THURSDAY 27 AUGUST 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Emerging trades Borderline insane Tips for Corbyn

EM volatility provides scope for Is the price tag on Tesla really Hard-left policies don’t have to
investors — MOHAMED EL-ERIAN, PAGE 26 so crazy? — COMMENT, PAGE 9 be stupid — CHRIS GILES, PAGE 9

Mahathir tells Briefing

Malaysia PM i Financial sector bonus payments retreat
Finance and insurance bonuses fell almost 10 per
Najib to resign cent to £13.6bn in the year to March and to their
lowest proportion of total pay in a decade. Payouts
increased the most in the IT, professional and
Former Malaysian leader Mahathir scientific sectors.— PAGE 2; SIMON SAMUELS, PAGE 9
Mohamad pauses during an interview
with the Financial Times in which he i Chilcott snubs Iraq war report calls
said premier Najib Razak “has to go” Sir John Chilcot has resisted calls to set a deadline
because he had undermined the legal on when he will publish his report into the Iraq war,
system in a scandal involving $700m which was commissioned in 2009 and which has so
that made its way into his bank account. far cost £10.4m.— PAGE 3; EDITORIAL COMMENT, PAGE 8
Speaking in his Kuala Lumpur office
and wearing his familiar khaki suit, 90- i Paddy Power and Betfair take a punt
year-old Mr Mahathir had no time for Paddy Power and Betfair are to combine to create
Mr Najib’s explanation that the cash the world’s largest online gambling company, with a
came from a Middle Eastern benefactor market value of £5bn. The move sends a warning to
nor the dismissals of the attorney-gen- rivals like William Hill.— PAGE 13; LOMBARD, PAGE 17
eral and deputy premier that in effect
shut down an inquiry into the matter. i Root cause of India onion surge disputed
Those around Mr Najib accuse Mr A surge in onion prices, said to be
Mahathir of mounting a coup d’état. determining factors in polls in 1980
Interview page 6 and 1998, is threatening to cause
Sanjit Das
electoral problems for premier
Narendra Modi amid claims of
market manipulation.— PAGE 6

Case for rate rise next month now i Hungarian troops set for border duty
Hungary is set to deploy troops at the EU’s frontiers
as Europe’s migration crisis enters a new phase after
reports that more than 2,500 people penetrated the

‘less compelling’, says Fed official

border with Serbia on Tuesday.— PAGE 6

i Green lobby to sue US fracking regulator

US protesters have started preparations to sue
watchdogs for not taking action on the way ancient
seawater releases are dealt with during fracking,
which scientists say causes earthquakes.— PAGE 4

3 Dudley damps expectation of imminent increase 3 US stocks stage biggest rally since 2011
KADHIM SHUBBER AND
ROBIN WIGGLESWORTH — NEW YORK
A top Federal Reserve official has
damped expectations that the central
bank would raise US interest rates next
month, highlighting how the turmoil
that has spread from China to global
markets is rattling policymakers.
William Dudley, head of the New York
branch of the Fed, told a conference that
it was “important not to overreact to
short-term market developments” but
conceded that the argument for tighten-
ing monetary policy as early as Septem-
ber “seem[s] less compelling to me
[now] than it was a few weeks ago”.
“International developments have
increased the downside risk to US
economic growth somewhat,” he said,
citing China’s economic slowdown,
falling commodity prices, strains on
emerging markets and the resulting
“financial market volatility”.
He was speaking after days of steep
slides in Chinese shares and mounting
evidence of a slowdown in the world’s
second-largest economy. The declines
have spread alarm across global
equities, commodities and foreign
exchange markets.
The turmoil eased yesterday, with
Wall Street staging an impressive come-
back. The benchmark S&P 500 posted
its biggest one-day gain in almost four
years after a volatile day in which the
FTSE Eurofirst 300 closed down 1.9 per
cent. China’s Shanghai Composite index
also dropped 1.3 per cent, a day after the
People’s Bank of China cut interest rates
i Corbyn’s women-only plan off track
Labour leadership frontrunner Jeremy Corbyn’s
suggestion that he might consider women-only
and pumped liquidity into the banking ‘I really do Dennis Lockhart, president of the train carriages, last seen in the 1970s, has been
sector by reducing the reserve require- Atlanta Fed, said on Monday that he still dismissed by rail experts.— PAGE 2; CHRIS GILES, PAGE 9
ment ratio for big banks. hope we expected interest rates to rise this year.
Earlier this summer most economists can raise But Mr Dudley is the first Fed policy- Datawatch
were predicting that the Fed would raise maker to speak in such detail since the
rates in September for the first time in interest global stock market sell-off.
almost a decade. But market expecta- Jeffrey Gundlach, the head of Double- China’s contribution
tions of a rise next month are fading fast,
rates this Line, a big bond fund manager, said to global growth
A prolonged
China slowdown
with Barclays economists shifting their year . . . there was “no way” the Fed would lift Share of total growth in world
would have
serious
forecasts to March next year. But let’s see interest rates this year. “There are some GDP over previous three years (%) consequences.
Mr Dudley said he still hoped the Fed people that still think the Fed could hike
could raise interest rates by the end of how the in September. I think that’s a ridiculous
50 China accounted
for 28 per cent of
the year, noting a move would be a sign assumption, given what is going on in 40
of confidence in the US economy. He
data unfold’ financial markets,” he added. 30
the rise in global
output between
added that new data could yet make a William Dudley “I think we should be very worried 20 2000 and 2014,
September rise “more compelling”. about China. It’s a very big deal.” 10 and nearly half
“I really do hope we can raise interest China fallout page 5 of world growth
rates this year . . . But let’s see how the David Pilling page 9 1995 2000 05 10 16 in the crisis
Source: FT research, from IMF data years of 2007-09
data unfold before we make statements Short View page 13
about when that might occur.” Markets pages 26-28

Scots campaigners aim to work ‘wi

Sex abuse inquiries cause
unease at Westminster
Harvey Proctor’s media showdown
amid allegations of murder and sexual
abuse of children has highlighted the
disquiet felt at Westminster at the way
police are handling cases of alleged
sexual abuse. Politicians fear police are
overcompensating for years in which
allegations of paedophilia by the rich
and powerful were brushed aside by
pursuing inquiries based on
incomplete evidence and in the full
glare of the media.
Analysis i PAGE 3
pairtners tae heize up’ native tongue
MURE DICKIE — EDINBURGH
For a government document, Scot-
land’s policy of “wurkin wi pairtners
tae heize up the status o Scots language
amang folk an toons” has an unusual
ring to it.
But cultural agency Creative Scotland
makes no apology for adopting a bilin-
gual format to call for more collabora-
tion to raise the status of a tongue once
championed by the 18th-century poet
Robert Burns.
“Scots is pairt o oor historie an oor
cultural heritage, wi rich oral an
scrievin tradeetions that ur still gey weel
alive theday in oor sang, drama, story-
tellin, the makin o fulms, braidcastin an
leeterature,” the agency says.
As part of a drive by the Scottish
National party government to raise the
profile of Scots in schools and cultural
industries, the first “Scots scriever”, or
writer, takes office this week. The
appointment of Hamish MacDonald to a
two-year residency at Edinburgh’s
National Library follows a long decline
in the use of Scots — which, like English,
is derived from the Germanic languages
of the Anglo-Saxons.
Scots has a long literary tradition that
includes works by the 15th-century King
James I of Scotland, 19th-century author
Walter Scott and contemporary novelist
Irvine Welsh. It retains a Scandinavian
influence and rich stock of onomato-
poeic words, including “blocher” —
defined as the “act of making such a gug-
gling noise as to indicate that there is a
great quantity of catarrh in the throat”.
But since union with England made
English the language of parliament and
law courts, many in Scotland have
shared the view of 18th-century philo-
sopher David Hume that their native
tongue is merely a “corrupt dialect”.
As Scots scriever, Mr MacDonald says
he hopes to encourage compatriots to
embrace their linguistic traditions.
“There’s a living language, a living voice
and a living expression that is part of a
really fascinating, beautiful and expres-
sive language,” he says. “It deserves and
needs to be celebrated.”
The lack of a modern standard ver-
sion is a challenge for Scots promotion,
with Creative Scotland acknowledging
that the “Central Scots” it used in its pol-
icy statement is far from universal.
Literacy expert Tommy MacKay wel-
comes the greater use of Scots but says
that rapid anglicisation of spoken lan-
guage in most Scottish communities
means Scots can no longer be consid-
ered a living tongue.
“That’s a lost cause,” he says.

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2 ★ FINANCIAL TIMES Thursday 27 August 2015

NATIONAL

Remuneration

Bank bonuses at lowest share of salary in a decade

Finance sector payouts fall
from peak of a third of pay
in 2007 to a fifth this year
SARAH O’CONNOR AND JIM BRUNSDEN
Bankers’ bonuses have fallen to their
lowest proportion of total pay in a dec-
ade, but the rest of Britain’s workers
have received higher payouts.
Official data show bonuses accounted
for about a fifth of total pay in the
finance and insurance sector in the year
to March 2015, the lowest share since
2003. They peaked at more than a third
of pay in 2007, just before the City’s
boom turned to bust.
In cash terms, finance and insurance
bonuses fell almost a tenth to £13.6bn in
the year to March, according to the
Office for National Statistics, although
this fall was exaggerated by changes in
the timing of the 2014 bonus season.
In contrast, bonuses in the rest of
the economy picked up last year, rising
to £28.8bn or 4.5 per cent of total
pay, the highest share since records
began in 2000. Bonuses increased the
most in the IT, professional and scien-
tific sectors.
Taken together, UK bonus payments
in cash terms were almost back to their
pre-crisis peak. However, the economy
is now about 20 per cent bigger than the
peak in cash terms, which means
bonuses play a smaller role than before
the financial crisis.
Economists commented that higher
bonuses outside the finance industry
reflected employers’ growing confi-
dence in the economy.
Meanwhile, the continued decline in
City payouts reflects a number of
trends, including the EU’s bonus cap,
the requirement from regulators
that British banks defer more of their
variable pay for longer, and the fact
that investment banks have been
shrinking, particularly RBS and Bar-
clays, which have been cutting thou-
sands of jobs.
James Sproule, chief economist at the
Institute of Directors, said the figures
showed the City had taken steps to rein
in excess.
“Under pressure from politicians, the
public and regulators, banks now realise
that the previous culture of unjustifia-
bly high cash bonuses as a reward for
10% short-term performance is over,” he
pointed out.
Fall in cash terms
of finance and EU rules kicked in this year banning
insurance bonuses banks from awarding bonuses of more
to £13.6bn in the than twice fixed pay. The UK govern-
year to March
ment failed in an attempt to block the
measure, while banks have sought ways
4.5% around it.
Rise in bonuses in The European Banking Authority, an
the rest of the agency that brings together regulators
economy to £28.8bn from the 28 EU states, intervened this
in the same period
year to tackle a trend of banks using
“role-based” or other allowances to
increase wages without falling foul of
the bonus cap. Members of the Euro-
pean Parliament introduced the bonus
cap after the financial crisis, saying it
would help to reduce incentives to take
irresponsible risks.
The UK has argued that the rule is
‘Banks now counter-productive because, by limit-
ing bonuses, banks are pushed to
realise that increase fixed pay to compensate.
the previous Mark Carney, Bank of England gover-
nor, said last year the change had the
culture of
“undesirable side-effect of limiting the
unjustifiably scope for remuneration to be cut back”
high cash and could create a need for rules limit-
bonuses as a ing fixed pay.
Yesterday’s ONS data show that peo-
reward for ple in finance and insurance are still
short-term paid much higher bonuses than workers
performance in any other sector: they received an
average £13,100 each last year com-
is over’ pared with an average bonus of £6,900
for workers in the oil and mining sector,
the next highest paying. Across the
economy as a whole, the average bonus
per person was about £1,500.
Make up your mind page 9

Opposition. Contested ground

Corbyn’s rise puts

Lib Dems in a spin
A shift to the left could leave
the UK’s third political force
fighting for occupied territory
KIRAN STACEY
POLITICAL CORRESPONDENT
The rise of Jeremy Corbyn as a serious
contender to lead the UK’s main opposi-
tion party has put its third political force
in a bind. Having governed in coalition
with the Conservatives from 2010, the
Liberal Democrats were comprehen-
sively punished at the ballot box in May,
shrinking from 57 to 8 MPs.
In the aftermath, Tim Farron has
replaced Nick Clegg as leader and has
urged the party to return to the centre-
left to win back voters. But his col-
leagues are worried, telling the Finan-
cial Times they think there is little mile-
age in moving on to territory occupied
by Mr Corbyn.
“My concern is that we have a real
for a liberal, progressive force to chal-
lenge the Conservatives. It will be a
losing game if the Lib Dems and Labour
were to compete for votes on the
far left.”
Mr Farron has said the party should
campaign on areas such as building
more social housing, spending more on
the National Health Service and defend-
ing human rights.
But these are all questions that Mr
Corbyn, the leftwing MP for Islington
North, has promised to focus on. More-
over, his move to the front of the race to
succeed Ed Miliband has surprised
many Lib Dems, who had hoped that
providing a distinct challenge to the left
of the Conservatives would help them
win back some of the support lost over
the past five years.
However, Mr Farron does not see a big
problem. “With a Corbyn victory ever
more likely and the Tories lurching ever
further to the right, there has never
been more need and space for the Lib- Dan Kitwood/Getty Images

Video
Lionel Barber and Janan Ganesh
eral Democrats,” he said.
“We have shown in government that
we can balance economic competency
Trouble ahead Critics of Jeremy Corbyn often accuse
him of wanting to take Britain back to
the 1970s. If he ever pursued the idea
London Overground, have completely
open carriages.
Another industry expert pointed to
chose to sit
there instead. Others have raised
concerns that women-only carriages
Doubt cast on
discuss the potential fallout
from a Corbyn victory with the liberal mission of making our of bringing back women-only train the cost to train operators if they had could become a magnet for pests.
ft.com/corbyn-uk
country greener, fairer and more free. carriages to the UK, he would be doing to pay for security guards to monitor Other countries have taken

problem in competing for the same

“Sensible and progressive voters from
across the political spectrum will find a
home with the Liberal Democrats once
space. There is no way Tim can compete
to the left of Labour if Jeremy Corbyn
wins,” said one Lib Dem MP.
again.”
Some Lib Dem MPs say Mr Farron
should highlight the party’s economic
Mr Farron won the leadership contest record in government rather than
last month, beating his rival Norman focusing on social issues.
Lamb by 13 percentage points on a turn- Alistair Carmichael, the MP and
out of just 56 per cent. former cabinet minister, said: “What
He is popular with grassroots mem- the Labour party will find is that looking
bers, but viewed with suspicion by some credible on the economy is still the most
on the right of the party, who accuse him important issue. Inevitably there has to
of wanting to take it back to an “opposi- be a continued reduction in public
tion comfort zone”. spending.” Mr Carmichael added that
“Tim will need to recognise that the party should stress its pro-business
poor turnout and 44 per cent credentials as a way of exposing
support for Norman means he Labour’s weakness.
has no clear mandate to shift Tom Brake, MP for Carshalton,
dramatically to the left,” said a said: “As Syriza showed in Greece, if
Lib Dem parliamentarian. you follow Jeremy Corbyn’s style of
Mr Lamb said: “There is a need politics you can march your sup-
porters to the top of the hill,
but you often end up
Tim Farron: marching them down
popular with again.”
grassroots Chris Giles page 9
women-only exactly that.
Women-only compartments were
last used in 1977, when they were
carriage idea phased out by British Rail. While
segregated compartments are now
absent from Europe, they have proved
popular in other countries such as
India, Japan and Egypt.
However, UK rail experts believe Mr
Corbyn’s idea, which he hopes would
help stem a rise in assaults on public
transport, would be difficult to
introduce today. Roger Ford, industry
and technology editor of Modern
Railways magazine, said the idea was
“pretty impractical” and particularly
difficult to police on trains where there
were no staff other than the driver.
Areas solely for females would also
be more difficult to set up on trains
now compared with the late 19th
century, when they were introduced.
Back then, carriages were formed of
Tube travel in 1954 was a lot less compartments, making separation
crowded than today easier.
Carl Sutton/Picture Post/Getty Images
Today, some services, such as the
women-only carriages.
Chris Sheldrake, of the European
Railway Association, said
reintroducing the concept in the UK
would reduce capacity when it is under
severe pressure. “It would also invite
accusations of segregation and cause
resentment,” he said. “For example,
how would men feel if there were no
seats left in mixed carriages but plenty
of spare seats in the adjacent women-
only coach?”
Yvette Cooper, Mr Corbyn’s Labour
leadership rival, has dismissed the
idea. “Segregation to ‘keep women safe’
is turning the clock back, not tackling
the problem. We shouldn’t have to shut
ourselves away from men for our own
safety,” she said. Liz Kendall, another
contender, agreed, saying segregation
“would be an admission of defeat,
rather than a sustainable solution”.
The End Violence Against Women
Coalition said the idea also implied that
harassment against women would be
acceptable in mixed carriages if women
various approaches. In Australia,
some trains at night have a carriage
where a guard is seated to provide
added security to women.
Mr Corbyn’s defenders point out
he has not said it is his policy, only
that he has said he would “consult
with women . . . to hear their views
on whether women-only carriages
would be welcome — and also if
piloting this at times and on modes
of transport where harassment is
reported most frequently would be
of interest”.
Some academic research has
suggested that female
compartments were unpopular even
in the Victorian era. David Turner,
an associate lecturer in railway
studies at the University of York,
said that by the time of the first
world war, many train companies
had phased them out because they
were underused and made no
financial sense.
Tanya Powley and Jim Pickard

Upper chamber Northern Ireland

A private bank unlike
any other. Peerages raise questions over Ulster Unionists add to crisis
Lords expense and credibility with move into opposition
JIM PICKARD £2.8m to the Conservative party and is VINCENT BOLAND — DUBLIN UUP was involved in drafting the agree-
CHIEF POLITICAL CORRESPONDENT
its co-treasurer. ment, but has seen its position as the
30 global locations • www.efginternational.com The political arrangements for govern-
More than 40 peers will be appointed Defenders of the Lords point to its leading voice of unionism taken over by
ing Northern Ireland put in place after
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the Troubles have begun to unravel
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Thursday 27 August 2015
Tension grows between Westminster
and police over sex abuse inquiries
Some politicians believe forces are overcompensating for failures to probe big-name figures in the past
GEORGE PARKER, HELEN WARRELL AND
JANE CROFT
The sight of a distraught former Con-
servative MP publicly confronting alle-
gations of murder and sexual abuse of
children has prompted disquiet at West-
minster at the way police are handling
such prominent cases.
After years in which allegations of
paedophilia by the rich and powerful
were brushed aside — most infamously
in the case of Jimmy Savile — some poli-
ticians believe the police are overcom-
pensating by pursuing inquiries based
on incomplete evidence, and in the full
glare of the media. “They have gone
from one extreme to another,” said one
former Labour home secretary, who
declined to be named.
Harvey Proctor, a former Essex MP
who stood down in 1987 amid a scandal
over his use of male prostitutes, claimed
on Tuesday he was the victim of a
“homosexual witch-hunt”. He said he
was “completely innocent” of allega-
tions he murdered two young boys and
was linked to the death of a third.
Mr Proctor, 68, called for the com-
plainant, known by the pseudonym
“Nick”, to be stripped of his anonymity
after the ex-politician was questioned
for a second time by detectives investi-
gating claims of an establishment pae-
dophile ring operating in Westminster
in the 1970s and 1980s. Mr Proctor has
not been arrested and is not on bail.
Politicians at Westminster are reluc-
tant to criticise the police publicly on
such a sensitive issue. But some are con-
cerned that Mr Proctor and other fig-
ures — including Edward Heath, former
prime minister, Leon Brittan, former
home secretary, and past heads of MI5
and MI6 — have been linked to the
alleged paedophile ring and have seen
their reputations sullied unfairly.
No charges have been brought. The
laws on contempt of court that apply to
criminal investigations after any arrest
are not yet in play in Mr Proctor’s case,
and most of the others named by “Nick”
are dead.
Steve McCabe, Labour’s spokesman
on children, said: “What most folk
would like to see is some decent police
work to bring about some substantial
charges and fewer newspaper head-
lines.”
Politicians are particularly concerned
at comments by Detective Superintend-
ent Kenny McDonald, head of the Oper-
ation Midland inquiry into the alleged
Westminster ring, that he believed what
“Nick” was saying was “credible and
true”.
One former Conservative Home
Office minister said: “How can the
police know that before the evidence
has been tested? The police sometimes
appear to look like they are persecuting
people because they are rich and power-
ful. There are many in the higher eche-
lons of the police who were scarred in
the Tony Blair era by suggestions they
were doing what the politicians wanted.
There is a whole generation of coppers
who don’t want to be seen as too close to
the establishment.”
Police have been under intense scru-
Housing market
Remortgaging reaches four-year high as
borrowers anticipate interest rate increase
JAMES PICKFORD
The number of homeowners remort-
gaging surged last month to its highest
level in four years, suggesting borrow-
ers are signing up for attractive deals in
case interest rates rise.
Remortgaging was up nearly 29 per cent
compared with July last year, according
to figures from the British Bankers’
Association. Mortgage approvals overall
were 15 per cent higher than in July
2014, with house purchases rising 11 per
cent.
Richard Woolhouse, BBA chief econo-
mist, said: “Savvy homeowners are
snapping up competitive deals before an
expected increase in interest rates.”
Moneyfacts, the comparison site, said
fixed mortgage rates were starting to
creep up, with the average two-year
fixed rate rising from 2.76 per cent at the
start of August to 2.82 per cent.
Five-year fixed rates have also risen
from 3.24 to 3.29 per cent over the
month.
Charlotte Nelson, a finance expert at
Moneyfacts, said: “This goes to show
that we do not necessarily need a base
rate rise to see rates move upwards.”
Remortgaging activity has been flat
since the financial crisis, despite a “price
war” among lenders, which have cut
Under scrutiny Four of the prominent figures linked to the alleged paedophile ring
Sir Edward Heath
PM from 1970-74
Sir Edward Heath
was prime minister
from 1970-74 and
leader of the
Conservative
party from 1965
to 1975. He died in 2005, aged 89.
The politician is accused of raping
a 12-year-old boy in his London flat
in 1961.
tiny in their investigations of allegations
of sex abuse following the revelation
that several forces, including Scotland
Yard, had received complaints about
Savile that were never taken forward
during his lifetime.
Peter Neyroud, former chief consta-
ble of Thames Valley Police and now an
independent adviser on policing mat-
ters, said it was difficult for forces to
handle a growing caseload of sexual
offence allegations at a time when their
funding was being cut.
He was particularly concerned that
new guidelines on crime recording from
‘Most folk would like to see
decent police work bring
about substantial charges
and fewer headlines’
interest rates on fixed-rate loans to
record lows.
Brokers think the main reasons for
the quiet market were inertia and regu-
lation: consumers were reluctant to
move when they saw little prospect of
interest rates rising, while remortgaging
has become harder to do with tougher
rules that were introduced in April
2014.
But the mood has changed in recent
weeks. Mark Harris, chief executive of
mortgage broker SPF Private Clients,
said the surge in remortgaging “reflects
growing concern among borrowers
about a potential interest rate rise for
the first time in several years. Borrowers
are locking into cheap fixed-rate mort-
gages before they disappear.”
2.82% 3.29%
Average two-year Average five-year
fixed rate, up fixed rate up from
from 2.76% at the 3.24% at the start
start of August of the month
★ FINANCIAL TIMES
NATIONAL
Sir Maurice Oldfield
MI6 chief 1973-78
Sir Maurice
Oldfield, who died
aged 65 in 1981,
was head of the
Secret Intelligence
Service from 1973
to 1978. He was named as being
investigated by Scotland Yard over
child sex offences.
Her Majesty’s Inspector of Constabulary
had made it harder to test the veracity of
allegations before launching a formal
investigation. “I think the requirement
for everything to be recorded immedi-
ately has led to forces jumping straight
from receiving allegations to carrying
out a full inquiry,” Mr Neyroud said.
“They are then under a lot of pressure
from the press to be open and transpar-
ent about the nature of the crime they
have recorded, and to name suspects.”
One example is Wiltshire Police,
which is under investigation by the
police watchdog for its handling of sex
abuse allegations against Heath in the
1990s.
The force’s recent request for victims
of abuse to make themselves known,
including an appeal made by Superin-
tendent Sean Memory outside the gates
of Heath’s former home, was criticised
for being too sensationalist. Four other
He added that he expected many to
wait until rates started to rise. “Anecdo-
tally, the first rate rise is the trigger
point for many people remortgaging,
but it may even be the second or third
increase, as that is when there is a signif-
icant impact on a household’s expendi-
ture and people then remortgage to save
money.
“However, by then the best fixed rates
will have long gone,” he warned.
The figures predate the market tur-
moil of the past week, which has
sparked speculation that the Bank of
England could respond by delaying
interest rate rises.
Even before the markets took flight,
the BoE had surprised some analysts
with its cautious stance, with just one
member of its nine-strong Monetary
Policy Committee voting for an August
increase in the main bank rate.
Even so, brokers said the logic of sign-
ing up for low fixed rates on home loans
remained strong.
Brian Murphy, head of lending at bro-
ker Mortgage Advice Bureau, said:
“China’s financial crisis may have now
thrown doubt over when we can expect
a base rate rise, but homeowners still
stand to save significant amounts by
switching to one of the record low rates
available on the market.”
Sir Michael Hanley
MI5 head 1972-76
Sir Michael Hanley
was head of MI5,
the internal
security service,
from 1972 to 1976.
Hanley, who died
in 2001 aged 82, was wrongly accused
in the 1960s of being a Soviet spy.
Little is known of the allegations
against him.
police forces opened investigations into
abuse claims involving Heath but no
progress has been reported.
The police were also strongly criti-
cised for agreeing to let the BBC film a
raid on the house of Sir Cliff Richard
over an alleged sex assault dating back
to 1985. The pop star has not been
charged.
Mr Proctor’s emotional press confer-
ence, in which he set out in detail the
allegations against him, has also been
criticised by some lawyers.
Peter Garsden, senior partner at law
firm Abney Garsden, said: “My view is
that we should not be judging guilt or
innocence at this stage, nor should Mr
Proctor be attempting to manipulate
the press and public into believing he is
innocent in advance of any criminal
charges. The venue for the trial of guilt
or innocence is the criminal court, not
the media.”
Urban renewal
More areas earmarked for enterprise zones
after strategy attracts £2.2bn investment
CHRIS TIGHE
England’s enterprise zones got off to a
slow start from their launch in 2012 but
government figures published yester-
day say they have now created 19,000
jobs and attracted 540 companies and
£2.2bn of private investment.
The 24 zones, which offer companies
business rate discounts and tax reliefs,
were launched by the coalition govern-
ment with the aim, subsequently scaled
down, of creating 54,000 jobs by 2015.
James Wharton, minister for local
growth and the Northern Powerhouse
project, said the latest figures marked a
milestone and a vindication of the
enterprise zone policy, which it is now
set to expand.
He praised the opportunities they had
created but said it was impossible to
predict the ultimate jobs figure and “dif-
ficult to measure the full economic
impact”.
In July, George Osborne, the chancel-
lor, proposed creating more enterprise
zones and the deadline for bids is Sep-
tember 18.
Ministers are hoping to attract more
smaller towns, while the Centre for
Cities think-tank has urged that new
zones should focus on central, rather
than out-of-town, locations. Past zones,
Harvey Proctor at Tuesday’s
press conference — Ben Cawthral/LNP
Lord Brittan
Home secretary 1983-85
The former Tory
home secretary,
who died in
January, was
interviewed under
caution by police in
connection with the alleged rape of a
19-year-old student in his central
London flat in 1967, before he became
a member of parliament.
Sam Stein QC, specialist criminal
defence advocate at Mansfield Cham-
bers, also raised concerns that in such
cases, the extensive publicity might
mean people would feel more reluctant
to come forward with information in
such cases lest it be aired in public.
Theresa May, home secretary,
announced this year new time limits for
police bail in an attempt to cut the dura-
tion of the “legal limbo” facing those
under investigation but not charged for
an offence.
The former Labour home secretary
told the Financial Times that this was
vital, especially now that suspects’
names were often circulated on social
media.
“The problem is that there does not
seem to be much urgency with which
these lines of inquiries are being pur-
sued,” the former minister said.
Additional reporting by Kiran Stacey
the organisation says, have com-
pounded the problems of struggling
town centres.
Businesses in the 24 zones will receive
business rate discounts until 2018; in
the new ones starting next April it will
be until 2021.
This could be worth up to £275,000
per business over five years, the govern-
ment says. Enhanced capital allowances
are offered in some zones and extend
‘The idea is to attract new
jobs, new growth and
new investment’
James Wharton, MP
until 2020. Other benefits include
superfast broadband — now available in
all but one of the 24 zones — and simpli-
fied planning rules. The local enterprise
partnership and council in each area can
keep extra business rates for 25 years.
The latest figures show the govern-
ment has spent £440m on developing
the 24 zones. It is also forgoing business
rates; in 2012-13, this cost it £10m.
The policy was inspired by the 1980s
urban renewal programme instigated
by then minister Michael Heseltine and
prime minister Margaret Thatcher.
3
Iraq war inquiry
Chilcot resists
push for swift
deadline on
publication
KIRAN STACEY
POLITICAL CORRESPONDENT
Sir John Chilcot has resisted calls to set
an immediate deadline on when he will
publish his report into the Iraq war,
saying he is still undergoing the “Max-
wellisation” process of consulting
those he intends to mention by name.
Sir John has written to the families of
victims of the war explaining why the
report — which was commissioned in
2009 and which has so far cost £10.4m
— has taken so long. Although he has not
revealed the contents of that letter, Sir
John also published a lengthy statement
in reply to calls for him to set a deadline
on publication.
In it, he said: “I understand the
anguish of the families of those who lost
their lives in the conflict,” but he added:
“In its scope and length, this is an
inquiry mandate for which there is no
precedent. We expect to receive the last
responses to our Maxwellisation letters
shortly.
“That will allow us to complete our
consideration of the responses, to
decide what further work will be
needed, and to provide the prime minis-
ter and thus parliament and the public
with a timetable for the publication of
our work.”
“Maxwellisation” is a right-of-reply
procedure named after the former
newspaper owner, Robert Maxwell, who
was criticised in a government report in
1969 and took the Department of Trade
and Industry to court.
In recent months, Sir John has been
consulting those he intends to name but
has come under increasing pressure to
speed up his report. When Gordon
Brown commissioned it as prime minis-
ter in 2009, he said it would take “at
least a year”.
Last week David Cameron called
delays to the report “frustrating”. The
prime minister said: “We want this
inquiry finished. It is for the good of the
families. It is for the good of the country.
People want to know the truth. They
want this inquiry out and so do I.”
Clare Short, the former cabinet minis-
ter who eventually resigned from the
Labour government over the war, is one
of those who has been consulted in the
process. She told the BBC yesterday: “I
think what might be true is that the
draft is very poor and it is as big as War
and Peace, I understand.
“Lots of people have made serious
responses and they are probably having
to redraft. But I think the hope of it
being a good piece of work that Britain
learns what went wrong and we don’t do
it again looks very, very poor to me.”
Ms Short added that based on the sec-
tions she had seen, a wide range of peo-
ple would be criticised.
“It is not just politicians. The criticism
seems to go right across Whitehall: sen-
ior permanent secretaries, the top of the
civil service — everybody.
“I see it and think this means every-
one is to blame [so] no one is to blame.
We won’t get a proper diagnosis and it
won’t be helpful in finding out what
went wrong with our system.”
Editorial Comment page 8
The original idea, proposed by
urban academic Sir Peter Hall, was for
“Hong Kong style free-for-all areas”
where barriers to business growth,
such as regulation, would be removed so
that enterprise could thrive.
The 38 zones designated in the UK
between 1981 and 1996 were not this
laisser faire, and drew criticism that
they created too few jobs, at too great a
public expense, or that they simply
shifted jobs around.
“Those lessons have been learned,”
Mr Wharton said. “The idea is to attract
new jobs, new growth, new investment,
not to move investment necessarily
from one place to another,” he pointed
out.
The 19,000 jobs figure compares with
15,500 jobs last December, and 4,649 in
December 2013.
The zones’ 540 businesses include
motor, aerospace, pharmaceutical and
renewable energy sectors.
Officials say the zones are popular
with colleges seeking to set up facilities
and training opportunities. These have
benefited 2,000 trainees and appren-
tices so far.
The Welsh government has set up
seven enterprise zones and the Scottish
government has overseen the establish-
ment of four enterprise areas.
4 ★ FINANCIAL TIMES Thursday 27 August 2015

INTERNATIONAL

Nuclear agreement Shale revolution

Iran deal close to securing Congress votes US regulator

White House gains nearly
enough support to stop
Republicans blocking pact
GEOFF DYER — WASHINGTON
The White House is close to securing the
votes it needs in the US Congress to keep
the nuclear agreement with Iran on
track despite fierce opposition from
Republicans and a multimillion-dollar
advertising campaign against the deal.
A steady trickle of Democrats has
come out in favour of the deal in recent
days, giving the White House almost
enough votes to prevent Congress from
blocking the historic agreement, which
was reached in Vienna last month.
Some Democratic Senate aides
believe there could even be enough sup-
port in the party to filibuster a resolu-
tion against the deal, which would mean
the president would not need to wield a
veto to secure his second term foreign
policy priority.
If Congress were to vote to block the
Iran deal, it would amount to one of the
most important rebukes of a president’s
foreign policy since the Senate opposed
Woodrow Wilson’s plans for the US to
join the League of Nations in 1919. The
debate has included accusations that
opponents of the deal are “warmon-
gers” and claims that supporters have
been playing with anti-Semitism.
Democratic aides in Congress say
party leaders are working hard to con-
vince undecided members to support
the deal and are wary of any revelations
Rebellion. Violent stand-off
that might alter the political debate in
Washington, but they are confident the
agreement will survive.
Support among Democrats has held
up despite a lobbying campaign against
the nuclear deal worth $20m, including
television advertising, much of which
has been organised by pro-Israel
groups. Jewish lobby groups in favour of
the agreement have also sponsored TV
adverts, although on a smaller scale.
Patti Murray, the Washington Demo-
crat who is the party’s fourth-ranking
senator, became on Tuesday the latest
senior figure to endorse the deal. “I am
convinced that moving forward with
this deal is the best chance we have at a
strong diplomatic solution,” she said. “It
puts us in a stronger position no matter
what Iran chooses to do, and it keeps all
of our options on the table if Iran doesn’t
hold up their end of the bargain.”
Her decision follows the announce-
ment on Sunday that minority leader
Harry Reid would vote in favour of the
deal. “I’m going to do everything in my
power to make sure the deal stands,” the
leading Democrat in the Senate said in a
telephone interview with The Washing-
ton Post. “This is the best way, the only
way, to keep Iran from getting a nuclear
weapon.” Debbie Stabenow, a Demo-
cratic senator from Michigan, came out
in support on Monday.
So far, only two Senate Democrats
have said they would oppose the deal —
Charles Schumer, the New York
senator who is expected to take over
as minority leader next year, and
Robert Menendez from New Jersey.
Congress has until mid-September to
review the deal and potentially to vote
on a resolution blocking it. To override a
veto from the president, 67 senators and
290 members of the House of Repre-
sentatives would need to vote against
the agreement.
Needing only 34 votes in the Senate to
sustain a veto and maintain the agree-
ment, the White House now has 29 sen-
ators supporting the agreement and
another four leaning towards support-
ing, according to The Washington Post,
with eight Democrats still undecided.
If opponents in the Senate cannot
secure 60 votes against the agreement,
Democratic leaders would be able to
filibuster the resolution, which would
prevent the Senate from having a
formal vote.
faces lawsuit
threat over
quakes linked
to fracking
BARNEY JOPSON — DENVER
Green groups are threatening to sue the
US environmental regulator, alleging it
is failing in its duty to tackle a surge in
earthquakes that they blame on the
shale revolution.
The groups yesterday said they were
preparing a lawsuit against the Environ-
mental Protection Agency for not curb-
ing the disposal of wastewater by oil
companies, a practice that scientists say
has triggered a jump in seismic activity.
Earthquakes linked to oil and gas pro-
duction have unnerved residents in
Oklahoma, Texas, and elsewhere, and
have become a pressing problem for a
US fracking boom that has upended

Angry young Kurds take up arms in Turkey energy markets.

As tension with Ankara rises,
youths who once threw rocks
now carry grenade launchers
PIOTR ZALEWSKI — CIZRE
In Kurdish parlance, “going up to the
mountains” has always meant joining
the Kurdistan Workers’ party (PKK),
the armed group ensconced in the high-
lands of northern Iraq. But in Cizre, a
Turkish town on the border with Syria,
the phrase may be losing its meaning
amid a violent stand-off between Kurd-
ish militants and Turkish security
forces.
“We don’t need to join the PKK,
because the PKK is the people,” says
Ridvan, a young local, as he picks up his
automatic rifle and prepares to go on
patrol, a woollen balaclava pulled over
his face.
Six of his friends, all in their late teens
or early 20s and armed with machine
guns follow him. One of them is carrying
a rocket-propelled grenade. (Their
names, and Ridvan’s, have been
changed.) Some members of the squad
refer to themselves as the Patriotic Rev-
olutionary Youth Movement (YDG-H).
Others do not appear attached to the
name. “Call us whatever you like,” says
one. “There’s no difference between us
and the PKK.”
Over the past month and a half,
according to figures cited in the Turkish
media, clashes in the Kurdish south-
east have claimed the lives of at least 60
members of Turkey’s security forces, 88
militants, and 15 civilians. Police have
also rounded up 1,000 suspected PKK
sympathisers in operations across Tur-
key and have declared 100 areas in the
south-east “special security zones”.
The fighting began when the PKK
claimed responsibility for the assassina-
tion of two Turkish policemen in what it
referred to as retaliation for a July 20
suicide attack linked to the Islamic State
of Iraq and the Levant (Isis) in a Kurdish
town that killed 33 people, most of them
Kurdish activists. The PKK accuses the
authorities of complicity and negligence
in the attack.
The government responded with a
military offensive, including air strikes
against PKK targets in northern Iraq,
killing 800 insurgents, according to the
semi-official Anadolu Agency. President
Unrest: armed Recep Tayyip Erdogan, once credited
Kurds guard with granting Turkey’s 15m Kurds new
a barricade in cultural rights, has since been accused
Cizre. Since of stoking violence in the south-east to
early July, shore up the nationalist vote ahead of
clashes in snap elections.
south-east The unrest reached Cizre at the end of
Turkey have July when Abdullah Ozdal, 23, was
claimed the lives gunned down during street protests.
of at least 60 Just days later another young man,
members of Hasan Nerse, 17, was killed by police.
Turkey’s Locals, as well as the pro-Kurdish Peo-
security forces, ples’ Democratic party (HDP), allege he
88 militants, was shot at close range after being hand-
and 15 civilians cuffed.
Piotr Zalewski
Anticipating arrests, militants across
Cizre raised barricades, dug ditches, and
mined a number of roads to prevent
police vehicles from entering their
neighbourhoods. A policeman was
killed here two weeks ago in a PKK
rocket attack. A civilian died when a
roadside bomb planted by the militants
exploded under his car.
Armed groups appear to be in control
of large parts of the city, as well as a
number of other towns in the south-
east, patrolling streets, raising barri-
cades, and staging regular attacks.
The sight of locals sporting rocket
launchers inside the city has raised eye-
brows in Cizre, where clashes between
the PKK and the Turkish army claimed
scores of lives in the 1990s.
“A few years ago, these kids were
throwing rocks and Molotov cocktails at
police, and some went to jail. Now they
have guns,” says Cihan Olmez, a local
journalist.
“The PKK is an organisation that
learns,” says Nihat Ali Oczan, a security
analyst. “In the 1990s their strategy did
not work, but now they have adapted,
they have decentralised, giving a bigger
role to volunteers and local groups.”
Aliza Marcus, a Washington-based
Kurdish expert, says: “The difference
this time around is both sides, but espe-
cially the PKK, have had time to prepare
and train.”
The Cizre militants deny taking
orders from the PKK leadership in
northern Iraq, insisting their decision to
take up arms was their own. They also
have little patience for ceasefire calls
made by their own politicians, including
the HDP, which won 92 per cent of the
vote in Cizre during parliamentary elec-
tions this June and garnered 13 per cent
of the vote nationally.
“Let them appeal for peace, but the
only one who can make us lay down our
guns is Apo,” says Hewal, another young
militant, referring to the PKK’s jailed
leader, Abdullah Ocalan.
The war in Syria has added to the
mobilisation of young Kurds in Cizre,
with scores slipping across the nearby
border to join the People’s Protection
‘We don’t Units (YPG), a PKK offshoot, to fight Isis
militants.
need to join Not so Hewal and his group, who take
the PKK, positions atop a barricade looking out
for approaching police vehicles. “We
because the didn’t go to the mountains and we didn’t
PKK is the go to Syria, because we guessed this was
coming,” says Ridvan. “Now the war is
people’ right here.”
The groups threatening to sue the
EPA, their usual ally, say it has a legal
obligation to update rules on the dis-
posal of wastewater from oil produc-
tion, which have not changed since
1988.
“We think the EPA’s failure to act is
particularly egregious in light of the
shale boom and the vast amount of
waste it has generated,” said Adam
Kron, a lawyer at the Environmental
Integrity Project, which is part of the
coalition. “We’re flying blind here. We
need to have some rules in place.”
The oil and gas industry is trying to
fend off regulations that would require
it to overhaul its practices or spend
more money, as it buckles under the
strain of a US crude price below $40 a
barrel.
“Anything that raises costs right now
is a problem,” said Kim Hatfield, presi-
dent of Crawley Petroleum and an
officer of the Oklahoma Independent
Petroleum Association.
While fracking involves shattering
rocks by blasting liquids underground,
that procedure is not what the US Geo-
logical Survey blames for the quakes.
Instead, the USGS points to the way oil
companies handle water released as a
byproduct of fracking. This is pumped
into subterranean wells where scientists
say it causes the reactivation of stable
faults.
The industry, however, says the cause
of tremors has not been settled. David
Lawler, chief executive of BP’s business
in the continental US, said: “We’re cer-
tainly supportive of all the research
going on, but at the moment it’s incon-
clusive.”
Two oil producers are already being
sued by a woman injured in a 2011 Okla-
homa quake. To curb seismic activity,
Oklahoma Corporation Commission, a
state regulator, has begun to restrict the
location and volume of wastewater dis-
posal.
The EPA has delegated to US states
the authority to regulate the under-
ground injection of fluids, but the envi-
ronmental groups are challenging the
watchdog under a different part of the
law. Mr Kron said the EPA needed to
impose federal rules because compa-
nies, when faced with a patchwork of
state regulations, would shift their dis-
posal activities to the most permissive
regimes.
The EPA would not comment on the
lawsuit threat, but it said rules included
requirements related to seismicity and
that it would continue to work with
states to address concerns.

European meeting

French call for ‘concrete proposals’ on security after rail attack

ADAM THOMSON — PARIS
DUNCAN ROBINSON — BRUSSELS
TANYA POWLEY — LONDON
Until Friday’s foiled gun attack on a
high-speed train travelling from
Amsterdam to Paris, the prospect of a
terrorist incident on the rail network
had largely been ignored by European
politicians.
This is set to change this weekend
when transport and interior ministers
from nine European countries meet in
Paris to examine what Bernard Caze-
neuve, French interior minister, called
“concrete proposals” on strengthening
security on the railways.
“We must examine whether we can
set up a scheme that allows for more sys-
tematic checks . . . on public transport
in a more co-ordinated way,” Mr Caze-
neuve told French radio yesterday.
Yet full security checks at rail termi-
nals — complete with barefooted pas-
sengers padding through metal detec-
tors — is an unlikely scenario because of
both the cost and inconvenience it
would cause, say officials and experts.
“Airport-style security at train sta-
tions is probably going to prove impossi-
ble,” said Nigel Inkster, a director at the
International Institute for Strategic
Studies think-tank. “There are too
many people and too many intermedi-
ate points.”
Roger Ford, industry and technology
editor at Modern Railways magazine,
added: “There are millions of people
travelling on trains each day. Are you
going to check every commuter, every
lunchbox or briefcase? It would be very
difficult and expensive . . . [and] would
cause too much disruption.”
Policy discussions on rail security
Police at the Brussels-Midi/Zuid rail station last weekend — Francois Lenoir/Reuters
have tended to focus on issues such as
theft and vandalism — despite the 2004
terrorist attack on a suburban train
in Madrid in which 191 people were
killed.
Officials are now examining whether
security checks would have stopped
Moroccan-born Ayoub el-Khazzani, the
man suspected of carrying out last
week’s “targeted” and “premeditated”
attack — ultimately thwarted when pas-
sengers tackled the gunman.
According to prosecutors, Mr Khaz-
zani boarded the high-speed train at
Brussels’ Midi station carrying a Kalash-
nikov AKM assault rifle, 270 rounds of
ammunition, a handgun and half a litre
of petrol.
Prosecutors believe he had recently
travelled to Turkey and may also have
visited Syria.
The challenge of policing Europe’s rail
system is immense. French operator
SNCF transports 5m passengers a
month, while 100m people travel
through London’s Waterloo train station
each year, compared with about 73m
who use Heathrow airport.
Passengers on the Eurostar, which
connects London to Paris and Brussels,
pass through metal detectors and have
their baggage checked.
The checks are generally performed
more quickly than at airports, although
passengers are still told to arrive up to
45 minutes before departure during
peak times.
Mr Inkster of the IISS advised
authorities to focus on improving intel-
ligence gathering and co-ordination.
“Security starts with intelligence and [in
this case] it does seem the ball was
dropped,” he said.
Thursday 27 August 2015 ★ FINANCIAL TIMES 5

CHINA FALLOUT

Volatility

S Africa central bank chief rules out defence of rand

But governor fears for
economy amid emerging
market turbulence
ANDREW ENGLAND — PRETORIA
South Africa’s central bank chief has
voiced concern about emerging market
turbulence if volatility over the Chinese
economy continues, but has ruled out
intervening to prop up a weak rand.
The South African Reserve Bank
(Sarb) issued a statement on currency
volatility this week, saying it “may con-
sider becoming involved in foreign
exchange markets to ensure orderly
market conditions”.
But in an interview with the Financial
Times, however, Lesetja Kganyago, the
bank’s governor, said it was not looking
to defend the currency, which fell to
record lows against the dollar this week.
The central bank would get “involved”
only if it felt the need to use its “power of
persuasion” to ensure there was suffi-
cient liquidity in the rand foreign
exchange market.
“I’m ruling out intervention to try and
defend a level of the currency,” he said.
“To the extent that the depreciation of
the rand is driven by fundamentals, no
amount of central bank involvement, or
even intervention, will stem the depre-
ciation of the currency.” However, he
conceded he was “very” worried about
South Africa’s economic outlook.
Data this week revealed the economy
contracted in the second quarter of this
year, as the country suffered a crippling
power shortage, the collapse in com-
modity prices, rising costs and weak
consumer and investor confidence.
“There are red lights flashing and I
think that policymakers will be spurred
into action,” he said. The Sarb’s forecast
of 2 per cent growth for the year was
“definitely at risk”.
Even 2 per cent growth is far below the
level the country needs to tackle wide-
spread unemployment and poverty.
Mr Kganyago also expressed concern
about the turbulence in emerging mar-
kets as worries about the health of
China’s economy reverberate across the
globe. “I’m not sure I would call it an
emerging market crisis — yet,” he said.
“It could be one . . . if the volatility is
accompanied by a contraction in emerg-
ing market economies.”
He said nations that had accumulated
foreign currency denominated debt and
had seen their currencies fall sharply —
increasing the cost of servicing the debt
in local terms — could face challenges.
“If you are an emerging market com-
pany and you borrowed in foreign cur-
rency and you happen not to have for-
eign currency-denominated earnings
. . . then you are in trouble unless you
have hedged.”
He said South Africa was fortunate
that less than 10 per cent of government
debt was in foreign currency.
South Africa is one of the most liquid
and traded emerging markets and the
rand has fallen 11 per cent against the US
dollar this year. It hit R14 to the dollar
on Monday before recovering to around
R13. It has also depreciated against ster-
ling and the euro in recent weeks amid
2% 6.3%
South African Manufacturing
economic growth sector’s output
forecast — now shrinkage in
‘definitely at risk’ second quarter
emerging market currency turmoil.
The country’s vulnerability to global
turbulence is exacerbated by its wide
current account deficit, while China is a
key market for its commodity exports.
Still, Mr Kganyago described the
rand’s floating exchange rate as a “shock
absorber” for the economy. He is also
mindful of the more than $20bn cost to
the treasury when South Africa sought
to intervene to prop up the rand in the
1990s.
“We won’t have a currency crisis,” he
said. “Currency crises are created by
central banks and this one is not about
to create a currency crisis.”
He added: “Philosophically, we have a
problem with having to defend the level
of the currency using interest rates.”
However, the rand’s weakness — seen
as a key inflation risk — complicates the
bank’s policy dilemma as it grapples
with the grim growth outlook amid
inflationary pressures. The bank’s pri-
mary focus is keeping inflation within a
band of 3-6 per cent, and it raised the
repurchase rate by 25 basis points in
July. But more rate rises could damage
the growth outlook, while a US rate rise
could put additional pressure on the
rand.
He said South Africa’s economic chal-
lenges were structural and “not in the
purview of just fiscal and monetary pol-
icy”. They include the electricity con-
straints, transport bottlenecks, labour
market issues and a poorly performing
education system.
These constraints, coupled with weak
global demand, have prevented South
African manufacturers from taking
advantage of the rand’s weakness, with
the sector’s output shrinking by 6.3 per
cent in the second quarter.

Retail sector. Buying habits

Nimble companies evolve to keep pace with savvy consumers

Chinese are still spending despite
the market turmoil but they are
more careful with their cash
BEN BLAND — HONG KONG
Evidence of China’s economic difficul-
ties and the ensuing stock market rout
have sent shockwaves around a finan-
cially troubled world that has been
banking on China to stimulate demand.
But while sales of luxury goods have
slumped, some companies focused on
ordinary consumers in China are find-
ing ways to maintain their businesses,
selling more washing machines and rice
crackers as the economy slows.
Analysts say the headlines belie a vast,
complex and competitive consumer
market where companies have to fight
for sales, whether by offering cheaper,
smaller package sizes at the lower end or
improving their products and customer
service.
Retail sales have been rising at an
annualised 10 per cent recently, accord-
ing to official data, but analysts are scep-
tical about the figures and believe that
even in the best case they conceal diver-
gences betweencompanies.
“Consumer demand has always been
there in China and in the past it was easy
for companies to grab it,” says Spencer
Leung, a consumer industry analyst at
UBS in Hong Kong. “But things have
slowed and only those who can offer dif-
ferentiated goods can capture demand.”
He says that multinationals focused
on the mass market have been particu-
larly good at maintaining performance
as annual gross domestic product
growth has fallen from 10 per cent in
2010 to 7 per cent in the second quarter
this year. Coca-Cola, PepsiCo and Nike
all reported expanding sales in China in
recent updates, while Tim Cook, chief
executive of Apple, arrested the slide in
his company’s shares on Monday after
telling a US television show host that he
was seeing “strong growth” in China in
Julyand August.
Ben Cavender, an analyst at China
Market Research Group in Shanghai,
says that while the stock market turbu-
lence has worried some consumers, few
are directly exposed given that only
6 per cent of households own equities.
The economy, beset by the underper-
forming industrial and property sectors,
has sapped consumer confidence, but it
hasalso changedthewaypeople buy.
“People are still spending but they are
more careful about how they spend,
Yuan The timing of China’s twin easing
direction measures, announced late on Tuesday,
appeared to chime with the view that
Renminbi Beijing had blinked in the face of tumbling
looms stocks. Earlier in the day, the Shanghai
large Composite had dropped 7.6 per cent,
behind marking its steepest two-day slide in
easing almost 20 years.
However, some analysts are pointing the
finger at the renminbi and the costs of
supporting the Chinese currency following
this month’s devaluation.
China stunned global markets on
August 11 when it announced a 1.9 per cent
cut to the daily fixing rate around which it
allows the renminbi to trade against the
US dollar, the largest drop on record.
Further cuts came on the following two
days, raising fears that Beijing was
embarking on a competitive devaluation to
boost exports in the face of slowing
economic growth. In the space of just
three days, the renminbi weakened 3.8 per
cent to its lowest since mid-2011. Since
then, it has been flat against the dollar,
even as other emerging market
currencies have fallen sharply. Many
analysts attribute the steadier
exchange rate to intervention by the
People’s Bank of China.
But selling US dollars to buy renminbi
has become a costly endeavour for
Beijing, in terms both of ebbing foreign
exchange reserves — albeit still by far
the world’s largest — and renminbi
liquidity within China.
“The battle to stabilise the currency
has had a significant tightening effect
on domestic liquidity conditions,” said
Wei Yao, economist at Société Générale,
in a note. “The PBoC’s war chest is
sizeable, no doubt, but not unlimited. It
is not a good idea to keep at this battle
of currency stabilisation for too long.”
The French bank is among those that
now expect the renminbi to fall to
Rmb6.8 by the end of this year, a
6.2 per cent depreciation from its
current level of Rmb6.4. The currency
has come under pressure as capital
leaves the country at a rapid pace and
the economy slows. In July the
equivalent of $41bn left China, a
monthly record.
Some analysts believe this week’s
reductions to interest rates and reserve
requirement ratios (RRR) were
designed to offset the effects of capital
outflows and Beijing’s attempts to
underpin the renminbi, rather than
simply to support share prices.
“We do not think stock market is a
major factor behind the monetary
easing,” wrote JPMorgan economists.
“The liquidity injection via [the] RRR
cut is mainly to offset the decline in
interbank liquidity, which is related to
recent capital outflows and FX
intervention.” Josh Noble, Hong Kong
with more focus on features and func-
tions, after-sales support and how prod-
ucts fit in their life,” says Mr Cavender.
Samsonite, the suitcase maker, saw its
China sales suffer over the past couple of
years but delivered an annualised 28 per
cent jump in sales in the first half after it
focused on more affordable products.
“Most consumer companies see that
consumers in China are becoming
smarter, they want to buy goods with
better value,” says Ramesh Tainwala,
Samsonite’s chief executive. “That trend
was already starting over the last two
years and will only continue.”
Zhou Yunjie, chief executive of the
Hong Kong-listed subsidiary of Haier,
China’s largest distributor of home appli-
ances, says the company has mitigated
the effect of the property slump in third
and fourth-tier cities by becoming more
nimble. His division, Haier Electronics,
has focused on selling high-tech washing
machines to better-off consumers, pro-
moting low-cost water heaters in rural
areas and pushing into ecommerce and
logistics.
In the first half of the year, sales of air-
conditioners and refrigerators dropped
but Haier Electronics reported an
increase of 4-5 per cent in sales of wash-
ing machines and water heaters.
“For white goods suppliers, sales
really differ across categories,” says
Catherine Chan, an analyst at Citigroup
in Hong Kong. “Where we see growth, it
is by increases in average sales prices,
not just higher volumes, as people
upgrade to better models.”
Other consumer companies have seen
Big load: a similar divergences in their products.
woman carries Want Want, which sells snacks and
home a washing drinks, saw milk sales fall 3 per cent
machine in year on year in the first half, while rice
Dali, Yunnan crackers sales jumped 10 per cent
province. because of promotional campaigns.
Demand is Belle International, China’s biggest
mixed for white shoe retailer, closed 167 of its 20,000
goods suppliers shops in the three months to May as
Reuters
sales at its shops dropped 8 per cent year
on year. But its sportswear stores
increased sales by 12 per cent in the
same period, as it capitalised on the fit-
ness trend in China.
Erwin Sanft, the head of China strat-
egy at Macquarie in Hong Kong, says
that the best consumer companies have
managed to maintain their profits.
“When you include the growth of tour-
ism, entertainment and ecommerce, we
haven’t seen that much of a slowdown in
the overall consumer sector.”
Additional reporting by Gloria Cheung in
Hong Kong and Jackie Cai in Shanghai
David Pilling page 9

State visit. Economic tension

Xi faces mauling from Republican presidential hopefuls during US trip

Analysts say Beijing’s
assertiveness lies behind a
rise in conservatives’ anger
DEMETRI SEVASTOPULO AND
SHAWN DONNAN — WASHINGTON
When Xi Jinping arrives in Washington
next month for his first state visit to the
US, the Chinese president will be jump-
ing into the kind of political cauldron
the Communist party does not tolerate
at home.
As Beijing struggles to contain the
market crash, Republican presidential
contenders are taking pot shots at Mr
Xi. Scott Walker, the Wisconsin gover-
nor, has urged President Barack Obama
to rescind his invitation.
“Americans are struggling to cope
with the fall in today’s markets, driven
in part by China’s slowing economy and
the fact that they actively manipulate
their economy,” Mr Walker said.
Mr Walker was following on the heels
of Donald Trump, the bombastic real
estate magnate leading the Republican
polls, who took a break from attacking
illegal immigrants to aim his wrath at
China. In addition to saying he would
serve Mr Xi a Big Mac to protest against
the recent Chinese currency devalua-
tion, Mr Trump tweeted: “Markets are
crashing — all caused by poor planning
and allowing China and Asia to dictate
the agenda.”
China has long served as a bogeyman
in US presidential elections. Whether
Bill Clinton referring to the “butchers of
Beijing” in reference to the Tiananmen
Square massacre, George W Bush
attacking Mr Clinton for being soft on
China, or Mr Obama touting the need
for alliances to challenge Beijing, US
presidential contenders have long lam-
basted China while vowing to take a
tougher stance than the White House
incumbent if elected president.
But some analysts say China is spark-
ing a different degree of anger now for
several reasons: its growth as an eco-
nomic power, its assertive actions in the
South China Sea, rampant cyber
attacks, theft of intellectual property
rights and the creation of a climate that
is less welcoming to foreign business.
Frank Jannuzi, president of the Mans-
field Foundation, which promotes US-
Asia relations, said there had been a
bipartisan consensus since Richard
Nixon went to China in 1972 that the US
would profit by engaging the country.
But he said the consensus had almost
unravelled because companies had
become “increasingly disenchanted”
with China.
“In Washington there has always been
a debate between the China hawks and ment accounts with the anxiety that has
the Panda-huggers. The balance keep- long been there in elite policy circles
ers used to be business,” said Mr Jan- about China’s international policy
nuzi, who advised Joe Biden in his 2008 behaviour.”
run to be the Democrats’ nominee for Chris Johnson, a former China analyst
president. at the Central Intelligence Agency, said
“You are going to see the rhetoric on China was “different
many presidential can- from the standard stuff” because Bei-
didates view China’s jing refused to address US concerns
moment of economic on issues such as cyber security.
turmoil as an opportu- “The comments from Walker and
nity to push the others are irresponsible,” said
them . . . because Mr Johnson, “but it does put the
they can combine the administration on the defensive.”
anxiety of the Ameri- Mr Johnson added that China
can people about the had become a victim of its own
way China’s economy success and could not rely on
could hit their retire- the “hide your strength, bide
your time” strategy pro-
moted by former leader
Scott Walker: urged Deng Xiaoping. “Suddenly
the president to these guys who were doing
rescind invitation well, but doing well invisi-
bly, are out there in a way that they
weren’t before. They’re an easy target.”
The China-bashing has implications
for Mr Obama, who spent much of this
year deflecting demands from Capitol
Hill to include binding provisions to pre-
vent currency manipulation in a Pacific
Rim trade deal known as the Trans-
Pacific Partnership. Helped by Republi-
cans, the administration saw off legisla-
tion to impose trade sanctions on any
country deemed to be manipulating its
currency for economic gain. But a big
component of the White House argu-
ment was the perceived success of its
diplomacy as signalled by the apprecia-
tion of the renminbi in recent years.
Beijing has undermined that argu-
ment with its devaluation. Moreover,
while China is not in the TPP, its move
prompted Vietnam, a TPP member, to
follow suit, helping critics to bring the
question of currencies back to the fore.
6 ★ FINANCIAL TIMES Thursday 27 August 2015

INTERNATIONAL

Malaysia gripped by struggle Gujarat

India troops deployed as

between political blue-bloods
Premier’s inner circle accuses former prime minister of mounting a coup
DAVID PILLING — KUALA LUMPUR
Behind the political crisis engulfing
Najib Razak, prime minister of Malay-
sia, lies nearly $700m that somehow
made its way into his personal bank
account. Behind that, according to
leaked documents, lies a state develop-
ment fund with $11bn in debts. Behind
everything, however, sits a 90-year-old,
for two decades the unassailable leader
of this erstwhile Southeast Asian suc-
cess story, who is doing all in his power
to topple the present prime minister.
That at least is the claim of those
around Mr Najib, who accuse Mahathir
Mohamad, Malaysia’s forceful former
prime minister, of mounting what they
describe as a coup d’état. “He has
abused his position and done everything
he can to undermine his successors just
because his list of personal demands is
not being met,” says a person close to
government.
Mr Najib strenuously denies any
wrongdoing or accepting money for per-
sonal gain. The funds in his account, he
says, came from an unnamed Middle
Eastern benefactor — an explanation
endorsed by the country’s anti-corrup-
tion commission.
Mr Mahathir is having none of it. “I
don’t believe it is a donation. I don’t
believe anybody would give [that
much], whether an Arab, or anybody,”
he says in his no-nonsense style.
Straight-backed and wearing his
familiar khaki suit, the sharp-as-knives
nonagenarian is clearly enjoying his
duel with the man he handpicked six
years ago to run this Muslim country of
30m people.
“I think at some stage he has to go
because today he has undermined the
legal system,” he says, referring to Mr
Najib’s dismissal of the attorney-general
and his promotion of officials who had
been co-ordinating an investigation into
1Malaysia Development Berhad, the
fund at the centre of the controversy.
Those moves, along with the sacking
of his deputy prime minister, who had
criticised Mr Najib, have in effect shut
down the inquiry, Mr Mahathir says.
“They should be allowed to investigate,
but he’s dismantled the institutions.”
The bitter feud between Mr Mahathir
and Mr Najib, a political blue-blood
whose father was prime minister in the
1970s, has laid bare a crisis of legitimacy
within the United Malays National
Organisation, which has run Malaysia
unbroken since independence in 1957.
Umno, of which Mr Najib is president,
squeaked back into power in the 2013
general election despite losing the popu-
lar vote.
Since then, Malaysia’s economy has
taken a turn for the worse, buffeted by
low prices for oil and gas, which make
up nearly 30 per cent of government
revenue, and by the slowdown and cur-
rency devaluation in China. The Malay-
sian ringgit has fallen to 17-year lows
and the stock market, down more than a
quarter this year, has been the worst-
performing in Asia over the past 12
months.
As if this were not enough, Mr Najib is
fighting a firestorm of accusations
around 1MDB, the acronym now famil-
iar to almost every Malaysian. Estab-
lished in 2009 under Mr Najib, who is
chairman of 1MDB’s advisory board, the
purported goal of the fund was to help
catalyse Malaysia’s transition to a high-
Duellist: income economy. Yet instead of funding
Mahathir new areas of economic activity, 1MDB
Mohamad, mostly snapped up aged power stations
speaking above, in Malaysia, Egypt, Bangladesh and
says Prime elsewhere as well as plots of government
Minister Najib land in Kuala Lumpur at what Mr
Razak, behind Mahathir says were knockdown prices.
on poster, has On the other hand, say critics, the
undermined the fund overpaid significantly for its power
legal system stations. 1MDB denies that, saying Gold-
Sanjit Das/Panos
man Sachs carried out an independent
valuation.
Sceptics also wonder why 1MDB had
to borrow, particularly since it paid fat
fees for several bond issues, three of
which, totalling $6.5bn, were arranged
by Goldman Sachs for fees and commis-
sions approaching $600m.
“When you borrow the money, it’s not
sovereign wealth, it’s sovereign debt,”
scoffs Mr Mahathir in a well-rehearsed
line. “I told the prime minister that we
don’t need this and sure enough he got
into trouble.”
Now the fund is struggling to service
those debts and is engaged in a disposal
of assets aimed, say insiders, at winding
it down altogether. The people running
1MDB deny accusations from opposi-
tion politicians that it has been used as a
‘I think at political slush fund. Instead, they say, it
was an innovative financial vehicle that
some stage faces a cash crunch because it was slow
he has to go to monetise assets.
because today The Sarawak Report, a UK-based
blog, and the Wall Street Journal last
he has month published documents appearing
undermined to show that money in the prime minis-
the legal ter’s account had been transferred there
by agencies, banks and companies
system’ linked to 1MDB. Mr Najib denies any
Mahathir link between those funds and 1MDB,
Mohamad saying some of the documents are
forged. The FT has not been able to ver-
ify the claim independently.
Mr Mahathir says of the nearly
$700m in Mr Najib’s account: “I think it
has something to do with 1MDB despite
the explanation that it was a donation.”
Attention has shifted to possible dis-
sent within Umno, where rumours of
plots against Mr Najib abound.
Although Mr Mahathir stepped down
in 2003, he has remained a kingmaker
— and kingbreaker.
Displayed in Mr Mahathir’s office is a
Fijian war club, once used by cannibals.
“It’s for breaking your skull and then
eating your brains,” Mr Mahathir says
with a chuckle.
six die in upper-caste riot
VICTOR MALLET — NEW DELHI
The Indian government sent in the
army and 5,000 paramilitaries to
restore order in the state of Gujarat
yesterday, as six people were killed in
rioting by upper-caste Patels demand-
ing reserved jobs and college places.
Arson and violence worsened in cities
across the state despite an appeal for
calm by Narendra Modi, the prime min-
ister whose home state is Gujarat. The
government imposed curfews in several
towns and residents said mobile tele-
phone services had been disrupted to
prevent the rioters co-ordinating their
actions.
A protest organised by 22-year-old
Hardik Patel was launched in July but
exploded this week into mass rallies,
demonstrations and arson across the
state, disrupting business in the dia-
mond-cutting centre of Surat and
prompting baton charges and volleys
of tear gas rounds from the security
forces.
The uprising by hundreds of thou-
sands of Patels poses a challenge to Mr
Modi’s Bharatiya Janata party govern-
ment, which is struggling to push eco-
nomic reforms through a recalcitrant
parliament.
“I appeal to all brothers and sisters of
Gujarat not to resort to violence,” Mr
Modi said in a sombre television
address, with photographs of independ-
ence heroes Mahatma Gandhi and
Sardar Patel — both Gujaratis — behind
him on a bookshelf. “Everybody should
respect democratic values.”
The Patels, who make up about 15 per
cent of Gujarat’s population, are a gen-
Commodities
Modi eyes price of onions as
issue that risks electoral tears
AMY KAZMIN — NEW DELHI
Global markets may be see-sawing
wildly but in India the price of one asset
class is rocketing: onions, a crucial
ingredient for Indian dishes and a polit-
ically sensitive commodities.
In the past month, onion prices in the
Lasalgaon wholesale market in Mahar-
ashtra, the country’s biggest onion-
growing state, surged to a record Rs57
(86 US cents) a kg, up from Rs25 at the
end of July. Retail prices now average
about Rs80, raising fears they could
crossthepsychologicalRs100level.
High onion prices are a problem for
Prime Minister Narendra Modi and his
ruling Bharatiya Janata party, ahead of
state legislative assembly elections in
Bihar. The BJP is hoping for a decisive
election victory in Bihar to reaffirm Mr
Modi’s popularity and reinvigorate the
government, after a difficult year when
many crucial reforms have stalled.
However, high prices could sour the
public mood in a state that grows few of
its own.
Onion prices have a politically potent
history: they were considered a decisive
factor in the outcome of two state elec-
tions in 1998, and were blamed for the
fall of the central government in 1980.
Mr Modi’s government has blamed the
current price spurt on unseasonal rains
during the March to June growing sea-
son, which yields about 60 per cent of
India’s total annual onion production —
erally prosperous group of landowners
and traders and are influential in the
diamond trade, real estate and politics.
Anandiben Patel of the BJP succeeded
Mr Modi as Gujarat chief minister after
he was elected prime minister in May
2014.
However, some young Patels resent
their exclusion from quotas that reserve
half of government jobs and college
places for various “other backward
castes” (OBC) as well as “scheduled
castes” and “scheduled tribes”.
At a rally in Ahmedabad on Tuesday,
Hardik Patel alluded to the BJP’s lotus
symbol and threatened the party with
the withdrawal of Patel support if it
did not meet the group’s demand for
inclusion in the backward castes quota
of 27 per cent of jobs.
“The lotus will not bloom in the mud,
it will never bloom,” said Mr Patel, who
was briefly arrested later. “If you will
address our issue, only then will we nur-
ture your lotus.”
Since coming to power, Mr Modi has
focused on economic development, and
in his first Independence Day speech a
year ago he called for a 10-year morato-
rium on communal and caste violence.
However, caste and particularly the
official preferences accorded to the
humbler castes have long been divisive
issues for Hindus, prompting some at
the upper end of the spectrum to seek
backward caste status for economic rea-
sons.
Doctors and medical students took to
the barricades 10 years ago in a vain
attempt to block the law extending
lower-caste reservation to the country’s
main universities.
and provides supplies that are supposed
tolast untilOctoberorNovember.
But critics believe a clutch of traders
who control much of the onion supplies
are simply working together to manipu-
late the market and drive up prices, as a
2012 study sponsored by the Competi-
tion Commission of India found they
had done on occasions.
“The root cause of the surge in onion
prices is collusion among a few traders,”
Root cause:
New Delhi is trying
to ease supply
constraints after
claims of hoarding
and poor weather
Anil Padmanabhan, deputy editor of
the Mint newspaper, wrote, noting that
a previous sharp price jump in 2011 was
contained when income tax officials
raided several large traders, and prices
promptly fell 60 per cent.
New Delhi is trying to ease supply con-
straints. On Sunday it raised the mini-
mum export price to $700 a tonne, up
from $425 in June, to try to discourage
exports.
It is also now trying to import 10,000
tonnes of onions from neighbouring
countries.
Ram Vilas Paswan, the consumer
affairs minister, has also ordered a
crackdown on hoarders, especially in
Maharashtra.

