Optimal Pay 284.75 5.00 575.00 255.25 - 23.68 2480.8
MS Intl 143.50 3.50 217.00 116.00 5.69 19.39 10.3 Sareum 0.42 0.01 0.68 0.25 - -7.16 17157.2 PeelHtls 103.50 - 110.00 70.00 - 22.16 5.0
Leeds 34.00 - 43.79 29.00 - 8.32 12.0 AndesEnrg 28.50 - 53.90 16.50 - -2850.00 107.5 PennaCns 145.00 1.00 155.00 111.00 1.84 88.20 1.5
Pres Tech 302.50 30.00 790.00 203.00 2.64 10.83 168.1 SinclairIS 42.75 0.50 45.33 23.30 - -16.39 96.2
MattioliWds 510.00 - 518.00 414.00 1.78 22.84 3.7 BahamasP 1.71 0.04 4.70 1.50 - -7.65 111.3
Vernalis 63.50 1.25 63.88 28.59 - -21.99 1651.4 Petards 11.00 -0.13 15.99 8.25 - 9.92 75.0 Utilities
Miton♦ 28.00 0.25 44.00 18.50 1.93 -8.57 30.7 Industrial General BorSthnPet 4.16 0.01 14.50 3.90 - -65.00 213.5 RedhallGp 9.75 - 42.00 9.00 - -0.68 25.7 ModernWtr 13.75 - 35.00 13.25 - -0.62 16.1
MAB♦ 220.50 1.25 230.75 160.00 - 23.00 3.4 Powerflte 56.00 - 58.38 35.00 1.87 34.83 9.5 Circle Oil 13.50 0.88 28.70 8.75 - 5.53 3770.6 Real Estate Renew 301.50 -1.00 327.13 220.00 1.42 18.17 128.5 RenEnGen 59.25 - 71.00 59.00 3.71 -41.40 16.1
Numis 245.50 -16.50 299.75 196.09 4.28 18.64 320.0 RM2 68.25 - 82.00 46.00 - -5.30 144.0 ClontarfEn 0.88 0.23 1.50 0.30 - -0.55 11104.8 Conygar 182.00 1.00 195.00 160.00 0.92 7.77 40.6 Restore 273.50 -1.50 286.40 170.13 0.77 45.62 712.9 Rurelec 3.75 -0.13 8.75 3.00 - -0.50 370.6
Park Grp 57.38 0.38 64.98 47.00 4.01 13.88 20.3 Symphny 8.63 0.13 11.33 6.50 - -36.86 61.5 Egdon Res 11.63 0.13 30.80 6.24 - -7.45 168.7 FltchKng 59.50 - 65.00 37.27 5.04 8.28 2.4 SafeCharge♦ 269.00 - 285.50 162.00 0.69 40.43 52.1 SeaEnergy 21.00 - 39.98 18.68 - -4.66 2.2
Servoca 23.00 - 26.03 10.50 - 23.78 3.7
Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv♦ 678.50 2.00 699.50 565.20 3.55 704.8 -3.7 JPM Inc&Gr 112.50 - 114.85 98.50 1.96 119.9 -6.2 ScottMort 262.80 -0.60 283.40 189.00 1.16 255.9 2.7 AlbionTech 76.00 - 81.00 71.25 6.58 81.2 -6.4 Infra India 14.50 - 17.00 9.52 - 43.1 -66.4
Price +/-Chg High Low Yld NAV or Pm Edin WWd 447.25 -3.38 469.90 332.25 0.45 487.8 -8.3 JPM Ind 509.00 4.00 605.50 377.75 - 559.7 -9.1 ScottOrtll 825.00 2.00 900.00 763.13 1.39 917.4 -10.1 AlbionVCT 65.50 - 68.65 64.00 7.63 67.6 -3.1 MMP 3.38 - 5.00 3.00 - - -
3i Infra 163.70 0.70 164.90 132.60 4.09 149.0 9.9 EP Global♦ 257.75 -1.00 262.10 207.04 1.05 252.6 2.0 JPM JpSm 255.00 1.75 261.75 176.00 - 268.5 -5.0 SecTstScot 139.00 -2.25 149.00 129.86 3.55 149.7 -7.1 Amati VCT 67.50 - 80.50 66.50 7.41 70.3 -4.0 Marwyn Val 225.75 -1.50 232.92 184.56 - - -
AbnAsianIn♦ 196.00 - 213.80 192.25 4.03 201.3 -2.6 Estabmt 181.00 - 188.00 163.00 2.60 220.9 -18.1 JPM Jap 284.25 2.25 307.95 195.00 0.99 307.3 -7.5 Seneca I&G 143.00 0.50 144.00 131.00 3.94 151.7 -5.7 AmatiVCT2 103.25 - 120.98 101.79 6.54 107.4 -3.9 TerraCat 98.00 - 126.70 62.11 - - -
AbnAsian 862.00 4.00 1014 800.04 1.16 959.4 -10.2 Euro Ast 1125 5.00 1160 800.00 5.39 1109.0 1.4 JPM Mid 865.00 15.00 867.50 669.10 2.08 1003.3 -13.8 Shires Inc 248.50 0.50 261.75 216.26 4.83 265.1 -6.3 ArtemisVCT 65.50 - 68.77 59.23 6.11 74.7 -12.3
AbnJapInv 502.50 1.50 531.00 320.00 0.90 530.2 -5.2 EuroInvT 816.00 3.50 849.00 659.33 1.72 875.1 -6.8 JPM O'seas 1077 11.00 1159 890.95 1.39 1161.5 -7.3 StdLf Eqt 418.00 -1.00 426.00 362.50 3.21 454.0 -7.9 Baronsmd 72.75 - 75.49 69.50 13.06 77.3 -5.9 ISDX
AbnLatAmIn 64.00 -1.13 85.68 57.50 6.64 69.7 -8.2 F&C Cp&I 266.38 0.38 277.00 231.75 3.66 269.2 -1.0 JPMRussian 365.00 3.50 485.00 223.25 4.19 432.2 -15.5 StdLf Sml 296.25 4.75 308.75 256.00 1.52 329.2 -10.0 ..VCT 2 94.38 - 97.51 91.00 13.25 100.4 -6.0
F&CGblSmlr 980.00 4.50 1028.92 781.00 0.84 973.4 0.7 JPMSnrSec 92.25 - 101.00 89.22 - 96.9 -4.8 StrategicEq 211.25 1.25 213.00 152.85 0.37 209.2 1.0 ..VCT 3 97.13 - 105.51 94.00 15.96 103.5 -6.2 52 Week Vol
..Sub 0.38 - 5.50 0.25 - - -
F&CMgdG 153.00 -1.00 157.00 130.00 - 150.5 1.7 JPM Smlr 811.75 7.50 813.00 527.00 1.18 975.2 -16.8 Temp Bar 1213 4.00 1274 1101 3.15 1256.6 -3.5 ..VCT 4 90.63 - 92.75 86.75 9.93 96.9 -6.5 Price +/-Chg High Low Yld P/E 000s
AbnNewDn 186.75 3.75 205.23 169.36 1.93 209.7 -10.9
F&CMgdI 126.00 -3.00 130.00 110.00 3.85 124.3 1.4 JPM US Sml 177.00 - 193.75 134.50 0.40 183.2 -3.4 TempEmerg 553.00 1.00 626.64 511.50 1.31 627.5 -11.9 ..VCT 5 74.50 - 77.94 72.00 8.05 77.3 -3.6 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
AbnNewThai 428.00 3.00 489.88 366.00 1.87 505.1 -15.3
FidAsian 258.50 -1.00 285.50 208.00 0.43 289.0 -10.6 JupDv&G 117.00 - 120.00 107.00 - 126.2 -7.3 TRIG 107.25 0.25 108.00 99.00 5.13 - - BSC VCT 87.00 - 92.20 83.00 6.32 104.5 -16.7 ShephdNm 1055 - 1260 1000.00 2.45 23.40 9.2
AbnSmlCo 210.50 0.25 217.98 174.00 3.12 256.5 -17.9
FidChiSpS 163.40 -0.20 173.00 97.60 0.70 186.9 -12.6 JupEur 544.00 7.50 562.00 371.25 0.64 536.1 1.5 ThreadUKSel 174.50 - 187.70 163.00 2.46 196.7 -11.3 ..VCT2♦ 53.50 - 61.00 53.00 8.41 61.0 -12.3 Thwaites 121.50 - 132.00 112.50 3.67 -25.90 0.0
Abn UK 326.75 1.00 334.00 288.00 4.06 346.2 -5.6
Abf Gd Inc 187.50 1.50 188.40 138.25 3.82 222.9 -15.9 Fid Euro♦■ 182.00 0.50 187.50 137.40 1.63 189.3 -3.9 JupGrn 148.25 -0.25 151.00 133.20 0.74 150.5 -1.5 TREurGth 630.00 0.50 633.50 438.00 1.03 699.8 -10.0 Crown Place 29.75 - 30.50 29.00 8.40 28.2 5.5
Abf Sml 1148 16.00 1169.56 966.00 2.08 1281.9 -10.4 Fid Jap 81.50 -1.50 88.00 64.00 - 92.9 -12.3 JupPrim 319.13 3.13 332.50 268.34 2.01 323.8 -1.4 TroyInc&G 71.88 -0.38 72.96 60.00 3.17 71.6 0.4 FrsightSol 101.50 2.00 112.02 95.00 5.91 107.5 -5.6
AcenciADbt♦ 108.00 -0.25 114.00 103.25 3.62 118.8 -9.1 Fid Spec♦ 960.00 4.50 966.00 796.84 1.72 1044.7 -8.1 JupUSSmCo 642.00 1.00 704.03 596.99 - 724.0 -11.3 UtilicoEmg 190.25 -0.88 206.09 178.50 3.21 209.8 -9.3 Inc&GthVCT 96.00 - 106.24 93.50 18.75 103.0 -6.8 Guide to FT Share Service
AdvDvpMk 464.63 2.63 483.00 401.00 - 516.0 -10.0 FinsG&I 589.50 2.00 609.36 464.25 1.98 582.8 1.1 KeystoneInv 1839 4.00 1851.33 1651.76 2.75 1952.8 -5.8 UtilicoInv 113.13 -0.63 133.80 103.00 6.63 169.0 -33.1 KingsAYVCT 17.75 - 19.50 17.25 5.63 18.8 -5.6
Alliance 501.00 1.00 531.50 420.20 1.95 570.8 -12.2 FstPacfic H HK$ 7.37 -0.02 9.48 7.30 2.87 - - Law Deb 520.00 3.00 545.50 465.10 2.92 495.4 5.0 ValAndInc 257.75 -2.75 280.39 238.43 3.30 310.7 -17.0 Maven I&G 63.00 - 67.50 59.50 7.14 67.5 -6.7
AllianzTech 612.25 3.75 640.43 463.07 - 626.7 -2.3 For & Col 444.50 7.50 467.90 365.00 2.09 480.7 -7.5 LinTrain £ 468.00 - 480.00 331.00 1.44 399.3 17.2 Witan 811.50 -3.50 850.00 642.00 1.89 808.1 0.4 MavenVCT2 54.00 - 56.75 48.00 4.63 60.5 -10.7
AltAstsOps 40.50 -0.50 47.00 35.50 - 44.1 -8.2 Geiger 21.50 0.13 27.95 17.00 - 24.2 -11.2 Ln&StLaw♦ 362.00 -2.00 410.50 330.80 3.81 381.7 -5.2 WitanPac 264.75 0.25 274.75 212.25 1.70 290.5 -8.9 MavenVCT3♦ 75.25 - 79.00 70.00 5.65 82.1 -8.3 For queries about the London Share Service pages e-mail
Art Alpha 273.25 -2.25 308.00 257.00 1.17 329.7 -17.1 GenEmer 547.50 2.00 583.00 500.00 - 603.9 -9.3 Lowland 1362 8.00 1473.5 1219 2.68 1450.6 -6.1 WorldTst 272.75 -0.25 285.25 212.00 - 308.4 -11.6 MavenVCT4♦ 82.75 - 89.00 82.00 5.74 94.9 -12.8 [email protected].
..Sub 20.75 - 45.25 18.10 - - - GFIS 18.63 - 35.99 16.25 - 48.6 -61.7 M&GHighInc♦ 166.00 1.00 177.00 148.00 1.81 180.1 -7.8 WwideHlth 1890 -2.00 1992.4 1235 0.83 1946.2 -2.9 MavenVCT5♦ 32.88 - 37.00 26.50 6.54 38.8 -15.3 All data is as of close of the previous business day. Company classifications
AsianToRt 201.00 -2.00 224.00 171.25 1.62 217.8 -7.7 GRIT 15.00 -1.00 65.00 11.00 - - - Majedie 274.75 2.25 276.00 206.41 3.38 261.7 5.0 MobeusI&G 83.50 - 107.90 82.50 4.19 91.7 -8.9 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
Conventional - Private Equity 52 Week Dis(-)
Aurora 152.00 0.50 169.00 144.00 2.50 180.3 -15.7 GoldenPros 26.75 0.13 42.59 25.25 - 32.5 -17.7 Man&Lon 244.50 -1.50 277.00 219.00 3.06 293.4 -16.7 ..I&G 2VCT 104.50 - 119.50 101.08 1.20 117.9 -11.4 100 constituent stocks are shown in bold.
Price +/-Chg High Low Yld NAV or Pm
BG Japan 453.00 1.63 493.25 316.50 - 437.7 3.5 Hansa♦ 850.00 -10.00 1010 836.50 1.95 1180.1 -28.0 MCGlobPort 188.00 2.50 195.00 158.00 2.13 186.8 0.6 ..I&G 4VCT 99.50 - 116.00 97.00 6.03 109.9 -9.5 Closing prices are shown in pence unless otherwise indicated. Highs & lows
..A 833.50 - 981.50 810.00 0.67 1180.1 -29.4 MCurPac 307.38 -0.25 336.00 266.36 2.11 346.7 -11.3 AbnPvtEq 89.00 - 96.00 79.04 2.30 116.2 -23.4 Nthn 2 VCT 77.50 - 79.00 73.50 7.10 89.7 -13.6
BG Shin 381.00 0.50 407.00 282.50 - 369.6 3.1 are based on intra-day trading over a rolling 52 week period. Price/earnings
Hen Div 93.75 - 95.50 89.50 5.39 90.4 3.7 MercantIT 1636 3.00 1649 1316.55 2.44 1853.6 -11.7 Altamir € 11.30 -0.05 11.99 9.43 - 16.5 -31.5 Nthn 3 VCT 95.75 - 99.48 92.50 5.74 109.9 -12.9
BSRT 27.00 - 43.00 25.00 - 43.8 -38.4 ratios (PER) are based on latest annual reports and accounts and are updated
HenEuroF 1080 15.00 1148.5 816.47 2.75 1062.6 1.6 MrchTst♦ 487.00 0.50 519.00 422.18 4.87 508.9 -4.3 Dun Ent♦ 340.00 -3.25 434.75 329.81 4.85 498.4 -31.8 NthnVent 80.00 - 82.00 75.00 7.50 87.4 -8.5
Bankers♦ 639.50 1.00 653.50 506.00 2.28 652.9 -2.1 with interim figures. PER is calculated using the company’s diluted earnings
HenEuro 895.00 -5.00 957.00 678.25 1.96 890.3 0.5 Mid Wynd 343.50 -1.00 352.50 256.00 1.11 327.7 4.8 Electra 3129 8.00 3249 2338 - 3149.6 -0.7 ProVenGI 78.50 - 81.00 76.00 8.28 85.3 -8.0
BrngEmEu 593.50 20.50 711.00 432.00 3.20 667.5 -11.1 from continuing operations. Yields are based on closing price and on dividends
HenFarEs♦ 339.50 -1.50 362.00 308.38 5.45 328.9 3.2 MitonWw 163.25 - 164.50 147.00 - 179.8 -9.2 ElectraPrf 148.50 - 151.00 143.00 - - - ProVenVCT 92.63 - 96.99 89.50 7.56 99.4 -6.8
BH Global 1325 14.00 1330 1162 - 1393.0 -4.9 paid in the last financial year and updated with interim figures. Yields are
HendGlob 396.00 -1.00 416.81 336.20 2.53 447.2 -11.4 MMP 3.38 - 5.00 3.00 - - - F&C PvtEq♦ 222.00 -2.00 230.50 197.00 4.84 262.3 -15.4 UnicornAIM 125.00 1.00 133.00 122.00 4.80 143.1 -12.6
..EUR € 12.00 - 14.00 11.80 - - - shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenHigh 187.00 3.00 191.75 156.50 4.60 185.9 0.6 Monks 430.00 -2.60 458.90 348.40 0.93 471.3 -8.8 GraphEnt 579.00 -2.00 619.00 536.10 1.30 685.2 -15.5
..USD $ 13.18 -0.04 13.35 11.46 - 13.7 -3.8 Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenInt Inc♦ 128.25 -0.50 137.69 103.00 3.35 124.1 3.3 MontanSm 512.00 -1.50 543.00 390.50 1.37 583.0 -12.2 HVPE $ 13.13 -0.10 13.65 11.25 - 16.1 -18.4
BH Macro 2086 -18.00 2191 1919 - 2182.0 -4.4 Price +/-Chg High Low Yld WO GRY 0% capital changes where appropriate.
Hen Opp 938.25 7.75 971.99 755.00 1.16 1074.0 -12.6 Mur Inc 756.00 1.00 808.00 699.86 4.34 808.1 -6.4 HgCapital♦ 1089 3.00 1169 1003 2.66 1210.9 -10.1
..EUR € 20.08 -0.16 21.10 18.60 - 21.1 -4.8 Trading volumes are end of day aggregated totals, rounded to the nearest
HenSmlr 661.00 16.00 662.00 468.13 1.66 736.1 -10.2 Mur Int 1023 -2.00 1123 980.00 4.40 984.1 4.0 JPM Pvt Eq $ 0.95 0.00 0.96 0.75 - 1.3 -26.9 JPM I&C 104.00 0.25 105.50 86.00 6.33 -15.8 -2.1
..USD $ 20.03 -0.08 21.10 18.60 - 21.0 -4.6 1,000 shares.
HendVal 233.13 -0.38 254.00 218.00 0.64 283.7 -17.8 ..B 1025 - 1499.48 885.89 - 984.1 4.2 JZ Capital 447.50 2.00 450.00 390.00 - 711.9 -37.1 JupiterDv&G♦ 4.38 - 5.70 3.50 16.46 4.7 -28.6
BiotechGth 760.50 -14.50 874.50 430.00 - 818.6 -7.1
Herald 702.50 6.50 722.00 594.00 - 858.9 -18.2 NB DDIF $ 1.20 0.01 1.25 1.00 - - - LMS Capitl 75.25 -0.13 87.75 74.25 - 95.3 -21.0 M&GHI&Gt♦ 61.75 - 68.80 55.00 - -16.6 1.4 Net asset value per share (NAV) and split analytics are provided only as a
BlckRCom 89.75 -2.63 119.88 80.54 6.67 87.9 2.1
HICL Infra 153.40 - 161.40 135.50 5.81 134.4 14.1 NewCtyEgy 18.38 - 42.00 16.00 - 24.2 -24.0 Mithras♦ 146.50 - 149.00 130.00 0.68 157.3 -6.9 Rghts&Icp 4355 15.00 4900 3800 - -69.6 2.6 guide. Discounts and premiums are calculated using the latest cum fair net
BlckREmEur 229.00 -3.00 280.00 169.25 1.01 267.4 -14.4
Impax Env.♦ 158.25 - 167.75 136.00 0.76 177.4 -10.8 ..Sub 0.13 - 0.15 0.06 - - - NB PE Ptnr $ 11.65 0.10 12.20 10.40 - - - asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRFrnt 116.50 - 133.28 103.50 1.18 118.7 -1.9 Income Shares 52 Week HR
Ind IT 304.50 1.50 305.94 268.00 1.64 338.6 -10.1 NewCityHY♦ 60.25 - 67.50 59.50 7.02 59.0 2.1 Nthn Invs 522.50 - 550.00 376.10 1.91 516.6 1.1 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckRGtEur♦ 254.00 - 264.50 201.75 1.85 259.3 -2.0 Price +/-Chg High Low Yld WO GRY 0%
Intl PP♦ 137.60 0.10 140.59 127.60 4.52 120.8 13.9 NewIndia 311.75 -0.75 371.30 232.75 - 348.9 -10.6 Pantheon 1285 -9.00 1355 1100 - 1497.7 -14.2 are displayed as a percentage, NAV and terminal asset value per share (TAV)
..Sub 18.38 0.13 25.63 8.00 - - - JPM In&Gr 98.75 0.25 100.49 90.15 4.46 -63.0 7.8
InvAsTr 196.25 0.25 213.58 166.44 1.76 221.8 -11.5 New Star IT 73.50 - 77.01 65.45 - 114.0 -35.5 PantheonR 1285 - 1300 1045 - 1497.7 -14.2 in pence.
BlckR I&G 188.50 0.88 193.00 158.01 3.23 191.3 -1.5 M&GHghIc 58.50 - 62.75 53.00 - -16.6 0.7
Inv Inc 291.50 -1.75 299.00 255.00 4.10 319.5 -8.8 NorthAmer♦ 836.00 -2.00 906.45 790.45 3.41 919.9 -9.1 PrincssPE € 8.01 0.05 8.12 6.45 7.25 9.0 -11.0
BlckRIncStr 134.25 2.25 143.00 119.25 4.91 141.3 -5.0 Rghts&I 1105 30.00 1216 895.00 2.81 - 27.7
InvPerp 76.00 -0.25 79.00 69.00 6.58 72.9 4.3 NthAtSml 1880 2.50 1953 1625.86 - 2428.0 -22.6 Riverstone 1068 4.00 1114 822.00 - 1038.0 2.9 X FT Global 500 company
BlckRckLat 383.13 3.00 508.45 355.00 5.04 425.7 -10.0
IPST BalR 121.50 -0.75 123.00 111.00 - 122.3 -0.7 Oryx Int 465.00 10.00 473.00 375.00 - 594.2 -21.7 StdLfEuPv 206.00 -0.50 236.42 200.00 2.70 250.8 -17.9 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRckNrAm 113.00 - 124.50 98.75 2.65 123.5 -8.5
IPST Gbl Eq♦ 165.50 - 172.00 138.00 2.66 162.3 2.0 PacAsset 206.00 - 226.15 155.00 1.26 204.7 0.6 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRSmlr 870.00 -2.25 879.50 697.00 1.48 1003.5 -13.3 Conventional - Property ICs 52 Week Dis(-)
IPST Mngd 101.13 - 101.81 100.75 - 103.2 -2.0 PacHorzn 189.75 - 223.77 163.00 0.74 211.2 -10.2 JPM Inc&Gr 13.88 - 14.75 9.00 0.8 -5.4 11.9 # price at time of suspension from trading
BlckRThrmt 313.75 2.25 314.47 238.00 1.29 370.7 -15.4 Price +/-Chg High Low Yld NAV or Pm
BlckRWld 320.90 1.60 510.00 285.44 6.54 360.0 -10.9 IPST UK Eq♦ 169.50 - 173.00 143.00 3.33 169.9 -0.2 Perp I&G 416.00 - 419.13 350.81 2.93 424.1 -1.9 M&GHghIc 4.90 - 6.10 3.00 7.2 5.8 -
Direct Property The prices listed are indicative and believed accurate at the time of publication.
Bluecrest A 189.10 0.20 194.60 176.70 - 197.9 -4.4 InvPpUK♦ 366.00 11.00 366.00 281.00 1.78 395.3 -7.4 PerAsset 35210 -100.00 36313.1 33050 1.63 34730. 1.4 Zero Dividend Preference Shares 52 Week HR
AseanaPr $ 0.50 0.02 0.49 0.39 - 0.7 -28.6 No offer is made by Morningstar or the FT. The FT does not warrant nor
Brit Emp 541.50 -2.00 557.08 475.40 1.94 593.4 -8.7 Invs Cap A 98.50 - 102.00 87.00 4.61 105.1 -6.3 7 Price +/-Chg High Low SP WO TAV 0%
AXA Propty 44.25 - 45.22 39.45 - - - guarantee that the information is reliable or complete. The FT does not accept
Brunner 557.00 2.75 580.00 486.00 3.20 652.6 -14.6 Invs Cap B 102.00 - 103.00 87.03 - 105.1 -2.9 PolarFins 106.25 1.25 107.75 92.00 2.29 114.3 -7.0 Abf Gd Inc 148.63 0.13 152.00 142.75 -40.5 - 159.7
CustdnREIT♦ 108.00 -0.88 115.50 104.00 - - - responsibility and will not be liable for any loss arising from the reliance on
Calednia 2422 -5.00 2475 2093 2.09 2906.1 -16.7 Invs CapU 393.00 - 404.95 347.00 0.83 420.5 -6.5 ..Sub 8.38 -0.38 16.00 5.00 - - - EcofinWatr 154.00 - 154.50 146.00 -75.7 -96.9 160.7
F&CComPrp 138.50 0.10 148.40 117.50 4.33 123.3 12.3 or use of the information.
CanGen C$ 20.36 -0.01 21.72 17.80 1.23 27.7 -26.5 JLaingInf♦ 123.00 0.20 155.35 114.10 5.28 104.2 18.0 PolarHealth 177.00 3.25 182.50 142.50 2.01 185.8 -4.7 JPM I&C 172.88 -0.13 174.00 165.50 -19.7 - 192.1
F&CUKRealE 99.50 - 104.50 82.00 5.03 93.3 6.6
Cap Gear 3375 - 3504 3080 0.47 3243.0 4.1 JPM Amer♦ 274.50 -1.70 296.14 231.30 0.98 285.9 -4.0 PolarTech 585.50 3.50 602.59 444.00 - 588.6 -0.5 JupiterDv&G 112.00 0.13 114.00 99.50 -6.7 - 133.6 The London Share Service is a paid-for-print listing service and may not be
IndMultiPr 53.00 - 73.00 45.00 - - -
City Merch♦ 187.00 0.50 194.00 182.15 5.35 185.8 0.6 JPM Asn 247.50 - 268.92 195.29 1.17 272.4 -9.1 ProspJap $ 1.02 -0.02 1.19 0.91 - 1.3 -21.5 JZ Capital 356.75 - 358.30 336.72 -90.9 - 369.8 fully representative of all LSE-listed companies. This service is available to all
InvistaERET 0.35 -0.08 4.39 0.15 - 8.9 -96.1
CityNatRs♦ 102.00 -1.50 146.75 95.00 5.49 134.4 -24.1 JPM Brazil 55.88 - 76.49 48.50 1.79 60.3 -7.3 QatarInvF $ 1.30 0.02 1.49 1.15 - 1.6 -18.8 M&GHghIc 113.63 - 114.70 107.40 -20.3 -93.6 122.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
Longbow♦ 103.38 -0.13 106.75 100.50 5.56 - -
City Lon♦ 406.10 1.10 411.90 345.00 3.66 398.4 1.9 JPM China 202.00 -1.75 233.96 143.43 0.79 232.1 -13.0 RIT Cap 1590 -9.00 1615 1265.55 1.85 1550.0 2.6 UtilicoFn16 184.75 -0.13 186.00 174.50 -60.8 -95.6 192.8 please email [email protected] or call 020 7873 4012.
