MONDAY 17 AUGUST 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Banking on cash The index factor Saudi oil woes

Paper trumps plastic when the John Authers on the forces warping Glut could force a U-turn on
going gets tough — PAGE 8 global markets — BIG READ, PAGE 9 strategy — COMMENT, PAGE 11

Brazil protests Briefing

add to pressure i Dollar strength keeps hitting dividends

on Rousseff Investors received a total of $404.9bn in dividends

Brazilians staged new mass protests yes-
terday calling for the impeachment of
president Dilma Rousseff. Popular
anger has been fed by the worsening
economy, which is forecast to shrink
2 per cent this year, and almost daily
revelations of corruption at Petrobras,
the state-controlled energy company,
where billions of dollars of illicit pay-
ments are alleged to have been fun-
nelled to politicians.
Ms Rousseff chaired Petrobras at the
time of the alleged corruption, but inde-
pendent prosecutors have not pre-
sented evidence against her and she has
repeatedly declared her innocence.
Anti-Rousseff protests page 4
Editorial Comment page 10
in the second quarter, down 6.7 per cent from a year
earlier, as the strength of the dollar continues to
affect payouts.— PAGE 15
i Concern over fall in construction training
A fall in the awarding of construction qualifications
has led housebuilders to warn that labour costs are
rising as an increase in housebuilding drives greater
competition for workers.— PAGE 3
i FTSE 100 chiefs enjoy jump in pay
The average pay for a FTSE 100 chief
executive rose to £4.96m in 2014, 183
times the salary of the typical UK
worker, and up from £4.12m the year
before, even amid shareholder
rebellions.— PAGE 15
i Domestic slowdown holds back China
There is concern that a weaker renminbi by itself is
Demonstrators take to the streets in Brasilia yesterday against president Dilma Rousseff and the ruling Workers’ party — Evaristo Sa/AFP insufficient to halt a production slowdown in China
which may finally be feeding through to the
country’s labour market.— PAGE 6

HMRC faces bill of up to £43bn

i Merkel aims to quell Greek bailout revolt
German chancellor Angela Merkel is fighting to
contain a revolt from her party this week when the
country’s parliament votes on an €86bn rescue plan
for Greece.— PAGE 8

in ‘worst-estimate’ refund battle

i Australian arts hit by mining hard times
The cancelling of the Depression-era play Of Mice
and Men by an Australian theatre company reflects
a slowdown in corporate sponsorship, particularly
from the mining industry.— PAGE 4

i Uber sets out to bolster its security team

3 Decades-old disputes come to a head 3 Littlewoods, BAT and Prudential making claims
VANESSA HOULDER
TAX CORRESPONDENT
HM Revenue & Customs will be forced
to pay tax refunds running into tens of
billions of pounds if it fails to fend off
defeat in some of its biggest court bat-
tles, its latest accounts show.
Over the past two years, the UK tax
authority has been forced to more than
double its “worst-case” estimate, leav-
panies, including Littlewoods, the
retailer, BAT, the tobacco group, and
Prudential, the insurer, in court hear-
ings in London and Luxembourg.
Chris Morgan, head of tax policy at
KPMG, the professional services firm,
said some of the key cases were coming
to a head. “There could be tens of bil-
lions paid out by 2017-18.”
The claims for refunds by big busi-
nesses are likely to be highly unpopular
Uber is to quadruple the size of its security team as
the ride-hailing app looks to ease concerns over
data privacy, defend against hackers and protect its
ments are more likely than not — Claims for appeal to the Supreme Court. Any ruling employees from physical attack.— PAGE 15
increased by a third to £7.2bn in the year that forced HMRC to pay compound
to March. By far the largest portion of refunds by interest would hugely increase the bill Datawatch
the HMRC estimate relates to “contin- big business for other legal disputes, although the
gent liabilities” — cases where a payout Revenue argues its exposure should be
is thought possible, rather than likely. likely to be limited by the “exceptional” circum- US partisan views on guns The majority of
The contingent liabilities increased by a unpopular stances of the Littlewoods claim. % in favour Democrats and
fifth in the year to March to £35.6bn, Officials said they were confident any Republican Republicans agree
having doubled the previous year. at a time of refunds would be small, saying the Democrat 0 50 100 over the need for
background
The Office for Budget Responsibility exchequer wins more than 80 per cent Background checks
reported that the increase in contingent
public of cases that go to tribunal. “We are
for gun shows and
private sales
checks for gun

ing it potentially facing a £42.8bn bill to
companies that believe they paid too
much tax decades ago.
Refunds of anything like that size
would undermine chancellor George
Osborne’s efforts to eliminate govern-
ment borrowing by the next election.
HMRC has been fighting multibillion-
at a time of public spending cuts and liabilities in 2013-14 stemmed from an spending required for accounting purposes to Laws to prevent
mentally ill from
buyers and
restrictions to
public anger at perceived corporate tax adverse judgment in a “lead” case that cuts include an estimated contingent liabil- buying guns prevent the
dodging. Bill Dodwell of Deloitte, the benefited other plaintiffs. ity figure of potential repayments of tax. Federal database mentally ill
professional services firm, said: “The In March 2014 the High Court said There is no question of this amount or to track gun sales purchasing guns.
biggest elements of this have been a long HMRC had to pay compound, not sim- anything close to this amount ever being Ban on assault-
However, views on
time coming. The Revenue has put up ple, interest on a value added tax repay- repaid as the figure is based on our los- style weapons assault-style
the strongest possible fight.” ment to Littlewoods, a retailer owned by ing every single case currently being liti- weapons vary
noticeably
The provisions — relating to legal the billionaire Barclay brothers, dating gated, which is not going to happen,” Source: Pew Research Center Poll July 2015

pound legal battles with dozens of com- cases where HMRC thinks that pay- back 30 years. HMRC is seeking to HMRC said.

Marketers say dropping famous brand

ECB doubles time needed
for intensive bank review
The European Central Bank now thinks
it will take four years, instead of two,
for an ‘intrusive’ review that could
force the eurozone’s biggest banks
to hold even more capital. Some
experts said the review could take
even longer, since the project is so
comprehensive and demands a
huge amount of manpower. The ECB
has vowed to eliminate anomalies
between how banks calculate their
capital ratios.
Analysis i PAGE 16
could leave Google in an Alphabet stew
RICHARD WATERS — SAN FRANCISCO
Last week’s decision to change its name
to Alphabet puts Google on a poten-
tially risky path that will see it remove
one the world’s most successful brand
names from most of its businesses.
Companies usually only change corpo-
rate names to escape “negative connota-
tions”, as tobacco company Philip Mor-
ris did when it became Altria, said Rita
McGrath, a professor at Columbia Busi-
ness School. “That’s going to take some
getting used to.”
According to branding experts, the
move could rob the Google name of
some of its veneer of innovation and
quirky adventurousness, a quality
known inside the company as being
“googley” — something that could make
it harder to hire and retain talent in the
company’s core web search operation.
“There are a lot of attributes to the
Google name that are locked up in
the brand,” said Prof McGrath, adding
this included everything from the brain-
iness of its staff to the free food in its
cafeterias.
Google’s adventurous side-bets have
rubbed off on the core brand and helped
in the highly competitive Silicon Valley
job market — indeed, critics claim that
some of its projects are little more than
press releases designed to generate a
buzz. But by dropping the corporate
name and giving up their own roles at
Google to focus on the holding company,
co-founders Larry Page and Sergey Brin
have now abandoned that formula.
“When the founders are now working
for Alphabet . . . does it mean that some
part of Google has now left?” said Josh
Feldmeth, head of Interbrand in North
America.
By creating a structure that more
explicitly draws on the search profits to
fund new growth ideas, it may even send
a message internally that the “Google”
part of the company is turning into a
low-growth cash cow, said Prof
McGrath.
But if there are risks, the reshuffling of
brands could also be very valuable for
Google’s shareholders, producing a cor-
porate brand that analysts say gives it
freedom to expand into new markets.
“Alphabet potentially gives them the
ability to do things they wouldn’t be able
to do otherwise,” said Aaron Levie, chief
executive of Box, a cloud storage com-
pany that competes with Google.
“Google” was the world’s second most
valuable brand last year. The search
company plans to rename itself Alpha-
bet before the end of the year, limiting
the Google name to its internet division.

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2 ★ FINANCIAL TIMES Monday 17 August 2015

NATIONAL

Leadership contest Unemployment

Brown makes veiled plea to reject Corbyn Young who

Former PM calls for party
to opt for ‘service’ rather
than ‘permanent protest’
JIM PICKARD
CHIEF POLITICAL CORRESPONDENT
Gordon Brown has issued a thinly veiled
appeal for the Labour party to resist the
temptation to elect socialist Jeremy Cor-
byn as next leader of the opposition.
The former prime minister, a co-
architect of New Labour, did not once
mention Mr Corbyn by name during a
50-minute speech in London.
But his call for the party to opt for
“service” rather than “permanent pro-
test” was seen as an unequivocal con-
demnation of the Islington North MP,
who has never held a high-up position in
government or the shadow cabinet.
In a speech that quoted key figures
from Labour’s history, Mr Brown made
the case that his party could deliver its
aims only by appealing to a broad elec-
torate. “I know you don’t really think
that the most progressive thing to do is
to pass resolutions and then pass by on
the other side because we remain pow-
erless to help people in need,” he said.
Mr Brown appeared in a rooftop bar
on the South Bank, pacing up and down
the room as he spoke. He did not answer
questions afterwards about who was his
preferred candidate for the leadership.
Although he spoke in generalities,
there was no doubt that most of his ora-
tion was a plea for his party to reject Mr
Corbyn as leader. The leftwinger is now
far ahead of his three rivals according to
polls, with his victory increasingly con-
sidered a certainty on September 12.
“Don’t tell me . . . we can do much for
the poor of the world if the alliances we
favour most are with Hizbollah, Hamas,
Hugo Chávez’s successor in Venezuela
and Vladimir Putin’s totalitarian Rus-
sia,” said Mr Brown.
Mr Corbyn has been criticised for his
associations with Hamas and Hizbollah,
although he says he is open to dialogue
with all sides of the Middle East conflict.
He has also suggested Britain should
quit Nato and has struck a more euro-
sceptic tone than his rivals.
Mr Brown, who was chancellor from
1997 to 2007 and then prime minister
for two years, said “isolationism and
protectionism” were not the answers to
global problems such as pollution.
With Mr Corbyn surfing a wave of
support from leftwing party members
Election victory
Gordon Brown and union officials some senior figures
makes his have discussed persuading two of the
50-minute other three candidates to step aside.
speech at the “We could have had a competition
Royal Festival that saw Corbyn against a non-Corbyn
Hall on London’s figure,” said one member of the shadow
South Bank cabinet. “In the end, it was just too diffi-
yesterday cult to get the three of them in the same
John Stillwell/PA
room to thrash out an agreement.”
With the ballot papers sent out on Fri-
day to members, the chance for such
manoeuvres has now, in effect, gone.
Many senior party figures are angry
that reforms by Ed Miliband, the last
leader, have allowed a surge of new sup-
porters to vote in the leadership election
for just £3. Some are “hard-left” social-
ists or Green party members, while oth-
ers are Conservatives determined to tilt
the contest — although it is impossible
to put a number on those who have
joined for the purposes of sabotage.
The intervention from Mr Brown
comes after speeches by Tony Blair in
which the former prime minister con-
demned Mr Corbyn.
A speech by Mr Brown on the eve of
the Scottish independence vote last year
helped tilt support towards the unionist
“Better Together” campaign. Yet Mr
Corbyn’s momentum seems so strong
that few centrist MPs expect his latest
speech to make a big difference, albeit
there is almost a month until the final
result is announced on September 12.
Mr Brown, who stepped down in May
as an MP, said that from 1979 to 1997 —
when Labour won its landslide general
‘Don’t tell election — he attended marches and
even a rally of more than 1m people:
me . . . we “We were virtually powerless,” he said.
can do “Don’t tell me that demonstrations are a
superior alternative to power.”
much for He quoted Aneurin Bevan, who once
the poor . . . told his future wife — Jennie Lee — that
by staying outside the Labour party her
if the epitaph would be “pure but impotent”.
alliances we But some Corbyn supporters were
unimpressed: Clive Lewis, a left-leaning
favour most MP, said he was not sure if Mr Brown was
are with “qualified to lecture on economic credi-
bility”.AspokesmanfortheCorbyncam-
Hizbollah paign said: “Gordon Brown has high-
[and] lighted the need for a Labour party that
stands for hope: that is credible, radical
Hamas’ and electable — on which basis the best
candidatetovoteforisJeremyCorbyn.”
seek jobless
benefits face
being sent to
‘boot camp’
JIM PICKARD — CHIEF POLITICAL
CORRESPONDENT
Young adults who want to claim unem-
ployment benefits will have to attend a
“boot camp”, under plans to be set out
by the government today.
Matt Hancock, paymaster general, will
say he wants a “no excuses” culture, as
he seeks to crack down on youth unem-
ployment. The proportion of 18 to 24-
year-olds out of work has fallen from 19
to 14 per cent since 2013, according to
the Office for National Statistics. But
that is still far higher than the overall
unemployment figure of 5.6 per cent.
From next April, anyone under 21 will
have to take either a job, an apprentice-
ship, a traineeship or unpaid work expe-
rience — or they will lose benefits. They
are also set to lose the right to claim
housing benefit as part of ministers’
attempts to bring down the welfare bill.
The government’s new “boot camp”
involves jobseekers having to complete
an “intensive activity programme”
(IAP) that teaches them how to write a
CV and apply for jobs.
The training will take place at local
14% 70 hours
Share of 18 to Length of ‘boot
24-year-olds out camp’, to include
of work CV-writing and
interview tactics
jobcentres within the first three weeks
of claiming out-of-work benefit and its
purpose is to see people find a job or
start training by the April deadline.
A spokeswoman said young adults
would have to undergo 70 hours of
interview practice, learning job-search
skills and interview techniques: “They
will have to knuckle down,” she said.
The Oxford dictionary defines “boot
camp” as a short, intensive military
training camp with “very harsh disci-
pline”.
Mr Hancock is chair of a new ministe-
rial group called the “earn or learn task
force” that aims to tackle youth unem-
ployment. The group of eight MPs
includes skills minister Nick Boles. It
has a remit that includes the creation of
3m apprenticeships by 2020.
“We want to end rolling welfare
dependency for good, so welfare
dependency is no longer passed down
the generations,” Mr Hancock will say.

Dugdale to begin task of rebuilding Scottish Labour’s fortunes
MURE DICKIE — STIRLING
The election of Scottish Labour’s sixth
leader in eight years offers a fresh start
to the battered party, but Kezia Dugdale
faces a tough fight to begin rebuilding its
fortunes before next year’s Scottish par-
liamentary election.
The emphatic victory enjoyed by Ms
Dugdale, 33, ushered in a new genera-
tion of leadership for Labour in Scot-
land, a once-mighty political force that
has been in long decline and suffered
catastrophic defeat in May’s general
election.
Ms Dugdale beat fellow member of
the Scottish parliament Ken Macintosh
by 72 per cent of the vote to 28 per cent,
a margin that gives her a solid base to
rethink Labour’s strategy for challeng-
ing the ascendancy of the SNP.
But the new leader herself has sought
to play down expectations of a revival
before next May’s election, hoping to
ensure she can survive defeat and thus
slow the fast-spinning leadership carou-
sel. The Edinburgh MSP is the eighth
leader since the creation of the Scottish
parliament in 1999 and the sixth since
2007.
It would be “presumptuous” to ask
disillusioned former supporters to
immediately return to the fold, with
many no longer listening to anything
Labour said and others unclear about
what the party stood for, she told mem-
bers at the election announcement in
Stirling.
“All I ask is that you take a fresh look
at the Scottish Labour party under my
leadership,” Ms Dugdale said.
An opinion poll this month showed
the scale of the challenge facing her. It
found that 62 per cent of voters who
expressed a preference intended to vote
for the SNP in their constituency in the
‘All I ask is that you
take a fresh look at the
Scottish Labour party
under my leadership’
Scottish parliamentary elections, up 2
percentage points on July and far
greater than the 20 per cent planning to
back Labour.
The findings suggest a renewed and
expanded Nationalist majority in a
chamber where such a political feat was
once considered almost impossible.
However, the poll also brought some
comfort for Labour, finding very mixed
opinion among voters on the SNP’s
record in office in Scotland over the past
year. Only a quarter to a third rated
their performance as “good” in areas
such as the economy, justice and health.
On crime, more respondents said the
SNP’s record over the past year was
“poor”.
Labour hopes that focusing on policy
failings and offering alternatives will
shore up support.
Ms Dugdale promised to pursue a pro-
gramme that would put wealth and
power in the hands of “the many and
not the few”. One focus would be reduc-
ing the inequality of educational out-
comes between income groups, she said.
“Under my leadership there will no
question over what we stand for and
who we stand with,” she said.
However, despite Ms Dugdale’s
emphatic mandate, some colleagues
suggest the party will continue to suffer
internal tensions, citing the narrower
election on Saturday of Alex Rowley, a
more left-wing MSP, as her deputy.
“We are absolutely committed to end-
ing long-term youth unemployment
and building a country for workers,
where nobody is defined by birth and
everyone can achieve their potential.”
According to the government, 85 per
cent of all 16-24-year-olds are already
either in work or full-time education.
Mr Hancock will emphasise that the
“earn or learn” rules will exempt vul-
nerable young people, those who are not
able to return to live with their parents,
and those who have been in work for six
months before making their claim.
Meanwhile, Mr Hancock has written
to Labour leadership candidates asking
if they agree with his plans. “In the past
you have suggested you are against
these changes,” he wrote. “Will you now
change your position, and pledge to sup-
port these reforms to make sure that
young people are either earning or
learning?”

Pharmaceuticals
A private bank unlike
any other. Medical Research Council risks budget hit as patent cliff nears
ANDREW WARD annual savings by November. Sir Greg MRC, where monoclonal antibodies from targeted drugs using its technology
PHARMACEUTICALS CORRESPONDENT
Winter, one of the MRC scientists who were discovered by César Milstein, an last year.
The Medical Research Council is facing helped pioneer monoclonal antibodies, Argentine émigré, and George Köhler, a Humira was developed by Cambridge
a budget crunch because of the loss of said he was worried that reduced IP German researcher, in 1975. They were Antibody Technologies, co-founded by
tens of millions of pounds in annual income would stretch resources for awarded the 1984 Nobel Prize in physi- Sir Greg, which was bought by Astra-
30 global locations • www.efginternational.com
revenues from the expiry of patents on innovation. “Money is already very tight ology or medicine for their break- Zeneca, the UK pharmaceuticals group,
medicines it helped to develop. so many first-rate proposals are not through. but the drug was sold to Abbott of the US
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) being funded,” he told the Financial The original discovery was followed and later spun off into AbbVie.
FINANCIAL TIMES newspaper in any manner is not permitted without The government-funded organisation Times. up in the 1980s by Sir Greg, who found a “It was not so much a failure of UK sci-
Number One Southwark Bridge, London SE1 9HL the publisher’s prior consent.
‘Financial Times’ and ‘FT’ are registered trade marks has collected almost £600m of income A spokesman for the Department of way to “humanise” antibodies grown in ence to commercialise monoclonal anti-
Published by: The Financial Times Limited, of The Financial Times Limited. from a class of drugs called monoclonal Business, Innovation & Skills, which mice — opening the way for a generation bodies as a failure of the UK pharmaceu-
Number One Southwark Bridge, The Financial Times adheres to a self-regulation antibodies which are based on a Nobel oversees the MRC, said: “We cannot pre- ticals industry,” said Sir Greg. “Astra-
London SE1 9 HL, United Kingdom. regime under the FT Editorial Code of Practice:
Tel: 020 7873 3000; Fax: 020 7407 5700 www.ft.com/editorialcode
Prize-winning discovery by MRC scien- judge the spending review outcome.” Zeneca and GSK were not interested in
tists 40 years ago this month. Several of the world’s biggest block- Drugs such as biological drugs at the time.”
Editor: Lionel Barber cancer treatment
Reprints But these revenues are set to drop buster drugs are monoclonal antibod- Avastin are based Sir Greg, now master of Trinity Col-
Subscriptions and Customer service: Are available of any FT article with your company sharply because of patent expiries over ies, which involve genetically engi- lege at Cambridge university, said the
Tel 0800 028 1407; subscriptions@ft.com; logo or contact details inserted if required (minimum
on a Nobel Prize-
www.ft.com/subscribenow order 100 copies). the next few years, leaving the country’s neered proteins capable of targeting winning discovery UK continued to compete well in global
One-off copyright licences for reproduction of FT top public medical research institute at diseased cells and tissue. by MRC scientists science. But he worried that tight budg-
Advertising: articles are also available. risk of a funding gap. These include top-ranked Humira, a ets were making it harder to come up
Tel: 020 7873 4000; ukads@ft.com For both services phone 020 7873 4816, or
Letters to the editor: alternatively, email syndication@ft.com
The MRC received income of £40m rheumatoid arthritis treatment made of “targeted therapies”. It is the patents with breakthroughs as significant as
Fax: 020 7873 5938; letters.editor@ft.com from intellectual property in 2014-15 — by AbbVie of the US, which had reve- on Sir Greg’s invention that are due to monoclonal antibodies.
Executive appointments: FT Cityline most of it related to monoclonal anti- nues of $11bn last year and is the second expire between this year and 2018. “If you’re starved of money and are
Tel: 020 7873 4909; www.exec-appointments.com For real time share prices call 0905 817 1690 or go to
http://www.ft.com/servicetools/ftmobile/cityline. Calls
bodies — out of a total budget of £772m. biggest selling drug ever. Monoclonal antibodies are widely working all the time, then you do not
Printed by: cost 75p/min. This IP revenue is projected to drop to Others include cancer drugs Hercep- viewed as the greatest UK contribution have the time to think and the money to
St Clements Press (1988) Ltd, London, Newsprinters £5m in 2016-17. tin and Avastin from Roche of Switzer- to medical science in recent decades, play with new ideas,” he said. “The
(Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling The looming “patent cliff” is sure to land and Remicade, another arthritis although critics point out that much of inventions I came up with were com-
(Eurocentral) Glasgow, and Smurfit Kappa News The recycled paper content of UK newspapers in
Press Ld, Kells, Ireland 2014 was 78.5% be highlighted by the MRC as it seeks to drug jointly marketed by Johnson & the commercial benefit has been lost to pletely off-the-wall at the time. I was not
defend its annual budget in the govern- Johnson and Merck of the US. overseas companies. tied up writing grant applications. I was
©Copyright The Financial Times Limited 2015. All ment spending review, launched last All these medicines rely on The MRC’s patent revenues are just a just told to go away and do something
rights reserved. Reproduction of the contents of this
month with a target to find £20bn of intellectual property owned by the fraction of the $70bn in global sales important.”
Monday 17 August 2015
UK trains ‘too many hairdressers, not
enough bricklayers’ amid fall in skills
Construction apprenticeships down 60% since 2009 despite employer demand, says industry body
KATE ALLEN
Britain is training “too many hairdress-
ers and not enough bricklayers”, accord-
ing to the body representing local coun-
cils, as the falling number of people with
construction skills makes it harder to
build homes.
The number of construction qualifi-
cations awarded through apprentice-
ships, colleges and universities has
dropped by 10,000 in the past two years,
despite a 54 per cent increase in indus-
try recruitment demand, research by
the Local Government Association has
found.
Construction training levels have
been dropping since the financial crisis,
with the number of completed appren-
ticeships down by nearly 60 per cent
since 2009, the LGA found.
This comes despite a growing indus-
try: the value of private housebuilding
activity increased by 3.9 per cent in the
three months to June, and is up 11.6 per
cent year on year, according to figures
published on Friday.
As a consequence, several big house-
builders have warned in recent months
that labour costs are rising as an
increase in housebuilding drives greater
competition between companies for
workers.
Nearly two-thirds of surveyors told
the Royal Institution of Chartered Sur-
veyors earlier this year that the con-
struction skills shortage was a signifi-
cant barrier to business growth.
According to employers, more than
half of skilled trade vacancies are now
hard to fill — up by 10 percentage points
since 2011, and the worst of all the
skilled trades, the LGA found.
Peter Box, the LGA’s housing spokes-
man, said Britain was training “too
many hairdressers and not enough
bricklayers”.
“Too few apprentices are getting the
construction skills to build the homes
and roads our local communities need
and developers are struggling to recruit
the skilled labour to build new homes,”
Mr Box said. “Industry are clear that
skills gaps are one of their greatest barri-
ers to building.”
Stewart Baseley, chairman of the
Home Builders Federation, said the sup-
ply of new housing has increased
sharply over the past two years in
response to the stimulus of the Help To
Buy government equity loan scheme.
But he warned: “We now face a big
challenge in attracting, recruiting and
training our future housebuilders.”
Councils should be given more powers
over skills and funding to allow them to
target local shortages, Mr Box said.
These vary greatly, the LGA found:
north-west England is lacking bricklay-
ers while the West Midlands needs car-
penters, joiners and interior fitters.
Steve Radley, director of policy and
external affairs at the Construction
Industry Training Board, agreed the
skills shortage was “the biggest issue
currently facing the housebuilding
industry”.
Manchester witnesses revival of textile trade
As overseas output costs rise,
some UK manufacturing is
growing after years of decline
ANDREW BOUNDS — MANCHESTER
Clair de Lune is bursting at the seams.
The maker of baby bedding and acces-
sories is struggling to keep up with
orders as staff surrounded by rolls of
fabric, boxes of linen and piles of Moses
baskets work furiously at sewing
machines.
“If I could find another 10 machinists
I’ve got work for them tomorrow,” says
Polly Rodgers, a director of the family-
owned business.
Turnover is up 50 per cent this year to
record levels and it has taken on 20 staff
to hit 60 but needs still more.
The scene is repeated in factories
across Greater Manchester, once known
as Cottonopolis for its role in the textile
trade.
With overseas production costs rising
and retailers demanding fast turnround
times, parts of the industry are finally
growing again after 35 years of decline.
Mrs Rodgers says the “Made in Brit-
ain” tag also retains cachet, with the
company making its first sale to Hong
Kong this year.
Jamie Power, the company’s young
finance manager, says: “It has become
competitive to manufacture here again.
A growing gap
The market is on the up...
Value of private housebuilding construction
work, index
1997 2000 05 10
Seasonally adjusted
Sourcse: LGA; ONS
Prefabrication
Dislike of identical homes
deters mass production
Industries facing a skills shortage often
turn to technology as a solution. But as
veteran commercial property developer
Sir Stuart Lipton pointed out earlier this
year, innovation is in short supply in the
housebuilding industry.
The methods used to build homes
have barely changed since Georgian
times, Sir Stuart complained.
There were attempts to transform
housebuilding through factory mass-
production in the postwar era, but
these stuttered out as public taste
rejected Brutalist high-rise
prefabricated architecture and in the
face of disasters such as at Ronan Point
in 1968, when an explosion damaged a
London tower block and killed four.
Britain is fairly unusual in its distaste
for mass production. In other countries,
prefabricated housing is still going
strong. One of the best-known
examples of state-backed mass
Jobs revolution. Made in Britain
It is the same cost as east Asia.” Exports
only account for 5 per cent of sales but
are growing.
The 70-year-old company, incorpo-
rated as Dawson Rodgers, provides own
brand ranges for retailers, as well as
Clair de Lune products.
After years of stagnation, sales rose
during the recession as the company
marketed itself on social media and
competitors went bust. This year they
should rise by 50 per cent to £5m and
profits top £1m.
With rising demand and a shortage of
workers, the industry has made an
appeal across the former cotton towns
around Manchester.
It hosted pop-up tea shops in high
streets across the area, in the search for
Part of the fabric: Polly Rogers (centre), a director of Clair de Lune, a baby
bedding maker, with recruits Sarah McCormack (left) and Andrea Murray
★ FINANCIAL TIMES
NATIONAL
...but there are staff shortages already...
Proportion of skilled trade vacancies that employers say
are hard to fill, by industry, 2013
160
140 Construction
120
Manufacturing
100
Electrical, gas
80
and water
60
15
Transport and storage
prefabrication was the Soviet Union in
the 1960s, where then-leader Nikita
Khrushchev launched a building
programme to rapidly create hundreds
of thousands of homes to tackle
shortages. Known as Khrushchyovkas,
some estimates suggest that as many
as 64,000 blocks were built.
The odds of persuading British
consumers to buy identical factory-built
The remains of Ronan Point tower
after a gas explosion in 1968
people who had left the industry as it
shrank and wanted to come back, as
well as new recruits.
Some 337 people have been hired by
20 businesses thanks to the Alliance
Project, an initiative funded by govern-
ment, companies and Lord Alliance, the
textile magnate.
Andrea Murray was working at home
as a freelance designer when she heard a
radio item about the textile tea shop.
“I wanted to work in a factory again. I
missed the buzz. I am so pleased this has
got manufacturing in the UK. So much
has gone overseas.
“There is something special about
hearing a factory buzzing with
machines,” she says.
She has just started as production
...and fewer people are training
Qualifications achieved, England (’000)
Higher education qualifications in
architecture, building and planning
Completed construction apprenticeships
56%
40%
22%
15%
2010
homes are slim, housebuilders say.
Patrick Law, director of corporate
affairs at Barratt, said the company did
use some mass production techniques:
for example, its roofs are manufactured
in a factory and lifted on to the building
with a crane.
The company is also talking to its
suppliers about prefabricating some
rooms. However, a fully factory-made
home “is some way off”, Mr Law said.
The main obstacle is “the lack of
significant economies of scale caused
by the lack of widespread replication of
any single house type”, said Stewart
Baseley, chairman of the Home Builders
Federation.
Housebuilders say they have to build
what customers want — and British
consumers do not want identical
houses.
“We build thousands of homes a year
and at the moment we produce many
different designs to cater for consumer
taste and planning requirements,” Mr
Law said. “There just isn’t enough
standardisation to make a full factory
approach financially viable.”
manager at Clair de Lune. Mrs Rodgers
wants to attract younger recruits. It is
tough work, paid a “piece” rate per item
produced.
According to the Office for National
Statistics, average weekly wages in the
industry were £371 in July 2014, com-
pared with £564 for manufacturing as a
whole.
However, Lorna Fitzsimons, director
of the Alliance Project, disputes that as
she says technical machinists can earn
up to £27,000 a year.
“It is an industry still taking people
with entry level skills so is one of the
most socially mobile industries. It is
very exciting. Both domestic and export
markets are growing,” she says.
With £11m investment and led by N
Brown, the home shopping business, the
project says it has helped 133 companies
and created almost 2,000 jobs.
It expects the industry, which is worth
£9bn to the UK economy and employs
about 100,000, to create a further
20,000 jobs by 2020.
Output has fallen by two-thirds since
1979, when 851,000 worked in the sec-
tor.
James Eden, managing director of the
luxury British label Private White VC,
based in Manchester, said designers
increasingly wanted to work with UK
manufacturers: “We are expected to be
able to respond quickly to the latest
trends, and this is creating a second
industrial revolution in Manchester.”
Stefan Wermuth/Reuters
25
20
15
10
5 the taxes generated. “That would allow
11 12 13 14
Financial years
The board is trying to attract more
people into construction — including
luring back those who left when house-
building slumped during the credit
crunch — and to improve the training of
those already working in the industry.
Construction and engineering staff
were the most sought-after by employ-
ers in a survey published this month by
the Recruitment and Employment Con-
federation and accountants KPMG.
Bernard Brown, a partner at KPMG,
said the industry was “struggling to
keep pace with demand”. This was driv-
ing pay growth of nearly 5 per cent a
year, he said. “The risk is that a shortage
of skilled labour could impede Britain’s
major building projects and put the
brakes on the country’s real estate mar-
ket,” Mr Brown said.
The Department for Communities
and Local Government said it was work-
ing closely with housebuilders and the
rest of the construction industry “to
ensure it has the skills it needs”.
Housing starts are at their highest
annual level since 2007 and “maintain-
ing the supply of skilled workers has
been vital to getting the country build-
ing again”, it added.
Venture capital
Investors warn on funding for
small businesses amid reform
HUGO GREENHALGH
Government reforms to encourage
investment in smaller companies will
have the perverse effect of removing
sources of funding, industry experts
have warned.
In his July Budget, George Osborne
tightened the rules on venture capital
trusts, which offer tax breaks to inves-
tors, in line with EU rules on state aid.
Under the changes, VCTs will be able to
invest only in companies that have
made their first commercial sale within
seven years — or 10 for “knowledge-
intensive” companies.
The reforms restrict investment by
trusts in management buyouts and the
industry worries this will harm smaller
companies seeking funds as the market
contracts significantly next year.
Will Fraser-Allen, deputy managing
partner of Albion Ventures, said the
market could see funds raised through
VCTs almost halve in a year from
£429m to £250m, roughly the level it
was in 2007.
The effect would be felt in particular
by smaller and medium-sized compa-
nies, he said: “Clearly this does have an
impact on funding . . . there will be a
reduction in the funding available to
support buyouts.”
Roger Buckley, corporate finance
partner at BDO, the professional serv-
3
Railway arches
Network Rail
hires bankers
to assess value
of its property
portfolio
GILL PLIMMER
Network Rail has appointed the invest-
ment bank Rothschild to assess its
£1bn commercial property portfolio,
which could be sold or redeveloped.
The debt-laden organisation that runs
the UK rail network has swaths of land
around railway lines and also owns
commercial property that brought in
£266m in rent last year, making it one of
its more profitable activities.
The property to be valued does not
include stations but does include the
railway arches that are home to hun-
dreds of small businesses ranging from
car mechanics to hairdressers and bars.
A sale of telecoms rights — at the
moment Network Rail runs systems
providing wifi and signalling informa-
tion for trains — may also be considered.
The move is part of an overhaul of the
organisation, which has come under
closer scrutiny since it was, in effect,
renationalised last year when its £38bn
debt was moved on to the government’s
balance sheet.
Any property sales would need to
ensure Network Rail is still able to
access infrastructure at short notice.
Alexander Jan, a director at Arup, the
engineering firm, urged it to consider
the link between development, stations
and other rail infrastructure. In Japan
and Hong Kong, and increasingly in
London, property is integral to the
development of the transport network,
he said
Mr Jan believes the land should be
transferred to local authorities who
should be given more powers to keep
rail capacity to serve development and
vice versa,” he said.
Transport for London this year
announced a 10-year plan to raise more
income from its 5,700 acres of land. All
the revenue will be reinvested in the
capital’s transport network.
The government has made a series of
high-profile appointments to Network
Rail and is considering options for
restructuring, with the possibility of
more independence for its regional divi-
sions. The organisation has been repeat-
edly criticised by the rail watchdog for
poor management, for missing punctu-
ality targets and for falling behind
schedule on a large scale modernisation
programme.
Sir Peter Hendy, recently drafted in as
executive chairman from TfL, is looking
at how to put the modernisation pro-
gramme back on a secure footing.
Richard Brown, a former head of Euros-
tar, has been appointed special director
of Network Rail to monitor progress.
Dame Colette Bowe, a former tele-
coms executive, who has been working
on restoring bank reputations, will
make recommendations to improve
investment planning. Nicola Shaw, the
head of the High Speed One line
between London and the Channel tun-
nel, has been asked to consider Network
Rail’s structure and financing.
ices group, said it was unclear whether
the market would become more entre-
preneurial or would simply shrink. He
said: “Many of our clients are concerned
that it will take away critical funding to
an underserved part of the market as
investors may seek to find safer havens
elsewhere.”
However, not everyone is convinced
the changes will have a negative effect.
Mr Fraser-Allen stressed the market
would recover the following year, driven
by new entrants.
George Whitehead, venture partner
manager at Octopus Investments, said
VCTs have always been subject to
numerous tweaks to legislation: “While
there is no doubt that the changes in leg-
islation will impact some VCTs in the
market, we do not expect to see any neg-
ative effect on levels of investment in
early-stage businesses,” he said.
A spokesman for the British Private
Equity and Venture Capital Association,
the industry body, said the organisation
would be surprised if the changes had a
material impact.
The Treasury said the reforms would
“incentivise investment in small, inno-
vative companies that need finance to
grow and develop. While some [VCTs]
may ultimately decide to exit we expect
others to change their investment strat-
egies and new entrants to come in to the
market”.
4 ★ FINANCIAL TIMES Monday 17 August 2015

INTERNATIONAL
GLOBAL INSIGHT
Mass demonstrations
NEW DELHI

Anti-Rousseff protests sweep Brazil Victor

Anger at recession and
corruption scandal spark
calls for impeachment
JOHN PAUL RATHBONE — SÃO PAULO
Brazilians massed in anti-government
protest yesterday, channelling wide-
spread anger over a grinding recession
and a multibillion-dollar corruption
scandal that has weakened President
per cent, the lowest ever for a Brazilian
president.
“There is feeling of hopelessness,”
said Fernando Andrade, a 53-year-old
teacher in São Paulo. “Five years ago,
Brazilians thought we were on the brink
of development, that the time of the
‘country of the future’ had arrived. But
not any more, the hope has gone.”
Popular anger has been fed by the
worsening economy, forecast to shrink
2 per cent this year, and almost daily
Mallet
out!” chanted protesters, who choked ‘Five place. She has also repeatedly declared
the streets around Rio de Janeiro’s her innocence, saying she will never
years ago,
Copacabana beach.
Over two-thirds of Brazilians believe
Ms Rousseff should be impeached.
Brazilians
resign. She was re-elected 10 months
ago for four years.
While [the protests] are “sympto-
Modi defends record
Indeed, yesterday’s march marks the
23rd anniversary of demonstrations on
thought the
time of the
matic of growing popular discontent, a
high turnout alone will not significantly
as his shine fades and
August 16 1992 that led to impeachment
proceedings against then-president
Fernando Collor de Mello. Nonetheless,
“country of
deepen the crisis for President Dilma
Rousseff”, said João Augusto de Castro
Neves of Eurasia, the risk consultancy.
India’s mood darkens
a peaceful carnival atmosphere
the future” “The greater risk for the government
characterised most of the marches, with had arrived. would be if massive protests become

Dilma Rousseff’s grip on power and led
to calls for her impeachment.
Demonstrators, many dressed in the
yellow and green of the national football
strip, marched through streets across
the country in the third mass protest of
the year.
They denounced economic misman-
agement and corruption that has driven
Ms Rousseff’s approval rating down to 8
Sri Lanka election
revelations of corruption at Petrobras,
the state-controlled energy company,
where billions of dollars of kickbacks
were allegedly funnelled via construc-
tion companies to politicians. More than
30 lawmakers are being investigated,
many of them in Ms Rousseff’s party.
“Workers’ party out!” chanted
marchers in Belo Horizonte, Brazil’s
third-biggest metropolitan area. “Dilma
many protesters walking alongside their
children as if on a Sunday outing.
Analysts said the political crisis was
likely to worsen but the biggest risk to
Ms Rousseff lay not with protests but
the Petrobras corruption probe. Inde-
pendent prosecutors have not pre-
sented evidence against Ms Rousseff,
although she chaired Petrobras when
much of the alleged corruption took
But not any more frequent and if organised labour
joins them.”
more, the There have also been signs that Ms
hope has Rousseff might be pulling back from the
brink. She has stepped up appearances,
gone’ defending herself and her plan to stay in
office. Business associations, bankers,
and some media outlets have also spo-
ken out against her impeachment.
Editorial comment page 10
T
his time last year, Narendra Modi seized the
attention of his audience with a rhetorical tour
de force in his first independence day speech,
promising toilets and bank accounts for all,
and urging manufacturers to “make in India”,
rather than China. Twelve months on, the country’s mood
has changed and so has Mr Modi’s.
India’s prime minister no longer enjoys the uncritical
support of the investors who welcomed his landslide elec-
tion triumph 15 months ago. The annual address, deliv-
ered on Saturday from the walls of Delhi’s Red Fort, was
partly a defensive assessment of his record so far.
“We had an emperor on the 27th of May 2014,” the
industrialist Rahul Bajaj said in a television interview,
referring to the date after Mr Modi’s lavish inauguration. “I

Defiant former president Rajapaksa fights for his future
JAMES CRABTREE — COLOMBO
The former president Mahinda
Rajapaksa struck a defiant tone in
front of thousands of cheering support-
ers at his last campaign rally before Sri
Lankans vote in parliamentary polls
today — giving the air of a leader not
just striving for an electoral comeback,
but also fighting for his political life.
Many observers wrote off the charis-
matic Mr Rajapaksa after his shock
defeat to one-time ally Maithripala
Sirisena in January’s presidential con-
test. After his 10 years in power, Sri
Lanka’s 20m population seemed to have
tired of the man who ground out a
bloody victory in their island’s lengthy
civil war in 2009, but whose family-
dominated regime became mired in
accusations of crony capitalism and
human rights abuses.
Yet rather than slinking into retire-
ment, Sri Lanka’s wiliest campaigner
orchestrated a “bring back Mahinda”
campaign, and now hopes to re-enter
parliament and become prime minister.
“The stakes in all this are big,” said
Jehan Perera of the National Peace
Council, a group pushing for postwar
reconciliation. “Many of the achieve-
ments of the last six months could be
undone if he comes back. But they are
huge for him [Rajapaksa] too, because if
he loses again he might be finished.”
Mr Rajapaksa’s campaign has stuck to
familiar themes. Dressed in traditional
white robes during his final campaign
stop, he warned of a resurgent Tamil
Tiger rebellion were his opponents to
devolve more power to the island’s
north, where most of its Tamil minority
live. Sri Lanka’s economy has suffered
too, he claimed, as large infrastructure
projects, mostly backed by China, have
been put on hold pending corruption
investigations.
Ranil Wickremesinghe, the incum-
bent prime minister, paints the contest
equally starkly, talking of a return to
“jungle law” if Mr Rajapaksa prevails.
“This election is about consolidating the
peaceful revolution we had on January 8
2015,” he said. “The country has
changed. The Mahinda Rajapaksa
regime was a dictatorial regime, which
misused the government machinery,
which suppressed the media.”
Mr Rajapaksa’s departure brought
what one western diplomat called a
Mahinda “palpable” change of mood in Sri Lanka.
Rajapaksa waves In January, the streets of the capital
to supporters Colombo were plastered with images of
during his the former president, part of what crit-
party’s final ics dubbed a personality cult. The poll
campaign rally itself was marred by shootings and
on Friday in assaults. This time there are far fewer
Kandy, Sri posters, while election monitors report
Lanka — Buddhika lower levels of campaign violence.
Weerasinghe/Getty Images
Mr Sirisena hopes the coalition he
now leads with Mr Wickremesinghe will
be rewarded for early reforms, includ-
ing constitutional changes curbing his
own powers as president, and restoring
authority to the courts and police. Press
restrictions have been lifted, while wor-
ries about so-called “white van” abduc-
tions, in which critics of the former
regime were plucked from the streets,
have vanished.
Relations with India and the west
have improved, as Sri Lanka shifted
away from Mr Rajapaksa’s reliance on
Chinese investment. Beijing poured as
much as $5bn into high-profile infra-
structure projects in recent years,
according to government figures. A
$1.4bn “port city” commercial property
scheme, being built by a Chinese com-
pany on land reclaimed just off the coast
near Colombo, was halted in March
pending an environmental review.
Mr Sirisena and Mr Wickremesinghe
have made mixed progress elsewhere,
however. Further constitutional
changes, including a new voting system,
have failed to materialise. Numerous
corruption inquiries were begun, but
almost none have resulted in prosecu-
tions. The economy stuttered after a
populist post-election budget, while a
much-awaited investigation into allega-
tions of atrocities committed during the
civil war is yet to begin.
Mr Rajapaksa’s hopes of capitalising
on dissatisfaction with his opponent’s
early moves rest on his popularity
among the island’s Sinhala-speaking
Buddhist majority, who make
up roughly three-quarters of the
population. These voters, whose sup-
port gave Mr Rajapaksa his earlier elec-
tion victories, remain wary of the threat
of ethnic separatism and could now pro-
pel him to victory again.
Even so, most analysts say he faces
long odds. Mr Rajapaksa’s campaign
was dented last week by news of a police
murder inquiry linking his government
to the death of a national rugby player in
a car crash in 2012. Sri Lankan opinion
polls are not always reliable, but most
point to a new coalition with Mr Wick-
remesinghe as prime minister.
Even if that proves wrong, Mr
Rajapaksa may struggle to convince
wary smaller parties to join him in form-
ing a government. “The general consen-
sus is that it will be hard for him
[Rajapaksa] to get a majority in parlia-
ment, and then become PM,” said
Janeen Fernando of the Colombo-based
Verité Research. “But with the Rajapak-
sas, you can never really write them off,
so anything is possible.”
am not anti this government. But the fact does remain, the
shine seems to be wearing off.”
One reason for the government’s failure to push through
the reforms it promised is that Sonia Gandhi’s opposition
Congress party has obstructed legislation with noisy dem-
onstrations in parliament. In the just-ended parliamen-
tary session lasting three weeks, not one law was passed.
Congress was crushed by Mr Modi in the general election
and left with only 44 of the 542 seats in the lower house of
parliament. But the opposition has blocked the passing of
laws in the upper house, largely to spite Mr Modi.
Ignoring the protests of business leaders, Ms Gandhi and
her son Rahul have even stalled the introduction of a
nationwide goods and services tax, despite the fact that the
levy was previously championed by Congress.
Among other setbacks,
Mr Modi has been forced
to abandon reforms that
The opposition has
would have made it easier blocked the passing
to acquire land for roads,
factories and housing.
of laws in the upper
M r M o d i , w h o house, largely to
describes himself in pri-
vate as a doer rather than
spite prime minister
a talker, says he has over-
seen the opening of more than 150m bank accounts for the
previously unbanked and the building of more than
400,000 toilets in government schools. Foxconn, the Tai-
wanese electronics maker, gave a fillip to Mr Modi’s “Make
in India” campaign this month when it announced plans to
invest $5bn in a factory in Maharashtra state.
Even without legislation, Mr Modi’s supporters say, the
government can accelerate the building of roads and rail-
ways, and start to tackle the bad loan problems of the state-
owned banks that dominate the financial system. “There
are so many things to be done,” says one senior official in
NewDelhi.“EverythingisnotlostifGSTisnotpassed.”
Investors are not convinced. They think Mr Modi missed
his early chance to rid India of a retrospective tax law that
has sapped investor confidence. He has also failed, they say,
to make progress in creating jobs or eliminating bureauc-
racy. They point to ineptitude of the sort that forced Nestlé
to withdraw from sale 29,000 tonnes of Maggi noodles over
ahealthbanfoundbyacourtlastweektobe“unjustified”.
Gurcharan Das, a commentator and former head of con-
sumer goods group Procter & Gamble in India, says the
country remains a “hostile place to do business”. Mr Modi,
he believes, was elected to control inflation, stop corrup-
tion and create jobs. He has done the first two, but “needs
to talk more about the third”.
When Mr Modi won the biggest election victory in a gen-
eration he said he needed 10 years — two terms — to
achieve his aims. Now he is talking about three terms. But
the loss of momentum of the government’s reform project
suggests even a second term is not guaranteed.
After a humiliating defeat in the Delhi state election in
February, Mr Modi and his Bharatiya Janata party are now
making every effort to win the giant northern state of
Bihar in the autumn.
If they win, they may regain confidence and accelerate
reform. If they lose, there is a risk that Mr Modi will aban-
don his grand design of development and revert to the
sorry spectacle of Indian politics as usual.
victor.mallet@ft.com

Australian donations

Depression-era classic cancelled as real life imitates art

JAMIE SMYTH — SYDNEY
An Australian theatre company has
cancelled its 2015 season headline act,
the Depression-era classic Of Mice and
Men, as a shortage of corporate dona-
tions caused by a sharp downturn in
the mining and resources industry hits
the country’s arts sector.
The cancellation by the Perth Theatre
Company reflects a wider slowdown in
corporate sponsorship, particularly in
Western Australia, where companies
such as BHP Billiton, Rio Tinto, Wood-
side and Chevron have spent hundreds
of millions of dollars on community
projects in a decade-long mining boom.
“The corporate sector in Western
Australia has slowed down its funding of
arts organisations,” says Saliba Sassine,
chairman of the Perth Theatre Com-
pany, who has ordered a review of the
company’s finances.
The resources sector in Australia is
reeling from a halving in iron ore prices
over the past year and a steep fall in liq-
uefied natural gas prices that is putting
earnings under pressure. Last week Rio
Tinto, one of the biggest mining compa-
nies in Western Australia, reported an
82 per cent fall in net profits. Dozens of
other resource companies, which are
among the biggest donors to arts, sports,
education and other community
projects in Western Australia, all face
challenges in maintaining shareholder
returns while continuing to support
investments in social projects.
The most recent figures available
from the Australian Major Performing
Arts Group (Ampag), which represents
28 of the biggest arts groups in Aus-
tralia, show corporate sponsorship fell
by 2 per cent in 2013 to $29.7m — the
first annual drop since 2007. But these
figures do not take into account the fall
in commodity prices since then or the
experience of hundreds of small and
medium-sized organisations that often
rely on corporate donations.
“We are seeing a tightening of spon-
sorship for the arts sector, which is
broadly in line with the downturn in the
economy,” says Warwick Hemsley,
chairman of the Chamber of Arts and
Culture Western Australia. “For many
companies this is significant as corpo-
rate sponsorship can make up between
10-30 per cent of funding.”
Western Australia is particularly
affected by the resources downturn
because of its reliance on mining. More
generally, the Australian economy is
growing below its long-run average and
business investment remains subdued.
In 2014 Rio Tinto’s support for com-
munity projects worldwide fell by
US$70m to US$261m compared with
the previous year. BHP’s global support
for community projects fell by US$5m
to US$240m. BHP says targeting an
investment of 1 per cent of pre-tax
profit, calculated on the average of the
previous three years, provides some sta-
bility to social donations.
2% 5%
Fall in corporate Increase in
arts sponsorship private donations
in 2013, the first to arts groups
drop since 2007 in 2013
Nevertheless, the scale of the collapse
in commodity prices means the
resources sector’s contribution to
projects is likely to fall further.
Last year Yirra Yaakin, an aboriginal
performing arts organisation, lost tens
of thousands in sponsorship money
when Nickel West, a BHP-owned com-
pany, and two smaller iron ore miners
withdrew funding in Western Australia.
“It is critically important to maintain
a diversified source of funding,” says
Peter Kift, general manager at Yirra
Yaakin. “I’m now looking at having less
mining company sponsors and looking
at alternative sources of income.”
Philanthropy is becoming an increas-
ingly important source of funding for
the arts, according to Ampag figures,
which show private donations to its
members reached a record A$39m in
2013, a 5 per cent rise on 2012.
Government support is also critical.
However, federal and state govern-
ments are under financial pressure and
are reviewing funding. “The uncer-
tainty many organisations are feeling at
the moment is compounded by the
prospect of reduced state and federal
support,” says Mr Hemsley.
Monday 17 August 2015 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Monday 17 August 2015

INTERNATIONAL

China’s fiscal challenges

Warehouse explosion

Officials face public anger

extend far beyond currency
Revival in exports cannot reverse the sharp slowdown in investment
GABRIEL WILDAU — SHANGHAI
The sudden fall in China’s currency last
week spurred a lively debate about
whether the move was a victory for mar-
ket reform or a competitive devaluation
designed to shore up flagging exports.
But even those who believe the 3 per
cent drop was aimed at exporters accept
that a weaker renminbi by itself is radi-
cally insufficient to cope with the chal-
lenges facing China’s economy.
“Currency depreciation to stimulate
export growth is neither useful nor nec-
essary,” said Qu Hongbin, HSBC chief
China economist. He notes that while
China’s exports have fallen this year,
“exporters across Asia faced the same
challenge, suggesting that the underly-
ing problem is sluggish demand in
developed markets”.
China’s economy officially grew at an
annual rate of 7 per cent during the first
half of this year, neatly in line with the
government’s full-year target. However,
some doubt that figure — Capital Eco-
nomics, for example, reckons it is 5-6
per cent — and there are widespread
suggestions that further stimulus will be
needed to prevent a slowdown.
Yet an export revival would boost
growth only marginally. Contrary to
received wisdom, China has not pur-
sued so-called “export-led growth” for
the past decade. Net exports subtracted
3 per cent from annual growth in Chi-
nese gross domestic product on average
from 2004 to 2014. Meanwhile, invest-
ment contributed an average of 52 per
cent of growth each year.
The importance of investment
explains why data released last week
will keep Premier Li Keqiang awake at
night. Fixed-asset investment grew at
its slowest pace since 2000 in the first
seven months of 2015, led by a collapse
in property investment. Factory output
in July was also barely above the four-
year low touched in March.
“China economic data for July may
have lacked the lethal explosive force of
last night’s detonation in the industrial
city of Tianjin, but it laid bare the wider
deterioration of domestic macroeco-
nomic conditions,” Chen Long, China
economist at Gavekal Dragonomics, a
research firm, wrote last week.
Though property sales have begun to
inch up following 13 consecutive
months of decline, the market remains
saddled with a huge overhang of unsold
flats. That has caused developers to pull
back on new construction, hitting
demand for basic materials such as steel
and cement. Faced with this slowdown,
factories that produce these commodi-
ties are cutting back both on current
output and investment in new capacity.
Even more distressing are signs that
the production slowdown may finally be
feeding through to the labour market.
China’s leaders are sensitive to the
risk of social instability from a spike in
idle workers, but they have so far been
willing to tolerate four consecutive
years of economic deceleration because
unemployment remained low. That
may now be changing.
China’s official unemployment rate is
widely dismissed as unreliable, but an
index of labour demand based on pro-
prietary survey data from FT Confiden-
tial, a research service of the Financial
Times, shows labour demand contract-
ing in July for the first time since 2012.
The index hit 49.3 last month, down
from an average of 67.8 in the first six
Downward pressures
China key activity indicators China labour demand index
Annual % change Index above 50 indicates growth
25 from previous month
Labour demand index
Fixed-asset investment 20 Overtime index
15
Retail sales
10
Industrial production
5 40
2013 14 15 2012
FT graphic Sources: Thomson Reuters Datastream; FT Confidential Research
Quick pause: months. A reading below 50 indicates
Demand for falling demand for workers.
steel and other Mr Li has repeatedly said China will
construction not resort to heavy-handed stimulus
materials has that would boost short-term growth but
declined as the exacerbate problems with excess debt
property market and industrial overcapacity. Instead, the
is saddled with leadership wants structural reforms to
an overhang of promote a new growth model that relies
unsold flats more on consumption and services.
Wu Hong/epa
Sticking to that pledge means endur-
ing the pain of an investment slowdown,
as smokestack industries that thrived
under the old model give way to emerg-
ing ones such as healthcare, education,
tourism and information technology.
So far the government has employed
targeted stimulus in the form of fiscal
spending on infrastructure, while resist-
ing pressure to unleash a wave of lend-
ing from commercial banks to the man-
ufacturing sector, as in 2008. That stim-
ulus plan led to a quadrupling of China’s
economy-wide debt from $7tn in 2007
to $28tn by mid-2014, equivalent to
China’s real GDP growth
% Annual
Quarter-on-quarter
(seasonally adjusted, annualised)
80 15
70
60 10
50
5 rescue effort and comforted survivors.
2007 08 09 10 11 12 13 14 15
13 14 15
282 per cent of GDP. But if the job mar-
ket continues to worsen, pressure for
drastic measures will increase.
The wild card is deflation. Wholesale
prices have fallen for 40 straight
months, with the decline accelerating in
July. Falling global commodity prices
are largely to blame for Chinese defla-
tion, but that is cold comfort for
indebted companies whose nominal
cash flows are in decline, even as the
debt they owe remains fixed.
In an illustration deflation is under-
The wild mining deleveraging efforts, China’s
debt-to-GDP ratio has continued to rise
card is this year, even as new borrowing fell 21
deflation. per cent in the first seven months from
the same period a year ago. That is
Wholesale because disinflation has caused nomi-
prices have nal GDP to slow even more sharply than
outstanding debt.
fallen for Tao Wang, chief China economist at
40 straight UBS, said: “Clearly, the overwhelming
problem for China remains one of rising
months deflationary pressures.”
over response to Tianjin
TOM MITCHELL — BEIJING
The explosions in Tianjin last week
have presented the Chinese govern-
ment with a difficult environmental
and political clean-up operation, as it
seeks to control both a potentially toxic
disaster zone and growing anger among
familiesofthedeadandmissing.
Yang Jie, 43, was among a few hundred
protesters who gathered outside a local
government office yesterday. He is
demanding information about his son, a
23-year-old firefighter who is missing
and presumed dead after a chemical
warehouse exploded last Wednesday.
At their most recent press briefing,
officials overseeing the rescue effort
said the confirmed death toll stood at
112. Another 95 people are missing,
most of them firefighters.
Desperate for information, Mr Yang
joined a group of about 30 distraught
relatives who attempted to interrupt a
government briefing on Saturday, only
to be pushed away by armed police.
“They keep telling us ‘Don’t make the
Chinese people lose face’,” Mr Yang told
the Financial Times by telephone as he
and other relatives argued with local
government officials. “I just want them
to find my son.”
In a separate protest yesterday, own-
ers of flats damaged by the blasts gath-
ered outside the hotel where Tianjin
authorities hold their press briefings.
They want the government to buy back
their properties.
Reflecting Beijing’s delicate political
dilemma, it took four days for Premier
Li Keqiang to visit Tianjin’s “ground
zero”, despite it being just an hour from
the capital. Mr Li, who arrived in Tianjin
yesterday afternoon, usually sets off
immediately to disasters across the
country, acting as a kind of “comforter-
in-chief”.
Instead, the ruling Chinese Commu-
nist party initially dispatched Liu Yan-
dong, a vice-premier who does not sit on
the party’s all-powerful Politburo
Standing Committee, to visit some of
the wounded in hospital on Friday.
Mr Li’s long absence was all the more
conspicuous in light of his quick reac-
tion to a June 1 cruise ship disaster on
the Yangtze river, in which more than
400 people perished after the Eastern
Star was struck by a tornado. In that
instance, the premier rushed to the
scene of the disaster in a remote part of
Hubei province, where he inspected the
While questions were raised about
structural changes to the Eastern Star
and its captain’s decision to continue
sailing while other vessels chose to wait
out the bad weather, the Chinese gov-
ernment easily avoided blame for what
appeared to be a freak act of nature.
In Tianjin, the government has a
much more awkward situation on its
hands. Even if the warehouse’s appar-
ently private owner is ultimately held
responsible for the tragedy, officials will
still have to explain how such a facility
A burnt-out vehicle at the scene of last week’s explosion — AFP/Getty Images
was allowed to be situated close to
homes, offices and port infrastructure.
“There are so many questions, like
why a warehouse for dangerous chemi-
cals was so near residential areas,” said
Li Fangping, a prominent public rights
lawyer. “And not even the fire brigade
seems to have known just what chemi-
cals were stored there.”
Yesterday, Chinese authorities con-
firmed the presence of more than 100
tonnes of sodium cyanide, a potentially
lethal substance, at the site. But Shi
Luze, a senior People’s Liberation Army
officer involved in the rescue efforts,
said there was only “minimal poisonous
gas” at the epicentre.
Independent air and water tests con-
ducted by Greenpeace, the environ-
mental group, also failed to turn up sig-
nificant amounts of toxins at the site.
During such tragedies, the Chinese
government usually tries to channel
information through a handful of media
outlets such as the Xinhua news agency
or China Central Television. This was
easily accomplished during the Eastern
Star tragedy because officials could con-
trol access to the remote site.
Sealing off a much bigger disaster area
in one of China’s largest cities has been
impossible, leading to a rash of uncon-
firmed and sometimes contradictory
reports from local media outlets that
can otherwise be trusted to parrot the
‘They keep telling us
“Don’t make the Chinese
people lose face”. I just
want them to find my son’
government’s line. On Saturday
evening, for example, Tianjin officials
denied state media reports that they
had ordered an evacuation of everyone
within a 3km radius of the blast site.
Censors closed or suspended 50 web-
sites that allegedly spread “irresponsi-
ble” rumours about the tragedy, includ-
ing speculation the warehouse’s owner
mightberelatedtogovernmentofficials.
Another tactic employed by China’s
propaganda apparatus — the lionisation
of rescue workers — has been compli-
cated by the possibility the firefighters
themselves may have been victims of
questionable decisions by superiors.
The firefighters rushed to the initial
explosion, only to be caught within the
radius of a much larger second blast,
which was possibly triggered by a chem-
ical reaction to the water they were
spraying. Many of them were also tem-
porary workers who may not have been
adequately prepared.
“He didn’t receive much special train-
ing,” Mr Yang said of his son, who
made Rmb3,500 ($550) a month as
a firefighter. “When the fire department
wasn’t busy, he would be sent to
local malls to work as part of their
security staff.”
Additional reporting by Owen Guo and
Wan Li

Commercial property. Recovery risks

Russian recession poses financial dilemma for logistics groups

Western sanctions, lower oil
prices and a falling rouble are
all testing businesses’ resolve
KATHRIN HILLE — MOSCOW
When Chris van Riet showed visitors
around South Gate Industrial Park,
south of Moscow, he used to lay out
long-term plans for expansion.
Funded with a $200m loan from Sber-
bank, Russia’s largest lender, Mr Van
Riet’s company has built one of the most
cutting-edge warehousing and logistics
centres in Russia, designed to help mod-
ernise an economy plagued by anti-
quated infrastructure and years of
under-investment.
But just as the park was firing up, and
companies were moving in, Russia was
hit by western sanctions and dropping
oil prices.
Nowadays the native Texan, a long-
time investor in Russia and managing
director of Radius Group, the park’s
owner, is focused on keeping the gates
open as Russia’s first recession since
2009 bites into business.
“100 per cent of our financing costs
for our existing, leased buildings are in
US dollars,” says Mr van Riet. “Our
vacant space will likely be leased in rou-
bles at rates much lower than we ever
would have expected.”
As the rouble tumbles — the currency
has declined by 44 per cent versus the
US dollar over the past 12 months — and
foreign funding dries up, real estate
developers like Radius Group are
among those sustaining the heaviest
economic blow.
Over 1m square metres of industrial
and warehousing space stood empty in
Moscow and its surrounds in the second
quarter this year, the highest in history,
and rental prices dropped to an average
of just Rbs4,600 ($71) per square metre,
around a third down from pre-crisis
levels.
The market has also moved almost
entirely to local currency pricing.
“During the previous crisis, in 2009,
99 per cent of contracts were in US dol-
lars, now over 90 per cent are priced in
roubles,” says Anton Alyabiev, director
of the warehouse and industrial depart-
ment at CBRE in Moscow.
Many companies are grabbing the
opportunity to move to cheaper ware-
housing space or upgrade to higher-
quality ones.
“We are having a very active market
right now, with most of the activity
being relocations,” says Mr Alyabiev.
South Gate’s tenants, whose leases are
denominated in US dollars, are trying to
cope with the recession in different
ways. John Deere, the maker of agricul-
tural and construction machinery, has
moved its Russian office from central
Moscow to the industrial park. In addi-
tion, the US company started sharing
labour with Decathlon, a French sports
goods company, which has its distribu-
tion centre next door.
Oriola, a Finnish pharmaceutical
wholesaler, moved out, but its space was
taken up by a Russian pharmacy chain.
The big question mark is GM. Just a
month after it opened a 50,000 sq metre
spare parts distribution centre at the
park in February, the US carmaker
announced that it would be largely pull-
ing out of the Russian market.
The automobile industry has been
among the downturn’s biggest casual-
ties, with new car sales contracting by 35
per cent over the first seven months of
2015, according to the Association of
Space to expand: South Gate
Industrial Park, near Moscow
European Businesses. But in other
industries some groups are using the cri-
sis as an opportunity for expansion.
Some companies are willing to tough
it out. For them, the economic down-
turn has sparked fierce competition,
with many grabbing the opportunity to
move to cheaper warehousing and logis-
tics space or upgrade at the same price.
Others are using the recession as an
excuse to expand in anticipation of a
future upturn.
A host of retail companies and distrib-
utors are snapping up new logistics
space around Moscow as a drop in
incomes is forcing Russian consumers
to trade down.
Real disposable income of Russian
households dropped by 4.6 per cent
year on year in the second quarter — a
slide that started in late 2014 and is the
first in President Vladimir Putin’s 15
years in power.
Plus, the food discounter that belongs
to Germany’s Tengelmann Group is set-
ting up a distribution centre at South
Gate as it prepares to enter the Russian
market with more than two dozen
stores from next month, according to
two people familiar with talks.
The embargo Moscow slapped on
food imports from western countries a
year ago in retaliation against US and EU
sanctions is contributing to the ware-
housing and logistics expansion as
supermarkets source more local pro-
duce.
CBRE says this expansion trend is
already changing the commercial prop-
erty market for the better: vacancy
rates, which peaked at 11.7 per cent in
the second quarter, are expected to sink
to 9 per cent by the end of the year.
Whether this ray of economic opti-
mism will translate into a broader
rebound depends on the Russian econ-
omy escaping fresh headwinds, includ-
ing China’s currency devaluation and
continued low oil prices.
Moody’s, the credit rating agency,
warned in a recent note: “There is a
growing risk that the worst of the reces-
sion is still ahead, which would post-
pone an economic recovery to 2016.”
Monday 17 August 2015 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Monday 17 August 2015

INTERNATIONAL

Athens package Weapons ban

Merkel battles to avoid bailout rebellion Libya calls for

German chancellor faces
fight for Bundestag
approval on Greek rescue
STEFAN WAGSTYL — BERLIN
Angela Merkel, German chancellor, is
fighting to contain the largest revolt
from her party this week when the
country’s parliament votes on a new,
€86bn rescue plan for Greece.
Ms Merkel has rescheduled trips to
Italy and Brazil to maximise her time in
Berlin and party managers have been
mobilised to dissuade potential rebels
from voting against the bailout in the
Bundestag on Wednesday.
She took to national television last
night to rally support for the bailout
deal, saying Alexis Tsipras, Greek prime
minister, had changed his approach
after a “real confrontation” with
creditors.
Greece’s third international bailout,
which was approved by eurozone
finance ministers on Friday night, faces
a stormy ride through some of the bloc’s
parliaments this week as doubts over its
viability continue to surface.
The deal is certain to get German leg-
islative approval thanks to support from
the Social Democrats, but a big rebellion
by Christian Democrats and the CSU,
their Bavarian sister party, would repre-
sent the biggest challenge to Ms Merkel
since she took power a decade ago.
It could also raise concerns that if the
three-year Greece rescue deal runs into
difficulties over implementation in Ath-
ens, opposition to handing over loan
instalments could grow both in the Ger-
man parliament and among an increas-
ingly sceptical population.
Parliamentary approval in Germany
‘We shall pay attention.
Further aid will depend
on [Greek implementation
of reforms]’
and a few other eurozone states, includ-
ing the Netherlands and Estonia, is the
final political hurdle for the rescue deal,
following months of difficult talks.
Crucially for conservative MPs,
finance minister Wolfgang Schäuble on
Friday backed the deal, despite consid-
erable misgivings about the radical left
Greek government’s willingness to
deliver the promised reforms.
He said Greece would have to imple-
ment reforms to the letter of the agree-
ment. “We shall pay attention. Any fur-
ther aid will be dependent on it.”
Mr Schäuble was unable to secure a
guarantee that the International Mone-
tary Fund would join the new rescue
plan in the autumn, which could add to
sceptical lawmakers’ concerns.
The fund may not decide until Octo-
ber whether to take part and has indi-
cated it will only do so if the eurozone
grants debt relief to Athens.
But Ms Merkel said yesterday she had
“no doubts” that the IMF would come
on board. She ruled out a haircut on
Greek debt, but said there was “room for
Arab states’
manoeuvre” for debt relief through loan
extensions and lower interest.
help against
When the Bundestag debated
whether to even start negotiations with
Isis after areas
Greece on a new bailout last month, 60
CDU/CSU MPs voted against and
another five abstained.
of Sirte seized
MPs are speculating how many others
may join the rebels on Wednesday. The HEBA SALEH — CAIRO
sceptics have been antagonised by what
they see as clumsy attempts by party
The Libyan government has called on
Arab states to conduct air strikes
whips to bully them with threats of dis-
against the Islamic State of Iraq and the
missals from parliamentary posts.
Levant, known as Isis, in Iraq and Syria,
Party whips are talking up Friday’s
after the militant group seized further
deal, arguing that Mr Schäuble’s tough
ground in the coastal city of Sirte.
line over the past month has helped
secure a better deal. The internationally recognised admin-
Michael Grosse-Brömer, deputy chief istration, which controls a fraction of
whip, said: “We intervened and this has the North African state’s territory, said it
had an effect.” was unable to fight Isis because of the
international ban on the supply of
weapons to Libya’s army. The Arab
League said it would hold an emergency

Ready cash Global instability spurs demand for banknotes

CLAIRE JONES — FRANKFURT
KERIN HOPE — ATHENS
Money doesn’t grow on trees, but in the
middle of a forest deep in the Bavarian
countryside it comes pretty close. An
hour’s drive south of Munich hidden by
spruces is Louisenthal, the mill and
printing presses that helps produce ban-
knotes for about 100 currency zones.
Giesecke & Devrient, owner of Lou-
isenthal, is one of a handful of compa-
nies competing to make the 160bn ban-
knotes printed each year. While the
world’s central banks usually hold
monopoly licences on printing local cur-
rencies, up to 70bn of banknotes are
printed on material produced in the pri-
vate sector.
Although people are becoming com-
fortable with paying for goods and serv-
ices electronically, banknote produc-
tion is thriving.
One reason for the enduring appeal of
cold, hard cash is the global economic
downturn. Giesecke & Devrient expects
banknote production to rise by 5 per
cent a year for the “foreseeable future”,
despite projections of double digit
increases in the use of cards and other
forms of electronic payments.
“Cash is 100 per cent reliable in times
of crisis. It is in periods of panic where a
solid financial system has to prove
itself,” said Ralf Wintergerst, a Giesecke
& Devrient board member. “In a crisis
situation, the demand for cash typically
rises sharply. The reason for this is trust
in real currency.”
The turmoil in Greece, which not only
sparked speculation of a return to the
drachma but also led to a surge in
demand for cash, is a case in point.
The number of banknotes in circula-
tion in Greece was €45.2bn at the end of
May: a level last seen in June 2012, the
last time fears of a Grexit sparked a bank
run. In 2012, the European Central Bank
had to fly additional supplies of ban-
knotes to Athens from around the
region. The €45.2bn amounts to a little
more than €4,000 for every Greek.
ECB data also show leaps in the
demand for banknotes following the
collapse of Lehman Brothers, the US
investment bank, in 2008. Most of this
increased demand was for higher
denomination notes such as the €200
and €500 bills: a clear sign the leaps
were down to hoarding by anxious
savers.
The enduring appeal of banknotes is
Minted: a man not just because of the financial crisis.
checks rouble More than half of payments in stable,
banknotes fresh advanced economies such as Germany’s
from a printing are still made in cash, while globally the
press in Russia figure is about 80 per cent. Notes also
Smirnov Vladimir/
Itar-Tass/Corbis
need to be replaced frequently, with low
value bills such as the €5 taken out of
circulation as often as once every six
months.
One of the reasons people flock to
notes during financial panics and natu-
ral disasters lies in the way they look
and feel. The desire to store your wealth
in a physical object increases as the
world around you becomes more uncer-
tain. Though banknote producers can
charge as little as €25 for 1,000 notes,
the difficulties in replicating their
design and their status as legal tender
create intrinsic value. Of the more than
17bn euro notes in circulation, less than
half a million were counterfeits, accord-
ing to ECB figures.
In the Louisenthal plant security is
tight — you must show your passport
and then leave it and any mobile phones
at the door. Once you have passed the
airport-style double-door entrance to
the building the smell of the solvent
used to build up the notes’ multiple lay-
ers hits you.
Some of the factory presses are as
much as 30 metres long, and five metres
high. Workers have largely been
replaced by whirring machines.
These reel out reams of rainbow
security foil that will feature on ban-
knotes for an African country or paper
80% that will later be used to print the
Percentage of €20 note, pocked with the mark of a
payments globally shield to be replaced with a transparent
still made in cash, window.
despite the increase The €20 is the most counterfeited
in electronic
payments note in the single currency area,
accounting for more than half of all
fakes recovered in the first half of this
5% year.
Expected increase The hope is the new design will
in banknote prompt a drop in the number of fakes of
production each
year, according to
what is by far the eurozone’s most com-
Giesecke & Devrient mon note.
Notes’ designs are inked on the paper
separately. Once completed, notes are
sent via central banks and commercial
cash centres to bank branches around
the 19-member region and loaded into
the region’s 3m cash machines.
meeting tomorrow to discuss the
demand.
Divided Libya, where a fierce civil war
is raging, is split between the official
government in the eastern city of
Tubruq and its rival in Tripoli to the
west. Large parts of the country are
under the control of local militia groups.
The UN has been mediating talks
intended to lead to the formation of a
unity government.
Fierce battles had raged in Sirte in
recent days, with Isis forces moving into
new neighbourhoods of the city amid
clashes with a local Salafi group and
armed civilians from the Ferjane tribe.
News agencies and local media have
reported that Isis has shelled residential
areas in Sirte, killed one of the city’s
most senior clerics and displayed the
bodies of its dead opponents on crosses
and over bridges. It was also reported to
have broadcast from the microphones
of the main mosque in a newly captured
neighbourhood, calling for locals to
declare their allegiance to Isis, which
claims to be seeking to establish an
Islamic caliphate.
Chibani Abuhamoud, Libya’s ambas-
sador in Paris, told Agence France
Presse on Friday that fighting in Sirte
had left 150-200 people dead, although
there has been no independent confir-
mation of these figures. Sirte was the
home city of Muammer Gaddafi, the
former dictator killed by a rebellion in
2011.
Isis, which already controls vast
swaths of Iraq and Syria, has made pub-
lic acts of violence, including shooting
and beheading its enemies, into one of
its trademarks. The group in February
broadcast grisly footage from the Sirte
region showing its fighters beheading 21
Egyptian Christian workers on a beach.
In retaliation, Egypt carried out air
strikes against targets linked to the
group in the eastern town of Derna.
Isis had first appeared in Libya in
Derna, which had long been a strong-
hold of militant groups. But Isis was
expelled from the town to its outskirts
in June after clashes with the local
al-Qaeda affiliate.
The UN mission to Libya said on Sat-
urday that it was “high time” Libyans
set aside their differences and reached a
political settlement in order to turn
their attention to fighting Isis.
“The [UN] urges the Libyan stake-
holders to urgently finalise a political
agreement and establish a government
of national accord that, in partnership
with the international community, can
address the threat of [Isis] and other
challenges facing the country,” it said in
a statement.