Erawan shrine bomb Migrants crisis

Theories abound as Thai police struggle to identify suspect
MICHAEL PEEL — BANGKOK
Thai police are still hunting for a break-
through after the bomb in Bangkok’s
Erawan shrine last week that killed 20,
the country’s worst such atrocity.
Somyot Poompanmoung, the national
police chief, has said that investigators
are having to use their “imagination”
as broken security cameras have left
little footage of the main suspect, who
was caught on film arriving at the
shrine, planting the device and leaving.
Theories about the man and his accom-
plices have since flourished:
Southern insurgents
Udomdej Sitabutr, head of the army and
deputy defence minister, has played
down the idea that this was the work of
Muslim ethnic Malay separatists fight-
ing the government in Thailand’s south.
Surachart Bamrungsuk, a military
expert at Bangkok’s Chulalongkorn Uni-
versity, says the shrine device, a pipe
bomb filled with ball bearings, was dif-
ferent from the explosives-packed gas
cylinders typically used in the southern
campaign. And while the insurgents
have become more active outside their
region, they have never before inflicted
mass deaths.
Political violence
Members of both sides in the nine-year
political dispute between pro-establish-
ment “yellow shirts” and “red shirts”
mainly from the rural north have shown
themselves capable of violence in Bang-
kok. So too has the Thai army, which
seized power in a coup in May last year.
Thailand’s struggle for power is intensi-
fying as the succession to the ailing King
Bhumibol Adulyadej looms, with tussles
inside the ruling military and its allies in
the bureaucracy and business.
Some analysts say a dissident military
faction cannot be ruled out, given what
one describes as “enough disgruntled
officers across the political spectrum”.
International Islamist group
Some Middle Eastern groups affiliated to
al-Qaeda or the Islamic State of Iraq and
the Levant (Isis), have links to South-
east Asian countries, mainly those with
large Muslim populations. But while the
Bangkok attack may well have targeted
foreigners, who accounted for 70 per
cent of the dead, the shrine is thronged
mostly with Asian Buddhists. Half the
overseas nationals who died were from
mainland China or Hong Kong.
The apparent focus on foreigners
would seem to make less likely the
notion that this was an Islamist response
to the persecution of Rohingya Muslims
in Myanmar, who have been trafficked
through Thailand. It does, however, play
to the theory that the attack could have
been a revenge for Bangkok’s deporta-
Candles at the Erawan shrine
commemorate the victims
tion last month of more than 100 Mus-
lim Uighurs to China, where they have
long complained of persecution.
Stephen Tracy, a Bangkok-based ana-
lyst and expert on jihadi websites, says he
has yet to see boasts about responsibility.
Turkish group with Uighur links
Another theory is that the attack is inter-
national and linked to the Uighurs, but
via Turkey. The Uighurs are Turkic-
speaking and their cause has become a
focus for nationalist groups in Turkey.
When Thailand sent the Uighurs to
China, it sparked fierce Turkish protests
and the ransacking of the Thai consulate
in Istanbul.
Anthony Davis, at IHS Jane’s, says the
attack could be linked to the Grey
Wolves, a Turkish far-right group with a
history of violence, including attacks on
Asian nationals, with links to organised
crime. “The Uighur cause is something
they have latched on to in a big way,” he
said in Bangkok this week. Other ana-
lysts say such an attack would be a depar-
ture for the Grey Wolves but a faction
from the group or one of Turkey’s other
ultranationalistscouldbeinvolved.
Hungary set to use army
against influx at border
ANDREW BYRNE — VIENNA
Hungary is set to deploy the army at the
EU’s frontiers as part of a military
response to Europe’s largest migration
crisissincethesecondworldwar.
Janos Lazar, a Hungarian minister, said
the government had discussed a possi-
ble military build-up after police
reports that 2,500 migrants penetrated
the border with Serbia on Tuesday. One
official said the numbers were the high-
est in Hungary’s history.
Mr Lazar’s statement came days after
Bulgaria dispatched troops to its border
with Turkey, prompting criticism from
human rights groups that warned
against a militarised response by Euro-
pean countries.
Evidence of a build-up of migrants on
Europe’s south-east border comes as
Angela Merkel, German chancellor, pre-
pares to attend a summit with Balkan
leaders in Vienna today to discuss a
fresh response to the refugees crossing
the former Yugoslavia.
The summit comes days after Mace-
donia’s army fired tear gas and stun gre-
nades at 2,000 migrants massed on its
border with Greece before falling back
as they broke through border defences.
“Plans to use the army to stop asylum-
seekers in Bulgaria and Hungary are ill-
advised. Militarisation of borders is the
wrong answer to migration,” said Nils
Muiznieks, the Council of Europe’s
human rights commissioner.
More than 140,000 refugees have
arrived in Hungary so far this year,
mainly from Syria, Afghanistan and
Iraq. While much attention has focused
on migrants crossing the Mediterranean
to Italy by sea from northern Africa, gov-
ernments have struggled to co-ordinate
a response to tens of thousands travel-
ling through the western Balkans and
enteringtheEUviaHungary.
The Hungarian government said mili-
tary deployment would be subject to
parliamentary approval but confirmed
six police “border hunter” units were
preparing for deployment.
Thursday 27 August 2015
Strict Islamic laws in several provinces have raised fears that the world’s largest Muslim-majority country is
taking an extremist turn. But deeper political and cultural factors lie behind the increased displays of piety.
W
ith roofs swooping to
the sky like the horns of
a buffalo, the traditional
homes of the Minang-
kabau people in West
Sumatra are among the world’s most
distinctive buildings. They have
another distinctive feature, too: the
houses are passed down from mother to
daughter.
Despite being staunchly Muslim, the
Minangkabau are one of the largest mat-
rilineal communities in the world. In the
700-odd years since Islam arrived in
this part of Indonesia, such contradic-
tions have been worn lightly. But as a
wave of piety has swept through the
country in recent years, the Minang-
kabau homeland has become a hotspot
for orthodoxy and intolerance.
In the regional capital of Padang,
many schoolgirls who would have
sported scruffy pigtails with their smart
school uniforms a decade ago now
parade through the dusty streets in
starched cotton headscarves. It is one of
several sharia bylaws enforced since
2005 by the former mayor, Fauzi Bahar,
who also introduced Koran reading tests
in schools and banned unmarried cou-
ples from frolicking in public.
“The principle of religion is good
behaviour,” he explains, a smile on his
face and a Rolex on his wrist. “With time
those values were gradually eroded,
then people started to leave religion,
they got involved in free relationships
and promiscuity — I’ll bring them back
to the good that existed in the past.”
There are signs of rising religiosity
throughout Indonesia, the world’s larg-
est Muslim-majority country, where
strict Islamic laws have been enforced in
several provinces and a growing
number of women wear the veil.
With President Joko Widodo focused
on flagging economic growth and politi-
cal infighting, these outward signs of
piety are feeding concerns that Indone-
sia’s tolerant brand of Islam is at risk.
The anxiety has been compounded by
the rise of the Islamic State of Iraq and
the Levant, also known as Isis or Isil,
which has drawn some Indonesians to
its vision of a “caliphate”.
The worries about Indonesians wag-
ing war in Syria are particularly potent
in this country. Returning fighters
threaten to revive local extremist
groups and undo years of counterterror-
ism efforts by Jakarta, just as veterans of
the Afghan war in the 1980s formed the
al-Qaeda-sponsored Jemaah Islamiyah
network that has carried out savage
attacks, including the bombing of a Bali
nightclub in 2002.
“It appears that Isil and what’s hap-
pening in Syria is providing better train-
ing and a network that might bring
some of those basically isolated and
ineffectual groups together,” says Eliza-
beth Pisani, author of Indonesia Etc.
“That poses a much bigger threat.”
In July, authorities began investigat-
ing two former pilots in Indonesia who
pledged allegiance to Isis. And this
month local police foiled Isis supporters
who planned an attack during the coun-
try’s Independence Day celebrations.
Sweeping changes
Yet analysts say there is little to link vio-
lent extremism with the social and polit-
ical changes sweeping through Indone-
sia. “What people need to realise is the
importance of symbolism and theatre in
Indonesian life and politics, so what
we’re getting is a lot more outward dis-
play of piety,” Ms Pisani says. “I don’t
think there’s been particular change in
the intensity of the people’s religious
devotion and belief.”
Michael Buehler, a lecturer at the
School of Oriental and African Stud-
ies in London, says the new sharia
laws are often a tool for secular
politicians seeking to win votes.
Padang’s former mayor may
talk about reviving faith but by
enforcing Koran reading classes
he also creates business for pow-
erful Islamic teachers who
influence a vast bank of voters.
Anti-alcohol laws may drain
sales from supermarket
chains but they also win sup-
port from small traders.
“You just put a social camou-
flage on corruption,” Mr Buehler
★ FINANCIAL TIMES
FT BIG READ. INDONESIA
By Avantika Chilkoti
A challenge to tradition
Local identities: says, estimating that about 440 sharia
farmers work bylaws have been issued across Indone-
in front of sia, most in just six provinces.
distinctive When the Indonesian constitution
Minangkabau was drafted 70 years ago politicians
houses in West edited out the seven words ordering
Sumatra, above. Muslims to follow sharia law, so many of
Left: a Muslim these new religious rules are unconsti-
woman browses tutional. Local leaders get around this
for headscarves by burying them in so-called “anti-sin”
at a market in legislation, which bands together every-
Aceh, one of the thing from child pornography to cafés
provinces that playing music late into the evening.
has seen a rise in Even among devout communities in
the adoption of rural Sumatra, not everyone supports
stricter laws religiously motivated policies. Ewa-
Peter Horee/Alamy; Heri
Juanda/AP Photo
soska, head of the directorate for law
and human rights in the small town of
Padang Panjang, is among those con-
cerned. The local government is asking
a Christian church to secure consent
from the surrounding community
before it expands — a legal requirement
which he says applies only to the con-
struction of a new place of worship. His
fear is that officials will hound minority
communities to prove their credentials
as good Muslims.
“Our Islamic leaders are afraid about
what people will say, what the world will
say,” he explains. “For me Islam is a very
perfect religion but Muslims don’t
understand Islam completely.”
Many Indonesians still revere the
Middle East as the centre of the Islamic
Counter- Indonesia’s Detachment 88 special
police force was established with
terrorism
training and funding from foreign
Elite unit governments, including the US and
takes active Australia, after the bombing of a Bali
role nightclub in 2002 raised alarm over the
threat of violent extremism in the
world’s largest Muslim-majority
country.
While the Indonesia Armed Forces
has historically faced an embargo on
weapons and training from many other
countries, the anti-terror squad is well
equipped and widely praised.
Rumours swirl around the name of
the heavily armed unit, also known as
Densus 88, who dress all in black. Some
say it was chosen because eight is a
lucky number in Asia or because the
number 88 resembles handcuffs,
world, where the religion is practised in
its purest form, but there are attempts
to broadcast the virtues of Southeast
Asia’s more open form of Islam. Where
the US saw the region as the second
front in the “war on terror” under the
Bush administration, it is now being
presented as a model for other Islamic
societies — and a counterbalance to the
Wahhabi fundamentalism exported
from the Middle East.
“We are trying in some ways — and
actually the US pushes us — to be more
bold in our efforts in showing to the
world that Islam has different faces,”
says Ibnu Hadi, who heads the north
and Central America unit at the foreign
affairs ministry. “In the Middle East the
connotation is always violent and it’s
harsh and rigid but in Asia [we’re] more
tolerant and we can adapt.”
Among the Pancasila, or five princi-
ples, forming Indonesia’s founding phi-
losophy is belief in one God. Some 87 per
cent of the 250m population is Muslim,
almost exclusively Sunni, 10 per cent is
Christian and 2 per cent Hindu and Bud-
dhist. Only atheism is an alien concept.
Academics say the moderate nature
of Indonesian Islam comes down to his-
tory: the religion was introduced by
travelling sufis and merchants rather
than imposed by Turkish or Arab con-
querors. With the population dispersed
across about 17,000 islands, no single
while others suggest it is a reference
to the 88 Australians killed in the
Bali attack.
By arresting powerful, well-trained
leaders and collecting high-level
intelligence, the force has co-ordinated
raids to prevent attacks in the planning
stage and weakened established
extremist groups in Indonesia, like the
Jemaah Islamiyah network behind the
2002 attack.
Solahudin, author of The Roots of
Terrorism in Indonesia, says that the
special unit, which is thought to be
made up of fewer than 500 men, should
be given credit for the small number of
major terrorist attacks in the country in
recent years.
“Police have arrested the key people
who have the capacity to conduct
Six provinces that have seen a rise in sharia bylaws
South
China
Sea
M A L AYS I A
ACEH
SOUTH
WEST
SUMATRA SINGAPORE Borneo SULAWESI
SOUTH
Padang Panjang
Su
KALIMANTAN
ma
Padang
tra
Jakarta
INDONESIA
INDIAN WEST EAST
OCEAN JAVA JAVA
Minangkabau
area
Source: Soas
Islamic identity has emerged. Instead,
local traditions, animism and mysticism
have been combined with faith. Azyu-
mardi Azra, a moderate thinker, takes
the example of the custom of visiting the
tombs of loved ones or holy saints, a
practice that is frowned on by more tra-
ditional Muslims. “Indonesian Muslims
love to practise what I call flowery
Islam, colourful Islam,” he says.
Commercial opportunities
In bustling, cosmopolitan Jakarta the
trappings of Islam may not reflect a
deeper piety but they are big business. A
growing army of “hijabers” flood the
sophisticated bombing,” he says,
explaining that many of the bombings
that have occurred in recent years
involve primitive explosives, such as
pipe bombs, that create little damage
and sometimes fail to explode. “Densus
88 is really good in terms of the hard
approach strategy.”
Yet, the unit faces criticism for the
high number of casualties involved in
its raids, and for allegedly using US and
Australian wiretapping technologies
and torturing suspects.
International human rights groups
have implored foreign governments to
withdraw support for Detachment 88,
while Indonesia’s Islamic groups,
including the Indonesian Ulama
Council, a clerical body, say the unit is
anti-Islam and should be shut down.
7
Populist moves ‘Anti-sin’ legislation is
often a tool for politicians coveting
votes, while small traders back anti-
alcohol laws against bigger stores
Business sense Many companies are
becoming sharia-compliant, with the
owners of one Jakarta hotel saying the
move offers better returns
Influential sector Muslim consumer
spending on clothing and shoes in
Indonesia reached $18.8bn in 2013,
according to Thomson Reuters
shopping malls, matching carefully
draped headscarves with the skinniest
of skinny jeans and vertiginous stilettos.
Muslim consumer spending on cloth-
ing and shoes in Indonesia reached
$18.8bn in 2013, according to Thomson
Reuters estimates. And “hijaber com-
munities” have developed around spe-
cific designers, organising events where
young Muslim women receive religious
teaching alongside lessons on the new-
est headscarf fashion.
Dwita Yuniata, who works at Zalora, a
local online fashion retailer, says head-
scarves have become popular not
thanks to any rise in orthodoxy but
because an array of new Islamic design-
ers have made them more accessible.
“It’s more a fashionable thing and every-
body has their own style,” she explains.
“All these hijabers, they need to have
lots of selection, lots of colours.”
There is a similar story of rapid
growth in the halal hotel industry,
where Indonesia’s Muslim travellers
spent some $7.5bn on outbound tourism
excluding the hajj pilgrimage in 2013,
according to Thomson Reuters.
In the lobby of the Sofyan Hotel
Betawi in central Jakarta, green tinsel
decorates the reception desk and indus-
try certificates line the walls, but there
are no obvious clues that the establish-
ment is sharia-compliant. Meeting
Islamic law simply means serving halal
food, providing prayer mats and mak-
ing sure unmarried couples do not share
a room. Non-Muslims are welcome.
The Sofyan family, originally from
West Sumatra, began working towards
compliance with sharia law at the hotel
because it offered better returns. “If we
are sharia compliant we broaden our
market reach rather than narrowing it,”
says Riyanto Sofyan, its chairman.
Extremism fears
Signs of rising piety in Indonesia may
500 km have little to do with religiosity but they
feed concerns about extremism, which
has a long history across the archipel-
ago. The violent Darul Islam group has
been trying to create an Islamic state
since it first emerged in the final years of
Indonesia’s fight for independence from
the Dutch some 70 years ago. And
Jemaah Islamiyah fighters have carried
out savage attacks.
Yet given the size of the population,
the number of serious terrorist inci-
dents remains small. Indonesia ranks
31st out of 124 countries in the Global
AU ST R AL I A Terrorism Index published by the Insti-
tute of Economics and Peace last year,
just below the US.
‘We are Powerful mainstream Muslim organi-
sations such as the Muhammadiyah are
trying — a stabilising force, providing education
and healthcare while emphasising to
and the US their 30m followers that Islam does not
pushes us condone violence. Meanwhile, civil soci-
ety groups conduct anti-radicalisation
— to be workshops and the Detachment 88
police force gathers intelligence.
more bold Yet, in recent years a new threat has
in showing emerged as Isis gains traction in the
Middle East and attracts followers from
to the across the globe. Jakarta officially
world that banned the militant group a year ago
but Sidney Jones, director of the Jakarta-
Islam has based Institute for Policy Analysis of
Conflict, says the police have little
different power to control radical preachers. Abu
faces’ Bakar Ba’asyir, Indonesia’s best-known
Islamist cleric, pledged allegiance to Isis
from within a maximum-security
prison.
More than 300 Indonesians are now
fighting with Isis in the Middle East, Ms
Jones estimates. The figure is low com-
pared with the UK, where thousands
have joined the militant group, but it is
high for a distant country with a power-
ful Muslim majority and no fear of mar-
ginalisation or Islamophobia.
“It’s a worrying trend because we have
always been a laid-back society, we have
always been tolerant and we are proud
of our tolerant religion,” says Yenny
Wahid, an Islamic activist and daughter
of the late president, Abdurrahman
Wahid. “But it is now under attack —
there are people out there who try to
spread the gospel of intolerance.”
8 ★
THURSDAY 27 AUGUST 2015
Britain’s never-ending
inquiry into the Iraq war
The remit of Chilcot’s investigation was far too broad
Six years after Gordon Brown’s govern-
ment asked Sir John Chilcot to conduct
an inquiry into the Iraq war, the non-
appearance of his report has become
almost as neuralgic a topic as the con-
flict itself. Furious demands for publi-
cation have come from a wide group of
individuals — most notably the families
of dead soldiers — many of whom
believe that the UK went to war on false
pretences. Yet despite an investigation
that has consumed more than £10m to
date, no verdict has emerged.
What particularly grates is the
former civil servant’s inability even to
set a date by which the report will be
published. David Cameron recently
expressed his irritation at this, telling
Sir John to “get on with it”. The prime
minister’s impatience does not simply
reflect a desire to draw a line under one
of the most calamitous chapters in Brit-
ain’s postwar military and diplomatic
history — one that bears parallels with
the Suez fiasco in 1956. It reflects con-
cern about the Iraq war’s enduring abil-
ity to poison political discourse.
Some MPs this week warned that
parliament could not contemplate any
extension of the UK’s military opera-
tions against the Islamic State of Iraq
and the Levant (Isis) until after publi-
cation of the Chilcot report.
Much criticism has been flung at Sir
John, not least for the slow pace of the
so-called “Maxwellisation” process by
which individuals who appear in the
draft report can challenge criticisms.
He could perhaps have moved more
smartly. But some of the delays are
beyond his control. Whitehall dragged
its feet about the disclosure of certain
documents deemed sensitive. Accord-
ing to a statement issued by Sir John
yesterday, some papers were only dis-
closed to the inquiry this year.
A bigger issue, however, is that the
remit of the inquiry was simply too
broad. Sir John was asked to cover an
Clinton needs to come
clean over email fiasco
Denying the gravity of her mistakes is only making matters worse
The 2016 presidential race started off
with the equivalent of an open goal
for Hillary Clinton. No credible rival
entered the Democratic contest and
Donald Trump has since thrown the
Republican field into disarray. Yet Mrs
Clinton has been doing her best to
prove the quip that she is her own
worst enemy.
The manner in which she has han-
dled inquiries into her use of a private
server when she was secretary of state
is a case study in damage maximisa-
tion. Rather than admit her errors and
make amends, Mrs Clinton has ducked,
weaved, belittled and evaded — any-
thing rather than face the issue. As a
result, the probes are multiplying and
now include the Federal Bureau of
Investigation. More worrying, Mrs
Clinton’s trust ratings have fallen into
negative territory. No nominee has
made it to the White House with the
mistrust of a majority of US voters. Joe
Biden, the vice-president, is dropping
hints that he is ready to run if Mrs Clin-
ton continues to falter.
It will not be easy for her to turn
things around. To recap, Mrs Clinton
routed all her electronic communica-
tions as secretary of state through a pri-
vate, unencrypted server that was
installed in her family home in New
York. She also conducted all email cor-
respondence on her private address.
No other cabinet official, or federal
employee, in the Obama administra-
tion did likewise. Although it was tech-
nically permissible at the time for her
to do so, all official communications are
federal property. Yet Mrs Clinton
treated hers as private. Moreover, it is
against the law to send classified mate-
rial over unencrypted systems.
Mrs Clinton only reluctantly last year
handed over about 30,000 emails of
official correspondence to government
lawyers. But she took it upon herself to
delete about another 30,000 emails,
eight-year period from 2001 to 2009,
encompassing not only the origins of
the war but all the political, diplomatic
and military decisions taken during the
invasion and subsequent occupation.
This is a huge undertaking and far
exceeds the scope of past inquiries into
military conflicts, such as the Franks
report that followed the 1982 Falklands
war.
Given the public desire to hold the
architects of the Iraq conflict to
account, it might have been better to
focus on the circumstances under
which Tony Blair took the UK into the
war, and whether this was done on a
false prospectus. Not only is this the
question that most preoccupies the
public, it is also central to the debacle
that followed. By attaching himself so
unconditionally to the US, Mr Blair
became the prisoner of Washington’s
subsequent decisions, notably the dis-
astrous one that disbanded Iraq’s army
and civil administration.
There are plenty of lessons to be
learnt from Britain’s mismanagement
of the occupation of Iraq. Why were so
few soldiers committed to provide
security in Basra, the main province for
which the UK had responsibility? What
explained the lack of effective intelli-
gence about what was happening polit-
ically on the ground? But attempting to
cover the whole conflict has come at a
heavy cost: Sir John’s investigation has
ended up lasting longer than the Iraq
operation itself.
Britain has had a dismal experience
with public inquiries over the past dec-
ade. The Saville report into Bloody
Sunday took 12 years and cost an esti-
mated £200m. The Leveson inquiry
into the media’s use of phone hacking
ended up producing little in the way of
tangible results. Unless he reports
soon, Sir John’s effort will come to be
remembered not for what he says but
for how long he took to say it.
which she said were private. The FBI is
now trying to retrieve those from her
impounded server.
Worse, it turns out that many of the
emails she handed over did contain
classified material, and only a fraction
have been released. There are likely to
be many more. The best gloss that can
be put on her actions is that she
behaved as if there were one law for her
and another for everyone else — a
familiar Clinton trait. That, in itself,
provides fodder for her critics. But this
is potentially far more grave.
In her quest to insulate herself from
political enemies, she may have com-
promised US national security. Mrs
Clinton went to great lengths to keep
her communications out of US govern-
ment hands with methods that all but
ensured they would fall into foreign
ones, such as China and Russia. As
Edward Snowden has shown, it is a rel-
atively simple matter to tap into unen-
crypted servers. That may well prove to
be the case. Should it turn out her email
traffic contained highly classified
material that jeopardised US intelli-
gence’s “sources and methods”, Mrs
Clinton could find herself in very deep
trouble indeed. The Department of
Justice will have to make a decision
whether to prosecute. Her campaign
could even be derailed.
What, at this point, can she do about
it? The answer is very little. Several
probes are under way. Yet even at this
stage, with months of potentially
embarrassing revelations in front of
her, Mrs Clinton has yet to acknowl-
edge her mistakes. Last week she
downplayed the gravity of the situation
by making a joke about having opened
an account at Snapchat, where mes-
sages disappear “all by themselves”.
This will not do. Unless Mrs Clinton
comes clean and makes amends, voters
will rightly doubt her suitability to be
commander-in-chief.
FINANCIAL TIMES
BBC funding survey asked slanted questions
Sir, The Whitehouse Consultancy’s poll
on replacing the BBC licence fee with
advertising is a great example of a
biased survey (“Majority of Britons
want BBC financed by advertising”,
FT.com, August 23). Respondents were
first asked about the current
“compulsory licence fee paid by
individuals who watch live television”,
priming them with the bad word
“compulsory” and wrongly saying that
the licence fee is paid by individuals
not households. They were then asked
about funding the BBC through
“increased taxes” instead of the licence
fee (which of course most rejected)
Before criticising Corbyn
evaluate his policies
Sir, Instead of predicting that a Jeremy
Corbyn leadership would spell disaster
for the Labour party (“No ifs, no buts
— Corbyn spells disaster for Labour”,
August 25), would it not be better for
Janan Ganesh to evaluate Mr Corbyn’s
policies and those of the eminent
economists who support him? Yes, the
Zeitgeist would have us believe that
banks, utility companies and care
providers must be in the private sector.
Yet the state has had to bail out the
banks; utility companies are ever
closer to being told to give customers
the best deal from all on the market, so
what happens to competition then?
(And, note, some companies are state-
owned, albeit not British.) And the
provision of care services via the profit
motive is not the best way to quality
care. Mr Corbyn’s preference for some
sort of public ownership hence merits
serious discussion.
His critics might also like to
remember how decades ago his
promotion of a national minimum
wage, animal welfare, a green agenda,
talks with the IRA, the release of
Nelson Mandela, and his opposition to
arms for Saddam Hussein, were all
much mocked at the time — yet all
ended up being right.
None of this proves that all his
current views are right; but it surely
suggests that commentators should
show some humility and reflection
instead of knee-jerk horror. If Mr
Corbyn is to fail, let it at least not be
because of repeated prophecies of
disaster — which thus make them self-
fulfilling.
Peter Cave
London W1, UK
Charities need the skills
of the corporate sector
Sir, William Shawcross (Comment,
August 24) is right to remind charities’
trustees, and your readers, that it is
they who bear the legal responsibilities
for the organisations they serve, not
the Charity Commission nor the
executive teams. It is to be hoped that
what Mr Shawcross refers to as the
“present crises”, highlighted by the
collapse of Kids Company, encourages
a cultural change in the sector. Despite
the current harsh funding environment
for charities, too many are still
reluctant to accept that they should be
run as businesses, albeit not for profit,
not as philanthropic bodies with
entitlement to exist justified by the
undoubtedly good causes they address.
As a fellow trustee once commented,
running a major charitable
A revolution
that reeks
of symbolic
decay
Beirut
Notebook
by Roula Khalaf
Letters
and only then whether they supported
or opposed “abolishing the licence fee
and making the BBC fund itself, even if
that means adverts in programmes,
reducing the number of original
programmes they can produce or
scrapping their public service
broadcasting duty”. “Make the BBC
fund itself” is obviously slanted and
“scrapping their public service
broadcasting duty” is confusing.
But the main distortion is the
implication that only the BBC would
have less money for original
programmes. As the report says,
commercial broadcasters oppose an
‘It’s to keep Donald Trump out’
organisation should not be confused
with raising money for the “Under 11s
football competition”.
What can be done to attract the
individuals with “a sense of
engagement and responsibility” and
ability to read a balance sheet that Mr
Shawcross, absolutely correctly, calls
for? One thing the Charity Commission
could do is lobby the corporate sector
to encourage its experienced
executives to give their time to serve as
charity trustees. Although the scarcity
of funding for good causes is headline-
hitting, it is the dearth of individuals
with experience of running businesses
and making “difficult and unpopular
decisions” to serve as charity trustees
that is the greater threat to the long-
term wellbeing of this important
sector.
Robin Hindle Fisher
Partner,
Hay Hill Partners,
London W1, UK
Welcome young families
with children moving in
Sir, The FT, in line with all other
sources of current news, is full of
dramatic and sad items covering the
plight of tens of thousands of refugees,
fleeing absolute security threats.
Certainly nobody can doubt their
motivation to seek safer areas. Many of
these are families with small children,
and well educated and motivated
parents. Increasingly, however, in the
countries where they would most like
to settle, resistance seems to be
developing, with worries about how to
deal with these large numbers of valid
refugees.
At the same time, all these countries
have within their borders a completely
different population problem. Many
I felt assaulted the second I stepped
out of the airport in Beirut. Not by
guns or bullets, but by an
overwhelming, nauseating stink. For
weeks, heaps of uncollected rubbish
had been accumulating on the streets
of the Lebanese capital after the main
landfill reached overcapacity. The city
and its surroundings had become one
large rubbish dump.
Though I escaped for a few days to
the sleepy, cleaner mountains above
Beirut, there was no running away
from the trash, or the talk of trash, or
the politics of trash. And, by the time I
left the country last week, a sort of
rubbish revolution had erupted, as
thousands of furious young protesters
turned against the political class with
a slogan of the long-gone Arab spring:
the people want the fall of the regime.
It may seem surreal to rise up in the
name of trash in a Middle East torn
apart by more mortal threats. Lebanon
itself has been reeling from deeper
problems, some home-made and
others spilling over from neighbouring
Syria. The young people’s demands
were also improbable: the country is
in constitutional limbo and the
presidential palace has been vacant
for a year. If the government goes,
there is no president to name a new
cabinet, and the result will probably
be even bigger piles of trash.
But the young people’s message is
long overdue, and so is their
mobilisation. In a country where
sectarian identification trumps
national interest, those who answered
the call of the You Reek campaign
advertising-funded BBC, which would
sharply reduce the price of commercial
airtime, leading to less revenue and
lower programme budgets for all
broadcasters. Despite most of the
public not knowing this, surveys that
ask a simple multiple choice question
(with no priming) typically find that
only 25-30 per cent choose advertising
funding. The Whitehouse 52 per cent
is, as far as I know, a record. They are
to be commended for ingenuity, but
not for validity.
Patrick Barwise
Emeritus Professor,
London Business School, UK
villages and towns are struggling with
ageing and declining populations, with
a vicious circle of falling populations,
closing schools, closing shops,
disappearing jobs, more families
moving out, reduced public facilities,
empty houses and so on.
In most cases such towns and villages
should welcome young families with
children moving in. Not hundreds of
refugees (often a majority of young
single men) bussed in together into
some sort of concentrated facility, as
this obviously creates resistance.
Instead a gradual process of settling a
few families in existing but empty
houses, assisted with language and
other training to facilitate integration
and with the children going to local
schools, would create a positive
outcome for all.
While this would not solve the
dramatic refugee situation, especially
also the so-called economic refugees,
consisting mainly of single young
individuals, it could certainly deal with
the most urgent and deserving cases of
families with children.
Adrie de Groot
Enzersfeld, Austria
Use the experience older
workers have developed
Sir, Stefan Wagstyl, in “Help wanted:
youth and inexperience required” (The
Big Read, August 25), rightly points to
the challenges associated with the
ageing and projected fall in Germany’s
population, where it is something of a
global pioneer. However, population
ageing and decline can be seen as an
opportunity.
An ageing population should
encourage us to use the skills and
experience that workers have
developed during their careers into
their later lives. A falling workforce can
prompt us to improve both workforce
participation among the marginalised,
and levels of automation and
efficiency.
Taking the longer view, Germany’s
population was historically much lower
than it is today. Populations cannot
grow forever. A falling population is an
opportunity to reduce the cost of living
as competition for housing and other
resources falls, to reduce emissions and
resource depletion, to move to
sustainable energy production and to
improve biodiversity from today’s low
levels. For the individual, what matters
is not the overall size of the economy
but average per capita income, and
how that income is distributed.
Simon Ross
Chief Executive,
Population Matters,
London E4, UK
group came from a cross section of
religious groups, including Christian,
Sunni, Shia and Druze. Whatever their
background, they were united in their
frustration with corrupt and sectarian
management.
For many, the rubbish symbolised
everything rotten in the Lebanese
state, from failed institutions
incapable of providing the most basic
services to a corrupt political elite
guarding vested interests. “Some trash
should not be recycled,” read one of
the You Reek banners, with head
shots of political party bosses, a
sentiment that is widely shared.
Beirut’s trash revolt is also a
reminder of the broader decay of the
Middle East, with relatively calmer
parts of the region threatened with
institutional failures that continue to
provoke growing disenchantment. In
recent weeks the more stable areas of
Iraq, including Baghdad, also have
been rocked by street protests over
corruption and persistent power cuts.
Lebanon’s crisis was predictable,
and should have been manageable.
The landfill where the capital’s waste
is disposed of has been taking more
than its capacity for years and the
people living around it had said that it
was overfull. But political bickering
was paralysing decision-making and
the search for new waste management
contracts stalled. Ask any man or
woman on the street what the political
infighting is about and they will say
that politicians are looking to profit
from the contracts and arguing about
the size of their shares.
Thursday 27 August 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Chinese policymakers face
Herculean challenges —
we should wish them well
Sir, I read with great interest Michael
Schuman’s article “No need to idolise
China’s accident-prone technocrats”
(August 21), in which he rebuked the
Chinese technocrats for the supposed
failure of their policies. For example, he
considers Beijing’s stimulus plan to deal
with the 2008 crisis “catastrophic”,
because it eventually had led to the
country’s debt exploding to 248 per
cent of gross domestic product by 2014.
While there is no doubt this policy
had resulted in some wasteful
spending, this should be balanced
against the fact that it has saved the
Chinese economy from sliding into a
recession. Furthermore, with the debt
being denominated in local currency
and given the country’s huge financial
resources, Beijing could easily take care
of its debt obligations.
The main problem with Mr
Schuman’s analysis is that he
conveniently ignores the huge
challenges facing Chinese
policymakers. The reason for the
present relative decline in China’s rate
of economic growth is that the country
is going through a transition from an
export-oriented economy to a
consumption-oriented one, and from
producing low value-added goods to
high-tech products. China now is
focusing on building an innovation-led
economy so that it could join the ranks
of advanced nations by 2050.
Instead of chastising China’s leading
policymakers, we should try to
understand the reasons behind their
high level of efficiency. First, the
country’s meritocratic system. For
centuries, China’s (scholar) officials
were chosen on the basis of the
competitive imperial civil-service
exam. Second, many of the country’s
present elite have received their PhDs
from top western universities. Third,
policymakers in China are latecomers.
They have the advantage of learning
from other countries’ experiences. For
example, for years they have resisted
American pressure substantially to
raise the value of the renminbi. This is
because of their belief that
Washington’s pressure on Tokyo which
led to the yen appreciation (after the
1985 Plaza Accord) was responsible for
Japan’s two lost decades. Their recent
moves to shore up the stock market
have many similarities with the
policies adopted by the Hong Kong
Monetary Authority in the wake of the
1997 Asian financial crisis. Fourth,
thanks to the strong backing of the
party, swift implementation of
government policies is almost always
ensured.
The present economic slowdown in
China has ripple effects that have
negatively affected many other
nations. Given the Herculean
challenges facing the Chinese
technocrats, we should wish them well,
not only for the sake of China but for
the world.
Khairy Tourk
Professor of Economics,
Stuart School of Business,
Illinois Institute of Technology,
Chicago, IL, US
LETTERS ON FT.COM
Leverage ratio
Representatives of the global derivatives
markets on one of the key planks of Basel III
www.ft.com/letters
Tamam Salam, the prime minister,
who presides over a fractious cabinet,
has seemed as desperate as the
protesters. The trash, he said this
week, was the “straw that broke the
camel’s back but the story is much
bigger. It is the story of the political
garbage in this country”.
After a violent weekend and hints
that Mr Salam could indeed throw in
the towel, the waste management
bidding process was hastened. On
Monday the environment minister
declared a “happy ending” to the
trash crisis and publicised the results
of what he described as a
“transparent” tender.
By Tuesday, however, the happy
ending had ended. A chaotic
government session intended to
confirm the contracts awards
dissolved in disarray and some
cabinet members walked out. In an
apparent attempt to show their
commitment to the public good, other
ministers decried the cost of the
contracts and demanded a reopening
of the bids.
In the meantime, the government
decided to allocate $100m to the
impoverished northern region of
Akkar, in the hope that public
spending would encourage
communities there to agree, at some
point, to a new landfill in their region
to dump Beirut’s refuse. The result in
this Lebanese mess is that the rubbish
is here to stay, as will the people’s
revulsion and revolt.
roula.khalaf@ft.com
Thursday 27 August 2015
ECONOMICS
Chris
Giles
orbynomics should not be as
C incoherent as it is. Leftwing
economic platforms need
not be stupid, but propo-
nents must understand their
strengths and limitations. So here are
some suggestions for Jeremy Corbyn,
the hard-left veteran likely to become
UK Labour party leader next month.
There is no left-right dividing line in
sensible economic policymaking. Eve-
ryone needs to define their ambitions,
understand how policy might achieve
goals and recognise constraints. Mr Cor-
byn’s ambition is clear: he wants a more
equal and a more prosperous society.
Since this desire is shared across the
political spectrum, the radical left must
demonstrate its ability to act where
other, more conservative forces, are
constrained. The left’s important free-
To be rational
about Tesla is to
miss the point
OPINION
Philip
Delves Broughton
L
ook at the numbers; they are
borderline insane. For every
car it had sold by the end of
last year, Tesla Motors had
burnt through about $40,000
in research, development and capital
expenditure. The company is worth
about half as much as BMW, which
makes 35 times as many vehicles. Tesla
has never made an annual profit, yet
investors keep pouring money in.
In early spring, Elon Musk delivered
an analysts’ call for the ages. With most
companies, these calls are death
marches through the footnotes of an
earnings report, but the Tesla founder
announced that his company would be
spending “staggering amounts on
capex” and would be worth $700bn,
around the same as Apple, in 10 years.
Here is how: revenue of $6bn this year,
growing at 50 per cent a year for a dec-
ade, making a 10 per cent profit margin
and valued at 20 times earnings. You
hear that in Munich?
It was sweet of Mr Musk to bother
with a cash flow valuation exercise, but
he may have been patronising his audi-
ence. The idea of applying the same val-
uation to Tesla as you might to Ford
China’s push-me-pull-you policies leave the world reeling
ASIA
David
Pilling
I
t used to be that when America
sneezed, the rest of the world
caught a cold. Now the US has real
competition when it comes to
spreading economic influenza.
These days, it seems, if China sneezes,
the world comes down with bird flu.
That is hardly surprising given China
now accounts for 16 per cent of global
output, the same as the US in purchas-
ing power parity terms. Although econ-
omists have long urged Beijing to adopt
pro-market reforms, the dirty secret is
that China has borne the global econ-
omy on its back by doing precisely the
opposite. Now its economy is juddering
and its policymakers are allowing mar-
kets to exert a modicum of influence,
global investors are looking on in horri-
fied awe. Back in 2008, when the world
went into virtual lockdown, it was Chi-
How to be hard left without being stupid
dom is its ability to worry less about pre-
serving individual property rights than
others. Such rights are never absolute —
any form of taxation is lawful extortion
— and if they stand in the way of growth
and greater equality, a leftwing govern-
ment can remove them. This surely
should be the guiding theme of any
practical economics of the hard left.
The constraints are sadly real, how-
ever. You can tax the rich until the pips
squeak, but if the pips are mobile, you
will find the fruit you are squeezing is
seedless. Governments can also fail
more regularly than markets.
With this in mind, an economically
coherent leftwing platform would
weaken the property rights that most
impede prosperity, allowing these
gains to offset damage from likely
government failures and weaker
incentives to work and to innovate.
Once you are clear about such essen-
tials, it is not too difficult to devise
sensible leftwing economic policies.
Abundant land is disastrously used
in Britain, constrained by arbitrary
planning constraints and not-in-my-
back-yard attitudes of small “c” con-
servative residents. Greenbelt restric-
makes little sense. This looks more like
a venture investment. You do not buy
Tesla because you think you know what
profits it will make. You buy the stock
because you think some new technology
such as Tesla’s will change the world in
ways that invalidate any such estimate.
This is a play on the looming changes in
the car and energy industries. To profit
from the electric car race, you have to
back the winner. Missing out is costlier
than backing a few losers along the way.
It is all prone to risk: the novel tech-
nology, the competitive threat, the dan-
ger of its charismatic founder falling
under a bus, taking Tesla’s mojo with
him. Hedge funds love the stock
because it is so volatile. No one can
make up their mind whether it is for
real. All that seems certain is that, a dec-
ade hence, the company’s value will be
nowhere near its current market capi-
talisation of $28bn. If Mr Musk fails to
realise his bold vision, the company
might be worthless. If you buy Tesla now
and the company delivers, you will have
hit a giant home run.
Mr Musk stands at a crossroads of
three industries that have always been
rich in swashbucklers and hype: energy,
cars and technology. Energy has its wild-
catters, oil and gas men who build great
fortunes starting with nothing but a
wide-brimmed hat and a hole in the
ground. The car industry has long
attracted adventurers. William Durant
sold cigars and carriages before found-
nese state intervention — old-fashioned
pump-priming on a truly colossal scale
— that kept things going. Chinese
demand for oil, iron ore and copper trig-
gered booms in commodity-producing
countries from South America to Africa.
A surge in Chinese consumer demand
kept US carmakers and Taiwanese chip-
makers afloat.
For the Chinese economy, though,
there was a price to pay. Total debt in
the system has swelled since 2009 from
130 per cent of gross domestic product
to about 280 per cent. As China ramped
up investment levels to nearly 50 per
cent of GDP, it built houses, offices and
steel mills it simply did not need.
Instead of leaning on exports, Beijing
allowed the renminbi to appreciate
against the dollar. Even when its arch-ri-
val Japan set the printing presses roll-
ing, China sucked it up. The renminbi
has appreciated nearly 40 per cent
against the yen since the 2013 launch of
Abenomics, Tokyo’s bid to revive and
reflate its economy.
Now Beijing is adjusting policy, clum-
sily and uncertainly. It has accepted that
its economy cannot grow at 10 per cent
forever. It has trimmed fixed capital
★ FINANCIAL TIMES
Comment
tions protect wasteland around cities,
preventing both growth and more
affordable housing and ensuring older
and richer people, especially around
London, entrench their privileges.
Regulations could be substantially
loosened, with the state appropriating
most of the increase in land value of
areas that currently cannot be devel-
oped. Many parts of inner cities,
An economically coherent
platform would weaken
the property rights that
most impede prosperity
often freehold land owned by the
public sector, could be rebuilt at
higher densities with widespread
compulsory purchase. A third runway
at Heathrow — a pro-growth measure
opposed by local property owners —
should go ahead.
To be clear, this is a red policy, not
a green one. Alongside higher prop-
erty taxes on those who gained from
buying in the right place at the right
ing General Motors and hiring Alfred
Sloan to run it. During the 1920s, he
became a major player on Wall Street.
But he was ruined in the crash of 1929
and ended his life invalided by a stroke
and managing a bowling alley in Flint,
Michigan. In the late 1970s, John DeLo-
rean, a GM executive who made his
name building muscle cars, raised
money from his celebrity friends and a
British government desperate for an
industrial manufacturing success to
build the DMC-12, an all-steel, rustproof
sports car with gull-wing doors. The
venture imploded in 1982 when DeLo-
rean was arrested with 55 pounds of
cocaine and charged with trying to sell it
To profit from the electric
car race, you have to back
the winner. Missing out is
costlier than picking a loser
investment, sending global commodity
prices into a tailspin, and damaging
economies from Brazil to Australia.
More recently, after its futile attempts to
tame the stock market, it has bowed to
market forces. The result has been a
frightening slide. Just in case things
were not interesting enough, the Peo-
ple’s Bank of China picked this month of
all months to move to a more market-
determined exchange rate. It has let
The sense of panic has
been exacerbated by
the mixed signals — take
the exchange rate
loose a whirlwind. “It’s payback time,”
says Jonathan Slone, chief executive of
CLSA, the Hong-Kong based brokerage,
referring to the deferred cost of 2009’s
$600bn stimulus.
The sense of panic emanating from
China has been exacerbated by the
mixed signals. The world does not have
a clue what Beijing is up to. Take the
exchange rate. Technocrats at the cen-
time, it would efficiently redistribute
income and wealth, improving the
lives of poorer people.
Few want a generation of lazy
trust-fund children. So, other forms
of overt redistribution should include
heavier inheritance taxes. These are
justified on the twin principles that
bequests damage benefactors’ work
incentives and the dead find the tax-
man more difficult to avoid than the
living. The constraint here is to
understand that people will seek to
divest their wealth before they meet
their maker and even a hard-left gov-
ernment will need to trade off higher
revenues against inevitable avoidance.
In taxation, the left should under-
stand that revenue raising is a collec-
tive activity and that to generate suf-
ficient receipts to devote more of the
nation’s resources to the poor, to edu-
cation, to health or to other public
services requires more than a raid on
the rich. There are not enough of
them. Higher taxes for all, as in Nor-
dic countries, is the solution.
All of this is economically literate,
radical and leftwing. Little of this is
Corbynomics. For him, there are vast
to finance his flailing company. His car
may have been a clunker, but it was
immortalised as a time travel machine
in the 1985 movie Back to the Future.
Then there is the technology industry,
which rewards absurdly big thinking.
You do not get to a Tesla-sized valuation
by playing coy. Investors, employees
and customers all want to hear you say
you are going to be massive. Facebook,
Google, Apple massive. That is what
attracts the talent and the money.
Mr Musk has done a remarkable job
in proving that electric cars can be gor-
geous. When you are slung low in one of
the Model S’s curving seats, see the giant
touchscreen which stands in for all the
footling dials on ordinary cars, start it
up and hear the murmur of its electrical
system stirring to life — when you do all
that, you might not mind taking a one-
way trip over the financial rapids.
The Tesla chief’s dynamism has hur-
ried along an entire industry. He is keep-
ing Mercedes up at night, as well as an
tral bank were almost certainly not
seeking a competitive devaluation.
Rather, they wanted to move to a more
flexible exchange rate in order to
improve the renminbi’s chances of
being included in the International
Monetary Fund’s Special Drawing
Rights. How do we know devaluation
was not the real aim? Because China
has since lavished tens of billions of
dollars a day to prop up its currency.
This shows just how tied up in knots
Chinese policymakers have become.
In order to convince markets the
bank was seeking a market-friendly
exchange rate regime it has been
obliged to intervene on a massive scale.
How perverse is that?
That in microcosm is the state of
China’s economy policy as a whole. Poli-
cymakers find themselves squeezed
between the Scylla of the market and
the Charybdis of state control. The eco-
nomic road map laid out at the Commu-
nist party’s Third Plenum in 2013 called
for both “a decisive role” for markets
and a “dominant role” for the state. All
clear, then? In practice, policymakers
have slalomed alarmingly between the
two. They propped up the stock market,
untapped pools of free money, to be
accessed via setting up a national
investment bank, attacking so-called
“corporate welfare”, engaging in
quantitative easing “for the people”
or simply ending austerity.
That is not a coherent programme
for the left, but just another form of
populism. And of course it comes
with other popular fallacies such as
saying the finances of the British
state are regressive — when it is
obvious that poor families receive
their income from the state. Slogans
are easy to write if you wilfully con-
fuse objectives with policy, making
empty statements such as, “faster
growth and higher wages must be
key to bringing down the deficit”.
It is Mr Corbyn’s populism, not his
being hard left, that destroys his eco-
nomic credibility. A smart hard-left
stance could claim to boost both
prosperity and equality. It would be
radical and coherent, but in under-
mining property rights, possibly not
all that popular — one of the reasons
why the hard left rarely wins office.
chris.giles@ft.com
already sleep-deprived Detroit. But to
think that he can grow at the rate he pro-
poses and gobble up the car market the
way Apple did with smartphones is to
misunderstand how cars are bought and
sold. People crave choice. As Henry
Ford discovered to his detriment, they
did not want their cars just in black.
They wanted them in lots of colours,
with fins, and floating suspensions and
giant grilles.
Still, if you try to be rational, you are
missing a big point in Mr Musk’s favour.
Silicon Valley is currently obsessed with
cars. More than that, those who mutter
about the lessons of the last dotcom
crash could be missing out on the next
Amazon. If you had written off Jeff
Bezos’ hubris, you would have missed
one of the great investments of our age.
You buy Tesla today so that in years to
come, you can say you were there.
The writer is author of ‘What They Teach
You at Harvard Business School’
only to let it collapse. They reined in
credit, only to open the sluices again.
They announced drastic reform of
state-owned enterprises, only to do not
much of anything. Their push-me-pull
you policies have left the world uncer-
tain about the direction of travel and
unsure about whether Chinese policy-
makers are as competent as they were
always cracked up to be.
So where is China heading? If we look
to Xi Jinping for clues we might deduce
that state control will win the day.
China’s president does not exactly give
the impression of being willing to leave
things to chance. He is all about control:
of his party, of the media and doubtless
of the economy too. When push comes
to shove, state intervention is likely to
prevail over what must have looked to
China’s leaders like a reckless dabbling
with market forces by their technocrats.
If that is right, Beijing will do everything
to stabilise the situation and ensure a
decent level of growth. In the short
term, that will be good for the world. It
may, however, only be postponing the
day of reckoning.
david.pilling@ft.com
9
Make up your
mind on
banking
regulation
OPINION
Simon
Samuels
T
he people who have taken
over at four of Europe’s
largest banks are less likely
to elicit sympathy than the
defenestrated chief execu-
tives they succeeded. But the new
bosses of Credit Suisse, Deutsche Bank,
Barclays and Standard Chartered face a
nearly impossible task: they are trying
to decide on the best long-term direc-
tion for their bank without knowing the
future key regulatory rules.
There seems to be little official recog-
nition of this challenge. Far from it. In a
July speech, Sir Jon Cunliffe of the Bank
of England, was boasting of a job well
done. “Seven years on from the crisis,”
the deputy governor said, “the contours
of the new regulatory framework are
clear and in the main agreed.”
Really? Consider the single most
important decision that regulators have
to make: how much capital banks are
required to have. To a bank, nothing
matters more than this number. It
determines their ability to lend, their
decision to grow or shrink each of their
businesses and their ability to reward
shareholders and employees. When reg-
ulators change the capital requirements
for banks, it is analogous to raiding the
cash pile of an industrial company.
Yet years after the crisis, banks are
again faced with extraordinary uncer-
tainty over how much capital is
required. And if a bank cannot say with
much certainty how much capital an
activity needs, it cannot possibly know
what return on capital it might achieve,
and cannot decide with any degree of
confidence which businesses to grow
If banks do not know how
much capital an activity
needs, they cannot sensibly
decide whether to do it
and which to shrink.
To understand what is happening,
you have to delve into the “risk-
weighted assets” calculation. This meas-
ure, in which assets that are considered
safe need less capital than those consid-
ered risky, has fallen into disrepute.
Many observers distrust the compli-
cated models that banks use, which they
say tend to make assets look safer than
they really are. Indeed, during the crisis,
many assets that had been considered
safe proved to be nothing of the sort.
The Basel III rule book agreed in 2010
largely ignored this problem. The Basel
Committee which sets standards for glo-
bal banks is now discussing a funda-
mental overhaul of the formula used to
calculate risk weightings, which might
take years. The European Central Bank
is conducting its own, separate review
into the calculations, which will not be
completed for another four years. Regu-
lators say they are aiming for simpler
rules which are harder to manipulate,
which is in principle a good thing. But
banks fear the new system will judge
their assets to be riskier than they
looked under the old one, forcing them
to increase their capital. This is not a
minor tweak. It is the birth of Basel IV.
Should Standard Chartered’s new
chief executive expand or contract its
Asian mortgage business? It is impossi-
ble to know. Under Basel III, mortgage
lending generates a return on equity of
about 15 per cent. If, under Basel IV, the
same lending requires more equity, that
return might plunge by two-thirds.
Should Deutsche Bank’s new chief
expand its corporate lending business?
Again, it is impossible to know, since a
business that has a 17 per cent return on
equity under Basel III might earn a pal-
try 3 or 4 per cent under Basel IV.
Regulators may say they have more or
less finished rewriting the rules of the
game. But to paraphrase words of one
former British chancellor, this is rather
like sending your batsmen to the crease,
only for them to find that some of the
bats have been broken before the game
by the sport’s organising bodies —
though you do not know which ones.
If banks appear strategically frozen,
that is probably because they are. Regu-
lators should not delay. If they are going
to tighten the rules further, they should
get on with it and allow a new crop of
chief executives to set sail with confi-
dence. It is one thing to decide that
tighter regulations are worth the cost. It
is another to exacerbate that cost
through delay and indecision.
The writer is a banking consultant
10
Indians relied
on each other
to prosper in
Silicon Valley
James Crabtree
Businessandsociety
Shaped for the circular economy
Small companies with
ecological innovations
must plan how they fit in
with the mainstream,
writes Alicia Clegg
K
nee-deep in half-empty paint
pots, the residues of a life-
time’s home improvement
projects now destined for the
refuse tip, Keith Harrison felt
a stab of regret — and the stirrings of an
opportunity.
“I kept thinking I could do something
with it, the paint had an intrinsic value.
It would have been a huge waste just to
throw it away,” says the former indus-
trial chemist.
He launched Newlife Paints in Sussex,
on the south coast of England, in 2009.
Remanufacturing eco-paints from lefto-
ver paint, the novice entrepreneur is
joining the “circular economy”.
Advocates insist that circular econ-
omics is more than upmarket recycling.
It involves designing goods at the outset
that will be easy to repair, reuse or re-
make from their parts. The aim is to
devise production processes that avoid
waste; keep high- and low-value materi-
als separate; and, like Mr Harrison, en-
able spent goods to be remanufactured
to their original condition, rather than
salvaged for their components or recy-
cled into lower quality products.
Philips, Renault and other big indus-
trial companies are among the pioneers
of the circular economy. But when it
comes to devising bold alternatives to
the “take-make-dispose” model of
growth, start-ups are joining in and
sometimes showing the way. As Joss
Blériot, who leads on policy at the Ellen
MacArthur Foundation, which pro-
motes the circular economy, puts it:
“Start-ups are free to innovate in ways
that big companies sometimes aren’t.”
Yet, lacking the benefit of well-
resourced facilities, established routes
to market and well-known brands, they
also face many challenges.
Scaling up
Mr Harrison set up on his own because
he was nearing retirement and impa-
tient to put his ideas into practice. He
developed his technology, which in-
volves removing leftover paint from tins
that have been diverted from landfill,
and blending and filtering them to pro-
duce colour-matched new paints.
He started in his garage, later renting
a small manufacturing plant. But with
limited resources he struggled to scale
up production of the paints, which he
sells online and through retailers. So, in
2013, Mr Harrison began licensing his
technology as his main route to market.
Waste company Veolia began making
Newlife Paints under licence this year.
“By licensing we can have more impact
and spread internationally, ” he says.
Procurement impasses
Enthusiasts for integrating circular
economy principles into manufacturing
argue that longevity, avoided disposal
costs and potential resale value out-
weigh the small cost increases that at-
tach to goods specifically designed or re-
formulated for reuse. But paying more
today for a saving tomorrow is not nec-
essarily what procurement managers
with short-term budgets are looking for.
Sundar Pichai’s appointment this
month as chief executive of the newly
rejigged Google prompted happy
outpourings across India. The US
technology group will still be controlled
by founders Larry Page and Sergey
Brin. But Mr Pichai’s rise to become
their most senior lieutenant seemed to
confirm the considerable achievements
of India’s global diaspora.
Pride in eminent expatriates is
common across developing economies.
But it is especially warranted in India,
whose émigrés have achieved great
prominence in the US. Mr Pichai’s
promotion follows a handful of others:
Satya Nadella, for instance, who last
year took the helm at Microsoft; or
former Google executive Nikesh Arora,
now heir presumptive at SoftBank, the
Japanese telecoms group.
More interesting, though, are the
wider accomplishments of Indian
entrepreneurs in Silicon Valley.
At first this looks counterintuitive.
Indians have a strong reputation as
software developers, dating back to the
first wave who arrived armed with elite
engineering degrees in the 1980s. But
that same group has since gone on a
less heralded journey, outpacing once-
dominant communities from Taiwan
and China, to become the US’s most
technologically entrepreneurial
immigrants as well.
Today the contest is not even close.
Immigrants either founded or co-
founded around four in 10 Silicon
Valley businesses between 2006 and
2012, according to the Kauffman
Foundation — itself a remarkable
statistic. Of those immigrant-founded
This at least was what C-Tech Innova-
tion, a UK company, and the Non-
wovens Innovation and Research Insti-
tute, which develops new textiles, con-
cluded when they wanted to commer-
cialise a technology to prolong the life of
uniforms. Every year thousands of
tonnes of workwear ends up in landfill
and incinerators before it has worn out.
With the new technology, Wear2,
clothes are sewn with a yarn that frag-
ments when exposed to microwaves, so
they can be pulled apart and remade
into new garments. Company logos on
the clothes can be easily removed if
‘We’ll transition from a
green manufacturing
business into a
technology business’
made with the yarn, leaving them ready
for reuse or resale.
To avoid being blocked on price early
in discussions, Rob Bell, a director at
C-Tech, advises circular economy inno-
vators to make contact with the man-
agement board of potential clients. As
decision makers, they should have a
better overview of the company’s over-
all strategy. “[Operational] people often
say: ‘I like the idea, but if it costs more
than my usual supplier, I won’t buy it,”
he says. To do otherwise might cost
them their bonus. The support of a man-
aging director, he adds, helped Wear2’s
developers sign a licence with Northern-
Ireland’s Hunter Apparel Solutions.
Reaching consumers
When it comes to wooing consumers to
circular brands directly, getting the
semiotics right can be decisive. Mr Har-
rison first named Newlife Paints “Sus-
sex recycled paints”, before swapping to
“eco-paints” when he realised consum-
ers took “recycled” to mean “cheap”.
★ FINANCIAL TIMES
BUSINESS LIFE
companies, however, roughly a third
were launched by Indians. The next
most successful group, the Chinese,
accounted for 5 per cent.
Indian immigrants in the US are
numerous, highly educated and speak
excellent English. This adds up to a
powerful trio of traits that other foreign
arrivals struggle to match, according to
political scientist Devesh Kapur, co-
author of a forthcoming book on the
diaspora. As a result, Indians do well
across corporate America, bagging top
roles at blue-chip companies and Wall
Street banks, and making Hinduism
the country’s wealthiest religion per
capita.
Yet this alone does not explain why
they prosper in the technology sector, a
phenomenon with deeper roots in the
experience of the early engineers who
first moved to California. Back then,
employment at established tech
companies came easily. But those who
tried to launch start-ups found life
more difficult, struggling to raise
venture capital in particular.
The lesson drawn by these pioneers,
says Vivek Wadhwa, entrepreneur and
Stanford University fellow, was that
they had to stick together. “The first
crop of Indian entrepreneurs all had
similar stories of being held back by a
tech system dominated by white
Americans,” he says. Those who
succeeded, such as Vinod Khosla, co-
founder of Sun Microsystems, became
linchpins in a support system for their
fellow nationals, ranging from formal
business groups to ad hoc networks for
mentoring and funding. “They decided
they needed to help each other out.”
He has also launched an upmarket
brand called Reborn Paints. The devel-
opment was part funded by Akzo Nobel,
maker of Dulux Paints, which has been
working with him as part of an initiative
led by Innovate UK, a government
agency. Blended with extra minerals —
such as Cornish clay, for a nicer finish —
the range is aimed at affluent house-
holders with a green conscience.
It pays to plan ahead
For the economics of circular systems to
be viable, the procedures for recovering
materials must be well planned. Wear2
developers focused on workwear be-
cause it is usually handed back to the
issuer once finished with. This creates
an obvious and easy recovery path.
Sometimes generators of waste real-
ise there is value in the rubbish they are
giving away and start to levy a charge
instead of paying for its removal — as
with brewers’ grains, which found a sec-
ondary market as animal feed.
Bio-bean is a London start-up that
turns old coffee grounds into a source of
energy. It collects them via waste man-
agement contractors from freeze-dried
coffee factories, high-street chains and
kiosks in transport hubs to turn into
biomass pellets, which are sold to heat
offices and homes. Those companies do
not wish to extract the value them-
selves, but this could change. To protect
‘
Nowadays, Indian executives are
over-represented across Silicon Valley,
especially at businesses that prize
engineering talent, such as Google. But
while the original need to break into
the tech sector has passed, their habit
of mutual support persists. Mr Pichai
Pichai is
seems to embody this culture too, given
the way colleagues describe him as
described as technically brilliant, but also kind and
helpful to others.
technically It might seem surprising that this
brilliant, kind of clubbing together was
necessary. Silicon Valley is celebrated
but also for its dense networks of funders and
kind and entrepreneurs.
Evangelists portray the area as the
helpful ultimate open economic system; a
’
freewheeling technological
meritocracy, in which outsiders are
welcome and good ideas rise to the top.
That is at best a half-fiction. The tech
sector is not always collegiate, as recent
revelations about Amazon’s work
practices made clear. The same point is
driven home by the anxious founders
and backbiting coders of hit HBO
comedy Silicon Valley.
Above all, successful innovators also
tend to have the best contacts, opening
closed doors to money and support.
Those without access — foreigners, for
instance, or women — must break into
established networks or create others.
And more than any other group of
outsiders, it was the Indians who
figured out that, to make it in start-up
land, it helps to have a social network
of your own.
james.crabtree@ft.com
Michael Skapinker is away
Any colour, so itself against this potential develop-
long as it is ment, Bio-bean is investing in technol-
green: Keith ogy and exploring what more value it
Harrison can extract from coffee grounds, start-
developed a ing with oils for biodiesel. It is also an-
technology to alysing other sources of urban waste.
reuse leftover Once it can prove its technology
paint; below, works on several kinds of refuse, it plans
Bio-bean is to license it to waste producers wanting
exploring how to become waste processors. Then, says
to boost its Arthur Kay, co-founder: “We’ll transi-
technology to tion from a green manufacturing busi-
extract more ness into a technology business.”
value from Also experimenting is New York-
waste based Ecovative Design, which makes
Charlie Bibby an alternative to plastic packaging that
is grown from crop waste and myc-
elium, the root-structure of mush-
rooms. Its best-known product, Mush-
room Packaging, which it licensed to the
packaging company Sealed Air, protects
merchandise such as electronic goods
in transit.
Now Ecovative is commercialising a
mycelium-based board designed to re-
place engineered wood, and its chemical
adhesives, in furniture. Other projects
include mycelium-based insulation and
grow-it-yourself kits to enable consum-
ers to invent their own uses for mush-
room materials. “When you design a
sustainable alternative, you essentially
take on a constraint for which you can-
not charge. The cost to the planet of
existing materials, such as plastics, sim-
ply isn’t counted, which makes sustain-
ability quite a difficult path to take,”
says Eben Bayer, a co-founder.
Undeterred by the challenges he has
encountered, Mr Harrison is suggesting
to manufacturers how they could plan
more imaginatively for the afterlife of
their products. One suggestion is adding
more symbols to packs to assist sorting
waste paints into types. “At the moment
we’re fighting fires, because the paints
we pull out of the waste stream today
were manufactured five or so years ago,
when the circular economy was barely
on the horizon,” he says.
The review
Tips for picking a dream team
but the art remains a mystery
ANDREW HILL
Team Genius: The New
Science of High-
Performing Organizations
By Rich Karlgaard and
Michael Malone
Harper Business
$27.99
A simple truth — that
“boards and investors
almost always overrate
individual genius and under-
rate genius team
contribution” — drives this
book. But an equally
fundamental obstacle gets
in its way: there are so many
permutations of individuals
that assembling a dream
team is near impossible.
Even defining the
simplest team of all, a pair,
technology journalists Rich
Karlgaard and Michael
Malone identify 12 varieties,
including duos “chained
together by success” (such
as the feuding but
successful kings of light
opera, Gilbert and Sullivan),
and “Yin and Yang” team-
pairs (such as Apple’s Steve
Jobs and Steve Wozniak).
“Having such a panoply of
pair types can seem a bit
daunting,” they say. Too
right. Reading the book,
I had a growing feeling of
sympathy for managers
struggling to put together
a team with the right
combination of talents and
thinking styles.
Team Genius mostly
assumes leaders can
assemble and change teams
at will, which may be true in
the technology sector, from
which it draws many of its
examples.
But most projects require
the presence of certain
members of staff with
specific skills, which could
limit managers’ ability to
build a team with the right
“cognitive diversity”.
A few anecdotes shine
out. In one, Tom Siebel of
the eponymous Silicon
Valley software group —
then 50-strong, the point at
The riff
Predictions will exist forever
HENRY MANCE
“I never make predictions
and I never will,” is a quote
attributed to everyone from
Tony Blair to Paul
Gascoigne. Who cares if it is
apocryphal; it is accurate.
Most of us realise that we
are bad at forecasts. The
troubles of the Chinese
economy, the rise of Jeremy
Corbyn and even the decline
of Tesco testify to how
wrong conventional wisdom
can be. But we cannot stop
making more forecasts. The
journalist Paul Mason has
even written a book entitled
Postcapitalism: A Guide to
Our Future, which I predict
will one day win a prize for
hubris.
Is there a better way? In
his book Future Babble, the
Canadian author Dan
Gardner offers a solution.
We should assign
probabilities to outcomes,
critique our methods and,
above all, be humble. And he
adds, we should avoid
predicting those things that
are too uncertain and too
long term.
That is hard, and it is
becoming harder.
Technology means that
Thursday 27 August 2015
which management
challenges really start to
increase — complains about
a promising potential new
vice-president who had
started to haggle for added
perks. “It means that we’re
not a team any more,” he
laments. “Now people join
the company for what they
can get out of it. I knew it
was coming, but I didn’t
think it would be so soon.”
While the most successful
teams are the most diverse,
the book usefully points out
that the most diverse teams
are also often the least
harmonious, and require the
most active management.
The neglected but
essential art of how to close
down teams and analyse
their success, or failure, is
also well explained. From
such postmortems spring
insights that can help
managers create better
teams, though the debrief
procedure of the US Navy
Blue Angels aerobatics team
seems extreme. It always
starts with a recitation of the
team mantra: “There are no
perfect performances. We’re
here to talk about what was
imperfect.”
While Team Genius
provides a useful overview
of the science of teams,
recent advances are neither
as compelling nor as
definitive as the book
promises. For instance, the
authors try to explain why
groups of seven people, plus
or minus two, are the most
successful small teams, but
conclude only that “there
are several possible reasons
— and the real answer
probably lies in some
combination of them all”.
With luck, Karlgaard and
Malone write, “tools will . . .
soon emerge” to help
managers work out what to
do when large teams fall
between some of the
“optimal” sizes they discuss.
For now, however, even
though the science can
explain why we work well in
some combinations, and not
so well in others, when it
comes to team selection
most leaders are still more
or less on their own.
The writer is the FT’s
management editor
executives and analysts
have to focus on what may
happen in 10 or 20 years.
Will electric cars go
mainstream? Will
smartphones make credit
cards redundant?
One approach is to hedge
our bets. Venture capitalists
do not know if a particular
technology will catch on, so
they bet on lots of start-ups,
especially those whose
founders seem capable of
adapting to failure.
The best big companies
adopt a “test-and-refine
approach” to new products,
says Boston Consulting
Group. Ereaders never
caught on as analysts
expected, but Amazon, the
biggest manufacturer of the
devices, refined its strategy
— and moved on to tablets
instead.
Few people are patient
enough to think of the world
in terms of bets, test runs
and scenarios. Many of us
just want to know. We push
others to enunciate a clear
vision of the future —
however impossible that is.
We love misplaced certainty
and we always will.
Thursday 27 August 2015 ★ FINANCIAL TIMES 11

ARTS

When art is
an every day
experience
Robin Blake sets himself the challenge of seeing Gems: clockwise
a London art show each day in August from main
picture, Peter
Kennard’s

M
any with their own web- ‘Crushed
site know the situation. Missile’ (1980);
My site was accumulating a still from
layers of virtual dust; it D. Watson’s ‘Are
needed refreshment. I You Not
decided to post a daily blog throughout Entertained’
August, but what could I write about? I’d from London
soon grow bored — not to say boring — Open at the
with the minutiae of life. So I gave Whitechapel
myself the task of visiting a London art Gallery; Shanti
show every day of the month and Panchal’s ‘Artist
recording my impressions. and the Lost
I knew I’d include a few big-ticket Studio’, winner
events and have made a belated visit to of the Ruth
Joseph Cornell’s theatrical boxes at the Borchard prize
Royal Academy, with the serene
abstraction of Agnes Martin at Tate Kennard and Normal are well inside — painted wooden rods propped against Burlington House. Was this prejudice on the 1950s a set of clear derivations from
Modern still awaiting. But August is not my comfort zone, and the same can be the wall. But I loved the setting. Marian the part of codger-like selectors? I have Cézanne’s “Bathers”.
a month for big eye-catchers. Galleries said for the 18th-century self-portrait Goodman’s commercial gallery is a light to line up with the codgers on this point, Contemporary art is no different: eve-
are marking time before the openings, drawings by Jonathan Richardson at the and placid space, highly agreeable to art. as I confess to finding most video over- rywhere you see imitation, in waves of
art fairs and sales of autumn. August is Courtauld, and the National Portrait Light Echoes at the Barbican’s Curve, long, underwhelming and lazy. It’s not fashion. The moment for apeing
better treated as a time for unconsid- Gallery’s display of Cornelius Johnson, on the other hand, looks like the last good enough just to say “I am a camera”, Cézanne, let alone Rembrandt, is past:
ered trifles and half-forgotten gems. supposedly the 17th century’s “forgot- word in art technology: laser painting in point the lens and suppose the equip- today everyone wants to do neo-Dada.
One of these is Peter Kennard, with a ten painter”, though not by me. Equally the dark. It ends with a video record of ment can do your thinking for you. Damien Hirst borrowed from Cornell,
small retrospective at the Imperial War Frans Hals and Van Dyck at the Wallace While looking at the 100 self-portraits who borrowed from Duchamp; Alice
Museum. Uncompromisingly anti-war Collection were like calling on old selected for the Ruth Borchard Prize at Anderson, whose everyday objects
(which is odd, in the context), he’s an friends, but I never meant to spend the
I am wondering Kings Place, I thought about how tech- wrapped in copper wire I’ve seen at the
artist of my generation and I had a sense month only with the familiar. whether, as with nology must have affected the artist’s Wellcome Collection, is also riffing on a
of revisiting some of the great old So at Tate Britain I rejected the dis- self-image, wondering in particular theme from Dada, as are many video and
causes: Vietnam, apartheid, the bomb. play about Wright of Derby’s “An Exper- marathon runners, which is better: to paint oneself from a collage makers. One thing this exercise
Kennard moved me also with his skill in
collage, invisibly achieved long before
iment on a Bird in an Air Pump” as being
too easy, and concentrated on filters by
a ‘wall’ awaits me selfie or to look in the mirror? Where
the difference was evident in this show, I
has taught me, however, is not to look for
originality at the RA Summer Exhibi-
Photoshop made such effects routine. Christine Mackie, showing in the neo- found a mirror to be easily the more inti- tion. There, even Dadaisabit outré.
On another day, however, I was classical hallway. It was the wrong even more spectacular laser-work in the mate and truthful reflector. Approaching the end of this test of
impressed by digital image manipula- choice. The Mackie installation is flimsy US, a whole landscape painted with col- There’s nothing to be seen in London critical stamina, I wonder whether, as
tion. David Normal’s Crossroads of Curi- and dull both in concept and execution, oured light. that’s really new but the truth is that, in with marathon runners, a “wall” awaits
osity at the British Library is a set of four and made worse by the gallery’s pomp- Video art is a hugely popular medium art, there never has been much original- me. This should be expected around
“lightbox” panels which juxtapose Vic- ous and pretentious philosophical label- among contemporary artists, as demon- ity. I started on day one with Jonathan now, when the thought of another set of
torian images from the library’s collec- ling. By the end I wished I’d gone for strated by its dominance in the London Richardson and saw how he had aped incomprehensible curator’s notes,
tions in luridly inventive ways. Each is Wright of Derby which, as I wrote in the Open show at the Whitechapel Gallery. the styles of Rembrandt, Bernini et al. another wobbly video or piece of con-
titled with a portmanteau word — my blog, “really is philosophical art”. Over at the Royal Academy, while vid- Later I met for the first time work by ceptual hype, saps the will to go on. But
favourite was “Conflamingulation” — Gabriel Orozco is approaching heavy- eos aren’t excluded from the Summer Fausto Pirandello at the Estorick Collec- so far I feel good and I’m full of running.
and indeed Lewis Carroll haunts the weight cultural status but the quality of Exhibition, none were among the more tion, a rather original 20th-century Ital-
whole installation. his work I saw in Soho is literally slender than 1,000 entries clogging the walls of ian painter who nevertheless made in robinblake.co.uk

THIS EVENING’S TELEVISION

Pick of the day

World’s Busiest Railway
(BBC2 9pm) concludes with a
look at the splendeurs et
misères of Mumbai’s railway,
as teeming, contradictory
and irrepressible as India
itself. We hear of staggering
Victorian engineering in the
Ghat mountains (25,000
workers died), today’s 3,000
yearly fatal accidents (mainly
from crossing the line), the
2005 flash flood that
brought the system to a
standstill, the 2008 terrorist
attack that left the station
floor awash with blood, and
the resilience of the
commuters. Presenters Dan
Snow (pictured), Anita Rani
and Robert Llewellyn have
self-conscious conversations
for the camera.
Sky Select’s Pacino double
bill pairs the cult Dog Day
Afternoon (10pm) with the
early drug drama The Panic
in Needle Park (12.15am)
which paired young Pacino
with Kitty Winn, subsequently
distinguished on stage.
MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News.
6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 EastEnders.
8.00 Big Blue Live. More news
from California’s Monterey
Bay, as Liz Bonnin
investigates an influx of
white sharks, and Matt
Baker encounters elephant
seals.
9.00 Who Do You Think You
Are? Actor Derek Jacobi
discovers a family past far
removed from his humble
upbringing in east London.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 Parking Mad. R
11.35 The Unbreakables: Life and
Love on Disability Campus.
New series. Documentary
following students at
National Star, a college for
people with disabilities. The
campus elects a student
president.
6.00 Two Tribes. Quiz. 6.00 ITV News London. 6.00 The Simpsons. R
6.30 Eggheads. Quiz. R 6.30 ITV News and Weather. 6.30 Hollyoaks.
7.00 Athletics: World 7.00 Emmerdale. 7.00 Channel 4 News.
Championships Highlights. 8.00 Coronation Street. 8.00 Location, Location,
Gabby Logan presents 8.30 Flockstars. Gabby Logan Location. Kirstie Allsopp
action from day six at the presents the first semi-final and Phil Spencer are in
Bird’s Nest Stadium in of the contest. south-west London, helping
Beijing. 9.00 Stephen Fry in Central long-distance partners
8.00 Building the Ancient City. America. New series. The Jason and Jaye, and
Andrew Wallace-Hadrill author, actor and comedian Hannah and Frank, who are
examines how the ancient embarks on a journey searching for a family home.
Romans made their city through the entire Central 9.00 The Other Prince William.
work, including how the American isthmus to the The life and tragic death of
population was fed, housed Panamanian border with Prince William of
and transported. South America, beginning Gloucester, who was the
9.00 World’s Busiest Railway in Mexico. Queen’s cousin and
2015. The team considers 10.00 ITV News at Ten and pageboy at her wedding,
the challenges faced by Weather. but who died in a plane
Mumbai’s Chhatrapati 10.30 ITV News London. crash in 1972 at the age of
Shivaji Terminus and ask 10.40 Jason Robinson: Sports just 30.
what the future holds for Life Stories. A profile of 10.00 Very British Problems.
5.5m rail commuters. the former rugby winger, James Corden, Jonathan
10.00 Country Strife: Abz on the who achieved great Ross, Ruth Jones and
Farm. R success and represented Stephen Mangan are
10.30 Newsnight. his country in both codes among those ruminating on
11.00 Weather. of the sport. Brits’ excruciating inability
11.05 The Fast Show. R 11.40 Murder, She Wrote. R to express emotions and
11.35 Horizon: OCD — A Monster feelings. Last in the series.
in My Mind. R Regional variations apply 11.00 Educating Cardiff. R

BBC3
7.00 Top Gear. 8.00 Don’t Tell
the Bride. 9.00 Live at the
Apollo. 9.30 Live at the Apollo.
10.00 EastEnders. 10.30 Russell
Howard’s Good News. 11.00
Family Guy. 11.45 American Dad!
BBC4
7.00 World News Today. 7.30
BBC Proms: The Bach Recitals.
9.00 The Secrets of Quantum
Physics. 10.00 Horizon: 40 Years
on the Moon. 11.00 Lost Land
of the Volcano.
Channel 5
6.00 Home and Away. 6.30
Other channels
5 News Tonight. 7.00 Police
Interceptors. 8.00 Skinny Brides
to Fat Wives. 9.00 Celebrity
Big Brother: Live Launch.
11.00 Celebrity Big Brother’s
Bit on the Side.
More4
6.50 George Clarke’s Amazing
Spaces. 7.55 Grand Designs.
9.00 The Descendants.
11.15 Embarrassing Bodies.
Film4
7.00 (500) Days of Summer.
8.50 45 Years Interview Special.
9.00 Warm Bodies. 10.50 Black
Rock.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods.
9.00 American Spring Killing.
10.20 Last Week Tonight with
John Oliver. 10.55 Ray
Donovan.
Sky Sports 1
6.00 Premier League 100 Club.
6.30 Barclays Premier League
World. 7.00 Capital One Cup
Goals. 8.00 Barclays Premier
League Legends. 8.30 Barclays
Premier League Legends. 9.00
Capital One Cup Goals. 10.00 La
Liga Show. 10.30 NFL Hard
Knocks: Houston Texans. 11.30
Barclays Premier League World.
Sky 1
6.00 Futurama. 6.30 The
Simpsons. 7.00 The Simpsons.
7.30 The Simpsons. 8.00 Modern
Family. 8.30 Modern Family.
9.00 Modern Family. 9.30 Modern
Family. 10.00 NCIS: Los Angeles.
11.00 Hawaii Five-0.
Sky Arts
6.45 Portrait Artist of the
Year 2014. 7.45 Monty Python:
Almost the Truth. 8.50 Arts
Scholarships 2014 — Ollie
Howell. 9.00 Funny Games.
11.10 Sex & the Silver Screen.
12 ★ † FINANCIAL TIMES Thursday 27 August 2015

Pump and circumstance

Schlumberger’s purchase of pumpmaker Cameron International comes in the middle of a
sharp slowdown in oil services deal volume. This year’s number of deals should be well below
previous years. Most of Cameron’s divisions should complement Schlumberger’s operations.

Twitter: @FTLex Email: lex@ft.com Mergers and acqusitions Global oil services Cameron International
Number of deals* 2014 operating profit**
400 $m
142
Uber: Some have already demurred. You 97
140
Subsea 207 Surface 427 Sberbank:
can believe in Uber without thinking it 324 228
166 506 (14%) (28%)
Chinese traffic jam will win in China. Hillhouse Capital, the Average deal 181 224 300 one steppe at a time
Chinese investment firm, is invested in value ($m) 122 215
Is investing in Uber — the ride-sharing Uber in the US and Didi Kuaidi in Russia bears look away. Sberbank, the
app that has had two of its managers China. That is a slightly safer route. 200 country’s biggest lender by assets and
arrested, drivers’ cars torched and market capitalisation, actually beat
equity valued at 125 times trailing expectations in its second quarter.
revenues — just a little too tame? 171 Perhaps there is reason for confidence
Welcome to Uber China.
WPP: 95 138 407
100 in the country after all.
surfin’ USA 469
That probably is not the pitch that Valves & Drilling
But not even that obscured the tough
Uber and its bankers at Goldman Sachs measurement 474 (32%)
underlying picture. The bank’s profits
are employing. But the fundraising This time the Sorrell sound bite was 393 (26%)
fell more than two-fifths against the
0
for Uber’s China subsidiary (rumoured about China. Sir Martin Sorrell, WPP same period a year ago as the (oil-
to be $1bn, although Uber has not chief executive, always ready to 2000 01 02 03 04 05 06 07 08 09 10 11 12 13 14 2015 price-driven) economic slowdown
confirmed the size), has been going on accompany results with a snappy one YTD hurt. Sberbank’s shares fell harder
for a longer-than-expected two liner, said he was an “unabashed bull” * Deals by announcement date, average value includes only those deals where the value was disclosed
FT graphic Sources: Dealogic, Cameron International Corp ** Loss from corporate segment not shown
than the market yesterday.
months. It is not for the faint of heart. of the country, despite everything that Western sanctions and Russia’s
Uber, which has a valuation of has been happening in the stock recession have been tough on its banks.
$50bn, is going all guns blazing into the markets. The marketing and public Nothing like a little retail therapy to well. They have operated a joint- Schlumberger’s shares fell 5 per cent Sberbank’s market value is less than a
world’s most populous market and it relations group is sticking with its plan snap one out of a dark mood. With oil venture called OneSubsea since 2013. on the news. third of what it was three years ago.
needs more ammunition. It is already to generate 40-45 per cent of sales in prices in freefall Schlumberger, the Yet not all of Cameron’s businesses Cameron’s shares, meanwhile, rose Then, it had roughly the same market
spending more than $1bn a year in emerging markets (up from 29 per cent US oil services group, decided to go seem an obvious fit for Schlumberger. more than 40 per cent. But even that capitalisation as Santander, but is now
China in an effort to recruit drivers and in the first half of 2015). shopping. Yesterday it agreed to pay Take the drilling division, for example, left them at $60, well below the deal dwarfed by it. The market value of
customers. It has claimed early success, But that is for the future. For a better almost $15bn for Cameron, a maker which accounts for a third of Cameron’s price. So there are some doubts, Société Générale, owner of Rosbank in
with a fast-growing presence in 16 cities view of what is driving WPP now, look of valve and pump equipment for the operating profit. Schlumberger does though that will not be because of Russia, is almost twice Sberbank’s.
and more than 1m trips a day — at North America. It is the group’s oil industry. Cameron shareholders have a business in this area, but with regulatory worries. Business overlap Like its European peers, SocGen and
although even Uber acknowledges biggest and highest-margin business. will receive $66 a share, a 56 per cent offshore drilling in decline, does it need looks minimal, so antitrust regulators the much smaller Raiffeisen Bank
that some of those are fraudulent. Profits grew 23 per cent in the first half premium to the previous closing this extra exposure? The company should not object. Another hopeful International, which earns half of its
If it is successful, Uber would because of decent growth in advertising price, mostly in shares. Not bad. thinks so. But it will need to extract sign is that Cameron’s chief executive profits in Russia, Sberbank turned
accomplish what no US internet and healthcare communications. If Cameron has not traded at that price some savings to make the deal work. will keep the same role as head of the rouble woes into opportunity with a
company has managed. Google, Yahoo emerging markets struggle (and since oil was at $100 last September. Management promises to cut $900m new company. That is partly an sharp increase in currency trading.
and Amazon have bet on China and emerging markets profits fell in the Schlumberger advises its clients on over two years, a third of that in the acknowledgment of decent progress That partly offset declining net interest
got burnt. first half), then WPP’s North American how to find and produce oil and gas first year. Taxed and capitalised, these at OneSubsea. income resulting from higher funding
But the obstacles are huge and the operations will have to do the legwork, most efficiently, often from complex savings amount to almost $6bn. While Schlumberger did not pick costs, and bad debt provisions that rose
biggest is a homegrown competitor, while also coping with the possibility of reservoirs. It believes Cameron’s Compare that to the $5bn premium up a bargain in the sales, this deal by over two-fifths. Too bad that lumpy
Didi Kuaidi, which leads the market. higher US interest rates. technology (for example, in subsea paid over the pre-announcement price looks reasonable if — and it is a big if trading income lowers earnings quality.
Its formidable backers include Tencent Given that uncertainty, it is hardly equipment) will help its business. and the deal makes financial sense. — the worst has past for oil. Best to Sberbank’s asset quality is bearing
and Alibaba, the Chinese internet surprising that Sir Martin is cautious And the companies know each other The market seemed less sure: keep that receipt. up. True, bad loans climbed to 4.9 per
companies, SoftBank, the Japanese with his capital allocation. Yes, WPP cent of its loan book at the end of June
telecoms company, Tiger Global and spent £459m on acquisitions in the from 3.4 a year ago, but not as bad as
Coatue Management, the US hedge first half, which is almost as much as in feared. Sberbank is in any case
funds, and China Investment the whole of last year. But it spent such as digital communications and But even before the recent market choppy. Asset management in Asia is conservative with provision coverage.
Corporation, the nation’s sovereign almost as much — £405m — on share emerging markets. No wonder he is turmoil, the asset management also likely to get a boost from China’s Given the risks ahead, though, it needs
wealth fund. Already Uber is buybacks, and the 15.9p per share still a bull on China. industry had not benefited significantly mutual fund recognition scheme with to lift its core tier one capital ratio (still
complaining that its service is being interim dividend will cost another from the sort of Asian growth that Hong Kong. under Basel I!) of only 9.6 per cent.
blocked from WeChat, the popular £207m. Still, the balance sheet can other sectors have enjoyed. Of This arrangement allows funds to be Some of the capital build could come
messaging app, which happens to be handle it — net debt rose slightly to Asian asset managers: $11tn-$12tn in institutional assets in approved for sale in both markets, through net interest margin expansion.
owned by Tencent. £3.4bn in the first half, but it is by no Asia, only $2tn is allocated to third subject to a quota of about $50bn in Funding costs should fall with its rising
As it tries to amass its own powerful means excessive at 1.6 times earnings under-appreciated parties to manage — although this each jurisdiction. There is no shortage retail deposits — more than 46 per cent
investors in China, one option is going before interest, tax, depreciation and number is growing — according to of funds queueing up for recognition: of funding — so reducing its reliance on
to individuals. A term sheet that has amortisation. There have been plenty of Greenwich Associates, a consultancy. Hong Kong’s Securities and Futures costly corporate and central bank
circulated shows Citic-CP Asset Sir Martin’s aim is to turn an uncomfortable places to be in the The proportion of externally managed Commission says that total assets of funding. And Sberbank’s costs remain
Management offering to wealthy environment of growth in the low markets this week. But Asian fund assets has expanded so far this year. $50bn in Hong Kong and over six times remarkably low: it costs it just 43
Chinese people who have at least single-digits in global economic output managers have probably had it worst. If western markets offer a road map, that in China may be eligible. kopecks to earn a rouble of income.
Rmb3m the chance to invest in the into growth in WPP earnings per share Major Asian stock markets are down there should be more to come. US Not that any of this makes the Trading on a lowly 0.8 times tangible
ride-hailing app, suggesting returns of of 10-15 per cent. Share buybacks will for the year, shrinking assets already institutional assets are of similar total current markets any easier to bear for book value, Sberbank is more resilient
up to 109 per cent. Uber, however, says help, as will the group’s well-worn invested and disincentivising further value to those of Asia, yet a far higher the asset managers. Falling stock than its bearish valuation suggests.
that there is no authorised distribution policy of small-to-medium-sized inflows. The Chinese stock market is proportion — around 80 per cent — is markets do not exactly encourage new
to individuals and the target is acquisitions, usually of privately owned down 40 per cent since its peak in June. externally managed. That is a big investment. But over the long term
institutions. It will have to emerge from companies (do not expect big deals for No surprise, then, that Asian opportunity for the industry to there is still scope for the industry’s Lex on the web
For notes on today’s breaking
this with a big list of them to fuel the listed rivals). But he will also need investment funds have suffered big address, even if (and perhaps bigger players — and niche specialists stories go to www.ft.com/lex
quest for China domination. some help from faster growing areas outflows in recent weeks. especially if) stock markets remain — to find growth in Asia.

