THURSDAY 20 AUGUST 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Don’t blame robots Few options left Desk and share

They are not the ones taking our China is running out of ways to Evolution of the office worker’s
jobs — TIM HARFORD, PAGE 9 stimulate its economy — BIG READ, PAGE 7 base — LUCY KELLAWAY, PAGE 10

Berlin to accept record 800,000 Briefing

i Conditions for Fed rise ‘approaching’

asylum seekers as crisis mounts

3 Germany urges more sharing of EU burden 3 Biggest refugee surge since second world war
JEEVAN VASAGAR — BERLIN
DUNCAN ROBINSON — BRUSSELS
Berlin is expecting to receive a record
800,000 asylum seekers this year, more
than the entire EU combined in 2014,
laying bare the size of the biggest
refugee crisis to face the continent since
the second world war.
If the official projection released
yesterday is borne out, it would be
nearly twice as high as Germany’s previ-
ous record for asylum claims, set during
the collapse of Yugoslavia in 1992.
Interior minister Thomas de Maizière
warned that the Schengen zone, which
allows passport-free travel across much
of mainland Europe, could not be main-
tained unless EU states agreed to share
asylum seekers.
The 800,000 figure — which repre-
sents about 1 per cent of Germany’s pop-
ulation and is a sharp increase on an
earlier estimate of 450,000 — is one of
the starkest signs yet of the extent of the
migrant crisis in Europe, as thousands
of refugees fleeing war in Syria, Iraq and
Afghanistan, and poverty in Africa,
stream into the continent.
Hundreds of migrants have died
attempting the sea journey from north
Africa across the Mediterranean to
southern Europe. The Greek island of
Kos, where Syrian refugees have arrived
in huge numbers in recent months, is
one of several places that have struggled
to cope with the influx.
Today, Britain and France are due to
announce security measures to deal
with thousands of migrants in Calais
trying to cross to the UK, which has
accepted a fraction of the asylum seek-
ers taken in by Germany.
The EU border control agency said
that the number of people entering
Europe by irregular means rose to
nearly 110,000 in July, the highest
monthly total on record. It was triple the
number for the previous July.
Under an EU rule known as the Dub-
lin regulation, refugees are required to
claim asylum in the member state in
Relieved Syrian which they first arrive. However, some
migrants make EU border states, such as Italy and
it to shore on Greece, have not been enforcing the
Kos yesterday rule, allowing large numbers of refugees
Louisa Gouliamaki/AFP/Getty
Images
to head north to countries where
they have better prospects of finding
The German parliament backed the
latest €86bn Greek rescue deal
yesterday despite Chancellor Angela
Merkel suffering the biggest rebellion of
her decade in power, with 66 members
Germany of her party and Bavarian sister party
opposing or abstaining in the vote. The
votes for German approval allows the eurozone
Greece plan rescue fund to release enough cash in
time for Athens to repay €3.2bn to the
European Central Bank today.
Analysis page 5
work and communities of compatriots.
This has created tensions in Germany,
which has called on fellow EU members
to shoulder more of the burden. “In the
long run, there won’t be any Schengen
without Dublin,” Mr de Maizière said.
“Control-free borders cannot exist in
the long term without a real European
asylum policy.”
Clarifying his remarks in response to
a question, the minister added: “My aim
is a European answer which keeps
control-free borders.”
Germany is now the most popular
destination for asylum seekers within
Europe, receiving about 202,000 of the
total 626,000 applications to EU mem-
ber states last year, though other coun-
tries such as Sweden have received
more refugees per head of population.
The surge in asylum seekers, chiefly
from Syria, Kosovo and Albania, has
polarised public opinion in Germany.
Local authorities have been forced to
find emergency accommodation, which
has frequently come under attack from
angry locals.
Chancellor Angela Merkel said on
Sunday that the refugee crisis “will con-
cern us far more than Greece and the
stability of the euro”.
Mr de Maizière said yesterday: “Ger-
many cannot bear the strain if, as has
been the case, around 40 per cent of all
asylum seekers to Europe come here.”
EU plans to share out up to 40,000
asylum seekers collapsed this summer
in the face of opposition from eastern
EU states.
Calais crisis page 3
Federal Reserve policymakers at their July meeting
expressed concern about low inflation as well as
threats to the US economy posed by a stronger
dollar and developments in China, but deemed
conditions for a rate rise were “approaching”. The
minutes of the July 28-29 meeting of the Federal
Open Market Committee included no mentions of
any plan to raise rates for the first time in almost a
decade at their next meeting on September 16-17.
They point to a vigorous debate on key data points
including inflation and the timing of a rise.— PAGE 5
i Record low for Glencore amid profit hit
Shares in the mining and trading house tumbled
9.7 per cent to a record low after it revealed that
collapsing commodity prices had slashed its profits.
— PAGE 13; LAYING BLAME, PAGE 15; LOMBARD, PAGE 18
i Adultery website faces legal action
Avid Life, owner of Ashley Madison,
which matches people for adulterous
affairs, faces legal action after a data
breach reportedly resulted in
members’ details being posted on the
“dark web”.— PAGE 13; LOMBARD, PAGE 18
i Chancellor warned over new bank tax
The Tory chair of the Treasury select committee
has warned chancellor George Osborne that his new
bank tax will penalise building societies and deter
entrants to the market.— PAGE 2; LOMBARD, PAGE 18
i China CO2 emissions lower than thought
A study in Nature this week shows that 2013 carbon
emissions were 14 per cent lower than the estimates
by international institutes, raising a question mark
over calculation methods.— PAGE 4
i Savers take entire pension pots as cash
Two-thirds of customers surveyed by Royal London
took their entire pension pot as a cash lump sum
following the introduction of pension freedoms in
April, despite the tax charges involved.— PAGE 3
Datawatch
Marriage rate Marriage rates
Marriages per 1,000 of population have fallen
2009 universally
1970 0 2 4 6 8 10 across the
US developed world
Japan
since the 1970s;
Ireland
by a third in the
Sweden
OECD avg US and almost
Germany halving in the
UK. The rate in
UK
Netherlands Sweden, already
Italy low in the 1970s,
France has fallen only
Source: OECD slightly

Square Mile fears reputation damage

Trump threatens to defy
history as poll lead persists
Republican presidential hopeful
Donald Trump has survived or gained
momentum from his gaffes — which
would have derailed many campaigns.
With the billionaire holding on to his
poll lead, questions are being raised
over the conventional wisdom that
says establishment candidates will
always push out insurgents. ‘His
wealth gives people a reason to look
up to him, yet he seems like a regular
guy,’ says one observer.
Analysis i PAGE 6
as fraudsters use prestigious addresses
JUDITH EVANS
City of London police are facing a rise in
investment fraudsters operating from
some of the Square Mile’s most prestig-
ious addresses, including the district’s
first skyscraper, Tower 42.
The force is waging a campaign with
other public bodies in response to a
steep increase in the use of the district
for scams purporting to sell wine,
diamonds and overseas land for invest-
ment.
Such scams cost mostly elderly and
vulnerable people at least £1.7bn in
2014, police say, with fraudsters typi-
cally returning to their victims a second
time in the guise of “asset recovery
specialists” who pursue lost money for a
fee.
The City of London Corporation,
which governs the district, is worried
that the use of such addresses and the
EC1 postcode to lend criminals an air of
respectability will contaminate its
reputation as a financial centre.
Warnings from the Financial Conduct
Authority cite unauthorised companies
purporting to use addresses including
the “Shard” skyscraper across the river
near London Bridge and the “Gherkin”
at 30 St Mary Axe.
“They’re utilising the good name of
the City of London to exploit their crimi-
nality. We are looking to make life diffi-
cult for these people. We want the City
to be a decent place to do business,” said
Jon Averns, head of trading standards at
the corporation.
The “Operation Broadway” drive to
disrupt scammers has so far yielded 26
arrests and has impeded the operations
of at least 14 networks, police say. A
campaign of spot checks also aims to
deter groups from setting up in the City.
Over the past month, the campaign
has secured two prosecutions of
serviced office companies for failing to
comply with regulations that aim to
ensure they do not enable fraud.
The operation will soon be expanded
to Canary Wharf, London’s second
financial hub.
The rise in the use of City addresses
for illicit investment schemes dates
back to the arrests of 110 investment
fraud suspects in the UK, US, Spain and
Serbia in February 2014, said Detective
Inspector Teresa Russell of City police.
This represented a breakthrough for
police after a complex investigation, but
also caused other fraudsters to rethink
their tactics, as Spain ceased to act as a
haven and the UK public became more
wary of overseas-based schemes.
Alarm mounts page 3

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9 770307 176548
2 ★
Bank levy
Osborne urged to reconsider building society tax
Chancellor is told profits
surcharge penalises
mutuals and ‘challengers’
EMMA DUNKLEY AND JIM PICKARD
George Osborne is under growing pres-
sure to reconsider a new tax on banks,
amid warnings that it unfairly penalises
building societies and “challenger”
banks and will stifle billions of pounds
of lending.
Andrew Tyrie, the Conservative
chairman of the Treasury select com-
mittee, has urged the chancellor to
ensure the new 8 per cent surcharge on
profits does not reduce competition and
deter entrants.
Mr Tyrie told the FT there was a dan-
ger of “unintended consequences” from
Corbyn’s foreign policies come under the spotlight
The contender has embraced
a wide range of causes,
many of them contentious
KIRAN STACEY — POLITICAL
CORRESPONDENT
At a campaign rally for the Labour lead-
ership, Jeremy Corbyn began with a
lengthy description of his meeting with
Colombian farm workers.
Members of the Colombia Agricul-
tural Workers Union had briefed the MP
on the harassment they face at the
hands of the government. “It was inter-
esting, it was frightening, it was hor-
rific,” said Mr Corbyn. “Our job is to
show solidarity with them.”
If starting a speech to Labour mem-
bers in Cardiff with a long passage about
workers’ rights in South America seems
quixotic, it is also a sign of how intrinsic
foreign policy is to Mr Corbyn’s political
make-up.
His foreign policy views are fairly typ-
ical of the Labour left. He is a veteran of
the Stop the War coalition against the
Iraq war, a vociferous campaigner for
Palestinian rights, a defender of Hugo
Chávez, the late Venezuelan president,
and a regular critic of the US.
Frequently, Mr Corbyn’s views have
become mainstream in the long term,
although frequently contentious at the
time.
He was willing to meet Gerry Adams
and fellow Sinn Féin politicians in the
1980s while the IRA was still bombing
England, and invited them to parlia-
ment shortly after the 1984 Brighton
bombing. He has long defended Mor-
dechai Vanunu, imprisoned for blowing
the whistle on the Israeli nuclear weap-
ons programme.
He campaigned against apartheid in
South Africa and was arrested in 1984
while protesting outside the South Afri-
can embassy in London.
But in recent weeks he has also
attracted criticism for some of the posi-
tions he has taken and allies he has
made while campaigning for various
causes.
The most contentious aspect of his
world view is his alleged encounters
with people such as Paul Eisen. Mr
Eisen, a self-confirmed Holocaust
denier, has said Mr Corbyn has donated
to his Deir Yassin Remembered organi-
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the charge, which was announced in the
July Budget and will apply from next
year to profits above £25m.
“Anything which reduces banking
competition reduces the scope for new
entrants into a market that is not widely
held to be sufficiently competitive and
would not be in the interests of consum-
ers,” he said.
Mark Garnier, a Conservative MP who
also sits on the committee, called for the
government to exclude building socie-
ties. The Labour opposition will seek to
amend the finance bill next month to
force the government to review the
impact of the surcharge. “We definitely
want to see more diversity in banking,
more new entrants, and if this is a deter-
rent to new players then it is a bad step,”
said Chris Leslie, shadow chancellor.
But a Treasury spokeswoman said the
World views The leftwinger on . . .
Jeremy Corbyn, left,
with Gerry Adams of
Sinn Féin in 1995 — PA
Benjamin Netanyahu
Israel’s prime minister
‘Netanyahu calls for
respect for the rule
of law while his
government
indulges in
collective
punishment and has
been condemned as such in respect of
the Geneva Conventions, for past
incursions and bombings in Gaza’
July 2014
sation, which seeks to publicise claims
that Jewish fighters killed about 100
Arab villagers in 1948.
In answers published yesterday, Mr
Corbyn’s office said he had “no recollec-
tion whatsoever” of donating to the
organisation. He did say he had
attended its events but added he no
longer did so. “Holocaust denial is vile
and wrong: the Holocaust was the
newspaper in any manner is not permitted without
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FINANCIAL TIMES
NATIONAL
proposals were fair, not least because of building societies and squeezes compe-
cuts to corporation tax. tition.” Building societies say the tax will
The row threatens to undermine the cost them at least £630m over the next
government’s strategy — implemented five years, money that could otherwise
in the wake of the credit crunch — of try- be used to fund £20bn of mortgage
ing to increase competition in the bank- lending. Chris Pilling, chief executive of
ing market by encouraging new Yorkshire Building Society, said: “Given
entrants. In the Budget, Mr Osborne our mutual structure, it is consumers
also announced the existing bank levy, who would ultimately bear the brunt.
which hits HSBC and Standard Char- “The funds we will need to pay in
tered particularly, would fall. extra tax would otherwise represent
But the chancellor surprised the City retained profit that we would use to sup-
with his new profits surcharge on UK port our growth as a mortgage lender
banks that will, for the first time, hit and reinvest in our business.”
about 170 building societies and smaller Mr Garnier said it was ironic that a
“challenger banks”. new bank such as Metro would pay the
“The chancellor is endangering the surcharge, while lossmaking RBS would
growth of the mutual sector to the bene- not. “I would exempt mutuals and set a
fit of the big banks,” said John Mann, a higher balance sheet hurdle to let chal-
Labour member of Treasury commit- lengers have more space,” he said.
tee. “It disproportionately impacts Paul Lynam, chief executive of Secure
Labour. Leadership frontrunner
Hugo Chávez Vladimir Putin
former Venezuela president Russia’s president
‘Those who ‘Nato has sought to
challenge his expand since the
democratic end of the Cold War.
credentials would It has increased its
do well to recall that military capability
he has been elected, and expenditure. It
re-elected, won a operates way
recall referendum and a parliamentary beyond its original 1948 area and its
majority . . . His contribution to ending attempt to encircle Russia is one of the
poverty is a huge step forward and has big threats of our time’
given real hope to lots of the poor. There March 2014
are lessons we can all learn’ May 2006
most vile part of our history,” he said. semitic person is beyond appalling, dis-
Mr Corbyn was also criticised yester- gusting and deeply offensive.”
day for sharing a platform with Dyab The MP for Islington North has also
Abou Jahjah, an Arab rights activist who defended describing the Lebanese mili-
had previously told a Dutch newspaper: tant group Hizbollah as “friends”. He
“I consider every death of an American, told Channel 4 News: “I spoke at a meet-
British or Dutch soldier as a victory.” ing about the Middle East crisis in par-
Mr Corbyn admitted yesterday that liament and there were people there
he had met Mr Jahjah, but added: “The from Hizbollah, and I said I welcomed
idea that I’m some kind of racist or anti- our friends from Hizbollah to have a dis-
Health report
Ecigarette review sought to speed path towards prescription
MARK ODELL industry products going through the
MHRA licensing process suggests that
Health officials are urging a review of
the process is inadvertently favouring
licensing for ecigarettes to speed up
larger manufacturers . . . which is likely
their availability on prescription after
to inhibit innovation in the prescription
concluding they can help smokers quit.
market,” the report said.
A report commissioned by Public Last year, a new type of nicotine
Health England estimated ecigarettes inhaler backed by British American
were 95 per cent less harmful than Tobacco won MHRA clearance. How-
tobacco but observed no product had ever, the product, Voke, is not yet com-
secured approval to make it available on mercially available in the UK and is not
prescription in the five years since pro- defined as an ecigarette because it uses
cedures were put in place to license the propellants found in asthma inhal-
tobacco replacement products. ers to deliver nicotine.
“Much of England’s strategy of According to the report, BAT has sub-
tobacco harm reduction is predicated mitted an ecigarette product for
on the availability of medicinally approval and rival products are also in
licensed products that smokers want to the pipeline but “it is unclear at what
use,” said the report. stage the applications are”.
It called for a review of the licensing The one-off cost of the application
process put in place by the Medicines process is estimated by the MHRA as
and Healthcare products Regulatory between £252,000 and £390,000, along
Agency in 2010, citing concerns the cur- with annual costs of between £65,000
rent cost of obtaining a licence would and £249,000 per product.
limit innovation and favour products “A review of the . . . licensing process
produced by big tobacco companies therefore seems appropriate, including
“The fact that no licensed ecigarettes manufacturers’ costs and potential
are on the market suggests the licensing impact. This could include a require-
route to market is not commercially ment for MHRA to adapt the processes
attractive. The absence of non-tobacco and their costs to enable smaller manu-
Trust bank, said the tax was expected to
dent challengers’ lending to small busi-
nesses by about £6bn over this parlia-
mentary term. “It is unfair to tax us on
the same basis as the big banks, which
enjoy a dominant position in the UK
market,” he said. “It is utterly at odds to
all of the supportive comments and gen-
eral tone of government to challenger
banks in recent years,” he added. “It’s
yet another example of the sheer lobby-
ing power of big banks.”
Chief executives of 10 banks are
understood to be meeting Charles
Roxburgh, the Treasury’s director-gen-
eral of financial services, on September
11 to discuss the tax, according to people
familiar with the situation. One chief
executive said the meeting followed a
letter from the banks to the chancellor.
“Mr Osborne’s reply was ‘thank you, but
Northern Ireland
‘I maintained contact with Sinn Fein
and believed that there had to be a
political, not a military solution to
the situation in Northern Ireland... I
condemn what was done by the
British Army as well as the other
sides as well. What happened in
Derry in 1972 [Bloody Sunday] was
pretty devastating as well’
August 2015
George W Bush
former US president
‘After the events
of September 11
2001 it soon
became obvious
that George W
Bush had nothing
on his mind other
than waging war and fulfilling the
sinister dream of the Project for a New
American Century’
January 2013
cussion and a debate.” He added: “I said
I wanted Hamas to be part of that
debate.”
Meanwhile, he has proposed levying
sanctions on Israel and, in particular,
banning arms sales to the country.
Like many on the left, Mr Corbyn is
not only a fierce critic of Israel, but also
the US. He has said Tony Blair and
George W Bush should face war crimes
facturers to apply, and to speed up the
licensing process,” the report said.
The report also warned that new EU
legislation, which is likely to come into
force in the UK in 2017, would take ecig-
arettes containing high nicotine doses
off the market “potentially affecting
heavier smokers”.
Among other conclusions, the study
by teams from King’s College, London
and Queen Mary, London found the
message that ecigarettes were much less
harmful than tobacco was not getting
through to smokers.
95% 5 not enough data to establish whether
Less harm caused Years since steps
by e-cigarettes, were put in place
say Public Health to license tobacco
England replacements
Thursday 20 August 2015
the banking sector has to put something
back into the economy, so there will be
no changes to the tax surcharge this fis-
cal year’,” the chief executive said.
The Treasury committee will be pub-
lishing a report, expected to be finalised
by mid-September, in response to the
Budget. It is likely to include views on
the tax, according to one source.
Mr Osborne has defended the addi-
tion of a surcharge while reducing the
levy as a “better balance”. Jacob Rees-
Mogg, a Conservative MP, said it was a
myth that building societies had
behaved responsibly in the build-up to
the financial crash. “The party started
with Northern Rock, then we had Brad-
ford & Bingley and HBOS, a former
building society. The UK crisis was pri-
marily about bad property lending,
much of it by building societies,” he said.
charges, and warned several times in
recent years that the US was about to
launch strikes against Iran.
This criticism of Washington extends
to hostility towards Nato: “I’d rather we
weren’t in it,” he said. Mr Corbyn
opposes the Trident nuclear weapons
system and the Nato target of spending
2 per cent of gross domestic product on
defence. He has called the alliance
expansionist and said it is hypocritical
for attacking Russia’s invasion of Cri-
mea.
In an article for the Stop the War cam-
paign, he wrote: “[Nato’s] attempt to
encircle Russia is one of the big threats
of our time.” He has also defended the
Russian state-run Russia Today televi-
sion channel. He tweeted during the
royal wedding in 2011: “Try Russia
Today. Free of Royal Wedding and more
objective on Libya than most.”
If Mr Corbyn does become Labour
leader, one of the biggest questions he
will face is which direction to take his
party in its attitude towards Europe. In
the previous parliament, Ed Miliband
made a virtue of Labour’s pro-European
stance, opposing the Conservatives’
promise of an in-out referendum.
But Mr Corbyn has a more ambivalent
attitude towards the institutions of the
union, taking a position closer to that of
Alexis Tsipras, Greece’s prime minister,
who has criticised the EU while saying
he wants to remain within it.
Mr Corbyn recently told the Financial
Times he believed the European Central
Bank had been “brutal” in its attitude
towards Greece, and that the recent
debt deal would eventually have to be
renegotiated.
He has also said that if David Cam-
eron, the prime minister, opts out of EU-
guaranteed workers’ rights, he would
campaign for the UK to leave the bloc
altogether.
The most immediate chance for Mr
Corbyn to make his mark in foreign pol-
icy, however, is over the issue of Islamist
fighters in Syria. He is the only leader-
ship candidate to rule out voting for
British air strikes in the country against
the so-called Islamic State of Iraq and
the Levant, or Isis.
Government officials have said they
will not bring a vote on bombing Isis in
Syria unless they can guarantee Labour
support. A Corbyn victory next month
would scupper the chances of that.
Instead, research questioning their
safety has contributed to recent slowing
demand.
“Ecigarettes are not completely risk
free but compared to smoking, evidence
shows they carry just a fraction of the
harm,” said Professor Kevin Fenton,
director of health and wellbeing at Pub-
lic Health England. “The problem is
people increasingly think they are at
least as harmful and this may be keep-
ing millions of smokers from quitting.”
Local services that help people to stop
smoking should “look to support eciga-
rette users in their journey to quitting”.
However, a report last year by the
World Health Organisation said it was
too early to conclude whether eciga-
rettes helped smokers quit. It said they
should be banned in public buildings.
There is concern that the use of eciga-
rettes would encourage young people to
start smoking. The report by PHE said
there was “no evidence” to support this.
The WHO report found there were
the trends for the growing popularity of
ecigarettes in the UK and the gradual
decline in nicotine use were “causally
related”.
Thursday 20 August 2015
Alarm mounts at surge in investment
fraud that threatens City’s reputation
Campaign begins to disrupt suspects claiming to operate out of prestigious London addresses
JUDITH EVANS
Like others in the City of London, they
rent top-priced offices in prestigious
locations for their fiercely competitive
trade. But unlike the rest, these compa-
nies target “suckers’ lists” of vulnerable
people for investment scams from wine
to oil wells before vanishing.
A surge of investment fraud based in
London’s financial centre has sparked
alarm over the possible contamination
of its brand, and authorities have begun
a campaign of disruption against sus-
pected criminals using exclusive
addresses such as Tower 42 on Old
Broad Street and Heron Tower on Bish-
opsgate.
Dozens of people have been arrested
as police made unannounced office vis-
its, and at least 14 suspected criminal
groups disrupted, police say. Two serv-
iced office providers have also been
fined after failing to carry out adequate
checks on their tenants, in a move
designed to send a message to the rest of
the sector.
Police set up their stall at an alterna-
tive investments fair in May for the first
time — prompting several prospective
exhibitors to pull out. “We saw a spike in
investment fraudsters operating in the
City of London. Reports of fraud were
getting to the point where we were
almost imploding,” says Detective
Inspector Teresa Russell of the City of
London Police. “We thought: ‘How can
we tackle this in a different way?’ We
need to get ahead of the curve.”
The City’s governing body was keen to
join forces. “We have our reputation as
the leading financial centre and we want
to maintain that, not let these scumbags
in,” says Jon Averns, head of trading
standards at the City of London Corpo-
ration. Police had previously targeted
prosecutions, but under the banner of
Operation Broadway they and the trad-
ing standards body — with tax authori-
ties and the Metropolitan Police, who
serve Greater London — have also been
trying to make scammers’ lives difficult.
Spot checks on serviced offices have
yielded staff who gave false names or
ran away, and samples of cheap com-
modities disguised as luxury goods.
“We’ve been into premises where
boxes of diamonds are literally stacked
up like pairs of shoes,” says Det Insp
Russell. “They are badly flawed, worth
about £100, but they’re selling for
£9,000-plus.”
City workers have been urged to
report any suspect staff in neighbouring
offices. The scammers are typically
young, male, “gabby and full of it”, says
Mr Averns. “They look like the Wolves
Leeds site reflects passage from bust to boom in cities
Developers have started to
return to Britain’s biggest
hubs as the economy rallies
ANDREW BOUNDS
A 1.5-acre site near Leeds station tells
the story of Britain’s property boom and
bust cycle.
It was to be home to Lumiere, a 54-
storey skyscraper that would have been
the tallest residential building in the UK
outside London. The scheme went into
liquidation in 2010 after banks stopped
lending for property.
Now the steel frame of the £100m
Central Square is rising on the same
ground after local entrepreneurs bought
it and attracted institutional investors
keen to find assets outside the expensive
London market
Marrico, a three-person start-up
formed in 2013, persuaded Steve Parkin,
the founder of Clipper, a listed logistics
Financial reform
Two-thirds of savers prepared to face tax charges and cash in pension pots, says specialist
LUCY WARWICK-CHING
Savers are taking advantage of new pen-
sion freedoms and cashing in their pen-
sion pots in droves, despite the tax
charges, according to figures.
Two-thirds of customers surveyed by
Royal London, the largest mutual life,
pension and investment company in the
UK, took their entire pension pot as a
cash lump sum following the introduc-
tion of the pension freedoms in April.
The rules allow people to withdraw
business, and Gurnaik Chima, founder
of Bonmarché, the retailer, to pay £5.2m
for the Lumiere sitethatyear.
This year, they sold the land for at
least five times that price — plus the 11-
storey Central Square building that is
under construction on the site — to
M&G Real Estate, the investment arm of
Prudential, the pensions provider.
Aaron Pope, leasing director at M&G,
said the fund wanted to increase invest-
ment in regional markets. Central
Square, which has 220,000 sq ft of
space, “is a prime scheme in terms of
location, scale and design”. The com-
pany expected it would be a good rental
investment because of a shortage of
office space in the city.
Richard Bland, a partner in Marrico
and former RBS banker, said: “The tim-
ing was perfect. We just believed the
market was turning.”
PwC, the consultancy firm, will be the
anchor tenant and 25 per cent of the
building has been snapped up. Marrico,
their whole pension pot from age 55,
with the first 25 per cent tax free and the
remaining 75 per cent taxed at the
saver’s marginal rate.
More than 85,000 have used the
opportunity to withdraw money from
their pension pots so far, according to
the Treasury, and nearly a million oth-
ers have visited the Government Pen-
sion Wise website to look into their
options.
Royal London said 16 per cent of the
800 customers it interviewed planned
★ FINANCIAL TIMES
NATIONAL
Property. Regional revival
which has stayed on as developer,
expects it to be fully let when it opens
next May.
Since the economy turned in 2013,
property developers have started to
come back to the UK’s big regional cities.
Manchester has attracted more than
£1bn of property investment in the past
few years and other cities are now on
investors’ radar, with Leeds seeing sev-
eral deals during the summer.
In July, Heeton Holdings, a Singapore
fund, chose Leeds for its first UK invest-
Central Square, Leeds: attracting
institutional investors from London
to use the cash to pay off their mortgage
or other debts, while 32 per cent said
they intended to leave the cash with a
bank or building society.
However, depending on their income
and how big their pension pot is, people
choosing to take their pensions as cash
in one go will pay substantial tax, Royal
London has warned.
“Where customers are looking to pay
off debts or spend the money on a vital
purchases, the tax charge may well be a
price worth paying,” said Fiona Tait,
£1.25m
Sum raised by
the average scam
5,000
Reported cases
of investment
fraud in 2014
£1.73bn
Approximate
total sum lost in
those cases
2m
Square footage
made up of
serviced offices
in the City
>2,000
Businesses
housed in those
serviced offices
92
City locations
virtual offices
operate from
The view over
the Thames to
Tower 42, left
Charlie Bibby
ment outside London, buying a stalled
scheme with planning approval for
more than 1m sq ft of space, including
843 city centre apartments. None have
been built since 2012 because of the
property crash.
Then in August, Legal & General, the
insurance group, invested £162m in a
project to build a neighbourhood on the
edge of the city with Scarborough
Group, the Sheffield-based property
business.
An annual crane survey of construc-
tion starts by the consultancy Deloitte
shows 550,000 sq ft of office space was
under construction in Leeds in 2014,
more than three times the level in 2013.
There was also the first hotel to be
built since 2012 and Victoria Gate, a big
new retail quarter in the city centre that
has John Lewis as anchor tenant.
Angela Barnicle, the head of Deloitte
in Leeds, pointed out the city “has a
great talent pool and quality of life” but
that it needs new high-quality offices.
a pension specialist at Royal London.
“However, if the intention is for cash
to just stay in a savings account, con-
sumers are potentially paying a tax
charge for no additional financial bene-
fit,” she added.
The average size of a pension pot
being accessed was £15,500, which is in
line with figures released by the Associ-
ation of British Insurers last month. The
average size of a fund being fully cashed
in by Royal London customers was
slightly lower at £14,100. Based on these
of Wall Street: young, smart suits, lots of
cash,” says Det Insp Russell. “What peo-
ple don’t see is the results. There have
been suicides. It destroys people’s lives.”
The criminals make high-pressure
cold calls urging people to place large
sums in too-good-to-be-true schemes
involving wine, gems, antiques, art,
overseas property, oil wells, forestry,
carbon credits and other exotic com-
modities. They buy lists of individuals
who may be receiving lump sums from
their pensions, or who are vulnerable
because of dementia or other illnesses.
Once victims realise they have lost
their money, scammers often strike
again, resurfacing as “recovery rooms”
offering to track down lost funds for a
fee of about £5,000. The average scam
raises £1.25m, but fraudulent compa-
nies quickly rise from the ashes and
“phoenix” into new ones.
Fraud in the City has increased during
the past two years, police says. About
£1.73bn was reported lost in 5,000 UK
cases of investment fraud in 2014, but
police believe the real figure is much
higher, since victims are often too
ashamed to admit they were swindled.
Warnings from the Financial Conduct
Authority cite unregulated groups using
addresses in most of the City’s big sky-
scrapers. These “create an air of legiti-
macy, make people think it’s London
plc”, says Det Insp Russell. Some use
false addresses, but many lease serviced
offices or “virtual” ones consisting of
mail and phone forwarding.
Serviced offices make up 2m sq ft in
the City, housing more than 2,000 busi-
nesses, while virtual ones operate from
92 locations.
Two providers, Servcorp and Regus,
were convicted and fined over failings in
client record-keeping, while Regus was
also found to have given false informa-
tion about whether an investment com-
pany had a presence at its site. Servcorp
and Regus says they had reviewed their
compliance processes and that the
problems would not be repeated.
Jennifer Brooke, chief executive of the
Business Centre Association, which
maintains a database of suspected
scammers, says the issue is a “huge” one
for her sector: “We are here to ensure
our members’ locations are not enablers
of fraud. But there are times when you
can have all the checks in place and
something does slip through the net.”
Reports of City fraud have fallen
recently, police says, but the team plans
to target Canary Wharf, London’s sec-
ond financial centre, and to work with
police in other cities. “Our eventual aim
is to design out investment fraud,” says
Det Insp Russell. “But that’s a big ask.”
Despite the construction boom,
which is still below 2007’s record,
demand for office space outstrips sup-
ply, says Richard Thornton, a director at
Jones Lang LaSalle, a property consul-
tancy. “Market demand is possibly
higher than it has ever been. We have
requirements for more than 500,000 sq
ft on our books.”
For example, Npower, the utility, is
seeking 275,000 sq ft and during the
next three years some 70 per cent of the
big tenants in the city have leases expir-
ing, which could see them searching for
new space.
Marrico is now working with a Dubai-
based investment fund that is looking
for further opportunities in northern
England.
Colin Fell, chairman of Marrico, said:
“Our big advantage is that we are not in
the south-east. We are in the major
northern cities where there has been lit-
tle development and there are opportu-
nities.”
figures the initial tax charge would be
£3,347, because the cash lump sum
would be subject to emergency tax on
payment.
Anna Bowes, director of rate monitor-
ing website Savings Champion, said she
is seeing an increasing number of people
cashing in their pension pots.
“People understand cash better than
pensions and investments and want the
security of being able to access the
money when they like without restric-
tions,” she said.
3
Calais crisis
France and
UK set up
joint force to
target people
traffickers
HELEN WARRELL
PUBLIC POLICY CORRESPONDENT
French and British police are to set up a
command centre in Calais to target
organised criminals who smuggle
migrants to northern France and
across the Channel.
The joint task force is part of a range of
security measures to be announced
today by Theresa May, home secretary,
and Bernard Cazenueve, her French
counterpart.
They will meet in Calais to discuss
ways to deal with the thousands of
migrants from Africa and the Middle
East camped in the port town who are
seeking entry to the UK.
Disruption in Calais was aggravated
this summer when strikes by French
ferry workers gave migrants more
opportunities to hide in UK-bound vehi-
cles. Combined with more recent emer-
gency security operations, the hold-ups
have cost UK hauliers £750,000 a day,
according to the Freight Transport
Association.
While some migrants have crossed
the Mediterranean to mainland Europe
by choice, Mrs May has emphasised that
many who end up in Calais have been
coerced by “organised criminal gangs”.
Last month, she told MPs that people
traffickers set out to “profit from their
fellow humans’ misery” by “selling
them false promises before loading
them on to dangerous vessels and send-
ing them . . . to their deaths”.
‘We need agreements
with countries across the
north coast to stop this
situation developing’
The police unit, to be led by a British
and a French commander, will attempt
to improve intelligence and enforce-
ment collaboration, and report regu-
larly to London and Paris.
One of the biggest security problems
is groups of migrants charging the tun-
nel entrance each night. This month, a
Sudanese migrant walked almost the
length of the 31-mile tunnel before being
arrested at Folkstone, Kent.
Other initiatives to be announced
today will include a strengthened
perimeter around the Eurotunnel rail-
head supported by high-quality fencing,
closed-circuit TV, floodlighting and
infrared detection technology.
Eurotunnel will be supported with
urgent deployments of security guards
to patrol the tunnel, while the French
will supply additional mobile policing
units. Teams will use sniffer dogs to
scourfreightvehiclesforstowaways.
Keith Vaz, a Labour MP and chairman
of the Commons home affairs select
committee, warned that as security was
stepped up at Calais, the “domino prin-
ciple” would lead to migrants moving
elsewhere.
“Closing off one route will only mean
the problem moves to another port,” he
said. “There is already evidence of more
illegal activity around Dunkirk, Zee-
brugge and the Hook of Holland. We
need agreements with countries across
the north coast to stop this developing
before we see Calais-like crises spring up
atportsacrossthecontinent.”
He said a failure to get a grip on the cri-
sis would “easily” lead to the number of
migrants reaching Europe this year
becoming equivalent to the populations
ofMaltaandLuxembourgcombined.
Tunnel trouble: a migrant climbs
the perimeter fence at Coquelles
Others cite the emotional pull of cash.
Tom McPhail, head of pensions research
at Hargreaves Lansdown, said: “People
like the idea of taking cash from their
pension funds without necessarily
thinking about what they will do with
the money.
“The smaller the pension pot the
more likely it is that the saver will take
all their cash in one go.
“This is because the level of income
you can generate from a pot of this size is
very small.”
4 ★
Climate change
China emits less CO2 than thought, says study
Use of less harmful
lower-quality coal leads
to rethink on calculations
LUCY HORNBY — BEIJING
China’s carbon emissions may be signifi-
cantly lower than assumed, a study has
shown, in a surprising conclusion ahead
of a big climate change meeting in Paris
in December.
China’s emissions have been soaring
for years, surpassing those of the US and
Europe as its rapidly growing economy
tapped enormous reserves of coal to fuel
power plants, smelters and industry.
Some forecasters even expect China to
lead the world in cumulative emissions,
which factor in years of smoke from
Europe’s industrialrevolution.
The pall of smog over big cities and
the thick brown or even greenish smoke
Currencies lose firepower as effective trade weapon
Integration of global economy
reduces effect of exchange rate
movements on exports
SHAWN DONNAN — WASHINGTON
When China’s central bank last week
triggered the two biggest single-day falls
in the renminbi since the 1990s, plenty
of people were keen to proclaim a
resumption of the currency wars that
have been a feature of the global econ-
omy since the 2008 financial crisis.
But if Beijing’s move prompted a pre-
dictable political response from cur-
rency warriors in Washington and other
capitals, it ignored what many trade
economists see as an increasingly well-
documented fact: currencies are not the
trade weapon they once were.
In a new study of 46 countries includ-
ing China, economists at the World
Bank found that currency devaluations
were these days only half as effective a
tool for boosting exports as they were in
the mid-1990s.
Moreover, the World Bank econo-
mists found the further countries
became integrated into the global econ-
omy — as China has done in spectacular
style since the 1990s — the less the effect
was likely to be of any currency changes
on their exports.
For countries that weaken their cur-
rencies to seek competitive advantage
in global trade there is a “distinction
between the perception of the impact of
a depreciation and the actual impact a
depreciation can have”, says Michele
Ruta, one of the study’s authors. The
reality today, he says, is that years of
data show the impact is likely to be
much less than it used to be.
There are a number of reasons for
that. But the biggest, say Mr Ruta and
his colleagues, is the development of
global supply chains in the past two dec-
ades and the reality that many products
today are agglomerations of parts made
in many different countries.
The result is a much more complex
calculus for many economies, including
China.
Weaker currencies still lower the cost
and therefore raise the international
competitiveness of many goods exports
from industrial plants is easy to blame
on the burning of dirty, low-quality coal
and even coal waste. But a study in the
science journal Nature this week con-
cludes that China’s use of lower-quality
coal results in lower greenhouse gas
emissions than previously thought. It
estimates that 2013 emissions were 14
per cent lower than estimates by inter-
national institutes.
“A lot of people feel surprised because
we normally don’t expect that China’s
emissions are underestimated,” said
DaboGuan,oneoftheleadauthorsofthe
study by the School of International
Development at the University of East
Anglia in the UK.
At issue is the method of calculation
used to estimate the emissions. Observ-
ers calculate emissions based on esti-
mates of units of energy consumed,
a measure that in turn relies on a con-
version factor for converting the physi-
Renminbi. Depreciating values
Built for export: a worker assembles
parts at a Foxconn electronics
factory in Wuhan, China
Darley Shen/Reuters
Global export market share
Top five exporters (%)
China Japan
US France
Germany
1963 73 78 83 88 93 98 03 08 13
Source: IMF
FINANCIAL TIMES
INTERNATIONAL
cal coal used into standard coal units.
The study built on a national survey of
about 5,000 coal mines covering about
85 per cent of Chinese coal production
to conclude that coal quality was gener-
ally poorer than that used in the west.
Poor quality coal emits more air pollut-
ants per unit of energy, but up to 50 per
cent less carbon dioxide per tonne.
That means the formula used to con-
vert units of physical coal to units of
standard coal, and thus emissions, is
distorted for China, resulting in an over-
estimation of emissions. That is the case
even when assuming the country uses
10 per cent more coal than reflected in
official statistics, the researchers argue.
China’s official statistics often fail to
capture smaller or private coal mines,
industrial facilities and even relatively
large power plants and coal-to-chemi-
cals refineries. That was true when the
economy was booming, but now slow-
while increasing the cost of imports. For
something as simple as a bottle of Aus-
tralian Shiraz from grapes grown on
Margaret river vines, that reality still
holds and matters. A weak Australian
dollar will lower the cost of an exported
bottle and make it more attractive to
offshore consumers. It will also increase
the price of imports into Australia of
20 French or Chilean rivals.
But for more complex products, like
15 many of the electronic items assembled
in China, the real impact is far more dif-
ficult to calculate.
10 In the case of a smartphone, for exam-
ple, the screen may have been imported
5 from Japan and the main chip from
South Korea, while other parts are
sourced in Southeast Asia, Europe and
0 the US. So even as a weaker renminbi in
theory lowers the price of the finished
product internationally, it also raises
the cost of imported parts.
Central bank
Sri Lanka to push ahead with ‘big bang’ financial reforms
JAMES CRABTREE — COLOMBO
Sri Lanka’s incoming government
plans to push forward with “big bang”
reforms to open up its financial system
and liberalise the rupee after winning
Monday’s general election, the coun-
try’s central bank governor has said.
Controversial former president Mahi-
nda Rajapaksa officially conceded
defeat yesterday after this week’s par-
liamentary polls, paving the way for his
reform-minded rival Ranil Wickremes-
inghe to return as prime minister of the
south Asian island.
After Sri Lanka’s 25-year civil war
ended in 2009 with Mr Rajapaksa
declaring victory, the island became one
the world’s fast-growing frontier mar-
kets, boosted by billions of dollars worth
of infrastructure investment from
China.
But Arjuna Mahendran, governor of
the Central Bank of Sri Lanka, told the
Financial Times that its new govern-
ment had inherited problems, including
rising national debts and a ratio of tax
revenues to gross domestic product that
was among the lowest in the world. Mr
Mahendran, a close ally of Mr Wick-
ing growth and tighter policies are driv-
ing many of those plants out of business.
Other sources believe that projections
of emissions are overdone. Greenpeace
argues that drops in apparent consump-
tion of coal in the past year means China
is closer than Beijing thinks to reaching
14% 50%
Study’s estimated Less carbon
reduction in dioxide per tonne
China’s emissions emitted by
in 2013 poor-quality coal
For that reason trade economists have
increasingly begun to look at who gains
the real “value-added” profits from
products. Wherever you may buy an
iPhone designed in California and
assembled in China from parts from all
over the world, most of the profits go to
Apple not to Foxconn, the Taiwanese
assembler, or to its workers in mainland
China. However, despite the shift in the
global economy, in the case of China
there is one reason why its exporters
may gain more from a weaker currency
than they once would.
China’s import intensity — how much
of exports were made up of imported
parts — has fallen dramatically in many
categories in the past decade. China has
been expanding its own supply chains,
something trade economists have cited
as one reason for slowing growth in glo-
bal trade in recent years.
But beyond China the reality is that
remesinghe, said he would double for-
eign exchange reserves as a prelude to
full currency liberalisation, while mov-
ing to cut interest payments by reprofil-
ing some of Sri Lanka’s Rs7.7bn ($57m)
stock of government debts, including
from Chinese state-backed banks.
Describing existing restrictions on the
rupee as part of a “siege mentality”, he
said the new government would “slash”
exchange controls via new legislation,
ushering in a “radically different set of
rules” and paving the way to full cur-
rency convertibility, potentially as soon
as next year. “Our exchange control act
is pretty draconian in how it restricts
Celebrating: supporters of Ranil Wickremesinghe in Colombo — Ishara S Kodikara/AFP
the point at which coal consumption —
and thus emissions — will peak.
Since emissions from the world’s larg-
est polluter are still growing, negotiators
have focused on when emissions will
peak as crucial to how the world will get
greenhouse gases under control. Bei-
jing’s target is to peak around 2030.
Mr Guan believes that emphasis is
misplaced. He hopes his team’s
approach to assessing Chinese emissions
can be applied to other countries that
have far less robust statistical collection
than China and even less ability to meas-
ure,letalonecontrol,their emissions.
Otherwise, he says, by focusing on
China and overlooking rising coal use in
India, Indonesia or Africa, negotiators
in Paris could make a similar mistake to
the 1997 Kyoto protocol, which tried to
limit emissions from the US and Europe
but failed to consider China.
FT Big Read page 7
even big devaluations have done little to
help exports.
In a note to clients this week, Marc
Chandler, global head of currency strat-
egy for Brown Brothers Harriman,
pointed out that the Japanese yen had
fallen more than 17 per cent against the
dollar in the past year and yet Japan’s
exports in the three months to June
posted the biggest quarterly decline in
five years.
Similar patterns hold true in South
Korea, Taiwan and even Germany, Mr
Chandler says. Taken together they
point to a bigger malaise in the global
economy, one that is unlikely to be over-
come by any currency shifts.
“The key message that a lot of people
miss is that the best thing for US
exports, the best thing for Chinese
exports, the best thing for European
exports is not weakening currencies, it is
stronger global demand,” he says.
money coming in and out of the country,
so what we are trying is to make it much
simpler and more effective,” he said.
“We’d like to go with these big bang
reforms when our reserves are a bit
more robust,” he added, targeting
reserves sufficient to cover a year of
imports, more than double the present
level.
Sri Lanka is the latest Asian nation to
consider currency liberalisation.
Raghuram Rajan, the Indian central
bank governor, said in January that he
hoped to move towards currency con-
vertibility “in a short number of years”.
Sri Lankans travelling abroad and for-
Thursday 20 August 2015
Bangkok bombing
Thai rulers
rush to soothe
fears after
shrine attack
MICHAEL PEEL — BANGKOK
Thailand’s military rulers are scram-
bling to shore up confidence in the
country as they intensify their hunt for
the suspected perpetrators of Bang-
kok’s deadliest bomb attack.
Television channels interrupted normal
programming yesterday to show mes-
sages in English and Chinese to reassure
foreigners, after this week’s blast at the
packed Erawan shrine that killed at
least 20 Thai and overseas nationals.
Authorities say they are looking for
multiple suspects, led by a young man in
a yellow T-shirt they say was captured
on closed-circuit television dumping a
rucksack at the shrine shortly before the
explosion. Police issued a sketch of the
suspect and announced a 1m baht
($28,000) reward for information lead-
ing to him or accomplices in what some
officials have suggested may be a net-
work of bombers.
In a special TV broadcast, Winthai
Suvaree, the junta’s deputy spokesman,
said a security task force was mounting
patrols and setting up checkpoints and
roadblocks around Bangkok to ensure
public safety. He said extra forces had
been deployed to areas popular with
tourists, particularly Chinese nationals,
who accounted for at least four of the
dead in Monday’s atrocity.
The uniformed colonel was flanked
The government has
been anxious to create a
sense of control and
business as usual
by two women in civilian clothes who
read out the message in English and Chi-
nese. “The overall situation [is] stable
and has returned to normal,” they said.
The military-dominated government
has been anxious to create a sense of
control and business as usual, scrubbing
the carnage at the bomb site clean in less
than 24 hours and then reopening the
shrine yesterday.
Senior ministers have claimed the
attack is aimed at destroying the once-
dynamic kingdom’s now sluggish econ-
omy, particularly a tourist industry that
has rebounded since the military coup
in May last year and is highly dependent
on Chinese visitors.
Anxiety in the city was heightened by
a second incident on Tuesday, in which
an explosive device was thrown from a
bridge before detonating harmlessly in
the water. Officials added to the uncer-
tainty by giving conflicting statements
about whether the blast was linked to
the shrine atrocity.
Col Winthai echoed reassurances by
senior junta members that the investi-
gation into the shrine blast was making
“major” progress. But there was still lit-
tle indication of the identity of the
young man in the grimy CCTV footage,
or of any group to which he may have
belonged. Some officials and others
have suggested he might be a foreigner,
possibly Caucasian, but the definition of
the pictures is poor and his shaggy black
hair could be a wig.
The combination of the blurry film
and the lack of other information has
sparked many freelance online investi-
gations and so far at least two apparent
cases of misidentification.
eign citizens living on the island face
currency restrictions, including delays
to transferring money overseas. “When
a Sri Lankan travels now you can’t just
go and buy dollars,” Mr Mahendran
said. “You have to jump through
hoops . . . All of that has to be liberal-
ised, to make people’s lives easier, and
engender more trade.”
Sri Lanka plans to build up its foreign
reserves by encouraging global compa-
nies to use the island as a base for high-
value manufacturing exports, targeting
India’s sizeable market in particular.
Mr Wickremesinghe told the FT this
week he also planned to strike trade
deals with India and China. He
remained open to further infrastructure
deals from Beijing, he added, despite
having criticised the previous govern-
ment for its excessive reliance on Chi-
nese financing.
As central bank governor, Mr Mahen-
dran also said he remained open to the
idea — floated by his predecessor — of
becoming the first country outside
China to issue a renminbi-denominated
“dim sum” bond, a step that would help
China’s drive to establish the renminbi
as a global currency.
Thursday 20 August 2015
Bailout vote
Bundestag backs
Greek deal amid
Merkel rebellion
Door opens for release of
emergency funds as Dutch
also approve €86bn rescue
STEFAN WAGSTYL — BERLIN
DUNCAN ROBINSON — BRUSSELS
The German parliament backed the lat-
est €86bn Greek rescue deal yesterday,
opening the way for the immediate
release of emergency funds to help Ath-
ens pay its key debts, refinance its banks
and support the reform of its stricken
economy.
The Bundestag voted 454 to 113 in
favour of the deal, with 18 MPs abstain-
ing and 46 staying away.
But Chancellor Angela Merkel suf-
fered the biggest parliamentary rebel-
lion of her decade in power, with 63
members of her Christian Democratic
Union and Bavarian sister party the CSU
voting against and three abstaining.
The rebellion was not as big as some
party figures had predicted and critics
stressed their opposition was aimed at
policy on Greece rather than the chan-
cellor. But it will still undermine Ms
Merkel’s aura of invulnerability.
It also suggests there will be further
opposition in Germany to additional
requests to help Greece. That could
complicate any efforts to grant debt
relief to Athens, an issue which will
come up for discussion in the autumn.
Party opposition to rescuing Greece
has grown from four rebellious MPs in
2010 to one-fifth of the CDU/CSU bloc in
the Bundestag.
German parliamentary approval
allows the European Stability Mecha-
nism, the eurozone’s rescue fund, to pay
out a first tranche of bailout money in
July minutes
Conditions for rate rise ‘approaching’, says Fed
SHAWN DONNAN — WASHINGTON
ROBIN WIGGLESWORTH — NEW YORK
Federal Reserve policymakers were
concerned about low inflation as well
as threats to the US economy posed by
a stronger dollar and developments in
China, but deemed conditions for a rate
rise to be “approaching”, according to
minutes released yesterday.
The July 28-29 meeting of the Federal
Open Market Committee included no
mention in the minutes of any plans to
raise rates at its next meeting on Sep-
tember 16-17. The minutes point to a
vigorous debate within the Fed over a
number of data points, including infla-
tion and the timing of an increase.
There is also a view of a Fed that is
clearly approaching decision time on
raising rates for the first time since the
global financial crisis, with the bank’s
internal discussions focused on how
best to communicate the eventual move
to markets.
“Most [FOMC members] judged that
the conditions for policy firming had
not yet been achieved, but they noted
that conditions were approaching that
point,” Fed staff wrote.
When that moment comes, however,
the minutes show that the Fed’s policy-
makers are eager to get the message out
Expenses scandal
Issue of trust hounds Canada’s prime minister
SIMON DOYLE — OTTAWA
Canadian prime minister Stephen
Harper, elected in 2006 on a pledge of
accountability and trust, is being
dogged by the same issues on the cam-
paign trail nine years later.
Mr Harper trails the leftist New Demo-
cratic party in the polls as he fends off
daily questions about an expenses scan-
dal involving senior aides and a senator
and fundraiser from the premier’s Con-
servative party.
“Stephen Harper promised to clean
up Liberal corruption and mismanage-
ment. Let’s look at the record,” says an
ad by the NDP that went on to list Con-
servatives caught in breaches from elec-
toral fraud to misuse of public funds.
Ahead of the October 19 election, Mr
Harper is struggling to distance himself
from the fraud trial of Mike Duffy — a
senator and former Conservative ally —
over improper expenses claims.
Donald Bayne, Mr Duffy’s lawyer, has
alleged that emails between Mr
Harper’s senior staff — including cur-
time for Greece to make a crucial €3.2bn
debt repayment to the European Cen-
tral Bank today.
The Dutch parliament also backed the
Greek bailout yesterday after the gov-
erning Liberal party said it would back
the package despite its “many doubts”.
Prime Minister Mark Rutte, who previ-
ously vowed there would be no third
bailout for Greece, said he could not rule
out a fourth.
The premier faced stinging criticism
in a heated debate in The Hague.
Alexander Pechtold, leader of the lib-
eral D66 opposition party, which backed
the bailout, criticised the prime minis-
ter for misleading Dutch voters. “You
should not play with people’s trust,” Mr
Pechtold said.
Geert Wilders, the populist euroscep-
tic MP, called him the “Pinocchio of the
low countries” and called on him to
resign, but Mr Rutte’s government com-
fortably survived a no-confidence vote.
Parliamentary approval for the third
bailout was the last important hurdle in
tortuous rescue talks in which Greece
came to the brink of default, financial
meltdown and leaving the euro. The
negotiations also triggered deep misgiv-
ings in other eurozone capitals about
the way in which Germany wielded its
economic and financial power.
Earlier in Berlin, Wolfgang Schäuble,
Germany’s finance minister, opened the
Bundestag debate, saying it would be
“irresponsible” not to give Athens the
chance to take the road to economic
recovery.
His carefully worded appeal
addressed the key concerns of sceptical
MPs — including Greece’s high debt bur-
den, the role of the International Mone-
tary Fund in the plan and Greece’s
that any future increases in the federal
funds rate would be modest.
FOMC members had stressed that
“the committee’s communications
around the time of the first rate increase
should emphasise that the expected
path for policy, not the initial increase,
would be the most important
determinant of financial conditions and
should acknowledge that policy would
continue to be accommodative.”
Markets read the minutes as dovish.
Federal Reserve:
eager to get the
message out that
any future rate
increases would
be modest
Bond markets rallied on the lack of any
overt hints of imminent monetary tight-
ening, with the 10-year Treasury yield
at 2.11 per cent after climbing as high as
2.22 per cent. The dollar also slipped on
the cautious tone, with the main US
currency index declining 0.6 per cent.
“We don’t come away from the
minutes feeling more confident about
our call for a September rate hike,”
said Michelle Girard, chief US econo-
mist at RBS Securities.
The July minutes were released
rent chief of staff Ray Novak — reveal a
scheme to make the expenses claims go
away by secretly repaying them. Nigel
Wright, Mr Harper’s former chief, later
resigned after covering them with a per-
s o n a l c h e q u e for C$90,000
(US$69,000). Mr Harper denies any
knowledge of the plan.
“The problem with the trial is that the
narrative has shifted from a former sen-
ator and what a former chief of staff did
to what is happening in the prime minis-
ter’s office, and what is the culture
within that office,” said Nik Nanos, head
of polling firm Nanos Research. “That,
realistically, is potentially more damag-
ing to the Conservatives, because you
can’t throw everyone under the bus.”
The trial is confounding Mr Harper’s
efforts to focus on the economy and
security issues, and complicating the
message of trust and ethical governance
that was once his strong point. Mr
Harper won in 2006 on a platform of
accountability following a Liberal gov-
ernment scandal related to a federal
sponsorship programme. “He would
★★★ FINANCIAL TIMES 5
INTERNATIONAL
Keeping silent: Chancellor
Angela Merkel gestures during
yesterday’s debate
Wolfgang Kumm/AP
‘If Greece uncertain record in implementing again. The opportunity is on offer. And unity over the question of migrants.
reforms. whether it is used, only the Greeks will In words that seemed to be an appeal
implements Mr Schäuble, who until a month ago decide.” to other EU countries to pull their
. . . the had aired serious reservations about the Ms Merkel attended the debate but weight in accepting migrants, he said: “I
programme rescue, conceded there was “no guaran- did not speak, ostensibly because the would be very thankful if we could in
tee that everything will function” in the rescue programme is, formally, a our country come to a common decision
in full, then three-year programme and “doubts finance ministry proposal. Her silence [over Greece] and if we could then show
the Greek were permitted”. also made it more difficult for her critics Europe: just as we are capable of negoti-
economy can But he said the plan agreed at last to present the CDU/CSU protest vote as ating [a deal], so must Europe become
month’s acrimonious eurogroup sum- an attack on her authority. capable of negotiating [a deal].”
grow again’ mit and the detailed programme backed Mr Schäuble deliberately eschewed 341 Klaus-Peter Willsch, a leading CDU
Wolfgang last week by eurogroup finance minis- the rhetoric of European solidarity in Government’s sceptic, spoke against the Greece rescue
Schäuble ters offered Athens a chance. his remarks, presumably to avoid sug- margin of victory in but took care not to criticise Ms Merkel
He added: “It would now be irrespon- gesting the sceptics were in any way yesterday’s vote or her government. He said: “When you
sible not to use the opportunity for a anti-European. However, Volker have, with a running start, twice run
new start in Greece. If Greece stands by Kauder, the chief whip, presented Ger- 63 into the wall head first, then you should
its obligations and implements the pro- man backing for Greece as a demonstra- CDU and CSU take a look and see whether there isn’t a
gramme in full and with determination, tion of EU solidarity — and suggested members who voted door somewhere. And the door is called
then the Greek economy can grow the bloc now needed to show similar against the bailout Grexit.”
early by the Fed after Bloomberg said
it had “inadvertently” broken an
embargo by 24 minutes.
With recent employment figures
strong, the state of the labour market
prompted little discussion, but some
members of the FOMC said they were
still concerned about the fact wages
were rising only slowly, along with other
evidence of slack in the labour force.
Alongside that discussion was a
pointed debate on inflation and whether
it is on a path towards the central bank’s
2 per cent target. Data released yester-
day showed prices in July were just
0.2 per cent higher than a year before.
The core inflation rate, which excludes
energy, put the increase at 1.8 per cent.
At their July meeting, FOMC
members “generally anticipated that
inflation would rise gradually toward 2
per cent as the labour market improved
further and the transitory effects of ear-
lier declines in energy and import prices
dissipated”, the minutes said.
But “some participants” also took a
more pessimistic view, pointing to the
risk of further declines in oil and
commodity prices and the risk of a
further strengthening in the dollar.
July’s meeting took place before
China’s move last week to depreciate the
renminbi.
rather be talking about other issues,”
said John Capobianco, a consultant with
Fleishman Hillard in Toronto who ran
as a Conservative candidate under Mr
Harper in previous elections.
The NDP, led by Tom Mulcair, is
ahead in the polls with 31.3 per cent sup-
port, according to the polling aggregator
ThreeHundredEight.com for the Cana-
dian Broadcasting Corporation. The
Conservatives are on 30 per cent and the
Liberals on nearly 28 per cent.
The Justin Trudeau-led Liberals have
fallen behind as the Conservatives have
attacked the son of the long-serving
former prime minister Pierre Trudeau
as “just not ready” to govern.
Making things worse for Mr Harper is
that he can no longer take his reputation
as a reliable economic manager for
granted. The prime minister promised a
balanced budget this year after seven
years of deficits, but that now looks in
doubt after the plunge in oil prices and
the likelihood of a mild recession in the
first half of 2015 for the world’s 11th big-
gest economy.
6 ★ FINANCIAL TIMES Thursday 20 August 2015

INTERNATIONAL

Food crisis

Trump reveals staying power as he UN fears

consolidates lead in Republican race
Brash tycoon appears to benefit from gaffes that would have sunk other contenders
DEMETRI SEVASTOPULO — WASHINGTON
When Donald Trump launched his
unorthodox presidential campaign in
June with an attack on everyone from
Mexican “rapists” to “stupid” US politi-
cians, experts declared that the brash
real estate tycoon would last about as
long in the race as many of the pretend-
ers he ejected early in The Apprentice.
At the time, Mr Trump averaged just
1-2 per cent support in polls of Republi-
can voters, far behind the three men
who were seen as the party’s top main-
stream contenders — Jeb Bush, the
former Florida governor, Scott Walker,
Wisconsin governor, and Marco Rubio,
the Cuban-American senator.
When his surreal launch speech cata-
pulted him to 11 per cent, pundits dis-
missed the spike as a flash in the pan
that simply reflected both his name rec-
ognition and the media hype that
accompanied his willingness to employ
bombastic rhetoric that would be politi-
cal suicide for other candidates.
But two months into his campaign, Mr
Trump has confounded the experts. He
has survived — or even gained momen-
tum from — multiple gaffes that would
have derailed many campaigns.
He has weathered a barrage of criti-
cism over his attacks, including on pop-
ular Fox news anchor Megyn Kelly, who
challenged him at the first Republican
primary television debate, and has
boosted his appeal after the debates
despite a widespread view that his per-
formance was below par.
Recent surveys conducted after
the debates show that Mr Trump has
solidified his position as the leader in
the polls. CNN/ORC found that he
has the support of 24 per cent of Repub-
licans, more than 10 points ahead of
Mr Bush.
Fox News had him even further
ahead, with Mr Bush coming third
after Ben Carson, a Tea Party darling,
who together with Mr Trump is one
of three non-politicians in the crowded
Republican field.
While many political analysts still
believe Mr Trump has little hope of win-
ning the Republican nomination and
even less chance of taking the White
House, some are starting to question if
the conventional wisdom that establish-
ment candidates ultimately push out
insurgents will remain true in a race that
stands apart for the sheer number of
candidates, the huge amounts of money
financing the record field, and the role
of social media in campaigns.
“What we are embarking on is a really
interesting experiment as to whether
this is ‘same old, same old’ or something
different,” says Norm Ornstein of the
American Enterprise Institute. “Is it
Taste for inevitable that he flames out? I don’t
campaigning: think so.”
Donald Trump The tycoon has excited grassroots
eats a pork chop Republicans who are angry with the
and greets the party for failing to tackle what they see
public while as critical issues — such as how to deal
campaigning at with the 11m illegal immigrants.
the Iowa State “They love a guy who is thumbing his
Fair in Des nose at his own [Republican] establish-
Moines at the ment, as he is at Hillary Clinton,” says
weekend Mr Ornstein.
Win McNamee/Getty
Mark Meckler, an early leader of the
Tea Party movement, says the strong
backing for Mr Trump and Mr Carson,
and the rising support for former
Hewlett-Packard chief executive Carly
Fiorina, underscores a desire among
conservatives for an “insurgency cam-
paign” and that Mr Trump was the
standard bearer partly because his
wealth meant “he can’t be bought by
any particular constituency”.
Chuck McCutcheon, co-author of The
Almanac of American Politics, says Mr
Trump is walking a political tightrope
by pitching himself as a regular guy — a
must in modern US presidential races
and one that the patrician John Kerry
and Mitt Romney failed to pull off —
while standing out from the public.
“His wealth gives people a reason to
look up to him, yet he seems like a regu-
lar guy,” he says.
While Mr Trump has taken stands
on many issues, his campaign has
become synonymous with a push to
crack down on undocumented workers.
This week he released an immigration
plan in which he vowed to change
the constitution so children born in
the US to parents living illegally in the
country would not automatically
receive US citizenship.
David Mark, a political expert, says
that while Mr Trump is benefiting from
name recognition and media coverage,
his immigration stance gives him “the
potential to go across ideological lines”.
He adds that Bernie Sanders, who is
challenging Hillary Clinton for the Dem-
ocratic nomination, is also making the
case that the flow of immigrants is hav-
ing a negative impact on wages.
“It gives him more staying power
. . . more than the Republicans would
care to admit,” adds Mr Mark. Those
who believe that Mr Trump is an
ephemeral phenomenon argue that in
previous cycles, Republicans such as
Herman Cain and Democrats such as
Howard Dean surged ahead in the polls
only to see their campaigns rapidly dis-
integrate.
Some point to general flaws in polling,
not least in May’s UK election, where
nobody forecast the decisive victory of
David Cameron and his Conservative
party. “[Trump] is not going to be the
Republican nominee. It is the season
when there are no consequences for
choosing candidates like Trump and
Carson,” says Larry Sabato of the Uni-
versity of Virginia.
Mr Sabato argues that the magnate’s
support will decline as the Republican
‘His wealth field of 17 contenders narrows.
But Mr Meckler dismisses suggestions
gives people a that the people responding to polls are
reason to not taking their choices seriously. He
look up to says that low-profile candidates such as
him, yet he Mr Carson would not be doing so well if
people were not yet properly focused on
seems like a the election. “People are looking very
regular guy’ carefully now,” he adds.
Yemen on
edge of famine
HEBA SALEH — CAIRO
The UN has issued a stark warning of
famine in war-torn Yemen unless
humanitarian workers gain “immedi-
ate and unhindered” access to millions
of people who urgently need food.
Speaking in Cairo after a three-day visit
to Yemen, Ertharin Cousin, the execu-
tive director of the World Food Pro-
gramme, said local markets did not
have enough food to meet the needs of
the population and that humanitarian
organisations had neither the access nor
the funds to supply food.
“All the signs that would lead us to [a]
quantifiable definition of a famine are in
fact developing in front of our eyes
today,” said Ms Cousins. “The people of
Yemen cannot wait for a political solu-
tion. We must have the support that is
necessary to meet their needs.”
The results of an assessment con-
ducted by WFP and released yesterday
showed conditions in conflict-affected
parts of the country were “one step away
from famine levels”. Worst hit are the
1.3m internally displaced people.
A Saudi-led coalition has been carry-
ing out a ground and air campaign in
Yemen since March against Houthi
rebels who over-ran the capital this year
and ousted Abd Rabbu Mansour Hadi,
the president. Riyadh considers the Shia
Houthis to be proxies for Iran, its
regional rival.
WFP said the combination of food
shortages, a lack of access to clean water
and a diminished fuel supply created
“the dawn of a perfect storm” for vul-
nerable Yemenis.
The agency estimates there are 6m
Yemenis who are “severely food inse-
cure”, and half a million children who
are severely malnourished. Many more
people are seen as vulnerable as food
prices have risen significantly.
Food prices have increased 20 to 40
per cent from last year, according to Ms
Cousins. The price of water has tripled
in the capital, Sana’a, since the start of
the conflict because pumping systems
have been hit by a shortage of diesel
fuel. She also said fighting around ports
had made food delivery difficult and
dangerous. Both commercial and
humanitarian supplies are being held
up, she added.
A ship carrying WFP aid was in the
port of Hodeida, which is controlled by
the rebels, but the agency has not been
given clearance to unload and transport
food to areas where it is needed.
The coalition bombed Hodeida on
Tuesday night, destroying warehouses
and cranes at the port. Another ship car-
rying supplies was sitting off the port of
Aden awaiting permission to dock, Ms
Cousins said, although she refused to
say who was holding up the delivery.
She also called on the global commu-
nity to fulfil pledges for a $320m aid
operation to start in September.