PictonProp 72.00 -0.25 74.25 58.50 4.17 68.5 5.1
DexionAb 186.38 -0.25 188.00 165.00 - 196.3 -5.1 JPMElct MC 99.75 - 101.99 97.01 - 101.4 -1.6 RobecoNV € 30.38 - 30.91 27.21 - - - UtilicoFn18 141.75 0.50 146.50 119.00 -20.2 -32.1 160.5
SLIPropInc♦ 87.50 - 90.25 72.90 5.28 76.7 14.1
..EUR € 2.48 0.02 2.50 2.36 - 2.7 -8.1 ..MG 613.50 0.50 635.00 507.66 1.16 627.0 -2.2 RolincoNV € 28.32 - 28.98 25.15 - - - UtilicoFn20 116.50 -0.13 117.50 100.00 -10.0 -12.6 154.9
UKComPrp 90.15 0.25 94.00 79.00 4.52 84.7 6.4
..USD $ 3.85 0.09 3.75 3.42 - 4.2 -8.3 ..MI 105.50 -0.50 109.00 93.01 1.61 108.8 -3.0 Ruffer Inv 220.50 -0.25 226.00 193.50 - 221.0 -0.2
Property Securities
Data provided by Morningstar
DiverseInc♦ 83.00 0.38 87.95 73.02 2.90 84.4 -1.7 JPM Emrg 613.00 2.00 674.65 546.50 0.90 682.8 -10.2 SchdrAsiaP 290.00 -0.25 321.50 241.48 1.16 320.3 -9.5
SchdrGlbRe♦ 124.63 -0.38 132.98 29.00 2.83 130.2 -4.3
Investment Companies - AIM
Dun Inc♦ 261.00 -0.75 371.25 239.00 4.25 281.6 -7.3 JPM EurGth 247.25 1.25 263.00 193.00 2.71 263.9 -6.3 Schdr Inc 280.75 -0.25 283.00 235.50 3.60 294.9 -4.8
JPM EurInc 136.50 2.00 147.50 104.75 - 141.0 -3.2 SchdrJap 157.50 - 164.50 109.87 1.14 167.9 -6.2 TR Prop 307.40 0.90 325.00 232.40 2.42 310.8 -1.1 52 Week Dis(-)
Dun Sml 210.50 5.00 218.00 171.30 2.47 248.4 -15.3
EcofinWatr♦ 148.00 -0.13 176.75 132.56 4.64 184.8 -19.9 JPM EuSm 246.75 2.50 253.78 164.00 1.18 270.3 -8.7 SchdrOrient 203.00 1.50 215.25 173.25 3.77 199.3 1.9 VCTs 52 Week Dis(-) Price +/-Chg High Low Yld NAV or Pm
..CULS 103.50 -1.50 111.70 102.75 - - - JPM Clavr♦ 616.00 1.50 632.50 534.51 3.17 663.1 -7.1 SchdrUK 170.25 1.75 183.75 146.83 2.64 188.0 -9.4 Price +/-Chg High Low Yld NAV or Pm AdFrntMkt 58.50 - 65.50 55.00 - 62.6 -6.5
EdinDragn 284.50 -0.25 311.00 250.60 0.77 317.1 -10.3 JPMGIConv 104.50 0.50 112.50 99.00 5.38 103.6 0.9 SchdrUKMd 471.00 8.63 478.59 402.49 1.69 531.4 -11.4 AlbionDev♦ 69.00 - 70.89 67.00 7.25 71.8 -3.9 CrysAmber 151.50 - 155.50 129.81 0.3 158.1 -4.2
JPM GEI 116.25 - 130.00 111.00 4.22 117.4 -1.0 ScotAmer 254.00 3.75 260.00 221.99 4.11 260.1 -2.3
..CULS 106.75 - 107.70 102.50 - - -
JPM I&C Uni 363.00 - 370.50 330.06 - 382.2 -5.0 Scottish In 651.00 5.50 670.00 536.00 1.90 712.9 -8.7
Albion Ent 87.50 - 92.00 85.00 5.71 95.5 -8.4 GLI Finance♦
IndiaCap
55.50
57.75
- 65.00 52.00 9.0 -
0.25 69.40 41.25 - 69.8
-
-17.3
www.morningstar.co.uk
Thursday 14 May 2015 ★ FINANCIAL TIMES 25
Consistent UT Acc 134.38 135.97 1.20 4.22 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.10 - 0.00 - Frk Technology $ 11.20 - -0.06 0.00
Practical Investment Inc 212.10 216.71 -2.36 3.72 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.11 - -0.01 - Frk U.S. Focus Fund $ 17.38 - -0.03 0.00
ACPI Global UCITS Funds Plc (IRL) Baring International Fd Mgrs (Ireland) (IRL) Capita Asset Services (UK) Electric & General (1000)F (UK)
www.acpishard.com Regulated 40 Dukes Place, London EC3A 7NH Practical Investment Acc 1010.26 1032.26 -11.28 3.63 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Freedom 5 Acc (clean) £ 1.16 - -0.01 - Frk US Equity $ 25.45 - -0.04 0.00
Regulated China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Order Desk 08459 220044 Switchboard 0870 607 2555 Orders & Enquiries: 0845 850 0255 Fidelity PathFinder Income 1 Income (clean) £ 1.06 - 0.01 3.60 Frk US Opportunities $ 12.49 - -0.05 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 116.39 - -0.03 0.00 Authorised Inv Funds Authorised Inv Funds
Fidelity PathFinder Income 1 Gross Income (clean) £ 1.06 - 0.01 4.38 Frk US Sml Mid Cap Gth F $ 20.32 - -0.07 0.00
CF Heartwood Cautious B Acc X 130.48 - -0.21 0.34 Authorised Corporate Director - Carvetian Capital Management
ACPI Global Credit UCITS Funds USD A $ 13.93 - -0.02 0.00
Electric&General Net Income A 144.40 - 0.00 1.99 Fidelity PathFinder Income 2 Income (clean) £ 1.06 - 0.01 3.54 Frk Wrld Perspective Fd $ 20.16 - -0.04 0.00
Barings (Luxembourg) (LUX) CF Heartwood Cautious Income B Inc X 113.80 - -0.16 2.03
ACPI Global Fixed Income UCITS Fund USD A $ 151.32 - -0.06 0.00
FCA Recognised Fidelity PathFinder Income 2 gross £ 1.07 - 0.00 4.45 Tem Africa $ 10.86 - 0.03 0.00
Artemis Fund Managers Ltd (1200)F (UK) CF Heartwood Growth B Acc X 150.47 - -0.06 0.63
Q ACPI India Fixed Income UCITS Fund USD A $ 9.96 - -0.06 - Russia A GBP Inc F £ 28.46 - -0.10 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.06 - 0.00 4.41 Tem Asian Sml Comp Fd $ 41.50 - -0.25 0.00
CF Heartwood Balanced Income B Inc X 117.79 - -0.04 2.43 Ennismore Smaller Cos Plc (IRL)
ACPI India Fixed Income UCITS Fund USD A3 $ 85.05 - -0.48 0.00 Authorised Inv Funds Fidelity PathFinder Income 3 Income (clean) £ 1.07 - 0.01 4.00 Tem BRIC $ 15.06 - -0.14 0.00
CF Heartwood Balanced B Acc X 129.82 - 0.03 0.50 5 Kensington Church St, London W8 4LD 020 7368 4220
ACPI International Bond UCITS Fund USD A $ 17.99 - -0.01 0.00 Artemis Capital R ACC 1328.56 1403.93 17.18 1.23 Institutional OEIC Funds
FCA Recognised Tem China $ 26.25 - -0.17 0.00
Barmac Asset Management Ltd (UK) CF Heartwood Defensive Multi Asset Fund B Accumulation 110.79 - -0.07 0.01 Crèdit Andorrà Asset Management (LUX)
Artemis European Growth R Acc 257.49 271.96 3.13 1.14 Ennismore European Smlr Cos NAV £ 90.68 - -0.04 0.00 America £ 3.92 - 0.02 0.40
40 Dukes Place, London, EC3A 7NH www.creditandorra.com Tem Eastern Europe € 20.35 - 0.03 0.00
Artemis European Opps R Acc 76.93 81.21 0.62 1.26 CF JM Finn Gbl Opps A Acc ♦ 273.49 - 1.19 1.56
Authorised Corporate Director - Capita Financial Managers FCA Recognised Ennismore European Smlr Cos NAV € 126.30 - -0.30 0.00 Emerging Markets £ 3.34 - 0.02 0.48
ACPI Select UCITS Funds PLC (IRL) Tem Emerging Mkts Sml Comp Fd $ 10.90 - -0.01 0.00
Artemis Global Emg Mkts I GBP Acc 93.41 - 0.31 - Dealing: 0845 922 0044 CF Richmond Core X 194.25 - -0.68 0.00 Crediinvest SICAV Money Market Eur I € 11.22 - 0.00 0.00
Regulated Europe £ 4.23 - 0.05 2.30 Tem Euroland € 21.01 - -0.19 0.00
Authorised Inv Funds CF Seneca Diversified Growth A ACC 224.59 - 0.28 1.31
ACPI Balanced UCITS Fund USD Retail $ 14.53 - -0.05 0.00 Artemis Global Emg Mkts I GBP Dist 93.41 - 0.30 - Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Fidelity Pre-Retirement Bond Fund £ 116.70 - 0.70 1.56
Retail Accumulation 2 116.70 - 0.24 0.00 Tem European EUR € 22.82 - -0.23 0.00
CF Seneca Diversified Growth B ACC 132.41 - 0.16 2.25 Ennismore European Smlr Cos Hedge Fd
ACPI Balanced UCITS Fund EUR Retail € 10.98 - -0.04 0.00 Artemis Global Energy R Acc 29.29 31.05 0.37 0.00 Crediinvest SICAV Fixed Income Eur € 10.92 - -0.02 0.00 Global Focus £ 2.85 - 0.02 0.51
Retail Income 2 115.39 - 0.26 0.00 Other International Funds Tem Frontier Mkts Fund $ 18.72 - 0.00 0.00
ACPI Balanced UCITS Fund GBP Retail £ 11.08 - -0.04 0.00 Artemis Global Growth R Acc 187.11 197.51 0.60 0.78 CF Seneca Diversified Growth N ACC 131.28 - 0.16 1.94 Crediinvest SICAV Fixed Income Usd $ 10.69 - 0.00 0.00 NAV € 449.55 - -4.04 0.00 Index Linked Bond £ 2.65 - 0.00 0.64 Tem Growth (Euro) € 17.14 - -0.17 0.00
The Castleton Growth Fund Ret Acc X F 113.17 - 0.23 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Income R Acc 98.51 104.06 0.20 3.65 CF Seneca Diversified Income A INC 91.22 - -0.18 5.98 Crediinvest SICAV Spanish Value € 289.27 - -0.30 0.00 Index Linked Bond Gross £ 3.19 - 0.00 0.64 Tem Korea $ 5.67 - -0.02 0.00
The Castleton Growth Fund Ret Inc X F 113.65 - 0.23 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Artemis Global Income R Inc 81.45 86.05 0.16 3.77 CF Seneca Diversified Income B INC 107.98 - -0.21 5.19 Crediinvest SICAV International Value € 256.03 - -2.46 0.00 Index-Linked Bond Fund Gross Inc £ 12.49 - -0.02 0.64 Tem Thailand $ 20.19 - -0.19 0.00
CF Seneca Diversified Income N INC 107.02 - -0.21 5.19 Equinox Fund Mgmt (Guernsey) Limited (GSY)
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Artemis Global select R Acc 71.15 75.12 0.01 0.00 Crediinvest SICAV Big Cap Value € 19.66 - -0.11 0.00 Japan £ 2.14 - 0.03 0.69
Regulated
BlackRock (JER) Investment Adviser - DSM Capital Partners
ACPI Focused Equity UCITS Fund $ 13.71 - 0.02 0.00 Artemis High Income R Inc 80.90 86.10 0.14 5.53 Crediinvest SICAV US American Value $ 18.61 - -0.05 0.00 Equinox Russian Opportunities Fund Limited $ 114.28 117.61 13.94 0.00 Long Bond £ 0.50 - 0.01 2.84
Regulated The Westchester X $ 27.56 - -0.14 0.00 Frontier Capital (Bermuda) Limited
Artemis Income R Inc 214.78 227.62 1.91 3.93 Crediinvest SICAV Sustainability € 16.68 - 0.00 0.00 Long Bond Gross £ 0.81 - 0.01 2.78
BlackRock UK Property £ 39.63 - 0.21 3.67 The Westchester Class 1 GBP Acc £ 19.06 - -0.08 0.00 Other International
Artemis Income R Acc 359.92 381.43 3.20 3.82 Long Bond Fund Gross Inc £ 11.13 - 0.10 2.83
Abbey Life Assurance Company Limited (UK) Blackrock UK Long Lease £ 1049.11 - 1.20 0.00 The Westchester Class 2 GBP Acc £ 19.09 - -0.07 0.00 Euronova Asset Management UK LLP (CYM) Commercial Property-GBP Class £ 71.42 - -0.53 -
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Artemis Monthly Dist R Inc 64.12 67.99 0.15 4.70 Pacific (Ex Japan) £ 3.92 - 0.08 1.79
BLK Intl Gold & General $ 5.18 5.47 0.04 0.00 Investment Adviser - Morant Wright Management Limited Dantrust Management (Guernsey) Ltd (GSY) Regulated Global Real Estate-GBP C Class £ 45.26 - -0.50 -
additional fund prices can be found @ www.abbeylife.co.uk Artemis Pan-Euro Abs Ret GBP 104.45 - 0.83 - Regulated Pan European £ 2.76 - 0.02 1.95
CF Morant Wright Japan A X 276.23 - 0.80 0.00 Smaller Cos Cls One Shares (Est) € 34.37 - 0.25 0.00
Insurances
Artemis Strategic Assets R Acc 80.82 85.61 0.28 0.00 Dantrust II Limited kr 459.40 459.50 -1.10 0.00 Smaller Cos Cls Two Shares (Est) € 24.14 - 0.15 0.00 Reduced Duration UK Corporate Bond £ 10.69 - 0.00 3.10
Life Funds CF Morant Wright Japan A Inc X 272.16 - 0.80 0.00
Artemis Strategic Bond R M Acc 84.50 89.67 0.13 3.96 Smaller Cos Cls Three Shares (Est) € 12.15 - 0.08 - Reduced Duration UK Corporate Bond Gross £ 10.83 - -0.01 3.10
Prop. Acc. Ser 2 1498.40 1577.20 -1.50 - CF Morant Wright Japan B X 293.11 - 0.86 0.51
Artemis Strategic Bond R M Inc 55.38 58.77 0.08 4.03 Smaller Cos Cls Four Shares (Est) € 15.62 - 0.09 0.00 Reduced Duration UK Corporate Bond Inc £ 10.18 - 0.00 3.10
Selective Acc. Ser 2 1609.40 1694.10 4.00 - CF Morant Wright Japan B Inc X 276.40 - 0.81 0.53 DAVIS Funds SICAV (LUX)
Artemis Strategic Bond R Q Acc 84.59 89.76 0.14 3.96 Regulated Reduced Duration UK Corp Bond Gross Inc £ 10.18 - -0.01 3.10
American Ser. 4 1653.20 1740.20 -11.60 - CF Morant Wright Nippon Yield ACC A X 281.78 - 0.31 2.04
Artemis Strategic Bond R Q Inc 55.48 58.87 0.09 4.04 Davis Value A $ 41.86 - -0.16 0.00 Select Emerging Markets Equities £ 1.35 - 0.01 0.89
Custodian Ser. 4 497.20 523.40 2.10 - CF Morant Wright Nippon Yield ACC B X 291.38 - 0.32 2.03
Artemis UK Growth R Acc 455.62 482.52 6.11 0.56 Davis Global A $ 31.29 - -0.23 0.00 Select European Eqts £ 1.73 - 0.01 1.88
Equity Ser. 4 591.40 622.50 7.00 - CF Morant Wright Nippon Yield Fund A Inc X 247.37 - 0.27 2.08
BlueBay Asset Management LLP (LUX) Fundsmith LLP (1200)F (UK)
Artemis UK Smaller Cos R Acc 1086.99 1169.26 5.65 0.51 Select Global Equities £ 3.06 - 0.02 0.93
European Ser 4 595.20 626.50 3.60 - Regulated CF Morant Wright Nippon Yield Fund B Inc X 255.88 - 0.29 2.07 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Artemis UK Special Sits R Acc 531.35 564.80 4.96 1.63 South East Asia £ 3.92 - 0.04 0.64 www.fundsmith.co.uk, [email protected]
Fixed Int. Ser. 4 883.60 930.10 3.10 - BlueBay EmMkt B-USD $ 294.73 - -1.64 0.00 Discretionary Unit Fund Mngrs (1000)F (UK)
Artemis US Abs Ret I Acc 100.35 - -0.37 - 1 Poultry, London EC2R 8JR 020 7 415 4130 Sterling Core Plus Bond Gr Accum £ 2.04 - 0.02 3.61 Authorised Inv Funds
Intl Ser. 4 448.40 472.00 0.10 - BlueBay EmMktCrp B-USD $ 166.51 - -0.36 0.00
Artemis US Equity I Acc 109.90 - 0.32 -
Cavendish Asset Management Limited (1200)F (UK) Authorised Inv Funds Fundsmith Equity T Acc 208.32 - 0.27 1.09
Japan Ser 4 379.40 399.30 -0.60 - BlueBay EmMktSel B-USD $ 154.26 - -0.55 0.00 Sterling Core Plus Bond Inc £ 1.35 - 0.01 3.73
Chelsea House, Westgate, London W5 1DR Disc Inc 1473.90 1519.50 19.80 0.00 Eurobank Fund Management Company (Luxembourg) S.A. Fundsmith Equity T Inc 198.31 - 0.26 1.10
Artemis US Select I Acc 109.54 - 0.28 - IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Regulated UK £ 3.65 - 0.04 1.83
Man. Ser. 4 1702.70 1792.30 7.00 - BlueBay EmMkLocCy B-USD $ 147.87 - -0.17 0.00
Authorised Inv Funds Do Accum 5529.80 5700.80 74.10 0.00
Artemis US Select I Inc 97.83 - 0.25 - (LF) Absolute Return € 1.31 - 0.00 0.00 UK Aggreg Bond Gr Accum £ 1.80 - 0.01 3.10
Money Ser. 4 524.20 551.80 0.00 - BlueBay GlblConv I-USD $ 197.39 - 0.13 0.00
Artemis US Smlr Cos I Acc 117.56 - 0.44 - Cavendish Opportunities Fund B Class 1088.00 - 9.00 1.32
Prop. Ser. 4 1071.00 1127.40 -0.90 - BlueBay GlblHgYd B-USD $ 133.50 - -0.45 0.00
(LF) Balanced - Active Fund (RON)RON 16.60 - 0.00 0.00 UK Aggregate Bond Inc £ 1.23 - 0.00 3.17 GAM Limited (2300)F (UK)
Artemis US Ex Alpha I Acc 111.10 - 0.14 - Cavendish Opportunities Fund A Class 1079.00 - 8.00 0.53 GAM Sterling Management Limited
(LF) Cash Fund € € 1.32 - 0.00 0.00 UK Corporate Bond £ 1.25 - 0.01 3.97
Custodian Ser 5 478.10 503.30 2.10 - BlueBay HgYield B-EUR € 339.02 - -0.97 0.00 12 St James's Place London SW1A 1NX. 0800 919 927
Cavendish Opportunities Fund C Acc 1116.00 - 9.00 1.20
(LF) Cash Fund (RON) RON 15.67 - 0.01 0.00 UK Corporate Bond - Gross £ 2.26 - 0.01 3.83 Internet: gam.com
International Ser 5 431.20 453.90 0.10 - BlueBay HgYieldCp B-EUR € 143.46 - -0.40 0.00
Cavendish Worldwide Fund B Class 320.70 - 0.90 0.90
(LF) Eq Emerging Europe € 0.90 - -0.01 0.00 UK Corporate Bond Fund Gross Inc £ 11.33 - 0.04 3.95 Authorised Inv Funds
Managed Ser 5 1637.20 1723.40 6.60 - Artemis Fund Managers Ltd (CYM) BlueBay InvGr B-EUR € 173.38 - -0.73 0.00
Cavendish Worldwide Fund A Class 319.50 - 0.80 0.15 GAM Funds OEIC
Regulated (LF) Eq Flexi Style Greece € 1.22 - 0.02 - UK Gilt Bond £ 1.28 - 0.01 1.89
Money Ser 5 513.20 540.30 0.00 - BlueBay InvGEurGv B-EUR € 149.24 - -0.92 0.00
Cavendish Worldwide Fund C Acc 327.00 - 0.90 0.80 GAM Global Diversified Acc 4127.50 - -22.20 0.00
Artemis Gbl Hedge Fd Ltd GBP £ 54.66 - -1.07 - (LF) Global Bond Fd € 12.10 - -0.05 0.00 UK Gilt Gross £ 2.01 - 0.01 1.86
Property Ser 5 1029.80 1084.00 -0.90 - BlueBay InvGEurAg I-EUR € 149.70 - -0.83 0.00
Cavendish AIM Fund B Class 158.60 - 1.20 0.39 GAM North American Gwth Acc 3249.37 - -33.92 0.00
Pension Funds
Artemis Gbl Hedge Fd Ltd EUR € 50.84 - -1.06 - Dodge & Cox Worldwide Funds (IRL) (LF) Global Equities € 1.21 - -0.01 0.00 UK Long Corp Bond £ 1.40 - 0.01 4.36
BlueBay InvGLibor B-EUR € 126.05 - -0.15 0.00
Cavendish AIM Fund A Class 154.20 - 1.10 0.00 6 Duke Street,St.James,London SW1Y 6BN GAM UK Diversified Acc 1992.32 - -16.05 1.02
Artemis Gbl Hedge Fd Ltd USD $ 54.93 - -1.13 -
Asset Management
American 1902.90 2003.10 -16.30 - (LF) Eq Mena Fund € 15.41 - -0.12 0.00 UK Long Corp Bond - Gross £ 2.47 - 0.01 4.19
HighIncomeLoan H-EUR € 194.61 - 0.04 0.00 www.dodgeandcox.worldwide.com 020 3713 7664
Artemis Pan-Euro Hdg EUR € 176.28 - -3.15 - Cavendish Asia Pacific Fund B Class 182.40 - 0.60 1.31
Equity 5258.20 5534.90 49.30 - FCA Recognised (LF) Greek Government Bond € 15.36 - 0.05 0.00 UK Long Corporate Bond Fund - Gross Income £ 11.24 - 0.06 4.33
Cavendish Asia Pacific Fund A Class 181.60 - 0.50 0.60 Dodge & Cox Worldwide Funds plc - Global Bond Fund
European 1207.60 1271.10 5.00 - Artemis Pan-Euro Hdg GBP £ 199.00 - 2.97 - (LF) Income Plus $ $ 1.22 - 0.00 0.00 UK Specialist £ 1.94 - 0.02 1.17 GAM Limited (IRL)
Artemis Pan-Euro Hdg USD $ 187.83 - 2.86 - BONHOTE Cavendish Asia Pacific Fund C Acc 187.50 - 0.50 1.30 EUR Accumulating Class € 11.97 - -0.07 - Retail Share Classes FCA Recognised
Fixed Int. 1613.70 1698.70 3.10 - (LF) Greek Corporate Bond € 10.76 - 0.04 0.00
Other International Funds GAM Fund Management Ltd
Cavendish European Fund B Class 145.70 - 1.60 1.22 EUR Accumulating Class (H) € 9.63 - 0.00 - Emerging Markets - retail £ 1.34 - 0.01 0.00
International 958.10 1008.50 -1.00 - Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6901.00 - 43.00 2.43 (LF) FOF Balanced Blend € 1.46 - -0.01 0.00 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Cavendish European Fund A Class 144.20 - 1.70 0.35 EUR Distributing Class € 11.67 - -0.07 - Europe Long Term Growth £ 1.54 - 0.00 1.84
Japan 400.80 421.90 -1.00 - (LF) FOF Equity Blend € 1.38 - -0.02 0.00 GAM Star Fund Plc
Artisan Partners Global Funds PLC (IRL) Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10472.00 - 123.00 0.81
Cavendish Japan Fund B Class 160.30 - -0.10 0.75 EUR Distributing Class (H) € 9.38 - 0.00 - {*}CAR - Net income reinvested
Managed 4423.60 4656.50 10.90 - Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland (LF) FOF Glob. Emerging Mkts € 0.99 - -0.01 0.00 GAM Star Asia-Pacific Eqty USD Acc F $ 13.52 - 0.03 0.68
Tel: 44 (0) 207 766 7130 Cavendish Japan Fund A Class 159.00 - -0.20 0.00 GBP Distributing Class £ 10.16 - -0.06 -
Property 2756.10 2901.10 -2.60 - (LF) FOF Dynamic Fixed Inc € 11.99 - -0.16 0.00 GAM Star Asian Eqty USD Ord Acc F $ 16.44 - -0.12 0.00
FCA Recognised Braemar Group PCC Limited (GSY) Cavendish North American Fund B Class 190.80 - -0.70 0.58 GBP Distributing Class (H) £ 9.43 - -0.01 -
Security 1477.00 1554.80 0.00 - Artisan Partners Global Funds plc (LF) FOF Real Estate € 16.65 - -0.29 0.00 FIL Fund Management (LUX) GAM Star Balanced GBP Acc £ 10.73 - -0.10 0.00
Regulated
Cavendish North American Fund A Class 185.40 - -0.60 0.00 USD Accumulating Class $ 9.68 - 0.00 - 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Selective 2063.80 2172.40 4.60 - Artisan Emerging Markets I USD Acc $ 8.21 - -0.03 0.00 GAM Star Cap.Appr.US Eqty USD Inc F $ 18.82 - -0.10 0.00
UK Agricultural Class A £ 1.27 - 0.00 0.00 Phone: 800 22 089, 800 22 088
Cavendish Technology Fund B Class 274.30 - -1.50 0.09 Dodge & Cox Worldwide Funds plc-Global Stock Fund
Formerly Hill Samuel Life Assurance Ltd Artisan Global Equity Fund Class I USD Acc $ 15.56 - -0.05 0.00 Regulated GAM Star Cat Bond USD Acc $ 12.42 - 0.00 0.00
UK Agricultural Class B £ 1.39 - 0.00 0.00 USD Accumulating Share Class $ 17.60 - -0.06 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Cavendish Technology Fund A Class 261.60 - -1.50 0.00
Artisan Global Opportunities I USD Acc $ 12.44 - -0.05 0.00 China Consumer A-GBP £ 17.04 - -0.26 0.00 GAM Star Cautious GBP Acc £ 10.79 - 0.01 0.00
Student Accom Class B £ 0.55 - -0.17 0.00 GBP Accumulating Share Class £ 18.48 - -0.15 0.00
Managed Ser A (Life) 1604.40 1697.80 -17.80 - Cavendish UK Balanced Income Fund B Class 146.20 - 1.00 5.02
Artisan Global Value Fund Class I USD Acc $ 16.71 - -0.08 0.00 China Focus A-GBP £ 5.15 - -0.07 0.20 GAM Star China Equity USD Acc F $ 28.59 - -0.42 0.38
Managed Ser A (Pensions) 1077.80 1134.60 -14.40 - Cavendish UK Balanced Income A Class 139.50 - 1.00 5.26 GBP Distributing Share class £ 13.53 - -0.11 0.72
Artisan US Value Equity Fund Class I USD Acc $ 11.95 - -0.01 0.00 Global Financial Services A-GBP £ 0.45 - -0.01 0.00 GAM Star Cont European Eqty GBP Acc F £ 3.55 - -0.04 0.00
Formerly Target Life Assurance Ltd CAF Financial Solutions (UK) Cavendish UK Select Fund B Class 168.70 - 1.90 1.65 EUR Accumulating Share Class € 23.57 - -0.21 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Global Health Care A-GBP £ 0.56 - 0.00 0.00 GAM Star Cred Opportunities GBP Acc £ 12.96 - 0.01 4.01
Kings Hill, West Malling, Kent 03000 123 222 Dodge & Cox Worldwide Funds plc-International Stock Fund
Cavendish UK Select Fund A Class 168.00 - 1.90 0.86
Managed (Life) 1624.50 1710.00 -18.30 - Property & Other UK Unit Trusts Global Industrials A-GBP £ 0.69 - -0.01 0.00 GAM Star Defensive GBP Acc £ 11.12 - -0.06 0.00
Ashmore Sicav (LUX) USD Accumulating Share Class $ 16.05 - -0.08 0.00 FIL Investment Services (UK) Limited (1200)F (UK)