L W Forecasts by
LO
990
15 LOW
21
LOW
15 20 15
18
17
5 1000 Luxembourg Rain 18 64
5
26 Lyon Sun 30 86
15 17 1020 Madrid Sun 33 91
18 18 29 27 Manchester Fair 19 66
26
20 Miami Thunder 31 88
17 1020
16 22 2 Milan Sun 30 86
1010
19 1010 HIG Montreal Fair 22 72
16 31
17 LOW 29 1020
Moscow Cloudy 22 72
19 20 31 Mumbai Cloudy 31 88
17 30 30 22
Munich Sun 30 86
18 29 27
20 19 New York Fair 28 82
1010
30 Nice Sun 27 81
18 26 33 30 Paris Rain 16 61
32 32
36 Prague Sun 29 84
17 Reykjavik Cloudy 16 61
33 33 28 33 Rio Rain 28 82
Wind speed in MPH at 12 BST 37 Rome Sun 30 86
Temperatures max for day˚C Wind speeds in KPH 30 San Francisco Sun 27 81
Stockholm Shower 22 72
Today’s temperatures Strasbourg Fair 29 84
Abu Dhabi Sun 43 109 Belgrade Sun 33 91 Copenhagen Shower 20 68 Hamburg Shower 20 68 Sydney Fair 20 68
Amsterdam Shower 18 64 Berlin Fair 26 79 Delhi Sun 37 99 Helsinki Cloudy 21 70 Tokyo Drizzle 29 84
Athens Sun 32 90 Brussels Rain 18 64 Dubai Sun 42 108 Hong Kong Thunder 30 86 Toronto Cloudy 21 70
B’ham Fair 19 66 Budapest Sun 31 88 Dublin Fair 17 63 Istanbul Sun 28 82 Vancouver Fair 22 72
Bangkok Thunder 33 91 Buenos Aires Sun 20 68 Edinburgh Shower 17 63 Jersey Shower 16 61 Vienna Sun 30 86
Barcelona Sun 29 84 Cardiff Shower 18 64 Frankfurt Cloudy 24 75 Lisbon Fair 26 79 Warsaw Sun 29 84
Beijing Sun 29 84 Chicago Fair 25 77 Geneva Sun 30 86 London Fair 20 68 Washington Fair 28 82
Belfast Shower 17 63 Cologne Rain 20 68 Glasgow Shower 15 59 Los Angeles Sun 32 90 Zurich Sun 29 84

ACROSS 4 Cur’s barking before wee

CROSSWORD 1 Suit – cash is arranged for what analysis (8)
No. 15,020 Set by FLIMSY it’s worth (4,2,2,2) 5 Pile the artwork up, holding
7 Suggestion – throw dart (4) bottom of ceiling – one could be
        9 Fast time ends in medal high and wobbly (9,6)
alongside Usain Bolt (4) 6 Get together the whole day (6)
10 Urchin to scoff a cake (10) 7 Fed up with roll? It could come
  11 Talk about the French villa in the out with icing (9)
Alps? (6) 8 Touch second fly with tip of nose
12 Finished inhaling oxygen? (7)
  Perfect (8) 14 Hated rolling next to bunker –
13 Enthusiast – someone desperate this is a hazard (9)
to perform a dance (8) 16 Small with device for playing the
  
15 Cricket uneventful, partly guitar learner’s forgotten scale
resulting in adjustment to pitch (8)
 (4) 18 Grand piano in Oxford University
17 Small fuss over drink (4) given for hire (7)
   
19 Heavenly men pay ‘er off (8) 20 A couple of bridge players
 22 Joy from pie author cooked, after certain to be brilliant (7)
temperature’s dropped (8) 21 Female redesigned in red brick
   23 Prestige store opening in (6)
Tottenham (6) 24 Price to tour a beach (5)
25 Gallop with donkey and Her
  Royal Highness gets weepy (10)
26 Maintain a very painful Solution 15,019
expression (4) < 0 2 7 + ( 5
  27 Peter out to return large sum of 1 $ 7 , 2 1 + 2 8 1 ' ' 2 *
. / ( ( % : 3
money (4)
CROSSWORD
No. 14,845 Set by NEO
        ACROSS DOWN
1 Important Viking one among best 1 Hard maths topic written up to find
friends (5,4) circumference (5)
  6 Socialite with appeal makes left- 2 Love comes in no time, wildly, for
side entry (5) passion (7)
9 Brazilian city as far as we’re 3 Disagreed also with a thousand
concerned ungovernable (7) children (4,5)
  
10 Obscure English knight against 4 Bond gets to a casino and is
European rebuffed (7) beaten (11)
11 Poor nation’s little island in hot 5 Beast summarising Tokyo-London-
   current (5) Tokyo trip? (3)
12 Caught flamboyant cardinal in 6 Painter died hungry (5)
Seventh Heaven? (5,4) 7 Discount supermarket name in
  
14 Notice flock encircles houses (3) GB’s upturn with loss on top (7)
15 Alarmist financier reversed into 8 As 007 mission to Spectre might
second vehicle bearing right (11) be? (3-6)
17 German poet’s the writer 13 Dope sheathes weapon in open
   
embracing pub vocalist (11) coat (11)
19 Moggy fur with hole concealed? (3) 14 Soul an unknown factor in some
20 Earl, King and Queen on men? Fearless pilots? (9)
   Hampshire river’s banks (9) 16 Girl having paddle round saw
22 Ambassador in temple finds grain manor demolished (9)
(5) 18 Mistress Gwynne about to be
 
24 Ardent Green must change leader announced in sport (7)
(7) 19 Side issue for Clintons (7)
26 As one’s despicably mean, small 21 Having ducks in horses area
tips for servants materialise (2,5) causes commotion (3-2)
JOTTER PAD 27 Sauce unfortunately knocked over 23 Crime article Financial Times
contains sulphur (5) provides (5)
28 Related martial artist stops at 25 Sick at first, old man here for
Bedouin residence (9) healthy holiday (3)
Solution to Saturday’s prize puzzle on Saturday February 14
Solution to yesterday’s prize puzzle on Monday February 16
Winners’ names will be printed in Weekend FT

, 1 . 6 3 2 7 5 $ , ' ( 5
28 Market trade almost exploded – 7 , 2 , 1 ,
JOTTER PAD it’s conjectured to be about 90% , 2
5
' , 1 (
1 &
3 $ 6 $ ' (
6 5
1 $

of everything (4,6) 7 , 6 6 8 ( 6 2 7 7 2 0 $ 1
DOWN 8 , , 2 *
5 ( & / 8 6 ( 6 $ 1 ' ( $ 1
2 You’re thrashed? To an extent 3 $ , + 0 6
one has to go through it (7) 2 , / 5 , * 0 < $ / * , $
3 Inn’s spicy meals regularly =
- 2
, 1
% 6 + $ 5
$
(
5 5
, 1 $ :
*
$ <
ignored (5) $ 0 / / $ 0 6
Thursday 27 August 2015 ★★★ 13

Sberbank WPP Monsanto FTSE Eurofirst Dollar / yen Shanghai German Nikkei 225
Smart Money It’s too early 300 Composite 10-year Bund
to call a true bear market 0.30% 3.74% 8.57% 1.9% 0.7% 1.3% 4bp 3.2%
JOHN AUTHERS, PAGE 28
Rbs71 £13.11 $97.08 1,380.88 Y119.70 2,926.38 0.71% 18,376

Paddy Power and Betfair to merge Short

3 Tie-up creates biggest online gambling group 3 Combined revenues will top £1.1bn
View
dend of €80m. Both companies bene- have headquarters in both Dublin and Power’s finance chief. “But we agreed
James
ARASH MASSOUDI AND
MALCOLM MOORE fited from sharp rises in their share London and a dual listing.
‘These
are two the ratio on the fundamental value of Mackintosh
prices after the deal was announced, “These are two businesses that are the two companies over time.”
Paddy Power and Betfair are to combine boosting the value of the stakes held by performing at a very high calibre and we businesses He said the combined company
in an all-stock merger to create the the companies’ co-founders. Betfair’s will have a market-leading position in that are would be called Paddy Power Betfair. Bets on when the Federal Reserve will raise US interest
world’s largest online gambling shares rose 20.4 per cent to £31.34 and the UK, Europe, Ireland and Australia,” performing “Betfair is the leading exchange busi- rates are starting to look like the playground game of pull-
company, in the latest round of consoli- Paddy Power’s 18.5 per cent to €93. said Breon Corcoran, who left Paddy ness in sports betting and that technol- ing petals off a daisy: this year, next year, sometime, never.
dation for the sector. Ed Wray, Betfair’s co-founder and Power in 2012 to become chief executive at a very ogy is something Paddy Power does not Plunging share prices are widely seen as a reason for the
The union of the sector’s two best per- largest shareholder, saw the value of his of Betfair and will head the combined high calibre’ have. We have a retail and mass market Fed to delay again in September, with futures pricing in a
formers will create a group with a com- 9.5 per cent holding increase almost group. Mr Corcoran said he expected Breon Corcoran business and we have an Australian higher chance of the Fed keeping rates on hold all year.
bined market capitalisation in excess of £50m to £280m. David Power, one of the competition authorities in several business that they do not. ” From thinking a rise was almost certain, futures now sug-
£5bn and send a warning to rivals such Paddy Power’s co-founders and its big- countries to evaluate the merger, but The tie-up is the sector’s latest deal. gest only a one-in-three chance of a rise next month.
as William Hill. gest individual shareholder, saw the hoped the deal would complete next This summer, Ladbrokes and Coral Bill Dudley, head of the New York Fed, told investors
The deal will see Paddy Power share- value of his 8 per cent holding rise €50m January. announced a merger, and Bwin.party, what they wanted to hear yesterday when he said the case
holders control 52 per cent of the new to about €320m. “We have agreed an exchange ratio another online gaming company, is for a rate rise was less compelling than before — although
business, with the remainder held by The combined group would have rev- that gives an 11 per cent premium [for being courted by both 888 and GVC. he also said it was important not to be too sensitive to
Betfair investors. Paddy Power share- enues of £1.1bn, the companies said, Paddy Power] if you take the share price ‘Betty Power’ page 16 short-term market moves.
holders would also receive a special divi- and would keep both brands in Europe, figure,” said Cormac McCarthy, Paddy Lombard page 17 US stocks have suffered a proper short-term move:
down 10 per cent in as many days, before yesterday’s early
bounce. But history suggests the Fed is very sensitive to
such moves, with rates cut within months every time
(except 2011, when it began Operation Twist).
Sometimes, rate cuts were a direct response to the mar-
Unhappy meal ket, as in 1987. Other times, both policymakers and inves-
tors were driven by the same thing, as after the September
McDonald’s fries 11 attacks in 2001. The Fed may insist it is data-dependent,
but in reality seems to be very market-dependent, too.
rival’s ‘peace burger’ A Goldman Sachs survey of academic studies suggests a
10 per cent drop in shares lowers future Fed rates by 15bp.
Put another way, the chance of a quarter-point rate rise
It was a calculated offer that only a next month should fall 60 per cent due to the equity rout.
heartless company could refuse: a This does not mean the Fed should delay. After all, it did
marketing stunt to create a “hamburger not rush to tighten monetary policy when equities rose
of peace”, writes Malcolm Moore. 10 per cent (the S&P 500 was up 11 per cent last year,
In a full-page advertisement in The 30 per cent the year before). It is true that nasty price falls
New York Times, Chicago Tribune and can be self-fulfilling if leveraged investors go bust. But
online, Burger King laid down a drops of this size are far from unusual, with the market los-
challenge to its rival McDonald’s: ing a tenth over three months 40 times in the past 50 years.
“How about we call a ceasefire on these With unemployment close to long-term sustainable
so-called ‘burger wars’?” levels and the US economy doing fine, interest rates could
It proposed the two unite “the tastiest be expected to be a fair bit higher.
bits” of their top sandwiches into one Yet there is ample evidence of Fed dovishness, and no
“delicious, peace-loving burger”. The pressure from inflation. The nervy market gives policy-
result would be half Big Mac, half makers one more excuse to hold off. Ironically, equities
Whopper, sold by staff wearing may both cause a Fed delay and be the beneficiaries of it.
half-and-half uniforms in a pop-up shop
in Atlanta, halfway between McDonald’s Market dependent
headquarters in Chicago and Burger S&P 500 Fed funds
King’s base in Miami, on September 21. (10-day % change) target rate
All proceeds from the “McWhopper” -10 20
would go towards promoting the UN’s
International Day of Peace the same day. -15 15
But McDonald’s quickly used the olive
branch as kindling. “Let’s acknowledge -20 10 From thinking a
that between us there is simply friendly rise was almost
business competition and certainly not -25 5 certain, futures
the unequalled circumstances of the real now suggest only
pain and suffering of war,” wrote Steve -30 0 a one-in-three
Easterbrook, McDonald’s chief 1971 80 90 2000 10 15 chance of a rate
Source: Thomson Reuters Datastream
executive. “P.S. A simple phone call will rise next month
do next time,” he added.
james.mackintosh@ft.com
McWhopper.com

BNY Mellon computer glitch leaves

funds trading on inaccurate prices
STEPHEN FOLEY — NEW YORK and it was unclear whether investors value figures for its ETFs that it now
might have ended up buying or selling knew to be off by more than 1 per cent.
Investment firms and regulators are
funds at inaccurate prices during the Some big fund complexes have not
scrambling to find out how many
high-volume trading of the past few been affected, however, including Fidel-
mutual funds and exchange traded
days. ity, which calculates its own NAVs, and
funds may have reported inaccurate
One of the leading ETF providers, SSgA, which is owned by BNY Mellon’s
prices during the market turmoil of
Invesco PowerShares, warned yesterday rival custodian bank State Street and
recent days, as the result of a computer
Oil majors feel the heat of that its family of funds might not be able uses its services.
glitch that affected one of the largest
threats to their dividends to disseminate accurate price informa- Problems began on Monday as the
custodian banks.
tion as the result of problems at BNY result of a failed software upgrade by
The extra yield demanded by investors Bank of New York Mellon, whose com- Mellon. Trading is currently based on SunGard, which BNY Mellon uses as an
to hold the shares of a group of five puter systems are used to calculate the the prior day’s NAV, Invesco said. outside supplier. The glitch was unre-
European oil majors over those of a net asset values (NAVs) of many funds, Other companies to have been lated to the dramatic market moves of
wider basket of European stocks has has been suffering problems since the affected include Prudential Financial, early Monday morning. The Securities
risen to a 28-year high as the sell-off in start of the week because of a failed soft- Federated Investors and Guggenheim and Exchange Commission, which was
crude and wider market turmoil pose a ware upgrade by one of its suppliers. Partners, according to people familiar already monitoring markets for signs of
threat to their dividends. The resulting confusion could take with the firms or public statements. trouble at ETFs, has been working with
Analysis i PAGE 15 many days to clear up, according to peo- One group, First Trust Advisors, said BNY Mellon and fund companies since
ple at several of the companies affected, it had published inaccurate net asset the issue came to light.

Companies / Sectors / People

Companies
888..............................................................13,17
Abercrombie & Fitch............................27
Accor..............................................................26
Advent............................................................17
Alibaba...........................................................14
Allianz............................................................26
Amazon...................................................16,27
Apple.............................................................5,9
Ashtead Group..........................................17
BC Partners.................................................17
BNY Mellon.................................................13
Baker Hughes............................................13
Bank of China...........................................26
Barclays.........................................................18
Betfair.............................................13,16,17,27
BlackRock.....................................................14
Burger King.................................................13
Bwin.party...............................................13,17
CVC Capital Partners............................16
Cameron..................................................12,27
Cameron International...................13,27
China Merchants Bank........................26
Cinven.............................................................17
Citic Securities..........................................14
Commerzbank...........................................14
Coral................................................................13
Credit Suisse..............................................14
Deutsche Bank.........................................14
Express..........................................................27
Fresnillo........................................................26
GF Securities..............................................14
GVC.............................................................13,17
Gala Coral.....................................................17
General Electric........................................13
Glencore.......................................................26
Google......................................................10,16
GroupM..........................................................18
HSS Hire .....................................................17
Haitong Securities..................................14
Halliburton...................................................13
Huatai Securities.....................................14
Hunting.........................................................27
IAG...................................................................27
ING...................................................................26
Indian Oil Corporation..........................15
Ladbrokes...............................................13,17
Life Insurance Corporation................15
Maker Studios...........................................16
Markit.............................................................26
McDonald’s..................................................13
Monsanto...............................................14,27
Omnicom......................................................18
OneSavings Bank....................................18
PKO BP..........................................................14
Paddy Power..................................13,16,27
Paddy Power .......................................13,17
PetroChina..................................................26
Petrofac.........................................................27
Ping An Insurance.................................26
Platts..............................................................26
Playtech.........................................................17
Publicis..........................................................18
Raiffeisen Bank International...........12
Rosbank.........................................................12
Rovio Entertainment........................16,17
Samsonite.......................................................5
Santander.....................................................12
Sberbank.......................................................12
Schlumberger.................................13,14,27
Société Générale......................................12
Speedy Hire................................................17
Standard Chartered.........................14,26
Syngenta..........................................14,26,27
Taobao...........................................................14
Tenaris...........................................................27
Tesla Motors................................................9
Tmall...............................................................14
Total................................................................26
WPP............................................................12,18
Weir.................................................................27
William Hill........................................13,16,17
Wood Group...............................................27
YouTube........................................................16
Sectors
Banks........................................12,13,14,18,26
Chemicals.....................................................14
Financials.....................................................14
Insurance................................................15,26
Media..............................................................18
Oil & Gas.......................................4,12,15,27
Real Estate..................................................17
Support Services......................................17
Technology......................................5,9,14,16
Travel & Leisure...................4,13,16,17,27
People
Beale, Graham...........................................18
Black, Andrew............................................17
Breon Corcoran, ......................................13
van Beurden, Ben....................................15
Corbett, Gerald.........................................17
Corcoran, John..........................................16
Corcoran, Breon..................................16,17
Cryan, John.................................................14
Davies, Chris...............................................17
Easterbrook, Steve.................................13
Fieth, Robin.................................................18
Golding, Andy...........................................18
Grant, Hugh................................................14
Kenny, Stewart..........................................16
Kibsgaard, Paal.........................................13
Kyncl, Robert.............................................16
Ma, Jack........................................................14
Martin Sorrell, Sir....................................18
Musk, Elon.....................................................9
Power, David.........................................13,16
Rantala, Pekka..........................................16
Roy, S.K..........................................................15
Thiam, Tidjane..........................................14
Winters, Bill.................................................14
Wray, Ed........................................................13
Wray, Edward.............................................16
Zhang, Daniel............................................14

© The Financial Times Limited 2015 Week 35

14 ★★★ FINANCIAL TIMES Thursday 27 August 2015

COMPANIES
INSIDE BUSINESS
Oil & gas
EUROPE

Schlumberger buys Cameron for $14bn Henry

Largest oil services group
takes advantage of
plunging crude prices
ED CROOKS — NEW YORK
NEIL MUNSHI — LONDON
Schlumberger, the world’s largest oil
services group, has become the latest
company to take advantage of the
plunge in crude prices, agreeing a
Halliburton’s $38bn bid for Baker
Hughes, which is working its way
through a difficult regulatory process,
and General Electric’s acquisitions to
build up its energy division.
The oil and gas production companies
that are Schlumberger’s customers have
been cutting their spending to conserve
cash and protect dividends, as oil prices
fall. This is driving down the level of
activity for oil services groups, and the
rates they can charge customers, and
industry has to take some ownership” in
driving down the production cost per
barrel.
Mr Kibsgaard said that Schlumberger,
through its acquisition of Cameron,
would “achieve significant efficiency
gains through lowering operating costs,
streamlining supply chains, and
improving manufacturing processes”.
Schlumberger, which has already
announced plans to cut about 20,000
jobs — or 15 per cent of its workforce —
Foy
ranging from exploring underground
reservoirs to delivering oil and gas.
Cameron is one of the world’s largest
manufacturers of blowout preventers,
the stacks of valves fitted at the top of a
Mortgage losses plan
well that are intended to stop oil and gas
escaping in an accident. It also provides
places Poland’s banks
other valves and related equipment,
and packages of services for drilling
wells and keeping them in production.
in election crossfire
Mr Kibsgaard said he did not expect
The deal any competition authorities worldwide

$14.3bn deal to buy energy equipment
manufacturer Cameron International.
The acquisition will give Schlum-
berger, which specialises in work “down
hole” in oil and gas wells, a range of new
technologies for use on the surface, both
on land and offshore.
It continues the consolidation of the
oil services industry, which has been
progressing through deals including
therefore increasing the pressure for this year, said it would be able to gener-
consolidation and cost savings. ate about $300m in savings in the first
Paal Kibsgaard, Schlumberger’s chief year after the deal and $600m during
executive, said the Cameron deal would the second. It expects the transaction to
help make the deepwater oil and gas be accretive to earnings by the end of the
industry more economically viable at a first year.
time of low commodity prices. Schlumberger said the deal would
Resources in deepwater were so sig- enable it to serve its customers from
nificant that they would continue to be “pore to pipeline”, providing products
developed, he added, but “the service and services for use in operations
Technology. Growth struggles
M
to block the deal, telling analysts on a
would call that there was “basically no product
enable line overlap in the offerings”.
The deal is expected to close in the
customers first quarter of 2016, pending regulatory
to be served approvals.
Schlumberger is advised by Goldman
from ‘pore Sachs, Baker Botts and Gibson Dunn &
to pipeline’ Crutcher. Cameron is advised by Credit
Suisse and Cravath, Swaine & Moore.
ajority investors do not normally vote to
increase their business’ costs by $350m vol-
untarily. But then the Polish government is
not a normal majority investor — at least not
since the country’s politics all got a little,
well, political.
With two months to go to a general election that could
see a generation change in the country’s governance, the
money in Poles’ pockets is becoming an increasingly
fraught battleground between the two main parties. And
the country’s banks are caught in the crossfire.
That is perplexing for the lenders’ chief executives who —
for much of the past decade — have often been reminded
their solid balance sheets and financial stability are because
ofthetenderlovingcareoftheirpoliticaloverlords.
Recently, though, it appears that the gamekeepers have

Alibaba’s ‘values’ have eerie ring of the past become poachers.

As China ecommerce group’s
shares continue to slide it
knows value of a back-up plan
CHARLES CLOVER — BEIJING
As Alibaba’s shares edged ever lower
this week, Daniel Zhang, chief execu-
tive, sought to reassure his employees:
“Our values do not waver with the fluc-
tuations in stock price”.
After hitting a $119 high in November,
two months after its record-breaking
$25bn initial public offering in New
York, Alibaba’s shares have fallen stead-
ily. They dipped below the $68 list price
for the first time on Monday, driven by
the market storms in China, where it is
based, and the US, where it is listed.
Mr Zhang’s statement had an eerie
ring to it. In 2012, Alibaba.com, the
company’s first publicly traded incarna-
tion that was listed in Hong Kong, was
taken private via a management buy-
out. That move was accompanied by a
statement that delisting would free the
company “from the pressure of market
The downward path of
Alibaba’s stock price
could begin to mimic its
star-crossed predecessor
expectations, earnings visibility and
share price fluctuations”.
If unchecked, the downward path of
Alibaba’s stock price could begin to
mimic its star-crossed predecessor.
Listed in 2007, Alibaba.com shares hit
their highest level on the first trading
day, only to skid steadily downwards for
five years until its ignominious end.
For Alibaba’s senior management and
founder Jack Ma, the lesson of the first
IPO is simple: always have a back-up
plan.
In the case of Alibaba.com, the fall-
back was a platform it launched in 2006
called Taobao. An eBay-style online
marketplace — on which merchants
rent virtual stalls and hawk everything
from socks and smartphones to inflata-
ble David Beckham sex dolls — Taobao
and Tmall, its counterpart aimed at big-
ger branded sellers, have come to domi-
nate ecommerce in China. Together,
they account for 8 per cent of all retail
and are the backbone of Alibaba’s sec-
ond incarnation as a public company.
According to Wang Guanxiong,
founder of Heavy Innovation Lab, a Bei-
jing-based consultancy, by the time it
listed, Alibaba was already showing
signs that it had seen its best days. “Ali-
baba listed at its peak last year. There
wasn’t much room left to grow,” he says.
Taobao’s struggles have been illus-
Alibaba founder trated by its disappointing recent
Jack Ma was results. In the last quarter, gross mer-
happy to mark chandise value and revenues grew at
the group’s IPO their slowest in more than three years.
in New York last Iresearch, a Beijing-based consul-
September, but tancy, predicts pure ecommerce has
the shares started to hit the era of declining returns
dipped below to scale. From 70 per cent growth regis-
their $68 list tered in 2011, it predicts from 2018
price this week growth will be at 16 per cent annually.
Scott Eells/Bloomberg
However, Alibaba has made it clear
that it can innovate and come up with
new business models when the old ones
begin to struggle. It is already investing
in ideas for a post-Taobao era.
Jack Chen, professor of marketing at
Cheung Kong Graduate School of busi-
ness in Beijing, says that ecommerce is
changing and Alibaba is just starting to
get behind the new form of online retail.
“Combined channel” marketing, he
says, where customers go to physical
stores and restaurants but make online
purchases, mainly with smartphones, is
growing more rapidly than traditional
ecommerce. “Taobao did its job, which
was to go to the stock market and get
lots of money. Now Alibaba should
probably be looking for new business
models for the future,” he says.
In August, the company took a 20 per
cent stake in electronic retailer Suning.
It has also invested in joint venture web-
site Koubei, aimed at capitalising on the
trend of “online to offline” commerce.
But Alibaba’s future success may rest
with its payments affiliate Ant Finan-
cial. The company, which is owned by
Jack Ma and his associates separately
from Alibaba, controls Alipay, Alibaba’s
payments system, and its online bank,
Mybank. Mr Ma has said Ant Financial
may list in China, though he has
declined to give a timetable, while some
reports have suggested it could be as
Alibaba
Share price ($)
110
100
90
80
70
60
Sep 2014 2015 Aug
Source: Thomson Reuters Datastream
early as 2017. Ding Daoshi, founder of
Sootoo Research, a China-based analy-
sis site, says Alibaba “was overvalued
from the start” but adds that “another
reason for the pessimism may be that
Alibaba’s most profitable and most pro-
spective businesses, like Ant Financial,
will list separately. People see them, not
Taobao, as the future of Alibaba”.
Alibaba’s publicly listed companies
have grown in tandem with China’s
broader economy. Alibaba.com brought
Chinese exporters and western whole-
sale buyers together online, with the
intention of tapping into China’s mas-
sive export-led growth engine.
When it changed its focus to Taobao,
Alibaba was pacing into a new fad for
China turning into a consumption-
driven economy.
Now, Ant Financial has plugged in to
the rise of the mobile internet and the
government’s strategy of “internet
plus”. The state wants to use the web to
breathe life into over-regulated and
monopolised sectors of the Chinese
economy such as finance and transport.
But even if Ant Financial is the future,
Mr Ding says Taobao and Tmall are still
growing rapidly. “We should not count
them out, they’re still great businesses.”
Additional reporting by Ma Fangjing
It all began in January, when Switzerland devalued the
franc. Roughly 550,000 Polish homeowners have mort-
gages in the Swiss currency — a total of $38bn worth of
loans. Most were taken out before 2008 by canny — or so
they thought — borrowers seeking low interest rates.
That decision looked decidedly less smart when the
devaluation made their repayments soar by about 20 per
cent. So, egged on by a resurgent opposition, the mortgage-
holders went to the government, cap in hand.
Months of political deliberation followed, with bank
managers summoned to the finance ministry, and reports
commissioned from the central bank. A deal appeared to
have been struck: banks and borrowers would split the
extra cost, 50-50. So the banks groaned, their shares fell,
and the lobby groups piped down.
But then, as the legislation headed to a late-night vote,
the unexpected happened: an amendment was proposed
by a leftist opposition party suggesting banks foot 90 per
cent of the costs. Months of calculations and deliberations
were metaphorically ripped up — and, when the votes
were counted, the motion was passed. On the following
morning, bank stocks sank.
Under the new plan, analysts reckon Polish lenders will
take a $5bn hit over the next few years. PKO BP — the
nation’s biggest bank, which
is majority owned by the
government — will account
Analysts reckon
for $800m of that, according Polish lenders
to Reuters. That is almost
double what it — and its
will take a $5bn
investors — had assumed the hit over the next
damage would be. It is also
roughly the bank’s entire net
few years
profit last year. At 11 other
banks, it would mean costs that exceed last year’s pre-tax
profits, according to research by the Polish central bank.
In addition, it could have the effect of cutting the coun-
try’s corporate tax income by $500m in its first year of
implementation.
Foreign investors still own more than 60 per cent of the
Polish banking industry, and investor sentiment towards
the sector seems clear: the Warsaw stock exchange’s bank-
ing sector index is down almost 20 per cent in 2015.
It is little wonder, then, that banks in Poland — including
foreign owners such as Commerzbank and GE Capital —
are threatening legal action over the legislation, which is
now before the Senat, the upper house of parliament.
Senior officials have hinted this week they might seek to
reverse the amendment lifting banks’ share of the conver-
sion costs to 90 per cent, and Ewa Kopacz, the prime min-
ister, said yesterday Poland needed to consider the stabil-
ity of the banking system when dealing with the Swiss
franc loan issue.
However, the climate could get significantly worse for
the banks if, as expected, the rightwing Law and Justice
party wins power in October’s general election.
Keen to raise some cash to fund its plans to cut the retire-
ment age and raise the income tax threshold, the party has
floated the idea of a 0.3 per cent tax on the assets of finan-
cial institutions. If introduced, this would slice another
$1.4bn off the banks’ books and — potentially — lower their
appetite to lend. For less well-capitalised banks that went
big on Swiss franc mortgages, such a double hit could be
too much to bear.
One senior government official with knowledge of the
lenders’ balance sheets told the Financial Times that,
under the current proposals, some banks could require a
recapitalisation and possible bailout — the very outcome
that the government takes credit for avoiding post-2008.
Poland’s regulator loves to wag its finger at the reckless
West and remind London, Paris and Frankfurt that War-
saw’s banks survived the crisis unscathed thanks to benign
stewardship. Today’s investors must wish a similar
approach applied to politicians with eyes on the ballot box.
henry.foy@ft.com

Chemicals Banks

Monsanto ends $46bn pursuit of Syngenta
ARASH MASSOUDI — LONDON
JAMES FONTANELLA-KHAN — NEW YORK
Monsanto yesterday abandoned its
$46bn pursuit of agribusiness rival
Syngenta, after its third bid this year to
create a dominant seeds and farm
chemicals business was rejected by the
Swiss company.
The decision to walk away was instantly
cheered by Monsanto’s investors, who
had begun to chafe privately to the US
company about its efforts to buy Syn-
genta.
Shares in Monsanto had jumped by
more than 7 per cent to $95.93 in early
afternoon trading in New York after it
revealed the details of its rejected offer.
The move ends the latest attempt by
Monsanto’s Scottish chief executive
Hugh Grant to buy Syngenta — a take-
over he has personally pursued on three
different occasions since 2011.
A deal would have seen the St Louis-
based company become arguably one of
the most powerful suppliers of seeds
and chemicals to farmers around the
world. But Syngenta refused to engage
with Monsanto this year until its third
offer, except for a series of meetings
between antitrust lawyers to discuss
hurdles to a deal.
Syngenta said yesterday: “After
engaging with Monsanto on their latest
approach, the board unanimously
rejected their revised proposal. It signif-
icantly undervalued the company and
was fraught with execution risk.”
Syngenta has previously argued that a
deal would take up to 18 months to close
and would face significant obstacles
from regulatory bodies in many coun-
tries. It also raised concerns about Mon-
santo’s plan to redomicile to the UK as
part of a so-called tax inversion.
Some Syngenta shareholders started
to believe that its management should
engage with Monsanto. That belief was
reflected in Syngenta’s share price,
which plummeted 18.2 per cent to close
at SFr309.9 in Zurich yesterday.
Lenders’ capital raising plans hit by sell-off
MARTIN ARNOLD — BANKING EDITOR
There is growing concern that the
recent sell-off in bank shares will make
expected capital raisings much harder
to achieve for large European lenders
such as Standard Chartered, Deutsche
Bank and Credit Suisse.
The three banks have recently changed
their chief executives after a period of
underperformance and many analysts
expect them to raise extra capital from
investors to bolster their balance sheets
this year. But after a sharp fall in their
shares this month amid concerns about
the Chinese economy, analysts and
investment bankers say the widening
gap between their market capitalisation
and book value means any equity issue
will be more painfully dilutive for share-
holders.
“As a bank looking to raise capital,
once you go below tangible book value
that becomes fairly dilutive for share-
holders,” said Joseph Dickerson, banks
analyst at Jefferies.
StanChart has been one of the hardest
hit by the market turmoil. Shares in the
bank, which is listed in London but spe-
cialises in Asia, the Middle East and
Africa, have fallen a quarter this month.
John Cryan, Deutsche’s new chief
executive, is expected to discuss his
strategic plans at an off-site supervisory
board meeting on September 10. Shares
in the German bank have fallen a quar-
ter this month, meaning it now trades a
third below its tangible book value.
Since taking over at Credit Suisse, Tid-
jane Thiam has said the bank “may need
to call for additional capital” when it
completes a strategic review by the end
of the year. Credit Suisse shares have
lost more than 10 per cent this month
but still trade at a premium to tangible
book value.
Bill Winters, StanChart’s new chief
executive, is expected to unveil his new
strategy and a potential fundraising
plan after quarterly results in Novem-
ber.
Thursday 27 August 2015
Falling crude drives angst over energy dividends
Yields are rising, highlighting shareholder concern that payouts are at risk as oil majors contend with price crash
CHRISTOPHER ADAMS — ENERGY EDITOR
Fears that the collapse in oil prices will
force big European energy groups to
slash investor payouts have sent yields
on their dividends soaring, to the high-
est levels in almost three decades versus
the rest of the stock market.
This week’s sharp sell-off in crude,
amid wider market turmoil triggered by
alarm over a weakening Chinese econ-
omy, has taken the price of internation-
ally traded Brent to its lowest point in
more than six years and added to the
financial strain on oil companies.
The latest slide raises questions over
whether industry-wide cost-cutting,
asset sales and the deferral of billions of
dollars in spending on new projects this
year — all to shore up cash flow — will be
enough to protect dividends. Hence the
tumble in share prices that has pushed
yields higher.
Indeed, the level of concern is such
that the extra yield demanded by inves-
tors to hold the shares of a group of five
European majors — BP, Italy’s Eni, Royal
Dutch Shell, Statoil of Norway and
France’s Total — over those of a wider
basket of European stocks has risen to a
28-year high, say analysts at Bernstein
Research. The group-wide yield has hit
7 per cent, more than twice that of the
broader market.
According to one energy investment
banker, protecting dividends will be the
“number one” priority for oil industry
executives returning from the summer
break, some of whom only weeks ago
unveiled fresh reductions in spending
and further job losses to combat the
worsening slump.
In late July, Brent crude was trading at
$53 a barrel, having plunged from last
year’s peak of $115 — a fall due in large
part to the decision last November by
Opec, the oil producers’ cartel, not to cut
output in the face of a US supply glut.
Brent has since shed another $10, tum-
bling below January’s lows and threat-
ening to further erode revenues and
profits. Dividends, therefore, could
become vulnerable.
One analyst, who declines to be
named, says the oil majors need a crude
price of $60 to $70 a barrel to cover their
dividends on current forecasts for reve-
nues. “Where we are today, it’s not a sus-
tainable model, but there are levers they
can pull,” he adds. “If we are still in the
low $40s in January and February next
year, that’s when panic stations might
start to set in.”
The dividends paid by big oil compa-
nies matter to fund managers — they are
the main reason why many hold stocks
such as Shell, BP and Total.
“The dividend is the anchor point, it is
essential for investors,” says Martijn
Rats, an analyst at Morgan Stanley. The
payouts, with rare exceptions, are
dependable, even through industry
downturns.
One company, Eni, cut its payout in
March, repeating action it took in 2009,
when crude last collapsed. But Shell has
never cut its dividend and BP has only
done so twice in living memory. Total
last cut its payout in 1981. So how justi-
fied is the market angst?
Oswald Clint, an analyst at Bernstein,
has assessed the level of dividend stress
to be expected if crude remains in the
mid-$40s for the rest of this year — a
Technology
Facebook dials M for virtual assistant
HANNAH KUCHLER
— SAN FRANCISCO
Facebook has created a virtual assist-
ant powered by artificial intelligence
that can do everything from organise
birthday parties to calling companies
so users do not have to spend hours on
hold.
The M service, which will run inside
Facebook Messenger, is the company’s
attempt to challenge Apple’s Siri and
Microsoft’s Cortana, virtual personal
assistants that communicate using
voice recognition software.
But it could also help Facebook to take
on Google on the smartphone, if it
becomes the primary place for the social
network’s almost 1.5bn users to search
for information and carry out tasks.
David Marcus, vice-president of
messaging products at Facebook, said
that unlike other artificial intelligence-
based services, M can actually complete
tasks on a user’s behalf.
“It can purchase items, get gifts deliv-
ered to your loved ones, book restau-
rants, travel arrangements, appoint-
ments and way more,” he said in a post
on Facebook.
This is the latest entrant in a battle for
virtual assistants which, like the
browser wars of the 1990s, could set the
balance of power for the next stage of
Feeling the pain
Oil majors’ dividend yields
Jan 2000
2.2%
Jan 2000
1.8%
European energy groups’ cash flow pressured amid oil price plunge
Free cash flow* ($bn)
80
60
40
20
0 40
2005 06 07 08 09
* Rolling 12-months
FT graphic Source: Bernstein
scenario where the price will have aver-
aged just over $50 a barrel for 2015.
His analysis shows that a wider group
of eight integrated oil companies,
including BG Group, Spain’s Repsol and
Portugal’s Galp, should generate $132bn
in operating cash flow this year, includ-
ing asset sales announced by June 30.
This compares with outflows — capital
expenditure, known acquisitions and
cash dividends — of $149bn.
For next year, assuming that Brent
trades flat at $50, the equivalent cash
inflow excluding asset sales would be
$118bn, against outflows of $134bn. In
both years, then, the dividends cannot
be covered by cash alone — the annual
shortfall runs to about $17bn. But that
does not mean the companies would
automatically cut payouts to investors.
First, executives would not act so
‘If we are still in the low
$40s in January . . . that’s
when panic stations
might start to set in’
the internet. Virtual assistants could
dominate users’ attention and direct
them to particular businesses for their
needs.
M is trained and supervised by a team
of contractors at Facebook, who will
oversee more complex requests until
the assistant becomes smarter and who
can add the odd, more personal surprise
touch.
M, the virtual assistant, will run
inside Facebook Messenger
★★★ FINANCIAL TIMES 15
COMPANIES
Tightening grip
US groups add debt to
maintain distributions
Aug 2015
European oil majors
7.1% The large US oil groups are seen as
being under less pressure to cut
dividends than European peers, but
their yields have also been rising.
ExxonMobil’s shares yield about
4.3 per cent, and Chevron’s about
5.9 per cent.
Exxon is the world’s largest listed
oil group by market capitalisation,
and also one of the financially
strongest. It has a triple-A credit
rating which gives it, notionally, a
higher grade than the US
government.
During the years of high oil
prices, Exxon was conservative in
increasing its capital spending, and
used share buybacks to return
much of its excess cash to
MSCI Europe investors. It has also been
increasing its dividend, even
Aug 2015 through the crisis years of 2008-09,
3.1% and raised the quarterly payout by
5.8 per cent to 73 cents for the
second quarter of this year.
In the first half of 2015, Exxon
paid out almost $6bn in dividends,
and its free cash flow after capital
European oil companies have relatively low gearing spending was about $3.9bn, so the
company has been running down
Brent ($ per barrel) Cash position ($bn) Gearing (%)** its cash balance and adding to its
debts to cover its distributions.
120 100 25 Chevron is in a weaker position:
80 its capital spending in the first half
100 of this year exceeded its operating
20
60 cash flow by about $5.7bn, and has
80 been selling assets and borrowing
40
15 more to cover that expenditure and
60 20 pay its $4bn of dividends. However,
the company is getting over a
0 10 hump in capital spending and
committed to cover the dividend
10 11 12 13 14 15 2005 06 07 08 09 10 11 12 13 14 15 from its free cash flow in 2017.
** Net debt to net debt plus equity Ed Crooks
Photo: Dreamstime
mechanically. The dividend reflects
companies’ confidence in the future as
much as current fortunes. For the likes
of Shell and BP in particular, sacrificing
the dividend would mark a historic
shift. For his part, Shell’s chief executive
Ben van Beurden has pledged to at least
maintain current payouts in 2016.
Secondly, Mr Clint points to more
than $110bn of cash on the companies’
combined balance sheets. The oil
majors, he adds, will if necessary use
their financial strength and relatively
low leverage to borrow more to cover
their dividends. Their average gearing —
or ratio of debt to equity — is 19 per cent,
below the 22 per cent of six years ago,
when crude last collapsed. In the late
1990s oil price plunge, which spurred a
frenzied round of dealmaking, gearing
was nearly 30 per cent and the groups
had less than $5bn of cash available.
“These companies are in much better
shape today,” says Mr Clint.
So, do not rule out dividend cuts. But,
for now, at current oil price levels,
another round of cost-cutting looks
much more likely, in the autumn with
third-quarter results.
For now, the app will be informed
only by the information that a user tells
it — such as a friend’s favourite cake —
not by the vast troves of data that Face-
book holds on its users’ likes and dis-
likes. But finding a way to mine that
data while not appearing creepy or
infringing privacy could help Facebook
beat other virtual assistants.
The service is being tested by a few
hundred users in the Bay Area, where
Facebook has its headquarters. “This is
early in the journey to build M into an
at-scale service,” Mr Marcus said.
Mr Marcus was hired from his post as
PayPal chief executive last year, in a sign
that Facebook was planning to focus
many of its new developments on its
Messenger app, which is used by more
than 700m people.
Facebook’s approach to eventually
generating revenue from Messenger is
being closely watched as both a new
stream for the business, and a potential
model for how it might monetise
WhatsApp, the messaging app that it
bought for $22bn last year.
This year Facebook has announced
Messenger for business, which allows
customers to communicate with retail-
ers through the app, a way to send
money to friends through the app and
further integration with other apps such
as the ability to send gifts in chats.
16 ★ † FINANCIAL TIMES Thursday 27 August 2015

COMPANIES

Corcoran nets
Technology

YouTube aims
to challenge
big win with Amazon with
live streams of
‘Betty Power’ video games
HANNAH KUCHLER — SAN FRANCISCO

Rivals left at odds as uniquely placed YouTube has unveiled a standalone

chief bets on Paddy Power-Betfair deal
MALCOLM MOORE
LEISURE INDUSTRIES CORRESPONDENT
Four years ago, when Betfair was look-
ing for a new chief executive, there was
one outstanding candidate: the chief
operating officer of its rival, Paddy
Power.
But Breon Corcoran, who had spent a
decade in Dublin with the Irish book-
maker, was not sure he wanted to leave.
His rise at Paddy Power had been
swift, while the UK’s Betfair looked like
a challenge. Having floated in 2010 at
£13 a share, it was trading at near £8 a
share as investors lost confidence.
“I never got the sense that he did not
want the job,” says Edward Wray, co-
founder of Betfair, who remains the
company’s largest shareholder with
about 9.5 per cent. “But he was certainly
well-embedded in Paddy Power. It took
us some time and quite a lot of effort to
get him out of there.”
Now, almost exactly three years after
taking the plunge and joining Betfair,
the 44-year-old from Mullingar, County
Westmeath, is set to put his green jacket
back on. If everything goes smoothly in
a deal announced yesterday, Betfair and
Paddy Power will merge in January with
Mr Corcoran at the helm, in a tie-up that
has become known as “Betty Power”.
“He knows both businesses inside
out,” says Mr Wray. “Often when you do
a merger, it is 25 per cent known and 75
per cent unknown. This is the other way
around.” Was this the plan all along? “I
wish I could say I had that much fore-
sight,” he says, laughing.
Indeed, a year ago, a merger of equals
would have been impossible. Betfair’s
market capitalisation was below £1bn,
while Paddy Power’s was about €2bn.
Gambling groups step
up consolidation
July 2015 888 Holdings and GVC chase
Bwin.party. GVC says it will bid more
than $1bn
July Ladbrokes and Gala Coral
announce a merger to create a group
with a market capitalisation of £2.3bn
Feb William Hill tries (and fails) to buy
888 with a £700m bid
Feb Intertain Group buys consumer
assets of Gamesys, including
Jackpotjoy, for an initial £425.8m
Dec 2014 CVC buys controlling 80 per
cent stake in Sky Bet for £600m
Jun 2014 Amaya Gaming buys Oldford
Group for $4.9bn. The deal includes
the PokerStars and Full Tilt brands
But Betfair has had an astonishing run
under Mr Corcoran, making the failed
950p-a-share offer from the private
equity house CVC Capital Partners in
early 2013 seem highly opportunistic. In
the past 12 months alone, active cus-
tomer numbers have risen 52 per cent to
1.7m and underlying free cash flow is up
47 per cent to £103.8m.
After hitting the top end of his targets,
Mr Corcoran was awarded a bonus of
£10m in Betfair shares, whose paper
value rose more than £2m on the news
of the merger.
Mr Corcoran’s strategy has been to
take Betfair’s leading technology — it
has the biggest gaming exchange, on
which customers bet against each other,
in the business — and build a consumer-
friendly format in front of it.
The result is that Betfair’s online
sportsbook took £1.2bn in wagers last
year, up 140 per cent, close to the £1.3bn
that was staked at Ladbrokes.
“Breon Corcoran? He’s doing at Bet-
fair what he did at Paddy Power,” says
one Paddy Power executive. Now Mr
Corcoran will be able to do the reverse:
bolt Betfair’s technology on to Paddy
Power’s strong brand — it is known for
its tongue-in-cheek advertising.
“Breon has re-engineered Betfair,”
says Warwick Bartlett, chief of Global
Betting and Gaming Consultancy. “He
has cut waste, introduced new products
and made sure the company has stayed
at the cutting edge of technology and
innovation. The guy’s a winner.”
Alan Weinrib, an internet gaming
consultant who has worked with Mr
Corcoran, adds: “He had a vision with
Paddy Power that no matter how good a
deal looked he did not want to do any-
thing that would dilute the brand, and
how correct he turned out to be.”
The union of the two companies into
the UK’s largest gaming company, sit-
ting in the middle of the FTSE 100 with a
combined market capitalisation in
excess of £5bn, will leave rivals facing
pressure to do their own deals.
William Hill, which had been linked
with Paddy Power in a potential tie-up
nicknamed “Will Power”, did not
respond to requests for comment on its
position now that it looks set to lose its
market-leading status.
“This leaves William Hill in a tricky
position,” says David Jennings, an ana-
lyst at Davy, the Irish stockbroker. “All
of its major rivals are building scale. It
probably leaves them all the more rue-
ful they could not reach an agreement to
acquire 888 earlier in the year.”
William Hill may not have the finan-
cial firepower to challenge the Betfair
and Paddy Power merger, and Mr Jen-
nings says a deal for online group Bet365
is unlikely because of the latter’s expo-
sure to unregulated markets.
Betfair’s combination with Paddy
Power may be the biggest deal so far in
the gambling sector, as companies seek
the scale to compete with greater tax and
regulation,butitisunlikelytobethelast.
See Lombard
gaming app as the Google-owned video
site looks to challenge Amazon’s
Twitch in the growing market for
watching live streams of people playing
video games.
YouTube Gaming pulls together all the
gaming-related videos and live streams
from across the site, including material
from YouTube star PewDiePie, who
broadcasts his thoughts on video games
to his channel’s almost 39m subscribers.
People are spending 75 per cent more
time watching gaming videos on
YouTube this year, compared with the
year before, the company said.
Frank Petterson, engineering man-
ager, said the new app had more than
25,000 game pages. “Together we all
make gaming better,” he said. “Our
peers make us better gamers, and games
are made better by the communities
that surround them.”
The trend of watching others play
games online is part of a broader
e-games phenomenon, where people
even gather in their thousands at
Marketers are targeting
millennials who they
struggle to reach with
television advertising
stadiums to watch computer games
competitions for prize money.
Gaming videos are worth $3.8bn
worldwide according to estimates by
Haydock races: Betfair’s tie-up with Paddy Power will create the biggest online gambling group — John Giles/PA SuperData Research. YouTube has 72
per cent of the viewers but Twitch,
acquired by Amazon last year for
Online gaming Bookmaker performance $970m, has the highest market share by
Revenues, 2014 (£bn) Annual pre-tax profits (£m) revenue at 43 per cent, the research
150 company said.
Bet365 The app launch comes as YouTube is
1.28 Paddy Power* spinning off more specialist features for
100
Paddy Power Betfair its more than 1bn viewers, to provide
0.439 0.394 areas suited for watching games or for
888-Bwin 50
children on the site.
0.77 Robert Kyncl, Google vice-president
GVC-Bwin 0 and global head of business at YouTube,
0.653 said the company was looking to create
William Hill Betfair -50
spin-off apps for areas with “meaningful
0.649
Ladbrokes-Coral consumer engagement” that could
-100 increase the time users watch content if
0.523 2011 12 13 14 15
they developed more specific features.
* 2015 figure is an estimate Overall, hours watched on YouTube
Sources: GBGC; Bloomberg
increased 60 per cent in the past year
and the number of advertisers increased
by 40 per cent, as marketers target mil-
Irish connection Bookmakers Association, says: “They newspaper’s Rich List for 2015. Mr lennials who they struggle to reach with
Bookies who cast betting’s didn’t so much change the industry as Corcoran owns 3 per cent. Mr Kenny, television advertising.
change the perception of it. They put who started in the bookmaking trade at Courtney Holt, chief strategy officer
back-alley image aside the fun into betting and moved it away age 15, stepped down as chief executive at Maker Studios, the Disney-owned
from its smoky, drab, back-alley image.” in 2002 and studied Buddhism at multichannel networks said the rise of
While there was not a founder monasteries in Tibet. He is on the online video had created new types of
As the Irish economy boomed in the named Paddy Power — “Paddy” was Paddy Power board and owns about content, from watching people playing
1990s and early 2000s, Paddy Power chosen to signify the Irish connection 400,000 shares. games to viewing people take toys out of
captured a renewed desire to have fun. — David Power’s son Paddy now works The emergence of the mainly online their boxes.
Stewart Kenny, David Power and for the business as a marketing Paddy Power business contributed to “If somebody said 10 years ago that
John Corcoran, three long-established executive and the Power family remains the slow disappearance of the there would be a cable network whose
bookmakers with small betting-shop actively involved. independent bookie’s shop in Ireland. entire purpose was primarily young
chains, joined forces in 1988 to create David Power is Paddy Power’s Another factor in this decline was the boys talking over video game footage,
the company, with “a determination to biggest individual shareholder. His disappearance of construction workers that would have sounded pretty terri-
bring betting into the world of almost 8 per cent stake, now worth — a big market for local bookmakers — ble,” Mr Holt said.
entertainment”, as the group’s official about €320m, makes him one of who were laid off in their thousands “But it is an incredible new business
history puts it. Ireland’s richest men — he was number after the collapse of the building boom. and form of self-expression, leveraging
Sharon Byrne of the Irish 41 in Ireland’s Sunday Independent Vincent Boland characters and animation to tell a new
story.”

Contracts & Tenders Public Notice

Technology

Angry Birds maker sheds 260

jobs in effort to remain aloft
RICHARD MILNE
NORDIC CORRESPONDENT
The freefall of the maker of Angry Birds
continued as Rovio Entertainment said
it would cut another 260 jobs, taking
losses in the past year to nearly half the
workforce at the Finnish company.
One of the most downloaded mobile
apps, Angry Birds was an early success in
gaming for smartphones and tablets.
But Rovio has struggled to replicate that
achievement, while an expansion into
everything from theme parks and play-
grounds to education and branded
goods has floundered.
The company, which employs 670
people after cutting 110 jobs last year,
said yesterday it would shed 260 more
in all parts of its business except for
those working on The Angry Birds Movie,
which is due for release next year.
Rovio had revenues of just €158m and
operating profit of €10m in 2014, both
down on the previous year. The film is
estimated to have cost the company
more than $100m.
The start-up has struggled with the
rise of freemium games such as Clash of
Clans and Candy Crush, which are free to
play but charge players for in-game ben-
efits and which differ from the paid-for
model originally used by Angry Birds.
Rovio said its playground and educa-
tion businesses would be shut down as
part of a shift to focus on three core
areas: gaming, media, and consumer
‘Fundamental changes
are needed to ensure
Rovio succeeds in its
global ambitions’
products. The job cuts came despite
Angry Birds 2 being downloaded 50m
times in recent months. Nonetheless,
the game has slipped down the apps
charts in recent weeks.
“Fundamental changes are needed to
ensure Rovio succeeds in its global
ambitions to be the leading entertain-
ment company with mobile games at its
heart,” said Pekka Rantala, a former
Nokia manager who took over as chief
executive last August.
See Lombard
Thursday 27 August 2015 ★ FINANCIAL TIMES 17

UK COMPANIES

Betty Power leaves William Hill the wallflower in bookies’ consolidation waltz
If you don’t bet, you can’t win. William
Hill, current number one in the UK and
Irish betting industry, is set to be
superseded by “Betty Power”, as the
£5.7bn combo of Paddy Power and
Betfair has been jokingly dubbed. The
share-based merger is intended to
create a fast-talking, tech-savvy group
that is as comfortable writing
algorithms as treading the hallowed
turf of Ascot and The Curragh.
The proposed transaction, involving
the payment of a modest premium to
Paddy Power shareholders via an
€80m special dividend, is the
culmination of a year of frenetic deal-
doing by gambling groups. Ladbrokes
is taking over Gala Coral, Playtech has
been expanding into spread betting
and Bwin.party is in talks with both
GVC and 888.
The consolidation wave is driven by
three trends. First, a shift from racing
to sports betting. Second, a burgeoning
taste for wagering on a mobile phone at
the expense of high-street bookies.
Third, growing regulation.
Betfair, which deadbatted an
opportunistic £1bn bid from CVC in
2013, has its roots in a betting exchange
devised by tech whizz Andrew Black.
Paddy Power’s heritage is of fidgety
men studying the form in their local
bookie amidst crumpled betting slips.
Paddy Power has a cheeky style
exemplified by a “Making Mischief”
section on its website that boasts such
headlines as “Daft Punk get their lucky
pants out for the Brits”. Certainly, the
merger could cause considerable
competitive mischief to William Hill, as
indicated by a fall in its shares and
leaps in those of its two rivals. An
attempt by the big UK bookie to buy
888 earlier this year was derailed by
opposition from Israeli shareholders.
The partners have complex
integrations of systems and cultures to
execute. It should help that Betfair’s
well-regarded chief executive Breon
Corcoran will retain that role. Betfair
chairman Gerald Corbett is bowing out
with credit. The combination looks like
a winning punt on paper. But so did a
horse called Quantitative Easing that
Lombard backed at Cheltenham this
year. It crashed through the barriers,
tumbled a photographer and made off
in the direction of Cleeve Hill.
Perpetual promotion
Private equity firms believe in
permanent marketing, just as Maoists
believed in permanent revolution.
Investing in companies is a prelude to
selling those businesses, itself an
overture to raising another fund. Many
PE groups are beginning the third
phase of that cycle with the pre-
promotion of multibillion European
funds that are expected to close next
year. Advent, BC Partners and Cinven
are among those tipped to assail the
wallets of investors. The last bumper
year was 2013, according to Prequin.
Collapsing equity values are more
propitious than you might think. Even
when buying companies privately,
toppy stock markets tend to raise
prices. Private equity buyers have been
paying around 10-11 times earnings
before nasties. Levels of 7-8 times
would feel a lot more comfortable.
There is a psychological difficulty,
though. A fund manager whose quoted
portfolio is tanking does not want a
returns spreadsheet. He wants a paper
bag to breathe in and out of. It can be
easier to raise a €5.3bn European
equity fund, as Permira did last June,
when markets are stable. Some private
equity firms were caught out by the
2008 crash, having raised capital at the
top of the market. Those that are still
in the game should have done better
this time, selling swaths of businesses
when prices were high.
But private equity types should
eschew buying back companies they
floated not long before. Low cunning is
best deployed discreetly.
Floppy bird
Rovio Entertainment, producer of the
mobile game Angry Birds, is cutting
another 260 jobs. It is a difficult time
and managers should act in accordance
with the values that everyone at the
Finnish group holds dear: they should
erect a giant catapult atop Rovio HQ
and use it to ping employees out on to
the jobs market.
If you’re a kidult coder in a Red Bird
hoody, it’s probably the way you’d
choose to go. Rovio could even
introduce a competitive element by
releasing pigs into its car park and
scaling redundancy payments to the
number each ex-staffer knocks over.
OK. It’s tough losing your job. But an
employer that hit the jackpot with a
single mobile game was always a risky
employer. The shark’s fin sales pattern
for computer games is the stuff of
textbooks. Instead of creating another
shark’s fin, Rovio tried to stretch out
the first one, but with limited success.
As to catapult delayering, there is
probably some pettifogging law that
prevents it.
Similar red tape prevented the great
publicist Jim Moran from staging a
novel candy promotion, prompting his
remark: “It’s a sad day for capitalism
when a man can’t fly a midget (sic) on
a kite over Central Park”.
jonathan.guthrie@ft.com

Support services

Second profit
warning takes
toll on HSS Hire
Profits downgraded amid revenue growth is pencilled in at
between 8 and 11 per cent, compared
a slow recovery in DIY with sales growth of one-quarter in
and housing markets 2014.
Chief executive officer Chris Davies
MICHAEL POOLER called the results “disappointing”.
“Trading continues to be unpredicta-
Shares in tool rental company HSS Hire ble, and after a reasonable July, we have
fell by more than one-third after the seen softer market conditions in
group issued its second profit warning in August,” said Mr Davies. “As a result we
as many months. are cautious on the outlook for the bal-
The company joined London’s junior ance of the year.”
Aim market in February, raising £100m Analysts at Numis, who reduced their
at a float price of 210p per share. But the forecast for revenue growth by 4 per
stock slumped to a low of 79p yesterday cent to the bottom of the company’s new
morning — almost two-thirds below its range, said: “A second profit warning
listing price — amid what it called a within six months of the IPO has
“slow and more erratic than predicted” reduced our confidence that HSS can
recovery in the home improvement and deliver growth rates significantly ahead Hitting goals: Carillion’s contracts, which include work on Liverpool’s Anfield Stadium, saw revenues grow for the first time in five years — John Powell/Getty
housing markets. of the market.”
This led management at HSS, which HSS’s woes reflect those of its peer
leases out tools ranging from drills and
concrete mixers to welders and carpet
cleaners, to downgrade sales and earn-
Speedy Hire, which suffered a sharp
share price fall after warning on profits
in July.
Milestone Carillion has returned to revenue
growth for the first time in five years as
a rise in UK government outsourcing
of 4.8 per cent in the same period last
year.
Along with other services companies,
margin’s fell as it launched new
contracts.
Carillion’s performance contrasts
ings forecasts for 2015.
Profits for the full year are expected to
However, rival tool hire firm Ashtead
Group raised its dividend by a third ear-
Carillion back helped boost the construction group’s
sales in the six months to June.
Carillion has benefited from increased
spending on outsourcing, which
with that of Balfour Beatty. The rival
UK construction firm, with which
fall below market expectations, while lier in the year after posting a record
profit.
HSS reported a 12.1 per cent rise in
to growth Carillion, which is involved in a
broad range of services from the
maintenance of UK military bases to
doubled to £120bn under the last
coalition government.
The company’s support services
Carillion discussed a £3bn merger
last year, suffered widening losses in
the first half.
HSS Hire revenues to £146.4m in the first half of construction work on Liverpool’s revenue grew 13 per cent to £1.24bn. Despite the return to revenue
Share price (pence) the year, boosted in part by new local Anfield Stadium, reported revenue Despite the strong sales growth, growth, Carillion’s shares fell 1.7 per
250 branches and bolt-on acquisitions but growth of 21 per cent in the first half to Carillion’s pre-tax profit remained flat cent to 323.5p. They are now down
chiefly through organic sales growth. £2.26bn, compared with a contraction at £67.5m, however, as the group’s 2.7 per cent year to date. Joel Lewin
However, pre-tax losses widened by
200 more than a quarter to £14.1m com-
pared with the same period last year —
in line with a prior warning in June.
150 The widening deficit was attributed to
one-off flotation expenses of £3m, the
100 setting up of new branches and
increased depreciation charges to a hire
fleet. However, the company said it was
50 targeting cost reductions of £1.5m-£3m
Feb 2015 Aug in the final quarter and up to £12m in
2016.
Source: Thomson Reuters Datastream
HSS shares closed 39 per cent down.
18
Media
Bullish WPP plays down risk of losing clients
Group is confident of
winning business despite
reviews of ad spending
ROBERT COOKSON
DIGITAL MEDIA CORRESPONDENT
WPP has played down the risk that it
will lose business as a result of the $20bn
“tsunami” of advertising spending
reviews that are taking place at many of
the world’s biggest brands, and remains
bullish on China despite the recent mar-
ket turmoil.
A flurry of large marketers including
carmaker Volkswagen and Mondelez,
the food group, this year launched
reviews of which media agencies they
should employ to plan and buy advertis-
ing space on their behalf.
But the marketing services group led
by Sir Martin Sorrell, which reported its
first-half results yesterday, expressed
confidence that it would win clients
from rivals such as Publicis and Omni-
com, rather than lose them.
“There’s more upside than downside,”
for WPP, said Paul Richardson, chief
financial officer of the world’s largest
advertising group by revenues. He
added that the company’s agencies —
which include Mindshare, MEC and
MediaCom — are the incumbents on less
than a quarter of the media spending
reviews.
WPP has this year won more pitches
than it has lost. The company gained a
total of £1.3bn in net new business in the
first half, compared with £2.6bn in the
same period last year. Of the total,
GroupM, WPP’s media investment divi-
sion, generated net new billings of
£400m.
Sir Martin said that he remained an
“unabashed bull” on China — WPP’s
third-biggest market and the source of
almost 7 per cent of group revenues — in
spite of fears about economic slowdown.
“This is a cyclical correction,” he said.
“Do we change WPP’s strategy because
of what’s happening? No.”
But he still cautioned that China’s
economy was probably growing at about
4 per cent — considerably slower than
the officially reported growth rate of
Executive Appointments
★ FINANCIAL TIMES
Sir Martin 7 per cent. And he added that “stock
Sorrell remains market valuations in China are still at
an “unabashed too high a level”.
bull” on China, WPP reported that net sales — a meas-
WPP’s third ureofrevenuescloselyfollowedbyinves-
biggest market tors as it excludes distortions such as
and the source pass-through costs — increased 5.2 per
of almost 7 per cent to £5bn. On a like-for-like basis, net
cent of group sales rose 2.3 per cent, broadly in line
revenues withconsensusanalystexpectations.
Christophe Morin/ Bloomberg
Group profit before tax increased
45 per cent to £710m. WPP’s net sales
margin, a widely followed metric of the
group’s profitability, increased 0.3 per-
centage points to 13.3 per cent.
Claudio Aspesi, an analyst at Bern-
stein, described the results as “strong”.
He added: “Most important, WPP
reconfirmed its guidance for 2015 in
spite of the recent turmoil — a big vote of
UK COMPANIES
confidence both on the fundamental
resilience of the world’s economy.”
For the full year, WPP is targeting like-
for-like revenue and net sales growth of
more than 3 per cent. It is also planning
a 0.3 percentage point increase in its net
sales margin, excluding the effects of
currency movements.
Sir Martin also used the company’s
results conference to criticise Google. In
particular, he said the Silicon Valley
group’s practice of “bundling” some of
its advertising technology products was
“anti-competitive”.
As the Financial Times reported in
July, companies including AppNexus,
which is part-owned by WPP, have vis-
ited the European Commission to argue
that Google may be unlawfully
stifling competition in the market for
advertising technology. Sir Martin also
warned that some of WPP’s clients were
increasingly wary of digital media,
because of evidence that many online
adverts go unseen by consumers.
“Clients are starting to look at online
and ask themselves: where am I getting
the value? Where am I getting the view-
ability?” he said.
‘Do we Such concerns are one of the main
change reasons that big brands are reviewing
their agency relationships, Sir Martin
WPP’s said. He believes WPP is well-placed to
strategy win pitches thanks to its strength in
“technology, data and content”, all areas
because of in which the group has expanded more
what’s aggressively than its rivals.
WPP’s shares were down 3.74 per cent
happening? to £13.11 at close of trading.
No’ See Lex
Thursday 27 August 2015
Banks
OneSavings
profits rise but
chief warns of
tax impact
EMMA DUNKLEY
Specialist lender OneSavings Bank has
reported an 88 per cent surge in profits,
but has warned a new tax threatens to
choke lending to small businesses.
The bank, which is backed by private
equity group JC Flowers, said profits
before tax increased to £46.6m in the
first half, due to strong loan growth.
This was up from £24.8m in the same
period last year and beat analysts’
expectations.
However, Andy Golding became the
latest bank chief executive to criticise
chancellor George Osborne’s new 8 per
cent tax surcharge, claiming it unfairly
penalises small lenders.
He told the Financial Times he hopes
the threshold for the tax, which applies
to banks’ UK profits above £25m, will be
raised to £250m to exempt smaller
banks that are attempting to grow and
provide competition.
Some £10bn of lending by challenger
banks could be stifled by the tax, most of
which finds its way to small and medi-
um-sized businesses, he warned. How-
ever, he added: “I don’t expect any
change to the new tax in this fiscal year.”
His comments come a week after Gra-
ham Beale, chief executive of Nation-
wide, criticised the tax as “dispropor-
tionate”. Robin Fieth, chief executive of
the Building Societies Association, said
the tax, which also hit six building socie-
ties, could dent £20bn of mortgage
lending during this parliament.
OneSavings’ lending grew by 17 per
cent in the first half of 2015 to £4.6bn,
driven by gross organic origination and
the purchase of a mortgage portfolio for
£260m in March.
Mr Golding said he is also looking at
various acquisition opportunities, add-
ing that in spite of the tax he expects
OneSavings to achieve a return of equity
greater than 25 per cent next year.
Shares in the bank closed 14.5 per cent
up at 363.9p yesterday.
Thursday 27 August 2015 ★ FINANCIAL TIMES 19
20 ★★★ FINANCIAL TIMES Thursday 27 August 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 $

-1.68% -1.86% -1.52% -0.088% -1.083% -0.609% -0.31% -1.47%

3.90% 4.24% 3.95% 3.20% 1.83% 0.963%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jul 27 - Aug 26 Index All World Jul 27 - Aug 26 Index All World Jul 27 - Aug 26 Index All World Jul 27 - Aug 26 Index All World Jul 27 - Aug 26 Index All World Jul 27 - Aug 26 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,093.25 20,328.89 2,039.10
14,001.37 6,555.28 11,173.91
13,381.59 1,894.09
1,940.51 18,376.83
5,979.20 9,997.43
Day 3.90% Month -6.69% Year -2.87% Day 1.75% Month -5.67% Year -14.33% Day -1.68% Month -8.73% Year -11.98% Day -1.29% Month -11.90% Year 4.27% Day 3.20% Month -10.55% Year 17.70% Day 2.57% Month -7.42% Year -8.09%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
3,359.17
5,089.21 11,252.40 24,503.94
44,222.97 1,545.79
42,323.04
4,697.54 1,380.88 9,984.50 2,886.29
21,080.39
Day 4.24% Month -7.69% Year 3.08% Day 0.74% Month -4.35% Year -6.91% Day -1.86% Month -11.46% Year 0.58% Day -1.29% Month -11.71% Year -6.60% Day -1.52% Month -16.11% Year -16.24% Day -0.46% Month -14.31% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,630.27 49,601.60 23,328.02
4,977.32 3,663.00 27,459.23
16,285.51 46,038.08 21,473.81
4,501.05 25,714.66
2,927.29
Day 3.95% Month -7.30% Year -4.63% Day 3.35% Month -6.51% Year -23.04% Day -1.40% Month -11.00% Year 3.66% Day -0.81% Month -8.65% Year 4.01% Day -1.27% Month -28.09% Year 31.31% Day -1.34% Month -8.53% Year -2.73%