Court verdict Health allegations

Outcry as Russia jails Estonia Moscow steps up food war

spy seized in his own country with French store probe
KATHRIN HILLE — MOSCOW
A Russian court has sentenced Esto-
nian security agent Eston Kohver to 15
years in prison after he was found
guilty of spying, having been seized
from just inside his own border last
September.
Estonian prime minister Taavi Roivas
condemned yesterday’s court verdict,
calling it “a clear and grave violation of
international law”.
Kohver’s trial is the latest in a series of
legal cases in which regional tensions
are played out in Russian courts.
Ukrainian pilot Nadia Savchenko,
who was captured by pro-Russian fight-
ers in eastern Ukraine last year, is being
tried for murder in the southern Rus-
sian city of Rostov.
In a court in the same city, Russian
prosecutors yesterday demanded a 23-
year jail sentence for Ukrainian film
director Oleg Sentsov, who is on trial for
allegedly plotting a terrorist attack in
Crimea last year.
Kohver, an agent in Estonia’s internal
security service, was abducted by
officials of Russia’s Federal Security
Service, the successor to the KGB, from
Estonian territory in September last
year and has been in detention in Russia
ever since.
Russia claims that the Estonian agent
was arrested on Russian soil, but
according to Estonia’s records he was
abducted from his own country, and
border guards from both sides signed a
protocol confirming an incursion from
Russia into Estonia.
The Pskov regional court yesterday
found Kohver guilty of espionage, illegal
crossing of the border and carrying of a
weapon. In addition to the prison
sentence, he was fined Rbs100,000
($1,500).
Kohver has 10 days to appeal against
the verdict, but Yevgeny Aksyonov,
his state-appointed lawyer, said it was
not yet clear whether he would decide to
do so.
That “depends on himself and also on
the consultations with Estonian diplo-
mats”, Mr Aksyonov said.
Russian legal experts said the Esto-
nian agent could be exchanged for
Russian agents held in Estonia, and
negotiations about such a deal could
begin now that a court verdict had been
reached.
But the conviction triggered an inter-
national outcry.
Marina Kaljurand, Estonia’s foreign
minister, tweeted: “Demand that RU
release him.”
Linas Linkevicius, Lithuania’s foreign
minister, also took to Twitter to describe
the Russian court verdict as “yet
another unlawful act by a RU court”.
David Lidington, Britain’s minister for
Europe, urged Moscow to release Koh-
ver immediately.
Eston Kohver: was fined Rbs100,000
as well as being jailed for 15 years
COURTNEY WEAVER — MOSCOW
Russian authorities have launched a
probe into the French hypermarket
chain Auchan, making it the latest
western multinational to fall foul of
Moscow.
Since mid-June, Rospotrebnadzor, Rus-
sia’s consumer watchdog, has been con-
ducting “systemic checks” of Auchan’s
32 stores in the Moscow region to ensure
they complied with Russia’s sanitation
laws, Anna Popova, the watchdog’s
head, said yesterday.
News of the inspections comes just
weeks after Rosselkhoznadzor, Russia’s
agricultural watchdog, said it had found
traces of cow, chicken and horse DNA in
Auchan’s pork products.
The agricultural agency, which con-
ducted the probe on an order by Arkady
Dvorkovich, deputy prime minister,
accused Auchan of stocking its shelves
with expired products and said half of
Auchan’s meat products did not meet
Russian health standards.
For years, Moscow has been accused
of using arbitrary food safety rules and
regulation to help it further its geopoliti-
cal interests.
Those allegations have increased
markedly in the past year-and-a-half
against the backdrop of Moscow’s dete-
riorating relations with the west.
While a few years ago it was Russia’s
western-leaning, ex-Soviet neighbours
who worried their dairy products or
wine would be deemed unfit for Russian
import without explanation, these days
the practice appears to have extended to
US and European multinationals.
Last summer, Russian regional health
officials shut down eight McDonald’s
outlets for three months after alleging
the chain had violated the country’s
health standards and misrepresented
the health facts of its products.
A few months later, Russia’s agricul-
tural minister accused Danone and
PepsiCo of adulterating their dairy
products with cheap ingredients.
Ms Popova said the regulator had
completed its two-month inspection of
Auchan’s Moscow stores and was now
auditing the results. Auchan declined to
comment.
The company’s revenue in Russia
reached Rbs334.1bn (about $5bn) last
year, making it the country’s third-big-
gest food retail chain by sales after local
businesses X5 and Magnit. The com-
32 Rbs334bn
Auchan stores Revenue last year
in the Moscow for the French
region that are supermarket from
being checked its Russian stores
pany has had a presence in Russia since
2002 and has more that 80 stores in the
country.
The probe into Auchan comes against
a backdrop of another type of food war
in Russia. A year after banning Euro-
pean and US food products in retaliation
to western sanctions, Russia has begun
destroying contraband food that makes
its way over its border.
The new measures are meant to elimi-
nate the black market for contraband
food. An order to film the destructions is
meant to stop Russia officials from sim-
ply pocketing the food. But a recent poll
showed at least half believed the banned
food should be given to the needy.
Thursday 20 August 2015
Facing an economic slowdown, Beijing has found that its once-reliable tools to stimulate growth are losing their
power. With policy options running low, its leaders broke an old taboo and devalued the renminbi.
I
n the thick of the Asian financial
crisis of the late 1990s, as one des-
perate country after another
slashed the value of their curren-
cies, China was credited with halt-
ing the malaise by keeping its exchange
rate pegged firmly to the dollar.
In 2008, as the global financial system
stood on the edge of a precipice, China
once again fixed the renminbi to the dol-
lar and launched a huge domestic stim-
ulus package that boosted demand for
everything from Australian iron ore to
American cars.
So why did China decide last week to
break the great taboo and devalue its
currency when there was no apparent
crisis?
The answer is that China is already in
the midst of its own creeping economic
crisis and does not have enough tools to
deal with it, according to analysts and
even some Communist party officials
speaking on condition of anonymity.
“Last week’s decision to move to a
more flexible currency reflects the fact
the underlying economy is much
weaker than the official figures show,”
says Rodney Jones, founder of Wigram
Capital and one of the people credited
with first predicting the 1990s Asian cri-
sis. “After 30 years, China’s old eco-
nomic model has broken down and
actual growth is much weaker than any-
thing we’ve seen before. The problem
for China’s leaders is that their menu of
possible policy options is more limited
than in the past.”
Filling villas and hotels
On a remote patch of swampy farmland
about halfway between Beijing and the
port city of Tianjin, which was hit by
deadly explosions last week, the enor-
mous “Jingjin New City” villa develop-
ment provides a visual aid for anyone
trying to understand the challenges fac-
ing China.
A little beyond the Kai Xuan Men — lit-
erally “Arc de Triomphe” — entrance
gate and adjacent golden statue sits an
astonishing 800-room Hyatt Regency
built to resemble a European palace.
Fewer than 10 per cent of the rooms
are occupied on any given night, accord-
ing to staff. The indoor tennis arena and
other facilities were locked up and rust-
ing this week. Just seven years after the
hotel opened, the building is falling
apart and the balconies of many rooms
have tall weeds growing on them.
From those balconies guests can look
out over what property agents boast is
“Asia’s biggest villa complex”, spread
over 15 square kilometres. More than
2,000 villas have already been built,
hundreds are still under construction
and there are plans for another 4,000.
The vast majority of the existing villas,
built with generous loans from state-
owned banks, are empty and some
appear abandoned.
The Jingjin development is just part of
a much larger 105 sq km planned resi-
dential zone — nearly twice the size of
Manhattan — and around its edges
smaller villa complexes, with names
like “Dream Life in Europe”, are frozen
in various stages of construction.
“We’ve stopped building and selling
villas because nobody is buying,” says
the caretaker at the “Dreamland of
Town” development on the edge of Jing-
jin New City. “I’m not sure if these will
ever be finished and put on the market.”
The nearest hospital is more than
20km away and even the most basic
amenities are missing from the “new
city”. Row after row of storefronts in
Jingjin’s main shopping complex are
boarded up, with only a couple of dingy
convenience stores showing signs of life.
“Some people from Beijing and Tian-
jin have bought places here as invest-
ments and they sometimes come on the
weekends, but most of my customers
are workers at the hotel, security guards
or people working at the showroom try-
ing to sell villas,” says the owner of one
of the convenience stores.
There are scores, if not hundreds, of
“ghost cities” across the country. It
seems perverse that developments such
as these should exist in the world’s most
populous nation, where land is scarce
and many people are still too poor to
afford decent housing. The Jingjin New
City project and many others like it
exemplify the government’s dilemma as
it tries to keep growth from tumbling
below its annual target of around 7 per
cent, already the slowest pace for China
in a quarter of a century.
For well over a decade, China’s econ-
omy has been powered by two main
engines: its enormous export-oriented
manufacturing sector and its scramble
to build cities from scratch, even if no
one actually wants to live in them.
In the aftermath of the 2008 crisis, as
China’s exports collapsed, the govern-
ment ordered its state-owned banks to
unleash a wave of credit that has been
described by economists as the greatest
loosening of monetary policy in history.
Total debt in the Chinese economy
quadrupled from $7tn in 2007 to $28tn
By Jamil Anderlini
Weakened
foundations
China’s growth challenge
Key activity indicators (annual % change)
Retail sales
Industrial production
Electricity consumption
2010 11 12 13 14
Sources: Haver Analytics; Thomson Reuters Datastream
An unfinished villa in the Jingjin
New City development intended to
be double the size of Manhattan.
Below: Jingjin’s Hyatt Regency
hotel and its ‘Arc de Triomphe’
entrance gate — Imaginechina/Corbis; Jamil Anderlini
Devaluation messages
A ‘market reform’ in
the national interest
Two days after it announced a historic
devaluation and shift to a more market-
based currency, China’s central bank
held a rare press conference in a
basement room under its imposing
headquarters in Beijing.
The message was simple if logically
inconsistent — China’s exchange rate
would now be decided by the market
but the People’s Bank of China had the
power and the resources to make sure
the currency trades at whatever level
China’s leaders feel is appropriate,
without any messy volatility. “We need
to believe in the market, respect the
market, fear the market and adapt to
★ FINANCIAL TIMES
FT BIG READ. CHINA
Real GDP growth (annual % change)
30
25
20
15
10
5
0 6
15 2005 06 07 08 09 10 11 12 13 14 15
by the middle of last year, according to
the McKinsey Global Institute. At 282
per cent of gross domestic product and
climbing, China’s debt load was already
bigger last year in relative terms than
those of Germany and the US.
Heavy lifting
The majority of new credit has gone into
property and associated industries such
as steel, cement, glass and factories to
produce fridges, televisions, light bulbs
and the other products people need to
put in their new homes.
Much of the debt and construction
was taken on by local governments,
which were expected to do most of the
heavy lifting in boosting GDP and main-
taining employment at any cost. The
investment and construction boom con-
tinued even after Beijing began tighten-
ing restrictions on lending and housing
purchases as it tried to rein in the result-
ing credit and property bubbles.
When investment in real estate finally
began to decline this year it prompted
the government to reverse its restric-
tions on credit and property purchases,
and significantly loosen monetary pol-
icy through interest rate cuts and state-
directed bank lending.
In recent months, China’s leaders
have been in continuous crisis mode,
rolling out one stimulus measure after
another in their efforts to prop up sag-
ging growth.
The most obvious examples have
been Beijing’s extraordinary efforts to
the market,” said PBoC deputy governor
Yi Gang. “But we also can’t forget that
the government must play a more
important role.”
In the week since it has become clear
that the central bank will intervene
whenever it wants to make sure the
currency continues to trade in a tight
band around the US dollar.
But many global investors are asking
why Beijing decided to move now and
what it hoped to achieve. People
familiar with Chinese bureaucracy say
the devaluation was a classic reformist
move by the PBoC, which has been
trying for years to move to a more freely
tradable currency. That would remove
some of the distortions in the economy
and allow Beijing to run a more
independent monetary policy. But this is
opposed by several agencies, such as
Credit growth (total renminbi loans, annual % change)
16
14
12
10
8 15
2005 06 07 08 09 10 11 12 13 14 15
reverse a stock market collapse last
month, which included everything from
government stock purchases to crimi-
nalising share sales by large investors.
But attempts to support the real econ-
omy have been almost as significant.
Last month, the People’s Bank of
China pumped nearly $100bn into two
state-owned “policy banks” that will
fund local government infrastructure
projects. The central bank has also
allowed these banks to issue trillions of
renminbi in bonds to support lending.
Beijing has launched a huge pro-
gramme that some describe as “quanti-
tative easing with Chinese characteris-
tics”, to swap short-term local govern-
ment debt for longer-term, lower-cost
bonds. But even after this debt swap,
local governments will have to make
Rmb1tn ($156bn) in interest payments
on their existing debt this year alone,
according to estimates from JPMorgan.
Yet income from land sales, which
had accounted for an average of 40 per
cent of local government revenues, has
plummeted in the past year. This means
local governments are struggling just to
service their growing debts and pay for
basic public services, and are in no posi-
tion to contribute to another stimulus
programme such as the one in 2008.
“Local governments’ fiscal con-
straints were a key cause of the slow-
down at the start of the year and have
limited the effectiveness of growth sta-
bilisation measures,” says Zhu Haibin,
chief China economist at JPMorgan.
the commerce ministry, which
represents the interests of exporters.
In selling this move to Beijing’s
leaders, the PBoC dressed it up as a
devaluation that would help exporters
and sold it as being in the national
interest. But to the outside world, it
has tried to portray the move as a
market-based reform on the road to a
more freely traded exchange rate.
“The [central bank] has
orchestrated a clever combination of a
move to weaken the renminbi with a
shift to a more market-determined
exchange rate, blunting foreign
criticism of the renminbi devaluation,”
says Eswar Prasad, former head of the
IMF’s China unit. The coming months
will reveal whether devaluation or
market forces were the more powerful
motivation for the move.
Renminbi against the dollar (RMB per $)
35
30
25
20
10
2003 04 05 06 07 08 09 10 11 12 13 14 15
The central government has tried to
encourage private investment in public
infrastructure projects and has poured
trillions of renminbi into huge national
projects this year, such as rail and road
networks, sewage treatment facilities
and shantytown redevelopments.
But this has not been enough to offset
falling investment in factories and
apartment blocks. Last month, fixed
asset investment across the country
rose by its slowest pace in 15 years.
Property woes
Despite a rebound of housing transac-
tions and prices in recent months in
larger cities, the downturn is expected
to continue because 70 per cent of
property investment happens in
‘The problem for China’s
leaders is that their menu
of policy options is more
limited than in the past’
smaller cities and places with chronic
oversupply such as Jingjin New City.
Even with a recovery in major cities,
the property sector will probably sub-
tract 1.5 per cent from GDP growth this
year, according to estimates from Wang
Tao, chief China economist at UBS.
The construction slowdown has ham-
mered global commodity prices, with
Chinese production of steel, cement,
glass and other materials falling by
record levels in recent months. As a
result of massive overcapacity in these
and other industries, average producer
prices have been falling for more than
three years.
“In the near term, [government]
infrastructure investment can directly
contribute to GDP growth but may not
have much of a multiplier effect in the
immediate following years,” says Ms
Wang. “In other words, the government
will need to more than double the level
of new infrastructure investment just to
keep overall investment growth steady.”
That seems impossible, especially in
the context of existing overinvestment
embodied by places such as Jingjin. And
thanks to the country’s existing debt
load, rampant overcapacity and the
bursting of property and equity bub-
bles, China’s available options for stimu-
lating growth are far fewer than they
were during past crises.
7
6.0
6.5
7.0
7.5
8.0
8.5
It is in that context that Beijing
reached last week for a weapon it has
refrained from deploying for more than
two decades. As China’s leaders have
long known, devaluing the currency is a
risky move because it can trigger cur-
rency wars — ultimately leaving the
country no better off. In the wake of
China’s move last week, Malaysia’s ring-
git and Indonesia’s rupiah both fell to
their lowest levels against the dollar
since the depths of the 1998 Asian crisis.
But China’s crucial export sector has
performed worse this year than at any
point since 2008. Last week’s devalua-
tion came just days after the govern-
ment said exports in July fell 8.3 per cent
from the same month a year earlier.
“We believe that the renminbi [for-
eign exchange] devaluations are aimed
at stimulating the export sector after the
authorities recently realised that
domestic demand alone is unable to sta-
bilise the economy,” says Li Junheng at
JL Warren Capital.
China’s central bank has publicly ridi-
culed the idea that it wants to devalue
the renminbi by at least 10 per cent
against the dollar. But with growth rates
still falling and few other options left,
that is exactly what some mid-ranking
and retired officials in Beijing think the
country’s leaders would like to see in the
coming months.
Facing a sharp slowdown at home and
few tools to deal with it, China does not
seem to be in a position to show the
resolve it displayed in the late 1990s and
2008. Instead, its leaders appear to have
concluded that they must risk a cur-
rency war abroad.
Market forces Beijing tried to reverse a
decline in equities last month with a
series of measures but after a two-day
correction conditions are still volatile
Crisis mode Beijing has earmarked
$100bn for two state-owned ‘policy
banks’ and is swapping out of short-
term local government debt
Lifting demand One analyst says
infrastructure investment would need
to be doubled just to keep overall
investment growth steady
8 ★
THURSDAY 20 AUGUST 2015
The world should fear an
emerging market rout
Developing countries need a stimulus to offset capital outflows
Capital is cascading out of emerging
markets as investors, companies and
financial institutions lose confidence in
developing countries. The outflows,
which have risen towards $1tn over the
past 13 months, hold a significance that
extends well beyond the frailties of the
countries themselves. The dynamism
of developing nations helped restore
the world to growth in the aftermath of
the 2008-09 financial crisis. It is now
dissipating fast.
Their vitality is being sapped by
a vicious circle of cause and effect.
Capital outflows add to pressures on
emerging market currencies to weaken
against the US dollar, thus inhibiting
import demand, damping economic
growth and spurring further outflows.
If the cycle cannot be arrested, the risk
is that a growth slump in developing
countries — which account for 52 per
cent of global gross domestic product in
purchasing power parity terms — could
pull the wider world into recession.
The resilience of emerging markets
may be critical. But the prognosis is
poor. To an extent, the growth model
that generated rapid economic expan-
sion over the past three decades
appears to be broken. David Lubin,
head of emerging market economics at
Citi, says three key engines of GDP
growth — exports, public domestic
spending and private domestic spend-
ing — are all sputtering.
Exports are hobbled by a collapse
in the growth of global trade. Public
spending is weak because many coun-
tries are too nervous to loosen fiscal
policy, fearing a loss of sovereign cred-
itworthiness at a time when capital
inflows are scarce. And private domes-
tic spending is hampered by the fact
that credit markets in many countries
are in “post-boom” mode: neither
domestic lenders nor borrowers have
much appetite for risk, Mr Lubin adds.
The upshot has been a sustained
Renationalising Britain’s
railways would be folly
The state’s grip needs to be further loosened and not tightened up
Many of the radical ideas espoused by
the Labour leadership candidate Jer-
emy Corbyn seem unlikely to find
favour with British voters. It is hard to
see the UK opting to leave the Nato mil-
itary alliance, for instance, or re-open
swaths of its deep-mined coal industry.
But one proposal may strike a chord
and that is Mr Corbyn’s scheme to rena-
tionalise Britain’s railways. Twenty
years after John Major’s Conservative
government privatised the old British
Rail, many commuters are open to giv-
ing the state another crack at running
the network. Indeed, a YouGov poll
last year suggested 60 per cent of peo-
ple support the move.
On one level, the degree of disen-
chantment occasions some surprise.
Even the most generous of critics could
scarcely hail BR as a success story. Rail
passenger numbers collapsed from 1bn
in 1950 to just over 600m a year in the
1980s. After privatisation began in
1994, they shot up to 1.6bn in 2013-14.
However, public dissatisfaction with
privatisation is not hard to understand
either. The rise in train usage may have
been accompanied by a surge of invest-
ment in new rolling stock, better safety
features and spruced-up stations. But
this has put great strain on the struc-
tures put in place at privatisation,
which split the old vertically integrated
BR into a track owner, train operators
and rolling stock investors.
Central to the problem that the rail-
ways face is the role played by Network
Rail, the state company that owns and
maintains the track. It ought to focus
on satisfying the investment needs of
the largely private train operators.
Instead, its priorities are too often dic-
tated by politicians, whose penchant is
for more prestigious projects. Minis-
ters have made great play of new
schemes being built across the net-
work such as the £16bn Crossrail and
the proposal to spend £50bn on a high-
slide in GDP growth. Bhanu Baweja,
strategist at UBS, estimates that emerg-
ing market GDP expansion eased to an
average 3.5 per cent in the first quarter,
its lowest level since the 2008-09 crisis.
He adds that if China’s huge economy is
stripped out, the remaining emerging
market GDP growth may have been
“close to zero” in the first quarter. Few
analysts are predicting an upturn in
fortunes later this year.
So what can be done to reverse the
downward spiral? One answer is urgent
structural reform. Only Mexico and
India have elected leaders who are
committed to a definable programme.
Other emerging markets largely squan-
dered the opportunity for reform that
more than a decade of rapid growth
afforded them.
A more immediate boost, however,
could be had from the selective loosen-
ing of fiscal policies in some developing
countries. It is easy to understand why
many governments are loath to con-
sider this; with the US Federal Reserve
expected to raise interest rates some-
time this autumn, many developing
countries will be reinforcing fiscal dis-
cipline so as to keep borrowing costs as
low as possible. But at a certain point,
the imperative to generate growth
needs to take precedence, at least in
those countries that have some room
for fiscal pump-priming.
The need for new infrastructure,
especially in India, China, most of sub-
Saharan Africa and much of Latin
America, is keen. Multilateral organi-
sations such as the World Bank, the
African Development Bank, the Inter-
American Development Bank and the
new Chinese-led Asia Infrastructure
Investment Bank should move quickly
to step up their lending. Emerging mar-
ket countries, too, should invest where
they can. The alternative is to risk the
current emerging market run develop-
ing into a rout.
speed line to Manchester. But while
taxpayer subsidies for the railways
have trebled in the past two decades,
fares have risen above inflation. Inevi-
tably, this has fuelled public anger.
Mr Corbyn’s solution is to put the
network back into public ownership.
There are lots of arguments against
such a course, from the cost of buying
out the private rail operators’ fran-
chises to the problems such a move
would pose in relation to EU competi-
tion rules. But even setting these objec-
tions aside, it is not obvious what rena-
tionalisation would achieve. Network
Rail is already effectively in govern-
ment hands; and the private train
companies operate to very tight speci-
fications set by the state through their
franchises. In short, the government
still has enormous involvement in the
way the network is run.
Rather than tightening their grip on
the venture, a better course for minis-
ters would be to relax it and allow the
rail industry to become more efficient.
Network Rail needs to be made more
accountable and responsive to the train
operators it serves, and given greater
incentives to co-ordinate investment
with them. The government should
ultimately look to reduce controls on
ticket prices, removing artificial distor-
tions to fare levels and consumer
demand. Network Rail and the train
operators should engage in greater col-
laboration to eliminate duplication and
reduce the cost of running the trains.
Britain’s railways are in a bizarre
place with a network that is partly pri-
vatised but still highly controlled by
the state. The strategic direction for
government must now be to free up the
system so that costs are increasingly
incurred by those who operate the rail-
ways and use them. This would be a far
better direction of travel than Mr Cor-
byn’s proposed detour into the sidings
of renationalisation.
FINANCIAL TIMES
Ruthless exploitation of workers’ insecurity
Sir, I was very dismayed to read your
endorsement of the gladiatorial culture
that Amazon “offers” its white-collar
employees (“No one is forced to work
in the Amazon jungle”, editorial,
August 18). But you appear to go well
beyond that. The recent New York
Times article dealt only with white-
collar employees who, as you seem to
think, “are highly employable
elsewhere”. You then add that
“Amazon’s employees are not slaves
. . . Nor has its approach damaged the
retailer”.
It is surely impossible not to see a
Modi can’t afford to wait
for the second term that
may never happen
Sir, Victor Mallet nicely sums up the
stasis that has seized the Modi
government (“Modi defends record as
his shine fades and India’s mood
darkens”, Global Insight, August 17).
That it was stymied in their agenda by
a rump opposition party, albeit one
with a storied past, beggars belief but,
nevertheless, is a testament to the
governing party’s political ineptitude.
The myriad opportunities that
Narendra Modi and his team had to
effect change especially with regard to
divestiture of the oxymoronic term
peculiar to India, “lossmaking public
sector undertakings”, only underscores
that. Prominent, if not the most
egregious, among these is Air India,
which loses on average $1bn a year. The
reasons for the latter are palpable to
anyone who has had the misfortune of
flying with it. Yet any talk of divestiture
of this albatross was squelched early in
his prime ministership by the aviation
minister.
The paralysis on economic issues is
best exemplified by finance minister
Arun Jaitley’s public comment in New
York last month in response to a
question on the well-perceived lack of
momentum in the economy. Mr Jaitley
pointed out that in the last decade his
party’s reign was limited to one term
despite being characterised by good
government focused on long-term
economic growth without an eye on
populist handouts. This time around,
Mr Jaitley said they intended to square
the circle and deliver both with a
second term reserved for
implementing real market-oriented
reforms. If that indeed is Mr Modi’s
strategy he may well end up with
neither and find himself a one-term
prime minister, much less the three
terms he is now eyeing.
Vijay Dandapani
New York, NY, US
Sellside reports are
not the market
Sir, Daniel Davies is right in pointing
out the limitations of sellside stock
ratings (“A stockpicker confesses to
recommendations you should not buy,
August 13). We would agree that the
recommendations proffered in these
reports should have little bearing on
investment decision-making.
Many investors regard these reports
as demonstrating the “market view” on
a company and use them as the
starting point from which they
determine if their own view is
differentiated, or simply the consensus
A yellow façade,
a Beirut house
and memories
that lie beneath
Notebook
by Roula Khalaf
Letters
connection between the dog-eat-dog
environment at Amazon’s corporate
headquarters and its well documented
history of exploitation of workers at its
distribution centres. Do you really
think Jeff Bezos and his apparatchiks
have devised one sort of “corporate
culture” for management employees
and another for its tens of thousands of
minimum-wage workers?
One of the many tragic — and likely
permanent — consequences of the
structural changes wrought by the
Great Recession has been a state of
chronic insecurity for vast portions of
‘I gave a wrong name on my Ashley
Madison account’
opinion. We believe this is the wrong
approach. In our view, the most
reliable indicator of the “market view”
is the company’s market value, or
share price. We do our homework
on a company and form our own
assessment of its intrinsic value, and
then use its current share price as our
primary point of comparison.
In addition to comparing company
fundamentals with what is implied by
current share prices, gauging buyside
sentiment can be valuable. Indeed, it is
the actions of the large institutional
investors that will have most impact on
a company’s share price. What are the
key aspects of the “story” that those
investors enthused by, or worrying
about? Where are the large
shareholders in their buying cycle? For
example, if all the large institutional
shareholders bought in on an aspect of
a company’s story, prior to a sudden
deterioration in fundamentals, they
may be extremely keen to sell today.
Conversely, a company’s share price
may be depressed, but if its
institutional ownership mainly
comprises those who bought in at the
bottom, you are unlikely to see them
sell hastily. We believe that scrutinising
the buyside mindset can be far more
beneficial than poring over every
sellside report out there.
Ultimately, it is important to
understand how the market sees
something and how your view
compares; after all you can’t expect to
outperform the market if you are not
doing something different. But we are
fooling ourselves, and risk overpaying
for shares or missing attractive
investment opportunities, if we believe
that some 45 sellside reports, updated
every few months, is the market.
Dan Brocklebank
Director, Orbis Access,
London SW19, UK
I must have passed the yellow house
on Sodeco square a thousand times,
giving no more than a fleeting thought
to its ravaged façade. I figured it was
another desolate building bearing the
scars of the 1975-1990 civil war that no
one had bothered to fix up.
While much of Beirut was
beautified with renovations over the
past two decades and some old
buildings were torn down to make
way for modern constructions, others
had remained stuck in time.
A few days ago, the yellow building
took a whole new meaning for me.
I sought it out, I searched it, and I
discovered a Beirut that I had grown
up in and forgotten. Although I only
recently learnt of it, for the past few
years, the inside of the yellow
building, called Beit Beirut (the House
of Beirut) has been a construction site
for an unusual architectural goal: to
maintain the memory of the war
within it while also transforming it
into a space where people can debate
the history of the conflict.
Delving into the past is an ambition
that, amazingly, few Lebanese have
been interested in pursuing. It is
one probable reason why, since the
peace of 1990, the country has
teetered many times on the brink of
renewed conflict.
When the war ended, the surviving
Lebanese militia erected their own
martyrs’ monuments but no national
memorial was ever built. Instead of
reconciliation based on truth and
accountability, the conflict stopped
with an agreement redistributing
the workforces in the US, the UK and
elsewhere. It is hard to doubt for a
moment that this trend, and its
concomitant erosion of worker
bargaining power and mobility, have
been ruthlessly exploited by Mr Bezos
and many other employers.
I simply cannot agree with your
conclusion that “Mr Bezos is at the
hard-nosed end of US
entrepreneurship . . . and there
seems little reason why he should
change”.
Richard Ruda
Chevy Chase, MD, US
ECB set to embark on
another boondoggle
Sir, So, the ECB says it may take four
years to investigate the 123 banks it
supervises because it needs the time to
check the 7,000 different models those
banks use to determine their “risk
weighted assets” (“ECB doubles the
time needed for ‘intrusive’ review into
banks’ complicated risk models”,
August 17).
Has the ECB ever told us what its
concept of “risk” is? If “RWA” is
anything like “VAR” (value at risk) it’s
likely something that works until
there’s a crisis. And won’t it need to
find out how each bank picks which of
its proprietary models to use in each
situation?
My impression is that the ECB is
about to embark on some great
boondoggle akin to the VAR nonsense
that most banks in the US used before,
during and after the 2008 crisis —
meanwhile generating some “in
terrorem” bureaucratic fog.
Howard R Popper
Howard R Popper & Assoc,
Phoenix, AZ, US
Easy for young cricketer to
choose favourite method
Sir, Vernon Coleman (Letters, August
12) overcomplicates the issue as to why
there are so many more left-handed
cricketers than golfers. A cricket bat
can be used by either a left-handed or
right-handed batsman so it’s easy for a
young cricketer to choose his favourite
method. Only rarely does one find a
golf club shaped for a left hander.
One of the best cricketing golfers —
or, perhaps, golfing cricketers — was
Brian Close, who played off a low single
handicap either side. A current
curiosity is Jimmy Anderson who, like
another Lancastrian fast bowler, Brian
Statham, bowls right-handed but bats
left. Anderson’s batting is not thought
by objective critics to be the strongest
part of his game (notwithstanding his
nickname as the “Burnley Lara”) but,
while he bats left handed, he plays golf
(and hits the ball a very long way) right
handed.
Andrew Fraser
London SW19, UK
It’s only a scarf . . .
Sir, On the Working Smarter column
(August 17): has life become so
complex that we now need the
assurances of 10 experts from different
fields to help us decide whether we
should purchase a scarf? No wonder
the machines are taking over.
William Hamilton
Phoenix, AZ, US
power among Christians and Muslims,
and an amnesty for most of the
warlords. The past became a threat to
what the Lebanese call, often
unconvincingly, “national
coexistence”.
“There was a general amnesty that
led to a general amnesia,” says Youssef
Haidar, the Beit Beirut architect who
is due to finish the construction in two
months, after seven years of work and
many delays, partly due to political
tension. “The Lebanese now have a
selective memory and they reduce
history to their own interests.”
The aim of Beit Beirut, he tells me,
is to “work” on memory. “We want to
get people to meet and to talk about
the war so a process can begin.”
Through Beit Beirut, other chapters of
the city’s history will be told, with
lectures and exhibitions. “It’s also
about the memory of a city, on an
architectural and urban level,” says
Mr Haidar.
Beit Beirut has a unique history. The
first two floors were built in 1924,
after the collapse of the Ottoman
Empire and the beginning of the
French mandate. Two more floors
were added in 1936, giving the
building both post-Ottoman and art
deco styles.
It was destined for more sinister use
when the civil war erupted. Situated
on the green line that divided the
mostly Christian east and mostly
Muslim west, it morphed into a
snipers’ den, a “war machine” as Mr
Haidar puts it. A decade after the war,
pressure from civil society led the
Thursday 20 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
Still time to fix the
problems holding back
growth in UK textiles
Sir, Your report “Manchester witnesses
revival of textile trade” (August 17)
failed to explore the underlying
problems holding back further growth.
These include the inadequacies of the
current further education system, the
absence of a serious domestic labelling
regime and the prevailing government
view that making clothing and
accessories in this country is a low-
wage, low-productivity activity (so let’s
not have a British Hermès or Bottega
Veneta then).
There are three solutions. First, we
need to understand that creating 3m
apprenticeships to flip burgers or make
coffee is not the same thing as investing
in institutions capable of teaching the
skills required to make things the
world wants to buy.
Second, we need to stop subsidising
London-centric global brands and
require their Chinese-made goods to be
properly labelled as such in the UK,
which would merely put us in line with
the labelling regimes of more
successful economies such as the US
and China.
Third, politicians need to grasp that
manufacturing is crucial to any
strategy designed to promote both
exports and economic activity outside
London. There is still time to address
these issues.
Daniel Chamier
Chief Executive,
John Chapman Ltd,
Carlisle, Cumbria, UK
Fashionable single colon
outdone by 17 commas
Sir, “Whatever happened to simple
memorable titles such as Das Kapital?”
asks Michael J Higgins (Letters, August
17), lamenting the inclusion of colons
and subtitles in today’s business books.
Actually, the full title of Marx’s work
was Das Kapital, Kritik der politischen
Ökonomie, formerly listed most
commonly with a comma or full stop in
the middle, though now just as
frequently with the currently more
fashionable punctuation mark to which
Mr Higgins so objects.
Incidentally, the subtitle of A treatise
of taxes and contributions, the seminal
work by the 17th century English
writer William Petty, who to Marx was
“the father of English political
economy”, was 79 words long (593
characters). It included 17 subtitles for
England and one for Ireland. On the
original title page, these were listed in
two columns, though they are now
commonly listed continuously,
separated by 17 commas.
Hugh Goodacre
University College London and University
of Westminster, UK
Houses can’t proliferate
like restaurants can
Sir, Demand from the international
rich increased London’s supply of good
restaurants (Letters, August 14 and
18). But the housing market cannot
respond in the same way: supply is
more or less fixed and increased
demand drives up prices. London now
has restaurants of above-average
quality. And it is a city where the
average home is not affordable on the
average income.
Oliver Lee
Richmond, Surrey, UK
government to expropriate the
building and work began to maintain
it as a national memorial.
As we walk around, Mr Haidar says
he has treated the building like a 90-
year-old person, avoiding prettifying
the wounds even while trying to heal
them. The bullet holes remain in the
walls, the bullet impacts preserved in
size and direction; the staircase is a
pile of rubble. A half circle modern
structure was built and connected to
Beit Beirut, giving access to the visible
building and seven underground
levels dug up to house archives,
including the photo books of the
families who lived there, and 50,000
negatives that tell the story of the city
but were discarded by a photographer
who rented space on the first floor.
The concrete installations of the
snipers, the openings through which
they fired, and the silhouettes painted
on walls as camouflage for their
enemies are still there too. “It will be a
wounded body that will remind us of
what happened,” says Mr Haidar.
Lebanon needs many Beit Beiruts at
a time of amplified sectarian hatred
and turmoil across the Middle East. I
ask Mr Haidar whether once his work
is completed the building will indeed
serve as a catalyst for remembrance
and debate. Having spent seven years
on the project, he is optimistic. “There
are a lot of expectations about this
place and civil society is keen on it,”
he says. “We are providing the tools
for the process to start.”
roula.khalaf@ft.com
Thursday 20 August 2015
ECONOMICS
Tim
Harford
T
he number of jobs lost to
more efficient machines is
only part of the prob-
lem . . . In the past, new
industries hired far more
people than those they put out of busi-
ness. But this is not true of many of
today’s new industries.”
This sentiment, from Time magazine,
dates from the early weeks of John
Kennedy’s presidency. Yet it would slot
nicely into many a contemporary politi-
cal speech. Like any self-respecting
remorseless killer robot from the
future, our techno-anxiety just keeps
coming back.
Arnold Schwarzenegger’s Terminator
was science fiction — but so, too, is the
idea that robots and software algo-
rithms are guzzling jobs faster than they
can be created. There is an astonishing
Najib has too
much power for
Malaysia’s good
ASIA
David
Pilling
T
he story is that in March
2013 one or more unnamed
Middle Eastern donors
transferred a total of nearly
$700m into the personal
account of Najib Razak, prime minister
of Malaysia. The generous amount was a
donation to be lavished on that year’s
election campaign of the ruling United
Malays National Organisation as Mr
Najib saw fit. So sordid are the goings-on
in Malaysia these days that, astonish-
ingly, this is not the case being mounted
against the prime minister. This is the
case for Mr Najib’s defence. Malaysia’s
widely lampooned prime minister is in
such a deep, dark and money-stuffed
hole that this is the version of events
being promoted by his allies.
It was also the finding this month of
the Malaysian Anti-Corruption Com-
mission. It turns out that an anonymous
donation from a foreign benefactor is
the least damaging explanation of how
2.6bn ringgit found its way into Mr
Najib’s account. The prime minister has
denied committing any wrongdoing or
accepting money for personal gain.
Scottish nationalism is just not worth the bother
OPINION
John
Lloyd
T
here has been much discus-
sion among those opposed
to Scottish independence
about a vision of British
unionism that could match
the ferocious passion of Scots national-
ism. But no such vision exists.
Nationalism, compounded of attach-
ment to — in different degrees — a com-
mon culture, language or ethnic group,
belief in the nation’s goodness or enmity
towards a past or present oppressor,
produces the sense of certainty of a bet-
ter life that a union with other groups
with different attachments cannot.
Nationalism is distinguished by the
fierceness of its attachment to a national
spirit. A union with other cultures
depends on the milder traits: compro-
mise, openness to new ideas and habits,
patience, willingness to change.
Scots nationalism, even when it is
grounded on opposition to Britishness,
The myth of the robot job-ocalypse
mismatch between our fear of automa-
tion and the reality so far.
How can this be? The highways of Sili-
con Valley are sprinkled with self-driv-
ing cars. Visit the cinema, the super-
market or the bank and the most promi-
nent staff you will see are the security
guards, who are presumably there to
prevent you stealing valuable machines.
Your computer once contented itself
with correcting your spelling; now it will
translate your prose into Mandarin.
Given all this, surely the robots must
have stolen a job or two by now?
Of course, the answer is that automa-
tion has been destroying particular jobs
in particular industries for a long time,
which is why most westerners who
weave clothes or cultivate and harvest
crops by hand do so for fun. In the past
that process made us richer.
The worry now is that, with comput-
ers making jobs redundant faster than
we can generate new ones, the result is
widespread unemployment, leaving a
privileged class of robot-owning rentiers
and highly paid workers with robot-
compatible skills.
This idea is superficially plausible: we
are surrounded by cheap, powerful
If this is the positive take, the negative
version is worse. This would have it that
in 2009 Mr Najib set up a development
fund, now in debt to the tune of $11bn,
with the express purpose of generating
cash to be spent on prolonging UMNO’s
already nearly six decades in power.
Seeded with a tiny amount of state capi-
tal, 1Malaysia Development Berhad, or
1MDB in its now dirt-splattered initials,
avidly set about borrowing money on
the capital markets. It issued bonds
worth billions of dollars and bought
sundry energy and property assets in
Malaysia and around the world. 1MDB,
which has a chronic lack of cash flow, is
struggling to service its debts. In May, it
received a lifeline when an Abu Dhabi
state fund injected $1bn into its coffers
to tide it over.
According to a report last month in
the Wall Street Journal and investigative
journalists at the Sarawak Report, the
money in Mr Najib’s account had been
moved by agencies, banks and compa-
nies linked to 1MDB. Mr Najib denies
any connection between 1MDB and the
funds in his account. He has threatened
to sue the Wall Street Journal. 1MDB,
says Mr Najib’s defenders, was a genu-
ine, if flawed, attempt to modernise the
Malaysian economy through develop-
ing innovative sources of growth.
Whether you believe the bad version
of the story (donation) or the very bad
version (slush fund) comes as small
consolation to Malaysia. Once consid-
is not a blood-and-soil nationalism,
scorning all other races: it is a liberal
one, careful to welcome other ethnic
groups within the nation. But its base is
a steady belief in the superiority of a
state in which Scottishness can properly
flower. The Scottish National party’s
genius has been to buttress the growing
assent to such a proposition with, in the
past, a vision of an entrepreneurial
nation in the mould of Ireland and, in
the present, of a caring nation with a
Scandinavian-level welfare state.
It is another day’s work whether
either vision, or a mixture of the two,
will be possible when Scotland stands as
a single national entity, a small Euro-
pean country shorn of public subsidies
from the rest of the UK, with its most
precious resource, oil, priced low and
dwindling. For now, faith that it is better
to be Scottish buoys up all.
The past two years have been an
object lesson in the fact that the virtues
of unionism are now a very difficult
political sell. But there is an answer to
the passion of Scottishness. The answer
is indifference, that it is not worth the
bother.
And independence would be a big
★ FINANCIAL TIMES
Comment
computers; many people have lost their
jobs in the past decade; and inequality
has risen in the past 30 years.
But the theory can be put to a very
simple test: how fast is productivity
growing? The usual measure of produc-
tivity is output per hour worked — by a
human. Robots can produce economic
output without any hours of human
labour at all, so a sudden onslaught of
It is easy to blame cyborgs
instead of bankers,
austerity enthusiasts and
eurozone politicians
robot workers should cause a sudden
acceleration in productivity.
Instead, productivity has been disap-
pointing. In the US, labour productivity
growth averaged an impressive 2.8 per
cent per year from 1948 to 1973. The
result was mass affluence rather than
mass joblessness. Productivity then
slumped for a generation and perked up
in the late 1990s but has now sagged
again. The picture is little better in the
ered a model of development, the coun-
try’s reputation is sinking fast. So is that
of Mr Najib. The urbane, blue-blooded
and British-educated prime minister
was once courted by the likes of Barack
Obama, US president, and David Cam-
eron, British prime minister, who saw
him as an economic moderniser and a
progressive standard-bearer of moder-
ate Islam.
One disaffected Malaysian, in an allu-
sion to the former dictator of the Philip-
pines, described his country as “going
backwards to the era of [Ferdinand]
Marcos”. In Mr Najib’s wife, the fashion-
conscious Rosmah Mansor, Malaysia
may even have its own prospective
Once considered a model of
development, the country’s
reputation is sinking fast,
and so is that of the PM
bother. It would entail the division of
common property, industries and finan-
cial services, oil, taxation and health
systems, media and much more. It
would demand the building of new insti-
tutions domestically and internation-
ally. The problem of what to do about
the large (presumably) minority who
do not want to cease to be British would
be a constant rumble. This would be all
The past two years have
shown us that the virtues of
unionism are now a very
difficult political sell
the noisier if, as is likely, Scotland, once
deprived of the so-called Barnett for-
mula under which the country receives
higher per capita public spending than
does England, became poorer than the
residual UK.
The EU, on which the Scots are sup-
posed to be very keen and which an
independent Scotland would wish to
join, would impose conditions on mem-
bership, such as joining the euro, not
UK, where labour productivity is notori-
ously low compared with the other G7
leading economies, and it has been fall-
ing further behind since 2007.
Taking a 40-year perspective, the
impact of this long productivity malaise
on typical workers in rich countries is
greater than that of the rise in inequal-
ity, or of the financial crisis of 2008. In
an age peppered with economic disap-
pointments, the worst has been the
stubborn failure of the robots to take
our jobs. Then why is so much commen-
tary dedicated to the opposite view?
Some of this is a simple error: it has been
a tough decade, economically speaking,
and it is easy to blame robots for woes
that should be laid at the door of others,
such as bankers, austerity enthusiasts
and eurozone politicians.
It is also true that robotics is making
impressive strides. Gill Pratt, a robotics
expert, recently described a “Cambrian
explosion” for robotics in the Journal of
Economic Perspectives. While robots
have done little to cause mass unem-
ployment in the recent past, that may
change in future.
Automation has also undoubtedly
changed the shape of the job market —
Imelda, the former first lady of the Phil-
ippines whose extravagant shoe collec-
tion became a symbol of the rottenness
of the Marcos regime. The reputational
risk to Malaysia is having financial con-
sequences too. The ringgit has fallen to a
17-year low and Malaysian stocks, the
worst performing in Asia, are down one-
third over the past 12 months.
Mr Najib’s supporters say he is the vic-
tim of a conspiracy being led by Maha-
thir Mohamad, the still-influential for-
mer prime minister who built the sys-
tem of patronage and money politics
that has sustained UMNO for so long. At
90, Mr Mahathir is launching salvo after
vituperative salvo via his blog.
Yet more than the innuendo and the
as-yet-unproven accusations, Malaysia’s
crisis is about the legitimacy of its insti-
tutions. To the extent that these were
ever strong, they are now being badly
compromised. Mr Najib has moved
aside the attorney-general who was
investigating his case. He has sacked his
likely to be popular. If the eurozone
were able to achieve the greater fiscal
integration its leaders now invoke,
Scotland would find much of its new fis-
cal autonomy pre-empted not by Lon-
don, but by Brussels. The new Scots gov-
ernment would meanwhile be seeking
to find ways of fitting Scotland into a
rapidly globalising world, with disci-
plines even more severe than those of
the EU, a task which would certainly
reduce the scope for extending welfare
and other public spending programmes,
probably to below the levels of the
remaining UK.
All of this would necessarily involve
Scots in a lot of bother, everything from
applying for new passports to paying
more for services, schooling andhealth.
Jobs would be lost, especially working
class jobs in industry and the service
sector. The new jobs would be middle
class — in the new civil and diplomatic
services — but these would be limited.
Becoming a nation is worth it when
the rewards of independence seem tan-
gible enough to trump the bother. They
were, in our times, for the three small
Baltic states, formerly part of a Soviet
Union to which the majority had not
economist David Autor, writing in the
same journal, documents a rise in
demand for low-skilled jobs and highly
skilled jobs, and a hollowing out of jobs
in the middle. There are signs that the
hollow is moving further and further up
the spectrum of skills. The robots may
not be taking our jobs, but they are cer-
tainly shuffling them around.
Yet Mr Autor also points to striking
statistic: private investment in comput-
ers and software in the US has been fall-
ing almost continuously for 15 years.
That is hard to square with the story of a
robotic job-ocalypse. Surely we should
expect to see a surge in IT investment as
all those machines are installed?
Instead, in the wake of the great reces-
sion, managers have noted an ample
supply of cheap human labour and have
done without the machines for now.
Perhaps there is some vast underground
dormitory somewhere, all steel and
sparks and dormant androids. In a cor-
ner, a chromium-plated robo-hack is
tapping away at a column lamenting the
fact that the humans have taken all the
robots’ jobs.
tim.harford@ft.com
deputy prime minister for daring to sug-
gest there was a case to answer. Four
members of a committee co-ordinating
a probe into 1MDB have been conven-
iently promoted, bringing that part of
the investigation to a halt. Two newspa-
pers have been suspended for running
with the 1MDB story and the leader of
the now-fractured opposition, Anwar
Ibrahim, has been jailed for sodomy.
Tony Pua, an opposition MP who has
led the charge against Mr Najib, thinks
the prime minister will survive. “He
can’t be removed because he controls
the wheels of power,” he says. As prime
minister, Mr Najib wields enormous
authority. As president of UMNO, whose
interests often trump those of the state,
he perhaps wields even more. That is
Malaysia’s real problem. UMNO’s inter-
ests and those of the nation have been
artificially fused. For the good of Malay-
sia, they should be prised apart.
david.pilling@ft.com
reconciled themselves over nearly half a
century. The “rewards” for independ-
ence for many of the other ex-Soviet
states remain less clear cut.
But Scotland did not just reconcile
itself to the union, which was unpopular
for its first decades in the 18th century.
It made the union work in its favour and
in some areas and periods dominated its
political, industrial, intellectual and
media life. The settlement, and the
strongly liberal temper of the postwar
times, have meant that Scots culture, in
whatever form, has as free a rein as it
could have in an independent state. The
freedom it would gain would be negligi-
ble: the bother great.
There’s a Scots phrase, not much used
now. (Independence would not stop the
disappearance of many Scots phrases,
any more than Irish independence has
saved Irish Gaelic). The phrase is “dinna
fash yersel”. From the French “fâcher”,
or “annoy”, it means: do not bother
yourself. It is the mismatch between the
gain and the bother that is unionism’s
unspoken, unglamorous, unfashionable
weapon — and the sign of its success.
The writer is an FT contributing editor
9
Despotic rulers
who display
their muscle to
turn back time
GLOBAL ECONOMY
Alan
Beattie
K
im Jong Un already rules
North Korea like a medieval
despot, but his latest eccen-
tricity is actually trying to
turn back time. To mark the
70th anniversary of victory over the
“wicked Japanese imperialists”, the poo-
bah of Pyongyang has decreed that his
country will set its clocks half an hour
later to reject the timezone Japan
imposed during its occupation of the
Korean peninsula.
Eccentric it may be, but there is a his-
tory of rulers changing time zones to
assert their power. When such decisions
institutionalise real authority, they look
masterful; when they substitute for it,
they range from insecure to absurd.
Time zones were forced by new tech-
nology but shaped by political whim.
They emerged as the agricultural pulse
set by the sun was replaced by the grind-
ing rhythm of industry. In the agrarian
mid-19th century the US had more than
300 time zones. As railways took over, a
private sector solution emerged: in 1883
railroad companies imposed the four
time zones that still exist.
The world soon organised itself into
longitudinal zones anchored on Green-
wich Mean Time in London. But sym-
bolic quirks and anomalies persist.
Imposing a single timezone on a recal-
citrant populace, as did the Japanese in
Korea, is a show of power as well as of
administrative efficiency. No one can
control the sun but rulers can change
how much of it their subjects see. Nazi
Germany enforced uniform time on its
Adopting inconvenient
zones for symbolic
reasons begins to look
like insecurity
conquered countries in western Europe.
Russian President Vladimir Putin
imposed Moscow time on Crimea after
seizing the province last year.
However, adopting inconvenient time
zones for symbolic reasons begins to
look like insecurity. After the Commu-
nist takeover in China in 1949, Mao
Zedong imposed Beijing time nation-
wide. China now has one timezone cov-
ering latitudes where Russia has five.
Inhabitants of western China have to get
up in darkness for winter months on
end. But introducing a new zone might
look like a concession to the repressed
discontents in the western region of Xin-
jiang, some of whom have informally
adopted their own local time.
Similarly, India combined several
imperial time zones into one after inde-
pendence from Britain in 1947, and then
underlined the point by setting it an
awkward five and a half hours ahead of
London time. This wastes electricity,
and farmers in Assam in India’s far east
have to use an informal “tea garden
time” to align the sun and the clock.
And when a timezone is purely sym-
bolic, it really can begin to look odd.
President Hugo Chávez set Venezuela’s
clocks back half an hour in 2007, putting
them out of kilter with its neighbours,
for no apparent reason but cussedness.
The most entertaining example is
Spain. It should really observe the same
time as the UK and Portugal since the
vast bulk of it is west of the Greenwich
meridian. Instead it keeps central Euro-
pean Time, putting it in the same zone
as Poland. A parliamentary commission
has concluded that using the wrong
clock keeps Spaniards up too late and
makes them tired and unproductive.
The timezone is the legacy of the deep
cunning of Francisco Franco. Knowing a
terrible idea when he saw one, the dicta-
tor resisted pressure from Adolf Hitler
to abandon neutrality and enter the sec-
ond world war. But, realising the sym-
bolic importance to fascism of uniform-
ity in everything, he made the magnifi-
cently pointless gesture of adopting
Berlin time. (A reminder: Hitler com-
mitted suicide as his Reich imploded in
1945; Franco died peacefully in office 30
years later.)
It is not hard to see where on the spec-
trum of absurdity North Korea’s action
lies. Given its shambolic economy, it
scarcely matters what timezone Pyong-
yang adopts. Japan may have lost the
war, but its economic miracle won the
peace. Mr Kim may change the clocks,
but he cannot put history into reverse.
alan.beattie@ft.com
10
Japanese beer
drinkers’ taste
test brewed by
the tax man
Leo Lewis
Businessandsociety
Forget hot-desking —
‘not-desking’ is the latest
way to establish your
status at work, writes
Lucy Kellaway
E
arlier this year the desk on
which Charles Dickens wrote
Great Expectations went up for
sale. It was a clumpy Victo-
rian piece of furniture, made
of dark mahogany with heavy drawers
on either side in a style so unfashionable
that similar ones are to be had on Ebay
for about £500.
Yet such is the relationship between a
person and his workstation that this
particular desk — along with the chair
on which the author placed his famous
behind — is now on display at his former
house in Doughty Street, thanks to a
charitable grant of more than £780,000.
Desks tell us a good deal about the
person who sits at them — as well as
about the time at which the sitting was
done. What Dickens’ desk says is that
writing is a serious but solitary business
— and that the man who wrote here was
important and prosperous.
My desk is made of beige melamine
with grey metal legs and designed
to slot together with similar ones. It is
not a thing of beauty; its only design
quirk is a scooped out arc in the middle
at the front, as if to accommodate a
beer belly.
This desk says I work in a democratic,
faceless age, preoccupied by the
ideas of teamwork and practicality. The
scoop tells you not about the girth of
workers, but that we care about ergo-
nomics. The chair that goes with it is so
comfortable that its occupant can sit
there for 12 hours at a stretch without
discomfort.
On my desk, alongside a computer,
various old sandwich wrappers, some
management books, old newspapers
and magazines, a grubby sling, a bike
helmet and a clutter of pens and papers
are lying around. In the drawers, along
with Biros and tights, is a BlackBerry
box dating from a decade ago. The clues
are not hard to decipher: I cycle, I hurt
my arm recently, I do not take proper
lunch breaks and my job involves scan-
ning publications for ideas.
It also tells you that I have been sitting
in this very place for a long time.
In this, I am becoming increasingly
unusual. More and more, the typical
office desk has nothing on it, as the
amount of time any given worker sits
in a particular spot is one day. When
hot desking was introduced some 15
years ago, no one thought it would ever
catch on.
Now they do it in Whitehall, where
earlier this year there was a minor scan-
dal over workers queuing for desks. The
civil service has a rule that there should
be seven desks for every 10 workers —
you do not need to be a mathematical
genius to see the charm of this potential
cost saving of 30 per cent. They do it at
the BBC, where the desk shortage has
been famously satirised in the comic
television drama W1A. Even the gover-
nor of the Bank of England does it.
When he took over the BoE, Mark Car-
ney was so determined to be modern he
took his laptop and went to squat at the
desks of different departments (though
he kept his own desk in his private office
to fall back on).
Yet this vision of the worker, a nomad
This summer’s crop of TV beer
advertisements from Japan’s big three
brewers has not veered far from
tradition: salaryman heroes, sassy
damsels, partying youngsters and
contented pensioners all slaking their
thirst to the sound of explosive can-
openings and wildly exaggerated gulps.
The imagery is nearly unchanging;
but the industrial war being waged
behind it has never been so fraught.
Beyond the usual Japanese tussle for
share of a shrinking market is the
future of a national drinking culture in
a country that has still not fully
escaped a deflationary mindset.
Beer consumption is also shaping up
as a revealing gauge of Abenomics —
the so-far inconclusive suite of
stimulus and reforms intended by
Prime Minister Shinzo Abe to propel
Japan back to sustainable growth. The
nation’s choice of drinks, say analysts,
will reflect how well his plans are
working.
Japanese beer consumption has been
on a steady downward slide for more
than 15 years as ageing demographics
and long years of stagnation have taken
effect. Diets, parsimony and alternative
drinks have dented beer’s crown.
Decoratively wrapped cases of beer
have gradually lost their status as a
standard unit of seasonal gift-giving.
Many of those who do fancy a beer
and its effects hold their noses and put
up with much cheaper happoshu
“beer-flavoured alcohol” drinks in
order to trim their spending. In theory,
they will revert to real beer if and when
Abenomics does its job and they begin
to feel wealthier. For now, though,
FT series: The office in four objects. Desks
The latest chapter in the
story of the workplace desk
who wanders around clutching the tools
of his trade, which seems so very mod-
ern, is not at all new. Hot-desking was a
16th-century phenomenon. The only
difference was that scribes lugged the
desk — or deske — around with them
from job to job. The deske was a legless
wooden box with a sloping top on which
the scribe leaned as he wrote down the
words of whoever hired him. The desks
of both scribe and hot-desker tell a story
of rootlessness, that they are brains for
hire, and likely to move on whenever it
suits them.
In the few hundred years between the
deske and hot-desk, this piece of furni-
ture has told a different story, which has
been mainly about status.
The rule was simple: the larger it was
and the more expensive the wood, the
grander its occupant. The more the desk
looked as if it might belong in a sitting
The office in
four objects
FT series
The workplace reflects how
work and the people doing
it are organised. This week,
FT writers consider four
commonplace office items
and what they tell us about
the changing world of work:
personal photographs; faxes;
the desk; and voicemail
ft.com/management
★ FINANCIAL TIMES
BUSINESS LIFE
household consumption is still
struggling, wages are rising only slowly
and happoshu sales are stable.
The beer ad campaigns are also
straining against a backdrop of changes
under way both in the office and after
work. Younger salarymen and women
have better things to do after hours
than drink with their bosses, and have
greater licence than their predecessors
to simply decline and go home. In any
case, companies no longer spend
money financing the beer-centric
“team-building” sessions that once
swelled the bar districts of Japanese
cities, so they happen much less.
Other changes are draining beer
from Japan’s social system. Some
people even predict the demise of the
“toriaezu-biiru” — the glass of beer
once instinctively ordered on entering
a restaurant to cover the time spent
working out what to eat.
Even as the largest beer companies —
Kirin, Asahi and Suntory — scramble to
secure their competitive positions
against one another and within the
beer-happoshu tussle, the Japanese
taxman could soon play a decisive role.
Plans to standardise how beer and its
imitations are taxed will test, via
differentials of just a few yen, whether
this is a market driven primarily by
taste or by economics.
The biggest doubt is over the future
of happoshu and “third category”
drinks, which are low-cost alcoholic
concoctions that taste something like
lager but deliberately fall short of the
legal definition of beer.
Happoshu may have a few genuine
fans, but it was primarily developed to
room, the more distant its owner was
pretending to be from the work itself,
and therefore the greater the power.
The desk was also a physical way to
establish distance. All visits to an execu-
tive office took place with the exec on
one side of his mammoth slab of a desk,
and the visitor on the other. This allow-
ed the executive to pull all sorts of tricks
to remind everyone who had the upper
hand. I remember visiting Lord Wein-
stock in his office at General Electric in
the early 1990s to find him sitting in a
pool of light on his side, while the visitor
was expected to sit in darkness.
The early white-collar workers stood
or perched on stools at high wooden
desks in damp basements and garrets,
where they were quite likely to contract
tuberculosis as well as eye strain.
But then when the first big office
building went up at the end of the 19th
century, clerks were seated at identical
desks, arranged in lines like in a factory.
Nearly 150 years later, offices might
have football tables, but little has
changed in the basic layout. In most
offices workers are crowded into identi-
cal desks arranged in lines.
But then hierarchies started to topple,
and overt displays of power expressed
through size of furniture were out. The
modern corporate ethos is all about
openness. So meetings are held at sofas
on which host and guest perch awk-
wardly, apparently equal, side by side.
In modern companies the CEO’s desk
is likely to be identical in size and mate-
rial to the desk of his PA (if he still has
such a thing). No one believes this nod
to equality — pay disparities are greater
than ever, and the reverence shown to
the top person is rising — but now it is
‘
cheat the taxman and exploit a system
where beer is taxed on its malt content:
beer is defined as a product fermented
from at least 67 per cent malt extract.
Since the first happoshu product hit
the market in 1994, Japan’s big three
brewers have produced a colourful
The parade of beer-flavoured alcohol and
third category drinks with names such
nation’s as Clear Taste and Style Free. On
choice of average, most have malt contents of
around 25 per cent and cost about Y55
drinks will less per 350ml can than real beer.
reflect how The government, casting around for
sources of tax revenue, is now
well considering a unification of the tax rate
Abenomics for all beer types. Makoto Morita, a
drinks sector analyst at Daiwa
is working
’
Securities, says he expects the
government to announce its plans
along with other tax amendments
slated for December. The new beer tax
regime, which would probably be
phased in over years, would lower the
tax on real beer, while raising it on
happoshu. The expected result would
be happoshu priced at around Y20 less
than beer — a small enough discount,
perhaps, for taste to triumph.
Whether it is Abenomics or the
taxman that hurts happoshu sales first,
the brewers already know they have
work to do, as they expect the
marketing focus to return
wholeheartedly to real beer, where
premium products will drive margins.
Some may decide it is time to
dispense with the tired old norms of
beer advertising.
leo.lewis@ft.com
Michael Skapinker is away
A tale of two vulgartoflauntstatusthroughfurniture.
sitters: Charles The current way to use your desk to
Dickens at work show off is by dispensing with your
and, below, a chair. Indeed, in a reversion to the earli-
treadmill desk est offices, standing is back in.
offers an But this time it is not fashionable bec-
alternative to ause employers can pack people in, and
staying seated save on the cost of a chair — just the
all the time opposite. Workers no longer stand as a
Hulton Archive/Getty
sign that employers do not care about
their wellbeing, but as evidence that
they do.
Sitting, doctors will tell you, gives you
diabetes, makes you obese and may kill
you. Not only in fashionable companies
such as Google and Facebook, the rows
of people sitting at their desk are inter-
rupted by people standing. Some of
these desks are like normal ones on
stilts, while others are elevator desks
that can be either up or down depending
on whether you feel like being on your
feet or on your bottom.
Of higher status still is a treadmill
desk, which allows you to do your
spreadsheets while you walk on a mov-
ing loop of rubber. The message is not a
subtle one and says: I care about fitness.
I multitask, I do not waste a second of
my valuable time. My company has
spent a lot of money on me, and I don’t
care if the noise of me galumphing along
is distracting my colleagues.
Yet even this is not the last word in sta-
tus. Not long ago LinkedIn did a series
about where its “key influencers”
worked. Here were lots of boring desks,
many of them not unlike mine. But in
the middle was a picture of Sir Richard
Branson working with colleagues on
a beach.
This is the ultimate status symbol: not
to have a desk at all.
The review
Clarity on how robots will take
our jobs but no clear solutions
EMMA JACOBS
Humans Need Not Apply:
A guide to wealth and
work in the age of
artificial intelligence
Jerry Kaplan
Yale Books
$35/£20
Imagine a world in which sex
workers are replaced by
robots, responding not just
to human touch but also to
conversation. Not so
outlandish. New Jersey-
based True Companion has
developed lifelike interactive
sex dolls — both male
(named Rocky) and female
(Roxxxy). The company’s
founder, Douglas Hines, who
previously worked in
artificial intelligence at Bell
Labs, has said: “Roxxxy can
carry on a discussion and
expresses her love to you.
She can talk, listen and feel
your touch.”
Sex robots are a
vivid example of
technology
replacing humans.
Carl Benedikt Frey,
an economist, and
Michael Osborne, a
machine-learning expert,
both of Oxford university,
predict that 47 per cent of
US jobs are at high risk from
automation. The future is
fast-approaching when
automated vehicles will
replace drivers; mechanised
strawberry pickers that can
identify ripe fruit are already
out in the fields. But these
are mechanical tasks that
require low-level skills,
right? Cerebral professions
are safe, surely? No, points
out Jerry Kaplan in his
new book, Humans Need
Not Apply.
“Automation is blind to
the colour of your collar,” he
writes. Lawyers are under
threat, for example, by the
legal tech start-up
FairDocument, Kaplan notes.
Or Judicata, which uses
machine learning and
converts text — such as
legal principles or cases —
into structured information
The riff
‘Ragtime’ still timely on tycoons
ANDREW HILL
The recent death of EL
Doctorow, above, prompted
me to read his 1975
masterpiece Ragtime. Its
themes of capitalist promise
and excess, racial tension,
inequality and social
militancy, gave the book
sharp political relevance
when it was published, even
though it is set at the start
of the 20th century.
But his account of the
delusions of the famous and
the wealthy, convinced of
their superiority, but
vulnerable to attacks of self-
doubt, still seems accurate
— and familiar.
Doctorow wove real
historical figures into his
New York narrative. When
asked whether key scenes
such as banking tycoon
John Pierpont Morgan
discussing reincarnation
with Henry Ford in his
Manhattan library were
factually correct, the author
responded: “I’m satisfied
that everything I made up
about Morgan and Ford is
true, whether it happened or
not.” It still rings true today.
Nobody in modern
Thursday 20 August 2015
that can be used to find
relevant case law. “An
increasing number of start-
ups are bypassing restraints
on how and by whom law
can be practised by offering
automated legal
advice . . . they may employ
a small staff of attorneys to
‘review’ documents before
they are released to clients.”
Stanford University offers
a legal informatics course,
taught by both the law
school and computer
science departments. This is
a subject dear to Kaplan’s
heart as the entrepreneur
teaches on the course. He is
in a strong position to
observe that the rapid
changes in the jobs market
are making the traditional
educational model seem
obsolete.
The book is good at
summarising the changes to
the job market hastened by
technology. There are
examples of techno-threats
that are new, to me at least.
For instance, Kaplan’s
suggestion that part of a
sales assistant’s role could
become redundant. Trying
on an outfit? Instead of
asking a sales assistant if
you look nice, why
not take a snapshot
of yourself and
seek crowdsourced
opinions? That said,
throwing myself on
the mercy of a paid sales
assistant seems preferable
to anonymous reviewers.
Kaplan also sidesteps the
usual arguments of techno-
optimism and dystopia,
preferring to go for
pragmatic solutions to a
shrinking pool of jobs. He
makes the point that it is
important to tackle some of
the moral issues created by
artificial intelligence before
it is too late.
This book is a clearly-
written introduction to the
threat of automation. His
proposed solutions are less
certain, however. Kaplan
suggests a “job mortgage”,
secured on your future
income. It seems to put a lot
of faith in employers who
would take much of the risk.
Yet there is no certainty
they will be in a position to
do so.
The reviewer is a writer for
Business Life at the FT
The Washington Post/Getty
banking quite matches
Morgan, who “knew as no
one else the cold and barren
reaches of unlimited
success”. But there are
echoes of the financier’s
overreaching confidence in
Donald Trump’s potentially
hubristic run for president.
Ford, who had reduced car
assembly “to its simplest
steps, so that any fool could
perform them”, has his
counterparts in technology’s
leading lights — such as Jeff
Bezos at Amazon or Larry
Page at Google — with their
conviction about the world-
changing potential of their
ideas.
Entrepreneurs do not
come out badly in Ragtime,
but it is a useful corrective
to any temptation to
overstate their claims to
fame. At the end of the
book, Morgan, for one, gets
a stinging lesson in the
dangers of hubris when he
realises his ambition to
spend a night inside the
Great Pyramid. Instead of a
mystical experience, he
endures hours of damp,
bugs and sleeplessness.
Thursday 20 August 2015 ★ FINANCIAL TIMES 11

ARTS

Harmonious marriage of west and east

POP

CLAS SICAL MUSIC
West-Eastern Divan Orchestra
BBC Proms, Royal Albert Hall, London
aaaae
Richard Fairman
A BBC Proms appearance by Daniel
Barenboim would not be the same with-
out a speech as an encore. On Tuesday,
he told us proudly that it was 65 years
less one day since his first concert (he is
72). In that time, he declared, nothing
had given him greater pleasure “as a
musician and a human being” than
conducting the West-Eastern Divan
Orchestra, his cross-border marriage of
musicians from Israel, Palestine and
Arabcountries.
Since 2003, their visits to the Proms
have often made political statements,
from presenting Jewish players in
Wagner to a performance of Fidelio,
Beethoven’soperaaboutjusticeandfree-
dom.Thisyearpoliticssteppedaside.
The programme — Schoenberg, Beet-
hoven,Tchaikovsky—representedamix
of the composers Barenboim has turned
to throughout his conducting career. He
never looks more relaxed than when he
isinfrontofhisWest-EasternDivan,gen-
tly coaxing affection with a sweep of the
hand, presiding over grandeur with the
minimumofgestures.
The performances reflected that self-
possession and composure. Schoen-
berg’s Chamber Symphony No. 1 for 15
instruments, giving some of the most
skilled solo players an opportunity to
shine, sounded romantic and lyrical
rather than modern and intense. In
Beethoven’s Triple Concerto Barenboim
drew warmly blended playing from the
orchestra (more bite from the wind and
brass would have been nice). He also
played the piano solo himself with his
usual unbounded spontaneity alongside
two first-class young soloists, violinist
Guy Braunstein and cellist Kian Soltani.
His Tchaikovsky was also laid-back
and magnanimous. Other conductors
turn the Symphony No. 4 into a white-
knuckle ride; Barenboim finds quiet
Magnanimous: places where the music seems to speak
Daniel Barenboim with all the time in the world. There was
conducts the excitement, but much else besides.
West-Eastern Encores followed — Sibelius’s dreamy
Divan Orchestra Valse triste, Glinka’s exuberant overture
at BBC Proms. to Ruslan and Ludmila, and a playful
Right: Pun Argentine tango by José Carli (the side
Bandhu and drum had been waiting all evening for
Tina Benko that). “We love you!” called out a lone
in ‘Informed voice. The maestro did not catch
Consent’— Chris what was said, but the warm applause
Christodoulou, James Leynse
probably got the message across.
bbc.co.uk/proms
T H E AT R E
Informed Consent
Duke Theater, New York
aaaee
Brendan Lemon
“We’re all cousins,” declares Jillian, a
genetic anthropologist in Deborah Zoe
Laufer’s Informed Consent. A professor at
a large Arizona university, Jillian
appeals to her audience’s sense of
genetic commonality in order to pursue
her research goals, chief among them a
study of diabetes in a dwindling tribe of
Native Americans.
Laufer’s play, a New York premiere
from Primary Stages directed by Liesl
Tommy, sets out to challenge conven-
tional ideas about science and story-
telling, yet the dramaturgy can be as
tangled as the four double-helix stair-
cases that anchor Wilson Chin’s nifty set.
The story appears initially to revolve
around Jillian’s attempt to help the
tribe find the cause of its alarmingly
high rate of diabetes, but it veers
towards the issue of informed consent
and becomes didactic.
To be fair, Laufer makes the preachi-
ness spring from situation: Jillian lec-
tures the audience, who act as stand-ins
for her students, while scientific images
are projected on to a hulking stack of
storage boxes behind her. Images of the
four proteins that make up all DNA —
abbreviated as A, C, G and T — dance
across the makeshift screen.
We discover that Jillian’s mother died
of early-onset Alzheimer’s, and an
analysis of her own genomic make-up
indicates that she is certain to develop
the disease herself. This knowledge
propels her to intensify her research:
she has a four-year-old daughter
whom she wishes to spare an
Alzheimer’s-laden future.
Tina Benko makes Jillian’s drive
fierce, even messianic. But the charac-
ter’s unshakeable belief in the power of
science — “our progress is exponential,”
she declaims — is so extreme that it
alienates those around her, from her
children’s-book-writing husband
to her research colleague.
Only with Arella, a member of
the Native American tribe exact-
ingly portrayed by Delanna Studi,
does she soften. Jillian needs to
appear vulnerable so that Arella
will convince the tribal elders to
approve participation in her
study. For the tribe, blood — sam-
ples of which are needed for the
study — is sacred. But also sacrosanct
is their story of origin, which is chal-
lenged by the results of Jillian’s
research. Myth collides with science
in this compelling if not always
tidy drama.
To September 13, primarystages.org
Sunn O)))
Meltdown, Southbank Centre, London
aaaee
Ludovic Hunter-Tilney
Having been forced to scale back a
planned £120m redevelopment amid
concerns over the character of the site,
London’s Southbank Centre has also
clipped the wings of its music festival
Meltdown. This year’s line-up, curated
by ex-Talking Heads frontman David
Byrne, lacks anything comparable to
Nina Simone’s appearance in 1999 or
Radiohead’s in 2000. It appears to have
been devised on a shoestring, or per-
haps a wing and a prayer — the latter of
which has gone unanswered.
Still, there can be interesting discov-
eries in the margins, and so I headed to
the Royal Festival Hall for an evening of
experimental drone-metal played at
deafening volume by a quartet of Amer-
icans in cowls amid clouds of dry ice.
Sunn O))) tread a brave line between
the ridiculous and the sublime. A
revered act in the underground circles
from which they emerged in 1998, they
treat rock music as an esoteric portal to
a vast primeval force that holds the very
secret of life within its maelstrom. We
moderns know it as electricity.
Sunn O)))’s core duo of Stephen
O’Malley and Greg Anderson could
dimly be seen playing electric guitar
with stylised motions, conjuring great
slabs of amplified noise from the impos-
ing row of speaker stacks behind them.
Another member operated an electronic
console, while vocalist Attila Csihar put
on a theatrical black-metal masterclass,
gyrating slowly in the murk and vocifer-
ating a succession of demonic growls and
affrighted shrieks from within his hood.
The first 75 minutes were relentless,
two apocalyptic instrumentals book-
ending the songs “Aghartha” and “Hunt-
ing and Gathering (Cydonia)”. But the
finalsectiontippedintopantomimewith
Csihar’s change into a Doctor Who-style
mirrored cape. Meanwhile the sound
system developed a habit of cutting out
on one side of the stage, as though the
superflux of electrical energy invoked by
Sunn O))) had proved too much for a
diminishedMeltdown.
southbankcentre.co.uk

THIS EVENING’S TELEVISION

Pick of the day

Professor Andrew Wallace-
Hadrill (pictured) is a
likeable guide, and makes
Building the Ancient City
(BBC2 8pm) a stimulating
outline of what made ancient
Athens great, the emergence
of modern urbanisation and
democratic ideals. Spaces for
public speaking rather than
the ruler’s stronghold marked
the centre of the city, along
with infrastructure like water
supplies and public libraries.
Athens welcomed migrants,
though foreign-born slaves
were exempt from rights that
make Magna Carta look like
doodles. Cue Boris Johnson
on Athens’s ideals — “That’s
London!” — though not its
oratory: “Dumbo!” he snaps
at a questioner, in
Themistoclean mode.
In Nightingale (Sky
Atlantic 9pm) a war veteran
recounts the terrible crime
he has committed and goes
down twisted psychological
paths in an award-winning
solo tour de force from
David Oyelowo. — 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. Alex Jones
and Patrick Kielty present.
7.30 Traffic Cops. A member of
the public reports two men
acting suspiciously in his
backyard, and a driver
overturns his car, with
passengers inside, in an
area renowned as an illegal
racetrack.
8.30 EastEnders.
9.00 Who Do You Think You
Are? Jane Seymour finds
out more about the Jewish
ancestry on her father’s
side of the family,
researching her great-
aunts’ experiences under
Nazi occupation in Warsaw
and France.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 Parking Mad. R
11.35 Britain Beneath Your Feet.
R 11.35 Horizon: First Britons. R
6.00 Two Tribes.
6.30 Eggheads. R
7.00 The Hairy Bikers’
Bakeation. The duo go
baking in Italy, where
dishes include a classic
focaccia with rosemary, and
pasta pie. They also pay a
visit to Si’s sister, who lives
in Tuscany.
7.30 Great British Menu. Welsh
competitors Stephen
Gomes, Adam Bannister
and Phil Carmichael tackle
the dessert.
8.00 Building the Ancient City.
First of two programmes
looking at the building of
Rome and Athens,
beginning in Greece, where
2,500 years ago Athens
gave birth to the idea of a
city run by free citizens.
9.00 That Day We Sang. R
10.30 Newsnight. Analysis of the
day’s events.
11.00 Weather.
11.05 The Fast Show. R
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale.
8.00 Coronation Street.
8.30 Flockstars. Gabby Logan
hosts the last first-round
clash.
9.00 The Wonder of Britain.
Julia Bradbury explores the
diverse countryside, from
the Isle of Skye to the cliffs
of Cheddar Gorge, and
relives childhood memories
in the Peak District. Last in
the series.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 Sports Life Stories. Profile
of former England
footballer John Barnes,
who represented Watford,
Liverpool, Newcastle
United and Charlton
Athletic during his 20-year
career.
11.40 Murder, She Wrote. R
Regional variations apply
6.00 The Simpsons. R
6.30 Hollyoaks. Drama following
the lives and loves of a
group of teenagers and
young adults in Chester.
7.00 Channel 4 News.
8.00 Location, Location,
Location. A man searches
the countryside around
Edinburgh for a home with
a big enough shed to
house his collection of cars.
Plus, a couple in need of a
home before their baby is
born.
9.00 Very British Problems.
Comedians and other
famous faces talk about
day-to-day hassles such as
making tea for everyone in
the office, getting sunburnt
on a foreign holiday and
queueing for everything.
10.00 8 Out of 10 Cats Does
Countdown. R
11.00 24 Hours in Police Custody.
Detectives issue an arrest
warrant for a man they had
released. R

