THURSDAY 5 FEBRUARY 2015
00
Coping with $50 oil
Companies fare better than
countries — JOHN GAPPER, PAGE 11
Tories double
number of big
City donors
in five years
Miliband attacks ‘party of Mayfair
hedge funds and Monaco tax avoiders’
ELIZABETH RIGBY, GAVIN JACKSON
AND GEORGE PARKER
The number of big City backers for the
Conservative party has doubled during
this parliament, as leading figures from
the Square Mile displace industrialists
and entrepreneurs as the main financial
supporters of David Cameron’s party.
A Financial Times analysis shows the
number of top-20 Tory donors who have
made their fortunes in the City and the
hedge fund industry has risen signifi-
cantly in the past five years, compared
to the period 2005 to 2010.
The findings come as Ed Miliband
attacked the Conservatives as “the party
of Mayfair hedge funds and Monaco tax
avoiders” in a stormy session of prime
minister’s question time, and accused
them of keeping a City tax loophole that
benefited their financial backers.
The analysis shows eight of the top 20
donors, accounting for 35 per cent of
funding, are from a City background.
Longstanding hedge fund donors
Lord Fink of Isam and Sir Michael
Hintze of CQS, have been joined in the
top 20 by other prominent figures on
the hedge fund scene: former star
Brevan Howard trader Chris Rokos
donated £1m while Andrew Law of the
Caxton fund has given £947,911.
In total, eight City figures have
donated £12.2m so far in this parlia-
ment to the Conservative party.
Between 2005 and 2010, the party had
four City backers in its top-20 list, who
between them gave Mr Cameron’s
Conservatives £8.3m.
Prince Alwaleed sells
most of News Corp stake
Rupert Murdoch has lost a staunch ally
at News Corp after Prince Alwaleed bin
Talal (above) sold most of his stake in
the media group for close to $200m.
Kingdom Holding Company, the Saudi
prince’s investment vehicle that
consistently supported Mr Murdoch
during the phone-hacking scandal, has
reduced its stake from 6.6 per cent to
1 per cent. Prince Alwaleed said he
remained a ‘firm believer’ in the media
group’s management.
Report i PAGE 15
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The preponderance of hedge fund
managers and City financiers in the
top 20 donors is a step change from the
period leading up to the 2010 election.
In opposition, the top backers came
from a broader business base. They
included Carpetright founder Lord Har-
ris, Lord Irvine Laidlaw, who made his
fortune in conferencing and training,
and serial entrepreneur Lord Ashcroft.
However, the party has also attracted
new entrepreneurs and non-City back-
ers into the fold during the past five
years, with Addison Lee founder John
Griffin now in the top 20 alongside
telecoms company Lycamobile UK and
publisher Barrie Pettman.
Asked about the Tory donor base, a
Conservative insider referred to
Labour’s union support. “Unlike Labour
our donors don’t pick our candidates,
choose our leader or dictate our policy.”
Mr Miliband tried to deflect business
criticism of the Labour party yesterday
by attacking the Conservatives on the
issue of their financial supporters.
He challenged the prime minister
five times to end a stamp duty exemp-
tion which he said cost the taxpayer
hundreds of millions of pounds.
Mr Cameron declined to do so.
But Mr Miliband’s attempts to attack
Mr Cameron were often drowned out by
mocking Tory laughter, after a week in
which the Monaco-based boss of Boots,
Stefano Pessina, claimed a Miliband
government would be “a catastrophe”.
Additional reporting by Miles Johnson
Hedge fund backers page 3
Lombard page 20
Petrobras chief steps down as scandal
threatens to overwhelm government
JOE LEAHY AND
SAMANTHA PEARSON — SÃO PAULO
The chief of Petrobras and five other
executives have quit over a corruption
scandal at the Brazil-owned oil group
that is threatening to engulf the gov-
ernment of president Dilma Rousseff.
The departures mark the denouement
in a corrosive drama that has gripped
Brazil and crippled one of Latin Amer-
ica’s most important companies.
Once admired for its technological
prowess and massive oil discoveries,
Petrobras has become a symbol of
corporate malfeasance and an object of
ridicule to many Brazilians.
Maria das Graças Foster resigned
after a meeting on Tuesday with
Ms Rousseff, but the government’s fail-
ure to immediately name a replacement
raised fears among some investors.
STOCK MARKETS
Feb 4 prev %chg
S&P 500 2041.51 2050.03
Nasdaq Composite 4716.70 4727.74
Dow Jones Ind 17673.02 17666.40
FTSEurofirst 300 1487.20 1478.80
Euro Stoxx 50 3415.53 3414.18
FTSE 100 6860.02 6871.80
FTSE All-Share 3680.18 3685.14
CAC 40 4696.30 4677.90
Xetra Dax 10911.32 10890.95
Nikkei 17678.74 17335.85
Hang Seng 24679.76 24554.78
FTSE All World $ 276.48 276.33
WORLD BUSINESS NEWSPAPER
Credit watch
Big data breaches borrowers’
boundaries — BIG READ, PAGE 9
It’s a rollover World awash with more
debt than before financial crisis
$87tn
Global stock of
debt outstanding
Constant 2013
exchange rates
Q4 2000
RALPH ATKINS
— CAPITAL MARKETS EDITOR
The world is awash with more
debt than before the global
financial crisis erupted in
2007, with China’s debt rela-
tive to its economic size now
exceeding US levels, according
to a report today.
Global debt has increased by
$57tn to almost $200tn since
2007 — far outpacing economic
growth, McKinsey & Co, the
However, Petrobras shares clung to pos-
itive territory, closing up 0.2 per cent.
The company, one of the largest in
Brazil and an important driver of capital
investment in the country, has been laid
low by allegations that its directors
collaborated with ruling politicians and
contractors to cream billions of dollars
from its projects and operations.
The corruption scandal — dubbed Car
Wash as petrol stations were allegedly
laundering money — was a major issue
during elections in October, in which
Ms Rousseff won a second term by the
narrowest margin for an incumbent
president in recent history.
While Ms Graças Foster had not been
accused of direct involvement in the
scandal, she was blamed for ignoring
tip-offs from whistleblowers about the
scams, allegations she vehemently
denies.
World Markets
CURRENCIES
Feb 4 prev
-0.42 $ per € 1.143 1.145 € per $
-0.23 $ per £ 1.521 1.511 £ per $
0.04 £ per € 0.751 0.758 € per £
0.57 ¥ per $ 117.515 117.525 ¥ per €
0.04 ¥ per £ 178.787 177.621 £ index
-0.17 € index 88.059 87.443 $ index
-0.13 SFr per € 1.057 1.058 SFr per £
0.39 COMMODITIES
0.19 Feb 4
1.98 Oil WTI $ 48.55
0.51 Oil Brent $ 54.46
0.05 Gold $ 1268.50
UK £2.50 Channel Islands £2.80; Republic of Ireland €3.
An atrocity too far
Has Isis misjudged the tribal
mood? — DAVID GARDNER, PAGE 6
Briefing
i Welfare state warning in fiscal study
Any new government wanting to avoid tax rises,
more borrowing or deeper spending cuts, would
have to attack some of the foundations of the
welfare state, the Institute for Fiscal Studies has
reported.— PAGE 2; EDITORIAL COMMENT, PAGE 10
$199tn
i Sky shows strong UK and Ireland growth
Sky has reported the fastest customer growth in the
UK and Ireland for nine years, with it heralding its
push into “pay-light” television services.— PAGE 21;
LEX, PAGE 14
i Newcomer enters Polish election field
Magdalena Ogorek, 35, a former actress
with little political experience, hopes
to reboot Poland’s social democrats
by standing as the SLD’s presidential
candidate in May’s election.— PAGE 6
$142tn i Whitehall’s loss is Croydon’s gain
Civil servants will be moved from Whitehall to
suburbs such as Croydon in plans to sell historic
government buildings to developers.— PAGE 4
i Silk Road ‘mastermind’ convicted
Ross Ulbricht has been convicted of being the
mastermind of Silk Road, a $200m marketplace for
illegal drugs and hacking services.— PAGE 15
i ECB turns up heat on Greece
The ECB’s governing council, including president
Mario Draghi, has tightened access to cheap
liquidity for Greek lenders.— PAGE 7
i Digital economy shines beyond London
A survey of the digital economy has found 74 per
cent of groups are located outside the capital, with
Bournemouth and Liverpool at the head.— PAGE 4
i GSK expects to breathe easy again
GlaxoSmithKline, the biggest UK drugs maker,
warned business would remain tough but insisted
Q4 2007 Q2 2014 that there were better times ahead.— PAGE 18
Datawatch
Source: McKinsey Global Institute Photo: Getty
consultancy, has calculated. As of debt “pose questions about Bicycle use in European Cycling as a
a share of gross domestic prod- financial stability”. countries mode of
uct, debt has risen from 270 per China’s debt, including the % of respondents transport in the
0 10 20 30 40 Netherlands is
cent to 286 per cent. bank sector, has nearly quadru-
Netherlands almost as
McKinsey’s survey of debt pled since 2007 to the equiva- common as car
Denmark
across 47 countries highlights lent of 282 per cent of GDP. Sweden use; 36 per cent
how hopes that the turmoil of McKinsey warns of risks in its Belgium of those
the past eight years would spur property, local government Germany surveyed say
widespread “deleveraging” to financing and “shadow” bank- Italy they use bicycles
safer levels of indebtedness ing sectors. France on a typical day
Spain
were misplaced. The report Financial sector debt relative UK
against 45 per
calls for “fresh approaches” to to GDP has declined in the US cent who use
Source: Eurobarometer Dec 2014 cars
preventing future debt crises. and other crisis-hit countries.
McKinsey said higher levels Debt mountain page 30
Petrobras said that the board would
meet tomorrow to elect “new senior
executives”.
The company last week disappointed
markets after failing to quantify the
extent of losses from corruption in its
third-quarter results. Auditor PwC has
refused to sign the energy group’s
accounts until there is more clarity on
the financial impact of the scandal.
The challenge for Ms Rousseff, said to
be close friends with Ms Graças Foster,
will be to find a replacement given that
Petrobras is facing a wall of investor
lawsuits in the US.
Ms Rousseff, who headed Petrobras
before taking office in 2010, is also not
accused of direct involvement in the
scandal. But she is under fire for failing
to do more about corruption during her
tenure at the group and as president.
Uphill struggle page 16
INTEREST RATES
Feb 4 prev price yield chg
0.875 0.874 US Gov 10 yr 103.81 1.82 0.04
0.657 0.662 UK Gov 10 yr 110.82 1.54 0.07
1.332 1.320 Ger Gov 10 yr 101.31 0.37 0.02
134.255 134.548 Jpn Gov 10 yr 99.28 0.38 0.01
88.348 88.383 US Gov 30 yr 112.20 2.42 0.05
100.490 100.957 Ger Gov 2 yr 100.59 -0.17 0.00
1.408 1.397 price prev chg
Fed Funds Eff 0.09 0.09 -
prev %chg US 3m Bills 0.02 0.02 0.00
53.05 -8.48 Euro Libor 3m 0.03 0.03 0.00
57.91 -5.96 UK 3m 0.56 0.56 0.00
1264.25 0.34 Prices are latest for edition Data provided by Morningstar
2 ★★★ FINANCIAL TIMES Thursday 5 February 2015

NATIONAL

Public finances The fight for Scotland

All parties will Labour has wide gap to close in heartlands

have to increase GEORGE PARKER — POLITICAL EDITOR ued advance in spite of losing last Sep-
tember’s independence vote. Off Message blog
third are at least open to the idea of
returning.”

borrowing and
Labour could be wiped out in its Scot-
Lord Ashcroft said even if the lowest A little cold comfort Much will depend on whether Jim
tish heartlands by a surge in support
swing was replicated across the country Murphy, Scottish Labour’s new leader,
for the Scottish National party, accord-
it could endanger 35 of Mr Miliband’s 41 for Miliband can re-energise his party in the next few
ing to a detailed new poll of the crucial
Scottish seats, a setback that could cost weeks. “These polls show that Scottish
electoral battleground.

taxes, says IFS

Labour the election. For anyone familiar with modern Labour is well behind and has a big gap
The poll shows that Labour could be left But the peer, who has the money to Scottish history, Lord Ashcroft’s to close,” Mr Murphy said. “The more
with just one seat in Glasgow, with more carry out constituency-level polling, poll results are startling. The seats the SNP get from Labour, the more
than one-third of 2010 Scottish Labour said the poll was a “snapshot, not a pre- Glasgow constituencies and central likely it is the Tories will be the biggest
voters saying they were likely to vote for diction” and Labour could yet avert seats were once almost ludicrously party and David Cameron will get into
the SNP this year. catastrophe. Labour: industrial working-class government through the back door.”
The findings will increase pressure on He said the seats polled were mainly areas with big union presences. The poll confirms that Alex Salmond,
Foundations of welfare aining fiscal consolidation coming from Ed Miliband, the Labour leader, to in Labour areas such as Glasgow and Now they — with the exception of the former SNP first minister, is on track
net spending cuts and 2 per cent from exclude the possibility of a Labour-SNP Dundee, where support for independ- Glasgow North East — are forecast to return to Westminster as an MP in the
state may be under threat, net tax rises” over the next parliament. coalition in the event of a hung parlia- ence had been strong. to turn SNP. The good news — if seat of Gordon. He enjoys a lead of 41
think-tank warns All new governments have raised ment, allowing him to claim a vote for “In future rounds of research we may there is any — for Labour is that per cent to 21 per cent over the Liberal
taxes after each election for more than Nicola Sturgeon’s party could let in a find a different pattern where support because the party’s incumbency Democrats, who are defending the seat.
CHRIS GILES — ECONOMICS EDITOR 20 years, the IFS said. Tory government. for independence was lower,” he said. advantage is so large, the SNP has It also suggests that the Liberal Demo-
Without further large cuts to the The poll by Lord Ashcroft, the mil- “Even so, the prospect of losing heart- only a small margin in some cases. crats could also be swept away by the
All the main political parties are likely £220bn-a-year social security budget — lionaire Conservative peer, has been land seats will be a blow to Labour’s And though the results suggest a SNP surge, with Danny Alexander, the
to raise taxes and borrow more than about 30 per cent of government spend- eagerly awaited because it gives the hopes. Labour majority in Westminster Treasury chief secretary, among those
planned, the Institute for Fiscal Studies ing — departments will see much deeper most detailed picture yet of what is “With a vigorous Labour campaign looks increasingly quixotic, the who could lose his seat.
said yesterday, in an analysis of cuts than they have faced over the cur- going on in a series of seats that could there remains room for movement Tories don’t stand to directly Douglas Alexander, the Labour
the problems facing Britain’s next rent parliament, at a time when pres- decide the outcome of the election. before May. By no means all voters have benefit from Scottish switches to shadow foreign secretary and election
government. sures on health, education and social In the 14 Labour-held seats surveyed made up their minds. Just over two- the SNP. But that’s about it for the campaign chief, is also facing a struggle
The IFS did not make explicit com- service spending are already intense. the poll found a swing from Labour to thirds of switchers from Labour to the good news. John McDermott in his Paisley and Renfrewshire South
ments on each party’s plans, except to But the IFS warned that cutting social the SNP ranging from 21 per cent to 27 SNP say they rule out voting Labour The bad news ft.com/offmessage seat; the poll puts the SNP ahead.
note that any new government wanting security is not easy when all parties plan per cent; confirming the SNP’s contin- again in 2015, which means nearly one- A future of instability page 11
to avoid tax rises, more borrowing or to increase the basic state pension. Pen-
deeper spending cuts, would have to sioner benefits now account for 55 per
attack some of the foundations of Brit- cent of welfare spending, having Snapshot
ain’s welfare state. It said that even if a increased rapidly in recent years.
government froze all non-pensioner If the next chancellor decided to
social security payments for five years, freeze all non-pensioner benefits for Scotland’s changing
without drastic further action it would five years, it would save only £6.9bn a SNP Labour Lib Dem Conservative
constituency colours
not get close to the £12bn-a-year savings year in real terms, the think-tank calcu-
the current chancellor has promised. lated, far less than Mr Osborne’s target.
Labour and Conservatives both seized To save more money from the social Current Orkney & Projected Orkney &
Shetland Shetland
on the report, saying it supported their security budget, the IFS outlined a
plans. Ed Balls, shadow chancellor, said series of options that would involve fun- Caithness, Caithness,
it showed Conservative party spending damental reform of the benefits system. Na h
Sutherland Banff &
Na h
Sutherland Banff &
Eileanan Moray Eileanan Moray
cuts were “extreme”, while the Conserv- Uprating the basic state pension in an lar
& Easter Buchan
an lar
& Easter Buchan
atives used IFS figures to calculate addi- line with inflation would save £2.9bn a Ross Ross
tional borrowing under Labour of year after five years. The current more Ross, Argyll
Inverness,
Ross, Argyll
Inverness,
Nairn, Aberdeen Aberdeen Nairn, Aberdeen Aberdeen
£10,000 a household, “more debt than generous “triple-lock” formula raises it Skye & &
Badenoch & North South
Gordon Skye & &
Badenoch & North South
Gordon
our children could ever hope to repay”. in line with whichever is highest: infla- Lochabar Bute Lochabar Bute
Strathspey Strathspey
The IFS noted that public finance tion, earnings or 2.5 per cent. Aberdeen- Aberdeen-
forecasts from the Office for Budget Other ideas included abolishing child Dundee Dundee shire
Angus
Dundee Dundee shire
Angus
West East West & West East West &
Responsibility show there is “a long way benefit for all families except those Kincardine Kincardine
to go” to reduce the public sector deficit, receiving the universal credit, to save Paisley & Paisley & Paisley & Paisley &
which is 5.5 per cent of national income. £4.8bn a year, or cutting support for Ochil & Perth and Ochil & Perth and
Renfrew- Renfrew- Renfrew- Renfrew-
Stirling Perthshire Inverclyde Perthshire Stirling Perthshire Inverclyde Perthshire
It calculates that plans set out by George poorer families with children back to South
shire shire
North South
shire shire
North
South North South North
Osborne “imply 98 per cent of the rem- the 2003-04 level, to save £5.1bn a year. Cumber- Cumber-
These are much more radical than nauld,
Glasgow Glasgow Glasgow
Coatbridge, Dunbarton- Dunbarton- nauld,
Glasgow Glasgow Glasgow
Coatbridge, Dunbarton- Dunbarton-
suggestions mooted by Conservative, Kilsyth & Chryston shire shire Kilsyth & Chryston shire shire
NW North NE NW North NE
Post-election tax rises Kirkintilloch & Bellshill West East Kirkintilloch & Bellshill West East
Labour and Liberal Democrat politi- East East
£bn in 2015-16 terms cians, such as removing winter fuel
Glasgow Glasgow Glasgow Glasgow Motherwell Fife Glasgow Glasgow Glasgow Glasgow Motherwell Fife
Spring 1993 Budget allowances from rich pensioners or cut- SW South Central East & Wishaw
Falkirk
NE SW South Central East & Wishaw
Falkirk
NE
29.0
ting housing benefit for young people.
These proposals, the IFS said, “would E Kilbride, E Kilbride,
Summer 1997 Budget Ayrshire Renfrew- Rutherglen Lanark & Kilmarnock Ayrshire Renfrew- Rutherglen Lanark & Kilmarnock
reduce spending by relatively little”. North shire & Hamilton Hamilton
Strathaven
& North shire & Hamilton Hamilton
Strathaven
&
9.5 If the next government stuck to the & Lesma- & Lesma-
& Arran East West East Loudoun & Arran East West East Loudoun
hagow hagow
Spring 2002 Budget official spending projections without
13.9 such cuts, the result would be much Ayrshire
Linlithgow
Airdrie & Edinburgh
Edinburgh
Edinburgh Ayrshire
Linlithgow
Airdrie & Edinburgh
Edinburgh
Edinburgh
& Livingston North & Livingston North
Autumn 2005 Pre-Budget Report deeper reductions for departments and Central
Falkirk East
Shotts West
& Leith
East Central
Falkirk East
Shotts West
& Leith
East
huge job losses in the public sector.
4.2 Dumfries- Berwick- Dumfries- Berwick-
The IFS also noted that although poli- Ayr,
shire,
Dumfries
Edinburgh Edinburgh shire,
Ayr,
shire,
Dumfries
Edinburgh Edinburgh shire,
June Budget 2010 ticians are reluctant to talk about tax Carrick & & Glenrothes Carrick & & Glenrothes
Clydesdale SW South Roxburgh & Clydesdale SW South Roxburgh &
Cumnock Galloway Cumnock Galloway
7.3 increases, “the last five general elections & Tweeddale Selkirk & Tweeddale Selkirk
Average of all Budgets/PBRs 1985-2014 have all been followed by net tax rises of Kirkcaldy
Dunferm-
Kirkcaldy
Dunferm-
more than £5bn a year in today’s terms”. East & East &
0.9 Midlothian line & Midlothian line &
Lothian Cowden- Lothian Cowden-
It suggested “it would not be surpris- beath
Fife West
beath
Fife West
Receipts and expenditures ing to see an incoming government
since 1948 increase taxes in order to limit the scale
of public spending cuts required to meet Seat projections for
As a % of GDP Forecast May 2015 based on
its fiscal targets”.
Public sector current receipts A 1 percentage point increase in the polls by Lord Ashcroft
Total managed expenditure main rate of any of the three largest of 16 Scottish seats
50 and Electoral Calculus
taxes — income tax, national insurance
or VAT — would raise about £5bn a year. seat calculator
45
Labour and the Lib Dems have said
40 they would limit cuts to public services FT graphic Sources: Lord Ashcroft Polls; Electoral Calculus; House of Commons library
by borrowing more than current public
35 finance plans imply. The IFS said that
even the Conservatives’ plans allow
30 more borrowing than is pencilled into Interview. Scottish Labour leader
official forecasts, so spending cuts over

Murphy plays patriotic card in battle with SNP

1948 60- 80- 2000- 19- the next parliament might end up being
61 81 01 20 less steep than currently appears likely.
Sources: IFS, HM Treasury; OBR Editorial Comment page 10

both a party of government and an survey this week suggested that 48 per Brown in pledging greater devolution.
Former secretary of state is insurgent constitutional force that cent of voters in Scotland would back Mr Murphy has reached out to former
A private bank unlike keen to stress autonomy paints the Westminster system as Scot- the SNP in May, with just 27 per cent Labour supporters who backed inde-
any other.
land’s biggest problem. supporting Labour. pendence last September, stressing that
from Miliband’s UK party Some observers were nonplussed last The pollsters also found that, by a 10- sharing a campaign with Conservative
month when Mr Murphy announced a point margin, more voters believed Mr politicians to save the union does not
campaign against SNP plans for a new Murphy was doing a bad job as Labour mean he is a British “unionist”.
MURE DICKIE — GLASGOW
women’s “super prison”, but the tactic leader than thought he was doing well — “I have much more in common with
Labour aims to shore up support in looked prescient when the Scottish gov- in sharp contrast to the 42-point posi- many of those people who voted Yes in
Scotland by targeting the Scottish ernment quickly announced the facility tive rating enjoyed by Nicola Sturgeon, the referendum than I have with some
National party’s record in government would not be built. SNP leader and Scotland’s first minister. of those political leaders who were cam-
and by persuading voters it is a “I have been surprised actually “I think the polls will change [but] paigning for a No vote,” he says.
30 global locations • www.efginternational.com
reformed and “patriotic” alternative. because the mystique and the mythol- they’ll change relatively late,” Mr Mur- It is an approach that risks playing
In an interview with the Financial ogy that has built up around the SNP phy says. into the SNP’s narrative of a politically
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) Times, Jim Murphy, the former secre- is that they are a remarkable campaign- Efforts to recast Labour’s image in divergent Scotland, but Mr Murphy says
FINANCIAL TIMES newspaper in any manner is not permitted without tary of state for Scotland who was ing organisation, relentlessly nimble,” Scotland will accelerate, he adds. The this year’s general election will be the
Number One Southwark Bridge, the publisher’s prior consent.
London SE1 9HL ‘Financial Times’ and ‘FT’ are registered trade marks elected Scottish Labour leader in Mr Murphy says. “That mystique party is already putting unprecedented least “general” he has ever seen, fought
of The Financial Times Limited. December, says there is still time to pre- is well past its sell-by date.” stress on its “patriotic” Scottish iden- out in very different ways in different
Published by: The Financial Times Limited, The Financial Times adheres to a self-regulation vent electoral disaster in May’s UK gen- Success for Mr Murphy tity and autonomy from UK Labour. parts of the UK.
Number One Southwark Bridge, regime under the FT Editorial Code of Practice:
London SE1 9 HL, United Kingdom. www.ft.com/editorialcode
eral election. could be vital to Labour’s One of Mr Murphy’s first moves The vegetarian teetotaller says he
Tel: 020 7873 3000; Fax: 020 7407 5700 Mr Murphy has already sharpened hopes of securing power in as leader was to call for the Scottish recognises that there is little time to
Editor: Lionel Barber Reprints Labour’s Scottish operation and has in May’s general election. Yet party’s constitution to be changed to reverse Scottish Labour’s long decline,
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News Press Ld, Kells, Ireland 2013 was 83.5% Mr Murphy says. Jim Murphy: his Mr Murphy
party and his vision for a more
Pressing the SNP on its performance party’s ratings this week joined devolved Scotland
©Copyright The Financial Times Limited 2015. All is central to Mr Murphy’s strategy of suggest large loss former UK prime
rights reserved. Reproduction of the contents of this ft.com/video
countering the Nationalists’ ability to be of seats in May poll minister G ordon
Thursday 5 February 2015
Tories rely more on City and hedge fund donors
FT analysis Conservatives grow to depend on small number of big contributions from figures in finance to raise £26m for election campaign
ELIZABETH RIGBY, MILES JOHNSON
AND GAVIN JACKSON
David Cameron will host the Conserva-
tives’ annual Black and White Ball next
Monday, where cabinet ministers and
wealthy backers will mix at the party’s
final big fundraiser before May’s
election.
Prominent backers are being asked to
“double up” on past contributions as the
Tories seek at least £26m to fund their
campaign, according to one top donor. It
is the job of the party fundraisers “to
make sure the petrol tanks of the party
engine are full of high octane fuel”, said a
senior Tory figure.
In recent weeks, Lord Feldman, the
party’s co-chairman and James Lupton,
co-treasurer in charge of election fund-
raising, have been tapping some of the
City’s wealthiest figures. Mr Lupton has
given the party £1.9m in this parlia-
ment.
The Tory duo would typically start
raising funds 20 months before the elec-
tion, aiming to raise £1m a month, rising
to £2m a month in the final six months
leading up to the May poll, according to
one person familiar with the process.
“Feldman told me they were not in too
bad a shape — that’s code for on track,”
said a senior party figure.
An analysis by the Financial Times of
donations declared to the Electoral
Commission during the last parliament
and this parliament has highlighted a
growing dependency on a small number
of big donations from City and hedge
fund figures, who typically oppose
tighter regulation and want to keep
taxes low.
The party has also attracted some
new non-City big backers. John Griffin,
founder of minicab company Addison
Lee, has joined the top 20 donors along-
side mobile phone company Lycamo-
bile, while Lord Sainsbury of supermar-
ket fame and Lord Bamford of JCB exca-
vators also remain big supporters.
As a result, the Tories are set to out-
spend Labour in the coming election,
aiming to raise the maximum £19.5m to
fund their national campaign, while
Labour hopes for £12m. The Conserva-
tives spent £16.7m in the 2010 national
campaign, against Labour’s £8m. The
national campaign has separate funding
limits from constituency campaigns,
which are capped at just over £40,000
per candidate.
Labour claimed yesterday that almost
half of the richest hedge fund managers
in Britain are Tory party donors. The
party analysed the Sunday Times
“Wealthiest Hedge Fund Managers” list
and said that 27 out of the 59 managers
mentioned have donated to the Tories.
Conservative sources retaliated by say-
ing that since Ed Miliband became
Labour leader, the unions had given
Labour £35m, with Unite alone donating
£12.8m — more than the eight top City
backers hadgiventotheConservatives.
The Conservative party’s hedge fund
supporters generally avoid commenting
on donations or pronouncing on policy.
But there is growing anxiety in London’s
hedge fund district of Mayfair over the
prospect of tighter regulation from
Labour, or fromBrussels.
Mr Miliband has pledged to end inter-
mediaries relief — a tax device that
allows hedge funds to avoid paying
stamp duty on share purchases. The
party claims this will raise hundreds of
millions of pounds.
Many in Mayfair are also worried
about the EU, fearing that hostile Brus-
sels politicians are intent on imposing
stricter regulation on their industry.
This hardening euroscepticsm has
prompted some City donors to flirt with
the UK Independence party. The
anti-EU party has received support
from the outspoken hedge fund boss
Crispin Odey and Schroders fund man-
ager Andy Brough.
The FT analysis of donations also
shows the Conservatives received less
money from a smaller pool of rich
donors so far this parliament against the
Lib Dem shift
Clegg switches to extra taxes to reduce deficit
GEORGE PARKER — POLITICAL EDITOR
Banks and highly leveraged companies
would face up to £2bn in extra taxes
under Liberal Democrat plans for a coa-
lition government, as Nick Clegg prom-
ises to eliminate the £30bn structural
deficit “fairly”.
The Lib Dem leader will today take his
party sharply to the left, setting out a
strategy to eliminate the deficit that
puts a heavy emphasis on higher taxes,
aimed squarely at the City as well as
owners of expensive properties.
Mr Clegg will argue that roughly half
of the remaining structural deficit
should be tackled through higher taxes.
By contrast, the Conservatives want to
balance the books mainly through cuts
to public spending, especially welfare.
Donor dossier
Top 15 donors to the Convervatives
By profession Hedge fund and City
Total donated: May 2005 - Jan 2010
Bearwood Corporate Services (Lord Ashcroft)
Irvine Laidlaw, Abbey Business Centres & IIR Ltd
Michael Spencer, IPGL & Intercapital Private Group
International Motors & IM properties (Robert Edmiston)
£2.56m
Michael Farmer
£2.31m
David Rowland
£2.01m
National Conservative Draw Society
£1.97m
Stanley Fink
£1.91m
Focus on Scotland
£1.55m
Malcolm Scott & companies*
£1.48m
Harris Ventures & Phillip Harris
£1.41m
David Whelan
£1.13m
Michael Hintze & CQS
£1.07m
Leonard Steinberg
£1.05m
Midlands Industrial Council
£0.85m
FT graphic Source: Electoral Commission
Tax loophole
Labour draws line on
intermediaries relief
Ed Miliband’s drive to change the
way hedge funds pay tax on the UK
shares that they trade focuses on a
tax law known as intermediaries
relief, a tax exemption that means
banks that buy and sell shares on
behalf of their clients do not pay
stamp duty reserve tax.
The relief was introduced in the
1990s to allow investment banks to
act as market-makers, buying and
selling shares for clients, to ease
buying and selling in the UK stock
market by reducing transaction
costs. Labour argues that this has
been exploited by hedge funds,
who opt to enter into contracts
with banks that give them an
exposure to shares, rather than
buying the shares themselves.
Because the banks who enter
into these derivatives contracts
with hedge funds and other clients
fall under the relief this means that
no stamp duty is paid on these
trades, which are made using a
type of derivatives contract called a
contract for difference, or CFD.
The bank can then use its own
exemption from stamp duty as a
way to allow its clients to avoid
paying this tax on share trading
made using CFDs. They are widely
traded by investors and are not
exclusively used by hedge funds.
As such, hedge fund body Aima
argues that Labour unfairly singles
out hedge funds. Miles Johnson
In the event of another Con-Lib coali-
tion, Mr Clegg’s party will demand the
Tories agree to raise taxes to balance the
books, taking pressure off the welfare
budget and government departments.
The Lib Dem plan includes increasing
the annual levy on bank balance sheets
from £2.5bn to about £3.5bn, reflecting
the party’s view that the banks should
share the pain of a financial crisis they
helped to cause. The party would also
try to raise about £1bn by changing the
rules that allow companies to offset cor-
poration tax on interest payments — a
valuable tax break for highly leveraged
companies.
Those policies would be supple-
mented by a £1.5bn “mansion tax” pro-
posal — now rebranded a high-value
★★★ FINANCIAL TIMES 3
NATIONAL
Michael For a London-based Tory party donor,
Hintz revolution has played a big part in the life
Business Other of Sir Michael Hintze. His grandparents
CQS fled Russia to escape the Bolshevik
Total donated: May 2010 - Jan 2015 revolution of 1917 but made the mistake
Michael Farmer of settling in China. Shortly after he was
born in 1953 his family were uprooted
£4.30m £3.88m again to escape the aftermath of China’s
National Conservative Draw Society revolution. The founder of the CQS hedge
fund grew up in Australia, serving in its
£4.12m £3.72m army for three years before moving to
JCB Sales, JCB Research & JC Bamford excavators London to work in finance. Sir Michael, a
Roman Catholic, was appointed by Pope
£3.04m £2.22m Francis to serve on the board of the
James Lupton Vatican Bank. He has been a significant
party donor for more than a decade.
£1.91m
Michael Hintze & CQS
Top 15 donations Top 15 donations Lord Farmer The veteran metals trader once known as
May 2005 - Jan 2010 £1.80m May 2010 - Jan 2015 “Mr Copper” earned an upgrade to “Lord
Red Kite Copper” last year after he was named a
Hedge fund David Rowland Hedge fund commodities
Tory peer. He is a senior treasurer of the
and City £1.80m and City Tory party and built his fortune as the
27% 52% co-founder of Red Kite commodities
John Griffin & Addison Lee
trading group, one of the largest of its
£1.10m kind. The evangelical Christian is a
staunch believer in the traditional nuclear
£30.8m Christopher Rokos £23.7m family and has in the past spent two
£1.04m years on a Bible study programme.
Michael Davis
£0.96m Lord Fink Lord Fink is a veteran hedge fund figure
Isam who has had a long association with the
All donations Alexander Fraser
Tories, serving as party treasurer until
May 2005 - Jan 2010 £0.95m 2013 and donating money for many years.
All donations After leading Man Group, one of the
Andrew Law
May 2010 - Jan 2015 largest listed hedge funds, for seven
£0.95m years he went on to become chairman of
the London-based hedge fund Isam. It
May Makhzoumi
ended 2014 as one of the best performing
£93.7m £0.91m
£76.1m hedge funds in the world that year.
Peter Cruddas & CMC Markets
£0.86m Christopher The Old Etonian resigned from British
Rokos hedge fund Brevan Howard, where he
£5,700 Stanley Fink £10,000 was a star trader, in 2012. He earned
Median £0.82m Median Planning a about $900m in the 10 years he was
new fund there. Since then, he has spent much of
£39,817 Violet Baker £52,545 his time managing his own wealth via his
Mean £0.77m Mean family office. This year he announced he
would launch a new fund after reaching
* Prestonpans Trading, Dunalastair Estates, Phillip Wilson (Grain) Words: Miles Johnson an agreement with his former employers.
same period in Mr Cameron’s opposi-
tion years. The party received £93.7m
from 2,353 donors, with the average
donor giving £39,817, against a median
figure of £5,700 between May 5, 2005
and January 28, 2010.
In this parliament, the party has
pulled in £76.1m from 1,448 donors,
with the mean and median at £52,545
and £10,000 respectively, based on
donations received after May 6, 2010
and reported before January 28, 2015.
The Conservative party said: “All our
donations are fully and transparently
declared,” but declined to discuss its
finances in detail.
Labour and Liberal Democrat MPs
and candidates say the Tories are out-
spending them on the ground. Tessa
Munt, Lib Dem MP for Wells, estimates
the Conservatives spent about
£240,000 in her constituency before
spending limits kicked in.
Labour candidate Catherine Atkin-
son, who is trying to wrest the marginal
constituency of Erewash back from the
Tories, said her opponents carried out
two mail drops just before the Decem-
ber 19 deadline for recording campaign
spending. “Royal Mail did a postal drop
and then another set were hand deliv-
ered just before the spending limits
kicked in. We can’t pay for things to be
posted, it’s very expensive. But what I do
have is a great team of volunteers.”
Lord Oakeshott, the former Lib Dem
peer, has tried to match some of that
firepower. He has funnelled £600,000
of his own into 46 key Labour and Lib
Dem marginals, after becoming con-
cerned about the uneven playing field.
The FT analysis was based on records
kept by the Electoral Commission since
the 2005 general election.
Lombard page 20
property levy — and an increase of
£130m on charges for non-doms.
“It is incomprehensible to most peo-
ple that you would try and balance the
books without asking for a contribution
from the wealthiest people in our coun-
try,” Mr Clegg will say.
The party’s leftwing stance on taxa-
tion suggests the influence of Vince
Cable, business secretary, remains con-
siderable despite Mr Clegg’s decision to
demote him as its principal economics
spokesman.
Mr Cable had argued the Lib Dems
should tackle the deficit via a 60:40 split
between cuts in public spending and
higher taxes. The party has adopted a
plan featuring £14bn of tax rises and
£16bn of cuts — closer to 50:50.
4 ★
Government
Civil servants move to the commuter belt
Sell-off of Whitehall’s
historic buildings set to
save taxpayer billions
KATE ALLEN
Plans to sell off historic government
buildings to property developers mean
civil servants will be moving from
Whitehall — Britain’s seat of govern-
ment for centuries — to London suburbs
and commuter towns.
For the past 12 years, governments
have tried to save money by moving
departments wholesale to cheaper parts
Investors splash out on tidal lagoon power
Renewable energy company
wins support to build six-mile
barrier in Swansea Bay
JOHN MURRAY BROWN AND JIM PICKARD
Plans for the UK’s first tidal lagoon
power project will get a boost today with
the announcement that it has reached
its target of raising £200m from two
British institutional investors.
Tidal Lagoon Power, a Gloucester-
based renewable energy company, has
won coalition support for its £1bn
scheme to build a six-mile barrier in
Swansea Bay in South Wales. The break-
water will be fitted with sluice gates and
16 turbines which would generate elec-
tricity as the tide comes in and as water
is later released.
The company faces tough talks to
secure an agreement from the govern-
ment on a guaranteed price for the
energy produced over 35 years. The
group will say it has raised £100m from
InfraRed Capital Partners and another
£100m from Prudential — with up to 26
banks ready to provide the £800m of
debt to complete the financing.
InfraRed, a former subsidiary of
HSBC which was spun off in 2011 in a
management buyout, has invested in
various infrastructure projects includ-
ing wind farms, the Home Office PFI
scheme and the Singapore Sports Hub.
Mark Shorrock, chief executive of
Tidal Lagoon Power, said the project
could be built in less than three years
and would last up to 120 years. As such,
he argued the government should
lengthen the period of support from the
15 years for wind farms to the 35 prom-
ised to EDF for its Hinkley Point reactor
in Somerset. It is an argument that has
so far been well received by ministers,
despite the high level of subsidy being
sought.
The company wants a “strike
price” of £168 per megawatt hour,
compared with the £92.50 offered
to EDF for Hinkley Point.
“I’m really excited
about the project, the
price may seem high
at first but over the
Optimistic:
Mark Shorrock,
chief executive
of Tidal Lagoon
Power
Digital nation
Liverpool and Bournemouth see tech start-up surge Britain’s contribution to fight
ANDREW BOUNDS
— ENTERPRISE EDITOR
The rate of growth of technology start-
ups in Bournemouth and Liverpool has
outstripped London as Britain’s digital
sector expands, new research has
revealed.
The country’s first survey of the digital
economy has found that 74 per cent of
companies and 85 per cent of workers
are located outside the capital.
London’s rising rents have deterred
some businesses, while skilled staff and
fast, cheap broadband have lured them
to other parts of the country.
With 23 significant clusters of busi-
nesses, from Belfast to Dundee and
South Wales to northeast England,
Prime Minister David Cameron said it
was time to recognise the digital sector
outside London.
While the number of businesses in
inner London grew 92 per cent between
2010-13, in Bournemouth it was 212 per
cent and in Liverpool 119 per cent, albeit
from much lower bases.
Greater Manchester, Belfast, Shef-
field, inner London and South Wales are
home to tech clusters with the largest
companies by turnover. But about 90
of the country. In a change of policy, civil
servants will be expected to work in
locations closer to London such as Hast-
ings, in East Sussex, Reading in Berk-
shire and Stratford, east London. More
will join colleagues already working in
the south London suburb of Croydon.
Staff will more often work remotely,
using iPads and laptops, and meetings
will be held on Skype, said Francis
Maude, the Cabinet Office minister, yes-
terday. “There will be some [staff]
moves but you should not expect to see
large moves [any more],” he said.
A government review in 2003 recom-
mended that 20,000 civil servants be
Low-carbon project. South Wales
long term it could provide really cheap,
clean, low carbon power,” said one sen-
ior Tory figure.
The Swansea project, which will gen-
erate 320MW of power, enough for
155,000 homes, is in talks with the three
turbine suppliers: Alstom, Voith and
Andritz Hydro. Mr Shorrock expected
65 per cent of the value of the compo-
nents and services could be
sourced from UK suppliers — 45
per cent from Welsh companies.
“What we’ve told the turbine
manufacturers is they have to sup-
ply us from facilities that are on this
map,” said Mr Shorrock.
If successful, the company
plans a further five schemes,
each with installed capacity up
to 2,000MW, producing low
carbon electricity equivalent
to 8 per cent of the UK’s
installed capacity. Four of the
projects will be in the Severn
Estuary, the other two in
per cent of all digital companies in the
UK, mostly small and medium-sized,
expect revenue growth this year.
“The UK is a tech nation. For the first
time we have the evidence base to show
that. We can now build on it,” Baroness
Shields, chairwoman of Tech City UK,
said.
Tech City UK, the group promoting
the sector, found 1.46m people, or about
7.5 per cent of the workforce, were
employed in digital industries, with
Growth in new digital companies, 2010-13
Highest eight clusters
Bournemouth
Liverpool
Inner London 92%
Brighton and Hove 91%
South Wales 87%
Belfast 73%
Greater Manchester 70%
Bristol and Bath 65%
Source: Tech City UK
FINANCIAL TIMES
NATIONAL
moved to the regions. However, reloca-
tion has not always been popular: the
Office for National Statistics lost skilled
and experienced staff when it moved
from the capital to Newport in Wales in
2007.
Staffing cuts — the civil service has
lost more than 20 per cent of its employ-
ees in the past five years — mean the
government is “concerned less with
where they are located regionally and
more with optimising our use of prop-
erty as we downsize”, Mr Maude said.
National pay scales for government
employees mean that cost savings from
large-scale relocations are “limited”,
North Wales and northwest England.
InfraRed has indicated it would invest in
these other schemes if they get the go-
ahead.
Tidal lagoon power has several attrac-
tions: it is easily deployable, offers pre-
dictable power output and uses a proven
technology, adapting turbines similar to
those used in hydro electric schemes.
It relies on the tidal range — the height
between the high and low tides, with
power generated as the lagoon fills up on
the flood tide, and again as water is
released as the tide ebbs.
Supporters say lagoons are the best
way to trap the power of the sea, bigger
in scale than freestanding turbines in
so-called tidal streaming projects in
Scotland, more proven than wave
power, and less environmentally dis-
ruptive than barrages which block riv-
ers and estuaries. Plans for a 20-mile
“Severn Barrage” from South Wales to
Somerset have been put forward over
decades. But the barrage has so far failed
252,000 in London. Bristol and Bath,
the next biggest cluster, has 62,000; Liv-
erpool has 9,600 and Bournemouth
7,200. Most of the businesses employ
fewer than 250 people, often collaborat-
ing with and working for larger compa-
nies. “There are clusters all over the UK
and they have different skills and spe-
cialisms. London is the world’s tech city
but other cities can compete globally,”
Baroness Shields said.
The northeast focuses on software
212%
119%
while city-centre property in Britain’s
big cities “is cheaper than central Lon-
don, but not that much cheaper than
outer London”, he added.
Taxpayers must spend about £35,000
a year on office costs for a civil servant
based in Whitehall, against just £3,000
a year in Croydon, the Cabinet Office
said. In 2010, the government had 143
buildings in central London; that has
fallen to 71 and under the latest plans
will drop to 23 by 2020.
Last year’s sale of the Old War Office
signalled the new government
approach; it will be turned into luxury
flats and a hotel. “[The Old War Office]
to take off because of its cost — about
£20bn — and concerns from environ-
mentalists about the impact on bird life.
Before the two big equity investments
the company raised £22m via a local
share offer and investments by Costain,
and health, driven by Sage, the FTSE
100 software business, and its universi-
ties. Greater Manchester is home to
media and financial technology busi-
nesses while Bournemouth and Poole
are the centre for digital marketing.
Tom Quay, founder of app builder
Base, said fast, cheap broadband and
skilled staff were part of Bournemouth’s
appeal. Its university has the National
Centre for Computing Animation while
the arts university also has a highly
regarded design course.
Base has hired five staff in the past
year. “A lot have come back from Lon-
don. They want to work on the latest
technology but spend the weekend at
the beach with their kids,” Mr Quay
said.
Universities and the students they
attract and educate were vital to clus-
ters, with three-quarters of businesses
in them saying they benefit from net-
working and collaborating with other
entrepreneurs, Baroness Shields said.
London benefits from 36 incubators
and 70 co-working spaces, which are
starting to spread to the regions. Baron-
ess Shields said the biggest challenge
outside the southeast was finding
finance.
needs a lot of work and we don’t need it,
so why not let someone else have access
to it?” Mr Maude said.
The Cabinet Office plans to assess the
market value of all departmental build-
ings, with a view to selling those that will
raise the most cash.
So far £1.4bn has been raised from
sales of central government property,
with £625m savings on annual running
costs. This could rise to £6bn by 2020.
Two sites have recently been put up
for sale: the former civil service training
centre at Sunningdale Park in Berkshire
and Blythe House, a museum archive in
Kensington, west London.
An artist’s impression
of how the lagoon
power project in
Swansea Bay will look
Good Energy, WS Atkins and from
David and Heather Stevens, co-found-
ers of Admiral, the Cardiff-based insur-
ance company. Robert Lloyd Griffiths,
Welsh head of the Institute of Directors,
said the project had the “potential to
transform the regional economy, creat-
ing jobs in the supply chain”.
Ian Isaac, a former coal miner who
runs a local regeneration organisation,
said: “I spent 15 years in the mining
industry digging up carbon. Now this
project offers the prospect of 100 years
of clean energy without the poverty and
disease that afflicted this community.”
The project has to secure planning
approval. A change of government in
May could create further delays. But Mr
Shorrock is confident any incoming
Labour government will be just as sup-
portive as the Tory-led coalition.
“I take comfort from the fact a lot of
our manufacturing base is in South
Wales which is a Labour party strong-
hold,” he said.
Defence
against Isis ‘strikingly modest’
SAM JONES
— DEFENCE AND SECURITY EDITOR
The UK has made a meagre contribu-
tion to the fight against the Islamic
State of Iraq and the Levant and is fail-
ing in its international obligations as a
leading military power, an influential
group of lawmakers has warned.
In a damning report out today — a day
after Sir John Chilcot, the chairman of
Britain’s long-running inquiry into the
2003 Iraq war, said there was still no
fixed date for his findings to be made
public — parliament’s defence select
committee said Britain was “lurching
from over intervention to complete iso-
lation” in the Middle East.
The UK’s military commitments to
the US-led coalition against Isis were
“strikingly modest” and far lower than
the government had stated, MPs
alleged, and paled in significance com-
pared with those of other European
countries and Washington.
“We must clearly acknowledge the
previous failures in Iraq, and reform our
approach. But that does not mean
. . . doing nothing,” Rory Stewart, com-
Thursday 5 February 2015
Inquiry panel
Child abuse
scandals ‘only
tip of iceberg’,
warns May
HELEN WARRELL
— PUBLIC POLICY CORRESPONDENT
Revelations of child sex scandals in
Rotherham, Oxford and Manchester
represent “only the tip of the iceberg”,
Theresa May has warned, as she
announced that an investigation into
historical abuse is to be chaired by a
high court judge from New Zealand.
Addressing the Commons yesterday, the
home secretary sought to reassure MPs
that she had finally found the right can-
didate to lead the probe after the two
previous inquiry chairmen stepped
down over concerns about their links
with the establishment.
Justice Lowell Goddard, who has
already conducted an inquiry into the
police handling of child abuse in New
Zealand, will arrive in the UK next week
to begin looking into how the govern-
ment and institutions such as the
church and the health service dealt with
allegations of child abuse, going back at
least four decades.
Countering Labour’s accusations of
repeated failures and “false starts” since
the inquiry was first announced more
than six months ago, Ms May reiterated
her determination to confront the prob-
lem of abuse being ignored or sup-
pressed.
“With every passing day, every new
revelation, it is clear that the sexual
abuse of children has taken place, and is
still taking place, on a scale that we still
cannot fully comprehend,” Ms May said.
“In many cases people in positions of
authority have abused their power,” Ms
May added, highlighting that certain
individuals had “positively covered up
evidence of abuse”.
“Now, those of us in privileged posi-
tions of public service must show we
have listened, we have heard, we have
learnt and we will come together not to
avoid difficult questions but to expose
hard truths,” she said.
Under Justice Goddard’s probe, the
current inquiry panel will be dissolved,
in response to criticisms of its appoint-
ments procedures, and a new statutory
inquiry will be established with differ-
ent participants.
The first chairman appointed,
Baroness Butler-Sloss, and the second,
Dame Fiona Woolf, stepped down due to
accusations that their social and family
relationships put them at risk of a con-
flict of interest.
The investigation was prompted by
the discovery of several cases of organ-
ised child sex abuse, spanning the coun-
try and involving prominent public fig-
ures, including the Australian enter-
tainer Rolf Harris and the late BBC pre-
senter Jimmy Savile. There have been
further allegations that senior politi-
cians helped to cover up a paedophile
network linked to Westminster in the
1980s.
In a separate development, Rother-
ham council confirmed yesterday that
the members of its cabinet would resign
en masse, following the publication of a
devastating report into child abuse in
the town that declared the council “not
fit for purpose”.
The research was commissioned to
examine revelations last year that 1,400
children had been subjected to rape,
violence and trafficking by gangs
between 1997 and 2013.
mittee chairman, said. “There are doz-
ens of things the UK could be doing,
without deploying combat troops, to
work with coalition partners to help
address one of the most extreme threats
we have faced in the last 20 years.”
Britain began military operations
against Isis in late September last year, a
month after the US started air strikes
against targets in Iraq and Syria.
Politicians, including David Cameron,
have made reference to the contribution
as being second only to that of the US.
But, the defence committee report
accuses the government of having made
only tokenistic commitments in Iraq. It
states: “The entire UK military presence
in Iraq, outside the Kurdish regions,
[amounts] to three individuals. By com-
parison the Australians have offered up
to 400 troops, the Spanish 300 troops
and Italy 280. The US has authorised up
to 3,100 personnel to be in Iraq.”
The UK has also been responsible for
just 6 per cent of air strikes against Isis,
and has sent only 40 machine guns to
help equip the Kurdish peshmerga, who
are fighting Isis in the north of Iraq.
Killing hardens Jordan’s resolve page 6
Thursday 5 February 2015 ★ FINANCIAL TIMES 5

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for easing of political gridlock
Party struggles to agree common stance on healthcare and immigration
Capitol Hill: Republicans admit they were caught off guard by the president’s moves on issues ranging from immigration to climate change — Brendan Smialowski/AFP
MEGAN MURPHY — WASHINGTON
Republican leaders in Congress are
scrambling for a unified strategy on core
issues such as immigration and health-
care reform, threatening the same kind
of political gridlock that has become the
body’s defining feature in recent years.
Less than a month after new Senate
majority leader Mitch McConnell
opened the chamber with a call for
restoring bipartisanship, Republicans
and Democrats are hurtling towards an
impasse over funding for the Depart-
ment for Homeland Security, the
240,000-employee agency that patrols
America’s borders.
In the House of Representatives,
Republican lawmakers voted for the
56th time this week to repeal or pare
back President Barack Obama’s Afford-
able Care Act, in another symbolic
measure unlikely to ever make it to the
president’s desk.
And across Capitol Hill, GOP lawmak-
ers have characterised Mr Obama’s $4tn
budget, which would raise taxes on the
wealthy and US multinationals, as dead
on arrival, setting up a protracted fiscal
fight over the next nine months as they
prepare to release their own spending
plan.
Having assumed control of both
chambers of Congress in January with
what party leaders touted as a mandate
to push forward with their agenda after
the GOP’s sweeping wins in November’s
midterms, Republican leadership in
both the House and the Senate is finding
it more difficult than expected to gain
traction on their own legislative priori-
ties.
Democrats, now in the minority in
both chambers, have shown they are
ready and willing to wield the same pro-
cedural tools Republicans formerly
used to prevent bills from advancing,
such as the much-criticised Senate fili-
buster.
Republican leadership is
finding it more difficult
than expected to gain
traction on own priorities
Having long objected to the GOP’s use
of the tactic when they held a majority
in the chamber, Democratic lawmakers
are finding it more useful now that they
are back in the minority for the first
time in eight years.
All 46 members of the Democratic
caucus banded together this week to
block a bill that would have tied funding
for the Department for Homeland Secu-
rity to essentially reversing Mr Obama’s
overhaul of US immigration rules,
which will shield as many as 5m unau-
thorised immigrants from deportation
through a series of changes to America’s
immigration system.
With funding for the agency set to run
out at the end of the month, Republican
leaders are faced with a limited menu of
options on how to roll back the presi-
dent’s reforms, which they believe
exceed his authority and grant so-called
amnesty to immigrants who have bro-
ken US laws. On the right, the GOP’s
conservative wing is calling on party
leaders to maintain a hardline stance.
Privately, however, senior Republi-
cans acknowledge the political damage
that would be inflicted by even the par-
tial shutdown of the agency amid inten-
sifying concerns over the Islamic State
of Iraq and the Levant (Isis) and other
security flare-ups, such as the outbreak
of Ebola in west Africa.
“Today’s Democrat party seems will-
ing to go to any extreme to protect the
kind of executive over-reach President
Obama once described as ‘not how our
democracy functions’ — even to block
Homeland Security funding to get its
way,” Mr McConnell fumed yesterday.
Republicans admit they were caught
off guard by the president’s aggressive
moves on issues ranging from immigra-
tion to climate change and restoring
relations with Cuba during the final six
weeks of last year, as well as his repeated
vows to veto legislation that strips back
any of his signature policies.
However, some of the early missteps
have been self-inflicted, with initiatives
on issues such as banning abortions
after 20 weeks of pregnancy and step-
ping up border security derailed by
party infighting rather than presidential
or Democratic opposition.
Republican lawmakers’ push to
repeal the Affordable Care Act is
another case in point, with a handful of
party members warning the GOP should
have its own plan in place before it holds
any more votes on scrapping Mr
Obama’s. With the Supreme Court
scheduled to hear a case that could gut a
central provision of the law, on whether
the federal government can provide
subsidies to help people in some states
to buy health insurance, the issue has
taken on greater urgency.
So far, holding a majority is not mak-
ing life any easier for Republicans.
US regulator’s plan to
treat internet traffic as
utility upsets providers
BARNEY JOPSON — WASHINGTON
DAVID CROW — NEW YORK
The US is planning sweeping changes to
the regulation of broadband by reclas-
sifying it as a public utility and using
new powers to stop internet service
providers from blocking or favouring
particular websites.
TheheadoftheFederalCommunications
Commission, the US telecoms regulator,
yesterday announced steps to ensure
that all internet traffic is treated equally
— satisfying a call by President Barack
Obamabutdismayingthewirelessindus-
trybyincludingmobilebroadband.
The proposal from Tom Wheeler, pic-
tured, the FCC’s chairman, marked a
victory after years of fighting by a coali-
tion of advocates for an open internet —
or “net neutrality” — that spans Silicon
Valley tech companies and Democratic
activists. But it signalled a defeat for
mobile and fixed broadband providers
such as Verizon, AT&T and Comcast,
which say they support an open internet
but object to the FCC treating broad-
band as a utility, because they fear it will
usher in heavy-handed regulation.
Mr Wheeler said on Wired, a website:
“I am submitting the strongest open
internet protections ever proposed by
the FCC. These enforceable, bright-line
rules will ban paid prioritisation, and
the blocking and throttling of lawful
content and services.”
Last year Mr Obama called on the FCC
to ban fee-based internet “fast lanes”.
Berin Szoka, president of TechFree-
dom, a pro-cable lobby group, said Mr
Wheeler had “just shot himself in the
foot” and accused him of rewriting the
law to suit a political agenda. “The FCC
was always going to face a difficult court
fight, but Wheeler’s grandiose framing
makes it even more clear that the FCC is
heading for its third loss in court on net
neutrality,” he said.
The US has spent more than a decade
debating net neutrality and two previ-
ous FCC attempts to enforce it were
challenged successfully in the courts by
Comcast and Verizon.
Silicon Valley is in favour of an open
internet, or the principle of “net neu-
trality”, which matters to video stream-
ers such as Netflix and internet phone
groups such as Skype, which are heavy
bandwidth users and fear being “throt-
tled” by broadband providers.
The Internet Association, a lobby
group whose members include Google,
Amazon, eBay and Netflix, welcomed
the FCC move but added: “The details
and implementation of the proposal
matter, and we look forward to seeing
Title II Feb 26
Authority to do When the FCC
more than ensure board will meet
equal treatment to vote on the
of internet traffic proposal
the text of the order to ensure that a free
and open internet is fully protected.”
Broadband providers had worried
that the FCC, by using part of telecom-
munications law known as Title II,
would gain the authority to do more
than ensure the equal treatment of all
internet traffic.
Mr Wheeler wrote: “There will be no
rate regulation, no tariffs, no last-mile
unbundling.”
Shares in telecoms companies
jumped in New York trading in response
to those words, but Craig Moffett, an
analyst at Moffett Nathanson, said that
investors did not yet understand the
ramifications of the proposals.
The FCC board will vote on the pro-
posal on February 26.

Trade. Currency manipulation

Strong dollar revives angst in Congress

SHAWN DONNAN — WASHINGTON
When Jack Lew, the US Treasury secre-
tary, sits down today to brief members
of the Senate finance committee on the
president’s 2016 budget and plans for
tax reform he will be bracing himself for
questions on at least one other subject.
A strong dollar now hitting corporate
profits and US exports and the moves by
central banks around the world to
weaken their own currencies have
revived an old angst on Capitol Hill and
drawn new battle lines for Congress and
its currency warriors.
Where once the target was China, now
the push is to include tough provisions
against currency manipulation in its
trade agreements, particularly the
Trans-Pacific Partnership, the deal with
Japan and 10 other economies that is at
the heart of the US international eco-
nomicagendaandisnearingconclusion.
That push has been resisted until now
byPresidentBarackObama.Butwiththe
dollar marching ever higher, the carmak-
ing industry — and particularly Ford —
lobbying heavily and both Democratic
and Republican legislators clamouring
for action, it is an issue that Mr Obama’s
footsoldiersaregoingtohavetoface.
“Pretending these concerns don’t
exist will not suffice,” Orrin Hatch, the
Republican senator who chairs the
finance committee, warned recently.
The demands from Congress are fairly
clear. A majority of both houses
demanded in 2013 that “strong and
enforceable” provisions against cur-
rency manipulation be included in the
TPP and those calls continue today.
The US car industry argues that trad-
ing partners such as China and Japan
have been subsidising exports to the US
by keeping their currencies weak, a step
that has also made US goods less com-
petitive on the return trip.
“Tariffs were last century’s trade bar-
rier . . . The 21st-century trade barrier is
currency manipulation,” said Ziad Oja-
kli, Ford’s chief lobbyist in Washington.
The administration has been loath to
act on that call for at least two reasons.
The first is that the TPP is already a
complex beast and adding in currency
provisions might just kill it. The second
is a question of jurisdiction. Within the
US government trade deals have tradi-
tionally been negotiated by the US trade
representative’s office, while the Treas-
ury addresses currency issues. That cor-
responds with global practice, where
currency is the domain of the Interna-
tional Monetary Fund while trade rules
are for the World Trade Organisation.
Many analysts think including cur-
rency rules in a trade agreement would
set an awkward precedent. Yet just what
the White House can do to satisfy the
Congress currency hawks without kill-
ing the TPP is unclear.
Currencies against the dollar
$ per currency (rebased)
Renminbi Yen Euro
110
100
90
80
70
60
2011 12 13 14 15
Source: Thomson Reuters Datastream
In private conversations officials
struggle to offer a solution bar pressing
ahead with the that the issue will not be
enough on its own to see the TPP die
when it comes time for Congress to rat-
ify it. They also point out the US was
recently accused of currency manipula-
tion as a result of its quantitative easing.
The simplest and most likely option
may be for Washington to be more vocal
on currency concerns at meetings such
as next week’s G20 gathering of finance
ministers, to show adequate concern to
Congress over the issue.
In an article for Foreign Affairs maga-
zine last month, Fred Bergsten of the
Washington-based Peterson Institute
for International Economics argued
that a three-pronged, more aggressive
US policy would be the “smart strategy”,
whatever happened with the TPP.
First, the administration should
enforce existing law and restore its
international credibility on the issue by
formally designating countries such as
China currency manipulators. Second,
any country manipulating its currency
should have its goods subjected to coun-
tervailing — or punitive — duties. And
third, the US should be prepared to
wage war in the markets and use “coun-
tervailing currency intervention”.
China buying a billion dollars to
weaken its currency should be coun-
tered by a US move to buy the same in
renminbi and maintain the status quo,
Mr Bergsten argued in his article.
“A few implementations of this policy,
or perhaps even just its announcement,
should be enough to deter future cur-
rency manipulation,” he wrote.
That approach is unlikely to become
US government policy any time soon.
But in Washington, the politics of cur-
rency are becoming volatile once again.
6 ★ FINANCIAL TIMES Thursday 5 February 2015

INTERNATIONAL
GLOBAL INSIGHT
Power struggle
BEIRUT

Turkey regulator seizes Gulenist bank David

Future of lender was in
doubt after dispute with
Erdogan government
DAVID O’BYRNE — ISTANBUL
Turkey has cracked down on the
opposition Gulenist religious move-
ment, with the nation’s banking
regulatory authority ordering the
takeover of Bank Asya, an Islamic-
regulator, it ordered the seizure of
Asya Katilim Bankasi, which trades
as Bank Asya, on the grounds that it
had breached provisions of Tur-
key’s banking law that stipulate
banks should have “transparent
and clear partnership structures
and organisation schemes that will
not prevent active audit of the insti-
tution”.
Turkey’s Savings and Deposits
Insurance Fund (TMSF), the body
bank shareholders, with the excep-
tion of dividend rights, and set up a
board to administer the bank.
One of four Islamic participation
banks in Turkey, Bank Asya was
opened in 1996 in a ceremony
attended by Mr Gulen and both
Recep Tayyip Erdogan, the Turkish
president who was prime minister
at the time, and his predecessor as
president, Abdullah Gül.
The bank’s future became the
of Bank Asya is unclear, with Turk-
ish stock exchange listings indicat-
ing that 100 per cent of the bank’s
equity is traded on the exchange.
Although widely recognised and
reported to be active in both the
Turkish economy and politics, the
Gulen movement boasts no formal
institutions or structures and
publishes no details of its organisa-
tion, its officials, activities or poli-
cies.
Gardner
anti-corruption probes launched
against his government in Decem-
ber 2013, charging the movement of
forming a “parallel state” on orders
from Pennsylvania.
Isis risks overplaying its
Turkey issued an arrest warrant
for Mr Gulen on December 19, the
hand and embarking on
anniversary of the launch of the
graft probes, paving the way for an
extradition request to the US.
path to self-destruction
A foreign ministry spokesman
confirmed yesterday that a court

participation bank closely associ-
ated with the movement.
Turkish officials also announced
that a court had cancelled the pass-
port of Fethullah Gulen, the move-
ment’s leader, who has been in self-
imposed exile in the US since 1999.
According to a statement late on
Tuesday from BDDK, the banking
that guarantees bank deposits, will subject of speculation after a fallout
take over the 63 per cent of Bank between the Gulenist movement
Asya equity held by named share- and Mr Erdogan’s government. This
holders who appoint the manage- saw public institutions and state-
ment, the statement added. owned groups take funds from the
According to disclosures made to bank, after which it faced liquidity
the Istanbul Stock Exchange yester- problems, triggering a move to raise
day, the TMSF took over the rights $100m in capital in October.
of shares held by 122 unnamed The precise ownership structure
Pilot’s death. Reaction
Mr Gulen has been living in Penn-
sylvania since 1999 and is reported
to have rejected several invitations
from Mr Erdogan, of whom he was
until recently a prominent sup-
porter, to return to Turkey.
The past year, however, has seen
Mr Erdogan openly accuse the
Gulenist movement of being behind
F
had cancelled Mr Gulen’s passport
on the grounds that it had been
obtained fraudulently and that Mr
Gulen and the US authorities had
been told.
He was unable to confirm
whether any extradition request
had been lodged with the US
authorities.
or all but clusters of ideologically twisted jihad-
groupies worldwide, the burning alive of Lieu-
tenant Muath al-Kasaesbeh, the Jordanian pilot
captured in December, proves the Islamic State
of Iraq and the Levant has depths of depravity
that are fathomless. But what matters most now is how
local, Sunni and tribal reaction towards this self-appointed
Islamist Inquisition evolves. Could this be the beginning of
Isis over-reach, on the path to self-destruction?
Jordan’s reaction to the exultantly videoed immolation
of Kasaesbeh was to execute two jihadis convicted in the
2005 suicide bombings by al-Qaeda of hotels in Amman.
They were part of the network of the late Abu Musab al-
Zarqawi, the Jordanian-born al-Qaeda leader in Iraq who
helped spawn Isis and who was adjudged the most blood-

Brutal killing hardens Jordan’s resolve
Safi al-Kasaesbeh, centre, the dead pilot’s father, with relatives and security forces at a mourning ceremony at the headquarters of the family’s clan in Karak, Jordan — Khalil Mazraawi/AFP
Many Jordanians have responded images of what it said were the pilots’ home-
towns. Instead, many Jordanians yesterday
to further Isis threats by calling called for their country to deepen its military
commitment to the coalition to dislodge Isis
for deeper military commitment from Syria and Iraq, even raising the possibil-
ity of ground troops.
JOHN REED — AMMAN “We Jordanians expect both the state and
the coalition to take revenge for Muath with
Last week, when Jordanians still hoped that painful strikes against this criminal organis-
Muath al-Kasaesbeh might be alive, some — ation,” Safi al-Kasaesbeh, the slain pilot’s
including members of his family — railed father, told Arabiya television yesterday.
against their country’s “cowardly” involve- Jordan’s government exacted its first retri-
ment in the US-led coalition against Isis. bution yesterday at dawn, when it hanged two
Critical voices fell silent yesterday, the day jihadi prisoners in Swaqa prison, south of
after the Islamic State in Iraq and the Levant Amman: Sajida al-Rishawi, the failed suicide
released a video of the 26-year-old F-16 pilot bomber whom Isis had last week tried to
being burnt alive in a cage, which was then exchange for Japanese hostage Kenji Goto,
bulldozed. The brutality of Kasaesbeh’s death and Ziyad Karboli, an Iraqi sentenced to
and the fact that Isis had been negotiating death in 2007.
over the pilot’s fate when he had, according to Mohammed al-Momani, a government
Jordan’s military, apparently been dead since spokesman, told the Financial Times that
January 3, evoked widespread shock and out- Jordan was planning to take “more actions” in
rage at the radical group. response to Kasaesbeh’s murder but did not
In a move apparently meant to intimidate give details. “This could set the stage for
other Jordanian fighters and sap popular Jordan’s increased role,” said Jawad Anani, a
support for the coalition, Isis added a post- Jordanian senator. Dismissing Isis’s “sophisti-
script to its video, offering 100 gold dinars cated scare tactics” against Jordan’s pilots, he
($140) for the capture of other “crusader said: “With Jordanians that will strengthen
pilots”, giving their names and even satellite their resolve, not weaken it.”
Before returning to Jordan from the US,
King Abdullah said Kasaesbeh’s killing “will
only strengthen us and reinforce our unity”.
He arrived in Amman at midday to an organ-
ised demonstration of support at the airport.
Mosques across Jordan held prayers at
noon yesterday, with government imams
denouncing Isis fighters as “terrorist crimi-
nals” and calling on God to destroy the group’s
fighters “one by one”. “We are disgusted by
this terrorist act,” said Mahmoud al-Riyasha,
emerging from Amman’s King Abdullah I
mosque after prayers. As he spoke, a Chris-
tian Coptic church across the road was ringing
Rally: students at the University of Jordan
in Amman condemn the murder
bells in the pilot’s memory. “We are all calling
for unity around the Hashemite monarchy
and to overcome all rumours of division,” Mr
Riyasha said. “We cannot allow this terrorist
group any space to operate.”
Khaled Daratka, another worshipper, said:
“The people that carried out these acts have
no connection to our religion.” He paused at
the sound of a jet flying overhead as he spoke,
and added: “Hopefully those are the fighter
jets we are sending over there.”
Even before news emerged of the pilot’s
death, Jordan’s state-controlled media had
floated the notion of complementing bomb-
ing raids against Syria, which began last year,
with the possible deployment of ground
troops.
Yesterday, Ad Dustour, the daily newspa-
per, mooted the possibility of Jordanian
ground forces entering Syria if conditions
there worsened. “It is Jordan’s right to enter
and to protect itself and to ensure that south-
ern Syria is a secure Sunni region, post-ex-
tremism,” wrote columnist Maher Abu Tayer.
Jihad Abu Adwan, 34, a taxi driver listening
to a radio talk show about Kasaesbeh’s
murder, said: “The next steps . . . will be to
destroy Islamic State completely — it dese-
crates the image of Islam.”
thirsty jihadi cut-throat the region had seen.
Zarqawi’s organisation was the precursor to Isis, now led
by his former, even more savage henchman, Abu Bakr al-
Baghdadi, the self-proclaimed caliph of the Islamic State
he declared in the swaths of eastern Syria and north and
western Iraq seized by his jihadi army. His and their
motives in this hideous murder bear examination.
Aside from adding to an Isis litany of atrocity, which
includes beheadings, crucifixions, stonings, floggings,
enslavement and the stated intention to wipe out “infidel”
and “apostate” minorities such as the Shia, Christians and
Yazidis, it seems the group wanted to do three things:
to dramatise obscenely the incinerating effects of the
US-led bombing campaign against Isis; to express
its limitlessly totalitarian defiance of this campaign;
and to highlight the
potential cost to Sunni
Arab countries such as
The coils of Sunni
Jordan that ally with the tribal politics, a
“Crusader” coalition.
Yet Kasaesbeh’s vile
more cross-border
execution almost cer- phenomenon than
tainly forms part of Isis’s
effort to probe the fault-
Isis, can be slithery
lines of its neighbours.
Isis has now lost the battle for Kobani, the northeast Syrian
Kurdish city just across the Turkish border. Tactically,
however, the jihadis succeeded in rekindling bitter divi-
sions between Turks and Kurds inside Turkey and disrupt-
ing efforts by its neo-Islamist government to make peace
with the Kurdish minority after a 30-year insurgency.
Similarly, Isis has been repulsed by Lebanon. Yet it suc-
ceeded in drawing in Hizbollah, the powerful, Iran-backed
Lebanese Shia paramilitary movement, into Syria’s civil
war. That has sown dissension in a country still nursing the
sectarian wounds of its civil war in 1975-90. The jihadis
keep up the sectarian tension by beheading, on the basis of
sect, Lebanese soldiers and policemen captured in raids.
In Jordan’s case, the Isis intent is probably to smash the
tribal bedrock upon which the Hashemite monarchy of
King Abdullah rests. The disgruntlement with govern-
ment policy of big, East Bank tribes such as Kasaesbeh’s
from Karak is no small matter in a country at least half of
whose people are Palestinians originating from the West
Bank now occupied by Israel. Yet while the king faces a
rough ride in the short term, the jihadis look to have mis-
judged the mood of the tribes. If that proves true in Jordan,
they may repeat the mistake in Iraq and Syria.
That is what happened to Zarqawi, who overplayed his
bloodied hand. Sunni insurgents who had fought against
US occupation alongside al-Qaeda, sickened by Zarqawi’s
industrial-scale slaughter and appetite for sectarian car-
nage and, crucially, usurped in tribal prerogatives, turned
onthejihadisin2006-09.ThecoilsofSunnitribalpolitics, a
more cross-border phenomenon than Isis, can be slithery.
What could halt Isis on this road to self-destruction
would be any western tilt back towards reliance on tyrants,
in particular Bashar al-Assad in Damascus. In light of Isis,
some western securocrats are in “better the devil you
know” mode on the Assad regime. What would help turn
Syrian Sunni sentiment against Isis is the removal of the
Assads, just possibly as a benign byproduct of a rapproche-
ment between the US and Iran, the regime’s main support.
david.gardner@ft.com

Presidency. Abbas successor

Subscribe to FT Weekend today
Palestinians look to exiled former security chief
JOHN REED — GAZA CITY
Early one December morning, posters
went up on the walls outside Gaza City’s
al-Azhar University insulting Palestin-
ian president Mahmoud Abbas.
One showed the president’s head in a
noose; another accused him of “margin-
alising Gaza” and “dominating the Fatah
movement as if it were his personal
belonging”, and declared “Enough!”
Just hours later, several thousand sup-
Read beyond the expected porters of an exiled former Fatah stal-
wart, Mohammad Dahlan, had massed
FT Weekend brings art and culture to life through intelligent on one of the city’s main squares.
and thought-provoking writing. Our editors bring the best of Mr Dahlan served as Gaza’s security
the world to you – from news and interviews, to extensive chief until Fatah’s violent rift with
coverage of property, gardens, books, style, travel and arts. Hamas in 2007, when he was discred-
Together with the award-winning How to Spend It magazine, ited for failing to prevent the Islamist
there is something to delight all readers. group’s rapid takeover. He then fled
from Ramallah in 2011, ejected from the
Subscribe now and save 23% at Palestinian Authority’s legislature after
ft.com/weekendsub falling out with Mr Abbas. He has not
been back to Gaza since.
Now he is making an apparent politi-
cal comeback in his native territory in a
campaign fuelled by generous charit-
able handouts and a strong base of vocal
backers, despite the fact that he lives
between Cairo and the United Arab
Emirates.
The show of support for Mr Dahlan
speaks eloquently of the disarray in Pal-
estinian politics and the intensifying
behind-the-scenes battle to succeed
Mr Abbas. The Palestinian president
marked his 10th year in power last
month and will turn 80 in March, but
has taken no public steps to anoint a
successor. “The president is ageing with
no known and accepted way of transi-
tion,” says Ali Jarbawi, a professor of
political science at Bir Zeit University in
the West Bank. “You end up with a fierce
fight over who is going to take over.”
Mr Dahlan’s name is popping up at
“Dahlanist” events, such as the Gaza
City rally; another December rally
meant to mark the 10th anniversary of
Yasser Arafat’s death was cancelled by
‘The president is ageing
with no known and
accepted way of transition’
Ali Jarbawi, Bir Zeit University
Fatah because it feared Dahlan support-
ers were preparing to hijack the event.
Supporters say Mr Dahlan is using the
UAE-based Khalifa charity to aid vic-
tims of last summer’s Israeli military
operation in Gaza who have been left
stranded by a stalled international
reconstruction effort and the failure of
Mr Abbas’ reconciliation government
with Hamas.
“Our aim is to serve the people of the
Gaza Strip,” says Abdel Hamid al-Masri,
a Dahlanist member of the suspended
Palestinian parliament. “We feel Gaza is
a marginalised area even in the minds of
the Palestinian government.”
Hamas, which is voicing frustration
over the Palestinian Authority’s failure
to rebuild after the war last summer or
to pay its 40,000 civil servants, has
allowed the Dahlanists to organise “as
a pressuring tool on President Abbas”,
Mr al-Masri says.
For Gaza’s war-shocked residents, the
money dispensed in Mr Dahlan’s name
is a vital stopgap for a rebuilding effort
where little of the $5.4bn pledged by
international donors has materialised.
The Abdel Daim family say they have
received $4,500 of UAE money dis-
pensed via the “Dahlan committee” for
serious injuries suffered during the war
by three of its members. They hope to
receive another $10,000 for two others
killed during the conflict.
The family, displaced from their
homes by Israeli bombardment, were
sleeping in a UN school in Jabalya,
northern Gaza, on July 30 when artillery
shells landed. They are now living in a
half-built concrete house open to the
elements and say that no aid from the
UN has materialised, but they have had
help from Mr Dahlan.
“Nobody gave us assistance,” says
Khalil Abdel Daim. “[Dahlan] is a man
who helped us — 100 per cent — and we
appreciate anyone who supports us.”
At 53, Mr Dahlan is young by the
standards of Fatah’s leadership. He is
said to have the backing of the UAE and
Egypt — two of the Arab countries lead-
ing the fight against Islamists — and is
rumoured to have held meetings with
Israeli officials. In the UAE, he has
emerged as a close adviser to Abu
Dhabi’s crown prince, Sheikh Moham-
med bin Zayed al-Nahyan.
Thursday 5 February 2015
Austerity clash
Greeks head into Schäuble showdown
Varoufakis faces intransigent Berlin counterpart today in search of support for debt alleviation plans
Opinion poll shows 68% of
Germans surveyed oppose
easing burden on Athens
STEFAN WAGSTYL — BERLIN
A new Greek government emboldened
by a popular mandate to discard the
country’s hated bailout will come face to
face today with an intransigent German
finance minister determined to make
Athens pay its debts.
The meeting between Yanis Varou-
fakis, the Greek finance minister, and
Wolfgang Schäuble, his German coun-
terpart, marks the climax of a European
roadshow in which Greece’s new left-
wing government has sought support
for its plans to alleviate the debt burden.
Alexis Tsipras, Greece’s prime minis-
ter, found a receptive audience during
meetings yesterday with the heads of
Uncertainty grows over privatisation schemes
Sales of airports, utilities and
other assets were supposed
to boost government finances
KERIN HOPE — ATHENS
Until Syriza swept into power in the gen-
eral election, Paschalis Bouchoris was
betting that 2015 would be a record year
for Greek privatisation sales.
Now the Hellenic Republic Asset
Development Fund, known as Taiped,
the agency leading the government’s
privatisation drive, is at risk of being
shut down.
Mr Bouchoris, Taiped’s chief execu-
tive, is racing to assemble a “handover”
file after Nadia Valavani, the deputy
finance minister in charge of revenue
collection, demanded he resign by
tomorrow. Emmanuel Kondylis, Taiped
chairman, was also asked to step down.
“Ms Valavani said the privatisation
policy was not going to be continued,”
Mr Bouchoris said. “It’s a pity because
there are several big transactions due
for completion in the next few months
and others that are close to binding
offers.”
The Taiped shake-up is a tangible
example of the early policy shifts by the
Syriza-led government that are unset-
tling Greece’s creditors, particularly in
Brussels and Berlin, and deepening con-
cerns about the intentions of Alexis
Tsipras, the prime minister.
The privatisation programme was set
up as a condition of Greece’s €245bn
bailout. Revenue from the sales of air-
ports, utilities and other assets was sup-
posed to boost the government’s
finances. The sales would also relieve
the government from having to make
investments in properties it could no
longer afford.
But Mr Tsipras has long opposed the
programme, which Syriza railed against
on the campaign trail. Yanis Varoufakis,
the Greek finance minister, said: “It’s
not very clever to sell off the family jew-
els in the middle of deflationary cri-
sis . . . It is wiser to develop state prop-
erty and increase its value using smart
financial resources to strengthen our
economy.”
Still, Mr Varoufakis told investors in
London this week that completed priva-
tisations — even if contentious — would
not be reversed. He cited the 2013 sale of
Greece’s controlling stake in OPAP, the
state gambling operator, to a consor-
tium of Czech and Russian interests in
which a Greek oligarch held a minority
interest.
Even before the election, Taiped was
struggling. It has failed to meet revenue
targets set by bailout monitors from the
Voter survey
Spain’s far-left Podemos party on course to become nation’s second-biggest political group
TOBIAS BUCK — MADRID
Spanish voters are shifting their
support towards Podemos in growing
numbers, according to a poll that pro-
vides fresh encouragement to the far-
left anti-establishment party as it pre-
pares for a series of tricky electoral
contests over the next few months.
The poll showed that Podemos would
win 24 per cent of the vote nationwide,
making it the second-biggest group
behind the ruling Popular party of Mari-
ano Rajoy, prime minister. The figures
showed a rise from 22.5 per cent in Octo-
ber and 15.3 per cent in July last year.
Released by the CIS research centre
the European Commission and Council
in Brussels, and then on a visit to Paris to
see President François Hollande.
“We don’t have an agreement already
but we are [heading] in a good direction
to find a viable agreement,” Mr Tsipras
said after the Brussels meetings. But Mr
Schäuble, whose government has so far
verged on outright hostility towards Mr
Tsipras, is expected to be far tougher: he
will insist that Greece stick to its EU-
backed rescue programme, according to
German officials, who say Berlin is hop-
ing a firm line will force Athens to aban-
don election promises to scrap what it
views as a failed austerity plan.
“Any support for Greece coming from
the German government can succeed
only in the framework of the [current]
programme,” said Martin Jäger, Mr
Schäuble’s spokesman.
Berlin’s determined response enjoys
Bailout terms. State revenue
Greece’s stalling privatisations
Corporate assets
Original proceeds
target (end-2015)
State gaming company, lottery
company, mobile telephony licences
€50.0bn
Total transaction value
(2011-2014)
€7.3bn
Actual receipts
€5.4bn
Transactions
Completed
21
Greek budget deficit
As a % of GDP
In progress
13
Under preparation
13
2011
* 2014 onwards are forecasts
FT graphic Sources: IMF; European Commission; Hellenic Republic Asset Development Fund; FT research
European Commission, International
Monetary Fund and the European Cen-
tral Bank, even though these have been
pared back from €50bn to €25bn in
income by 2025.
Mr Bouchoris said cash proceeds from
privatisation last year amounted to only
€530m because of administrative and
legal delays in closing several large
deals. This year’s forecast, made before
the election, is €3.5bn.
“Greek privatisation acquired a bad
reputation because some important
deals went to insiders even though
Taiped was set up and managed as an
independent agency,” said an invest-
ment banker in Athens who declined to
be identified.
Some privatisations already under
way seem certain to be blocked. But the
door may not be closed to others that
involve state-owned buyers or which
yesterday, the poll offers the first
barometer of Spanish public opinion
since Greek elections last month, which
saw the triumph of the far-left Syriza
party, a close ally of Podemos.
Both movements say they are deter-
mined to sweep aside the old political
elites in their respective countries, and
to put an end to the austerity policies
implemented by their mainstream
rivals. Podemos has already sought to
capitalise on the triumph of its Greek
partner, holding a mass rally in Madrid
last Saturday that attracted more than
100,000 supporters.
The survey also offered an important
pointer ahead of next month’s election
★★★ FINANCIAL TIMES
INTERNATIONAL
widespread backing from the German
public: an opinion poll in Bild newspa-
per this week showed 68 per cent of
those surveyed opposed to any forgive-
ness for Greece’s debts.
Bild, the largest selling tabloid, has no
doubt contributed to the mood with
extensive reports this week document-
ing the tax breaks enjoyed by wealthy
Greek shipowners. A big photo story
showing billionaires enjoying the high
life bore the headline: “Why don’t you
rich super-rich Greeks pay any taxes?”
Before heading to Berlin Mr Varou-
fakis called on Mario Draghi, the Euro-
pean Central Bank president, in Frank-
furt, seeking to persuade the bank to
allow €10bn in bridge financing to keep
Athens afloat when its bailout prog-
ramme expires at the end of the month.
The meeting coincided with a disap-
pointing sale of Greek Treasury bills
Sales value
€3.75bn
12 13 14 15
attracted competitive final offers from
reputable bidders, according to other
Syriza economic policy makers.
Panagiotis Lafazanis, leader of Syr-
iza’s far-left faction, called off the sale of
35 per cent of power-generating assets
by the Public Power Corporation, the
state electricity producer, the same day
that Mr Tsipras appointed him to head a
“super-ministry” covering energy,
industry and the environment.
“PPC will return to the state as a state-
run company which will operate as a
driver of economic growth, according to
strict productive and environmental
criteria,” Mr Lafazanis announced.
Yet he signalled that a deal agreed in
2013, and still awaiting commission
approval, to sell a majority stake in
Desfa, the Greek state-owned gas distri-
bution network, to Socar, the state gas
company of Azerbaijan, may go ahead.
in Andalucia, the most populous region
in Spain and a traditional bastion of the
centre-left Spanish Socialist Workers’
party (PSOE).
The CIS poll found that Podemos was
now the only main party whose support
was still rising, suggesting that the new
movement had yet to hit its electoral
ceiling. The PSOE, still the main opposi-
tion force, fell back to third place.
Analysts said Podemos and the PSOE
were locked into an increasingly bitter
contest to attract left-of-centre voters,
with both parties seeking to portray
themselves as the only viable opposition
to the PP. That struggle is set to gain an
extra edge before the regional election
that underlined growing investor con-
cerns. Greece was able to issue just
€625m of bills at an average yield of 2.75
per cent, compared with 2.3 per cent at
the last auction in early January. The
amount was less than half the competi-
tive bids of the previous auction.
According to people familiar with the
German position, Berlin is in the same
camp as Brussels and Frankfurt: they
are unhappy at Mr Tsipras’s decision to
allow the bailout programme to expire
at the end of the month and would pre-
fer at least a “technical” extension to
give both sides breathing room to nego-
tiate a new bailout. While Paris and
Rome may be more open to broader
negotiations, Mr Schäuble has been urg-
ing a Greek commitment to the current
process before substantive talks begin.
Mr Schäuble, Europe’s most powerful
finance minister, has been a central fig-
Infrastructure assets
Regional airports, energy company
Sales value
€1.63bn
Privatisation proceeds
€ (bn)
10
8 40
6 30
4 20
2 revised target
0 0
16 2011 12
Like the electricity utility, the sale of
the state’s 67 per cent stake in Piraeus
Port Authority (OLP) which operates
the country’s largest port, is another
“red line” for the Syriza government on
the ground that strategic infrastructure
should remain in state hands — a view
shared by most local people, according
to recent opinion polls.
“The public character of Piraeus will
be maintained and the privatisation of
OLP stops right here,” said Theodore
Dritsas, the shipping minister from Syr-
iza’s far-left faction.
Cosco, the Chinese state shipping
company that operates a profitable con-
tainer terminal at Piraeus, and Den-
mark’s Maersk group had both been
expected to make binding offers for OLP
next month, Mr Bouchoris said.
The biggest privatisation deal to date,
the sale of a 40-year concession to
Spanish political party polling
Share of respondents (%)
Podemos UPD
Socialists PP
United Left
Jan 2014 Jan
2015
* Poll of poll weekly averages
Source: FT research
ure in the Greek crisis since Athens first
accepted an emergency bailout in 2010.
Greece had achieved a lot in its reforms,
he said this week, but noted that “an
infinitely large” challenge lay ahead.
Last week he delivered an icy warning to
Athens that Germany could not be
“blackmailed” into refinancing Greece.
While expressing her desire to keep
Greece in the eurozone, Chancellor
Angela Merkel has broadly backed her
finance minister’s approach. But the
hard line has doubters in the foreign
ministry, where some worry that forcing
Athens into a corner might backfire.
The Greek government has already
threatened to seek huge reparations for
the second world war Nazi occupation.
Berlin considers the reparations ques-
tion legally settled.
Additional reporting by Peter Spiegel in
Brussels
Real estate
Development land, hotels, government
buildings, golf course
Sales value
€1.89bn
50
Original proceeds target
Actual receipts and
10
13 14 15 16
operate 14 regional airports covering
main tourist destinations, would also be
cancelled “as a central position of the
government”, said Christos Spirtzis, the
infrastructure minister.
Fraport, the German airport operator,
and Greece’s Copelouzos group were
named preferred bidder by Taiped in
November after offering €1.2bn for the
concession, more than twice the
amount put up by the second bidder.
“Effectively Fraport is underwriting
the growth of tourism in this country,”
Mr Bouchoris said.
Fraport brushed aside the news from
Athens, saying it would not comment on
speculation and was preparing for “the
signing and closing [of the deal] with
our negotiating partner, the Hellenic
Republic Asset Development Fund”.
Additional reporting by Chris Bryant in
Frankfurt
in Andalucia, which has been ruled by
the PSOE since Spain returned to
democracy in the late 1970s.
Polls suggest Podemos may win only
10-15 per cent in Andalucia. That would
40
most likely be enough to deny the PSOE
a governing majority, but leave
30
Podemos with one of the thorniest
strategic dilemmas since it was founded
20
more than a year ago: it would have to
choose between backing a PSOE govern-
10
ment, either in a coalition or on an ad
0
hoc basis, or plunging the region into a
state of un-governability.
“Whatever they do will have electoral
costs,” said Pablo Simon, a professor of
political sciences at the Carlos III
7
Liquidity
ECB puts heat
on Athens
by curbing
cash for banks
CLAIRE JONES — FRANKFURT
The eurozone’s monetary policy mak-
ers have tightened Greek lenders’
access to cheap liquidity, banning the
use of the country’s debt as collateral
for the European Central Bank’s cash
weeks before a limit was expected to
come into force.
The ECB’s governing council, composed
of the heads of the eurozone’s national
central banks and the top six officials on
the central bank’s executive board,
including Mario Draghi, the bank presi-
dent, made the decision yesterday.
A waiver that allowed Greek govern-
ment debt to be used as collateral
despite its junk credit rating was set to
expire on February 28, if the Syriza-led
government carried out its threat to
leave its EU bailout programme. The
rules come into force when the ECB’s
main liquidity auction next matures, on
February 11.
The ECB said the early suspension
was “in line with existing euro system
rules, since it is currently not possible to
assume a successful conclusion of the
programme review”.
The ban also covers Greek govern-
ment-guaranteed bank debt, an impor-
tant source of collateral for the country’s
lenders.
The early ban signals the ECB’s deter-
mination to take a tough line on Athens’
attempts to secure funding from the
central bank for the three-month period
between the exit of the bailout pro-
gramme and the agreement of a new
“contract” with eurozone leaders, which
Yanis Varoufakis, Greece’s finance min-
ister, hopes to have in force by the begin-
‘Markets see greater risk.
Investors are thinking, I
better just take my profits
and move to the sidelines’
ning of June. The move follows a meet-
ing between Mr Varoufakis and Mr
Draghi in Frankfurt yesterday.
It had an immediate effect on mar-
kets, with the euro falling 0.8 per cent to
$1.1366 and US stocks giving up gains in
the final minutes of trading.
Marc Chandler, global head of cur-
rency at Brown Brothers Harriman,
said: “Now it looks like the ECB is play-
ing hardball and markets see greater
risk. Investors are thinking, ‘I better just
take my profits and move to the side-
lines and wait for a clearer picture’.”
Volatility rose sharply after the
announcement, with the CBOE’s VIX
index, a measure of the expected moves
in the S&P 500 over the coming month,
rising as much as 5 per cent to 18.25.
Greek government debt can still be
used to access emergency liquidity
assistance, or ELA, which is provided at
the discretion of the Bank of Greece. The
council also reviewed Greek lenders’
access to ELA at yesterday’s meeting.
While the Bank of Greece could
choose to continue to accept Greek gov-
ernment bonds under its ELA, there are
ECB-imposed limits on the amount of
some forms of sovereign debt that are
eligible as collateral for the emergency
loans.
The governing council next meets on
February 18. The move to ban Greek
government debt is likely to prompt
speculation on whether the council
could impose tougher measures at its
next meeting. The council has the power
to ban ELA but needs a two-thirds
majority to enact that.
The Greek government’s plans to fund
itself through the three-month period
partly through the issuance of short-
term treasury bills could be curtailed by
an ECB limit of €3.5bn on the amount of
those bills that can be used in exchange
for central bank cash.
Additional reporting by Eric Platt in
New York
University in Madrid. “They can go
down the road that Beppe Grillo went
[down] with the Five Star Movement in
Italy, and not do deals with anyone. But
that risks sending a signal that you are
not serious about bringing change to the
country.” A coalition with the PSOE,
meanwhile, could suggest to voters that
Podemos is not as different from the
mainstream parties as its rhetoric
suggests.
Municipal and further regional elec-
tions across the country are due in May
and then Catalonia will vote in Septem-
ber before the whole country votes in a
general election at the end of the year.
Debt to Spain page 11
8 ★★★ FINANCIAL TIMES Thursday 5 February 2015

INTERNATIONAL

Sanctions policy

Pentagon nominee hints at shift on aiding Ukraine

Next defence secretary
‘inclined’ to supply Kiev
with heavy weapons
GEOFF DYER — WASHINGTON
SAM JONES — LONDON
AND STEFAN WAGSTYL — BERLIN
The Obama administration’s nominee
to run the Pentagon said yesterday that
he backed giving weapons to Ukraine,
the strongest indication yet that the US
is preparing to shift its approach and
intervene more directly in the conflict.
Speaking at his confirmation hearing
to be the next secretary of defence, Ash-
ton Carter said that he was “inclined” to
begin supplying the Ukrainian govern-
ment with the kinds of heavy weapons it
has been asking for.
“We need to support Ukraine in
defending themselves,” he told the Sen-
ate hearing.
Mr Carter’s comments came as the
debate both in the US and in western
Europe about how to respond to the cri-
sis in Ukraine is beginning to shift in the
face of an escalation of violence recently
and the crumbling of the Minsk peace
protocol, signed last September.
Voices around Europe have begun to
call for a firmer line in combating Mos-
cow’s belligerence in the Donbas in east-
ern Ukraine, not least as the EU strug-
gles to find unanimity in imposing fur-
ther economic sanctions against Russia.
If the administration does decide to
send heavy weapons to Ukraine, it risks
rupturing transatlantic unity, especially
with Germany, whose leader Angela
Merkel visits Washington next week.
For some months, State department
and Pentagon officials have urged the
White House to send such weapons,
including anti-tank missiles, but so far
the president has refused.
The administration said this week
that the option of sending weapons was
under review again, but officials have
sounded more cautious, insisting that
sanctions were still the preferred
method of trying to press Russia.
The next days may be crucial for the
future of Nato’s stance with the Kremlin.
Before her trip to the US, Angela Merkel
‘We need to support
Ukraine in defending
themselves’
Ashton Carter
will this weekend address Europe’s
security elites at the annual Munich
security conference, and her words will
be closely watched: the German chan-
cellor is the champion of the west’s sanc-
tions-based approach. People say she is
minded to stick to her plan.
“Merkel does not see her policy as a
failure. She sees it is a long struggle,”
says Josef Janning, a Berlin-based policy
fellow at the European Council on For-
eign Relations, a think-tank.
The French government also said yes-
terday that it would not deliver weapons
to Ukraine “at this stage”.
Spurred by the apparent shift in
Washington, other voices in Europe are
growing bolder. Asked if months of
diplomacy have not ended in failure,
one German foreign policy expert drily
said: “It depends on what you mean by
failure. We don’t have all-out war in
Europe.”
At the crux of such criticisms is a
belief that something must be done to
make Vladimir Putin feel pain in the
near term. It is driven by assessments
from many in the Nato intelligence
community that Mr Putin partly does
not believe economic pressure on Mos-
cow will last, and discounts it, and partly
views economic matters in any case as
secondary to his geopolitical goals.
“[Putin] correctly assesses that as the
EU focuses on Greece and growth they
don’t really want to do more sanctions
now,” says Cliff Kupchan, chairman of
the Eurasia Group, “And he knows that
while the numbers for the Russian econ-
omy are terrible, they haven’t hit yet.”
According to senior administration
officials, Joe Biden, the US vice-presi-
dent, will raise the issue of providing
defensive weapons to Ukraine during a
three-day trip to Europe, which starts in
Brussels tomorrow.
Mr Biden is due to meet Petro Porosh-
enko, Ukrainian president, and Angela
Merkel, German chancellor, while in
Munich.
One official said it is the administra-
tion’s goal to move “in lock-step” with
the EU on Ukraine policy, and Mr Biden
would share the White House’s current
thinking on its “re-evaluation of our
security assistance” for Kiev.
Jonathan Eyal, international director
of the London-based Royal United Serv-
ices Institute, said: “Putin has the option
to de-escalate matters or escalate them
whenever it suits him. And we haven’t
ever said to him that the consequences
of certain actions would be irreversible.”