Country Index Aug 26 Aug 25 Country Index Aug 26 Aug 25 Country Index Aug 26 Aug 25 Country Index Aug 26 Aug 25 Country Index Aug 26 Aug 25 Country Index Aug 26 Aug 25
Argentina Merval 10290.17 9777.73 Cyprus
CSE M&P Gen 78.00 78.04 Italy FTSE Italia All-Share 23103.07 23280.66 Philippines Manila Comp 6867.92 6830.34 Taiwan Weighted Pr 7715.59 7675.64 Cross-Border DJ Global Titans ($) 219.57 213.60
Australia All Ordinaries 5178.90 5143.80 PX Czech Republic 984.85 989.62 FTSE Italia Mid Cap 32581.74 32753.42 Poland Wig 49318.58 49372.33 Thailand Bangkok SET 1320.08 1323.88 Euro Stoxx 50 (Eur) 3170.73 3218.01
S&P/ASX 200 5172.80 5137.30 OMXC Copenahgen 20
Denmark 916.17 924.45 FTSE MIB 21473.81 21649.69 Portugal PSI 20 5164.19 5215.97 Turkey BIST 100 73509.71 71341.95 Euronext 100 ID 871.15 884.72
S&P/ASX 200 Res 2818.40 2767.30 Egypt
EGX 30 6836.95 6654.06 Japan 2nd Section 4563.00 4396.36 PSI General 2360.91 2380.29 UAE Abu Dhabi General Index 4329.94 4334.17 FTSE 4Good Global ($) 5239.52 5146.70
Austria ATX 2266.67 2287.70 Estonia
OMX Tallinn 867.15 869.72 Nikkei 225 18376.83 17806.70 Romania BET Index 6996.31 7044.14 UK FT 30 2690.50 2724.70 FTSE All World 256.72 252.10
Belgium BEL 20 3346.19 3392.12 Finland
OMX Helsinki General 7807.04 7881.31 S&P Topix 150 1233.57 1193.34 Russia Micex Index 1660.95 1658.13 FTSE 100 5979.20 6081.34 FTSE E300 1380.88 1406.98
BEL Mid 5524.14 5604.75 France
CAC 40 4501.05 4564.86 Topix 1478.97 1432.65 RTX 754.61 758.46 FTSE 4Good UK 5458.96 5549.89 FTSE Eurotop 100 2742.92 2799.67
Brazil Bovespa 46038.08 44544.85 SBF 120 3547.09 3596.57 Jordan Amman SE 2090.24 2091.59 Saudi-Arabia TADAWUL All Share Index 7384.46 7543.05 FTSE All Share 3297.33 3346.24 FTSE Global 100 ($) 1236.86 1207.61
Canada S&P/TSX 60 789.87 Germany
775.54 M-DAX 19137.61 19299.90 Kenya NSE 20 4171.35 4242.73 Singapore FTSE Straits Times 2873.00 2886.29 FTSE techMARK 100 3637.55 3650.94 FTSE Gold Min ($) 864.66 902.46
S&P/TSX Comp 13381.59 13150.93 TecDAX 1642.78 1662.91 Kuwait KSX Market Index 5814.03 5834.78 Slovakia SAX 254.60 254.15 USA DJ Composite 5773.88 5590.97 FTSE Latibex Top (Eur) 2431.90 2457.10
S&P/TSX Met & Min 398.64 414.69 XETRA Dax 9997.43 10128.12 Latvia OMX Riga 430.84 429.29 Slovenia SBI TOP 688.15 692.46 DJ Industrial 16285.51 15666.44 FTSE Multinationals ($) 1395.72 1397.51
Chile IGPA Gen 18013.79 17970.28
Greece Athens Gen 622.72 621.70 Lithuania OMX Vilnius 484.52 483.14 South Africa FTSE/JSE All Share 48359.24 48980.84 DJ Transport 7682.12 7466.97 FTSE World ($) 455.60 446.87
China FTSE A200 7848.93 7853.38 FTSE/ASE 20 182.74 182.19 Luxembourg LuxX 1439.97 1452.11 FTSE/JSE Res 20 32891.69 33348.33 DJ Utilities 566.58 557.17 FTSEurofirst 100 (Eur) 3887.08 3969.10
FTSE B35 8652.60 8514.46
Hong Kong Hang Seng 21080.39 21404.96 Malaysia FTSE Bursa KLCI 1580.37 1563.94 FTSE/JSE Top 40 42854.06 43439.05 Nasdaq 100 4219.60 4016.32 FTSEurofirst 80 (Eur) 4241.02 4302.13
Shanghai A 3066.64 3106.32 HS China Enterprise 9427.93 9514.04 Mexico IPC 42323.04 42010.89 South Korea Kospi 1894.09 1846.63 Nasdaq Cmp 4697.54 4506.49 MSCI ACWI Fr ($) 381.91 382.36
Shanghai B 279.08 277.32 HSCC Red Chip 3800.11 3820.13 Morocco MASI 9316.01 9430.08 Kospi 200 227.71 223.07 NYSE Comp 9979.67 9692.39 MSCI All World ($) 1583.87 1589.50
Shanghai Comp 2927.29 2964.96
Hungary Bux 21190.85 21389.35 Netherlands AEX 428.73 436.68 Spain IBEX 35 9984.50 10115.40 S&P 500 1940.51 1867.61 MSCI Europe (Eur) 1356.80 1378.20
Shenzhen A 1773.44 1829.64
India BSE Sensex 25714.66 26063.48 AEX All Share 660.18 671.91 Sri Lanka CSE All Share 7240.10 7231.58 Wilshire 5000 20427.87 19722.01 MSCI Pacific ($) 2238.75 2186.55
Shenzhen B 1030.35 1014.07 S&P CNX 500 6513.35 6569.85 New Zealand NZX 50 5577.78 5613.29 Sweden OMX Stockholm 30 1458.20 1483.35 Venezuela IBC 14876.04 14923.65 S&P Euro (Eur) 1405.82 1424.88
Colombia COLCAP 1149.53 1150.78
Indonesia Jakarta Comp 4237.73 4228.50 Nigeria SE All Share 28807.00 29214.13 OMX Stockholm AS 483.81 489.57 Vietnam VNI 545.89 529.98 S&P Europe 350 (Eur) 1416.98 1444.37
Croatia CROBEX 1736.51 1739.97
Ireland ISEQ Overall 6115.53 6094.72 Norway Oslo All Share 615.04 610.21 Switzerland SMI Index 8548.75 8758.79 S&P Global 1200 ($) 1778.10 1749.34
Israel Tel Aviv 100 14.00 13.61 Pakistan KSE 100 33537.42 33798.80 Stoxx 50 (Eur) 2988.59 3049.71
(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 Aug 26 %Chg %Chg Aug 26 %Chg %Chg Aug 26 %Chg %Chg Aug 26 %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 105.6 109.69 5.95 Glaxosmithkline 226.2 1274.50 -21.50 Nestle N 719.8 64.32 -1.02 Toyota Motor 1219.8 6920.00 195.00 Antofagasta 561.50 1.7 -25.4 Lonmin 34.47 19.6 -80.6 Oxford Biomedica 9.10 16.4 73.3 Oil Equipment & Services 15646.08 -1.1 -4.6
Schlumberger 40.4 70.09 -2.43 Bp 221.7 331.20 -4.15 Syngenta N 663.1 351.09 0.00 Mitsubishi Ufj Fin,. 936.3 769.60 25.30 Rsa Insurance 512.50 1.3 17.8 Betfair 3134.00 11.7 99.4 Aquarius Platinum Ld 8.10 13.3 -45.1 Nonlife Insurance 2266.72 -1.8 17.4
Netflix 39.0 110.13 8.61 Hsbc Holdings 183.8 496.20 -10.90 Novartis N 650.4 85.87 0.00 Mizuho Fin,. 896.9 236.80 8.80 Weir 1358.00 0.4 -26.6 Onesavings Bank 363.90 11.2 69.7 Mccoll's Retail 160.00 10.3 -11.1 Technology Hardware & Equip. 1084.69 -2.3 -8.6
Facebook Class A 38.8 87.19 4.19 Astrazeneca 182.1 3922.50 -47.50 Roche Gs 616.5 243.11 0.00 Softbank . 844.0 6870.00 -20.00 Ashtead 902.00 -1.0 -21.7 Kaz Minerals 163.70 5.1 -36.5 Kenmare Resources 2.80 8.9 -13.6 Industrial Engineering 7663.42 -2.6 -13.2
Cameron Int 35.6 59.93 17.46 British American Tobacco 171.6 3405.50 -19.50 Santander 607.1 5.31 -0.12 Fast Retailing Co., 748.4 50620.00 2645.00 Admiral 1506.00 -1.1 13.9 Vedanta Resources 500.50 4.4 -12.9 Skyepharma 291.50 8.8 -13.0 Automobiles & Parts 6555.94 -2.7 -18.1
Amazon.com 31.7 500.77 34.40 Vodafone 155.8 216.80 -2.40 Telefonica 555.7 12.31 -0.21 Tokyo Electric Power ,orporated 708.1 838.00 67.00 Easyjet 1677.00 -1.2 0.4 Wood (john) 582.50 3.9 -2.3 Utv Media 167.00 8.1 -4.6 Travel & Leisure 8238.64 -2.9 2.5
Google Class A 27.9 659.74 47.27 Royal Dutch Shell 155.7 1585.50 -48.00 Total 462.6 37.70 -1.39 Sumitomo Mitsui Fin,. 658.5 4718.50 163.50 Int Consolidated Airlines S.a. 531.50 -1.4 9.3 Rank 258.00 3.2 59.6 Costain 372.75 7.6 33.2 Industrial Transportation 2707.08 -3.0 -4.3
Bank Of America 27.8 16.06 0.80 Bhp Billiton 149.5 1009.50 -11.50 Intesa Sanpaolo 443.6 3.23 0.02 Fanuc 494.9 19665.00 915.00 Tui Ag 1144.00 -1.5 6.9 Polymetal Int 460.80 3.0 -20.0 Centaur Media 85.50 6.9 31.5 Food Producers 7945.12 -3.5 -2.1
Microsoft 26.9 42.71 2.24 Shire 149.2 4736.00 -72.00 Eni 409.3 13.49 -0.33 Sony 439.9 2963.00 128.50 Morrison (wm) Supermarkets 165.30 -2.1 -10.3 Wetherspoon ( J.d.) 745.00 1.2 -9.1 Stock Spirits 193.25 6.0 -12.2 Fixed Line Telecommunication 4855.34 -4.1 6.6
Google Class C Capital Stock 26.3 628.62 46.56 Rio Tinto 139.0 2200.00 -44.50 Unicredit 397.3 5.79 -0.03 Nippon Telegraph And Telephone 368.3 4429.00 119.00 Arm Holdings 875.00 -2.2 -12.1 Enterprise Inns 119.90 1.1 4.6 Lamprell 129.25 5.1 6.8 Support Services 6496.08 -4.2 1.1
G4s 248.70 -2.4 -10.5 Paypoint 1004.00 0.8 11.6 Fdm (holdings) 510.00 4.1 45.9 Equity Investment Instruments 7009.53 -4.3 -3.1
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
Royal Mail 453.70 -2.4 5.5 Diploma 718.00 0.8 1.3 Arrow Global 268.00 4.0 17.8 Food & Drug Retailers 2776.34 -4.3 -1.7
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Cameron Int 59.93 17.46 41.11 Betfair 3134.00 531.00 20.40 Hexagon Ab Ser. B 27.69 0.61 2.26 Tdk 7480.00 690.00 10.16 Standard Chartered 707.30 -14.4 -26.6 Petra Diamonds 129.20 -16.9 -33.4 Hss Hire 79.00 -43.2 - Industrial Metals 739.15 -12.4 -51.3
Mallkrodt 85.82 7.16 9.10 Onesavings Bank 363.90 46.10 14.51 Luxottica 60.25 1.00 1.69 Nitto Denko 8105.00 687.00 9.26 Glencore 138.90 -12.6 -53.5 Evraz 75.05 -12.6 -51.4 Ferrexpo 57.75 -17.5 9.0 Oil & Gas Producers 5577.63 -9.1 -21.4
Monsanto 97.08 7.66 8.57 Fisher (james) & Sons 1035.00 64.50 6.65 Telenor 17.16 0.28 1.68 Tokyo Electric Power ,orporated 838.00 67.00 8.69 Bg 923.90 -11.6 6.8 Bank Of Georgia Holdings 1663.00 -12.6 -19.9 Exillon Energy 91.50 -16.8 -39.0 Forestry & Paper 15133.76 -8.0 34.5
Netflix 110.13 8.61 8.48 Cranswick 1686.00 105.00 6.64 Technip 45.58 0.71 1.58 Thb Kansai Electric Power ,orporated 1499.50 113.00 8.15 Centrica 236.10 -10.4 -15.4 Spire Healthcare 348.70 -11.9 -8.2 Hochschild Mining 69.25 -14.5 -21.3 Mobile Telecommunications 4938.28 -7.2 -1.1
Google Class C Capital Stock 628.62 46.56 8.00 Spire Healthcare 348.70 18.20 5.51 Vi 54.96 0.67 1.23 Shiseido , 2599.50 183.00 7.57 Bp 331.20 -9.9 -19.4 Riverstone Energy 839.00 -11.1 -2.4 Pacific Horizon Investment Trust 146.00 -13.7 -20.3 Health Care Equip.& Services 6340.24 -7.1 -5.6
Royal Dutch Shell 1575.00 -8.9 -26.9 Fidelity China Special Situations 113.10 -11.0 -15.5 New India Investment Trust 285.38 -13.7 -10.9 Pharmaceuticals & Biotech. 11801.24 -6.8 -6.8
Downs Downs Downs Downs
Hikma Pharmaceuticals 2243.00 -8.9 13.3 Al Noor Hospitals 819.00 -10.8 -17.3 Raven Russia Ltd 44.00 -13.5 -7.4 Gas Water & Multiutilities 5465.57 -6.7 -10.6
Transocean 11.60 -0.60 -4.92 Petra Diamonds 129.20 -10.80 -7.71 Altice 23.75 -1.73 -6.77 Pacific Metals Co., 305.00 -11.00 -3.48
Royal Dutch Shell 1585.50 -8.9 -29.0 Ted Baker 2980.00 -10.6 34.2 Findel 178.50 -11.9 -20.4 Banks 3866.10 -6.6 -11.2
Freeport-mcmoran 7.92 -0.32 -3.88 Fresnillo 594.50 -45.00 -7.04 Altice B 26.45 -1.05 -3.82 Nippon Paper Industries Co Ltd 1955.00 -50.00 -2.49
Sabmiller 2938.00 -8.8 -12.6 Unite 628.00 -10.0 35.1 Tribal 134.75 -11.2 -16.2 Personal Goods 23479.22 -6.3 -4.3
Schlumberger 70.09 -2.43 -3.35 Lonmin 34.47 -1.89 -5.20 Sodexo 77.41 -2.86 -3.56 Komatsu 1962.00 -38.50 -1.92
Coca-cola Hbc Ag 1291.00 -8.5 5.1 Ocado 335.10 -9.9 -16.2 Martin Currie Asia Unconstrained Trust 243.50 -11.1 -17.8 Real Estate & Investment Servic 3131.21 -6.2 17.2
Liberty Global Lilac Class C Ordinary Shares 32.80 -0.90 -2.67 Standard Chartered 707.30 -37.70 -5.06 Total 37.70 -1.39 -3.56 Sapporo Holdings 451.00 -6.00 -1.31
Mondi 1405.00 -8.4 33.8 Brown (n) 290.00 -9.4 -13.6 Cambian 258.50 -11.1 27.0 Mining 9423.43 -6.2 -33.7
Newmont Mining 15.81 -0.36 -2.23 Fidelity China Special Situations 113.10 -5.70 -4.80 Royal Dutch Shella 21.62 -0.77 -3.42 Mitsui O.s.k.lines, 335.00 -4.00 -1.18
Fresnillo 594.50 -8.3 -22.4 Segro 416.20 -8.9 12.4 4imprint 1129.00 -11.0 40.2 Beverages 12654.40 -6.1 -10.2
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
Aug 26 Currency Mid Change Mid Change Mid Change Aug 26 Currency Mid Change Mid Change Mid Change Aug 26 Currency Mid Change Mid Change Mid Change Aug 26 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.2768 0.0060 10.5796 0.0008 14.4091 -0.1413 Indonesia Indonesian Rupiah 14122.5000 57.5000 16105.9644 56.4291 21935.8377 -139.0713 Poland Polish Zloty 3.7146 0.0134 4.2364 0.0129 5.7698 -0.0392 ..Three Month 0.6437 0.0067 0.7341 0.0072 - -
Australia Australian Dollar 1.4074 0.0136 1.6050 0.0146 2.1860 -0.0015 Israel Israeli Shekel 3.9396 0.0803 4.4929 0.0891 6.1192 0.0621 Romania Romanian Leu 3.8962 0.0116 4.4434 0.0107 6.0518 -0.0451 ..One Year 0.6435 0.0067 0.7335 0.0072 - -
Bahrain Bahrainin Dinar 0.3775 -0.0001 0.4305 -0.0004 0.5863 -0.0063 Japan Japanese Yen 119.1750 -0.7300 135.9126 -0.9105 185.1090 -3.0806 Russia Russian Ruble 69.4918 0.3946 79.2516 0.4051 107.9383 -0.5089 United States United States Dollar - - 1.1404 -0.0007 1.5533 -0.0162
Bolivia Bolivian Boliviano 6.8900 0.0100 7.8577 0.0069 10.7019 -0.0962 ..One Month 119.1750 -0.7301 135.9127 -0.9105 185.1089 -3.0808 Saudi Arabia Saudi Riyal 3.7510 0.0007 4.2778 -0.0016 5.8263 -0.0598 ..One Month - - 1.1404 -0.4290 1.5532 -0.0162
Brazil Brazilian Real 3.6367 0.1016 4.1475 0.1136 5.6487 0.1005 ..Three Month 119.1748 -0.7303 135.9126 -0.9105 185.1086 -3.0814 Singapore Singapore Dollar 1.4062 0.0054 1.6036 0.0052 2.1841 -0.0144 ..Three Month - - 1.1403 -0.4290 1.5532 -0.0162
Canada Canadian Dollar 1.3302 0.0021 1.5170 0.0015 2.0661 -0.0183 ..One Year 119.1740 -0.7320 135.9125 -0.9108 185.1089 -3.0826 South Africa South African Rand 13.1193 0.1118 14.9619 0.1190 20.3776 -0.0375 ..One Year - - 1.1396 -0.4290 1.5530 -0.0162
Chile Chilean Peso 705.1300 3.8300 804.1627 3.9116 1095.2455 -5.4372 Kenya Kenyan Shilling 103.5600 -0.1900 118.1046 -0.2842 160.8549 -1.9796 South Korea South Korean Won 1185.8500 -9.6500 1352.3978 -11.7833 1841.9256 -34.3988 Venezuela Venezuelan Bolivar Fuerte 6.3050 0.0100 7.1905 0.0073 9.7933 -0.0867
China Chinese Yuan 6.4105 -0.0019 7.3108 -0.0063 9.9571 -0.1071 Kuwait Kuwaiti Dinar 0.3015 -0.0002 0.3438 -0.0004 0.4682 -0.0052 Sweden Swedish Krona 8.4423 -0.0070 9.6280 -0.0135 13.1130 -0.1481 Vietnam Vietnamese Dong 22544.5000 1.0000 25710.8405 -13.4924 35017.4387 -364.3843
Colombia Colombian Peso 3229.3500 39.8000 3682.8994 43.3144 5015.9985 10.0339 Malaysia Malaysian Ringgit 4.2520 0.0390 4.8492 0.0417 6.6044 -0.0078 Switzerland Swiss Franc 0.9461 -0.0019 1.0789 -0.0028 1.4695 -0.0184 European Union Euro 0.8769 0.0005 - - 1.3620 -0.0135
Costa Rica Costa Rican Colon 532.3500 - 607.1164 -0.3464 826.8744 -8.6432 Mexico Mexican Peson 17.0798 0.1087 19.4785 0.1129 26.5292 -0.1067 Taiwan New Taiwan Dollar 32.4935 -0.1655 37.0571 -0.2100 50.4706 -0.7873 ..One Month 0.8768 0.0005 - - 1.3619 -0.0135
Czech Republic Czech Koruna 23.7810 0.0473 27.1209 0.0385 36.9378 -0.3119 New Zealand New Zealand Dollar 1.5558 0.0215 1.7743 0.0235 2.4166 0.0085 Thailand Thai Baht 35.6500 0.1450 40.6569 0.1423 55.3735 -0.3512 ..Three Month 0.8767 0.0005 - - 1.3618 -0.0135
Denmark Danish Krone 6.5451 0.0043 7.4643 0.0006 10.1662 -0.0996 Nigeria Nigerian Naira 199.1200 -0.1300 227.0856 -0.2779 309.2838 -3.4369 Tunisia Tunisian Dinar 1.9410 0.0022 2.2135 0.0012 3.0148 -0.0281 ..One Year 0.8760 0.0005 - - 1.3613 -0.0134
Egypt Egyptian Pound 7.8288 0.0172 8.9283 0.0145 12.1601 -0.1001 Norway Norwegian Krone 8.3385 0.0735 9.5096 0.0784 12.9518 -0.0200 Turkey Turkish Lira 2.9356 0.0112 3.3479 0.0109 4.5597 -0.0301
Hong Kong Hong Kong Dollar 7.7519 0.0001 8.8406 -0.0050 12.0406 -0.1258 Pakistan Pakistani Rupee 104.0250 0.0250 118.6349 -0.0392 161.5772 -1.6497 United Arab Emirates UAE Dirham 3.6731 -0.0001 4.1889 -0.0025 5.7052 -0.0598
Hungary Hungarian Forint 277.1494 1.8536 316.0739 1.9348 430.4832 -1.5905 Peru Peruvian Nuevo Sol 3.3075 0.0305 3.7720 0.0327 5.1374 -0.0058 United Kingdom Pound Sterling 0.6438 0.0067 0.7342 0.0072 - -
India Indian Rupee 66.1388 0.2125 75.4277 0.1994 102.7302 -0.7403 Philippines Philippine Peso 46.7200 0.0950 53.2816 0.0780 72.5680 -0.6094 ..One Month 0.6438 0.0067 0.7342 0.0072 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Aug 26 Aug 25 Aug 24 Aug 21 Aug 20 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 2690.50 2724.70 2640.60 2739.70 2818.80 0.00 3110.40 2575.90 Forestry & Paper 37.62 Tobacco 2.73 Oil Equipment & Serv -4.47 FTSE 100 Price Change FTSE 100 Price Change
Aug 26 chge% Index Aug 25 Aug 24 ago yield% Cover ratio adj Return FT 30 Div Yield 1.86 1.83 1.88 1.81 1.77 0.00 3.93 2.74 Real Est Invest & Se 21.77 Support Services 2.42 NON FINANCIALS Index -4.49 3I Group PLC 479.40 -12.00 Land Securities Group PLC 1228 -32.00
FTSE 100 (100) 5979.20 -1.68 6339.88 6081.34 5898.87 6830.66 4.05 1.45 17.04 195.15 4644.85 P/E Ratio net 24.01 24.41 23.69 24.59 25.27 0.00 19.44 14.26 Household Goods & Ho 20.23 Travel & Leisure 2.26 FTSE 100 Index -5.76 Aberdeen Asset Management PLC 307.20 -7.20 Legal & General Group PLC 248.00 -5.70
FTSE 250 (250) 16601.31 -0.72 17602.76 16721.55 16214.28 16024.64 2.59 2.13 18.08 301.85 11457.21 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Software & Comp Serv 18.57 Technology 2.17 Chemicals -6.08 Admiral Group PLC 1506 -41.00 Lloyds Banking Group PLC 76.08 -0.60
FTSE 250 ex Inv Co (212) 18090.68 -0.71 19181.96 18220.44 17667.23 17355.19 2.61 2.22 17.24 332.76 12731.46 FT 30 hourly changes Construct & Material 18.49 Mobile Telecomms 2.02 Gas Water & Multi -6.60 Anglo American PLC 664.30 -19.40 London Stock Exchange Group PLC 2462 -74.00
FTSE 350 (350) 3343.86 -1.51 3545.58 3395.12 3293.05 3714.85 3.79 1.53 17.22 100.58 5235.80 8 9 10 11 12 13 14 15 16 High Low Nonlife Insurance 17.71 Consumer Goods 1.67 Utilities -7.69 Antofagasta PLC 561.50 -18.00 Marks And Spencer Group PLC 500.50 -1.50
FTSE 350 ex Investment Trusts (312) 3321.96 -1.53 3522.35 3373.44 3272.03 3698.19 3.82 1.53 17.07 100.91 2678.23 2724.7 2686.3 2695.6 2688.1 2705.9 2717.1 2733.4 2713.9 2699.3 2736.3 2668.3 Real Est Invest & Tr 11.43 Industrials 0.85 Beverages -8.62 Arm Holdings PLC 875.00 -20.50 Meggitt PLC 455.70 -8.30
FTSE 350 Higher Yield (108) 3056.55 -1.69 3240.93 3109.05 3024.31 3726.87 5.64 1.19 14.87 133.49 4890.12 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Leisure Goods 8.83 Industrial Transport 0.32 Banks -8.64 Ashtead Group PLC 902.00 -20.50 Merlin Entertainments PLC 380.20 -4.20
FTSE 350 Lower Yield (242) 3313.62 -1.33 3513.51 3358.13 3247.44 3338.83 1.89 2.57 20.56 56.88 3490.92 Fixed Line Telecomms 8.24 Life Insurance -0.38 Tech Hardware & Eq -8.71 Associated British Foods PLC 3097 -30.00 Mondi PLC 1405 -17.00
FTSE SmallCap (291) 4488.46 -0.20 4759.22 4497.48 4375.16 4475.51 2.79 1.72 20.84 84.22 6093.43 Media 6.83 Food & Drug Retailer -0.97 Aerospace & Defense -9.01
FTSE SmallCap ex Inv Co (154) 4129.82 0.06 4378.94 4127.32 4042.14 3993.12 2.64 2.56 14.82 74.76 5889.63 FX: EFFECTIVE INDICES General Retailers 6.23 Equity Invest Instr -1.60 Industrial Eng -11.25
Astrazeneca PLC 3922.5 -47.50 Morrison (Wm) Supermarkets PLC 165.30 -1.60
Aviva PLC 477.20 -7.10 National Grid PLC 825.80 -19.20
FTSE All-Share (641) 3297.33 -1.46 3496.23 3346.24 3245.99 3649.22 3.75 1.54 17.33 97.79 5222.57
Aug 25 Aug 24 Mnth Ago Aug 26 Aug 25 Mnth Ago FTSE 250 Index 4.92 Financials -1.62 Electricity -11.52 Babcock International Group PLC 937.00 -9.00 Next PLC 7590 -90.00
FTSE All-Share ex Inv Co (466) 3261.72 -1.49 3458.48 3311.17 3212.27 3620.95 3.80 1.55 17.02 98.24 2673.15 Electronic & Elec Eq 4.92 Food Producers -1.62 Oil & Gas -15.70 Bae Systems PLC 436.80 -8.10 Old Mutual PLC 192.30 -2.20
FTSE All-Share ex Multinationals (577) 1165.19 -1.02 1023.98 1177.18 1139.17 1126.61 2.74 2.08 17.50 24.09 1969.77 Australia 89.60 89.25 92.53 Sweden 76.84 77.51 77.57 FTSE SmallCap Index 4.72 Personal Goods -1.65 Oil & Gas Producers -16.09 Barclays PLC 252.00 -4.35 Pearson PLC 1082 -24.00
FTSE Fledgling (108) 7571.24 0.03 8027.96 7569.23 7472.86 6941.25 2.45 0.85 48.12 123.21 13548.27 Canada 88.10 88.52 90.04 Switzerland 160.72 160.87 164.01 Telecommunications 4.31 Health Care Eq & Srv -1.67 Automobiles & Parts -16.89 Barratt Developments PLC 613.00 -11.00 Persimmon PLC 2003 -55.00
FTSE Fledgling ex Inv Co (56) 10503.81 0.41 11137.44 10460.75 10404.23 8608.54 2.35 0.51 83.66 147.43 18259.85 Denmark 106.78 107.00 105.49 UK 93.19 92.70 93.32 Consumer Services 4.24 FTSE All{HY-}Share Index -3.76 Basic Materials -24.78 Bg Group PLC 923.90 -36.70 Prudential PLC 1394 -17.50
FTSE All-Small (399) 3113.46 -0.19 3301.28 3119.34 3036.90 3092.09 2.77 1.68 21.49 58.08 5427.91 Japan 126.00 126.55 123.69 USA 102.65 101.65 104.60 Financial Services 3.31 Health Care -3.99 Mining -28.77 Bhp Billiton PLC 1009.5 -11.50 Randgold Resources LD 3817 -184.00
FTSE All-Small ex Inv Co Index (210) 3081.93 0.08 3267.84 3079.58 3018.11 2958.47 2.63 2.47 15.38 55.21 5569.15 New Zealand 109.24 108.25 111.83 Euro 87.80 88.50 85.40 Pharmace & Biotech -4.22 Industrial Metals & -39.02 BP PLC 331.20 -4.15 Reckitt Benckiser Group PLC 5529 -139.00
FTSE AIM All-Share Index (824) 716.56 -0.07 759.78 717.06 702.40 778.95 1.49 1.03 64.82 5.61 767.00 Norway 85.80 85.52 89.07
British American Tobacco PLC 3405.5 -19.50 RELX PLC 1011 -14.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 808.50 -13.50 Rio Tinto PLC 2200 -44.50
Oil & Gas (18) 5942.62 -2.23 6301.10 6078.07 5930.69 9089.78 6.39 1.16 13.47 282.04 4909.30 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 427.15 -4.40 Rolls-Royce Holdings PLC 714.50 -9.50
Oil & Gas Producers (11) 5609.95 -2.41 5948.36 5748.20 5615.57 8589.71 6.46 1.15 13.44 270.00 4792.69 Bunzl PLC 1687 -19.00 Royal Bank Of Scotland Group PLC 324.10 2.90
Oil Equipment Services & Distribution (7)16266.42 2.08 17247.66 15934.68 15090.90 24455.59 4.66 1.51 14.25 515.61 11771.06 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1347 -45.00 Royal Dutch Shell PLC 1575 -44.00
Basic Materials (31) 3332.58 -2.39 3533.61 3414.24 3281.08 5679.91 5.99 1.36 12.28 154.08 3226.95 Capita PLC 1211 5.00 Royal Dutch Shell PLC 1585.5 -48.00
Chemicals (8) 11017.97 -3.01 11682.61 11359.76 10882.88 11240.43 2.45 2.45 16.63 188.19 9430.67 Aug 26 No of US $ Day Mth YTD
YTD Gr Div Aug 26Total No of US $ Day Mth YTD Total YTD Gr Div Carnival PLC 3189 -9.00 Royal Mail PLC 453.70 -5.50
Forestry & Paper (1) 16513.71 -1.20 17509.87 16713.52 15926.03 12223.67 2.18 3.37 13.57 360.52 17153.99 Regions & countries stocks indices % % %
% Yield Sectorsretn stocks indices % % % retn % Yield Centrica PLC 236.10 -7.70 Rsa Insurance Group PLC 512.50 -2.00
Industrial Metals & Mining (2) 846.35 -2.65 897.41 869.38 851.65 1390.64 1.36 -22.91 -3.21 11.18 738.60 FTSE Global All Cap 7599 439.67 1.8 -7.9
-4.8 -6.4 597.21
2.6 Oil & Gas 164 308.20 1.3 1.3 -22.6 465.29 -20.7 4.5 Coca-Cola Hbc AG 1291 -8.00 Sabmiller PLC 2938 -67.00
Mining (20) 9034.18 -2.36 9579.15 9252.78 8900.09 16933.15 6.82 1.28 11.43 475.26 4570.86 FTSE Global All Cap 6965 450.74 2.2 -8.0
-5.4 -6.9 601.30
2.5 Oil & Gas Producers 115 280.18 1.3 1.3 -22.7 430.49 -20.7 4.7 Compass Group PLC 1002 -18.00 Sage Group PLC 495.00 -8.50
FTSE Global Large Cap 1363 387.62 1.9 -8.2
-5.3 -7.0 538.40
2.8 Oil Equipment & Services 40 322.41 1.5 1.5 -22.2 443.68 -20.6 4.1 Crh PLC 1800 -5.00 Sainsbury (J) PLC 235.90 -1.80
Industrials (117) 4266.15 -0.96 4523.49 4307.65 4194.15 4439.07 2.60 1.18 32.70 74.30 4199.88
Construction & Materials (13) 5048.93 -0.35 5353.50 5066.42 4895.49 4135.05 2.55 -0.81 -48.10 81.96 5120.73 FTSE Global Mid Cap 1664 589.37 1.5 -6.7
-3.3 -4.5 765.07
2.1 Basic Materials 273 359.93 -0.2 -0.2 -17.4 522.99 -15.7 3.4 Diageo PLC 1658.5 -14.50 Schroders PLC 2740 -32.00
Aerospace & Defense (9) 4379.85 -1.57 4644.06 4449.55 4375.30 5095.93 2.57 0.96 40.47 71.70 4485.70 FTSE Global Small Cap 4572 618.68 1.7 -7.5
-4.0 -5.2 779.56
2.0 Chemicals 124 576.09 0.1 0.1 -7.6 841.33 -6.0 2.6 Direct Line Insurance Group PLC 346.90 -5.00 Severn Trent PLC 2045 -37.00
General Industrials (6) 3435.61 -1.13 3642.86 3474.74 3397.75 3407.03 3.27 1.65 18.48 58.74 3677.78 FTSE All-World 3027 256.72 1.8 -8.0
-5.0 -6.6 367.85
2.7 Forestry & Paper 17 200.52 0.4 0.4 -3.7 319.56 -1.5 3.0 Dixons Carphone PLC 420.30 -5.10 Shire PLC 4736 -72.00
Electronic & Electrical Equipment (11) 5280.37 -0.25 5598.90 5293.64 5189.90 5024.01 2.19 2.06 22.13 74.00 4632.88 FTSE World 2531 455.60 2.0 -7.6
-4.6 -6.2 876.45
2.6 Industrial Metals & Mining 71 274.14 0.9 0.9 -33.5 399.39 -32.3 3.4 Easyjet PLC 1677 2.00 Sky PLC 1015 -23.00
Industrial Engineering (14) 8145.39 -0.18 8636.74 8160.34 7941.63 10845.71 2.97 1.62 20.78 197.28 9482.13 FTSE Global All Cap ex UNITED KINGDOM In 7272 450.73 2.2 -7.9
-4.8 -6.3 603.80
2.5 Mining 61 387.21 -2.1 -2.1 -32.0 559.13 -30.0 6.0 Experian PLC 1064 -24.00 Smith & Nephew PLC 1088 -25.00
Industrial Transportation (8) 4044.66 0.24 4288.65 4035.11 4000.97 4277.72 4.03 1.15 21.67 116.47 3359.56 FTSE Global All Cap ex USA 5633 414.09 -0.1 -9.2
-5.4 -7.4 596.68
3.1 Industrials 534 289.64 1.8 1.8 -8.0 399.51 -6.6 2.3 Fresnillo PLC 594.50 -45.00 Smiths Group PLC 1059 -31.00
Support Services (56) 6385.77 -1.11 6770.98 6457.20 6257.58 6441.61 2.40 1.48 28.16 106.18 6352.39 FTSE Global All Cap ex JAPAN 6344 447.91 1.6 -8.0
-5.8 -7.4 613.85
2.7 Construction & Materials 110 416.04 0.7 0.7 -3.5 602.17 -2.0 2.3 G4S PLC 248.70 -3.80 Sports Direct International PLC 758.50 -18.50
FTSE Developed 2091 414.39 2.1 -7.4
-3.9 -5.5 566.98
2.6 Aerospace & Defense 29 481.48 1.6 1.6 -3.1 658.90 -1.8 2.2 Gkn PLC 280.40 -5.60 Sse PLC 1420 -24.00
Consumer Goods (40) 16093.35 -1.30 17064.15 16305.46 15824.46 15707.26 3.22 1.84 16.88 452.82 11292.17
FTSE Developed All Cap 5648 435.52 2.0 -7.3
-3.7 -5.3 589.52
2.5 General Industrials 57 198.84 2.0 2.0 -8.6 294.18 -7.0 2.8 Glaxosmithkline PLC 1274.5 -21.50 St. James's Place PLC 901.50 -12.50
Automobiles & Parts (1) 6589.53 -1.96 6987.03 6721.13 6528.43 8384.97 3.03 1.59 20.72 199.75 6060.00
FTSE Developed Large Cap 886 382.79 2.1 -7.6
-4.2 -5.9 530.72
2.7 Electronic & Electrical Equipment 69 303.56 3.1 3.1 -6.7 386.14 -5.7 1.8 Glencore PLC 138.90 -5.40 Standard Chartered PLC 707.30 -37.70
Beverages (6) 12695.03 -1.36 13460.83 12869.66 12498.51 13860.54 2.77 1.78 20.27 344.98 8626.12
FTSE Developed Europe Large Cap 205 334.14 -2.0 -8.4
-2.8 -5.5 523.84
3.7 Industrial Engineering 103 543.55 1.6 1.6 -12.1 737.29 -10.7 2.5 Hammerson PLC 615.50 -12.50 Standard Life PLC 407.50 -7.00
Food Producers (10) 8018.52 -0.47 8502.22 8056.27 7831.82 7808.91 2.01 1.59 31.26 91.21 6656.39
FTSE Developed Europe Mid Cap 310 505.41 -1.4 -5.83.1 1.0 721.07
2.6 Industrial Transportation 95 502.67 1.5 1.5 -15.8 691.28 -14.7 2.4 Hargreaves Lansdown PLC 1061 -16.00 Taylor Wimpey PLC 191.00 -2.60
Household Goods & Home Construction (13)12528.98 -2.11 13284.76 12798.85 12333.48 9953.23 2.19 2.60 17.50 217.78 8478.03
FTSE Dev Europe Small Cap 717 718.00 -0.9 -5.06.2 4.3 996.94
2.4 Support Services 71 265.22 2.1 2.1 -2.7 351.83 -1.5 2.0 Hikma Pharmaceuticals PLC 2243 -33.00 Tesco PLC 186.20 0.20
Leisure Goods (2) 5339.28 -0.66 5661.37 5374.84 5185.18 5226.48 4.23 1.26 18.70 182.47 4476.07
FTSE North America Large Cap 319 416.62 3.9 -6.9
-5.0 -6.3 544.17
2.4 Consumer Goods 406 390.53 1.4 1.4 -3.6 550.91 -2.0 2.5 HSBC Holdings PLC 496.20 -10.90 Travis Perkins PLC 1973 -43.00
Personal Goods (6) 20442.33 -1.83 21675.47 20822.80 20269.57 20187.62 3.18 3.01 10.44 484.64 13091.85
FTSE North America Mid Cap 399 630.74 3.0 -5.9
-6.1 -7.0 773.57
1.7 Automobiles & Parts 98 355.61 2.1 2.1 -8.8 481.61 -7.3 2.6 Imperial Tobacco Group PLC 3098 -18.00 Tui AG 1144 5.00
Tobacco (2) 40981.88 -0.57 43454.03 41217.65 40119.93 39818.28 4.54 1.30 16.96 1696.14 24808.25
FTSE North America Small Cap 1481 644.01 2.4 -6.9
-5.6 -6.5 768.40
1.7 Beverages 48 517.01 0.7 0.7 -3.9 738.41 -2.4 2.7 Inmarsat PLC 913.50 -20.50 Unilever PLC 2544 -41.00
Health Care (20) 8651.42 -1.40 9173.30 8774.16 8624.85 9410.61 3.99 0.64 39.20 290.81 6268.34
FTSE North America 718 279.59 3.7 -6.8
-5.2 -6.4 374.34
2.2 Food Producers 102 539.28 1.1 1.1 -2.3 785.70 -0.6 2.3 Intercontinental Hotels Group PLC 2335 -50.00 United Utilities Group PLC 833.50 -16.00
Health Care Equipment & Services (8) 6489.31 -1.53 6880.77 6589.90 6394.09 6016.49 1.51 2.44 27.18 60.90 5467.45
FTSE Developed ex North America 1373 224.13 -0.3 -8.3
-1.8 -4.0 346.49
3.1 Household Goods & Home Construction 44 375.08 1.6 1.6 -5.3 526.98 -3.7 2.5 International Consolidated Airlines Group S.A. 531.50 13.50 Vodafone Group PLC 216.80 -2.40
Pharmaceuticals & Biotechnology (12)11714.91 -1.39 12421.59 11879.61 11692.25 12927.80 4.23 0.58 40.98 421.58 7540.04
FTSE Japan Large Cap 174 318.76 4.0 -7.75.5 4.5 394.88
1.9 Leisure Goods 26 121.98 2.9 2.9 -3.2 155.62 -2.5 1.4 Intertek Group PLC 2464 -29.00 Weir Group PLC 1358 26.00
Consumer Services (98) 4694.75 -0.98 4977.95 4741.27 4599.49 4385.16 2.33 1.90 22.66 82.08 4208.52 FTSE Japan Mid Cap 305 464.78 3.4 -6.8
10.3 9.3 557.41
1.5 Personal Goods 76 577.35 0.7 0.7 -1.0 777.34 0.3 2.1
Food & Drug Retailers (7) 2895.85 -0.25 3070.54 2903.07 2829.55 3495.42 2.43 0.50 82.73 42.13 3298.52 Intu Properties PLC 313.60 -5.80 Whitbread PLC 4820 -56.00
FTSE Global wi JAPAN Small Cap 776 493.07 3.8 -5.76.2 5.2 610.07
1.7 Tobacco 12 1122.83 1.3 1.3 4.6 2159.19 7.4 4.2 Itv PLC 244.40 -3.90 Wolseley PLC 4045 -40.00
General Retailers (33) 2994.85 -1.07 3175.50 3027.36 2945.21 2702.18 2.17 2.29 20.11 45.98 3252.32
FTSE Japan 479 131.85 3.9 -7.56.5 1.8 Health Care
5.5 183.61 159 454.37 2.3 2.3 4.6 629.91 6.1 1.9 Johnson Matthey PLC 2573 -108.00 Wpp PLC 1311 -51.00
Media (23) 6902.27 -2.04 7318.64 7046.27 6817.53 6382.03 2.84 1.69 20.87 156.22 4045.67
FTSE Asia Pacific Large Cap ex Japan 491 515.30 -0.3 -13.6
-14.4 -16.3 763.86
3.5 Health Care Equipment & Services 58 626.63 2.5 2.5 6.1 715.44 6.7 1.1 Kingfisher PLC 345.70 -5.00
Travel & Leisure (35) 8051.89 -0.24 8537.60 8071.49 7821.66 7047.57 1.97 2.40 21.16 123.98 7294.32
FTSE Asia Pacific Mid Cap ex Japan 441 693.85 0.6 -13.6
-12.4 -13.9 991.83
3.0 Pharmaceuticals & Biotechnology 101 347.88 2.3 2.3 4.2 501.02 5.9 2.1
Telecommunications (7) 3774.48 -1.07 4002.17 3815.14 3704.42 3518.61 4.28 1.89 12.39 108.88 3902.11 FTSE Asia Pacific Small Cap ex Japan 1372 460.75 1.1 -15.1
-12.1 -13.8 650.33
3.0 Consumer Services 385 376.00 2.4 2.4 0.5 485.88 1.6 1.7
Fixed Line Telecommunications (5) 4923.97 -0.91 5221.00 4969.01 4771.25 4480.41 3.08 1.82 17.79 101.81 4229.81
Mobile Telecommunications (2) 4930.80 -1.17 5228.25 4989.11 4879.09 4663.33 5.06 1.91 10.35 168.70 4537.06
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
932
1951
407.72
565.67
-0.2
-0.5
-13.6
-14.1
-14.5
-16.1
-16.0 642.38
3.4 Food & Drug Retailers
-18.0 801.74
3.4 General Retailers
53 303.10
120 506.73
2.2
3.2
2.2
3.2
0.8 407.46
6.0 639.39
2.0
7.1
1.9
1.6
UK STOCK MARKET TRADING DATA
Utilities (8) 7763.97 -2.19 8232.32 7937.68 7728.38 8785.00 5.32 1.35 13.91 305.26 8168.59 FTSE Emerging Large Cap 477 539.77 -0.7 -14.3
-15.5 -17.5 769.60
3.4 Media 91 283.62 1.3 1.3 -5.7 367.17 -4.6 1.9 Aug 26 Aug 25 Aug 24 Aug 21 Aug 20 Yr Ago
Electricity (3) 8251.16 -1.56 8748.90 8381.89 8130.04 9545.36 6.15 1.43 11.38 493.70 10961.70 FTSE Emerging Mid Cap 459 696.11 -0.4 -14.3
-17.4 -19.2 982.46
3.1 Travel & Leisure 121 358.40 2.7 2.7 -0.5 467.40 0.7 1.7 SEAQ Bargains 5439.00 - 7696.00 7696.00 7696.00 4514.00
Gas Water & Multiutilities (5) 7223.31 -2.36 7659.04 7397.69 7209.93 8123.22 5.10 1.32 14.81 243.90 7608.97 FTSE Emerging Small Cap 1015 565.66 0.7 -16.4
-18.3 -20.0 773.17
3.3 Telecommunication 94 160.34 0.4 0.4 -4.0 278.80 -1.2 4.2 Order Book Turnover (m) 37.11 51.17 41.35 41.35 41.35 33.34
Financials (283) 4453.45 -1.47 4722.09 4520.01 4354.58 4655.36 3.44 1.97 14.75 130.37 3860.96 FTSE Emerging Europe 98 279.52 -0.4 -10.0
-7.3 -10.3 407.02
4.5 Fixed Line Telecommuniations 44 132.16 1.4 1.4 -3.5 250.89 -0.4 4.7 Order Book Bargains 1165235.00 1721212.00 901596.00 901596.00 901596.00 844100.00
Banks (9) 3817.38 -1.81 4047.66 3887.85 3741.97 4515.09 4.04 1.31 18.94 145.12 2613.98 FTSE Latin America All Cap 243 648.73 0.1 -13.0
-26.6 -28.0 949.36
3.8 Mobile Telecommunications 50 172.63 -0.9 -0.9 -4.6 272.79 -2.3 3.6 Order Book Shares Traded (m) 1548.00 2469.00 1398.00 1398.00 1398.00 0.00
Nonlife Insurance (10) 2611.61 -0.83 2769.15 2633.47 2556.98 2154.16 2.72 2.19 16.81 57.90 4360.27 FTSE Middle East and Africa All Cap 213 695.07 -2.3 -8.4
-8.0 2.9 Utilities
-9.7 1026.32 163 236.19 0.8 0.8 -11.6 428.17 -9.2 4.1 Total Equity Turnover (£m) 3096.01 - 0.01 0.01 0.01 3458.15
Life Insurance/Assurance (11) 7478.81 -1.47 7929.95 7590.42 7270.24 7506.38 3.66 1.77 15.42 241.46 6819.06 FTSE Global wi UNITED KINGDOM All Cap In 327 332.03 -2.6 -8.3
-5.0 3.9 Electricity
-7.6 520.24 113 257.19 1.4 1.4 -9.3 461.66 -6.9 3.9 Total Mkt Bargains 1308672.00 - 2.00 2.00 2.00 90.00
Index- Real Estate Investment & Services (24) 3127.70 -1.04 3316.38 3160.49 3089.59 2679.97 1.87 6.32 8.47 41.99 7989.84 FTSE Global wi USA All Cap 1966 480.91 3.7 -6.7
-4.3 2.1 Gas Water & Multiutilities
-5.5 611.85 50 251.68 -0.3 -0.3 -15.4 467.19 -13.0 4.5 Total Shares Traded (m) 4081.00 - 0.00 0.00 0.00 0.00
Real Estate Investment Trusts (23) 2936.86 -1.81 3114.02 2991.15 2910.21 2607.56 2.80 6.78 5.28 62.70 3441.73 FTSE Europe All Cap 1385 383.49 -1.7 -7.7
-1.2 3.4 Financials
-3.7 583.08 667 199.21 1.5 1.5 -7.7 307.15 -5.7 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (31) 7484.17 -1.37 7935.64 7588.33 7250.12 6841.69 3.06 2.24 14.60 150.49 8053.24 FTSE Eurobloc All Cap 634 360.65 -1.3 -7.40.3 3.2 Banks
-2.1 555.19 241 182.33 1.2 1.2 -9.3 299.47 -7.1 3.4 (c) Market closed.
Equity Investment Instruments (175) 7279.43 -0.65 7718.54 7327.29 7090.60 7419.93 2.67 1.16 32.33 130.80 3792.42 FTSE RAFI All World 3000 3018 5377.55 1.3 -8.3
-6.8 3.3 Nonlife Insurance
-8.7 6716.20 69 206.31 1.7 1.7 -3.7 285.83 -1.9 2.4
Non Financials (358) 3789.77 -1.46 4018.38 3845.82 3739.88 4277.45 3.87 1.40 18.51 112.95 5259.51 FTSE RAFI US 1000 1006 8495.08 3.5 -7.0
-7.2 2.6 Life Insurance
-8.6 10644.99 49 193.62 0.6 0.6 -8.3 292.02 -6.4 2.9
Technology (19) 1251.31 -1.55 1326.80 1271.06 1225.67 1174.70 1.52 2.12 30.99 14.29 1558.35 FTSE EDHEC-Risk Efficient All-World 3027 307.19 1.6 -6.6
-2.5 2.3 Financial Services
-3.9 410.02 137 217.81 2.8 2.8 -5.9 288.26 -4.7 2.0 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (12) 1588.82 -1.06 1684.66 1605.82 1569.90 1300.81 2.06 1.71 28.47 27.02 2073.07 FTSE EDHEC-Risk Efficient Developed Europe 515 275.61 -1.6 -5.81.0 2.8 Technology
-1.1 400.48 182 159.86 4.1 4.1 -7.1 189.83 -5.9 1.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (7) 1392.18 -1.99 1476.16 1420.44 1353.03 1447.05 1.04 2.85 33.64 9.10 1592.44 Software & Computer Services 79 273.25 4.1 4.1 0.7 312.73 1.5 1.2 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 103 120.94 4.0 4.0 -13.6 147.46 -12.2 2.5 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 5995.98 5988.29 5999.42 5991.41 6035.85 6059.55 6086.15 6039.82 6001.25 6094.85 5950.70 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 16551.88 16525.49 16540.49 16501.03 16605.10 16664.96 16791.40 16687.79 16618.23 16811.83 16441.15 (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 4486.64 4475.07 4479.21 4483.59 4487.35 4492.35 4498.16 4491.00 4485.39 4500.98 4472.93
FTSE All-Share 3302.91 3298.30 3303.82 3299.10 3322.14 3334.66 3350.73 3326.79 3307.44 3354.51 3280.37 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:12:33:15 Day's Low07:14:15 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:12:34:00 Day's Low07:15:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
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 Albion Development VCT Int 0.69 0.37 0.486 0.223 0.8 0.51 2.5 2.5 May 29 5 5 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Anglo Pacific Group Int 3.828 2.581 11.351L 20.919L 5.81L 20.84L 4 4.45 Feb 4 8 10.2 08/11 120.00 Gloo Networks PLC 126.00 0.00 127.00 120.00 3225.6
There are currently no rights offers by any companies listed on the LSE. APR Energy Int 122.2 254.2 58.4L 54.3 0.684L 0.501 - 5.62 - - 16.7 07/31 100.00 Menhaden Capital PLC 102.25 -1.16 103.50 101.00 8180.0
BHP Billiton Pre 44636 56762 8056 21735 0.359 2.6 62 64.725 Sep 29 127.4 122.8
Bioquell Int 12.525 12.281 0.069 1.634L 82.5 0.3L - - - - -
Cambian Group Int 140.935 115.996 9.968 11.837L 4.1 12.6L 0.91 - Nov 4 2.71 -
Carillion Int 1961.3 1520.9 67.5 67.5 12.7 13.2 5.7 5.6 Nov 4 17.85 17.6
HSS Hire Group Int 146.401 - 14.122L - 10.51L - 0.57 - Oct 1 0.57 -
Jupiter Dividend & Growth Trust Int 1.092 1.421L 0.85 0.48 0.2 0.18 Aug 21 0.38 0.36
NMC Health Int 393.754 314.314 41.548 40.869 0.213 0.217 - - - - -
Onesavings Bank Int 76.24 53.209 46.597 24.817 15 8.8 2 - Nov 6 5.9 -
OXACO Int 0.015 0.003 0.446L 0.546L 0.22L 0.26L - - - - -
R E A Holdings Int 46.205 66.436 1.357 17.077 0.097L 0.232 - 6.813 - - 13
Skyepharma Int 40.8 34.4 10.5 18.1L 8.7 27L - - - - -

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 27 August 2015 ★★★ FINANCIAL TIMES 21

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$) Finland (€) Japan (¥) Sweden (SKr) BakerHu 49.20 1.46 70.51 44.11 1.37 83.60 21445.41 Lyondell♦ 80.90 3.18 115.40 70.06 3.52 9.39 37689.26
ANZ 28.07 0.08 37.25 26.41 10.19 9.55 57351.08 Nokia 6.19 -0.11 7.87 5.65 2.27 15.24 24906.95 AstellasPh 1768 48.50 2047 1476 1.63 27.98 32961.48 AtlasCpcoB 183.40 -4.10 270.00 165.20 1.64 16.99 8477.09 BankAm 16.06 0.80 18.48 14.60 1.23 17.34 167641.02 Marathon Ptl♦ 45.52 1.75 60.38 37.32 2.17 8.03 24405.86
BHPBilltn 23.94 0.60 37.48 22.41 10.03 9.45 54632.7 SampoA 42.25 -0.30 49.40 34.77 4.45 14.56 26925.13 Bridgestne 3945 145.00 5182 3328 2.93 10.60 26915.78 Ericsson 81.05 -0.75 120.00 77.45 4.22 25.70 31729.52 Baxter 37.67 0.70 43.44 34.50 5.45 12.08 20550.45 Marsh&M 53.36 1.49 59.99 48.66 2.07 20.14 28280.4
CmwBkAu♦ 76.13 1.05 96.69 71.42 8.29 13.48 88043.31 France (€) Canon 3595 44.00 4539 3172 4.28 17.95 40233.94 H&M 322.70 -11.40 368.50 269.60 3.04 24.60 63263.77 BB & T♦ 36.32 1.54 41.90 34.50 2.69 13.29 26640.01 MasterCard 91.71 4.89 99.18 69.64 0.64 28.49 101695.76
CSL 90.40 -0.19 102.43 71.04 1.65 22.24 29858.18 Airbus Grpe 55.92 -0.28 67.88 39.64 2.07 16.65 50227.57 CntJpRwy 19030 730.00 24800 13320 0.61 14.00 32894.31 Investor 295.70 -7.00 363.40 219.30 3.06 4.28 26871.07 BectonDick 139.94 2.32 154.98 112.15 1.66 35.21 29423 McDonald's 95.15 3.94 101.88 87.50 3.49 22.35 91202.69
NatAusBk 31.39 0.30 39.71 29.40 9.99 11.76 58562.6 AirLiquide 103.35 -3.10 123.95 87.17 2.37 20.23 40548.47 Denso 5248 102.00 6548 4466.5 2.02 16.16 38930.92 Nordea Bk 97.20 -1.40 115.50 82.40 5.93 10.92 46417.63 BerkshHat 200499.9 6300 229374 190007 - 18.58 162756.8 McGraw Hill♦ 96.27 3.08 109.13 73.96 1.29-160.86 26233.58
Telstra♦ 5.86 0.03 6.74 5.23 7.81 15.99 50905.43 AXA 21.88 -0.22 25.24 16.43 4.19 10.86 60996.99 EastJpRwy 11085 530.00 12815 7623 1.04 23.43 36508.18 SEB 96.80 -0.60 111.50 82.30 4.93 10.73 24881.59 Biogen 298.25 16.51 480.18 265.00 - 20.44 70139.22 McKesson 197.89 9.45 243.61 160.10 0.48 24.15 45990.27
Wesfarmers♦ 40.16 0.24 46.95 38.45 7.83 17.43 32067.06 BNP Parib 55.07 -0.42 61.00 43.14 2.63 10.23 78265.93 Fanuc 19665 915.00 28575 17335 3.11 18.76 33982.41 SvnskaHn 120.80 -1.10 426.00 114.10 3.47 15.50 26783.27 BkNYMeln 39.47 1.69 45.45 35.06 1.70 15.93 43674.25 Medtronic 72.24 2.36 79.50 55.54 1.71 29.63 102160.99
Westpc 31.28 0.38 40.07 29.20 9.35 11.92 70765.57 ChristianDior 162.20 -2.30 195.35 126.10 2.02 11.80 33615.93 FastRetail 50620 2645 61970 32220 0.63 44.14 45055.16 Swedbank 186.70 -1.60 223.90 166.20 6.11 12.67 24445.81 BlackRock 303.09 8.43 382.84 275.00 2.68 15.48 49596.57 Merck 54.42 3.25 63.62 45.69 3.25 16.10 153281.28
Woolworths 26.89 0.27 37.03 25.12 8.35 12.22 24200.84 Cred Agr 11.88 -0.09 14.49 9.82 2.84 9.81 35735.98 Fuji Hvy Ind 4059 257.00 4827.5 2941.5 1.61 11.21 26663.75 TeliaSonera 46.66 -0.65 55.85 44.37 6.46 14.38 23932.08 Boeing♦ 129.34 3.85 158.83 115.14 2.50 17.79 87885.9 Metlife♦ 48.79 2.20 58.23 44.49 2.88 8.36 54492.63
Belgium (€) Danone 54.15 -0.78 67.74 49.84 2.67 37.05 40446.61 Hitachi 672.40 18.70 939.90 639.10 1.58 12.11 27270.98 Volvo 89.25 -2.10 120.50 71.00 3.38 22.72 17155.72 BrisMySq 60.03 2.15 70.54 47.55 2.42 56.86 100100.19 Microsoft♦ 42.71 2.24 50.05 39.72 2.80 29.27 341593.77
AnBshInBv 93.80 -1.31 119.65 78.75 3.20 18.76 172039.82 EDF 18.80 -0.25 26.12 18.42 7.03 8.93 39868.69 HondaMtr 3671.5 121.50 4499 3239 2.31 12.74 55805.83 Switzerland (SFr) Broadcom♦ 49.85 2.66 57.70 34.50 1.03 28.50 27866.15 Mnstr Bvrg 138.59 4.23 155.83 86.01 - 51.52 28480.03
KBC Grp 56.85 -1.11 66.00 36.53 - 11.33 27086.54 Essilor Intl 103.10 -1.65 121.10 75.85 0.95 37.31 25412.89 JapanTob 4080 95.50 4848 3101 2.55 17.38 68470.74 ABB 17.88 -0.24 22.31 16.75 - 17.08 43747.81 CapOne 74.75 2.50 92.10 67.73 1.72 10.70 40546.56 MondelezInt 42.20 0.89 48.58 31.83 1.40 33.67 67997.16
Esslr Intl 103.10 -1.65 121.10 75.85 0.95 37.31 25412.89 KDDI 2927 22.50 3375 1978 1.86 49.66 66089.68 CredSuisse 25.39 -0.51 28.94 18.57 2.76 11.17 43971.09 CardinalHlth 83.55 4.13 91.91 71.72 1.67 23.43 27350.89 Monsanto 97.08 7.66 126.00 89.34 1.99 17.76 45417.38
Brazil (R$)
GDF Suez 17.56 0.67 20.57 16.08 5.77 46.56 46717.29 Keyence 54310 1700 70100 42660 0.38 26.16 27708.43 Nestle 69.40 -1.10 77.00 64.15 2.94 16.18 233893.5 Carnival♦ 48.85 1.51 54.05 33.11 2.08 26.16 28952.82 MorganStly 33.30 1.54 41.04 30.40 1.33 17.08 65047.74
Ambev 18.85 0.45 20.29 14.99 10.18 20.37 81468.64
Hermes Intl 312.65 -4.45 365.55 229.00 0.91 36.11 37641.87 MitsbCp 2145.5 62.00 2837 1942.5 2.69 9.91 29237.44 Novartis 90.65 -2.00 103.20 78.60 2.81 24.15 256508.02 Caterpillar 73.87 1.81 109.73 70.23 3.74 12.80 44516.47 MylanNV 51.13 2.02 76.69 44.80 - 25.01 25055.4
Bradesco 26.00 1.32 34.42 23.03 4.34 7.51 18047.54
LOreal 148.45 -4.35 181.30 117.05 1.75 29.32 94759.28 MitsubEst 2561 38.50 2975 2151.5 0.53 51.94 29878.81 Richemont 70.15 -1.65 92.25 66.40 1.76 27.97 38706.51 CBS 44.35 1.08 63.95 40.75 1.34 19.31 19709.51 Netflix 110.13 8.61 129.29 45.08 - 251.03 46915.91
Cielo 39.11 0.63 46.27 30.18 2.88 16.42 20289.82
LVMH 145.85 -1.70 176.60 121.40 2.28 12.31 84499.78 MitsubishiEle 1174.5 28.00 1718 1122 1.09 20.57 21161.21 Roche 257.00 -5.30 295.80 238.80 3.11 24.76 190855.25 Celgene 119.23 6.53 140.72 83.16 - 45.70 94256.1 News Corp A 27.34 0.61 39.27 22.81 0.99 7.04 33380.5
ItauHldFin 25.96 1.44 35.22 23.83 2.05 5.72 21750.81
Nmrcble-SFR 44.32 -0.25 60.01 26.38 - -54.30 22150.92 MitsuiFud 3272 72.00 3879 2854.5 0.73 28.01 27219.98 Swiss Re 81.20 -0.90 96.95 69.25 5.20 35.42 31817.98 CharlesSch 29.74 0.94 35.72 23.35 0.80 31.53 39126.66 NextEraE♦ 101.66 1.92 112.64 90.33 2.90 15.74 45960.86
Petrobras 9.13 0.25 23.50 7.88 - -4.28 18684.43
Orange 13.63 -0.01 16.45 10.20 4.25 37.16 41159.92 MitUFJFin 769.60 25.30 936.80 546.20 2.25 7.23 91498.63 Swisscom 512.50 -6.50 587.50 486.50 4.29 15.82 28062.47 ChevrnTx♦ 73.09 3.07 129.53 69.58 5.78 11.42 137535.98 Nike 108.76 5.23 117.72 78.27 1.01 28.88 73731.25
Vale 15.90 0.55 31.22 14.77 13.88 -8.54 14065.87
PernodRic 93.81 -0.47 117.75 82.23 1.85 24.19 28396.19 Mizuho Fin 236.80 8.80 280.40 178.10 3.29 7.24 49261.59 Syngent 309.90 -68.90 435.20 273.20 3.44 18.69 30446.44 Cigna 137.55 3.76 170.68 85.75 0.03 17.25 35418.49 NorfolkS♦ 74.12 1.68 117.64 72.10 3.09 12.88 22338.79
Canada (C$) Murata Mfg 16955 1625 22220 9881 0.82 32.72 32048.2 Cisco 25.68 1.06 30.31 22.49 3.07 14.72 130605.62 Northrop 164.48 4.79 176.83 118.24 1.74 16.85 30822.32
Renault 72.54 -0.99 100.25 49.50 2.53 8.12 24464.5 UBS 19.55 -0.53 22.57 13.58 3.84 15.41 77696.33
BCE 52.63 0.35 60.20 46.43 5.07 17.01 33582.31 NipponTT 4429 119.00 5066 3001.5 1.95 17.49 84488.05 Citigroup♦ 52.28 2.40 60.95 46.60 0.15 12.69 157354.71 NXP 85.02 4.18 114.00 53.81 - 45.39 21403.91
Safran 64.58 -0.42 71.35 43.66 1.79 -20.31 30714.23 Zurich Fin 263.30 -4.10 334.60 255.00 - 11.05 41857.82
BkMontrl 71.05 3.23 85.71 64.01 4.94 10.05 34308.12 Nissan Mt 1073.5 53.50 1350 917.40 2.96 9.39 40721.52 CME Grp 91.74 2.64 100.87 75.30 2.09 26.26 30985.74 Occid Pet 67.15 1.40 100.26 64.83 4.28 -21.26 51299.32
Sanofi 85.00 -1.65 101.10 69.58 3.24 24.05 127205.05 Taiwan (NT$)
BkNvaS 58.50 1.58 73.55 52.60 5.01 9.27 53117.48 Nomura 743.90 26.20 909.20 576.20 1.68 10.52 23860.74 Coca-Cola 38.73 0.74 44.87 36.56 3.24 23.00 168475.64 Oracle 36.91 1.46 46.71 35.14 1.41 16.43 160044.6
Sant Gbn 39.50 0.10 44.84 29.51 1.51 27.46 25835.01 Chunghwa Telecom♦ 95.10 -0.20 99.80 90.00 4.95 18.85 22704.03
Brookfield 41.90 1.63 48.64 32.21 1.40 9.71 30888.53 Nppn Stl 241.30 9.00 350.50 227.10 2.19 9.59 19241.63 Cognizant 62.16 3.18 69.35 42.94 - 25.37 37888.34 Pepsico 92.49 2.85 100.76 76.48 2.85 21.65 135867.18
Schneider 54.12 -1.21 75.29 52.03 3.42 19.40 36267.22 HonHaiPrc 83.50 -1.50 112.00 77.90 2.00 8.16 38927.47
CanadPcR 181.36 3.34 247.56 172.01 0.81 18.66 21784.45 NTTDCMo 2427.5 26.50 2873.5 1612.5 2.58 22.65 83223.91 ColgtPlm 62.23 1.86 71.56 50.84 2.32 25.30 56015.19 Perrigo♦ 183.76 5.89 215.73 135.00 0.25 203.21 26880.31
SocGen 42.36 -0.63 48.77 31.85 2.73 10.75 38942.12 TaiwanSem 122.50 -1.00 155.00 112.50 6.37 10.01 97757.02
CanImp 90.31 2.33 107.37 83.10 5.03 9.27 26973.72 Panasonic 1286.5 76.00 1853.5 1130 1.08 55.06 26480.84 Comcast 55.40 1.55 64.99 49.33 1.69 16.58 118065.04 Pfizer♦ 32.43 1.09 36.46 27.51 3.29 23.31 200007.09
Total 37.71 -1.39 52.09 36.92 6.57 29.27 103818.56
CanNatRs 26.00 0.16 47.53 25.01 3.68 17.12 21389.68 Seven & I 5144 149.00 5998 3794.5 1.39 26.48 38261.87 Thailand (THB) ConocPhil♦ 43.41 1.22 81.47 41.10 6.64 32.61 53544.44 Phillips66♦ 73.30 2.75 87.98 57.33 2.78 9.55 39410.45
UnibailR 226.50 -3.70 262.00 180.70 4.15 13.33 25477.14
CanNatRy 71.56 0.54 88.89 68.81 1.65 16.86 42896.93 ShnEtsuCh 6573 130.00 8529 6360 1.46 21.83 23832.49 PTT Explor 249.00 -3.00 398.00 240.00 3.66 15.63 19950.02 Corning 16.52 0.55 25.16 15.42 2.63 8.33 20252.45 PhilMorris 79.75 2.36 90.25 75.27 4.95 16.90 123547.56
Vinci 54.96 0.67 60.35 39.65 3.40 11.75 37486.46
Enbridge♦ 51.11 0.56 66.14 47.43 3.36 204.86 32917.3 Softbank 6870 -20.00 8760 6600 0.56 10.34 69213.65 United Arab Emirates (Dhs) Costco♦ 138.16 5.45 156.85 117.03 1.08 26.04 60719.61 PNCFin 89.03 3.18 100.52 76.69 2.16 12.33 45725.79
Vivendi 21.94 -0.07 24.83 17.32 4.49 -86.07 34221.11
GtWesLif 33.85 1.01 37.70 29.30 3.94 11.90 25379.93 Sony 2963 128.50 3970 1782 0.81 -50.17 31380.64 Emirtestele 12.60 0.10 15.85 9.41 5.24 13.31 29833.11 CrownCstl 81.64 2.11 89.44 74.45 3.40 54.54 27248.28 PPG Inds♦ 93.10 2.05 118.95 85.78 1.45 23.27 25204.16
ImpOil 42.36 -0.03 57.96 42.12 0.97 15.94 26991.65 Germany (€)
SumitomoF 4718.5 163.50 5770 3823 2.85 10.31 55986.76 United Kingdom (p) CSX 26.37 1.06 37.99 24.47 2.47 13.31 26053.07 Praxair 104.05 1.05 134.06 101.01 2.59 20.52 29807.37
Manulife 20.97 0.87 24.20 18.91 3.19 13.05 31074.97 Allianz 138.85 -0.80 170.15 115.05 4.76 9.80 72366.37
Takeda Ph 5770 80.00 6657 4337.5 3.00 -30.49 38253.16 AscBrFd 3097 -30.00 3293 2407 1.10 43.40 38082.89 CVS 102.87 2.87 113.65 77.40 1.20 25.04 114647.19 Prec Cast 228.88 0.38 249.12 186.17 0.05 22.52 31470.46
Potash 33.03 0.96 47.10 31.74 5.69 13.92 20725.04 BASF 68.82 -0.71 97.22 63.00 3.87 13.19 72087.25
TokioMarine 4586.5 208.00 5504 3102 1.99 14.60 29153.64 AstraZen♦ 3922.5 -47.50 4931.68 3746 4.55 66.13 76990.53 Danaher 86.67 3.44 92.92 70.12 0.54 24.17 59237.91 Priceline 1223.46 44.65 1395 990.69 - 27.58 62031.37
RylBkC 72.10 -0.26 83.87 68.05 4.59 10.03 78223.3 Bayer 116.90 -2.05 146.45 96.83 1.86 28.62 110247.14
Toyota 6920 195.00 8783 5710 2.78 10.17 198469 Aviva 477.20 -7.10 578.68 449.86 3.79 12.49 29987.81 Deere 81.23 2.14 98.23 76.76 2.99 10.95 27120.38 ProctGmbl 70.90 2.48 93.89 65.02 3.61 23.46 192320.63
Suncor En 34.52 0.90 44.72 30.89 3.41 34.24 37519.01 BMW 80.62 -1.20 123.75 74.59 3.47 10.24 55349.09
Mexico (Mex$) Barclays♦ 252.00 -4.35 289.90 204.05 2.58 112.85 65669.43 Delphi 73.47 3.24 90.57 58.23 1.34 16.57 20891.1 Prudntl♦ 77.46 3.24 94.30 74.05 2.89 13.76 34934.46
ThmReut♦ 50.85 1.42 54.47 39.45 3.44 15.90 29973.63 Continental 188.45 -1.35 234.25 136.85 1.66 15.50 42984.69
AmerMvl 15.00 -0.06 17.64 13.48 1.88 - 37334.06 BG♦ 923.90 -36.70 1420 780.55 1.98 -46.60 49015.04 Delta♦ 43.70 2.33 51.06 30.12 0.81 19.54 34758.91 PublStor 203.20 6.24 217.99 162.34 2.87 35.94 35146.96
TntoDom 51.80 1.45 58.11 47.75 4.11 11.42 72118.56 Daimler 70.14 -0.82 96.07 55.10 3.37 9.64 85577.24
FEMSA UBD 146.46 2.46 154.14 116.20 0.81 26.94 30683.54 BP♦ 331.20 -4.15 499.25 326.25 7.80 -15.04 94041.83 DirectTV 93.55 1.36 95.51 82.04 - 16.82 47176.52 Qualcomm 56.66 2.78 78.53 52.59 3.03 15.71 89024.32
TrnCan 43.34 0.18 63.86 41.95 4.97 16.31 23098.41 Deut Bank 25.74 -0.43 33.42 22.66 2.81 22.44 40480.81
WalMrtMex 38.70 0.99 41.00 28.26 1.47 28.66 39612.82 BrAmTob♦ 3405.5 -19.50 3894 3231.5 4.35 15.81 98608.57 DiscFinServ 52.98 1.72 66.75 50.92 1.86 11.09 23062.55 Raytheon 103.62 2.97 113.36 92.96 2.43 15.10 31453.64
ValeantPh 302.36 8.87 347.84 125.13 - 95.37 77554.13 Deut Tlkm 14.74 -0.21 17.63 10.07 3.27 36.40 77412.34
BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 Disney 99.23 3.34 122.08 78.54 1.80 20.88 167486.14 Regen Pharm 535.47 36.45 605.93 320.06 - 136.51 54476.86
DeutsPost 24.40 -0.04 31.19 21.55 - 16.56 33696.46 Netherlands (€)
China (HK$) BT♦ 427.15 -4.40 481.75 351.90 2.67 16.39 55321.77 DominRes♦ 70.62 1.04 80.89 65.53 3.49 24.45 41971.01 ReynoldsAm 83.60 1.56 88.28 56.27 3.17 15.66 59736.44
E.ON 9.88 -0.22 15.46 9.56 1.37 -7.60 22546.49 Altice 23.75 -1.73 143.20 20.61 - - 20300.01
AgricBkCh 3.12 0.01 4.55 3.08 7.50 4.27 12371.76 Compass 1002 -18.00 1223.36 924.41 2.70 19.45 25643.29 DowChem 41.05 1.66 54.97 35.11 3.92 12.23 47540.08 Salesforce 68.52 3.34 78.46 51.04 - -266.02 44949.12
Fresenius Med 66.15 -1.26 82.32 50.75 1.12 21.99 23469.86 ASML Hld 76.85 -2.05 104.85 68.29 0.88 25.65 37978.67
Bk China 3.53 -0.08 5.68 3.42 7.27 4.65 38079.91 Diageo♦ 1658.5 -14.50 2055 1592.5 3.23 17.53 64793.91 DukeEner♦ 71.74 1.53 89.97 70.15 4.38 21.62 49380.83 Schlmbrg 70.09 -2.43 112.00 68.01 2.54 21.06 88695.32
Fresenius SE 59.58 -0.01 66.56 36.00 0.71 28.68 29641.79 Heineken 68.79 -0.96 77.77 54.03 1.37 24.73 45188.14
BkofComm 5.86 -0.02 8.61 5.29 5.80 4.98 26467.22 GlaxoSmh♦ 1274.5 -21.50 1645 1247.5 6.28 6.41 96338.41 DuPont♦ 50.66 1.60 76.61 48.01 3.70 15.31 45839.09 Shrwin-Will♦ 255.55 6.90 294.35 202.01 0.94 26.26 23819.98
HenkelKgaA 79.36 -0.24 99.44 66.70 1.57 20.66 23513.03 ING 13.20 -0.16 16.00 9.68 - 29.04 58249.97
BOE Tech 1.86 0.01 4.78 1.12 2.14 19.65 47.74 Glencore 138.90 -5.40 373.70 137.25 8.24-323.02 28647.76 Eaton 54.57 1.86 73.82 49.21 3.76 11.95 25511.48 SimonProp♦ 181.97 4.88 206.31 162.43 2.99 38.38 56640.12
Linde 149.65 -5.05 195.55 141.80 2.03 27.34 31698.66 Unilever♦ 34.75 -0.74 42.75 28.75 3.21 21.26 67945.73
Ch Coms Cons 8.75 0.06 17.00 5.45 2.81 7.65 4997.58 HSBC♦ 496.20 -10.90 674.57 482.55 6.54 11.19 150616.08 eBay 26.17 0.94 29.35 19.50 - 11.07 31881.03 SouthCpr♦ 24.40 -0.11 33.31 23.41 1.78 16.06 19447.15
MuenchRkv 161.30 0.50 206.50 141.10 4.43 9.27 31813.47 Norway (Kr)
Ch Evrbrght 3.33 -0.09 5.65 3.32 6.76 4.10 2950.6 ImpTob 3098 -18.00 3413 2482.72 4.13 15.51 46055.01 Ecolab 106.49 1.96 118.46 97.78 1.17 26.53 31424.37 Starbucks 53.96 2.87 59.32 35.39 1.12 30.79 80087.43
SAP 58.29 -1.98 70.81 50.08 1.82 23.55 81666.77 DNB 115.90 -0.90 143.00 100.90 3.43 8.15 22639.29
Ch Rail Cons 9.35 -0.13 17.70 6.92 1.82 7.58 2504.35 LlydsBkg♦ 76.08 -0.60 89.35 70.90 0.99 41.35 84439.4 EMC 24.18 1.51 30.92 22.66 1.88 19.89 46539.88 StateSt 70.77 2.68 81.26 64.21 1.73 16.95 28882.16
Siemens 86.49 -0.60 106.35 80.17 3.68 13.19 86899.35 Statoil♦ 119.20 1.00 182.50 113.90 6.32 -9.24 45582.16
Ch Rail Gp 6.60 0.03 12.30 3.98 1.31 10.28 3582.21 Natl Grid 825.80 -19.20 965.00 806.40 5.12 15.47 48035.78 Emerson♦ 46.41 1.25 65.94 44.03 3.92 13.06 30497.88 Stryker 98.81 3.32 105.34 77.87 1.34 41.02 37207.72
Volkswgn 165.95 -1.85 254.50 147.35 2.79 7.83 55847.81 Telenor 163.20 2.70 186.10 128.90 2.44 22.34 29386.34
ChConstBk 5.38 -0.08 7.98 5.34 7.30 4.47 166856.83 Prudential♦ 1394 -17.50 1761.5 1287 2.65 14.19 55669.72 EOG Res 70.99 2.63 110.47 68.15 0.87 28.42 38985.68 Sychrony Fin 32.67 -0.32 36.40 23.76 - 12.70 27239.1
China Vanke - - - - - - - Hong Kong (HK$) Qatar (QR) EquityResTP 71.29 2.34 82.53 60.44 2.92 30.39 25955.42 Target♦ 76.84 2.90 85.81 58.72 2.62 19.30 49061.7
RBS 324.10 2.90 414.00 300.30 - -22.60 32568.83
ChinaCitic 4.65 -0.08 7.40 4.63 - 4.28 8927.21 AIA♦ 42.05 -0.80 58.20 39.10 1.05 19.04 65351.24 QatarNtBk 167.50 0.50 237.00 159.90 4.42 10.81 32184.5 Exelon♦ 31.44 1.04 38.93 30.37 3.90 11.76 27089.26 TE Connect♦ 56.88 1.68 73.73 51.03 2.08 12.61 22887.63
ReckittB♦ 5529 -139.00 6300 4895 2.51 23.49 61054.98
ChinaLife 24.55 -0.40 41.00 21.00 1.60 14.33 23566.13 BOC Hold 25.80 -0.40 33.70 23.85 3.90 11.15 35188.75 ExpScripts 84.10 3.18 94.61 68.06 - 28.00 56828.98 Telsa Mtrs 224.84 4.81 291.42 181.40 - -54.98 28586.64
Russia (RUB) RELX♦ 1011 -14.00 1199 921.50 2.47 95.14 32549.53
ChinaMBank 17.32 0.42 26.85 13.12 4.68 5.73 10257.5 Ch OSLnd&Inv 21.50 - 34.05 19.80 2.27 6.38 27348.62 ExxonMb♦ 72.50 3.79 100.31 66.55 3.81 13.06 302285.03 TexasInstr 45.41 1.89 59.99 41.47 2.87 16.27 46608.18
Gzprm neft 140.51 0.11 166.94 113.73 6.41 8.12 47867.13 RioTinto♦ 2200 -44.50 3373 2107.78 6.20 21.89 47632.41
ChinaMob 90.15 -2.50 118.00 85.00 3.48 13.53 238113.93 ChngKng 50.30 -1.90 77.55 50.10 - - 25044.57 Facebook 87.19 4.19 99.24 70.32 - 90.21 197026.43 TheTrvelers 100.00 2.25 110.49 90.83 2.23 9.22 31120.56
Lukoil 2355 -26.00 3297.7 1913 3.33 6.79 28824.66 RollsRoyce 714.50 -9.50 1061 685.50 3.23 -52.54 20405.23
ChinaPcIns 25.55 -0.65 47.10 24.80 2.05 13.85 9147.36 Citic Ltd 13.92 0.06 16.40 11.64 1.90 8.50 52237.39 Fedex 148.43 3.37 185.19 130.01 0.55 39.86 41931.61 ThrmoFshr 125.26 5.21 141.25 107.33 0.47 25.92 49914.56
MmcNrlskNckl 10290 219.00 12247 6766 14.18 11.74 23432.22 RylDShlA♦ 1575 -44.00 2475.5 1542.5 7.71 11.67 95849.3
ChMinsheng 7.53 0.08 11.88 6.97 3.08 4.57 6735.14 Citic Secs 16.18 -0.40 40.50 15.72 2.18 7.32 4755.42 FordMtr♦ 13.21 0.31 17.87 10.44 4.11 14.48 51479.18 TimeWrnr 71.67 1.98 91.34 66.82 1.84 17.21 58452.72
Novatek 581.20 20.90 601.50 364.50 11.02 26.79 25394.39 SABMill 2938 -67.00 3857 2773 2.41 21.43 73819
ChMrchSecs RMB 14.41 -0.04 40.00 10.59 2.96 8.37 10796.74 CK Hutchison 100.30 -2.00 174.90 97.50 3.51 4.33 49939.81 Franklin 39.99 1.14 59.43 38.25 1.41 10.87 24546.58 TimeWrnrC 185.20 4.48 194.22 128.78 2.00 27.04 52406.84
Rosneft 240.00 4.60 294.20 183.95 6.70 6.39 36602.4 Shire 4736 -72.00 5870 3448.28 0.30 14.34 43546.52
Chna Utd Coms RMB 5.58 -0.38 10.74 3.36 1.23 29.11 18450.58 CNOOC 8.06 0.15 15.80 7.60 7.03 4.81 46422.19 GenDyn 144.05 5.21 153.76 114.73 1.80 16.86 46488.85 TJX Cos♦ 70.81 1.96 76.93 58.58 1.00 21.88 48178.06
Sberbank 71.00 0.21 81.30 47.21 - 4.58 22055.38 StandCh♦ 707.30 -37.70 1250.18 707.30 7.81 15.74 27979.5
ChShenEgy 13.00 0.32 24.40 12.34 7.03 7.75 5699.49 HangSeng♦ 136.00 -2.20 162.10 123.20 4.07 9.86 33541.75 GenElectric 24.01 0.74 28.68 19.37 3.74 47.23 242415.26 T-MobileUS 38.96 0.83 42.56 24.26 - 116.67 31747.52
Surgutneftegas 33.10 -0.06 39.80 21.82 2.23 1.16 17017.01 Tesco 186.20 0.20 253.70 155.40 6.06 -2.65 23533.06
ChShpbldng RMB 9.93 -1.10 20.19 4.86 0.50 85.31 27817.08 HK Exc&Clr♦ 178.50 -1.50 311.40 162.00 2.20 30.96 27573.07 GenMills 55.89 1.08 59.87 47.43 3.04 27.82 33517.61 UnionPac 84.10 3.54 124.52 79.31 2.47 14.64 72972.86
Saudi Arabia (SR) Vodafone 216.80 -2.40 258.00 179.10 5.11 10.12 89395.85
ChStConEng RMB 5.02 -0.28 12.52 3.10 3.08 5.86 23414.18 MTR♦ 33.85 -0.20 40.00 29.95 2.71 12.65 25538.56 GenMotors 28.10 0.82 39.00 24.62 4.43 10.50 44455.98 UPS B♦ 96.63 2.17 114.40 93.64 2.86 22.82 67491.05
AlRajhiBnk 53.95 -3.08 79.50 48.40 3.55 13.33 23372.1 WPP 1311 -51.00 1616 1091 2.69 16.28 26390.81
ChUncHK 9.98 -0.40 16.00 9.68 2.51 15.87 30830.19 SandsCh 26.45 -0.85 52.60 25.90 7.43 14.59 27532.02 GileadSci 106.96 4.40 123.37 85.95 0.40 11.44 156975.08 USBancorp 41.41 1.65 46.26 38.10 2.36 13.40 72923.18
SHK Props 96.60 0.40 137.60 94.20 3.45 8.88 35847.55 Natnlcombnk 54.57 0.57 72.75 48.80 - 12.73 29018.17 United States of America ($)
CNNC Intl RMB 8.04 -0.05 14.38 4.07 - - - GoldmSchs 184.40 6.18 218.77 171.26 1.29 11.06 79821.41 UtdHlthcre 113.46 3.48 126.21 80.72 1.41 18.28 108191.21
Tencent 128.60 -2.30 171.00 104.50 0.28 37.27 155940.7 SaudiBasic♦ 76.08 -2.67 136.50 70.25 6.93 9.42 60847.77 3M♦ 142.72 5.08 170.50 130.60 2.60 18.86 89163.66
CSR 8.34 -0.16 20.70 6.80 1.41 16.06 4702.7 Google 659.74 47.27 713.33 490.91 - 33.21 191249.57 UtdTech♦ 91.56 2.76 124.45 87.17 2.65 13.30 81543.13
SaudiTelec 60.04 -0.96 76.50 52.75 6.17 11.23 32012.8 AbbottLb 43.98 1.08 51.74 39.28 2.07 28.29 65549.62
Daqin RMB 8.39 0.30 15.15 7.22 5.54 8.08 19457.51 India (Rs) Halliburton 34.43 0.96 70.50 30.93 1.98 20.42 29429.01 ValeroEngy♦ 58.85 1.24 71.50 42.53 2.27 6.82 29255.03
Singapore (S$) Abbvie 63.14 2.43 71.60 52.06 2.88 49.59 104514.15
Gree Elec Apl 0.19 0.01 0.45 0.13 - -1.65 279.35 Bhartiartl 339.20 -9.15 452.45 332.50 1.06 26.54 20501.11 HCA Hold 86.95 3.84 95.49 43.91 - 18.03 36100.94 Verizon 45.16 1.66 51.73 38.06 4.81 19.07 183606.63
DBS♦ 17.65 -0.25 21.50 17.57 3.39 19.11 31428.79 Accenture 95.04 2.90 105.37 73.98 2.18 21.10 75802.09
GuosenSec - - - - - - - HDFC Bk 1013.5 -4.95 1128 834.00 0.81 25.24 38522.15 Hew-Pack 27.10 1.41 41.10 24.85 2.39 10.71 48953.85 VertexPharm 130.11 8.94 143.45 90.89 - -42.85 31832.13
JardnMt US$♦ 46.51 -0.89 67.88 46.20 3.02 10.13 32492.19 Ace 101.85 2.13 117.89 96.00 3.17 11.60 32979.54
HaitongSecs 10.60 -0.16 27.90 10.32 1.50 7.41 4662.31 Hind Unilevr 855.00 -10.95 981.00 707.15 1.39 45.45 27957.98 HiltonWwde♦ 24.33 0.79 31.60 20.72 - 37.33 24024.68 VF Cp 71.92 2.79 77.83 61.75 1.68 30.14 30612.17
JardnStr US$♦ 27.39 -0.36 37.84 27.06 0.97 9.83 30679.61 Actavis 298.98 -2.94 317.72 201.91 - -34.92 117333.1
Hngzh HikVDT - - - - - - - HsngDevFin 1102.35 -43.20 1402.3 975.00 1.33 19.52 26274 HomeDep 115.93 4.96 123.80 86.35 1.82 22.72 150590.29 Viacom 38.61 0.03 81.99 36.32 3.56 9.11 13415.43
OCBC♦ 8.89 -0.07 10.92 8.63 4.18 8.31 25610.33 Adobe 77.33 2.76 87.25 58.51 - 105.66 38482.92
Hunng Pwr - - - - - - - ICICI Bk 278.05 -5.45 393.40 267.15 3.66 11.99 24406.16 Honywell♦ 97.83 3.90 107.41 82.89 2.02 17.76 76479.82 Visa Inc♦ 70.69 3.72 76.92 48.80 0.64 30.03 137943.57
SingTel 3.85 -0.05 4.57 3.63 4.50 15.33 43653.04 AEP♦ 54.01 0.99 65.38 51.58 3.82 15.37 26495.12
IM Baotou Stl RMB 3.22 -0.33 7.50 2.43 0.59 200.86 7907.22 Infosys 1064.6 -21.05 2336 932.65 3.59 18.56 36790.23 HumanaInc 180.73 5.27 219.79 121.04 0.62 21.65 26774.01 Walgreen♦ 85.41 4.41 97.30 58.39 1.61 21.55 93291.87
UOB♦ 19.36 0.11 25.05 18.51 3.73 9.55 22060.28 Aetna 115.42 4.92 134.40 71.81 0.81 17.71 40235.41
In&CmBkCh 4.59 -0.04 7.10 4.54 7.46 4.50 51392.49 ITC 317.65 -2.25 409.95 294.00 1.71 27.75 38534.71 IBM♦ 146.70 5.74 195.00 140.62 3.10 9.89 143697.03 WalMartSto 64.83 1.73 90.97 61.50 3.02 13.13 208788.17
Aflac♦ 56.92 1.69 65.10 51.41 2.67 9.68 24515.11
IndstrlBk RMB 12.93 0.73 21.42 9.99 3.85 4.69 32634.29 L&T 1592.2 -32.45 1893.8 1401 0.93 25.62 22401.53 South Africa (R) IllinoisTool 83.26 3.17 100.14 78.79 2.30 16.96 30480.53 Wellpoint 128.71 0.94 129.96 81.84 1.64 12.65 34744.16
AirProd 137.79 2.98 158.20 118.20 2.26 29.22 29622.43
Kweichow RMB 183.88 7.29 290.00 145.50 2.34 13.33 36033.02 OilNatGas 224.85 -5.80 457.95 223.00 4.47 7.03 29085.84 Firstrand 52.66 -0.67 58.47 40.27 3.73 12.92 22516.09 Illumina 195.70 6.06 242.37 145.12 - 60.57 28317.79 WellsFargo♦ 52.30 2.28 58.77 46.44 2.69 12.90 268474.69
Alexion 173.54 8.10 208.88 150.06 - 60.02 39246.88
Midea 1.97 0.03 2.68 1.65 5.05 9.53 54.65 RelianceIn 853.40 5.25 1067.85 796.45 1.16 10.42 41782.39 MTN Grp♦ 170.68 -5.57 263.44 161.10 7.79 9.59 24009.57 Intcntl Exch 229.34 6.82 246.39 184.27 0.88 23.81 25339.45 Williams Cos 45.67 1.00 61.38 40.07 4.97 16.93 34239.31
Allstate 57.40 0.41 72.87 54.12 2.00 9.77 22982.38
New Ch Life Ins 27.85 -0.60 56.55 26.20 0.71 7.86 3715.23 SBI NewA 245.70 -7.65 336.00 234.61 1.25 11.10 28107.89 Naspers N 1673.15 -53.47 2029.97 1130.01 0.29 42.67 53493.28 Intel♦ 27.30 1.43 37.90 24.87 3.36 11.72 129784.2 Yahoo 32.52 0.78 52.62 29.00 - 4.56 30614.03
Altria 53.21 1.39 56.70 42.58 3.86 20.84 104328.58
PetroChina 6.29 0.05 11.70 5.90 6.79 11.30 17120.07 SunPhrmInds 872.90 -17.70 1200.8 748.00 0.18 29.27 31760.17 South Korea (KRW) Intuit 83.29 3.42 109.21 77.96 1.14 73.90 22960.46 Yum!Brnds 79.68 3.58 95.90 65.81 1.98 39.50 34358.46
Amazon 500.77 34.40 580.57 284.00 - -1254.14 234215.25
PingAnIns 35.90 -0.60 62.90 28.53 0.43 10.15 34490.85 Tata Cons 2576.75 9.60 2839.7 2345 1.55 24.64 76311.57 HyundMobis 203500 5500 295000 185500 1.65 8.29 16394.85 John&John♦ 95.11 4.38 109.49 81.79 2.96 16.96 263369.69 Venezuela ()
AmerAir 38.85 1.35 56.20 28.10 1.02 6.79 26100.23
PngAnBnk RMB 9.91 0.45 17.50 8.32 1.79 6.25 18247.89 Indonesia (Rp) KoreaElePwr 49150 1650 53100 38750 1.14 8.27 26607.52 JohnsonCn 40.21 1.26 54.52 38.48 2.46 14.98 26300.13 Bco de Vnzla 113.00 - 143.95 27.00 - - 32197.37
AmerExpr 75.63 2.11 94.89 71.71 1.74 13.35 75727.06
Pwr Cons Corp RMB 6.54 -0.62 20.00 2.92 2.37 11.87 3366.66 Bk Cent Asia 11850 225.00 15600 11000 1.31 16.26 20687.77 SK Hynix 33450 -50.00 51700 30300 0.94 4.97 20535.19 JPMrgnCh 62.91 3.00 70.61 50.07 2.57 11.49 232645.42 Bco Provncl 4000 - 4400 839.99 - - 33696.09
AmerIntGrp 59.16 2.52 64.93 48.56 0.83 11.77 76546.35
SaicMtr RMB 15.02 0.91 29.18 14.00 8.64 5.38 25833.23 SmsungEl♦ 1067000-12000.00 1510000 1033000 2.10 6.19 116352.49 Kimb-Clark 106.18 2.83 119.01 99.57 3.20 60.79 38678.72 Mrcntl Srvcs - - - - - - -
Israel (ILS) AmerTower 91.53 2.02 105.20 89.39 1.73 55.71 38742.73
ShenwanHong - - - - - - - Spain (€) KinderM 30.79 0.86 44.71 28.50 5.77 43.74 67489.74
TevaPha♦ 252.10 7.10 275.90 182.70 2.03 22.09 62732.88 Amgen♦ 153.98 8.79 181.81 127.67 1.80 20.66 116755.39
ShgPdgBk RMB 13.02 0.63 19.17 9.36 5.94 4.93 30308.76 Kraft 88.19 -0.11 91.32 53.33 2.45 45.49 52233.16 Closing prices and highs & lows are in traded currency (with variations for that
Italy (€) BBVA 8.09 -0.14 9.91 7.21 0.95 12.64 58173.45 Anadarko 65.16 1.17 113.51 58.10 1.64 -13.31 33102.07
Sinopec Corp 4.95 -0.09 8.23 4.80 6.39 12.86 16291.86 Kroger♦ 35.08 1.42 39.43 25.07 1.01 18.55 17038.76 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 3.88 -0.08 4.50 3.36 3.30 78.68 41566.32 BcoSantdr 5.31 -0.12 7.96 5.09 10.87 11.46 86681.91 Aon Cp 92.62 3.23 107.08 78.26 1.12 21.41 25937.58
Sinopec Oil RMB 6.37 -0.71 14.23 2.92 - 145.40 447.16 L Brands♦ 81.36 3.49 95.78 62.91 1.89 21.17 23754.23 based on intraday trading over a rolling 52 week period.
ENI 13.49 -0.33 19.64 12.98 8.01-637.78 55910.56 CaixaBnk 3.72 -0.02 5.00 3.54 1.04 24.09 24484.88 Apple 109.69 5.95 134.54 92.00 1.74 12.84 625531.58
Denmark (kr) Iberdrola 5.92 -0.05 6.49 5.11 2.53 15.67 42114.76 LasVegasSd 45.18 0.45 68.69 40.00 5.03 15.43 36028.84 ♦ ex-dividend
Generali 16.25 -0.27 19.21 14.40 3.56 12.87 28852.36 ArcherDan♦ 43.99 0.98 53.91 41.63 2.33 12.29 26787.25
DanskeBk 200.70 -1.50 218.00 139.20 2.65 32.47 30928.49 Inditex 28.71 -0.55 32.54 19.29 1.39 34.41 102028.28 LibertyGbl 46.90 0.47 58.66 39.95 - -29.42 11842.63 ■ ex-capital redistribution
IntSPaolo 3.23 0.02 3.65 2.00 1.53 28.82 58406.85 AT&T 32.69 0.89 36.45 30.97 5.65 32.77 201076.19
MollerMrsk 11120 -180.00 16450 10860 2.68 13.44 36457.48 Repsol 12.42 -0.31 19.50 12.24 - 17.51 19463.8 Lilly (E)♦ 81.10 2.84 90.18 60.58 2.41 42.63 89902.64 # price at time of suspension
Luxottica 60.25 1.00 67.80 34.74 1.15 39.74 33209.37 AutomData 77.80 4.28 90.23 64.29 2.48 27.26 36240.03
NovoB 357.10 -3.90 415.00 244.50 1.35 30.83 112533.29 Telefonica 12.32 -0.21 14.31 10.76 3.13 19.66 69358.05 Lockheed 202.12 3.14 213.34 166.28 2.85 18.18 62765.24
Unicred 5.79 -0.03 6.61 4.82 2.00 15.97 39402.35 Avago Tech 116.20 7.69 150.50 68.75 1.17 46.30 30180.59
Lowes 68.75 1.76 76.25 49.85 1.35 24.10 64122.14