Foreign exchange. Currency controls Turkey

Nigeria resorts to radical measures in defence of naira
Another worker who gave his name as
Money changers flushed out Alex said: “People change dollars on the
as central bank scrambles to road here and it is not supposed to be
like that. People are supposed to go to
avoid further devaluations the banks to do transactions.”
But a series of central bank decrees
issued this summer has instead increas-
MAGGIE FICK — LAGOS
ingly restricted how Nigerians can use
The Nigerian government has resorted their banks, seemingly encouraging
to chopping down trees lining the streets black market activity. For example,
in its capital to thwart black market money changers in Abuja say the new
money changers, one of a range of unor- rule barring Nigerians from depositing
thodox measures it is deploying to hard currency into banks only boosts
defend its weakening currency. unofficial trade.
On an August morning in Abuja, a With the oil price falling to less than
labourer who said he was hired by the $50 a barrel and political uncertainty in
city government cut branches from a the run-up to this year’s elections, the
towering tree with a chainsaw. Nearby naira has lost a fifth of its value in the
other workers hacked away at smaller past year and has been devalued twice.
trees with machetes. In import-dependent Nigeria, demand
Asked what they were doing, one, for dollars remains high yet the fall in
who did not want his name published, the price of crude has cut the flow of cur-
replied: “The government does not rency as income from oil exports has
want the trees because people are doing dwindled.
illegal work under them”. The central bank’s new controls, com-
The man was referring to money bined with its move in June to restrict
changers from the north of the country imports of critical goods such as rice and
who rest under the shade of the trees rubber, has hit foreign investor confi-
and sell US dollars, British pounds, and dence in the administration of new Pres-
even Saudi riyals to customers hungry ident Muhammadu Buhari.
for hard currency. The central bank last Tuesday low-
ered the ATM withdrawal limit, cutting
the maximum naira limit by more than
half, to 60,000 naira ($301) per day.
Those with “domiciliary accounts”,
which are denominated in foreign cur-
rency, can now take out only $300 per
day. Earlier this month, the central
bank banned Nigerians from depositing
US dollars into their domiciliary
accounts, angering people who have
On the slide:
the Nigerian
currency has
lost a fifth of
its value in the
past year
children in school abroad and must pay
school fees in foreign currency.
“Anything to strengthen the naira is
important, but personally I need to
transfer money to my family abroad,
that is why I opened a domiciliary
account,” said a man in a suit after with-
drawing the maximum daily amount of
naira from a cash machine in the
wealthy district of Ikoyi in Lagos. He did
not want his name to be published. “In
Nigeria we need these accounts because
many of us work in foreign currency.”
At another row of cash machines at a
nearby bank, 36-year-old car importer
Babatunde Gbanga said the “liquidity
challenges” and the new restrictions
were hurting his business because he
relies on being able to send and receive
foreign currency from abroad.
The naira is in a “crisis situation”
partly because of high demand for dol-
lars, says Kunle Ezun, treasury
researcher for Ecobank in Lagos. “In
trying to control the forex market, the
central bank is starving the money mar-
ket of liquidity,.
Godwin Emefiele, central bank gover-
nor, has argued that the measures are
intended to stop speculation, cut illicit
financial flows and defend the naira. Mr
Emefiele told the FT this month he
thought the naira was still appropriately
priced, despite the spread between offi-
cial and black market rates, and said his
policies would help prepare Nigeria for a
possible interest rate rise in the US.
Still many economists disagree. Given
that oil prices will remain low, the cen-
tral bank’s naira policy raises the risk of
more controls and even import bans, all
of which could undermine growth, says
Yvonne Mhango, Africa economist at
Renaissance Capital.
Four soldiers killed in clashes
between Turks and Kurds
PIOTR ZALEWSKI — ISTANBUL
The violence sweeping Turkey showed
no signs of abating as four troops and
one civilian died in clashes with the
Kurdistan Workers’ party (PKK) over
the weekend.
Yesterday a soldier was killed in a fire-
fight with militants in Kars, in the
north-east. Late on Friday, three troops
were killed in Daglica, near the border
with Iraq. Also on Friday, a civilian
caught in crossfire during skirmishes in
Diyarbakir, a south-eastern province,
was reported to have died. In Varto, a
district, local authorities imposed a cur-
few amid a crackdown on the PKK.
With coalition talks between Turkey’s
two biggest political parties having
failed last week and the country facing
months of tension and political uncer-
tainty ahead of a likely election in the
autumn, fears are growing of a return to
the conflict that ravaged the Kurdish
south-east for decades.
More than 30,000 people have died
since the start of a PKK insurgency in
1984. A spring 2013 ceasefire declared
by Abdullah Ocalan, the group’s jailed
leader, collapsed in July after the mili-
tants claimed responsibility for the exe-
cution of two Turkish police officers.
At least 40 members of Turkey’s secu-
rity forces have been killed in as many
days. Turkish air strikes on PKK posi-
tions in south-east Turkey and northern
Iraq have claimed the lives of about 400
Kurdish militants over the past month,
Turkish media reported.
Government critics allege that presi-
dent Recep Tayyip Erdogan and fac-
tions within his ruling Justice and Devel-
opment party (AKP) intend to use the
conflict to shore up the nationalist vote
and keep the pro-Kurdish Peoples’
Democratic party (HDP) out of parlia-
ment.
The HDP won more than 13 per cent
of the popular vote in elections on June
7, securing 80 parliamentary seats and
depriving the AKP of its long-held
majority. Opinion polls put the AKP
only two or three points higher than the
41 per cent it won in June. That means
its chances of regaining its parliamen-
tary majority hinge on pushing the HDP
below the 10 per cent threshold for par-
liamentary representation.
Monday 17 August 2015
FT series: Once the preserve of academics with slide rules, indices are now one of the most potent — and
little understood — forces in markets, with great power over the $60tn world fund management industry.
I
t seemed a mundane statement.
MSCI, the New York-based index
provider that runs the most widely
accepted benchmarks of the emer-
ging markets, had decided against a
proposal to add China’s domestic
A-shares to its main indices.
The company explained that China
had still not shown that A-shares — open
to non-Chinese only through a steadily
expanding quota system — were suffi-
ciently available to overseas investors. It
also announced a joint working group
with the China Securities Regulatory
Commission with a view to adding
A-shares by 2017. This innocuous
sounding announcement turned out to
be one of the catalysts for the huge sell-
off in the Chinese stock market that
sparked alarm around the world. It also
offers a dramatic demonstration of the
rising influence of the index.
Indices and the companies that calcu-
late them have grown so powerful that
they do not just track markets, but
move them. With some critics contend-
ing that they help to inflate investment
bubbles, the role that indexers play is
facing closer scrutiny from regulators.
MSCI’s decision on China mattered
because some $1.7tn in global assets are
benchmarked against its emerging mar-
kets index, making it the dominant
benchmark of the sector. None of that
is in A-shares. Even MSCI’s modest pro-
posal to admit A-shares to the index at
only 5 per cent of their total market
value would have forced investment
managers to switch at least $20bn into
A-shares. Any subsequent decision to
admit A-shares at their full market
value could mean as much as $400bn at
current values switching from other
emerging nations such as South Korea
or Brazil into China’s internal market.
In these circumstances, any decision
MSCI took would inevitably move the
market. This raises the ire of critics.
According to George Cooper, a fund
manager and author of The Origin of
Financial Crises, “the big beef” involved
in tracking an index is that “you mech-
anically lend most to the biggest bor-
rowers, and buy the most overinflated
stocks”. He draws an analogy with road
safety: “Imagine a motorway where cars
all benchmark their speed to everyone
else. Then imagine what happens if eve-
ryone is trying to be a little faster than
everyone else. They end up crashing.”
Perverse incentives
Paul Woolley, head of the London
School of Economics’ Centre for the
Study of Capital Market Dysfunctional-
ity, suggests that market benchmarks
inflate bubbles and should be aban-
doned altogether, in favour of compar-
ing fund managers to rises or falls in
gross domestic product. “When used as
benchmarks for active management,
market cap indices carry perverse in-
centives that impair fund returns, dis-
tort prices and make them an inefficient
basis for passive investment,” he says.
Index providers themselves strongly
disagree. “It’s a theoretically valid con-
cern but we are very, very far from it
being structural,” says Baer Pettit,
MSCI’s head of index strategy. “The 1929
and 1999 bubbles weren’t about indexa-
tion. Neither was the tulip bubble [of
1637]. I’d love to see empirical evidence
that validates that point. There isn’t a
lot of it.”
Indexers’ power derives partly from
the growing number of funds managed
“passively” to follow an index. Indices
provide the basis for futures markets
and for exchange traded funds — that by
design must directly track indices. ETFs
were introduced only 25 years ago but
now manage more than $3tn globally.
But active managers, who merely use
the MSCI index as a benchmark, would
also have been obliged to buy A-shares.
They know that big pension fund man-
agers and their consultants will decide
whether to allocate them money based
on their performance compared with
the MSCI benchmark. Not buying
A-shares would have been too great a
career risk.
Not only are the indexers powerful,
but that power is concentrated in a few
hands. Consolidation has left three big
companies — S&P Dow Jones, FTSE Rus-
sell and MSCI — jointly providing the
benchmarks for 73 per cent of US mut-
ual fund assets, worth some $9.4tn. In
bonds, the indices overseen by Barclays
are dominant. Its bond aggregates (for-
merly known as the Lehman Aggre-
gates) account for more than half of all
ETF assets held in fixed income.
Indexing has become a big business.
In the case of the world’s largest ETF, the
$177bn SPDR, which tracks the S&P 500,
S&P Dow Jones receives a licence fee of a
little over 0.03 per cent of assets, cur-
rently equivalent to more than $50m a
year.
Yet despite their power, indexers are
little understood. James Breech, who
runs Cougar Global Investments, a
Canadian firm that allocates money to
★ †
FT BIG READ. INVESTING
By John Authers
Wielding power: role in the markets
Indexed investment dominates Battle of the benchmarks
US open-end and exchange traded fund flows ($bn) Ranked by US fund assets under management ($tn)
400
Equity - actively managed S&P
Equity- passively managed 300 Barclays
Russell
200 MSCI
FTSE
100 BofAML
0 Citi
Dow Jones
-100
JPM
NASDAQ
-200
Wilshire
2006 07 08 09 10 11 12 13 14 15
12-month to June for each year
Sources: Morningstar; Thomson Reuters Datastream
The index factor
index-tracking exchange traded funds
3 for wealthy clients, offers this confes-
Bigindexing sion: “When we tell our clients that we
companies—S&P look at index construction, they say
DowJones,FTSE
RussellandMSCI— they never thought about it. Even advis-
dominatethemarket ers don’t pay attention. End investors
have no idea whatever.”
This is a recent phenomenon. Fifty
years ago, indices were simple averages
produced by newspapers and academ-
ics using slide rules, to help gauge the
general direction of the market. They
covered only stocks. The FT-30 or the
Dow Jones Industrial Average provided
a crude guide to how the market was
performing, and investment managers
did not pay them close attention.
Now, computerisation has revolution-
ised them. With benchmarks for stocks,
bonds, commodities, real estate and
many other assets, there are far more
indices in the world than there are
$9.4tn stocks. S&P Dow Jones, the biggest
ThevalueofUS indexing company, alone calculates
more than 1m indices each day.
mutualfundassets
benchmarkedagainst According to Mr Pettit: “The rise of
indexation over the past 15 years, as it
theindicesofthe
threetopcompanies strengthens trends in markets towards
transparency, is a good thing for savers
and investors. There has been a huge
$3tn rise in the quality of financial informa-
Summanagedby tion systems from 1980 to 2000.”
ETFs,whichwere Alex Matturri, chief executive of S&P
introducedonly Dow Jones Indices, says: “Why do we
25yearsago calculate a million indices every night?
Because there’s a demand for that.”
With so much at stake, providers have
$20bn to avoid conflicts of interest — particu-
larly in bonds, where the main indices
Theamount
are controlled by banks, who them-
investment
managerswould selves have businesses issuing bonds.
havehadtoshiftinto In the wake of the Libor scandal, in
theChinesemarket which traders manipulated a bench-
hadMSCIaddedthe
mark for their own profit, banks are
country’sA-shares
toitsmainindices
aware that bond indices could open
them to legal risks. Barclays has been
exploring a sale of its index business —
for a price tag that could exceed $1bn —
since last year.
Even if banks’ indices do not change
hands, independent operators believe
there is room in the market for them.
“Our job is to capture market share,”
says S&P’s Mr Matturri. “I think we can.
Three years ago it was hard to launch
fixed income indices. Post the Libor
scandal, people understand the con-
FINANCIAL TIMES
0 1 2 3 4
flicts in the business when you aren’t an
independent provider.”
Indexers go out of their way to use
their power responsibly, as MSCI dem-
onstrated with a long and transparent
consultation before making its decision
on China’s A-shares. Their rules are pub-
lished and transparent, overseen by
boards that include big investors. The
major indexers themselves have no
vested interest in whether an index goes
up or down.
Mark Makepeace, CEO of FTSE Rus-
sell, contends that the power truly
belongs with indexers’ ultimate clients,
the big investing institutions such as
BlackRock and Vanguard. “If we do a
rule change, we have to consult with the
institutions. The power is with them. We
‘Market cap indexes
carry perverse incentives
that impair returns when
used as benchmarks
for active management’
only make changes with their support.
They do have the ability to choose
between us and MSCI.”
However, index providers do have the
final say over which stocks, bonds or
countries go into which index. And once
an index becomes dominant, more or
less any change, however it is organised,
will move the market.
Transparency
For example, Russell indices follow very
transparent rules, meaning that alert
investors can calculate in advance
which stocks will be moving in and out
of its indices on the day each June when
its indices are reshuffled.
This is almost always the busiest US
trading day each year. This year, Nicho-
las Colas of Convergex in New York cal-
culated that, from the start of May, the
120 stocks to be added to the Russell
2000 index of smaller companies gain-
ed 11 per cent, while those being deleted
fell 2 per cent and those facing promo-
tion to the less widely tracked Russell
1000 index of larger stocks barely
moved. The transparency warped and
Tale of the small caps
Indices rebased
S&P 600 Small Cap
Russell 2000
2000 05 10
changed the market outcome.
But the alternative, of leaving some
discretion, also has drawbacks. S&P fills
vacancies in its S&P 500 index of big US
companies whenever they arise, usually
through mergers. It attempts to main-
tain a balance between sectors and to
avoid companies that have not yet built
a history of trading profitably. This gives
its committee some discretion, and fre-
quently creates controversy. Facebook
and Google were already huge compa-
nies when they joined. The stocks it
adds invariably rise sharply on the an-
nouncement — annoying fund manag-
ers who say this makes the index pro-
hibitively hard to beat, just as the Rus-
sell’s transparency makes it easy to beat.
How deeply the indices warp markets
remains hotly disputed. Most bond indi-
ces are weighted according to how much
debt a company or country has issued.
This means that the more indebted an
issuer becomes, the bigger share it will
take in the index, and the more of its
debt passive funds will be required to
buy. This is why many funds were led to
load up on Argentine debt before its
default crisis.
But there are also concerns about the
use of indexing in equities. Most indices
are weighted according to market capi-
talisation. That means the more a com-
pany’s price grows, the more index-
trackers will be required to buy of it,
opening them up to accusations that
they help to inflate bubbles.
A second charge is that indexing at-
tacks market efficiency. The more
money passively tracking indices, the
less devoted to seeking out underpriced
stocks. If all money were managed pas-
sively, markets would cease to function.
Dave Gedeon, managing director of
Nasdaq indices, suggests there are natu-
ral counterweights. “The more money
tracks passive, the more opportunity
there is for active managers who can
demonstrate value. They should be able
to find more opportunities in certain
assets,” he says.
A final concern is that indices alter
perceptions. The growing field of behav-
ioural finance — applying insights from
behavioural psychology — suggests this
could create anomalies. For example,
fund managers now generally refer to
9
Returns on commodities
Total (rebased)
400 Thomson Reuters/Commodity
Research Bureau index
350 Bloomberg Commodity 400
index
300
S&P Goldman Sachs
250 Commodity Index 300
200
150 200
100
50 100
15 2000 05 10 15
themselves as being “overweight” in a
stock, rather than saying that they own
it, showing that their thinking is domi-
nated and framed by their index. With
so few providers now dominating the
market, Peter Atwater, of Financial
Insyghts, a US consultancy, suggests
there is “an oligopoly of confidence”.
This matters because subtle differen-
ces in methodology lead to huge differ-
ences in outcomes and perceptions. The
three most widely followed indices of
commodities give a radically different
picture (see above) of how raw materi-
als prices have performed since the cri-
sis, largely because they give very differ-
ent weights to oil.
Beating the index
Within equities, Mr Breech points out
big differences between the Russell
2000 and the S&P 600, two rival indices
of US smaller companies. The Russell is
based solely on market value, and is of
great interest to academics; but the S&P
tends to perform better, because it
requires that companies have a record
of making profits before it includes
them, and because it sets a much higher
standard for liquidity. “We always used
the Russell 2000 as our small-cap index,
but then I realised that people like it
because it’s easy to beat. If you’re an
institution you’d rather have a bench-
mark that’s easy to beat. For us, an ETF
is a means of access to securities. We
care what we own and we want profita-
ble companies.”
When indices were merely used as
general measuring sticks, such issues
did not matter. Now that they are the
building blocks for multibillion-dollar
products, they matter a lot.
Rise of the index
Yet most investors remain blissfully
ignorant of this. Nick Smithie, chief
Tomorrow investment strategist at Global Advi-
The growth of sors, a small New York-based ETF pro-
Smart Beta vider that creates its own indices, puts it
Video this way: “We never get asked about the
Rise of the index brand of index we are using. Nobody
— an explainer ever says, if that’s not an S&P index we
ft.com/indexrise won’t buy it, or anything like that.”
If such thinking takes wider hold, the
Audio big index providers might yet be dis-
Perils of index
placed. For now, they remain among the
investing
ft.com/podcasts most powerful, if least heralded, players
on the financial markets.
10
MONDAY 17 AUGUST 2015
Asia should focus more
on the future than past
Seventy years after the war, it’s time to draw a line under history
In Europe, the more time that passes
from the terrible events of the second
world war, the more the rancour
diminishes between the warring
nations. In north-east Asia, sadly, the
opposite appears true. The more the
events of 70 years ago recede, the more
enmity there is.
Partly, this is because of genuine feel-
ings among Chinese and South Koreans
that Japan has never fully repented for
the horrors it inflicted. Partly, it is
because of a cynical exercise to keep
the flames of hatred alive. That is par-
ticularly true of China’s Communist
party, which uses anti-Japanese senti-
ment to bolster its own legitimacy. Its
constant demands that Japan square
up to the past would be more convinc-
ing if it were not so wantonly dishonest
about its own bloodstained history.
In recent decades, Japan has become
locked into an unedifying spectacle of
“apology diplomacy”. Its leaders make
statements of contrition, which are
parsed for evidence of genuine
remorse. That is the background
against which Shinzo Abe, prime min-
ister, gave a speech to mark the 70th
anniversary of the end of the war.
For months, there had been specula-
tion that Mr Abe, known for his revi-
sionist views, would redraw some of
the central tenets of previous apolo-
gies. In the end, however, he stuck
mostly to the script. He used all the key
words, including “aggression”, “deep
remorse” and “apology”. He explicitly
endorsed previous statements in which
Japanese prime ministers spelt out
Japan’s crimes. True, he did not add his
own apology. Moreover, some phrases
were couched in overly careful lan-
guage. He was particularly coy about
the “comfort women” forced to become
sex slaves by the Imperial Army.
Emperor Akihito, by contrast, issued
a more straightforward statement of
remorse that Mr Abe would have done
The growing disaffection
in Brazil with Rousseff
The president should stay in office despite calls for impeachment
It is sometimes said that Brazil tries
every approach to economics until it
finally chooses the right one. Over the
past 60 years, the country has been just
as creative in the way it removes presi-
dents too. Getúlio Vargas was driven to
suicide; Jânio Quadros was forced to
pack it in; João Goulart was deposed in
a military coup; and Fernando Collor
de Mello was impeached on corruption
charges. Many wonder if Dilma Rouss-
eff,
f elected for a second term eight
months ago, might face a similar fate.
The reasons for her precarious posi-
tion are clear. A sprawling corruption
scandal at Petrobras, pursued with
admirable vigour by independent pros-
ecutors, has revealed just how venal
Brazil’s politicians, especially the rul-
ing Workers party, have become; more
than $2bn was stolen in kickbacks from
the state-controlled energy company.
As Ms Rousseff chaired Petrobras
when much of the corruption took
place, she can be blamed, at least, of
gross incompetence.
In addition, there is her dismal eco-
nomic record. The economy has hit the
buffers, with the recession forecast to
last through 2016 at least. In the mean-
time, the currency is sliding, invest-
ment has collapsed, inflation is twice
the official target, investor confidence
has evaporated and unemployment is
rising. No wonder there were mass pro-
tests across Brazil yesterday — or that
66 per cent of Brazilians want Ms Rous-
seff impeached.
But should that happen? Moreover,
would it make any difference if it did?
Ms Rousseff has not been accused of
corruption. She has also stated repeat-
edly that she will not resign. True, she
faces charges that her first administra-
tion broke campaign finance rules and
fiddled public accounts; either may be
enough for impeachment. But no rul-
ing has yet been made on either count.
And, even if the charges do eventually
well to emulate. The question is what
comes next.
Almost inevitably, Beijing and Seoul
expressed dissatisfaction. Xinhua,
mouthpiece of China’s Communist
party, said Mr Abe’s speech was insin-
cere and filled with “linguistic tricks”.
Park Geun-hye, South Korea’s presi-
dent, said it did not live up to her expec-
tations. By previous standards, such
criticism was mild. For now both Bei-
jing and Seoul want calmer relations
with Tokyo. The danger is that, when it
suits their domestic agenda, they will
pick again at history’s scab. That is not
the way to proceed, particularly when
the region faces so many divisive issues,
including territorial disputes. Instead,
China and South Korea should look to
other Asian nations, such as the Philip-
pines, Singapore and Indonesia. They
were also victims of Japanese aggres-
sion, but they have moved on.
Certainly, Japan has not apologised
as unequivocally as Germany. Inexcus-
ably, some of its leaders, including Mr
Abe, have visited Yasukuni shrine.
Home to the “souls” of some Class-A
war criminals, as well as millions of
ordinary soldiers, it is an inappropriate
place for Japan’s leaders to commemo-
rate their war dead.
Still, Japan should be judged by the
country’s actions. Its armed forces have
not fired a single bullet at an enemy in
70 years. Pacifism is deeply ingrained.
Mr Abe had some words about the
future too. Young generations of Japa-
nese, he said, born decades after the
war, should not have to keep apologis-
ing for the sins of their forefathers. His-
tory, he said, “should be engraved in
our hearts”, but should not be continu-
ally evoked to browbeat the young who
bear no responsibility for those events.
Though history’s lessons must never be
forgotten, there is a time to draw a line
under the past. For the prospects of
peace in Asia, that time is now.
stick, impeachment would require
two-thirds of Congress to support it,
and that support does not exist. Politi-
cians who also stand guilty of corrup-
tion are reluctant to pull the trigger.
The centre right PSDB opposition party
is meanwhile happy to see Ms Rousseff
twist in the wind. It hopes to reach the
2018 presidential elections with her
Workers party thoroughly discredited
and with a clear mandate to implement
the kind of sweeping liberal reforms
that Brazil last pursued in the 1990s.
The problem with that cathartic, if
business-friendly, scenario is that 2018
remains three long years away, and
action is required today. Yet the gov-
ernment’s unpopularity, plus Con-
gress’s everyone-for-themselves atti-
tude to the Petrobras probe, means
that many necessary economic stabili-
sation measures have stalled. A down-
grade of Brazilian debt to junk status
remains a real possibility. If that hap-
pened, even more investment would
leave the country, and the economy
would get worse still. In the meantime,
there are no obvious ways to break the
gridlock. Furthermore, even if Ms
Rousseff is removed, it would likely
only see another mediocre politician
replace her — and then try to imple-
ment the same economic stabilisation
that she is trying to do.
Some perspective is required. Brazil
is far from being in the kind of mess
that exists in Argentina or Venezuela,
even if its fall from grace has been
remarkable. Six years ago, Luiz Inácio
Lula da Silva, Ms Rousseff’s predeces-
sor, proclaimed he was “convinced that
the 21st century is Brazil’s century”.
There are still 85 years to go — so that
boast may yet prove right. Before then,
however, Mr Lula da Silva, once one of
the world’s most popular politicians,
may have been indicted on corruption
charges too. Rarely has hubris reached
such spectacular levels.
★ FINANCIAL TIMES
The US has no special right to condemn Iran
Sir, The reckless attacks by American
politicians on the Iran nuclear accord
are founded upon a big lie: that in a
world full of despotic regimes, Iran is a
uniquely evil danger and the “epicentre
of terror”. Even the Obama
administration concedes this
characterisation, although it contends
that time and circumstances will
ameliorate these concerns. The threat
of Iran is seen as so great that the pact’s
opponents argue for an immediate
military strike against Iran.
I would challenge that view. The
reality is quite different. The behaviour
of Iran towards its internal critics and
its external enemies is hardly unlike
that of so many other autocratic
regimes that rule much of the world,
Shell’s $7bn Arctic folly is
at odds with global action
Sir, We are profoundly alarmed at Shell
commencing drilling into oil-bearing
rock in the Chukchi Sea off Alaska.
Drilling in this fragile habitat is riddled
with risks for local communities and
for the environment, including species
that depend on the sea ice, such as
polar bears and bowhead whales. The
reckless pursuit of hydrocarbons is also
incompatible with tackling climate
change.
There is no reliable technology for
the effective containment, recovery or
clean-up of oil spilt in ice-infested
waters. Shell has not published the
results of the testing of its safety
capping stack and containment dome,
undertaken after its failed Alaska
operations in 2012. Therefore the
public cannot be sure that the
environment would be protected in the
event of a blowout. Meanwhile, at
Hanna Shoal, near the drill sites,
thousands of walrus haul out on to sea
ice — a reminder of the environmental
stakes for the Arctic.
Drilling is also at odds with global
action on climate change. The scientific
evidence is that the majority of the
world’s known fossil fuel reserves must
stay in the ground in order for the
world to stay below 2C of global
warming. This month about 20
influential foreign ministers will meet
in Alaska to discuss climate action, as
part of the build up to the UN climate
change negotiations in Paris (COP21)
later this year. Tackling global climate
change is linked to the future of Arctic
peoples and its wildlife — and
protecting the Arctic is in turn vital to
the future of all humanity.
Drilling for oil in the Arctic Ocean is
a recipe for disaster. Shell should cease
this $7bn folly and instead set out to
concerned shareholders and the public
how it intends to transition its business
model to one that is compatible with
2C of global warming.
David Nussbaum
Chief Executive, WWF-UK
Johan van de Gronden
Chief Executive, WWF-NL
Changes to disclosures
are a key part of IFRS9
Sir, I read with interest Harry Cooper’s
letter (August 12) in response to
Nouriel Roubini’s Comment on rating
agencies (August 11), but feel
compelled to highlight that a major
component of IFRS9 are the changes to
IFRS7 “disclosures” with the express
Linguistic purge
finds inequality
Marx missed
Book review
By John Plender
Conceptualizing
Capitalism: Institutions,
Evolution, Future
By Geoffrey M Hodgson
(University of Chicago
Press, $55)
Letters
many of whom are political and
military allies, and treasured trading
partners of this country. The US,
moreover, has no special right to
condemn Iran, as we have our own long
and shameful history of provoking
Iran, going back to our involvement in
overthrowing a democratically elected
government and restoring the shah to
power in 1953. Thereafter we
supported his megalomania and
tyranny, right down to our more recent
support of Iraq in its unprovoked
invasion of Iran in the 1980s. The
Iranians are condemned as dangerous
extremists for aiding their Shia co-
religionists against attacks from the
region’s Sunni populations, although
much of that derives directly from our
A fragile environment: walrus on Arctic ice
objective of making it easier for users
of financial statements to assess the
performance of companies.
This has particular reference to
impairment losses, and while I agree
that this is still subjective to a degree (a
company’s view of macroeconomic
outlook for example), these disclosures
are not only quantitative in nature but
also qualitative. A key requirement
here is to state assumptions that have
been made in assessing lifetime
expected losses, as opposed to just
simply recognising incurred losses
under the current standard.
Damien Burke
Head of Regulatory Practice,
4most Europe,
London EC3, UK
Even guerrilla leaders have
productivity problems
Sir, John Kay refers to the latent
productivity benefits of technological
advances for households (“Miracles of
productivity hidden in the modern
home”, August 12), and to the
difficulties in recording this in national
income accounts. The impact of digital
gadgetry on productivity might not be
just one way, as he seems to imply.
Whether trying to get the attention
of a concierge or a security guard, or
waiting to be served a pint in one’s local
pub, the feeling that one is somehow
intruding on staff while they browse,
text and listen to their personal digital
gadgets is all pervasive. This almost
sacred connectedness to their private
communications makes wiping down
beer-stained tables or keeping an eye
on who comes through the door seem
secondary. Classroom teaching is
equally undermined by having to
wrestle pupils’ attention from their
devices to which their brains seemed
constantly attuned; most of the time to
drivel.
It’s not just in the UK. During school
holidays, I frequently go with my in-
laws through rural parts of Colombia,
There is no generally accepted
definition of capitalism. Nor is there
any agreement on its starting point,
which anyway depends on the choice
of definition. As Geoffrey Hodgson
points out in this erudite and thought-
provoking book, defining capitalism as
a combination of private ownership
and markets would mean that the
system has been in operation since the
depths of antiquity. Markets,
commodity exchange and property
rights have, after all, existed for
thousands of years.
Hodgson’s view emphasises the
importance of the role of the state and
the law in facilitating the capitalist
dynamic. Like the Austrian-born
economist Joseph Schumpeter, but
unlike Karl Marx, he highlights the
role of banking in the development of
capitalism. This has the advantage of
allowing him to place the start of
capitalism in the 18th century, shortly
after the English financial revolution,
when the nation state was already well
developed. Capitalism can thus be
identified with the period of explosive
productivity growth that began with
the industrial revolution. All of which
makes excellent sense.
The legal perspective has much in
common with the approach of
“institutionalist” economists such as
Thorstein Veblen and, more recently,
Mancur Olson and Douglass North. It
is closer to the Adam Smith of The
Theory of Moral Sentiments than
t The
Wealth of Nations ffrom which
mainstream economists derive their
dismal vision of human beings as uni-
invasion, and the subsequent break-up,
of Iraq, and from the radical behaviour
of students graduating from the many
fundamentalist Sunni religious schools
financed by our so-called ally Saudi
Arabia.
Notably, the demonisation of Iran by
the US and Israel is in marked contrast
to the perceptions of most of the rest of
the world, which should suggest that
the hyperbolic campaign, with its
intimations of doomsday, being waged
by domestic American politicians with
a clearly vested political agenda, may
be less consistent with the long-term
interests of the US than they would
have us believe.
David B Simpson
Tenafly, NJ, US
— Dreamstime
where army checkpoints used to be
quite reassuring given the prevalence
of kidnapping. In recent years I’ve
noticed the army’s searches becoming
more perfunctory as the soldiers hurry
back to their mobiles and wave us
through.
Initially concerned at what appeared
to be diminished productivity from a
security perspective (hard to measure,
I know), I then concluded that any
potential kidnappers were probably
equally “busy” on their mobiles. The
FARC’s guerrilla leaders were probably
having similar productivity problems
with their personnel as the Colombian
army were, and so the impact evened
itself out.
Thomas F Maher
Director,
British Home Tutors,
London SW6, UK
Decolonisation
Sir, What a delightful longlist (August
13) of books nominated for 2015
Business Book of the Year! Only one
cavil: why must all 15 selections
include a tiresome colon in their title?
Whatever happened to simple,
memorable titles such as Das Kapital? l I
believe that Andrew Hill shares this
sense of irony. He entitled his column
“From Tech to the World of Work:
Must-Read Titles of 2015”.
Michael J Higgins
Washington, DC, US
A Bit Cunning
Sir, Having studied your incisive
analysis of Google’s corporate
restructuring into what promises to be
the “century’s defining conglomerate”
(August 12), one wonders: did Google
choose its new name in order to appear
above Apple in alphabetic listings?
Eric Stryson
Managing Director,
Global Institute For Tomorrow,
Hong Kong
dimensional personal utility
maximisers. Hodgson approvingly
cites Veblen’s sarcastic boutade on the
way economists reduce the individual
to “a globule of desire”. He also argues
that conventional economics lacks a
proper understanding of the social and
cultural nature of markets.
One of the eccentricities of the book
is that it takes more than 250 pages
before spelling out its full definition of
capitalism. This is because Hodgson is
on a mission to cleanse economics of
imprecise language. He believes that
our understanding of the subject has
been impaired by the “deep
corruption” in the social sciences of
terms such as property, exchange and
capital. So he spends several chapters
clarifying these and other concepts.
On the word capital itself he has
good points to make. For a start, the
economist’s standard definition of
capital is at odds with business usage,
which makes for confusion. For those
who deal with balance sheets, capital
is the money advanced by
shareholders to start a business. This
view of capital was common until
Smith decided to change its meaning.
His was a very physical perception of
the economy — he regarded services
as inferior to manufacturing — and he
preferred to think of capital as
machinery, land and buildings, or
assets capable of generating profits.
That is the basis of the modern
economist’s view of capital as a stock
of factors of production that can be
expected to yield productive services
over time. And now, according to
Monday 17 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
A strange position for
the Energy Charter
Secretariat to take
Sir, I refer to Urban Rusnák’s letter
(August 10). He seems to be saying
that: the Energy Charter Treaty is
important and he hopes Russia may
eventually ratify it (although I have
seen no indication other than Mr
Rusnak’s comment that that is a
realistic possibility); that compliance
with international rules is important;
but that even if a party, compliant with
the Energy Charter Treaty, prevails in
an international arbitration, they
shouldn’t necessarily be entitled to
enforce it.
What is the point of a country
signing up to the Energy Charter
Treaty, including its legally binding
arbitration mechanisms, if the
Secretariat publicly undermines the
enforcement phase and with it, the
international right to justice and
compensation. In fact, far from Mr
Rusnák suggesting that a government
that loses an arbitration pursuant to
the Energy Charter Treaty should then
fulfil its obligations to pay damages,
what he really appears to be saying is
that the enforcement provisions of the
Energy Charter Treaty need to be
watered down so that they become
optional for countries such as Russia
who may thereby be enticed back into
the fold. This is not my idea of
modernisation.
Mr Rusnák’s position seems
extremely strange for an organisation
which, one would have expected,
would be fully committed to its
member countries fulfilling all
obligations under the Energy Charter
Treaty (including payment of damages
awarded against a member state) and
implementing the rule of law.
T W Osborne
Director,
GML,
Gibraltar
Buy/Sell/Hold advice is
useless without details
Sir, Daniel Davies is right to encourage
analysts to stop using Buy/Sell/Hold
recommendations for stock (“A
stockpicker confesses to
recommendations you should not buy”,
August 13). As he admits, they are
“more or less worthless”.
Why? Because they do not have any
details attached. Sell until what price?
When would they be worth buying?
Buy with what price expectation to sell
at? Hold for how long?
I noticed long ago that buy
recommendations seemed always to
have a target 10 per cent above the
current value. In a bull market that
difference will be soon closed. Sell
advice should be a reason for leaving
the shares until negative uncertainty is
reduced. There should still be a price at
which a risk-taking client might buy.
Most of the money I have made is
from buying stock others are too keen
to sell. I do hold for years but the rise is
often substantial. I simply accept I
cannot time my purchases just before
such a rise.
Robin Gowers
Reading, Berks, UK
COMMENT ON FT.COM
The Exchange: Yao Yang
Despite the benefits, is China ready to give
up the renminbi’s peg to dollar?
blogs.ft.com/the-exchange
Hodgson, we have been deluged with
such loose terms as social capital,
human capital, religious capital and
cultural capital to the point where the
word is emptied of meaning.
He would like to confine capital
exclusively to its everyday monetary
sense and argues that a form of capital
that cannot be used as collateral is
simply not capital. The obvious
criticism, which he acknowledges, is
that of Alice in Wonderland: he is
making words mean what he wants
them to mean. I would argue that
terms like human capital are anyway
meaningful and useful. The focus of
this linguistic purge is too narrow.
Yet it does highlight an important
feature of capitalism that is inherent
in the different nature of the assets
owned by the capitalist and by the
worker. Workers cannot use their
labour power as collateral, which is a
class inequality intrinsic to capitalism
that Marx failed to highlight.
One of the book’s more interesting
pieces of analysis suggests that many
growth projections for Russia, Brazil,
China and India are over-optimistic as
they underestimate the institutional
changes required to reach high levels
of per capita gross domestic product.
On policy reform, its suggestions are
relatively modest. But it is a
stimulating, historically grounded
exploration of the subject and a
rewarding, if occasionally dense, read.
The writer is an FT columnist and the
author of ‘Capitalism: Money, Morals and
Markets’, Biteback Publishing
Monday 17 August 2015
OPINION
Isabel
Hilton
W
hen President Xi Jin-
ping became general
secretary of China’s
Communist party, he
promised to strengthen
rule of law. Outside China, that pledge —
which Mr Xi repeated at the party ple-
num last October — was welcomed as a
sign that a constitutional order would
replace the arbitrary exercise of state
power. Rules would be clear, and norms
impartially applied.
True to his word, Mr Xi has promul-
gated new laws in areas such as national
security. Draft measures have been pro-
posed on computer hacking, counter-
terrorism and the status of foreign non-
governmental organisations, too.
Confusingly, however, this flurry of
lawmaking has coincided with sharp
words in the state media against the
Europe’s nations must lead from behind
OPINION
Radek
Sikorski
I
n August seven years ago I was with
Carl Bildt, then the Swedish foreign
minister, and Anna-Maria Corazza
Bildt, his wife and an MEP, cele-
brating their wedding anniversary,
when suddenly I felt as if I were in a Hol-
lywood film about an international cri-
sis. Just as Ms Corazza Bildt was making
her toast, everybody’s mobile phones
began to ring. The Russians had just
invaded Georgia, and spoilt our party.
Mr Bildt rushed to the Caucasus; I
rang Bernard Kouchner, the French for-
eign minister. France held the presi-
dency of the EU, and he quickly con-
vened an EU foreign affairs council.
Within a couple of days, Nicolas
Sarkozy, French president, was in Mos-
cow, negotiating a truce on behalf of
the EU.
He had some success: by harnessing
the full authority of the EU and its mem-
ber states, Mr Sarkozy was able to nego-
tiate a truce that ended the fighting and
saved a democratic government in
Georgia, whose survival, at that
moment, was far from certain.
Since then, however, the situation has
deteriorated. South Ossetia and Ab-
khazia, the two territories claiming “in-
dependence”, remain frozen conflicts.
The people who live there have no pros-
pects, the border remains contested and
Georgia and Russia are in a state of per-
manent struggle. Worse, if there is a
European foreign policy towards the
Caucasus, it has not yet succeeded.
“Ambiguous” was not the word we
were meant to be using about European
foreign policy, six years after the Lisbon
treaty entered into force. At the time the
pact was negotiated, we correctly con-
cluded that, relative to the other powers
in the world, all European countries are
small and can only exert real influence
by acting together. Instead of a rotating
presidency, the treaty established the
OPINION
Nick
Butler
T
he year 2015 is not going
well for Saudi Arabia. The
attempts of King Salman
bin Abdulaziz al-Saud and
his son Prince Mohammed
bin Salman — who, not quite 30, is not
just deputy crown prince and chief of
the Royal Court but also defence minis-
ter and chairman of the supreme coun-
cil of state oil company Aramco — to
assert their authority in the region and
in the oil market are failing.
Barack Obama, US president, point-
edly overrode Saudi concerns to reach a
deal with Iran that is already transform-
ing the regional balance of power. Con-
cerns about Iranian influence led Saudi
Arabia to intervene in Yemen, but the
Ancient origins of Xi’s harsh brand of justice
very idea of “constitutionalism” and an
independent judiciary. A promised
reform to the criminal law will put suc-
cessful defence lawyers at risk of prison;
many prominent lawyers have already
suffered kidnapping, torture, illegal
detention, prosecution and disbarment.
In one spectacular weekend in July,
more than 300 lawyers and legal assist-
ants were detained in a series of night-
time raids across the nation. One
famous lawyer appeared shortly after-
wards on state television “confessing” to
charges that had not yet formally been
laid, and state media described his law
firm as a “criminal conspiracy”.
Mr Xi’s anti-corruption drive itself
operates outside the law. Suspects are
held for up to a year, in a detention sys-
tem operated by the party rather than
the state. They are reportedly interro-
gated and tortured without access to
any lawyers. Their eventual trials are
brief demonstrations for the cameras, in
which the outcome is not in doubt.
Mr Xi has not changed his mind about
the rule of law, but many have misun-
derstood what he meant by it. The key
lies in the canon of Chinese political phi-
office of EU council president, its high-
est interlocutor with the rest of the
world — now held by Donald Tusk — as
well as an office of high representative
for foreign policy, intended to aggregate
the interests of the member states, to
direct EU diplomacy and to conduct our
foreign policy on those issues where we
reach consensus. Jointly, they are sup-
posed to represent the interests of the
EU as a whole.
Europe’s foreign ministers felt the
need for collective action so acutely that
they agreed to downgrade their own
position for the greater good of Europe’s
diplomatic might. Until Lisbon, they
accompanied heads of government at
European councils; now, the high repre-
sentative is the only member of the for-
eign affairs council who attends.
Baroness Ashton, the first high repre-
sentative, registered a few notable, if
unremarked, successes. Thanks to her
‘Ambiguous’ was not the
word we were meant to be
using about foreign policy
six years after Lisbon
mediation, Kosovo and Serbia started
talking. An EU military strike destroyed
pirate boats and reduced the incidence
of piracy off the Horn of Africa. Iran also
proved more amenable to persuasion by
Europe than by others. The task of cre-
ating a true European diplomatic serv-
ice had finally begun.
But more recently, some EU member
states have reverted to the status quo
ante, and taken centre stage in the crises
in our southern and eastern neighbour-
hoods. Whether on Syria, the Israel-
Palestine conflict, Libya or refugees,
member states are more visible than the
EU, despite the efforts of Federica
Mogherini, the foreign policy chief.
On Ukraine, the EU is not even at the
negotiating table. Instead, Germany and
France — neither of whom shares a bor-
der with Ukraine — have taken it upon
themselves to manage Russian aggres-
Saudi Arabia’s hard choices on oil and regional influence
ill-conceived air campaign has achieved
little beyond demonstrating the limita-
tions of the Saudi military. The result is a
humanitarian disaster with Houthi
forces still in control of much of the
north of Yemen.
Worst of all, perhaps, the US shale
industry has not followed the script by
obediently cutting back production as
prices have fallen. On the contrary, costs
have been cut and production this year
will be higher than in 2014. Elsewhere,
other producers have increased oil out-
put to raise revenue. The price is back to
$50 a barrel and falling.
So, what next? The kingdom could
move in one of two ways. It could seek to
form a coalition of forces to counter
Iran’s network of alliances in Lebanon,
Syria, Yemen and Iraq. That may be why
representatives of Hamas and of the
Muslim Brotherhood have visited Riy-
adh in recent weeks. The result could be
a decisive intervention against the
Assad regime in Syria as well as an
intensification of the conflict in Yemen.
★ FINANCIAL TIMES
Comment
losophy — specifically, of Han Fei, a
political philosopher who lived two cen-
turies after Confucius and whose ideas
were used to consolidate China’s found-
ing dynasty, the Qin imperial state.
Mr Xi does not want the law to check
central power but to subdue opposition
and to reinforce political control — using
law to rule, rather than accepting the
rule of law.
Han Fei saw the law as a
coercive instrument in a state
in which the moral standards
of the ruler were irrelevant
“When those who uphold the law are
strong, the state is strong,” Mr Xi has
said, quoting Han Fei. “When they are
weak, the state is weak.”
China has struggled to establish a
modern political shape since the col-
lapse of the last imperial dynasty, more
than 100 years ago. Today, the party-
state is a curious hybrid of traditional
bureaucracy, Confucian social precepts,
Matt Kenyon
In the oil market, the kingdom could
decide that, if $50 is not low enough to
hurt the shale industry, it could aim for
$40 and maintain the pain for longer.
That could explain the heavy borrowing
the Saudis have announced in the past
two weeks.
This intransigent approach, however,
is not immutable. The alternative is a
The country’s interests lie
in price stability, perhaps at
$70 to $80 a barrel, for the
next five years
more realistic assessment of whether
Saudi’s real interests are being well
served by the current policies.
The risk of even more strife is obvi-
ous. The bomb attack this month on a
mosque near the border with Yemen
shows that the enemy is within the
gates. The threat of conflict spreading
communist rhetoric and state capital-
ism. Legal structures have grown since
the era of Mao Zedong, but with vaguely
drafted statutes and uncertain proce-
dures — all subject to political control.
The party is hedging its position by
appropriating many state functions,
leaving government institutions as
simulacra, empty of final authority.
Han Fei would have approved. His
brand of realpolitik was favoured by Qin
Shihuangdi — the tyrant for whom the
terracotta army was created, and the
first emperor of the Qin dynasty. Mao
admired both the legal scholar and the
ruler who first put his ideas to use; there
was a price in forced labour and mur-
dered intellectuals, but neither Mao nor
the Qin emperor minded paying it.
Nearly 40 years after Mao’s death,
Han Fei is enjoying a revival, quoted
with approval by a contemporary leader
whose approach to the law increasingly
resembles the one he proposed 2,000
years ago. Mao despised Confucius, as
did Han Fei, and the difference between
these two philosophers is illuminating:
Confucius believed in moral example,
thought people essentially good, and
south from the Islamic State of Iraq and
the Levant-controlled area of Iraq and
north from Yemen is real. So is the possi-
bility of low prices leading to more insta-
bility in the region and beyond.
It is hard to see how those outcomes
match the interests of those in power in
Riyadh. To ensure their own survival in
power the Saudi rulers need a period
of calm.
Internally, Saudi needs reforms such
as the removal of hugely inefficient sub-
sidies. Gasoline costs 16 cents a litre,
which means an estimated $80bn a year
in forgone export revenue.
At the same time the oil price must be
increased and stabilised. The king is 79;
oil minister Ali al-Naimi is 80. Both per-
haps have thought that the world oil
market still operated as it did in the
1980s.
It does not, and a pragmatic regime in
Riyadh would accept that Saudi’s inter-
ests lie in a stable price, perhaps at $70
to $80 a barrel, for the next five years.
That requires a serious cut in produc-
believed that the example of a wise and
benevolent leader would bring har-
mony and prosperity. If the emperor fell
morally short, he could be removed.
Han Fei, on the other hand, believed
that individuals must submit to abso-
lute state power, and that only strict
laws and harsh punishments would
keep them in order, maintaining politi-
cal stability and state control. Like Mr
Xi, he stressed the importance of
removing corrupt officials, and advo-
cated military strength to build the
power of the state. He saw the law not as
a guarantee of justice but as a coercive
instrument in a state in which the moral
standards of the ruler were irrelevant.
These ideas worked for the first
emperor, though a dynasty that he had
boasted would last 10,000 years in fact
collapsed three years after its founder’s
death. While we wait to discover
whether it remains a successful recipe in
the 21st century, those who seek to
understand Mr Xi’s China will find Han
Fei a better guide than Confucius.
The writer is a London-based writer and
broadcaster and CEO of chinadialogue.net
sion, with only partial success.
The reasons are clear. The financial
crisis has undermined the EU’s clout
and shown that member states are the
ultimate paymasters and therefore ulti-
mate decision makers. However, what
was unavoidable in the resolution of the
eurozone crisis makes no sense in for-
eign policy. Russia is using the divisions
inside Europe to create disunity, making
a special effort to engage states that have
little stake, individually, in the EU’s
influence spreading east.
As the Minsk ceasefire agreement
stalls and fighting continues in eastern
Ukraine, we are back to where we
started a decade ago. The leaders of Rus-
sia, China and the US will listen to the
leaders of the largest EU states, but are
not at all inclined to act on what they
hear. And if they want to call “Europe” it
is still not clear which number they
should ring.
Europe remains unable to influence
events or bend history to its interests to
a degree that reflects its status as the
largest economy. If foreign policy is
about helping to manage the free world,
we need to go back to the rules created
in the Lisbon treaty.
Case by case, member states should
calculate whether a given issue is better
resolved by them alone, or by the EU as
a whole. And if they decide upon the lat-
ter, then they had better get behind
European policy no matter what the
domestic pressures. Germany, in partic-
ular, should be pleased by this principle.
The Greek crisis has proved that if you
take centre stage, you also get most of
the blame. If Ukraine goes wrong, Ger-
many will be blamed for that, too.
While the US as the world’s sole mili-
tary hyperpower cannot lead from
behind, Europe’s nation states should
do exactly that, and lead behind their
jointly chosen leaders. We should go
back to basics and empower our presi-
dent and our high representative to do
their jobs. Only then will we be able to
evaluate their accomplishments.
The writer was formerly Poland’s minister
of defence and of foreign affairs
tion of perhaps 2m barrels per day.
Pragmatism is needed elsewhere too.
The rivalry with Iran is real but there is
still scope for co-operation — not least
on the common objective of defeating
Isis. Internationally, Saudi Arabia needs
friends. Its record on human rights —
with 102 people beheaded this year,
according to Amnesty International — is
giving the country a pariah status. Only
reform and modernisation can change
attitudes.
These are not easy choices and noth-
ing is certain. On balance, a change of
policy before the end of this year seems
more likely than not, even if it means a
transfer of power and the departure of
the deputy crown prince.
Over the years caution rather than
assertion has served the Kingdom
pretty well. At the moment, however,
rational outcomes cannot be taken for
granted in the Middle East.
The writer is visiting professor at the Policy
Institute, Kings College London
11
The fury and
finance fuelling
Republican
insurgents
OPINION
Norman
Ornstein
N
ever in our lifetimes has
there been a Republican
presidential campaign so
wide open — or with so
many candidates capable of
securing the funds to stay in the race for
a long time — as in 2016.
Amid all this, there has been one con-
stant in the punditocracy’s pronounce-
ments: Donald Trump has peaked. Each
of these predictions has been wrong. He
leads his 16 rivals for the nomination,
both nationally and in important states
such as Iowa. The reasons why, and the
implications for the presidential con-
test, shine a light on the dynamics of
contemporary US politics.
First, angry populism is the driving
force behind Mr Trump and other
openly insurgent candidates. Populism
is part of America’s DNA, especially in
tough economic times. Today’s angry
populism is deeper and broader than
usual because the hard times of the past
decade were not, this time, followed by a
snapback to prosperity. And this time,
the crisis was characterised by a bailout
of the miscreants blamed for it, which
both triggered Occupy Wall Street on
the left and inflamed the Tea Party on
the right.
The new populism has been enhanced
by a phenomenon absent two decades
ago: a highly tribal media, including
cable news and talk radio, and the social
networks that amplify them. On the
right, these have boosted a backlash
against the Republican establishment.
When Fox News, the establishment
proxy at this month’s Republican televi-
sion debate, went after Mr Trump and
he responded crudely, his supporters
only grew more enthusiastic.
It is Mr Trump who has channelled
the anger most effectively; his swagger
and contempt for politicians, combined
with his claim that he cannot be bought,
have built a strong link to about a third
of those who identify themselves as
Republican voters. But it is not just him.
Trump has channelled the
anger best, with his swagger
and contempt for politicians.
But it is not just him
The first big survey after the debate, by
NBC, showed the lead candidates were
Mr Trump and fellow anti-Washington
insurgents Ted Cruz and Ben Carson, all
of whom together garnered almost 50
per cent of support. Mr Cruz, the sena-
tor from Texas, marked himself out
before the debate calling Mitch McCon-
nell, his party leader, a liar in the Senate.
There is a second force behind the
ascent of Mr Trump and his fellow
Republican insurgents. The new cam-
paign funding system, where unlimited
sums can be garnered from billionaires
and corporations, has profoundly
changed the nomination dynamic.
Previously, there was a ruthless win-
nowing out process, accelerating after
the first crucial contests in Iowa and
New Hampshire; those who did not
show significant popular support lost
financial backing and had to quit. A
favoured candidate could corral sup-
port from most of the big donors, using a
large early war chest to discourage
opponents. Now all that is needed is one
billionaire who will pour funds into a
super-Pac, a political action group that
is ostensibly but risibly independent,
and they can stay in much longer. Jeb
Bush tried the first approach, with an
unprecedented $100m raised early. But
Mr Cruz scored $38m for his super-Pac
within a week of his announcement,
$36m of it from four donors.
At this rate, it is conceivable that 10 or
more people could be in the race by
March, when the crucial contests take
place. Pundits expect Mr Trump to stall
at 20 or 25 per cent: not usually enough
to win a nomination. But what if no
other candidate reaches the same level?
No party nominating convention has
gone to a second ballot in more than 60
years. I would not predict that 2016 will
end that run. But nor would I confi-
dently predict that we will see an estab-
lishment choice emerging with a nomi-
nation well ahead of the party conven-
tion next July. And if one does, the anger
of a substantial minority of delegates,
who backed anti-establishment insur-
gent candidates, will make the conven-
tion a memorable experience anyhow.
The writer is resident scholar at the Ameri-
can Enterprise Institute
12 ★ FINANCIAL TIMES Monday 17 August 2015

BUSINESS LIFE

Hidden costs of
‘
Coming back to work after two weeks mean it no longer matters if you have getting more so. The Financial Times clever people at Oracle to make
away I felt so out of the swing of it and lost vital scraps of paper as it is all has recently moved to a web system — something quite so unfriendly. It is not

hellish schemes so overburdened with undone things,

I did what I almost never do and made
a list.
for claiming It went like this: Write column. Do
corrections to feature. Revise radio
expenses script. Read board papers. Write agony
aunt column. Do emails. Record
podcast. Say no to various people who
have been trying to get me to do things.
Start tax return. Tell employer my new
home address. Do expenses.
By midweek, I was feeling
there online.
But then I embarked on the task that
ought to have been the most
innocuous. My employer owes me
£92.29. I have the receipt to prove it,
and all that is needed is a little admin
to get back what is rightfully mine.
I started the job at 3.30pm and by
5pm was close to tears. Three times I
had to interrupt other people for help.
Everyone who sits around me was
disturbed by shouts of “I (insert
Oracle’s iExpenses.
Last week, I reacquainted myself
with how horrible it is: I could not
make it work in Chrome; it kept telling
me to disable my pop up blocker but,
as I do not know what that is, I could
not oblige. Then every time I tried to
fill in its baffling boxes, it replied
“invalid value”. There are four pages to
be completed; whenever I tried to
move to the next page it informed me
I had not done the previous correctly.
hard to see why companies are so
happy with the result: the more
difficult it is to claim, the lower the
expenses bill.
Yet that ignores the opportunity cost
The system is so — the hours we all waste faffing around
as I did last week. It also ignores the
painful, one can stress caused — just think of the money
only conclude it that has to be spent on those “wellness”
programmes that help employees de-
was deliberately stress. Surely it would be better not to
designed that way wind people up in the first place.

complacent. Almost everything had
been done; most of the tasks, when I
got down to them, turned out to be
easy. Work is astonishingly
straightforward and pleasant in August
when there is no one getting in the way,
so much so that it always makes you
wonder why we make such a meal of it
the rest of the year. As for email, that is
fine too. I have developed a post-
holiday system in which I mark all
messages for deletion, and then before
committing them to a mass grave
Lucy Kellaway glance through them and rescue the
few that look interesting. Two weeks’
Onwork email backlog takes an hour and a half
to shift. Saying no is also simple now
that I have learnt how to do it. And
even the tax return is not too bad.
Electronic banking and share registers
expletive) hate this (insert expletive)
expenses system.”
There is something about doing
expenses that has always been
loathsome, even in the old days when
all you had to do was fill in a few
columns on a sheet of A4. There is
the dispiriting matter of emptying
pockets and handbags in search of
missing receipts — as well as the
existential uncertainty about what is
OK to claim for.
I remember seeing a survey saying
that many office workers would rather
scrub the company’s lavatories than do
their expenses. I’d go further still. Not
only would I rather scrub loos, I’d
rather have a root canal.
While most admin tasks are
becoming less painful, expenses are
’
When you finally submit the form, So what is the answer? I know
you still aren’t done. You have to print someone who works in a big
out the report, photocopy all receipts, organisation who got so fed up with
then work out how to scan them all helping out a team mate with his
together and email them to some poor expenses that she slapped a 10 per cent
person who is paid to process them. commission on him. Not only did he
In the end, after a good deal of not object, but word spread throughout
swearing, I succeeded — which is more the company, and soon everyone was
than some of my colleagues manage. asking her for the same deal.
One seasoned foreign correspondent, This is a brilliant idea for any
who is more than capable of looking entrepreneurial person with inhuman
after himself in some of the world’s levels of patience and low blood
most dangerous places, is so floored by pressure. Do your colleagues’ expenses
iExpenses that he has been given a for them, and charge 10 — or even 20 —
special dispensation to use the old per cent. You would make a fortune.
system. The system is so painful, one
can only conclude it was deliberately
And you would secure for yourself a
place in heaven.
designed that way. Now that all
software is user friendly, it must have lucy.kellaway@ft.com
taken very special coding from the Twitter: @lucykellaway

Monday interview. Guillaume Pepy, SNCF chief executive Working smarter

Use your head not your gut to

‘I have no passion for trains really’ think a problem through
EMMA DE VITA

If you pride yourself on preferences gathered — to

The boss of the French trusting your gut feeling and
making snap decisions, it is
train service is impatient time to disavow such flawed
to diversify into new thinking, argues Richard
Nisbett, author of Mindware:
modes of transport, Tools for Smart Thinking.
writes Michael Stothard “Your intuition is not
worth anything,” says the
professor of psychology at
uillaume Pepy barely has the University of Michigan. If
find out which choice will
probably be the best.
Not all ventures have the
resources for extensively
thinking through a problem.
However, Prof Nisbett
says just doing a thought
experiment can be useful.
“For example, I am
standing outside a factory in

G time to stride through the

door of the dining room, call
for a round of champagne,
and take a seat before he is
up again. The chief executive of SNCF,
the 77-year-old French railway com-
pany that runs the high-speed TGV
trains, says we simply have to nip up to
his office to see the view of the trains.
“I have no passion for trains really, I
was never a geek for models when I was
a kid,” admits the 57-year-old, walking
so fast through the corridors that his two
minders are forced to jog to keep up.
“It’s this company I care about, bring-
ing it into the 21st century,” he exclaims,
pointing to the view of Stade de France
— Saint-Denis railway station to the
north of Paris.
Mr Pepy is in a job where it pays to
exude impatient energy. The former
high-ranking civil servant and graduate
of all the most elite French schools is
battling to reform one of the country’s
oldest state-owned companies.
He is attempting to foster growth at
the heavily unionised and strike-prone
group, which has more than a quarter of
a million employees, expanding it
beyond simple French trains into a
much broader transport company that
serves the world.
“It’s a complete transformation of our
mission,” he says, back in the SNCF din-
ing room, over cold courgette soup and
goat’s cheese on toast. “I want to trans-
form a French monopolistic train com-
pany into an international transport
group, and I want to do it quickly.”
The company has already come a long
way on at least one front. In 2007, the
year before Mr Pepy took over, the com-
pany took 15 per cent of its revenues
from outside France. Now it is 30 per
cent, and Mr Pepy says he wants it to
grow to 50 per cent.
His aim is to become more than just a
train company and eventually to pro-
vide a range of transport offerings.
“The next step is door-to-door serv-
ices,” says Mr Pepy. “We can’t just
provide trains; we have to consider
those last few miles people want to
travel as well. So we want to offer
bikes, electric cars, car sharing, car
pooling, light rail systems. We want
to do absolutely everything apart
from planes. We are never going to
become an airline.”
This year the company, formed in
1938 with the nationalisation of France’s
main railway companies, bought a
majority stake in OuiCar, a peer-to-peer
car-sharing scheme akin to Airbnb for
the roads. Mr Pepy wants to offer cus-
tomers parking, ride sharing and even
theatre tickets through SNCF.
The rail boss is up against some
entrenched forces, however. He admits
that there is a greviculture — or a culture
of striking — in SNCF that he has been
trying to shift in order to carry out the
needed reforms.
Even though he is considered an ally
of the political left in France, he says
that the only way to change this is by
taking a very tough line. If union leaders
choose to go on strike during talks they
will now lose all the benefit of the offer
previously on the table.
“Perhaps in the end they can get
‘The next step is more, but they take a big risk in most sit-
door-to-door uations they will end up with nothing.
services’: under Nothing,” he says firmly.
Guillaume Pepy He adds that, despite some problems,
SNCF has the unions are not the biggest barrier to
already bought a change. The main culprit is actually the
majority stake white-collar management.
in a car-sharing “The biggest obstacle is the manage-
scheme ment culture,” he says. “For historical
Magali Corouge
reasons, it is very top down. But to give a
better service we need to give more
power to managers on the ground.”
SNCF is, to some extent, a microcosm
of France. Reform is necessary all over
the country, he says, going as deep as the
French attitude to work itself, which is
seen by too many people as “just pain
and suffering”.
He has come out in support of many
aspects of the so-called loi Macron, a
package of reforms going through par-
liament attempting to liberalise a wide
range of markets, including for the first
time allowing intercity bus routes. “It is
always good when the customer has a
choice,” he says.
Mr Pepy may take a tough line on
many aspects of France, but, as he
sheepishly admits, he is a textbook
product of the country’s elite education
system. He grew up in the well-heeled
Paris suburb of Neuilly-sur-Seine, and
went to the prestigious Sciences Po uni-
versity and then to ENA, the breeding
ground for leaders of France also
attended by President François
Hollande.
His dream, however, was to be a sur-
Louis Gallois, the former chief executive
Second of SNCF, spent eight years working with
opinion Guillaume Pepy and remembers him as
being “much more creative than me,
much more innovative, he was always
The former pushing for change at SNCF”.
boss The impatience “is probably his
weakness, but also perhaps a strength
as well”, says Mr Gallois, who is now
chairman of PSA Peugeot Citroën, the
carmarker. This character trait can
make drawn-out talks with the unions
a struggle, he adds.
of regional lines, which often seem
grotty and slow by comparison. “Our
CV priority now is mass transit, not the
TGV. More than 90 per cent of our cus-
Born 1958, Neuilly-sur-Seine, France tomers go via mass transit, and there
Education Sciences Po (Institut d’Etudes has not been enough investment,” he
Politiques) in Paris; École Nationale says.
d’Administration (ENA)
He is also critical of the sorry state of
Career
2008-present: SNCF chief executive the Gare du Nord, Europe’s largest train
1997-2008: Various roles at SNCF, station by passenger numbers with
including chief operating officer, deputy 700,000 a day. The station seems out-
chief executive and head of mainline moded and dirty compared with new
services developments such as St Pancras in
1996: Deputy chief executive, Sofres London, at the other end of the Eurostar
Group
service.
1984: Various public sector roles,
including chief of staff to Martine Aubry, “It is a big, big problem. The Gare du
the former labour minister, and Michel Nord is not acceptable any more,” he
Durafour, minister of public service, and says, adding that a project was launched
SNCF’s Jacques Fournier last year worth “hundreds of millions”
Interests Cycling, hiking and canyoning to rebuild the station bit by bit, to be
completed by 2023.
In the past, he says, the company’s
geon, not a chief executive. “It was the attitude to fare dodging, which costs
only thing I thought was worthwhile,” SNCF €300m every year in lost revenue,
he says. The problem was that while was too mild. “The elderly, families,
doing a three-month internship at a bachelors — you can see them all jump-
hospital in Dijon, Mr Pepy fainted every ing over the barriers here. It is a very
time he saw blood. typical feature of French culture: a real
So he had to go to ENA and then the belief in the importance of public insti-
Conseil d’État, France’s highest author- tutions, without always wanting to pay
ity on administrative law, which he for them,” he says, adding that fines and
found boring (“there was too much “zero tolerance” are the strategy now.
paperwork”) and ended up as a chief of He claims to like dealing with custom-
staff to a range of senior government ers, though, even if they often have “vio-
ministers through the 1980s and 1990s. lent” views about his performance and
His connection with SNCF came have little tolerance for problems and
about by chance. He was walking down delays.
Rue de Rivoli in Paris one day in 1989 “They come up and shout at me about
when he bumped into Jacques Fournier, how they are not happy, but still I like
the then chairman, who offered him the them. France is not like the UK. When
job on the spot. there is a problem with the Eurostar in
“I said hello and he asked me if I knew London there is an orderly queue; in
anyone who might want to be his chief of France there is a riot.”
staff. I said that I was available. And that The level of anger, he says, is partly
was it. No headhunters, no long process because SNCF is part of the national her-
— nothing,” he says. itage. Everyone feels they own part of it
Mr Pepy went back into government and, in a way, everyone does, which is
after the chief of staff job, eventually why he says that the company could
rejoining SNCF in 1997. never be privately listed.
Despite his long career with the group, “We say that the railway built France.
he does not shy away from criticising it, Before the railway France was not that
notably the overinvestment in the unified, so it’s true . . . It’s a proud com-
hyper-efficient TGV lines at the expense pany, but it needs to grow and evolve.”
you wish to improve your
reasoning skills to make
better decisions, recognise
that the assumptions you
make are likely to be wrong;
gather as much data or
evidence as you can before
making a decision; and test,
test and test again.
“One of the biggest
problems we have with the
way we reason has to do
with correlation,” he says.
Correlation is the powerful
tendency humans have to
make associations between
different objects and ideas.
It happens when we want to
find evidence to back up a
theory. It occurs because
humans have developed
strong pattern recognition
skills that mean we
unconsciously try to detect
one even when none exists.
In business, the danger
comes because of the
temptation to rely on
erroneous decision-making
shortcuts, such as going
with a hunch, because there
is no time to take a more
methodical approach.
Another shortcut is what
Prof Nisbett calls “Hippos”
(highest paid person’s
opinion); instead, he argues,
the best decisions are based
on solid evidence that has
been tried and tested.
In practice, this means
asking as big and diverse
a group of people as
possible for their opinion
on an idea, collecting
hard data and conducting
experiments, such as
A/B testing — when two
options are given and real
Feedback
Lisa Pollack’s feature last
week explaining why
businesses are warming to
Scrum and other Agile
project management
approaches inspired many
comments.
Agile is good for some
situations, for example web-
based products where you
can easily add extra
functionality and features.
However I suggest, as with
many new techniques, the
fact that it is
successful in
some
situations
doesn’t
mean it is
appropriate
in all.
I would not
expect a city
skyscraper or the
India, where my wife and I
have just seen an exquisite
scarf. The tour bus is about
to leave. To buy or not to
buy? Construct a mental
control condition where it is
a month later. I’m back in the
US and have not bought the
scarf. How do I feel?”
Octavius Black, chief
executive of learning and
development company Mind
Gym, advocates “precision
collaboration” when you are
unclear on how to deal with
a challenge, be it a sales
pitch or a product launch.
Select about 10 experts
from different fields who
you know have different
perspectives, and invite
them in to give you a 15-
minute summary of what
they would do in your shoes:
“Then you do the hard work
and think about it before
making that decision.”
He cites a chief operating
office who wanted to
restructure the business to
increase efficiency. She
asked each divisional head
what they thought the
optimal ratio of direct
reports to people managers
would be. She realised
that the most intelligent
responses suggested many
fewer managers should have
direct reports, and those
who did should have more.
But this was not the
consensus view, “which was
much more muddled, with
concerns about taking
people management away
from senior managers”.
workingsmarter@ft.com
Olympic Park to be
developed in a series of
weekly drops specified by
Post-it notes on a
whiteboard. NJG
Don’t try Agile with
untrained and unmotivated
troops! HappyExpat
I’ve found the big problem is
when people decide that
adopting Agile means
throwing away plans and
documentation without
introducing the rigour that
the methodology actually
requires. Chris W
Sadly many senior
managers interpret
Scrum as a Band-
Aid to brag about
when asked about
their management
credentials. Egal
Monday 17 August 2015 ★ FINANCIAL TIMES 13

ARTS

The political POP

Peter Broderick

made personal
St Giles-in-the-Fields, London
aaaaa
Richard Clayton

It’s the quiet ones we’re told to watch.

THEATRE
887
Edinburgh International Festival
aaaee
Griselda Murray Brown
In 2010, the Québécois director Robert
Lepage was invited to the 40th anniver-
sary of a landmark poetry recital in
Montreal. He was to perform Michèle
Lalonde’s political poem “Speak White”.
The task of memorising it, he tells us,
gave him the idea for this one-man show.
The result is a vivid journey through
childhood and a meditation on lan-
guage, memory and national identity.
Struggling to learn Lalonde’s poem,
Lepage turned to the “memory palace”
technique, where you split a text
between the rooms of an imaginary
house. The memory palace is a meta-
phor for the mind, but here it becomes a
literal structure — the modest apart-
ment block in Quebec City where
Lepage grew up, realised in his intricate
model (this is a supremely personal
piece, and Lepage is the writer, per-
former, director and designer). Like a
giant dolls’ house, the rooms of 887
Murray Avenue light up as he describes
their former inhabitants. With the aid of
his shape-shifting set, 887 splices past
and present, the apartment block open-
ing out into the full-sized kitchen of
Lepage’s current home.
The choice of poem is not accidental.
Black slaves were told by plantation
owners to “speak white” not Creole, and
English-speaking Canadians used the
slur against the Québécois. The rise of
the Front de libération du Québec forms
the backdrop to Lepage’s childhood; real
bombs explode as he and his friends
launch firecrackers from bins. Any
parallels with Scottish independence
are left unspoken, but Lepage’s final
rendition of “Speak White” gets a
hearty applause.
Memory is not a smooth silk but a
loose and lumpy fabric of threads drawn
from the past. And this show does not
keep a smooth or logical order; rather it
iscomposedofmomentsfromchildhood
— precise, poignant, surreal — cut with
the collective memory of a people trying
to define itself. Delivered like an infor-
mal lecture, but with a slick blend of ani-
mation and live-action filming, 887 is
rich, baggy and overlong. Lepage and his
company Ex Machina typically devise
their shows and continue to develop
them even during the performance run.
This one, full of strange and fascinating
insights, is a bit like listening to someone
describe their dream. You feel it would
benefitfromanoutsideeditor.
To August 23, eif.co.uk
C L A S S I CA L M U S I C
BBC Philharmonic/Mena
BBC Proms, Royal Albert Hall, London
aaaae
Harriet Smith
Manchester-born John Foulds is little
remembered these days. But his Three
Mantras, the curtain raiser for this BBC
Philharmonic Prom, showed what we’ve
been missing. Originally intended for a
mystical Sanskrit opera that the com-
poser then destroyed, they work as a
freestanding suite. Foulds’ ear for
orchestral sonorities is not surprising,
given he was for a time a cellist in the
Hallé Orchestra. In the hands of
dynamicpowerhouseJuanjoMena,what
Foulds called his “visions” — by turn ter-
restrial, celestial and cosmic—wereopu-
lently presented. The brass players had a
field day in the first, while the flickering
Fragments of second (to which Foulds adds a wordless
memory: female chorus to give a silvery strand),
Robert Lepage was tenderness itself, before giving way
performs ‘887’ to the final cosmic vision, barbaric yet
in Edinburgh. simultaneously bouncy, complete with a
Below right: Rank-stylegong.
pianist Steven It was the perfect piece for the Albert
Osborne at the Hall and an apt warm-up act for Mes-
BBC Proms siaen’s mighty Turangalîla Symphony.
Erick Labbé
Emerging from the ruins of the second
world war, it is the last word in anti-aus-
terity, combining a Mahlerian sense of
scale, Wagnerian eroticism and an ear
for colour that expresses itself not only
through a large symphony orchestra but
prominent solo parts for piano and the
eerie ondes martenot, an instrument
beloved of musicians from Miklós Rózsa
to Radiohead’s Jonny Greenwood.
Mena palpably relished every
moment of the Turangalîla’s surging,
life-affirming hymn to humanity. In his
hands, its 10 movements formed an
inevitable-sounding sequence, with the
work’s many big moments counterbal-
anced by restraint and refinement in the
quieter ones. Movements that can some-
times seem little more than linking pas-
sages got equal billing: in “Turangalîla I”,
for instance, the shadowy duet for clari-
net and ondes martenot was superb.
“The Joy of the Blood of the Stars”,
which can veer towards the trashy in the
wrong hands, here possessed real verve
and conviction. And the following “Gar-
den of the Sleep of Love” was raptur-
ously sensuous. In Steven Osborne,
Mena had the ideal pianist, marrying an
ear for colour with an unassuming vir-
tuosity. And Valérie Hartmann-Claverie
turns the ondes into an instrument of
poetry as well as exuberance. The
Turangalîla Symphony is one of the few
pieces capable of filling the Albert Hall,
and the audience was suitably dazzled.
bbc.co.uk/proms
Oregon’s Peter Broderick shows us why.
I last saw him in 2009, when he was
touring his UK debut album, Home.
That venue, London’s Union Chapel,
also had ecclesiastical links, and he con-
jured magical choirs with only loops of
his own voice. It made me think that
there was something prayerful about his
sound — ceremonial, too, as he proc-
essed offstage whirling a siren plastic
tube. Enchanting stuff.
Numerous releases followed, and a
spell in hospital for a stress-related ill-
ness. Broderick recorded his latest
album, Colours of the Night, in Switzer-
land with a band. Would he appear
mob-handed? No, solo again save for
two brief guest spots: one a female duet-
tist on a tender, across-the-ether lullaby,
the other a bass guitarist offering back-
ing vocals on the beatboxed, lost-in-
space doo-wop of “I’ve Tried”. All else
was performed by Broderick alone on
guitar, violin and piano, looping and lay-
ering himself to captivating effect.
First came “I Unfold”, a cover of the
Portland act Brumes, built from violin
drone to a high lonesome swoon. Of the
two tracks I recognised from the Union
Chapel, “Not at Home” had an agitated
crescendo and “Below It” was guitar-
dappled in the manner of Mark Kozelek.
Inter alia, a rolling piano piece; a soaring
a cappella stroll down the church’s neo-
classical aisle; a beckoning violin
cadenza. From Colours of the Night, just
the title track was played. On record it’s
Afrobeaty; here it was stripped back to
rueful, penitent folk.
This was music newly minted, in the
moment, mesmerising, yet categori-
cally not po-faced. The set closed with
the whitest rap since Debbie Harry’s on
“Rapture”, done as almost a Saturday
Night Live-ish skit. “Everything I know is
small,” went the confessional encore,
but Broderick is a big talent. Little vir-
tues stack up in life, his large soul under-
stands. Whoever is booking next year’s
late-night Proms, contact his agent.
peterbroderick.net

THIS EVENING’S TELEVISION

Pick of the day

“Show Me a Hero”, said F.
Scott Fitzgerald, “and I will
write you a tragedy.” Sky
Atlantic’s new mini-series
(9pm), created by David
Simon (The Wire), uses local
politics to show ordinary
people driven by prejudice,
fear and property values
into being heroes or villains.
Superb acting — not least
from Alfred Molina (pictured)
— transforms a true story
into menacing drama. In
1987, Yonkers city resisted a
federal order to desegregate
social housing by resettling
the poor, mainly black and
Hispanic, in middle-class
white areas; cue mobs of
Nimbys and ethnic tensions.
Oscar Isaac plays the young
mayor with the restrained
tension of a young Pacino.
For integrated well-to-do
American suburbia try
Lakeview Terrace (Spike
11pm) — but there’s
something rotten in the mix.
Samuel L. Jackson’s cop
holds unpleasant surprises.
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 Trouble at the Post Office
— Panorama. John
Sweeney investigates the
prosecution of dozens of
sub-postmasters after their
computers showed that
money had gone missing.
8.00 EastEnders.
8.30 Sherlock. The brooding
detective is kept busy as
best man on John and
Mary’s wedding day. R
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 Have I Got a Bit More Old
News for You. Martin
Clunes hosts an extended
edition of the show from
December 201. R
11.20 Have I Got a Bit More Old
News for You. Alastair
Campbell hosts an
extended edition of the
show from June 201. R
6.00 Two Tribes.
6.30 Eggheads. R
7.00 Carol Klein’s Plant
Odysseys. Carol takes a
look at the history and
development of the water
lily, revealing a plant of
economic importance and
artistic inspiration. Last in
the series.
7.30 Great British Menu. The
first of the Wales heats sees
newcomers Stephen Gomes,
Adam Bannister and Phil
Carmichael prepare their
starters for the WI banquet.
8.00 University Challenge.
8.30 Only Connect.
9.00 The Scandalous Lady W.
Fact-based period drama
about an 18th-century
noblewoman who found
herself at the centre of a
public scandal after eloping
with her husband’s best
friend. Natalie Dormer stars.
10.30 Newsnight.
11.00 Weather.
11.05 Dragons’ Den. R
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 Coronation Street.
8.00 Vet School. A pug with
breathing difficulties
undergoes surgery and a
cat is treated for an
overactive thyroid.
8.30 Coronation Street.
9.00 Travel Guides. The tourists
head to the resort of Playa
de las Americas in Tenerife,
where Birmingham socialites
Riah, Reena and Keisha go
on a quest to find holiday
romance.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 Plebs.
11.10 Plebs.
11.40 The Jeremy Kyle Show
USA. The host takes his
successful talk show
stateside.
Regional variations apply
6.00 The Simpsons. R
6.30 Hollyoaks.
7.00 Channel 4 News.
8.00 Flying to the Ends of the
Earth. Arthur Williams
heads into Canada’s vast
untamed wilderness, visiting
a Native American
community in the far north
and going gold prospecting
from the air. Last in the
series.
9.00 24 Hours in Police
Custody. Detectives issue
an arrest warrant for a
man they had released
when his mother fails to
support his story that she
could provide him with an
alibi for a vicious assault.
10.00 Revenge Porn. Anna
Richardson investigates the
malicious sharing of
intimate photos of another
person without their
consent, meeting victims
and perpetrators of these
crimes.
11.00 Tattoo Fixers.