Presidential poll. Leftwing challenger Growing isolation

Former TV actress shakes up Poland’s election
Publicity from her selection has
given SLD platform to rebrand
itself as a more youthful party
HENRY FOY — WARSAW
She is the shock candidate in Poland’s
presidential election — a former televi-
sion presenter with striking good looks,
barely any political experience and a
surname that translates as “cucumber”.
The selection of 35-year-old
Magdalena Ogorek to represent the
Polish social democrats in May’s poll has
generated a media storm in the press, as
well as a profile in Playboy magazine.
It has also sparked debate about the
future of the once powerful Sojusz
Lewicy Demokratycznej (SLD) party as
it seeks to reboot itself after a series of
political failures.
The waning of the SLD, which led
Poland only a decade ago but which now
struggles to be relevant, echoes a trend
across much of Europe’s traditional cen-
tre-left, which lost credibility as auster-
ity measures followed the financial cri-
sis and is now outflanked by fringe
parties better equipped to tap voter
anger.
Ms Ogorek, an author and lecturer
who was until recently a media consult-
ant to Poland’s central bank, is not likely
to win the election on May 10 — incum-
bent Bronislaw Komorowski holds a
strong lead in the polls.
Indeed, since her candidacy was
announced last month she has been
subject to unrelenting criticism and
scorn in the Polish media, ranging from
derision at her lack of experience to
jokes about her surname. She has so far
been largely shielded from the press,
with her team declining to speak with
the Financial Times. Magdalena
At the same time, the publicity from Ogorek meets
her surprise selection has given the SLD the press, above.
a welcome platform to rebrand itself as a SLD leader
more youthful party, with an eye on Leszek Miller,
important parliamentary elections in third left, joins
October. a Warsaw May
“It is definitely risky,” said Łukasz Day march — EPA
Mężyk, editor of 300polityka, a political
news site. “It could raise the SLD’s pro-
file, but there is a danger they are ‘jump-
ing the shark’ with this decision.”
With a large working class and power-
ful trade unions, Poland would appear
to be a country where leftwing parties
should prosper.
But a strong sense of patriotism and
conservative, Catholic traditions have
led to the right dominating politics over
the past decade.
As recently as 2004, Poland had an
SLD prime minister and president. In
2000, the party’s leader, Aleksander
Kwasniewski, won the presidency in the
first round of voting, the first and only
California
time that this has happened in demo-
cratic Poland’s history.
But a bribery scandal and the resigna-
tion of its prime minister over alleged
connections with Russian secret serv-
ices soured public opinion towards the
party. Its share of the vote slumped from
41 per cent in 2001 to just 11 per cent
four years later. The party’s marginali-
sation was sealed by the rise of Donald
Tusk’s Civic Platform, which began
slowly to shift left after coming to power
in 2007 — pledges on social issues and
benefits for young Poles encroaching on
the SLD’s traditional hunting ground.
Recently, however, the party has
regained some of the initiative, with Ms
Ogorek calling on voters to “unleash the
power of youth and entrepreneurs — a
clear change of tack for the successor to
Poland's communist party.
Leszek Miller, SLD leader, recently
described Ms Ogorek as “a symbol of
change . . . the opening up of Polish
politics to a young European genera-
tion”.
However, in a country where promi-
nent politicians typically spend many
years working their way up party struc-
tures, Ms Ogorek’s limited political
experience counts against her.
She failed to win a parliamentary seat
in elections in 2011, and has spent the
‘It could past two years advising the National
Bank of Poland on media issues. Her
raise the early twenties were split between time
SLD’s as a small-time TV actress and intern-
ships in various government ministries.
profile, but On current polling of 8-10 per cent,
there is Ms Ogorek would be placed third
behind Mr Komorowski and the right-
a danger wing Andrzej Duda in the poll — which
they are would represent a success for the SLD.
Michal Szuldrzynski, political col-
“jumping umnist for the right-leaning Rzeczpos-
the shark” polita daily, said: “I do not think the
party believes she [Ms Ogorek] will
with this make the second round run-off.
decision’ “Instead this is the beginning of their
campaign for parliamentary elections,
which could be the last chance for
them.”
In another sign of the growing impact
of her candidacy, other smaller parties
contesting the presidential election
have followed the SLD’s lead and began
picking younger candidates than in pre-
vious races.
Foreigners
quit Russia
in droves as
sanctions bite
KATHRIN HILLE — MOSCOW
Foreigners are leaving Russia in
unprecedented numbers in a sign of
how the political stand-off with the
west and economic crisis are deepening
the country’s international isolation.
Excluding people who fled to Russia to
escape the war in eastern Ukraine, there
were 417,000 fewer foreigners in the
country last month than a year ago — a
drop of 4.7 per cent, according to Rus-
sian government figures.
The numbers from several western
countries have plummeted by as much
as a third, reflecting Moscow’s estrange-
ment from Europe and the US as a result
of the conflict in Ukraine.
The most significant departures are
from countries that have long been
among the largest foreign investors in
Russia. As of January 20, the number of
Germans in Russia had declined to
240,113, the Federal Migration Service
confirmed.
That represented a 31 per cent drop
since January 2014, according to addi-
tional FMS figures provided to the Rus-
sian news website RosBusinessConsult-
ing.
The number from the US was down by
36 per cent, from the UK 38 per cent and
Spain 41 per cent over the period.
The exodus reflects a worsening eco-
nomic outlook in Russia, which has
been hit hard by western sanctions
imposed over its role in the fighting in
eastern Ukraine and its annexation of
Crimea, and by the plunge in the price of
oil, one of its main exports.
The rouble has lost about 40 per cent
of its value to the dollar over the past 12
months, and the economy is forecast to
shrink by up to 4.5 per cent this year — a
contraction that will hurt western busi-
nesses in Russia as well as the country’s
own corporate sector.
Russian statistics are too opaque to
allow a clear breakdown of who is leav-
ing and why, as the FMS data include
tourists and foreigners on private visits
as well as those visiting for business, to
work, and expats.
However, business representatives
said the data confirmed anecdotal evi-
dence pointing to an outflow of execu-
tives from western enterprises.
“Companies are trying to keep as few
expats as possible to cut costs,” said Jens
Boehlmann, deputy head of the German
Chamber of Commerce in Russia.
“This trend existed earlier to a mod-
erate extent, but it multiplied at the end
of 2014 and early this year.”
According to the chamber, the
number of German companies in Russia
had fallen to 6,000 at the end of last year
from 6,167 in late 2013.
Russia is also rapidly losing its appeal
among people from countries of the

Merck defends child vaccines after US measles outbreak prompts safety debate
DAVID CROW — NEW YORK
ANDREW WARD — LONDON
Merck has launched a staunch defence
of its childhood vaccines, after an out-
break of measles in California
prompted a nationwide debate on the
safety of infant immunisation.
Roger Perlmutter, Merck’s head of
research and development, said child-
hood vaccines were “one of the major
triumphs that medical science has ever
made”.
“We are extremely proud of what we
have been able to do to vanquish paedi-
atric diseases that cause enormous suf-
fering and death,” added Mr Perlmutter.
Merck is the sole provider of immuni-
sations against common childhood dis-
eases in the US through its combination
measles, mumps and rubella (MMR)
and Proquad products.
Mr Perlmutter called on the govern-
ment and other advocacy groups to do
more to reassure the public on the safety
of vaccines. He said there was a limit to
how much Merck could do because
“there are many who believe we are in
some way prejudiced by virtue of being
a commercial entity”.
Merck’s intervention comes amid an
outbreak of measles that involves at
least 102 cases, most of which have been
traced to the Disneyland theme park in
California. Its spread has been blamed
in part on low immunisation levels in
the state, where about 800 schools have
vaccination rates below 92 per cent —
the level at which “herd immunity”
stops working.
The drop in vaccination rates in the
US has been linked to research — now
completely discredited — that linked
the triple MMR vaccine to autism. “The
fact that someone can publish a com-
plete fabrication and have a big impact
on vaccination practice is a very horri-
ble story indeed,” said Mr Perlmutter.
The recent outbreak has focused
‘Many believe we are . . .
prejudiced by virtue of
being a commercial entity’
Roger Perlmutter, Merck
attention on the views of politicians who
have spoken up for parental choice
when it comes to immunisations. On
Monday Chris Christie, the Republican
New Jersey governor seen as a 2016
presidential hopeful, was forced to clar-
ify his position after he said “it’s more
important what you think as a parent
than what you think as a public official”.
Mr Christie’s office later released a
statement saying the governor believed
there was “no question kids should be
vaccinated”.
Merck sold $366m worth of vaccines
in its fourth quarter, accounting for
about 3.5 per cent of total sales.
Andrew Witty, the chief executive of
GlaxoSmithKline, said vaccines were
subject to “an enormous amount of test-
ing of safety as well as efficacy”, adding:
“Clearly, they are a remarkable poten-
tial source of human health gain in
terms of . . . one vaccination or a short
course of vaccinations giving people a
lifetime protection.”
Merck’s comments came as the com-
pany reported slightly disappointing
fourth-quarter sales and forecast 2015
earnings would be below the level ana-
lysts were typically expecting.
Merck said it expected full-year 2015
earnings of $3.32 to $3.47 per share,
excluding special items, with foreign
exchange factors reducing earnings by
27 cents per share. Analysts had pre-
dicted $3.49 per share.
Shares in Merck closed down 3.2 per
cent, at $59.05 in New York.
former Soviet Union. According to the
FMS data, the number from Uzbekistan,
long the biggest source of migrant
labour to Russia, fell by more than
100,000 during the past year.
The Federal Statistics Service has
found that arrivals from countries such
as Tajikistan also slowed dramatically in
the course of 2014.
Migrant rights activists and migration
experts cite the rouble depreciation and
new restrictions on immigrant labour as
the key reasons for the fall.
They expected the exodus to gather
pace in the coming months and that
Russia would soon forfeit its status as
one of the world’s biggest magnets for
migrant workers.
Apart from Ukrainians, only arrivals
from Belarus, one of Russia’s staunchest
allies, and from China, on which Mos-
cow counts on most to offset western
sanctions, have increased.
Thursday 5 February 2015
Financial companies are using new technologies to create detailed ‘proxy’ credit profiles of borrowers,
raising concerns that the tactics could widen the gap between the rich and poor.
I
n late 2008, Kevin Johnson
returned to his home in Atlanta,
Georgia, after a honeymoon abroad
to find the financial system implod-
ing and a letter from his credit card
company in his postbox.
American Express was cutting his
credit limit from $10,800 to $3,800. The
reason, according to the letter, was that
Mr Johnson had been shopping at stores
frequented by people deemed by the
credit card company to have a poor
repayment history.
For Mr Johnson, who prides himself
on being a media and internet entrepre-
neur, the notion that he would be finan-
cially limited because of the supposed
behaviour of his fellow shoppers did not
sit well at all. At the time, says Mr John-
son, his FICO score — the standard
measure of creditworthiness in the US —
was about 760, solidly within good
credit territory.
“It was a sort of wake-up call,” Mr
Johnson says. “The financial crisis cre-
ated a wonderful opportunity for com-
panies to apply some of these insidious
algorithms to deny credit to people who
are deserving of credit.”
Mr Johnson, an African-American,
went public with the letter, prompting a
debate about whether such credit profil-
ing was fair. Amex abandoned it, and a
provision mandating further study of
the practice was inserted into the Credit
Card Act passed by President Barack
Obama in 2009.
Six years later, financial companies
have the option of using data-guzzling
technologies that make the observation
of shopping habits look downright
primitive. A plethora of information
gathered from social media, digital data
brokers and online trails can be used to
mathematically determine the credit-
worthiness of individuals, or to market
products specifically targeted to them.
The degree to which such algorithms
are utilised by mainstream banks and
credit card companies is unclear, as are
their inputs, calculations and the result-
ing scores. While many types of data-
driven algorithms have been criticised
for opacity and intrusiveness, the use of
digital scorecards in finance raises addi-
tional issues of fairness. Using such
Democratis
Democratising
Finance
FT series: big data
homes in on risk
ft.com/companies
information to make predictions about
borrowers can, critics say, become self-
fulfilling, hardening the lines between
the wealthy and poor by denying credit
to those who are already associated with
not having access to it.
“You can get in a death spiral simply
by making one wrong move, when algo-
rithms amplify a bad data point and
cause cascading effects,” says Frank Pas-
quale, a professor of law at University of
Maryland and author of a book on algo-
rithms called The Black Box Society.
Proponents of such technology argue
that the ability to get a comprehensive
view of prospective customers — based
on their friends, their employer and
even their exercise habits — can ulti-
mately help expand the availability of
credit to those who struggle to open
bank accounts or obtain fair loans.
“When consumers are spending in a
pattern that leads them to lose a little bit
of control of their finances, are they able
to get back on track and how? That’s the
kind of data we can get from the big data
world,” says Alex Sion, president of
Moven, which provides debit accounts
to customers who want to keep better
track of their spending habits.
Both sides agree that new data-centric
underwriting methods and algorithmic
scoring pose legal questions at a time
when the gap between rich and poor has
become a hot-button political issue.
“It’s just such a big grey area right
now,” says Galen Buckwalter, the scien-
tist who helped develop the matching
engine of dating website eHarmony and
who is now at Payoff, an alternative
lender. “The genie is out of the bottle,
there’s no going back in terms of pulling
this information or telling companies
they can’t be analysing click times, even
typing patterns and things like that.”
T
he 1935 map of Greater
Atlanta in the National
Archives comes in shades of
blue, yellow and red. The
hand-scrawled legend that
accompanies it reads “light blue — best,
dark blue — still desirable, yellow — def-
initely declining, red — hazardous”.
It is a stark reminder of a dark period
in US history, when potential borrowers
were classified not by their individual
credit characteristics but by the neigh-
bourhoods in which they lived.
The “redlined” neighbourhoods were
often poor and dominated by a racial or
ethnic group. In the case of Atlanta and
By Tracy Alloway
Credit
where
credit’s
due
Algorithmic data
New scoring systems in
need of legal definition
In the mid-1950s, William Fair and Earl
Isaac began selling the first data-driven
consumer scoring system to an
investment company based in St Louis,
Missouri. Their “FICO” scores – an
abbreviation of the Fair Isaac
Corporation name – would grow in
tandem with the powers of computers
to become ubiquitous in US lending.
By 1995 Freddie Mac and Fannie Mae,
the US government’s housing finance
agencies, endorsed the use of credit
scores as part of the mortgage
underwriting process, embedding them
in the fabric of the American financial
system. By 2000, FICO scores were
used in more than 75 per cent of home
★ † FINANCIAL TIMES
FT BIG READ. BIG DATA
Types of data available
for purchase and use in
analytics:
3 Demographic
information
3 Contact information
3 Vehicles
3 Lifestyle, interests and
activities data (including
medical)
3 Property and assets
data
3 Financial and credit
data
Source: World Privacy Forum
other cities in the segregated South, the
aim of the practice was often to keep
African-Americans from moving into
neighbourhoods dominated by whites.
The practice of redlining has since
been outlawed with a slew of regulation,
including fair lending and equal credit
opportunity laws. But the worry is that
redlining in the 21st century may not be
done overtly with ink and paper but
with the information that flows through
computers and across the internet.
While US law forbids the discrimina-
tion of borrowers based on factors such
as gender or race, parsing publicly avail-
able information on social networks
such as Facebook and Twitter has been
shown capable of accurately predicting
everything from users’ political inclina-
tion to ethnicity and sexual orientation.
Chief among critics’ concerns is the
ability to use new types of data and com-
puterised algorthims to build “proxies”
that do not overtly discriminate on the
basis of factors such as race or gender,
but may use correlated information to
build an in-depth profile of a particular
customer.
“Now you have data, you can predict
anything,” says Max Gasner, founder of
One Financial, a retail financial services
start-up. “You can use your Facebook
and Twitter data to tell what race you
are, whether you’re gay or straight. You
can predict a lot of stuff that’s illegal to
use for lending and you can also more
finely discriminate.”
mortgage originations. In 2015, Fair typically extend protection to the new
Isaac says its scores are used in more consumer scores.”
than 90 per cent of lending decisions. For many lenders, gathering non-
For decades, the scores were traditional data is simply an attempt to
shrouded in secrecy and their details augment or supplant traditional credit
largely unknown to the borrowers scoring models that still rely largely on
whose credit they often dictated. It was historical information, which critics view
not until 2004 that the US government as an imperfect indicator of
required consumer reporting agencies creditworthiness. The biggest
to provide extensive credit score component of a FICO score is payment
information at customers’ request. history. Such historical measures are
In a report commissioned by the considered ripe for disruption by new
World Privacy Forum, Pam Dixon and methodologies.
Bob Gellman argue that new algorithm- “The FICO score is creating false
driven consumer scores occupy a positives and false negatives,” says
murky legal position similar to the one Mitch Jacobs, founder of OnDeck, an
occupied by FICO scores in the 1950s. alternative lender that uses its own
“Data brokers, merchants, data-fuelled system to make small
government entities and others can business loans. “A business might have
create or use a consumer score without been around for 10 years and have lots
notice to consumers,” they wrote. of customers and good cash flow but it
“Laws governing credit scores do not looks like a bad credit.”
Social media data can be
used to predict personal traits
Success rate of using Facebook ‘likes’
to predict personal characteristics (%)
Single v In relationship
67
Parents together at 21
60
Smokes cigarettes
73
Drinks alcohol
70
Uses drugs
65
Caucasian v African-American
Christianity v Islam
95
82
Democrat v Republican
85
Gay
88
Lesbian
75
Gender
93
Source: Kosinski, Stillwell and Graepel for the
National Academy of Sciences of the USA
Sifting through “clickstream” data or
using “web beacons” that allow compa-
nies to track the movement of users
across the internet can offer valuable
clues about a person’s identity or socioe-
conomic status simply by observing
how they access and navigate the web.
For example, studies from the Pew
Research Center and the Federal
Reserve found that blacks and Latinos
were far more likely to access bank
accounts using a mobile phone, giving
an indication of racial identity simply by
looking at how people browse the web.
“Because big data scores use undis-
closed algorithms, it is impossible to
analyse the algorithm for potential
racial discriminatory impact,” the
National Consumer Law Center wrote in
a recent paper on big data.
In addition to the algorithms them-
selves, the laws that govern big data’s
use in lending remain murky.
“When it comes to big data, there is no
clear prohibition on using data for
underwriting,” says Anand Raman,
partner at law firm Skadden, Arps. “It
can become a fair lending issue, how-
ever, if the use of that data results in dis-
proportionate negative outcomes for
members of a protected class.”
It is this fear of regulatory scrutiny
that has left many of the big banks and
credit card companies believed to be
experimenting with new data reluctant
to dive wholeheartedly into the world of
non-traditional credit information.
“All the credit card companies have
really been both attracted to, and afraid
of, social data,” said a former data miner
at one of the largest credit card compa-
nies. Financial groups that do overtly
use big data to inform their underwrit-
9
ing may face “headline risk or could be
construed as discriminatory”, in a man-
ner similar to the fallout caused by Mr
Johnson’s letter in 2008, he said.
Instead, use of non-traditional infor-
mation has so far been publicly under-
taken mostly by a crop of start-ups that
say their goal is to use the smorgasbord
of information now available to extend
credit in a more efficient way, or to those
lacking traditional credit information.
Peer-to-peer lenders that use the
internet to directly connect borrowers
with lenders are a prominent example;
many use social media and other types
of non-traditional data to augment their
underwriting processes or prevent
fraud — for instance, automatically veri-
fying a loan applicant’s employment
against their LinkedIn profile.
Analysing social networks may allow
lenders to guess not only a loan appli-
cant’s race and socioeconomic status
but also their comparative customer
loyalty. Likewise, examining the way
applicants click through web pages can
give hints about character traits such as
impulsiveness. The use of wearable
technologies, which can track every-
thing from exercise habits to heart rate,
is also opening up an other realm of
information for data-hungry lenders.
“If you are an organised, conscien-
tious person who has good habits you’ll
probably do well in credit,” said Andy
Wen, vice-president of behavioural sci-
ences at Payoff. “These things tend to
correlate and if you can see organised
behaviour in one area of life, you would
think that would carry over to credit.”
S
uch companies are adamant
that using behavioural data
will expand credit to those
who might otherwise be
denied it. Moreover, many
say using such information can remove
subjectivity from an underwriting proc-
ess that historically involved being sized
up in person by a loan officer at a bricks-
and-mortar bank branch.
“If you look at what big data is, it’s
essentially the use of objective informa-
tion,” says Mr Raman. “One can cer-
tainly argue that it’s better from a fair-
lending risk perspective to use that sort
of objective information than to rely on
judgment or discretion.”
Some say big data and algorithm-
driven consumer scoring may find its
greatest use in marketing financial
products, rather than underwriting
them. Nielsen Prizm looks at postcodes
to classify customers into categories
ranging from “upper crust” to “low-rise
living” — a group it describes as a “tran-
sient” world of “ethnically diverse” sin-
gles and single parents. The use of such
precise targeting means that those
lumped in with an undesirable group
may never get a chance at a certain loan
or financial product simply because
they may never see them advertised.
The NCLC report found that credit
products sold on the basis of non-tradi-
tional data-led processes offered annual
percentage rates of 134 per cent to 748
per cent — triple-digit figures more typi-
cal of payday loans than credit cards.
“These technologies always get billed
as, ‘we’ve found a new way to bring peo-
ple with thin credit histories into the
system’,” says Mr Pasquale. “I have sus-
picions about that. My sense is you’re
just going to see a hardening of existing
credit castes.”
Mr Sion at Moven says that using
information from social networks and
other non-traditional data sources may
personalise algorithms that otherwise
rely on more detached data to judge the
behaviour of an individual borrower.
“The social data brings it back to the
person,” he says. “At the end of the day if
you’re a bad risk, you’re a bad risk.”
In Atlanta, Mr Johnson says he is ulti-
mately hopeful that new technology can
be used to create opportunities for bor-
rowers without exacerbating biases
against them.
“There’s an upside and there’s a down-
side,” Mr Johnson says. “My experience
is a very real story of how there is a
downside and how, often, a lot of people
don’t even know there is a downside.”
Fear of digital ‘redlining’ Companies
can use publicly available information
from social networks to build profiles
of potential or existing customers
Legal uncertainty While companies
can build profiles based on undisclosed
algorithms, there is no clear prohibition
on using such data in underwriting
Objective information? Proponents of
the use of big data argue it will expand
the availability of finance but critics say
it will harden ‘existing credit castes’
10
THURSDAY 5 FEBRUARY 2015
Nothing is inevitable
about Britain’s fiscal path
Choices on tax and spend are political — the range of options is wide
When it comes to money, policy mak-
ers are often accused of inhabiting a
fool’s paradise. It is less common to
hear them attacked for amplifying how
bad things are. But taking Britain’s fis-
cal numbers at face value may actually
exaggerate the challenge ahead.
This may sound bizarre. Britain’s fis-
cal position is in some ways worse than
Greece’s: whereas Athens has a small
primary surplus, the UK runs a deficit
of closer to 3 per cent of GDP before
interest payments. This is despite four
years in which the public sector head-
count fell by half a million and depart-
mental spending by one-tenth. Spend-
ing outside protected areas such as
health and schools has fallen by more
than 20 per cent. Current plans suggest
the cuts will get worse — £51bn in the
next parliament, compared to £38bn
already booked.
Such figures need no exaggeration to
cause disquiet. But fortunately the fis-
cal calendar throws up an annual
opportunity to hear a more nuanced
view. On Wednesday the Institute for
Fiscal Studies presented its “green”
budget, a few weeks before the real one.
While it confirmed the bleak implica-
tions of the headline figures, the really
interesting nuggets were in the smaller
print. The IFS reminded its audience
that after the general election in May
the next government is not bound by
current plans. Any of the major parties
can achieve their fiscal goals while cut-
ting far less than Treasury plans imply.
The Conservatives could hit their tar-
get of a surplus with cuts of £12bn to
welfare and £30bn to spending depart-
ments. For Labour or the Liberal Dem-
ocrats, both of which would allow bor-
rowing for investment, departmental
spending could be cut by just £6bn.
These are large differences, and they
could be even larger. Treasury plans
arbitrarily assume that only 2 per cent
of deficit reduction will come from tax
The risks and rewards of
a US tax on offshore cash
Obama’s plan for the treatment of foreign profits is a reasonable one
US companies have long decried Amer-
ica’s system of worldwide taxation.
More than $2tn in US profits are parked
offshore to avoid paying taxes at home.
Companies such as Apple, General
Electric and Pfizer are among the worst
offenders. In an ideal world, America
would follow most other countries and
adopt a territorial system.
This week’s proposal by President
Barack Obama to impose a one-off 14
per cent tax on the current stockpile of
overseas US earnings and move to a
permanent 19 per cent tax on future
income offers a middle way between
the two. Allowing companies to deduct
in credits what they have already paid
overseas would avoid the injustice of
double taxation. At the same time, it
would bypass the pitfalls of double
non-taxation in a world riddled with
offshore tax havens. On its merits —
and given the state of US politics — Mr
Obama’s proposal strikes a reasonable
balance.
But it will only work if it is part of a
package. In his 2016 budget, Mr Obama
proposes to reduce US domestic corpo-
rate tax from 35 per cent to 28 per cent,
and to a lower rate of 25 per cent for
manufacturing companies. The latter
needlessly complicates what is suppos-
edly a move to simplify and broaden
the US corporate tax base.
That apart, the principle is good. It
will stand or fall, however, on whether
Congress has the gumption to ensure
the system is also purged of its myriad
exemptions. The point is to simplify as
well as lower. On the foreign side, US
corporations would pay 19 per cent on
future earnings with a foreign credit
against what they had already paid to
other jurisdictions. In an ideal world,
that rate would equal the domestic one.
But it is close enough to be workable.
Mr Obama’s one-off 14 per cent tax
applies only to past earnings.
The danger is that Congress will only
rises rather than spending cuts. Such
one-sidedness is neither wise nor
likely: the last Tory government leaned
on taxes to do half the work of closing
the deficit. As the IFS slyly demon-
strated, the period after an election
usually sees tax rates rise.
The next chancellor will probably
agree. Cutting welfare is always chal-
lenging, particular given the generosity
shown to pensioners. Freezing every
non-pension benefit for five years
barely saves the £12bn the Conserva-
tives need, and the coalition govern-
ment never dared to be so stingy. For
the wider public sector the question
may soon be which department will
buckle first. The police have already
warned of needing volunteers to
respond to call-outs. Even when prime
minister David Cameron promised
protection for the schools budget, he
had to admit that this still meant sharp
real-terms cuts in funding per pupil.
This is not to say that there are any
easy options. Slower deficit reduction
usually means a larger debt burden and
higher interest payments. This is
affordable at today’s very low rates but
becomes more risky if they rise. A hike
in taxes has an economic cost and is
more immediately visible to the public
than the gradual erosion of spending.
There are also significant uncertainties
— it only takes a minor tremor in the
economic forecast for billions to
appear or vanish from the books.
But the key message from the IFS
report is that options exist. Pursue an
absolute surplus and further tax cuts,
and there will indeed be deep cuts to
welfare and unprotected departments.
Raise £10bn in tax and allow borrow-
ing for investment, and public spend-
ing austerity may come to an end next
year. These are all feasible choices. It is
up to the parties to explain and justify
their positions. What none of them can
say is “there is no alternative”.
pick up on the latter. The last time it did
so was in 2004 when it allowed US
companies to repatriate earnings at a
one-time lower tax rate in the single-
digits. However, not only did this fail to
stimulate the job creation it had prom-
ised, the repatriation holiday incentiv-
ised companies to resume hoarding
overseas earnings. That is the perverse
effect of standalone amnesties. Under
Mr Obama’s plan, a large chunk of the
proceeds from the one-off tax would
help pay for a $478bn upgrade in US
infrastructure. That is badly needed.
But it would be a wasted opportunity if
it were not part of a broader US corpo-
rate tax overhaul. The goal now must
be to ensure that it is not detached from
his broader package.
On the face of it, compromise should
be possible. Many Republicans and
some business lobbies complain that
the 14 per cent tax is too high. One
Republican proposal last year set the
rate at 8.75 per cent. Others believe the
proceeds should go towards lowering
the overall rate, rather than funding
infrastructure. Moreover, it risks get-
ting ensnared in a larger debate about
Mr Obama’s “middle class economics”.
He wants to raise the capital gains tax
on the wealthiest Americans to boost
middle class take home pay and fund
college tuition fees. That, too, deserves
to pass on its merits.
But it ought to be possible to keep
these debates separate. The US corpo-
rate tax system is both unfair and inef-
ficient. It offers a large break to multi-
national companies that keep their
earnings offshore but imposes the full
35 per cent on smaller, domestic, US
companies. An ideal business tax
reform would lower, streamline and
broaden. The details of Mr Obama’s
proposal are surely negotiable. At the
moment, however, it is the only one
around that would bring each of those
goals closer.
★ FINANCIAL TIMES
IMF has not admitted to any forecasting error
Sir, Your editorial “Athens plots a
daring escape from the Troika”
(February 3) notes that the IMF has
admitted that its forecasts for Greece
were over-optimistic, as if this is to the
IMF’s credit.
To be precise, the IMF executive
board noted “ . . . the finding that the
SBA (Stand-By Arrangement)—
supported program had made overly
optimistic assumptions, including
about growth, although some
considered that to be the case only with
the benefit of hindsight”.
The facts are that the 2010 IMF
Europe has a growth plan,
which we have been
preparing for months
Sir, Barack Obama said this week that
Europe needs a growth strategy. This
was echoed by the UK chancellor,
George Osborne. While I agree, it is odd
they do not recognise the preparations
that have already been made.
Europe has a growth plan, which we
have been preparing for months. The
key challenge now is to deliver it in an
acceptable timeframe; one that has the
chance to create growth in the short to
medium term. In order to do this, we
need much more ambition and more
commitment from EU member states
themselves, for example by helping to
guarantee the new European Fund for
Strategic Investments. New legislative
proposals are also required to open up
our internal market.
But for reform to happen, proposals
must be matched by an ambition to
deliver. A plan to deliver a telecoms
single market was proposed in 2013
and yet we are still waiting for the 28
member states to agree a joint position.
Mr Osborne and some others
grandstanding about “growth plans”
are the very same politicians blocking
the reforms necessary to create growth
in Europe.
Guy Verhofstadt MEP
President, Alliance of Liberals and
Democrats for Europe
Not all CEOs are great
communicators
Sir, I applaud Maija Palmer on
highlighting why chief executives
should use Twitter as a strategic
business tool (“Chief executives spread
their wings as fledgling tweeters”,
Business Life, January 29). But I could
not disagree more with Linda Bolg’s
advice that CEOs should “always be on
Twitter as it can raise the company
profile”. Yes, great communicators
should use Twitter, but not all CEOs
are.
Some years ago, industry leaders
debated just this — whether all CEOs
should be on Twitter — when Tony
Hayward of BP was in the spotlight. My
view was that Mr Hayward was not a
natural communicator, and that
putting him on Twitter would have
exacerbated the whole debacle. There
was general consensus on this.
Of course, this raises the question:
should communication and social
media skills now be part of the
recruitment brief for CEOs of the
future?
Victoria Tomlinson
Chief Executive, Northern Lights,
Harrogate, N Yorks, UK
The shrewd face
of political Islam
and the power of
the ballot box
Notebook
by Roula Khalaf
Letters
programme anticipated growth to
resume after a year whereas by 2014,
one quarter of the economy had been
extinguished. Describing an error of
that totally unprecedented scale as
“over-optimism” in forecasting is no
admission: it is breathtakingly
dismissive of the facts. And for those
IMF directors who considered that
forecasting errors of that scale can only
be evident in hindsight, one has to
wonder about the quality of their
screening of other forecasts for other
countries produced by IMF staff.
Furthermore, Christine Lagarde, the
‘It’s a boy’
Besuited DSK keeps
a fine tradition going
Sir, When I worked at Burton
Menswear many years ago, we knew
that a few of our customers were
buying their first suit for their first
appearance before the beak. I read
(February 3) that Dominique Strauss-
Kahn wore a dark suit with a striped tie
for his appearance in court on pimping
charges, and while I was initially
surprised to be given this information,
it was nice to think that the tradition is
being maintained. Although, unlike
many references to women’s clothing,
we were not told the apparently
important information — which
designer was favoured on this
occasion?
Roger Price
Beaconsfield, Bucks, UK
Integrated reporting can
be the ally of business
Sir, When a business talks to its
investors, it needs to be able to make
sense of future trends and their likely
impact on performance — a more
subtle, and ultimately more valuable
process than solely producing a set of
financial statements.
As Philip Augar points out (“For
markets there is such a thing as too
much information, February 3),
National Grid — and other companies
such as Coca-Cola, Unilever and Google
— have signalled the end for quarterly
reporting in order to halt short-term
relationships with investors, and move
beyond financial value as the only
recognised metric of business success.
Integrated reporting supports this
move — it is the new benchmark for
how businesses communicate, and is as
much about creating an environment
for management to think more
holistically about the business, as it is
If your rival wins the largest share of
votes, then you’ve lost the poll — that’s
how elections work. So why is Rachid
Ghannouchi arguing with me about
the meaning of victory and defeat?
“In a classroom, if you’re the second
best student, you’re not a loser,” says
the leader of Nahda, Tunisia’s Islamist
party.
Maybe so. But we’re at the Nahda
headquarters in Tunis, not at school.
And the party has been reeling from
the November defeat in parliamentary
elections, won by its secularist rival
that also went on to grab the
presidency.
An aide intervenes to explain my
reasoning. Mr Ghannouchi shrugs. He
understands me perfectly well and,
though he usually prefers interviews
in Arabic, he is conversing in English.
Persisting in his apparent denial of
defeat, the 73-year-old Mr
Ghannouchi, a shrewd politician who
measures every word, insists I am
posing the wrong question.
“We only lost 20 per cent of the
support we had. The question is how
we were able to maintain 80 per cent
of our support.”
Remember the regional political
context, he adds. “We’ve been affected
by the political atmosphere in the
region: in 2011, political Islam was
ascendant; in 2014, political Islam and
democratic change were not
ascendant,” he says. “The point is how
we succeeded in stopping the wave of
decadence in Tunisia.”
It’s a fair point. Nahda is the lone
survivor of the shortlived revival of
IMF’s managing director, and Poul
Thomsen, leader of the IMF team
that produced those extraordinarily
wayward forecasts and the policies
based on them (and since elevated to
IMF department director for Europe),
both said in response to the ex-post
review of IMF work on Greece that in
the same circumstances they would do
the same again.
There has been no admission of error
by the IMF, and that is most certainly
not to its credit.
Peter Doyle
Washington, DC, US
about the production of “a report”.
Businesses including JLL in the US,
Tata Steel in Asia, Unilever in Europe
and National Australia Bank in
Australia are using integrated
reporting to understand the drivers of
value, the impact they have on their
business model and how they can be
reflected in operational decision-
making. As Mr Augar states, chief
executives need to keep “focused on
strategy”. In this respect, integrated
reporting is the ally of business in
ensuring long-term value is reflected in
the market’s understanding of all of
these components. It enables
businesses to thrive, not just survive.
And if asset managers are to fulfil
their fiduciary duty, as they come
under pressure to be more transparent,
they need innovations in reporting that
will lead to better information and
better quality conversations about
complex issues in the context of long-
term value creation.
Paul Druckman
Chief Executive, International Integrated
Reporting Council (IIRC),
London WC2, UK
Endeavour is the
standout quality
Sir, Can I endorse Tessema Tesfachew’s
spot on view (Letters, February 2) that
predisposition is a key determinant of
entrepreneurial outcomes? No question
that business schools play a valuable
role in providing the tools and
intellectual discipline, which make for
both coherent analysis and credible
presentation to stakeholders, but the
absolute standout quality is endeavour
and that is not easily taught.
Academics love acronyms, and in
tutorials with my very bright
entrepreneurship students I always
emphasise the three P’s —
perseverance, perseverance and
perseverance. Whether that’s
predisposed I couldn’t possibly say!
Philip Coatesworth
Entrepreneur in Residence,
Lancaster University Management
School, UK
Let the recipient save face
and you’ll get a response
Sir, Regarding unanswered emails
(Lucy Kellaway, February 2): I often
wait four, five, six days and then send
the same message with no reference to
the first email. Doing so enables the
recipient to save face. Some reply with
an apology for not getting back to me
sooner; others respond without
mentioning the first missive. No
matter.
Neil Rowe
Long Grove, IL, US
political Islam in the Middle East —
and Mr Ghannouchi is the last man
standing. He may have lost an election
or two but he still has a party with a
large popular base and a chance of an
electoral comeback.
Mr Ghannouchi has also learnt
when to push for immediate impact
and when to take the long view. Not so
long ago, he was in exile in London,
his party shattered by repression and
his comrades in jail. He returned
home, after an absence of 20 years, in
the aftermath of the 2011 revolution
that toppled the Ben Ali regime.
Now, as other Islamist parties in the
region are devastated by a
combination of counter-revolution,
chaos and their own failings in
government, Mr Ghannouchi has done
a favour to political Islam: he has
offered an example of a responsible
party that abides by democratic rules.
Although he will not say it, Nahda’s
priority today must be self-
preservation. It is probably why the
party is participating in the
government announced this week. It
is also why Mr Ghannouchi has been
trying to reassure Gulf states that have
led a campaign against Islamists that
his party is uninterested in exporting
its Islamist ideology. “We have no
ambition to export anything, except
oranges, dates and [olive] oil.”
Events in Egypt also loom large in
Nahda’s thinking. In Cairo, a hapless
Muslim Brotherhood president,
Mohamed Morsi, rode to victory after
the 2011 revolution but was
overthrown two years later in a
Thursday 5 February 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Getting borrowings
off the balance sheet
Sir, Is the plan for local councils to
issue municipal bonds directly to
investors, rather than continuing to
borrow from the Treasury, just another
expensive way for the government to
get borrowings off balance sheet?
(“Cash-strapped local councils to raise
billions with new municipal bonds ”,
February 2.)
It is inconceivable that the
government would allow the 48 local
councils involved to default, so
taxpayers are still on the hook for the
new bonds, but paying around 50 basis
points a year more than if the
government simply continued to issue
gilts and lend to the councils.
Unlike gilts, of course, the £2bn to
£3bn a year municipal bonds will be
“off balance sheet” and not included as
part of government’s annual
borrowings, which fools neither the
financial markets nor taxpayers.
John Ralfe
John Ralfe Consulting,
Nottingham, UK
ECP is a completely
separate entity
Sir, Contrary to claims by the UK’s
Public Accounts Committee (PAC),
Emerging Capital Partners (ECP) does
not have, and has never had, any links
with the Private Infrastructure
Development Group (PIDG) (“MPs
sound alarm over UK public cash links
with Nigerian projects”, FT.com,
January 29). At no point in our history
have we, or any of our partners, had
direct or beneficial ownership in the
PIDG funds under investigation by the
PAC. Frankly, it is disappointing that
the government’s designated body to
investigate the UK’s public accounts
has not conducted due diligence before
making such inaccurate assumptions
publicly.
ECP is, and has always been, a
completely separate entity to EMP
(Africa) LLC, which is the direct owner
of the company that managed the
PIDG’s Emerging Africa Infrastructure
Fund. There is more than enough
evidence to prove this.
Hurley Doddy
Vincent Le Guennou
Co-CEOs, Emerging Capital Partners
Now that I can’t believe
Sir, At the age of 74 I am seldom now
surprised by the pace of technological
progress. However, your account
(February 3) of the proposed
dismantling of the Brent Delta
Platform in the North Sea actually
amazed me. “Then, in just 10 seconds,
[the ship] will raise Delta’s topside
structure 3m clear of the legs, and take
it 380 miles to Hartlepool in northeast
England.”
Quite incredible.
Angus Palmer
Godalming, Surrey, UK
Correction
c Greece is aiming for a primary budget
surplus of 1-1.5 per cent of GDP before
interest payments — not after as stated
in an article on February 3.
COMMENT ON FT.COM
Opinion
Pledge weapons for Ukraine or the violence
will go on, writes Wolfgang Ischinger
ft.com/comment
military coup that enjoyed popular
support. The demise of Egypt’s
Brotherhood has been swift and
brutal.
Mr Ghannouchi drew the right
lessons from Egypt. He smiles when I
ask about Mr Morsi and says Egypt is
a lot more complex than Tunisia. But I
have heard talk of internal Nahda
criticism of the Egyptian Brotherhood.
After the turmoil in Egypt, Nahda
faced growing instability at home and
opposition demands for the
resignation of its government. Mr
Ghannouchi agreed to a new
technocratic government. He also
struck a relationship with Beji Caid
Sebsi, his fiercest political opponent,
who has since been elected president.
“I can call him anytime,” he says.
When Mr Sebsi’s party won the
parliamentary vote, Mr Ghannouchi
called to congratulate him.
Nahda’s leader seems overly
optimistic in his assessment of the fate
of political Islam, arguing that fresh
pressure for democratisation in the
Arab world is inevitable and will allow
for an Islamist comeback. “It’s a
matter of time and of the size of the
sacrifice that has to be paid,” he says.
If he continues to play his cards
right, his Islamist party’s future will be
secure. Some within Nahda still fear a
return to repression but Mr
Ghannouchi is confident democratic
gains will not be reversed. “Tunisia
can be threatened by chaos and by
terrorism but not by despotism.”
roula.khalaf@ft.com
Thursday 5 February 2015
Corporate China has yet to show its muscle
ASIA
David
Pilling
T
hese days, we take the
march of China for granted.
Though its economic jug-
gernaut has slowed, Chi-
nese output is now bigger
than that of the US by some measure.
Strategically, Beijing is making waves as
far afield as Africa and Latin America.
Militarily, it is starting to become more
assertive, particularly in its near waters.
But what about corporate China? Will
Chinese companies too take the world
by storm? Is it only a matter of time
before many of us are chatting on Chi-
nese-branded mobile phones and driv-
ing Chinese-built cars?
It certainly might look that way. After
years in which state behemoths domi-
nated China’s corporate landscape, sud-
denly a whole crop of private companies
Big oil is not the
biggest victim
of cheap crude
BUSINESS
John
Gapper
I
f only oil-producing countries that
got into trouble could merge, bring
in fresh management, lay off citi-
zens, cut costs and restructure their
operations. At this point in the
energy cycle, betting on a national
merger wave similar to the corporate
one that created supermajors such as
ExxonMobil and BP in the late 1990s
would be a good investment.
Brazil could merge with Venezuela,
helping to solve both the Petrobras scan-
dal and the latter’s lurch toward default.
The United Arab Emirates or Saudi Ara-
bia could roll up Nigeria and Russia.
Norway could acquire Scotland from
the UK.
But countries are not companies, for
better or worse. Peaceful mergers are
rare. Demergers and spin-offs tend to be
more common, along with the occa-
sional hostile takeover and Russian bear
hug. Unlike shareholders, who tend to
be a fairly dispassionate bunch, citizens
have emotional ties.
So here is another investment thesis:
sell countries, buy companies. To be
exact, short fragile oil exporters, partic-
ularly those suffering from corruption
and the resource curse, and buy the oil
majors. They both look painfully vul-
OPINION
Andrés
Ortega
W
hat are Spaniards to
make of the news from
Greece? A radical
leftwing party that
barely existed as a polit-
ical force before the financial crisis has
swept to power, promising that it will no
longer accept demands that interna-
tional creditors have hitherto presented
as non-negotiable.
The Spanish people, like others in
southern Europe, have had a taste of the
Greeks’ plight. About a quarter of
Spain’s workforce is unemployed — not
far off the figure in Greece. Both coun-
tries have had to endure crushing aus-
terity programmes aimed at winning
the confidence of creditors, and to
secure conditional promises of support
from European and international insti-
tutions. Few can say as sincerely as the
Spanish that they feel Greece’s pain.
have broken through. Last year, Ali-
baba, the ecommerce giant, completed
the biggest initial public offering in his-
tory, raising $25bn and establishing its
market capitalisation at more than
$200bn. Other technology groups such
as Baidu, a search company, and Ten-
cent, a social media and gaming com-
pany, have established dominant posi-
tions in China’s massive online market-
place. Even Xiaomi, a company that did
not exist five years ago, has come from
nowhere to become one of the world’s
biggest smartphone manufacturers.
Surely, it is not too much of a leap to
suggest that these, and other compa-
nies, could soon be making a splash
internationally. After all, it is not all that
long ago Japanese goods were written off
as shoddy. Though the competitive chal-
lenge of companies such as Sony and
Panasonic has come and gone, Japan has
established world-class businesses from
Toyota to SoftBank. So too has South
Korea with Samsung and Hyundai. Why
shouldn’t China follow suit?
There are at least four reasons why
the likes of Google, BMW and Goldman
Sachs need not be shaking in their boots
nerable to falling oil and gas prices (and
in urgent need of this week’s bounce)
but companies are better at adjusting to
a change in circumstances.
BP and BG, the UK oil and gas compa-
nies, both did so this week, applying the
brakes sharply to capital investment
plans and declaring that the turn in the
commodity cycle is like that of 1986,
when the price of crude oil dropped to
$10 a barrel, having been stable at $30
for the previous three years. This is no
time for waiting and hoping for an
energy price recovery, they declared.
Bob Dudley, BP’s chief executive, did
a fine job of building a hopeful narrative
out of a dire situation. “You have got to
make the cheque book balance and if
you are in denial, the longer that you
don’t respond, the more difficulty you
get into,” he told journalists. BP’s sale of
$40bn of assets to cover the $43bn (so
far) cost of the 2010 Gulf of Mexico oil
spill looks prescient in hindsight.
So far, BP and BG are at the aggressive
end of the responses to a fall in the price
of Brent crude from more than $100 a
barrel last June to about $56 on Wednes-
day, after the recent rally. Exxon cruises
onward like a supertanker and Royal
Dutch Shell has announced only modest
cuts to capital expenditure this year,
saying that it is “not overreacting”.
The other majors can change course
any time they wish and will have a clear
incentive to do so if energy prices
remain weak and tankers full of oil start
to be berthed in terminals as storage. As
Mr Dudley emphasised, maintaining
dividends to investment funds that
The debt Greece owes us is the least of Spain’s worries
Nonetheless, when Spaniards talk
about Syriza’s election victory in Greece
last month, the mood is more of circum-
spection than sympathy.
Part of the story is that Spain, despite
the fragility of its own finances, has lent
considerable sums to Athens — about
€26bn, if you include Madrid’s contri-
bution to the eurozone rescue funds.
This is more than half the €40bn that
Spain itself received from the European
Stability Mechanism to recapitalise its
banks.
Look at it this way, it can seem as
though a disproportionate share of the
eurozone’s reserves of financial solidar-
ity come from the very countries that
are most in need of support.
Yet despite what some commentators
have been saying, the big worry for most
Spaniards is not that Athens will default
on its debts. It is widely accepted that
some kind of deal will be reached. This is
unlikely to involve a reduction in the
nominal amount that Greece must
repay, but the real value of repayments
will probably be whittled down none-
theless by deferring payment and low-
ering the interest rates in some form or
★ FINANCIAL TIMES
Comment
just yet. The first was highlighted this
month by Alibaba, which is facing a
class-action suit in the US over allega-
tions that it failed to disclose important
information ahead of its IPO. The suit
relates to claims that Alibaba covered
up discussions with Chinese regulators
over its alleged failure to clamp down on
fakes. In the long run, as its founder Jack
Ma says, it may do Alibaba good. Part of
South Korean, Taiwanese
and Japanese businesses
had to go abroad — Chinese
ones can grow fat at home
the rationale for listing abroad is to be
exposed to stricter norms. In the short
term, though, the incident reveals a gulf
between the regulatory environment in
China and the US.
That gulf may play a part in other
industries too. Banks used to a state-
mandated spread between deposit and
lending rates may struggle to assess risk
outside China. Internet companies that
depend on them is “the first priority” —
developing fields in the Gulf of Mexico
or off Brazil’s coast can wait.
Indeed, in terms of cash flow, oil com-
panies can perform better in a down-
turn than in a boom, when everyone
from governments to rig workers and oil
services companies takes a slice of the
action. When the oil price falls, they are
in a better position to bargain.
“In an upcycle, everyone thinks the
returns will be fantastic but it never
quite happens,” says Martijn Rats, an
energy analyst at Morgan Stanley. The
oil industry, given half a chance, is inef-
ficient and spendthrift. It loves to throw
cash at new prospects, paying whatever
it takes to pump oil, only for the pro-
ceeds to be taxed heavily by opportunis-
tic governments.
Maintaining dividends is
the priority — developing
fields in the Gulf of Mexico
or off Brazil’s coast can wait
another — the time-honoured solution
of “extend and pretend”.
On the contrary: it is not because our
situations are opposed that Spaniards
are fearful of events in Greece. It is
because they share some similarity. The
really big fear is that politicians in
Greece will engage in a round of brink-
manship — both with international
creditors, and with the eurozone’s mon-
Brinkmanship in Athens
could forever drive a wedge
between the north and
south of the eurozone
etary authorities — that will forever
drive a wedge between the north and
south of the eurozone.
If investors get their fingers burnt in
Athens, they will hesitate to write
cheques in Madrid, Milan or Lisbon. If
Germans feel that sharing a currency
with Greece no longer serves their inter-
ests, they will feel the same about any
monetary union that includes the other
have grown like Topsy behind the Great
Fire Wall may find the going tougher on
the other side. Xiaomi’s path to interna-
tional expansion suffered a setback in
India when a Delhi court ordered it to
suspend sales pending resolution of a
patent dispute with technology group
Ericsson.
Third, fairly or unfairly, Chinese com-
panies may be penalised because of
their perceived relation to the Chinese
state. The classic example is Huawei, a
world-class telecoms company that has
been unable to break into the US market
because of suspicions in Washington
that it poses a security threat.
Fourth is the question of brands. Until
last year, not a single Chinese company
made Interbrand’s top 100 ranking.
Last year, Huawei broke into that elite
club at number 94. At home, the rank-
ing is headed by China Mobile, a com-
pany with almost no recognition
abroad. This need not be fatal. Brand
awareness follows success as well as the
other way around. Yet the failure of Chi-
nese brands to excite can hurt. The
quality of cars produced by companies
such as Great Wall and Chang’an has
Morgan Stanley estimates that it cost
the majors $72 to locate, develop, pro-
duce and pay tax on each barrel in
2012-13 — more than the $69 they made
in revenue. Over the previous decade,
taxes rose, wages outpaced the private
sector average by 35 per cent, and
labour productivity in exploration
halved: it took twice as many workers to
produce each barrel of oil.
The more you waste, the easier it is to
cut back. Not only can the majors
reduce capital expenditure by halting
projects, but they can demand better
terms. Oil services companies are
squeezed and governments are told that
new fields will not open without tax
breaks. The industry cuts off its stake-
holders to protect its shareholders.
This capacity to reduce costs quickly
is beyond most countries, even those
with well-managed state oil producers
and low-cost reserves. The fall in the oil
prices depletes their tax receipts and
damages economies that rely heavily on
the energy industry. They cannot easily
adjust by slashing public services and
reducing the population.
countries of southern Europe. Lose con-
trol of the situation in Greece, and a
destructive gap will open between the
eurozone’s creditor and debtor nations.
Then there is the prospect that the
political upheaval that has been
wrought in Greece could happen here as
well. After all, many of the circum-
stances are similar. While the Spanish
economy has been doing better
recently, the sense of recovery has not
been widely shared. A large part of the
population — those without jobs, or
whose salaries have been cut — has so
far scarcely perceived the economic
rebound. Most Spaniards feel poorer
than they did before the crisis. The les-
son that many Spaniards would take
from a Greek default is that austerity
has not delivered in either place.
Backsliding by Greece could under-
mine the momentum of Prime Minister
Mariano Rajoy’s reformist government
and give even more impetus to Spain’s
radical left Podemos party. On the other
hand, if Syriza succeeds in reforming
Greece, this could spur positive changes
in Spain and elsewhere, paving the way
for reconciliation between north and
risen markedly in recent years, accord-
ing to industry surveys. Yet none has
acquired anything like the cachet to
make a serious assault on US or Euro-
pean markets. A fifth and more subtle
obstacle to international expansion is
the sheer size of China’s domestic mar-
ket. While South Korean, Taiwanese
and even Japanese companies had little
choice but to venture abroad, many Chi-
nese businesses can grow fat at home.
None of these obstacles is insur-
mountable. Besides, barriers to entry in
fast-growing developing markets are far
lower. Even in advanced markets such
as the US, only the reckless would bet
against at least one or two Chinese com-
panies making it big before too long.
Though hardly a household name, who
could have predicted that China CNR
would make history by winning a
$570m contract to supply subway cars
to Boston’s transit system? As to the
question of whether Americans will be
driving Chinese cars any time soon. The
answer is they already are: Zhejiang
Geely bought Volvo five years ago.
david.pilling@ft.com
Meanwhile, just as oil exporters need
to raise extra revenue, the oil majors cut
back capital expenditure on new
projects. Mr Dudley estimates that the
price fall equates to a $1.6tn shift in
value from oil-producing countries to
oil-consuming countries. Exporters
cannot escape the impact of that; they
largely have to live with it.
In countries plagued by corruption,
with officials taking bribes from oil
companies, the problem is even greater.
Maria das Graças Foster, chief executive
of Petrobras, has resigned over a scandal
that has damaged Brazil’s economic
growth. Moody’s estimates that Vene-
zuela will face a $39bn funding gap on its
external debt this year.
In good times, companies and coun-
tries are both prone to the resource
curse — there is enough cash to give to
rent-seekers without a danger of it run-
ning out. It is too tempting to sacrifice
efficiency for more oil. In bad times,
companies repair the damage; countries
are stuck with it.
john.gapper@ft.com
south and for a strengthening of the
monetary union.
For now, the popularity of Podemos
reflects, not a roar of approval for its
policies, but a howl of anger from a dis-
affected group of Spanish voters. For
now, in fact, Podemos does not really
have any policies that it can sell as an
alternative to the reformist programme
of Mr Rajoy. But the fear of the tradi-
tional parties, and especially the gov-
erning Popular party, is that if Syriza
gets its way in Greece, Podemos might
revive the idea of a writedown on the
Spanish debt. Chaos could follow.
Spain has begun the painful work of
reform under great stress and with
much sacrifice. It needs to do much
more. Greece, twice rescued, has also
made sacrifices, but is yet to push really
deep reforms. Many in Spain would like
to see reforms that would foster growth.
European policy has already started to
change. So extend and pretend — and
reform and grow.
The writer is a fellow at the Elcano Royal
Institute and a former head of policy plan-
ning in the Spanish prime minister’s office
11
Scotland’s power
in a future
of looming
instability
OPINION
Iain
Martin
B
y the time the polls closed in
last September’s independ-
ence referendum, a trium-
phant Alex Salmond was con-
vinced he had won. Scotland,
the then Scottish National party leader
believed, had voted to leave the UK. We
know now that Mr Salmond had let
hubris get the better of him. He was
wrong: his Yes campaign lost by 10
points; and the next day Mr Salmond
resigned the leadership, handing over to
Nicola Sturgeon.
So, why is Mr Salmond the one grin-
ning almost five months later?
The answer is that the self-pro-
claimed “bogeyman of the British estab-
lishment” thinks that the nationalists
are about to destroy Labour in Scotland
and, by holding the balance of power at
Westminster in the event of a hung par-
liament, broker Scottish independence
or something very close to it. To that
end, Mr Salmond is standing in May’s
UK general election in the Gordon con-
stituency in northeast Scotland with
polls suggesting that the SNP will win at
least 30 seats.
Of late, unionists have been comfort-
ing each other by saying the polls are
wrong and that Labour will somehow
recover in Scotland. But the release of a
“super-poll” funded by Lord Ashcroft
suggested complacency is misplaced.
The Tory peer’s team surveyed more
than 16,000 voters and the results have
produced something akin to a collective
nervous breakdown in Scottish Labour.
The poll suggests a swing from Labour
to SNP of 21 to 27 per cent, which would
mean Douglas Alexander, Labour
It is difficult to see how
Labour can recover, when
time is so tight. Election
day is only 13 weeks away
shadow foreign secretary, losing his
seat. Labour could go from 41 Scottish
seats to five.
That would mean the death of the old
party system in Scotland. Previously,
Scots voted differently in elections for
the devolved and UK parliament, and
roughly a third were in favour of inde-
pendence. At Westminster elections the
SNP was seen as a wasted vote, meaning
that the party scraped 20 per cent in the
2010 contest. A year later it won the
devolved elections.
Now, the excitement of the referen-
dum, and unfounded accusations that
Westminster has backpedalled on more
powers for the Scottish parliament,
appears to have galvanised the 45 per
cent who voted for separation into full-
time SNP voters. Despite the party being
in government in Edinburgh, it is also
attracting the anti-politics vote from
those wanting to kick Labour and the
Westminster elite.
The implications for the rest of the
UK, in terms of looming instability, are
grave. Indeed, the rise of the SNP is
much more significant than the emer-
gence of the UK Independence party,
because it could mean a bloc of SNP MPs
attempting to barter away Britain’s
nuclear deterrent and pushing for other
concessions.
Ed Miliband, the Labour leader, is
doing his best to remain calm. Mr Mili-
band believes that Jim Murphy, the new
Scottish Labour leader and a member of
the last Labour government, is a street
fighter who can win. But it is difficult to
see how Labour can recover, particu-
larly when time is so tight. Election day
is only 13 weeks away.
In an effort to narrow the gap, Mr
Murphy, a former Blairite, has tried
everything to reinvigorate his party.
Earlier this week he even joined up with
former prime minister Gordon Brown
to advocate giving the Scottish parlia-
ment in Edinburgh further powers to
pay higher pensions and invent new
welfare benefits.
This is how bad the situation has
become, with Blairites seeking the aid of
their old enemy Mr Brown, while the
party frantically revises its policy on
more powers for the Scottish Parlia-
ment, increasing its offer to voters on
what feels like a weekly basis.
So far, none of it is working. The SNP
is on course for victory, leaving Mr Mur-
phy and Mr Miliband very little time to
wipe the smile off Mr Salmond’s face.
The writer is author of ‘Making It Happen:
Fred Goodwin, RBS and the men who blew
up the British economy’
12 ★ FINANCIAL TIMES Thursday 5 February 2015

BUSINESS LIFE

‘
BA backlash A British Airways customer tweeted
this week: “An email starting with
to get them to fly with the airline
whose miles they are collecting when
If our employers let us keep our air
miles from business trips, are they a The review
misses the real ‘We’re making changes to the
Executive Club’ is never going to be a
good thing.” And so it proved.
they might be better off flying with
someone else.
The second step to being less upset is
taxable benefit, like gym membership
or company cars?
Again, business flyers do well. A guide to digital chutzpah
point of air Detailing all BA’s changes to its Avios
rewards programme would require the
to remember that, whatever changes
airlines make, if you fly for business,
Examining the US, Canada and
Australia, Lawrence Zelenak of Duke
from a master of the art
miles schemes rest of this column. The summary:
passengers buying the cheapest tickets
you are still getting a good deal from
your points, even if your employer
They are Law School concluded: “Virtually no
tax on frequent flyer benefits is
RICHARD WATERS

will be worst off.
“Congratulations on making an
already unfair and inept scheme even
worse for the average flyer,” was
another Twitter response, while a cut-
price rival cheekily told BA’s
passengers: “Here at EasyJet all our
customers are premium.”
Ever since American Airlines
insists you fly economy (as mine does).
The company pays for our tickets. So
who do the air miles belong to?
Government departments, such as the
UK Treasury, have clear guidelines. Its
staff can use air miles collected
through official travel to buy upgrades
while on business but “they should not
be used for private purposes”. They
not there to collected anywhere.”
reward The Tax Court of Canada did rule in has an eye for spotting
1995 that, while the accrual of points when these things will have
loyalty, no accumulated on business was not mainstream business
matter taxable, a charge did arise when the impact: it is when their user
points were used, based on the interfaces become simple
what the difference between what the traveller enough to get adopted
marketing would have spent without the points widely and experimentation
and what he or she actually did — but leads to breakthrough

launched the world’s first air miles
programme in 1981, people have been
getting upset about them.
The satisfaction of watching points
mount up is matched by the
disappointment in spending them. The
flights you want are often not available.
When they are, airport tax and airline
“charges” mean they can still be
expensive — discounted rather than
free. And, as with BA, airlines regularly
change their programmes, which is
usually bad news for someone.
We need a new approach to our air
miles, one that causes us less upset.
Michael Skapinker The first step towards calming down is
to remember what frequent flyer
Businessandsociety schemes are for. Whatever the airline
marketing may say, these programmes
are not there to reward our loyalty. As
Canadian academic Catherine Liston-
Heyes wrote, the purpose of air-miles
schemes is to persuade passengers to
“distort their consumption patterns” —
Ian Ritchie gave up a cosy
job at Wimbledon to
steady the Rugby Football
Union ahead of the World
Cup, writes Roger Blitz
cannot use them on a family holiday.
The German Federal Labour Court
has said the same applies to the private
sector. In 2006, it ruled against a sales
manager who objected to his company
ordering him to use his air miles to pay
for his work trips.
My discussions at business travel
conferences over the years suggest
many companies don’t bother to do
this, leaving employees to enjoy their
frequent flyer benefits as they wish.
That may be because those at the top
do not want to lose the perk either, or
possibly air miles are too difficult to
track. Companies would have to unpick
points staff had collected on business
trips from those they had accumulated
using their personal credit cards or
buying groceries. (Airlines sell air
miles to other companies so that they
can use them to boost their own loyalty
schemes, which are similarly designed
to distort consumer behaviour.)
’
may say Professor Zelenak says there has been
“no meaningful attempt” to enforce
this.
In the UK, the tax authorities’
guidance says: “Air miles, petrol
tokens, credit card points etc acquired
by an employee are not taxable if they
were acquired in the same way as
applies to any other member of the
general public.”
All this is of no comfort, of course, to
those who pay for their own tickets, but
I would advise them to look at what BA
is telling them. The airline must know
it is alienating its economy passengers
and has decided it prefers its higher
spenders.
So act on that. If a cut-price airline is
offering a better fare, go for it. Show
your airline the same loyalty it shows
you. It’s not personal; it’s business.
michael.skapinker@ft.com
Twitter: @Skapinker
Bold
How to go big, create wealth and
impact the world
By Peter H. Diamandis and Steven
Kotler
Simon & Schuster, $28/£18.49
Peter Diamandis is a self-
appointed high priest of
digital disruption. And not
just any form of digital
disruption: he goes in for the
exponential kind, which
holds that the accelerating
pace of technological
progress is throwing up
undreamt-of opportunities.
In short, there is no
industry invulnerable to
attack from the proverbial
entrepreneurs in garages —
including space exploration,
his personal passion.
In a tech boom,
predictions like these can
easily turn to hype.
Diamandis, with his
relentless exhortations for
start-ups to think much
bigger (his latest venture
plans to mine asteroids),
certainly is not the kind to
allow self-doubt to creep in.
But it is worth suspending
disbelief long enough to
consider the implications of
the world he describes. After
all, WhatsApp, with only 55
employees, really is closing
in on 1bn users and sold
itself to Facebook for $22bn.
Could you harness the
forces that made this
applications.
The middle section gives
the book its title and its
core. In the world that is now
emerging, says Diamandis,
failure is more likely to result
from thinking too small than
too big. To succeed,
entrepreneurs need an
“aptitude upgrade”.
Think of it as pure
chutzpah, an area in which
Diamandis excels. His many
hats testify to the power of
always pushing the big idea,
including entrepreneur,
motivational speaker,
founder of the X-Prize
contests and co-founder of
Singularity University, where
executives get a taste of
exponential
entrepreneurship.
An example of Diamandis’
advice: aim for what he calls
“super-credibility”. If you
have an idea that stretches
normal credibility, then there
is a danger no one will
believe you can achieve it.
His response: raise your
sights even higher and
shoot for the moon. At that
point, people become so
excited they clamour to get
involved, making it reality.
The book ends with
practical advice on how to
build a company on a
shoestring, including using
competitions to get other
people to contribute
breakthrough ideas.
More than 10 years ago,

T
he Olympic spirit is return- possible — or, at least, spot the first X-Prize was
ing to Britain. Three years the threat to your industry? awarded to a privately
after London hosted a Bold is a three-step funded rocket that seemed
memorable games, Eng- introduction: part vision, set to make space tourism a
land is preparing to stage part motivational sermon, reality. But Virgin Galactic,
this autumn’s Rugby World Cup, one of part how-to manual. the company that went on
the biggest sporting events of 2015. The vision part is familiar to try to commercialise the
The tournament’s Sebastian Coe from Abundance, an earlier technology, is years behind
equivalent is Ian Ritchie, chief executive book which, like Bold, was schedule and its latest test
of the Rugby Football Union, English written with the help of vehicle disintegrated high
rugby’s governing body, in charge of author Steven Kotler. In over the Mojave desert
making sure the event runs smoothly. short: the collapse in the three months ago, killing
“It really will be a festival environment,” cost of sensors and one of the pilots. Thinking
he promises. computing power, ushering big has its virtues but
Such optimism is in sharp contrast to in new technologies such as boldness alone does not get
three years ago when Mr Ritchie started robotics and artificial the job done.
work at RFU headquarters in Twicken- intelligence, have created a
ham, home to its imposing 80,000- playground for The reviewer is the FT’s
seater stadium. He left a plum job — entrepreneurs. Diamandis West Coast editor
chief executive of the All England Lawn

A test of leadership at the

Tennis and Croquet Club, organiser of
Wimbledon — to rescue a governing From the blogs
body riven by infighting, legal wrangles
and leaks. The England team had just
completed a miserable 2011 World Cup The serial entrepreneur cliché

historic home of rugby

campaign noted for off-field player
indiscipline and revelry. “I came at HENRY MANCE

quite an interesting time,” Mr Ritchie

recalls with understatement.
Why on earth did he want the job in
the first place? The All England Club
had been a “fantastic” job for this York-
shire-born and bred former television
executive, he admits. His business acu-
men had steered it through six years of
modernisation — building the centre
court’s roof, introducing Hawk-Eye
technology for disputed line calls,
increasing rights revenues, upgrading
facilities and giving women equal prize
money to men.
But perhaps it had become too easy. “I
didn’t think that I was ever going to
leave Wimbledon, frankly,” he says.
His new challenge has been on many
fronts: preparing for rugby’s showpiece
tournament, modernising the RFU
(described by former England captain
Will Carling as a body run by “57 old
farts”), building a coaching structure
capable of producing a winning England
team and creating a legacy from hosting
the tournament.
On tournament preparations, he
largely delegated. Mr Ritchie hired sev-
eral London 2012 organisers to set up
fan zones, recruit volunteers and sell
tickets. Up to half a million foreign visi-
tors are expected.
But he has faced accusations of elitism
— that rugby is predominantly played
by public schoolboys and watched by
affluent ex-public schoolboys. Just as
Olympic events were oversubscribed,
diehard rugby fans have also grumbled
about how hard it is getting tickets. See-
ing a World Cup match at Twickenham
is almost impossible. One game
attracted 650,000 applications.
Mr Ritchie rejects the idea that for all
his team’s efforts to make the World Cup
accessible — with first-round matches at
rugby and football grounds around the
country — Twickenham remains off-
limits to all but the very well off. “I don’t
think it is a cauldron for the elite,” he
says. Most of the Twickenham tickets
Carrying a host for this year’s Six Nations tournament,
nation’s hopes: which begins on Friday when England
England’s play Wales in Cardiff, are funnelled
Luther Burrell through rugby clubs for their support-
taking on Wales ers, he points out.
in the Six But he adds: “The Rugby World Cup’s
Nations last a different situation, I agree, and you’ve
March. Below, got to have some things at the top end.
Ian Ritchie, RFU But, I think, it’s a balance, a bit like the
chief executive Olympics.” The Rugby World Cup is also
AFP/Getty Images
different because the RFU had to give
World Rugby, the global governing
body, an £80m guarantee — to “get the
gig”, as Mr Ritchie puts it. “You have to
make sure that you deal with that and
cover it.” It will also be “a big corporate
gig”, he says. A corporate box for Eng-
land’s crucial first-round clash with
Australia costs up to £50,000.
Video “The money that comes into all this
Roger Blitz talks sort of thing goes directly back into the
to the NBA and game. This is not going into a share-
RFU about new
markets holder’s pocket,” he says. The RFU will
spend £80m this year on grassroots
ft.com/
rugby, on projects such as a new club-
sportgrowth house for a club in Gloucestershire
England’s head coach Stuart Lancaster
England has won plaudits for his demeanour and
openness, and for instilling discipline. But
he has yet to find a winning formula. The
The host’s team played fitfully in the autumn, losing
hopes to South Africa and suffering a fourth
consecutive 2014 defeat to World Cup
holders and favourites New Zealand.
Ian Ritchie, chief executive of the
Rugby Football Union, appointed Mr
Lancaster, and will be judged to a great
extent by what happens on the pitch. So
eyebrows were raised in October when he
awarded the coach and his assistants a
lengthy contract extension.
“I don’t enjoy losing four on the
bounce, but it was to the best team in the
whose changing facilities not so long ago
were a horse box with straw on the floor.
Such spending on community
projects is important to the RFU. Money
is also being spent on getting more state
schools playing rugby.
But has he really reformed the gov-
ernance of a body that seemed on the
point of self-destruction just three years
ago? “We’re in a good place,” he claims.
He recruited three independent direc-
tors from business to the RFU board,
including Helen Weir, outgoing John
Lewis finance director, and Andy Coss-
lett, Fitness First chief executive.
Mr Ritchie says he has sought to “inte-
grate” the RFU’s activities, from negoti-
ating TV contracts to building commu-
nity facilities. The RFU Council — the
supposed “old farts”that represent the
grassroots — is “extremely important”,
he says. And on the financial side, the
RFU has strengthened.
Money and rugby are strange bedfel-
lows. This is a sport that turned profes-
sional only 20 years ago, that prides
world,” Mr Ritchie says. “I’m absolutely
convinced that Stuart and the coaching
team are doing an excellent job. I think
we’re in the right place,” he adds, further
arguing that an England win would not
be necessary to secure a legacy for the
2015 World Cup.
Meanwhile, the contract renewals
were necessary to maintain focus, Mr
Ritchie says. The coaches’ previous
deals ran out in 2016, “so if you’re in
the middle of the thing in 2015 and
you’ve got some doubt about what
your next job is going to be,
there’s no doubt in my mind
that it’s much better to have
that removed as an issue”.
itself on values such as respect, sports-
manship and discipline, between play-
ers and between spectators.
“The great beauty of rugby games is
no segregation,” says Mr Ritchie. Aus-
sies, English, Welsh, French sit with
each other, “part of the camaraderie of
the game”. Large amounts of alcohol are
consumed but little unpleasantness
ensues. “You want to have a family envi-
ronment,” he adds.
But to some rugby purists, the RFU
has, under Mr Ritchie, taken on a zeal
for making money that sits uneasily
with rugby’s core values. It employs 640
people. There is a busy commercial
department working on maximising
income. “I always love it sometimes
when you get this ‘oh, the overly com-
mercial RFU’,” says Mr Ritchie. “I don’t
see it that way at all. We’re providing a
great customer experience.”
There is always plenty of optimism
about the legacy benefits of hosting a
major sporting event. But it does not
always turn out that way, as London
2012 has discovered. Swimming, which
saw once-a-week participation among
adults in England rise to 2.9m on the
back of the Olympics, suffered a fall of
245,000 last year.
Does the RFU stand a better chance of
success? Six years ago, there were
230,000 adults in England playing
rugby once a week. That dropped to
160,000 in 2013, before getting
up to 179,000. Mr Ritchie
expects the tournament to
boost participation.
“It’s the hardest gig in town to
get people playing that regu-
larly in a team sport,” he
says. “That’s why this is
the best opportunity
that we will have.”
“Thought leaders” were bad
enough. “Changemakers”
were hard to cope with. Do
we still have to put up with
serial entrepreneurs?
The phrase is alarmingly
common: more than 15,000
people on LinkedIn think
“serial entrepreneur” best
describes their career path.
There is a certain genius
in co-opting a word whose
better known application to
careers has been as a
preface to “killer”. And these
days being an entrepreneur
is more fashionable than
shaving off your beard while
binge-watching Netflix. But
that is no excuse.
The phrase is needlessly
boastful. Thomas Edison,
above, did not call himself a
serial inventor; JK Rowling
does not refer to herself as a
serial author; and no one
describes themselves a
serial heart surgeon. If your
vocation is setting up
companies, it should not be
remarkable that you have
set up more than one.
In many cases, having set
up several companies may
not be something to boast
about. There is a reason
Getty
Mark Zuckerberg does not
describe himself as a serial
entrepreneur: his first
company was pretty good.
Many serial entrepreneurs
are just people whose
ventures went bust. I am all
for celebrating failure, but
we should probably draw
the line at turning it into a
job description.
Second, investors and
staff understand that certain
founders will leave. But
calling yourself a serial
entrepreneur rubs that in
their faces. Before posting
your LinkedIn status as
“Serial entrepreneur
currently @ Wizzteam”, try
changing your relationship
status on Facebook to
“Serial monogamist
currently with Fiona”.
Through dedicated,
consistent mockery, society
has reduced thought leader
numbers to 2,970, at least on
LinkedIn. The cull of the
changemakers has left just
2,618 in the wild at the time
of writing. Let’s give serial
entrepreneurs the same
treatment.
ft.com/businessblog
Thursday 5 February 2015 ★ FINANCIAL TIMES 13

ARTS

Quiffed enigma makes a stylish exit T H E AT R E

POP
La Roux
Koko, London
aaaae
Ludovic Hunter-Tilney
“This is the happiest I think I’ve ever
been,” singer Elly Jackson announced
when La Roux won the 2011 Grammy
award for best dance album. But For-
tune’s wheel is always spinning. Four
years later Jackson has suffered an acri-
monious split with her musical partner
Ben Langmaid and seen the sales evapo-
rate for La Roux’s second album, which
she complains her record company
didn’t promote properly. Aptly, it is
called Trouble in Paradise.
Tonight’s one-off appearance head-
lining an NME Awards show was La
Roux’s last for the foreseeable future.
“You may not see us for a long time,”
Jackson warned. Perhaps she is waiting
for Fortune’s wheel to turn again. There
was, however, nothing resigned about
her performance.
She opened with Trouble in Paradise’s
“Let Me Down Gently”, a yearning but
ambivalent ballad. “You’re not my life,”
Jackson sang to a semi-desired other,
“but I want you in it.” Her red hair was
styled in a trademark quiff and she wore
a black jacket and white trousers, like a
young Tilda Swinton playing a Young
Americans-era David Bowie. A four-
strong band of guitars, keys and drums
backed her.
When the beat picked up she began
moving around the stage with tight glid-
ing dance steps, the cover of an antique
i-D magazine come to life. The FT
cursed the lack of a pastel linen jacket
with sleeves to roll up. But for all
the powerful echoes of the 1980s,
from the splashy sax and guitar solo
in “Let Me Down Gently” to the
Erasure-style synth-pop of “Bullet-
proof” that brought the set to a close an
hour later, the songs went beyond
YouTube copyism.
Jackson had an enigmatic presence,
not entirely aloof but not approachable
either: an ideal compound for pop
stardom. One moment she was whip-
ping up the audience with bring-it-on
hand gestures, next she was half-
obscured by artful lighting and deliver-
ing alienated lyrics amid bright music.
“I don’t even know myself because
I’m becoming someone else,” she sang
with unreadable longing in “Cruel Sexu-
ality”. “Silent Partner” ended with her
turning on a heel to march offstage
without a word — a superb exit. One felt
both glad and a little bit disappointed
when she returned for the encore.
laroux.co.uk
audiences are to get any understanding
of what their creators intended.
The small choral group Exaudi spe-
cialises in excavating gritty pieces that
even today’s other, highly skilled small
choirs avoid. You want to hear how
gritty the music can get? For this latest
concert, Exaudi’s director James Weeks
dug out some real hard nuts, both medi-
eval and contemporary.
The difficulties of deciphering early
musical scores mean that every per-
forming edition has been through the
hands of an editor. Weeks chose one of
several possible solutions for how to
perform the 12th-century Léonin’s
Alleluia — Video celos and his expert sing-
ers made the music fresh and alive.
Short pieces by Machaut and Ciconia
also combined precision and purity, not
least thanks to the radiance of Exaudi’s
principal soprano, Juliet Fraser.
The early music novelty was the short
Angelorum psalat by Rodericus (c1400).
Exaudi sang this first in one edition and
then in two contrasting editions simul-
taneously with additional pairs of voices
adding portions of the music back-
wards. Was this authenticity? Hardly —
more like Weeks having fun, cooking up
a thoroughly modern brew from some
long-forgotten ingredients.
This being an Exaudi programme,
there had to be some tough, (nearly)
contemporary music, too. The delights
of Scelsi’s experimental sounds in his
Tre canti sacri are an acquired taste.
Michael Finnissy’s Kelir, not performed
since its premiere in 1982, explores the
art of Javanese puppet theatre (not with
the puppets, sadly) in similarly adven-
Star quality: turous sounds, but with more
La Roux’s Elly C L A S S I CA L M U S I C variety. Exaudi is currently
Jackson on trying to raise the funds to
stage at Koko. Exaudi record the work.
Right: Kirsty Wigmore Hall, London Best was a selection of small
Besterman in aaaee pieces from Heinz Holliger’s nicht
‘Arcadia’ Ichts — nicht Nichts (2010-11),
Samir Hussein/WireImage
Richard Fairman exquisitely concentrated miniatures
Mark Douet that created a small world of their own.
Sometimes being a musician must feel On an evening such as this, when the
akin to being an archaeologist. The tools going gets hard, at least there is always
may be different, but old or forgotten Exaudi’s extraordinary technical virtu-
scores need to be found and dusted osity to hang on to.
down, their contents sifted for hidden
meaning and reinterpreted by experts if wigmore-hall.org.uk
Arcadia
Theatre Royal, Brighton
aaaae
Ian Shuttleworth
As Tom Stoppard’s new play The Hard
Problem sells out at the National Theatre,
English Touring Theatre revives one of
his last (to date) undisputed master-
pieces,Arcadia(1993).
With its twin time tracks of the early
19th century and the present day, Arca-
dia may be the Stoppard play in which
his penchant for self-conscious theatri-
cality combines most smoothly with the
emotional chords of the latter half of his
playwriting career. Contemporary aca-
demics attempt to unravel the truth
about Lord Byron’s stay at a country
house, even as we also see the reality of
that period (with Byron kept firmly off-
stage), in which the teenage daughter of
the aristocratic family is revealed as a
mathematicalprodigy.
Overlaps in action grow more and
more complex; director Blanche McIn-
tyre is inventive at gluing the two
streams, so that at the climax, with both
periods running simultaneously, young
Thomasina and her tutor appear to be
waltzing to James Brown’s “It’s a Man’s
Man’sMan’sWorld”.
Although McIntyre is a skilled dir-
ector, she has not yet fully mastered
blocking for large audiences. In
Brighton, the staging resulted in some
unintelligibility when the younger
women in the cast — Dakota Blue Rich-
ards in her stage debut as Thomasina
and Ria Zmitrowicz as her modern-day
counterpart Chloe — were facing away
frompartoftheaudience.
It is not a starry cast: apart from Rich-
ards,themostrecognisablefaceisproba-
bly Larrington Walker, last seen playing
Lenny Henry’s father in Rudy’s Rare
Records. But fame is no indicator
of ability, as Robert Cavanah
and Flora Montgomery
showintheirscholasticspar-
ring bouts and Kirsty Bester-
manasthewrycountessof1809.
Those unable to get tickets for
The Hard Problem could do far worse
than to hark back to the seemingly
effortlesssolution.
To February 7, then touring, ett.org.uk

THIS EVENING’S TELEVISION

Pick of the day

The Good Wife (More4 9pm)
is tightly plotted, crisply
written and flawlessly acted,
as a drama about an
American law firm gingerly
skirting politics and
criminality should be.
Julianna Margulies as a
rakish politico’s estranged
wife leads a cast cool in the
best sense, including the
great Christine Baranski and
Alan Cumming (pictured),
his political manipulator far
from the archness of the
camp Scottish duo Victor
and Barry that enlivened
the Edinburgh Festival
years ago.
In a nice sequence, More4
follows this with The Firm
(10pm), John Grisham-based
legal-practice schemings
with Tom Cruise as a young
lawyer getting into murky
depths.
The mysteriousness of
Fortitude teeters on the
edge of silliness but
remains annoyingly
addictive (Sky Atlantic 9pm).
MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News. 6.00 Eggheads. Quiz. 6.00 ITV News London. 6.00 The Simpsons. R
6.30 BBC Regional News 6.30 The Great Antiques Map 6.30 ITV News and Weather. 6.30 Hollyoaks. Dirk’s decision
Programmes. of Britain. Tim Wonnacott 7.00 Emmerdale. attracts unwanted
7.00 The One Show. heads to Bakewell in 7.30 The Kyle Files. Jeremy Kyle attention.
7.30 EastEnders. Derbyshire. investigates the world of 7.00 Channel 4 News. Including
8.00 Eat Well for Less? Gregg 7.00 Antiques Road Trip. cosmetic procedures and sport and weather.
Wallace and Chris Bavin Charlie Ross and Margie meets people who go to 8.00 The Jump. The nine
help a family from Cooper begin the final leg extreme lengths to alter remaining contestants
Stratford-upon-Avon whose of their road trip at the way they look, compete in one of the
weekly spend is out of Auldearn near Nairn. including a woman wanting most dangerous winter
control. 8.00 The Great British Sewing to change her eye colour. sports — the bobsleigh —
9.00 Death in Paradise. A Bee. New series. Ten 8.00 Emmerdale. reaching speeds of around
veteran rock band reunite people compete to be 60mph. Presented by
crowned Britain’s best 8.30 Birds of a Feather. Part Davina McCall. Continues
on the island to record a one of two.
new album — only for the amateur sewer. tomorrow.
lead singer to be 9.00 Modern Times: Warwick 9.00 Car Crash Britain. Part one 9.00 Cucumber. Henry stumbles
electrocuted. Davis’ Big Night. of two. Shocking road into a dangerous trap
Documentary following the accidents and near-misses when Freddie meets his old
10.00 BBC News.
Life’s Too Short star as he captured on drivers’ and school teacher.
10.25 BBC Regional News and cyclists’ personal cameras,
Weather. sets up the Reduced 10.00 Married Behind Bars. The
Height Theatre Company. featuring some of the stories of three American
10.45 Question Time. David greatest escapes.
Dimbleby chairs a topical 10.00 Charlie Brooker’s Weekly couples whose weddings
Wipe. A satirical look at 10.00 ITV News at Ten and are taking place in prison,
debate from Finchley in
the latest news. Weather. where they must walk
north London.
11.45 This Week. Andrew Neil, 10.30 Newsnight. Presented by 10.30 ITV News London. down the aisle via an X-ray
Michael Portillo and Alan Kirsty Wark. 10.40 Kylie: Kiss Me Once. R machine and kiss through
Johnson discuss political 11.15 Weather. 11.50 Ade at Sea. R bulletproof glass.
developments from the 11.20 A Cook Abroad: Dave 11.05 24 Hours in Police Custody.
past seven days. Myers’ Egypt. R Regional variations apply R

BBC3
7.00 Top Gear. 8.00
EastEnders: 30 Years of
Cliffhangers. 9.00 Bangkok
Airport. 10.00 Crims. 10.30
EastEnders. 11.00 Family Guy.
11.20 Family Guy. 11.50 American
Dad!
BBC4
7.00 World News Today. 7.30
Top of the Pops: 1980. 8.00
Mission to Mars: A Horizon
Special. 9.00 Pompeii: The
Mystery of the People Frozen in
Time. 10.00 The Mary Rose: A
Timewatch Guide. 11.00 Digging
for Britain.
Other channels
Channel 5
6.00 Home and Away. 6.30
5 News Tonight. 7.00 The Classic
Car Show. 8.00 Secrets of Rome’s
Colosseum. 9.00 Celebrity Big
Brother. 10.00 Botched Up
Bodies. 11.00 Celebrity Big
Brother’s Bit on the Side.
More4
6.50 Building the Dream. 7.55
Grand Designs. 9.00 The Good
Wife. 10.00 The Firm.
Film4
7.00 Addams Family Values. 8.50
Selma Interview Special. 9.00
Broken City. 11.10 Zombieland.
Sky Atlantic
6.00 House. 7.00 Blue Bloods.
8.00 Without a Trace. 9.00
Fortitude. 10.00 The Comeback.
10.55 Looking. 11.30 Looking.
Sky Sports 1
6.30 Barclays Premier League
World. 7.00 Live Premier League
Darts. 10.30 Ringside. 11.30 A
League of Their Own.
Sky 1
6.00 Futurama. 6.30 The
Simpsons. 7.00 The Simpsons.
7.30 The Simpsons. 8.00 David
Attenborough’s Galápagos.
9.00 Ross Kemp: Extreme
World. 10.00 Ascension. 11.50
A League of Their Own.
Sky Arts 1
6.40 COI Design for Today.
7.00 Objects of Desire. 8.00 My
Shakespeare. 9.00 Monty
Python’s Personal Best. 10.15
Psychobitches. 10.45 Celebrity
Exposed. 11.15 Classic Albums.
Sky Arts 2
6.25 Dance Dance Dance.
7.00 Discovering: Judy
Garland. 8.00 Plácido Domingo:
Live in Miami. 9.15 Grand Hotel.
10.45 Three Superstars in
Berlin.
14 ★ FINANCIAL TIMES Thursday 5 February 2015

Sky’s the limit

Cost of live TV rights for English Premier League seasons Proportion of Sky subscribers who
(£bn) take each service***
A substantial proportion of Sky’s customers subscribe (%)
to Sky Sports. The cost for the rights to broadcast Average
Twitter: @FTLex Email: lex@ft.com English Premier League games live has increased cost per Sky Sports 59
dramatically. There is a risk that bidders may overpay televised
for rights in the next auction game (£m)
Sky Movies 50
Mitsui & Co: announced a dividend amounting to Staples/Office Depot:
30 per cent of earnings — in line with 1992-97* £0.6m
trading places last year and double a decade ago. The Sky Go Extra 25
clipped
stock rallied 5 per cent. 1997-2001** £1.6m
Japan’s trading houses are trading Trading houses may make a good There is no question that consolidation
badly. Yesterday, third-quarter trade — but not yet a good investment. 2001-04 £2.9m can be lucrative for office supply
earnings from Mitsui were less than BT Sport 23 retailers. The second- and third-largest
half what analysts expected, and the 2004-07 £2.5m US chains, Office Depot and OfficeMax,
company took $630m of oil-related LVMH: joined forces in 2013 and the benefits
asset writedowns. Net profit forecasts 2007-10 £4.1m Netflix 20 are just beginning to show through.
for the year to March were lowered by popping corks Staples, the leading purveyor of toner,
16 per cent. No matter — people traded 2010-13 £4.3m copy paper and pens, had that success
into Mitsui’s shares all the same: the A day for champagne at LVMH. Sales of Sky in mind as it struck a $6bn deal
£6.5m Multiscreen 18
stock closed up 2 per cent. the fizzy stuff (and wine) rose 6 per 2013-16 yesterday to buy Office Depot, the
Set up in the 19th century to assist cent last year, helping to cushion the company created by the earlier deal.
with industrialisation, the trading blow of an awful performance from 0 0.5 1.0 1.5 2.0 2.5 3.0 But exactly how, when and to whom
houses, as their name suggests, cognac and spirits. That, and a strong * 1992-1997 is for five seasons ** 1997-2001 is for four seasons; the rest are for three seasons the benefits accrue is a trickier issue.
*** Based on UBS survey; subscribers have multiple services so the figures do not add up to 100% FT graphic. Sources: Premier League; UBS; FT calculations
function as brokers. In recent years, showing from the fashion business, The Office Depot/OfficeMax deal was
though, they have also invested longer- helped group revenues jump 5 per a no-premium, stock-only affair,
term capital alongside specialists such cent. For what it’s worth (which ought Everybody loves winning. But not if it before interest, tax, depreciation and challenge. The current content mix is announced in early 2013. When the tie-
as BHP Billiton and Gazprom. not to be much), the €30.6bn in annual means buying your own trophies. Sky amortisation will rise from 0.7 times in performing well. Yesterday, Sky up closed in late 2013, the shares of the
The timing has not been propitious, revenues was a group record. It beat may well feel this way. 2013 to 3 times in the current year. revealed good first-half subscriber surviving company, Office Depot,
to put the point gently. At Marubeni, expectations and the shares rose 8 per The next auction of English That is not too worrying, but a big increases in its key UK and German traded at about $5.65. A year later, the
last month’s weak results included cent. Crack open the Moët. Premier League football TV rights is payout for football rights could change markets, the latter up 9 per cent year shares had dipped to $5. But in early
writedowns on projects in copper, oil But to a sober eye, LVMH’s under way. Results are due soon, and that. Ominously for Sky, there will be on year. Revenue per user held up November 2014, Office Depot
and coal. It is struggling to justify its performance is less bubbly. Drinks are winning will not be cheap. The competition. Rival BT Group has everywhere except Germany. announced that the synergy target had
2013 purchase of US-based grain a high-margin business, so any fall in auction of the rights for 2013-2016 already won the rights for all European Keeping all those viewers happy is jumped to $840m per year, ahead of
merchant Gavilon as performance at sales hits profits disproportionately. raised £3bn in total (of which Sky cup matches, including the Champions important. Sky may bid for fewer the original $400 to $600m goal, and
the $2.7bn acquisition disappoints. In Profits from watches and jewellery paid two-thirds). A decade earlier the League, for the next three seasons. BT than its current 116 games, but that 2015 operating profit would be five
September, Sumitomo Corp flagged were hit by restructuring at Tag Heuer. rights were sold for £1bn. And the does not have limitless resources. UK without the Premier League, Sky will times what its combined operations
$2bn of losses for the full year. Given Group operating profits fell 8 per cent. English Premier League is not losing regulator Ofcom has questioned not offer much football at all. achieved in 2013. The shares rocketed
the commodity price weakness, Net profits rose by two-thirds but that popularity. whether BT is overcharging companies The company insists that it has to nearly $7.
Nomura estimates that number could was down to a €2.8bn gain on the stake So Sky finance director Andrew that want to use its backbone network, more non-sports subscribers than This time, Office Depot shareholders
come in $500m higher. Daiwa says LVMH held in rival Hermès. Griffith will be getting out the cheque and using the proceeds to show football sports subscribers. But a survey from will not have to wait so long for their
sector-wide losses on assets bought in That distinctly ho-hum performance book. Again. Last year the company to its own subscribers. But with a UBS suggests that 59 per cent of Sky windfall. Staples is paying $11 a share,
2011 could eventually reach $13bn. highlights the central dilemma for bought Sky Italia and Sky strategy that is partly based on using customers take sports. If the English and two-thirds of that in cash, for
The sector may be spread too thin. anyone interested in LVMH’s shares. It Deutschland. It has net debt of football to win subscribers, BT will be Premier League disappears, so will Office Depot. Their portion of the $1bn
Mitsui’s projects span 66 countries and is a conglomerate. Yes, a focused £6.5bn. Investec estimates that Sky’s part of the auction. many of those subscribers. Sky must in annual combination benefits being
range from Australian iron ore through conglomerate targeting wealthy multiple of net debt to earnings Still, Sky will have to face up to the defend its goal. touted are being paid upfront, in the
Chinese logistics to US shale gas. Yet consumers with a range of goodies, but form of the premium. Staples has a
the company would like to diversify a conglomerate nonetheless. The great market cap of $11bn, and will have 11
further — towards more stable advantage is that a poor performance of 13 board seats. To keep that control,
businesses. Last year, Mitsui from one part of the business (cognac, record high. So, yes, a bottle of hard to tell them apart. Apple has investments in research or hard assets. it has had to pay up.
highlighted food, healthcare and last year), is compensated for by better champagne for LVMH. But just a spent $45bn on repurchases in the past At IBM and Cisco, which repurchased And so Office Depot, $5 a share three
infrastructure among its seven core performances elsewhere. The great bottle, not a magnum. 12 months. It issued $6.5bn in bonds $13bn and $4.5bn in shares over the months ago, could be valued at as
business areas. drawback is that a strong performance this week at low rates; the proceeds will past 12 months, respectively, research much as $11. Yesterdayy, Office Depot
Change is unlikely to be swift as the from one part of the business (fashion be used for more buybacks and spending is lower than five years ago. shares traded at $9.50, acknowledging
weight of resources is high. Mitsui has and leather goods last year) is lost in Bonds and buybacks: dividends (Apple has oceans of net Buybacks and leverage are tempting both the stock component of the
an asset base of $97bn, of which $69bn the prevailing mediocrity. The classic cash, but 90 per cent of it is overseas — when things are going well. Having Staples bid (Staples shares traded
is in heavily cyclical businesses. Two- conglomerate problem. too popular to be smart hence the need to issue US debt and cash on hand is appealing in bad times down a 10th) and regulatory
thirds of its $2.2bn year to date profits That is reflected in the share price avoid repatriation tax). This approach — to maintain investment, protect the uncertainty. Staples shares are still
came from energy and metals. That is performance. Plot LVMH against a Thinking of issuing debt to buy back has logic, given the cash and the fact dividend, or do opportunistic deals. more than a 10th higher than they
down from three-quarters of last year’s range of competitors (Salvatore shares? Get in line. With interest rates that Apple’s cost of debt is lower than Some companies are — surprise — were in December, when deal rumours
$2.7bn, but mostly due to commodity Ferragamo and Burberry in fashion, low, company after company is taking its cost of equity. Taking equity out of issuing debt to invest in their business. first surfaced. For Staples shares to
price falls. Profit in the lifestyle Rémy Cointreau and Pernod Ricard in to the debt markets to fund repurchase the capital structure — adding leverage This week Netflix issued $1.5bn in debt keep rising, it will have to deliver on
division, which includes food, was drinks, Richemont and Swatch in programmes. Buybacks are at the — might make sense, depending on to fund expansion. The company has those synergy targets. That is not
wiped out by currency moves. watches and jewellery), and it has highest level in more than five years, Apple’s other options. And taking out been burnt by poorly-timed something Office Depot shareholders
It is not all bad news. Also produced a middle of the road showing according to FactSet, with nearly equity with buybacks rather than repurchases. It spent $200m buying will have to worry about.
yersterday, younger peer Mitsubishi over one, three and five years. Never $600bn among S&P companies last dividends is tax efficient for some shares in 2011 — just before its share
Corp announced oil price-related the best; never the worst. Its valuation, year. US corporate bond sales hit an all- investors. price crashed. But the company seems
writedowns of $300m. But better news at 20 times forecast earnings, is in the time high in 2014, at more than $1.5tn. But few companies are as under- to have learnt a lesson. Yes, buybacks Lex on the web
For notes on today’s breaking
elsewhere, for example in food, kept middle of the pack. That may not Not all buybacks are equal. Some leveraged as Apple. And buybacks can can optimise a capital structure. Only stories go to www.ft.com/lex
full-year estimates unchanged. It also matter — the company’s shares are at a destroy value, some create it, and it is crowd out other things — such as investment creates growth.