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
MmcNrlskNckl 10290.00 10071.00 219.00 2.17 565.00 5.8 14.02 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Aug 26 date Coupon S* M* F* price yield yield yield US Aug 26 date Coupon S* M* F* price yield yield yield US
Novatek 581.20 560.30 20.90 3.73 9.50 1.7 3.88 Sinopec Oil 6.37 7.08 -0.71 -10.03 -3.54 -35.7 -40.19 High Yield US$ US$
Kraft 88.19 88.30 -0.11 -0.12 1.21 1.4 4.58 Pwr Cons Corp 6.54 7.16 -0.62 -8.66 -3.53 -35.1 -41.50 Windstream Services, LLC 11/17 7.88 BB- B2 BB 102.86 6.54 0.00 -1.29 5.91 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 116.94 4.32 0.00 -0.24 2.19
Wesfarmers 40.16 39.92 0.24 0.60 0.50 1.3 -2.76 BOE Tech 1.86 1.85 0.01 0.54 -0.93 -33.3 -34.97 High Yield Euro Bank of America Corporation 10/26 4.25 BBB+ Baa3 A- 98.88 4.43 0.00 -0.13 2.29
Wellpoint 128.71 127.77 0.94 0.74 1.56 1.2 1.59 ChShpbldng 9.93 11.03 -1.10 -9.97 -4.77 -32.4 -29.82 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Citigroup Inc. 11/26 4.30 BBB+ Baa3 A- 99.58 4.39 0.00 -0.09 2.26
Ambev 18.40 18.40 0.00 0.00 0.20 1.1 -1.00 IM Baotou Stl 3.22 3.55 -0.33 -9.30 -1.51 -31.9 -36.99 Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 97.96 7.13 0.00 -0.03 -
Firstrand 52.66 53.33 -0.67 -1.26 0.56 1.1 -3.80 ChMrchSecs 14.41 14.45 -0.04 -0.28 -5.72 -28.4 -38.60 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 120.84 4.40 0.00 -0.17 -
GDF Suez 17.56 16.89 0.67 3.97 0.10 0.6 5.53 ChStConEng 5.02 5.30 -0.28 -5.28 -1.87 -27.1 -37.33 Peru 05/16 8.38 BBB+ A3 BBB+ 104.67 1.45 0.00 0.04 0.82 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 121.58 4.62 0.00 -0.25 -
Woolworths 26.89 26.62 0.27 1.01 0.13 0.5 -3.45 CNNC Intl 8.04 8.09 -0.05 -0.62 -2.64 -24.7 -31.28 Mexico 09/16 11.40 BBB+ A3 BBB+ 111.09 0.73 -0.02 -0.23 0.10
Brazil 01/18 8.00 BBB- Baa3 BBB 108.17 4.33 0.04 0.03 3.70 Euro
ITC 317.65 319.90 -2.25 -0.70 0.75 0.2 0.99 Chna Utd Coms 5.58 5.96 -0.38 -6.38 -1.79 -24.3 -22.07 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 106.71 2.17 0.00 -0.14 0.03
L Brands 81.36 77.87 3.49 4.48 0.18 0.2 -1.93 Citic Secs 16.18 16.58 -0.40 -2.41 -4.52 -21.8 -29.96 Russia 07/18 11.00 BB+ Ba1 BBB- 119.22 3.97 0.00 0.35 3.34
Peru 03/19 7.13 BBB+ A3 BBB+ 116.22 2.40 0.00 0.00 0.94 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 93.77 3.28 0.00 0.13 -
Naspers N 1673.15 1726.62 -53.47 -3.10 -1.49 -0.1 -8.32 HaitongSecs 10.60 10.76 -0.16 -1.49 -2.96 -21.8 -30.72 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 111.99 2.10 0.00 -0.11 -
Gzprm neft 140.51 140.40 0.11 0.08 -0.29 -0.2 3.01 Intuit 83.29 79.87 3.42 4.28 -22.98 -21.6 -21.93 Brazil 01/21 7.88 BBB- Baa3 BBB 101.36 4.58 0.05 0.22 3.12
Turkey 03/21 5.63 - Baa3 BBB- 105.53 4.55 0.00 0.30 3.09 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 108.94 2.12 0.00 -0.09 -
Rosneft 240.00 235.40 4.60 1.95 -1.05 -0.4 8.79 Ch Rail Cons 9.35 9.48 -0.13 -1.37 -2.25 -19.4 -16.81
Poland 04/21 5.13 A- A2 A- 112.11 2.81 0.00 -0.05 1.36 Yen
Sberbank 71.00 70.79 0.21 0.30 -0.50 -0.7 0.78 PngAnBnk 9.91 9.46 0.45 4.76 -2.36 -19.2 -25.93
Colombia 07/21 4.38 BBB Baa2 BBB 102.49 3.93 0.00 0.17 2.48 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Prec Cast 228.88 228.50 0.38 0.17 -1.97 -0.9 21.31 SandsCh 26.45 27.30 -0.85 -3.11 -6.25 -19.1 -21.86
CmwBkAu 76.13 75.08 1.05 1.40 -0.78 -1.0 -11.28 Gree Elec Apl 0.19 0.18 0.01 6.01 -0.04 -18.1 -30.71 Turkey 04/26 4.25 - Baa3 BBB- 92.13 5.29 0.00 0.31 3.16 £ Sterling
Actavis 298.98 301.92 -2.94 -0.97 -3.32 -1.1 0.74 Daqin 8.39 8.09 0.30 3.71 -1.82 -17.8 -23.66 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 125.54 3.87 0.03 0.15 1.74
NatAusBk 31.39 31.09 0.30 0.96 -0.37 -1.2 -7.43 SaicMtr 15.02 14.11 0.91 6.45 -3.22 -17.7 -29.52 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 106.12 3.33 0.08 -0.01 1.19
Westpc 31.28 30.90 0.38 1.23 -0.38 -1.2 -8.64 Ch Coms Cons 8.75 8.69 0.06 0.69 -1.75 -16.7 -17.76 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.87 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+ 109.27 3.23 0.00 0.04 1.78 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- 115.11 3.96 0.00 0.14 1.82
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
Aug 26 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Aug 26 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.15 16-12-2008 0.15 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 30.32 -5.70 36.02 53.29 10.88 Aug 26 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 29.61 -4.90 34.51 56.32 7.04 Tr 2pc '16 100.62 0.45 -2.17 -6.25 -13.46 -36.62 101.97 100.62 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 170.19 0.15 -2.80 -4.54 -3.17 -5.93 VXN 31.37 -6.95 38.32 46.72 11.15 Tr 1.75pc '17 101.69 0.54 -1.82 -1.82 -11.48 -47.57 102.68 101.59 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 292.41 -0.26 -1.20 -0.38 -0.81 4.13 VDAX 27.93 0.00 27.93 27.93 - Tr 5pc '18 110.77 0.70 1.45 -2.78 -14.63 -48.91 113.65 110.64 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 249.21 -0.49 -0.60 -0.51 -0.60 -0.51 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.21 0.97 0.00 -4.90 -13.39 -40.12 115.07 111.71 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 210.66 0.14 -0.60 -0.96 -0.45 0.80 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.52 1.22 0.83 -3.17 -10.29 -32.97 119.04 114.45 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 222.01 0.19 -0.77 0.15 -0.34 3.08 Tr 8pc '21 136.24 1.44 2.13 -1.37 -7.10 -26.90 142.92 135.31 0.24
Gilts( £) 287.45 -0.43 0.43 0.63 1.11 7.51 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.27 1.53 2.00 -1.29 -6.13 -26.79 119.85 112.16 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 249.20 -0.99 0.15 -0.66 1.16 -2.98 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.76 1.81 2.26 -2.16 -6.70 -25.51 134.70 122.10 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 293.22 -0.33 -0.78 -0.09 -0.39 4.49 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.76 2.05 1.99 -0.97 -4.65 -22.35 131.90 116.13 0.31
Aug 26 (Libor: Aug 25) night Day Week Month month month month year Overall ($) 225.63 -0.61 0.06 0.65 0.06 0.65 Australia 10/18 3.25 104.43 1.79 0.04 -0.12 -0.14 -1.07 Tr 4.25pc '32 126.55 2.33 2.19 -0.43 -3.32 -18.53 136.85 117.16 0.35
US$ Libor 0.13250 -0.001 0.000 -0.002 0.19775 0.32700 0.52280 0.82735 Overall( £) 286.50 -0.40 0.06 0.42 0.65 6.55 04/26 4.25 113.83 2.74 0.07 -0.03 -0.16 -0.78 Tr 4.25pc '36 128.79 2.46 2.07 0.00 -2.77 -16.89 140.37 117.65 0.28
Euro Libor -0.18000 0.000 0.000 0.000 -0.10500 -0.02786 0.05129 0.15671 Overall(€) 218.48 0.18 -0.59 -0.01 -0.27 2.47 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 139.05 2.51 1.62 0.00 -2.71 -16.33 153.16 124.52 0.26
£ Libor 0.48125 0.000 0.000 -0.001 0.50788 0.58438 0.74875 1.04650 Treasuries ($) 217.76 -0.77 0.44 1.25 0.44 1.25 10/25 1.20 101.56 1.04 -0.04 0.13 0.05 0.00 Tr 3.75pc '52 130.80 2.47 1.65 0.00 -3.89 -18.21 145.21 112.07 0.22
Swiss Fr Libor 0.000 -0.78700 -0.72800 -0.68100 -0.57100 FTSE Belgium 06/18 0.75 101.76 0.11 0.00 -0.01 -0.06 -0.34 Tr 4pc '60 142.67 2.43 2.10 0.41 -3.57 -18.73 159.23 119.83 0.21
Yen Libor 0.000 0.05300 0.08786 0.13157 0.24186 Sterling Corporate (£) 110.66 -0.45 - - -0.64 -0.02 06/25 0.80 97.28 1.09 -0.04 0.12 0.08 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.002 -0.09600 -0.03300 0.04100 0.16100 Euro Corporate (€) 106.68 -0.01 - - -0.60 -1.86 Canada 11/17 0.25 99.67 0.40 0.02 0.02 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 810.25 -12.29 - - -8.62 -15.24 06/26 1.50 99.58 1.54 0.06 0.07 -0.13 0.00
US$ CDs
Euro CDs
0.000
0.000
0.18000
-0.10500
0.29000
-0.06500
0.47000
-0.00500
Eurozone Govt Bond 112.61 0.03 - - -0.64 0.12 Denmark 11/16 2.50 103.53 -0.39 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 108.21 0.91 -0.03 0.07 0.04 -0.37
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.84 1.06 0.00 -0.09 -0.09 0.00
Fixed Coupon Aug 26 chg % Return 1 month 1 year Yield
Aug 26 term notice month month month year Markit iTraxx 07/25 4.00 126.99 1.13 0.00 0.00 0.00 0.00
1 Up to 5 Years 98.09 -0.02 2355.98 0.32 2.33 1.46
Euro -0.20 -0.10 -0.20 -0.10 -0.20 -0.05 -0.15 0.00 -0.08 0.07 0.07 0.22 Crossover 5Y 367.96 21.99 58.13 81.33 371.85 242.25 France 11/16 0.25 100.55 -0.19 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.03 -0.23 3210.39 0.75 5.45 1.85
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18 Europe 5Y 78.30 4.77 11.45 16.00 81.85 52.94 11/19 0.50 101.46 0.15 -0.01 0.09 0.06 -0.22
3 10 - 15 Years 206.11 -0.41 3768.75 1.01 8.21 2.05
Swiss Franc - - - - - - - - - - - - Japan 5Y 69.75 5.07 12.09 12.02 69.98 48.09 05/25 0.50 94.56 1.09 -0.04 0.12 0.09 0.00
4 5 - 15 Years 184.46 -0.27 3345.05 0.81 6.22 1.91
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 90.11 6.68 15.14 18.84 100.19 62.28 05/45 3.25 127.94 2.00 -0.05 0.10 0.06 -0.27
5 Over 15 Years 297.77 -0.81 4285.85 1.36 12.52 2.47
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.80 0.90 Germany 04/18 0.25 101.21 -0.21 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.87 -0.40 3204.58 0.86 7.19 2.29
Japanese Yen -0.03 0.07 -0.05 0.05 -0.10 0.10 -0.10 0.10 -0.05 0.15 0.00 0.20 10/20 0.25 100.94 0.07 -0.02 0.04 -0.01 0.00
Emerging Markets 5Y 388.92 -7.67 44.73 71.19 396.59 278.35 08/25 1.00 102.81 0.71 -0.02 0.09 -0.01 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 423.24 -3.68 35.94 62.07 426.92 337.73 08/46 2.50 128.05 1.38 -0.02 0.08 -0.05 -0.42
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Aug 26 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 87.08 -0.90 9.19 16.12 87.98 60.22 Greece 07/17 3.38 85.97 12.13 -0.62 1.18 -9.53 8.98
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 308.31 -0.12 -0.54 -2.85 2344.28 -0.54 -1.51
02/26 3.00 63.50 9.07 -0.17 -0.11 -2.83 2.93 2 Over 5 years 576.24 -1.17 0.60 11.71 4244.12 0.60 12.61
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 111.86 -0.04 0.00 0.00 0.00 0.00 3 5-15 years 425.45 -0.81 -1.14 0.07 3224.65 -1.14 1.39
03/25 5.40 135.69 1.38 -0.04 0.13 0.07 -0.59 4 Over 15 years 715.75 -1.32 1.31 17.53 5175.32 1.31 18.25
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.61 0.40 0.00 0.09 0.06 0.00 5 All stocks 532.63 -1.02 0.43 10.14 3971.80 0.43 11.12
05/20 0.70 98.80 0.96 0.00 0.16 0.09 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 95.82 1.98 0.00 0.17 0.08 0.00 Yield Indices Aug 26 Aug 25 Yr ago Aug 26 Aug 25 Yr ago
Crude Oil† Sep 38.90 -0.12 Corn♦ Sep 362.25 -4.00 Aug 25 Aug 25 Prev return stock Market stocks
09/46 3.25 105.66 2.99 0.02 0.20 0.06 0.00 5 Yrs 1.29 1.26 1.71 20 Yrs 2.48 2.43 2.95
Brent Crude Oil‡ 43.59 0.48 Wheat♦ Sep 491.50 -5.00 Can 4.25%' 21 129.78 -0.434 -0.538 -0.36 5.18 70110.77 7
Japan 08/17 0.10 100.18 0.01 0.00 0.00 0.00 0.00 10 Yrs 1.95 1.91 2.44 45 Yrs 2.44 2.40 3.01
RBOB Gasoline† Aug 1.37 -0.07 Soybeans♦ Sep 878.50 -15.25 Fr 2.25%' 20 112.65 -0.301 -0.313 -1.91 20.31 203860.33 14
09/20 0.05 99.68 0.11 0.00 0.00 0.00 0.00 15 Yrs 2.31 2.27 2.80
Heating Oil† Sep 1.41 0.00 Soybeans Meal♦ Sep 324.30 -2.50 Swe 0.25%' 22 107.35 -0.698 -0.763 -0.98 30.88 217988.17 6
06/25 0.40 100.24 0.37 0.00 0.00 -0.03 0.00
Natural Gas† Sep 2.69 0.00 Cocoa (ICE Liffe)X Sep 2068.00 18.00 UK 2.5%' 16 - - - - - - -
06/45 1.60 104.52 1.39 0.00 -0.01 -0.03 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Sep 3100.00 0.00 UK 2.5%' 24 338.09 -0.738 -0.829 -0.76 6.82 483585.15 25
Netherlands 04/17 0.50 101.16 -0.21 0.00 0.00 0.00 0.00 Real yield Aug 26 Dur yrs Previous Yr ago Aug 26 Dur yrs Previous Yr ago
Uranium Sep 36.75 0.00 Coffee(Robusta)X Sep 1581.00 -1.00 UK 2%' 35 234.26 -0.839 -0.912 0.34 9.08 483585.15 25
07/25 0.25 93.69 0.92 -0.05 0.10 0.04 0.00 Up to 5 yrs -0.62 2.69 -0.66 -1.20 -1.35 2.71 -1.39 -1.98
Carbon Emissions - - Coffee (Arabica)♥ Sep 118.55 1.05 US 0.625%' 21 101.40 0.384 0.304 -0.77 35.84 1067101.42 36
Diesel Sep 121.25 0.00 White SugarX 334.20 -5.40 New Zealand - - - - - - - Over 5 yrs -0.83 23.51 -0.88 -0.31 -0.87 23.61 -0.92 -0.36
US 3.625%' 28 133.84 0.803 0.304 -1.29 16.78 1067101.42 36
Unleaded Sep - - Sugar 11♥ 10.51 -0.11 12/17 6.00 107.65 2.55 0.01 -0.05 -0.11 -1.35 5-15 yrs -0.61 9.89 -0.70 -0.51 -0.73 9.90 -0.82 -0.65
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.32 0.54 -0.02 -0.03 -0.15 -0.95 Over 15 yrs -0.86 29.13 -0.91 -0.28 -0.88 29.18 -0.93 -0.31
Base Metals (♠ LME 3 Months) Cotton♥ Oct 62.31 -0.90 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 102.54 1.46 0.03 0.06 -0.15 0.00 All stocks -0.83 20.40 -0.88 -0.32 -0.88 20.56 -0.93 -0.38
Aluminium 1537.50 -18.50 Orange Juice♥ Sep 126.00 3.75 amount.
Aluminium Alloy 1680.00 5.00 Palm Oil♣ Sep 437.50 -12.75 Portugal 02/16 6.40 103.05 -0.16 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 4925.00 -131.00 Live Cattle♣ Oct 141.55 0.08 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 101.67 2.68 -0.03 0.21 0.16 0.00
Lead 1636.50 -37.00 Spain 04/18 0.25 99.56 0.42 -0.02 0.04 0.05 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Sep 198.38 0.20
Nickel 9545.00 -20.00 Lean Hogs♣ Oct 67.28 -0.08 Spread Spread Spread Spread 10/25 2.15 100.55 2.09 -0.01 0.10 0.04 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 13700.00 -400.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.77 0.97 0.00 -0.10 -0.10 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1682.00 -56.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 117.57 0.63 0.00 -0.01 -0.11 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Aug 25 Month Year Australia 2.74 2.04 0.61 Italy 1.98 1.28 -0.15 Switzerland 10/16 2.00 103.07 -0.72 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1120.75 -16.75 S&P GSCI Spt 335.51 -7.09 - Austria 1.04 0.33 -1.10 Japan 0.37 -0.33 -1.76 05/26 1.25 114.44 -0.09 0.00 0.00 0.00 0.00
Silver (US cents) 1441.00 -46.00 DJ UBS Spot 85.14 -4.65 - Belgium 1.09 0.39 -1.04 Netherlands 0.92 0.22 -1.21 United Kingdom 07/18 1.25 100.99 0.91 0.00 -0.02 -0.14 -0.63 Data provided by Morningstar | www.morningstar.co.uk
Platinum 973.00 -21.00 R/J CRB TR 185.77 -9.63 -35.77 Canada 1.54 0.84 -0.59 Norway 1.46 0.76 -0.67 01/21 1.50 100.53 1.40 0.00 0.00 0.00 0.00
Palladium 524.00 -34.00 Rogers RICIX TR 2220.08 - - Denmark 0.91 0.20 -1.23 Portugal 2.68 1.98 0.55 09/25 2.00 100.37 1.96 0.05 0.00 -0.14 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 251.65 -11.35 -41.60 Finland 1.13 0.43 -1.00 Spain 2.09 1.38 -0.04 01/45 3.50 119.24 2.56 0.05 0.03 -0.10 0.00
Iron Ore (Platts) 53.50 0.25 UBS Bberg CMCI TR 12.80 -10.74 -37.44 France 1.09 0.38 -1.04 Switzerland -0.09 -0.79 -2.22 United States 07/17 0.63 99.99 0.63 0.03 -0.04 -0.08 0.00
Iron Ore (The Steel Index) 53.10 -0.20 LEBA EUA Carbon 7.51 -0.27 30.84 Germany 0.71 0.00 -1.43 United Kingdom 1.96 1.25 -0.18 07/20 1.63 100.81 1.45 0.05 -0.05 -0.17 0.00
GlobalCOAL RB Index 51.50 -0.80 LEBA CER Carbon 0.51 13.33 325.00 Greece 9.07 8.36 6.93 United States 2.13 1.43 0.00 08/25 2.00 98.80 2.13 0.08 0.00 0.00 0.00
Baltic Dry Index 918.00 -24.00 LEBA UK Power 2162.00 30.40 1.79 Ireland 1.38 0.67 -0.75 08/45 2.88 99.63 2.89 0.09 0.07 0.00 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.
22 ★★★ FINANCIAL TIMES Thursday 27 August 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 CloseBrs 1440 -24.00 1857.39 1284.75 3.40 13.19 242.9 Severfd♦ 66.25 -0.50 73.00 57.00 - 1380.21 58.3 BHP Bltn 1009.5 -11.50 1961.5 955.60 7.74 8.71 14807.6 SEGRO♦ 416.20 -9.70 466.70 330.90 3.63 3.89 1661.5 Lavendon 166.00 -3.00 214.25 155.50 2.29 20.31 186.7
AvonRub♦ 840.00 11.25 900.00 610.73 0.67 19.06 9.5 DBAG € 27.34 0.97 34.50 20.20 1.45 7.35 27.9 SKF SKr 153.90 -4.00 231.70 134.80 3.59 13.98 3124.4 BisichMg 89.50 - 104.00 60.15 3.35 8.75 25.0 Shaftbry 901.00 -13.50 975.50 648.00 1.45 5.01 621.3 MngCnslt 16.00 0.50 26.50 13.25 5.16 -78.05 25.0
BAE Sys 436.80 -8.10 549.00 419.30 4.69 19.73 9799.8 El Oro 55.00 - 78.00 40.00 6.73 -4.71 0.7 Spirax-S 3056 -58.00 3767.56 2698.37 2.19 23.45 172.1 EVRAZ 75.05 -2.80 209.90 72.60 - -1.50 2035.4 Town Ctr 292.00 -7.38 324.65 230.00 3.58 5.47 38.9 MearsGp 398.00 -1.50 477.00 354.75 2.51 15.39 259.6
Chemring 217.00 3.00 248.00 197.48 1.89 -24.82 136.9 Hargr Lans 1061 -16.00 1299 827.00 2.11 31.15 749.3 Tex 106.00 2.00 117.00 86.30 5.66 7.54 3.5 Fresnillo♦ 594.50 -45.00 978.00 593.00 0.33 125.69 2792.9 Wkspace 894.50 -15.00 988.00 592.00 1.23 3.93 193.4 MenziesJ 443.75 20.75 525.00 306.25 3.65 39.45 115.0
Cobham 266.40 -5.90 349.10 250.50 4.00 -154.70 3754.3 HBM Hlth SFr 94.50 -0.05 113.50 80.50 - - 10.7 Trifast 112.38 -1.63 134.00 88.63 1.42 15.90 54.9 GemDmnd 123.50 -3.00 217.00 122.29 2.57 10.12 98.1 Real Estate Inv & Services MichaelPge 490.90 -8.20 568.00 358.70 2.24 23.76 1374.1
Meggitt 455.70 -8.30 593.50 421.70 3.02 18.96 4634.6 HenderGp 250.90 -7.80 303.30 180.10 3.59 17.50 3215.9 Vitec 620.00 -8.00 670.85 540.00 3.87 24.54 0.6 Harmony R 11.40 -0.78 38.50 11.04 - -3.54 2157.3 Cap&Count 432.70 -6.40 475.10 313.00 0.35 6.35 1380.1 MITIE 288.50 -3.20 329.90 263.90 3.92 30.47 879.3
RollsRoyceX 714.50 -9.50 1061 685.50 3.23 -52.54 7300.2 ICAP 445.60 -7.70 573.00 354.40 4.94 34.96 1156.2 Weir 1358 26.00 2786 1230 3.24 - 2161.2 Hochschild 69.25 -1.75 177.00 60.97 - -4.26 231.5 Cardiff 1045 - 1085.5 950.00 1.24 4.53 1.0 PayPoint 1004 -9.00 1115 779.82 3.62 17.51 37.1
Senior 279.90 -7.40 361.70 248.90 2.01 18.82 940.1 Indvardn SKr 150.80 -0.70 183.50 111.40 4.16 6.84 466.6 Kenmr 2.80 0.30 13.00 2.18 - -1.20 2558.7 CLS 1840 - 2037 1270 - 3.92 2.9 PremFarn 129.00 1.10 204.60 116.50 8.06 10.02 868.5
ICG 515.50 -4.50 712.83 421.98 4.82 8.78 558.9
Industrial General Lonmin 34.47 -1.89 236.70 26.50 - -4.52 5429.2 Rentokil♦ 145.00 -1.00 154.20 110.90 1.79 20.31 2219.5
UltraElc 1720 -12.00 1914 1646 2.58 -150.89 172.9 Daejan 6040 10.00 6614.2 4700 1.36 4.42 3.1
IPF 392.10 1.90 548.00 348.00 3.06 11.40 632.4 BritPoly 688.00 11.00 730.00 571.35 2.18 11.96 3.0 Petra 129.20 -10.80 210.80 127.16 - 15.63 2303.0 Ricardo 893.00 -2.00 967.50 605.50 1.70 24.30 11.6
DvlptSec 250.00 -5.00 293.00 179.00 2.24 9.34 85.8
Automobiles & Parts Investec 513.50 -12.50 649.50 477.20 3.80 19.05 1572.6 CoatsGrp 25.25 -1.25 32.00 19.00 - -376.87 474.4 Petropvlsk 5.70 -0.19 45.00 4.21 - -0.09 4671.0 Grainger 231.50 -2.50 256.00 167.80 1.08 26.84 971.3 RbrtWlts 430.50 -1.75 478.00 270.00 1.39 25.10 9.7
FordMtr $X♦ 13.21 0.31 17.87 10.44 4.11 14.48 48282.8 Jupiter♦ 426.70 -9.00 478.20 313.70 3.09 12.76 899.6 JardnMt $X♦ 46.51 -0.89 67.88 46.20 3.02 10.13 474.3 PolymtIntl 460.80 0.50 634.00 315.18 2.95 -14.21 335.3 RPS 221.25 2.75 295.00 181.50 3.83 15.65 415.9
Jard Str $X♦ 27.39 -0.36 37.84 27.06 0.97 9.83 411.7 HelclBar 430.25 -2.00 460.00 320.00 1.59 7.07 39.8
GKN♦ 280.40 -5.60 389.00 272.30 3.00 31.21 5068.2 Liontrust 323.00 3.00 393.50 210.00 1.24 23.78 2.4 RndgldRs 3817 -184.00 5752.1 3638 0.98 26.60 832.2 HK Land $♦ 6.89 0.26 8.80 6.47 2.72 12.85 3529.6 Shanks 91.50 -0.75 113.50 84.50 3.77 -19.89 217.3
Man♦ 160.10 7.30 217.80 108.30 3.98 10.85 15188.8 Macfrlne 46.00 1.75 47.50 34.00 3.48 12.15 78.3 RioTintoX♦ 2200 -44.50 3373 2107.78 6.20 21.89 6318.1 SIG 182.80 -1.90 212.20 143.40 2.41 32.75 1010.4
Banks REXAM 530.00 -3.00 592.50 424.60 3.34 18.75 2577.8 Lon&Assc 36.00 - 50.00 34.50 0.35 -4.21 65.0
NB GFRIF 94.50 -0.40 99.75 93.90 3.93 24.19 1776.2 Troy Res A$ 0.29 -0.01 0.88 0.28 - -0.57 401.8 MacauPrp 172.88 -2.13 257.00 167.00 - 9.10 8.0 SpeedyHr 47.25 -2.50 80.50 45.75 1.38 1211.54 718.2
ANZ A$X 28.07 0.08 37.25 26.41 10.19 9.55 10232.1 RPC♦ 635.00 -3.00 696.24 488.20 2.24 30.53 1074.0
Paragon 389.90 -2.70 461.50 313.70 2.31 12.00 484.8 VedantaRs 500.50 7.40 1105.22 353.21 8.33 -1.14 989.5 Mntview 11837.5 - 12900 7481.95 2.11 14.51 0.6 St Ives 178.00 3.00 220.63 156.68 4.02 51.11 77.5
BcoSant 391.50 -3.75 758.00 369.65 10.84 11.51 1020.5 Smith DS 380.50 -1.60 423.70 231.82 2.76 23.20 2717.5
Providnt 2815 -19.00 3268 1942 3.48 21.01 339.7 Q'tainEst 129.50 0.50 134.44 75.00 - 17.99 631.6 TribalGrp 134.75 2.50 188.00 131.75 1.34 -22.92 2.3
BankAm $X 16.06 0.80 18.48 14.60 1.23 17.34 173302.0
RathbnBr 2170 -55.00 2348 1774 2.40 27.95 26.8 Smiths 1059 -31.00 1363 1006 3.80 18.79 2185.8 Oil & Gas Vp 735.00 -37.50 816.00 539.00 2.10 15.64 16.0
BnkGeorgia 1663 -2.00 2604 1609 2.75 8.34 121.4 SmurfKap € 24.46 -0.79 30.31 14.92 2.18 22.46 367.3 Afren 1.79 -0.05 114.22 1.28 - - 9090.3 RavenRuss 44.00 0.38 75.75 37.25 - -5.56 68.6
Record 32.75 1.00 41.00 29.00 4.58 12.37 94.8 RavenR Prf♦ 127.38 0.50 146.00 101.50 9.42 - 6.6 Watermn 71.00 1.00 76.00 50.00 1.41 54.20 7.0
BankIre € 0.35 0.01 0.39 0.07 - 16.36 21759.7 Vesuvius♦ 386.00 - 530.00 374.50 4.18 10.86 289.3 Aminex 2.05 0.08 3.17 0.81 - -24.12 5145.8
S&U 2425 63.00 2520 1763 2.35 15.72 0.5 RavenR Wrt 29.50 -1.50 49.64 25.00 - - 10.0 Wolseley 4045 -40.00 4398 2990 2.04 36.52 993.4
BkNvaS C$X 58.50 1.58 73.55 52.60 5.01 9.27 3333.0 BGX♦ 923.90 -36.70 1420 780.55 1.98 -46.60 14666.2
Schroder♦ 2740 -32.00 3441 2086 2.85 16.82 661.9 Industrial Transportation Safestre 287.00 -3.25 323.25 185.25 2.60 5.90 331.9
BarclaysX♦ 252.00 -4.35 289.90 204.05 2.58 112.85 48887.3
..N/V♦ 2135 -16.00 2629 1692 3.65 13.10 28.9 BPX♦ 331.20 -4.15 499.25 326.25 7.80 -15.04 66939.9 Tech - Hardware
CanImp C$X 90.31 2.33 107.37 83.10 5.03 9.27 1606.0 BBA Aviat 286.80 5.00 362.10 267.60 3.61 17.03 3411.6 Cadogan 10.13 - 13.25 8.25 - -0.62 470.5 Savills 886.50 -32.50 991.46 577.00 1.24 20.72 380.6 ARM Hldgs 875.00 -20.50 1233 778.50 0.80 41.53 12046.4
SVG Cap 450.40 -2.60 535.00 226.00 - 11.24 311.4 Braemar 453.00 -1.25 515.00 390.00 5.74 49.39 35.0 SchroderRE♦ 59.00 -0.25 63.00 53.25 4.20 5.23 1049.1
HSBCX♦ 496.20 -10.90 674.57 482.55 6.54 11.19 37037.9 CairnEng 139.40 -0.20 210.00 137.28 - -2.28 1278.4 CSR 899.50 0.50 900.00 550.00 1.02 25.43 2323.5
TullettPre 372.30 -12.70 415.90 242.60 4.53 7.95 797.6 Clarkson 2320 15.00 2855 1835 2.59 47.82 27.2 Smart(J) 100.50 -1.00 112.40 86.00 2.95 41.75 15.0
LlydsBkgX♦ 76.08 -0.60 89.35 70.90 0.99 41.35 153043.3
Tungsten 67.75 -6.25 409.75 52.49 - -2.57 818.0 Cape 228.50 15.50 327.25 177.00 6.13 12.57 120.1 Laird 372.10 -6.70 413.30 281.50 3.36 18.10 439.2
RylBkC C$X 72.10 -0.26 83.87 68.05 4.59 10.03 6388.8 Eurotunnl € 11.91 -0.12 14.57 8.62 1.46 60.79 987.1 DragnOil 796.50 -3.50 803.50 447.50 2.87 12.31 255.0 StModwen♦ 449.30 -3.90 499.40 324.59 1.02 4.24 291.2 Pace 330.40 -1.70 520.80 316.34 1.32 9.46 470.9
WlkrCrip 44.50 - 55.00 37.50 3.57 65.15 18.2 Fisher J 1035 64.50 1442 958.50 2.13 13.41 59.1 UNITE Gp 628.00 -12.00 706.00 395.60 1.78 5.07 918.3
RBSX 324.10 2.90 414.00 300.30 - -22.60 20391.5 Endeav Int' $ - - 0.60 0.02 - - - SpirentCM♦ 76.50 -1.50 98.87 65.95 3.22 84.72 837.8
StandChX♦ 707.30 -37.70 1250.18 707.30 7.81 15.74 16710.7 Food & Beverages Flybe Grp 87.00 4.00 135.75 52.00 - -7.91 727.1 EnQuest 30.50 4.50 122.90 21.50 - -2.67 4382.7 Urban&C 255.00 - 278.00 215.00 0.59 8.30 110.2
..7.375%Pf 117.50 - 128.00 108.50 6.28 - 56.9 AngloEst 580.00 0.50 690.00 521.00 0.55 11.67 1.8 Goldenpt 131.00 - 370.00 113.80 - -0.70 0.1 Exillon 91.50 -8.50 175.57 90.00 - 4.43 95.4
Tech - Software & Services
OceanWil♦ 802.50 12.50 1205 790.00 4.98 73.77 1.2
Retailers Anite 125.75 - 129.75 69.25 1.51 39.36 4191.0
..8.25%Pf 127.25 -1.00 141.00 119.50 6.48 - 92.5 AscBrFdX 3097 -30.00 3293 2407 1.10 43.40 694.5 ExxonMb $X♦ 72.50 3.79 100.31 66.55 3.81 13.06 34356.6 AA 325.90 -5.70 434.50 270.00 - -141.27 1469.8
TntoDom C$X 51.80 1.45 58.11 47.75 4.11 11.42 4940.7 Barr(AG) 556.50 -3.00 699.36 515.97 2.03 21.52 60.7 RoyalMail 453.70 -5.50 532.50 388.00 4.41 13.96 3252.9 GenelEgy 292.00 - 912.50 276.25 - -3.58 1682.4 AVEVA 2054 -4.00 2344 1183.9 1.34 31.64 218.7
UK Mail♦ 375.25 0.25 606.53 370.00 5.73 12.98 6.1 AO World 125.20 2.30 240.00 106.86 - -209.36 227.9 Computcnt 732.00 -7.50 802.40 651.67 2.82 16.14 32.6
VirginMoney 415.00 5.10 472.90 278.00 - -1037.50 450.0 Britvic 657.50 -3.50 788.00 600.72 3.18 16.34 585.8 GeoPark $ 2.87 -0.23 11.00 2.70 - -2.67 27.8 AshleyL 27.50 - 36.00 24.94 7.27 10.93 65.2
Westpc A$X 31.28 0.38 40.07 29.20 9.35 11.92 10387.2 C&C € 3.48 0.04 4.42 3.16 2.90 -14.39 81.2 GrnDnGas 273.25 -1.75 548.50 270.00 - 22.20 15.1 DRS Data 13.00 - 16.50 11.25 3.08 -2.65 1.5
Insurance Brown N 290.00 -7.20 403.03 247.19 4.91 13.70 569.4 Elecdata 65.50 - 79.00 64.00 3.05 21.79 5.0
CarrsGroup 155.00 7.00 178.50 136.00 2.19 11.90 64.3 Admiral GulfKeyst 27.00 2.00 88.00 20.25 - -1.48 5230.6 Caffyns 575.00 - 665.00 480.00 3.26 1.74 0.0
Basic Resource (Ex Mining) 1506 -41.00 1640 1175.33 3.07 14.35 1355.0 MicroFoc 1263 -24.00 1442 836.50 2.42 34.32 366.3
Coca-Cola H 1291 -8.00 1497 1051 3.92 20.51 622.2 Amlin 500.00 2.00 533.08 418.20 1.62 10.90 1234.1 HellenPet € 4.10 - 5.80 3.35 - -4.98 30.8 Card Factor 362.20 -11.60 376.33 209.50 - 34.10 284.0
Ferrexpo♦ 57.75 1.00 139.04 47.60 7.27 5.93 402.2 NCC Grp 230.75 3.75 250.00 169.80 1.59 29.42 68.2
Cranswk♦ 1686 105.00 1730 1181.6 1.93 20.12 175.0 AvivaX 477.20 -7.10 578.68 449.86 3.79 12.49 10955.4 Hunting 433.00 18.60 918.83 376.20 4.41 15.07 759.3 Dairy Fm $♦ 6.53 -0.14 10.58 6.42 3.48 19.15 98.3
IntFerMet 0.90 0.06 8.35 0.76 - -0.55 562.4 RM♦ 170.25 2.88 185.00 120.00 2.35 10.71 15.4
Dairy Cr 583.50 -11.50 618.00 367.39 3.67 39.16 269.5 Beazley♦ 328.30 -1.70 346.45 248.20 2.87 11.42 768.8 ImpOil C$X 42.36 -0.03 57.96 42.12 0.97 15.94 1369.2 Debenhm 79.95 -0.05 96.80 56.85 4.25 10.87 2086.0
Mondi♦ 1405 -17.00 1614.36 919.00 2.12 18.21 2203.1
Devro 285.00 0.25 328.00 230.00 3.09 50.92 355.5 JKX 16.25 - 51.13 10.23 - -0.43 41.7 Sage 495.00 -8.50 584.00 346.70 2.45 27.10 3148.1
Vale BRLX 15.90 0.55 31.22 14.77 13.88 -8.54 6596.3 Chesnar 340.00 -5.50 364.75 309.25 5.31 15.40 70.2 Dignity 2442 -28.00 2643 1401 0.82 -28.07 126.6 SDL 368.75 -3.50 472.00 306.00 0.68 35.02 852.8
Glanbia € 17.19 -0.32 19.59 10.75 0.62 32.79 26.7 DirectLine♦ 346.90 -5.00 388.70 283.96 4.15 10.87 6743.1 Lamprell 129.25 11.75 178.00 93.50 - 6.83 321.8 DixonsCar 420.30 -5.10 490.80 339.50 1.25 49.45 4456.3 Telecity♦ 1050 -9.00 1250 815.63 1.29 83.43 176.1
Chemicals Grncore♦ 286.40 4.00 359.40 228.50 1.90 19.34 1010.8 Eccles prf 130.50 -0.25 146.00 123.00 6.61 - 51.9 Nostrum 475.00 -0.50 817.00 370.00 3.57 19.75 187.5 Dunelm 887.50 -10.50 970.00 767.00 2.25 18.90 90.5
HiltonFd 426.00 -8.88 500.00 342.25 3.03 17.06 1.6 OphirEgy 87.95 0.95 256.40 80.80 - -2.03 3614.2 TriadGp 36.00 - 42.00 9.00 - 15.50 4.0
Alent 462.00 -1.40 493.96 294.56 1.98 21.47 585.7 Hansard 109.38 1.38 116.25 80.00 7.68 18.11 11.1 Findel 178.50 -1.00 265.44 178.00 - -24.79 19.5
Bayer €X 116.90 -2.05 146.45 96.83 1.86 28.62 3060.7 Kerry € 64.70 0.08 71.88 49.30 0.87 22.57 76.6 Hiscox♦ 891.00 -2.50 959.00 615.50 2.64 10.94 215.2 Petrofac 794.00 27.00 1203 594.00 5.35 -21.47 3225.8 Halfords♦ 507.50 -6.50 563.51 417.10 2.88 15.23 289.3 Telecommunications
Carclo 142.00 -2.00 169.75 80.00 1.87 -4.28 71.4 Nestle SFrX 69.40 -1.10 77.00 64.15 2.94 16.18 11190.4 JardineL 1034 -7.00 1112 815.00 2.79 20.21 54.2 Lukoil RUBX 2355 -26.00 3297.7 1913 3.33 6.79 1270.0 Inchcape♦ 709.50 -7.50 906.65 589.50 2.83 19.10 1702.8 BTX♦ 427.15 -4.40 481.75 351.90 2.67 16.39 22489.1
Croda 2811 -85.00 3150 1965 2.33 21.89 395.2 PremFds 34.25 -0.50 47.79 26.13 - -1.35 697.6 Lancashire 630.50 2.50 703.45 506.00 1.40 9.03 414.4 PremOil 93.75 1.55 354.00 87.00 - -1.00 6404.4 JDSportsF 842.00 -3.50 885.00 388.00 0.81 23.94 69.3 Colt Grp 189.50 - 194.00 113.10 - -13.69 91.4
Elemntis 229.80 -4.80 324.10 224.00 2.30 9.99 894.9 REA 275.00 -5.13 444.50 260.00 2.94 10.63 11.9 Leg&Gen♦ 248.00 -5.70 296.02 209.20 4.54 14.44 19151.7 RylDShlAX♦ 1575 -44.00 2475.5 1542.5 7.71 11.67 8570.9 Lookers 158.00 -3.30 172.00 117.50 1.80 12.89 2215.6 Inmarsat 913.50 -20.50 1041.24 653.00 3.41 20.36 1033.6
Syngent SFrX 309.90 -68.90 435.20 273.20 3.44 18.69 1888.8 SABMillX 2938 -67.00 3857 2773 2.41 21.43 3540.0 NovaeGp 818.50 -8.50 844.61 516.50 3.03 10.74 289.9 ..B♦ 1585.5 -48.00 2580.54 1550 7.65 11.75 9822.1 Marks&Sp 500.50 -1.50 600.00 380.80 3.44 16.94 6426.1 KCOM Gp 90.00 1.25 101.00 78.50 5.60 36.87 178.1
Synthomer 335.00 -3.10 364.10 176.64 2.33 22.60 415.4 StckSpirit 193.25 0.25 316.00 172.00 0.92 28.93 127.2 Old Mut 192.30 -2.20 241.60 163.80 4.52 13.36 16418.1 Schlmbrg $X 70.09 -2.43 112.00 68.01 2.54 21.06 57669.4 MossBros 92.50 -0.50 112.00 77.50 6.92 24.33 35.6 TalkTalk 295.70 2.10 415.10 261.00 4.26 38.48 1012.2
Victrex 1690 -61.00 2202.55 1542 2.67 17.08 208.1 Tate&Lyl 502.00 -5.50 744.50 492.20 5.58 77.23 1469.2 PermTSB 0.06 - 0.10 0.05 - -0.08 0.0 SEPLAT 68.00 -6.00 240.25 67.25 13.83 4.56 60.1 Next 7590 -90.00 8055 6130 1.88 18.53 988.9 TelePlus 1063 12.00 1525 725.50 3.57 26.45 141.6
TongtHu R 115.38 -0.12 174.93 110.50 3.73 11.78 77.7 PhoenixGrp 862.50 -5.50 935.00 693.00 6.19 18.14 679.1 Soco Int 124.00 -0.25 444.30 117.00 7.85 -10.71 574.1 Ocado 335.10 3.60 478.50 216.80 - 293.69 2013.4
Construction & Materials Unilever♦ 2544 -41.00 3087 2397 3.24 21.20 3816.4 TrnCan C$X 43.34 0.18 63.86 41.95 4.97 16.31 1619.5 Pendragn 44.75 -1.25 46.17 28.25 2.01 7.84 13147.3 Tobacco
PrudntlX♦ 1394 -17.50 1761.5 1287 2.65 14.19 5704.6
Alumasc 150.00 -1.50 166.73 113.60 3.33 12.96 20.4 ..NV €♦ 34.73 -0.78 42.98 28.81 3.21 21.25 28.8 Tullow 188.80 2.00 739.50 177.00 2.23 -1.75 8566.2 Photo-Me 144.75 -2.75 159.50 107.85 2.96 19.49 150.1 BrAmTobX♦ 3405.5 -19.50 3894 3231.5 4.35 15.81 5040.0
RSA Ins 512.50 -2.00 528.00 391.70 0.39 78.94 9574.3
BalfourB 260.90 -1.90 271.90 145.59 2.15 -4.37 1773.1 Saga 201.40 0.90 225.10 143.75 - 23.69 301.8 ImpTobX 3098 -18.00 3413 2482.72 4.13 15.51 3462.7
Health Care Equip & Services SagicFin 61.00 -1.50 68.00 55.00 4.17 5.88 2.0 Pharmaceuticals & Biotech
..CvPf 118.75 - 124.50 101.00 8.15 - 35.4 SignetJwl♦ 7621 -62.00 9499 6101.5 0.65 23.27 7.8
Bioquell 134.50 2.00 155.50 80.00 2.45 134.23 100.1 StJmsPl 901.50 -12.50 1008 637.00 2.58 26.83 2295.3 BTG 610.00 -3.50 835.87 556.00 - 67.77 592.1 Travel & Leisure
Boot(H) 231.00 -2.00 245.00 170.00 2.27 14.48 11.6 SuperGroup 1424 -21.00 1579 750.00 - 25.52 135.1
ConstMed 937.00 6.00 1045 650.00 1.93 62.05 24.1 Stan Life 407.50 -7.00 505.68 362.30 4.48 30.08 4149.5 CathayIn 22.25 - 36.50 16.00 - -101.14 0.4 888 Hldg 155.50 -0.75 185.75 118.75 4.19 15.20 219.7
ClarkeT 73.00 - 84.01 37.50 4.25 - 34.4 TescoX 186.20 0.20 253.70 155.40 6.06 -2.65 26348.7
Costain 372.75 -0.25 380.00 263.50 2.55 15.77 191.7 GNStre kr 118.50 -1.70 158.50 113.70 0.73 28.15 637.8 Media Dechra 930.00 8.50 1068 702.50 1.66 36.94 33.9 AirPrtnr 416.75 5.38 470.31 245.00 4.96 15.15 24.1
UDGHlthC 493.40 -15.60 551.50 315.20 1.48 13.95 435.7 Genus 1318 -30.00 1535 1058.35 1.34 25.24 45.2 VertuMotor 65.00 -1.00 67.00 50.50 1.31 13.61 642.3 bwin.party 113.70 -0.50 128.00 70.40 3.15 -13.01 1371.4
CRH 1800 -5.00 2478.5 1220 2.69 5.88 2032.5 4imprint♦ 1129 29.00 1350 651.00 1.82 25.89 16.2
GalfrdT 1685 -26.00 1824 1085 3.15 17.17 138.5 Blmsbury 173.25 0.75 185.00 140.50 3.38 14.56 33.6 GlaxoSmhX♦ 1274.5 -21.50 1645 1247.5 6.28 6.41 17752.0 Support Services Cineworld 577.50 -3.00 599.00 298.40 2.34 19.35 1179.7
House, Leisure & Pers Goods HikmaPhm 2243 -33.00 2617 1580 0.62 29.03 700.5 CompassX 1002 -18.00 1223.36 924.41 2.70 19.45 5576.2
Keller♦ 995.50 3.00 1105 742.00 2.53 31.43 78.6 Centaur 85.50 1.50 87.09 56.20 3.04 12.66 32.8 Acal 296.00 -1.00 334.75 180.00 2.43 61.67 16.8
AGARmst 183.00 0.25 185.00 78.44 - -39.63 350.1 Oxfd Bio 9.10 -0.05 13.38 3.30 - -21.21 994.4 EntInns 119.90 3.90 139.60 96.85 - 20.08 377.5
KierGp 1398 -21.00 1779 1260 4.12 36.17 151.0 ChimeCm 362.00 0.25 365.00 239.00 2.32 127.38 1434.7 Aggreko 1041 20.00 1747 991.00 2.61 13.78 1063.2
BarrttDev 613.00 -11.00 660.00 357.20 1.68 16.23 5599.5 RichterG $ 15.10 -0.35 17.28 12.20 0.78 20.52 0.0 FirstGrp 106.50 -2.60 129.90 88.65 - 17.10 2359.5
Kingsp € 21.44 -0.32 24.00 11.03 0.73 28.27 78.2 Creston♦ 146.50 1.00 157.85 108.00 2.76 11.77 26.1 APR Engy 79.25 -3.75 599.50 75.50 13.36 -0.16 248.5
Bellway 2382 -41.00 2560 1445 2.18 12.31 243.4 ShireX 4736 -72.00 5870 3448.28 0.30 14.34 3150.9 Fuller A 1109 -4.00 1235 890.00 1.42 21.99 1.0
LowBonr 66.63 0.38 83.54 44.25 4.05 17.15 100.5 DlyMailA 783.00 -16.50 989.50 699.00 2.61 10.65 775.8 AshtdGp♦ 902.00 -20.50 1231 838.00 1.36 15.00 2938.2
Berkeley♦ 3234 -68.00 3570 2033 5.57 10.33 730.1 VecturGp 167.00 -1.30 183.75 113.25 - 185.76 541.4 Go-Ahead 2525 -83.00 2745 2184 3.35 16.30 70.3
Marshlls 311.00 - 335.00 173.50 1.77 31.45 219.7 HaynesPb 122.50 -0.50 192.00 110.00 6.12 14.14 18.2 AtknsWS 1433 -31.00 1580.34 1225 2.39 16.78 173.6
BovisHme 1075 -12.00 1206 723.00 3.26 13.19 595.4 GreeneKg♦ 809.00 -15.00 891.00 712.00 3.55 19.92 598.3
MorgSdl 813.00 0.50 865.00 570.00 3.32 -23.79 6.0 ITE Grp 154.25 -0.75 211.90 125.00 4.80 12.33 127.2 Real Estate Babcock 937.00 -9.00 1207 908.50 2.34 17.80 1547.1
CrestNic 523.50 -4.00 587.92 291.98 2.73 11.71 453.0 IrishCtl € 4.39 0.01 4.50 2.63 2.45 13.81 25.5
Norcros 21.00 0.13 22.76 14.69 2.50 16.15 707.3 ITV 244.40 -3.90 281.90 192.10 1.92 18.77 13945.3 Berendsen 969.50 -9.00 1161 895.50 3.09 19.04 254.9
GamesWk♦ 585.00 7.00 624.50 487.25 8.89 15.28 13.1 Harworth Gr 11.13 0.13 14.00 5.35 - 19.45 186.6 Ladbrokes 98.85 -2.75 147.00 95.70 9.00 -37.84 11166.1
StGobn €X 39.50 0.10 44.84 29.51 1.51 27.46 3296.4 JohnstnP 100.00 - 7830 94.69 - -208.77 2.6 Brammer 298.75 -3.00 432.75 265.00 3.58 41.70 307.3
Gleeson 439.50 -0.50 465.00 324.66 1.37 13.74 1.8 REITs MandarO $♦ 1.47 -0.05 1.84 1.45 4.64 18.72 35.0
Tyman♦ 282.00 -1.25 342.00 228.25 2.84 40.90 123.4 News Corp A $ 13.22 0.28 17.80 12.67 - -52.19 5341.8 Bunzl 1687 -19.00 1969 1517 2.10 24.72 950.8
Headlam 464.25 - 512.00 390.00 3.77 15.43 49.3 Assura 53.50 -1.25 62.25 43.50 3.46 11.38 357.3 Marstons 151.80 -1.00 174.40 134.50 4.41 -32.14 2530.4
NewsCpB $ 13.43 0.26 17.44 12.62 - -53.02 2289.1 Capita 1211 5.00 1336 1000.5 2.41 32.83 1919.7
Electronic & Electrical Equip McBride 117.75 -1.50 125.00 74.00 - -12.62 45.3 BigYellw 654.50 -18.50 720.00 479.40 2.87 9.11 443.4 Carillion 326.70 -5.80 371.40 294.03 5.39 25.70 2709.0 Natl Exp 293.00 1.00 324.80 213.40 3.52 18.15 814.4
Persimn 2003 -55.00 2156 1247.08 - 13.91 2108.2 Pearson♦ 1082 -24.00 1517.42 1051 4.71 46.35 2496.5
Dialight 547.00 -5.00 960.00 398.00 2.74 29.27 26.6 BritLand 808.50 -13.50 891.50 649.00 3.40 5.11 5388.4 Comnsis 46.00 -0.50 68.56 44.65 4.35 -6.32 114.8 PPHE Htl 636.50 16.50 664.45 417.80 2.56 8.23 42.9
Philips € 22.22 -0.15 28.00 20.69 - 92.99 6493.1 Quarto 197.50 - 239.00 136.66 4.19 7.67 2.4
e2v Tech 227.00 1.25 268.00 145.44 1.98 20.95 101.4 Cap&Reg 66.00 -1.00 70.05 46.25 1.44 4.01 528.6 ConnectGp 155.00 -3.25 191.45 128.02 6.06 12.15 46.6 Rank Gp 258.00 -6.60 268.00 151.90 1.74 21.36 145.0
PZCusns♦ 309.40 0.70 392.10 288.50 2.51 14.49 305.7 RELX NV €♦ 14.36 0.18 24.17 13.85 - - 3278.3
Halma 735.00 -4.00 786.50 557.50 1.56 26.75 507.7 Countrywd 497.90 -4.10 608.00 404.30 3.01 24.80 990.1 DCC 4671 -82.00 5320 3050 1.70 30.71 152.1 Restaurt 671.50 -1.50 748.70 607.00 2.21 22.44 464.1
ReckittBX♦ 5529 -139.00 6300 4895 2.51 23.49 1831.1 RELX PLCX♦ 1011 -14.00 1199 921.50 2.47 95.14 5345.2
MorganAd 326.50 -1.00 375.84 258.10 3.34 56.49 353.2 DrwntLdn 3542 -66.00 3818 2615 1.12 4.91 226.3 DeLaRue 479.75 -4.25 779.00 445.03 7.61 14.34 153.8 Sportech 62.25 -0.50 79.50 47.00 - -1.48 9.0
Redrow 459.80 0.60 497.00 248.64 0.65 11.99 612.7 STV Grp 467.25 7.25 494.00 322.00 0.86 12.43 13.9
OxfordIn 845.50 -20.00 1114 671.58 1.51 -76.63 75.2 Gt Portld 811.50 -18.00 883.50 600.04 1.10 5.50 736.0 Diploma 718.00 -7.00 916.50 631.00 2.37 21.92 112.2 Stagech 365.00 -9.20 437.90 331.60 2.68 15.12 1457.4
TaylorWm♦ 191.00 -2.60 207.40 104.60 0.82 15.03 16968.8 ThmReut C$X♦ 50.85 1.42 54.47 39.45 3.44 15.90 1113.3
Renishaw 2104 - 2672.9 1520 1.96 13.74 38.8 Green Reit € 1.46 -0.06 1.70 1.21 - - 51.2 Elctrcmp 180.00 -0.80 263.10 170.50 6.53 11.29 687.4 ThomasCook 103.80 -0.50 162.20 99.05 - -26.79 5284.5
TedBaker 2980 -115.00 3438 1768 1.19 36.78 41.1 UTV Med 167.00 0.50 222.00 137.00 4.23 11.62 89.9
Spectris 1747 -6.00 2420 1606 2.66 16.18 269.0 Hammersn♦ 615.50 -12.50 708.00 537.00 3.31 7.11 2990.4 EnergyAst 544.50 12.00 640.00 375.00 - 20.47 2.7 TUI 1144 5.00 1294.78 996.74 - 63.95 1613.9
WPPX 1311 -51.00 1616 1091 2.69 16.28 10473.4
TT Elect 157.00 5.00 158.00 96.00 3.50 -80.39 32.3 Industrial Engineering Hansteen 114.60 0.80 128.95 98.70 4.28 6.76 1069.5 Essentra 845.00 2.50 1069 624.50 2.17 30.24 556.2 Whitbrd 4820 -56.00 5475 3767 1.50 23.77 864.6
XP Power 1570 - 1750 1340 3.95 15.60 13.6
Bodycote 607.50 -11.00 797.59 542.50 2.37 19.44 301.8
Mining HIBERNIA 1.31 -0.02 1.39 1.03 - - 2501.3 Experian 1064 -24.00 1264 909.95 2.43 20.78 3106.5 Willim H 355.90 -10.80 432.10 333.40 3.43 17.77 5618.1
Acacia 239.30 -5.00 318.90 191.70 1.12 23.94 658.1 Highcrft 1025 - 1090 795.00 3.51 18.78 0.2 Grafton 676.50 -15.00 868.00 570.00 1.37 19.90 524.4
Financial General Castings 415.00 - 480.00 360.00 3.14 13.05 6.0
INTU 313.60 -5.80 376.50 305.50 4.37 16.40 2906.4 Utilities
Fenner♦ 169.50 0.50 368.00 156.00 7.08 822.82 731.0 AngloAmer♦ 664.30 -19.40 1603 649.30 8.21 -1.92 10432.6 HarvyNah 97.75 0.25 112.00 66.32 3.41 13.57 16.4
3i 479.40 -12.00 571.50 343.61 3.34 6.57 2387.0 LandSecs 1228 -32.00 1363 988.50 2.57 4.03 2610.5 Centrica 236.10 -7.70 327.00 234.40 5.72 -23.75 22828.8
Goodwin 2292 17.50 3749 2120 1.85 10.98 0.1 AngloPacif 83.50 -2.00 174.25 74.75 12.22 -1.98 324.2 Hays 154.20 -4.00 173.70 108.15 1.71 22.92 3950.1
AberAsM 307.20 -7.20 509.64 291.90 5.86 13.53 5959.9 LondonMtrc 156.60 -2.00 173.20 132.30 4.47 6.13 1160.3 DeeVally 1405 -11.00 1450 1135 4.45 18.65 2.0
Hill&Sm 706.00 6.00 734.00 520.00 2.55 27.41 7.0 AnGoldA R 96.84 -5.97 183.95 71.59 - -158.83 2498.1
Homesve 410.00 1.50 447.84 312.00 2.97 22.65 151.2
Ashmore 254.00 -1.70 355.90 249.00 6.48 12.15 754.4 McKaySec 260.00 -3.00 275.00 215.00 3.31 7.33 1.2 Drax 278.50 - 664.00 246.00 4.27 6.52 1430.3
IMI♦ 1002 2.00 1454.55 965.50 3.75 15.48 1169.2 Antofagasta 561.50 -18.00 813.00 519.50 2.43 36.47 5246.3 HowdenJny 470.50 -5.30 532.00 309.00 1.79 20.03 1273.9
BrewDlph 275.80 -5.20 361.00 236.80 3.59 41.91 244.7 MucklGp 493.00 1.00 510.00 421.00 4.10 5.74 15.4 Natl GridX 825.80 -19.20 965.00 806.40 5.12 15.47 7274.1
MelroseInd♦ 259.00 -1.50 314.78 242.70 3.21 40.53 5209.4 ..5%Pf 0.60 - 0.60 0.60833.33 - - Intserve 558.50 -4.00 878.50 487.20 4.12 15.18 180.8
Canaccord 270.00 - 695.00 275.00 3.77 -14.83 0.4 PrimyHth 409.00 -1.00 421.25 324.00 4.83 11.47 280.0 Pennon♦ 722.50 -14.00 925.00 714.50 4.15 23.08 1088.7
Renold 71.50 0.25 86.00 49.00 - 28.99 14.8 AquarsPl 8.10 -0.15 24.25 5.53 - -3.44 3138.5 Intertek 2464 -29.00 2851.78 2141 1.99 20.92 509.0
CtyLonInv 325.00 -15.50 380.37 251.25 7.93 15.25 18.2 Redefine 52.70 1.05 59.90 48.00 6.07 5.21 499.3 UtdUtils 833.50 -16.00 1045 784.00 4.39 20.99 2217.5
Rotork 198.30 -1.20 289.00 188.10 2.53 17.28 2378.2 Barrick C$ 8.72 -0.67 20.03 8.60 2.26 -2.89 4298.0 Latchways♦ 720.00 - 1040 705.01 5.50 19.01 4.8

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 PolarCap 399.50 0.50 500.00 351.00 6.63 15.73 8.6 Insurance Egdon Res 12.00 0.25 25.93 6.24 - -7.69 6.2 LXB Retail 78.00 -0.50 149.00 77.00 - - 700.6 Tech - Hardware
Cohort 370.00 - 390.00 195.40 1.19 26.93 46.6 Share 27.50 - 41.68 26.75 2.25 292.55 36.0 Gable 24.75 -0.50 84.00 16.75 - -6.93 92.0 Enegi Oil 0.63 - 4.18 0.58 - -0.24 10.0 NewRiver 328.00 -0.50 342.00 271.00 2.59 17.74 200.0 AminoTech 160.00 2.00 171.00 75.24 3.13 14.25 73.0
ShoreCap 407.50 -7.50 431.50 400.00 2.21 19.60 0.5 Helios 192.50 2.50 200.00 120.00 0.78 15.74 5.5 EuropaOil 4.88 - 10.75 4.50 - -6.92 34.3 Palace Cap 362.50 -2.50 405.00 295.00 2.34 4.52 110.7 IQE 24.00 0.50 26.50 12.08 - 99.59 1233.1
Banks STM Group 49.00 0.50 55.90 16.50 - 29.48 38.0 FalkldO&G 21.00 -0.50 45.00 16.75 - -45.26 872.7 PnthrSec 352.50 -5.00 375.00 300.00 3.40 13.51 2.7
BCB Hldgs 7.50 - 13.50 6.00 - -1.27 2.0 WH Ireland 108.50 - 130.00 79.00 1.84 41.75 38.7 Media GETECH 54.50 - 71.70 32.00 4.04 8.26 36.2 PSPI 30.50 - 31.00 23.00 - -5.65 12.8 Tech - Software & Services
STB♦ 2870 -5.00 3024 2257 2.37 20.85 30.5 Avesco 199.00 -2.50 233.00 95.00 3.02 13.87 10.6 Infrastrata 1.38 - 8.88 1.40 - -1.20 374.9 SiriusRE € 0.48 0.00 0.53 0.28 2.18 10.52 692.0 Blinkx 20.50 1.25 45.00 14.75 - -5.87 6035.3
Food & Beverages Cello Gp 94.50 1.50 106.70 81.00 2.55 35.89 23.3 Iofina 16.75 0.25 65.56 15.00 - -5.00 168.8 SumGermny €♦ 0.91 - 0.99 0.50 2.05 3.63 50.5 BondInt 123.50 -1.00 148.25 83.00 1.78 23.91 7.5
Basic Resource (Ex Mining) FinsbryFd 97.50 -0.50 101.98 56.00 1.03 13.07 41.7 M&Csaatc 325.25 1.25 395.00 249.75 1.73 -1372.36 30.2 Brady 98.50 - 110.13 64.00 1.73 176.52 108.6
Ithaca Engy 31.75 -0.25 137.50 26.25 - -5.93 698.8 TaliesinPr 2312.5 - 2545 1750 - 8.38 0.0
CropperJ 502.75 - 570.00 355.00 1.57 24.99 4.2 Nichols♦ 1404 8.00 1459 834.56 1.60 24.32 14.3 MissionMk 45.00 -0.50 51.00 37.00 2.22 8.90 11.4 Datatec 350.00 - 369.66 261.25 3.14 14.66 86.5
KBC Adv 114.00 -1.00 130.31 77.00 0.88 20.60 390.6 Winkworth♦ 155.00 -4.50 180.00 115.00 3.81 13.14 11.0
PureCircle 402.50 - 635.00 352.24 - 313.47 4.6 Next15Cm 184.00 - 198.00 116.00 1.50 119.02 4.4 DDD 2.75 - 5.05 1.25 - -2.86 30.3
Chemicals Max# 0.16 - 1.38 0.08 - -0.08 634.1
Retailers
RealGdFd 51.00 -2.00 59.40 23.00 - 60.00 113.2 YouGov 118.50 -1.00 133.00 98.50 0.68 213.13 7.7 PetrelRes 2.50 - 7.50 2.00 - -1.09 20.0 Eckoh 39.00 0.75 48.50 33.00 0.80 46.10 111.5
Scapa 191.25 -3.75 225.25 120.00 0.52 30.82 276.7
Wynnstay 575.00 17.50 607.25 474.52 1.77 16.20 13.9 Petroceltic 46.75 2.75 224.00 42.75 - -0.51 1051.3 ASOS 2904 -118.00 4259 1742 - 66.76 871.8 EgSoltns 63.50 - 84.00 62.00 - 18.03 15.5
Construction & Materials Mining Koovs 67.50 -3.00 171.00 60.00 - - 22.0 Iomart♦ 239.00 -6.00 285.75 159.93 0.73 29.00 79.9
Health Care Equip & Services PetroNeft 4.15 -0.30 6.65 3.60 - -5.11 558.0
Abbey 1012.5 - 1050 800.00 0.79 7.55 0.1 AMC 14.00 -0.50 44.58 2.77 - -69.31 1750.2 Majestic 402.00 -9.25 480.00 280.00 3.98 19.74 89.5 K3BusTc 267.50 - 275.00 205.00 0.47 29.69 6.7
Advnc Med 146.00 -0.75 161.00 111.00 0.43 24.01 193.4 Plexus 200.00 2.00 268.87 165.00 0.55 32.19 15.1
AccsysTch 70.00 - 81.50 0.93 - -6.90 4.5 BotswanaD 0.80 0.03 4.15 0.72 - -1.71 123.4 StanlGib 206.50 -1.50 322.00 206.00 3.51 51.94 104.4 OMG 41.50 -0.50 49.00 26.00 1.20 119.60 23.6
AVO 7.25 - 16.90 3.50 - -9.67 2163.1 PresidentEn 10.13 0.38 39.48 9.00 - 4.51 72.6
Aukett 6.63 - 9.50 5.76 3.17 8.69 27.5 CentAsiaM 157.00 1.00 198.00 135.16 6.68 4.44 4.3 Progility 3.13 0.13 10.30 2.75 - 3.31 50.0
CareTech 246.00 3.50 263.25 190.00 3.25 11.60 30.7 Rockhop 47.75 2.75 95.50 40.00 - -9.34 918.7 Support Services
Connema 1.50 -0.13 3.81 0.25 - -2.60 323.1 Pub Tech 137.50 1.50 240.00 120.00 - -4.23 0.8
Sound Oil 15.50 -0.25 26.73 8.75 - -11.34 560.5
Electronic & Electrical Equip ImmunDiag 306.00 - 479.00 264.40 2.78 38.29 3.1 C'royG&NR 0.65 - 1.60 0.50 - -7.07 100.0 AndSyks 340.00 - 385.00 260.00 7.00 15.43 0.5
SciSys 64.00 - 96.75 38.50 2.34 8.82 1.0
SphereMed 13.25 - 31.00 12.00 - -1.49 10.0 TowerRes 0.17 0.01 0.88 0.09 - -0.16 9028.2 Augean 57.25 0.25 62.00 37.65 0.61 12.69 66.8
CeresPow 8.85 -0.06 11.75 6.50 - -6.43 39.0 GrekaDrill 5.75 0.18 16.80 5.32 - -6.20 50.0 WANdisco 176.00 - 545.00 170.30 - -1.72 39.9
Tristel 95.50 -1.50 107.99 65.00 1.70 23.80 68.3 TrinityE 3.10 -0.05 93.57 2.92 - -0.03 164.9 Begbies 43.00 0.50 54.76 38.50 5.27 16.81 17.5
Densitrn 8.50 0.13 9.75 3.50 - 293.10 100.0 Herencia 0.14 0.01 0.49 0.12 - -1.73 11808.6
UnJackOil 0.17 - 0.48 0.14 - -4.25 16188.0
ElektronT 7.00 -0.13 8.70 3.25 - 70.00 201.0 House, Leisure & Pers Goods HighldGld 48.75 0.25 71.50 17.73 10.87 -9.91 97.4 Christie 131.00 -2.00 162.00 115.00 1.34 14.57 5.7 Telecommunications
VictorOil 50.00 0.75 89.05 1.21 - -1.45 105.0 Empres 70.50 -2.00 91.50 38.13 0.50 9.37 40.0
FlowGp 13.00 0.25 50.00 12.20 - -3.30 457.8 KarelianDd 0.93 - 2.08 0.80 - -13.21 242.7 AltNetwks 483.00 -7.13 545.00 415.00 3.00 26.07 20.9
Airea 19.50 - 20.80 10.25 3.08 12.71 45.0 VolgaGas 55.50 -3.50 121.00 55.00 4.33 5.46 12.0 Hargreaves 339.00 1.50 815.00 280.00 7.52 3.60 38.9
LPA 63.00 0.50 112.00 60.00 2.46 55.65 5.8 KEFI Min 0.75 - 1.80 0.67 - -1.86 2348.5 AvantiCom 209.00 2.00 325.00 170.25 - -3.73 39.3
Churchll 520.00 2.50 630.00 425.00 2.85 16.91 9.0 Hydrogen 53.00 -0.50 90.25 48.25 8.68 -126.19 14.5
ThorpeFW 181.50 1.50 196.00 120.00 1.79 20.08 10.9
gamingrealm 22.50 -0.25 41.00 20.00 - -4.81 82.0
OracleC 1.50 - 2.00 0.25 - -7.28 444.7 Pharmaceuticals & Biotech Peoples Op 125.00 - 147.60 120.00 - -55.19 0.5
Zytronic 296.50 3.00 319.00 219.00 3.38 14.50 12.2 RamblMtls 8.75 - 27.40 8.50 - -30.49 50.3 Abcam 552.50 -20.00 614.50 355.25 1.40 31.45 870.3 Impellam 790.00 -5.00 859.60 455.00 0.79 12.90 1.5
Mulberry 909.50 4.50 969.00 562.50 0.55 -387.52 8.2
ShantaGold 4.75 - 13.00 4.25 - 3.92 54.9 ISG 158.50 0.50 356.00 140.00 5.96 -5.79 17.2 Travel & Leisure
AllcePharm 54.75 0.50 63.00 31.65 1.71 17.34 63.8
Financial General Portmern 905.00 - 960.00 840.00 2.93 14.81 6.4
SierraRut 22.25 - 38.00 17.00 - -19.03 1.0 JhnsnSrv 86.00 1.75 91.00 56.00 1.52 29.66 1294.0 CastleStIn 36.00 2.00 41.25 17.00 8.33 - 123.8
TelfordHms 392.25 0.75 495.00 317.50 2.60 12.03 195.7 Epistem 192.50 - 339.00 175.00 - -6.43 0.0
Ambrian 6.50 - 12.50 5.25 - 19.70 3.5 Sirius Min 16.50 - 29.50 6.40 - -32.80 2580.7 JourneyGp 176.50 - 180.47 113.00 1.63 15.29 1.3 Celtic 73.50 -1.75 79.00 72.18 - -19.13 3.3
WalkerGb 219.00 - 244.85 151.05 0.88 26.47 32.9 e-Thera 33.13 -0.13 49.40 24.25 - -11.25 27.8
Arbuthnot 1463 9.50 1650 1000.00 1.85 20.09 0.9 SolGold 1.83 -0.08 7.06 1.78 - -3.46 739.2 LonSec 2100 -45.00 2450 1900 2.95 20.31 0.0 ..6%CvPf♦ 65.00 - 80.00 35.00 4.98 - 0.5
GW Phrms 542.00 -4.00 708.55 299.11 - -35.59 324.1
Aurora 9.13 - 12.88 8.00 - -0.93 0.9 Industrial Engineering Stratex 2.15 -0.03 3.22 1.00 - -4.12 1112.3 Matchtech 560.00 -5.00 587.80 495.00 3.57 17.46 8.0 ..Cv Pf 135.00 - 150.00 120.00 - - 16.0
HtchChMd 1795 - 2020 1010 - 1602.68 96.1
BP Marsh 137.50 -1.00 156.75 121.00 2.00 8.14 15.8 Xtract Res 0.25 -0.01 0.49 0.06 - -2.78 51236.6 NewmkSec 3.13 0.05 4.93 1.66 2.40 6.65 251.8 Dalata 288.00 -2.00 299.00 111.15 - 102.09 10.9
600 Grp 16.75 -0.25 21.40 14.60 - 6.50 13.5 ImmuPhar 41.00 - 67.00 37.00 - -11.94 5.3
BrooksMac 1788 -17.00 1900 1300 1.45 28.55 1.2 ZincOx 10.75 - 18.00 6.00 - -0.79 30.4 NormanBr 14.00 1.50 25.00 8.50 - -1.52 25.0 Dart 446.00 -4.00 500.00 200.00 0.65 20.09 543.7
Molins 74.50 -0.50 161.00 68.01 7.38 -48.41 12.0 ReNeuron 5.38 0.13 6.50 2.80 - -10.79 2097.3
Camellia 9575 5.00 10000 8450 1.31 93.26 0.8 NWF 155.00 - 165.00 120.00 3.29 12.17 16.9 GoalsSocc 198.00 -0.50 242.00 195.00 0.93 22.27 1.0
MS Intl 171.00 1.00 201.80 116.00 4.68 20.86 1.2 Sareum 0.21 - 0.68 0.19 - -3.62 5898.5
CaptlMgt 117.00 - 200.00 103.00 - -1.50 0.0 Oil & Gas Optimal Pay 285.00 21.25 575.00 215.00 - 23.70 16666.5 MinoanGp 7.13 -0.13 15.73 6.75 - -11.29 62.9
Pres Tech 204.00 -4.50 750.00 180.00 4.12 12.37 10.4 SinclairIS 38.75 1.00 48.00 23.30 - -14.86 380.4
Fairpoint 158.00 - 170.00 105.66 3.89 24.19 48.9 AlkneEng 22.50 -0.25 40.35 19.50 0.89 10.07 35.3 PennaCns 216.00 3.50 230.00 116.00 1.62 14.31 9.0 PeelHtls 103.50 - 110.00 75.00 - 22.16 4.0
TP Group 3.75 - 7.40 3.00 - -4.24 15.0 Vernalis 74.00 -1.00 85.00 41.75 - -111.28 91.5
Leeds 31.00 - 43.79 30.00 - 8.12 9.0 AmeriRes 23.75 0.25 67.25 19.10 - 14.53 2228.1 Petards 11.50 - 15.99 9.75 - 10.37 135.4
MattioliWds 576.00 1.00 580.00 414.00 1.58 25.79 116.1 Industrial General AndesEnrg 24.00 -3.75 49.42 16.50 - -17.71 355.5 Real Estate Utilities
RedhallGp 11.00 - 18.50 8.50 - -0.38 10.8
Miton 24.50 -0.88 38.50 18.50 2.20 -7.50 75.0 BahamasP 2.00 -0.04 4.70 1.50 - -8.55 137.9 ModernWtr 11.13 - 29.00 10.50 - -0.50 9.6
Powerflte 74.25 0.25 80.00 35.00 1.41 46.18 2.2 Conygar 173.00 -2.50 195.00 160.00 1.01 8.77 41.7 Renew 326.50 4.00 348.00 237.00 1.53 18.92 138.0
MAB 297.63 0.13 309.26 160.00 - 31.04 2.7 BorSthnPet 2.61 - 13.90 2.07 - -5.06 145.7 RenEnGen 46.50 - 68.00 46.00 4.73 -32.49 15.0
RM2 64.75 0.75 77.00 46.00 - -6.80 71.0 FltchKng 45.50 - 65.00 38.00 6.59 6.33 0.3 Restore 242.00 -1.00 289.00 195.24 0.87 40.37 16.8
Numis 246.75 1.75 280.00 196.09 4.26 18.74 45.6 Circle Oil 5.13 -0.25 28.70 5.00 - -0.84 1089.9 Rurelec 1.48 -0.15 6.48 1.32 - -2.81 1436.6
Symphny 7.50 - 11.22 6.50 - -32.05 20.1 InlandHms 67.88 -0.38 74.00 45.00 0.88 21.46 692.2 SafeCharge 254.00 -1.00 297.00 195.00 0.73 38.18 1787.6
Park Grp 67.00 -1.00 77.50 47.00 3.81 14.56 3.0 ClontarfEn 0.35 - 1.40 0.26 - -3.80 20.0 SeaEnergy 7.50 0.25 39.50 7.00 - -1.67 15.0
Lok'nStor 280.00 - 300.30 199.17 2.50 119.00 1.5 Servoca 21.50 -1.00 26.03 11.00 - 16.00 104.4
Utilityws 155.00 -1.00 311.05 142.00 2.58 10.81 786.7