BBC3
7.00 Top Gear. 8.00 Don’t Tell
the Bride. 9.00 Meth and
Madness in Mexico: Stacey
Dooley Investigates. 10.00
EastEnders. 10.30 Russell
Howard’s Good News. 11.00
Family Guy. 11.25 Family Guy.
11.45 American Dad!
BBC4
7.00 World News Today.
7.30 Great British Railway
Journeys. 8.00 A Very British
Renaissance. 9.00 Andrew
Marr on Churchill: Blood, Sweat
and Oil Paint. 10.00 World War
Two: 1941 and the Man of Steel.
Other channels
11.30 Fifties British War Films:
Days of Glory.
Channel 5
6.30 5 News Tonight. 7.00 Police
Interceptors. 8.00 Stop!
Roadworks Ahead. 9.00 Ben
Fogle: New Lives in the Wild.
10.00 Under the Dome. 10.55
Whitney and Bobby: Addicted
to Love.
More4
6.50 The Restoration Man.
7.55 Grand Designs. 9.00 The
Supervet. 10.00 24 Hours in A&E.
11.05 Embarrassing Bodies: Live
from the Clinic.
Film4
6.15 Trainwreck Interview
Special. 6.25 Twilight. 8.50
Prometheus Interview Special.
9.00 Salt. 10.55 Killing Them
Softly.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods. 9.00
Show Me a Hero. 10.15 The Brink.
10.50 Last Week Tonight with
John Oliver. 11.25 Aquarius.
Sky Sports 1
6.00 Bournemouth: Bust to Big
Time. 7.00 Live Ford Monday
Night Football. 11.00
Bournemouth: Bust to Big Time.
Sky 1
6.00 Futurama. 6.30 The
Simpsons. 7.00 The Simpsons.
7.30 The Simpsons. 8.00
Yonderland. 8.30 The Simpsons.
9.00 Modern Family. 9.30 Modern
Family. 10.00 Glee. 11.00 Glee.
Sky Arts 1
6.00 Auction. 6.30 Great West
End Theatres. 8.00 Roland Petit’s
Carmen. 8.55 Andre Rieu: And
the Waltz Goes On.
11.55 Katherine Jenkins Live at
the O2.
14 ★ Monday 17 August 2015

Explore more sports

data analysis and
visualisation in our series
at ft.com/baseline

Smart moves
for parents of The Baseline
gifted kids Paralysis analysis: Who holds their nerve on the final day?
Unsurprisingly golfers who are Number of wins
more often in contention on the 10 Rory McIlroy
Children with aspirations of a sporting final day — within five shots of
career used to make their own way the lead — win more tourna-
8
without much help from above. This is ments, as shown in the scatter
not the modern way. Now parents are plot to the right. But who is most
expected to forget their own career and lethal in the closing stages, and 6
hobbies on the off-chance that a kid who fades away?
might make it to the big leagues or the The slope graphs below show 4
Olympics. how three golfers perform on the Jason Day
final days of tournaments. The
It is time to think of ourselves instead. 2
left hand side shows where they
So here is a parental sport-by-sport
started the day — those above
guide to help you decide which sports to the x-axis were ahead; those Jim Furyk
encourage in your offspring — for their 0
below behind — on the right
sake and yours — and which to avoid. hand side is where they finished
0 10 20 30
Football (soccer) Potential rewards sky- Number in contention
high. Odds against achieving them sky- Shots behind lead
high too. Middle-class children rarely Before and after final round
stay the course: top clubs are bound to
Major tournaments Wins Non-major tournaments Wins
find someone better in Ghana or Gabon.
Parental enjoyment in the early stages Rory McIlroy Jason Day Jim Furyk
of ambition is much reduced by
obnoxiousness of other touchline
parents. Even those who might be Chess: risk of injury non-existent, unless you combine playing with being a Russian dissident — iStock
delightful socially turn into witless
idiots either yelling repeatedly “DE-
fence, Donald J. Trump Junior High” kids can play together, which is great — rewards not obvious but child can learn
(US) or incessantly swearing at the until the day he says: “Dad, you’re very useful techniques in case of fights 8 8 8
referee (UK). slowing us down. Would you mind outside nightclubs. Slight risk of skills 6 6 6
Football (American) Jackpot also high. caddying instead?” being turned against parents during

Shots ahead
Likewise risk of brain damage to child Athletics/cycling Cheapness a plus, teenage strops. 4 4 4
and, in northern states, hypothermia to especially for runners who will only What then is the answer? I may have 2 2 2
parent. Move to Florida or find essential require new shoes every two weeks or found it. My niece’s son, nearly nine, is
business trips when the season turns so. Likelihood of aspirant turning to showing signs of being a gifted chess 0 0 0
wintry. nasty substances: enormous. player. His mother speaks very highly of -2 -2 -2

Shots behind
Football (rugby) Rewards fair, Basketball Nice and warm for the pluses of his sporting tastes.
mitigated by risk of spinal injury. Now spectators; games usually in evening The cost is low. The risk of injury is -4 -4 -4
takes itself seriously and no longer and not too long. Talented child almost non-existent unless you -6 -6 -6
guarantees young men a useful absolves parent from worrying about combine chess with being a Russian
education in drinking and dirty songs. college fees. Unfortunately, said child dissident. Possible Vitamin D deficiency -8 -8 -8
Baseball/cricket Pay fantastic in probably needs to be 6ft 7in by age 11. from being indoors can be countered by Sources: Tour-Tips.com; FT research
baseball; improving from low base in Swimming Difficult for parents in cities practising al fresco. Best of all, in
cricket. Risk of steroid use in baseball without Olympic pools. Ludicrously competition, parents do not have to BEN DAVIS are more consistently in contention
and bookmakers’ bribes in cricket. early starts required for training to watch. Indeed, they are banned from end up winning more tournaments.
Summer afternoons a plus for parents, avoid less serious swimmers and risks of doing so for fear of signalling from the Winning big events like the US PGA For Rory McIlroy, this relationship is
and it is possible to doze pleasantly, as fecal contamination. Dead boring to sidelines. Championship, which came to a close much more extreme: he converts
long as you’re alert enough to notice watch. All that’s required is a supply of good at the weekend, does not just require twice as many of these opportunities
when the prodigy is batting, or hard ball Equestrianism Cost of child’s pony, paperbacks to sustain you in the waiting three days of good golf but also hold- as his rivals.
comes in your direction. Don’t get horsebox, equipment and medication room and an ability to nod knowingly ing your nerve down the home In majors he has managed to hold
suckered into umpiring. far exceeds likely return on investment. when he explains how he mashed the straight. on to his lead, as shown by the red
Tennis Obsessiveness essential. May Failures can be blamed on uselessness of opposition with his Zukertort Opening Using data from the PGA Champi- lines in the slope charts above, while
also require moving to Florida or horse — but that means buying another or the Trompowsky Attack. Even if he onship, European Tour, and World in non-majors he has managed to
sending child there: associated risks of one. Occasional falls certain. never makes grandmaster status, he Golf Championships since August overturn big deficits to win.
neurosis and eating disorders. Parental Boxing Builds character in early stages. should be able to make a decent living. 2012, we analysed how the top 50 This is in contrast to world number
risks include being on camera Scrambles brains later. Big pay-packets Go for the chess option — and don’t let ranked golfers in the world perform four Jim Furyk, who is consistently
continually if child makes it to Centre have a habit of disappearing. your child’s sport ruin your life. on the final day of each tournament. competitive but lacks the killer
Court. Matthew Engel Martial arts Lessons take place in warm It is no surprise that golfers who instinct.
Golf Obsessiveness a given. Parents and rooms. Uniforms fetching. Financial matthew.engel@ft.com

Forecasts by
1020 G
22
24
20 15
16
1
0 Luxembourg Cloudy 17 63
18 Lyon Fair 23 73
0 Madrid Fair 30 86
18 O
2 27
29 23 Manchester Sun 20 68
21 Miami Cloudy 32 90
18 1 7 Milan Sun 29 84
20 14 Montreal Fair 31 88
21 7
17 20 Moscow Cloudy 15 59
20 2 8 Mumbai Cloudy 30 86
18 4 Munich Rain 18 64
20 30
2 New York Fair 33 91
8 Nice Sun 27 81
20 5 30 7 Paris Cloudy 21 70
30
38 Prague Thunder 22 72
8
1010 Reykjavik Drizzle 12 54
31
Rio Sun 29 84
28
Wind speed in MPH at 12 BST 4 1010 Rome Sun 28 82
Temperatures max for day˚C Wind speeds in PH 36 San Francisco Sun 26 79
Stockholm Fair 20 68
Today’s temperatures Strasbourg Cloudy 21 70
Abu Dhabi Sun 43 109 Belgrade Thunder 30 86 Copenhagen Sun 25 77 Hamburg Thunder 22 72 Sydney Sun 21 70
Amsterdam Cloudy 18 64 Berlin Shower 27 81 Delhi Cloudy 34 93 Helsinki Sun 22 72 Tokyo Thunder 30 86
Athens Sun 33 91 Brussels Cloudy 17 63 Dubai Sun 40 104 Hong Kong Fair 32 90 Toronto Fair 32 90
B’ham Fair 20 68 Budapest Thunder 27 81 Dublin Shower 18 64 Istanbul Sun 32 90 Vancouver Fair 23 73
Bangkok Fair 35 95 Buenos Aires Cloudy 17 63 Edinburgh Fair 19 66 Jersey Sun 19 66 Vienna Thunder 22 72
Barcelona Thunder 26 79 Cardiff Fair 20 68 Frankfurt Rain 16 61 Lisbon Sun 25 77 Warsaw Sun 29 84
Beijing Fair 31 88 Chicago Thunder 32 90 Geneva Cloudy 22 72 London Fair 21 70 Washington Fair 35 95
Belfast Shower 18 64 Cologne Rain 16 61 Glasgow Fair 20 68 Los Angeles Sun 28 82 Zurich Shower 20 68

ACROSS 6 Not the genuine article from

MONDAY PRIZE CROSSWORD 1 Summary is not quite accurate bankers at Zurich (6)
No. 15,011 Set by DANTE (6)
4 Something helpful that may get
7 Possibly tore in from the east
(6)
       
you into Oxford (8) 8 Almost a point too soon (6)
9 Kitchener’s formula for success? 12 A land is devastated by ancient
(6) Muslim warrior (7)
  10 Many Nazis were armed with 15 Get neither number right (3)
this (8) 16 For the returning traveller (3)
11 Many agree it’s new and in short 18 Examination on this writer I
 
supply (6) don’t know (6,2)
12 Guard dispatched one with a 19 Guard the stupid girl (8)
 half-nelson (8) 20 He’s crazy to pocket ball at end
13 Pitch of the road (3) of break (8)
  
14 Humble cleric takes me in (6) 22 It’s not just perfume that’s upset
   
17 Places drawn roughly to scale and left (6)
(7) 23 The whole country is full of
 21 Go about two (6) conservationists (6)
25 A bird that is after quiet (3) 24 False alibi initially excluded by
    26 Chinese fruit (8) Scottish magistrate (6)
 
27 Unfortunate soldier trapped in 25 I creep around and force a way
reversing vehicle (6) in (6)
28 Mocking bird with tips of tail
blue or grey (8) SOLUTION 14,999
  29 Reduced to silence when
' ( 0 ( $ 1 $ % 6 7 5 8 6 (
imprisoned (4,2) ( $ 0 $ $ 1 1
30 Chaps from Belgium are loyal 6 & 5 $ 3 ( 6 & $ 0 3 ( 5 6
  subjects (8) & . 6 0 2 ( 9 8
5 $ 6 + + $ 8 1 7 0 ( 5 (
31 From around the globe I , 0 , . $ % 1 '
ruthlessly acquire capital (6) % 5 ( $ ' : , 1 1 ( 5 6
A prize of The Good Word Guide by Martin Manser and How to ( 1 , 1 ' ( / ,
& 2 1 * 5 ( * $ 7 , 2 1
Sound Clever by Hubert van den Bergh will be awarded for the DOWN $ 0 7 $ * . 7 6
first correct solution opened. Solutions by Wednesday August 1 PM’s diary sets out high points & 5 ( : 8 6 $ * ( ) ( / 7
26, marked Monday Prize Crossword 15,011 on the envelope, to of NE African tour (8) 2 ' & 7 6 0 5 ,
5 $ , / 5 2 $ ' ' ( 7 $ , 1
the Financial Times, 1 Southwark Bridge, London SE1 9HL. Solu- 2 Cries on seeing awful climaxes 1 8 , 1 7 7 &
tion on Monday August 31. (8) 6 2 0 ( % 2 ' < 5 ( 3 ( 1 7
.......................................................................................................................................... 3 Risk including a kind of measure
............................................................................................................................................ (8) The winner’s name will be published
5 Saw distress in her cable (6) in Weekend FT on August 29
Monday 17 August 2015 ★ 15

Heady brew How the craft beer craze is going Under the microscope What is the right pricing
mainstream in the US model for drugs companies?
REPORT, PAGE 17 JONATHAN FORD, PAGE 16

Investors feel Losing its shine Hanergy Thin Film warns of first-half
loss after suspending contracts with mainland parent
FTSE chiefs
earn 183 times
the pinch as average salary
of UK workers
strong dollar MILES JOHNSON

Chief executives of Britain’s top 100

hits dividends
listed companies typically earned 183
times the salary of the average worker
last year, despite several shareholder
rebellions against large corporate pay
packets.
According to a report by the High Pay
Centre to be released today, the average
3 Weak euro hurts European figures pay for a FTSE 100 chief executive rose
to £4.96m in 2014, up from £4.12m in
3 Underlying numbers offer hope the year before.
The report shows that the salary ratio
JUDITH EVANS
between FTSE 100 leaders and a typical
where paying an income to equity inves- employee jumped from 160 times as
Global dividends have fallen year-on- tors is already deeply entrenched.” much in 2010 to 183 times in 2014.
year for the third quarter running as the Headline dividends in Europe were Wage inequality and high corporate
strength of the US dollar continued to down 14.3 per cent because of the weak- pay has attracted greater attention from
weigh on payouts. ness of the euro, but underlying growth politicians and investors since the finan-
Investors received a total of $404.9bn was 8.6 per cent, propelled by bigger cial crisis, with legislation introduced
in dividends in the second quarter, payouts from Italy, the Netherlands and to increase clarity about executive
down 6.7 per cent from a year earlier, Belgium. The quarter represents a sea- salaries.
according to figures from Henderson sonal peak for European dividends. Under rules put in place by the coali-
Global Investors. The strong dollar cut a A similar trend was seen in Japan, tion government in 2013, large compa-
record $52.2bn from the value of divi- where dividends were down 7.1 per cent nies are required to publish “single fig-
dends paid out during the three months. on the weak yen but up 16.8 per cent ure” pay numbers for their chief execu-
However, underlying dividends were on an underlying basis as payout ratios tives, as well as historical comparisons.
up 8.9 per cent year-on-year once cur- rose and earnings growth was strong. The CBI, the private employers’ asso-
rency movements, special dividends Japanese companies have faced pres- ciation, said in response to the findings
and other factors were stripped out. sure from the government and investors that it was important that shareholders
This was powered by increases in to increase from a low base the propor- in FTSE 100 companies used their votes
Europe and Japan. tion of profits they hand back to their on pay to ensure high salaries were paid
“Though the headline decline seems shareholders. to reward good management.
disappointing, it is concealing very posi- Similar pressures in South Korea “High pay is only ever justified by
tive underlying increases in dividends,” increased dividends there by an under- exceptional performance and there
said Alex Crooke, head of global equity lying 37.4 per cent. must always be a clear link between the
income at the asset manager. Meanwhile, US payouts were up two,” the CBI said. “In FTSE 100 firms
“A dividend-paying culture is extend- 10 per cent to $98.6bn in their sixth con- and beyond, it’s important that boards
ing into new markets, beyond those secutive quarter of growth. and shareholders hold the highest earn-
The rising underlying numbers ers to account. Shareholders now have a
around the world indicate that equity vote on companies’ pay policies and it is
Global dividends income investors should take a global HTF’s admission of a potential loss marks a brutal reversal for its majority owner Li Hejun — Wang Zicheng/Imaginechina important that this is used effectively.”
$bn
approach, said Mr Crooke. Last year, shareholders rejected
400 Recovering financial companies — remuneration reports at two FTSE 100
350 which account for about a quarter of all LUCY HORNBY — BEIJING less than an hour of trading. HTF, of his stake in the company. HTF is companies, Burberry and Intertek, while
MILES JOHNSON — LONDON
dividends — helped to boost the num- listed in Hong Kong, said yesterday currently under investigation by large minorities opposed pay proposals
300
bers, with companies ranging from Ger- Hanergy Thin Film, the Chinese solar that after it suspended contracts with Hong Kong’s stock market regulator, from Centrica, Ashtead, Arm and HSBC.
250 many’s Allianz to Bank of America and company whose surging value its mainland Chinese parent company which has ordered its shares to Sir Martin Sorrell, chief executive of
200
Citigroup increasing their distributions. turned its owner into China’s richest it would suffer a drop in income from remain suspended. the advertising group WPP, remained
Financial dividends were up 0.3 per billionaire, has warned it could post a these deals of 90 per cent to In January, the Financial Times the highest earning FTSE 100 chief in
150 cent, even with currency movements loss for the first half of the year. HK$200m (US$26m), potentially published an investigation into Han- 2014. One in five WPP investors voted
100 taken into account, reaching 18 months leading to a loss. ergy’s business model, which showed against Mr Sorrell’s pay in one of the
of steady increases. Having grown at breakneck speed to The admission by HTF marks a how almost all of HTF’s HK$14.8bn in largest shareholder rebellions he has
50 Henderson now forecasts total global become the world’s most valuable brutal reversal for its majority owner reported revenue since 2010 was faced as head of the company.
0 dividends of $1.16tn this year, an solar group, HTF shares have been Li Hejun, who in less than two years from sales of equipment to its parent. Sir Martin, who earned £42.9m last
Q2 Q2 Q2 Q2 Q2 Q2 Q2 upgrade of $29bn. This would represent suspended since collapsing in May, had leapfrogged entrepreneurs such The stock has come to symbolise year, is estimated to earn 810 times as
2009 10 11 12 13 14 2015 a 1.2 per cent headline decline, or a when more than half of the company’s as Alibaba’s Jack Ma to the top of the debt-funded excesses of the main- much as the average WPP employee, the
Source: Henderson Global Investors as at Jun 30, 2015
7.8 per cent underlying increase. near $40bn market value was lost in China’s rich lists because of the value land Chinese stock exchange. largest gap in the FTSE 100.

Uber to beef up its security team as it

seeks to put data safety back on course
HANNAH KUCHLER — SAN FRANCISCO breach by an unknown party. battles with taxi drivers, including
Mr Sullivan was poached from Face- clashes on the streets of Paris, and gov-
Uber, the ride-hailing service provider,
book, where he was security chief for ernments, such as New York mayor Bill
is to quadruple the size of its security
five years. He and his team are responsi- de Blasio’s failed attempt to limit the
team as it seeks to appease worries
ble for physical security, trust and safety number of Uber drivers last month.
about data privacy, defend against
— including investigating incidents with Mr Sullivan said Uber had been work-
hackers and even protect its offices and
drivers — as well as cyber security. The ing on securing data before he arrived.
employees from physical attack.
BP battles US price-fixing issues it handles are as disparate as vet- This includes assessing who has access
charges after hurricane The group, most recently valued at ting driver identities to protecting staff to customer data, for how long, and for
about $50bn, plans to end the year with attending court hearings about whether what purpose, to reduce the potential
BP is fighting charges by US regulators more than 100 staff working on secu- Uber can legally operate in certain juris- for abuse.
that traders tried to boost profits by rity, an increase from about 25. dictions. “Every company is a data company
perpetuating a distortion in crude Joe Sullivan, a former federal prose- “We can use technology to improve all now . . . The challenge is half the com-
prices after Hurricane Ike tore across cutor of cyber crime, was appointed as four areas [of responsibility] at the pany needs access to customer data
the Texas coast in 2008, knocking out security chief in April, just months after same time,” said Mr Sullivan. some of the time — it is not just cus-
much of the region’s oil and natural Uber was criticised for how it handled Mr Sullivan said Uber employees tomer support, it is marketing, engi-
gas production. data. In February, it said the personal might need protection because they neers [and] communications when they
Analysis iPAGE 16 information of about 50,000 Uber could be “polarising figures in their need to figure out what happened in an
drivers had been accessed in a data communities”. The company has faced incident,” he said.

Companies / Sectors / People

Companies
AbbVie.............................................................2
Abbott..............................................................2
Aldi...................................................................19
Allianz.............................................................15
Anheuser-Busch InBev.........................17
Arm..................................................................15
Ashtead.........................................................15
AstraZeneca..................................................2
Axa...................................................................19
BHP Billiton..................................................4
BNP Paribas...............................................16
BP.....................................................................16
Bank of America.................................15,18
Barclays .........................................................9
Baxalta...........................................................19
BlackRock.....................................................17
Burberry........................................................15
Capital One.................................................18
Carlsberg................................................17,26
Centrica.........................................................15
Chevron...........................................................4
China Central Television.......................6
Citigroup..................................................15,18
Convergex ....................................................9
Deere & Co.................................................26
Deutsche Bank..........................................16
FNZ..................................................................19
Facebook...................................................9,15
Foxconn...........................................................4
Friends Life.................................................19
GSK....................................................................2
Giesecke & Devrient...............................8
Gilead Sciences.........................................16
Glencore.......................................................26
Google...........................................................1,9
Greybull Capital........................................19
HSBC......................................................6,15,19
Hanergy Thin Film.................................15
Heineken.......................................................17
Henderson Global Investors.............15
Hewlett-Packard......................................26
Intertek..........................................................15
JPMorgan Chase......................................18
Johnson & Johnson.................................2
Lidl...................................................................19
MSCI..................................................................9
Merck...........................................................2,16
N Brown..........................................................3
Navient..........................................................18
Nestlé...............................................................4
Ocado.............................................................19
Och-Ziff.........................................................17
Paulson & Co.............................................17
Petrobras........................................................4
Procter & Gamble.....................................4
Raiffeisen.....................................................26
RateSetter....................................................19
Rio Tinto........................................................4
Roche................................................................2
SABMiller......................................................17
SNCF................................................................12
Sanofi..............................................................16
Santander.....................................................16
Shire................................................................19
Starwood Hotels & Resorts..............17
TD Bank........................................................18
Tesco...............................................................19
UBS...............................................................6,19
Uber.................................................................15
UniCredit.......................................................16
Vanguard........................................................9
Vestas............................................................26
WPP.................................................................15
Wm Morrison.............................................19
Wood Group...............................................19
Woodside........................................................4
Xinhua..............................................................6
Zopa................................................................19
Zurich..............................................................19
Sectors
Banks...........................................6,15,16,18,19
Financial Services....................................17
Food & Beverage.....................................17
Health Care.................................................16
Industrial Goods................................15,26
Insurance......................................................19
Media...........................................................6,15
Mining........................................................4,26
Oil & Gas........................................4,15,16,19
Personal & Household Goods.........15
Pharmaceuticals..............................2,16,19
Retail...............................................................19
Technology......................................1,9,15,26
Travel & Leisure....................3,12,15,17,18
People
Aron, Adam.................................................17
Bajaj, Rahul...................................................4
Brin , Sergey.................................................1
Brown, Richard............................................3
Clark, Alan...................................................17
Colette Bowe, Dame................................3
Gandhi, Sonia..............................................4
Glasenberg, Ivan.....................................26
Hantson, Ludwig.....................................19
Hart, Cees ’t...............................................26
Hejun, Li........................................................15
Keqiang, Li....................................................6
Lewis, Rhydian..........................................19
Masrani, Bharat........................................18
Modi, Narendra...........................................4
Myers, Jeff...................................................16
Och, Daniel..................................................17
Ornskov, Flemming................................19
Page, Larry.....................................................1
Paulson, John.............................................17
Perkins, Brian.............................................17
Peter Hendy, Sir.........................................3
Potts, David................................................19
Rajapaksa, Mahinda.................................4
Remondi, Jack...........................................18
Rieche, Christoph....................................19
Shaw, Nicola.................................................3
Sullivan, Joe................................................15
Watt, James.................................................17
Wickremesinghe, Ranil...........................4
Wintergerst, Ralf........................................8
Yandong, Liu................................................6

© The Financial Times Limited 2015 Week 34

16 ★ FINANCIAL TIMES Monday 17 August 2015

COMPANIES
INSIDE BUSINESS

BP fights to stem damage from ON MONDAY

Jonathan
Hurricane Ike natural gas ruling Ford

Energy group says it did not try to profit from price distortions after the 2008 disaster Pricing of life-saving
drugs is put under
GREGORY MEYER AND ED CROOKS
NEW YORK
The weekend before the Lehman Broth-
the microscope
ers collapse unleashed a financial
cyclone, a real one made landfall on the

Gulf of Mexico.
Hurricane Ike tore across the Texas
coast on September 13 2008, knocking
out much of the region’s oil and natural
gas production. Where residents saw
destruction, traders on BP’s Southeast
Gulf Texas desk recognised a “potential
windfall”, lawyers at the US Federal
Energy Regulatory Commission argue.
Sharp moves in wholesale natural
gas prices after the hurricane pushed up
the value of BP’s trading positions. And
US regulators say the traders schemed
to perpetuate the distortion.
BP argues that the charges are
“entirely without merit”. But last week
an in-house administrative judge at the
Federal Energy Regulatory Commission
(Ferc) agreed with commission staff
that the company had manipulated the
Gulf coast natural gas market in 2008.
BP was thus exposed to potential penal-
ties of tens of millions of dollars.
The putative profits from the alleged
manipulation are tiny: estimated by
Ferc at $249,000 at the most, and the
maximum potential penalty would still
be easily affordable for a company of
BP’s size. Yet BP is fighting hard, pledg-
ing to appeal against the judge’s ruling
before the full commission. If it loses
Natural gas price spread
Hurricane Ike
$ per million Btu
8.0
Henry hub
(Louisiana) 7.5
7.0
6.5
6.0
Houston Ship
Channel hub
(Texas) 5.5
Aug 2008 Nov
FT graphic Source: NGI
there, the battle is likely to head to the
federal courts.
The approach differs from the one BP
took in 2007, when it agreed to pay
$303m to settle charges of US propane
market manipulation just 16 months
after a case was filed. This time the com-
pany is refusing to come quietly.
In filings it has argued that Ferc staff
have not identified “any direct evi-
dence” to support their case. One filing
from Ferc lawyers, it added, was “equal
parts hyperbole and overwrought spec-
ulative fiction”.
For BP several factors tilt the balance
of risk in favour of fighting. One is that
this is not its only compliance concern.
In February it revealed that staff at the
Commodity Futures Trading Commis-
sion intended to recommend action
over alleged rule breaches in the use of
oil pipelines in Canada.
BP also has a reputation to protect. It
is by far the largest natural gas marketer
in the US, last year selling an average
23.7bn cubic feet of gas a day in North
America, according to Natural Gas
Intelligence.
The Ferc administrative law judge
was strongly critical of BP’s compliance
system in 2008, even as it was under the
gaze of an independent monitor
installed after the propane settlement.
BP had “failed to prevent or detect the
manipulation; its purported investiga-
tion of the traders’ behaviour was inef-
fective, biased and reflective of a culture
not geared towards compliance with
[Ferc] rules”, wrote Judge Carmen Cin-
tron. She ruled that the company had
used its strong position as a physical gas
trader to manipulate the price of swap
Recorded evidence
Telephone call central to
US government case
At the heart of the US government’s
case against BP is a recording of a
telephone call between Gradyn
Comfort, one of its senior natural gas
traders, and Clayton Luskie, a
graduate trainee who was in a panic
about his future at the company.
Although the Federal Energy
Regulatory Commission produced
other analysis to support its charges,
US regulators argue the call was
important because it shows Mr
Comfort’s “only unrehearsed attempts
to explain his trading behaviour”.
The administrative law judge
hearing the case last week agreed that
the call was damning.
BP, on the other hand, argues that it
shows nothing more than a senior
trader “busy working on other things”
being annoyed by an unexpected call
from a junior colleague.
Mr Luskie rang Mr Comfort because
he was worried about a conversation
Mr Luskie had with BP executive Jim
Parker on an assessment course. As
they chatted, Mr Luskie testified to
Ferc later, “I made some comment that
made it sound as if we traded our
physical position in order to affect
our . . . our paper position.” It was, Mr
Luskie suggested, “a stupid attempt to
impress a manager”. Mr Parker, he
went on had “a bit of . . . of a
concerned look on his face. And he
said, well, you know, that’s . . . that’s
not something we do at BP.”
Seeing that reaction, Mr Luskie said,
he “absolutely freaked out”, believing
he would now fail his assessment. “I
was confused. I was nervous. I was
scared,” he testified later.
As it turned out, Mr Luskie passed
the course. But soon after his
conversation with Mr Parker, he rang
Mr Comfort to discuss his concerns.
That call was recorded, and the
transcript shows he asked Mr Comfort:
“How would you explain our dealings
[on the Houston gas pipeline] and
with our paper position that don’t
make it sound like we’re . . .
manipulating the index?”
Mr Comfort took a sharp tone and
interrupted Mr Luskie, until the trainee
said he had “to run”. Later that day, the
two men spoke twice on their mobile
phones, which were not recorded, and
Mr Comfort “cursed and yelled” at Mr
Luskie, as US regulators put it. Mr
Comfort testified he had “reamed [Mr
Luskie] out” because he had been
“entirely unthinking” in calling.
BP points out that Mr Luskie said on
the call with Mr Comfort that it was
“not right” BP was manipulating the
market, and he has repeatedly said
since then that he did not believe any
such manipulation was taking place.
For Ferc, Mr Comfort’s reaction
showed he had no coherent alternative
explanation for BP’s trading strategy.
The judge agreed with the
commission’s staff. BP intends to fight
that conclusion through the courts.
Y
Hurricane Ike futures contracts that settle against
caused price indices, a potential abuse that is
widespread increasingly a focus of Ferc’s enforce-
damage and ment division.
power outages In the US traders exchange gas at
on the Texas pipeline junctions called hubs. After
coast in Ike hit, the gas price at the Houston
September Ship Channel hub plunged, while the
2008 benchmark US gas at Henry hub in Lou-
Mark Wilson/Getty Images
isiana did not. This suddenly inflated
the value of a BP trading position, which
profited if Houston prices were weaker
than at Henry.
Ferc lawyers argued that trader
Gradyn Comfort, with two colleagues,
sought to maintain those windfall prof-
its by funnelling physical gas to Hou-
ston, suppressing prices there. BP’s use
of a pipeline in Texas from Katy to Hou-
ston almost doubled from September to
November 2008.
“BP intentionally sold large volumes
of next-day physical gas at [Houston
Ship Channel] in a way designed to ben-
efit their corresponding short financial
positions,” Judge Cintron wrote.
Mr Comfort maintains that he has
never engaged in market manipulation
and BP says the Ferc analysis is “fatally
flawed”. Data demonstrate that BP’s
trading was “not dissimilar” to deci-
sions by other market participants in
the autumn of 2008, it says.
By Monday, September 15 Hurricane
Ike had churned past and the world out-
side Houston was transfixed by the
bankruptcy of Lehman. The financial
catastrophe helps explain BP’s trading
strategy, according to the group’s law-
yers. They say there was a “need to find
a ‘home’ for the natural gas during the
credit crunch”.
ou create a drug that cures a hitherto difficult
and expensive-to-treat killer disease. How
much should you charge for your invention?
Do you price it at a level linked in some way
to the cost of development and manufacture?
Or should you mark it up for the “value” you believe you
are offering the patient — even if that far exceeds what the
market may be able to bear? The drugs industry has little
difficulty answering this question. Increasingly it opts
aggressively for the value-based approach.
Perhaps the best example is Sovaldi, a blockbusting
treatment for the potentially fatal liver-wasting virus, hep-
atitis C. Unlike previous drugs, which have nasty side
effects and cure only one-third of patients, it eliminates
the virus in about 95 per cent of those who take a largely
uneventful 12-week regimen.
The snag is the cost. Sovaldi’s manufacturer, Gilead Sci-
ences, has set a list price for that regimen of $84,000. The
company says this is justified because it compares favour-
ably with the cost of liver transplants for patients whose
condition has degenerated into cirrhosis. But this is a last-
ditch treatment applying to only a minority of cases. More
than 3m Americans suffer
from hepatitis C, out of an
estimated 150m worldwide.
‘If Jonas Salk had
Just treating those US priced the polio
patients would cost almost
$300bn — a budget-busting
vaccine like
sum for creaking healthcare. Gilead, we’d still
Sovaldi’s price has thrilled
Wall Street, and Gilead is
have polio’
now valued at $170bn: more
than Merck, the world’s fifth-largest pharmaceutical com-
pany by sales. But it has incurred considerable odium
among the healthcare systems that must pay. Medicare
and Medicaid, two US public insurance programmes,
stumped up $6bn for Sovaldi last year (out of the drug’s
total $12bn global sales). The latter now says it has no
option but to ration access to the most serious sufferers.
Medicaid’s boss, Jeff Myers, compares Gilead’s conduct
unfavourably with those of past drug inventors. “If Jonas
Salk had priced the polio vaccine like Gilead, we’d still have
polio,” he grumbles. The economist Jeffrey Sachs is even
more scathing: “Gilead’s mark-up over costs may be close
to 1,000-to-1, probably a world record.”
Gilead isn’t alone in setting very high prices for new
“precision” drugs. Vertex, another up-and-coming
pharma group, recently launched Kalydeco, a cystic fibro-
sis pill that costs $300,000 a year. Sanofi’s Praluent, a new
cholesterol treatment, will retail at $14,600, against statins
that cost a few hundred dol-
lars a year. These prices help
to explain why the US drug
Rationing is the
bill rose 14 per cent in 2014. consequence of
Value-based pricing may
sound plausible. After all,
high drug prices.
many healthcare systems Unsurprisingly,
have some sort of accounting
measure that ascribes a cost
this is unpopular
to a life — however morally
queasy that may sound. Britain’s National Health Service
does some complicated sums to calculate “quality
adjusted life years” — the amount it might pay for an addi-
tional year of life a patient would otherwise have missed.
But it is questionable whether this is the right model to
employ. Think of the businesses where value-based mod-
els are common. Airlines use it to allocate scarce seats on
popular flights. Manufacturers of luxury goods use it to
justify prices for products out of all proportion to the cost
of production. The public accepts all this because it can
respond by walking away; by not taking that flight to Bali
or spurning that Chanel handbag. That is not the case,
however, with life-saving remedies, especially when alter-
natives are non-existent — or far less effective. Aggressive
value maximisation also sits ill with a patent system that
suppresses competition by awarding a drug company a
legal monopoly for a time to sell a drug it has discovered.
Rationing is the ultimate consequence of high drug
prices. Unsurprisingly, this is unpopular and is causing a
backlash. US politicians are seeking to pass legislation
forcing drug companies to disclose more information
about the cost of producing their high-priced remedies.
There is even talk of capping prices.
The industry argues that such caps would drive capital
out, cutting innovation and harming patients. But that is a
hard argument to sustain when companies such as Gilead
and Vertex are earning gross margins of 90 per cent and
share prices are sky high. Pharmaceutical innovation has
been one of the great successes of the past century, improv-
ing lives. But if the current dispensation is to continue, the
industry must learn to price with restraint.
jonathan.ford@ft.com

Banks

ECB doubles the time needed for ‘intrusive’ review into banks’ complicated risk models
LAURA NOONAN
The European Central Bank has quietly
given itself up to four years for an
“intrusive” review that could force the
eurozone’s biggest banks to hold even
more capital.
Having originally hoped to complete the
review of banks’ risk models in a year
or two, the ECB has set a deadline of
four years for work on the project,
according to a tender document seen by
the Financial Times.
Some experts attached to groups that
are pitching for contracts have said the
review could take even longer, because
the project is so comprehensive and
demands a huge amount of manpower.
Banks’ internal risk models deter-
mine the “risk weighted assets” that are
used to calculate capital ratios, which
are an important measure of banks’
financial strength. Lower RWAs mean
better capital ratios.
The internal models must be
approved by supervisors, but various
studies have found widespread differ-
ences in banks’ RWA models, spurring
the ECB’s vow to eliminate anomalies
among the 123 banks it began supervis-
ing last November.
One expert said there was “no way”
the work could be completed in four
years. The task was too great and much
of it had to be carried out by highly spe-
cialised staff. The 123 banks together
have more than 7,000 internal models.
“There are so many models and many
of them are complicated,” said a second
adviser, adding that firms would be
careful not to overcommit themselves
because the ECB applied financial pen-
alties for missed deadlines and there
would be huge reputational risks if a
project ran late.
“At this stage, we cannot comment on
the timeline for completion of what will
be a complex exercise.”
Harmonising supervisor’s approaches
— including to risk models — was a pri-
ority, said the ECB.
ECB: vowed to eliminate anomalies
among the 123 banks it supervises
Banks supervised by the ECB raised
more than €260bn between 2008 and
October 2014, official figures show. The
ECB’s stress tests, published in late
October, found a shortfall of €25bn
based on banks’ positions at the end of
2013, but most of this had been filled.
Not all banks’ supervised by the ECB
use internal models to calculate capital,
but the biggest names do, including
Deutsche Bank, Santander, UniCredit,
BNP Paribas and Société Géneral .
The banks most affected by the
review are likely to be those that have
aggressively used models to reduce
their RWAs and flatter capital ratios.
A banker at one large eurozone bank
said a delay would not necessarily bene-
fit the sector, even though it could post-
pone the day when institutions were
forced to report higher RWAs and
poorer capital ratios.
“There will be some areas where our
bank will go through some short-term
pain, but in the long term it will be good
[to have the review completed],” he
said, adding that as things stood inves-
tors were sceptical of banks’ RWA calcu-
lations.
The RWA review has been identified
as one of the key priorities of the single
supervisory mechanism.
Additional reporting by Claire Jones in
Frankfurt
Monday 17 August 2015
Craft brewers
poised to
refresh more
parts of the US
Artisanal products go mainstream as
they spread out from western states
SCHEHERAZADE DANESHKHU
CONSUMER INDUSTRIES EDITOR
A new craft brewery opens every 16
hours on average in the US. But in Mis-
sissippi, one opens only every four
months.
The state has the country’s lowest
number of breweries per 100,000 popu-
lation: 0.3, against Vermont, which has
8.6, the highest.
For Matthew McLaughlin, a lawyer at
Baker Donelson based in Mississippi’s
capital, Jackson, the state’s strict alcohol
regulations are a frustrating barrier to
the development of artisanal beer.
“Craft beer is turning into a conversa-
tion about economic and community
development, tourism and the creative
economy. Unfortunately for Mississippi,
it has turned into a conversation about
missed opportunities,” he says.
But that is beginning to change. In
nearby Florida, a new state law came
into effect last month that now permits
craft breweries to operate a limited
number of taprooms — beer bars —
without having to feign that they are
also promoting the state’s tourism
industry.
In the 1980s, Florida had granted an
exception to Anheuser-Busch’s brewery
at Tampa. Its Busch Gardens theme
park was allowed to sell beer to the pub-
lic, which could be taken home, as long
as it promoted tourism. Though the
loophole was intended for Busch Gar-
dens, other breweries exploited it too.
The new law also allowed the sale of
beer in 64-ounce refillable jugs. Florida
had been the only state to have a ban on
these “growlers”, that within the craft
beer industry, are considered the most
popular size.
The changes are further signs that
craft is moving from hipster fringe sec-
tor to mainstream beer market. “Craft
beer is a staple out west and is growing
across the country,” says Nielsen, the
market research group.
The craft beer sector employs
360,000 people in the US and generates
$20bn of sales, giving it a growing eco-
nomic clout that is forcing big brewers,
and the traditionally conservative
south-east states of the US, to recognise
the rise of the segment.
In the UK, which celebrated the Great
British Beer Festival last week, statisti-
cians included it for the first time this
year in the national shopping basket
used to calculate inflation.
In the US, craft beer accounts for
11 per cent of the overall beer market by
volume. Production in the first half of
this year has risen 16 per cent and craft
is on track to account for 20 per cent of
the market by volume by 2020, accord-
ing to the Brewers Association, the
industry’s trade body.
Alan Clark, chief executive of SAB-
Miller, brewer of Miller Lite, Grolsch
and Peroni, admits that the big brewers
initially ignored the sector.
“We were too slow to recognise that
the small players were ahead of the
game,” he says. “We thought the change
in tastes would be shortlived, but now
we are trying to reposition ourselves
with an increased focus and investment
on the craft sector.”
In June, SABMiller bought Meantime
Brewing Company, a UK craft brewer,
but has also developed its own craft
Travel & leisure
Hedge funds add to pressure on Starwood
STEPHEN FOLEY
Hedge funds have increased their inter-
est in Starwood Hotels & Resorts
Worldwide, raising pressure on the
owner of the Sheraton and W Hotels
chains to split or sell itself.
The company’s two largest shareholders
are now hedge funds aiming to profit
from mergers and acquisitions activity,
after Paulson & Co took a 7 per cent
stake in the second quarter.
Och-Ziff, founded by Daniel Och, has
also recently added to its holdings and
now controls 6 per cent.
The two funds have eclipsed the giant
index tracker funds which are typically
the largest shareholders in US compa-
nies and are less inclined to challenge
brands — Blue Moon and Leinenkugel
are both more than 20 years old.
Complacent big brewers had it com-
ing to them, says James Watt, co-
founder of BrewDog, which launched in
2007 and is now the UK’s biggest craft
brewer.
“Nothing had changed for 50 years —
the same industrial, lowest common
denominator, pedestrian, bland and
boring beer made by faceless, mono-
lithic mega-corporations,” he says.
“We opened up people’s eyes to taste
and flavour.”
Small breweries have soared in
number. There were 3,739 breweries as
of June 30 in the US — up from 3,464 at
the end of last year, and 97 in 1985, the
steep rise driven by a proliferation of
small and independent breweries. In
Europe, 5,665 breweries were open at
the end of 2013 — a 75 per cent increase
over five years.
Riding the craft trend, however, is not
easy for the four largest brewers —
Anheuser-Busch InBev, SABMiller,
Heineken and Carlsberg.
On the one hand, craft beer has
injected dynamism and interest into a
flat sector. Beer as a whole has been
under assault from spirits and
wine, says Bryan Roberts, director at
Kantar Retail research group. “Craft
beer has been a real fillip for total
consumption.”
Craft beer sales rose a frothy 18 per
cent in the US last year, against 0.5 per
cent for mainstream lager. But craft has
also taken market share from the big
brewers, even if mainstream beer over-
whelmingly outsells craft.
Still, the big brewers profess to wel-
come the craft trend because of its
favourable demographic features:
small-scale beer is skewed towards
‘We were too slow to
recognise the small players
were ahead of the game’
Alan Clark, SABMiller chief
executive
households with annual incomes of at
least $100,000 a year and drinkers tend
to be younger than those of mainstream
lager, according to Nielsen.
Luiz Fernando Edmond, chief sales
director, of AB InBev, the world’s biggest
brewer whose brands include Bud-
weiser, Stella Artois and Corona, says: “I
don’t see craft as a negative thing at all.
Craft can command a bigger price and
create new occasions. It sells a lot into
restaurants, into food occasions where
wine used to be more prevalent. So, this
is a big opportunity for us.”
But the big brewers themselves can be
schizophrenic in their approach to the
upstart industry, such as in February,
when AB InBev released a provocative
Super Bowl advertisement for Bud-
weiser.
Its Brewed the Hard Way ad ridiculed
“fussy” mustachioed drinkers and
showed macho Bud drinkers enjoying
themselves to a hard rock beat. “Let
them sip their peach pumpkin ale,”
sneered the ad.
Yet AB InBev had just made its fourth
craft beer acquisition in as many years,
snapping up Seattle-based Elysian
management on strategy. BlackRock,
the largest of these, holds just less than
6 per cent of the stock, according to
Bloomberg data.
Starwood has lost market share in
recent years and is conducting a strate-
gic review under an interim chief execu-
tive Adam Aron. The company
appointed the investment bank Lazard
earlier this year to examine its options, a
move that caught the attention of
“event-driven” hedge funds which look
for restructuring and takeover targets.
Och-Ziff announced it had bought a
further 1 per cent of the company last
week, while Paulson & Co — run by John
Paulson, the hedge fund manager famed
for his bet against the US housing mar-
ket in 2007 — revealed its stake in a
★ FINANCIAL TIMES 17
COMPANIES
Finding flavour across the US Separation of sellers
Restrictions hinder
small producers
The US has its own way of
distributing alcohol, established
more than 80 years ago when
Prohibition was abolished in 1933.
The three-tier system is the
industry’s version of the country’s
separation of powers. Just as the
executive, judiciary and legislature
are meant to act independently, so
alcohol producers must sell to
independent wholesalers, which in
turn deal with retailers.
The three tiers prevent any one
becoming too powerful, unlike in
the UK where pubs “tied” to
brewers have made it hard for
independent pubs to flourish.
The US system also allows a
uniform way for states to collect
tax, since distributors act as
middlemen.
Craft brewers generally support
the system since it prevents big
brewers from exploiting their size,
especially with retailers where they
could hog shelf space for their own
products by paying for marketing
and promotions.
The downside is that the strict
separation means craft breweries
cannot sell beer or set up a
taproom for tastings.
The industry argues that small
breweries need this access to the
market until they can prove
themselves to distributors that
might be wary of signing up very
small producers.
Most states interpret the three-
tier rules with some degree of slack
and for craft breweries, this usually
means they are allowed a limited
amount of on-site sales.
But as Bart Watson, chief
Quenching demand: US breweries have soared in number, to more than 3,700 at the end of June — Helen Richardson/ The Denver Post economist at the Brewers
Association, which represents the
craft beer industry, says: “The
US thirst for craft beer Number of US breweries US beer sales south-east is a part of the country
Production (m barrels) Total 2014 (%) where it’s most typical
to have regulations that small
Contract Non-craft breweries 3500 Craft Imports brewers like least. It’s an obstacle to
25
Brewpubs Craft breweries growth.”
Microbreweries
20
3000 Matthew McLaughlin, a lawyer at
Regional 11.1 Mississippi-based Baker Donelson,
2500 explained: “Going to a brewery for a
15
2000 14.9 tour and then the taproom or the
shop to pick up some beers — a lot
10 of states in the south-east don’t
1500
Domestic allow that.”
5 1000 Wherever the law is relaxed, “the
74.0
reform has played a critical role in
0 500 the development of the craft beer
200405 06 07 08 09 10 11 12 13 14 1994 2000 05 10 14 segment”, he says.
Source: Brewers Association
Scheherazade Daneshkhu
Brewing, which counts pumpkin ale
among its brews.
Brian Perkins, Budweiser’s vice-
president, brushed off the controversy,
saying: “The prevailing discourse in
beer is that small must be good, and big
must be bad. We don’t accept that.”
Nevertheless, a big company brewing
craft beers is a contradiction in terms
for many craft drinkers and some indus-
try bodies, which exclude such beers
from their craft data.
There is little doubt, however, that big
brewers will continue to buy up craft
producers, says Danelle Kosmal, vice-
president of beverages at Nielsen.
She notes that though many consum-
ers define craft beer as produced by
small independent brewers or in small
batches, this does not appear to stop
them buying “craft” even when it’s pro-
duced by a big brewer.
“Those brands acquired by big brew-
ers are still growing. In some cases, the
consumer doesn’t know it’s produced by
a big brewer; in others they don’t mind
so long as the taste doesn’t change,” she
says.
Meanwhile back in Mississippi, Mr
McLaughlin was this month invited by
the state’s Economic Development
Council to chair a session at its annual
conference on expanding the craft beer
industry.
“I am immensely grateful that the
conversation is being had — it has taken
many years of hard work to make craft
beer relevant in Mississippi,” he says.
Legal Notices Contracts & Tenders
quarterly regulatory filing on Friday
night. Starwood declined to comment
on its shareholders.
Mr Paulson has an extensive history
pushing restructuring in the hotels
industry. His fund was part of a consor-
tium which bought Extended Stay out of
bankruptcy in 2010 and also controlled
MSR Hotels and Resorts, a group of lux- Business For Sale
ury resorts.
Paulson & Co did not elaborate on its
intentions with Starwood.
Its emergence on the Starwood share
register comes at a time of increased
activity by hedge fund managers in the
hotels sector, driven by hopes for con-
solidation and restructuring of property
portfolios that could unlock cash to be
returned to shareholders.
18 ★ FINANCIAL TIMES Monday 17 August 2015

COMPANIES

Financial services Airlines

Anxiety on rise
over US student
debt securities
Credit downgrades could from Deutsche Bank analysts. The shift
in sentiment is centred on bonds backed
spur investor exit despite by student loans from the Federal Fam-
minimal chance of losses ily Education Loan Program. In addition
to placing $37bn of FFELP loan-backed
JOE RENNISON — NEW YORK bonds on review for downgrade earlier
this year, Moody’s last month revealed
A chunk of the normally placid US stu- proposals to amend its methodology for
dent loan-backed bond market is under assessing such bonds, seeking to take
rising pressure as investors gird them- account of lower repayment rates.
selves for a possible downgrade to junk Investors are now focused on the Sep-
by the big rating agencies. tember 7 deadline for comments on
This staid corner of the bond universe Moody’s proposed rule changes. The
has long attracted investors with a low final decision will probably affect the
tolerance for risk. Despite minimal severity of downgrades.
expectation of losses — as the underly- The methodology review has been Preparing for take-off: today’s flight from Yangon to Singapore is the first step in the flag-carrier’s planned expansion to four more cities in the region — AFP
ing loans are backed by the US govern- triggered by greater adoption of
ment — sharp downgrades could spur income-based repayments on the
an exit from the sector by investors
banned from buying low-rated debt.
The US student loan market has
underlying loans, allowing people to pay
down debts more slowly. In many cases
it means that the loan will not be repaid
Myanmar state airline spreads its wings in SE Asia
expanded significantly in recent years, before the maturity of the bond, leading
driven by rising tuition costs and a cla- to default, even if the US government
mour for a university education by mil- will ultimately make good the loan. MICHAEL PEEL — BANGKOK The Yangon-to-Singapore flight is the cent of global passenger traffic originat- face similar challenges, according to
PEGGY HOLLINGER — LONDON
lennials after the financial crisis. “One thing markets hate more than first step in a planned expansion to four ing from or arriving in the region by Brendan Sobie, a Capa analyst. “Foreign
Total US student debt has trebled over anything else is uncertainty,” said Jack The state-owned airline of Myanmar more cities in the Asia-Pacific region by 2033, according to the Airbus Global carriers have an inherent advantage in
the past decade to almost $1.2tn, Remondi, chief executive of Navient, a is to expand internationally for the next year. Market forecast — but the established almost every potential market as they
according to the New York Federal student loan servicing company. “Not first time, propelling the fast-opening MNA’s revamp follows the military airlines have a head-start on the Myan- are able to offer connections beyond
Reserve, sparking concerns that this knowing how this issue will be resolved market of the former dictatorship into junta’s decision to step down in 2011 mar carrier. their hubs,” he said.
constitutes a long-term threat to con- is the real driver.” the bruising Southeast Asian aviation after almost 50 years in power, opening The route chosen by MNA to launch Myanmar’s emergence from decades
sumer spending by a core segment of the Loan servicers that manage the col- sector. the way to greater foreign investment its expansion plans is highly competi- of isolation sparked a boom in air travel,
population and a drag on US growth. lection of repayments and pass them and a loosening of western economic tive already. Total capacity between but that also appears to be softening.
Slower repayment on some student through to investors are seeking ways to Myanmar National Airlines is due to sanctions. Myanmar and Singapore has grown Passenger traffic has risen at least 20 per
loans has triggered credit rating reviews mitigate the problem, including buying launch its maiden flight to Singapore The ministry of transport had 50 per cent over the past three years, cent a year since 2010, according to
by Moody’s and Fitch on $37bn and some of the underlying loans them- today, the latest phase of a makeover in invested $37m in MNA, allowing it to according to the Capa Centre for Avia- Capa, but the pace has diminished this
$8bn of student loan-backed bonds selves to speed up repayment rates. which the company has revamped its acquire 16 new aircraft and work with tion consultancy. year as initial excitement about the
respectively. FFELP-backed bonds are a declining routes, aircraft and even uniforms. Avia Solutions, a UK aviation consul- Golden Myanmar, established in 2012 country abated.
The average difference between the subset of student loans, with about Analysts say the expansion will be a tancy, the carrier said. It would publish as the country’s first low-cost airline, Some analysts see MNA’s strategy less
yield of triple A-rated student loan $170bn outstanding, after the govern- big test for the fledgling regional carrier, financial statements and was “on track withdrew from the Singapore route as a commercial proposition than a
bonds in a JPMorgan index and Libor, a ment ended the FFELP programme in as fast growth in travel from China to become profitable . . . in a short barely a year after launching it. reflection of government ambitions to
common interest rate benchmark, has 2010 in favour of direct lending. draws competition. space of time”, it added. Myanmar Airways International has create a flagship to promote the country
almost doubled over the past month to Navient, the largest FFELP asset- “It is going to be a tough challenge,” But plans to expand beyond its 26 also scaled back capacity, unable to fill abroad. Asked about its approach to
100 basis points for five-year paper. backed securities servicer, has already said John Grant, executive vice-presi- domestic routes appear challenging aircraft, and routes that it launched to rivals from neighbouring countries,
The souring sentiment is weighing on repurchased $428m of loans in addition dent of OAG, an aviation data provider. when set against the wider industry, Osaka and Seoul were shortlived amid MNA said it was “not a question of beat-
the broader market, with bonds not on to buying the final $212m from five “They will come up against global according to sector experts. tough competition. ing competition”. Instead, it would
rating watch trading close to prices not deals, leading to full repayment on the brands that are well established. They Asia-Pacific is the fastest-growing avi- MNA plans a second stage of expan- “deliver a unique Myanmar experience
seen since July 2009, according to data bonds. will have to struggle to get recognition.” ation market in the world — with 40 per sion into north Asia, which is likely to that no other airline can offer”.

Trading Directory
Banks. Retail networks

TD bucks industry trend and

increases US branch count
Toronto-based lender has
more outlets in New York city
than Bank of America
BEN MCLANNAHAN — NEW YORK
If you are idling away time in a TD Bank
branch, try throwing some change in the
free TD coin-counter. If your children
are nagging, let them play on the juke-
box-like quiz machine. If your dog fidg-
ets, toss it a TD biscuit.
It is all part of the service at TD, a
Toronto-based lender that is still a big
believer in bricks and mortar. In the 12
months to the end of April, TD opened
more branches across the US than it
closed, defying an industry trend.
Across the five boroughs of New York
city, the lender with C$1tn ($760bn) in
assets recently eclipsed Bank of Amer-
ica by branch count — a strategic goal it
had set at its annual meeting in 2012 —
and is closing in on the top three of
Chase, Citigroup and Capital One.
“The physical presence continues to
be central to our customers’ needs in
many ways,” says chief executive Bharat
Masrani, during an interview in the flag-
ship branch opposite Sony’s headquar-
ters on Madison Avenue.
He is aiming to provide an “omni-
channel experience”, where a person
could start a loan application in the
morning on an iPad, pick it up again on
an iPhone on the train, then close the
deal in a branch at lunchtime. “How can
we make that experience seamless?” Mr
Masrani asks.
TD’s belief in the branch is not unu-
sual in the US. Unlike in the UK and
parts of Europe, where banks have
spent years slimming down networks,
US banks have tried to “put branches on
every street corner”, says David Haber,
chief executive of Bond Street, an online
lender to small businesses.
Only recently has the tide turned.
Data from the Federal Deposit Insur-
ance Corporation shows a fall in the
Trading Directory total US branch-count every year since a
peak of 99,550 in 2009, dropping to
94,725 as of June 2014.
FT BUSINESS
However, for many of the big banks,
Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services, the pace of closures is picking up.
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300 branches in the process. Citi
reduced its US branch count by 7 per
cent in the 12 months to June. It is
focused on six cities, down from 14, and
has pulled out of markets including Dal-
las and Houston.
Analysts say some lenders are eyeing
a gradual return to more normal mone-
tary policy from the US Federal Reserve,
which could catch banks with big
branch networks on the hop.
“We suspect that when rates do rise,
technology will allow depositors to
move their money to high interest rate
accounts with a speed never before
seen,” wrote Frederick Cannon, global
director of research at Keefe, Bruyette &
Woods, in a recent report.
Bob Meara, a senior analyst at Celent
In quest to provide an
‘omni-channel experience
. . . the physical presence
continues to be central’
Bharat Masrani, TD chief
in New York, says pressure from share-
holders for higher returns should result
in faster shrinkage of costly branch net-
works. “There’s no two ways around it —
banks do not need the densities they
used to. The scales will have to tip.”
Mr Masrani, whose rise to chief exec-
utive last November capped a 35-year
career with TD, does not worry that his
network-building puts him out of step
with the industry. With 1,302 US
branches in April — a slight increase
from 1,297 a year earlier — TD is still
10th by total branch count, well behind
the likes of Chase, with 5,504.
He sees plenty of scope for “optimisa-
TD is experimenting with ‘teller-less’ banks — Norm Betts/Bloomberg
tion” of TD’s US network, however,
which after acquisitions in 2004 and
2008 stretches down the East Coast,
from Maine to Florida. The bank is
experimenting with “five, six or seven”
formats for its branches, Mr Masrani
says, up from one or two a few years ago.
In Baltimore TD recently opened its
first teller-less outlet, about a third
smaller than the previous default size.
The branch has three high-tech cash
machines and a handful of “financial
services associates” to help customers
work them.
The important thing is to “wow” the
customer, says Mr Masrani, 59, who ran
the bank’s divisions in India and Europe
before overseeing its US expansion.
Every new employee does at least one
course at TD University, a purpose-built
campus in Mt Laurel, New Jersey, to
learn the TD way. All staff are encour-
aged to use the phrase, “TD Bank,
America’s most convenient bank” like a
mantra. (The chief executive does so
himself about half a dozen times during
the interview.)
The openings will continue. When it
cut the ribbon last month on a new
branch on the corner of Grand St and
Allen St on Manhattan’s Lower East
Side, TD brought its New York branch
tally to 127. It has committed to opening
a further 10 by the end of the year, while
perhaps consolidating a few existing
branches.
“We may build a new location and
bring business to that location [instead
of an existing one] if there is a better
look and feel to it, and it has better tech-
nology,” says Mr Masrani. “But that
doesn’t mean we are not committed to
our physical presence, because that is
central to what we do.”
Monday 17 August 2015
Pharmaceuticals
Shire presses Baxalta to open its books
Drugmaker wants to see
accounts before raising
$30bn takeover offer
ANDREW WARD AND ARASH MASSOUDI
Shire is stepping up pressure on Baxalta
to open its books before the UK-listed
drugmaker will consider making a
higher offer as it tries to break the dead-
lock over its $30bn takeover proposal.
Flemming Ornskov, chief executive,
has spent much of the past two weeks
pressing Shire’s case and thinks Baxalta
shareholders are open to a deal, accord-
ing to people close to the company. Shire
UK alternative finance providers eye Asian markets
Britain’s purpose-built
regulations provide a potential
blueprint for bigger markets
EMMA DUNKLEY
Asia is being targeted as the next big
growth area by providers of alternative
finance in the UK, in spite of mounting
concerns over the number of companies
going bust and a lack of regulation.
RateSetter, a peer-to-peer platform,
and small-business lender Iwoca were
among a cohort of “fin-tech” companies
that accompanied David Cameron, the
UK prime minister, on a trade and for-
eign policy mission to Asia last month.
The trip revealed the huge growth
opportunity in the region for developing
sources of alternative finance, filling a
gap created by a lack of efficient bank-
ing services for individuals and small
businesses, according to some chief
executives on the trip.
Rhydian Lewis, co-founder and chief
executive of RateSetter, said: “These
countries haven’t built out banking
infrastructure, so there’s a massive
‘It’s only a matter of time
before these markets
catch up and become
attractive for us’
opportunity for them to skip a genera-
tion, leapfrog, go online and adopt new
forms of finance. A lot of lending in Asia
is conducted outside of the banking sys-
tem, down backstreets, between fami-
lies — it’s already peer-to-peer.”
Christoph Rieche, his counterpart at
Iwoca, said the trip highlighted the fact
that countries in Asia were experiencing
fast-growing consumer and small busi-
ness segments.
“The opportunity for us is to under-
stand how to position early in that part
of the world,” he said. “The fast disper-
sion of mobile phones — and with it
comes digital data — means it’s only a
matter of time before these markets
catch up and become attractive for us.”
Giles Andrews, chief executive of
Zopa, which pioneered peer-to-peer
lending 10 years ago, hinted his group
might look to Asia for future expansion.
“We’re evaluating launching new loan
products in the UK or launching similar
products in other countries. I think the
interesting markets in the world are a
long way east or west,” he said.
But the lack of regulation of alterna-
tive finance, especially P2P lending, is a
big risk when it comes to launching in
the region or even establishing partner-
ships. “It’s the ‘Wild East’,” said Mr
Lewis. “It’s not regulated, people are los-
ing money, and platforms are going out
of business.”
P2P, pioneered in the UK in 2005,
allows individuals to lend directly to
borrowers online, providing a lower-
Retail
Morrison close to selling convenience stores
MURAD AHMED AND ANDREA FELSTED
Wm Morrison, the supermarket chain,
is in advanced talks to sell its high
street convenience stores to the invest-
ment group Greybull Capital as it re-
focuses on supermarkets.
People familiar with the matter said
Morrison was in exclusive negotiations
with an industry group led by Greybull,
the turnround specialist that led the
takeover of travel business Monarch
last year.
A sale would result in the Greybull-led
group taking control of the 150-odd
stores that trade under the M Local
brand. But it remains unclear how much
has not ruled out increasing its offer —
which was worth $45.23 a share when
the all-paper proposal was made public
this month — but it wants access to the
US drug group’s accounts first.
Baxalta, for its part, has continued to
argue that Shire’s “lowball” opening
shot is not a realistic basis for negotia-
tion. Ludwig Hantson, chief executive,
has said he is “not entrenched or
intransigent” but people close to Bax-
alta say a higher offer is needed for talks
to begin.
This has created a stand-off over a
deal that, if consummated, would create
one of the world’s biggest makers of rare
disease drugs and catapult Shire close to
P2P lending. Overseas growth
Giles Andrews, chief executive of Zopa, which pioneered peer-to-peer lending 10 years ago, hints his group might look to Asia for expansion
Flexible investments
Lenders widen access
for investors after tie-up
Investors will be able to access peer-
to-peer lending through their wealth
management platforms for the first
time following a tie-up between
technology company FNZ and
RateSetter, a P2P lender.
From early next year, FNZ-powered
platforms, including those provided by
HSBC, Axa, Zurich, Friends Life and
UBS, as well as many UK independent
financial advisers, will be able to offer
investors four RateSetter products.
P2P lending has grown rapidly in
the past decade as companies and
individuals seek to bypass bank
funding. Overall, the UK’s P2P lending
industry has provided £4.1bn in loans
since its emergence in 2005, according
to the Liberum AltFi Returns Index.
Providers hope to target a
broader range of investors. George
Osborne, the chancellor, recently set
out plans for the 2016 launch of the
Innovative Finance Isa, designed to
allow tax-free interest on P2P
investments within individual savings
accounts.
For investors, the partnership
the takeover group will pay for the
stores, and whether the deal will result
in job cuts or closures.
This is a delicate time for Britain’s
fourth-largest supermarket chain by
sales, which is working on its own turn-
round. A sale will be among the first big
decisions made by chief executive David
Potts, the former Tesco executive, who
took over in February.
He has signalled price cuts as a prior-
ity over expansion, as the company
faces intense competition from no-frills
discounters Aldi and Lidl, and from the
refocused Tesco. Another priority will
be the fate of the supermarket group’s
tie-up with Ocado.
★ FINANCIAL TIMES
COMPANIES
the top-20 of global pharmaceuticals
groups. Shire remains optimistic, how-
ever, and people close to Baxalta indi-
cate that the US company is not implac-
ably opposed to a deal.
The Dublin-based group says the tar-
get’s shareholders are convinced of the
proposal’s industrial logic, but Baxalta is
equally confident that it has the backing
to refuse to enter talks in the absence of
a higher offer.
A hostile bid would be difficult given a
“poison pill” and other defences put in
place by Baxalta. Shire’s options are also
limited by its inability to sweeten the
proposal with cash, because to do so
would risk tax penalties related to Bax-
between FNZ and RateSetter will allow
them to manage all of their
investments in one place. Products
range from a one-month investment
with an annualised rate of return of 3.3
per cent, to a five-year term with a 5.9
per cent annualised return. Fees will
be charged as either a proportion of
the interest earned or through a
standard arrangement with clients.
Yet in spite of P2P’s growing
popularity, many financial advisers
remain wary of what they see as a
high-risk investment.
Jason Hollands, managing director
of Tilney Bestinvest, said there was
nascent interest from clients, but
added: “It’s fairly marginal at the
moment, as it tends to be a different
pool of people who have embraced
these alternative sources of finance.”
Colin Hodges, head of investor
operations at RateSetter, said he
recognised it would be a battle to
convince platforms and the
independent financial adviser
community of the industry’s merits.
“Until now, peer-to-peer lending has
not been an easy asset class for IFAs
and those using investment platforms
to access,” he said. “So it’s no surprise
that demand has been slow to
develop.” Hugo Greenhalgh
Mr Potts replaced Dalton Philips, who
in his five-year tenure presided over a
halving of pre-tax profits, a slump in
sales, management changes and a suc-
cession of strategic U-turns.
Mr Philips led the business into online
operations and its convenience stores,
but one industry insider said the high
street stores were “losing a packet”
because of “monster rents on suburban
high streets”.
Reports in the Daily Telegraph, which
first revealed news of the talks with
Greybull, suggested that the M Local
stores generated between £250m and
£350m, and made a small profit.
Greybull declined to comment.
alta’s recent spin-off from Baxter, the US
medical group.
At the same time Shire is constrained
by the wariness of its own shareholders
over the dilution of stock from an all-
paper deal. Shire shares are down 10 per
cent since the approach was announced.
That drop was from a record peak, how-
ever, and the share price is still nearly
three higher than when Mr Ornskov
took over in 2013.
Baxalta has accused Shire of oppor-
tunism by pouncing on it immediately
after its separation from Baxter last
month and before it could prove its
potential as a standalone company. Peo-
ple close to Shire say Baxalta had been
cost, quicker route than high street
banks. The platforms are also dubbed
marketplace investing, and have
branched out into facilitating loans to
companies from institutional investors
such as hedge funds.
In the UK the sector is undergoing a
process of authorisation by the Finan-
cial Conduct Authority, and platforms
must comply with standards designed
to protect consumers. These include
segregating customer assets, having res-
olution plans in place in case a platform
collapses, and ensuring consumers can
properly decide whether an investment
is right for them.
But while the UK has a regulatory
framework purpose-built for P2P, other
jurisdictions have not, rendering the
British market a potential blueprint.
The tough UK rules sought to avoid
incidents of customer money loss and
fraud, which had happened in the Chi-
nese market, said Gillian Roche-Saun-
ders, head of venture finance at Bovill, a
regulatory consultancy.
Although the US market is regulated,
experts say existing legislation was
extended to cover the sector, leading to
“clunky” rules. “The UK is leading the
way in regulation,” said James Meek-
ings, co-founder of Funding Circle.
“There are challenges in the US as regu-
lation is complex; whereas the UK cre-
ated an entirely new framework.”
Oil & gas
Wood expected to reveal 10% headcount cut
JAMES WILSON
Wood Group is expected to reveal this
week that it has cut headcount by more
than 10 per cent during the first half of
the year, as the oilfield services group
reacts to a global industry downturn.
The UK company has already told inves-
tors its financial performance in the first
six months was worse than in 2014.
Brent crude oil has more than halved
in 12 months to less than $50 a barrel,
causing mounting stress for many pro-
ducers and their suppliers.
Wood, which is set to announce
interim financial results tomorrow, has
been stepping up cost-cutting efforts,
on its radar for more than a year.
With its official headquarters in Ire-
land, Shire would be able to lower Bax-
alta’s tax bill sharply. However, Mr Orn-
skov has insisted the main rationale
behind the proposal is strategic.
Baxalta, based in Illinois, makes drugs
for blood disorders and rare cancers. Mr
Ornskov wants to move Shire beyond its
best-selling treatment for attention
deficit hyperactivity disorder into high-
margin niche drugs. Therapies for rare
conditions such as Hunter syndrome
and Fabry disease accounted for 40 per
cent of Shire’s $6bn of revenues last year
and make up 75 per cent of its research
and development pipeline.
According to Mr Andrews, other
regions are willing to learn from the UK.
“China is widely publicised as the largest
P2P market in the world. I was asked to
address a group of Chinese regulators a
year ago and they were really interested
in understanding how UK regulators
approached the sector.”
Morgan Stanley analysts said there
was “significant potential for P2P lend-
ing” in China, but noted the market was
fragmented, with in excess of 1,500 pro-
viders. More than 900 platforms were
established last year alone. The unful-
filled credit needs of small businesses
and consumers had created “natural
fertile ground” for P2P to flourish, the
analysts added. Cormac Leech, an ana-
lyst at Liberum, said the Chinese market
was “five to six times bigger than the
US” by annual loan volume. “Part of the
reason it’s so big is that the banking sys-
tem is dysfunctional in giving a good
return on capital. Focusing on US and
UK is missing the big picture. There’s
more demand in China.”
But, 367 platforms had failed by the
end of last year, according to the Morgan
Stanley analysts.
“Although there’s hyper-growth in
China,” said Mr Meekings, “there are
clear risks involved, such as credit
issues and platforms not being able to
originate enough loans.”
Additional reporting by Judith Evans
telling shareholders in June its strategy
was “delivering savings significantly in
excess of original targets”.
At the start of the year it employed
about 41,000 staff worldwide. People
familiar with the company say this has
been reduced by more than 4,000.
Temporary contractors are expected
to account for a large share of jobs shed.
About 32,000 of the workforce are
employees, and the rest are contractors.
Wood is expected to say workforce
numbers regularly change and it is still
looking to recruit for some projects. The
cuts were first reported by the Sunday
Times. Wood declined to comment.
The jobs outlook will be keenly
19
Support services
Boom in
M&A work
spurs record
borrowing by
UK law firms
LINDSAY FORTADO
LEGAL CORRESPONDENT
UK law firms are borrowing record
sums to fund expansion, retain key
lawyers and invest in technology,
spurred by the influx of work created
by a boom in mergers and acquisitions.
Lending by banks to law firms has
increased to £7.4bn, a 28 per cent jump
since 2010, when the financial crisis
forced firms to fire staff and slash rates
as they competed for fewer mandates.
“After some very difficult years . . . ,
when lenders were very wary of their
exposure to the legal profession, it’s
encouraging to see law firms able to
access the funding they need to invest
and grow,” said Peter Alderson, manag-
ing director of LDF, the finance provider
that conducted research on the topic.
The figures are a “sharp turnround
from the recession”, when law firms
struggled to find banks that would lend
to them, according to LDF. During that
period some firms turned to their part-
ners for funding by temporarily halting
periodic profit payments.
Law firms are generally seen as a safe
asset class for banks to lend to, but sev-
eral US firms collapsed during the crisis.
One firm, New York-based Dewey &
LeBoeuf, had expanded rapidly since its
creation in a 2007 merger, luring high-
‘It’s encouraging to see
law firms able to access
the funding they need
to invest and grow’
profile partners with multimillion-dol-
lar guarantees. Dewey filed for Chapter
11 bankruptcy protection in June 2012
with liabilities of $315m, and three
former executives have gone on trial in
New York, accused of conspiring to hide
the true nature of the firm’s finances
from its banks and other creditors. Bar-
clays had $56m of outstanding loans to
the 220 partners of Dewey at the time of
the firm’s collapse.
The type of work that keeps top law
firms busy is often cyclical: deal work
rises when the economy improves,
while restructuring, litigation and
investigations advice helps during
downturns. In the past year, many firms
have benefited from a rise in mergers
and acquisitions; regulatory work and
arbitration has also remained high.
British law firms reported solid finan-
cial results this year, and many appear
to be growing. Allen & Overy, which
reported the biggest profit-per-equity-
partner jump of the “magic circle”
firms, has opened offices in Barcelona,
Johannesburg and Toronto in the past
couple of years, and South Korea could
be next. Taylor Wessing opened two US
offices last year, in Palo Alto and New
York; Pinsent Masons opened in Sydney
and Melbourne; and Clyde & Co
expanded to Dubai and Qatar.
Many top firms also boosted associate
pay this year in an effort to recruit and
retain top lawyers and compete with US
law firms, most of which pay more.
In announcing financial results, man-
aging partners cited technology
improvements as a key investment for
the coming year. Borrowing is still the
most common way for law firms to get
extra funding but the Legal Services Act,
which took effect in 2011, allows firms in
the UK to accept outside investment.
Gately, based in Birmingham, became
the first British law firm to float when it
went public this year. It plans to use the
money raised to hire more lawyers or
expand geographically and by practice
area, by acquiring businesses that offer
complementary services; some of the
money will be used to aid staff retention.
Additional reporting by Jane Croft
watched in Scotland. Wood began to
respond to the oil price downturn late
last year when it cut pay rates for North
Sea contractors and froze some salaries.
Cheaper oil has put particular pres-
sure on the North Sea, with its ageing
and declining fields.
Of Woods’ global headcount about
12,000 work in the UK, where about
1,000 jobs are expected to have been
shed in the first half of the year.
Wood said in its most recent update it
still expected earnings in line with ana-
lyst estimates. It confirmed plans for
double-digit dividend increases. The
shares have fallen more than a fifth
since May.
20 ★ FINANCIAL TIMES Monday 17 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 $

-0.27% -0.13% -0.37% -0.12% -0.180% -0.121% -0.280% -0.28%

0.39% 0.29% 0.40% 0.12% 0.193% 0.13%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jul 15 - Aug 14 Index All World Jul 15 - Aug 14 Index All World Jul 15 - Aug 14 Index All World Jul 15 - Aug 14 Index All World Jul 15 - Aug 14 Index All World Jul 15 - Aug 14 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
6,796.45 11,716.76
2,124.29 14,662.28 2,087.89
20,463.33 20,519.45
2,091.54 14,277.88
6,550.74 10,985.14 1,983.46
Day 0.39% Month -0.38% Year 7.44% Day 0.28% Month -2.20% Year -6.63% Day -0.27% Month -2.85% Year -1.86% Day -0.27% Month -4.62% Year 19.08% Day -0.37% Month 2.14% Year 34.88% Day 0.40% Month -2.35% Year -2.84%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,608.71 11,510.60 25,162.78
5,163.18 45,344.90 3,279.88
5,048.24 1,528.15 10,879.30 23,991.03 3,114.25
43,746.72
Day 0.29% Month -0.46% Year 13.85% Day -0.28% Month -3.08% Year -2.34% Day -0.13% Month -3.22% Year 15.07% Day -0.63% Month -3.07% Year 5.58% Day -0.12% Month -4.89% Year -3.61% Day 0.73% Month -5.95% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
18,120.25 53,069.75 28,446.12
5,121.50 23,783.14 3,965.33
3,823.18 28,067.31
17,477.40 4,956.47 23,248.52
47,508.41
Day 0.40% Month -2.78% Year 4.96% Day -1.04% Month -10.76% Year -14.83% Day -0.61% Month -0.83% Year 18.16% Day -0.46% Month 0.65% Year 19.34% Day 0.28% Month -0.13% Year 78.39% Day 1.44% Month 0.38% Year 8.29%