Managed Growth (Life) 521.00 548.50 -7.90 - 2 rue Albert Borschette L-1246 Luxembourg CAF UK Equitrack Inc Fd 75.43 75.43 0.71 3.10 130, Tonbridge Rd, Tonbridge TN11 9DZ Global Inflation-Linked Bd A-GBP-Hdg £ 1.19 - 0.00 0.51 GAM Star Discretionary FX USD Acc F $ 12.77 - -0.12 0.00
EUR Accumulating Share Class € 16.84 - -0.19 0.00
FCA Recognised CAF UK Equitrack Acc Fd 105.10 105.10 1.00 3.10 Callfree: Private Clients 0800 414161 GAM Star Dynamic Gbl Bd USD Acc H $ 10.34 - 0.00 1.47
Managed (Pensions) 6467.40 6807.80 -87.00 - Cedar Rock Capital Limited (IRL) Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Global Real Asset Securities £ 1.50 - -0.01 0.00
Regulated Broker Dealings: 0800 414 181
Managed Growth (Pensions) 641.90 675.70 -11.60 - Ashmore SICAV Emerging Market Debt Fund $ 100.67 - -0.46 8.50 FP CAF Alternative Strategies A Class Acc 111.68 - -0.03 0.41 USD Accumulating Share Class $ 18.89 - -0.04 0.00 Global Technology A-GBP £ 0.25 - 0.00 0.00 GAM Star Emerging Asia USD Class ACCU $ 12.67 - 0.04 0.48
Authorised Inv Funds
Ashmore SICAV Emerging Market Frontier Equity Fund $ 157.87 - 0.49 0.85 Cedar Rock Capital Fd Plc $ 359.26 - 3.13 0.00
additional fund prices can be found on our website FP CAF Alternative Strategies A Class Inc 111.12 - -0.03 0.46 GBP Accumulating Share Class £ 18.75 - -0.14 0.00 Unit Trust Global Telecomms A-GBP £ 0.29 - 0.00 0.98 GAM Star Emerg. Market Rates USD Acc F $ 11.57 - -0.01 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 88.38 - -0.26 6.28 Cedar Rock Capital Fd Plc £ 367.02 - -11.00 0.00 Cash Accum Units 186.28 186.28 0.00 0.00
FP CAF Fixed Interest A class Acc 113.79 - -0.33 2.95 GBP Distributing Share Class £ 11.98 - -0.08 0.44 India Focus A-GBP £ 4.28 - -0.11 0.00 GAM Star European Eqty USD Acc F $ 24.17 - -0.12 0.00
Ashmore SICAV Global Small Cap Equity Fund $ 146.68 - -0.22 0.00 Cedar Rock Capital Fd Plc € 333.75 - -12.90 0.00 Cash Fund £ 1.00 1.00 0.00 0.12
FP CAF Fixed Interest A class Inc 101.13 - -0.29 2.99 EUR Accumulating Share Class € 21.87 - -0.16 0.00 Latin America A-GBP £ 1.71 - 0.00 0.18 GAM Star Flexible Gbl Port GBP Ac £ 13.03 - -0.04 0.00
Ashmore SICAV Local Currency Fund $ 88.48 - 0.14 0.29 FP CAF Fixed Interest B class Acc 114.27 - -0.33 2.95 Gross Accum Cash £ 1.28 1.28 0.00 0.00 GAM Star GAMCO US Equity Acc F $ 14.32 - -0.05 0.00
EM Mkts Corp.Debt USD F $ 102.02 - -0.08 7.05 FP CAF Fixed Interest B class Inc 101.43 - -0.29 2.99 Charles Schwab Worldwide Funds Plc (IRL) MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.12 GAM Star Global Conv Bond USD Acc F $ 11.71 - -0.02 0.00
Findlay Park Funds Plc (IRL)
EM Mkts Loc.Ccy Bd USD F $ 87.97 - -0.27 5.79 FP CAF International Equity A Class Acc 144.24 - -1.42 0.71 Regulated MoneyBuilder Global £ 2.70 2.70 -0.01 0.18 GAM Star Global Rates USD Acc F $ 12.66 - 0.09 0.00
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 OEIC Funds FCA Recognised
FP CAF International Equity A Class Inc 140.44 - -1.38 0.71 GAM Star Global Selector USD Acc F $ 14.71 - -0.07 0.00
American £ 27.61 - 0.10 0.00 American Fund USD Class $ 81.28 - -0.34 0.00
Alceda Fund Management S.A. FP CAF UK Equity A Class Acc 153.79 - -1.58 2.02 GAM Star Japan Eqty USD Acc F $ 13.63 - 0.03 0.34
www.alceda.lu American Special Sits £ 11.27 - 0.04 0.00 American Fund GBP Hedged £ 44.25 - -0.19 0.00
FP CAF UK Equity A Class Inc 141.35 - -1.46 2.04 Chartered Asset Management Pte Ltd GAM Star Keynes Quant Strat USD Acc F $ 12.43 - -0.04 0.00
FCA Recognised Other International Funds Asia Pacific Ops W-Acc £ 1.11 - 0.01 - American Fund GBP Unhedged £ 51.77 - -0.68 -
FP CAF UK Equity B Class Acc 153.79 - -1.58 2.02 GAM Star Local EM Rates and FX USD Acc $ 11.78 - -0.06 0.00
AC Opp - Aremus Fund EUR A € 111.76 - -0.44 0.00 CAM-GTF Limited $ 332303.23 332303.23 -10492.59 0.00 Dominion Fund Management Limited
Asset Management
Fidelity Asian Dividend Fund A-Accumulation £ 1.20 - 0.01 1.25 Latin American Fund USD Class $ 15.49 - 0.10 0.00
FP CAF UK Equity B Class Inc 141.34 - -1.45 2.04 PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port GAM Star North of South EM Equity Acc F $ 12.29 - -0.08 0.02
Asset Management
AC Risk Parity 7 Fund EUR A € 122.55 - -0.30 0.00 CAM GTi Limited $ 720.39 - -33.02 0.00 Fidelity Asian Dividend Fund A-Income £ 1.16 - 0.01 2.59 Latin American Fund GBP Unhedged £ 9.87 - -0.02 -
Guernsey - Channel Islands United Kingdom GY1 3PU GAM Star Technology USD Acc F $ 16.42 - -0.20 0.00
AC Risk Parity 12 Fund EUR A € 148.62 - -0.64 0.00 Raffles-Asia Investment Company $ 1.98 1.98 0.09 6.54 +44(0)1481 734343 [email protected] www.dominion-funds.com China Consumer £ 1.71 - 0.00 0.06
Aspect Capital Ltd (UK) GAM Star US All Cap Eqty USD Acc F $ 14.22 - -0.05 0.00
AC Risk Parity 17 Fund EUR A € 96.79 - -0.76 0.00 FCA Recognised
Other International Funds Emerging Asia £ 1.29 - 0.01 0.13
DGT Luxury Consumer - £ I £ 134.24 - -1.64 0.00 GAM Star Worldwide Eqty USD Acc F $ 3540.90 - -11.68 0.34
ACQ Risk Parity Bond Fund EUR A € 101.33 101.33 -0.29 0.00 Emerg Eur, Mid East & Africa H £ 1.51 - 0.03 0.86
Aspect Diversified USD $ 391.13 - -32.35 0.00
DGT Luxury Consumer - £ R £ 129.17 - -1.58 0.00
Aspect Diversified EUR € 225.25 - -10.25 - Enhanced Income - Acc £ 1.94 - 0.02 7.90
DGT Managed - £ I £ 1.14 - 0.00 0.00 GYS Investment Management Ltd (GSY)
Aspect Diversified GBP £ 114.57 - -5.36 0.00 Enhanced Income - Inc £ 1.28 - 0.01 7.04
DGT Managed - £ R £ 1.16 - -0.01 0.00 Regulated
Aspect Diversified CHF SFr 108.11 - -4.84 0.00 European - Inc £ 1.51 - 0.01 1.46
Taurus Emerging Fund Ltd $ 215.52 219.92 -6.84 0.00
CCLA Investment Management Ltd (UK)
Aspect Diversified Trends USD $ 112.63 - -0.23 0.00 European £ 17.07 - 0.16 1.10
Senator House 85 Queen Victoria Street London EC4V 4ET Fleming Financial Trust Investment Fund Limited (NZ)
Aspect Diversified Trends EUR € 112.99 - -0.22 0.00 Authorised Inv Funds Dominion Fund Management Limited European Opportunities £ 3.87 - 0.02 0.23 Incorporated in New Zealand, Reg No 5141841
Cheyne Capital Management (UK) LLP (IRL)
The Public Sector Deposit Fund Other International Funds Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand Generali International Limited
Aspect Diversified Trends GBP £ 116.53 - -0.23 0.00 Regulated Extra Income £ 0.27 - 0.00 3.45
DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 115.20 115.20 -0.50 0.00 www.fftinvestmentfund.com PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.49 Cheyne Convertibles Absolute Return Fund € 1395.57 - 0.06 0.00
Allianz Global Investors GmbH(1200) F (UK) Extra Income - Gross £ 0.27 - 0.00 3.45 International Insurances
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 113.40 113.40 0.14 0.00 [email protected]
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.28 Cheyne European Real Estate Bond Fund € 112.64 - -0.02 0.00 Global Dividend - Acc £ 1.55 - 0.00 3.14 Other International Funds Global Multi-Strategy Managed $ 5.01 5.40 -0.06 0.00
Authorised Inv Funds Atlantas Sicav (LUX) The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.34 Fleming FT Investment Fund
Cheyne Global Credit Fund € 121.56 - -0.14 0.00 Global Dividend - Inc £ 1.40 - 0.00 3.24 UK Multi-Strategy Managed £ 4.98 5.36 -0.03 0.00
OEIC Regulated
The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.39 Fleming Fund $ 3.75 3.85 0.01 -
Allianz BRIC Stars A Acc 161.78 - 0.64 0.60 American Dynamic $ 3603.08 - -4.59 0.00 Global Focus £ 13.41 - 0.09 0.00 EU Multi-Strategy Managed € 3.04 3.28 -0.07 0.00
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.28
American One $ 3315.92 - 3.73 0.00 Global High Yield Fund - A Gross Acc £ 12.35 - 0.01 4.73 Global Bond USD $ 3.56 3.84 -0.03 0.00
Allianz BRIC Stars C Acc 172.86 - 0.69 1.02 Cheyne Capital Management (UK) LLP
Allianz Brazil Fund A Acc 60.15 - 0.36 0.97 Bond Global € 1383.28 - -9.80 0.00 Other International Funds Global High Yield Fund - A Gross Inc £ 10.54 - 0.01 4.95 Foord Asset Mgt (Guernsey) Ltd (GSY)
Cheyne European Event Driven Fund € 149.26 - 0.23 0.00 Regulated
Allianz Brazil Fund C Acc 61.68 - 0.38 1.64 Eurocroissance € 914.76 - 6.85 0.00 CCLA Investment Management Ltd (UK) Global High Yield Fund - A Net Acc £ 11.96 - 0.00 4.77
Genesis Asset Managers LLP
Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne European High Yield Fund € 133.76 - 2.30 0.00 Foord International Trust $ 36.40 - -0.06 0.00
Allz Continental European A Acc 911.83 - 7.97 0.19 Far East $ 755.92 - 3.07 0.00 Global High Yield Fund - A Net Inc £ 10.53 - 0.00 4.95 Other International Funds
Property & Other UK Unit Trusts Dragon Capital Group
Cheyne Malacca Asia Equity Fund Class A $ 1486.26 - -3.00 0.00 Global Property - Acc £ 1.50 - 0.01 1.22 Emerging Mkts NAV £ 6.00 - -0.06 0.00
Allz Continental European C Acc 147.26 - 1.29 0.99 CBF Church of England Funds c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Cheyne Multi Strategy Liquid Fund $ 128.39 - 0.66 - Global Property W Inc £ 1.24 - 0.01 2.77 Franklin Templeton International Services Sarl (IRL)
Allz European Eq Inc A Inc 141.12 - 0.99 3.59 Investment Inc 1401.67 1417.17 1.18 3.78 Fund information, dealing and administration: [email protected]
BLME Asset Management (LUX)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Cheyne Real Estate Credit Holdings Fund £ 144.75 - 1.87 0.00 Other International Funds Global Special Sits £ 25.86 - 0.15 0.00
Allz European Eq Inc A Acc 191.64 - 1.35 3.75 BLME Sharia'a Umbrella Fund SICAV SIF Investment Acc 2791.12 2822.00 2.32 - Guardian (UK)
Other International Funds
Regulated Cheyne Real Estate Debt Fund Class A1 £ 131.37 - 0.81 0.00 Vietnam Enterprise Inv. (VEIL) NAV $ 3.33 - -0.05 0.00 Index Emerging Markets P-Acc £ 1.16 - 0.01 2.19 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Allz European Eq Inc C Acc 107.77 - 0.76 3.53 Global Equity Inc 166.09 167.93 -1.04 4.31 Franklin Emerging Market Debt Opportunities Fund Plc
$ Income Fund - Share Class A Acc $ 1139.13 - -0.64 0.00 Cheyne Total Return Credit Fund - December 2017 Class $ 201.99 - 0.81 0.00 Vietnam Growth Fund (VGF) NAV $ 21.81 - -0.36 0.00 Index Europe ex UK P-Acc £ 1.08 - 0.01 2.33 Insurances
Allz European Eq Inc C Inc 103.87 - 0.73 3.32 Global Equity Acc 235.96 238.56 -1.48 - Franklin Emg Mkts Debt Opp CHFSFr 17.84 - -0.09 6.47
$ Income Fund - Share Class B Acc $ 1158.90 - -0.65 0.00 Cheyne Total Return Credit Fund December 2019 $ 146.94 - 13.56 - Vietnam Property Fund (VPF) NAV $ 0.77 - -0.03 0.00 Guardian Assurance
Allianz EcoTrends A Acc 92.21 - 1.10 0.00 UK Equity Inc 157.09 158.67 1.99 4.05 Index Japan P-Acc £ 1.16 - 0.02 1.50 Franklin Emg Mkts Debt Opp EUR € 12.63 - -0.08 6.51
$ Income Fund - Share Class C Acc $ 1007.99 - -0.58 0.00 Equity S-GH Class B £ 13.35 - 0.12 -
Allianz EcoTrends C Acc 96.99 - 1.16 0.00 UK Equity Acc 227.04 229.32 2.88 - Index Pacific ex Japan P-Acc £ 1.16 - 0.02 3.39 Franklin Emg Mkts Debt Opp GBP £ 10.54 - -0.02 6.36
$ Income Fund - Share Class D Dis $ 1001.62 - -0.56 0.77 Managed Fund Bond £ 23.76 24.75 -0.33 -
Allianz Gilt Yield Fund C Inc 165.18 - 0.81 1.93 Fixed Interest Inc 165.61 166.27 -0.26 3.96 CMI Asset Mgmt (Luxembourg) SA (LUX) DSM Capital Partners Funds (LUX) Index UK A-Acc £ 0.90 - 0.01 2.71 Franklin Emg Mkts Debt Opp SGD S$ 22.88 - -0.05 6.31
$ Income Fund - Share Class G Acc £ 1077.81 - -0.57 0.00 Choices Wth-Pfts Lg-tm 318.20 334.90 0.10 -
Fixed Interest Acc 492.36 494.34 -0.76 - 23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311 www.dsmsicav.com Index UK P-Acc £ 1.10 - 0.02 2.95 Franklin Emg Mkts Debt Opp USD $ 17.86 - 0.15 6.27
Allianz Gilt Yield Fund I Inc 170.80 - 0.84 1.93
$ Income Fund - Share Class M Acc € 1015.59 - -0.65 0.00 FCA Recognised Regulated Choices Wth-Pfts St-tm 269.80 284.00 0.00 -
Allianz Japan A Acc 539.55 - 4.86 0.00 Property Fund Inc 126.92 131.18 0.00 6.51 Index US A-Acc £ 1.61 - 0.01 1.44
CMI Global Network Fund (u) Global Growth I2 Acc € 134.27 - -1.81 0.00 Choices Managed 632.05 665.32 -12.38 -
$ Income Fund - Share Class W DisA$ 1031.65 - -0.35 - Index US P-Acc £ 1.24 - 0.01 1.65
Allianz Japan C Acc 121.79 - 1.10 0.00 Property Fund Acc 224.08 231.59 2.52 - Regional Equity Sub Funds
Gl Sukuk Fund - Share Class A Acc $ 1227.96 - -0.12 0.00
Franklin Templeton Investment Funds (LUX) Choices Equity 729.22 767.60 -18.51 -
Allz RiskMaster Conservative A Acc 117.81 - 0.84 0.00 CMI Continental Euro Equity € 31.42 - 0.39 0.84 Index World A-Acc £ 1.46 - 0.01 1.75 8A rue Albert Borschette / L-1246 Luxembourg
Gl Sukuk Fund - Share class B Acc £ 1093.21 1093.21 -0.07 0.00 Freedom With Pfts Long-Tm 218.50 230.00 0.00 -
Allz RiskMaster Conservative C Acc 119.53 - 0.85 0.31 CMI Pacific Basin Enhanced Equity $ 47.00 - 0.28 2.19 Ecclesiastical Inv Mgt Ltd (1200)F (UK) Index World P-Acc £ 1.18 - 0.00 1.86 www.franklintempleton.co.uk UK freephone 0 800 305 306
CCLA Fund Managers Ltd (UK) PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 FCA Recognised Freedom With Pfts Short-Tm 196.60 207.00 0.00 -
Japan £ 2.85 - 0.05 0.00
Asset Management
Allz RiskMaster Defensive A Acc 110.39 - 0.72 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Single Country Equity Sub Funds Authorised Inv Funds Class A Dis Freedom Managed 365.73 384.98 -5.21 -
Allz RiskMaster Defensive C Acc
Allz RiskMaster Growth A Acc
112.19
124.82
-
-
0.73 0.14
1.09 0.00
Bank of America Cap Mgmt (Ireland) Ltd
Regulated
(IRL) Property & Other UK Unit Trusts
COIF Charity Funds (UK)
CMI Japan Enhanced Equity F
CMI UK Equity
¥ 4635.53
£ 12.84
-
-
1.40 0.76
0.12 2.03
Amity UK Cls A Inc
Amity UK Cls B Inc
218.90
218.50
-
-
1.70 1.40
1.70 2.20
Japan Smaller Companies
MoneyBuilder Asset Allocator Asset Management
£
£
1.97
1.22
-
-
0.04 0.00
0.00 0.50
Frk Gbl R.Estate (USD) A Dis
Frk High Yield
$
$
9.99
6.85
-
-
-0.01 2.36
-0.02 5.16
Freedom Equity Asset Management 420.37 442.49 -6.79 -
Global Liquidity USD $ 1.00 - 0.00 0.00 Investment Inc 1269.27 1283.31 0.07 3.48 Corp Pens Mananged 223.13 223.13 -4.37 -
Allz RiskMaster Growth C Acc 127.97 - 1.12 0.02 CMI US Enhanced Equity F $ 80.17 - -0.25 0.55 Higher Income Cls A Inc 132.80 - 0.50 4.61 MoneyBuilder Balanced £ 0.51 - 0.00 3.98 Frk Euro Gov. Bond € 11.33 - -0.07 1.01
Investment Acc 11961.24 12093.54 0.60 - Corp Pens Equity 238.06 238.06 -6.05 -
Allz RiskMaster Moderate A Acc 122.96 - 0.98 0.00 Index Tracking Sub Funds Higher Income Cls B Inc 136.50 - 0.60 4.55 Money Builder Dividend £ 2.67 - 0.03 4.12 Frk Euro High Yield € 6.72 - -0.02 4.48
Ethical Invest Inc 197.13 199.31 -0.30 3.59 Corp Pens Fixed Interest 294.84 294.84 -2.68 -
Allz RiskMaster Moderate C Acc 125.19 - 1.01 0.48 Barclays Investment Funds (CI) Ltd (JER) Euro Equity Index Tracking € 21.19 - 0.29 1.86 UK Equity Growth Cls A Inc 244.70 - 3.20 0.45 MoneyBuilder Growth £ 0.79 - 0.01 2.18 Frk Euro Liquid Reserve € 4.36 - 0.00 0.00
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Ethical Invest Acc 248.55 251.29 -0.38 - Corp Pens Index Linked 338.04 338.04 -2.97 -
Allz Sterling Total Return Fund A Inc 150.05 - 0.32 2.92 Japan Index Tracking ¥ 848.90 - 1.17 0.83 UK Equity Growth Cls B Inc 249.90 - 3.20 1.21 MoneyBuilder Growth ISA £ 0.79 - 0.00 2.34 Frk Euro Short Dur Bond Fd € 10.19 - -0.01 0.00
FCA Recognised Global Equity Inc 155.05 156.77 -0.88 4.34 Corp Pens Deposit 190.49 190.49 0.00 -
Allz Sterling Total Return Fund C Inc 150.69 - 0.33 3.59 UK Eqty Index Tracking £ 16.50 - 0.15 2.78 Amity Balanced For Charities A Inc 113.40 - 0.50 5.45 MoneyBuilder Income £ 0.36 - 0.00 3.25 Frk Europ Corp Bond Fd € 11.46 - -0.04 1.64
Bond Funds
Global Equity Acc 224.28 226.76 -1.28 - Corp Pens Protector 350.91 350.91 -7.18 -
Allz Total Return Asian A Acc 696.94 - -1.43 1.20 Sterling Bond F £ 0.46 - 0.00 2.53 US Eqty Index Tracking $ 59.10 - -0.17 0.77 Amity European Fund Cls A Inc 207.90 - 2.30 1.19 MoneyBuilder Income -Gross £ 0.36 - 0.00 4.06 Frk European Total Return € 10.24 - -0.06 1.31
Fixed Interest Inc 134.60 135.14 -1.28 4.08 Corp Pens UK Index Tracker £ 2.05 2.05 -0.04 -
Allz Total Return Asian C Inc 642.35 - -1.30 1.10 Managed Sub Funds Multi Asset Adventurous A-Acc £ 1.38 - 0.00 0.45
Amity European Fund Cls B Inc 210.10 - 2.30 2.02 Frk Global Aggr.Inv.Grd Bond Fd $ 10.49 - -0.02 0.00
Fixed Interest Acc 755.98 759.02 -7.20 - Guardian Linked Life Assurance Ltd
Global Bond £ 1.43 - 0.01 0.87 Multi Asset Alloc Adventurous A-Acc £ 3.90 - 0.03 2.30
Allz UK Corporate Bond A Inc 105.68 - 0.35 3.87 Amity Global Equity Inc for Charities A Inc 109.60 - 0.30 3.80 Frk Global Aggregate Bond Fd $ 9.94 - -0.02 1.09
Baring Fund Managers Ltd (1200)F (UK) Property Inc 109.16 112.82 0.00 5.84 Managed Acc £ 18.42 19.39 -0.30 -
Global Network Mgd Global Mxd £ 2.33 - 0.01 0.19 Multi Asset Alloc Strategic A-Acc £ 1.21 - 0.00 0.27
Allz UK Corporate Bond C Inc 106.23 - 0.35 3.47 Dealing and Enquiries 020 7214 1004 Amity International Cls A Inc 224.70 - 0.40 1.23 Frk Global Income Fd $ 10.35 - -0.02 5.23
Property Acc 238.02 246.00 0.00 - Equity Acc £ 34.19 35.99 -0.73 -
Fund Information: www.barings.com Global Equity £ 2.60 - 0.01 0.02 Multi Asset Alloc Def - Gross A £ 1.13 - 0.00 0.27
Allz UK Equity Income A Inc 295.20 - 2.38 4.46 Amity International Cls B Inc 226.70 - 0.40 2.01 Frk Income $ 12.69 - -0.04 3.11
Authorised Inv Funds Local Authorities Property Fd (LAMIT) (UK) Fixed Interest Acc £ 16.95 17.84 -0.12 -
Bond Sub Funds Multi Asset Alloc Def - Net A £ 1.13 - 0.00 0.24
Allz UK Equity Income C Inc 105.88 - 0.85 3.01 Property 274.76 295.14 2.73 3.59 Amity Sterling Bond Fund A Inc 109.40 - 0.20 5.17 Frk US Government $ 9.45 - 0.00 2.09
Dynamic Capital Growth Acc 678.50 716.90 3.00 1.22 International Acc £ 13.28 13.98 -0.24 -
CMI Euro Bond F € 46.50 - 0.24 1.78 Multi Asset Alloc Growth A £ 1.27 - 0.00 0.00
Allianz UK Growth A Acc 4617.27 - 25.73 1.58 Amity Sterling Bond Fund B Inc 117.90 - 0.30 5.15 Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00
Dynamic Capital Growth Inc 274.30 289.70 1.20 1.23 International S-NA Acc £ 6.82 7.18 -0.13 -
CMI UK Bond £ 8.03 - 0.04 2.11 Multi Asset Defensive £ 1.23 - 0.00 0.35
Allianz UK Growth C Acc 107.06 - 0.60 1.26 Frk US Low Duration Fd $ 9.91 - -0.01 0.46
Eastern Acc GBP 708.80 - -0.70 0.00 International S-PA Acc £ 4.12 4.34 -0.07 -
CG Asset Management Limited (IRL) CMI US Bond $ 13.23 - 0.07 1.54 Multi Asset Defensive - Gross £ 1.24 - 0.01 0.35
Allianz UK Unconstrained C Acc 105.91 - 0.56 0.70 Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Frk US Total Return $ 11.36 - -0.01 1.34
Eastern Inc GBP 695.60 - -0.70 0.00 Eclectica Asset Management (UK) International S-EU Acc £ 3.32 3.50 -0.06 -
Currency Reserve Sub Funds Multi Asset Growth £ 1.42 - 0.01 0.33
Allianz UK Unconstrained A Acc 220.00 - 1.15 0.81 00 353 1 434 5098 40 Dukes Place, London EC3A 7NH Tem Asian Bond $ 13.39 - -0.03 2.84
Europe Select Inc GBP 2632.00 - 32.00 0.60 CMI Euro Currency Reserve € 24.94 - 0.00 0.65 Managed S-PR Acc £ 7.00 7.37 -0.11 -
FCA Recognised Order desk: 0845 6080941 Switchboard 0870 6072555 MultiManager Balanced £ 1.09 - 0.00 0.56
Allianz UK Index C Acc 1904.29 - 17.64 2.80 Tem Asian Growth $ 32.72 - -0.22 0.28
European Growth Inc 1076.00 1135.00 9.00 1.00 CMI Stlg Currency Reserve £ 4.93 - 0.00 0.96 Fixed Interest S-IL Acc £ 6.40 6.74 -0.05 -
Capital Gearing Portfolio Fund Plc £ 26586.49 26586.49 -108.59 0.62 Authorised Corporate Director - Capita Financial Managers Multi Asset Open Growth A-Acc £ 0.48 - -0.01 0.76
Allianz UK Index C Inc 1347.21 - 12.47 2.33 Tem Emerging Markets $ 33.08 - -0.15 0.26
German Growth Acc GBP 606.20 - 8.20 0.71 CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50 Authorised Inv Funds Deposit Accum £ 4.45 4.68 0.00 -
CG Portfolio Fund Plc Multi Asset Open Strategic A-Acc £ 1.26 - -0.01 1.37
Allianz UK Mid Cap A Acc 4069.26 - 61.04 0.83 CF Eclectica Agriculture A EUR Acc ♦ € 1.56 - 0.01 0.00 Tem Emg Mkts Balanced AQdis $ 7.80 - -0.03 2.58 Guardian Pensions Management Ltd