BBC3
7.00 Top Gear. 8.05 Don’t Tell
the Bride. 9.00 Live at the
Apollo. 9.30 Live at the Apollo.
10.00 EastEnders. 10.30 Russell
Howard’s Good News. 11.00
Family Guy. 11.25 Family Guy.
11.45 American Dad!
BBC4
7.00 World News Today. 7.30 BBC
Proms: The Bach Recitals. 9.00
The Secrets of Quantum Physics.
10.00 The Horizon Guide to Mars.
11.00 Lost Land of the Volcano.
Channel 5
6.00 Home and Away. 6.30 5
Other channels
News Tonight. 7.00 Cricket on
5. 8.00 Too Fat for Love:
Supersized. 9.00 Trapped in a
Cult? 10.00 Person of Interest.
10.55 Person of Interest. 11.55
Access.
More4
6.50 The Restoration Man.
7.55 Grand Designs.
9.00 Obsessive Compulsive
Cleaners. 10.00 24 Hours
in A&E. 11.10 Embarrassing
Bodies.
Film4
6.50 Congo. 9.00 Sinister. 11.10
Evil Dead.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods. 9.00
Nightingale. 10.45 Bessie.
Sky Sports 1
6.00 One2Eleven: Lothar
Matthaus and Franco Baresi.
6.15 One2Eleven: Gerard
Pique and Neil Lennon.
6.30 Premier League 100
Club. 7.00 Barclays Premier
League World. 7.30 Live
First Utility Super League.
10.30 NFL Hard Knocks.
11.00 Barclays Premier League
Legends. 11.30 First Utility
Super League. 11.45 Barclays
Premier League World.
Sky 1
6.00 Futurama. 6.30 The
Simpsons. 7.00 The Simpsons.
7.30 The Simpsons. 8.00 OAP
Internet Virgins. 8.30 Modern
Family. 9.00 Modern Family. 9.30
Modern Family. 10.00 Hawaii
Five-0. 11.00 Hawaii Five-0.
Sky Arts 1
6.15 Video Killed the Radio
Star. 6.45 Portrait Artist of
the Year 2014. 7.45 Monty
Python: Almost the Truth.
9.00 Hidden. 11.20 Sex & the
Silver Screen.
12 ★ FINANCIAL TIMES Thursday 20 August 2015

Zulily, too late

The shares of newly-listed US tech companies have usually outperformed other initial public offerings,
but the trend was interrupted by the bursting of the dotcom bubble and more recent tech IPOs have
also disappointed
Twitter: @FTLex Email: lex@ft.com
Total share price return since IPO* Return since initial public offerings
By year of IPO (%) Per cent
Tech and internet
Raiffeisen and Erste: self-help moves such as loan All sectors RWE/Eon:
securitisation. The two banks are 834
resilient Austrians capital slaves to their regulators; the
300
divergence
issue is whether they can reinvigorate
Think of Austrian successes abroad their revenue to keep amassing capital. Twitter For most of the past decade, the
and Arnold Schwarzenegger heaves Luckily, both banks are toughies too. share prices of Germany’s two quoted
into mind, flexing and grinning. Few 200 Share return since IPO utilities have moved in tandem and in
would probably pick Raiffeisen Bank one direction: down. Now they are
International or Erste Group Bank, two Hong Kong shares: showing signs of diverging. Over the
lenders that have sallied forth to tough 119% 9% 3% -15% past year, RWE is down 48 per cent
it out in central and eastern Europe — smoother seas 100 while its bigger rival Eon has fallen a
with less than Terminator-like S&P 500 return in the same period comparatively effervescent 19 per cent.
outcomes. Given its uneven results Navigating Chinese stock markets? First-half results show why. Both
abroad, few expected the resilience
displayed by Raiffeisen in its second-
Pack motion-sickness pills. Intraday
swings of more than 5 per cent have
0 -0.2% 18% 2% 17% companies suffered from lower
wholesale power prices, as heavily
quarter results yesterday — despite become common; in the past two 1996 2000 05 10 15 subsidised renewable energy squeezed
exposure to Russia and last year’s loss. months, mainland indices have had YTD out higher-cost gas-fired capacity. Both
* Average share price return for all US IPOs issued in that year FT graphic. Sources: Dealogic; Bloomberg; FT research
The Russian cheer yielded a jump of intraday movements of more than confirmed their full-year guidance,
near 10 per cent in the share price. 10 per cent three times. Chinese but RWE’s profit target could yet be
To sum up: despite currency turmoil authorities have been stepping in to Is this how the tech bubble ends? Not 24 are trading below their offer price, pointed out, the sharp increases in in jeopardy because of problems at
and recession in Russia and Ukraine, prop up shares. One can only assume with a bang, but with a TV shopping including flashy debutants such as value which used to be captured its UK supply business.
along with low interest rates, mutual- this is making the turbulence worse. channel founded in 1986 buying an Lending Club, the marketplace lender. when successful tech companies went However, it is the companies’
owned Raiffeisen’s other markets State protection, if that is the word, online retailer that survived for less Another category of recent IPOs is public is being captured when they responses to Germany’s incoherent
recovered enough to lift net profit has not extended to the Hong Kong than two years as a public company? up, but by an underwhelming amount. are private. Cynics would say that the energy policy that will define their
11 per cent from a year ago to €204m. bourse. Shares there have trickled That was the fate of Zulily, which This group includes Box, the online bubble has just shifted from one futures. Berlin wants 60 per cent of
It is bearing up in Russia — an albatross persistently lower, without the offers “flash sales” of clothes, and is storage company, which has risen market to another. its energy to come from renewable
on its stock market rating but one that churning volatility. Shanghai’s about to go through its own flash sale 3 per cent in eight months, and Companies have different ways to sources by 2035. It has proposed that
still delivers more than half the group’s composite index is still up nearly a fifth to QVC (Liberty Interactive’s home Twitter, the social media group, whose manufacture secondary liquidity for lignite-fired capacity should be placed
profit after tax — and Ukraine returned this year. Hong Kong-listed Chinese ‘H’ shopping subsidiary) for $18.75 a 9 per cent rise in two years compares investors and employees. Some in reserve before being phased out, and
to second-quarter profit. Last week’s shares are down more than 10 per cent. share. That is less than its $22 listing with an 18 per cent rise in the S&P 500. might find an exit via acquisition like that nuclear stations be shut by 2022.
second-quarter results from Erste For the nearly 70 companies listed in price of November 2013 — yet the Propped up by occasional successes Zulily or Sungard, which was headed Last November, Eon said it would
were better than expected, too. both Hong Kong and China — names $2.4bn deal represents a 49 per cent such as Fitbit, the wearable technology for an IPO before it was bought last split into two companies. The
Raiffeisen suffered strains. Net such as China Construction Bank, premium to the previous close. company, the average appreciation for week. But poor public showing of the generation assets, plus its oil and gas
interest income fell, but currency China Railway Group and Tsingtao This sort of underperformance by companies that have floated in the US newly listed is not something that business and its stake in separately
swings slowed the decline in fee Brewery — the Hong Kong H line is on new tech offerings is common. Since since the start of 2013 is 21 per cent for private companies on the path to listed Eon Russia, will sit within
income. Trading revenue rose on average 24 per cent cheaper than the Zulily’s float there have been 60 tech companies, compared with 32 per IPO, such as First Data or Square or Uniper, the new creation. Eon will
Ukrainian gyrations. It is as well that same ‘A’ share bought in China. That is initial public offerings of US tech cent for all sectors. those such as Uber widely believed to then comprise renewable energy
both banks have a grip on costs. At less than July’s one-third discount, but firms worth more than $100m, As Andreesen Horowitz, a venture be heading that way before long, can (20 per cent of profits) plus the
Raiffeisen they fell 9 per cent, mainly well above the five-year average. according to Dealogic data. Of these, capital firm and a Zulily investor, has shrug off forever. supply and distribution businesses.
because of lower staff expenses after Global investors access Chinese Valuing Uniper is tricky.
it axed bonuses for 2014. Its cost-to- shares through Hong Kong because of Politicians are debating whether
income ratio of 53 per cent is far restrictions on mainland investment. €19bn of provisions for nuclear
from shabby in the circumstances. So H shares’ underperformance Investment beat estimates. If other insurance revenue — and all of its with reserve releases, it still shows that decommissioning is enough. The
But while Raiffeisen’s bad loan reflects how outsiders’ fears about companies follow, it may be worth profits. Its premiums there have fallen the company is making strong profits group’s capital structure is not certain.
charge climbed 16 per cent from a year China’s economic slowdown outweigh dipping a toe in Hong Kong’s waters. about 5 per cent annually. in an intensely competitive market. But analysts at AllianceBernstein think
ago — mostly on Ukrainian exposure — both the residual hopes of Chinese While it has tried to diversify outside To stay ahead, Admiral also earns it could be worth €2.90 a share — with
asset quality at Erste was better than punters and state intervention. Yet the UK, that process needs more time. revenue by selling services, such as “new” Eon worth €15.50. The existing
expected. Neither is in the clear yet. As many H shares are also cheap in Admiral: Management could only promise that legal cover, alongside insurance. Such Eon trades at €11.65.
a proportion of total loans, Raiffeisen’s absolute terms. The index trades at 8 Admiral units in Italy and Spain would extras equate to 39 per cent of the Simply spinning off Uniper does not
bad loan ratio is 12 per cent; Erste’s is times forward earnings, against a rainy-day savings cover their costs this year. The insurer’s profit from the UK motor insurance mean Eon will achieve that estimate,
also elevated, at 8. Both need to rub growth forecast at 9 per cent. With limited near-term growth options division. Rivals, such as Esure, have but at least it has the flexibility to try.
healing balm into their lending scars. reason, perhaps, earnings forecasts Take out an umbrella with you and, explain why it needs to entice investors similar business models, so the extras RWE, with its high exposure to lignite-
Loss-absorbing capital is rising. have been falling. Recent policy moves, naturally, it will not rain. Admiral, the with a 6 per cent dividend yield. could diminish in importance. fired generation and higher debts,
Erste’s common equity tier one ratio of including renminbi devaluation, UK car insurer, like most, provides for In its favour, Admiral has a low cost In the past, water seemed to slide off would struggle to do something similar.
11.3 per cent is already 30bp above the suggest that the economy is in rough heavy weather. It surprised the market base. This is measured by comparing Admiral’s back. No longer. Its main Eon also has assets it could sell — its
Austrian regulator’s 2017 target; its shape. Broad activity data such as yesterday with some sunshine. insurance claim losses and expenses market may well be saturated. North Sea oil production assets are
peer is still shy at 10.7 and battling to electricity generation have been It clawed back loss reserves from to the premiums received. Admiral’s big target, the US, will under review. Sentiment to Germany
lift it. Its mutual parent cannot back a slowing for months. previous years and beat profit This “combined ratio” has fallen to a require fighting off Warren Buffett’s utilities is still icy. Eon will thaw first.
cash call, so Raiffeisen must shrink the At the same time, though, some expectations. Customer numbers also very low 73 per cent at Admiral, far Geico. Admiral’s shares trade at
risk-weighted asset denominator of the first-half earnings have been beat forecasts. And the shares rose 5 below UBS’s estimate for the UK 16 times earnings, well above rival
ratio by more than a fifth. A pity, then, unexpectedly healthy. Yesterday, per cent. But that seems premature. industry of 105 per cent. A reading Direct Line’s shares at 12, even after Lex on the web
For notes on today’s breaking
that the capital-boosting sale of its Chinese carmaker Geely and property The ultra-competitive UK market above 100 denotes underwriting losses. underperforming them over the past stories go to www.ft.com/lex
Polish operation has stalled — hence developer China Overseas Land and accounts for much of Admiral’s While the insurer flattered this ratio year. Grab that umbrella.

Forecasts by

16 LOW 1 0 0 0 24
21 1010 23
21 HIGH 22
20
0 1020 1030 Luxembourg Fair 23 73
20
Lyon Sun 27 81
20 16
9 Madrid Sun 36 97
22 23 23 20 Manchester Cloudy 21 70
25
2 HIGH Miami Cloudy 33 91
18 19
19 14 23 2 Milan Sun 28 82
29
21 Montreal Fair 30 86
24 24
19 22 Moscow Sun 22 72
22 22 19 Mumbai Cloudy 31 88
20 28 25 Munich Cloudy 21 70
21 1 34
22 LOW New York Cloudy 29 84
1020 27 Nice Sun 26 79
18 32 36 28 Paris Shower 24 75
30 33
38 Prague Sun 21 70
12 Reykjavik Drizzle 15 59
32 31 31 34 Rio Fair 25 77
17
Wind speed in MPH at 12 BST 35 Rome Sun 27 81
Temperatures max for day˚C Wind speeds in KPH 32 San Francisco Fair 22 72
Stockholm Fair 22 72
Today’s temperatures Strasbourg Fair 24 75
Abu Dhabi Sun 44 111 Belgrade Thunder 22 72 Copenhagen Sun 23 73 Hamburg Fair 23 73 Sydney Sun 20 68
Amsterdam Fair 23 73 Berlin Sun 25 77 Delhi Fair 36 97 Helsinki Sun 24 75 Tokyo Thunder 27 81
Athens Sun 33 91 Brussels Fair 22 72 Dubai Sun 40 104 Hong Kong Shower 32 90 Toronto Thunder 25 77
B’ham Cloudy 22 72 Budapest Fair 24 75 Dublin Cloudy 19 66 Istanbul Sun 31 88 Vancouver Cloudy 21 70
Bangkok Thunder 36 97 Buenos Aires Cloudy 15 59 Edinburgh Cloudy 20 68 Jersey Drizzle 20 68 Vienna Rain 17 63
Barcelona Sun 29 84 Cardiff Rain 21 70 Frankfurt Fair 23 73 Lisbon Sun 32 90 Warsaw Sun 23 73
Beijing Sun 30 86 Chicago Cloudy 23 73 Geneva Fair 24 75 London Cloudy 22 72 Washington Thunder 30 86
Belfast Cloudy 20 68 Cologne Fair 24 75 Glasgow Cloudy 20 68 Los Angeles Fair 26 79 Zurich Fair 22 72

ACROSS 7 A number left for Spain with less

CROSSWORD 1 Don’t forget about being than a full load (5)
No. 15,014 Set by PETO dumped by someone in a club (6) 8 It’s eaten by oddly tame river
5 Bale’s out injured for certain (8) bird (8)
        9 Unequivocal about old king 13 Painting of animal needs no
getting cross (5-3) introduction (3)
10 Deny fellow’s back out of prison 15 Cuts across north London
  (6) area carrying leaflets? Just the
11 Wrong about what writers make opposite (9)
use of to be understood (4,2) 16 Anger over books being lifted by
   12 Almost certain to adjust to Unionist’s followers (9)
working with Genesis (8) 17 The head of Tonbridge needs
14 Now being considered edgy as a drink after Lofty’s incredible
  
Burns may be in it (7,5) story (4,4)
18 Disinclined to feign after affair 19 Girl’s missing one odd piece (3)
 becomes pedestrian (6-2-4) 20 Ready to accept FBI agents’
22 Arguing in support of principal fabrication (7)
  
standing by Penny (8) 21 Chapter about German swimmer
 25 Proust’s wandering in a daze (6) (6)
26 Empty containers – one inside 23 Concealed in equal amounts in
    the other (6) besieged mission (5)
27 Old coppers in conversation (8) 24 Forward leaves to join Bury (5)
28 Obama’s one dream – to travel
  around Cuba (8)
29 Is informed after last of NHS cuts Solution 15,013
(6) 0 $ * , & 1 8 0 % ( 5 6
  DOWN & $ / 5 + 5 (
+ ( 1 % $ 1 ( / $ , ' / 2 :
2 Girl’s name finally put on top of
CROSSWORD
No. 14,845 Set by NEO
        ACROSS DOWN
1 Important Viking one among best 1 Hard maths topic written up to find
friends (5,4) circumference (5)
  6 Socialite with appeal makes left- 2 Love comes in no time, wildly, for
side entry (5) passion (7)
9 Brazilian city as far as we’re 3 Disagreed also with a thousand
concerned ungovernable (7) children (4,5)
  
10 Obscure English knight against 4 Bond gets to a casino and is
European rebuffed (7) beaten (11)
11 Poor nation’s little island in hot 5 Beast summarising Tokyo-London-
   current (5) Tokyo trip? (3)
12 Caught flamboyant cardinal in 6 Painter died hungry (5)
Seventh Heaven? (5,4) 7 Discount supermarket name in
  
14 Notice flock encircles houses (3) GB’s upturn with loss on top (7)
15 Alarmist financier reversed into 8 As 007 mission to Spectre might
second vehicle bearing right (11) be? (3-6)
17 German poet’s the writer 13 Dope sheathes weapon in open
   
embracing pub vocalist (11) coat (11)
19 Moggy fur with hole concealed? (3) 14 Soul an unknown factor in some
20 Earl, King and Queen on men? Fearless pilots? (9)
   Hampshire river’s banks (9) 16 Girl having paddle round saw
22 Ambassador in temple finds grain manor demolished (9)
(5) 18 Mistress Gwynne about to be
 
24 Ardent Green must change leader announced in sport (7)
(7) 19 Side issue for Clintons (7)
26 As one’s despicably mean, small 21 Having ducks in horses area
tips for servants materialise (2,5) causes commotion (3-2)
JOTTER PAD 27 Sauce unfortunately knocked over 23 Crime article Financial Times
contains sulphur (5) provides (5)
28 Related martial artist stops at 25 Sick at first, old man here for
Bedouin residence (9) healthy holiday (3)
Solution to Saturday’s prize puzzle on Saturday February 14
Solution to yesterday’s prize puzzle on Monday February 16
Winners’ names will be printed in Weekend FT

( + 6 : $ 6 ( (
cake (6) 6 / 2 ( * , 1 1 ( 7 % $ / /
JOTTER PAD 3 Supports including line linking 7
(
2
1 '
2
2 :
(
& $
2 6
5 2 / / ( 5
/
6
cannabis with disease (5,4) 5 . ( (
4 Storyteller’s right about ) 2 2 7 5 ( 6 7 6 ) / 2 5 $
, 1 $ 7 $ 8 6
courtesan abandoning son (9) ( ; 3 ( 1 ' 6 5 , 6 2 7 7 2
5 Complicated recital item (7) / $ * . $ + 5 1
6 Understanding some of ' ( 3
(
/ ( 7 (
5 ,
, 0 , 7 $ 7
1 2 *
(
'
Amundsen’s experiences (5) 3 5 ( 6 ( 1 7 7 ( 1 6 (
Thursday 20 August 2015 ★★★ 13

RWE Admiral Group Fitbit WTI crude CBOE Vix 10-year US Shanghai Gold
Smart Money Why New York Treasury Composite
still rules the financial world 1.97% 3.82% 1.53% 4.3% 8.1% 7bp 1.2% $15
JOHN AUTHERS, PAGE 28
€15.45 £15.22 $43.10 $40.80 14.91 2.12% 3,794.55 $1,132

Glencore shares plumb new depths Short

3 Tumbling commodities hit mining and trading house profits 3 Price falls 70% since float
View
respect of our balance sheet, operations almost 70 per cent from their 2011 flota- solid liquidity position and lower capex
James
‘I don’t think
NEIL HUME AND DAVID SHEPPARD
and capital spending in order to pre- tion price of 530p.
[short-term
plans for 2016, along with the potential Mackintosh
Glencore’s shares fell 9.7 per cent yester- serve our current credit rating,” Ivan Glencore has suffered more than for working capital reductions, may
day, to a record low, after the mining Glasenberg, chief executive, said in a some competitors from the downturn in hedge funds] continue to give the agencies confidence
and trading house revealed that collaps- statement. commodity markets, partly because it understand even in the current circumstances.” A few months ago, news that German MPs had authorised
ing commodity prices had slashed its Analysts noted a $1bn reduction in carries more debt to support the trading Mr Glasenberg blamed the share price €86bn to prevent a Greek default and possible exit from
profits — putting its investment grade net debt, strong cash flow, and the latest activities that are deeply entwined in its how our debt weakness on falling commodity prices the eurozone would have been the only thing that mat-
credit rating under threat. cost reduction measures, and said these corporate history. levels work and “short-term hedge funds”. “I don’t tered to investors. In the event, Bundestag approval was
For the half-year to June 30, the group factors may reassure some investors. Its investment grade credit rating, of and how we think those people understand how our barely noticed in the markets, where the focus is almost
reported a 29 per cent drop in earnings However, Glencore’s shares remain BBB, has helped to keep the cost of trad- debt levels work and how we handle it,” exclusively on China and an imminent US rate rise.
and lowered its profit guidance for its under pressure, hit hard by a broad- ing low, but analysts warned that it may handle it’ he said. “As we proved in 2008 when Investors may have the attention span of the Twitter
trading arm. It said it was cutting capital based drop in commodity prices now be at risk without further reduc- commodity prices came off, we can con- generation, but there are other things of note going on.
expenditure to $5bn, from its previous and concerns about slowing economic tions in its debt. “In light of the weaker
Ivan Glasenberg trol out debt levels. We control working Among them is what looks like a shift away from the obses-
target of $6.8bn, and planning addi- growth in China. They are down than expected results and current oper- capital. We have the tools to do it.” sion with share buybacks, which had been a sure-fire way
tional cost savings of $400m. more than 45 per cent this year and the ating environment, rating agencies may Additional reporting by Naomi Rovnick, to beat the market for the past three years.
“Against a challenging backdrop for worst performing in the FTSE 100 begin to question their current stable Henry Sanderson and James Wilson The S&P 500 Buyback index, which equally weights the
many of our commodities, we have index. outlook,” said Rick Mattila, credit ana- Apportioning blame page 15 100 US stocks with the biggest buybacks as a proportion of
taken a range of pre-emptive actions in Yesterday, they fell to 158.95p, down lyst at MUFG. “That said, the group’s Lombard page 18 market value, has had six months of underperformance.
The message from shareholders does not seem to have
reached finance directors. Birinyi Associates calculates
that buyback announcements so far this year total more
than $500bn, with records set in both the first and second
quarter. Actual purchases have been lower, but companies
Bleak brew continue to be the biggest buyers of their own stock.
Boring dividend-payers, the antithesis of the flash buy-
Carlsberg chief starts back, are beating the market again as bond yields fall.
with profit alert Lower yields make dividends look more appealing, while
the security of a long dividend history is attractive when
the global economy seems to be under pressure.
Carlsberg’s new chief executive started All this may be less exciting than it looks. Buybacks fall
at the Danish brewer with a profit out of fashion every now and again, but still beat the
warning as its long-time woes in Russia equally weighted S&P 500 by 27 percentage points in the
and fresh ones in western Europe hit past five years. Steady dividend payers are only just ahead.
hard, writes Richard Milne in Oslo. Yet, this time provides some reasons for concern. Buy-
Cees ’t Hart, the former head of a backs are coming from companies with slower top-line
Dutch dairy company who took over at growth and a weak earnings outlook, according to analysis
Carlsberg in June, said that the world’s by Robert Schwob of Style Research.
fourth-largest brewer had a “heightened Buybacks usually involve increasing debt, too. Govern-
sense of urgency” over its cost-cutting ment bond yields may be falling, but both investment
efforts. grade and junk bond yields have been rising, making
Carlsberg said it expected underlying higher debt a tougher sell.
operating profits to fall slightly this year For now the shift against buybacks remains relatively
against a previous forecast of a medium small. If the trend is confirmed, though, it will be a big
to high single-digit rise. change for the many who looked for quick returns by
Shares in the group dropped 9.2 per demanding cash back from the companies they hold.
cent to DKr535.5 yesterday.
Mr ’t Hart said: “It’s never pleasing to Buying back the future
start with an announcement like this.” Ratio of S&P 500 total return indices
The brewer would review its strategy “to (rebased) Buyback/equal-weighted
re-establish and further strengthen our US 10-year Dividend Aristocrats/
financial flexibility”, with the results to yield (%) equal-weighted
be set out in the first half of next year. 4 120 Buybacks fall out
The review is likely to focus on finding of fashion every
more ways to cut costs. 3 110 now and again,
“We must step up further to achieve but still beat the
the full potential of the group,” he added. 2 100 equally weighted
Profit warnings by new chief S&P 500 by
executives are not uncommon, but 1 90 27 percentage
Carlsberg’s investors suffered two last 2010 11 12 13 14 15 points in the past
year and have been hit by negative news Source: Thomson Reuters Datastream five years
about the brewer’s position in Russia.
james.mackintosh@ft.com
Andrey Rudakov/Bloomberg

Adultery website to investigate data

leak as 39m members face exposure
MADISON MARRIAGE finds the contentious adultery website The reported data dump came one
failed to take “appropriate measures” to month after hackers launched a cyber
Avid Life, owner of website Ashley
prevent this type of breach. attack on the Ashley Madison website,
Madison that specialises in match-
He added: “Ashley Madison also faces threatening to expose its customers’
making unfaithful married people,
the possibility of civil claims from details unless the business was closed
faces regulatory fines and legal action
subscribers who may wish to hold it to down “immediately and permanently”.
after suffering a big data breach.
account for promises made with regards The cyber attack has alarmed other
Approval of libido drug The Toronto-based company said it was to anonymity and data protection.” businesses operating in related areas
for women questioned investigating reports that 9.7 gigabytes Paula Barrett, data protection expert such as online dating. George Kidd,
of customer data had been posted at Eversheds, the law firm, added: “It chief executive of the Online Dating
A US Food and Drug Administration online by hackers. If confirmed, the leak would not surprise me if people came Association, said it had organised a
decision to grant the first approval of a could expose the details of the 39m forward to bring claims against [Ashley briefing session next month to discuss
drug for the treatment of loss of libido members whom Ashley Madison says Madison].” how members can keep data safe.
in women has left many in the medical use its website — which carries the Avid Life’s investigation into the leak Avid Life described the hack as a
fraternity sceptical about the drug’s slogan “Life is short. Have an affair”. followed a report by technology website criminal assault on “freethinking
effectiveness and the regulator’s Tim Smith, partner at insurance law Wired claiming hackers had dumped people who choose to engage in fully
ability to withstand ‘patient power’. firm BLM, said Ashley Madison could be the website’s customer data on the lawful online activities”. Ashley Madi-
Analysis i PAGE 14 fined up to £500,000 by the UK’s Infor- “dark web” of encrypted networks that son plans to list in London this year.
mation Commissioner if the regulator are impenetrable by search engines. Lombard page 18

Companies / Sectors / People

Companies
Aditya Birla.................................................16
Admiral...............................................12,18,27
Airtel...............................................................16
Alibaba...........................................................16
Amazon.........................................................18
American Eagle Outfitters................27
Anglo American........................................15
Apple...............................................................16
Avid Life..................................................13,18
BHP Billiton.................................................15
BMW...............................................................26
Baidu...............................................................15
Bank of China...........................................26
BlackRock....................................................28
Boehringer Ingelheim...........................14
Box...................................................................12
Carlsberg......................................................13
Chesapeake Energy...............................27
Chevron.........................................................27
China Construction Bank....................12
China Overseas Land and Invest..12
China Railway Group.............................12
Clipper..............................................................3
Daimler..........................................................26
Didi Kuaidi...................................................15
Direct Line...................................................12
EnQuest.........................................................18
Eni....................................................................14
Eon...................................................................12
Erste Group Bank....................................12
Esure..........................................................12,18
ExxonMobil.................................................27
Faroe Petroleum......................................14
Fitbit................................................................12
Galaxy Entertainment..........................16
Geely..........................................................12,16
Glencore.................................13,15,18,27,28
Gojek...............................................................15
Google............................................................18
GrabTaxi........................................................15
Guangdong Meiyan Jixiang
Hydropower...............................................26
HSBC.................................................................2
Hikma Pharmaceuticals......................27
Hormel Foods...........................................27
Hyundai Motor..........................................16
ICBC................................................................26
Imperial Tobacco.....................................18
Just Eat.........................................................18
Kaz Minerals..............................................27
LG Electronics...........................................16
Lending Club..............................................12
Lenovo...........................................................16
Lonmin..........................................................27
Lundin Petroleum...................................14
MGM China.................................................16
Marathon Oil..............................................27
Melco Crown..............................................16
Microsoft.......................................................18
Netflix.............................................................18
Ola....................................................................15
Palatin Technologies.............................14
PayTM............................................................16
Persimmon..................................................27
PetroChina..................................................26
Phillips 66....................................................27
Posco..............................................................16
Prudential...................................................3,3
RBS.....................................................................2
RWE.................................................................12
Raiffeisen Bank International...........12
Reliance Industries.................................16
Rio Tinto..................................................15,18
S&P Dow Jones Indices......................28
SJM Holdings.............................................16
Samsung Electronics.............................16
Sands China................................................16
Secure Trust.................................................2
Shanxi Coking...........................................26
SoftBank..................................................14,15
Sprint..............................................................14
Sprout Pharmaceuticals,.....................14
Standard Chartered ................................2
Staples...........................................................27
Statoil.............................................................14
Sun Pharmaceuticals.............................16
Swiftkey.........................................................18
Target.............................................................27
Tata..................................................................15
Telenor...........................................................16
Tsingtao Brewery....................................12
Twitter............................................................12
Uber.................................................................15
Vale ................................................................15
Vodafone......................................................16
Volkswagen................................................26
Volvo...............................................................16
Walmart.........................................................27
Wynn Macau..............................................16
Zulily................................................................12
Sectors
Automobiles....................................15,16,26
Banks..................................................12,16,28
Basic Resources.......................................28
Energy............................................................12
Financial Services..........................1,18,28
Financials.....................................................28
Food & Beverage.........................12,13,27
Gen Retailers..............................................12
Industrials....................................................16
Insurance......................................................18
Oil & Gas................................................14,26
Pharmaceuticals.................................14,16
Property...........................................................1
Technology.......................................15,16,18
People
Ambani, Mukesh......................................16
Arora, Nikesh.............................................14
Beard, Alex..................................................15
Birla, Kumar................................................16
Bseisu, Amjad............................................18
Che-woo, Lui..............................................16
Engelhardt, Henry..................................18
Glasenberg, Ivan............................13,15,18
’t Hart, Cees................................................13
Jain, Amit.....................................................15
Samuelsson, Hakan................................16
Shanghvi, Dilip..........................................16
Son, Masayoshi.........................................14
Stevens, David..........................................18

© The Financial Times Limited 2015 Week 34

14 ★ FINANCIAL TIMES Thursday 20 August 2015

COMPANIES
INSIDE BUSINESS
Telecoms
EUROPE

Arora makes $483m ‘bet’ on SoftBank Richard

Milne
Son’s successor to spend pany’s No 2 position and anointed him It would make Mr Arora the biggest Y16.56 bn succeed him at “the appropriate time”,
heir apparent. individual shareholder after Mr Son, adding that the partnership had
four times his annual pay Nikesh Arora’s

to buy shares in group

KANA INAGAKI — TOKYO
Nikesh Arora, president of SoftBank,
has said he will buy a breathtaking
Y60bn ($483m) worth of shares in the
Japanese telecoms and internet group,
in a sign of his commitment to the
“My past year with the SoftBank
Group has been very rewarding,” Mr
Arora said in a statement yesterday. “As
a measure of my commitment, I have
decided to take a personal bet on the
SoftBank Group.”
The scale of his purchase is signifi-
cant, even for the man who was Google’s
highest-paid executive with estimated
annual pay of about $50m. The amount
who owns a 19 per cent stake, according
to Bloomberg data.
Since being poached by SoftBank in
remuneration
from SoftBank in
the past year
“surpassed every expectation that I
had”. He added: “His vision and mine
are aligned and we plan to work
No crisis yet, but oil
July last year, Mr Arora has led a flurry
of investments in tech start-ups, includ- 19 %
together for many years to make the
SoftBank Group a sustainable success
issues are spilling into
ing a $627m injection in Indian online
marketplace Snapdeal and $1bn invest-
ment in South Korean online retailer
Masayoshi Son’s
stake in the
company he
for decades to come.”
The purchase will be carried out over
the next six months and will give Mr
Norway’s economy
Coupang. founded Arora a stake of about 0.7 per cent,
Mr Son has increasingly relied on Mr based on SoftBank’s closing share price

company as the handpicked successor
to billionaire Masayoshi Son.
Mr Arora’s “personal bet” comes
just months after Mr Son, who founded
the group, promoted the India-born
former Google executive to the com-
is nearly four times the Y16.56bn Mr
Arora received from SoftBank for the
past fiscal year that ended in March.
“This is a large transaction for me,
and involves taking an enormous risk in
my life once again,” Mr Arora said.
Pharmaceuticals. Female libido treatment
C
Arora to drive the company’s overseas of Y7,477 yesterday.
growth at a time when SoftBank has Shares in SoftBank, which has a
struggled to turn round lossmaking market capitalisation of $72bn, are up
Sprint, the US wireless network it 3.7 per cent so far this year compared
acquired for $22bn in 2013. with a 15.9 per cent gain for Japan’s
Mr Son said he expected Mr Arora to Nikkei 225 benchmark.
risis. It is a word that nobody in Norway wants
to use out loud but it is one that people are now
muttering under their breath.
A persistently low oil price is starting to bite,
pushing up unemployment by more than
expected and hitting house prices in Stavanger, Norway’s
answer to Houston. After 20 years of oil-fuelled growth
that not even the global financial crisis could interrupt,
there are concerns locally about what happens next, espe-
cially if the lay-offs in the petroleum sector increase.
At the same time, a chill has been cast over the prospects
for Arctic oil. Shell’s plans to drill in Alaska — one of the

Drug green light raises ‘patient power’ concerns
Sprout, a private pharmaceuticals company, bought the global rights for Flibanserin in 2011 from Boehringer Ingelheim
AP Photo/Allen G. Breed
Sceptics question watchdog’s
ability to withstand advocacy
campaigns in social media age
DAVID CROW — NEW YORK
It has been dubbed “female Viagra”, and
on Tuesday it became the first drug for
treatment of loss of libido in women to
win approval in the US.
The decision by the Food and Drug
Administration was hailed as a victory
by feminist campaigners who lobbied to
put the medicine on the market — but it
is also deeply divisive.
Many in the medical establishment
are sceptical about the drug’s effective-
ness and argue that its approval raises
questions about the regulator’s ability to
withstand “patient power” in the age of
social media.
Flibanserin, marketed under the
brand name Addyi, is a drug with a
chequered history. It was developed as
an antidepressant in the 1990s by Boe-
hringer Ingelheim, the large German
pharmaceuticals group, but failed to
make it through clinical trials.
Although it did not prove effective in
‘The hype
treating depression, researchers noticed may impact
that the drug elicited a higher sex drive
in some patients, prompting Boehringer
the way the
to switch focus. science is
The group started testing the drug on
women with hypoactive sexual desire
perceived:
disorder — a loss of libido that cannot be there is
explained by relationship problems,
mental health issues, medication or ill-
tremendous
ness. The FDA refused to approve the potential for
drug to treat HSDD in 2009 because
there was scant evidence that it worked.
widespread
Two years later, Boehringer sold the off-label use’
rights for Flibanserin to Sprout Pharma-
ceuticals, a private company that was
founded by husband and wife Cindy and
Robert Whitehead with the sole purpose
of getting the drug approved. The terms
of the deal were not disclosed.
Sprout too failed to get the green light
in 2013. By measuring sexual desire
using a different method, the company
managed to show the drug had a small
but statistically significant effect on the Roused to act
female libido, but the FDA was con- Triallist turns
cerned about its safety.
Potential side-effects include abnor-
to activism
mally low blood pressure, fainting and
drowsiness, as well as dangerous conse-
quences of interaction with alcohol and
numerous drugs, such as oral contra-
ceptives.
But it was third time lucky for Sprout,
which secured a major victory in June
when a majority of expert doctors on a
panel assembled by the FDA voted 18-6
to recommend that Flibanserin be
approved, albeit with conditions.
On Tuesday the FDA rubber-stamped
that decision while implementing
restrictions designed to limit the
number of prescriptions, such as a certi-
fication process for doctors and phar-
macies. It also warned that the drug
should not be taken with alcohol, and
instructed pharmacists to withhold the
medicine from patients unlikely to heed
this advice.
In a sign of the potential financial
returns on offer for Sprout’s backers,
shares in Palatin Technologies, a tiny
New York-listed group developing a
similar drug, rose by more than 10 per
cent yesterday, giving the group a mar-
ket capitalisation of $40m.
But some doctors are asking what
prompted the FDA to change its stance,
having turned down the drug twice
before.
Sprout did not present any new data
on the drug’s effectiveness this time
round, although it did submit further
safety reports, some of which were
described as dubious by experts.
For example, one such study looked at
the interaction between Flibanserin and
alcohol. It tested just 25 patients, 23 of
whom were men, a fact that one doctor
on the expert panel said was “inexplica-
ble” given that the drug is being devel-
oped for women.
Perhaps more important was a high-
profile campaign waged on social
media, which styled Sprout’s attempt to
secure the drug’s approval as a fight for
female equality and accused some of its
detractors of misogyny.
The “Even the Score” campaign was
assembled by a team including Audrey
Amanda Parrish struggled with a low
sex drive for years before being
diagnosed with HSDD and entering a
clinical trial for Flibanserin, when it was
still owned by Boehringer.
“Within two weeks it started to work.
One day, I realised I was getting
aroused and I texted my husband and
asked if he wanted to meet at lunch. He
said he’d already eaten, and I explained
that wasn’t what I meant,” she says.
After nine months on the trial, she
was taken off the drug and her libido
vanished. She tried to rekindle her sex
life by reading E.L. James’s novel Fifty
Shades of Grey and resorting to buying
Palatin Technologies
Share price ($)
1.4
1.2
1.0
0.8
0.6
0.4
2012 13 14 15
Source: Thomson Reuters Datastream
Sheppard, formerly head of women’s
health at the FDA and now a paid con-
sultant to Sprout. Ostensibly a grass-
roots movement with a Facebook page
and Twitter feed, much of the work is
done by Blue Engine, a public relations
group, and the campaign receives fund-
ing from Sprout.
Ms Whitehead, Sprout chief execu-
tive, makes no apology for giving finan-
cial backing to the campaign, which
enlisted support from patients, politi-
cians in Congress and several women’s
advocacy groups.
“One of the things we’ve seen change
is that patients have become the centre
of the conversation,” she says.
However, some doctors say that the
campaign made it harder for the FDA to
reach a dispassionate decision based on
science. Dr Walid Gellad, an assistant
professor of medicine at the University
of Pittsburgh, voted to approve Fliban-
serin with restrictions, but said it was a
difficult decision with which he “strug-
gled substantially”.
“The advocacy campaign made me, if
dubious drugs online. Nothing worked,
so she turned her efforts to
campaigning for approval of
Flibanserin, becoming one of 37 women
to speak in favour of the drug at a
meeting of FDA experts in June.
Like many involved in the ‘Even the
Score’ campaign, she attributes the lack
of options for female sexual
dysfunction to misogyny in the medical
establishment.
“There’s been a double standard,
with a range of treatments for men, but
the belief that women are supposed to
keep the fires burning and perform on
demand,” she says.
anything, more likely to vote against the
drug, because I found it distasteful and
mistrustful,” says Dr Gellad.
He points in particular to a Huffing-
ton Post article by Dr Anita Clayton, a
paid consultant to Sprout, which sug-
gested the FDA suffered from institu-
tionalised sexism. She cited as evidence
its decision to approve 24 drugs for sex-
ual dysfunction in men, but none for
women.
Dr Gellad says, however, that the “24”
figure is highly misleading because it
counts generic and branded versions of
the same drug and includes forms of tes-
tosterone that are not approved for sex-
ual dysfunction.
Dr Caleb Alexander, co-director of the
Johns Hopkins Center for Drug Safety
and Effectiveness, voted against the
approval of Flibanserin. He fears the
campaign and resulting media interest
will prompt strong demand for the drug,
leading to large numbers of women who
do not suffer from HSDD getting the
drug “off label”.
“The advocacy campaign was unprec-
edented in terms of its magnitude and
composition, and the way in which it
enlisted policymakers and advocacy
groups,” he says. “The hype may impact
the way the science is perceived: there is
tremendous potential for widespread
off-label use.”
Ms Whitehead insists that the drug
will be used only to treat women who
have HSDD and not those who suffer
from other libido problems. “No one has
more of an incentive than us to set real-
istic expectations in the market place,”
she says, adding that Sprout has agreed
not to advertise the drug to consumers
until it has educated doctors and phar-
macists.
She estimates than one in 10 women
suffers from HSDD, meaning the drug
has the potential to be a blockbuster.
But Dr Alexander disputes that figure:
“In 15 years I have never seen a woman
that would formally fit the criteria for
HSDD.”
The FDA’s decision to authorise Fli-
banserin comes at a time when the
agency is being buffeted by “patient
power”, much of it directed via social
media. Dr Alexander fears pharmaceu-
ticals groups will now start using similar
public campaigns to increase the likeli-
hood of getting their drugs approved.
“Profit maximising firms naturally
use all the tools available to them,” he
says. “They may see this as a lesson that
advocacy campaigns have an increas-
ingly important role in seeking product
approval.”
most contentious projects — is still moving ahead but doz-
ens of others have been put on hold. From Canada and
Greenland to Russia and Norway, oil companies are cut-
ting what is easiest to cut: long-term exploration. For
example, Statoil, Norway’s state-owned and biggest
energy group, is this year drilling no wells in the Barents
Sea, the country’s main oil region above the Arctic Circle.
So is this the end of Norwegian Arctic oil? Some analysts
have likened today’s market conditions to those of the
1980s, when oil companies cut spending and jobs after a
Saudi Arabian grab for market share in 1986. A number of
discoveries were made in the
Barents Sea in the 1980s but
the region was then aban-
At the same time,
doned for decades. a chill has been
This time, however, com-
panies are answering the
cast over the
question with a resounding prospects for
No. This year may have been
quiet in the Barents Sea but
Arctic oil
next year is likely to be much
busier. Rystad Energy, a Norwegian consultancy, estimates
that fewer than five of the 50 or so wells to be drilled this
year in Norway will be in the Barents Sea. Next year, it is
forecasting 15 of the 45 exploration projects will be in the
Norwegian Arctic.
On top of that, bidding interest is expected to be keen in
Norway’s oilfield licensing round next year, in which the
first new acreage in 20 years will be offered. Those fields
are in the Barents Sea and are being licensed after a four-
decade border dispute with Russia was recently resolved.
Faroe Petroleum, the small London-listed explorer, has
confirmed this trend towards Arctic exploration. Helge
Hammer, its operating chief, says that after drilling no
wells in 2015 in the Barents Sea, Faroe will drill two next
year, although it is likely to reduce the total number from
an original target of five to three or four.
There are two attractions. The Barents Sea is potentially
one of the last big oil provinces that is easily accessible, and
costs have come down. Mr Hammer cites a halving in the
price of a rig to $300,000 a day — lowering the break-even
level for exploration projects.
Nils-Henrik Bjurstrom, exploration analysis manager at
Rystad, says Barents Sea projects will make money at
$60-$80 a barrel. That is
lower than many deepwater
projects such as those off
Bidding interest
Angola. Norway’s tax system is set to be keen
also helps to spur explora-
tion.
in Norway’s next
Yet challenges remain. oilfield licensing
While there have been suc-
cesses — Sweden’s Lundin
round next year
Petroleum made a big dis-
covery in the Barents Sea in 2014, and Italy’s Eni will start
the first oil production there this year — there have also
been disappointments. Statoil has delayed the develop-
ment of its Johan Castberg field, the biggest find so far in
the Barents Sea, after a follow-up drilling campaign failed.
A potential test lies in the new licensing round. Interest
in seismic data from the Barents Sea was high among
potential bidders but industry executives expect a number
of companies to drop out of the auction.
A bigger public policy question is looming in Norway,
too. Figures this week showed 36,000 jobs were lost in the
country in the year to the end of June — a high number
given that only 118,000 people were out of work nation-
wide in May.
“The thousand-krone question”, says Olav Chen, a fund
manager at Storebrand, the insurer, is whether the gov-
ernment will blink and offer support to stricken workers
and the industry. Certainly, problems in the oil sector
are spilling over into the rest of the economy, with Nor-
dea, the bank, expecting just 0.1 per cent growth in the
second quarter after 0.5 per cent in the first three months
of 2015.
Norway’s situation may be far from a crisis as other
countries would understand one. However, after 20 years
of unbroken sunshine, a few clouds are coming into view.
richard.milne@ft.com
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Thursday 20 August 2015
Glasenberg apportions blame as Glencore sinks
Head of mining and trading group rails against hedge funds and overproduction by rivals amid commodity prices crash
DAVID SHEPPARD, NEIL HUME
AND JAMES WILSON
For all Ivan Glasenberg’s reputation as
one of the smartest readers of commodi-
ties, the market has not gone the Glen-
core boss’s way this year.
Yesterday shares in his mining and
trading group fell another 10 per cent —
entrenching their position as the worst
performing in the FTSE 100 index for
2015 — after half-year results showed
earnings had been slashed by collapsing
energy and metals prices.
Since January, Glencore shares are
down 45 per cent, to an all-time low of
159p. More than two-thirds of the com-
pany’s value has now been wiped out
since it was first floated, at 530p a share,
just four years ago.
Mr Glasenberg — who became a bil-
lionaire by taking Glencore public, and
still owns 8 per cent of the company —
has been left to rail against the forces
driving the share price lower.
Earlier this year, he blamed rivals
‘Lower capex and working
capital cash inflows should
help the company weather
the storm’
BHP Billiton and Rio Tinto for refusing
to throttle back production. By contrast,
their shares are down 7 per cent and 22
per cent, respectively, this year.
Yesterday the seasoned trader and
competitive speed walker blamed
“short-term” hedge funds who did not
“understand” his business for attacking
Glencore’s share price, and said it was
speculators who were pushing com-
modity prices lower.
“Prices are still not making sense
where they are . . . it’s the funds driving
it where it is today, not the actual
demand,” Mr Glasenberg argued. “They
believe demand for commodities is
going to fall and continue to fall and
that’s their view. Our view is what we see
on the physical movement of commodi-
ties and it’s not too bad. We see the flows
are still pretty strong.”
Steven Kalmin, the chief financial
officer, took the opportunity to buy 1m
shares. But it seems other investors
need to see evidence of stronger com-
modity prices — or signs that short-
selling hedge funds might go away. Data
from Markit, however, show that fewer
than 2 per cent of Glencore’s shares are
on loan to funds seeking to profit by sell-
ing them, and then buying them back
more cheaply.
Analysts suggest the fall in Glencore’s
share price may reflect several other
factors. One is leverage. Glencore car-
ries more debt than its peers in part
because of its large trading operation,
Technology
Uber expands presence in India via $100m Tata partnership
JAMES CRABTREE — MUMBAI
India’s Tata conglomerate has entered
into a “strategic partnership” with
Uber, investing close to $100m in the
US taxi-hailing app while planning a
range of future tie-ups.
Uber’s deal with India’s largest business
house follows its announcement last
month of a $1bn investment push into a
country which, alongside China, stands
at the heart of its plans for global
growth. The partnership is Uber’s larg-
est investment tie-up so far in India,
where it operates in 18 cities, its largest
market outside the US measured by
locations.
The initial investment in Uber’s par-
ent, Uber Technologies, will be made by
the Tata Opportunities Fund, a $600m
private equity fund managed by Tata
Technology
Didi Kuaidi joins $350m fundraising in Malaysia’s GrabTaxi
CHARLES CLOVER — BEIJING
AVANTIKA CHILKOTI — JAKARTA
Didi Kuaidi, China’s largest online car-
hailing company, announced its first
foreign investment yesterday, buying
into Malaysia-based GrabTaxi in a
move analysts say is aimed at challeng-
ing US rival, Uber.
The Chinese group is part of a $350m
round of investment in GrabTaxi, which
also includes China’s sovereign wealth
fund, China Investment Corporation,
and Coatue Management, a US investor.
“The strategy is definitely aimed at
the elephant in the room, Uber,” says
Thomas Tsao, managing partner at Gobi
Partners, a Shanghai-based venture
Filling the hole
Glencore
Share price (pence)
May 18 2011
530.0
FT graphic Sources: Thomson Reuters Datastream; company
which requires higher levels of borrow-
ing to finance the shipment of millions
of tonnes of oil, coal and metal. A single
supertanker filled with oil can tie up as
much as $100m.
Glencore’s debt levels are therefore
closely scrutinised by investors, as rat-
ing agencies use them to assess its credit
worthiness. Any downgrade in the com-
pany’s investment grade credit rating,
of triple B, would increase the operating
costs of its trading business.
So Glencore has been paying down its
borrowings, cutting net debt by $1bn in
the first six months of 2015, to $29.6bn.
That was a bigger reduction than many
analysts anticipated and the company
Capital, the group’s financial services
arm. Uber and Tata declined to com-
ment on the size of the deal, but one per-
son familiar with the arrangement said
it would be worth nearly $100m.
It follows similar investment deals
with big companies in other emerging
markets, including Baidu, the Chinese
search engine, which took a stake in
Uber last year.
The deal underscores the importance
of India’s nascent but potentially huge
market to Uber, as it pours money into
Asia to justify a valuation of $50bn,
making it the world’s most valuable pri-
vately held technology company.
It also reaffirms the position of Mum-
bai-based Tata, whose operations
stretch from steelmaking to tea and
include brands such as Britain’s Jaguar
Land Rover, as a likely partner for global
capital firm. “If Didi Kuaidi and
GrabTaxi can strategically work
together, they stand a strong chance at
fending off Uber’s expansion in the
region, thereby minimising any loss to
their respective shares in each market.”
Cash-rich Uber has moved aggres-
sively into Southeast Asia and China,
using heavy subsidies to speed up the
adoption of its services. Didi, which
claims 80 per cent of China’s private car-
hailing market, is its largest competitor
in the region.
As well as slashing prices, Uber has
launched innovative services in Asia,
including a food-delivery service that
operated during Ramadan in Muslim-
majority Indonesia.
★ FINANCIAL TIMES
COMPANIES
says it aiming to get the figure down to
$27bn by the end of 2016.
It is also cutting investments, selling
off some assets, and releasing working
capital back into the business to the
tune of $3.2bn — all moves that will
shore up its credit rating.
“Lower capex and working capital
cash inflows should help the company
weather the storm of lower commodity
prices,” says Christopher LaFemina, an
analyst at Jefferies.
Trading is alsoproviding relatively sta-
ble profits, even if Mr Glasenberg regrets
his forecast earlier this year that inves-
tors could expect $2.7bn-$3.7bn a year
from the arm “no matter what commod-
companies seeking growth in India,
including deals with Starbucks and Sin-
gapore Airlines over recent years.
Amit Jain, president of Uber in India,
said he was “excited to be partnering
Uber aims to increase the number of
its drivers in India beyond 150,000
GrabTaxi, which launched in 2012,
operates in six markets, including Indo-
nesia and Singapore, with 110,000 regis-
tered drivers. The company dismissed
suggestions of a merger or takeover by
Didi yesterday. “That’s not on the cards
at the moment,” says Cheryl Goh, a com-
pany spokesperson. “We have a good
relationship.”
The latest round of investment dou-
bles GrabTaxi’s total fundraising to
6 $700m
Number of GrabTaxi’s
markets in fundraising, with
which GrabTaxi SoftBank among
drivers operate earlier investors
Aug 19 2015
159.0
ity prices are doing”. A weak first-half
performance in metals, driven by falling
aluminium and nickel premiums, over-
shadowed a stronger performance in oil
and meant the trading unit made just
$1.2bn in the first six months. Glencore
cutfull-yearguidanceto$2.5bn.
But trading is not, however, as large a
problem for Glencore as its exposure to
the downturn in a mix of commodities.
17 % £22.9 bn
Fall in nickel price Market
in first half of capitalisation,
2015 against same down from £45bn
period last year last year
with the Tata group” as the US group
scales up its investment over the next
year to take on Ola, its larger domestic
ride-sharing rival.
Although the two companies declined
to give specifics on potential partner-
ships between Uber and other Tata
companies, one possible area involves
Uber’s plans to expand rapidly the
number of drivers who use its platform.
Uber now has 150,000 drivers, lagging
behind Ola, which claims 200,000 but
plans to reach as many as 1m by 2017.
The low level of car ownership in
India means that nearly all new Uber
drivers will have to buy the vehicle they
intend to drive and obtain help with
financing. These services could be pro-
vided through Tata Motors, India’s larg-
est automotive group by sales, as well as
Tata Capital, which provides car loans.
$700m, including earlier investment by
SoftBank, the Japanese internet invest-
ment company.
GrabTaxi declined to disclose what
stake the investors would receive for
their $350m investment.
Competition among taxi apps has
picked up rapidly in Asia over the past
year. Uber is investing heavily in the
region despite regulatory challenges,
and local rivals are emerging, including
Jakarta-based Gojek, which works with
the city’s popular motorcycle taxis.
“The demand is much higher than the
supply, so the competition is still very
healthy,” says Agustinus Reza Kirana,
an analyst at Bahana Securities, a Jakar-
ta-based brokerage.
15
Challenging times
Bar is set high for
metals and minerals
Share price change since Glencore IPO (%)
Glencore -69.9 Glencore has always been a
Vale -67.7
commodity trader at heart, even
after it turned itself into a major
force in mining with its 2013 merger
BHP Billiton -51.7 with Xstrata.
But even the company run by
one-time lieutenants of Marc Rich,
Rio Tinto -44.2 to many the founder of the modern
oil market, has struggled trading
FTSE 100 8.1 volatile commodity markets this
year.
The oil division, stewarded by
Net debt Ratio of net debt to British-born Alex Beard, more than
($bn) adjusted ebitda doubled earnings before interest
and tax (ebit) to $479m in the first
35.8 half of this year. Oil was helped by
2.8 profitable opportunities for trading
29.5 30.5 29.6 houses that have large storage
tanks around the world, allowing
2.6 them to snap up cheap barrels for
sale once prices recover.
But in metals and minerals
2.4 trading, which has taken on a
greater importance since the
Xstrata deal provided Glencore
2.2 with more supplies to market, ebit
halved to $444m from the same
2012 13 14 15
period last year. The sector was
hard hit by what Glencore called
Adjusted ebitda, H1 only ($bn)
“significantly weaker” premiums —
6 the extra charge for immediate
delivery of metal — for aluminium
Industrial and nickel. Grains trading fared
even worse, falling 58 per cent in
4
the first half to less than $200m.
While analysts expect trading to
pick up in the second half of the
2 year, the company has set itself a
high bar, guiding that earnings
Marketing (trading) from the division will rise by more
0 than a quarter between July and
December. Traders in Switzerland,
2012 13 14 15 London and Singapore have a lot of
work to do. David Sheppard
This has provided the stiffest test yet of his reputation as a bold dealmaker with
the logic its 2013 takeover of miner an approach to bigger rival Rio Tinto
Xstrata, which moved Glencore further last year his company was valued at
from its trading house roots. £45bn, just £10bn less than its target. A
While rivals like Rio, BHP, Anglo year on, Glencore’s market value is
American and Vale were hurt by a crash £22.9bn while Rio is now worth
in iron ore, the expansion of the com- £43.8bn. A deal looks unlikely.
modity rout to copper, nickel and zinc Asked again yesterday whether he
has left Glencore more exposed than saw commodities rebounding, Mr
others. Nickel and copper prices during Glasenberg reiterated that demand was
the first six months of the year were better than prices suggest.
17 per cent and 14 per cent lower respec- But he made a rare admission that
tively than in the same period in 2014. even the most experienced trader can
In two years, Glencore’s share price be overwhelmed. “You can’t fight
decline has effectively wiped out the against the money,” Mr Glasenberg said.
whole market value of the Xstrata deal. See Le x
When Mr Glasenberg tried to cement See Lombard
Contracts & Tenders
Legal Notices
16
Banks
Indian financial sector set for shake-up
‘Payments bank’ licences
planned amid efforts to
include poorer people
JAMES CRABTREE — MUMBAI
India is set to grant licences to 11 busi-
nesses to launch so-called payments
banks, including UK-based telecoms
group Vodafone and billionaire Mukesh
Ambani’s Reliance Industries, marking
a significant shake-up of the country’s
financial sector.
Cautious regulators have generally
handed out only a handful of new
licences to private sector lenders each
South Korea faces sea change as rivals tighten grip
Exporters battle shrinking
margins as Japan and China
encroach on market share
SONG JUNG-A — SEOUL
As gloom deepens in corporate South
Korea, manufacturers are struggling to
prop up slumping earnings and sliding
market share amid intensifying compe-
tition from lower-cost China and cash-
rich Japan.
Big South Korean exporters, including
Samsung Electronics and Hyundai
Motor, face growing challenges as they
find themselves sandwiched between
resurgent Japanese rivals benefiting
from a weaker yen and Chinese players
catching up fast in many industrial sec-
tors.
These problems are not new to South
‘There is not much [South
Korean manufacturers]
can do to defy the global
industry cycle’
Korea’s companies. The battle to protect
shrinking margins and market share
has intensified, however, alongside the
economic slowdown in China, South
Korea’s biggest export market, and the
won’s sharp appreciation against major
currencies.
Last week the currency picture dark-
ened further with Beijing’s unexpected
devaluation of the renminbi, though the
impact on many of South Korea’s biggest
companies will be tempered by their
large manufacturing operations in
China.
“Korean companies are increasingly
squeezed by their bigger neighbours in
major industries,” says Michael Na, a
strategist at Nomura. “The weaker yen
is giving Japanese rivals a competitive
edge in shipbuilding, consumer elec-
tronics and autos [and] they are
increasingly challenged by Chinese
players in the technology sector such as
display and handsets. There seems to be
no way out.”
Signs of stress were highlighted by
second-quarter earnings, with most
listed South Korean companies falling
short of market estimates, according to
Hyundai Securities.
Operating profit fell for a seventh
straight quarter at Samsung Electronics
and net profit slid for a sixth quarter at
Hyundai Motor, the country’s biggest
carmaker. Net profits halved at LG Elec-
tronics and steel behemoth Posco, while
decade over India’s recent past, leaving
the banking system dominated by slow-
growing state-backed institutions.
But Raghuram Rajan, central bank
governor, yesterday made good on
promises to kick off a new era of compe-
tition by granting in-principle approval
to a range of companies to set up the
new stripped-down type of banks.
Designed to boost financial inclusion,
payments banks will allow transfers and
take deposits up to a limit of Rs100,000
($1,530), and are expected to reach cus-
tomers mainly via mobile phones. How-
ever, they are not allowed to offer loans
or other more advanced products.
The list of successful applicants is
Industrials. Market challenges
Hyundai vehicles bound for export in South Korea. In Japan the weaker yen is now giving carmakers the competitive edge — SeongJoon Cho/Bloomberg
the three-biggest shipbuilders posted a
combined Won4.7tn ($4bn) in operat-
ing losses.
Samsung has suffered a correspond-
ing slide in smartphone share. In China
— the world’s biggest smartphone mar-
ket — it halved to 9.6 per cent in the first
quarter, from 18.8 per cent a year ear-
lier, according to research group IDC,
relegating Samsung to fourth place
behind Apple and Chinese rivals Hua-
wei and Lenovo.
Citing worries over growing corporate
debt piles, credit rating agencies have
South Korean zombie
companies on the rise
Number of zombie Debt to
companies equity
3000
300
2000 200
1000 100
0 0
2009 10 11 12 13 14
Source: Thomson Reuters Datastream
★ FINANCIAL TIMES
COMPANIES
dominated by telecoms and technology
groups, and includes Airtel, India’s
and pharmaceuticals magnate Dilip
Shanghvi, founder of Sun Pharmaceuti-
largest mobile company by revenue,
and PayTM, a mobile payments start-up
cals, who plans a joint venture with tele-
coms group Telenor of Norway.
backed by Chinese ecommerce group “This is a really big change, and one
Alibaba. that can take banking in India to the
A number of conglomerates headed next level,” said Shinjini Kumar, head of
by high-profile Indian businessmen also banking at PwC in India.
won licences. These included billionaire “Policymakers think the old methods
Kumar Birla of the Aditya Birla group, of expanding the system aren’t working
and something new is needed, led by
technology. The fact that they [the RBI]
Founder of Sun have chosen people with deep pockets
Pharmaceuticals,
Dilip Shanghvi, and strong technology is a good sign.”
plans a joint Mr Rajan hopes payments banks will
venture with improve technology use across India’s
Norway’s Telenor financial sector, while allowing poorer
downgraded big companies in ship- scored the pressing need for structural
building, oil refining, chemicals and reforms to boost competitiveness. Park
steel while the persistent strength of the Geun-hye, the country’s president, has
won — particularly against the curren- made reforms in South Korea’s labour
cies of trading partners in Europe, market and financial sector a plank of
Southeast Asia, and Japan — is stoking her policy agenda, but halfway through
worries about competitiveness. its five-year term her administration
South Korea’s exports have declined has made little headway.
for seven consecutive months through Instead there has been an increase in
July but its currency has come under “zombie” companies, which fail to serv-
renewed upward pressure from a record ice debt with income but are sustained
current account surplus in the first half by cheap state loans.
of the year, as low oil prices offset falling The number of companies unable to
exports. cover interest expenses with operating
“Korea seems to be increasingly losing profits for three years rose to 3,295 last
ground to China just as Japan did to year, or 15.2 per cent of all companies,
Korea in recent decades,” says Mr Na. from 12.8 per cent in 2009, according to
“They should find their own competi- the Bank of Korea.
tiveness other than price in terms of Generous government subsidies have
quality or innovation to reverse their kept ailing companies in business
fortunes.” as Seoul, since the 2008-09 glo-
But the short-term outlook is not bal financial crisis, has delayed
bright. Most analysts predict even worse much-needed corporate
to come from Korea Inc in the second restructuring because of fears
half, barring a sharp recovery in the glo- of a negative impact on short-
bal economy. term economic growth.
“Most Korean manufacturers run
cyclical businesses highly dependent on South Korean president
Chinese demand,” says Chris Park at Park Geun-hye
Moody’s Investor Service. “There is not has made little
much they can do to defy the global headway on
industry cycle.” financial and
The corporate malaise has under- labour reforms
Businesses Travel & leisure
For Sale Mainland austerity stacks cards against Macau
BEN BLAND — HONG KONG
Earnings at Macau’s six biggest casino
operators dropped 40 per cent in the
first half as China president Xi Jinping’s
corruption crackdown continued to
take its toll on the only part of China
where gambling is legal.
The leading casinos reported combined
first-half earnings of a little more than
$3bn before interest, taxes, deprecia-
tion and amortisation, down from more
than $5bn in the same period last year.
After a decade of rapid growth,
annual gaming revenue fell in Macau for
the first time in 2014 as the mainland
high rollers who had been driving
growth in the former Portuguese terri-
tory took fright at Beijing’s measures.
Business for Sale, Business Opportunities, The pressure on the gaming groups is
Business Services, set to grow as they are scheduled to open
Business Wanted, Franchises more than $20bn-worth of new casinos
Runs Daily
.............................................................................................................................
and entertainment facilities this year
Classified Business Advertising and next.
UK: +44 20 7873 4000 | Email: Galaxy Entertainment, controlled by
acs.emea@ft.com Hong Kong tycoon Lui Che-woo, yester-
day reported that first-half earnings
citizens who transact only in cash to
take their first step into formal banking.
The reforms come amid wider
changes being pushed by the Reserve
Bank of India, including the launch of
two new full-service private sector lend-
ers later this year.
Mobile groups such as Vodafone and
Reliance hope their licences will allow
them to offer mobile payment services
to hundreds of millions of customers.
Payment technologies are popular in
a handful of other developing nations,
notably Kenya, where Vodafone’s
M-Pesa is used by two-thirds of adults to
store money, buy basic goods and trans-
fer money to friends and relatives.
Banks’ overall non-performing loan
ratio was a relatively low 1.56 per cent at
the end of March, according to the
Financial Supervisory Service, but NPL
ratios for the shipbuilding and construc-
tion sectors are high at 5.45 per cent and
5.28 per cent, respectively.
“The increase of [zombie] companies
is credit-negative for Korean banks and
we expect large corporate loan expo-
sures in structurally declining sectors to
pose a significant risk to asset quality,”
Moody’s warned last month.
The rating agency noted that more
than 12 per cent of corporate lending by
large commercial and state-run banks
had been to cyclically weak sectors such
as shipping, shipbuilding, construction
and steel.
“Structural reforms are not easy
but it’s hard to expect any recov-
ery without them,” says Lee
Han-deuk at LG Economic
Research Institute. “Continued
state support for those loss-
making companies saps the
country’s overall economic vital-
ity, depriving promising ones of a
chance to get necessary
investments.”
Additional reporting
by Simon Mundy in
Seoul
before interest, tax, depreciation and
amortisation fell 43 per cent year on
year to HK$4.2bn ($542m) as revenue
dropped 34 per cent to HK$25.4bn.
40 % $20 bn
First-half drop in Value of facilities
earnings at six gaming groups
largest Macau are set to open
casino operators this year and next
That rounded out results for the sec-
tor that also includes Hong Kong-listed
Melco Crown, MGM China, Sands China,
SJM Holdings and Wynn Macau.
Mr Lui, who is also Galaxy’s chair-
man, called the results “credible” given
that “market conditions within Macau
remain challenging”.
He said that earnings were hit by costs
related to the opening of the extension
of Galaxy’s Macau casino resort.
As VIP gamblers from the mainland
have increasingly shunned Macau, gam-
ing companies and the local govern-
ment have tried to make up the
Thursday 20 August 2015
Automobiles
Volvo upbeat
as rebound
in sales lifts
profits 71%
ANDY SHARMAN
MOTOR INDUSTRY CORRESPONDENT
Volvo is forecasting a big profit rise this
year as a new sport utility vehicle and
rebounding sales in Europe and the US
offset a slowdown in China, the Swed-
ish carmaker’s biggest market.
The Gothenburg-based company yes-
terday posted a 71 per cent rise in first-
half operating profit compared with
2015. This was driven by sales of higher-
margin products and the effects of a
strong US dollar versus the krone.
Volvo said it expected a “substantial”
rise in operating profit this year, having
previously forecast a “clear” improve-
ment. “It’s one level higher confidence
than six months ago,” said Hakan Samu-
elsson, chief executive.
Volvo has flourished of late under the
ownership of Chinese carmaker Geely,
which bought the Nordic group from
Ford five years ago, and is starting to
reap the benefits of significant invest-
ment to overhaul production.
Sales of the new XC90, a large 4x4
first launched in 2002, began in the
spring and are expected to drive profita-
bility in the second half. But the com-
pany’s turnround is by no means
assured, given the well-documented
slowdown in China. Sales of Volvo vehi-
cles in the world’s largest car market fell
1.2 per cent in the six months to June 30,
and Mr Samuelsson said competition
and pricing pressure were increasing.
But he added that he still expected
‘We expect lower sales in
China . . . but we
anticipate higher volumes
in Europe and the US’
total sales to reach close to 500,000 this
year — ahead of last year’s record
466,000.
“Of course we expect lower sales in
China than six months ago, but we antic-
ipate higher volumes in Europe and the
US,” he said. “All markets cannot grow
at the same time.”
Volvo sold 232,000 cars in the first
half of 2015, up only slightly on the year
before, though sales in the US entered
positive territory for the first time since
2013. Revenues rose 12 per cent to
SKr75bn and operating profit rose to
SKr1.6bn ($187m) compared with
SKr968m last year, a figure that has
been restated to include three Chinese
joint ventures Volvo gained control of
this year. Net income was SKr877m
compared with SKr265m in 2014.
Volvo has had a busy six months,
announcing plans for a US factory, add-
ing a night shift at its plant near Gothen-
burg and, last month, acquiring its part-
ner Polestar, which makes high-margin,
high-performance Volvo cars.
But Volvo’s margins remain stub-
bornly low, partly by virtue of the sums
it is investing in new products and the
production restructure. The operating
margin was 2.2 per cent in the first half
— up from 1.4 per cent last year but
weak in comparison to the German pre-
mium carmakers, which achieve oper-
ating margins of roughly 10 per cent.
“If we are going to be true premium
[we need] much higher profitability,”
said Mr Samuelsson, who expects the
margin to rise to about 8 per cent by the
end of the decade as Volvo renews
its product line-up. “Without that, I
think it’s difficult to reach premium
profitability.”
shortfall by attracting more non-
gambling visitors.
But analysts say they will struggle to
replicate the success of Las Vegas in
moving to a revenue model more reliant
on entertainment and tourism.
“The extension might help Galaxy
build incremental market share,” said
Grant Govertsen, analyst at Union Gam-
ing Research in Macau.
“But in the current environment it is
going to be tough to grow this market
with new supply.”
Mr Govertsen said moves by the
Macau government, including a relaxa-
tion on visas, had given some support.
Thursday 20 August 2015 ★ FINANCIAL TIMES 17