Country Index Aug 14 Aug 13 Country Index Aug 14 Aug 13 Country Index Aug 14 Aug 13 Country Index Aug 14 Aug 13 Country Index Aug 14 Aug 13 Country Index Aug 14 Aug 13
Argentina Merval 11452.99 11674.88 Cyprus CSE M&P Gen 79.66 79.78 Italy FTSE Italia All-Share 24940.87 25037.02 Philippines Manila Comp 7408.44 7439.80 Taiwan Weighted Pr 8305.64 8311.74 Cross-Border DJ Global Titans ($) 237.59 237.22
Australia All Ordinaries 5360.00 5389.00 Czech RepublicPX 1025.17 1027.53 FTSE Italia Mid Cap 34621.96 34584.07 Poland Wig 52566.45 52995.96 Thailand Bangkok SET 1413.92 1404.15 Euro Stoxx 50 (Eur) 3491.03 3516.15
S&P/ASX 200 5356.50 5387.90 Denmark OMXC Copenahgen 20 997.56 989.01 FTSE MIB 23248.52 23356.01 Portugal PSI 20 5560.84 5565.81 Turkey BIST 100 77085.50 78174.81 Euronext 100 ID 960.30 966.40
S&P/ASX 200 Res 2987.80 3050.50 Egypt EGX 30 7879.82 7911.88 Japan 2nd Section 4993.60 4965.52 PSI General 2557.71 2558.03 UAE Abu Dhabi General Index 4730.27 4765.76 FTSE 4Good Global ($) 5639.38 5635.73
Austria ATX 2453.60 2452.84 Estonia OMX Tallinn 911.45 903.82 Nikkei 225 20519.45 20595.55 Romania BET Index 7495.59 7506.67 UK FT 30 2888.90 2891.80 FTSE All World 277.43 277.09
Belgium BEL 20 3648.08 3672.35 Finland OMX Helsinki General 8523.29 8528.07 S&P Topix 150 1386.50 1390.16 Russia Micex Index 1712.47 1704.11 FTSE 100 6550.74 6568.33 FTSE E300 1528.15 1530.17
BEL Mid 5845.74 5868.06 France CAC 40 4956.47 4986.85 Topix 1664.46 1667.95 RTX 835.17 828.93 FTSE 4Good UK 5949.87 5959.50 FTSE Eurotop 100 3048.74 3055.00
Brazil Bovespa 47508.41 48009.57 SBF 120 3891.97 3908.96 Jordan Amman SE 2106.02 2098.26 Saudi-Arabia TADAWUL All Share Index 8683.74 8708.31 FTSE All Share 3587.17 3593.90 FTSE Global 100 ($) 1336.93 1335.08
Canada S&P/TSX 60 842.16 839.42 Germany M-DAX 20709.98 20629.39 Kenya NSE 20 4496.23 4495.52 Singapore FTSE Straits Times 3114.25 3091.78 FTSE techMARK 100 3843.31 3843.16 FTSE Gold Min ($) 908.64 943.62
S&P/TSX Comp 14277.88 14238.40 TecDAX 1761.19 1758.33 Kuwait KSX Market Index 6301.12 6285.60 Slovakia SAX 259.11 258.66 USA DJ Composite 6206.26 6173.75 FTSE Latibex Top (Eur) 2826.30 2788.00
S&P/TSX Met & Min 487.54 496.25 XETRA Dax 10985.14 11014.63 Latvia OMX Riga 443.48 441.61 Slovenia SBI TOP 738.07 737.16 DJ Industrial 17477.40 17408.25 FTSE Multinationals ($) 1535.34 1536.98
Chile IGPA Gen 18513.95 18573.79 Greece Athens Gen 673.93 686.65 Lithuania OMX Vilnius 497.19 495.73 South Africa FTSE/JSE All Share 50821.18 51375.44 DJ Transport 8318.70 8265.43 FTSE World ($) 491.21 490.68
China FTSE A200 10512.49 10511.11 FTSE/ASE 20 199.29 202.54 Luxembourg LuxX 1593.53 1593.85 FTSE/JSE Res 20 35383.19 35607.85 DJ Utilities 604.29 599.74 FTSEurofirst 100 (Eur) 4347.23 4362.15
FTSE B35 11139.51 11083.69 Hong Kong Hang Seng 23991.03 24018.80 Malaysia FTSE Bursa KLCI 1596.82 1621.62 FTSE/JSE Top 40 45341.19 45877.71 Nasdaq 100 4530.74 4519.32 FTSEurofirst 80 (Eur) 4667.49 4694.19
Shanghai A 4154.38 4142.73 HS China Enterprise 11060.06 11080.92 Mexico IPC 43746.72 43870.53 South Korea Kospi 1983.46 1975.47 Nasdaq Cmp 5048.24 5033.56 MSCI ACWI Fr ($) 419.80 419.87
Shanghai B 371.34 370.08 HSCC Red Chip 4311.61 4309.95 Morocco MASI 9653.11 9695.36 Kospi 200 237.32 237.24 NYSE Comp 10782.24 10745.31 MSCI All World ($) 1741.43 1742.42
Shanghai Comp 3965.33 3954.21 Hungary Bux 22300.93 22493.57 Netherlands AEX 473.89 476.99 Spain IBEX 35 10879.30 10947.90 S&P 500 2091.54 2083.39 MSCI Europe (Eur) 1484.85 1488.94
Shenzhen A 2417.69 2405.54 India BSE Sensex 28067.31 27668.06 AEX All Share 728.21 732.00 Sri Lanka CSE All Share 7462.34 7442.75 Wilshire 5000 22009.76 21914.07 MSCI Pacific ($) 2423.83 2427.38
Shenzhen B 1244.04 1239.00 S&P CNX 500 7112.50 6976.60 New Zealand NZX 50 5696.45 5737.69 Sweden OMX Stockholm 30 1586.83 1594.15 Venezuela IBC 15373.59 15374.66 S&P Euro (Eur) 1541.96 1549.73
Colombia COLCAP 1272.49 1281.04 Indonesia Jakarta Comp 4585.39 4584.25 Nigeria SE All Share 30752.63 31107.11 OMX Stockholm AS 525.24 526.70 Vietnam VNI 589.03 604.24 S&P Europe 350 (Eur) 1568.59 1570.69
Croatia CROBEX 1805.56 1804.88 Ireland ISEQ Overall 6520.61 6501.75 Norway Oslo All Share 656.72 665.88 Switzerland SMI Index 9346.56 9325.21 S&P Global 1200 ($) 1922.72 1921.65
Israel Tel Aviv 100 14.89 14.78 Pakistan KSE 100 35937.33 35892.77 Stoxx 50 (Eur) 3325.49 3332.60
(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 14 %Chg %Chg Aug 14 %Chg %Chg Aug 14 %Chg %Chg Aug 14 %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 49.5 115.96 0.81 Anglo American 114.3 756.80 -8.10 Santander 839.4 5.94 -0.06 Tokyo Electric Power ,orporated 1291.6 883.00 -10.00 Tui Ag 1162.00 10.4 8.6 Cineworld 589.50 12.3 42.0 Fdm (holdings) 510.00 13.0 45.9 Industrial Metals 948.92 8.3 -37.2
Facebook Class A 15.0 94.42 0.99 Bp 112.8 379.25 -3.90 Nestle N 335.1 69.05 0.74 Softbank . 833.6 7593.00 102.00 Coca-cola Hbc Ag 1402.00 6.7 14.2 Centamin 60.35 10.4 2.5 Aquarius Platinum Ld 6.97 12.4 -52.7 Construction & Materials 5178.48 1.4 25.6
Sysco 12.5 41.38 2.86 Glencore 106.7 172.85 -3.95 Novartis N 273.2 91.86 0.00 Mitsubishi Ufj Fin,. 476.1 864.00 -1.70 Fresnillo 666.50 4.5 -13.0 Zoopla Property 270.90 10.2 37.9 Hochschild Mining 84.75 10.1 -3.7 Real Estate & Investment Servic 3334.37 1.2 24.5
Netflix 10.7 123.39 -0.34 Lloyds Banking 94.2 80.10 0.65 Bbva 257.1 9.01 -0.05 Mizuho Fin,. 452.3 257.00 -3.10 Inmarsat 989.00 3.9 23.7 Vedanta Resources 485.60 8.7 -15.5 Polypipe 339.50 8.6 36.9 Food Producers 8385.14 0.8 3.0
Tesla Motors 10.6 243.15 0.64 Hsbc Holdings 89.6 558.00 -3.00 Intesa Sanpaolo 241.3 3.39 -0.03 Toyota Motor 411.7 7945.00 4.00 Hikma Pharmaceuticals 2400.00 3.9 21.3 Synthomer 353.70 8.5 49.2 Assura 58.00 7.4 13.7 Electronic & Electrical Equip. 4326.66 0.7 7.3
Amazon.com 10.5 531.52 1.86 Arm Holdings 87.7 906.00 -12.50 Daimler Ag Na O.n. 238.1 77.00 0.00 Fast Retailing Co., 337.0 54990.00 -520.00 Taylor Wimpey 205.00 2.7 48.8 Allied Minds 475.10 8.3 29.5 Capital & Regional 67.25 7.2 28.1 Travel & Leisure 8596.17 0.7 6.8
Microsoft 10.0 47.00 0.27 Rio Tinto 87.5 2462.50 3.50 Telefonica 234.6 13.55 -0.14 Sumitomo Mitsui Fin,. 329.6 5419.00 2.00 London Stock Exchange 2634.00 2.7 18.6 Ip 223.60 8.0 9.1 Sportech 69.63 7.1 10.5 Real Estate Investment Trusts 3509.91 0.5 15.0
Google Class A 9.5 689.37 2.86 Glaxosmithkline 87.5 1402.50 -10.00 Roche Gs 222.0 254.20 0.00 Mitsui Fudosan Co., 309.5 3815.00 94.50 Babcock Int 1009.00 2.3 -4.6 Balfour Beatty 260.00 7.6 22.6 Ferrexpo 65.25 5.7 23.1 Software & Computer Services 1510.90 0.3 21.0
Bank Of America 9.3 17.70 0.08 Bhp Billiton 85.2 1150.00 -2.00 Unicredit 215.6 6.19 -0.02 Mitsubishi Estate , 235.0 2919.50 63.00 Randgold Resources Ld 3994.00 2.3 -8.8 Evraz 96.35 7.5 -37.6 Innovation 34.50 5.3 15.0 Gas Water & Multiutilities 5869.99 0.2 -4.2
Baidu 8.3 164.24 3.35 Diageo 84.9 1775.50 13.50 Eni 213.2 15.55 -0.18 Honda Motor Co., 209.5 4199.50 -108.50 Associated British Foods 3254.00 1.3 3.2 Moneysupermarket.com 324.90 6.7 38.9 Acal 306.00 5.3 27.5 General Industrials 4551.36 -0.1 17.1
National Grid 869.50 1.0 -5.3 Unite 700.00 6.1 50.5 Nanoco 74.25 5.3 -49.1 Chemicals 11297.21 -0.2 0.0
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Persimmon 2105.00 1.0 33.4 Brown (n) 329.30 5.4 -1.8 Carclo 151.00 5.2 68.7 Health Care Equip.& Services 6878.60 -0.2 2.2
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Sysco 41.38 2.86 7.42 Computacenter 775.00 39.00 5.30 Klepierre 42.58 1.34 3.25 Furukawa Co., 296.00 15.00 5.34 Glencore 172.85 -14.9 -42.2 Premier Oil 108.10 -12.1 -35.3 Macau Property Opportunities Fund 170.00 -13.8 -27.9 Mining 10737.69 -5.7 -24.6
Nordstrom 78.13 3.21 4.28 Tui Ag 1162.00 48.00 4.31 Safran 70.88 1.64 2.37 Nippon Paper Industries Co Ltd 2196.00 85.00 4.03 Burberry 1490.00 -7.3 -8.9 Esure 238.50 -10.2 16.8 Kenmare Resources 2.61 -13.0 -19.4 Automobiles & Parts 7067.97 -5.6 -11.9
Jd.com 28.12 1.07 3.96 Brown (n) 329.30 8.30 2.59 Thales 62.59 1.31 2.14 Oji Holdings 590.00 22.00 3.87 Standard Chartered 864.00 -6.7 -10.3 Just Retirement 181.60 -8.1 22.7 Uk Mail 407.50 -10.4 -14.8 Personal Goods 25883.87 -5.0 5.1
Baxalta orporated 39.44 1.19 3.11 Hikma Pharmaceuticals 2400.00 59.00 2.52 Jc Decaux Sa. 34.05 0.68 2.05 Nsk 1690.00 53.00 3.24 Tesco 202.65 -6.1 7.2 Lonmin 37.71 -7.8 -78.8 Tribal 145.25 -10.1 -9.6 Food & Drug Retailers 3010.86 -4.7 6.4
Best Buy 32.64 0.93 2.93 St.modwen Properties 489.20 11.00 2.30 Zodiac Aerospace 28.13 0.52 1.90 Tokyo Tatemono Co., 1756.00 55.00 3.23 Gkn 302.30 -5.8 -12.1 Nmc Health 786.50 -7.8 71.0 Oxford Biomedica 8.09 -10.0 54.1 Banks 4272.76 -3.8 -2.1
G4s 256.90 -5.7 -7.6 Tullow Oil 211.90 -7.3 -48.8 Exillon Energy 110.00 -9.1 -26.7 Technology Hardware & Equip. 1126.15 -3.7 -5.3
Downs Downs Downs Downs
Anglo American 756.80 -5.5 -37.0 Telecom Plus 1073.00 -7.0 -15.0 Lamprell 130.50 -8.6 7.9 Oil & Gas Producers 6391.64 -3.5 -10.3
Viacom Class B 43.67 -2.08 -4.55 Lonmin 37.71 -1.81 -4.58 Asml Holding 82.62 -2.93 -3.42 Comsys Holdings 1699.00 -71.00 -4.01
Hsbc Holdings 558.00 -5.1 -8.3 Wood (john) 577.50 -6.4 -3.2 Ite 166.00 -7.6 3.8 Oil Equipment & Services 16556.19 -3.1 0.9
Diamond Offshore Drilling 22.10 -1.05 -4.54 Nmc Health 786.50 -37.00 -4.49 Statoil 14.46 -0.48 -3.22 Amada Co., 1183.00 -48.00 -3.90
Unilever 2806.00 -4.9 6.8 Kaz Minerals 149.60 -6.0 -42.0 Trinity Mirror 142.50 -6.9 -12.4 Industrial Transportation 2907.29 -2.7 2.9
Micron Technology 16.95 -0.75 -4.24 Drax 311.30 -13.80 -4.24 B. Sabadell 1.99 -0.06 -2.98 Kubota 2036.00 -80.50 -3.80
Rio Tinto 2462.50 -4.8 -17.9 Ocado 361.90 -5.4 -9.5 Flybe 85.50 -6.6 -23.0 Beverages 13768.06 -2.5 -2.5
Helmerich & Payne 58.26 -2.17 -3.59 Ophir Energy 108.30 -3.50 -3.13 Aegon 5.97 -0.18 -2.90 Teijin 410.00 -14.00 -3.30
Royal Dutch Shell 1814.00 -4.8 -18.8 Hunting 468.70 -5.2 -11.8 Hilton Food 430.50 -6.4 11.8 Pharmaceuticals & Biotech. 12890.39 -2.2 1.5
Marathon Oil 17.40 -0.62 -3.44 Wood (john) 577.50 -17.00 -2.86 Telenor 18.31 -0.47 -2.51 Jfe Holdings,. 2137.00 -70.50 -3.19
Sainsbury (j) 254.90 -4.8 3.3 Interserve 597.00 -5.2 7.1 Johnston Press 107.50 -5.7 -35.2 Tobacco 44330.04 -2.1 9.1
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 14 Currency Mid Change Mid Change Mid Change Aug 14 Currency Mid Change Mid Change Mid Change Aug 14 Currency Mid Change Mid Change Mid Change Aug 14 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.2405 0.0057 10.2671 -0.0090 14.4234 0.0317 Indonesia Indonesian Rupiah 13787.5000 42.5000 15319.2845 24.4381 21520.7880 100.4481 Poland Polish Zloty 3.7647 0.0105 4.1830 0.0054 5.8763 0.0256 ..Three Month 0.6406 -0.0010 0.7117 -0.0022 - -
Australia Australian Dollar 1.3562 -0.0033 1.5069 -0.0059 2.1169 -0.0018 Israel Israeli Shekel 3.7749 -0.0216 4.1942 -0.0303 5.8921 -0.0243 Romania Romanian Leu 3.9877 0.0215 4.4307 0.0173 6.2244 0.0434 ..One Year 0.6405 -0.0010 0.7111 -0.0022 - -
Bahrain Bahrainin Dinar 0.3773 - 0.4192 -0.0006 0.5888 0.0009 Japan Japanese Yen 124.2950 -0.1500 138.1040 -0.3728 194.0109 0.0746 Russia Russian Ruble 64.6705 -0.2392 71.8553 -0.3734 100.9436 -0.2124 United States United States Dollar - - 1.1111 -0.0017 1.5609 0.0025
Bolivia Bolivian Boliviano 6.8900 0.0100 7.6555 -0.0003 10.7545 0.0327 ..One Month 124.2950 -0.1501 138.1040 -0.3728 194.0108 0.0744 Saudi Arabia Saudi Riyal 3.7515 -0.0001 4.1682 -0.0063 5.8556 0.0092 ..One Month - - 1.1111 -0.4473 1.5609 0.0025
Brazil Brazilian Real 3.4675 -0.0532 3.8527 -0.0649 5.4123 -0.0743 ..Three Month 124.2948 -0.1504 138.1040 -0.3728 194.0105 0.0739 Singapore Singapore Dollar 1.4058 0.0070 1.5619 0.0054 2.1942 0.0143 ..Three Month - - 1.1109 -0.4473 1.5608 0.0025
Canada Canadian Dollar 1.3069 -0.0017 1.4521 -0.0041 2.0399 0.0006 ..One Year 124.2939 -0.1523 138.1039 -0.3730 194.0108 0.0726 South Africa South African Rand 12.8088 0.0170 14.2318 -0.0023 19.9931 0.0583 ..One Year - - 1.1101 -0.4473 1.5607 0.0025
Chile Chilean Peso 684.5000 -0.4250 760.5471 -1.6070 1068.4295 1.0361 Kenya Kenyan Shilling 102.2500 0.3500 113.6098 0.2201 159.6010 0.7991 South Korea South Korean Won 1174.2000 - 1304.6522 -1.9454 1832.7975 2.9135 Venezuela Venezuelan Bolivar Fuerte 6.3053 0.0103 7.0058 0.0010 9.8418 0.0316
China Chinese Yuan 6.3918 -0.0072 7.1019 -0.0186 9.9769 0.0046 Kuwait Kuwaiti Dinar 0.3026 -0.0007 0.3362 -0.0013 0.4723 -0.0003 Sweden Swedish Krona 8.5067 0.0106 9.4518 -0.0024 13.2780 0.0375 Vietnam Vietnamese Dong 22103.0000 11.0000 24558.6202 -24.3905 34500.3657 71.9802
Colombia Colombian Peso 2980.6000 16.7500 3311.7419 13.7009 4652.3897 33.4969 Malaysia Malaysian Ringgit 4.0795 0.0690 4.5327 0.0700 6.3677 0.1177 Switzerland Swiss Franc 0.9769 0.0007 1.0854 -0.0009 1.5248 0.0034 European Union Euro 0.9000 0.0013 - - 1.4048 0.0043
Costa Rica Costa Rican Colon 533.3300 -0.0500 592.5823 -0.9392 832.4696 1.2453 Mexico Mexican Peson 16.3620 0.0085 18.1798 -0.0176 25.5393 0.0538 Taiwan New Taiwan Dollar 32.1100 -0.0320 35.6774 -0.0888 50.1202 0.0298 ..One Month 0.9000 0.0013 - - 1.4048 0.0043
Czech Republic Czech Koruna 24.3183 0.0334 27.0200 -0.0031 37.9581 0.1124 New Zealand New Zealand Dollar 1.5270 0.0022 1.6966 -0.0001 2.3834 0.0072 Thailand Thai Baht 35.2575 0.0320 39.1746 -0.0228 55.0331 0.1373 ..Three Month 0.8999 0.0013 - - 1.4047 0.0043
Denmark Danish Krone 6.7173 0.0098 7.4636 -0.0002 10.4850 0.0319 Nigeria Nigerian Naira 199.0000 - 221.1087 -0.3297 310.6172 0.4938 Tunisia Tunisian Dinar 1.9557 0.0017 2.1729 -0.0013 3.0526 0.0075 ..One Year 0.8991 0.0013 - - 1.4041 0.0043
Egypt Egyptian Pound 7.8281 0.0230 8.6977 0.0126 12.2187 0.0552 Norway Norwegian Krone 8.2241 0.0073 9.1378 -0.0055 12.8370 0.0318 Turkey Turkish Lira 2.8325 0.0130 3.1472 0.0098 4.4212 0.0273
Hong Kong Hong Kong Dollar 7.7558 0.0018 8.6175 -0.0108 12.1060 0.0220 Pakistan Pakistani Rupee 101.8350 - 113.1487 -0.1687 158.9533 0.2527 United Arab Emirates UAE Dirham 3.6729 -0.0002 4.0810 -0.0064 5.7330 0.0087
Hungary Hungarian Forint 279.4709 0.9357 310.5197 0.5782 436.2234 2.1516 Peru Peruvian Nuevo Sol 3.2388 0.0083 3.5986 0.0039 5.0554 0.0210 United Kingdom Pound Sterling 0.6407 -0.0010 0.7118 -0.0022 - -
India Indian Rupee 65.0050 -0.1450 72.2270 -0.2690 101.4657 -0.0647 Philippines Philippine Peso 46.2100 0.0500 51.3439 -0.0209 72.1287 0.1926 ..One Month 0.6406 -0.0010 0.7118 -0.0022 - -
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 14 Aug 13 Aug 12 Aug 11 Aug 10 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2888.90 2891.80 2875.50 2926.10 2953.10 0.00 3110.40 2669.30 Forestry & Paper 49.52 Mobile Telecomms 8.24 Oil Equipment & Serv 1.22 FTSE 100 Price Change FTSE 100 Price Change
Aug 14 chge% Index Aug 13 Aug 12 ago yield% Cover ratio adj Return FT 30 Div Yield 1.73 1.72 1.73 1.70 1.69 0.00 3.93 2.74 Household Goods & Ho 26.17 Consumer Goods 7.73 NON FINANCIALS Index 0.68 3I Group PLC 531.50 -3.00 Land Securities Group PLC 1318 -10.00
FTSE 100 (100) 6550.74 -0.27 7177.17 6568.33 6571.19 6689.08 3.69 1.52 17.84 189.69 5084.50 P/E Ratio net 25.83 25.89 25.74 26.24 26.47 0.00 19.44 14.26 Construct & Material 25.36 FTSE SmallCap Index 7.62 Chemicals 0.10 Aberdeen Asset Management PLC 341.90 -9.20 Legal & General Group PLC 267.60 -6.70
FTSE 250 (250) 17620.93 0.14 19305.97 17595.47 17438.09 15667.81 2.44 2.16 18.97 298.70 12158.68 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Real Est Invest & Se 23.91 Support Services 7.23 FTSE 100 Index -0.23 Admiral Group PLC 1440 -41.00 Lloyds Banking Group PLC 80.10 -2.03
FTSE 250 ex Inv Co (212) 19205.19 0.18 21041.73 19170.03 18989.10 16952.07 2.46 2.25 18.06 329.30 13513.35 FT 30 hourly changes Software & Comp Serv 22.73 Travel & Leisure 6.66 Banks -2.33 Anglo American PLC 756.80 -43.70 London Stock Exchange Group PLC 2634 68.00
FTSE 350 (350) 3643.12 -0.20 3991.50 3650.29 3645.95 3636.99 3.48 1.60 18.03 97.95 5700.18 8 9 10 11 12 13 14 15 16 High Low Nonlife Insurance 19.68 Life Insurance 6.31 Beverages -2.72 Antofagasta PLC 569.50 -20.00 Marks And Spencer Group PLC 532.50 -13.50
FTSE 350 ex Investment Trusts (312) 3621.44 -0.20 3967.75 3628.62 3624.64 3620.29 3.50 1.60 17.88 98.26 2917.50 2891.8 2908.7 2899.6 2893.9 2890.7 2892.1 2889.2 2890.9 2891.8 2911 2884.8 Real Est Invest & Tr 14.96 Food & Drug Retailer 6.14 Aerospace & Defense -3.53 Arm Holdings PLC 906.00 -45.00 Meggitt PLC 501.00 -3.50
FTSE 350 Higher Yield (108) 3374.86 -0.47 3697.58 3390.69 3401.12 3658.38 5.10 1.27 15.39 130.15 5393.89 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Fixed Line Telecomms 13.24 Technology 6.04 Gas Water & Multi -4.28 Ashtead Group PLC 952.00 -4.00 Merlin Entertainments PLC 398.50 -3.00
FTSE 350 Lower Yield (242) 3560.33 0.09 3900.80 3557.10 3536.79 3259.05 1.76 2.59 22.00 55.33 3749.18 Media 11.05 Industrials 5.96 Tech Hardware & Eq -5.03 Associated British Foods PLC 3254 43.00 Mondi PLC 1570 -27.00
FTSE SmallCap (293) 4698.43 0.06 5147.73 4695.74 4679.88 4399.72 2.64 1.74 21.75 82.07 6375.53 General Retailers 10.56 Personal Goods 5.07 Utilities -5.18
FTSE SmallCap ex Inv Co (156) 4273.43 0.21 4682.09 4264.52 4245.80 3943.47 2.51 2.58 15.42 73.78 6093.05 FX: EFFECTIVE INDICES Telecommunications 10.07 Industrial Transport 4.08 Industrial Eng -6.57
Astrazeneca PLC 4247.5 -73.00 Morrison (Wm) Supermarkets PLC 177.80 -6.60
Aviva PLC 510.00 -13.00 National Grid PLC 869.50 9.00
FTSE All-Share (643) 3587.17 -0.19 3930.20 3593.90 3589.34 3573.18 3.45 1.60 18.14 95.24 5677.53 Financial Services 9.99 Financials 4.03 Electricity -8.33
Aug 13 Aug 12 Mnth Ago Aug 14 Aug 13 Mnth Ago Babcock International Group PLC 1009 23.00 Next PLC 7975 70.00
FTSE All-Share ex Inv Co (468) 3551.97 -0.19 3891.63 3558.71 3554.57 3545.20 3.48 1.61 17.82 95.67 2908.88 FTSE 250 Index 9.55 Food Producers 3.16 Oil & Gas -10.06 Bae Systems PLC 468.30 -3.20 Old Mutual PLC 217.50 -9.50
FTSE All-Share ex Multinationals (579) 1244.41 0.19 1130.02 1242.06 1233.95 1097.95 2.56 2.09 18.65 23.78 2103.17 Australia 93.42 93.23 93.51 Sweden 77.83 76.85 78.28 Electronic & Elec Eq 9.11 Health Care Eq & Srv 3.12 Oil & Gas Producers -10.45 Barclays PLC 274.35 -6.90 Pearson PLC 1159 -32.00
FTSE Fledgling (108) 7934.85 0.22 8693.64 7917.48 7921.69 6754.05 2.34 0.65 65.85 113.34 14181.13 Canada 89.82 90.44 92.21 Switzerland 159.41 159.71 165.05 Tobacco 9.06 Equity Invest Instr 2.70 Automobiles & Parts -12.12 Barratt Developments PLC 653.00 6.00 Persimmon PLC 2105 21.00
FTSE Fledgling ex Inv Co (56) 10908.21 0.37 11951.34 10867.85 10887.39 8200.44 2.27 0.06 747.73 147.43 18962.86 Denmark 106.00 106.23 105.76 UK 93.66 93.60 92.12 Leisure Goods 8.93 Health Care 1.57 Basic Materials -20.33 Bg Group PLC 1072 -37.50 Prudential PLC 1533 4.50
FTSE All-Small (401) 3259.32 0.07 3571.00 3257.18 3246.85 3038.08 2.62 1.69 22.54 56.44 5679.32 Japan 122.41 122.69 123.76 USA 104.33 103.77 102.96 Consumer Services 8.88 FTSE All{HY-}Share Index 1.54 Mining -24.77 Bhp Billiton PLC 1150 -41.00 Randgold Resources LD 3994 91.00
FTSE All-Small ex Inv Co Index (212) 3189.62 0.22 3494.63 3182.74 3169.62 2917.22 2.50 2.48 16.11 54.51 5762.48 New Zealand 111.20 112.11 112.85 Euro 86.66 86.93 86.34 Pharmace & Biotech 1.40 Industrial Metals & -31.78 BP PLC 379.25 -6.35 Reckitt Benckiser Group PLC 5989 -258.00
FTSE AIM All-Share Index (825) 749.87 -0.12 821.57 750.77 748.62 756.29 1.42 1.04 67.54 5.57 802.61 Norway 87.86 88.42 89.77
British American Tobacco PLC 3721 -84.00 RELX PLC 1083 -10.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 871.00 1.00 Rio Tinto PLC 2462.5 -125.00
Oil & Gas (18) 6787.66 -1.14 7436.74 6866.19 6991.35 8863.56 5.59 1.18 15.11 282.04 5607.40 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 456.20 -9.10 Rolls-Royce Holdings PLC 797.50 -6.50
Oil & Gas Producers (11) 6428.21 -1.10 7042.93 6499.94 6625.95 8378.19 5.64 1.17 15.14 270.00 5491.75 Bunzl PLC 1862 13.00 Royal Bank Of Scotland Group PLC 341.40 -4.10
Oil Equipment Services & Distribution (7)17190.21 -2.15 18834.07 17567.91 17379.05 23676.15 4.41 1.58 14.31 515.61 12439.55 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1490 -118.00 Royal Dutch Shell PLC 1814 -92.00
Basic Materials (31) 3773.09 -0.47 4133.90 3790.94 3834.65 5752.80 5.29 2.05 9.21 152.87 3652.25 Capita PLC 1287 -7.00 Royal Dutch Shell PLC 1797 -88.50
Chemicals (8) 12077.41 -0.01 13232.35 12078.27 11927.55 10963.31 2.24 2.45 18.23 188.19 10337.48 Aug 14 No of US $ Day Mth YTD Total
YTD Gr Div Aug 14 No of US $ Day Mth YTD Total YTD Gr Div Carnival PLC 3470 -15.00 Royal Mail PLC 479.90 -21.60
Forestry & Paper (1) 18453.04 0.71 20217.66 18323.75 18041.67 11824.05 1.98 3.33 15.17 241.11 19041.57 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Centrica PLC 267.80 -3.30 Rsa Insurance Group PLC 507.00 1.00
Industrial Metals & Mining (2) 1062.45 1.42 1164.05 1047.62 1050.38 1300.02 1.08 -22.91 -4.03 11.18 927.19 FTSE Global All Cap 7607 474.97 0.2 -2.1 1.1 644.73
2.7 2.4 Oil & Gas 164 349.23 -0.4 -0.4 -12.3 526.64 -10.3 4.0 Coca-Cola Hbc AG 1402 88.00 Sabmiller PLC 3284 -117.00
Mining (20) 10283.70 -0.62 11267.11 10348.31 10523.61 17232.84 5.99 2.03 8.22 475.26 5203.06 FTSE Global All Cap 6970 487.74 0.2 -2.2 0.7 650.17
2.3 2.3 Oil & Gas Producers 115 317.79 -0.6 -0.6 -12.3 487.62 -10.2 4.1 Compass Group PLC 1042 -1.00 Sage Group PLC 523.50 4.50
FTSE Global Large Cap 1362 419.20 0.1 -2.2 0.5 581.82
2.3 2.6 Oil Equipment & Services 40 364.08 0.2 0.2 -12.2 500.88 -10.4 3.7 Crh PLC 1951 10.00 Sainsbury (J) PLC 254.90 -12.80
Industrials (117) 4559.89 0.03 4995.94 4558.37 4531.18 4357.85 2.43 1.18 35.01 74.02 4488.78
Construction & Materials (13) 5383.73 -0.36 5898.56 5403.10 5270.42 4129.08 2.40 -0.85 -49.18 81.96 5460.28 FTSE Global Mid Cap 1665 634.88 0.3 -1.6 2.8 823.76
4.2 1.9 Basic Materials 273 395.50 -0.2 -0.2 -9.2 574.46 -7.4 3.1 Diageo PLC 1775.5 -51.50 Schroders PLC 2987 -113.00
Aerospace & Defense (9) 4763.85 0.16 5219.40 4756.07 4730.26 5079.49 2.36 0.96 44.02 71.70 4878.97 FTSE Global Small Cap 4580 666.47 0.5 -2.8 2.2 839.43
3.4 1.9 Chemicals 124 626.35 0.0 0.0 0.4 914.35 2.2 2.4 Direct Line Insurance Group PLC 371.90 -12.20 Severn Trent PLC 2167 -23.00
General Industrials (6) 3694.35 -0.51 4047.64 3713.13 3660.71 3297.06 3.04 1.65 19.87 58.74 3954.76 FTSE All-World 3027 277.43 0.1 -2.1 0.9 397.26
2.6 2.5 Forestry & Paper 17 220.39 1.0 1.0 5.8 350.74 8.1 2.7 Dixons Carphone PLC 448.40 -7.60 Shire PLC 5200 -100.00
Electronic & Electrical Equipment (11) 5580.15 0.38 6113.77 5559.27 5500.62 4954.16 2.07 2.02 23.93 74.00 4895.90 FTSE World 2531 491.21 0.1 -1.9 1.1 944.26
2.8 2.4 Industrial Metals & Mining 71 307.81 -0.3 -0.3 -25.3 448.33 -24.0 3.1 Easyjet PLC 1709 4.00 Sky PLC 1081 -4.00
Industrial Engineering (14) 8623.70 -0.13 9448.36 8634.61 8612.89 10645.35 2.81 1.62 22.00 197.28 10038.93 FTSE Global All Cap ex UNITED KINGDOM In 7279 486.39 0.2 -2.1 1.1 651.14
2.6 2.3 Mining 61 434.32 -0.8 -0.8 -23.8 627.09 -21.5 5.5 Experian PLC 1160 -31.00 Smith & Nephew PLC 1179 -2.00
Industrial Transportation (8) 4320.62 -0.54 4733.79 4343.88 4368.74 4191.59 3.77 1.17 22.61 116.47 3588.78 FTSE Global All Cap ex USA 5638 448.38 -0.1 -3.2 0.2 645.64
2.3 2.9 Industrials 534 312.56 0.3 0.3 -0.7 430.91 0.7 2.1 Fresnillo PLC 666.50 28.50 Smiths Group PLC 1179 -10.00
Support Services (56) 6793.85 0.18 7443.53 6781.68 6769.89 6270.80 2.25 1.49 29.86 105.29 6757.43 FTSE Global All Cap ex JAPAN 6352 483.92 0.2 -2.4 0.0 662.72
1.7 2.5 Construction & Materials 110 450.38 -0.1 -0.1 4.4 651.72 6.1 2.1 G4S PLC 256.90 -15.50 Sports Direct International PLC 799.50 -6.00
FTSE Developed 2091 446.88 0.1 -1.5 1.9 611.00
3.6 2.4 Aerospace & Defense 29 517.94 0.5 0.5 4.2 708.71 5.7 2.0 Gkn PLC 302.30 -18.70 Sse PLC 1538 -4.00
Consumer Goods (40) 17427.14 0.09 19093.65 17412.32 17304.63 15524.65 2.96 1.84 18.35 401.78 12191.58
FTSE Developed All Cap 5656 469.41 0.2 -1.6 2.1 634.98
3.7 2.3 General Industrials 57 214.57 0.5 0.5 -1.4 317.00 0.2 2.6 Glaxosmithkline PLC 1402.5 -47.50 St. James's Place PLC 980.00 8.50
Automobiles & Parts (1) 7104.19 -0.85 7783.55 7165.29 7111.24 7957.26 2.81 1.59 22.34 199.75 6533.30
FTSE Developed Large Cap 885 413.07 0.1 -1.5 1.5 572.28
3.3 2.5 Electronic & Electrical Equipment 69 326.11 0.3 0.3 0.3 414.71 1.3 1.6 Glencore PLC 172.85 -30.35 Standard Chartered PLC 864.00 -62.40
Beverages (6) 13804.89 0.26 15125.02 13769.18 13727.71 13617.70 2.55 1.79 21.96 344.98 9380.26
FTSE Developed Europe Large Cap 205 360.88 -0.4 -2.4 2.1 565.58
4.9 3.4 Industrial Engineering 103 591.10 -0.2 -0.2 -4.4 801.42 -3.0 2.2 Hammerson PLC 684.50 1.50 Standard Life PLC 440.20 -1.70
Food Producers (10) 8468.70 0.57 9278.54 8420.88 8322.75 7648.93 1.91 1.59 33.01 91.21 7030.10
FTSE Developed Europe Mid Cap 310 536.40 0.0 -1.0 7.2 765.13
9.4 2.4 Industrial Transportation 95 546.29 0.3 0.3 -8.5 751.11 -7.4 2.2 Hargreaves Lansdown PLC 1169 -12.00 Taylor Wimpey PLC 205.00 5.40
Household Goods & Home Construction (13)13475.47 0.57 14764.10 13399.66 13299.90 9973.43 2.03 2.56 19.24 214.79 9116.45
FTSE Dev Europe Small Cap 721 753.80 0.1 0.2 11.59.5 1046.59
2.2 Support Services 71 283.47 0.3 0.3 4.0 376.00 5.3 1.8 Hikma Pharmaceuticals PLC 2400 89.00 Tesco PLC 202.65 -13.15
Leisure Goods (2) 5463.87 -0.51 5986.37 5492.06 5531.89 5234.19 4.14 1.26 19.13 182.47 4580.52
FTSE North America Large Cap 318 449.18 0.4 -1.0 1.0 586.28
2.4 2.2 Consumer Goods 406 419.14 0.1 0.1 3.5 590.97 5.2 2.3 HSBC Holdings PLC 558.00 -29.70 Travis Perkins PLC 2119 -6.00
Personal Goods (6) 22535.95 -0.28 24691.01 22600.16 22386.79 20243.98 2.89 3.01 11.51 484.64 14432.66
FTSE North America Mid Cap 400 681.17 0.4 -1.5 0.4 834.95
1.3 1.6 Automobiles & Parts 98 385.68 0.1 0.1 -1.0 522.25 0.5 2.3 Imperial Tobacco Group PLC 3279 -73.00 Tui AG 1162 109.00
Tobacco (2) 44330.12 -0.27 48569.30 44450.05 44206.92 39480.88 4.16 1.31 18.34 1291.78 26586.07
FTSE North America Small Cap 1484 694.78 0.6 -3.2 0.9 828.68
1.8 1.6 Beverages 48 556.38 0.1 0.1 3.4 794.56 5.1 2.5 Inmarsat PLC 989.00 37.50 Unilever PLC 2806 -144.00
Health Care (20) 9434.19 -0.73 10336.35 9503.50 9523.82 8938.95 3.66 0.63 43.12 290.81 6835.48
FTSE North America 718 301.53 0.4 -1.1 0.9 403.43
2.2 2.1 Food Producers 102 573.31 0.4 0.4 3.9 834.93 5.7 2.2 Intercontinental Hotels Group PLC 2504 -111.00 United Utilities Group PLC 891.00 3.50
Health Care Equipment & Services (8) 7025.37 -0.43 7697.19 7055.83 6985.48 5826.55 1.39 2.31 31.06 60.90 5919.10
FTSE Developed ex North America 1373 241.68 -0.2 -2.0 3.6 373.36
5.8 2.8 Household Goods & Home Construction 44 401.13 0.2 0.2 1.2 563.45 3.0 2.4 International Consolidated Airlines Group S.A. 542.50 -6.00 Vodafone Group PLC 239.00 -2.85
Pharmaceuticals & Biotechnology (12)12783.89 -0.76 14006.38 12881.55 12924.20 12261.47 3.88 0.58 44.81 421.58 8228.07
FTSE Japan Large Cap 174 343.84 -0.2 0.1 12.7 425.95
13.9 1.7 Leisure Goods 26 129.85 -0.1 -0.1 3.1 165.51 3.7 1.3 Intertek Group PLC 2665 -32.00 Weir Group PLC 1462 -73.00
Consumer Services (98) 4977.13 0.32 5453.08 4961.08 4909.75 4262.46 2.19 1.91 23.85 81.41 4461.05 FTSE Japan Mid Cap 305 503.84 0.0 2.5 18.5 604.22
19.5 1.3 Personal Goods 76 624.01 0.0 0.0 7.0 840.14 8.4 1.9
Food & Drug Retailers (7) 3138.57 0.59 3438.70 3120.03 3134.00 3431.91 2.25 0.50 89.67 42.13 3574.99 Intu Properties PLC 339.80 3.20 Whitbread PLC 5190 10.00
FTSE Global wi JAPAN Small Cap 776 529.81 0.3 2.4 13.0 655.50
14.1 1.5 Tobacco 12 1191.89 0.0 0.0 11.0 2285.41 13.7 3.9 Itv PLC 260.90 -1.70 Wolseley PLC 4207 -7.00
General Retailers (33) 3190.94 0.22 3496.08 3183.81 3155.60 2610.92 2.04 2.29 21.42 45.98 3465.28
FTSE Japan 479 142.37 -0.1 0.6 1.6 Health Care
13.9 198.26
15.0 159 485.27 0.1 0.1 11.7 672.38 13.2 1.7 Johnson Matthey PLC 2829 -101.00 Wpp PLC 1418 -23.00
Media (23) 7366.57 0.03 8071.02 7364.60 7290.49 6214.55 2.66 1.69 22.24 156.22 4317.81
FTSE Asia Pacific Large Cap ex Japan 491 567.35 0.0 -6.4 -7.9 839.23
-6.0 3.2 Health Care Equipment & Services 58 664.65 0.4 0.4 12.5 758.85 13.2 1.1 Kingfisher PLC 374.50 0.50
Travel & Leisure (35) 8401.52 0.56 9204.93 8354.92 8218.40 6833.05 1.88 2.45 21.71 120.79 7608.14
FTSE Asia Pacific Mid Cap ex Japan 441 766.36 0.3 -6.4 -4.9 1094.18
-3.3 2.7 Pharmaceuticals & Biotechnology 101 372.32 0.1 0.1 11.5 535.83 13.2 2.0
Telecommunications (8) 4105.30 0.05 4497.88 4103.30 4094.98 3380.32 3.91 1.89 13.51 108.88 4244.12 FTSE Asia Pacific Small Cap ex Japan 1373 513.46 0.2 -7.1 -3.9 723.56
-2.3 2.7 Consumer Services 386 401.14 0.1 0.1 7.2 518.01 8.4 1.6
Fixed Line Telecommunications (6) 5253.47 0.36 5755.84 5234.55 5309.36 4357.28 2.85 1.84 19.07 101.81 4512.86
Mobile Telecommunications (2) 5429.25 -0.15 5948.44 5437.38 5370.09 4446.98 4.59 1.91 11.39 168.70 4995.71
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
932
1951
449.08
627.09
0.0
0.0
-6.4
-8.4
-7.5 706.12
-5.6 3.1 Food & Drug Retailers
-9.1 888.04
-7.0 3.1 General Retailers
54 320.83
120 537.35
0.3
0.3
0.3
0.3
6.7 431.08
12.4 677.27
7.9
13.5
1.7
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8358.42 0.01 9157.71 8357.97 8335.10 8659.58 4.95 1.35 14.98 305.26 8794.01 FTSE Emerging Large Cap 477 597.15 -0.1 -8.4 -8.7 850.80
-6.6 3.2 Media 91 304.40 -0.5 -0.5 1.2 393.95 2.4 1.8 Aug 14 Aug 13 Aug 12 Aug 11 Aug 10 Yr Ago
Electricity (3) 8961.32 -0.90 9818.27 9042.52 9032.15 9454.48 5.66 1.43 12.36 493.70 11905.15 FTSE Emerging Mid Cap 459 771.58 0.2 -7.9 -10.4 1087.92
-8.6 2.9 Travel & Leisure 121 385.50 0.1 0.1 7.0 502.41 8.2 1.6 SEAQ Bargains 4418.00 3944.00 4833.00 5167.00 5054.00 5054.00
Gas Water & Multiutilities (5) 7757.79 0.26 8499.64 7738.02 7713.44 7996.56 4.75 1.32 15.90 243.90 8171.98 FTSE Emerging Small Cap 1015 637.13 0.3 -8.7 -9.9 869.44
-8.1 2.9 Telecommunication 94 171.00 0.0 0.0 2.4 297.04 5.2 3.9 Order Book Turnover (m) 27.72 40.52 29.86 31.67 35.79 35.79
Financials (283) 4829.18 -0.10 5290.98 4834.21 4816.32 4562.23 3.16 1.97 16.02 126.39 4183.19 FTSE Emerging Europe 98 303.48 0.0 -8.1 -2.6 441.90
0.6 4.4 Fixed Line Telecommuniations 44 139.32 0.1 0.1 1.7 264.31 4.9 4.5 Order Book Bargains 665977.00 978709.00 828086.00 730207.00 700833.00 700833.00
Banks (9) 4218.92 -0.19 4622.36 4226.99 4234.96 4421.59 3.66 1.31 20.93 145.12 2888.93 FTSE Latin America All Cap 243 704.52 0.1 -14.5 -21.8 1030.24
-20.3 3.7 Mobile Telecommunications 50 186.86 -0.1 -0.1 3.3 294.89 5.7 3.3 Order Book Shares Traded (m) 1034.00 1687.00 1246.00 1200.00 1022.00 1022.00
Nonlife Insurance (10) 2660.30 0.02 2914.70 2659.64 2645.63 2112.59 2.67 2.19 17.14 57.90 4441.57 FTSE Middle East and Africa All Cap 213 751.13 -0.9 -3.3 -2.4 1106.42
-0.8 2.8 Utilities 163 254.15 0.2 0.2 -4.9 460.07 -2.4 3.8 Total Equity Turnover (£m) 1855.53 2420.58 - - 1578.44 1578.44
Life Insurance/Assurance (11) 8139.41 -0.56 8917.76 8185.61 8144.48 7342.10 3.33 1.79 16.78 216.60 7398.28 FTSE Global wi UNITED KINGDOM All Cap In 328 363.84 0.0 -2.3 3.5 Electricity
1.3 569.66
4.0 113 275.32 0.3 0.3 -2.9 493.40 -0.5 3.6 Total Mkt Bargains 747638.00 1082477.00 2.00 - 794864.00 794864.00
Index- Real Estate Investment & Services (24) 3307.41 0.75 3623.69 3282.67 3261.29 2660.08 1.77 6.32 8.96 41.99 8448.92 FTSE Global wi USA All Cap 1969 518.43 0.4 -1.2 1.9 659.17
3.1 2.0 Gas Water & Multiutilities 50 273.32 0.1 0.1 -8.1 506.81 -5.6 4.1 Total Shares Traded (m) 3228.00 3921.00 0.00 - 3772.00 3772.00
Real Estate Investment Trusts (23) 3163.08 0.69 3465.55 3141.48 3113.55 2615.67 2.58 6.76 5.73 55.45 3698.27 FTSE Europe All Cap 1389 411.89 -0.2 -2.1 3.4 626.11
6.1 3.1 Financials 666 216.51 0.2 0.2 0.4 333.56 2.4 2.8 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (31) 8016.35 0.15 8782.94 8004.68 7861.29 6583.05 2.86 2.24 15.63 150.23 8625.61 FTSE Eurobloc All Cap 637 383.99 -0.5 -1.6 4.2 591.07
6.8 2.9 Banks 241 197.84 0.0 0.0 -1.6 324.67 0.7 3.2 (c) Market closed.
Equity Investment Instruments (175) 7720.02 -0.13 8458.26 7729.86 7699.15 7282.79 2.51 1.16 34.24 127.56 4020.25 FTSE RAFI All World 3000 3020 5823.45 0.0 -2.9 -1.1 7268.10
0.8 3.0 Nonlife Insurance 69 221.21 0.3 0.3 3.3 306.40 5.2 2.2
Non Financials (360) 4127.76 -0.22 4522.49 4136.75 4135.13 4187.15 3.55 1.48 19.05 110.18 5724.67 FTSE RAFI US 1000 1007 9191.63 0.4 -1.7 -1.1 11508.31
0.4 2.4 Life Insurance 49 215.01 0.0 0.0 1.8 323.62 3.8 2.6
Technology (20) 1308.56 -0.12 1433.69 1310.18 1299.59 1138.18 1.43 2.15 32.42 13.80 1629.02 FTSE EDHEC-Risk Efficient All-World 3027 330.26 0.2 -1.1 3.3 440.58
4.8 2.1 Financial Services 137 237.80 0.6 0.6 2.7 314.52 4.0 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1676.54 0.74 1836.87 1664.19 1643.18 1305.26 1.89 1.75 30.12 25.68 2185.77 FTSE EDHEC-Risk Efficient Developed Europe 515 292.47 0.0 -0.9 5.0 424.91
7.2 2.6 Technology 182 171.81 0.3 0.3 -0.2 203.86 1.0 1.7 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) 1444.15 -0.91 1582.26 1457.45 1451.69 1368.93 1.00 2.85 34.90 9.10 1651.90 Software & Computer Services 79 294.80 0.5 0.5 8.6 336.97 9.4 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 103 129.49 0.1 0.1 -7.5 157.84 -6.0 2.4 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 6567.80 6593.93 6576.40 6568.64 6560.35 6561.16 6551.96 6557.16 6558.10 6603.09 6544.57 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 17608.02 17681.78 17650.81 17650.55 17637.31 17636.69 17619.61 17619.93 17633.15 17688.74 17607.27 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4695.10 4698.40 4701.41 4703.49 4702.56 4700.83 4703.06 4703.45 4706.93 4712.32 4695.10
FTSE All-Share 3594.08 3608.08 3599.46 3596.13 3592.04 3592.32 3587.79 3590.07 3591.03 3612.30 3584.41 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:08:05:00 Day's Low13:21:00 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:08:05:00 Day's Low13:21:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

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 AGA Rangemaster Group Int 125.4 123.5 4L 0.3L 5.6L 0.9L - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- BlackRock World Mining Trust Int 40.425L 8.19 9.51 10.13 7 7 Sep 18 21 21 08/11 120.00 Gloo Networks PLC 126.00 -0.90 127.00 120.00 3225.6
There are currently no rights offers by any companies listed on the LSE. Horizonte Minerals Int - - 1.159L 0.304L 0.235L 0.076L - - - - - 07/31 100.00 Menhaden Capital PLC 102.25 -0.25 103.50 101.00 8180.0
Neptune-Calculus Income & Growth VCT Int 0.067 0.046 0.01L 0.033L 0.09L 0.29L 1.5 1 Oct 14 3.5 3 07/10 139.00 KNOS Kainos Group PLC 207.00 1.00 211.55 165.00 24416.8
RusPetro Int 24.001 27.814 19.655L 35.911L 0.02L 0.126L - - - - -
Safeland Pre 10.256 10.408 6.712 0.903 34.02 4.81 1.75 - Sep 25 1.75 -
Satellite Solutions Worldwide Group Int 3.163 2.485 3.794L 0.01 1.224L 0.008 - - - - -
Serabi Gold Int 18.678 - 0.077 2.926L - 0.005L - - - - -

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.
Monday 17 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+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m
Australia (A$) AXA 23.90 -0.83 25.24 16.43 3.96 11.51 64913.78 Denso 5979 -161.00 6548 4466.5 1.85 17.57 42526.62 SEB 103.40 0.20 111.50 82.30 4.67 11.32 26376.84 Biogen 312.61 3.61 480.18 290.85 - 21.32 73516.25 Lyondell 87.11 0.12 115.40 70.06 3.28 10.07 40582.35
ANZ 29.29 -3.29 37.25 29.29 9.46 10.29 62100.73 BNP Parib 58.15 -2.10 61.00 43.14 2.57 10.47 80516.58 EastJpRwy 12330 -140.00 12815 7623 0.98 24.86 38935.8 SvnskaHn 127.40 -1.80 426.00 117.10 3.33 16.14 28032.75 BkNYMeln 44.07 -0.68 45.45 35.06 1.53 17.70 48764.23 Marathon Ptl 55.66 4.49 60.38 37.32 1.78 9.78 29842.49
BHPBilltn 25.32 -1.37 39.74 24.90 9.18 10.33 59961.25 ChristianDior 182.65 -9.85 195.35 126.10 1.85 12.88 36880.09 Fanuc 20825-1070.00 28575 17335 3.08 18.96 34504.58 Swedbank 197.70 -3.90 223.90 166.20 5.84 13.25 25690.13 BlackRock 328.14 -3.71 382.84 293.39 2.49 16.68 53695.66 Marsh&M 58.16 0.35 59.99 48.66 1.91 21.85 30824.37
CmwBkAu 82.12 -2.43 96.69 73.57 7.49 14.93 98552.51 Cred Agr 12.62 -0.43 14.49 9.82 2.76 10.11 36985.98 FastRetail 54990-2230.00 61970 32220 0.61 45.75 46928.6 TeliaSonera 50.25 -1.80 55.85 45.36 6.07 15.29 25578.29 Boeing♦ 145.09 2.67 158.83 116.32 2.24 19.85 98587.95 MasterCard 97.89 0.12 99.18 69.64 0.60 30.26 108548.66
CSL 93.15 -5.30 102.43 68.52 1.55 23.66 31926.85 Danone 60.32 -2.23 67.74 49.84 2.47 40.01 43895.8 Fuji Hvy Ind 4660 87.00 4827.5 2841 1.47 12.28 29350.78 Volvo 100.90 -2.60 120.50 71.00 3.03 25.37 19248.27 BrisMySq 63.08 -0.33 70.54 47.55 2.31 59.46 105186.07 McDonald's 99.27 0.35 101.10 87.62 3.36 23.21 95151.77
NatAusBk 31.76 -1.83 39.71 31.33 9.57 12.28 61487.64 EDF 20.79 -1.13 26.12 19.52 6.56 9.57 42955.39 Hitachi 759.90 -19.10 939.90 731.20 1.47 13.06 29550.25 Switzerland (SFr) Broadcom 50.50 0.18 57.70 34.50 1.02 28.73 28229.5 McGraw Hill 101.70 0.98 109.13 73.96 1.23-169.11 27713.25
Telstra 6.08 -0.32 6.74 5.23 7.29 17.13 54808.59 Essilor Intl 113.60 -2.30 121.10 71.70 0.89 39.86 27280.46 HondaMtr 4199.5 -286.50 4499 3239 2.11 13.91 61201.94 ABB 19.50 -0.70 22.31 16.75 - 17.95 46207.18 CapOne♦ 81.27 0.45 92.10 72.77 1.59 11.58 44083.2 McKesson 215.28 -0.86 243.61 178.28 0.44 26.14 50031.76
Wesfarmers 40.38 -2.10 46.95 38.45 8.00 26.50 33458.78 GDF Suez 17.56 0.10 20.57 16.08 5.77 46.56 46717.29 JapanTob 4646.5 -9.50 4848 3101 2.35 18.88 74765.68 CredSuisse 27.27 -1.02 28.94 18.57 2.66 11.56 45737.87 CardinalHlth 84.27 -0.81 91.91 71.17 1.67 23.52 27879.34 Medtronic 77.58 0.10 79.50 59.83 1.60 31.67 109712.76
Westpc 31.33 -2.11 40.07 31.00 9.04 12.33 73551.9 Hermes Intl 330.10 -20.40 365.55 229.00 0.89 36.96 38720.08 Kao 6272 -111.00 6623 3956 1.19 38.18 25432.14 Nestle 74.95 1.65 77.00 64.15 2.82 16.84 244633.85 Carnival 52.44 0.31 54.05 33.11 1.95 27.95 31080.57 Merck 59.18 1.21 63.62 52.49 3.00 17.42 166688.46
Woolworths 27.00 -1.12 37.32 26.25 8.05 12.67 25216.31 LOreal 166.25 -10.70 181.30 117.05 1.62 31.84 103390.62 KDDI 3286.5 146.50 3375 1969 1.74 53.20 71150.19 Novartis 100.10 0.00 103.20 78.60 2.64 25.70 274317.44 Caterpillar♦ 78.49 1.20 109.73 74.77 3.54 13.53 47300.63 Metlife♦ 54.76 -0.16 58.23 46.10 2.58 9.33 61160.41
Belgium (€) LVMH 159.60 -13.85 176.60 121.40 2.15 13.06 90086.55 Keyence 61120 90.00 70100 42660 0.36 28.09 29898.33 Richemont 77.45 -6.15 92.25 68.80 1.65 29.76 41387.01 CBS 49.22 -1.12 63.95 47.83 1.21 21.32 21873.78 MicronTech 16.95 -1.49 36.59 16.82 - 5.51 18364.23
AnBshInBv 104.95 -5.25 119.65 78.75 2.95 20.35 187536.83 Nmrcble-SFR 48.50 -0.96 60.01 26.38 - -57.61 23616.29 MitsbCp 2395 -15.00 2837 1942.5 2.53 10.55 31293.04 Roche 276.00 -0.40 295.80 238.80 3.01 25.63 198502.64 Celgene 129.24 0.64 140.72 83.16 - 49.29 102169.41 Microsoft 47.00 0.26 50.05 40.12 2.56 32.06 375905.11
KBC Grp 61.18 -2.62 66.00 36.53 - 11.82 28399.48 Orange 14.86 -0.13 16.45 10.20 4.02 39.29 43735.56 MitsubEst 2919.5 79.50 2975 2151.5 0.48 56.50 32658.3 Swiss Re 87.00 -0.40 96.95 69.25 5.03 36.58 33015.82 Cernr Crp 64.25 0.66 75.72 54.97 - 45.18 22171.01 MondelezInt 46.49 0.38 48.58 31.83 1.28 36.90 74901.61
PernodRic 105.05 -5.20 117.75 82.23 1.70 26.26 30980.26 MitsubishiEle 1370.5 52.50 1718 1222.5 0.98 22.90 23675.45 Swisscom 559.00 -6.00 587.50 500.00 4.16 16.34 29643.53 CharlesSch♦ 34.33 -0.70 35.72 23.35 0.69 36.22 45165.37 Monsanto 103.17 1.92 126.00 99.98 1.88 18.78 48266.5
Brazil (R$)
Renault 83.25 -4.61 100.25 49.50 2.27 9.04 27354.01 MitsuiFud 3815 173.50 3879 2854.5 0.66 31.16 30429.91 Syngent 395.00 -4.00 435.20 273.20 2.80 22.96 37583.59 ChevrnTx 85.99 2.24 129.53 82.89 4.94 13.37 161810.36 MorganStly 38.05 -0.53 41.04 31.35 1.17 19.42 74326.32
Ambev 18.61 -0.91 20.29 14.99 9.88 20.99 84357.39
Safran 70.88 0.88 71.00 43.66 1.68 -21.61 32843.03 MitUFJFin 864.00 -22.50 936.80 546.20 2.10 7.75 98490.54 UBS 21.51 -0.54 22.57 13.58 3.62 16.34 82790.48 Cigna 144.12 -1.73 170.68 85.75 0.03 17.99 37110.23 MylanNV 54.36 -1.99 76.69 44.80 - 26.46 26638.21
Bradesco♦ 25.40 -1.05 34.42 25.30 4.26 7.66 18491.65
Sanofi 94.06 -4.18 101.10 69.58 3.02 25.80 137141.34 Mizuho Fin 257.00 -7.20 280.40 178.10 3.18 7.50 51218.9 Zurich Fin 287.40 -0.80 334.60 262.00 - 10.93 44248.51 Cisco 29.03 0.88 30.31 22.49 2.73 16.56 147643.35 Netflix 123.39 -0.13 129.29 45.08 - 279.88 52564.74
Cielo 40.42 -1.08 46.27 30.18 2.67 17.71 21992.96
Schneider 60.50 -3.70 75.29 52.59 3.16 21.02 39499.34 Murata Mfg 18140 500.00 22220 9881 0.80 33.40 32875.67 Citigroup♦ 57.59 -0.32 60.95 46.60 0.14 13.91 173336.99 News Corp A 30.27 -0.42 39.27 27.56 0.90 7.76 38108.1
ItauHldFin 25.54 -1.65 35.22 25.24 1.99 5.87 22443.4 Taiwan (NT$)
SocGen 46.70 -1.18 48.77 31.85 2.56 11.49 41827.17 NipponTT 4915 -30.50 5066 3001.5 1.85 18.74 89896.88 CME Grp 98.16 0.92 100.87 72.89 1.96 27.96 33154.13 NextEraE 109.04 2.04 112.64 90.33 2.72 16.80 49297.38
Petrobras 10.35 -0.26 23.50 7.88 - -5.07 22214.98 HonHaiPrc 88.70 0.20 112.00 83.00 1.96 8.68 41845.66
Total 44.00 -1.80 52.09 38.25 5.81 33.12 118033.9 Nissan Mt 1164 -30.50 1350 917.40 2.86 9.72 42335.68 Coca-Cola 41.25 -0.52 44.87 39.12 3.06 24.38 179437.65 Nike 114.36 -0.15 117.72 76.49 0.97 30.22 77527.64
Vale 18.20 -0.22 31.96 16.41 11.62 -10.20 16886.41 TaiwanSem 126.00 -8.00 155.00 118.00 2.57 10.61 101751.07
UnibailR 246.05 1.20 262.00 180.70 3.94 14.03 26963.97 NTTDCMo 2747.5 36.00 2873.5 1612.5 2.39 24.46 90314.64 Cognizant 67.17 -0.45 69.35 42.94 - 27.28 40942.08 NorfolkS♦ 81.74 0.63 117.64 79.93 2.82 14.14 24635.36
Canada (C$) Vinci 58.23 -0.97 60.35 39.65 3.31 12.06 38694.78 Orintllnd 7700 -160.00 9890 4866.25 0.46 36.21 22530.38 Thailand (THB) ColgtPlm 67.79 -0.70 71.56 62.53 2.14 27.42 61019.92 Northrop 174.18 1.53 176.50 118.24 1.65 17.76 32640.03
BCE 53.76 -0.38 60.20 46.43 4.90 17.60 34887.66 Vivendi 23.26 -0.68 24.83 17.32 4.37 -88.45 35338.81 Panasonic 1398 -31.50 1853.5 1130 1.04 57.09 27590.57 PTT Explor 302.00 -14.00 398.00 294.00 3.30 15.37 24465.78 Comcast 58.88 0.06 64.99 49.33 1.60 17.53 125481.4 NXP 91.62 -4.72 114.00 53.81 - 48.68 23065.47
BkMontrl♦ 72.93 0.18 85.71 71.27 4.75 10.45 35863.12 Seven & I 5842 -6.00 5998 3794.5 1.28 28.69 41663.74 United Arab Emirates (Dhs) ConocPhil♦ 49.77 0.93 81.47 48.33 5.82 37.20 61389.23 Occid Pet 73.40 4.62 100.26 67.30 3.93 -23.12 56074.01
Germany (€)
BkNvaS 61.49 -1.00 74.39 60.52 4.71 9.87 56949.09 ShnEtsuCh 7331 -163.00 8529 6371 1.38 23.23 25485.93 Emirtestele♦ 13.50 -0.20 15.85 9.41 4.90 14.21 31963.19 Corning 17.96 -0.17 25.16 17.03 2.43 9.01 22017.8 Oracle 39.41 -0.15 46.71 35.82 1.32 17.46 170884.79
Allianz 152.45 -0.80 170.15 115.05 4.47 10.44 77409.86
Brookfield 45.19 -0.18 48.64 32.21 1.28 10.61 33907.84 Softbank 7593 453.00 8760 6600 0.53 10.90 73346.59 Costco♦ 146.09 0.83 156.85 117.78 1.03 27.40 64204.75 Pepsico 99.23 0.13 100.76 89.82 2.67 23.11 145768.19
BASF 76.29 -4.98 97.22 64.27 3.60 14.17 77855.51 United Kingdom (p)
CanadPcR 208.34 2.75 247.56 189.79 0.70 21.71 25715.97 Sony 3366.5 28.50 3970 1782 0.75 -54.39 34055.15 CrownCstl 86.07 3.73 89.44 74.45 3.24 57.22 28726.84 Pfizer♦ 35.32 0.13 36.46 27.51 3.03 25.26 217830.72
Bayer 128.95 -5.70 146.45 95.03 1.74 30.61 118481.93 AscBrFd 3254 43.00 3293 2407 1.04 45.60 40210.22
CanImp 92.05 -0.29 107.37 88.04 4.87 9.57 27983.44 SumitomoF 5419 -169.00 5770 3823 2.60 11.29 61649.84 CSX 29.62 -0.34 37.99 28.73 2.21 14.88 29264.01 PG&E 54.08 1.19 60.21 43.76 3.34 18.98 26454.09
BMW 86.15 -6.73 123.75 74.74 3.35 10.60 57623.68 AstraZen♦ 4247.5 -73.00 4931.68 4019 4.20 71.61 83779.52
CanNatRs 30.50 -2.29 47.53 29.95 3.10 20.34 25539.09 Takeda Ph 6499 158.00 6657 4337.5 2.79 -32.76 41306.88 Cummins 128.05 1.17 151.25 123.14 2.42 13.56 22876.15 Phillips66♦ 82.30 2.68 87.98 57.33 2.48 10.67 44249.38
Continental 207.50 -15.60 234.25 136.85 1.56 16.55 46111.98 Barclays♦ 274.35 -6.90 289.90 204.05 2.37 122.86 71845.13
CanNatRy 80.95 -0.66 88.89 68.81 1.44 19.32 49513.45 TokioMarine 5380 167.00 5414 3102 1.78 16.34 32788.78 CVS 107.67 -0.07 113.65 77.40 1.15 26.08 119996.73 PhilMorris 84.26 -0.83 90.25 75.27 4.71 17.77 130534.39
Daimler 76.96 -6.84 96.07 55.10 3.17 10.26 91481.97 BG♦ 1072 -37.50 1420 780.55 1.70 -54.06 57150.2
Enbridge♦ 55.89 0.00 66.14 47.43 3.03 226.90 36637.6 Toyota 7945 -88.00 8783 5710 2.54 11.14 218480.14 Danaher 90.92 -0.14 92.92 70.12 0.51 25.23 62142.74 PNCFin 97.59 -0.21 100.52 76.69 1.98 13.45 50122.21
Deut Bank 28.96 -1.81 33.42 22.66 2.58 24.48 44373.78 BP♦ 379.25 -6.35 499.25 364.40 6.81 -17.22 108214.91
GtWesLif 34.73 0.63 37.70 29.30 3.79 12.36 26503.99 Deere 94.34 -1.51 98.23 78.88 2.58 12.66 31497.43 PPG Inds♦ 104.70 0.78 118.95 85.78 1.29 26.04 28344.53
Deut Tlkm 16.42 -0.45 17.63 10.07 3.03 39.32 84019.3 Mexico (Mex$) BrAmTob 3721 -84.00 3894 3303 3.98 17.27 108273.85
ImpOil 48.08 0.23 57.96 44.08 0.84 18.33 31182.62 Delta♦ 47.63 1.28 51.06 30.12 0.75 21.19 37884.82 Praxair 113.99 0.84 134.06 111.54 2.38 22.37 32654.9
DeutsPost 26.19 -0.69 31.19 21.55 3.10 15.77 35244.96 AmerMvl 15.16 -0.50 17.64 14.90 1.79 - 39387.75 BSkyB 850.50 -34.50 954.00 782.50 3.76 9.03 23005.52
Manulife 22.56 -0.47 24.20 18.91 2.92 14.22 34024.95 DevonEngy 46.06 -0.35 75.63 45.69 2.07 -3.24 18932.58 Prec Cast 230.50 36.62 249.12 186.17 0.05 22.56 31693.2
E.ON 11.65 -0.44 15.46 11.59 1.20 -8.69 25890.44 FEMSA UBD 149.13 0.87 154.14 116.20 0.76 28.49 32613.42 BT♦ 456.20 -9.10 481.75 351.90 2.50 17.50 59374.64
Potash 34.07 -1.01 47.10 33.74 5.44 14.54 21758.73 DirectTV 93.55 - 95.51 82.04 - 16.82 47176.52 Priceline 1283.8 -33.55 1395 990.69 - 28.80 65090.71
Fresenius Med 73.73 -1.72 82.32 50.75 1.04 23.76 25486.07 WalMrtMex 38.97 -1.25 41.00 28.26 1.41 29.98 41639.06 Compass 1042 -1.00 1223.36 924.41 2.60 20.23 26798.09
RylBkC♦ 75.97 -0.36 83.87 71.74 4.30 10.70 83891.42 DiscFinServ♦ 55.97 1.20 66.75 53.20 1.77 11.66 24364.12 ProctGmbl♦ 75.62 0.14 93.89 75.25 3.40 24.90 205123.92
Fresenius SE 65.39 1.93 65.99 35.10 0.67 30.52 31695.18 Netherlands (€) Diageo♦ 1775.5 -51.50 2055 1689.5 3.01 18.77 69705.89
Suncor En 37.26 -0.09 44.72 30.89 3.12 37.44 41219.07 Disney 107.16 -2.19 122.08 78.54 1.68 22.44 180870.86 Prudntl 90.10 0.69 94.30 74.51 2.50 15.93 40635.1
HenkelKgaA 85.92 -7.32 99.44 66.70 1.49 21.68 24801.57 Altice 26.45 -90.71 143.20 25.96 - - 21889.65 GlaxoSmh♦ 1402.5 -47.50 1645 1296.5 5.70 7.05 106535.11
ThmReut 53.87 0.49 54.47 39.45 3.20 17.06 32319.9 DominRes 75.37 3.03 80.89 65.53 3.29 25.96 44794.04 PublStor 213.73 4.92 213.97 162.34 2.74 37.62 36968.31
Linde 169.65 -6.90 195.55 142.85 1.85 30.05 35010.32 ASML Hld 82.62 -5.05 104.85 67.57 0.84 26.74 39779.47 Glencore 172.85 -30.35 373.70 172.85 6.34 15.36 35597.75
TntoDom 51.88 -0.54 58.20 49.67 4.06 11.58 73517.69 DowChem 44.90 -0.60 54.97 41.45 3.60 13.31 51998.78 Qualcomm 61.91 -1.11 78.53 60.83 2.79 17.08 97273.13
MuenchRkv 168.00 -5.20 206.50 141.10 4.39 9.36 32282.26 Heineken 75.91 -0.45 77.77 51.73 1.28 26.46 48582.08 HSBC♦ 558.00 -29.70 674.57 544.30 5.82 12.58 170207.68
TrnCan 47.22 -1.15 63.86 46.93 4.50 18.00 25614.95 DukeEner♦ 76.37 1.22 89.97 70.24 4.13 22.90 52567.8 Raytheon 109.82 1.00 113.36 92.74 2.30 15.93 33335.64
SAP 63.21 -2.33 70.81 50.08 1.73 24.76 86280.98 ING♦ 14.11 -0.51 16.00 9.68 - 30.10 60663.37 ImpTob 3279 -73.00 3413 2482.72 3.91 16.42 48985.43
ValeantPh 323.03 -2.25 347.84 117.35 - 103.20 84333.1 DuPont♦ 53.86 0.43 76.61 52.36 3.50 16.20 48734.57 Regen Pharm 576.30 -2.74 605.93 320.06 - 146.20 58630.76
Siemens 95.46 -3.73 106.35 80.17 3.44 14.11 93443.7 Philips 24.48 -0.88 28.00 20.69 - 99.30 25902.18 LlydsBkg♦ 80.10 -2.03 89.35 70.90 0.94 43.53 89337.61
China (HK$) Volkswgn 180.00 -11.55 254.50 147.35 2.65 8.23 59017.31 Natl Grid 869.50 9.00 965.00 815.70 4.86 16.29 50901.06 Eaton♦ 59.96 0.11 73.82 57.11 3.44 13.06 28031.3 ReynoldsAm 85.44 -0.72 88.28 56.27 3.11 15.92 61051.21
Unilever♦ 39.14 -2.96 42.75 28.75 2.94 23.21 74561.25
AgricBkCh 3.46 -0.04 4.55 3.38 6.80 4.71 13712.9 Prudential 1533 4.50 1761.5 1287 2.41 15.60 61521.73 eBay 28.26 -0.29 29.35 19.50 - 11.89 34427.13 Salesforce 72.99 2.58 78.46 51.04 - -281.99 47881.44
Hong Kong (HK$) Norway (Kr)
Bk China 4.12 -0.07 5.68 3.42 6.26 5.40 44420.99 RBS 341.40 -4.10 414.00 326.10 - -23.81 34476.02 Ecolab 116.48 2.12 118.46 97.78 1.08 28.87 34372.34 Schlmbrg 83.86 1.61 112.00 75.60 2.13 25.08 106120.56
AIA♦ 47.80 -1.80 58.20 39.10 0.93 21.52 74249.2 DNB 126.30 -4.00 143.00 100.90 3.12 8.96 25013.81
BkofComm 6.66 -0.14 8.61 5.29 5.14 5.63 30065.04 ReckittB♦ 5989 -258.00 6300 4895 2.32 25.45 66514.83 EMC 26.62 -0.62 30.92 24.74 1.72 21.79 51236.22 SempraEgy 106.13 4.29 116.30 98.34 2.54 19.52 26311.29
BOC Hold 29.40 -1.80 33.70 23.85 3.44 12.63 40078.13 Statoil♦ 132.10 -6.70 182.50 118.20 5.65 -10.33 51217.48
Ch Evrbrght 4.12 -0.08 5.65 3.47 5.49 5.05 3648.74 RELX♦ 1083 -10.00 1199 921.50 2.30 101.91 34894.27 Emerson♦ 49.60 0.41 65.94 47.83 3.68 13.89 32594.16 Shrwin-Will♦ 279.37 10.03 294.35 202.01 0.87 28.57 26040.26
Ch OSLnd&Inv 23.50 -0.50 34.05 19.80 2.09 6.93 29877.26 Telenor 167.30 -10.30 186.10 128.90 2.36 23.10 30543.46
Ch Yangtze RMB 14.35 0.00 15.22 6.75 2.12 16.70 21880.22 RioTinto♦ 2462.5 -125.00 3464.5 1819.5 5.54 24.50 53646.92 EOG Res 79.93 6.17 110.47 72.87 0.78 31.84 43895.28 SimonProp♦ 191.68 -0.01 206.31 162.43 2.85 40.23 59662.47
Citic Ltd 14.94 0.94 16.80 11.64 1.78 9.07 49626.13
ChCommsCons 10.84 0.26 17.00 5.45 2.28 9.42 6188.1 Qatar (QR) RollsRoyce 797.50 -6.50 1061 717.50 2.90 -58.65 22887.6 EquityResTP 77.14 1.94 82.53 60.44 2.71 32.72 28085.31 SouthCpr♦ 27.61 0.11 33.31 23.60 1.58 18.09 22005.56
Citic Secs♦ 21.60 1.00 40.50 16.30 0.92 13.05 6345.12
ChConstBk 6.22 -0.10 7.98 5.34 6.35 5.14 192809.88 QatarNtBk 181.00 -1.40 237.00 179.50 4.11 11.65 34780.38 RylDShlA♦ 1797 -88.50 2475.5 1725.5 6.75 13.32 109897.19 Exelon♦ 33.08 0.64 38.93 30.63 3.72 12.32 28502.31 SouthwestAir 39.36 1.78 47.17 28.40 0.64 17.16 25952.23
CK Hutchison 113.70 -0.50 174.90 103.00 3.12 4.88 56582.51
China Vanke - - - - - - - Russia (RUB) SABMill 3284 -117.00 3857 3105 2.16 23.95 82918.16 ExpScripts 88.26 0.38 94.61 68.78 - 29.24 59640.02 Starbucks♦ 57.10 -0.10 59.32 35.39 1.06 32.42 84747.82
CNOOC 9.86 0.31 15.88 9.36 5.78 5.85 56760.31
ChinaCitic 5.40 -0.07 7.40 4.66 6.21 4.72 10361.71 Gzprm neft 144.80 3.46 166.94 113.73 5.82 8.95 53005.94 Shire 5200 -100.00 5870 3448.28 0.27 15.74 48047.99 ExxonMb♦ 78.36 1.53 100.31 76.33 3.55 14.05 326718 StateSt 78.47 -0.04 81.26 64.21 1.57 18.71 32024.63
Hanergythn 3.91 0.00 9.07 1.21 - 52.01 21046.38
ChinaCNR 15.86 0.00 21.95 4.99 - 25.51 4365.2 Lukoil 2561.1 41.10 3297.7 1913 2.87 7.90 33684.25 StandCh♦ 864.00 -62.40 1250.18 860.00 6.39 19.22 34346.31 Facebook 94.42 0.12 99.24 70.32 - 97.21 213364.32 Stryker 103.64 2.70 103.99 77.87 1.28 42.82 39026.49
HangSeng 153.80 -5.90 162.10 123.20 3.62 11.09 37912.2
ChinaLife♦ 28.75 0.45 41.00 21.00 1.37 16.69 27583.54 MmcNrlskNckl 10061 -51.00 12247 6766 13.56 12.28 24618.76 Tesco 202.65 -13.15 253.70 155.40 5.57 -2.89 25737.98 Fedex 164.81 -2.18 185.19 147.03 0.50 44.04 46547.32 Sychrony Fin 35.14 1.16 36.40 22.95 - 13.59 29298.5
HK Exc&Clr 207.80 2.60 311.40 162.00 1.80 41.67 32082.52
ChinaMBank 20.95 -0.45 26.85 13.12 3.89 6.89 12400.9 Rosneft 246.60 11.05 294.20 183.95 6.10 7.03 40412.76 Vodafone 239.00 -2.85 258.00 179.10 4.63 11.15 99034.56 FordMtr♦ 14.78 -0.02 17.87 13.26 3.69 16.12 57597.45 Target 79.35 0.37 85.81 57.75 2.55 19.84 50664.32
MTR 36.75 1.50 40.00 29.95 2.51 13.66 27712.2
ChinaMob 99.45 -0.65 118.00 85.00 3.17 14.84 262542.68 Surgutneftegas 35.30 1.40 39.80 21.82 1.99 1.30 19500.68 WPP 1418 -23.00 1616 1091 2.49 17.61 28685.09 Franklin 43.62 -0.71 59.43 42.88 1.30 11.80 26774.74 TE Connect 62.53 0.62 73.73 51.03 1.90 13.79 25161.1
SandsCh 33.90 -0.70 54.90 25.90 5.11 13.84 35268.54
ChinaPcIns 32.20 -0.15 47.10 26.55 1.63 17.36 11522.21 GenDyn 151.61 1.89 153.40 114.73 1.72 17.66 48928.67 TexasInstr♦ 50.64 0.32 59.99 41.47 2.59 18.05 51976.18
SHK Props 110.20 -6.80 137.60 106.30 3.04 10.07 40873.33 Saudi Arabia (SR) United States of America ($)
ChinaRailCons 11.94 0.92 17.70 6.92 1.43 9.63 3196.42 GenElectric 26.08 0.29 28.68 23.41 3.46 51.05 263314.87 TheTrvelers 107.71 2.23 110.49 90.83 2.08 9.88 33519.96
Tencent 143.40 2.50 171.00 104.50 0.25 41.34 173797.53 AlRajhiBnk 63.80 1.35 79.50 48.40 3.01 15.71 27635.61 3M 148.28 -0.61 170.50 130.60 2.52 19.50 92637.25
ChinaRailGp 8.06 0.77 12.30 3.98 1.08 12.48 4372.4 GenGrwthPrp 27.87 0.12 31.70 23.19 2.31 20.23 24683.25 ThrmoFshr 135.02 -1.00 141.25 107.33 0.44 27.80 53803.8
India (Rs) Natnlcombnk 60.82 -0.06 72.75 49.50 - 14.14 32337.36 AbbottLb♦ 50.23 0.12 51.74 39.28 1.82 32.15 74864.87
ChMinsheng 8.61 -0.11 11.88 6.97 2.71 5.19 7697.17 GenMills 59.26 0.15 59.87 48.32 2.88 29.35 35481.2 TimeWrnr 78.23 -1.90 91.34 67.78 1.69 18.69 63802.93
Bhartiartl♦ 395.10 -16.50 452.45 335.80 0.89 31.30 24296.16 SaudiBasic 91.90 1.11 136.50 70.25 5.75 11.35 73490.61 Abbvie 68.65 0.03 71.60 52.06 2.66 53.65 113634.72
ChMrchSecs RMB 22.26 1.30 40.00 10.59 0.74 19.94 16727.23 GenMotors 31.49 -0.25 39.00 28.82 3.97 11.71 49880.08 TimeWrnrC 186.00 -2.91 194.22 128.78 2.00 27.02 52633.21
HDFC Bk 1101.8 9.15 1128 819.00 0.74 27.78 42608.75 SaudiTelec♦ 66.76 -0.34 76.50 55.00 5.57 12.45 35591.1 Accenture 103.45 -0.29 105.37 73.98 2.02 22.85 82509.74
ChShenEgy 15.30 0.94 24.40 14.26 7.82 7.20 6704.38 GileadSci 115.60 1.16 123.37 85.95 0.37 12.30 169655.2 TJX Cos♦ 70.60 0.97 71.30 53.00 1.01 21.71 48035.18
Hind Unilevr 870.55 -34.30 981.00 701.35 1.35 46.85 28962.94 Singapore (S$) Ace 109.67 -0.19 117.89 99.55 2.96 12.43 35511.7
ChShpbldng RMB 16.46 2.58 20.19 4.86 0.30 141.13 46244.53 GoldmSchs 202.02 -1.42 218.77 171.26 1.18 12.05 87448.6 T-MobileUS 41.23 0.87 42.02 24.26 - 122.86 33597.28
HsngDevFin 1299.95 1.50 1402.3 975.00 1.11 23.30 31524.1 DBS♦ 19.26 -1.06 21.50 17.62 3.12 25.61 34329 Actavis 298.98 -3.32 317.72 201.91 - -34.92 117333.1
ChStConEng RMB 7.64 0.53 12.52 3.10 2.03 8.91 35738.55 Google 689.37 24.98 713.33 490.91 - 34.53 199838.9 Twitter 29.06 2.02 55.99 26.87 - -31.00 19653.41
ICICI Bk 302.60 -7.55 393.40 280.35 3.32 13.22 27022.54 JardnMt US$ 52.82 0.04 67.88 50.45 2.67 11.45 36900.4 Adobe 86.12 3.43 86.38 58.51 - 117.09 42857.22
ChUncHK 10.42 -0.16 16.00 9.68 2.05 16.50 32172.9 Halliburton 41.99 2.23 70.50 37.21 1.63 24.78 35890.92 UnionPac 92.74 0.24 124.52 91.23 2.25 16.06 80469.72
Infosys 1149.25 53.65 2336 932.65 3.28 20.29 40408.24 JardnStr US$ 29.73 -0.30 37.84 29.00 0.90 10.62 33300.65 AEP♦ 58.20 1.43 65.38 50.78 3.56 16.48 28550.57
CSR 10.08 0.20 20.70 6.80 1.17 19.31 5680.9 HCA Hold 91.40 -0.06 95.49 62.50 - 18.86 37948.55 UPS B♦ 102.73 0.59 114.40 94.05 2.71 24.14 71751.59
ITC 318.15 -6.30 409.95 294.00 1.68 28.14 39256.32 OCBC♦ 9.76 -0.44 10.92 9.47 3.82 9.08 28125.91 Aetna 120.66 4.27 134.40 71.81 0.78 18.43 42062.08
Daqin RMB 10.90 0.42 15.15 7.19 4.28 10.47 25352.49 Hew-Pack 28.71 -0.70 41.10 28.38 2.26 11.30 51862.18 USBancorp 45.60 0.49 46.26 38.10 2.15 14.69 80301.79
L&T 1799.5 -33.95 1893.8 1401 0.82 29.31 25759.73 SingTel♦ 4.06 0.00 4.57 3.63 4.29 16.10 46047.28 Aflac 64.76 0.72 65.10 54.99 2.36 10.96 27891.75
GF Secs RMB 19.30 1.10 32.88 10.09 1.12 15.64 17873.24 HiltonWwde♦ 25.62 -0.29 31.60 20.72 - 39.12 25298.49 Utd Cntl Hldg 58.53 1.79 74.52 39.46 - 8.56 22110.43
OilNatGas 270.40 -12.45 457.95 263.45 3.67 8.56 35588.1 UOB 20.58 -0.97 25.05 19.65 3.52 10.11 23457.06 AirProd 146.74 0.55 158.20 118.20 2.14 30.96 31546.52
GuosenSec - - - - - - - HlthcareREIT♦ 67.93 -0.07 84.88 62.05 4.73 51.66 23903.54 UtdHlthcre 121.02 -0.80 126.05 80.16 1.33 19.41 115400.14
RelianceIn 966.95 -17.40 1067.85 796.45 1.01 11.96 48167.47 Alexion 186.58 -3.04 208.88 150.06 - 64.21 42195.93
HaitongSecs 14.04 0.48 27.90 11.50 1.14 9.76 6172.17 South Africa (R) HomeDep 119.75 2.82 120.14 82.74 1.70 23.93 155552.38 UtdTech♦ 98.70 0.41 124.45 96.65 2.47 14.27 87902
SBI NewA 268.50 -12.80 336.00 234.61 1.13 12.28 31251.88 Allstate 63.86 1.32 72.87 59.28 1.80 10.82 25568.9
HuataiSec RMB 19.38 1.27 34.31 8.25 0.84 17.58 16505.42 Firstrand 53.93-5577.07 58.47 40.27 3.58 13.49 23618.19 Honywell 106.08 0.62 107.41 82.89 1.87 19.16 82929.36 ValeroEngy♦ 68.12 2.70 71.50 42.53 1.97 7.86 33863.26
SunPhrmInds 897.70 45.75 1200.8 748.00 0.17 30.47 33232.19 Altria 55.76 0.27 56.70 41.93 3.70 21.74 109328.35
In&CmBkCh 5.25 -0.09 7.10 4.74 6.56 5.12 58751.76 MTN Grp 196.99-20056.01 263.44 195.34 6.25 10.20 28382.45 HumanaInc 186.51 2.45 219.79 118.94 0.60 22.23 27630.28 Verizon 47.49 1.13 51.73 45.09 4.60 19.96 193079.69
Tata Cons 2703.2 151.15 2839.7 2345 1.46 26.17 81452.7 Amazon 531.52 8.90 580.57 284.00 - -1324.63 248597.34
IndstrlBk RMB 15.66 -0.12 21.42 9.99 3.18 5.67 39640.22 Naspers N 1704.5-172993.50 2029.97 1130.01 0.28 44.31 55785.96 IBM♦ 155.75 0.63 195.00 149.52 2.93 10.45 152561.77 VertexPharm 136.88 -0.86 143.45 88.11 - -44.86 33488.45
Tata Motors 355.25 -38.15 612.40 345.10 0.61 7.09 17750.38 AmerAir♦ 42.88 1.39 56.20 28.10 0.93 7.46 28807.67
Kweichow RMB 209.98 5.02 290.00 145.50 2.05 15.20 41267.95 South Korea (KRW) IllinoisTool 89.76 0.46 100.14 79.06 2.15 18.19 32860.11 VF Cp 75.94 0.15 77.83 61.11 1.60 31.67 32323.25
AmerExpr 80.91 1.19 94.89 74.30 1.63 14.21 81013.83
PetroChina 7.28 -0.03 11.70 7.13 5.90 13.00 19804.48 Indonesia (Rp) HyundMobis 205000-1500.00 297500 185500 1.63 8.40 16679.56 Illumina 208.07 -2.43 242.37 145.12 - 64.08 30107.73 Viacom 43.67 -1.80 82.25 39.28 3.16 10.26 15173.58
AmerIntGrp 64.25 0.86 64.93 48.56 0.77 12.72 83132.23
PingAnIns 43.25 -0.05 62.90 28.53 1.07 11.65 41530.97 Astra Int 6425 -325.00 8575 5950 3.66 11.68 18865.34 KoreaElePwr 49600-1500.00 53100 38750 1.12 8.38 27117.54 Intcntl Exch 240.65 3.40 242.96 184.27 0.85 24.86 26589.07 Visa Inc♦ 74.22 0.01 76.92 48.80 0.62 31.37 144831.96
Amerisrcbrgn♦ 103.94 -0.42 120.68 74.32 1.06 -53.60 22472.05
PngAnBnk RMB 12.64 0.11 17.50 8.32 1.14 7.87 23342.87 Bk Cent Asia 13250 -550.00 15600 11200 1.15 18.53 23693.96 SK Hynix 36900 800.00 51700 34050 0.90 5.76 22877.93 Intel♦ 29.02 0.14 37.90 27.62 3.18 12.40 137961.08 Walgreen 92.10 -1.18 97.30 58.39 1.50 23.12 100599.24
AmerTower 101.08 1.43 105.20 90.20 1.57 61.22 42785.04
SaicMtr RMB 19.81 0.42 29.18 16.43 6.57 7.08 34171.32 BnkRakyat 10225 -550.00 13450 9300 2.96 10.03 18294.9 SmsungEl♦ 1140000 25000 1510000 1078000 1.95 6.65 125546.26 Intuit 105.62 0.18 109.21 77.96 0.90 93.25 29116.14 WalMartSto 72.38 1.13 90.97 70.36 2.72 14.58 233103.31
Amgen♦ 167.72 -4.59 181.81 124.81 1.66 22.40 127173.75
ShenwanHong - - - - - - - Israel (ILS) Spain (€) John&John 98.81 -0.04 109.49 95.10 2.86 17.53 273615.39 WasteMgmt 52.25 1.49 55.93 45.50 2.89 24.18 23630.08
Anadarko 76.25 3.20 113.51 69.40 1.41 -15.49 38735.93
ShgPdgBk RMB 15.49 0.11 19.17 9.36 4.62 5.61 36164.16 TevaPha 266.40 263.69 275.90 176.40 1.87 23.90 67388.76 BBVA 9.01 -0.26 9.91 7.21 0.88 13.64 63107.74 JohnsonCn 45.50 -0.91 54.52 38.60 2.18 16.87 29760.16 Wellpoint 128.71 1.56 129.96 81.84 1.64 12.65 34744.16
Aon Cp♦ 101.30 -0.02 107.08 78.26 1.03 23.30 28368.35
Sinopec 5.80 0.03 8.23 5.65 5.48 14.98 19079.46 BcoSantdr 5.94 -0.27 7.96 5.77 10.03 12.43 94425.07 JPMrgnCh 67.89 -0.16 70.61 54.26 2.40 12.34 251061.79 WellsFargo♦ 57.33 -0.14 58.77 46.44 2.47 14.07 294295.49
Italy (€) AppldMat 16.64 -0.34 25.71 16.24 2.44 15.98 20493.8
Denmark (kr) CaixaBnk 3.93 -0.04 5.00 3.71 1.01 24.68 25207.13 Kimb-Clark 116.16 -0.55 119.01 99.57 2.94 66.17 42314.19 Williams Cos 52.23 3.43 61.38 40.07 4.37 19.27 39157.42
Enel 4.23 -0.15 4.50 3.36 3.12 83.25 44195.31 Apple 115.96 0.44 134.54 95.18 1.65 13.51 661287.64
DanskeBk 214.60 3.70 217.10 139.20 2.55 33.66 32222.75 Iberdrola 6.31 -0.08 6.49 5.11 2.45 16.19 43728.05 KinderM 33.96 1.82 44.71 31.09 5.26 48.01 74438.18 Yahoo 36.24 -0.43 52.62 33.85 - 5.05 34116
ENI 15.55 -0.58 19.64 12.98 7.17-712.75 62789.96 ArcherDan 47.20 0.78 53.91 41.63 2.19 13.12 28741.94
MollerMrsk 12620 630.00 16450 11020 2.43 14.79 40314.64 Inditex 30.74 -1.15 32.54 19.29 1.34 35.72 106432.48 Kraft 88.19 1.21 91.32 53.33 2.45 45.49 52233.16 Yum!Brnds 83.59 -4.02 95.90 65.81 1.90 41.24 36044.47
Generali 17.67 -0.13 19.21 14.40 3.38 13.57 30566.28 AT&T 34.05 -0.16 36.45 32.07 5.45 33.97 209441.55
NovoB 387.90 -0.60 415.00 244.50 1.28 32.47 119105.69 Repsol 14.56 -0.57 19.50 14.26 - 19.90 22231.61 Kroger♦ 38.35 0.53 39.43 24.83 0.93 20.18 18627.04
IntSPaolo 3.39 -0.05 3.65 2.00 1.50 29.31 59687.36 AutomData 82.99 2.70 90.23 70.50 2.33 28.93 38657.58
Telefonica 13.55 -0.45 14.31 10.76 2.94 20.97 74349.8 L Brands 80.99 -0.67 95.78 61.45 1.91 20.97 23646.2 Closing prices and highs & lows are in traded currency (with variations for that
Finland (€) Luxottica 65.00 -1.65 67.80 34.74 1.10 41.57 34905.58 Avago Tech 121.96 -0.59 150.50 68.75 1.12 48.36 31676.63
LasVegasSd 52.41 -4.39 69.77 49.57 4.36 17.81 41794.42 country indicated by stock), market capitalisation is in USD. Highs & lows are
Nokia 6.19 -0.24 7.87 5.65 2.27 15.24 24906.95 Unicred 6.19 -0.10 6.61 4.82 1.93 16.56 41040.46 Sweden (SKr) BakerHu 57.33 1.61 70.51 47.51 1.18 96.94 24989.13
LibertyGbl 52.02 -0.13 58.66 39.95 - -32.47 13135.47 based on intraday trading over a rolling 52 week period.
SampoA 46.10 0.51 49.40 34.77 3.64 15.64 28622.66 Japan (¥) AtlasCpcoB 207.20 -3.70 270.00 165.20 1.47 18.95 9504.67 BankAm 17.70 -0.05 18.48 14.97 1.12 19.02 185293.25
Lilly (E)♦ 83.91 1.64 90.18 60.50 2.34 43.90 93017.64 ♦ ex-dividend
France (€) AstellasPh 1939 -22.00 2047 1476 1.56 29.28 34660.4 Ericsson 88.05 -1.45 120.00 81.05 3.93 27.57 34208.93 Baxter 40.90 -0.98 43.44 34.77 5.05 13.05 22312.54
LinkedIn 189.59 -0.44 276.18 184.20 - -214.80 21747.48 ■ ex-capital redistribution
Airbus Grpe 62.40 -4.10 67.88 39.64 1.91 18.01 54605.64 Bridgestne 4459 -293.50 5182 3328 2.71 11.43 29169.5 H&M 353.00 6.10 368.50 269.60 2.81 26.58 68680.03 BB & T♦ 40.31 0.03 41.90 34.50 2.44 14.68 29566.6
Lockheed 211.96 2.87 212.08 166.28 2.73 18.97 65820.9 # price at time of suspension
AirLiquide 115.55 -5.00 123.95 87.17 2.19 21.93 44168.19 Canon 4016.5 -38.00 4539 3172 4.02 19.14 43099.57 Investor 329.30 -0.40 363.40 219.30 2.78 4.70 29697.85 BectonDick 148.27 -0.65 154.98 112.15 1.57 37.12 31174.42
Lowes 72.11 2.58 76.25 49.57 1.30 25.16 67255.96
CntJpRwy 22235 215.00 24800 13320 0.54 15.61 36851.12 Nordea Bk 104.40 -2.90 115.50 82.40 5.59 11.58 49478.54 BerkshHat 213981-1481.76 229374 198000 - 19.73 173700.15