LOW 1 0 1 0 Forecasts by
1020
7 -2
6 -5
-5 1020
-6
6 8
6 Luxembourg Cloudy -2 28
Lyon Cloudy 0 32
6 HIGH
6 Madrid Sun 6 43
5 2 2 0 Manchester Cloudy 4 39
1
5 Miami Thunder 25 77
6 11
7 -2 -1 Milan Sleet 3 37
1030 23
4 Montreal Sun -13 9
3 6 1020
6 -1 Moscow Cloudy -6 21
4 5 8
Mumbai Sun 32 90
7 5 16
6 Munich Snow 2 36
3 12
5 25
New York Fair 0 32
LOW 44 13 Nice Shower 12 54
7 12 6 1 Paris Fair 3 37
11 1000 19
18 Prague Cloudy 0 32
24
Reykjavik Drizzle 5 41
10 13 20 23
Rio Thunder 30 86
1010
Wind speed in MPH at 12 GMT 10 Rome Shower 13 55
Temperatures max for day˚C Wind speeds in KPH 24 San Francisco Fair 18 64
Stockholm Cloudy -2 28
Today’s temperatures Strasbourg Cloudy 3 37
Abu Dhabi Sun 30 86 Belgrade Cloudy 9 48 Copenhagen Fair 3 37 Hamburg Fair 2 36 Sydney Fair 23 73
Amsterdam Fair 2 36 Berlin Cloudy 1 34 Delhi Sun 21 70 Helsinki Cloudy -2 28 Tokyo Sleet 5 41
Athens Sun 19 66 Brussels Fair 1 34 Dubai Sun 28 82 Hong Kong Fair 16 61 Toronto Fair -12 10
B’ham Cloudy 4 39 Budapest Fair 6 43 Dublin Cloudy 6 43 Istanbul Sun 16 61 Vancouver Rain 11 52
Bangkok Sun 32 90 Buenos Aires Sun 31 88 Edinburgh Cloudy 5 41 Jersey Sleet 4 39 Vienna Cloudy 1 34
Barcelona Sun 10 50 Cardiff Fair 6 43 Frankfurt Cloudy 1 34 Lisbon Sun 12 54 Warsaw Cloudy 2 36
Beijing Sun 8 46 Chicago Sun -10 14 Geneva Cloudy 2 36 London Shower 5 41 Washington Sun 3 37
Belfast Fair 7 45 Cologne Fair 1 34 Glasgow Fair 6 43 Los Angeles Sun 23 73 Zurich Snow -1 30

ACROSS 5 Propose clergy must get cover

CROSSWORD 1 Frenzy caused by church for board (10)
No. 14,847 Set by ORENSE service? (4,8) 6 Pay and play, as an example of
10 Copy most of response, taking this (5)
      
heart from vicar (7) 7 Trouble from volunteers in a
  11 Delay getting out of prison? French house (7)
(3,4) 8 Trying to impress King George
  12 The point of Russian with status (13)
orthodoxy? (5) 9 Revolutionary Amish promotes
13 Rum made with rare ingredients a complete change (13)
  (8) 14 Bleat unhappily about ban and
15 Trades incorporating coral fine composer (4,6)

processed for energy suppliers 17 Little indication of sadness! (8)
  (5,5) 19 Call time on a good sign of
16 Long-legged bird with no tail identification (4,3)

makes champion (4) 21 Pins and needles may raise it
    18 Personal problem that’s new in (7)
service (4) 23 Love comes after chamber
20 Struggles with joint in vessel music produced by this? (5)
  
(10) 25 The last word from adult
22 Politician’s protest march about workers (4)
 deserter (8)
24 Lover (yours truly) wearing
 
jumper (5)
26 Lacking a phone, and in France, SOLUTION 14,846
gets a short written message (7) / ( * , 7 , 0 $ 7 ( & + , 3
 27 Swallow single cocktail (7) 8 $ ( $ + ( (
& 2 5 6 $ , 5 $ % ' 2 0 ( 1
28 Music producer secure in . 0 5 6 1 2 / 6
sleeping around? (12) ' ( 7 $ & + 0 ( 1 7 2 % ,
JOTTER PAD DOWN 5 1 6
( 1 7 , 7 <
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0 .
2
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2 Gear worn by soldiers in disgust , 5 * 0 % (
(7) 1 $ 8 7 , & $ / + 2 3 3 ( 5
6 3 3 = 1 < 5 6
3 Revised lists covering the girl’s 7 $ * 2 3 3 5 ( 6 6 , 2 1
slips (8) $ 5 ) $ : + 1 0

4 Uruguay is swamped by mainly 7 5 $ ) )

( '
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+
$
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7 2
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American currency (4) ' , ( 7 3 2 : ( 5 / 8 1 & +
Thursday 5 February 2015 ★★★ 15

Tata Motors GSK Yum! Brands Brent crude €/$ German Bund Copper Nikkei 225
Inside Europe Airbus faces yield
a superjumbo dilemma 1.87% 1.58% 0.05% 6.5% 0.8% 2bp 0.4% 2%
TONY BARBER, PAGE 16
Rs592 £14.76 $73.65 $54.16 $1.1387 0.37% $5,705 17,678

Murdoch’s Saudi ally slashes stake Short

3 Prince Alwaleed cuts News Corp holding to 1% 3 Move may embolden challengers
View
News Corp’s dual-class structure, which that proposed the motion. The Murdoch relationship that we expect will
James
FT REPORTERS
secures the Murdoch family’s control. It family has 39.4 per cent of the voting ‘We are endure.” Mackintosh
Rupert Murdoch has lost an important
News Corp ally after Saudi Arabia’s
said it had decided to reduce its stake
during a portfolio review, but gave no
power at News Corp, even though it
owns only 14 per cent of the company.
fully The news comes two days after News
Corp announced that neither it nor Fox
Prince Alwaleed bin Talal sold most of further explanation. Kingdom will maintain its 6.6 per cent supportive would be charged in the US with corpo- Investors have grown used to a world of ZIRP, zero interest
his stake, a move that could embolden
dissident shareholders to challenge Mr
News Corp shareholders staged their
largest protest vote yet at the company’s
stake in 21st Century Fox, the entertain-
ment group that separated from News
of Rupert rate wrongdoing related to phone-hack-
ing or payments to public officials at
rate policy. Now they are having to adapt to something
much harder: NIRP, or negative rates. The European Cen-
Murdoch’s grip on the media company. annual meeting in November, when Corp in 2013. Kingdom’s stake in Fox is Murdoch British newspapers. tral Bank introduced negative rates for deposits by com-
Kingdom Holding Company, Prince
Alwaleed’s investment vehicle, sold
47 per cent of them backed scrapping
the dual- class structure.
worth an estimated $1.7bn: like News
Corp, the Murdoch family controls Fox
and his But the hacking scandal continues to
weigh on News Corp finances. UK legal
mercial banks more than six months ago, and the effects
have been filtering through in scary ways.
about SR705m ($188m) of B class voting Kingdom said in a statement that it via a dual-class structure. family’ fees, damages and related costs were Finland yesterday provided worrying evidence of the
shares in the media company, cutting its sold most of its News Corp shares in the “We remain firm believers in News £102.7m in the year to June 2014, push- lack of hope for economic growth and inflation when it
stake from 6.6 per cent to 1 per cent. first half of 2014, which could explain Corp’s competent management, led by ing the group’s British operations to a sold €1bn of five-year government bonds with a negative
Kingdom has consistently supported why Mr Murdoch’s margin of victory at CEO Robert Thomson, and are fully sup- £75.5m pre-tax loss. Trials of journalists yield. This is the longest-dated eurozone bond to be issued
Mr Murdoch, backing him during the the November vote was so narrow. “We portive of Rupert Murdoch and his fam- from The Sun continue in London. with a negative yield, although German bonds out to six
scandal over phone hacking at some of were only a few percentage points ily,” Prince Alwaleed said. “Our invest- Reporting by Matthew Garrahan and years trade with negative yields in the secondary market.
the group’s UK newspapers and in away,” said Laura Campos of the Nathan ment in 21st Century Fox constitutes a Stephen Foley in New York, Henry Mance Corporate bonds are following suit: Nestlé’s October 2016
shareholder votes that have challenged Cummings Foundation, the shareholder solid foundation for our longstanding in London and Simeon Kerr in Dubai bond trades at a negative yield, so buyers will get back less
in coupons and final redemption than they pay now.
Why pay to lend money? Some buyers of bonds have lit-
tle choice, such as insurance companies and bond funds.
Banks face even worse rates if they deposit money at the
central bank, so bonds may look less bad.
Towergate scrum Other investors are avoiding risk. In the eurozone inves-
tors face an unpalatable choice. If they want safety, they
Highbridge poised to have to pay for it. The alternative is to take risk, for which
gain control of broker they will get only a paltry reward: either duration risk,
earning less than 0.4 per cent a year on 10-year German
Bunds, or credit risk on corporate bonds or the periphery,
where two-year Portuguese bonds pay 0.2 per cent.
A $30bn alternative investments arm of Speculators, of course, have no intention of holding
JPMorgan is closing in on a deal to take bonds to maturity. Buy with a negative yield and sell to the
control of Towergate, ending a battle ECB at an even more negative yield when quantitative eas-
among the insurance broker’s creditors ing starts next month, and the trader makes a quick profit
over who gets what in a restructuring of while the ECB is guaranteed a loss.
its £1bn debt, writes Alistair Gray. The result is likely to be lower yields everywhere, and
Highbridge Capital Management, is the mispricing of risk. Equities could be boosted twice,
leading a group of unsecured creditors first by a weaker euro and second by the hunt for dividend
that has pledged to put up £300m in yield — although deflation fears might offset any gains.
return for an equity stake in Towergate It is hard to escape. But one alternative to a negative
of about 80 per cent, according to people yield is cash: it has zero yield, and SFr1,000 or €500 notes
familiar with the matter. have low storage costs (16,200 Swiss notes fit in a standard
Two people with knowledge of the £600-a-year safety deposit box). But there are extra risks:
situation said secured and unsecured as Marvin Barth at Barclays points out, unlike cash, bonds
creditors had agreed on the terms, are not in danger of literally going up in smoke in a fire.
although other people stressed that a
formal deal had yet to be struck. It would Turning negative in Europe
require the blessing of Towergate’s Value of eurozone bonds with
board, which is due to meet today. negative yield (€tn)
All parties declined to comment. 1.5
The deal would wipe out the interests
of Towergate’s founder Peter Cullum and 1.0
mark a dramatic decline in the fortunes
of the broker. In 2007, Mr Cullum valued Investors are
the business at £3bn after an expansion 0.5 having to adapt to
into niche markets, including insurance negative rates
for rugby stars, caravans, Formula One 0 after having grown
teams and British Army equipment. used to a world of
2011 12 13 14 15
The restructuring will cut Towergate’s zero interest rate
net debt from £1bn to £420m. Source: JPMorgan policy
Bruising lesson page 20
james.mackintosh@ft.com
Chris Radburn/PA

End of the Silk Road as Ulbricht found

guilty of masterminding drugs site
KARA SCANNELL — NEW YORK who have been staunch supporters of “The supposed anonymity of the dark
Silk Road, and others who say the gov- web is not a protective shield from
Ross Ulbricht was convicted yesterday
ernment is trying to turn web hosting arrest and prosecution.”
of being Dread Pirate Roberts, the mas-
into a criminal activity. It has also high- Ulbricht, 30, will be sentenced on May
termind of a $200m marketplace for
lighted the potential difficulties in prov- 15. One of the charges carries a range of
illegal drugs and hacking services,
ing who is on the other end of a screen 20 years to life in prison. Ulbricht has
handing the US government a victory
name — an issue embraced by Ulbricht’s been in government custody since his
in a case that has tested new bounda-
Next generation news attorneys. October 2013 arrest.
ries for authorities prosecuting the
apps press readers to pay Preet Bharara, the US Attorney for The case rested largely on digital doc-
“dark net”.
Manhattan, said Silk Road was a black uments recovered from Ulbricht’s lap-
As the newspaper industry has been The jury found Ulbricht guilty after only market bazaar built by Ulbricht to top and Silk Road’s servers.
hammered by the decline of print three-and-a-half hours of deliberation. exploit the anonymity of the dark web Ulbricht’s lawyer conceded his client
advertising and the rise of free digital As the verdict was read out in a packed and the digital currency bitcoin. created Silk Road but said he sold it and
news outlets, new apps are breaking courtroom, Ulbricht sat motionless, “Ulbricht’s arrest and conviction — was later set up — by Mark Karpeles, the
down traditional ways of bundling staring straight ahead. His mother, and our seizure of millions of dollars of founder of Mt Gox, the largest bitcoin
articles and charging consumers, seated on a bench two rows behind, Silk Road bitcoins — should send a clear exchange until its collapse, or someone
aiming to offer ‘content and utility’. shook her head. message to anyone else attempting to else who was acting as DPR. Mr Karpeles
Analysis i PAGE 18 The case has attracted the attention of operate an online criminal enterprise,” has denied any involvement and has not
bitcoin enthusiasts, libertarian groups, Mr Bharara said. been accused of any wrongdoing.

Companies / Sectors / People

Companies
21st Century Fox................................15,21
AT&T.................................................................5
Actavis...........................................................18
Advent..........................................................20
Airbus.............................................................16
Al Jazeera....................................................21
Alibaba......................................................11,18
Allergan.........................................................18
Alstom..............................................................4
Amazon..........................................................21
American Airlines ..................................12
American Express.....................................9
Apple.........................................................10,14
Arm Holdings............................................29
Ashtead........................................................20
Asia Resource Minerals......................20
Aviva..............................................................20
Axel Springer ...........................................18
B&M................................................................29
BBVA...............................................................19
BG......................................................................11
BHP Billiton................................................14
BMW.................................................................11
BP.................................................................10,11
BT.....................................................14,16,21,21
Baidu................................................................11
Barclays..................................................18,20
Bayer .............................................................18
Beano..............................................................18
Blendle...........................................................18
BofA Merrill Lynch.................................18
Boots..............................................................20
Brevan Howard........................................20
British Airways..........................................12
Burberry ......................................................14
Catalunya Banc.........................................19
China CNR....................................................11
China Mobile...............................................11
Cisco................................................................14
Citic..................................................................19
Citigroup................................................18,20
Coca-Cola.....................................................10
Coinbase.......................................................19
Comcast...........................................................5
Copelouzos....................................................7
Cosco................................................................7
Daihatsu ......................................................19
Darden Restaurants...............................18
Deutsche Telekom..................................16
Discovery Communications...............21
EDF....................................................................4
EE................................................................16,21
EasyJet...........................................................12
Emirates........................................................16
Eni.....................................................................15
Ericsson..........................................................11
ExxonMobil..................................................11
Financial Times........................................18
Ford.................................................................19
Fraport.............................................................7
Fuji Heavy Industries............................19
Funding Circle...........................................21
Garanti...........................................................19
Gazprom.......................................................14
General Electric........................................10
General Motors....................................15,19
Gilead Sciences........................................29
GlaxoSmithKline....................................7,18
Goldman Sachs................................11,17,18
Google.................................................10,11,29
Handelsbanken.........................................19
Hargreaves Lansdown............20,21,29
Hermès..........................................................14
Honda.............................................................19
Huawei............................................................11
Hyundai....................................................11,19
IBM...................................................................14
ICAP..........................................................20,21
ITV...................................................................29
JCB ................................................................20
JLL...................................................................10
JPMorgan....................................................20
Jaguar Land Rover.................................19
KKR.................................................................20
Khazanah......................................................17
Kingdom Holding Company.............15
Kohl’s..............................................................29
LVMH..............................................................14
Lakehouse...................................................20
Lundin Petroleum...................................16
Maersk..............................................................7
Marubeni......................................................14
Maruti Suzuki............................................19
Maybank.......................................................17
Mazda.............................................................19
MeadWestvaco..........................................18
Mediaset........................................................21
Merck ..............................................................7
Michael Kors...............................................19
Mitsubishi Corp........................................14
Mitsui..............................................................14
Morgan Stanley ......................................18
National Australia Bank......................10
National Grid.............................................10
Netflix..............................................14,5,18,21
New York Times......................................18
News Corp...................................................15
Nissan.............................................................19
Nordea...........................................................19
Novartis ..................................................18,18
OPAP.................................................................7
Office Depot.........................................14,18
Orange...........................................................16
Panasonic......................................................11
Pearson..........................................................18
Pernod Ricard ..........................................14
Pershing Square .....................................18
Petrobras..................................................11,16
Pfizer.........................................................10,18
Piraeus Port Authority...........................7
Prada...............................................................19
Premier Oil..................................................29
RSA.................................................................20
Ralph Lauren.......................................19,29
Red Kite.......................................................20
Reuters..........................................................18
Richemont..............................................14,19
Rightmove...................................................29
RockTenn.....................................................18
Royal Dutch Shell....................................11
Ryanair..........................................................20
Rémy Cointreau.......................................14
Salvatore Ferragamo.............................14
Samsung........................................................11
Shionogi........................................................18
Silk Road.......................................................15
Simple.............................................................19
Sky..............................................................14,21
Skymark........................................................16
Skype................................................................5
Smith & Nephew.....................................29
Socar.................................................................7
SoftBank........................................................11
Sony..................................................................11
Spotify............................................................18
Stadshypotek.............................................19
Standard Life............................................20
Staples......................................................14,18
Starbucks.....................................................20
Statoil........................................................15,16
Subaru ..........................................................19
Sumitomo Corp........................................14
Swatch...........................................................14
Swedbank.....................................................19
Tanjung Energy........................................17
Tata Motors...........................................15,19
Tata Steel.....................................................10
Telefónica.....................................................16
Tencent...........................................................11
Towergate.............................................15,20
Toyota...................................................11,15,19
Tullow Oil....................................................29
Twitter...........................................................10
Unilever.........................................................10
Valeant...........................................................18
Verizon.............................................................5
ViiV Healthcare........................................18
Volkswagen.................................................19
Volvo................................................................11
Wizz Air........................................................20
Xiaomi.............................................................11
Yahoo..............................................................18
Zhejiang Geely...........................................11
Sectors
Aerospace & Defence...........................16
Automobiles................................................19
Banks...........................................................6,19
Electricity......................................................17
Gen Financial............................14,17,20,21
Gen Industrials..........................................17
Gen Retailers.............................................18
Healthcare...................................................18
Investment Comp...............................17,18
Life Assurance..........................................16
Media.........................................................18,21
Oil & Gas.......................................11,15,16,17
Personal Goods........................................19
Pharmaceuticals.......................................18
Real Estate.............................................17,19
Support Services................................4,20
Technology HW & Equ.........................11
Travel & Leisure...........................12,16,20
People
Ackman, Bill................................................18
Barra, Mary.................................................19
Boman, Pär..................................................19
Brégier, Fabrice.........................................16
Buckles, Nick.............................................20
Clark, Tim.....................................................16
Clausen, Christian...................................19
Cullum, Peter.............................................20
Darroch, Jeremy.......................................21
das Graças Foster, Maria...............11,16
Davies, Chris..............................................20
Doyle, Bill.....................................................18
Dudley, Bob.................................................11
Enders, Thomas.......................................16
Fox, Mark....................................................20
Gallois, Louis..............................................16
González, Francisco...............................19
Gorham, Ian................................................21
Green, Sir Philip......................................20
Haji-Ioannou, Stelios............................20
Hargreaves, Peter..................................20
Hellberg, Per..............................................18
Heppenstall, Ashley...............................15
Hodges, Mark...........................................20
Kanda, Arul..................................................17
Krishnan, Ananda....................................17
Laidlaw, Sam.............................................20
Lyons, Alastair..........................................20
Ma, Jack.........................................................11
Nemerov, Jacki..........................................19
Nyrén, Anders...........................................19
Pareek, Mayank........................................19
Pessina, Stefano......................................20
Powell, Michael........................................20
Ramón Alaix, Juan..................................18
Rennemo, Svein........................................16
Rothschild, Nat........................................20
Saetre, Eldar...............................................15
Sargent, Ron...............................................18
Scudamore, Richard...............................21
Shorrock, Mark...........................................4
Showman, Isaac........................................18
Slym, Karl.....................................................19
Smith, Jeff....................................................18
Spencer, Michael.....................................20
Sætre, Eldar................................................16
Tan, Samin..................................................20
Váradi, József...........................................20
Wilhelm, Harald........................................16
Witty, Andrew Sir.................................7,18

© The Financial Times Limited 2015 Week 6

16 ★★★ FINANCIAL TIMES Thursday 5 February 2015

COMPANIES
INSIDE BUSINESS
Oil & Gas
EUROPE

Statoil eyes big freeze for Arctic project Tony

New chief considers delay
for region’s top discovery
as he reviews spending
CHRISTOPHER ADAMS
AND JOHN AGLIONBY
Statoil is examining whether to delay
development of its Johan Castberg
project in the Norwegian Arctic as it
takes a hard look at capital spending
“There could be a delay of Johan Cast-
berg. That discussion is ongoing and
depends on . . . what kind of potential
there is to improve the project. I don’t
exclude a delay.”
Mr Sætre cited Castberg, a costly initi-
ative because of the Arctic’s hostile con-
ditions and lack of infrastructure, as an
example of how the group could make
savings and boost long-term profitabil-
ity by postponing projects.
Analysts have pointed to the Arctic as
Barber
Statoil said last month it was working Sætre said chief finance officer from 2003-10.
to make a decision by the summer on Svein Rennemo, Statoil’s chairman,
the group
how to develop the field. But one indus-
try executive said that decision was
likely to be delayed by a year.
had to
said Mr Sætre “was our first choice” as
chief executive even though he said ini-
tially that he did not want the job per-
Mixed messages from
Mr Sætre declined to comment on
Statoil’s capital spending this year
prepare for
prolonged
manently. “We are glad he changed his
mind,” Mr Rennemo said.
Airbus cloud the
before tomorrow’s fourth-quarter
results, but said the group had to pre-
pare itself for a prolonged period of
low oil
Mr Sætre, who is Norwegian, said Sta-
toil, one of Europe’s top six oil groups,
was “well positioned for the future”.
future for the A380
low oil prices and cut its “break-even”
prices and “The fall in oil prices has been bigger
costs. cut its than we had foreseen, and it’s hard to

after crude prices fell more than 50 per
cent.
Eldar Sætre, the Statoil veteran who
yesterday took over as chief executive
from Helge Lund — after he resigned to
become the top manager at BG Group —
told the Financial Times the state-con-
trolled company needed “to take the
time that is necessary to come up with a
project that is as good as possible.
an area that oil companies could retreat “You have to make up your mind as to
from as they try to cut exploration what kind of projects are good enough
costs, notwithstanding Lundin Petro- and make sure you actually don’t spend
leum’s decision to continue to drill this money where you shouldn’t be. Prioriti-
year. sation is essential,” he said.
Lying in waters nearly 400 metres Mr Sætre, 59, has been acting presi-
deep in the Barents Sea, Castberg is esti- dent and chief executive since October
mated to hold 400m-600m barrels of and assumes the permanent role with
oil, making it the region’s most signifi- immediate effect. He has 35 years’ expe-
cant discovery. rience at the group, including as
Oil & gas. Corruption scandal
W
‘break-even’ say how long it will last,” he told report-
ers in Oslo. “We think it will recover a lit-
costs tle from these levels, but we are funda-
mentally uncertain about how long they
will stay subdued.”
His annual salary will be NKr7.7m
($1.02m), of which NKr5.7m will be
pensionable income.
Additional reporting by Robin Wiggles-
worth and Nathalie Thomas
hen the maker of Airbus passenger air-
craft called itself the European Aeronautic
Defence and Space Company, some inves-
tors needed a deep breath to say its name
— and to control their despair at the
group’s peculiar corporate culture. A poisonous atmos-
phere of political intrigue percolated through the upper
levels of management, fed by rivalries between the French
and German governments.
EADS wisely changed its name 13 months ago to Airbus,
after its best-known products. What goes on at the top of
the company has gradually changed for the better, too,
thanks to the calming influence of Thomas Enders, chief
executive since June 2012, and his predecessor, Louis Gal-
lois. Investors and customers have been less worried about
management infighting since several European govern-

Petrobras faces uphill struggle to find new chief
Dire state of the group and
legal liabilities facing its future
leader make job unattractive
SAMANTHA PEARSON AND JOE LEAHY
— SÃO PAULO
Wanted: new chief executive for one of
the world’s most indebted oil compa-
nies, currently under investigation for
its role in the largest corruption scandal
in Brazilian history.
The resignation yesterday of Petro-
bras’s top management, including chief
executive Maria das Graças Foster, has
left the Brazilian government scram-
bling to find replacements capable of
regaining investor trust in one of the
country’s largest companies.
Analysts and lawyers question who
would want the job, not only due to the
dire situation faced by the state-control-
led oil producer but also the possible
legal liabilities a chief executive would
face under Brazil’s ill-defined corrup-
tion laws and in the US.
“Even in a normal company that
doesn’t have any problems, executives
think twice in Brazil before taking over
such a position because of the potential
risks to their personal assets,” said
Pierre Moreau, a lawyer and member of
the board of São Paulo’s business school
Insper.
“The scenario with Petrobras is
clearly much worse.”
Yesterday Petrobras confirmed the
departure of Ms Graças Foster and five
other senior executives, saying the
board would meet tomorrow to appoint
replacements.
The news was met with delight by
investors, who gave the company’s
shares their biggest one-day gain since
1999 on Tuesday as rumours of the
impending departures leaked.
Ms Graças Foster, the 61-year-old
Petrobras veteran, has repeatedly
offered to resign over the scandal but
had been expected to leave only later
this month.
However, momentum has grown for
her replacement over recent days, both
among investors and ordinary Brazil-
ians who protested outside her beach-
front flat in Copacabana on Tuesday
night.
While Ms Graças Foster has not been
directly linked to the alleged bribery
and kickback scheme at the company,
she is accused of ignoring tip-offs
from internal whistleblowers, allega-
tions she has vehemently denied.
Prosecutors believe that for
much of the past decade Petro-
bras executives conspired
with Brazil’s largest con-
struction firms to inflate
the oil company’s con-
tracts, stealing billions of
dollars to fund lavish
All at sea: a lifestyles, pay bribes and funnel money
Petrobras to politicians, largely from the ruling
platform in the Workers’ party (PT) and its allies.
Campos oilfield. President Dilma Rousseff, chair of
Chief executive Petrobras until 2010 and a close friend
Maria das of Ms Graças Foster, has also denied
Graças Foster, involvement in the scheme.
below, has left Brazil’s government faces a race
the indebted against time to find a market-friendly
group — Rich Press replacement capable of restoring faith
in the company that holds a near-mo-
nopoly over the country’s oil and gas
industry and is a driver of economic
growth.
Investors are hoping Henrique
Meirelles, a highly respected former
central banker, will step into the breach.
However, while he is expected to come
under political pressure over the next
few days to accept, people close to Mr
Meirelles said he has no interest in the
position. Mr Meirelles declined to com-
ment.
Murilo Ferreira, the softly spoken
chief executive of Vale, has also been
rumoured for the post. However,
he has denied he plans to leave
the world’s largest iron ore
producer.
His brash predecessor at
Vale, Roger Agnelli, has
also been tipped for the
job, along with Rodolfo
Landim, who was president of Eike
Batista’s OGX oil company before it
went bankrupt but who still commands
respect in the industry. Mr Agnelli and
Mr Landim could not be reached for
comment.
“Clearly Petrobras needs someone
ultra-serious who has the trust of a huge
swath of the company’s shareholders,”
said Peter Schechter, a director at the
Atlantic Council’s Adrienne Arsht Latin
American Center in Washington.
Brazil is in a race against
time to find a replacement
who can restore faith in a
key driver of its economy
Petrobras is now in effect cut off from
capital markets, and is facing the risk of
defaulting on its debt agreements. The
company had gross debt of more than
$135bn at the end of September.
Last November, it emerged auditor
PwC had refused to approve Petrobras’s
accounts.
Last week, the company calculated
that its assets had been inflated by
almost $23bn but did not outline a writ-
edown as it said it was not clear how
much of this was due to corruption or
other factors such as general misman-
agement.
A banker familiar with Petrobras said
President Rousseff and the left-leaning
PT were loath to take a writedown as the
number would go down in history as
how much the party and its allies
robbed from Petrobras.
“It becomes the official number of the
2018 election campaign,” the banker
said.
Over the past few days Fitch and
Moody’s have both downgraded Petro-
bras to the lowest investment grade.
The company is also under investigation
by the US Securities and Exchange Com-
mission over the scandal.
Any new chief executive could also
face personal liability over the scandal
in Brazil, where the concept of “limited
liability” often does not work in prac-
tice, said Mr Moreau.
While Ms Graças Foster’s successor
may be reluctant to sign off accounts for
that reason, auditor PwC is probably
facing a similar dilemma, said another
lawyer.
The lawyer said: “There comes a time
when you say: ‘Look, I am not going
to put my firm’s name on that piece
of paper because I can audit till the
cows come home but I don’t know what
I’m auditing’.”
ments signed a pact in 2012 that curtailed their habit of
poking their noses into Airbus’s affairs.
Yet a certain apprehensiveness, even dissatisfaction,
affects the way Airbus is viewed from outside — and an
extraordinary communications mishap just before Christ-
mas illustrates why.
The culprit, if that is the right word, was Harald Wil-
helm, Airbus’s chief financial officer, who is well-liked in
the company and by the investor community.
When he spoke to analysts in London about Airbus’s
A380 airliner, the world’s largest commercial aircraft, he
could hardly have anticipated the uproar his remarks
unleashed.
It is worth examining Mr Wilhelm’s words in detail —
but, first, some background.
The A380 cost more than €10bn and took 10 years to
develop. It has struggled to fulfil the high hopes Airbus
placed in it for flourishing sales and profits. Investors,
employees, parts manufacturers and, especially, the air-
lines that have bought or may want to buy the jet are cer-
tain to prick up their ears at the slightest hint that Airbus is
reassessing such an expensive project.
Mr Wilhelm said the A380 project would break even up
to 2018, “if we would do something on the product, or even
if we would discontinue the product”. It was not the most
grammatically perfect Eng-
lish sentence, but the mean-
ing seemed pretty clear: Air-
The finance chief
bus’s options for the A380 could hardly
included carrying on with it,
giving it a new engine or
have anticipated
some other refit, or one day the uproar he
not making it any more.
Mr Wilhelm’s remarks
unleashed
were not solely responsible
for the ensuing 10 per cent fall in Airbus’s share price.
More important was a sort of profit warning that emerged,
unintentionally, from the company’s presentation to the
London analysts.
Yet Mr Wilhelm’s suggestion that Airbus might kill off
the A380 caused consternation among his colleagues.
Among the airline executives whose companies use the
aircraft — above all Tim Clark of Emirates, the biggest
A380 customer — their reactions ranged from amazement
to anger.
Since then, Airbus has bent over backwards to reassure
the world that no nasty surprises lie ahead. Fabrice
Brégier, CEO of Airbus’s commercial aircraft business, says
the A380’s best days are yet to come and any chatter about
stopping production is “crazy”. The implication is that Mr
Wilhelm was talking through his hat.
But was he? As far as I can tell, he has not been disci-
plined or sidelined for what he said. He still sits on Airbus’s
executive committee. Everyone knows he is an experi-
enced businessman, not prone to making untruthful or
raving statements. Perhaps all he did was to give a flavour
of the high-level discussions about the A380 that have
undoubtedly taken place.
What is more, the company’s most recent official state-
ment on the A380 is not quite a ringing endorsement. “The
entire Airbus top management continues to believe
strongly in the market prospects for the A380, but any
investment requires a sound business case, which we will
continue to study,” it says.
Making the A380 a success is Mr Brégier’s responsibility,
so naturally he will defend the project with passion. But
others at Airbus may feel that the aircraft is not attracting
enough orders. The collapse of Skymark, Japan’s third-big-
gest airline, which was unable to honour a $2.3bn order for
six A380s placed in 2011, was a setback. Re-equipping the
A380 with a new engine would be very costly.
It might squeeze investments in Airbus’s lines of smaller,
more profitable aircraft. Poor Mr Wilhelm may have got
his lines wrong, but Airbus would be remiss if it was not
taking a good hard look at the A380’s future.
tony.barber@ft.com

Life assurance Mobile & telecoms

German life groups hit by ECB bond buying
ALISTAIR GRAY
Mario Draghi’s plan to revitalise the
eurozone through quantitative easing
will further undermine the solvency of
life assurance and pension companies
in the continent’s largest economy, a
leading credit rating agency has
warned.
In a report yesterday, Moody’s said the
“profitability and solvency” of the
industry in Germany would come under
further strain from the European Cen-
tral Bank’s bond buying.
German life companies, which have
estimated liabilities of more than
€700bn, sell policies that offer annual
guaranteed returns to policyholders,
who use them to save for retirement.
To meet the guarantees, the insurers
invest heavily in bonds. But low interest
rates have reduced the yields the assets
offer, making it harder for the compa-
nies to meet their commitments.
The ECB’s plan to buy €60bn worth of
bonds each month has further
depressed yields. The yield on Ger-
many’s benchmark 10-year bond has
fallen to 0.35 per cent.
To help cope, insurers have been
reducing the returns they pledge to
policyholders. The maximum guaran-
tee sanctioned by German authorities is
now 1.25 per cent. The industry has also
tried to sell more products with no guar-
antees — placing investment risks with
policyholders instead of shareholders.
However, the insurers still need to
meet commitments from policies sold
in previous years, for which the guaran-
tees have been as high as 4 per cent. The
lower guaranteed rates apply only to
new policies.
Persistently low interest rates mean
the companies need to reinvest at lower
yields: although the life companies’ lia-
bilities stretch out for more than two
decades, the duration of their assets is
between about five and 10 years. The
problem will get worse the longer inter-
est rates remain low.
BT enters final straight in £12.5bn EE purchase
DANIEL THOMAS AND ARASH MASSOUDI
BT has finalised the £12.5bn acquisi-
tion of EE, Britain’s largest mobile net-
work, from Deutsche Telekom and
France’s Orange after several weeks of
exclusive negotiations.
The British telecoms group will
announce the deal as early as this morn-
ing, according to two people close to the
situation, marking the return of the
company to the mainstream mobile
market for the first time since 2001.
A process of due diligence has been
completed with no major issues uncov-
ered, according to those close to the
talks. BT has been in exclusive discus-
sions with Deutsche Telekom and
Orange since December to acquire EE
for £12.5bn.
Analysts do not expect any significant
regulatory hurdles because BT’s fixed
network — which carries mobile traffic
for rivals — is already closely governed
by Ofcom, the telecoms watchdog.
Rivals might argue that wholesale
prices for access to BT’s fibre network
should be monitored more closely and
potentially reduced. Moody’s has said
that it expects the deal to bring cost sav-
ings and efficiencies in areas such as
procurement, distribution, marketing,
head offices and call centres.
EE has the largest subscriber base in
the UK at 24m, the largest holding of
spectrum used for mobile services and
the most developed 4G network in the
country.
The deal will allow BT to sell bundles
of mobile and home phone, broadband
and television to customers.
The acquisition will be financed with
about £6.3bn in shares given to Deut-
sche Telekom and Orange in the com-
bined group, and about £6.2bn to be
paid in cash which will be raised
through debt and an equity issuance.
BT is planning to raise £1bn-£2bn
in an equity placing with sharehold-
ers, according to a person familiar with
the terms.
Thursday 5 February 2015 ★ FINANCIAL TIMES 17

COMPANIES

Malaysia fund’s woes spark wider fallout fears

Opaque state-run entity with $11.8bn hole in its balance sheet pins hopes on deal with tycoon to spin off power assets
JEREMY GRANT — SINGAPORE
When Ananda Krishnan, Malaysia’s sec-
ond-richest man, sold a collection of
power plants to a little-known fund
called 1MDB in 2009, few outside South-
east Asia’s third-largest economy paid
any attention.
But reports that the 76-year-old
tycoon, whose fortune is estimated by
Forbes at $9.8bn, is close to getting his
hands back on some of those assets have
catapulted the now heavily indebted
state-run 1MDB — or 1Malaysia Devel-
opment Berhad — into the spotlight.
Set up six years ago, 1MDB has no less
a figure than the country’s prime minis-
ter, Najib Razak, chairing its advisory
board, while Goldman Sachs, the Wall
Street bank, has twice arranged multi-
billion-dollar debt issues for it.
Yet 1MDB can also be seen as a micro-
cosm of the oil and gas-rich country’s
vulnerability as oil prices plunge and its
currency follows suit. Its balance sheet
bears the scars of vast ambitions and
politically-inspired dealmaking in the
shape of a gaping Rm42bn ($11.8bn)
hole in its balance sheet.
The scale of that debt burden and con-
cern over its ability to repay it have also
sparked fears of wider fallout for what
has been one of the most attractive
emerging markets in Asia should 1MDB
run into deeper trouble.
“Clearly it’s opaque, clearly its debts
have risen rapidly and are systemically
relevant,” says Andrew Colquhoun of
Fitch.
The fund has three times requested
and been granted extensions on repay-
ment deadlines for a Rm2bn loan led by
Maybank, the country’s biggest bank by
assets — part of the Rm6.5bn that 1MDB
paid Mr Krishnan for his Tanjung
Energy group, the owner of more than
10 power plants in Malaysia and the
Middle East.
It has switched auditors at least twice
since 2009, prompting questions in par-
liament over its sources of funding.
Now it is pinning its hopes on the pro-
posed deal with Mr Krishnan, which
would see him become a key investor in
an initial public offering that is expected
to raise up to $3bn through the spin-off
of the power assets he sold back in 2009.
1MDB is often described as a sover-
eign wealth fund, but Arul Kanda, a 38-
year-old former banker with Abu Dhabi
Commercial Bank who took over as
head of 1MDB last month, says it is “a
very different animal”.
While it is government owned, it is a
“strategic development company” that
raises its own capital and is not directly
government funded, aside from an early
equity funding of Rm1m, he says.
Some of the rest of its initial capital is
believed to have come from oil royalties
linked to oil-rich Terengganu state.
One of its earliest initiatives was a now
dismantled $2.5bn joint-venture invest-
ment fund with Saudi Arabia for oil and
‘Lack of transparency
means there could be
other risks out there —
unknown unknowns’
gas and property projects in both coun-
tries, from which nothing materialised.
1MDB’s sole assets are the power
plants and a handful of land holdings. Its
business is focused on power generation
in Malaysia, where it is the second-larg-
est provider by output, but it is also
Egypt’s biggest power producer.
Its net debt of Rm42bn, as of its latest
published set of full-year accounts on
March 31, appears to have been
amassed primarily by its land and
power purchases.
The fund has borrowed heavily,
including a $3.5bn bond issued in two
tranches in 2012 arranged by Goldman.
A second, $3bn bond also arranged by
the US bank in 2013, part of a “strategic
partnership” between Malaysia and
Abu Dhabi, attracted some controversy
over the scale of fees Goldman earned.
Yet while 1MDB says it has Rm51bn in
assets — including land and Rm12bn in
unspecified “available for sale invest-
Heavy weather: 1Malaysia Development has been marked by politically inspired dealmaking — Samsul Said /Reuters
Borrowed moments
1 Launched in 2009 with government
equity of Rm1m ($277,000), 1MDB had
racked up debts of Rm42 ($11.6bn) as of
its latest accounts dated March 31, 2014
1 Goldman Sachs arranged two bonds
totalling $6.5bn for 1MDB in 2012 and
2013, one of which attracted criticism
over relatively high fees paid for deal
1 Formed a $2.5bn “investment fund”
in 2009 with Saudi Arabia for oil & gas
and property projects for which 1MDB
contributed $1bn. Projects never
materialised and venture dissolved
1 Funds from the dissolved venture
were placed in a Cayman Islands
account and were “redeemed”,
according to 1MDB, in two tranches,
with the funds remaining offshore in an
unspecified US dollar bank account
1 Questions remain over its role in a
country that has a sovereign wealth
fund, Khazanah, Malaysia’s “strategic
investment fund”
ments” — there is scant evidence of sig-
nificant cash flow. Net cash from opera-
tions, in its latest financial year, was
Rm69bn.
1MDB made a full-year loss of
Rm665bn, largely because of higher
financing costs, and had cash and cash
equivalents of Rm2.8bn at year-end.
In addition, 1MDB’s returns are
largely generated in ringgit, which has
depreciated by 11.5 per cent against the
US dollar in the past six months.
Mr Najib has said the government
explicitly guarantees only Rm5.8bn of
1MDB’s debt — about 14 per cent. Fitch
believes 1MDB’s entire debt is not big
enough to lead to problems for the wider
Malaysian financial system if there were
a default.
But the fact that the latest debt data
are almost a year old means 1MDB is still
a concern. “Lack of transparency means
there could be other risks out there —
other unknown unknowns,” says Mr
Colquhoun at Fitch.
That is why investors are closely
watching to see whether 1MDB can
come to an arrangement with Mr
Krishnan that could smooth the way for
the power IPO.
Mr Kanda maintains that as 1MDB is a
strategic development company, there
will “clearly be a mismatch in terms of
our need to develop and expand our
assets versus the cash that we get in
from existing assets”.
The fund is looking to “plug that mis-
match through financing [bonds] or
asset sales”, he told the Financial Times.
But critics of 1MDB, its borrowing pol-
icy and its opacity say it is a cautionary
tale for investors in corporate Malaysia.
“What this tells you is that Malaysia
operates on two levels. On the one hand
[companies] follow all the rules about
transparency. But if the company is
politically aligned, then there are no
rules,” says James Chin of the Asia Insti-
tute at the University of Tasmania.
Ultimately, Mr Chin suggests, 1MDB
could be shrunk or wound down
through sales of assets: “There is no way
they can keep it as it is in the long run.”
18
Pharmaceuticals
GSK lays out options for more restructuring
Signs of stabilisation in
respiratory drugs arm but
chief warns of tough times
ANDREW WARD
— PHARMACEUTICALS CORRESPONDENT
GlaxoSmithKline has reported signs of
stabilisation in its troubled respiratory
drugs business and laid out its options
for further restructuring yesterday as
the UK group sought to draw a line
under a difficult year.
Sir Andrew Witty, chief executive,
said GSK had begun to regain share of
News apps roll out models beyond the paywall
Netflix and Spotify inspire
subscription services that
offer both ‘content and utility’
HENRY MANCE — LONDON
DUNCAN ROBINSON — UTRECHT
The music industry has Spotify. Televi-
sion has Netflix. Now the news industry
is spawning start-ups that are rethink-
ing how to charge for online content.
New apps — from established titles
such as the Economist and start-ups
such as Readly of Sweden — are break-
ing down traditional ways of bundling
articles and charging consumers. At
stake is the profitability of an industry
that has been hammered by the decline
of print advertising and the rise of free
digital news outlets. “This is the second
iteration of online paid news,” says Ian
Maude, an analyst at Enders Analysis.
It comes almost a decade after some
news services — including the Financial
Times — started charging for internet
content. The predominant paywall
model, which has been adopted by more
than half of US newspapers, involves
readers paying for online bundles much
as they used to pay for print. Now serv-
ices are going further in search of
growth. “Paywall 1.0 secures older sub-
scribers as they themselves move dig-
ital,” says Ken Doctor, an analyst at
Newsonomics. “But you need new read-
ers, you need new revenues.”
Readly offers a single subscription for
dozens of magazines, as do Next Issue
Media and Magzter. Dutch start-up
Blendle aims to be an iTunes for journal-
ism, allowing readers to buy articles,
rather than an entire subscription. Since
it launched last spring, it has signed up
200,000 users — two-thirds of whom
are under 35.
The lesson of Netflix and Spotify is
that subscription services need to offer
both “content and utility”, says Isaac
Showman, managing director of Reu-
ters TV, a video news service.
“In the past few years [the news
industry has] focused a little bit too
much on the glorious editorial side,” he
says, and too little on improving the ease
with which readers can access it.
Perhaps with that in mind, in Novem-
ber, the Economist, which is part-owned
by Pearson, owner of the Financial
Times, launched the Espresso app,
which complements the weekly publi-
cation by providing daily updates. The
app was downloaded 200,000 times in
its first week. The New York Times has
the US asthma market in recent weeks
after declines in fourth-quarter sales
and profits highlighted the pressure on
Britain’s biggest drugmaker.
He warned that business would
remain tough, especially in the first half
of this year, but insisted there were bet-
ter times ahead as the group prepares to
complete a $20bn asset swap with
Novartis and considers a partial spin-off
of its HIV drugs unit.
The Novartis deal will see GSK trade
its cancer drugs arm for its Swiss rival’s
vaccines unit while the pair will set up a
joint venture in consumer healthcare.
Sir Andrew said a decision would be
Media. Digital content
Traditional print media have been under pressure for years and many companies have struggled to get their online model right — Steve Liss/Getty Images
also broken up its offering into portions,
with mixed results — a cooking app has
been well-received, but a $6-a-month
selection of opinion pieces proved
unpopular and was shut.
The growth of subscription news serv-
ices is likely to depend on marketing,
and being able to deliver content that
goes beyond what is available on free
news sources, such as the BBC and
MailOnline.
Some may fail but the innovators’
hope is that a few will offer the right mix
of exclusive content and functionality.
Blendle — users pay per article
At Blendle’s headquarters in Utrecht,
programmers are hard at work under a
doodle-strewn portrait of Syrian dicta-
tor Bashar al-Assad.
“It should instil a lot of fear in our per-
sonnel,” jokes Alexander Klöpping, co-
founder. The picture was a gift from the
editor of De Groene Amsterdammer,
one of the dozens of Dutch titles that use
the app, which lets people pay sums
★ FINANCIAL TIMES
COMPANIES
made by the middle of this year on
whether to launch a partial initial public
offering of its HIV business, ViiV
Healthcare, which is almost 80 per cent-
owned by GSK in a joint venture with
Pfizer of the US and Shionogi of Japan.
ViiV is one of the best-performing
parts of the group, with sales up 15 per
cent last year to £1.5bn, and the poten-
£1.5bn £531m
Sales last year for Pre-tax profits
the group’s HIV for the quarter,
business ViiV down from
Healthcare £2.5bn in 2013
from a few cents to almost €1 per article.
Blendle charges newspapers a 30 per
cent commission, but the publishers are
free to set their prices.
Blendle has, so far, been a success in
the Netherlands, with 200,000 down-
loads and 40,000 paying users since it
started in 2014. Now it is expanding into
Users can select how long
they want their bulletin to
be, and technology will
edit the top stories down
the rest of Europe. Big names, such as
The Economist, have signed up. The
New York Times and German publisher
Axel Springer paid $3.8m for just under
25 per cent of the business.
Readly — Spotify for magazines
In the music and film industry, consum-
ers are moving from pay-per-instalment
models, such as Apple’s iTunes, and
tial IPO is seen as a way to unlock value
for disgruntled shareholders. The stock
has fallen 7 per cent over the past year
while most of its peers have soared.
Any listing would take place in Lon-
don and could be the biggest healthcare
IPO on record. People close to the mat-
ter said Citigroup, Goldman Sachs and
Morgan Stanley had been appointed as
advisers.
Fourth-quarter results appeared to
offer little relief, with revenues down
5 per cent, adjusted for currency fluctu-
ations, at £6.2bn, while pre-tax profits
plummeted to £531m from £2.5bn in
2013. However, core earnings, excluding
instead signing up for all-you-can-eat
subscription services like Netflix.
Readly, set up by Swedish entrepre-
neur Per Hellberg, wants to do some-
thing similar for magazines. Its app
allows users to browse through titles —
including the Beano and OK! in the UK.
Subscriptions cost £9.99 a month, so
heavy news users are likely to pay less
than if they bought access to individual
magazines. Revenues are distributed
among the titles based on how long
readers spend on each of them.
But there are doubts about audience
demand. In music and films, consumers
“like the sense of variety” that a sub-
scription brings, says Mr Doctor of New-
sonomics. In contrast, “people’s inter-
ests in magazines are relatively narrow”.
Reuters.TV — Will audiences pay?
“The last big innovation in TV news was
probably Ted Turner’s establishment of
CNN,” says Isaac Showman, managing
director of Reuters TV. “This is TV in an
age of 140 characters.”
General retailers
Staples to purchase Office Depot for $6.3bn
JAMES FONTANELLA-KHAN AND
STEPHEN FOLEY — NEW YORK
Staples agreed to acquire Office Depot
yesterday in a $6.3bn transaction that
will create the largest office stationery
company in the US, marking the latest
victory for activist investor Starboard
Value.
The deal establishes Starboard and its
founder Jeff Smith as one of the most
successful activists, in a sector of the
hedge fund industry that has been dom-
inated by higher-profile names such as
Carl Icahn and Bill Ackman. Office
Depot shareholders will receive $7.25 in
cash and 0.2188 Staples shares. The
transaction values Office Depot at $11-a
share, a 44 per cent premium on Mon-
day’s closing price, before it emerged
that the two were in advanced talks.
However, the deal faces regulatory
scrutiny, according to lawyers and deal-
makers who worked on similar transac-
tions, as it comes just under two years
after Office Depot merged with smaller
rival OfficeMax. A person familiar with
the matter said that Staples might be
forced to shed part of its commercial
operation to get the deal approved. Sta-
exceptional items and adjusted for cur-
rency movements, were down just 1 per
cent at 27.3p a share, beating analysts’
consensus forecast for 26.06p.
“This bucks the trend of disappoint-
ing results and marks a better finish to a
very challenging year,” said Alistair
Campbell, an analyst at Berenberg.
GSK said it would set out earnings
guidance for 2015 after the Novartis
deal is completed. The annual dividend
was up 3 per cent at 80p. Net proceeds of
£4bn from Novartis would also be
returned to shareholders, it added.
GSK shares closed up 1.6 per cent at
£14.76.
The service, which launched yester-
day, is the first paid-for news app that
offers just video. Users can select how
long they want their news bulletin to be,
and Reuters’ technology will automati-
cally edit the top stories down to the
right length. It also learns what topics
interest each viewer.
Reuters is pricing the app at £1.49/
$1.99 a month, which is roughly equiva-
lent to the cost of CNN as part of a US
cable TV package.
It is a bold step for Reuters, which
abandoned its previous push into con-
sumer news — a costly website dogged
by overruns — in 2013.
The company still regards itself as an
“ingredient brand” for other news pro-
viders, says Mr Showman.
However, the latest direct-to-viewer
effort reflects the thinking of Andrew
Rashbass — who took over as chief exec-
utive of the parent company, Thomson
Reuters, in 2013, having previously led a
digital subscriptions push at the Econo-
mist magazine.
ples introduced a $250m break-up fee if
the deal does not go through, which is in
line with similar deals.
The merger announcement comes
the week after Yahoo decided to spin off
its $40bn stake in Alibaba and the pack-
aging companies MeadWestvaco and
RockTenn agreed a $16bn packaging
sector merger — both plans that Star-
board had been agitating for.
Last year, Starboard showed its mus-
cle by ousting the board of Darden Res-
taurants, owner of the Olive Garden.
“Management teams are much more
$250m $3bn
Fee Staples has Size of credit
set should facility Staples
the deal not go says it has
through obtained
Thursday 5 February 2015
Pharmaceuticals
Ackman sends
in aide to treat
animal drugs
group Zoetis
DAVID CROW — NEW YORK
Bill Ackman, the billionaire hedge fund
activist, has parachuted one of his rep-
resentatives on to the board of Zoetis,
the $22bn animal health company he is
trying to shake up or sell.
Zoetis, the world’s largest animal health
group by sales, said it had appointed Bill
Doyle, a member of the investment
team at Mr Ackman’s Pershing Square
fund, as a director. Another “mutually
acceptable” independent director will
also be added to the board, Zoetis said.
“We welcome Bill to the board,” said
Zoetis chief executive Juan Ramón
Alaix. “He brings significant expertise
and relevant industry and operational
experience.”
Mr Doyle is one of Mr Ackman’s clos-
est advisers and was instrumental in
forming a partnership between Persh-
ing Square and Valeant, a Canadian
pharma group that went on to pursue a
$47.5bn hostile takeover of Botox maker
Allergan.
Their bid was derailed by Actavis,
which bought Allergan for $66bn after
emerging as a “white knight” bidder and
sealing the biggest M&A deal of 2014.
Mr Ackman’s fund still made a paper
profit of about $2.6bn, having amassed a
stake of almost 10 per cent in Allergan.
Mr Ackman has built a stake of about
People familiar with Bill
Ackman’s thinking say he
will push for a sale if Zoetis
does not make progress
10 per cent in Zoetis, along with fellow
hedge fund Sachem Head, and is push-
ing for a shake-up of the company,
which was spun out of Pfizer in 2013.
He wants the group, which sells
drugs for farm animals and pets, to
slash costs and improve shareholder
returns.
People familiar with his thinking say
he will push for a sale of the company if
it does not start making progress by the
middle of the year.
Bayer and Novartis both expressed
interest in buying Zoetis before it was
carved out of Pfizer, but the rules gov-
erning spin-offs made it difficult for
them to acquire it during the two years
after it became fully independent. That
two-year period ends in June.
Valeant has also been linked to the
animal health group, although its chief
executive recently played down sugges-
tions that he would make a bid, telling
the Financial Times he thought it was
“highly unlikely anything is going to
happen with Zoetis”.
Pfizer spun off Zoetis in an initial pub-
lic offering priced at $26 per share in
January 2013, as part of its own plan to
concentrate on human pharmaceuti-
cals. Shares in Zoetis, which have gained
31 per cent in the past six months, were
little changed at $43.75 in early New
York trading.
Zoetis sells more than 300 lines of
products to livestock producers and vet-
erinarians across 70 countries.
In November, Mr Ackman revealed
Pershing Square had taken an 8.5 per
cent stake in Zoetis while Sachem Head,
run by former Ackman employee Scott
Ferguson, had acquired 1.6 per cent.
Their stake is currently worth about
$2.2bn
receptive than they used to be — Darden
may be the exception,” Mr Smith said at
the Salt hedge fund conference last year.
“Our track record is, in general, better
than theirs. We are choosing companies
that haven’t been performing well.”
Starboard owns about 6 per cent of
Staples and 10 per cent of Office Depot.
The activist and its supporters argued
that the Federal Trade Commission has
become more open to allowing consoli-
dation among office supply retailers, as
they face greater competition from large
merchants such as Walmart as well as
online retailers.
Staples’ acquisition will give it a mar-
ket-leading position, argued Ron Sar-
gent, Staples chief executive.
Staples said it had obtained financing
commitments from Barclays and BofA
Merrill Lynch for a $3bn credit facility,
and a $2.75bn six-year term loan.
Staples was advised by Barclays with
legal assistance from Wilmer Cutler
Pickering Hale and Dorr and Weil,
Gotshal & Manges. Office Depot was
advised by Peter J. Solomon and
received legal counsel from Simpson
Thacher & Bartlett.
See Lex
Thursday 5 February 2015
Cars
Toyota heads for record profit
Full-year earnings outlook bolstered amid robust US demand and weaker yen
ANDY SHARMAN — LONDON
KANA INAGAKI — TOKYO
Toyota has raised its target for full-year
earnings after surging demand in the
US eclipsed flagging sales in Japan, Asia
and Europe.
The Japanese group, which last week
retained its title as the world’s best-
selling carmaker, said yesterday it
expected to generate Y2.13tn ($18.1bn)
in net profit in the year to the end of
March. Such a performance, against
previous guidance for net earnings of
Y2tn in 2014-15, would mark a second
consecutive annual record.
The bullish forecast came with third-
quarter results in which Toyota lowered
its fiscal year sales target by 50,000
units to 9m after trimming forecasts for
Europe, Japan and other Asian coun-
tries. Toyota officials said the weaker
yen and cost-cutting efforts would help
to offset lower sales. The company
expects the yen to trade at Y109 per US
dollar during 2014-15, compared with
its previous assumed rate of Y104.
In a fix: the group has suffered sharp falls in market share and has been forced to rely on its highly profitable UK-based Jaguar Land Rover arm — Vivek Prakash/Reuters
JLR owner makes ‘huge push’ to cut costs
JAMES CRABTREE — MUMBAI
Tata Motors plans to cut costs and
increase exports in an effort to stem
mounting losses and reverse years of
domestic sales declines.
Once India’s dominant automotive
group, it has suffered sharp falls in mar-
ket share amid criticism of out-of-date
cars and lacklustre after-sales service.
The company has been forced to rely on
its highly profitable UK-based Jaguar
Land Rover division, bought from Ford
in 2008.
Management is under pressure to
report improvements when the group
announces third-quarter results today,
following a loss of Rs18.5bn ($300m) in
the three months to the end of Septem-
ber at its domestic operations, which
also include a division making buses
and trucks.
Mayank Pareek, president of passen-
ger cars, said a “huge push” on cost cut-
ting would allow Tata Motors to launch
more than 10 new models by 2020,
improve customer care and expand the
dealership network.
“My number one area is cost reduc-
tion,” Mr Pareek said. “We should have
the lowest cost structure . . . Cost of
material, cost of manufacturing, cost of
marketing, cost of everything.” Mr
Personal goods
Ralph Lauren slides as strong dollar and weak sales hit earnings
ELIZABETH PATON
Ralph Lauren reported a 9.3 per cent
drop in quarterly profit, stung by a
stronger dollar and weaker than
expected sales, sending shares in the
US luxury retailer down more than 15
per cent yesterday.
The company said net income fell to
$215m, or $2.41 a share, in the third
quarter to December 27, down from
$237m, or $2.57 a share, in the same
period a year earlier. Net revenue rose
0.9 per cent to $2.03bn, missing Wall
Street expectations for the holiday sea-
son. Ralph Lauren said it now expected
“We made efforts during the strong-
yen era to firmly cut costs and improve
per-vehicle profitability,” said Takuo
Sasaki, managing officer. “As a result,
we have built a leaner structure that
does not rely on sales increase and the
currency.”
Recall buster
Strong sales boost GM’s
fourth-quarter results
General Motors yesterday brushed
aside the costs of last year’s recall
crisis to report fourth-quarter results
well ahead of analysts’ expectations,
partly because of strong sales of high-
margin vehicles in North America.
GM, the US’s biggest carmaker by
sales, increased its quarterly dividend
20 per cent to 36 cents in response to
the results. Its shares rose 5 per cent
to $35.74 in afternoon trading.
Interview. Mayank Pareek, Tata Motors
Pareek joined Tata Motors in September
from rival carmaker Maruti Suzuki, tak-
ing over attempts to turn round its mor-
ibund car business after the death of
Karl Slym, managing director, last year.
The cost-cutting drive follows last
week’s announcement of a Rs75bn
($1.2bn) rights issue to lower debt and
fund capital expenditure for vehicle
development, which Mr Pareek said
would “definitely be higher” in future.
Tata Motors plans to expand its net-
work of 460 showrooms to about 1,500
over the next three years and launch an
at-home after-sales service to lure cus-
tomers back from domestic competitors
such as Maruti and Hyundai of South
Korea.
“When you buy a car, we’ll give you a
smart card to do the first few services at
your home for free,” Mr Pareek said.
“Our aim is to ensure that anyone who
thinks of buying a car in India at least
considers one model from us.”
After a four-year hiatus, Tata Motors
launched its Zest sedan last August,
with the new Bolt hatchback following
last month — both have been marketed
to win over potentially sceptical
younger drivers. Mr Pareek admitted
there were “big gaps” in its line-up that
industry analysts expected to be filled
revenue growth of about 4 per cent in
2015, compared with a previous projec-
tion of as much as 7 per cent.
Like other global luxury groups,
including Richemont and Prada, Ralph
Lauren has been grappling with foreign
currency swings in recent months.
Robert Drbul, a Nomura analyst, said
this week that because Europe and Asia
made up about a third of Ralph Lauren’s
revenue, it could face a potential $100m
negative impact this fiscal year as the
dollar appreciated against the euro and
other currencies.
But the company remained cau-
tiously upbeat and looked to reassure
★★★ FINANCIAL TIMES
COMPANIES
The yen’s retreat, prompted by the
Abe administration’s attempts to boost
the economy, has been a boon to car
exporters.
Fuji Heavy Industries, owner of the
Subaru brand, also raised its full-year
profit forecast yesterday on the back of
Mary Barra, chief executive, said the
16 per cent year-on-year rise in fourth-
quarter net income to $1.1bn showed
“continued strong core operating
performance”, adding: “This is
especially true in North America and
China where we’re busy — where [we
are] highly profitable and growing.”
GM blamed a slump in sales in
Russia for depressing group revenue,
which declined 2 per cent to $39.6bn.
Full-year net income declined 26 per
cent to $2.8bn because of a $2.8bn
pre-tax charge for a wave of recalls.
Revenue rose 0.3 per cent to $156bn.
Robert Wright
with models including a compact sport
utility vehicle of the type that has
proved popular.
Mr Pareek denied speculation that
Tata Motors would produce models
jointly with JLR, led by a separate man-
agement team in the UK, but said that it
would introduce manufacturing tech-
niques and management systems
inspired by the British division.
Instead, Tata Motors plans to launch a
“very important” drive to expand
exports, which account for about 5 per
cent of its passenger-vehicle sales, tar-
‘My number one area is
cost reduction. We should
have the lowest costs ’
Mayank Pareek
investors with an 11 per cent increase in
the quarterly cash dividend on common
stock to $0.50 a share.
“Although our sales were below the
expectations we had set, we navigated
through the volatile global marketplace
by controlling the controllable and
delivered an operating margin at the
high end of our outlook. Foreign
exchange and global consumer spend-
ing remain unpredictable, and we are
planning our business accordingly,” said
Jacki Nemerov, chief operating officer.
Ms Nemerov said the group would be
implementing a global brand manage-
ment structure in the coming months
strong US sales and the weaker yen. Cur-
rency movements helped Mazda offset a
plunge in the Russian rouble and keep
its profit forecast unchanged.
But Toyota, more reliant on exports
than local rivals Honda and Nissan, is
well placed in the rampant US car mar-
ket, where its sales in January rose
15.6 per cent. The RAV4 and Lexus RX
are two of the most popular compact
sport utility vehicles in the US market
and Toyota is ramping up production.
For the third quarter, net profit was
14 per cent higher than during the same
period in 2013, at Y600bn, on revenue
up 9 per cent to Y7.1tn.
Despite lacklustre sales in Japan and
Europe and a comparatively weak posi-
tion in China, Toyota has maintained
healthy operating profit margins, partly
because of cost-cutting.
The shares, which have risen more
than a third since mid-October, closed
up 2.3 per cent at Y7,728.
Additional reporting by Nobuko Juji in
Tokyo
geting markets that need “small,
fuel-efficient cars” in Africa and Latin
America.
The number of cars sold in India fell 6
per cent in 2014 compared with the pre-
vious year against a backdrop of slowing
economic growth, but sales dropped by
more than a third while market share
plunged from 14 per cent in 2010 to 6
per cent. The group has had a series of
high-profile setbacks, notably the fail-
ure of its ultra-cheap Nano car,
launched in 2009 to huge publicity but
dismal sales. Mr Pareek said that he had
“good options” as he examined ways of
resurrecting the model’s fortunes.
Some analysts have argued that Tata
Motors should quit its Indian car busi-
ness and focus instead on JLR and the
profitable bus and truckmaking opera-
tions, but Mr Pareek said that rapid
future growth in India’s market would
help the country’s oldest carmaker
regain its lead.
“The Indian automotive market will
increase sharply despite the stress of the
last couple of years,” he said.
“It was around 2.5m [vehicle sales]
last year, and it will double by 2020. I’m
99 per cent sure this will hap-
pen . . . There is going to be growth
enough for everyone.”
that aimed to “operate in a more cus-
tomer-centric way and provide substan-
tial operating efficiencies”.
Ralph Lauren reported $124m in cap-
ital expenditures, compared with $81m
a year earlier.
Ralph Lauren’s shares fell 15.7 per
cent at $144.05 in morning trading.
Arch-rival Michael Kors reports its
latest earnings today.
Hugo Boss was also hit by rising costs,
taking a €19m one-off charge due in
part to an overhaul of its Middle Eastern
distribution network. The German
group reported weaker than expected
fourth-quarter sales and profit.
Banks
Handelsbanken appoints
17-year veteran to top job
RICHARD MILNE
— NORDIC CORRESPONDENT
Handelsbanken named a 17-year vet-
eran of Sweden’s biggest bank as chief
executive in the aftermath of a private-
jet scandal.
Frank Vang-Jensen, a 47-year-old Dane,
will become chief executive in March,
replacing Pär Boman, who becomes
chairman.
Anders Nyrén, the current chairman,
had to leave to become chairman of
Industrivärden, Handelsbanken’s big-
gest shareholder, after the scandal,
which triggered big changes at the hold-
ing company.
Handelsbanken unveiled a bigger-
than-expected dividend and clearer
rules on how much capital it expects to
hold. The bank is one of the best capital-
ised in Europe and is seen as a model by
many analysts, but fourth-quarter
results disappointed.
Mr Vang-Jensen becomes the second
Dane to lead a big Swedish bank, after
Christian Clausen at Nordea. He has
worked at Handelsbanken since 1998,
when he began as a branch manager in
Copenhagen. He is head of Han-
delsbanken’s Swedish business, having
also run Denmark and its Stadshypotek
mortgage provider. He has been a mem-
ber of senior management since 2007.
He replaces Mr Boman, a former
industrialist who led Handelsbanken
successfully through the financial crisis.
Handelsbanken is renowned for its con-
Banks
Spanish economic recovery
helps BBVA return to the black
THOMAS HALE — MADRID
BBVA beat expectations in the fourth
quarter as Spain’s second-largest bank
was boosted by continued recovery in
its home market.
The lender made profits of €689m in the
three months to the end of December,
topping analysts’ expectations. This
compares with a loss of €849m over the
same period a year ago, incurred by the
sale of a stake in a Chinese bank.
The fourth-quarter rise was driven by
falling costs of deposits and a recovery
in new loans, especially mortgages, con-
sumer finance and lending to SMEs, the
bank said yesterday.
It added that a “brighter market out-
look” in Spain was confirmed in real
estate performance in the fourth quar-
ter, which the bank said had “notably
less negative” impact than in late 2013.
“It has been a very difficult exercise
but also a very good one, characterised
by a growth in revenues, a control of
costs and an improvement in risk indi-
cators,” said Francisco González, BBVA’s
president.
BBVA, which has significant opera-
tions in Latin America, has recently
focused on establishing a dominant
position in Spain as the country contin-
ues to edge closer to the promise of fully-
fledged recovery.
In July, it bought Catalunya Banc in a
€1.2bn play on Spanish economic resur-
gence. It has also modified its interna-
tional approach, increasing its stake in
Contracts & Tenders
19
servatism and quirks such as not setting
budgets, not paying out short-term
bonuses and conserving a cash buffer to
cover more than two years of payments.
Handelsbanken said yesterday that it
would propose a normal dividend of
SKr12.5 per share, up from SKr11.5 a
year earlier, and a special dividend of
SKr5 per share. Even including the
heightened payout, the bank had a com-
mon equity tier 1 ratio of 20.4 per cent,
up from 18.9 per cent a year earlier.
It said that in future it would aim to
Handelsbanken’s
cash buffer
covers more than
two years of
payments and it
sets no budgets
have a ratio of 1-3 percentage points
above the requirement from Swedish
regulators for a common equity tier 1
ratio of about 17.7 per cent.
The dividend decision follows a trend
of Nordic banks boosting payout ratios,
echoing Danske Bank’s move. Swed-
bank has led with a pledge to pay three-
quarters of net profit to shareholders.
Nordea promised a dividend last week
equivalent to 70 per cent of earnings.
Handelsbanken’s fourth-quarter
earnings lagged behind forecasts. Oper-
ating profit fell 12 per cent from a year
previously to SKr4.3bn ($522m).
Return on equity fell 2.4 percentage
points to 11.4 per cent.
Turkish bank Garanti in November, and
further selling down its holding in Chi-
nese bank Citic last month.
The bank, which had about 9m digital
customers at of the end of December,
highlighted its technological progress as
a central theme of 2014.
Over the past year it has made many
tech-orientated investments and acqui-
sitions, including buying US digital bank
Simple and investing in bitcoin com-
pany Coinbase.
BBVA said its “digital transformation”
along with associated “cost manage-
ment” could incur savings of €340m in
Spain.
Net interest income — the difference
between interest paid on liabilities and
interest earned on assets — rose 13 per
cent to €4.2bn in the fourth quarter, up
from €3.8bn a year earlier.
Shares in the bank were up 2.84 per
cent at €8.16 at the close in Madrid.
BBVA made profits of €689m in its
last quarter, buoyed by new lending
20
Donations yield embarrassment all round for hedgies and Tories
Horror is the only appropriate reaction
to the news that the Tories have been
taking donations from hedge fund
managers. Have they no concern for
their reputation? The hedgies, that is.
Politics is a dirty game, as the row
between Labour and business shows.
Sleep with a dog, wake with fleas. Sleep
with George Osborne — or maybe just
join his City working group — and you
awake with policies, which is worse.
Of course, it cuts both ways. The
public unaccountably regards hedge
fund managers as sharp-suited tax
dodgers. So their donations have a
reputational cost for the Tories too.
Alpha hunters whose names have
appeared in the past year on the
donors’ register include Sir Michael
Hintze of multi-strategy manager CQS,
Lord Farmer of metals specialist Red
Kite and Chris Rokos, formerly of
Support services
Tool hirer HSS
makes subdued
market debut
Analysts point to tricky
trading environment and
lower investor enthusiasm
ELIZABETH PATON
The City’s first main market listing of
2015 got off to a slow start as shares in
British tool hire group HSS dipped more
than 5 per cent in early trading, even
though the company was priced at the
bottom end of its 210p-262p range.
Analysts said the muted day-one per-
formance by HSS on its stock market
debut yesterday reflected a more unpre-
dictable trading environment and lower
investor enthusiasm. The shares closed
at 210p.
Optimistic expectations of a repeat of
last year’s record number of initial
public offerings have been shelved after
thetrainline.com shunned a £500m
offering in favour of a sale to private
equity group KKR 10 days ago.
Meanwhile, US buyout house Hell-
man & Friedman is preparing a £2bn
takeover bid for Auto Trader, the UK’s
largest marketplace for used cars, in a
deal that would derail what is expected
to be one of this year’s biggest IPOs.
HSS, the UK’s second-largest provider
of tools and equipment by revenues
after FTSE 100 rival Ashtead, had
initially vied for a valuation of up to
£406m as it looked to raise total gross
proceeds of £103m to help fuel expan-
sion, plus £11m for investors of private
Questions remain as Towergate learns bruising lesson about risk
Investors take heavy losses
after broker lacks cover for
debt-fuelled expansion spree
ALISTAIR GRAY
— INSURANCE CORRESPONDENT
“Towergate gets it right consistently,
time and time again.” So wrote Alastair
Lyons, chairman of the insurance bro-
ker, in an introduction to the company’s
2013 annual report.
These words about Towergate’s strat-
egy to consolidate Britain’s fragmented
insurance broking industry have come
back to haunt the indebted company.
Investors this week agreed to take heavy
losses in a debt-for-equity deal after
Towergate came close to running out of
cash. The refinancing will wipe out the
interests of Peter Cullum, the founder,
whose stake in Towergate had helped
him earn a place among Britain’s richest
Geneva-based Brevan Howard.
Sir Anthony Bamford of digger group
JCB continues to sling a few bob in
David Cameron’s direction. But to
paraphrase a famous bank robber, the
Tories liberate cash from Mayfair
hedgies rather than honest Midland
manufacturers because they have a lot
more of the stuff.
What looks like a business-friendly
measure to some betokens graft to
others. Labour leader Ed Miliband — or
is it David (so easy to forget politicians’
names) — has thus criticised
intermediaries relief. This break was
not designed to help hedgies. But they
benefit by avoiding stamp duty when
they invest in shares via derivatives.
Hypocrisy is no bar to becoming an
MP, or the Commons tea room would
close for lack of business. Labour
decries the Tories as the party of
Monaco tax exiles. Yet in 2006, the
Blair government gave knighthoods to
Sir Philip Green, whose wife lived
there, and Sir Stelios Haji-Ioannou,
who resided in the principality.
Business people, such as Stefano
Pessina of Boots, may pronounce on
politics if they wish. But when they do
equity group Exponent, one of HSS’s
main shareholders; co-investor Stand-
ard Life; and certain members of the
company’s senior management.
The pricing gave the company a mar-
ket capitalisation of £325m. Despite the
group’s underwhelming start, its man-
agement remained optimistic about its
future performance
“We are delighted to have completed
the IPO process successfully and with
proceeds from the offer enabling us to
accelerate our growth, are excited about
our future as a listed business,” said
Chris Davies, HSS chief executive.
Appetite for newly listed companies
in the UK has appeared strong thanks to
buoyant equity valuations, improving
domestic economic growth and the
European Central Bank’s decision last
month to launch a €60bn a month
stimulus. London was the fourth most
active market in the world for IPOs in
2014, with $18.8bn raised in 43 listings
in the year to December 15.
A flurry of companies then emerged
in the first days of 2015 seeking a flota-
tion, including British infrastructure
group John Laing, which announced it
was hoping to secure a valuation of
£865m from a proposed IPO.
A number of other smaller companies
yesterday reported intentions to float.
Lakehouse, an Essex-based asset and
energy support services group unveiled
plans for an IPO as did Eurocell, the win-
dows and door frame maker, which said
it was seeking a £200m valuation.
men, and Advent, the private equity
backer that invested £200m in the com-
pany four years ago.
It will also crystallise a more than 60
per cent loss on Towergate’s debt, held
by buyout houses, hedge funds and
other investors. The restructuring
writes down the debt from £1.05bn to
£370m. Mr Lyons says he is “really
pleased” with the recapitalisation,
which will “lay the foundations for a
strong future”.
“We’ve always said over the past few
months this is a great business with the
wrong capital structure. Now this is a
great business with the right capital
structure.”
Yet the period of financial turmoil
raises questions about what went wrong
at Towergate and whether its future is as
assured as the chairman asserts.
The roots of the problems lie in debt-
funded acquisitions that brought doz-
ens of local and regional brokers under
the Towergate umbrella. In 16 years,
★ FINANCIAL TIMES
UK COMPANIES
so, they forfeit the immunity from ad
hominem attacks they enjoy within
commerce. Politicians are professionals
at name-calling, as illustrated by the
hazing of Centrica’s Sam Laidlaw and
G4S’s Nick Buckles. Wise business folk
will stay clear during current
hostilities, while invoking a plague on
both of Westminster’s houses.
ICAP gets a wiggle on
Opposition is true friendship. By
challenging a fine for cartel activity,
interdealer broker ICAP will
strengthen the processes of its
opponent, the European Commission.
Banks and brokers too often acquiesce
meekly when attacked by regulators.
Mission creep and fine inflation are
thus partly their fault.
Only a modest-sized worm is turning
here. The fine is a skinny €15m. ICAP is
run by tenacious founder Michael
Spencer.
Entrepreneurs are often willing to
fight battles career managers flee. Still,
Barclays is contesting a fraud case
brought against it by the New York
Flight plan: The budget carrier looks to raise €150m as it aims to undercut rival Ryanair — Bernadette Szabo/Reuters
High times
Wizz Air
refuels for
IPO push
Insurance. Restructuring
Towergate bought almost 300 smaller
rivals, transforming the sector and
emerging one of the country’s largest
private companies with 5,000 staff, 120
offices and 2.4m policyholders.
By 2007, a decade after Mr Cullum
established the business, the philan-
thropist was valuing Towergate at more
than £3bn. The expansion took the bro-
ker into unusual niches, providing
insurance policies for rugby stars, cara-
vans and Formula One teams. Tower-
gate became one of the largest providers
of military equipment cover for the Brit-
ish Army and insured almost half the
country’s driving instructors.
The broker underwrote some insur-
ance and branched into financial advice
through Towergate Financial, a busi-
ness the Financial Conduct Authority is
examining after allegations of mis-sell-
ing. “It was a classic case of buy and
build, financed by debt,” says Eamonn
Flanagan, analyst at Shore Capital, who
adds the businesses were not well inte-
attorney-general. Perhaps a mini-trend
is under way. Anything can happen in
law courts. But ICAP’s defence looks
flimsier than Barclays. New York’s
attack on the bank cites supposed
naughtiness in brochures for dark
pools. In contrast, under a 2013
regulatory settlement, ICAP admitted
some staff helped a bank trader to rig
Libor. It appears this rabble waddled
and quacked like a cartel, even if the
law does not define them as such.
Purists will grumble that those who
support fightbacks against regulation
support wrongdoing. The argument is
facile. Misdeeds should be punished.
But when punishments are unfair,
justice has failed. Debate in legal and
public forums guards against this.
Fruit offshoot
Peter Hargreaves enjoys growing his
own fruit and veg. So it is appropriate
that Hargreaves Lansdown, the
investment supermarket he
co-founded, is propagating its own
peer-to-peer lender. But will it be a
peach or a lemon? And is the initiative
Wizz Air has resurrected plans to float
on the London Stock Exchange just
seven months after scrapping them as
it aims to undercut rival Ryanair,
Europe’s largest low-cost airline.
The Budapest-based budget carrier is
looking to raise €150m through an
initial public offering in March that will
help strengthen its balance sheet and
give it access to cheaper funding.
Michael Powell, Wizz chief financial
officer, said: “We are convinced we will
be the lowest cost producer.”
Wizz focuses on connecting western
Europe to central and eastern Europe,
routes eyed by Ryanair, which Wizz Air
competes with on 32 per cent of flights.
grated. “They were okay on their own
but they didn’t deliver for the greater
good. They needed to deliver synergies
and clearly those didn’t come through.”
In particular, insiders say, an effort to
centralise disparate back office systems
during the past year has been poorly
handled, damaging morale at what is
largely a people business.
At the same time, Towergate contin-
ued doing deals. It made another seven
acquisitions in the first nine months of
last year. Yet pressure across the indus-
try on premium levels, which have also
caused difficulties at RSA and Aviva, the
UK insurers, caught up with Towergate,
making it hard for the business to serv-
ice its debt.
Towergate’s
refinancing
will wipe out
the interests
of founder
Peter Cullum
a sign this hugely successful business is
pot-bound in its core market?
Reform to financial services at first
boosted the client base of HL. Investors
“orphaned” when independent
advisers closed flocked to its Vantage
platform. But tougher disclosure
blighted HL too last year. New client
numbers fell by a half to 23,000 in the
six months to December 31.
Pensions liberation could help
reverse the trend. But competition is
fierce from traditional rivals like
Fidelity and automated advisers such
as Nutmeg are a nascent threat.
HL is venturing into P2P in response
to low margins on cash evident in a
2 per cent half-year drop in profits
before tax to £102m. P2P cash boasts
higher yields. HL has the skills and
scale to succeed here.
However, an in-house robo adviser
might offer greater synergies. US low-
cost broker Charles Schwab has one.
Schwab’s shares trade at a 15 per cent
forward earnings discount. Even after a
7.6 per cent drop yesterday, HL’s shares
remain pricey.
jonathan.guthrie@ft.com
József Váradi, Wizz chief
executive, talked down the risk of
any competitive reaction from
Ryanair as Wizz grew. He said:
“There is enough growth potential
in eastern Europe to serve two
carriers easily.”
The no-frills airline abandoned its
first effort to go public in June.
In the airline’s first-half results
posted yesterday, net profit jumped
45 per cent to €158.1m, as its
passenger numbers rose 17 per cent
to 8.8m. Barclays, Citigroup and
JPMorgan are co-ordinators and
bookrunners for the IPO.
Jane Wild and Joel Lewin
By November, it was warning it might
not survive as a going concern if a
restructuring could not be agreed.
Despite the heavy losses, investors
will suffer, Mr Lyons denies that Tower-
gate’s buying spree was misguided.
“That’s completely the wrong conclu-
sion,” he says. “The term ‘spree’ sug-
gests that it was unplanned, not thought
through and poorly conceived.”
He recognises, however, that the bro-
ker’s efforts to centralise operations
were “not as well thought through as
they should have been”.
The restructuring gives Towergate
breathing space. Mr Lyons says the com-
pany, which has cut 600 jobs, does not
plan to let more employees go.
Yet financial results also disclosed this
week further underscore the scale of the
challenges. Towergate’s earnings before
interest, tax, depreciation and amorti-
sation dropped almost a quarter in 2014
from a year earlier to £110m on income
of £426m. It cited the “combined
Thursday 5 February 2015
Briefs
London City airport
Expansion plan boost
London City airport has won its
battle for planning permission,
putting the capital’s business travel
airport on the path to expansion
after a nearly 18-month fight.
Newham council gave the
go-ahead on Tuesday night for the
airport to extend its terminal and
construct a new taxiway, aircraft
stands and arrivals building.
The planning approval will allow
it to grow to handle 6m passengers
a year by 2023, up from 3.65m in
2014, and operate a maximum of
111,000 flight movements a year, an
increase from 70,000 now, but less
than the 120,000 it wanted.
As part of the deal London City
— owned by US infrastructure fund
Global Infrastructure Partners,
which also owns Gatwick and
Edinburgh — has promised to
create 1,500 new jobs.
The development now needs to
be signed off by the mayor of
London. Jane Wild
Starbucks
Chain serves up profit
Starbucks has finally brewed up a
pre-tax profit in the UK, almost 17
years after setting up shop in the
country.
The coffee shop chain, which has
been accused of using cross-border
payments to minimise its UK
corporation tax, reported pre-tax
profits of £1m for the 52 weeks to
September 28 2014, a £21.5m
improvement on the previous year.
Starbucks attributed the
improvement to a turnround plan
aimed at reducing store costs built
up during its rapid expansion in the
UK. Since 2011, it has closed 67
unprofitable stores, contributing to
a boost in operating margin of 540
basis points to 0.2 per cent.
“The company’s strong
performance is the result of a
turnround strategy that has
focused on engaging with our
employees, giving customers more,
growing the business and
improving our model by
rebalancing the store portfolio and
carefully managing costs,” said
Mark Fox, UK managing director.
Kadhim Shubber
Asia Resource Minerals
Power grab resisted
Shareholders in Asia Resource
Minerals have rejected an attempt
by the coal miner’s former chairman
to wrest back control, paving the
way for the company to proceed
with a debt restructuring package.
Samin Tan’s attempt to gather
investor support for his own choice
of directors at the miner — formerly
known as Bumi — was rejected
yesterday. More than two-thirds of
shareholders sided with the
company’s board, which argued
that Mr Tan would try to run the
miner in the interests of Borneo, his
own financially distressed vehicle.
James Wilson
impact of income decline and increased
expenses, the latter of which relates
entirely to the additional costs from
acquired businesses”.
To avoid a future cash crisis, the new
owners will need to reverse the falling
profits at a time when premium rates
remain under pressure across the mar-
ket. Towergate said income in the sec-
ond half of this year is “expected to
begin to recover” as its efforts to better
integrate its operations begin to bear
fruit. It predicted that by 2017, income
would finally return to 2013 levels.
Yet Towergate’s ownership also
remains uncertain. Despite the agree-
ment reached this week between the
board and senior creditors, different
sets of bondholders are still tussling
over who gets what.
For whichever set of creditors takes
control, a priority will be to hire a new
chief executive. Towergate has yet to
appoint a replacement for Mark
Hodges, who quit suddenly in October.
Thursday 5 February 2015 ★★★ FINANCIAL TIMES 21

UK COMPANIES

Battle of the box General financial

Sky UK customer growth ‘highest since 2005’
Operator in ‘pay-light’
push amid competition
from streaming groups
HENRY MANCE
— MEDIA CORRESPONDENT
Sky has heralded its push into “pay-
light” television services as it reported
the fastest customer growth in the UK
and Ireland for nine years.
A total of 204,000 new customers
joined Sky in the three months to
December, many of them on the stream-
ing service Now TV, which offers low-
cost monthly contracts compared with
the traditional Sky satellite packages.
Jeremy Darroch, Sky’s chief execu-
tive, said yesterday that the company’s
approach to “segmenting the market
with the complementary Sky and Now
TV brands was working”.
Sky, Europe’s largest pay-TV operator
by customers, also reported growth at
its newly acquired Italian and German
operations.
In Germany and Austria, customer
numbers grew by 214,000 in the quar-
ter, the highest ever. In Italy, where the
business has faced economic headwinds
and competition from Mediaset, 30,000
new customers were added.
Growth was boosted by reductions in
churn, or the percentage of customers
who cancelled their subscriptions. But
average revenue per user was flat in
Italy at €43 and fell slightly in Germany
to €35, suggesting discounting.
Sky is facing challenges across Europe
from streaming competitors such as
Netflix and Amazon Prime, which offer
Travel & leisure. Sports TV
low-price TV subscriptions. However,
Mr Darroch said there was no “land
grab” for customers, and that Sky could
“warm customers up” through pay-light
packages and by offering “clear points of
difference”, such as exclusive high-end
drama.
Paul Richards, an analyst at Numis,
said Sky had delivered “a robust operat-
ing performance across its three geogra-
phies and an encouraging financial
performance”.
Revenues, on a like-for-like basis and
adjusted for constant currencies,
increased 5 per cent year on year to
£5.6bn in the six months to December in
line with analysts’ expectations.
Earnings before interest, tax, depreci-
ation and amortisation rose 7 per cent to
£993m, on the same adjusted basis.
Adjusted operating profit rose 16 per
cent to £675m, with a small profit in
Italy in effect cancelling out a small loss
December, mostly due to asset sales.
Sky’s shares rose 2 per cent in early trad-
in Germany. ing to 962p, a 14-year high.
Pre-tax profits rose from £507m The results are the first to incorporate
to £1.2bn in the six months ending Sky Italia and Sky Deutschland, the
European sister companies that Sky
acquired last year from its own biggest
shareholder 21st Century Fox for nearly
£9bn.
In the UK, Sky added 106,000 broad-
band customers in the three months
ending in December. That was slightly
below the 119,000 retail customers
added by its rival BT in the same period.
Sky announced plans to slim down its
quarterly reporting — moving to trading
£5.6 bn 204,000 statements for the first and third quar-
Revenues over six Customers joining ters of each financial year. It will also
months, in line in the last quarter, report churn on a 12-month rolling
with analysts’ many through basis, instead of quarter by quarter.
expectations Now TV See Lex
Hargreaves
to set up
P2P lending
platform
JUDITH EVANS
Hargreaves Lansdown, the UK’s lead-
ing fund supermarket, is to set up its
own peer-to-peer lending platform as it
seeks a slice of the fledgling industry’s
rapid growth.
P2P platforms, which act as market-
places for lenders to connect with bor-
rowers, are fast moving from the finan-
cial margins into the mainstream after
enabling £1.2bn of UK loans last year.
Hargreaves, whose margins have
been squeezed by reforms to sales of
financial products, aims to launch its
platform in 18 to 24 months, and is look-
ing initially to its existing customers as
both borrowers and lenders. It will
probably branch out into lending to
non-Hargreaves customers and small
businesses later.
“This is a market that is a very good
idea but it’s very sub-scale, and if there’s

Game plan is key to winning football rights shootout
The media battle for the
Premier League prize is
expected to raise up to £5bn
HENRY MANCE — MEDIA CORRESPONDENT
Tomorrow two of Britain’s biggest com-
panies will start the corporate equiva-
lent of a gunfight. BT and Sky will bid in
an auction for Premier League football
rights, which is expected to generate
£3.5bn-£5bn and underlines the huge
value that live sports has for broadcast-
ers and telecoms groups worldwide. So
how will they approach the process?
Winning the rights is simple. Sky pays
£760m a year to broadcast 116 matches
live in the UK, representing the lion’s
share of the rights. BT, Discovery Com-
munications and Al Jazeera — all con-
firmed or possible bidders — could
potentially pay more. But winning with
a strategy that makes long-term finan-
cial sense is harder. Irish broadcaster
Setanta won rights in the 2006 and 2009
auctions, but soon ran out of money.
Bidding strategies
A tested auction strategy is “bid high,
bid early”. In 2013, BT won the rights to
broadcast Champions League football
with a knockout bid of €1bn over three
years. Its condition — accepted by the
rights holder Uefa — was that the auc-
tion did not go to a second round.
That tactic will not work with the Pre-
mier League, which, under its chief
executive Richard Scudamore, runs a
highly-regulated process.
The rules of the auction are not pub-
lic. According to people familiar with
the process, there is no set number of
rounds, but bidders are likely to be
given a chance to make further offers.
Bidders are not told whether they are in
the lead after the first round, or whom
they are bidding against — which can
scare them into making higher pitches.
To ensure bidders declare their hands
early, the league may award one of the
seven packages of matches available in
the first round.
Calculating value
Broadcasters have to balance the costs
of football coverage — about £40 per UK
household, before production and mar-
keting — against the revenues which
accrue from household and pub sub-
scriptions, advertising, and sales of bun-
dled products, such as entertainment
channels and broadband.
Sky uses sports as a loss leader —
sports subscribers also buy highly-prof-
itable entertainment and film channels.
“The key to Sky is the ‘bundle’,”
said Patrick Wellington, an analyst at
Morgan Stanley.
Sky has to calculate how many of its
estimated 4m sports subscribers would
go elsewhere if the broadcaster lost Pre-
mier League rights. Analysts at Citi
believe the answer is not many — so long
as Sky still shows the popular Sunday
kick-offs. But a survey by Morgan
Stanley found that one-third of Sky
Sports subscribers would switch to BT if
the latter won the rights to games that
kick off at 4pm on Sunday. That would
cut Sky’s earnings before interest, taxa-
tion and amortisation by 15-20 per cent,
said Mr Wellington.
For BT, there are more unknowns. It
has committed more than £2bn to
sports rights to attract more broadband
customers. How many broadband cus-
tomers would go elsewhere if BT did not
strengthen its content proposition? How
many new customers will the group gain
anyway, once its Champions League
rights kick in next season?
Then there are subscriptions. BT has
said it will charge customers an unspeci-
fied subscription to watch Champions
Winning is simple . . .
Winning with a strategy
that makes long-term
financial sense is harder
League football from next season. How
much could it raise?
If 1m households paid an extra £10 a
month for sports coverage, that would
generate more than £120m in annual
revenues for the company. BT pays
£246m a year to show 38 Premier
League games. A third issue is mobile.
BT is set to buy mobile operator EE,
which has 24m customers in the UK.
How would Premier League rights facili-
tate BT’s ability to cross-sell broadband
to those customers?
While Sky could focus on quality —
Sunday kick-offs — BT may want more
quantity: at least one game a week dur-
ing the season. But if a bidder focuses
only on certain packages, it may allow
its rival to buy the others for a bargain.
Discovery Communications and Al
Jazeera have a trickier proposition.
They cannot offset costs against sales of
ancillary products. Instead their reve-
nues would come from advertising and
pay-TV platforms — Sky, Virgin and BT
— paying to carry and retail their chan-
nels. Discovery and Al Jazeera stretch
far beyond the UK — do their long-term
strategic ambitions merit betting the
farm on the Premier League?
See Lex
BT enters final straight page 16
The final goal: the biggest bidder will win the auction, but will need to translate it into a revenue stream
Value of Premier League television
rights for live broadcasts in the UK
Price per match, £m
(Figure on bar, value paid)
$1.7bn $1.8bn $3.0bn
2007/08- 2010/11- 2013/14- 2016/17-
2009/10 2012/13 2015/16 2018 /19
UBS estimate
one thing Hargreaves can bring, it’s
scale,” said Ian Gorham, chief executive.
Hargreaves’ P2P offering would com-
pete strongly with the UK’s largest oper-
ators, such as Zopa, RateSetter and
Funding Circle, he added. “If only a
small proportion of our customers
take part, that could still make us the
largest peer-to-peer lender by some
considerable way.”
P2P is expected to grow even more
rapidly when it becomes eligible for
inclusion in the Isa, a tax-efficient wrap-
per — a change that is expected this year
or in 2016. Hargreaves has held talks
‘If there’s one thing
Hargreaves can
bring, it’s scale’
Ian Gorham, chief executive
with existing P2P providers and said it
would still be prepared to offer their
products. But some established opera-
tors are sceptical about such a tie-up.
The group also intends to launch a
broking service for cash savings
accounts, which it has said will be the
first of its kind and will enable it to offer
more cash options without a banking
licence. The cash and P2P propositions
will avoid high capital requirements and
will not involve taking credit risk on to
the balance sheet.
FTSE 100-listed Hargreaves revealed
the plans as it released first-half results.
Assets were up 4.7 per cent to a record
£49.1bn, but pre-tax profits were
slightly down and net new business
inflows fell 20 per cent.
Stripping out customers drawn in by
the Royal Mail flotation in the first half
of 2014, new customer numbers were
down 49 per cent year on year, accord-
ing to analysts at Liberum.
“Growth is moderating significantly,
partly a function of its size and maturity
and also due to the refined revenue
model,” they said.
— Stephen Pond/PA There are also concerns that Har-
greaves faces stiffer competition as
rivals ramp up DIY investing proposi-
Broadcasters’ share prices Aggregate club revenues tions and in some cases offer lower fees.
Rebased €bn* The Bristol-based company said it
Match Commercial** Broadcast had been a “muted” six months for mar-
day kets and for retail investing, but mar-
8 0 1 2 3 gins had also been affected by reforms
BT 200
Premier League to the investments market, which took
180 (England) effect for DIY platforms such as Har-
6 greaves’ Vantage in April last year.
Bundesliga
160 (Germany) Hargreaves said most investors were
4 Sky 140 La Liga paying less for its services under the
Last auction (Spain) pricing structure put in place to comply
2
120 Serie A with the reforms, and this had
(Italy) prompted it to focus on developing
100
Ligue 1 high-margin products. Mr Gorham said
$4.5bn 0 80 (France) he expected a strong boost from pen-
*2012-2013 season sions reforms.
2012 13 14 15 **Including non-sponsorship revenues such Hargreaves has increased its interim
as conferencing catering
dividend 4 per cent to 7.3p a share.
Sources: Premier League; FT; UBS; Thomson Reuters Datastream; Deloitte See Lombard