German Growth Inc GBP 559.50 - 7.60 0.52 Real Return Cls A £ 170.08 170.08 -3.10 2.33 CMI Access 80% Gu F € 5.71 - 0.02 0.00
Allianz UK Mid Cap Fund C Acc 4140.84 - 62.20 1.59 Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.02 Tem Emg Mkts Bd $ 16.84 - -0.04 6.63
Strategic Bond Inc 118.60 124.60 0.10 1.89 CF Eclectica Agriculture A GBP Acc ♦ 111.25 - -0.04 0.00 Pens. Managed Acc. £ 23.87 25.13 -0.47 -
Dollar Fund Cls D £ 130.57 130.57 -2.50 1.59
Allianz US Equity A Acc 406.03 - -1.65 0.13 Multi Asset Strategic £ 1.57 - 0.01 0.51 Tem Global $ 36.87 - -0.18 0.43
Global Growth Inc 389.70 410.60 1.40 0.00 CF Eclectica Agriculture A USD Acc ♦ $ 1.74 - 0.00 0.00 Pens. Equity Acc. £ 36.73 38.66 -0.93 -
Capital Value Fund Cls V £ 129.79 129.79 -0.60 0.27
Allianz US Equity C Acc 187.85 - -0.76 0.79 Cohen & Steers SICAV (LUX) Open World A-Acc £ 1.24 - -0.01 0.00 Tem Global (Euro) € 20.60 - -0.23 0.33
Japan Growth Acc 139.30 146.80 0.80 0.26 CF Eclectica Agriculture C EUR Acc ♦ € 1.61 - 0.01 0.30
Regulated Multi Asset Income A Gross Acc £ 1.58 - 0.00 3.63
Yield expressed as CAR (Compound Annual Return) Tem Global Balanced $ 23.83 - -0.08 0.60
Korea Acc 283.70 300.90 1.50 0.00 CF Eclectica Agriculture C GBP Acc ♦ 115.15 - -0.04 0.36
All transactions to Ser A units the sell price will be used European Real Estate Securities € 22.8102 - -0.3037 1.13
Multi Asset Income A Gross Inc £ 1.13 - 0.00 5.11 HPB Assurance Ltd
CF Eclectica Agriculture C USD Acc ♦ $ 1.79 - 0.00 0.36 Tem Global Bond $ 20.82 - -0.08 2.17 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Multi Asset A Acc ... C 161.30 - -1.00 1.44 Europ.RealEstate Sec. IX € 30.0275 - -0.3998 0.00
Multi Asset Income A Net Acc £ 1.50 - 0.01 3.65 Tem Global Bond (Euro) € 10.31 - -0.03 2.90 International Insurances
Multi Asset A Inc ... C 154.30 - -1.00 1.46 Gbl RealEstate Sec. I $ 11.1906 - -0.0076 1.16
Amundi Funds (LUX) Multi Asset Income A Net Inc £ 1.13 - 0.00 5.12 Tem Global Equity Income A(Mdis) $ 10.62 - -0.05 3.57 Holiday Property Bond Ser 1 £ 0.50 - 0.00 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 UK Growth Inc 260.30 275.30 2.20 1.33 Gbl RealEstate Sec. IX $ 13.1025 - -0.0090 0.00 Edinburgh Partners Limited (IRL) South East Asia £ 8.80 - 0.03 0.10 Tem Global High Yield Fd F $ 9.40 - -0.03 4.73 Holiday Property Bond Ser 2 £ 0.60 - 0.00 0.00
www.amundi-funds.com Charity Fund 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
FCA Recognised 0800 032 6347 (charity enquiries) Special Situations £ 31.19 - 0.15 0.78 Tem Global Income $ 14.74 - -0.08 1.65
Dealing - Fax only - +353 1 434 5230
Bd. Euro Corporate AE Class - R - EUR € 18.84 - -0.06 0.00 Targeted Return Fund Acc 149.40 150.30 0.40 3.14 Canada Life Investments (UK) FCA Recognised Strategic Bond £ 0.32 - 0.00 3.08 Tem Global Smaller Cos $ 35.84 - 0.00 0.00
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Edinburgh Partners Opportunities Fund PLC Hamon Investment Group
Bd. Global AU Class - R - USD $ 26.36 - -0.01 0.00 Targeted Return Fund Inc 117.00 117.70 0.30 3.21 Strategic Bond Gross £ 0.32 - 0.00 3.08 Tem Global Total Return $ 17.54 - -0.08 3.49 Other International Funds
Authorised Inv Funds European Opportunities I EUR € 2.88 - -0.02 2.02
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Target 2015 £ 0.50 - 0.00 0.27 Tem Latin America $ 52.13 - 0.17 0.84 Asian Market Leaders - USD $ 29.05 - -0.01 0.00
Asia Pacific B Acc 957.01 - 2.28 0.78 European Opportunities I GBP £ 2.06 - -0.01 2.17
Eq. Emerging World AU Class - R - USD $ 97.90 - -0.87 0.00 Target 2015 - Gross £ 0.51 - 0.00 0.30 Class A Acc Asian Market Leaders - GBP £ 14.49 - -0.09 0.00
Baring International Fd Mgrs (Ireland) (IRL) Balanced B Acc 151.33 - 1.04 0.90 European Opportunities I USD $ 3.25 - 0.00 1.77
Eq. Greater China AU Class - R - USD $ 682.86 - -4.45 0.00 Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Target 2020 £ 0.59 - 0.01 0.48 Frk Biotech Discovery $ 35.50 - 0.07 0.00 Greater China - USD $ 13.70 - -0.01 0.00
Corporate Bond B Inc 209.78 - 0.64 4.01 European Opportunities A EUR € 2.82 - -0.02 1.40
Eq. Latin America AU Class - R - USD $ 448.55 - -3.33 0.00 FCA Recognised Comgest SA (LUX) Target 2025 £ 1.37 - 0.00 0.27 Frk Brazil Opportunities Fd $ 10.21 - 0.00 0.00 Greater China - GBP £ 5.52 - -0.04 0.00
European B Acc 258.68 - 2.68 0.00 Global Opportunities I USD $ 1.80 - -0.01 1.92
ASEAN Frontiers A GBP Inc £ 119.63 - 0.87 0.93 17 square Edouard VII - 75009 Paris, www.comgest.com
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.90 - -0.04 0.00 Target 2030 £ 1.47 - 0.00 0.24 Frk Euro S-Term Money Mkt Fd € 1011.86 - -0.01 0.00 Selected Asian P'folio $ 54.50 54.51 -0.51 0.00
Global Bond B Inc 92.20 - 0.11 2.67 FCA Recognised Global Opportunities I GBP £ 1.15 - -0.01 1.81
Asia Growth A GBP Inc H £ 48.04 - -0.01 0.00 UK Select £ 2.48 - 0.02 0.87 Frk Euroland Fund € 20.92 - -0.20 0.00
Global Equity B Acc 609.00 - 1.94 1.61 Comgest Asia F $ 4402.88 - -9.36 0.00
Australia A GBP Inc £ 74.03 - 0.96 2.19 Global Opportunities I EUR € 1.60 - -0.02 1.88
UK Growth £ 3.80 - 0.03 0.00 Frk European Growth € 16.49 - -0.11 0.00
The Antares European Fund Limited Global Equity Income B Inc 125.05 - 0.31 4.01 Comgest Europe F SFr 5854.38 - -48.33 0.00 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Baring China Bond Fund $ 10.31 - 0.01 0.00 Global Opportunities A GBP £ 1.09 - -0.01 1.37
Other International UK Smaller Companies £ 2.08 - 0.01 0.19 Frk European Sml Mid Cap Gth € 37.09 - -0.18 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Global High Yield Bond B Inc 100.86 - -0.20 4.65 Pan European Opportunities I EUR € 1.76 - -0.01 -
Baring Emerging Markets Corporate Debt Fund $ 9.54 - 0.01 0.00 WealthBuilder A Acc £ 1.05 - -0.01 0.59 Frk Gbl Equity Strategies Fd $ 11.89 - -0.05 0.00 Enquiries 0117 90090000
AEF Ltd Usd (Est) $ 640.29 - 3.87 - Global Infrastructure B Acc 120.91 - -0.21 1.21
Baring European Opportunities Fund Class A EUR Acc € 13.69 - 0.21 0.00 Comgest SA (FRA) Fidelity PathFinder Frk Gbl Fundamental Strat Fd $ 13.57 - -0.06 0.00
Authorised Inv Funds
AEF Ltd Eur (Est) € 642.92 - 3.93 0.00
Global Resource B Acc 94.95 - 0.90 0.11 17 square Edouard VII - 75009 Paris Hargreaves Lansdown Funds
Baring Global Mining Fund - Class A GBP Inc £ 5.45 - 0.05 0.69 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.11 - 0.01 - Frk Global Conver.Securities $ 11.96 - -0.07 0.00
Japan B Acc 52.86 - 0.24 0.61 FCA Recognised Unit Trust
Dynamic Emerging Markets A GBP Acc F £ 10.25 - 0.09 0.00 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.10 - 0.00 - Frk Global Growth $ 14.83 - -0.01 0.00
Comgest Magellan € 22.51 - -0.36 0.00 HL Multi-Manager Special Situations Trust A Acc 271.19 285.46 -2.81 0.38
Arbiter Fund Managers Limited (LUX) Portfolio III B Acc 108.60 - 0.34 2.08
Eastern Europe A GBP Inc £ 48.22 - 0.58 0.68 Fidelity PathFinder Foundation 2 Acc (clean) £ 1.12 - 0.00 - Frk Global Gth & Val $ 26.35 - -0.07 0.00
FCA Recognised Portfolio IV B Acc 111.03 - 0.48 2.29 HL Multi-Manager Income & Growth Trust A Acc 168.72 177.50 -2.95 3.69
Emerging Mkt Debt LC A GBP Hedged Inc £ 8.51 - 0.07 6.48 Fidelity PathFinder Foundation 3 Acc (clean) £ 1.14 - 0.01 - Frk Global Sml Mid Cap Gth $ 31.28 - -0.10 0.00
Arbiter Global Emerging Markets Fund Class A USD $ 111.70 - -0.76 0.00 HL Multi-Manager Income & Growth Trust A Inc 103.61 109.00 -1.81 3.79
Portfolio V B Acc 112.09 - 0.55 1.43 Comgest AM International Ltd (IRL)
Emerging Opportunities A GBP Inc H £ 20.30 - -0.06 0.00 Fidelity PathFinder Foundation 4 Acc (clean) £ 1.16 - 0.01 - Frk Gold and Precious Mtls Fd F $ 4.09 - 0.07 0.00
Arbiter Global Emerging Markets Fund Class B GBP £ 100.88 - -1.36 - 46 St Stephen's Green, Dublin 2, Ireland HL Multi-Manager Balanced Managed Trust A Acc 187.36 197.05 -1.98 0.93
Portfolio VI B Acc 113.48 - 0.66 1.46
Glb Emerging Markets A GBP Inc H £ 20.60 - 0.02 0.42 FCA Recognised EFG Hermes Fidelity PathFinder Foundation 5 Acc (clean) £ 1.21 - 0.01 - Frk India $ 31.24 - -0.69 0.00
Portfolio VII B Acc 112.42 - 0.73 1.16 HL Multi-Manager Equity & Bond Trust A Inc 111.35 117.02 -1.04 2.30
Glb Resources A GBP Inc H £ 13.04 - 0.06 0.32 Comgest Gth Asia Pac ex Jap DIS F $ 8.53 - -0.07 0.11 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.11 - 0.00 - Frk Japan Fd ¥ 926.81 - 1.27 0.00 HL Multi-Manager Equity & Bond Trust A Acc 148.95 156.53 -1.39 2.26
Asset Management
Arisaig Partners North American B Acc 826.92 - -1.07 0.99
Comgest Gth Emerging Mkt DIS F $ 35.20 - -0.26 0.38
Contact: Telephone + 971 4 363 4029 Email [email protected]
Fidelity PathFinder Focussed 1 Acc (clean) £ 1.11 - 0.00 -
High Yield Bond A GBP Hedged Inc H £ 6.89 - -0.01 6.61 Frk K2 Alt Strat Fd $ 10.52 - -0.01 -
Other International Funds
Arisaig Africa Consumer Fund Limited $ 16.19 - -0.01 0.00 Hong Kong China A GBP Inc £ 700.01 - -2.45 0.49
Strategic Return B Acc
Total Return B Acc
104.68
107.78
-
-
1.16
0.00 2.78
-
Comgest Gth Europe DIS F € 20.93 - -0.18 0.00
Other International Funds
The EFG-Hermes Egypt Fund Asset Management
$ 29.93 - - 0.00
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.14 - 0.01 - Frk MENA Fund Asset Management $ 7.21 - 0.02 0.00
HL Multi-Manager Strategic Bond Trust A Acc
HL Multi-Manager Strategic Bond Trust A Inc
168.60 173.80 -0.46 1.74
141.74 146.12 -0.39 1.76
India Fund - Class A GBP Inc £ 14.14 - 0.29 0.00 Comgest Gth GEM PC DIS F € 13.58 - -0.19 0.13 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.16 - 0.01 -
Arisaig Asia Consumer Fund Limited $ 66.10 - -0.16 0.00 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Frk Mutual Beacon $ 73.63 - -0.31 0.00 HL Multi Manager Emerging Markets A Acc £ 0.97 0.99 -0.01 -
UK Equity B Inc 117.47 - 1.41 1.44
Latin America A USD Inc H $ 35.80 - 0.28 1.20 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.18 - 0.01 - Frk Mutual European EUR € 25.95 - -0.27 0.00
Arisaig Global Emerging Markets Consumer Fund $ 10.84 - -0.02 0.00 Saudi Arabia Equity Fund SR 16.07 - 0.11 0.00 HL Multi-Manager European A Acc 101.53 104.65 -1.65 0.14
UK Equity & Bond Income B Inc 242.79 - 2.32 4.38
MENA A GBP Inc F * £ 14.16 - 0.07 1.09 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.19 - 0.00 - Frk Mutual Gbl Disc $ 18.49 - -0.10 0.00
Arisaig Global Emerging Markets Consumer UCITS € 12.39 - -0.13 0.00
UK Equity Income B Inc 434.00 - 4.95 4.20 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) HL Multi-Manager UK Growth A Acc 104.72 107.95 -1.49 0.17
PO BOX 10117, Chelmsford, Essex, CM1 9JB Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.09 - 0.00 - Frk Natural Resources Fd F $ 8.21 - 0.08 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.44 - -0.11 0.00
UK Government Bond B Inc 47.00 - 0.24 2.13 Dealing & Client Services 0845 0264281 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.10 - 0.00 - Frk Real Return Fd F $ 10.51 - 0.00 0.00
Arisaig Latin America Consumer Fund $ 23.61 - -0.22 0.00 Authorised Inv Funds
Fidelity PathFinder Freedom 1 Acc (clean) £ 1.09 - 0.00 - Frk Strategic Income Fd $ 14.80 - -0.03 0.00
Consistent UT Inc 59.34 60.04 0.53 4.36
26 ★ FINANCIAL TIMES Thursday 14 May 2015
High Income Acc ♦ F 834.11 - 8.23 3.40 Invesco Pan European Structured Equity A € 17.83 - 0.20 0.00 Euro BBB-BB Fdt PA € 12.55 - -0.02 0.00 Low Volatility Gb.Eq.Fd. £ 100.29 - -0.88 - Global Equity Income Inc 110.10 - 0.50 3.85 UK Specialist Equity Income Fund £ 10.16 - -0.17 3.41
High Income Inc ♦ F 468.47 - 4.62 3.49 Invesco UK Eqty Income A £ 32.30 - 0.30 0.00 Euro BBB-BB Fdt PA £ 11.07 - -0.01 0.00 Low Volatility Gb.Eq.Fd. $ 103.21 - -0.23 - Global Equity Income acc 139.40 - 0.60 3.76 Global Spec Inv Grade Bd Fund GBP £ 10.17 - 0.01 3.08
Haussmann
Other International Funds High Yield Fund Acc 109.64 - 0.04 4.49 Invesco UK Investment Grade Bond A £ 1.00 - 0.01 2.91 Euro BBB-BB Fdt PA $ 17.79 - -0.03 0.00 Japan Alpha 108.80 - 0.40 0.05 Inflation Lkd Sov Bd Fund £ 12.63 - -0.20 0.70
Haussmann Cls A $ 2800.83 - -49.61 0.00 High Yield Fund Acc (Gross) 127.24 - 0.06 4.46 Invesco US Structured Equity A $ 22.00 - -0.06 0.00 Euro Credit Bd PA F € 13.03 - -0.03 0.00 North American 260.00 - -0.90 0.00 Global Emerg Mkts Equity Fund X £ 12.97 - -0.04 0.46
MFS Meridian Funds SICAV (LUX)
Haussmann Cls C € 2457.52 - -46.30 0.00 High Yield Fund Inc 44.34 - 0.02 4.60 Invesco US Value Eq Fd A $ 33.77 - -0.07 0.00 Euro Government Fdt PA € 12.49 - -0.05 0.00 Regulated European Equity Income A Inc 326.20 - 2.90 3.49 Series 2 (Investment Management customers only)
Haussmann Cls D SFr 1306.78 - -25.20 0.00 High Yield Fund Inc (Gross) 44.38 - 0.02 4.59 Invesco USD Reserve A $ 87.02 - 0.00 0.00 Euro Inflation-Lk Fdt PA € 12.06 - -0.02 0.00 Absolute Return A1 € 20.13 - -0.06 0.00 United Kingdom Equity Index Fund £ 13.45 - -0.18 2.80
Hong Kong & China Acc ♦ F 526.53 - -4.32 0.64 Euro Resp.Corp. Fdt PA € 18.45 - -0.03 0.00 Asia ex-Japan A1 $ 25.98 - -0.06 0.00 UK Specialist Equity Inc £ 20.29 - -0.32 1.48
Swiss & Global Asset Management (LUX) Marwyn Asset Management Limited (CYM)
Income & Growth Acc ♦ F 988.41 - 12.69 3.60 Europe High Conviction PA € 12.14 - -0.12 0.00 Bond A1 $ 10.48 - 0.00 0.00 Contl Europe Spec Equity £ 17.27 - -0.19 0.59
[email protected], www.jbfundnet.com Regulated
Heartwood Wealth Management Limited (IRL) Invesco Global Asset Management Ltd (IRL)
Income & Growth Inc ♦ F 438.56 - 5.64 3.70 Regulated Eurozone Small&Mid Caps PA € 51.67 - -0.43 0.00 China Equity Fd A1 $ 11.50 - -0.13 0.00 Marwyn Value Investors £ 509.98 - 4.82 0.00 US Spec Equity Fund £ 14.22 - -0.16 0.16
Regulated Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised JB BF ABS-EUR B € 105.48 - 0.00 0.00 Japan Specialist Fund X £ 10.38 - -0.07 0.51
Heartwood Caut Multi Asset B Acc 142.58 - -0.70 0.00 Income Acc ♦ F 3230.21 - 30.34 3.18 Fdmt.Eq.L/S SH Sd EUR PA € 10.54 - 0.00 - Continental European Eqty A1 € 18.40 - -0.17 0.00
Invesco Stlg Bd A QD F £ 2.64 - 0.00 3.45 JB BF Abs Ret Def-EUR B € 112.58 - -0.01 0.00 Pacific Basin Specialist Equity Fund £ 24.65 - -0.08 1.16
Income Inc ♦ F 1824.39 - 17.14 3.25 Fdmt.Eq.L/S SH Sd USD PA $ 10.54 - 0.00 - Emer Mkts Debt Lo Curr Fd A1 $ 12.67 - 0.00 0.00
JB BF Abs Ret EM-USD B $ 119.44 - 0.00 0.00
McInroy & Wood Portfolios Limited (UK)
Invesco Asian Equity A $ 7.10 - 0.00 0.45 Emerging Markets Debt A1 $ 34.13 - -0.14 0.00 UK Sovereign Bd Index Fund £ 10.95 - -0.09 2.54
Japan Acc ♦ F 327.77 - -0.21 0.29 Gbl.Gvt.Fdmt PA € 10.64 - -0.08 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
Henderson Global Investors (UK)
JB BF Abs Ret-EUR B € 132.17 - 0.04 0.00
Invesco ASEAN Equity A $ 104.56 - 0.87 0.37 Emerging Markets Eq.A1 $ 12.08 - -0.06 0.00 Authorised Inv Funds UK Specialist Equity Income Fund £ 10.90 - -0.19 3.36
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Japanese Smlr Cos Acc ♦ F 65.93 - 0.40 0.00 Gbl.Gvt.Fdmt.(CHF) PA SFr 22.21 - -0.17 0.00
www.henderson.com Invesco Bond A $ 27.62 - 0.04 2.30 JB BF Abs Ret Pl-EUR B € 131.06 - 0.06 0.00 Balanced Fund Personal Class Units 3949.50xd - 32.20 1.83 Global Spec Inv Grade Bd Fund GBP £ 10.30 - 0.01 3.08
Latin America Acc ♦ F 129.67 - 0.55 1.21 Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.65 - -0.08 0.00 European Concentrated A1 € 18.66 - -0.16 0.00
Authorised Inv Funds Invesco Continental Eurp Small Cap Eqty A $ 210.97 - 1.68 0.00 JB BF EM Corporate-USD B $ 109.48 - -0.08 0.00 Income Fund Personal Class Units 2474.80 - 20.90 2.78 Inflation Lkd Sov Bd Fund £ 12.75 - -0.20 0.70
Latin America Inc ♦ F 109.06 - 0.47 1.22 Gbl.5B Fdmt (EUR) PA € 11.93 - -0.06 0.00 European Core Eq A1 € 32.13 - -0.35 0.00
Asia Pacific Capital Growth A Acc 759.30 - 0.50 0.81
Invesco Emerging Markets Equity A $ 40.84 - 0.19 0.00 JB BF EM Infl Link-USD B $ 93.42 - -0.41 0.00 Emerging Markets Fund Personal Class Units 1813.50xd - 20.50 2.15 Global Emerg Mkts Equity Fund X £ 12.52 - -0.03 0.64
Managed Growth Acc ♦ F 169.72 - 0.80 0.77 Gbl.5B Fdmt (CHF) PA SFr 10.16 - -0.05 0.00 European Res.A1 € 33.68 - -0.34 0.00
Asian Dividend Income Inc 96.28 101.60 0.52 5.56 The initial charge you will pay will depend on the amount you invest
Invesco Emerging Markets Bond A $ 21.75 - -0.03 4.60 JB BF EM Inv Grade-USD B $ 101.81 - -0.59 0.00 Smaller Companies Fund Personal Class Units 3642.40 - 23.90 1.70
Managed Growth Inc ♦ F 142.14 - 0.66 0.77 Gbl.5B Fdmt SH (USD) PA $ 11.13 - -0.01 0.00 European Smaller Companies A1 € 50.81 - -0.44 0.00
Cautious Managed A Acc 247.50 - 1.30 3.13 **Address and Telephone number for series 1 only
Invesco Continental European Equity A € 9.42 - 0.10 0.19 JB Emerging (EUR)-EUR B € 342.28 - -1.61 0.00
Managed Income Acc ♦ F 165.34 - 0.73 2.99 Generation Global (CHF) PA F SFr 13.12 - -0.14 0.00 European Value A1 € 36.72 - -0.43 0.00
Cautious Managed A Inc 155.30 - 0.80 3.19
Invesco Gilt A £ 14.91 - 0.08 1.53 JB Emerging (USD)-USD B $ 418.45 - -2.10 0.00
Managed Income Inc ♦ F 103.06 - 0.45 3.05 Generation Global (EUR) PA F € 20.76 - -0.22 0.00 Global Conc.A1 $ 37.43 - -0.19 0.00 Meridian Fund Managers Ltd
China Opportunities A Acc 945.10 - -9.40 0.33
Invesco Global Small Cap Equity A NAV $ 130.41 - 0.36 0.00 JB BF Local EM-USD B $ 282.81 - -0.24 0.00 Other International Funds
Money Acc ♦ F 90.09 - 0.00 0.24 Generation Global (USD) PA F $ 15.91 - -0.03 0.00 Global Credit Fund $ 10.58 - 0.00 0.00
Emerging Markets Opportunities A Acc 156.20 - 1.10 0.40
Invesco Global High Income A NAV $ 13.18 - -0.03 5.11 JB BF Total Ret-EUR B € 99.80 - 0.09 0.00 Global Gold & Resources Fund $ 183.86 - -6.85 -
Money Acc (Gross) ♦ F 95.19 - 0.00 0.24 Global Energy (USD) PA F $ 9.31 - 0.09 0.00 Global Energy Fund A1 $ 14.91 - 0.06 0.00
European Growth A Acc 170.80 - 1.60 0.78 Global Energy & Resources Fund $ 42.61 - -3.25 -
Invesco Gbl R/Est Secs A GBP F F £ 7.85 - 0.04 0.87 JB EF Abs Ret Eur-EUR B € 119.59 - -0.19 0.00
Monthly Income Plus Acc ♦ F 301.90 - 0.49 4.65 Golden Age (CHF) PA F SFr 22.54 - -0.10 0.00 Global Equity A1 $ 47.73 - -0.21 0.00
European Selected Opportunities A Acc 1323.00 - 14.00 0.48
Invesco Global Health Care A $ 138.56 - -0.18 0.00 JB EF Euro Value-EUR B € 211.57 - -2.03 0.00
Monthly Income Plus Acc (Gross) ♦ F 353.16 - 0.58 4.63 Golden Age (EUR) PA € 15.25 - -0.07 0.00 Global Equity A1 € 26.91 - -0.19 0.00
European Special Situations A Acc 91.61 - 1.01 1.08
Invesco Global Select Equity A $ 14.44 - 0.05 0.00 JB EF Japan-JPY B ¥ 18379.00 - -3.00 0.00
Monthly Income Plus Inc ♦ F 113.51 - 0.18 4.75 Golden Age (USD) PA F $ 21.21 - -0.10 0.00 Global High Yield Fund $ 25.86 - -0.09 0.00 Metage Capital
Fixed Interest Monthly Income A Inc 22.33 23.42 0.00 5.52 New Capital Fund Management Ltd (IRL)
Invesco Jap Eqty Core A $ 1.98 - 0.00 0.00 JB EF Luxury B-EUR B € 234.03 - -2.86 0.00 Other International Funds
Monthly Income Plus Inc (Gross) ♦ F 113.67 - 0.19 4.75 Sh.T- Money Mkt EUR PA € 112.38 - 0.00 0.00 Global High Yield Fund € 16.75 - -0.09 0.00
Global Care Growth A Inc 206.80 - -0.50 0.11 Leconfield House, Curzon Street, London, W1J 5JB
Invesco Japanese Equity A $ 19.32 - 0.16 0.00 JB Ms EF Special Val. EUR/A € 154.32 - -1.23 0.71 MGS -Master Series (Est) $ 226.61 - 2.15 -
Pacific Acc ♦ F 1067.72 - 3.91 0.34 Sh.T- Money Mkt CHF PA SFr 129.15 - 0.00 0.00 Global Multi-Asset A1 $ 16.51 - -0.02 0.00 FCA Recognised
Global Equity Income A Inc 51.24 - 0.14 3.71 MEMO - Master Series $ 494.19 - -0.49 0.00
Invesco Korean Equity A $ 33.01 - 0.08 0.00 JB Strategy Balanced-CHF/B SFr 155.24 - -1.08 0.00 New Capital UCITS Funds
Pacific Inc ♦ F 980.68 - 3.59 0.34 Sh.T- Money Mkt GBP PA £ 10.26 - 0.00 0.00 Global Res.A1 $ 27.29 - -0.08 0.00
Global Growth Fund 2045.02 2137.51 6.43 0.00 MEMO - MEMV Series $ 117.28 - -0.07 0.00 Asia Pac Bd USD Inst Inc $ 95.85 - -0.51 3.06
Invesco PRC Equity A $ 62.56 - -0.31 0.00 JB Strategy Balanced-EUR € 162.04 - -1.14 0.00
Tactical Bond Acc ♦ F 69.38 - 0.01 1.75 Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 Global Total Return A1 € 17.94 - -0.09 0.00
Global Technology A Acc 919.90 - -3.60 0.00 Asia Pac Bd USD Ord Inc $ 97.73 - -0.51 2.36