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18
Commodities storm rocks the boat for Glencore’s ambitious captain
What a relief. Glencore, far from being
a threat to free markets, is the puppet
of them just like everyone else. When
the Swiss group floated in 2011, critics
hinted darkly that by combining
commodities production and trading in
a single quoted company Glencore was
plotting to corner global markets. If it
was, the plan hasn’t worked. The group
made a whacking $527m loss in the
first half.
There may have been some lively
exchanges in the Baar office of
forthright chief executive Ivan “Ivant It
All” Glasenberg ahead of these
numbers. The trading arm is meant to
make underlying earnings of $2.7bn-
$3.7bn a year. But falling Chinese
demand for metal and coal meant the
division generated just $1.2bn in the
first half, forcing Glencore to lower
2015 guidance to $2.5bn.
Insurance
Admiral in the
driving seat as
large claims fall
Shares rise after group
reassures over spike in
demands for small injuries
ALISTAIR GRAY
INSURANCE CORRESPONDENT
Admiral has pulled in front of rivals in
Britain’s fiercely competitive car-
insurance market after the Cardiff-
based group said that it was coping with
a spike in accident claims.
Admiral shares rose 4 per cent to
£15.27 after the FTSE 100 group reas-
sured investors just a week after rival
Esure warned of increasing payouts.
David Stevens, incoming chief execu-
tive, agreed that claims for relatively
‘We’ve moved towards
older drivers and safer
areas — people with more
stable driving records’
small injuries such as whiplash had
risen to levels last seen about three
years ago — despite government
reforms to curb compensation.
However, presenting forecast-beating
first-half results, he said that Admiral
was attracting policyholders who were
less likely to claim — helping the insurer
deal with the upswing.
Over the past year Admiral inflated
premiums 10 per cent on average for
new policyholders, and sought to put off
the most risky from signing up by ramp-
ing up their quotes more.
“We’ve moved a little bit towards
Glencore joined the stock market at
the top of the commodities cycle. An
over-large distribution syndicate
discouraged critical analysis and
resulted in a steep issue price. Shares in
Glencore, whose mines generally have
higher overheads than those of big
rivals, have dropped 66 per cent since.
That compares with 36 per cent for Rio
Tinto, which Glencore once aspired to
acquire.
The value of the company’s shares
has shrunk to £22bn, compared with
net debt of $29.6bn, excluding
inventories of $17bn it can sell swiftly.
Glencore aims to maintain dividends,
which cost more than $2bn a year,
alongside a ratio of net debt to earnings
of under three times. At an estimated
net debt level of $27bn, earnings of
$9bn will be required in 2016.
Hitting these targets in choppy
commodity markets will be like
playing the wire loop game on the deck
of ship in a storm. Palliatives include
reducing trading inventories and capex
on mines. But without a recovery in
commodity prices, this can only be a
short-term fix.
The feisty Mr Glasenberg probably
older drivers and safer parts of the
country — people with more stable driv-
ing records,” he said.
The chief operating officer, who is set
to replace Henry Engelhardt as chief
executive, warned that drivers faced
further premium rises in the coming
months.
He said that the uptick in accidents
was mainly down to more driving —
encouraged by lower petrol prices and a
stronger economy — but added that in-
car distractions, such as mobile phones,
could also be responsible.
Yet Admiral gave succour to inves-
tors, disclosing that while it had
received more small claims, fewer large
demands had come in.
This reduced total UK claims costs
from £93m a year ago to £69m, and
allowed the insurer to support profits
by releasing £50m worth of funds from
its reserves.
The upbeat trends allowed Admiral to
increase its dividend 3 per cent to 51p,
equivalent to almost all of its diluted
earnings per share of 54.7p.
But holding back the performance
was a £4m loss at Admiral’s price-
comparison unit. The company warned
of higher marketing costs in the US and
UK, where it operates Confused.com.
Elsewhere, losses at Admiral’s over-
seas operations — it has been trying to
expand in Italy, France and Spain — nar-
rowed slightly to £11m.
Interest costs of £6m, on new debt
Admiral issued last year to help comply
with new capital requirements, nudged
pre-tax profits down from £183m to
£182m.
See Lex
★ FINANCIAL TIMES
UK COMPANIES
relishes the challenge. But these results
have given him reason to remember
the nostrum of Maggie Thatcher: you
can’t buck the markets.
Grief encounter
One assumes Avid Life’s London float,
never more than a distant possibility, is
definitively off. Hackers appear to have
posted online the email addresses of
39m users of Ashley Madison, a
website run by the Canadian company,
which facilitates extramarital affairs.
As chastened adulterers will testify,
it’s not the affair that gets you into
trouble, it’s being found out. If the data
are genuine, the hackers have blown a
big hole in the business model of Avid’s
flagship website. Reports claim that the
identities of thousands of US and UK
civil servants may have been revealed.
We never knew they had it in them.
The closest Lombard ever gets to a
walk on the wild side is going upstairs
for something, then forgetting what it
was. So it would be tempting to join the
chippily sanctimonious chorus of “it
couldn’t happen to a nicer bunch of
Cartel probe
Agencies face
questions over
price-fixing
people (and their naughty website)”.
But the reasons for affairs are
multifarious and some are
understandable. The narrow business
point is that Avid Life was unlikely to
ever join the main market at a
valuation of $1bn or any other sum. A
company capitalising on hookups,
many of them dishonest, is
philosophically unappealing to
mainstream investors, who require
promises to be kept. The wider
consumer point hardly needs making:
only entrust the internet with personal
details you’re happy for your partner,
employer, or worst enemy to see.
Not a very super tax
George Osborne should ignore a
campaign to exclude building societies
from paying 8 per cent supertax. He
has a duty to support equal
opportunities. Honest provincial
lenders have just as much right as big
banks to pay a stupid, distortive tax.
The supertax kicks in next year,
compensating HMT for a tapered
reduction in the levy charged on the
The UK’s competition authority
announced it had opened an
investigation into several British
modelling agencies over whether
they fixed prices for retailers.
The Competition & Markets
Authority is probing anti-competitive
arrangements, such as whether the
agencies worked as a cartel to drive up
prices charged for their models. The
British modelling industry is famous
for producing stars such as Kate Moss
and Naomi Campbell — pictured above
— Cara Delevingne and David Gandy.
If the CMA finds enough evidence
group balance sheets of UK banks.
These include Asia-focused HSBC,
which is threatening to flounce.
Both the levy and the supertax are
dumb. They apply only to financial
institutions, on the judgmental and
inaccurate basis that they caused the
crisis. Abolishing the levy and tweaking
corporation tax upwards would skew
capital allocation less, while having the
useful side effect of irritating the CBI.
The argument of mutual lenders can
be summarised: “Sithee, our George, us
plain northern and west country folk
knew nowt o’ the jiggery pokery what
ruined the likes of RBS”. It is true no
building society was expensively bailed
out by the state. But several needed
rescuing by larger peers.
If Ozzie exempts building societies,
he ought to give the same break to
challenger banks and perhaps then big
banks that needed no bailouts. So
forget it. The chancellor should,
however, remove or offset hefty capital
surcharges imposed on mortgage
lending by challenger banks. They are
small enough to fail. Bless.
jonathan.guthrie@ft.com
against agencies, it can impose
“significant penalties of up to 10 per
cent of turnover, depending on the
seriousness and duration of any
infringement”, said Rona Bar-Isaac,
antitrust lawyer at Addleshaw
Goddard in London.
An infringement decision
could lead to damages claims
from clients.
The CMA, which started
investigating agencies in March,
will decide in October whether to
proceed with the probe.
Lindsay Fortado
Jewel Samad/AFP/GettyImages
Technology
Amazon to open London base
MURAD AHMED — EUROPEAN
TECHNOLOGY CORRESPONDENT
Amazon is targeting the custom of Brit-
ish start-ups by opening a base in Lon-
don designed to support businesses
using its cloud computing services, its
first such facility outside the US.
Its move comes amid fierce competition
between providers of pay-as-you-go
computing infrastructure, such as
Google, Microsoft and a host of data cen-
tre companies. These groups are trying
to secure the lucrative custom of busi-
nesses that want cheap but secure ways
of holding their company information
in “the cloud”.
The Seattle-based company said
Amazon Web Services (AWS), which
rents out computing power and data
storage, will be opening a “Loft” in Lon-
don next month — its term for a physical
Thursday 20 August 2015
Briefs
EnQuest
Oil slump takes toll
EnQuest, one of the largest oil
operators in the North Sea, fell to a
loss in the first half of the year, in
the latest sign of the heavy toll the
slump in crude prices is having on
the energy industry.
The London-listed company
reported a pre-tax loss of $34.6m
for the six months to June 30 after
impairments and other exceptional
items, down from a $78.6m profit
during the same period a year
earlier. Its shares fell almost 7 per
cent to 31p.
Revenue fell 12 per cent to
$444m, which the company blamed
on slumping oil prices, although it
said a hedging programme
introduced last year offset some of
the losses. EnQuest has also cut
capital expenditure plans.
Amjad Bseisu, chief executive,
insisted the company had
“responded well to the lower oil
price environment” and anticipated
it would be able to reduce its costs
per barrel further in 2016.
EnQuest expected to reduce its
average operating costs per barrel
produced by about 10 per cent in
2015 to $38. It said it anticipated its
costs per barrel to be in the “low
$30s” in 2016.
Over the past 12 months, Brent
crude has slumped more than 52
per cent to less than $49 a barrel.
On Tuesday, Wood Group, the UK
oil services company that is one of
the largest contractors in the North
Sea, said it had cut more than 5,000
jobs since December as it reported
falling profits. Nathalie Thomas
Imperial Tobacco
Iraq sales dent results
Imperial Tobacco’s otherwise good
results in the past three quarters
were held back by the deteriorating
political and security situation in
Iraq.
Iraq accounts for just 5 per cent
of group volumes but the world’s
fourth-largest international tobacco
maker by market share said falling
sales were to blame for a third of an
overall 6 per cent decline in
underlying group volumes in the
nine months to June 30. Total
tobacco volumes were 3 per cent
lower, year on year.
The reverse in Iraq masked a
3 per cent growth in the rest of the
company’s growth markets, where
Russia, Taiwan and Norway
delivered a strong performance.
Tobacco net revenues of £4.4bn
were down 4 per cent year on year,
but up 2 per cent on a constant
currency basis, as fluctuating
exchange rates negatively affected
results. However, Imperial said the
results were helped by a 14 per cent
increase in underlying revenues
from its growth brands such as
Davidoff and Gauloises.
Imperial has also started to reap
benefits from the four US brands it
acquired as part of a £4.6bn ($7.1bn)
deal with Reynolds American and
Lorillard. The new brands, including
Kool, Salem and Winston, generated
£41m net revenue in the period
after completing the deal on
12 June. Aleksandra Wisniewska
space designed to give individuals and
businesses technical support and train-
ing in person.
According to company filings, AWS
generated $5.16bn in revenue in the
year ending March 31. Many of its earli-
est customers were US tech start-ups
such as Netflix, but the list has grown
over the past decade to include Fortune
500 companies and the US government.
Amazon’s decision to open a base near
the east London cluster of digital start-
ups is another signal of its intent to
become embedded within the city’s dig-
ital companies. The outlet will provide
start-ups with various support services,
such as access to advisers who can
answer technical questions on the spot
and provide training. Similar spaces
have been launched in San Francisco
and New York and Amazon is to roll out
the programme internationally.
Thursday 20 August 2015 ★ FINANCIAL TIMES 19
20 ★★★ FINANCIAL TIMES Thursday 20 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 $

-0.83% -0.80% -0.93% -1.88% -1.88% -1.61% -1.31% -1.03% -0.064% -0.117% -4.59%
0.272% 0.284% 1.32%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jul 20 - Aug 19 Index All World Jul 20 - Aug 19 Index All World Jul 20 - Aug 19 Index All World Jul 20 - Aug 19 Index All World Jul 20 - Aug 19 Index All World Jul 20 - Aug 19 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,119.21 6,769.07 20,841.97
14,425.55 11,604.80 2,083.62
2,079.61
14,036.63 20,222.63
6,403.45 10,682.15 1,939.38
Day -0.83% Month -2.21% Year 5.47% Day -1.11% Month -4.14% Year -9.31% Day -1.88% Month -5.41% Year -5.47% Day -2.14% Month -8.49% Year 14.44% Day -1.61% Month -2.07% Year 31.98% Day -0.86% Month -6.62% Year -6.00%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,208.12 45,401.23 11,458.60 25,536.43
1,596.34 3,338.86
43,473.74
5,019.05 1,506.63 10,782.40 23,167.85 3,041.25
Day -0.80% Month -3.67% Year 11.33% Day -0.91% Month -4.09% Year -3.31% Day -1.88% Month -6.26% Year 11.94% Day -1.06% Month -6.08% Year 4.14% Day -1.31% Month -8.84% Year -7.16% Day -0.28% Month -9.31% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,919.29
51,474.28 23,712.90 4,017.68
5,106.57 28,182.14
3,794.11 27,931.64
17,348.73 46,588.39 22,975.32
4,884.10
Day -0.93% Month -4.08% Year 3.03% Day -1.82% Month -10.99% Year -20.29% Day -1.75% Month -4.69% Year 15.45% Day -1.77% Month -3.32% Year 16.96% Day 1.23% Month -4.13% Year 69.42% Day 0.29% Month -1.87% Year 5.84%

Country Index Aug 19 Aug 18 Country Index Aug 19 Aug 18 Country Index Aug 19 Aug 18 Country Index Aug 19 Aug 18 Country Index Aug 19 Aug 18 Country Index Aug 19 Aug 18
Argentina Merval 10954.22 11226.30 Cyprus CSE M&P Gen 78.38 79.02 Italy FTSE Italia All-Share 24677.65 25093.47 Philippines Manila Comp 7344.73 7333.45 Taiwan Weighted Pr 8021.84 8177.22 Cross-Border DJ Global Titans ($) 235.27 237.20
Australia All Ordinaries 5379.80 5309.40 Czech RepublicPX 1020.17 1021.21 FTSE Italia Mid Cap 34530.59 34858.85 Poland Wig 52452.86 51933.37 Thailand Bangkok SET 1379.12 1372.61 Euro Stoxx 50 (Eur) 3429.84 3495.38
S&P/ASX 200 5380.20 5303.10 Denmark OMXC Copenahgen 20 997.23 1013.06 FTSE MIB 22975.32 23389.72 Portugal PSI 20 5495.75 5597.22 Turkey BIST 100 75960.11 76922.44 Euronext 100 ID 947.31 964.20
S&P/ASX 200 Res 2973.30 2940.20 Egypt EGX 30 7398.43 7594.05 Japan 2nd Section 4983.44 5021.93 PSI General 2522.20 2567.28 UAE Abu Dhabi General Index 4574.98 4539.85 FTSE 4Good Global ($) 5587.44 5639.43
Austria ATX 2443.71 2462.16 Estonia OMX Tallinn 908.77 906.19 Nikkei 225 20222.63 20554.47 Romania BET Index 7415.28 7395.33 UK FT 30 2838.30 2884.10 FTSE All World 274.12 276.96
Belgium BEL 20 3597.43 3656.13 Finland OMX Helsinki General 8371.75 8530.42 S&P Topix 150 1373.78 1392.49 Russia Micex Index 1673.86 1691.24 FTSE 100 6403.45 6526.29 FTSE E300 1506.63 1535.46
BEL Mid 5842.96 5895.19 France CAC 40 4884.10 4971.25 Topix 1648.48 1672.22 RTX 794.19 809.64 FTSE 4Good UK 5829.13 5933.62 FTSE Eurotop 100 3004.71 3062.71
Brazil Bovespa 46588.39 47450.58 SBF 120 3837.80 3903.13 Jordan Amman SE 2140.82 2139.80 Saudi-Arabia TADAWUL All Share Index 7991.28 8197.02 FTSE All Share 3514.27 3576.32 FTSE Global 100 ($) 1321.49 1335.98
Canada S&P/TSX 60 828.34 837.14 Germany M-DAX 20395.82 20721.66 Kenya NSE 20 4464.74 4482.19 Singapore FTSE Straits Times 3041.25 3049.65 FTSE techMARK 100 3796.85 3855.90 FTSE Gold Min ($) 909.67 921.13
S&P/TSX Comp 14036.63 14193.87 TecDAX 1748.42 1780.47 Kuwait KSX Market Index 6167.91 6194.71 Slovakia SAX 258.67 260.76 USA DJ Composite 6183.06 6223.62 FTSE Latibex Top (Eur) 2718.00 2761.80
S&P/TSX Met & Min 450.62 453.02 XETRA Dax 10682.15 10915.92 Latvia OMX Riga 443.92 443.78 Slovenia SBI TOP 735.09 739.96 DJ Industrial 17348.73 17511.34 FTSE Multinationals ($) 1535.35 1539.88
Chile IGPA Gen 18457.24 18433.57 Greece Athens Gen 675.33 673.18 Lithuania OMX Vilnius 498.40 497.56 South Africa FTSE/JSE All Share 50140.90 50977.03 DJ Transport 8299.99 8361.04 FTSE World ($) 485.68 490.82
China FTSE A200 9996.51 9858.83 FTSE/ASE 20 200.44 199.45 Luxembourg LuxX 1562.21 1567.01 FTSE/JSE Res 20 34412.51 35157.04 DJ Utilities 607.92 605.27 FTSEurofirst 100 (Eur) 4268.25 4360.75
FTSE B35 10654.16 10434.28 Hong Kong Hang Seng 23167.85 23474.97 Malaysia FTSE Bursa KLCI 1582.44 1579.60 FTSE/JSE Top 40 44686.47 45467.35 Nasdaq 100 4510.90 4542.07 FTSEurofirst 80 (Eur) 4583.99 4671.53
Shanghai A 3974.99 3927.03 HS China Enterprise 10642.24 10770.05 Mexico IPC 43473.74 43872.12 South Korea Kospi 1939.38 1956.26 Nasdaq Cmp 5019.05 5059.35 MSCI ACWI Fr ($) 419.63 421.00
Shanghai B 355.35 346.53 HSCC Red Chip 4181.86 4232.91 Morocco MASI 9497.82 9497.67 Kospi 200 234.27 235.20 NYSE Comp 10687.03 10792.80 MSCI All World ($) 1744.20 1749.08
Shanghai Comp 3794.11 3748.16 Hungary Bux 22120.26 22002.43 Netherlands AEX 469.24 479.01 Spain IBEX 35 10782.40 10897.90 S&P 500 2079.61 2096.92 MSCI Europe (Eur) 1459.21 1485.26
Shenzhen A 2325.17 2275.30 India BSE Sensex 27931.64 27851.81 AEX All Share 719.70 733.57 Sri Lanka CSE All Share 7498.78 7498.70 Wilshire 5000 21874.91 22063.71 MSCI Pacific ($) 2397.12 2414.53
Shenzhen B 1204.30 1181.58 S&P CNX 500 7125.85 7106.40 New Zealand NZX 50 5750.03 5710.77 Sweden OMX Stockholm 30 1553.51 1583.53 Venezuela IBC 14912.99 15090.70 S&P Euro (Eur) 1516.30 1544.16
Colombia COLCAP 1260.95 1269.22 Indonesia Jakarta Comp 4484.24 4510.48 Nigeria SE All Share 30112.62 29909.44 OMX Stockholm AS 514.68 524.56 Vietnam VNI 577.82 580.22 S&P Europe 350 (Eur) 1546.47 1576.19
Croatia CROBEX 1788.15 1793.46 Ireland ISEQ Overall 6511.92 6587.66 Norway Oslo All Share 648.72 655.74 Switzerland SMI Index 9251.60 9383.60 S&P Global 1200 ($) 1905.20 1922.08
Israel Tel Aviv 100 15.04 14.99 Pakistan KSE 100 35461.58 35546.03 Stoxx 50 (Eur) 3282.05 3342.04
(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 19 %Chg %Chg Aug 19 %Chg %Chg Aug 19 %Chg %Chg Aug 19 %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 54.6 115.01 -1.49 Glencore 214.0 158.95 -17.15 Santander 395.5 5.87 -0.06 Tokyo Electric Power ,orporated 754.7 888.00 -3.00 Tui Ag 1161.00 11.1 8.5 Onesavings Bank 327.20 11.2 52.5 Ferrexpo 70.00 11.1 32.1 Real Estate & Investment Servic 3344.19 2.2 25.1
Facebook Class A 22.1 95.31 0.14 Hsbc Holdings 156.7 540.60 -15.40 Daimler Ag Na O.n. 336.8 75.80 0.00 Mizuho Fin,. 557.6 262.30 -0.30 Hikma Pharmaceuticals 2462.00 7.7 24.4 Esure 254.20 8.2 24.5 Imagination 248.00 9.9 8.3 Travel & Leisure 8508.31 1.3 5.7
Google Class A 17.4 694.04 5.31 Rio Tinto 152.1 2323.00 -89.00 Bbva 332.8 8.80 -0.18 Mitsubishi Ufj Fin,. 530.6 868.00 -7.20 Coca-cola Hbc Ag 1411.00 6.7 14.9 Cineworld 585.50 6.7 41.1 Helical Bar 457.50 8.2 19.5 Construction & Materials 5123.57 1.2 24.2
Target 17.1 80.87 0.57 Bp 110.8 367.50 -6.25 Eni 328.6 14.93 -0.46 Toyota Motor 481.9 7897.00 -70.00 Admiral 1522.00 6.2 15.1 Playtech 920.00 5.6 33.5 Cambian 290.75 8.0 42.9 Real Estate Investment Trusts 3481.39 1.0 14.2
Microsoft 14.7 46.61 -0.66 Bhp Billiton 109.5 1071.50 -41.00 Nestle N 326.4 69.28 -0.51 Toshiba 481.6 393.90 28.20 Persimmon 2135.00 4.0 35.3 Computacenter 775.00 5.6 16.6 Petropavlovsk 5.88 7.9 -60.1 Software & Computer Services 1498.73 1.0 20.0
Google Class C Capital Stock 14.1 660.90 4.77 Vodafone 107.2 235.00 -4.60 Novartis N 286.2 94.05 0.00 Sumitomo Mitsui Fin,. 437.2 5448.00 -25.00 London Stock Exchange 2595.00 2.9 16.8 Just Retirement 185.10 5.0 25.1 Novae 825.50 7.2 38.4 Gas Water & Multiutilities 5878.01 0.8 -4.0
Bank Of America 13.7 17.46 -0.23 Glaxosmithkline 99.5 1378.50 -24.50 Roche Gs 278.7 257.84 0.00 Softbank . 416.9 7477.00 37.00 Wolseley 4289.00 2.6 16.4 Grainger 251.20 4.9 33.6 Costain 346.50 6.9 23.9 Nonlife Insurance 2314.80 0.7 19.6
Exxon Mobil 13.0 76.23 -1.67 British American Tobacco 93.4 3657.00 -52.00 Intesa Sanpaolo 269.0 3.40 -0.06 Fanuc 271.6 20380.00 -845.00 Int Consolidated Airlines S.a. 539.00 2.6 10.9 Redefine Int P.l.c. 55.00 4.8 0.9 Innovation 35.25 6.8 17.5 Electronic & Electrical Equip. 4275.69 0.5 6.1
Amazon.com 12.3 532.92 -2.10 Prudential 87.9 1514.50 -3.50 Basf Se Na O.n. 265.4 75.31 0.00 Fast Retailing Co., 261.5 53860.00 -650.00 Sports Direct Int 807.50 2.5 13.6 Foxtons 241.20 4.6 50.5 E2v 240.25 6.8 38.7 Food Producers 8265.05 0.4 1.4
Netflix 11.8 122.06 -1.99 Royal Dutch Shell 86.0 1729.00 -35.00 Volkswagen Ag Vzo O.n. 249.8 176.55 0.00 Fuji Heavy Industries 219.3 4600.00 -85.00 Taylor Wimpey 204.00 2.4 48.0 Just Eat 412.10 4.5 33.1 Topps Tiles 165.50 6.3 45.8 General Financial 9198.68 0.3 8.0
Easyjet 1698.00 2.2 1.6 Moneysupermarket.com 324.90 4.4 38.9 Capital & Regional 69.50 6.1 32.4 Media 7198.43 0.2 10.2
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
United Utilities 899.50 2.0 -1.8 Riverstone Energy 944.00 4.3 9.8 Exova 175.00 5.9 9.4 Forestry & Paper 16523.26 0.1 46.3
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
The J.m. Smucker 111.88 2.91 2.67 Kaz Minerals 155.70 9.50 6.50 Altice 27.05 0.29 1.08 Toshiba 393.90 28.20 7.71 Glencore 158.95 -11.8 -46.8 Lonmin 28.81 -29.2 -83.8 Menzies(john) 435.00 -14.5 22.4 Industrial Metals 845.51 -10.1 -44.3
Yum! Brands 86.09 1.89 2.24 Esure 254.20 11.80 4.87 Red Ele. 73.66 0.41 0.56 Citizen Holdings Co., 945.00 29.00 3.17 Weir 1353.00 -9.1 -26.9 Ophir Energy 88.50 -21.9 -37.5 Soco Int 127.50 -8.9 -58.0 Mining 10096.23 -7.9 -29.1
Newmont Mining 17.93 0.39 2.22 Admiral 1522.00 56.00 3.82 Endesa 19.54 0.09 0.46 Tokyo Gas Co., 715.30 11.20 1.59 Rio Tinto 2323.00 -9.1 -22.6 Premier Oil 96.15 -17.6 -42.5 Blackrock World Mining Trust 222.50 -7.7 -28.3 Oil & Gas Producers 6167.28 -6.3 -13.5
Dollar Tree 80.92 1.55 1.95 Al Noor Hospitals 918.00 28.00 3.15 Vestas Wind Systems A/s 51.79 0.13 0.26 Oji Holdings 599.00 9.00 1.53 Royal Dutch Shell 1740.00 -8.0 -22.1 Clarkson 2361.00 -13.4 24.6 Lamprell 123.00 -7.5 1.7 Oil Equipment & Services 15849.43 -5.3 -3.7
Signet Jewelers 126.50 2.37 1.91 Pets At Home 283.00 8.10 2.95 Adidas Ag Na O.n. 67.86 0.00 0.00 Unitika 71.00 1.00 1.43 Royal Dutch Shell 1729.00 -7.9 -19.7 Evraz 85.85 -10.3 -44.4 Oxford Biomedica 7.82 -7.5 49.0 Industrial Transportation 2790.78 -5.0 -1.2
Anglo American 709.40 -7.9 -40.9 Tullow Oil 199.60 -9.8 -51.8 Trinity Mirror 143.50 -7.4 -11.8 Automobiles & Parts 6766.36 -4.5 -16.0
Downs Downs Downs Downs
Ashtead 911.50 -6.8 -20.9 Drax 293.90 -9.7 -36.2 Macau Property Opportunities Fund 171.00 -7.3 -27.4 Food & Drug Retailers 2911.41 -3.1 2.8
Marathon Oil 16.23 -1.25 -7.15 Lonmin 28.81 -4.20 -12.72 Carlsberg B A/s 71.75 -7.30 -9.24 Daiichi Sankyo , 2575.00 -146.00 -5.37
Bhp Billiton 1071.50 -6.6 -22.8 Nmc Health 760.00 -8.4 65.2 Cape 223.00 -7.1 -7.3 Industrial Engineering 7883.30 -3.0 -10.9
Anadarko Petroleum 72.38 -4.26 -5.56 Glencore 158.95 -17.15 -9.74 Asml Holding 81.51 -3.45 -4.06 Advantest 1018.00 -56.00 -5.21
Standard Chartered 826.00 -6.2 -14.2 Hunting 440.50 -7.6 -17.1 Liontrust Asset Management 317.00 -6.8 16.5 Banks 4157.59 -3.0 -4.9
Sandisk 53.81 -3.09 -5.43 Ophir Energy 88.50 -7.40 -7.72 Sandvik Ab 8.98 -0.35 -3.73 Sumco 1214.00 -64.00 -5.01
G4s 254.70 -5.6 -8.3 Murray Int Trust 813.50 -6.2 -20.7 Anglo-eastern Plantations 560.50 -6.6 1.0 Fixed Line Telecommunication 5080.72 -3.0 11.2
Chesapeake Energy 7.34 -0.42 -5.41 Premier Oil 96.15 -7.55 -7.28 Renault 78.86 -2.80 -3.43 Tdk 7870.00 -390.00 -4.72
Royal Mail 465.00 -5.4 8.2 Aggreko 1040.00 -6.1 -30.9 Blackrock Frontiers Investment Trust 107.25 -6.3 -3.5 Electricity 8831.74 -2.7 -9.8
Seagate Technology 49.43 -2.62 -5.03 Clarkson 2361.00 -180.00 -7.08 Ericsson , Telefonab. L M Ser. B 9.12 -0.32 -3.35 Hino Motors, 1447.00 -64.00 -4.24
Bg 1045.50 -5.0 20.9 Amec Foster Wheeler 780.00 -5.7 -8.6 Henderson Far East ome 273.50 -6.2 -16.4 Pharmaceuticals & Biotech. 12723.79 -2.2 0.2
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Aug 19 Currency Mid Change Mid Change Mid Change Aug 19 Currency Mid Change Mid Change Mid Change Aug 19 Currency Mid Change Mid Change Mid Change Aug 19 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.2468 0.0026 10.2228 0.0223 14.4695 -0.0029 Indonesia Indonesian Rupiah 13842.5000 24.5000 15303.5302 56.0716 21660.7280 27.8339 Poland Polish Zloty 3.7769 -0.0002 4.1755 0.0077 5.9101 -0.0032 ..Three Month 0.6390 0.0003 0.7064 0.0017 - -
Australia Australian Dollar 1.3654 0.0014 1.5095 0.0044 2.1365 0.0011 Israel Israeli Shekel 3.8714 0.0191 4.2800 0.0293 6.0580 0.0270 Romania Romanian Leu 4.0073 -0.0063 4.4302 0.0015 6.2705 -0.0129 ..One Year 0.6389 0.0003 0.7058 0.0017 - -
Bahrain Bahrainin Dinar 0.3774 - 0.4172 0.0008 0.5905 -0.0003 Japan Japanese Yen 124.2700 -0.1450 137.3863 0.1008 194.4575 -0.3214 Russia Russian Ruble 66.0775 0.2825 73.0518 0.4504 103.3980 0.3921 United States United States Dollar - - 1.1055 0.0021 1.5648 -0.0008
Bolivia Bolivian Boliviano 6.8900 - 7.6172 0.0145 10.7815 -0.0052 ..One Month 124.2700 -0.1451 137.3863 0.1008 194.4574 -0.3216 Saudi Arabia Saudi Riyal 3.7506 0.0000 4.1465 0.0079 5.8689 -0.0028 ..One Month - - 1.1055 -0.4600 1.5648 -0.0008
Brazil Brazilian Real 3.4974 0.0280 3.8665 0.0382 5.4726 0.0412 ..Three Month 124.2698 -0.1454 137.3863 0.1008 194.4571 -0.3221 Singapore Singapore Dollar 1.4049 0.0005 1.5532 0.0034 2.1984 -0.0004 ..Three Month - - 1.1054 -0.4600 1.5647 -0.0008
Canada Canadian Dollar 1.3136 0.0061 1.4522 0.0095 2.0555 0.0086 ..One Year 124.2689 -0.1473 137.3862 0.1006 194.4574 -0.3235 South Africa South African Rand 12.9494 0.0064 14.3162 0.0342 20.2632 0.0002 ..One Year - - 1.1046 -0.4600 1.5646 -0.0008
Chile Chilean Peso 696.2600 -0.8150 769.7479 0.5616 1089.5066 -1.8047 Kenya Kenyan Shilling 103.3500 0.3000 114.2582 0.5479 161.7219 0.3912 South Korea South Korean Won 1185.4000 0.2500 1310.5150 2.7632 1854.9121 -0.5087 Venezuela Venezuelan Bolivar Fuerte 6.3050 0.0100 6.9705 0.0243 9.8661 0.0109
China Chinese Yuan 6.3955 0.0017 7.0705 0.0153 10.0077 -0.0022 Kuwait Kuwaiti Dinar 0.3028 -0.0001 0.3347 0.0006 0.4737 -0.0003 Sweden Swedish Krona 8.5799 0.0350 9.4855 0.0567 13.4258 0.0484 Vietnam Vietnamese Dong 22400.0000 305.0000 24764.2444 383.5149 35051.5608 460.4964
Colombia Colombian Peso 3027.2500 26.1750 3346.7661 35.2348 4737.0376 38.6792 Malaysia Malaysian Ringgit 4.1030 0.0140 4.5361 0.0241 6.4204 0.0188 Switzerland Swiss Franc 0.9714 -0.0061 1.0739 -0.0047 1.5200 -0.0104 European Union Euro 0.9045 -0.0017 - - 1.4154 -0.0034
Costa Rica Costa Rican Colon 532.3500 -0.1500 588.5377 0.9515 833.0204 -0.6391 Mexico Mexican Peson 16.5338 0.1040 18.2789 0.1495 25.8721 0.1503 Taiwan New Taiwan Dollar 32.4500 0.0020 35.8750 0.0703 50.7777 -0.0215 ..One Month 0.9045 -0.0017 - - 1.4154 -0.0034
Czech Republic Czech Koruna 24.4403 -0.0492 27.0199 -0.0031 38.2441 -0.0957 New Zealand New Zealand Dollar 1.5251 0.0056 1.6861 0.0093 2.3865 0.0075 Thailand Thai Baht 35.5700 -0.0155 39.3243 0.0575 55.6599 -0.0513 ..Three Month 0.9044 -0.0017 - - 1.4153 -0.0034
Denmark Danish Krone 6.7507 -0.0130 7.4633 -0.0002 10.5636 -0.0255 Nigeria Nigerian Naira 199.2500 - 220.2801 0.4181 311.7861 -0.1513 Tunisia Tunisian Dinar 1.9628 -0.0050 2.1699 -0.0015 3.0713 -0.0094 ..One Year 0.9036 -0.0017 - - 1.4147 -0.0034
Egypt Egyptian Pound 7.8281 0.0227 8.6543 0.0415 12.2494 0.0296 Norway Norwegian Krone 8.3378 0.0494 9.2178 0.0719 13.0470 0.0709 Turkey Turkish Lira 2.9375 0.0379 3.2475 0.0480 4.5966 0.0571
Hong Kong Hong Kong Dollar 7.7540 -0.0008 8.5724 0.0153 12.1334 -0.0072 Pakistan Pakistani Rupee 101.8750 -0.0500 112.6276 0.1586 159.4138 -0.1556 United Arab Emirates UAE Dirham 3.6731 - 4.0607 0.0077 5.7476 -0.0028
Hungary Hungarian Forint 280.5482 0.6034 310.1590 1.2545 439.0013 0.7316 Peru Peruvian Nuevo Sol 3.2525 0.0045 3.5958 0.0118 5.0895 0.0046 United Kingdom Pound Sterling 0.6391 0.0003 0.7065 0.0017 - -
India Indian Rupee 65.1550 -0.1550 72.0319 -0.0343 101.9544 -0.2921 Philippines Philippine Peso 46.3450 -0.0150 51.2366 0.0807 72.5206 -0.0587 ..One Month 0.6390 0.0003 0.7065 0.0017 - -
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 19 Aug 18 Aug 17 Aug 14 Aug 13 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2838.30 2884.10 2890.30 2888.90 2891.80 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 19 chge% Index Aug 18 Aug 17 ago yield% Cover ratio adj Return FT 30 Div Yield 1.75 1.72 1.72 1.73 1.72 0.00 3.93 2.74 Household Goods & Ho 26.17 Consumer Goods 7.73 NON FINANCIALS Index 0.68 3I Group PLC 510.50 -16.00 Land Securities Group PLC 1308 -18.00
FTSE 100 (100) 6403.45 -1.88 7058.76 6526.29 6550.30 6755.48 3.78 1.52 17.43 189.69 4970.18 P/E Ratio net 25.50 25.87 25.92 25.83 25.89 0.00 19.44 14.26 Construct & Material 25.36 FTSE SmallCap Index 7.62 Chemicals 0.10 Aberdeen Asset Management PLC 330.60 -4.80 Legal & General Group PLC 261.50 -3.10
FTSE 250 (250) 17398.55 -1.24 19179.08 17616.94 17608.89 15748.92 2.47 2.16 18.74 298.70 12005.24 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 1522 56.00 Lloyds Banking Group PLC 78.91 -1.37
FTSE 250 ex Inv Co (212) 18963.70 -1.26 20904.41 19205.05 19191.54 17044.70 2.49 2.25 17.85 329.30 13343.43 FT 30 hourly changes Software & Comp Serv 22.73 Travel & Leisure 6.66 Banks -2.33 Anglo American PLC 709.40 -32.50 London Stock Exchange Group PLC 2595 -11.00
FTSE 350 (350) 3567.45 -1.77 3932.54 3631.74 3642.49 3670.45 3.55 1.60 17.65 97.95 5581.78 8 9 10 11 12 13 14 15 16 High Low Nonlife Insurance 19.68 Life Insurance 6.31 Beverages -2.72 Antofagasta PLC 552.00 -9.50 Marks And Spencer Group PLC 523.50 -9.50
FTSE 350 ex Investment Trusts (312) 3545.61 -1.78 3908.46 3610.03 3620.84 3654.04 3.58 1.60 17.49 98.26 2856.41 2884.1 2858.5 2855.1 2859.3 2863.8 2860.4 2860.8 2853.3 2846.6 2884.1 2838.3 Real Est Invest & Tr 14.96 Food & Drug Retailer 6.14 Aerospace & Defense -3.53 Arm Holdings PLC 894.50 -19.00 Meggitt PLC 486.30 -10.90
FTSE 350 Higher Yield (108) 3291.46 -1.97 3628.30 3357.44 3372.82 3689.07 5.23 1.27 15.01 130.15 5260.60 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 911.50 -38.50 Merlin Entertainments PLC 396.50 -5.00
FTSE 350 Lower Yield (242) 3501.19 -1.57 3859.49 3556.87 3561.33 3292.06 1.79 2.59 21.62 55.33 3686.90 Media 11.05 Industrials 5.96 Tech Hardware & Eq -5.03 Associated British Foods PLC 3222 -54.00 Mondi PLC 1534 -23.00
FTSE SmallCap (291) 4659.60 -0.79 5136.45 4696.60 4701.76 4450.82 2.67 1.74 21.58 82.07 6322.84 General Retailers 10.56 Personal Goods 5.07 Utilities -5.18
FTSE SmallCap ex Inv Co (154) 4264.65 -0.40 4701.09 4281.63 4277.54 3977.94 2.54 2.58 15.31 73.78 6080.52 FX: EFFECTIVE INDICES Telecommunications 10.07 Industrial Transport 4.08 Industrial Eng -6.57
Astrazeneca PLC 4240 -70.00 Morrison (Wm) Supermarkets PLC 168.90 -5.20
Aviva PLC 496.40 -12.60 National Grid PLC 874.60 -3.90
FTSE All-Share (641) 3514.27 -1.73 3873.91 3576.32 3586.66 3606.33 3.52 1.60 17.76 95.24 5562.15 Financial Services 9.99 Financials 4.03 Electricity -8.33
Aug 18 Aug 17 Mnth Ago Aug 19 Aug 18 Mnth Ago Babcock International Group PLC 962.00 -27.00 Next PLC 7915 -80.00
FTSE All-Share ex Inv Co (466) 3478.93 -1.76 3834.96 3541.13 3551.46 3578.22 3.56 1.61 17.44 95.67 2849.07 FTSE 250 Index 9.55 Food Producers 3.16 Oil & Gas -10.06 Bae Systems PLC 459.50 -8.30 Old Mutual PLC 208.40 -5.60
FTSE All-Share ex Multinationals (577) 1226.35 -1.34 1120.44 1243.06 1243.72 1108.79 2.60 2.09 18.34 23.78 2072.65 Australia 93.20 93.78 94.09 Sweden 77.81 77.72 77.69 Electronic & Elec Eq 9.11 Health Care Eq & Srv 3.12 Oil & Gas Producers -10.45 Barclays PLC 267.90 -6.15 Pearson PLC 1144 -17.00
FTSE Fledgling (108) 7879.49 -0.47 8685.87 7917.00 7925.42 6831.53 2.36 0.71 59.59 113.34 14082.20 Canada 89.92 89.67 90.72 Switzerland 160.09 159.61 165.00 Tobacco 9.06 Equity Invest Instr 2.70 Automobiles & Parts -12.12 Barratt Developments PLC 640.00 -0.50 Persimmon PLC 2135 51.00
FTSE Fledgling ex Inv Co (56) 10849.01 -0.31 11959.27 10882.48 10878.55 8371.86 2.28 0.20 217.99 147.43 18859.93 Denmark 105.68 105.82 104.97 UK 94.58 94.02 94.44 Leisure Goods 8.93 Health Care 1.57 Basic Materials -20.33 Bg Group PLC 1045.5 -21.00 Prudential PLC 1514.5 -3.50
FTSE All-Small (399) 3232.60 -0.77 3563.42 3257.73 3261.30 3073.35 2.65 1.69 22.34 56.44 5632.77 Japan 122.71 122.65 123.71 USA 104.57 104.53 104.75 Consumer Services 8.88 FTSE All{HY-}Share Index 1.54 Mining -24.77 Bhp Billiton PLC 1071.5 -41.00 Randgold Resources LD 4022 31.00
FTSE All-Small ex Inv Co Index (210) 3182.58 -0.39 3508.28 3195.13 3192.16 2944.19 2.53 2.48 15.97 54.51 5749.78 New Zealand 111.57 111.49 111.07 Euro 85.90 86.28 84.37 Pharmace & Biotech 1.40 Industrial Metals & -31.78 BP PLC 367.50 -6.25 Reckitt Benckiser Group PLC 5885 -78.00
FTSE AIM All-Share Index (825) 747.88 -0.44 824.42 751.18 750.83 764.33 1.43 1.03 68.17 5.57 800.48 Norway 87.50 88.21 89.67
British American Tobacco PLC 3657 -52.00 RELX PLC 1069 -15.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 858.00 -14.00 Rio Tinto PLC 2323 -89.00
Oil & Gas (18) 6546.81 -2.06 7216.80 6684.74 6778.49 8988.67 5.80 1.18 14.59 282.04 5408.43 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 447.15 -7.30 Rolls-Royce Holdings PLC 762.00 -28.00
Oil & Gas Producers (11) 6202.19 -2.02 6836.90 6330.18 6420.25 8497.36 5.85 1.17 14.59 270.00 5298.65 Bunzl PLC 1825 -24.00 Royal Bank Of Scotland Group PLC 332.20 -8.50
Oil Equipment Services & Distribution (7)16440.32 -3.11 18122.79 16967.62 17118.57 23946.57 4.61 1.51 14.41 515.61 11896.90 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1441 -35.00 Royal Dutch Shell PLC 1740 -42.50
Basic Materials (31) 3568.48 -4.18 3933.67 3724.25 3742.09 5737.13 5.59 2.05 8.72 152.87 3454.19 Capita PLC 1280 -15.00 Royal Dutch Shell PLC 1729 -35.00
Chemicals (8) 11665.25 -2.58 12859.04 11974.29 12016.74 11058.77 2.32 2.45 17.61 188.19 9984.69 Aug 19 No of US $ Day Mth YTD Total
YTD Gr Div Aug 19 No of US $ Day Mth YTD Total YTD Gr Div Carnival PLC 3450 -47.00 Royal Mail PLC 465.00 -5.30
Forestry & Paper (1) 18029.92 -1.48 19875.06 18300.25 18406.03 11800.54 2.03 3.33 14.82 241.11 18604.94 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Centrica PLC 263.50 -4.60 Rsa Insurance Group PLC 506.00 -4.00
Industrial Metals & Mining (2) 978.83 -0.82 1079.00 986.91 1021.36 1350.22 1.18 -22.91 -3.71 11.18 854.21 FTSE Global All Cap 7609 474.23 -0.3 -2.8 0.9 643.90
2.6 2.4 Oil & Gas 164 345.50 -0.7 -0.7 -13.2 521.50 -11.2 4.0 Coca-Cola Hbc AG 1411 -7.00 Sabmiller PLC 3221.5 -68.50
Mining (20) 9675.50 -4.62 10665.67 10144.05 10192.34 17165.46 6.37 2.03 7.74 475.26 4895.34 FTSE Global All Cap 6972 487.18 -0.4 -2.8 0.6 649.62
2.2 2.3 Oil & Gas Producers 115 314.08 -0.8 -0.8 -13.3 482.49 -11.2 4.2 Compass Group PLC 1027 -11.00 Sage Group PLC 520.00 -2.50
FTSE Global Large Cap 1364 418.37 -0.3 -3.1 0.3 580.87
2.2 2.6 Oil Equipment & Services 40 361.57 -0.7 -0.7 -12.8 497.43 -11.0 3.8 Crh PLC 1917 -43.00 Sainsbury (J) PLC 246.20 -6.30
Industrials (117) 4475.89 -1.81 4933.95 4558.54 4568.40 4373.21 2.47 1.18 34.39 74.02 4406.09
Construction & Materials (13) 5331.86 -1.60 5877.52 5418.44 5427.46 4056.83 2.42 -0.85 -48.71 81.96 5407.68 FTSE Global Mid Cap 1665 634.60 -0.3 -1.5 2.8 823.52
4.1 1.9 Basic Materials 273 392.24 -0.8 -0.8 -9.9 569.76 -8.1 3.1 Diageo PLC 1745 -22.00 Schroders PLC 2909 -67.00
Aerospace & Defense (9) 4649.10 -2.23 5124.88 4755.17 4768.31 5044.77 2.42 0.96 42.96 71.70 4761.46 FTSE Global Small Cap 4580 666.07 -0.5 -2.5 2.1 838.99
3.3 1.9 Chemicals 124 622.70 -0.5 -0.5 -0.2 909.06 1.6 2.4 Direct Line Insurance Group PLC 363.60 -5.30 Severn Trent PLC 2189 -4.00
General Industrials (6) 3621.96 -1.59 3992.63 3680.45 3683.28 3316.99 3.11 1.65 19.48 58.74 3877.26 FTSE All-World 3029 276.96 -0.3 -2.8 0.8 396.71
2.5 2.5 Forestry & Paper 17 219.45 -0.6 -0.6 5.4 349.33 7.6 2.7 Dixons Carphone PLC 434.10 -7.70 Shire PLC 5075 -170.00
Electronic & Electrical Equipment (11) 5525.28 -1.42 6090.73 5605.04 5591.32 4969.26 2.09 2.02 23.69 74.00 4847.76 FTSE World 2533 490.82 -0.3 -2.6 1.0 943.81
2.7 2.4 Industrial Metals & Mining 71 302.67 -1.5 -1.5 -26.6 440.89 -25.2 3.1 Easyjet PLC 1698 -47.00 Sky PLC 1078 -12.00
Industrial Engineering (14) 8379.95 -2.08 9237.54 8557.92 8613.90 10783.66 2.89 1.62 21.37 197.28 9755.19 FTSE Global All Cap ex UNITED KINGDOM In 7282 485.58 -0.4 -2.7 0.9 650.24
2.5 2.3 Mining 61 429.44 -1.1 -1.1 -24.6 620.07 -22.4 5.5 Experian PLC 1130 -28.00 Smith & Nephew PLC 1168 -31.00
Industrial Transportation (8) 4166.81 -1.78 4593.23 4242.43 4270.81 4202.35 3.91 1.15 22.14 116.47 3461.02 FTSE Global All Cap ex USA 5638 445.57 -0.4 -4.2 -0.4 641.73
1.7 2.9 Industrials 534 312.02 -0.3 -0.3 -0.8 430.23 0.5 2.1 Fresnillo PLC 648.00 -11.50 Smiths Group PLC 1133 -29.00
Support Services (56) 6684.71 -1.73 7368.81 6802.16 6813.81 6333.12 2.29 1.49 29.39 105.29 6648.88 FTSE Global All Cap ex JAPAN 6354 482.91 -0.4 -3.0 -0.2 661.54
1.5 2.5 Construction & Materials 110 449.05 -0.5 -0.5 4.1 649.89 5.8 2.1 G4S PLC 254.70 -2.70 Sports Direct International PLC 807.50 -1.50
FTSE Developed 2093 446.80 -0.3 -2.1 1.9 611.09
3.6 2.4 Aerospace & Defense 29 518.42 -0.1 -0.1 4.3 709.37 5.8 2.0 Gkn PLC 289.40 -5.50 Sse PLC 1512 -11.00
Consumer Goods (40) 17119.04 -1.24 18870.97 17334.68 17428.43 15617.41 3.01 1.85 17.94 401.78 11976.05
FTSE Developed All Cap 5658 469.40 -0.3 -2.1 2.1 635.14
3.7 2.3 General Industrials 57 213.86 -0.5 -0.5 -1.7 316.09 -0.1 2.6 Glaxosmithkline PLC 1378.5 -24.50 St. James's Place PLC 950.50 -18.00
Automobiles & Parts (1) 6801.03 -1.87 7497.04 6930.29 7047.79 8243.96 2.94 1.59 21.39 199.75 6254.51
FTSE Developed Large Cap 887 412.91 -0.3 -2.4 1.5 572.24
3.3 2.5 Electronic & Electrical Equipment 69 324.94 -0.4 -0.4 -0.1 413.22 1.0 1.6 Glencore PLC 158.95 -17.15 Standard Chartered PLC 826.00 -22.70
Beverages (6) 13569.84 -1.54 14958.55 13781.57 13809.16 13758.37 2.59 1.79 21.58 344.98 9220.54
FTSE Developed Europe Large Cap 205 359.89 -0.2 -3.1 1.8 564.03
4.7 3.4 Industrial Engineering 103 588.60 -0.3 -0.3 -4.8 798.06 -3.4 2.2 Hammerson PLC 669.00 -16.50 Standard Life PLC 442.00 -0.20
Food Producers (10) 8350.13 -1.73 9204.66 8496.92 8488.24 7709.00 1.93 1.59 32.55 91.21 6931.67
FTSE Developed Europe Mid Cap 310 535.67 0.0 -1.7 7.1 764.10
9.2 2.4 Industrial Transportation 95 544.13 -0.3 -0.3 -8.9 748.21 -7.7 2.2 Hargreaves Lansdown PLC 1156 -20.00 Taylor Wimpey PLC 204.00 0.30
Household Goods & Home Construction (13)13305.34 -0.49 14666.98 13371.44 13477.88 9927.30 2.06 2.62 18.60 214.79 9001.35
FTSE Dev Europe Small Cap 720 753.46 0.1 -0.7 9.4 1046.12
11.4 2.2 Support Services 71 284.75 -0.1 -0.1 4.5 377.72 5.8 1.8 Hikma Pharmaceuticals PLC 2462 62.00 Tesco PLC 194.75 -3.85
Leisure Goods (2) 5500.88 -0.34 6063.83 5519.79 5478.05 5246.57 4.11 1.26 19.26 182.47 4611.55
FTSE North America Large Cap 319 450.11 -0.3 -1.7 1.2 587.72
2.6 2.2 Consumer Goods 406 418.28 -0.1 -0.1 3.3 589.80 4.9 2.3 HSBC Holdings PLC 540.60 -15.40 Travis Perkins PLC 2059 -43.00
Personal Goods (6) 21913.26 -1.96 24155.82 22351.45 22498.48 20255.62 2.97 3.01 11.20 484.64 14033.87
FTSE North America Mid Cap 400 682.87 -0.3 -0.5 0.7 837.20
1.6 1.6 Automobiles & Parts 98 385.09 -0.1 -0.1 -1.2 521.47 0.3 2.3 Imperial Tobacco Group PLC 3224 -16.00 Tui AG 1161 -25.00
Tobacco (2) 43573.57 -1.12 48032.80 44066.90 44353.98 39719.92 4.23 1.31 18.03 1291.78 26132.34
FTSE North America Small Cap 1485 696.57 -0.5 -2.1 1.1 830.87
2.1 1.6 Beverages 48 556.79 -0.1 -0.1 3.5 795.14 5.1 2.5 Inmarsat PLC 988.50 -14.50 Unilever PLC 2728 -53.00
Health Care (20) 9318.85 -1.92 10272.52 9501.26 9467.38 9167.03 3.70 0.63 42.80 290.81 6751.92
FTSE North America 719 302.18 -0.3 -1.5 1.1 404.44
2.4 2.1 Food Producers 102 571.97 -0.2 -0.2 3.6 833.19 5.4 2.2 Intercontinental Hotels Group PLC 2463 -46.00 United Utilities Group PLC 899.50 -5.00
Health Care Equipment & Services (8) 6993.87 -1.88 7709.61 7127.62 7071.51 5972.45 1.40 2.31 30.95 60.90 5892.56
FTSE Developed ex North America 1374 240.82 -0.3 -3.0 3.2 372.13
5.4 2.8 Household Goods & Home Construction 44 401.91 0.0 0.0 1.4 564.56 3.2 2.4 International Consolidated Airlines Group S.A. 539.00 -11.00 Vodafone Group PLC 235.00 -4.60
Pharmaceuticals & Biotechnology (12)12617.99 -1.92 13909.28 12865.53 12825.08 12574.77 3.93 0.57 44.46 421.58 8121.29
FTSE Japan Large Cap 174 344.83 0.0 -0.6 13.0 427.17
14.2 1.7 Leisure Goods 26 129.67 0.8 0.8 2.9 165.37 3.6 1.3 Intertek Group PLC 2602 -55.00 Weir Group PLC 1353 -72.00
Consumer Services (98) 4912.51 -1.30 5415.25 4977.35 4976.54 4321.94 2.22 1.91 23.56 81.41 4403.13 FTSE Japan Mid Cap 305 506.43 -0.2 1.9 19.1 607.34
20.2 1.3 Personal Goods 76 619.42 -0.6 -0.6 6.2 833.95 7.6 1.9
Food & Drug Retailers (7) 3035.04 -2.10 3345.64 3100.23 3130.69 3437.85 2.32 0.50 86.71 42.13 3457.06 Intu Properties PLC 337.50 -4.70 Whitbread PLC 5055 -60.00
FTSE Global wi JAPAN Small Cap 776 534.53 0.0 2.4 14.0 661.36
15.2 1.5 Tobacco 12 1187.89 -0.3 -0.3 10.7 2277.74 13.3 3.9 Itv PLC 256.70 -2.70 Wolseley PLC 4289 -43.00
General Retailers (33) 3152.19 -1.06 3474.78 3186.08 3185.74 2672.49 2.07 2.29 21.16 45.98 3423.19
FTSE Japan 479 142.84 -0.1 -0.1 14.3 198.92
15.4 1.6 Health Care 159 489.24 0.0 0.0 12.6 677.88 14.1 1.7 Johnson Matthey PLC 2712 -87.00 Wpp PLC 1400 -25.00
Media (23) 7298.49 -1.16 8045.41 7384.22 7381.02 6309.38 2.68 1.69 22.07 156.22 4277.91
FTSE Asia Pacific Large Cap ex Japan 492 556.19 -1.2 -8.8 -9.7 823.52
-7.7 3.3 Health Care Equipment & Services 58 672.56 0.1 0.1 13.9 767.88 14.5 1.0 Kingfisher PLC 369.80 -1.40
Travel & Leisure (35) 8314.91 -1.33 9165.84 8426.83 8400.46 6918.34 1.90 2.45 21.49 120.79 7529.71
FTSE Asia Pacific Mid Cap ex Japan 441 750.16 -1.2 -8.7 -6.9 1071.59
-5.3 2.8 Pharmaceuticals & Biotechnology 101 374.94 -0.1 -0.1 12.3 539.61 14.0 1.9
Telecommunications (7) 4035.21 -1.77 4448.17 4107.89 4102.82 3430.13 4.00 1.89 13.24 108.88 4171.66 FTSE Asia Pacific Small Cap ex Japan 1373 501.69 -1.4 -9.5 -6.1 707.13
-4.5 2.8 Consumer Services 386 402.09 -0.3 -0.3 7.5 519.36 8.6 1.6
Fixed Line Telecommunications (5) 5152.10 -1.58 5679.36 5234.72 5239.77 4399.78 2.95 1.82 18.61 101.81 4425.78
Mobile Telecommunications (2) 5344.13 -1.89 5891.04 5447.01 5432.81 4526.06 4.66 1.91 11.21 168.70 4917.39
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
933
1951
440.16
615.36
-1.2
-0.9
-8.8
-10.0
-9.3 692.73
-7.4
-10.8 871.53
-8.8
3.2 Food & Drug Retailers
3.2 General Retailers
54 320.50
120 539.60
-0.4
0.2
-0.4
0.2
6.6 430.86
12.9 680.29
7.9
14.0
1.7
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8331.65 -0.77 9184.30 8396.50 8413.56 8782.73 4.96 1.35 14.93 305.26 8765.85 FTSE Emerging Large Cap 477 586.28 -0.9 -9.9 -10.3 835.38
-8.3 3.2 Media 91 305.19 -0.8 -0.8 1.5 395.02 2.7 1.8 Aug 19 Aug 18 Aug 17 Aug 14 Aug 13 Yr Ago
Electricity (3) 8783.00 -0.97 9681.83 8868.79 8952.56 9610.58 5.77 1.43 12.11 493.70 11668.25 FTSE Emerging Mid Cap 459 756.94 -1.0 -9.9 -12.1 1067.64
-10.3 2.9 Travel & Leisure 121 386.01 -0.6 -0.6 7.2 503.18 8.4 1.6 SEAQ Bargains 4215.00 4694.00 4418.00 4418.00 4418.00 4097.00
Gas Water & Multiutilities (5) 7768.39 -0.72 8563.39 7824.73 7825.04 8105.19 4.74 1.32 15.92 243.90 8183.15 FTSE Emerging Small Cap 1015 623.03 -1.2 -10.8 -11.9 850.28
-10.1 3.0 Telecommunication 94 170.63 -0.2 -0.2 2.2 296.39 5.0 3.9 Order Book Turnover (m) 31.85 20.21 - - - 35.61
Financials (283) 4737.82 -1.65 5222.68 4817.18 4823.04 4585.46 3.23 1.97 15.72 126.39 4104.05 FTSE Emerging Europe 98 295.41 -1.6 -10.1 -5.2 430.15
-2.1 4.4 Fixed Line Telecommuniations 44 139.32 -0.1 -0.1 1.7 264.31 4.9 4.4 Order Book Bargains 738275.00 588384.00 3.00 3.00 3.00 820284.00
Banks (9) 4105.20 -2.42 4525.31 4206.83 4210.05 4445.45 3.76 1.31 20.36 145.12 2811.06 FTSE Latin America All Cap 243 701.64 -0.2 -12.6 -22.1 1026.12
-20.6 3.7 Mobile Telecommunications 50 185.94 -0.3 -0.3 2.8 293.43 5.1 3.3 Order Book Shares Traded (m) 1222.00 953.00 0.00 0.00 0.00 1209.00
Nonlife Insurance (10) 2666.29 -0.28 2939.16 2673.90 2668.72 2101.65 2.66 2.20 17.12 57.90 4451.57 FTSE Middle East and Africa All Cap 213 739.68 -0.2 -5.8 -3.9 1089.62
-2.3 2.8 Utilities 163 253.84 -0.4 -0.4 -5.0 459.60 -2.5 3.8 Total Equity Turnover (£m) 2252.29 - 0.17 0.17 0.17 -
Life Insurance/Assurance (11) 7986.53 -1.13 8803.86 8077.47 8114.87 7398.01 3.40 1.79 16.46 216.60 7259.32 FTSE Global wi UNITED KINGDOM All Cap In 327 363.75 0.1 -3.1 1.3 569.52
4.0 3.5 Electricity 113 275.26 -0.3 -0.3 -2.9 493.45 -0.5 3.6 Total Mkt Bargains 830746.00 1.00 4.00 4.00 4.00 -
Index- Real Estate Investment & Services (24) 3323.27 -0.33 3663.37 3334.39 3319.22 2665.17 1.76 6.32 9.00 41.99 8489.43 FTSE Global wi USA All Cap 1971 519.85 -0.3 -1.5 2.1 661.18
3.4 2.0 Gas Water & Multiutilities 50 272.49 -0.5 -0.5 -8.4 505.28 -5.9 4.1 Total Shares Traded (m) 4243.00 0.00 0.00 0.00 0.00 -
Real Estate Investment Trusts (23) 3136.96 -1.24 3457.99 3176.27 3172.02 2591.39 2.60 6.76 5.68 55.45 3667.74 FTSE Europe All Cap 1388 410.67 -0.2 -2.9 3.1 624.25
5.8 3.1 Financials 668 215.62 -0.3 -0.3 -0.1 332.34 2.0 2.8 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (31) 7872.69 -1.42 8678.37 7985.98 7991.29 6658.40 2.91 2.24 15.35 150.23 8471.03 FTSE Eurobloc All Cap 637 381.94 -0.3 -2.6 3.7 587.93
6.2 2.9 Banks 242 197.07 -0.3 -0.3 -2.0 323.67 0.4 3.2 (c) Market closed.
Equity Investment Instruments (175) 7611.29 -1.17 8390.22 7701.76 7719.37 7343.07 2.55 1.17 33.65 127.56 3963.63 FTSE RAFI All World 3000 3022 5805.71 -0.4 -3.3 -1.4 7248.12
0.6 3.0 Nonlife Insurance 69 220.79 -0.2 -0.2 3.1 305.81 5.0 2.2
Non Financials (358) 4041.78 -1.77 4455.41 4114.47 4128.86 4231.79 3.62 1.48 18.64 110.18 5605.43 FTSE RAFI US 1000 1008 9204.79 -0.3 -1.8 -0.9 11530.29
0.6 2.4 Life Insurance 49 212.01 -0.7 -0.7 0.4 319.19 2.4 2.7
Technology (19) 1298.54 -1.18 1431.43 1314.07 1317.54 1161.09 1.44 2.16 32.16 13.80 1616.55 FTSE EDHEC-Risk Efficient All-World 3029 330.10 -0.3 -1.4 3.3 440.43
4.8 2.1 Financial Services 137 237.01 -0.3 -0.3 2.4 313.52 3.6 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (12) 1663.86 -0.64 1834.13 1674.60 1674.98 1307.70 1.92 1.75 29.81 25.68 2169.23 FTSE EDHEC-Risk Efficient Developed Europe 515 292.43 0.1 -1.5 5.0 424.84
7.2 2.6 Technology 182 171.37 -0.6 -0.6 -0.4 203.46 0.8 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) 1432.99 -1.67 1579.64 1457.25 1464.24 1413.96 1.01 2.85 34.63 9.10 1639.12 Software & Computer Services 79 294.78 -0.3 -0.3 8.6 337.32 9.5 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 103 128.84 -0.9 -0.9 -8.0 157.07 -6.5 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 6498.01 6464.29 6450.28 6464.44 6471.19 6459.41 6464.69 6447.37 6423.52 6508.80 6403.45 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 17563.14 17507.96 17470.59 17488.92 17503.36 17489.73 17475.19 17459.50 17437.48 17566.83 17398.55 (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 4695.67 4686.96 4681.37 4677.96 4702.20 4697.86 4692.92 4687.01 4682.17 4707.20 4659.60
FTSE All-Share 3562.12 3545.29 3537.75 3544.46 3548.56 3542.84 3544.51 3536.25 3524.97 3566.91 3514.27 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:07:06:00 Day's Low15:35:27 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:07:06:00 Day's Low15:45:45 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 Admiral Group Int 447.7 444.6 181.7 183.3 54.8 52.7 25.1 23.7 Oct 9 47.6 48.1 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Baronsmead VCT 3 Int 0.711 0.79 0.232 0.326 0.31 0.44 3 8 Sep 18 7.5 12.5 08/11 120.00 Gloo Networks PLC 126.00 -0.54 127.00 120.00 3225.6
There are currently no rights offers by any companies listed on the LSE. Baronsmead VCT 4 Int 0.708 0.774 0.236 0.317 0.32 0.43 3 6 Sep 18 6 10 07/31 100.00 Menhaden Capital PLC 102.25 0.25 103.50 101.00 8180.0
Baronsmead VCT 5 Int 0.289 0.141 0.031L 0.156L 0.06L 0.32L 2 2 Sep 18 4 6 07/10 139.00 KNOS Kainos Group PLC 205.50 -0.50 211.55 165.00 24239.9
EnQuest Int 414.619 503.597 34.618L 78.587 0.128 0.079 - - - - -
Hikma Pharmaceuticals Int 709 738 170 219 0.673 0.854 39.47 7.153 Oct 9 54.5 20
Hochschild Mining Int 190.259 282.012 43.376L 3.415L 0.12L 0.04L - - - - -
Ingenious Entertainment VCT 1 Int 0.079 0.099 0.063L 0.064L 1.1L 1.1L 5 - Feb 26 5 -
Ingenious Entertainment VCT 2 Int 0.079 0.099 0.063L 0.064L 1.1L 1.1L 5 - Feb 26 5 -
Inspired Energy Int 6.524 4.961 1.765 1.155 0.32 0.2 0.1 0.07 Nov 6 0.28 0.19
JPMorgan US Smaller Companies IT Int 4.742 0.083L 0.89 0.58 - - - - 0.7
Legendary Investments Pre 0.235L 1.119 0.47L 0.901 0.02L 0.05 - - - - -
Robinson Int 13.637 10.888 0.081L 0.309 2L 1.4 2.5 2.25 Oct 1 5.25 4.75

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Thursday 20 August 2015 ★★★ FINANCIAL TIMES 21