General financial

ICAP to fight €14.9m Brussels fine for alleged rate manipulation

PHILIP STAFFORD
ICAP is to fight a €14.9m fine imposed
on it by European antitrust authorities
for aiding a cartel in the yen swaps mar-
kets as Brussels formally closed a por-
tion of its long-running probe into rate
manipulation.
The UK interdealer broker said the fine
handed out by the European Commis-
sion yesterday was “wrong both in fact
and in law”. Charges made against ICAP
last year accused it of facilitating illegal
arrangements between banks in mar-
kets for the yen-based London inter-
bank offered rate and yen Tibor, the
Tokyo interbank offered rate.
The allegations covered periods
between 2007 and 2010. ICAP said that
the fine was based on the same underly-
ing case for which it had been fined
£55m by the UK and US regulators in
September 2013.
Margrethe Vestager, the EU antitrust
commissioner, said: “Today’s decision
to fine the broker ICAP sends a strong
signal that assisting companies in their
cartel activities has severe conse-
quences.”
She added that the ruling marked the
end of its investigation into alleged
manipulation of rates based on the Japa-
nese currency. That was only one strand
of a Commission investigation into
manipulation of interbank lending
benchmarks, such as Libor and its Euro-
pean sister benchmark Euribor, which
involves up to 11 financial groups. So far,
six banks and an interdealer broker
have been fined €669m for colluding on
yen-Libor products. The others admit-
ted their involvement in the cartels.
ICAP’s fine is based on its alleged
infringements of anti-competitive rules,
whereas the penalties levied by the UK
ICAP said it
had not been
shown evidence
of the effect of its
actions on prices
and competition
Financial Conduct Authority and the
Commodity Futures Trading Commis-
sion were based on breaches of its sys-
tems and controls.
ICAP said it had not been shown evi-
dence of the effect of its actions on
prices and competition in the market.
The vast interest rate swap market is
largely conducted bilaterally and on the
phone between banks. The company
acts as a middleman, moving large and
illiquid blocks of assets such as swaps
between buyers and sellers. It did not
participate in the daily Libor rate-
setting process, although some of the
products it does trade are based on it.
“This is a regulatory matter that has
already been settled,” the company said.
“It is not a competition issue, and the EC
has presented no evidence that ICAP
facilitated a competition law violation.”
The broker plans to appeal to the
general court in Luxembourg, where
many applicants have their fines
reduced and nearly 10 per cent of cases
are thrown out.
See Lombard
22 ★★★ FINANCIAL TIMES Thursday 5 February 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $

-0.42% -0.23% -0.17% -0.175% -0.009% -0.923% -6.20%

0.04% 0.57% 1.98% 0.51% 0.05% 0.662% 0.34%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jan 05 - Feb 04 Index All World Jan 05 - Feb 04 Index All World Jan 05 - Feb 04 Index All World Jan 05 - Feb 04 Index All World Jan 05 - Feb 04 Index All World Jan 05 - Feb 04 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
6,860.02 10,911.32
14,995.65 17,678.74 1,962.79
2,041.51 17,408.71
2,020.58 14,246.77 6,366.51 9,469.66 1,882.45
Day -0.42% Month -0.81% Year 17.20% Day -0.45% Month 1.64% Year 11.04% Day -0.17% Month 4.66% Year 6.26% Day 0.19% Month 11.74% Year 19.54% Day 1.98% Month 1.31% Year 20.93% Day 0.55% Month 1.89% Year 2.23%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,487.20 10,577.80 24,679.76 3,417.57
4,716.70
4,652.57 41,710.82
41,099.37 9,871.10
1,323.47 23,485.41 3,281.95
Day -0.23% Month -0.21% Year 18.01% Day 0.33% Month -0.96% Year 4.05% Day 0.57% Month 9.01% Year 16.94% Day -0.19% Month 2.19% Year 8.76% Day 0.51% Month 3.45% Year 12.00% Day 0.28% Month 1.37% Year 15.20%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
4,696.30 20,941.73
17,673.02 49,301.05 3,351.45 28,883.11
17,501.65 48,000.92 3,174.13 27,842.32
4,083.50 18,143.26
Day 0.04% Month -0.90% Year 14.96% Day 0.69% Month 1.63% Year 4.98% Day 0.39% Month 10.44% Year 14.33% Day -0.33% Month 9.47% Year 10.11% Day -0.96% Month -1.87% Year 56.12% Day -0.40% Month 3.57% Year 42.92%

Country Index Feb 04 Feb 03 Country Index Feb 04 Feb 03 Country Index Feb 04 Feb 03 Country Index Feb 04 Feb 03 Country Index Feb 04 Feb 03 Country Index Feb 04 Feb 03
Argentina Merval 8957.69 9022.32 Cyprus CSE M&P Gen 77.31 76.89 Italy FTSE Italia All-Share 22242.83 22297.17 Philippines Manila Comp 7716.06 7613.15 Thailand Bangkok SET 1599.81 1602.54 Cross-Border DJ Global Titans ($) 236.95 237.03
Australia All Ordinaries 5733.70 5666.20 Czech Republic
PX 980.24 975.70 FTSE Italia Mid Cap 28412.63 28325.55 Poland Wig 52049.85 52030.36 Turkey BIST 100 87508.52 89065.60 Euro Stoxx 50 (Eur) 3415.53 3414.18
S&P/ASX 200 5777.30 5707.40 Denmark OMXC Copenahgen 20 801.43 808.11 FTSE MIB 20941.73 21011.55 Portugal PSI 20 5274.97 5304.82 UAE Abu Dhabi General Index 4648.95 4591.73 Euronext 100 ID 922.39 918.32
S&P/ASX 200 Res 3605.50 3490.40 Egypt EGX 30 9954.34 9830.46 Japan 2nd Section 4395.98 4411.95 PSI General 2321.91 2334.62 UK FT 30 2952.50 2947.60 FTSE 4Good Global ($) 5576.76 5560.37
Austria ATX 2252.72 2263.07 Estonia OMX Tallinn 816.12 816.98 Nikkei 225 17678.74 17335.85 Romania BET Index 7064.17 7029.27 FTSE 100 6860.02 6871.80 FTSE All World 276.48 276.33
Belgium BEL 20 3565.79 3557.03 Finland OMX Helsinki General 8496.69 8493.90 S&P Topix 150 1189.23 1166.33 Russia Micex Index 1656.02 1654.36 FTSE 4Good UK 6092.94 6098.17 FTSE E300 1487.20 1478.80
BEL Mid 5277.69 5301.48 France CAC 40 4696.30 4677.90 Topix 1417.00 1392.39 RTX 770.63 786.69 FTSE All Share 3680.18 3685.14 FTSE Eurotop 100 2992.73 2975.49
Brazil Bovespa 49301.05 48963.66 SBF 120 3696.09 3681.56 Jordan Amman SE 2223.74 2236.84 Saudi-Arabia TADAWUL All Share Index 9169.20 9227.36 FTSE techMARK 100 3654.71 3629.08 FTSE Global 100 ($) 1324.41 1327.13
Canada S&P/TSX 60 875.75 878.97 Germany M-DAX 18921.69 18800.83 Kenya NSE 20 5268.98 5242.61 Singapore FTSE Straits Times 3417.57 3408.02 USA DJ Composite 6416.84 6431.74 FTSE Gold Min ($) 1341.51 1366.97
S&P/TSX Comp 14995.65 15062.88 TecDAX 1499.34 1490.43 Kuwait KSX Market Index 6708.40 6695.30 Slovakia SAX 227.77 227.35 DJ Industrial 17673.02 17666.40 FTSE Latibex Top (Eur) 3457.50 3446.00
S&P/TSX Met & Min 656.22 674.21 XETRA Dax 10911.32 10890.95 Latvia OMX Riga 416.13 417.52 Slovenia SBI TOP 776.52 777.66 DJ Transport 8884.94 8902.16 FTSE Multinationals ($) 1528.69 1510.16
Chile IGPA Gen 19084.36 19073.79 Greece Athens Gen 848.04 840.57 Lithuania OMX Vilnius 465.97 465.26 South Africa FTSE/JSE All Share 51630.82 51949.33 DJ Utilities 633.85 641.40 FTSE World ($) 488.11 487.84
China FTSE A200 8954.65 9052.25 FTSE/ASE 20 257.93 253.78 Luxembourg LuxX 1621.98 1626.81 FTSE/JSE Res 20 44216.45 44839.88 Nasdaq 100 4221.20 4229.15 FTSEurofirst 100 (Eur) 4321.48 4304.52
FTSE B35 10374.15 10325.61 Hong Kong Hang Seng 24679.76 24554.78 Malaysia FTSE Bursa KLCI 1803.02 1781.26 FTSE/JSE Top 40 45412.12 45708.71 Nasdaq Cmp 4716.70 4727.74 FTSEurofirst 80 (Eur) 4555.60 4550.16
Shanghai A 3325.73 3358.08 HS China Enterprise 11767.49 11768.58 Mexico IPC 41710.82 41572.24 South Korea Kospi 1962.79 1951.96 NYSE Comp 10775.04 10847.41 MSCI ACWI Fr ($) 419.24 414.10
Shanghai B 290.50 290.92 HSCC Red Chip 4567.79 4518.56 Morocco MASI 10173.69 10212.52 Kospi 200 251.60 250.38 Russell 2000 1204.70 1213.05 MSCI All World ($) 1715.22 1694.35
Shanghai Comp 3174.13 3204.91 Hungary Bux 17350.83 17258.06 Netherlands AEX 454.88 455.82 Spain IBEX 35 10577.80 10598.20 S&P 500 2041.51 2050.03 MSCI Europe (Eur) 1458.60 1455.94
Shenzhen A 1597.66 1602.15 India BSE Sensex 28883.11 29000.14 AEX All Share 693.28 693.55 Sri Lanka CSE All Share 7000.06 7180.05 Wilshire 5000 21536.44 21624.78 MSCI Pacific ($) 2357.45 2318.66
Shenzhen B 1083.37 1073.33 S&P CNX 500 7108.75 7137.45 New Zealand NZX 50 5785.32 5781.95 Sweden OMX Stockholm 30 1579.31 1593.42 Venezuela IBC 3582.60 3824.64 S&P Euro (Eur) 1490.48 1487.74
Colombia COLCAP 1436.19 1408.20 Indonesia Jakarta Comp 5315.28 5291.72 Nigeria SE All Share 30018.35 29882.28 OMX Stockholm AS 510.77 513.90 Vietnam VNI 576.07 583.28 S&P Europe 350 (Eur) 1524.42 1515.71
Croatia CROBEX 1757.79 1771.89 Ireland ISEQ Overall 5602.88 5570.51 Norway Oslo All Share 648.39 659.41 Switzerland SMI Index 8608.24 8452.13 S&P Global 1200 ($) 1903.37 1906.50
Israel Tel Aviv 100 12.78 12.69 Pakistan KSE 100 34672.25 34826.51 Taiwan Weighted Pr 9513.92 9448.73 Stoxx 50 (Eur) 3256.14 3231.18
(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.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Feb 04 %Chg %Chg Feb 04 %Chg %Chg Feb 04 %Chg %Chg Feb 04 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 82.4 119.56 0.91 Glaxosmithkline 250.3 1476.00 23.00 Bbva 689.6 8.16 0.23 Mitsubishi Ufj Fin,. 772.3 654.10 32.10 Tullow Oil 395.90 10.9 -4.3 Afren 11.10 136.2 -76.5 Salamander Energy 80.50 22.9 23.8 Construction & Materials 4696.11 8.3 13.9
Gilead Sciences 58.3 98.43 -8.75 Royal Dutch Shell 221.1 2157.00 -23.00 Santander 654.6 6.18 -0.03 Toyota Motor 739.0 7728.00 178.00 Crh 1779.00 9.8 15.2 Kaz Minerals 222.60 15.9 -13.7 Low & Bonar 58.50 17.0 16.4 Mining 14322.08 4.6 0.2
The Walt Disney 33.0 101.28 7.18 Bhp Billiton 207.9 1527.00 -31.50 Novartis N 643.3 84.66 0.00 Sumitomo Mitsui Fin,. 494.3 4018.50 106.00 Weir 1810.00 7.9 -2.2 Ophir Energy 145.40 15.5 2.8 Enquest 38.00 16.9 7.0 Oil Equipment & Services 16397.78 3.8 -0.5
Covidien New 26.6 106.71 -1.36 Bp 185.4 445.35 -4.50 Roche Gs 540.8 233.83 0.00 Softbank . 448.5 7032.00 75.00 Bhp Billiton 1527.00 7.3 10.0 Vedanta Resources 449.20 15.3 -21.8 Darty 73.00 11.5 6.6 Industrial Engineering 9084.70 2.8 2.6
Comcast 21.5 56.90 1.49 Vodafone 183.9 236.50 -0.40 Telefonica 496.5 13.21 -0.04 Mizuho Fin,. 374.9 193.40 2.40 Rio Tinto 3053.50 5.5 1.8 Premier Oil 161.10 12.5 -3.6 Foxtons 197.75 9.9 23.4 Electricity 9593.60 2.7 -2.0
Safeway 18.4 35.10 -0.04 Rio Tinto 169.1 3053.50 -22.50 Total 491.7 47.75 -0.53 Fuji Heavy Industries 366.2 4100.00 -42.00 Barclays 248.75 5.0 2.2 Rank 185.50 11.8 14.8 Trinity Mirror 187.50 9.6 15.2 Forestry & Paper 12979.49 2.2 14.6
Exxon Mobil 17.8 91.46 -0.79 Astrazeneca 153.3 4688.00 46.50 Lvmh 489.0 156.25 11.75 Mitsui & Co., 342.4 1581.50 25.50 Smiths 1171.00 4.9 6.6 Countrywide 496.80 10.9 13.8 Mcbride 87.00 8.8 8.8 Real Estate & Investment Servic 2860.18 2.1 6.7
Abbvie 17.7 56.91 -4.74 Glencore 146.5 267.00 -2.35 Nestle N 447.4 67.11 0.00 Sony 326.5 2769.00 71.50 Intertek 2398.00 4.8 2.7 Cairn Energy 200.80 10.8 12.5 Hardy Oil & Gas 53.50 8.6 -15.1 General Industrials 3992.63 2.0 2.5
General Motors 17.7 35.83 1.85 Sky 129.6 955.50 12.50 Unicredit 389.7 5.53 -0.04 Japan Tobacco . 280.9 3350.00 154.50 Aggreko 1596.00 4.2 6.1 Hunting 456.20 10.0 -14.2 Raven Russia Ltd 41.13 8.6 -13.4 Media 7109.71 1.9 8.6
Microsoft 16.8 41.84 0.24 Unilever 128.4 2884.00 -14.00 Intesa Sanpaolo 372.0 2.62 -0.02 Fast Retailing Co., 279.2 43850.00 1665.00 Bg 932.00 3.8 7.7 Rps 205.40 9.1 -1.8 Mothercare 192.75 8.3 10.1 Software & Computer Services 1308.12 1.7 4.5
St. James's Place 890.00 3.6 9.3 Serco 171.70 7.6 6.8 Kofax 476.50 7.5 5.6 Automobiles & Parts 8770.08 1.6 9.0
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Antofagasta 697.50 3.6 -7.3 Ao World 319.50 7.0 14.0 Marshalls 257.00 7.1 9.8 Technology Hardware & Equip. 1262.25 1.5 5.9
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
The Walt Disney 101.28 7.18 7.63 Rank 185.50 8.50 4.80 Piraeus Bank (cr) 0.75 0.13 20.80 Oki Electric Industry , 248.00 17.00 7.36 Kingfisher 329.70 -5.8 -3.2 Oxford Instruments 718.00 -7.9 -43.7 Anglo Pacific 82.00 -7.9 -18.0 Industrial Metals 1686.10 -3.8 10.5
Whirlpool 214.88 13.82 6.87 Petra Diamonds 158.20 6.70 4.42 Lvmh 156.25 11.75 8.13 Thb Dai-ichi Life Insurance , 1668.00 106.50 6.82 Carnival 2921.00 -4.8 0.1 Zoopla Property 178.50 -6.9 -9.2 Dialight 674.50 -7.0 -16.7 Chemicals 11180.31 -3.1 -1.3
Kohls 66.87 3.99 6.35 Ao World 319.50 13.10 4.28 National Bank (cr) 1.30 0.08 6.56 Sumitomo Heavy Industries, 693.00 43.00 6.62 Johnson Matthey 3242.00 -4.2 -4.6 Pennon 860.00 -6.0 -6.5 Aquarius Platinum Ld 13.75 -6.8 -6.8 Gas Water & Multiutilities 6279.94 -2.1 2.3
Edwards Lifesciences 134.85 7.85 6.18 Itv 230.60 8.10 3.64 Fortum 19.92 1.16 6.18 Takara Holdings . 785.00 47.00 6.37 Aberdeen Asset Management 426.20 -4.2 -1.4 Northgate 584.50 -5.1 -3.7 Int Biotechnology Trust 480.00 -6.2 8.4 Food Producers 8128.77 -2.0 -0.3
Smucker (the J.m.) 112.10 6.22 5.87 Booker 153.50 5.10 3.44 Christian Dior 162.40 8.80 5.73 Nichirei 622.00 37.00 6.32 Ashtead 1079.00 -3.7 -6.3 Ig Holdings 718.50 -5.1 -0.1 Utv Media 188.00 -6.0 7.4 Beverages 14732.92 -1.5 4.2
Int Consolidated Airlines S.a. 542.00 -3.2 11.5 Euromoney Institutional Investor 1029.00 -4.5 -1.7 Renold 55.00 -5.8 -6.0 Tobacco 43606.83 -1.1 7.2
Downs Downs Downs Downs
National Grid 923.20 -3.0 0.6 Paypoint 840.00 -4.5 -6.7 Aga Rangemaster 97.50 -5.6 -17.4 Health Care Equip.& Services 6671.79 -1.0 -1.1
Ralph Lauren 139.71 -31.12 -18.22 Hargreaves Lansdown 966.00 -79.00 -7.56 Svenska Handelsbanken Ser. A 39.76 -2.26 -5.38 Tosoh 543.00 -47.00 -7.97
Hargreaves Lansdown 966.00 -2.9 -4.5 Centamin 66.05 -3.9 12.1 Hochschild Mining 90.00 -5.3 2.3 Electronic & Electrical Equip. 3998.36 -1.0 -0.9
Staples 16.73 -2.28 -11.99 Afren 11.10 -0.74 -6.25 Gjensidige Forsikring 14.48 -0.74 -4.87 Sharp 234.00 -11.00 -4.49
United Utilities 1002.00 -2.9 9.4 Brewin Dolphin Holdings 286.60 -3.8 -3.8 Rm 150.00 -4.9 -1.3 Pharmaceuticals & Biotech. 13477.61 -0.8 6.0
Gilead Sciences 98.43 -8.75 -8.16 Premier Oil 161.10 -9.90 -5.79 Nordea Bank Ab 11.30 -0.36 -3.09 Jtekt 1779.00 -77.00 -4.15
Morrison (wm) Supermarkets 181.50 -2.6 -1.5 Evraz 171.20 -3.6 10.8 Ferrexpo 53.25 -4.9 0.5 General Retailers 2984.20 -0.8 0.2
Fastenal Co 42.22 -3.56 -7.78 Tullow Oil 395.90 -21.50 -5.15 Statoil 15.90 -0.50 -3.04 Nippon Paper Industries Co Ltd 1796.00 -68.00 -3.65
Severn Trent 2115.00 -2.5 5.4 Worldwide Healthcare Trust 1799.00 -3.3 5.0 Brammer 336.75 -4.6 -1.4 Travel & Leisure 8401.78 -0.8 4.0
Abbvie 56.91 -4.74 -7.69 Hunting 456.20 -22.50 -4.70 Tenaris 13.11 -0.41 -3.03 Gs Yuasa 509.00 -18.00 -3.42
Associated British Foods 3042.00 -2.5 -3.5 Hiscox Ltd 732.50 -3.2 1.7 Imagination 239.00 -4.4 4.4 Fixed Line Telecommunication 4797.02 -0.6 4.8
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

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
Feb 04 Currency Mid Change Mid Change Mid Change Feb 04 Currency Mid Change Mid Change Mid Change Feb 04 Currency Mid Change Mid Change Mid Change Feb 04 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.6588 0.0083 9.8922 -0.0113 13.1734 0.0995 Indonesia Indonesian Rupiah 12625.0000 -29.0000 14423.4791 -63.4168 19207.6831 83.0555 Philippines Philippine Peso 44.0900 -0.0400 50.3707 -0.1513 67.0785 0.3826 ..One Month 0.6573 -0.0044 0.7509 -0.0066 - -
Australia Australian Dollar 1.2903 -0.0101 1.4741 -0.0146 1.9631 -0.0023 Iran Iranian Rial 9740.5000 - 11128.0629 -23.3171 14819.1837 97.8656 Poland Polish Zloty 3.6434 -0.0003 4.1624 -0.0091 5.5431 0.0361 ..Three Month 0.6572 -0.0044 0.7508 -0.0066 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4307 -0.0009 0.5736 0.0038 Israel Israeli Shekel 3.8951 0.0048 4.4500 -0.0038 5.9260 0.0464 Romania Romanian Leu 3.8533 0.0030 4.4022 -0.0058 5.8624 0.0433 ..One Year 0.6570 -0.0044 0.7503 -0.0066 - -
Bolivia Bolivian Boliviano 6.9100 - 7.8943 -0.0165 10.5129 0.0694 Japan Japanese Yen 117.5150 -0.0100 134.2553 -0.2927 178.7871 1.1657 Russia Russian Ruble 67.7600 1.4125 77.4126 1.4549 103.0900 2.8157 United States United States Dollar - - 1.1425 -0.0024 1.5214 0.0100
Brazil Brazilian Real 2.7273 0.0272 3.1158 0.0246 4.1493 0.0684 ..One Month 117.5150 -0.0101 134.2553 -0.2927 178.7871 1.1655 Saudi Arabia Saudi Riyal 3.7533 - 4.2879 -0.0090 5.7102 0.0377 ..One Month - - 1.1424 -0.3689 1.5214 0.0100
Canada Canadian Dollar 1.2569 0.0079 1.4359 0.0060 1.9122 0.0246 ..Three Month 117.5149 -0.0103 134.2553 -0.2928 178.7868 1.1651 Singapore Singapore Dollar 1.3469 -0.0001 1.5388 -0.0033 2.0492 0.0135 ..Three Month - - 1.1423 -0.3689 1.5213 0.0100
Chile Chilean Peso 627.5800 -0.0450 716.9803 -1.5537 954.7993 6.2381 ..One Year 117.5142 -0.0116 134.2552 -0.2929 178.7871 1.1642 South Africa South African Rand 11.4416 0.0396 13.0714 0.0179 17.4072 0.1747 ..One Year - - 1.1417 -0.3689 1.5212 0.0101
China Chinese Yuan 6.2477 -0.0104 7.1377 -0.0269 9.5052 0.0471 Kenya Kenyan Shilling 91.5500 0.0500 104.5915 -0.1619 139.2840 0.9955 South Korea South Korean Won 1084.6500 -12.8000 1239.1611 -17.2501 1650.1849 -8.4465 Venezuela Venezuelan Bolivar Fuerte 12.0000 - 13.7094 -0.0287 18.2568 0.1206
Colombia Colombian Peso 2378.5500 4.3750 2717.3802 -0.6847 3618.7227 30.5115 Kuwait Kuwaiti Dinar 0.2949 0.0005 0.3369 -0.0002 0.4487 0.0036 Sweden Swedish Krona 8.2504 0.0140 9.4256 -0.0037 12.5521 0.1041 Vietnam Vietnamese Dong 21340.0000 -10.0000 24379.9567 -62.5106 32466.6892 199.3608
Costa Rica Costa Rican Colon 536.9700 -0.1000 613.4627 -1.3997 816.9453 5.2444 Malaysia Malaysian Ringgit 3.5625 -0.0655 4.0700 -0.0835 5.4200 -0.0632 Switzerland Swiss Franc 0.9253 0.0013 1.0572 -0.0007 1.4078 0.0113 European Union Euro 0.8753 0.0018 - - 1.3317 0.0116
Czech Republic Czech Koruna 24.2812 0.0365 27.7401 -0.0163 36.9413 0.2991 Mexico Mexican Peson 14.7885 0.0212 16.8952 -0.0111 22.4992 0.1807 Taiwan New Taiwan Dollar 31.3695 -0.1640 35.8382 -0.2628 47.7255 0.0673 ..One Month 0.8753 0.0018 - - 1.3317 0.0116
Denmark Danish Krone 6.5159 0.0137 7.4441 0.0001 9.9133 0.0862 New Zealand New Zealand Dollar 1.3587 -0.0164 1.5523 -0.0221 2.0671 -0.0112 Thailand Thai Baht 32.6200 -0.0250 37.2668 -0.1067 49.6280 0.2900 ..Three Month 0.8752 0.0018 - - 1.3316 0.0116
Egypt Egyptian Pound 7.6251 -0.0050 8.7113 -0.0240 11.6007 0.0691 Nigeria Nigerian Naira 192.2500 2.3000 219.6365 2.1730 292.4889 5.4079 Tunisia Tunisian Dinar 1.9233 0.0041 2.1972 0.0000 2.9260 0.0254 ..One Year 0.8746 0.0018 - - 1.3311 0.0116
Hong Kong Hong Kong Dollar 7.7523 -0.0022 8.8566 -0.0210 11.7943 0.0746 Norway Norwegian Krone 7.5548 -0.0009 8.6310 -0.0191 11.4939 0.0746 Turkey Turkish Lira 2.4440 0.0436 2.7922 0.0441 3.7183 0.0905
Hungary Hungarian Forint 269.2022 -0.8551 307.5506 -1.6233 409.5637 1.4126 Pakistan Pakistani Rupee 101.1750 - 115.5876 -0.2422 153.9275 1.0166 United Arab Emirates UAE Dirham 3.6731 - 4.1963 -0.0088 5.5882 0.0369
India Indian Rupee 61.8150 0.1038 70.6207 -0.0292 94.0452 0.7779 Peru Peruvian Nuevo Sol 3.0630 0.0025 3.4993 -0.0045 4.6600 0.0346 United Kingdom Pound Sterling 0.6573 -0.0044 0.7509 -0.0066 - -
Rates are derived from WM/Reuters at 4pm (London time). Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on the internet at http://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 Feb 04 Feb 03 Feb 02 Jan 30 Jan 29 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 2952.50 2947.60 2917.80 2914.20 2941.90 0.00 2955.70 2669.30 Forestry & Paper 13.24 Financial Services 4.59 Equity Invest Instr 1.74 FTSE 100 Price Change FTSE 100 Price Change
Feb 04 chge% Index Feb 03 Feb 02 ago yield% Cover ratio adj Return FT 30 Div Yield 1.72 1.73 1.74 1.73 1.72 0.00 3.93 2.74 Personal Goods 10.14 Telecommunications 4.58 FTSE 250 Index 1.37 3i Group PLC 475.00 -1.60 Kingfisher PLC 329.70 -2.30
FTSE 100 (100) 6860.02 -0.17 7125.78 6871.80 6782.55 6457.89 3.40 1.86 15.86 6.32 5183.38 P/E Ratio net 25.87 25.78 25.69 25.72 25.98 0.00 19.44 14.26 Food & Drug Retailer 10.14 Tech Hardware & Eq 4.04 Food Producers 1.37 Aberdeen Asset Management PLC 426.20 1.20 Land Securities Group PLC 1295 10.00
FTSE 250 (250) 16571.64 0.01 17213.63 16570.30 16355.56 15561.38 2.58 2.04 18.98 14.79 11252.01 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Industrial Metals & 8.91 Household Goods & Ho 4.04 General Retailers 1.37 Admiral Group PLC 1473 5.00 Legal & General Group PLC 270.50 -0.80
FTSE 250 ex Inv Co (212) 17901.41 0.02 18594.92 17897.08 17655.66 16950.76 2.63 2.16 17.56 14.50 12390.79 FT 30 hourly changes Tobacco 8.07 Aerospace & Defense 3.84 FTSE SmallCap Index 1.24 Aggreko PLC 1596 -30.00 Lloyds Banking Group PLC 74.55 -0.42
FTSE 350 (350) 3747.92 -0.14 3893.11 3753.29 3704.56 3526.71 3.27 1.88 16.28 3.43 5718.79 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Tr 8.03 Gas Water & Multi 3.76 Health Care Eq & Srv -0.10 Anglo American PLC 1150 -20.00 London Stock Exchange Group PLC 2382 -1.00
FTSE 350 ex Investment Trusts (312) 3727.92 -0.14 3872.35 3733.31 3684.56 3511.97 3.29 1.89 16.08 3.37 2928.14 2947.6 2943.9 2936.7 2932 2936.6 2931.1 2930.7 2933 2942.3 2952.5 2925.7 Life Insurance 7.45 Construct & Material 3.62 Chemicals -0.80 Antofagasta PLC 697.50 -8.50 Marks and Spencer Group PLC 480.40 3.30
FTSE 350 Higher Yield (96) 3673.26 -0.30 3815.56 3684.14 3627.80 3512.46 4.48 1.66 13.41 4.62 5668.54 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Automobiles & Parts 7.15 Fixed Line Telecomms 3.42 Industrial Eng -1.05 ARM Holdings PLC 1069 32.00 Meggitt PLC 547.00 2.00
FTSE 350 Lower Yield (254) 3456.34 0.02 3590.24 3455.65 3419.35 3193.64 1.97 2.41 21.10 1.90 3585.96 Consumer Goods 6.68 Technology 3.40 Industrial Transport -1.28 Ashtead Group PLC 1079 15.00 Mondi PLC 1205 -5.00
FTSE SmallCap (291) 4457.79 0.12 4630.48 4452.52 4430.97 4434.15 2.45 1.54 26.55 8.92 5954.84 Media 6.53 Real Est Invest & Se 3.39 Electronic & Elec Eq -1.80
FTSE SmallCap ex Inv Co (151) 3892.58 0.46 4043.38 3874.84 3859.71 4112.90 2.32 2.11 20.43 5.94 5460.27 FX: EFFECTIVE INDICES Beverages 6.38 FTSE 100 Index 2.79 Banks -2.08
Associated British Foods PLC 3042 -37.00 Morrison (Wm) Supermarkets PLC 181.50 -4.50
AstraZeneca PLC 4688 46.50 National Grid PLC 923.20 -6.80
FTSE All-Share (641) 3680.18 -0.13 3822.75 3685.14 3638.29 3468.77 3.24 1.87 16.49 3.50 5682.18
Feb 03 Feb 02 Mnth Ago Feb 04 Feb 03 Mnth Ago Pharmace & Biotech 5.83 NON FINANCIALS Index 2.66 Oil & Gas Producers -2.48 Aviva PLC 528.00 -5.00 Next PLC 7115 20.00
FTSE All-Share ex Inv Co (463) 3647.96 -0.13 3789.28 3652.83 3605.73 3443.25 3.27 1.89 16.14 3.34 2913.23 Health Care 5.32 FTSE All{HY-}Share Index 2.52 Oil & Gas -2.60 Babcock International Group PLC 1034 - Old Mutual PLC 212.90 -0.80
FTSE All-Share ex Multinationals (575) 1178.79 -0.03 1014.85 1179.17 1164.05 1123.41 2.77 2.04 17.68 1.05 1955.87 Australia 94.66 96.41 99.05 Sweden 78.39 78.39 79.39 Mobile Telecomms 5.27 Software & Comp Serv 2.48 Electricity -3.07 BAE Systems PLC 527.50 7.00 Pearson PLC 1370 13.00
FTSE Fledgling (99) 7013.30 0.01 7284.99 7012.74 7001.47 6579.59 2.34 0.73 58.08 5.15 12358.52 Canada 93.58 92.93 99.48 Switzerland 164.51 165.76 146.63 Consumer Services 5.17 Support Services 2.37 Basic Materials -3.51 Barclays PLC 248.75 0.30 Persimmon PLC 1609 19.00
FTSE Fledgling ex Inv Co (55) 8729.28 0.18 9067.46 8713.62 8726.94 8043.99 1.72 0.86 67.32 0.95 14961.17 Denmark 106.62 106.38 108.41 UK 88.35 88.38 87.63 Nonlife Insurance 5.07 Utilities 2.24 Mining -4.42 Barratt Developments PLC 470.00 8.20 Prudential PLC 1627.5 -4.00
FTSE All-Small (390) 3082.14 0.11 3201.54 3078.66 3064.25 3054.81 2.44 1.50 27.27 5.98 5287.35 Japan 128.11 128.84 123.00 USA 100.49 100.96 97.94 Travel & Leisure 4.60 Financials 2.11 Leisure Goods -4.51 BG Group PLC 932.00 -13.00 Randgold Resources Ltd 5525 -10.00
FTSE All-Small ex Inv Co Index (206) 2888.82 0.45 3000.73 2875.99 2865.43 3025.56 2.30 2.07 21.05 4.24 5135.09 New Zealand 119.77 120.15 125.49 Euro 88.06 87.44 92.63 Industrials 2.01 Oil Equipment & Serv -6.09 BHP Billiton PLC 1527 -31.50 Reckitt Benckiser Group PLC 5620 20.00
FTSE AIM All-Share Index (840) 694.03 0.11 720.91 693.27 691.05 852.58 1.25 2.59 30.80 0.53 737.83 Norway 93.52 93.23 90.43
BP PLC 445.35 -4.50 Reed Elsevier PLC 1179 15.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3735.5 -17.50 Rio Tinto PLC 3053.5 -22.50
Oil & Gas (21) 7795.41 -1.20 8097.41 7889.88 7596.78 8247.02 4.33 1.90 12.18 0.00 6203.32 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 843.00 3.00 Rolls-Royce Holdings PLC 899.50 5.50
Oil & Gas Producers (14) 7424.65 -1.15 7712.29 7511.11 7232.85 7799.73 4.33 1.89 12.18 0.00 6107.76 British Sky Broadcasting Group PLC 955.50 12.50 Royal Bank Of Scotland Group PLC 380.80 5.20
Oil Equipment Services & Distribution (7)16866.31 -2.57 17519.72 17311.90 16615.82 21717.23 4.20 1.97 12.09 0.00 11894.68 FTSE GLOBAL EQUITY INDEX SERIES BT Group PLC 423.00 1.80 Royal Dutch Shell PLC (A) 2157 -23.00
Basic Materials (29) 4762.62 -0.98 4947.13 4809.87 4633.91 5268.18 3.81 2.77 9.47 0.00 4455.29 Bunzl PLC 1905 8.00 Royal Dutch Shell PLC (B) 2245.5 -23.00
Chemicals (7) 11937.65 -0.14 12400.12 11953.99 12042.09 11405.06 2.15 2.43 19.08 0.00 10065.12 Feb 04 No of US $ Day Mth YTD Total
YTD Gr Div Feb 04 No of US $ Day Mth YTD Total YTD Gr Div Burberry Group PLC 1796 25.00 Royal Mail PLC 442.70 -4.70
Forestry & Paper (1) 14163.00 -0.41 14711.69 14221.77 13974.95 11042.44 2.68 3.19 11.70 0.00 14393.12 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Capita PLC 1125 5.00 RSA Insurance Group PLC 449.20 -3.80
Industrial Metals & Mining (2) 1711.71 -1.48 1778.03 1737.37 1683.84 1131.04 0.58 14.52 11.83 0.00 1481.49 FTSE Global All Cap 7573 472.49 1.2 0.8 0.5 631.69
0.6 2.3 Oil & Gas 177 403.97 3.4 3.4 1.5 595.85 1.5 3.4 Carnival PLC 2921 -13.00 SABMiller PLC 3528.5 -45.50
Mining (19) 13705.65 -1.09 14236.61 13857.18 13271.78 15592.61 4.06 2.77 8.89 0.00 6676.71 FTSE Global All Cap 6936 485.52 1.1 0.5 0.3 638.00
0.4 2.2 Oil & Gas Producers 121 369.15 3.6 3.6 1.9 553.39 1.9 3.5 Centrica PLC 293.40 -2.30 Sage Group PLC 484.40 4.00
FTSE Global Large Cap 1357 418.60 1.2 0.7 0.4 571.50
0.5 2.5 Oil Equipment & Services 47 412.21 2.4 2.4 -0.6 556.93 -0.4 3.2 Coca-Cola HBC AG 1100 -1.00 Sainsbury (J) PLC 266.70 -5.90
Industrials (114) 4490.79 0.35 4664.77 4475.06 4400.11 4442.34 2.45 2.05 19.91 2.90 4354.15
Construction & Materials (13) 4828.50 1.29 5015.55 4767.05 4679.67 4533.79 3.15 0.23 135.84 0.00 4816.08 FTSE Global Mid Cap 1670 624.71 1.3 1.5 1.2 800.78
1.2 1.9 Basic Materials 270 444.93 1.5 1.5 2.2 633.84 2.2 2.8 Compass Group PLC 1146 1.00 Schroders PLC 2943 -16.00
Aerospace & Defense (9) 5238.86 0.80 5441.81 5197.27 5106.00 5296.44 2.08 3.92 12.28 1.29 5295.98 FTSE Global Small Cap 4546 656.63 1.5 0.9 0.6 817.72
0.7 1.8 Chemicals 115 647.26 0.9 0.9 3.8 929.32 3.8 2.3 CRH PLC 1779 33.00 Severn Trent PLC 2115 2.00
General Industrials (6) 3242.68 0.32 3368.30 3232.32 3182.72 3517.32 3.49 1.82 15.75 0.00 3415.11 FTSE All-World 3027 276.33 1.2 0.8 0.5 389.51
0.6 2.4 Forestry & Paper 18 218.50 2.3 2.3 4.9 340.52 4.9 2.7 Diageo PLC 1925 -1.00 Shire PLC 4901 1.00
Electronic & Electrical Equipment (12) 5054.55 0.52 5250.36 5028.47 4982.57 5476.91 2.25 2.19 20.34 0.00 4376.01 FTSE World 2544 487.84 1.2 0.7 0.4 923.43
0.5 2.4 Industrial Metals & Mining 75 395.45 2.4 2.4 -4.1 566.56 -3.9 2.9 Direct Line Insurance Group PLC 318.30 1.50 Smith & Nephew PLC 1168 -7.00
Industrial Engineering (14) 9473.89 -0.49 9840.91 9520.79 9247.31 10219.01 2.51 2.34 17.04 8.25 10810.43 FTSE Global All Cap ex UNITED KINGDOM In 7233 483.68 1.2 0.7 0.5 638.25
0.6 2.2 Mining 62 580.98 2.5 2.5 2.0 815.03 2.0 3.9 Dixons Carphone PLC 431.00 2.00 Smiths Group PLC 1171 -4.00
Industrial Transportation (8) 4154.17 -0.10 4315.11 4158.52 4097.75 4828.09 3.67 1.48 18.40 0.00 3361.57 FTSE Global All Cap ex USA 5592 453.23 0.9 1.9 1.3 639.90
1.4 2.8 Industrials 534 316.18 1.3 1.3 0.5 430.40 0.6 2.1 easyJet PLC 1778 47.00 Sports Direct International PLC 716.50 0.50
Support Services (52) 6562.02 0.14 6816.23 6553.09 6454.92 6158.86 2.30 1.75 24.82 7.25 6435.38 FTSE Global All Cap ex JAPAN 6330 486.29 1.5 0.8 0.5 655.61
0.6 2.3 Construction & Materials 114 434.73 1.5 1.5 0.8 619.46 0.8 2.1 Experian PLC 1185 - SSE PLC 1620 -9.00
FTSE Developed 2116 439.91 1.2 0.6 0.4 592.44
0.5 2.3 Aerospace & Defense 29 512.81 1.6 1.6 3.2 692.55 3.3 1.9 Fresnillo PLC 888.00 8.00 St. James's Place PLC 890.00 -5.00
Consumer Goods (40) 17111.89 -0.19 17774.82 17144.30 17236.59 14173.10 2.90 1.83 18.88 47.23 11730.54
FTSE Developed All Cap 5669 461.55 1.2 0.7 0.4 615.30
0.5 2.2 General Industrials 56 215.60 1.2 1.2 -0.9 314.60 -0.5 2.6 Friends Life Group Ltd 397.60 -4.20 Standard Chartered PLC 919.20 4.20
Automobiles & Parts (1) 8815.02 -0.13 9156.52 8826.77 8730.42 9120.53 2.16 3.62 12.78 0.00 7903.12
FTSE Developed Large Cap 905 407.66 1.2 0.5 0.2 555.87
0.3 2.4 Electronic & Electrical Equipment 67 330.47 0.4 0.4 1.6 415.86 1.6 1.6 G4S PLC 281.20 -0.80 Standard Life PLC 403.60 -3.70
Beverages (6) 14772.21 -0.51 15344.49 14848.57 15015.87 12918.75 2.33 1.76 24.46 0.00 9795.69
FTSE Developed Europe Large Cap 202 361.71 1.8 3.3 2.3 551.97
2.4 3.2 Industrial Engineering 103 618.72 1.2 1.2 0.1 826.97 0.1 2.1 GKN PLC 375.10 -0.50 Taylor Wimpey PLC 137.00 1.80
Food Producers (10) 8218.31 -0.75 8536.69 8280.28 8335.42 7251.95 1.95 1.83 28.06 3.84 6746.97
FTSE Developed Europe Mid Cap 318 511.91 1.8 3.1 2.3 716.37
2.4 2.4 Industrial Transportation 94 594.92 1.3 1.3 -0.4 807.93 -0.3 1.9 GlaxoSmithKline PLC 1476 23.00 Tesco PLC 229.55 -2.50
Household Goods & Home Construction (13)11173.67 0.69 11606.54 11096.56 11078.05 9228.44 2.35 2.46 17.31 0.00 7431.71
FTSE Dev Europe Small Cap 724 699.11 1.9 2.1 1.5 953.74
1.6 2.2 Support Services 71 273.21 1.7 1.7 0.2 358.32 0.3 2.0 Glencore PLC 267.00 -2.35 Travis Perkins PLC 1949 -23.00
Leisure Goods (2) 4880.79 1.04 5069.88 4830.73 4857.60 5050.79 4.38 1.05 21.83 0.00 3950.71
FTSE North America Large Cap 332 441.47 1.5 -0.7 -0.7 569.25
-0.6 2.1 Consumer Goods 407 413.91 0.4 0.4 2.2 575.25 2.4 2.3 Hammerson PLC 700.00 -5.00 Tui AG 1155 -6.00
Personal Goods (6) 23492.46 -0.11 24402.57 23519.02 23554.31 20541.71 2.84 2.70 13.04 0.00 14739.10
FTSE North America Mid Cap 399 680.51 1.7 0.3 0.3 827.07
0.4 1.6 Automobiles & Parts 98 399.53 0.4 0.4 2.5 533.13 2.6 2.1 Hargreaves Lansdown PLC 966.00 -79.00 Tui AG New Shs 1126 -6.00
Tobacco (2) 43606.91 -0.38 45296.26 43771.31 44076.28 32844.04 3.96 1.30 19.44 377.80 25617.24
FTSE North America Small Cap 1495 690.94 1.9 0.5 0.3 816.97
0.4 1.5 Beverages 48 552.63 0.3 0.3 2.7 777.25 2.8 2.4 HSBC Holdings PLC 615.60 -1.90 Tullow Oil PLC 395.90 -21.50
Health Care (20) 9784.15 0.96 10163.19 9691.53 9740.33 8593.83 3.44 0.96 30.15 0.17 6880.00
FTSE North America 731 297.20 1.5 -0.5 -0.6 393.08
-0.4 2.0 Food Producers 100 563.48 0.2 0.2 2.1 807.70 2.2 2.2 Imperial Tobacco Group PLC 3080 -5.00 Unilever PLC 2884 -14.00
Health Care Equipment & Services (9) 6756.24 -0.16 7017.98 6767.28 6788.33 5041.07 1.31 2.43 31.36 1.43 5644.14
FTSE Developed ex North America 1385 237.45 0.8 2.4 1.7 359.47
1.8 2.8 Household Goods & Home Construction 45 391.29 0.8 0.8 -1.2 542.31 -0.9 2.3 InterContinental Hotels Group PLC 2618 29.00 United Utilities Group PLC 1002 7.50
Pharmaceuticals & Biotechnology (11)13352.54 1.06 13869.83 13213.03 13281.84 11875.75 3.63 0.92 30.05 0.00 8323.81
FTSE Japan Large Cap 174 306.22 -1.4 0.7 0.4 375.60
0.4 1.8 Leisure Goods 26 130.69 0.5 0.5 3.7 165.89 3.9 1.3 International Consolidated Airlines Group SA 542.00 7.50 Vodafone Group PLC 236.50 -0.40
Consumer Services (96) 4833.20 0.36 5020.44 4816.09 4793.46 4486.56 2.56 2.05 19.07 7.32 4268.53 FTSE Japan Mid Cap 301 437.80 -1.5 3.2 3.0 520.51
3.0 1.4 Personal Goods 77 595.16 0.6 0.6 2.1 791.42 2.1 2.0
Food & Drug Retailers (7) 3336.54 -0.96 3465.80 3369.03 3315.64 4301.60 4.82 2.08 9.96 0.00 3752.31 Intertek Group PLC 2398 -31.00 Weir Group PLC 1810 -20.00
FTSE Global wi JAPAN Small Cap 768 472.96 -1.5 1.1 0.9 579.41
0.9 1.6 Tobacco 13 1120.58 0.4 0.4 4.4 2104.41 4.7 4.0 Intu Properties PLC 372.00 - Whitbread PLC 4969 10.00
General Retailers (30) 2905.19 0.42 3017.74 2892.92 2897.60 2641.12 2.27 2.43 18.15 3.13 3112.25
FTSE Japan 475 126.16 -1.4 1.2 1.7 Health Care
0.9 174.00
0.9 162 446.11 0.2 0.2 2.7 610.21 2.7 1.8 ITV PLC 230.60 8.10 Wolseley PLC 3888 74.00
Media (24) 7197.08 0.92 7475.89 7131.59 7072.81 6229.30 2.65 1.68 22.41 1.11 4132.33
FTSE Asia Pacific Large Cap ex Japan 481 628.27 0.2 1.6 2.0 910.89
2.1 2.9 Health Care Equipment & Services 58 603.23 0.8 0.8 2.1 684.82 2.2 1.0 Johnson Matthey PLC 3242 3.00 WPP PLC 1477 -
Travel & Leisure (35) 8196.35 0.31 8513.88 8170.62 8161.23 7040.42 1.84 2.20 24.71 28.43 7341.78
FTSE Asia Pacific Mid Cap ex Japan 445 821.07 0.4 1.6 1.9 1153.60
1.9 2.4 Pharmaceuticals & Biotechnology 104 343.58 0.1 0.1 2.9 487.11 2.9 2.0
Telecommunications (8) 3944.38 0.07 4097.18 3941.59 3883.42 3688.33 3.95 2.51 10.07 0.00 3970.76 FTSE Asia Pacific Small Cap ex Japan 1330 543.22 0.3 1.3 1.6 753.05
1.7 2.6 Consumer Services 378 377.75 1.2 1.2 0.9 482.94 1.0 1.6
Fixed Line Telecommunications (6) 4862.03 0.45 5050.39 4840.29 4753.73 4521.78 2.84 1.88 18.77 0.00 4096.63
Mobile Telecommunications (2) 5332.87 -0.15 5539.47 5340.88 5271.81 5016.00 4.61 2.74 7.91 0.00 4757.47
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
926
1904
495.24
704.97
0.3
1.2
1.6
2.5
2.0 763.61
2.1 2.8 Food & Drug Retailers
2.2 977.21
2.3 2.8 General Retailers
55 308.99
117 488.67
0.7
1.4
0.7
1.4
2.7 410.76
2.2 610.21
2.8
2.2
2.0
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8938.02 -0.51 9284.28 8983.46 8973.42 7968.14 4.79 1.23 16.93 32.81 9108.77 FTSE Emerging Large Cap 452 670.33 1.4 2.7 2.5 934.37
2.5 2.9 Media 88 296.78 2.0 2.0 -1.3 379.82 -1.3 1.5 Feb 04 Feb 03 Feb 02 Jan 30 Jan 29 Yr Ago
Electricity (3) 9566.81 -0.52 9937.43 9616.58 9527.99 9028.16 5.25 0.68 28.14 142.09 12221.91 FTSE Emerging Mid Cap 459 874.53 0.8 2.1 1.6 1209.48
1.6 2.6 Travel & Leisure 118 362.59 0.4 0.4 0.7 468.20 0.8 1.7 SEAQ Bargains 5211.00 6184.00 5470.00 5470.00 5470.00 5532.00
Gas Water & Multiutilities (5) 8299.58 -0.50 8621.11 8341.51 8350.65 7279.74 4.66 1.41 15.27 5.10 8484.50 FTSE Emerging Small Cap 993 716.84 0.5 1.4 1.3 958.77
1.4 2.6 Telecommunication 95 172.94 1.4 1.4 3.5 293.34 3.9 3.9 Order Book Turnover (m) 46.48 80.98 57.39 57.39 57.39 39.53
Financials (283) 4810.76 -0.20 4997.13 4820.25 4751.55 4495.43 3.04 1.78 18.50 2.92 4063.67 FTSE Emerging Europe 86 316.31 2.6 1.3 1.5 445.65
1.5 3.9 Fixed Line Telecommuniations 45 141.08 2.1 2.1 3.0 261.09 3.7 4.4 Order Book Bargains 943157.00 913654.00 846032.00 846032.00 846032.00 867933.00
Banks (7) 4325.47 -0.15 4493.04 4331.98 4243.17 4581.34 3.43 1.18 24.60 0.00 2864.28 FTSE Latin America All Cap 245 869.21 2.3 -0.2 -3.6 1249.11
-3.4 3.7 Mobile Telecommunications 50 188.62 0.5 0.5 4.3 291.00 4.3 3.2 Order Book Shares Traded (m) 1538.00 1661.00 1727.00 1727.00 1727.00 1503.00
Nonlife Insurance (12) 2355.41 0.05 2446.66 2354.28 2331.47 2100.34 2.84 1.44 24.52 0.00 3840.87 FTSE Middle East and Africa All Cap 212 814.63 2.0 7.4 5.8 1181.91
5.9 2.5 Utilities 162 269.79 0.4 0.4 1.0 476.60 1.1 3.6 Total Equity Turnover (£m) 2140.03 1940.34 4047.64 4047.64 4047.64 -
Life Insurance/Assurance (12) 8281.95 -0.49 8602.79 8322.45 8211.38 6718.33 3.08 1.84 17.64 0.00 7342.88 FTSE Global wi UNITED KINGDOM All Cap In 340 363.52 1.8 2.8 3.3 Electricity
1.2 554.89
1.3 113 289.17 0.5 0.5 2.0 506.39 2.1 3.5 Total Mkt Bargains 1063668.00 1049541.00 983496.00 983496.00 983496.00 -
Index- Real Estate Investment & Services (25) 2828.21 0.27 2937.77 2820.62 2794.46 2757.52 1.70 5.48 10.76 0.53 7127.13 FTSE Global wi USA All Cap 1981 508.11 1.5 -0.1 -0.2 639.02
-0.1 1.9 Gas Water & Multiutilities 49 295.65 0.2 0.2 -0.6 533.85 -0.6 3.7 Total Shares Traded (m) 3327.00 3849.00 3724.00 3724.00 3724.00 -
Real Estate Investment Trusts (20) 3028.65 0.14 3145.98 3024.30 3014.57 2363.51 2.73 5.83 6.28 6.53 3483.61 FTSE Europe All Cap 1391 407.07 1.8 3.1 3.0 Financials
2.2 603.67
2.3 665 211.14 1.5 1.5 -2.1 319.16 -2.0 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 7677.68 -0.39 7975.11 7707.68 7619.86 6387.47 2.87 1.87 18.64 12.32 8123.73 FTSE Eurobloc All Cap 637 379.65 2.2 3.7 2.8 Banks
3.0 571.19
3.2 242 192.35 1.9 1.9 -4.4 308.79 -4.2 3.1 (c) Market closed.
Equity Investment Instruments (178) 7698.75 -0.16 7997.00 7711.43 7650.82 6978.25 2.40 1.04 40.14 14.73 3952.06 FTSE RAFI All World 3000 3022 5909.33 1.5 0.7 0.3 7238.46
0.4 2.8 Nonlife Insurance 69 214.07 1.2 1.2 0.0 291.46 0.0 2.1
Non Financials (358) 4278.54 -0.11 4444.29 4283.39 4231.18 4046.32 3.31 1.90 15.90 4.58 5789.18 FTSE RAFI US 1000 1027 9224.94 1.7 -0.7 -0.7 11397.51
-0.6 2.3 Life Insurance 50 207.18 1.8 1.8 -1.9 306.09 -1.8 2.4
Technology (22) 1300.53 1.62 1350.91 1279.73 1274.79 1129.21 1.25 2.07 38.56 0.96 1604.01 FTSE EDHEC-Risk Efficient All-World 3027 324.37 1.1 1.7 2.1 Financial Services
1.5 426.98
1.6 138 224.23 1.4 1.4 -3.2 293.19 -3.1 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1426.50 0.64 1481.76 1417.39 1399.90 1285.51 1.90 2.04 25.75 2.59 1832.09 FTSE EDHEC-Risk Efficient Developed Europe 520 284.59 1.6 3.0 2.2 405.25
2.2 2.6 Technology 177 170.55 1.0 1.0 -0.9 200.09 -0.9 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) 1612.64 2.31 1675.11 1576.30 1579.46 1366.06 0.81 2.12 58.36 0.00 1834.97 Software & Computer Services 77 266.37 1.0 1.0 -1.9 302.38 -1.9 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 139.86 0.9 0.9 -0.1 167.90 0.0 1.9 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 ft.reader.enquiries@morningstar.com
FTSE 100 6881.18 6862.91 6834.99 6824.75 6840.41 6828.68 6824.23 6818.74 6836.53 6883.13 6804.44 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 16582.46 16550.68 16517.10 16506.03 16524.45 16514.52 16527.43 16506.76 16539.75 16584.10 16487.15 (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 4457.48 4454.31 4452.99 4450.87 4451.79 4453.15 4450.90 4448.53 4453.75 4459.31 4446.83
FTSE All-Share 3689.79 3680.64 3667.27 3662.36 3669.85 3664.42 3662.85 3659.69 3668.73 3689.79 3652.74 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:08:05:30 Day's Low14:54:00 FTSE 100 2010/11 High: 6871.80(03/02/2015) 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:08:03:00 Day's Low14:54:00 FTSE 100 2010/11 High: 3685.14(03/02/2015) 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.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Formation Group Pre 7.941 5.849 0.099L 0.387L 0.25L 0.2L - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- GlaxoSmithKline Pre 23006 26505 2968 6647 57.3 112.5 23 23 Apr 9 80 84.111 02/03 70.00 AIM AFG Aquatic Foods Group PLC 64.50 4.00 71.50 60.00 7303.1
KZT1150.4 Nil n/a 3.21 3.21 JSC Kazkommersbank GDR 3.21 0.00 GW Pharmaceuticals 1st 7.965 7.487 4.474L 3.524L 1.4L 1.6L - - - - -
5p Nil 13-03-15 13.50 12.15 Petropavlovsk PLC 12.25 -0.25 Sky Int 4302 3674 1208 507 65 26.2 12.3 12 - 32.3 33.111
A$0.05 Nil 30-01-15 3.08 3.08 Wildhorse Energy Ltd 3.13 -0.13

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 5 February 2015 ★★★ FINANCIAL TIMES 23

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) ChristianDior 162.40 8.80 163.50 126.10 1.53 18.11 33716.6 FastRetail 43850 1665 46325 30950 0.79 45.83 39580.73 TeliaSonera 51.90 -0.10 54.15 43.98 4.35 15.21 27239 BkNYMeln♦ 37.17 -0.23 41.79 30.82 1.62 16.12 41842.63 Lyondell 85.35 -1.55 115.40 70.06 2.86 10.69 42732.01
ANZ 34.62 0.51 35.07 28.84 5.33 12.71 74212.77 Cred Agr 10.83 -0.17 12.22 9.53 3.35 12.55 31876.76 Fuji Hvy Ind 4100 -42.00 4617 2380 1.15 14.48 27313.53 Switzerland (SFr) BlackRock 350.78 -2.17 368.64 286.04 2.00 19.33 57953.77 Marathon Ptl 96.19 0.37 97.94 74.64 1.72 12.74 26951.74
BHPBilltn 31.99 1.34 39.79 26.50 4.14 10.75 79625.21 Danone 59.00 -0.32 60.53 48.50 2.62 30.70 43394.6 Hitachi 866.60 1.70 939.90 660.00 1.00 41.42 35643.8 ABB 18.49 0.19 23.35 16.75 - 20.02 46252.34 Boeing 147.22 -0.12 148.39 116.32 1.71 22.47 104957.62 Marsh&M♦ 55.33 0.22 58.74 44.25 1.75 22.14 29927.95
CmwBkAu 90.79 0.39 91.94 72.14 4.57 16.05 114079.89 EDF 24.38 0.32 29.90 20.90 5.47 12.04 51796.18 HondaMtr 3689 95.50 3848 3239 1.37 11.68 56863.89 CredSuisse 20.30 0.24 29.75 18.57 3.13 60.29 35257.51 BrisMySq 59.24 -0.62 64.44 46.30 2.28 38.77 98265.92 MasterCard♦ 84.18 0.37 89.87 68.68 0.49 30.77 93685.63
CSL 87.99 0.39 89.07 63.77 1.43 28.42 32315.97 Essilor Intl 96.48 -0.72 100.50 70.51 1.04 19.64 23796.5 JapanTob 3350 154.50 4193 2997 2.39 14.77 57014 Nestle 71.70 0.75 74.60 63.85 1.81 25.93 249871.05 Broadcom 43.77 1.19 44.33 28.75 1.07 41.35 24070.75 McDonald's 94.05 0.13 103.78 87.62 3.23 19.68 92350.45
NatAusBk 36.50 0.27 36.75 31.33 5.69 15.78 68437.62 GDF Suez 19.61 -0.10 21.19 16.17 8.16 -5.15 54544.98 KDDI 7820 -1.00 8449 5000 1.54 16.62 59688.17 Novartis 91.55 2.05 99.75 70.15 2.72 23.53 267738.67 CapOne 75.30 -0.21 85.39 67.86 1.50 10.80 42267.3 McGraw Hill 94.84 0.86 95.62 71.93 1.17 30.69 25749.06
Telstra 6.60 -0.07 6.74 4.96 4.68 16.95 62534.35 Hermes Intl 297.10 8.80 317.40 229.00 0.97 35.72 35832.64 Keyence 57150 -280.00 58390 36095 0.17 33.03 29569.24 Richemont 80.65 1.85 94.75 68.80 0.10 23.23 45495.54 CardinalHlth 83.87 0.45 87.33 63.06 1.55 26.55 27757.74 McKesson 210.84 -2.29 222.93 162.90 0.43 37.42 48889.95
Wesfarmers 44.53 0.36 46.69 40.26 4.69 28.89 38781.62 Kering 181.80 4.00 181.95 136.95 2.20 25.47 26217.66 MitsbCp 2216 102.00 2356 1786 2.34 11.08 30624.74 Roche 253.50 6.30 295.80 238.80 2.80 25.80 192467.33 Carnival 43.46 -0.23 47.44 33.11 2.24 28.16 25756.54 Medtronic 74.13 -0.66 77.39 53.33 1.50 26.95 72967.39
Westpc 36.23 0.97 36.24 30.00 5.21 14.64 87609.3 LOreal 157.95 2.20 160.55 114.55 1.69 30.44 100798.03 MitsubEst 2364 34.00 2930 2151.5 0.41 44.03 27970.03 SwatchGpI 387.60 11.00 592.50 350.00 1.17 12.48 12917.91 Caterpillar♦ 81.95 -1.97 111.46 78.81 2.86 14.12 49612.44 Merck 59.05 -1.97 63.62 52.40 2.80 34.44 168344.07
WoodsdPet 35.87 0.18 44.23 31.97 6.24 12.46 22904.15 LVMH 156.25 11.75 156.45 121.40 2.12 21.88 90630.7 MitsubishiEle 1340 8.00 1550 1083 0.41 24.30 24484.11 Swiss Re 84.05 0.35 86.55 69.25 4.50 8.22 33671.5 CBS 56.74 -0.18 68.10 48.83 0.84 23.41 27259.27 Metlife♦ 48.77 0.01 57.57 46.10 2.41 10.63 55404.77
Woolworths 32.79 0.50 38.92 29.11 4.49 15.47 32099.67 Nmrcble-SFR 46.16 -0.11 57.50 23.87 - -57.85 20542.21 Mitsui 1581.5 25.50 1820 1308 3.26 7.90 24177.24 Swisscom 545.50 2.50 587.50 488.50 2.38 17.67 30537.59 Celgene 116.57 -1.03 124.60 66.85 - 65.36 93104.95 MicronTech 29.03 0.09 36.59 21.02 - 9.70 31274.41
Belgium (€) Orange 16.03 0.07 16.10 8.80 5.32 25.64 48510.39 MitsuiFud 3030 65.00 3809.5 2854.5 0.58 32.63 25562.84 Syngent 312.20 11.80 350.30 273.20 1.94 21.51 31358.55 CharlesSch 27.61 -0.01 31.00 23.35 0.82 31.40 36052.28 Microsoft 41.84 0.24 50.05 35.69 2.68 17.31 343246.38
AnBshInBv 109.25 0.40 109.95 69.14 1.59 24.34 200729.4 PernodRic 108.05 2.50 108.75 78.82 1.65 26.53 32764.17 MitUFJFin 654.10 32.10 700.30 519.00 2.10 8.54 78864.59 UBS 16.21 0.40 17.84 13.58 1.40 19.44 65116.77 ChevrnTx 108.35 -1.18 135.10 98.88 3.59 10.63 204827.48 MondelezInt 36.02 -0.05 39.54 31.83 1.49 35.85 60502.43
Safran 59.91 0.83 60.00 43.24 1.99 14.94 28543.31 Mizuho Fin 193.40 2.40 221.00 178.10 2.76 11.24 40241.3 Zurich Fin 316.10 6.90 323.50 244.20 5.27 13.16 51116.02 Chubb 99.91 0.74 105.30 82.99 1.82 12.49 23560.15 Monsanto 119.06 -1.29 128.79 104.63 1.45 24.28 57540.02
Brazil (R$)
Sanofi 81.59 0.08 89.95 68.29 3.56 25.49 123357.73 Murata Mfg 12930 340.00 13780 8192 0.80 25.83 24785.42 Cigna 110.10 1.40 112.95 73.47 0.03 15.95 28799.81 MorganStly♦ 34.77 -0.27 39.19 28.31 0.81 14.74 68058.91
Ambev 17.33 -0.17 17.87 14.99 1.78 21.54 99842.23 Taiwan (NT$)
Schneider 68.30 -0.40 72.22 52.59 3.58 19.29 45610.5 NipponTT 7022 89.00 7120 5051 2.06 14.18 67922.29 Cisco 26.69 -0.43 28.70 21.27 2.64 19.04 136481.67 News Corp A 34.66 0.06 39.27 30.83 0.68 20.38 47054.49
BncBrasil 22.30 1.45 38.19 18.61 6.24 4.61 23429.31 HonHaiPrc 87.50 0.10 113.00 80.30 1.78 11.50 41263.69
SocGen 37.16 -0.50 48.69 31.85 2.79 7.85 34183.91 Nissan Mt 1029 19.00 1146.5 836.00 2.45 9.84 39584.87 Citigroup♦ 48.40 -0.48 56.95 45.18 0.08 17.32 146627.23 NextEraE 109.44 -0.80 112.64 89.01 2.43 26.19 47768.62
BncoDoBrasl 30.15 -0.12 35.98 21.54 4.11 17.92 22109.78 MediaTek 485.00 - 545.00 389.50 2.39 16.81 24296.66
StGobn 38.76 -0.03 46.40 29.51 1.71 21.47 24878.34 NpnStlSmMtl 287.60 8.10 333.00 243.30 1.39 10.90 23257.69 CME Grp 89.25 1.98 93.91 66.44 1.96 31.50 29989.73 Nike 92.54 -0.81 99.50 69.85 1.01 28.39 63517.66
Bradesco♦ 35.30 0.40 41.30 27.48 0.99 17.35 27227.8 TaiwanSem 146.00 1.50 147.00 100.50 1.59 17.42 120681.83
Total 47.75 -0.53 54.71 38.25 5.56 10.55 129743.7 NTTDCMo 1970 -2.00 2047 1515 2.33 20.27 73174.07 Coca-Cola 41.68 0.05 44.87 36.89 2.69 24.65 182563.1 NorfolkS♦ 106.35 -0.33 117.64 89.58 1.91 17.69 32909.14
Cielo 41.08 0.58 47.10 31.06 3.08 17.54 23681.76 Thailand (THB)
UnibailR 257.35 -1.75 260.15 174.25 3.69 21.64 28830.15 Panasonic 1330.5 -27.00 1610 1030 0.84 58.96 27773.37 Cognizant 57.88 2.78 59.64 41.51 - 26.95 35244.16 Northrop 161.84 1.36 163.24 109.17 1.63 17.00 32691.56
ItauHldFin 32.02 1.02 38.74 25.09 1.61 8.36 32521.75 PTT Explor 378.00 8.00 398.00 270.00 1.81 11.57 33098.74
Vinci 48.33 0.13 57.36 39.65 3.91 10.07 32605.36 Seven & I 4427.5 88.50 4592.5 3611 1.24 23.25 33397.62 ColgtPlm♦ 69.20 0.01 71.31 60.02 1.90 32.34 63068.76 NtlOilVarc 52.33 -1.75 86.55 51.73 2.58 9.11 22531.92
Petrobras 9.90 0.11 23.50 7.88 5.68 5.51 27015.81
Vivendi 21.00 -0.13 21.43 17.26 4.94 -12.55 32426.93 ShnEtsuCh 7879 207.00 8529 5267 1.02 28.41 28971.35 United Kingdom (p) Comcast 56.90 1.49 59.30 47.74 1.43 19.10 122310.9 Occid Pet 80.85 -1.30 101.38 72.32 3.25 11.97 62693.36
Vale 20.55 -0.32 35.20 17.65 9.68 -10.34 24241.26
Germany (€) Softbank 7032 75.00 8760 6683 0.46 12.29 71846.52 AngloAmer 1150 -20.00 1678.5 923.00 4.30 252.30 24436.2 ConocPhil 65.87 -1.87 87.09 60.64 3.99 12.03 81080.23 Oracle 42.42 -0.62 46.71 35.44 1.10 18.23 186281.79
Canada (C$) Sony 2769 71.50 2860 1569 0.72 -13.13 27278.09 AscBrFd 3042 -37.00 3293 2407 1.06 31.54 36639.43 Corning 24.27 -0.08 25.16 16.99 1.55 20.20 31110.45 Paccar 62.46 -0.29 71.15 53.59 1.26 18.25 22117.35
Allianz 149.60 -0.60 151.45 115.05 3.68 10.50 78106.27
Alimentation 48.48 1.11 50.58 26.75 0.34 26.14 16118.67 SumitomoF 4018.5 106.00 4910 3800 2.37 7.73 48354.52 AstraZen 4688 46.50 5750 3663.7 3.72 93.14 90073.53 Costco 155.92 2.17 156.85 109.50 0.86 33.35 68683.45 Pepsico 96.60 0.40 100.57 77.01 2.38 22.77 144572.14
BASF 80.98 0.19 88.28 64.27 3.46 14.44 84973.78
BCE 58.79 0.91 59.28 45.09 4.37 18.73 39307.02 Takeda Ph 5894 118.00 5970 4337.5 2.45 51.79 39611.46 Barclays 248.75 0.30 278.00 201.75 2.61 56.13 62370.02 Covidien 106.71 -1.36 108.57 65.97 1.54 28.15 48500.47 Pfizer♦ 32.07 0.33 33.50 27.51 2.98 21.11 202062.08
Bayer 129.70 0.05 131.70 91.31 1.68 28.26 122533.88
BkMontrl♦ 75.29 -0.72 85.71 67.04 4.34 10.77 38784.5 TokioMarine 4189.5 199.50 4218.5 2879 1.48 13.57 27434.14 BG 932.00 -13.00 1420 780.55 1.99 17.76 48405.9 CrownCstl 86.27 -0.97 88.79 68.44 1.14 173.81 28801.91 PG&E 57.91 -0.94 60.21 40.92 2.95 20.61 27512.35
BMW 106.65 0.35 108.15 74.74 - - -
BkNvaS 63.43 -0.41 74.93 59.92 4.28 10.57 61325.75 Toyota 7728 178.00 7873 5205 1.82 12.49 224773.74 BP 445.35 -4.50 526.80 364.40 5.36 14.56 123577.68 CSX 34.57 -0.09 37.99 26.00 1.68 19.92 34410.88 Phillips66 74.42 -0.46 87.98 57.33 2.24 12.43 41192.47
Continental 206.20 0.45 208.25 136.85 - - -
Brookfield 64.82 0.28 65.72 40.34 1.22 13.26 32480.04 BrAmTob 3735.5 -17.50 3818 2878.5 3.81 19.50 109015.39 Cummins 144.16 -1.39 161.03 122.64 1.73 17.26 26336.85 PhilMorris 82.08 -0.16 91.63 75.57 4.37 17.54 127528.94
Daimler 82.63 0.48 83.85 55.10 - - - Malaysia (RM)
CanadPcR 231.77 1.38 247.56 156.64 0.64 34.89 30633.62 BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 CVS 100.46 0.33 101.59 64.95 0.98 27.69 115165.68 PNCFin♦ 87.75 0.14 93.45 76.69 1.97 12.61 46174.91
Deut Bank 27.13 -0.09 36.35 22.66 2.01-225.91 42750.2 Maybank 8.83 0.11 10.20 8.25 9.12 11.92 23098.15
CanImp 91.34 -0.25 107.37 85.03 4.57 10.96 28864.91 BT♦ 423.00 1.80 451.00 350.30 2.34 17.25 52406.03 Danaher 84.34 -0.68 87.49 70.12 0.36 23.58 59265.01 PPG Inds 227.45 0.55 233.98 171.56 1.06 24.11 31214.11
Deut Tlkm 15.79 0.10 15.79 10.07 2.46 29.70 81818.62 Mexico (Mex$)
CanNatRs 37.68 -1.90 49.57 31.00 2.45 12.45 32732.95 Compass♦ 1146 1.00 1170 924.41 2.30 23.53 29076.5 Deere 88.68 0.05 94.89 78.88 2.38 10.80 30366.96 PPL 35.81 -0.57 38.14 30.04 3.89 26.40 23816.23
DeutsPost 29.54 0.10 29.75 21.55 - - - AmerMvl 16.03 - 17.64 12.39 1.39 16.74 75198.6
CanNatRy 86.52 0.69 87.50 58.56 1.18 22.96 55710.79 Diageo 1925 -1.00 2055 950.00 2.69 24.80 73541.16 Delta 46.96 0.95 51.06 29.12 0.54 4.32 39302.77 Praxair 122.71 -0.77 135.24 117.32 1.95 20.80 35754.32
E.ON 13.28 -0.10 15.46 12.23 4.69 -46.54 30358.71 FEMSA UBD 127.21 1.32 135.75 108.90 0.81 27.45 30779.72
Enbridge 62.78 -0.29 65.13 45.63 2.29 66.25 42539.87 GlaxoSmh 1476 23.00 1709 1200.67 5.56 17.23 109210.23 DevonEngy 64.00 -0.07 80.63 51.76 1.35 12.55 26182.4 Prec Cast 204.74 -3.57 275.09 186.17 0.06 17.00 29182.15
Fresenius 49.64 -0.19 51.66 34.52 - - - WalMrtMex 29.04 0.60 35.75 27.71 0.93 18.56 34418.74
GtWesLif 32.90 -0.29 33.98 28.61 3.95 11.97 26090.15 Glencore 267.00 -2.35 379.45 236.20 3.61 16.19 53596.25 DirectTV 87.96 0.93 89.46 67.81 - 17.28 44176.74 Priceline 1028.28 -9.27 1378.96 990.69 - 24.75 53836.65
HenkelKgaA 91.09 0.65 92.15 66.67 1.03 13.82 27035.91
ImpOil 49.56 -1.14 57.96 44.08 1.11 9.58 33422.45 Netherlands (€) HSBC 615.60 -1.90 737.00 573.54 4.87 11.96 179737.48 DiscFinServ♦ 56.76 0.39 66.75 51.63 1.46 11.50 25739.51 ProctGmbl♦ 85.79 -0.16 93.89 75.40 2.88 23.29 231676.74
Linde 173.00 1.20 173.85 137.90 - - -
Manulife 21.40 0.29 23.09 18.91 2.69 9.38 33538.55 ASML Hld 89.99 -0.23 95.81 57.51 0.60 27.92 45053.9 ImpTob♦ 3080 -5.00 3183 2174.58 3.90 20.79 44883.53 Disney 101.28 7.18 101.94 69.88 0.80 25.31 171667.07 Prudntl 79.89 -0.20 94.30 75.75 2.49 16.72 36429.84
MuenchRkv 181.85 -0.55 184.25 141.10 4.14 8.44 35929.69
Potash♦ 45.77 -0.40 47.10 34.82 3.61 24.34 30234.32 Heineken 66.03 -0.12 67.28 44.66 1.22 26.30 43451.41 LlydsBkg 74.55 -0.42 85.53 70.02 - 226.60 80952.39 DominRes 77.63 -0.95 80.89 64.71 2.86 32.21 45232.51 PublStor 202.66 -0.37 206.92 155.61 2.59 43.05 35004.58
SAP 59.60 0.48 61.63 50.08 - - -
RylBkC♦ 74.13 -0.70 83.87 67.84 4.06 11.65 85074.93 ING 11.27 -0.26 11.95 9.34 - 11.79 49677.85 Natl Grid 923.20 -6.80 965.00 777.50 4.55 16.17 52836 DowChem 46.22 -0.67 54.97 41.45 2.90 16.43 54473.07 Qualcomm 66.96 - 81.97 62.26 2.35 14.51 110454.54
Siemens 95.54 -0.47 103.30 80.17 - - -
Suncor En 37.49 -2.06 47.18 30.89 2.65 17.12 43090.22 Philips 24.89 -0.26 26.99 20.69 - 98.75 26576.85 Prudential 1627.5 -4.00 1649.5 1192 2.06 19.53 63562.31 DukeEner 85.98 -0.80 89.97 68.10 3.42 20.77 60812.85 Raytheon♦ 107.13 0.76 111.47 89.17 2.07 17.38 33035.46
Volkswgn 208.30 1.65 208.85 147.35 - - -
ThmReut 50.01 1.08 50.28 36.86 3.10 85.42 31673.45 Unilever 37.65 0.21 38.81 26.97 2.63 19.64 73756.15 RBS 380.80 5.20 403.90 291.60 - -6.70 36863.06 DuPont 73.74 0.41 75.82 60.36 2.32 23.31 66804.53 Regen Pharm 401.36 -7.84 437.64 269.50 - 139.95 40012.34
TntoDom 52.55 -0.24 58.20 47.35 3.71 11.98 77222.7 Hong Kong (HK$)
Norway (Kr) ReckittB 5620 20.00 5745 4618 2.44 21.71 61439.19 Eaton 68.48 -1.31 79.98 57.11 2.59 20.64 32500.61 ReynoldsAm 69.57 -0.34 70.70 46.55 3.56 25.06 36961.39
TrnCan 58.56 -0.11 63.86 47.43 3.42 23.06 33018.5 AIA 44.55 -0.10 46.45 34.65 0.87 31.17 69219.27
DNB 116.60 -0.20 126.90 98.10 1.92 7.98 25138.72 Reed Els 1179 15.00 1179 851.53 2.09 25.48 36890.44 eBay 53.71 -0.54 59.70 46.34 - -570.69 66727.55 Salesforce 58.99 0.38 67.00 48.18 - -122.00 36160.87
ValeantPh 201.94 4.13 205.98 116.01 - 115.76 53933.03 BOC Hold 27.30 0.10 27.95 21.50 3.29 14.05 37232.47
Statoil 137.20 -4.30 195.80 118.20 5.67 8.69 57907.87 RioTinto 3053.5 -22.50 3680.56 2600 3.72 15.69 65681.82 Ecolab 104.44 -1.64 118.46 97.65 0.99 29.54 31344.16 Schlmbrg 84.55 -2.53 118.76 75.60 1.85 20.11 108798.42
Ch OSLnd&Inv 23.45 0.20 26.70 17.52 1.78 8.60 24725.54
China (HK$) Telenor 166.50 -1.90 170.40 123.90 4.64 34.39 33090.59 RollsRoyce 899.50 5.50 1219 777.00 2.45 7.44 25858.34 EMC 26.84 0.01 30.92 23.47 1.50 22.93 54616.94 SempraEgy 112.03 -1.78 116.30 89.87 2.19 26.09 27547.47
ChngKong 147.40 -1.40 152.00 111.80 2.10 8.88 44038.87
AgricBkCh 3.78 - 4.10 3.04 5.61 5.70 14988.25 Qatar (QR) RylDShlA 2157 -23.00 2864 1929 5.44 13.73 125412.15 Emerson 57.33 -2.11 69.94 55.81 2.82 20.03 39686.56 Shrwin-Will 274.10 0.53 277.29 174.29 0.74 33.51 26312.97
Citic Ltd 13.24 0.02 16.88 9.35 2.35 8.66 42531.89
Bk China 4.33 0.01 4.54 3.03 5.36 6.30 46706.39 Inds Qatar 153.10 -1.50 202.90 143.50 6.74 15.46 25434.34 SABMill 3528.5 -45.50 3857 2659 1.83 25.45 86609.36 EOG Res 95.19 -1.12 118.89 81.07 0.43 18.23 52165.02 SimonProp 201.83 1.74 206.31 150.41 2.35 44.89 62723.53
Citic Secs 25.20 -0.25 33.95 13.72 0.71 29.57 3830.33
BkofComm 6.56 0.06 7.36 4.53 4.70 6.36 29627.04 QatarNtBk 193.10 -1.40 237.00 160.00 3.54 13.24 37102.43 Shire 4901 1.00 5470 2827 0.26 25.59 43992.35 EquityResTP 78.94 0.95 81.03 54.56 2.56 91.29 28604.95 SouthCpr 29.22 0.32 33.90 23.60 1.48 18.66 23906.85
CNOOC 11.10 0.46 15.88 9.72 4.56 8.03 63927.57
Ch Evrbrght 4.27 0.02 4.52 2.68 4.30 5.76 3783.3 SSE♦ 1620 -9.00 1858 1321 5.35 78.41 24337.81 Exelon 36.19 -0.74 38.93 28.57 3.22 15.84 31104.03 SouthwestAir 44.64 1.39 47.17 20.23 0.42 28.78 30299.15
Galaxy Enter 40.70 -0.30 80.45 36.70 - 17.23 22285.88 Russia (RUB)
Ch Yangtze RMB 10.01 -0.07 11.32 5.54 2.41 15.79 15614.85 StandCh 919.20 4.20 1355.5 867.50 5.36 9.04 34575.59 ExpScripts 82.34 0.47 86.64 64.64 - 35.06 60430.15 SpectraEn 34.67 -0.27 43.12 32.43 3.55 24.77 23263.58
HangSeng 143.50 7.10 143.70 117.60 3.41 18.48 35389.43 Gzprm neft 142.60 2.25 154.47 113.73 7.39 2.44 49820.67
ChCommsCons 8.25 0.21 10.24 4.88 2.28 9.33 4711.75 Tesco 229.55 -2.50 341.58 155.40 6.43 21.75 28368.49 ExxonMb 91.46 -0.79 104.76 86.03 2.71 12.26 387289.99 Starbucks♦ 88.70 0.21 89.59 67.93 1.21 27.56 66507.26
HK & Ch Gas 17.62 -0.04 18.90 13.91 1.71 29.71 23892.61 Lukoil 2910 58.50 2998.5 1715 - 6.14 36528.03
ChConstBk 6.27 0.03 6.62 4.89 5.67 5.81 194447.12 Vodafone 236.50 -0.40 435.82 179.10 5.90 65.15 95381.69 Facebook 75.63 0.23 82.17 54.66 - 70.60 168196.3 StateSt 73.77 -0.85 80.92 62.67 1.42 16.81 30798.63
HK Exc&Clr 178.30 -0.40 189.00 112.80 1.87 47.38 26867.39 Rosneft 239.00 0.65 259.00 183.95 8.66 2.68 37381.36
China Vanke 17.42 -0.28 20.35 12.84 - 10.48 2954.81 WPP 1477 - 1565 1091 2.32 19.64 29618.46 Fedex 172.08 -0.89 183.51 128.17 0.40 22.39 48752.44 Stryker 92.47 -0.27 98.24 75.78 1.24 58.84 34983.3
Hutchison 103.00 -1.10 113.50 85.90 1.99 30.17 56644.77 Saudi Arabia (SR)
ChinaCitic 5.74 -0.04 6.34 3.60 5.26 5.57 11019.2 United States of America ($) FordMtr♦ 15.87 0.22 18.12 13.26 2.81 11.14 61078.67 Sychrony Fin 31.25 0.12 32.00 22.60 - 13.74 26055.14
MTR 34.20 - 34.70 26.55 2.39 15.09 25704.28 SaudiBasic 96.50 -0.16 136.50 70.25 5.35 12.20 77133.15
ChinaLife 30.75 -0.50 32.80 19.72 1.04 25.79 29515.87 3M 164.81 -1.13 168.16 124.12 1.82 24.10 105613.35 Franklin 52.94 -0.63 59.43 49.12 0.94 14.49 32919.51 Target 75.61 -0.26 77.75 54.66 2.28 33.32 48160.88
SandsCh 37.70 -0.10 68.00 34.50 4.30 15.67 39233.8 SaudiTelec 66.00 0.56 76.50 55.00 2.85 11.62 35169.52
ChinaMBank 17.40 -0.10 19.96 12.12 4.22 6.37 10304.28 AbbottLb♦ 45.17 -0.66 46.50 35.85 1.66 37.62 68016.56 FreeportMc 18.29 -0.69 39.32 16.43 6.41 9.05 19005.47 TE Connect 67.97 -0.21 69.96 51.03 1.61 15.20 27610.83
SHK Props 124.60 -0.40 129.40 83.40 2.39 11.26 45376.16 Singapore (S$)
ChinaMob 105.60 2.60 105.80 63.65 2.78 16.63 278615.56 Abbvie♦ 56.91 -4.74 70.76 45.50 2.70 26.29 90672.73 GenDyn♦ 138.53 -0.42 145.92 97.58 1.60 19.95 45907.42 TeslaMotors 218.55 0.19 291.42 169.36 - -142.33 27402.19
Tencent 133.90 -1.20 138.00 93.00 0.17 48.37 161853.09
ChinaPcIns 37.60 -1.05 41.95 23.55 1.13 28.34 13460.68 DBS 19.60 0.06 20.67 15.65 2.93 7.48 36001.73 Accenture 87.34 -0.58 91.94 73.98 2.17 20.48 69187.3 GenElectric 24.16 -0.31 27.53 23.41 3.42 17.34 242619.36 TexasInstr♦ 54.62 0.18 56.00 40.33 2.06 25.28 57689.82
ChinaRailCons 8.75 0.14 10.68 5.57 1.59 8.49 2343.52 India (Rs) JardnMt US$ 63.73 -0.45 67.88 51.99 1.95 16.56 44022.69 GenGrwthPrp 30.53 - 31.70 19.83 1.75 127.73 26991.8 TheTrvelers 106.73 0.69 108.24 79.89 1.85 10.95 35369.93
Ace 111.62 0.61 117.89 92.52 2.15 12.32 37028.54
ChinaRailGp 5.69 -0.09 6.68 2.99 1.38 9.98 3088.14 HDFC Bk 1067.7 3.60 1100.6 625.10 0.60 31.32 41701.4 JardnStr US$ 34.78 - 38.10 31.05 0.65 13.84 38957.16 GenMills 53.22 -0.04 55.64 46.70 2.94 22.91 32131.45 ThrmoFshr 126.35 -0.98 131.12 107.33 0.45 32.45 50543.22
Actavis 266.23 -2.12 285.09 180.70 - -53.38 70567.22
ChMinsheng 9.02 -0.23 10.70 6.73 1.33 5.98 8067.43 Hind Unilevr 899.90 -10.95 968.85 542.00 1.21 52.25 31484.45 OCBC 10.58 0.06 10.63 9.10 3.23 10.00 31289.98 GenMotors 35.83 1.85 38.15 28.82 2.36 24.70 57567.93 TimeWrnr 80.14 -0.19 88.13 60.72 1.45 17.84 67196.29
Adobe 72.28 0.36 77.56 57.15 - 140.96 36018.14
ChMrchSecs RMB 25.59 0.69 32.98 9.71 - 42.36 19091.45 HsngDevFin 1232.45 2.30 1361.85 755.00 1.07 24.90 31279.55 SingTel 4.09 0.02 4.12 3.42 4.07 18.09 48414.27 GileadSci 98.43 -8.75 116.83 63.50 - 18.67 148497.83 TimeWrnrC 145.53 2.72 155.95 128.78 1.87 21.77 40820.36
AEP 62.22 -0.54 65.38 47.23 3.02 18.10 30440.54
ChShenEgy 21.40 0.20 24.40 19.12 4.54 8.76 9381.69 ICICI Bk 344.65 -1.95 393.40 189.21 2.55 17.30 32280.23 UOB 23.40 0.24 24.72 19.47 2.96 11.27 27843.72 GoldmSchs 178.78 -1.46 198.06 151.65 1.15 11.02 77866.83 TJX Cos 67.87 0.57 69.84 51.91 0.90 23.57 46755.67
Aetna 96.05 1.87 96.90 64.68 0.85 17.06 33780.79
ChShpbldng RMB 8.68 0.03 10.35 4.36 0.46 68.15 24949.03 Infosys 2142.85 21.95 2225 1440 1.71 20.28 39615.95 South Africa (R) Google 526.10 -7.20 614.44 490.91 - 29.79 149841.79 UnionPac 120.44 -1.35 123.61 85.60 1.41 23.70 107083.12
Aflac 60.68 1.59 66.01 54.99 2.29 10.13 27341.6
ChStConEng RMB 5.84 -0.06 7.57 2.71 2.10 7.87 28042.2 ITC 367.60 1.55 400.30 311.40 1.35 35.08 47295.83 Halliburton 42.39 -0.93 74.33 37.21 1.33 11.65 35923.84 UPS B 100.53 -0.04 114.40 93.19 2.46 26.57 70606.68
Firstrand 51.45 -1.05 53.19 29.95 2.51 16.16 25352.53 AirProd♦ 148.42 0.01 149.61 102.73 2.02 32.03 31802.55
ChUncHK 12.46 0.52 14.22 9.03 1.55 20.65 38489.01 OilNatGas 368.55 9.10 471.85 265.40 2.50 12.59 51009.12 HCA Hold 68.96 -0.93 76.18 46.02 - 18.83 29898.56 USBancorp 43.58 0.30 46.10 38.10 2.05 15.25 77981.46
MTN Grp 212.00 1.78 263.44 190.48 3.97 15.19 34230.6 Alexion 178.29 0.78 203.30 136.37 - 79.14 35352.57
Daqin RMB 10.39 -0.02 12.32 6.24 3.56 11.46 24723.62 RelianceIn 928.80 -8.80 1145.25 793.10 0.98 12.39 48608.93 Hew-Pack 37.90 0.13 41.10 27.89 1.53 15.20 69511.71 Utd Cntl Hldg 71.70 3.73 74.52 36.65 - 24.18 26462.37
Naspers N 1678.34 -15.54 1744.64 983.25 0.20 62.18 61240.58 Allergan 219.42 -0.94 228.43 110.62 0.09 54.49 65364.92
GF Secs RMB 22.14 -0.16 29.42 9.50 0.78 38.54 20976.19 SBI NewA 293.05 -7.25 336.00 145.51 0.96 14.46 3539.32 HiltonWwde 26.33 -0.24 26.94 20.55 - 50.39 25924.98 UtdHlthcre 107.92 0.11 114.32 69.57 1.14 20.69 103580.66
Sasol 469.01 -5.43 652.99 360.00 3.69 10.29 26680.47 Allstate 72.58 0.55 72.87 49.18 1.41 12.50 30442.47
HaitongSecs 17.16 0.02 23.20 9.50 0.84 26.39 3303.91 SunPhrmInds 958.95 17.70 965.95 552.55 0.15 35.11 32130.42 HlthcareREIT 80.72 -1.04 84.88 55.87 3.66 109.44 26449.85 UtdTech 117.79 -1.10 120.95 97.30 1.88 18.52 107384.23
South Korea (KRW) Altria 54.03 -0.23 55.18 33.80 3.40 26.41 106788.68
In&CmBkCh 5.57 -0.01 5.90 4.33 5.01 6.03 62361.52 Tata Cons♦ 2514.3 -43.95 2839.7 1999.5 1.29 23.96 79670.46 HomeDep 108.41 1.17 109.00 73.96 1.58 26.03 142865.66 ValeroEngy 54.29 -0.09 59.69 42.53 1.73 8.09 28298.39
HyundMobis 248500 2500 323500 226000 0.65 10.91 21888.17 Amazon 364.75 1.20 383.11 284.00 - -716.62 169384.04
IndstrlBk RMB 14.11 -0.29 17.49 8.60 2.80 6.08 36540.53 Tata Motors 591.40 -11.90 612.40 339.55 0.31 10.43 24364.55 Honywell 100.75 -0.52 103.92 82.89 1.68 20.20 78868.14 Verizon 47.80 -0.03 53.66 45.09 4.20 11.01 198356.79
KoreaElePwr 42750 450.00 50200 34700 0.17 9.76 24556.04 AmerAir 49.46 1.96 56.20 28.10 0.19 95.90 35475.86
Kweichow RMB 177.25 -1.12 204.24 130.86 2.12 14.36 32398.99 Indonesia (Rp) AmerExpr♦ 83.61 -0.12 96.24 78.41 1.10 16.45 86509.3 IBM 156.96 -1.51 199.21 149.52 2.45 10.74 155337.11 VertexPharm 109.27 0.55 127.69 59.79 - -51.93 26281.82
SK Hynix 47300 600.00 52400 35550 - 10.69 31677.52
PetroChina 8.76 0.16 11.70 7.32 4.41 10.44 23841.55 Astra Int 7725 100.00 8100 6275 2.31 15.73 24771.08 AmerIntGrp 51.51 0.18 56.79 46.85 0.87 9.08 72109.48 IllinoisTool 95.85 -0.02 97.79 76.25 1.71 23.22 37470.99 VF Cp 68.88 -2.26 76.89 55.14 1.43 25.10 29747.36
SmsungEl 1359000-7000.00 1495000 1078000 0.81 8.75 164088.18
PingAnIns 83.00 -0.40 88.70 55.60 0.97 15.90 39868.74 Bk Cent Asia 13900 400.00 14000 9825 0.37 21.90 27144.92 Ameriprise 131.88 -0.64 137.33 100.94 1.57 18.62 24336.09 Illumina 192.03 -0.97 213.33 127.69 - 107.71 27268.26 Viacom 66.08 -0.69 89.76 63.11 1.90 12.44 23468.61
PngAnBnk RMB 13.71 -0.24 16.39 8.36 1.00 8.25 21585.78 Spain (€) Intcntl Exch 215.00 3.63 228.79 182.40 1.13 50.03 24232.05 Visa Inc 264.89 5.10 269.32 194.84 0.62 30.35 130050.99
Israel (ILS) AmerTower 97.85 -1.24 105.20 78.38 1.26 56.88 38793.89
SaicMtr RMB 21.94 -0.56 25.98 12.22 4.70 9.30 38718.37 BBVA 8.16 0.23 9.99 7.21 0.80 -53.63 58009.94 Intel♦ 33.60 -0.10 37.90 23.50 2.51 17.11 162456 Walgreen 76.05 -0.74 77.98 55.27 1.71 36.06 72276.92
TevaPha 221.20 -0.60 237.70 152.20 2.01 18.96 48614.76 Amgen 151.45 -0.78 173.14 108.20 1.43 25.40 115203.47
ShgPdgBk RMB 14.18 -0.27 16.75 8.39 4.00 6.04 33869.33 BcoSantdr♦ 6.18 -0.03 7.96 5.77 8.55 13.00 97418.9 Intuit 90.54 0.04 95.84 69.02 0.86 33.16 25848.85 WalMartSto 86.65 0.46 90.97 72.27 2.10 19.16 279289.4
Italy (€) Anadarko 83.07 -2.53 113.51 71.00 1.02 -21.00 42070.83
Sinopec 6.28 0.10 8.23 5.74 4.12 10.11 20667.93 CaixaBnk 3.85 -0.05 5.00 3.71 1.06 39.66 25149.98 John&John 101.36 -1.10 109.49 86.09 2.52 17.90 283717.83 Wellpoint 128.71 0.94 129.96 81.84 1.27 16.42 34744.16
Enel 4.04 -0.03 4.49 3.28 2.67 12.96 43358.32 Aon Cp♦ 93.12 0.35 98.10 76.49 0.86 23.33 26551.93
GasNatur 20.41 -0.47 24.45 17.83 3.60 12.59 23327.81 JohnsonCn 48.11 -0.38 51.60 38.60 1.87 22.23 31622.41 WellsFargo♦ 53.03 -0.07 55.95 44.17 2.30 13.85 275099.73
Denmark (kr) ENI 15.43 -0.22 20.46 12.98 6.08 10.26 64063.56 AppldMat 23.62 0.17 25.71 16.64 1.61 28.52 28851.17
Iberdrola 6.09 -0.04 6.24 4.46 2.66 17.42 44440.78 JPMrgnCh 56.38 -0.34 63.49 52.97 2.60 11.13 210759.08 WestrnDigl 104.04 3.36 114.69 80.78 1.26 17.33 24161.24
DanskeBk 178.30 3.60 178.50 122.70 1.16 44.92 27599.71 Generali 18.56 -0.14 18.79 14.40 2.01 17.94 33011.82 Apple 119.56 0.91 120.51 71.82 1.51 16.58 696406.87
Inditex 26.47 -0.14 27.13 19.29 1.20 33.07 94249.77 Kimb-Clark 109.86 -0.31 119.01 99.20 2.84 20.73 40917.93 Williams Cos 45.36 -0.72 59.77 39.31 3.66 17.96 33904.91
MollerMrsk 13410 -220.00 15390 11020 2.35 17.08 44895.29 IntSPaolo 2.62 -0.02 2.68 1.95 1.59 -9.55 47358.57 ArcherDan 46.15 -2.61 53.91 37.92 1.85 16.88 29790.78
Repsol 16.51 -0.23 21.07 14.26 4.80 16.43 25929.33 KinderM♦ 40.80 -0.68 43.18 30.81 3.84 36.11 41951.76 Yahoo 44.05 -0.66 52.62 32.15 - 6.23 41726.1
NovoB 282.80 -7.00 305.80 217.20 1.19 27.72 119354.21 Luxottica 51.90 0.55 53.55 34.74 1.04 41.15 28559.89 AT&T 34.41 0.07 37.48 31.74 5.02 11.22 178484.67
Telefonica 13.21 -0.04 13.43 10.76 4.66 13.31 70258.96 Kraft 67.08 0.11 67.66 50.54 2.94 18.07 39495.35 Yum!Brnds♦ 73.65 0.04 83.58 65.81 1.89 24.49 32380.15
Finland (€) Unicred 5.54 -0.04 6.89 4.82 - -2.51 36661.63 AutomData 86.58 1.44 87.18 70.50 2.08 28.98 41736.48
Sweden (SKr) Avago Tech 104.80 1.60 108.34 53.10 1.03 95.00 26758.74 Kroger 71.35 0.85 71.61 35.13 0.88 23.11 35056
Nokia 6.84 - 7.23 4.89 1.67 26.54 29243.69 Japan (¥) AtlasCpcoB 228.90 0.30 234.90 155.90 2.58 22.07 33669.15 BakerHu 60.98 -0.79 75.64 47.51 0.95 21.97 26379.89 L Brands 86.51 -0.55 87.80 51.20 1.45 27.99 25319.96 Closing prices and highs & lows are in traded currency (with variations for that
SampoA 43.37 -0.04 43.77 33.71 3.95 15.13 27687.51 AstellasPh 1828 -17.00 1906 1062 3.70 43.95 35152.59 Ericsson 101.20 -1.30 104.80 77.55 3.18 22.36 39730.06 BankAm 15.79 -0.10 18.21 14.37 0.48 42.88 166054.75 LasVegasSd 55.41 -2.32 88.28 49.82 3.13 17.81 44438.72 country indicated by stock), market capitalisation is in USD. Highs & lows are
France (€) Bridgestne 4551.5 71.00 4774 3328 1.55 15.29 31492.45 H&M 339.10 2.20 343.50 261.00 3.04 26.74 68025.59 LibertyGbl 49.05 0.37 88.19 37.98 - -38.17 10554.43 based on intraday trading over a rolling 52 week period.
Baxter 70.07 -0.38 77.31 66.34 2.71 22.33 37976.41
Airbus Grpe 47.64 0.39 55.00 39.64 1.63 21.65 42708.32 Canon 3708.5 39.00 4045 2889 3.17 16.50 42090.47 Investor 301.60 -1.30 305.60 204.40 1.99 4.13 28044.87 Lilly (E) 70.22 -0.67 75.10 52.29 2.62 29.95 78185.04 ♦ ex-dividend
BB & T 36.37 -0.11 41.04 34.50 2.43 14.17 26197.25
AirLiquide 113.90 0.80 113.90 83.52 2.39 22.35 44876.7 CntJpRwy 20140 410.00 20785 10655 0.48 14.98 35304.77 Nordea Bk 106.50 -3.40 110.10 82.40 3.95 13.61 51986.56 LinkedIn 232.03 -0.73 243.25 136.02 - -2010.16 25134.64 ■ ex-capital redistribution
BectonDick 139.92 -1.31 146.74 105.57 1.46 24.89 27057.99
AXA 21.01 -0.09 21.33 16.43 4.11 9.50 58621.77 Denso 5465 214.00 5995 4223 1.54 16.69 41113.35 SEB 99.25 -1.95 103.00 82.30 4.33 11.47 26351.04 Lockheed 192.28 0.28 198.88 144.69 2.60 20.74 60746.09
BerkshHat 221026.88-1156.12 229374163038.88 - 18.70 189299.13 # price at time of suspension
BNP Parib 48.81 0.40 61.82 43.14 3.19 -57.24 69471.35 EastJpRwy 9408 278.00 9469 7105 1.02 18.41 31502.77 SvnskaHn 374.80 -21.30 396.90 305.10 3.30 14.88 29869.19 Lowes 70.67 1.04 71.32 44.13 1.10 29.32 68755.46
Biogen 391.12 -2.77 397.00 272.02 - 39.46 92365.1
Fanuc 20295 595.00 21440 16105 0.94 25.45 41363.41 Swedbank 200.10 -1.20 202.70 165.70 5.42 12.47 26733.57