Invesco Pacific Equity A $ 54.19 - 0.22 0.16 JB Strategy Balanced-USD/B $ 135.60 - -0.50 0.00
Tactical Bond Inc ♦ F 60.38 - 0.01 1.77 Sw.Fr.Bd(For) PA SFr 23.93 - -0.01 0.00 Inflation-Adjusted Bond A1 $ 14.13 - 0.02 0.00
Multi-Manager Absolute Return A Acc 137.90 - -0.40 0.30 Asia Pac Eq EUR Ord Inc € 105.83 - -0.46 2.68
Invesco Global Technology A $ 15.79 - -0.07 0.00 JB Strategy Growth-CHF/B SFr 96.56 - -0.92 0.00
Tactical Bond Acc (Gross) ♦ F 71.90 - 0.01 1.75 Sw.Fr.Credit Bd(For) PA SFr 13.77 - -0.01 0.00 Japan Equity A1 $ 10.63 - -0.02 0.00 Ministry of Justice Common Investment Funds (UK)
Multi-Manager Active A Acc ▲ 181.50 - 0.60 0.00 Asia Pac Eq GBP Ord Inc £ 109.42 - -0.46 3.03
Invesco UK Eqty A £ 8.94 - 0.08 1.26 JB Strategy Growth-EUR € 123.20 - -1.14 0.00 Property & Other UK Unit Trusts
Tactical Bond Inc (Gross) ♦ F 60.42 - 0.01 1.77 Tactical Alpha (CHF) PA SFr 10.21 - -0.02 0.00 Latin American Equity Fd A1 $ 15.63 - 0.03 0.00
Multi-Manager Distribution A Inc 132.40 - -1.20 2.98 The Equity Idx Tracker Fd Inc 1419.00 1419.00 1.00 2.56 Asia Pac Eq USD Ord Inc $ 110.11 - -0.49 2.49
JB Strategy Inc-CHF/B SFr 122.65 - -0.53 0.00
UK Aggressive Acc ♦ F 223.11 - 2.02 1.67 Tactical Alpha (EUR) PA € 10.48 - -0.02 0.00 Limited Maturity A1 $ 14.07 - 0.00 0.00
Multi-Manager Diversified A Acc 79.36 - -0.48 2.22 Distribution Units Asia Pac Eq USD Inst Acc $ 114.21 - -0.51 0.00
JB Strategy Inc-EUR/B € 165.29 - -0.76 0.00
UK Aggressive Inc ♦ F 185.81 - 1.68 1.70 Tactical Alpha (USD) PA $ 15.03 - -0.03 0.00 Prudent Wealth Fd A1 $ 14.53 - -0.05 0.00
Multi-Manager Global Select Acc 187.70 - -0.70 0.00 Asia Pac Eq USD Inst Inc $ 123.07 - -0.55 3.08
JB Strategy Inc-USD/B $ 151.48 - -0.28 0.00
UK Growth Acc ♦ F 605.44 - 5.46 1.71 Technology PA € 14.13 - -0.08 0.00 Research Bond A1 $ 16.67 - -0.01 0.00
Multi-Manager Income & Growth A Acc 156.10 - -1.30 1.93
UK Growth Inc ♦ F 384.12 - 3.47 1.74 Technology PA $ 21.45 - -0.11 0.00 UK Equity A1 £ 8.45 - -0.11 0.00 Mirabaud Asset Management (LUX) Dyn Europ Eq EUR Ord Inc € 179.51 - -1.99 1.10
Multi-Manager Income & Growth A Inc 145.70 - -1.30 1.95 www.mirabaud.com, [email protected] Dyn Europ Eq GBP Ord Inc £ 191.17 - -2.07 1.64
UK Smaller Cos Equity Acc ♦ F 841.66 - 6.03 0.57 Wld Gold Expertise PAF SFr 12.38 - 0.20 0.00 US Conc.Growth A1 $ 15.66 - -0.04 0.00 Regulated
Multi-Manager Managed A Acc 237.10 - 0.90 0.42 Dyn Europ Eq USD Ord Inc $ 179.63 - -2.05 1.13
UK Smaller Cos Equity Inc ♦ F 649.09 - 4.65 0.58 Wld Gold Expertise PA € 9.83 - 0.15 0.00 US Government Bond A1 $ 17.03 - 0.01 0.00 Mir. Conv. Bds Eur A EUR € 139.06 - -0.51 0.00
Multi-Manager Managed A Inc 232.70 - 0.90 0.41 China Equity EUR Ord Acc € 182.38 - -3.59 0.00
UK Strategic Income Acc ♦ F 186.99 - 1.85 3.38 Invest AD Wld Gold Expertise PA $ 12.98 - 0.21 0.00 Value A1 $ 22.50 - -0.07 0.00 Mir. Conv. Bds Glb A USD $ 117.29 - -0.29 0.00
Sterling Bond Acc 197.67 206.54 0.74 2.81 China Equity GBP Ord Acc £ 188.47 - -3.64 0.00
UK Strategic Income Inc ♦ F 140.21 - 1.39 3.47 Client services: +971 2 692 6101 [email protected] LO Selection Mir. - Eq Asia ex Jap A $ 198.46 - 0.39 0.00
Sterling Bond Inc 61.99 64.76 0.24 2.85 Other International Funds China Equity USD Ord Acc $ 185.02 - -3.76 0.00
US Equity Acc ♦ F 554.44 - -1.11 0.00 Balanced (CHF) PA F SFr 109.54 - -0.59 0.00
Mir. - Eq Glb Emrg Mkt A USD $ 106.39 - 1.04 0.00
Strategic Bond A Inc 129.00 - 0.00 5.41 Invest AD - Iraq Opportunity Fund $ 61.01 - 0.82 0.00 MMIP Investment Management Limited (GSY)
China Equity USD Inst Acc $ 189.23 - -3.83 0.00
Invesco Perpetual Funds (No Trail) Kames Capital ICVC (UK) Balanced (EUR) PA F € 130.03 - -0.83 0.00
Regulated Mir. - Eq Global Focus A USD $ 104.92 - -0.34 0.00
UK & Irish Smaller Companies A Acc 543.50 - 1.40 0.05 Invest AD - Emerging Africa Fund $ 1134.62 - -0.41 0.00
Asian (No Trail) Acc ♦ F 202.46 - 0.76 1.26 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Conservative (CHF) PA F SFr 105.34 - -0.26 0.00 Multi-Manager Investment Programmes PCC Limited Global Val.Cr.Fd GBP Ord Inc £ 115.43 - -0.16 3.75
Mir. -Eq Spain A € 28.94 - -0.14 0.00
UK Absolute Return A Acc 147.20 - 0.40 0.00 Invest AD - GCC Focus Fund $ 1770.10 - 5.38 0.00 0800 45 44 22 www.kamescapital.com
Asian (No Trail) Inc ♦ F 184.09 - 0.68 1.28 Conservative (EUR) PA F € 116.72 - -0.37 0.00 European Equity Fd Cl A Initial Ser € 2625.46 2636.00 94.84 0.00 Global Val.Cr.Fd USD Inst Acc $ 125.31 - -0.18 0.00
Authorised Funds Mir. - Eq Swiss Sm/Mid A SFr 315.87 - -3.33 0.00
UK Alpha A Acc ♦ 119.10 - 1.30 0.96 Global Val.Cr.Fd GBP Ord Acc £ 180.80 - -0.24 0.00
Asian Equity Income (No Trail) Acc ♦ F 132.84 - 0.34 3.82 Global Allocation (GBP) PA F £ 10.14 - -0.06 0.00 Japanese Equity Fd Cl A Initial Ser ¥ 352710.00 353884.00 7640.00 0.00
Diversified Income B Acc 113.84 - 0.29 4.82 Mir. - Glb High Yield Bds A $ 111.42 - -0.23 -
UK Equity Income & Growth A Inc 641.10 - 4.90 3.50 Global Val.Cr.Fd USD Ord Acc $ 169.95 - -0.24 0.00
Asian Equity Income (No Trail) Inc 115.14 - 0.29 3.93 Growth (CHF) PA F SFr 114.76 - -0.89 0.00 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1345.20 1349.17 -35.49 0.00
Diversified Income B Inc 107.21 - 0.27 4.96 Mir. - Glb Eq High Income A USD $ 108.19 - -0.06 0.00
UK Index A Acc 529.30 - 5.00 1.91 Global Val.Cr.Fd EUR Ord Acc € 158.75 - -0.22 0.00
Balanced Risk 6 No Trail Acc 110.62 - 0.84 0.15 Growth (EUR) PA F € 142.35 - -1.23 0.00 Pacific Basin Fd Cl A Initial Ser $ 2393.89 2408.48 -0.43 0.00
Diversified Growth A Acc 136.10 - 0.38 2.41 Mir. - Glb Strat. Bd A USD $ 107.41 - -0.21 0.00
UK Property A Acc 193.08 203.24 0.05 4.04 Swiss Select Equity Inst Acc SFr 118.13 - -1.35 0.00
Balanced Risk 8 No Trail Acc 115.01 - 1.20 0.40 Vantage 1500 (EUR) MA € 10.43 - -0.02 0.00 UK Equity Fd Cl A Series 01 £ 2296.49 2320.54 -34.12 0.00
Ethical Cautious Managed A Acc 168.10 - 1.26 1.68
UK Property A Inc 97.68 102.81 0.03 4.16 Swiss Select Equity Ord Acc SFr 117.24 - -1.35 0.00
Balanced Risk 10 No Trail Acc 119.47 - 1.56 0.53 Vantage 3000 (EUR) MA € 10.74 - -0.03 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1651.01 - 5.94 0.00
Ethical Cautious Managed A Inc 139.58 - 1.05 1.70
UK Tracker A Acc 239.60 - 2.20 1.37 PrivilEdge US Growth USD Ord Acc $ 208.83 - -0.88 0.00
Corporate Bond (No Trail) Acc ♦ F 164.32 - 0.12 3.91 Diversified Absolute Return Stlg Cell AF2 £ 1670.13 - 7.07 0.00
Ethical Corporate Bond A Acc 195.87 - 0.41 3.15
US Growth A Acc 761.00 - -2.90 0.00 Inc.Pt.RMB Dt.CNH PA CNH 101.41 - 0.02 -
Corporate Bond (No Trail) Inc ♦ F 118.21 - 0.09 4.00 JPMorgan Asset Mgmt (1200)F (UK) US Growth EUR Ord Acc € 199.87 - -0.82 0.00
Ethical Corporate Bond A Inc 111.89 - 0.23 3.15
60 Victoria Embankment, London EC4Y 0JP Inc.Pt.RMB Dt.SH CHF PA SFr 10.09 - 0.01 -
Distribution (No Trail) Acc ♦ F 170.82 - 0.66 4.11
Brokerline: 0800 727 770, Clients: 0800 20 40 20 Ethical Equity A Acc 179.68 - 2.13 1.01 Manek Investment Mgmt Ltd (1000)F (UK)
US Growth GBP Ord Acc
Asset Management
Managemen
£ 209.30 - -0.83 0.00
Asset Management
Distribution (No Trail) Inc ♦ F 115.41 - 0.44 4.19 Inc.Pt.RMB Dt.SH EUR PA € 10.13 - 0.01 - P.O.Box 100, Swindon SN1 1WR 0844 800 9401 US Growth USD Inst Acc $ 192.04 - -0.80 0.00
Authorised Inv Funds High Yield Bond A Acc 117.82 - -0.37 4.21
Emerging Countries (No Trail) Acc ♦ F 169.90 - 0.09 0.97 JPM Retail OEIC (A class unless stated)
America Equity Acc 59.06 - -0.19 0.00
High Yield Bond A Inc Asset Management 54.53 - -0.17 4.21
Inc.Pt.RMB Dt.USD PA
Jenn. US Eq.Opp. USD PA
$ 10.18
$ 10.29
-
-
0.00
-0.02
-
-
Authorised Inv Funds
Growth Fd Acc
Asset Management
Montello Real Estate Opportunity Fund
58.89 62.49 -0.09 0.00 (LUX)
Wealthy Nat Bd EUR Inst Inc
Wealthy Nat Bd GBP Inst Inc
€ 112.90
£ 116.72
-
-
-0.20 3.82
-0.20 3.69
Emerging Countries (No Trail) Inc ♦ F 160.13 - 0.08 0.98
Investment Grade Bond A Acc 158.26 - -1.01 2.97 101 New Cavendish Street,London W1W 6XH
Emerging European (No Trail) Acc ♦ F 80.34 - 0.78 3.23 America Equity Inc 59.05
Asset Management
- -0.19 0.00 Neubrg.Berman US Core PA $ 14.76 - -0.01 0.00
Regulated Wealthy Nat Bd EUR Ord Inc € 112.12 - -0.20 3.55
Asset Management
Investment Grade Bond A Inc 116.67 - -0.74 2.97
set Management
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.04 1.04 0.00 -
Glbl Distribution Acc (No Trail) 108.73 - 0.19 - Eur Smaller Cos Acc 461.90 - 5.80 0.00 Property Income B Acc 114.10 - 0.27 - M & G Securities (1200)F (UK) Morant Wright Fuji Yield YEN Dist ¥ 1183.40 - -0.86 - Northwest Investment Management (HK) Ltd
Asset Management Asset Management
Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.34 1.34 0.02 0.00 Emerging Eastern Europe Fund Class A F $ 3.7212 - 0.0831 0.79
Eur Smaller Cos Inc 60.08 - 0.76 0.00 Property Income B Inc 108.86 - 0.25 - PO Box 9039, Chelmsford, CM99 2XG 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Glbl Distribution Inc (No Trail) 105.15 - 0.18 - European Growth Fund Class A F $ 11.5812 - 0.0901 1.16 Morant Wright Sakura Fund Sterling Acc Hedged £ 14.35 - -0.01 0.00
Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.31 1.31 0.01 1.74 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Other International Funds
Global Equity (No Trail) acc ♦ F 219.10 - 0.78 0.95 Fusion Balanced Acc 56.50xd - -0.23 0.00 Authorised Inv Funds Morant Wright Sakura Fund Euro Acc Hedged € 14.31 - -0.01 0.00
Hermes Sourcecap EU Alpha Fund Class R Acc € 3.32 3.32 0.05 0.00 European Growth Fund Class AA F $ 0.8381 - 0.0066 0.56 Northwest $ class $ 2348.71 - -47.97 0.00
Global Equity (No Trail) inc ♦ F 205.05 - 0.74 0.96 Fusion Balanced Inc 56.49xd - -0.23 0.00 Charifund Inc 1527.83 - 12.68 4.41 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1458.37 - -1.06 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.39 1.39 0.01 0.00 Kames Capital VCIC (IRL) Global Contrarian Fund Class AA F $ 0.9784 - 0.0079 0.00 Northwest Warrant $ class $ 2282.79 - 2.11 0.00
Global Equity Income (No Trail ) Acc ♦ F 254.26 - 0.52 3.13 Fusion Conservative Acc 55.61xd - -0.27 0.00 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Charifund Acc 20509.99 - 170.24 4.28 Morant Wright Sakura Fund Dollar Acc Hedged $ 14.32 - -0.01 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.35 3.35 0.04 0.00 Global Property Fund Class AA F $ 1.0504 - 0.0164 0.73
Fusion Conservative Inc 55.50xd - -0.26 0.00 FCA Recognised
Global Equity Income (No Trail) Inc ♦ F 211.95 - 0.43 3.21 M&G Corporate Bond A Acc 62.71xd - 0.21 3.06 Global Property Fund Class AA (HKD)HK$ 9.8727 - 0.1523 - Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.26 - -0.01 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.63 1.63 0.02 0.00 Absolute Return Bond B GBP Acc 1076.99 - -0.67 -
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 174.33 - 0.01 1.26 Fusion Growth Acc 58.26xd - -0.29 0.00 M&G Corporate Bond A Inc 39.88xd - 0.13 3.06
Hermes UK Small & Mid Cap Fund Class R Acc € 5.01 5.01 0.07 0.00 Global Resources Fund Class AA F $ 0.8636 - 0.0110 0.00
Eq Market Neutral B Acc 1018.03 - 0.62 -
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 203.47 - 0.06 1.67 Fusion Growth Inc 58.26xd - -0.29 0.00 M&G Dividend A Inc 65.91 - 1.19 3.93
Hermes US SMID Equity Fund Class F Acc £ 1.60 1.60 0.00 0.00 Greater China Opportunities Class AA $ 1.1728 - -0.0014 -
Eq Market Neutral Plus B Acc 1027.38 - 1.08 -
Gbl Fin Cap No Trail Acc 180.65 - 0.12 4.18 Fusion Growth + Acc 60.08xd - -0.35 0.00 M&G Dividend A Acc 640.17 - 11.54 3.80
Hermes US SMID Equity Fund Class R Acc € 3.50 3.50 0.00 0.00 Healthcare Fund Class AA F $ 1.9876 - 0.0099 0.00
High Yield Global Bond A GBP Inc 544.37 - -1.83 4.05
Gbl Fin Cap No Trail Inc 155.15 - 0.10 4.31 Fusion Growth + Inc 60.09xd - -0.34 0.00 M&G Episode Growth X Inc 53.91xd - 0.32 1.84 India Equity Fund Class AA F $ 1.3718 - 0.0257 0.00
High Yield Global Bond B GBP Inc 1130.62 - -3.78 4.56
Global Opportunities (No Trail) Acc ♦ F 258.41 - 1.14 0.93 Fusion Income Acc...C 54.89xd - -0.30 2.50 M&G Episode Income A Acc 144.49xd - 0.48 3.40 International Growth Fund Class A F $ 4.8895 - 0.0473 0.13
Hermes Property Unit Trust (UK) Investment Grade Global Bd A GBP Inc 564.43 - 0.54 2.43 Oasis Crescent Management Company Ltd
Global Smaller Companies (No Trail) Acc ♦ F 253.82 - 0.63 0.38 Fusion Income Inc...C 52.48xd - -0.28 2.57 M&G Episode Income A Inc 122.61xd - 0.41 3.47 International Growth Fund Class AA F $ 1.1229 - 0.0109 0.00
Property & Other UK Unit Trusts Kames Global Equity Income B GBP Acc 1161.59 - 5.85 - Other International Funds
Global Smaller Companies (No Trail) Inc ♦ F 244.14 - 0.61 0.38 Global Allocation Acc 55.02 - 0.29 0.64 M&G Extra Income A Inc 780.56 - 6.00 4.12
Property £ 5.46 5.79 0.03 3.08 Japanese Growth Fund Class A F $ 3.5626 - 0.0295 0.59 Morgan Stanley Investment Funds (LUX) Oasis Crescent Equity Fund R 9.99 - -0.08 0.00
Kames Global Equity Income B GBP Inc 1119.18 - 5.64 -
Global Targeted Rets (No Trail) Acc 114.45 - 0.17 0.82 Global Allocation Inc 54.66 - 0.29 0.64 M&G Extra Income A Acc 6213.64 - 47.78 4.01 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
Japanese Growth Fund Class AA F $ 0.9165 - 0.0076 0.00
Strategic Global Bond A GBP Inc 1116.00 - 0.56 1.11 www.morganstanleyinvestmentfunds.com
High Income (No Trail) Acc ♦ F 177.91 - 1.76 3.39 Global Bond exUK Acc 249.20 - 0.40 0.84 M&G Global Basics A Inc 682.70 - 0.99 0.27 Latin America Equity Fund Class AA F $ 0.9291 - 0.0072 1.42
Impax Asset Management (IRL) Strategic Global Bond B GBP Inc 632.70 - 0.33 1.60 FCA Recognised Oasis Global Mgmt Co (Ireland) Ltd (IRL)
High Income (No Trail) Inc ♦ F 133.18 - 1.32 3.48 Global Bond exUK Inc 196.70 - 0.30 0.84 M&G Global Basics A Acc 1030.63 - 1.50 0.27 Russia Equity Fund Class AA F $ 0.5134 - 0.0129 0.00 US Advantage A F $ 56.38 - 0.41 0.00 Regulated
Norfolk House, 31 St James's Square, London, SW1Y 4JR
Hong Kong & China (No Trail) Acc ♦ F 208.29 - -1.70 1.07 Global Bond Opport. Acc 50.56xd - -0.04 - M&G Global Dividend Fund A Acc 206.23xd - 0.68 3.09
FCA Recognised Taiwan Equity Fund Class AA F $ 1.7159 - 0.0081 0.19 Asian Equity A F $ 48.10 - 0.17 0.00 Oasis Global Investment (Ireland) Plc
Env Mkts (Ire) Stl A £ 2.27 - -0.01 0.00 Income & Growth (No Trail) Acc ♦ F 232.10 - 2.98 3.59 Global Bond Opport. Inc 50.50xd - -0.04 - Kleinwort Benson Bank (UK) M&G Global Dividend Fund A Inc 165.08xd - 0.55 3.15 Turkey Equity Fund Class AA F $ 0.8505 - 0.0299 0.00 Oasis Global Equity $ 28.82 - -0.13 0.22
14 St. George Street, Mayfair, London W1S1FE Asian Property A F $ 20.23 - 0.19 0.00
Env Mkts (Ire) Euro A € 2.17 - -0.01 0.00 Income & Growth (No Trail) Inc ♦ F 187.91 - 2.42 3.68 Global Eq Income £ hdg Acc... C 69.40xd - 0.38 3.79 M&G Glbl Emrgng Mkts A Acc 218.95 - 0.31 0.75 Oasis Crescent Global Investment Fund (Ireland) plc
Dealing and enquiries: 0800 024 2400 US Bond Fund Class AA F $ 1.2168 - 0.0014 3.89 Asian Property AX F £ 11.94 - 0.08 0.52
Env Mkts (Ire) USD A $ 1.86 - 0.01 0.00 Global Eq Income £ hdg Inc ... C 50.38xd - 0.28 3.89 M&G Glbl Emrgng Mkts A Inc 211.53 - 0.30 0.76 Oasis Crescent Global Equity Fund $ 29.35 - -0.12 0.00
Income (No Trail) Acc ♦ F 177.05 - 1.66 3.17 Authorised Inv Funds U.S. Bond Fund Class AA Inc F $ 0.9960 - 0.0012 - Diversified Alpha Plus A F € 32.57 - 0.14 0.00
Global Eq Income Acc... C 71.82xd - 0.34 3.79 Unit Trust Manager/ACD - Host Capital M&G Global Macro Bond Fund A Acc 105.85xd - -0.03 0.79 OasisCresGl Income Class A $ 11.11 - 0.01 2.49
Income (No Trail) Inc ♦ F 131.64 - 1.24 3.24 US Bond Fund Class AA (HKD) HK$ 9.9558 - 0.0098 - Emerg Europ, Mid-East & Africa Eq A F € 74.32 - 1.15 0.00
Global Eq Income Inc ... C 63.02xd - 0.30 3.89 HC KB Capital Growth A Acc 170.83 - 0.63 1.36 M&G Global Macro Bond Fund A Inc 73.56xd - -0.01 0.79 OasisCresGl LowBal D ($) Dist $ 12.29 - -0.03 0.00
Japan (No Trail) Acc ♦ F 155.35 - -0.09 0.74 U.S. Bond Fund Class AA (HKD) IncHK$ 9.9013 - 0.0102 -
INDIA VALUE INVESTMENTS LIMITED (INVIL) HC KB Capital Growth A Inc 159.96 - 0.59 1.38
Emerging Markets Debt A F $ 79.27 - -0.49 0.00
Global Equity Acc 1016.00 - -2.00 0.15 M&G Global High Yield Bond X Inc 51.09xd - -0.02 4.43 OasisCresGl Med Eq Bal A ($) Dist $ 12.57 - -0.04 0.04
www.invil.mu Japanese Smaller Companies (No Trail) Acc ♦ F 167.51 - 1.02 0.00 U.S. Special Opportunities Fund Class AA F $ 0.9288 - 0.0000 7.00 Emerging Markets Domestic Debt AX F £ 11.63 - 0.08 5.38
Other International Funds Global Equity Inc 75.51 - -0.15 0.14 HC KB Enterprise Equity Income A Inc 114.69 - -1.88 3.78 M&G Global High Yield Bond X Acc 118.47xd - -0.05 4.42 Oasis Crescent Gbl Property Eqty $ 9.80 - -0.01 2.09
Latin American (No Trail) Acc ♦ F 125.07 - 0.54 1.84 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - Emerging Markets Equity A F $ 39.05 - 0.37 0.00
NAV £ 7.36 - -0.04 0.00 Global Financials Acc 764.10 - 0.80 0.82 HC KB Enterprise Equity Income A Acc 166.67 - -2.72 3.69 M&G Managed Growth X Inc 82.27xd - 0.20 0.63
Latin American (No Trail) Inc ♦ F 114.22 - 0.49 1.86 U.S. Special Opportunities Fund Class AA Inc $ 0.9268 - 0.0000 - Euro Bond A F € 15.72 - 0.04 0.00
Global Financials Inc 43.46 - 0.05 0.82 HC KB Endeavour Multi Asset Balanced A Acc 135.67 - -0.06 0.81 M&G Optimal Income A Inc 144.66xd - 0.02 2.23
Managed Growth (No Trail) Acc ♦ F 205.33 - 0.97 1.19 US Small Cap Equity Fund Class AA F $ 1.1580 - 0.0137 0.00 Euro Corporate Bond AX F £ 21.98 - 0.14 1.76
Global High Yield Bd Mth Inc 39.40xd - -0.13 6.44 HC KB Endeavour Multi Asset Balanced A Inc 128.94 - -0.06 0.81 M&G Optimal Income A Acc 189.66xd - 0.02 2.23
Intrinsic Value Investors (IVI) LLP (IRL) Managed Growth (No Trail) Inc ♦ F 190.81 - 0.90 1.21 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2887 - 0.0057 0.06 Euro Strategic Bond A F € 43.77 - 0.12 0.00
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Global High Yield Bd Acc 101.60xd - -0.30 6.38 HC KB Enterprise Fixed Income A Acc 123.80 - -0.21 3.44 M&G Recovery GBP A Inc 132.80 - 1.16 0.90
Managed Income (No Trail) Acc ♦ F 197.76 - 0.88 2.98
FCA Recognised European Currencies High Yield Bd A F € 22.09 - 0.02 0.00
Global High Yield Bd Inc 39.39xd - -0.12 6.47 HC KB Enterprise Fixed Income A Inc 111.27 - -0.19 3.44 M&G Recovery GBP A Acc 297.12 - 2.58 0.89
Managed Income (No Trail) Inc ♦ F 165.32 - 0.74 3.04
IVI European Fund EUR € 18.55 - -0.14 0.00 Manulife Global Fund European Equity Alpha A F € 48.38 - 0.15 0.00
Monthly Income Plus (No Trail) Acc ♦ F 173.69 - 0.28 4.64 Global Property Secs Acc 59.12 - 0.29 0.71 M&G Strategic Corp Bond A Inc 74.33 - 0.17 2.83
IVI European Fund GBP £ 18.07 - -0.10 0.98 Other International Funds European Property A F € 35.41 - 0.48 0.00
Global Property Secs Inc 51.25 - 0.25 0.71 Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Strategic Corp Bond A Acc 105.53 - 0.24 2.83
Monthly Income Plus (No Trail) Inc ♦ F 111.60 - 0.19 4.74 Asia Total Return Fund Class AA $ 0.9998 - 0.0036 - Eurozone Equity Alpha A F € 12.56 - 0.08 0.00 Odey Asset Management LLP (UK)
Income Acc 50.78xd - -0.05 - PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 M&G Global Leaders GBP A Inc 198.72 - 0.39 1.37 40 Dukes Place, London, EC3A 7NH
Pacific (No Trail) Acc ♦ F 197.57 - 0.72 0.78 Asia Total Return Fund Class AA (HKD) Inc FHK$ 10.0220 - 0.0348 -
Other International Funds Global Bond A F $ 39.53 - 0.26 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Pacific (No Trail) Inc ♦ F 187.52 - 0.68 0.85 Income Inc 48.55xd - -0.05 - M&G Global Leaders GBP A Acc 463.62 - 0.91 1.35 Asia Total Return Fund Class AA Inc $ 0.9540 - 0.0034 3.18 Global Brands A F $ 98.47 - 0.99 0.00 Authorised Corporate Director - Capita Financial Managers
Lloydstrust Gilt £ 12.1900xd - 0.0100 2.46
Tactical Bond (No Trail) Acc ♦ F 141.71 - 0.03 2.22 Japan Acc 281.50 - 1.70 0.00 M&G UK Inflation Lnkd Corp Bnd A Acc 114.99xd - -0.05 0.75 Authorised Inv Funds
Lloyds Investment Funds Limited Asia Value Dividend Equity Fund Class AA F $ 1.8420 - 0.0074 0.00 Global Convertible Bond A F $ 44.61 - 0.07 0.00