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) BakerHu 54.09 -2.56 70.51 47.51 1.25 91.23 23576.87 Lyondell 84.93 -1.25 115.40 70.06 3.37 9.79 39566.74
ANZ 29.84 0.87 37.25 28.97 9.37 10.38 62842.39 Nokia 6.19 -0.11 7.87 5.65 2.27 15.24 24906.95 AstellasPh 1939.5 -29.50 2047 1476 1.56 29.22 34676.33 AtlasCpcoB 199.40 -5.60 270.00 165.20 1.55 18.04 9068.83 BankAm 17.46 -0.23 18.48 14.97 1.14 18.71 182254.81 Marathon Ptl♦ 54.50 -0.98 60.38 37.32 1.83 9.55 29220.54
BHPBilltn 25.16 0.18 39.74 24.90 9.33 10.17 59182.6 SampoA 45.70 -0.81 49.40 34.77 3.70 15.39 28232.52 Bridgestne 4508 -34.50 5182 3328 2.69 11.53 29495.98 Ericsson 86.50 -3.00 120.00 81.05 4.04 26.79 33320.02 Baxter 40.14 -0.45 43.44 34.77 5.16 12.78 21897.93 Marsh&M 57.67 -0.62 59.99 48.66 1.93 21.61 30564.67
CmwBkAu♦ 78.27 1.36 96.69 73.57 7.93 14.10 93301.95 France (€) Canon 4003.5 -52.00 4539 3172 4.04 19.03 42968.71 H&M 352.10 -5.30 368.50 269.60 2.85 26.22 67920.46 BB & T♦ 39.58 -0.51 41.90 34.50 2.49 14.37 29031.16 MasterCard 96.60 -1.00 99.18 69.64 0.61 29.78 107118.2
CSL 93.13 -0.36 102.43 71.04 1.56 23.44 31705.85 Airbus Grpe 61.86 -1.10 67.88 39.64 1.95 17.72 53862.59 CntJpRwy 22140 -185.00 24800 13320 0.55 15.51 36701.05 Investor 318.50 -8.00 363.40 219.30 2.91 4.50 28478.8 BectonDick 146.51 -0.57 154.98 112.15 1.59 36.59 30804.37 McDonald's 101.10 0.34 101.88 87.62 3.31 23.58 96905.86
NatAusBk 32.58 0.82 39.71 31.33 9.41 12.49 62652 AirLiquide 112.40 -2.65 123.95 87.17 2.27 21.17 42749.43 Denso 6012 -75.00 6548 4466.5 1.85 17.63 42769.94 Nordea Bk 101.70 -1.60 115.50 82.40 5.80 11.16 47787.72 BerkshHat 210660-1440.00 229374 198000 - 19.38 171004.31 McGraw Hill 102.57 0.02 109.13 73.96 1.22-170.13 27950.33
Telstra 6.21 0.09 6.74 5.23 7.21 17.34 55604.97 AXA 23.67 -0.49 25.24 16.43 4.02 11.31 63967.84 EastJpRwy 12090 -270.00 12815 7623 1.00 24.32 38185.6 SEB 101.80 -1.40 111.50 82.30 4.80 11.02 25747.15 Biogen 315.82 3.69 480.18 290.85 - 21.48 74271.14 McKesson 215.51 - 243.61 178.28 0.44 26.10 50085.22
Wesfarmers 40.38 0.72 46.95 38.45 8.07 26.26 33234.31 BNP Parib 58.94 -0.40 61.00 43.14 2.55 10.54 81202.63 Fanuc 20380 -845.00 28575 17335 3.16 18.51 33774.06 SvnskaHn 126.80 -1.30 426.00 117.10 3.38 15.89 27662.7 BkNYMeln 44.18 -0.17 45.45 35.06 1.53 17.70 48885.95 Medtronic 77.47 -0.62 79.50 59.83 1.60 31.54 109557.2
Westpc 32.71 1.05 40.07 31.00 8.74 12.76 76276.5 ChristianDior 177.15 -5.45 195.35 126.10 1.92 12.40 35590.8 FastRetail 53860 -650.00 61970 32220 0.62 44.71 45973.5 Swedbank 195.90 -2.30 223.90 166.20 5.96 12.98 25239.04 BlackRock 323.26 -5.46 382.84 293.39 2.53 16.39 52897.12 Merck 59.66 - 63.62 52.49 2.99 17.52 168040.45
Woolworths 27.24 0.48 37.32 26.25 8.06 12.66 25269.78 Cred Agr 12.74 -0.16 14.49 9.82 2.75 10.13 37165.81 Fuji Hvy Ind 4600 -85.00 4827.5 2902 1.49 12.09 28978.7 TeliaSonera 48.75 -1.04 55.85 45.36 6.33 14.67 24603.02 Boeing♦ 142.72 -1.88 158.83 116.32 2.29 19.48 96977.54 Metlife♦ 53.63 -0.65 58.23 46.10 2.64 9.12 59898.33
Belgium (€) Danone 59.10 -1.03 67.74 49.84 2.55 38.91 42793.07 Hitachi 751.90 -8.10 939.90 731.20 1.49 12.89 29245.06 Volvo 96.55 -2.75 120.50 71.00 3.20 24.01 18261.29 BrisMySq 64.12 -0.16 70.54 47.55 2.28 60.29 106920.28 Microsoft♦ 46.61 -0.66 50.05 40.12 2.58 31.71 372785.89
AnBshInBv 103.55 -1.60 119.65 78.75 3.01 19.93 184110.5 EDF 20.69 -0.13 26.12 19.52 6.64 9.46 42535.1 HondaMtr 4171.5 -51.00 4499 3239 2.13 13.78 60806.1 Switzerland (SFr) Broadcom 51.04 0.02 57.70 34.50 1.01 28.96 28531.36 Mnstr Bvrg 147.25 -3.27 155.83 85.98 - 54.33 30259.65
KBC Grp 60.84 -0.60 66.00 36.53 - 11.67 28100.53 Essilor Intl 111.45 -2.60 121.10 73.48 0.92 38.81 26630.41 JapanTob 4632 -91.00 4848 3101 2.36 18.78 74547.36 ABB 19.10 -0.36 22.31 16.75 - 17.64 45513.27 CapOne♦ 80.12 -1.14 92.10 72.77 1.61 11.38 43459.41 MondelezInt 45.21 -0.94 48.58 31.83 1.32 35.80 72847.2
Esslr Intl 111.45 -2.60 121.10 73.48 0.92 38.81 26630.41 KDDI 3193 -20.50 3375 1978 1.79 51.57 69139.88 CredSuisse 27.26 -0.39 28.94 18.57 2.66 11.60 45977.62 CardinalHlth 85.27 0.47 91.91 71.72 1.65 23.74 27913.94 Monsanto 102.35 -0.46 126.00 99.98 1.90 18.59 47882.87
Brazil (R$)
GDF Suez 17.56 0.67 20.57 16.08 5.77 46.56 46717.29 Keyence 60430-1220.00 70100 42660 0.36 27.71 29566.75 Nestle 74.40 -0.55 77.00 64.15 2.84 16.77 244201.12 Carnival♦ 52.30 -0.20 54.05 33.11 1.96 27.80 30997.59 MorganStly 37.44 -0.38 41.04 31.35 1.20 19.06 73134.75
Ambev 18.20 -0.58 20.29 14.99 10.22 20.30 81793.53
Hermes Intl 325.70 -3.30 365.55 229.00 0.91 36.19 38013.06 MitsbCp 2402.5 -26.50 2837 1942.5 2.52 10.56 31397.34 Novartis 99.45 -1.55 103.20 78.60 2.65 25.61 274065.22 Caterpillar♦ 77.41 -1.41 109.73 74.77 3.60 13.31 46649.79 MylanNV 55.09 -0.66 76.69 44.80 - 26.75 26995.93
Bradesco♦ 25.00 -0.51 34.42 24.53 4.38 7.46 18044.84
LOreal 162.15 -3.35 181.30 117.05 1.67 30.82 100336.93 MitsubEst 2897 -10.50 2975 2151.5 0.49 55.93 32413.13 Richemont 75.95 -1.30 92.25 68.80 1.68 29.28 40813.15 CBS 48.52 -0.83 63.95 47.83 1.23 20.97 21562.69 Netflix 122.06 -1.99 129.29 45.08 - 276.17 51998.15
Cielo 40.30 -0.85 46.27 30.18 2.71 17.46 21740.2
LVMH 154.10 -4.80 176.60 121.40 2.25 12.52 86547.41 MitsubishiEle 1324 -42.50 1718 1222.5 1.01 22.08 22876.76 Roche 273.30 -3.60 295.80 238.80 3.03 25.46 197663.56 Celgene 129.06 -1.14 140.72 83.16 - 49.10 102027.11 News Corp A 29.96 -0.23 39.27 27.56 0.91 7.66 36579.36
ItauHldFin 25.36 -0.79 35.22 25.03 2.03 5.76 22094.7
Nmrcble-SFR 47.90 0.02 60.01 26.38 - -56.48 23207.58 MitsuiFud 3750.5 -28.00 3879 2854.5 0.67 30.56 29921.45 Swiss Re 86.05 -0.95 96.95 69.25 5.07 36.29 32838.51 CharlesSch♦ 33.10 -0.82 35.72 23.35 0.72 34.84 43547.15 NextEraE 109.07 -0.44 112.64 90.33 2.73 16.76 49310.95
Petrobras 9.77 -0.25 23.50 7.88 - -4.73 20790.79
Orange 14.48 -0.27 16.45 10.20 4.16 38.00 42404.18 MitUFJFin 868.00 -7.20 936.80 546.20 2.10 7.76 98966.47 Swisscom 551.50 -14.00 587.50 500.00 4.21 16.17 29409.89 ChevrnTx♦ 80.91 -2.53 129.53 80.67 5.26 12.55 152251.15 Nike 114.96 0.14 117.72 78.19 0.96 30.30 77934.39
Vale 16.84 -0.58 31.96 16.41 12.69 -9.33 15490.99
PernodRic 102.50 -1.25 117.75 82.23 1.76 25.43 30077.18 Mizuho Fin 262.30 -0.30 280.40 178.10 3.12 7.64 52285.81 Syngent 385.10 -6.30 435.20 273.20 2.87 22.45 36847.2 Cigna 149.15 0.66 170.68 85.75 0.03 18.57 38405.43 NorfolkS♦ 81.50 -0.85 117.64 79.93 2.83 14.06 24563.03
Canada (C$) Murata Mfg 17195 -835.00 22220 9881 0.85 31.59 31169.29 Cisco 27.80 -0.45 30.31 22.49 2.86 15.82 141387.71 Northrop 175.62 0.12 176.83 118.24 1.64 17.86 32909.87
Renault 78.86 -2.80 100.25 49.50 2.42 8.50 25782.07 UBS 21.30 -0.39 22.57 13.58 3.64 16.23 82442.17
BCE 54.34 0.25 60.20 46.43 4.88 17.65 35084.2 NipponTT 4839.5 -28.00 5066 3001.5 1.88 36.83 88533.78 Citigroup♦ 57.00 -0.55 60.95 46.60 0.14 13.73 171561.18 NXP 87.01 -1.33 114.00 53.81 - 46.11 21904.9
Safran 69.90 -1.17 71.35 43.66 1.72 -21.16 32227.09 Zurich Fin 282.80 -4.40 334.60 262.00 - 10.78 43784.57
BkMontrl♦ 71.49 -0.60 85.71 71.10 4.88 10.17 34975.7 Nissan Mt 1154 -14.00 1350 917.40 2.89 9.61 41980.4 CME Grp 97.23 -1.06 100.87 73.17 1.99 27.63 32840.02 Occid Pet 72.16 -1.63 100.26 67.30 4.01 -22.68 55126.71
Sanofi 93.39 -1.90 101.10 69.58 3.06 25.43 135484.04 Taiwan (NT$)
BkNvaS 59.88 -0.74 74.39 59.53 4.87 9.54 55175.12 Nomura 840.50 -11.50 909.20 576.20 1.56 11.32 25853.9 Coca-Cola 40.78 -0.52 44.87 39.12 3.10 24.04 177393.15 Oracle 39.53 -0.30 46.71 35.82 1.32 17.47 171405.12
Sant Gbn 41.52 -0.85 44.84 29.51 1.50 27.77 26325.34 Chunghwa Telecom♦ 98.40 - 99.80 90.00 4.81 19.39 23523.37
Brookfield 44.60 -0.50 48.64 32.21 1.31 10.39 33294.46 Nppn Stl 274.00 -3.70 350.50 243.30 2.03 10.37 20953.45 Cognizant 67.03 -0.81 69.35 42.94 - 27.15 40856.75 Pepsico 98.99 -0.78 100.76 89.82 2.68 23.00 145415.63
Schneider 58.51 -1.25 75.29 52.59 3.29 20.18 38009.21 HonHaiPrc 88.10 -0.20 112.00 83.00 1.91 8.56 41127.17
CanadPcR 198.41 -4.27 247.56 189.79 0.74 20.52 24365.37 NTTDCMo 2710.5 -4.50 2873.5 1612.5 2.42 24.08 89116.33 ColgtPlm 66.74 -0.95 71.56 62.53 2.18 26.93 60074.78 Perrigo 195.44 -0.10 215.73 135.00 0.23 214.53 28588.85
SocGen 46.80 -0.42 48.77 31.85 2.57 11.42 41702.82 TaiwanSem 125.00 -1.00 155.00 118.00 6.28 10.15 99885.9
CanImp 90.83 -0.72 107.37 88.04 4.97 9.37 27471.72 Panasonic 1411.5 -17.50 1853.5 1130 1.03 57.51 27862.59 Comcast 59.92 0.23 64.99 49.33 1.58 17.80 127697.78 Pfizer♦ 35.27 -0.25 36.46 27.51 3.05 25.16 217522.36
Total 42.97 -0.79 52.09 38.25 5.99 32.10 114681.47
CanNatRs 28.30 -1.67 47.53 28.25 3.37 18.73 23576.06 Seven & I 5736 -56.00 5998 3794.5 1.31 28.11 40916 Thailand (THB) ConocPhil♦ 47.68 -1.83 81.47 47.05 6.09 35.55 58811.3 Phillips66♦ 80.80 -2.45 87.98 57.33 2.54 10.45 43442.9
UnibailR 248.25 -2.70 262.00 180.70 3.94 14.05 27069.12
CanNatRy 78.05 -1.46 88.89 68.81 1.51 18.48 47378.64 ShnEtsuCh 7238 -200.00 8529 6434 1.40 22.88 25167.69 PTT Explor 273.00 -7.00 398.00 273.00 3.36 17.05 21922.13 Corning 17.74 -0.18 25.16 17.03 2.47 8.88 21748.09 PhilMorris 83.74 -0.28 90.25 75.27 4.75 17.62 129728.81
Vinci 57.80 -0.51 60.35 39.65 3.36 11.89 38217.11
Enbridge♦ 53.84 -1.38 66.14 47.43 3.17 216.92 35113.75 Softbank 7477 37.00 8760 6600 0.54 10.71 72240.59 United Arab Emirates (Dhs) Costco♦ 145.17 -0.46 156.85 119.24 1.03 27.16 63800.42 PNCFin 97.97 -1.03 100.52 76.69 1.98 13.47 50317.37
Vivendi 23.26 -0.14 24.83 17.32 4.40 -87.80 35169.78
GtWesLif 34.38 -0.09 37.70 29.30 3.86 12.14 26103.06 Sony 3331.5 -34.50 3970 1782 0.76 -53.70 33836.55 Emirtestele 13.45 - 15.85 9.41 4.94 14.10 31845.7 CrownCstl 85.43 0.10 89.44 74.45 3.27 56.65 28513.24 PPG Inds♦ 102.50 -2.07 118.95 85.78 1.33 25.43 27748.94
ImpOil 46.22 -1.32 57.96 44.08 0.88 17.48 29823.41 Germany (€)
SumitomoF 5448 -25.00 5770 3823 2.60 11.33 61992.24 United Kingdom (p) CSX 28.92 -0.70 37.99 28.73 2.27 14.49 28572.42 Praxair 112.42 -1.09 134.06 111.51 2.42 22.01 32205.14
Manulife 21.83 -0.24 24.20 18.91 3.05 13.65 32756.04 Allianz 149.75 -2.80 170.15 115.05 4.59 10.17 75658.9
Takeda Ph 6534 -49.00 6657 4337.5 2.78 -32.87 41537.68 AscBrFd 3222 -54.00 3293 2407 1.06 45.15 39914.47 CVS 106.76 -1.70 113.65 77.40 1.16 25.79 118982.55 Prec Cast 230.85 -0.03 249.12 186.17 0.05 22.54 31741.33
Potash 34.55 -0.25 47.10 33.74 5.41 14.64 21952.74 BASF 73.26 -2.05 97.22 64.27 3.77 13.51 74389.74
TokioMarine 5231 -164.00 5504 3102 1.84 15.85 31887.1 AstraZen♦ 4240 -70.00 4931.68 4019 4.21 71.49 83840.97 Danaher 90.63 -0.88 92.92 70.12 0.52 25.08 61944.52 Priceline 1291.35 -0.48 1395 990.69 - 28.90 65473.5
RylBkC♦ 75.76 0.16 83.87 71.74 4.34 10.59 83232.82 Bayer 125.60 -3.65 146.45 96.83 1.80 29.59 114827.19
Toyota 7897 -70.00 8783 5710 2.56 11.04 217203.9 Aviva 496.40 -12.60 578.68 458.20 3.65 12.99 31426.24 Deere 91.98 -1.93 98.23 78.88 2.66 12.31 30709.5 ProctGmbl 74.12 -1.01 93.89 74.02 3.48 24.34 201055.08
Suncor En 35.16 -1.17 44.72 30.89 3.33 35.06 38697.54 BMW 83.87 -2.00 123.75 74.74 3.47 10.25 55818.31
Mexico (Mex$) Barclays♦ 267.90 -6.15 289.90 204.05 2.43 119.97 70331.66 Delphi♦ 77.00 -0.85 90.57 58.23 1.29 17.23 21894.85 Prudntl 87.70 -1.43 94.30 74.51 2.58 15.47 39552.7
ThmReut♦ 53.32 0.03 54.47 39.45 3.26 16.76 31826.75 Continental 198.65 -6.10 234.25 136.85 1.64 15.73 43924.68
AmerMvl 15.56 0.04 17.64 14.90 1.76 - 40006.7 BG♦ 1045.5 -21.00 1420 780.55 1.75 -52.73 55877.97 Delta♦ 47.08 -0.28 51.06 30.12 0.76 20.90 37447.35 PublStor 216.86 0.01 217.99 162.34 2.71 38.07 37509.7
TntoDom 51.93 -0.38 58.20 49.67 4.08 11.51 73213.2 Daimler 73.83 -1.97 96.07 55.10 3.33 9.77 87322.81
FEMSA UBD 145.87 -2.95 154.14 116.20 0.79 27.51 31569.01 BP♦ 367.50 -6.25 499.25 364.40 7.03 -16.69 105124.58 DirectTV 93.55 1.36 95.51 82.04 - 16.82 47176.52 Qualcomm 61.18 -0.14 78.53 60.71 2.83 16.84 96126.15
TrnCan 46.24 -1.31 63.86 46.17 4.63 17.49 24955.41 Deut Bank 28.26 -0.50 33.42 22.66 2.66 23.71 43084.66
WalMrtMex 39.07 0.07 41.00 28.26 1.42 29.67 41312.14 BrAmTob 3657 -52.00 3894 3303 4.05 16.98 106677.98 DiscFinServ♦ 55.88 0.26 66.75 53.20 1.78 11.61 24324.94 Raytheon 109.60 -0.73 113.36 92.96 2.31 15.86 33268.86
ValeantPh 320.22 -5.65 347.84 119.22 - 101.52 83173.1 Deut Tlkm 15.83 -0.41 17.63 10.07 3.17 37.63 80620.09
BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 Disney 106.45 -0.49 122.08 78.54 1.69 22.24 179672.48 Regen Pharm 568.91 -0.76 605.93 320.06 - 143.97 57878.93
DeutsPost 25.74 -0.42 31.19 21.55 3.18 15.38 34459.58 Netherlands (€)
China (HK$) BT♦ 447.15 -7.30 481.75 351.90 2.55 17.16 58342.54 DominRes 76.14 0.05 80.89 65.53 3.26 26.16 45251.67 ReynoldsAm 84.95 -0.31 88.28 56.27 3.14 15.79 60701.08
E.ON 11.08 -0.32 15.46 11.07 1.27 -8.20 24500.1 Altice 27.06 0.29 143.20 25.61 - - 22282.66
AgricBkCh 3.37 -0.02 4.55 3.36 7.00 4.57 13359.71 Compass 1027 -11.00 1223.36 924.41 2.63 19.94 26478.45 DowChem 44.13 -0.62 54.97 41.45 3.68 13.05 51107.04 Salesforce 72.04 -0.54 78.46 51.04 - -277.62 47258.24
Fresenius Med 73.45 -0.73 82.32 50.75 1.05 23.49 25262.41 ASML Hld 81.51 -3.45 104.85 68.29 0.86 26.18 39048.93
Bk China 4.00 -0.03 5.68 3.42 6.46 5.23 43138.22 Diageo♦ 1745 -22.00 2055 1689.5 3.07 18.45 68679.98 DukeEner♦ 77.21 0.97 89.97 70.24 4.10 23.09 53145.99 Schlmbrg 80.67 -2.48 112.00 75.60 2.22 24.06 102083.77
Fresenius SE 65.77 -0.71 66.56 36.00 0.67 30.47 31720.07 Heineken 74.91 -0.88 77.77 52.76 1.31 25.91 47702.51
BkofComm 6.41 -0.09 8.61 5.29 5.35 5.41 28943.61 GlaxoSmh♦ 1378.5 -24.50 1645 1296.5 5.80 6.93 104974.18 DuPont♦ 53.15 -0.75 76.61 52.36 3.56 15.95 48092.14 Shrwin-Will♦ 281.92 -3.15 294.35 202.01 0.86 28.76 26277.95
HenkelKgaA 82.49 -0.61 99.44 66.70 1.57 20.66 23692.48 ING 14.21 -0.32 16.00 9.68 - 30.09 60788.04
BOE Tech 2.48 -0.31 4.78 1.12 1.62 26.01 63.63 Glencore 158.95 -17.15 373.70 158.95 6.90 14.12 33026.71 Eaton♦ 58.65 -1.17 73.82 57.11 3.53 12.75 27418.88 SimonProp♦ 193.19 -1.59 206.31 162.43 2.83 40.44 60132.47
Linde 164.40 -4.60 195.55 142.85 1.92 28.90 33757.35 Unilever♦ 38.51 -0.75 42.75 28.75 3.01 22.67 72994.36
Ch Evrbrght 3.94 0.03 5.65 3.47 5.76 4.82 3490.21 HSBC♦ 540.60 -15.40 674.57 539.97 6.01 12.19 165312.96 eBay 27.43 -0.34 29.35 19.50 - 11.51 33416 SouthCpr♦ 26.69 -0.30 33.31 23.60 1.64 17.44 21272.31
MuenchRkv 166.55 -1.85 206.50 141.10 4.46 9.21 31843.71 Norway (Kr)
ChCommsCons 10.20 -0.30 17.00 5.45 2.43 8.85 5824.2 ImpTob 3224 -16.00 3413 2482.72 3.97 16.14 48284.37 Ecolab 114.86 -1.04 118.46 97.78 1.10 28.40 33894.29 Starbucks♦ 57.59 -0.24 59.32 35.39 1.05 32.62 85475.08
SAP 62.76 -0.24 70.81 50.08 1.76 24.40 85238.66 DNB 124.90 -0.40 143.00 100.90 3.21 8.72 24399.36
ChConstBk 6.02 -0.09 7.98 5.34 6.57 4.97 186655.2 LlydsBkg♦ 78.91 -1.37 89.35 70.90 0.95 42.89 88230.78 EMC 26.15 -0.27 30.92 24.74 1.75 21.36 50331.59 StateSt 77.95 -0.43 81.26 64.21 1.58 18.54 31812.41
Siemens 92.20 -2.53 106.35 80.17 3.59 13.53 89801.55 Statoil♦ 128.00 -1.80 182.50 118.20 5.93 -9.85 48951.38
China Vanke - - - - - - - Natl Grid 874.60 -3.90 965.00 815.70 4.83 16.39 51303.88 Emerson♦ 49.73 -0.38 65.94 47.83 3.68 13.89 32679.58 Stryker 104.53 0.22 105.34 77.87 1.28 43.08 39361.63
Volkswgn 171.00 -4.20 254.50 147.35 2.81 7.76 55786.28 Telenor 168.70 -1.30 186.10 128.90 2.38 22.92 30379.24
ChinaCitic 5.30 0.02 7.40 4.66 6.34 4.62 10172.26 Prudential 1514.5 -3.50 1761.5 1287 2.44 15.42 60931.47 EOG Res 77.07 -3.34 110.47 72.87 0.81 30.63 42324.65 Sychrony Fin 34.96 -0.18 36.40 23.20 - 13.49 29148.42
ChinaLife♦ 26.75 -0.70 41.00 21.00 1.48 15.49 25670.94 Hong Kong (HK$) Qatar (QR) EquityResTP 76.47 -1.24 82.53 60.44 2.74 32.35 27841.37 Target♦ 80.87 0.57 85.81 58.25 2.51 20.17 51634.82
RBS 332.20 -8.50 414.00 326.10 - -23.16 33630.95
ChinaMBank 19.92 -0.02 26.85 13.12 4.10 6.54 11794.07 AIA♦ 45.00 -1.00 58.20 39.10 0.99 20.22 69916.96 QatarNtBk 176.00 -1.10 237.00 173.50 4.24 11.28 33817.74 Exelon♦ 34.18 0.58 38.93 30.63 3.61 12.70 29450.09 TE Connect 62.38 0.02 73.73 51.03 1.91 13.73 25100.74
ReckittB♦ 5885 -78.00 6300 4895 2.36 25.00 65488.68
ChinaMob 98.40 -1.80 118.00 85.00 3.21 14.65 259834.45 BOC Hold 28.35 -0.10 33.70 23.85 3.57 12.15 38656.2 ExpScripts 89.79 -0.08 94.61 68.78 - 29.67 60673.89 Telsa Mtrs 255.25 -5.47 291.42 181.40 - -61.96 32453.03
Russia (RUB) RELX♦ 1069 -15.00 1199 921.50 2.33 100.59 34523.74
ChinaPcIns 29.70 -0.90 47.10 26.55 1.78 15.97 10630.26 Ch OSLnd&Inv 23.00 0.10 34.05 19.80 2.14 6.77 29248.75 ExxonMb♦ 76.23 -1.67 100.31 75.93 3.65 13.63 317837.08 TexasInstr 49.20 -0.71 59.99 41.47 2.67 17.50 50498.18
Gzprm neft 140.80 -1.85 166.94 113.73 6.13 8.50 50444.23 RioTinto♦ 2323 -89.00 3464.5 2311.5 5.87 23.11 50711.04
ChinaRailCons 11.36 -0.24 17.70 6.92 1.51 9.14 3041.9 ChngKng 57.30 -1.30 77.55 55.95 - - 28522.18 Facebook 95.31 0.14 99.24 70.32 - 97.88 215375.49 TheTrvelers 107.22 -0.60 110.49 90.83 2.10 9.81 33367.47
Lukoil 2468.5 -22.50 3297.7 1913 3.05 7.43 31775.04 RollsRoyce 762.00 -28.00 1061 717.50 3.03 -56.04 21923.53
ChinaRailGp 7.74 -0.14 12.30 3.98 1.13 11.96 4199.82 Citic Ltd 14.62 -0.22 16.68 11.64 1.82 8.86 54849.4 Fedex 164.95 -0.71 185.19 147.03 0.50 43.97 46598.52 ThrmoFshr 133.73 -1.59 141.25 107.33 0.45 27.47 53289.75
MmcNrlskNckl 9725 -85.00 12247 6766 14.37 11.59 23289.88 RylDShlA♦ 1729 -35.00 2475.5 1725.5 7.02 12.81 106003.31
ChinaUntdComns - - - - - - - Citic Secs 20.55 -0.15 40.50 16.30 0.97 12.39 6038.16 FordMtr♦ 14.77 -0.06 17.87 13.26 3.71 16.07 57558.48 TimeWrnr 77.82 -1.19 91.34 67.78 1.71 18.55 63468.55
Novatek 571.70 -12.30 601.50 364.50 10.73 27.51 26270 SABMill 3221.5 -68.50 3857 3105 2.20 23.50 81543.75
ChMinsheng 8.40 -0.01 11.88 6.97 2.78 5.06 7511.28 CK Hutchison 108.70 -2.20 174.90 103.00 3.27 4.66 54107.53 Franklin 43.27 -0.62 59.43 42.88 1.31 11.67 26559.91 TimeWrnrC 191.48 0.38 194.22 128.78 1.95 27.75 54183.91
Rosneft 241.05 -2.20 294.20 183.95 6.39 6.70 38662.05 Shire 5075 -170.00 5870 3448.28 0.28 15.37 47010.39
ChMrchSecs RMB 20.53 0.40 40.00 10.59 2.09 11.87 15418.29 CNOOC 9.41 -0.06 15.80 9.36 6.07 5.58 54183.26 GenDyn 152.75 -0.53 153.76 114.73 1.71 17.75 49296.57 TJX Cos♦ 74.87 -1.91 76.93 56.49 0.95 22.96 50940.43
Sberbank 71.50 -0.95 81.30 47.21 - 4.81 23358.37 StandCh♦ 826.00 -22.70 1250.18 825.00 6.69 18.38 32917.92
ChShenEgy 14.66 -0.12 24.40 14.26 8.18 6.89 6425.53 HangSeng♦ 146.40 -3.80 162.10 123.20 3.81 10.53 36096.93 GenElectric 25.73 -0.34 28.68 23.41 3.52 50.24 259781.12 T-MobileUS 41.86 -0.18 42.56 24.26 - 124.43 34110.65
Surgutneftegas 33.98 -0.94 39.80 21.82 2.11 1.22 18371.74 Tesco 194.75 -3.85 253.70 155.40 5.80 -2.77 24796.55
ChShpbldng RMB 14.85 0.15 20.19 4.86 0.34 126.93 41697.24 HK Exc&Clr 200.40 -2.60 311.40 162.00 1.87 40.09 30947.6 GenMills 58.53 -0.41 59.87 48.32 2.93 28.92 35100.83 UnionPac 92.16 -0.62 124.52 91.23 2.27 15.92 79966.46
Saudi Arabia (SR) Vodafone 235.00 -4.60 258.00 179.10 4.71 10.97 97620.93
ChStConEng RMB 7.00 0.11 12.52 3.10 2.22 8.14 32725.85 MTR 36.50 -0.30 40.00 29.95 2.53 13.54 27530.43 GenMotors 31.63 -0.08 39.00 28.82 3.96 11.73 50101.84 UPS B♦ 102.31 -0.45 114.40 94.05 2.72 23.98 71458.24
AlRajhiBnk 60.08 -1.30 79.50 48.40 3.21 14.74 26030.5 WPP 1400 -25.00 1616 1091 2.52 17.38 28391.88
ChUncHK 10.32 -0.14 16.00 9.68 2.08 16.31 31871.89 SandsCh 31.60 -1.10 54.90 25.90 5.49 12.87 32883.76 GileadSci 116.21 -0.85 123.37 85.95 0.37 12.33 170550.44 USBancorp 45.36 -0.39 46.26 38.10 2.17 14.57 79879.15
SHK Props 106.50 -1.40 137.60 106.30 3.16 9.71 39510.68 Natnlcombnk 57.46 -0.92 72.75 49.50 - 13.31 30558.22 United States of America ($)
CNNC International Ltd - - - - - - - GoldmSchs 200.95 -0.23 218.77 171.26 1.19 11.96 86985.43 UtdHlthcre 123.22 -2.28 126.21 80.72 1.31 19.71 117497.98
Tencent 139.60 0.20 171.00 104.50 0.26 40.15 169233.5 SaudiBasic 89.57 0.63 136.50 70.25 5.93 11.02 71644.53 3M♦ 145.87 -1.42 170.50 130.60 2.56 19.14 91131.61
CSR 9.50 -0.17 20.70 6.80 1.25 18.15 5355.34 Google 694.04 5.31 713.33 490.91 - 34.68 201192.67 UtdTech♦ 98.21 -1.20 124.45 96.65 2.49 14.16 87465.6
SaudiTelec♦ 61.86 -1.50 76.50 55.00 6.03 11.49 32986.72 AbbottLb 49.84 -0.60 51.74 39.28 1.84 31.82 74283.6
Daqin RMB 10.44 0.23 15.15 7.19 4.48 10.00 24268.55 India (Rs) Halliburton 39.30 -1.71 70.50 37.21 1.75 23.13 33591.64 ValeroEngy♦ 67.87 -1.60 71.50 42.53 1.98 7.81 33738.98
Singapore (S$) Abbvie 68.59 -0.27 71.60 52.06 2.67 53.47 113535.4
Gree Elctrc 0.23 -0.01 0.45 0.13 - -1.92 328.13 Bhartiartl♦ 382.55 -3.00 452.45 335.80 0.93 30.16 23470.26 HCA Hold 89.82 -0.66 95.49 62.50 - 18.49 37292.55 Verizon 47.44 -0.02 51.73 45.09 4.61 19.89 192876.4
DBS♦ 18.71 -0.12 21.50 17.68 3.22 24.83 33356.6 Accenture 102.87 -0.99 105.37 73.98 2.03 22.67 82047.15
GuosenSec - - - - - - - HDFC Bk 1081.85 -4.50 1128 819.00 0.75 27.14 41740.91 Hew-Pack 27.74 -0.65 41.10 27.61 2.35 10.89 50109.95 VertexPharm 141.48 1.72 143.45 88.38 - -46.25 34613.86
JardnMt US$♦ 52.00 - 67.88 50.45 2.72 11.24 36327.55 Ace 109.73 -0.75 117.89 99.55 2.97 12.40 35531.12
HaitongSecs 13.70 0.14 27.90 11.50 1.17 9.50 6024.16 Hind Unilevr 876.20 3.35 981.00 701.35 1.34 46.93 29083.79 HiltonWwde♦ 25.71 -0.13 31.60 20.72 - 39.16 25387.36 VF Cp 75.58 -0.61 77.83 61.75 1.61 31.44 32170.02
JardnStr US$♦ 29.48 0.08 37.84 29.00 0.91 10.50 33020.62 Actavis 298.98 -2.94 317.72 201.91 - -34.92 117333.1
Hangzhou - - - - - - - HsngDevFin 1256.3 -9.80 1402.3 975.00 1.15 22.41 30395.44 HomeDep 122.76 -0.04 123.80 86.35 1.66 24.47 159462.3 Viacom 43.13 -0.11 82.23 39.28 3.21 10.10 14985.95
OCBC♦ 9.45 -0.05 10.92 9.45 3.95 8.77 27249.08 Adobe 85.48 -0.97 87.25 58.51 - 115.93 42538.73
Hunng Pwr - - - - - - - ICICI Bk 304.50 3.40 393.40 280.35 3.32 13.24 27130.55 Honywell♦ 105.04 -1.17 107.41 82.89 1.90 18.92 82116.32 Visa Inc♦ 74.40 -0.07 76.92 48.80 0.62 31.37 145183.21
SingTel 4.03 - 4.57 3.63 4.33 15.95 45734.63 AEP♦ 58.80 0.53 65.38 51.49 3.54 16.61 28844.91
In&CmBkCh 5.06 -0.06 7.10 4.74 6.82 4.92 56639.19 Infosys 1175.55 11.20 2336 932.65 3.23 20.65 41237.8 HumanaInc 189.40 -1.13 219.79 121.04 0.59 22.52 28058.41 Walgreen♦ 91.41 -0.53 97.30 58.39 1.51 22.89 99845.56
UOB♦ 19.82 -0.09 25.05 19.65 3.67 9.72 22604.54 Aetna 122.18 -2.03 134.40 71.81 0.77 18.61 42591.95
IndstrlBk RMB 15.09 0.05 21.42 9.99 3.31 5.44 38175.32 ITC 316.90 2.05 409.95 294.00 1.70 27.90 39012.09 IBM♦ 153.94 -2.07 195.00 149.52 2.97 10.30 150788.82 WalMartSto 68.57 -0.91 90.97 67.77 2.88 13.78 220833.02
Aflac♦ 63.05 -1.53 65.10 54.99 2.43 10.64 27155.26
InnrMnglia - - - - - - - L&T 1814.7 14.55 1893.8 1401 0.81 29.42 25917.51 South Africa (R) IllinoisTool 88.85 -1.08 100.14 79.06 2.17 17.96 32526.97 Wellpoint 128.71 0.94 129.96 81.84 1.64 12.65 34744.16
AirProd 144.65 -1.38 158.20 118.20 2.17 30.44 31097.21
Kweichow RMB 201.62 0.56 290.00 145.50 2.14 14.55 39602.01 OilNatGas 260.60 -0.20 457.95 257.10 3.83 8.21 34219.31 Firstrand 52.10 -1.21 58.47 40.27 3.75 12.86 22568.93 Illumina 205.65 -1.35 242.37 145.12 - 63.18 29757.56 WellsFargo♦ 57.06 -0.48 58.77 46.44 2.48 13.97 292909.48
Alexion 184.96 -2.46 208.88 150.06 - 63.50 41829.56
Midea 2.06 -0.04 2.68 1.65 4.87 9.89 57.13 RelianceIn 954.60 10.50 1067.85 796.45 1.03 11.75 47442.8 MTN Grp 194.55 -2.65 263.44 192.76 6.41 9.94 27726.43 Intcntl Exch 243.98 -0.07 245.91 184.27 0.84 25.14 26957 Williams Cos 53.01 -0.85 61.38 40.07 4.32 19.51 39742.19
Allstate 63.66 0.09 72.87 59.28 1.81 10.76 25488.82
NewChinaIns♦ 32.30 0.20 56.55 26.20 0.62 9.04 4307.7 SBI NewA 278.00 -6.80 336.00 234.61 1.10 12.65 32283.16 Naspers N 1674.64 -23.25 2029.97 1130.01 0.29 42.95 54213.38 Intel♦ 28.36 -0.55 37.90 27.62 3.26 12.09 134823.44 Yahoo 35.19 -0.50 52.62 33.85 - 4.90 33127.54
Altria 54.81 -0.39 56.70 42.30 3.78 21.31 107465.69
PetroChina 7.08 -0.08 11.70 7.02 6.08 12.62 19264.98 SunPhrmInds 927.75 38.00 1200.8 748.00 0.17 31.34 34265.54 South Korea (KRW) Intuit 106.27 0.55 109.21 77.96 0.90 93.59 29295.33 Yum!Brnds 86.09 1.89 95.90 65.81 1.85 42.36 37122.49
Amazon 532.92 -2.10 580.57 284.00 - -1324.81 249252.13
PingAnIns 40.30 -1.20 62.90 28.53 1.15 10.83 38707.66 Tata Cons 2733.6 -7.30 2839.7 2345 1.45 26.34 82179.1 HyundMobis 208500-1000.00 295500 185500 1.62 8.44 16804.05 John&John 99.31 -0.06 109.49 95.10 2.86 17.58 274999.94 Venezuela ()
AmerAir♦ 43.53 -0.10 56.20 28.10 0.91 7.56 29244.35
PngAnBnk RMB 12.23 -0.04 17.50 8.32 1.46 7.68 22572.66 Indonesia (Rp) KoreaElePwr 50600 -200.00 53100 38750 1.11 8.45 27402.89 JohnsonCn 44.62 -0.90 54.52 38.60 2.23 16.50 29184.58 BancodeVnzl - - - - - - -
AmerExpr 80.95 -0.29 94.89 74.30 1.63 14.18 81053.88
PwrCnstrctn - - - - - - - Bk Cent Asia 12700 -275.00 15600 11200 1.20 17.65 22619.99 SK Hynix 33000-2050.00 51700 32650 0.96 4.86 20266.62 JPMrgnCh 67.60 -0.61 70.61 54.26 2.41 12.26 249989.35 Bnc Prvncl - - - - - - -
AmerIntGrp 62.92 -0.79 64.93 48.56 0.79 12.43 81411.37
SaicMtr RMB 18.37 0.13 29.18 16.43 7.10 6.55 31669.07 SmsungEl♦ 1154000 23000 1510000 1078000 1.95 6.65 125887.29 Kimb-Clark 115.37 -0.67 119.01 99.57 2.97 65.56 42026.41 Mrcntl Srvcs - - - - - - -
Israel (ILS) AmerTower 100.40 -0.09 105.20 90.20 1.59 60.66 42497.21
ShenwanHong - - - - - - - Spain (€) KinderM 33.58 -0.36 44.71 31.09 5.33 47.35 73605.25
TevaPha 266.70 2.60 275.90 180.20 1.91 23.47 66487.42 Amgen♦ 166.57 -1.15 181.81 127.67 1.67 22.19 126301.76
ShgPdgBk RMB 15.00 0.13 19.17 9.36 4.78 5.42 34999.88 Kraft 88.19 -0.11 91.32 53.33 2.45 45.49 52233.16 Closing prices and highs & lows are in traded currency (with variations for that
Italy (€) BBVA 8.80 -0.18 9.91 7.21 0.91 13.22 61314.59 Anadarko 72.38 -4.26 113.51 69.40 1.48 -14.67 36769.92
Sinopec 5.58 -0.10 8.23 5.55 5.71 14.38 18360.24 Kroger♦ 37.36 -1.24 39.43 24.99 0.95 19.61 18146.19 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 4.16 -0.10 4.50 3.36 3.20 81.26 43246.7 BcoSantdr 5.87 -0.06 7.96 5.77 10.22 12.19 92861.12 Aon Cp 101.04 -1.39 107.08 78.26 1.03 23.18 28295.54
Sinopec - - - - - - - L Brands♦ 81.18 0.33 95.78 62.46 1.91 20.97 23701.68 based on intraday trading over a rolling 52 week period.
ENI 14.93 -0.46 19.64 12.98 7.52-679.21 59985.17 CaixaBnk 3.93 -0.03 5.00 3.71 1.02 24.48 25062.06 Apple 115.01 -1.49 134.54 95.18 1.67 13.36 655870.06
Denmark (kr) Iberdrola 6.30 -0.03 6.49 5.11 2.47 16.05 43461.23 LasVegasSd 50.69 -1.13 69.77 49.57 4.51 17.18 40422.8 ♦ ex-dividend
Generali 17.60 -0.31 19.21 14.40 3.42 13.42 30293.05 ArcherDan♦ 46.72 -0.96 53.91 41.63 2.21 12.95 28449.65
DanskeBk 215.50 -2.40 218.00 139.20 2.56 33.55 32197.55 Inditex 30.83 -0.34 32.54 19.29 1.35 35.56 106227.97 LibertyGbl 52.04 -0.41 58.66 39.95 - -32.40 13140.52 ■ ex-capital redistribution
IntSPaolo 3.40 -0.06 3.65 2.00 1.50 29.21 59634.56 AT&T 34.36 0.01 36.45 32.07 5.42 34.19 211348.36
MollerMrsk 12330 -240.00 16450 11020 2.51 14.34 39193.06 Repsol 14.12 -0.27 19.50 14.12 - 19.16 21459.42 Lilly (E)♦ 83.77 0.38 90.18 60.58 2.35 43.71 92862.44 # price at time of suspension
Luxottica 63.70 -1.80 67.80 34.74 1.13 40.43 34036.53 AutomData 84.47 -0.22 90.23 70.50 2.30 29.38 39346.98
NovoB 392.60 -5.40 415.00 244.50 1.28 32.62 119951.5 Telefonica 13.35 -0.11 14.31 10.76 3.00 20.51 72886.35 Lockheed 211.28 -1.39 213.34 166.28 2.75 18.86 65609.74
Unicred 6.19 -0.06 6.61 4.82 1.95 16.42 40802.43 Avago Tech 121.45 -0.79 150.50 68.75 1.12 48.04 31544.17
Lowes 74.37 1.35 76.25 49.70 1.26 25.88 69363.83

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
SBI NewA 278.00 284.80 -6.80 -2.39 21.65 8.4 2.55 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Aug 19 date Coupon S* M* F* price yield yield yield US Aug 19 date Coupon S* M* F* price yield yield yield US
Lowes 74.37 73.02 1.35 1.85 5.40 7.8 10.13 Firstrand 52.10 53.31 -1.21 -2.27 -5343.90 -99.0 -5.62 High Yield US$ US$
Telsa Mtrs 255.25 260.72 -5.47 -2.10 17.08 7.2 -7.07 MTN Grp 194.55 197.20 -2.65 -1.34 -19770.45 -99.0 -10.45 Windstream Services, LLC 11/17 7.88 BB- B2 BB 103.72 6.12 0.00 -0.41 5.42 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 115.48 4.48 0.00 -0.21 2.32
SunPhrmInds 927.75 889.75 38.00 4.27 61.60 7.1 -2.10 Naspers N 1674.64 1697.89 -23.25 -1.37 -160825.36 -99.0 -11.72 High Yield Euro Bank of America Corporation 10/26 4.25 BBB+ Baa3 A- 98.63 4.45 0.00 -0.15 2.29
TJX Cos 74.87 76.78 -1.91 -2.49 4.80 6.9 8.92 SandsCh 31.60 32.70 -1.10 -3.36 -4.90 -13.4 -1.71 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- 99.30 4.43 0.00 -0.18 2.27
Yum!Brnds 86.09 84.20 1.89 2.24 5.41 6.7 -2.04 Glencore 158.95 176.10 -17.15 -9.74 -21.25 -11.8 -34.62 Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 97.64 7.17 0.00 0.01 -
Fresenius SE 66.48 66.48 0.00 0.00 3.81 6.1 4.95 PTT Explor 273.00 280.00 -7.00 -2.50 -35.00 -11.4 -18.26 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 120.26 4.46 0.00 -0.21 -
Perrigo 195.44 195.54 -0.10 -0.05 9.38 5.0 5.15 BOE Tech 2.48 2.79 -0.31 -11.11 -0.28 -10.1 -18.42 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.52 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 119.93 4.79 0.00 -0.21 -
Exelon 34.18 33.60 0.58 1.73 1.49 4.6 2.06 BOC Hold 28.35 28.45 -0.10 -0.35 -3.15 -10.0 -11.41 Mexico 09/16 11.40 BBB+ A3 BBB+ 111.20 0.81 -0.05 0.12 0.10
Brazil 01/18 8.00 BBB- Baa3 BBB 108.43 4.25 0.07 -0.06 3.54 Euro
ICICI Bk 304.50 301.10 3.40 1.13 12.85 4.4 -4.08 PingAnIns 40.30 41.50 -1.20 -2.89 -4.25 -9.5 -16.95 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 107.12 2.13 0.00 -0.25 -0.03
HomeDep 122.76 122.80 -0.04 -0.03 5.07 4.3 7.24 ChinaLife 26.75 27.45 -0.70 -2.55 -2.80 -9.5 -15.08 Russia 07/18 11.00 BB+ Ba1 BBB- 120.45 3.60 0.00 0.12 2.90
Peru 03/19 7.13 BBB+ A3 BBB+ 116.52 2.34 0.00 -0.03 0.78 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 95.27 3.12 0.00 0.02 -
Aetna 122.18 124.21 -2.03 -1.63 4.88 4.2 8.20 ChinaPcIns 29.70 30.60 -0.90 -2.94 -3.00 -9.2 -14.16 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 111.80 2.11 0.00 -0.21 -
UnibailR 248.25 250.95 -2.70 -1.08 9.70 4.1 0.71 Petrobras 10.02 10.02 0.00 0.00 -1.01 -9.2 -22.58 Brazil 01/21 7.88 BBB- Baa3 BBB 102.75 4.30 0.00 0.10 2.74
Turkey 03/21 5.63 - Baa3 BBB- 106.07 4.44 0.00 0.39 2.89 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 108.67 2.14 0.00 -0.17 -
NovoB 392.60 398.00 -5.40 -1.36 15.30 4.1 -2.17 RioTinto 2323.00 2412.00 -89.00 -3.69 -231.50 -9.1 -10.41
Poland 04/21 5.13 A- A2 A- 112.54 2.74 0.00 -0.12 1.19 Yen
Cigna 149.15 148.49 0.66 0.44 5.80 4.0 -2.78 Ch OSLnd&Inv 23.00 22.90 0.10 0.44 -2.25 -8.9 -14.02
Colombia 07/21 4.38 BBB Baa2 BBB 103.35 3.77 0.00 0.14 2.22 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Williams Cos 53.01 53.86 -0.85 -1.58 1.90 3.7 -8.08 SK Hynix 33000.00 35050.00 -2050.00 -5.85 -3100.00 -8.6 -17.40
Mnstr Bvrg 147.25 150.52 -3.27 -2.17 5.10 3.6 5.13 SaicMtr 18.37 18.24 0.13 0.71 -1.69 -8.4 -24.62 Turkey 04/26 4.25 - Baa3 BBB- 92.56 5.23 0.00 0.42 3.07 £ Sterling
AutomData 84.47 84.69 -0.22 -0.26 2.92 3.6 2.52 ChStConEng 7.00 6.89 0.11 1.60 -0.64 -8.4 -14.00 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 127.78 3.65 0.01 0.03 1.49
MollerMrsk 12330.00 12570.00 -240.00 -1.91 420.00 3.5 -0.08 AIA 45.00 46.00 -1.00 -2.17 -4.05 -8.3 -11.33 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- 106.32 3.31 0.01 -0.14 1.15
Intcntl Exch 243.98 244.05 -0.07 -0.03 7.80 3.3 5.29 SHK Props 106.50 107.90 -1.40 -1.30 -9.40 -8.1 -14.46 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.79 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+ 109.80 3.12 0.00 -0.07 1.57 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- 116.47 3.81 0.00 -0.01 1.65
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 19 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Aug 19 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 0.14 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 15.25 1.46 13.79 31.06 10.88 Aug 19 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 15.68 1.38 14.30 23.19 7.04 Tr 2pc '16 100.64 0.48 -2.04 -4.00 -5.88 -30.43 101.97 100.64 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 171.09 -0.12 -2.29 -4.04 -3.02 -5.55 VXN 17.36 1.36 16.00 31.17 11.15 Tr 1.75pc '17 101.69 0.55 -5.17 1.85 -12.70 -46.60 102.68 101.59 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 294.46 -0.39 -0.50 0.32 1.09 5.74 VDAX 22.20 0.95 21.25 27.09 - Tr 5pc '18 110.80 0.72 -2.70 2.86 -15.29 -48.20 113.65 110.64 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 250.39 0.23 -0.12 -0.03 -0.12 -0.03 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.10 1.02 -1.92 2.00 -12.82 -38.18 115.07 111.71 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 211.87 -0.09 -0.03 -0.39 0.55 1.83 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.37 1.26 -2.33 3.28 -11.89 -32.62 119.04 114.45 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 223.55 -0.20 -0.08 0.85 0.99 4.76 Tr 8pc '21 136.20 1.46 -1.35 3.55 -11.52 -27.72 142.92 135.31 0.24
Gilts( £) 286.80 -0.44 0.20 0.41 2.48 8.05 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.17 1.55 -1.27 4.03 -10.92 -27.57 119.85 112.16 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 248.76 0.02 -0.03 -0.83 1.77 -4.06 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.46 1.85 -1.07 3.93 -11.06 -26.00 134.70 122.10 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 294.67 -0.37 -0.29 0.40 1.26 5.82 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.54 2.07 -0.96 4.02 -10.00 -23.33 131.90 116.13 0.31
Aug 19 (Libor: Aug 18) night Day Week Month month month month year Overall ($) 225.98 0.23 0.21 0.81 0.21 0.81 Australia 10/18 3.25 103.96 1.95 -0.02 0.02 -0.03 -0.86 Tr 4.25pc '32 126.35 2.34 -0.43 4.00 -8.95 -19.31 136.85 117.16 0.35
US$ Libor 0.13250 0.000 0.006 -0.002 0.20275 0.33285 0.52930 0.84435 Overall( £) 286.48 -0.42 0.05 0.41 2.11 7.34 04/26 4.25 112.95 2.83 -0.04 0.02 -0.13 -0.72 Tr 4.25pc '36 128.77 2.46 -0.40 4.24 -8.89 -18.00 140.37 117.65 0.26
Euro Libor -0.18000 0.000 0.000 -0.004 -0.10429 -0.02643 0.05271 0.15743 Overall(€) 219.69 -0.15 -0.04 0.55 0.84 3.82 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 139.24 2.51 0.00 4.58 -8.73 -17.43 153.16 124.52 0.26
£ Libor 0.48250 0.001 0.001 -0.003 0.50538 0.58625 0.75188 1.06088 Treasuries ($) 217.77 0.26 0.44 1.26 0.44 1.26 10/25 1.20 102.67 0.92 -0.01 0.03 -0.09 0.00 Tr 3.75pc '52 131.00 2.47 0.00 4.22 -9.52 -19.28 145.21 112.07 0.22
Swiss Fr Libor -0.004 -0.78600 -0.72700 -0.67900 -0.57100 FTSE Belgium 06/18 0.75 101.74 0.13 0.00 0.05 -0.04 -0.36 Tr 4pc '60 142.89 2.42 -0.41 4.31 -10.04 -20.13 159.23 119.83 0.21
Yen Libor 0.002 0.05657 0.09429 0.13229 0.24043 Sterling Corporate (£) 111.12 -0.20 - - 0.70 0.72 06/25 0.80 98.33 0.98 -0.01 0.03 -0.09 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.001 -0.08900 -0.02800 0.04300 0.15900 Euro Corporate (€) 107.24 -0.07 - - 0.37 -1.07 Canada 05/17 0.25 99.80 0.37 -0.05 -0.04 -0.06 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 867.54 -6.30 - - -7.03 -9.30 06/26 1.50 100.07 1.49 -0.06 -0.06 -0.20 0.00
US$ CDs
Euro CDs
0.000
0.000
0.17000
-0.10500
0.26000
-0.06500
0.41000
-0.00500
Eurozone Govt Bond 113.48 -0.09 - - 0.69 1.66 Denmark 11/16 2.50 103.51 -0.33 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 108.93 0.84 0.00 0.08 -0.06 -0.54
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 99.59 1.15 0.00 0.09 -0.03 0.00
Fixed Coupon Aug 19 chg % Return 1 month 1 year Yield
Aug 19 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 99.06 0.06 2353.77 0.41 2.30 1.04
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 312.59 2.75 4.71 47.27 356.33 242.25 France 11/16 0.25 100.55 -0.18 0.00 0.00 0.00 0.00
2 5 - 10 Years 180.02 0.14 3203.84 1.41 5.60 1.67
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 67.43 0.58 1.11 7.43 81.85 52.94 11/19 0.50 101.83 0.07 -0.01 0.03 -0.07 -0.39
3 10 - 15 Years 205.91 0.19 3759.54 2.41 8.62 2.05
Swiss Franc - - - - - - - - - - - - Japan 5Y 57.04 -0.62 -0.19 1.51 64.46 48.09 05/25 0.50 95.65 0.97 0.00 0.05 -0.08 0.00
4 5 - 15 Years 186.01 0.15 3337.93 1.63 6.46 1.79
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 75.78 0.81 -1.26 7.62 100.19 62.28 05/45 3.25 130.67 1.89 -0.01 0.04 -0.09 -0.50
5 Over 15 Years 298.68 0.15 4285.47 4.86 13.39 2.45
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 0.25 101.27 -0.23 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 173.04 0.12 3201.73 2.48 7.57 2.22
Japanese Yen -0.05 0.05 -0.05 0.05 -0.10 0.10 -0.10 0.10 -0.05 0.15 0.00 0.20 10/20 0.25 101.17 0.02 -0.01 0.00 -0.08 0.00
Emerging Markets 5Y 343.46 -0.85 15.32 41.96 344.31 278.35 08/25 1.00 103.65 0.62 -0.03 0.02 -0.13 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 382.35 1.54 13.51 43.32 382.35 337.73 08/46 2.50 130.48 1.30 -0.02 0.02 -0.16 -0.58
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Aug 19 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 76.51 0.16 2.83 10.46 76.54 60.22 Greece 07/17 3.38 87.57 10.95 0.23 -3.14 -11.68 7.41
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 309.40 0.03 -0.10 -2.46 2352.59 -0.10 -1.11
02/25 3.00 64.89 9.17 -0.01 -0.94 -2.53 3.08 2 Over 5 years 583.69 -0.05 4.31 13.46 4299.01 4.31 14.38
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 112.00 -0.05 0.00 0.00 0.00 0.00 3 5-15 years 431.22 -0.01 1.09 1.87 3268.38 1.09 3.21
03/25 5.40 137.12 1.25 0.01 0.07 -0.14 -0.87 4 Over 15 years 724.83 -0.07 5.62 19.24 5240.98 5.62 19.97
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.86 0.30 0.00 0.04 -0.05 0.00 5 All stocks 538.78 -0.04 3.64 11.69 4017.65 3.64 12.68
05/20 0.70 99.53 0.80 0.00 0.04 -0.08 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 97.32 1.81 0.01 0.01 -0.13 0.00 Yield Indices Aug 19 Aug 18 Yr ago Aug 19 Aug 18 Yr ago
Crude Oil† Sep 40.94 -1.97 Corn♦ Sep 367.25 1.50 Aug 18 Aug 18 Prev return stock Market stocks
09/46 3.25 110.00 2.79 0.00 -0.01 -0.24 0.00 5 Yrs 1.32 1.34 1.75 20 Yrs 2.48 2.49 3.00
Brent Crude Oil‡ 46.86 -1.73 Wheat♦ Sep 496.50 1.25 Can 4.25%' 21 130.10 -0.465 -0.481 -0.23 5.18 71536.58 7
Japan 08/17 0.10 100.19 0.00 0.00 0.00 0.00 0.00 10 Yrs 1.98 1.99 2.50 45 Yrs 2.44 2.44 3.05
RBOB Gasoline† Aug 1.55 -0.09 Soybeans♦ Sep 905.50 -7.75 Fr 2.25%' 20 113.64 -0.476 -0.552 -1.08 20.31 207294.08 14
09/20 0.05 99.69 0.11 0.00 0.00 0.00 0.00 15 Yrs 2.33 2.34 2.85
Heating Oil† Aug 1.55 -0.02 Soybeans Meal♦ Sep 325.40 1.50 Swe 0.25%' 22 108.24 -0.808 -0.818 -0.16 30.88 219732.92 6
06/25 0.40 100.24 0.37 0.00 0.01 -0.04 0.00
Natural Gas† Aug 2.71 -0.01 Cocoa (ICE Liffe)X Sep 2061.00 29.00 UK 2.5%' 16 - - - - - - -
06/45 1.60 104.22 1.40 0.00 0.00 0.00 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Sep 3103.00 18.00 UK 2.5%' 24 339.91 -0.804 -0.802 -0.26 6.82 484417.18 25
Netherlands 04/17 0.50 101.19 -0.22 0.00 0.00 0.00 0.00 Real yield Aug 19 Dur yrs Previous Yr ago Aug 19 Dur yrs Previous Yr ago
Uranium Aug 36.75 0.00 Coffee(Robusta)X Sep 1669.00 -62.00 UK 2%' 35 234.68 -0.850 -0.859 0.49 9.08 484417.18 25
07/25 0.25 94.60 0.82 0.00 0.04 -0.11 0.00 Up to 5 yrs -0.74 2.71 -0.73 -1.17 -1.50 2.73 -1.49 -1.98
Carbon Emissions - - Coffee (Arabica)♥ Sep 131.10 -4.50 US 0.625%' 21 101.41 0.383 0.340 -0.84 35.84 1068838.89 36
Diesel Sep 121.25 0.00 White SugarX 339.20 -4.90 New Zealand - - - - - - - Over 5 yrs -0.89 23.62 -0.89 -0.30 -0.92 23.73 -0.93 -0.35
US 3.625%' 28 134.47 0.762 0.340 -0.96 16.78 1068838.89 36
Unleaded Sep - - Sugar 11♥ 10.61 -0.09 12/17 6.00 107.56 2.62 -0.02 0.03 0.00 -1.24 5-15 yrs -0.75 9.92 -0.75 -0.46 -0.88 9.94 -0.88 -0.61
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.33 0.57 -0.01 -0.01 -0.12 -0.92 Over 15 yrs -0.91 29.21 -0.91 -0.27 -0.93 29.26 -0.93 -0.31
Base Metals (♠ LME 3 Months) Cotton♥ Oct 66.82 -1.18 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 1.75 103.05 1.41 -0.02 -0.02 -0.25 0.00 All stocks -0.88 20.54 -0.89 -0.31 -0.93 20.70 -0.94 -0.37
Aluminium 1555.50 4.50 Orange Juice♥ Sep 132.45 1.20 amount.
Aluminium Alloy 1695.00 -5.00 Palm Oil♣ Sep 497.50 -4.00 Portugal 02/16 6.40 103.29 -0.38 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 5005.00 -15.00 Live Cattle♣ Aug 145.35 -1.65 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 103.54 2.48 0.01 0.08 -0.13 0.00
Lead 1696.00 11.50 Spain 04/18 0.25 99.65 0.38 0.01 0.09 0.01 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Sep 206.90 -7.68
Nickel 10430.00 80.00 Lean Hogs♣ Oct 65.45 -0.90 Spread Spread Spread Spread 10/25 2.15 101.42 1.99 0.02 0.06 -0.08 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 15385.00 225.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.53 1.08 0.00 0.09 -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 1784.00 17.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 117.49 0.64 -0.03 0.07 -0.14 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 18 Month Year Australia 2.83 2.21 0.67 Italy 1.81 1.19 -0.35 Switzerland 10/16 2.00 103.19 -0.77 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1126.15 14.70 S&P GSCI Spt 354.79 -3.47 - Austria 0.92 0.30 -1.24 Japan 0.37 -0.25 -1.79 05/26 1.25 114.94 -0.13 0.00 0.00 0.00 0.00
Silver (US cents) 1484.00 -39.00 DJ UBS Spot 88.53 -2.84 - Belgium 0.98 0.36 -1.18 Netherlands 0.82 0.20 -1.34 United Kingdom 07/18 1.25 100.95 0.92 -0.05 -0.01 -0.17 -0.65 Data provided by Morningstar | www.morningstar.co.uk
Platinum 993.00 4.00 R/J CRB TR 194.26 -9.68 -32.75 Canada 1.49 0.87 -0.67 Norway 1.41 0.78 -0.75 07/20 2.00 102.83 1.40 -0.04 0.03 -0.16 0.00
Palladium 602.00 4.00 Rogers RICIX TR 2325.17 - - Denmark 0.84 0.21 -1.32 Portugal 2.48 1.85 0.32 09/25 2.00 100.36 1.96 -0.04 0.04 -0.19 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 269.12 -9.86 -37.19 Finland 1.13 0.51 -1.03 Spain 1.99 1.37 -0.17 01/45 3.50 120.00 2.53 -0.03 0.08 -0.22 0.00
Iron Ore (Platts) 56.75 0.00 UBS Bberg CMCI TR 13.39 -10.55 -34.14 France 0.97 0.35 -1.19 Switzerland -0.13 -0.75 -2.29 United States 07/17 0.63 99.84 0.71 -0.02 0.04 0.00 0.00
Iron Ore (The Steel Index) 55.90 -0.10 LEBA EUA Carbon 7.51 -0.27 30.84 Germany 0.62 0.00 -1.54 United Kingdom 1.96 1.34 -0.20 07/20 1.63 100.34 1.55 -0.02 0.04 0.00 0.00
GlobalCOAL RB Index 52.00 -1.25 LEBA CER Carbon 0.49 8.89 308.33 Greece 9.17 8.55 7.01 United States 2.16 1.54 0.00 08/25 2.00 98.56 2.16 -0.03 0.02 0.00 0.00
Baltic Dry Index 1031.00 -15.00 LEBA UK Power 1519.00 -18.55 -8.16 Ireland 1.25 0.63 -0.91 08/45 2.88 101.05 2.82 -0.03 0.00 0.00 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
22 ★★★ FINANCIAL TIMES Thursday 20 August 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence DBAG € 29.02 -0.34 34.50 20.20 1.42 7.51 25.1 SKF SKr 163.70 -3.20 231.70 134.80 3.46 14.53 2396.7 BHP Bltn 1071.5 -41.00 2065.89 1070 7.29 9.25 10218.7 SEGRO 456.90 -6.90 466.70 330.90 3.30 4.27 1039.0 Latchways♦ 725.00 - 1040 705.01 5.46 19.14 2.7
AvonRub♦ 879.50 0.50 900.00 610.73 0.64 19.96 7.9 El Oro 55.00 - 78.00 40.00 6.73 -4.71 5.6 Spirax-S 3249 -91.00 3767.56 2698.37 2.06 24.93 86.1 BisichMg 89.50 -1.00 104.00 60.15 3.35 8.75 2.6 Shaftbry 954.50 -15.00 975.50 648.00 1.37 5.30 387.9 Lavendon 180.00 0.75 214.25 155.50 2.11 22.02 102.1
BAE Sys 459.50 -8.30 549.00 429.60 4.46 20.76 5186.8 Hargr Lans 1156 -20.00 1299 827.00 1.94 33.94 369.9 Tex 104.50 - 117.00 86.30 5.74 7.43 0.5 EVRAZ 85.85 -1.10 209.90 85.55 - -1.72 2997.7 Town Ctr 308.88 -6.13 324.65 230.00 3.38 5.78 1.0 MngCnslt 16.25 - 27.00 13.25 5.08 -79.27 10.7
Chemring 229.00 -2.75 248.00 197.48 1.79 -26.19 390.8 HBM Hlth SFr 97.75 0.65 113.50 80.50 - - 9.6 Trifast 120.00 -2.00 134.00 88.63 1.33 16.98 63.7 Fresnillo♦ 648.00 -11.50 1016 616.50 0.30 137.00 1120.3 Wkspace 965.00 -1.50 988.00 592.00 1.14 4.24 161.2 MearsGp 403.75 -4.25 497.00 354.75 2.48 15.61 68.7
Cobham 291.40 -0.40 349.10 250.50 3.65 -169.22 3095.2 HenderGp 275.30 -0.10 303.30 180.10 3.27 19.21 1729.4 Vitec 626.50 -4.00 670.85 540.00 3.83 24.80 0.6 GemDmnd 130.00 1.50 223.00 122.29 - 8.49 196.4 Real Estate Inv & Services MenziesJ 435.00 -34.00 525.00 306.25 3.72 38.68 246.7
Meggitt 486.30 -10.90 593.50 421.70 2.83 20.24 1925.6 ICAP 473.10 -9.90 573.00 354.40 4.65 37.11 886.6 Weir 1353 -72.00 2786 1349 3.25 - 1139.0 Harmony R 12.45 -0.15 38.50 11.35 - -3.89 1972.6 Cap&Count 470.30 -2.50 475.10 313.00 0.32 6.90 989.7 MichaelPge 532.00 -13.50 568.00 358.70 2.07 25.75 964.8
RollsRoyceX 762.00 -28.00 1061 717.50 3.03 -56.04 5299.6 Indvardn SKr 161.10 -2.40 183.50 111.40 3.99 7.14 383.5 Hochschild 81.00 -1.75 177.00 60.97 - -6.73 237.8 Cardiff 1045 - 1085.5 950.00 1.24 4.53 1.0 MITIE 303.00 -10.00 329.90 263.90 3.73 32.01 590.6
ICG 557.50 -12.00 712.83 421.98 4.46 9.50 575.2
Industrial General Kenmr 2.57 -0.11 13.00 2.18 - -1.11 1311.4 PayPoint 996.00 -42.00 1134 779.82 3.64 17.37 11.9
Senior 300.50 -2.00 361.70 248.90 1.87 20.21 838.1 CLS 1948 -22.00 2037 1270 - 4.15 4.5
IPF 394.50 -9.90 548.00 348.00 3.04 11.47 399.8 BritPoly 697.00 -1.00 730.00 565.00 2.15 12.12 9.8 Lonmin 28.81 -4.20 236.70 26.50 - -3.78 12788.7 PremFarn 135.00 -1.90 204.60 131.48 7.70 10.49 880.6
UltraElc 1745 -36.00 1914 1646 2.54 -153.08 98.0 Daejan 6535 -15.00 6614.2 4700 1.25 4.78 1.0
Investec 548.00 -10.50 649.50 477.20 3.56 20.32 814.7 CoatsGrp 27.50 0.25 32.00 19.00 - -410.45 80.2 Petra 155.40 -0.80 210.80 138.87 - 18.80 508.1 Rentokil♦ 148.60 -2.30 154.20 110.90 1.74 20.81 1201.1
DvlptSec♦ 275.00 -1.00 293.00 179.00 2.04 10.27 14.3
Automobiles & Parts Jupiter♦ 448.40 -7.80 478.20 313.70 2.94 13.41 1325.9 JardnMt $X♦ 52.00 - 67.88 50.45 2.72 11.24 418.5 Petropvlsk 5.88 0.18 45.00 4.21 - -0.10 9741.3 Grainger 251.20 -2.80 256.00 167.80 1.00 29.13 557.5 Ricardo 943.00 -1.50 967.50 605.50 1.61 25.67 11.2
FordMtr $X♦ 14.77 -0.06 17.87 13.26 3.71 16.07 22431.2 Liontrust 317.00 -11.25 393.50 210.00 1.26 23.34 3.6 Jard Str $X♦ 29.48 0.08 37.84 29.00 0.91 10.50 123.3 PolymtIntl 447.30 -19.70 634.00 315.18 2.31 -13.28 193.8 RbrtWlts 464.25 5.25 478.00 270.00 1.29 27.07 162.1
Macfrlne 46.13 - 47.50 34.00 3.47 12.19 6.6 HelclBar 457.50 5.75 460.00 320.00 1.50 7.52 80.7
GKN♦ 289.40 -5.50 389.00 281.10 2.90 32.21 6541.8 Man♦ 163.90 -0.20 217.80 108.30 3.89 11.11 6547.8 RndgldRs 4022 31.00 5752.1 3638 0.93 28.03 578.5 HK Land $♦ 7.51 0.08 8.80 6.47 2.52 13.90 2475.9 RPS 232.75 -3.50 295.00 181.50 3.64 16.46 868.8
NB GFRIF♦ 95.85 -0.25 99.75 93.90 3.88 24.53 11014.6 REXAM 551.00 -5.50 592.50 424.60 3.21 19.49 830.5 RioTintoX♦ 2323 -89.00 3464.5 2311.5 5.87 23.11 6547.1 Shanks 99.75 -0.75 113.50 84.50 3.46 -21.68 123.2
Banks RPC♦ 668.50 -3.50 696.24 488.20 2.13 32.14 353.6 Lon&Assc 36.00 - 50.00 34.53 0.35 -4.21 5.3
Paragon 409.00 -2.00 461.50 313.70 2.20 12.59 478.1 Troy Res A$ 0.29 0.00 0.88 0.28 - -0.60 180.8 MacauPrp 171.00 0.50 257.00 167.00 - 9.00 41.9 SIG 188.30 -3.80 212.20 143.40 2.34 33.73 2399.6
ANZ A$X 29.84 0.87 37.25 28.97 9.37 10.38 11400.6 Smith DS 406.10 -8.20 423.70 231.82 2.59 24.76 1406.3
Providnt 2962 -48.00 3268 1942 3.31 22.10 200.2 VedantaRs 479.30 -12.40 1105.22 353.21 8.70 -1.09 632.3 Mntview♦ 11910 10.00 12900 7481.95 2.10 14.60 0.2 SpeedyHr 51.00 -0.75 80.50 45.75 1.27 1307.69 81.2
BcoSant 421.00 0.50 758.00 412.49 10.08 12.38 634.6 Smiths 1133 -29.00 1363 1006 3.55 20.10 1165.4
RathbnBr 2269 -9.00 2348 1774 2.29 29.23 15.0 Q'tainEst 131.50 - 134.44 75.00 - 18.26 654.2 St Ives 187.00 1.50 223.77 156.68 3.82 53.69 22.4
BankAm $X 17.46 -0.23 18.48 14.97 1.14 18.71 78403.2
Record 38.75 0.38 41.00 30.26 3.87 14.63 16.2 SmurfKap € 27.83 0.05 30.31 14.92 2.00 24.59 219.5 Oil & Gas TribalGrp 151.75 1.75 188.00 138.72 1.19 -25.82 1051.9
BnkGeorgia 1902 -18.00 2604 1663 3.13 9.25 73.5 Vesuvius♦ 389.40 -1.60 530.00 381.10 4.14 10.96 201.3 Afren 1.79 -0.05 114.22 1.28 - - 9090.3 RavenRuss 50.88 0.13 75.75 37.25 - -6.43 35.3
S&U 2450 - 2520 1763 2.33 15.88 0.4 RavenR Prf 132.75 - 146.00 101.50 9.04 - 83.4 Vp 770.00 -8.75 816.00 539.00 2.00 16.38 201.8
BankIre € 0.36 0.00 0.39 0.07 - 16.32 13361.3 Aminex 1.95 -0.03 3.17 0.81 - -8.94 2347.6
Schroder♦ 2909 -67.00 3441 2086 2.68 17.85 255.9 Industrial Transportation RavenR Wrt 31.00 -0.50 49.64 25.00 - - 2.4 Watermn 74.50 0.25 76.00 50.00 1.34 56.87 33.0
BkNvaS C$X 59.88 -0.74 74.39 59.53 4.87 9.54 1911.1 BGX♦ 1045.5 -21.00 1420 780.55 1.75 -52.73 5896.5
..N/V♦ 2220 -38.00 2629 1692 3.51 13.63 6.8 BBA Aviat 298.00 -4.90 362.10 290.00 3.48 17.70 519.7 Safestre 313.25 -2.75 323.25 185.25 2.38 6.44 47.3 Wolseley 4289 -43.00 4398 2990 1.92 38.73 654.6
BarclaysX♦ 267.90 -6.15 289.90 204.05 2.43 119.97 26889.6 BPX♦ 367.50 -6.25 499.25 364.40 7.03 -16.69 30153.7
SVG Cap 467.00 -6.70 535.00 226.00 - 11.65 327.3 Braemar 454.00 -13.25 515.21 390.00 5.73 49.50 12.1 Savills 949.50 -15.00 991.46 577.00 1.16 22.19 277.0
CanImp C$X 90.83 -0.72 107.37 88.04 4.97 9.37 981.5
TullettPre 396.00 -5.00 415.90 242.60 4.26 8.46 566.7 Cadogan 10.13 - 13.25 8.25 - -0.62 2.0 Tech - Hardware
HSBCX♦ 540.60 -15.40 674.57 539.97 6.01 12.19 28986.0 Clarkson 2361 -180.00 2855 1835 2.54 48.67 28.1 CairnEng 144.30 1.10 210.00 138.70 - -2.36 1961.3 SchroderRE♦ 60.50 0.25 63.00 53.25 4.10 5.36 373.3 ARM Hldgs 894.50 -19.00 1233 778.50 0.78 42.46 4527.1
Tungsten 79.75 0.75 409.75 52.49 - -3.03 2011.2 Eurotunnl € 12.72 -0.22 14.57 8.62 1.42 62.48 668.9 Smart(J) 101.50 1.50 112.40 86.00 2.92 42.17 10.0
LlydsBkgX♦ 78.91 -1.37 89.35 70.90 0.95 42.89 103736.5
WlkrCrip 50.00 - 55.00 37.50 3.18 73.21 0.5 Cape 223.00 -13.00 327.25 177.00 6.28 11.99 142.1 CSR 899.50 0.50 900.00 530.00 1.02 25.43 2323.5
RylBkC C$X♦ 75.76 0.16 83.87 71.74 4.34 10.59 3107.7 Fisher J 1110 -19.00 1442 1003 1.86 14.01 52.7 DragnOil 799.00 - 803.50 447.50 2.86 12.35 316.3 StModwen♦ 485.90 -7.70 499.40 324.59 0.95 4.58 217.7 Laird 400.40 -3.50 413.30 281.50 3.12 19.48 271.3
RBSX 332.20 -8.50 414.00 326.10 - -23.16 10402.4 Food & Beverages Flybe Grp 85.00 - 135.75 52.00 - -7.73 272.0 Endeav Int' $ - - 0.60 0.02 - - - UNITE Gp 697.50 -5.00 706.00 395.60 1.61 5.63 586.2 Pace 345.00 0.30 520.80 338.40 1.26 9.88 531.4
StandChX♦ 826.00 -22.70 1250.18 825.00 6.69 18.38 7158.2 AngloEst 560.50 -24.75 690.00 539.00 0.57 11.27 1.1 Goldenpt 135.00 - 370.00 113.80 - -0.73 0.9 EnQuest 31.25 -2.00 123.43 21.50 - -2.14 3600.2 Urban&C 268.00 2.00 278.00 215.00 0.56 8.73 175.2 SpirentCM♦ 80.25 -0.75 98.87 65.95 3.07 88.87 884.7
..7.375%Pf 119.50 - 128.00 108.50 6.17 - 36.9 AscBrFdX 3222 -54.00 3293 2407 1.06 45.15 482.4 OceanWil♦ 830.00 -1.00 1205 825.00 4.82 76.30 7.9 Exillon 110.00 -2.38 175.57 95.00 - 5.32 0.5
RoyalMail 465.00 -5.30 532.50 388.00 4.30 14.31 2001.7
Retailers Tech - Software & Services
..8.25%Pf 129.75 - 141.00 119.50 6.36 - 71.6 Barr(AG) 570.00 -6.00 699.36 548.00 1.98 22.04 25.5 ExxonMb $X♦ 76.23 -1.67 100.31 75.93 3.65 13.63 16996.0 AA 353.90 -7.90 434.50 262.25 - -153.40 1143.1
TntoDom C$X 51.93 -0.38 58.20 49.67 4.08 11.51 2749.4 Britvic 677.50 -11.00 788.00 600.72 3.08 16.83 298.5 UK Mail♦ 400.00 -12.50 606.53 380.00 5.38 13.84 2.8 GenelEgy 314.00 -21.00 912.50 314.00 - -3.85 1126.8 Anite 125.75 - 129.75 69.25 1.51 39.36 4191.0
AO World 125.00 -1.00 336.00 119.00 - -209.03 128.7 AVEVA 2169 -27.00 2344 1183.9 1.27 33.41 103.8
VirginMoney 437.00 -3.00 472.90 278.00 - -1092.50 203.0 C&C € 3.51 -0.01 4.42 3.16 2.99 -13.97 44.7 Insurance GeoPark $ 3.81 -0.16 11.00 3.30 - -3.52 3.4 AshleyL 27.63 0.63 36.00 24.94 7.24 10.98 16.0
Westpc A$X 32.71 1.05 40.07 31.00 8.74 12.76 9841.7 CarrsGroup 170.00 2.38 178.50 136.00 2.00 13.06 42.7 GrnDnGas 292.38 -5.00 548.50 285.00 - 23.76 0.9 Computcnt 775.00 1.00 802.40 651.67 2.66 17.09 45.4
Admiral 1522 56.00 1640 1175.33 3.16 14.80 1711.0 Brown N 320.00 -8.30 403.03 247.19 4.45 15.12 200.4 DRS Data 13.00 - 16.50 11.25 3.08 -2.65 11.2
Coca-Cola H 1411 -7.00 1497 1051 3.59 22.41 701.4 GulfKeyst 24.75 -1.50 89.75 24.75 - -1.35 4209.2 Caffyns 575.00 - 665.00 480.00 3.26 1.74 1.4
Basic Resource (Ex Mining) Amlin 517.50 -9.50 533.08 418.20 5.08 11.10 533.8 Elecdata 67.50 2.25 79.00 64.00 2.96 22.46 5.1
Cranswk♦ 1679 -18.00 1730 1181.6 1.94 20.03 298.2 AvivaX 496.40 -12.60 578.68 458.20 3.65 12.99 7066.5 HellenPet € 4.64 0.04 5.80 3.35 - -5.43 22.0 Card Factor 367.20 0.20 375.99 208.25 - 34.57 171.6
Ferrexpo♦ 70.00 0.75 141.00 47.60 6.00 7.19 786.0 MicroFoc 1336 -16.00 1442 836.50 2.29 36.31 360.2
Dairy Cr 593.00 -4.00 618.00 367.39 3.61 39.80 203.4 Beazley♦ 334.90 -2.10 346.45 245.00 2.81 11.65 610.3 Hunting 440.50 -19.80 918.83 383.90 4.33 15.33 560.4 Dairy Fm $ 6.93 -0.17 10.58 6.82 3.30 20.18 35.3
IntFerMet 1.00 0.04 8.35 0.76 - -0.61 3889.8 NCC Grp 245.50 -1.50 250.00 169.80 1.49 31.30 135.9
Devro 301.50 -3.25 328.00 230.00 2.92 53.87 285.8 Chesnar 346.75 7.75 364.75 309.25 5.21 15.70 4674.9 ImpOil C$X 46.22 -1.32 57.96 44.08 0.88 17.48 682.7 Debenhm 84.95 -1.35 96.80 56.85 4.00 11.55 1510.9
Mondi 1534 -23.00 1614.36 919.00 1.94 19.88 1169.3
Glanbia € 18.40 0.27 19.59 10.75 0.62 33.96 104.9 JKX 17.00 - 51.13 10.23 - -0.45 142.7 RM♦ 174.00 -2.50 185.00 120.00 2.30 10.95 0.1
Vale BRLX 16.84 -0.58 31.96 16.41 12.69 -9.33 5190.9 DirectLine♦ 363.60 -5.30 388.70 264.93 3.96 11.40 6470.4 Dignity 2619 -2.00 2643 1394 0.77 -30.10 41.4 Sage 520.00 -2.50 584.00 346.70 2.33 28.47 1786.3
Grncore♦ 303.10 -7.60 359.40 228.50 1.80 20.47 1060.5 Eccles prf 131.25 - 146.00 122.00 6.57 - 72.5 Lamprell 123.00 -3.00 178.00 93.50 - 6.50 324.6 DixonsCar 434.10 -7.70 490.80 335.80 1.21 51.07 1858.7 SDL 387.75 1.75 472.00 306.00 0.64 36.82 52.6
Chemicals HiltonFd 431.00 -0.38 500.00 342.25 2.99 17.26 9.1 Hansard 111.88 0.88 116.25 80.00 7.51 18.52 35.9 Nostrum 521.00 -14.00 825.00 370.00 4.53 16.38 22.2 Dunelm 882.00 -20.00 970.00 767.00 2.27 18.78 52.0
Kerry € 68.69 -0.65 71.88 49.30 0.85 23.06 26.3 OphirEgy 88.50 -7.40 256.40 85.55 - -2.04 7619.7 Telecity♦ 1095 -4.00 1250 815.63 1.23 87.00 554.9
Alent 470.00 -2.20 493.96 294.56 1.94 21.84 556.5 Hiscox♦ 932.00 -10.50 959.00 615.50 2.52 11.44 482.6 Findel 202.50 4.50 265.44 188.41 - -28.13 1.5
Nestle SFrX 74.40 -0.55 77.00 64.15 2.84 16.77 4712.1 Petrofac 800.00 -14.00 1203 594.00 5.29 35.76 1540.9 TriadGp 36.75 0.50 42.00 7.00 - 15.82 26.3
Bayer €X 125.60 -3.65 146.45 96.83 1.80 29.59 1791.5 JardineL 1029 3.00 1112 815.00 2.81 20.11 65.1 Halfords♦ 521.50 -9.00 563.51 417.10 2.80 15.65 339.3
Carclo 148.25 -3.75 169.75 80.00 1.79 -4.47 1.6 PremFds 38.25 -0.75 47.79 26.13 - -1.50 474.3 Lancashire 641.00 -5.00 703.45 506.00 1.38 9.18 264.9 Lukoil RUBX 2468.5 -22.50 3297.7 1913 3.05 7.43 1192.4 Inchcape♦ 756.50 -19.50 906.65 589.50 2.66 20.36 1159.8 Telecommunications
Croda 3031 -59.00 3150 1965 2.16 23.60 236.6 REA 282.50 -20.00 444.50 280.55 2.86 10.92 11.1 Leg&Gen♦ 261.50 -3.10 296.02 209.20 4.30 15.23 12813.5 PremOil 96.15 -7.55 354.00 95.63 5.61 -3.72 5543.5 JDSportsF 874.00 -1.00 880.85 388.00 0.78 24.85 42.1 BTX♦ 447.15 -7.30 481.75 351.90 2.55 17.16 12076.5
Elemntis 241.50 -8.10 324.10 225.50 2.19 10.50 760.2 SABMillX 3221.5 -68.50 3857 3105 2.20 23.50 1947.5 NovaeGp 825.50 1.00 826.50 516.50 3.00 10.83 32.7 RylDShlAX♦ 1729 -35.00 2475.5 1725.5 7.02 12.81 4976.5 Lookers 165.00 2.00 172.00 117.50 1.72 13.46 695.3 Colt Grp 189.90 -1.70 194.00 113.10 - -13.72 198.8
Syngent SFrX 385.10 -6.30 435.20 273.20 2.87 22.45 177.6 StckSpirit 182.25 2.25 316.00 176.75 0.53 13.34 88.6 Old Mut 208.40 -5.60 241.60 163.80 4.17 14.47 9015.8 ..B♦ 1740 -42.50 2580.54 1737.5 6.97 12.89 3948.0 Marks&Sp 523.50 -9.50 600.00 380.80 3.29 17.72 3780.5 Inmarsat 988.50 -14.50 1041.24 653.00 3.15 22.03 786.8
Synthomer 351.70 -9.00 364.10 176.64 2.22 23.72 361.5 Tate&Lyl 529.50 -14.00 744.50 501.18 5.29 81.46 1109.9 PermTSB 0.06 - 0.10 0.05 - -0.08 0.0 Schlmbrg $X 80.67 -2.48 112.00 75.60 2.22 24.06 9408.2 MossBros 97.00 1.50 112.00 77.50 6.60 25.51 1.3 KCOM Gp 93.50 -0.50 101.00 78.50 5.39 38.30 175.3
Victrex 1811 -63.00 2202.55 1542 2.49 18.30 192.4 TongtHu R 114.05 -3.14 174.93 113.10 3.75 11.71 129.9 PhoenixGrp 883.00 -2.00 935.00 693.00 6.05 9.15 324.3 SEPLAT 87.00 -0.38 240.25 86.50 10.81 5.83 0.0 Next 7915 -80.00 8055 6130 1.81 19.32 269.3 TalkTalk 302.10 -3.50 415.10 261.00 4.17 39.32 1027.6
Unilever♦ 2728 -53.00 3087 2397 3.02 22.73 2141.4 PrudntlX 1514.5 -3.50 1761.5 1287 2.44 15.42 5804.8 Soco Int 127.50 -5.50 450.89 127.50 7.64 -11.01 469.4 Ocado 371.90 -6.10 478.50 216.80 - 325.94 995.2 TelePlus 1105 -40.00 1527.12 725.50 3.44 27.49 130.1
Construction & Materials ..NV €♦ 38.40 -0.75 42.98 28.81 3.02 22.61 6.9 TrnCan C$X 46.24 -1.31 63.86 46.17 4.63 17.49 1685.8 Pendragn 45.25 -0.25 46.00 28.25 1.99 7.93 1151.3
RSA Ins 506.00 -4.00 528.00 391.70 0.40 77.94 3711.6
Alumasc 156.50 - 166.73 113.50 3.19 13.52 4.0
SagicFin 62.50 - 68.00 55.00 4.07 6.03 0.1 Tullow 199.60 -11.50 739.50 199.10 2.11 -1.85 5523.2 Photo-Me 154.00 0.50 156.00 107.85 2.79 20.74 221.8 Tobacco
BalfourB 267.60 -2.40 271.90 145.59 2.09 -4.48 2121.7 Health Care Equip & Services BrAmTobX 3657 -52.00 3894 3303 4.05 16.98 2553.7
Bioquell 138.00 - 155.50 80.00 2.39 -57.69 36.2 StJmsPl 950.50 -18.00 1008 637.00 2.45 28.29 1323.0 Pharmaceuticals & Biotech Saga 211.10 -1.80 225.10 143.75 - 24.84 265.6
..CvPf 119.50 - 124.50 101.00 8.10 - 54.2 SignetJwl♦ 8070 147.00 9499 6101.5 0.61 24.64 5.5 ImpTobX 3224 -16.00 3413 2482.72 3.97 16.14 2313.5
ConstMed 940.50 -12.00 1045 650.00 1.93 62.28 12.1 Stan Life 442.00 -0.20 505.68 362.30 4.13 32.63 5714.4 BTG 624.00 -14.50 835.87 612.50 - 69.33 292.6
Boot(H) 228.00 1.00 245.00 170.00 2.30 14.29 13.7 SuperGroup 1546 -12.00 1579 750.00 - 27.71 94.7
ClarkeT 76.88 - 84.01 37.50 4.03 - 2.1 GNStre kr 126.40 2.60 158.50 122.40 0.73 24.82 1110.4 Media CathayIn 23.00 -1.25 36.50 16.00 - -104.55 175.0 Travel & Leisure
UDGHlthC 534.00 -5.50 551.50 315.20 1.37 15.10 112.4 Dechra 940.50 -21.00 1068 702.50 1.64 37.36 63.9 TescoX 194.75 -3.85 253.70 155.40 5.80 -2.77 28208.6 888 Hldg 161.50 1.00 185.75 118.75 4.03 15.79 355.5
Costain 346.50 2.00 348.51 263.50 3.17 15.96 77.2 4imprint♦ 1269 2.00 1350 651.00 1.62 29.10 80.5 Thorntns 142.88 0.38 147.00 62.00 - 21.86 0.4
CRH 1917 -43.00 2478.5 1220 2.53 6.27 1082.1 Blmsbury 173.63 0.13 185.00 140.50 3.38 14.59 64.1 Genus 1364 -41.00 1535 1058.35 1.30 26.12 48.1 AirPrtnr 416.75 5.38 470.31 245.00 4.96 15.15 24.1
House, Leisure & Pers Goods GlaxoSmhX♦ 1378.5 -24.50 1645 1296.5 5.80 6.93 7221.2 VertuMotor 65.50 - 67.00 50.50 1.30 13.71 127.5 bwin.party 113.50 -1.00 128.00 70.40 3.15 -12.99 2555.5
GalfrdT 1779 -9.00 1824 1085 2.98 18.13 111.9 Centaur 80.00 -1.50 85.00 56.20 3.25 11.85 5.8
AGARmst 184.00 -0.50 185.00 78.44 - -39.84 174.6 HikmaPhm 2462 62.00 2617 1580 0.52 27.62 775.6 Cineworld 585.50 -2.00 599.00 298.40 2.31 19.61 549.9
Keller♦ 1050 -1.00 1105 742.00 2.40 33.15 126.3
BarrttDev 640.00 -0.50 660.00 357.20 1.61 16.95 2346.5 ChimeCm 362.50 -1.50 365.00 239.00 2.32 127.55 317.4 Support Services
KierGp 1486 1.00 1779 1260 3.87 38.44 152.0 Creston♦ 152.50 - 157.85 106.00 2.66 12.25 8.7 Oxfd Bio 7.82 -0.08 13.38 3.30 - -18.23 806.0 Acal 306.50 6.50 334.75 180.00 2.34 63.85 18.5 CompassX 1027 -11.00 1223.36 924.41 2.63 19.94 5636.1
Bellway 2518 1.00 2560 1445 2.07 13.01 183.3 RichterG $ 15.52 -0.17 17.28 12.20 0.76 20.92 0.0 EntInns 118.60 -0.80 139.60 96.85 - 19.86 195.4
Kingsp € 22.90 -0.20 24.00 11.03 0.71 33.99 28.0 DlyMailA 797.50 -1.50 989.50 699.00 2.56 10.85 532.6 Aggreko 1040 -24.00 1757 1040 2.61 13.77 782.5
Berkeley♦ 3460 1.00 3570 2033 5.20 11.05 455.0 ShireX 5075 -170.00 5870 3448.28 0.28 15.37 1300.7 FirstGrp 113.80 -2.60 129.90 88.65 - 18.28 1242.8
LowBonr 68.25 -1.75 83.75 44.25 3.96 17.57 6084.9 HaynesPb 125.00 - 192.00 110.00 6.00 14.43 51.3 APR Engy 86.25 -4.75 599.50 78.25 12.28 -0.17 122.7
BovisHme 1132 3.00 1206 723.00 3.09 13.89 554.2 VecturGp 176.10 -3.30 183.75 113.25 - 195.88 115.3 Fuller A 1160 -43.50 1235 890.00 1.35 23.01 3.4
Marshlls 332.00 1.10 335.00 172.25 1.66 33.57 512.8 ITE Grp 166.25 -2.75 211.90 125.00 4.45 13.28 91.5 AshtdGp♦ 911.50 -38.50 1231 879.05 1.34 15.16 2401.6
CrestNic 555.00 -7.50 587.92 291.98 2.58 12.42 398.9 Go-Ahead 2678 -4.00 2745 2184 3.16 17.29 177.9
MorgSdl 824.00 -1.00 865.00 570.00 3.28 -24.11 3.8 ITV 256.70 -2.70 281.90 192.10 1.83 19.72 8593.5 Real Estate AtknsWS♦ 1506 -24.00 1580.34 1225 2.27 17.64 71.1
GamesWk♦ 573.00 -8.25 624.50 487.25 9.08 14.97 6.9 GreeneKg♦ 845.00 -5.00 891.00 712.00 3.40 20.81 2675.6
Norcros 20.38 0.13 22.76 14.69 2.58 15.67 8480.7 JohnstnP 108.00 2.00 7830 100.00 - -225.47 11.9 Babcock 962.00 -27.00 1207 924.50 2.28 18.27 895.1
Gleeson 452.00 3.63 465.00 324.66 1.33 14.13 26.3 Harworth Gr 11.63 0.13 14.00 5.35 - 20.32 254.2 IrishCtl € 4.28 0.08 4.45 2.63 2.61 12.93 0.9
StGobn €X 41.52 -0.85 44.84 29.51 1.50 27.77 1433.6 News Corp A $ 15.03 -0.10 17.80 13.59 - -58.90 2317.7 Berendsen 1004 -26.00 1161 895.50 2.99 19.72 218.4
Headlam 482.75 -1.00 512.00 390.00 3.28 16.96 20.5 REITs Ladbrokes 105.20 -0.80 147.00 101.02 8.46 -40.28 5965.2
Tyman♦ 310.75 -4.50 342.00 228.25 2.57 45.07 150.0 NewsCpB $ 14.89 -0.09 17.44 13.46 - -58.35 895.4 Brammer 296.00 -4.00 445.00 265.00 3.61 41.31 108.5
McBride 118.50 0.50 125.00 74.00 - -12.70 379.4 Assura 55.00 -0.50 62.25 43.50 3.36 11.70 1136.9 MandarO $♦ 1.63 - 1.84 1.47 4.22 20.61 21.0
Persimn Pearson♦ 1144 -17.00 1517.42 1092.67 4.46 49.00 2135.9 Bunzl 1825 -24.00 1969 1517 1.83 28.63 466.8
Electronic & Electrical Equip 2135 51.00 2156 1247.08 - 14.83 1485.9 BigYellw 705.50 1.00 720.00 479.40 2.66 9.82 92.1 Capita 1280 -15.00 1336 1000.5 2.28 34.70 1178.1 Marstons 157.10 -1.10 174.40 134.50 4.26 -33.26 665.3
Philips € 24.31 -0.52 28.00 20.69 - 97.87 2304.8 Quarto 204.00 -2.50 239.00 136.66 4.06 7.93 2.3
Dialight 556.50 - 960.00 398.00 2.70 29.78 23.4 BritLand 858.00 -14.00 891.50 649.00 3.21 5.42 2827.4 Carillion 350.00 -3.90 371.40 294.03 5.03 27.54 1067.6 Natl Exp 302.30 -2.70 324.80 213.40 3.41 18.73 319.5
PZCusns♦ 318.10 -7.70 392.10 289.76 2.44 14.89 206.9 RELX NV €♦ 14.36 0.18 24.17 13.85 - - 3278.3
e2v Tech 240.25 -1.50 268.00 145.44 1.87 22.17 1511.9 Cap&Reg 69.50 - 70.00 46.25 1.37 4.23 3450.6 Comnsis 50.00 -0.50 70.00 44.65 4.00 -6.86 66.2 PPHE Htl 663.50 3.50 664.45 410.00 2.46 8.58 19.1
ReckittBX♦ 5885 -78.00 6300 4895 2.36 25.00 1011.4 RELX PLCX♦ 1069 -15.00 1199 921.50 2.33 100.59 2569.4
Halma 770.00 -14.00 786.50 557.50 1.49 28.02 598.3 Countrywd 509.50 -1.50 608.00 404.30 2.94 25.38 214.2 ConnectGp 161.00 -4.25 191.45 128.02 5.84 12.62 18.2 Rank Gp 250.00 -6.00 259.30 151.90 1.80 20.69 71.3
Redrow 485.00 1.30 497.00 248.64 0.62 12.65 1170.5 STV Grp 480.00 6.00 494.00 322.00 0.83 12.77 2.2
MorganAd 343.30 -4.20 375.84 258.10 3.18 59.39 200.4 DrwntLdn 3775 -23.00 3818 2615 1.05 5.23 176.4 DCC 4971 -54.00 5320 3050 1.60 32.68 131.6 Restaurt 698.00 -13.00 748.70 607.00 2.13 23.33 634.1
TaylorWm 204.00 0.30 207.40 104.60 0.76 16.06 12979.6 ThmReut C$X♦ 53.32 0.03 54.47 39.45 3.26 16.76 667.7
OxfordIn 891.50 -1.50 1114 671.58 1.43 -80.80 44.0 Gt Portld 871.00 -5.50 883.50 600.04 1.02 5.91 511.5 DeLaRue 490.75 -11.75 779.00 467.40 7.44 14.67 375.7 Sportech 67.00 -0.63 86.50 47.00 - -6.44 0.2
TedBaker 3335 -55.00 3438 1768 1.06 41.16 12.8 UTV Med 154.50 -0.50 222.00 137.00 4.58 10.75 141.1
Renishaw 2205 -37.00 2672.9 1520 1.87 14.39 44.8 Green Reit € 1.55 0.01 1.70 1.21 - - 6.2 Diploma 712.50 -3.50 916.50 631.00 2.39 21.75 38.8 Stagech 398.60 -2.90 437.90 331.60 2.46 16.51 404.6
WPPX 1400 -25.00 1616 1091 2.52 17.38 3879.4
Spectris 1860 -40.00 2420 1606 2.50 17.23 242.6 Industrial Engineering Hammersn 669.00 -16.50 708.00 537.00 3.05 7.73 1872.8 Elctrcmp 186.40 -2.00 263.10 185.90 6.30 11.69 981.5 ThomasCook 112.20 -1.60 162.20 99.40 - -28.96 3969.3
TT Elect 153.50 1.50 185.00 96.00 3.58 -23.26 16.5
Bodycote 647.50 -21.00 797.59 542.50 2.22 20.72 252.3
Mining Hansteen 122.00 -0.90 128.95 98.70 4.02 7.20 571.4 EnergyAst 570.00 -4.25 640.00 375.00 - 21.42 25.1 TUI 1161 -25.00 1294.78 996.74 - 64.90 1204.5
XP Power 1655 -30.00 1750 1340 3.75 16.44 3.2 Acacia 246.00 -6.00 318.90 191.70 1.09 24.61 600.8 HIBERNIA 1.37 - 1.39 1.03 - - 2506.3 Essentra 851.00 -26.00 1069 624.50 2.15 30.46 206.8 Whitbrd 5055 -60.00 5475 3767 1.43 24.93 313.6
Castings♦ 450.00 6.50 504.00 360.00 2.90 14.15 3.7
AngloAmer♦ 709.40 -32.50 1620.5 709.00 7.69 -2.05 10091.4 Highcrft 1075 - 1090 795.00 3.35 19.70 0.4 Experian 1130 -28.00 1264 909.95 2.29 22.07 1674.2 Willim H 378.70 -4.00 432.10 333.40 3.22 18.91 1928.3
Financial General Fenner♦ 166.50 -3.00 374.50 156.00 7.21 808.25 342.0
INTU 337.50 -4.70 376.50 305.50 4.06 17.65 2481.3
Goodwin 2350.5 13.00 3750 2120 1.80 11.26 0.0 AngloPacif 86.50 -1.25 184.00 74.75 11.79 -2.06 99.7 Grafton 718.50 -14.50 868.00 570.00 1.29 21.14 330.0
3i 510.50 -16.00 571.50 343.61 3.13 7.00 1181.1
AnGoldA R 93.30 6.42 185.00 71.59 - -153.89 2972.7 LandSecs 1308 -18.00 1363 988.50 2.42 4.29 1647.7 Utilities
AberAsM 330.60 -4.80 509.64 329.91 5.44 14.56 5520.6 Hill&Sm 734.00 11.00 734.00 520.00 2.45 28.49 17.2 HarvyNah 104.00 1.50 112.00 66.32 3.21 14.44 6.6 Centrica 263.50 -4.60 327.00 234.40 5.12 -26.51 7865.0
IMI♦ 1010 -15.00 1454.55 1009 3.72 15.61 617.3 Antofagasta 552.00 -9.50 823.00 549.00 11.31 18.45 2890.6 LondonMtrc 171.50 0.70 173.20 132.30 4.08 6.72 1734.4 Hays 165.70 -2.90 173.70 108.15 1.59 24.62 2930.8
Ashmore 256.50 -2.60 355.90 249.00 6.41 12.27 1665.4 McKaySec 271.50 6.50 275.00 215.00 3.17 7.65 99.3 DeeVally 1423.5 - 1450 1135 4.39 18.89 0.6
MelroseInd♦ 267.80 -0.40 314.78 242.70 3.10 41.90 4070.8 ..5%Pf 0.60 - 0.60 0.60833.33 - - Homesve 423.20 -4.20 447.84 312.00 2.88 23.38 226.7
BrewDlph 297.00 -1.00 361.00 236.80 3.33 45.14 137.1 MucklGp 499.50 7.00 510.00 421.00 4.05 5.82 2.2 Drax 293.90 -11.60 664.00 246.00 4.05 6.88 1680.7
Renold 75.75 -0.50 86.00 49.00 - 30.72 73.5 AquarsPl 7.15 0.25 24.75 5.53 - -3.04 2563.1 HowdenJny 483.20 -6.00 532.00 309.00 1.74 20.57 1597.9
Canaccord 290.00 -2.50 695.00 284.27 3.51 -15.93 4.2 PrimyHth 414.00 -5.75 420.00 324.00 4.71 13.94 99.8 Natl GridX 874.60 -3.90 965.00 815.70 4.83 16.39 6537.7
Rotork 205.90 -2.20 289.00 204.70 2.43 17.94 1818.5 AsiaResM 36.75 - 72.00 3.61 - -1.55 - Intserve 579.00 -8.00 878.50 487.20 3.97 15.74 207.8
CtyLonInv 362.50 -2.00 380.37 251.25 7.11 17.01 49.8 Redefine 55.00 -0.50 59.90 48.00 5.82 5.43 310.0 Pennon♦ 786.00 -5.00 925.00 745.30 3.92 24.44 545.9
Severfd♦ 68.75 -1.25 73.00 57.00 - 1432.29 85.6 Barrick C$ 10.34 0.37 20.83 8.60 1.90 -3.44 5677.0 Intertek 2602 -55.00 2888 2141 1.89 22.09 256.3
CloseBrs 1450 -21.00 1857.39 1249 3.38 13.29 150.6 UtdUtils 899.50 -5.00 1045 784.00 4.07 22.66 1419.9