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
Prec Cast 230.50 230.40 0.10 0.04 36.62 18.9 18.98 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Aug 14 date Coupon S* M* F* price yield yield yield US Aug 14 date Coupon S* M* F* price yield yield yield US
ChShpbldng 16.46 16.68 -0.22 -1.32 2.58 18.6 45.02 Firstrand 53.93 54.59 -0.66 -1.21 -5577.07 -99.0 -1.39 High Yield US$ US$
ChinaRailGp 8.06 8.09 -0.03 -0.37 0.77 10.6 4.13 MTN Grp 196.99 203.25 -6.26 -3.08 -20056.01 -99.0 -9.84 Windstream Services, LLC 11/17 7.88 BB- B2 BB 102.22 6.88 0.00 0.70 6.14 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 115.33 4.50 0.00 -0.19 2.30
Marathon Ptl 55.66 56.99 -1.33 -2.33 4.49 8.8 -5.32 Naspers N 1704.50 1749.99 -45.49 -2.60 -172993.50 -99.0 -8.36 High Yield Euro Bank of America Corporation 10/26 4.25 BBB+ Baa3 A- 98.96 4.42 0.00 -0.20 2.21
EOG Res 79.93 79.68 0.25 0.31 6.17 8.4 -6.29 Altice 26.45 26.47 -0.03 -0.09 -90.71 -77.4 -78.14 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- 99.39 4.42 0.00 -0.08 2.21
ChinaRailCons 11.94 12.04 -0.10 -0.83 0.92 8.3 6.42 Glencore 172.85 176.80 -3.95 -2.23 -30.35 -14.9 -30.46 Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 97.57 7.18 0.00 0.02 -
Twitter 29.06 28.54 0.52 1.82 2.02 7.5 -20.70 ANZ 29.29 29.76 -0.47 -1.58 -3.29 -10.1 -8.18 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 120.29 4.46 0.00 -0.22 -
ChStConEng 7.64 7.70 -0.06 -0.78 0.53 7.5 -12.39 Tata Motors 355.25 349.40 5.85 1.67 -38.15 -9.7 -11.65 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.49 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 120.76 4.71 0.00 -0.29 -
Williams Cos 52.23 51.32 0.91 1.77 3.43 7.0 -10.09 HenkelKgaA 85.00 85.00 0.00 0.00 -8.24 -8.8 -7.85 Mexico 09/16 11.40 BBB+ A3 BBB+ 111.33 0.77 0.00 0.01 0.04
Brazil 01/18 8.00 BBB- Baa3 BBB 108.63 4.19 0.10 -0.14 3.45 Euro
HuataiSec 19.38 19.31 0.07 0.36 1.27 7.0 -20.28 Continental 204.55 204.55 0.00 0.00 -18.55 -8.3 -6.99 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 107.42 2.10 0.00 -0.24 -0.10
Occid Pet 73.40 72.93 0.47 0.64 4.62 6.7 -1.19 Daimler 77.00 77.00 0.00 0.00 -6.80 -8.1 -8.16 Russia 07/18 11.00 BB+ Ba1 BBB- 120.50 3.61 0.00 0.11 2.87
Peru 03/19 7.13 BBB+ A3 BBB+ 116.67 2.31 0.00 -0.04 0.72 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 95.27 3.12 0.00 -0.11 -
Citic Ltd 14.94 14.02 0.92 6.56 0.94 6.7 9.05 MicronTech 16.95 17.70 -0.75 -4.24 -1.49 -8.1 -13.56 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 112.17 2.08 0.00 -0.37 -
ChShenEgy 15.30 15.64 -0.34 -2.17 0.94 6.5 -3.41 LVMH 159.60 160.40 -0.80 -0.50 -13.85 -8.0 -1.91 Brazil 01/21 7.88 BBB- Baa3 BBB 102.84 4.33 0.00 0.36 2.74
Turkey 03/21 5.63 - Baa3 BBB- 106.73 4.31 0.00 0.27 2.72 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 109.02 2.11 0.00 -0.33 -
Softbank 7593.00 7491.00 102.00 1.36 453.00 6.3 9.03 LasVegasSd 52.41 53.12 -0.71 -1.34 -4.39 -7.7 -5.52
Poland 04/21 5.13 A- A2 A- 112.48 2.75 0.00 -0.13 1.16 Yen
ChMrchSecs 22.26 22.01 0.25 1.14 1.30 6.2 -15.97 Richemont 77.45 77.90 -0.45 -0.58 -6.15 -7.4 -1.46
Colombia 07/21 4.38 BBB Baa2 BBB 103.44 3.75 0.00 0.15 2.16 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
GF Secs 19.30 19.15 0.15 0.78 1.10 6.0 -13.65 BMW 86.19 86.19 0.00 0.00 -6.69 -7.2 -7.25
Tata Cons 2703.20 2635.60 67.60 2.56 151.15 5.9 7.72 Unilever 39.14 39.45 -0.32 -0.80 -2.96 -7.0 -3.70 Turkey 04/26 4.25 - Baa3 BBB- 93.80 5.07 0.00 0.25 2.87 £ Sterling
KinderM 33.96 33.14 0.82 2.47 1.82 5.7 -10.68 StandCh 864.00 870.10 -6.10 -0.70 -62.40 -6.7 -15.34 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 128.03 3.63 -0.06 0.06 1.43
Halliburton 41.99 41.76 0.23 0.55 2.23 5.6 -1.34 HondaMtr 4199.50 4308.00 -108.50 -2.52 -286.50 -6.4 9.11 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- 106.75 3.26 0.02 -0.22 1.06
SunPhrmInds 897.70 879.05 18.65 2.12 45.75 5.4 -1.94 Westpc 31.33 31.80 -0.47 -1.48 -2.11 -6.3 -4.95 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.76 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+ 109.81 3.12 0.00 -0.13 1.53 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- 116.69 3.79 0.00 -0.04 1.59
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 14 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Aug 14 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 12.83 -0.66 13.49 31.06 10.88 Aug 14 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 14.13 -0.54 14.67 23.19 7.04 Tr 2pc '16 100.65 0.48 -2.04 -7.69 -4.00 -31.43 101.97 100.65 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 174.83 0.18 -0.15 -1.94 -1.48 -2.51 VXN 16.41 -0.54 16.95 31.17 11.15 Tr 1.75pc '17 101.68 0.57 3.64 -1.72 -6.56 -45.71 102.68 101.59 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 295.47 -0.42 -0.16 0.67 1.79 6.44 VDAX 20.76 0.02 20.74 27.09 - Tr 5pc '18 110.77 0.74 2.78 -3.90 -10.84 -47.89 113.65 110.64 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 250.77 0.28 0.03 0.12 0.03 0.12 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.05 1.04 1.96 -1.89 -9.57 -37.72 115.07 111.71 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 211.89 -0.08 -0.02 -0.38 1.54 2.24 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.33 1.28 2.40 -1.54 -9.86 -32.63 119.04 114.45 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 222.92 -0.09 -0.36 0.56 1.86 5.02 Tr 8pc '21 136.17 1.48 2.07 0.68 -9.76 -28.16 142.92 135.31 0.24
Gilts( £) 286.57 -0.55 0.12 0.32 2.46 8.16 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.08 1.57 1.95 1.29 -9.77 -27.98 119.85 112.16 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 248.12 0.48 -0.29 -1.09 0.43 -3.55 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.26 1.87 2.19 1.08 -10.10 -26.09 134.70 122.10 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 295.23 -0.40 -0.10 0.59 1.68 6.33 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.37 2.09 1.95 1.46 -9.13 -24.00 131.90 116.13 0.31
Aug 14 (Libor: Aug 13) night Day Week Month month month month year Overall ($) 225.83 0.28 0.15 0.74 0.15 0.74 Australia 10/18 3.25 103.87 1.99 0.02 -0.01 -0.03 -0.82 Tr 4.25pc '32 126.39 2.34 1.30 1.74 -8.95 -20.95 136.85 117.16 0.35
US$ Libor 0.12850 0.001 0.002 0.004 0.19760 0.32050 0.51860 0.83490 Overall( £) 286.48 -0.50 0.05 0.41 2.22 7.57 04/26 4.25 112.54 2.88 0.00 -0.06 -0.16 -0.65 Tr 4.25pc '36 128.83 2.46 1.65 2.50 -8.55 -19.61 140.37 117.65 0.26
Euro Libor -0.18000 0.000 0.000 -0.001 -0.09929 -0.02500 0.05200 0.15743 Overall(€) 219.22 -0.09 -0.25 0.33 1.63 4.06 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 139.47 2.50 1.63 2.46 -9.09 -19.61 153.16 124.52 0.26
£ Libor 0.48125 0.000 0.000 0.001 0.50913 0.58938 0.75000 1.05563 Treasuries ($) 217.36 0.32 0.26 1.07 0.26 1.07 10/25 1.20 102.49 0.94 0.02 0.01 -0.08 0.00 Tr 3.75pc '52 131.19 2.46 1.23 2.50 -9.89 -21.15 145.21 112.07 0.22
Swiss Fr Libor 0.000 -0.78200 -0.72500 -0.67900 -0.57300 FTSE Belgium 06/18 0.75 101.87 0.08 -0.01 -0.03 -0.09 -0.42 Tr 4pc '60 143.26 2.41 1.26 2.55 -10.41 -22.01 159.23 119.83 0.21
Yen Libor 0.000 0.05286 0.09429 0.13371 0.24329 Sterling Corporate (£) 111.46 -0.33 - - 1.51 1.37 06/25 0.80 98.08 1.01 0.02 0.02 -0.11 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.001 -0.08400 -0.02400 0.04600 0.16100 Euro Corporate (€) 107.41 -0.05 - - 1.03 -0.81 Canada 05/17 0.25 99.76 0.39 -0.01 -0.03 -0.03 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 891.68 -0.63 - - -4.70 -4.59 06/26 1.50 99.52 1.55 0.00 -0.02 0.00 0.00
US$ CDs
Euro CDs
0.000
0.000
0.17000
-0.10500
0.26000
-0.06500
0.41000
-0.00500
Eurozone Govt Bond 113.69 0.00 - - 1.90 2.12 Denmark 11/16 2.50 103.55 -0.34 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 1.75 109.17 0.81 0.02 -0.01 -0.16 -0.57
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 99.64 1.14 0.00 -0.04 -0.03 0.00
Fixed Coupon Aug 14 chg % Return 1 month 1 year Yield
Aug 14 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 99.02 -0.04 2352.71 0.36 2.32 1.05
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 313.28 -1.28 7.14 34.28 356.33 242.25 France 11/16 0.25 100.56 -0.19 0.00 0.00 0.00 0.00
2 5 - 10 Years 179.81 -0.20 3200.05 1.59 5.73 1.69
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 67.78 0.23 1.90 3.09 81.85 52.94 11/19 0.50 101.84 0.07 0.01 0.01 -0.09 -0.38
3 10 - 15 Years 205.56 -0.35 3753.26 2.83 8.90 2.07
Swiss Franc - - - - - - - - - - - - Japan 5Y 58.02 0.50 -0.35 0.82 64.46 48.09 05/25 0.50 95.58 0.98 0.02 0.01 -0.11 0.00
4 5 - 15 Years 185.77 -0.23 3333.62 1.85 6.64 1.81
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 76.37 0.07 -0.34 2.10 100.19 62.28 05/45 3.25 130.37 1.90 0.02 -0.03 -0.11 -0.50
5 Over 15 Years 299.02 -0.54 4290.33 5.99 14.72 2.44
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 0.25 101.32 -0.25 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 173.03 -0.29 3201.61 2.96 8.10 2.22
Japanese Yen -0.07 0.03 -0.08 0.02 -0.15 0.05 -0.10 0.10 -0.05 0.15 0.00 0.20 10/20 0.25 101.11 0.04 0.02 0.01 -0.09 0.00
Emerging Markets 5Y 342.17 11.22 4.85 46.21 342.17 278.35 08/25 1.00 103.27 0.66 0.03 0.00 -0.14 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 381.65 1.01 14.04 43.92 381.65 337.73 08/46 2.50 129.62 1.33 0.02 -0.05 -0.16 -0.60
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Aug 14 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 76.54 0.57 2.25 11.51 76.54 60.22 Greece 07/17 3.38 85.46 12.36 -0.51 -7.90 -8.90 8.67
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 309.52 -0.11 -0.50 -2.45 2353.49 -0.09 -1.10
02/25 3.00 63.71 9.41 -0.47 -2.13 -1.55 3.15 2 Over 5 years 586.52 -0.64 6.32 15.30 4319.85 6.35 16.24
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 112.04 -0.05 0.00 0.00 0.00 0.00 3 5-15 years 432.17 -0.46 1.70 2.47 3275.64 1.70 3.82
03/25 5.40 137.33 1.24 0.02 0.01 -0.16 -1.03 4 Over 15 years 729.10 -0.72 8.15 21.79 5271.85 8.20 22.53
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.88 0.29 0.01 0.03 -0.10 0.00 5 All stocks 541.04 -0.57 5.26 13.29 4034.49 5.36 14.30
05/20 0.70 99.55 0.80 0.02 0.01 -0.11 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 97.32 1.81 0.02 -0.02 -0.12 0.00 Yield Indices Aug 14 Aug 13 Yr ago Aug 14 Aug 13 Yr ago
Crude Oil† Aug 42.14 -0.12 Corn♦ Sep 364.25 0.25 Aug 13 Aug 13 Prev return stock Market stocks
09/46 3.25 109.73 2.80 0.01 -0.11 -0.24 0.00 5 Yrs 1.34 1.31 1.78 20 Yrs 2.47 2.44 3.05
Brent Crude Oil‡ 48.66 -0.98 Wheat♦ Sep 506.00 2.50 Can 4.25%' 21 129.97 -0.438 -0.466 -0.42 5.18 71280.77 7
Japan 08/17 0.10 100.19 0.01 0.00 0.00 0.00 0.00 10 Yrs 1.99 1.95 2.54 45 Yrs 2.43 2.40 3.11
RBOB Gasoline† Aug 1.68 -0.03 Soybeans♦ Sep 925.00 -12.00 Fr 2.25%' 20 114.08 -0.550 -0.582 -0.73 20.31 207341.49 14
08/20 0.09 99.89 0.11 0.00 -0.02 -0.02 0.00 15 Yrs 2.33 2.29 2.89
Heating Oil† Aug 1.57 -0.02 Soybeans Meal♦ Sep 325.10 -6.40 Swe 0.25%' 22 108.32 -0.809 -0.818 -0.09 30.88 219895.13 6
06/25 0.40 100.20 0.38 0.00 -0.04 -0.05 0.00
Natural Gas† Aug 2.81 0.01 Cocoa (ICE Liffe)X Sep 2020.00 -4.00 UK 2.5%' 16 - - - - - - -
06/45 1.60 104.00 1.41 -0.01 -0.03 -0.04 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Sep 3041.00 6.00 UK 2.5%' 24 342.07 -0.838 -0.871 0.35 6.82 489255.06 25
Netherlands 04/17 0.50 101.20 -0.22 0.00 0.00 0.00 0.00 Real yield Aug 14 Dur yrs Previous Yr ago Aug 14 Dur yrs Previous Yr ago
Uranium Aug 36.75 0.00 Coffee(Robusta)X Sep 1713.00 9.00 UK 2%' 35 236.98 -0.887 -0.906 1.46 9.08 489255.06 25
07/25 0.25 94.47 0.83 0.02 0.00 -0.13 0.00 Up to 5 yrs -0.71 2.72 -0.75 -1.12 -1.33 2.73 -1.38 -1.80
Carbon Emissions - - Coffee (Arabica)♥ Sep 137.00 0.20 US 0.625%' 21 101.72 0.331 0.258 -0.61 35.84 1071726.87 36
Diesel Sep 121.25 0.00 White SugarX 349.80 0.10 New Zealand - - - - - - - Over 5 yrs -0.90 23.66 -0.93 -0.24 -0.92 23.73 -0.95 -0.28
US 3.625%' 28 134.99 0.729 0.258 -0.67 16.78 1071726.87 36
Unleaded Sep - - Sugar 11♥ 10.69 0.16 12/17 6.00 107.59 2.61 -0.01 0.00 -0.01 -1.21 5-15 yrs -0.76 9.93 -0.80 -0.41 -0.85 9.94 -0.90 -0.52
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.35 0.59 0.01 -0.05 -0.14 -0.90 Over 15 yrs -0.92 29.24 -0.95 -0.22 -0.93 29.27 -0.96 -0.23
Base Metals (♠ LME 3 Months) Cotton♥ Oct 67.68 -0.22 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 1.75 102.79 1.44 -0.01 -0.08 -0.19 0.00 All stocks -0.90 20.57 -0.93 -0.25 -0.93 20.71 -0.96 -0.29
Aluminium 1575.00 2.00 Orange Juice♥ Sep 132.20 2.50 amount.
Aluminium Alloy 1695.00 -65.00 Palm Oil♣ Sep 493.25 -16.25 Portugal 02/16 6.40 103.34 -0.37 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 5172.00 -5.00 Live Cattle♣ Aug 148.73 -0.08 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 104.07 2.42 0.02 -0.02 -0.22 0.00
Lead 1750.00 12.50 Spain 04/18 0.25 99.73 0.35 0.02 0.02 0.01 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Aug 213.98 -0.13
Nickel 10605.00 155.00 Lean Hogs♣ Oct 65.58 0.50 Spread Spread Spread Spread 10/25 2.15 101.42 1.99 0.04 0.02 -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 15425.00 375.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.56 1.06 0.00 -0.03 -0.02 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1831.00 0.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 117.39 0.65 -0.01 -0.05 -0.16 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 13 Month Year Australia 2.88 2.22 0.68 Italy 1.81 1.15 -0.39 Switzerland 10/16 2.00 103.24 -0.79 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1118.25 1.50 S&P GSCI Spt 365.02 -0.87 - Austria 0.94 0.28 -1.26 Japan 0.38 -0.28 -1.82 05/26 1.25 114.79 -0.11 0.00 0.00 0.00 0.00
Silver (US cents) 1555.00 22.00 DJ UBS Spot 90.36 -0.20 - Belgium 1.01 0.34 -1.20 Netherlands 0.83 0.17 -1.37 United Kingdom 07/18 1.25 100.82 0.97 0.02 -0.02 -0.10 -0.63 Data provided by Morningstar | www.morningstar.co.uk
Platinum 997.00 9.00 R/J CRB TR 198.49 -9.40 -32.02 Canada 1.55 0.89 -0.65 Norway 1.44 0.77 -0.77 07/20 2.00 102.72 1.43 0.02 -0.01 -0.16 0.00
Palladium 623.00 4.00 Rogers RICIX TR 2352.48 - - Denmark 0.81 0.15 -1.39 Portugal 2.42 1.76 0.22 09/25 2.00 100.02 2.00 0.04 0.02 -0.20 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 272.63 -11.56 -37.39 Finland 1.13 0.47 -1.07 Spain 1.99 1.33 -0.21 01/45 3.50 119.77 2.54 0.03 0.07 -0.25 0.00
Iron Ore (Platts) 56.50 -0.50 UBS Bberg CMCI TR 13.75 -10.19 -33.02 France 0.98 0.32 -1.22 Switzerland -0.11 -0.77 -2.31 United States 07/17 0.63 99.78 0.74 0.02 0.01 0.00 0.00
Iron Ore (The Steel Index) 56.20 0.00 LEBA EUA Carbon 7.51 -0.27 30.84 Germany 0.66 0.00 -1.54 United Kingdom 2.00 1.34 -0.20 07/20 1.63 100.16 1.59 0.02 0.02 0.00 0.00
GlobalCOAL RB Index 54.25 -0.30 LEBA CER Carbon 0.49 11.36 308.33 Greece 9.41 8.75 7.21 United States 2.20 1.54 0.00 05/25 2.13 99.34 2.20 0.01 0.04 -0.15 0.00
Baltic Dry Index 1055.00 9.00 LEBA UK Power 1455.00 -28.99 -14.16 Ireland 1.24 0.58 -0.96 05/45 3.00 103.09 2.85 -0.01 0.02 -0.24 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 Monday 17 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 +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence DBAG € 29.47 0.29 34.50 20.20 1.39 7.68 11.0 Severfd♦ 72.00 1.00 73.00 57.00 - 1500.00 607.3 BHP Bltn 1150 -41.00 2102.53 1108.5 6.79 9.93 7410.2 Shaftbry 962.00 3.00 973.00 648.00 1.36 5.34 297.2 Lavendon 171.00 -7.25 214.25 155.50 2.22 20.92 152.8
AvonRub♦ 875.00 37.50 900.00 610.73 0.64 19.86 31.3 El Oro 55.00 0.00 78.00 40.00 6.73 -4.71 2.0 SKF SKr 170.30 -4.60 231.70 134.80 3.29 15.28 2451.1 BisichMg 89.50 -1.00 104.00 60.15 3.35 8.75 2.6 Town Ctr 315.63 13.63 324.65 230.00 3.31 5.91 3.0 MngCnslt 16.63 0.50 27.00 13.25 4.96 -81.10 81.7
BAE Sys 468.30 -3.20 549.00 429.60 4.38 21.15 7056.8 Hargr Lans 1169 -12.00 1299 827.00 1.92 34.32 403.9 Spirax-S 3324 105.00 3767.56 2698.37 2.01 25.51 118.4 EVRAZ 96.35 6.75 209.90 85.55 - -1.93 1894.3 Wkspace 976.00 19.00 988.00 592.00 1.13 4.29 132.7 MearsGp 391.50 4.50 497.00 354.75 2.34 15.88 217.8
Chemring 231.75 -0.50 248.00 197.48 1.77 -26.51 67.5 HBM Hlth SFr 98.00 -2.00 113.50 80.50 - - 7.5 Tex 102.50 -8.00 117.00 86.30 5.85 7.29 5.4 Fresnillo♦ 666.50 28.50 1037 616.50 0.29 140.91 1080.0 Real Estate Inv & Services MenziesJ 509.50 -3.50 665.38 306.25 5.28 22.51 39.7
Cobham 287.60 3.40 349.10 250.50 3.70 -167.02 2501.7 HenderGp 277.40 -8.40 303.30 180.10 3.24 19.35 1265.1 Trifast 124.00 0.00 134.00 88.63 1.29 17.55 63.4 GemDmnd 128.50 2.00 223.00 122.29 - 8.39 26.5 Cap&Count 470.80 7.50 470.80 313.00 0.32 6.91 870.1 MichaelPge 538.00 -15.50 568.00 358.70 2.04 26.04 883.2
Meggitt 501.00 -3.50 593.50 421.70 2.74 20.85 1318.0 ICAP 488.40 -21.10 573.00 354.40 4.50 38.31 563.3 Vitec 621.00 -8.00 670.85 540.00 3.86 24.58 10.3 Harmony R 12.58 -1199.42 38.50 11.51 - -3.98 2191.1 Cardiff 1045 0.00 1085.5 950.00 1.24 4.53 0.5 MITIE 314.00 -3.50 329.90 263.90 3.60 33.17 432.9
RollsRoyceX 797.50 -6.50 1061 717.50 2.90 -58.65 6661.7 Indvardn SKr 165.50 3.50 183.50 111.40 3.84 7.41 253.4 Weir 1462 -73.00 2786 1454 3.01 - 677.1 Hochschild 84.75 7.75 177.00 60.97 - -7.04 278.7 CLS 1862 19.00 2023 1270 - 3.97 109.8 PayPoint 988.50 -16.50 1134 779.82 3.67 17.23 6.8
Senior 298.50 -2.60 361.70 248.90 1.89 20.08 329.2 ICG 568.50 -11.00 712.83 421.98 4.37 9.68 944.7 Kenmr 2.61 -0.39 14.00 2.18 - -1.12 1097.8 Daejan 6500 55.00 6614.2 4700 1.26 4.75 1.1 PremFarn 135.90 -3.10 204.60 131.48 7.65 10.56 1038.5
IPF 405.30 -5.40 548.00 348.00 2.96 11.79 263.3
Industrial General Lonmin 37.71 -3.19 236.70 37.71 - -4.95 3749.0 Rentokil♦ 150.10 0.10 154.20 110.90 1.73 21.02 1879.5
UltraElc 1752 -19.00 1914 1646 2.53 -153.70 79.7 DvlptSec♦ 270.00 2.50 293.00 179.00 2.07 10.09 26.0
Investec 563.50 -21.00 649.50 477.20 3.46 20.90 762.9 BritPoly 696.00 -10.00 730.00 565.00 2.16 12.10 11.2 Petra 157.10 5.90 210.80 138.87 - 19.00 1165.0 Ricardo 922.50 6.00 967.50 605.50 1.65 25.11 13.6
Grainger 245.00 0.10 247.10 167.80 1.02 28.41 2345.8
Automobiles & Parts Jupiter♦ 454.90 -7.70 478.20 313.70 2.90 13.60 647.5 CoatsGrp 28.25 0.25 33.20 19.00 - -421.64 752.2 Petropvlsk 5.40 -0.13 45.00 4.21 - -0.09 7323.6 HelclBar 440.00 18.75 443.00 320.00 1.56 7.24 120.0 RbrtWlts 457.50 -14.88 478.00 270.00 1.31 26.68 6.8
FordMtr $X♦ 14.78 -0.02 17.87 13.26 3.69 16.12 18396.1 Liontrust 347.50 -7.50 393.50 210.00 1.15 25.59 1.0 JardnMt $X 52.82 0.04 67.88 50.45 2.67 11.45 199.6 PolymtIntl 455.60 21.00 634.00 315.18 2.26 -13.53 118.8 RPS 236.75 8.25 295.00 181.50 3.58 16.74 1299.6
Jard Str $X 29.73 -0.30 37.84 29.00 0.90 10.62 122.8 HK Land $ 7.58 -0.21 8.80 6.47 2.49 14.06 3620.6
GKN♦ 302.30 -18.70 389.00 281.10 2.78 33.64 3272.2 Man♦ 162.80 -4.80 217.80 108.30 3.92 11.03 5147.5 RndgldRs 3994 91.00 5752.1 3638 0.93 27.84 584.9 Lon&Assc 36.25 0.00 50.00 34.53 0.34 -4.24 8.0 Shanks 100.75 -0.50 113.50 84.50 3.42 -21.90 94.0
NB GFRIF♦ 96.60 -0.95 99.75 93.90 4.00 24.18 1563.2 Macfrlne 46.25 0.50 47.25 34.00 3.46 12.22 68.3 RioTintoX♦ 2462.5 -125.00 3464.5 1819.5 5.54 24.50 3553.7 SIG 193.90 -9.00 212.20 143.40 2.27 34.74 1426.0
Banks REXAM 555.00 0.00 592.50 424.60 3.19 19.63 449.9 MacauPrp 170.00 -27.25 257.00 167.00 - 8.94 140.9
Paragon 405.80 -11.60 461.50 313.70 2.22 12.49 382.0 Troy Res A$ 0.30 0.01 0.88 0.28 - -0.61 196.4 Mntview♦ 11866 -209.00 12900 7481.95 2.11 14.54 0.1 SpeedyHr 50.00 0.00 80.50 45.75 1.30 1282.05 92.3
ANZ A$X 29.29 -3.29 37.25 29.29 9.46 10.29 9780.4 RPC♦ 674.00 18.50 696.24 488.20 2.11 32.40 372.1
Providnt 2997 21.00 3268 1942 3.27 22.37 105.6 VedantaRs 485.60 38.90 1105.22 353.21 8.59 -1.10 1091.6 Q'tainEst 132.00 -1.00 134.44 75.00 - 18.33 632.9 St Ives 183.25 5.25 223.77 156.68 3.90 52.61 100.9
BcoSant 421.75 -20.75 758.00 416.37 10.06 12.40 685.0 Smith DS 413.00 -5.20 423.70 231.82 2.54 25.18 1987.1
RathbnBr 2265 17.00 2348 1774 2.30 29.18 14.1 RavenRuss 51.50 -0.50 75.75 37.25 - -6.51 35.4 TribalGrp 145.25 -16.25 188.00 138.72 1.24 -24.71 533.4
BankAm $X 17.70 -0.05 18.48 14.97 1.12 19.02 52623.6
Record 38.50 -0.25 41.00 29.00 3.90 14.54 41.2 Smiths 1179 -10.00 1363 1006 3.41 20.92 1072.8 Oil & Gas Vp 770.00 0.00 816.00 539.00 2.00 16.38 301.4
BnkGeorgia 1940 -33.00 2604 1663 3.07 9.43 21.4 SmurfKap € 27.24 -0.51 30.31 14.92 2.02 24.25 248.1 Afren 1.79 0.00 114.22 1.28 - -0.05 9090.3 RavenR Prf 133.00 0.00 146.00 101.50 9.02 - 5.0
S&U 2350 -75.00 2520 1748 2.43 15.23 0.3 RavenR Wrt 31.50 0.00 49.64 25.00 - - 2.4 Watermn 73.75 -0.50 76.00 50.00 1.36 56.30 35.1
BankIre € 0.37 -0.01 0.39 0.07 - 16.78 8214.2 Vesuvius♦ 394.40 -2.60 530.00 381.10 4.09 11.10 106.4 Aminex 2.08 -0.05 3.17 0.76 - -9.52 2163.4
Schroder♦ 2987 -113.00 3441 2086 2.61 18.33 218.7 Safestre 319.00 10.50 323.25 185.25 2.34 6.56 236.1 Wolseley 4207 -7.00 4398 2990 1.96 37.99 419.3
BkNvaS C$X 61.49 -1.00 74.39 60.52 4.71 9.87 1175.8 BGX♦ 1072 -37.50 1420 780.55 1.70 -54.06 3389.5
..N/V♦ 2265 -118.00 2629 1692 3.44 13.90 16.3 Industrial Transportation Savills 955.00 -25.50 991.46 577.00 1.15 22.32 135.0
BarclaysX♦ 274.35 -6.90 289.90 204.05 2.37 122.86 22866.4
SVG Cap 472.00 -5.70 535.00 226.00 - 11.78 115.4 BPX♦ 379.25 -6.35 499.25 364.40 6.81 -17.22 29732.5 Tech - Hardware
CanImp C$X 92.05 -0.29 107.37 88.04 4.87 9.57 528.8 BBA Aviat 304.80 -0.10 362.10 290.00 3.40 18.10 481.7 Cadogan 10.13 -0.63 13.25 8.25 - -0.62 4.0 SchroderRE♦ 60.50 -1.50 63.00 53.25 4.10 5.36 595.1 ARM Hldgs 906.00 -45.00 1233 778.50 0.77 43.01 9684.0
TullettPre 401.90 -8.60 415.90 242.60 4.19 8.58 1101.2 Braemar 470.00 0.00 533.50 390.00 5.53 51.25 27.0 Smart(J) 100.00 1.00 112.40 86.00 2.96 41.55 13.9
HSBCX♦ 558.00 -29.70 674.57 544.30 5.82 12.58 16052.0 CairnEng 153.40 -5.00 210.00 141.00 - -3.60 802.7 CSR# 899.50 0.00 900.00 511.00 1.02 25.43 2323.5
Tungsten 74.00 8.75 409.75 52.49 - -2.81 1075.9 Clarkson 2750 -29.00 2855 1835 2.11 30.64 16.6 StModwen♦ 489.20 16.50 493.00 324.59 0.94 4.61 635.4
LlydsBkgX♦ 80.10 -2.03 89.35 70.90 0.94 43.53 117583.8
WlkrCrip 50.50 1.00 55.00 37.50 3.15 73.94 15.5 Cape 237.00 0.50 327.25 177.00 5.91 12.74 19.7 Laird 397.00 0.00 413.30 281.50 3.15 19.32 265.6
RylBkC C$X♦ 75.97 -0.36 83.87 71.74 4.30 10.70 1125.0 Eurotunnl € 12.82 -0.07 14.57 8.62 1.40 63.45 555.6 DragnOil 799.00 0.00 803.50 447.50 2.86 12.35 184.8 UNITE Gp 700.00 40.00 703.00 395.60 1.60 5.65 963.5 Pace 344.90 -3.00 520.80 338.40 1.26 9.88 321.5
RBSX 341.40 -4.10 414.00 326.10 - -23.81 12619.9 Food & Beverages Fisher J 1131 -6.00 1445 1003 1.82 14.28 24.0 Endeav Int' $ - - 0.60 0.02 - - - Urban&C 262.50 -8.25 278.00 215.00 0.57 8.55 3.8 SpirentCM♦ 81.00 1.25 98.87 65.95 3.04 89.70 416.1
StandChX♦ 864.00 -62.40 1250.18 860.00 6.39 19.22 5873.2 AngloEst 600.00 5.50 690.00 539.00 0.54 12.07 2.0 Flybe Grp 85.50 -6.00 135.75 52.00 - -7.77 584.0 EnQuest 32.75 -0.75 124.08 21.50 - -2.24 1232.1
Goldenpt 136.50 -1.50 370.00 113.80 - -0.73 13.1
Retailers Tech - Software & Services
..7.375%Pf 119.25 0.50 128.00 108.50 6.18 - 22.5 AscBrFdX 3254 43.00 3293 2407 1.04 45.60 374.2 Exillon 110.00 -11.00 175.57 95.00 - 5.32 2.7 AA 363.60 -4.70 434.50 254.58 - -157.61 981.8
..8.25%Pf 129.50 1.50 141.00 119.50 6.37 - 76.5 Barr(AG) 569.50 -5.50 699.36 548.00 1.98 22.02 26.3 OceanWil♦ 835.00 -12.50 1208 825.00 4.60 19.86 1.8 ExxonMb $X♦ 78.36 1.53 100.31 76.33 3.55 14.05 9127.3 Anite 125.75 0.25 129.75 69.25 1.51 39.36 4191.0
RoyalMail 479.90 -21.60 532.50 388.00 4.17 14.77 1857.1 AO World 125.70 -4.90 336.00 119.00 - -210.20 454.3 AVEVA 2188 -25.00 2344 1183.9 1.26 33.70 57.2
TntoDom C$X 51.88 -0.54 58.20 49.67 4.06 11.58 2269.1 Britvic 689.50 4.50 788.00 600.72 3.03 17.13 337.3 GenelEgy 341.75 -35.00 912.50 340.25 - -4.19 1220.9 AshleyL 28.00 0.00 36.00 24.94 7.14 11.13 86.1
VirginMoney 432.60 -15.40 472.90 278.00 - -1081.50 359.8 C&C € 3.51 -0.04 4.42 3.16 2.97 -14.06 20.6 UK Mail♦ 407.50 -47.50 606.53 380.00 5.28 14.10 10.2 GeoPark $ 4.05 0.57 11.00 3.30 - -3.75 20.5 Computcnt 775.00 25.00 802.40 651.67 2.66 17.09 104.2
Brown N 329.30 16.90 403.03 247.19 4.32 15.56 706.5 DRS Data 13.00 1.00 17.50 11.25 3.08 -2.65 11.2
Westpc A$X 31.33 -2.11 40.07 31.00 9.04 12.33 6871.6 CarrsGroup 165.25 -3.75 178.50 136.00 2.06 12.69 2.8 Insurance GrnDnGas 292.25 -2.75 548.50 286.25 - -19.86 988.4 Caffyns 575.00 -12.50 665.00 480.00 3.26 1.74 0.4
Coca-Cola H 1402 88.00 1497 1051 3.61 22.27 424.8 GulfKeyst 28.25 -1.25 89.75 24.77 - -1.55 1889.4 Elecdata 65.25 -2.25 79.00 64.00 3.07 21.71 75.0
Basic Resource (Ex Mining) Admiral 1440 -41.00 1640 1175.33 3.34 14.00 595.3 Card Factor 363.00 11.70 375.00 201.00 - 34.18 146.5 MicroFoc 1355 -16.00 1442 836.50 2.24 25.11 278.2
Cranswk♦ 1657 6.00 1698 1181.6 1.97 19.77 6.1 Amlin 520.50 0.50 533.08 418.20 5.05 11.17 334.7 HellenPet € 4.29 -0.04 5.80 3.35 - -5.06 33.2 Dairy Fm $ 7.21 -0.40 10.63 7.17 3.17 21.05 215.7
Ferrexpo♦ 65.25 3.50 141.00 47.60 6.43 6.70 753.9 NCC Grp 244.00 9.50 247.00 169.80 1.43 29.10 156.5
Dairy Cr 602.50 -2.00 618.00 367.39 3.55 40.44 161.7 Aviva 510.00 -13.00 578.68 458.20 3.55 13.35 8493.2 Hunting 468.70 -25.60 918.83 383.90 4.07 16.31 688.5 Debenhm 87.90 -0.95 96.80 56.85 3.87 11.95 1750.3
IntFerMet 1.03 -0.97 8.35 0.92 - -0.63 15437.6 RM♦ 175.00 -10.00 185.00 120.00 2.29 11.01 36.7
Devro 303.00 -16.75 328.00 230.00 2.90 54.14 85.1 Beazley♦ 334.20 -1.20 346.45 245.00 2.82 11.63 341.9 ImpOil C$X 48.08 0.23 57.96 44.08 0.84 18.33 470.3 Dignity 2600 127.00 2636 1376.7 0.77 -29.88 113.3
Mondi 1570 -27.00 1614.36 919.00 1.89 20.35 1321.7
Glanbia € 17.63 -0.34 19.59 10.75 0.64 32.79 36.9 JKX 17.25 1.00 51.13 10.23 - -0.46 157.0 Sage 523.50 4.50 584.00 346.70 2.32 28.66 2003.4
Vale BRLX 18.20 -0.22 31.96 16.41 11.62 -10.20 6519.6 Chesnar 339.00 -1.00 364.75 299.01 5.32 15.35 128.9 DixonsCar 448.40 -7.60 490.80 326.00 1.17 52.75 1880.4 SDL 392.75 2.25 472.00 306.00 0.64 37.30 18.0
Grncore♦ 315.40 -1.70 359.40 228.50 1.73 21.30 484.4 DirectLine♦ 371.90 -12.20 388.70 283.96 3.87 11.66 3987.9 Lamprell 130.50 -12.25 178.00 93.50 - 6.89 805.4 Dunelm 881.00 -2.00 970.00 767.00 2.27 18.76 88.5 Telecity♦ 1099 8.00 1250 815.63 1.23 87.32 558.1
Chemicals HiltonFd 430.50 -29.50 500.00 342.25 3.00 17.24 1.2 Eccles prf 131.25 0.25 146.00 122.00 6.57 - 30.6 Nostrum 544.00 24.50 825.00 370.00 4.33 17.10 9.2 Findel 196.75 -8.00 265.44 188.41 - -27.33 50.0
Kerry € 68.96 -2.04 71.88 49.30 0.84 23.32 33.6 OphirEgy 108.30 -3.90 256.40 101.40 - -2.50 3620.1 TriadGp 34.50 3.50 42.00 7.00 - 14.85 12.0
Alent 473.90 0.70 493.96 294.56 1.93 22.03 109.2 Hansard 110.00 -1.00 116.25 80.00 7.64 18.21 42.5 Halfords♦ 533.50 -2.00 563.51 417.10 2.74 16.01 80.7
Bayer €X 128.95 -5.70 146.45 95.03 1.74 30.61 1392.3 Nestle SFrX 74.95 1.65 77.00 64.15 2.82 16.84 4852.2 Hiscox♦ 935.00 11.00 959.00 615.50 2.52 11.48 119.3 Petrofac 827.00 -37.00 1203 594.00 5.12 36.97 1299.9 Inchcape♦ 781.00 -30.00 906.65 589.50 2.57 21.02 499.7 Telecommunications
Carclo 151.00 7.50 169.75 80.00 1.75 -4.55 46.0 PremFds 39.00 -1.00 47.79 26.13 - -1.53 585.5 JardineL 1040 11.00 1112 815.00 2.78 20.33 71.8 Lukoil RUBX 2561.1 41.10 3297.7 1913 2.87 7.90 1165.6 JDSportsF 866.00 22.50 880.85 388.00 0.79 24.62 111.2 BTX♦ 456.20 -9.10 481.75 351.90 2.50 17.50 11685.8
Croda 3137 81.00 3147 1965 2.09 24.42 232.7 REA 302.50 -9.00 444.50 292.00 2.67 11.69 1.2 Lancashire 646.50 15.00 703.45 506.00 1.36 9.26 333.8 PremOil 108.10 -14.90 354.00 106.98 4.99 -4.18 6257.8 Lookers 161.50 -3.50 172.00 117.50 1.76 13.18 6790.2 Colt Grp 190.90 3.40 192.91 113.10 - -13.80 1146.5
Elemntis 252.20 -4.90 324.10 225.50 2.10 10.97 353.9 SABMillX 3284 -117.00 3857 3105 2.16 23.95 1260.1 Leg&Gen♦ 267.60 -6.70 296.02 209.20 4.20 15.59 11383.2 RylDShlAX♦ 1797 -88.50 2475.5 1725.5 6.75 13.32 4443.9 Marks&Sp 532.50 -13.50 600.00 380.80 3.23 18.03 2714.3 Inmarsat 989.00 37.50 1041.24 653.00 3.15 22.05 887.7
Syngent SFrX 395.00 -4.00 435.20 273.20 2.80 22.96 129.7 StckSpirit 187.50 -0.50 316.00 176.75 0.52 13.73 370.8 NovaeGp 790.00 18.00 804.50 516.50 3.14 10.36 22.9 ..B♦ 1814 -92.00 2580.54 1745.82 6.69 13.44 3108.6 MossBros 94.00 0.13 112.00 77.50 6.81 24.72 5.5 KCOM Gp 95.25 -0.75 101.00 78.50 5.29 39.02 230.4
Synthomer 353.70 27.70 359.50 176.64 2.21 23.86 905.8 Tate&Lyl 546.00 -1.50 744.50 501.18 5.13 84.00 685.5 Old Mut 217.50 -9.50 241.60 163.80 4.00 15.11 6491.2 Schlmbrg $X 83.86 1.61 112.00 75.60 2.13 25.08 4188.2 Next 7975 70.00 8030 6130 1.79 19.47 301.9 TalkTalk 310.00 -1.50 415.10 261.00 4.06 40.34 991.5
Victrex 1884 5.00 2202.55 1542 2.40 19.04 61.2 TongtHu R 118.16 -11663.8 174.93 113.10 3.57 12.29 57.6 PermTSB 0.06 -0.01 0.10 0.05 - -0.08 0.0 SEPLAT 90.00 -7.50 240.25 86.79 10.45 6.03 163.3 Ocado 361.90 -20.60 478.50 216.80 - 317.18 770.5 TelePlus♦ 1073 -81.00 1527.12 725.50 3.54 26.70 361.9
4 PhoenixGrp 887.50 -2.00 935.00 693.00 6.02 9.20 491.5 Soco Int 139.25 -3.75 450.89 134.00 6.99 -12.03 680.7 Pendragn 45.50 0.25 46.00 28.25 1.98 7.97 1986.8
Construction & Materials Unilever♦ 2806 -144.00 3087 2397 2.93 23.38 1886.2 TrnCan C$X 47.22 -1.15 63.86 46.93 4.50 18.00 964.6 Photo-Me 152.25 1.25 155.68 107.85 2.82 20.50 228.4 Tobacco
PrudntlX 1533 4.50 1761.5 1287 2.41 15.60 3538.8
Alumasc 156.50 0.00 166.73 113.50 3.19 13.52 2.6 ..NV €♦ 38.61 -3.25 42.98 28.81 2.98 22.90 12.9 Tullow 211.90 -16.60 739.50 210.50 1.99 -1.96 8564.1 Saga 213.60 -4.20 225.10 143.75 - 25.13 323.2 BrAmTobX 3721 -84.00 3894 3303 3.98 17.27 1676.8
RSA Ins 507.00 1.00 528.00 391.70 0.39 78.10 2469.4
BalfourB 260.00 18.30 267.30 145.59 2.15 -4.35 2894.2 SignetJwl♦ 7750 34.00 9499 6101.5 0.64 23.66 3.4 ImpTobX 3279 -73.00 3413 2482.72 3.91 16.42 1469.4
Health Care Equip & Services SagicFin 62.50 0.00 68.00 55.00 4.31 5.28 0.5 Pharmaceuticals & Biotech
..CvPf 119.50 -0.25 124.50 101.00 8.10 - 76.7 SuperGroup 1544 50.00 1550 750.00 - 27.67 208.7
Bioquell 136.50 -3.50 155.50 80.00 2.42 -57.07 3.7 StJmsPl 980.00 8.50 1008 637.00 2.38 29.17 2767.1 BTG 643.00 0.00 835.87 605.50 - 71.44 420.9 Travel & Leisure
Boot(H) 231.25 -6.75 245.00 170.00 2.27 14.49 18.4 TescoX 202.65 -13.15 253.70 155.40 5.57 -2.89 28427.4
ConstMed 940.50 15.50 1045 650.00 1.93 62.28 38.6 Stan Life 440.20 -1.70 505.68 362.30 4.15 32.50 2436.3 CathayIn 25.00 0.75 36.50 16.00 - -113.64 189.6 888 Hldg 164.00 -6.00 185.75 118.75 3.97 16.03 109.6
ClarkeT 76.50 0.00 84.01 37.50 4.05 - 3.1 Thorntns 143.38 -2.13 147.00 62.00 - 21.93 0.2
Costain 336.00 5.25 348.00 263.50 3.27 15.47 43.8 GNStre kr 124.80 -16.00 158.50 122.50 0.73 24.69 1713.6 Media Dechra 959.00 -11.00 1068 702.50 1.61 38.09 8.2 AirPrtnr 416.75 6.88 470.31 245.00 4.96 15.15 24.1
UDGHlthC 521.00 2.00 551.50 315.20 1.41 14.73 346.0 Genus 1412 -19.00 1535 1039 1.25 27.04 40.5 VertuMotor 64.50 -0.50 67.00 50.50 1.32 13.50 2044.4 bwin.party 115.70 -1.20 128.00 70.40 3.09 -13.24 2208.7
CRH 1951 10.00 2478.5 1220 2.49 6.38 1134.6 4imprint♦ 1250 -64.00 1350 651.00 1.64 28.67 9.5
GalfrdT 1811 44.00 1815.64 1085 2.93 18.46 94.3 Blmsbury 170.00 5.75 185.00 140.50 3.45 14.29 414.1 GlaxoSmhX♦ 1402.5 -47.50 1645 1296.5 5.70 7.05 6239.2 Support Services Cineworld 589.50 64.50 599.00 298.40 2.29 19.75 1035.7
House, Leisure & Pers Goods HikmaPhm 2400 89.00 2617 1580 0.54 26.92 466.9 CompassX 1042 -1.00 1223.36 924.41 2.60 20.23 2682.1
Keller♦ 1051 9.00 1105 742.00 2.40 33.18 121.6 Centaur 79.25 -3.75 84.00 56.20 3.28 11.74 3.5 Acal 306.00 15.50 334.75 180.00 2.35 63.75 16.8
AGARmst 183.50 0.00 185.00 78.44 - -39.74 64.6 Oxfd Bio 8.09 -0.90 13.38 2.85 - -18.86 5794.0 EntInns 118.20 1.40 139.60 96.85 - 19.79 289.4
KierGp 1475 44.00 1779 1260 3.90 38.16 94.0 ChimeCm 361.00 0.25 365.00 239.00 2.12 37.60 31.7 Aggreko 1079 -12.00 1757 1050 2.51 14.28 598.9
BarrttDev 653.00 6.00 659.00 345.90 1.58 17.29 2147.1 RichterG $ 15.87 0.19 17.28 12.20 0.74 21.45 0.0 FirstGrp 117.00 2.80 129.90 88.65 - 18.79 1342.0
Kingsp € 22.64 -0.01 24.00 11.03 0.71 33.85 26.4 Creston♦ 152.50 -2.00 157.85 103.55 2.66 12.25 42.4 APR Engy 89.75 -10.50 599.50 78.25 11.80 -0.18 179.5
Bellway 2547 74.00 2557.56 1445 2.04 13.16 137.5 ShireX 5200 -100.00 5870 3448.28 0.27 15.74 1161.5 Fuller A 1190 2.50 1233 890.00 1.32 23.60 2.9
LowBonr 71.75 1.00 83.75 44.25 3.76 18.47 18.3 DlyMailA 793.00 3.50 989.50 699.00 2.57 10.79 404.9 AshtdGp♦ 952.00 -4.00 1231 879.05 1.29 15.83 2111.8
Berkeley♦ 3442 -42.00 3570 2033 5.23 11.00 334.4 VecturGp 179.00 1.00 183.75 113.25 - 199.11 643.3 Go-Ahead 2631 49.00 2745 2184 3.21 16.98 62.8
Marshlls 332.70 11.45 335.00 170.13 1.65 33.64 219.9 HaynesPb 125.00 1.00 192.00 110.00 6.00 14.43 3.1 AtknsWS♦ 1539 6.00 1580.34 1225 2.23 18.02 95.0
BovisHme 1201 23.00 1206 723.00 1.79 15.36 273.4 GreeneKg♦ 852.00 1.00 891.00 712.00 3.37 20.98 797.4
MorgSdl 822.00 14.00 865.00 570.00 3.28 -24.05 7.0 ITE Grp 166.00 -13.75 211.90 125.00 4.46 13.26 91.4 Real Estate Babcock 1009 23.00 1207 924.50 2.17 19.17 1219.1
CrestNic 570.00 -1.00 587.92 291.98 2.51 12.75 785.4 IrishCtl € 4.25 -0.05 4.45 2.58 2.61 12.95 51.4
Norcros 20.00 -0.25 22.76 14.69 2.63 15.38 289.0 ITV 260.90 -1.70 281.90 192.10 1.80 20.04 9773.0 Berendsen 1030 0.00 1161 895.50 2.91 20.23 181.1
GamesWk♦ 573.50 8.25 624.50 487.25 9.07 14.98 6.0 Harworth Gr 12.00 -0.13 14.00 5.35 - 20.98 489.3 Ladbrokes 106.90 -4.50 147.00 101.02 8.33 -40.93 2765.5
StGobn € 42.39 -1.17 44.84 29.51 1.46 28.57 1202.1 JohnstnP 107.50 -6.50 7830 100.00 - -224.43 6.4 Brammer 297.25 -12.00 455.00 265.00 3.60 41.49 287.2
Gleeson 440.00 -4.63 465.00 324.66 1.36 13.76 2.9 REITs MandarO $ 1.63 0.01 1.84 1.47 4.21 20.66 52.0
Tyman♦ 314.75 10.25 342.00 228.25 2.54 45.65 39.1 News Corp A $ 15.18 1.07 17.80 13.59 - -59.64 4348.0 Bunzl 1862 13.00 1969 1517 1.79 29.21 320.2
Headlam 480.75 3.75 512.00 390.00 3.30 16.89 29.5 Assura 58.00 4.00 62.25 43.50 3.19 12.34 1556.8 Marstons 158.50 2.00 174.40 134.50 4.23 -33.56 804.4
NewsCpB $ 14.91 1.08 17.44 13.46 - -58.58 1317.6 Capita 1287 -7.00 1336 1000.5 2.27 34.89 1630.2
Electronic & Electrical Equip McBride 118.00 -2.00 125.00 74.00 - -12.65 145.5 BigYellw 697.00 -7.00 720.00 479.40 2.70 9.70 81.8 Carillion 353.30 10.30 371.40 294.03 4.98 27.79 1612.5 Natl Exp 304.90 4.80 324.80 213.40 3.38 18.89 355.1
Persimn 2105 21.00 2114 1247.08 - 17.30 776.8 Pearson♦ 1159 -32.00 1517.42 1092.67 4.40 49.64 4384.2
Dialight 551.50 0.50 960.00 398.00 2.72 29.51 42.1 BritLand 871.00 1.00 891.50 649.00 3.16 5.50 3071.2 Comnsis 50.25 0.75 70.00 44.65 3.98 -6.90 147.4 PPHE Htl 649.00 34.00 659.23 399.10 2.51 8.39 13.8
Philips €X 24.48 -0.88 28.00 20.69 - 99.30 2034.8 Quarto 206.50 -11.00 239.00 136.66 4.01 8.02 6.8
e2v Tech 233.25 9.25 268.00 145.44 1.93 21.53 34.3 Cap&Reg 67.25 4.50 67.75 46.00 1.41 4.09 2072.1 ConnectGp 165.25 3.50 191.45 128.02 5.69 12.96 56.7 Rank Gp 247.30 1.50 254.50 151.90 1.82 20.47 88.9
PZCusns♦ 329.30 -16.90 392.10 289.76 2.36 15.42 122.4 RELX NV €♦ 14.36 -7.78 24.17 13.85 - - 3278.3
Halma♦ 777.50 18.50 785.50 557.50 1.48 28.29 424.6 Countrywd 511.50 9.50 608.00 404.30 2.93 25.48 160.6 DCC 5025 68.00 5320 3050 1.58 33.04 67.0 Restaurt 697.00 16.00 748.70 607.00 2.13 23.30 403.5
ReckittBX♦ 5989 -258.00 6300 4895 2.32 25.45 825.5 RELX PLCX♦ 1083 -10.00 1199 921.50 2.30 101.91 2722.8
MorganAd 344.20 -9.50 375.84 258.10 3.17 59.55 145.5 DrwntLdn 3760 53.00 3776.4 2615 1.05 5.21 148.1 DeLaRue 498.00 -14.50 779.00 467.40 7.33 14.88 161.1 Sportech 69.63 4.63 86.50 47.00 - -6.69 456.0
Redrow 489.40 15.90 494.70 241.30 0.61 12.76 386.0 STV Grp 477.75 2.75 494.00 322.00 0.84 12.71 19.4
OxfordIn 925.00 5.00 1287 671.58 1.38 -83.84 39.7 Gt Portld 868.50 13.50 877.00 600.04 1.02 5.89 541.1 Diploma 722.00 0.00 916.50 631.00 2.35 22.04 41.9 Stagech 399.00 10.80 437.90 331.60 2.46 16.52 1052.3
TaylorWm 205.00 5.40 205.50 104.60 0.76 16.14 11225.7 ThmReut C$X 53.87 0.49 54.47 39.45 3.20 17.06 501.1
Renishaw 2231 112.00 2672.9 1520 1.85 14.56 36.7 Green Reit € 1.54 -0.03 1.70 1.21 - - 6.6 Elctrcmp 188.50 -6.00 263.10 185.90 6.23 11.82 1022.3 ThomasCook 114.80 -2.00 162.20 99.40 - -29.63 3334.9
TedBaker 3322 76.00 3325 1691 1.07 41.00 19.6 UTV Med 153.50 3.50 222.00 137.00 4.61 10.68 67.1
Spectris 1905 -30.00 2420 1606 2.44 17.64 259.0 Hammersn 684.50 1.50 708.00 537.00 2.98 7.91 1480.7 EnergyAst 575.00 -3.25 640.00 375.00 - 21.61 10.1 TUI 1162 109.00 1294.78 996.74 - 64.96 1216.3
WPPX 1418 -23.00 1616 1091 2.49 17.61 3406.7
TT Elect 149.50 3.50 187.00 96.00 3.68 -22.65 29.1 Industrial Engineering Hansteen 123.20 2.20 128.95 98.70 3.98 7.27 1445.5 Essentra 882.00 -35.50 1069 624.50 2.07 31.57 322.2 Whitbrd 5190 10.00 5475 3767 1.39 25.59 309.9
XP Power 1675 0.00 1750 1340 3.70 16.64 1.5
Bodycote 664.50 -18.00 797.59 542.50 2.17 21.27 317.0
Mining HIBERNIA 1.33 -0.02 1.35 1.03 - - 2666.7 Experian 1160 -31.00 1264 909.95 2.23 22.66 1632.6 Willim H 380.00 -4.30 432.10 333.40 3.21 18.98 1850.9
Acacia 245.00 9.00 318.90 191.70 1.09 24.51 235.6 Highcrft 1075 5.00 1090 795.00 3.35 19.70 0.6 Grafton 741.00 1.00 868.00 570.00 1.25 21.80 507.8
Financial General Castings♦ 437.50 -4.88 520.00 360.00 2.98 13.76 0.9
INTU 339.80 3.20 376.50 305.50 4.03 17.77 1777.9 Utilities
Fenner♦ 169.50 -4.25 374.50 156.00 7.08 822.82 260.6 AngloAmer♦ 756.80 -43.70 1620.5 745.20 7.21 -2.19 15097.2 HarvyNah 101.00 0.00 112.00 66.32 3.30 14.03 25.0
3i 531.50 -3.00 571.50 343.61 3.01 7.29 1005.3
AngloPacif 85.50 2.50 190.75 74.75 11.93 -2.03 61.1 LandSecs 1318 -10.00 1363 988.50 2.40 4.33 1757.7 Centrica 267.80 -3.30 327.00 234.40 5.04 -26.94 8604.5
AberAsM 341.90 -9.20 509.64 338.00 5.26 15.06 3484.7 Goodwin 2352 -22.50 3750 2120 1.80 11.27 1.0 Hays 166.00 -2.90 173.70 108.15 1.58 24.67 1619.7 DeeVally 1423.5 18.50 1450 1135 4.39 18.89 0.3
Hill&Sm 701.00 21.00 720.00 520.00 2.57 27.21 18.4 AnGoldA R 80.59 -7421.41 187.79 71.59 - -24.65 1390.0 LondonMtrc 168.70 1.70 173.20 132.30 4.15 6.61 1149.4 Homesve 424.80 -5.80 447.84 312.00 2.86 23.47 85.2
Ashmore 263.10 1.80 355.90 249.00 6.25 12.59 1326.6 McKaySec 260.50 -9.50 275.00 215.00 3.30 7.34 6.8 Drax 311.30 -7.60 664.00 246.00 3.82 7.29 2169.5
IMI♦ 1040 -23.00 1454.55 1034 3.62 16.07 560.5 Antofagasta 569.50 -20.00 823.00 549.00 10.97 19.04 2409.8 HowdenJny 495.00 1.80 532.00 309.00 1.70 21.07 954.7
BrewDlph 299.70 -8.30 361.00 236.80 3.30 45.55 83.9 MucklGp 499.75 14.75 510.00 421.00 4.05 5.82 1.3 Natl GridX 869.50 9.00 965.00 815.70 4.86 16.29 4881.0
MelroseInd♦ 270.80 2.80 314.78 242.70 3.07 42.37 1943.4 ..5%Pf 0.60 0.00 0.60 0.60833.33 - - Intserve 597.00 -32.50 878.50 487.20 3.85 16.23 206.6
Canaccord 292.50 -62.50 695.00 291.00 3.48 -16.07 0.4 PrimyHth 415.00 4.25 415.00 324.00 4.70 13.97 54.1 Pennon♦ 787.50 -10.50 925.00 745.30 3.91 24.49 425.6
Renold 76.50 0.75 86.00 49.00 - 31.02 45.6 AquarsPl 6.97 0.77 24.75 5.53 - -2.96 4339.0 Intertek 2665 -32.00 2888 2141 1.84 22.63 286.2
CtyLonInv 365.50 12.63 370.00 251.25 7.05 17.15 68.5 Redefine 53.80 1.15 59.90 48.00 5.95 5.32 529.7 UtdUtils 891.00 3.50 1045 784.00 4.11 22.44 1784.2
Rotork 208.60 -2.40 289.00 204.70 2.40 18.18 1289.3 AsiaResM 36.75 0.00 72.00 3.61 - -1.55 - Latchways♦ 732.50 -22.50 1040 705.01 5.41 19.34 262.3
CloseBrs 1465 21.00 1857.39 1249 3.34 13.42 199.8 SEGRO 462.70 4.90 464.00 330.90 3.26 4.33 710.0
Barrick C$ 10.07 0.83 21.03 8.60 1.93 -3.38 2562.7

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence Share 30.13 -0.63 41.68 29.00 2.06 320.48 42.1 Insurance Enegi Oil 0.65 -0.10 4.19 0.58 - -0.24 181.3 NewRiver 335.00 -5.00 342.00 271.00 2.54 18.12 100.6 Tech - Hardware
Cohort 370.00 -7.00 390.00 195.40 1.19 26.93 168.0 ShoreCap 415.00 2.50 431.50 400.00 2.17 19.97 3.0 Gable 17.25 -2.25 84.00 16.75 - -4.83 191.9 EuropaOil 5.25 -0.63 10.75 4.65 - -7.46 387.0 Palace Cap 367.50 2.50 405.00 295.00 2.31 4.59 0.4 AminoTech 159.00 -6.50 171.00 75.24 3.14 14.16 60.6
STM Group 49.50 5.00 55.90 16.50 - 29.78 107.3 Helios 192.50 0.00 200.00 120.00 0.78 15.74 7.0 FalkldO&G 24.00 0.50 45.00 16.75 - -61.70 1192.3 PnthrSec 357.50 10.00 375.00 300.00 3.36 13.70 13.7 IQE 24.50 0.50 26.50 12.08 - 101.66 1265.6
Banks WH Ireland 126.00 -1.50 130.00 79.00 1.59 48.48 27.5 GETECH 58.50 0.50 71.70 32.00 3.76 8.87 31.3 PSPI 30.50 1.00 31.00 21.50 - -5.65 51.5
BCB Hldgs 7.50 0.00 14.17 6.00 - -1.27 2.0 Media Infrastrata 3.38 0.00 9.25 2.75 - -2.95 1.0 SiriusRE € 0.51 0.02 0.52 0.28 2.14 10.70 488.0 Tech - Software & Services
STB 2925 5.00 3024 2245 2.32 21.25 2.9 Food & Beverages Avesco 224.00 5.50 233.00 95.00 2.68 15.61 4.1 Iofina 19.00 -1.00 65.75 17.00 - -5.67 64.2 SumGermny €♦ 0.94 0.00 0.99 0.50 2.06 3.62 40.5 Blinkx 28.25 0.50 45.00 23.25 - -8.08 599.0
FinsbryFd 99.50 2.00 101.98 56.00 1.01 13.34 50.5 Cello Gp 98.00 -2.50 106.70 81.00 2.46 37.22 38.3 Ithaca Engy 37.00 2.25 137.50 26.25 - -2.70 694.7 TaliesinPr 2347.5 12.50 2545 1750 - 9.61 0.2 BondInt 127.50 1.00 148.25 83.00 1.73 24.68 7.7
Basic Resource (Ex Mining) Nichols♦ 1387 2.00 1448.75 834.56 1.61 24.02 14.1 M&Csaatc 324.25 0.00 395.00 235.25 1.74 -1368.14 12.6 Brady 99.50 -1.00 110.13 64.00 1.71 178.32 3.5
KBC Adv 128.00 8.00 130.31 77.00 0.78 23.13 27.2 Winkworth 157.50 2.50 180.00 115.00 3.75 13.35 4.0
CropperJ 555.00 27.50 570.00 355.00 1.42 27.58 20.4 PureCircle 422.50 5.00 635.00 352.24 - 329.05 59.7 MissionMk 48.75 1.25 51.00 37.00 2.05 9.64 10.2 Datatec 352.50 5.00 369.66 261.25 3.12 14.76 16.5
Max# 0.16 0.00 1.43 0.08 - -0.08 634.1
RealGdFd 54.00 2.50 59.40 23.00 - -6.75 0.0 Next15Cm 188.50 -0.50 198.00 116.00 1.47 121.93 21.0 Retailers DDD 2.88 0.13 5.75 1.25 - -2.99 50.0
Chemicals PetrelRes 2.13 -0.75 7.73 2.00 - -0.92 26.6
Wynnstay 547.50 -22.50 607.25 474.52 1.86 15.42 12.5 YouGov 121.00 7.50 133.00 98.50 0.66 217.63 1.5 Petroceltic 55.00 -2.50 224.00 53.50 - -0.60 21.7 ASOS 3152 -153.00 4259 1742 - 72.46 794.6 Eckoh 39.00 -0.25 48.50 33.00 0.80 46.10 80.9
Scapa♦ 206.25 3.50 225.25 120.00 0.48 33.24 305.7
PetroNeft 4.85 0.13 6.65 3.60 - -5.97 110.0 Koovs 72.50 0.00 171.00 60.00 - - 5.6 EgSoltns 67.50 0.00 84.00 52.20 - 19.17 7.5
Health Care Equip & Services Mining
Construction & Materials Plexus 236.50 11.50 268.87 165.00 0.47 38.07 3.4 Majestic 454.50 -16.75 480.00 280.00 3.52 22.32 119.4 Iomart♦ 255.00 -15.13 288.21 159.93 0.69 30.94 67.7
Advnc Med 150.00 1.00 161.00 111.00 0.42 24.66 140.7 AMC 17.00 0.75 44.58 2.60 - -84.16 1673.8 StanlGib♦ 239.50 0.50 322.00 215.00 3.03 60.24 808.5
Abbey 1012.5 0.00 1049.25 800.00 0.85 10.44 0.0 PresidentEn 10.75 -0.50 39.48 10.25 - 4.79 517.1 K3BusTc 269.50 -2.00 273.00 205.00 0.46 29.91 42.8
AVO 7.25 -0.25 16.90 3.50 - -9.67 375.3 BotswanaD 0.93 -0.03 4.15 0.86 - -1.98 275.0
AccsysTch 69.38 -0.63 81.50 0.93 - -6.83 0.5 Rockhop 50.75 -10.25 95.50 49.75 - -9.92 1220.0 Support Services Monitise 6.04 0.99 52.50 4.40 - -1.20 19330.9
CareTech 254.00 -5.75 263.25 190.00 3.15 11.98 33.7 CentAsiaM 158.00 1.25 198.00 135.16 6.64 4.47 3.0
Aukett 7.13 0.00 9.50 5.76 2.95 9.35 80.3 Sound Oil 16.75 -0.13 26.73 8.75 - -12.25 940.3 OMG 42.00 -0.25 49.00 26.00 1.19 121.04 10.3
ImmunDiag♦ 300.00 17.50 492.00 264.40 2.83 37.54 3.8 Connema 1.38 0.13 3.81 0.25 - -2.39 1147.5 AndSyks 342.50 0.00 385.00 260.00 6.95 15.55 1.5
TowerRes 0.20 0.00 0.94 0.09 - -0.19 2769.4 Progility 3.25 0.00 11.25 3.00 - 3.44 50.0
Electronic & Electrical Equip SphereMed 15.25 -2.25 31.00 15.14 - -1.72 54.0 C'royG&NR 0.65 0.00 1.60 0.50 - -7.07 150.0 Augean 59.00 0.00 60.00 37.65 0.59 13.08 54.6
Pub Tech 135.00 -5.00 240.00 120.00 - -4.16 5.0
Tristel 101.50 4.50 107.99 65.00 1.60 25.30 16.9 TrinityE 5.15 -0.25 93.57 4.51 - -0.05 137.0 Begbies 44.38 -1.25 54.76 38.50 5.11 17.35 12.0
CeresPow 9.08 0.05 11.75 6.50 - -6.60 23.0 GrekaDrill 5.98 -0.18 16.80 5.50 - -6.45 254.8 SciSys 63.00 0.00 96.75 38.50 2.38 8.68 1.8
UnJackOil 0.18 -0.01 0.48 0.14 - -4.50 1375.6 Christie 142.00 0.00 162.00 115.00 1.23 15.80 5.8
Densitrn 7.88 -0.13 9.75 3.50 - 34.24 20.0 House, Leisure & Pers Goods Herencia 0.17 -0.01 0.49 0.15 - -2.12 601.0 WANdisco 186.50 1.50 545.00 175.25 - -1.82 11.9
VictorOil 55.50 2.00 89.05 1.21 - -1.61 554.5 Empres 82.00 -4.50 91.50 38.13 0.43 10.89 61.4
ElektronT 7.25 0.63 8.70 3.25 - 72.50 73.8 HighldGld 46.75 1.00 74.54 17.73 11.34 -9.51 679.2
Airea 19.75 1.25 20.80 10.25 3.04 12.87 5.0 VolgaGas 59.00 -0.50 126.12 55.00 4.08 5.80 8.3
FlowGp 14.88 -0.88 50.00 12.75 - -3.77 87.5 KarelianDd 0.95 0.00 2.08 0.80 - -13.57 111.1 Hargreaves 342.75 38.50 815.00 280.00 7.44 3.64 39.7 Telecommunications
Churchll 550.00 0.00 630.00 425.00 2.69 17.88 100.0 Hydrogen 54.00 -1.00 90.25 48.25 8.52 -128.57 5.5
LPA 67.50 -1.50 112.00 60.00 2.30 59.63 0.2
gamingrealm 26.75 0.50 41.00 20.00 - -5.72 450.4
KEFI Min 0.80 0.03 1.80 0.67 - -1.98 41.1 Pharmaceuticals & Biotech AltNetwks 499.50 -9.00 545.00 415.00 2.90 26.96 6.2
ThorpeFW 187.50 -1.00 196.00 120.00 1.73 20.75 0.9 OracleC 1.55 0.23 2.00 0.25 - -7.52 205.0 Abcam 609.50 12.00 613.00 355.25 1.27 34.69 251.4 Impellam 848.50 8.50 859.60 455.00 0.74 13.86 1.0 AvantiCom 210.50 3.63 325.00 170.25 - -3.76 166.6
Mulberry 913.00 13.00 969.00 562.50 0.55 -389.01 5.5 ISG 166.50 -2.00 356.00 140.00 5.68 -6.08 34.9
Zytronic 293.50 -7.50 319.00 207.04 3.41 14.35 10.4 RamblMtls 11.25 -0.50 27.40 9.00 - -39.20 20.1 AllcePharm 58.00 -2.63 63.00 31.65 1.62 18.37 121.6 Peoples Op 125.00 -1.50 147.60 120.45 - -55.19 25.4
Portmern 925.00 0.00 960.00 840.00 2.86 15.14 0.2 JhnsnSrv 86.50 -0.75 91.00 56.00 1.51 29.83 58.4
ShantaGold 5.13 -0.50 13.00 5.03 - 4.23 18.5 Epistem 195.00 0.00 339.00 185.15 - -6.52 0.3
Financial General SinclairW# 9.38 0.00 73.80 9.55 - -1.16 22.9
SierraRut 22.13 -2.38 38.00 17.00 - -18.93 60.1 JourneyGp 170.50 4.50 172.00 113.00 1.69 14.77 11.3 Travel & Leisure
TelfordHms 432.00 7.50 495.00 287.38 2.36 13.25 121.1 e-Thera 37.50 0.00 49.40 24.25 - -12.74 14.3
Ambrian 7.00 -0.50 12.50 5.25 - 21.21 30.0 Sirius Min 17.25 0.00 29.50 6.40 - -34.29 2793.7 LonSec 2145 0.00 2450 1900 2.89 20.75 0.0 CastleStIn 35.75 -1.25 40.78 17.00 8.39 - 131.7
WalkerGb 234.00 -4.00 244.85 151.05 0.82 28.28 11.3 GW Phrms 579.00 31.50 708.55 299.11 - -38.02 329.5
Arbuthnot 1557.5 -4.00 1650 1000.00 1.73 21.39 1.2 SolGold 2.10 -0.08 7.06 2.00 - -3.98 3462.2 Matchtech 572.50 -2.50 590.00 495.00 3.49 17.85 12.0 Celtic 75.25 0.00 79.00 72.81 - -19.58 0.5
HtchChMd 1815 -112.50 2020 970.00 - 1620.54 2.6
Aurora 9.13 0.00 13.25 8.00 - -0.93 0.2 Industrial Engineering Stratex 2.30 0.20 3.22 1.00 - -4.41 3330.2 NewmkSec 3.30 -1.58 4.93 1.66 2.27 7.02 335.6 ..6%CvPf♦ 65.00 0.00 80.00 35.00 4.98 - 1.0
ImmuPhar 41.00 -3.00 67.00 37.00 - -11.94 258.0
BP Marsh 146.50 -2.00 156.75 116.75 1.88 8.67 13.6 Xtract Res 0.23 -0.03 0.49 0.06 - -2.56 52951.5 NormanBr 13.50 0.00 25.00 12.00 - -1.46 1.0 ..Cv Pf 135.00 0.00 150.00 120.00 - - 16.0
600 Grp 18.00 0.00 22.00 14.60 - 6.99 2.2 ReNeuron 5.25 -0.25 6.50 2.80 - -11.67 1462.4
BrooksMac 1826.5 -47.50 1900 1300 1.42 29.17 3.1 ZincOx 12.63 -0.13 18.00 6.00 - -0.93 25.6 NWF 162.50 5.50 165.00 120.00 3.14 16.66 7.1 Dalata 287.50 0.00 296.82 111.15 - 101.91 12.4
Molins 77.50 -2.00 161.00 74.25 7.10 -50.36 52.7 Sareum 0.21 0.00 0.68 0.20 - -3.53 830.0
Camellia 9654.5 -46.00 10000 8450 1.29 94.04 0.0 Optimal Pay 286.50 7.50 575.00 215.00 - 23.82 2190.0 Dart 465.25 3.50 500.00 200.00 0.62 20.96 158.3
MS Intl 180.00 -6.50 203.00 116.00 4.44 21.96 0.8 SinclairIS 40.00 -3.00 48.00 23.30 - -15.34 1519.3
CaptlMgt 117.00 0.00 200.00 103.00 - -1.50 0.5 Oil & Gas PennaCns 218.50 0.00 226.00 116.00 1.60 14.48 2.1 GoalsSocc 200.00 -3.50 242.00 195.00 0.93 22.49 1.3
Pres Tech 224.00 5.00 750.00 180.00 3.75 13.58 3.1 Vernalis 84.50 8.50 85.00 37.85 - -127.07 131.8
Fairpoint 159.50 -5.50 170.00 105.66 3.86 24.42 55.3 AlkneEng 24.13 1.13 40.35 19.50 0.83 10.79 179.1 Petards 11.50 0.00 15.99 9.75 - 10.37 121.9 MinoanGp 8.38 -0.63 15.73 7.25 - -13.27 50.0
TP Group 3.75 -0.13 7.40 3.00 - -4.24 778.9
Leeds 36.50 0.00 43.79 30.00 - 9.56 4.2 AmeriRes 29.75 -1.25 67.25 19.10 - 18.21 1934.9 Real Estate RedhallGp 11.75 -0.50 18.50 8.50 - -0.41 134.9 PeelHtls 108.00 0.00 110.00 75.00 - 23.12 1.0
MattioliWds 574.00 3.50 580.00 414.00 1.59 25.71 2.8 Industrial General AndesEnrg 29.63 0.38 49.42 16.50 - -21.86 25.1 Conygar 185.00 -0.50 195.00 160.00 0.95 9.38 16.9 Renew 334.00 -4.00 348.00 237.00 1.50 19.36 25.6
Miton 26.25 1.50 38.50 18.50 2.06 -8.03 227.6 BahamasP 2.25 -0.04 4.70 1.50 - -9.59 1615.0
Utilities
Powerflte 78.63 2.63 80.00 35.00 1.33 48.90 1682.9 FltchKng 46.00 0.00 65.00 38.00 6.52 6.40 5.0 Restore 240.00 -5.50 289.00 177.60 0.88 40.03 273.4
MAB 277.50 16.13 280.00 160.00 - 28.94 8.7 BorSthnPet 3.08 -0.08 14.50 2.75 - -5.97 181.9 ModernWtr 11.75 0.00 29.25 10.50 - -0.53 23.1
RM2 61.25 -2.25 77.00 46.00 - -6.43 119.5 InlandHms 71.63 2.13 73.50 43.75 0.84 22.64 1155.8 SafeCharge 266.50 -0.50 297.00 192.43 0.69 40.06 30.0
Numis 273.50 2.75 280.00 196.09 3.84 20.77 198.1 Circle Oil 7.00 -0.50 28.70 6.75 - -1.14 307.8 RenEnGen 47.25 -0.25 68.00 46.50 4.66 -33.02 10.0
Symphny 8.25 -0.13 11.22 6.50 - -35.26 17.5 Lok'nStor 286.00 0.50 300.30 165.00 2.45 121.55 1.5 Servoca 25.00 -0.50 26.03 11.00 - 18.60 86.0
Park Grp 75.00 2.00 77.50 47.00 3.40 16.30 30.7 ClontarfEn 0.35 0.00 1.40 0.26 - -3.80 23.4 Rurelec 1.50 0.00 8.50 1.32 - -2.86 90.0
LXB Retail 83.50 -0.25 149.00 81.00 - - 115.3 Utilityws 185.00 -39.00 311.05 161.50 2.16 12.90 1235.0
PolarCap 403.75 -27.25 500.00 351.00 6.56 15.90 133.4 Egdon Res 12.63 2.13 25.93 6.24 - -8.09 715.3 SeaEnergy 8.13 -2.38 39.50 7.30 - -1.80 507.6
MirLand 52.50 -1.50 235.00 50.00 - -0.93 354.6