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
Amazon 364.75 363.55 1.20 0.33 60.84 20.0 18.23 SBI NewA 293.05 300.30 -7.25 -2.41 -41.55 -12.4 -7.04 Feb 04 date Coupon S* M* F* price yield yield yield US Feb 04 date Coupon S* M* F* price yield yield yield US
Petrobras 9.79 9.79 0.00 0.00 1.16 13.4 10.33 ChMinsheng 9.02 9.25 -0.23 -2.49 -1.06 -10.5 -12.93 High Yield US$ US$
Sasol 469.01 474.44 -5.43 -1.14 52.85 12.7 8.82 ICICI Bk 344.65 346.60 -1.95 -0.56 -39.40 -10.3 -4.87 Windstream Corporation 11/17 7.88 B B1 BB 107.90 4.81 0.13 0.03 4.26 Bear Stearns Cos, LLC 03/26 6.00 A A3 A+ 100.49 6.03 0.01 0.05 4.20
CanNatRs 39.58 39.58 0.00 0.00 4.30 12.2 3.80 VertexPharm 109.27 108.72 0.55 0.51 -11.99 -9.9 -11.21 High Yield Euro Wachovia Corporation 08/26 6.82 A A3 A+ 134.19 3.90 0.00 -0.18 2.07
Costco 155.92 153.75 2.17 1.41 16.30 11.7 10.11 SaicMtr 21.94 22.50 -0.56 -2.49 -2.25 -9.3 2.19 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 83.75 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 123.37 4.29 0.06 0.00 -
Lyondell 85.35 86.90 -1.55 -1.78 8.89 11.6 6.59 ChStConEng 5.84 5.90 -0.06 -1.02 -0.55 -8.6 -19.78 SouthTrust Bank 12/27 6.57 A+ A1 A+ 125.87 4.01 0.08 -0.21 -
Biogen 391.12 393.89 -2.77 -0.70 39.94 11.4 14.36 HsngDevFin 1232.45 1230.15 2.30 0.19 -112.15 -8.3 5.17 Emerging US$ Citigroup Inc. 01/28 6.63 A- Baa2 A 128.50 3.85 0.14 -0.17 -
BHPBilltn 31.99 30.65 1.34 4.37 3.04 10.5 8.29 ChShpbldng 8.68 8.65 0.03 0.35 -0.77 -8.1 -5.75 Peru 05/16 8.38 BBB+ A3 BBB+ 108.75 1.25 -0.02 0.32 0.70 Duke Energy Florida, Inc. 02/28 6.75 BBB+ A3 A- 127.31 4.07 0.00 -0.17 -
Vale 20.87 20.87 0.00 0.00 1.98 10.5 -3.10 Abbvie 56.91 61.65 -4.74 -7.69 -4.94 -8.0 -13.65 Mexico 09/16 11.40 BBB+ A3 BBB+ 116.65 0.92 -0.09 -0.28 0.37
Brazil 01/18 8.00 BBB- Baa2 BBB 109.18 4.64 0.09 -0.16 4.09 Euro
FordMtr 15.87 15.65 0.22 1.41 1.41 9.8 3.12 ChCommsCons 8.25 8.04 0.21 2.61 -0.69 -7.7 -17.50 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 112.52 1.65 0.03 -0.10 -0.17
TeslaMotors 218.55 218.36 0.19 0.09 19.18 9.6 -0.35 ChinaRailCons 8.75 8.61 0.14 1.63 -0.72 -7.6 -15.38 Russia 07/18 11.00 BB+ Baa3 BBB- 112.15 7.11 -0.32 0.40 6.57
Peru 03/19 7.13 BBB+ A3 BBB+ 119.64 2.17 -0.08 -0.37 0.85 Citigroup Inc. 09/26 2.13 A- Baa2 A 104.83 1.66 0.03 0.02 -0.16
DevonEngy 64.00 64.07 -0.07 -0.11 5.57 9.5 4.99 Galaxy Enter 40.70 41.00 -0.30 -0.73 -2.85 -6.5 -5.02 Eni SpA 01/29 3.63 A A3 A+ 123.29 1.73 0.03 -0.27 -
SouthCpr 29.22 28.90 0.32 1.11 2.52 9.4 2.74 ChinaRailGp 5.69 5.78 -0.09 -1.56 -0.37 -6.1 -11.37 Brazil 01/21 7.88 BBB- Baa2 BBB 105.54 3.86 0.04 -0.02 2.55
Turkey 03/21 5.63 - Baa3 BBB- 111.23 3.61 0.00 -0.24 2.29 BG Energy Capital plc 11/29 2.25 A- A2 A- 107.84 1.65 -0.02 -0.27 -
Disney 101.28 94.10 7.18 7.63 8.61 9.3 7.94 SandsCh 37.70 37.80 -0.10 -0.26 -2.45 -6.1 0.00
Poland 04/21 5.13 A- A2 A- 118.00 2.63 0.00 0.00 1.31 Yen
GenMotors 35.83 33.98 1.85 5.44 2.99 9.1 2.70 KDDI 7820.00 7821.00 -1.00 -0.01 -505.00 -6.1 2.40
Colombia 07/21 4.38 BBB Baa2 BBB 107.25 3.12 0.00 -0.41 1.80 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.27 0.36 0.00 0.06 -
Phillips66 74.42 74.88 -0.46 -0.61 6.05 8.8 2.95 Fuji Hvy Ind 4100.00 4142.00 -42.00 -1.01 -263.00 -6.0 -4.65
DNB 116.60 116.80 -0.20 -0.17 9.30 8.7 4.95 WalMrtMex 28.44 28.44 0.00 0.00 -1.82 -6.0 -5.59 Turkey 02/25 7.38 - Baa3 BBB- 130.38 4.21 0.00 0.00 2.38 £ Sterling
ImpOil 50.70 50.70 0.00 0.00 4.01 8.6 -1.24 Hitachi 866.60 864.90 1.70 0.20 -53.40 -5.8 -3.78 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 132.92 3.29 0.00 -0.44 1.46
Deut Bank 27.22 27.22 0.00 0.00 2.07 8.2 7.42 Canon 3708.50 3669.50 39.00 1.06 -226.50 -5.8 -3.43 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- 118.83 3.72 0.06 -0.46 1.90
EOG Res 95.19 96.31 -1.12 -1.16 7.09 8.0 3.20 Qualcomm 66.96 66.96 0.00 0.00 -4.03 -5.7 -9.85 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.95 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+ 112.66 2.77 0.00 -0.38 1.45 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- 121.15 3.40 0.02 -0.33 1.57
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
Feb 04 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Feb 04 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.06 16-12-2008 0.06 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 18.33 1.00 17.33 31.06 10.28 Feb 04 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 17.51 0.57 16.94 23.19 7.64 Tr 3.5pc 'WL - - - - - - - - -
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 180.51 -0.13 -0.13 1.25 1.55 6.29 VXN 19.16 0.35 18.81 31.17 9.66 Tr 2.75pc '15 100.27 0.42 -0.01 -0.06 0.14 -1.93 102.21 100.00 0.02
Euro Repo 0.05 05-05-2014 0.15 0.05 0.5 Corporates( £) 307.94 -0.08 -0.08 4.92 4.62 15.49 VDAX 19.67 -0.98 20.65 - - Tr 2pc '16 101.54 0.39 -0.01 -0.08 -0.14 -1.15 102.73 101.54 0.32
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 256.83 0.37 2.54 2.54 2.54 2.54 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 1.75pc '17 102.42 0.51 -0.03 -0.15 -0.13 0.17 102.68 101.07 0.29
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 214.73 0.10 0.10 0.95 0.84 7.79 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 5pc '18 113.01 0.72 -0.09 -0.30 -0.17 -1.03 114.36 111.68 0.35
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 226.97 0.12 0.12 2.39 1.93 13.26 Tr 4.5pc '19 114.38 0.90 -0.13 -0.36 0.18 1.02 115.07 111.17 0.36
Gilts( £) 298.80 -0.30 -0.30 4.61 4.25 17.50 BONDS: BENCHMARK GOVERNMENT Tr 4.75pc '20 118.14 1.07 -0.21 -0.38 0.42 2.24 119.04 113.53 0.33
INTEREST RATES: MARKET Global Inflation-Lkd 252.53 0.51 0.67 0.67 0.83 3.66 Red Bid Bid Day chg Wk chg Month Year Tr 8pc '21 141.54 1.18 -0.27 -0.46 0.50 2.14 142.92 135.65 0.24
Over Change One Three Six One Markit iBoxx £ Non-Gilts 307.05 -0.06 -0.06 4.62 4.34 14.95 Date Coupon Price Yield yield yield chg yld chg yld Tr 4pc '22 118.45 1.27 -0.34 -0.45 1.00 6.05 119.85 110.38 0.38
Feb 04 (Libor: Feb 03) night Day Week Month month month month year Overall ($) 230.04 0.38 2.62 2.62 2.62 2.62 Australia 10/18 3.25 104.61 1.95 0.04 -0.08 -0.24 -1.41 Tr 5pc '25 132.58 1.51 -0.54 -0.46 1.71 9.60 134.70 119.37 0.35
US$ Libor 0.11750 0.002 -0.002 0.002 0.17100 0.25510 0.35880 0.61815 Overall( £) 298.46 -0.23 -0.23 4.61 4.28 16.69 04/25 3.25 106.96 2.47 0.06 -0.04 -0.26 -1.68 Tr 4.25pc '27 129.47 1.69 -0.70 -0.49 2.77 14.07 131.90 112.04 0.31
Euro Libor -0.07357 -0.001 0.008 -0.001 -0.00429 0.02786 0.09286 0.23429 Overall(€) 222.46 0.11 0.11 1.81 1.49 11.03 Austria 10/18 1.15 104.30 0.01 0.00 0.01 -0.01 0.00 Tr 4.25pc '32 133.88 1.94 -0.89 -0.72 3.75 18.20 136.85 111.72 0.35
£ Libor 0.47000 0.000 0.001 0.002 0.50538 0.56338 0.68250 0.95556 Treasuries ($) 221.24 0.42 2.87 2.87 2.87 2.87 10/24 1.65 111.43 0.44 0.01 -0.01 -0.19 0.00 Tr 4.25pc '36 136.90 2.08 -1.04 -0.90 4.39 20.81 140.37 111.54 0.26
Swiss Fr Libor -0.004 -0.91400 -0.86900 -0.75960 -0.64560 FTSE Belgium 06/18 0.75 101.87 0.18 -0.01 -0.09 -0.07 -0.93 Tr 4.5pc '42 148.74 2.16 -1.25 -1.15 5.44 24.69 153.16 117.05 0.26
Yen Libor 0.004 0.07571 0.10429 0.14214 0.26614 Sterling Corporate (£) 117.64 -0.74 - - 2.68 8.49 12/24 1.10 103.84 0.69 0.01 -0.05 -0.30 0.00 Tr 3.75pc '52 140.07 2.18 -1.58 -1.33 7.25 31.42 145.21 104.09 0.22
Euro Euribor -0.002 0.00100 0.05500 0.13200 0.26600 Euro Corporate (€) 110.96 -0.04 - - 0.70 5.76 Canada 11/16 1.00 100.98 0.43 0.00 -0.02 -0.49 0.00 Tr 4pc '60 153.07 2.15 -1.73 -1.32 8.25 34.35 159.23 111.06 0.21
Sterling CDs 0.000 0.50000 0.55000 0.70500 Euro Emerging Mkts (€) 976.53 -12.71 - - 4.02 7.47 06/25 2.25 108.74 1.34 0.03 -0.01 -0.43 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
US$ CDs 0.000 0.17000 0.22000 0.29000 Eurozone Govt Bond 117.20 -0.01 - - 1.71 10.45 Denmark 11/16 2.50 105.63 -0.65 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks. A longer list appears on Mondays & the full list
Euro CDs 0.000 -0.15000 -0.00500 0.08500 11/25 1.75 115.71 0.27 0.07 -0.21 -0.51 0.00 on Saturdays, and can be found daily on ft.com/bond&rates.
CREDIT INDICES Day's Week's Month's Series Series
LA 7Day Notice 0.40%-0.35% Finland 09/18 1.13 104.34 0.08 0.03 0.05 0.07 -0.69
Index change change change high low
Short 7 Days One Three Six One Markit iTraxx 07/25 4.00 135.66 0.48 0.01 0.01 -0.23 -1.61 GILTS: UK FTSE ACTUARIES INDICES
Feb 04 term notice month month month year Crossover 5Y 305.28 1.22 -1.28 -47.06 419.37 290.75 France 11/16 0.25 100.61 -0.09 0.00 0.00 0.00 0.00
Price Indices Day's Total Return Return
Euro -0.20 0.00 -0.20 0.00 -0.15 0.00 -0.08 0.07 0.01 0.16 0.15 0.30 Europe 5Y 56.39 0.37 0.79 -7.66 80.45 51.98 11/19 0.50 102.17 0.05 -0.01 -0.04 -0.11 0.00
Fixed Coupon Feb 04 chg % Return 1 month 1 year Yield
Sterling - - - - - - - - - - - - Japan 5Y 64.17 -1.06 -0.20 -4.89 79.33 58.50 11/24 1.75 110.97 0.59 0.01 0.02 -0.18 0.00
1 Up to 5 Years 100.47 -0.06 2347.95 0.08 2.62 0.78
Swiss Franc - - - - - - - - - - - - Senior Financials 5Y 62.50 -0.11 -1.57 -6.49 85.99 56.40 05/45 3.25 146.11 1.38 -0.02 -0.06 -0.37 -1.81
2 5 - 10 Years 184.55 -0.32 3230.62 0.73 9.25 1.29
Canadian Dollar - - - - - - - - - - - - Germany 06/16 0.25 100.57 -0.17 0.00 0.00 0.00 0.00
Markit CDX 3 10 - 15 Years 215.93 -0.62 3846.73 1.80 16.40 1.63
US Dollar 0.08 0.18 0.08 0.18 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58 10/19 0.25 101.56 -0.08 0.00 0.00 0.00 0.00
Emerging Markets 5Y 374.75 -23.68 -21.11 -13.58 420.12 238.47 4 5 - 15 Years 191.77 -0.40 3380.95 1.04 11.31 1.42
Japanese Yen -0.05 0.05 -0.08 0.02 -0.15 0.00 -0.05 0.10 -0.05 0.15 0.00 0.20 02/25 0.50 101.27 0.37 0.02 0.02 0.00 0.00
Nth Amer High Yld 5Y 351.41 -12.36 -8.58 -31.70 406.42 328.06 5 Over 15 Years 317.89 -1.25 4488.80 4.17 29.24 2.12
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/46 2.50 141.33 0.97 0.00 -0.06 -0.26 0.00
Nth Amer Inv Grade 5Y 65.25 -3.45 -1.72 -6.28 75.99 60.32 7 All stocks 179.89 -0.65 3273.87 1.96 14.69 1.89
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. LA 7 days Greece 07/17 3.38 75.96 16.00 0.02 -0.48 0.78 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 181.74 100.00 02/25 2.00 61.65 9.53 0.15 -0.77 -1.01 1.19
notice: Tradition (UK).” Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 114.45 0.13 0.00 -0.03 -0.16 -1.32 Index Linked Feb 04 chg % chg % chg % Return 1 month 1 year
03/24 3.40 120.99 0.98 0.01 0.02 -0.25 -2.34 1 Up to 5 Years 313.16 0.05 -0.98 -2.11 2368.09 -0.39 -0.40
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 101.73 0.39 -0.01 -0.08 -0.24 0.00 2 Over 5 years 580.71 -0.95 1.59 21.58 4259.86 1.72 22.64
12/19 1.05 101.14 0.81 -0.03 -0.07 -0.24 0.00 3 5-15 years 440.12 -0.23 -0.46 7.36 3312.48 -0.29 8.68
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/24 2.50 108.70 1.55 -0.05 -0.04 -0.38 0.00 4 Over 15 years 712.76 -1.25 2.50 29.12 5138.46 2.60 30.01
Crude Oil† Feb 48.58 -3.21 Corn♦ Mar 370.75 -2.25 Mar 02 Mar 02 Prev return stock Market stocks
09/46 3.25 113.81 2.62 -0.02 -0.09 0.00 0.00 5 All stocks 536.88 -0.85 1.31 18.82 3986.30 1.49 19.97
Brent Crude Oil‡ 54.84 -2.13 Wheat♦ Mar 503.00 -4.75 Can 4.25%' 21 134.79 -0.717 -0.681 0.39 5.18 74339.75 7
Japan 01/17 0.10 100.13 0.03 0.01 0.02 0.00 0.00
RBOB Gasoline† Feb 1.47 0.07 Soybeans♦ Mar 961.25 -7.00 Fr 2.25%' 20 116.23 -0.655 -0.627 0.42 19.98 214982.93 14
02/20 0.05 99.66 0.12 0.00 0.05 0.00 0.00 Yield Indices Feb 04 Feb 03 Yr ago Feb 04 Feb 03 Yr ago
Heating Oil† Feb 1.76 0.00 Soybeans meal♦ Mar 330.70 -7.20 Swe 0.25%' 22 106.57 -0.522 -0.563 0.12 28.76 219569.52 5
12/24 0.30 99.24 0.38 0.01 0.10 0.08 0.00 5 Yrs 1.03 0.99 1.75 20 Yrs 2.09 2.02 3.37
Natural Gas† Feb 2.67 -0.09 Cocoa (ICE Liffe)X Mar 1921.00 9.00 UK 2.5%' 16 327.82 -1.276 -1.238 0.11 7.90 494182.14 24
12/44 1.50 101.48 1.43 0.08 0.16 0.27 0.00 10 Yrs 1.57 1.50 2.75 45 Yrs 2.18 2.11 3.43
Ethanol♦ Mar 1.39 0.02 Cocoa (ICE US)♥ - - UK 2.5%' 24 349.59 -0.994 -1.024 -0.31 6.82 494182.14 24
Netherlands 04/17 0.50 101.38 -0.13 0.00 0.00 0.00 0.00 15 Yrs 1.90 1.84 3.18
Uranium Feb 37.55 0.30 Coffee(Robusta)X Mar 1931.00 24.00 UK 2%' 35 239.74 -0.924 -0.974 -0.85 9.08 494182.14 24
07/24 2.00 114.63 0.42 0.02 -0.01 -0.17 0.00
Carbon Emissions - - Coffee (Arabica)♥ - - US 0.625%' 21 105.18 -0.174 -0.203 -0.16 35.84 1100516.06 35
New Zealand - - - - - - - inflation 0% inflation 5%
Diesel Mar 121.25 0.00 White SugarX 428.20 - US 3.625%' 28 142.15 0.352 -0.203 -0.94 16.78 1100516.06 35
12/17 6.00 107.92 3.10 -0.05 -0.20 -0.48 -1.47 Real yield Feb 04 Dur yrs Previous Yr ago Feb 04 Dur yrs Previous Yr ago
Unleaded Mar 56.35 - Sugar 11♥ - - Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 108.01 0.69 0.00 0.05 0.07 -0.94 Up to 5 yrs -0.99 2.44 -0.97 -1.28 -1.60 2.46 -1.59 -1.88
Base Metals (♠ LME 3 Months) Cotton♥ - - 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 3.00 114.94 1.25 -0.01 0.00 -0.13 0.00 Over 5 yrs -0.84 22.95 -0.89 0.02 -0.88 23.07 -0.92 -0.02
Aluminium 1873.50 -18.00 Orange Juice♥ - - amount.
Portugal 02/16 6.40 106.33 0.21 -0.02 -0.01 -0.19 -2.29 5-15 yrs -0.91 9.11 -0.93 -0.18 -1.03 9.14 -1.06 -0.33
Alluminum Alloy 1850.00 50.00 Palm Oil♣ Feb 617.25 25.00
Copper 5697.00 -3.00 Live Cattle♣ Feb 154.85 0.93 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 103.73 2.47 -0.10 -0.08 0.00 0.00 Over 15 yrs -0.84 28.66 -0.88 0.05 -0.86 28.73 -0.90 0.03
Spain 10/17 0.50 100.15 0.44 -0.02 -0.07 -0.15 0.00 All stocks -0.85 20.81 -0.89 0.00 -0.89 20.96 -0.93 -0.05
Lead 1861.50 11.00 Feeder Cattle♣ Mar 196.80 -2.58
Nickel 15045.00 -370.00 Lean Hogs♣ Feb 67.65 -0.88 Spread Spread Spread Spread 04/25 1.60 101.26 1.47 -0.05 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Tin 18925.00 -100.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 109.84 -0.15 0.00 0.00 0.00 0.00
Zinc 2140.00 -18.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 118.29 0.65 0.03 -0.06 -0.20 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix) Feb 03 Month Year Switzerland 10/16 2.00 104.71 -0.77 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Australia 2.47 2.10 0.65 Italy 1.55 1.18 -0.28
Gold 1268.50 4.25 S&P GSCI Spt 395.90 3.93 - 07/25 1.50 117.21 -0.13 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
Austria 0.44 0.07 -1.38 Japan 0.38 0.01 -1.44
Silver (US cents) 1739.00 -20.00 DJ UBS Spot 101.61 0.29 - Belgium 0.69 0.32 -1.13 Netherlands 0.42 0.05 -1.41 United Kingdom 07/18 1.25 101.29 0.87 0.03 0.08 0.01 -0.73 loss arising from the reliance on or use of the listed information. For all queries e-mail
Platinum 1206.00 13.00 R/J CRB TR 221.03 -3.47 -22.24 Canada 1.34 0.97 -0.48 Norway 1.25 0.88 -0.57 07/20 2.00 104.32 1.18 0.05 0.08 -0.04 0.00 ft.reader.enquiries@morningstar.com
Palladium 794.00 3.00 Rogers RICIX TR 2713.63 - - Denmark 0.27 -0.10 -1.55 Portugal 2.47 2.10 0.65 09/24 2.75 110.79 1.54 0.07 0.07 -0.09 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 316.55 2.81 -26.96 Finland 0.48 0.11 -1.34 Spain 1.47 1.10 -0.36 01/45 3.50 127.99 2.22 0.08 0.07 -0.16 0.00 Data provided by Morningstar | www.morningstar.co.uk
Iron Ore (Platts) 62.00 -1.00 UBS Bberg CMCI TR 15.70 -3.14 -21.37 France 0.59 0.22 -1.23 Switzerland -0.13 -0.50 -1.96 United States 01/17 0.50 99.91 0.55 0.04 0.00 0.00 0.00
Iron Ore (The Steel Index) 61.30 -0.40 LEBA EUA Carbon 7.01 -2.50 22.13 Germany 0.37 0.00 -1.45 United Kingdom 1.54 1.16 -0.29 01/20 1.25 99.68 1.32 0.02 0.00 0.00 0.00
GlobalCOAL RB Index 62.00 0.00 LEBA CER Carbon 0.45 -10.00 275.00 Greece 9.53 9.16 7.71 United States 1.82 1.45 0.00 11/24 2.25 103.80 1.82 0.04 0.10 -0.15 0.00
Baltic Dry Index 569.00 -8.00 LEBA UK Power 2126.00 26.25 25.43 Ireland 0.98 0.61 -0.84 11/44 3.00 112.18 2.42 0.05 0.13 -0.11 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 5 February 2015

FINANCIAL TIMES SHARE SERVICE

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 FriendsLf 397.60 -4.20 413.63 286.60 5.32 47.75 10592.0 SKF SKr 194.60 -1.10 200.00 134.80 3.04 49.01 3575.9 BisichMg♦ 72.50 -2.00 126.00 73.00 5.52 -10.48 12.0 PrimyHth 378.25 -3.75 382.00 324.00 5.09 14.23 77.5 Intertek 2398 -31.00 3111 2141 1.92 19.86 822.8
AvonRub 797.00 -2.50 810.00 580.00 0.60 18.84 14.2 Gimv Nv € 40.11 -0.15 40.45 34.16 5.04 59.44 22.7 Spirax-S 3116 8.00 3143 2548 1.89 23.64 86.4 CoalfieldR# 5.43 - 6.60 5.35 - 4.74 - Redefine 56.00 -1.15 59.20 47.75 5.60 7.01 444.9 Latchways 721.50 -2.50 1287 705.01 5.49 18.18 10.7
BAE Sys 527.50 7.00 528.00 374.10 3.81 91.14 6564.2 GuinPeat 23.25 - 36.63 19.00 - -54.58 5063.8 Tex 90.50 - 101.50 72.50 4.42 8.19 5.0 EVRAZ 171.20 -3.20 179.00 51.35 - -12.49 2078.3 SEGRO 419.10 -4.10 425.60 325.30 3.53 7.53 1209.5 Lavendon 161.75 -2.75 247.75 155.50 2.19 13.34 42.0
Chemring 215.50 -1.25 289.50 181.50 3.34 -11.60 75.3 Hargr Lans 966.00 -79.00 1513 827.00 2.32 28.36 3406.1 Trifast 108.00 -2.50 134.00 73.00 1.30 18.53 60.2 FstQuant 680.00 -15.00 1512 581.50 1.19 12.72 9.1 Shaftbry♦ 801.50 2.00 814.50 608.50 1.59 4.87 530.1 MngCnslt 15.50 - 30.00 14.50 5.32 8.90 157.4
Cobham 334.40 0.40 345.10 258.30 2.89 32.33 1431.7 HBM Hlth SFr 94.50 -2.75 105.80 70.25 - 2.43 23.1 Vitec 620.50 13.50 690.00 539.00 3.71 15.51 10.2 Fresnillo 888.00 8.00 1037 675.50 0.32 49.51 1316.3 Town Ctr 280.00 0.50 288.00 212.25 3.73 5.43 7.8 MearsGp 426.00 6.25 540.00 354.75 2.07 19.37 104.5
Meggitt 547.00 2.00 552.10 421.70 2.33 20.93 1344.0 HenderGp 246.40 1.40 275.40 180.10 3.25 31.78 1827.8 Weir 1810 -20.00 2848 1574 2.32 11.80 1240.0 GemDmnd 150.75 3.75 223.00 139.75 - 11.08 142.9 Wkspace 808.50 -1.50 818.00 533.50 1.31 3.92 92.7 MenziesJ 371.50 1.50 714.75 306.25 7.13 8.41 232.4
RollsRoyceX 899.50 5.50 1219 777.00 2.45 7.44 7536.4 ICAP♦ 471.30 -3.40 477.20 338.70 4.67 27.44 925.7 Harmony R 34.49 -1.01 40.98 16.60 - -12.55 1944.3 Real Estate Inv & Services MichaelPge 478.10 -0.70 511.50 358.70 2.20 33.47 555.5
Indvardn SKr 146.10 -3.40 150.20 111.40 4.04 10.20 542.6
Industrial General Hochschild 90.00 0.25 207.46 77.80 - -5.03 536.9 MITIE 274.20 -1.20 345.90 263.90 4.01 79.07 659.2
Senior 311.50 0.60 324.80 248.90 1.64 17.69 335.2 Cap&Count 389.90 -1.90 395.10 313.00 0.38 11.39 783.6
ICG 509.00 5.00 510.00 361.70 3.99 14.28 494.7 BritPoly 641.25 -3.75 690.00 565.00 2.26 14.15 8.4 Kenmr 3.28 0.04 17.35 2.18 - -2.31 17716.0 PayPoint 840.00 - 1212 809.39 4.20 15.38 31.1
UltraElc 1778 43.00 1985 1642 2.37 28.93 99.8 Cardiff♦ 1040 - 1099.5 825.00 1.22 4.40 0.6
IPF 442.10 -1.00 636.50 412.00 2.10 15.28 399.3 JardnMt $X 63.73 -0.45 67.88 51.99 1.95 16.56 164.8 Lonmin 172.30 4.40 336.60 149.74 - -8.46 1381.7 PremFarn 169.40 -1.40 242.40 159.20 6.14 12.41 352.7
CLS 1570 - 1600 1249 - 6.64 2.3
Automobiles & Parts Investec 567.00 -2.00 606.50 380.70 3.35 17.87 1452.3 Jard Str $X 34.78 - 38.10 31.05 0.65 13.84 140.6 Petra 158.20 6.70 220.87 131.64 - 21.78 1766.6 Daejan 5735 25.00 5800 4650 1.55 5.01 4.1 Rentokil 121.90 -1.10 133.60 109.80 1.89 21.02 1970.3
FordMtr $X♦ 15.87 0.22 18.12 13.26 2.81 11.14 41088.3 Jupiter 378.30 -7.50 447.60 313.70 3.33 21.93 731.6 Macfrlne 37.00 0.25 49.50 33.00 4.32 12.42 37.0 Petropvlsk 12.25 -0.25 98.25 6.00 - 0.33 2098.5 Ricardo 705.00 28.50 800.00 597.70 2.03 19.39 64.0
REXAM 447.60 8.70 603.00 424.60 4.37 11.14 8264.0 DvlptSec 242.25 -0.75 267.25 179.00 3.30 15.48 25.9
GKN 375.10 -0.50 468.00 281.10 2.11 12.77 4386.6 Liontrust 294.00 2.88 306.25 208.00 1.02 26.01 6.4 PolymtIntl 600.00 - 690.00 315.18 0.87 25.36 481.5 Grainger♦ 206.70 1.30 250.00 167.80 1.00 11.51 1238.0 RbrtWlts 341.00 -4.00 363.00 270.00 1.58 38.83 2.5
Man 179.70 -0.70 183.44 79.80 2.61 104.90 8523.3 RPC 556.50 5.00 672.90 488.20 2.47 21.28 441.7 RndgldRs 5525 -10.00 5752.1 3638 0.55 31.09 654.0 RPS 205.40 -2.40 359.37 181.50 3.58 15.21 761.1
Banks Smith DS 313.80 -1.30 359.10 231.82 3.19 17.56 1615.4 HelclBar 388.00 -7.00 405.06 320.00 1.74 6.82 524.2
NB GFRIF♦ 95.00 0.10 103.00 93.75 3.76 20.51 2030.8 RioTintoX 3053.5 -22.50 3680.56 2600 3.72 15.69 5537.4 HK Land $ 7.85 0.15 8.30 5.97 2.04 17.99 2245.8 Shanks 100.50 -1.00 120.00 84.50 3.43 -22.84 485.4
ANZ A$X 34.62 0.51 35.07 28.84 5.33 12.71 7687.6 Smiths 1171 -4.00 1429 1006 3.39 20.14 1538.7
Paragon♦ 424.30 -0.80 432.00 313.70 1.84 13.63 293.2 Troy Res A$ 0.58 -0.01 1.53 0.35 - -1.57 1184.4 Lon&Assc 39.50 - 61.50 36.50 0.32 68.46 12.6 SIG 188.00 -1.00 214.80 143.40 1.89 -168.31 1778.3
BcoSant 464.75 -3.50 758.00 416.37 8.50 13.02 1203.7 SmurfKap € 21.59 -0.32 22.43 14.78 2.22 17.51 174.4
Providnt 2629 14.00 2692 1613 3.23 23.51 159.7 VedantaRs 449.20 -2.00 1201 353.21 8.46 243.21 2434.8 MacauPrp 212.00 -4.00 270.00 212.00 - 4.76 66.4 SpeedyHr 71.50 -0.25 83.00 50.75 0.85 77.38 309.8
BankAm $X 15.79 -0.10 18.21 14.37 0.48 42.88 82959.2 Vesuvius 449.40 -0.60 493.60 388.80 3.34 11.17 225.8
RathbnBr 2224 12.00 2250 1623 2.20 25.12 20.3 Mntview 10950 - 11200 6675 1.83 12.42 0.3 St Ives 180.75 0.75 225.00 168.00 3.68 21.72 79.0
BnkGeorgia 2066 -21.00 2795.69 1774 3.38 9.05 65.8
Record 33.25 - 46.92 28.38 4.51 13.27 24.0
Oil & Gas TribalGrp 162.38 - 204.00 141.10 0.99 -82.84 1.4
BankIre € 0.29 0.01 0.39 0.24 - -11.18 34385.5 Industrial Transportation Afren 11.10 -0.74 166.60 4.01 - 0.37 203332.2 Q'tainEst 97.75 0.25 108.50 75.00 - 22.23 387.2
S&U 2085 5.00 2129 1700 2.59 16.04 2.0 BBA Aviat 337.70 -0.80 362.10 293.70 2.66 16.13 824.5 RavenRuss 41.13 1.88 82.50 37.25 - -34.30 293.0 Vp 603.00 3.50 690.00 539.00 2.32 14.62 12.6
BkNvaS C$X 63.43 -0.41 74.93 59.92 4.28 10.57 1750.1 Aminex 1.90 0.05 3.17 0.64 - -2.07 4788.3
Schroder 2943 -16.00 2965 2086 1.97 22.52 338.4 Braemar 475.00 14.75 557.23 390.00 5.47 35.28 5.0 RavenR Prf 122.00 - 160.75 101.50 9.84 - 34.5 Watermn 67.25 0.25 79.00 50.00 1.04 112.08 30.0
BarclaysX 248.75 0.30 278.00 201.75 2.61 56.13 45978.0 BGX 932.00 -13.00 1420 780.55 1.99 17.76 11279.0
..N/V 2259 -18.00 2277 1692 2.57 17.29 3.0 Clarkson 2008 102.00 2750 1835 2.79 20.15 156.8 RavenR Wrt 29.00 - 62.49 27.00 - - 2.5 Wolseley 3888 74.00 4038 2966 1.88 20.59 886.2
CanImp C$X 91.34 -0.25 107.37 85.03 4.57 10.96 1310.3 BPX 445.35 -4.50 526.80 364.40 5.36 14.56 41632.2
SVG Cap 448.30 1.80 480.00 226.00 - 11.19 257.1 Eurotunnl € 12.09 -0.01 12.12 8.11 1.32 56.38 474.5 Safestre 271.00 -4.00 277.25 184.25 2.12 13.58 433.4
HSBCX 615.60 -1.90 737.00 573.54 4.87 11.96 19903.0
TullettPre 333.00 -3.50 348.60 234.40 5.06 25.74 135.8 Cadogan 10.38 - 12.44 8.50 - -2.53 35.0 Tech - Hardware
LlydsBkgX 74.55 -0.42 85.53 70.02 - 226.60 108405.6 Fisher J 1128 2.00 1565 1003 1.77 14.20 13.3 CairnEng 200.80 -3.00 214.36 141.00 - -5.04 1607.1 Savills 731.00 -2.00 742.00 567.52 1.44 18.28 59.2 ARM Hldgs 1069 32.00 1080 778.50 0.57 86.06 4326.7
Tungsten 209.00 -6.00 409.75 201.26 - -10.35 973.2 Flybe Grp 62.00 0.75 151.56 55.68 - -4.54 1309.7 SchroderRE 60.75 0.25 62.00 50.50 4.08 4.84 455.3
RylBkC C$X♦ 74.13 -0.70 83.87 67.84 4.06 11.65 2139.0 Cape 212.00 - 335.00 177.00 6.60 45.52 88.2 CSR 855.00 - 890.00 506.00 1.03 -2785.02 599.2
WlkrCrip 43.00 - 53.60 37.50 3.28 7.97 6.0 Goldenpt 189.00 -5.00 500.00 185.16 - -5.74 11.0 Smart(J) 91.00 - 106.50 86.00 3.22 41.74 11.5
RBSX 380.80 5.20 403.90 291.60 - -6.70 12194.2 DragnOil 578.00 -7.00 632.50 447.50 3.32 8.67 758.8 Laird 320.40 -3.30 335.00 259.45 3.75 25.00 171.7
StandChX 919.20 4.20 1355.5 867.50 5.36 9.04 10083.2 Food & Beverages OceanWil 977.50 - 1290 936.00 3.59 9.92 1.6 Endeav Int' $ - - 5.92 0.02 - - - StModwen 440.00 0.70 441.40 324.59 0.94 11.96 243.4 Pace 337.00 0.50 487.00 284.20 0.97 18.49 784.7
..7.375%Pf 121.00 - 124.00 108.50 6.10 - 18.6 AngloEst 590.00 10.75 725.00 539.00 0.50 3.17 0.6 RoyalMail 442.70 -4.70 617.00 388.00 3.00 24.32 1808.8 EnQuest 38.00 -2.00 148.40 21.50 - 3.31 9896.3 UNITE Gp 508.00 - 511.00 388.30 0.94 11.03 209.5 SpirentCM 86.00 -0.25 112.70 65.95 2.41 30.81 236.2
..8.25%Pf 134.00 - 139.75 124.50 6.16 - 50.6 AscBrFdX 3042 -37.00 3293 2407 1.06 31.54 840.4 UK Mail 549.50 14.50 715.00 380.00 3.88 29.05 3.6 Exillon 129.50 -1.50 175.57 103.25 - 7.47 304.2 Urban&C 272.50 2.50 275.00 215.00 - 8.87 89.3
TntoDom C$X 52.55 -0.24 58.20 47.35 3.71 11.98 2569.6 Barr(AG) 635.50 -1.50 672.00 510.13 1.73 23.81 15.5 ExxonMb $X 91.46 -0.79 104.76 86.03 2.71 12.26 19413.9
Tech - Software & Services
Insurance Retailers Anite♦ 82.25 -0.50 98.75 69.25 2.24 25.74 142.6
Westpc A$X 36.23 0.97 36.24 30.00 5.21 14.64 9114.3 Britvic♦ 738.00 4.50 784.00 600.72 2.59 20.36 1191.7 FastnetO&G 2.18 - 13.05 2.00 - -3.50 1016.5 AA 360.25 -2.25 365.00 225.50 - 16.79 453.4
Admiral 1473 5.00 1583 1175.33 3.18 13.76 764.4 AVEVA 1390 -53.00 2460 1183.9 1.94 21.22 354.3
C&C € 3.52 -0.06 5.02 3.16 3.00 12.29 79.0 Fortune 9.72 -0.01 14.50 6.25 - -9720.00 269.7 AO World 319.50 13.10 412.38 149.60 - -484.09 179.5
Basic Resource (Ex Mining) Amlin 490.90 1.90 506.50 409.20 5.30 8.43 999.9 Computcnt 678.00 5.00 720.00 575.00 2.58 17.99 27.8
Carr'sMill 147.88 1.88 194.50 137.50 2.21 12.00 72.7 Aviva 528.00 -5.00 571.50 431.44 2.84 13.47 9725.5 GenelEgy 648.00 -12.00 1100 593.50 - 21.31 1484.9 AshleyL 29.75 0.50 32.38 22.00 6.72 13.12 273.7
Ferrexpo 53.25 1.50 175.00 47.60 7.65 2.19 945.5 DRS Data 13.00 0.50 28.50 12.50 3.08 -5.88 2.0
Coca-Cola H 1100 -1.00 1617 1051 2.51 21.82 719.1 Beazley 301.20 2.80 301.70 232.60 2.77 8.73 683.8 GeoPark $ 3.95 -0.13 11.00 3.70 - 5.82 24.3 Brown N 448.60 13.40 600.00 282.50 3.17 16.94 263.5
IntFerMet 3.95 -0.09 13.25 2.65 - 9.08 602.4 Elecdata 72.50 -1.00 86.75 64.00 2.76 22.94 13.7
Cranswk 1325 8.00 1499 1148.42 2.42 15.77 180.7 Brit Plc 267.00 -2.50 275.00 195.00 - 11.64 528.9 GreatEEgy 110.00 - 137.00 100.00 - 12.70 - Caffyns 565.00 -5.00 670.00 480.00 3.19 9.88 1.0
Mondi 1205 -5.00 1218 906.00 2.39 16.22 1159.6
Dairy Cr 497.60 3.80 537.50 367.39 4.28 21.67 132.9 GrnDnGas 400.00 7.50 675.00 265.00 - -10.84 0.1 MicroFoc 1089 21.00 1169.96 715.80 3.22 20.18 453.8
Vale BRLX 20.55 -0.32 35.20 17.65 9.68 -10.34 7347.9 CatlinGp 703.50 - 711.50 479.50 4.20 8.63 1076.5 Card Factor 264.80 4.80 296.00 195.50 - 100.30 82.6 NCC Grp♦ 219.00 -0.50 234.41 169.80 1.60 26.11 104.4
Devro 285.00 - 324.80 203.88 3.09 21.40 38.2 Chesnar 340.50 -1.75 363.25 267.25 5.25 7.12 1419.6 GulfKeyst 52.75 -1.25 165.00 42.25 - -22.18 3330.6 Dairy Fm $ 8.84 -0.05 10.90 8.80 2.32 26.59 448.1 RM 150.00 5.00 174.00 120.00 2.51 14.70 68.1
Chemicals Glanbia € 14.35 0.25 15.53 10.40 0.74 26.06 19.3 DirectLine 318.30 1.50 318.80 227.70 3.96 14.21 3845.2 HellenPet € 4.15 0.03 7.79 3.41 - -5.16 440.6 Debenhm 77.05 0.95 82.40 56.85 4.41 10.86 2691.2
Grncore♦ 314.30 0.30 319.90 228.50 1.62 27.27 509.8 Hunting 456.20 -22.50 918.83 383.90 3.75 10.47 1256.6 Sage 484.40 4.00 486.20 346.70 2.39 28.42 3476.0
Alent 364.80 -0.20 393.61 294.56 2.46 15.57 76.9 Eccles prf 140.00 - 142.00 118.50 6.16 - 35.8 Dignity 1896 25.00 1950 1291 0.68 23.04 54.6
HiltonFd 401.50 0.25 534.50 342.25 3.18 16.16 1.0 ImpOil C$X 49.56 -1.14 57.96 44.08 1.11 9.58 958.8 SDL 443.50 22.25 445.00 284.25 - -14.51 32.4
Bayer €X 129.70 0.05 131.70 91.31 1.68 28.26 1997.6 Hansard 84.00 0.50 107.25 78.50 9.70 13.90 141.6 DixonsCar 431.00 2.00 470.00 319.20 1.22 50.71 3613.8
Kerry € 64.40 -0.42 65.96 49.30 0.66 65.71 51.7 JKX 18.50 4.25 71.25 10.23 - 7.60 2060.1 Telecity 883.50 5.00 888.50 625.00 1.19 25.54 435.0
Carclo 100.25 -2.00 219.75 80.00 2.64 -3.55 23.6 Hiscox 732.50 -2.50 795.72 615.50 3.22 11.41 575.1 Dunelm 883.50 8.50 1045 745.97 1.87 20.24 77.5
Nestle SFrX 71.70 0.75 74.60 63.85 1.81 25.93 6666.7 Lamprell 112.50 -1.00 178.00 93.50 - 7.73 117.8 TriadGp 16.25 -0.25 19.00 7.00 - 7.33 5.3
Croda 2645 -6.00 2849 1965 2.44 20.86 302.2 JardineL 949.50 -5.50 1108.23 815.00 2.86 19.08 34.3 Findel 200.50 -2.00 330.25 188.41 - -15.16 2.6
Elemntis 274.00 -1.00 305.10 225.50 1.74 19.19 903.3 NewBrPlm 698.50 1.50 705.50 307.50 1.26 19.66 31.6 Lancashire 611.50 1.00 766.50 506.00 1.51 9.64 765.4 Lukoil RUBX 2910 58.50 2998.5 1715 - 6.14 1258.3 Halfords 457.60 7.20 515.00 417.10 3.13 14.91 228.8 Telecommunications
Porvair 304.75 5.50 347.75 237.53 0.95 22.29 11.7 PremFds 44.75 0.25 165.71 26.13 - -2.07 3394.4 Leg&Gen 270.50 -0.80 273.01 193.00 3.44 17.23 12515.0 Nostrum 590.00 -8.50 825.00 370.00 3.11 10.62 72.7 Inchcape 722.00 14.50 732.50 561.00 2.41 15.40 1272.9 BTX♦ 423.00 1.80 451.00 350.30 2.34 17.25 13734.1
Syngent SFrX 312.20 11.80 350.30 273.20 1.94 21.51 605.0 REA 298.25 -16.25 488.87 298.25 2.38 8.98 9.7 NovaeGp 608.00 -5.50 620.00 495.50 3.70 12.27 3.9 OphirEgy 145.40 -3.10 319.70 112.70 - 14.77 3478.8 JDSportsF 497.50 -9.50 520.00 336.00 1.36 20.25 26.4 Colt Grp 135.00 2.70 155.00 113.10 - 56.25 287.1
Synthomer 244.80 0.40 302.08 176.64 2.45 18.26 172.6 SABMillX 3528.5 -45.50 3857 2659 1.83 25.45 3600.9 Old Mut 212.90 -0.80 214.90 163.80 3.80 20.06 12213.8 Petrofac 742.50 -17.00 1483 594.00 5.27 8.03 2842.0 Lookers 150.25 1.50 152.00 117.50 1.72 13.32 2236.1 Inmarsat 863.50 1.50 865.00 653.00 3.39 36.06 731.7
Victrex 2092 -16.00 2202.55 1536 2.11 22.19 212.8 StckSpirit 200.25 - 316.75 193.44 - 15.13 76.3 PermTSB 0.06 0.01 0.14 0.05 - -6.74 212.2 PremOil 161.10 -9.90 358.60 124.50 3.05 6.32 6181.1 Marks&Sp 480.40 3.30 512.00 359.20 3.54 15.61 5234.0 KCOM Gp 84.50 1.00 105.50 78.50 5.78 11.52 2980.7
Tate&Lyl 661.00 -4.00 790.00 551.50 4.18 16.96 1524.9 PhoenixGrp 832.00 -5.00 853.50 560.52 6.42 5.87 398.7 RylDShlAX 2157 -23.00 2864 1929 5.44 13.73 10249.8 Morrison 181.50 -4.50 250.00 150.60 7.16 -13.14 15918.2 TalkTalk 316.20 1.20 334.30 261.00 3.80 58.78 2486.3
Construction & Materials TongtHu R♦ 164.45 0.95 174.93 107.00 1.77 15.75 206.8 ..B 2245.5 -23.00 2990.5 1984.5 5.08 14.29 5262.3 MossBros 86.00 -1.00 126.18 77.50 5.81 26.45 31.2
PrudntlX 1627.5 -4.00 1649.5 1192 2.06 19.53 4748.9 TelePlus 1109 16.00 1920 968.50 3.16 28.63 538.0
Alumasc 127.50 -0.50 143.00 108.66 3.92 11.02 17.8 Unilever 2884 -14.00 2993.13 2291.65 3.03 20.72 4453.1 Salamand 80.50 1.00 155.95 52.75 - -5.78 1113.7 Next 7115 20.00 7967 6090 1.81 18.37 461.7
RSA Ins 449.20 -3.80 500.50 83.05 2.25 -6.92 4059.9
BalfourB 232.10 0.80 322.20 145.59 6.07 88.59 1180.1 ..NV € 37.67 0.26 38.76 26.96 2.63 19.65 12.0 SagicFin 62.50 1.50 78.00 55.00 3.70 19.89 34.3 Schlmbrg $X 84.55 -2.53 118.76 75.60 1.85 20.11 11996.6 Ocado 431.30 -3.90 624.93 216.80 - -2093.69 2373.7 Tobacco
..CvPf 118.50 - 119.50 101.00 8.16 - 87.4 SEPLAT 134.50 6.88 270.00 97.50 - 3.98 94.5 Pendragn 36.00 - 36.60 27.00 1.11 10.11 741.3 BrAmTobX 3735.5 -17.50 3818 2878.5 3.81 19.50 3403.3
Health Care Equip & Services StJmsPl 890.00 -5.00 908.50 637.00 1.79 31.35 1433.6
Boot(H) 207.00 -5.25 229.00 170.00 2.46 16.88 41.8 Soco Int 297.00 -0.60 477.10 234.80 12.73 21.29 614.1 Photo-Me 136.50 -0.13 153.15 107.85 2.75 19.80 16.1 ImpTobX♦ 3080 -5.00 3183 2174.58 3.90 20.79 2269.1
Bioquell 85.00 - 142.00 82.44 3.88 15.36 2.0 Stan Life 403.60 -3.70 429.30 340.70 3.91 15.77 4325.1
ClarkeT 75.88 -3.63 88.56 37.50 4.09 54.31 96.0 TrnCan C$X 58.56 -0.11 63.86 47.43 3.42 23.06 1133.1 Saga 179.10 -3.20 195.00 143.75 - 33.60 102.7
Costain 283.50 -5.25 324.58 248.00 4.06 15.06 171.2 ConstMed♦ 867.00 11.50 1086 650.00 2.09 19.04 255.4 Media Tullow 395.90 -21.50 918.78 345.30 2.88 -31.01 10891.3 Travel & Leisure
GNStre kr 147.50 -2.10 164.10 122.50 0.59 32.67 409.1 SignetJwl♦ 8059 13.00 9180 4520 0.54 31.50 2.2 888 Hldg 148.00 7.25 160.78 109.19 3.76 18.65 592.6
CRH 1779 33.00 1811 1220 2.81 -16.79 4262.5 4imprint 884.00 28.00 892.50 610.50 1.92 32.65 3.7 Wood(J) 596.00 -25.00 825.00 517.60 2.16 13.60 1624.8 SuperGroup 998.00 18.50 1749 750.00 - 20.76 219.9
GalfrdT 1332 -2.00 1369 1044 3.00 14.32 73.3 Optos 240.50 0.50 271.53 147.25 - 34.43 245.8 Blmsbury 148.00 -1.75 190.00 142.00 3.93 15.00 31.2 AirPrtnr 305.50 -0.50 583.51 245.00 6.14 12.44 20.7
UDGHlthC♦ 420.00 7.00 420.00 315.20 1.79 11.89 420.8 Pharmaceuticals & Biotech TescoX 229.55 -2.50 341.58 155.40 6.43 21.75 30575.9 bwin.party 106.20 -1.00 134.00 79.00 3.28 -27.93 2021.9
Keller 917.50 -1.50 1299 742.00 2.62 45.37 46.8 Centaur 63.00 -2.00 77.00 55.75 3.81 -2.45 235.2 Thorntns 83.75 0.75 167.94 77.00 - 11.79 99.7
KierGp 1613 -4.00 1903 1374 4.28 88.23 81.5 ChimeCm 247.75 2.50 377.00 239.00 2.96 -79.23 18.3 BTG 801.00 11.50 835.87 490.20 - 73.53 663.7 Cineworld 426.80 5.60 445.00 290.00 2.36 38.85 156.2
House, Leisure & Pers Goods CathayIn 21.13 -0.88 41.06 21.00 - -46.02 3.0 VertuMotor 56.25 0.25 66.25 51.00 1.42 12.18 423.8 CompassX♦ 1146 1.00 1170 924.41 2.30 23.53 5272.1
Kingsp € 15.86 -0.19 16.74 11.03 0.94 26.21 16.9 Creston 116.00 0.50 131.95 95.50 3.36 9.70 726.1
AGARmst 97.50 -5.25 190.75 96.45 - 26.17 60.2 Dechra 864.50 -3.50 888.60 655.00 1.67 39.05 52.6 EntInns 109.20 0.30 166.10 98.70 - 20.42 638.5
LowBonr 58.50 5.00 96.00 44.25 4.44 13.86 1683.2
BarrttDev 470.00 8.20 477.80 323.50 1.21 15.46 3111.6 DlyMailA♦ 870.00 -11.00 1074 699.00 2.24 14.45 3190.8 Support Services
Marshlls 257.00 -6.00 263.00 151.00 2.04 28.26 78.7 HaynesPb 112.50 - 230.00 110.00 6.67 12.99 3.3 Genus 1242 -5.00 1382 924.50 1.34 26.09 37.9 Acal 253.00 -2.50 418.00 180.00 2.69 214.95 63.4 FirstGrp 102.90 -1.30 146.14 99.00 - 21.28 1856.5
Bellway 1832 25.00 1965 1333 2.02 11.72 229.6 GlaxoSmhX 1476 23.00 1709 1200.67 5.56 17.23 16957.2 Fuller A 985.00 -1.00 1020 830.50 1.53 20.55 18.1
MorgSdl 680.00 -5.50 875.00 570.00 3.97 12.32 7.6 ITE Grp♦ 139.75 4.75 289.20 125.00 5.15 10.16 1314.5 Aggreko 1596 -30.00 1841.76 1388.75 1.73 17.01 931.5
Berkeley 2478 32.00 2808 2033 7.26 9.47 664.5 HikmaPhm 2398 29.00 2500 1190 0.49 26.49 168.8 Go-Ahead 2480 27.00 2655 1813 3.27 15.28 35.0
Norcros 16.25 -0.25 23.38 14.69 3.14 6.87 215.7 ITV 230.60 8.10 233.00 167.10 1.52 23.71 17884.1 APR Engy 186.25 -5.25 959.00 146.00 5.16 3.64 184.6
BovisHme 861.00 12.50 946.00 717.43 1.57 13.72 305.7 Oxfd Bio 7.20 0.20 10.13 1.77 - -10.47 4135.4 GreeneKg 865.00 8.00 926.00 712.00 3.28 20.63 1058.9
StGobn €X 38.76 -0.03 46.40 29.51 1.71 21.47 1834.6 JohnstnP 165.25 - 175.00 2.90 - -4.48 8.7 AshtdGp 1079 15.00 1219 761.82 1.07 20.46 2129.0
CrestNic 420.50 1.90 427.00 291.98 1.55 13.35 761.6 RichterG $ 14.38 0.29 19.89 12.20 1.38 22.23 0.0 IrishCtl € 3.30 -0.02 32.05 2.50 3.23 25.27 0.0
Tyman 310.00 0.75 325.00 228.25 1.94 91.50 19.8 News Corp A $ 15.59 -0.02 18.53 14.28 - 34.77 2669.6 AtknsWS 1251 10.00 1511 1225 2.70 15.71 212.5
GamesWk 509.50 14.63 683.50 470.25 7.07 23.16 12.3 ShireX 4901 1.00 5470 2827 0.26 25.59 1782.3 Ladbrokes 120.10 -3.90 167.30 102.20 7.41 25.59 6764.5
NewsCpB $ 15.11 -0.02 18.02 14.09 - 33.70 716.1 Babcock 1034 - 1476 979.65 2.17 22.91 1457.5
Electronic & Electrical Equip Gleeson 378.50 -0.13 467.25 322.35 0.82 11.54 4.2 VecturGp 151.00 0.75 171.50 113.25 - -85.99 238.6 Berendsen 1121 - 1145 895.50 2.50 21.71 172.6 MandarO $ 1.66 - 1.95 1.62 3.75 22.04 89.6
Headlam 445.00 -9.00 495.50 390.00 3.44 22.72 66.0 Pearson 1370 13.00 1378 981.00 3.50 40.81 3210.6
Dialight 674.50 -11.00 992.00 657.00 2.13 28.63 24.8 Brammer 336.75 6.50 509.00 265.00 3.03 19.08 70.6 Marstons 147.20 -0.80 157.34 134.50 4.42 -16.58 737.5
McBride 87.00 2.75 115.00 74.00 - -8.30 181.6 Quarto 155.00 3.50 176.47 136.66 4.91 11.95 8.2 Real Estate
e2v Tech 188.00 2.00 193.53 145.44 2.34 15.33 741.5 Bunzl 1905 8.00 1943 1356 1.70 30.48 481.9 Natl Exp 260.20 -3.30 309.27 213.40 3.84 27.38 487.8
Persimn 1609 19.00 1625 1176 - 15.42 1540.9 Reed ElsX 1179 15.00 1179 851.53 2.09 25.48 4244.0
Halma 699.00 6.00 708.00 552.50 1.60 23.76 631.3
ReedElsNV € 22.10 0.41 22.10 14.51 2.08 23.60 2632.5
REITs Capita 1125 5.00 1248 985.50 2.36 44.31 1117.2 Playtech 694.50 -7.50 847.50 570.50 2.67 16.93 413.2
MorganAd 305.10 2.20 366.65 258.10 3.44 20.87 311.7 Philips €X 24.89 -0.26 26.99 20.69 - 98.75 3599.4 Assura 54.50 0.25 55.25 38.55 3.03 10.45 176.0 PPHE Htl 473.50 1.50 475.73 300.02 2.83 6.81 6.6
PZCusns 319.30 1.60 392.10 289.76 2.43 14.95 596.8 STV Grp 365.00 -8.00 393.75 320.00 0.55 9.98 170.2 Carillion 343.90 -3.90 396.54 294.03 5.09 29.45 1079.7
OxfordIn 718.00 4.00 1665 671.58 1.73 61.35 1032.5 BigYellw 653.00 12.00 666.00 451.40 2.51 15.32 172.2 Comnsis 55.00 0.25 75.00 47.00 3.27 18.06 301.4 Rank Gp 185.50 8.50 185.50 119.69 2.43 15.35 572.7
ReckittBX 5620 20.00 5745 4618 2.44 21.71 1750.4 ThmReut C$X 50.01 1.08 50.28 36.86 3.10 85.42 729.8
Renishaw 2387 40.00 2420 1470 1.73 15.58 41.8 BritLand 843.00 3.00 845.50 645.36 3.22 5.25 2858.7 ConnectGp♦ 144.25 - 208.75 128.02 5.87 8.91 47.9 Restaurt 723.00 1.50 742.98 551.50 1.94 21.88 92.0
Redrow 287.70 -2.30 352.60 224.00 0.70 10.21 496.3 UTV Med 188.00 -2.00 263.00 166.99 3.72 9.57 7.2
Spectris 2113 -11.00 2493 1606 2.02 18.02 188.9 Cap&Reg 53.75 -0.25 54.50 42.25 1.21 10.16 298.1 DCC 3659 6.00 3708 2720 2.10 24.04 150.1 SpiritPub♦ 117.80 0.30 118.50 68.75 1.77 7.83 3429.2
TaylorWm 137.00 1.80 139.50 101.20 0.50 16.14 14784.2 WPPX 1477 - 1565 1091 2.32 19.64 3182.5
TT Elect 113.50 1.50 225.00 96.00 4.76 43.86 74.0 Countrywd 496.80 13.90 701.00 404.30 1.61 16.64 1200.5 DeLaRue 517.00 -6.00 891.91 467.40 8.18 13.36 123.5 Sportech 63.00 - 93.00 47.00 - 1.92 12.7
XP Power 1435 -23.00 1798 1340 3.90 13.84 1.2 TedBaker 2323 - 2425 1634.12 1.45 32.05 14.3 Mining DrwntLdn 3340 21.00 3340 2507 1.09 5.79 119.8 Stagech 346.60 0.50 416.90 338.54 2.74 15.23 577.7
Diploma 755.50 -20.00 807.00 603.84 2.13 24.03 65.5
Industrial Engineering Acacia 286.60 4.50 318.90 222.90 0.74 -55.42 346.8 Gt Portld 801.00 6.00 806.02 594.00 1.10 5.30 507.9 Elctrcmp 208.70 -0.10 371.00 197.20 5.63 11.47 590.8 ThomasCook 126.10 -3.90 189.40 99.40 - -15.39 7989.7
Financial General Green Reit € 1.37 0.01 1.53 1.16 - - 65.7
Bodycote 705.00 - 832.00 542.50 1.91 17.29 319.9 AngloAmerX 1150 -20.00 1678.5 923.00 4.30 252.30 7234.6 EnergyAst 447.50 7.25 504.00 295.50 - 22.77 1.2 TUI 1155 -6.00 1215.78 1004.81 - 57.87 1354.3
3i 475.00 -1.60 478.30 343.61 3.37 7.42 1256.9 Hammersn 700.00 -5.00 707.50 513.00 2.73 8.23 3287.7
Castings 392.50 - 525.00 373.00 3.30 10.39 0.3 AngloPacif 82.00 -1.25 214.01 74.75 12.44 -2.37 650.0 Essentra 846.00 3.00 924.00 624.50 1.82 31.36 291.0 Whitbrd 4969 10.00 5140 3663 1.38 26.53 727.2
AberAsM♦ 426.20 1.20 481.74 360.76 3.93 18.70 5042.3 Hansteen 114.30 -1.20 116.69 98.25 4.20 7.09 6507.6
Fenner♦ 206.50 16.00 451.70 180.50 5.57 17.71 1063.0 AnGoldA R 143.70 -1.22 209.52 88.36 - -17.82 1681.8 Experian 1185 - 1222 909.95 1.95 23.20 2120.6 Willim H 381.00 -2.10 398.50 314.52 3.04 17.47 2161.7
Ashmore 294.00 -4.50 379.40 249.00 5.51 15.94 1034.7 HIBERNIA 1.12 -0.01 1.18 0.99 - - 1962.7
Goodwin 2942 16.00 4250 2375 1.44 10.71 0.6 Antofagasta 697.50 -8.50 959.50 620.00 7.94 19.75 4952.0 G4S 281.20 -0.80 289.24 225.40 3.19 -56.35 3413.9
BrewDlph 286.60 -3.30 357.60 236.80 3.04 119.67 266.2
..5%Pf 0.60 - 0.60 0.60833.33 - - Highcrft 845.00 - 869.75 741.00 3.99 11.64 1.0 Utilities
Canaccord 330.00 5.00 729.00 305.00 3.35 7.70 0.1 Hill&Sm 616.50 4.00 620.25 495.00 2.60 21.31 25.9 Grafton 700.00 - 705.50 527.00 1.21 28.50 663.2 Centrica 293.40 -2.30 348.80 257.90 5.79 22.62 16202.8
IMI 1349 -22.00 1755.43 1108 2.75 18.97 795.0 AquarsPl 13.75 -0.25 42.50 13.00 - 103.38 973.5 INTU 372.00 - 372.90 270.10 3.91 6.19 2293.7 HarvyNah 78.38 0.63 124.75 66.32 4.10 10.13 53.3
CharlsSt 331.88 -3.13 500.00 289.20 3.69 -55.94 23.6 LandSecs 1295 10.00 1301 988.50 2.39 5.85 2436.1 DeeVally 1250 - 1610 1135 5.00 13.97 2.2
MelroseInd 266.60 -3.10 357.15 234.50 3.09 21.81 2642.9 AsiaResM 14.63 - 245.35 3.61 - -0.37 85.2 Hays 155.40 0.40 157.50 108.15 1.61 25.90 4067.1
CtyLonInv 344.50 14.00 349.75 225.00 6.97 16.16 5.6 LondonMtrc 161.40 0.40 161.50 132.30 4.34 6.69 1091.4 Drax 375.10 0.10 828.50 348.37 4.69 -12.69 3434.1
Renold 55.00 - 69.00 49.00 - -16.59 34.8 AvocetMng 6.86 0.10 14.25 4.19 - -0.17 190.4 Homesve 334.80 -1.60 354.50 293.80 3.38 39.84 95.3
CloseBrs 1536 1.00 1580 1217 2.99 15.36 119.3 McKaySec 236.00 -4.00 245.00 187.00 3.64 6.08 6.0 Natl GridX 923.20 -6.80 965.00 777.50 4.55 16.17 13250.6
Rotork 2306 -3.00 2890 2146 2.08 20.41 266.1 Barrick C$ 16.22 0.52 23.78 11.67 1.45 -5.46 2506.0 HowdenJny 425.10 10.20 440.00 287.50 1.29 23.72 1128.2
DBAG 27.95 -0.06 28.20 18.25 - - 35.2 MucklGp 484.00 -13.00 542.00 417.00 4.11 7.28 12.0 Pennon♦ 860.00 -3.00 925.00 679.00 3.52 29.64 1767.6
Severfd 69.00 1.75 72.05 52.60 - 156.46 40.1 BHP Bltn 1527 -31.50 2102.53 1247.5 4.50 10.08 13612.6 Intserve 541.50 -16.50 751.50 487.20 3.97 15.26 272.2
El Oro 55.00 - 87.00 50.00 6.55 4.56 69.3 UtdUtils 1002 7.50 1045 704.50 3.60 19.31 2260.8

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 555.50 -4.50 707.00 283.25 2.32 12.16 276.2 Insurance Cluff NR 4.00 - 5.48 3.00 - -2.77 62.8 FltchKng♦ 61.50 - 65.00 35.00 4.88 8.56 4.5 Servoca 22.50 - 23.50 7.10 - 23.27 5.1
Cohort 243.50 - 251.87 160.00 1.72 18.26 59.4 PolarCap 384.75 -5.25 531.00 353.00 6.50 13.35 14.4 Gable 50.50 -0.75 90.00 50.00 - 13.37 106.6 Egdon Res 8.75 - 30.80 8.50 - -28.78 619.5 InlandHms 58.25 -0.50 63.00 43.00 0.46 21.56 77.0 Synectics 137.50 - 580.00 115.00 6.18 36.12 32.5
Share 36.50 - 53.00 23.50 1.42 36.35 3.2 Helios 127.50 1.00 160.00 120.00 1.18 25.58 11.4 Enegi Oil 1.08 0.13 10.25 0.85 - -0.37 100.0 Lok'nStor 249.50 8.50 255.00 194.00 2.54 316.22 23.5 Utilityws 237.75 20.50 373.28 195.00 1.26 19.54 902.1
Banks ShoreCap 422.50 - 430.00 345.00 1.89 23.92 2.0 EuropaOil 4.88 -0.13 10.75 4.65 - -23.21 335.9 LXB Retail 137.00 1.00 147.50 119.25 - 7.23 647.5
BCB Hldgs 10.50 -0.50 14.17 10.00 - -2.15 20.0 STM Group 26.50 - 34.00 15.00 - 243.12 22.5 Media FalkldO&G 28.00 1.25 33.75 16.75 - -58.70 1640.7 MirLand 64.00 - 255.00 61.00 - 4.78 3.3
Tech - Hardware
STB 3000 -5.00 3009 2245 2.07 30.26 11.5 WH Ireland 82.50 - 143.00 79.00 1.82 16.96 12.5 Avesco 117.50 - 126.50 94.00 4.68 -9.18 3.4 FaroePet 71.00 -0.50 154.89 58.00 - -89.87 1044.9 NewRiver 295.00 1.00 322.00 264.75 3.47 27.66 80.0 AminoTech 125.50 - 134.90 75.24 2.75 20.59 16.4
Cello Gp 91.00 - 100.00 81.00 2.47 15.78 12.0 GETECH 34.50 1.00 105.00 32.00 5.91 6.97 22.2 PnthrSec 337.50 5.00 357.00 295.00 3.56 9.73 0.6 IQE 20.50 - 26.25 12.08 - -56.47 1866.9
Basic Resource (Ex Mining) Food & Beverages M&Csaatc 332.50 -3.50 344.75 235.00 1.64 84.78 28.3 GlobalPet 2.38 - 7.50 2.00 - -0.60 7.2 PSPI 26.00 - 29.00 21.00 - -2.85 6.0 Tech - Software & Services
CropperJ 480.00 15.00 490.00 352.00 1.65 24.01 8.7 FinsbryFd 65.50 - 70.00 47.00 1.15 10.40 92.2 MissionMk 40.50 0.50 56.90 31.50 0.62 8.35 45.0 Gulfsands 32.00 2.00 71.91 21.00 - -2.67 424.5 SiriusRE € 0.43 0.01 0.43 0.28 0.73 6.71 1260.4 Blinkx 28.00 0.50 130.75 23.25 - -23.81 1213.9
Nichols 1065 -12.00 1204 834.56 1.84 44.85 16.4 Next15Cm 161.50 - 163.00 91.00 1.58 104.46 18.4
Chemicals Indus Gas 133.50 -2.00 800.00 125.00 - 25.43 0.3 Songbird 349.00 - 359.26 175.00 - 4.08 239.0 BondInt 91.50 2.50 153.75 83.00 1.97 24.35 25.9
PureCircle 580.00 7.50 655.00 455.00 - 704.74 35.4 YouGov 117.00 - 133.00 98.50 0.51 279.90 218.8 Infrastrata 4.75 -0.13 10.00 4.25 - -3.75 15.0 SumGermny €♦ 0.78 0.01 0.79 0.50 0.84 4.56 130.0
Scapa 131.00 -2.00 150.00 107.00 0.76 -33.69 168.6 Brady 82.50 - 84.50 57.17 2.06 29.30 6.5
RealGdFd 42.50 0.50 69.00 23.00 - -5.31 2.1 Iofina 31.00 -0.38 93.98 20.75 - -13.70 298.5 TaliesinPr 2205 2.50 2250 1605.35 - 16.27 0.2
Construction & Materials Ukrproduct 7.28 - 10.50 5.95 - -1.00 - Mining Datatec 317.50 - 330.85 258.20 3.26 19.58 -
Ithaca Engy 69.25 -2.50 160.50 44.75 - 5.36 986.7 UnitchCP 3.05 - 54.80 2.25 - 0.60 3.6 DDD 3.25 - 8.00 3.00 - -2.78 31.3
Abbey 872.50 - 927.30 800.00 0.90 9.00 - Wynnstay 561.50 - 690.52 535.00 1.71 16.21 29.1 AfricanMin# 10.00 - 168.50 9.12 - -1.11 -
KBC Adv 94.50 - 142.00 79.00 - 13.37 93.7 Winkworth 126.50 - 189.10 115.00 4.43 11.39 0.6 Eckoh 43.75 -0.25 48.50 33.00 0.72 103.18 38.0
AccsysTch 57.38 0.13 76.50 0.88 - -5.65 16.4 AMC 9.45 0.33 13.47 2.29 - -9.72 885.5
Health Care Equip & Services Max 0.58 -0.03 2.26 0.50 - -0.27 533.7 EgSoltns 75.00 0.50 84.00 42.00 - -128.42 0.6
Aukett 7.63 -0.13 9.50 5.88 2.62 11.73 45.0 BeowMin 1.88 0.28 6.45 1.15 - -1.61 4201.8
NewWldO&G 0.16 - 0.99 0.11 - -0.43 785.2
Retailers
Advnc Med 131.00 1.00 140.00 106.85 0.46 22.69 386.7 BotswanaD 1.25 - 4.15 1.03 - -2.20 50.0 ASOS 2944 -2.00 7195 1742 - 66.23 730.6 Iomart 172.00 2.50 294.50 159.93 1.02 21.30 82.4
PetrelRes 4.13 -0.50 18.25 3.85 - -9.71 203.9
Electronic & Electrical Equip CareTech 222.00 -2.50 268.00 193.00 2.11 9.31 94.8 CentAsiaM 145.25 1.75 190.71 135.16 5.95 2.71 8.0 Koovs 139.00 -1.00 237.40 120.00 - - 7.7 K3BusTc 222.50 -3.00 239.63 170.00 0.45 27.60 30.3
ImmunDiag 330.00 - 593.00 286.00 2.58 17.42 2.5 Petroceltic 131.00 2.00 224.00 98.50 - -6.58 978.2 Monitise 18.25 3.00 80.50 12.75 - -5.13 23432.6
CeresPow 9.10 -0.03 11.75 5.90 - -6.61 156.8 Connema 1.13 - 5.00 0.25 - -1.69 30.0 Majestic 334.50 7.50 524.00 311.96 4.78 13.20 138.5
SphereMed 22.50 - 31.00 20.00 - -2.67 15.0 PetroNeft 4.28 -0.03 7.25 3.75 - -37.83 371.9 OMG♦ 35.25 - 37.00 25.00 1.13 133.02 3.1
Densitrn 5.38 - 6.70 4.00 1.86 -6.09 4.6 C'royG&NR 0.95 - 2.30 0.50 - -9.50 254.2 StanlGib 284.50 -10.50 387.00 240.00 2.37 25.27 77.2
Tristel 81.75 - 90.50 39.00 0.83 25.18 12.2 Plexus 178.00 -3.00 325.00 168.00 0.58 30.95 54.3 Progility 7.13 - 11.49 4.00 - -45.38 22.0
ElektronT 5.63 - 7.50 3.25 - -1.59 150.0 GrekaDrill 8.53 -0.70 20.00 7.20 - -38.57 264.8
PresidentEn 12.88 0.75 50.00 10.75 - -58.00 389.4 Support Services Pub Tech 185.00 5.00 399.70 125.50 - -79.43 5.0
FlowGp 30.75 -2.00 50.00 14.50 - -7.77 2706.0 House, Leisure & Pers Goods Herencia 0.25 0.01 0.61 0.18 - -3.05 4834.8
Rockhop 58.75 -2.00 135.75 51.00 - -11.49 2095.5 AndSyks 303.00 -7.00 385.00 260.00 6.86 13.46 4.4 SciSys 88.00 - 97.00 70.65 1.66 14.36 3.1
LPA 65.00 - 148.00 61.31 2.08 4.44 5.6 HighldGld 38.00 -2.00 84.25 17.73 12.69 3.66 414.0
Airea 14.25 0.50 15.00 9.03 3.86 21.89 13.4 Sound Oil 10.63 - 14.00 4.50 - -3.89 1263.2 Augean 46.50 -0.50 56.75 42.00 0.75 11.97 16.7 WANdisco 402.50 - 1390 255.15 - -5.18 2.9
ThorpeFW 146.50 5.50 149.63 120.00 2.08 16.79 60.3 KarelianDd 0.98 - 4.90 0.92 - -9.56 1191.8
Churchll 580.00 - 630.00 425.00 2.52 21.34 11.0 TowerRes 0.48 - 7.25 0.45 - -0.46 10677.5 Begbies 43.00 - 55.00 37.54 5.12 16.81 31.3
Zytronic 295.00 - 308.00 197.00 3.12 15.14 27.0 KEFI Min 1.08 0.05 2.10 0.90 - -2.03 688.6 Telecommunications
gamingrealm 31.50 -0.75 41.70 19.50 - -6.74 17.5 TrinityE 19.38 -0.13 150.00 17.08 - -0.91 1529.1 Christie 150.00 - 162.00 85.15 1.00 27.44 11.8
OracleC 0.83 - 2.41 0.25 - -2.29 372.0
Financial General HavelckE 15.50 - 25.00 15.10 - 28.08 1.0
PatagonG 2.88 -0.03 11.90 2.75 - -4.96 1665.4
UnJackOil 0.24 0.03 0.52 0.14 - -3.05 17117.7 Empres 41.00 0.50 60.50 38.13 0.85 6.94 132.4 AltNetwks 498.00 8.00 547.00 415.00 2.71 29.96 3.2
Ambrian 7.50 - 12.50 7.50 - 3.33 63.9 Mulberry 852.25 7.25 900.00 562.50 0.59 166.07 1.0 VictorOil 58.50 -0.75 71.40 0.94 - -62.04 175.4 Hargreaves 561.50 -8.50 906.50 522.50 3.99 4.60 26.5 AvantiCom 226.00 - 329.25 162.75 - -4.76 118.8
RamblMtls 10.50 - 32.00 10.00 - 4.90 464.8
Arbuthnot 1430.5 13.00 1463.41 1000.00 1.82 18.53 51.4 Portmern 905.00 - 930.00 720.00 2.65 16.12 1.0 VolgaGas 70.50 - 143.00 55.00 - 8.60 60.0 Hydrogen 70.50 - 113.00 68.00 6.52 -25.72 4.8
SinclairW 46.00 - 120.00 35.00 6.52 -3.01 75.0
ShantaGold 10.63 -0.50 16.00 8.50 - 13.48 2470.3 Travel & Leisure
Ashcourt Rw 263.50 - 270.00 166.00 - 2214.29 878.2 SierraRut 21.00 - 64.00 19.75 - 79.85 64.8 Pharmaceuticals & Biotech Impellam 607.50 2.50 620.00 365.50 1.98 106.95 5.1
TelfordHms 351.00 -0.50 379.00 245.50 2.51 12.94 75.0 CastleStIn 17.50 - 18.75 17.00 17.14 -2.05 5.1
Aurora 9.88 0.25 25.08 8.00 - -0.57 125.1 Sirius Min 7.50 -0.20 14.50 7.26 - -147.06 2857.9 ISG 228.50 1.50 356.00 215.00 4.00 17.47 335.8
WalkerGb 200.00 4.50 219.00 151.05 0.93 22.58 112.4 Abcam 427.50 2.75 516.50 270.88 1.69 25.12 342.7 Celtic 76.00 - 77.27 72.00 - 9.26 14.3
BP Marsh 134.00 1.00 155.00 116.75 2.05 9.50 14.5 SolGold 2.18 -0.03 14.75 2.03 - -4.93 869.1 JhnsnSrv 71.25 0.50 71.25 52.00 1.70 17.87 886.6
AllcePharm 33.88 - 37.50 30.00 2.68 10.60 209.0 ..6%CvPf 62.50 - 75.00 50.00 5.18 - -
BrooksMac 1375 15.00 1817 1300 1.67 20.02 0.9 Industrial Engineering Stratex 1.83 - 4.27 1.70 - -1.43 225.1 JourneyGp 122.50 - 167.00 113.00 2.24 17.98 6.9
Epistem 272.50 - 342.00 260.00 - -15.71 3.0 ..Cv Pf 135.00 - 150.00 120.00 - - 0.4
Camellia 9150.5 0.50 11300 8450 1.37 14.06 0.3 Xtract Res 0.10 0.02 0.30 0.06 - -2.07 134355.3 LonSec 2335 - 2600 1876.75 2.96 20.55 0.1
600 Grp 15.00 - 24.01 14.60 - 4.00 79.6 e-Thera 31.50 - 36.55 19.02 - -12.08 5.0 Dalata 222.50 - 249.00 209.24 - 228.21 0.8
CaptlMgt 112.50 - 278.00 103.00 - 2.78 0.8 ZincOx 10.88 1.75 24.00 6.00 - -1.47 654.9 Matchtech 500.00 - 640.00 495.00 3.65 14.29 3.0
CoracGrp 3.75 0.50 14.30 3.00 - -4.18 399.4 GW Phrms 392.00 -9.00 541.00 205.00 - -56.27 571.3 Dart 287.00 -1.25 304.50 177.75 0.95 13.06 691.5
Charlemgn 11.13 - 19.95 9.50 7.93 13.82 5.6 NewmkSec 2.78 -0.10 2.95 1.50 2.70 5.90 484.2
Molins 90.00 -0.50 188.00 75.00 6.11 6.81 22.5 HtchChMd 1340 -25.00 1550 638.00 - 164.84 10.4 GoalsSocc 217.00 -0.50 235.70 200.00 0.85 21.43 26.6
Fairpoint 118.00 0.50 164.00 109.00 5.08 13.90 133.3 Oil & Gas NormanBr 22.50 - 40.00 20.00 - -2.02 0.2
MS Intl 127.00 -1.50 217.00 121.00 6.30 17.16 16.1 ImmuPhar 53.00 - 67.00 41.00 - -11.59 85.3 MinoanGp 8.63 - 18.22 8.15 - -14.23 96.8
ImpaxGp♦ 57.00 - 59.00 44.50 2.11 20.61 17.8 AlkneEng 22.00 - 48.00 21.35 0.91 3.55 189.0 NWF 132.00 4.00 163.00 120.00 3.86 13.53 22.2
Pres Tech 372.50 - 790.00 247.00 2.15 13.34 21.1 ReNeuron 3.38 -0.25 4.39 2.75 - -7.50 1365.9 PeelHtls 89.00 - 90.00 66.00 - 19.05 6.4
Leeds 39.50 - 43.79 29.00 - 9.66 45.1 AmeriRes 32.00 -1.00 67.25 19.10 - 9.84 3165.8 Optimal Pay 372.25 -0.75 558.09 270.00 - 22.26 601.6
Sareum 0.33 -0.03 0.70 0.30 - -7.22 3763.2
MattioliWds 504.00 1.50 510.00 414.00 1.81 22.57 8.7 Industrial General AndesEnrg 30.13 - 70.59 27.00 - -3012.50 258.2
SinclairIS 35.38 -0.50 39.18 23.30 - -38.45 62.4 PennaCns 137.00 - 155.00 111.00 1.82 83.33 5.4 Utilities
Miton 25.00 - 49.50 18.50 2.16 -4.20 16.5 API Group 59.00 - 77.00 42.00 3.39 9.77 2.9 BahamasP 1.55 -0.08 4.70 1.47 - -6.95 1607.5 Petards 11.88 - 15.99 8.25 - -1.85 5.7 ModernWtr 19.50 - 39.50 18.10 - -3.19 8.6
Vernalis 50.00 -0.25 53.00 28.59 - -17.31 4131.9
MAB 177.63 1.63 187.23 160.00 - 21.65 12.2 Powerflte 51.25 0.25 58.38 27.43 2.11 19.95 80.8 BorSthnPet 5.88 - 15.89 4.69 - -91.80 523.9 RedhallGp 11.50 - 53.54 9.00 - -0.80 11.5 RenEnGen 62.88 - 81.00 62.25 3.26 17.20 52.8
Numis♦ 209.00 2.00 419.50 196.09 4.78 12.21 14.6 RM2 48.00 -0.50 93.00 47.00 - -3.73 250.6 Circle Oil 11.50 -0.38 28.70 9.64 - 4.71 2031.6 Real Estate Renew♦ 277.50 -2.50 327.13 196.00 1.44 16.73 64.9 Rurelec 3.38 - 11.00 3.25 - -0.45 3.0
Park Grp 60.38 2.38 64.98 46.00 3.81 14.61 76.4 Symphny 10.25 - 11.33 5.75 - -24.58 4.7 ClontarfEn 0.73 0.03 1.50 0.35 - -0.46 77.0 Conygar♦ 182.75 - 191.00 160.00 0.82 7.80 47.1 Restore 274.50 -6.00 284.00 170.13 0.91 39.36 169.4 SeaEnergy 24.00 0.50 44.00 18.68 - -30.93 91.1
SafeCharge 274.50 3.00 285.50 162.00 - 226.86 1180.8