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap 401.25 4.50 500.00 351.00 6.60 15.80 26.3 Insurance Enegi Oil 0.63 -0.03 4.18 0.58 - -0.24 15.9 NewRiver 338.50 1.50 342.00 271.00 2.51 18.31 393.2 Tech - Hardware
Cohort 372.50 1.50 390.00 195.40 1.18 27.11 9.9 Share 28.25 -0.25 41.68 28.00 2.19 300.53 14.3 Gable 25.00 0.75 84.00 16.75 - -7.00 439.6 EuropaOil 5.13 - 10.75 4.65 - -7.28 179.6 Palace Cap 375.00 7.50 405.00 295.00 2.27 4.68 2.6 AminoTech 162.50 1.50 171.00 75.24 3.08 14.47 117.2
ShoreCap 415.00 - 431.50 400.00 2.17 19.97 0.2 Helios 192.50 - 200.00 120.00 0.78 15.74 7.0 FalkldO&G 24.00 -0.75 45.00 16.75 - -61.70 759.7 PnthrSec 357.50 - 375.00 300.00 3.36 13.70 2.7 IQE 24.50 - 26.50 12.08 - 101.66 878.1
Banks STM Group 49.50 -1.00 55.90 16.50 - 29.78 19.5 GETECH 58.00 - 71.70 32.00 3.79 8.79 2.7 PSPI 30.50 - 31.00 21.50 - -5.65 2.1
BCB Hldgs 7.50 - 13.50 6.00 - -1.27 545.5 WH Ireland 126.50 - 130.00 79.00 1.58 48.67 14.7 Media Infrastrata 3.13 -0.25 9.25 2.75 - -2.73 171.1 SiriusRE € 0.51 - 0.53 0.28 2.15 10.67 39.3 Tech - Software & Services
STB 2900 -41.00 3024 2245 2.34 21.07 0.0 Avesco 221.00 -3.00 233.00 95.00 2.71 15.40 28.1 Iofina 17.50 -0.50 65.56 17.00 - -5.23 411.7 SumGermny €♦ 0.94 - 0.99 0.50 2.07 3.59 14.0 Blinkx 27.00 - 45.00 23.25 - -7.73 640.4
Food & Beverages Cello Gp 98.00 - 106.70 81.00 2.46 37.22 33.8 Ithaca Engy 33.00 -2.25 137.50 26.25 - -2.41 1058.0 TaliesinPr 2347.5 - 2545 1750 - 8.51 0.8 BondInt 127.50 - 148.25 83.00 1.73 24.68 0.1
Basic Resource (Ex Mining) FinsbryFd 98.50 -0.50 101.98 56.00 1.02 13.21 82.5 M&Csaatc 321.75 -0.25 395.00 237.00 1.75 -1357.59 10.0 Brady 100.00 - 110.13 64.00 1.70 179.21 86.0
KBC Adv 127.50 - 130.31 77.00 0.78 23.04 23.6 Winkworth 159.50 2.00 180.00 115.00 3.70 13.52 3.2
CropperJ 542.50 -2.50 570.00 355.00 1.46 26.96 2.6 Nichols♦ 1400 -4.00 1459 834.56 1.60 24.25 3.0 MissionMk 48.75 - 51.00 37.00 2.05 9.64 25.0 Datatec 355.00 2.50 369.66 261.25 3.10 14.87 65.6
Max# 0.16 - 1.43 0.08 - -0.08 634.1
PureCircle 422.50 - 635.00 352.24 - 329.05 29.3 Next15Cm 187.50 -1.00 198.00 116.00 1.47 121.28 23.7 Retailers DDD 2.88 - 5.75 1.25 - -2.99 35.4
Chemicals PetrelRes 2.38 0.25 7.65 2.00 - -1.03 280.7
RealGdFd 54.50 -1.50 59.40 23.00 - -6.81 194.4 YouGov 121.00 - 133.00 98.50 0.66 217.63 120.0 Petroceltic 54.00 0.75 224.00 53.25 - -0.59 25.5 ASOS 3251 -88.00 4259 1742 - 74.74 761.1 Eckoh 39.50 - 48.50 33.00 0.79 46.69 176.9
Scapa♦ 201.25 -4.50 225.25 120.00 0.50 32.43 37.4
Wynnstay 545.00 - 607.25 474.52 1.87 15.35 2.9 PetroNeft 4.83 - 6.65 3.60 - -5.94 250.0 Koovs 72.50 - 171.00 60.00 - - 0.2 EgSoltns 67.00 - 84.00 64.00 - 19.02 25.8
Construction & Materials Mining Majestic 442.50 -6.75 480.00 280.00 3.62 21.73 50.0 Iomart♦ 259.50 5.50 288.21 159.93 0.67 31.49 33.9
Health Care Equip & Services Plexus 213.75 -6.25 268.87 165.00 0.51 34.40 24.7
Abbey 1012.5 - 1050 800.00 0.85 10.44 0.1 AMC 15.50 -0.75 44.58 2.62 - -76.73 2316.5 StanlGib 237.50 - 322.00 215.00 3.05 59.73 99.8 K3BusTc 271.50 - 275.00 205.00 0.46 30.13 4.4
Advnc Med 149.25 1.50 161.00 111.00 0.42 24.54 56.9 PresidentEn 10.38 0.38 39.48 9.83 - 4.62 160.3
AccsysTch 69.25 -0.75 81.50 0.93 - -6.82 13.3 BotswanaD 0.90 - 4.15 0.85 - -1.93 75.0 Monitise 5.43 0.19 52.50 4.40 - -1.08 21621.9
AVO 7.25 0.13 16.90 3.50 - -9.67 2215.3 Rockhop 45.00 -5.00 95.50 45.00 - -8.80 1575.1 Support Services
Aukett 7.00 -0.13 9.50 5.76 3.00 9.19 19.4 CentAsiaM 152.50 -1.50 198.00 135.16 6.88 4.31 1.4 OMG 42.00 - 49.00 26.00 1.19 121.04 3.9
CareTech 250.00 -3.00 263.25 190.00 3.20 11.79 15.1 Sound Oil 16.25 - 26.73 8.75 - -11.89 250.5 AndSyks 342.50 - 385.00 260.00 6.95 15.55 0.7
Connema 1.63 0.25 3.81 0.25 - -2.82 136.4 Progility 3.00 -0.13 11.25 2.75 - 3.18 54.6
TowerRes 0.19 - 0.88 0.09 - -0.18 14486.3
Electronic & Electrical Equip ImmunDiag♦ 306.00 - 492.00 264.40 2.78 38.29 5.4 C'royG&NR 0.65 - 1.60 0.50 - -7.07 50.0 Augean 61.50 2.50 62.00 37.65 0.57 13.64 141.6
Pub Tech 135.00 - 240.00 120.00 - -4.16 5.0
SphereMed 13.50 -2.00 31.00 12.10 - -1.52 456.9 TrinityE 4.41 -0.64 93.57 4.30 - -0.05 134.8 Begbies 44.63 - 54.76 38.50 5.08 17.45 16.0
CeresPow 8.90 -0.05 11.75 6.50 - -6.47 40.7 GrekaDrill 5.90 - 16.80 5.50 - -6.36 65.1 SciSys 63.50 - 96.75 38.50 2.36 8.75 0.2
Tristel 102.50 -1.00 107.99 65.00 1.58 25.55 17.0 UnJackOil 0.18 - 0.48 0.14 - -4.38 244.2 Christie 142.50 0.50 162.00 115.00 1.23 15.85 1.9
Densitrn 7.88 - 9.75 3.50 - 34.24 2.0 Herencia 0.16 -0.01 0.49 0.15 - -1.99 2469.9 WANdisco 183.50 -1.50 545.00 175.25 - -1.79 3.4
VictorOil 52.75 -2.75 89.05 1.21 - -1.53 201.7 Empres 79.50 0.50 91.50 38.13 0.44 10.56 19.4
ElektronT 7.25 - 8.70 3.25 - 72.50 31.0 House, Leisure & Pers Goods HighldGld 47.25 1.50 71.50 17.73 11.22 -9.61 107.0
VolgaGas 59.00 - 121.00 55.00 4.08 5.80 2.2
FlowGp 14.63 -0.50 50.00 12.75 - -3.71 403.1 KarelianDd 0.88 - 2.08 0.80 - -12.50 242.3 Hargreaves 354.50 -2.50 815.00 280.00 7.19 3.76 19.8 Telecommunications
Airea 19.75 - 20.80 10.25 3.04 12.87 1.2 Hydrogen 54.00 - 90.25 48.25 8.52 -128.57 17.8
LPA 63.00 -0.50 112.00 60.00 2.46 55.65 6.5
Churchll 540.00 -7.50 630.00 425.00 2.74 17.56 3.5
KEFI Min 0.78 -0.03 1.80 0.67 - -1.92 311.6 Pharmaceuticals & Biotech AltNetwks 492.00 -1.00 545.00 415.00 2.95 26.56 1.0
ThorpeFW 187.50 - 196.00 120.00 1.73 20.75 13.8 OracleC 1.65 -0.03 2.00 0.25 - -8.01 798.9 Abcam 609.00 -2.50 614.50 355.25 1.27 34.66 271.4 Impellam 846.00 - 859.60 455.00 0.74 13.82 3.4 AvantiCom 210.00 -4.00 325.00 170.25 - -3.75 40.6
gamingrealm 26.75 -0.50 41.00 20.00 - -5.72 21.4 ISG 165.50 - 356.00 140.00 5.71 -6.04 2.0
Zytronic 296.00 - 319.00 208.90 3.38 14.47 4.4 RamblMtls 10.50 - 27.40 9.00 - -36.59 156.5 AllcePharm 57.75 -0.50 63.00 31.65 1.62 18.29 244.4 Peoples Op 120.00 -5.00 147.60 120.00 - -52.98 1.6
Mulberry 899.00 - 969.00 562.50 0.56 -383.04 1.5 JhnsnSrv 88.00 0.25 91.00 56.00 1.49 30.34 98.9
ShantaGold 4.63 -0.25 13.00 4.50 - 3.82 562.0 Epistem 195.00 - 339.00 185.00 - -6.52 12.7
Financial General Portmern 922.50 - 960.00 840.00 2.87 15.10 0.3
SierraRut 22.25 0.13 38.00 17.00 - -19.03 60.1 JourneyGp 177.50 7.50 180.00 113.00 1.62 15.38 20.0 Travel & Leisure
SinclairW# 9.38 -0.25 73.80 9.55 - -1.16 22.9 e-Thera 38.50 - 49.40 24.25 - -13.08 1.3
Ambrian 6.75 -0.25 12.50 5.25 - 20.45 88.0 Sirius Min 17.00 0.25 29.50 6.40 - -33.80 10841.1 LonSec 2145 - 2450 1900 2.89 20.75 0.0 CastleStIn 37.50 -2.50 41.25 17.00 8.00 - 246.7
TelfordHms 420.00 -6.25 495.00 317.50 2.43 12.88 160.0 GW Phrms 597.50 -10.00 708.55 299.11 - -39.23 271.9
Arbuthnot 1552.5 -0.50 1650 1000.00 1.74 21.32 0.7 SolGold 2.03 0.03 7.06 1.95 - -3.84 2168.9 Matchtech 572.50 - 589.40 495.00 3.49 17.85 3.8 Celtic 75.25 - 79.00 72.81 - -19.58 0.9
WalkerGb 234.00 -0.50 244.85 151.05 0.82 28.28 5.9 HtchChMd 1882.5 40.00 2020 998.00 - 1680.80 20.8
Aurora 9.13 - 12.88 8.00 - -0.93 5.0 Stratex 2.13 0.03 3.22 1.00 - -4.07 2056.7 NewmkSec 3.13 -0.08 4.93 1.66 2.40 6.65 71.0 ..6%CvPf♦ 65.00 - 80.00 35.00 4.98 - 1.0
ImmuPhar 42.00 -0.50 67.00 37.00 - -12.23 47.3
BP Marsh 144.50 -1.00 156.75 121.00 1.90 8.56 4.0 Industrial Engineering Xtract Res 0.23 0.01 0.49 0.06 - -2.50 78527.7 NormanBr 11.50 - 25.00 8.50 - -1.25 135.0 ..Cv Pf 135.00 - 150.00 120.00 - - 16.0
ReNeuron 5.38 - 6.50 2.80 - -11.94 1035.8
BrooksMac 1837.5 9.50 1900 1300 1.41 29.34 0.2 ZincOx 12.00 -0.50 18.00 6.00 - -0.89 621.9 NWF 162.00 - 165.00 120.00 3.15 16.61 0.6 Dalata 290.00 - 299.00 111.15 - 102.80 84.5
600 Grp 17.88 -0.13 22.00 14.60 - 6.94 1.0 Sareum 0.22 0.02 0.68 0.20 - -3.71 5483.3
Camellia 9627 -47.50 10000 8450 1.30 93.77 0.6 Optimal Pay 284.50 -0.50 575.00 215.00 - 23.66 20046.1 Dart 461.75 -12.25 500.00 200.00 0.63 20.80 144.4
Molins 78.50 - 161.00 74.25 7.01 -51.01 3.1 SinclairIS 38.50 -1.00 48.00 23.30 - -14.76 579.2
CaptlMgt 117.00 - 200.00 103.00 - -1.50 0.5 Oil & Gas PennaCns 229.00 - 230.00 116.00 1.53 15.18 3.6 GoalsSocc 200.00 - 242.00 195.00 0.93 22.49 1.0
MS Intl 176.00 -4.00 203.00 116.00 4.55 21.47 7.6 Vernalis 80.75 -0.50 85.00 41.75 - -121.43 28.7
Fairpoint 163.00 1.00 170.00 105.66 3.77 24.95 74.7 AlkneEng 23.75 -0.38 40.35 19.50 0.84 10.63 160.4 Petards 11.50 - 15.99 9.75 - 10.37 50.0 MinoanGp 8.13 -0.13 15.73 7.25 - -12.88 19.3
Pres Tech 227.50 - 750.00 180.00 3.69 13.79 5.5
Leeds 36.50 - 43.79 30.00 - 9.56 6.6
TP Group 3.75 - 7.40 3.00 - -4.24 17.3
AmeriRes 30.25 0.50 67.25 19.10 - 18.51 1176.0 Real Estate RedhallGp 11.50 - 18.50 8.50 - -0.40 1.3 PeelHtls 108.00 - 110.00 75.00 - 23.12 2.5
MattioliWds 571.50 - 580.00 414.00 1.59 25.59 2.2 AndesEnrg 29.50 -0.25 49.42 16.50 - -21.77 10.1 Conygar 182.00 -1.00 195.00 160.00 0.96 9.23 7.7 Renew 326.50 -6.00 348.00 237.00 1.53 18.92 152.9
Miton 28.25 - 38.50 18.50 1.91 -8.64 206.4 Industrial General BahamasP 2.15 -0.10 4.70 1.50 - -9.19 1140.0
Utilities
FltchKng 45.50 - 65.00 38.00 6.59 6.33 50.0 Restore 243.50 -1.50 289.00 193.25 0.86 40.62 46.2
MAB 301.00 1.00 309.26 160.00 - 31.39 7.2 BorSthnPet 3.12 0.05 14.50 2.75 - -6.06 205.2 ModernWtr 11.75 - 29.00 10.50 - -0.53 2.6
Powerflte 77.75 - 80.00 35.00 1.35 48.35 26.2 InlandHms 72.50 0.50 74.00 44.50 0.83 22.92 200.9 SafeCharge 265.00 -1.50 297.00 192.43 0.70 39.83 200.2
Numis 265.75 -2.25 280.00 196.09 3.95 20.18 103.1 Circle Oil 6.13 -0.13 28.70 6.00 - -1.00 1930.6 RenEnGen 46.75 - 68.00 46.50 4.71 -32.67 6.0
RM2 61.50 - 77.00 46.00 - -6.46 382.8 Lok'nStor 283.00 - 300.30 199.17 2.47 120.27 7.4 Servoca 25.25 - 26.03 11.00 - 18.79 50.0
Park Grp 72.75 -0.75 77.50 47.00 3.51 15.81 23.1 ClontarfEn 0.35 - 1.40 0.26 - -3.80 250.0 Rurelec 1.55 0.05 8.50 1.32 - -2.95 400.0
Symphny 7.75 -0.38 11.22 6.50 - -33.12 158.1 LXB Retail 82.50 -1.00 149.00 81.00 - - 68.6 Utilityws 169.00 -6.00 311.05 161.50 2.37 11.79 421.3
Egdon Res 13.63 0.38 25.93 6.24 - -8.73 256.6 SeaEnergy 7.75 - 39.50 7.25 - -1.72 12.7

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 105.50 - 107.89 103.00 - - - JPMGIConv 95.50 -2.25 112.00 95.25 5.89 100.0 -4.5 ScotAmer 253.63 -7.00 276.50 221.99 4.16 243.5 4.2 Albion Ent♦ 90.50 - 91.75 85.00 5.52 98.0 -7.7 Marwyn Val 237.50 -1.50 251.93 196.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin Inv 684.00 -9.00 706.00 565.20 3.45 691.1 -1.0 JPM GEI 92.25 -3.00 130.00 91.75 5.31 98.4 -6.2 Scottish In 613.00 -9.50 670.00 536.00 1.96 678.0 -9.6 AlbionTech 76.50 - 78.49 71.25 6.54 80.2 -4.6 TerraCat 105.50 - 112.00 90.00 - - -
3i Infra 172.70 -1.00 189.56 151.00 4.33 - - Edin WWd 466.00 -5.25 502.44 332.25 0.43 484.5 -3.8 JPM I&C Uni 364.00 -0.50 370.00 330.06 - 367.2 -0.9 ScottMort 257.20 -4.70 283.40 204.00 1.13 247.9 3.8 AlbionVCT 66.50 - 68.65 63.00 7.52 67.1 -0.9
AbnAsianIn♦ 159.75 -4.75 213.80 158.00 5.13 171.7 -7.0 EP Global 242.88 -1.13 262.10 207.04 1.36 239.0 1.6 JPM Inc&Gr 110.75 -1.25 115.85 98.50 1.99 115.3 -3.9 ScottOrtll 712.00 - 900.00 711.96 1.62 838.0 -15.0 ArtemisVCT 62.50 - 70.52 59.23 6.40 71.8 -13.0 ISDX
AbnAsian 739.00 0.75 1014 734.83 1.35 851.4 -13.2 Estabmt 156.50 -4.00 188.00 150.00 3.00 201.8 -22.4 JPM Ind 513.00 -9.00 605.50 421.73 - 593.1 -13.5 SecTstScot 132.88 -1.25 148.00 129.00 3.61 140.5 -5.4 Baronsmd 76.13 2.50 75.60 69.50 4.60 80.3 -5.2
Euro Ast♦ 1067.5 -10.00 1160 800.00 4.90 1048.5 1.8 JPM JpSm 240.50 -2.50 261.75 184.00 - 277.4 -13.3 Seneca I&G 146.50 0.25 150.00 131.00 3.82 147.4 -0.6 ..VCT 2 98.63 3.25 99.00 91.00 4.56 104.6 -5.7 52 Week Vol
AbnJapInv 560.50 -2.00 571.00 357.50 0.80 538.1 4.2
EuroInvT 757.00 -19.50 849.00 659.33 1.85 801.7 -5.6 JPM Jap 281.75 -5.25 307.95 195.00 0.99 314.7 -10.5 Shires Inc 232.00 -3.50 261.00 216.26 5.17 243.5 -4.7 ..VCT 3 102.38 3.00 104.75 94.00 7.33 107.7 -4.9 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn 49.00 -3.25 85.68 49.00 8.67 56.3 -13.0
F&C Cp&I 265.50 -3.00 277.00 231.75 3.73 263.0 1.0 JPM Mid 957.50 -17.50 992.00 669.10 1.88 1026.1 -6.7 StdLf Eqt 466.00 -2.00 471.46 362.50 3.00 464.5 0.3 ..VCT 4 94.88 2.75 94.35 86.75 3.16 100.2 -5.3 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
..Sub 0.25 - 2.63 0.10 - - -
F&CGblSmlr 986.75 -6.75 1028.92 781.00 0.83 964.1 2.3 JPM O'seas 1010 -20.00 1159 890.95 1.49 1118.4 -9.7 StdLf Sml 326.25 -5.25 340.00 256.00 1.38 359.8 -9.3 ..VCT 5 78.38 1.00 78.00 72.00 5.10 82.7 -5.2 ShephdNm 1140 5.00 1260 1000.00 2.27 25.29 2.0
AbnNewDn♦ 158.00 -0.50 205.23 157.25 2.28 178.8 -11.6
F&CMgdG 154.00 - 158.00 130.00 - 151.3 1.8 JPMRussian 293.25 -5.25 447.00 223.25 4.43 345.1 -15.0 StrategicEq 235.75 -1.75 241.50 153.25 0.33 220.5 6.9 BSC VCT 88.00 0.50 91.80 82.00 6.25 96.2 -8.5 Thwaites 111.50 - 132.00 108.00 4.00 10.05 1.4
AbnNewThai 351.00 3.00 489.88 344.00 2.28 424.1 -17.2
AbnSmlCo 217.00 - 229.00 174.00 3.03 260.1 -16.6 F&CMgdI 121.00 -1.00 130.00 110.00 4.09 119.1 1.6 JPMSnrSec 89.75 -0.75 101.00 89.22 - 94.4 -4.9 Temp Bar 1125 -29.00 1274 1101 4.16 1182.9 -4.9 ..VCT2 57.00 - 60.50 51.98 7.89 62.5 -8.8
Abn UK♦ 307.13 -3.75 334.75 288.00 3.32 320.8 -4.3 FidAsian 221.38 -4.38 285.50 220.00 0.50 250.0 -11.4 JPM Smlr 865.50 -2.00 868.00 527.00 1.11 1037.7 -16.6 TempEmerg 415.80 -9.60 626.64 415.00 1.74 488.4 -14.9 Crown Place 29.00 - 30.50 27.75 8.62 28.0 3.6
Abf Gd Inc♦■ 200.00 -6.25 212.00 138.25 3.68 228.0 -12.3 FidChiSpS 127.10 -1.30 179.78 111.00 0.90 156.0 -18.5 JPM US Sml 174.75 2.75 193.75 135.77 0.40 184.6 -5.3 TRIG 105.25 0.25 109.00 99.00 5.23 - - FrsightSol 103.50 - 106.00 95.00 5.80 108.3 -4.4 Guide to FT Share Service
Abf Sml♦ 1213 -3.00 1235 966.00 2.04 1325.5 -8.5 Fid Euro 174.10 -2.00 187.50 137.40 1.78 182.2 -4.4 JupUSSmCo 632.50 - 704.03 596.99 - 698.0 -9.4 ThreadUKSel 175.00 - 181.78 160.00 2.49 190.9 -8.3 Inc&GthVCT 93.50 0.50 104.00 88.25 19.25 103.5 -9.7
AcenciADbt $ 1.64 0.00 114.00 1.62 3.73 1.7 -3.5 Fid Jap 84.75 -0.75 88.25 64.00 - 97.0 -12.6 KeystoneInv 1800.5 -4.50 1900 1651.76 2.80 1898.4 -5.2 TREurGth 632.00 -6.00 661.00 438.00 1.03 671.2 -5.8 KingsAYVCT 18.13 - 19.50 17.25 5.52 19.8 -8.4
AdvDvpMk 391.88 -4.63 483.00 385.25 - 442.5 -11.4 Fid Spec 202.75 -3.13 217.00 159.37 1.63 - - Law Deb♦ 499.00 -8.00 545.50 465.10 3.15 469.2 6.4 TroyInc&G 70.25 -0.88 74.71 60.00 3.24 69.8 0.6 Maven I&G 66.00 -0.50 67.50 59.50 6.82 64.9 1.7
Alliance 481.80 -5.70 531.50 420.20 2.06 549.7 -12.4 FinsG&I 570.00 -9.00 609.36 464.25 2.05 571.2 -0.2 LinTrain £ 498.50 -5.00 537.00 359.61 1.36 420.8 18.5 UtilicoEmg♦ 163.50 -5.25 206.09 162.00 3.73 185.3 -11.8 MavenVCT2 52.25 - 56.75 49.00 7.37 59.4 -12.0 For queries about the London Share Service pages e-mail
AllianzTech 606.00 0.50 640.43 463.07 - 622.2 -2.6 FstPacfic H HK$ 5.73 -0.07 9.48 5.73 3.68 - - Ln&StLaw♦ 350.38 - 384.00 330.80 3.94 371.7 -5.7 UtilicoInv 113.25 -1.25 129.50 103.00 6.62 154.9 -26.9 MavenVCT3♦ 74.00 - 79.00 70.00 2.70 86.8 -14.7 ft.reader.enquiries@morningstar.com.
AltAstsOps 38.50 -0.50 47.00 36.00 - 43.5 -11.5 For & Col 437.90 -3.70 467.90 365.00 2.15 470.4 -6.9 Lowland 1365 -13.00 1440 1219 2.78 1392.5 -2.0 ValAndInc 253.50 - 274.00 238.43 3.43 304.5 -16.7 MavenVCT4 84.00 - 88.39 80.00 5.65 96.2 -12.7 All data is as of close of the previous business day. Company classifications
Art Alpha 270.75 -3.00 306.50 257.00 1.20 323.1 -16.2 Geiger 16.00 - 27.95 13.75 - 16.7 -4.2 M&GHighInc♦ 159.50 -0.50 179.95 148.00 2.88 170.1 -6.2 Witan 774.00 -12.50 850.00 642.00 2.02 772.8 0.2 MavenVCT5♦ 34.63 - 37.00 32.00 2.89 42.6 -18.7 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 20.25 - 44.73 18.10 5.93 - - GenEmer 447.60 -9.40 583.00 446.00 - 514.0 -12.9 Majedie 263.38 -2.50 283.00 206.41 2.85 258.1 2.0 WitanPac 233.50 -3.50 274.75 219.25 1.93 265.7 -12.1 Nthn 2 VCT 69.75 0.50 88.00 67.25 2.87 74.0 -5.7 100 constituent stocks are shown in bold.
AsianToRt 181.88 -2.88 224.00 179.37 1.79 199.7 -8.9 GFIS 16.25 - 28.39 15.00 - 46.9 -65.4 Man&Lon 242.13 1.00 260.49 219.00 3.09 286.9 -15.6 WorldTst 257.00 -3.38 285.25 212.00 0.20 286.9 -10.4 Nthn 3 VCT 90.00 - 104.00 88.00 6.11 95.3 -5.6 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 154.75 - 166.79 144.00 2.46 166.6 -7.1 GRIT 11.75 - 40.00 10.50 - - - MCGlobPort 173.50 -2.75 195.00 158.00 2.31 175.1 -0.9 WwideHlth 1955 -21.00 2108.5 1344 0.72 2030.1 -3.7 NthnVent 76.00 - 85.36 74.50 7.89 79.7 -4.6 are based on intra-day trading over a rolling 52 week period. Price/earnings
BG Japan 456.75 -10.50 493.25 316.50 - 444.4 2.8 GoldenPros 20.50 - 41.83 18.00 - 24.2 -15.3 MCurPac 274.00 -3.00 336.00 270.00 2.74 305.8 -10.4 ProVenGI 79.00 - 81.25 76.00 5.06 83.6 -5.5 ratios (PER) are based on latest annual reports and accounts and are updated
Conventional - Private Equity 52 Week Dis(-)
BG Shin 409.00 -7.63 424.00 282.50 - 395.3 3.5 Hansa 877.00 1.75 988.00 836.50 2.17 1144.9 -23.4 MercantIT 1721 -25.00 1762.96 1316.55 2.32 1931.6 -10.9 ProVenVCT 94.50 - 97.89 89.50 4.76 100.5 -6.0 with interim figures. PER is calculated using the company’s diluted earnings
Price +/-Chg High Low Yld NAV or Pm
BSRT 21.25 - 39.80 19.00 - 39.5 -46.2 ..A 832.00 -0.50 949.00 810.00 - 1144.9 -27.3 MrchTst 450.00 -10.88 506.33 422.18 5.27 472.4 -4.7 UnicornAIM 135.00 - 135.79 122.00 4.44 153.5 -12.1 from continuing operations. Yields are based on closing price and on dividends
Hend Alt 229.00 -2.38 254.00 218.00 1.31 277.9 -17.6 Mid Wynd 336.50 - 352.50 260.07 1.13 326.1 3.2 AbnPvtEq 88.75 0.13 96.00 79.04 2.52 119.9 -26.0
Bankers♦ 621.00 -11.50 674.50 506.00 2.43 626.2 -0.8 Ordinary Income Shares 52 Week HR paid in the last financial year and updated with interim figures. Yields are
Hen Div 91.50 -0.13 95.50 87.50 5.57 89.5 2.2 MitonUKMic 54.13 - 56.25 50.00 - - - Altamir € 10.71 -0.10 11.82 9.43 - 16.1 -33.5
BrngEmEu 473.25 -6.00 679.00 432.00 4.01 533.5 -11.3 Price +/-Chg High Low Yld WO GRY 0% shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuroF 1029.5 -27.00 1148.5 816.47 2.28 1031.8 -0.2 MitonWw 160.75 -0.75 164.65 149.00 - 176.5 -8.9 Dun Ent 339.88 0.13 410.00 305.00 4.85 512.3 -33.7
BH Global 1314 - 1343.6 1178 - 1384.0 -5.1 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenEuro 875.50 -19.50 957.00 678.25 2.00 862.6 1.5 MMP 3.13 - 5.00 3.00 - - - Electra 3295 -20.00 3349.01 2338 - 3632.0 -9.3 JPM I&C 100.00 -0.25 106.00 86.00 6.50 -15.6 -4.8
..EUR € 12.00 - 14.00 11.80 - - - capital changes where appropriate.
HenFarEs♦ 273.50 -10.50 362.00 272.25 6.76 282.3 -3.1 Monks 409.90 -4.40 458.90 348.40 0.96 452.4 -9.4 ElectraPrf 151.38 - 152.05 144.25 - 145.5 4.0 JupiterDv&G♦ 4.50 - 5.50 3.50 16.00 5.4 -34.7
..USD $ 12.96 0.01 13.35 11.70 - 13.6 -4.7 Trading volumes are end of day aggregated totals, rounded to the nearest
HendGlob 380.63 -0.38 416.81 336.20 2.63 425.2 -10.5 MontanSm 520.50 -7.50 544.00 390.50 1.34 558.3 -6.8 F&C PvtEq 223.75 -0.38 230.00 197.00 4.80 274.1 -18.4 M&GHI&Gt♦ 61.00 - 67.00 55.00 - -17.2 -7.7
BH Macro 2095 -8.00 2191 1935 - 2183.0 -4.0 1,000 shares.
HenHigh 182.75 -1.88 195.25 156.50 4.76 179.6 1.8 Mur Inc 694.50 -16.50 796.60 692.50 4.72 754.2 -7.9 GraphEnt 585.50 -3.50 605.00 536.10 1.28 679.4 -13.8 Rghts&Icp 4812.5 - 4900 3800 - -78.5 -2.3
..EUR € 20.20 -0.03 21.10 18.70 - 21.1 -4.3
HenInt Inc♦ 120.13 -0.63 137.69 103.00 3.58 118.3 1.5 Mur Int 813.50 -21.50 1123 812.00 5.53 862.1 -5.6 HVPE $ 13.73 - 13.85 11.85 - 16.3 -15.8 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.80 -0.05 21.10 18.67 - 21.0 -5.7 Income Shares 52 Week HR
Hen Opp 1042 -7.50 1059.1 755.00 1.20 1084.8 -3.9 ..B 825.00 - 1445.47 781.00 - 861.9 -4.3 HgCapital 1116 - 1169 1006 2.60 1199.2 -6.9 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 768.00 -25.50 898.92 492.52 - 819.1 -6.2 Price +/-Chg High Low Yld WO GRY 0%
HenSmlr 667.50 -7.50 696.00 468.13 1.72 748.2 -10.8 NB DDIF $ 1.17 - 1.25 1.00 - - - JPM Pvt Eq $ 1.05 - 1.07 0.76 - 1.3 -19.2 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom 61.75 -4.75 119.88 61.32 9.74 63.9 -3.4 JPM In&Gr 99.00 - 100.50 90.15 4.44 -70.0 9.1
Herald 707.00 -8.50 742.50 594.00 - 857.9 -17.6 NewCtyEgy 14.00 - 37.00 12.00 - 18.6 -24.7 JZ Capital 444.50 -3.50 480.00 390.00 - 673.5 -34.0 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 185.00 -3.75 248.25 169.25 1.25 212.0 -12.7 M&GHghIc♦ 60.25 - 63.00 53.00 - -16.7 -10.5
HICL Infra 155.30 0.10 161.40 140.10 5.81 137.7 12.8 ..Sub 0.13 - 0.15 0.06 - - - Mithras 137.00 - 151.91 130.00 0.73 158.0 -13.3 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 107.25 -4.13 133.28 103.50 3.88 109.8 -2.3 Rghts&I 1125 - 1245 895.00 3.20 - 41.3
Impax Env. 149.25 -2.63 167.75 136.00 0.94 167.4 -10.8 NewCityHY♦ 57.00 -0.25 66.50 56.52 7.42 56.8 0.4 NB PE Ptnr $ 11.80 - 12.20 10.80 - - - in pence.
BlckRGtEur 243.50 -2.50 264.50 201.75 1.93 253.3 -3.9
Ind IT♦ 359.50 1.50 364.00 268.50 1.39 368.1 -2.3 NewIndia 330.75 2.50 371.30 261.00 - 358.9 -7.8 Nthn Invs 585.00 - 665.00 385.25 1.71 526.7 11.1 Capital Shares 52 Week HR
..Sub 13.00 -1.50 25.63 8.50 - - -
Intl PP 137.50 0.10 140.59 130.34 4.53 123.3 11.5 New Star IT 73.50 - 77.91 65.45 - 109.9 -33.1 Pantheon 1305 -12.00 1355 1140 - 1534.8 -15.0 Price +/-Chg High Low SP WO TAV 0% X FT Global 500 company
BlckR I&G♦ 183.50 -2.25 193.00 158.01 3.11 187.1 -1.9
InvAsTr 172.13 -1.38 213.58 169.00 2.00 193.0 -10.8 NorthAmer 800.25 -6.25 906.45 790.00 3.56 872.0 -8.2 PantheonR 1285 - 1300 1058 - 1535.9 -16.3 JPM Inc&Gr 12.00 -0.63 15.19 9.00 3.0 -4.1 7.3 ♦ trading ex-dividend
BlckRIncStr 137.25 -1.75 140.50 119.25 4.70 137.5 -0.2
Inv Inc 288.00 -4.00 305.00 255.00 3.47 307.7 -6.4 NthAtSml 2042.5 4.50 2050 1625.86 - 2559.0 -20.2 PrincssPE € 7.86 0.02 8.12 6.50 6.89 9.2 -14.6 M&GHghIc 3.00 -0.20 5.39 3.00 11.3 10.2 - ■ trading ex-capital distribution
BlckRckLat 300.50 -4.75 508.45 295.25 6.40 349.7 -14.1
InvPerp 73.00 - 79.00 70.00 6.85 70.6 3.4 Oryx Int 552.50 0.50 565.00 375.00 - 626.6 -11.8 Riverstone 944.00 -3.00 1114 822.00 - 1046.0 -9.8 # price at time of suspension from trading
BlckRckNrAm♦ 111.63 0.38 124.50 98.75 3.58 120.5 -7.4 Zero Dividend Preference Shares 52 Week HR
IPST BalR 119.25 - 123.00 114.00 - 119.5 -0.2 PacAsset 185.75 -5.25 226.15 174.00 1.40 189.0 -1.7 StdLfEuPv 209.63 -0.38 236.42 200.00 2.39 262.0 -20.0
BlckRSmlr 943.50 -14.50 969.39 697.00 1.37 1054.1 -10.5 Price +/-Chg High Low SP WO TAV 0% The prices listed are indicative and believed accurate at the time of publication.
BlckRThrmt♦ 341.88 -6.00 351.79 238.00 1.29 393.1 -13.0 IPST Gbl Eq 163.50 - 172.00 138.00 2.81 157.3 3.9 PacHorzn 169.25 -4.00 223.77 167.50 0.83 185.0 -8.5 Conventional - Property ICs 52 Week Dis(-) Abf Gd Inc 151.25 0.75 153.25 143.00 -45.8 - 159.7 No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld 222.50 -12.50 505.00 222.00 9.44 255.8 -13.0 IPST Mngd 102.50 0.13 104.00 100.75 - 103.2 -0.7 Perp I&G 414.90 -5.00 431.00 350.81 2.92 410.1 1.2 Price +/-Chg High Low Yld NAV or Pm EcofinWatr 154.50 - 155.10 149.75 -69.2 -86.7 160.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 189.90 -0.20 194.60 182.93 - 200.6 -5.3 IPST UK Eq 170.00 -1.50 174.39 143.00 3.62 165.7 2.6 PerAsset 34010 -259.50 36313.1 33436 1.65 34212. -0.6 Direct Property JPM I&C 174.00 - 175.00 165.50 -19.7 - 192.1 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 484.50 -8.40 557.08 475.40 2.17 547.4 -11.5 InvPpUK♦ 385.50 -2.50 390.46 281.00 1.69 405.7 -5.0 1 JupiterDv&G 112.13 - 114.00 99.50 -7.2 -98.5 133.0
AseanaPr $ 0.55 - 0.58 0.43 - 0.6 -8.3 or use of the information.
Brunner 559.00 -13.00 584.12 486.00 2.15 618.9 -9.7 Invs Cap A 96.50 - 102.00 87.00 4.64 100.0 -3.5 PolarFins♦ 106.50 -3.75 112.84 92.00 2.91 111.6 -4.6 JZ Capital 357.50 - 358.90 342.50 -85.0 -97.3 369.8
AXA Propty 46.50 0.75 47.50 39.45 - - -
Calednia 2320 -12.00 2517.66 2104 2.13 2750.3 -15.6 Invs Cap B 96.50 - 103.00 87.03 1.19 100.0 -3.5 ..Sub 8.75 - 13.00 5.00 - - - M&GHghIc 114.75 - 115.29 110.01 -20.3 -94.8 122.8 The London Share Service is a paid-for-print listing service and may not be
CustdnREIT♦ 107.75 0.13 111.50 104.00 3.48 - -
CanGen C$ 19.65 - 22.00 17.80 1.39 26.2 -25.0 Invs CapU 384.00 - 404.95 347.00 - 399.9 -4.0 PolarHealth♦ 180.50 -2.75 187.50 142.50 1.97 186.8 -3.4 UtilicoFn16 184.50 - 186.00 177.25 -67.2 - 192.8 fully representative of all LSE-listed companies. This service is available to all
F&CComPrp♦ 148.20 -0.30 149.00 123.00 4.05 127.1 16.6
Cap Gear 3262.5 - 3575 3125 0.49 3195.8 2.1 JLaingInf 122.70 -0.60 128.60 116.00 5.30 109.8 11.7 PolarTech 579.00 -11.00 614.00 458.80 - 576.1 0.5 UtilicoFn18 140.38 -0.13 146.50 128.65 -20.4 -33.3 160.5 listed companies, subject to the Editor’s discretion. For new sales enquiries
F&CUKRealE 101.75 -0.50 104.50 85.75 4.91 97.0 4.9
City Merch♦ 183.50 - 194.00 182.15 5.45 180.0 1.9 JPM Amer 270.10 -4.90 296.14 236.05 1.20 282.9 -4.5 ProspJap $ 0.99 -0.01 1.15 0.91 - 1.3 -23.8 UtilicoFn20 122.25 -0.63 123.75 103.50 -9.3 -12.1 154.9 please email stella.sorrentino@ft.com or call 020 7873 4012.
InvistaERET 0.10 - 4.39 0.03 - 4.3 -97.7
CityNatRs♦ 81.00 -3.13 146.00 80.97 6.91 107.3 -24.5 JPM Asn 206.75 -2.25 268.92 205.45 1.06 234.6 -11.9 QatarInvF $ 1.23 -0.02 1.49 1.15 - 1.5 -18.0
Longbow 105.63 - 106.75 101.25 5.44 - -
City Lon 389.80 -7.00 418.35 345.00 3.82 385.7 1.1 JPM Brazil 42.25 -1.00 76.49 42.01 2.01 45.3 -6.7 RIT Cap 1538 -15.00 1615 1265.55 1.93 1566.9 -1.8
PictonProp♦ 74.25 - 74.75 60.50 4.04 69.7 6.5 Investment Companies - AIM
DexionAb 188.25 -0.50 191.00 167.00 - 197.1 -4.5 JPM China 157.75 -1.25 233.96 155.52 1.01 190.2 -17.1 RobecoNV € 30.38 - - - - - -
SLIPropInc♦ 85.25 0.25 90.25 74.75 5.41 77.0 10.7 Data provided by Morningstar
..EUR € 2.53 - 2.65 2.40 - 2.7 -6.3 JPMElct MC 100.00 0.25 101.99 97.01 - 101.8 -1.8 RolincoNV € 28.32 - - - - - - 52 Week Dis(-)
UKComPrp♦ 88.00 0.40 94.00 80.50 4.63 84.3 4.4
..USD $ 3.85 - 3.89 3.53 - 4.2 -8.3 ..MG 610.00 -2.50 635.00 507.66 1.16 625.4 -2.5 Ruffer Inv 222.25 1.75 226.00 193.50 - 217.6 2.1 Price +/-Chg High Low Yld NAV or Pm
DiverseInc 91.50 -0.50 93.00 73.02 2.63 89.2 2.6 ..MI 102.50 -0.50 110.00 93.01 1.66 106.3 -3.6 SchdrAsiaP 258.00 -4.13 321.50 253.07 1.07 290.6 -11.2 Property Securities AdFrntMkt 54.50 -0.25 65.50 54.00 - 58.1 -6.2
JPM Emrg 541.50 -7.50 674.65 540.00 1.02 618.4 -12.4 Schdr Inc 273.75 -4.25 290.52 235.50 3.69 283.1 -3.3 SchdrGlbRe 118.00 -1.63 132.98 98.88 1.84 129.4 -8.8 CrysAmber 167.50 - 170.00 129.81 0.3 162.3 3.2
Dun Inc♦ 240.00 -4.50 275.00 239.00 4.63 260.1 -7.7
JPM EurGth 237.00 -1.50 263.00 193.00 2.83 257.9 -8.1 SchdrJap 155.75 -4.50 165.00 115.25 1.16 166.2 -6.3 TR Prop 309.20 -3.60 325.00 232.40 2.44 319.2 -3.1 GLI Finance♦ 57.50 - 65.00 51.00 8.7 - -
Dun Sml 223.00 -1.88 229.00 171.30 2.35 251.8 -11.4
EcofinWatr♦ 129.00 -4.25 176.75 127.19 5.43 165.4 -22.0 JPM EurInc 129.88 -2.25 147.50 104.75 1.96 133.8 -2.9 SchdrOrient 174.00 -4.00 215.25 174.00 4.40 179.1 -2.8 VCTs 52 Week Dis(-) IndiaCap 62.63 - 69.40 46.00 - 74.5 -15.9
JPM EuSm 243.00 -4.13 256.00 164.00 1.19 266.7 -8.9 SchdrUK 160.13 -2.88 174.00 146.83 2.97 177.3 -9.7
..CULS
EdinDragn
103.13
241.50
-0.25 111.70 102.75
-3.50 311.00 239.75
-
0.91
-
276.2
-
-12.6 JPM Clavr♦ 608.50 -12.00 645.18 534.51 3.37 640.1 -4.9 SchdrUKMd 487.00 -6.38 504.50 402.49 1.75 537.1 -9.3
Price +/-Chg High Low Yld NAV or Pm Infra India
MMP
20.75 -
3.13 -
21.99 10.00
5.00 3.00
-
-
51.2
- -
-59.5
www.morningstar.co.uk
AlbionDev 68.50 - 70.89 66.00 7.30 73.1 -6.3
Thursday 20 August 2015 ★ FINANCIAL TIMES 23

MANAGED FUNDS SERVICE

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

Artemis Strategic Bond R Q Acc 84.03 89.21 -0.09 4.01 CF Seneca Diversified Income B INC 105.89 - -0.18 5.08 EUR Accumulating Class (H) € 9.33 - -0.01 0.00 UK Gilt Bond £ 1.27 - 0.00 1.98 Corp Pens UK Index Tracker £ 1.98 1.98 0.00 -

Artemis Strategic Bond R Q Inc 54.68 58.05 -0.06 4.09 CF Seneca Diversified Income N INC 104.92 - -0.18 5.08 EUR Distributing Class € 11.43 - 0.04 2.74 UK Gilt Gross £ 2.01 - -0.01 1.95 Guardian Linked Life Assurance Ltd
ACPI Global UCITS Funds Plc (IRL)
www.acpishard.com Artemis UK Growth R Acc 468.33 496.14 -2.35 0.54 Investment Adviser - DSM Capital Partners EUR Distributing Class (H) € 9.03 - -0.01 3.02 UK Long Corp Bond £ 1.36 - -0.01 4.39 Managed Acc £ 18.09 19.04 -0.03 -
Regulated The Westchester X $ 28.72 - -0.11 0.00
Artemis UK Smaller Cos R Acc 1143.43 1230.46 -0.57 0.49 GBP Distributing Class £ 9.80 - -0.05 2.95 UK Long Corp Bond - Gross £ 2.46 - 0.00 4.23 Equity Acc £ 33.27 35.02 -0.02 -
ACPI Emerging Mkts FI UCITS Fund USD A $ 109.97 - -0.38 0.00
The Westchester Class 1 GBP Acc £ 19.85 - -0.05 0.00 Fixed Interest Acc £ 17.02 17.91 -0.08 -
Artemis UK Special Sits R Acc 521.99 554.90 -3.79 1.62 GBP Distributing Class (H) £ 9.10 - -0.01 2.96 UK Long Corporate Bond Fund - Gross Income £ 10.91 - -0.03 4.37
ACPI Global Credit UCITS Funds USD A $ 13.92 - -0.01 0.00
The Westchester Class 2 GBP Acc £ 19.89 - -0.05 0.00 International Acc £ 13.13 13.83 -0.03 -
Artemis US Abs Ret I Acc 105.29 - 0.06 - USD Accumulating Class $ 9.39 - -0.01 0.00 UK Specialist £ 1.91 - -0.01 1.57
ACPI Global Fixed Income UCITS Fund USD A $ 151.55 - -0.28 0.00 Investment Adviser - Morant Wright Management Limited
Artemis US Equity I Acc 113.03 - 0.21 - BlueBay Asset Management LLP (LUX) Dodge & Cox Worldwide Funds plc-Global Stock Fund FIL Investment Services (UK) Limited (1200)F (UK) Retail Share Classes International S-NA Acc £ 6.75 7.10 -0.01 -
Q ACPI India Fixed Income UCITS Fund USD A $ 9.96 - -0.04 - Regulated CF Morant Wright Japan A X 271.43 - -2.88 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ
USD Accumulating Share Class $ 16.74 - -0.05 0.00 Emerging Markets - retail £ 1.20 - 0.00 0.07 International S-PA Acc £ 4.07 4.29 -0.01 -
Artemis US Select I Acc 114.99 - 0.28 - Callfree: Private Clients 0800 414161
ACPI India Fixed Income UCITS Fund USD A3 $ 85.04 - -0.37 0.00 BlueBay EmMkt B-USD $ 287.03 - -0.43 0.00 CF Morant Wright Japan A Inc X 267.43 - -2.83 0.00
GBP Accumulating Share Class £ 17.58 - -0.14 0.00 Broker Dealings: 0800 414 181 Europe Long Term Growth £ 1.54 - 0.00 1.84 International S-EU Acc £ 3.29 3.46 0.00 -
Artemis US Select I Inc 102.70 - 0.25 -
ACPI International Bond UCITS Fund USD A $ 18.00 - -0.09 0.00 BlueBay EmMktCrp B-USD $ 162.76 - -1.00 0.00 CF Morant Wright Japan B X 288.40 - -3.05 0.52 Authorised Inv Funds
GBP Distributing Share class £ 12.85 - -0.10 0.71 {*}CAR - Net income reinvested
Artemis US Smlr Cos I Acc 123.65 - -0.11 - Managed S-PR Acc £ 6.87 7.23 -0.02 -
BlueBay EmMktSel B-USD $ 146.25 - -0.52 0.00 Unit Trust
CF Morant Wright Japan B Inc X 271.96 - -2.88 0.54
EUR Accumulating Share Class € 22.79 - 0.05 0.00 Fixed Interest S-IL Acc £ 6.43 6.77 -0.03 -
Artemis US Ex Alpha I Acc 117.40 - -0.08 - Cash Accum Units 186.34 186.34 0.00 0.00
BlueBay EmMkLocCy B-USD $ 136.93 - -0.75 0.00 CF Morant Wright Nippon Yield ACC A X 276.87 - -2.66 2.08
ACPI Select UCITS Funds PLC (IRL) Dodge & Cox Worldwide Funds plc-International Stock Fund FIL Fund Management (LUX) Deposit Accum £ 4.45 4.68 0.00 -
Cash Fund £ 1.00 1.00 0.00 0.13
Regulated BlueBay GlblConv I-USD $ 189.30 - -0.37 0.00 CF Morant Wright Nippon Yield ACC B X 286.69 - -2.75 2.07 USD Accumulating Share Class $ 14.74 - -0.03 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088 Guardian Pensions Management Ltd
ACPI Balanced UCITS Fund USD Retail $ 14.25 - 0.01 0.00 Gross Accum Cash £ 1.28 1.28 0.00 0.00
Artisan Partners Global Funds PLC (IRL) BlueBay GlblHgYd B-USD $ 132.32 - -0.11 0.00 CF Morant Wright Nippon Yield Fund A Inc X 243.04 - -2.34 2.12 EUR Accumulating Share Class € 15.74 - 0.05 0.00 Regulated Pens. Managed Acc. £ 23.44 24.67 -0.03 -
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.13
ACPI Balanced UCITS Fund EUR Retail € 10.76 - 0.01 0.00 BlueBay HgYield B-EUR € 337.85 - 0.02 0.00 CF Morant Wright Nippon Yield Fund B Inc X 251.74 - -2.42 2.11 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
Tel: 44 (0) 207 766 7130 China Consumer A-GBP £ 14.30 - -0.33 0.00 Pens. Equity Acc. £ 35.36 37.23 -0.04 -
ACPI Balanced UCITS Fund GBP Retail £ 10.88 - 0.01 0.00 USD Accumulating Share Class $ 18.81 - -0.06 0.00 MoneyBuilder Global £ 2.64 2.64 0.00 0.19
FCA Recognised BlueBay HgYieldCp B-EUR € 143.10 - -0.02 0.00 China Focus A-GBP £ 4.28 - -0.10 0.24
Artisan Partners Global Funds plc OEIC Funds
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - BlueBay InvGr B-EUR € 171.71 - -0.12 0.00 GBP Accumulating Share Class £ 18.69 - -0.14 0.00
Cavendish Asset Management Limited (1200)F (UK) American £ 27.93 - -0.01 0.00 Global Financial Services A-GBP £ 0.45 - 0.00 0.00
Artisan Emerging Markets I USD Acc $ 6.72 - -0.03 0.00 HPB Assurance Ltd
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - BlueBay InvGEurGv B-EUR € 148.62 - -0.23 0.00 Chelsea House, Westgate, London W5 1DR GBP Distributing Share Class £ 11.92 - -0.09 0.51
American Special Sits £ 11.42 - -0.01 0.00 Global Health Care A-GBP £ 0.58 - 0.00 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Artisan Global Equity Fund Class I USD Acc $ 15.49 - -0.07 0.00 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - BlueBay InvGEurAg I-EUR € 148.90 - -0.06 0.00 EUR Accumulating Share Class € 22.14 - 0.04 0.00 International Insurances
Authorised Inv Funds Asia Pacific Ops W-Acc £ 1.01 - 0.00 - Global Industrials A-GBP £ 0.64 - 0.00 0.00
Artisan Global Opportunities I USD Acc $ 12.55 - -0.02 0.00
Asset Management
ACPI Horizon UCITS Fund $ 13.45 - -0.04 0.00 BlueBay InvGLibor B-EUR € 125.27 - 0.03 0.00 Holiday Property Bond Ser 1 £ 0.49 - -0.01 0.00
Cavendish Opportunities Fund B Class 1107.00 - -8.00 1.37 Global Inflation-Linked Bd A-GBP-Hdg £ 1.16 - 0.00 0.52