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 105.50 0.00 107.89 103.00 - - - JPM GEI 97.00 -2.00 130.00 96.00 5.05 101.5 -4.4 SchdrUKMd 492.00 -8.75 504.50 402.49 1.73 538.5 -8.6 VCTs 52 Week Dis(-) MMP 3.13 0.00 5.00 3.00 - - -
Price +/-Week High Low Yld NAV or Pm Edin Inv 692.50 -5.50 706.00 565.20 3.41 697.5 -0.7 JPM I&C Uni 365.00 0.00 370.00 330.06 - 371.6 -1.8 ScotAmer 263.00 -3.00 276.50 221.99 4.01 246.7 6.6 Price +/-Week High Low Yld NAV or Pm Marwyn Val 240.00 -0.50 251.93 196.00 - - -
3i Infra 173.50 0.70 189.56 151.00 4.31 - - Edin WWd 473.00 -11.00 502.44 332.25 0.42 486.6 -2.8 JPM Inc&Gr 112.00 0.00 115.85 98.50 1.96 116.5 -3.9 Scottish In 620.00 -14.00 670.00 536.00 1.94 686.8 -9.7 AlbionDev 68.50 0.00 70.89 66.00 7.30 73.0 -6.2 TerraCat 105.50 0.00 112.00 90.00 - - -
AbnAsianIn♦ 170.00 -10.25 213.80 168.00 4.82 175.4 -3.1 EP Global 243.00 -4.50 262.10 207.04 1.11 242.5 0.2 JPM Ind 526.50 -12.50 605.50 417.51 - 594.6 -11.5 ScottMort 262.20 -10.30 283.40 204.00 1.11 251.6 4.2 Albion Ent♦ 90.50 0.00 91.75 85.00 5.52 98.0 -7.7
AbnAsian 755.00 -30.00 1014 748.34 1.32 863.2 -12.5 Estabmt 160.50 -1.00 188.00 157.00 2.93 203.3 -21.1 JPM JpSm 243.00 1.00 261.75 184.00 - 279.3 -13.0 ScottOrtll 750.00 -13.00 900.00 745.00 1.53 857.5 -12.5 AlbionTech 76.50 1.00 78.49 71.25 6.54 80.2 -4.6 ISDX
AbnJapInv 562.50 1.50 571.00 357.50 0.80 545.5 3.1 Euro Ast♦ 1082.5 -32.50 1160 800.00 4.83 1064.0 1.7 JPM Jap 287.50 -7.25 307.95 195.00 0.97 318.8 -9.8 SecTstScot 133.00 -1.63 148.00 129.00 3.61 143.0 -7.0 AlbionVCT 66.50 0.00 68.65 63.00 7.52 67.1 -0.9
EuroInvT 789.50 -8.75 849.00 659.33 1.77 821.4 -3.9 JPM Mid 974.00 -16.00 992.00 669.10 1.85 1034.2 -5.8 Seneca I&G 146.25 0.13 150.00 131.00 3.83 148.6 -1.6 52 Week Vol
AbnLatAmIn 52.88 -0.75 85.68 51.00 8.04 56.9 -7.1 ArtemisVCT 62.50 0.50 70.52 59.23 6.40 71.8 -13.0
F&C Cp&I 267.50 -2.00 277.00 231.75 3.70 265.6 0.7 JPM O'seas 1045 -22.50 1159 890.95 1.44 1133.5 -7.8 Shires Inc 234.50 -3.50 261.00 216.26 5.12 247.0 -5.1 Price +/-Week High Low Yld P/E 000s
..Sub 0.25 0.00 2.63 0.10 - - - Baronsmd 73.63 0.00 75.27 69.50 4.75 76.5 -3.8
F&CGblSmlr 989.50 2.25 1028.92 781.00 0.82 972.1 1.8 JPMRussian 298.00 -14.38 447.00 223.25 4.36 356.9 -16.5 StdLf Eqt 464.75 3.13 469.00 362.50 3.01 466.3 -0.3 ArsenalFC 1587500 0.00 1590000 1400000 - 68.02 0.0
AbnNewDn♦ 160.00 -9.00 205.23 157.25 2.25 183.0 -12.6 ..VCT 2 95.38 0.00 97.49 91.00 4.72 98.8 -3.5
F&CMgdG 154.50 -0.50 158.00 130.00 - 152.4 1.4 JPMSnrSec 90.63 -0.13 101.00 89.22 - 94.4 -4.0 StdLf Sml 332.00 -4.63 340.00 256.00 1.36 359.3 -7.6 ShephdNm 1120 0.00 1260 1000.00 2.31 24.85 1.5
AbnNewThai 361.00 -8.63 489.88 354.00 2.22 434.7 -17.0 ..VCT 3 99.38 0.00 104.99 94.00 15.60 102.6 -3.1
F&CMgdI 122.00 -1.50 130.00 110.00 4.06 120.3 1.4 JPM Smlr 860.50 -3.50 868.00 527.00 1.12 1032.5 -16.7 StrategicEq 240.00 4.00 241.50 153.01 0.33 220.4 8.9 Thwaites 115.50 0.00 132.00 108.00 3.86 10.41 0.0
AbnSmlCo 217.50 -3.00 229.00 174.00 3.02 260.7 -16.6 ..VCT 4 92.13 0.00 92.75 86.75 9.77 95.5 -3.5
Abn UK♦ 310.75 -11.13 334.75 288.00 3.28 327.0 -5.0 FidAsian 229.00 -4.88 285.50 220.25 0.48 255.5 -10.4 JPM US Sml 170.75 -1.25 193.75 135.77 0.41 185.6 -8.0 Temp Bar 1152 -15.00 1274 1101 4.06 1196.0 -3.7 ..VCT 5 77.38 0.00 77.93 72.00 7.75 85.4 -9.4
Abf Gd Inc♦■ 206.75 6.25 212.00 138.25 3.56 227.0 -8.9 FidChiSpS 135.00 -1.30 179.78 111.00 0.85 160.4 -15.8 JupDv&G♦ 121.25 0.00 124.50 107.00 - 128.4 -5.6 TempEmerg 439.00 -15.00 626.64 433.10 1.65 505.1 -13.1 BSC VCT 86.00 0.00 91.80 82.00 6.40 96.2 -10.6
Abf Sml♦ 1212 15.00 1235 966.00 2.04 1322.4 -8.3 Fid Euro 176.90 -4.10 187.50 137.40 1.75 185.1 -4.4 JupEur 543.00 -9.50 562.00 371.25 0.64 545.3 -0.4 TRIG 104.50 0.00 109.00 99.00 5.26 - - ..VCT2 57.00 0.00 60.50 51.98 7.89 62.5 -8.8 Guide to FT Share Service
AcenciADbt $ 1.64 0.01 114.00 1.62 3.72 1.7 -3.5 Fid Jap 84.50 -1.13 88.25 64.00 - 98.7 -14.4 JupPrim 312.25 -3.25 332.50 268.34 2.05 316.5 -1.3 ThreadUKSel 175.00 -1.00 181.78 160.00 2.49 192.7 -9.2 Crown Place 29.00 0.00 30.50 27.75 8.62 28.0 3.6
AdvDvpMk 414.00 -13.00 483.00 401.00 - 452.9 -8.6 Fid Spec 206.25 -3.75 217.00 159.37 1.60 - - JupUSSmCo 634.50 -2.50 704.03 596.99 - 700.7 -9.4 TREurGth 633.00 -7.00 661.00 438.00 1.03 686.7 -7.8 FrsightSol 103.50 0.00 106.00 95.00 5.80 108.2 -4.3
Alliance 488.30 -8.80 531.50 420.20 2.03 555.7 -12.1 FinsG&I 576.00 -11.50 609.36 464.25 2.03 575.9 0.0 KeystoneInv 1817 -25.00 1900 1651.76 2.78 1917.4 -5.2 TroyInc&G 71.00 -1.50 74.71 60.00 3.20 70.4 0.9 Inc&GthVCT 93.00 2.50 104.00 88.25 19.35 103.4 -10.1
AllianzTech 598.00 -13.00 640.43 463.07 - 625.0 -4.3 FstPacfic H HK$ 5.97 -0.23 9.48 5.93 3.52 - - Law Deb♦ 509.00 -21.50 545.50 465.10 3.08 472.1 7.8 UtilicoEmg♦ 169.50 -9.75 206.09 168.50 3.60 190.3 -10.9 KingsAYVCT 18.13 0.00 19.50 17.25 5.52 19.8 -8.4 For queries about the London Share Service pages e-mail
AltAstsOps 39.00 0.00 47.00 36.00 - 44.3 -12.0 For & Col 440.60 -11.70 467.90 365.00 2.13 476.2 -7.5 LinTrain £ 506.00 -16.50 537.00 359.61 1.34 420.2 20.4 UtilicoInv 113.00 -2.50 133.80 103.00 6.64 157.6 -28.3 Maven I&G 65.00 0.50 67.50 59.50 6.92 64.9 0.2 ft.reader.enquiries@morningstar.com.
Art Alpha 272.50 -3.25 306.50 257.00 1.19 329.6 -17.3 Geiger 16.00 1.63 27.95 13.75 - 17.4 -8.0 Ln&StLaw♦ 353.00 4.00 384.00 330.80 3.91 374.2 -5.7 ValAndInc 253.50 -0.50 274.00 238.43 3.43 304.5 -16.7 MavenVCT2 52.25 0.00 56.75 49.00 7.37 59.4 -12.0 All data is as of close of the previous business day. Company classifications
..Sub 20.25 0.00 45.25 18.10 5.93 - - GenEmer 464.50 -15.50 583.00 458.00 - 524.8 -11.5 Lowland 1382 -27.50 1440 1219 2.75 1409.5 -2.0 Witan 786.50 -16.00 850.00 642.00 1.99 783.8 0.3 MavenVCT3♦ 74.00 0.00 79.00 70.00 2.70 86.8 -14.7 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AsianToRt 188.00 -7.25 224.00 179.37 1.73 203.0 -7.4 GFIS 16.25 -0.25 28.39 15.00 - 46.9 -65.4 M&GHighInc♦ 161.50 -1.50 179.95 148.00 2.85 173.5 -6.9 WitanPac 242.00 4.50 274.75 219.25 1.86 270.3 -10.5 MavenVCT4 84.00 0.00 88.39 80.00 5.65 96.2 -12.7 100 constituent stocks are shown in bold.
Aurora 154.75 0.00 166.79 144.00 2.46 169.0 -8.4 GRIT 12.25 0.00 40.00 10.50 - - - Majedie 265.75 -4.25 283.00 206.41 2.82 260.2 2.1 WorldTst 263.75 0.75 285.25 212.00 0.20 293.0 -10.0 MavenVCT5♦ 34.63 0.00 37.00 32.00 2.89 42.6 -18.7 Closing prices are shown in pence unless otherwise indicated. Highs & lows
BG Japan 468.50 6.50 493.25 316.50 - 449.6 4.2 GoldenPros 21.00 1.38 41.83 18.00 - 24.9 -15.7 Man&Lon 240.63 -0.63 260.49 219.00 3.11 288.7 -16.7 WwideHlth 1983 -56.00 2108.5 1310.08 0.71 2022.9 -2.0 Nthn 2 VCT 69.25 0.00 88.00 67.25 2.89 74.0 -6.4 are based on intra-day trading over a rolling 52 week period. Price/earnings
BG Shin 417.00 -3.00 424.00 282.50 - 399.9 4.3 Hansa 882.25 4.75 988.00 836.50 2.15 1150.7 -23.3 MCGlobPort 176.00 -3.38 195.00 158.00 2.27 177.3 -0.7 Nthn 3 VCT 90.00 0.00 104.00 88.00 6.11 95.3 -5.6 ratios (PER) are based on latest annual reports and accounts and are updated
Conventional - Private Equity 52 Week Dis(-)
BSRT 21.25 0.25 39.80 19.00 - 40.0 -46.9 ..A 837.50 -2.50 949.00 810.00 - 1150.7 -27.2 MCurPac 282.00 1.00 336.00 276.00 2.66 313.5 -10.0 NthnVent 76.00 0.00 85.36 74.50 7.89 79.7 -4.6 with interim figures. PER is calculated using the company’s diluted earnings
Price +/-Week High Low Yld NAV or Pm
Bankers♦ 636.00 -14.00 674.50 506.00 2.37 635.5 0.1 Hend Alt 230.00 -2.50 254.00 218.00 1.30 280.2 -17.9 MercantIT 1731 -17.00 1762.96 1316.55 2.31 1939.7 -10.8 ProVenGI 79.00 0.00 81.25 76.00 5.06 83.6 -5.5 from continuing operations. Yields are based on closing price and on dividends
Hen Div 91.00 -0.13 95.50 87.50 5.60 89.2 2.0 MrchTst 458.50 -7.50 506.33 422.18 5.17 478.6 -4.2 AbnPvtEq 88.75 1.50 96.00 79.04 2.52 120.6 -26.4
BrngEmEu 491.50 -10.50 679.00 432.00 3.87 556.9 -11.7 ProVenVCT 94.50 0.00 97.89 89.50 4.76 100.5 -6.0 paid in the last financial year and updated with interim figures. Yields are
HenEuroF 1065 -25.00 1148.5 816.47 2.20 1044.1 2.0 Mid Wynd 336.50 0.50 352.50 260.07 1.13 328.5 2.4 Altamir € 10.87 -0.12 11.82 9.43 - 16.1 -32.5
BH Global 1318 9.00 1343.6 1178 - 1394.0 -5.5 UnicornAIM 135.00 0.50 135.79 122.00 4.44 153.5 -12.1 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuro 892.00 -16.50 957.00 678.25 1.96 878.5 1.5 MitonUKMic 54.13 0.00 56.25 50.00 - - - Dun Ent 340.00 -6.50 410.00 305.00 4.85 513.0 -33.7
..EUR € 12.00 0.00 14.00 11.80 - - - companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenFarEs♦ 294.00 -11.00 362.00 289.06 6.29 288.1 2.0 MitonWw 161.50 -0.63 164.65 149.00 - 177.4 -9.0 Electra 3295 -3.00 3349.01 2338 - 3585.4 -8.1 Ordinary Income Shares 52 Week HR
..USD $ 13.00 0.10 13.35 11.70 - 13.7 -5.1 capital changes where appropriate.
HendGlob 381.50 -5.75 416.81 336.20 2.62 429.3 -11.1 MMP 3.13 0.00 5.00 3.00 - - - ElectraPrf 151.38 0.00 152.05 144.25 - 145.4 4.1 Price +/-Week High Low Yld WO GRY 0%
BH Macro 2098 3.00 2191 1930 - 2195.0 -4.4 Trading volumes are end of day aggregated totals, rounded to the nearest
HenHigh 185.25 -2.75 195.25 156.50 4.70 181.7 2.0 Monks 416.90 -2.70 458.90 348.40 0.95 457.5 -8.9 F&C PvtEq 223.00 2.00 230.00 197.00 4.82 275.5 -19.1 JPM I&C 100.25 0.13 106.00 86.00 6.48 -16.0 -2.8
..EUR € 20.15 -0.05 21.10 18.70 - 21.2 -5.0 1,000 shares.
HenInt Inc♦ 119.38 0.00 137.69 103.00 3.60 119.8 -0.4 MontanSm 527.75 -2.25 544.00 390.50 1.33 566.8 -6.9 GraphEnt 585.00 1.00 605.00 536.10 1.28 682.7 -14.3 JupiterDv&G♦ 4.63 0.13 5.50 3.50 15.57 5.2 -39.7
..USD $ 20.00 -0.02 21.10 18.67 - 21.1 -5.2
Hen Opp 1045 16.50 1059.1 755.00 1.20 1092.4 -4.3 Mur Inc 709.50 -8.50 796.60 692.50 4.62 761.6 -6.8 HVPE $ 13.72 0.00 13.85 11.80 - 16.4 -16.3 M&GHI&Gt♦ 61.00 0.00 67.00 55.00 - -17.5 -7.9 Net asset value per share (NAV) and split analytics are provided only as a
BiotechGth 805.50 -3.50 898.92 492.52 - 821.6 -2.0
HenSmlr 671.00 6.00 696.00 468.13 1.64 749.1 -10.4 Mur Int 864.00 -34.00 1123 861.54 5.21 879.1 -1.7 HgCapital 1116 3.00 1169 1006 2.60 1204.9 -7.4 Rghts&Icp 4812.5 10.00 4900 3800 - -78.0 0.6 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRCom 66.25 -2.50 119.88 63.25 9.08 66.4 -0.2
Herald 720.00 -12.00 742.50 594.00 - 866.0 -16.9 ..B 850.00 -50.00 1445.47 791.61 - 879.8 -3.4 JPM Pvt Eq $ 1.06 0.01 1.07 0.76 - 1.3 -18.5 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckREmEur 193.88 -8.13 248.25 169.25 1.20 220.3 -12.0 Income Shares 52 Week HR
HICL Infra 154.30 1.90 161.40 140.10 5.85 137.7 12.1 NB DDIF $ 1.17 0.01 1.25 1.00 - - - JZ Capital 448.00 -3.50 480.00 390.00 - 678.0 -33.9 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckRFrnt 113.50 -0.75 133.28 103.50 3.66 111.5 1.8 Price +/-Week High Low Yld WO GRY 0%
Impax Env. 150.75 -2.13 167.75 136.00 0.93 169.0 -10.8 NewCtyEgy 14.00 0.00 37.00 12.25 - 19.2 -27.1 Mithras 138.00 0.00 151.91 130.00 0.72 159.6 -13.5 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRGtEur 245.50 -5.75 264.50 201.75 1.91 257.4 -4.6 JPM In&Gr 99.13 -0.13 100.49 90.15 4.44 -69.9 9.1
Ind IT♦ 347.00 2.00 350.91 268.50 1.44 368.1 -5.7 ..Sub 0.13 0.00 0.15 0.06 - - - NB PE Ptnr $ 11.91 0.03 12.20 10.80 - - - in pence.
..Sub 15.25 -2.38 25.63 8.00 - - - M&GHghIc♦ 60.25 0.00 63.00 53.00 - -17.3 -7.7
Intl PP 137.00 0.20 140.59 130.34 4.54 123.6 10.8 NewCityHY♦ 58.75 -0.88 66.50 58.50 7.20 57.1 2.9 Nthn Invs 585.00 7.50 665.00 385.25 1.71 526.7 11.1
BlckR I&G♦ 186.00 -2.00 193.00 158.01 3.06 188.7 -1.4 Rghts&I 1125 0.00 1245 895.00 3.20 - 41.1
InvAsTr 177.00 -8.00 213.58 175.50 1.95 196.8 -10.1 NewIndia 333.50 -9.75 371.30 258.00 - 361.8 -7.8 Pantheon 1308 -4.00 1355 1140 - 1543.8 -15.3 X FT Global 500 company
BlckRIncStr 137.25 -0.25 140.50 119.25 4.70 138.6 -1.0
Inv Inc 291.25 -3.25 305.00 255.00 3.43 310.7 -6.3 New Star IT 73.50 0.00 77.91 65.45 - 111.2 -33.9 PantheonR 1285 0.00 1300 1058 - 1544.8 -16.8 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRckLat 310.00 -15.88 508.45 310.00 6.23 353.8 -12.4
InvPerp 73.00 -0.63 79.00 69.64 6.85 70.4 3.7 NorthAmer 809.00 2.00 906.45 790.00 3.52 877.6 -7.8 PrincssPE € 7.80 -0.01 8.12 6.50 6.89 9.2 -15.2 Price +/-Week High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRckNrAm♦ 110.50 -3.13 124.50 98.75 3.62 121.8 -9.3
IPST BalR 119.25 0.25 123.00 114.00 - 119.3 0.0 NthAtSml 2045 13.00 2049.69 1625.86 - 2556.6 -20.0 Riverstone 927.50 -8.50 1114 822.00 - 1047.9 -11.5 JPM Inc&Gr 12.75 -0.50 15.19 9.00 2.3 -4.8 8.7 # price at time of suspension from trading
BlckRSmlr 958.00 26.00 968.00 697.00 1.35 1056.3 -9.3
IPST Gbl Eq 163.50 0.75 172.00 138.00 2.81 160.3 2.0 Oryx Int 552.00 -0.50 565.00 375.00 - 626.1 -11.8 StdLfEuPv 207.25 -3.25 236.42 200.00 2.41 262.0 -20.9 M&GHghIc 3.60 -0.60 5.39 3.00 10.6 9.4 -
BlckRThrmt♦ 348.75 13.25 349.00 238.00 1.26 393.5 -11.4 The prices listed are indicative and believed accurate at the time of publication.
BlckRWld 242.50 -8.00 507.00 234.44 8.66 265.1 -8.5 IPST Mngd 102.50 0.25 104.00 100.75 - 103.2 -0.7 PacAsset 191.50 -6.75 226.15 170.75 1.36 191.6 -0.1 Conventional - Property ICs 52 Week Dis(-) Zero Dividend Preference Shares 52 Week HR No offer is made by Morningstar or the FT. The FT does not warrant nor
Bluecrest A 189.90 0.90 194.60 182.93 - 200.7 -5.4 IPST UK Eq 171.00 -0.50 174.39 143.00 3.60 168.2 1.7 PacHorzn 174.00 -6.75 223.77 172.00 0.80 190.6 -8.7 Price +/-Week High Low Yld NAV or Pm Price +/-Week High Low SP WO TAV 0% guarantee that the information is reliable or complete. The FT does not accept
Brit Emp 495.00 -6.00 557.08 475.40 2.12 559.2 -11.5 InvPpUK♦ 386.75 3.25 390.46 281.00 1.68 406.9 -5.0 Perp I&G 418.00 -6.40 431.00 350.81 2.89 414.5 0.8 Direct Property Abf Gd Inc 151.25 -0.38 153.25 143.00 -45.3 - 159.7 responsibility and will not be liable for any loss arising from the reliance on
Brunner 568.50 -8.50 584.12 486.00 2.11 629.0 -9.6 Invs Cap A 96.50 0.00 102.00 87.00 4.64 100.9 -4.4 PerAsset 34160 -152.50 36313.1 33436 1.64 34392. -0.7
AseanaPr $ 0.58 -0.01 0.58 0.42 - 0.6 -3.3 EcofinWatr 154.50 0.00 155.10 149.75 -69.4 -86.7 160.7 or use of the information.
Calednia 2340 28.00 2517.66 2104 2.12 2783.9 -15.9 Invs Cap B 96.50 0.00 103.00 87.03 1.19 100.9 -4.4 1
AXA Propty 46.50 0.50 47.00 39.45 - - - JPM I&C 174.00 0.25 175.00 165.50 -20.1 - 192.1
CanGen C$ 19.65 0.05 22.00 17.80 1.38 26.6 -26.1 Invs CapU 384.00 2.50 404.95 347.00 - 403.8 -4.9 PolarFins♦ 109.00 -2.50 112.84 92.00 2.84 112.7 -3.3 The London Share Service is a paid-for-print listing service and may not be
CustdnREIT♦ 107.38 -0.25 111.50 104.00 3.49 - - JupiterDv&G 112.25 0.00 114.00 99.50 -7.2 -98.5 133.4
Cap Gear 3285 -10.00 3575 3125 0.49 3226.8 1.8 JLaingInf 122.50 2.20 128.60 116.00 5.31 109.8 11.6 ..Sub 9.00 0.00 13.00 5.00 - - - fully representative of all LSE-listed companies. This service is available to all
F&CComPrp♦ 147.40 -0.50 149.00 123.00 4.07 127.1 16.0 JZ Capital 357.50 0.25 358.90 341.75 -84.6 -97.2 369.8
City Merch♦ 182.75 -2.50 194.00 182.15 5.47 179.9 1.6 JPM Amer 272.90 -6.80 296.14 236.05 1.19 284.9 -4.2 PolarHealth♦ 182.00 -2.25 187.50 142.50 1.95 187.6 -3.0 listed companies, subject to the Editor’s discretion. For new sales enquiries
F&CUKRealE 100.50 -0.25 104.50 85.50 4.98 97.0 3.6 M&GHghIc 114.75 0.00 115.29 110.01 -20.7 -94.7 122.8
CityNatRs♦ 85.50 -1.50 146.00 83.83 6.55 110.3 -22.5 JPM Asn 210.50 -9.25 268.92 205.45 1.05 240.9 -12.6 PolarTech 592.00 0.50 614.00 458.80 - 582.7 1.6 please email stella.sorrentino@ft.com or call 020 7873 4012.
InvistaERET 0.10 0.00 4.39 0.05 - 4.5 -97.8 UtilicoFn16 184.50 0.13 186.00 177.25 -66.6 -98.4 192.8
City Lon 396.50 -6.10 418.35 345.00 3.75 390.5 1.5 JPM Brazil 44.00 -0.50 76.49 43.01 1.93 46.0 -4.3 ProspJap $ 1.00 0.00 1.15 0.91 - 1.3 -23.1
Longbow 104.50 0.50 106.75 101.25 5.50 - - UtilicoFn18 140.63 0.00 146.50 128.65 -20.3 -33.1 160.5
DexionAb 188.00 0.63 191.00 167.00 - 197.1 -4.6 JPM China 165.25 -3.00 233.96 155.52 0.97 199.7 -17.3 QatarInvF $ 1.25 -0.03 1.49 1.15 - 1.5 -16.7
PictonProp♦ 74.00 -0.50 74.75 60.50 4.05 69.7 6.2 UtilicoFn20 122.88 0.13 123.75 103.50 -9.3 -12.1 154.9
..EUR € 2.53 0.00 2.65 2.40 - 2.7 -6.3 JPMElct MC 100.00 0.00 101.99 97.01 - 101.8 -1.8 RIT Cap 1560 -42.00 1615 1265.55 1.90 1577.2 -1.1
SLIPropInc♦ 84.50 -1.00 90.25 74.75 5.46 76.9 9.9 Data provided by Morningstar
..MG 612.50 -10.00 635.00 507.66 1.16 627.3 -2.4 RobecoNV € 30.38 0.00 - - - - -
..USD $ 3.85 0.00 3.89 3.53 - 4.2 -8.3
..MI 105.00 -2.50 110.00 93.01 1.62 107.4 -2.2 RolincoNV € 28.32 0.00 - - - - -
UKComPrp♦ 87.80 -0.50 94.00 80.50 4.64 84.3 4.2 Investment Companies - AIM
DiverseInc♦ 90.50 -0.50 92.00 73.02 2.66 89.4 1.2
Dun Inc♦ 245.25 -2.75 275.00 239.00 4.53 262.8 -6.7 JPM Emrg 558.00 -18.50 674.65 553.00 0.99 631.1 -11.6 Ruffer Inv 220.75 -2.00 226.00 193.50 - 217.0 1.7 Property Securities 52 Week Dis(-)
JPM EurGth 239.00 -4.50 263.00 193.00 2.80 262.3 -8.9 SchdrAsiaP 264.50 -7.25 321.50 253.07 1.04 295.5 -10.5 SchdrGlbRe 120.00 0.00 132.98 98.88 2.94 129.9 -7.6
Dun Sml 220.00 -1.00 229.00 171.30 2.39 252.8 -13.0 Price +/-Week High Low Yld NAV or Pm
JPM EurInc 133.50 0.50 147.50 104.75 1.91 136.6 -2.3 Schdr Inc 277.00 -6.00 290.52 235.50 3.65 286.9 -3.5 TR Prop 308.50 2.00 325.00 232.40 2.45 321.0 -3.9
EcofinWatr♦ 133.50 -2.50 176.75 131.39 5.24 165.4 -19.3 AdFrntMkt 55.00 -0.13 65.50 54.00 - 59.3 -7.3
..CULS 103.50 0.00 111.70 103.00 - - - JPM EuSm 249.25 -3.00 256.00 164.00 1.16 270.3 -7.8 SchdrJap 158.50 -2.38 165.00 115.25 1.14 168.5 -5.9 CrysAmber 167.00 0.00 169.00 129.81 0.3 162.8 2.6
JPM Clavr♦ 615.50 -5.50 645.18 534.51 3.33 648.4 -5.1 SchdrOrient 181.00 -7.75 215.25 178.50 4.23 182.0 -0.5
EdinDragn 250.50 -11.50 311.00 248.75 0.88 282.7 -11.4
JPMGIConv 97.00 -0.50 112.00 96.43 5.80 99.9 -2.9 SchdrUK 163.50 -3.50 174.00 146.83 2.91 178.9 -8.6
GLI Finance♦ 57.50 -0.13 65.00 51.00 8.7 - - www.morningstar.co.uk
IndiaCap 62.63 0.00 69.40 46.00 - 75.1 -16.6
Infra India 20.75 -0.25 21.99 10.00 - 51.4 -59.6
Monday 17 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 UK Smaller Cos R Acc 1140.29 1227.08 2.37 0.49 BlueBay EmMktCrp B-USD $ 163.76 - -0.38 0.00 Candriam Bds Euro Infl Linked Cap € 140.88 - -0.01 0.00 CF Eclectica Agriculture A USD Acc ♦ $ 1.70 - 0.00 0.00 Index World A-Acc £ 1.43 - 0.00 1.78

ACPI Global UCITS Funds Plc (IRL) Artemis UK Special Sits R Acc 523.86 556.90 -0.39 1.62 BlueBay EmMktSel B-USD $ 146.96 - -0.40 0.00 Candriam Qt-Eqts Europe Cap € 2424.15 - 26.06 0.00 Clareville Capital Partners LLP CF Eclectica Agriculture C EUR Acc ♦ € 1.58 - -0.01 0.31 Index World P-Acc £ 1.16 - -0.01 1.90
www.acpishard.com Artemis US Abs Ret I Acc 105.05 - 0.23 - BlueBay EmMkLocCy B-USD $ 138.19 - -0.61 0.00 Candriam Qt-Eqts USA Cap $ 2407.45 - -2.75 0.00 Other International Funds CF Eclectica Agriculture C GBP Acc ♦ 112.67 - -0.13 0.37 Japan £ 2.83 - 0.01 0.00
Regulated Pegasus Fund Ltd A-1 GBP £ 59.29 - 0.07 0.00
Artemis US Equity I Acc 112.42 - 0.16 - BlueBay GlblConv I-USD $ 190.21 - -0.18 0.00 CF Eclectica Agriculture C USD Acc ♦ $ 1.74 - -0.01 0.37 Japan Smaller Companies £ 2.02 - 0.01 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 110.67 - -0.39 0.00
Pegasus Fund Ltd A-2 GBP £ 150.35 - 0.18 0.00
Artemis US Select I Acc 114.27 - 0.16 - BlueBay GlblHgYd B-USD $ 132.30 - 0.14 0.00 Candriam Investors Group (BE) MoneyBuilder Asset Allocator £ 1.20 - 0.00 0.51
ACPI Global Credit UCITS Funds USD A $ 13.93 - 0.00 0.00
FCA Recognised Pegasus Fund Ltd A-1 EUR € 25.40 - 0.03 0.00
Artemis US Select I Inc 102.06 - 0.14 - BlueBay HgYield B-EUR € 337.83 - -0.80 0.00 MoneyBuilder Balanced £ 0.51 - 0.00 4.02
ACPI Global Fixed Income UCITS Fund USD A $ 151.67 - -0.20 0.00
Candriam Sust Euro Bonds Cap € 357.93 - -0.28 0.00 Pegasus Fund Ltd A-1 USD $ 27.21 - 0.03 0.00 First State Investments (UK) (1200)F (UK)
Artemis US Smlr Cos I Acc 122.29 - 0.20 - BlueBay HgYieldCp B-EUR € 143.12 - -0.35 0.00 Money Builder Dividend £ 2.63 - -0.01 4.28
Q ACPI India Fixed Income UCITS Fund USD A $ 9.97 - -0.02 - 23 St Andrew Square, Edinburgh, EH2 1BB
Candriam Sust North America Cap $ 40.40 - -0.13 0.00 Pegasus Fund Ltd A-2 USD $ 147.96 - 0.14 0.00
Artemis US Ex Alpha I Acc 116.61 - 0.17 - BlueBay InvGr B-EUR € 171.91 - -0.13 0.00 MoneyBuilder Growth £ 0.78 - 0.00 2.17 enquiries@firststate.co.uk
ACPI India Fixed Income UCITS Fund USD A3 $ 85.11 - -0.23 0.00
Candriam Sust World Cap € 26.83 - 0.13 0.00 Pegasus Fund Ltd B-1 GBP £ 192.46 - -0.16 0.00 Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
BlueBay InvGEurGv B-EUR € 148.65 - -0.12 0.00 MoneyBuilder Growth ISA £ 0.78 - -0.01 2.31
ACPI International Bond UCITS Fund USD A $ 18.04 - -0.08 0.00 Authorised Funds
Pegasus Fund Ltd B-2 GBP £ 147.55 - -0.13 0.00
Artisan Partners Global Funds PLC (IRL) BlueBay InvGEurAg I-EUR € 148.89 - -0.14 0.00 MoneyBuilder Income £ 0.35 - -0.01 3.24
Asia Pacific A Shares 943.77 - 3.39 0.01
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Candriam Investors Group Pegasus Fund Ltd B-1 EUR € 161.47 - -0.14 0.00 EdenTree Investment Management Ltd (UK)
BlueBay InvGLibor B-EUR € 125.27 - 0.03 0.00 MoneyBuilder Income -Gross £ 0.36 - 0.00 3.24
ACPI Select UCITS Funds PLC (IRL) Tel: 44 (0) 207 766 7130 Other International Funds PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Asia Pacific Leaders A Shares 472.35 - 0.95 0.23
Pegasus Fund Ltd B-1 USD $ 172.66 - -0.16 0.00
HighIncomeLoan H-EUR € 194.92 - 0.05 0.00 Authorised Inv Funds Multi Asset Adventurous A-Acc £ 1.35 - 0.00 0.46
Regulated FCA Recognised Candriam Eqts L Emerging Mkts Cap € 673.76 - 10.08 0.00 Asia Sustainability A Shares 349.66 - 1.69 0.34
ACPI Balanced UCITS Fund USD Retail $ 14.26 - -0.01 0.00 Artisan Partners Global Funds plc Amity UK Cls A Inc 220.00 - -0.10 1.43 Multi Asset Alloc Adventurous A-Acc £ 3.84 - 0.00 2.31
Candriam Eqts L Euro 50 Cap € 579.74 - 5.20 0.00 Emerging Markets Bond A Accumulation £ 1.19 - 0.00 4.85
Artisan Emerging Markets I USD Acc $ 6.82 - -0.03 0.00 Cohen & Steers SICAV (LUX) Amity UK Cls B Inc 219.80 - -0.20 2.21 Multi Asset Alloc Strategic A-Acc £ 1.19 - 0.00 0.28
ACPI Balanced UCITS Fund EUR Retail € 10.76 - -0.01 0.00 BONHOTE Candriam Eqts L Europe Cap € 1011.04 - 13.57 0.00 Emerging Markets Bond A Income £ 1.03 - 0.00 4.99
Artisan Global Equity Fund Class I USD Acc $ 15.43 - 0.10 0.00 Regulated
ACPI Balanced UCITS Fund GBP Retail £ 10.88 - -0.01 0.00 Other International Funds Higher Income Cls A Inc 127.00 - -0.30 4.83 Multi Asset Alloc Def - Gross A £ 1.12 - -0.01 0.28
Candriam Eqts L Japan Cap ¥ 23008.00 - -71.00 0.00 European Real Estate Securities € 23.6736 - 0.3574 2.74 Global Agribusiness Fund A Accumulation 127.01 - -0.02 0.00
Artisan Global Opportunities I USD Acc $ 12.52 - 0.07 0.00 Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6802.00 - -33.00 2.22
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Higher Income Cls B Inc 130.70 - -0.30 4.76 Multi Asset Alloc Def - Net A £ 1.12 - 0.00 0.24
Candriam Bonds Credit Opportunities € 188.91 - 0.11 0.00 Europ.RealEstate Sec. IX € 31.6932 - 0.4785 0.00 Global Emerging Mkts A Shares 568.73 - -1.13 0.65
Artisan Global Value Fund Class I USD Acc $ 16.35 - 0.02 0.00 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10270.00 - -191.00 0.89
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - UK Equity Growth Cls A Inc 246.30 - -0.10 0.59 Multi Asset Alloc Growth A £ 1.22 - -0.01 0.00
Candriam Bds Euro Conv. Classic Cap € 3434.37 - -2.49 0.00 Gbl RealEstate Sec. I $ 10.9675 - 0.0281 2.18 Global Emerging Mkts Leaders A Shares 412.57 - -1.19 0.58
Artisan US Value Equity Fund Class I USD Acc $ 11.22 - -0.09 0.00 UK Equity Growth Cls B Inc 251.80 - -0.10 1.19 Multi Asset Defensive £ 1.23 - 0.00 0.35
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - -
Candriam Bds Euro Corp ExFin Cap € 162.53 - -0.18 0.00 Gbl RealEstate Sec. IX $ 12.9710 - 0.0332 0.00 Global Emerging Mkts Sustainability A Acc 223.82 - -0.87 0.77
ACPI Horizon UCITS Fund $ 13.47 - 0.00 0.00 Braemar Group PCC Limited (GSY) Amity Balanced For Charities A Inc 109.80 - -0.30 5.94 Multi Asset Defensive - Gross £ 1.23 - 0.00 0.35

Asset Management
Regulated Candriam Bds Euro Gov.Cl.Cap € 2253.79 - -0.63 0.00 Global Listed Infrastructure Acc 175.50 - -0.50 2.98
Ashmore Sicav (LUX) Amity European Fund Cls A Inc 202.00 - -0.70 1.23 Multi Asset Growth £ 1.39 - 0.00 0.34
2 rue Albert Borschette L-1246 Luxembourg UK Agricultural Class A £ 1.26 - 0.00 0.00 Candriam Bds Euro High Yield Cap € 996.44 - 0.53 0.00 Global Listed Infrastructure Inc 136.47 - -0.39 3.05
Amity European Fund Cls B Inc 204.20 - -0.70 2.08 MultiManager Balanced £ 1.09 - 0.00 0.56
Abbey Life Assurance Company Limited (UK) FCA Recognised UK Agricultural Class B £ 1.38 - 0.00 0.00 Candriam Bds Euro High Yield R Cap € 110.52 - 0.06 0.00 Global Opportunities A Shares 300.77 - -0.71 0.19
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Ashmore SICAV Emerging Market Debt Fund $ 95.10 - -0.23 7.51 Amity Global Equity Inc for Charities A Inc 103.30 - -0.10 3.88 Multi Asset Open Growth A-Acc £ 0.47 - 0.00 0.78
Student Accom Class B £ 0.55 - -0.17 0.00 Candriam Bds Euro Long Term Cap € 7818.89 - -8.86 0.00 Global Property Securities A Accumulation 168.41 - 0.46 1.96
additional fund prices can be found @ www.abbeylife.co.uk
Ashmore SICAV Emerging Market Frontier Equity Fund $ 155.79 - 0.24 0.89 Amity International Cls A Inc 202.80 - -0.60 1.35 Multi Asset Open Strategic A-Acc £ 1.24 - 0.00 1.33
Insurances Candriam Bds Euro Sh.Term Cap € 2076.07 - -0.50 0.00 Global Property Securities A Income 131.15 - 0.36 1.98
Life Funds Ashmore SICAV Emerging Market Total Return Fund $ 82.50 - -0.19 5.43 Amity International Cls B Inc 204.60 - -0.60 2.21 Multi Asset Open Strategic A-Inc £ 0.30 - 0.00 2.31
Candriam Bds International Cap € 986.04 - -1.80 0.00 Global Resources A Shares 187.27 - -3.32 0.93
Prop. Acc. Ser 2 1546.00 1627.40 1.60 - Amity Sterling Bond Fund A Inc 107.50 - 0.00 5.16 Multi Asset Strategic £ 1.54 - -0.01 0.52
Ashmore SICAV Global Small Cap Equity Fund $ 124.20 - 0.68 0.00 Candriam Bds USD Cap $ 926.01 - -1.71 0.00 Comgest SA (FRA) Greater China Growth A Shares 511.08 - -1.75 0.43
Selective Acc. Ser 2 1610.20 1694.90 -3.40 - 17 square Edouard VII - 75009 Paris Amity Sterling Bond Fund B Inc 116.00 - 0.00 5.15 Open World A-Acc £ 1.21 - 0.00 0.00
Ashmore SICAV Local Currency Fund $ 82.64 - -0.19 0.31 Candriam Total Return Bond Cap € 132.29 - -0.07 0.00 Indian Subcontinent A Acc 349.38 - 3.51 0.00
FCA Recognised
American Ser. 4 1657.00 1744.20 -2.60 - EM Mkts Corp.Debt USD F $ 96.48 - -0.13 7.30 Multi Asset Income A Gross Acc £ 1.57 - 0.00 3.66
Comgest Magellan € 20.39 - 0.09 0.00 Worldwide Equity Fund A Accumulation £ 1.28 - 0.00 0.04
Custodian Ser. 4 495.60 521.70 -1.00 - Multi Asset Income A Gross Inc £ 1.11 - 0.00 5.13
EM Mkts Loc.Ccy Bd USD F $ 80.27 - -0.21 4.39 Edinburgh Partners Limited (IRL) Worldwide Equity Fund A Income £ 1.30 - 0.00 0.02
Equity Ser. 4 575.30 605.50 -3.50 - 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Multi Asset Income A Net Acc £ 1.49 - 0.00 3.68
Brown Advisory Funds plc (IRL)
Dealing - Fax only - +353 1 434 5230
http://www.brownadvisory.com Tel: 020 3301 8130 Comgest AM International Ltd (IRL)
Multi Asset Income A Net Inc £ 1.11 - 0.00 5.14
European Ser 4 585.40 616.20 -2.10 - FCA Recognised
46 St Stephen's Green, Dublin 2, Ireland
FCA Recognised Foord Asset Mgt (Guernsey) Ltd (GSY)
Fixed Int. Ser. 4 889.90 936.80 0.30 - FCA Recognised Edinburgh Partners Opportunities Fund PLC South East Asia £ 7.88 - 0.01 0.12
Brown Advisory US Equity Growth Fund USD B $ 22.76 - -0.05 0.00 Regulated
Intl Ser. 4 440.60 463.80 -1.10 - Comgest Gth Asia Pac ex Jap DIS F $ 7.94 - 0.00 0.12 European Opportunities I EUR € 2.75 - 0.02 2.04 Special Situations £ 31.32 - -0.09 0.76 Foord International Trust $ 35.37 - -0.25 0.00
Brown Advisory US Equity Value Fund USD B $ 12.27 - -0.04 0.78
Japan Ser 4 378.20 398.10 0.00 - Comgest Gth Emerging Mkt DIS F $ 31.65 - -0.03 0.41 European Opportunities I GBP £ 1.96 - 0.01 2.27 Strategic Bond £ 0.32 - 0.00 3.03
Brown Advisory US Flexible Equity SRI Fund USD B $ 15.07 - -0.05 0.05 Capita Asset Services (UK)
Man. Ser. 4 1673.20 1761.30 -5.00 - 40 Dukes Place, London EC3A 7NH Comgest Gth Europe DIS F € 20.75 - 0.27 0.00 European Opportunities I USD $ 3.08 - 0.01 1.82 Strategic Bond Gross £ 0.32 - 0.00 3.02
Brown Advisory American Fund USD B $ 15.92 - -0.04 0.17 Order Desk 08459 220044 Switchboard 0870 607 2555
Franklin Templeton International Services Sarl (IRL)
Money Ser. 4 524.30 551.90 0.00 - Aspect Capital Ltd (UK) Comgest Gth GEM PC DIS F € 12.55 - 0.09 0.14 European Opportunities A EUR € 2.69 - 0.02 1.42 Target 2015 £ 0.50 - 0.00 0.27 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Brown Advisory US Smaller Companies Fund USD B $ 17.57 - -0.01 0.00 Authorised Inv Funds
Other International Funds Global Opportunities I USD $ 1.75 - -0.01 1.93 Other International Funds
Prop. Ser. 4 1100.10 1158.00 1.00 - CF Heartwood Cautious B Acc X 129.17 - -0.01 0.11 Target 2015 - Gross £ 0.50 - 0.00 0.30
Aspect Diversified USD $ 413.31 - 7.01 0.00 Brown Advisory US Small Cap Blend Fund USD B $ 12.37 - 0.00 0.00 Franklin Emerging Market Debt Opportunities Fund Plc
Global Opportunities I GBP £ 1.13 - 0.01 1.85 Target 2020 £ 0.57 - 0.00 0.50
Custodian Ser 5 476.30 501.30 -0.90 - CF Heartwood Cautious Income B Inc X 112.49 - -0.01 2.04 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Franklin Emg Mkts Debt Opp CHFSFr 17.85 - -0.03 6.46
Aspect Diversified EUR € 249.25 - 4.31 - Brown Advisory US Flexible Equity Fund USD B $ 11.20 - -0.03 0.00
PO BOX 10117, Chelmsford, Essex, CM1 9JB
Asset Management
International Ser 5 423.40 445.70 -1.00 - Global Opportunities I EUR € 1.57 - 0.00 1.87 Target 2025 £ 1.34 - 0.01 0.27
CF Heartwood Growth B Acc X 147.07 - -0.02 0.65 Franklin Emg Mkts Debt Opp EUR € 12.62 - -0.07 6.52
Dealing & Client Services 0845 0264281
Asset Management
Brown Advisory Global Leaders Fund $ 10.22 - 0.03 -
Asset Management
Aspect Diversified GBP £ 127.02 - 2.16 0.00
Managed Ser 5 1607.80 1692.50 -4.90 - Global Opportunities A GBP £ 1.06 - 0.00 1.40 Target 2030 £ 1.43 - 0.00 0.24
CF Heartwood Balanced Income B Inc X 115.55 - -0.12 2.50 Authorised Inv Funds Franklin Emg Mkts Debt Opp GBP £ 10.43 - -0.08 6.43
Aspect Diversified CHF SFr 119.38 - 2.07 0.00
Money Ser 5 513.30 540.30 0.00 - Consistent UT Inc 56.26 56.94 -0.32 4.47 Pan European Opportunities I EUR € 1.69 - 0.02 - UK Select £ 2.51 - 0.01 0.85
CF Heartwood Balanced B Acc X 127.50 - 0.09 0.33 Franklin Emg Mkts Debt Opp SGD S$ 22.98 - -0.11 6.28
Aspect Diversified Trends USD $ 121.86 - -1.37 0.00 CAF Financial Solutions (UK)
Property Ser 5 1057.10 1112.70 0.90 - CF Heartwood Defensive Multi Asset Fund B Accumulation 110.42 - 0.04 0.01 Consistent UT Acc 131.13 132.70 -0.74 4.33 UK Growth £ 3.69 - 0.00 0.00
Kings Hill, West Malling, Kent 03000 123 222 Franklin Emg Mkts Debt Opp USD $ 17.75 - -0.17 6.31
Aspect Diversified Trends EUR € 122.22 - -1.39 0.00
Pension Funds Property & Other UK Unit Trusts CF Richmond Core X 185.07 - 0.07 0.00 Practical Investment Inc 211.41 216.57 -0.27 3.72 UK Smaller Companies £ 2.14 - 0.00 0.18
American 1906.70 2007.10 -2.10 - Aspect Diversified Trends GBP £ 126.40 - -1.42 0.00
CAF UK Equitrack Inc Fd 72.69 72.69 -0.48 3.20 Practical Investment Acc 1007.00 1031.55 -1.26 3.63 WealthBuilder A Acc £ 1.04 - 0.01 0.61
CF Seneca Diversified Growth A ACC 221.14 - -0.06 1.30
Frontier Capital (Bermuda) Limited
Equity 5085.50 5353.10 -29.20 - CAF UK Equitrack Acc Fd 101.20 101.20 -0.70 3.20 Fidelity PathFinder
CF Seneca Diversified Growth B ACC 130.59 - -0.04 1.36 Other International
European 1183.50 1245.80 -1.90 - Atlantas Sicav (LUX) FP CAF Alternative Strategies A Class Acc 111.46 - -0.04 0.49 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.10 - 0.00 -
Commercial Property-GBP Class £ 71.42 - -0.53 -
CF Seneca Diversified Growth N ACC 129.40 - -0.03 1.18
Regulated
Fixed Int. 1632.50 1718.40 -1.40 - FP CAF Alternative Strategies A Class Inc 110.62 - -0.04 0.51 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.10 - 0.00 -
CF Seneca Diversified Income A INC 89.63 - 0.08 5.03 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
American Dynamic $ 3595.18 - -19.22 0.00
International 937.20 986.50 -2.10 - FP CAF Fixed Interest A class Acc 113.65 - -0.14 2.91 EFG Hermes Fidelity PathFinder Foundation 2 Acc (clean) £ 1.10 - 0.00 -
American One $ 3335.25 - 7.83 0.00 CF Seneca Diversified Income B INC 106.17 - 0.09 5.08 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Japan 399.40 420.40 0.10 - FP CAF Fixed Interest A class Inc 99.98 - -0.12 2.97 Fidelity PathFinder Foundation 3 Acc (clean) £ 1.09 - -0.01 -
CF Seneca Diversified Income N INC 105.21 - 0.09 5.08 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Bond Global € 1396.79 - -4.18 0.00
Managed 4335.50 4563.60 -11.00 - FP CAF Fixed Interest B class Acc 114.15 - -0.13 2.91 Other International Funds Fidelity PathFinder Foundation 4 Acc (clean) £ 1.11 - 0.00 -
Investment Adviser - DSM Capital Partners
Eurocroissance € 919.64 - -1.14 0.00
The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.18 - -0.01 -
Property 2846.80 2996.60 3.00 - FP CAF Fixed Interest B class Inc 100.29 - -0.12 2.96 The Westchester X $ 28.63 - 0.09 0.00 Coronation Fund Managers
Far East $ 704.53 - 7.77 0.00 +44 (0)20 7389 8840 www.coronation.com
Security 1476.40 1554.10 0.00 - Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.11 - 0.00 -
FP CAF International Equity A Class Acc 141.87 - -0.14 0.62 The Westchester Class 1 GBP Acc £ 19.86 - 0.08 0.00
Enquiries: +27 (21) 680 2837/2457 coronationfunds@coronation.co.za
Selective 2062.10 2170.60 -5.20 - Saudi Arabia Equity Fund SR 15.59 - 0.07 0.00 Fidelity PathFinder Focussed 1 Acc (clean) £ 1.11 - 0.00 -
FP CAF International Equity A Class Inc 137.93 - -0.14 0.63 The Westchester Class 2 GBP Acc £ 19.89 - 0.07 0.00 Other International Funds
Formerly Hill Samuel Life Assurance Ltd BLME Asset Management (LUX)
Investment Adviser - Morant Wright Management Limited Fidelity PathFinder Focused 2 Acc (Clean) £ 1.13 - 0.00 -
FP CAF UK Equity A Class Acc 153.45 - 0.86 2.03 Global Equity Fund of Funds - Class A $ 14.51 - -0.21 0.00 Fundsmith LLP (1200)F (UK)
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 BLME Sharia'a Umbrella Fund SICAV SIF
CF Morant Wright Japan A X 273.71 - -0.55 0.00 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.13 - 0.00 - PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Regulated FP CAF UK Equity A Class Inc 140.33 - 0.79 2.06 Global Emerging Markets - Class A $ 12.65 - 0.06 0.00 Electric & General (1000)F (UK)
Managed Ser A (Life) 1587.90 1680.30 5.20 - www.fundsmith.co.uk, enquiries@fundsmith.co.uk
CF Morant Wright Japan A Inc X 269.67 - -0.54 0.00 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Focussed 4 Acc (clean) £ 1.15 - 0.00 -
Income Fund - Share Class A Acc $ 1139.33 - -0.18 0.00 FP CAF UK Equity B Class Acc 153.45 - 0.86 2.03 All Africa $ 16.37 - -0.41 0.00 Authorised Inv Funds
Managed Ser A (Pensions) 1060.90 1116.70 4.20 - Orders & Enquiries: 0845 850 0255
Income Fund - Share Class B Acc $ 1159.47 - -0.19 0.00 CF Morant Wright Japan B X 290.79 - -0.59 0.51 Africa Frontiers $ 17.85 - -1.76 0.00 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.17 - 0.01 - Fundsmith Equity T Acc 212.18 - -0.41 1.22
Formerly Target Life Assurance Ltd FP CAF UK Equity B Class Inc 140.32 - 0.79 2.06 Authorised Inv Funds
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Income Fund - Share Class C Acc $ 1007.53 - -0.17 0.00 CF Morant Wright Japan B Inc X 274.22 - -0.55 0.53 Top 20 South Africa (Cayman Islands) $ 22.42 - -1.18 0.00 Authorised Corporate Director - Carvetian Capital Management Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.08 - 0.00 - Fundsmith Equity T Inc 200.38 - -0.40 1.23
Managed (Life) 1608.60 1693.30 4.80 - CF Morant Wright Nippon Yield ACC A X 278.10 - 0.18 2.07 Electric&General Net Income A 143.90 - -0.10 2.03
Income Fund - Share Class D Dis $ 997.31 - -0.16 1.22 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.08 - 0.00 -
Managed Growth (Life) 513.10 540.10 2.30 - Income Fund - Share Class G Acc £ 1079.40 - -0.17 0.00 CF Morant Wright Nippon Yield ACC B X 287.95 - 0.20 2.06 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.08 - 0.01 - GAM Limited (2300)F (UK)
Managed (Pensions) 6366.40 6701.40 23.90 - Income Fund - Share Class M Acc € 1014.59 - -0.13 0.00 CF Morant Wright Nippon Yield Fund A Inc X 244.13 - 0.16 2.11 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Freedom 3 Acc (clean) £ 1.07 - 0.00 - GAM Sterling Management Limited
5 Kensington Church St, London W8 4LD 020 7368 4220 12 St James's Place London SW1A 1NX. 0800 919 927
Managed Growth (Pensions) 628.50 661.60 3.30 - Income Fund - Share Class W DisA$ 1033.36 - -0.12 - CF Morant Wright Nippon Yield Fund B Inc X 252.84 - 0.17 2.10 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.07 - 0.00 -
FCA Recognised Internet: gam.com
additional fund prices can be found on our website Authorised Inv Funds
Gl Sukuk Fund - Share Class A Acc $ 1237.19 - -0.22 0.00 Ennismore European Smlr Cos NAV £ 96.19 - -0.06 0.00 Fidelity PathFinder Freedom 5 Acc (clean) £ 1.13 - 0.00 -

Asset Management
GAM Funds OEIC
Gl Sukuk Fund - Share class B Acc £ 1103.81 1103.81 -0.18 0.00 CCLA Investment Management Ltd (UK) Ennismore European Smlr Cos NAV € 134.71 - 0.21 0.00 Fidelity PathFinder Income 1 Income (clean) £ 1.04 - 0.00 3.85
Senator House 85 Queen Victoria Street London EC4V 4ET
Authorised Inv Funds
Crèdit Andorrà Asset Management
www.creditandorra.com
(LUX)
Asset Management Fidelity PathFinder Income 1 Gross Income (clean) £ 1.04 - 0.00 4.71
GAM Global Diversified Acc

GAM North American Gwth Acc

Asset Management 3975.89

3294.35
-

-
-18.97 0.00

6.67 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL) The Public Sector Deposit Fund Fidelity PathFinder Income 2 Income (clean) £ 1.04 - 0.00 3.63
FCA Recognised Ennismore European Smlr Cos Hedge Fd GAM UK Diversified Acc 1917.73 - 3.35 1.04
Regulated
Global Liquidity USD $ 1.00 - 0.00 0.18
The Public Sector Deposit Fund-share class 1 ♦ F

The Public Sector Deposit Fund-share class 2 ♦ F

100.00

100.00
-

-
0.00 0.50

0.00 0.30
Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 Other International Funds
NAV € 482.14 - 6.07 0.00
Fidelity PathFinder Income 2 gross £