Tactical Bond (No Trail) Inc ♦ F 120.83 - 0.02 2.26 Japan Inc 67.76 - 0.41 0.00 M&G UK Inflation Lnkd Corp Bnd A Inc 113.34xd - -0.05 0.75 CF Odey Continental European R Acc ♦ 735.04 - 6.93 0.18
Euro High Income € 1.6760xd - 0.0020 3.01 Asia Value Dividend Equity Fund Class AA Inc $ 1.1290 - 0.0046 - Global Property A F $ 29.59 - 0.50 0.00
UK Aggressive (No Trail) Acc ♦ F 183.10 - 1.67 2.18 Multi-Asset Inc Mth Inc 67.02xd - 0.16 3.72 CF Odey Continental European I Acc ♦ 125.72 - 1.19 0.74
European £ 8.0580 - 0.0290 1.07 Strategic Income Fund Class AA F $ 1.0837 - 0.0010 4.41 Indian Equity A F $ 35.07 - 0.55 0.00
UK Aggressive (No Trail) Inc ♦ F 154.06 - 1.40 2.22 Multi-Asset Inc Acc... C 87.76xd - 0.22 3.66 CF Odey Continental European I Inc ♦ 120.82 - 1.14 0.74
High Income £ 0.8853xd - 0.0011 4.96 M & G Securities Ltd (UK) Latin American Equity A F $ 51.45 - 0.36 0.00
Invesco Fund Managers Ltd (UK)
UK Enhanced Index (No Trail) Acc ♦ F 421.51 - 3.89 3.37 Multi-Asset Inc Inc... C 67.02xd - 0.17 3.75 Property & Other UK Unit Trusts CF Odey Opus R Inc ♦ 3840.85 - 37.03 0.00
International £ 4.4070 - -0.0080 1.14 Short Maturity Euro Bond A F € 20.48 - 0.00 0.00
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Marlborough Fd Managers Ltd (1200)F (UK)
UK Enhanced Index (No Trail) Inc ♦ F 267.80 - 2.47 3.45 Multi-Asset Macro Acc 62.22 - 0.00 0.00 Charibond 124.83xd - 0.51 5.18 CF Odey Opus Fund A Accumulation 136.94 - 1.32 0.00
Dealing: 0800 085 8571 North American £ 15.9300 - -0.1600 0.16 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Investor Services: 0800 085 8677 UK Growth (No Trail) Acc ♦ F 159.73 - 1.44 2.20 Multi-Asset Macro Inc 62.22 - 0.00 0.00 (Accum Units) 3599.72xd - 14.85 5.18 www.marlboroughfunds.com CF Odey Opus Fund I Acc 176.19 - 1.70 0.25
Sterling Bond £ 1.4920xd - 0.0020 3.61 US Growth A F $ 67.00 - 0.48 0.00
www.invescoperpetual.co.uk Multi-Manager Growth Acc 737.60 - 3.20 0.45 NAACIF 79.57xd - 0.52 4.32 Authorised Inv Funds CF Odey Opus Fund I Inc 172.51 - 1.66 0.25
UK Growth (No Trail) Inc ♦ F 130.70 - 1.18 2.25 UK £ 7.5070 - 0.0530 1.43
Authorised Inv Funds Balanced 158.66 167.76 -0.70 0.05 US Growth AH F € 46.24 - 0.33 0.00
UK Smaller Companies Equity (No Trail) Acc ♦ F 273.33 - 1.96 1.06 Multi-Manager Growth Inc 688.40 - 3.00 0.45 Lloyds Gilt Fund Limited (Accum Units) 6961.19xd - 45.80 4.20 CF Odey Absolute Return Fund Euro Hedged € 1.82 - 0.00 0.00
INVESCO PERPETUAL Funds US Growth AX F £ 42.68 - 0.19 0.00
Bond Income 51.41 54.40 0.03 4.45
Asian Acc ♦ F 484.34 - 1.80 0.78 UK Smaller Companies Equity (No Trail) Inc ♦ F 255.09 - 1.83 1.07 Natural Resources Acc 494.60 - 4.20 0.08 Lloyds Gilt Fund Quarterly Share £ 1.2670xd - 0.0020 2.05 M&G Property Portfolio A Acc 128.12xd 134.86 0.01 3.75 CF Odey Absolute Return Fund US Dollar Hedged $ 1.68 - 0.00 0.00
Cash 50.13 - 0.00 0.48 US Property A F $ 68.17 - 1.48 0.00
Asian Inc ♦ F 435.02 - 1.62 0.79 UK Strategic Income (No Trail) Acc ♦ F 740.90 - 7.35 3.38 Natural Resources Inc 35.03 - 0.30 0.08 Monthly Share £ 1.2190xd - 0.0020 2.05 Property Portfolio A 119.20xd 125.47 0.01 3.83 CF Odey Absolute Return R 306.05 - 0.86 0.00
Lloyds Money Fund Limited Cautious Inc 85.09 89.58 -0.51 1.59
Asian Equity Income Acc ♦ F 65.06 - 0.17 3.83 UK Strategic Income (No Trail) Inc ♦ F 555.58 - 5.52 3.46 New Europe Acc 158.00 - 1.70 2.29 Property Portfolio X 119.20xd 119.20 0.01 3.83 CF Odey Absolute Return I 315.65 - 0.89 0.00
Sterling Class £ 52.5670 - 0.0000 0.19 Defensive A Inc 115.97 - -0.03 0.98 Morgens Waterfall Vintiadis.co Inc
Asian Equity Income Inc ♦ F 56.38 - 0.14 3.94 US Equity (No Trail) Acc ♦ F 230.30 - -0.46 0.04 New Europe Inc 37.56 - 0.39 2.26 CF Odey Portfolio Fund Class P Institutional Acc 106.50 - 0.39 -
Lloyds Multi Strategy Fund Limited Emerging Markets 252.78 - 1.39 1.51 Other International Funds
Balanced Risk 6 Acc 54.42 - 0.41 0.00 Portfolio Acc 205.30xd - -0.20 0.63 CF Odey Portfolio Fund Class P Retail Acc 105.97 - 0.43 -
Conservative Strategy £ 1.1320 - -0.0030 2.30 M & G (Guernsey) Ltd (GSY) ETF Global Growth A 155.12 - 1.50 0.00 Phaeton Intl (BVI) Ltd (Est) $ 437.84 - 4.53 0.00
Balanced Risk 8 Acc 56.60 - 0.59 0.00 Sterling Corporate Bond Acc 83.16xd - 0.23 2.37 Regulated CF Odey Portfolio Fund I Acc 150.85 - 0.62 0.06
Growth Strategy £ 1.5500 - -0.0120 1.64 ETF Commodity A 82.90 - 0.47 0.00
Sterling Corporate Bond Inc 52.54xd - 0.14 2.38 The M&G Offshore Fund Range CF Odey Portfolio Fund I Inc 148.45 - 0.60 0.06
Balanced Risk 10 Acc 58.80 - 0.77 0.11
Aggressive Strategy £ 1.8930 - -0.0200 0.00 Corporate Bond 1327.63 1368.69 4.33 3.05 European Multi-Cap 266.19 - 2.48 0.20
Childrens Acc ♦ F 445.00 - 7.12 1.65 Strategic Bond Acc 69.39xd - -0.14 3.01 CF Odey Portfolio Fund R Acc 146.85 - 0.59 0.00
Corporate Bd Acc (Gross) ♦ F 206.90 - 0.16 3.65 Strategic Bond Inc 58.08xd - -0.12 3.03
Global USD Growth Strategy $ 1.4870 - -0.0040 0.00 Global Basics 2513.26 2590.99 3.58 0.00 Extra Income
Asset Management 81.91 86.68 0.52 4.12
CF Odey Portfolio Fund R Inc 146.61 - 0.60 0.00
set Management UK Active Index + E Acc 295.00 - 2.80 2.91
Dealing Daily
Global Leaders 3453.30 3597.19 6.73 1.20 Far East Growth A Inc 178.60 - 0.91 1.67
Corporate Bd Inc (Gross) ♦ F
Corporate Bond Acc ♦ F
89.51
184.82
-
-
0.06 3.75
0.13 3.67
Invesco
Asset Management (LUX)
UK Active Index + E Inc 55.62 - 0.53 2.91 Asset Management Global High Yield Bond 1004.55 1035.62 -0.39 4.43 Global 185.04 194.87 -1.73 0.00
Odey Asset Management LLP (CYM)
Global Macro Bond Fund 11050.13 11391.88 -103.32 0.00 Global Bond Inc 138.90 146.98 0.22 3.17
Corporate Bond Inc ♦ F 89.44 - 0.06 3.76 UK Dynamic Acc 164.40 - 2.20 1.30 Regulated
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
North American Dividend Fund 160.47 167.16 -0.30 0.00 High Yield Fixed Interest 74.63 79.18 -0.03 5.98 Natixis International Funds (Lux) I SICAV (LUX)
Distribution Acc ♦ F 111.63 - 0.43 4.12 FCA Recognised UK Dynamic Inc 135.60 - 1.80 1.31 OEI MAC Inc A £ 341.80 - -97.57 0.00
Invesco Management SA Optimal Income Fund 143.35 147.78 0.02 2.23 Multi Cap Income A Inc 158.86 - 1.25 4.24 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Distribution Acc (Gross) ♦ F 127.19 - 0.49 4.10 UK Eq & Bond Inc Acc ... C 144.20xd - 1.20 3.19 OEI Mac Inc B £ 190.21 - -62.33 0.00
FCA Recognised
Invesco Active Multi-Sector Credit Fund A € 2.97 - 0.00 0.00 Recovery Fund Limited 'A' Participating Shares 11463.57 11941.22 98.31 0.57 Nano-Cap Growth A Acc 97.9356 107.6000 0.7344 -
Distribution Inc ♦ F 66.25 - 0.26 4.20 UK Eq & Bond Inc Inc ... C 85.31xd - 0.73 3.26 Harris Global Equity R/A (USD) $ 280.08 280.08 -1.24 0.00 OEI MAC Inc USD $ 1836.48 - -545.41 0.00
Invesco Asia Balanced A dist $ 15.88 - 0.03 3.37 Recovery Fund Limited 'I' Participating Shares 11506.40 11622.63 98.92 1.32 Special Situations A Acc 1108.32 1172.83 6.98 0.29
Distribution Inc (Gross) ♦ F 66.26 - 0.26 4.20 UK Higher Inc Acc ... C 932.50 - 9.40 3.76 Harris Concentrated US Equity H-N/A (GBP) £ 154.93 154.93 -0.80 0.00 Odey European Inc EUR € 785.47 - -133.62 0.00
Invesco Asia Consumer Demand Fund A income $ 14.13 - -0.02 0.18
UK Higher Inc Inc ... C 555.10 - 5.60 3.88
Lombard Odier Funds (Europe) S.A (LUX) Strategic Corporate Bond Fund 134.87 140.49 0.31 2.82 UK Multi-Cap Growth A Inc 235.61 249.32 1.34 0.42
Emerging Countries Acc ♦ F 259.87 - 0.12 0.48 Harris Concentrated US Equity R/D (GBP) £ 107.58 107.58 -1.27 32.04 Odey European Inc A GBP £ 300.36 - -50.76 -
Invesco Asia Infrastructure (A) $ 14.25 - 0.03 1.35 www.loim.com
UK Growth 1652.37 1721.22 21.86 0.98 UK Micro Cap Growth A 446.44 472.42 1.05 0.00
Emerging Countries Inc ♦ F 236.43 - 0.11 0.48 UK Managed Equity Acc 69.89xd - 0.68 1.96 Regulated Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.10 100.10 -0.09 1.61 Odey European Inc B GBP £ 170.44 - -28.81 0.00
Invesco Asia Opportunities Equity A $ 115.26 - 0.36 0.00 Lombard Odier Funds US Multi-Cap Income 316.36 - -0.06 0.17
Emerging European Acc ♦ F 38.71 - 0.37 2.65 UK Managed Equity Inc 59.07xd - 0.57 1.98 Odey European Inc USD $ 361.96 - -63.67 0.00
Invesco Balanced Risk Allocation Fund A € 15.62 - 0.14 0.00 Absolute Ret Bond (EUR) PA € 12.05 - 0.00 0.00 MFM - Third Party Funds
Emerging European Inc ♦ F 36.22 - 0.34 2.72 UK Smaller Cos Acc 362.50 - 2.20 0.00 Giano Capital EUR Inc € 4723.66 - 111.37 0.00
Invesco Capital Shield 90 (EUR) A € 12.35 - 0.03 0.00 Absolute Ret Bond (USD) PA $ 17.66 - -0.01 0.00
Junior Oils 107.25 113.49 -1.98 0.00 Natixis International Funds (Dublin) I plc (IRL)
European Equity Acc ♦ F 888.01 - 8.12 2.12 UK Smaller Cos Inc 70.40 - 0.43 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Invesco Emerging Europe Equity Fund A $ 9.38 - 0.09 0.00 Junior Gold C Acc 27.83 - 0.47 0.00
UK Strategic Eq Inc Acc ... C 156.90xd - 0.60 3.35 All Roads (CHF) PA SFr 18.06 - -0.05 0.00 Regulated
European Equity Inc ♦ F 751.32 - 6.87 2.17 MFM Artorius Fund 144.72 - 1.83 0.19 Odey Asset Management LLP (IRL)
Invesco Emerging Local Currencies Debt A Inc $ 8.06 - 0.06 6.12 All Roads (USD) PA $ 11.45 - -0.03 0.00 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.50 13.50 -0.09 1.06
European Equity Income Acc ♦ F 77.02 - 0.59 3.03 UK Strategic Eq Inc Inc ... C 103.30xd - 0.40 3.46 FCA Recognised
Invesco Emerging Mkt Quant.Eq. A $ 11.52 - 0.05 0.00 MFM Bowland 148.14 160.15 3.28 0.00
UK Strategic Gth Acc 114.30 - 1.30 1.15 All Roads (GBP) PA £ 11.67 - -0.04 0.00 Loomis Sayles High Income R/D (USD) $ 9.67 9.67 -0.04 12.81
European Equity Income Inc ♦ F 59.62 - 0.46 3.10 Odey Pan European EUR R € 355.26 - -4.72 0.00
Invesco Energy A $ 24.24 - 0.22 0.00 MFM Hathaway Inc 102.95 107.80 -0.20 1.43
UK Strategic Gth Inc 106.60 - 1.20 1.17 All Roads (EUR) PA € 11.61 - -0.04 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 13.55 13.55 -0.11 4.28 Odey Allegra European EUR O € 278.52 - -4.14 0.00
European High Income Acc ♦ F 81.61 - 0.35 3.36 MFS Investment Funds (LUX)
MFM SGWM Managed A Acc 126.41 - -1.90 0.15
Invesco Euro Corporate Bond Fund (A) € 17.44 - 0.00 0.00 Alpha Japan (EUR) PA F € 11.93 - 0.03 0.00 FCA Recognised
European High Income Inc ♦ F 60.27 - 0.25 3.42 US Acc 714.20 - -2.20 0.00 Odey Allegra International EUR O € 181.37 - -1.99 0.00
Invesco Euro Inflation Linked Bond A € 15.77 - 0.10 0.00 Blend.Research Gb.Eq.Fd. € 106.70 - -1.28 - MFM Techinvest Special Situations Acc 114.98 - 0.75 0.08
US Inc 98.85 - -0.30 0.00 Alpha Japan (CHF) PA F SFr 14.94 - 0.03 0.00 Odey Allegra Developed Markets USD I $ 138.45 - -1.26 0.00
European Opportunities Inc ♦ F 83.11 - 1.01 0.16 MFM Techinvest Technology Acc 373.89 - -5.61 0.00 Natixis International Funds (UK)
Invesco Euro Reserve A € 322.89 - 0.00 0.00 Alpha Japan (JPY) PA F ¥ 1414.00 - 4.00 0.00 Blend.Research Gb.Eq.Fd. £ 102.93 - -1.03 -
US Equity Income Acc ... C 119.70xd - -0.50 2.05 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Odey Atlas Fund GBP I S £ 1.26 - 0.01 0.00
European Opportunities Acc ♦ F 85.10 - 1.03 0.16 MFM UK Primary Opportunities A Inc 336.11 - 2.82 1.31
Invesco European Bond A € 7.19 - 0.03 0.00 Alpha Japan (USD) PA F $ 17.12 - 0.04 0.00 Blend.Research U.S.Core Eq.Fd. ¥ 10449.00 - -33.00 - Authorised Funds
European Smlr Cos Acc ♦ F 187.08 - 3.02 0.00 US Equity Income £ hdg Inc ... C 102.20xd - -0.40 2.11 Odey Giano European Fund EUR R € 118.93 - 0.30 0.00
Slater Investments Ltd - Investment Adviser H2O MultiReturns Fund N/A (GBP) $ 12.82 12.82 -0.01 1.72
Invesco European Growth Equity A € 25.52 - 0.30 0.00 Alternative Beta PA F SFr 119.77 - -0.07 0.00 Blend.Research Gb.Eq.Fd. $ 105.93 - -0.37 -
Global Bd Acc (Gross) ♦ F 127.82 - 0.06 1.07 US Equity Income Inc ... C 102.70xd - -0.40 2.07 MFM Slater Growth 381.00 404.24 3.01 0.12 Odey Naver Fund EUR I € 125.19 - -0.82 0.00
Invesco Global Absolute Return Fund A Class € 11.70 - 0.00 0.00 Alternative Beta PA F € 80.55 - -0.05 0.00 Em.Mk.Eq.Fund Euro € 124.53 - -1.79 0.00 H2O MultiReturns Fund I/A (GBP) £ 1.27 - 0.00 1.95
Global Bd Inc (Gross) ♦ F 79.18 - 0.04 1.08 US Select Acc 110.70 - -0.50 0.00 MFM Slater Income A Inc 157.62 - 0.97 3.65 Odey Odyssey USD I $ 166.79 - 0.13 0.00
Invesco Global Bond A Inc $ 5.57 - 0.01 0.96 Alternative Beta PA F $ 120.47 - -0.06 0.00 Em.Mk.Eq.Fund Sterling £ 105.14 - -1.30 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.10 - 0.01 -
Global Bond Acc ♦ F 120.25 - 0.06 1.07 US Select Inc 109.30 - -0.50 0.00 MFM Slater Recovery 162.44 172.35 -1.81 0.11 Odey Orion Fund EUR I € 128.63 - -0.29 0.00
Invesco Global Equity Income Fund A $ 63.10 - 0.29 0.00 Commodities (CHF) PA SFr 6.24 - 0.05 0.00 Em.Mk.Eq.Fd.US Dollar $ 106.96 - -0.62 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.10 - 0.00 -
Global Bond Inc ♦ F 79.14 - 0.04 1.08 US Smaller Cos Acc 386.50 - -0.60 0.00 Odey Swan Fund EUR I € 86.84 - -0.83 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.62 - 0.03 2.14 Commodities (EUR) PA € 6.31 - 0.06 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 9054.00 - -26.00 5.95 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.99 - 0.00 4.48
Glbl Distribution Acc 54.10 - 0.09 4.41 US Smaller Cos Inc 101.30 - -0.10 0.00 Odey European Absolute Return GBP S £ 95.71 - -0.49 0.00
Invesco Global Inv Grd Corp Bond A Dist $ 11.82 - 0.02 2.99 Commodities (USD) PA $ 6.49 - 0.06 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 10900.00 - -35.00 5.80 Marlborough International Management Limited (GSY) Loomis Sayles Strategic Income H-N/A (GBP) £ 1.07 - 0.00 4.63
Glbl Distribution Acc (Gross) 54.57 - 0.10 4.41 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Invesco Global Leisure A $ 36.32 - -0.06 0.00 Convertible Bd P A € 17.74 - -0.05 0.00 Gb.Conc.Eq.Fd.Euro € 280.47 - -3.56 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.38 - 0.01 0.28
Glbl Distribution Inc 52.32 - 0.09 4.43 FCA Recognised
Invesco Global Smaller Comp Eq Fd A $ 59.23 - 0.31 0.00 JPMorgan Charity Funds (UK) Loomis Sayles US Equity Leaders I/A (GBP) £ 1.35 - 0.00 0.47 Odey Wealth Management (CI) Ltd (IRL)
Convertible Bd Asia PA F SFr 14.65 - -0.08 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 168.17 - -1.80 0.00 Marlborough North American Fund Ltd £ 31.19 31.50 -0.01 0.00
Glbl Distribution Inc (Gross) 52.33 - 0.09 4.43 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 www.odey.com/prices
Invesco Global Structured Equity A $ 48.03 - 0.02 0.73 Property & Other UK Unit Trusts Convertible Bd Asia PA F € 15.57 - -0.08 0.00 Gb.Conc.Eq.Fd.Sterling £ 254.99 - -2.74 0.00 FCA Recognised
Marlborough Tiger Fund Ltd F £ 29.76 30.06 -0.10 0.00
Global Equity (acc) ♦ F 497.60 - 1.77 0.46
Invesco Global Total Ret.(EUR) Bond Fund A € 13.46 - 0.02 0.00 UK Equity Fund for Charities I...C £ 2.959850xd 2.971190 0.028210 3.28 Convertible Bd Asia PA F $ 15.67 - -0.09 0.00 Gb.Conc.Eq.Fd.US $ 199.65 - -0.82 0.00 Odey Opportunity EUR I € 221.47 - -1.15 0.00
Global Equity (inc) ♦ F 453.86 - 1.62 0.46
NatWest (2230)F (UK)
Invesco Gold & Precious Metals A $ 4.97 - 0.07 0.00 Bond Fund for Charities £ 1.359480xd 1.365850 0.006140 3.67 Emerg. Consumer (CHF) PA SFr 12.98 - -0.09 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 189.68 - -1.54 0.00 PO Box 23873, Edinburgh EH7 5WJ**
Global Equity Income Acc ♦ F 123.22 - 0.25 3.14
Invesco Greater China Equity A $ 51.69 - 0.01 0.00
Martin Currie Fund Management Ltd (1200)F (UK) Enquiries: 0800 085 5588
Emerg. Consumer (EUR) PA € 13.08 - -0.09 0.00 Gb.Eq.Euro Hdg Fd. € 268.99 - -2.20 0.00
Global Equity Income Inc ♦ F 102.72 - 0.21 3.22 Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125 Authorised Inv Funds Omnia Fund Ltd
Invesco India Equity A $ 52.43 - 0.59 0.00 Emerg. Consumer (USD) PA $ 13.08 - -0.09 0.00 Gb.Eq.Fund Euro € 291.90 - -3.53 0.00 Authorised Inv Funds Series 1(Minimum initial investment 16375,000) Other International Funds
Gbl Financial Capital Acc 88.87 - 0.06 4.20
Invesco Japanese Equity Adv Fd A ¥ 3931.00 - 7.00 0.00 Emerg.Eq. Risk Par.(EUR) PA € 9.32 - -0.11 0.00 Gb.Eq. Fd Euro IRE T € 184.54 - -2.24 0.00 Martin Currie Investment Funds (OEIC) United Kingdom Equity Index Fund £ 13.46 - -0.18 2.46 Estimated NAV $ 1013.95 - -11.27 0.00
Gbl Financial Capital Inc 76.31 - 0.05 4.33 Class A (Retail)
Invesco Japanese Value Eq Fd A ¥ 1288.00 - 8.00 0.00 Emerg. Eq. Risk Par.(USD) PA $ 7.33 - -0.02 0.00 Gb.Eq.Fd.Sterling UK T £ 211.66 - -2.15 0.00 UK Specialist Equity Inc £ 20.15 - -0.33 0.33
Gbl Financial Cap Acc Gross 92.45 - 0.06 4.68 Asia Pacific 124.00 - 0.70 1.02
Invesco Latin American Equity A $ 7.75 - 0.02 0.00 Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.10 - -0.01 0.00 Gb.Eq.Fd.US Dollar $ 328.15 - -1.18 0.00 Contl Europe Spec Equity £ 16.50 - -0.18 0.00
Gbl Financial Cap Inc Gross 76.42 - 0.05 4.86 China 125.60 - -0.70 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1043.00 - 5.00 0.00 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.63 - -0.07 0.00 Gb.Eq.Fund Sterling £ 209.56 - -2.13 0.00 US Spec Equity Fund £ 13.68 - -0.16 0.00
Global Opportunities Acc ♦ F 100.67 - 0.44 0.45 Emerging Mkts 210.10 - 1.00 0.01
Invesco Pan European Equity A EUR Cap NAV € 21.46 - 0.26 0.00 Emerg.Loc.Cur.Bd.Fdt PA € 11.94 - -0.09 0.00 Gb.Val.Ex-Jap.Fd.USD $ 122.34 - -0.36 0.00 Japan Specialist Fund X £ 9.81 - -0.07 0.00
Global Smaller Cos Acc ♦ F 1741.74 - 4.31 0.00 European Equity Income A acc 361.40 - 3.20 3.41
Invesco Pan European High Income Fd A € 14.51 - 0.04 1.89 Emerg.Loc.Cur.Bd.Fdt PA $ 9.33 - 0.01 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 14421.00 - -49.00 0.00 Pacific Basin Specialist Equity Fund £ 24.79 - -0.07 0.58
Global Smaller Cos Inc ♦ F 1666.13 - 4.12 0.00 Global Alpha 140.40 - 0.30 0.28
Invesco Pan European Small Cap Equity A € 22.96 - 0.33 0.00 Euro BBB-BB Fdt PA SFr 15.85 - -0.03 0.00 Low Volatility Gb.Eq.Fd. € 103.96 - -1.12 - UK Sovereign Bd Index Fund £ 10.80 - -0.09 2.54
Global Targeted Rets Acc 56.75 - 0.08 0.29
Thursday 14 May 2015 ★ FINANCIAL TIMES 27
Asset Management
Other International Funds Strategic China Panda Fund USD $ 2692.80 - -24.70 0.00 Winton Futures JPY Cls E ¥ 20173.05 - -862.54 0.00
Pictet-USD Short Mid-Term Bonds-I F $ 129.35 - 0.01 0.00 Global Total Fd PCG INT 162.82 - -0.10 0.00 Trojan Global Equity O Acc 209.42 - 0.33 0.90
Pictet-USD Sov.ST.Mon.Mkt-I
Pictet-Water-I EUR F
$ 102.54
€ 282.13
-
-
0.00 0.00
-1.79 0.00
Indirect Real Estate SIRE £ 127.35 133.16 1.49 3.20 Strategic China Panda Fund Hedged EURO € 2617.91
Strategic China Panda Fund Hedged Sterling £ 2654.22
-
-
-24.35 0.00
-24.25 0.00
Trojan Global Equity O Inc Asset Management 179.64 - 0.28 0.91 Asset Management
Trojan Income O Acc ♦ 274.14 - 1.81 3.58
Purisima Investment Fds (CI) Ltd (JER)
Strategic Euro Bond Accumulating Class CHFSFr 1008.50 - 0.75 0.00
Regulated Scottish Friendly Asset Managers Ltd (UK) Trojan Income O Inc ♦ 176.38 - 1.16 3.69
PCG B X 172.01 - -2.15 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Strategic Euro Bond Institutional Class EUR € 1027.23 - 0.82 0.00
Authorised Inv Funds
PCG C X 169.79 - -2.11 0.00 Strategic Euro Bond Fund Accumulating Class Shares € 1153.77 - 0.90 0.00
Managed Growth ♦ 238.40 - 2.70 0.00
Strategic Euro Bond Fund Distributing Class Shares € 1054.94 - 0.84 0.00
UK Growth ♦ 258.80 - 2.90 0.00
28 ★ FINANCIAL TIMES Thursday 14 May 2015
Jay
Pelosky Eurozone debt sales coaxed back to life
US companies line up to the €25.1bn in the two weeks from April will be more of these deals in the
€7.3bn However, Ms de Zeeuw warned that
14, before eurozone yields rose sharply, coming weeks.” as the summer holidays approached
issue in euros after rise in according to Dealogic. As yields show signs of consolidating Value of euro- the tempting yield environment in the
denominated
Why an open Iran yields suppresses activity With yields higher and a pipeline of
deals, the market expects a restoration
of debt pricings in the coming weeks if
in Europe, US companies have pro-
pelled eurozone bond market activity.