Asset Management
Artisan Global Value Fund Class I USD Acc $ 16.40 - 0.01 0.00 Fidelity Asian Dividend Fund A-Accumulation £ 1.05 - 0.00 1.40
HighIncomeLoan H-EUR € 194.99 - 0.07 0.00 Holiday Property Bond Ser 2 £ 0.59 - -0.01 0.00
Cavendish Opportunities Fund A Class 1100.00 - -8.00 0.60 Fidelity Asian Dividend Fund A-Income £ 1.01 - 0.00 2.63 Global Real Asset Securities £ 1.40 - 0.00 0.00
Artisan US Value Equity Fund Class I USD Acc $ 11.24 - -0.03 0.00
Abbey Life Assurance Company Limited (UK) Cavendish Opportunities Fund C Acc 1142.00 - -8.00 1.20 China Consumer £ 1.43 - -0.02 0.07 Global Technology A-GBP £ 0.25 - 0.00 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
BONHOTE Cavendish Worldwide Fund B Class 302.00 - -1.20 0.79 Global Telecomms A-GBP £ 0.28 - -0.01 1.00 Hamon Investment Group
additional fund prices can be found @ www.abbeylife.co.uk Emerging Asia £ 1.12 - -0.01 0.14
Ashmore Sicav (LUX) Other International Funds Other International Funds
Insurances Cavendish Worldwide Fund A Class 301.20 - -1.20 0.07 India Focus A-GBP £ 4.47 - -0.04 0.00
2 rue Albert Borschette L-1246 Luxembourg Emerg Eur, Mid East & Africa H £ 1.35 - 0.00 0.97 Asian Market Leaders - USD $ 25.18 - -0.19 0.00
Life Funds Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6802.00 - -33.00 2.22
FCA Recognised Cavendish Worldwide Fund C Acc 308.80 - -1.20 0.80 Latin America A-GBP £ 1.37 - -0.01 0.21
Dragon Capital Group Enhanced Income - Acc £ 1.91 - -0.01 6.80 Asian Market Leaders - GBP £ 12.55 - -0.18 0.00
Prop. Acc. Ser 2 1548.50 1630.00 0.90 - Ashmore SICAV Emerging Market Debt Fund $ 94.53 - -0.26 7.51 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10270.00 - -191.00 0.89
Cavendish AIM Fund B Class 164.10 - -0.50 0.36 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Enhanced Income - Inc £ 1.24 - -0.01 7.12
Selective Acc. Ser 2 1598.60 1682.80 -5.90 - Greater China - USD $ 11.10 - -0.06 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 152.86 - -0.41 0.89 Fund information, dealing and administration: funds@dragoncapital.com
Cavendish AIM Fund A Class 159.30 - -0.40 0.00 European - Inc £ 1.45 - -0.01 1.48 Findlay Park Funds Plc (IRL)
American Ser. 4 1661.20 1748.60 -2.30 - Other International Funds Greater China - GBP £ 4.47 - -0.06 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 82.01 - -0.25 5.43 Braemar Group PCC Limited (GSY) Cavendish Asia Pacific Fund B Class 154.20 - -0.80 1.53 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Vietnam Enterprise Inv. (VEIL) NAV $ 3.69 - -0.03 0.00 European £ 16.41 - -0.13 1.12 Selected Asian P'folio $ 46.58 46.59 -1.07 0.00
Custodian Ser. 4 491.90 517.80 -2.20 - Regulated FCA Recognised
Ashmore SICAV Global Small Cap Equity Fund $ 120.69 - -2.04 0.00
Cavendish Asia Pacific Fund A Class 153.30 - -0.80 0.70 Vietnam Growth Fund (VGF) NAV $ 23.55 - -0.24 0.00 European Opportunities £ 3.80 - -0.02 0.23
UK Agricultural Class A £ 1.26 - 0.00 0.00 American Fund USD Class $ 83.66 - -0.16 0.00
Equity Ser. 4 565.90 595.60 -5.30 - Ashmore SICAV Local Currency Fund $ 82.24 - -0.15 0.31
Cavendish Asia Pacific Fund C Acc 158.60 - -0.80 1.51 Vietnam Property Fund (VPF) NAV $ 0.82 - 0.04 0.00 Extra Income £ 0.27 - 0.00 3.35
UK Agricultural Class B £ 1.38 - 0.00 0.00 American Fund GBP Hedged £ 45.57 - -0.09 0.00
European Ser 4 571.80 601.80 -7.80 - EM Mkts Corp.Debt USD F $ 95.61 - -0.49 7.30 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Cavendish European Fund B Class 139.40 - -0.90 1.24 Extra Income - Gross £ 0.27 - 0.00 3.35
Student Accom Class B £ 0.55 - -0.17 0.00 American Fund GBP Unhedged £ 53.32 - -0.47 - PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Fixed Int. Ser. 4 889.20 936.00 -0.40 - EM Mkts Loc.Ccy Bd USD F $ 79.41 - -0.39 4.39
Cavendish European Fund A Class 137.60 - -0.90 0.36 Enquiries 0117 90090000
Global Dividend - Acc £ 1.55 - 0.00 3.18 Latin American Fund USD Class $ 12.33 - 0.02 0.00
Intl Ser. 4 436.40 459.30 -2.80 - DSM Capital Partners Funds (LUX) www.hl.co.uk
Cavendish Japan Fund B Class 157.90 - -2.00 0.77 www.dsmsicav.com Global Dividend - Inc £ 1.39 - 0.00 3.32 Latin American Fund GBP Unhedged £ 7.86 - -0.04 - Authorised Inv Funds
Japan Ser 4 373.10 392.80 -5.20 - CAF Financial Solutions (UK)
Regulated
Kings Hill, West Malling, Kent 03000 123 222 Cavendish Japan Fund A Class 156.40 - -2.00 0.00 Global Focus £ 13.35 - -0.03 0.00 Hargreaves Lansdown Funds
Man. Ser. 4 1654.70 1741.80 -11.60 - Global Growth I2 Acc € 136.90 - -0.01 0.00 Unit Trust
Property & Other UK Unit Trusts Cavendish North American Fund B Class 190.50 - -0.20 0.58 Global High Yield Fund - A Gross Acc £ 12.06 - -0.02 4.78
Money Ser. 4 524.30 551.90 0.00 - CAF UK Equitrack Inc Fd 71.81 71.81 -0.62 3.20 Global Growth I1 Eur € 102.43 - -0.01 - HL Multi-Manager Special Situations Trust A Acc 270.98 285.24 -0.33 0.38
Cavendish North American Fund A Class 184.70 - -0.20 0.00 Global High Yield Fund - A Gross Inc £ 10.15 - -0.02 5.35
Prop. Ser. 4 1101.50 1159.40 0.50 - CAF UK Equitrack Acc Fd 100.00 100.00 -0.80 3.20 HL Multi-Manager Special Situations Trust M Acc 270.99 285.25 -0.33 0.00
Cavendish Technology Fund B Class 272.90 - -2.10 0.09 Global High Yield Fund - A Net Acc £ 11.65 - -0.01 4.83

Asset Management
Custodian Ser 5 472.70 497.60 -2.10 - FP CAF Alternative Strategies A Class Acc 111.39 - -0.02 0.49 HL Multi-Manager Income & Growth Trust A Acc 168.95 177.75 0.17 3.53
Cavendish Technology Fund A Class 259.80 -Eclectica Asset Management
-1.90 0.00 (UK)
Global High Yield Fund - A Net Inc £ 10.14 - -0.02 5.36
International Ser 5

Managed Ser 5
419.30 441.40 -2.70

1590.00 1673.70 -11.20

-

-
Aspect Capital Ltd (UK)
Other International Funds
FP CAF Alternative Strategies A Class Inc 110.55 - -0.02 0.51
Cavendish UK Balanced Income Fund B Class 142.10 - -0.60 5.03
40 Dukes Place, London EC3A 7NH
Order desk: 0845 6080941 Switchboard 0870 6072555 Global Property - Acc Asset Management
£ 1.48 - 0.01 1.28 Asset Management
HL Multi-Manager Income & Growth Trust M Acc

HL Multi-Manager Income & Growth Trust A Inc

168.94 177.73 0.17 0.29

102.86 108.21 0.11 3.62

FP CAF Fixed Interest A class Acc 113.59 - -0.02 2.91 Authorised Corporate Director - Capita Financial Managers
Aspect Diversified USD $ 411.47 - -1.84 0.00 Cavendish UK Balanced Income A Class 135.20 - -0.60 5.29 Global Property W Inc £ 1.22 - 0.00 2.90 Fleming Financial Trust Investment Fund Limited (NZ)
Money Ser 5 513.30 540.40 0.00 - FP CAF Fixed Interest A class Inc 99.93 - -0.01 2.97 Authorised Inv Funds HL Multi-Manager Income & Growth Trust M Inc 102.84 108.19 0.11 0.29
Aspect Diversified EUR € 247.98 - -1.27 - Cavendish UK Select Fund B Class 158.20 - -1.40 1.80 Incorporated in New Zealand, Reg No 5141841
CF Eclectica Agriculture A EUR Acc ♦ € 1.54 - 0.00 0.00 Global Special Sits £ 25.53 - -0.11 0.00
Property Ser 5 1058.40 1114.10 0.50 - FP CAF Fixed Interest B class Acc 114.09 - -0.02 2.91 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand HL Multi-Manager Balanced Managed Trust A Acc 185.27 194.86 -0.12 0.93
Aspect Diversified GBP £ 126.45 - -0.57 0.00 Cavendish UK Select Fund A Class 157.80 - -1.40 0.98 Index Emerging Markets P-Acc £ 0.96 - 0.00 2.58 www.fftinvestmentfund.com
Pension Funds CF Eclectica Agriculture A GBP Acc ♦ 108.08 - -0.51 0.00 HL Multi-Manager Balanced Managed Trust M Acc 185.28 194.86 -0.11 0.00
FP CAF Fixed Interest B class Inc 100.24 - -0.01 2.97 info@fftinvestmentfund.com
Aspect Diversified CHF SFr 118.79 - -0.59 0.00 Index Europe ex UK P-Acc £ 1.04 - 0.00 2.38
American 1912.80 2013.50 -4.50 - CF Eclectica Agriculture A USD Acc ♦ $ 1.69 - -0.01 0.00 Other International Funds
FP CAF International Equity A Class Acc 141.67 - -0.14 0.62 HL Multi-Manager Equity & Bond Trust A Inc 110.40 116.03 0.02 2.01
Aspect Diversified Trends USD $ 123.46 - 1.38 0.00
Equity 4999.30 5262.40 -49.70 - Cedar Rock Capital Limited (IRL) CF Eclectica Agriculture C EUR Acc ♦ € 1.59 - -0.01 0.31 Index Japan P-Acc £ 1.14 - -0.01 1.53 Fleming FT Investment Fund
FP CAF International Equity A Class Inc 137.74 - -0.14 0.63 HL Multi-Manager Equity & Bond Trust M Inc 110.38 116.01 0.01 0.17
Aspect Diversified Trends EUR € 123.84 - 1.38 0.00 Regulated Fleming Fund $ 3.83 3.93 0.01 -
European 1154.50 1215.20 -16.40 - CF Eclectica Agriculture C GBP Acc ♦ 112.02 - -0.53 0.37 Index Pacific ex Japan P-Acc £ 1.02 - 0.01 3.73
FP CAF UK Equity A Class Acc 152.49 - -0.23 2.04 Cedar Rock Capital Fd Plc $ 365.29 - -3.41 0.00 HL Multi-Manager Equity & Bond Trust A Acc 148.43 156.00 0.02 1.99
Aspect Diversified Trends GBP £ 128.06 - 1.43 0.00 Index UK A-Acc £ 0.85 - -0.01 2.79
Fixed Int. 1629.90 1715.70 -2.20 - CF Eclectica Agriculture C USD Acc ♦ $ 1.74 - -0.01 0.37
FP CAF UK Equity A Class Inc 139.45 - -0.21 2.07 Cedar Rock Capital Fd Plc £ 367.41 - -3.53 0.00 HL Multi-Manager Equity & Bond Trust M Acc 148.42 155.98 0.02 0.17
International 927.60 976.40 -6.60 - Index UK P-Acc £ 1.04 - -0.01 3.03 Foord Asset Mgt (Guernsey) Ltd (GSY)
FP CAF UK Equity B Class Acc 152.49 - -0.23 2.04 Cedar Rock Capital Fd Plc € 342.24 - -5.15 0.00 HL Multi-Manager Strategic Bond Trust A Acc 167.52 172.70 -0.02 1.48
Regulated
Japan 394.10 414.80 -5.50 - Atlantas Sicav (LUX) Index US A-Acc £ 1.61 - 0.00 1.45
FP CAF UK Equity B Class Inc 139.44 - -0.21 2.07 Foord International Trust $ 35.43 - 0.07 0.00 HL Multi-Manager Strategic Bond Trust M Acc 167.52 172.70 -0.01 0.13
Regulated
Managed 4286.60 4512.20 -31.90 - Index US P-Acc £ 1.24 - -0.01 1.66
American Dynamic $ 3602.46 - 7.28 0.00 HL Multi-Manager Strategic Bond Trust A Inc 140.31 144.64 -0.01 1.50
Property 2851.70 3001.80 2.00 -
Charles Schwab Worldwide Funds Plc (IRL) Index World A-Acc £ 1.42 - -0.01 1.78
American One $ 3333.40 - -1.85 0.00 Regulated HL Multi-Manager Strategic Bond Trust M Inc 140.31 144.64 -0.01 0.13
Security 1476.30 1554.00 -0.20 - Index World P-Acc £ 1.16 - 0.00 1.90 Franklin Templeton International Services Sarl (IRL)
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland HL Multi Manager Emerging Markets A Acc 86.21 88.85 -0.65 0.00
Bond Global € 1385.47 - -11.32 0.00
Selective 2045.50 2153.10 -8.70 - Japan £ 2.79 - -0.03 0.00 Other International Funds
Eurocroissance € 894.04 - -25.60 0.00 HL Multi-Manager European A Acc 101.33 104.44 -0.29 0.14
Formerly Hill Samuel Life Assurance Ltd EdenTree Investment Management Ltd (UK) Japan Smaller Companies £ 2.00 - -0.02 0.00 Franklin Emerging Market Debt Opportunities Fund Plc
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Far East $ 684.33 - -20.20 0.00 Chartered Asset Management Pte Ltd PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 HL Multi-Manager UK Growth A Acc 105.71 108.97 -0.26 0.16
Franklin Emg Mkts Debt Opp CHFSFr 17.85 - -0.03 6.46
Other International Funds MoneyBuilder Asset Allocator £ 1.19 - 0.00 0.51
Managed Ser A (Life) 1578.20 1670.10 -3.50 - Authorised Inv Funds
Franklin Emg Mkts Debt Opp EUR € 12.62 - -0.07 6.52
CAM-GTF Limited $ 276427.79 276427.79 -15400.38 0.00 Amity UK Cls A Inc 219.10 - -1.20 1.43 MoneyBuilder Balanced £ 0.50 - -0.01 4.02
Managed Ser A (Pensions) 1053.20 1108.60 -2.80 - CCLA Investment Management Ltd (UK)
BLME Asset Management (LUX) Senator House 85 Queen Victoria Street London EC4V 4ET
Franklin Emg Mkts Debt Opp GBP £ 10.43 - -0.08 6.43 Haussmann
CAM GTi Limited $ 647.80 - -62.67 0.00 Amity UK Cls B Inc 219.00 - -1.20 2.21 Money Builder Dividend £ 2.61 - -0.02 4.28
Formerly Target Life Assurance Ltd BLME Sharia'a Umbrella Fund SICAV SIF Other International Funds
Authorised Inv Funds Franklin Emg Mkts Debt Opp SGD S$ 22.98 - -0.11 6.28
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Regulated Raffles-Asia Investment Company $ 1.72 1.72 -0.10 7.53 Higher Income Cls A Inc 125.90 - -0.60 4.83 MoneyBuilder Growth £ 0.77 - -0.01 2.17 Haussmann Cls A $ 2877.58 - 36.65 0.00
The Public Sector Deposit Fund
Managed (Life) 1598.90 1683.00 -3.60 - Franklin Emg Mkts Debt Opp USD $ 17.75 - -0.17 6.31
Income Fund - Share Class A Acc $ 1139.20 - -0.07 0.00 The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.50 Higher Income Cls B Inc 129.50 - -0.60 4.76 MoneyBuilder Growth ISA £ 0.78 - -0.01 2.31 Haussmann Cls C € 2521.39 - 30.43 0.00
Managed Growth (Life) 509.40 536.20 -0.90 - Income Fund - Share Class B Acc $ 1159.36 - -0.07 0.00 MoneyBuilder Income £ 0.35 - 0.00 3.24
The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.30 UK Equity Growth Cls A Inc 244.60 - -1.90 0.59 Haussmann Cls D SFr 1337.87 - 15.94 0.00
Managed (Pensions) 6320.10 6652.80 -17.10 - Income Fund - Share Class C Acc $ 1007.38 - -0.07 0.00 MoneyBuilder Income -Gross £ 0.35 - 0.00 3.24 Frontier Capital (Bermuda) Limited
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.35 UK Equity Growth Cls B Inc 250.10 - -1.90 1.19
Managed Growth (Pensions) 623.00 655.80 -1.50 - Other International
Income Fund - Share Class D Dis $ 997.20 - -0.06 1.22 The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.40 Amity Balanced For Charities A Inc 109.70 - -0.20 5.94 Multi Asset Adventurous A-Acc £ 1.34 - 0.00 0.46
additional fund prices can be found on our website Commercial Property-GBP Class £ 71.42 - -0.53 - Heartwood Wealth Management Limited (IRL)
Income Fund - Share Class G Acc £ 1079.16 - -0.06 0.00 The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.30 Amity European Fund Cls A Inc 199.40 - -1.00 1.23 Multi Asset Alloc Adventurous A-Acc £ 3.81 - -0.03 2.31 Regulated
Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Income Fund - Share Class M Acc € 1014.41 - -0.09 0.00 Amity European Fund Cls B Inc 201.60 - -1.00 2.08 Multi Asset Alloc Strategic A-Acc £ 1.18 - 0.00 0.28 Heartwood Caut Multi Asset B Acc 141.02 - -0.24 0.00

Income Fund - Share Class W DisA$ 1033.45 - 0.02 - Cheyne Capital Management (UK) LLP (IRL) Multi Asset Alloc Def - Gross A £ 1.12 - 0.00 0.28
Amity Global Equity Inc for Charities A Inc 102.20 - -0.60 3.88
CCLA Investment Management Ltd (UK) Regulated
Gl Sukuk Fund - Share Class A Acc $ 1236.58 - -0.45 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Amity International Cls A Inc 198.80 - -1.30 1.35 Multi Asset Alloc Def - Net A £ 1.12 - 0.00 0.24 Henderson Global Investors (UK)
Cheyne Convertibles Absolute Return Fund € 1359.18 - -3.89 0.00
Gl Sukuk Fund - Share class B Acc £ 1103.12 1103.12 -0.40 0.00 Property & Other UK Unit Trusts PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Amity International Cls B Inc 200.60 - -1.20 2.21 Multi Asset Alloc Growth A £ 1.21 - -0.01 0.00
CBF Church of England Funds Cheyne European Real Estate Bond Fund € 110.50 - -0.54 0.00 www.henderson.com
Amity Sterling Bond Fund A Inc 107.30 - -0.10 5.16 Multi Asset Defensive £ 1.22 - -0.01 0.35 Authorised Inv Funds
Investment Inc 1363.27 1378.34 -14.39 3.78 Cheyne Global Credit Fund € 119.80 - -0.11 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Amity Sterling Bond Fund B Inc 115.80 - 0.00 5.15 Multi Asset Defensive - Gross £ 1.23 - 0.00 0.35 Asia Pacific Capital Growth A Acc 667.30 - -2.80 0.91
Alceda Fund Management S.A. Investment Acc 2749.81 2780.22 -29.04 -
www.alceda.lu Regulated Multi Asset Growth £ 1.38 - 0.00 0.34 Asian Dividend Income Inc 82.43 86.99 -0.32 6.32
Global Equity Inc 156.87 158.61 -2.26 4.31 Fundsmith LLP (1200)F (UK)
FCA Recognised Global Liquidity USD $ 1.00 - 0.00 0.15 Cheyne Capital Management (UK) LLP
MultiManager Balanced £ 1.09 - 0.00 0.56 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Cautious Managed A Acc 241.10 - -1.20 3.17
AC Opp - Aremus Fund EUR A € 113.10 - 0.57 0.00 Global Equity Acc 226.23 228.73 -6.52 - Other International Funds Edinburgh Partners Limited (IRL) www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Cheyne European Event Driven Fund € 137.14 - 0.99 0.00 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Multi Asset Open Growth A-Acc £ 0.47 - 0.00 0.78 Authorised Inv Funds Cautious Managed A Inc 150.30 - -0.70 3.23
AC Risk Parity 7 Fund EUR A € 119.62 - -0.23 0.00 UK Equity Inc 151.34 152.86 -1.55 4.05
Barclays Investment Funds (CI) Ltd (JER) Dealing - Fax only - +353 1 434 5230
Cheyne European High Yield Fund € 136.72 - -3.22 0.00 Multi Asset Open Strategic A-Acc £ 1.24 - 0.00 1.33 Fundsmith Equity T Acc 211.70 - -0.62 1.22 China Opportunities A Acc 788.00 - -5.30 0.40
AC Risk Parity 12 Fund EUR A € 143.41 - -0.43 0.00 UK Equity Acc 221.43 223.66 -2.28 - FCA Recognised
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Cheyne Malacca Asia Equity Fund Class A $ 1437.16 - 19.75 0.00 Edinburgh Partners Opportunities Fund PLC Multi Asset Open Strategic A-Inc £ 0.30 - 0.00 2.31 Fundsmith Equity T Inc 199.93 - -0.58 1.23 Emerging Markets Opportunities A Acc 139.40 - 0.00 0.77
AC Risk Parity 17 Fund EUR A € 88.77 - -0.39 0.00 FCA Recognised Fixed Interest Inc 164.44 165.10 0.57 3.96
Bond Funds Cheyne Multi Strategy Liquid Fund $ 127.68 - -1.17 - European Opportunities I EUR € 2.74 - 0.00 2.04 Multi Asset Strategic £ 1.54 - 0.00 0.52 European Growth A Acc 167.50 - -1.30 0.78
ACQ Risk Parity Bond Fund EUR A € 96.22 96.22 -0.08 0.00 Fixed Interest Acc 493.78 495.76 1.72 -
Sterling Bond F £ 0.46 - 0.00 3.36 European Opportunities I GBP £ 1.92 - -0.02 2.27 Open World A-Acc £ 1.21 - 0.01 0.00 European Selected Opportunities A Acc 1285.00 - -8.00 0.65
Cheyne Real Estate Credit Holdings Fund £ 151.98 - 0.89 0.00
Property Fund Inc 129.30 133.64 1.14 6.51 GAM Limited (2300)F (UK)
Cheyne Real Estate Debt Fund Class A1 £ 131.69 - 0.43 0.00 European Opportunities I USD $ 3.03 - -0.02 1.82 Multi Asset Income A Gross Acc £ 1.57 - 0.00 3.66 GAM Sterling Management Limited European Special Situations A Acc 94.66 - -0.29 1.05
Property Fund Acc 231.49 239.24 2.03 -
12 St James's Place London SW1A 1NX. 0800 919 927
Baring Fund Managers Ltd (1200)F (UK) Cheyne Total Return Credit Fund - December 2017 Class $ 204.00 - -0.36 0.00 European Opportunities A EUR € 2.68 - 0.00 1.42 Multi Asset Income A Gross Inc £ 1.11 - 0.00 5.13 Fixed Interest Monthly Income A Inc 22.00 23.07 -0.02 5.48
Internet: gam.com
Dealing and Enquiries 020 7214 1004
Cheyne Total Return Credit Fund December 2019 $ 143.50 - 2.25 - Global Opportunities I USD $ 1.75 - 0.00 1.93 Multi Asset Income A Net Acc £ 1.48 - -0.01 3.68 Authorised Inv Funds Global Care Growth A Inc 201.50 - -0.70 0.11
Fund Information: www.barings.com CCLA Fund Managers Ltd (UK) GAM Funds OEIC
Authorised Inv Funds Senator House 85 Queen Victoria Street London EC4V 4ET Global Opportunities I GBP £ 1.12 - 0.00 1.85 Multi Asset Income A Net Inc £ 1.11 - 0.00 5.14 Global Equity Income A Inc 49.35 - -0.19 3.71
GAM Global Diversified Acc 3944.56 - -27.35 0.00
Dynamic Capital Growth Acc 663.30 699.90 -4.10 1.24 Property & Other UK Unit Trusts Global Opportunities I EUR € 1.58 - 0.00 1.87 South East Asia £ 7.62 - -0.05 0.12 Global Growth Fund 2042.59 2135.17 -5.11 0.00
COIF Charity Funds (UK) Cohen & Steers SICAV (LUX) GAM North American Gwth Acc 3316.98 - -24.59 0.00
Dynamic Capital Growth Inc 265.40 280.00 -1.70 1.25 Regulated Global Opportunities A GBP £ 1.05 - -0.01 1.40 Special Situations £ 31.16 - -0.16 0.76 Global Technology A Acc 909.10 - -4.20 0.00
Algebris Investments (IRL) Investment Inc 1237.12 1250.81 -19.59 3.62
Asset Management
GAM UK Diversified Acc 1910.39 - -5.18 1.04
Regulated Eastern Acc GBP 612.80 - -10.60 0.00 European Real Estate Securities € 24.1623 - 0.1833 2.74 Pan European Opportunities I EUR € 1.68 - 0.00 - Strategic Bond £ 0.32 - 0.00 3.03 Multi-Manager Absolute Return A Acc 136.00 - 0.00 0.31
Algebris Financial Credit Fund - Class I EUR € 131.22 - 0.03 0.00 Eastern Inc GBP 601.30 - -10.50 0.00
Investment Acc

Ethical Invest Inc

11789.98 11920.39 -186.80

191.28 193.39 -3.00 3.73

-
Europ.RealEstate Sec. IX € 32.3475 - 0.2454 0.00 Strategic Bond Gross £ 0.32 - 0.00 3.02 Multi-Manager Active A Acc ▲ Asset Manageme 175.30 - -0.60 0.00
Algebris Financial Income Fund - Class I EUR € 123.93 - -0.36 0.00 Europe Select Inc GBP 2561.00 - -18.00 0.66 Gbl RealEstate Sec. I $ 11.0482 - 0.0009 2.18 Target 2015 £ 0.50 - 0.00 0.27 GAM Limited (IRL)
Multi-Manager Distribution A Inc 129.50 - -0.10 3.28
Ethical Invest Acc 243.84 246.54 -3.82 - FCA Recognised
Algebris Financial Equity Fund - Class B EUR € 100.23 - -0.23 - European Growth Inc 1048.00 1104.00 -6.00 1.36 Gbl RealEstate Sec. IX $ 13.0664 - 0.0010 0.00 Target 2015 - Gross £ 0.50 - 0.00 0.30 GAM Fund Management Ltd Multi-Manager Diversified A Acc 78.77 - -0.04 2.66
Global Equity Inc 146.75 148.38 -2.94 4.41
Algebris Asset Allocation Fund - Class B EUR € 99.08 - -0.05 - German Growth Acc GBP 580.20 - -7.50 0.29 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Target 2020 £ 0.57 - 0.00 0.50 Multi-Manager Global Select Acc 180.40 - -0.80 0.00
Global Equity Acc 215.51 217.89 -4.31 - GAM Star Fund Plc
German Growth Inc GBP 534.20 - -6.90 0.28 Target 2025 £ 1.33 - 0.00 0.27 Multi-Manager Income & Growth A Acc 153.70 - -0.20 2.15
Fixed Interest Inc 135.13 135.67 1.67 4.14 GAM Star Asia-Pacific Eqty USD Acc F $ 12.53 - -0.07 0.00
Strategic Bond Inc 117.20 123.20 0.00 1.07 Target 2030 £ 1.42 - -0.01 0.24 Multi-Manager Income & Growth A Inc 142.80 - -0.20 2.18
Fixed Interest Acc 766.90 769.97 9.46 - GAM Star Asian Eqty USD Ord Acc F $ 13.36 - -0.17 0.00
Global Growth Inc 384.10 404.50 -1.70 0.00 EFG Hermes UK Select £ 2.49 - -0.02 0.85 Multi-Manager Managed A Acc 230.10 - -0.70 0.41
Property Inc 111.19 114.92 -0.43 5.79 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE GAM Star Balanced GBP Acc £ 10.58 - 0.01 0.00
Japan Growth Acc 136.80 143.90 -2.00 0.26 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com UK Growth £ 3.67 - -0.03 0.00 Multi-Manager Managed A Inc 226.00 - -0.60 0.40
Property Acc 245.85 254.09 2.45 - GAM Star Cap.Appr.US Eqty USD Inc F $ 17.88 - -0.05 0.00
Korea Acc 257.80 273.20 -5.90 0.00 Other International Funds
Local Authorities Property Fd (LAMIT) (UK) UK Smaller Companies £ 2.14 - 0.00 0.18 Sterling Bond Acc 195.21 203.97 -0.44 2.78
Comgest SA (FRA) The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 GAM Star Cat Bond USD Acc $ 12.48 - 0.02 0.00
Multi Asset A Acc ... C 158.30 - -0.80 1.46 Property 274.76 295.14 2.73 4.81 WealthBuilder A Acc £ 1.03 - 0.00 0.61 Sterling Bond Inc 60.87 63.59 -0.14 2.82
17 square Edouard VII - 75009 Paris
Allianz Global Investors GmbH(1200) F (LUX) Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 GAM Star Cautious GBP Acc £ 10.57 - 0.00 0.00
Multi Asset A Inc ... C 151.40 - -0.80 1.48 FCA Recognised Fidelity PathFinder Strategic Bond A Inc 127.00 - -0.10 5.31
FCA Recognised
Saudi Arabia Equity Fund SR 15.15 - -0.44 0.00 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.10 - 0.00 - GAM Star China Equity USD Acc F $ 22.86 - -0.58 0.00
UK Growth Inc 246.80 261.00 -2.20 1.46 Comgest Magellan € 20.19 - -0.12 0.00
Allianz Best Styles Global Equity £ 105.87 105.87 -0.78 - UK & Irish Smaller Companies A Acc 569.50 - -0.30 0.00
CG Asset Management Limited (IRL) GAM Star Cont European Eqty GBP Acc F £ 3.49 - -0.01 0.00
Charity Fund Fidelity PathFinder Foundation 1 Acc (clean) £ 1.09 - 0.00 -
Allianz Global Fundamental Strategy £ 104.31 104.31 -0.32 - Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland UK Absolute Return A Acc 148.70 - -0.20 0.00
0800 032 6347 (charity enquiries) 00 353 1 434 5098 GAM Star Cred Opportunities GBP Acc £ 12.36 - -0.01 4.58
Electric & General (1000)F (UK) Fidelity PathFinder Foundation 2 Acc (clean) £ 1.09 - 0.00 -
Allianz Global Small Cap Equity £ 110.33 110.33 -0.91 -
Targeted Return Fund Acc 146.90 147.80 -0.80 3.11 FCA Recognised
Comgest AM International Ltd (IRL) UK Alpha A Acc ♦ 115.70 - -0.70 0.96
46 St Stephen's Green, Dublin 2, Ireland Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Foundation 3 Acc (clean) £ 1.08 - -0.01 - GAM Star Defensive GBP Acc £ 11.00 - 0.01 0.00
Capital Gearing Portfolio Fund Plc £ 26420.49 26420.49 -40.20 0.63 Orders & Enquiries: 0845 850 0255 UK Equity Income & Growth A Inc 624.00 - -5.00 3.70
Targeted Return Fund Inc 114.20 114.80 -0.60 3.18 FCA Recognised GAM Star Discretionary FX USD Acc F $ 12.86 - -0.01 0.00
Authorised Inv Funds Fidelity PathFinder Foundation 4 Acc (clean) £ 1.10 - 0.00 -
CG Portfolio Fund Plc UK Index A Acc 502.00 - -4.40 2.47
Amundi Funds (LUX) Comgest Gth Asia Pac ex Jap DIS F $ 7.79 - -0.12 0.12
Authorised Corporate Director - Carvetian Capital Management GAM Star Dynamic Gbl Bd USD Acc H $ 10.05 - -0.03 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.18 - 0.00 -
Real Return Cls A £ 165.13 165.13 -1.11 2.41 Comgest Gth Emerging Mkt DIS F $ 31.07 - -0.29 0.41 UK Property A Acc 193.08 203.24 0.05 4.04
www.amundi-funds.com Baring International Fd Mgrs (Ireland) (IRL) Electric&General Net Income A 143.00 - -0.80 2.03 GAM Star Emerg. Market Rates USD Acc F $ 11.48 - 0.02 0.00
Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.11 - 0.00 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Dollar Fund Cls D £ 127.67 127.67 -1.29 1.63 Comgest Gth Europe DIS F € 20.99 - 0.12 0.00 UK Property A Inc 97.68 102.81 0.03 4.16
FCA Recognised GAM Star European Eqty USD Acc F $ 23.96 - 0.04 0.00
FCA Recognised Fidelity PathFinder Focussed 1 Acc (clean) £ 1.10 - 0.00 -
Bd. Euro Corporate AE Class - R - EUR € 18.61 - -0.02 0.00 Capital Value Fund Cls V £ 128.81 128.81 -0.28 0.27 Comgest Gth GEM PC DIS F € 12.50 - -0.12 0.14 UK Tracker A Acc 225.00 - -2.10 2.20
ASEAN Frontiers A GBP Inc £ 103.48 - 0.43 0.57 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Focused 2 Acc (Clean) £ 1.12 - 0.00 - GAM Star Flexible Gbl Port GBP Ac £ 12.82 - -0.01 0.00
Bd. Global AU Class - R - USD $ 25.86 - -0.09 0.00 US Growth A Acc 777.40 - -0.60 0.00
5 Kensington Church St, London W8 4LD 020 7368 4220 GAM Star GAMCO US Equity Acc F $ 13.57 - -0.06 0.00
Asia Growth A GBP Inc H £ 41.81 - -0.43 0.00 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.13 - 0.00 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FCA Recognised
Australia A GBP Inc £ 65.65 - 0.82 1.94
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.14 - -0.01 - GAM Star Global Rates USD Acc F $ 12.76 - -0.09 0.00

Asset Management
Ennismore European Smlr Cos NAV £ 95.38 - -0.55 0.00
Eq. Emerging World AU Class - R - USD $ 83.39 - -0.47 0.00 PO BOX 10117, Chelmsford, Essex, CM1 9JB