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 102.75 - 107.89 102.00 - - - JPMGIConv 92.75 2.25 112.00 90.00 6.06 98.5 -5.8 ScotAmer♦ 237.50 -1.25 276.50 221.99 4.44 224.9 5.6 Albion Ent♦ 90.50 - 91.75 85.00 5.52 98.0 -7.7 Marwyn Val 222.25 2.25 251.93 196.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin Inv 659.00 -11.00 706.00 565.20 3.58 651.3 1.2 JPM GEI 93.38 -0.38 130.00 86.11 5.25 92.4 1.1 Scottish In 571.00 -5.50 670.00 536.00 2.10 632.6 -9.7 AlbionTech 76.00 -0.50 78.49 71.25 6.58 79.2 -4.0 TerraCat 106.00 0.50 112.00 90.00 - - -
3i Infra 164.70 0.10 189.56 151.00 4.54 - - Edin WWd 426.00 -5.00 502.44 332.25 0.47 448.6 -5.0 JPM I&C Uni 361.50 - 370.00 330.06 - 340.5 6.2 ScottMort 238.90 -3.40 283.40 204.00 1.21 228.1 4.7 AlbionVCT 66.00 - 68.65 63.00 7.58 67.1 -1.6
AbnAsianIn 156.25 1.00 213.80 142.50 5.25 161.8 -3.4 EP Global 220.75 -3.75 262.10 207.04 1.49 221.9 -0.5 JPM Inc&Gr 105.50 -0.50 115.85 98.50 2.09 107.4 -1.8 ScottOrtll 699.50 -5.50 900.00 660.00 1.64 780.3 -10.4 ArtemisVCT 63.50 - 70.52 59.23 6.30 70.4 -9.8 ISDX
AbnAsian 699.50 -0.50 1014 653.77 1.43 800.3 -12.6 Estabmt 145.00 - 188.00 145.00 3.24 190.6 -23.9 JPM Ind 477.75 -9.25 605.50 430.00 - 533.8 -10.5 SecTstScot 126.63 -2.25 148.00 123.00 3.79 131.4 -3.6 Baronsmd 76.13 - 75.60 69.50 4.60 79.4 -4.1
Euro Ast♦ 1037.5 2.50 1160 800.00 5.04 1027.2 1.0 JPM JpSm 217.75 0.88 261.75 184.00 - 263.4 -17.3 Seneca I&G♦ 139.88 - 150.00 131.00 4.00 140.2 -0.2 ..VCT 2 98.63 - 99.00 91.00 4.56 103.0 -4.2 52 Week Vol
AbnJapInv 471.50 1.00 571.00 357.50 0.95 485.7 -2.9
EuroInvT 746.00 -7.00 849.00 659.33 1.88 771.1 -3.3 JPM Jap 258.13 0.63 307.95 195.00 1.08 292.7 -11.8 Shires Inc 224.38 0.25 261.00 214.00 5.35 229.5 -2.2 ..VCT 3 102.25 - 104.70 94.00 7.33 106.1 -3.6 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn 49.50 1.00 85.68 44.25 8.59 52.8 -6.2
F&C Cp&I 255.13 -0.88 277.00 231.75 3.88 247.3 3.2 JPM Mid 955.00 -1.00 992.00 669.10 1.88 978.0 -2.4 StdLf Eqt 454.38 0.75 471.46 362.50 3.08 443.2 2.5 ..VCT 4 94.88 - 94.35 86.75 3.16 98.7 -3.9 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
..Sub 0.20 - 2.63 0.10 - - -
F&CGblSmlr 925.00 19.00 1028.92 781.00 0.88 920.7 0.5 JPM O'seas 956.50 6.50 1159 890.95 1.57 1039.4 -8.0 StdLf Sml 319.50 -0.75 340.00 256.00 1.41 344.0 -7.1 ..VCT 5 78.13 -0.25 78.88 72.00 5.12 80.6 -3.1 ShephdNm 1140 - 1260 1000.00 2.27 25.29 0.0
AbnNewDn♦ 145.25 -2.75 205.23 136.00 2.48 165.5 -12.2
F&CMgdG 147.00 - 158.00 130.00 - 144.5 1.7 JPMRussian 270.75 1.00 447.00 223.25 4.80 326.2 -17.0 StrategicEq 226.75 3.75 241.50 153.65 0.34 209.7 8.1 BSC VCT 88.00 - 91.80 82.00 6.25 96.2 -8.5 Thwaites 109.00 - 132.00 108.00 4.09 9.82 0.0
AbnNewThai 342.13 -4.13 489.88 324.00 2.34 406.1 -15.8
AbnSmlCo 212.00 0.50 229.00 174.00 3.10 247.3 -14.3 F&CMgdI 115.00 - 130.00 110.00 4.30 114.2 0.7 JPMSnrSec 90.00 - 101.00 89.22 - 93.6 -3.8 Temp Bar 1088 -21.00 1274 1040 4.30 1098.9 -1.0 ..VCT2 57.00 - 60.50 51.98 7.89 62.5 -8.8
Abn UK 290.25 -6.00 334.75 281.83 3.51 300.9 -3.5 FidAsian 201.00 -0.75 285.50 195.50 0.55 233.7 -14.0 JPM Smlr 850.00 -4.50 868.00 527.00 1.13 997.5 -14.8 TempEmerg 395.00 -2.50 626.64 370.00 1.84 452.2 -12.6 Crown Place 29.00 - 30.50 27.75 8.62 28.1 3.2
Abf Gd Inc♦■ 199.50 2.25 212.00 138.25 3.68 214.7 -7.1 FidChiSpS 113.10 -5.70 179.78 105.06 1.02 131.9 -14.3 JPM US Sml 162.50 -1.50 193.75 135.77 - 169.4 -4.1 TRIG♦ 100.00 -0.25 109.00 99.00 5.50 - - FrsightSol 103.50 - 106.00 95.00 5.80 108.4 -4.5 Guide to FT Share Service
Abf Sml♦ 1176 -3.00 1235 966.00 2.10 1265.1 -7.0 Fid Euro 167.30 -2.50 187.50 137.40 1.85 174.8 -4.3 JupUSSmCo 585.50 -0.50 704.03 574.28 - 660.7 -11.4 ThreadUKSel♦ 168.00 - 181.78 160.00 2.59 178.1 -5.7 Inc&GthVCT 93.50 - 104.00 88.25 19.25 103.6 -9.7
AcenciADbt $ 1.54 -0.02 114.00 1.53 4.05 1.7 -9.4 Fid Jap 77.25 0.63 88.25 64.00 - 91.5 -15.6 KeystoneInv 1749 -11.00 1900 1651.76 2.89 1796.0 -2.6 TREurGth 603.00 1.00 661.00 438.00 1.08 650.1 -7.2 KingsAYVCT 18.00 - 19.50 17.25 5.56 19.8 -9.1
AdvDvpMk 357.75 -7.63 483.00 350.00 - 409.6 -12.7 Fid Spec 195.75 -5.25 217.00 159.37 1.69 - - Law Deb♦ 468.25 -7.75 545.50 452.50 3.35 437.0 7.2 TroyInc&G 66.75 -0.50 74.71 60.00 3.41 66.1 1.0 Maven I&G 66.00 - 67.50 59.50 6.82 64.9 1.7
Alliance 448.30 -2.30 531.50 420.20 2.21 511.6 -12.4 FinsG&I 540.50 -8.00 609.36 464.25 2.16 537.7 0.5 LinTrain £♦■ 469.50 -2.50 537.00 364.40 1.44 398.5 17.8 UtilicoEmg♦ 155.50 -0.25 206.09 142.94 3.92 172.6 -9.9 MavenVCT2 52.25 - 56.75 49.00 7.37 59.4 -12.0 For queries about the London Share Service pages e-mail
AllianzTech 563.50 6.50 640.43 463.07 - 567.8 -0.8 FstPacfic H HK$ 5.02 0.03 9.48 4.95 4.16 - - Ln&StLaw♦ 349.88 -2.00 384.00 330.80 3.94 355.8 -1.7 UtilicoInv♦ 111.50 1.50 128.25 103.00 6.73 132.1 -15.6 MavenVCT3♦ 73.75 - 79.00 70.00 2.71 86.8 -15.0 ft.reader.enquiries@morningstar.com.
AltAstsOps 38.25 - 47.00 36.50 - 43.4 -11.9 For & Col 411.60 -1.50 467.90 365.00 2.28 438.6 -6.2 Lowland 1335.5 -6.50 1440 1219 2.85 1307.5 2.1 ValAndInc 236.00 -1.00 274.00 228.50 3.69 304.5 -22.5 MavenVCT4 84.50 - 88.39 80.00 5.62 98.5 -14.2 All data is as of close of the previous business day. Company classifications
Art Alpha 256.00 1.75 306.50 249.50 1.27 309.8 -17.4 Geiger 13.75 -0.50 27.95 12.50 - 15.9 -13.5 M&GHighInc 160.50 -0.50 179.95 148.00 2.87 162.7 -1.4 Witan 720.00 -5.00 850.00 642.00 2.17 718.5 0.2 MavenVCT5♦ 34.75 - 37.00 32.00 2.88 42.6 -18.4 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 19.00 -0.50 44.73 18.10 6.32 - - GenEmer 429.20 2.30 583.00 391.70 - 476.1 -9.9 Majedie 250.00 4.00 283.00 206.41 3.00 247.5 1.0 WitanPac 209.50 -2.50 274.75 203.03 2.15 248.2 -15.6 Nthn 2 VCT 69.75 - 88.00 67.25 2.87 74.1 -5.9 100 constituent stocks are shown in bold.
AsianToRt 170.25 -3.75 224.00 163.25 1.91 190.6 -10.7 GFIS 16.00 - 28.39 15.00 - 43.8 -63.5 Man&Lon 231.50 -2.38 260.49 219.00 3.23 265.5 -12.8 WorldTst♦ 237.00 -0.50 285.25 212.00 0.22 268.3 -11.7 Nthn 3 VCT 90.00 - 104.00 88.00 6.11 95.4 -5.7 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 151.50 - 166.79 144.00 2.51 155.3 -2.4 GRIT 11.13 -0.63 35.00 9.79 - - - MCGlobPort 162.50 -0.75 195.00 155.00 2.46 163.0 -0.3 WwideHlth 1817 2.00 2108.5 1355 0.77 1849.6 -1.8 NthnVent 76.00 - 85.36 74.50 7.89 79.8 -4.8 are based on intra-day trading over a rolling 52 week period. Price/earnings
BG Japan 418.00 -8.25 493.25 316.50 - 407.9 2.5 GoldenPros 19.75 - 41.83 18.00 - 22.7 -13.0 MCurPac 243.50 -2.75 336.00 236.73 3.08 284.3 -14.4 ProVenGI 79.00 - 81.25 76.00 5.06 83.6 -5.5 ratios (PER) are based on latest annual reports and accounts and are updated
Conventional - Private Equity 52 Week Dis(-)
BG Shin 368.75 7.75 424.00 282.50 - 365.9 0.8 Hansa 824.50 1.00 988.00 814.98 2.30 1097.1 -24.8 MercantIT 1691 -28.00 1762.96 1316.55 2.37 1842.8 -8.2 ProVenVCT 94.50 - 97.89 89.50 4.76 100.5 -6.0 with interim figures. PER is calculated using the company’s diluted earnings
Price +/-Chg High Low Yld NAV or Pm
BSRT 21.50 0.50 39.80 19.00 - 38.9 -44.7 ..A 806.50 - 942.00 795.00 - 1097.1 -26.5 MrchTst 439.00 - 506.33 413.00 5.40 432.1 1.6 UnicornAIM 133.00 - 135.79 122.00 4.51 153.5 -13.4 from continuing operations. Yields are based on closing price and on dividends
Hend Alt 218.00 -2.50 254.00 215.00 1.38 266.1 -18.1 Mid Wynd 317.50 -1.00 352.50 260.07 1.20 303.3 4.7 AbnPvtEq♦ 83.38 - 96.00 80.28 2.68 118.1 -29.4
Bankers♦ 574.00 -11.00 674.50 506.00 2.63 583.8 -1.7 Ordinary Income Shares 52 Week HR paid in the last financial year and updated with interim figures. Yields are
Hen Div 89.00 -0.25 95.50 87.50 5.73 89.2 -0.2 MitonUKMic 53.63 0.38 56.25 50.00 - - - Altamir € 10.05 - 11.82 9.43 - 16.0 -37.2
BrngEmEu 449.00 -6.00 679.00 432.00 4.23 508.1 -11.6 Price +/-Chg High Low Yld WO GRY 0% shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuroF 1011 -13.00 1148.5 816.47 2.32 980.9 3.1 MitonWw 158.50 - 164.65 149.00 - 170.4 -7.0 Dun Ent 316.88 1.63 409.00 305.00 5.21 514.2 -38.4
BH Global 1300 - 1343.6 1178 - 1372.0 -5.2 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenEuro 820.50 -11.00 957.00 678.25 2.13 828.4 -1.0 MMP 3.13 - 5.00 3.00 - - - Electra 3231 41.00 3349.01 2338 - 3605.2 -10.4 JPM I&C 96.38 -0.63 106.00 86.00 6.74 -13.6 -9.2
..EUR € 12.00 - 14.00 11.80 - - - capital changes where appropriate.
HenFarEs♦ 261.00 -6.00 362.00 238.25 7.09 263.0 -0.8 Monks 381.50 -3.20 458.90 348.40 1.04 420.4 -9.3 ElectraPrf 151.00 -0.25 152.05 144.25 - 145.7 3.6 JupiterDv&G 4.25 -0.25 5.50 3.50 17.41 8.0 -34.7
..USD $ 12.80 -0.05 13.35 11.70 - 13.5 -5.2 Trading volumes are end of day aggregated totals, rounded to the nearest
HendGlob 346.63 -3.75 416.81 336.20 2.88 398.2 -13.0 MontanSm 482.00 -2.00 544.00 390.50 1.45 545.4 -11.6 F&C PvtEq 217.75 -0.25 230.00 197.00 4.94 278.0 -21.7 M&GHI&Gt 59.00 0.25 67.00 55.00 - -14.3 -21.4
BH Macro 2055 -11.00 2191 1938 - 2174.0 -5.5 1,000 shares.
HenHigh 176.50 -0.25 195.25 156.50 4.93 168.4 4.8 Mur Inc 669.00 -3.00 796.60 646.50 4.90 700.1 -4.4 GraphEnt 565.00 -9.50 605.00 536.10 1.33 686.2 -17.7 Rghts&Icp 4750 - 4900 3800 - -79.1 -2.7
..EUR € 19.84 -0.16 21.10 18.71 - 21.0 -5.5
HenInt Inc♦ 114.25 0.50 137.69 103.00 3.76 111.2 2.7 Mur Int 810.00 -18.00 1123 787.96 5.56 810.9 -0.1 HVPE $ 13.30 -0.15 13.85 11.92 - 16.2 -17.9 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.55 -0.21 21.10 18.67 - 20.9 -6.5 Income Shares 52 Week HR
Hen Opp♦ 993.50 -9.00 1059.1 755.00 1.26 1021.6 -2.8 ..B 750.00 - 1445.47 677.00 - 810.9 -7.5 HgCapital 1085 -9.00 1169 1006 2.95 1296.6 -16.3 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 715.50 4.00 898.92 492.52 - 738.9 -3.2 Price +/-Chg High Low Yld WO GRY 0%
HenSmlr 656.00 -4.00 696.00 468.13 1.75 710.8 -7.7 NB DDIF $ 1.16 0.00 1.25 1.00 - - - JPM Pvt Eq $ 1.01 - 1.07 0.76 - 1.3 -22.3 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom 60.50 1.50 119.88 55.25 9.94 58.2 4.0 JPM In&Gr 95.75 -0.25 100.50 90.15 4.60 -69.2 10.6
Herald 680.00 -7.00 742.50 594.00 - 824.8 -17.6 NewCtyEgy 13.00 -0.50 37.00 10.50 - 17.1 -24.0 JZ Capital 437.00 - 480.00 390.00 - 676.6 -35.4 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 170.50 -8.75 247.00 164.58 1.36 200.7 -15.0 M&GHghIc 56.50 0.50 63.00 51.00 - -13.8 -18.4
HICL Infra 152.80 -0.90 161.40 140.10 5.91 138.0 10.7 ..Sub 0.13 - 0.15 0.06 - - - Mithras 134.00 -2.25 151.91 130.00 0.75 161.5 -17.0 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 101.50 0.25 133.28 95.25 4.10 105.0 -3.3 Rghts&I 1075 - 1245 895.00 3.35 - 44.6
Impax Env. 139.00 -2.50 167.75 136.00 1.01 157.2 -11.6 NewCityHY♦ 56.13 -0.38 66.50 52.00 7.54 56.1 0.1 NB PE Ptnr $ 11.50 -0.11 12.20 10.80 - - - in pence.
BlckRGtEur 233.88 -5.13 264.50 201.75 2.01 244.6 -4.4
Ind IT♦ 346.00 1.00 364.00 268.50 1.45 349.1 -0.9 NewIndia 285.38 -4.00 371.30 263.00 - 331.3 -13.9 Nthn Invs 546.50 - 665.00 385.25 1.83 526.7 3.8 Capital Shares 52 Week HR
..Sub 10.50 -0.13 25.63 8.50 - - -
Intl PP 136.10 -0.20 140.59 130.34 4.57 123.8 9.9 New Star IT 73.00 -0.50 77.91 65.45 - 103.6 -29.5 Pantheon 1250 -5.00 1355 1140 - 1541.6 -18.9 Price +/-Chg High Low SP WO TAV 0% X FT Global 500 company
BlckR I&G♦ 174.50 - 193.00 158.01 3.27 176.1 -0.9
InvAsTr 157.50 0.50 213.58 147.00 2.19 179.4 -12.2 NorthAmer 754.00 -1.00 906.45 729.50 3.78 809.2 -6.8 PantheonR 1235 -50.00 1300 1058 - 1541.6 -19.9 JPM Inc&Gr 10.50 -0.25 15.19 9.00 6.8 0.4 - ♦ trading ex-dividend
BlckRIncStr 130.50 -5.00 140.50 119.25 4.95 129.3 0.9
Inv Inc 280.50 -6.00 305.00 255.00 3.57 288.7 -2.8 NthAtSml 2005 -10.00 2050 1625.86 - 2529.9 -20.7 PrincssPE € 7.50 -0.01 8.12 6.50 6.95 9.0 -16.7 M&GHghIc 2.43 - 5.39 2.00 16.1 15.3 - ■ trading ex-capital distribution
BlckRckLat 271.00 -7.63 508.45 267.02 7.09 322.1 -15.9
InvPerp 71.50 - 79.00 70.00 6.99 69.1 3.5 Oryx Int 547.50 - 565.00 375.00 - 616.4 -11.2 Riverstone 839.00 -25.00 1114 822.00 - 1051.8 -20.2 # price at time of suspension from trading
BlckRckNrAm♦ 105.25 -1.00 124.50 98.75 3.80 111.1 -5.3 Zero Dividend Preference Shares 52 Week HR
IPST BalR 118.75 -0.50 123.00 114.00 - 114.7 3.5 PacAsset 177.00 3.00 226.15 156.25 1.47 176.8 0.1 StdLfEuPv 202.75 0.25 236.42 198.00 2.47 262.0 -22.6
BlckRSmlr 899.75 -1.75 969.39 697.00 1.43 1004.9 -10.5 Price +/-Chg High Low SP WO TAV 0% The prices listed are indicative and believed accurate at the time of publication.
BlckRThrmt 330.75 2.00 351.79 238.00 1.33 373.7 -11.5 IPST Gbl Eq 153.50 -0.50 172.00 138.00 3.00 148.1 3.6 PacHorzn 146.00 -2.00 223.77 142.50 0.96 167.7 -12.9 Conventional - Property ICs 52 Week Dis(-) Abf Gd Inc 150.50 - 153.25 143.00 -44.8 - 159.7 No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld 205.25 -2.75 496.44 202.00 10.23 231.6 -11.4 IPST Mngd 102.25 -0.25 104.00 100.75 - 103.2 -0.9 Perp I&G 397.10 -2.90 431.00 350.81 3.05 386.1 2.8 Price +/-Chg High Low Yld NAV or Pm EcofinWatr 154.13 - 155.10 149.75 -67.9 -86.4 160.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 190.00 - 194.60 182.93 - 201.2 -5.6 IPST UK Eq 158.50 0.50 174.39 143.00 3.88 157.0 1.0 PerAsset 33565 -250.00 36313.1 33436 1.67 33407. 0.5 Direct Property JPM I&C 174.00 - 175.00 165.50 -17.4 - 192.1 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 458.80 -2.50 557.08 444.40 2.29 521.4 -12.0 InvPpUK♦ 369.50 -3.50 390.46 281.00 1.76 389.6 -5.2 7 JupiterDv&G 111.00 0.50 114.00 99.50 -5.3 -98.5 125.8
AseanaPr $ 0.55 0.00 0.58 0.43 - 0.5 10.0 or use of the information.
Brunner♦ 518.25 -3.50 584.12 486.00 2.32 568.2 -8.8 Invs Cap A 92.50 -0.50 102.00 87.00 4.84 93.5 -1.1 PolarFins♦ 103.00 -1.50 112.84 92.00 3.01 105.3 -2.2 JZ Capital 357.50 - 358.90 342.50 -85.7 -97.6 369.8
AXA Propty 45.63 -0.25 47.50 39.45 - - -
Calednia 2264 20.00 2517.66 2104 2.19 2642.0 -14.3 Invs Cap B 93.50 1.00 103.00 87.03 1.23 93.5 0.0 ..Sub 7.50 -0.50 13.00 5.00 - - - M&GHghIc 114.38 - 115.29 110.01 -17.2 -94.7 122.8 The London Share Service is a paid-for-print listing service and may not be
CustdnREIT♦ 107.63 0.50 111.50 104.00 3.48 - -
CanGen C$ 18.36 0.56 22.00 17.08 2.98 23.9 -23.2 Invs CapU 373.00 -1.00 404.95 347.00 - 374.0 -0.3 PolarHealth♦ 167.50 -1.50 187.50 142.50 2.12 175.1 -4.3 UtilicoFn16 184.63 - 186.00 177.51 -66.1 - 192.8 fully representative of all LSE-listed companies. This service is available to all
F&CComPrp♦ 145.10 -1.00 149.00 123.00 4.14 127.1 14.2
Cap Gear 3181 -44.00 3575 3125 0.50 3185.3 -0.1 JLaingInf 118.30 -1.00 128.60 116.00 5.49 109.9 7.6 PolarTech 541.50 -8.50 614.00 458.80 - 534.9 1.2 UtilicoFn18 139.25 -0.50 146.50 129.00 -19.1 -32.2 160.5 listed companies, subject to the Editor’s discretion. For new sales enquiries
F&CUKRealE 100.50 -0.75 104.50 86.00 4.98 97.0 3.6
City Merch 181.25 -0.63 194.00 180.50 5.52 177.5 2.1 JPM Amer 253.90 -2.60 296.14 236.05 1.28 255.9 -0.8 ProspJap $ 0.95 0.01 1.15 0.91 - 1.2 -20.8 UtilicoFn20 120.25 -1.13 123.75 103.50 -8.3 -11.1 154.9 please email stella.sorrentino@ft.com or call 020 7873 4012.
InvistaERET 0.10 - 4.30 0.03 - 4.4 -97.7
CityNatRs♦ 82.25 -0.25 146.00 75.00 6.81 101.9 -19.3 JPM Asn 188.38 0.13 268.92 182.00 1.17 216.6 -13.0 QatarInvF $ 1.17 - 1.49 1.09 - 1.4 -16.4
Longbow 105.50 - 106.75 101.25 5.45 - -
City Lon♦ 370.70 -4.80 418.35 345.00 4.01 360.5 2.8 JPM Brazil♦ 38.38 -0.25 76.49 36.00 2.21 41.4 -7.3 RIT Cap 1511 -20.00 1615 1265.55 1.97 1528.6 -1.2
PictonProp♦ 72.25 - 74.75 60.50 4.15 69.7 3.7 Investment Companies - AIM
DexionAb 186.50 -0.25 191.00 167.00 - 197.0 -5.3 JPM China 146.38 -4.00 233.96 136.30 1.09 172.2 -15.0 RobecoNV € 30.38 - - - - - -
SLIPropInc 84.00 0.25 90.25 74.75 5.50 77.0 9.1 Data provided by Morningstar
..EUR € 2.55 0.03 2.65 2.40 - 2.7 -5.6 JPMElct MC 100.00 - 101.99 97.01 - 101.8 -1.8 RolincoNV € 28.32 - - - - - - 52 Week Dis(-)
UKComPrp♦ 87.40 -0.05 94.00 80.50 4.21 84.3 3.7
..USD $ 3.85 - 3.89 3.60 - 4.2 -8.3 ..MG 576.00 -6.50 635.00 507.66 1.23 588.0 -2.0 Ruffer Inv 219.00 0.25 226.00 193.50 - 209.1 4.7 Price +/-Chg High Low Yld NAV or Pm
DiverseInc 89.38 -0.25 93.00 73.02 2.63 87.0 2.7 ..MI 96.50 1.00 110.00 92.00 1.76 99.9 -3.4 SchdrAsiaP 240.75 -0.13 321.50 226.25 1.14 270.9 -11.1 Property Securities AdFrntMkt 50.88 -0.38 65.50 49.00 - 55.8 -8.8
JPM Emrg 513.50 -6.00 674.65 486.00 1.07 578.7 -11.3 Schdr Inc 262.00 1.63 348.25 235.50 3.85 263.2 -0.5 SchdrGlbRe 117.00 -0.63 132.98 98.88 1.86 120.1 -2.6 CrysAmber 154.50 -9.50 170.00 129.81 0.3 160.3 -3.6
Dun Inc♦ 231.25 -3.75 275.00 221.50 4.80 238.9 -3.2
JPM EurGth 232.75 5.63 263.00 193.00 2.88 247.7 -6.0 SchdrJap 140.50 1.75 165.00 115.25 1.28 153.5 -8.5 TR Prop 303.20 3.20 325.00 232.40 2.49 301.2 0.7 GLI Finance♦ 55.75 -0.38 65.00 51.00 9.0 - -
Dun Sml 206.88 -2.50 229.00 171.30 2.54 239.7 -13.7
EcofinWatr♦ 118.00 -0.75 176.75 114.75 5.93 162.8 -27.5 JPM EurInc 123.38 -0.63 147.50 104.75 2.07 129.4 -4.7 SchdrOrient 169.00 0.75 215.25 154.00 4.53 169.5 -0.3 VCTs 52 Week Dis(-) IndiaCap 55.75 0.25 69.40 46.00 - 69.4 -19.7
JPM EuSm 239.00 0.38 256.00 164.00 1.21 259.5 -7.9 SchdrUK 152.50 -0.25 174.00 145.25 3.11 165.7 -8.0
..CULS
EdinDragn
102.00
226.00
-0.25 111.70 102.00 -
-1.75 311.00 212.50 0.97
-
255.7
-
-11.6 JPM Clavr♦ 583.00 4.00 645.18 534.51 3.52 595.5 -2.1 SchdrUKMd 472.50 -7.25 504.50 402.49 1.80 513.5 -8.0
Price +/-Chg High Low Yld NAV or Pm Infra India
MMP
20.13 -
3.13 -
21.99 10.00
5.00 3.00
-
-
50.7
- -
-60.3
www.morningstar.co.uk
AlbionDev 69.00 0.50 70.89 66.00 7.25 73.7 -6.4
Thursday 27 August 2015 ★ FINANCIAL TIMES 23

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

Artemis Strategic Bond R Q Acc 83.49 88.65 0.10 4.01 CF Seneca Diversified Income B INC 102.96 - 0.19 5.08 EUR Accumulating Class (H) € 9.23 - 0.00 0.00 UK Gilt Bond £ 1.28 - 0.00 1.98 Corp Pens UK Index Tracker £ 1.85 1.85 0.02 -

Artemis Strategic Bond R Q Inc 54.33 57.68 0.06 4.09 CF Seneca Diversified Income N INC 102.02 - 0.18 5.08 EUR Distributing Class € 10.85 - 0.10 2.74 UK Gilt Gross £ 2.03 - 0.00 1.95 Guardian Linked Life Assurance Ltd
ACPI Global UCITS Funds Plc (IRL)
www.acpishard.com Artemis UK Growth R Acc 447.83 474.52 -1.44 0.54 Investment Adviser - DSM Capital Partners EUR Distributing Class (H) € 8.93 - 0.00 3.02 UK Long Corp Bond £ 1.36 - -0.01 4.39 Managed Acc £ 17.13 18.04 0.09 -
Regulated The Westchester X $ 25.73 - -0.58 0.00
Artemis UK Smaller Cos R Acc 1100.99 1184.55 -0.30 0.49 GBP Distributing Class £ 9.66 - 0.05 2.95 UK Long Corp Bond - Gross £ 2.46 - 0.00 4.23 Equity Acc £ 31.33 32.98 0.34 -
ACPI Emerging Mkts FI UCITS Fund USD A $ 107.26 - 0.08 0.00
The Westchester Class 1 GBP Acc £ 17.81 - -0.22 0.00 Fixed Interest Acc £ 17.07 17.97 -0.07 -
Artemis UK Special Sits R Acc 496.41 527.71 -3.39 1.62 GBP Distributing Class (H) £ 8.99 - 0.00 2.96 UK Long Corporate Bond Fund - Gross Income £ 10.91 - -0.04 4.37
ACPI Global Credit UCITS Funds USD A $ 13.85 - 0.00 0.00
The Westchester Class 2 GBP Acc £ 17.84 - -0.22 0.00 International Acc £ 12.29 12.94 0.08 -
Artemis US Abs Ret I Acc 104.33 - -0.12 - USD Accumulating Class $ 9.28 - 0.00 0.00 UK Specialist £ 1.78 - -0.01 1.57
ACPI Global Fixed Income UCITS Fund USD A $ 151.10 - -0.65 0.00 Investment Adviser - Morant Wright Management Limited
Artemis US Equity I Acc 103.49 - -0.93 - BlueBay Asset Management LLP (LUX) Dodge & Cox Worldwide Funds plc-Global Stock Fund FIL Investment Services (UK) Limited (1200)F (UK) Retail Share Classes International S-NA Acc £ 6.31 6.65 0.04 -
Q ACPI India Fixed Income UCITS Fund USD A $ 9.85 - 0.15 - Regulated CF Morant Wright Japan A X 251.15 - 8.76 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ
USD Accumulating Share Class $ 15.10 - -0.02 0.00 Emerging Markets - retail £ 1.13 - 0.00 0.07 International S-PA Acc £ 3.81 4.01 0.02 -
Artemis US Select I Acc 105.99 - -0.80 - Callfree: Private Clients 0800 414161
ACPI India Fixed Income UCITS Fund USD A3 $ 84.08 - 1.22 0.00 BlueBay EmMkt B-USD $ 282.22 - 0.65 0.00 CF Morant Wright Japan A Inc X 247.44 - 8.63 0.00
GBP Accumulating Share Class £ 15.83 - 0.07 0.00 Broker Dealings: 0800 414 181 Europe Long Term Growth £ 1.54 - 0.00 1.84 International S-EU Acc £ 3.08 3.24 0.03 -
Artemis US Select I Inc 94.67 - -0.71 -
ACPI International Bond UCITS Fund USD A $ 18.07 - -0.20 0.00 BlueBay EmMktCrp B-USD $ 160.78 - -1.98 0.00 CF Morant Wright Japan B X 266.87 - 9.31 0.56 Authorised Inv Funds
GBP Distributing Share class £ 11.57 - 0.05 0.71 {*}CAR - Net income reinvested
Artemis US Smlr Cos I Acc 112.77 - -0.95 - Managed S-PR Acc £ 6.51 6.85 0.04 -
BlueBay EmMktSel B-USD $ 143.58 - 0.45 0.00 Unit Trust
CF Morant Wright Japan B Inc X 251.66 - 8.78 0.58
EUR Accumulating Share Class € 19.74 - 0.17 0.00 Fixed Interest S-IL Acc £ 6.45 6.79 -0.03 -
Artemis US Ex Alpha I Acc 108.15 - -1.01 - Cash Accum Units 186.34 186.34 0.00 0.00
BlueBay EmMkLocCy B-USD $ 133.61 - 0.96 0.00 CF Morant Wright Nippon Yield ACC A X 257.87 - 9.10 2.23
ACPI Select UCITS Funds PLC (IRL) Dodge & Cox Worldwide Funds plc-International Stock Fund FIL Fund Management (LUX) Deposit Accum £ 4.45 4.68 0.00 -
Cash Fund £ 1.00 1.00 0.00 0.13
Regulated BlueBay GlblConv I-USD $ 183.25 - -1.20 0.00 CF Morant Wright Nippon Yield ACC B X 267.05 - 9.43 2.23 USD Accumulating Share Class $ 13.54 - 0.18 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088 Guardian Pensions Management Ltd
ACPI Balanced UCITS Fund USD Retail $ 13.64 - -0.11 0.00 Gross Accum Cash £ 1.28 1.28 0.00 0.00
Artisan Partners Global Funds PLC (IRL) BlueBay GlblHgYd B-USD $ 131.06 - 0.29 0.00 CF Morant Wright Nippon Yield Fund A Inc X 226.37 - 7.99 2.28 EUR Accumulating Share Class € 13.87 - 0.31 0.00 Regulated Pens. Managed Acc. £ 22.14 23.30 0.14 -
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.13
ACPI Balanced UCITS Fund EUR Retail € 10.31 - -0.08 0.00 BlueBay HgYield B-EUR € 334.61 - -3.24 0.00 CF Morant Wright Nippon Yield Fund B Inc X 234.49 - 8.27 2.27 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
Tel: 44 (0) 207 766 7130 China Consumer A-GBP £ 13.03 - 0.55 0.00 Pens. Equity Acc. £ 33.09 34.83 0.42 -
ACPI Balanced UCITS Fund GBP Retail £ 10.42 - -0.08 0.00 USD Accumulating Share Class $ 16.69 - -0.24 0.00 MoneyBuilder Global £ 2.48 2.48 0.05 0.19
FCA Recognised BlueBay HgYieldCp B-EUR € 141.86 - -1.24 0.00 China Focus A-GBP £ 3.84 - 0.09 0.24
Artisan Partners Global Funds plc OEIC Funds
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - BlueBay InvGr B-EUR € 170.14 - -0.65 0.00 GBP Accumulating Share Class £ 16.54 - -0.15 0.00
Cavendish Asset Management Limited (1200)F (UK) American £ 25.42 - -0.29 0.00 Global Financial Services A-GBP £ 0.42 - 0.01 0.00
Artisan Emerging Markets I USD Acc $ 6.20 - 0.10 0.00 HPB Assurance Ltd
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - BlueBay InvGEurGv B-EUR € 146.91 - -1.12 0.00 Chelsea House, Westgate, London W5 1DR GBP Distributing Share Class £ 10.55 - -0.09 0.51
American Special Sits £ 10.49 - -0.16 0.00 Global Health Care A-GBP £ 0.54 - 0.01 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Artisan Global Equity Fund Class I USD Acc $ 14.11 - 0.10 0.00 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - BlueBay InvGEurAg I-EUR € 147.23 - -0.95 0.00 EUR Accumulating Share Class € 18.86 - -0.09 0.00 International Insurances
Authorised Inv Funds Asia Pacific Ops W-Acc £ 0.95 - -0.01 - Global Industrials A-GBP £ 0.58 - 0.00 0.00
Artisan Global Opportunities I USD Acc $ 11.43 - 0.06 0.00
Asset Management
ACPI Horizon UCITS Fund $ 12.83 - 0.10 0.00 BlueBay InvGLibor B-EUR € 124.88 - 0.08 0.00 Holiday Property Bond Ser 1 £ 0.49 - -0.01 0.00
Cavendish Opportunities Fund B Class 1062.00 - -1.00 1.37 Global Inflation-Linked Bd A-GBP-Hdg £ 1.16 - 0.00 0.52

Asset Management
Artisan Global Value Fund Class I USD Acc $ 15.10 - 0.02 0.00 Fidelity Asian Dividend Fund A-Accumulation £ 0.99 - 0.00 1.40
HighIncomeLoan H-EUR € 194.59 - -0.40 0.00 Holiday Property Bond Ser 2 £ 0.59 - -0.01 0.00
Cavendish Opportunities Fund A Class 1055.00 - -1.00 0.60 Fidelity Asian Dividend Fund A-Income £ 0.95 - 0.00 2.63 Global Real Asset Securities £ 1.29 - 0.01 0.00
Artisan US Value Equity Fund Class I USD Acc $ 10.12 - -0.16 0.00
Abbey Life Assurance Company Limited (UK) Cavendish Opportunities Fund C Acc 1096.00 - -1.00 1.20 China Consumer £ 1.29 - -0.03 0.07 Global Technology A-GBP £ 0.23 - 0.00 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
BONHOTE Cavendish Worldwide Fund B Class 280.70 - 1.70 0.79 Global Telecomms A-GBP £ 0.27 - 0.00 1.00 Hamon Investment Group
additional fund prices can be found @ www.abbeylife.co.uk Emerging Asia £ 1.03 - -0.01 0.14
Ashmore Sicav (LUX) Other International Funds Other International Funds
Insurances Cavendish Worldwide Fund A Class 279.90 - 1.70 0.07 India Focus A-GBP £ 4.11 - 0.13 0.00
2 rue Albert Borschette L-1246 Luxembourg Emerg Eur, Mid East & Africa H £ 1.28 - 0.00 0.97 Asian Market Leaders - USD $ 22.52 - 0.10 0.00
Life Funds Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6806.00 - 4.00 2.22
FCA Recognised Cavendish Worldwide Fund C Acc 287.00 - 1.70 0.80 Latin America A-GBP £ 1.28 - 0.02 0.21
Dragon Capital Group Enhanced Income - Acc £ 1.80 - -0.02 6.80 Asian Market Leaders - GBP £ 11.21 - 0.11 0.00
Prop. Acc. Ser 2 1540.10 1621.20 1.30 - Ashmore SICAV Emerging Market Debt Fund $ 91.80 - 0.20 7.51 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10147.00 - -123.00 0.90
Cavendish AIM Fund B Class 157.20 - 0.30 0.36 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Enhanced Income - Inc £ 1.17 - -0.01 7.12
Selective Acc. Ser 2 1554.00 1635.80 -3.90 - Greater China - USD $ 9.67 - -0.03 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 140.68 - 1.20 0.89 Fund information, dealing and administration: funds@dragoncapital.com
Cavendish AIM Fund A Class 152.50 - 0.20 0.00 European - Inc £ 1.39 - -0.01 1.48 Findlay Park Funds Plc (IRL)
American Ser. 4 1560.80 1642.90 -11.10 - Other International Funds Greater China - GBP £ 3.89 - 0.01 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 80.05 - 0.15 5.43 Braemar Group PCC Limited (GSY) Cavendish Asia Pacific Fund B Class 143.20 - 1.30 1.53 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Vietnam Enterprise Inv. (VEIL) NAV $ 3.51 - -0.18 0.00 European £ 15.71 - -0.10 1.12 Selected Asian P'folio $ 41.81 41.82 0.48 0.00
Custodian Ser. 4 480.70 506.00 -1.20 - Regulated FCA Recognised
Ashmore SICAV Global Small Cap Equity Fund $ 106.86 - 2.53 0.00
Cavendish Asia Pacific Fund A Class 142.30 - 1.20 0.70 Vietnam Growth Fund (VGF) NAV $ 22.70 - -0.85 0.00 European Opportunities £ 3.64 - -0.02 0.23
UK Agricultural Class A £ 1.26 - 0.00 0.00 American Fund USD Class $ 76.01 - -0.73 0.00
Equity Ser. 4 534.70 562.90 -5.50 - Ashmore SICAV Local Currency Fund $ 81.69 - 0.34 0.31
Cavendish Asia Pacific Fund C Acc 147.20 - 1.20 1.51 Vietnam Property Fund (VPF) NAV $ 0.82 - 0.04 0.00 Extra Income £ 0.26 - 0.00 3.35
UK Agricultural Class B £ 1.38 - 0.00 0.00 American Fund GBP Hedged £ 41.41 - -0.40 0.00
European Ser 4 551.70 580.80 -3.40 - EM Mkts Corp.Debt USD F $ 92.84 - -0.05 7.30 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Cavendish European Fund B Class 134.90 - 0.20 1.24 Extra Income - Gross £ 0.26 - 0.00 3.35
Student Accom Class B £ 0.55 - -0.17 0.00 American Fund GBP Unhedged £ 48.44 - -0.20 - PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Fixed Int. Ser. 4 895.20 942.30 -0.10 - EM Mkts Loc.Ccy Bd USD F $ 77.83 - 0.07 4.39
Cavendish European Fund A Class 133.10 - 0.10 0.36 Enquiries 0117 90090000
Global Dividend - Acc £ 1.46 - -0.02 3.18 Latin American Fund USD Class $ 11.15 - -0.04 0.00
Intl Ser. 4 407.80 429.20 -5.50 - DSM Capital Partners Funds (LUX) www.hl.co.uk
Cavendish Japan Fund B Class 147.20 - 6.70 0.77 www.dsmsicav.com Global Dividend - Inc £ 1.31 - -0.01 3.32 Latin American Fund GBP Unhedged £ 7.11 - 0.02 - Authorised Inv Funds
Japan Ser 4 354.00 372.60 15.60 - CAF Financial Solutions (UK)
Regulated
Kings Hill, West Malling, Kent 03000 123 222 Cavendish Japan Fund A Class 145.80 - 6.70 0.00 Global Focus £ 12.32 - -0.14 0.00 Hargreaves Lansdown Funds
Man. Ser. 4 1586.00 1669.50 -12.20 - Global Growth I2 Acc € 121.15 - 2.60 0.00 Unit Trust
Property & Other UK Unit Trusts Cavendish North American Fund B Class 170.40 - 0.10 0.58 Global High Yield Fund - A Gross Acc £ 11.85 - -0.05 4.78
Money Ser. 4 524.30 551.90 0.00 - CAF UK Equitrack Inc Fd 67.35 67.35 -0.52 3.50 Global Growth I1 Eur € 90.64 - 1.94 - HL Multi-Manager Special Situations Trust A Acc 253.88 267.24 -1.10 0.38
Cavendish North American Fund A Class 165.20 - 0.10 0.00 Global High Yield Fund - A Gross Inc £ 9.97 - -0.05 5.35
Prop. Ser. 4 1096.50 1154.20 0.80 - CAF UK Equitrack Acc Fd 93.82 93.82 -0.72 3.50 HL Multi-Manager Special Situations Trust M Acc 253.90 267.26 -1.08 0.00
Cavendish Technology Fund B Class 246.30 - 0.80 0.09 Global High Yield Fund - A Net Acc £ 11.44 - -0.05 4.83
Custodian Ser 5 461.90 486.20 -1.10 - FP CAF Alternative Strategies A Class Acc 110.55 - 0.17 0.49 HL Multi-Manager Income & Growth Trust A Acc 159.19 167.49 1.20 3.53
Cavendish Technology Fund A Class 234.40 - 0.80 0.00 Eclectica Asset Management (UK)
Global High Yield Fund - A Net Inc £ 9.96 - -0.05 5.36
International Ser 5 391.80 412.40 -5.30 - Aspect Capital Ltd (UK) FP CAF Alternative Strategies A Class Inc 109.71 - 0.16 0.52 40 Dukes Place, London EC3A 7NH HL Multi-Manager Income & Growth Trust M Acc 159.18 167.47 1.20 0.29
Other International Funds Cavendish UK Balanced Income Fund B Class 135.70 - -0.60 5.03 Order desk: 0845 6080941 Switchboard 0870 6072555 Global Property - Acc £ 1.37 - -0.03 1.28
Managed Ser 5 1524.00 1604.20 -11.60 - FP CAF Fixed Interest A class Acc 113.59 - -0.15 2.91 HL Multi-Manager Income & Growth Trust A Inc 96.91 101.96 0.73 3.62
Aspect Diversified USD $ 424.06 - 12.59 0.00 Cavendish UK Balanced Income A Class 129.10 - -0.50 5.29 Authorised Corporate Director - Capita Financial Managers
Global Property W Inc £ 1.13 - -0.03 2.90 Fleming Financial Trust Investment Fund Limited (NZ)
Money Ser 5 513.30 540.40 0.00 - FP CAF Fixed Interest A class Inc 99.92 - -0.14 2.97 Authorised Inv Funds HL Multi-Manager Income & Growth Trust M Inc 96.89 101.95 0.73 0.29
Aspect Diversified EUR € 255.69 - 7.71 - Cavendish UK Select Fund B Class 150.50 - -0.80 1.80 Incorporated in New Zealand, Reg No 5141841
CF Eclectica Agriculture A EUR Acc ♦ € 1.39 - -0.01 0.00 Global Special Sits £ 23.52 - -0.21 0.00
Property Ser 5 1053.60 1109.00 0.80 - FP CAF Fixed Interest B class Acc 114.08 - -0.16 2.91 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand HL Multi-Manager Balanced Managed Trust A Acc 175.66 184.76 -0.40 0.93
Aspect Diversified GBP £ 130.32 - 3.87 0.00 Cavendish UK Select Fund A Class 150.00 - -0.80 0.98 Index Emerging Markets P-Acc £ 0.89 - -0.01 2.58 www.fftinvestmentfund.com
Pension Funds CF Eclectica Agriculture A GBP Acc ♦ 101.26 - -0.64 0.00 HL Multi-Manager Balanced Managed Trust M Acc 175.67 184.77 -0.40 0.00
FP CAF Fixed Interest B class Inc 100.23 - -0.14 2.97 info@fftinvestmentfund.com
Aspect Diversified CHF SFr 122.40 - 3.61 0.00 Index Europe ex UK P-Acc £ 0.99 - 0.00 2.38
American 1765.90 1858.80 -26.60 - CF Eclectica Agriculture A USD Acc ♦ $ 1.58 - -0.03 0.00 Other International Funds
FP CAF International Equity A Class Acc 130.63 - 0.48 0.68 HL Multi-Manager Equity & Bond Trust A Inc 106.46 111.89 0.21 2.01
Aspect Diversified Trends USD $ 130.09 - 3.15 0.00
Equity 4673.60 4919.50 -24.10 - Cedar Rock Capital Limited (IRL) CF Eclectica Agriculture C EUR Acc ♦ € 1.44 - -0.01 0.34 Index Japan P-Acc £ 1.06 - 0.00 1.53 Fleming FT Investment Fund
FP CAF International Equity A Class Inc 127.01 - 0.47 0.68 HL Multi-Manager Equity & Bond Trust M Inc 106.45 111.87 0.21 0.17
Aspect Diversified Trends EUR € 130.28 - 3.02 0.00 Regulated Fleming Fund $ 3.83 3.93 0.01 -
European 1105.50 1163.70 -0.60 - CF Eclectica Agriculture C GBP Acc ♦ 104.96 - -0.67 0.39 Index Pacific ex Japan P-Acc £ 0.96 - -0.01 3.73
FP CAF UK Equity A Class Acc 143.97 - 1.21 2.16 Cedar Rock Capital Fd Plc $ 365.29 - -3.41 0.00 HL Multi-Manager Equity & Bond Trust A Acc 143.14 150.43 0.28 1.99
Aspect Diversified Trends GBP £ 134.80 - 3.15 0.00 Index UK A-Acc £ 0.80 - -0.01 2.79
Fixed Int. 1642.60 1729.10 -3.80 - CF Eclectica Agriculture C USD Acc ♦ $ 1.62 - -0.03 0.40
FP CAF UK Equity A Class Inc 131.66 - 1.11 2.19 Cedar Rock Capital Fd Plc £ 367.41 - -3.53 0.00 HL Multi-Manager Equity & Bond Trust M Acc 143.15 150.44 0.29 0.17
International 855.20 900.20 -10.50 - Index UK P-Acc £ 0.97 - -0.01 3.03 Foord Asset Mgt (Guernsey) Ltd (GSY)
FP CAF UK Equity B Class Acc 143.97 - 1.21 2.16 Cedar Rock Capital Fd Plc € 342.24 - -5.15 0.00 HL Multi-Manager Strategic Bond Trust A Acc 166.69 171.84 -0.52 1.48
Regulated
Japan 366.20 385.50 13.40 - Atlantas Sicav (LUX) Index US A-Acc £ 1.47 - -0.02 1.45
FP CAF UK Equity B Class Inc 131.65 - 1.11 2.19 Foord International Trust $ 33.65 - -0.74 0.00 HL Multi-Manager Strategic Bond Trust M Acc 166.69 171.84 -0.52 0.13
Regulated
Managed 4070.80 4285.00 -24.20 - Index US P-Acc £ 1.13 - -0.02 1.66
American Dynamic $ 3273.97 - -328.49 0.00 HL Multi-Manager Strategic Bond Trust A Inc 139.60 143.91 -0.44 1.50
Property 2836.50 2985.80 2.80 -
Charles Schwab Worldwide Funds Plc (IRL) Index World A-Acc £ 1.32 - -0.01 1.78
American One $ 3006.66 - -326.74 0.00 Regulated HL Multi-Manager Strategic Bond Trust M Inc 139.60 143.91 -0.44 0.13
Security 1476.50 1554.20 0.00 - Index World P-Acc £ 1.07 - -0.01 1.90 Franklin Templeton International Services Sarl (IRL)
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland HL Multi Manager Emerging Markets A Acc 80.37 82.83 0.54 0.00
Bond Global € 1340.79 - -44.68 0.00
Selective 1985.40 2089.90 -6.60 - Japan £ 2.60 - 0.02 0.00 Other International Funds
Eurocroissance € 801.72 - -92.32 0.00 HL Multi-Manager European A Acc 97.28 100.27 1.82 0.14
Formerly Hill Samuel Life Assurance Ltd EdenTree Investment Management Ltd (UK) Japan Smaller Companies £ 1.87 - 0.02 0.00 Franklin Emerging Market Debt Opportunities Fund Plc
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Far East $ 620.54 - -63.79 0.00 Chartered Asset Management Pte Ltd PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 HL Multi-Manager UK Growth A Acc 100.27 103.37 1.09 0.16
Franklin Emg Mkts Debt Opp CHFSFr 17.85 - -0.03 6.46
Other International Funds MoneyBuilder Asset Allocator £ 1.15 - 0.00 0.51
Managed Ser A (Life) 1517.40 1605.70 13.70 - Authorised Inv Funds
Franklin Emg Mkts Debt Opp EUR € 12.62 - -0.07 6.52
CAM-GTF Limited $ 271270.16 271270.16 -5157.63 0.00 Amity UK Cls A Inc 207.90 - -1.50 1.43 MoneyBuilder Balanced £ 0.49 - 0.00 4.02
Managed Ser A (Pensions) 1005.90 1058.90 11.00 - CCLA Investment Management Ltd (UK)
BLME Asset Management (LUX) Senator House 85 Queen Victoria Street London EC4V 4ET
Franklin Emg Mkts Debt Opp GBP £ 10.43 - -0.08 6.43 Haussmann
CAM GTi Limited $ 647.80 - -62.67 0.00 Amity UK Cls B Inc 207.90 - -1.40 2.21 Money Builder Dividend £ 2.46 - -0.02 4.28
Formerly Target Life Assurance Ltd BLME Sharia'a Umbrella Fund SICAV SIF Other International Funds
Authorised Inv Funds Franklin Emg Mkts Debt Opp SGD S$ 22.98 - -0.11 6.28
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Regulated Raffles-Asia Investment Company $ 1.72 1.72 -0.10 7.53 Higher Income Cls A Inc 120.50 - -0.50 4.83 MoneyBuilder Growth £ 0.72 - -0.01 2.17 Haussmann Cls A $ 2859.39 - -18.19 0.00
The Public Sector Deposit Fund
Managed (Life) 1537.90 1618.90 13.70 - Franklin Emg Mkts Debt Opp USD $ 17.75 - -0.17 6.31
Income Fund - Share Class A Acc $ 1138.20 - -0.10 0.00 The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.51 Higher Income Cls B Inc 123.90 - -0.60 4.76 MoneyBuilder Growth ISA £ 0.73 - 0.00 2.31 Haussmann Cls C € 2504.82 - -16.57 0.00
Managed Growth (Life) 481.60 507.00 6.20 - Income Fund - Share Class B Acc $ 1158.38 - -0.09 0.00 MoneyBuilder Income £ 0.35 - 0.00 3.24
The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.30 UK Equity Growth Cls A Inc 231.80 - -1.40 0.59 Haussmann Cls D SFr 1328.55 - -9.32 0.00
Managed (Pensions) 6037.10 6354.80 66.50 - Income Fund - Share Class C Acc $ 1006.45 - -0.09 0.00 MoneyBuilder Income -Gross £ 0.35 - 0.00 3.24 Frontier Capital (Bermuda) Limited
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.36 UK Equity Growth Cls B Inc 237.10 - -1.40 1.19
Managed Growth (Pensions) 583.40 614.10 9.30 - Other International
Income Fund - Share Class D Dis $ 996.33 - -0.08 1.22 The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.41 Amity Balanced For Charities A Inc 106.00 - -0.50 5.94 Multi Asset Adventurous A-Acc £ 1.25 - 0.00 0.46
additional fund prices can be found on our website Commercial Property-GBP Class £ 71.42 - -0.53 - Heartwood Wealth Management Limited (IRL)
Income Fund - Share Class G Acc £ 1078.27 - -0.08 0.00 The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.30 Amity European Fund Cls A Inc 192.10 - 0.20 1.23 Multi Asset Alloc Adventurous A-Acc £ 3.62 - 0.00 2.31 Regulated
Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Income Fund - Share Class M Acc € 1013.52 - -0.13 0.00 Amity European Fund Cls B Inc 194.30 - 0.20 2.08 Multi Asset Alloc Strategic A-Acc £ 1.14 - 0.00 0.28 Heartwood Caut Multi Asset B Acc 137.65 - 0.48 0.00

Income Fund - Share Class W DisA$ 1033.48 - -0.03 - Cheyne Capital Management (UK) LLP (IRL) Multi Asset Alloc Def - Gross A £ 1.10 - 0.00 0.28
Amity Global Equity Inc for Charities A Inc 95.58 - -0.69 3.88
CCLA Investment Management Ltd (UK) Regulated
Gl Sukuk Fund - Share Class A Acc $ 1228.01 - -0.07 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Amity International Cls A Inc 186.10 - -0.60 1.35 Multi Asset Alloc Def - Net A £ 1.10 - 0.00 0.24 Henderson Global Investors (UK)
Cheyne Convertibles Absolute Return Fund € 1325.52 - 7.81 0.00
Gl Sukuk Fund - Share class B Acc £ 1095.54 1095.54 -0.07 0.00 Property & Other UK Unit Trusts PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Amity International Cls B Inc 187.80 - -0.50 2.21 Multi Asset Alloc Growth A £ 1.15 - -0.01 0.00
CBF Church of England Funds Cheyne European Real Estate Bond Fund € 110.50 - -0.54 0.00 www.henderson.com
Amity Sterling Bond Fund A Inc 106.80 - -0.10 5.16 Multi Asset Defensive £ 1.20 - 0.00 0.35 Authorised Inv Funds
Investment Inc 1274.36 1288.46 -88.91 3.78 Cheyne Global Credit Fund € 118.54 - 0.30 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Amity Sterling Bond Fund B Inc 115.20 - -0.10 5.14 Multi Asset Defensive - Gross £ 1.21 - 0.00 0.35 Asia Pacific Capital Growth A Acc 623.00 - -11.10 0.91
Alceda Fund Management S.A. Investment Acc 2570.49 2598.92 -179.32 -
www.alceda.lu Regulated Multi Asset Growth £ 1.31 - 0.00 0.34 Asian Dividend Income Inc 77.42 81.70 -1.12 6.32
Global Equity Inc 144.11 145.70 -12.76 4.31 Fundsmith LLP (1200)F (UK)
FCA Recognised Global Liquidity USD $ 1.00 - 0.00 0.22 Cheyne Capital Management (UK) LLP
MultiManager Balanced £ 1.09 - 0.00 0.56 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Cautious Managed A Acc 233.00 - -1.20 3.17
AC Opp - Aremus Fund EUR A € 111.43 - 1.06 0.00 Global Equity Acc 208.42 210.72 -18.46 - Other International Funds Edinburgh Partners Limited (IRL) www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Cheyne European Event Driven Fund € 137.14 - 0.99 0.00 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Multi Asset Open Growth A-Acc £ 0.44 - -0.01 0.78 Authorised Inv Funds Cautious Managed A Inc 145.30 - -0.70 3.23
AC Risk Parity 7 Fund EUR A € 118.00 - 0.14 0.00 UK Equity Inc 139.09 140.49 -12.25 4.05
Barclays Investment Funds (CI) Ltd (JER) Dealing - Fax only - +353 1 434 5230
Cheyne European High Yield Fund € 136.72 - -3.22 0.00 Multi Asset Open Strategic A-Acc £ 1.20 - 0.00 1.33 Fundsmith Equity T Acc 196.44 - -1.40 1.22 China Opportunities A Acc 705.20 - -22.30 0.40
AC Risk Parity 12 Fund EUR A € 139.83 - 0.29 0.00 UK Equity Acc 203.52 205.57 -17.91 - FCA Recognised
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Cheyne Malacca Asia Equity Fund Class A $ 1437.16 - 19.75 0.00 Edinburgh Partners Opportunities Fund PLC Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.31 Fundsmith Equity T Inc 185.52 - -1.32 1.23 Emerging Markets Opportunities A Acc 131.30 - 0.70 0.77
AC Risk Parity 17 Fund EUR A € 85.80 - 0.26 0.00 FCA Recognised Fixed Interest Inc 165.61 166.27 1.17 3.96
Bond Funds Cheyne Multi Strategy Liquid Fund $ 127.99 - 0.31 - European Opportunities I EUR € 2.53 - 0.10 2.04 Multi Asset Strategic £ 1.49 - 0.00 0.52 European Growth A Acc 160.70 - -1.30 0.78
ACQ Risk Parity Bond Fund EUR A € 96.03 96.03 -0.17 0.00 Fixed Interest Acc 497.29 499.29 3.51 -
Sterling Bond F £ 0.46 - 0.00 3.36 European Opportunities I GBP £ 1.83 - 0.05 2.27 Open World A-Acc £ 1.10 - -0.02 0.00 European Selected Opportunities A Acc 1231.00 - -7.00 0.65
Cheyne Real Estate Credit Holdings Fund £ 151.98 - 0.89 0.00
Property Fund Inc 129.30 133.64 1.14 6.51 GAM Limited (2300)F (UK)
Cheyne Real Estate Debt Fund Class A1 £ 131.69 - 0.43 0.00 European Opportunities I USD $ 2.90 - 0.07 1.82 Multi Asset Income A Gross Acc £ 1.54 - 0.00 3.66 GAM Sterling Management Limited European Special Situations A Acc 94.66 - -0.29 1.05
Property Fund Acc 231.49 239.24 2.03 -
12 St James's Place London SW1A 1NX. 0800 919 927
Baring Fund Managers Ltd (1200)F (UK) Cheyne Total Return Credit Fund - December 2017 Class $ 197.53 - -6.47 0.00 European Opportunities A EUR € 2.47 - 0.09 1.42 Multi Asset Income A Gross Inc £ 1.09 - 0.00 5.13 Fixed Interest Monthly Income A Inc 21.89 22.96 0.02 5.48
Internet: gam.com
Dealing and Enquiries 020 7214 1004
Cheyne Total Return Credit Fund December 2019 $ 143.50 - 2.25 - Global Opportunities I USD $ 1.59 - -0.01 1.93 Multi Asset Income A Net Acc £ 1.46 - 0.00 3.68 Authorised Inv Funds Global Care Growth A Inc 187.60 - 3.50 0.11
Fund Information: www.barings.com CCLA Fund Managers Ltd (UK) GAM Funds OEIC
Authorised Inv Funds Senator House 85 Queen Victoria Street London EC4V 4ET Global Opportunities I GBP £ 1.02 - 0.00 1.85 Multi Asset Income A Net Inc £ 1.09 - 0.00 5.14 Global Equity Income A Inc 45.92 - -0.13 3.71
GAM Global Diversified Acc 3687.84 - 1.36 0.00
Dynamic Capital Growth Acc 633.00 668.00 -2.50 1.24 Property & Other UK Unit Trusts Global Opportunities I EUR € 1.39 - 0.01 1.87 South East Asia £ 7.10 - -0.05 0.12 Global Growth Fund 1885.20 1970.81 13.77 0.00
COIF Charity Funds (UK) Cohen & Steers SICAV (LUX) GAM North American Gwth Acc 2991.69 - -18.43 0.00
Dynamic Capital Growth Inc 253.30 267.30 -1.00 1.25 Regulated Global Opportunities A GBP £ 0.95 - -0.01 1.40 Special Situations £ 29.32 - -0.25 0.76 Global Technology A Acc 823.50 - -18.10 0.00
Algebris Investments (IRL) Investment Inc 1229.63 1243.23 -7.49 3.62
Asset Management
GAM UK Diversified Acc 1805.14 - 38.45 1.04
Regulated Eastern Acc GBP 573.70 - -2.70 0.00 European Real Estate Securities € 22.3525 - 0.6784 2.74 Pan European Opportunities I EUR € 1.54 - 0.06 - Strategic Bond £ 0.31 - 0.00 3.03 Multi-Manager Absolute Return A Acc 134.00 - -0.50 0.31
Algebris Financial Credit Fund - Class I EUR € 129.85 - -0.87 0.00 Eastern Inc GBP 563.00 - -2.70 0.00
Investment Acc

Ethical Invest Inc

11718.59 11848.21 -71.39

190.00 192.10 -1.28 3.73

-
Europ.RealEstate Sec. IX € 29.9245 - 0.9081 0.00 Strategic Bond Gross £ 0.31 - 0.00 3.02 Multi-Manager Active A Acc ▲ Asset Manageme 165.40 - 0.70 0.00
Algebris Financial Income Fund - Class I EUR € 117.79 - -2.90 0.00 Europe Select Inc GBP 2500.00 - 8.00 0.66 Gbl RealEstate Sec. I $ 10.1282 - -0.1467 2.18 Target 2015 £ 0.50 - 0.00 0.27 GAM Limited (IRL)
Multi-Manager Distribution A Inc 124.00 - 0.00 3.28
Ethical Invest Acc 242.21 244.89 -1.63 - FCA Recognised
Algebris Financial Equity Fund - Class B EUR € 96.46 - -1.82 - European Growth Inc 1006.00 1060.00 -3.00 1.36 Gbl RealEstate Sec. IX $ 11.9784 - -0.1734 0.00 Target 2015 - Gross £ 0.50 - 0.00 0.30 GAM Fund Management Ltd Multi-Manager Diversified A Acc 77.00 - -0.04 2.66
Global Equity Inc 145.29 146.90 -1.46 4.41
Algebris Asset Allocation Fund - Class B EUR € 97.98 - -0.48 - German Growth Acc GBP 565.20 - 4.00 0.29 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Target 2020 £ 0.55 - 0.01 0.50 Multi-Manager Global Select Acc 169.30 - -0.30 0.00
Global Equity Acc 213.36 215.72 -2.15 - GAM Star Fund Plc
German Growth Inc GBP 520.40 - 3.70 0.28 Target 2025 £ 1.26 - 0.01 0.27 Multi-Manager Income & Growth A Acc 147.90 - -0.10 2.15
Fixed Interest Inc 134.17 134.71 -0.96 4.14 GAM Star Asia-Pacific Eqty USD Acc F $ 11.28 - -0.17 0.00
Strategic Bond Inc 116.00 121.90 0.00 1.07 Target 2030 £ 1.34 - 0.02 0.24 Multi-Manager Income & Growth A Inc 136.90 - 0.00 2.18
Fixed Interest Acc 761.48 764.53 -5.42 - GAM Star Asian Eqty USD Ord Acc F $ 11.87 - 0.20 0.00
Global Growth Inc 354.80 373.70 -2.40 0.00 EFG Hermes UK Select £ 2.34 - -0.03 0.85 Multi-Manager Managed A Acc 219.00 - 0.60 0.41
Property Inc 111.19 114.92 -0.43 5.79 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE GAM Star Balanced GBP Acc £ 9.92 - -0.16 0.00
Japan Growth Acc 128.50 135.40 1.80 0.26 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com UK Growth £ 3.44 - -0.02 0.00 Multi-Manager Managed A Inc 215.00 - 0.60 0.40
Property Acc 245.85 254.09 2.45 - GAM Star Cap.Appr.US Eqty USD Inc F $ 15.92 - -0.15 0.00
Korea Acc 257.40 272.60 6.40 0.00 Other International Funds
Local Authorities Property Fd (LAMIT) (UK) UK Smaller Companies £ 2.05 - -0.01 0.18 Sterling Bond Acc 194.46 203.19 -0.31 2.78
Comgest SA (FRA) The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 GAM Star Cat Bond USD Acc $ 12.50 - 0.02 0.00
Multi Asset A Acc ... C 151.60 - -0.70 1.46 Property 274.76 295.14 2.73 4.81 WealthBuilder A Acc £ 0.97 - 0.02 0.61 Sterling Bond Inc 60.64 63.35 -0.09 2.82
17 square Edouard VII - 75009 Paris
Allianz Global Investors GmbH(1200) F (LUX) Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 GAM Star Cautious GBP Acc £ 10.18 - -0.15 0.00
Multi Asset A Inc ... C 145.10 - -0.60 1.48 FCA Recognised Fidelity PathFinder Strategic Bond A Inc 126.50 - 0.10 5.31
FCA Recognised
Saudi Arabia Equity Fund SR 14.78 - -0.37 0.00 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.08 - 0.00 - GAM Star China Equity USD Acc F $ 20.20 - 0.21 0.00
UK Growth Inc 231.90 245.20 -1.60 1.46 Comgest Magellan € 17.94 - 0.55 0.00
Allianz Best Styles Global Equity £ 97.63 97.63 -0.95 - UK & Irish Smaller Companies A Acc 549.70 - 1.60 0.00
CG Asset Management Limited (IRL) GAM Star Cont European Eqty GBP Acc F £ 3.37 - 0.09 0.00
Charity Fund Fidelity PathFinder Foundation 1 Acc (clean) £ 1.07 - -0.01 -
Allianz Global Fundamental Strategy £ 101.06 101.06 -0.62 - Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland UK Absolute Return A Acc 146.30 - -0.20 0.00
0800 032 6347 (charity enquiries) 00 353 1 434 5098 GAM Star Cred Opportunities GBP Acc £ 12.29 - -0.02 4.58
Electric & General (1000)F (UK) Fidelity PathFinder Foundation 2 Acc (clean) £ 1.06 - 0.00 -
Allianz Global Small Cap Equity £ 103.14 103.14 -0.04 -
Targeted Return Fund Acc 139.90 140.70 -0.70 3.11 FCA Recognised
Comgest AM International Ltd (IRL) UK Alpha A Acc ♦ 109.80 - -0.40 0.96
46 St Stephen's Green, Dublin 2, Ireland Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Foundation 3 Acc (clean) £ 1.03 - 0.00 - GAM Star Defensive GBP Acc £ 10.61 - -0.10 0.00
Capital Gearing Portfolio Fund Plc £ 26334.91 26334.91 -85.58 0.63 Orders & Enquiries: 0845 850 0255 UK Equity Income & Growth A Inc 593.90 - -1.60 3.70
Targeted Return Fund Inc 108.70 109.30 -0.60 3.18 FCA Recognised GAM Star Discretionary FX USD Acc F $ 12.44 - 0.16 0.00
Authorised Inv Funds Fidelity PathFinder Foundation 4 Acc (clean) £ 1.03 - -0.01 -
CG Portfolio Fund Plc UK Index A Acc 470.30 - -3.70 2.47
Amundi Funds (LUX) Comgest Gth Asia Pac ex Jap DIS F $ 7.13 - 0.10 0.12
Authorised Corporate Director - Carvetian Capital Management GAM Star Dynamic Gbl Bd USD Acc H $ 10.15 - -0.07 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.09 - 0.00 -
Real Return Cls A £ 165.16 165.16 0.03 2.41 Comgest Gth Emerging Mkt DIS F $ 28.60 - 0.49 0.41 UK Property A Acc 193.08 203.24 0.05 4.04
www.amundi-funds.com Baring International Fd Mgrs (Ireland) (IRL) Electric&General Net Income A 131.80 - -1.00 2.01 GAM Star Emerg. Market Rates USD Acc F $ 11.42 - 0.00 0.00
Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.09 - 0.00 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Dollar Fund Cls D £ 127.48 127.48 -0.19 1.63 Comgest Gth Europe DIS F € 19.52 - 0.69 0.00 UK Property A Inc 97.68 102.81 0.03 4.16
FCA Recognised GAM Star European Eqty USD Acc F $ 23.11 - 0.64 0.00
FCA Recognised Fidelity PathFinder Focussed 1 Acc (clean) £ 1.08 - -0.01 -
Bd. Euro Corporate AE Class - R - EUR € 18.40 - -0.06 0.00 Capital Value Fund Cls V £ 128.26 128.26 -0.55 0.27 Comgest Gth GEM PC DIS F € 11.22 - 0.30 0.14 UK Tracker A Acc 210.10 - -1.80 2.20
ASEAN Frontiers A GBP Inc £ 97.83 - -0.56 0.57 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Focused 2 Acc (Clean) £ 1.09 - 0.00 - GAM Star Flexible Gbl Port GBP Ac £ 12.18 - 0.01 0.00
Bd. Global AU Class - R - USD $ 25.84 - -0.25 0.00 US Growth A Acc 699.70 - -8.90 0.00
5 Kensington Church St, London W8 4LD 020 7368 4220 GAM Star GAMCO US Equity Acc F $ 12.16 - -0.12 0.00
Asia Growth A GBP Inc H £ 38.75 - -0.11 0.00 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.07 - 0.00 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FCA Recognised
Australia A GBP Inc £ 61.65 - -0.98 1.94
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.07 - 0.00 - GAM Star Global Rates USD Acc F $ 12.74 - -0.02 0.00

Asset Management
Ennismore European Smlr Cos NAV £ 96.66 - -0.35 0.00
Eq. Emerging World AU Class - R - USD $ 77.68 - 1.61 0.00 PO BOX 10117, Chelmsford, Essex, CM1 9JB