Yields for eurozone credit remain well
corporate bonds
sold in the past two
weeks
eurozone could lead to a flood of over-
issuance.
“There is still volatility going on,” she
would offer a winning JOEL LEWIN
US companies are coaxing eurozone
interest rates stabilise. In the past three
weeks holders of high-grade euro credit
below US investment-grade offerings,
enticing multinational companies to €25.1 bn
said. “On quiet days there will be win-
dows of opportunity, and I fear those
I
ran has been closed for about 35 years, so a recent visit through Deutsche Bank, following Tues- cate at a large bank. “Issuance is lower last three weeks there was too much vol- ing programme announced in January,
was an unusual event. On the ground it reminded one day’s €300m inaugural euro issue from than you’d otherwise expect.” atility, so investors pushed back. The with prices rising steeply, yields falling
of earlier economic and market transitions, such as Blackstone, the US private equity group. Hyung-Ja de Zeeuw, senior credit pipeline has been building up.” and issuance soaring.
Latin America at the turn of the 1990s or Russia and The deals follow a barren fortnight for strategist at ABN Amro, said: “Volatility In stark contrast to the slowdown in But a sharp fall in the price of govern-
central Europe in the mid-1990s. Salient features eurozone credit as heightened market makes it challenging to place a deal. eurozone credit sales, in the US bond ment bonds quickly hit credit markets
include underutilised labour, a state-controlled economy, volatility slowed activity to its lowest There are still many issuers waiting sales are running at a healthy rate. In the in recent weeks as the sustained rally in
brain-drain and immature capital markets. However, pace all year with just €7.3bn of euro- to issue in euros, and there are many past two weeks $85.1bn of bonds were eurozone debt markets, which had been
some unique characteristics suggest a nuclear deal could denominated corporate bonds sold in sidelined waiting to use the current sold in the US, compared with $8bn in fuelled by aggressive monetary easing,
stimulate an accelerated transition. two weeks. That is less than a third of low-yield environment. I think there the eurozone, according to Dealogic. went into reverse.
Iran is opening because it has to. Four main factors
have left its economy in tatters: economic mismanage-
ment, US troops on two of its borders, economic sanctions
and an oil price collapse. Eight years of populist economic
policies under Mahmoud Ahmadi-Nejad resulted in spi- Analysis. Commodities
ralling inflation, currency collapse, recession and an
empty treasury.
Hassan Rouhani was elected president in June 2013 on a
platform of restoring economic stability and engagement
with the west. The two are related. Economic progress has
Winds of doubt blow up as El Niño threatens
been made: inflation has fallen from more than 40 per cent
to less than 20 per cent and the currency is stabilising. But
the costs have been steep.
Chief among these are an economy in recession, youth As some investors overhaul Hotting up
unemployment above 15 per cent and a frozen property hedging and positions, others
sector, with many half-finished buildings dotting Tehran’s Typical El Niño effects on world weather Dec-Feb
wealthier neighbourhoods. are wary of a false alarm
Progress on the engagement front has occurred. The
final outcome of the nuclear talks remains uncertain but
EMIKO TERAZONO
Iran clearly hopes a deal can help restore economic
growth. In meetings with religious leaders and industrial- After a five-year absence, El Niño is
ists, in cities throughout the country, similar hopes were back. The last time the weather event
voiced — first, for a nuclear deal that restores international emerged, in 2009-10, droughts dam-
financial ties and oil exports. Second, Iran and the US aged crops in Southeast Asia and Aus-
should work together to combat terrorism, which suggests tralia, sending agricultural commodity Warm
that Iran sees engagement as a pathway to regional power prices soaring.
status. Third, it is hoped that First observed in the 19th century by
once these two objectives are Peruvian fishermen, the recurring
met, Iran will open up to for-
It has public and weather phenomenon is known to affect
eign — and in particular US private capital Australasia and South America. Its cli- Warm Warm
— capital. matic effects can reach west Africa.
Should a deal come to frui-
markets, though This week’s announcement by the Wet Wet and cool
tion Iran has several building these are under- Australian Bureau of Meteorology Dry
blocks, including its human (BOM) of a “moderate to strong” El
capital (a population of 80m,
developed Niño this year may lead to farmers and
Dry and warm
highly educated, young and commodity investors adjusting their
friendly), deeply rooted business culture, a huge natural hedging and positions.
resource base (oil and gas reserves in the top five world- “Potential shocks to commodities Wet Dry and warm
wide), a cheap currency and significant diaspora connec- markets [such as El Niño] tend to shape Warm
tions throughout the west. the risk profiles of market participants,” Warm
The country’s needs are tremendous, with estimates says Mark Keenan, head of commodity
suggesting capital requirements of close to $1tn. The oil research for Asia at Société Générale. Wet and warm
and gas sector alone is estimated to require $400bn or But some investors may be hesitant to
more to upgrade and expand; turning the oil spigot on will react, after the false alarm in 2014,
take time. Domestic air travel is stunted by lack of aircraft when weather forecasters warned of a Dry and warm
(one flight per day between Shiraz and Tehran); estimates potential development of El Niño, say Wet
suggest 300 to 500 are needed. brokers and traders. Warm
Iran has active public and private capital markets, In March last year weather experts
although these are under-developed. The stock market is pointed to the rapid warming of the
commodity heavy, trades about $100m per day and has a tropical Pacific Ocean, the key signal for
market capitalisation to gross domestic product ratio of El Niño, only for some of the conditions FT graphic Sources: NOAA; FT research
less than 30 per cent. to peter out. With sea temperatures ris-
Valuation seems cheap with a price/earnings ratio of six ing again since the end of 2014, the US
times — but with an annual interest rate on deposits of federal National Oceanic and Atmos- below average precipitation in 2013-14. could affect crops including rice, wheat, ered, the country’s fishing industry
23 per cent, stocks should be cheap. Investor demand for pheric Administration in February this
‘The threat The country’s wheat crop has already cotton, and sugar. remains on high alert.
new markets is huge, however, and capital inflows are year that El Niño had developed. has been taken a hit from dry weather, and could Indian farmers are large buyers of Elsewhere in Latin America, El Niño
likely upon any easing of sanctions, the timing of which Some commodity market partici- see further drought damage. Incitec gold, and analysts at UBS last year tends to bring wetness to Brazil, and
remains unclear. pants are suffering from “the ‘boy who
[with us] Pivot, an Australian fertiliser group, this raised concerns that a potential weak rains could hamper sugar cane harvest-
Iran has an active technology sector with more than 100 cried wolf’ effect”, says Jonathan Park- for a year, week cautioned that “Australian grow- monsoon could hit purchases of the pre- ing, lowering the level of sucrose in
incubators throughout the country. Domestic venture cap- man, co-head of agriculture at com- ing conditions at the moment look quite cious metal. the plants.
ital and private equity money exists and, while deal size is modities broker Marex Spectron. “The
and people challenging” for the wheat crop. El Niño has tended to affect cocoa It is not just agriculture that will be
quite low, the Iranian equivalents of eBay, Kayak, Groupon threat of El Niño has been in the market tend to Australia’s dairy and beef industry production in west Africa. During peri- affected. In the past droughts in Indone-
and others are active. for a year, and as a result people have could also be affected by the potential ods of the climatic event, weather in the sia, a leading nickel and copper pro-
Engineers are cheap at $25,000 a year, smartphones are tended to take it less seriously.”
take it less for reduced production of grass fodder region has tended to be dry, leading to a ducer, have led to output declines as
everywhere, as is 3G service; given lack of external compe- They may be forced to adjust their seriously’ through the winter, according to Tracey fall in bean output. hydroelectric power facilities were
tition, the locals have been able to build up a significant portfolios, however, if — as climate Allen, analyst at Rabobank in London. Meanwhile Peru’s anchovy catch is affected, as were the levels of inland
online presence. This space could prove interesting. experts predict — the tropical Pacific In the northern part of the country almost always affected by the weather waterways used for ore transportation.
Iran’s upside has two parts: first a deal would probably continues to warm in the next few sugar cane will also be impacted. event, says David Streit at the Commod- In Peru heavy rains flooded into zinc
cement Mr Rouhani’s re-election and provide a six-year months and through to the end of this Dryness in Southeast Asia could ity Weather Group, a consultant. mines, triggering sharp price rises.
runway to economic transformation. Second, there is year. The weather phenomenon can last depress harvest levels of crops including Peru’s fishermen are already feeling At BOM Mr Watkins is still “fairly cau-
another Gulf stock market opening to foreign investors — for as little as six months or as long as rice and sugar in Thailand and robusta the impact of warming waters, as a tious” about its latest forecast. What
Saudi Arabia. two years, according to Andrew Wat- coffee in Vietnam, and will add stress to sharp drop in fish stocks late last year makes it harder for weather forecasters
Imagine a future with Saudi and Iranian capital markets kins, manager of climate change predic- rubber and palm oil trees in Indonesia prompted fishing authorities to close its and commodity investors is the fact that
open to foreign investors, allowing Gulf capital markets to tion services at the BOM. and Malaysia. fishing season for anchovies — the main the effects of El Niño on the weather in
drive employment, growth and regional economic integra- Farmers in Australia are among those El Niño has been linked to a weaker ingredient of fishmeal. different parts of the world are as hard
tion, and reducing terrorism and violence: a true win-win. who are likely to feel the most pain. The Indian monsoon. The annual rainy sea- The price of fishmeal hit a record high to predict as the strength of the phe-
country has suffered significantly lower son is critical for the country’s agricul- last November, and, although stocks off nomenon itself. Says Mr Watkins: “No
Jay Pelosky is principal of J2Z Advisory rainfall for the 2012-13 season and ture, but lower than average rainfall the Peruvian coast have since recov- two El Niños are the same.”
Commodities Currencies
Unloved manganese augurs ill for steel outlook Sterling volatile after jobs data and BoE report
NEIL HUME — COMMODITIES EDITOR Manganese is the 12th most abundant supply glut for two years. Encouraged ROGER BLITZ The BoE said it now expected 2015 It later subsided to €1.3837 after the
element in the earth’s crust. Most of the by prices that reached $18 a tonne GDP to grow by 2.5 per cent, down from Bank of England report, in which it
When BHP Billiton completes the sepa- The Bank of England took the wind out
manganese produced each year — Aus- before the financial crisis, output surged its previous guidance of 2.9 per cent, warned that although the growth out-
ration of its smaller businesses into a of sterling’s sails by lowering its growth
tralian and South Africa are the biggest as new mines, mainly in South Africa, while it also revised downwards fore- look remained solid, productivity
new listed company called South32 forecasts for the UK economy, but
suppliers after China — is used in steel- came on line. casts for 2016 and 2017. growth had been persistently weak
next week, it will be jettisoning 2015’s could not halt the momentum behind
making, either as an alloying agent to CRU, a consultant, estimates the mar- But sterling found a second wind — at since 2008.
worst-performing mined commodity. the resurgent pound, the favoured cur-
increase strength or to remove residual ket was oversupplied by 843,000 tonnes least against the dollar — after the Inflation would “remain subdued” for
rency in the forex market.
Benchmark manganese ore, used in sulphur or oxygen. of contained manganese in 2013 and release of lacklustre US sales data, ena- most of 2015, said BoE governor Mark
steelmaking, has dropped 30 per cent South32, named after the line of lati- 350,000 tonnes in 2014. Struggling pro- Volatile trading saw sterling surge to a bling the pound to resume its upward Carney, among the reasons being “the
since the start of the year to less than a tude of Perth and Johannesburg, will be ducers have benefited from lower costs 21-week high against the dollar, reach- momentum and again climb above likely persistent drag from the strength
$3 per dry metric tonne, weighed down the biggest producer of manganese after the oil price fall and the weakening ing $1.5744 on UK unemployment data £1.57, a level last reached on December of sterling”.
by weak demand and high stocks at when it starts trading in Australia, of most commodity currencies, it adds. showing the jobless rate falling to 5.5 per 17. Nonetheless, the sterling index, meas-
ports in China. South Africa and London on Monday. Many analysts are forecasting flat or cent, its lowest level since the summer The pound has been in demand in the ured against a basket of its peers,
That is a worse performance than the Forecasts for the company’s market negative growth in Chinese steel con- of 2008. wake of last week’s Conservative elec- remained healthily placed at above 157.
26 per cent drop in metallurgical coal value have dropped sharply since the sumption this year, and demand has The data also showed a rise of 2.2 per tion victory, boosted by an uplift in Two key factors could weigh on ster-
and a 12.5 per cent decline for iron ore. demerger was announced last year, as also been hurt by the closure of fer- cent in average weekly wages, the fastest industrial production during March. ling, say currency strategists.
Analysts say the metal, which rode prices for its main products, which also roalloy plants in India. rate of expansion in four years. A fluctuating day against the euro saw The market has one eye on the new
the construction and property boom in include aluminium, have dropped. Ana- Unlike iron ore, the price of manga- Sterling then dipped to $1.5631 fol- the pound move above €1.40 for the Conservative administration’s plans for
China, could remain in the doldrums for lysts’ valuations are in an unusually nese is set by transactions in the physi- lowing the publication of the BoE’s latest first time in two weeks despite news of another round of austerity cuts, and
five years. “We don’t see the price get- wide range from $7bn to $14bn. cal market. Some analysts say it more inflation report, which has given rise to improving eurozone GDP growth, which another on the prospect of “Brexit”, a
ting back to $4.50 — last year’s average The 19m tonne a year manganese accurately reflects conditions in the expectations that interest rates could increased 0.4 per cent during the first British exit from the EU in a forthcom-
price — until 2020,” Macquarie said. market has been struggling to digest a steel industry. stay at historic lows well into next year. quarter. ing referendum.
Thursday 14 May 2015 ★★★ FINANCIAL TIMES 29
Global overview
TRADING POST Markets update
Jamie
Chisholm
Dollar hits three-month low while S&P 500 index
Change on day 0.03%
2100
Those who like to use charts as a guide
to future asset performance — and
2080
there are just as many who ridicule the Apr 2015 May
idea — may be keeping a close eye on
the S&P 500. Disappointing US retail “In this respect, today’s report can be US equities The S&P 500 lost its
For all the market’s recent bond- judged as slightly dovish compared with hold on to an early advance as trade
induced wobble, the Wall Street sales figures add to market expectations.” turned uneven amid fluctuating bond
benchmark by Wednesday’s open sat expectations of delay to Sterling gave back gains against the prices in the wake of the release of
less than 1 per cent shy of its record dollar — prompted by encouraging UK disappointing US retail sales data
close. Fed rates lift-off as growth data on jobs and wages — but rallied
The first-quarter corporate earnings forecasts are downgraded anew after the US sales figures to stand FTSE 100 index
season has delivered its . . . shall we be 0.4 per cent firmer at $1.5733, the high- Change on day 0.23%
kind and say, traditional DAVE SHELLOCK est level since December. 7100
outperformance of expectations. The yield on the 10-year UK govern-
And stocks are coping with a pick-up The dollar sank to its lowest level in ment bond initially fell but was subse- 7000
in bond yields because, in historical three months and the price of gold quently dragged 3 basis points higher to
terms, they remain at very low levels. touched its highest point since early 2.02 per cent as German sovereign debt 6900
Sure, interest-rate sensitive groups April as disappointing US retail sales fig- suffered a late burst of selling. Apr 2015 May
such as utilities and real estate ures played to the view that the Federal US Treasuries also fell victim to the
investment trusts may be struggling Reserve would hold back from raising sell-off across the Atlantic, with the UK equities The London market
but, on the other hand, the steepening interest rates for some time. 10-year yield making a post-sales data outperformed its continental European
yield curve of late is helping lenders. Equity and bond markets put in more low of 2.19 per cent to stand 2bp higher counterparts as participants weighed
The rebound in oil has lifted energy mixed performances while oil prices on the day at 2.28 per cent. the prospects for interest rate rises
stocks, too. Which leaves the S&P 500 were volatile after data showed a further The 10-year Bund yield finally settled in the UK and US
once again bumping up against the top sharp drop in US crude inventories last 4bp higher at 0.72 per cent.
of its recent range, just shy of 2,120. week. Preliminary data yesterday showed Eurofirst 300 index
The action has created a flat-topped The dollar index was down 0.9 per eurozone first-quarter GDP growing by
Change on day 0.28%
pennant, with higher lows beneath. It’s cent at 93.72, after touching its lowest 0.4 per cent — a modest acceleration 1650
a shape that can get technical types point since the start of February. The from the 0.3 per cent pace of the final
betting on a significant spike through index — a gauge of the US currency’s three months of 2014, but slightly below 1600
— Dario Pignatelli/Bloomberg
the upper resistance should it be value against a basket of peers — has the consensus forecast. A sharp drop in
decisively broken. fallen 6.5 per cent from a 12-year high Emerging market currencies under stress: FT.com/video German growth was offset by sturdier
1550
Other technicals may be supportive reached in March. An Asia sell-off seems a result of nerves over expected US performance from France and Italy.