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 106.63 - 107.70 101.75 - - - JPM Inc&Gr 106.50 0.25 112.00 98.50 2.07 116.3 -8.4 ScottOrtll♦ 865.75 -4.25 900.00 671.20 1.33 920.0 -5.9 Amati VCT 67.25 - 80.50 66.50 7.43 70.4 -4.5 Infra India 14.00 - 17.25 9.50 - 44.2 -68.3
Price +/-Chg High Low Yld NAV or Pm Edin Inv 664.50 -1.50 670.50 565.20 3.54 683.3 -2.8 JPM Ind 578.00 -6.00 605.50 312.50 - 622.0 -7.1 SecTstScot 139.00 0.75 149.00 129.86 3.45 150.2 -7.5 AmatiVCT2 102.75 - 123.50 102.53 6.57 108.3 -5.1 MMP 4.13 - 8.75 4.00 - - -
3i Infra 153.60 0.10 161.50 132.60 4.36 150.0 2.4 Edin WWd♦ 408.88 1.13 452.45 332.25 0.49 451.0 -9.3 JPM JpSm 220.75 -2.75 224.75 174.50 - 253.6 -13.0 Seneca I&G 138.50 0.88 139.50 131.00 3.96 146.1 -5.2 ArtemisVCT 62.00 - 69.50 60.00 6.45 70.9 -12.6 Marwyn Val 204.50 -0.50 240.70 184.56 - - -
AbnAsianIn♦ 198.50 - 213.80 171.30 3.98 202.8 -2.1 EP Global 241.75 -1.75 249.00 207.04 1.12 240.7 0.4 JPM Jap 245.00 -0.88 248.38 195.00 1.14 281.9 -13.1 Shires Inc 249.75 -5.25 261.75 216.26 4.80 257.8 -3.1 Baronsmd 70.75 0.13 77.80 69.50 13.43 73.3 -3.5 TerraCat 95.50 - 126.70 60.00 - - -
AbnAsian 935.50 10.50 1014 751.00 1.07 979.6 -4.5 Estabmt 178.50 - 188.00 163.00 2.63 226.9 -21.3 JPM Mid 797.50 -3.50 842.00 669.10 2.13 910.7 -12.4 StdLf Eqt 408.00 1.00 431.00 362.50 3.28 430.6 -5.2 ..VCT 2 91.75 - 101.49 91.00 13.62 94.5 -2.9 Tiger Res 1.08 - 1.80 0.90 - 1.3 -16.9
AbnJapInv 455.50 1.50 470.00 319.00 0.99 476.2 -4.3 Euro Ast 1005 -5.00 1040 800.00 5.17 999.1 0.6 JPM O'seas 1053 -3.50 1076 890.95 1.42 1132.6 -7.0 StdLf Sml 279.50 - 348.75 256.00 1.49 304.7 -8.3 ..VCT 3 95.00 - 110.10 94.00 16.32 97.5 -2.6
AbnLatAmIn 68.63 0.13 85.68 60.25 6.19 75.7 -9.3 EuroInvT 770.00 -1.00 797.00 659.33 1.82 829.0 -7.1 JPMRussian 300.50 -3.63 518.22 223.25 5.09 347.8 -13.6 StrategicEq 194.50 -1.88 201.90 152.85 0.77 191.0 1.8 ..VCT 4 88.88 - 96.10 86.75 14.63 91.6 -3.0 ISDX
..Sub 1.00 - 5.89 0.50 - - - F&C Cp&I 265.00 2.50 271.75 231.75 3.68 260.8 1.6 JPMSnrSec 93.88 -0.13 102.50 93.50 - 93.8 0.1 Temp Bar 1181 -5.00 1287 1101 3.20 1225.7 -3.6 ..VCT 5 72.75 - 78.39 71.61 8.25 74.3 -2.1
F&CGblSmlr 930.00 5.50 930.00 781.00 0.86 921.5 0.9 JPM Smlr 728.50 -6.50 877.00 632.40 1.30 895.3 -18.6 TempEmerg 573.50 -2.50 626.64 492.00 1.26 642.9 -10.8 BSC VCT 89.00 - 92.20 83.00 6.18 101.2 -12.1 52 Week Vol
AbnNewDn 185.00 1.00 195.00 150.25 1.95 206.1 -10.2
F&CMgdG 144.00 - 147.00 130.00 - 144.2 -0.1 JPM US Sml 181.00 -0.50 182.00 134.50 0.39 183.5 -1.4 TRIG 102.75 0.25 412.00 99.00 - - - ..VCT2 56.00 - 61.00 53.50 8.04 62.3 -10.1 Price +/-Chg High Low Yld P/E 000s
AbnNewThai 474.00 -6.00 482.75 344.38 1.69 541.2 -12.4
F&CMgdI♦ 122.50 -0.50 125.00 110.00 3.96 120.6 1.6 JupDv&G♦ 113.00 - 115.00 104.50 0.88 123.9 -8.8 ThreadUKSel 178.00 - 187.70 163.00 2.39 191.7 -7.1 Crown Place 30.00 0.13 30.50 29.00 8.33 33.0 -9.1 ArsenalFC 1515000 2500 1550000 1400000 - 129.64 0.0
AbnSmlCo 187.00 -1.00 230.00 174.00 3.37 229.9 -18.7
FidAsian 248.25 1.00 255.00 196.50 0.44 281.3 -11.7 JupEur 499.00 1.00 502.63 371.25 0.70 490.2 1.8 TREurGth 536.25 -1.50 601.00 438.00 1.12 618.6 -13.3 Frsight3VCT 42.13 -1.25 67.90 42.00 4.75 72.1 -41.6 ShephdNm 1125 - 1260 1025 2.25 27.07 0.0
Abn UK 324.00 2.00 324.50 288.00 3.18 338.5 -4.3
FidChiSpS 137.70 1.00 142.68 97.20 0.84 152.2 -9.5 JupGrn 139.50 1.00 145.89 133.20 0.79 144.3 -3.3 TroyInc&G 70.00 -0.75 70.75 59.37 2.36 69.5 0.7 Frsight4VCT 46.00 - 64.70 43.00 - 86.1 -46.6 Thwaites 120.50 - 132.00 112.50 3.70 -25.69 10.0
Abf Gd Inc 166.38 -0.63 185.25 138.25 4.31 195.8 -15.0
Abf Sml 1065 13.00 1237 966.00 2.24 1187.9 -10.3 Fid Euro 173.90 0.60 174.08 137.40 1.71 183.0 -5.0 JupPrim 303.00 -0.50 306.16 268.34 2.56 306.5 -1.1 UtilicoEmg 195.25 -0.38 202.23 168.00 3.12 210.0 -7.0 Frsight4C 50.00 - 52.00 30.00 - 82.5 -39.4
AcenciADbt 106.50 0.25 109.00 101.75 3.56 111.1 -4.1 Fid Jap 75.50 -1.50 77.50 54.17 - 86.2 -12.4 JupUSSmCo 656.50 -7.50 701.50 596.99 - 718.7 -8.7 UtilicoInv 120.50 0.50 133.80 101.00 7.78 181.7 -33.7 FrsightSol 100.50 - 113.00 95.00 5.97 104.0 -3.4
AdvDvpMk 447.00 2.00 473.66 382.00 - 496.9 -10.0 Fid Spec 856.00 3.00 966.00 796.84 1.90 940.9 -9.0 KeystoneInv 1800 -29.00 1848.64 1651.76 2.78 1874.9 -4.0 ValAndInc 258.63 2.38 288.00 238.43 3.29 293.7 -11.9 Inc&GthVCT 100.00 -0.50 106.24 93.50 18.00 114.2 -12.4 Guide to FT Share Service
Alliance 495.00 - 499.40 420.20 1.94 566.7 -12.7 FinsG&I 575.50 -5.50 583.00 464.25 1.88 574.6 0.2 Law Deb 521.50 0.50 553.68 465.10 2.88 489.9 6.5 Witan 776.50 -3.50 791.95 642.00 1.89 777.1 -0.1 KingsAYVCT 18.00 - 19.50 17.00 5.56 19.5 -7.7
AllianzTech 558.25 -0.75 584.50 463.07 - 601.4 -7.2 FstPacfic H HK$ 7.90 0.01 9.48 7.37 2.36 - - LinTrain £ 413.00 - 420.00 331.00 1.64 372.2 11.0 WitanPac 243.50 -2.00 248.00 205.75 1.83 278.0 -12.4 Maven I&G 63.50 - 69.00 60.00 7.09 68.1 -6.8
AltAstsOps 45.00 0.38 47.00 35.50 - 49.3 -8.7 For & Col 458.10 -2.40 464.00 361.90 2.44 472.4 -3.0 Ln&StLaw♦ 377.00 -1.00 410.50 330.80 3.58 377.6 -0.2 WorldTst 252.50 -2.50 257.00 211.00 - 289.8 -12.9 MavenVCT2 54.00 - 56.75 43.00 4.63 58.1 -7.1
Art Alpha 281.00 -1.63 312.00 269.00 1.14 326.9 -14.0 Geiger 18.38 - 34.89 17.00 - 24.4 -24.7 Lowland 1253 -10.00 1547.5 1219 2.83 1374.4 -8.8 WwideHlth 1799 -36.00 1884 1180.01 0.83 1811.1 -0.7 MavenVCT3 77.50 - 79.00 70.00 5.48 82.6 -6.2 For queries about the London Share Service pages e-mail
..Sub 31.50 - 46.00 30.00 - - - GenEmer 539.00 -1.00 583.00 476.00 - 589.8 -8.6 M&GHighInc♦ 164.00 1.00 173.50 145.00 0.91 175.5 -6.6 MavenVCT4 85.75 - 89.00 80.00 5.42 95.9 -10.6 ft.reader.enquiries@morningstar.com.
Conventional - Private Equity 52 Week Dis(-)
AsianToRt 212.00 3.50 213.25 163.00 1.53 224.2 -5.4 GFIS 21.25 - 35.99 19.00 - 54.1 -60.7 Majedie 236.38 0.38 243.00 198.64 5.84 254.4 -7.1 MavenVCT5 35.75 - 37.00 26.50 5.59 39.5 -9.5 All data is as of close of the previous business day. Company classifications
Price +/-Chg High Low Yld NAV or Pm
Aurora 147.00 - 171.21 144.00 2.59 166.2 -11.6 GRIT 23.50 - 70.00 18.45 - - - Man&Lon 236.50 0.50 281.50 219.00 5.81 285.6 -17.2 MobeusI&G 86.50 -0.50 107.90 84.00 4.05 95.4 -9.3 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
GoldenPros 31.75 - 49.00 26.50 - 34.7 -8.5 MCGlobPort 180.50 0.25 182.50 154.25 2.22 181.6 -0.6 AbnPvtEq 90.00 -0.13 96.00 73.75 2.27 118.3 -23.9 ..I&G 2VCT 105.50 - 119.50 97.00 1.18 133.6 -21.0
BG Japan 394.00 6.00 398.48 313.50 - 394.0 0.0 100 constituent stocks are shown in bold.
Hansa 864.50 -2.50 1010 826.50 1.85 1157.2 -25.3 MCurPac 312.75 -0.38 316.23 257.00 2.08 350.1 -10.7 Altamir € 10.28 0.01 11.99 9.43 - 15.8 -34.9 ..I&G 4VCT 102.00 - 116.00 99.00 5.15 100.8 1.2
BG Shin 320.00 -6.50 334.75 282.50 - 334.5 -4.3 Closing prices are shown in pence unless otherwise indicated. Highs & lows
..A 835.00 - 986.00 825.00 0.60 1157.2 -27.8 MercantIT 1516 -8.00 1666 1316.55 2.11 1692.4 -10.4 Dun Ent 372.50 - 434.75 332.84 4.43 500.1 -25.5 Nthn 2 VCT 75.50 - 81.00 73.50 7.28 84.9 -11.1
BSRT 27.50 - 47.75 27.00 - 42.5 -35.3 are based on intra-day trading over a rolling 52 week period. Price/earnings
Hen Div 93.00 0.38 93.50 87.75 5.43 90.0 3.3 MrchTst♦ 484.00 -4.00 524.00 422.18 4.88 492.8 -1.8 Electra 3026 -10.00 3052 2338 - 3187.4 -5.1 Nthn 3 VCT 93.25 - 99.48 92.00 5.90 105.4 -11.5
Bankers♦ 602.00 -5.00 614.50 506.00 2.43 625.5 -3.8 ratios (PER) are based on latest annual reports and accounts and are updated
HenEuroF♦ 1024.5 -5.50 1037.24 816.47 2.66 1015.1 0.9 Mid Wynd 314.50 - 317.23 256.00 1.08 317.6 -1.0 ElectraPrf 149.00 - 149.68 141.25 - 140.3 6.2 NthnVent 77.50 - 88.88 75.00 7.74 86.0 -9.9
BrngEmEu 500.50 -7.00 711.00 432.00 3.80 561.9 -10.9 with interim figures. PER is calculated using the company’s diluted earnings
HenEuro 852.00 -10.00 865.00 678.25 2.00 855.0 -0.4 MitonWw 158.75 0.25 159.48 147.00 - 179.0 -11.3 F&C PvtEq 219.50 1.50 233.00 197.00 2.44 262.2 -16.3 ProVenGI 79.00 - 81.00 76.00 8.23 83.1 -4.9
BH Global 1292 -0.50 1304 1162 - 1409.0 -8.3 from continuing operations. Yields are based on closing price and on dividends
HenFarEs 340.50 -2.50 351.00 289.25 5.26 335.0 1.6 MMP 4.13 - 8.75 4.00 - - - GraphEnt 575.00 - 619.00 536.10 1.30 675.2 -14.8 ProVenVCT 93.50 - 97.00 89.50 7.49 98.1 -4.7
..EUR € 12.00 - 14.00 11.80 - - - paid in the last financial year and updated with interim figures. Yields are
HendGlob 399.63 0.63 405.00 336.20 2.50 437.6 -8.7 Monks 397.40 -0.70 406.00 348.40 0.99 459.7 -13.6 HVPE $ 12.75 - 12.80 10.64 - 15.7 -18.8 UnicornAIM♦ 125.50 -0.50 133.00 120.00 4.78 138.8 -9.6
..USD $ 12.78 0.08 12.95 11.20 - 13.9 -8.1 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenHigh 186.00 -0.38 187.00 156.50 4.57 180.3 3.2 MontanSm 492.00 2.00 551.49 390.50 1.42 536.3 -8.3 HgCapital 1080 1.00 1145.75 990.00 2.69 1153.0 -6.3
BH Macro 2108 - 2122.74 1919 - 2210.0 -4.6 Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenInt Inc 129.00 -1.75 132.89 103.00 3.26 127.4 1.3 Mur Inc 788.50 -1.50 808.00 699.86 3.90 800.5 -1.5 JPM Pvt Eq $ 0.87 0.00 0.88 0.72 - 1.2 -27.5
..EUR € 20.40 -0.03 20.50 18.40 - 21.4 -4.7 Price +/-Chg High Low Yld WO GRY 0% capital changes where appropriate.
Hen Opp 812.50 - 971.99 755.00 1.29 954.0 -14.8 Mur Int♦ 1059 - 1150 912.00 4.06 1003.8 5.5 JZ Capital 404.00 -0.50 451.99 390.00 - 651.3 -38.0
..USD $ 20.36 -0.01 20.50 18.40 - 21.3 -4.4 Trading volumes are end of day aggregated totals, rounded to the nearest
HenSmlr 559.00 -4.50 616.39 468.13 1.97 647.9 -13.7 ..B 1050 - 1538.69 900.00 - 1003.8 4.6 LMS Capitl 76.25 -1.75 88.75 72.75 - 93.3 -18.3 JPM I&C 97.25 -0.25 100.80 86.00 6.43 -13.8 -0.6
BiotechGth 745.00 -5.00 792.86 390.01 - 729.5 2.1 1,000 shares.
HendVal♦ 226.00 0.75 254.00 224.04 0.66 284.4 -20.5 NB DDIF $ 1.18 0.01 1.25 1.00 - - - Mithras 141.50 - 148.23 130.00 0.71 156.7 -9.7 JupiterDv&G♦ 4.25 - 5.83 3.52 16.94 5.5 -36.4
BlckRCom 89.75 -1.00 119.88 80.54 6.67 89.0 0.8
Herald 685.00 4.50 747.00 594.00 - 819.4 -16.4 NewCtyEgy 20.63 0.25 42.00 16.75 - 23.6 -12.6 NB PE Ptnr $ 12.00 - 12.11 9.90 - - - M&GHI&Gt 59.00 - 68.80 55.00 - -14.0 -2.9 Net asset value per share (NAV) and split analytics are provided only as a
BlckREmEur 209.88 -1.25 280.00 169.25 0.98 236.4 -11.2
HICL Infra 153.30 0.90 156.39 133.00 5.81 132.8 15.4 ..Sub 0.13 - 0.15 0.06 - - - Nthn Invs 474.50 1.50 483.81 348.00 2.11 468.8 1.2 Rghts&Icp 4022.5 2.50 4900 3800 2.03 -62.1 0.4 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRFrnt♦ 110.00 0.13 133.28 103.50 1.24 116.3 -5.4
Impax Env. 152.00 0.13 156.50 136.00 0.79 172.6 -11.9 NewCityHY♦ 62.25 -0.50 68.00 61.53 6.68 58.3 6.8 Pantheon 1294 -4.00 1298 1055 - 1526.8 -15.2 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRGtEur 237.38 -1.88 254.15 201.75 2.53 247.5 -4.1 Income Shares 52 Week HR
Ind IT 283.00 - 296.00 263.00 1.77 317.3 -10.8 NewIndia 361.88 -2.00 371.30 194.03 - 380.0 -4.8 PantheonR 1231 6.00 1240 1010 - 1526.8 -19.4 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..Sub 11.75 - 28.25 8.00 - - - Price +/-Chg High Low Yld WO GRY 0%
Intl PP 136.30 0.70 139.50 125.60 4.51 121.1 12.6 New Star IT 70.50 - 76.24 65.45 - 113.5 -37.9 PrincssPE € 7.08 - 7.25 6.20 7.91 8.8 -19.5 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRHSUK# 134.75 0.25 142.50 120.00 - 137.7 -2.1 JPM In&Gr 95.00 - 97.00 90.15 4.63 -56.3 7.4
InvAsTr 194.00 -1.25 198.00 146.79 1.78 217.6 -10.8 NorthAmer♦ 868.00 -5.00 906.45 759.73 3.17 946.7 -8.3 Riverstone 910.00 - 960.50 822.00 - 1055.1 -13.8 in pence.
BlckR I&G 186.38 2.13 188.33 158.01 3.06 186.9 -0.3 M&GHghIc 55.75 0.50 63.00 53.00 - -14.0 -3.4
Inv Inc 292.88 -0.38 294.70 255.00 4.08 311.1 -5.9 NthAtSml 1857.5 7.50 1869 1594 - 2313.3 -19.7 StdLfEuPv 206.25 -0.50 236.42 195.75 2.42 257.4 -19.9
BlckRckLat 390.25 -0.75 508.45 355.00 4.42 440.8 -11.5 Rghts&I 1052.5 - 1252 895.00 2.85 - 17.4
InvPerp 75.75 -0.13 77.50 69.00 6.60 73.9 2.5 Oryx Int 464.00 - 473.00 375.00 - 551.9 -15.9 X FT Global 500 company
BlckRckNrAm 117.50 -0.75 120.75 98.75 2.55 125.7 -6.5 Conventional - Property ICs 52 Week Dis(-)
IPST BalR 117.13 - 117.80 108.50 - 122.7 -4.5 PacAsset 197.13 -0.88 198.25 143.63 1.32 204.3 -3.5 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRSmlr 818.50 -2.75 918.60 697.00 1.47 912.4 -10.3 Price +/-Chg High Low Yld NAV or Pm
IPST Gbl Eq 157.00 0.50 159.49 138.00 - 158.6 -1.0 PacHorzn 198.75 -0.25 204.75 159.20 0.75 216.1 -8.0 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRThrmt 285.50 -0.50 320.75 238.00 1.40 339.2 -15.8 Direct Property
IPST Mngd 102.00 0.38 101.81 100.00 - 103.3 -1.3 Perp I&G 392.70 -4.30 403.60 350.81 3.03 406.5 -3.4 JPM Inc&Gr 11.50 0.25 15.50 9.00 1.1 -3.4 8.6 # price at time of suspension from trading
BlckRWld 321.30 0.50 520.99 286.00 6.54 353.8 -9.2 AseanaPr $ 0.45 - 0.47 0.39 - 0.6 -25.0
Bluecrest A 188.10 0.10 188.50 172.00 - 197.3 -4.7 IPST UK Eq♦ 159.00 1.38 162.00 143.00 3.55 164.8 -3.5 PerAsset 35660 -130.00 36313.1 31810 1.57 35303. 1.0 M&GHghIc 4.40 0.65 6.54 3.00 7.3 6.2 -
AXA Propty 42.88 - 43.63 37.00 - - - The prices listed are indicative and believed accurate at the time of publication.
Brit Ast 132.00 - 143.50 119.25 4.84 142.1 -7.1 InvPpUK 330.00 0.13 346.98 281.00 1.97 372.2 -11.3 7 Zero Dividend Preference Shares 52 Week HR
CustdnREIT 105.25 -0.50 115.50 103.50 - - - No offer is made by Morningstar or the FT. The FT does not warrant nor
Brit Emp 526.00 -1.50 528.00 470.20 2.00 586.1 -10.3 Invs Cap A 94.00 - 99.00 87.00 4.84 104.4 -10.0 PolarFins 96.38 -0.25 109.50 92.00 - 109.2 -11.7 Price +/-Chg High Low SP WO TAV 0%
F&CComPrp 143.30 0.10 148.40 116.50 4.19 120.2 19.2 guarantee that the information is reliable or complete. The FT does not accept
Brunner 542.00 -4.50 552.50 486.00 3.23 630.7 -14.1 Invs Cap B 93.00 - 103.00 87.03 - 104.4 -10.9 ..Sub 7.63 - 19.89 5.00 - - - Abf Gd Inc 149.13 -0.25 149.75 137.75 -33.5 - 159.7
F&CUKRealE 94.25 -0.75 97.00 81.00 5.31 90.8 3.8 responsibility and will not be liable for any loss arising from the reliance on
Calednia 2312 11.00 2337 1899.09 2.12 2757.0 -16.1 Invs CapU 362.00 - 378.00 347.00 0.90 417.8 -13.4 PolarHealth 167.00 -3.50 172.59 142.50 2.07 181.4 -7.9 EcofinWatr 153.50 - 154.25 144.27 -68.6 -92.3 160.7
IndMultiPr 54.50 - 73.00 48.00 - - - or use of the information.
CanGen C$ 19.43 0.01 21.00 17.34 0.76 27.9 -30.4 JLaingInf 122.70 1.00 155.35 113.60 5.20 105.7 16.1 PolarTech 576.50 -0.50 590.74 431.00 - 575.6 0.2 F&C PvtEq 151.50 - 152.14 146.25 - - -
InvistaERET 1.00 -0.13 4.40 0.50 - 11.5 -91.3
Cap Gear 3330 -22.50 3465 3080 0.48 3262.8 2.1 JPM Amer 289.60 0.90 296.14 225.80 0.93 285.5 1.4 ProspJap $ 1.09 - 1.19 0.91 - 1.2 -9.2 JPM I&C 171.38 - 171.75 159.63 -17.8 - 192.1 The London Share Service is a paid-for-print listing service and may not be
Longbow 105.25 0.25 106.75 100.50 - - -
CayenneTst 154.00 0.50 153.75 137.01 0.78 160.3 -3.9 JPM Asn 243.25 -2.50 248.27 188.34 1.07 267.6 -9.1 QatarInvF $ 1.32 - 1.49 1.15 2.17 1.6 -17.5 JupiterDv&G 111.25 0.50 112.25 97.75 -5.3 - 129.2 fully representative of all LSE-listed companies. This service is available to all
PictonProp 70.50 -0.25 71.50 56.00 4.26 66.0 6.8
CayenCULS 106.50 - 106.00 105.25 - - - JPM Brazil 57.25 0.25 76.49 52.56 1.75 62.1 -7.8 RIT Cap 1451 1.00 1452.48 1230 1.98 1541.4 -5.9 JZ Capital 355.13 0.63 356.00 333.65 -90.6 - 369.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
SLIPropInc 80.50 -1.50 82.00 72.00 5.66 76.6 5.1
City Merch♦ 189.50 0.75 191.50 182.15 5.28 184.5 2.7 JPM China 189.88 -1.63 194.00 139.25 0.84 210.1 -9.6 RobecoNV € 30.38 - 30.91 26.47 - - - M&GHghIc 113.00 0.13 114.70 105.00 -17.3 -90.2 122.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
UKComPrp 90.70 -0.30 92.65 74.50 5.36 80.4 12.8
CityNatRs♦ 100.50 -1.25 146.75 95.00 5.47 129.9 -22.6 JPMElct MC 99.50 - 101.99 98.00 - 101.2 -1.7 RolincoNV € 28.32 - 28.98 24.80 - - - UtilicoFn16 185.38 1.13 185.45 170.25 -54.6 -86.9 192.8
City Lon♦ 396.50 -0.50 399.00 345.00 3.69 390.9 1.4 ..MG 590.00 1.00 600.01 507.66 1.27 602.5 -2.1 Ruffer Inv 219.50 -0.25 222.50 193.50 - 215.7 1.8 Property Securities
UtilicoFn18 141.88 1.38 142.50 117.00 -19.7 -30.2 160.5
DexionAb 180.00 - 182.00 157.25 - 193.7 -7.1 ..MI 103.00 1.25 104.99 93.01 0.83 105.5 -2.4 SchdrAsiaP 295.75 0.13 297.25 221.50 1.13 324.5 -8.9 SchdrGlbRe
TR Prop
123.50
309.50
-1.00
-1.50
126.25
313.50
29.00 3.40 138.9
229.33 2.41 316.4
-11.1
-2.2 UtilicoFn20 111.50 0.50 112.50 100.00 -10.3 -12.6 154.9 Data provided by Morningstar
..EUR € 2.46 - 2.50 2.26 - 2.7 -8.9 JPM Emrg 615.00 -2.50 632.37 498.94 0.89 684.8 -10.2 Schdr Inc 275.88 -0.88 278.50 235.50 3.55 284.6 -3.1
..USD $ 3.76 - 3.75 3.30 - 4.1 -8.3 JPM EurGth 234.50 -1.50 240.00 193.00 2.86 253.2 -7.4 SchdrJap 138.25 0.75 139.10 106.79 1.27 152.5 -9.3 VCTs 52 Week Dis(-) Investment Companies - AIM
DiverseInc♦ 80.00 -0.25 90.75 73.02 2.94 80.9 -1.1 JPM EurInc 131.00 -1.50 132.55 104.75 - 137.3 -4.6 SchdrOrient 199.00 - 201.59 159.58 3.77 200.4 -0.7 Price +/-Chg High Low Yld NAV or Pm
Dun Inc 268.50 -4.00 371.25 239.00 4.13 284.5 -5.6 JPM EuSm 216.50 -0.75 246.80 164.00 1.34 249.5 -13.2 SchdrUK 161.75 -0.25 198.50 146.83 2.78 180.3 -10.3 AlbionDev 70.00 - 70.89 67.00 7.14 71.2 -1.7 52 Week Dis(-)
Dun Sml♦ 180.50 -1.50 243.50 171.30 2.88 219.0 -17.6 JPM Clavr 602.50 -3.00 633.50 534.51 3.24 648.1 -7.0 SchdrUKMd 445.00 -1.00 527.50 402.49 1.79 482.7 -7.8 ..D 100.00 - 101.00 98.00 2.50 104.7 -4.5 Price +/-Chg High Low Yld NAV or Pm
EcofinWatr 152.00 - 176.75 123.25 4.40 185.0 -17.8 JPMGIConv 103.00 - 112.50 99.00 - 99.9 3.1 ScotAmer 244.50 -2.50 257.50 221.99 4.21 252.8 -3.3 Albion Ent 89.00 - 92.00 85.00 5.62 95.2 -6.5 AdFrntMkt 57.50 - 65.50 54.62 - 62.8 -8.4
JPM GEI 120.25 - 130.00 105.00 4.43 119.2 0.9 Scottish In♦ 614.50 -1.50 626.00 536.00 1.89 683.9 -10.1
..CULS
EdinDragn
105.75
283.00
-0.25 111.70 102.52
-2.00 291.79 225.00
-
0.78
-
315.0
-
-10.2 JPM I&C Uni 351.50 - 370.50 330.06 - 370.7 -5.2 ScottMort 253.70 - 258.70 189.00 1.14 250.0 1.5
AlbionTech♦ 77.00 - 81.00 71.25 8.12 83.2 -7.5 CrysAmber
GLI Finance♦
150.38
61.63
-
0.13
157.66 129.81
65.00 50.00
0.3 151.5
8.1 - -
-0.7
www.morningstar.co.uk
AlbionVCT 66.00 - 68.75 64.00 7.58 67.6 -2.4
IndiaCap 67.75 -0.25 69.40 32.76 - 75.2 -9.9
Thursday 5 February 2015 ★ FINANCIAL TIMES 25

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

CF Heartwood Balanced B Acc 128.14 - -0.09 0.63 Comgest Gth Emerging Mkt DIS F $ 34.11 - 0.46 0.29 Strategic Bond Gross £ 0.33 - 0.00 3.23 Tem Latin America $ 50.74 - 1.44 0.89

ACPI Global UCITS Funds Plc (IRL) Barings (Luxembourg) (LUX) CF Heartwood Defensive Multi Asset Fund B Accumulation 111.27 - -0.12 0.01 Comgest Gth Europe DIS F € 19.26 - 0.03 0.00 Edinburgh Partners Limited (IRL) Target 2015 £ 0.50 - 0.00 0.27 Class A Acc
www.acpi.com FCA Recognised CF JM Finn Gbl Opps A Acc 276.80 - -0.94 1.54 Comgest Gth GEM PC DIS F € 13.00 - 0.02 0.00 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Target 2015 - Gross £ 0.50 - 0.00 0.30 Frk Biotech Discovery $ 32.65 - -0.17 -
Regulated Russia A GBP Inc F £ 22.09 - 0.92 1.46 Dealing - Fax only - +353 1 434 5230
CF Richmond Core 192.59 - 1.18 0.00 Target 2020 £ 0.58 - 0.00 0.49 Frk Brazil Opportunities Fd $ 10.24 - 0.03 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 106.93 - 0.88 0.00 FCA Recognised
Edinburgh Partners Opportunities Fund PLC Frk Euro S-Term Money Mkt Fd € 1012.31 - 0.00 0.00
ACPI Global Credit UCITS Funds USD A $ 13.81 - 0.01 0.00
CF Seneca Diversified Growth A ACC 214.79 - -0.51 1.18 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Target 2025 £ 1.34 - 0.00 0.28
Barmac Asset Management Ltd (UK)
CF Seneca Diversified Growth B ACC 126.41 - -0.30 2.01 PO BOX 10117, Chelmsford, Essex, CM1 9JB European Opportunities I EUR € 2.68 - 0.03 1.28 Target 2030 £ 1.42 - 0.00 0.25 Frk Euroland Fund € 19.20 - 0.20 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 151.63 - -0.31 0.00 40 Dukes Place, London, EC3A 7NH Dealing & Client Services 0845 0264281
Artemis Fund Managers Ltd (1200)F (UK) CF Seneca Diversified Growth N ACC 125.42 - -0.29 1.74 European Opportunities I GBP £ 2.03 - 0.04 1.58 UK Select £ 2.35 - -0.01 1.12 Frk European Growth € 14.94 - 0.19 -
ACPI India Fixed Income UCITS Fund USD A3 $ 88.98 - 0.27 0.00 Authorised Corporate Director - Capita Financial Managers Authorised Inv Funds
57 St. James's Street, London SW1A 1LD 0800 092 2051 Dealing: 0845 922 0044 European Opportunities I USD $ 3.08 - 0.07 1.38 Frk European Sml Mid Cap Gth € 32.56 - 0.23 0.00
CF Seneca Diversified Income A INC 89.11 - 0.05 5.46 Consistent UT Inc 58.45 59.15 -0.33 4.34 UK Growth £ 3.56 - 0.00 0.05
ACPI International Bond UCITS Fund USD A $ 18.46 - -0.05 0.00 Authorised Inv Funds Authorised Inv Funds
CF Seneca Diversified Income B INC 105.33 - 0.06 6.06 European Opportunities A EUR € 2.61 - 0.03 0.91 UK Smaller Companies £ 1.91 - -0.01 0.25 Frk Gbl Equity Strategies Fd $ 11.44 - 0.17 0.00
Artemis Capital R ACC 1201.29 1269.05 -1.10 1.50 Consistent UT Acc 132.36 133.96 -0.76 4.20
Retail Accumulation 2 112.97 - 0.17 0.00
CF Seneca Diversified Income N INC 104.45 - 0.06 6.06 Global Opportunities I USD $ 1.69 - 0.00 1.15 WealthBuilder A Acc £ 1.02 - 0.00 0.62 Frk Gbl Fundamental Strat Fd $ 13.10 - 0.18 0.00
Artemis European Growth R Acc 243.52 256.98 -0.89 3.62 Practical Investment Inc 210.00 214.71 -0.05 3.76
ACPI Select UCITS Funds PLC (IRL) Retail Income 2 111.57 - 0.17 0.00
Investment Adviser - DSM Capital Partners Global Opportunities I GBP £ 1.12 - 0.00 1.00 Fidelity PathFinder Frk Global Conver.Securities $ 11.66 - 0.11 0.00
Regulated Artemis European Opps R Acc 71.95 75.91 -0.01 1.36 Practical Investment Acc 989.53 1011.74 -0.24 3.66
The Castleton Growth Fund Ret Acc F 109.59 - 0.16 0.00
ACPI Balanced UCITS Fund USD Retail $ 14.03 - 0.09 0.00 The Westchester $ 26.23 - 0.28 0.00 Global Opportunities I EUR € 1.48 - -0.01 0.99 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.12 - 0.00 - Frk Global Growth $ 14.21 - 0.15 0.00
Artemis Global Energy R Acc 29.75 31.52 0.49 0.00 The Castleton Growth Fund Ret Inc F 110.02 - 0.17 0.00
ACPI Balanced UCITS Fund EUR Retail € 10.62 - 0.07 0.00 The Westchester Class 1 GBP Acc £ 18.70 - 0.03 0.00 Global Opportunities A GBP £ 1.05 - 0.00 0.59 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.12 - 0.00 - Frk Global Gth & Val $ 24.74 - 0.35 0.00
Artemis Global Growth R Acc 178.04 187.89 -0.02 0.76 Coupland Cardiff Funds Plc (IRL)
ACPI Balanced UCITS Fund GBP Retail £ 10.71 - 0.07 0.00 The Westchester Class 2 GBP Acc £ 18.72 - 0.03 0.00 31/32 St James's Street, London, SW1A 1HD Pan European Opportunities I EUR € 1.62 - 0.02 - Fidelity PathFinder Foundation 2 Acc (clean) £ 1.13 - 0.00 - Frk Global Sml Mid Cap Gth $ 28.09 - 0.50 0.00
Artemis Global Income R Acc 95.82 101.24 -0.49 3.76
BlackRock (JER) Investment Adviser Lacomp Plc FCA Recognised Fidelity PathFinder Foundation 3 Acc (clean) £ 1.13 - 0.00 - Frk Gold and Precious Mtls Fd F $ 4.11 - -0.05 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Income R Inc 79.25 83.74 -0.41 3.87 Regulated
CF Lacomp World 104.82 110.06 -0.08 0.00 CC Asia Alpha Fd - Cls A Euro € 12.45 12.45 -0.01 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Fidelity PathFinder Foundation 4 Acc (clean) £ 1.14 - 0.00 - Frk India $ 34.01 - -0.27 0.00
Artemis Global select R Acc 68.97 72.78 -0.07 0.00 BlackRock UK Property £ 38.89 - 0.02 3.54
Investment Adviser - Morant Wright Management Limited CC Asia Alpha Fd - Cls B USD $ 12.21 12.21 -0.02 0.00
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Fidelity PathFinder Foundation 5 Acc (clean) £ 1.18 - 0.00 - Frk Japan Fd ¥ 787.83 - -6.61 -
Artemis High Income R Inc 81.14 86.40 0.01 5.54 Blackrock UK Long Lease £ 1043.11 - 2.31 0.00 CF Morant Wright Japan A 250.03 - 2.37 0.00 CC Asia Alpha Fd - Cls C GBP £ 12.07 12.07 -0.02 0.00
ACPI Focused Equity UCITS Fund $ 12.44 - 0.14 0.00 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.13 - 0.00 - Frk K2 Alt Strat Fd $ 10.37 - 0.03 -
Artemis Income R Inc 210.36 222.80 -0.82 4.04 BLK Intl Gold & General $ 5.45 5.74 -0.13 0.00 CF Morant Wright Japan A Inc 246.34 - 2.33 0.00 CC Asia Alpha Fd - Cls I USD $ 9.64 9.64 -0.02 0.00
Fidelity PathFinder Focussed 1 Acc (clean) £ 1.12 - -0.01 - Frk MENA Fund $ 7.12 - 0.09 0.00
Artemis Income R Acc 345.57 366.01 -1.35 3.93 CF Morant Wright Japan B 264.94 - 2.51 0.43 CC Asian Evolution Fd. Cls A USD $ 14.53 14.53 -0.12 0.00
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.14 - 0.00 - Frk Mutual Beacon $ 71.09 - 1.10 0.00
Abbey Life Assurance Company Limited (UK) Artemis Monthly Dist R Inc 62.97 66.85 -0.17 4.74 CF Morant Wright Japan B Inc 251.17 - 2.38 0.44 CC Asian Evolution Fd. Cls B GBP £ 13.67 13.67 -0.12 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 EFG Hermes Fidelity PathFinder Focussed 3 Acc (clean) £ 1.15 - 0.00 - Frk Mutual Euroland Fd € 17.35 - 0.42 0.00
additional fund prices can be found @ www.abbeylife.co.uk Artemis Pan-Euro Abs Ret GBP 98.10 - -0.05 - CF Morant Wright Nippon Yield ACC A 254.48 - 1.80 2.15 CC Asian Evolution Fund - Cls C USD Acc $ 16.32 16.32 -0.14 0.00 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.15 - -0.01 - Frk Mutual European EUR € 23.97 - 0.34 0.00
Insurances Artemis Strategic Assets R Acc 76.80 81.24 0.03 0.00 CF Morant Wright Nippon Yield ACC B 262.80 - 1.86 2.14 CC Japan Alpha Fd - Cls A Euro € 9.70 9.70 -0.20 0.00 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds Fidelity PathFinder Focussed 5 Acc (clean) £ 1.15 - 0.00 - Frk Mutual Gbl Disc $ 17.49 - 0.35 0.00
Life Funds Artemis Strategic Bond R M Acc 83.44 88.60 0.05 3.99 CF Morant Wright Nippon Yield Fund A Inc 225.96 - 1.60 2.19 CC Japan Alpha Fd - Cls B GBP £ 10.57 10.57 -0.21 0.00
Prop. Acc. Ser 2 1467.40 1544.60 1.50 - The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.10 - 0.00 - Frk Natural Resources Fd F $ 7.82 - 0.28 0.00
Artemis Strategic Bond R M Inc 55.12 58.53 0.03 4.06 CF Morant Wright Nippon Yield Fund B Inc 233.42 - 1.66 2.19 CC Japan Alpha Fd - Cls C JPY ¥ 1036.66 1036.66 -21.74 0.00
Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.10 - 0.01 - Frk Real Return Fd F $ 10.59 - 0.05 0.00
Selective Acc. Ser 2 1572.90 1655.80 -5.20 -
Artemis Strategic Bond R Q Acc 83.52 88.69 0.05 3.99 BlueBay Asset Management LLP (LUX)
CC Japan Inc & Grwth Fd - Cls Acc USD $ 15.50 15.50 -0.21 0.00
American Ser. 4 1666.80 1754.60 2.90 - Regulated Saudi Arabia Equity Fund SR 13.99 - 0.33 0.00 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.10 - 0.00 - Frk Strategic Income Fd $ 14.73 - 0.04 0.00
Artemis Strategic Bond R Q Inc 55.22 58.63 0.03 4.08 CC Japan Inc & Grwth Fd - GBP Founder Acc £ 15.95 15.95 -0.22 0.00
BlueBay EmMkt B-USD $ 294.91 - 0.51 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.10 - 0.01 - Frk Technology $ 10.62 - 0.10 0.00
Custodian Ser. 4 491.30 517.20 -1.70 -
Artemis UK Growth R Acc 425.27 450.21 -0.53 0.59 CC Japan Inc & Grwth Fd - GBP Founder Inc £ 15.14 15.14 -0.21 0.00
BlueBay EmMktCrp B-USD $ 164.40 - 0.63 0.00 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.09 - 0.00 - Frk U.S. Focus Fund $ 16.09 - 0.27 0.00
Equity Ser. 4 567.30 597.10 -3.10 - Electric & General (1000)F (UK)
Artemis UK Smaller Cos R Acc 1006.82 1084.32 -1.53 0.55 CC Japan Inc & Grwth Fd - JPY Founder Acc ¥ 1614.32 1614.32 -22.63 0.00
BlueBay EmMktSel B-USD $ 159.23 - 0.73 0.00 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Freedom 5 Acc (clean) £ 1.13 - 0.00 - Frk US Equity $ 23.66 - 0.37 -
European Ser 4 577.70 608.10 -5.20 -
Artemis UK Special Sits R Acc 504.80 536.26 -1.07 1.70 CC Japan Inc & Grwth Fd - JPY Founder Inc ¥ 1521.53 1521.53 -21.33 0.00 Orders & Enquiries: 0845 850 0255
BlueBay EmMkLocCy B-USD $ 155.44 - 1.24 0.00 Fidelity PathFinder Income 1 Income (clean) £ 1.06 - 0.00 - Frk US Opportunities $ 11.76 - 0.10 0.00
Fixed Int. Ser. 4 914.50 962.60 -5.50 - Authorised Inv Funds
Artemis US Abs Ret I Acc 101.00 - -0.14 - CC Japan Inc & Grwth Fd - USD Founder Acc $ 15.88 15.88 -0.22 0.00
BlueBay GlblConv I-USD $ 187.64 - 1.11 0.00 Authorised Corporate Director - Carvetian Capital Management Fidelity PathFinder Income 1 Gross Income (clean) £ 1.06 - 0.00 - Frk US Sml Mid Cap Gth F $ 19.31 - 0.23 -
Intl Ser. 4 440.80 464.00 0.00 - CATCo Reinsurance Opportunities Fund Ltd. (UK)
Artemis US Equity I Acc 109.62 - 0.18 - CC Japan Inc & Grwth Fd - USD Founder Inc $ 15.08 15.08 -0.21 0.00
BlueBay GlblHgYd B-USD $ 130.35 - 0.24 0.00 Electric&General Net Income A 138.30 - 0.20 2.10 Fidelity PathFinder Income 2 Income (clean) £ 1.06 - -0.01 - Frk Wrld Perspective Fd $ 19.04 - 0.23 0.00
Japan Ser 4 356.90 375.70 4.40 - 9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Artemis US Select I Acc 110.02 - 0.18 -
BlueBay HgYield B-EUR € 331.82 - 0.18 0.00 Authorised Funds Fidelity PathFinder Income 2 gross £ 1.08 - 0.00 4.26 Tem Africa $ 10.83 - 0.15 0.00
Man. Ser. 4 1675.30 1763.50 -5.30 -
Artemis US Smlr Cos I Acc 114.00 - 0.46 - CATCo Re Opps Fund Ords $ 1.3312 - 0.1436 18.31
BlueBay HgYieldCp B-EUR € 140.59 - 0.14 0.00 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Income 2 Gross Income (clean) £ 1.07 - 0.00 - Tem Asian Sml Comp Fd $ 39.28 - 0.16 0.00
Money Ser. 4 524.10 551.70 0.00 -
Artemis US Ex Alpha I Acc 112.00 - 0.20 - 5 Kensington Church St, London W8 4LD 020 7368 4220
BlueBay InvGr B-EUR € 175.15 - 0.08 0.00 Fidelity PathFinder Income 3 Income (clean) £ 1.06 - -0.01 1.89 Tem BRIC $ 13.88 - 0.17 0.00
Prop. Ser. 4 1052.60 1108.00 0.80 - FCA Recognised
BlueBay InvGEurGv B-EUR € 151.73 - 0.06 0.00 CATCo Reinsurance Fund Ltd. (BMU) Institutional OEIC Funds Tem China $ 22.92 - 0.24 0.00
Custodian Ser 5 472.70 497.60 -1.60 - Ennismore European Smlr Cos NAV £ 92.32 - -0.12 0.00
Artemis Fund Managers Ltd (CYM)
BlueBay InvGEurAg I-EUR € 151.64 - 0.03 0.00
Regulated America £ 3.87 - 0.00 0.42
International Ser 5 424.20 446.50 0.10 - Regulated Ennismore European Smlr Cos NAV € 121.88 - -0.65 0.00 Tem Eastern Europe € 17.94 - 0.06 0.00
CATCo Re Fund Ltd Series A $ 1643.1807 - 13.5508 -
BlueBay InvGLibor B-EUR € 125.93 - 0.09 0.00 Emerging Markets £ 3.40 - -0.01 0.49 Tem Emerging Mkts Sml Comp Fd $ 10.20 - 0.05 0.00
Managed Ser 5 1612.00 1696.80 -5.10 - Artemis Gbl Hedge Fd Ltd GBP £ 55.60 - 0.34 - CATCo Re Fund Ltd Series B $ 1688.2146 - 14.6326 -
HighIncomeLoan H-EUR € 190.83 - 0.19 0.00 Crèdit Andorrà Asset Management (LUX) Europe £ 4.03 - -0.02 2.44
Artemis Gbl Hedge Fd Ltd EUR € 51.90 - 0.27 - Tem Euroland € 19.08 - 0.23 0.00
Money Ser 5 513.20 540.20 0.00 - CATCo Re Fund Ltd Series D $ 1408.6155 - 11.9140 0.00 www.creditandorra.com Ennismore European Smlr Cos Hedge Fd
Other International Funds Fidelity Pre-Retirement Bond Fund £ 121.30 - -0.60 1.50 Tem European EUR € 20.67 - 0.20 0.00
Property Ser 5 1012.80 1066.10 0.80 - Artemis Gbl Hedge Fd Ltd USD $ 55.96 - 0.33 - FCA Recognised
CATCo Re Fund Ltd Series E $ 1434.4695 - 12.7443 0.00
BONHOTE Crediinvest SICAV Money Market Eur I € 11.23 - 0.00 - NAV € 440.44 - 1.50 0.00 Global Focus £ 2.77 - -0.01 0.53 Tem Frontier Mkts Fund $ 18.16 - 0.12 0.00
Pension Funds Artemis Pan-Euro Hdg EUR € 179.43 - 3.22 -
Other International Funds Index Linked Bond £ 2.69 - -0.02 0.63
American 1919.60 2020.60 6.70 - Artemis Pan-Euro Hdg GBP £ 199.42 - 3.79 - Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Tem Growth (Euro) € 15.87 - 0.08 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6810.00 - -25.00 2.46 Cavendish Asset Management Limited (1200)F (UK)
Equity 5027.10 5291.70 -17.80 - Crediinvest SICAV Fixed Income Eur € 10.92 - 0.00 0.00 Equinox Fund Mgmt (Guernsey) Limited (GSY) Index Linked Bond Gross £ 3.24 - -0.02 0.63 Tem Korea $ 5.29 - 0.01 0.00
Artemis Pan-Euro Hdg USD $ 188.04 - 3.46 - Chelsea House, Westgate, London W5 1DR
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10120.00 - 16.00 0.84 Regulated
European 1169.40 1230.90 -8.00 - IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Crediinvest SICAV Fixed Income Usd $ 10.67 - -0.01 0.00 Index-Linked Bond Fund Gross Inc £ 12.69 - -0.10 0.63 Tem Thailand $ 21.63 - 0.21 0.00
Authorised Inv Funds Equinox Russian Opportunities Fund Limited $ 84.05 86.77 -0.55 0.00 Japan £ 1.97 - 0.01 0.76
Fixed Int. 1682.90 1771.50 -12.60 - Crediinvest SICAV Spanish Value € 263.53 - 4.88 0.00
Artisan Partners Global Funds PLC (IRL)
Braemar Group PCC Limited (GSY) Cavendish Opportunities Fund B Class 990.00 - 2.20 1.43
Long Bond £ 0.54 - 0.00 2.64
International 938.20 987.60 0.70 - Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Crediinvest SICAV International Value € 229.04 - 0.92 0.00 Frontier Gottex (UK)
Regulated Cavendish Opportunities Fund A Class 984.50 - 2.10 0.57
Tel: 44 (0) 207 766 7130 Euronova Asset Management UK LLP (CYM) Long Bond Gross £ 0.87 - 0.00 2.58 Authorised Inv Funds
Japan 371.60 391.10 3.40 - UK Agricultural Class A £ 1.27 - 0.02 0.00 Crediinvest SICAV Big Cap Value € 17.77 - 0.26 0.00
FCA Recognised Cavendish Opportunities Fund C Acc 1016.00 - 2.00 1.30 Regulated
Long Bond Fund Gross Inc £ 12.03 - -0.13 2.63 FP Frontier MAP Balanced Fund 141.00 - 1.39 0.66
Managed 4350.70 4579.70 -10.60 - Artisan Partners Global Funds plc UK Agricultural Class B £ 1.38 - 0.01 0.00 Crediinvest SICAV US American Value $ 18.20 - 0.28 0.00 Smaller Cos Cls One Shares (Est) € 31.17 - -0.15 0.00
Cavendish Worldwide Fund B Class 310.20 - -1.00 0.95
Property 2695.60 2837.50 3.00 - Artisan Emerging Markets I USD Acc $ 7.65 - 0.14 0.00 Crediinvest SICAV Sustainability € 15.27 - 0.02 0.00 Pacific (Ex Japan) £ 3.83 - 0.05 1.88
Student Accom Class B £ 0.72 - -0.28 0.00 Smaller Cos Cls Two Shares (Est) € 22.14 - -0.09 0.00
Cavendish Worldwide Fund A Class 309.80 - -1.00 0.16
Security 1477.00 1554.80 0.00 - Artisan Global Equity Fund Class I USD Acc $ 14.43 - 0.09 0.00 Pan European £ 2.65 - 0.00 2.05 Frontier Capital (Bermuda) Limited
Smaller Cos Cls Three Shares (Est) € 11.08 - -0.06 -
Cavendish Worldwide Fund C Acc 316.30 - -1.10 0.90 Other International
Selective 2020.10 2126.50 -8.30 - Artisan Global Opportunities I USD Acc $ 11.58 - 0.13 - Dantrust Management (Guernsey) Ltd (GSY) Reduced Duration UK Corporate Bond £ 10.58 - 0.01 3.32
CAF Financial Solutions (UK)
Cavendish AIM Fund B Class 149.90 - 0.60 0.40
Smaller Cos Cls Four Shares (Est) € 14.34 - -0.06 0.00 Commercial Property-GBP Class £ 71.42 - -0.53 -
Formerly Hill Samuel Life Assurance Ltd Artisan Global Value Fund Class I USD Acc $ 15.95 - 0.24 0.00 Kings Hill, West Malling, Kent 03000 123 222 Regulated Reduced Duration UK Corporate Bond Gross £ 10.70 - 0.01 3.32
Cavendish AIM Fund A Class 146.10 - 0.60 0.00 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Property & Other UK Unit Trusts Dantrust II Limited kr 459.40 459.50 -1.10 - Reduced Duration UK Corporate Bond Inc £ 10.13 - 0.00 3.35
Artisan US Value Equity Fund Class I USD Acc $ 11.85 - 0.20 0.00
Managed Ser A (Life) 1590.70 1683.30 6.90 - CAF UK Equitrack Inc Fd 73.74 73.74 -0.24 3.41 Cavendish Asia Pacific Fund B Class 172.40 - -0.70 1.44
Reduced Duration UK Corp Bond Gross Inc £ 10.14 - 0.00 3.35
Managed Ser A (Pensions) 1068.30 1124.50 5.80 - CAF UK Equitrack Acc Fd 101.00 101.00 -0.30 3.34 Cavendish Asia Pacific Fund A Class 172.10 - -0.80 0.66 DAVIS Funds SICAV (LUX)
Ashmore Sicav (LUX) Select Emerging Markets Equities £ 1.32 - 0.00 0.96
Formerly Target Life Assurance Ltd FP CAF Alternative Strategies A Class Acc 110.35 - -0.02 0.47 Cavendish Asia Pacific Fund C Acc 177.30 - -0.80 1.42 Regulated
2 rue Albert Borschette L-1246 Luxembourg Select European Eqts £ 1.73 - 0.01 -
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Davis Value A $ 40.05 - 0.64 0.00
FCA Recognised FP CAF Alternative Strategies A Class Inc 109.97 - -0.02 0.33 Cavendish European Fund B Class 135.70 - 0.00 1.32
Managed (Life) 1612.20 1697.00 7.10 - Select Global Equities £ 2.98 - 0.00 0.97
Ashmore SICAV Emerging Market Debt Fund $ 96.58 - 0.57 13.57 Davis Global A $ 29.41 - 0.45 0.00
FP CAF Fixed Interest A class Acc 114.74 - -0.19 2.76 Cavendish European Fund A Class 134.50 - 0.00 0.38
Managed Growth (Life) 511.10 538.00 4.10 - South East Asia £ 3.82 - 0.01 0.68
Ashmore SICAV Emerging Market Frontier Equity Fund $ 156.18 - 1.41 2.11 Eurobank Fund Management Company (Luxembourg) S.A.
FP CAF Fixed Interest A class Inc 102.53 - -0.17 2.81 Cavendish Japan Fund B Class 148.50 - 0.80 0.82
Managed (Pensions) 6410.50 6747.90 35.00 - Regulated Sterling Core Plus Bond Gr Accum £ 2.15 - -0.01 3.43
Ashmore SICAV Emerging Market Total Return Fund $ 86.61 - 0.60 10.25 FP CAF Fixed Interest B class Acc 115.20 - -0.19 2.76 Cavendish Japan Fund A Class 147.70 - 0.80 0.00 Discretionary Unit Fund Mngrs (1000)F (UK) Fundsmith LLP (1200)F (UK)
(LF) Absolute Return € 1.31 - 0.01 0.00 Sterling Core Plus Bond Inc £ 1.42 - -0.01 3.53
Managed Growth (Pensions) 627.80 660.80 6.00 - 1 Poultry, London EC2R 8JR 020 7 415 4130 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Ashmore SICAV Global Equity Fund $ 111.40 - 1.30 0.60 FP CAF Fixed Interest B class Inc 102.81 - -0.17 2.81 Cavendish North American Fund B Class 190.30 - 1.20 0.59
additional fund prices can be found on our website Authorised Inv Funds (LF) Balanced - Active Fund (RON)RON 16.26 - 0.02 0.00 UK £ 3.47 - -0.01 1.91 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Ashmore SICAV Global Small Cap Equity Fund $ 130.24 - 2.22 0.07 FP CAF International Equity A Class Acc 140.78 - 0.91 0.70 Cavendish North American Fund A Class 185.20 - 1.20 0.00 Disc Inc 1362.40 1404.60 8.00 0.00 Authorised Inv Funds
(LF) Cash Fund € € 1.33 - 0.03 0.00 UK Aggreg Bond Gr Accum £ 1.85 - -0.01 3.03
Ashmore SICAV Local Currency Fund $ 87.08 - 0.58 1.95 FP CAF International Equity A Class Inc 137.28 - 0.89 0.71 Cavendish Technology Fund B Class 263.60 - 1.10 0.10 Fundsmith Equity T Acc 205.78 - -0.75 1.09
Do Accum 5063.90 5220.50 29.70 0.00 (LF) Cash Fund (RON) RON 15.72 - 0.14 0.00 UK Aggregate Bond Inc £ 1.27 - 0.00 3.08
EM Mkts Corp.Debt USD F $ 94.35 - 0.37 9.77 FP CAF UK Equity A Class Acc 147.27 - 1.49 2.18 Cavendish Technology Fund A Class 251.90 - 1.00 0.00 Fundsmith Equity T Inc 195.90 - -0.71 1.10
(LF) Eq Emerging Europe € 0.80 - 0.02 0.00 UK Corporate Bond £ 1.27 - -0.01 3.90
EM Mkts Loc.Ccy Bd USD F $ 92.82 - 0.72 10.67 FP CAF UK Equity A Class Inc 135.89 - 1.37 2.20 Cavendish UK Balanced Income Fund B Class 142.00 - -0.40 4.84 (LF) Eq Flexi Style Greece € 1.22 - 0.02 - UK Corporate Bond - Gross £ 2.31 - 0.00 3.77
FP CAF UK Equity B Class Acc 147.27 - 1.48 2.17 Cavendish UK Balanced Income A Class 135.70 - -0.40 5.06 GAM Limited (2300)F (UK)
(LF) Global Bond Fd € 12.22 - 0.00 0.00 UK Corporate Bond Fund Gross Inc £ 11.55 - -0.03 3.89 GAM Sterling Management Limited
FP CAF UK Equity B Class Inc 135.88 - 1.37 2.20 Cavendish UK Select Fund B Class 159.10 - 0.30 1.75 (LF) Global Equities € 1.14 - 0.01 0.00 UK Gilt Bond £ 1.32 - -0.01 1.82 12 St James's Place London SW1A 1NX. 0800 919 927
Alceda Fund Management S.A. Cavendish UK Select Fund A Class 158.80 - 0.30 0.91 (LF) Eq Mena Fund € 15.25 - -0.01 0.00 Internet: gam.com
UK Gilt Gross £ 2.08 - -0.01 1.79
www.alceda.lu Authorised Inv Funds
(LF) Greek Government Bond € 15.41 - 1.07 0.00 UK Long Corp Bond £ 1.47 - 0.00 4.19
FCA Recognised GAM Funds OEIC
Cedar Rock Capital Limited (IRL) Dodge & Cox Worldwide Funds (IRL) (LF) Income Plus $ $ 1.22 - 0.00 0.00 UK Long Corp Bond - Gross £ 2.60 - 0.01 4.04 GAM Global Diversified Acc 3957.75 - 20.86 0.00
AC Opp - Aremus Fund EUR A € 104.87 - -0.31 -
Regulated 6 Duke Street,St.James,London SW1Y 6BN
AC Risk Parity 7 Fund EUR A € 126.74 - 0.70 0.00 (LF) Greek Corporate Bond € 10.83 - 0.51 0.00 UK Long Corporate Bond Fund - Gross Income £ 11.79 - 0.01 4.18 GAM North American Gwth Acc 3208.51 - 31.99 0.00
Cedar Rock Capital Fd Plc $ 348.17 - 10.71 0.00 www.dodgeandcox.worldwide.com 020 3713 7664
Aspect Capital Ltd (UK)
AC Risk Parity 12 Fund EUR A € 155.99 - 1.22 0.00 FCA Recognised (LF) FOF Balanced Blend € 1.42 - 0.01 0.00 UK Specialist £ 1.83 - 0.00 1.22 GAM UK Diversified Acc 1875.62 - 17.05 1.08
Other International Funds Cedar Rock Capital Fd Plc £ 363.94 - 15.70 0.00
Dodge & Cox Worldwide Funds plc - Global Bond Fund

Asset Management
AC Risk Parity 17 Fund EUR A € 105.22 - 1.50 0.00 Aspect Diversified USD $ 416.16 - 10.71 0.00 (LF) FOF Equity Blend € 1.28 - 0.01 0.00 Retail Share Classes
Cedar Rock Capital Fd Plc € 321.18 - 23.16 0.00 EUR Accumulating Class € 11.79 - -0.12 -
CCLA Investment Management Ltd (UK) (LF) FOF Glob. Emerging Mkts € 0.92 - 0.00 0.00 Emerging Markets - retail £ 1.36 - -0.01 0.00
ACQ Risk Parity Bond Fund EUR A € 104.63 104.63 0.14 0.00 Aspect Diversified EUR € 249.75 - 6.90 -
Senator House 85 Queen Victoria Street London EC4V 4ET GAM Limited (IRL)
EUR Accumulating Class (H) € 9.73 - 0.03 -
(LF) FOF Dynamic Fixed Inc € 11.72 - -0.05 0.00 Europe Long Term Growth £ 1.54 - 0.00 1.84 FCA Recognised
Aspect Diversified GBP £ 127.07 - 3.36 0.00 Authorised Inv Funds
Charles Schwab Worldwide Funds Plc (IRL) EUR Distributing Class € 11.57 - -0.12 - {*}CAR - Net income reinvested GAM Fund Management Ltd
Aspect Diversified CHF SFr 119.88 - 2.70 0.00 The Public Sector Deposit Fund Regulated (LF) FOF Real Estate € 17.16 - 0.01 0.00
EUR Distributing Class (H) € 9.54 - 0.03 - Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.47 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Aspect Diversified Trends USD $ 123.37 - -0.83 0.00 GAM Star Fund Plc
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.27 GBP Distributing Class £ 10.66 - -0.07 - FIL Fund Management (LUX)
Aspect Diversified Trends EUR € 123.31 - -0.86 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg GAM Star Asia-Pacific Eqty USD Acc F $ 11.82 - -0.12 0.77
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.32 GBP Distributing Class (H) £ 9.57 - 0.02 -
Aspect Diversified Trends GBP £ 127.42 - -0.86 0.00 Chartered Asset Management Pte Ltd Phone: 800 22 089, 800 22 088 GAM Star Asian Eqty USD Ord Acc F $ 14.41 - 0.10 0.00
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.37 Other International Funds USD Accumulating Class $ 9.76 - 0.02 - Regulated
GAM Star Balanced GBP Acc £ 10.39 - 0.06 -
CAM-GTF Limited $ 340592.92 340592.92 -8106.27 0.00 Dodge & Cox Worldwide Funds plc-Global Stock Fund China Consumer A-GBP £ 15.49 - 0.11 0.00
The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.27
Allianz Global Investors GmbH(1200) F (UK) Atlantas Sicav (LUX) USD Accumulating Share Class $ 16.93 - 0.26 0.00 GAM Star Cap.Appr.US Eqty USD Inc F $ 17.53 - 0.27 0.00
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 CAM GTi Limited $ 737.96 - -0.80 0.00 China Focus A-GBP £ 4.38 - 0.04 0.24
Regulated GAM Star Cat Bond USD Acc $ 12.42 - 0.00 0.00
GBP Accumulating Share Class £ 18.36 - 0.11 0.00
Authorised Inv Funds Raffles-Asia Investment Company $ 1.96 1.96 -0.03 6.61 Global Financial Services A-GBP £ 0.43 - 0.01 0.00
American Dynamic $ 3372.48 - -57.35 0.00 CCLA Investment Management Ltd (UK) FIL Investment Services (UK) Limited (1200)F (UK) GAM Star Cautious GBP Acc £ 10.43 - 0.04 -
OEIC Senator House 85 Queen Victoria Street London EC4V 4ET GBP Distributing Share class £ 13.49 - 0.08 0.63
American One $ 3117.50 - -62.55 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Global Health Care A-GBP £ 0.54 - 0.00 0.00
Allianz BRIC Stars A Acc 162.93 - -0.51 0.61 Property & Other UK Unit Trusts EUR Accumulating Share Class € 22.14 - 0.05 0.00 Callfree: Private Clients 0800 414161 GAM Star China Equity USD Acc F $ 22.44 - 0.28 0.50
Bond Global € 1360.06 - -6.34 0.00 Global Industrials A-GBP £ 0.70 - 0.01 0.00
Allianz BRIC Stars C Acc 173.69 - -0.54 1.04 CBF Church of England Funds Dodge & Cox Worldwide Funds plc-International Stock Fund Broker Dealings: 0800 414 181 GAM Star Cont European Eqty GBP Acc F £ 3.39 - 0.04 0.00
Eurocroissance € 819.73 - -10.98 0.00 Investment Inc 1340.27 1355.09 2.50 3.78 Authorised Inv Funds Global Inflation-Linked Bd A-GBP-Hdg £ 1.20 - 0.00 0.51
Allianz Brazil Fund A Acc 59.87 - 0.97 0.97 USD Accumulating Share Class $ 15.26 - 0.26 0.00 GAM Star Cred Opportunities GBP Acc £ 12.61 - 0.00 4.12
Far East $ 695.65 - -8.87 0.00 Unit Trust Global Real Asset Securities £ 1.52 - 0.01 0.00
Investment Acc 2648.50 2677.80 4.93 - EUR Accumulating Share Class € 15.64 - 0.06 0.00 GAM Star Defensive GBP Acc £ 10.96 - 0.03 0.00
Allianz Brazil Fund C Acc 61.25 - 1.00 1.65 Cash Accum Units 186.23 186.23 0.00 0.00
Global Equity Inc 159.57 161.33 0.28 4.31 Global Technology A-GBP £ 0.24 - 0.00 0.00
Allz Continental European A Acc 872.02 - -4.14 0.20 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund GAM Star Discretionary FX USD Acc F $ 12.97 - 0.01 0.00
Cash Fund £ 1.00 1.00 0.00 0.12 Global Telecomms A-GBP £ 0.29 - 0.00 1.01
BLME Asset Management (LUX) Global Equity Acc 225.02 227.50 0.40 - USD Accumulating Share Class $ 18.22 - 0.32 0.00
GAM Star Dynamic Gbl Bd USD Acc H $ 10.70 - 0.01 1.44
Allz Continental European C Acc 140.53 - -0.66 1.04 Gross Accum Cash £ 1.28 1.28 0.00 0.00
BLME Sharia'a Umbrella Fund SICAV SIF
UK Equity Inc 146.85 148.33 0.27 4.05 Cheyne Capital Management (UK) LLP (IRL) GBP Accumulating Share Class £ 18.69 - 0.16 0.00 India Focus A-GBP £ 4.87 - -0.06 0.00
Allz European Eq Inc A Inc 138.61 - -0.74 3.59 Regulated Regulated GAM Star Emerging Asia USD Class ACCU $ 13.10 - 0.04 0.47
MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.11 Latin America A-GBP £ 1.71 - 0.02 0.18
UK Equity Acc 210.69 212.81 0.39 - EUR Accumulating Share Class € 20.59 - 0.10 0.00
Allz European Eq Inc A Acc 187.51 - -1.01 3.75 $ Income Fund - Share Class A Acc $ 1139.40 - -0.31 0.00 Cheyne Convertibles Absolute Return Fund € 1347.35 - 4.70 0.00 GAM Star Emerg. Market Rates USD Acc F $ 11.61 - -0.01 0.00
MoneyBuilder Global £ 2.62 2.62 0.00 0.19
Fixed Interest Inc 173.35 174.05 0.02 3.96 GAM Star European Eqty USD Acc F $ 22.22 - 0.35 0.00
Allz European Eq Inc C Acc 105.27 - -0.56 3.56 $ Income Fund - Share Class B Acc $ 1158.79 - -0.31 0.00 Cheyne European Real Estate Bond Fund € 112.34 - 0.05 0.00 OEIC Funds
Fixed Interest Acc 510.35 512.39 0.05 - Findlay Park Funds Plc (IRL)
Allz European Eq Inc C Inc 101.81 - -0.55 3.48 $ Income Fund - Share Class C Acc $ 1008.91 - -0.28 0.00 Cheyne Global Credit Fund € 120.52 - 0.31 0.00 American £ 27.69 - -0.05 0.00 GAM Star Flexible Gbl Port GBP Ac £ 12.66 - 0.08 0.00
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
Property Fund Inc 124.33 128.50 0.10 6.51 GAM Star GAMCO US Equity Acc F $ 13.52 - 0.30 0.00
Allianz EcoTrends A Acc 87.73 - 0.39 0.00 $ Income Fund - Share Class D Dis $ 1001.84 - -0.27 - American Special Sits £ 11.16 - -0.01 0.00 FCA Recognised
Property Fund Acc 216.50 223.76 2.85 - American Fund USD Class $ 78.26 - 1.10 0.00 GAM Star Global Conv Bond USD Acc F $ 11.31 - 0.02 0.00
Allianz EcoTrends C Acc 92.08 - 0.41 0.00 $ Income Fund - Share Class G Acc £ 1077.31 - -0.28 0.00 Cheyne Capital Management (UK) LLP Asia Pacific Ops W-Acc £ 1.08 - 0.00 -

Allianz Gilt Yield Fund C Inc 173.35 - -0.92 1.86 $ Income Fund - Share Class M Acc € 1017.31 - -0.29 0.00 Other International Funds Fidelity Asian Dividend Fund A-Accumulation £ 1.18 - 0.00 0.48 American Fund GBP Hedged £ 42.63 - 0.59 0.00 GAM Star Global Rates USD Acc F $ 12.60 - -0.03 0.00
CCLA Fund Managers Ltd (UK) Cheyne European Event Driven Fund € 143.98 - 0.75 0.00
Asset Management Latin American Fund USD Class $ 15.97 - 0.29 0.00
Asset Management
Allianz Gilt Yield Fund I Inc 179.15 - -0.95 1.86 $ Income Fund - Share Class W DisA$ 1028.49 - -0.05 - Fidelity Asian Dividend Fund A-Income £ 1.14 - 0.00 2.60 GAM Star Global Selector USD Acc F $ 14.31 - 0.22 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne European High Yield Fund € 134.71 - -1.84 0.00 Dominion Fund Management Limited
Allianz Japan A Acc 494.52 - 3.14 0.00 Gl Sukuk Fund - Share Class A Acc $ 1210.67 - 0.19 0.00 Property & Other UK Unit Trusts China Consumer £ 1.56 - 0.01 0.21 GAM Star Japan Eqty USD Acc F $ 11.87 - -0.14 0.38
PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Cheyne Long/Short Credit Fund $ 213.53 - 1.23 -
Allianz Japan C Acc 111.60 - 0.71 0.00 Gl Sukuk Fund - Share class B Acc £ 1077.81 1077.81 0.17 0.00 COIF Charity Funds (UK) Guernsey - Channel Islands United Kingdom GY1 3PU Emerging Asia £ 1.27 - -0.01 0.24 GAM Star Keynes Quant Strat USD Acc F $ 12.41 - -0.11 0.00
Investment Inc 1222.64 1236.16 -4.53 3.75 Cheyne Malacca Asia Equity Fund Class A $ 1441.37 - -50.85 0.00 +44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
Allz RiskMaster Conservative A Acc 120.48 - -0.30 0.00 Emerg Eur, Mid East & Africa H £ 1.51 - -0.02 0.84 GAM Star Local EM Rates and FX USD Acc $ 11.89 - 0.03 0.00
Cheyne Multi Strategy Liquid Fund $ 124.67 - -0.92 - FCA Recognised
Allz RiskMaster Conservative C Acc 122.03 - -0.31 0.31 Bank of America Cap Mgmt (Ireland) Ltd (IRL) Investment Acc 11403.81 11529.95 -42.33 - Enhanced Income - Acc £ 1.89 - -0.01 6.74 GAM Star North of South EM Equity Acc F $ 11.80 - 0.13 0.02
DGT - Consumer £ I Class £ 132.68 - 0.89 0.00
Regulated Ethical Invest Inc 189.34 191.44 -0.86 3.82 Cheyne Real Estate Credit Holdings Fund £ 139.97 - 0.47 0.00
Allz RiskMaster Defensive A Acc 114.32 - -0.36 0.00 Enhanced Income - Inc £ 1.28 - -0.01 6.90 GAM Star Technology USD Acc F $ 15.90 - 0.23 0.00
DGT - Consumer £ R Class £ 128.01 - 0.85 0.00
Global Liquidity USD $ 1.00 - 0.00 0.20 Ethical Invest Acc 233.99 236.57 -1.04 - Cheyne Real Estate Debt Fund Class A1 £ 128.31 - -0.27 0.00
Allz RiskMaster Defensive C Acc 115.81 - -0.34 0.14 European - Inc £ 1.44 - -0.01 2.35 GAM Star US All Cap Eqty USD Acc F $ 13.94 - 0.25 0.00
DGT - Strategic £ I Class £ 1.15 - 0.01 0.00
Global Equity Inc 150.32 151.98 -0.45 4.30 Cheyne Total Return Credit Fund - December 2017 Class $ 197.75 - -0.92 0.00 Fleming Financial Trust Investment Fund Limited (NZ)
Allz RiskMaster Growth A Acc 126.64 - -0.20 0.00 European £ 16.33 - -0.04 1.58 GAM Star Worldwide Eqty USD Acc F $ 3270.82 - 48.12 0.37
DGT - Strategic £ R Class £ 1.16 - 0.01 0.00 Incorporated in New Zealand, Reg No 5141841
Barclays Investment Funds (CI) Ltd (JER) Global Equity Acc 214.71 217.09 -0.65 - Cheyne Total Return Credit Fund December 2019 $ 133.38 - -1.32 -
European Opportunities £ 3.62 - -0.01 0.37
Allz RiskMaster Growth C Acc 129.31 - -0.20 0.03 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Allz RiskMaster Moderate A Acc 124.94 - -0.23 0.00 Fixed Interest Inc 142.04 142.60 1.03 3.90 Extra Income £ 0.27 - -0.01 3.59 www.fftinvestmentfund.com GYS Investment Management Ltd (GSY)
FCA Recognised
Dominion Fund Management Limited
Allz RiskMaster Moderate C Acc 126.99 - -0.23 0.48 Bond Funds Fixed Interest Acc 789.93 793.09 5.74 - CMI Asset Mgmt (Luxembourg) SA (LUX)
Extra Income - Gross £ 0.27 - -0.01 3.59
info@fftinvestmentfund.com Regulated
Other International Funds
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311 Other International Funds Taurus Emerging Fund Ltd $ 251.31 256.43 0.84 0.00
Sterling Bond F £ 0.48 - -0.01 3.25 Property Inc 106.95 110.53 0.04 6.12
Allz Sterling Total Return Fund A Inc 154.93 - -0.34 2.99 FCA Recognised DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 106.91 106.91 6.02 0.00 Global Dividend - Acc £ 1.56 - -0.01 2.98 Fleming FT Investment Fund
Allz Sterling Total Return Fund C Inc 155.77 - -0.34 3.54 Property Acc 230.09 237.80 0.09 - CMI Global Network Fund (u) DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 106.70 106.70 2.69 0.00 Global Dividend - Inc £ 1.42 - -0.01 3.20 Fleming Fund $ 2.66 2.76 0.03 -
Baring Fund Managers Ltd (1200)F (UK) Local Authorities Property Fd (LAMIT) (UK) Regional Equity Sub Funds Generali International Limited
Allz Total Return Asian A Acc 697.75 - -5.12 - Global Focus £ 13.04 - -0.03 0.00
Dealing and Enquiries 020 7214 1004 Property 265.84 285.56 8.22 4.55 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
CMI Continental Euro Equity € 28.91 - -0.10 0.91
Allz Total Return Asian C Inc 643.56 - -4.71 1.15 Fund Information: www.barings.com Global High Yield Fund - A Gross Acc £ 11.90 - 0.03 4.67 Foord Asset Mgt (Guernsey) Ltd (GSY) International Insurances
Authorised Inv Funds CMI Pacific Basin Enhanced Equity $ 45.07 - 0.56 2.37 Regulated
Allz UK Corporate Bond A Inc 110.46 - -0.30 3.66 Global High Yield Fund - A Gross Inc £ 10.30 - 0.03 4.84 Global Multi-Strategy Managed $ 4.85 5.23 0.05 0.00
Dynamic Capital Growth Acc 660.40 697.60 -0.60 1.28 CG Asset Management Limited (IRL) Single Country Equity Sub Funds Foord International Trust $ 34.50 - 0.27 0.00
Allz UK Corporate Bond C Inc 110.79 - -0.30 3.56 Global High Yield Fund - A Net Acc £ 11.56 - 0.03 4.74 UK Multi-Strategy Managed £ 4.83 5.20 0.04 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland CMI Japan Enhanced Equity F ¥ 4066.14 - 76.63 0.86
Allz UK Equity Income A Inc 287.21 - -1.59 4.55 Dynamic Capital Growth Inc 268.10 283.20 -0.30 1.29 00 353 1 434 5098 Global High Yield Fund - A Net Inc £ 10.30 - 0.03 4.83 EU Multi-Strategy Managed € 2.92 3.15 0.06 0.00
Eastern Acc GBP 689.00 - -4.40 0.00 FCA Recognised CMI UK Equity £ 12.33 - -0.04 2.11 Franklin Templeton International Services Sarl (IRL)
Allz UK Equity Income C Inc 102.78 - -0.57 3.21 Global Property - Acc £ 1.59 - 0.00 1.23 Global Bond USD $ 3.59 3.87 0.01 0.00
Capital Gearing Portfolio Fund Plc £ 26868.82 26868.82 -23.65 0.62 CMI US Enhanced Equity F $ 78.50 - 1.13 - JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Allianz UK Growth A Acc 4376.18 - -13.31 1.67 Eastern Inc GBP 676.20 - -4.30 0.00 Dragon Capital Group Global Property W Inc £ 1.33 - 0.00 - Other International Funds
CG Portfolio Fund Plc Index Tracking Sub Funds c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Allianz UK Growth C Acc 101.34 - -0.31 1.33 Europe Select Inc GBP 2465.00 - 1.00 0.64 Global Special Sits £ 24.62 - 0.06 0.04 Franklin Emerging Market Debt Opportunities Fund Plc Genesis Asset Managers LLP
Real Return Cls A £ 175.72 175.72 1.33 2.28 Euro Equity Index Tracking € 19.78 - -0.10 2.00 Fund information, dealing and administration: funds@dragoncapital.com
European Growth Inc 1016.00 1071.00 -5.00 1.07 Franklin Emg Mkts Debt Opp CHFSFr 17.80 - -0.86 6.29 Other International Funds
Allianz UK Unconstrained C Acc 100.57 - -0.30 0.74 Other International Funds Index Emerging Markets P-Acc £ 1.14 - 0.01 -
Dollar Fund Cls D £ 135.80 135.80 1.70 1.55 Japan Index Tracking ¥ 746.54 - 13.60 0.94 Emerging Mkts NAV £ 5.96 - 0.04 0.00
German Growth Acc GBP 587.00 - -4.30 0.74 Vietnam Enterprise Inv. (VEIL) NAV $ 3.51 - 0.05 0.00 Franklin Emg Mkts Debt Opp EUR € 12.66 - 0.11 5.94
Allianz UK Unconstrained A Acc 209.20 - -0.63 0.85 Index Europe ex UK P-Acc £ 1.04 - 0.00 0.16
Capital Value Fund Cls V £ 130.40 130.40 -0.15 0.27 UK Eqty Index Tracking £ 15.84 - -0.06 2.90
German Growth Inc GBP 541.80 - -3.90 0.54 Vietnam Growth Fund (VGF) NAV $ 22.72 - 0.12 0.00 Franklin Emg Mkts Debt Opp GBP £ 10.61 - -0.01 5.96
Allianz UK Index C Acc 1832.07 - -6.44 2.93 Index Japan P-Acc £ 1.07 - 0.00 0.02
US Eqty Index Tracking $ 57.55 - 0.82 0.80 Guardian (UK)
Global Bond Inc 122.40 128.60 -1.10 1.82 Vietnam Property Fund (VPF) NAV $ 0.80 - 0.03 0.00 Franklin Emg Mkts Debt Opp SGD S$ 23.02 - -0.10 5.97
Allianz UK Index C Inc 1300.94 - -4.59 2.47 Index Pacific ex Japan P-Acc £ 1.16 - 0.02 -
Managed Sub Funds Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Global Growth Inc 377.00 397.20 0.00 0.00 Franklin Emg Mkts Debt Opp USD $ 17.85 - -0.19 6.03
Allianz UK Mid Cap A Acc 3753.52 - -22.68 0.88 Index UK A-Acc £ 0.86 - -0.01 1.18 Insurances
Global Bond £ 1.52 - -0.02 0.84
Allianz UK Mid Cap Fund C Acc 3811.88 - -22.95 1.69 Japan Growth Acc 131.00 138.00 0.40 0.00 DSM Capital Partners Funds (LUX) Index UK P-Acc £ 1.05 - 0.00 0.97 Guardian Assurance
Global Network Mgd Global Mxd £ 2.39 - 0.00 -
Allianz US Equity A Acc 401.82 - 0.67 0.13 Korea Acc 266.30 282.30 1.80 0.00 www.dsmsicav.com
Index US A-Acc £ 1.61 - 0.00 1.32 Franklin Templeton Investment Funds (LUX) Property Bond £ 23.34 24.31 0.00 -
Global Equity £ 2.64 - 0.02 0.02 Regulated 8A rue Albert Borschette / L-1246 Luxembourg
Allianz US Equity C Acc 185.54 - 0.31 0.81 Multi Asset A Acc ... C 157.70 - 0.40 0.73 Index US P-Acc £ 1.24 - 0.00 1.73 Choices Wth-Pfts Lg-tm 316.90 333.60 0.00 -
Bond Sub Funds Global Growth I2 Acc € 124.05 - -0.64 0.00 www.franklintempleton.co.uk UK freephone 0 800 305 306
Yield expressed as CAR (Compound Annual Return) Multi Asset A Inc ... C 152.30 - 0.40 0.74 Index World A-Acc £ 1.43 - 0.00 1.70 FCA Recognised Choices Wth-Pfts St-tm 268.90 283.10 0.00 -
CMI Euro Bond F € 47.30 - 0.00 1.80
All transactions to Ser A units the sell price will be used UK Growth Inc 250.70 265.10 -1.10 1.37
Canada Life Investments (UK) Class A Dis
Index World P-Acc £ 1.17 - 0.00 2.10 Choices Managed 631.99 665.25 5.37 -
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 CMI UK Bond £ 8.37 - -0.05 - Ecclesiastical Inv Mgt Ltd (1200)F (UK)
Charity Fund Frk Gbl R.Estate (USD) A Dis $ 10.49 - 0.05 2.19
Authorised Inv Funds PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 Japan £ 2.64 - -0.01 0.25 Choices Equity 711.16 748.59 11.48 -
0800 032 6347 (charity enquiries) CMI US Bond $ 13.56 - -0.05 1.51
Amundi Funds (LUX) Asia Pacific B Acc 911.75 - -3.30 0.95 Authorised Inv Funds Frk High Yield $ 6.75 - 0.04 -
Freedom With Pfts Long-Tm 217.80 229.30 0.00 -
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Currency Reserve Sub Funds Japan Smaller Companies £ 1.83 - -0.02 0.00
Targeted Return Fund Acc 145.40 146.40 0.00 3.15
www.amundi-funds.com Balanced B Acc 148.33 - -0.24 0.00
Asset Management Amity UK Cls A Inc 205.90 - -0.50 1.47
MoneyBuilder Asset Allocator £ 1.23 - 0.00 0.50
Frk Euro Gov. Bond € 11.57 - 0.01 1.01
Freedom With Pfts Short-Tm 196.10 206.40 0.00 -

Asset Management Asset Management

Targeted Return Fund Inc 114.60 115.40 -0.10 3.22 CMI Euro Currency Reserve € 24.97 - 0.01 -
FCA Recognised Corporate Bond B Inc 219.24 - -0.44 - Amity UK Cls B Inc 205.10 - -0.50 2.31 Frk Euro High Yield € 6.60 - 0.01 4.58
CMI Stlg Currency Reserve £ 4.93 - 0.00 - MoneyBuilder Balanced £ 0.52 - 0.00 4.04 Freedom Managed 365.38 384.61 2.49 -
Bd. Euro Corporate AE Class - R - EUR € 19.03 - 0.01 0.00 European B Acc 245.44 - -0.76 0.00 Higher Income Cls A Inc 130.60 - 0.00 4.72 Frk Euro Liquid Reserve € 4.37 - 0.00 -
CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50 Money Builder Dividend £ 2.65 - -0.02 4.39 Freedom Equity 411.20 432.85 5.36 -
Bd. Global AU Class - R - USD $ 27.01 - 0.01 0.00 Baring International Fd Mgrs (Ireland) (IRL) Frk Euro Short Dur Bond Fd € 10.21 - 0.01 -
Global Bond B Inc 97.68 - -0.52 2.18 Higher Income Cls B Inc 134.00 - -0.10 4.65 Corp Pens Mananged 223.11 223.11 1.90 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 CMI Access 80% Gu F € 5.67 - 0.00 - MoneyBuilder Growth £ 0.75 - 0.00 2.17
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FCA Recognised Global Equity B Acc 608.72 - -1.32 1.45 UK Equity Growth Cls A Inc 227.30 - 0.00 0.48 Frk Europ Corp Bond Fd € 11.59 - 0.00 1.64
MoneyBuilder Growth ISA £ 0.76 - 0.00 2.33 Corp Pens Equity 232.16 232.16 3.75 -
Eq. Emerging World AU Class - R - USD $ 94.20 - 0.88 0.00 ASEAN Frontiers A GBP Inc £ 125.45 - -0.37 0.91 Global Equity Income B Inc 127.04 - 0.20 3.90 UK Equity Growth Cls B Inc 231.70 - 0.00 1.29 Frk European Total Return € 10.43 - 0.01 1.48
MoneyBuilder Income £ 0.37 - 0.00 3.23 Corp Pens Fixed Interest 308.43 308.43 -1.53 -
Cohen & Steers SICAV (LUX)
Eq. Greater China AU Class - R - USD $ 622.43 - 3.37 0.00 Asia Growth A GBP Inc H £ 46.84 - -0.37 0.00 Global High Yield Bond B Inc 100.99 - 0.40 5.04 Amity Balanced For Charities A Inc 114.00 - -0.40 4.34 Frk Global Aggr.Inv.Grd Bond Fd $ 10.82 - 0.00 0.00
Regulated MoneyBuilder Income -Gross £ 0.37 - 0.00 3.23 Corp Pens Index Linked 366.21 366.21 -2.41 -
Eq. Latin America AU Class - R - USD $ 438.38 - 9.23 0.00 Australia A GBP Inc £ 74.96 - 1.03 2.27 Global Infrastructure B Acc 118.81 - 0.86 1.72 European Real Estate Securities € 22.4374 - 0.0974 1.35 Amity European Fund Cls A Inc 200.50 - -0.90 1.25 Frk Global Aggregate Bond Fd $ 10.23 - 0.01 1.27
Multi Asset Adventurous A-Acc £ 1.36 - 0.00 0.46 Corp Pens Deposit 190.27 190.27 0.00 -
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 99.00 - 0.11 0.00 Baring China Bond Fund $ 10.12 - 0.02 0.00 Global Resource B Acc 93.54 - 2.78 0.07 Europ.RealEstate Sec. IX € 29.5333 - 0.1282 0.00 Amity European Fund Cls B Inc 202.20 - -0.90 2.13 Frk Global Income Fd $ 10.26 - 0.08 -
Multi Asset Alloc Adventurous A-Acc £ 3.67 - 0.00 2.29 Corp Pens Protector 385.32 385.32 -3.56 -
Baring Emerging Markets Corporate Debt Fund $ 9.24 - 0.07 0.00 Japan B Acc 48.71 - 0.07 0.00 Gbl RealEstate Sec. I $ 11.3832 - 0.0922 1.29 Amity Global Equity Inc for Charities A Inc 107.30 - -0.10 3.92 Frk Income $ 12.69 - 0.17 3.09
Multi Asset Alloc Strategic A-Acc £ 1.22 - -0.01 0.27 Corp Pens UK Index Tracker £ 2.00 2.00 0.03 -
The Antares European Fund Limited Baring European Opportunities Fund Class A EUR Acc € 12.03 - -0.02 0.00 Portfolio III B Acc 109.69 - -0.23 1.37 Gbl RealEstate Sec. IX $ 13.2753 - 0.1074 0.00 Amity International Cls A Inc 220.50 - -0.40 1.28 Frk US Government $ 9.49 - 0.00 - Guardian Linked Life Assurance Ltd
Multi Asset Alloc Def - Gross A £ 1.15 - 0.00 0.27
Other International Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00
Baring Global Mining Fund - Class A GBP Inc £ 5.27 - 0.05 0.74 Portfolio IV B Acc 110.19 - -0.17 1.82 Amity International Cls B Inc 222.00 - -0.40 2.09 Managed Acc £ 18.34 19.31 0.12 -
AEF Ltd Usd $ 584.81 - 9.96 - Multi Asset Alloc Def - Net A £ 1.15 - 0.00 0.24
Dynamic Emerging Markets A GBP Acc F £ 9.94 - -0.07 0.00 Portfolio V B Acc 110.48 - -0.13 0.87 Amity Sterling Bond Fund A Inc 110.30 - 0.00 5.19 Frk US Low Duration Fd $ 9.89 - 0.00 0.53 Equity Acc £ 33.45 35.21 0.44 -
AEF Ltd Eur € 586.74 - 10.53 0.00 Multi Asset Alloc Growth A £ 1.27 - 0.00 0.00
Eastern Europe A GBP Inc £ 42.91 - -0.42 0.79 Portfolio VI B Acc 110.85 - -0.10 1.00 Amity Sterling Bond Fund B Inc 118.60 - 0.00 5.18 Frk US Total Return $ 11.51 - -0.02 1.56 Fixed Interest Acc £ 17.58 18.50 -0.06 -
Multi Asset Defensive £ 1.25 - 0.00 0.35
Emerging Mkt Debt LC A GBP Hedged Inc £ 9.05 - 0.04 6.60 Portfolio VII B Acc 108.73 - -0.06 0.78 Tem Asian Bond $ 13.51 - 0.09 3.04 International Acc £ 13.31 14.01 0.10 -
Multi Asset Defensive - Gross £ 1.25 - -0.01 0.34
Arbiter Fund Managers Limited (LUX)
Tem Asian Growth $ 33.03 - 0.45 0.29
Emerging Opportunities A GBP Inc H £ 20.22 - -0.13 0.00 North American B Acc 871.65 - 1.91 0.45 Eclectica Asset Management (UK) Nth American Acc £ 6.76 7.12 0.05 -
FCA Recognised Multi Asset Growth £ 1.41 - 0.00 0.34
Glb Emerging Markets A GBP Inc H £ 20.35 - -0.14 0.44 40 Dukes Place, London EC3A 7NH Tem Emerging Markets $ 33.29 - 0.44 0.27
Arbiter Global Emerging Markets Fund Class A USD $ 111.56 - 0.71 0.00 Strategic Return B Acc 107.38 - 0.20 - MultiManager Balanced £ 1.09 - 0.00 - Pacific Acc £ 3.92 4.13 -0.04 -
Order desk: 0845 6080941 Switchboard 0870 6072555
Glb Resources A GBP Inc H £ 12.90 - 0.11 0.34 Total Return B Acc 106.71 - 0.58 1.24 Comgest SA (LUX) Tem Emg Mkts Balanced AQdis $ 7.91 - 0.09 2.87 European Acc £ 3.39 3.57 0.05 -
Arbiter Global Emerging Markets Fund Class B GBP £ 104.20 - 0.14 - Authorised Corporate Director - Capita Financial Managers Multi Asset Open Growth A-Acc £ 0.48 - 0.00 0.77
High Yield Bond A GBP Hedged Inc H £ 6.77 - 0.03 6.62 17 square Edouard VII - 75009 Paris, www.comgest.com Authorised Inv Funds Tem Emg Mkts Bd $ 17.26 - 0.18 6.69
UK Equity B Inc 109.93 - -0.24 1.51 Multi Asset Open Strategic A-Acc £ 1.27 - 0.01 1.60 Property Acc £ 6.74 7.10 0.00 -
FCA Recognised
Hong Kong China A GBP Inc £ 613.08 - -5.13 0.58 CF Eclectica Agriculture A EUR Acc € 1.48 - 0.00 0.00 Tem Global $ 34.20 - 0.57 0.47
Arisaig Partners UK Equity & Bond Income B Inc 238.77 - -0.90 4.59 Comgest Asia F $ 4075.93 - 2.62 0.00 Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.32 Index-Linked Acc £ 6.85 7.21 -0.04 -
Other International Funds India Fund - Class A GBP Inc £ 15.74 - -0.45 0.00 CF Eclectica Agriculture A GBP Acc 111.32 - -0.29 0.00 Tem Global (Euro) € 18.61 - 0.13 0.37
UK Equity Income B Inc 422.41 - -1.96 - Comgest Europe F SFr 5442.71 - 20.56 0.00 Multi Asset Strategic £ 1.57 - 0.00 0.51 Deposit Accum £ 4.46 4.69 0.00 -
Arisaig Africa Consumer Fund Limited $ 17.05 - 0.07 0.00 Latin America A USD Inc H $ 34.56 - -0.09 - CF Eclectica Agriculture A USD Acc $ 1.69 - 0.01 0.00 Tem Global Balanced $ 22.84 - 0.29 0.64 Guardian Pensions Management Ltd
UK Government Bond B Inc 49.21 - -0.24 2.18 Open World A-Acc £ 1.22 - 0.01 0.00
Arisaig Asia Consumer Fund Limited $ 63.10 - 0.12 0.00 MENA A GBP Inc F * £ 15.05 - -0.13 - CF Eclectica Agriculture C EUR Acc € 1.53 - 0.00 0.32 Tem Global Bond $ 20.89 - 0.14 2.32 Pens. Managed Acc. £ 23.87 25.13 0.20 -
Comgest SA (FRA) Multi Asset Income A Gross Acc £ 1.57 - -0.01 3.66
Arisaig Global Emerging Markets Consumer Fund $ 10.55 - 0.05 0.00 17 square Edouard VII - 75009 Paris CF Eclectica Agriculture C GBP Acc 115.07 - -0.30 0.36 Tem Global Bond (Euro) € 10.36 - 0.02 2.89 Pens. Equity Acc. £ 35.82 37.70 0.58 -
Capita Asset Services (UK) Multi Asset Income A Gross Inc £ 1.14 - 0.00 5.06
Arisaig Global Emerging Markets Consumer UCITS € 11.97 - -0.04 0.00 Baring International Fd Mgrs (Ireland) (IRL) 40 Dukes Place, London EC3A 7NH FCA Recognised CF Eclectica Agriculture C USD Acc $ 1.73 - 0.01 0.37 Tem Global Equity Income A(Mdis) $ 10.02 - 0.18 3.69
Order Desk 08459 220044 Switchboard 0870 607 2555 Multi Asset Income A Net Acc £ 1.49 - -0.01 3.67
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.59 - 0.00 0.00 Regulated Comgest Magellan € 21.37 - 0.11 0.00 Tem Global High Yield Fd F $ 9.41 - 0.09 4.99
Authorised Inv Funds Multi Asset Income A Net Inc £ 1.14 - 0.00 5.06
HPB Assurance Ltd
Arisaig Latin America Consumer Fund $ 23.12 - 0.26 0.00 China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Tem Global Income $ 14.14 - 0.15 1.64
CF Heartwood Cautious B Acc 129.85 - -0.17 0.37 South East Asia £ 8.59 - 0.02 0.45
Comgest AM International Ltd (IRL) International Insurances
Tem Global Smaller Cos $ 33.24 - 0.49 0.00
CF Heartwood Cautious Income B Inc 113.51 - 0.02 2.07 46 St Stephen's Green, Dublin 2, Ireland Special Situations £ 28.42 - -0.04 1.77 Holiday Property Bond Ser 1 £ 0.53 - 0.00 -
FCA Recognised Tem Global Total Return $ 17.75 - 0.15 3.56
CF Heartwood Growth B Acc 146.42 - -0.05 0.65 Strategic Bond £ 0.33 - 0.00 3.23 Holiday Property Bond Ser 2 £ 0.62 - 0.00 0.00
CF Heartwood Balanced Income B Inc 116.81 - 0.05 2.37 Comgest Gth Asia Pac ex Jap DIS F $ 8.22 - 0.08 0.30

Asset Management
Asset Management Asset Management
 26 ★ FINANCIAL TIMES Thursday 5 February 2015

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

European Opportunities Acc F 77.35 - -0.23 0.18 Invesco Euro Corporate Bond Fund (A) € 17.60 - -0.02 0.00 UK Smaller Cos Inc 64.75xd - 0.06 0.00 New Zealand Dollar NZ$ 209.7610 - 0.0180 2.66 (Accum Units) 6810.48xd - -4.14 4.14 Emerging Markets 246.20 - -0.22 1.67 US Property A F $ 72.82 - 0.62 0.00