Asset Management Asset Management

Baring China Bond Fund $ 9.77 - -0.01 0.00 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.09 - 0.02 - GAM Star Global Selector USD Acc F $ 12.54 - 0.00 0.00
Dealing & Client Services 0845 0264281 Ennismore European Smlr Cos NAV € 132.95 - 1.08 0.00
Eq. Greater China AU Class - R - USD $ 514.39 - 4.98 0.00
Authorised Inv Funds GAM Star Japan Eqty USD Acc F $ 12.39 - -0.49 0.00
Baring Emerging Markets Corporate Debt Fund $ 9.27 - 0.01 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.06 - 0.00 -
Eq. Latin America AU Class - R - USD $ 329.05 - 2.59 0.00 Consistent UT Inc 52.39 53.01 -0.46 4.47
Baring European Opportunities Fund Class A EUR Acc € 12.98 - -0.04 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.04 - 0.00 - GAM Star Keynes Quant Strat USD Acc F $ 12.34 - -0.15 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.94 - 0.03 0.00 Consistent UT Acc 122.10 123.55 -1.08 4.33 Ennismore European Smlr Cos Hedge Fd
GAM Star Local EM Rates and FX USD Acc $ 10.78 - 0.07 0.00
Baring Global Mining Fund - Class A GBP Inc £ 3.77 - -0.07 0.55 Canada Life Investments (UK) Other International Funds Fidelity PathFinder Freedom 1 Acc (clean) £ 1.05 - -0.01 -
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Practical Investment Inc 201.93 206.77 -1.78 3.72 GAM Star North of South EM Equity Acc F $ 9.13 - -0.56 0.00
Dynamic Emerging Markets A GBP Acc F £ 8.49 - -0.01 0.00 NAV € 482.14 - 6.07 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.01 - 0.00 -
Authorised Inv Funds
Hermes Investment Funds Plc (IRL)
The Antares European Fund Limited Practical Investment Acc 961.85 984.90 -8.44 3.63 GAM Star Technology USD Acc F $ 14.00 - 0.09 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Eastern Europe A GBP Inc £ 36.82 - 0.14 1.77 Asia Pacific B Acc 743.32 - 15.01 0.93 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.00 - 0.00 -
Other International FCA Recognised
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.39 - -0.07 6.62 GAM Star US All Cap Eqty USD Acc F $ 12.40 - -0.15 0.00
AEF Ltd Usd $ 630.92 - -19.03 - Balanced B Acc 140.17 - -0.44 0.92 Equinox Fund Mgmt (Guernsey) Limited (GSY) Fidelity PathFinder Freedom 5 Acc (clean) £ 1.03 - -0.01 -
Hermes Abs Return Credit Fund Class F Acc £ £ 0.97 0.97 0.00 -
Regulated GAM Star Worldwide Eqty USD Acc F $ 3171.83 - 51.16 0.00
AEF Ltd Eur € 633.71 - -18.64 0.00 Emerging Opportunities A GBP Inc H £ 16.19 - -0.02 0.00 Corporate Bond B Inc 204.34 - -0.56 4.08 Fidelity PathFinder Income 1 Income (clean) £ 1.02 - 0.00 3.93
Hermes Abs Return Credit Fund Class R Acc € € 1.92 1.92 0.03 -
Equinox Russian Opportunities Fund Limited $ 113.57 - 2.96 0.00
Glb Emerging Markets A GBP Inc H £ 16.52 - -0.05 0.00 European B Acc 240.91 - -0.74 0.00 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.02 - 0.00 4.81
Hermes Active UK Inflation Fund Class F Acc £ 1.31 1.31 -0.01 0.00
Glb Resources A GBP Inc H £ 10.08 - -0.15 0.35 Global Bond B Inc 90.26 - 0.63 2.78 Fidelity PathFinder Income 2 Income (clean) £ 1.02 - 0.00 3.71 GYS Investment Management Ltd (GSY)
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.33 1.33 0.03 0.00
Arisaig Partners Regulated
Other International Funds High Yield Bond A GBP Hedged Inc H £ 6.39 - 0.04 6.79 Euronova Asset Management UK LLP (CYM) Fidelity PathFinder Income 2 gross £ 1.03 - 0.00 4.68
Global Equity B Acc 557.56 - -3.51 1.67 Hermes Asia Ex-Japan Equity Fund Class R Acc € 2.90 2.90 0.06 0.00
Regulated Taurus Emerging Fund Ltd $ 171.11 174.60 -15.93 0.00
Arisaig Africa Consumer Fund Limited $ 14.70 - -0.03 0.00 Hong Kong China A GBP Inc £ 505.36 - -10.40 0.57 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.02 - 0.00 4.62
Global Equity Income B Inc 115.10 - -0.32 4.13 Crèdit Andorrà Asset Management (LUX) Smaller Cos Cls One Shares (Est) € 33.47 - -1.57 0.00 Hermes Global Emerging Markets Fund Class F Acc £ 1.05 1.05 0.01 0.00
Arisaig Asia Consumer Fund Limited $ 60.02 - 0.76 0.00 India Fund - Class A GBP Inc £ 13.62 - -0.01 0.00 www.creditandorra.com Fidelity PathFinder Income 3 Income (clean) £ 1.02 - 0.00 4.29
Global High Yield Bond B Inc 94.82 - 0.20 4.71 Smaller Cos Cls Two Shares (Est) € 23.54 - -1.00 0.00 Hermes Global Emerging Markets Fund Class R Acc € 2.65 2.65 0.00 0.00
Arisaig Global Emerging Markets Consumer Fund $ 9.74 - 0.13 0.00 FCA Recognised Institutional OEIC Funds Generali International Limited
Latin America A USD Inc H $ 26.54 - -0.75 0.20 Global Infrastructure B Acc 104.38 - -0.52 1.32 Smaller Cos Cls Three Shares (Est) € 11.86 - -0.49 0.00 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 Hermes Global Equity Fund Class F Acc £ 1.37 1.37 0.00 0.00
Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 America £ 3.61 - -0.05 0.53
Arisaig Global Emerging Markets Consumer UCITS € 11.03 - 0.30 0.00 MENA A GBP Inc F * £ 11.81 - -0.02 0.57 International Insurances
Global Resource B Acc 69.80 - -0.30 0.13 Smaller Cos Cls Four Shares (Est) € 15.19 - -0.68 0.00 Hermes Global Equity Fund Class R Acc € 3.60 3.60 -0.01 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Emerging Markets £ 2.83 - 0.00 0.81
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.24 - 0.16 0.00 Global Multi-Strategy Managed $ 4.91 5.29 0.00 0.00
Japan B Acc 48.95 - 0.62 0.62 Hermes Global ESG Equity Fund Class F Acc £ 1.05 1.05 0.00 0.00
Crediinvest SICAV Fixed Income Eur € 10.73 - 0.00 0.00 Europe £ 3.94 - -0.02 1.53
Arisaig Latin America Consumer Fund $ 19.69 - 0.30 0.00 UK Multi-Strategy Managed £ 4.93 5.31 -0.02 0.00
Baring International Fd Mgrs (Ireland) (IRL) Portfolio III B Acc 105.49 - -0.29 2.02
Asset Management
Hermes Global High Yield Bond Fund Class F Acc £ 1.07 1.07 -0.01 0.00
Crediinvest SICAV Fixed Income Usd $ 10.48 - -0.01 0.00 Fidelity Pre-Retirement Bond Fund £ 117.10 - -0.30 3.07
Regulated EU Multi-Strategy Managed € 3.08 3.32 0.01 0.00
Portfolio IV B Acc 106.53 - -0.31 2.20 Hermes Global High Yield Bond Fund Class R Acc € 2.80 2.80 0.01 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Crediinvest SICAV Spanish Value € 256.07 - 6.51 0.00 Global Focus £ 2.62 - -0.03 0.80 Global Bond USD $ 3.49 3.77 -0.02 0.00
Portfolio V B Acc 104.73 - -0.23 1.34 Hermes Global Small Cap Fund Class F Acc £ £ 0.91 0.91 0.00 -
Crediinvest SICAV International Value € 215.63 - 6.81 0.00 Index Linked Bond £ 2.67 - -0.03 0.72
Portfolio VI B Acc 103.01 - -0.20 1.44 Hermes Global Small Cap Fund Class R Acc € € 1.80 1.80 0.00 -
Crediinvest SICAV Big Cap Value € 16.83 - 0.62 0.00 Index Linked Bond Gross £ 3.22 - -0.03 0.72
Barings (Luxembourg) (LUX)
Portfolio VII B Acc 98.99 - -0.16 1.16 Genesis Asset Managers LLP Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.98 0.98 0.00 -
FCA Recognised Crediinvest SICAV US American Value $ 17.09 - -0.20 0.00 Index-Linked Bond Fund Gross Inc £ 12.59 - -0.12 0.72 Other International Funds
North American B Acc 748.96 - -9.74 1.05 Eurobank Fund Management Company (Luxembourg) S.A. Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.03 1.03 0.00 0.00
Russia A GBP Inc F £ 21.75 - 0.77 0.00 Crediinvest SICAV Sustainability € 14.28 - -0.31 0.00 Japan £ 1.94 - 0.01 0.78 Emerging Mkts NAV £ 4.75 - 0.07 0.00
Regulated
Strategic Return B Acc 96.77 - -0.54 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.23 1.23 0.00 0.00
Artemis Fund Managers Ltd (1200)F (UK) (LF) Absolute Return € 1.28 - 0.00 0.00 Long Bond £ 0.51 - 0.00 2.90
57 St. James's Street, London SW1A 1LD 0800 092 2051 Total Return B Acc 99.21 - -0.59 2.88 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.19 1.19 -0.01 1.29
Barmac Asset Management Ltd (UK) DAVIS Funds SICAV (LUX) (LF) Balanced - Active Fund (RON)RON 16.34 - 0.17 0.00 Long Bond Gross £ 0.82 - -0.01 2.84
Authorised Inv Funds UK Equity B Inc 104.66 - -0.55 1.45
Guardian (UK)
40 Dukes Place, London, EC3A 7NH Regulated Hermes Sourcecap EU Alpha Fund Class R Acc € 2.98 2.98 -0.02 0.00
(LF) Cash Fund € € 1.16 - 0.01 - Long Bond Fund Gross Inc £ 11.29 - -0.04 2.90 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Artemis Capital R ACC 1209.82 1278.57 -2.06 1.24 Authorised Corporate Director - Capita Financial Managers UK Equity & Bond Income B Inc 223.14 - -0.92 4.37 Davis Value A $ 37.76 - -0.33 0.00 Insurances Hermes Sourcecap EX UK Fund Class F Acc £ 1.29 1.29 0.00 0.00
Dealing: 0845 922 0044 (LF) Cash Fund (RON) RON 15.61 - 0.00 0.00 Pacific (Ex Japan) £ 3.23 - -0.04 1.86
Artemis European Growth R Acc 235.06 248.27 0.68 1.17 Guardian Assurance
Authorised Inv Funds UK Equity Income B Inc 393.53 - -2.02 4.17 Davis Global A $ 27.03 - 0.26 0.00 Hermes Sourcecap EX UK Fund Class R Acc € 3.03 3.03 -0.02 0.00
(LF) Eq Emerging Europe € 0.68 - 0.02 0.00 Pan European £ 2.55 - -0.01 2.00
Artemis European Opps R Acc 71.65 75.63 0.05 0.81 Equity S-GH Class B £ 11.83 - -0.09 -
The Castleton Growth Fund Ret Acc 2 113.52 - 0.10 0.00 UK Government Bond B Inc 47.26 - -0.07 1.30 Hermes UK Small & Mid Cap Fund Class F Acc £ 1.58 1.58 -0.01 0.00
(LF) Eq Flexi Style Greece € 0.94 - -0.05 - Reduced Duration UK Corporate Bond £ 10.49 - 0.00 3.15
Artemis Global Emg Mkts I GBP Acc 76.73 - 0.54 - Managed Fund Bond £ 22.39 23.32 0.11 -
The Castleton Growth Fund Ret Inc 2 112.17 - 0.10 0.00 Hermes UK Small & Mid Cap Fund Class R Acc € 4.76 4.76 -0.03 0.00
Discretionary Unit Fund Mngrs (1000)F (UK) (LF) Global Bond Fd € 11.97 - -0.02 0.00 Reduced Duration UK Corporate Bond Gross £ 10.66 - 0.00 3.15
Artemis Global Emg Mkts I GBP Dist 76.73 - 0.54 - Choices Wth-Pfts Lg-tm 319.50 336.30 0.00 -
The Castleton Growth Fund Ret Acc X F 109.90 - 0.09 0.00 1 Poultry, London EC2R 8JR 020 7 415 4130 Hermes US All Cap Equity Class F Stg £ Acc £ 0.88 0.88 0.00 -
Capita Asset Services (UK) (LF) Global Equities € 1.07 - 0.02 0.00 Reduced Duration UK Corporate Bond Inc £ 9.93 - 0.00 3.15
Artemis Global Energy R Acc 20.37 21.59 -0.17 0.00 Authorised Inv Funds Choices Wth-Pfts St-tm 270.80 285.00 0.00 -
The Castleton Growth Fund Ret Inc X F 110.35 - 0.09 0.00 40 Dukes Place, London EC3A 7NH Hermes US All Cap Equity Class R € Acc € 1.73 1.73 -0.01 -
Order Desk 08459 220044 Switchboard 0870 607 2555 Disc Inc 1583.50 1632.50 -6.30 0.00 (LF) Eq Mena Fund € 13.21 - 0.41 0.00 Reduced Duration UK Corp Bond Gross Inc £ 9.94 - 0.00 3.15
Artemis Global Growth R Acc 170.36 179.77 -0.12 0.80 Choices Managed 586.04 616.88 3.55 -
Authorised Inv Funds Hermes US SMID Equity Fund Class F Acc £ 1.47 1.47 0.00 0.00
Do Accum 5941.20 6125.00 -23.70 0.00 (LF) Greek Government Bond € 16.39 - 0.55 - Select Emerging Markets Equities £ 1.06 - 0.00 1.58
Artemis Global Income R Acc 89.20 94.26 -0.11 3.79 Choices Equity 656.92 691.49 8.25 -
BlackRock (JER) CF Heartwood Cautious B Acc X 125.40 - -0.23 0.12 Hermes US SMID Equity Fund Class R Acc € 3.14 3.14 -0.01 0.00
(LF) Income Plus $ $ 1.22 - 0.00 0.00 Select European Eqts £ 1.73 - 0.01 1.88
Artemis Global Income R Inc 71.83 75.90 -0.08 3.91 Freedom With Pfts Long-Tm 219.30 230.80 0.00 -
Regulated CF Heartwood Cautious Income B Inc X 109.27 - -0.17 2.10
(LF) Greek Corporate Bond € 10.05 - 0.09 - Select Global Equities £ 2.78 - -0.03 1.10
Artemis Global select R Acc 65.96 69.60 -0.39 0.00 BlackRock UK Property £ 40.34 - 0.00 3.57 Freedom With Pfts Short-Tm 197.20 207.60 0.00 -
CF Heartwood Growth B Acc X 136.42 - -0.21 0.70 Hermes Property Unit Trust (UK)
(LF) FOF Balanced Blend € 1.36 - 0.01 0.00 South East Asia £ 3.19 - -0.03 2.00
Artemis High Income R Inc 78.14 83.19 -0.01 5.71 Blackrock UK Long Lease £ 1057.79 - 1.80 0.00 Freedom Managed 344.37 362.49 1.69 -
CF Heartwood Balanced Income B Inc X 110.03 - -0.33 2.62 Property & Other UK Unit Trusts
(LF) FOF Equity Blend € 1.23 - 0.03 0.00 Sterling Core Plus Bond Gr Accum £ 2.05 - 0.00 3.48
Artemis Income R Inc 198.07 209.84 -1.67 4.22 BLK Intl Gold & General $ 3.88 4.10 -0.17 0.00 Freedom Equity 386.68 407.03 3.89 - Property £ 5.58 5.95 0.03 3.15
CF Heartwood Balanced B Acc X 120.64 - -0.12 0.35
(LF) FOF Glob. Emerging Mkts € 0.79 - 0.02 0.00 Sterling Core Plus Bond Inc £ 1.33 - -0.01 3.59
Artemis Income R Acc 331.91 351.64 -2.80 4.10 Corp Pens Mananged 206.89 206.89 1.26 -
CF Heartwood Defensive Multi Asset Fund B Accumulation 108.62 - -0.09 0.01
(LF) FOF Dynamic Fixed Inc € 11.21 - -0.03 0.00 UK £ 3.41 - -0.03 2.21
Artemis Monthly Dist R Inc 60.64 64.33 0.22 4.71 Corp Pens Equity 214.47 214.47 2.69 -
CF Richmond Core X 174.16 - -0.07 0.00 Dodge & Cox Worldwide Funds (IRL) Hermes UK Residential Real Estate (UK)
(LF) FOF Real Estate € 15.12 - -0.03 0.00 UK Aggreg Bond Gr Accum £ 1.81 - 0.00 3.11
Artemis Pan-Euro Abs Ret GBP 109.45 - 0.35 - 6 Duke Street,St.James,London SW1Y 6BN Corp Pens Fixed Interest 297.67 297.67 -1.56 - Property & Other UK Unit Trusts
CF Seneca Diversified Growth A ACC 209.01 - -0.25 1.38
Artemis Strategic Assets R Acc 72.91 77.23 -0.52 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 UK Aggregate Bond Inc £ 1.22 - 0.00 3.19 VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Corp Pens Index Linked 334.16 334.16 -2.94 -
CF Seneca Diversified Growth B ACC 123.46 - -0.14 1.36 FCA Recognised
Artemis Strategic Bond R M Acc 83.40 88.56 0.09 4.01 UK Corporate Bond £ 1.22 - 0.00 3.97
Dodge & Cox Worldwide Funds plc - Global Bond Fund Corp Pens Deposit 190.76 190.76 0.00 -
CF Seneca Diversified Growth N ACC 122.32 - -0.14 1.18
Artemis Strategic Bond R M Inc 54.23 57.58 0.06 4.08 UK Corporate Bond - Gross £ 2.25 - -0.01 3.84
EUR Accumulating Class € 11.20 - 0.10 0.00 Corp Pens Protector 364.41 364.41 -3.83 -
CF Seneca Diversified Income A INC 86.90 - 0.15 5.18
UK Corporate Bond Fund Gross Inc £ 11.03 - -0.07 3.96
 24
Fund Bid Offer +/- Yield
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FCA Recognised
Env Mkts (Ire) Stl A £ 2.01 - 0.01 0.00
Env Mkts (Ire) Euro A € 1.90 - 0.03 0.00
Env Mkts (Ire) USD A $ 1.65 - 0.00 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV £ 7.55 - -0.03 0.00
Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR € 17.42 - 0.44 0.00
IVI European Fund GBP £ 17.18 - 0.23 0.99
Invesco Fund Managers Ltd (UK)
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc ♦ F 381.65 - -0.09 0.89
Asian Inc ♦ F 342.78 - -0.09 0.89
Asian Equity Income Acc ♦ F 52.10 - -0.15 4.38
Asian Equity Income Inc ♦ F 44.39 - -0.12 4.50
Balanced Risk 6 Acc 51.28 - -0.22 0.00
Balanced Risk 8 Acc 52.44 - -0.30 0.00
Balanced Risk 10 Acc 53.44 - -0.40 0.12
Childrens Acc ♦ F 383.85 - -2.61 1.71
set Management
Corporate Bd Acc (Gross) ♦ F 204.99 - -0.32 3.61
Corporate Bd Inc (Gross) ♦ F 88.69 - -0.13 3.71
Corporate Bond Acc ♦ F 182.75 - -0.29 3.63
Corporate Bond Inc ♦ F 88.44 - -0.14 3.71
Distribution Acc ♦ F 107.14 - -0.05 4.20
Distribution Acc (Gross) ♦ F 122.42 - -0.05 4.18
Distribution Inc ♦ F 63.02 - -0.03 4.28
Distribution Inc (Gross) ♦ F 63.07 - -0.02 4.28
Emerging European Acc ♦ F 31.59 - 0.08 2.90
Emerging European Inc ♦ F 28.79 - 0.07 2.97
European Equity Acc ♦ F 817.85 - -0.72 2.17
European Equity Inc ♦ F 691.96 - -0.60 2.22
European Equity Income Acc ♦ F 71.36 - -0.03 3.36
European Equity Income Inc ♦ F 55.23 - -0.03 3.44
European High Income Acc ♦ F 78.86 - 0.13 3.37
European High Income Inc ♦ F 57.68 - 0.10 3.43
European Opportunities Inc ♦ F 84.21 - 0.45 0.16
European Opportunities Acc ♦ F 86.23 - 0.46 0.16
European Smlr Cos Acc ♦ F 187.57 - 1.34 0.00
Global Bd Acc (Gross) ♦ F 127.79 - 0.60 1.18
Global Bd Inc (Gross) ♦ F 79.16 - 0.37 1.19
Global Bond Acc ♦ F 120.14 - 0.57 1.19
Global Bond Inc ♦ F 79.07 - 0.37 1.20
Glbl Distribution Acc 51.80 - -0.20 4.19
Glbl Distribution Acc (Gross) 52.38 - -0.20 4.19
Glbl Distribution Inc 49.67 - -0.19 4.20
Glbl Distribution Inc (Gross) 49.70 - -0.19 4.20
Global Emerging Markets Acc ♦ F 214.52 - 1.79 0.53
Global Emerging Markets Inc ♦ F 193.44 - 1.60 0.53
Global Equity (acc) ♦ F 439.31 - -2.88 0.48
Global Equity (inc) ♦ F 400.69 - -2.63 0.48
Global Equity Income Acc ♦ F 112.82 - -1.21 3.16
Global Equity Income Inc ♦ F 94.04 - -1.01 3.24
Gbl Financial Capital Acc 87.58 - -0.06 4.27
Gbl Financial Capital Inc 75.20 - -0.06 4.41
Gbl Financial Cap Acc Gross 91.36 - -0.07 4.77
Gbl Financial Cap Inc Gross 75.52 - -0.06 4.96
Global Opportunities Acc ♦ F 88.10 - -1.13 0.46
Global Smaller Cos Acc ♦ F 1581.68 - 0.10 0.00
Global Smaller Cos Inc ♦ F 1510.31 - 0.10 0.00
Global Targeted Rets Acc 55.38 - -0.13 0.29
High Income Acc ♦ F 782.60 - -2.75 3.36
High Income Inc ♦ F 431.71 - -1.51 3.44
High Yield Fund Acc 107.24 - 0.60 4.62
High Yield Fund Acc (Gross) 124.84 - 0.71 4.59
High Yield Fund Inc 42.91 - 0.24 4.73
High Yield Fund Inc (Gross) 42.97 - 0.24 4.72
Hong Kong & China Acc ♦ F 414.69 - -11.49 0.73
Income & Growth Acc ♦ F 915.61 - -4.60 3.99
Income & Growth Inc ♦ F 397.24 - -1.99 4.11
Income Acc ♦ F 3027.04 - -8.85 3.19
Income Inc ♦ F 1709.66 - -5.00 3.26
Japan Acc ♦ F 299.60 - 1.27 0.30
Japanese Smlr Cos Acc ♦ F 62.10 - 1.61 0.00
Latin America Acc ♦ F 96.35 - 0.15 1.42
Latin America Inc ♦ F 81.03 - 0.13 1.43
Managed Growth Acc ♦ F 151.33 - -0.48 0.70
Managed Growth Inc ♦ F 125.98 - -0.40 0.70
Managed Income Acc ♦ F 151.91 - -0.48 3.09
Managed Income Inc ♦ F 93.81 - -0.30 3.15
Money Acc ♦ F 90.12 - 0.00 0.22
Money Acc (Gross) ♦ F 95.23 - 0.00 0.22
Monthly Income Plus Acc ♦ F 294.44 - 0.45 4.68
Monthly Income Plus Acc (Gross) ♦ F 345.46 - 0.54 4.66
Monthly Income Plus Inc ♦ F 109.61 - 0.17 4.78
Monthly Income Plus Inc (Gross) ♦ F 109.81 - 0.17 4.78
Pacific Acc ♦ F 884.43 - 3.52 0.38
Pacific Inc ♦ F 812.33 - 3.23 0.38
Tactical Bond Acc ♦ F 68.24 - 0.12 0.96
Tactical Bond Inc ♦ F 59.39 - 0.10 0.96
Tactical Bond Acc (Gross) ♦ F 70.76 - 0.13 0.96
Tactical Bond Inc (Gross) ♦ F 59.47 - 0.11 0.96
UK Aggressive Acc ♦ F 192.03 - -1.51 1.75
UK Aggressive Inc ♦ F 159.92 - -1.26 1.78
UK Growth Acc ♦ F 525.18 - -3.57 1.78
UK Growth Inc ♦ F 333.20 - -2.26 1.81
UK Smaller Cos Equity Acc ♦ F 836.25 - -0.38 0.54
UK Smaller Cos Equity Inc ♦ F 640.38 - -0.29 0.55
UK Strategic Income Acc ♦ F 176.52 - -0.23 3.36
UK Strategic Income Inc ♦ F 132.32 - -0.18 3.44
US Equity Acc ♦ F 490.42 - -8.33 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 159.76 - -0.04 1.43
Asian (No Trail) Inc ♦ F 145.27 - -0.04 1.45
Asian Equity Income (No Trail) Acc ♦ F 106.53 - -0.30 4.37
Asian Equity Income (No Trail) Inc 90.78 - -0.26 4.49
Balanced Risk 6 No Trail Acc 104.37 - -0.44 0.16
Balanced Risk 8 No Trail Acc 106.69 - -0.62 0.42
Balanced Risk 10 No Trail Acc 108.75 - -0.80 0.57
Corporate Bond (No Trail) Acc ♦ F 162.57 - -0.26 3.87
Corporate Bond (No Trail) Inc ♦ F 116.95 - -0.18 3.96
Distribution (No Trail) Acc ♦ F 164.19 - -0.08 4.19
Distribution (No Trail) Inc ♦ F 109.95 - -0.05 4.27
Emerging European (No Trail) Acc ♦ F 65.64 - 0.17 3.53
Emerging European (No Trail) Inc ♦ F 58.00 - 0.15 3.63
European Equity (No Trail) Acc ♦ F 144.25 - -0.12 2.66
European Equity (No Trail) Inc ♦ F 121.84 - -0.10 2.74
European Equity Income (No Trail) Acc ♦ F 146.84 - -0.06 3.35
European Equity Income (No Trail) Inc ♦ F 113.69 - -0.05 3.43
European High Income (No Trail) Acc ♦ F 162.33 - 0.28 3.37
European High Income (No Trail) Inc ♦ F 118.73 - 0.20 3.42
European Opportunities (No Trail) Acc ♦ F 180.34 - 0.98 0.66
European Opportunities (No Trail) Inc ♦ F 171.14 - 0.93 0.66
Asset Management
European Smaller Companies (No Trail) Acc ♦ F 230.11 - 1.65 0.46
Global Balanced Index (No Trail) Acc ♦ F 149.66 - -0.88 1.75
Global Bond (No Trail) Acc ♦ F 134.95 - 0.64 1.44
Global Bond (No Trail) Inc ♦ F 122.71 - 0.58 1.45
Glbl Distribution Acc (No Trail) 104.25 - -0.40 3.76
Glbl Distribution Inc (No Trail) 99.97 - -0.39 3.83
Gbl Emerging Markets (No Trail) Acc ♦ F 140.45 - 1.17 1.07
Gbl Emerging Markets (No Trail) Inc ♦ F 130.51 - 1.09 1.08
Global Equity (No Trail) acc ♦ F 193.71 - -1.27 0.98
Fund Bid Offer +/- Yield
Global Equity (No Trail) inc ♦ F 181.29 - -1.18 0.99
Global Equity Income (No Trail ) Acc ♦ F 233.12 - -2.50 3.15
Global Equity Income (No Trail) Inc ♦ F 194.33 - -2.09 3.22
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 156.83 - -1.77 1.31
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 183.74 - -1.92 1.71
Gbl Fin Cap No Trail Acc 178.28 - -0.13 4.26
Gbl Fin Cap No Trail Inc 153.12 - -0.11 4.39
Global Opportunities (No Trail) Acc ♦ F 226.48 - -2.89 0.95
Global Smaller Companies (No Trail) Acc ♦ F 230.83 - 0.02 0.39
Global Smaller Companies (No Trail) Inc ♦ F 220.56 - 0.02 0.39
Global Targeted Rets (No Trail) Acc 111.80 - -0.28 0.84
High Income (No Trail) Acc ♦ F 167.16 - -0.59 3.35
High Income (No Trail) Inc ♦ F 122.90 - -0.43 3.43
High Yield Fund (No Trail) Acc 221.99 - 1.24 4.60
High Yield Fund (No Trail) Inc 165.48 - 0.92 4.71
Hong Kong & China (No Trail) Acc ♦ F 164.28 - -4.55 1.23
Income & Growth (No Trail) Acc ♦ F 215.32 - -1.08 3.99
Income & Growth (No Trail) Inc ♦ F 170.45 - -0.86 4.10
Income (No Trail) Acc ♦ F 166.16 - -0.48 3.17
Income (No Trail) Inc ♦ F 123.54 - -0.36 3.25
Japan (No Trail) Acc ♦ F 142.20 - 0.61 0.76
Japanese Smaller Companies (No Trail) Acc ♦ F 158.00 - 4.08 0.00
Latin American (No Trail) Acc ♦ F 93.06 - 0.15 2.16
Latin American (No Trail) Inc ♦ F 84.99 - 0.14 2.19
Managed Growth (No Trail) Acc ♦ F
Managed Growth (No Trail) Inc ♦ F
183.31
168.58
-
-
-0.58 1.21
-0.53 1.22
Managed Income (No Trail) Acc ♦ F 181.90 - -0.57 3.09
Managed Income (No Trail) Inc ♦ F 150.65 - -0.47 3.15
Monthly Income Plus (No Trail) Acc ♦ F 169.64 - 0.26 4.67
Monthly Income Plus (No Trail) Inc ♦ F 107.91 - 0.16 4.77
Pacific (No Trail) Acc ♦ F 163.90 - 0.66 0.85
Pacific (No Trail) Inc ♦ F 155.56 - 0.62 0.94
Tactical Bond (No Trail) Acc ♦ F 139.55 - 0.25 1.45
Tactical Bond (No Trail) Inc ♦ F 118.99 - 0.21 1.46
UK Aggressive (No Trail) Acc ♦ F 157.82 - -1.24 2.28
Asset Management
UK Aggressive (No Trail) Inc ♦ F 132.79 - -1.04 2.33
UK Enhanced Index (No Trail) Acc ♦ F 382.30 - 0.92 3.43
UK Enhanced Index (No Trail) Inc ♦ F 242.89 - 0.59 3.51
UK Growth (No Trail) Acc ♦ F 138.75 - -0.94 2.29
UK Growth (No Trail) Inc ♦ F 113.54 - -0.77 2.34
UK Smaller Companies Equity (No Trail) Acc ♦ F 271.97 - -0.11 1.00
UK Smaller Companies Equity (No Trail) Inc ♦ F 250.89 - -0.11 1.01
UK Strategic Income (No Trail) Acc ♦ F 700.40 - -0.92 3.35
UK Strategic Income (No Trail) Inc ♦ F 525.08 - -0.69 3.43
US Equity (No Trail) Acc ♦ F 204.00 - -3.46 0.04
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A € 2.91 - 0.00 0.00
Invesco Asia Balanced A dist $ 13.87 - -0.13 3.63
Invesco Asia Consumer Demand Fund A income $ 12.12 - -0.17 0.19
Invesco Asia Infrastructure (A) $ 12.06 - -0.10 1.42
Invesco Asia Opportunities Equity A $ 95.89 - -1.09 0.00
Invesco Balanced Risk Allocation Fund A € 14.52 - -0.11 0.00
Invesco Emerging Europe Equity Fund A $ 7.59 - -0.06 0.00
Invesco Emerging Local Currencies Debt A Inc $ 6.97 - -0.06 6.72
Invesco Emerging Mkt Quant.Eq. A $ 8.86 - -0.06 0.00
Invesco Energy A $ 16.83 - -0.43 0.00
Invesco Euro Corporate Bond Fund (A) € 17.12 - -0.03 0.00
Invesco Euro Inflation Linked Bond A € 15.26 - -0.02 0.00
Invesco Euro Reserve A € 322.82 - 0.00 0.00
Invesco Euro Bond A € 7.04 - 0.00 0.00
Invesco European Growth Equity A € 23.14 - -0.21 0.00
Invesco Global Absolute Return Fund A Class € 11.17 - -0.01 0.00
Invesco Global Bond A Inc $ 5.55 - -0.01 0.97
Invesco Global Conservative Fund 90 (EUR) A € 11.88 - 0.02 0.00
Invesco Global Equity Income Fund A $ 57.55 - -1.13 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.05 - -0.08 2.14
Invesco Global Inv Grd Corp Bond A Dist $ 11.67 - -0.01 3.05
Invesco Global Leisure A $ 34.86 - -0.79 0.00
Invesco Global Smaller Comp Eq Fd A $ 55.18 - -0.56 0.00
Invesco Global Structured Equity A $ 44.34 - -0.38 0.73
Invesco Global Total Ret.(EUR) Bond Fund A € 13.22 - 0.00 0.00
Invesco Gold & Precious Metals A $ 3.66 - -0.13 0.00
Invesco Greater China Equity A $ 40.22 - -1.17 0.00
Invesco India Equity A $ 51.74 - -0.49 0.00
Invesco Japanese Equity Adv Fd A ¥ 3621.00 - -11.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1187.00 - -1.00 0.00
Invesco Latin American Equity A $ 5.76 - -0.03 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 973.00 - 13.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 18.83 - -0.06 0.00
Invesco Pan European High Income Fd A € 13.87 - 0.01 2.14
Invesco Pan European Small Cap Equity A € 22.17 - 0.03 0.00
Invesco Pan European Structured Equity A € 16.20 - -0.10 0.00
Invesco UK Eqty Income A £ 30.27 - -0.09 0.00
Invesco UK Investment Grade Bond A £ 0.99 - 0.00 2.93
Invesco US Structured Equity A $ 19.94 - -0.52 0.00
Invesco US Value Eq Fd A $ 29.28 - -0.84 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F £ 2.61 - 0.00 3.36
Invesco Asian Equity A $ 5.75 - -0.08 0.50
Invesco ASEAN Equity A $ 86.32 - -1.14 0.40
Invesco Bond A $ 27.27 - -0.06 2.22
Invesco Continental Eurp Small Cap Eqty A $ 199.23 - -1.24 0.00
Invesco Emerging Markets Equity A $ 33.34 - -0.19 0.00
Invesco Emerging Markets Bond A $ 20.35 - 0.04 4.82
Invesco Continental European Equity A € 8.62 - -0.05 0.18
Invesco Gilt A £ 15.08 - -0.04 1.48
Invesco Global Small Cap Equity A NAV $ 117.64 - -1.17 0.00
Invesco Global High Income A NAV $ 12.28 - 0.05 5.35
Invesco Gbl R/Est Secs A GBP F F £ 7.16 - -0.08 0.91
Invesco Global Health Care A $ 131.36 - -2.15 0.00
Invesco Global Select Equity A $ 12.70 - -0.22 0.00
Invesco Jap Eqty Core A $ 1.80 - -0.01 0.00
Invesco Japanese Equity A $ 17.84 - 0.09 0.00
Invesco Korean Equity A $ 33.15 - 1.70 0.00
Invesco PRC Equity A $ 46.94 - -1.15 0.00
Invesco Pacific Equity A $ 44.48 - -0.26 0.18
Invesco Global Technology A $ 14.54 - -0.30 0.00
Invesco UK Eqty A £ 7.81 - -0.04 1.31
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 65.31 - -0.15 0.00
Invest AD - Emerging Africa Fund $ 950.10 - -7.25 0.00
Invest AD - GCC Focus Fund $ 1523.87 - 61.55 0.00
JPMorgan Asset Mgmt (1200)F (UK)
60 Victoria Embankment, London EC4Y 0JP
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
America Equity Acc 54.61 - -1.48 0.00
America Equity Inc 54.61 - -1.48 0.00
Asia Acc 106.10 - 0.30 0.36
Asia Inc 58.87
Asset Management
- 0.16 0.35
Cautious Managed Rt Acc 67.26xd - -0.31 0.18
Cautious Managed Rt Inc 59.18xd - -0.27 0.18
Diversified Real Ret Acc 50.20xd - -0.46 1.07
★ FINANCIAL TIMES Thursday 27 August 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
Diversified Real Ret Inc 48.76xd - -0.45 1.09 Strategic Bond A Acc 178.99 - -0.03 1.85 Vantage 1500 (EUR) MA € 10.20 - -0.02 0.00 US Conc.Growth A1 $ 14.12 - -0.15 0.00 Mir. -Eq Spain A € 25.93 - 0.93 0.00 Asia Pac Eq GBP Ord Inc £ 86.20 - 0.86 3.47
Emerging Mkts Acc 125.10 - -1.00 0.83 Strategic Bond A Inc 118.89 - -0.02 1.85 Vantage 3000 (EUR) MA € 10.30 - -0.03 0.00 US Government Bond A1 $ 17.08 - -0.08 0.00 Mir. - Eq Swiss Sm/Mid A SFr 306.92 - 9.66 0.00 Asia Pac Eq USD Ord Inc $ 86.73 - 0.87 2.90
Emerging Mkts Inc 53.79 - -0.44 0.83 UK Equity Absolute Return A Acc 118.70 - 0.10 0.00 PrivilEdge Value A1 $ 20.19 - -0.26 0.00 Mir. - Glb High Yield Bds A $ 108.85 - -0.06 - Asia Pac Eq USD Inst Acc $ 91.92 - 0.93 0.00
Inc.Pt.RMB Dt.CNH PA CNH 101.40 - -0.06 0.00
Emrg Mkts Inc Acc... C 45.88xd - -0.28 5.78 UK Equity A Acc 221.33 - 0.13 1.42 Mir. - Glb Eq High Income A USD $ 96.23 - -0.25 0.00 Asia Pac Eq USD Inst Inc $ 96.79 - 0.98 3.57
Inc.Pt.RMB Dt.SH CHF PA SFr 9.61 - -0.03 0.00
Emrg Mkts Inc Inc... C 40.35xd - -0.25 5.98 UK Equity Income A Acc 194.80 - -1.38 4.24 Mir. - Glb Strat. Bd A USD $ 105.09 - 0.04 0.00 Dyn Europ Eq EUR Ord Inc € 167.47 - 6.03 1.30
MMIP Investment Management Limited (GSY)
Inc.Pt.RMB Dt.SH EUR PA € 9.68 - -0.02 0.00 Regulated
Europe Acc 1010.00 - 1.00 1.54 UK Equity Income A Inc 152.24 - -1.09 4.36 Dyn Europ Eq GBP Ord Inc £ 177.87 - 6.76 1.64
Multi-Manager Investment Programmes PCC Limited
Inc.Pt.RMB Dt.USD PA $ 9.73 - -0.03 0.00
Europe Inc 58.11 - 0.00 1.54 UK Opportunities A Acc 158.74 - 0.05 1.33 Dyn Europ Eq USD Ord Inc $ 167.17 - 6.43 1.22
European Equity Fd Cl A Initial Ser € 2630.39 2630.39 115.75 0.00
Jenn. US Eq.Opp. USD PA $ 9.01 - -0.11 0.00
Eur Dynamic exUK Acc 156.90 - 0.20 0.83 UK Smaller Companies A Acc 269.57 - 0.17 0.65 China Equity EUR Ord Acc € 124.64 - -0.74 0.00
Japanese Equity Fd Cl A Initial Ser ¥ 374586.00 374586.00 2750.00 0.00
Neubrg.Berman US Core PA $ 12.86 - -0.17 0.00
Eur Dynamic exUK £ hdg Acc 179.70 - -0.70 0.73 China Equity GBP Ord Acc £ 129.89 - -0.66 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1343.33 1343.33 -11.03 0.00
Sands US Growth PA € 12.68 - -0.05 0.00
Eur Dynamic exUK Inc 72.01 - 0.06 0.83 China Equity USD Ord Acc $ 126.53 - -0.63 0.00
Kames Capital Investment Portfolios ICVC (UK) Pacific Basin Fd Cl A Initial Ser $ 2267.99 2281.49 -101.36 0.00
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Sands US Growth PA $ 15.33 - -0.06 0.00
Eur Smaller Cos Acc 452.30 - 3.80 0.00 China Equity USD Inst Acc $ 129.77 - -0.65 0.00
0800 45 44 22 www.kamescapital.com UK Equity Fd Cl A Series 01 £ 2405.27 2429.26 50.96 0.00
Will.Blair Gbl. Ldrs PA € 14.30 - 0.21 0.00 Montello Real Estate Opportunity Fund (LUX)
Eur Smaller Cos Inc 58.83 - 0.50 0.00 Global Val.Cr.Fd GBP Ord Inc £ 110.94 - 0.05 3.57
Authorised Funds Diversified Absolute Rtn Fd USD Cl AF2 $ 1647.35 - 7.55 0.00 101 New Cavendish Street,London W1W 6XH
Will.Blair Gbl. Ldrs PA $ 12.17 - 0.01 0.00
Fusion Balanced Acc 53.07 - -0.03 0.49 Property Income B Acc 116.34 - -0.08 - Regulated Global Val.Cr.Fd USD Inst Acc $ 122.48 - 0.06 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1667.95 - 7.74 0.00
Montello Real Estate Opportunity Fund II £ 1134.60 - 8.02 0.00
Fusion Balanced Inc 53.05 - -0.04 0.49 Property Income B Inc 109.58 - -0.09 - Global Val.Cr.Fd GBP Ord Acc £ 176.71 - 0.08 0.00
Fusion Conservative Acc 52.79 - -0.05 0.67 Lothbury Property Trust (UK) Global Val.Cr.Fd USD Ord Acc $ 165.91 - 0.08 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Manek Investment Mgmt Ltd (1000)F (UK)
Fusion Conservative Inc 52.68 - -0.05 0.69 MW Japan Fund Plc (IRL) Global Val.Cr.Fd EUR Ord Acc € 154.87 - 0.04 0.00
Kames Capital VCIC (IRL) Property & Other UK Unit Trusts P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Fusion Growth Acc 54.06 - 0.06 0.49 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Authorised Inv Funds FCA Recognised Swiss Select Equity Inst Acc SFr 112.26 - 3.65 0.00
Lothbury Property Trust GBP £ 1732.06 1858.39 27.09 3.34
FCA Recognised Growth Fd Acc 56.26 59.48 0.38 0.00 MW Japan Fund PLC A $ 23.78 - 0.67 -
Fusion Growth Inc 54.05 - 0.05 0.49 Swiss Select Equity Ord Acc SFr 111.20 - 3.61 0.00
Absolute Return Bond B GBP Acc 1077.45 - -0.01 - MW Japan Fund PLC B $ 24.01 - 0.68 -
Fusion Growth + Acc 55.11 - 0.15 0.50 US Growth USD Ord Acc $ 193.01 - -0.55 0.00
Eq Market Neutral B Acc 1017.57 - 0.78 - MW Japan Fund PLC C $ 91.00 - 2.12 -
Fusion Growth + Inc 55.11 - 0.15 0.50 Manulife Global Fund (LUX) US Growth EUR Ord Acc € 185.30 - -0.61 0.00
Eq Market Neutral Plus B Acc 1028.72 - 2.58 - 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Fusion Income Acc...C 52.84 - -0.06 2.46 US Growth GBP Ord Acc £ 193.97 - -0.56 0.00
High Yield Global Bond A GBP Inc 527.00 - 2.03 3.76 www.manulife.com.hk
Fusion Income Inc...C 50.53 - -0.06 2.48 FCA Recognised Morant Wright Funds (Ireland) PLC (IRL) US Growth USD Inst Acc $ 177.88 - -0.50 0.00
High Yield Global Bond B GBP Inc 1094.58 - 4.22 4.27 FCA Recognised
Global Allocation Acc 52.31 - -0.35 0.67 American Growth Fund Class A F $ 28.1562 - -0.3893 0.00 Wealthy Nat Bd EUR Inst Inc € 107.58 - -0.14 3.76
Investment Grade Global Bd A GBP Inc 554.62 - -2.53 2.56 Morant Wright Fuji Yield EUR Acc Hedged € 10.72 - 0.28 -
M & G Securities (1200)F (UK)
Asset Management
Global Allocation Inc 51.97 - -0.34 0.67 American Growth Fund Class AA F $ 1.5989 - -0.0221 0.00 Wealthy Nat Bd GBP Inst Inc £ 111.46 - -0.14 3.61
Kames Global Equity Income B GBP Acc 1053.14 - 1.98 - PO Box 9039, Chelmsford, CM99 2XG Morant Wright Fuji Yield EUR Dist Hedged € 10.67 - 0.28 -
Global Bond exUK Acc
Global Bond exUK Inc
249.30xd
196.10xd
-
-
-1.20 0.76
-1.00 0.76
Kames Global Equity Income B GBP Inc 1007.64 - 1.90 -
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds
American Growth Fund Class AA (HKD) FHK$ 9.9096
Asian Equity Fund Class A F $ 2.6967
-
-
-0.1378 0.00
0.0113 0.40
Morant Wright Fuji Yield GBP Acc Hedged £ 10.94 - 0.29 -
Wealthy Nat Bd EUR Ord Inc
Wealthy Nat Bd GBP Ord Inc
Asset Manageme€ 106.85
£ 112.10
-
-
-0.14 3.52
-0.13 3.34
Strategic Global Bond A GBP Inc 1098.98 - 0.05 0.58 Morant Wright Fuji Yield GBP Dist Hedged £ 10.71 - 0.28 -
Charifund Inc 1380.78 - -7.65 4.94 Asian Equity Fund Class AA F $ 0.8674 - 0.0036 0.00
Global Bond Opport. Acc 49.06xd - 0.04 2.87 Wealthy Nat Bd USD Ord Inc $ 109.11 - -0.13 3.32
Strategic Global Bond B GBP Inc 623.21 - 0.06 1.08 Morant Wright Fuji Yield USD Acc Hedged $ 10.64 - 0.28 -
Charifund Acc 18737.75 - -103.91 4.79 Asian Small Cap Equity Fund Class AA F $ 1.8796 - 0.0287 0.00 New Capital Alternative Strategies
Global Bond Opport. Inc 48.65xd - 0.04 2.90
Morant Wright Fuji Yield USD Dist Hedged $ 10.77 - 0.28 -
M&G Corporate Bond A Acc 62.14xd - -0.15 3.09 Asian Small Cap Equity Fund Class AA (HKD)HK$ 7.6041 - 0.1156 0.00 All Weather Fd USD Cls $ 121.26 - 0.57 0.00
Global Eq Income £ hdg Acc... C 63.65xd - -1.48 3.75
Morant Wright Fuji Yield YEN Acc ¥ 1097.04 - 28.47 -
Global Eq Income £ hdg Inc ... C 45.85xd - -1.06 3.83 Kleinwort Benson Bank (UK) M&G Corporate Bond A Inc 39.28xd - -0.09 3.09 China Value Fund Class A F $ 7.4546 - 0.0078 0.69 All Weather Fd EUR Cls € 109.06 - 0.45 0.00
14 St. George Street, Mayfair, London W1S1FE Morant Wright Fuji Yield B YEN Acc ¥ 968.45 - 25.88 -
M&G Dividend A Inc 57.69xd - -0.25 4.76 China Value Fund Class AA F $ 2.3339 - 0.0024 0.47 All Weather Fd GBP Cls £ 117.69 - 0.54 0.00
Global Eq Income Acc... C 65.95xd - -1.06 3.78 Dealing and enquiries: 0800 024 2400
Morant Wright Fuji Yield YEN Dist ¥ 1084.97 - 28.16 -
Authorised Inv Funds M&G Dividend A Acc 577.81xd - -2.54 4.59 Dragon Growth Fund Class A F $ 1.7308 - -0.0163 0.61 Tactical Opps USD Cls $ 137.12 - -15.77 0.00
Global Eq Income Inc ... C 57.46xd - -0.93 3.86
Unit Trust Manager/ACD - Host Capital Morant Wright Sakura Fund Sterling Acc Hedged £ 13.10 - 0.30 0.00
M&G Episode Growth X Inc 49.41xd - -0.18 1.89 Dragon Growth Fund Class AA HKDHK$ 8.3711 - -0.0793 0.58 Tactical Opps EUR Cls € 115.03 - -12.99 0.00
Global Equity Acc 912.70 - -20.40 0.17
HC KB Capital Growth A Acc 156.84 - -0.51 1.36 Morant Wright Sakura Fund Euro Acc Hedged € 13.08 - 0.30 0.00
M&G Episode Income A Acc 131.56xd - -1.97 3.73 Emerging Eastern Europe Fund Class AA F $ 1.2204 - -0.0082 0.50 Tactical Opps GBP Cls £ 129.22 - -14.80 0.00
Global Equity Inc 67.83 - -1.52 0.16
HC KB Capital Growth A Inc 146.86 - -0.48 1.38 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1335.01 - 30.89 0.00
Global Financials Acc 683.80 - -11.20 0.91
M&G Episode Income A Inc 110.67xd - -1.66 3.81
Asset Management
Emerging Eastern Europe Fund Class A F $ 2.8415 - -0.0191 0.90
HC KB Enterprise Equity Income A Inc 106.04 - 0.84 3.78 Morant Wright Sakura Fund Dollar Acc Hedged $ 13.04 - 0.30 0.00
M&G Extra Income A Inc 700.66 - -9.70 4.62
Asset Management
Global Financials Inc 38.89 - -0.64 0.92 European Growth Fund Class A F $ 10.4227 - -0.0986 1.15
HC KB Enterprise Equity Income A Acc 156.11 - 1.23 3.69 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.00 - 0.30 0.00
M&G Extra Income A Acc 5684.87 - -78.66 4.48 European Growth Fund Class AA F $ 0.7537 - -0.0071 0.56
Global High Yield Bd Mth Inc C 37.49xd - 0.26 6.54
HC KB Endeavour Multi Asset Balanced A Acc 126.95 - 0.36 0.81
M&G Global Basics A Inc 577.97 - -3.80 0.32 Global Contrarian Fund Class AA F $ 0.8726 - -0.0089 0.00
Global High Yield Bd Acc C 97.87xd - 0.67 6.49
HC KB Endeavour Multi Asset Balanced A Inc 120.65 - 0.34 0.81
M&G Global Basics A Acc 872.52 - -5.74 0.32 Global Property Fund Class AA F $ 0.9371 - -0.0154 0.75
Global High Yield Bd Inc C 37.46xd - 0.26 6.58
HC KB Enterprise Fixed Income A Acc 121.97 - -0.60 3.44
M&G Global Dividend Fund A Acc 173.88xd - -2.65 3.62 Global Property Fund Class AA (HKD)HK$ 8.8056 - -0.1454 -
Global Property Secs Acc 54.21xd - -2.12 0.62
HC KB Enterprise Fixed Income A Inc 108.89 - -0.54 3.44 Northwest Investment Management (HK) Ltd
M&G Global Dividend Fund A Inc 138.22xd - -2.11 3.70 Global Resources Fund Class AA F $ 0.6082 - -0.0144 0.00
Global Property Secs Inc 46.79xd - -1.83 0.62 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
M&G Glbl Emrgng Mkts A Acc 168.64 - 1.86 1.01 Greater China Opportunities Class AA $ 0.8659 - -0.0056 0.00 Other International Funds
Income Acc ... C 49.61xd - 0.07 6.67
Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Glbl Emrgng Mkts A Inc 162.93 - 1.80 1.01 Northwest $ class $ 2331.51 - -97.83 0.00
Income Inc ... C 46.88xd - 0.07 6.70 Healthcare Fund Class AA F $ 1.8731 - -0.0248 0.00
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Morgan Stanley Investment Funds (LUX)
Other International Funds M&G Global Macro Bond Fund A Acc 104.26xd - 0.78 0.89 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Northwest Warrant $ class $ 2413.75 - -188.47 0.00
Japan Acc 275.40 - 5.30 0.00 India Equity Fund Class AA F $ 1.2974 - -0.0152 0.00
Lloydstrust Gilt £ 12.3400 - -0.0200 2.40 M&G Global Macro Bond Fund A Inc 72.34xd - 0.54 0.89 www.morganstanleyinvestmentfunds.com
Japan Inc 66.29 - 1.28 0.00 International Growth Fund Class A F $ 4.3838 - -0.0375 0.13
FCA Recognised
Lloyds Investment Funds Limited M&G Global High Yield Bond X Inc 49.26xd - 0.14 4.33
Multi-Asset Inc Mth Inc ... C 62.70xd - -0.48 3.88 International Growth Fund Class AA F $ 1.0060 - -0.0087 0.00 US Advantage A F $ 53.67 - -0.45 0.00
Euro High Income € 1.6260 - -0.0020 3.00
M&G Global High Yield Bond X Acc 115.16xd - 0.31 4.33 Japanese Growth Fund Class A F $ 3.2677 - 0.0799 0.58
Multi-Asset Inc Acc... C 82.86xd - -0.63 3.80 Asian Equity A F $ 38.79 - -0.37 0.00
European £ 7.1190 - -0.0430 1.41
M&G Managed Growth X Inc 70.67 - -0.34 0.73 Japanese Growth Fund Class AA F $ 0.8401 - 0.0206 0.00
Multi-Asset Inc Inc... C 62.70xd - -0.47 3.89 Asian Property A F $ 17.19 - -0.19 0.00
High Income £ 0.8678 - -0.0013 5.02
M&G Optimal Income A Inc 141.98 - -0.07 1.95 Latin America Equity Fund Class AA F $ 0.6920 - -0.0143 1.63
Multi-Asset Macro Acc 66.99 - -0.45 0.00 Asian Property AX F £ 10.18 - 0.01 0.49
International £ 3.7150 - -0.0160 1.34
M&G Optimal Income A Acc 186.15 - -0.09 1.95 Russia Equity Fund Class AA F $ 0.3783 - -0.0034 0.00
Multi-Asset Macro Inc 66.98 - -0.46 0.00 Diversified Alpha Plus A F € 31.42 - 0.09 0.00
North American £ 14.1800 - -0.0900 0.23 Oasis Crescent Management Company Ltd
M&G Recovery GBP A Inc 115.20xd - -0.10 0.76 Taiwan Equity Fund Class AA F $ 1.4121 - 0.0086 0.21
Multi-Manager Growth Acc 681.30 - -5.20 0.49 Emerg Europ, Mid-East & Africa Eq A F € 64.02 - -0.43 0.00 Other International Funds
Sterling Bond £ 1.4700 - -0.0030 3.64
Multi-Manager Growth Inc 635.80 - -4.90 0.49
M&G Recovery GBP A Acc 258.67xd - -0.22 0.75 Turkey Equity Fund Class AA F $ 0.6517 - 0.0018 0.00 Emerging Markets Debt A F $ 74.38 - 0.29 0.00 Oasis Crescent Equity Fund R 9.00 - -0.10 0.00
UK £ 6.4140 - -0.0600 1.72
M&G Strategic Corp Bond A Inc 72.95 - -0.14 2.74 US Bond Fund Class AA F $ 1.2075 - -0.0033 3.93
Natural Resources Acc 329.10 - -9.60 0.12 Emerging Markets Domestic Debt AX F £ 10.19 - 0.01 5.46
Lloyds Gilt Fund Limited
M&G Strategic Corp Bond A Acc 104.14 - -0.21 2.74 U.S. Bond Fund Class AA Inc F $ 0.9779 - -0.0027 2.53
Natural Resources Inc 23.31 - -0.68 0.12 Lloyds Gilt Fund Quarterly Share £ 1.2830 - -0.0020 1.93 Emerging Markets Equity A F $ 32.12 - -0.41 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
M&G Global Leaders GBP A Inc 176.58 - -1.33 1.55 Regulated
New Europe Acc 123.20 - 0.30 2.94 Monthly Share £ 1.2340 - -0.0020 1.93 US Bond Fund Class AA (HKD) HK$ 9.8802 - -0.0282 - Euro Bond A F € 15.54 - -0.06 0.00
M&G Global Leaders GBP A Acc 411.95 - -3.10 1.53 Oasis Global Investment (Ireland) Plc
New Europe Inc 29.29 - 0.09 2.90 Lloyds Money Fund Limited U.S. Bond Fund Class AA (HKD) IncHK$ 9.7482 - -0.0279 2.63 Euro Corporate Bond AX F £ 21.76 - 0.17 1.69
Oasis Crescent Global Short Term Income Fund $ 1.00 - 0.00 0.45
Sterling Class £ 52.5910 - 0.0010 0.16 M&G UK Inflation Lnkd Corp Bnd A Acc 111.67 - -0.01 0.09
Portfolio Acc 190.20 - 0.80 0.72 U.S. Special Opportunities Fund Class AA F $ 0.8916 - 0.0000 7.15 Euro Strategic Bond A F € 43.07 - -0.08 0.00
Oasis Global Equity $ 25.79 - -0.17 0.22
Lloyds Multi Strategy Fund Limited M&G UK Inflation Lnkd Corp Bnd A Inc 110.07 - 0.00 0.09
Sterling Corporate Bond Acc 82.09xd - 0.22 2.56 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - European Currencies High Yield Bd A F € 21.54 - 0.06 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Conservative Strategy £ 1.0880 - -0.0010 1.97
Sterling Corporate Bond Inc 51.58xd - 0.13 2.57 U.S. Special Opportunities Fund Class AA Inc $ 0.8800 - 0.0000 - European Equity Alpha A F € 42.91 - -0.10 0.00 Oasis Crescent Global Equity Fund $ 26.17 - -0.23 0.00
Growth Strategy £ 1.4270 - 0.0090 1.32
Strategic Bond Acc 68.38xd - 0.00 2.70 M & G Securities Ltd (UK) US Small Cap Equity Fund Class AA F $ 1.0546 - -0.0088 0.00 European Property A F € 34.37 - -0.38 0.00 Oasis Crescent Global High Equity Balanced Fund $ 9.30 - -0.02 0.00
Aggressive Strategy £ 1.6850 - 0.0180 0.00 Property & Other UK Unit Trusts
Strategic Bond Inc 57.07xd - 0.00 2.71 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2694 - -0.0038 0.06 Eurozone Equity Alpha A F € 11.26 - 0.03 0.00 Oasis Crescent Variable Balanced Fund £ 10.23 - 0.12 -
Global USD Growth Strategy $ 1.3140 - 0.0010 0.00 Charibond 123.55xd - -0.33 5.23
UK Active Index + E Acc 267.20 - -1.70 3.21 Global Bond A F $ 38.81 - -0.18 0.00 OasisCresGl Income Class A $ 11.01 - 0.00 2.28
Dealing Daily (Accum Units) 3609.36xd - -9.61 5.23
UK Active Index + E Inc 50.39 - -0.31 3.21 Global Brands A F $ 91.39 - -1.36 0.00 OasisCresGl LowBal D ($) Dist $ 11.54 - -0.02 0.00
Manulife Global Fund
NAACIF 71.88xd - -0.49 4.80
UK Dynamic Acc 154.50xd - -0.40 1.53 Other International Funds Global Convertible Bond A F $ 41.55 - 0.08 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 11.62 - -0.04 0.31
(Accum Units) 6357.20xd - -43.69 4.67 Asia Total Return Fund Class AA $ 0.9578 - -0.0010 -
UK Dynamic Inc 126.30xd - -0.40 1.54 Global Property A F $ 26.88 - -0.48 0.00 Oasis Crescent Gbl Property Eqty $ 9.29 - 0.04 1.83
M&G Property Portfolio A Acc 131.21 138.11 0.00 3.64 Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.4806 - -0.0111 -
UK Eq & Bond Inc Acc ... C 135.90xd - -0.40 3.37 Indian Equity A F $ 34.81 - -0.07 0.00
Property Portfolio A 121.20 127.57 0.01 3.73 Asia Total Return Fund Class AA Inc $ 0.9070 - -0.0010 3.23
UK Eq & Bond Inc Inc ... C 79.85xd - -0.26 3.43 Latin American Equity A F $ 38.00 - -0.80 0.00
Property Portfolio X 121.20 121.20 0.01 3.71 Asia Value Dividend Equity Fund Class AA F $ 1.4724 - 0.0000 0.00
UK Higher Inc Acc ... C 864.50xd - -5.80 4.33 Short Maturity Euro Bond A F € 20.39 - -0.01 0.00
Asia Value Dividend Equity Fund Class AA Inc $ 0.8936 - 0.0000 -
UK Higher Inc Inc ... C 502.50xd - -3.30 4.47 Lombard Odier Funds (Europe) S.A (LUX) US Dollar Liquidity A F $ 13.03 - 0.00 0.00
www.loim.com M & G (Guernsey) Ltd (GSY) Strategic Income Fund Class AA F $ 1.0754 - -0.0007 4.44
UK Managed Equity Acc 62.48xd - -0.37 2.13 US Growth A F $ 63.30 - -0.48 0.00
Regulated Regulated
UK Managed Equity Inc 52.70xd - -0.31 2.16 Lombard Odier Funds The M&G Offshore Fund Range US Growth AH F € 43.89 - -0.33 0.00
Absolute Ret Bond (EUR) PA € 12.07 - -0.01 0.00 Odey Asset Management LLP (UK)
UK Smaller Cos Acc 372.00 - 1.70 0.00 Corporate Bond 1307.78 1348.23 -2.99 3.07 Marlborough Fd Managers Ltd (1200)F (UK) US Growth AX F £ 40.66 - 0.19 0.00
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 40 Dukes Place, London, EC3A 7NH
UK Smaller Cos Inc 72.23 - 0.33 0.00 Absolute Ret Bond (USD) PA $ 17.72 - -0.02 0.00 Global Basics 2128.05 2193.87 -14.00 0.00
www.marlboroughfunds.com US Property A F $ 62.73 - -1.57 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
All Roads (CHF) PA SFr 17.34 - -0.02 0.00 Authorised Corporate Director - Capita Financial Managers
UK Strategic Eq Inc Acc ... C 145.30xd - -0.70 3.72 Global Leaders 3066.85 3194.64 -23.10 1.26 Authorised Inv Funds
Authorised Inv Funds
UK Strategic Eq Inc Inc ... C 95.06xd - -0.46 3.81 All Roads (USD) PA $ 11.02 - -0.01 0.00 Global High Yield Bond 968.55 998.50 2.75 4.30 Balanced 147.91 156.39 0.50 0.05
Morgens Waterfall Vintiadis.co Inc CF Odey Continental European GBP R Acc 694.82 - 0.71 0.19
All Roads (GBP) PA £ 11.25 - -0.01 0.00 Bond Income 50.28 53.21 -0.15 4.86
UK Strategic Gth Acc 107.70 - -0.40 1.22 Global Macro Bond Fund 10842.57 11177.91 80.86 0.89 Other International Funds
CF Odey Opus GBP R Inc 3592.23 - 8.91 0.00
All Roads (EUR) PA € 11.17 - -0.02 0.00 Cash 50.17 - 0.00 0.32 Phaeton Intl (BVI) Ltd (Est) $ 402.75 - -17.86 0.00
UK Strategic Gth Inc 100.50 - -0.30 1.24 North American Dividend Fund 143.11 149.07 -2.79 0.63
CF Odey Absolute Return GBP R 308.72 - -1.79 0.00
Alpha Japan (EUR) PA F € 10.75 - -0.31 0.00 Cautious Inc 80.55 84.79 -0.01 1.35
US Acc 636.90 - -21.90 0.00 Optimal Income Fund 140.69 145.04 -0.07 1.94
CF Odey Portfolio Fund GBP R Inc 139.61 - -0.13 0.07
Alpha Japan (CHF) PA F SFr 13.43 - -0.39 0.00 Defensive A Inc 115.10 - -0.22 0.98
US Inc 88.15 - -3.04 0.00 Recovery Fund Limited 'A' Participating Shares 9981.19 10397.07 -8.66 0.43
Alpha Japan (JPY) PA F ¥ 1276.00 - -36.00 0.00 Emerging Markets 199.94 - 1.35 1.90
US Equity Income Acc ... C 107.30xd - -4.20 2.35 Recovery Fund Limited 'I' Participating Shares 9984.49 10085.34 -7.84 1.23
Alpha Japan (USD) PA F $ 15.39 - -0.43 0.00 ETF Global Growth A 150.85 - 0.69 0.00 Odey Asset Management LLP (CYM)
US Equity Income £ hdg Inc ... C 90.93xd - -4.59 2.37 Strategic Corporate Bond Fund 132.46 137.98 -0.25 2.72
Regulated
Alternative Beta PA F SFr 113.93 - 0.38 0.00 ETF Commodity A 66.75 - -0.08 0.00
US Equity Income Inc ... C 91.54xd - -3.58 2.37 UK Growth 1452.60 1513.12 -8.36 1.19 OEI Mac Inc GBP A £ 363.01 - 4.91 0.00
Alternative Beta PA F € 76.84 - 0.24 0.00 European Multi-Cap 261.49 - 2.60 0.20
US Select Acc 98.76 - -3.44 0.00 OEI Mac Inc GBP B £ 196.98 - 2.63 0.00
Alternative Beta PA F $ 114.92 - 0.40 0.00 Extra Income 76.98 81.46 -0.43 4.60 Natixis International Funds (Lux) I SICAV (LUX)
US Select Inc 97.52 - -3.48 0.00 OEI MAC Inc USD $ 1943.43 - 26.13 0.00
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Commodities (CHF) PA SFr 5.22 - 0.01 0.00 Far East Growth A Inc 140.41 - 1.47 2.12
US Smaller Cos Acc 352.60 - -9.70 0.00 FCA Recognised Odey European Inc EUR € 846.63 - 15.90 0.00
Commodities (EUR) PA € 5.29 - 0.01 0.00 Global 166.26 175.04 -1.10 0.00 Harris Global Equity R/A (USD) $ 246.57 246.57 0.08 0.00
US Smaller Cos Inc 92.40 - -2.55 0.00 Odey European Inc GBP A £ 324.51 - 6.17 0.00
Commodities (USD) PA $ 5.46 - 0.02 0.00 Global Bond Inc 134.36 142.18 0.10 3.24 Harris Concentrated US Equity H-N/A (GBP) £ 127.93 127.93 -1.70 0.00
Odey European Inc GBP B £ 184.16 - 3.50 0.00
Convertible Bd P A € 17.00 - 0.06 0.00 High Yield Fixed Interest 73.36 77.84 0.02 5.67 Harris Concentrated US Equity R/D (GBP) £ 88.43 88.43 -0.94 33.93
Odey European Inc USD $ 390.05 - 7.39 0.00
JPMorgan Charity Funds (UK)
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Convertible Bd Asia PA F SFr 13.24 - 0.06 0.00 MFS Investment Funds (LUX) Multi Cap Income A Inc 154.09 - 0.01 4.37 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 98.35 98.35 -0.07 0.90
Giano Capital EUR Inc € 4423.88 - -73.35 0.00
Property & Other UK Unit Trusts FCA Recognised
Convertible Bd Asia PA F € 14.11 - 0.07 0.00 Nano-Cap Growth A Acc 100.7859 111.0900 0.6608 -
UK Equity Fund for Charities I...C £ 2.687780xd 2.698710 -0.013080 3.55 Blend.Research Gb.Eq.Fd. € 94.03 - 1.49 -
Convertible Bd Asia PA F $ 14.20 - 0.07 0.00 Special Situations A Acc 1129.13 1194.85 -1.99 0.39
Natixis International Funds (Dublin) I plc (IRL)
Bond Fund for Charities £ 1.350160xd 1.356660 -0.002120 3.73 Blend.Research Gb.Eq.Fd. £ 91.85 - 0.39 - Odey Asset Management LLP (IRL)
Emerg. Consumer (CHF) PA SFr 11.23 - 0.07 0.00 UK Multi-Cap Growth A Inc 227.40 240.64 0.53 0.40 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
FCA Recognised
Blend.Research U.S.Core Eq.Fd. ¥ 9368.00 - -27.00 - Regulated
Emerg. Consumer (EUR) PA € 11.35 - 0.07 0.00 UK Micro Cap Growth A 466.09 493.22 14.77 0.00 Odey Pan European EUR R € 332.94 - 12.37 0.00
Blend.Research Gb.Eq.Fd. $ 94.72 - 0.16 - Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.23 13.23 -0.09 1.14
Emerg. Consumer (USD) PA $ 11.33 - 0.07 0.00 US Multi-Cap Income 286.99 - -0.50 0.19 Odey Allegra European EUR O € 259.01 - 10.10 0.00
Em.Mk.Eq.Fund Euro € 98.53 - 3.58 0.00 Loomis Sayles High Income R/D (USD) $ 8.77 8.77 0.02 13.40
Emerg.Eq. Risk Par.(EUR) PA € 7.22 - 0.28 0.00 MFM - Third Party Funds Odey Allegra International EUR O € 168.71 - 4.34 0.00
Em.Mk.Eq.Fund Sterling £ 84.24 - 2.11 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 12.65 12.65 0.01 4.56
Junior Oils 66.22 70.07 3.86 0.00
Emerg. Eq. Risk Par.(USD) PA $ 5.76 - 0.15 0.00 Odey Allegra Developed Markets USD I $ 125.91 - 1.57 0.00
Em.Mk.Eq.Fd.US Dollar $ 85.87 - 1.93 0.00
Junior Gold C Acc 20.85 - -0.49 0.00
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.87 - 0.00 0.00 Odey European Focus Fund € 17.32 - 0.61 0.49
Em.Mk.Loc.Ccy Debt Fd.FC ¥ 7996.00 - 16.00 5.93 Natixis International Funds (UK)
MFM Artorius Fund 144.28 - -7.41 0.18
Emerg.Loc.Cur.Bd.Fdt PA SFr 7.93 - 0.13 0.00 Odey Atlas Fund GBP I S £ 1.14 - 0.01 0.00
GAM Em.Mk.Loc.Ccy Debt Fd.FD ¥ 9613.00 - 110.00 5.94 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
MFM Bowland 148.99 161.07 -7.47 0.00
funds@gam.com, www.jbfundnet.com Emerg.Loc.Cur.Bd.Fdt PA € 10.56 - 0.20 0.00 Authorised Funds Odey Giano European Fund EUR R € 116.69 - 1.47 0.00
Gb.Conc.Eq.Fd.Euro € 250.88 - 2.13 0.00
Regulated MFM Hathaway Inc 103.89 108.79 -2.06 1.56 H2O MultiReturns Fund N/A (GBP) $ 12.59 12.59 -0.12 1.76
Emerg.Loc.Cur.Bd.Fdt PA $ 8.37 - 0.04 0.00 Odey Naver Fund EUR I € 122.81 - 0.10 0.00
Gb.Conc.Eq.Fd.Sterl.UK T £ 152.49 - -0.48 0.00
JB BF ABS-EUR B € 105.01 - -0.01 0.00 MFM SGWM Managed A Acc 118.21 - 0.94 0.16 H2O MultiReturns Fund I/A (GBP) £ 1.33 - 0.01 1.68
Euro BBB-BB Fdt PA SFr 15.47 - -0.02 0.00 Odey Odyssey USD I $ 153.46 - 2.52 0.00
Gb.Conc.Eq.Fd.Sterling £ 230.96 - -0.74 0.00
JB BF Abs Ret Def-EUR B € 110.51 - 0.25 0.00 MFM Techinvest Special Situations Acc 127.29 - -4.10 0.01 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 0.98 - 0.00 0.00
Euro BBB-BB Fdt PA € 12.28 - -0.02 0.00 Odey Orion Fund EUR I € 122.08 - 1.53 0.00
Gb.Conc.Eq.Fd.US $ 181.20 - -1.04 0.00
JB BF Abs Ret EM-USD B $ 116.52 - 0.47 0.00 MFM Techinvest Technology Acc 337.06 - -28.75 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 0.98 - 0.00 0.00
Euro BBB-BB Fdt PA £ 10.84 - -0.02 0.00 Odey Swan Fund EUR I € 102.20 - -0.65 0.00
Gb.Eq.Hdg Fd.Euro IRE T € 170.45 - 0.88 0.00
JB BF Abs Ret-EUR B € 129.38 - 0.46 0.00 MFM UK Primary Opportunities A Inc 304.96 - -3.58 1.45 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.93 - 0.00 4.49
Euro BBB-BB Fdt PA $ 17.42 - -0.02 0.00 Odey European Absolute Return GBP S £ 100.60 - 0.13 0.00
Gb.Eq.Euro Hdg Fd. € 241.63 - 1.25 0.00
JB BF Abs Ret Pl-EUR B € 128.00 - 0.50 0.00 Slater Investments Ltd - Investment Adviser
Euro Credit Bd PA F € 12.86 - -0.05 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.01 - 0.00 4.38
MFM Slater Growth 380.55 403.77 0.06 0.12
JB BF EM Corporate-USD B $ 106.93 - 0.06 0.00 Gb.Eq.Fund Euro € 258.99 - 3.37 0.00
Euro Government Fdt PA € 12.39 - -0.10 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.30 - 0.00 0.27
MFM Slater Income A Inc 158.49 - -0.65 3.90 Odey Wealth Management (CI) Ltd (IRL)
JB BF EM Infl Link-USD B $ 82.64 - 0.32 0.00 Gb.Eq. Fd Euro IRE T € 163.81 - 2.13 0.00
Euro Inflation-Lk Fdt PA € 11.80 - -0.02 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.28 - 0.00 0.46 www.odey.com/prices
MFM Slater Recovery 161.76 171.63 -2.71 0.25
JB BF EM Inv Grade-USD B $ 98.84 - 0.15 0.00 Gb.Eq.Fd.Sterling UK T £ 190.33 - 0.26 0.00 FCA Recognised
Euro Resp.Corp. Fdt PA € 18.09 - -0.08 0.00
Gb.Eq.Fd.US Dollar $ 295.40 - -0.36 0.00 Odey Opportunity EUR I € 210.39 - 0.97 0.00
JB Emerging (EUR)-EUR B € 328.29 - 0.97 0.00
Europe High Conviction PA € 11.19 - 0.39 0.00 NatWest (2230)F (UK)
JB Emerging (USD)-USD B $ 398.28 - 1.33 0.00 Gb.Eq.Fund Sterling £ 188.27 - 0.25 0.00 Marlborough International Management Limited (GSY) PO Box 23873, Edinburgh EH7 5WJ**
Eurozone Small&Mid Caps PA € 50.09 - 1.82 0.00
Gb.Val.Ex-Jap.Fd.USD $ 109.96 - -0.57 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 Enquiries: 0800 085 5588
JB BF Local EM-USD B $ 254.67 - 0.62 0.00 Omnia Fund Ltd
Fdmt.Eq.L/S SH Sd EUR PA € 10.83 - -0.01 0.00 FCA Recognised Authorised Inv Funds
Gb.Val.Ex-Japan Fd.Yen ¥ 12965.00 - 60.00 0.00 Other International Funds
JB BF Total Ret-EUR B € 98.53 - 0.30 0.00 Marlborough North American Fund Ltd £ 30.37 30.67 -0.05 0.00 Series 1(Minimum initial investment 16375,000)
Fdmt.Eq.L/S SH Sd USD PA $ 10.85 - -0.01 0.00 Estimated NAV $ 979.10 - 25.55 0.00
Low Volatility Gb.Eq.Fd. € 93.98 - 1.06 -
JB EF Abs Ret Eur-EUR B € 120.06 - 0.51 0.00 Marlborough Tiger Fund Ltd F £ 24.75 25.00 -0.70 0.00 United Kingdom Equity Index Fund £ 12.08 - 0.36 2.83
Gbl.Gvt.Fdmt PA € 10.26 - 0.03 0.00
Low Volatility Gb.Eq.Fd. £ 91.80 - -0.04 -
JB EF Euro Value-EUR B € 180.72 - 7.81 0.00 UK Specialist Equity Inc £ 18.75 - 0.32 0.42
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.25 - 0.02 0.00
Low Volatility Gb.Eq.Fd. $ 94.67 - -0.28 -
JB EF Japan-JPY B ¥ 16658.00 - 518.00 0.00 Contl Europe Spec Equity £ 15.35 - 0.24 0.00
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.61 - -0.13 0.00 Marwyn Asset Management Limited (CYM)
JB EF Luxury B-EUR B € 210.87 - 6.50 0.00 Regulated US Spec Equity Fund £ 12.34 - -0.09 0.00
Gbl.5B Fdmt (EUR) PA € 11.60 - 0.07 0.00
JB Ms EF Special Val. EUR/A € 131.51 - 1.16 0.74 MFS Meridian Funds SICAV (LUX) Marwyn Value Investors £ 535.69 - -21.99 0.00 Japan Specialist Fund X £ 8.94 - -0.13 0.00
Gbl.5B Fdmt (CHF) PA SFr 10.26 - 0.04 0.00
Regulated
JB Strategy Balanced-CHF/B SFr 145.04 - 1.27 0.00 Pacific Basin Specialist Equity Fund £ 19.75 - 0.11 0.73
Gbl.5B Fdmt SH (USD) PA $ 10.91 - -0.02 0.00
Absolute Return A1 € 19.08 - 0.03 0.00
JB Strategy Balanced-EUR € 149.66 - 1.49 0.00 McInroy & Wood Portfolios Limited (UK) UK Sovereign Bd Index Fund £ 10.95 - -0.10 2.60
Generation Global (CHF) PA F SFr 12.03 - 0.13 0.00 Optima Fund Management
Asia ex-Japan A1 $ 21.00 - 0.56 0.00
JB Strategy Balanced-USD/B $ 125.69 - 0.43 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867 UK Specialist Equity Income Fund £ 9.50 - 0.12 3.89
Other International Funds
Generation Global (EUR) PA F € 18.31 - 0.22 0.00 Bond A1 $ 10.32 - -0.06 0.00 Authorised Inv Funds
JB Strategy Growth-CHF/B SFr 87.61 - 1.13 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.03 - -0.09 3.21 Cuttyhunk Fund II Limited $ 1569.30 - 6.52 0.00
Generation Global (USD) PA F $ 14.24 - -0.03 0.00 Balanced Fund Personal Class Units 3728.10 - -2.70 1.99
China Equity Fd A1 $ 8.64 - 0.17 0.00
JB Strategy Growth-EUR € 109.97 - 1.76 0.00 Inflation Lkd Sov Bd Fund £ 12.69 - -0.18 0.67 JENOP Global Healthcare Fund Ltd $ 17.36 - -0.05 0.00
Global Energy (USD) PA F $ 6.20 - -0.04 0.00 Income Fund Personal Class Units 2283.80xd - -12.40 3.01
Continental European Eqty A1 € 16.72 - 0.45 0.00
JB Strategy Inc-CHF/B SFr 117.46 - 0.49 0.00 Global Emerg Mkts Equity Fund X £ 10.01 - 0.08 0.60 OPTIKA Fund Limited - Cl A $ 119.88 - 1.27 -
Golden Age (CHF) PA F SFr 21.19 - -0.04 0.00 Emerging Markets Fund Personal Class Units 1472.30 - 7.60 2.65
Emer Mkts Debt Lo Curr Fd A1 $ 11.14 - -0.01 0.00
JB Strategy Inc-EUR/B € 156.76 - 0.75 0.00 Series 2 (Investment Management customers only) Optima Fd NAV $ 96.11 - -0.61 0.00
Golden Age (EUR) PA € 14.39 - -0.02 0.00 Smaller Companies Fund Personal Class Units 3419.00xd - -7.80 1.81
Emerging Markets Debt A1 $ 32.59 - 0.07 0.00 United Kingdom Equity Index Fund £ 12.09 - 0.36 3.33
JB Strategy Inc-USD/B $ 144.17 - 0.05 0.00 Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Golden Age (USD) PA F $ 19.96 - -0.03 0.00 Emerging Markets Eq.A1 $ 9.63 - 0.21 0.00 UK Specialist Equity Inc £ 18.95 - 0.32 1.77 The Dorset Energy Fd Ltd NAV $ 28.91 - -3.23 0.00
Sh.T- Money Mkt EUR PA € 112.33 - 0.00 0.00 European Concentrated A1 € 16.73 - 0.40 0.00 Meridian Fund Managers Ltd Contl Europe Spec Equity £ 16.14 - 0.26 0.63
Platinum Fd Ltd $ 88.12 - -0.49 0.00
Sh.T- Money Mkt CHF PA SFr 128.87 - 0.00 0.00 Other International Funds
European Core Eq A1 € 29.44 - 0.74 0.00 US Spec Equity Fund £ 12.88 - -0.09 0.17
Global Gold & Resources Fund $ 180.02 - -1.51 - Platinum Fd Ltd EUR € 17.12 - -0.10 0.00
Sh.T- Money Mkt GBP PA £ 10.27 - 0.00 0.00
European Res.A1 € 30.76 - 0.77 0.00 Japan Specialist Fund X £ 9.49 - -0.14 0.56
Global Energy & Resources Fund $ 37.95 - -6.10 - Platinum Japan Fd Ltd $ 56.08 - -0.45 0.00
Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00
European Smaller Companies A1 € 48.09 - 1.00 0.00 Pacific Basin Specialist Equity Fund £ 19.70 - 0.11 1.45 Optima Partners Global Fd (Est) $ 14.94 - -0.04 0.00
Sw.Fr.Bd(For) PA SFr 23.75 - -0.04 0.00
European Value A1 € 33.68 - 0.76 0.00 UK Sovereign Bd Index Fund £ 11.12 - -0.11 2.60 Optima Partners Focus Fund A $ 17.23 - 0.04 0.00
Sw.Fr.Credit Bd(For) PA SFr 13.65 - -0.02 0.00 Metage Capital
Kames Capital ICVC (UK) Global Conc.A1 $ 33.94 - -0.16 0.00 UK Specialist Equity Income Fund £ 10.25 - 0.14 3.83
Other International Funds
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Tactical Alpha (CHF) PA SFr 10.20 - -0.06 0.00 Global Credit Fund $ 10.41 - -0.09 0.00
MGS -Master Series (Est) $ 240.66 - -2.89 - Global Spec Inv Grade Bd Fund GBP £ 10.18 - -0.09 3.21
0800 45 44 22 www.kamescapital.com
Tactical Alpha (EUR) PA € 10.49 - -0.05 0.00 Oryx International Growth Fund Ltd
Authorised Funds Global Energy Fund A1 $ 11.70 - -0.07 0.00 Inflation Lkd Sov Bd Fund £ 12.82 - -0.18 0.67
MEMO - Master Series $ 501.03 - -3.56 0.00 Other International Funds
Tactical Alpha (USD) PA $ 15.07 - -0.08 0.00
Diversified Income B Acc 108.78 - -0.32 5.29 Global Equity A1 $ 42.96 - -0.01 0.00 Global Emerg Mkts Equity Fund X £ 9.67 - 0.07 0.83 NAV (Fully Diluted) £ 6.18 - 0.11 0.00
MEMO - MEMV Series $ 117.28 - -0.07 0.00
Technology PA € 12.59 - -0.01 0.00
Diversified Income B Inc 100.64 - -0.30 5.47 Global Equity A1 € 23.69 - 0.02 0.00 The initial charge you will pay will depend on the amount you invest
Technology PA $ 19.08 - -0.01 0.00 **Address and Telephone number for series 1 only
Diversified Growth A Acc 129.01 - 0.28 2.71 Global High Yield Fund $ 24.63 - 0.09 0.00
Ministry of Justice Common Investment Funds (UK)
Ethical Cautious Managed A Acc 162.95 - -0.93 1.62 Wld Gold Expertise PAF SFr 9.03 - -0.29 0.00 Global High Yield Fund € 15.60 - 0.07 0.00 Property & Other UK Unit Trusts
Wld Gold Expertise PA € 7.19 - -0.24 0.00 Global Multi-Asset A1 $ 15.01 - 0.00 0.00 Asset Management
Ethical Cautious Managed A Inc 134.81 - -0.77 1.64 The Equity Idx Tracker Fd Inc 1254.00 1254.00 3.00 2.69
Asset Management
Ethical Corporate Bond A Acc
Ethical Corporate Bond A Inc
195.01
110.66
-
-
-0.84 3.32
-0.48 3.32
Wld Gold Expertise PA
LO Selection
$ 9.54 - -0.30 0.00 Global Res.A1
Global Total Return A1
Asset Management $ 24.44
€ 16.43
-
-
-0.02 0.00
-0.08 0.00
Distribution Units
Balanced (CHF) PA F SFr 105.15 - 0.88 0.00
Permal Investment Mgmt Svcs Ltd
Ethical Equity A Acc 169.58 - -1.15 1.22 Inflation-Adjusted Bond A1 $ 13.96 - -0.08 0.00 Mirabaud Asset Management (LUX)
Balanced (EUR) PA F € 122.45 - 1.23 0.00 www.mirabaud.com, marketing@mirabaud.com www.permal.com
High Yield Bond A Acc 114.64 - 0.94 4.07 Japan Equity A1 $ 9.70 - 0.02 0.00
Conservative (CHF) PA F SFr 102.75 - 0.02 0.00 Regulated New Capital Fund Management Ltd (IRL) Other International Funds
Asset Management
High Yield Bond A Inc 52.51 - 0.43 4.07
Conservative (EUR) PA F € 112.95 - 0.15 0.00
Latin American Equity Fd A1
Limited Maturity A1
$ 11.51
$ 14.03
-
-
0.02 0.00
-0.02 0.00
Mir. Conv. Bds Eur A EUR € 134.70 - 1.80 0.00
Leconfield House, Curzon Street, London, W1J 5JB
FCA Recognised
Offshore Fund Class A US $ Shares
Investment Holdings N.V.
Managemen
$ 5712.21 - -20.57 0.00
Asset Management
Investment Grade Bond A Acc 158.41 - -0.44 3.04
Asset Management
Mir. Conv. Bds Glb A USD $ 112.25 - 0.67 0.00 New Capital UCITS Funds
Global Allocation (GBP) PA F £ 9.71 - 0.00 0.00
Macro Holdings Ltd $ 4197.79 - 38.91 0.00
Investment Grade Bond A Inc 116.06 - -0.33 3.04 Prudent Wealth Fd A1 $ 14.43 - 0.06 0.00 Mir. - Eq Asia ex Jap A $ 156.36 - 0.18 0.00 Asia Pac Bd USD Inst Inc $ 90.82 - 0.12 3.23
Growth (CHF) PA F SFr 108.80 - 1.61 0.00
Fixed Income Holdings N.V. $ 386.95 - -15.12 -
Sterling Corporate Bond A Acc 69.30 - -0.20 2.95 Research Bond A1 $ 16.54 - -0.08 0.00 Mir. - Eq Glb Emrg Mkt A USD $ 82.66 - -0.24 0.00 Asia Pac Bd USD Ord Inc $ 92.74 - 0.12 2.50
Growth (EUR) PA F € 131.02 - 2.18 0.00
Permal Absolute Return Fund $ 169.53 - 2.94 0.00
Sterling Corporate Bond A Inc 30.95 - -0.09 2.95 UK Equity A1 £ 7.58 - 0.11 0.00 Mir. - Eq Global Focus A USD $ 95.98 - -0.06 0.00 Asia Pac Eq EUR Ord Inc € 83.33 - 0.75 3.07
Thursday 27 August 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