Apr 2015 May
of such a move. The S&P 500’s 14-day The euro was up 1.1 per cent at $1.1341 interest rate rises. FT writers discuss the moves Marco Valli, chief eurozone econo-
relative strength index, a momentum and the dollar was down 0.6 per cent mist at UniCredit said: “The pace of European equities A renewed rise for
gauge, is about 50, leaving plenty of versus the yen at Y119.13. Gold jumped eurozone GDP growth is likely to be the euro and a late bout of selling in
room for a bounce before conditions $21 to $1,214 a Troy ounce. the ongoing softness of retail sales is The Bank of England also down- maintained in the second quarter, when German Bunds unsettled the region’s
become “overbought”. Headline retail sales were unchanged another reason to believe that the Fed graded its growth forecast for the UK for the support from low oil prices will stock markets, with the Xetra Dax in
It’s perhaps also significant that a last month, against expectations for a will delay the first rate hike until Sep- the next three years — although it said probably start diminishing, but the Frankfurt sliding a further 1.1 per cent
similar chart pattern is on show for the 0.2 per cent gain, after an upwardly tember at least.” the outlook was “solid” — and said infla- impulse from past currency deprecia-
US dollar/yen, a currency proxy for revised 1.1 per cent increase in March. Weak data on business inventories tion would stay close to zero before tion will likely strengthen.”
investors’ risk appetite. Sales in the “control group”, which strips added to the gloom and prompted many starting to rise at the end of the year. European equities were unimpressed Nikkei 225 index
out cars, petrol and building materials, economists to lower their forecasts for In its quarterly inflation report, the with the FTSE Eurofirst 300 index fall- (’000) Change on day 0.71%
20.5
[email protected] were also flat on the month. first-quarter US GDP growth. Bank said its outlook implied there ing 0.3 per cent and the Xetra Dax in
“The continuing weakness of retail Jesse Hurwitz, an economist at Bar- would be only “gradual” rises in interest Frankfurt 1.1 per cent. 20.0
US equities sales in April brings into question our clays, said: “We now expect that total rates “over the next few years”. On Wall Street, the S&P 500 edged 19.5
S&P 500 index working assumption that the [eco- private inventory investment contrib- Vatsala Datta, UK rates strategist at down fractionally to 2,098 points.
nomic] soft patch through the winter uted just 0.2 percentage points to RBC Capital Markets, said: “Although US energy stocks were lower as Brent 19.0
2100 Apr 2015 May
2000 months was largely due to the unsea- growth in the first quarter, well below the Bank’s medium-term outlook is rel- oil swung in and out of negative terri-
1900 sonably cold temperatures in the north- the 0.7 points reported in the advance atively unchanged compared to the Feb- tory. The benchmark settled 0.1 per Japanese equities The Nikkei rose to
1800 east,” said Paul Ashworth at Capital Eco- estimate. ruary report, the acknowledgment of cent lower at $66.81 a barrel, even after levels not seen for two weeks as
nomics. “This cuts our first quarter real GDP weaker activity and low near-term figures showed that US crude stockpiles optimism grew about the outlook for
May 2014 2015 May
Source: Thomson Reuters Datastream “Alongside the surge in long-term tracking estimate two-tenths, to minus inflation leaves some wiggle room if shrank by 2.2m barrels last week, far Japan’s economy and corporate profits
interest rates over the past few weeks, 0.8 per cent.” things deteriorate further. more than expected.
cents a share, in the same period a year share, on sales of $1.9bn. The company
ago. Sales slid 0.7 per cent to $6.2bn. said consolidated same-store sales fell 4
Analysts on Wall Street had forecast per cent, after a 2 per cent drop in the
earnings of 62 cents a share, on sales of previous quarter. On a constant
$6.3bn. currency basis, comparable sales rose 1
Macy’s said same-store sales, per cent in the financial fourth quarter.
including its licensed divisions, fell Based on current exchange rates,
0.1 per cent. Excluding licensed however, the company expected foreign
Wall Street departments, same-store sales fell currency would have about a 450 basis
Macy’s dips as profits 0.7 per cent, missing expectations for a
1.2 per cent gain. It also reported a 15 per
point negative affect on sales growth.
Shares of Delta Air Lines gained 1.5
and sales miss forecasts cent rise in its dividend and announced per cent to $46.78, after the US carrier
a $1.5bn increase in its share buyback boosted its quarterly dividend by 50 per
programme. Shares, which have gained cent to 13.5 cents a share, which will be
10 per cent in the past year, fell 2.5 per payable starting in September. The
cent to $63.73. company also announced a $5bn share
Mamta Badkar Ralph Lauren fell 3 per cent to buyback programme to be completed
$129.18, after the retailer said same- no later than December.
store sales declined in its fiscal fourth- Pall Corp shares climbed 4.4 per cent
Shares of Macy’s fell, after the US quarter and profits fell nearly 19 per to $123.89, after Danaher Corp agreed to
department store chain reported first- cent from the year before. acquire the water group in a $13.8bn all-
quarter results that missed analyst The New York company reported cash deal. Shares of Danaher Corp
forecasts and blamed a slowdown in profits of $124m, or $1.41 a share, climbed 1.6 per cent to $87.35.
sales on factors including the West Coast compared with $153m, or $1.68 a share, US stocks showed barely any
port disputes and lower spending by in the same period a year ago. Excluding movement. The S&P 500 and Dow Jones
international tourists. foreign currency impact, the company Industrial Average were little changed
The Cincinnati company reported reported earnings of $1.69 a share. Sales at 2,098.48 points and 18,060.49 points,
profits of $193m, or 56 cents a share, rose 1 per cent to $1.9bn. Wall Street respectively. The Nasdaq Composite
compared with profits of $224m, or 60 analysts had forecast earnings of $1.32 a gained 0.1 per cent to 4,981.69 points.
30 ★ Thursday 14 May 2015
S
mart beta is getting smarter. In the process, The shifting sands between bonds,
while at risk of becoming more esoteric and equities, currencies and commodities 1 Apr 2015 12 May
harder to sell, it may be putting itself on a firmer have prompted some fund managers to
footing when it comes to claims that it can beat reverse their strategy. A list of what they German government bonds
the market in the longer term. Smart beta is the must address includes: sell-offs in equi- 10-year Bund yield (%)
catch-all term for rules-driven quantitative strategies that ties and government bonds; the 0.8
take major indices and reweight them to create a better rebound in the euro after it came close
chance of beating the market in the long term. to parity with the dollar; a renewed
They cost more than a standard passive (or “beta”) appetite for cyclical stocks, rather than 0.6
fund, but not much more, and the hope is that they can defensives; and the strengthening of the
beat the benchmark by a little more than the difference in oil price, in a reversal of a trend that has 0.4
fees. Typical strategies include weighting towards value dominated markets since last summer.
(cheap) stocks, or those with momentum, or stocks with “A lot of correlations are changing, 0.2
high dividends or low volatility. with trillions of dollars moving around,”
The greatest problem with the concept is that if it is suc- says James Sym, a European equity fund 0
cessful, it should carry the seeds of its own demise. Once manager at Schroders. “Interpreting the
investors have cottoned on that cheap stocks outperform, changes in this market will define suc- 1 Apr 2015 12 May
more will buy them and the anomaly will disappear. Even- cess or failure for some fund managers Source: Thomson Reuters Datastream
tually you will run out of the greater fools prepared to buy over the coming months.”
what you are selling and sell what you are buying. In just a few weeks large-scale bets Turning point: billed by some as the end of the QE trade increase rates for the first time in a dec- in sectors such as banking and insur-
Further, even as these factors should logically lose their that had prospered for some time — Nestlé, maker after the €1.1tn bond-buying pro- ade at some point this year. ance because they are relatively cheap,
power in the longer run, there is also the problem that they driven largely by the European Central of Nescafé gramme pushed yields to record lows “Some investors have been caught on and says it is time to scale down posi-
tend to be cyclical. The momentum effect, for example, Bank announcing and launching quan- coffee, is in mid-April, with more than $3tn the wrong side of the Bund trade,’’ says tions in the more expensive defensive
usually works beautifully, but occasionally crashes. titative easing in the first quarter — have considered a of bonds trading with negative yields John Stopford, co-head of multi-assets sectors, such as Nestlé and Unilever,
A new answer is multi-factor funds. Combine several backfired, sparking a comprehensive defensive stock; at its peak. at Investec Asset Management. “They which have long been in vogue because
factors in one fund, and the dominant factor of the scramble among investors. recent moves Certainly, it has meant one of the big- will be less inclined to hold such aggres- they are bond-like and safe yet deliver
moment will always pull you through. And you might At one investment committee meet- favour rotation gest shifts in portfolio weightings for a sive positions in Bunds again.” high yields.
just have reached the holy grail of a fund that stays ahead ing late last month, portfolio managers into cyclicals long time, particularly in government He does not expect the benchmark Finally, the oil price is likely to influ-
of the market all the time. at a big European asset management such as banks bond markets. German Bunds, which Bund yield to return to its low. ence other assets. Michael Hulme, a
How do they do it? Two group changed positions in a range of Denis Balibouse/Reuters
largely led the market moves, have Mr Amey advises switching into cor- commodity fund manager at Carmignac
recent offerings use different
In theory the trades as they grappled with the sea experienced a spectacular jump in porate bonds. Because the world econ- Gestion, says oil should provide some
approaches. Global X is dominant factor change. yields, which have an inverse relation omy is expected to grow and default stability and trade around $70 a barrel.
launching a fund that com- Mike Amey, a senior bond fund man- to prices, since mid-April. German 10- rates to fall, he backs buying both He does not expect it to drop back to the
bines four factors, using an
of the moment ager at Pimco, says: “In essence the year yields have risen from a low of investment-grade and high-yield bonds. lows of around $50 at the start of the
approach designed by the will always pull market has been hit by the ECB unwind. 0.05 per cent to a recent intraday peak In equities Germany’s Dax has year. If he is right, oil should have a
Edhec-Risk Institute, with The German Bund market has sold off, of 0.80 per cent. dropped more than 5 per cent since calming influence on other markets.
“scientific beta” indices com-
you through the euro is strengthening, and periph- With inflation expectations rising and mid-April as a strengthening euro has However, after the recent volatility,
bining value, size (small eral spreads against Germany have eurozone deflation fears no longer dog- hurt exporters and helped trigger a pull- bold predictions are rare. “Some inves-
stocks do well), low volatility and momentum. widened.” ging the market, managers are trim- back in a market that hit record highs tors are still very overweight cash,” says
The method takes an existing index, and constructs four Other managers say the unwind is a ming positions in Bunds, particularly above 12,000 a few weeks ago. Mr Stopford. “Until we know when the
indices from it. For example, the value index includes only turning point for the market. It has been with the US Federal Reserve expected to Mr Sym recommends cyclical stocks Fed will move, that might make sense.”
those stocks that show up as cheapest. Edhec’s system then
allocates weightings to each sub-index. Over time, some
do better than others, so there is periodic rebalancing.
This can be once a quarter, but in historical back-tests EM squared
rarely happens more than once a year (to limit turnover).
Rebalancing can be tweaked to take advantage of factors’
cyclicality. If Edhec’s algorithm sees that the parent index
is being driven by one factor — for example, value — it will
‘Fragile five’ currencies
overweight value slightly. The result, if all works well, is a
fund that keeps its nose slightly ahead of the market.
down to three or four
BlackRock’s iShares, the giant of the exchange-traded
fund market, has a multi-factor offering, FactorSelect
ETFs, based on indices produced by MSCI. Like Global X JONATHAN WHEATLEY was well above target in Bra-
the funds use four factors, but substitute “quality” (a zil, Turkey and Indonesia.
measure of balance-street strength) for low volatility. The sell-off in Asian curren- Brazil stands out as much
The method for blending the factors, however, is very cies this week was a more vulnerable than on the
different. For each factor it takes the base index and ranks reminder of the nervous agi- eve of the taper tantrum.
it. The cheapest stock will score one for value, while the tation among investors in Inflation has risen to more
most expensive will get the highest rank, and so on. Four emerging markets, driven than 3 percentage points
scores are then added together. The top 25 per cent on this by uncertainty over the tim- above target, and the deficit
combined ranking go on to make up the new multi-factor ing of US Federal Reserve is almost 1 percentage point
index. This exercise is repeated twice a year. interest rate rises. of gross domestic product
This is more like a traditional quantitative screen. The But which EM currencies will bigger than two years ago.
difference is that a stock that shows up as cheap, but is a big be most exposed when the India has worked hard to
company with a poor balance sheet and lousy momentum, Fed makes its move? tackle both imbalances, with
will not get into the final index; under the Global X The “taper tantrum” two striking success, although its
approach, a stock that ranked high on value would do so. years ago, after the Fed said it inflation target, at 6 per cent,
Both approaches have been back-tested, and have would begin reducing its is easier to hit than Brazil’s
beaten parent indices in the past. The all-world version of $85bn-a-month quantitative 4.5 per cent.
the MSCI ETFs has returned 10.56 per cent per year versus easing programme, was led Mr Trivedi and his col-
6.98 per cent for the all-world index itself — although it did by the “fragile five” of Brazil, leagues say their analysis is a
underperform slightly during the crash of 2008. India, Indonesia, South snapshot. South African
ETFs have largely been used as vehicles for investors (or Africa and Turkey. inflation, for example, had
investment advisers) to do their own asset allocation. This But analysis by Goldman enjoyed the full benefit of
is an attempt to do something different and offer a new and Sachs suggests conditions lower oil prices at the end of
improved version of a “total market” fund — possibly even have changed, and at least March. Since then it has
a better mousetrap. Both offerings aspire to give you the some of this group may no begun to rise again, sending
only fund you should ever need. Time will tell if this is longer be the most exposed. the country in the same
hubris. But simplicity was left behind a while ago. These Kamakshya Trivedi and direction as Brazil, Colombia
funds are fascinating, and deserve to be watched closely. colleagues at Goldman have and Turkey.
But explaining what they do is difficult, and when it comes devised a scale of vulnerabil- For these countries, Gold-
to finding a market for them, that could be a problem. ity that combines a country’s man argues, pressure for
external balance — its cur- weaker currencies will per-
[email protected] rent account deficit or sur- sist, because depreciation
plus — and its internal bal- would bring them closer to
ance, as measured by its rate external balance. But this
of inflation. would threaten to push infla-
They calculated a sustain- tion even higher.
able range for each country’s With its policy interest
More comment and data on ft.com deficit (or surplus), and rate at 13.25 per cent a year,
compared this with the Brazil cannot tighten much
actual level. And they com- further. Turkey’s central
Y Fast FT Our global economies, headed pared actual inflation with bank would surely have
team gives you market- by Brazil, Russia, India the country’s inflation target. raised interest rates were it
moving news and views, and China. Countries that are way off not for political pressure.
24 hours a day, five days ft.com/beyondbrics both targets are most at risk. A big current account defi-
a week. ft.com/fastft Among the fragile five, cit and high inflation are not
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a India’s current account defi- the only imbalances. In
irreverent financial blog. look at what is driving cit is smaller than its sustain- South Korea, Hungary, Thai-
Join Paul Murphy and the global currency able level, while Indonesia’s land and Israel, inflation has
Bryce Elder for the daily market. ft.com/podcasts is very close. But Brazil, been below target for a long
Markets Live session at South Africa and Turkey are time. Scope for easing is lim-
Y Lex Video Analysis running deficits far beyond ited because interest rates
11am. ft.com/alphaville
and opinion from the their sustainable levels. are low, so currency weak-
Y beyondbrics News and team on the hot issues Indian inflation at the end ness may be encouraged.
comment from more affecting companies and of March was inside the gov- Continued low interest rates
than 40 emerging markets. ft.com/lexvideo ernment’s target, as was will fuel credit expansion.
South Africa’s. But inflation www.ft.com/em2
EXECUTIVE
APPOINTMENTS THURSDAY 14 MAY 2015
Inside
P
rivate club membership is breaker in recruiting, she says. “I once Closing the skills gap will
flourishing, even in an age of had a candidate who insisted on mem-
cyber networking on Linked- bership of a Tokyo club as the final perk. take more than choosing
In and Facebook. It really can be the icing on the cake.” between classics and
London is its undisputed And clubs, historically an all-male computer science
capital, but international expansion is environment, are increasingly attract- PAGE 2
afoot, as the way we work is shifting and ing women.
the daily commute directly from home Two years ago, Kate Percival co-
to the office and back gives way to a founded Grace Belgravia to help women At Work with the FT
more entrepreneurial lifestyle, even for “juggle travel, stress and strain”. Julie Bentley
those employed by big corporations. She says 80 per cent of her 500 mem- injects some
Jeffrey Young is the managing direc- bers are businesswomen; with 80 per
tor of Allegra Strategies, a strategic con- cent of those working in professional feminism
sultancy in consumer and lifestyle services, including a number of lawyers, into
trends. He has witnessed a “quite sub- accountants, bankers and hedge fund Girlguiding
stantial acceleration” in private club managers. Many of them are looking for PAGE 3
membership over the past three years. an alternative to male-dominated clubs.
Nothing seems to draw a crowd like a Meanwhile, Covent Garden’s Garrick
crowd. Clubs’ success in attracting Club is soon to vote on whether to admit
members is self-reinforcing, he notes. women as members.
US billionaire Ron Burkle agrees that Suzanne Ferlic Johnson has worked in
the business model is working: in 2012 the UK and the US and is a member of Stern on Boards
he acquired a majority stake in the Soho Mayfair’s Arts Club. She sees clubs as
House Group as it planned international more integral to business life in London To encourage a
expansion. than in Houston or New York. good governance
As Starbucks provided the catalyst for “As a working mother with children at conversation, consider
the increase in coffee outlets, so, Mr two schools and as a volunteer in vari-
Young says, the Soho House Group set ous charities, a club provides some- with care those sitting
the trend for club membership with where central to bring people, no matter around the table
Soho House and Shoreditch House. It is which part of my life they belong in,” she PAGE 3
a move away from formal office struc- says.
tures, as people want to conduct busi- And it can help women’s careers by Mrs Moneypenny
ness in a more informal environment, the home — “a refuge from the digital to be different, revisiting the gentle- Clubbing providing a more neutral space than the
such as a club, and then seamlessly world, where they can seal themselves men’s club concept in the way that we together: office. “Many jobs are set in hierarchical MP or not, there are
blend into evening activity, he says. As As we travel off and relax”. He draws parallels with now embrace vinyl records. the South organisations,” she says, “but a club some concrete steps to
the concept of community becomes more for the Bang concept in South Korea, where Antonia Plunkett is head of market- Kensington Club removes that and can provide a more take if you
more important, he says, we seek out people seek private areas in restaurants ing and memberships at the newly attracts local level playing field. For me, it’s a space for
the different “tribes” offered by the work to carve out their own space. opened South Kensington Club. She says bankers and better brainstorming, and, as a woman, suddenly
diverse mix of clubs that have become a club can Mr Cope thinks clubs also meet our many prospective members are in their property it also provides somewhere comfortable find
more broadly affordable as wealth has desire for individuality; creating an early 30s and tend to be local bankers developers where I can interact more informally yourself
increased. provide the impression of ourselves in a digitised and property developers. However, a SKC with people in my working life.”
For Richard Cope, senior trends con- world. Similar forces spur events such growing number of entrepreneurs are Finally, for both men and women
out of
guarantee work
sultant at Mintel, the global market as secret cinema, which stages elaborate also adopting the club as their work- working in a world where a job for life is
research company, increasing urbanisa- of home movie screenings, and the secret speak- space. rare, a club allows meetings with pro- PAGE 3
tion leading to smaller houses means comforts easy bars in New York and Tokyo. For some members, planned links spective employers away from the gaze
people crave a discreet venue outside He adds that we are looking to the past with other clubs in Shanghai, Hong of current ones.
2 ★ FINANCIAL TIMES Thursday 14 May 2015
Executive Appointments
Reader reaction Will classics or In a Blink: it may be time to negotiate a better salary
computer science close the skills gap? Survey of human resources directors
What the directors say 67%
Our debate over whether the UK should Many technology courses strive to
emphasise the study of classics or computer provide at least some exposure to the
science elicited more than 180 reader liberal arts; the converse does not seem
comments. Here is a selection: to be the case and many non-scientists Haiku at Work
seem to have an aversion to scientific
The world is evolving rapidly. To be knowledge. This reveals a failing in our Weekly Competition
“successful” needs the ability to think. education system. Engineer
Computational, scientific and classical
thinking may all have their roots in My seven-year -old son wants to be a ‘We are now more willing to negotiate salaries with leading job candidates compared with this time last year’ This week the topic was “bring your
logical reasoning, but are quite distinct robotic programmer (and a ninja). My child to work day” and the winning
in practice — better to be familiar with first recommendation to him was to do 49% haiku is by one of our most prolific
them all. rageofreason his maths homework. Having ignored poets, David Dayson.
that, his question back was whether the
The reason this country and so many robot would have free will. Now that was next day at school —
others are led by lawyers, those who the more interesting question. Fulham show and tell a memory
studied philosophy, politics and stick from the office
economics, classicists and historians is Learning coding without maths,
simple: they are more able to craft physics, philosophy of science is like “The third line is often the “pay-off”
effective narratives that engage the learning Latin without classical history, in haiku, with a shift to reveal the
public. Until engineers and physicists literature, philosophy. rationalbloke unexpected that is somehow more
learn the stories of the past and how to ‘We are operating in a job market where salaries are increasing’ obvious than the expected. The
tell their own stories, they’ll continue to The best thing I personally learnt, which poet here plays us, and we, childlike
play second fiddle. Even then, there is has fed me and my family, has been how 22% in our trust and innocence, are
still the question of attitude. Too many to precis — that almost forgotten word — grateful,” says judge Jim Kacian,
well-educated people suffer from a which is essential. Learn to summarise founder of the Haiku Foundation.
sense of entitlement, a resistance to arguments, books, theses and you can Sarah Leavesley is runner up:
change and discomfort with challenge do almost anything in many spheres.
from others. ActuaryOnFire Properly to understand abstruse Typing nonsense, lost
subjects, a freedom of thought is pens, spinning on chairs —
The danger of choosing one discipline is required, coupled with a scientific will that’s just my boss!
that it shapes a single, very narrow to unearth the truth. aegian
mindset, eliminating alternatives and Next topic: “the office retreat”.
paths of inquiry that lead to new These comments have been edited and ‘My company anticipates an average wage increase of more than 10 per cent over the next 12 months' Email [email protected].
discoveries and better understanding. shortened to fit the available space. For T&Cs at www.ft.com/haiku
DuchessofTesco the full versions go to www.ft.com/recruit FT graphic. Source: Robert Half, the recruiter
Thursday 14 May 2015 ★ FINANCIAL TIMES 3
Executive Appointments
T
here is one thing in particu- the first candidate had changed her issues such as drugs, alcohol abuse and a thought for Park authority (where Danny
lar that drives Julie Bentley mind. She said I was second choice What is the biggest lesson you have sexual health over 20 years as a youth all the people who lost their Alexander, former chief
— giving young people a and young, but offered me the role on learnt? worker and counsellor in not-for-profit seats in parliament last week secretary to the Treasury, was
chance to be heard on condition I did a huge amount of I spent a lot of time thinking: Why organisations, including as chief execu- and had five working days to working before he became an
issues they believe are learning. She became one of my most have I taken this on? Of course, I could tive of the Family Planning Association, ‘For clear their possessions before MP), or should try for the
important. significant role models and gave me do it and I think I have learnt that now. the sexual health charity. But her man- employers, their Westminster passes chief economist of Shell UK
In her two-and-a-half years as chief the confidence to do a diploma in So I did not have that with this job [at agement skills are now being tested. stopped working. (Mr Cable’s old job).
executive of Girlguiding, Ms Bentley has management and train as a counsellor. Girlguiding]. As Girlguiding has rejuvenated its this is a rare Some were expecting to Then, what contacts do you
helped girls to speak out on issues such antiquated image, the 560,000-strong opportunity depart; many were not. What have? Getting a job is like a
as equality, sexual harassment and the membership of five-to-26-year-olds has is going to happen now? Will campaign. Draw up a list of all
media’s distortion and sexualisation of grown by 30,000 in the past four years. to acquire they be employable? How will your best contacts on a
young women’s bodies. This has caused problems that Ms Bent- some they get a job? Many have spreadsheet and update it
In the process, she has shaken up the ‘Everything we do helps ley has not yet solved. Girlguiding has been MPs for many years. every time you are in touch.
105-year-old UK organisation many make girls and young developed a long waiting list because it exceptional Vince Cable was in the This will remind you whom
Britons over the age of 35 remember for has been unable to find enough volun- talent’ Commons more than 18 years. you have seen and what
its little material badges celebrating women more aware, teers to match the number of girls inter- He is now 72 and it is unlikely follow-up may be needed.
horsewomanship to hiking. more confident and ested in joining. that he will be looking for a It sounds a bit clinical, but it
Ms Bentley points to Girls Matter — “There are 80,000 girls knocking on full-time job. Ed Balls may works. Just ask Lynton
Girlguiding’s campaign to have girls’ gives them a voice’ our door and we can’t take them in as jump into leading his wife Crosby, the political strategist,
concerns heard in the run-up to last quickly as we would like to,” Ms Bentley Yvette Cooper’s campaign to who saw David Cameron
week’s UK General Election. She asked says, noting that today’s volunteers head the Labour party. re-elected as prime minister
Guides aged 7 to 25 what worried them need a more flexible work model. But for many of the others with a majority, no less.
most and what they wanted changed. “Traditionally, women [volunteers] who hoped to be back in Finally, what are you going
Sexual bullying and harassment at didn’t work, but now they have jobs and parliament, the future may be to do in the meantime? Job
school were high on their agenda. a family,” she says. less clear, despite the help of hunting may be a full-time
Under Ms Bentley’s guidance, Her own commitment to helping oth- the Association of Former job, but it still leaves many
the girls turned their discus- ers was triggered by parents with “a Members of Parliament, set up free hours. Use these to offer
sions into a report, which strong moral compass who taught me to by a group that lost their extra time to your “third
they presented at each of the be responsible for myself and the world seats in 1997. dimension”: the charities you
UK political parties’ confer- around me”. At 19, she became aware From an employer’s support or your pursuits in
ences. One recommenda- that “young people got a raw deal and perspective, this is a rare areas such as sport or the
tion was that schools intro- were underestimated” and decided she opportunity to acquire some arts. You will gain useful
duce guidance on sexual wanted to “make a difference”. exceptional talent. Every experience and it will keep
harassment. “Everything we do helps make girls survey I see identifies the you occupied, giving you less
“About 10,000 of our and young women more aware, availability of talent as the time to fret.
members are first-time more confident and gives them a voice.” greatest constraining factor And there is no need to fret.
voters this year. Under- For more girls’ voices to be heard, on business, and there is a lot The job market is strong,
standing how the demo- however, she knows she will not only of talent out there as a result almost certainly because of
cratic model works and have to find more Girlguiding volun- of this election. some of the actions of the last
the power of young people teers, but also attract more girls from But how does someone government, which is just as
talking about these issues diverse cultures, faiths, socio-economic suddenly out of a job know well for those jobless MPs and
themselves is vital,” she backgrounds and those with disabilities. which of their skills will for everyone else.
says as we sit in her tempo-
rary office near the move-
ment’s headquarters in
London’s BuckinghamPalace
Road, which are being refur-
bished.
She says she hopes the experi-
ence will inspire some of the young
women to become politicians. On Ms
Bentley’s watch, the organisation
also signed up to the No More Page 3
campaign, protesting over women
being portrayed as sexual objects in
The Sun newspaper.
Feedback from the Guides on the
topic showed her members felt an
enormous pressure to match up to
On the trolley
Ms Bentley proudly wheels a white plastic She has even persuaded her directors me a confidential report, they will email
trolley into the room. She calls it her to adopt the practice. Fixed desks and me to say they have posted it . . .
“cutting edge hot desk”. private offices for senior staff Hot-desking makes sure you
The trolley desk is a practice she have become a thing of the don’t accumulate a lot of
started when Girlguiding moved into past at Girlguiding. unnecessary stuff.”
temporary offices. “It has a [pull-up] She intends to
“I don’t think chief executives should be handle and I can sit on it continue the hot-
remote or disengaged from the and chat to someone,” desking culture and
team . . . The more you are visible to she says. keep her trolley when
people, the more they feel able to come It also has a filing the renovation of
to you and share things when they need drawer and a confidential Girlguiding’s
to,” she says. “I don’t want to be shut letterbox on the back. headquarters is complete.
away in a posh office.” “If someone wants to send RS
EXECUTIVE
APPOINTMENTS