Hamon Investment Group
Other International Funds
Asian Market Leaders - USD $ 26.41 - 0.08 0.00
Asian Market Leaders - GBP £ 13.76 - 0.08 0.00
Greater China - USD $ 10.89 - 0.07 0.00
Greater China - GBP £ 4.58 - 0.04 0.00
Selected Asian P'folio $ 49.54 49.55 0.19 0.00
Hargreaves Lansdown Fd Mgrs (1100)F (UK)
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Enquiries 0117 90090000
Authorised Inv Funds
Hargreaves Lansdown Funds
Unit Trust
Multi-Manager Spec Sits Tst 259.17 272.81 1.00 0.22
HL Multi-Manager Income & Growth Trust (Accumulation units) 162.55 171.01 1.74 3.88
HL Multi-Manager Income & Growth Trust (Income units) 100.69 105.93 1.08 3.88
Multi-Manager Bal Mgd Tst 181.01 190.35 1.02 0.92
HL Multi-Manager Equity & Bond Trust (Income units) 109.25 114.80 0.53 2.29
HL Multi-Manager Equity & Bond Trust (Accumulation units) 145.39 152.77 0.71 2.29
Multi-Manager Strategic Bond Trust A Acc 170.08 175.34 0.00 1.78
Multi-Manager Strategic Bond Trust A Inc 143.53 147.96 -0.01 1.78
HL Multi Manager UK Growth 100.14 103.23 0.98 0.00
Haussmann
Other International Funds
Haussmann Cls A $ 2700.75 - -7.45 0.00
Haussmann Cls C € 2368.79 - -0.84 0.00
Haussmann Cls D SFr 1259.31 - -10.97 0.00
Heartwood Wealth Management Limited (IRL)
Regulated
Heartwood Caut Multi Asset B Acc 142.45 - 0.02 0.00
Henderson Global Investors (UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds
Asia Pacific Capital Growth A Acc 792.90 - -0.60 0.82
Asian Dividend Income Inc 97.22 102.59 0.10 5.81
Cautious Managed A Acc 243.80 - -0.60 3.22
Cautious Managed A Inc 154.40 - -0.40 3.28
China Opportunities A Acc 898.50 - 19.30 - Gb.Conc.Eq.Fd.US
Emerging Markets Opportunities A Acc 157.40 - -0.20 0.40
European Growth A Acc 165.00 - -0.60 0.80
European Selected Opportunities A Acc 1274.00 - -9.00 0.49
European Special Situations A Acc 88.69 - -0.18 1.13
Fixed Interest Monthly Income A Inc 22.36 23.45 -0.04 5.99
Global Care Growth A Inc 200.50 - 0.60 0.12
Global Equity Income A Inc 50.72 - -0.03 3.81
Global Growth Fund 1991.61 2080.76 -1.06 0.00
Global Technology A Acc 910.60 - 1.10 0.00
Multi-Manager Absolute Return A Acc 136.70 - -0.10 0.00
Multi-Manager Active A Acc 176.30 - 0.20 0.00
Multi-Manager Distribution A Inc 132.80 - 0.40 2.49
Multi-Manager Diversified A Acc 79.05 - 0.08 2.61
Multi-Manager Global Select Acc 182.70 - 0.30 0.00
Multi-Manager Income & Growth A Acc 153.90 - 0.50 2.03
Multi-Manager Income & Growth A Inc 144.20 - 0.50 2.05
Multi-Manager Managed A Acc 230.20 - -0.10 - Fdmt.Eq.L/S SH Sd EUR PA
Multi-Manager Managed A Inc 226.00 - -0.10 0.00
Sterling Bond Acc 205.90 215.14 -0.59 2.84
Sterling Bond Inc 64.90 67.81 -0.18 2.88
Strategic Bond A Inc 129.90 - -0.10 5.74
UK & Irish Smaller Companies A Acc 516.20 - 0.80 0.05
UK Absolute Return A Acc 143.80 - -0.20 0.00
UK Alpha A Acc 108.50 - -0.20 1.05
UK Equity Income & Growth A Inc 615.70 - -0.90 3.45
UK Index A Acc 508.70 - -1.80 1.99
UK Property A Acc 193.08 203.24 0.05 4.04
UK Property A Inc 97.68 102.81 0.03 - Generation Global (USD) PA F
UK Tracker A Acc 232.30 - -0.90 1.42
US Growth A Acc 777.60 - 2.20 0.00
European Smlr Cos Acc
Global Bd Acc (Gross)
Global Bd Inc (Gross)
Global Bond Acc
Global Bond Inc
Glbl Distribution Acc
Glbl Distribution Acc (Gross)
Glbl Distribution Inc
Glbl Distribution Inc (Gross)
Global Equity (acc)
Global Equity (inc)
Global Equity Income Acc
Global Equity Income Inc
Gbl Financial Capital Acc
Gbl Financial Capital Inc
Gbl Financial Cap Acc Gross
Gbl Financial Cap Inc Gross
Global Opportunities Acc
Global Smaller Cos Acc
Global Smaller Cos Inc
Global Targeted Rets Acc
High Income Acc
High Income Inc
High Yield Fund Acc
High Yield Fund Acc (Gross)
High Yield Fund Inc
High Yield Fund Inc (Gross)
Hong Kong & China Acc
Income & Growth Acc
Income & Growth Inc
Income Acc F 3079.44
Income Inc F 1763.46
Japan Acc F 290.70
Japanese Smlr Cos Acc
Latin America Acc
Latin America Inc
Managed Growth Acc
Managed Growth Inc
Managed Income Acc
Managed Income Inc
Money Acc F 90.08
Money Acc (Gross)
Monthly Income Plus Acc
Monthly Income Plus Acc (Gross)
Monthly Income Plus Inc
Monthly Income Plus Inc (Gross)
Pacific Acc F 1016.38
Pacific Inc F 933.53
Tactical Bond Acc
Tactical Bond Inc
Tactical Bond Acc (Gross)
Tactical Bond Inc (Gross)
UK Aggressive Acc
UK Aggressive Inc
UK Growth Acc
UK Growth Inc F 360.04
UK Smaller Cos Equity Acc
UK Smaller Cos Equity Inc
UK Strategic Income Acc
UK Strategic Income Inc
US Equity Acc F 551.09
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc
Asian (No Trail) Inc
Asian Equity Income (No Trail) Acc
Asian Equity Income (No Trail) Inc
Balanced Risk 6 No Trail Acc
Balanced Risk 8 No Trail Acc
Balanced Risk 10 No Trail Acc
Corporate Bond (No Trail) Acc
Corporate Bond (No Trail) Inc
Distribution (No Trail) Acc
Distribution (No Trail) Inc
Emerging Countries (No Trail) Acc
F 164.48
F 130.86
F 81.54
F 123.18
F 81.45
52.63
52.94
51.43
51.42
F 470.62
F 429.25
F 120.21
F 101.03
85.87
75.13
89.08
75.38
F 93.92
F 1674.70
F 1602.00
58.20
F 797.16
F 447.72
107.65
124.59
43.96
43.98
F 476.75
F 951.63
F 422.24
F 66.62
F 132.08
F 111.09
F 162.10
F 135.76
F 159.81
F 99.97
F 95.17
F 297.65
F 347.30
F 112.96
F 113.09
F 69.46
F 60.62
F 71.96
F 60.67
F 208.98
F 174.04
F 567.48
F 767.83
F 592.18
F 180.53
F 137.48
F 199.01
F 180.95
F 132.19
114.57
110.62
115.14
119.77
F 165.21
F 120.64
F 168.58
F 114.98
F 172.37
Asset Management
- -0.28 0.00 Invesco Euro Inflation Linked Bond A € 15.82 - 0.01 0.00 UK Strategic Eq Inc Acc ... C 148.80xd - -0.40 3.38 Sterling Class £ 52.5340 - 0.0000 0.19 M&G Property Portfolio A Acc 125.88xd 132.50 0.01 3.94 ETF Global Growth A 160.63 - -0.60 0.00
- -0.53 1.06 Invesco Euro Reserve A € 322.89 - 0.00 0.00 UK Strategic Eq Inc Inc ... C 99.37xd - -0.28 3.45 US Dollar Class $ 60.5790 - -0.0010 -0.32 Property Portfolio A 117.95xd 124.15 0.01 4.03 ETF Commodity A 84.17 - -0.54 0.00 Morgens Waterfall Vintiadis.co Inc
Lloyds Multi Strategy Fund Limited Other International Funds
- -0.33 1.07 Invesco European Bond A € 7.14 - 0.00 0.00 UK Strategic Gth Acc 108.50xd - -0.40 1.21 Property Portfolio X 117.95xd 117.95 0.01 4.03 European Multi-Cap 242.41 - 0.90 0.22
Conservative Strategy £ 1.1680 - -0.0030 2.30 Phaeton Intl (BVI) Ltd (Est) $ 438.01 - 2.93 0.00
- -0.50 1.06 Invesco European Growth Equity A € 23.14 - -0.08 - UK Strategic Gth Inc 101.20xd - -0.40 1.23 Extra Income 80.54 85.23 -0.23 4.09
Growth Strategy £ 1.5480 - 0.0060 1.64
- -0.33 1.07 Invesco Global Absolute Return Fund A Class € 11.85 - 0.00 - US Acc 716.00xd - 3.40 0.00 M & G (Guernsey) Ltd (GSY) Far East Growth A Inc 168.61 - -0.41 1.92
Aggressive Strategy £ 1.8420 - 0.0140 0.00 Regulated
- 0.05 4.35 Invesco Global Bond A Inc $ 5.60 - 0.02 - US Inc 99.11xd - 0.47 0.00 Global 181.38 191.02 0.22 0.00
Global USD Growth Strategy $ 1.4120 - 0.0160 0.00 The M&G Offshore Fund Range
- 0.05 4.35 Invesco Global Equity Income Fund A $ 59.65 - 0.51 0.00 US Equity Income Acc ... C 122.80xd - 0.50 1.85 Global Bond Inc 144.27 152.67 -0.59 3.38
Dealing Daily American Fund 163.07 169.87 0.24 0.00
- 0.06 4.37 Invesco Global Inc Real Estate Sec A dist $ 9.92 - 0.04 2.26 US Equity Income £ hdg Inc ... C 102.30xd - 1.50 2.02 High Yield Fixed Interest 73.41 77.89 0.13 6.06
Corporate Bond 1379.84 1422.51 -2.99 3.03
- 0.05 4.38 Invesco Global Inv Grd Corp Bond A Dist $ 12.33 - -0.02 3.04 US Equity Income Inc ... C 105.90xd - 0.40 1.87 Multi Cap Income A Inc 148.44 - -0.20 4.33
Global Basics 2446.64 2522.31 2.10 0.00
- 1.07 0.50 Invesco Global Leisure A $ 35.62 - 0.72 0.00 US Select Acc 111.50xd - 0.70 0.00 Nano-Cap Growth A Acc 96.1705 105.9900 -0.1734 -
Global Leaders 3348.70 3488.23 11.26 1.32 Natixis International Funds (Lux) I SICAV (LUX)
- 0.97 0.50 Invesco Global Smaller Comp Eq Fd A $ 53.47 - 0.91 0.00 US Select Inc 110.10xd - 0.70 0.00 Special Situations A Acc 1001.71 1060.01 -0.12 0.25
Global High Yield Bond 997.13 1027.97 2.36 4.66 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
- -0.09 3.23 Invesco Global Structured Equity A $ 45.35 - 0.30 - US Smaller Cos Acc 374.50xd - 0.90 0.00 UK Multi-Cap Growth A Inc 220.87 233.72 -0.53 0.45 FCA Recognised
Global Macro Bond Fund 11438.07 11791.83 -93.10 0.54
- -0.07 3.31 Invesco Global Total Ret.(EUR) Bond Fund A € 13.45 - -0.01 0.00 US Smaller Cos Inc 98.14xd - 0.24 0.00 UK Micro Cap Growth A 403.20 426.67 -0.18 0.00 Harris Global Equity R/A (USD) $ 266.64 266.64 3.73 0.00
Optimal Income Fund 145.65 150.16 0.07 2.37
- 0.11 4.37 Invesco Gold & Precious Metals A $ 5.09 - -0.12 0.00 US Multi-Cap Income 318.46 - 1.05 0.17 Harris Concentrated US Equity H-N/A (GBP) £ 146.60 146.60 2.52 0.00
Lombard Odier Funds (Europe) S.A (LUX) Recovery Fund Limited 'A' Participating Shares 10700.89 11146.76 -2.66 0.72
- 0.10 4.50 Invesco Greater China Equity A $ 47.32 - 0.21 0.00 JPMorgan Asset Management (Europe) S.à. r.l. (FRA) www.loim.com MFM - Third Party Funds Harris Concentrated US Equity R/D (GBP) £ 105.65 105.65 1.30 34.05
Recovery Fund Limited 'I' Participating Shares 10713.52 10821.74 -1.51 1.54
- 0.11 4.87 Invesco India Equity A $ 54.06 - -0.40 0.00 6 route de Trèves L - 2633 Senningerberg - Luxembourg Regulated Junior Oils 103.64 109.67 3.00 0.00 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 99.98 99.98 0.04 1.89
FCA Recognised Lombard Odier Funds Strategic Corporate Bond Fund 139.23 145.03 -0.22 2.89
- 0.09 5.06 Invesco Japanese Equity Adv Fd A ¥ 3516.00 - 59.00 0.00 Junior Gold C Acc 28.01 - -0.66 0.00
Star Capitol America Absolute Ret Bond (EUR) PA € 12.22 - 0.00 0.00 UK Growth 1551.23 1615.86 0.30 1.08
- 0.12 0.49 Invesco Japanese Value Eq Fd A ¥ 1136.00 - 17.00 0.00 MFM Artorius Fund 136.98 - 0.10 0.20 Natixis International Funds (Dublin) I plc (IRL)
Star Capitol America D € 2597.75 - 17.54 0.00
Absolute Ret Bond (USD) PA $ 17.90 - 0.01 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
- 7.51 0.00 Invesco Latin American Equity A $ 7.64 - 0.18 0.00 MFM Bowland 136.73 147.82 -1.74 0.00
All Roads (CHF) PA SFr 18.09 - 0.03 0.00 Regulated
- 7.19 0.00 Invesco Nippon Small/Mid Cap Equity A ¥ 1007.00 - 7.00 0.00 MFM Hathaway Inc 102.51 107.34 -1.17 1.43
JPMorgan Charity Funds (UK)
All Roads (USD) PA $ 11.42 - 0.02 0.00 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 14.31 14.31 -0.07 0.96
- -0.08 0.00 Invesco Pan European Equity A EUR Cap NAV € 19.27 - -0.10 0.00 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 MFM SGWM Managed A Acc 125.00 - 0.53 0.15
All Roads (GBP) PA £ 11.64 - 0.02 0.00 Loomis Sayles High Income R/D (USD) $ 9.57 9.57 0.06 13.02
Property & Other UK Unit Trusts MFM Techinvest Special Situations Acc 107.05 - -1.05 0.09
- -3.58 3.51 Invesco Pan European High Income Fd A € 14.18 - -0.01 1.97 Loomis Sayles Multisector Income R/D (GBP) £ 14.03 14.03 -0.04 4.20
UK Equity Fund for Charities I...C £ 2.853400xd 2.864180 -0.007800 3.31 All Roads (EUR) PA € 11.60 - 0.03 0.00
- -2.01 3.60 Invesco Pan European Small Cap Equity A € 19.58 - -0.07 0.00 MFM Techinvest Technology Acc 358.61 - -0.42 0.00
Bond Fund for Charities £ 1.419630xd 1.426540 -0.005720 3.61 Alpha Japan (EUR) PA F € 10.58 - -0.15 0.00
- 0.09 4.20 Invesco Pan European Structured Equity A € 16.42 - -0.12 - MFM UK Primary Opportunities A Inc 319.63 - -0.94 1.33
MFS Investment Funds (LUX) Natixis International Funds (UK)
Alpha Japan (CHF) PA F SFr 13.29 - -0.18 0.00 Slater Investments Ltd - Investment Adviser
- 0.10 4.17 Invesco UK Eqty Income A £ 30.79 - -0.15 0.00 FCA Recognised Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Jefferies Umbrella Fund (LUX) Alpha Japan (JPY) PA F ¥ 1254.00 - -17.00 0.00 MFM Slater Growth 358.87 380.76 0.33 0.00 Authorised Funds
- 0.04 4.29 Invesco UK Investment Grade Bond A £ 1.04 - 0.00 2.72 Em.Mk.Debt Fd.US Dollar $ 122.13 - 0.30 0.00
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626 Alpha Japan (USD) PA F $ 15.17 - -0.21 0.00 MFM Slater Income A Inc 151.08 - 0.13 3.77 H2O MultiReturns Fund N/A (GBP) $ 13.12 13.12 0.01 1.68
- 0.04 4.28 Invesco US Structured Equity A $ 22.46 - 0.26 0.00 FCA Recognised Em.Mk.Debt Fd.Yen 1 ¥ 10356.00 - 26.00 0.00
Alternative Beta PA F SFr 119.27 - 0.44 0.00 MFM Slater Recovery 155.20 164.67 -2.47 0.11 H2O MultiReturns Fund I/A (GBP) £ 1.22 - 0.01 2.05
- -3.33 0.73 Invesco US Value Eq Fd A $ 32.58 - 0.61 0.00 Europe Convertible Bd A (Dis) - D - EUR F € 13.57 - 0.03 0.96 Em.Mk.Debt Fd.Yen 2 ¥ 14937.00 - 71.00 0.00
Alternative Beta PA F € 79.89 - 0.33 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.07 - 0.00 -
- -8.27 3.66 Invesco USD Reserve A $ 87.02 - 0.00 0.00 Europe Convertible Bd B (Cap) € 15.60 - 0.04 0.00 Em.Mk.Debt Fund Yen 3 ¥ 10383.00 - 26.00 0.00
Alternative Beta PA F $ 119.36 - 0.50 0.00 Marlborough International Management Limited (GSY) Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.07 - 0.00 -
- -3.67 3.76 Global Convertible A (Dis) F $ 19.13 - 0.03 0.00 Em.Mk.Debt Fund Yen 4 ¥ 14937.00 - 71.00 0.00
Commodities (CHF) PA SFr 6.23 - 0.11 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Global Convertible B (Cap) F $ 22.72 - 0.03 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.99 - 0.01 4.61
- -14.33 3.33 Invesco Global Asset Management Ltd (IRL) Em.Mk.Eq.Fund Euro € 119.47 - -0.02 0.00 FCA Recognised
Commodities (EUR) PA € 6.27 - 0.11 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.05 - 0.00 4.75
- -8.21 3.41 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 Global Convertible A Hdg GBP(Dis) F £ 12.90 - 0.00 0.00 Em.Mk.Eq.Fund Sterling £ 106.41 - 0.41 0.00 Marlborough North American Fund Ltd £ 30.34 30.64 -0.53 0.00
FCA Recognised Commodities (USD) PA $ 6.43 - 0.12 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.33 - -0.02 0.29
- 2.68 0.33 Global Convertible B Hdg GBP (Cap) F £ 15.17 - 0.00 0.00 Em.Mk.Eq.Fd.US Dollar $ 104.46 - 0.94 0.00 Marlborough Tiger Fund Ltd F £ 27.34 27.61 0.30 0.00
Invesco Stlg Bd A QD F £ 2.67 - -0.01 3.56 Convertible Bd P A € 17.18 - 0.05 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.31 - -0.01 0.50
- -0.14 0.00 Global Convertible Hdg A (Cap) F $ 19.06 - 0.01 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 9560.00 - 74.00 6.30
Invesco Asian Equity A $ 6.88 - 0.04 - Convertible Bd Asia PA F SFr 13.60 - 0.05 0.00
- 1.90 1.21 Global Convertible B Hdg (Dis) F $ 22.68 - 0.01 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 11296.00 - 112.00 5.93 Martin Currie Fund Management Ltd (1200)F (UK)
Invesco ASEAN Equity A $ 104.36 - 0.93 - Convertible Bd Asia PA F € 14.41 - 0.05 0.00
Global Convertible A Hdg EUR(Dis) F € 15.47 - -0.18 0.25 Em.Mk.Loc.Ccy Debt Fd II $ 94.26 - 0.80 0.00
Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125 NatWest (2230)F (UK)
- 1.60 1.22
Invesco Bond A $ 28.01 - 0.05 - Convertible Bd Asia PA F $ 14.49 - 0.04 0.00 Authorised Inv Funds PO Box 23873, Edinburgh EH7 5WJ**
Global Convertible B Hdg EUR (Cap) F € 17.02 - -0.01 0.00 Gb.Conc.Eq.Fd.Euro € 267.88 - 1.10 0.00
- 0.39 0.82 Martin Currie Investment Funds (OEIC) Enquiries: 0800 085 5588
Invesco Continental Eurp Small Cap Eqty A $ 189.24 - 2.67 0.00 Emerg. Consumer (CHF) PA SFr 12.74 - 0.05 0.00
Global Convertible A Hdg CHF (Dis) FSFr 22.62 - 0.00 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 169.37 - 1.38 0.00 Class A (Retail) Authorised Inv Funds
- 0.33 0.82
Invesco Emerging Markets Equity A $ 40.17 - 0.42 0.00 Emerg. Consumer (EUR) PA € 12.80 - 0.05 0.00 Series 1(Minimum initial investment 16375,000)
Global Convertible B Hdg CHF (Cap) FSFr 24.96 - 0.01 0.00 Gb.Conc.Eq.Fd.Sterling £ 256.94 - 2.09 0.00 Asia Pacific 120.50 - -0.10 1.02
- 0.07 3.17
Invesco Emerging Markets Bond A $ 21.47 - 0.00 4.72 Emerg. Consumer (USD) PA $ 12.78 - 0.05 0.00 United Kingdom Equity Index Fund £ 13.25 - 0.17 2.49
$ 194.11 - 2.57 0.00 China 115.40 - -1.00 0.06
- 0.05 3.24
Invesco Continental European Equity A € 8.43 - -0.03 0.07 Emerg.Eq. Risk Par.(EUR) PA € 8.93 - 0.05 0.00 UK Specialist Equity Inc £ 19.71 - 0.22 0.34
Gb.Eq.Hdg Fd.Euro IRE T € 180.32 - 1.56 0.00 Emerging Mkts 210.70 - 0.00 0.27
- 0.00 0.26
Invesco Gilt A £ 15.60 - -0.09 1.50 Emerg. Eq. Risk Par.(USD) PA $ 7.14 - 0.10 0.00 Contl Europe Spec Equity £ 15.93 - 0.21 0.00
Gb.Eq.Euro Hdg Fd. € 255.78 - 2.21 0.00 European Equity Income A acc 351.00 - -1.30 3.59
- 0.00 0.26
Invesco Global Small Cap Equity A NAV $ 121.35 - 1.67 0.00 Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.34 - 0.02 0.00 US Spec Equity Fund £ 13.74 - 0.12 0.00
Gb.Eq.Fund Euro € 275.04 - 1.07 0.00 Global Alpha 134.50 - 0.70 0.38
- -0.47 4.79
Invesco Global High Income A NAV $ 12.82 - 0.05 5.30 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.76 - 0.05 0.00 Japan Specialist Fund £ 8.95 - -0.07 0.00
Gb.Eq. Fd Euro IRE T € 173.82 - 0.68 0.00 Global Equity Income Inc 110.00 - 0.10 3.91
- -0.54 4.76
Invesco Gbl R/Est Secs A GBP F F £ 8.38 - -0.01 0.70 Emerg.Loc.Cur.Bd.Fdt PA € 11.93 - -0.04 0.00 Pacific Basin Specialist Equity Fund £ 24.31 - 0.03 0.59
Gb.Eq.Fd.Sterling UK T £ 210.31 - 1.67 0.00 Global Equity Income acc 138.70 - 0.20 3.82
- -0.18 4.89
Invesco Global Health Care A $ 129.42 - 0.14 0.00 Emerg.Loc.Cur.Bd.Fdt PA $ 9.49 - 0.06 0.00 UK Sovereign Bd Index Fund £ 11.38 - -0.09 2.58
- -0.18 4.89 Swiss & Global Asset Management (LUX) Gb.Eq.Fd.US Dollar $ 314.77 - 4.10 0.00 Japan Alpha 102.00 - 0.80 0.05
Invesco Global Select Equity A $ 13.26 - 0.15 0.00 funds@swissglobal-am.com, www.jbfundnet.com Euro BBB-BB Fdt PA SFr 15.93 - -0.03 0.00 UK Specialist Equity Income Fund £ 10.00 - 0.13 3.46
Gb.Eq.Fund Sterling £ 208.32 - 1.66 0.00 North American 254.70 - 2.30 0.00
- 8.28 0.37 Regulated
Invesco Jap Eqty Core A $ 1.70 - 0.03 - Euro BBB-BB Fdt PA € 12.55 - 0.01 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.44 - 0.00 3.13
Gb.Val.Ex-Jap.Fd.USD $ 118.93 - 1.60 0.00 European Equity Income A Inc 317.20 - -1.20 3.67
- 7.60 0.37 JB BF ABS-EUR B € 105.41 - 0.02 0.00
Invesco Japanese Equity A $ 17.46 - 0.23 0.00 Euro BBB-BB Fdt PA £ 11.04 - -0.02 0.00 Inflation Lkd Sov Bd Fund £ 12.94 - -0.14 0.71
Gb.Val.Ex-Japan Fd.Yen ¥ 13744.00 - 216.00 0.00
- -0.06 1.76 JB BF Abs Ret Def-EUR B € 111.26 - 0.16 0.00
Invesco Korean Equity A $ 29.04 - 0.43 - Euro BBB-BB Fdt PA $ 17.78 - -0.02 0.00 Global Emerg Mkts Equity Fund £ 12.88 - -0.05 0.46
Marwyn Asset Management Limited (CYM)
- -0.04 1.77 JB BF Abs Ret EM-USD B $ 118.41 - -0.15 0.00
Invesco PRC Equity A $ 51.90 - -0.19 - Euro Credit Bd PA F € 13.15 - 0.00 0.00 Series 2 (Investment Management customers only)
Regulated
- -0.05 1.75 JB BF Abs Ret-EUR B € 129.85 - 0.35 0.00 MFS Meridian Funds SICAV (LUX) United Kingdom Equity Index Fund £ 13.25 - 0.17 2.84
Invesco Pacific Equity A $ 50.11 - 0.89 0.18 Euro Government Fdt PA € 12.78 - -0.01 0.00 Marwyn Value Investors £ 525.38 - 16.85 0.00
Regulated
- -0.05 1.78 JB BF Abs Ret Pl-EUR B € 127.79 - 0.57 0.00 UK Specialist Equity Inc £ 19.89 - 0.22 1.51
Invesco Global Technology A $ 15.23 - 0.12 0.00 Euro Inflation-Lk Fdt PA € 12.16 - 0.04 0.00 Absolute Return A1 € 19.58 - -0.28 0.00
- 0.85 1.78 JB BF EM Corporate-USD B $ 105.99 - -0.12 0.00 Contl Europe Spec Equity £ 16.60 - 0.21 0.61
Invesco UK Eqty A £ 8.35 - 0.02 1.11 Euro Resp.Corp. Fdt PA € 18.63 - -0.01 0.00 Asia ex-Japan A1 $ 25.01 - 0.20 0.00 Mayfair Capital Investment Management Limited (UK)
- 0.71 1.81 JB BF EM Infl Link-USD B $ 98.70 - 0.30 0.00 2 Cavendish Square, London, W1G 0PU, 020 7495 1929 US Spec Equity Fund £ 14.23 - 0.12 0.16
Europe High Conviction PA € 11.01 - 0.02 0.00 Bond A1 $ 10.59 - -0.04 0.00
- 0.91 1.82 JB BF EM Inv Grade-USD B $ 102.95 - 0.08 0.00 Property & Other UK Unit Trusts Japan Specialist Fund £ 9.43 - -0.07 0.56
Eurozone Small&Mid Caps PA € 47.07 - 0.23 0.00 China Equity Fd A1 $ 10.17 - 0.10 0.00
- 0.58 1.85 JB Emerging (EUR)-EUR B € 339.78 - 1.18 0.00 Property Income Trust for Charities 76.02 78.55 0.97 6.48
Pacific Basin Specialist Equity Fund £ 24.11 - 0.03 1.18
€ 10.42 - -0.05 - Continental European Eqty A1 € 16.90 - 0.03 0.00
- -1.83 0.62 JB Emerging (USD)-USD B $ 409.79 - 1.82 0.00 UK Sovereign Bd Index Fund £ 11.53 - -0.09 2.58
Fdmt.Eq.L/S SH Sd USD PA $ 10.40 - -0.06 - Emer Mkts Debt Lo Curr Fd A1 $ 13.18 - 0.15 0.00
- -1.41 0.62 JB BF Local EM-USD B $ 291.01 - 1.24 0.00 McInroy & Wood Portfolios Limited (UK)
UK Specialist Equity Income Fund £ 10.67 - 0.14 3.43
Gl Aggregate High Conv PA $ 19.37 - -0.01 0.00 Emerging Markets Debt A1 $ 33.19 - 0.12 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
- -0.57 3.49 JB BF Total Ret-EUR B € 99.33 - -0.15 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.55 - 0.00 3.13
Gbl.Gvt.Fdmt PA € 10.81 - -0.08 0.00 Emerging Markets Eq.A1 $ 11.82 - 0.12 0.00 Authorised Inv Funds
- -0.43 3.58 JB EF Abs Ret Eur-EUR B € 118.89 - -0.09 0.00 Balanced Fund Personal Class Units 3969.40 - -6.10 1.82 Inflation Lkd Sov Bd Fund £ 13.06 - -0.14 0.71
Invest AD Gbl.Gvt.Fdmt.(CHF) PA SFr 22.93 - 0.03 0.00 European Concentrated A1 € 17.27 - 0.02 0.00
- 3.41 0.00 Client services: +971 2 692 6101 clientservices@InvestAD.com JB EF Euro Value-EUR B € 190.34 - 4.74 0.00 Income Fund Personal Class Units 2462.60xd - -4.80 2.78 Global Emerg Mkts Equity Fund £ 12.40 - -0.05 0.65
Gbl.Gvt.Fdt.SH (CHF) PA SFr 27.49 - -0.18 0.00 European Core Eq A1 € 29.63 - 0.09 0.00
Other International Funds
JB EF Japan-JPY B ¥ 16062.00 - 328.00 0.00 Emerging Markets Fund Personal Class Units 1879.20 - -4.80 2.05 The initial charge you will pay will depend on the amount you invest
Invest AD - Iraq Opportunity Fund $ 70.70 - -1.67 0.00 Gbl.5B Fdmt (EUR) PA € 11.73 - -0.07 0.00 European Res.A1 € 30.83 - 0.15 0.00
- 0.22 1.33 **Address and Telephone number for series 1 only
JB EF Luxury B-EUR B € 225.75 - 0.44 0.00 Smaller Companies Fund Personal Class Units 3480.40xd - 3.30 1.55
Invest AD - Emerging Africa Fund $ 1175.87 - 11.98 0.00 Gbl.5B Fdmt (CHF) PA SFr 10.15 - 0.03 0.00 European Smaller Companies A1 € 45.33 - 0.12 0.00
- 0.19 1.34
JB Ms EF Special Val. EUR/A € 145.00 - 0.88 0.77
Invest AD - GCC Focus Fund $ 1749.75 - 11.75 0.00 Gbl.5B Fdmt SH (USD) PA $ 11.15 - -0.01 0.00 European Value A1 € 34.45 - 0.03 0.00
- 0.46 3.99
JB Strategy Balanced-CHF/B SFr 152.40 - 0.75 0.00 Meridian Fund Managers Ltd
Generation Global (CHF) PA F SFr 12.53 - 0.15 0.00 Global Bond A1 $ 10.79 - 0.01 0.00
- 0.39 4.10 Other International Funds
JB Strategy Balanced-EUR € 158.31 - 0.29 0.00
Generation Global (EUR) PA F € 19.51 - 0.07 0.00 Global Conc.A1 $ 36.53 - 0.52 0.00
- 0.38 0.20 Global Gold & Resources Fund $ 204.84 - -17.30 -
JB Strategy Balanced-USD/B $ 133.71 - 0.57 0.00
$ 15.22 - 0.20 0.00 Global Energy Fund A1 $ 14.64 - 0.42 0.00
- 0.52 0.45 Global Energy & Resources Fund $ 51.93 - -5.53 -
JB Strategy Growth-CHF/B SFr 94.20 - 0.70 0.00
Global Energy (USD) PA F $ 8.96 - 0.26 0.00 Global Equity A1 $ 45.99 - 0.66 0.00
- 0.66 0.67
JB Strategy Growth-EUR € 119.49 - 0.34 0.00
- -0.27 3.90
Golden Age (CHF) PA F SFr 21.34 - 0.03 0.00 Global Equity A1 € 25.52 - 0.10 0.00 New Capital Fund Management Ltd (IRL)
JB Strategy Inc-CHF/B SFr 121.21 - 0.34 0.00 Metage Capital
Golden Age (EUR) PA € 14.41 - 0.03 0.00 Leconfield House, Curzon Street, London, W1J 5JB
- -0.21 4.00 Global Multi-Asset A1 $ 16.28 - 0.04 0.00 Other International Funds
JB Strategy Inc-EUR/B € 162.82 - 0.04 0.00 FCA Recognised
- -0.59 4.13 JPMorgan Asset Mgmt (1200)F (UK) Golden Age (USD) PA F $ 20.04 - 0.04 0.00 Global Res.A1 $ 26.09 - 0.39 0.00 MGS -Master Series (Est) $ 223.20 - 10.16 - New Capital UCITS Funds
60 Victoria Embankment, London EC4Y 0JP JB Strategy Inc-USD/B $ 149.89 - 0.31 0.00
Sh.T- Money Mkt EUR PA € 112.42 - 0.00 0.00 Global Total Return A1 € 17.50 - -0.03 0.00 MEMO - Master Series (Est) $ 484.95 - 3.97 0.00 Asia Pac Bd USD Inst Inc $ 96.23 - 0.10 3.10
- -0.40 4.21
Asset Management
Brokerline: 0800 727 770, Clients: 0800 20 40 20
- 0.16 0.99 Authorised Inv Funds Sh.T- Money Mkt CHF PA SFr 129.35 - 0.00 0.00 High Yield A1 $ 25.12 - 0.08 0.00 MEMO - MEMV Series $ 114.18 - -3.32 0.00 Asia Pac Bd USD Ord Inc Managemen $ 98.30 - 0.11 2.38

Asset Management
JPM Retail OEIC (A class unless stated)
Asset Management
Sh.T- Money Mkt GBP PA £ 10.25 - 0.00 0.00 High Yield Fund A1 € 15.97 - -0.12 0.00 Asia Pac Eq EUR Ord Inc € 100.31 - 0.17 2.88
Emerging Countries (No Trail) Inc F 162.46 - 0.16 1.00
America Eq Fd A - Net Acc 58.81xd - 0.27 0.00 Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 Inflation-Adjusted Bond A1 Ministry of Justice Common Investment Funds
$ 14.50 - -0.07 0.00 (UK)
Emerging European (No Trail) Acc F 68.50 - 0.08 3.92 Asia Pac Eq GBP Ord Inc £ 103.19 - 0.15 3.27
America Eq Fd A - Net Inc 58.81xd - 0.27 0.00 Sw.Fr.Bd(For) PA SFr 24.01 - 0.02 0.00 Property & Other UK Unit Trusts
Hermes Investment Funds Plc (IRL) Emerging European (No Trail) Inc F 62.44 - 0.07 4.03 Japan Equity A1 $ 9.49 - -0.03 0.00 Asia Pac Eq USD Ord Inc $ 104.08 - 0.16 2.68
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 Asia Acc 127.90xd - -1.00 0.30 The Equity Idx Tracker Fd Inc 1400.00 1400.00 5.00 2.74
Sw.Fr.Credit Bd(For) PA SFr 13.80 - 0.01 0.00 Latin American Equity Fd A1 $ 15.51 - 0.37 0.00 Asia Pac Eq USD Inst Acc $ 107.79 - 0.16 0.00
European Equity (No Trail) Acc F 145.76 - -0.06 2.87 Distribution Units
FCA Recognised Asia Inc 70.95xd - -0.56 0.29 Tactical Alpha (CHF) PA SFr 10.41 - -0.01 0.00 Limited Maturity A1 $ 14.06 - -0.01 0.00 Asia Pac Eq USD Inst Inc $ 116.15 - 0.18 3.32
Hermes Active UK Inflation Fund Class F Acc £ 1.31 1.31 -0.01 0.00 European Equity (No Trail) Inc F 123.10 - -0.06 2.94 Kames Capital ICVC (UK)
Cautious Managed Rt Acc 66.90xd - -0.19 0.17 Tactical Alpha (EUR) PA € 10.65 - 0.00 0.00 Prudent Wealth Fd A1 $ 14.26 - 0.04 0.00
European Equity Income (No Trail) Acc F 149.67 - -0.66 3.23 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Dyn Europ Eq EUR Ord Inc € 163.07 - 0.89 1.21
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.59 1.59 0.00 0.00 Mirabaud Asset Management (LUX)
Cautious Managed Rt Inc 58.87xd - -0.18 0.17 0800 45 44 22 www.kamescapital.com Tactical Alpha (USD) PA $ 15.27 - 0.00 0.00 Research Bond A1 $ 16.86 - -0.06 0.00
European Equity Income (No Trail) Inc F 117.37 - -0.52 3.31 www.mirabaud.com, marketing@mirabaud.com Dyn Europ Eq GBP Ord Inc £ 173.89 - 0.93 1.80
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.36 3.36 -0.01 0.00 Authorised Funds
Diversified Real Ret Acc 54.81xd - -0.14 1.01 Technology PA € 13.45 - 0.10 0.00 UK Equity A1 £ 8.29 - 0.08 0.00 Regulated
European High Income (No Trail) Acc F 166.70 - -0.29 3.35 Dyn Europ Eq USD Ord Inc $ 163.48 - 0.87 1.24
Hermes Global Emerging Markets Fund Class F Acc £ 1.25 1.25 -0.01 0.00 Diversified Income B Acc 112.19 - -0.26 0.00 Mir. Conv. Bds Eur A EUR € 132.94 - 0.40 0.00
Diversified Real Ret Inc 53.50xd - -0.14 1.00 Technology PA $ 20.39 - 0.14 0.00 US Conc.Growth A1 $ 15.33 - 0.18 0.00
European High Income (No Trail) Inc F 124.15 - -0.22 3.41 China Equity EUR Ord Acc € 149.42 - 1.59 0.00
Hermes Global Emerging Markets Fund Class R Acc € 3.09 3.09 -0.03 0.00 Diversified Income B Inc 107.18 - -0.25 0.00 Mir. Conv. Bds Glb A USD $ 113.12 - 0.53 0.00
Emerging Mkts Acc 158.40xd - -1.10 0.65 Wld Gold Expertise PAF SFr 13.07 - -0.43 0.00 US Government Bond A1 $ 17.26 - -0.06 0.00
Invesco Perpetual High Yield Fund acc (No trail) 222.22 - 0.18 4.26 China Equity GBP Ord Acc £ 153.47 - 1.58 0.00
Hermes Global Equity Fund Class F Acc £ 1.51 1.51 0.00 0.00 Ethical Cautious Managed A Acc 162.19 - -0.27 1.53 Mir. - Eq Asia ex Jap A $ 187.39 - 0.71 0.00
Emerging Mkts Inc 68.13xd - -0.49 0.66 Wld Gold Expertise PA € 10.36 - -0.34 0.00 Value A1 $ 21.91 - 0.34 0.00
Invesco Perpetual High Yield Fund inc (No trail) 169.03 - 0.14 4.35 China Equity USD Ord Acc $ 151.47 - 1.55 0.00
Hermes Global Equity Fund Class R Acc € 3.87 3.87 0.01 0.00 Ethical Cautious Managed A Inc 135.61 - -0.22 1.55 Mir. - Eq Glb Emrg Mkt A USD $ 104.54 - 0.45 0.00
Emrg Mkts Inc Acc... C 58.47xd - 0.03 3.78 Wld Gold Expertise PA $ 13.57 - -0.44 0.00
European Opportunities (No Trail) Acc F 161.31 - -0.49 0.76 China Equity USD Inst Acc $ 154.59 - 1.59 0.00
Hermes Global ESG Equity Fund Class F Acc £ 1.16 1.16 0.01 - Ethical Corporate Bond A Acc 198.80 - -0.36 3.35 Mir. - Eq Global A USD $ 127.44 - 1.41 0.00
Emrg Mkts Inc Inc... C 53.19xd - 0.03 3.87 LO Selection
European Opportunities (No Trail) Inc F 153.08 - -0.46 0.77 MMIP Investment Management Limited (GSY) Global Val.Cr.Fd GBP Ord Inc £ 114.05 - 0.13 3.81
Hermes Global High Yield Bond Fund Class F Acc £ 1.13 1.13 0.02 0.00 Ethical Corporate Bond A Inc 114.28 - -0.20 3.35 Mir. -Eq Spain A € 26.31 - 0.61 0.00
Europe Acc 1035.00xd - -5.00 1.32 Balanced (CHF) PA F SFr 106.64 - 0.57 0.00 Regulated
European Smaller Companies (No Trail) Acc F 201.22 - -0.33 0.54 Global Val.Cr.Fd USD Inst Acc $ 123.80 - 0.16 0.00
Hermes Global High Yield Bond Fund Class R Acc € 2.84 2.84 0.01 0.00 Ethical Equity A Acc 166.58 - -0.50 1.10 Multi-Manager Investment Programmes PCC Limited Mir. - Eq Swiss Sm/Mid A SFr 272.61 - 2.20 0.00
Europe Inc 59.64xd - -0.29 1.34 Balanced (EUR) PA F € 125.37 - 0.34 0.00
Global Balanced Index (No Trail) Acc F 157.16 - 0.21 1.78 Global Val.Cr.Fd GBP Ord Acc £ 178.55 - 0.21 0.00
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.01 1.01 0.01 - High Yield Bond A Acc 115.99 - 0.39 4.41 European Equity Fd Cl A Initial Ser € 2208.68 2217.55 1.10 0.00
Conservative (CHF) PA F SFr 104.10 - 0.24 0.00 Mir. - Glb High Yield Bds A $ 108.90 - 0.30 -
Asset Management
Eur Dynamic exUK Acc 158.30xd - -0.90 0.62
Global Bond (No Trail) Acc F 138.22 - -0.56 1.30 Global Val.Cr.Fd USD Ord Acc $ 168.06 - 0.20 0.00
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.02 1.02 0.01 - High Yield Bond A Inc 54.28 - 0.19 4.41 Japanese Equity Fd Cl A Initial Ser ¥ 315452.00 316508.00 -1147.00 0.00
set Management Eur Dynamic exUK £ hdg Acc 175.50xd - -1.00 0.54 Conservative (EUR) PA F € 114.61 - 0.10 0.00 Mir. - Glb Eq High Income A USD $ 104.61 - 1.00 0.00
Global Bond (No Trail) Inc F 126.39 - -0.51 1.31 Global Val.Cr.Fd EUR Ord Acc € 157.33 - 0.21 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £
Hermes Sourcecap EU Alpha Fund Class F Dis £
1.26
1.24
1.26 -0.01
1.24 -0.01 1.84
-
Glbl Distribution Acc (No Trail) Asset Management 105.64 - 0.10 -
Eur Dynamic exUK Inc
Eur Smaller Cos Acc
72.83xd
431.60xd
-
-
-0.42 0.60
0.40 0.00
Inflation Linked A Acc
Investment Grade Bond A Acc
Asset Management 135.33
162.13
-
-
-0.66 1.77
-0.23 3.22
Global Allocation (GBP) PA F
Growth (CHF) PA F
£ 10.02
SFr 110.35
-
-
0.03 0.00
0.86 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1340.85 1344.86 -6.38 0.00
Pacific Basin Fd Cl A Initial Ser $ 2374.79 2394.11 -48.62 0.00
Mir. - Glb Strat. Bd A USD
Mir. Opp.- Activ.Strategies I
$ 106.38
$ 101.39
-
-
0.13 0.00
-1.31 -
Swiss Select Equity Inst Acc SFr 100.99 - 0.49 -

Hermes Sourcecap EU Alpha Fund Class R Acc € 2.98 2.98 -0.02 0.00 Glbl Distribution Inc (No Trail) 103.21 - 0.10 -
Asset Management Investment Grade Bond A Inc 120.20 - -0.18 3.22 UK Equity Fd Cl A Series 01 £ 2170.61 2191.95 -0.26 0.00
Swiss Select Equity Ord Acc SFr 100.40 - 0.49 -

Asset Management Asset Management

Eur Smaller Cos Inc 56.14xd - 0.07 0.00 Growth (EUR) PA F € 135.26 - 0.55 0.00
Global Equity (No Trail) acc F 206.94 - 0.47 1.03 US Growth USD Ord Acc $ 201.39 - 3.38 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.31 1.31 0.00 0.00 Sterling Corporate Bond A Acc 71.16 - -0.12 2.99 Diversified Absolute Rtn Fd USD Cl AF2 $ 1615.58 - 11.56 0.00
Fusion Balanced Acc 54.55 - 0.02 0.00 Vantage 1500 (EUR) MA € 10.36 - 0.00 0.00
Global Equity (No Trail) inc F 193.67 - 0.45 1.04 US Growth EUR Ord Acc € 193.17 - 3.26 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.00 3.00 -0.01 0.00 Sterling Corporate Bond A Inc 32.15 - -0.05 2.99 Diversified Absolute Return Stlg Cell AF2 £ 1632.60 - 12.04 0.00
Fusion Balanced Inc 54.53 - 0.02 0.00 Vantage 3000 (EUR) MA € 10.67 - 0.02 0.00
Global Equity Income (No Trail ) Acc F 247.71 - -0.18 3.21 US Growth GBP Ord Acc £ 201.59 - 3.38 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.48 1.48 0.01 0.00 Strategic Bond A Acc 182.76 - 0.25 2.71 PrivilEdge
Fusion Conservative Acc 54.14 - 0.04 0.00
Global Equity Income (No Trail) Inc F 208.18 - -0.15 3.30 US Growth USD Inst Acc $ 184.83 - 3.11 0.00
Hermes UK Small & Mid Cap Fund Class R Acc € 4.32 4.32 0.00 0.00 Strategic Bond A Inc 122.52 - 0.17 2.71 Inc.Pt.RMB Dt.CNH PA CNY 99.78 - -0.01 - Manek Investment Mgmt Ltd (1000)F (UK)
Fusion Conservative Inc 54.12 - 0.04 0.00
Global ex UK Core Equity Index ( No Trail) Acc F 171.44 - 0.61 1.32 P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Wealthy Nat Bd EUR Inst Inc € 110.34 - 0.08 3.93
Hermes US SMID Equity Fund Class F Acc £ 1.55 1.55 0.01 0.00 UK Equity Absolute Return A Acc 117.14 - -0.11 0.00 Inc.Pt.RMB Dt.SH CHF PA SFr 9.89 - 0.01 -
Fusion Growth Acc 55.75 - 0.02 0.00 Authorised Inv Funds
Global ex UK Enhanced Index ( No Trail) Acc F 199.96 - 0.88 1.74 Wealthy Nat Bd GBP Inst Inc £ 113.87 - 0.07 3.80
Hermes US SMID Equity Fund Class R Acc € 3.24 3.24 0.02 0.00 UK Equity A Acc 226.63 - -0.94 1.21 Inc.Pt.RMB Dt.SH EUR PA € 9.90 - 0.01 - Montello Real Estate Opportunity Fund (LUX)
Fusion Growth Inc 55.75 - 0.03 0.00 Growth Fd Acc 57.20 60.64 -0.37 0.00
Gbl Fin Cap No Trail Acc 174.31 - 0.22 4.35 101 New Cavendish Street,London W1W 6XH Wealthy Nat Bd EUR Ord Inc € 109.70 - 0.08 3.65
UK Equity Income A Acc 201.88 - -1.03 3.98 Inc.Pt.RMB Dt.USD PA $ 9.93 - 0.00 -
Fusion Growth + Acc 57.23 - -0.02 0.00 Regulated
Gbl Fin Cap No Trail Inc 152.53 - 0.19 4.48 Wealthy Nat Bd GBP Ord Inc £ 114.49 - 0.07 3.55
Hermes Property Unit Trust (UK)
Fusion Growth + Inc 57.24 - -0.01 0.00
UK Equity Income A Inc 161.83 - -0.82 4.08 Jenn. US Eq.Opp. USD PA $ 9.80 - 0.19 -
Manulife Global Fund (LUX) Montello Real Estate Opportunity Fund II £ 1079.96 - 7.12 - Wealthy Nat Bd USD Ord Inc $ 111.65 - 0.08 3.51
Property & Other UK Unit Trusts Global Opportunities (No Trail) Acc F 240.76 - 0.33 1.01 Neubrg.Berman US Core PA $ 14.58 - 0.21 0.00
UK Opportunities A Acc 163.87 - 0.37 1.07 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Fusion Income Acc...C 54.17 - 0.05 2.44 New Capital Alternative Strategies
Property £ 5.31 5.64 0.13 4.93 Global Smaller Companies (No Trail) Acc F 243.72 - 1.09 0.40 www.manulife.com.hk
UK Smaller Companies A Acc 235.86 - -0.60 0.28 Sands US Growth PA € 13.78 - 0.16 0.00
Fusion Income Inc...C 52.38 - 0.05 2.48 FCA Recognised Morant Wright Management Ltd (CYM) All Weather Fd USD Cls $ 119.43 - -0.22 0.00
Global Smaller Companies (No Trail) Inc F 234.43 - 1.06 0.40 Sands US Growth PA $ 16.68 - 0.20 0.00
Global Allocation A-Net Acc 54.41xd - 0.18 0.64 American Growth Fund Class A F $ 28.3556 - 0.1021 0.00 Regulated All Weather Fd EUR Cls € 107.75 - -0.24 0.00
Impax Asset Management (IRL) Global Targeted Rets (No Trail) Acc 117.22 - -0.15 0.00 Will.Blair Gbl. Ldrs PA € 15.21 - -0.01 0.00
Norfolk House, 31 St James's Square, London, SW1Y 4JR Global Allocation A-Net Inc 54.05xd - 0.18 0.65 Kames Capital Investment Portfolios ICVC (UK) American Growth Fund Class AA F $ 1.6125 - 0.0058 0.00 MW Japan Fd Ltd A $ 23.08 - 1.15 0.00
All Weather Fd GBP Cls £ 115.84 - -0.23 0.00
High Income (No Trail) Acc F 169.80 - -0.76 3.50 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Will.Blair Gbl. Ldrs PA $ 12.99 - 0.12 0.00
FCA Recognised American Growth Fund Class AA (HKD) FHK$ 10.1102 - 0.0330 - MW Japan Fd Ltd B $ 23.36 - 1.16 0.00
Global Bond Opport. A - Net Acc £ 0.50 - 0.00 - 0800 45 44 22 www.kamescapital.com Tactical Opps USD Cls $ 167.30 - -7.06 0.00
Env Mkts (Ire) Stl A £ 2.24 - 0.03 0.00 High Income (No Trail) Inc F 127.11 - -0.57 3.59
Global Bond Opport. A - Net Inc £ 0.50 - 0.00 - Authorised Funds Asian Equity Fund Class A F $ 3.1887 - 0.0165 0.40 Tactical Opps EUR Cls € 140.74 - -5.98 0.00
Hong Kong & China (No Trail) Acc F 188.34 - -1.31 1.23
Env Mkts (Ire) Euro A € 2.02 - 0.01 0.00
Global Equity Acc 977.00xd - 5.00 0.15 Property Income B Acc 111.62 - -0.08 - Lothbury Property Trust (UK) Asian Equity Fund Class AA F $ 1.0271 - 0.0053 0.00 Morant Wright Funds (Ireland) PLC (IRL) Tactical Opps GBP Cls £ 158.17 - -6.72 0.00
Env Mkts (Ire) USD A $ 1.77 - 0.03 0.00 Income & Growth (No Trail) Acc F 223.17 - -1.93 3.65 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 FCA Recognised
Global Equity Inc 72.61xd - 0.37 0.14 Property Income B Inc 107.77 - -0.08 - Asian Small Cap Equity Fund Class AA F $ 2.2317 - 0.0161 0.00
Property & Other UK Unit Trusts Morant Wright Fuji Yield CHF Acc HedgedSFr 10.50 - 0.13 -
Income & Growth (No Trail) Inc F 180.68 - -1.56 3.74
Global Bond exUK Acc 253.30xd - -1.10 0.69 Lothbury Property Trust GBP £ 1654.97 1776.10 10.45 3.28 Asian Small Cap Equity Fund Class AA (HKD)HK$ 9.0302 - 0.0620 -
Income (No Trail) Acc F 168.57 - -0.78 3.31 Morant Wright Fuji Yield EUR Acc Hedged € 10.30 - 0.13 -
INDIA VALUE INVESTMENTS LIMITED (INVIL) Global Bond exUK Inc 199.90xd - -0.90 0.69 Kames Capital VCIC (IRL) China Value Fund Class A F $ 8.7503 - 0.0494 0.70
www.invil.mu Income (No Trail) Inc F 127.07 - -0.59 3.40 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Morant Wright Fuji Yield GBP Acc Hedged £ 10.49 - 0.13 -
Other International Funds Global Consumer Trends Acc 93.10xd - 0.20 0.40 China Value Fund Class AA F $ 2.7433 - 0.0154 0.48

Asset Management
Japan (No Trail) Acc F 137.59 - 1.27 0.85 FCA Recognised Morant Wright Fuji Yield USD Acc Hedged $ 10.23 - 0.14 -

Asset Manageme
NAV £ 7.34 - -0.03 0.00 Global Consumer Trends Inc 88.36xd - 0.18 0.37 Absolute Return Bond B GBP Acc 1078.42 - -0.33 - Dragon Growth Fund Class A F $ 2.0172 - 0.0026 -
Japanese Smaller Companies (No Trail) Acc F 169.03 - -0.38 0.00 Morant Wright Fuji Yield USD Dist Hedged $ 10.47 - 0.14 -
Global Eq Income £ hdg Acc... C 67.47xd - 0.47 3.76 Eq Market Neutral B Acc 999.18 - -0.91 - Dragon Growth Fund Class AA HKDHK$ 9.7707 - 0.0091 0.59
Latin American (No Trail) Acc F 127.22 - 1.84 1.84 Morant Wright Fuji Yield YEN Acc ¥ 1049.09 - 13.78 -
Intrinsic Value Investors (IVI) LLP (IRL) Global Eq Income £ hdg Inc ... C 49.64xd - 0.35 3.82 Eq Market Neutral Plus B Acc 996.51 - -2.35 - Emerging Eastern Europe Fund Class AA F $ 1.3616 - -0.0146 - Northwest Investment Management (HK) Ltd
Latin American (No Trail) Inc F 116.18 - 1.67 1.86 Morant Wright Fuji Yield YEN Dist ¥ 1049.09 - 13.78 -
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Global Eq Income Acc... C 71.35xd - 0.17 3.63 High Yield Global Bond A GBP Inc 540.24 - 1.94 4.28 Emerging Eastern Europe Fund Class A F $ 3.1683 - -0.0342 0.93
FCA Recognised Managed Growth (No Trail) Acc F 195.88 - 0.47 1.27 Morant Wright Sakura Fund Sterling Acc Hedged £ 12.46 - 0.20 0.00 Other International Funds
Global Eq Income Inc ... C 63.46xd - 0.15 3.72 High Yield Global Bond B GBP Inc 1122.06 - 4.03 4.80 M & G Securities (1200)F (UK) European Growth Fund Class A F $ 10.6794 - -0.0225 1.24 Northwest $ class $ 2282.96 - 24.66 0.00
IVI European Fund EUR € 16.75 - 0.09 0.00 Managed Growth (No Trail) Inc F 182.04 - 0.44 1.29 Morant Wright Sakura Fund Euro Acc Hedged € 12.44 - 0.20 0.00
PO Box 9039, Chelmsford, CM99 2XG
Global Financials Acc 726.60xd - 5.00 0.80 Investment Grade Global Bd A GBP Inc 572.13 - -1.09 2.40 European Growth Fund Class AA F $ 0.7733 - -0.0017 0.60 Northwest Warrant $ class $ 2016.80 - 163.93 0.00
IVI European Fund GBP £ 17.15 - 0.10 1.07 Managed Income (No Trail) Acc F 190.94 - 0.09 3.17 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1266.52 - 21.05 0.00
Global Financials Inc 41.35xd - 0.28 0.80 Kames Global Equity Income B GBP Acc 1135.90 - 1.98 - Authorised Inv Funds Global Contrarian Fund Class AA F $ 0.9352 - 0.0022 0.00
Managed Income (No Trail) Inc F 160.17 - 0.07 3.23 Morant Wright Sakura Fund Dollar Acc Hedged $ 12.43 - 0.21 0.00
Global High Yield Bond A Mth Net Inc 39.18xd - 0.13 7.03 Kames Global Equity Income B GBP Inc 1107.19 - 1.94 - Charifund Inc 1494.92 - -5.33 4.46 Global Property Fund Class AA F $ 1.0523 - 0.0077 0.73
Monthly Income Plus (No Trail) Acc F 171.01 - -0.27 4.78 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.44 - 0.20 -
Global High Yield Bond Acc ... C 99.74xd - 0.35 6.97 Strategic Global Bond A GBP Inc 1124.90 - 0.20 1.56 Charifund Acc 19839.44 - -70.66 4.30 Global Resources Fund Class AA F $ 0.8510 - -0.0044 0.00
Monthly Income Plus (No Trail) Inc F 110.91 - -0.17 4.88
Global High Yield Bond Inc ... C 39.17xd - 0.14 7.06 Strategic Global Bond B GBP Inc 637.84 - 0.12 2.04 M&G Corporate Bond A Acc 64.78xd - -0.15 3.04 Greater China Opportunities Class AA $ 1.0289 - 0.0039 -
Pacific (No Trail) Acc F 187.82 - 1.53 0.84
Global Property Secs Acc 62.06xd - 0.34 0.67 M&G Corporate Bond A Inc 41.45xd - -0.09 3.04 Healthcare Fund Class AA F $ 1.8787 - -0.0068 0.00
Pacific (No Trail) Inc F 178.27 - 1.46 0.92
Global Property Secs Inc 53.80xd - 0.29 0.67 Kleinwort Benson Bank (UK) M&G Dividend A Inc 61.85xd - -0.26 4.16 India Equity Fund Class AA F $ 1.4791 - -0.0122 0.00
Tactical Bond (No Trail) Acc F 141.73 - -0.10 2.23
Income Fd A - Net Acc 50.23xd - 0.03 - 14 St. George Street, Mayfair, London W1S1FE M&G Dividend A Acc 600.70xd - -2.60 4.02 International Growth Fund Class A F $ 4.6055 - -0.0027 0.14
Invesco Fund Managers Ltd (UK) Tactical Bond (No Trail) Inc F 121.42 - -0.09 2.26 Oasis Crescent Management Company Ltd
Dealing and enquiries: 0800 024 2400
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Income Fd A - Net Inc 48.59xd - 0.03 - M&G Episode Growth X Inc 51.23xd - 0.20 1.82 International Growth Fund Class AA F $ 1.0584 - -0.0006 0.00 Other International Funds
UK Aggressive (No Trail) Acc F 171.27 - 0.70 2.32 Authorised Inv Funds
Dealing: 0800 085 8571 Oasis Crescent Equity Fund R 9.97 - 0.03 0.00
Japan Acc 260.60xd - -2.00 0.00 Unit Trust Manager/ACD - Host Capital M&G Episode Income A Acc 145.56xd - 0.20 3.20 Japanese Growth Fund Class A F $ 3.1323 - 0.0703 0.66
Investor Services: 0800 085 8677 UK Aggressive (No Trail) Inc F 144.11 - 0.59 2.37 Morgan Stanley Investment Funds (LUX)
www.invescoperpetual.co.uk Japan Inc 62.72xd - -0.49 0.00 HC KB Capital Growth A Acc 171.02 - -0.19 1.36 M&G Episode Income A Inc 124.65xd - 0.17 3.28 Japanese Growth Fund Class AA F $ 0.8064 - 0.0181 0.00 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
UK Enhanced Index (No Trail) Acc F 406.63 - -1.14 3.29
Authorised Inv Funds HC KB Capital Growth A Inc 162.64 - -0.18 1.38 M&G Extra Income A Inc 768.44 - -3.53 4.17 www.morganstanleyinvestmentfunds.com Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Multi-Asset Inc A Mth Net Inc 66.93xd - 0.23 3.70 Latin America Equity Fund Class AA F $ 0.9053 - -0.0045 1.46
INVESCO PERPETUAL Funds UK Enhanced Index (No Trail) Inc F 261.85 - -0.73 3.37 FCA Recognised Regulated
Multi-Asset Inc Acc... C 86.70xd - 0.31 3.64 HC KB Capital Growth B Acc 164.85 - 0.00 1.10 M&G Extra Income A Acc 6070.43 - -27.90 4.06 Russia Equity Fund Class AA F $ 0.3763 - -0.0027 0.00
Asian Acc F 476.72 - 0.51 0.82 UK Growth (No Trail) Acc F 149.52 - 0.24 2.34 US Advantage A F $ 54.56 - 0.65 0.00 Oasis Global Investment (Ireland) Plc
Multi-Asset Inc Inc... C 66.93xd - 0.24 3.72 HC KB Capital Growth B Inc 159.26 - 0.00 1.07 M&G Global Basics A Inc 663.68 - 0.57 0.27 Taiwan Equity Fund Class AA F $ 1.5635 - 0.0209 0.22 Oasis Global Equity $ 27.95 - 0.45 0.18
Asian Inc F 428.18 - 0.46 0.83 UK Growth (No Trail) Inc F 122.34 - 0.19 2.39 Asian Equity A F $ 45.33 - 0.12 0.00
Multi-Asset Macro Acc 60.23xd - -0.24 0.00 HC KB Capital Growth C Acc 171.88 - 0.00 2.01 M&G Global Basics A Acc 1001.90 - 0.86 0.28 Turkey Equity Fund Class AA F $ 0.9180 - -0.0319 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Asian Equity Income Acc F 64.82 - 0.22 4.00 UK Smaller Companies Equity (No Trail) Acc F 249.02 - -0.59 1.14 Asian Property A F $ 19.36 - 0.09 0.00
Multi-Asset Macro Inc 60.23xd - -0.24 0.00 HC KB Capital Growth C Inc 159.94 - 0.00 2.00 M&G Global Dividend Fund A Acc 200.54xd - 2.07 3.15 US Bond Fund Class AA F $ 1.2206 - -0.0025 - Oasis Crescent Global Equity Fund $ 28.44 - 0.45 0.00
Asian Equity Income Inc F 56.18 - 0.20 4.11 UK Smaller Companies Equity (No Trail) Inc F 232.40 - -0.55 1.15 Asian Property AX F £ 11.79 - -0.04 0.56
Multi-Manager Growth Acc 712.70xd - -2.10 0.46 HC KB Enterprise Equity Income A Inc 112.46 - 1.21 3.78 M&G Global Dividend Fund A Inc 162.23xd - 1.68 3.24 U.S. Bond Fund Class AA Inc F $ 1.0103 - -0.0020 - OasisCresGl Income Class A $ 11.07 - 0.02 2.44
Balanced Risk 6 Acc 54.50 - 0.19 0.00 UK Strategic Income (No Trail) Acc F 714.33 - -2.25 3.47 Diversified Alpha Plus A F € 33.63 - -0.05 0.00
Multi-Manager Growth Inc 665.20xd - -1.90 0.46 HC KB Enterprise Equity Income A Acc 162.22 - 1.75 3.69 M&G Glbl Emrgng Mkts A Acc 214.82xd - 1.97 0.68 U.S. Bond Fund Class AA (HKD) IncHK$ 10.0282 - -0.0235 - OasisCresGl LowBal D ($) Dist $ 12.23 - 0.12 0.00
Balanced Risk 8 Acc 56.73 - 0.25 0.04 UK Strategic Income (No Trail) Inc F 544.04 - -1.71 3.56 Emerg Europ, Mid-East & Africa Eq A F € 65.72 - 0.05 0.00
Natural Resources Acc 480.00xd - 7.60 0.00 HC KB Endeavour Multi Asset Balanced A Acc 135.04 - 0.19 0.81 M&G Glbl Emrgng Mkts A Inc 207.79xd - 1.91 0.69 U.S. Special Opportunities Fund Class AA F $ 0.9094 - 0.0020 7.19 OasisCresGl Med Eq Bal A ($) Dist $ 12.35 - 0.14 0.04
Balanced Risk 10 Acc 59.02 - 0.32 0.27 US Equity (No Trail) Acc F 228.61 - 1.42 0.04 Emerging Markets Debt A F $ 76.37 - 0.33 0.00
Natural Resources Inc 34.00xd - 0.55 0.00 HC KB Endeavour Multi Asset Balanced A Inc 128.88 - 0.18 0.81 M&G Global Macro Bond Fund A Acc 109.59xd - -0.89 0.54 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.3994 - 0.0169 - Oasis Crescent Gbl Property Eqty $ 10.10 - 0.07 1.55
Childrens Acc F 411.94 - 0.58 1.75 Emerging Markets Domestic Debt AX F £ 12.71 - -0.11 5.21

Asset Management
New Europe Acc 143.50xd - -1.90 2.53 HC KB Enterprise Fixed Income A Acc 125.91 - -0.52 3.44 M&G Global Macro Bond Fund A Inc 76.20xd - -0.62 0.54 U.S. Special Opportunities Fund Class AA Inc $ 0.9220 - 0.0019 -
Corporate Bd Acc (Gross) F 207.74 - -0.35 3.65 Emerging Markets Equity A F $ 37.45 - 0.04 0.00

set Management
Corporate Bd Inc (Gross)
Corporate Bond Acc
Corporate Bond Inc
Distribution Acc
Distribution Acc (Gross)
Distribution Inc
Distribution Inc (Gross)
Emerging Countries Acc
Emerging Countries Inc
Emerging European Acc
Emerging European Inc
European Equity Acc
European Equity Inc
European Equity Income Acc
European Equity Income Inc
European High Income Acc
European High Income Inc
European Opportunities Inc
F 91.46
F 185.93
F 91.24
F 110.31
F 125.37
F 66.09
F 66.09
F 264.01
F 240.20
F 33.05
F 30.93
F 828.73
F 701.14
F 72.94
F 57.18
F 81.16
F 60.45
F 75.53
New Europe Inc 34.11xd - -0.45 2.49 HC KB Enterprise Fixed Income A Inc 113.85 - -0.47 3.44 M&G Global High Yield Bond X Inc 50.71xd - 0.12 4.67 US Small Cap Equity Fund Class AA F $ 1.0947 - 0.0031 0.00
Euro Bond A F € 15.94 - -0.01 0.00
Asset Management Asset Management
- -0.16 3.75
Portfolio Acc 198.10 - -1.00 0.99 M&G Global High Yield Bond X Acc 116.64xd - 0.29 4.65 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.3168 - -0.0030 0.06
- -0.31 3.67 Euro Corporate Bond AX F £ 22.94 - -0.24 1.93
Sterling Corporate Bond Acc 85.80xd - -0.22 2.50 Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Managed Growth X Inc 80.18 - 0.11 0.61
Euro Strategic Bond A F € 44.22 - 0.02 0.00
- -0.16 3.75 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Sterling Corporate Bond Inc 54.46xd - -0.14 2.51 M&G Optimal Income A Inc 146.99 - 0.07 2.37 Manulife Global Fund European Currencies High Yield Bd A F € 21.67 - 0.03 0.00
- -0.39 4.14 Other International Funds
Strategic Bond Acc 68.77xd - -0.18 3.33 M&G Optimal Income A Acc 191.11 - 0.09 2.37 Other International Funds
- -0.44 4.12 Invesco (LUX) Lloydstrust Gilt £ 12.8200xd - -0.0900 2.38
Asia Total Return Fund Class AA $ 0.9979 - 0.0019 -
European Equity Alpha A F € 44.94 - 0.08 0.00
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 Strategic Bond Inc 57.92xd - -0.15 3.36 M&G Recovery GBP A Inc 123.75xd - -0.03 0.96 Odey Asset Management LLP (UK)
Lloyds Investment Funds Limited European Property A F € 34.78 - 0.20 -
- -0.23 4.22 Asia Total Return Fund Class AA Inc $ 0.9610 - 0.0019 3.45 40 Dukes Place, London, EC3A 7NH
FCA Recognised UK Active Index + E Acc 281.50xd - -1.00 2.91 Euro High Income € 1.7140xd - 0.0000 2.99 M&G Recovery GBP A Acc 276.87xd - -0.07 0.95
- -0.23 4.22 Eurozone Equity Alpha A F € 11.57 - -0.04 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Invesco Management SA Asia Value Dividend Equity Fund Class AA F $ 1.6668 - 0.0092 0.00
UK Active Index + E Inc 53.08xd - -0.18 3.00 European £ 7.8000 - -0.0750 1.02 M&G Strategic Corp Bond A Inc 76.73 - -0.12 2.90 Authorised Corporate Director - Capita Financial Managers
- 0.24 0.49 Invesco Active Multi-Sector Credit Fund A € 2.93 - 0.00 0.00 Global Bond A F $ 40.06 - -0.08 0.00
Asia Value Dividend Equity Fund Class AA Inc $ 1.0196 - 0.0066 - Authorised Inv Funds
UK Dynamic Acc 153.50xd - -0.50 1.39 High Income £ 0.9187xd - -0.0028 4.90 M&G Strategic Corp Bond A Acc 108.35 - -0.16 2.90
- 0.22 0.49 Invesco Asia Balanced A dist $ 15.67 - 0.08 3.48 Global Brands A F $ 94.10 - 0.47 0.00 CF Odey Continental European R Acc 734.80 - -5.99 0.18
Strategic Income Fund Class AA F $ 1.0939 - -0.0002 4.40
UK Dynamic Inc 126.60xd - -0.50 1.40 International £ 4.4840 - 0.0210 1.20 M&G Global Leaders GBP A Inc 192.75 - 0.65 1.47
- 0.04 3.21 Invesco Asia Consumer Demand Fund A income $ 14.10 - -0.02 0.18 Global Convertible Bond A F $ 42.61 - 0.06 0.00 CF Odey Continental European I Acc 125.51 - -1.02 0.74
UK Eq & Bond Inc Acc ... C 141.30xd - -0.50 3.20 North American £ 16.1800 - 0.1100 0.04 M&G Global Leaders GBP A Acc 447.78 - 1.51 1.45
- 0.04 3.29 Invesco Asia Infrastructure (A) $ 13.55 - 0.05 1.51 Global Property A F $ 29.60 - 0.15 0.00 CF Odey Continental European I Inc 120.62 - -0.98 0.73
UK Eq & Bond Inc Inc ... C 84.51xd - -0.30 3.30 M&G UK Inflation Lnkd Corp Bnd A Acc 112.48 - 0.41 0.23
Marlborough Fd Managers Ltd (1200)F (UK)
Sterling Bond £ 1.5570xd - -0.0060 3.39
- -0.36 2.33 Invesco Asia Opportunities Equity A $ 106.89 - 0.20 0.00 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Indian Equity A F $ 37.31 - -0.14 0.00 CF Odey Opus R Inc 3853.50 - -0.52 0.00
UK Focus Acc 73.12xd - -0.18 1.14 UK £ 7.1060 - -0.0420 1.06 M&G UK Inflation Lnkd Corp Bnd A Inc 110.87 - 0.41 0.23 www.marlboroughfunds.com
- -0.30 2.38 Invesco Balanced Risk Allocation Fund A € 15.67 - 0.01 0.00 Latin American Equity A F $ 49.89 - 0.02 0.00 CF Odey Opus Fund A Accumulation 137.48 - -0.02 0.00
UK Focus Inc 62.59xd - -0.16 1.12 Lloyds Gilt Fund Limited Authorised Inv Funds
- -0.32 3.25 Invesco Capital Shield 90 (EUR) A € 12.14 - -0.01 0.00 Short Maturity Euro Bond A F € 20.45 - 0.02 0.00 CF Odey Opus Fund I Acc 176.53 - -0.02 0.25
Lloyds Gilt Fund Quarterly Share £ 1.3300xd - -0.0090 1.91 Balanced 153.53 162.34 0.50 0.08
UK Higher Inc Acc ... C 888.70xd - -3.80 3.95 M & G Securities Ltd (UK)
US Dollar Liquidity A F $ 13.03 - 0.00 0.00
- -0.26 3.32 Invesco Emerging Europe Equity Fund A $ 7.84 - 0.12 0.00 CF Odey Opus Fund I Inc 172.85 - -0.02 0.25
Monthly Share £ 1.2800xd - -0.0090 1.91 Property & Other UK Unit Trusts Bond Income 52.32 55.36 -0.08 4.29
UK Higher Inc Inc ... C 529.00xd - -2.30 4.07
- -0.15 3.36 Invesco Emerging Local Currencies Debt A Inc $ 8.47 - 0.04 5.97 US Growth A F $ 63.80 - 0.37 0.00 CF Odey Absolute Return Fund Euro Hedged € 1.74 - -0.01 0.00
Lloyds Money Fund Limited Charibond 130.87xd - -0.38 4.96 Cash 50.08 - 0.00 0.60
UK Managed Equity Acc 67.75xd - -0.29 2.08
- -0.10 3.42 Invesco Emerging Mkt Quant.Eq. A $ 11.07 - 0.10 0.00 Australian Dollar A$ 173.4100 - 0.0070 1.58 US Growth AH F € 44.09 - 0.25 0.00 CF Odey Absolute Return Fund US Dollar Hedged $ 1.61 - 0.00 0.00
(Accum Units) 3725.91xd - -10.75 4.90 Cautious Inc 85.03 89.52 0.09 1.59
UK Managed Equity Inc 57.80xd - -0.25 2.11
- -0.24 0.18 Invesco Energy A $ 23.48 - 0.73 - Euro € 52.7270 - 0.0000 -0.05 US Growth AX F £ 41.92 - -0.10 0.00 CF Odey Absolute Return R 293.05 - -0.37 0.00
NAACIF 78.65xd - -0.05 4.32 Defensive A Inc 116.47 - -0.17 0.97
UK Smaller Cos Acc 333.50xd - 0.40 0.00
Thursday 5 February 2015 ★ FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