UK Long Term Corp. Bnd Inst-Inst Acc £ 18.95 - -0.20 0.00 US Premium Equities (USD) $ 186.49 - -2.60 0.00 Equity Inc Inc Ret 199.70 - -1.20 - Charity Value and Income Fund Inc 90.14 90.60 -0.55 4.68 Data Provided by
UK Real Return - Inst Acc £ 23.24 - -0.34 0.00 Equity Inc Acc Inst 140.30 - -0.90 -
The National Investor (TNI) Veritas Asset Management LLP (IRL)
UK Sterling Long Average Duration - Inst Acc £ 21.73 - -0.34 0.00 N&P UK Gwth Inc Ret 156.00 - -0.90 - www.tni.ae HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Royal Bank of Scotland (2230)F (UK) Standard Life Wealth (JER)
Other International Funds Veritas Funds Plc
UK Sterling Low Average Duration - Inst Acc £ 14.00 - 0.01 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Stckmkt 100 Track Gwth Acc Inst 87.33 - -0.84 - PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
TNI Blue Chip UAE Fund * AED 10.29 - 0.36 0.00 www.veritas-asset.com
Authorised Inv Funds FCA Recognised
Unconstrained Bond - Inst Acc $ 12.03 - 0.04 0.00 Stckmkt 100 Track Gwth Acc Ret 161.70 - -1.50 - +353 1 635 6799
Series 5 (Minumum Initial Investment £75,000) Standard Life Offshore Strategy Fund Limited TNI Funds Ltd (BMU)
FCA Recognised
US Fundam.Index StocksPLUS Inst Inc $ 11.16 - -0.10 0.00 United Kingdom Equity Index Fund £ 15.12 - 0.46 2.83 UK Growth Acc Inst 272.80 - -1.50 - Bridge Fund £ 1.5073 - -0.0013 2.20 MENA Hedge Fund $ 995.03 - 3.99 0.00 Institutional
Pictet Asset Management (Europe) SA (LUX) TNI Funds Plc (Ireland)
15, Avenue J.F. Kennedy L-1855 Luxembourg
US High Yield Bond Fund Inst Acc $ 27.63 - 0.18 0.00 UK Specialist Equity Inc £ 18.75 - 0.31 0.42 UK Growth Acc Ret 316.60 - -1.80 - Diversified Assets Fund £ 1.1474 - -0.0036 3.07
MENA UCITS Fund * $ 1133.71 - -90.39 0.00
Veritas Asian Fund A USD H $ 289.43 - -0.04 0.65
www.morningstar.co.uk
Tel: 0041 58 323 3000 Contl Europe Specialist Fund £ 22.67 - 0.36 0.00 UK Growth Inc Ret 210.60 - -1.20 - Global Equity Fund £ 1.7067 - 0.0057 1.19 Veritas Asian Fund A GBP H £ 343.12 - 3.55 0.49
FCA Recognised
Data as shown is for information purposes only. No
Managed OEIC
Japan Specialist Fund X £ 13.53 - -0.20 0.00 Global Balanced Fund - Income Units £ 1.2748 - 0.0007 2.02 Veritas Asian Fund A EUR H € 290.20 - 1.51 0.40 offer is made by Morningstar or this publication.
Pictet-Absl Rtn Fix Inc-HI EUR € 106.49 - 0.15 0.00 Glob Em Shs Port Acc Ret 142.00 - 1.20 -
US Spec Equity Fund £ 16.68 - -0.11 0.00 Global Balanced Fund - Accumulations Units £ 1.4796 - 0.0002 1.99 Thesis Unit Trust Management Limited (UK) Veritas China Fund A USD $ 140.91 - 2.21 0.00
Pictet-Absl Rtn Glo Div-I EUR F € 123.97 - -0.15 0.00 Max 70% Shs Port Acc Ret 247.30 - 1.00 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Pacific Basin Specialist Equity Fund £ 34.83 - 0.19 0.75 Global Fixed Interest Fund £ 1.0010 - -0.0006 3.49 Veritas China Fund A GBP £ 145.69 - 2.29 0.00
Pictet-Agriculture-I EUR F € 180.22 - 2.53 0.00 Authorised Funds
Max 70% Shs Port Acc X 177.60 - 0.80 -
UK Sovereign Bd Index Fund £ 10.73 - -0.10 2.60 Sterling Fixed Interest Fund £ 0.8461 - -0.0016 3.10 TM New Court Fund A 2011 Inc £ 12.70 - -0.06 0.00 Veritas China Fund A EUR € 139.82 - 2.29 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 184.97 - 0.70 0.00 Max 70% Shs Port Acc S 143.60 - 0.60 -
Inflation Lkd Sov Bd Fund £ 12.93 - -0.19 0.67 UK Equity Fund £ 1.8615 - -0.0109 2.82 TM New Court Fund - A 2014 Acc £ 12.72 - -0.07 0.00 Veritas Global Equity Income Fund D USD $ 114.97 - -1.72 4.49
Pictet-Asian Local Currency Debt-I USD F $ 148.04 - -0.06 0.00 Platinum Capital Management Ltd Investment Port Acc Ret 231.50 - -0.60 -
Pictet-Biotech-I USD F $ 829.47 - 5.66 0.00 Other International Funds
UK Specialist Equity Income Fund £ 9.48 - 0.13 3.89
Investment Port Acc X 164.10 - -0.40 -
TM New Court Equity Growth Fund - Inc £ 12.77 - -0.07 0.00 Veritas Global Equity Income Fund D EUR € 195.54 - -1.63 3.70
Guide to Data
Platinum All Star Fund - A $ 120.00 - - - Global Emerg Mkts Equity Fund X £ 9.67 - 0.08 0.56 Veritas Global Equity Income Fund D GBP £ 142.93 - -0.63 4.44
Pictet-Brazil Index I USD $ 39.57 - 0.31 0.00 Max 50% Shs Port Acc Ret 239.10 - 0.20 -
Platinum Global Dividend Fund - A $ 59.09 - - - Global Spec Inv Grade Bd Fund GBP £ 9.87 - -0.09 3.21 Veritas Global Focus Fund D USD $ 24.84 - -0.31 2.65 The fund prices quoted on these pages are supplied by
Pictet-CHF Bonds I CHF SFr 505.67 - -1.24 0.00 Max 50% Shs Port Inc Ret 214.00 - 0.20 -
Series 6 (Investment Management Customers Only) Veritas Global Focus Fund D EUR € 21.90 - -0.13 2.41 the operator of the relevant fund. Details of funds
Platinum Global Dividend UCITS Fund $ 64.92 - -1.93 5.16 published on these pages, including prices, are for the
Pictet-China Index I USD $ 99.76 - 0.07 0.00 United Kingdom Equity Index Fund £ 14.93 - 0.45 3.33 Max 50% Shs Port Acc X 173.10 - 0.20 -
Platinum Essential Resources UCITs Fund $ 5.34 - -0.21 0.00 Veritas Global Focus Fund D GBP £ 26.98 - -0.04 2.33 purpose of information only and should only be used
Pictet-Clean Energy-I USD F $ 77.13 - 0.19 0.00 UK Specialist Equity £ 18.95 - 0.32 1.77 Max 50% Shs Port Acc S 144.90 - 0.10 - as a guide. The Financial Times Limited makes no
Platinum Maverick Enhanced Fund Limited $ 103.46 - - 0.00 Veritas Global Focus Fund A GBP £ 26.00 - -0.04 2.12 representation as to their accuracy or completeness
Pictet-Digital Communication-I USD F $ 229.39 - -0.17 0.00 Contl Europe Specialist Fund £ 23.62 - 0.37 0.63 Max 100% Shs Port Acc Ret 258.70 - 1.90 - Stenham Asset Management Inc Veritas Global Focus Fund A EUR € 12.74 - -0.07 1.91
and they should not be relied upon when making an
Pictet-Eastern Europe-I EUR F € 253.53 - 11.35 0.00 www.stenhamassetmanagement.com investment decision.
Japan Specialist Fund X £ 14.26 - -0.21 0.56 Max 100% Shs Port Acc X 185.70 - 1.00 -
Other International Funds Toscafund (CYM) Veritas Global Focus Fund A USD $ 23.92 - -0.30 2.22
Pictet-Em Lcl Ccy Dbt-I USD F $ 155.85 - 0.99 0.00 US Spec Equity Fund £ 17.44 - -0.12 0.17 Max 100% Shs Port Acc S 135.40 - 1.00 - Regulated The sale of interests in the funds listed on these pages
Stenham Asia USD $ 135.37 - -2.06 - Veritas Global Focus Fund C GBP £ 28.09 - -0.05 0.00 may, in certain jurisdictions, be restricted by law and
Pictet-Emerging Markets-I USD F $ 452.97 - 3.01 0.00 Enhanced Inc Inc Ins 203.90 - -1.10 - Tosca $ 305.03 - -0.19 0.00 the funds will not necessarily be available to persons
Pacific Basin Specialist Equity Fund £ 34.75 - 0.19 1.45
Stenham Credit Opportunities A Class USD $ 104.62 - -0.76 0.00 Veritas Global Focus Fund C EUR € 22.91 - -0.13 0.00
Tosca Mid Cap GBP £ 267.76 - 6.83 0.00 in all jurisdictions in which the publication circulates.
Pictet-Emerging Markets Index-I USD F $ 203.91 - 4.34 0.00 UK Sovereign Bd Index Fund £ 10.84 - -0.11 2.60 Enhanced Inc Inc Ret 193.00 - -1.00 -
Stenham Emerging Markets USD B1 $ 105.21 - -2.06 0.00 Veritas Global Focus Fund C USD $ 25.92 - -0.32 0.00 Persons in any doubt should take appropriate
Pictet-Emerging Corporate Bonds I USD $ 105.02 - -0.04 0.00 Enhanced Inc Inc X 163.90 - -0.80 - Tosca Opportunity B USD $ 313.41 - 20.23 0.00 professional advice. Data collated by Morningstar. For
Inflation Lkd Sov Bd Fund £ 12.80 - -0.19 0.67
Stenham Gold USD $ 143.57 - -11.96 0.00 Veritas Global Equity Income Fund A GBP £ 137.08 - -0.60 4.47 other queries contact reader.enquiries@ft.com +44
Pictet-Emerging Markets High Dividend I USD $ 90.85 - 0.28 0.00 UK Specialist Equity Income Fund £ 10.25 - 0.14 3.83 Enhanced Inc Acc Inst 150.00 - - - (0)207 873 4211.
Polar Capital Funds Plc (IRL) Stenham Growth USD $ 228.02 - 2.78 - Veritas Global Equity Income Fund A EUR € 190.10 - -1.58 3.73
Pictet-Emerging Markets Sust Eq I USD $ 82.18 - 2.12 0.00 Regulated Managed Investments OEIC
Global Spec Inv Grade Bd Fund GBP £ 10.15 - -0.09 3.21 The fund prices published in this edition along with
Stenham Healthcare USD $ 200.89 - 7.01 0.00 Veritas Global Equity Income Fund A USD $ 110.71 - -1.66 4.51
Pictet-Environmental Megatrend Sel I EUR € 144.45 - 2.37 0.00 Asian Financials I USD $ 268.07 268.07 0.11 0.00 Max 30% Shs Port Acc Ret 153.40 - -0.10 - additional information are also available on the
Global Emerg Mkts Equity Fund X £ 9.67 - 0.07 0.80 Financial Times website, www.ft.com/funds. The
Stenham Helix USD $ 31.00 - -73.66 - Veritas Global Equity Income Fund C GBP £ 159.94 - -0.70 -
Pictet-EUR Bonds-I F € 546.18 - -3.37 0.00 Biotechnology I USD $ 17.99 17.99 0.15 0.00 Max 30% Shs Port Acc X 153.10 - -0.10 - funds published on these pages are grouped together
Address and telephone number for Series 5 only
Stenham Managed Fund USD $ 120.10 - 1.29 - Veritas Global Equity Income Fund C EUR € 221.17 - -1.84 - by fund management company.
Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.45 - -0.80 0.00 European Income Acc EUR € 11.17 11.17 0.41 - Max 30% Shs Port Acc S 147.00 - -0.10 -
Stenham Multi Strategy USD $ 123.16 - 0.52 - Veritas Global Equity Income Fund C USD $ 128.37 - -1.93 -
European Ex UK Inc EUR Acc € 9.45 9.45 0.32 - Max 30% Shs Inc Port Inc Ret 152.60 - -0.30 - Prices are in pence unless otherwise indicated. The
Pictet-EUR Corporate Bonds-I F € 197.88 - -0.92 0.00 Royal London Unit Managers Ltd. (1200) F (UK)
Stenham Quadrant USD A $ 402.92 - 6.77 - Veritas Global Real Return Fund A USD $ 19.39 - 0.05 2.07 change, if shown, is the change on the previously
Financial Opps I USD $ 12.18 - 0.11 1.99 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Max 30% Shs Inc Port Inc X 152.80 - -0.30 - TreeTop Asset Management S.A. (LUX) quoted figure (not all funds update prices daily). Those
Pictet-EUR Government Bonds I EUR € 155.33 - -1.36 0.00
Authorised Inv Funds Stenham Trading Inc USD $ 116.54 - 1.77 - Regulated Veritas Global Real Return Fund A GBP £ 10.83 - 0.02 2.05 designated $ with no prefix refer to US dollars. Yield
Pictet-EUR High Yield-I F € 240.76 - 0.84 0.00 GEM Growth I USD $ 8.15 - 0.11 0.00 Max 30% Shs Inc Port Inc S 146.50 - -0.30 - TreeTop Convertible Sicav
Royal London Sustainable Diversified A Inc £ 1.49 - -0.01 1.89 percentage figures (in Tuesday to Saturday papers)
Stenham Universal USD $ 458.70 - 2.19 - Veritas Global Real Return Fund A EUR € 11.43 - 0.02 0.17 allow for buying expenses. Prices of certain older
Pictet-EUR Short Mid-Term Bonds-I F € 136.65 - -0.07 0.00 GEM Income I USD $ 9.21 - 0.12 0.00 Max 60% Shs Port Acc Ret 262.70 - 0.30 - International A € 286.86 - 2.32 0.00
Royal London Sustainable World A Inc 159.40 - -0.40 0.67 Stenham Universal II USD $ 170.21 - 0.74 0.00 Retail insurance linked plans might be subject to capital
Pictet-EUR Short Term HY I EUR € 118.38 - -0.34 0.00 Global Alpha I USD $ 12.22 12.22 0.00 0.00 Max 60% Shs Port Inc Ret 209.60 - 0.20 - International B $ 368.62 - 2.61 0.00 gains tax on sales.
Royal London Corporate Bond Mth Income 88.79 93.46 -0.24 4.18 Veritas Asian Fund B USD $ 201.15 - -0.02 0.47
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.06 - 0.00 0.00 Global Convertible I USD $ 11.47 11.47 -0.03 0.00 Max 60% Shs Port Inc X 162.30 - 0.20 - International C £ 123.96 - 0.94 0.00 Guide to pricing of Authorised Investment Funds:
Royal London European Growth Trust 104.60 110.10 -0.20 0.91 Veritas Asian Fund B GBP £ 252.53 - 2.61 0.04
Max 60% Shs Port Inc S 143.30 - 0.10 - Stratton Street Capital (CI) Limited (GSY) (compiled with the assistance of the IMA. The
Pictet-Euroland Index IS EUR € 127.84 - 5.18 0.00 Global Insurance I GBP £ 3.73 - -0.01 0.00 International D € 266.32 - 2.13 2.96
Royal London Sustainable Leaders A Inc 431.90 - -2.40 0.81 Regulated Veritas Asian Fund B EUR € 213.21 - 1.12 0.00 Investment Management Association, 65 Kingsway,
Eq Inc Port Acc Ret 280.60 - 1.50 - Pacific A € 258.46 - 0.75 0.00 London WC2B 6TD.
Pictet-Europe Index-I EUR F € 165.56 - 6.58 0.00 Global Technology I USD $ 20.68 - 0.13 0.00
Royal London UK Growth Trust 458.70 482.80 -3.20 1.07 Japan Synthetic Warrant Yen Class ¥ 1630.64 - -117.68 0.00 Veritas China Fund B GBP £ 140.84 - 2.09 0.00 Tel: +44 (0)20 7831 0898.)
Pictet-European Equity Selection-I EUR F € 606.54 - 23.56 0.00 Healthcare Blue Chip Fund I USD Acc $ 10.71 10.71 -0.04 - Eq Inc Port Inc Ret 218.90 - 1.10 - Pacific B $ 325.69 - 0.63 0.00
Royal London UK Income With Growth Trust 213.30 224.50 -1.30 4.40 Japan Synthetic Warrant GBP Hedged Class £ 196.68 - 2.04 0.00 Veritas China Fund B EUR € 166.75 - -2.49 0.00
Managed Investments OEIC 2 OEIC: Open-Ended Investment Company. Similar to a
Healthcare Opps I USD $ 39.91 - 0.06 0.00 TreeTop Global Sicav
Pictet-European Sust Eq-I EUR F € 232.06 - 8.16 0.00 Japan Synthetic Warrant USD Class $ 17.29 - -0.99 0.00 Veritas Global Focus Fund B USD $ 17.24 - -0.21 1.62 unit trust but using a company rather than a trust
Royal London US Growth Trust 141.30 148.70 0.30 0.00 Investments Inc Port Inc Ret 163.20 - -0.20 - Global Opp.A € 135.39 - 1.61 0.00 structure.
Pictet-Global Bds Fundamental I USD $ 118.08 - -1.27 0.00 Income Opportunities B2 I GBP Acc £ 1.69 1.69 0.02 0.00 Additional Funds Available Japan Synthetic Warrant USD Hedged Class $ 195.83 - 2.73 0.00 Veritas Global Focus Fund B GBP £ 19.82 - -0.04 1.68
Investments Inc Port Inc X 147.90 - -0.10 - Global Opp.B $ 135.22 - 1.15 0.00
Pictet-Global Bonds-I EUR € 158.89 - 0.26 0.00 Japan Alpha I JPY ¥ 199.14 199.14 6.97 0.00 Please see www.royallondon.com for details Different share classes are issued to reflect a different
Renminbi Bond Fund AUD Cls A A$ 115.09 - -1.81 3.83 Veritas Global Focus Fund B EUR € 15.14 - -0.09 1.53 currency, charging structure or type of holder.
£ Gov Bond Inc Inst (gross) 178.40 - -0.30 - Global Opp.C £ 165.68 - 1.77 0.00
Pictet-Global Emerging Currencies-I USD F $ 96.17 - 0.28 0.00 Japan I JPY ¥ 2012.30 - 66.44 0.00
Renminbi Bond Fund AUD Cls B A$ 116.85 - -1.84 3.57 Veritas Global Equity Income Fund B GBP £ 126.27 - -0.55 4.52
£ Gov Bond Inc Inst 146.40 - -0.30 - Sequoia Equity A € 142.28 - 1.90 0.00 Selling price: Also called bid price. The price at which
Pictet-Global Emerging Debt-I USD F $ 347.92 - 0.02 0.00 North American I USD $ 16.27 16.27 -0.14 0.00 Ruffer LLP (1000)F (UK)
units in a unit trust are sold by investors.
Renminbi Bond Fund CHF Cls A SFr 112.93 - -1.70 3.86 Veritas Global Equity Income Fund B EUR € 174.67 - -1.45 3.77
40 Dukes Place, London EC3A 7NH £ Gov Bond Acc Inst 147.10 - -0.30 - Sequoia Equity B $ 147.71 - 1.37 0.00
Pictet-Global Megatrend Selection-I USD F $ 213.39 - 0.06 0.00 UK Absolute Equity I GBP £ 12.13 12.13 0.01 -
Order Desk and Enquiries: 0845 601 9610 Renminbi Bond Fund CHF Cls B SFr 112.73 - -1.71 3.62 Veritas Global Equity Income Fund B USD $ 109.89 - -1.65 4.57 Buying price: Also called offer price. The price at
Strat Bond Inc Inst (gross) 181.90 - 0.00 - Sequoia Equity C £ 161.33 - 1.92 0.00
Pictet-Greater China-I USD F $ 419.63 - -1.84 0.00 Authorised Inv Funds which units in a unit trust are bought by investors.
Renminbi Bond Fund CNH Cls A CNH 122.22 - -0.89 3.43 Veritas Global Real Return Fund B USD $ 18.78 - 0.05 1.62
Authorised Corporate Director - Capita Financial Managers Strat Bond Inc Inst 149.70 - 0.00 - Includes manager’s initial charge.
Pictet-Health-I USD $ 274.84 - -0.67 0.00 Polar Capital LLP (CYM) Renminbi Bond Fund CNH Cls B CNH 121.97 - -0.90 3.19 Veritas Global Real Return Fund B GBP £ 10.61 - 0.02 1.63
CF Ruffer Investment Funds Strat Bond Acc Inst 149.70 - 0.00 -
Regulated Single price: Based on a mid-market valuation of the
Pictet-High Dividend Sel I EUR F € 144.12 - 3.03 0.00 CF Ruffer Gold Fund C Acc 73.62 - -0.79 0.00 Renminbi Bond Fund Euro Cls B € 114.14 - -1.73 3.62 Veritas Global Real Return Fund B EUR € 12.22 - 0.02 1.44 underlying investments. The buying and selling price
Managed Investments OEIC 3
ALVA Convertible A USD $ 129.05 - 0.44 0.00 for shares of an OEIC and units of a single priced unit
Pictet-India Index I USD $ 96.17 - 1.86 0.00 CF Ruffer Gold Fund O Acc 72.94 - -0.79 0.00 Div Inc Port Inc Ret 166.10 - -0.90 - Renminbi Bond Fund GBP Cls B £ 115.99 - -1.79 3.41 trust are the same.
European Conviction A EUR € 151.07 - -9.24 0.00
Pictet-Indian Equities-I USD F $ 430.04 - -2.88 0.00 Equity & General C Acc 375.75 - -9.95 0.25 Corp Bond Acc Inst (gross) 211.00 - -0.20 - Renminbi Bond Fund SGD Cls B S$ 114.87 - -1.85 3.38
European Forager A EUR € 180.73 - -0.07 0.00 Veritas Asset Management LLP Treatment of manager’s periodic capital charge:
Pictet-Japan Index-I JPY F ¥ 15575.00 - 491.90 0.00 Equity & General C Inc 346.76 - -9.19 0.25 Corp Bond Inc Inst 142.10 - -0.10 - Renminbi Bond Fund USD Cls B $ 115.38 - -1.79 3.18 www.veritas-asset.com The letter C denotes that the trust deducts all or part
Other International Funds of the manager’s/operator’s periodic charge from
Pictet-Japanese Equities Opp-I JPY F ¥ 9216.40 - 308.40 0.00 Equity & General O Inc 345.47 - -9.18 0.00 Corp Bond Acc Inst 143.60 - -0.10 - Renminbi Bond Fund YEN Cls B ¥ 12737.94 - -191.05 0.00 Troy Asset Mgt Ltd (UK) capital, contact the manager/operator for full details
Real Return Asian Fund USD (Est) € 284.54 - -6.58 0.00
Pictet-Japanese Equity Selection-I JPY F ¥ 13856.90 - 437.90 0.00 Polunin Capital Partners Ltd Equity & General O Acc 372.32 - -9.89 0.00 Multi-Manager OEIC Renminbi Bond Fund USD Cls A $ 159.06 - -2.46 3.42 40 Dukes Place, London EC3A 7NH of the effect of this course of action.
Other International Funds Order desk: 0845 608 0950, Enquiries 0845 608 0950 Real Return Asian Fund GBP (Est) £ 303.70 - -7.13 0.00
Pictet-LATAM Index I USD $ 50.60 - 0.60 0.00 Bal Intl Track Acc Ret 252.70 - -0.50 - Exit Charges: The letter E denotes that an exit charge
European C Acc 501.41 - -6.31 0.22 Renminbi Bond Fund GBP Cls A £ 154.58 - -2.37 3.65 Authorised Inv Funds
Emerging Markets Active $ 42.54 - -2.14 - Real Return Asian Fund EUR (Est) $ 299.76 - -7.08 0.00 may be made when you sell units, contact the
Pictet-LATAM Lc Ccy Dbt-I USD F $ 111.19 - 0.57 0.00 Bond Mthly Inc Acc Ret 143.20 - -0.30 - ACD Capita Financial Mgrs
European O Acc 496.88 - -6.28 0.00 Renminbi Bond Fund SGD Cls A S$ 152.13 - -2.45 3.62 manager/operator for full details.
Luxcellence Em Mkts Tech $ 737.12 - -113.65 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 315.46 - 7.66 0.00 Bond Mthly Inc Inc Ret 92.45 - -0.26 - Trojan Investment Funds
Japanese Fund C Acc 173.27 - -15.06 0.01 Renminbi Bond Fund YEN Cls A ¥ 18853.78 - -282.36 0.00 Time: Some funds give information about the timing of
Polunin Developing Countries $ 685.43 686.39 9.09 0.00 Spectrum Fund 'O' Acc ♦ 151.88 - -2.32 0.29
Pictet-Premium Brands-I EUR F € 147.87 - 3.78 0.00 Waverton Investment Funds Plc (1600)F (IRL) price quotes. The time shown alongside the fund
Japanese Fund O Acc X 171.48 - -14.92 0.00 Renminbi Bond Fund EUR Cls A € 104.96 - -1.58 3.86
Polunin Discovery - Frontier Markets $ 1453.36 - -55.06 0.00 Spectrum Fund 'O' Inc ♦ 148.04 - -2.27 0.29 waverton.investments@citi.com manager’s/operator’s name is the valuation point for
Pictet-Quality Global Equities I USD $ 125.57 - -0.72 0.00 Pacific C Acc 275.07 - -26.87 0.51 Santander Asset Management UK Limited (1200)F (UK) Poland Geared Growth £ 0.46 - -0.04 0.00 FCA Recognised their unit trusts/OEICs, unless another time is
Polunin Small Cap $ 1215.96 1231.16 -175.10 0.00 Spectrum Income Fund 'O' Acc 93.81 - -0.37 -
287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 indicated by the symbol alongside the individual unit
Pictet-Russia Index I USD $ 45.81 - 1.72 0.00 Pacific O Acc 272.32 - -26.61 0.19 Waverton Asia Pacific A USD $ 17.16 - 0.12 1.03
Authorised Inv Funds trust/OEIC name.
Spectrum Income Fund 'O' Inc 93.81 - -0.37 -
Pictet-Russian Equities-I USD F $ 38.66 - 1.52 0.00 Total Return C Acc 390.99 - -11.09 1.43 Santander Premium Fund (OEIC) Waverton Global Bond Fund Cls A $ 8.76 - -0.01 5.40
Private Fund Mgrs (Guernsey) Ltd (GSY) Trojan Fund O Acc ♦ 246.81 - -2.83 0.46 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Pictet-Security-I USD F $ 188.61 - 0.02 0.00 A Shares Waverton Global Equity Fund A GBP £ 12.69 - 0.01 0.37 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Regulated Total Return C Inc 273.38 - -7.75 1.44
Europe (ex-UK) 267.10 - 0.30 - Trojan Fund O Inc ♦ 204.75 - -2.35 0.46 midnight. Daily dealing prices are set on the basis of
Pictet-Select-Callisto I EUR € 106.39 - -1.43 0.00 Monument Growth 18/08/2015 £ 482.51 487.88 -2.92 1.04 Total Return O Inc 270.76 - -7.71 1.44 Waverton UK Fund A GBP £ 12.70 - -0.06 1.81 the valuation point, a short period of time may elapse
Japan Equities 145.70 - 6.80 - Trojan Global Equity O Acc 199.57 - -2.20 0.97 before prices become available. Historic pricing: The
Pictet-Small Cap Europe-I EUR F € 1072.70 - 44.83 0.00 Total Return O Acc 387.40 - -11.01 1.42 Waverton Equity Fund A GBP £ 13.74 - -0.10 0.00
letter H denotes that the managers/operators will
Pacific Bas (ex-Japan) 459.50 - 5.00 - Trojan Global Equity O Inc 169.99 - -1.88 0.98
Pictet-ST.MoneyMkt-I € 140.50 - -0.01 0.00 Waverton Sterling Bond Fund A GBP £ 9.47 - -0.01 5.41 normally deal on the price set at the most recent
Prusik Investment Management LLP (IRL)
Trojan Income O Acc ♦ 255.58 - -1.74 3.95 valuation. The prices shown are the latest available
Pictet-ST.MoneyMkt JPY I USD ¥ 101529.48 - -4.78 0.00 Sterling Bonds 263.20 - -0.40 - E.I. Sturdza Strategic Management Limited (GSY)
Enquiries - 0207 493 1331 before publication and may not be the current dealing
Regulated UK Equities 253.70 - -0.80 - Regulated Trojan Income O Inc ♦ 161.89 - -1.11 4.07 levels because of an intervening portfolio revaluation
Pictet-ST.MoneyMkt-ICHF SFr 124.54 - 0.00 0.00
Nippon Growth Fund Limited ¥ 110391.00 - -2339.12 0.00 WA Fixed Income Fund Plc (IRL) or a switch to a forward pricing basis. The
Prusik Asian Equity Income B Dist $ 147.63 - -0.71 3.75 US Equities 234.30 - -0.40 -
Pictet-ST.MoneyMkt-IUSD $ 135.09 - 0.00 0.00 Regulated managers/operators must deal at a forward price on
Prusik Asia A $ 181.59 - 1.84 0.00 B Shares Strat Evarich Japan Fd Ltd JPY ¥ 89457.00 - -13045.00 0.00 request, and may move to forward pricing at any time.
Pictet-Timber-I USD F $ 142.44 - -1.39 0.00 UBS Global Asset Mgmt Fds Ltd (UK) European Multi-Sector € 115.18 - -0.97 0.00
Forward pricing: The letter F denotes that that
Prusik Asian Smaller Cos A $ 137.82 - 1.83 0.00 Pacific Bas (ex-Japan) 458.80 - 4.90 - Strat Evarich Japan Fd Ltd USD $ 886.54 - -134.82 0.00 21 Lombard Street, London, EC3V 9AH managers/operators deal at the price to be set at the
Pictet Total Ret-Agora I EUR € 112.24 - 0.33 0.00 next valuation.
Client Services 0800 587 2113, Client Dealing 0800 587 2112
Pictet Total Ret-Corto Europe I EUR € 134.14 - 1.25 0.00 S W Mitchell Capital LLP (CYM) www.ubs.com/retailfunds
Authorised Inv Funds Investors can be given no definite price in advance of
Pictet Total Ret-Divers Alpha I EUR € 104.73 - 0.19 0.00 Purisima Investment Fds (UK) (1200)F (UK) Regulated Saracen Fund Managers Ltd (1000)F (UK) E.I. Sturdza Funds PLC (IRL)
the purchase or sale being carried out. The prices
40 Dukes Place, London EC3A 7NH S W Mitchell European Fund Class A EUR € 355.68 - 15.96 - 19 Rutland Square, Edinburgh EH1 2BB Regulated OEIC
appearing in the newspaper are the most recent
Pictet Total Ret-Kosmos I EUR € 109.12 - 0.12 0.00 Order Desk 08459 220044, Enquiries: 0870 607 2555 Dealing: 00 353 1 603 9921 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1049.13 - -33.35 0.00 Global Emerg Mkts Eqty B Acc £ 1.17 - 0.00 1.70 provided by the managers/operators. Scheme
S W Mitchell Small Cap European Fund Class A EUR € 235.00 - -3.60 - particulars, prospectus, key features and reports: The
Pictet Total Ret-Mandarin I USD $ 113.11 - -0.08 0.00 Authorised Inv Funds Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1233.38 - -39.10 0.00 Global Optimal B Acc £ 0.90 - 0.00 0.63 most recent particulars and documents may be
Authorised Corporate Director - Capita Financial Managers The Charlemagne Fund EUR € 333.23 - -14.24 - Authorised Inv Funds
Pictet-US Equity Selection-I USD $ 175.29 - -1.80 0.00 UBS UK Opportunities Fund B Acc £ 0.85 - 0.00 2.90 obtained free of charge from fund
Global Total Fd PCG A 149.44 - -1.54 0.38 Saracen Growth Fd Alpha Acc £ 3.60 - 0.11 0.96 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 96533.00 - -2997.00 0.00
Yuki International Limited (IRL) managers/operators. * Indicates funds which do not
Pictet-US High Yield-I USD F $ 145.91 - 0.56 0.00 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 80895.00 - -2522.00 0.00 US Equity B Acc £ 1.33 - 0.00 0.29 Tel +44-20-7269-0207 www.yukifunds.com price on Fridays.
Global Total Fd PCG B 148.20 - -1.53 0.14 Saracen Growth Fd Beta Acc £ 5.74 - 0.17 1.43
Pictet-USA Index-I USD F $ 164.37 - -2.20 0.00
S W Mitchell Capital LLP (IRL) Regulated
Global Total Fd PCG INT 146.36 - -1.51 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.09 - 0.02 2.90 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 78655.00 - -2442.00 0.00 UBS S&P 500 Index C Acc £ 0.47 - 0.00 - Charges for this advertising service are based on the
Regulated Yuki Mizuho Umbrella Fund
Pictet-USD Government Bonds-I F $ 636.34 - -4.99 0.00 number of lines published and the classification of the

Asset Management
SWMC European Fund B EUR € 15404.69 - 674.47 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.02 - 0.02 2.65 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 52348.00 - -1626.00 0.00 UBS Targeted Return B Acc £ 1.21 - 0.00 1.19
Yuki Mizuho Japan Dynamic Growth ¥ 6466.00 - 210.00 0.00 fund. Please contact data@ft.com or
Pictet-USD Short Mid-Term Bonds-I F $ 129.48

Pictet-USD Sov.ST.Mon.Mkt-I $ 102.58

-

-
-0.18 0.00

0.00 0.00
Purisima Investment Fds (CI) Ltd (JER)
SWMC UK Fund B

SWMC Small Cap European Fund B EUR € 13461.57

£ 11688.27 -

-
297.99 0.00

385.78 0.00
Saracen Global Income and Growth Fund -Acc # £ 1.35 - 0.02 3.26 Strategic China Panda Fund USD $ 2005.14

Strategic China Panda Fund Hedged EURO € 1951.24

-

-
23.30 0.00

21.15 0.00 UBS Multi Asset Income B Inc (net) £

Asset Management
UBS Sterling Corporate Bond Indexed Fund 51.20

0.49
-

-
0.36 3.32

0.00 3.56
Yuki Mizuho Japan Large Cap ¥ 6647.00 - 261.00 0.00 Asset Management
call +44 (0)20 7873 3132 for further information.

Regulated Saracen Global Income and Growth Fund -Dist # £ 1.19 - 0.02 2.68 Yuki Japan Low Price ¥ 26183.00 - 1100.00 0.00
Pictet-Water-I EUR F € 247.90 - 4.10 0.00 PCG B X 155.72 - -2.87 0.00 SWMC Emerging European Fund B EUR € 8470.57 - 292.51 0.00 Strategic China Panda Fund Hedged Sterling £ 1975.94 - 22.89 0.00 UBS UK Equity Income B Inc Net £ 0.38 - 0.00 4.64
Saracen UK Income Fund - Acc £ 1.00 - 0.03 - Yuki Japan Value Select ¥ 12291.00 - 488.00 0.00
PCG C X 153.63 - -2.83 0.00 Strategic Euro Bond Accumulating Class CHFSFr 991.82 - -0.22 0.00 Corporate Bond UK Plus B Inc Net £ 0.52 - 0.00 4.00 YMR Umbrella Fund
Saracen UK Income Fund - Dist £ 0.99 - 0.03 -
Pimco Fds: Global Investors Series Plc (IRL) . Strategic Euro Bond Institutional Class EUR € 1014.62 - -0.08 0.00 UBS Global Allocation (UK) B Acc £ 1.03 - 0.01 1.79 YMR N Growth ¥ 15819.00 - 528.00 0.00
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH For Save & Prosper please see Countrywide Assured Yuki Asia Umbrella Fund
Strategic Euro Bond Fund Accumulating Class Shares € 1138.62 - -0.10 0.00 UBS Global Enhanced Equity Income C Inc £ 0.44 - 0.00 -
http://gisnav.pimco-funds.com/ Putnam Investments (Ireland) Ltd (IRL)
Regulated Yuki Japan Rebounding Growth Fund ¥ 22255.00 - 820.00 0.00
Dealing: +44 20 3640 1000 Strategic Euro Bond Fund Distributing Class Shares € 1027.62 - -0.10 2.90 UBS US Growth Fund B Acc £ 1.34 - 0.01 0.00
PIMCO Funds: +44 (0)20 3640 1407 Putnam New Flag Euro High Yield Plc - E € 1009.76 - 2.29 4.26 Schroder Property Managers (Jersey) Ltd Strategic Global Bond RMB Acc $ 1046.96 - -2.30 0.00 UBS Emerging Markets Equity Income B Inc £ 0.35 - 0.00 5.66
FCA Recognised Other International Funds
Strategic Global Bond USD Acc $ 1047.82 - -2.93 0.00 Zadig Gestion (Memnon Fund) (LUX)
Asia Local Bond Fund - Inst Acc $ 9.41 - 0.04 0.00 Indirect Real Estate SIRE £ 130.50 136.46 1.01 2.50 FCA Recognised
Rathbone Unit Trust Mgmt (1200)F (UK) RobecoSAM (LUX) Strategic US Momentum and Value Fund $ 778.40 - -5.15 0.00
Capital Securities Inst Acc $ 14.83 - 0.07 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/
Unicapital Investments (LUX) Memnon European Fund I GBP £ 109.17 - 2.44 0.00
PO Box 9948, Chelmsford, CM99 2AG
Strategic US Momentum & Value Fund USD I Class $ 516.22 - -3.43 0.00 Regulated
Commodity Real Return Fund Inst Acc $ 6.26 - 0.03 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Regulated
Scottish Friendly Asset Managers Ltd (UK) Investments III € 27.41 - 0.58 0.00
Authorised Inv Funds RobecoSAM Sm.Energy/A £ 9.94 - 0.08 1.28 Strategic US Momentum and Value EUR Hedged Class EUR € 543.91 - -3.92 0.00
Credit Absolute Return Fund Inst Acc $ 11.28 - 0.04 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Blue Chip Income Inc 141.15 145.82 -1.26 4.27 Authorised Inv Funds Investments IV - European Private Eq. € 292.33 306.94 2.23 - Zebedee Capital Partners LLP (CYM)
RobecoSAM Sm.Materials/A £ 111.70 - 0.35 2.00 Strategic US Momentum and Value CHF Hedged Class CHFSFr 542.29 - -3.91 0.00
Diversified Income - Inst Acc $ 19.28 - 0.02 0.00 Regulated
Blue Chip Income Acc 210.39 217.12 -1.88 4.14 Managed Growth ♦ 228.70 - -1.30 0.00 Investments IV - Global Private Eq. € 416.23 437.04 -20.82 -
RobecoSAM Gl.Small Cap Eq/A £ 72.12 - 0.34 1.68 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.30 - 0.08 0.00
Ethical Bond Inc 90.36 92.38 -0.18 5.13 UK Growth ♦ 248.30 - -1.30 0.00
RobecoSAM Sustainable Gl.Eq/B € 166.25 - 2.30 0.00 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 8.35 - 0.16 0.00 Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Ethical Bond Acc 171.22 174.70 -0.34 5.00 RobecoSAM S.HealthyLiv/B € 166.88 - 2.45 0.00 50 Bank Street, Canary Wharf, London E14 5NT Unicorn Asset Management Ltd (UK)
Emerging Asia Bond Fund Inst Acc $ 9.46 - 0.02 0.00 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Global Opportunities Acc 127.32 131.38 0.91 0.11 Admin: 50 Bank Street, Canary Wharf, London E14 5NT PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
RobecoSAM S.Water/A £ 150.87 - -0.15 2.26 SIA (SIA Funds AG) (LUX)
Emerging Local Bond - Inst Acc $ 10.99 - 0.04 0.00 Dealing & Enquiries: 0870 870 8433 Authorised Inv Funds

Emerging Markets Bond - Inst Acc $ 37.63 - 0.15 0.00

Income Inc 824.67 853.44 -4.86 3.91 Regulated
LTIF Classic € 305.04 - 8.78 0.00
Authorised Inv Funds
THS Growth & Value Funds
UK Growth A Inc 392.71 - 0.24 0.00 Money Market
Income Acc 1253.30 1295.56 -7.37 3.74
Mastertrust A Inc X F 346.08 - 1.49 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.77

Emerging Markets Curr.Fd- Inst Acc $ 11.74

-

-
0.01 0.00

0.07 0.00
Multi Asset Enhanced Growth Acc 112.89 - -0.84 0.00
LTIF Natural Resources € 64.28 - 1.84 0.00 International
IGV - Inc A 317.30 - 0.60 2.30 UK Growth B Inc 395.28 - 0.25 0.23
Trusts and
LTIF Stability A ACCU € 159.02 - 3.50 -
Multi Asset Strategic Growth inc 142.56 - -0.35 1.37
Euro Bond - Inst Acc € 22.35 - -0.12 0.00
Multi Asset Strategic Growth acc 150.65 - -0.37 1.36
IGV - Inc B 316.90 - 0.50 1.51 Mastertrust B Inc X F 311.98 - 1.33 0.38
Bank Accounts Gross
Euro Credit - Inst Acc € 14.58 - -0.07 0.00 IGV - Acc X 387.70 - 0.70 1.78 Outstanding British Cos A Acc X F 238.09 - -1.38 0.44
Multi Asset Total Return inc 125.01 - 0.19 1.87 SIA (SIA Funds AG) (CH) Gross Net AER Int Cr
Euro Income Bond - Inst Acc F € 12.84 - 0.00 0.00 IGV - Acc Y 415.40 - 0.70 2.26 Outstanding British Cos B Acc X F 248.29 - -1.42 1.12
Other International Fds
Multi Asset Total Return acc 136.97 - 0.20 1.84
Euro Long Average Duration - Inst Acc € 21.08 - -0.70 0.00 LTIF Stability Growth SFr 185.90 - -14.50 - IGV - Acc Z 385.40 - 0.70 1.52 UK Smaller Cos A Inc X F 433.28 - -0.71 0.08 CCLA Investment Management Ltd
Recovery Inc 412.87 428.75 -2.58 2.26 Senator House 85 Queen Victoria Street, London EC4V 4ET
Euro Low Duration Fund Inst Acc € 11.24 - 0.00 0.00 LTIF Stability Inc Plus SFr 165.20 - -12.90 5.66 European UK Smaller Cos B Inc X F 426.02 - -0.69 0.75
Recovery Acc 490.14 508.55 -3.06 2.23 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Euro Real Return - Inst Acc € 13.08 - -0.06 0.00 Santander Asset Management UK Limited (1200)F (UK) EGV - Acc S 267.80 - 0.90 - UK Income A Acc X F 256.84 - 0.04 5.82
Strategic Bond Ret Acc £ 1.17 1.19 0.00 4.23 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Euro Short-Term Inst Acc € 12.27 - 0.00 0.00 EGV - Acc Z 267.80 - 0.90 0.80 UK Income A Inc X F 232.73 - 0.04 6.05 CCLA Fund Managers Ltd
Authorised Funds Smith & Williamson Investment Management (1200)F (UK)
Strategic Bond Ret Inc £ 1.04 1.06 0.00 4.27 Senator House 85 Queen Victoria Street, London EC4V 4ET
Euro Ultra Long Duration - Inst Acc € 28.09 - -1.16 0.00 Santander Atlas Range 25 Moorgate, London, EC2R 6AY 020 7131 8100 Continental UK Income B Acc X F 272.21 - 0.05 5.78
www.sandwfunds.com COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Santander Atlas Port 3 Acc Ret 146.50 - 0.00 - CGV Acc S 109.80 - 0.40 - UK Income B Inc X F 246.78 - 0.05 6.01
Global Advantage - Inst Acc $ 12.15 - -0.06 0.00 Authorised Inv Funds
Santander Atlas Port 3 Inc Ret 102.00 - 0.00 - CGV Acc X 109.10 - 0.40 -
Global Advantage Real Return Fund Inst Acc $ 8.65 - -0.03 0.00 European Growth Trust A Class 495.30 - 0.10 0.71
Santander Atlas Port 3 Acc Inst 160.90 - 0.10 - CGV Inc A £ 1.10 - 0.01 -
Global Bond - Inst Acc $ 27.62 - -0.11 0.00 Far Eastern Income and Growth Trust A Class 384.30 - 7.80 3.17 Value Partners Hong Kong Limited (IRL)
Santander Atlas Port 4 Acc Ret 176.40 - 0.40 - CGV Inc B £ 1.10 - 0.01 - www.valuepartners.net, fis@vp.com.hk
Global Bond Ex-US - Inst Acc $ 19.22 - -0.09 0.00 Fixed Interest Trust A Class 121.60xd - -0.20 3.69
Regulated
Global Fundam.Index StocksPLUSInst Acc $ 10.44 - 0.00 0.00 Santander Atlas Port 4 Inc Ret 127.40 - 0.30 - Global Gold and Resource Trust A Class 127.20 - -2.30 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 10.14 - 0.18 0.00
Global High Yield Bond - Inst Acc $ 19.95 - 0.10 0.00 Santander Atlas Port 4 Acc Inst 160.10 - 0.40 - MM Endurance Balanced Fund A Class 205.20 - -0.10 1.16 The Hartford International Funds (IRL)
Robeco Asset Management (LUX)
Regulated
Value Partners Classic Equity Fund CHF HedgedSFr 10.62 - 0.18 0.00
Global Investment Grade Credit - Inst Income $ 12.22 - -0.05 3.58 Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Santander Atlas Port 5 Acc Ret 184.50 - 0.80 - MM Global Investment Fund A Class 2062.00 - -11.00 1.75
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1559.66 - -18.05 0.00 Value Partners Classic Equity Fund EUR Hedged € 10.72 - 0.19 0.00
www.robeco.com/contact Santander Atlas Port 5 Acc Inst 156.50 - 0.70 -
Global Investment Grade Credit Fund Inst Acc € € 11.35 - 0.07 0.00 North American Trust A Class 1534.00 - 2.00 0.00
FCA Recognised UK Corporate Bond £ 1554.41 - -1.88 0.00 Value Partners Classic Equity Fund GBP Hedged £ 10.95 - 0.19 0.00
Global Investment Grade Credit Fund Inst Acc $ $ 16.54 - -0.07 0.00 Santander Atlas Port 6 Acc Ret 249.10 - 1.50 - Oriental Growth Fund A Class 132.40 - 0.80 1.03
Asia-Pacific Equities (EUR) € 121.11 - 0.45 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 10.73 - -0.08 0.00
Gilt £ 1583.85 - -0.33 0.00
Global Multi-Asset - Inst Acc $ 14.02 - 0.04 0.00 Santander Atlas Port 6 Acc X 177.80 - 1.00 - UK Equity Growth Trust A Class 405.50 - -1.30 0.64
Chinese Equities (EUR) € 66.67 - 0.98 0.00 Value Partners Classic Equity USD Hedged $ 12.43 - 0.21 0.00
Global Eq (Ex Japan) Index Fund ¥ 1.28 - 0.00 0.00
Global Real Return - Inst Acc $ 17.98 - -0.13 0.00 Santander Atlas Port 6 Acc Inst 153.00 - 0.90 - UK Equity Income Trust A Class 218.20 - -1.20 5.95
Em Stars Equities (EUR) € 153.40 - 5.30 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 8.64 - -0.07 -
Global Eq (ex Japan) Class HJ4 ¥ 1.34 - 0.01 0.00
Income Fund Inst Acc $ 12.20 - 0.01 0.00 Santander Atlas Port 7 Acc Ret 191.60 - 1.30 -
Emerging Markets Equities (EUR) € 128.88 - 3.03 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 8.19 - -0.05 -
Global Eq (ex Japan) Class JP5 ¥ 1.45 - 0.02 0.00
Inflation Strategy Fund Inst Acc $ 8.82 - -0.05 0.00 Santander Atlas Port 7 Acc Inst 151.90 - 1.10 -
Flex-o-Rente (EUR) € 109.30 - -0.56 0.00 Smith & Williamson Fd Admin Ltd (1200)F (UK) Value Partners Health Care Fund USD Class A Unhedged $ 8.22 - -0.05 -
Global Eq Ex Japan Index Fund (Hedge) ¥ 1.33 - 0.02 0.00
Authorised Inv Funds 25 Moorgate, London, EC2R 6AY 0141 222 1150
Low Average Duration - Inst Acc $ 14.72 - 0.01 0.00 Glob.Consumer Trends Equities (EUR) € 139.33 - 2.33 0.00
Max 70% Shs Acc Ret 160.00 - 0.10 - Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index ¥ 1.34 - -0.01 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.63 - 0.05 0.00 High Yield Bonds (EUR) € 123.79 - 0.33 0.00
Max 70% Shs Inc Ret 135.50 - 0.00 - S&W Deucalion Fd (OEIC) 2191.00 - -7.00 0.18 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.32 - 0.00 0.00
StocksPLUS{TM} - Inst Acc $ 21.15 - 0.04 0.00 Lux -O- Rente (EUR) € 139.48 - -1.80 0.00
Investments Inc Acc Ret 154.20 - -0.20 - S & W Magnum 358.30 379.10 -1.60 1.87 Japan Equity Index Fund ¥ 1.01 - 0.03 0.00
Total Return Bond - Inst Acc $ 27.02 - -0.08 0.00 New World Financials (EUR) € 49.56 - 1.22 0.00
Investments Inc Inc Ret 102.50 - -0.30 - S & W Marathon Trust 180.80 191.30 -1.30 1.85 Japan Equity Class JP3 ¥ 1.23 - 0.04 0.00
UK Corporate Bond - Inst Acc £ 17.11 - -0.11 0.00 US Premium Equities (EUR) € 166.87 - -2.42 0.00
Equity Inc Inc Inst 232.40 - -1.40 - Charity Value and Income Fund Acc 132.30 133.00 -0.80 4.55
26 ★ FINANCIAL TIMES Thursday 27 August 2015

MARKETS & INVESTING

INSIGHT Equities

Mohamed
El-Erian Europe stocks falter on global caution
Rebound ends with Miners were lower after a series of price Cluse, economist at UBS, said the Swiss
3.4% know about the extent of China’s slow-
target downgrades by Citigroup. bank remained “constructive” in its out- down and emerging market fragilities,
mining among sectors The Eurofirst’s mining sector fell look for the eurozone, but it thought the Fall in Eurofirst [against] what they do know about the
mining sector, with
Contagion from EM hurt by China exposure 3.4 per cent, with silver producer Fres-
nillo dumping 7 per cent. Commodity
trader Glencore, after Tuesday’s rally,
risk posed to the region’s markets from
China’s slowdown needed “to be taken
seriously”.
Glencore losses
deepening 3.7%
strength of the US labour market and
the resilience of domestic demand in
developed economies.”
currency storm offers MICHAEL HUNTER
European stocks moved up off session
resumed its dizzying run lower, falling
3.7 per cent and taking its losses this
He added: “The share of European
exports to China is relatively limited, at 18.2 %
The volatile trading brought Europe’s
national indices off session lows. In

investment openings lows yesterday but were unable to
extend the gains made during the previ-
ous session while sentiment on global
markets remained cautious after fur-
ther falls for China’s stocks.
week to 12 per cent.
Standard Chartered, the London-
listed bank focused on Asian markets,
shed 5.1 per cent, while French oil
exporter Total fell 3.6 per cent.
3.1 per cent of total European exports,
equivalent to 1 per cent of European
GDP. Among individual countries, Ger-
many has by far the highest exposure, at
5.8 per cent of exports.
Syngenta’s drop Frankfurt the Xetra Dax rebounded
after Monsanto said
it was no longer from an early loss of 2.7 per cent to stand
considering a bid 1.3 per cent lower at 9,997. The CAC 40
in Paris rallied to 1.4 per cent lower, hav-
ing been down as much as 2.9 per cent

T
he currency storm that has engulfed the
emerging world has blown into other markets
around the globe. It has put pressure on valua-
tions, produced patches of illiquidity and,
in some cases, is spilling over into the eco-
nomic and policy spheres. While these dislocations have
caused investor pain and risk some accidents, they are also
creating a few investment opportunities today and a lot
more down the road.
On the economic front many emerging economies are
being buffeted by that unpleasant mix of lower global
demand and less favourable international prices. They are
operating in an environment characterised by slowing
growth, with China’s deceleration compounding sluggish-
ness in Europe and Japan; and, in the case of commodity
producers, a sharp drop in export earnings.
Policy options facing these emerging economies are a lot
less attractive now they have used up some of the impres-
sive international reserves they had built up. Their ability
to navigate the global downturn using just financing tools
has become more limited. Yet timely policy adjustments —
a mix of fiscal adjustment and pro-growth structural
reforms — are inhibited by unsettled political conditions,
especially in the case of systemically important countries
with heavy influence in market indices (such as Brazil,
Russia and Turkey).
The withdrawal of foreign portfolio capital accentuates
the challenges. “Crossover investors” — those who have
invested in markets outside their comfort zone — feel an
urgency to retrench to their home markets in advanced
economies. In addition to placing greater pressures on
international reserves and asset prices, this tendency robs
emerging markets of operational liquidity, making dys-
functional occurrences more common.
In the foreign exchange arena the carnage has been par-
ticularly acute. The most
tradeable emerging market
currencies are at lows that are
Good names
The FTSE Eurofirst 300 came off the
lows that had taken it down as much
as 2.8 per cent in early trade to stand
1.6 per cent lower by the close.
This came after Tuesday’s 4 per cent
rebound, which was helped by a rate cut
from the People’s Bank of China.
Stocks with exposure to China contin-
ued to be among the worst performers.
Blunt hedging tools edge towards reinvention
Pre-crisis products are being
adapted to minimise disparity
with the underlying bonds
JOE RENNISON
Like an ageing pop act desperate to stay
relevant to the younger generation,
credit derivatives are being forced to
reinvent themselves.
As investors brace for rising interest
rates and more turbulence, there is
demand for a product to protect bond
portfolios against sharp price move-
ments. It is a job credit derivative indi-
The biggest weight to the downside,
however, was Syngenta’s 18.2 per cent
drop after US rival Monsanto said it was
no longer considering a bid for the Swiss
agrochemicals and seeds group. Months
of courtship ended with a sweetened bid
being rejected.
Caution remained the main theme of
the day among analysts. Reinhard
Analysis. Indices
“We continue to prefer the domesti- in early trade.
cally exposed cyclical stocks.” “Markets are traditionally less liquid
Looking at the immediate prospects in August because of the holiday season
of wider global markets, Lena Komileva — so the signs are that what we are see-
at G+ Economics, said: “Market volatil- ing is a correction rather than the begin-
ity will dictate a regime change in inves- ning of something worse,” said Algernon
tor psychology [from] the first half of Percy, chairman of the asset allocation
the year as global markets struggle committee at Waverton Investment
under the weight of what investors don’t Management.
CDX decline as ETFs rise
$bn
500
CDX net notional
outstanding*
400
300
Fixed income ETFs** 200
2011 12 13 14 15
* CDX includes all main series for investment grade
and high yield
** Assets under management

worse than those experienced get flushed out ces — which track the likelihood of As at August 14

in the global financial crisis.

with the bad, as
Companies face mounting
losses because of a mismatch certain investors
between high foreign
exchange liabilities and lower
are forced to sell
foreign exchange earnings.
Inflexible pegs, most recently those of Kazakhstan and
Vietnam, are biting the dust. And all this is fuelling the
classic overshoot whereby currencies depreciate well
beyond what is warranted by fundamentals.
The deeper the disruptions and the longer they persist,
the more likely they are to contaminate other asset classes.
And that is exactly what has happened. Having under-
mined emerging market credit and local currency bond
markets, the instability stretched to corporate bonds in
the advanced economies, and even to the better-anchored
equity markets such as in the US.
And the resulting volatility could last a while. Some mar-
ket prices are still quite decoupled from fundamentals,
particularly when it comes to those that have relied on
central bank largesse. Meanwhile policy circuit-breakers
are less effective these days, given how long these institu-
tions have been operating exceptional policy regimes.
In the short run caution in portfolio positioning is called
for, but not universally. The combination of overshoots
and contagion creates interesting individual investment
opportunities. In market washouts good names get flushed
out with the bad, especially as volatility-driven trading
algorithms force certain investors to sell wherever they
can. Fearing client redemptions, even asset managers with
long-term orientations scramble to accumulate cash.
Most of the resulting trade opportunities are concen-
trated in “relative trades” — that is, investors using gener-
ally disrupted markets to buy the fundamentally well-
anchored names and selling those whose weak fundamen-
tals are likely to get weaker. And the most important dis-
tinguishing characteristics here are large balance-sheet
cushions, significant operational flexibility and a record of
sound management.
Over the longer term the opportunities will migrate to
the asset class level as long-term investors find outright
asset class exposure available at relatively cheap levels.
This is particularly likely to be the case in emerging mar-
kets’ currencies, local bonds and external debt, where
patience is likely to be handsomely rewarded.
Mohamed El-Erian is chief economic adviser to Allianz and
chair of President Barack Obama’s Global Development Council
default by the underlying companies —
perform unsatisfactorily, because it is
not what they were designed to do.
The indices came to prominence
before the 2008 financial crisis, trading
alongside collateralised debt obliga-
tions, which package up single-name
credit default swaps (a means of insur-
ing against default by a particular com-
pany) and cash debt, among other
things.
People sought to exploit discrepancies
in the pricing of CDO, CDS and the
index, leveraging up the credit exposure
that was to unravel, adding fuel to the
fire of the crisis.
This practice, along with the blow-up
of AIG, an insurer heavily exposed to
CDS, led to a big decline in volumes for
single-name CDS, and while index trad-
ing remains good in comparison, it has
still suffered. The solution: reinvent the
index primarily as a hedging tool
designed to track the underlying bond
market closely.
“It is positive for investors to keep this
product relevant and for derivative
markets to align it as a hedging tool
rather than retaining the remnant of
something more speculative,” says
Michael Hampden-Turner, a credit
trader at HSBC.
While there are multiple providers of
equity indices, credit derivatives are
dominated by just one: Markit, a data
provider that manages the iTraxx and
CDX index groups for Europe and Asia,
and the US, respectively, with emerging
markets split between them.
Made up of the most actively traded
single-name CDS contracts, the indices
typically have a five-year maturity, with
a new contract introduced every six
months, which many investors choose
to “roll” into.
The indices’ sector weightings are
radically different from those of compa-
rable bond indices — one of the primary
AIG’s insurance against defaults on mortgage-backed securities led to a bailout — Brendan McDermid/Reuters
reasons for their disparity. The high-
yield contract contains a 4 per cent
weighting to energy, against 14 per
cent in a widely traded cash bond index,
leading to a breakdown between them
during this year’s energy collapse.
Markit recently announced that it
would be implementing changes to the
US High Yield index from the end of
September. Inclusion in the index will
be based not only on single-name CDS
activity but also the number of bonds a
company has outstanding and the
amount of trading in its debt. There will
also be a rebalancing of weightings.
If the changes are successful, the
expectation is that the investment-
FT series: rise
grade counterpart will also be adapted.
of the index A rival index launched by S&P Dow
Tomorrow: Jones is seeking to do something similar,
US equities using the largest debt issuers on the S&P
500 equity index.
Read the rest But some observers question whether
of the series at
www.ft.com/
CDS can successfully be altered to pro-
riseoftheindex vide a hedge against bond movements.
For one thing, bonds contain both an
CDX diverges against
underlying bonds
Barclays US Markit
Corporate CDX North
high-yield average American
opinion-adjusted high-yield
spread series 24
6.0 450
5.5
400
5.0
350
4.5
4.0 300
Dec 2015 Aug
2014
Sources: Deutsche Bank; DTCC; Bloomberg
interest rate and a credit component in CDS markets have been subject to reg-
their pricing, whereas CDS are pure ulatory overhaul since 2008, with the
credit hedges. index being mandated to be pushed
“Even if [the index] was identical in through a clearing house, which sits
the underlying names, you are hedging between the parties to a trade to reduce
something [that has] an interest rate counterparty risk. That means greater
component with something that barriers to entry for investors. Instead
doesn’t,” says Fraser Lundie, co-head of calling up a bank to trade, investors
of credit at Hermes Investment Man- need to have clearing relationships in
agement. “It’s a blunt hedge if it is a place and infrastructure to handle post-
hedge at all.” ing “initial margin” — collateral that is
The rebranding exercise has other the first loss if there is a default. ETFs
issues. The industry already has prod- are much simpler to trade.
ucts to hedge the underlying bond mar- ProShares runs a high-yield CDS ETF,
ket; credit default swap options, or “created for people who like the struc-
“swaptions”, total return swaps and ture of CDS but find trading it cumber-
exchange traded funds. While small in some”, says Simeon Hyman, head of
fixed income, the ETF sector is growing investment strategy.
fast, with $340bn of assets under man- Oleg Melentyev, a strategist at Deut-
agement, from $59bn in 2008. sche Bank, says: “ETFs are chipping
ETFs can provide index-like products, away at CDX, but they have a long way
priced off a basket of underlying bonds, to go before they dominate hedging
to give both credit and rates exposure, products in this space.
or even from CDS, providing access to “But the direction of the move and the
CDS markets without having to invest in pace are substantial. You can see the
the product itself. change on the horizon.”

Commodities Equities

US natural gas glut prompts price warning
GREGORY MEYER — NEW YORK
A hot summer has done little to burn
off an impending US natural gas glut
that is prompting warnings of record-
breaking inventories and lower prices.
By the onset of winter, analysts expect
gas banked for the heating season to
approach or exceed 4tn cubic feet, sur-
passing a high set in 2012.
The forecasts are surprising, because
this summer has been warmer than the
previous two and the 10-year norm.
Power plants have consumed 4bn cu ft
per day more gas than in 2014 to meet
air conditioning needs as they turn away
from coal as an energy source.
But robust output from shale forma-
tions has more than compensated for
this demand, with states such as Ohio
emerging as important suppliers.
Bentek Energy, an analysis and fore-
casting group, has warned that bench-
mark US gas prices could fall below
$2.50 per million British thermal units
by the autumn, with regional prices
around northeastern wells dropping to
record lows. Nymex September gas was
$2.692 per mBtu on Wednesday.
“Not much stands in the way of US gas
storage inventories reaching record
high levels this fall of about 4tn cu ft,”
said Bentek, a unit of the Platts com-
modities information service, in a
report to be issued this week.
“And that strong likelihood points to a
winter of relatively weak gas prices.”
US producers inject gas into under-
ground reservoirs from spring to
autumn, banking fuel for the winter sea-
son. These facilities, consisting of salt
domes, depleted gasfields and aquifers,
are designed to hold 4.665tn cu ft,
according to the Energy Information
Administration. The record for stocks at
the end of the injection season is 3.929tn
cu ft, in November 2012.
Bentek said some reservoirs, espe-
cially salt domes along the US Gulf of
Mexico coast, would approach limits by
late autumn. The benchmark gas
futures price is set at the Henry trading
hub on that coast.
“The price implications for this are
decidedly bearish,” the report said. “Sig-
nificant volumes of natural gas will be
dumped on to the market this October
and November, especially if heating
load is slow to ramp up.”
However, some analysts are doubtful
that producers will be forced to unload
gas. Breanne Dougherty at Société
Générale wrote: “While achieving a
record storage level seems likely . . . it is
less about the level and more about how
that level relates to capacity.”
Shanghai and Shenzhen sink despite rate cut
JOSH NOBLE — HONG KONG
A fresh salvo of easing measures from
the People’s Bank of China failed to
counter downward pressure on stocks,
with the Shanghai Composite index fin-
ishing the day 1.3 per cent lower.
China’s central bank cut rates on Tues-
day and said it would pump liquidity
into the banking sector to support the
economy and reverse a slump in share
prices that has alarmed global investors.
Trading was erratic, even by China’s
standards, with the Shanghai index at
one point yesterday afternoon up 4.3
per cent. The Shenzhen Composite
dropped 3.1 per cent, having been up
earlier in the day.
The CSI 300 has lost 25 per cent since
the start of last week, while the small-
cap CSI 500 is down 28 per cent.
Yesterday’s sell-off came despite
surging share prices among banks and
insurers, boosted by Beijing’s latest cuts
to interest rates and reserve require-
ment ratios. Bank of China rose 4.8 per
cent, China Merchants Bank soared 9.3
per cent and Ping An Insurance was
higher by 5 per cent. PetroChina, the
biggest Shanghai stock, was flat.
In the rest of Asia most bourses were
higher, with Japan’s Nikkei 225 up 3.2
per cent, its biggest daily rise this year.
After the market close on Tuesday the
PBoC said it had reduced its benchmark
one-year lending rate by 25 basis points
to 4.6 per cent, the fifth time it has cut
rates since November and the second in
two months.
The central bank also cut the one-
year savings rate by 25bp to 1.75 per cent
and said it would lower the reserve
requirement ratio for large banks by
50bp, in effect injecting liquidity.
Morgan Stanley analysts estimate that
$105bn will be added to the financial
system as a result of the RRR reduction.
Restrictions on trading in stock index
futures, announced by the China Finan-
cial Futures Exchange on Tuesday, were
yettotakeeffectyesterday,saidReuters.
China’s equities market has lost more
than 40 per cent since a seven-year high
in mid-June. “The timing of the moves is
linked to the falling stock market, which
has undermined not only domestic con-
fidence but global risky asset prices,”
said Dong Tao, a Credit Suisse econo-
mist, in a report. “We expect additional
market confidence-boosting measures
from other ministries.”
Other analysts said capital outflows,
slowing economic activity and the rising
costs of currency intervention were
driving the easing measures.
Additional reporting by Ben Bland
Thursday 27 August 2015
TRADING POST
Jamie
Chisholm
Central bankers, market players and
academics will gather today at the
Economic Policy Symposium in
Jackson Hole, Wyoming.
The policy chatterati’s annual
powwow may hold even more interest
than usual, coming as it does amid an
intense market wobble and just a few
weeks before potential lift-off for US
interest rates.
Jackson Hole has been used to
signal US policy in the past, but most
investors think it unlikely this time
because Fed chair Janet Yellen isn’t
attending.
Of course that won’t stop the market
dissecting every utterance for a clue to
monetary policy trajectories.
And the potentially most interesting
comments may come from Fed vice-
chair Stanley Fischer when he delivers
a speech on Saturday.
If market turbulence continues for
the rest of the week, it’s likely traders
will start thinking there is an increased
possibility that Mr Fischer could use
his address to deliver some form of
market-salving comments.
An allusion to why the Fed may be
minded to hold for a bit longer given
uncertainty over China’s economy
would probably do the trick.
Perhaps that could come as part of a
concerted central bank effort —
perceived or real — to calm nerves.
Now, given one senses central banks
are becoming increasingly wary of
being seen to forever prop up market
sentiment, such an intervention may
be unlikely. But if it did occur, it could
make for a pretty painful Monday for
those short “risk” assets.
jamie.chisholm@ft.com
FTSE All World index
300
280
260
240
Aug 2014 2015 Aug
Source: Thomson Reuters Datastream
London
IAG climbs on
V leading maker of seamless steel pipes
improvement at all
four of its carriers
Bryce Elder
IAG beat a falling London market
yesterday after its house broker argued
that the British Airways owner was now
defensive, not cyclical.
Barclays set a 750p target on IAG,
which rallied 2.6 per cent to 531.5p.
Improvements at all four of its airlines
meant not only that IAG could
sustainably beat margin targets through
the cycle, but it would still generate free
cash flow and cover a dividend in a
recession or an oil-price rebound to
$110 a barrel, Barclays said.
Given its strength in London, British
Airways could become one of the
world’s most profitable airlines,
Barclays said.
Plugging in to the IAG networks
meant that Aer Lingus would be able to
develop its transatlantic business and
Vueling could cut overheads, given that
Wall Street
S&P 500 posts biggest
one-day gain since 2011
Mamta Badkar
Amazon climbed yesterday after the
e-commerce site received an analyst
upgrade, building on a broader climb in
US stocks. Analysts at Evercore ISI
upgraded the stock to “buy” from
“hold” and maintained their price
target at $585.
The number of Amazon bulls on Wall
Street swelled to 40 following Evercore’s
upgrade and the stock now has seven
Global overview
Wall Street strikes more confident
note but European stocks retreat
S&P 500 has best day in
almost four years while
Treasury bond yields and
dollar gain even as talk of
September rate rise fades
DAVE SHELLOCK
A more confident tone finally emerged
on Wall Street following the extreme
turmoil of recent sessions, supported to
some degree by fading expectations that
the Federal Reserve would raise US
interest rates next month.
But lingering concerns about China’s
economy and stock market turbulence
pushed European equities lower, while
Treasury bonds and the dollar appeared
to brush aside the shifting outlook for
US monetary policy.
In New York, the S&P 500 index
jumped 3.9 per cent to 1,940, its biggest
one-day rise since November 2011 — but
only after a nervous morning domi-
nated by concerns about the possibility
of a repeat of Tuesday’s late sell-off.
Yesterday’s rise left the US equity
benchmark less than 10 per cent below
the record high it reached in May.
The technology-heavy Nasdaq Com-
posite index put in an even more
impressive performance, rising 4.2 per
cent, while the CBOE Vix volatility
index — the so-called equity “fear
gauge” — fell more than 16 per cent to
close just above the 30 level.
Wall Street’s buoyant finish provided
a marked contrast to the mood earlier in
the day. A distinct lack of confidence
was evident in China’s stock markets as
the Shanghai Composite swung wildly
before closing 1.3 per cent lower, as
Tuesday’s interest rate cut and liquidity
injection failed to bolster sentiment.
Kit Juckes, strategist at Société Géné-
rale, highlighted that moves in China’s
stock market neither reflected nor
affected the country’s economy as much
Petrofac
Share price (pence)
1200
1000
800
600
Aug 2014 2015 Aug
Source: Thomson Reuters Datastream
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Iberia had since its 2013 restructuring
become the leanest full-service carrier
in Europe, the broker said.
“This may all sound too good to be
true — but much the same was said
about the US airline industry when
carriers such as Delta started outlining
similar targets two years ago,” said
Barclays. “Today, the US airline
industry is achieving the kind of double-
digit margins and returns we are
arguing for IAG.”
Volatility continued to define the
wider market. The FTSE 100 opened
1.7 per cent lower, rallied into positive
territory by mid-session, then reversed
to close 1.7 per cent lower — down
102.14 points at 5,979.20.
Oil services companies moved higher
on Schlumberger’s agreement to buy
sector peer Cameron for $14.8bn, a 56
“hold” ratings and one “sell” rating,
according to Bloomberg.
Ken Sena, an analyst at Evercore, said
he expected Amazon would strengthen
its retail position and capture 16 per
cent of the $2.8tn ecommerce market by
2020, driven in part by its Prime service,
which includes shipping benefits and
TV and music streaming. Amazon
shares, which have gained 61 per cent so
far this year, rose 7.4 per cent to $500.77.
Abercrombie & Fitch jumped 9.5 per
cent to $18.91 after the teen clothing
retailer reported second-quarter results
that topped analysts’ forecasts.
The group reported a net loss of
$810,000, or 1 cent a share, compared
with a profit of $12.9m, or 17 cents a
share, during the same period last year.
Sales fell 8 per cent to $817.8m.
Analysts had forecast a loss of 4 cents
a share on sales of $812m.
Same-store sales, a key industry
metric, declined 4 per cent narrower
than expectations for a 5.9 per cent
drop. The company said its
performance was boosted by progress at
its Hollister brand. Progress at its
eponymous brand was more modest as
★★★ FINANCIAL TIMES 27
MARKETS & INVESTING
Markets update
S&P 500 index
Change on day 3.90%
2100
2000
1900
1800
Jul 2015 Aug
do point in the direction of more QE,” US equities Wall Street managed to
said Nick Kounis, head of macro shrug off an early bout of nerves and
research at ABN Amro. “However, core rally strongly, with all 10 S&P 500
inflation has bottomed out and industry sectors moving higher, led by
eurozone economic data have been technology and healthcare
pretty resilient.”
Europe’s stock markets may have FTSE 100 index
been unimpressed but the German 10- Change on day 1.25%
year government bond yield fell 4 basis 7000
points to 0.71 per cent.
Across the Atlantic, Treasury bond 6500
prices were lower as the market 6000
digested robust US durable goods orders
5500
data and comments from William Jul 2015 Aug
Dudley, president of the New York Fed.
Headline orders jumped 2 per cent UK equities Fresh losses for mining
last month, way ahead of expectations, and energy stocks helped drive the
suggesting business investment in FTSE 100 lower, a day after the
equipment had made a solid start to the blue-chip index recorded its biggest
third quarter. one-day advance since 2011
Meanwhile, Mr Dudley said while it
was important not to overreact to Eurofirst 300 index
“short-term market developments”, the
Change on day 1.57%
case for a rise in interest rates next 1600
month was “less compelling”, given the
weakening global backdrop. 1500
Kevin Frayer/Getty Images
His remarks initially wiped out early 1400
Commodities crash: in 90 seconds — FT.com/video losses for the policy-sensitive two-year
1300
A slowing Chinese economy and turbulence in the stock Treasury, although the yield, which
Jul 2015 Aug
markets are having an impact on global commodity prices moves inversely to its price, was later up
4 basis points at 0.68 per cent. The 10- European equities Persistent worries
year yield was up 5bp at 2.18 per cent. over China made for another volatile
as would be the case in some countries. ness was reflected clearly in the per- “The window of opportunity for a session in Europe, with Syngenta
“But the decision to allow the renminbi formance of European stocks. The FTSE tightening next month is rapidly clos- tumbling 18 per cent after Monsanto
to float more freely reflects to some Eurofirst 300 fell 2 per cent in early ing, but a rate hike in December is more abandoned its pursuit of the company
degree the pain caused by an over- trade, before briefly rallying into likely than not, particularly if the US
valued currency in an economy that is positive territory ahead of the US open, economy remains robust in the face of
slowing significantly, while the apparent only to finish 1.9 per cent lower. rising headwinds overseas,” said Nick Nikkei 225 index
scale of FX intervention to manage the The retreat came even as the Euro- Stamenkovic at RIA Capital Markets. (’000) Change on day 3.20%
21.0
currency since indicates how powerful a pean Central Bank appeared to leave the The dollar continued to rally, climb- 20.0
genie the PBoC has allowed — partially door open for further monetary stimu- ing 0.9 per cent against the yen to
19.0
— out of the bottle,” he said. lus in the region. Peter Praet, the ECB’s Y119.88, while the euro — undermined
18.0
“What we’re left with is a slowdown in chief economist, said recent develop- to some degree by Mr Praet’s comments
the world’s second-biggest economy, a ments had “increased the downside risk — was 1.6 per cent lower versus the US 17.0
central bank that is fighting to prevent of achieving the sustainable inflation currency at $1.1332. Jul 2015 Aug
more/faster currency weakness, and a path towards 2 per cent”, prompting Gold was off $17 at $1,123 an ounce. Japanese equities The Nikkei enjoyed
clear downtrend in global FX reserves speculation that the bank’s quantitative Oil price action was relatively muted, its biggest one-day gain since the end
which, all things being equal, will easing programme could be extended. with Brent slipping just 7 cents to $43.14 of October as bargain hunters moved
tighten global monetary conditions.” “China risks, the drop in commodity a barrel, although copper fell 2.6 per in after a six-session run of losses
The latest bout of China-led nervous- prices and tighter financial conditions cent in London to $4,395 a tonne.
per cent premium. Hunting, itself Trading Directory
subject of takeover speculation, led with
a 4.5 per cent gain to 433p. Weir climbed
2 per cent to £13.58 and Wood Group
edged up 0.3 per cent to 582.5p.
Hunting was rumoured to have been
approached by a US-listed peer this
year, leading its advisers to refresh
defence strategies. Tenaris, the world’s
for the energy industry, was said to be
among the potential bidders.
Schlumberger’s bid for Cameron
“reminds that oil and gas equipment
assets are attractive and could be the
subject of M&A”, said RBC. “Weir, as a
strong player in flow control and
pressure pumping equipment, could be
a target.”
However, RBC also noted that
Schlumberger was Weir’s largest oil and
gas customer.
Cameron was largely an equipment
supplier with products that overlapped
with about 25 per cent of Weir’s oil and
gas revenue, so the vertical integration
by Schlumberger might cost the UK
group orders, the broker argued.
Petrofac rose 3.5 per cent to 794p
after Goldman Sachs added to the stock
to its “conviction buy” list.
Among European oil services
companies, Petrofac offered the highest
exposure to the robust Middle East
markets and had scope to raise its
dividend as its current investment cycle
wound down, Goldman said.
Betfair surged 20.4 per cent to £31.34
and Paddy Power was up 18.5 per cent
to €93.02 after the bookmakers set out
plans to merge.
teens migrated from the logo-heavy
trends for which the label was once
known, to designs from fast-fashion
retailers such as H&M and Zara.
Shares in rival fashion retailer
Express surged 19.8 per cent to $20.25
after it reported second-quarter results
that beat analysts’ forecasts. Profits
more than tripled to $21m, while sales
rose 11 per cent to $535.6m.
Cameron International jumped 41
per cent to $60 after Schlumberger, the
largest oilfield services company,
agreed to buy it in a $14.8bn deal.
Schlumberger fell 3.4 per cent to
$70.08.
Syngenta stock fell 13.6 per cent to
$67.51 in New York after Monsanto
abandoned its bid for the Swiss group.
US stocks jumped in the final hour of
trading following Tuesday’s dramatic
reversal. The S&P 500 snapped a six-
Trading Directory
day losing streak, posting its biggest
one-day gain since November 2011. FT BUSINESS
The S&P 500 closed 3.9 per cent Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
higher at 1,940.51, the Dow Jones Business Wanted, Franchises
.....................................................................................................................................................................................................................................................................................................................................................................................................................
Industrial Average put on 4 per cent to Classified Business Advertising
16,285.51 and the Nasdaq Composite UK: +44 20 7873 4000 | Email: acs.emea@ft.com
advanced 4.2 per cent to 4,697.54.
28 ★★★ Thursday 27 August 2015

INSIGHT Analysis. Capital markets

John
Authers
US rate rise falls fast down the probability scale
As fallout from China builds, Vanishing opportunities
whatever the Fed does will
Mess of the past few seem wrong to some observers
Dollar and the Fed
$ per €
June 17: US Fed chair Janet Yellen says
too much attention is focused on timing
Core CPI (annual % change)
CPI (annual % change)

days suggests entrance ROGER BLITZ

1.35
of rates hike, warns that rising dollar is
affecting the outlook and expresses
confidence inflation will rise to 2%
PCE* (annual % change)
2.0

to true bear territory If there is one thing US policymakers

have learnt from Europe’s handling of
1.30
1.5
July 17: US
the Greek debt crisis, it is how to put May 22: Boost in consumer price
off decisions. 1.25 US consumer price index for June
index for April, up

M
arkets need another compass. Valuation is Market hawks are increasingly weary 0.3%, the biggest
up a seasonally
of limited use when stock markets have at what they regard as the prevarication gain in more than
adjusted 0.3%, 1.0
behaved as violently as they have in the past of the Federal Reserve on raising rates. 1.20 pushing up the
two years dollar and raising
week. US stocks look expensive but have According to Stephen Jen, head of cur-
expectations of
done all year; emerging markets look cheap rency hedge fund SLJ Macro, the US Apr 29: Sharp dollar a rate hike
1.15
but have done all year. It is time to tiptoe into the charts. central bank’s approach to raising rates fall after first-quarter 0.5
The question in the US is: is this a correction or the is “the same strategy as Brussels GDP figures show
beginning of a lasting bear market? Historic charts cannot towards Athens”. 1.10 only 0.2% growth.
give a clear guide because US stocks’ behaviour this year is So fast is a rate hike falling down The figures were
literally without precedent. Until smashing through its the probability scale, as the fallout of the in May revised 0
range downwards last week, the S&P 500 had gone the renminbi devaluation spreads and the downwards to
1.05 -0.7%, and in July
whole year without rising or falling more than 3.5 per cent focus on China’s economy intensifies, it upwards to 0.6%
from its opening. This is just not the way stocks behave. is in danger of falling off.
EidoSearch, a US research group that analyses historical Central bank policymakers gather for 1.00 -0.5
patterns in markets, finds nothing like it in any of the 62 the annual Kansas Fed shindig at Jack-
Aug 2014 Aug 2015
international markets it tracks in the past four decades. son Hole in a climate that is becoming
*Personal consumption expenditure FT graphic Source: Thomson Reuters Datastream
But in the much shorter term, the pattern for the 10 paralysed with fear. Far from contem-
trading days that culminated in this week’s so-called Black plating a rate rise in September, some
Monday in Shanghai does have 17 close analogues. A week commentators are mooting a resump-
later the average was a 0.2 per cent fall in the S&P 500 — tion of quantitative easing. ‘If they don’t resulting upward pressure on the dollar, Strategists are pushing back their pre- been that the economy has not grown
but this was skewed by the presence of the original Octo- One possibility is that the Fed will not foreign exchange movements and pol- dictions. Barclays has shifted from Sep- fast enough, even with lower oil prices.
ber 1987 Black Monday crash in the sample. In most cases merely keep on delaying a rate rise but get that icy responses in other countries, and the tember to March, and is not alone is Inflation remains well below the Fed’s
there was a modest relief rally. This is in line with several will not in fact raise at all. That could stability, the consequences of China exporting more wondering whether the European Cen- 2 per cent target. “Employment is not
other measures, which look at the extreme selling and sug- play out if China’s economy slows to the time to raise deflation. “Even if it were not for insta- tral Bank and the Bank of Japan will leading to inflationary pressures,” says
gest a decent chance of a relief rally in the short term. extent that a genuine crisis hits emerg- bility in the financial markets, the hur- extend their money-printing strategies. Paul Lambert, head of currency at
For the longer term there are different ways to analyse ing markets and infects global markets. rates will be dle for the Fed is perhaps increased by Like all central banks, the Fed would Insight Investment.
the data. The internal composition of the market has sug- Mr Jen doubts that such an outcome is kicked out to what China did.” like to claim it does not take market True, the US economy is hardly likely
gested for a while that investors have no confidence in US likely, but it has become possible. beyond the It is a Catch-22 situation for the Fed, fluctuations into account. But the mood to go into reverse because of a 0.25 basis
growth. Rather these patterns “The most probable scenario is of us says Thu Lan Nguyen, Commerzbank of the market cannot be ignored. point rates rise, he adds. “But isn’t it a
are typical of bear markets, lingering in an uncertain state,” he says. investable FX strategist. Leaving rates unchanged It is the Fed’s ultra-cautious approach bit worrying that despite low long-term
which led Andrew Lapthorne,
If ‘fair value’ “The Fed wants to hike, but it doesn’t. horizon’ risks exacerbating China fears. Lifting all year that has got it where it is, rates, the economy doesn’t seem to be
quantitative strategist at for the S&P 500 It’s like me and my morning jog. I know rates would wrongfoot the market and says Mr Meggyesi. Otherwise it would able to accelerate?”
Société Générale, to declare what’s good for me, but I can’t bring might lead it to conclude that the US surely have raised rates by now. “Tacti- A strong US labour market may jus-
that the US was in a bear mar-
is about 1,558, myself to do it.” central bank was making a historic pol- cally it would make sense for the Fed to tify the Fed raising rates, but global fac-
ket early in August, when it that implies a What was a hard decision for the Fed icy mistake. “Whatever it does will be look back at opportunities when they tors mean the central bank needs to see
was still up for the year. has been made a lot more complicated wrong,” she says. could have hiked, and freed themselves stability before it can contemplate the
Another measure that has
further 16% fall by the frantic market reaction to the Fed member William Dudley gave of this dependence on market condi- move the market has long expected.
enduring appeal, and that can renminbi devaluation. “There is a lot for voice to those doubts yesterday when he tions,” he says. “I’m sure they don’t want It may be too late, says Mr Lambert.
turn into a self-fulfilling prophecy, is a simple gauge of the the Fed to be working with,” says Paul said the decision to begin raising rates in to be boxed in by the markets.” “If they don’t get that stability, the time
market’s momentum, which is one of the strongest forces Meggyesi, currency strategist at JPMor- September “seems less compelling to Opportunities came with good infla- to raise rates will be kicked out to
driving it. Vinny Catalano of Blue Marble Research in New gan, citing China’s devaluation and the me than it was a few weeks ago”. tion and jobs data. But the worry has beyond the investable horizon.”
York suggests that a “mega-trend reversal” tool can signal
whether a true bear market has started. This compares the
market’s price with its recent trend (its average for the past
50 days) and its longer trend (200 days). When the 50-day Capital markets
moving average drops below the 200-day (colourfully
called a “death cross”) while the price drops below both,
and all are heading downwards, an upward trend has been
decisively reversed.
EM debt misses worst
On this basis the trend has been uninterruptedly
upwards since 2012, but a cross is approaching. One or two
of global turbulence
more bad days’ trading in the US would bring the 50-day
below the 200-day, while the price is already below both.
While many mock following such signals, a “cross”, if it ELAINE MOORE panies such as Codelco in
were to occur, would affect sentiment among traders and Chile, Pemex in Mexico and
could spark further selling. It is at this point, according to Emerging market debt is Ecopetrol in Colombia indi-
Mr Catalano, that it would be clear that a true bear market sidestepping a violent rout cated no meaningful levels of
was under way. in global markets in spite of distress, said credit strate-
The typical lazy description of a bear market is a fall of at dire warnings about the gists Oleg Melentyev and
least 20 per cent from peak to trough. What would it take risk posed by a surge in EM Daniel Sorid at Deutsche
for the mess of the past few days to be the start of a secular borrowing since the finan- Bank.
bear market that is significantly deeper than this? cial crisis. “What the markets are
Ned Davis of Ned Davis Research in Florida suggests that The chain reaction triggered telling you is that investors
the answer hinges on the economy. Bear markets, he says, by China’s decision to aren’t panicked about EM
tend to start as a recession sets in, or as the Federal Reserve devalue its currency has led creditworthiness,” said Chris
begins to tighten interest rates. Truly valuation-driven to severe movements in Iggo of Axa Investment Man- Central bankers, market players and
bear markets, sparked when stocks are too expensive (as emerging market equities agement. academics will gather today at the
they are now), are rarer and milder. Mr Davis’s estimate is and currencies that have yet “Bonds have weakened Economic Policy Symposium in
that “fair value” for the S&P 500 is about 1,558, implying a to be matched by equivalent but haven’t moved as far as Jackson Hole, Wyoming.
further 16 per cent fall from Tuesday’s close. turbulence in debt markets. equities or FX.” The policy chatterati’s annual
So the implication is that we can expect a relief rally in “There is no chatter in Governments and compa- powwow may hold even more interest
the next few days, but this will merely interrupt what looks trading rooms about a debt nies in Brazil, China, Turkey than usual, coming as it does amid an
like the beginning of a true bear market. How bad it is crisis,” said David Riley, head and other emerging markets intense market wobble and just a few
depends first on the Fed. Fear of a premature rate rise goes of credit strategy at BlueBay have sold billions of dollars weeks before potential lift-off for US
a long way to explaining the way stocks had stalled for Asset Management. “EM of debt in the past five years interest rates.
most of the year; a delay would boost asset prices. bonds have held up relatively as investors have sought ref- Jackson Hole has been used to
The second factor is the economy. Absent a clear sign well considering the pres- uge from low interest rates in signal US policy in the past, but most
that the trouble for China and emerging markets is damag- sures they are already the US and Europe. investors think it unlikely this time
ing the US economy, the chances are for a relatively mild under.” This year the World Bank because Fed chair Janet Yellen isn’t
bear market. If indicators of a global slowdown — such as Although prices for hard cautioned that a storm was attending.
falling durable goods orders and declining world trade — currency debt sold by coun- brewing in emerging market Of course that won’t stop the market
do translate into a US economic downturn, then the sell-off tries including Turkey, Mex- sovereign debt as growth dissecting every utterance for a clue to
would have a long way to go. ico and Indonesia have slowed and government monetary policy trajectories.
fallen, sending yields up, the budget deficits expanded to And the potentially most interesting
john.authers@ft.com total return on JPMorgan’s levels not seen in a decade. comments may come from Fed vice-
emerging market sovereign Economists at the Bank for chair Stanley Fischer when he delivers
debt index so far this year is International Settlements a speech on Saturday.
minus 0.3 per cent, com- have highlighted how If market turbulence continues for
pared with minus 15.86 per quickly dollar-denominated the rest of the week, it’s likely traders
cent over the same period for lending to companies and will start thinking there is an increased
More comment and data on ft.com MSCI’s EM equities index. governments outside the US possibility that Mr Fischer could use
Bond markets had long has increased in recent years, his address to deliver some form of
been flagging the risks of with emerging market issu- market-salving comments.
Y Fast FT Our global economies, headed stalling global growth and ers accounting for much of An allusion to why the Fed may be
team gives you market- by Brazil, Russia, India low interest rates, said Mr the rise. minded to hold for a bit longer given
moving news and views, and China. Riley, while other markets Now those EM debt issuers uncertainty over China’s economy
24 hours a day, five days ft.com/beyondbrics had been more optimistic. face a perfect storm of China- would probably do the trick.
a week. ft.com/fastft Steep falls in currencies led growth fears, falling com- Perhaps that could come as part of a
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a such as the Turkish lira modity prices, rising political concerted central bank effort —
irreverent financial blog. look at what is driving and Brazilian real against risks and the prospect of cap- perceived or real — to calm nerves.
Join Paul Murphy and the global currency the US dollar had pushed ital outflows sparked by Now, given one senses central banks
Bryce Elder for the daily market. ft.com/podcasts down prices for local-cur- higher US interest rates. are becoming increasingly wary of
Markets Live session at rency debt further, mean- However, these concerns being seen to forever prop up market
Y Lex Video Analysis ing the total return this have been balanced by a sentiment, such an intervention may
11am. ft.com/alphaville
and opinion from the year for EM local-currency change in the way emerging be unlikely. But if it did occur, it could
Y beyondbrics News and team on the hot issues debt was minus 12.7 per markets borrow. Emerging make for a pretty painful Monday for
comment from more affecting companies and cent, JPMorgan said. markets were well placed to those short “risk” assets.
than 40 emerging markets. ft.com/lexvideo However, dollar-denomi- absorb “sudden stops” in
nated bonds sold by EM com- capital flows, said BlueBay. jamie.chisholm@ft.com