Fidelity PathFinder Income 2 Gross Income (clean) £

1.05

1.04
Asset Management
-

-
0.00 4.59

0.00 4.53
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.35 Carmignac Gestion (FRA)
Fidelity PathFinder Income 3 Income (clean) £ 1.05 - 0.00 4.17
GAM Limited (IRL)
Crediinvest SICAV Fixed Income Eur € 10.83 - 0.01 0.00
Alceda Fund Management S.A. www.carmignac.co.uk FCA Recognised
www.alceda.lu Barclays Investment Funds (CI) Ltd (JER) The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.40 FCA Recognised Crediinvest SICAV Fixed Income Usd $ 10.53 - 0.00 0.00 Equinox Fund Mgmt (Guernsey) Limited (GSY) Institutional OEIC Funds GAM Fund Management Ltd
FCA Recognised 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Regulated America £ 3.94 - -0.01 0.53 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.30 Carmignac Emerg A EUR acc € 793.60 - 3.11 0.00 Crediinvest SICAV Spanish Value € 275.30 - 2.47 0.00
FCA Recognised
AC Opp - Aremus Fund EUR A € 112.66 - 0.31 0.00 Equinox Russian Opportunities Fund Limited $ 113.57 - 2.96 0.00 Emerging Markets £ 3.08 - -0.01 0.81 GAM Star Fund Plc
Bond Funds Carmignac Invest A EUR acc € 1212.06 - 4.78 0.00 Crediinvest SICAV International Value € 234.62 - 0.85 0.00
AC Risk Parity 7 Fund EUR A € 119.82 - -0.20 0.00 Europe £ 4.17 - -0.02 1.53 GAM Star Asia-Pacific Eqty USD Acc F $ 12.62 - -0.03 0.00
Sterling Bond F £ 0.46 - 0.00 3.36 Carmignac Patrim A EUR acc € 653.71 - 3.03 0.00
CCLA Investment Management Ltd (UK) Crediinvest SICAV Big Cap Value € 18.32 - 0.14 0.00
GAM Star Asian Eqty USD Ord Acc F $ 13.69 - 0.12 0.00
AC Risk Parity 12 Fund EUR A € 143.74 - -0.44 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Euronova Asset Management UK LLP (CYM) Fidelity Pre-Retirement Bond Fund £ 117.10 - -0.10 3.07
Crediinvest SICAV US American Value $ 18.78 - 0.00 0.00
AC Risk Parity 17 Fund EUR A € 89.13 - -0.33 0.00 Property & Other UK Unit Trusts Regulated GAM Star Balanced GBP Acc £ 10.68 - 0.01 0.00
Global Focus £ 2.85 - -0.01 0.80
Baring Fund Managers Ltd (1200)F (UK) CBF Church of England Funds Carmignac Gestion (FRA) Crediinvest SICAV Sustainability € 15.81 - -0.14 0.00 Smaller Cos Cls One Shares (Est) € 35.21 - -0.09 0.00
ACQ Risk Parity Bond Fund EUR A € 96.47 96.47 -0.06 0.00 Dealing and Enquiries 020 7214 1004 Index Linked Bond £ 2.69 - 0.00 0.72 GAM Star Cap.Appr.US Eqty USD Inc F $ 17.79 - -0.07 0.00
www.carmignac.co.uk
Investment Inc 1377.66 1392.89 8.12 3.78 Smaller Cos Cls Two Shares (Est) € 24.65 - -0.06 0.00
Fund Information: www.barings.com Regulated GAM Star Cat Bond USD Acc $ 12.46 - 0.02 0.00
Index Linked Bond Gross £ 3.25 - 0.00 0.72
Authorised Inv Funds Investment Acc 2778.85 2809.59 16.38 - DAVIS Funds SICAV (LUX) Smaller Cos Cls Three Shares (Est) € 12.40 - -0.03 0.00
Carmignac Eur-Entr A EUR acc € 321.45 - 0.02 0.00 GAM Star Cautious GBP Acc £ 10.60 - -0.06 0.00
Dynamic Capital Growth Acc 666.60 703.30 -2.70 1.23 Regulated Index-Linked Bond Fund Gross Inc £ 12.67 - -0.02 0.72
Global Equity Inc 159.13 160.89 0.34 4.31 Smaller Cos Cls Four Shares (Est) € 15.94 - -0.04 0.00
Carmignac Eur-Pat A EUR acc € 311.34 - -1.78 0.00 GAM Star China Equity USD Acc F $ 23.58 - 0.21 0.00
Dynamic Capital Growth Inc 269.40 284.30 -1.10 1.25 Davis Value A $ 42.13 - -0.01 0.00 Japan £ 2.10 - 0.01 0.78
Global Equity Acc 226.23 228.73 -6.52 -
CarmignacSécurité A EUR acc € 1718.17 - 0.75 0.00 GAM Star Cont European Eqty GBP Acc F £ 3.51 - 0.04 0.00
Eastern Acc GBP 635.60 - -1.80 0.00 Davis Global A $ 29.58 - 0.13 0.00 Long Bond £ 0.50 - 0.00 2.90
UK Equity Inc 152.89 154.43 1.48 4.05
Long Bond Gross £ 0.82 - 0.00 2.84 GAM Star Cred Opportunities GBP Acc £ 12.36 - -0.01 4.58
Eastern Inc GBP 623.80 - -1.80 0.00 UK Equity Acc 223.71 225.96 2.17 -
Carmignac Portfolio (LUX) Long Bond Fund Gross Inc £ 11.23 - 0.00 2.90 GAM Star Defensive GBP Acc £ 11.07 - 0.01 0.00
Europe Select Inc GBP 2604.00 - 8.00 0.66 Fixed Interest Inc 163.87 164.52 -0.27 3.96 www.carmignac.co.uk
Algebris Investments (IRL)
Pacific (Ex Japan) £ 3.45 - -0.01 1.86 GAM Star Discretionary FX USD Acc F $ 12.85 - 0.03 0.00
Regulated European Growth Inc 1059.00 1115.00 -4.00 1.39 Fixed Interest Acc 492.06 494.03 -0.81 - FCA Recognised
Pan European £ 2.71 - -0.01 2.00 GAM Star Dynamic Gbl Bd USD Acc H $ 10.09 - -0.05 0.00
Algebris Financial Credit Fund - Class I EUR € 131.16 - 0.00 0.00 German Growth Acc GBP 594.00 - -2.80 0.29 Carmignac Cap + A EUR acc € 1174.64 - 1.15 0.00
Property Fund Inc 129.30 133.64 1.14 6.51
Reduced Duration UK Corporate Bond £ 10.58 - -0.01 3.13 GAM Star Emerg. Market Rates USD Acc F $ 11.45 - 0.04 0.00
Algebris Financial Income Fund - Class I EUR € 123.82 - -0.19 0.00 German Growth Inc GBP 546.90 - -2.50 0.29 Carmignac GblBd A EUR acc € 1293.20 - 3.72 0.00
Property Fund Acc 231.49 239.24 2.03 - Eurobank Fund Management Company (Luxembourg) S.A.
Reduced Duration UK Corporate Bond Gross £ 10.75 - -0.01 3.12 GAM Star European Eqty USD Acc F $ 23.92 - 0.26 0.00
Algebris Financial Equity Fund - Class B EUR € 100.56 - -0.14 - Strategic Bond Inc 117.00 123.00 -0.10 1.07 Carmignac Em Pat A EUR acc € 103.37 - 0.37 0.00 Regulated
Some Funds have distribution units and/or units denominated in other currencies Deutsche Asset Management UK Ltd. (LUX) (LF) Absolute Return € 1.31 - 0.01 0.00 Reduced Duration UK Corporate Bond Inc £ 10.02 - 0.00 3.12 GAM Star Flexible Gbl Port GBP Ac £ 12.80 - 0.03 0.00
Algebris Asset Allocation Fund - Class B EUR € 99.08 - -0.09 - Global Growth Inc 385.60 406.10 -0.90 0.00
CCLA Fund Managers Ltd (UK) The full list can be found at www.carmignac.com Tel: + 44 207 545 9070 www.dws.co.uk GAM Star GAMCO US Equity Acc F $ 13.51 - 0.00 0.00
(LF) Balanced - Active Fund (RON)RON 16.81 - 0.03 0.00 Reduced Duration UK Corp Bond Gross Inc £ 10.03 - 0.00 3.12
Japan Growth Acc 139.40 146.80 0.10 0.26 Senator House 85 Queen Victoria Street London EC4V 4ET FCA Recognised
Property & Other UK Unit Trusts (LF) Cash Fund € € 1.29 - 0.05 - Select Emerging Markets Equities £ 1.16 - 0.00 1.58 GAM Star Global Rates USD Acc F $ 12.76 - -0.09 0.00
Korea Acc 274.60 291.40 -0.10 0.00 Deutsche Invest I Africa GBP RD1 Inc £ 130.52 130.52 -0.49 1.00
COIF Charity Funds (UK) Cavendish Asset Management Limited (1200)F (UK) (LF) Cash Fund (RON) RON 15.61 - 0.00 0.00 GAM Star Global Selector USD Acc F $ 13.70 - -0.06 0.00
Multi Asset A Acc ... C 159.00 - 0.20 1.19 Deutsche Invest I Chinese Eq.GBP RD Inc £ 111.20 111.20 1.40 0.72 Select European Eqts £ 1.73 - 0.01 1.88
Investment Inc 1237.12 1250.81 -19.59 3.62 Chelsea House, Westgate, London W5 1DR
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 (LF) Eq Emerging Europe € 0.76 - 0.00 0.00 Select Global Equities £ 3.02 - -0.01 1.10 GAM Star Japan Eqty USD Acc F $ 13.87 - -0.06 0.00
Multi Asset A Inc ... C 152.10 - 0.20 1.20 Deutsche Invest I Conv.GBP RDH Inc £ 169.14 169.14 0.24 0.63
Investment Acc 11789.98 11920.39 -186.80 - Authorised Inv Funds
(LF) Eq Flexi Style Greece € 0.94 - -0.05 - South East Asia £ 3.49 - 0.00 2.00 GAM Star Keynes Quant Strat USD Acc F $ 12.49 - 0.00 0.00
UK Growth Inc 249.50 264.00 -1.30 1.46 Deutsche Invest I Global Agrib.GBP LD DS Inc £ 97.98 103.13 0.21 0.27
Ethical Invest Inc 191.28 193.39 -3.00 3.73 Cavendish Opportunities Fund B Class 1113.00 - 1.00 1.37
(LF) Global Bond Fd € 12.14 - 0.02 0.00 Sterling Core Plus Bond Gr Accum £ 2.05 - 0.00 3.48 GAM Star Local EM Rates and FX USD Acc $ 11.12 - -0.04 0.00
Charity Fund Deutsche Invest I Top Asia GBP RD Inc £ 151.94 151.94 0.59 1.14
Ethical Invest Acc 243.84 246.54 -3.82 - Cavendish Opportunities Fund A Class 1106.00 - 1.00 0.60
0800 032 6347 (charity enquiries) (LF) Global Equities € 1.20 - 0.01 0.00 Sterling Core Plus Bond Inc £ 1.33 - -0.01 3.59 GAM Star North of South EM Equity Acc F $ 10.29 - -0.02 0.00
Allianz Global Investors GmbH(1200) F (LUX)
Targeted Return Fund Acc 147.60 148.50 -0.60 3.11 Global Equity Inc 146.75 148.38 -2.94 4.41 Cavendish Opportunities Fund C Acc 1149.00 - 1.00 1.20
FCA Recognised (LF) Eq Mena Fund € 14.74 - -0.06 0.00 UK £ 3.65 - -0.01 2.21 GAM Star Technology USD Acc F $ 15.81 - 0.07 0.00
Allianz Best Styles Global Equity £ 106.52 106.52 -0.32 - Targeted Return Fund Inc 114.70 115.40 -0.40 3.18 Global Equity Acc 215.51 217.89 -4.31 - Cavendish Worldwide Fund B Class 304.50 - -0.30 0.79 Discretionary Unit Fund Mngrs (1000)F (UK)
1 Poultry, London EC2R 8JR 020 7 415 4130 (LF) Greek Government Bond € 15.91 - 0.23 - UK Aggreg Bond Gr Accum £ 1.81 - 0.00 3.11 GAM Star US All Cap Eqty USD Acc F $ 13.81 - -0.07 0.00
Allianz Global Fundamental Strategy £ 104.59 104.59 -0.26 - Fixed Interest Inc 135.13 135.67 1.67 4.14 Cavendish Worldwide Fund A Class 303.70 - -0.30 0.07 Authorised Inv Funds (LF) Income Plus $ $ 1.22 - 0.00 0.00 UK Aggregate Bond Inc £ 1.22 - 0.00 3.19 GAM Star Worldwide Eqty USD Acc F $ 3430.38 - 3.94 0.00
Allianz Global Small Cap Equity £ 110.80 110.80 0.09 - Fixed Interest Acc 766.90 769.97 9.46 - Cavendish Worldwide Fund C Acc 311.40 - -0.30 0.80 Disc Inc 1589.80 1639.00 -2.50 0.00
Baring International Fd Mgrs (Ireland) (IRL) (LF) Greek Corporate Bond € 10.31 - 0.17 - UK Corporate Bond £ 1.22 - 0.00 3.97
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Property Inc 111.19 114.92 -0.43 5.79 Cavendish AIM Fund B Class 165.20 - -0.30 0.36 Do Accum 5964.90 6149.30 -9.20 0.00
FCA Recognised
(LF) FOF Balanced Blend € 1.44 - 0.00 0.00 UK Corporate Bond - Gross £ 2.26 - 0.00 3.84 GYS Investment Management Ltd (GSY)
Property Acc 245.85 254.09 2.45 - Cavendish AIM Fund A Class 160.30 - -0.30 0.00 Regulated
Amundi Funds (LUX) ASEAN Frontiers A GBP Inc £ 106.02 - 0.07 0.57 (LF) FOF Equity Blend € 1.36 - 0.01 0.00 UK Corporate Bond Fund Gross Inc £ 11.08 - -0.01 3.96
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Local Authorities Property Fd (LAMIT) (UK) Cavendish Asia Pacific Fund B Class 158.80 - 0.50 1.53 Taurus Emerging Fund Ltd $ 193.10 197.04 0.85 0.00
Asia Growth A GBP Inc H £ 43.04 - 0.02 0.00 (LF) FOF Glob. Emerging Mkts € 0.87 - 0.00 0.00 UK Gilt Bond £ 1.27 - 0.00 1.98
www.amundi-funds.com Property 274.76 295.14 2.73 4.81
Cavendish Asia Pacific Fund A Class 157.90 - 0.50 0.70
FCA Recognised Australia A GBP Inc £ 65.69 - 0.24 1.94 (LF) FOF Dynamic Fixed Inc € 11.75 - 0.02 0.00 UK Gilt Gross £ 2.02 - 0.00 1.95
Bd. Euro Corporate AE Class - R - EUR € 18.64 - -0.01 0.00 Cavendish Asia Pacific Fund C Acc 163.30 - 0.50 1.51 Generali International Limited
Baring China Bond Fund $ 9.93 - 0.02 0.00 (LF) FOF Real Estate € 16.57 - 0.10 0.00 UK Long Corp Bond £ 1.37 - 0.00 4.39
CG Asset Management Limited (IRL) Cavendish European Fund B Class 141.30 - -0.50 1.24 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Bd. Global AU Class - R - USD $ 25.94 - -0.08 0.00
Baring Emerging Markets Corporate Debt Fund $ 9.47 - 0.00 0.00 Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland UK Long Corp Bond - Gross £ 2.47 - 0.00 4.23 International Insurances
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 00 353 1 434 5098 Cavendish European Fund A Class 139.50 - -0.50 0.36
Baring European Opportunities Fund Class A EUR Acc € 13.96 - -0.01 0.00 UK Long Corporate Bond Fund - Gross Income £ 10.97 - -0.02 4.37 Global Multi-Strategy Managed $ 4.91 5.29 -0.05 0.00
FCA Recognised Cavendish Japan Fund B Class 159.40 - 0.50 0.77 Dodge & Cox Worldwide Funds (IRL)
Eq. Emerging World AU Class - R - USD $ 84.83 - 0.43 0.00 UK Multi-Strategy Managed £ 4.95 5.33 -0.04 0.00
Baring Global Mining Fund - Class A GBP Inc £ 4.12 - -0.03 0.55 6 Duke Street,St.James,London SW1Y 6BN UK Specialist £ 1.92 - -0.01 1.57
Capital Gearing Portfolio Fund Plc £ 26460.69 26460.69 -18.48 0.63 Cavendish Japan Fund A Class 157.90 - 0.50 0.00
Eq. Greater China AU Class - R - USD $ 584.19 - 0.51 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 Retail Share Classes EU Multi-Strategy Managed € 3.07 3.31 -0.08 0.00
Dynamic Emerging Markets A GBP Acc F £ 9.04 - -0.05 0.00 CG Portfolio Fund Plc
Cavendish North American Fund B Class 190.10 - -0.50 0.58 FCA Recognised
Eq. Latin America AU Class - R - USD $ 359.50 - -3.19 0.00 Emerging Markets - retail £ 1.23 - 0.00 0.07 Global Bond USD $ 3.51 3.79 0.01 0.00
Eastern Europe A GBP Inc £ 40.16 - -0.36 1.77 Real Return Cls A £ 166.24 166.24 0.35 2.41 Dodge & Cox Worldwide Funds plc - Global Bond Fund
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 99.06 - 0.00 0.00 Cavendish North American Fund A Class 184.30 - -0.50 0.00 Europe Long Term Growth £ 1.54 - 0.00 1.84
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.67 - -0.04 6.62 Dollar Fund Cls D £ 128.96 128.96 0.47 1.63 EUR Accumulating Class € 11.68 - 0.01 0.00
Cavendish Technology Fund B Class 273.30 - -0.40 0.09 {*}CAR - Net income reinvested
EUR Accumulating Class (H) € 9.33 - -0.01 0.00 FIL Investment Services (UK) Limited (1200)F (UK)
Emerging Opportunities A GBP Inc H £ 17.81 - -0.06 0.00 Capital Value Fund Cls V £ 129.09 129.09 0.04 0.27 Genesis Asset Managers LLP
Cavendish Technology Fund A Class 260.20 - -0.40 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ
The Antares European Fund Limited Glb Emerging Markets A GBP Inc H £ 18.18 - -0.02 0.00 EUR Distributing Class € 11.31 - 0.01 2.74 Other International Funds
Callfree: Private Clients 0800 414161
Other International Cavendish UK Balanced Income Fund B Class 144.40 - -0.10 5.03
Broker Dealings: 0800 414 181 FIL Fund Management (LUX) Emerging Mkts NAV £ 5.24 - 0.00 0.00
Glb Resources A GBP Inc H £ 11.33 - -0.11 0.35 EUR Distributing Class (H) € 9.03 - -0.01 3.02
AEF Ltd Usd $ 644.99 - -12.01 - Authorised Inv Funds 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Cavendish UK Balanced Income A Class 137.50 - -0.10 5.29
High Yield Bond A GBP Hedged Inc H £ 6.48 - 0.01 6.79 GBP Distributing Class £ 9.83 - 0.00 2.95 Phone: 800 22 089, 800 22 088
Unit Trust
AEF Ltd Eur € 647.08 - -12.30 0.00 Cavendish UK Select Fund B Class 160.30 - 0.10 1.80 Regulated
Hong Kong China A GBP Inc £ 588.88 - 0.12 0.57 GBP Distributing Class (H) £ 9.10 - -0.01 2.96 Cash Accum Units 186.34 186.34 0.00 0.00 Guardian (UK)
Cavendish UK Select Fund A Class 159.80 - 0.00 0.98 China Consumer A-GBP £ 14.74 - 0.16 0.00 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
India Fund - Class A GBP Inc £ 15.07 - 0.36 0.00 USD Accumulating Class $ 9.39 - -0.01 0.00 Cash Fund £ 1.00 1.00 0.00 0.13 Insurances
Arisaig Partners China Focus A-GBP £ 4.41 - 0.05 0.24
Latin America A USD Inc H $ 29.26 - 0.09 0.20 Dodge & Cox Worldwide Funds plc-Global Stock Fund Gross Accum Cash £ 1.28 1.28 0.00 0.00 Guardian Assurance
Other International Funds Global Financial Services A-GBP £ 0.45 - 0.01 0.00
Canada Life Investments (UK) Cedar Rock Capital Limited (IRL) USD Accumulating Share Class $ 16.73 - -0.04 0.00 Equity S-GH Class B £ 12.80 - -0.08 -
Arisaig Africa Consumer Fund Limited $ 15.09 - -0.14 0.00 MENA A GBP Inc F * £ 13.33 - -0.14 0.57 MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.13
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Regulated Global Health Care A-GBP £ 0.57 - 0.00 0.00
GBP Accumulating Share Class £ 17.62 - -0.04 0.00 Managed Fund Bond £ 23.56 24.54 0.09 -
Arisaig Asia Consumer Fund Limited $ 64.85 - -0.12 0.00 Cedar Rock Capital Fd Plc $ 368.70 - 6.19 0.00 MoneyBuilder Global £ 2.65 2.65 0.02 0.19
Authorised Inv Funds Global Industrials A-GBP £ 0.64 - 0.01 0.00
GBP Distributing Share class £ 12.88 - -0.03 0.71 OEIC Funds Choices Wth-Pfts Lg-tm 319.40 336.20 0.10 -
Arisaig Global Emerging Markets Consumer Fund $ 10.47 - -0.01 0.00 Baring International Fd Mgrs (Ireland) (IRL) Asia Pacific B Acc 824.06 - 4.60 0.93 Cedar Rock Capital Fd Plc £ 370.94 - 5.40 0.00
Global Inflation-Linked Bd A-GBP-Hdg £ 1.16 - -0.01 0.52
Regulated EUR Accumulating Share Class € 22.53 - -0.01 0.00 American £ 27.79 - -0.01 0.00 Choices Wth-Pfts St-tm 270.70 284.90 0.10 -
Arisaig Global Emerging Markets Consumer UCITS € 12.11 - 0.04 0.00 Balanced B Acc 147.26 - -0.30 0.92 Cedar Rock Capital Fd Plc € 347.39 - 4.33 0.00
Dodge & Cox Worldwide Funds plc-International Stock Fund Global Real Asset Securities £ 1.40 - 0.00 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 American Special Sits £ 11.39 - -0.02 0.00 Choices Managed 624.22 657.07 3.20 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.08 - 0.02 0.00 Corporate Bond B Inc 208.75 - -0.25 4.08 USD Accumulating Share Class $ 14.83 - 0.01 0.00 Global Technology A-GBP £ 0.25 - 0.01 0.00
Asia Pacific Ops W-Acc £ 1.03 - 0.00 - Choices Equity 709.85 747.21 6.98 -
Arisaig Latin America Consumer Fund $ 21.05 - -0.20 0.00 European B Acc 254.33 - -0.77 0.00
Charles Schwab Worldwide Funds Plc
Asset Management
(IRL) EUR Accumulating Share Class € 15.66 - 0.04 0.00 Global Telecomms A-GBP £ 0.29 - 0.01 1.00
Barings (Luxembourg) (LUX) Fidelity Asian Dividend Fund A-Accumulation £ 1.07 - 0.00 1.40 Freedom With Pfts Long-Tm 219.20 230.80 0.00 -
Asset Management
Global Bond B Inc 91.02 - 0.10 2.78 Regulated Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
FCA Recognised India Focus A-GBP £ 4.47 - 0.02 0.00
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 Fidelity Asian Dividend Fund A-Income £ 1.03 - 0.00 2.63 Freedom With Pfts Short-Tm 197.10 207.50 0.00 -
Global Equity B Acc 590.66 - -1.83 1.67 USD Accumulating Share Class $ 18.69 - -0.06 0.00
Russia A GBP Inc F £ 24.25 - 0.05 0.00 Latin America A-GBP £ 1.39 - 0.00 0.21
China Consumer £ 1.49 - -0.01 0.07 Freedom Managed 362.41 381.49 1.48 -
Global Equity Income B Inc 124.11 - -0.46 4.13 GBP Accumulating Share Class £ 18.62 - -0.05 0.00
Emerging Asia £ 1.16 - 0.01 0.14 Freedom Equity 412.55 434.26 3.26 -
Global High Yield Bond B Inc 98.26 - 0.00 4.71 Chartered Asset Management Pte Ltd GBP Distributing Share Class £ 11.88 - -0.02 0.51
Other International Funds Emerg Eur, Mid East & Africa H £ 1.37 - 0.00 0.97 Findlay Park Funds Plc (IRL) Corp Pens Mananged 220.36 220.36 1.12 -
Global Infrastructure B Acc 111.87 - -0.30 1.32 EUR Accumulating Share Class € 21.76 - -0.02 0.00 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
CAM-GTF Limited $ 291828.17 291828.17 -2183.96 0.00 Enhanced Income - Acc £ 1.92 - -0.01 6.80 Corp Pens Equity 231.75 231.75 2.27 -
Global Resource B Acc 76.88 - -1.85 0.13 FCA Recognised
CAM GTi Limited $ 710.47 - -29.78 0.00 Enhanced Income - Inc £ 1.25 - -0.01 7.12 American Fund USD Class $ 83.01 - 0.18 0.00 Corp Pens Fixed Interest 297.05 297.05 -1.53 -
Artemis Fund Managers Ltd (1200)F (UK) Japan B Acc 52.86 - 0.21 0.62
57 St. James's Street, London SW1A 1LD 0800 092 2051 Raffles-Asia Investment Company $ 1.72 1.72 -0.10 7.53 European - Inc £ 1.47 - -0.01 1.48 American Fund GBP Hedged £ 45.22 - 0.10 0.00 Corp Pens Index Linked 334.16 334.16 -2.94 -
Authorised Inv Funds Portfolio III B Acc 107.50 - -0.11 2.02
European £ 16.66 - -0.08 1.12 American Fund GBP Unhedged £ 53.24 - 0.22 - Corp Pens Deposit 190.73 190.73 0.00 -
Artemis Capital R ACC 1284.61 1357.48 -3.39 1.24 Barmac Asset Management Ltd (UK) Portfolio IV B Acc 109.67 - -0.13 2.20
40 Dukes Place, London, EC3A 7NH European Opportunities £ 3.84 - -0.01 0.23 Latin American Fund USD Class $ 12.41 - -0.11 0.00 Corp Pens Protector 360.72 360.72 -4.36 -
Artemis European Growth R Acc 248.36 262.35 -0.68 1.17 Portfolio V B Acc 109.17 - -0.12 1.34
Authorised Corporate Director - Capita Financial Managers Extra Income £ 0.27 - 0.00 3.35 Latin American Fund GBP Unhedged £ 7.96 - -0.05 - Corp Pens UK Index Tracker £ 2.00 2.00 0.02 -
Artemis European Opps R Acc 74.93 79.08 -0.14 0.81 Dealing: 0845 922 0044 Portfolio VI B Acc 108.45 - -0.15 1.44
Dragon Capital Group Extra Income - Gross £ 0.27 - 0.00 3.35 Guardian Linked Life Assurance Ltd
Artemis Global Emg Mkts I GBP Acc 83.40 - -0.08 - Authorised Inv Funds Portfolio VII B Acc 105.44 - -0.15 1.16
c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Global Dividend - Acc £ 1.55 - -0.01 3.18 Managed Acc £ 18.15 19.11 0.08 -
Retail Accumulation 2 116.70 - 0.23 0.00
Artemis Global Emg Mkts I GBP Dist 83.40 - -0.08 - North American B Acc 791.84 - -2.67 1.05 Fund information, dealing and administration: funds@dragoncapital.com
Retail Income 2 115.31 - 0.22 0.00 Global Dividend - Inc £ 1.39 - -0.01 3.32 Equity Acc £ 33.56 35.33 0.27 -
Artemis Global Energy R Acc 23.53 24.94 -0.53 0.00 Strategic Return B Acc 101.36 - -0.45 0.00 Other International Funds
Cheyne Capital Management (UK) LLP (IRL)
Global Focus £ 13.39 - -0.04 0.00 Fixed Interest Acc £ 17.04 17.94 -0.07 -
The Castleton Growth Fund Ret Acc X F 113.00 - 0.21 0.00 Vietnam Enterprise Inv. (VEIL) NAV $ 3.72 - -0.08 0.00
Artemis Global Growth R Acc 184.43 194.61 -0.24 0.80 Total Return B Acc 104.19 - -0.30 2.88 Regulated
The Castleton Growth Fund Ret Inc X F 113.47 - 0.22 0.00 Vietnam Growth Fund (VGF) NAV $ 23.79 - -0.25 0.00 Global High Yield Fund - A Gross Acc £ 12.10 - 0.02 4.78 International Acc £ 13.15 13.84 0.06 -
Artemis Global Income R Acc 95.46 100.84 0.08 3.79 UK Equity B Inc 112.54 - -0.26 1.45 Cheyne Convertibles Absolute Return Fund € 1366.88 - 3.30 0.00
Vietnam Property Fund (VPF) NAV $ 0.82 - 0.04 0.00 Global High Yield Fund - A Gross Inc £ 10.18 - 0.01 5.35 International S-NA Acc £ 6.76 7.11 0.03 -
Artemis Global Income R Inc 76.88 81.21 0.06 3.91 UK Equity & Bond Income B Inc 240.84 - -0.59 4.37 Cheyne European Real Estate Bond Fund € 110.50 - -0.54 0.00
Global High Yield Fund - A Net Acc £ 11.68 - 0.01 4.83 Fleming Financial Trust Investment Fund Limited (NZ) International S-PA Acc £ 4.08 4.29 0.02 -
Artemis Global select R Acc 71.00 74.92 -0.08 0.00 BlackRock (JER) UK Equity Income B Inc 430.22 - -1.37 4.17 Cheyne Global Credit Fund € 119.97 - 0.10 0.00
Incorporated in New Zealand, Reg No 5141841
Regulated Global High Yield Fund - A Net Inc £ 10.17 - 0.01 5.36 International S-EU Acc £ 3.29 3.46 0.01 -
Artemis High Income R Inc 79.48 84.64 -0.05 5.71 UK Government Bond B Inc 47.42 - 0.00 1.30 DSM Capital Partners Funds (LUX) Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
BlackRock UK Property £ 40.34 - 0.00 3.57 www.dsmsicav.com Global Property - Acc £ 1.48 - 0.01 1.28 www.fftinvestmentfund.com Managed S-PR Acc £ 6.90 7.26 0.03 -
Artemis Income R Inc 211.86 224.52 -0.75 4.22 Cheyne Capital Management (UK) LLP Regulated info@fftinvestmentfund.com
Blackrock UK Long Lease £ 1057.79 - 1.80 0.00 Global Property W Inc £ 1.22 - 0.00 2.90 Fixed Interest S-IL Acc £ 6.44 6.78 -0.02 -
Other International Funds Other International Funds
Artemis Income R Acc 355.01 376.23 -1.26 4.10 Global Growth I2 Acc € 136.00 - 1.82 0.00
BLK Intl Gold & General $ 4.16 4.39 -0.13 0.00 Cheyne European Event Driven Fund € 137.14 - 0.99 0.00 Global Special Sits £ 25.64 - -0.06 0.00 Deposit Accum £ 4.45 4.68 0.00 -
Fleming FT Investment Fund
Artemis Monthly Dist R Inc 62.72 66.52 0.04 4.71 Global Growth I1 Eur € 101.76 - 1.36 -
Cheyne European High Yield Fund € 136.72 - -3.22 0.00 Index Emerging Markets P-Acc £ 0.98 - 0.00 2.58 Fleming Fund $ 3.83 3.93 0.01 - Guardian Pensions Management Ltd
Artemis Pan-Euro Abs Ret GBP 109.61 - -0.29 -
Cheyne Malacca Asia Equity Fund Class A $ 1437.16 - 19.75 0.00 Index Europe ex UK P-Acc £ 1.05 - -0.01 2.38 Pens. Managed Acc. £ 23.58 24.82 0.12 -
Artemis Strategic Assets R Acc 75.76 80.26 -0.38 0.00
Eclectica Asset Management (UK)
Asset Management
Cheyne Multi Strategy Liquid Fund $ 127.68 - -1.17 - Index Japan P-Acc £ 1.15 - 0.00 1.53 Pens. Equity Acc. £ 35.75 37.63 0.35 -
40 Dukes Place, London EC3A 7NH
Asset Management Asset Management
Artemis Strategic Bond R M Acc 84.08 89.26 -0.01 4.01
Cheyne Real Estate Credit Holdings Fund £ 151.98 - 0.89 0.00 Order desk: 0845 6080941 Switchboard 0870 6072555 Index Pacific ex Japan P-Acc £ 1.03 - 0.00 3.73
Artemis Strategic Bond R M Inc 54.67 58.04 -0.01 4.08 Candriam Investors Group (LUX)
FCA Recognised Authorised Corporate Director - Capita Financial Managers
Cheyne Real Estate Debt Fund Class A1 £ 131.69 - 0.43 0.00 Index UK A-Acc £ 0.86 - -0.01 2.79 HPB Assurance Ltd
Artemis Strategic Bond R Q Acc 84.17 89.35 -0.01 4.01 Authorised Inv Funds Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Candriam Eqts L Australia Cap A$ 996.93 - -5.29 0.00 Cheyne Total Return Credit Fund - December 2017 Class $ 204.00 - -0.36 0.00 Index UK P-Acc £ 1.05 - -0.01 3.03
Artemis Strategic Bond R Q Inc 54.77 58.14 -0.01 4.09 CF Eclectica Agriculture A EUR Acc ♦ € 1.52 - -0.01 0.00 International Insurances
BlueBay Asset Management LLP (LUX) Candriam Eqts L Sust World Cap € 289.53 - 1.52 0.00 Index US A-Acc £ 1.61 - 0.00 1.45
Cheyne Total Return Credit Fund December 2019 $ 143.50 - 2.25 - Holiday Property Bond Ser 1 £ 0.49 - -0.01 0.00
Artemis UK Growth R Acc 469.57 497.45 -0.39 0.54 Regulated CF Eclectica Agriculture A GBP Acc ♦ 108.71 - -0.13 0.00
Candriam Bds Euro Cap € 1126.77 - -0.44 0.00 Index US P-Acc £ 1.24 - 0.00 1.66
BlueBay EmMkt B-USD $ 287.51 - -0.19 0.00 Holiday Property Bond Ser 2 £ 0.59 - -0.01 0.00
 24
Fund Bid Offer +/- Yield
Hamon Investment Group
Other International Funds
Asian Market Leaders - USD $ 26.01 - 0.23 0.00
Asian Market Leaders - GBP £ 13.02 - 0.12 0.00
Greater China - USD $ 11.48 - 0.00 0.00
Greater China - GBP £ 4.64 - 0.00 0.00
Selected Asian P'folio $ 47.65 47.66 0.19 0.00
Hargreaves Lansdown Fd Mgrs (1100)F (UK)
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Enquiries 0117 90090000
www.hl.co.uk
Authorised Inv Funds
Hargreaves Lansdown Funds
Unit Trust
HL Multi-Manager Special Situations Trust A Acc 271.70 285.99 -0.03 0.38
HL Multi-Manager Special Situations Trust M Acc - - - 0.00
HL Multi-Manager Income & Growth Trust A Acc 169.58 178.40 1.19 3.53
HL Multi-Manager Income & Growth Trust M Acc 169.56 178.39 1.18 0.29
HL Multi-Manager Income & Growth Trust A Inc 103.23 108.61 0.71 3.62
Asset Management
HL Multi-Manager Income & Growth Trust M Inc 103.22 108.59 0.72 0.29
HL Multi-Manager Balanced Managed Trust A Acc 185.95 195.57 0.26 0.93
HL Multi-Manager Balanced Managed Trust M Acc 185.95 195.57 0.25 0.00
HL Multi-Manager Equity & Bond Trust A Inc 110.68 116.32 0.25 2.01
HL Multi-Manager Equity & Bond Trust M Inc 110.66 116.30 0.25 0.17
HL Multi-Manager Equity & Bond Trust A Acc 148.81 156.39 0.34 1.99
HL Multi-Manager Equity & Bond Trust M Acc 148.79 156.37 0.32 0.17
HL Multi-Manager Strategic Bond Trust A Acc 167.55 172.73 -0.33 1.48
HL Multi-Manager Strategic Bond Trust M Acc 167.54 172.72 -0.33 0.13
HL Multi-Manager Strategic Bond Trust A Inc 140.33 144.66 -0.28 1.50
HL Multi-Manager Strategic Bond Trust M Inc 140.33 144.66 -0.28 0.13
HL Multi Manager Emerging Markets A Acc 87.67 90.36 -0.52 0.00
HL Multi-Manager European A Acc 101.99 105.12 0.45 0.14
HL Multi-Manager UK Growth A Acc 106.33 109.61 0.74 0.16
Haussmann
Other International Funds
Haussmann Cls A $ 2877.58 - 36.65 0.00
Haussmann Cls C € 2521.39 - 30.43 0.00
Haussmann Cls D SFr 1337.87 - 15.94 0.00
Heartwood Wealth Management Limited (IRL)
Regulated
Heartwood Caut Multi Asset B Acc 141.36 - 0.24 0.00
Henderson Global Investors (UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds
Asia Pacific Capital Growth A Acc 686.40 - 1.80 0.91
Asian Dividend Income Inc 84.44 89.11 -0.16 6.32
Cautious Managed A Acc 242.60 - -0.70 3.17
Cautious Managed A Inc 151.20 - -0.50 3.23
China Opportunities A Acc 813.00 - -1.30 0.40
Emerging Markets Opportunities A Acc 141.20 - -0.30 0.77
European Growth A Acc 170.00 - -0.10 0.78
European Selected Opportunities A Acc 1300.00 - -3.00 0.65
European Special Situations A Acc 94.66 - -0.29 1.05
Fixed Interest Monthly Income A Inc 22.06 23.14 0.04 5.48
Global Care Growth A Inc 202.20 - -0.20 0.11
Global Equity Income A Inc 49.75 - -0.10 3.71
Global Growth Fund 2049.90 2143.03 -8.03 0.00
Global Technology A Acc 912.80 - -2.40 0.00
Multi-Manager Absolute Return A Acc 136.20 - -0.10 0.31
Multi-Manager Active A Acc ▲ 176.40 - -0.20 0.00
Multi-Manager Distribution A Inc 129.80 - 0.20 3.28
Multi-Manager Diversified A Acc 78.81 - 0.05 2.66
Multi-Manager Global Select Acc 182.30 - -0.20 0.00
Multi-Manager Income & Growth A Acc 154.20 - 0.20 2.15
Multi-Manager Income & Growth A Inc 143.20 - 0.20 2.18
Multi-Manager Managed A Acc 231.30 - -0.20 0.41
Multi-Manager Managed A Inc 227.10 - -0.30 0.40
Sterling Bond Acc 196.03 204.82 -0.11 2.78
Sterling Bond Inc 61.12 63.86 -0.04 2.82
Strategic Bond A Inc 127.20 - 0.00 5.31
UK & Irish Smaller Companies A Acc 567.30 - 2.10 0.00
UK Absolute Return A Acc 149.00 - 0.00 0.00
UK Alpha A Acc ♦ 116.80 - -0.50 0.96
UK Equity Income & Growth A Inc 630.50 - -2.10 3.70
UK Index A Acc 508.30 - -3.50 2.47
UK Property A Acc 193.08 203.24 0.05 4.04
UK Property A Inc 97.68 102.81 0.03 4.16
UK Tracker A Acc 228.10 - -2.00 2.20
US Growth A Acc 773.40 - 0.70 0.00
Hermes Investment Funds Plc (IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised
Hermes Abs Return Credit Fund Class F Acc £ £ 0.98 0.98 0.00
Hermes Abs Return Credit Fund Class R Acc € € 1.97 1.97 0.01
Hermes Active UK Inflation Fund Class F Acc £ 1.32 1.32 0.00 0.00
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.48 1.48 0.01 0.00
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.29 3.29 0.00 0.00
Hermes Global Emerging Markets Fund Class F Acc £ 1.16 1.16 0.00 0.00
Hermes Global Emerging Markets Fund Class R Acc € 3.01 3.01 -0.01 0.00
Hermes Global Equity Fund Class F Acc £ 1.50 1.50 0.00 0.00
Hermes Global Equity Fund Class R Acc € 4.04 4.04 -0.02 0.00
Hermes Global ESG Equity Fund Class F Acc £ 1.15 1.15 -0.01 0.00
Hermes Global High Yield Bond Fund Class F Acc £ 1.06 1.06 0.00 0.00
set Management
Hermes Global High Yield Bond Fund Class R Acc € 2.84 2.84 0.01 0.00
Hermes Global Small Cap Fund Class F Acc £ £ 0.98 0.98 0.00
Hermes Global Small Cap Fund Class R Acc € € 1.98 1.98 -0.01
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.01 1.01 0.00
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.03 1.03 0.00 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.30 1.30 -0.01 0.00
Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.27 1.27 0.00 1.29
Hermes Sourcecap EU Alpha Fund Class R Acc €
Hermes Sourcecap EX UK Fund Class F Acc £
3.24
1.35
3.24 -0.03 0.00
1.35 -0.01 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.26 3.26 -0.03 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.65 1.65 0.00 0.00
Hermes UK Small & Mid Cap Fund Class R Acc € 5.09 5.09 0.00 0.00
Hermes US All Cap Equity Class F Stg £ Acc £ 0.98 0.98 0.00
Hermes US All Cap Equity Class R € Acc € 1.97 1.97 -0.01
Hermes US SMID Equity Fund Class F Acc £ 1.61 1.61 0.00 0.00
Hermes US SMID Equity Fund Class R Acc € 3.53 3.53 -0.02 0.00
Hermes Property Unit Trust (UK)
Property & Other UK Unit Trusts
Property £ 5.58 5.95 0.03 3.15
Hermes UK Residential Real Estate
(UK)
Property & Other UK Unit Trusts
VISTA UK Residential Real Estate £ 1.02 1.06 0.03
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FCA Recognised
Env Mkts (Ire) Stl A £ 2.18 - 0.01 0.00
Env Mkts (Ire) Euro A € 2.10 - 0.02 0.00
Env Mkts (Ire) USD A $ 1.78 - 0.01 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV £ 7.77 - -0.04 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 € 18.57 - 0.15 0.00
IVI European Fund GBP £ 17.99 - 0.00 0.99
Fund Bid Offer +/- Yield
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 421.61 - -2.53 0.89
Asian Inc ♦ F 378.67 - -2.28 0.89
Asian Equity Income Acc ♦ F 57.03 - -0.05 4.38
Asian Equity Income Inc ♦ F 48.59 - -0.05 4.50
Balanced Risk 6 Acc 52.98 - -0.12 0.00
Balanced Risk 8 Acc 54.71 - -0.17 0.00
Balanced Risk 10 Acc 56.38 - -0.21 0.12
Childrens Acc ♦ F 414.42 - -2.71 1.71
Corporate Bd Acc (Gross) ♦ F 206.02 - -0.16 3.61
Corporate Bd Inc (Gross) ♦ F 89.13 - -0.07 3.71
Corporate Bond Acc ♦ F 183.72 - -0.15 3.63
Corporate Bond Inc ♦ F 88.90 - -0.08 3.71
Distribution Acc ♦ F 110.17 - -0.11 4.20
Distribution Acc (Gross) ♦ F 125.85 - -0.11 4.18
Distribution Inc ♦ F 64.81 - -0.06 4.28
Distribution Inc (Gross) ♦ F 64.83 - -0.06 4.28
Emerging European Acc ♦ F 34.65 - -0.09 2.90
Emerging European Inc ♦ F 31.58 - -0.09 2.97
European Equity Acc ♦ F 871.76 - -3.65 2.17
European Equity Inc ♦ F 737.57 - -3.09 2.22
European Equity Income Acc ♦ F 75.33 - -0.64 3.36
European Equity Income Inc ♦ F 58.31 - -0.49 3.44
European High Income Acc ♦ F 80.60 - -0.06 3.37
European High Income Inc ♦ F 58.95 - -0.05 3.43
European Opportunities Inc ♦ F 84.49 - 0.05 0.16
European Opportunities Acc ♦ F 86.52 - 0.06 0.16
European Smlr Cos Acc ♦ F 186.23 - 0.22 0.00
Global Bd Acc (Gross) ♦ F 127.77 - 0.02 1.18
Global Bd Inc (Gross) ♦ F 79.15 - 0.02 1.19
Global Bond Acc ♦ F 120.13 - 0.01 1.19
Global Bond Inc ♦ F 79.07 - 0.01 1.20
Glbl Distribution Acc 53.72 - -0.14 4.04
Glbl Distribution Acc (Gross) 54.31 - -0.13 4.04
Glbl Distribution Inc 51.51 - -0.13 4.05
Glbl Distribution Inc (Gross) 51.53 - -0.12 4.05
Global Emerging Markets Acc ♦ F 234.01 - -1.77 0.53
Global Emerging Markets Inc ♦ F 211.02 - -1.60 0.53
Global Equity (acc) ♦ F 479.07 - -2.33 0.48
Global Equity (inc) ♦ F 436.96 - -2.12 0.48
Global Equity Income Acc ♦ F 122.35 - -0.62 3.16
Global Equity Income Inc ♦ F 101.99 - -0.52 3.24
Gbl Financial Capital Acc 89.04 - -0.10 4.27
Gbl Financial Capital Inc 76.46 - -0.08 4.41
Gbl Financial Cap Acc Gross 92.86 - -0.10 4.77
Gbl Financial Cap Inc Gross 76.76 - -0.08 4.96
Global Opportunities Acc ♦ F 96.41 - -0.62 0.46
Global Smaller Cos Acc ♦ F 1698.59 - 1.12 0.00
Global Smaller Cos Inc ♦ F 1621.94 - 1.07 0.00
Global Targeted Rets Acc 56.33 - 0.00 0.29
High Income Acc ♦ F 830.90 - 0.43 3.36
High Income Inc ♦ F 458.35 - 0.24 3.44
High Yield Fund Acc 107.77 - 0.28 4.62
High Yield Fund Acc (Gross) 125.41 - 0.34 4.59
High Yield Fund Inc 43.13 - 0.12 4.73
High Yield Fund Inc (Gross) 43.16 - 0.11 4.72
Hong Kong & China Acc ♦ F 469.08 - 0.65 0.73
Income & Growth Acc ♦ F 974.54 - -5.77 3.99
Income & Growth Inc ♦ F 422.80 - -2.51 4.11
Income Acc ♦ F 3212.41 - 4.85 3.19
Income Inc ♦ F 1814.36 - 2.74 3.26
Japan Acc ♦ F 324.50 - 1.39 0.30
Japanese Smlr Cos Acc ♦ F 65.41 - 0.30 0.00
Latin America Acc ♦ F 105.47 - -1.36 1.42
Latin America Inc ♦ F 88.70 - -1.15 1.43
Managed Growth Acc ♦ F 163.28 - -0.44 0.70
Managed Growth Inc ♦ F 135.93 - -0.36 0.70
Managed Income Acc ♦ F 161.42 - -0.30 3.09
Managed Income Inc ♦ F 99.68 - -0.19 3.15
Money Acc ♦ F 90.11 - -0.01 0.22
Money Acc (Gross) ♦ F 95.23 - 0.00 0.22
Monthly Income Plus Acc ♦ F 298.32 - 0.12 4.68
Monthly Income Plus Acc (Gross) ♦ F 349.90 - 0.15 4.66
Monthly Income Plus Inc ♦ F 111.05 - 0.04 4.78
Monthly Income Plus Inc (Gross) ♦ F 111.22 - 0.05 4.78
Pacific Acc ♦ F 963.01 - -4.30 0.38
Pacific Inc ♦ F 884.51 - -3.95 0.38
Tactical Bond Acc ♦ F 68.51 - 0.03 0.96
Tactical Bond Inc ♦ F 59.63 - 0.03 0.96
Tactical Bond Acc (Gross) ♦ F 71.03 - 0.03 0.96
- JB EF Abs Ret Eur-EUR B
Tactical Bond Inc (Gross) ♦ F 59.70 - 0.04 0.96
- JB EF Euro Value-EUR B
UK Aggressive Acc ♦ F 207.36 - -1.52 1.75
UK Aggressive Inc ♦ F 172.69 - -1.26 1.78
UK Growth Acc ♦ F 567.71 - -3.99 1.78
UK Growth Inc ♦ F 360.18 - -2.53 1.81
UK Smaller Cos Equity Acc ♦ F 873.09 - 1.92 0.54
UK Smaller Cos Equity Inc ♦ F 668.60 - 1.47 0.55
UK Strategic Income Acc ♦ F 187.85 - 0.00 3.36
UK Strategic Income Inc ♦ F 140.82 - 0.00 3.44
US Equity Acc ♦ F 542.78 - -2.00 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 176.46 - -1.06 1.43
Asset Management
- Asian (No Trail) Inc ♦ F 160.45 - -0.97 1.45
- Asian Equity Income (No Trail) Acc ♦ F 116.59 - -0.12 4.37
Asian Equity Income (No Trail) Inc 99.35 - -0.10 4.49
- Emerg.Eq. Risk Par.(EUR) PA
Balanced Risk 6 No Trail Acc 107.81 - -0.25 0.16
Balanced Risk 8 No Trail Acc 111.30 - -0.34 0.42
Balanced Risk 10 No Trail Acc 114.69 - -0.43 0.57
Corporate Bond (No Trail) Acc ♦ F
Corporate Bond (No Trail) Inc ♦ F
163.41
117.56
-
-
-0.14 3.87
-0.09 3.96
Distribution (No Trail) Acc ♦ F 168.81 - -0.16 4.19
Distribution (No Trail) Inc ♦ F 113.04 - -0.11 4.27
Emerging European (No Trail) Acc ♦ F 71.99 - -0.20 3.53
- Emerging European (No Trail) Inc ♦ F 63.61 - -0.18 3.63
- European Equity (No Trail) Acc ♦ F 153.73 - -0.64 2.66
European Equity (No Trail) Inc ♦ F 129.84 - -0.55 2.74
European Equity Income (No Trail) Acc ♦ F 155.00 - -1.31 3.35
European Equity Income (No Trail) Inc ♦ F 120.01 - -1.01 3.43
European High Income (No Trail) Acc ♦ F 165.88 - -0.13 3.37
Asset Management
European High Income (No Trail) Inc ♦ F 121.33 - -0.09 3.42
European Opportunities (No Trail) Acc ♦ F
European Opportunities (No Trail) Inc ♦ F
180.90
171.68
-
-
0.12 0.66
0.12 0.66
European Smaller Companies (No Trail) Acc ♦ F 228.43 - 0.27 0.46
Global Balanced Index (No Trail) Acc ♦ F 158.93 - -0.60 1.75
- Sterling Corporate Bond A Acc
Global Bond (No Trail) Acc ♦ F 134.93 - 0.02 1.44
Global Bond (No Trail) Inc ♦ F 122.70 - 0.02 1.45
Glbl Distribution Acc (No Trail) 108.10 - -0.27 3.76
Glbl Distribution Inc (No Trail) 103.66 - -0.26 3.83
Gbl Emerging Markets (No Trail) Acc ♦ F 153.18 - -1.16 1.07
Gbl Emerging Markets (No Trail) Inc ♦ F 142.34 - -1.08 1.08
Global Equity (No Trail) acc ♦ F 211.21 - -1.03 0.98
Global Equity (No Trail) inc ♦ F 197.66 - -0.96 0.99
Global Equity Income (No Trail ) Acc ♦ F 252.78 - -1.27 3.15
Global Equity Income (No Trail) Inc ♦ F 210.72 - -1.06 3.22
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 169.72 - -0.39 1.31
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 199.84 - -0.41 1.71
Gbl Fin Cap No Trail Acc 181.22 - -0.20 4.26
Gbl Fin Cap No Trail Inc 155.65 - -0.17 4.39
Global Opportunities (No Trail) Acc ♦ F 247.78 - -1.59 0.95
Global Smaller Companies (No Trail) Acc ♦ F 247.85 - 0.17 0.39
Global Smaller Companies (No Trail) Inc ♦ F 236.82 - 0.16 0.39
Global Targeted Rets (No Trail) Acc 113.72 - 0.01 0.84
High Income (No Trail) Acc ♦ F 177.45 - 0.09 3.35
High Income (No Trail) Inc ♦ F 130.47 - 0.07 3.43
High Yield Fund (No Trail) Acc 223.06 - 0.58 4.60
High Yield Fund (No Trail) Inc 166.28 - 0.44 4.71
Hong Kong & China (No Trail) Acc ♦ F 185.80 - 0.26 1.23
Income & Growth (No Trail) Acc ♦ F 229.14 - -1.35 3.99
Income & Growth (No Trail) Inc ♦ F 181.39 - -1.07 4.10
Income (No Trail) Acc ♦ F 176.30 - 0.27 3.17
★ FINANCIAL TIMES
Fund Bid Offer +/- Yield
Income (No Trail) Inc ♦ F 131.08 - 0.20 3.25
Japan (No Trail) Acc ♦ F 154.00 - 0.67 0.76
Japanese Smaller Companies (No Trail) Acc ♦ F 166.42 - 0.77 0.00
Latin American (No Trail) Acc ♦ F 101.85 - -1.32 2.16
Latin American (No Trail) Inc ♦ F 93.02 - -1.20 2.19
Managed Growth (No Trail) Acc ♦ F 197.76 - -0.52 1.21
Managed Growth (No Trail) Inc ♦ F 181.86 - -0.48 1.22
Managed Income (No Trail) Acc ♦ F 193.27 - -0.35 3.09
Managed Income (No Trail) Inc ♦ F 160.06 - -0.29 3.15
Monthly Income Plus (No Trail) Acc ♦ F 171.85 - 0.07 4.67
Monthly Income Plus (No Trail) Inc ♦ F 109.32 - 0.05 4.77
Pacific (No Trail) Acc ♦ F 178.43 - -0.79 0.85
Pacific (No Trail) Inc ♦ F 169.35 - -0.75 0.94
Tactical Bond (No Trail) Acc ♦ F 140.09 - 0.08 1.45
Tactical Bond (No Trail) Inc ♦ F 119.45 - 0.06 1.46
UK Aggressive (No Trail) Acc ♦ F 170.39 - -1.24 2.28
UK Aggressive (No Trail) Inc ♦ F 143.37 - -1.04 2.33
UK Enhanced Index (No Trail) Acc ♦ F 408.92 - -2.60 3.43
UK Enhanced Index (No Trail) Inc ♦ F 259.80 - -1.66 3.51
UK Growth (No Trail) Acc ♦ F 149.96 - -1.05 2.29
Asset Management
UK Growth (No Trail) Inc ♦ F 122.71 - -0.86 2.34
UK Smaller Companies Equity (No Trail) Acc ♦ F 283.90 - 0.63 1.00
UK Smaller Companies Equity (No Trail) Inc ♦ F 261.90 - 0.58 1.01
UK Strategic Income (No Trail) Acc ♦ F 745.25 - 0.01 3.35
UK Strategic Income (No Trail) Inc ♦ F 558.71 - 0.01 3.43
US Equity (No Trail) Acc ♦ F 225.75 - -0.83 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 € 2.94 - 0.01 0.00
Invesco Asia Balanced A dist $ 14.62 - 0.01 3.63
Invesco Asia Consumer Demand Fund A income $ 13.48 - 0.04 0.19
Invesco Asia Infrastructure (A) $ 13.42 - 0.13 1.42
Invesco Asia Opportunities Equity A $ 107.16 - 0.23 0.00
Invesco Balanced Risk Allocation Fund A € 15.14 - -0.04 0.00
Invesco Emerging Europe Equity Fund A $ 8.34 - -0.02 0.00
Invesco Emerging Local Currencies Debt A Inc $ 7.23 - -0.05 6.72
Invesco Emerging Mkt Quant.Eq. A $ 9.73 - -0.02 0.00
Invesco Energy A $ 19.39 - -0.48 0.00
Invesco Euro Corporate Bond Fund (A) € 17.23 - -0.02 0.00
Invesco Euro Inflation Linked Bond A € 15.47 - 0.01 0.00
Invesco Euro Reserve A € 322.83 - 0.00 0.00
Invesco Euro Bond A € 7.11 - 0.00 0.00
Invesco European Growth Equity A € 25.01 - -0.16 0.00
Invesco Global Absolute Return Fund A Class € 11.35 - -0.01 0.00
Invesco Global Bond A Inc $ 5.55 - 0.01 0.97
Invesco Global Conservative Fund 90 (EUR) A € 12.22 - -0.01 0.00
Invesco Global Equity Income Fund A $ 62.30 - -0.30 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.41 - 0.01 2.14
Invesco Global Inv Grd Corp Bond A Dist $ 11.76 - 0.00 3.05
Invesco Global Leisure A $ 37.59 - 0.18 0.00
Invesco Global Smaller Comp Eq Fd A $ 58.77 - -0.07 0.00
Invesco Global Structured Equity A $ 47.61 - -0.14 0.73
Invesco Global Total Ret.(EUR) Bond Fund A € 13.30 - 0.00 0.00
Invesco Gold & Precious Metals A $ 3.95 - -0.17 0.00
Invesco Greater China Equity A $ 45.30 - 0.09 0.00
Invesco India Equity A $ 57.39 - 1.07 0.00
Invesco Japanese Equity Adv Fd A ¥ 4062.00 - -14.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1331.00 - -5.00 0.00
Invesco Latin American Equity A $ 6.30 - -0.08 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1064.00 - 4.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 20.51 - -0.23 0.00
Invesco Pan European High Income Fd A € 14.20 - -0.03 2.14
Invesco Pan European Small Cap Equity A € 23.06 - -0.07 0.00
Invesco Pan European Structured Equity A € 17.58 - -0.19 0.00
Invesco UK Eqty Income A £ 32.12 - 0.04 0.00
Invesco UK Investment Grade Bond A £ 0.99 - 0.00 2.93
Invesco US Structured Equity A $ 21.63 - -0.07 0.00
Invesco US Value Eq Fd A $ 32.54 - -0.14 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 £ 2.62 - 0.00 3.36
Invesco Asian Equity A $ 6.38 - -0.01 0.50
Invesco ASEAN Equity A $ 93.45 - -0.14 0.40
Invesco Bond A $ 27.07 - 0.07 2.22
Invesco Continental Eurp Small Cap Eqty A $ 206.99 - 0.46 0.00
Invesco Emerging Markets Equity A $ 36.56 - -0.13 0.00
Invesco Emerging Markets Bond A $ 20.77 - 0.00 4.82
Invesco Continental European Equity A € 9.35 - -0.10 0.18
Invesco Gilt A £ 15.00 - 0.00 1.48
Invesco Global Small Cap Equity A NAV $ 126.15 - 0.10 0.00
Invesco Global High Income A NAV $ 12.47 - 0.02 5.35
Invesco Gbl R/Est Secs A GBP F F £ 7.76 - 0.03 0.91
Invesco Global Health Care A $ 142.03 - -0.63 0.00
Invesco Global Select Equity A $ 13.86 - -0.06 0.00
Invesco Jap Eqty Core A $ 1.95 - 0.01 0.00
Invesco Japanese Equity A $ 19.28 - -0.01 0.00
Invesco Korean Equity A $ 34.95 - 0.00 0.00
Invesco PRC Equity A $ 54.33 - -0.20 0.00
Invesco Pacific Equity A $ 48.49 - -0.20 0.18
Invesco Global Technology A $ 15.98 - -0.04 0.00
Invesco UK Eqty A £ 8.43 - -0.05 1.31
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 66.16 - 0.36 0.00
Invest AD - Emerging Africa Fund $ 1025.02 - -14.87 0.00
Invest AD - GCC Focus Fund $ 1684.78 - -20.15 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 60.68 - -0.32 0.00
Asset Management
America Equity Inc 60.67 - -0.33 0.00
Asia Acc 117.70 - 0.60 0.33
Asia Inc 65.30 - 0.31 0.32
Cautious Managed Rt Acc 68.44xd - -0.14 0.08
Cautious Managed Rt Inc 60.22xd - -0.12 0.08
Diversified Real Ret Acc 51.83xd - -0.12 1.04
Diversified Real Ret Inc 50.34xd - -0.12 1.05
Emerging Mkts Acc 137.40 - 0.00 0.75
Emerging Mkts Inc 59.08 - 0.00 0.76
Emrg Mkts Inc Acc... C 49.98xd - -0.37 5.30
Emrg Mkts Inc Inc... C 43.95xd - -0.33 5.49
Europe Acc 1064.00 - -2.00 1.46
Europe Inc 61.26 - -0.11 1.46
Eur Dynamic exUK Acc 165.20 - -0.50 0.79
Eur Dynamic exUK £ hdg Acc 193.90 - -1.60 0.68
Eur Dynamic exUK Inc 75.86 - -0.21 0.79
Eur Smaller Cos Acc 467.80 - 2.60 0.00
Eur Smaller Cos Inc 60.84 - 0.34 0.00
Fusion Balanced Acc 55.62 - -0.09 0.47
Fusion Balanced Inc 55.60 - -0.10 0.47
Fusion Conservative Acc 54.87 - -0.08 0.65
Fusion Conservative Inc 54.76 - -0.08 0.67
Fusion Growth Acc 57.31 - -0.10 0.47
Fusion Growth Inc 57.30 - -0.11 0.47
Fusion Growth + Acc 59.24 - -0.13 0.47
Fusion Growth + Inc 59.25 - -0.13 0.47
Fusion Income Acc...C 54.22 - -0.01 2.40
Fusion Income Inc...C 51.86 - -0.01 2.42
Monday 17 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
Global Allocation Acc 54.92 - -0.12 0.64 Kames Global Equity Income B GBP Inc 1091.41 - -0.76 - Balanced (EUR) PA F € 128.04 - 0.40 0.00 European Concentrated A1 € 18.32 - 0.19 0.00
Global Allocation Inc 54.56 - -0.12 0.64 Strategic Global Bond A GBP Inc 1106.12 - 0.67 0.47 Conservative (CHF) PA F SFr 105.22 - 0.08 0.00 European Core Eq A1 € 32.18 - 0.37 0.00 Metage Capital
Global Bond exUK Acc 250.10xd - -0.30 0.75 Strategic Global Bond B GBP Inc 627.15 - 0.38 0.97 Conservative (EUR) PA F € 115.57 - 0.05 0.00 European Res.A1 € 33.66 - 0.32 0.00 Other International Funds
MGS -Master Series (Est) $ 240.66 - -2.89 -
Global Bond exUK Inc 196.70xd - -0.20 0.75 Global Allocation (GBP) PA F £ 10.09 - 0.02 0.00 European Smaller Companies A1 € 51.92 - 0.42 0.00
MEMO - Master Series $ 501.03 - -3.56 0.00
Global Bond Opport. Acc 49.77xd - 0.04 2.83 Kleinwort Benson Bank (UK) Growth (CHF) PA F SFr 115.75 - 0.68 0.00 European Value A1 € 36.47 - 0.43 0.00
14 St. George Street, Mayfair, London W1S1FE MEMO - MEMV Series $ 117.28 - -0.07 0.00
Global Bond Opport. Inc 49.36xd - 0.04 2.86 Growth (EUR) PA F € 139.55 - 0.72 0.00 Global Conc.A1 $ 37.28 - 0.07 0.00
Dealing and enquiries: 0800 024 2400
Global Eq Income £ hdg Acc... C 69.73xd - -0.10 3.42 Vantage 1500 (EUR) MA € 10.31 - 0.00 0.00 Global Credit Fund $ 10.42 - -0.03 0.00
Authorised Inv Funds
Global Eq Income £ hdg Inc ... C 50.24xd - -0.08 3.50 Unit Trust Manager/ACD - Host Capital Vantage 3000 (EUR) MA € 10.52 - 0.00 0.00 Global Energy Fund A1 $ 13.37 - -0.11 0.00
Global Eq Income Acc... C 71.54xd - -0.01 3.48 HC KB Capital Growth A Acc 165.67 - -0.68 1.36 PrivilEdge Global Equity A1 $ 46.82 - 0.12 0.00
HC KB Capital Growth A Inc 155.13 - -0.63 1.38 Inc.Pt.RMB Dt.CNH PA CNH 102.35 - -0.28 0.00
Global Eq Income Inc ... C 62.34xd - -0.01 3.56 Global Equity A1 € 26.72 - 0.06 0.00
HC KB Enterprise Equity Income A Inc 112.52 - 0.70 3.78 Inc.Pt.RMB Dt.SH CHF PA SFr 9.76 - 0.03 0.00
Global Equity Acc 1007.00 - -5.00 0.15 Global High Yield Fund $ 25.02 - 0.04 0.00
HC KB Enterprise Equity Income A Acc 165.65 - 1.03 3.69 Inc.Pt.RMB Dt.SH EUR PA € 9.82 - 0.03 0.00
Global Equity Inc 74.85 - -0.38 0.14 Global High Yield Fund € 16.41 - 0.03 0.00
HC KB Endeavour Multi Asset Balanced A Acc 132.65 - -0.17 0.81 Inc.Pt.RMB Dt.USD PA $ 9.87 - 0.03 0.00 Emerging Markets Managed Accounts PLC (IRL)
Global Financials Acc 753.20 - -1.50 0.83 Global Multi-Asset A1 $ 15.86 - -0.02 0.00 info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com
HC KB Endeavour Multi Asset Balanced A Inc 126.06 - -0.17 0.81 Jenn. US Eq.Opp. USD PA $ 9.97 - 0.00 0.00 Regulated
Global Financials Inc 42.84 - -0.08 0.84 Global Res.A1 $ 26.91 - 0.03 0.00
HC KB Enterprise Fixed Income A Acc 122.95 - -0.24 3.44 Neubrg.Berman US Core PA $ 14.23 - -0.04 0.00 Milltrust ASEAN A $ 88.50 - -3.81 0.00
Global High Yield Bd Mth Inc C 37.87xd - 0.11 6.30 Global Total Return A1 € 17.88 - -0.02 0.00
HC KB Enterprise Fixed Income A Inc 109.76 - -0.22 3.44 Sands US Growth PA € 14.11 - -0.03 0.00 Milltrust India A $ 133.36 - 0.08 0.00
Global High Yield Bd Acc C 98.87xd - 0.28 6.24 Inflation-Adjusted Bond A1 $ 14.02 - -0.06 0.00
Sands US Growth PA $ 17.10 - -0.04 0.00 Milltrust Latin America A $ 75.04 - -3.30 0.00
Global High Yield Bd Inc C 37.84xd - 0.11 6.32 Japan Equity A1 $ 10.77 - 0.00 0.00
Will.Blair Gbl. Ldrs PA € 16.11 - 0.11 0.00 Milltrust Keywise China Fund $ 123.77 - -0.43 0.00
Global Property Secs Acc 59.32xd - 0.23 0.57 Latin American Equity Fd A1 $ 12.69 - -0.16 0.00
Global Property Secs Inc 51.20xd - 0.20 0.56
Will.Blair Gbl. Ldrs PA $ 13.37 - 0.02 0.00
Limited Maturity A1
Asset Management
$ 14.03 - -0.01 0.00
Income Acc ... C 49.99xd - 0.03 6.62 Prudent Wealth Fd A1 Ministry of Justice Common Investment Funds
$ 14.79 - 0.08 0.00 (UK)
Asset Management
Property & Other UK Unit Trusts
Income Inc ... C 47.24xd - 0.03 6.65 Lothbury Property Trust (UK) Research Bond A1 $ 16.56 - -0.04 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 The Equity Idx Tracker Fd Inc 1359.00 1359.00 -2.00 2.69
Japan Acc 297.90 - 1.90 0.00 UK Equity A1 £ 8.22 - 0.03 0.00
Property & Other UK Unit Trusts Distribution Units
Lazard Fund Managers Ltd (1200)F (UK)
Japan Inc 71.70 - 0.46 0.00 Lothbury Property Trust GBP £ 1732.06 1858.39 27.09 3.34 US Conc.Growth A1 $ 15.63 - -0.04 0.00
Mellon House Ingrave Rd Brentwood Essex CM15 8TG
Multi-Asset Inc Mth Inc ... C 65.49xd - -0.08 3.81 Dealing: 0870 6066408, Info: 0870 6066459 US Government Bond A1 $ 17.06 - -0.04 0.00
Authorised Inv Funds
Multi-Asset Inc Acc... C 86.54xd - -0.11 3.70 Value A1 $ 22.38 - -0.01 0.00
Lazard Investment Funds (OEIC) Retail Share Class
Multi-Asset Inc Inc... C 65.48xd - -0.08 3.78
Developing Markets Acc 72.92 - 0.08 0.03
Multi-Asset Macro Acc 64.69 - 0.07 0.00
Developing Markets Inc 72.03 - 0.07 0.17 MMIP Investment Management Limited (GSY)
Multi-Asset Macro Inc 64.69 - 0.07 0.00 Regulated
Emerging Markets Acc 228.50 - -1.60 1.77
Multi-Manager Investment Programmes PCC Limited
Multi-Manager Growth Acc 729.20 - -1.40 0.46 Emg Mkts Inc 202.10 - -1.50 1.79 Mirabaud Asset Management (LUX)
European Equity Fd Cl A Initial Ser € 2630.39 2630.39 115.75 0.00
www.mirabaud.com, marketing@mirabaud.com
Multi-Manager Growth Inc 680.60 - -1.20 0.46 European Alpha Acc 663.10 - -2.60 0.78
M & G Securities (1200)F (UK)
PO Box 9039, Chelmsford, CM99 2XG Japanese Equity Fd Cl A Initial Ser ¥ 374586.00 374586.00 2750.00 0.00 Regulated
Natural Resources Acc 367.20 - -8.50 0.11
European Alpha Inc 610.60 - -2.40 0.74 Mir. Conv. Bds Eur A EUR € 138.31 - 0.72 0.00
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1343.33 1343.33 -11.03 0.00
Natural Resources Inc 26.00 - -0.61 0.11 Authorised Inv Funds
European Smaller Cos Acc 427.60 - 2.20 0.47 Mir. Conv. Bds Glb A USD $ 115.90 - 0.02 0.00
Pacific Basin Fd Cl A Initial Ser $ 2267.99 2281.49 -101.36 0.00
New Europe Acc 133.90 - -0.90 2.71 Charifund Inc 1466.10 - -6.38 4.63
Global Equity Income Acc 130.50 - -0.40 5.80 UK Equity Fd Cl A Series 01 £ 2405.27 2429.26 50.96 0.00 Mir. - Eq Asia ex Jap A $ 172.86 - 0.36 0.00
New Europe Inc 31.83 - -0.21 2.67 Charifund Acc 19895.59 - -86.61 4.49
Global Equity Income Inc 89.53 - -0.29 5.97 Diversified Absolute Rtn Fd USD Cl AF2 $ 1639.80 - -8.66 0.00 Mir. - Eq Glb Emrg Mkt A USD $ 91.32 - 0.09 0.00
Portfolio Acc 204.60 - 0.50 0.67 M&G Corporate Bond A Acc 62.35xd - 0.02 3.10
Managed Bal Inc 139.20 - -0.50 1.90 Diversified Absolute Return Stlg Cell AF2 £ 1660.21 - -7.87 0.00 Mir. - Eq Global Focus A USD $ 103.58 - 0.08 0.00
Sterling Corporate Bond Acc 82.51xd - -0.08 2.50 M&G Corporate Bond A Inc 39.41xd - 0.01 3.10
UK Income Acc 1210.00 - -6.00 4.32 Mir. -Eq Spain A € 28.19 - 0.23 0.00
M&G Dividend A Inc 61.57xd - -0.27 4.43
Sterling Corporate Bond Inc 51.85xd - -0.05 2.52 UK Income Inc 601.30 - -3.20 4.41 Mir. - Eq Swiss Sm/Mid A SFr 320.33 - 2.31 0.00
M&G Dividend A Acc 616.73xd - -2.72 4.27 Manek Investment Mgmt Ltd (1000)F (UK)
Strategic Bond Acc 69.00xd - 0.02 2.58 UK Omega Acc 211.90 - -1.30 0.43 P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Mir. - Glb High Yield Bds A $ 109.86 - 0.12 -
M&G Episode Growth X Inc 52.67xd - -0.19 1.77 Authorised Inv Funds
Strategic Bond Inc 57.58xd - 0.01 2.59 UK Omega Inc 202.50 - -1.20 0.48 Mir. - Glb Eq High Income A USD $ 102.88 - 0.09 0.00
M&G Episode Income A Acc 138.95xd - -0.66 3.56 Growth Fd Acc 56.40 59.74 -0.08 0.00
UK Active Index + E Acc 287.30 - -1.80 2.99 UK Smaller Cos Inc 1806.00 - 4.00 0.80 Mir. - Glb Strat. Bd A USD $ 106.06 - 0.06 0.00
M&G Episode Income A Inc 116.89xd - -0.55 3.63
UK Active Index + E Inc 54.17 - -0.35 2.99
Mir. Opp.- Activ.Strategies I $ 105.99 - -0.85 -
M&G Extra Income A Inc 745.64 - -3.17 4.38
UK Dynamic Acc 164.70xd - -0.40 1.43 Manulife Global Fund (LUX) Mir. Opp. -Emerg. Mkt HO $ 107.83 - 0.00 0.00
LF Funds (Banque Libano-Francaise Group) (LUX) 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
UK Dynamic Inc 134.70xd - -0.40 1.44 M&G Extra Income A Acc 6049.80 - -25.67 4.25
www.eblf.com - lffunds@eblf.com MirAlt Sicav-Diversified A Cap. $ 113.21 - -0.69 0.00
www.manulife.com.hk
Regulated M&G Global Basics A Inc 621.75 - 0.49 0.29
UK Eq & Bond Inc Acc ... C 142.80xd - -0.70 3.20 FCA Recognised MirAlt Sicav-Europe A dis € 74.65 - 1.66 0.00
UK Eq & Bond Inc Inc ... C 83.92xd - -0.39 3.26
LF Total Return Bond Fund - Class A $ 117.14 - -0.10 0.00 M&G Global Basics A Acc 938.61 - 0.73 0.30 American Growth Fund Class A F $ 30.9643 - 0.1515 0.00
MirAlt Sicav - North America A dis $ 166.29 - 1.73 0.00
LF Total Return Bond Fund - Class D $ 115.14 - 0.05 0.00 M&G Global Dividend Fund A Acc 192.16xd - -0.69 3.29
UK Higher Inc Acc ... C 924.00xd - -2.50 4.06 American Growth Fund Class AA F $ 1.7585 - 0.0086 0.00
M&G Global Dividend Fund A Inc 152.75xd - -0.55 3.36 American Growth Fund Class AA (HKD) FHK$ 10.9049 - 0.0566 0.00
UK Higher Inc Inc ... C 537.00xd - -1.50 4.18
Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Glbl Emrgng Mkts A Acc 183.87 - -1.39 0.92
UK Managed Equity Acc 67.41xd - -0.54 1.98 Asian Equity Fund Class A F $ 3.0377 - 0.0087 0.40
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
UK Managed Equity Inc 56.86xd - -0.45 2.00 M&G Glbl Emrgng Mkts A Inc 177.64 - -1.35 0.93 Asian Equity Fund Class AA F $ 0.9771 - 0.0027 0.00
Other International Funds
M&G Global Macro Bond Fund A Acc 104.37xd - -0.01 0.96
UK Smaller Cos Acc 385.60 - 0.40 0.00 Lloydstrust Gilt £ 12.2500xd - -0.0200 2.44 Asian Small Cap Equity Fund Class AA F $ 2.1338 - 0.0149 0.00
M&G Global Macro Bond Fund A Inc 72.42xd - -0.01 0.96
UK Smaller Cos Inc 74.86 - 0.07 0.00 Lloyds Investment Funds Limited Asian Small Cap Equity Fund Class AA (HKD)HK$ 8.6375 - 0.0628 0.00
Euro High Income € 1.6420xd - -0.0020 3.01 M&G Global High Yield Bond X Inc 49.81xd - 0.04 4.34
UK Strategic Eq Inc Acc ... C 155.10xd - -0.70 3.49 China Value Fund Class A F $ 8.6191 - 0.0115 0.69 Montello Real Estate Opportunity Fund (LUX)
European £ 7.6220 - -0.0230 1.15 M&G Global High Yield Bond X Acc 116.47xd - 0.11 4.33 101 New Cavendish Street,London W1W 6XH
UK Strategic Eq Inc Inc ... C 101.40xd - -0.50 3.57 China Value Fund Class AA F $ 2.6987 - 0.0036 0.47
Regulated
High Income £ 0.8720xd - -0.0012 5.04 M&G Managed Growth X Inc 76.54 - -0.15 0.68 Dragon Growth Fund Class A F $ 1.9994 - 0.0052 0.61
UK Strategic Gth Acc 114.50 - -0.10 1.15
Montello Real Estate Opportunity Fund II £ 1116.65 - 7.25 0.00
International £ 4.1040 - -0.0180 1.18 M&G Optimal Income A Inc 142.89 - 0.02 2.07
UK Strategic Gth Inc 106.80 - -0.10 1.16 Dragon Growth Fund Class AA HKDHK$ 9.6765 - 0.0284 0.58
North American £ 15.7000 - -0.0100 0.13 M&G Optimal Income A Acc 187.34 - 0.03 2.07
US Acc 709.70 - -1.00 0.00 Emerging Eastern Europe Fund Class AA F $ 1.3234 - 0.0104 0.50
Sterling Bond £ 1.4770xd - -0.0020 3.68
MW Japan Fund Plc (IRL)
US Inc 98.23 - -0.14 0.00 M&G Recovery GBP A Inc 123.97xd - -0.17 0.71 Emerging Eastern Europe Fund Class A F $ 3.0812 - 0.0242 0.90 FCA Recognised
UK £ 6.9990 - -0.0570 1.64 M&G Recovery GBP A Acc 278.37xd - -0.37 0.70
US Equity Income Acc ... C 118.90xd - -0.10 2.12 European Growth Fund Class A F $ 11.0770 - 0.0011 1.15 MW Japan Fund PLC A $ 25.84 - 0.00 -
Lloyds Gilt Fund Limited M&G Strategic Corp Bond A Inc 73.33 - 0.03 2.81
US Equity Income £ hdg Inc ... C 100.80xd - -0.10 2.14 European Growth Fund Class AA F $ 0.8011 - 0.0001 0.56 MW Japan Fund PLC B $ 26.09 - 0.00 -
Lloyds Gilt Fund Quarterly Share £ 1.2740xd - -0.0020 1.94
M&G Strategic Corp Bond A Acc 104.68 - 0.04 2.81 Global Contrarian Fund Class AA F $ 0.9451 - 0.0019 0.00
US Equity Income Inc ... C 101.50xd - 0.00 2.14 MW Japan Fund PLC C $ 102.82 - -0.34 -
Monthly Share £ 1.2260xd - -0.0010 1.94
M&G Global Leaders GBP A Inc 194.41 - -0.29 1.40 Global Property Fund Class AA F $ 1.0167 - 0.0084 0.75
US Select Acc 110.50 - -0.20 0.00
Lloyds Money Fund Limited
M&G Global Leaders GBP A Acc 453.55 - -0.68 1.39
US Select Inc 109.10 - -0.20 0.00 Global Property Fund Class AA (HKD)HK$ 9.5591 - 0.0813 -
Sterling Class £ 52.5880 - 0.0000 0.16 Morant Wright Funds (Ireland) PLC (IRL)
US Smaller Cos Acc 393.10 - -1.40 0.00 Lloyds Multi Strategy Fund Limited M&G UK Inflation Lnkd Corp Bnd A Acc 113.16 - -0.02 0.12 Global Resources Fund Class AA F $ 0.6907 - -0.0086 0.00 FCA Recognised
M&G UK Inflation Lnkd Corp Bnd A Inc 111.54 - -0.01 0.12 Morant Wright Fuji Yield EUR Acc Hedged € 11.90 - -0.03 -
US Smaller Cos Inc 103.00 - -0.40 0.00 Conservative Strategy £ 1.1010 - -0.0010 1.97 Greater China Opportunities Class AA $ 0.9896 - 0.0027 0.00
Asset Management
Morant Wright Fuji Yield EUR Dist Hedged € 11.84 - -0.03 -
Growth Strategy £ 1.5020 - 0.0040 1.32 Healthcare Fund Class AA F $ 2.0240 - 0.0035 0.00
Morant Wright Fuji Yield GBP Acc Hedged £ 12.17 - -0.03 -
Aggressive Strategy £ 1.8420 - 0.0090 0.00 M & G Securities Ltd (UK) India Equity Fund Class AA F $ 1.4319 - 0.0282 0.00
JPMorgan Charity Funds (UK)
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Property & Other UK Unit Trusts Morant Wright Fuji Yield GBP Dist Hedged £ 11.91 - -0.02 -
Global USD Growth Strategy $ 1.4420 - 0.0010 0.00 International Growth Fund Class A F $ 4.7650 - 0.0076 0.13
Property & Other UK Unit Trusts Dealing Daily Charibond 123.55xd - -0.04 5.23 Morant Wright Fuji Yield USD Acc Hedged $ 11.85 - -0.03 -
International Growth Fund Class AA F $ 1.0936 - 0.0017 0.00
UK Equity Fund for Charities I...C £ 2.880710xd 2.892050 -0.016270 3.31 (Accum Units) 3609.25xd - -1.37 5.23
Japanese Growth Fund Class A F $ 3.5611 - -0.0139 0.58 Morant Wright Fuji Yield USD Dist Hedged $ 12.00 - -0.03 -
Bond Fund for Charities £ 1.350410xd 1.356730 -0.000820 3.71 NAACIF 76.14xd - -0.26 4.53
Lohengrin Management Ltd (BAH) Japanese Growth Fund Class AA F $ 0.9156 - -0.0036 0.00 Morant Wright Fuji Yield YEN Acc ¥ 1217.31 - -2.50 -
Lohengrin@genesisfundservices.com Tel: 242-502-7020 (Accum Units) 6733.52xd - -23.81 4.41
Latin America Equity Fund Class AA F $ 0.7600 - -0.0004 1.63 Morant Wright Fuji Yield B YEN Acc ¥ 1075.33 - -2.20 -
Other International Funds
M&G Property Portfolio A Acc 131.14 138.04 0.01 3.64 Morant Wright Fuji Yield YEN Dist ¥ 1203.91 - -2.47 -
Lohengrin Fund Ltd - Class C € 115.95 - 21.52 0.00 Russia Equity Fund Class AA F $ 0.4160 - 0.0047 0.00
Property Portfolio A 121.13 127.50 0.01 3.73 Morant Wright Sakura Fund Sterling Acc Hedged £ 14.79 - -0.05 0.00
Taiwan Equity Fund Class AA F $ 1.5099 - 0.0045 0.21
Property Portfolio X 121.13 121.13 0.01 3.71 Morant Wright Sakura Fund Euro Acc Hedged € 14.74 - -0.05 0.00
Turkey Equity Fund Class AA F $ 0.7074 - 0.0099 0.00
Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1503.83 - -4.96 0.00
US Bond Fund Class AA F $ 1.2101 - -0.0019 3.93
M & G (Guernsey) Ltd (GSY) Morant Wright Sakura Fund Dollar Acc Hedged $ 14.73 - -0.05 0.00
U.S. Bond Fund Class AA Inc F $ 0.9800 - -0.0015 2.53
GAM Regulated
Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.65 - -0.05 0.00
funds@gam.com, www.jbfundnet.com US Bond Fund Class AA (HKD) HK$ 9.9075 - -0.0124 -
The M&G Offshore Fund Range
Regulated
Corporate Bond 1312.11 1352.69 0.34 3.10 U.S. Bond Fund Class AA (HKD) IncHK$ 9.7751 - -0.0122 2.63
JB BF ABS-EUR B € 105.02 - -0.02 0.00
Lombard Odier Funds (Europe) S.A (LUX) Global Basics 2288.85 2359.64 1.77 0.00 U.S. Special Opportunities Fund Class AA F $ 0.9019 - 0.0003 7.15
JB BF Abs Ret Def-EUR B € 111.13 - 0.06 0.00 www.loim.com
Global Leaders 3376.50 3517.19 -5.07 1.17 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 -
Regulated
JB BF Abs Ret EM-USD B $ 117.23 - 0.22 0.00
Lombard Odier Funds Global High Yield Bond 979.35 1009.64 0.78 4.31 U.S. Special Opportunities Fund Class AA Inc $ 0.8901 - 0.0003 -
JB BF Abs Ret-EUR B € 130.46 - 0.18 0.00
Absolute Ret Bond (EUR) PA € 12.03 - 0.00 0.00 US Small Cap Equity Fund Class AA F $ 1.1451 - 0.0003 0.00
Global Macro Bond Fund 10854.81 11190.53 -1.50 0.95
JB BF Abs Ret Pl-EUR B € 129.31 - 0.22 0.00
Absolute Ret Bond (USD) PA $ 17.66 - 0.00 0.00 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2743 - 0.0003 0.06
North American Dividend Fund 158.07 164.66 -0.69 0.59
JB BF EM Corporate-USD B $ 108.36 - -0.05 0.00 Morgan Stanley Investment Funds (LUX)
All Roads (CHF) PA SFr 17.67 - 0.00 0.00
Optimal Income Fund 141.59 145.97 0.02 2.06 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
JB BF EM Infl Link-USD B $ 85.11 - -0.33 0.00
All Roads (USD) PA $ 11.23 - 0.00 0.00 www.morganstanleyinvestmentfunds.com
Recovery Fund Limited 'A' Participating Shares 10734.98 11182.27 -14.68 0.37 Manulife Global Fund
JB BF EM Inv Grade-USD B $ 100.20 - -0.01 0.00 FCA Recognised
All Roads (GBP) PA £ 11.46 - 0.00 0.00 Other International Funds
Recovery Fund Limited 'I' Participating Shares 10739.70 10848.18 -13.66 1.15
JB Emerging (EUR)-EUR B € 333.52 - -0.07 0.00 Asia Total Return Fund Class AA $ 0.9716 - -0.0019 - US Advantage A F $ 58.25 - 0.03 0.00
All Roads (EUR) PA € 11.38 - 0.00 0.00
Strategic Corporate Bond Fund 133.15 138.69 0.06 2.81
JB Emerging (USD)-USD B $ 405.55 - -0.22 0.00 Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.6233 - -0.0151 - Asian Equity A F $ 42.59 - 0.10 0.00
Alpha Japan (EUR) PA F € 12.52 - 0.02 0.00
UK Growth 1568.79 1634.16 -7.95 1.13
JB BF Local EM-USD B $ 260.82 - -0.76 0.00
Alpha Japan (CHF) PA F SFr 15.66 - 0.03 0.00 Asia Total Return Fund Class AA Inc $ 0.9202 - -0.0017 3.23 Asian Property A F $ 18.69 - 0.07 0.00
JB BF Total Ret-EUR B € 98.86 - 0.17 0.00 Asia Value Dividend Equity Fund Class AA F $ 1.6877 - 0.0039 0.00 Asian Property AX F £ 11.03 - 0.01 0.49
Alpha Japan (JPY) PA F ¥ 1485.00 - 3.00 0.00
€ 119.90 - 0.45 0.00 Asia Value Dividend Equity Fund Class AA Inc $ 1.0243 - 0.0024 - Diversified Alpha Plus A F € 31.33 - -0.07 0.00
Alpha Japan (USD) PA F $ 17.96 - 0.03 0.00
€ 198.52 - 0.22 0.00 Strategic Income Fund Class AA F $ 1.0814 - -0.0005 4.44 Emerg Europ, Mid-East & Africa Eq A F € 69.61 - -0.06 0.00
Alternative Beta PA F SFr 118.76 - -0.07 0.00
JB EF Japan-JPY B ¥ 18812.00 - -88.00 0.00 Emerging Markets Debt A F $ 75.98 - -0.09 0.00
Alternative Beta PA F € 80.07 - -0.05 0.00
JB EF Luxury B-EUR B € 232.08 - 2.74 0.00 Emerging Markets Domestic Debt AX F £ 10.57 - -0.06 5.46
Alternative Beta PA F $ 119.83 - -0.07 0.00 Marlborough Fd Managers Ltd (1200)F (UK)
JB Ms EF Special Val. EUR/A € 145.54 - 0.09 0.74 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Emerging Markets Equity A F $ 35.09 - 0.12 0.00
Commodities (CHF) PA SFr 5.42 - 0.00 0.00 Majedie Asset Management LTD (UK)
www.marlboroughfunds.com
JB Strategy Balanced-CHF/B SFr 154.65 - 0.72 0.00 www.majedie.com Euro Bond A F € 15.67 - 0.00 0.00
Commodities (EUR) PA € 5.49 - 0.00 0.00 Authorised Inv Funds
Authorised Inv Funds
JB Strategy Balanced-EUR € 159.34 - 0.62 0.00 Euro Corporate Bond AX F £ 21.39 - -0.03 1.69
Commodities (USD) PA $ 5.67 - 0.00 0.00 Balanced 155.50 164.36 0.17 0.05
Global Equity X Acc GBP £ 1.12 - 0.00 0.60
JB Strategy Balanced-USD/B $ 132.92 - 0.20 0.00 Euro Strategic Bond A F € 43.48 - 0.01 0.00
Convertible Bd P A € 17.56 - 0.04 0.00 Bond Income 50.60 53.54 -0.05 4.83
Global Focus X Acc GBP £ 1.14 - -0.01 0.39
JB Strategy Growth-CHF/B SFr 95.79 - 0.63 0.00 European Currencies High Yield Bd A F € 21.76 - 0.02 0.00
Convertible Bd Asia PA F SFr 13.59 - 0.00 0.00 Cash 50.17 - 0.00 0.32
UK Equity X Acc 149.02 - -1.88 2.65
JB Strategy Growth-EUR € 119.93 - 0.63 0.00 European Equity Alpha A F € 46.76 - -0.14 0.00
Convertible Bd Asia PA F € 14.48 - 0.01 0.00 Cautious Inc 83.99 88.43 0.11 1.29
UK Focus X Acc 167.25 - -0.51 1.83
JB Strategy Inc-CHF/B SFr 122.15 - 0.35 0.00
Convertible Bd Asia PA F $ 14.58 - 0.01 0.00
Asset Management Defensive A Inc 116.29 - -0.12 0.97
European Property A F € 37.06 - 0.38 0.00
UK Income X Inc 158.13 - -0.28 4.82
JB Strategy Inc-EUR/B € 162.90 - 0.37 0.00 Eurozone Equity Alpha A F € 12.16 - -0.05 0.00
Asset Management
Emerg. Consumer (CHF) PA SFr 12.15 - -0.01 0.00 Emerging Markets 220.79 - -0.48 1.72
UK Smaller Companies A Acc 265.19 - 0.14 1.32
JB Strategy Inc-USD/B $ 148.83 - 0.04 0.00 Global Bond A F $ 38.66 - 0.01 0.00
Emerg. Consumer (EUR) PA € 12.28 - -0.01 0.00 ETF Global Growth A 150.66 - 0.34 0.00
Global Brands A F $ 99.21 - 0.40 0.00
Emerg. Consumer (USD) PA $ 12.28 - 0.00 0.00 ETF Commodity A 70.76 - -0.57 0.00
Majedie Asset Management LTD (IRL) Global Convertible Bond A F $ 43.30 - -0.06 0.00
€ 8.07 - 0.04 0.00 European Multi-Cap 270.53 - 1.14 0.20
FCA Recognised
Global Property A F $ 28.98 - 0.24 0.00
Emerg. Eq. Risk Par.(USD) PA $ 6.28 - 0.00 0.00 US Equity Z Acc GBP £ 1.28 - 0.00 0.00 Extra Income 80.65 85.34 -0.20 4.39
Indian Equity A F $ 37.73 - 0.87 0.00
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.96 - -0.01 0.00 Tortoise Z Acc GBP £ 0.96 - 0.00 0.00 Far East Growth A Inc 156.09 - 0.15 1.91
Asset Management
Latin American Equity A F $ 41.80 - -0.14 0.00
Emerg.Loc.Cur.Bd.Fdt PA SFr 8.41 - 0.03 0.00 Global 181.05 190.64 0.29 0.00
Kames Capital ICVC (UK)
Emerg.Loc.Cur.Bd.Fdt PA € 11.15 - 0.03 0.00 Global Bond Inc Asset Management 136.97 144.94 0.06 3.18
Short Maturity Euro Bond A F
US Dollar Liquidity A F
€ 20.43
$ 13.03
-
-
0.00 0.00
0.00 0.00
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Emerg.Loc.Cur.Bd.Fdt PA $ 8.62 - -0.02 0.00 High Yield Fixed Interest 73.89 78.40 -0.10 5.62
0800 45 44 22 www.kamescapital.com US Growth A F $ 68.71 - 0.06 0.00
Euro BBB-BB Fdt PA SFr 15.63 - -0.01 0.00 Multi Cap Income A Inc 160.66 - -0.01 4.19
Authorised Funds
US Growth AH F € 47.42 - 0.04 0.00
Euro BBB-BB Fdt PA € 12.40 - -0.01 0.00 Nano-Cap Growth A Acc 104.3252 114.5500 0.1288 -
Diversified Income B Acc 112.91 - -0.20 5.29
US Growth AX F £ 43.94 - -0.12 0.00
Euro BBB-BB Fdt PA £ 10.95 - -0.01 0.00 Special Situations A Acc 1179.22 1247.85 3.55 0.27
Diversified Income B Inc 104.46 - -0.18 5.47
MFS Investment Funds (LUX) US Property A F $ 68.17 - 0.60 0.00
Euro BBB-BB Fdt PA $ 17.60 - -0.01 0.00 UK Multi-Cap Growth A Inc 240.62 254.62 0.49 0.38
Diversified Growth A Acc 134.94 - -0.21 2.71 FCA Recognised
Euro Credit Bd PA F € 12.95 - -0.01 0.00 UK Micro Cap Growth A 482.71 510.80 0.74 0.00
Ethical Cautious Managed A Acc 168.10 - -0.21 1.62 Blend.Research Gb.Eq.Fd. € 106.21 - 0.48 -
Euro Government Fdt PA € 12.51 - -0.01 0.00 US Multi-Cap Income 313.46 - -1.08 0.17 Morgens Waterfall Vintiadis.co Inc
Ethical Cautious Managed A Inc 139.07 - -0.18 1.64 Blend.Research Gb.Eq.Fd. £ 101.89 - 0.24 - Other International Funds
Euro Inflation-Lk Fdt PA € 11.92 - 0.00 0.00 MFM - Third Party Funds
Ethical Corporate Bond A Acc 195.79 - -0.23 3.33 Blend.Research U.S.Core Eq.Fd. ¥ 10884.00 - 41.00 - Phaeton Intl (BVI) Ltd (Est) $ 420.88 - -9.62 0.00
Junior Oils 77.48 81.99 1.62 0.00
Euro Resp.Corp. Fdt PA € 18.27 - -0.02 0.00
Ethical Corporate Bond A Inc 111.11 - -0.13 3.33 Blend.Research Gb.Eq.Fd. $ 104.34 - -0.10 -
Junior Gold C Acc 22.41 - -0.77 0.00
Europe High Conviction PA € 11.99 - 0.13 0.00
Ethical Equity A Acc 179.54 - -0.21 1.22 Em.Mk.Eq.Fund Euro € 111.59 - 0.76 0.00
MFM Artorius Fund 150.89 - -0.38 0.18 Asset Management
Managemen
Eurozone Small&Mid Caps PA € 52.50 - 0.69 0.00
Em.Mk.Eq.Fund Sterling £ 93.69 - 0.43 0.00
Asset Management
High Yield Bond A Acc 115.84 - 0.19 4.05
High Yield Bond A Inc Asset Management53.06 - 0.08 4.07
Fdmt.Eq.L/S SH Sd EUR PA
Fdmt.Eq.L/S SH Sd USD PA
€ 11.13
$ 11.14
-
-
0.03 0.00
0.02 0.00
Em.Mk.Eq.Fd.US Dollar $ 94.84 - 0.12 0.00
MFM Bowland
MFM Hathaway Inc
156.62 169.32 -0.15 0.00
105.95 110.94 -1.26 1.53
Investment Grade Bond A Acc 159.27 - 0.55 3.01 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 8178.00 - -36.00 5.93
MFM SGWM Managed A Acc 125.78 - 0.52 0.15
Asset Management
Asset Management
Gbl.Gvt.Fdmt PA € 10.50 - 0.01 0.00
Investment Grade Bond A Inc 116.69 - 0.40 3.01 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 10235.00 - 5.00 5.94
MFM Techinvest Special Situations Acc 130.94 - -0.01 0.01
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.85 - 0.03 0.00
69.67 - -0.10 2.96 Gb.Conc.Eq.Fd.Euro € 282.81 - 1.72 0.00 Natixis International Funds (Lux) I SICAV (LUX)
MFM Techinvest Technology Acc 365.17 - -8.15 0.00
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.69 - -0.05 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Sterling Corporate Bond A Inc 31.12 - -0.04 2.96 Gb.Conc.Eq.Fd.Sterl.UK T £ 168.76 - 0.67 0.00
MFM UK Primary Opportunities A Inc 326.90 - -0.47 1.35 FCA Recognised
Gbl.5B Fdmt (EUR) PA € 11.85 - 0.01 0.00
Strategic Bond A Acc 180.78 - -0.04 2.09 Gb.Conc.Eq.Fd.Sterling £ 255.70 - 1.01 0.00 Slater Investments Ltd - Investment Adviser Harris Global Equity R/A (USD) $ 270.06 270.06 0.48 0.00
Gbl.5B Fdmt (CHF) PA SFr 10.53 - 0.02 0.00
Strategic Bond A Inc 120.08 - -0.02 2.09 Gb.Conc.Eq.Fd.US $ 199.18 - 0.11 0.00 MFM Slater Growth 397.74 422.00 0.23 0.11 Harris Concentrated US Equity H-N/A (GBP) £ 144.47 144.47 -0.80 0.00
Gbl.5B Fdmt SH (USD) PA $ 11.00 - -0.01 0.00
UK Equity Absolute Return A Acc 118.61 - -0.04 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 187.89 - 0.70 0.00 MFM Slater Income A Inc 163.92 - -0.09 3.77 Harris Concentrated US Equity R/D (GBP) £ 100.64 100.64 -0.22 33.93
Generation Global (CHF) PA F SFr 13.56 - 0.10 0.00
UK Equity A Acc 235.66 - -0.99 1.42 Gb.Eq.Euro Hdg Fd. € 266.38 - 1.00 0.00 MFM Slater Recovery 172.07 182.57 -0.05 0.24 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 98.49 98.49 -0.04 0.90
Generation Global (EUR) PA F € 20.56 - 0.12 0.00
UK Equity Income A Acc 207.66 - -0.89 4.24 Gb.Eq.Fund Euro € 289.87 - 1.90 0.00
Generation Global (USD) PA F $ 15.59 - 0.01 0.00
UK Equity Income A Inc 162.30 - -0.69 4.36 Gb.Eq. Fd Euro IRE T € 183.32 - 1.21 0.00 Marlborough International Management Limited (GSY)
Global Energy (USD) PA F $ 7.33 - -0.18 0.00
Natixis International Funds (Dublin) I plc (IRL)
UK Opportunities A Acc 168.29 - -0.65 1.33 Gb.Eq.Fd.Sterling UK T £ 209.16 - 0.92 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Golden Age (CHF) PA F SFr 23.02 - 0.15 0.00 FCA Recognised Regulated
UK Smaller Companies A Acc 281.53 - 0.84 0.65 Gb.Eq.Fd.US Dollar $ 322.41 - 0.33 0.00
Marlborough North American Fund Ltd £ 30.42 30.73 -0.07 0.00
Golden Age (EUR) PA € 15.62 - 0.10 0.00 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.26 13.26 -0.01 1.14
Gb.Eq.Fund Sterling £ 206.95 - 0.91 0.00
Golden Age (USD) PA F $ 21.71 - 0.14 0.00 Marlborough Tiger Fund Ltd F £ 25.45 25.71 -0.62 0.00 Loomis Sayles High Income R/D (USD) $ 9.04 9.04 -0.01 13.40
Gb.Val.Ex-Jap.Fd.USD $ 120.25 - 0.10 0.00
Kames Capital Investment Portfolios ICVC (UK) Loomis Sayles Multisector Income R/D (GBP) £ 12.97 12.97 0.00 4.56
Sh.T- Money Mkt EUR PA € 112.33 - -0.01 0.00
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Gb.Val.Ex-Japan Fd.Yen ¥ 14715.00 - 79.00 0.00
0800 45 44 22 www.kamescapital.com Sh.T- Money Mkt CHF PA SFr 128.90 - -0.01 0.00 Marwyn Asset Management Limited (CYM)
Authorised Funds
Low Volatility Gb.Eq.Fd. € 104.76 - 0.55 -
Regulated
Sh.T- Money Mkt GBP PA £ 10.27 - 0.00 0.00
Low Volatility Gb.Eq.Fd. £ 100.50 - 0.31 -
Natixis International Funds (UK)
Property Income B Acc 116.75 - 0.06 - Marwyn Value Investors £ 535.69 - -21.99 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00
Property Income B Inc 109.98 - 0.06 - Low Volatility Gb.Eq.Fd. $ 102.90 - -0.04 - Authorised Funds
Sw.Fr.Bd(For) PA SFr 23.88 - -0.01 0.00
H2O MultiReturns Fund N/A (GBP) $ 12.54 12.54 -0.04 1.76
McInroy & Wood Portfolios Limited (UK)
Sw.Fr.Credit Bd(For) PA SFr 13.73 - -0.01 0.00
Easter Alderston, Haddington, EH41 3SF 01620 825867 H2O MultiReturns Fund I/A (GBP) £ 1.37 - 0.00 1.68
Kames Capital VCIC (IRL) MFS Meridian Funds SICAV (LUX)
Tactical Alpha (CHF) PA SFr 10.12 - 0.00 0.00 Authorised Inv Funds
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Regulated Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.06 - -0.01 0.00
Tactical Alpha (EUR) PA € 10.42 - 0.00 0.00 Balanced Fund Personal Class Units 3934.10 - 1.20 1.88
FCA Recognised Absolute Return A1 € 19.93 - -0.03 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.06 - -0.01 0.00
Absolute Return Bond B GBP Acc 1077.42 - -0.55 - Tactical Alpha (USD) PA $ 14.97 - 0.01 0.00 Income Fund Personal Class Units 2395.40xd - -4.50 2.87
Asia ex-Japan A1 $ 23.23 - 0.05 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.94 - 0.00 4.49
Eq Market Neutral B Acc 1016.71 - -0.23 - Technology PA € 13.85 - 0.03 0.00 Emerging Markets Fund Personal Class Units 1608.50 - 0.20 2.43
Bond A1 $ 10.36 - -0.04 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.02 - 0.00 4.38
Eq Market Neutral Plus B Acc 1026.62 - -0.89 - Technology PA $ 21.04 - 0.05 0.00 Smaller Companies Fund Personal Class Units 3645.00xd - 17.80 1.70
China Equity Fd A1 $ 9.93 - 0.05 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.41 - 0.00 0.27
High Yield Global Bond A GBP Inc 532.21 - 0.99 3.62 Wld Gold Expertise PAF SFr 9.64 - -0.43 0.00 Continental European Eqty A1 € 18.19 - 0.24 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.39 - 0.00 0.46
High Yield Global Bond B GBP Inc 1105.22 - 2.06 4.12 Wld Gold Expertise PA € 7.68 - -0.34 0.00 Emer Mkts Debt Lo Curr Fd A1 $ 11.54 - -0.05 0.00 Meridian Fund Managers Ltd
Investment Grade Global Bd A GBP Inc 557.45 - -0.90 2.41 Wld Gold Expertise PA $ 10.19 - -0.45 0.00 Other International Funds
Emerging Markets Debt A1 $ 33.19 - -0.04 0.00
LO Selection Global Gold & Resources Fund $ 181.53 - -4.44 -
Kames Global Equity Income B GBP Acc 1140.70 - -0.80 - Emerging Markets Eq.A1 $ 10.67 - 0.01 0.00
Balanced (CHF) PA F SFr 109.98 - 0.40 0.00 Global Energy & Resources Fund $ 44.05 - -1.37 -
Monday 17 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