CF Odey Absolute Return I 301.91 - -0.37 0.00 Pictet-Emerging Markets Index-I USD F $ 249.07 - 3.23 0.00 Your Portfolio Fund V Class 1 129.30 - 0.90 0.60 Guide to Data
CF Odey Portfolio Fund Class P Institutional Acc 104.59 - -0.29 - Pictet-Emerging Corporate Bonds I USD $ 105.03 - 0.16 0.00 Polunin Capital Partners Ltd Your Portfolio Fund V Class 2 128.90 - 0.80 0.90 Scottish Friendly Asset Managers Ltd (UK) The Hartford International Funds (IRL) Veritas Asset Management LLP (IRL)
CF Odey Portfolio Fund Class P Retail Acc 104.34 - -0.29 - Pictet-Emerging Markets High Dividend I USD $ 111.44 - 2.03 0.00 Other International Funds Your Portfolio Fund VI Class 1 128.70 - 1.00 0.50 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Regulated HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Developing Countries 'A' $ 38.29 - 0.63 0.00 Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index (GBP) £ 1659.60 - -6.94 0.00 Veritas Funds Plc
CF Odey Portfolio Fund I Acc 147.81 - -0.46 0.06 Pictet-Emerging Markets Sust Eq I USD $ 99.84 - 1.12 0.00 Your Portfolio Fund VI Class 2 129.00 - 1.10 0.90 The fund prices quoted on these pages are supplied by
Managed Growth 229.50 - -0.90 0.00 www.veritas-asset.com the operator of the relevant fund. Details of funds
Emerging Markets Active $ 42.90 - 0.70 - UK Corporate Bond £ 1613.12 - -5.78 0.00
CF Odey Portfolio Fund I Inc 145.47 - -0.45 0.06 Pictet-Environmental Megatrend Sel I EUR € 154.32 - -0.52 0.00 +353 1 635 6799 published on these pages, including prices, are for the
UK Growth 242.70 - -0.70 0.00
Luxcellence Em Mkts Tech $ 956.73 - -13.78 0.00 Gilt £ 1622.66 - -8.87 0.00 FCA Recognised purpose of information only and should only be used as
CF Odey Portfolio Fund R Acc 144.09 - -0.45 0.00 Pictet-EUR Bonds-I F € 560.30 - -0.53 0.00 Ruffer LLP (1000)F (UK) a guide. The Financial Times Limited makes no
Polunin Developing Countries $ 859.17 866.47 10.77 0.00 Global Eq (Ex Japan) Index Fund ¥ 1.38 - 0.02 0.00 Institutional
CF Odey Portfolio Fund R Inc 143.85 - -0.45 0.00 Pictet-EUR Corporate Bonds Ex Fin i EUR € 146.51 - -0.08 0.00 40 Dukes Place, London EC3A 7NH representation as to their accuracy or completeness and
Order Desk and Enquiries: 0845 601 9610 SIA (SIA Funds AG) (LUX) Veritas Asian Fund A USD H $ 312.84 - 0.04 0.66 they should not be relied upon when making an
Polunin Discovery - Frontier Markets $ 1501.86 - -1.34 - Global Eq (ex Japan) Class HJ4 ¥ 1.43 - 0.02 0.00 investment decision.
Pictet-EUR Corporate Bonds-I F € 202.42 - -0.04 0.00 Authorised Inv Funds Regulated Veritas Asian Fund A GBP H £ 381.90 - -3.25 0.48
Polunin Small Cap $ 1428.02 1445.87 -10.74 0.00 Global Eq (ex Japan) Class JP5 ¥ 1.53 - 0.03 0.00
Odey Asset Management LLP (CYM) Pictet-EUR Government Bonds I EUR € 159.67 - -0.05 0.00 Authorised Corporate Director - Capita Financial Managers LTIF Alpha € 167.65 - 0.21 0.00
Veritas Asian Fund A EUR H € 317.04 - -3.99 0.41 The sale of interests in the funds listed on these pages
Regulated CF Ruffer Investment Funds Global Eq Ex Japan Index Fund (Hedge) ¥ 1.40 - 0.03 0.00 may, in certain jurisdictions, be restricted by law and
Pictet-EUR High Yield-I F € 241.08 - 0.69 0.00 LTIF Classic € 347.07 - 3.01 0.00
Veritas China Fund A USD $ 135.25 - -0.65 0.00 the funds will not necessarily be available to persons in
OEI MAC Inc A £ 471.36 - 20.45 0.00
Pictet-EUR Inflation Linked Bonds I EUR € 127.62 - -0.01 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY) CF Ruffer Gold Fund C Acc 85.63 - 1.34 0.00
LTIF Natural Resources € 82.93 - 1.37 0.00
Gbl Govt Bond (Ex Japan) Index ¥ 1.34 - 0.00 0.00
all jurisdictions in which the publication circulates.
Regulated Veritas China Fund A GBP £ 137.62 - -0.70 0.00
OEI Mac Inc B £ 269.35 - 14.24 0.00 CF Ruffer Gold Fund O Acc 84.96 - 1.32 0.00 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.32 - 0.01 0.00 Persons in any doubt should take appropriate
Pictet-EUR Short Mid-Term Bonds-I F € 136.74 - 0.05 0.00 professional advice. Data collated by Morningstar. For
Monument Growth 27/01/2015 £ 460.93 466.02 3.20 1.07 Veritas China Fund A EUR € 133.51 - -0.63 0.00
OEI MAC Inc USD $ 2568.71 - 109.75 0.00 Equity & General C Acc 378.77 - 2.61 0.25 Japan Equity Index Fund ¥ 0.96 - 0.01 0.00 other queries contact reader.enquiries@ft.com +44
Pictet-EUR Short Term HY I EUR € 116.72 - -0.34 0.00 SIA (SIA Funds AG) (CH) Veritas Global Equity Income Fund D USD $ 128.12 - 1.54 4.74 (0)207 873 4211.
Odey European Inc EUR € 994.88 - 19.83 0.00 Equity & General C Inc 349.56 - 2.41 0.25 Other International Fds Japan Equity Class JP3 ¥ 1.17 - 0.02 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.20 - 0.00 0.00
Odey European Inc A GBP £ 380.40 - 7.37 -
Prusik Investment Management LLP (IRL)
LTIF Stability Growth SFr 204.10 - 4.10 -
Veritas Global Equity Income Fund D EUR € 216.71 - 0.34 4.05
Equity & General O Inc 348.92 - 2.39 0.00 The fund prices published in this edition along with
Pictet-Euroland Index IS EUR € 130.77 - 1.31 0.00 Enquiries - 0207 493 1331 Veritas Global Equity Income Fund D GBP £ 163.63 - 0.40 4.55 additional information are also available on the
Odey European Inc B GBP £ 215.94 - 4.16 0.00
Pictet-Europe Index-I EUR F € 169.81 - 1.40 0.00 Regulated Equity & General O Acc 375.96 - 2.58 0.00 LTIF Stability Inc Plus SFr 181.20 - 3.60 5.70 The National Investor (TNI) Financial Times website, www.ft.com/funds. The
www.tni.ae Veritas Global Focus Fund D USD $ 25.19 - 0.32 2.87 funds published on these pages are grouped together by
Odey European Inc USD $ 463.59 - 8.55 0.00 Prusik Asian Equity Income B Dist $ 163.62 - 0.58 4.59 European C Acc 491.41 - 2.50 0.22
Pictet-European Equity Selection-I EUR F € 589.98 - 7.30 0.00 Other International Funds fund management company.
Veritas Global Focus Fund D EUR € 22.14 - 0.06 2.69
Giano Capital EUR Inc € 4955.50 - 77.78 0.00
Pictet-European Sust Eq-I EUR F € 236.04 - 0.65 0.00
Prusik Asia A $ 203.51 - 0.30 0.00 European O Acc 487.81 - 2.46 0.00 Smith & Williamson Investment Management (1200)F (UK)
UAE Blue Chip Fund * AED 10.49 - 0.18 0.00
25 Moorgate, London, EC2R 6AY 020 7131 8100 Veritas Global Focus Fund D GBP £ 28.11 - 0.09 2.45 Prices are in pence unless otherwise indicated. The
Prusik Asian Smaller Cos A $ 160.30 - -0.25 0.00 Japanese Fund C Acc 174.09 - 0.66 0.01 TNI Funds Ltd (BMU)
Pictet-Generics-I USD F $ 278.03 - 0.39 0.00 www.sandwfunds.com change, if shown, is the change on the previously
Veritas Global Focus Fund A GBP £ 27.13 - 0.09 -
Odey Asset Management LLP (IRL)
Pictet-Global Bds Fundamental I USD $ 124.03 - -0.01 0.00
Japanese Fund O Acc 172.62 - 0.65 0.00 Authorised Inv Funds MENA Hedge Fund $ 965.83 - -0.63 0.00 quoted figure (not all funds update prices daily). Those
FCA Recognised Veritas Global Focus Fund A EUR € 12.90 - 0.04 2.14 designated $ with no prefix refer to US dollars. Yield
Pictet-Global Bonds-I EUR € 162.40 - -1.66 0.00
Purisima Investment Fds (UK) (1200)F (UK) Pacific C Acc 294.43 - -2.13 0.48 European Growth Trust A Class 493.50 - -1.40 1.37 TNI Funds Plc (Ireland) percentage figures (in Tuesday to Saturday papers)
Odey Pan European EUR R € 341.50 - 1.59 0.00 40 Dukes Place, London EC3A 7NH MENA UCITS Fund * $ 1352.21 - 22.80 0.00 Veritas Global Focus Fund A USD $ 24.30 - 0.32 2.41 allow for buying expenses. Prices of certain older
Pacific O Acc 292.00 - -2.12 0.18 Far Eastern Income and Growth Trust A Class 414.80 - 1.20 2.79 insurance linked plans might be subject to capital gains
Odey Pan European GBP R £ 207.70 - 1.80 0.00 Pictet-Global Emerging Currencies-I USD F $ 98.57 - 0.32 0.00 Order Desk 08459 220044, Enquiries: 0870 607 2555 Veritas Global Focus Fund C GBP £ 29.28 - 0.10 0.00 tax on sales.
Authorised Inv Funds Total Return C Acc 398.15 - 0.49 1.60 Fixed Interest Trust A Class 127.20xd - -0.30 3.89
Odey Allegra European EUR O € 266.00 - -0.28 0.00 Pictet-Global Emerging Debt-I USD F $ 353.87 - 0.35 0.00
Veritas Global Focus Fund C EUR € 23.16 - 0.06 0.00
Authorised Corporate Director - Capita Financial Managers Total Return C Inc 279.62 - 0.34 1.62 Global Gold and Resource Trust A Class 172.80 - -5.50 0.00
Pictet-Global Megatrend Selection-I USD F $ 228.02 - 2.64 0.00 Guide to pricing of Authorised Investment Funds
Odey Allegra European EUR A € 159.99 - -0.17 0.00 Global Total Fd PCG A 161.33 - 0.91 0.35 Veritas Global Focus Fund C USD $ 26.29 - 0.34 0.00 (compiled with the assistance of the IMA. The
Total Return O Inc 277.46 - 0.33 1.61 MM Endurance Balanced Fund A Class 213.70 - 0.80 0.96
Odey Allegra European GBP O £ 288.91 - 0.87 0.00 Pictet-Greater China-I USD F $ 477.05 - 1.81 0.00 Investment Management Association, 65 Kingsway,
Global Total Fd PCG B 160.21 - 0.91 0.13 Veritas Global Equity Income Fund A GBP £ 157.16 - 0.38 4.57
Total Return O Acc 395.18 - 0.47 1.60 MM Global Investment Fund A Class 2238.00 - -6.00 1.53 London WC2B 6TD. Tel: +44 (0)20 7831 0898.)
Odey Allegra European USD O $ 234.16 - 1.90 0.00 Pictet-High Dividend Sel I EUR F € 154.06 - 1.04 0.00
Global Total Fd PCG INT 158.44 - 0.90 0.00 Veritas Global Equity Income Fund A EUR € 210.99 - 0.33 4.07
North American Trust A Class 1739.00 - 10.00 0.00
Odey Allegra European EUR I € 253.74 - -0.27 0.00 Pictet-India Index I USD $ 111.60 - 0.14 0.00 OEIC: Open-Ended Investment Company. Similar to a
Veritas Global Equity Income Fund A USD $ 123.55 - 1.48 4.76
Oriental Growth Fund A Class 147.80 - 0.00 1.59 unit trust but using a company rather than a trust
Odey Allegra European EUR A I € 162.67 - -0.17 0.00 Pictet-Indian Equities-I USD F $ 483.95 - -2.34 0.00 structure.
Purisima Investment Fds (CI) Ltd (JER) Veritas Global Equity Income Fund C GBP £ 180.73 - 0.44 -
UK Equity Growth Trust A Class 410.20 - -1.10 0.80
Odey Allegra European GBP D £ 173.98 - 0.52 0.00 Pictet-Japan Index-I JPY F ¥ 14962.95 - 271.76 0.00 Regulated Veritas Global Equity Income Fund C EUR € 242.38 - 0.37 - Different share classes are issued to reflect a different
UK Equity Income Trust A Class 229.50 - -0.40 5.63
Odey Allegra International Euro Class € 172.10 - -0.24 0.00 Pictet-Japanese Equities Opp-I JPY F ¥ 8777.27 - 157.47 0.00 PCG B 161.05 - 3.50 0.00 currency, charging structure or type of holder.
Veritas Global Equity Income Fund C USD $ 141.15 - 1.68 -
Odey Allegra International GBP Class £ 203.68 - 0.54 0.00 Pictet-Japanese Equity Selection-I JPY F ¥ 13438.82 - 302.55 - PCG C 159.04 - 3.45 0.00 The Resolution Fund (1200) (UK) Veritas Global Real Return Fund A USD $ 20.31 - 0.01 2.07
Smith & Williamson Fd Admin Ltd (1200)F (UK) Selling price:Also called bid price. The price at which
Pictet-LATAM Index I USD $ 66.71 - 2.27 0.00 Tel 0870 870 8434
Odey Allegra International USD $ 155.00 - 1.19 0.00 Veritas Global Real Return Fund A GBP £ 11.29 - 0.00 2.06 units in a unit trust are sold by investors.
S W Mitchell Capital LLP (CYM) 25 Moorgate, London, EC2R 6AY 0141 222 1150 Authorised Inv Funds
Odey Allegra International Euro I Class € 157.47 - -0.23 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 137.50 - 0.16 0.00 Putnam Investments (Ireland) Ltd (IRL) Authorised Inv Funds
Regulated Global Fixed Income D Acc F 104.10 - -0.20 0.59 Veritas Global Real Return Fund A EUR € 11.97 - 0.01 0.17 Buying price: Also called offer price. The price at
Pictet-Pacific Ex Japan Index-I USD F $ 370.00 - 6.63 0.00 Regulated S&W Deucalion Fd (OEIC) 2076.00 - 15.00 0.45
Odey Allegra International GBP D inc £ 184.53 - 0.49 0.00 S W Mitchell European Fund Class A EUR € 298.90 - -2.66 - Global Fixed Income D Inc F £ 1.03 - 0.00 0.58 Retail which units in a unit trust are bought by investors.
Putnam New Flag Euro High Yield Plc - E € 1028.13 - 2.66 4.82 Includes manager’s initial charge.
Odey Allegra International GBP A D £ 136.10 - 0.36 0.00 Pictet-Premium Brands-I EUR F € 159.76 - 0.82 0.00 S W Mitchell Small Cap European Fund Class A EUR € 215.99 - -2.86 - S & W Magnum 383.30 404.90 -0.20 1.50 Veritas Asian Fund B USD $ 219.98 - 0.02 0.47
Global Yield B Acc F 119.60 - 0.20 1.60
Odey Allegra Developed Markets Fund USD I $ 128.78 - 1.87 0.00 Pictet-Quality Global Equities I USD $ 136.16 - 1.51 0.00 The Charlemagne Fund EUR € 279.88 - -12.15 - S & W Marathon Trust 187.30 198.10 -0.10 1.66 Veritas Asian Fund B GBP £ 281.54 - -2.32 0.04 Single price: Based on a mid-market valuation of the
Global Yield B Inc F 112.90 - 0.20 1.60
Pictet-Russia Index I USD $ 46.80 - 2.62 0.00 Rathbone Unit Trust Mgmt (1200)F (UK)
Charity Value and Income Fund Acc 136.60 137.40 -0.50 4.57 Veritas Asian Fund B EUR € 233.38 - -2.94 0.00
underlying investments. The buying and selling price
Odey Allegra Developed Markets Fund GBP I £ 132.19 - 1.25 0.00 PO Box 9948, Chelmsford, CM99 2AG Global Balanced B Acc F 131.20 - 0.50 0.37 for shares of an OEIC and units of a single priced unit
Pictet-Russian Equities-I USD F $ 39.77 - 2.14 0.00 Veritas China Fund B GBP £ 133.00 - -0.62 0.00 trust are the same.
Odey Atlas Fund GBP I £ 105.78 - -0.20 - Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 S W Mitchell Capital LLP (IRL) Charity Value and Income Fund Inc 95.05 95.61 -0.37 4.70
Global Balanced B Inc F 126.60 - 0.40 0.36
Pictet-Security-I USD F $ 190.31 - 2.85 0.00 Authorised Inv Funds Regulated Veritas China Fund B EUR € 140.17 - -0.69 0.00
Odey Atlas Fund GBP I S £ 1.27 - 0.00 0.00 Global Growth B Acc F 139.20 - 0.70 0.29 Treatment of manager’s periodic capital charge:
Pictet-Select-Callisto I EUR € 105.40 - -0.47 0.00 Blue Chip Income Inc 154.73 159.75 -0.70 4.08 SWMC European Fund B EUR € 15228.84 - 237.43 0.00 The letter C denotes that the trust deducts all or part of
Odey Atlas Fund GBP R S £ 1.09 - 0.00 0.00 SMT Fund Services (Ireland) Limited Global Growth B Inc F 130.50 - 0.70 0.29
Veritas Global Focus Fund B USD $ 17.55 - 0.22 1.75
the manager’s/operator’s periodic charge from capital,
Pictet-Small Cap Europe-I EUR F € 977.40 - 8.78 0.00 Blue Chip Income Acc 224.67 231.77 -1.01 3.95 SWMC UK Fund B £ 10242.22 - 40.65 - Regulated Veritas Global Focus Fund B GBP £ 20.75 - 0.08 1.76 contact the manager/operator for full details of the
Odey Giano European Fund EUR R € 124.25 - -0.44 0.00 Global Equity Fund B Acc F 132.40 - 1.00 0.31 effect of this course of action.
Ethical Bond Inc 94.24 96.33 -0.07 4.80 SWMC Small Cap European Fund B EUR € 12861.61 - 74.68 0.00 Monthly Dividend High Yield $ 6.94 - 0.02 0.00
Odey Giano European Fund GBP R £ 124.74 - -0.43 0.00 Pictet-ST.MoneyMkt-I € 140.55 - 0.00 0.00 Veritas Global Focus Fund B EUR € 15.37 - 0.04 1.71
Daiwa Gaika MMF Global Equity Fund B Inc F £ 1.32 - 0.01 0.31
Pictet-ST.MoneyMkt JPY I USD ¥ 101563.60 - -5.87 0.00 Ethical Bond Acc 175.33 178.92 -0.14 4.67 SWMC Emerging European Fund B EUR € 8416.69 - 90.53 0.00 Veritas Global Equity Income Fund B GBP £ 145.19 - 0.35 4.62 Exit Charges: The letter E denotes that an exit charge
Odey Giano European Fund USD R $ 125.50 - -0.43 0.00 AU$ Portfolio A$ 0.01 - 0.00 - UK Income Focus B Inc F 66.50 - -0.10 3.22 may be made when you sell units, contact the
Pictet-ST.MoneyMkt-ICHF SFr 125.21 - -0.01 0.00 Global Opportunities Acc 125.46 129.39 0.22 0.00 Veritas Global Equity Income Fund B EUR € 194.43 - 0.30 4.11
Odey Naver Fund Euro I Class € 125.82 - -1.19 0.00 manager/operator for full details.
US$ Portfolio $ 0.01 - 0.00 - UK Income Focus B Acc F 87.60 - -0.20 3.14
Pictet-ST.MoneyMkt-IUSD $ 134.83 - 0.00 0.00 Income Inc 855.81 885.67 -2.42 3.94 Veritas Global Equity Income Fund B USD $ 123.00 - 1.47 4.81
Odey Naver Fund GBP I Class £ 126.33 - -1.20 0.00 Canadian Dllr Pfolio C$ 0.01 - 0.00 - UK Balanced B Inc F 70.80 - 0.00 1.34 Time: Some funds give information about the timing of
Pictet-Timber-I USD F $ 160.81 - 1.12 0.00 Income Acc 1284.01 1327.52 -3.62 3.82 Veritas Global Real Return Fund B USD $ 19.71 - 0.01 1.62 price quotes. The time shown alongside the fund
Odey Odyssey USD I $ 158.11 - -0.81 0.00 New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 - UK Balanced B Acc F 76.90 - -0.10 1.32
Multi Asset Enhanced Growth Acc 124.31 - 0.06 0.00 manager’s/operator’s name is the valuation point for
Odey Odyssey Fund GBP I £ 157.59 - -0.80 0.00 Pictet Total Ret-Agora I EUR € 107.13 - -0.37 - Veritas Global Real Return Fund B GBP £ 11.09 - 0.00 1.64 their unit trusts/OEICs, unless another time is indicated
Daiwa Bond Series UK Growth B Acc F 77.90 - 0.00 1.19
Pictet Total Ret-Corto Europe I EUR € 128.21 - -0.25 0.00 Multi Asset Strategic Growth inc 149.37 - 0.09 1.19 Veritas Global Real Return Fund B EUR € 12.82 - 0.00 1.44
by the symbol alongside the individual unit trust/OEIC
Odey Odyssey Fund GBP R £ 155.25 - -0.79 0.00 Monthly Dividend AUD Bd A$ 10.55 - -0.07 0.00 UK Growth B Inc F 86.10 - 0.00 1.18 name.
Pictet Total Ret-Divers Alpha I EUR € 101.69 - -0.43 - Multi Asset Strategic Growth acc 156.95 - 0.10 1.04
Odey Odyssey EUR I € 141.54 - -0.72 0.00 Monthly Dividend EUR Bd € 10.99 - 0.00 0.00 UK Equity B Acc F 87.20 - -0.50 2.28
Pictet Total Ret-Kosmos I EUR € 108.73 - 0.00 0.00 Multi Asset Total Return inc 127.64 - 0.09 1.63 RobecoSAM (LUX)
Veritas Asset Management LLP
The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Odey Odyssey Fund EUR R € 117.80 - -0.60 0.00 Monthly Dividend CAD Bd C$ 10.60 - -0.04 0.00 UK Equity B Inc F 80.40 - -0.40 2.31 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Tel. +41 44 653 10 10 http://www.robecosam.com/
Pictet Total Ret-Mandarin I USD $ 117.66 - -0.51 0.00 Multi Asset Total Return acc 138.77 - 0.10 1.75 www.veritas-asset.com midnight. Daily dealing prices are set on the basis of
Odey Odyssey Fund USD R $ 123.15 - -0.63 0.00 Regulated Mthly Div US Preferred Secs $ 7.99 - -0.01 0.00
Recovery Inc 408.93 425.03 -0.74 2.40 Other International Funds the valuation point, a short period of time may elapse
Odey Orion Fund Euro I Class € 124.96 - 0.36 0.00 Pictet-US Equity Selection-I USD $ 187.99 - 3.00 0.00 RobecoSAM Sm.Energy/A £ 12.27 - 0.25 1.23 Daiwa Equity Fund Series before prices become available.Historic pricing: The
Recovery Acc 482.35 500.93 -0.86 2.36
Thesis Unit Trust Management Limited (UK) Real Return Asian Fund USD (Est) € 296.30 - 8.99 0.00 letter H denotes that the managers/operators will
Pictet-US High Yield-I USD F $ 147.13 - 0.41 0.00 RobecoSAM Sm.Materials/A £ 128.77 - 1.25 1.94 New Major Economies $ 9.10 - 0.07 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Odey Orion Fund USD I Class $ 124.99 - 0.37 0.00 Real Return Asian Fund GBP (Est) £ 314.44 - 9.14 0.00 normally deal on the price set at the most recent
Pictet-USA Index-I USD F $ 179.25 - 2.55 0.00 Strategic Bond Ret Acc £ 1.19 1.21 0.00 3.85 Authorised Funds valuation. The prices shown are the latest available
Odey Swan Fund Euro I Class € 110.62 - -1.21 0.00 RobecoSAM Gl.Small Cap Eq/A £ 81.50 - 1.12 1.70
Real Return Asian Fund EUR (Est) $ 309.01 - 8.60 0.00 before publication and may not be the current dealing
Pictet-USD Government Bonds-I F $ 643.71 - -4.13 0.00 Strategic Bond Ret Inc £ 1.07 1.09 -0.01 4.13 Standard Life Wealth (JER) TM New Court Fund A 2011 Inc £ 13.21 - -0.06 0.00 levels because of an intervening portfolio revaluation or
Odey Swan Fund Euro R Class € 109.61 - -1.20 0.00 RobecoSAM Sustainable Gl.Eq/B € 176.21 - 0.98 0.00
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 a switch to a forward pricing basis. The
Pictet-USD Short Mid-Term Bonds-I F $ 129.21 - -0.09 0.00 TM New Court Fund - A 2014 Acc £ 13.24 - -0.06 -
Odey Swan Fund GBP I Class £ 110.80 - -1.23 0.00 RobecoSAM S.HealthyLiv/B € 176.82 - -0.09 0.00 managers/operators must deal at a forward price on
FCA Recognised Virgin Money Unit Trust Managers Limited (1700)F (UK) request, and may move to forward pricing at any time.
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.50 - 0.01 0.00 RECM Global Management Limited (GSY)
RobecoSAM S.Water/A £ 168.70 - 1.46 2.26 Standard Life Offshore Strategy Fund Limited
TM New Court Equity Growth Fund - Inc £ 13.34 - -0.06 0.00
Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL
Odey Swan Fund GBP R Class £ 115.15 - -1.27 0.00 Forward pricing: The letter F denotes that that
www.recmglobal.com Enquiries: info@recmglobal.com
Pictet-Water-I EUR F € 264.70 - 0.32 0.00 Bridge Fund £ 1.6153 - -0.0007 2.47 www.virginmoney.com managers/operators deal at the price to be set at the
Odey Swan Fund USD I Class $ 110.36 - -1.22 0.00 Regulated next valuation.
Authorised Inv Funds
Odey Swan Fund USD IR Class $ 109.86 - -1.22 0.00 RECM Global Fund Limited - Class A $ 17.53 - 0.44 0.00 Diversified Assets Fund £ 1.1940 - -0.0008 3.02
Virgin UK Index Tracking Trust 247.40 - -0.20 2.62
Investors can be given no definite price in advance of
Odey Swan Fund USD R Class $ 109.41 - -1.22 0.00 Pimco Fds: Global Investors Series Plc (IRL) RECM Global Equity Fund Limited - Class A $ 8.95 - 0.26 0.00 Global Equity Fund £ 1.8449 - 0.0056 1.32
the purchase or sale being carried out. The prices
Virgin Income Trust 126.90 - -0.90 2.20
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Global Balanced Fund - Income Units £ 1.3807 - -0.0066 1.61 appearing in the newspaper are the most recent
Odey European Absolute Return Fund EUR I € 100.80 - -1.11 0.00 http://gisnav.pimco-funds.com/ Virgin Pension Growth Fund 280.50 - -0.20 2.55 provided by the managers/operators. Scheme
Odey European Absolute Return Fund GBP I £ 100.25 - -1.16 0.00 Dealing: +44 20 3640 1000 Renasset Select Funds Plc (IRL) Global Balanced Fund - Accumulations Units £ 1.5831 - -0.0076 1.59 particulars, prospectus, key features and reports: The
Virgin Pension Income Protector Fund 270.00 - -1.90 2.37 most recent particulars and documents may be obtained
PIMCO Funds: +44 (0)20 3640 1407 Regulated Global Fixed Interest Fund £ 1.0487 - -0.0004 3.59
Odey European Absolute Return Fund USD I $ 101.06 - -1.11 0.00 Virgin Climate Change Fund 107.16 - -0.02 0.00
free of charge from fund managers/operators. *
FCA Recognised European Opportunities Fund A € 141.82 - -0.04 - Toscafund (CYM) Indicates funds which do not price on Fridays.
Odey European Absolute Return Fund EUR R € 95.94 - -1.30 0.00 Sterling Fixed Interest Fund £ 0.8968 - -0.0023 3.19
Asia Local Bond Fund - Inst Acc $ 10.18 - 0.03 0.00 Regulated
European Opportunities Fund B € 104.90 - -0.02 0.00
Odey European Absolute Return Fund GBP R £ 99.98 - -1.31 0.00 UK Equity Fund £ 1.9443 - -0.0074 2.85 Tosca $ 271.46 - 9.50 0.00 Charges for this advertising service are based on the
Capital Securities Inst Acc $ 14.56 - 0.06 0.00 Renaissance Eastern European Allocation Fund € 411.10 - -0.02 - Waverton Investment Funds Plc (1600)F (IRL) number of lines published and the classification of the
Odey European Absolute Return Fund USD R $ 100.68 - -1.10 - Tosca Mid Cap GBP £ 231.97 - 5.27 0.00 waverton.investments@citi.com fund. Please contact data@ft.com or call
CommoditiesPLUS111sp Strategy - Inst Acc $ 7.67 - 0.20 0.00 Renaissance Eastern European Fund A € 388.17 - -1.52 - Santander Asset Management UK Limited (1200)F (UK) FCA Recognised +44 (0)20 7873 3132 for further information.
Odey European Absolute Return Fund EUR S € 101.04 - -1.11 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Tosca Opportunity B USD $ 313.41 - 20.23 0.00
Credit Absolute Return Fund Inst Acc $ 11.33 - 0.04 0.00 Renaissance Eastern European Fund B € 83.33 - -0.33 0.00 Waverton Asia Pacific A USD $ 19.91 - 0.12 1.05
Odey European Absolute Return Fund GBP S £ 101.56 - -1.10 0.00 Authorised Funds
Diversified Income - Inst Acc $ 19.50 - 0.04 - Renaissance Ottoman Fund € 121.17 - -0.26 0.00 Santander Atlas Range Waverton European Fund A Eur € 17.44 - -0.04 0.33
Odey European Absolute Return Fund USD S $ 101.16 - -1.10 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.19 - -0.02 0.00 Santander Atlas Port 3 Acc Ret 151.00 - -0.10 - Waverton Global Bond Fund Cls A $ 9.23 - 0.03 5.15
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.82 - 0.20 0.00 Santander Atlas Port 3 Inc Ret 105.80 - -0.10 - Waverton Global Equity Fund A GBP £ 14.87 - 0.10 0.24
Odey Wealth Management (CI) Ltd (IRL) Emerging Asia Bond Fund Inst Acc $ 10.07 - 0.05 0.00 Santander Atlas Port 3 Acc Inst 165.30 - -0.10 - Stenham Asset Management Inc Waverton UK Fund A GBP £ 13.27 - -0.04 1.86
www.odey.com/prices
FCA Recognised Emerging Multi-Asset Fund Inst Acc $ 8.83 - 0.08 0.00 Santander Atlas Port 4 Acc Ret 182.70 - 0.30 - www.stenhamassetmanagement.com Waverton Equity Fund A GBP £ 15.02 - 0.02 0.00
Odey Opportunity EUR I € 219.45 - -0.46 0.00 Emerging Local Bond - Inst Acc $ 12.77 - 0.12 - Other International Funds
Santander Atlas Port 4 Inc Ret 132.70 - 0.30 - Waverton Sterling Bond Fund A GBP £ 9.88 - 0.01 5.21
Emerging Markets Bond - Inst Acc $ 38.20 - 0.18 0.00 Stenham Asia USD $ 131.74 - -1.80 -
Santander Atlas Port 4 Acc Inst 165.50 - 0.30 -
Stenham Credit Opportunities A Class USD $ 105.26 - -0.12 0.00
Odey Wealth Management UK Emerging Markets Corp.Bd Fund Inst Acc F $ 12.96 - 0.04 0.00 Robeco Asset Management (LUX) Santander Atlas Port 5 Acc Ret 194.50 - 0.70 - WA Fixed Income Fund Plc (IRL)
Authorised Funds Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Stenham Emerging Markets USD B1 $ 108.18 - -2.11 0.00
Emerging Markets Curr.Fd- Inst Acc $ 12.46 - 0.10 0.00 Santander Atlas Port 5 Acc Inst 164.60 - 0.60 - Regulated
www.robeco.com/contact TreeTop Asset Management S.A. (LUX)
VT Odey Total Return Fund Class A £ 103.26 - -0.48 - Stenham Gold USD $ 159.09 - 0.93 0.00 European Multi-Sector € 125.26 - -0.09 0.00
Euro Bond - Inst Acc € 22.96 - 0.01 - Santander Atlas Port 6 Acc Ret 269.10 - 1.40 - Regulated
FCA Recognised
VT Odey Total Return Fund Class A € 109.89 - -0.54 - Stenham Growth USD $ 212.93 - -0.95 - TreeTop Convertible Sicav
Euro Credit - Inst Acc € 14.83 - 0.02 0.00 Asia-Pacific Equities (EUR) € 131.94 - 0.39 0.00 Santander Atlas Port 6 Acc X 192.10 - 1.00 -
VT Odey Total Return Fund Class I £ 104.84 - -0.49 - Stenham Healthcare USD $ 170.84 - 2.73 0.00 International A € 299.54 - 0.72 0.00
Euro Income Bond - Inst Acc F € 12.94 - 0.07 0.00 Chinese Equities (EUR) € 78.81 - 0.86 0.00 Santander Atlas Port 6 Acc Inst 164.70 - 0.90 - Winton Capital Management
VT Odey Total Return Fund Class I € 100.00 - 0.00 - Stenham Helix USD $ 104.66 - 0.71 0.00 International B $ 384.59 - 0.91 0.00 Other International Funds
Euro Long Average Duration - Inst Acc € 23.31 - -0.13 0.00 Em Stars Equities (EUR) € 189.95 - 0.07 0.00 Santander Atlas Port 7 Acc Ret 210.10 - 1.20 -
VT Odey Total Return Fund Class R £ 105.54 - -0.49 - Stenham Managed Fund USD $ 113.25 - -0.09 - International C £ 133.46 - 0.35 0.00 Winton Futures USD Cls B $ 1022.41 - 11.02 0.00
Euro Low Duration Fund Inst Acc € 11.35 - 0.00 0.00 Emerging Markets Equities (EUR) € 157.74 - 0.81 0.00 Santander Atlas Port 7 Acc Inst 166.10 - 1.00 -
VT Odey Total Return Fund Class R $ 104.77 - -0.49 - Stenham Multi Strategy USD $ 118.17 - 0.09 - International D € 284.96 - 0.70 0.00 Winton Futures EUR Cls C € 286.60 - 3.08 0.00
Euro Real Return - Inst Acc € 13.40 - 0.02 - Flex-o-Rente (EUR) € 109.15 - -0.21 0.00 Authorised Inv Funds
VT Odey Total Return Fund Class I $ 108.13 - -0.51 - Stenham Quadrant USD A $ 389.49 - 2.32 - Pacific A € 290.21 - 0.43 - Winton Futures GBP Cls D £ 313.07 - 3.38 0.00
Euro Short-Term Inst Acc € 12.27 - -0.01 0.00 Glob.Consumer Trends Equities (EUR) € 144.67 - 0.58 0.00 Max 70% Shs Acc Ret 168.00 - -0.20 -
Stenham Trading Inc USD $ 113.02 - 0.64 - Pacific B $ 365.76 - 0.30 0.00 Winton Futures GBP Cls F £ 120.76 - 1.31 0.00
Euro Short-Term Inv Acc € 11.90 - -0.01 0.00 High Yield Bonds (EUR) € 124.34 - 0.32 0.00 Max 70% Shs Inc Ret 143.40 - -0.10 -
TreeTop Global Sicav Winton Evolution USD Cls F $ 1757.18 - 26.33 0.00
Omnia Fund Ltd Euro Ultra Long Duration - Inst Acc € 31.12 - -0.11 0.00 Investments Inc Acc Ret 161.50 - -0.60 - Stenham Universal USD $ 439.88 - 0.40 -
Lux -O- Rente (EUR) € 141.11 - -0.98 0.00 Global Opp.A € 144.37 - 1.98 0.00
Other International Funds Stenham Universal II USD $ 163.71 - 0.08 0.00 Winton Evolution EUR Cls H € 1379.72 - 20.77 0.00
Global Advantage - Inst Acc $ 12.71 - 0.04 0.00 New World Financials (EUR) € 51.94 - 0.50 0.00 Investments Inc Inc Ret 108.70 - -0.40 -
Estimated NAV $ 827.27 - -20.43 0.00 Global Opp.B $ 143.59 - 2.25 0.00 Winton Evolution GBP Cls G £ 1401.48 - 20.95 0.00
Global Advantage Real Return Fund Inst Acc $ 9.60 - 0.04 0.00 US Premium Equities (EUR) € 180.01 - 3.09 0.00 Equity Inc Inc Inst 242.30 - -1.30 -
Global Opp.C £ 183.89 - 2.14 0.00 Winton Futures JPY Cls E ¥ 20107.25 - 204.86 0.00
Global Bond - Inst Acc $ 28.16 - -0.06 0.00 Equity Inc Inc Ret 208.90 - -1.10 - Stratton Street Capital (CI) Limited (GSY)
US Premium Equities (USD) $ 201.46 - 3.49 0.00 Sequoia Equity A € 144.07 - -0.24 0.00
Regulated
Global Bond Ex-US - Inst Acc $ 19.70 - -0.04 - N&P UK Gwth Inc Ret 165.20 - -0.50 -
Japanese Synthetic Warrant ¥ 1183.28 - 125.51 0.00 Sequoia Equity B $ 151.33 - 0.34 0.00
Global Fundam.Index StocksPLUSInst Acc $ 11.77 - 0.26 0.00 Stckmkt 100 Track Gwth Acc Inst 96.88 - -0.40 -
Royal Bank of Scotland (2230)F (UK) Japan Synthetic Warrant GBP Hedged Participating Shares £ 133.67 - 7.58 0.00 Sequoia Equity C £ 171.75 - -0.49 3.53
Global High Yield Bond - Inst Acc $ 20.01 - 0.07 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Stckmkt 100 Track Gwth Acc Ret 178.20 - -0.80 -
Japan Synthetic Warrant Fund USD Class $ 13.06 - 1.29 0.00
Authorised Inv Funds
Global Investment Grade Credit - Inst Income $ 12.61 - -0.02 3.23 UK Growth Acc Inst 281.30 - -0.80 -
Series 5 (Minumum Initial Investment £75,000) Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 132.49 - 7.20 0.00
Global Investment Grade Credit Fund Inst Acc € € 11.49 - -0.09 0.00 UK Growth Acc Ret 327.50 - -1.00 -
Optima Fund Management United Kingdom Equity Index Fund £ 16.58 - 0.22 2.49 Renminbi Bond Fund AUD Cls A A$ 114.96 - 0.21 0.00
Other International Funds Global Investment Grade Credit Fund Inst Acc $ $ 16.78 - -0.02 0.00 UK Growth Inc Ret 220.30 - -0.70 -
UK Specialist Equity Inc £ 19.71 - 0.22 0.35 Renminbi Bond Fund AUD Cls B A$ 116.85 - 0.21 0.00 Yuki International Limited (IRL)
JENOP Global Healthcare Fund Ltd $ 15.93 - 0.45 0.00 Global Multi-Asset - Inst Acc $ 14.78 - 0.10 0.00 Managed OEIC
Contl Europe Specialist Fund £ 23.52 - 0.30 0.00 Renminbi Bond Fund CHF Cls A SFr 114.62 - 0.23 0.00 Tel +44-20-7269-0207 www.yukifunds.com
Optima Fd NAV $ 90.82 - 0.72 0.00 Glob Em Shs Port Acc Ret 176.20 - 1.10 - Regulated
Global Real Return - Inst Acc $ 18.65 - -0.08 0.00
Japan Specialist Fund £ 13.55 - -0.10 0.00 Renminbi Bond Fund CHF Cls B SFr 114.58 - 0.22 0.00
Optima Discretionary Macro Fund Limited $ 86.61 - 0.42 0.00 Max 70% Shs Port Acc Ret 258.20 - 0.70 - Yuki Mizuho Umbrella Fund
High Yield Bond - Inst Acc $ 27.87 - 0.09 0.00
US Spec Equity Fund £ 18.57 - 0.16 0.00 Renminbi Bond Fund CNH Cls A CNH 118.79 - 0.08 0.00 Yuki Mizuho Japan Dynamic Growth ¥ 6634.00 - 75.00 0.00
The Dorset Energy Fd Ltd NAV $ 38.67 - 0.00 0.00 Max 70% Shs Port Acc X 185.40 - 0.50 -
Income Fund Inst Acc $ 12.00 - 0.05 0.00
Pacific Basin Specialist Equity Fund £ 42.87 - 0.06 0.61 Renminbi Bond Fund CNH Cls B CNH 118.72 - 0.08 0.00 Yuki Mizuho Japan Large Cap ¥ 6929.00 - 71.00 0.00
Platinum Fd Ltd $ 87.52 - 0.00 0.00 Investment Port Acc Ret 239.30 - -0.60 -
Inflation Strategy Fund Inst Acc $ 9.95 - 0.07 0.00
UK Sovereign Bd Index Fund £ 11.15 - -0.09 2.58 Renminbi Bond Fund Euro Cls B € 115.43 - 0.21 0.00 Yuki Japan Low Price ¥ 24720.00 - 202.00 0.00
Platinum Fd Ltd EUR € 17.11 - 0.00 0.00 Investment Port Acc X 169.60 - -0.50 -
Low Average Duration - Inst Acc $ 14.76 - 0.01 -
Inflation Lkd Sov Bd Fund £ 13.19 - -0.14 0.71
Troy Asset Mgt Ltd (UK)
Renminbi Bond Fund GBP Cls B £ 116.80 - 0.21 0.00 Yuki Japan Value Select ¥ 12071.00 - 146.00 0.00
Platinum Japan Fd Ltd $ 48.82 - 0.00 0.00 Max 50% Shs Port Acc Ret 249.10 - 0.30 - 40 Dukes Place, London EC3A 7NH
PIMCO EqS Emerging Markets Fund Inst Acc $ 8.52 - 0.09 0.00
UK Specialist Equity Income Fund £ 9.97 - 0.13 3.47 Renminbi Bond Fund SGD Cls B S$ 115.75 - 0.20 0.00 Order desk: 0845 608 0950, Enquiries 0845 608 0950 YMR Umbrella Fund
Optima Partners Global Fd $ 14.45 - 0.00 0.00 Max 50% Shs Port Inc Ret 224.70 - 0.20 -
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 15.35 - 0.02 0.00 Authorised Inv Funds
Global Emerg Mkts Equity Fund £ 12.44 - -0.05 0.43 Renminbi Bond Fund USD Cls B $ 116.39 - 0.21 0.00 YMR N Growth ¥ 15993.00 - 182.00 0.00
Optima Partners Focus Fund A $ 16.67 - 0.00 0.00 Max 50% Shs Port Acc X 180.30 - 0.20 - ACD Capita Financial Mgrs
PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.11 - 0.13 0.00 Yuki Asia Umbrella Fund
Global Spec Inv Grade Bd Fund GBP £ 10.28 - 0.00 3.13 Renminbi Bond Fund YEN Cls B ¥ 12870.03 - 23.05 0.00
Max 100% Shs Port Acc Ret 283.30 - 2.00 - Trojan Investment Funds
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.91 - 0.04 0.00 Series 6 (Investment Management Customers Only) Yuki Japan Rebounding Growth Fund ¥ 21876.00 - 279.00 0.00
Renminbi Bond Fund USD Class $ 160.22 - 0.29 0.00
Max 100% Shs Port Acc X 203.40 - 1.40 - Spectrum Fund 'O' Acc 159.97 - -0.19 0.26
Orbis Investment Management Ltd (BMU) StocksPLUS{TM} - Inst Acc $ 22.95 - 0.30 0.00 United Kingdom Equity Index Fund £ 16.36 - 0.21 2.84
Renminbi Bond Fund GBP Class £ 155.44 - 0.29 0.00
Regulated Enhanced Inc Inc Ins 212.60 - -0.90 - Spectrum Fund 'O' Inc 156.01 - -0.18 0.26
Total Return Bond - Inst Acc $ 27.43 - -0.12 0.00 UK Specialist Equity £ 19.89 - 0.22 1.51
Renminbi Bond Fund SGD Class S$ 153.09 - 0.28 0.00
Zadig Gestion (Memnon Fund) (LUX)
Orbis Global Equity $ 168.97 - -0.87 0.00 Enhanced Inc Inc Ret 202.30 - -0.80 - Trojan Fund O Acc 259.39 - -0.95 0.59
UK Corporate Bond - Inst Acc £ 17.65 - -0.07 0.00 Contl Europe Specialist Fund £ 24.30 - 0.31 0.61 FCA Recognised
Orbis Optimal (US$) $ 73.22 - 0.34 0.00 Renminbi Bond Fund YEN Class ¥ 19029.00 - 34.00 0.00
Enhanced Inc Inc X 171.10 - -0.70 - Trojan Fund O Inc 215.79 - -0.79 0.59 Memnon European Fund I GBP £ 112.91 - 1.65 0.00
UK Long Term Corp. Bnd Inst-Inst Acc £ 20.09 - -0.13 0.00 Japan Specialist Fund £ 14.17 - -0.10 0.56
Orbis Optimal (Euro) € 25.20 - 0.13 0.00 Managed Investments OEIC Renminbi Bond Fund EUR Class € 105.99 - 0.19 0.00
Trojan Capital O Acc 206.26 - 0.34 0.92
UK Real Return - Inst Acc £ 23.74 - -0.32 0.00 US Spec Equity Fund £ 19.27 - 0.17 0.16
Orbis Optimal (Yen) ¥ 1046.00 - 3.00 0.00 Max 30% Shs Port Acc Ret 158.50 - -0.20 - Poland Geared Growth £ 0.51 - -0.02 0.00
UK Sterling Long Average Duration - Inst Acc £ 23.34 - -0.34 - Pacific Basin Specialist Equity Fund £ 42.54 - 0.06 1.18
Trojan Capital O Inc 176.93 - 0.29 0.92 Zebedee Capital Partners LLP (CYM)
Orbis Japan Equity (US$) $ 39.68 - 0.12 0.00 Max 30% Shs Port Acc X 158.50 - -0.20 - Trojan Income O Acc 264.05 - -1.23 3.71 Regulated
UK Sterling Low Average Duration - Inst Acc £ 14.17 - -0.02 - UK Sovereign Bd Index Fund £ 11.24 - -0.09 2.58
*Orbis Prices as of January 30th Max 30% Shs Inc Port Inc Ret 159.80 - -0.60 - Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Trojan Income O Inc 169.89 - -0.79 3.83
Unconstrained Bond - Inst Acc $ 12.16 - 0.05 0.00 Inflation Lkd Sov Bd Fund £ 13.04 - -0.14 0.71
Max 30% Shs Inc Port Inc X 159.80 - -0.70 - Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
US Fundam.Index StocksPLUS Inst Inc $ 12.65 - 0.23 0.00 UK Specialist Equity Income Fund £ 10.67 - 0.14 3.43
Orbis Sicav (LUX) Max 60% Shs Port Acc Ret 272.10 - 0.20 - Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Regulated
UBS Global Asset Mgmt Fds Ltd (UK)
Global Spec Inv Grade Bd Fund GBP £ 10.52 - 0.00 3.13
Max 60% Shs Port Inc Ret 221.00 - 0.20 - 21 Lombard Street, London, EC3V 9AH
Orbis Japan Equity (Yen)
Orbis Japan Equity (Euro)
¥ 3880.00
€ 25.64
-
-
11.00 0.00
0.08 0.00
Global Emerg Mkts Equity Fund £ 12.40
Address and telephone number for Series 5 only
- -0.05 0.62
Max 60% Shs Port Inc X 171.10 - 0.20 -
Client Services 0800 587 2113, Client Dealing 0800 587 2112
www.ubs.com/retailfunds
Money Market
Eq Inc Port Acc Ret 294.90 - 1.80 - E.I. Sturdza Strategic Management Limited (GSY)
Trusts and
Authorised Inv Funds
Orbis Asia ex-Japan - Investor Shares $ 22.23 - -0.06 0.00 Regulated
Eq Inc Port Inc Ret 235.00 - 1.40 - OEIC
Orbis Global Equity - Investor Shares € 148.04 - -0.37 0.00 Royal London Unit Managers (CIS) (1200) F (UK) Nippon Growth Fund Limited ¥ 95449.00 - 362.00 -
Global Emerg Mkts Eqty B Acc £ 1.42 - -0.01 1.50
Bank Accounts
PO Box 105, Manchester M4 8BB 08457 464646 Managed Investments OEIC 2
Strat Evarich Japan Fd Ltd JPY ¥ 85642.00 - -2482.00 0.00
Authorised Inv Funds Investments Inc Port Inc Ret 175.30 - -0.60 - Global Optimal B Acc £ 1.02 - 0.01 -
Gross
Oryx International Growth Fund Ltd Platinum Capital Management Ltd CIS Sustainable Diversified Trust A £ 1.59 - 0.00 1.74 Investments Inc Port Inc X 158.80 - -0.50 -
Strat Evarich Japan Fd Ltd USD $ 854.09 - -24.71 0.00
UBS UK Opportunities Fund B Acc £ 0.92 - 0.00 - Gross Net AER Int Cr
Other International Funds Other International Funds
CIS Sustainable World Trust A 169.30 - -0.30 0.77 £ Gov Bond Inc Inst 184.60 - -0.90 - US Equity B Acc £ 1.45 - 0.01 0.28
NAV (Fully Diluted) £ 5.44 - 0.05 0.00 Platinum All Star Fund - A (Est) $ 114.71 - - -
Corporate Bd Inc Tst 93.65 98.58 -0.19 3.96 Strat Bond Inc Inst 188.10 - -0.10 - E.I. Sturdza Funds PLC (IRL)
UBS Asian Consumption Fund - B Acc £ 0.60 - 0.00 0.44 CCLA Investment Management Ltd
Platinum Global Dividend Fund - A (Est) $ 63.96 - - - Regulated Senator House 85 Queen Victoria Street, London EC4V 4ET
European Growth 102.30 107.70 -0.40 1.74 Managed Investments OEIC 3 UBS S&P 500 Index C Acc £ 0.53 - 0.01 -
Platinum Global Dividend UCITS Fund $ 74.40 74.40 0.42 6.85 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1013.95 - -10.08 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Sustainable Leaders A 459.10 - -2.20 0.68 Div Inc Port Inc Ret 170.80 - -0.90 - UBS Targeted Return B Acc £ 1.27 - 0.00 1.15
Platinum Arbitrage Opportunities Fund Ltd Class A (Est) $ 85.93 - - - Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1187.42 - -11.88 0.00
UK Growth 488.90 514.60 -1.90 1.07 Corp Bond Acc Inst 220.40 - -0.70 -
Platinum Essential Resources UCITs Fund $ 7.11 7.11 0.16 - Nippon Growth (UCITS) Fund JPY Class A shares ¥ 92820.00 - -959.00 0.00
UBS Sterling Corporate Bond Indexed Fund 53.50 - -0.59 3.16 CCLA Fund Managers Ltd
Multi-Manager OEIC Senator House 85 Queen Victoria Street, London EC4V 4ET
UK Income With Growth 234.90 247.30 -1.20 4.35 UBS Multi Asset Income B Inc (net) £ 0.52 - 0.00 3.71
Platinum Maverick Enhanced Fund Limited $ 92.87 - - 0.00 Bal Intl Track Acc Ret 272.70 - 0.70 - Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 77858.00 - -804.00 0.00 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
US Growth 150.40 158.20 0.90 0.00 UBS UK Equity Income B Inc Net £ 0.42 - 0.00 4.88
Platinum Navigator Fund Ltd Class A $ 98.72 - - - Bond Mthly Inc Acc Ret 148.00 - -0.40 - Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 75630.00 - -781.00 0.00
Additional Funds Available Corporate Bond UK Plus B Inc Net £ 0.54 - 0.00 4.00
Permal Investment Mgmt Svcs Ltd Please see www.cis.co.uk for details Bond Mthly Inc Inc Ret 96.83 - -0.27 - Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 50201.00 - -518.00 0.00
www.permal.com UBS Global Allocation (UK) B Acc £ 1.11 - -0.01 1.58
Strategic China Panda Fund USD $ 2290.29 - -23.96 0.00
Data Provided by
Asset Management
Other International Funds
UBS Global Enhanced Equity Income C Inc £ 0.50 - 0.00 -

Asset Management Asset Management

Offshore Fund Class A US $ Shares RBS Collective Investment Fds Ltd (UK) Santander Asset Management UK Limited (1200)F (UK) Strategic China Panda Fund Hedged EURO € 2229.67 - -23.16 0.00
PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 UBS US Growth Fund B Acc £ 1.43 - 0.01 0.00
Investment Holdings N.V. $ 5436.88 - -32.89 0.00 Strategic China Panda Fund Hedged Sterling £ 2259.09 - -23.65 0.00
Authorised Inv Funds Authorised Inv Funds UBS Emerging Markets Equity Income B Inc £ 0.45 - 0.00 -
Macro Holdings Ltd $ 4198.93 - 30.95 0.00 Strategic Euro Bond Accumulating Class CHFSFr 1019.57 - -0.43 0.00
Balanced Acc 355.90 - -0.20 1.10 Santander Premium Fund (OEIC)
Fixed Income Holdings N.V. $ 400.40 - -10.13 7.99 A Shares Strategic Euro Bond Institutional Class EUR € 1033.54 - -0.27 0.00
Balanced Inc 290.30 - -0.20 1.10
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 Polar Capital Funds Plc (IRL) Strategic Euro Bond Fund Accumulating Class Shares € 1161.79 - -0.32 0.00 Unicapital Investments (LUX)
Equity Income 333.30 - -1.30 3.69 Europe (ex-UK) 273.00 - -0.90 -
Regulated Regulated
Japan Equities 147.20 - 1.10 - Strategic Euro Bond Fund Distributing Class Shares € 1062.31 - -0.28 0.00
Asian Financials I USD $ 308.34 308.34 0.02 0.00 Extra Income 111.40 - -0.30 3.09 Investments III € 24.78 - -51.77 0.00

Biotechnology I USD $ 16.83 16.83 -0.09 0.00 FTSE 100 Tracker Special 1 302.20 - -1.10 2.99 Pacific Bas (ex-Japan) 547.30 - 1.70 - Strategic Global Bond RMB Acc CNY 1093.53 - -2.54 0.00
Investments IV - European Private Eq. € 307.74 323.13 0.00 - www.morningstar.co.uk
Sterling Bonds 273.80 - -0.80 - Strategic Global Bond USD Acc $ 1072.59 - -4.28 0.00
European Income Acc EUR € 11.23 11.23 0.03 - FTSE 100 Tracker Special 3 209.50 - -0.80 2.76 Investments IV - Global Private Eq. € 429.57 451.05 0.00 0.00 Data as shown is for information purposes only. No
UK Equities 263.90 - -0.70 - Strategic US Momentum and Value Fund $ 808.33 - 9.98 0.00
Financial Opps I USD $ 12.05 - 0.15 2.03 FTSE 100 Tracker Standard 286.00 - -1.00 2.52 offer is made by Morningstar or this publication.
US Equities 261.60 - 1.20 - Strategic US Momentum and Value EUR Hedged Class EUR € 564.02 - 6.86 0.00
GEM Growth I USD $ 9.92 - 0.07 0.00 Growth 315.20 - -0.80 2.06 Unicorn Asset Management Ltd (UK)
B Shares Strategic US Momentum and Value CHF Hedged Class CHFSFr 560.73 - 6.83 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
GEM Income I USD $ 11.19 - 0.07 0.00 High Yield 128.00 - -0.20 3.52
Pictet Funds (Europe) SA (LUX) Pacific Bas (ex-Japan) 546.60 - 1.80 - Authorised Inv Funds
15, Avenue J.F. Kennedy L-1855 Luxembourg Global Alpha I USD $ 12.83 12.83 0.15 0.00 International Growth 408.40 - 2.00 0.61 UK Growth A Inc 370.91 - 1.33 0.00
Tel: 0041 58 323 3000 Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Global Convertible I USD $ 11.39 11.39 0.06 0.00 Stakeholder Investment 171.00 - -0.80 1.37 Mastertrust A Inc F 352.03 - 0.15 -
50 Bank Street, Canary Wharf, London E14 5NT
FCA Recognised
Adventurous Growth 150.20 - 0.00 0.50
Saracen Fund Managers Ltd (1000)F (UK)
Global Insurance I GBP £ 3.78 - 0.03 0.00 Admin: 50 Bank Street, Canary Wharf, London E14 5NT UK Growth B Inc 371.94 - 1.34 0.25
Pictet-Absl Rtn Fix Inc-HI EUR € 107.94 - -0.04 0.00 19 Rutland Square, Edinburgh EH1 2BB
Balanced Growth 146.50 - -0.20 0.70 Dealing & Enquiries: 0870 870 8433
Global Technology I USD $ 21.77 - 0.17 0.00 Dealing: 00 353 1 603 9921 Mastertrust B Inc F 315.96 - 0.14 0.40
Pictet-Absl Rtn Glo Div-I EUR F € 124.63 - -0.28 0.00 Authorised Inv Funds
Cautious Growth 135.60 - -0.20 1.20 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Healthcare Blue Chip Fund I USD Acc $ 10.68 10.68 0.06 - THS Growth & Value Funds Outstanding British Cos A Acc F 227.62 - 0.76 0.48
Pictet-Agriculture-I EUR F € 192.86 - 0.72 0.00 Authorised Inv Funds
Healthcare Opps I USD $ 36.49 - 0.25 0.00 Income 123.50 - -0.20 2.20 International Outstanding British Cos B Acc F 236.38 - 0.79 1.24
Pictet-Asian Equities Ex Japan-I USD F $ 228.08 - 0.94 0.00 Saracen Growth Fd Alpha Acc £ 3.47 - 0.03 1.05
Income Opportunities B2 I GBP Acc £ 1.67 1.67 0.01 0.00 Capital Protected Accelerator Fund 2 125.30 - 3.00 0.00 IGV - Inc A 337.40 - 0.60 1.83 UK Smaller Cos A Inc F 401.06 - 0.88 0.09
Pictet-Asian Local Currency Debt-I USD F $ 157.96 - 1.35 0.00 Saracen Growth Fd Beta Acc £ 5.51 - 0.04 1.57
Japan Alpha I JPY ¥ 186.36 186.36 3.52 0.00 Capital Protected Accelerator Fund 3 117.10 - 2.90 0.00 IGV - Inc B 336.10 - 0.60 1.09 UK Smaller Cos B Inc F 392.84 - 0.86 0.84
Pictet-Biotech-I USD F $ 794.24 - -4.95 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.23 - 0.01 2.86
Japan I JPY ¥ 1867.34 - 31.00 0.00 Capital Protected Fund 4 133.90 - 3.20 0.00 IGV - Acc X 405.10 - 0.70 1.33 UK Income A Acc F 241.59 - 0.55 6.27
Pictet-Brazil Index I USD $ 56.77 - 1.46 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.17 - 0.01 2.92
North American I USD $ 16.96 16.96 0.25 0.00 Capital Protected Fund 6 172.20 - 0.00 0.00 IGV - Acc Y 432.90 - 0.70 1.79 UK Income A Inc F 223.03 - 0.50 6.53
Pictet-CHF Bonds I CHF SFr 505.75 - -1.25 0.00 Saracen Global Income and Growth Fund -Acc £ 1.52 - 0.01 3.23
UK Absolute Equity I GBP £ 10.65 10.65 -0.09 - Your Portfolio Fund II Class 1 113.50 - 0.00 0.90 IGV - Acc Z 403.20 - 0.70 1.07 UK Income B Acc F 254.98 - 0.58 6.24
Pictet-China Index I USD $ 116.72 - 1.15 0.00 Saracen Global Income and Growth Fund -Dist £ 1.37 - 0.02 3.32
Your Portfolio Fund II Class 2 113.20 - 0.00 1.00 European
. UK Income B Inc F 235.49 - 0.53 6.50
Pictet-Clean Energy-I USD F $ 90.59 - 1.56 0.00
Your Portfolio Fund III Class 1 119.20 - 0.30 0.90 For Save & Prosper please see Countrywide Assured EGV - Acc S 270.40 - 0.30 -
Polar Capital LLP (CYM)
Pictet-Digital Communication-I USD F $ 242.68 - 3.82 0.00
Regulated Your Portfolio Fund III Class 2 119.10 - 0.30 1.10 EGV - Acc Z 270.40 - 0.30 0.26
Pictet-Eastern Europe-I EUR F € 285.69 - 7.01 0.00 Value Partners Hong Kong Limited (IRL)
ALVA Convertible A USD $ 126.25 - -0.06 0.00 Your Portfolio Fund IV Class 1 124.80 - 0.60 0.80 Schroder Property Managers (Jersey) Ltd Continental www.valuepartners.com.hk / vpl@vp.com.hk
Pictet-Em Lcl Ccy Dbt-I USD F $ 177.85 - 1.23 0.00 European Conviction A EUR € 164.81 - 2.42 0.00 Other International Funds Regulated
Your Portfolio Fund IV Class 2 124.50 - 0.60 1.10 CVG - Acc S 108.70 - -0.10 -
Pictet-Emerging Markets-I USD F $ 558.79 - 7.11 0.00 European Forager A EUR € 181.04 - 0.47 0.00 Indirect Real Estate SIRE £ 124.74 129.81 1.55 3.32 Value Partners Classic Equity USD Hedged $ 13.75 - 0.03 0.00
CVG - Acc X 108.70 - -0.10 -
28 ★★★ FINANCIAL TIMES Thursday 5 February 2015

MARKETS & INVESTING

INSIGHT Capital markets

Dominic
Rossi Default risk rises for US energy sector
Oil’s fall produces biggest while the great financial crisis was Only one oil and gas group rated by
19 sold by oil and gas companies account
under way. S&P, Endeavour International, has for 15 per cent of the entire $1.4tn junk-
crop of downgrades for S&P said it had lowered its ratings on defaulted since the price of oil started to Number of bond market.
high-yield oil and
Why 3,000 level is in any sector since 2009 the oil and gas companies on expecta-
tions that the collapse in the oil price
would “lead to meaningful declines in
fall.
Yet the broad corporate default rate
for speculative-rated companies is
gas companies S&P
has downgraded
since October
As investors have fled the bonds, total
returns on high-yield energy debt
dropped 8.7 per cent in the past three
reach for the S&P 500 VIVIANNE RODRIGUES AND ED CROOKS
— NEW YORK
company credit measures in 2015
and 2016”.
expected to increase from 1.8 per cent in
January to 2.4 per cent by September, $163 bn
months, while returns on broader high-
yield bonds are down 1.2 per cent,

before decade is out A wave of credit ratings downgrades is

hitting the oil and gas sector, weighing
on corporate bonds’ performance and
raising the spectre of a rise in default
rates after the plunge in oil prices.
The revisions are not over. Five
groups, including ION Geophysical and
Magnum Hunter Resources, are on
S&P’s list of “weakest links”, suggesting
that they are likely to be downgraded in
although that would be well below the
historic average of 4.4 per cent.
Smaller companies that led the US
Total raised in
high-yield debt by
the sector in the
according to Barclays.
Many US oil companies have been
reducing capital spending to conserve
shale revolution relied on steady inflows 2000-14 period cash, with smaller and high-yield com-
of capital to finance their drilling pro- panies in general cutting more than

W
e are working through a curious period in Standard & Poor’s, the rating agency, the coming months, reflecting a raised grammes, because their cash flows did their larger peers with higher credit
financial history during which neither has downgraded 19 high-yield oil and risk of default, according to the rating not cover their capital expenditure. ratings.
capital nor labour has pricing power. Nei- gas companies since October, with eight, agency. Exploration and production compa- National Oilwell Varco, the oil serv-
ther can generate much income. Average including Energy XXI, sent deeper into Diane Vazza, head of global fixed nies borrowed about $163bn in high- ices group, said on Tuesday it had seen a
earnings in nominal and real terms have junk territory in January. There were income research at S&P, said the credit yield debt during 2000-14, according “widespread” drop in activity.
barely grown, while capital sits idly in cash deposits or in more downgrades in oil and gas than in ratings group’s analysis showed a “sharp to Dealogic. The number of rigs drilling for oil in
government bonds yielding next to nothing. Whether you any sector during the past four months. uptick in downgrade potential” for rat- The 50 per cent drop in oil prices since the US, compiled by Baker Hughes,
are working or investing, income is hard to come by. It is the largest set of ratings down- ings in the future, reminiscent of June has cast a shadow on the outlook dropped 94 last week, and is down
We know the reasons. The power of labour to command grades for a single sector since 2009, previous periods of economic stress. for lower-quality corporate debt. Bonds 24 per cent since October.
a greater share of the economic pie has been undone
around the world by policy initiatives focused on labour
mobility. In most developed countries labour’s share of
GDP has been falling. Even in the US economy, which
added a record 3m jobs last year, labour’s share sits at Analysis. Commodities
50-year lows. Employment growth has been offset by weak
wage growth. Productivity gains have passed to the owners
of capital, allowing operating margins to rise.
Concurrently the propensity of developed nations to
accumulate savings faster than income growth compresses
Colombia coffee crop back to pre-blight highs
yields everywhere. Wealthy nations with excess savings
and little growth, such as Japan, Germany and Italy, can
only export capital, lowering yields. Central banks’ quanti-
tative easing programmes exaggerate the yield compres- Latin American producer Colombian coffee production
sion. Their bond-buying further crowds these countries steams ahead but concerns 60kg sacks equivalent green coffee
out of their own domestic sovereign and credit markets, (m)
compounding the effects abroad. remain for drought-hit Brazil 12
If we are to believe economist Thomas Piketty, income
will become even more prized. He says the capital/income 10
EMIKO TERAZONO
ratio is set to rise for the rest of this century. Private capital
stands at 450 per cent of income and is set to approach 700 Good news for lovers of Colombian 8
per cent by 2100. Net savings (after capital appreciation) coffee. There are plenty of beans coming
are rising approximately twice as fast as income. An ageing out of the Latin American country
6
population will constrain income growth and exaggerate after a strong harvest last year, and
the problem, even as rates of return decline. forecasters see further output growth
Mr Piketty describes a world in which too much capital during the next few years. 4
chases too little income. So, in Not long ago the country’s production
this financial climate, how of arabica coffee, the high-quality bean 2
would we value an asset class
‘No other valued by the cognoscenti for its mild
that offered a current real asset class offers and smooth flavour, was devastated 0
yield and had consistently by the disease known as la roya, or
increased income in double
this level of coffee rust.
2007 08 09 10 11 12 13 14

digits each year? Highly, one income growth However, Colombian growers Coffee
might think. have overseen a remarkable recovery
And yet this is what the S&P
in dollar terms’ in output after an extensive renova-
Cents per pound
250
500 has offered. At the close tion programme during the past five
of the third quarter of 2014, the US index notched up its years.
15th consecutive quarter of double-digit dividend growth. “It has been our great leap forward,”
Dividend-per-share growth over 12 months to the third says Luiz Samper, marketing director 200
quarter of 2014 was 11.3 per cent. Over the 15-quarter at the Colombian Coffee Growers
period, dividends per share averaged 14.2 per cent growth. Federation.
It is little wonder that the US equity market has been one of The return of Colombian coffee
the most rewarding asset classes in recent years. production to pre-crisis levels, as well 150
Is this set to continue? We think so. We can find no other as the output recovery in other
asset class that offers this level of income growth in dollar Latin American countries affected
terms. Emerging markets offer little dividend growth in US by la roya, has during the past year
dollar terms. Currency headwinds and falling returns on largely been overshadowed by the cof- 100
equity are the obstacles. In Europe we may hopefully see fee market’s concern about production
single digits, but a lot will depend on the euro/dollar level. in Brazil, the world’s largest producer Jan 2013 14 Feb
Japan, as always, is a wild card and depends largely on cor- and exporter. 15
porate governance reform and the capacity of investors to A drought at the start of 2014 Sources: Colombian Coffee Growers Association;
Thomson Reuters Datastream
convince companies to distribute excess cash. wreaked havoc on Brazilian coffee pro-
In contrast, dividend per share growth for the S&P 500 is duction, and uncertainty clouds this
likely to stay at double-digit levels. This is above earnings year’s prospects for its farmers. Stimulated the coffee rust, have also experienced Colombia’s neighbour Peru has also ers outside Brazil is expected to
growth but the payout ratio is 32 per cent. We need to In Colombia, after the initial coffee output: growers a rebound. Output in the region, failed to overcome la roya, producing continue its recovery path. However,
anticipate a fall in dividends from energy companies, but rust outbreak in 2008, output in Colombia which accounts for a fifth of the 3.4m bags in 2014, down sharply there is considerable uncertainty over
this will be more than offset by dividend growth from the plummeted to 7.7m 60kg bags in have overseen a world’s arabica output, is forecast to from 5.3m in 2011 and the lowest since this year’s crop for the world’s largest
financial sector, which is still low. 2012, down from 12.6m in 2007. remarkable rise 3 per cent to 17.3m bags during 2009, according to the ICO. producer.
S&P 500 dividends benefit from a high level of diversifi- The disease then spread through Cen- recovery after 2014 from the year before, according As Colombia’s case has shown, for ren- Although Brazil’s drought sharply
cation, unlike other benchmarks where dividends are con- tral America to the north, hitting pro- almost 3.2bn to figures from the International Coffee ovation to succeed it has to be a joint reduced last year’s production, the
centrated in one or two sectors, or even a handful of stocks. duction in countries such as Honduras, trees were Organization. effort of agronomists, technicians and resultant tree damage is expected to
More than 400 stocks in the S&P 500 pay a dividend. Nine Guatemala and Costa Rica. replanted Honduras, Mexico, Guatemala and financiers, co-ordinated by a central continue affecting output this year, say
out of 10 sectors lifted dividends in the past 12 months. Six Starting in 2009, almost 3.2bn trees Kaveh Kazemi/Getty Images
Costa Rica are expected to see “a decent organisation. analysts.
of these increased dividends 10 per cent or more. Con- were replanted, using disease-resistant recovery”, says the ICO, although the Apart from Honduras, many of the Estimates range between about 27m-
sumer discretionary, IT and industrials were among these varieties, and in 2014 Colombia’s coffee level is still 14 per cent lower than in smaller countries have coffee sectors 34m bags for Brazil’s arabica harvest,
sectors, emphasising that the regulatory risk to dividends harvest reached 12.1m bags, a 12 per 2011, before the rust hit. that lack the ability to organise any such compared with an average of some 35m
is lower than elsewhere. cent increase from the previous year. But not everything is rosy in the programme, according to coffee indus- in the five years to 2013.
In the age of income investing, the income growth prop- The added bonus for Colombian cof- region. Coffee bulls take comfort try officials. “[Brazil’s] weather since the start
erties of the S&P 500 will continue to be highly valued. fee growers has been the fact that the from the fact that not all countries hit Even if they managed to bounce of this year has been less than ideal,”
According to our estimates, S&P 500 dividends could production increase has come at a time by la roya have managed to stage an out- back, the overall market might not be says Mr Mera, who predicts a global
exceed $48 by 2016, and $60 is not beyond reach by the when lower production in Brazil has put rebound. greatly helped. “A good Colombian crop supply shortfall in the 2015-16 crop
end of the decade. If we assume a 2 per cent dividend yield, boosted prices. The recovery in production “has been and a slight recovery in Central Ameri- year with arabica prices rising to $2.10
its 10-year median, the S&P 500 could exceed 2,400 before The value of Colombia’s 2014 harvest a little bit of a mixed bag”, says Keith can production will not be enough to off- a pound in the second quarter from
the next president is inaugurated. A level of 3,000 is within totalled 5.4bn pesos ($2.3m), a 23 per Flury, head of research at Volcafe, the set losses in Brazil,” says Carlos Mera, about $1.60 currently.
reach before the decade is out. cent year-on-year rise, according to the coffee arm of ED&F Man. senior commodities analyst at If his forecast is correct, aficionados
growers’ federation. El Salvador is struggling. Its output in Rabobank in London. of Colombian coffee may be paying
Dominic Rossi is global chief investment officer for equities Farmers in Mexico and Central 2014 was 680,000 bags, slightly less Output in Colombia and some of more for their brew this year despite
at Fidelity Worldwide Investment America, who were also affected by than half the 2012 figure of 1.4m. the other Latin American coffee grow- the plentiful supply of beans.

Commodities Capital markets

China supply set to weigh on aluminium gains Asia debt issuers shake off Kaisa cobwebs
HENRY SANDERSON
The aluminium market faces the pros-
pect of a growing surge of supply from
China this year that could disrupt
expectations of a global deficit.
A divergence in prices between China
and the rest of the world could spur
exports and limit aluminium’s price
gains this year, analysts say. A falling
rouble that has improved the competi-
tiveness of Russian smelters could also
prompt more supply.
At $1,873 a tonne, the London Metal
Exchange price for three-month deliv-
ery of aluminium has risen 1.4 per cent
this year, the best performing base
metal on the exchange.
Consultancy CRU forecasts a global
deficit of 600,000 tonnes this year, but
a 1m tonne surplus for China. The
difference in prices has driven exports
of fabricated forms of the metal, as com-
panies lobby the government for a lift-
ing of taxes that limit exports of the pri-
mary product.
The ministry of commerce said last
week that China would carefully
research an industry recommendation
to cut or abolish a tax on primary alu-
minium exports, according to Reuters.
The country’s largest companies are
already suffering from a weak domestic
market with Chalco, the company’s
largest aluminium company, warning of
a Rmb16.3bn loss for 2014 in a state-
ment to the Shanghai stock exchange
this week, at least double the loss
expected by analysts.
While China is unlikely to get rid
of the tax on primary exports, because
of the government’s reluctance to
export raw metal, some of the semi-fab-
ricated exports coming out of China
are not too dissimilar, analysts say.
Chinese companies can earn $300 a
tonne by exporting semi-fabricated
product due to the price differentials,
according to Gayle Berry, an analyst at
Jefferies.
“This perceived tightness in the alu-
minium market is at risk from Chinese
exports,” she said. “You can make a
huge amount of money by exporting
right now, with two markets that have
such wide discrepancy it’s normal eco-
nomics that material will find its way.
Where people can make money they
will find a way of doing it.”
It is estimated that 68 per cent of the
industry in China was making a loss in
the fourth quarter last year. While there
have been some small cuts to Chinese
aluminium production, new lower-cost
capacity has come online in western
provinces, Ms Berry said.
JOSH NOBLE — HONG KONG
Asian bond markets have overcome a
bumpy start to the year, with a diverse
range of new deals signalling that the
impact of troubles at Chinese devel-
oper Kaisa may be fading.
Sentiment had been dealt a blow after
Kaisa, a Shenzhen-based real estate
company with about $2.5bn in out-
standing offshore debt, missed bond
and loan payments last month.
Fears of contagion prompted a sell-off
in the bonds of many property groups —
especially those lacking government
support — in effect cutting them off
from fresh offshore financing. Last year
Chinese real estate groups sold more
than $5bn of new debt in January alone.
The fall in oil prices, slowing global
growth and the sell-off in US high-yield
debt have also damped the mood this
year, according to bankers. Asian bor-
rowers overall raised $25bn in January,
according to Dealogic, slightly lower
than the $27bn in the same month last
year, the first year-on-year decline
since 2009. The number of deals com-
pleted almost halved.
A handful of issues and a rally in
Kaisa’s bonds point to a recovery in
demand. Shanghai-based Shimao Prop-
erty sold an $800m bond on Tuesday
night, attracting $5.6bn of orders with a
coupon of 8.4 per cent. The company is
rated BB by Standard & Poor’s, making
it the first junk-rated Chinese developer
to raise funds this year. Indonesia’s
Tower Bersama, also rated BB, drew
$1.7bn of orders for a $350m sale.
The investment-grade segment has
been quicker to shake off Kaisa cob-
webs. Last week state-backed Sino-
Ocean Land became the first Chinese
developer to tap the offshore bond mar-
ket this year with a $1.2bn issue, one of
the largest from the sector to date.
India’s Reliance Industries has com-
pleted two large deals in the past week,
including a 30-year bond sold yester-
day, while other companies, including
Chinese internet company Tencent, are
due to sell debt in the coming days.
Fears around Kaisa have eased, with
hopes rising last week that a white
knight rescue was imminent. However,
on Sunday it announced that it had
agreed to sell some assets to Sunac,
another developer, relieving the imme-
diate financial pressure but not resolv-
ing the company’s woes.
“We believe the offshore market will
take time to recover,” said Chris Yip,
credit analyst at S&P. However, he
added: “Ultimately, Kaisa’s situation is
very unique.”
Thursday 5 February 2015 ★★★ FINANCIAL TIMES 29

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
Wall Street hit by ECB’s tightening S&P 500 index
Change on day 0.42%

of collateral rules on Greek debt

German stocks are hot. The Dax index
hit a fresh record high this week as the
broader market’s risk appetite saw a
resurgence and 10-year Bund yields at
one point offered a nominal 30 basis
points as deflation and the prospect of
European Central Bank asset
purchases weighed on implied
borrowing costs.
Compare: the Dax has a trailing
dividend yield of 2.5 per cent,
according to Bloomberg data.
On a technical viewpoint, traders
may be tempted to bet on a pullback.
The Dax’s 14-day relative strength
index, a closely watched momentum
gauge, was by mid-session yesterday
flirting with the 70 level that is the
threshold to “overbought” territory.
But Anthony Karydakis, chief
economic strategist at Miller Tabak,
reckons that, though the Dax may
face an “inevitable cooling in the
coming months”, there are three
reasons why investors should stick
with German equities.
“The heavy dependence of
Germany’s economy on exports
(approximately 50 per cent of GDP)
makes it the country the best
positioned in the eurozone to
benefit from the sharp decline of the
euro,” he says.
Also, as shown by yesterday’s
service-sector surveys, other eurozone
economies are showing signs of
picking up, a further boon for German
exports. Finally, borrowing costs (even
taking the effects of deflation into
account) are at historically low levels
— “a pivotal supportive factor to
economic activity”.
jamie.chisholm@ft.com
German equities
Dax index
11000
10000
9000
8000
Feb 2014 Feb
Source: Thomson Reuters Datastream
2015
Steep falls for crude oil
prices add to downbeat
mood, as 6.5% decline for
Brent brings four-session
run of gains to an end
DAVE SHELLOCK
News that the European Central Bank
had tightened collateral rules for Greek
debt triggered a late bout of jitters on
Wall Street, adding to the impact of a
sharp slide for oil prices and leaving the
S&P 500 lower for the first time in three
days.
A brace of broadly encouraging US
economic reports had only a muted
impact while a move by China’s central
bank to bolster liquidity also went
largely unheeded.
After a volatile session, the S&P 500
equity index ended 0.4 per cent lower at
2,041 points, after climbing 2.8 per cent
in the first two days of February.
The retreat came as Brent oil fell
$3.75, or 6.5 per cent, to settle at $54.16 a
barrel, ending a four-session run of
gains that had seen it climb almost
20 per cent. An early sell-off gathered
pace after data showed US crude inven-
tories rising to a record last week.
European stocks had a more positive
session, with the FTSE Eurofirst 300
index rising 0.6 per cent, while the
Nikkei 225 in Tokyo jumped 2 per cent,
its best day in more than a fortnight.
The ECB said it would ban the use of
Greece’s debt as collateral for its liquid-
ity operations, lifting a waiver that had
been set to expire at the end of February
if the Syriza-led government carried out
its threat to leave its EU bailout pro-
gramme. The central bank explained its
decision by saying that it was impossible
to assume a successful conclusion of the
current Greek programme.
The euro extended an early fall to
trade 0.9 per cent lower at $1.1375.
Dollar drag on US investments: FT.com/video
Are lower oil prices and ECB QE enough to counter deficient
eurozone demand and negative bond yields?
The announcement came after Greek
markets closed. The Athens General
equity index edged up a further 0.9 per
cent after the previous day’s 11.3 per
cent jump. Greece’s 10-year govern-
ment bond yield briefly moved back
above 10 per cent with the uncertainty
surrounding the outlook for the country
was further underscored by weak
demand at an auction of Treasury bills.
US government bond yields initially
rose after a private sector labour market
report pointed to another solid increase
in non-farm payrolls. But the news from
the ECB prompted a late burst of buying
and the 10-year Treasury yield was
down 2 basis points at 1.78 per cent.
ADP Employers Services said 213,000
Andrew Harrer/Bloomberg
US jobs had been created in January,
slightly less than expected and down
from December’s upwardly revised
253,000. But analysts remained broadly
upbeat on labour market conditions
ahead of Friday’s employment report.
Nick Stamenkovic, macro strategist at
RIA Capital Markets, said: “Although
the ADP employment measure softened
in early 2015, jobs growth remains solid,
pointing to a further erosion of slack in
the labour market and higher wage
growth in coming months.”
US service sector activity, meanwhile,
expanded slightly more than forecast
last month, according to the Institute
for Supply Management’s latest survey.
But the employment sub-index fell to
2060
2040
2020
2000
1980
Jan 2015 Feb
51.6 from 55.7 — in line with the slightly US equities A late sell-off following
disappointing ADP data. news that the European Central Bank
In the eurozone, the final reading of had tightened its collateral rules on
the January composite purchasing man- Greek debt left the S&P 500 lower
agers’ index was slightly up from the after two days of strong gains
“flash” estimate — and the highest fig-
ure since July. FTSE 100 index
Eurozone retail sales rose 0.3 per cent Change on day 0.17%
in December, taking the year-on-year 7000
gain to 2.8 per cent.
Jonathan Loynes, at Capital Econom- 6800
ics, said: “Overall, the eurozone recov- 6600
ery appears to have picked up a bit of
6400
speed around the turn of the year. Jan 2015 Feb
“But growth remains far too weak to
erode the large amount of spare capac- UK equities The FTSE 100 trailed
ity in the economy and hence eliminate continental European peers as energy
deflation dangers.” stocks were hit by falling crude prices.
The 10-year Bund yield rose 2bp to Hargreaves Lansdown fell 7.6 per cent
0.37 per cent. on news of a drop in interim profits
The dollar rebounded after Tuesday’s
steep fall, climbing 0.4 per cent against a Eurofirst 300 index
weighted basket of currencies. But ster-
Change on day 0.57%
ling rose 0.3 per cent to $1.5206 after 1500
news of a rebound in UK service sector 1450
activity in January. 1400
Meanwhile, the People’s Bank of
1350
China managed to surprise the markets
1300
once again by announcing a 50bp cut in
Jan 2015 Feb
the required reserve ratio (RRR) for
banks. Most had expected a move closer European equities An 8.1 per cent rise
to the Lunar New Year holiday. for LVMH on news of a rise in fourth-
“We estimate that this could immedi- quarter sales helped lift the luxury
ately release around Rmb600bn in goods sector, while Greek banking
liquidity,” said Harrison Hu, economist stocks had another positive session
at UBS. “We see the RRR cut as mainly a
liquidity management tool and expect
limited stimulus effect on credit expan- Nikkei 225 index
sion. Today’s move should not be (’000) Change on day 1.98%
18.0
regarded as major monetary stimulus.”
The move was unveiled after the close 17.5
of Chinese markets. The Shanghai Com- 17.0
posite index ended 0.9 per cent lower.
But it provided some support to the 16.5
Jan 2015 Feb
copper price, although an early rise to a
two-week high was pared by the close. Japanese equities The Nikkei had its
Copper finished 0.4 per cent firmer at best day in more than two weeks as
$5,705 a tonne, having touched $5,755. financial stocks were lifted by a strong
Gold edged up $5 to $1,265 an ounce in earnings report from Mitsubishi UFJ
spite of the dollar’s rebound.

ARM Holdings expected following last year’s ban on

London
ITV increases amid
growing optimism for
advertising sector
Bryce Elder
ITV was yesterday’s biggest gainer as
optimism grew about another strong
year for advertising.
Pricing inflation and heavy
government spending before the May
general election mean that ITV’s first-
quarter ad sales look much stronger
than investors expected, said Credit
Suisse.
Its feedback from UK media buyers
suggested ad growth of 5.3 per cent this
year, versus a consensus forecast of 2.7
per cent. Every 1 percentage point of
sales growth adds 2 per cent to ITV’s
earnings per share, Credit Suisse
forecast. The broker argued that, in
spite of ITV’s audience share slipping
over the past year, its flagship channel
“remains the only option for marketers
wanting mass market reach”.
ITV closed a penny below its record
Share price (pence) fund manager rebates.
Trading Directory
1100 Arm Holdings rose 3.1 per cent to
£10.69 after announcing the 2016
1000 launch of a range of chips aimed at high-
900 end devices, such as games consoles.
800 Arm said that more than 10 partners
Feb 2014
Source: Thomson Reuters Datastream
Feb
2015
had already licensed the new octa-core
processors designs, which will carry a
Day's
royalty rate about a fifth higher than
Indices Close change
previous chips.
Moneysupermarket lost 1.2 per cent
FTSE 100
FTSE 250
6860.02
16571.64
-11.78
1.34
to 261p on a Numis Securities
FTSE 350 3747.92 -5.37
downgrade to “sell”. The price-
FTSE All-Share 3680.18 -4.96
comparison website’s reliance on deal
FTSE All-Share Yield 3.27 -
volumes rather than recurring fees
FTSE 100 Futures 6797.00 -13.00 make it a less valuable proposition than
10 yr Gilt Yield 2.53 -0.29 sites such as Rightmove, as shown by
20yr Gilt All-Share Ratio 0.62 - expected annual earnings growth of just
7.6 per cent, Numis said.
high, rising 3.6 per cent to 230.6p. “Put simply, we think a valuation of
Energy companies led the wider circa 20 times earnings is the wrong
market lower after US inventories data multiple for a company with these
sent crude prices tumbling again. current growth prospects and qualities.
The FTSE 100 lost 11.78 points at We think it is even more overvalued if
6,860.02, a 0.2 per cent drop, having you believe Google will at some point
started the day at a five-month high. prove to be a disruptive competitor in
Tullow Oil fell 5.2 per cent to 395.9p the industry.”
and Premier Oil lost 5.8 per cent to A day before results, Smith & Nephew
161.1p. faded 0.6 per cent to £11.68. Piper
Morgan Stanley cut share price Jaffray analysts argued that, based on
targets across the oil and gas sector by “channel checks”, Stryker was likely to
about 50 per cent to reflect project revive its interest in S&N. “Stryker does
delays, writedowns and pressure on not want to be third in the orthopaedic
balance sheets. market where it competes,” the broker
Hargreaves Lansdown fell 7.6 per told clients.
cent to 966p on weaker than expected Discount retailer B&M fell 1.6 per cent
earnings. The key worry according to to 315p. Pre-float investor Clayton
analysts was that net revenue margins Dubilier & Rice sold a 12 per cent stake
at Vantage, its fund selection platform, at 320p apiece, reducing its holding to
were moderating more sharply than 17.4 per cent.

Sovaldi, slowed to $1.73bn from a Lauren was the worst-performing stock

Wall Street
Gilead tumbles on
discounting worries
Mamta Badkar
Gilead Sciences shares tumbled
yesterday despite exceeding fourth-
quarter earnings and sales estimates
after it said it would have to offer
discounts on its hepatitis C drug.
The California-based company said it
would make a “gross to net adjustment”
of 46 per cent on US sales of its Harvoni
and Sovaldi pills this year. Sales of the
company’s older hepatitis C medication,
quarter earlier as patients transitioned
to its successor, Harvoni. The new
medication, which has a cure rate of
94-99 per cent and a $94,500 price tag
for a 12-week treatment, beat Wall
Street estimates at $2.11bn. Earlier sales
were limited as the medication was only
available in Europe. Gilead expects to
have capacity to treat more than
250,000 patients for hepatitis C in 2015.
Profits more than tripled from a year
earlier to $3.49bn, or $2.18 a share, in
the three months to the end of
December, while sales more than
doubled to $7.3bn. Gilead said it would
pay a 43 per cent quarterly dividend
and announced a $15bn share buyback
programme. Shares fell more than 8 per
cent to $98.43, wiping $16.5bn off the
market capitalisation.
Chipotle Mexican Grill shares fell 7
per cent to $676.00 after the restaurant
chain reported a 16.1 per cent rise in
same-store sales in the fourth quarter,
shy of Wall Street estimates for 16.5 per
cent growth. Earnings of $3.84 a share
topped forecasts, while sales of $1.1bn
were in line with estimates. Ralph
on the US benchmark after it reported a
9 per cent drop in fiscal third-quarter
profits to $215m, or $2.41 a share, and
sales of $2.03bn that missed Wall Street
estimates. It expects fiscal 2015 revenue
to rise 4 per cent in constant currency
terms, lower than its previous estimates
for 5-7 per cent growth. Shares fell 18 per
cent to $139.71.
Walt Disney shares advanced nearly 8
per cent to $101.28 after it topped fiscal
first-quarter earnings and sales
estimates, driven by sales of consumer
products and home entertainment
related to its 2013 animated hit Frozen.
Kohl’s reported a 3.7 per cent rise in
same-store sales, ahead of its forecast
for 2-3 per cent growth, lifting shares up
more than 6 per cent to $66.87.
Consumer discretionary and
telecoms stocks offered support to the
US benchmark as lower oil prices and
healthcare stocks weighed on the index.
The S&P 500 fell 0.4 per cent to
2,041.51, the Dow Jones Industrial
Average was little changed at 17,673.02
and the Nasdaq Composite fell 0.2 per
cent to 4,716.70.
30 ★ Thursday 5 February 2015

SMART MONEY Analysis. McKinsey report

John
Authers
Debt mountains spark fears of another crisis
Failure to cut borrowing Change in debt*-GDP ratio, 2007-14 (Percentage points) Leveraging Deleveraging Global stock of debt
Ireland Greece Portugal China outstanding by type
has expanded capital markets
US ivory tower funds but left them vulnerable
$tn (constant 2013 exchange rates)

are not endowed RALPH ATKINS

172% 103% 100% 83%
Compound
annual
growth rate
with crystal balls After the post-2007 global financial tur-
moil, the world was widely expected to
Spain Sweden France Japan 200
2007 2007
-07 -14**
“delever”. Learning the lessons of the US
subprime mortgage crisis and other Financial

M
oney managers keep their eyes on the ivory overinflated markets, consumers, busi- 150 9.4 2.9
towers of academe. Ever since the Yale nesses and governments would scale 72% 68% 66% 64%
endowment, under its manager David down their borrowing.
Swensen, demonstrated that it could leave In fact the opposite has happened. Netherlands Italy Australia Brazil Government
the returns generated on stocks and bonds Debt mountains have expanded at a 100 5.8 9.3
in the dust by piling into hedge funds, private equity and greater pace than economies, with gov-
real assets such as forestry, the big US endowments have ernment borrowing recording the most
been treated as asset allocation laboratories. Where they rapid growth since 2007, according to a Corporate
go many try to follow. McKinsey report based on data from 47 62% 55% 33% 27% 50 5.7 5.9
But it is not clear where they are going. Commonfund’s countries and published today.
annual survey of US endowments, published last week to The huge increase in debt has Russia Germany India Argentina
great interest, suggests that managers are tentatively step- expanded capital markets but left them Household
ping back from their huge placements in alternative vulnerable to fresh crises — perhaps 0 8.5 2.8
investments. Two years ago alternatives accounted for as vulnerable as before 2007. “There are Q4 Q4 Q2
61 per cent of the assets of large endowments (those worth
more than $1bn); this has ticked down to 57 per cent, while
few indications that the current trajec-
tory of rising leverage will change,” the 19% 8% 0% 172%
-11%
2000 2007 2014
Source: McKinsey Global Institute
equities and fixed income have risen to 39 per cent. report says. “This calls into question
*Debt owed by households, non-financial corporates and governments **2Q 2014 data for advanced economies and China, 4Q 2013 data for other developing economies
This is not a huge move, but experts suspect that alloca- basic assumptions about debt and
tions to alternatives will fall a bit further. In the short term deleveraging and the adequacy of tools Household manager, said in a speech late last year. manageable”, McKinsey says, but its burdens than existed in the US or UK at
disillusion with the fees that alternatives charge will prob- available to manage debt and avoid High debt levels could make it harder indebtedness would restrict its ability to the peak of the credit bubble,” says the
ably mean a further retreat from them. future crises.” debt in some for central banks to “normalise” mone- compensate for slower long-term report. Canada, Australia, Sweden and
In the six years since the stock market started its post- China and other developing econo- countries is tary policy without disrupting the real growth in advanced economies. the Netherlands are among those identi-
crisis rally, the uncomfortable fact is that the best invest- mies have powered the expansion in economy — the US Federal Reserve “Before the [post-2007] crisis there fied as having “potential vulnerabilities
ment out there has also been the cheapest. Sinking money global debt. But across advanced econo- bigger than plans to raise interest rates this year for was one area where debt was very low in household debt”.
into a tracker fund that followed the S&P 500, paying only mies, governments have had to shore up ‘in the US the first time since 2006. “High debt lev- and stable, and that was China,” says McKinsey says “fresh approaches”
a few basis points for the privilege, and leaving it there has banking systems and compensate for els are an outward sign of structural Luigi Buttiglione, head of global strategy are needed to reduce the risk of future
been an almost unbeatable strategy — and indeed, most severe recessions. Encouraged by low or UK at the problems,” says Charles Dumas, chair- at hedge fund Brevan Howard and co- debt crises. Innovations in mortgages
endowments have failed to beat it. interest rates, consumers and compa- peak of man of Lombard Street Research. author of a report in September on glo- and other debt contracts could better
Data from Charles Skorina nies have also “levered up”. Financial Between 2007 and mid-2014, China’s bal indebtedness. “When there was a share risks between borrowers and
Executive Search covering the
Managers are sector debt has shrunk relative to gross the credit debt, including the financial sector, crisis in the west, China could lever up. creditors. Bolder steps would include
universities’ latest fiscal year, domestic product in crisis-hit countries bubble’ quadrupled to $28.2tn, or 282 per cent Now that is not the case.” debt “restructurings” or “monetisation”
which ended on June 30, show growing restive such as the US — but not elsewhere. of GDP, McKinsey calculates. That is a Across emerging markets, growth in — under which debt acquired by central
that the S&P gained 24.6 per McKinsey’s conclusions echo warn- higher ratio than in the US — or slightly debt “mainly reflects healthy financial banks would be written off.
cent while the average endow-
about the fees ings by the Bank for International Set- lower if the financial sector is excluded. deepening”, says McKinsey. In the If debt held by government agencies
ment of more than $1bn charged by tlements in Basel, which acts as a think- The report identifies three areas of advanced world, however, accelerating and the central bank were excluded,
gained 16.8 per cent. Yale tank for central bankers. BIS research concern: the concentration of Chinese government debt could constrain Japan’s government debt to GDP ratio
came closest to matching the
private equity has found that “when private sector debt in real estate markets; the rapid growth. Corporate and household debt would fall from 234 per cent to 94 per
stock market, with a gain of credit-to-GDP ratios are significantly growth and complexity of shadow bank- relative to GDP has declined in only four cent. But such quick-fix “deleveraging”
20.2 per cent. Harvard, the biggest university endowment above their long-term trend, banking ing in China; and “off-balance sheet” advanced economies — the US, the UK, could itself cause financial turmoil,
on the planet, gained only 15.4 per cent. strains are likely to follow within three borrowing by local governments. Spain and Germany. “A number of coun- McKinsey acknowledges.
The same holds true over five years, encompassing years”, Jaime Caruana, BIS general The country’s overall debt “appears tries . . . have larger household debt www.ft.com/debt-interactive
almost all of the great rally in stocks fuelled by central
bank bond buying. The S&P gained 18 per cent over this
period, while the average large endowment gained 12.1 per
cent. (Columbia led with a gain of 14.2 per cent.) Capital markets
In these circumstances many endowment managers —
and the great and the good who sit on their boards — are
growing restive about the fees charged by alternatives,
particularly private equity. Hence the small but significant
Finland sells five-year
shift back towards public equities and bonds.
In part, this is a result of share price appreciation. But
bond at negative yield
there is also a liquidity effect. It can take years to extract
yourself from a private equity deal (as Harvard appears to
be discovering) and many months to get out of a hedge ELAINE MOORE — LONDON tion are trailing behind the
fund. The paring back of alternatives is likely to continue. AND RICHARD MILNE — OSLO opposition Centre party in
But the rush is not great, and neither should it be. Over Finland became the first the polls.
10 years — which includes 2008, when big endowments eurozone country to sell Finland has been perhaps
were forced to borrow to cover cash needs — the biggest US five-year government debt the main cheerleader in the
endowments (gaining 8.5 per cent per year) beat the S&P at a negative yield yesterday, eurozone for austerity. How-
(7.8 per cent). They are led, still, by Yale (11 per cent). The meaning investors are in ever, much to the chagrin of
core intuitions from Yale that led pension fund managers effect paying to lend to the many top officials, it is
across the world to start exploring alternatives clearly country. expected to have already
retain their validity. breached Maastricht criteria
As for the future, history suggests depressingly that The prospect of a govern- by allowing its debt-to-gross
endowments, like retail investors, tend to adjust asset allo- ment bond-buying pro- domestic product ratio to
cation according to the “hot hand” and the latest results — gramme by the European rise above 60 per cent last
exactly what they should not be doing. To paraphrase Central Bank has accelerated year.
terms first used by Cathleen Rittereiser, co-author of Foun- a rally in eurozone bonds Investors see this as rela-
dation and Endowment Investing, a “60/40” asset allocation that has sent yields on debt tively low — certainly com-
has been the norm in the sector for years. But in the 1970s to record lows and in some pared with other eurozone
that meant 60 per cent bonds, 40 per cent equities. cases to below zero. countries — but Finnish poli-
As Mr Swensen’s ideas took hold, and hedge funds Finland’s €1bn sale of five- ticians and business people
showed they could register gains even during the dotcom year government debt was a are united in not believing
bust, the norm shifted to 60 per cent public assets (bonds tap on an existing security. that the solution to the coun-
plus equities) and 40 per cent alternatives. Then the great Demand was sufficiently try’s problems is to spend
financial crisis happened, and within two years, the “new strong that the bonds were and borrow more.
new 60/40” was 60 per cent alternatives, 40 per cent pub- priced at more than face Instead, their preferred
lic equities and bonds — just in time for an epic equity rally. value, so the in effect yield remedy to the woes caused
Now that the opportunity for easy money in stocks may was minus 0.017 per cent. by the declines of Nokia, the
be largely over, we can expect to see more endowment Investors put in bids more Finnish mobile-phone
money in the stock market. Ironically, the case for than one and half times the maker, and the domestic for-
alternatives may be improving — as long as they start size of the sale, according to estry industry is to enact
charging sensible fees. the Finnish State Treasury. structural reforms on labour,
About a third of the euro- pensions and healthcare.
john.authers@ft.com zone’s sovereign debt market Following a hotly antici-
is trading with negative pated monetary policy meet-
yields, including five-year ing in Frankfurt last month,
government bonds in Aus- Mario Draghi, ECB presi-
tria, Sweden and the Nether- dent, said that the central
lands. However, Finland is bank intended to start flood-
More comment and data on ft.com the first country to auction ing the eurozone with more
debt with this maturity at than €1tn in newly created
such low rates. money, sparking a rally in
Y Fast FT Our global economies, headed Sweden and Germany plan stock and bond markets and
team gives you market- by Brazil, Russia, India bond sales this month and sending the euro plunging.
moving news and views, and China. these could be priced with On Tuesday yields on 10-
24 hours a day, five days ft.com/beyondbrics negative yields, according to year bonds issued by Ger-
a week. ft.com/fastft analysts. many fell below their Japa-
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a Finland has been mired in nese equivalents for the first
irreverent financial blog. look at what is driving recession for the past three time, while a four-year bond
Join Paul Murphy and the global currency years. In fact some econo- issued by Nestlé that
Bryce Elder for the daily market. ft.com/podcasts mists say that it is in a matures in 2016 dropped to
Markets Live session at “depression” worse than its minus 0.008 per cent.
Y Video View from the crisis in the 1990s. The yield on Finland’s 10-
11am. ft.com/alphaville
Markets features video The weak state of the econ- year benchmark govern-
Y beyondbrics News and interviews with leading omy is likely to be the main ment bond fell to 0.37 per
comment from more market analysts. issue in April’s parliamen- cent yesterday, down from
than 40 emerging ft.com/vftm tary elections. All four par- more than 2 per cent at the
ties in the governing coali- start of the year.
 EXECUTIVE
APPOINTMENTS THURSDAY 5 FEBRUARY 2015

www.ft.com/recruit www.exec-appointments.com Twitter: @carola_hoyos

Inside

Chiefs fight In a Blink

Want a promotion? You
are probably wrong

shy of salary about what matters

PAGE 2

Workplace Haiku
Our winner draws
lessons from the

comparison coffee-fetching intern

PAGE 2

Careers Counsel

with staff It often takes years

before you have the
clout to go freelance
PAGE 2

At Work with the FT

Entrepreneur
Requiring companies to publish pay ratios would Michelle Mone
expose enormous inequality, finds Paul Hodgson has reshaped
women and
her own

W
e know how much Neither UK chief executives nor their opportunities for career and economic “Last year,” says Deborah Hargreaves, Mean, median
money the chief execu- US counterparts are happy. growth than many other companies in the HPC’s director, “the centre and a and mode: career
tives of listed compa- In the US, the idea of publishing the the US”. group of large private and public inves- protesters PAGE 3
nies make, but we do chief executive/worker pay ratio has Britain has so far resisted calls for a tors wrote to the Financial Reporting against low pay
not know how much met with enormous opposition, espe- chief executive/worker ratio rule. Council complaining about companies outside a
more they earn than their staff. As cially when compared with another pro- “What [UK] companies must disclose,” manipulating their comparators.” Walmart store in
global anger over inequality grows, that vision of the Dodd-Frank act, one that says Steve Glenn of E-Reward.co.uk, a Using its own data, for example, Brit- Illinois in 2013 —
may be about to change. would allow boards to recoup any research group, “are CEO salary, bene- ish American Tobacco would have a Jeff Haynes/Reuters

The US Securities and Exchange Com-
mission, the regulator, is deciding
whether — as early as this spring — to
enact a rule calling on companies to dis-
close the ratio between chief executives’
pay and the median salary of workers.
The requirement, signed into law in
July 2010, was part of the Dodd-Frank
reform act, passed in response to the
financial crisis.
The news that this controversial rule
might be put into effect caused one Fox
News presenter to accuse President
Barack Obama of trying to shame CEOs.
In the UK, the pay disparity between
chief executives and workers is also
gaining exposure. On the same day as
the Fox outcry, January 6, the UK’s High
Pay Centre (HPC) reported that after
just two days at work following the
Christmas break, a typical UK chief
executive would have earned more than
Britain’s average annual salary of
£27,200.
bonuses based on fraudulent accounts.
Almost every company in the Fortune
100 has voluntarily introduced such a
policy in advance of the SEC regulations.
By contrast, in terms of pay ratio dis-
closure, Noble Energy provided a rare
exception when it volunteered that its
chief executive made 85 times as much
as its average worker.
However, the ratios at many other US
companies are likely to be enormous.
Pay site Payscale finds Oracle’s median
worker pay of $102,000 would result in
a 745:1 ratio, because Larry Ellison, Ora-
cle chief executive, earned more than
$76m in 2014. Oracle was not available
for comment.
Walmart’s former chief executive,
Michael Duke, earned “only” $25.5m,
but the gap was more than 1,000:1
because of the workforce’s low wages.
Walmart says it will comply if the
rules change and adds that the company
provides its employees with “more
fits and bonus ‘rises’ versus an
‘employee comparator group’, rather
than actual levels. And [these] only
include salary, bonus and benefits,
excluding the largest part of a director’s
remuneration: long-term incentives.
“Also, the choice of employee group is
up to the company, so many just include
UK staff, others just senior staff. There is
a suspicion they choose the group that
suits them.”
In an unexpected finding in his latest
‘There is a report, A New Remuneration Reporting
suspicion Environment One Year On, Mr Glenn cal-
culated that both median and average
companies increases disclosed for staff were greater
choose to than those for chief executives. For
example, average staff bonuses appar-
compare ently rose by 33.4 per cent compared
salaries with with 19.4 per cent for chief executives.
However, the HPC says FTSE 100
groups that chief executives’ pay has risen by nearly
suit them’ £500,000 since last year, compared
with £200 for workers.
chief executive/worker pay ratio of just Stern Words
8:1. Chief executive Nicandro Durante
earned annual pay of about £3m, com- Boards need to realise
pared with £370,000 for workers. How- that human resources
ever, BAT’s chosen comparator group are a strategic function
comprises 80 senior managers, rather
than its 90,000 employees worldwide. rather than a sideshow
BAT was not available for comment. PAGE 3
The HPC is among those calling for a
UK pay ratio. Last month local authority Mrs Moneypenny
investors wrote to the chairmen of the
UK’s largest 350 companies asking for a The new British chief of
ratio, while Aviva, an insurer, and the McDonald’s
Church Investors Group have both indi- has a CV
cated that they would vote against a pay
report disclosing a ratio larger than they that
felt was justified. makes
But in the end it may be left to the US him a
to take the initiative. If the SEC tells
companies to disclose the comparison of
welcome
pay between chief executives and their role
workers, US investors and employees model
will not be the only ones watching and PAGE 3
trying to decide what to do in response.
2 ★
Career Counsel What things do I need
to consider before I turn freelance?
I am head designer for a large UK online
retail company but I am thinking of going
freelance. What kind of things should I
consider before making the big leap?
Rich Preece, vice-president and UK
country manager at Intuit QuickBooks,
a global online accounting software
company, says:
There is a real thrill to setting out by
yourself, which is why it is no surprise so
many people are making the move. In
fact, the Office for National Statistics
reports there were 4.6m freelancers in
the UK in 2014, an all-time high.
Advantages range from personal
benefits, including controlling your
work/life balance, to the professional,
such as being able to exact larger fees.
But leaving your company to go
freelance is indeed a big leap, so it is
important to think it through.
The biggest change is not having a
regular salary or holiday pay, and you
will not get any company benefits. You
may miss having support and people to
discuss ideas with. But if the pluses
outweigh the negatives, there are some
easy steps to take before jumping in.
First, are you at the right stage to
thrive? Companies hire freelancers with
different levels of ability, but you need
to be confident you can work
independently. Some say this comes
from having at least two years’
FINANCIAL TIMES Thursday 5 February 2015
Executive Appointments
In a Blink: what really gets you promoted
Top five things people believe will earn a promotion or pay rise
Share of respondents (%)
experience in your profession, but often
several more are required before people 37 37
take you seriously.
If you have decided the time is right, 33
have your first job lined up before you
Haiku at Work
leave. It is often said the first job is the Weekly Competition
trickiest, so know exactly how you are
going to ease the transition. Do not burn 23
bridges with your current employer. Poets this week were more than
You will need to have a firm grasp of 18 ready to explore the haplessness of
your finances. It is likely there will be interns and trainees.
times without work, so have enough But the winners chosen by judge
money for at least two months put by. Jim Kacian, founder of the Haiku
As a freelancer, you only get taxed on Foundation, explore the most
your profits, so the higher your important part of the job — what
expenses, the lower your tax bill. interns and trainees take away from
It is easy to read up online about the their experience. The winning
expenses you can deduct, and how to fill poem is by Sarah Leavesley:
in a tax return, but it is always good to Meeting deadlines Meeting targets Working longer hours Learning new job skills Being a team player
get an accountant’s advice too. accounting intern
Finally, you should make use of the learns lists, numbers and sums,
online tools out there to help you Top five things employers really look for when offering pay rises or promotions ordering coffees
manage your new work and lifestyle. Share of respondents (%)
Cloud technologies make anything from Gaining qualifications through education The runner up is by David Dayson:
managing finances to setting up project 46
management tools much easier. Going on work related training courses well pruned —
Going it alone can be one of the most 33 a budding trainee
rewarding decisions you make in your Gaining work related knowledge from free online courses or background reading flourishes
career. If you feel ready on a personal 26
level to be your own boss, and are Meeting deadlines The current topic is the boss’s
prepared professionally, you will soon 25 spouse.
be reaping the benefits. Meeting targets
23 Details at ft.com/haiku. Send your
Send your queries to Janina Conboye at entries to workplace.haiku@ft.com
workplace.questions@ft.com FT graphic. Source: Open University. Multiple choice survey of 1000 employers and 1000 employees, Nov 2014
Thursday 5 February 2015 ★ FINANCIAL TIMES 3

Executive Appointments

Entrepreneur who thinks different Mrs Moneypenny Take inspiration

from new British chief of McDonald’s

helps women change their looks “Being a

McDonald’s
employee can be
I am known for my almost
obsessive views on
accountancy. But in this
the launching instance it is also the big
At Work with the FT leagues to do it for me.” pad to a wide brand that will have helped
Michelle Mone But she had ambition and a head for variety of him land the financial
marketing: “Every time someone had a opportunities”. reporting job at McDonald’s.
Founder, Ultimo Career Clips truck of beer about to go out of date, I So reads the fast- All these are good things
would see Willie [Haughie] from City food chain’s for a man to have on his CV
The businesswoman tells What is the best advice you had? at Ultimo, but also for the kids who Refrigeration and we’d do promotion website. and even more powerful if you
Hazel Davis about loneliness Work the hardest you can; play the grew up where I am from. nights. I’d just think different.” Last week, are a women battling career
and the hard lessons of retail hardest you can; and always give Her talent for “thinking different” the company predudice.
something back. What else would you have done? came to the fore when she had the idea announced it And don’t make the mistake
It would always have been business. for Ultimo at 24. She was at a dinner had given of thinking that, as a bean

M
ichelle Mone’s fortune is
founded on changing how
women look — and she
has undergone quite a
makeover herself.
From a girl growing up in a one-bed-
room Glasgow tenement who left school
at 15, she has transformed herself into
an OBE-honoured entrepreneur
commanding enormous speaking fees
and a loyal following in the tabloids and
on social media.
Ms Mone is co-owner of Ultimo
Brands International and creator of
Ultimo, which brought the world —
among other things — the gel-filled bra.
Hers is a story of great personal success,
but also of the bitter lessons of
entrepreneurship, including the danger
of mixing personal and business life.
At our meeting, she comes across as
warm and friendly, but there is an ele-
ment of guarded caution. Her arms
were crossed firmly over her chest but
her answers were candid and she made
constant eye contact.
It is hardly surprising that Ms Mone
is guarded. In 2013, she went through
an acrimonious divorce, buying her ex-
husband out of the company. The
former MJM International, which
says it employs 63,000 people and has
been renamed Ultimo Brands Inter-
national, recorded net liabilities of
more than £287,000 at the end of the
year.
She says the experience led her to
drink a bottle and a half of wine a
night. Having sold 80 per cent of the
company, she is now embarking on
a new venture in the crowded field
of self-tanning products.
In her autobiography My Fight To
The Top, to be published next
month, she writes about the loneli-
ness of being an entrepreneur.
“It affects your relationships,
everything,” she says. “I grew up
trusting everyone around me and I
have had to harden up so much that
my mum says business has changed
me.
“I have found there are so many dis-
honest people around, people always
willing to take advantage.”
Ms Mone left school at 15 with no
qualifications, landing her first job as an
administrative assistant at brewery
Labatt with a lie. “I couldn’t type,” she
Who are your mentors?
Phones4U founder John Caudwell. He
has an incredible business mind. I love
the way he thinks, which is not the
same as everyone else.
What was your career high point?
Getting my OBE from the queen was
an award for my family and the team
I was born for it. I never wanted to be a dance in yet another uncomfortable
singer or an actress. bra when she decided she had had
enough.
Are you worth what you earn? “I bought all the bras I could, took
In Puerto Rico this weekend I will get them apart and worked with a chemist
for a one hour speech what a top in Germany to create a gel pad that
executive earns in a year. I give much would feel like breast tissue,” she
of it away to charity and, yes, I am explains. By November 1996 she had
completely and utterly worth it. founded MJM International using
redundancy money and in the following
years engineered a series of new bra
styles.
Her launch at Selfridges highlighted
‘I have had to harden up another talent — for public relations.
She paid actors to play plastic surgeons
so much that my mum protesting that the new bra would put
says business has them out of business.
It is perhaps this talent for publicity
changed me’ that has put the brand at the forefront of
people’s minds — take the example of
the bra worn by Julia Roberts in the 1999
legal drama Erin Brockovich, which was
an Ultimo creation and an integral part
of the plot, allowing the main character
to use her ample cleavage to take on a
polluting energy company.
Nevertheless, Ultimo lags behind
brands such as Elle Macpherson and
Stella McCartney, failing to feature in
the top 10 lingerie brands stocked by
retailers last year, says analyst EDITD.
It seems that Ms Mone has done bet-
ter than her business, promoting herself
using social media and by telling her
story of chutzpah and hard work at
speaking engagements.
And now she has a new focus, one that
again emerges from her dissatisfaction
with a product women use to transform
their looks. This time, though, she is a
well-known entrepreneur who is able to
draw from the mistakes of her past
success.
Photo: Getty
the biggest
opportunity
of all to a
Brit, Steve Easterbrook, who
has been appointed its new
global chief executive.
‘I found it I mostly use female role
instructive models to advise women on
their careers, but for once I
to look back have found a man to do the
over his job.
Mr Easterbrook started his
progress. McCareer in 1993., but let us
What can start even further back in his
life. Bearing in mind the Social
we learn Mobility and Child Poverty
from it?’ Commission’s 2014 report,
which lamented the severe
over-representation
of those educated at
independent schools and
Oxbridge among our political
and business leaders, Mr
Easterbrook’s schooling at
state-funded Watford
Grammar School for Boys is
worth noting. He later took a
degree in natural sciences at
Durham and played cricket for
the university.
As a headhunter, I like all
these things: a state school, a
Russell Group university, a
Stem (science, technology,
engineering and
mathematics) degree, and a
sports career while studying
— what I call a third-
dimension activity. What he
did next is even better. Mr
Easterbrook went and
qualified as an accountant
with PwC.
counter and a man, Mr
Easterbrook was shielded
from working behind the
counter and in the kitchens.
Not only that, but he also
took on a new third-
dimension activity, becoming
a visiting fellow of the Oxford
University Centre for
Corporate Reputation in 2008.
His next move would help
him even further. He left
McDonald’s briefly to run
PizzaExpress and then
Wagamama, before rejoining
the company. Since his
appointment, some
commentators have said
McDonald’s should have
appointed a chief from
outside; but he has been
outside, having worked for
three other companies.
I hope his example will
encourage others - especially
women - to apply to good
universities, study Stem
subjects, get professional
qualifications, work their way
up a company’s ranks, leave
and return, and combine this
with a third dimension activity
or two.
Mr Easterbrook was famous
during his time as the boss of
McDonald’s UK for tackling
head-on the negative
perceptions of a ‘McJob’.
His appointment should
show us that every McJob has
the potential to become a
McCareer, facilitated by an
inspiring CV.

laughs. “I used to pay one of my col-

In the hand
“I don’t sign anything unless it’s with my
Mont Blanc pen,” says Ms Mone. “I got it
four years ago and I knew it would be
something special, for me.”
Though this is her special one, Ms
Mone told the FT in 2011 that she has
more than 100 Montblanc pens, and buys
them at airports.
A pen is a particularly poignant choice,
because Ms Mone was diagnosed with
dyslexia as a child and was told that this
would prevent her from becoming a
businesswoman.
Ms Mone, who is also an avid collector the company with it; and when we were
of cars, says she does not receive partnering with the Sri Lankans
many gifts, and the black-and- and I had to sign 35
gold engraved pen was a documents, I couldn’t do it
present to herself. unless I had my pen with
This particular pen has me,” she laughs.
special significance, as it “It’s with me at all
has helped her sign away times now, along with a
a difficult history. picture of my children,
She says of the pen, a which I would never be
ballpoint: “I signed my without.”
divorce papers with it; I
bought my ex [husband] out of Hazel Davis

Time to see the strategic human factor

STERN ON BOARDS
Stefan
Stern
Should your company’s human
resources director be at the board
table? It is a question that has been
asked for a long time — often (but not
solely) by HR directors themselves.
In an era of corporate governance
reform, when conventional wisdom
(and advisory codes) call for the
presence of more independent
directors, HR bosses may not get a look
in. But perhaps they should.
This is not just about assessing
behavioural risk and board level
interpersonal relationships. Investors
are taking a closer interest in the
“people stuff” some business leaders
have, in the past, considered to be far
less significant than financial results.
As Anthony Hesketh, senior lecturer
at Lancaster University management
school, points out, the career paths of
some top executives are tracked by
investors. Their departure would make
the company’s shares less attractive.
But just as senior people’s performance
matters, so other measures of
employee performance are of
increasing interest too.
Last summer, Mr Hesketh published
a paper for the Chartered Institute of
Personnel and Development, Managing
the value of your talent: a new framework
for human capital measurement. His
work explores a familiar theme — that
of accounting for the contribution
employees are making.
There are two reasons for renewed
interest in this topic. First, the financial
crisis has made some investors wonder
how well they really understood the
people factor in the businesses they
were invested in. Second, the growing
appetite for (and ability to produce)
better quality data has encouraged a
more sophisticated approach to
studying companies’ performance.
Staff turnover — whether “regretted”
or not — should be measured and
watched as an indicator of the
momentum of a business. Levels of
employee engagement, hard to define,
can also provide an insight into the
mood of staff. Boards should want to
know about these things, even if in the
past they may have seen them as
secondary to sales and profitability.
Amanda Young, head of responsible
investment at Standard Life
Investments, is quoted in the paper as
saying: “I think that there’s a
disconnect [between] what boards
think about their employees and what’s
happening on the ground . . . While the
HR function is probably one of the key
parts of a business, it’s often treated as
a support function as opposed to a
strategic function.”
Human resources may not have a
glamorous image, but as far as
company performance is concerned,
this is where the action is. Boards
should be paying attention.
Even if the human resources
department has no permanent
presence at the board table, its
activities need to be an agenda item.
The people stuff really matters. The
world, and investors, are watching.
4 ★ FINANCIAL TIMES Thursday 5 February 2015

EXECUTIVE
APPOINTMENTS