Global High Yield Bond - Inst Acc $ 20.14 - 0.05 0.00 Emerging Markets Equities (EUR) € 146.78 - 1.48 0.00 Max 50% Shs Port Acc S 149.20 - -0.30 - Renminbi Bond Fund CNH Cls A CNH 124.39 - -0.54 3.43 Trojan Global Equity O Acc 214.28 - -0.01 0.91

NatWest (2230)F (UK) Omnia Fund Ltd Global Investment Grade Credit - Inst Income $ 12.30 - -0.03 3.58 Flex-o-Rente (EUR) € 109.37 - -0.15 0.00 Max 100% Shs Port Acc Ret 281.40 - 0.00 - Renminbi Bond Fund CNH Cls B CNH 124.15 - -0.55 3.19 Trojan Global Equity O Inc 182.53 - -0.01 0.91
PO Box 23873, Edinburgh EH7 5WJ** Other International Funds Global Investment Grade Credit Fund Inst Acc € € 11.65 - 0.02 0.00 Glob.Consumer Trends Equities (EUR) € 156.12 - 1.29 0.00 Max 100% Shs Port Acc X 202.10 - 0.00 - Renminbi Bond Fund Euro Cls B € 115.77 - -2.82 3.62 Trojan Income O Acc ♦ 272.02 - -0.96 3.71
Enquiries: 0800 085 5588 Estimated NAV $ 979.10 - 25.55 0.00
Global Investment Grade Credit Fund Inst Acc $ $ 16.66 - -0.04 0.00 High Yield Bonds (EUR) € 125.26 - 0.17 0.00 Max 100% Shs Port Acc S 147.10 - 0.00 - Renminbi Bond Fund GBP Cls B £ 117.63 - -2.92 3.41 Trojan Income O Inc ♦ 172.31 - -0.61 3.83
Authorised Inv Funds
Series 1(Minimum initial investment 16375,000) Global Multi-Asset - Inst Acc $ 14.98 - -0.01 0.00 Lux -O- Rente (EUR) € 139.72 - -0.64 0.00 Enhanced Inc Inc Ins 216.40 - -1.00 - Renminbi Bond Fund SGD Cls B S$ 116.61 - -2.90 3.38
United Kingdom Equity Index Fund £ 12.98 - 0.07 2.63 Global Real Return - Inst Acc $ 18.22 - -0.06 0.00 New World Financials (EUR) € 55.99 - 0.44 0.00 Enhanced Inc Inc Ret 204.90 - -1.00 - Renminbi Bond Fund USD Cls B $ 117.04 - -2.91 3.18 UBS Global Asset Mgmt Fds Ltd (UK)
UK Specialist Equity Inc £ 19.94 - 0.15 0.39 Income Fund Inst Acc $ 12.27 - -0.02 0.00 US Premium Equities (EUR) € 185.59 - -0.48 0.00 Enhanced Inc Inc X 173.90 - -0.90 - Renminbi Bond Fund YEN Cls B ¥ 12916.67 - -318.09 0.00 21 Lombard Street, London, EC3V 9AH Yuki International Limited (IRL)
Client Services 0800 587 2113, Client Dealing 0800 587 2112 Tel +44-20-7269-0207 www.yukifunds.com
Contl Europe Spec Equity £ 16.21 - 0.09 0.00 Inflation Strategy Fund Inst Acc $ 9.16 - -0.02 0.00 US Premium Equities (USD) $ 207.96 - -0.52 0.00 Managed Investments OEIC Renminbi Bond Fund USD Cls A $ 161.33 - -4.01 3.42 www.ubs.com/retailfunds Regulated
US Spec Equity Fund £ 13.69 - 0.03 0.00 Max 30% Shs Port Acc Ret 156.00 - -0.20 - Authorised Inv Funds Yuki Mizuho Umbrella Fund
Low Average Duration - Inst Acc $ 14.77 - 0.00 0.00 Renminbi Bond Fund GBP Cls A £ 156.75 - -3.89 3.65
Japan Specialist Fund X £ 9.87 - -0.03 0.00 Max 30% Shs Port Acc X 155.70 - -0.20 - OEIC Yuki Mizuho Japan Dynamic Growth ¥ 7285.00 - 2.00 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.93 - -0.01 0.00 Royal Bank of Scotland (2230)F (UK) Renminbi Bond Fund SGD Cls A S$ 154.42 - -3.84 3.62
Max 30% Shs Port Acc S 149.50 - -0.20 - Global Emerg Mkts Eqty B Acc £ 1.29 - 0.00 1.70
Pacific Basin Specialist Equity Fund £ 21.64 - 0.03 0.67 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Yuki Mizuho Japan Large Cap ¥ 7437.00 - -7.00 0.00
StocksPLUS{TM} - Inst Acc $ 23.59 - -0.04 0.00 Renminbi Bond Fund YEN Cls A ¥ 19117.22 - -470.77 0.00
Authorised Inv Funds Max 30% Shs Inc Port Inc Ret 154.80 - -0.20 - Global Optimal B Acc £ 0.99 - -0.01 0.63
UK Sovereign Bd Index Fund £ 10.93 - -0.06 2.63 Yuki Japan Low Price ¥ 29540.00 - -153.00 0.00
Total Return Bond - Inst Acc $ 27.18 - -0.05 0.00 Renminbi Bond Fund EUR Cls A € 106.44 - -2.60 3.86
Series 5 (Minumum Initial Investment £75,000) UBS UK Opportunities Fund B Acc £ 0.91 - -0.01 2.90
UK Specialist Equity Income Fund £ 10.10 - 0.08 3.66 Max 30% Shs Inc Port Inc X 154.90 - -0.20 - Yuki Japan Value Select ¥ 13801.00 - 20.00 0.00
Optima Fund Management UK Corporate Bond - Inst Acc £ 17.23 - -0.06 0.00 United Kingdom Equity Index Fund £ 16.24 - 0.09 2.63 Poland Geared Growth £ 0.46 - -0.04 0.00
Max 30% Shs Inc Port Inc S 148.70 - -0.20 - US Equity B Acc £ 1.48 - -0.01 0.29 YMR Umbrella Fund
Global Spec Inv Grade Bd Fund GBP £ 10.00 - -0.04 3.22 Other International Funds UK Long Term Corp. Bnd Inst-Inst Acc £ 19.14 - -0.12 0.00 UK Specialist Equity Inc £ 19.94 - 0.14 0.39
JENOP Global Healthcare Fund Ltd $ 17.41 - -0.30 0.00 Max 60% Shs Port Acc Ret 271.70 - 0.00 - UBS S&P 500 Index C Acc £ 0.53 - 0.01 - YMR N Growth ¥ 17808.00 - 17.00 0.00
Inflation Lkd Sov Bd Fund £ 12.84 - -0.05 0.68 UK Real Return - Inst Acc £ 23.63 - -0.09 0.00 Contl Europe Specialist Fund £ 23.95 - 0.14 0.00 Yuki Asia Umbrella Fund
OPTIKA Fund Limited - Cl A $ 119.44 - 0.42 - Max 60% Shs Port Inc Ret 216.90 - 0.10 - UBS Targeted Return B Acc £ 1.29 - 0.00 1.19
Global Emerg Mkts Equity Fund X £ 11.07 - -0.02 0.54 UK Sterling Long Average Duration - Inst Acc £ 21.87 - -0.21 0.00 Japan Specialist Fund X £ 14.95 - -0.04 0.00 Yuki Japan Rebounding Growth Fund ¥ 24982.00 - 80.00 0.00
Series 2 (Investment Management customers only) Optima Fd NAV $ 96.72 - -0.13 0.00 Max 60% Shs Port Inc X 167.90 - 0.00 - UBS Sterling Corporate Bond Indexed Fund 51.39 - -0.03 3.32
UK Sterling Low Average Duration - Inst Acc £ 14.06 - 0.01 0.00 US Spec Equity Fund £ 18.50 - 0.05 0.00
United Kingdom Equity Index Fund £ 12.99 - 0.07 3.10 Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00 Max 60% Shs Port Inc S 148.20 - 0.00 - UBS Multi Asset Income B Inc (net) £ 0.50 - 0.00 3.56
Unconstrained Bond - Inst Acc $ 12.18 - 0.02 0.00 Pacific Basin Specialist Equity Fund £ 38.17 - 0.06 0.68
UK Specialist Equity Inc £ 20.14 - 0.14 1.67 The Dorset Energy Fd Ltd NAV $ 32.28 - 0.11 0.00 Eq Inc Port Acc Ret 300.20 - 1.10 - UBS UK Equity Income B Inc Net £ 0.41 - 0.00 4.64
US Fundam.Index StocksPLUS Inst Inc $ 12.51 - -0.01 0.00 UK Sovereign Bd Index Fund £ 10.71 - -0.06 2.63
Contl Europe Spec Equity £ 17.04 - 0.10 0.60 Platinum Fd Ltd $ 88.87 - -0.50 0.00 Eq Inc Port Inc Ret 234.20 - 0.80 - Corporate Bond UK Plus B Inc Net £ 0.52 - 0.00 4.00
US High Yield Bond Fund Inst Acc $ 27.88 - 0.08 0.00 Inflation Lkd Sov Bd Fund £ 13.08 - -0.06 0.68
E.I. Sturdza Strategic Management Limited (GSY)
US Spec Equity Fund £ 14.28 - 0.04 0.16 Platinum Fd Ltd EUR € 17.27 - -0.10 0.00 Managed Investments OEIC 2 Regulated UBS Global Allocation (UK) B Acc £ 1.09 - -0.01 1.79
UK Specialist Equity Income Fund £ 10.08 - 0.09 3.66 Zadig Gestion (Memnon Fund) (LUX)
Japan Specialist Fund X £ 10.48 - -0.03 0.51 Investments Inc Port Inc Ret 164.60 - 0.00 - Nippon Growth Fund Limited ¥ 112748.00 - 1829.00 0.00 UBS Global Enhanced Equity Income C Inc £ 0.47 - 0.00 - FCA Recognised
Platinum Japan Fd Ltd $ 56.50 - -0.06 0.00
Global Emerg Mkts Equity Fund X £ 10.69 - -0.03 0.50 Strat Evarich Japan Fd Ltd JPY ¥ 103804.00 - 3099.00 0.00
Pacific Basin Specialist Equity Fund £ 21.58 - 0.04 1.32 Optima Partners Global Fd (Est) $ 14.94 - -0.11 0.00 Investments Inc Port Inc X 149.10 - -0.10 - UBS US Growth Fund B Acc £ 1.48 - -0.01 0.00 Memnon European Fund I GBP £ 114.13 - 1.20 0.00
Global Spec Inv Grade Bd Fund GBP £ 9.85 - -0.03 3.22 Strat Evarich Japan Fd Ltd USD $ 1034.44 - 31.08 0.00
UK Sovereign Bd Index Fund £ 11.10 - -0.06 2.63 Optima Partners Focus Fund A (Est) $ 17.32 - 0.05 0.00 £ Gov Bond Inc Inst (gross) 177.60 - 0.00 - UBS Emerging Markets Equity Income B Inc £ 0.38 - -0.01 5.66
Series 6 (Investment Management Customers Only)
UK Specialist Equity Income Fund £ 10.89 - 0.10 3.61 £ Gov Bond Inc Inst 145.80 - 0.00 - Zebedee Capital Partners LLP (CYM)
United Kingdom Equity Index Fund £ 16.04 - 0.09 3.10
£ Gov Bond Acc Inst 146.50 - 0.00 - Regulated
Global Spec Inv Grade Bd Fund GBP £ 10.15 - -0.03 3.22
Oryx International Growth Fund Ltd UK Specialist Equity £ 20.15 - 0.15 1.67 E.I. Sturdza Funds PLC (IRL) Unicapital Investments (LUX)
Regulated Regulated Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Inflation Lkd Sov Bd Fund £ 12.96 - -0.06 0.68 Other International Funds Strat Bond Inc Inst (gross) 182.70 - 0.00 -
Platinum Capital Management Ltd Contl Europe Specialist Fund £ 24.93 - 0.14 0.60
Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1216.72 - -3.29 0.00 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
NAV (Fully Diluted) £ 6.18 - 0.11 0.00 Strat Bond Inc Inst 150.40 - 0.10 - Investments III € 27.41 - 0.58 0.00
Global Emerg Mkts Equity Fund X £ 10.69 - -0.03 0.75 Other International Funds
Japan Specialist Fund X £ 15.74 - -0.05 0.51
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1429.69 - -3.81 0.00 Investments IV - European Private Eq. € 290.10 304.61 8.08 - Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
The initial charge you will pay will depend on the amount you invest Platinum All Star Fund - A (Est) $ 120.33 - - - Strat Bond Acc Inst 150.40 - 0.10 -
**Address and Telephone number for series 1 only US Spec Equity Fund £ 19.34 - 0.06 0.16
Managed Investments OEIC 3 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 111777.00 - -299.00 0.00 Investments IV - Global Private Eq. € 437.05 458.90 8.57 -
Platinum Global Dividend Fund - A (Est) $ 59.11 - - -

Platinum Global Dividend UCITS Fund $ 69.12 - -0.50 5.16

Pacific Basin Specialist Equity Fund £ 38.06

UK Sovereign Bd Index Fund £ 10.82

-

-
0.05 1.32

-0.06 2.63
Div Inc Port Inc Ret 177.40 - -1.10 - Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 93694.00 - -233.00 0.00 Money Market
Corp Bond Acc Inst (gross) 212.00 - 0.00 - Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 91076.00 - -244.00 0.00
Platinum Essential Resources UCITs Fund $ 5.96 - 0.00 0.00
Inflation Lkd Sov Bd Fund £ 12.95 - -0.05 0.68
Corp Bond Inc Inst 142.80 - 0.00 - Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 60608.00 - -159.00 0.00
Unicorn Asset Management Ltd (UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Trusts and
Asset Management
Platinum Maverick Enhanced Fund Limited (Est) $ 103.95 - - 0.00
UK Specialist Equity Income Fund £ 10.89 - 0.10 3.60 Authorised Inv Funds

Global Spec Inv Grade Bd Fund GBP £ 10.12 - -0.04 3.22

Corp Bond Acc Inst
Multi-Manager OEIC
144.30 - 0.00 - Strategic China Panda Fund USD $ 2310.65

Strategic China Panda Fund Hedged EURO € 2244.00

-

-
28.55 0.00

27.38 0.00
UK Growth A Inc
Asset Management
409.28 - 2.78 0.00 Bank Accounts Gross
Permal Investment Mgmt Svcs Ltd
Global Emerg Mkts Equity Fund X £ 10.70 - -0.02 0.72 Bal Intl Track Acc Ret 268.60 - -0.70 - Mastertrust A Inc X F 367.58 - -0.18 0.00 Gross Net AER Int Cr
www.permal.com Strategic China Panda Fund Hedged Sterling £ 2276.34 - 28.07 0.00
New Capital Fund Management Ltd (IRL) Other International Funds Address and telephone number for Series 5 only UK Growth B Inc 411.73 - 2.78 0.23
Bond Mthly Inc Acc Ret 143.30 - -0.40 - Strategic Euro Bond Accumulating Class CHFSFr 996.23 - 0.93 0.00
Leconfield House, Curzon Street, London, W1J 5JB Offshore Fund Class A US $ Shares CCLA Investment Management Ltd
Bond Mthly Inc Inc Ret 92.53 - -0.27 - Mastertrust B Inc X F 331.15 - -0.16 0.38
FCA Recognised Investment Holdings N.V. $ 5712.21 - -20.57 0.00 Strategic Euro Bond Institutional Class EUR € 1018.61 - 0.99 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
New Capital UCITS Funds Royal London Unit Managers Ltd. (1200) F (UK) Outstanding British Cos A Acc X F 249.17 - 0.20 0.44 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Macro Holdings Ltd $ 4197.79 - 38.91 0.00 Strategic Euro Bond Fund Accumulating Class Shares € 1143.21 - 1.10 0.00
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Outstanding British Cos B Acc X F 259.70 - 0.22 1.12
Asia Pac Bd USD Inst Inc $ 92.72 - -0.58 3.23
Fixed Income Holdings N.V. $ 386.95 - 0.78 6.20 Polar Capital Funds Plc (IRL) Authorised Inv Funds Santander Asset Management UK Limited (1200)F (UK) Strategic Euro Bond Fund Distributing Class Shares € 1031.76 - 0.99 2.90
Asia Pac Bd USD Ord Inc $ 94.71 - -0.59 2.50 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 UK Smaller Cos A Inc X F 456.87 - 3.94 0.08 CCLA Fund Managers Ltd
Permal Absolute Return Fund $ 169.53 - 2.94 0.00 Regulated Royal London Sustainable Diversified A Inc £ 1.56 - 0.00 1.89 Strategic Global Bond RMB Acc $ 1051.97 - -6.34 0.00
Authorised Inv Funds Senator House 85 Queen Victoria Street, London EC4V 4ET
Asia Pac Eq EUR Ord Inc € 91.25 - -0.09 3.07 Asian Financials I USD $ 295.35 295.35 3.07 0.00 UK Smaller Cos B Inc X F 448.95 - 3.86 0.75
Royal London Sustainable World A Inc 171.00 - -0.30 0.67 Santander Premium Fund (OEIC) Strategic Global Bond USD Acc $ 1048.44 - -1.99 0.00 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Asia Pac Eq GBP Ord Inc £ 94.66 - -0.09 3.47 Biotechnology I USD $ 19.75 19.75 -0.15 0.00 UK Income A Acc X F 267.71 - 0.75 5.82
Royal London Corporate Bond Mth Income 89.26 93.96 -0.08 4.18 A Shares Strategic US Momentum and Value Fund $ 856.94 - -0.23 0.00
Asia Pac Eq USD Ord Inc $ 95.31 - -0.09 2.90 European Income Acc EUR € 12.05 12.05 0.12 - Europe (ex-UK) 282.50 - -1.20 - UK Income A Inc X F 242.58 - 0.68 6.05
Royal London European Growth Trust 109.60 115.40 -0.10 0.91 Strategic US Momentum & Value Fund USD I Class $ 568.26 - -0.14 0.00
Asia Pac Eq USD Inst Acc $ 100.89 - -0.09 0.00 European Ex UK Inc EUR Acc € 10.19 10.19 0.13 - Royal London Sustainable Leaders A Inc 466.90 - -1.00 0.81 Japan Equities 158.40 - 0.10 -
Strategic US Momentum and Value EUR Hedged Class EUR € 598.13 - -0.21 0.00
UK Income B Acc X F 283.66 - 0.80 5.78
Data Provided by
Asia Pac Eq USD Inst Inc $ 108.44 - -0.97 3.57 Financial Opps I USD $ 13.12 - 0.01 1.99 Pacific Bas (ex-Japan) 501.10 - 0.20 - UK Income B Inc X F 257.16 - 0.73 6.01
Royal London UK Growth Trust 492.30 518.20 -1.10 1.07 Strategic US Momentum and Value CHF Hedged Class CHFSFr 596.48 - -0.26 0.00
Dyn Europ Eq EUR Ord Inc € 181.48 - -2.27 1.30 GEM Growth I USD $ 8.94 - 0.02 0.00 Sterling Bonds 263.90 - -0.10 -
Royal London UK Income With Growth Trust 225.00 236.80 -1.10 4.40
Dyn Europ Eq GBP Ord Inc £ 193.26 - -2.42 1.64 GEM Income I USD $ 10.08 - 0.00 0.00 UK Equities 270.80 - -1.20 -
Pictet Asset Management (Europe) SA (LUX) Royal London US Growth Trust 153.40 161.40 -0.80 0.00
Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Dyn Europ Eq USD Ord Inc $ 181.75 - -2.28 1.22 15, Avenue J.F. Kennedy L-1855 Luxembourg Global Alpha I USD $ 13.27 13.27 -0.04 0.00 Additional Funds Available US Equities 260.00 - -0.40 - 50 Bank Street, Canary Wharf, London E14 5NT
Tel: 0041 58 323 3000 Please see www.royallondon.com for details
China Equity EUR Ord Acc € 148.98 - -0.64 0.00 Global Convertible I USD $ 11.75 11.75 0.00 0.00 B Shares Admin: 50 Bank Street, Canary Wharf, London E14 5NT
FCA Recognised
Dealing & Enquiries: 0870 870 8433
China Equity GBP Ord Acc £ 155.96 - -0.65 0.00 Pictet-Absl Rtn Fix Inc-HI EUR € 107.36 - 0.25 0.00 Global Insurance I GBP £ 4.02 - 0.03 0.00 Pacific Bas (ex-Japan) 500.40 - 0.20 -
Authorised Inv Funds
China Equity USD Ord Acc $ 152.13 - -0.62 0.00 Pictet-Absl Rtn Glo Div-I EUR F € 126.05 - 0.23 0.00 Global Technology I USD $ 22.88 - -0.03 0.00 THS Growth & Value Funds www.morningstar.co.uk
China Equity USD Inst Acc $ 155.97 - -0.63 0.00 Healthcare Blue Chip Fund I USD Acc $ 11.62 11.62 -0.01 - International Data as shown is for information purposes only. No
Pictet-Agriculture-I EUR F € 200.90 - 0.52 0.00 Saracen Fund Managers Ltd (1000)F (UK)
Global Val.Cr.Fd GBP Ord Inc £ 112.30 - -0.10 3.57 19 Rutland Square, Edinburgh EH1 2BB IGV - Inc A 341.20 - -0.70 2.30 offer is made by Morningstar or this publication.
Pictet-Asian Equities Ex Japan-I USD F $ 205.42 - 0.59 0.00 Healthcare Opps I USD $ 43.40 - 0.09 0.00
Dealing: 00 353 1 603 9921 IGV - Inc B 341.00 - -0.70 1.51
Global Val.Cr.Fd USD Inst Acc $ 124.34 - -0.21 0.00 Pictet-Asian Local Currency Debt-I USD F $ 149.99 - -0.36 0.00 Income Opportunities B2 I GBP Acc £ 1.75 1.75 0.01 0.00 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Value Partners Hong Kong Limited (IRL)
Global Val.Cr.Fd GBP Ord Acc £ 178.83 - -0.18 0.00 Authorised Inv Funds IGV - Acc X 417.10 - -0.90 1.78 www.valuepartners.net, fis@vp.com.hk
Pictet-Biotech-I USD F $ 926.33 - -6.89 0.00 Japan Alpha I JPY ¥ 226.30 226.30 -1.22 0.00
Ruffer LLP (1000)F (UK)
Saracen Growth Fd Alpha Acc £ 3.74 - 0.02 0.96 IGV - Acc Y 446.80 - -1.00 2.26 Regulated
Global Val.Cr.Fd USD Ord Acc $ 167.94 - -0.17 0.00 Pictet-Brazil Index I USD $ 42.66 - -0.71 0.00 Japan I JPY ¥ 2272.35 - -4.27 0.00 40 Dukes Place, London EC3A 7NH
Saracen Growth Fd Beta Acc £ 5.97 - 0.03 1.43 IGV - Acc Z 414.60 - -0.90 1.52 Value Partners Classic Equity Fund USD Z Unhedged $ 11.65 - 0.00 0.00
Global Val.Cr.Fd EUR Ord Acc € 156.70 - -0.17 0.00 North American I USD $ 17.98 17.98 -0.02 0.00 Order Desk and Enquiries: 0845 601 9610
Pictet-CHF Bonds I CHF SFr 506.57 - 1.17 0.00
Authorised Inv Funds Saracen Global Income & Growth Fund A - Acc £ 1.18 - 0.01 2.90 European Value Partners Classic Equity Fund CHF HedgedSFr 12.31 - -0.01 0.00
Swiss Select Equity Inst Acc SFr 118.30 - -0.53 0.00 Pictet-China Index I USD $ 114.57 - 0.79 0.00 UK Absolute Equity I GBP £ 12.36 12.36 0.07 - Authorised Corporate Director - Capita Financial Managers
Saracen Global Income & Growth Fund A - Dist £ 1.10 - 0.01 2.65 EGV - Acc S 279.70 - -1.20 - Value Partners Classic Equity Fund EUR Hedged € 12.40 - -0.01 0.00
Swiss Select Equity Ord Acc SFr 117.22 - -0.53 0.00 Pictet-Clean Energy-I USD F $ 85.37 - -0.11 0.00 CF Ruffer Investment Funds
Saracen Global Income and Growth Fund -Acc # £ 1.46 - 0.01 3.26 EGV - Acc Z 279.70 - -1.20 0.80 Value Partners Classic Equity Fund GBP Hedged £ 12.67 - -0.01 0.00
US Growth USD Ord Acc $ 215.26 - 0.07 0.00 CF Ruffer Gold Fund C Acc 74.79 - 1.92 0.00
Pictet-Digital Communication-I USD F $ 254.57 - -0.07 0.00 Polar Capital LLP (CYM)
Continental Value Partners Classic Equity Fund GBP Unhedged £ 12.79 - -0.02 0.00
US Growth EUR Ord Acc € 205.72 - 0.05 0.00 Regulated CF Ruffer Gold Fund O Acc 74.11 - 1.90 0.00 Saracen Global Income and Growth Fund -Dist # £ 1.29 - 0.01 2.68
Pictet-Eastern Europe-I EUR F € 281.90 - -0.80 0.00 CGV Acc S 113.90 - -0.70 -
Saracen UK Income Fund - Acc £ 1.05 - 0.01 - Value Partners Classic Equity USD Hedged $ 14.41 - -0.01 0.00
US Growth GBP Ord Acc £ 216.12 - 0.07 0.00 ALVA Convertible A USD $ 129.05 - 0.44 0.00 Equity & General C Acc 385.13 - 1.11 0.25
Pictet-Em Lcl Ccy Dbt-I USD F $ 159.85 - -0.58 0.00 CGV Acc X 113.30 - -0.70 -
Saracen UK Income Fund - Dist £ 1.04 - 0.01 - Value Partners Health Care Fund RMB Class Z UnhedgedCNY 9.84 - -0.08 -
US Growth USD Inst Acc $ 198.73 - -2.06 0.00 European Conviction A EUR € 160.31 - -1.11 0.00 Equity & General C Inc 355.42 - 1.02 0.25
Pictet-Emerging Markets-I USD F $ 497.34 - 0.39 0.00 CGV Inc A £ 1.14 - 0.00 -
. Value Partners Health Care Fund HKD Class A UnhedgedHK$ 9.35 - -0.01 -
Wealthy Nat Bd EUR Inst Inc € 109.56 - -0.09 3.76 European Forager A EUR € 180.73 - -0.07 0.00 Equity & General O Inc 354.15 - 1.01 0.00
Pictet-Emerging Markets Index-I USD F $ 223.67 - 0.89 0.00 For Save & Prosper please see Countrywide Assured CGV Inc B £ 1.14 - 0.00 - Value Partners Health Care Fund USD Class A Unhedged $ 9.39 - 0.00 -
Wealthy Nat Bd GBP Inst Inc £ 113.57 - -0.10 3.61 Equity & General O Acc 381.67 - 1.09 0.00
Pictet-Emerging Corporate Bonds I USD $ 107.04 - -0.08 0.00
Wealthy Nat Bd EUR Ord Inc € 109.05 - 0.17 3.52 Pictet-Emerging Markets High Dividend I USD $ 99.97 - -0.22 0.00 Polunin Capital Partners Ltd European C Acc 506.45 - -5.82 0.22
Schroder Property Managers (Jersey) Ltd The Hartford International Funds (IRL)
Wealthy Nat Bd GBP Ord Inc £ 114.23 - -0.09 3.34
Other International Funds
European O Acc 501.93 - -5.80 0.00 Other International Funds
Veritas Asset Management LLP (IRL)
Pictet-Emerging Markets Sust Eq I USD $ 88.07 - 0.27 0.00 Regulated HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Emerging Markets Active $ 42.54 - -2.14 -
Wealthy Nat Bd USD Ord Inc $ 111.38 - 0.20 3.32 Japanese Fund C Acc 191.53 - -0.79 0.01 Indirect Real Estate SIRE £ 130.50 136.46 1.01 2.50 Veritas Funds Plc
Pictet-Environmental Megatrend Sel I EUR € 160.69 - 1.42 0.00 Gbl Govt Bond (Ex Japan) Index (GBP) £ 1559.61 - -3.30 0.00
Luxcellence Em Mkts Tech $ 886.44 - 13.86 0.00
New Capital Alternative Strategies
All Weather Fd USD Cls $ 120.69 - -1.63 0.00
Pictet-EUR Bonds-I F € 552.90 - -0.70 0.00
Polunin Developing Countries $ 777.37 778.46 3.39 0.00
Japanese Fund O Acc X 189.58 - -0.79 0.00 UK Corporate Bond £ 1559.51 - -0.64 0.00
www.veritas-asset.com
+353 1 635 6799 Guide to Data
Pacific C Acc 308.57 - 2.41 0.46 Scottish Friendly Asset Managers Ltd (UK) Gilt £ 1575.78 - -0.21 0.00 FCA Recognised
Pictet-EUR Corporate Bonds Ex Fin i EUR € 143.79 - -0.13 0.00
All Weather Fd EUR Cls € 108.61 - -1.54 0.00 Polunin Discovery - Frontier Markets $ 1528.19 - 6.90 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Pacific O Acc 305.52 - 2.37 0.17 Institutional
Pictet-EUR Corporate Bonds-I F € 199.72 - -0.12 0.00 Global Eq (Ex Japan) Index Fund ¥ 1.41 - 0.00 0.00 The fund prices quoted on these pages are supplied by
Polunin Small Cap $ 1431.02 1448.91 22.56 0.00 Authorised Inv Funds
All Weather Fd GBP Cls £ 117.15 - -1.54 0.00 Total Return C Acc 405.33 - 1.00 1.38 Veritas Asian Fund A USD H $ 310.41 - 1.70 0.65 the operator of the relevant fund. Details of funds
Pictet-EUR Government Bonds I EUR € 156.96 - -0.24 0.00 Managed Growth ♦ 240.00 - -0.50 0.00 Global Eq (ex Japan) Class HJ4 ¥ 1.47 - 0.01 0.00
published on these pages, including prices, are for the
Tactical Opps USD Cls $ 152.63 - -1.74 0.00 Total Return C Inc 283.40 - 0.70 1.39 Veritas Asian Fund A GBP H £ 366.08 - 2.01 0.49
Pictet-EUR High Yield-I F € 244.11 - -0.93 0.00 Global Eq (ex Japan) Class JP5 ¥ 1.65 - 0.01 0.00 purpose of information only and should only be used
UK Growth ♦ 263.40 - -0.20 0.00
Tactical Opps EUR Cls € 127.79 - -1.52 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) Veritas Asian Fund A EUR H € 320.02 - 0.64 0.40 as a guide. The Financial Times Limited makes no
Total Return O Inc 280.74 - 0.67 1.39 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.51 - 0.01 0.00
Pictet-EUR Short Mid-Term Bonds-I F € 136.83 - -0.06 0.00 Regulated representation as to their accuracy or completeness
Tactical Opps GBP Cls £ 143.76 - -1.66 0.00 Total Return O Acc 401.66 - 0.97 1.37 Veritas China Fund A USD $ 145.55 - 0.51 0.00 and they should not be relied upon when making an
Pictet-EUR Short Term HY I EUR € 119.27 - 0.08 0.00 Monument Growth 11/08/2015 £ 485.43 490.85 -0.49 1.04 Gbl Govt Bond (Ex Japan) Index ¥ 1.38 - 0.00 0.00
SIA (SIA Funds AG) (LUX) Veritas China Fund A GBP £ 150.39 - 0.53 0.00
investment decision.
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.07 - 0.00 0.00 Regulated Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.35 - -0.01 0.00
Veritas China Fund A EUR € 144.60 - 0.53 0.00 The sale of interests in the funds listed on these pages
Pictet-Euroland Index IS EUR € 139.10 - 1.43 0.00 LTIF Classic € 345.87 - 1.35 0.00 Japan Equity Index Fund ¥ 1.14 - 0.00 0.00 may, in certain jurisdictions, be restricted by law and
Prusik Investment Management LLP (IRL)
Veritas Global Equity Income Fund D USD $ 125.04 - -0.37 4.49
LTIF Natural Resources € 75.63 - -1.01 0.00 the funds will not necessarily be available to persons
Pictet-Europe Index-I EUR F € 179.90 - 1.90 0.00 Enquiries - 0207 493 1331 Japan Equity Class JP3 ¥ 1.38 - -0.01 0.00 in all jurisdictions in which the publication circulates.
Regulated Veritas Global Equity Income Fund D EUR € 217.36 - -1.81 3.70
Pictet-European Equity Selection-I EUR F € 652.56 - 7.41 0.00 LTIF Stability A ACCU € 171.63 - 0.56 - Persons in any doubt should take appropriate
Prusik Asian Equity Income B Dist $ 160.73 - 0.81 3.75 Veritas Global Equity Income Fund D GBP £ 155.41 - -0.49 4.44 professional advice. Data collated by Morningstar. For
Pictet-European Sust Eq-I EUR F € 249.13 - 2.82 0.00 The National Investor (TNI) other queries contact reader.enquiries@ft.com +44
Prusik Asia A $ 195.71 - 1.08 0.00 Veritas Global Focus Fund D USD $ 26.86 - -0.01 2.65 (0)207 873 4211.
Pictet-Global Bds Fundamental I USD $ 118.04 - -0.64 0.00 SIA (SIA Funds AG) (CH) www.tni.ae
Northwest Investment Management (HK) Ltd Prusik Asian Smaller Cos A $ 155.70 - 0.02 0.00 S W Mitchell Capital LLP (CYM) Other International Funds Veritas Global Focus Fund D EUR € 24.21 - -0.13 2.41
Other International Fds The fund prices published in this edition along with
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Pictet-Global Bonds-I EUR € 161.15 - 0.13 0.00 Regulated
LTIF Stability Growth SFr 204.90 - 1.00 - TNI Blue Chip UAE Fund * AED 11.60 - -0.12 0.00 Veritas Global Focus Fund D GBP £ 29.16 - -0.01 2.33 additional information are also available on the
Other International Funds
Pictet-Global Emerging Currencies-I USD F $ 97.36 - 0.11 0.00 S W Mitchell European Fund Class A EUR € 352.90 - 16.08 - Financial Times website, www.ft.com/funds. The
TNI Funds Ltd (BMU)
Northwest $ class $ 2331.51 - -97.83 0.00 Purisima Investment Fds (UK) (1200)F (UK) LTIF Stability Inc Plus SFr 182.00 - 0.90 5.66 Veritas Global Focus Fund A GBP £ 28.11 - -0.01 2.12 funds published on these pages are grouped together
Pictet-Global Emerging Debt-I USD F $ 355.15 - 0.03 0.00 S W Mitchell Small Cap European Fund Class A EUR € 238.60 - 9.55 - MENA Hedge Fund $ 995.03 - 3.99 0.00 by fund management company.
Northwest Warrant $ class $ 2413.75 - -188.47 0.00 40 Dukes Place, London EC3A 7NH Veritas Global Focus Fund A EUR € 14.08 - -0.08 1.91
Pictet-Global Megatrend Selection-I USD F $ 232.43 - 0.15 0.00 Order Desk 08459 220044, Enquiries: 0870 607 2555 The Charlemagne Fund EUR € 347.47 - 14.25 - TNI Funds Plc (Ireland)
Veritas Global Focus Fund A USD $ 25.87 - -0.01 2.22 Prices are in pence unless otherwise indicated. The
Pictet-Greater China-I USD F $ 475.45 - -0.36 0.00
Authorised Inv Funds Smith & Williamson Investment Management (1200)F (UK) MENA UCITS Fund * $ 1309.67 - -2.88 0.00 change, if shown, is the change on the previously
Authorised Corporate Director - Capita Financial Managers 25 Moorgate, London, EC2R 6AY 020 7131 8100 Veritas Global Focus Fund C GBP £ 30.37 - -0.01 0.00 quoted figure (not all funds update prices daily). Those
Pictet-Health-I USD $ 303.51 - -0.70 0.00 www.sandwfunds.com designated $ with no prefix refer to US dollars. Yield
Global Total Fd PCG A 164.62 - -0.23 0.35 S W Mitchell Capital LLP (IRL)
Veritas Global Focus Fund C EUR € 25.32 - -0.14 0.00
Pictet-High Dividend Sel I EUR F € 159.39 - 1.21 0.00 Regulated Authorised Inv Funds percentage figures (in Tuesday to Saturday papers)
Global Total Fd PCG B 163.26 - -0.23 0.13 allow for buying expenses. Prices of certain older
European Growth Trust A Class 518.50 - -1.40 0.71 Veritas Global Focus Fund C USD $ 28.03 - 0.00 0.00
Pictet-India Index I USD $ 103.12 - -0.74 0.00 SWMC European Fund B EUR € 16474.46 - 216.65 0.00 insurance linked plans might be subject to capital
Global Total Fd PCG INT 161.25 - -0.23 0.00
Far Eastern Income and Growth Trust A Class 416.80 - 2.60 3.17 Veritas Global Equity Income Fund A GBP £ 149.06 - -0.47 4.47 gains tax on sales.
Pictet-Indian Equities-I USD F $ 472.30 - 7.52 0.00 SWMC UK Fund B £ 12242.18 - 175.42 0.00

SWMC Small Cap European Fund B EUR € 13983.50 - 76.19 0.00 Fixed Interest Trust A Class 122.10xd - 0.00 3.69 Thesis Unit Trust Management Limited (UK) Veritas Global Equity Income Fund A EUR € 211.33 - -1.76 3.73 Guide to pricing of Authorised Investment Funds:
Pictet-Japan Index-I JPY F ¥ 17523.54 - -46.77 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Oasis Crescent Management Company Ltd Purisima Investment Fds (CI) Ltd (JER) Global Gold and Resource Trust A Class 135.60 - -4.70 0.00 Veritas Global Equity Income Fund A USD $ 120.42 - -0.35 4.51 (compiled with the assistance of the IMA. The
Pictet-Japanese Equities Opp-I JPY F ¥ 10356.34 - -21.89 0.00 SWMC Emerging European Fund B EUR € 9165.32 - 34.02 0.00 Authorised Funds Investment Management Association, 65 Kingsway,
Other International Funds Regulated
MM Endurance Balanced Fund A Class 217.50 - 0.20 1.16 TM New Court Fund A 2011 Inc £ 13.10 - -0.03 0.00 Veritas Global Equity Income Fund C GBP £ 173.90 - -0.54 - London WC2B 6TD.
Oasis Crescent Equity Fund R 9.44 - -0.03 0.00 Pictet-Japanese Equity Selection-I JPY F ¥ 15588.46 - -7.50 0.00 PCG B X 170.23 - -0.33 0.00 Tel: +44 (0)20 7831 0898.)
MM Global Investment Fund A Class 2193.00 - -7.00 1.75 TM New Court Fund - A 2014 Acc £ 13.13 - -0.03 0.00 Veritas Global Equity Income Fund C EUR € 245.85 - -2.05 -
Pictet-LATAM Index I USD $ 54.94 - -0.68 0.00 PCG C X 167.95 - -0.33 0.00
Veritas Global Equity Income Fund C USD $ 139.62 - -0.41 - OEIC: Open-Ended Investment Company. Similar to a
North American Trust A Class 1703.00 - -1.00 0.00 TM New Court Equity Growth Fund - Inc £ 13.24 - -0.03 0.00
Oasis Global Mgmt Co (Ireland) Ltd (IRL) Pictet-LATAM Lc Ccy Dbt-I USD F $ 114.94 - -0.71 0.00 unit trust but using a company rather than a trust
Oriental Growth Fund A Class 145.20 - 0.80 1.03 Veritas Global Real Return Fund A USD $ 20.34 - 0.02 2.07 structure.
Regulated Pictet-Pacific Ex Japan Index-I USD F $ 341.05 - 0.20 0.00
Oasis Global Investment (Ireland) Plc
Putnam Investments (Ireland) Ltd (IRL)
UK Equity Growth Trust A Class 430.60 - 0.50 0.64 Veritas Global Real Return Fund A GBP £ 11.36 - 0.01 2.05 Different share classes are issued to reflect a different
Pictet-Premium Brands-I EUR F € 162.53 - 1.76 0.00 Regulated
Oasis Crescent Global Short Term Income Fund $ 1.00 - 0.00 0.45 Veritas Global Real Return Fund A EUR € 11.99 - 0.01 0.17 currency, charging structure or type of holder.
Putnam New Flag Euro High Yield Plc - E € 1020.36 - 0.04 4.26 UK Equity Income Trust A Class 231.40 - -0.80 5.95
Pictet-Quality Global Equities I USD $ 136.96 - 0.35 0.00
Oasis Global Equity $ 27.95 - -0.11 0.22 Retail Selling price: Also called bid price. The price at which
RobecoSAM (LUX)
Oasis Crescent Global Investment Fund (Ireland) plc Pictet-Russia Index I USD $ 50.40 - -0.26 0.00 Veritas Asian Fund B USD $ 216.77 - 1.26 0.47 units in a unit trust are sold by investors.
Tel. +41 44 653 10 10 http://www.robecosam.com/
Oasis Crescent Global Equity Fund $ 28.37 - -0.13 0.00 Pictet-Russian Equities-I USD F $ 42.53 - -0.26 0.00 Regulated Smith & Williamson Fd Admin Ltd (1200)F (UK)
Veritas Asian Fund B GBP £ 269.14 - 1.42 0.04 Buying price: Also called offer price. The price at
25 Moorgate, London, EC2R 6AY 0141 222 1150
Oasis Crescent Global High Equity Balanced Fund $ 9.82 - -0.03 0.00 Pictet-Security-I USD F $ 204.77 - 0.23 0.00 RobecoSAM Sm.Energy/A £ 11.08 - 0.05 1.28 which units in a unit trust are bought by investors.
Authorised Inv Funds Veritas Asian Fund B EUR € 235.19 - 0.46 0.00 Includes manager’s initial charge.
Oasis Crescent Variable Balanced Fund £ 10.57 - -0.05 - Pictet-Select-Callisto I EUR € 107.86 - 0.02 0.00 RobecoSAM Sm.Materials/A £ 121.08 - 0.67 2.00 S&W Deucalion Fd (OEIC) 2198.00 - -13.00 0.18 Veritas China Fund B GBP £ 145.15 - 0.49 0.00
RobecoSAM Gl.Small Cap Eq/A £ 79.26 - 0.58 1.68 Single price: Based on a mid-market valuation of the
OasisCresGl Income Class A $ 11.06 - 0.01 2.28 Pictet-Small Cap Europe-I EUR F € 1130.33 - 18.62 0.00 S & W Magnum 381.30 403.20 -1.00 1.87 Veritas China Fund B EUR € 166.75 - -2.49 0.00 underlying investments. The buying and selling price
Pictet-ST.MoneyMkt-I € 140.51 - 0.00 0.00 RobecoSAM Sustainable Gl.Eq/B € 185.52 - 1.52 0.00 for shares of an OEIC and units of a single priced unit
OasisCresGl LowBal D ($) Dist $ 12.07 - -0.02 0.00 S & W Marathon Trust 191.40 202.50 -0.40 1.85 Toscafund (CYM) Veritas Global Focus Fund B USD $ 18.64 - -0.01 1.62 trust are the same.
Pictet-ST.MoneyMkt JPY I USD ¥ 101534.09 - -0.07 0.00 RobecoSAM S.HealthyLiv/B € 184.49 - 0.91 0.00 Regulated
OasisCresGl Med Eq Bal A ($) Dist $ 12.28 - -0.02 0.31 Charity Value and Income Fund Acc 141.20 142.00 -0.20 4.55 Veritas Global Focus Fund B GBP £ 21.43 - -0.01 1.68
RobecoSAM S.Water/A £ 163.77 - 0.48 2.26 Tosca $ 305.22 - -1.25 0.00 Treatment of manager’s periodic capital charge:
Oasis Crescent Gbl Property Eqty $ 9.75 - 0.04 1.83 Pictet-ST.MoneyMkt-ICHF SFr 124.56 - -0.01 0.00 Charity Value and Income Fund Inc 96.16 96.70 -0.16 4.68 Veritas Global Focus Fund B EUR € 16.73 - -0.10 1.53 The letter C denotes that the trust deducts all or part
Tosca Mid Cap GBP £ 267.76 - 6.83 0.00 of the manager’s/operator’s periodic charge from
Pictet-ST.MoneyMkt-IUSD $ 135.08 - 0.01 0.00 Ram Active Investments SA Veritas Global Equity Income Fund B GBP £ 137.33 - -0.43 4.52
Tosca Opportunity B USD $ 313.41 - 20.23 0.00 capital, contact the manager/operator for full details
www.ram-ai.com
Pictet-Timber-I USD F $ 154.57 - 0.80 0.00 of the effect of this course of action.
Other International Funds Standard Life Wealth (JER) Veritas Global Equity Income Fund B EUR € 194.21 - -1.62 3.77
Pictet Total Ret-Agora I EUR € 110.61 - 0.18 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
RAM Systematic Emerg Markets Core Eq $ 84.48 - 0.11 0.00 Veritas Global Equity Income Fund B USD $ 119.55 - -0.35 4.57 Exit Charges: The letter E denotes that an exit charge
FCA Recognised may be made when you sell units, contact the
Pictet Total Ret-Corto Europe I EUR € 134.64 - 1.13 0.00 Veritas Global Real Return Fund B USD $ 19.70 - 0.02 1.62
RAM Systematic Emerg Markets Eq $ 149.42 - 0.06 0.00 Standard Life Offshore Strategy Fund Limited manager/operator for full details.
Pictet Total Ret-Divers Alpha I EUR € 104.46 - 0.05 0.00 Bridge Fund £ 1.6209 - -0.0044 2.04 Veritas Global Real Return Fund B GBP £ 11.13 - 0.01 1.63
RAM Systematic European Eq € 381.85 - 5.18 0.00
Time: Some funds give information about the timing of
Pictet Total Ret-Kosmos I EUR € 109.00 - -0.06 0.00 Diversified Assets Fund £ 1.1912 - -0.0002 2.96 Veritas Global Real Return Fund B EUR € 12.82 - 0.01 1.44 price quotes. The time shown alongside the fund
RAM Systematic Global Shareholder Yield Eq $ 102.19 - -0.26 0.00
Odey Asset Management LLP (UK) Pictet Total Ret-Mandarin I USD $ 117.31 - 0.19 0.00
Santander Asset Management UK Limited (1200)F (UK) manager’s/operator’s name is the valuation point for
RAM Systematic Long/Short Emerg Markets Eq $ 120.18 - -0.20 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Global Equity Fund £ 1.8647 - -0.0017 1.09 their unit trusts/OEICs, unless another time is
40 Dukes Place, London, EC3A 7NH
Order Desk: 0845 300 2106, Enquiries: 0870 607 2555 Pictet-US Equity Selection-I USD $ 195.89 - -0.21 0.00 Authorised Funds Global Balanced Fund - Income Units £ 1.3486 - -0.0054 1.91 indicated by the symbol alongside the individual unit
RAM Systematic Long/Short European Eq € 140.45 - 1.61 0.00 Veritas Asset Management LLP
Santander Atlas Range trust/OEIC name.
Authorised Corporate Director - Capita Financial Managers Pictet-US High Yield-I USD F $ 146.82 - 0.28 0.00 Global Balanced Fund - Accumulations Units £ 1.5659 - -0.0063 1.88 www.veritas-asset.com
RAM Systematic North American Eq $ 234.06 - -0.81 0.00
Authorised Inv Funds Santander Atlas Port 3 Acc Ret 149.40 - -0.20 - Other International Funds The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Pictet-USA Index-I USD F $ 183.28 - -0.22 0.00 Global Fixed Interest Fund £ 1.0121 - -0.0002 3.45
CF Odey Continental European GBP R Acc 720.55 - -0.97 0.19 RAM Tactical Convertibles Europe € 144.28 - 0.76 0.00 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Santander Atlas Port 3 Inc Ret 104.00 - -0.20 - Real Return Asian Fund USD € 297.27 - 0.59 0.00
Pictet-USD Government Bonds-I F $ 635.08 - -1.64 0.00
RAM Tactical Global Bond Total Return € 139.87 - -0.13 0.00 Sterling Fixed Interest Fund £ 0.8503 - -0.0004 3.08 TreeTop Asset Management S.A. (LUX) midnight. Daily dealing prices are set on the basis of
CF Odey Opus GBP R Inc 3806.39 - -1.28 0.00 Santander Atlas Port 3 Acc Inst 164.00 - -0.30 - Regulated Real Return Asian Fund GBP £ 317.35 - 1.20 0.00 the valuation point, a short period of time may elapse
Pictet-USD Short Mid-Term Bonds-I F $ 129.31 - -0.13 0.00 UK Equity Fund £ 1.9926 - -0.0075 2.63 before prices become available. Historic pricing: The
CF Odey Absolute Return GBP R 311.34 - 1.66 0.00 RAM Tactical II Asia Bond Total Return $ 124.26 - -0.18 0.00 TreeTop Convertible Sicav
Santander Atlas Port 4 Acc Ret 182.60 - 0.00 - Real Return Asian Fund EUR $ 313.23 - 1.15 0.00 letter H denotes that the managers/operators will
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.57 - 0.00 0.00 International A € 308.09 - 1.72 0.00
CF Odey Portfolio Fund GBP R Inc 147.60 - -0.11 0.06 Santander Atlas Port 4 Inc Ret 131.90 - 0.00 - normally deal on the price set at the most recent
Pictet-Water-I EUR F € 273.28 - 1.80 0.00 International B $ 395.72 - 2.04 0.00 valuation. The prices shown are the latest available
Rathbone Unit Trust Mgmt (1200)F (UK) Santander Atlas Port 4 Acc Inst 165.70 - 0.00 - before publication and may not be the current dealing
PO Box 9948, Chelmsford, CM99 2AG
Waverton Investment Funds Plc (1600)F (IRL)
International C £ 133.12 - 0.72 0.00 levels because of an intervening portfolio revaluation
Odey Asset Management LLP (CYM) Santander Atlas Port 5 Acc Ret 194.20 - 0.00 - waverton.investments@citi.com
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 or a switch to a forward pricing basis. The
Regulated Pimco Fds: Global Investors Series Plc (IRL) International D € 285.94 - 1.59 2.96 FCA Recognised managers/operators must deal at a forward price on
Authorised Inv Funds Santander Atlas Port 5 Acc Inst 164.70 - 0.00 -
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Waverton Asia Pacific A USD $ 19.13 - -0.08 1.03 request, and may move to forward pricing at any time.
OEI Mac Inc GBP A £ 358.10 - 6.59 0.00 Blue Chip Income Inc 151.54 156.54 -0.38 4.27 Pacific A € 282.06 - 2.82 0.00
http://gisnav.pimco-funds.com/ Santander Atlas Port 6 Acc Ret 265.30 - 0.40 - Forward pricing: The letter F denotes that that
OEI Mac Inc GBP B £ 194.35 - 3.40 0.00 Dealing: +44 20 3640 1000 Pacific B $ 355.96 - 3.37 0.00 Waverton European Fund A Eur € 18.28 - -0.18 0.51 managers/operators deal at the price to be set at the
Blue Chip Income Acc 225.87 233.10 -0.56 4.14 Santander Atlas Port 6 Acc X 189.40 - 0.30 -
PIMCO Funds: +44 (0)20 3640 1407 Stenham Asset Management Inc next valuation.
OEI MAC Inc USD $ 1917.30 - 35.58 0.00 TreeTop Global Sicav Waverton Global Bond Fund Cls A $ 8.90 - 0.00 5.40
Ethical Bond Inc 90.87 92.86 -0.07 5.13 Santander Atlas Port 6 Acc Inst 162.90 - 0.30 -
FCA Recognised www.stenhamassetmanagement.com
Global Opp.A € 151.13 - 0.90 0.00 Waverton Global Equity Fund A GBP £ 13.85 - -0.05 0.37 Investors can be given no definite price in advance of
Odey European Inc EUR € 830.73 - 12.73 0.00 Ethical Bond Acc 172.19 175.61 -0.13 5.00 Other International Funds
Asia Local Bond Fund - Inst Acc $ 9.59 - 0.04 0.00 Santander Atlas Port 7 Acc Ret 206.50 - 0.40 - the purchase or sale being carried out. The prices
Global Opp.B $ 149.93 - 0.55 0.00 Waverton UK Fund A GBP £ 13.52 - -0.04 1.81 appearing in the newspaper are the most recent
Odey European Inc GBP A £ 318.34 - 4.92 0.00 Global Opportunities Acc 138.27 142.68 0.34 0.11 Stenham Asia USD $ 137.43 - -4.25 -
Capital Securities Inst Acc $ 15.00 - 0.00 0.00 Santander Atlas Port 7 Acc Inst 163.70 - 0.40 -
Global Opp.C £ 184.88 - 1.22 0.00 provided by the managers/operators. Scheme
Odey European Inc GBP B £ 180.66 - 2.79 0.00 Stenham Credit Opportunities A Class USD $ 105.38 - -1.95 0.00 Waverton Equity Fund A GBP £ 15.10 - -0.06 0.00
Commodity Real Return Fund Inst Acc $ 6.62 - -0.03 0.00 Income Inc 879.76 910.48 -1.72 3.91 Authorised Inv Funds particulars, prospectus, key features and reports: The
Sequoia Equity A € 154.18 - 2.22 0.00 Waverton Sterling Bond Fund A GBP £ 9.59 - 0.01 5.41 most recent particulars and documents may be
Odey European Inc USD $ 382.66 - 5.90 0.00 Income Acc 1336.96 1382.21 -2.62 3.74 Max 70% Shs Acc Ret 167.20 - -0.40 - Stenham Emerging Markets USD B1 $ 105.21 - -2.06 0.00
Credit Absolute Return Fund Inst Acc $ 11.38 - 0.00 0.00 obtained free of charge from fund
Sequoia Equity B $ 159.59 - 1.78 0.00 managers/operators. * Indicates funds which do not
Giano Capital EUR Inc € 4497.23 - 0.00 0.00 Multi Asset Enhanced Growth Acc 123.74 - -0.38 0.00 Max 70% Shs Inc Ret 141.60 - -0.30 - Stenham Gold USD $ 155.53 - -3.44 0.00
Diversified Income - Inst Acc $ 19.52 - -0.01 0.00
Sequoia Equity C £ 175.54 - 2.54 0.00 price on Fridays.
Diversified Income Durat Hdg Fund Inst Acc $ 11.47 - 0.02 0.00 Multi Asset Strategic Growth inc 149.43 - -0.44 1.37 Investments Inc Acc Ret 154.70 - 0.00 - Stenham Growth USD $ 225.24 - -1.12 - WA Fixed Income Fund Plc (IRL)
Regulated Charges for this advertising service are based on the
Odey Asset Management LLP (IRL) EM Fundam.Ind StocksPLUS Fund Inst Acc $ 9.34 - -0.05 0.00 Multi Asset Strategic Growth acc 157.90 - -0.47 1.36 Investments Inc Inc Ret 102.90 - -0.10 - Stenham Healthcare USD $ 193.88 - -0.07 0.00
number of lines published and the classification of the
European Multi-Sector € 117.49 - -0.22 0.00
FCA Recognised Equity Inc Inc Inst 254.20 - -1.50 - Stenham Helix USD $ 31.00 - -73.66 - fund. Please contact data@ft.com or
Emerging Asia Bond Fund Inst Acc $ 9.70 - -0.05 0.00 Multi Asset Total Return inc 126.91 - -0.06 1.87
Odey Pan European EUR R € 355.62 - 5.20 0.00 call +44 (0)20 7873 3132 for further information.
Emerging Local Bond - Inst Acc $ 11.37 - -0.04 0.00 Multi Asset Total Return acc 139.05 - -0.07 1.84 Equity Inc Inc Ret 218.40 - -1.30 - Stenham Managed Fund USD $ 118.81 - -1.20 -
Odey Allegra European EUR O € 275.12 - 3.04 0.00
Stenham Multi Strategy USD $ 122.64 - -1.71 - Winton Capital Management
Emerging Markets Bond - Inst Acc $ 38.55 - -0.05 0.00 Recovery Inc 437.67 454.34 0.08 2.26 N&P UK Gwth Inc Ret 166.20 - -0.80 -
Odey Allegra International EUR O € 183.57 - 2.09 0.00 Other International Funds
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.09 - -0.01 0.00 Recovery Acc 519.57 538.91 0.10 2.23 Stckmkt 100 Track Gwth Acc Inst 94.81 - -0.89 - Stenham Quadrant USD A $ 396.15 - -6.00 -
Winton Futures USD Cls B $ 1046.65 - 43.90 0.00
Odey Allegra Developed Markets USD I $ 134.86 - 0.82 0.00
Emerging Markets Curr.Fd- Inst Acc $ 11.95 - -0.02 0.00 Strategic Bond Ret Acc £ 1.18 1.20 0.00 4.23 Stckmkt 100 Track Gwth Acc Ret 175.50 - -1.60 - Stenham Trading Inc USD $ 114.77 - -1.57 -
Winton Futures EUR Cls C € 294.30 - 12.33 0.00
Odey European Focus Fund € 18.48 - 0.10 0.49
Euro Bond - Inst Acc € 22.60 - -0.02 0.00 Strategic Bond Ret Inc £ 1.05 1.06 0.00 4.27 UK Growth Acc Inst 290.40 - -1.40 - Stenham Universal USD $ 456.51 - -6.67 -
Winton Futures GBP Cls D £ 322.07 - 13.58 0.00
Odey Atlas Fund GBP I S £ 1.24 - 0.01 0.00
Euro Credit - Inst Acc € 14.73 - -0.01 0.00 UK Growth Acc Ret 337.00 - -1.70 - Stenham Universal II USD $ 169.47 - -2.55 0.00
Winton Futures GBP Cls F £ 124.22 - 5.23 0.00
Odey Giano European Fund EUR R € 114.95 - 0.42 0.00
Euro Income Bond - Inst Acc F € 13.01 - 0.01 0.00 UK Growth Inc Ret 224.30 - -1.00 - Troy Asset Mgt Ltd (UK) Winton Evolution USD Cls F $ 1807.11 - 95.27 0.00
Odey Naver Fund EUR I € 124.14 - 0.70 0.00 40 Dukes Place, London EC3A 7NH
Managed OEIC
Euro Long Average Duration - Inst Acc € 21.54 - -0.11 0.00 Stratton Street Capital (CI) Limited (GSY) Order desk: 0845 608 0950, Enquiries 0845 608 0950 Winton Evolution EUR Cls H € 1425.30 - 75.18 0.00
Odey Odyssey USD I $ 159.90 - -1.21 0.00 Glob Em Shs Port Acc Ret 155.70 - -0.20 - Regulated
Euro Low Duration Fund Inst Acc € 11.29 - 0.01 0.00 Authorised Inv Funds Winton Evolution GBP Cls G £ 1449.72 - 76.76 0.00
Odey Orion Fund EUR I € 126.18 - -0.75 0.00 Max 70% Shs Port Acc Ret 258.80 - 0.00 - Japan Synthetic Warrant Yen Class ¥ 1748.32 - -3.91 0.00 ACD Capita Financial Mgrs
Euro Real Return - Inst Acc € 13.29 - 0.00 0.00 Winton Futures JPY Cls E ¥ 20551.66 - 863.57 0.00
Odey Swan Fund EUR I € 95.89 - 0.68 0.00 Max 70% Shs Port Acc X 185.80 - 0.00 - Japan Synthetic Warrant GBP Hedged Class £ 196.68 - 2.04 0.00 Trojan Investment Funds
Euro Short-Term Inst Acc € 12.29 - 0.00 0.00
Odey European Absolute Return GBP S £ 96.86 - 0.63 0.00 Japan Synthetic Warrant USD Class $ 18.28 - -0.09 0.00 Spectrum Fund 'O' Acc ♦ 162.48 - -0.25 0.27
Robeco Asset Management (LUX) Max 70% Shs Port Acc S 150.20 - 0.00 -
Euro Ultra Long Duration - Inst Acc € 28.57 - -0.15 0.00
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Japan Synthetic Warrant USD Hedged Class $ 195.83 - 2.73 0.00 Spectrum Fund 'O' Inc ♦ 158.37 - -0.25 0.27
Investment Port Acc Ret 231.90 - -0.50 -
Global Advantage - Inst Acc $ 12.19 - -0.05 0.00 www.robeco.com/contact
Renminbi Bond Fund AUD Cls A A$ 116.71 - -2.88 3.83 Spectrum Income Fund 'O' Acc 97.90 - -0.04 -
Odey Wealth Management (CI) Ltd (IRL) FCA Recognised Investment Port Acc X 164.40 - -0.30 -
Global Advantage Real Return Fund Inst Acc $ 8.74 - -0.06 0.00
www.odey.com/prices Renminbi Bond Fund AUD Cls B A$ 118.50 - -2.93 3.57 Spectrum Income Fund 'O' Inc 97.90 - -0.04 -
Asia-Pacific Equities (EUR) € 136.56 - 0.62 0.00 Max 50% Shs Port Acc Ret 246.30 - -0.30 -
FCA Recognised Global Bond - Inst Acc $ 27.79 - -0.03 0.00
Renminbi Bond Fund CHF Cls A SFr 114.54 - -2.80 3.86 Trojan Fund O Acc ♦ 255.09 - -0.64 0.44
Chinese Equities (EUR) € 78.91 - 1.27 0.00 Max 50% Shs Port Inc Ret 220.40 - -0.30 -
Odey Opportunity EUR I € 220.03 - 0.49 0.00 Global Bond Ex-US - Inst Acc $ 19.38 - -0.02 0.00
Renminbi Bond Fund CHF Cls B SFr 114.35 - -2.80 3.62 Trojan Fund O Inc ♦ 211.62 - -0.53 0.44
Em Stars Equities (EUR) € 173.20 - 1.10 0.00 Max 50% Shs Port Acc X 178.30 - -0.20 -
Global Fundam.Index StocksPLUSInst Acc $ 11.65 - -0.02 0.00
26 ★ Monday 17 August 2015

Corporate diary August 17 - August 21 ECONOMIC OUTLOOK

WEDNESDAY 19 enterprise businesses carved out into a Rate watchers await inflation updates
All eyes will be on new chief executive standalone company.
Cees ‘t Hart when Carlsberg presents its The final word from the “old” HP is Interest rate decisions remain top of the June after five months of falling prices.
results. Mr Hart faces questions over expected to be in keeping with recent agenda this week with an update to the For July, price growth is expected to
what to do with Carlsberg’s Russian downbeat earnings reports. With the inflation situation in the UK and US for pick up a little to 0.2 per cent year on
operations. strong dollar weighing on its July out tomorrow and Wednesday year, from 0.1 per cent in June, still well
The Danish brewer bet big on Russia — performance, the company registered a respectively. shy of the 2 per cent considered
which once represented nearly half of decline in each of its divisions in the Details of the Fed’s latest rate decision desirable.
sales and profits — but a combination of previous quarter. Operating profits also are also published on Wednesday as Bank of England policymakers shifted
a regulatory crackdown and economic fell across the board, with the exception minutes from July’s meeting are to a more dovish stance than their US
woes have meant it provided a constant of the enterprise services unit. released. The surprise decision by China peers at the latest BoE meeting,
headache for Jørgen Buhl Rasmussen, Mr Overall, Wall Street expects more of the to devalue the renminbi has cast doubts lowering their forecasts for inflation and
Hart’s predecessor. same for the latest period, with HP on the belief that US interest rates pushing expectations of a UK rate rise to
Analysts at Bernstein Research said projected to report revenues of $25.6bn, would rise at the September meeting. some point in the second quarter of next
they expected a “very tough quarter” down 7 per cent from a year before. Cost- Central bankers, including those at the year. Inflation in June fell back to 0 per
with flat revenues of about DKr19.3bn and Jack Atley/Bloomberg cutting and stock repurchases are Fed, have emphasised the “data cent year on year. July inflation data, out
underlying net profit down 17 per cent to Spotlight on Glencore results amid commodity woes expected to cushion some of the blow to dependence” of any decision to raise tomorrow, are expected to show little
DKr2bn. Richard Milne earnings, with pro forma earnings per interest rates, and it is worth noting change from this, with year on year
share forecast to come in at 86 cents, that the last time the Fed increased inflation remaining at 0 per cent.
With Raiffeisen on course to report a Dire commodities markets mean that wave of cost-cutting and curtailed down from 89 cents. rates, in 2006, headline inflation “It’s been accepted that in the UK
second year of consecutive losses for the Glencore’s interim results on investment across the mining industry, HP’s shares have fallen more than 20 was at about 4 per cent. While there are headline CPI is being weighed down by
first time in its history, investors will be Wednesday will be some of the most Glencore has already said that it will per cent since last October, when it signs of price momentum in the US two things: shocks to fuel prices and
looking for evidence of light at the end of closely scrutinised since Ivan lower this year’s capital expenditure announced plans for the break up that economy, inflation returned only in downward pressure on the price of food.
the tunnel when the Austrian bank Glasenberg led the company to its stock budget to $6bn, compared with up to will separate the PC and printer divisions The central bank will now be looking for
announces second-quarter results. market debut four years ago. $6.8bn previously and close to $8bn from its enterprise business. After years Inflation tentative signs of upwards pressure in
Initial soundings are not good. A few The group, one of the largest originally announced in December. restructuring, its investors will be looking Annual % change other parts of the index, as an indication
weeks ago the bank’s chief executive producers and traders of agricultural Glencore says operating profits from for any signs that the companies that that the recent increases in wages are
warned that the sale of its Polish unit and mineral commodities, has seen its its trading business should remain emerge will have any chance of reversing 2.0 filtering through to prices,” says Ranko
could be delayed. The sale of the bank — share price fall to its lowest point. Last relatively even — at between $2.7bn the tide. Richard Waters US Berich, head of market analysis at
1.5
Poland’s eighth largest by assets — is a week it was at barely one-third of the and $3.7bn annually — as prices for its Monex Europe.
key part of Raiffeisen’s plan to reduce risk 530p IPO price. mined products fall. However, a number EARNINGS UK 1.0 Japanese second-quarter growth
weighted assets by €16bn by 2017 so that Prices for key commodities including of analysts have noted weaker than- Hewlett-Packard Q3 $0.86 ($0.89) estimates should be available early
the remaining bank will be more focused, copper have plummeted as China’s expected earnings for some rival 0.5 today. First-quarter growth picked
less risky and better capitalised. economy has cooled, putting pressure trading groups and believe Glencore’s FRIDAY 21 up to 3.9 per cent on a seasonally
0
There has not yet been a definitive on Glencore’s earnings. Benchmark marketing may also be under pressure. Deere & Co is having to dig deep this adjusted annual rate. Activity indicators
recovery in the central and eastern nickel and copper prices during the first As a result of expected subdued year, as the maker of agricultural -0.5 over the second quarter suggest that
European markets that make up a key six months of the year were 17 per cent earnings, the group’s leverage is under equipment suffers from slowing demand Aug 2014 2015 Jun this momentum has faded. Analysts
part of business, though it is less and 14 per cent lower than in the same investor scrutiny. Glencore had gross for its machinery amid weak grain prices, expect a reversal, falling to -1.8 per cent
Source: Thomson Reuters Datastream
challenging than last year. period in 2014, the group said as it debt of $52bn at the end of 2014. The as well as the strong dollar. on the same basis. Andrew Whiffin
Analysts are expecting Raiffeisen’s revealed production figures last week. company put its net debt at $30.5bn, Higher crop inventories and corn prices
quarterly pre-tax profits to be down 15 The main questions will be about how taking into account $19bn of inventory that, despite rallying since June, remain 4CAST ECONOMIC CALENDAR
per cent from a year ago, partly because Mr Glasenberg and senior executives — it says it can quickly sell. It is adamant it below their 2012 peak, do not bode well
of the cost of restructuring. Revenue, all significant shareholders — have will maintain its existing investment for Deere. The US Department of
COUNTRY For Indicator Units* Mkt* Prev* COUNTRY For Indicator Units* Mkt* Prev*
which fell faster than expected in the first managed to mitigate the impact of grade credit rating, helping to support Agriculture expects 2015-16 soy bean MONDAY Germany Jul PPI 2 -1.3 -1.4
quarter, is expected to be down 14 per lower commodity prices. Extending a trading business costs. James Wilson crop prices to average about 8 per cent Eurozone Jun Trade balance (SA) 3 n/a 21.2 UK Aug CBI industrial trends % n/a -10
cent year on year based on estimates lower than last year. Japan Q2 GDP 1 -0.5 1 UK Jul Retail sales (ex fuel) 1 0.2 -0.2
Japan Q2 GDP 4 -1.8 3.9 UK Jul Retail sales (ex fuel) 2 4.1 4.2
submitted to Bloomberg. For its third quarter analysts expect Russia Jul Industrial output 2 -4.7 -4.8 UK Jul Retail sales 1 0.4 -0.2
On May 21, Raifeissen said it was under similar reassurance and a promise of Vestas issued its first dividend for 12 Deere to post a 40 per cent tumble in US Aug NAHB builders’ survey 61 60 UK Jul Retail sales 2 4.4 4
US Jul Existing home sales m 5.42 5.49
“no pressure whatsoever” to raise capital, better times to come. Laura Noonan years in 2014 and has a large cash pile of earnings per share to $1.39, on a 17 per TUESDAY US Week Initial claims 5 270 274
despite the deterioration of its financial about 20 per cent of its market cent decline in sales to $7.24bn, according UK Jul CPI 1 -0.3 0 US Jul Leading indicator 1 0.2 0.6
position. Investors will be hoping for Investors in Vestas will be looking for capitalisation, leading some to argue it is to consensus estimates from Bloomberg. UK Jul CPI 2 0 0
UK Jul Input prices 2 -12.2 -12.6 FRIDAY
signs of what the Danish wind turbine large enough that it should increase pay- Even when adjusted for extraordinary UK Jul Output prices 2 -1.5 -1.5 Brazil Aug IBGE inflation 2 9.59 9.25
Diary commentary from FT reporters. Data, unless manufacturer could do with its cash pile. outs to investors. Richard Milne items, analysts expect net income to slide UK Jun ONS house prices 2 n/a 5.7 Canada Jul CPI 1 n/a 0.2
otherwise stated, from Thomson Reuters. Company The world’s largest turbine maker has 46 per cent to $464.1m, or $1.42 a share. US Jul Building permits 5 1,210 1,337 Canada Jul CPI 2 n/a 1
announcements, collated by Thomson Streetevents, EARNINGS US Jul Housing starts 5 1,200 1,174 Canada Jul CPI - BoC core rate 1 n/a 0
are of information publically available before last completed an impressive turnround from On the upside, Goldman Sachs analysts Canada Jul CPI - BoC core rate 2 n/a 2.3
week. Results forecasts, from Thomson I/B/E/S, are its near-death experience in 2012. In the Carlsberg Q2 DKr12.8 (DKr15.0) recently pointed out that Deere was WEDNESDAY Canada Jun Retail sales 1 n/a 1
for fully diluted, post-tax EPS in local currency for Glencore H1 $0.07 ($0.15) Russia Jul Real wages 2 -7.5 -7.2 Canada Jun Retail sales (ex auto) 1 n/a 0.9
first quarter it lifted its profit goal for benefiting from strong equipment pricing Russia Jul Retail sales 2 -9.7 -9.4 Eurozone Aug Flash consumer sent. -6.9 -7.1
the stated fiscal period. The comparable period of Raiffeisen Bank Q2 €0.49 (€0.66)
the previous year is bracketed. Non-UK reporting
2015 amid a record order backlog and lower material costs. Russia Jul Unemployment % 5.5 5.4 Germany Sep GFK consumer sent. 10.1 10.1
propelled by demand from China, the US Target Q2 $1.11 ($0.78) Shares have outperformed the S&P US Jul CPI 1 0.2 0.3 UK Jul Public borrowing 3 -1.1 9.4
periods are broken by quarter: Q1, Q2, Q3, Q4. UK
US Jul CPI 2 0.2 0.1
periods are designated: Q1, H1 (first half), Q3 and and Poland. Vestas Wind Sys Q2 €0.43 (€0.43) 500 so far this year, up 7.6 per cent, US Jul CPI (core) 1 0.2 0.2
FY (full year). Recent weeks have brought a number compared with the index’s 0.2 per cent Mkt* = market consensus estimates. Prev*= previous actual
of big contract wins and Vestas is back THURSDAY 20 fall. Lindsay Whipp THURSDAY Units*; 1 = % change on previous period, 2 = % change on same
Brazil Jul Unemployment % 7 6.9 period in previous year, 3 = national currency bn, 4 = annualised
hiring workers in the US, where it had laid When Hewlett-Packard announces Canada Jun Wholesale sales 1 n/a -1 quarterly % change, 5 = 000s, NSA=not seasonally adjusted,
off staff due to uncertainty over quarterly earnings, it is likely to be the EARNINGS Germany Jul PPI 1 0 -0.1 SA=seasonally adjusted. See more at ft.com/economic-calendar

government subsidies. last time before the split that will see its Deere & Co Q3 $1.42 ($2.33)