Asset Management Asset Management

Baring China Bond Fund $ 9.88 - -0.03 0.00 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.16 - 0.00 - GAM Star Global Selector USD Acc F $ 13.52 - -0.10 0.00
Dealing & Client Services 0845 0264281 Ennismore European Smlr Cos NAV € 135.32 - 0.19 0.00
Eq. Greater China AU Class - R - USD $ 572.00 - -6.60 0.00
Authorised Inv Funds GAM Star Japan Eqty USD Acc F $ 13.84 - -0.03 0.00
Baring Emerging Markets Corporate Debt Fund $ 9.43 - -0.02 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.08 - 0.00 -
Eq. Latin America AU Class - R - USD $ 357.62 - 0.22 0.00 Consistent UT Inc 55.63 56.29 -0.44 4.47
Baring European Opportunities Fund Class A EUR Acc € 13.97 - -0.11 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.07 - 0.00 - GAM Star Keynes Quant Strat USD Acc F $ 12.54 - -0.02 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 99.02 - -0.02 0.00 Consistent UT Acc 129.66 131.20 -1.03 4.33 Ennismore European Smlr Cos Hedge Fd
GAM Star Local EM Rates and FX USD Acc $ 11.06 - -0.02 0.00
Baring Global Mining Fund - Class A GBP Inc £ 3.97 - -0.05 0.55 Canada Life Investments (UK) Other International Funds Fidelity PathFinder Freedom 1 Acc (clean) £ 1.07 - 0.00 -
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Practical Investment Inc 209.67 214.61 -1.52 3.72 GAM Star North of South EM Equity Acc F $ 10.16 - -0.05 0.00
Dynamic Emerging Markets A GBP Acc F £ 8.87 - -0.01 0.00 NAV € 482.14 - 6.07 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.07 - 0.01 -
Authorised Inv Funds
Hermes Investment Funds Plc (IRL)
The Antares European Fund Limited Practical Investment Acc 998.69 1022.22 -7.25 3.63 GAM Star Technology USD Acc F $ 15.63 - -0.15 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Eastern Europe A GBP Inc £ 39.18 - -0.05 1.77 Asia Pacific B Acc 786.77 - -12.21 0.93 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.07 - 0.00 -
Other International FCA Recognised
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.62 - -0.02 6.62 GAM Star US All Cap Eqty USD Acc F $ 13.86 - -0.07 0.00
AEF Ltd Usd $ 649.95 - 4.96 - Balanced B Acc 146.16 - -0.84 0.92 Equinox Fund Mgmt (Guernsey) Limited (GSY) Fidelity PathFinder Freedom 5 Acc (clean) £ 1.12 - 0.00 -
Hermes Abs Return Credit Fund Class F Acc £ £ 0.97 0.97 -0.01 -
Regulated GAM Star Worldwide Eqty USD Acc F $ 3433.64 - -0.32 0.00
AEF Ltd Eur € 652.35 - 5.27 0.00 Emerging Opportunities A GBP Inc H £ 17.33 - -0.11 0.00 Corporate Bond B Inc 204.74 - -0.49 4.08 Fidelity PathFinder Income 1 Income (clean) £ 1.04 - 0.00 3.86
Hermes Abs Return Credit Fund Class R Acc € € 1.98 1.98 0.00 -
Equinox Russian Opportunities Fund Limited $ 113.57 - 2.96 0.00
Glb Emerging Markets A GBP Inc H £ 17.69 - -0.10 0.00 European B Acc 251.23 - -1.62 0.00 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.04 - 0.00 4.72
Hermes Active UK Inflation Fund Class F Acc £ 1.31 1.31 -0.01 0.00
Glb Resources A GBP Inc H £ 11.15 - -0.08 0.35 Global Bond B Inc 89.19 - 0.03 2.78 Fidelity PathFinder Income 2 Income (clean) £ 1.04 - 0.00 3.64 GYS Investment Management Ltd (GSY)
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.45 1.45 0.00 0.00
Arisaig Partners Regulated
Other International Funds High Yield Bond A GBP Hedged Inc H £ 6.48 - -0.01 6.79 Euronova Asset Management UK LLP (CYM) Fidelity PathFinder Income 2 gross £ 1.05 - 0.00 4.60
Global Equity B Acc 588.20 - -2.15 1.67 Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.28 3.28 0.00 0.00
Regulated Taurus Emerging Fund Ltd $ 187.04 190.86 -6.06 0.00
Arisaig Africa Consumer Fund Limited $ 15.05 - -0.03 0.00 Hong Kong China A GBP Inc £ 565.90 - -6.94 0.57 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.04 - 0.00 4.54
Global Equity Income B Inc 120.62 - -0.67 4.13 Crèdit Andorrà Asset Management (LUX) Smaller Cos Cls One Shares (Est) € 35.04 - -0.17 0.00 Hermes Global Emerging Markets Fund Class F Acc £ 1.13 1.13 -0.01 0.00
Arisaig Asia Consumer Fund Limited $ 64.30 - -0.36 0.00 India Fund - Class A GBP Inc £ 15.11 - 0.16 0.00 www.creditandorra.com Fidelity PathFinder Income 3 Income (clean) £ 1.05 - 0.00 4.18
Global High Yield Bond B Inc 96.23 - 0.00 4.71 Smaller Cos Cls Two Shares (Est) € 24.54 - -0.11 0.00 Hermes Global Emerging Markets Fund Class R Acc € 2.98 2.98 -0.01 0.00
Arisaig Global Emerging Markets Consumer Fund $ 10.37 - -0.07 0.00 FCA Recognised Institutional OEIC Funds Generali International Limited
Latin America A USD Inc H $ 28.68 - -0.03 0.20 Global Infrastructure B Acc 111.51 - -0.36 1.32 Smaller Cos Cls Three Shares (Est) € 12.35 - -0.05 0.00 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 Hermes Global Equity Fund Class F Acc £ 1.50 1.50 0.00 0.00
Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 America £ 3.95 - -0.01 0.53
Arisaig Global Emerging Markets Consumer UCITS € 12.09 - -0.03 0.00 MENA A GBP Inc F * £ 12.59 - -0.04 0.57 International Insurances
Global Resource B Acc 76.22 - -0.35 0.13 Smaller Cos Cls Four Shares (Est) € 15.87 - -0.07 0.00 Hermes Global Equity Fund Class R Acc € 4.08 4.08 -0.01 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Emerging Markets £ 3.01 - 0.00 0.81
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.92 - -0.11 0.00 Global Multi-Strategy Managed $ 4.91 5.29 -0.05 0.00
Japan B Acc 52.11 - -0.61 0.62 Hermes Global ESG Equity Fund Class F Acc £ 1.15 1.15 0.00 0.00
Crediinvest SICAV Fixed Income Eur € 10.83 - 0.00 0.00 Europe £ 4.12 - -0.03 1.53
Arisaig Latin America Consumer Fund $ 20.98 - -0.06 0.00 UK Multi-Strategy Managed £ 4.95 5.33 -0.04 0.00
Baring International Fd Mgrs (Ireland) (IRL) Portfolio III B Acc 107.04 - -0.27 2.02
Asset Management
Hermes Global High Yield Bond Fund Class F Acc £ 1.05 1.05 0.00 0.00
Crediinvest SICAV Fixed Income Usd $ 10.52 - -0.01 0.00 Fidelity Pre-Retirement Bond Fund £ 116.60 - -0.20 3.07
Regulated EU Multi-Strategy Managed € 3.07 3.31 -0.08 0.00
Portfolio IV B Acc 109.14 - -0.43 2.20 Hermes Global High Yield Bond Fund Class R Acc € 2.83 2.83 0.00 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Crediinvest SICAV Spanish Value € 273.36 - -0.34 0.00 Global Focus £ 2.84 - -0.01 0.80 Global Bond USD $ 3.51 3.79 0.01 0.00
Portfolio V B Acc 108.35 - -0.56 1.34 Hermes Global Small Cap Fund Class F Acc £ £ 0.98 0.98 -0.01 -
Crediinvest SICAV International Value € 233.03 - -0.61 0.00 Index Linked Bond £ 2.67 - -0.01 0.72
Portfolio VI B Acc 107.32 - -0.62 1.44 Hermes Global Small Cap Fund Class R Acc € € 2.01 2.01 -0.01 -
Crediinvest SICAV Big Cap Value € 18.14 - -0.09 0.00 Index Linked Bond Gross £ 3.23 - -0.01 0.72
Barings (Luxembourg) (LUX)
Portfolio VII B Acc 103.93 - -0.69 1.16 Genesis Asset Managers LLP Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.01 1.01 0.00 -
FCA Recognised Crediinvest SICAV US American Value $ 18.92 - -0.02 0.00 Index-Linked Bond Fund Gross Inc £ 12.60 - -0.04 0.72 Other International Funds
North American B Acc 794.76 - -1.79 1.05 Eurobank Fund Management Company (Luxembourg) S.A. Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.03 1.03 0.00 0.00
Russia A GBP Inc F £ 23.65 - -0.26 0.00 Crediinvest SICAV Sustainability € 15.97 - 0.04 0.00 Japan £ 2.08 - -0.02 0.78 Emerging Mkts NAV £ 5.14 - -0.05 0.00
Regulated
Strategic Return B Acc 101.00 - -0.51 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.29 1.29 -0.01 0.00
Artemis Fund Managers Ltd (1200)F (UK) (LF) Absolute Return € 1.30 - 0.00 0.00 Long Bond £ 0.50 - 0.00 2.90
57 St. James's Street, London SW1A 1LD 0800 092 2051 Total Return B Acc 103.60 - -0.59 2.88 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.25 1.25 -0.01 1.29
Barmac Asset Management Ltd (UK) DAVIS Funds SICAV (LUX) (LF) Balanced - Active Fund (RON)RON 16.69 - 0.00 0.00 Long Bond Gross £ 0.81 - -0.01 2.84
Authorised Inv Funds UK Equity B Inc 111.24 - -1.07 1.45
Guardian (UK)
40 Dukes Place, London, EC3A 7NH Regulated Hermes Sourcecap EU Alpha Fund Class R Acc € 3.24 3.24 -0.04 0.00
(LF) Cash Fund € € 1.29 - 0.00 - Long Bond Fund Gross Inc £ 11.17 - -0.02 2.90 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Artemis Capital R ACC 1277.94 1350.44 -7.04 1.24 Authorised Corporate Director - Capita Financial Managers UK Equity & Bond Income B Inc 232.63 - -1.15 4.37 Davis Value A $ 42.34 - -0.01 0.00 Insurances Hermes Sourcecap EX UK Fund Class F Acc £ 1.33 1.33 -0.02 0.00
Dealing: 0845 922 0044 (LF) Cash Fund (RON) RON 15.61 - 0.00 0.00 Pacific (Ex Japan) £ 3.41 - 0.03 1.86
Artemis European Growth R Acc 244.62 258.39 -1.66 1.17 Guardian Assurance
Authorised Inv Funds UK Equity Income B Inc 414.43 - -2.42 4.17 Davis Global A $ 29.53 - -0.10 0.00 Hermes Sourcecap EX UK Fund Class R Acc € 3.26 3.26 -0.03 0.00
(LF) Eq Emerging Europe € 0.74 - -0.01 0.00 Pan European £ 2.67 - -0.02 2.00
Artemis European Opps R Acc 74.13 78.24 -0.29 0.81 Equity S-GH Class B £ 12.64 - -0.11 -
Retail Accumulation 2 116.29 - -0.23 0.00 UK Government Bond B Inc 46.94 - -0.05 1.30 Hermes UK Small & Mid Cap Fund Class F Acc £ 1.65 1.65 -0.01 0.00
(LF) Eq Flexi Style Greece € 0.94 - -0.05 - Reduced Duration UK Corporate Bond £ 10.56 - -0.01 3.13
Artemis Global Emg Mkts I GBP Acc 81.46 - -0.15 - Managed Fund Bond £ 23.45 24.43 -0.03 -
Retail Income 2 114.91 - -0.22 0.00 Hermes UK Small & Mid Cap Fund Class R Acc € 5.16 5.16 -0.02 0.00
Discretionary Unit Fund Mngrs (1000)F (UK) (LF) Global Bond Fd € 12.15 - 0.00 0.00 Reduced Duration UK Corporate Bond Gross £ 10.73 - -0.01 3.13
Artemis Global Emg Mkts I GBP Dist 81.46 - -0.15 - Choices Wth-Pfts Lg-tm 319.40 336.20 0.00 -
The Castleton Growth Fund Ret Acc X F 112.60 - -0.22 0.00 1 Poultry, London EC2R 8JR 020 7 415 4130 Hermes US All Cap Equity Class F Stg £ Acc £ 0.98 0.98 0.00 -
Capita Asset Services (UK) (LF) Global Equities € 1.20 - 0.00 0.00 Reduced Duration UK Corporate Bond Inc £ 10.00 - -0.01 3.13
Artemis Global Energy R Acc 23.04 24.42 -0.03 0.00 Authorised Inv Funds Choices Wth-Pfts St-tm 270.70 285.00 0.00 -
The Castleton Growth Fund Ret Inc X F 113.06 - -0.22 0.00 40 Dukes Place, London EC3A 7NH Hermes US All Cap Equity Class R € Acc € 2.01 2.01 0.00 -
Order Desk 08459 220044 Switchboard 0870 607 2555 Disc Inc 1589.80 1639.00 -2.50 0.00 (LF) Eq Mena Fund € 14.41 - -0.13 0.00 Reduced Duration UK Corp Bond Gross Inc £ 10.01 - 0.00 3.13
Artemis Global Growth R Acc 182.40 192.48 -0.77 0.80 Choices Managed 620.53 653.19 -0.81 -
Authorised Inv Funds Hermes US SMID Equity Fund Class F Acc £ 1.62 1.62 0.00 0.00
Do Accum 5964.90 6149.30 -9.20 0.00 (LF) Greek Government Bond € 16.58 - -0.19 - Select Emerging Markets Equities £ 1.12 - -0.01 1.58
Artemis Global Income R Acc 95.06 100.42 -0.27 3.79 Choices Equity 702.14 739.10 -0.65 -
BlackRock (JER) CF Heartwood Cautious B Acc X 128.66 - -0.22 0.11 Hermes US SMID Equity Fund Class R Acc € 3.61 3.61 0.00 0.00
(LF) Income Plus $ $ 1.22 - 0.00 0.00 Select European Eqts £ 1.73 - 0.01 1.88
Artemis Global Income R Inc 76.54 80.86 -0.22 3.91 Freedom With Pfts Long-Tm 219.30 230.80 0.10 -
Regulated CF Heartwood Cautious Income B Inc X 112.16 - -0.17 2.05
(LF) Greek Corporate Bond € 10.19 - -0.06 - Select Global Equities £ 3.01 - -0.01 1.10
Artemis Global select R Acc 71.02 74.94 -0.18 0.00 BlackRock UK Property £ 40.34 - 0.00 3.57 Freedom With Pfts Short-Tm 197.20 207.50 0.00 -
CF Heartwood Growth B Acc X 145.85 - -0.70 0.65 Hermes Property Unit Trust (UK)
(LF) FOF Balanced Blend € 1.45 - 0.01 0.00 South East Asia £ 3.40 - -0.01 2.00
Artemis High Income R Inc 79.27 84.42 -0.15 5.71 Blackrock UK Long Lease £ 1057.79 - 1.80 0.00 Freedom Managed 360.68 379.67 -0.40 -
CF Heartwood Balanced Income B Inc X 114.85 - -0.37 2.51 Property & Other UK Unit Trusts
(LF) FOF Equity Blend € 1.37 - 0.00 0.00 Sterling Core Plus Bond Gr Accum £ 2.04 - 0.00 3.48
Artemis Income R Inc 210.47 223.06 -1.54 4.22 BLK Intl Gold & General $ 4.11 4.34 -0.05 0.00 Freedom Equity 408.94 430.46 -0.30 - Property £ 5.58 5.95 0.03 3.15
CF Heartwood Balanced B Acc X 126.61 - -0.45 0.34
(LF) FOF Glob. Emerging Mkts € 0.87 - 0.00 0.00 Sterling Core Plus Bond Inc £ 1.33 - 0.00 3.59
Artemis Income R Acc 352.70 373.78 -2.58 4.10 Corp Pens Mananged 219.06 219.06 -0.29 -
CF Heartwood Defensive Multi Asset Fund B Accumulation 110.11 - -0.13 0.01
(LF) FOF Dynamic Fixed Inc € 11.80 - 0.03 0.00 UK £ 3.63 - -0.03 2.21
Artemis Monthly Dist R Inc 62.60 66.39 -0.08 4.71 Corp Pens Equity 229.24 229.24 -0.21 -
CF Richmond Core X 186.22 - -0.57 0.00 Dodge & Cox Worldwide Funds (IRL) Hermes UK Residential Real Estate (UK)
(LF) FOF Real Estate € 16.83 - 0.10 0.00 UK Aggreg Bond Gr Accum £ 1.80 - 0.00 3.11
Artemis Pan-Euro Abs Ret GBP 110.63 - 0.23 - 6 Duke Street,St.James,London SW1Y 6BN Corp Pens Fixed Interest 296.50 296.50 -0.21 - Property & Other UK Unit Trusts
CF Seneca Diversified Growth A ACC 220.07 - -0.33 1.31
Artemis Strategic Assets R Acc 75.01 79.46 -0.32 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 UK Aggregate Bond Inc £ 1.21 - 0.00 3.19 VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Corp Pens Index Linked 334.16 334.16 -2.94 -
CF Seneca Diversified Growth B ACC 129.97 - -0.20 1.36 FCA Recognised
Artemis Strategic Bond R M Acc 83.95 89.12 -0.09 4.01 UK Corporate Bond £ 1.22 - 0.00 3.97
Dodge & Cox Worldwide Funds plc - Global Bond Fund Corp Pens Deposit 190.75 190.75 0.01 -
CF Seneca Diversified Growth N ACC 128.78 - -0.19 1.18
Artemis Strategic Bond R M Inc 54.58 57.94 -0.06 4.08 UK Corporate Bond - Gross £ 2.25 - 0.00 3.84
EUR Accumulating Class € 11.81 - 0.05 0.00 Corp Pens Protector 359.52 359.52 -0.78 -
CF Seneca Diversified Income A INC 89.38 - -0.15 5.04
UK Corporate Bond Fund Gross Inc £ 11.04 - -0.02 3.96
 24
Fund Bid Offer +/- Yield
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FCA Recognised
Env Mkts (Ire) Stl A £ 2.18 - -0.01 0.00
Env Mkts (Ire) Euro A € 2.12 - 0.00 0.00
Env Mkts (Ire) USD A $ 1.79 - 0.00 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV £ 7.71 - -0.02 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 € 18.62 - 0.00 0.00
IVI European Fund GBP £ 17.80 - -0.13 0.99
Invesco Fund Managers Ltd (UK)
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc ♦ F 413.03 - 0.03 0.89
Asian Inc ♦ F 370.97 - 0.02 0.89
Asian Equity Income Acc ♦ F 56.07 - -0.01 4.38
Asian Equity Income Inc ♦ F 47.77 - -0.01 4.50
Balanced Risk 6 Acc 52.71 - -0.24 0.00
Balanced Risk 8 Acc 54.36 - -0.33 0.00
Balanced Risk 10 Acc 55.93 - -0.42 0.12
Childrens Acc ♦ F 407.22 - -4.08 1.71
set Management
Corporate Bd Acc (Gross) ♦ F 205.69 - -0.27 3.61
Corporate Bd Inc (Gross) ♦ F 88.99 - -0.12 3.71
Corporate Bond Acc ♦ F 183.41 - -0.24 3.63
Corporate Bond Inc ♦ F 88.76 - -0.11 3.71
Distribution Acc ♦ F 109.75 - -0.42 4.20
Distribution Acc (Gross) ♦ F 125.37 - -0.48 4.18
Distribution Inc ♦ F 64.56 - -0.24 4.28
Distribution Inc (Gross) ♦ F 64.59 - -0.24 4.28
Emerging European Acc ♦ F 33.87 - 0.11 2.90
Emerging European Inc ♦ F 30.88 - 0.10 2.97
European Equity Acc ♦ F 856.20 - -4.31 2.17
European Equity Inc ♦ F 724.41 - -3.65 2.22
European Equity Income Acc ♦ F 74.33 - -0.45 3.36
European Equity Income Inc ♦ F 57.53 - -0.35 3.44
European High Income Acc ♦ F 79.79 - -0.27 3.37
European High Income Inc ♦ F 58.36 - -0.20 3.43
European Opportunities Inc ♦ F 83.50 - -0.09 0.16
European Opportunities Acc ♦ F 85.51 - -0.08 0.16
European Smlr Cos Acc ♦ F 183.89 - -0.22 0.00
Global Bd Acc (Gross) ♦ F 127.20 - 0.08 1.18
Global Bd Inc (Gross) ♦ F 78.80 - 0.06 1.19
Global Bond Acc ♦ F 119.59 - 0.08 1.19
Global Bond Inc ♦ F 78.71 - 0.05 1.20
Glbl Distribution Acc 53.64 - -0.12 4.05
Glbl Distribution Acc (Gross) 54.23 - -0.11 4.04
Glbl Distribution Inc 51.43 - -0.12 4.06
Glbl Distribution Inc (Gross) 51.45 - -0.12 4.05
Global Emerging Markets Acc ♦ F 229.19 - -0.75 0.53
Global Emerging Markets Inc ♦ F 206.67 - -0.68 0.53
Global Equity (acc) ♦ F 474.95 - -2.28 0.48
Global Equity (inc) ♦ F 433.19 - -2.09 0.48
Global Equity Income Acc ♦ F 121.39 - -0.44 3.16
Global Equity Income Inc ♦ F 101.19 - -0.37 3.24
Gbl Financial Capital Acc 88.96 - -0.08 4.27
Gbl Financial Capital Inc 76.39 - -0.06 4.41
Gbl Financial Cap Acc Gross 92.78 - -0.08 4.77
Gbl Financial Cap Inc Gross 76.70 - -0.06 4.96
Global Opportunities Acc ♦ F 95.40 - -0.46 0.46
Global Smaller Cos Acc ♦ F 1683.34 - -9.14 0.00
Global Smaller Cos Inc ♦ F 1607.38 - -8.73 0.00
Global Targeted Rets Acc 56.08 - -0.11 0.29
High Income Acc ♦ F 824.00 - -4.85 3.36
High Income Inc ♦ F 454.54 - -2.68 3.44
High Yield Fund Acc 107.57 - -0.33 4.62
High Yield Fund Acc (Gross) 125.18 - -0.39 4.59
High Yield Fund Inc 43.04 - -0.14 4.73
High Yield Fund Inc (Gross) 43.09 - -0.13 4.72
Hong Kong & China Acc ♦ F 462.58 - -2.03 0.73
Income & Growth Acc ♦ F 968.11 - -6.68 3.99
Income & Growth Inc ♦ F 420.01 - -2.90 4.11
Income Acc ♦ F 3183.54 - -18.67 3.19
Income Inc ♦ F 1798.06 - -10.54 3.26
Japan Acc ♦ F 319.75 - -3.59 0.30
Japanese Smlr Cos Acc ♦ F 64.98 - -0.66 0.00
Latin America Acc ♦ F 105.97 - 0.98 1.42
Latin America Inc ♦ F 89.12 - 0.82 1.43
Managed Growth Acc ♦ F 161.65 - -0.75 0.70
Managed Growth Inc ♦ F 134.58 - -0.62 0.70
Managed Income Acc ♦ F 160.29 - -0.65 3.09
Managed Income Inc ♦ F 98.98 - -0.41 3.15
Money Acc ♦ F 90.12 - 0.00 0.22
Money Acc (Gross) ♦ F 95.23 - 0.00 0.22
Monthly Income Plus Acc ♦ F 297.65 - -0.73 4.68
Monthly Income Plus Acc (Gross) ♦ F 349.16 - -0.84 4.66
Monthly Income Plus Inc ♦ F 110.81 - -0.26 4.78
Monthly Income Plus Inc (Gross) ♦ F 110.98 - -0.27 4.78
Pacific Acc ♦ F 948.66 - -2.44 0.38
Pacific Inc ♦ F 871.32 - -2.25 0.38
Tactical Bond Acc ♦ F 68.52 - -0.07 0.96
Tactical Bond Inc ♦ F 59.63 - -0.07 0.96
Tactical Bond Acc (Gross) ♦ F 71.04 - -0.07 0.96
Tactical Bond Inc (Gross) ♦ F 59.70 - -0.06 0.96
UK Aggressive Acc ♦ F 203.59 - -2.17 1.75
UK Aggressive Inc ♦ F 169.55 - -1.81 1.78
UK Growth Acc ♦ F 557.53 - -5.69 1.78
UK Growth Inc ♦ F 353.72 - -3.61 1.81
UK Smaller Cos Equity Acc ♦ F 872.57 - -0.93 0.54
UK Smaller Cos Equity Inc ♦ F 668.20 - -0.71 0.55
UK Strategic Income Acc ♦ F 186.65 - -1.05 3.36
UK Strategic Income Inc ♦ F 139.92 - -0.78 3.44
US Equity Acc ♦ F 544.93 - -1.02 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 172.88 - 0.01 1.43
Asian (No Trail) Inc ♦ F 157.20 - 0.01 1.45
Asian Equity Income (No Trail) Acc ♦ F 114.64 - -0.02 4.37
Asian Equity Income (No Trail) Inc 97.69 - -0.01 4.49
Balanced Risk 6 No Trail Acc 107.27 - -0.49 0.16
Balanced Risk 8 No Trail Acc 110.60 - -0.66 0.42
Balanced Risk 10 No Trail Acc 113.79 - -0.85 0.57
Corporate Bond (No Trail) Acc ♦ F 163.14 - -0.22 3.87
Corporate Bond (No Trail) Inc ♦ F 117.36 - -0.16 3.96
Distribution (No Trail) Acc ♦ F 168.17 - -0.64 4.19
Distribution (No Trail) Inc ♦ F 112.61 - -0.43 4.27
Emerging European (No Trail) Acc ♦ F 70.38 - 0.23 3.53
Emerging European (No Trail) Inc ♦ F 62.19 - 0.20 3.63
European Equity (No Trail) Acc ♦ F 151.00 - -0.76 2.66
European Equity (No Trail) Inc ♦ F 127.54 - -0.64 2.74
European Equity Income (No Trail) Acc ♦ F 152.93 - -0.93 3.35
European Equity Income (No Trail) Inc ♦ F 118.41 - -0.72 3.43
European High Income (No Trail) Acc ♦ F 164.24 - -0.55 3.37
European High Income (No Trail) Inc ♦ F 120.13 - -0.40 3.42
European Opportunities (No Trail) Acc ♦ F 178.80 - -0.18 0.66
European Opportunities (No Trail) Inc ♦ F 169.68 - -0.17 0.66
Asset Management
European Smaller Companies (No Trail) Acc ♦ F 225.57 - -0.26 0.46
Global Balanced Index (No Trail) Acc ♦ F 158.20 - -0.64 1.75
Global Bond (No Trail) Acc ♦ F 134.33 - 0.09 1.44
Global Bond (No Trail) Inc ♦ F 122.15 - 0.08 1.45
Glbl Distribution Acc (No Trail) 107.94 - -0.24 3.76
Glbl Distribution Inc (No Trail) 103.51 - -0.23 3.83
Gbl Emerging Markets (No Trail) Acc ♦ F 150.04 - -0.49 1.07
Gbl Emerging Markets (No Trail) Inc ♦ F 139.42 - -0.45 1.08
Global Equity (No Trail) acc ♦ F 209.41 - -1.00 0.98
Fund Bid Offer +/- Yield
Global Equity (No Trail) inc ♦ F 195.97 - -0.94 0.99
Global Equity Income (No Trail ) Acc ♦ F 250.81 - -0.91 3.15
Global Equity Income (No Trail) Inc ♦ F 209.08 - -0.76 3.22
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 169.39 - -0.16 1.31
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 199.22 - -0.41 1.71
Gbl Fin Cap No Trail Acc 181.07 - -0.16 4.26
Gbl Fin Cap No Trail Inc 155.52 - -0.13 4.39
Global Opportunities (No Trail) Acc ♦ F 245.20 - -1.19 0.95
Global Smaller Companies (No Trail) Acc ♦ F 245.64 - -1.33 0.39
Global Smaller Companies (No Trail) Inc ♦ F 234.71 - -1.27 0.39
Global Targeted Rets (No Trail) Acc 113.22 - -0.22 0.84
High Income (No Trail) Acc ♦ F 175.99 - -1.03 3.35
High Income (No Trail) Inc ♦ F 129.39 - -0.76 3.43
High Yield Fund (No Trail) Acc 222.65 - -0.69 4.60
High Yield Fund (No Trail) Inc 165.97 - -0.52 4.71
Hong Kong & China (No Trail) Acc ♦ F 183.23 - -0.80 1.23
Income & Growth (No Trail) Acc ♦ F 227.64 - -1.57 3.99
Income & Growth (No Trail) Inc ♦ F 180.21 - -1.24 4.10
Income (No Trail) Acc ♦ F 174.73 - -1.02 3.17
Income (No Trail) Inc ♦ F 129.92 - -0.76 3.25
Japan (No Trail) Acc ♦ F 151.75 - -1.70 0.76
Japanese Smaller Companies (No Trail) Acc ♦ F 165.32 - -1.67 0.00
Latin American (No Trail) Acc ♦ F 102.34 - 0.95 2.16
Latin American (No Trail) Inc ♦ F 93.46 - 0.86 2.19
Managed Growth (No Trail) Acc ♦ F
Managed Growth (No Trail) Inc ♦ F
195.80
180.06
-
-
-0.90 1.21
-0.83 1.22
Managed Income (No Trail) Acc ♦ F 191.92 - -0.78 3.09
Managed Income (No Trail) Inc ♦ F 158.94 - -0.65 3.15
Monthly Income Plus (No Trail) Acc ♦ F 171.48 - -0.41 4.67
Monthly Income Plus (No Trail) Inc ♦ F 109.08 - -0.27 4.77
Pacific (No Trail) Acc ♦ F 175.78 - -0.45 0.85
Pacific (No Trail) Inc ♦ F 166.84 - -0.42 0.94
Tactical Bond (No Trail) Acc ♦ F 140.10 - -0.15 1.45
Tactical Bond (No Trail) Inc ♦ F 119.46 - -0.13 1.46
UK Aggressive (No Trail) Acc ♦ F 167.30 - -1.78 2.28
Asset Management
UK Aggressive (No Trail) Inc ♦ F 140.77 - -1.50 2.33
UK Enhanced Index (No Trail) Acc ♦ F 404.87 - -2.85 3.43
UK Enhanced Index (No Trail) Inc ♦ F 257.23 - -1.81 3.51
UK Growth (No Trail) Acc ♦ F 147.28 - -1.50 2.29
UK Growth (No Trail) Inc ♦ F 120.52 - -1.23 2.34
UK Smaller Companies Equity (No Trail) Acc ♦ F 283.75 - -0.30 1.00
UK Smaller Companies Equity (No Trail) Inc ♦ F 261.76 - -0.28 1.01
UK Strategic Income (No Trail) Acc ♦ F 740.52 - -4.15 3.35
UK Strategic Income (No Trail) Inc ♦ F 555.16 - -3.11 3.43
US Equity (No Trail) Acc ♦ F 226.65 - -0.43 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 € 2.93 - -0.01 0.00
Invesco Asia Balanced A dist $ 14.50 - -0.04 3.63
Invesco Asia Consumer Demand Fund A income $ 13.13 - -0.14 0.19
Invesco Asia Infrastructure (A) $ 13.14 - -0.01 1.42
Invesco Asia Opportunities Equity A $ 105.40 - -0.79 0.00
Invesco Balanced Risk Allocation Fund A € 15.04 - -0.08 0.00
Invesco Emerging Europe Equity Fund A $ 8.17 - 0.01 0.00
Invesco Emerging Local Currencies Debt A Inc $ 7.19 - -0.01 6.72
Invesco Emerging Mkt Quant.Eq. A $ 9.50 - -0.05 0.00
Invesco Energy A $ 19.13 - 0.00 0.00
Invesco Euro Corporate Bond Fund (A) € 17.21 - -0.03 0.00
Invesco Euro Inflation Linked Bond A € 15.46 - -0.01 0.00
Invesco Euro Reserve A € 322.83 - 0.00 0.00
Invesco Euro Bond A € 7.10 - -0.02 0.00
Invesco European Growth Equity A € 25.02 - -0.18 0.00
Invesco Global Absolute Return Fund A Class € 11.34 - 0.00 0.00
Invesco Global Bond A Inc $ 5.53 - -0.01 0.97
Invesco Global Conservative Fund 90 (EUR) A € 12.22 - -0.01 0.00
Invesco Global Equity Income Fund A $ 61.96 - -0.37 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.42 - -0.01 2.14
Invesco Global Inv Grd Corp Bond A Dist $ 11.74 - -0.03 3.05
Invesco Global Leisure A $ 38.07 - -0.02 0.00
Invesco Global Smaller Comp Eq Fd A $ 58.61 - -0.37 0.00
Invesco Global Structured Equity A $ 47.69 - -0.16 0.73
Invesco Global Total Ret.(EUR) Bond Fund A € 13.29 - -0.02 0.00
Invesco Gold & Precious Metals A $ 3.93 - -0.05 0.00
Invesco Greater China Equity A $ 44.60 - -0.42 0.00
Invesco India Equity A $ 57.95 - 0.36 0.00
Invesco Japanese Equity Adv Fd A ¥ 4003.00 - -69.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1313.00 - -24.00 0.00
Invesco Latin American Equity A $ 6.33 - 0.04 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1060.00 - -13.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 20.49 - -0.15 0.00
Invesco Pan European High Income Fd A € 14.17 - -0.05 2.14
Invesco Pan European Small Cap Equity A € 23.13 - -0.04 0.00
Invesco Pan European Structured Equity A € 17.62 - -0.13 0.00
Invesco UK Eqty Income A £ 31.84 - -0.18 0.00
Invesco UK Investment Grade Bond A £ 0.99 - 0.00 2.93
Invesco US Structured Equity A $ 21.78 - -0.04 0.00
Invesco US Value Eq Fd A $ 32.63 - -0.12 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F £ 2.61 - -0.01 3.36
Invesco Asian Equity A $ 6.24 - -0.04 0.50
Invesco ASEAN Equity A $ 92.02 - -0.07 0.40
Invesco Bond A $ 26.97 - -0.07 2.22
Invesco Continental Eurp Small Cap Eqty A $ 203.99 - -1.69 0.00
Invesco Emerging Markets Equity A $ 35.88 - -0.06 0.00
Invesco Emerging Markets Bond A $ 20.70 - -0.03 4.82
Invesco Continental European Equity A € 9.35 - -0.06 0.18
Invesco Gilt A £ 14.96 - -0.02 1.48
Invesco Global Small Cap Equity A NAV $ 125.32 - -0.95 0.00
Invesco Global High Income A NAV $ 12.45 - -0.01 5.35
Invesco Gbl R/Est Secs A GBP F F £ 7.79 - 0.02 0.91
Invesco Global Health Care A $ 143.03 - -0.76 0.00
Invesco Global Select Equity A $ 13.77 - -0.10 0.00
Invesco Jap Eqty Core A $ 1.92 - -0.03 0.00
Invesco Japanese Equity A $ 18.98 - -0.36 0.00
Invesco Korean Equity A $ 33.36 - -0.58 0.00
Invesco PRC Equity A $ 52.51 - -0.60 0.00
Invesco Pacific Equity A $ 47.88 - -0.23 0.18
Invesco Global Technology A $ 16.07 - -0.12 0.00
Invesco UK Eqty A £ 8.28 - -0.08 1.31
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 65.46 - -0.70 0.00
Invest AD - Emerging Africa Fund $ 998.41 - -5.37 0.00
Invest AD - GCC Focus Fund $ 1626.26 - -30.89 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 60.98 - -0.07 0.00
America Equity Inc 60.97 - -0.08 0.00
Asia Acc 114.20 - -0.60 0.34
Asia Inc 63.38
Asset Management
- -0.35 0.33
Cautious Managed Rt Acc 68.60xd - -0.14 0.08
Cautious Managed Rt Inc 60.36xd - -0.12 0.08
Diversified Real Ret Acc 51.64xd - -0.11 1.04
★ FINANCIAL TIMES Thursday 20 August 2015
MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
Diversified Real Ret Inc 50.16xd - -0.11 1.06 Strategic Bond A Acc 180.55 - -0.22 1.85 Vantage 1500 (EUR) MA € 10.31 - 0.00 0.00 US Conc.Growth A1 $ 15.72 - -0.02 0.00 Mir. -Eq Spain A € 28.20 - 0.09 0.00 Asia Pac Eq GBP Ord Inc £ 93.39 - -0.93 3.47
Emerging Mkts Acc 134.70 - 0.00 0.77 Strategic Bond A Inc 119.92 - -0.15 1.85 Vantage 3000 (EUR) MA € 10.52 - -0.01 0.00 US Government Bond A1 $ 17.05 - -0.02 0.00 Mir. - Eq Swiss Sm/Mid A SFr 321.32 - -0.51 0.00 Asia Pac Eq USD Ord Inc $ 94.04 - -0.93 2.90
Emerging Mkts Inc 57.91 - 0.00 0.77 UK Equity Absolute Return A Acc 118.94 - 0.16 0.00 PrivilEdge Value A1 $ 22.52 - -0.02 0.00 Mir. - Glb High Yield Bds A $ 109.93 - 0.01 - Asia Pac Eq USD Inst Acc $ 99.57 - -0.97 0.00
Inc.Pt.RMB Dt.CNH PA CNH 102.01 - -0.05 0.00
Emrg Mkts Inc Acc... C 48.73xd - -0.04 5.44 UK Equity A Acc 234.06 - -1.50 1.42 Mir. - Glb Eq High Income A USD $ 102.44 - -0.47 0.00 Asia Pac Eq USD Inst Inc $ 104.92 - -1.04 3.57
Inc.Pt.RMB Dt.SH CHF PA SFr 9.76 - 0.00 0.00
Emrg Mkts Inc Inc... C 42.85xd - -0.04 5.63 UK Equity Income A Acc 206.43 - -1.44 4.24 Mir. - Glb Strat. Bd A USD $ 106.00 - -0.02 0.00 Dyn Europ Eq EUR Ord Inc € 180.37 - 0.84 1.30
MMIP Investment Management Limited (GSY)
Inc.Pt.RMB Dt.SH EUR PA € 9.82 - 0.00 0.00 Regulated
Europe Acc 1049.00 - -7.00 1.48 UK Equity Income A Inc 161.34 - -1.12 4.36 Dyn Europ Eq GBP Ord Inc £ 192.06 - 0.89 1.64
Multi-Manager Investment Programmes PCC Limited
Inc.Pt.RMB Dt.USD PA $ 9.87 - -0.01 0.00
Europe Inc 60.41 - -0.35 1.48 UK Opportunities A Acc 167.03 - -1.15 1.33 Dyn Europ Eq USD Ord Inc $ 180.59 - 0.84 1.22
European Equity Fd Cl A Initial Ser € 2630.39 2630.39 115.75 0.00
Jenn. US Eq.Opp. USD PA $ 10.04 - -0.03 0.00
Eur Dynamic exUK Acc 162.90 - -1.00 0.80 UK Smaller Companies A Acc 282.33 - -0.08 0.65 China Equity EUR Ord Acc € 142.52 - -1.64 0.00
Japanese Equity Fd Cl A Initial Ser ¥ 374586.00 374586.00 2750.00 0.00
Neubrg.Berman US Core PA $ 14.33 - -0.02 0.00
Eur Dynamic exUK £ hdg Acc 193.80 - -1.30 0.68 China Equity GBP Ord Acc £ 149.16 - -1.70 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1343.33 1343.33 -11.03 0.00
Sands US Growth PA € 14.18 - -0.11 0.00
Eur Dynamic exUK Inc 74.78 - -0.49 0.80 China Equity USD Ord Acc $ 145.47 - -1.67 0.00
Kames Capital Investment Portfolios ICVC (UK) Pacific Basin Fd Cl A Initial Ser $ 2267.99 2281.49 -101.36 0.00
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Sands US Growth PA $ 17.19 - -0.13 0.00
Eur Smaller Cos Acc 460.40 - -1.60 0.00 China Equity USD Inst Acc $ 149.16 - -1.71 0.00
0800 45 44 22 www.kamescapital.com UK Equity Fd Cl A Series 01 £ 2405.27 2429.26 50.96 0.00
Will.Blair Gbl. Ldrs PA € 16.29 - 0.03 0.00 Montello Real Estate Opportunity Fund (LUX)
Eur Smaller Cos Inc 59.87 - -0.21 0.00 Global Val.Cr.Fd GBP Ord Inc £ 112.10 - -0.10 3.57
Authorised Funds Diversified Absolute Rtn Fd USD Cl AF2 $ 1639.80 - -8.66 0.00 101 New Cavendish Street,London W1W 6XH
Will.Blair Gbl. Ldrs PA $ 13.41 - -0.02 0.00
Fusion Balanced Acc 55.63 - -0.01 0.47 Property Income B Acc 116.78 - -0.07 - Regulated Global Val.Cr.Fd USD Inst Acc $ 123.76 - -0.10 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1660.21 - -7.87 0.00
Montello Real Estate Opportunity Fund II £ 1116.65 - 7.25 0.00
Fusion Balanced Inc 55.62 - -0.01 0.47 Property Income B Inc 110.00 - -0.07 - Global Val.Cr.Fd GBP Ord Acc £ 178.55 - -0.14 0.00
Fusion Conservative Acc 54.85 - -0.03 0.65 Lothbury Property Trust (UK) Global Val.Cr.Fd USD Ord Acc $ 167.66 - -0.14 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Manek Investment Mgmt Ltd (1000)F (UK)
Fusion Conservative Inc 54.74 - -0.03 0.67 MW Japan Fund Plc (IRL) Global Val.Cr.Fd EUR Ord Acc € 156.44 - -0.13 0.00
Kames Capital VCIC (IRL) Property & Other UK Unit Trusts P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Fusion Growth Acc 57.30 - -0.02 0.47 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Authorised Inv Funds FCA Recognised Swiss Select Equity Inst Acc SFr 117.48 - -0.36 0.00
Lothbury Property Trust GBP £ 1732.06 1858.39 27.09 3.34
FCA Recognised Growth Fd Acc 55.87 59.18 -0.25 0.00 MW Japan Fund PLC A $ 25.71 - -0.31 -
Fusion Growth Inc 57.29 - -0.02 0.47 Swiss Select Equity Ord Acc SFr 116.39 - -0.37 0.00
Absolute Return Bond B GBP Acc 1077.40 - -0.04 - MW Japan Fund PLC B $ 25.96 - -0.31 -
Fusion Growth + Acc 59.27 - 0.00 0.47 US Growth USD Ord Acc $ 216.72 - -1.08 0.00
Eq Market Neutral B Acc 1019.50 - 1.35 - MW Japan Fund PLC C $ 102.53 - -1.17 -
Fusion Growth + Inc 59.27 - -0.01 0.47 Manulife Global Fund (LUX) US Growth EUR Ord Acc € 207.10 - -1.02 0.00
Eq Market Neutral Plus B Acc 1033.36 - 2.96 - 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Fusion Income Acc...C 54.14 - -0.06 2.40 US Growth GBP Ord Acc £ 217.60 - -1.09 0.00
High Yield Global Bond A GBP Inc 532.48 - -0.08 3.76 www.manulife.com.hk
Fusion Income Inc...C 51.77 - -0.06 2.42 FCA Recognised Morant Wright Funds (Ireland) PLC (IRL) US Growth USD Inst Acc $ 199.69 - -1.00 0.00
High Yield Global Bond B GBP Inc 1105.87 - -0.15 4.27 FCA Recognised
Global Allocation Acc 54.92 - -0.18 0.64 American Growth Fund Class A F $ 30.8742 - -0.3151 0.00 Wealthy Nat Bd EUR Inst Inc € 109.04 - -0.39 3.76
Investment Grade Global Bd A GBP Inc 556.77 - -1.07 2.56 Morant Wright Fuji Yield EUR Acc Hedged € 11.90 - -0.12 -
M & G Securities (1200)F (UK)
Asset Management
Global Allocation Inc 54.56 - -0.18 0.64 American Growth Fund Class AA F $ 1.7533 - -0.0179 0.00 Wealthy Nat Bd GBP Inst Inc £ 113.01 - -0.42 3.61
Kames Global Equity Income B GBP Acc 1129.93 - -3.88 - PO Box 9039, Chelmsford, CM99 2XG Morant Wright Fuji Yield EUR Dist Hedged € 11.84 - -0.12 -
Global Bond exUK Acc
Global Bond exUK Inc
249.90xd
196.50xd
-
-
-0.40 0.75
-0.40 0.75
Kames Global Equity Income B GBP Inc 1081.10 - -3.72 -
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds
American Growth Fund Class AA (HKD) FHK$ 10.8694
Asian Equity Fund Class A F $ 2.9553
-
-
-0.1128 0.00
-0.0255 0.40
Morant Wright Fuji Yield GBP Acc Hedged £ 12.17 - -0.12 -
Wealthy Nat Bd EUR Ord Inc
Wealthy Nat Bd GBP Ord Inc
Asset Manageme€ 108.33
£ 113.65
-
-
-0.39 3.52
-0.43 3.34
Strategic Global Bond A GBP Inc 1104.66 - -0.77 0.58 Morant Wright Fuji Yield GBP Dist Hedged £ 11.90 - -0.12 -
Charifund Inc 1454.98 - -9.10 4.66 Asian Equity Fund Class AA F $ 0.9506 - -0.0082 0.00
Global Bond Opport. Acc 49.71xd - -0.04 2.84 Wealthy Nat Bd USD Ord Inc $ 110.64 - -0.40 3.32
Strategic Global Bond B GBP Inc 626.36 - -0.43 1.08 Morant Wright Fuji Yield USD Acc Hedged $ 11.85 - -0.12 -
Charifund Acc 19744.81 - -123.37 4.53 Asian Small Cap Equity Fund Class AA F $ 2.0552 - -0.0258 0.00 New Capital Alternative Strategies
Global Bond Opport. Inc 49.30xd - -0.04 2.86
Morant Wright Fuji Yield USD Dist Hedged $ 11.99 - -0.13 -
M&G Corporate Bond A Acc 62.20xd - -0.10 3.11 Asian Small Cap Equity Fund Class AA (HKD)HK$ 8.3166 - -0.1059 0.00 All Weather Fd USD Cls $ 121.26 - 0.57 0.00
Global Eq Income £ hdg Acc... C 69.78xd - -0.38 3.42
Morant Wright Fuji Yield YEN Acc ¥ 1216.66 - -12.42 -
Global Eq Income £ hdg Inc ... C 50.28xd - -0.27 3.50 Kleinwort Benson Bank (UK) M&G Corporate Bond A Inc 39.32xd - -0.06 3.11 China Value Fund Class A F $ 8.2837 - -0.0882 0.69 All Weather Fd EUR Cls € 109.06 - 0.45 0.00
14 St. George Street, Mayfair, London W1S1FE Morant Wright Fuji Yield B YEN Acc ¥ 1074.74 - -11.01 -
M&G Dividend A Inc 60.93xd - -0.43 4.47 China Value Fund Class AA F $ 2.5936 - -0.0276 0.47 All Weather Fd GBP Cls £ 117.69 - 0.54 0.00
Global Eq Income Acc... C 71.26xd - -0.30 3.50 Dealing and enquiries: 0800 024 2400
Morant Wright Fuji Yield YEN Dist ¥ 1203.27 - -12.28 -
Authorised Inv Funds M&G Dividend A Acc 610.34xd - -4.28 4.31 Dragon Growth Fund Class A F $ 1.9278 - -0.0229 0.61 Tactical Opps USD Cls $ 152.89 - 0.26 0.00
Global Eq Income Inc ... C 62.09xd - -0.27 3.57
Unit Trust Manager/ACD - Host Capital Morant Wright Sakura Fund Sterling Acc Hedged £ 14.73 - -0.17 0.00
M&G Episode Growth X Inc 52.52xd - -0.16 1.78 Dragon Growth Fund Class AA HKDHK$ 9.3264 - -0.1125 0.58 Tactical Opps EUR Cls € 128.02 - 0.23 0.00
Global Equity Acc 1005.00 - -2.00 0.15
HC KB Capital Growth A Acc 164.36 - -0.88 1.36 Morant Wright Sakura Fund Euro Acc Hedged € 14.67 - -0.18 0.00
M&G Episode Income A Acc 138.41xd - -0.42 3.57 Emerging Eastern Europe Fund Class AA F $ 1.2861 - -0.0060 0.50 Tactical Opps GBP Cls £ 144.02 - 0.26 0.00
Global Equity Inc 74.66 - -0.19 0.14
HC KB Capital Growth A Inc 153.91 - -0.81 1.38 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1497.30 - -17.73 0.00
Global Financials Acc 750.90 - 0.40 0.83
M&G Episode Income A Inc 116.43xd - -0.36 3.64
Asset Management
Emerging Eastern Europe Fund Class A F $ 2.9945 - -0.0139 0.90
HC KB Enterprise Equity Income A Inc 112.26 - 0.05 3.78 Morant Wright Sakura Fund Dollar Acc Hedged $ 14.66 - -0.18 0.00
M&G Extra Income A Inc 741.14 - -3.64 4.40
Asset Management
Global Financials Inc 42.70 - 0.02 0.84 European Growth Fund Class A F $ 10.8986 - -0.1278 1.15
HC KB Enterprise Equity Income A Acc 165.27 - 0.08 3.69 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.59 - -0.17 0.00
M&G Extra Income A Acc 6013.25 - -29.54 4.27 European Growth Fund Class AA F $ 0.7881 - -0.0093 0.56
Global High Yield Bd Mth Inc C 37.87xd - 0.00 6.29
HC KB Endeavour Multi Asset Balanced A Acc 131.97 - -0.38 0.81
M&G Global Basics A Inc 614.65 - -2.75 0.30 Global Contrarian Fund Class AA F $ 0.9382 - -0.0073 0.00
Global High Yield Bd Acc C 98.87xd - 0.00 6.24
HC KB Endeavour Multi Asset Balanced A Inc 125.42 - -0.36 0.81
M&G Global Basics A Acc 927.89 - -4.16 0.30 Global Property Fund Class AA F $ 1.0164 - -0.0042 0.75
Global High Yield Bd Inc C 37.84xd - 0.00 6.32
HC KB Enterprise Fixed Income A Acc 122.69 - -0.33 3.44
M&G Global Dividend Fund A Acc 190.39xd - -0.61 3.31 Global Property Fund Class AA (HKD)HK$ 9.5535 - -0.0411 -
Global Property Secs Acc 59.78xd - 0.02 0.57
HC KB Enterprise Fixed Income A Inc 109.53 - -0.30 3.44 Northwest Investment Management (HK) Ltd
M&G Global Dividend Fund A Inc 151.34xd - -0.49 3.38 Global Resources Fund Class AA F $ 0.6805 - -0.0026 0.00
Global Property Secs Inc 51.60xd - 0.02 0.56 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
M&G Glbl Emrgng Mkts A Acc 180.69 - -0.67 0.94 Greater China Opportunities Class AA $ 0.9525 - -0.0125 0.00 Other International Funds
Income Acc ... C 49.93xd - -0.09 6.63
Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Glbl Emrgng Mkts A Inc 174.56 - -0.65 0.95 Northwest $ class $ 2331.51 - -97.83 0.00
Income Inc ... C 47.18xd - -0.08 6.65 Healthcare Fund Class AA F $ 2.0157 - -0.0204 0.00
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Morgan Stanley Investment Funds (LUX)
Other International Funds M&G Global Macro Bond Fund A Acc 103.97xd - 0.23 0.97 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Northwest Warrant $ class $ 2413.75 - -188.47 0.00
Japan Acc 291.10 - -5.10 0.00 India Equity Fund Class AA F $ 1.4311 - 0.0100 0.00
Lloydstrust Gilt £ 12.2300xd - -0.0200 2.41 M&G Global Macro Bond Fund A Inc 72.14xd - 0.16 0.97 www.morganstanleyinvestmentfunds.com
Japan Inc 70.06 - -1.25 0.00 International Growth Fund Class A F $ 4.7247 - -0.0529 0.13
FCA Recognised
Lloyds Investment Funds Limited M&G Global High Yield Bond X Inc 49.78xd - -0.04 4.35
Multi-Asset Inc Mth Inc ... C 65.49xd - -0.13 3.72 International Growth Fund Class AA F $ 1.0843 - -0.0122 0.00 US Advantage A F $ 57.81 - -0.69 0.00
Euro High Income € 1.6400xd - -0.0020 3.01
M&G Global High Yield Bond X Acc 116.38xd - -0.10 4.33 Japanese Growth Fund Class A F $ 3.5190 - -0.0471 0.58
Multi-Asset Inc Acc... C 86.54xd - -0.18 3.64 Asian Equity A F $ 41.29 - -0.42 0.00
European £ 7.4380 - -0.1100 1.19
M&G Managed Growth X Inc 75.91 - -0.22 0.68 Japanese Growth Fund Class AA F $ 0.9047 - -0.0121 0.00
Multi-Asset Inc Inc... C 65.49xd - -0.13 3.72 Asian Property A F $ 18.48 - 0.00 0.00
High Income £ 0.8697xd - -0.0016 4.99
M&G Optimal Income A Inc 142.78 - -0.12 2.07 Latin America Equity Fund Class AA F $ 0.7526 - -0.0002 1.63
Multi-Asset Macro Acc 65.21 - 0.18 0.00 Asian Property AX F £ 10.89 - 0.02 0.49
International £ 4.0550 - -0.0270 1.16
M&G Optimal Income A Acc 187.19 - -0.17 2.07 Russia Equity Fund Class AA F $ 0.4072 - 0.0011 0.00
Multi-Asset Macro Inc 65.21 - 0.18 0.00 Diversified Alpha Plus A F € 31.41 - -0.03 0.00
North American £ 15.7900 - 0.0200 0.05 Oasis Crescent Management Company Ltd
M&G Recovery GBP A Inc 122.49xd - -1.06 0.71 Taiwan Equity Fund Class AA F $ 1.4536 - -0.0197 0.21
Multi-Manager Growth Acc 722.00 - -4.10 0.46 Emerg Europ, Mid-East & Africa Eq A F € 69.30 - -0.22 0.00 Other International Funds
Sterling Bond £ 1.4730xd - -0.0030 3.62
Multi-Manager Growth Inc 673.80 - -3.90 0.46
M&G Recovery GBP A Acc 275.04xd - -2.39 0.71 Turkey Equity Fund Class AA F $ 0.6664 - -0.0153 0.00 Emerging Markets Debt A F $ 75.75 - -0.06 0.00 Oasis Crescent Equity Fund R 9.38 - -0.03 0.00
UK £ 6.8660 - -0.0740 1.70
M&G Strategic Corp Bond A Inc 73.17 - -0.11 2.82 US Bond Fund Class AA F $ 1.2091 - -0.0014 3.93
Natural Resources Acc 356.90 - -4.10 0.11 Emerging Markets Domestic Debt AX F £ 10.44 - 0.00 5.46
Lloyds Gilt Fund Limited
M&G Strategic Corp Bond A Acc 104.46 - -0.15 2.82 U.S. Bond Fund Class AA Inc F $ 0.9792 - -0.0011 2.53
Natural Resources Inc 25.28 - -0.29 0.11 Lloyds Gilt Fund Quarterly Share £ 1.2720 - -0.0020 1.93 Emerging Markets Equity A F $ 34.36 - -0.17 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
M&G Global Leaders GBP A Inc 192.44 - -1.01 1.41 Regulated
New Europe Acc 130.80 - -0.30 2.77 Monthly Share £ 1.2240xd - -0.0010 1.93 US Bond Fund Class AA (HKD) HK$ 9.8962 - -0.0128 - Euro Bond A F € 15.62 - -0.04 0.00
M&G Global Leaders GBP A Acc 448.96 - -2.35 1.40 Oasis Global Investment (Ireland) Plc
New Europe Inc 31.08 - -0.08 2.73 Lloyds Money Fund Limited U.S. Bond Fund Class AA (HKD) IncHK$ 9.7639 - -0.0127 2.63 Euro Corporate Bond AX F £ 21.14 - 0.02 1.69
Oasis Crescent Global Short Term Income Fund $ 1.00 - 0.00 0.45
Sterling Class £ 52.5890 - 0.0000 0.16 M&G UK Inflation Lnkd Corp Bnd A Acc 112.98 - -0.03 0.12
Portfolio Acc 204.10 - 0.10 0.67 U.S. Special Opportunities Fund Class AA F $ 0.9014 - -0.0007 7.15 Euro Strategic Bond A F € 43.41 - -0.06 0.00
Oasis Global Equity $ 27.91 - -0.03 0.22
Lloyds Multi Strategy Fund Limited M&G UK Inflation Lnkd Corp Bnd A Inc 111.36 - -0.03 0.12
Sterling Corporate Bond Acc 82.26xd - -0.16 2.51 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - European Currencies High Yield Bd A F € 21.72 - -0.04 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Conservative Strategy £ 1.0990 - -0.0020 1.97
Sterling Corporate Bond Inc 51.69xd - -0.10 2.53 U.S. Special Opportunities Fund Class AA Inc $ 0.8897 - -0.0006 - European Equity Alpha A F € 46.46 - -0.56 0.00 Oasis Crescent Global Equity Fund $ 28.29 - -0.04 0.00
Growth Strategy £ 1.4980 - -0.0040 1.32
Strategic Bond Acc 68.96xd - -0.05 2.58 M & G Securities Ltd (UK) US Small Cap Equity Fund Class AA F $ 1.1396 - -0.0139 0.00 European Property A F € 37.21 - -0.27 0.00 Oasis Crescent Global High Equity Balanced Fund $ 9.82 - 0.00 0.00
Aggressive Strategy £ 1.8340 - -0.0100 0.00 Property & Other UK Unit Trusts
Strategic Bond Inc 57.56xd - -0.04 2.59 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2681 - -0.0047 0.06 Eurozone Equity Alpha A F € 12.02 - -0.17 0.00 Oasis Crescent Variable Balanced Fund £ 10.65 - 0.01 -
Global USD Growth Strategy $ 1.4420 - -0.0050 0.00 Charibond 123.31xd - -0.16 5.24
UK Active Index + E Acc 284.30 - -2.30 3.02 Global Bond A F $ 38.51 - -0.07 0.00 OasisCresGl Income Class A $ 11.05 - 0.01 2.28
Dealing Daily (Accum Units) 3602.48xd - -4.64 5.24
UK Active Index + E Inc 53.61 - -0.44 3.02 Global Brands A F $ 97.98 - -1.06 0.00 OasisCresGl LowBal D ($) Dist $ 12.07 - 0.00 0.00
Manulife Global Fund
NAACIF 75.61xd - -0.36 4.56
UK Dynamic Acc 163.70xd - -1.00 1.44 Other International Funds Global Convertible Bond A F $ 43.09 - -0.21 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 12.27 - 0.00 0.31
(Accum Units) 6686.74xd - -32.11 4.44 Asia Total Return Fund Class AA $ 0.9693 - -0.0009 -
UK Dynamic Inc 133.90xd - -0.80 1.45 Global Property A F $ 28.89 - -0.11 0.00 Oasis Crescent Gbl Property Eqty $ 9.88 - 0.04 1.83
M&G Property Portfolio A Acc 131.17 138.07 0.00 3.64 Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.5972 - -0.0103 -
UK Eq & Bond Inc Acc ... C 141.80xd - -0.80 3.22 Indian Equity A F $ 38.12 - 0.14 0.00
Property Portfolio A 121.15 127.52 -0.01 3.73 Asia Total Return Fund Class AA Inc $ 0.9180 - -0.0008 3.23
UK Eq & Bond Inc Inc ... C 83.34xd - -0.44 3.29 Latin American Equity A F $ 41.24 - 0.13 0.00
Property Portfolio X 121.15 121.15 -0.01 3.71 Asia Value Dividend Equity Fund Class AA F $ 1.6242 - -0.0183 0.00
UK Higher Inc Acc ... C 918.90xd - -5.30 4.08 Short Maturity Euro Bond A F € 20.42 - 0.00 0.00
Asia Value Dividend Equity Fund Class AA Inc $ 0.9857 - -0.0111 -
UK Higher Inc Inc ... C 534.00xd - -3.10 4.21 Lombard Odier Funds (Europe) S.A (LUX) US Dollar Liquidity A F $ 13.03 - 0.00 0.00
www.loim.com M & G (Guernsey) Ltd (GSY) Strategic Income Fund Class AA F $ 1.0822 - -0.0005 4.44
UK Managed Equity Acc 66.67xd - -0.51 2.00 US Growth A F $ 68.26 - -0.81 0.00
Regulated Regulated
UK Managed Equity Inc 56.23xd - -0.43 2.02 Lombard Odier Funds The M&G Offshore Fund Range US Growth AH F € 47.11 - -0.56 0.00
Absolute Ret Bond (EUR) PA € 12.02 - 0.00 0.00 Odey Asset Management LLP (UK)
UK Smaller Cos Acc 387.40 - 0.00 0.00 Corporate Bond 1309.11 1349.60 -2.00 3.10 Marlborough Fd Managers Ltd (1200)F (UK) US Growth AX F £ 43.60 - -0.43 0.00
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 40 Dukes Place, London, EC3A 7NH
UK Smaller Cos Inc 75.23 - 0.01 0.00 Absolute Ret Bond (USD) PA $ 17.65 - 0.00 0.00 Global Basics 2262.68 2332.66 -10.14 0.00
www.marlboroughfunds.com US Property A F $ 68.65 - -0.24 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
All Roads (CHF) PA SFr 17.63 - -0.04 0.00 Authorised Corporate Director - Capita Financial Managers
UK Strategic Eq Inc Acc ... C 154.00xd - -0.90 3.51 Global Leaders 3342.22 3481.47 -17.54 1.19 Authorised Inv Funds
Authorised Inv Funds
UK Strategic Eq Inc Inc ... C 100.70xd - -0.60 3.60 All Roads (USD) PA $ 11.21 - -0.03 0.00 Global High Yield Bond 978.75 1009.03 -0.79 4.33 Balanced 154.80 163.65 -0.19 0.05
Morgens Waterfall Vintiadis.co Inc CF Odey Continental European GBP R Acc 713.69 - -3.01 0.19
All Roads (GBP) PA £ 11.44 - -0.03 0.00 Bond Income 50.48 53.42 -0.08 4.84
UK Strategic Gth Acc 114.00 - -0.80 1.15 Global Macro Bond Fund 10812.63 11147.04 23.96 0.96 Other International Funds
CF Odey Opus GBP R Inc 3790.91 - -16.50 0.00
All Roads (EUR) PA € 11.36 - -0.03 0.00 Cash 50.17 - 0.00 0.32 Phaeton Intl (BVI) Ltd (Est) $ 420.61 - -0.27 0.00
UK Strategic Gth Inc 106.40 - -0.70 1.17 North American Dividend Fund 157.71 164.28 -0.38 0.60
CF Odey Absolute Return GBP R 312.39 - 0.30 0.00
Alpha Japan (EUR) PA F € 12.58 - 0.00 0.00 Cautious Inc 83.77 88.24 -0.07 1.30
US Acc 712.90 - 0.30 0.00 Optimal Income Fund 141.48 145.86 -0.12 2.07
CF Odey Portfolio Fund GBP R Inc 146.64 - -0.87 0.07
Alpha Japan (CHF) PA F SFr 15.74 - 0.00 0.00 Defensive A Inc 116.36 - 0.00 0.97
US Inc 98.67 - 0.04 0.00 Recovery Fund Limited 'A' Participating Shares 10607.12 11049.08 -90.98 0.40
Alpha Japan (JPY) PA F ¥ 1492.00 - 0.00 0.00 Emerging Markets 215.98 - -0.79 1.76
US Equity Income Acc ... C 119.40xd - 0.10 2.11 Recovery Fund Limited 'I' Participating Shares 10612.38 10719.57 -91.52 1.17
Alpha Japan (USD) PA F $ 18.05 - 0.00 0.00 ETF Global Growth A 151.07 - 0.23 0.00 Odey Asset Management LLP (CYM)
US Equity Income £ hdg Inc ... C 101.50xd - -0.10 2.13 Strategic Corporate Bond Fund 132.86 138.39 -0.20 2.81
Regulated
Alternative Beta PA F SFr 118.73 - -0.22 0.00 ETF Commodity A 70.03 - 0.19 0.00
US Equity Income Inc ... C 101.90xd - 0.10 2.13 UK Growth 1542.78 1607.06 -12.19 1.15 OEI Mac Inc GBP A £ 358.10 - 6.59 0.00
Alternative Beta PA F € 80.05 - -0.15 0.00 European Multi-Cap 266.21 - -1.94 0.20
US Select Acc 111.20 - 0.00 0.00 OEI Mac Inc GBP B £ 194.35 - 3.40 0.00
Alternative Beta PA F $ 119.81 - -0.22 0.00 Extra Income 80.23 84.90 -0.40 4.42 Natixis International Funds (Lux) I SICAV (LUX)
US Select Inc 109.80 - 0.00 0.00 OEI MAC Inc USD $ 1917.30 - 35.58 0.00
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Commodities (CHF) PA SFr 5.38 - -0.04 0.00 Far East Growth A Inc 152.03 - -0.62 1.96
US Smaller Cos Acc 393.00 - -3.90 0.00 FCA Recognised Odey European Inc EUR € 830.73 - 12.73 0.00
Commodities (EUR) PA € 5.45 - -0.04 0.00 Global 180.73 190.43 -0.24 0.00 Harris Global Equity R/A (USD) $ 270.33 270.33 -0.01 0.00
US Smaller Cos Inc 103.00 - -1.00 0.00 Odey European Inc GBP A £ 318.34 - 4.92 0.00
Commodities (USD) PA $ 5.62 - -0.04 0.00 Global Bond Inc 136.41 144.35 -0.08 3.19 Harris Concentrated US Equity H-N/A (GBP) £ 145.34 145.34 -0.08 0.00
Odey European Inc GBP B £ 180.66 - 2.79 0.00
Convertible Bd P A € 17.56 - -0.02 0.00 High Yield Fixed Interest 73.98 78.49 0.08 5.62 Harris Concentrated US Equity R/D (GBP) £ 100.77 100.77 -0.42 33.93
Odey European Inc USD $ 382.66 - 5.90 0.00
JPMorgan Charity Funds (UK)
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Convertible Bd Asia PA F SFr 13.49 - -0.03 0.00 MFS Investment Funds (LUX) Multi Cap Income A Inc 160.71 - -0.59 4.19 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 98.51 98.51 -0.02 0.90
Giano Capital EUR Inc € 4497.23 - 0.00 0.00
Property & Other UK Unit Trusts FCA Recognised
Convertible Bd Asia PA F € 14.37 - -0.03 0.00 Nano-Cap Growth A Acc 104.5375 114.7300 -0.1052 -
UK Equity Fund for Charities I...C £ 2.855430xd 2.866640 -0.020710 3.34 Blend.Research Gb.Eq.Fd. € 107.26 - 0.30 -
Convertible Bd Asia PA F $ 14.48 - -0.03 0.00 Special Situations A Acc 1180.95 1249.68 -1.49 0.27
Natixis International Funds (Dublin) I plc (IRL)
Bond Fund for Charities £ 1.346480xd 1.352730 -0.002120 3.73 Blend.Research Gb.Eq.Fd. £ 101.57 - -0.44 - Odey Asset Management LLP (IRL)
Emerg. Consumer (CHF) PA SFr 12.12 - -0.05 0.00 UK Multi-Cap Growth A Inc 239.92 253.88 -1.69 0.38 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
FCA Recognised
Blend.Research U.S.Core Eq.Fd. ¥ 10948.00 - -19.00 - Regulated
Emerg. Consumer (EUR) PA € 12.25 - -0.05 0.00 UK Micro Cap Growth A 483.13 511.25 -1.42 0.00 Odey Pan European EUR R € 360.98 - 2.95 0.00
Blend.Research Gb.Eq.Fd. $ 104.49 - -0.07 - Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.17 13.17 -0.08 1.14
Emerg. Consumer (USD) PA $ 12.25 - -0.04 0.00 US Multi-Cap Income 315.27 - 0.94 0.17 Odey Allegra European EUR O € 279.21 - 2.13 0.00
Em.Mk.Eq.Fund Euro € 110.56 - -0.59 0.00 Loomis Sayles High Income R/D (USD) $ 9.02 9.02 0.00 13.40
Emerg.Eq. Risk Par.(EUR) PA € 7.96 - -0.05 0.00 MFM - Third Party Funds Odey Allegra International EUR O € 186.17 - 1.57 0.00
Em.Mk.Eq.Fund Sterling £ 91.63 - -1.16 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 12.91 12.91 -0.06 4.56
Junior Oils 73.75 78.04 1.50 0.00
Emerg. Eq. Risk Par.(USD) PA $ 6.14 - -0.06 0.00 Odey Allegra Developed Markets USD I $ 135.18 - -0.11 0.00
Em.Mk.Eq.Fd.US Dollar $ 93.17 - -0.84 0.00
Junior Gold C Acc 22.04 - -0.24 0.00
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.94 - -0.02 0.00 Odey European Focus Fund € 18.52 - 0.07 0.49
Em.Mk.Loc.Ccy Debt Fd.FC ¥ 8107.00 - -40.00 5.93 Natixis International Funds (UK)
MFM Artorius Fund 151.69 - 0.80 0.18
Emerg.Loc.Cur.Bd.Fdt PA SFr 8.34 - -0.05 0.00 Odey Atlas Fund GBP I S £ 1.24 - 0.00 0.00
GAM Em.Mk.Loc.Ccy Debt Fd.FD ¥ 10144.00 - -47.00 5.94 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
MFM Bowland 156.46 169.15 -0.16 0.00
funds@gam.com, www.jbfundnet.com Emerg.Loc.Cur.Bd.Fdt PA € 11.14 - -0.02 0.00 Authorised Funds Odey Giano European Fund EUR R € 116.39 - 0.93 0.00
Gb.Conc.Eq.Fd.Euro € 285.49 - 0.05 0.00
Regulated MFM Hathaway Inc 105.95 110.94 -1.26 1.53 H2O MultiReturns Fund N/A (GBP) $ 12.50 12.50 -0.03 1.76
Emerg.Loc.Cur.Bd.Fdt PA $ 8.54 - -0.04 0.00 Odey Naver Fund EUR I € 124.77 - 0.36 0.00
Gb.Conc.Eq.Fd.Sterl.UK T £ 168.18 - -1.17 0.00
JB BF ABS-EUR B € 105.02 - 0.00 0.00 MFM SGWM Managed A Acc 125.31 - -0.11 0.15 H2O MultiReturns Fund I/A (GBP) £ 1.37 - 0.00 1.68
Euro BBB-BB Fdt PA SFr 15.61 - -0.01 0.00 Odey Odyssey USD I $ 159.69 - -0.04 0.00
Gb.Conc.Eq.Fd.Sterling £ 254.79 - -1.80 0.00
JB BF Abs Ret Def-EUR B € 110.99 - -0.01 0.00 MFM Techinvest Special Situations Acc 131.39 - 0.45 0.01 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.05 - 0.00 0.00
Euro BBB-BB Fdt PA € 12.39 - -0.01 0.00 Odey Orion Fund EUR I € 126.45 - 0.48 0.00
Gb.Conc.Eq.Fd.US $ 199.39 - -0.69 0.00
JB BF Abs Ret EM-USD B $ 117.46 - 0.09 0.00 MFM Techinvest Technology Acc 365.81 - 0.64 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.05 - -0.01 0.00
Euro BBB-BB Fdt PA £ 10.94 - -0.01 0.00 Odey Swan Fund EUR I € 97.79 - 1.42 0.00
Gb.Eq.Hdg Fd.Euro IRE T € 188.69 - -0.18 0.00
JB BF Abs Ret-EUR B € 130.34 - 0.03 0.00 MFM UK Primary Opportunities A Inc 324.46 - -2.20 1.36 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.94 - 0.00 4.49
Euro BBB-BB Fdt PA $ 17.58 - -0.01 0.00 Odey European Absolute Return GBP S £ 97.85 - 0.51 0.00
Gb.Eq.Euro Hdg Fd. € 267.51 - -0.26 0.00
JB BF Abs Ret Pl-EUR B € 129.17 - 0.05 0.00 Slater Investments Ltd - Investment Adviser
Euro Credit Bd PA F € 12.93 - -0.02 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.02 - 0.00 4.38
MFM Slater Growth 397.28 421.52 -0.09 0.11
JB BF EM Corporate-USD B $ 108.15 - -0.09 0.00 Gb.Eq.Fund Euro € 292.61 - 0.45 0.00
Euro Government Fdt PA € 12.49 - -0.02 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.41 - -0.01 0.27
MFM Slater Income A Inc 163.82 - -0.16 3.77 Odey Wealth Management (CI) Ltd (IRL)
JB BF EM Infl Link-USD B $ 84.72 - -0.33 0.00 Gb.Eq. Fd Euro IRE T € 185.05 - 0.28 0.00
Euro Inflation-Lk Fdt PA € 11.91 - -0.04 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.39 - 0.00 0.46 www.odey.com/prices
MFM Slater Recovery 172.94 183.49 1.07 0.24
JB BF EM Inv Grade-USD B $ 100.05 - -0.15 0.00 Gb.Eq.Fd.Sterling UK T £ 208.43 - -1.18 0.00 FCA Recognised
Euro Resp.Corp. Fdt PA € 18.24 - -0.02 0.00
Gb.Eq.Fd.US Dollar $ 322.74 - -0.68 0.00 Odey Opportunity EUR I € 220.76 - -0.27 0.00
JB Emerging (EUR)-EUR B € 333.11 - -0.20 0.00
Europe High Conviction PA € 12.09 - 0.05 0.00 NatWest (2230)F (UK)
JB Emerging (USD)-USD B $ 404.73 - -0.36 0.00 Gb.Eq.Fund Sterling £ 206.21 - -1.18 0.00 Marlborough International Management Limited (GSY) PO Box 23873, Edinburgh EH7 5WJ**
Eurozone Small&Mid Caps PA € 52.93 - 0.35 0.00
Gb.Val.Ex-Jap.Fd.USD $ 120.46 - -0.16 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 Enquiries: 0800 085 5588
JB BF Local EM-USD B $ 259.09 - -0.95 0.00 Omnia Fund Ltd
Fdmt.Eq.L/S SH Sd EUR PA € 11.14 - -0.04 0.00 FCA Recognised Authorised Inv Funds
Gb.Val.Ex-Japan Fd.Yen ¥ 14737.00 - -15.00 0.00 Other International Funds
JB BF Total Ret-EUR B € 98.84 - 0.05 0.00 Marlborough North American Fund Ltd £ 30.42 30.73 -0.07 0.00 Series 1(Minimum initial investment 16375,000)
Fdmt.Eq.L/S SH Sd USD PA $ 11.15 - -0.03 0.00 Estimated NAV $ 979.10 - 25.55 0.00
Low Volatility Gb.Eq.Fd. € 105.83 - 0.13 -
JB EF Abs Ret Eur-EUR B € 120.26 - 0.20 0.00 Marlborough Tiger Fund Ltd F £ 25.45 25.71 -0.62 0.00 United Kingdom Equity Index Fund £ 12.91 - -0.04 2.65
Gbl.Gvt.Fdmt PA € 10.50 - -0.02 0.00
Low Volatility Gb.Eq.Fd. £ 100.22 - -0.60 -
JB EF Euro Value-EUR B € 196.96 - -0.49 0.00 UK Specialist Equity Inc £ 19.82 - -0.02 0.40
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.71 - -0.13 0.00
Low Volatility Gb.Eq.Fd. $ 103.09 - -0.24 -
JB EF Japan-JPY B ¥ 18598.00 - -298.00 0.00 Contl Europe Spec Equity £ 16.05 - -0.07 0.00
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.65 - -0.05 0.00 Marwyn Asset Management Limited (CYM)
JB EF Luxury B-EUR B € 231.95 - -0.56 0.00 Regulated US Spec Equity Fund £ 13.75 - -0.03 0.00
Gbl.5B Fdmt (EUR) PA € 11.91 - 0.02 0.00
JB Ms EF Special Val. EUR/A € 145.34 - -0.45 0.74 MFS Meridian Funds SICAV (LUX) Marwyn Value Investors £ 535.69 - -21.99 0.00 Japan Specialist Fund X £ 9.85 - -0.03 0.00
Gbl.5B Fdmt (CHF) PA SFr 10.51 - -0.03 0.00
Regulated
JB Strategy Balanced-CHF/B SFr 154.50 - -0.30 0.00 Pacific Basin Specialist Equity Fund £ 21.13 - -0.06 0.68
Gbl.5B Fdmt SH (USD) PA $ 10.98 - -0.02 0.00
Absolute Return A1 € 20.00 - 0.04 0.00
JB Strategy Balanced-EUR € 159.44 - -0.12 0.00 McInroy & Wood Portfolios Limited (UK) UK Sovereign Bd Index Fund £ 10.88 - -0.05 2.60
Generation Global (CHF) PA F SFr 13.61 - -0.04 0.00 Optima Fund Management
Asia ex-Japan A1 $ 22.81 - -0.23 0.00
JB Strategy Balanced-USD/B $ 132.77 - -0.25 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867 UK Specialist Equity Income Fund £ 10.06 - 0.00 3.67
Other International Funds
Generation Global (EUR) PA F € 20.79 - 0.03 0.00 Bond A1 $ 10.35 - -0.04 0.00 Authorised Inv Funds
JB Strategy Growth-CHF/B SFr 95.58 - -0.29 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.97 - -0.03 3.21 Cuttyhunk Fund II Limited $ 1562.78 - 50.21 0.00
Generation Global (USD) PA F $ 15.63 - -0.03 0.00 Balanced Fund Personal Class Units 3908.20 - -14.50 1.90
China Equity Fd A1 $ 9.69 - -0.15 0.00
JB Strategy Growth-EUR € 119.95 - -0.19 0.00 Inflation Lkd Sov Bd Fund £ 12.71 - -0.07 0.67 JENOP Global Healthcare Fund Ltd $ 17.36 - -0.05 0.00
Global Energy (USD) PA F $ 7.24 - 0.00 0.00 Income Fund Personal Class Units 2387.00xd - -9.80 2.88
Continental European Eqty A1 € 18.28 - 0.04 0.00
JB Strategy Inc-CHF/B SFr 122.03 - -0.17 0.00 Global Emerg Mkts Equity Fund X £ 10.79 - -0.05 0.55 OPTIKA Fund Limited - Cl A $ 118.61 - -0.83 -
Golden Age (CHF) PA F SFr 23.18 - -0.04 0.00 Emerging Markets Fund Personal Class Units 1585.10 - -5.70 2.46
Emer Mkts Debt Lo Curr Fd A1 $ 11.45 - -0.03 0.00
JB Strategy Inc-EUR/B € 162.87 - -0.09 0.00 Series 2 (Investment Management customers only) Optima Fd NAV $ 96.72 - -0.13 0.00
Golden Age (EUR) PA € 15.73 - -0.03 0.00 Smaller Companies Fund Personal Class Units 3615.80xd - -23.30 1.71
Emerging Markets Debt A1 $ 33.09 - -0.03 0.00 United Kingdom Equity Index Fund £ 12.93 - -0.04 3.11
JB Strategy Inc-USD/B $ 148.60 - -0.20 0.00 Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Golden Age (USD) PA F $ 21.87 - -0.03 0.00 Emerging Markets Eq.A1 $ 10.48 - -0.08 0.00 UK Specialist Equity Inc £ 20.03 - -0.02 1.68 The Dorset Energy Fd Ltd NAV $ 30.99 - -1.29 0.00
Sh.T- Money Mkt EUR PA € 112.33 - 0.00 0.00 European Concentrated A1 € 18.44 - 0.03 0.00 Meridian Fund Managers Ltd Contl Europe Spec Equity £ 16.86 - -0.08 0.60
Platinum Fd Ltd $ 88.61 - -0.26 0.00
Sh.T- Money Mkt CHF PA SFr 128.89 - -0.01 0.00 Other International Funds
European Core Eq A1 € 32.45 - 0.14 0.00 US Spec Equity Fund £ 14.34 - -0.04 0.16
Global Gold & Resources Fund $ 180.02 - -1.51 - Platinum Fd Ltd EUR € 17.22 - -0.05 0.00
Sh.T- Money Mkt GBP PA £ 10.27 - 0.00 0.00
European Res.A1 € 33.91 - 0.12 0.00 Japan Specialist Fund X £ 10.46 - -0.03 0.51
Global Energy & Resources Fund $ 37.95 - -6.10 - Platinum Japan Fd Ltd $ 56.53 - 0.03 0.00
Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00
European Smaller Companies A1 € 52.47 - 0.28 0.00 Pacific Basin Specialist Equity Fund £ 21.06 - -0.07 1.35 Optima Partners Global Fd (Est) $ 14.94 - -0.11 0.00
Sw.Fr.Bd(For) PA SFr 23.88 - -0.01 0.00
European Value A1 € 36.72 - 0.14 0.00 UK Sovereign Bd Index Fund £ 11.05 - -0.05 2.60 Optima Partners Focus Fund A $ 17.19 - -0.13 0.00
Sw.Fr.Credit Bd(For) PA SFr 13.73 - 0.00 0.00 Metage Capital
Kames Capital ICVC (UK) Global Conc.A1 $ 37.29 - -0.14 0.00 UK Specialist Equity Income Fund £ 10.84 - -0.01 3.62
Other International Funds
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Tactical Alpha (CHF) PA SFr 10.10 - -0.01 0.00 Global Credit Fund $ 10.38 - -0.03 0.00
MGS -Master Series (Est) $ 240.66 - -2.89 - Global Spec Inv Grade Bd Fund GBP £ 10.12 - -0.02 3.21
0800 45 44 22 www.kamescapital.com
Tactical Alpha (EUR) PA € 10.40 - -0.02 0.00 Oryx International Growth Fund Ltd
Authorised Funds Global Energy Fund A1 $ 13.24 - -0.09 0.00 Inflation Lkd Sov Bd Fund £ 12.84 - -0.07 0.67
MEMO - Master Series $ 501.03 - -3.56 0.00 Other International Funds
Tactical Alpha (USD) PA $ 14.94 - -0.02 0.00
Diversified Income B Acc 112.80 - -0.25 5.29 Global Equity A1 $ 46.83 - -0.11 0.00 Global Emerg Mkts Equity Fund X £ 10.43 - -0.04 0.77 NAV (Fully Diluted) £ 6.18 - 0.11 0.00
MEMO - MEMV Series $ 117.28 - -0.07 0.00
Technology PA € 13.89 - -0.04 0.00
Diversified Income B Inc 104.35 - -0.24 5.47 Global Equity A1 € 26.90 - 0.02 0.00 The initial charge you will pay will depend on the amount you invest
Technology PA $ 21.09 - -0.07 0.00 **Address and Telephone number for series 1 only
Diversified Growth A Acc 134.51 - -0.55 2.71 Global High Yield Fund $ 24.99 - -0.01 0.00
Ministry of Justice Common Investment Funds (UK)
Ethical Cautious Managed A Acc 167.70 - -0.57 1.62 Wld Gold Expertise PAF SFr 9.67 - -0.14 0.00 Global High Yield Fund € 16.49 - 0.05 0.00 Property & Other UK Unit Trusts
Wld Gold Expertise PA € 7.70 - -0.11 0.00 Global Multi-Asset A1 $ 15.78 - -0.07 0.00 Asset Management
Ethical Cautious Managed A Inc 138.74 - -0.47 1.64 The Equity Idx Tracker Fd Inc 1349.00 1349.00 -6.00 2.69
Asset Management
Ethical Corporate Bond A Acc
Ethical Corporate Bond A Inc
195.28
110.82
-
-
-0.43 3.32
-0.24 3.32
Wld Gold Expertise PA
LO Selection
$ 10.22 - -0.14 0.00 Global Res.A1
Global Total Return A1
Asset Management $ 26.98
€ 17.95
-
-
-0.07 0.00
0.01 0.00
Distribution Units
Balanced (CHF) PA F SFr 109.99 - -0.18 0.00
Permal Investment Mgmt Svcs Ltd
Ethical Equity A Acc 178.97 - -0.89 1.22 Inflation-Adjusted Bond A1 $ 13.98 - -0.06 0.00 Mirabaud Asset Management (LUX)
Balanced (EUR) PA F € 128.36 - 0.04 0.00 www.mirabaud.com, marketing@mirabaud.com www.permal.com
High Yield Bond A Acc 115.87 - -0.02 4.07 Japan Equity A1 $ 10.79 - -0.03 0.00
Conservative (CHF) PA F SFr 105.19 - -0.11 0.00 Regulated New Capital Fund Management Ltd (IRL) Other International Funds
Asset Management
High Yield Bond A Inc 53.08 - -0.01 4.07
Conservative (EUR) PA F € 115.69 - -0.02 0.00
Latin American Equity Fd A1
Limited Maturity A1
$ 12.68
$ 14.02
-
-
0.02 0.00
-0.01 0.00
Mir. Conv. Bds Eur A EUR € 138.30 - -0.07 0.00
Leconfield House, Curzon Street, London, W1J 5JB
FCA Recognised
Offshore Fund Class A US $ Shares
Investment Holdings N.V.
Managemen
$ 5712.21 - -20.57 0.00
Asset Management
Investment Grade Bond A Acc 158.80 - -0.34 3.04
Asset Management
Mir. Conv. Bds Glb A USD $ 115.91 - -0.14 0.00 New Capital UCITS Funds
Global Allocation (GBP) PA F £ 10.07 - -0.01 0.00
Macro Holdings Ltd $ 4197.79 - 38.91 0.00
Investment Grade Bond A Inc 116.35 - -0.25 3.04 Prudent Wealth Fd A1 $ 14.79 - -0.01 0.00 Mir. - Eq Asia ex Jap A $ 167.91 - -1.53 0.00 Asia Pac Bd USD Inst Inc $ 91.98 - -0.01 3.23
Growth (CHF) PA F SFr 115.77 - -0.23 0.00
Fixed Income Holdings N.V. $ 386.95 - 0.78 -
Sterling Corporate Bond A Acc 69.46 - -0.15 2.95 Research Bond A1 $ 16.55 - -0.04 0.00 Mir. - Eq Glb Emrg Mkt A USD $ 88.42 - -0.73 0.00 Asia Pac Bd USD Ord Inc $ 93.94 - -0.01 2.50
Growth (EUR) PA F € 140.08 - 0.10 0.00
Permal Absolute Return Fund $ 169.53 - 2.94 0.00
Sterling Corporate Bond A Inc 31.02 - -0.07 2.95 UK Equity A1 £ 8.18 - -0.03 0.00 Mir. - Eq Global Focus A USD $ 104.45 - -0.17 0.00 Asia Pac Eq EUR Ord Inc € 90.05 - -0.88 3.07
Thursday 20 August 2015 ★ FINANCIAL TIMES 25

MANAGED FUNDS SERVICE

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

UK Long Term Corp. Bnd Inst-Inst Acc £ 19.02 - -0.10 0.00 US Premium Equities (USD) $ 209.21 - -0.70 0.00 Equity Inc Inc Ret 211.90 - -1.20 - Data Provided by
UK Real Return - Inst Acc £ 23.39 - -0.13 0.00 Equity Inc Acc Inst 150.00 - - -
Standard Life Wealth (JER) The National Investor (TNI) Veritas Asset Management LLP (IRL)
UK Sterling Long Average Duration - Inst Acc £ 21.69 - -0.17 0.00 N&P UK Gwth Inc Ret 165.10 - -1.10 - PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 www.tni.ae HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Royal Bank of Scotland (2230)F (UK)
FCA Recognised Other International Funds Veritas Funds Plc
UK Sterling Low Average Duration - Inst Acc £ 14.06 - -0.01 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Stckmkt 100 Track Gwth Acc Inst 93.52 - -0.84 -
Standard Life Offshore Strategy Fund Limited TNI Blue Chip UAE Fund * AED 10.96 - -0.30 0.00 www.veritas-asset.com
Authorised Inv Funds
Unconstrained Bond - Inst Acc $ 12.17 - -0.01 0.00 Stckmkt 100 Track Gwth Acc Ret 173.10 - -1.60 - Bridge Fund £ 1.6118 - -0.0055 2.05 +353 1 635 6799
Series 5 (Minumum Initial Investment £75,000) TNI Funds Ltd (BMU)
FCA Recognised
US Fundam.Index StocksPLUS Inst Inc $ 12.58 - -0.03 0.00 United Kingdom Equity Index Fund £ 16.16 - -0.05 2.64 UK Growth Acc Inst 288.50 - -1.80 - Diversified Assets Fund £ 1.1886 - -0.0021 2.96 MENA Hedge Fund $ 995.03 - 3.99 0.00 Institutional
Pictet Asset Management (Europe) SA (LUX) TNI Funds Plc (Ireland)
15, Avenue J.F. Kennedy L-1855 Luxembourg
US High Yield Bond Fund Inst Acc $ 27.87 - -0.02 0.00 UK Specialist Equity Inc £ 19.83 - -0.02 0.40 UK Growth Acc Ret 334.80 - -2.10 - Global Equity Fund £ 1.8560 - -0.0051 1.09
MENA UCITS Fund * $ 1249.55 - -21.96 0.00
Veritas Asian Fund A USD H $ 306.65 - 0.02 0.65
www.morningstar.co.uk
Tel: 0041 58 323 3000 Contl Europe Specialist Fund £ 23.70 - -0.10 0.00 UK Growth Inc Ret 222.80 - -1.40 - Global Balanced Fund - Income Units £ 1.3412 - -0.0024 1.92 Veritas Asian Fund A GBP H £ 360.63 - 0.63 0.49
FCA Recognised
Data as shown is for information purposes only. No
Managed OEIC
Japan Specialist Fund X £ 14.91 - -0.04 0.00 Global Balanced Fund - Accumulations Units £ 1.5573 - -0.0028 1.89 Veritas Asian Fund A EUR H € 318.57 - 0.78 0.40 offer is made by Morningstar or this publication.
Pictet-Absl Rtn Fix Inc-HI EUR € 107.24 - -0.08 0.00 Glob Em Shs Port Acc Ret 152.20 - -1.40 -
US Spec Equity Fund £ 18.57 - -0.05 0.00 Global Fixed Interest Fund £ 1.0109 - -0.0011 3.45 Thesis Unit Trust Management Limited (UK) Veritas China Fund A USD $ 143.45 - 0.44 0.00
Pictet-Absl Rtn Glo Div-I EUR F € 126.17 - -0.03 0.00 Max 70% Shs Port Acc Ret 257.80 - -0.40 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Pacific Basin Specialist Equity Fund £ 37.25 - -0.12 0.70 Sterling Fixed Interest Fund £ 0.8475 - -0.0018 3.09 Veritas China Fund A GBP £ 148.24 - 0.45 0.00
Pictet-Agriculture-I EUR F € 203.13 - -0.74 0.00 Authorised Funds
Max 70% Shs Port Acc X 185.10 - -0.30 -
UK Sovereign Bd Index Fund £ 10.66 - -0.05 2.60 UK Equity Fund £ 1.9685 - -0.0198 2.67 TM New Court Fund A 2011 Inc £ 13.09 - 0.01 0.00 Veritas China Fund A EUR € 142.39 - 0.44 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 200.91 - -0.84 0.00 Max 70% Shs Port Acc S 149.60 - -0.30 -
Inflation Lkd Sov Bd Fund £ 12.96 - -0.07 0.67 TM New Court Fund - A 2014 Acc £ 13.12 - 0.01 0.00 Veritas Global Equity Income Fund D USD $ 123.64 - -0.90 4.49
Pictet-Asian Local Currency Debt-I USD F $ 150.26 - 0.55 0.00 Platinum Capital Management Ltd Investment Port Acc Ret 231.50 - -0.10 -
Pictet-Biotech-I USD F $ 931.05 - -10.37 0.00 Other International Funds
UK Specialist Equity Income Fund £ 10.04 - 0.00 3.67
Investment Port Acc X 164.10 - 0.00 -
TM New Court Equity Growth Fund - Inc £ 13.22 - 0.02 0.00 Veritas Global Equity Income Fund D EUR € 217.58 - -1.08 3.70
Guide to Data
Platinum All Star Fund - A (Est) $ 120.33 - - - Global Emerg Mkts Equity Fund X £ 10.42 - -0.05 0.52 Veritas Global Equity Income Fund D GBP £ 153.29 - -0.77 4.44
Pictet-Brazil Index I USD $ 42.88 - 0.19 0.00 Max 50% Shs Port Acc Ret 245.50 - -0.40 -
Platinum Global Dividend Fund - A (Est) $ 59.11 - - - Global Spec Inv Grade Bd Fund GBP £ 9.82 - -0.02 3.21 Veritas Global Focus Fund D USD $ 26.91 - -0.08 2.65 The fund prices quoted on these pages are supplied by
Pictet-CHF Bonds I CHF SFr 505.28 - -0.28 0.00 Max 50% Shs Port Inc Ret 219.60 - -0.40 -
Series 6 (Investment Management Customers Only) Veritas Global Focus Fund D EUR € 24.55 - -0.01 2.41 the operator of the relevant fund. Details of funds
Platinum Global Dividend UCITS Fund $ 69.39 - 0.12 5.16 published on these pages, including prices, are for the
Pictet-China Index I USD $ 111.88 - -1.89 0.00 United Kingdom Equity Index Fund £ 15.96 - -0.05 3.11 Max 50% Shs Port Acc X 177.70 - -0.30 -
Platinum Essential Resources UCITs Fund $ 5.85 - -0.04 0.00 Veritas Global Focus Fund D GBP £ 29.14 - -0.02 2.33 purpose of information only and should only be used
Pictet-Clean Energy-I USD F $ 85.13 - -0.79 0.00 UK Specialist Equity £ 20.04 - -0.01 1.68 Max 50% Shs Port Acc S 148.70 - -0.30 - as a guide. The Financial Times Limited makes no
Stenham Asset Management Inc Veritas Global Focus Fund A GBP £ 28.09 - -0.01 2.12
Platinum Maverick Enhanced Fund Limited (Est) $ 103.95 - - 0.00 representation as to their accuracy or completeness
Pictet-Digital Communication-I USD F $ 254.46 - -1.53 0.00 Max 100% Shs Port Acc Ret 280.90 - -0.40 - www.stenhamassetmanagement.com
Contl Europe Specialist Fund £ 24.68 - -0.11 0.60 and they should not be relied upon when making an
Other International Funds Veritas Global Focus Fund A EUR € 14.28 - -0.01 1.91
Pictet-Eastern Europe-I EUR F € 276.70 - -2.44 0.00 investment decision.
Japan Specialist Fund X £ 15.71 - -0.04 0.51 Max 100% Shs Port Acc X 201.80 - -0.20 -
Stenham Asia USD $ 137.43 - -4.25 - Toscafund (CYM) Veritas Global Focus Fund A USD $ 25.92 - -0.07 2.22
Pictet-Em Lcl Ccy Dbt-I USD F $ 158.35 - -1.28 0.00 US Spec Equity Fund £ 19.42 - -0.05 0.16 Max 100% Shs Port Acc S 146.90 - -0.20 - Regulated The sale of interests in the funds listed on these pages
Stenham Credit Opportunities A Class USD $ 105.38 - -1.95 0.00 Veritas Global Focus Fund C GBP £ 30.35 - -0.01 0.00 may, in certain jurisdictions, be restricted by law and
Pictet-Emerging Markets-I USD F $ 486.16 - -1.66 0.00 Enhanced Inc Inc Ins 215.20 - -1.20 - Tosca $ 305.22 - -1.25 0.00 the funds will not necessarily be available to persons
Pacific Basin Specialist Equity Fund £ 37.16 - -0.12 1.35
Stenham Emerging Markets USD B1 $ 105.21 - -2.06 0.00 Veritas Global Focus Fund C EUR € 25.68 - -0.01 0.00
Tosca Mid Cap GBP £ 267.76 - 6.83 0.00 in all jurisdictions in which the publication circulates.
Pictet-Emerging Markets Index-I USD F $ 219.33 - -1.70 0.00 UK Sovereign Bd Index Fund £ 10.78 - -0.04 2.60 Enhanced Inc Inc Ret 203.80 - -1.10 -
Stenham Gold USD $ 155.53 - 0.00 0.00 Veritas Global Focus Fund C USD $ 28.08 - -0.08 0.00 Persons in any doubt should take appropriate
Pictet-Emerging Corporate Bonds I USD $ 106.66 - -0.21 0.00 Enhanced Inc Inc X 173.00 - -0.90 - Tosca Opportunity B USD $ 313.41 - 20.23 0.00 professional advice. Data collated by Morningstar. For
Inflation Lkd Sov Bd Fund £ 12.82 - -0.07 0.67
Stenham Growth USD $ 225.24 - -1.12 - Veritas Global Equity Income Fund A GBP £ 147.02 - -0.74 4.47 other queries contact reader.enquiries@ft.com +44
Pictet-Emerging Markets High Dividend I USD $ 97.85 - -0.49 0.00 Managed Investments OEIC (0)207 873 4211.
UK Specialist Equity Income Fund £ 10.84 - -0.01 3.62
Polar Capital Funds Plc (IRL) Stenham Healthcare USD $ 193.88 - -0.07 0.00 Veritas Global Equity Income Fund A EUR € 211.54 - -1.05 3.73
Pictet-Emerging Markets Sust Eq I USD $ 86.59 - -0.20 0.00 Max 30% Shs Port Acc Ret 155.60 - -0.10 -
Regulated Global Spec Inv Grade Bd Fund GBP £ 10.09 - -0.03 3.21 The fund prices published in this edition along with
Stenham Helix USD $ 31.00 - -73.66 - Veritas Global Equity Income Fund A USD $ 119.07 - -0.87 4.51
Pictet-Environmental Megatrend Sel I EUR € 163.01 - 0.40 0.00 Asian Financials I USD $ 289.00 289.00 -1.63 0.00 Max 30% Shs Port Acc X 155.30 - -0.10 - additional information are also available on the
Global Emerg Mkts Equity Fund X £ 10.43 - -0.04 0.74 Financial Times website, www.ft.com/funds. The
Stenham Managed Fund USD $ 118.81 - -1.20 - Veritas Global Equity Income Fund C GBP £ 171.53 - -0.86 -
Pictet-EUR Bonds-I F € 552.80 - -1.00 0.00 Biotechnology I USD $ 19.89 19.89 -0.20 0.00 Max 30% Shs Port Acc S 149.10 - -0.10 - funds published on these pages are grouped together
Address and telephone number for Series 5 only
Stenham Multi Strategy USD $ 122.64 - -1.71 - Veritas Global Equity Income Fund C EUR € 246.10 - -1.22 - by fund management company.
Pictet-EUR Corporate Bonds Ex Fin i EUR € 143.59 - -0.13 0.00 European Income Acc EUR € 12.10 12.10 0.03 - Max 30% Shs Inc Port Inc Ret 154.30 - -0.40 -
Stenham Quadrant USD A $ 396.15 - -6.00 - Veritas Global Equity Income Fund C USD $ 138.06 - -1.00 -
European Ex UK Inc EUR Acc € 10.22 10.22 0.02 - Max 30% Shs Inc Port Inc X 154.60 - -0.30 - Prices are in pence unless otherwise indicated. The
Pictet-EUR Corporate Bonds-I F € 199.43 - -0.18 0.00 Royal London Unit Managers Ltd. (1200) F (UK)
Stenham Trading Inc USD $ 114.77 - -1.57 - Veritas Global Real Return Fund A USD $ 20.26 - 0.00 2.07 change, if shown, is the change on the previously
Financial Opps I USD $ 13.21 - 0.01 1.99 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Max 30% Shs Inc Port Inc S 148.20 - -0.30 - TreeTop Asset Management S.A. (LUX) quoted figure (not all funds update prices daily). Those
Pictet-EUR Government Bonds I EUR € 156.81 - -0.31 0.00
Authorised Inv Funds Stenham Universal USD $ 456.51 - -6.67 - Regulated Veritas Global Real Return Fund A GBP £ 11.31 - -0.01 2.05 designated $ with no prefix refer to US dollars. Yield
Pictet-EUR High Yield-I F € 244.32 - -0.21 0.00 GEM Growth I USD $ 8.80 - -0.07 0.00 Max 60% Shs Port Acc Ret 270.60 - -0.40 - TreeTop Convertible Sicav
Royal London Sustainable Diversified A Inc £ 1.55 - -0.01 1.89 percentage figures (in Tuesday to Saturday papers)
Stenham Universal II USD $ 169.47 - -2.55 0.00 Veritas Global Real Return Fund A EUR € 11.94 - 0.00 0.17 allow for buying expenses. Prices of certain older
Pictet-EUR Short Mid-Term Bonds-I F € 136.78 - -0.02 0.00 GEM Income I USD $ 9.94 - -0.06 0.00 Max 60% Shs Port Inc Ret 216.00 - -0.20 - International A € 311.15 - 0.10 0.00
Royal London Sustainable World A Inc 170.80 - -0.60 0.67 Retail insurance linked plans might be subject to capital
Pictet-EUR Short Term HY I EUR € 119.40 - -0.02 0.00 Global Alpha I USD $ 13.28 13.28 -0.01 0.00 Max 60% Shs Port Inc X 167.20 - -0.20 - International B $ 399.22 - -0.10 0.00 gains tax on sales.
Royal London Corporate Bond Mth Income 88.98 93.66 -0.18 4.18 Veritas Asian Fund B USD $ 213.94 - 0.02 0.47
Global Convertible I USD $ 11.72 11.72 -0.02 0.00 Max 60% Shs Port Inc S 147.60 - -0.20 - Stratton Street Capital (CI) Limited (GSY) International C £ 134.28 - -0.05 0.00 Guide to pricing of Authorised Investment Funds:
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.07 - 0.00 0.00 Veritas Asian Fund B GBP £ 265.35 - 0.50 0.04
Royal London European Growth Trust 108.50 114.20 -0.70 0.91 Regulated
Eq Inc Port Acc Ret 298.10 - -0.70 - (compiled with the assistance of the IMA. The
Pictet-Euroland Index IS EUR € 138.68 - 0.02 0.00 Global Insurance I GBP £ 4.05 - 0.00 0.00 International D € 288.76 - 0.08 2.96
Royal London Sustainable Leaders A Inc 465.90 - -3.20 0.81 Japan Synthetic Warrant Yen Class ¥ 1748.32 - -3.91 0.00 Veritas Asian Fund B EUR € 234.12 - 0.57 0.00 Investment Management Association, 65 Kingsway,
Eq Inc Port Inc Ret 232.60 - -0.50 - Pacific A € 278.53 - -1.68 0.00 London WC2B 6TD.
Pictet-Europe Index-I EUR F € 180.38 - 0.32 0.00 Global Technology I USD $ 22.89 - -0.19 0.00
Royal London UK Growth Trust 487.20 512.80 -4.70 1.07 Japan Synthetic Warrant GBP Hedged Class £ 196.68 - 2.04 0.00 Veritas China Fund B GBP £ 143.17 - 0.42 0.00 Tel: +44 (0)20 7831 0898.)
Managed Investments OEIC 2 Pacific B $ 351.51 - -2.12 0.00
Pictet-European Equity Selection-I EUR F € 654.32 - 1.80 0.00 Healthcare Blue Chip Fund I USD Acc $ 11.70 11.70 -0.03 -
Royal London UK Income With Growth Trust 223.50 235.30 -1.40 4.40 Japan Synthetic Warrant USD Class $ 18.28 - -0.09 0.00 Veritas China Fund B EUR € 166.75 - -2.49 0.00
Investments Inc Port Inc Ret 163.50 - -0.30 - OEIC: Open-Ended Investment Company. Similar to a
Healthcare Opps I USD $ 43.81 - -0.15 0.00 TreeTop Global Sicav
Pictet-European Sust Eq-I EUR F € 250.70 - 0.66 0.00 Japan Synthetic Warrant USD Hedged Class $ 195.83 - 2.73 0.00 Veritas Global Focus Fund B USD $ 18.68 - -0.05 1.62 unit trust but using a company rather than a trust
Royal London US Growth Trust 153.90 161.90 -0.40 0.00 Investments Inc Port Inc X 148.10 - -0.30 - Global Opp.A € 149.64 - -1.01 0.00 structure.
Pictet-Global Bds Fundamental I USD $ 117.32 - -0.47 0.00 Income Opportunities B2 I GBP Acc £ 1.75 1.75 0.00 0.00 Additional Funds Available Renminbi Bond Fund AUD Cls A A$ 118.31 - 0.21 3.83 Veritas Global Focus Fund B GBP £ 21.42 - -0.01 1.68
£ Gov Bond Inc Inst (gross) 177.20 - -0.20 - Global Opp.B $ 148.10 - -1.16 0.00
Pictet-Global Bonds-I EUR € 162.14 - 0.06 0.00 Japan Alpha I JPY ¥ 223.51 223.51 -3.87 0.00 Please see www.royallondon.com for details Different share classes are issued to reflect a different
Renminbi Bond Fund AUD Cls B A$ 120.12 - 0.21 3.57 Veritas Global Focus Fund B EUR € 16.97 - -0.01 1.53 currency, charging structure or type of holder.
£ Gov Bond Inc Inst 145.40 - -0.20 - Global Opp.C £ 181.88 - -2.01 0.00
Pictet-Global Emerging Currencies-I USD F $ 96.90 - -0.12 0.00 Japan I JPY ¥ 2260.38 - -35.36 0.00
Renminbi Bond Fund CHF Cls A SFr 124.57 - 8.73 3.86 Veritas Global Equity Income Fund B GBP £ 135.44 - -0.68 4.52
£ Gov Bond Acc Inst 146.10 - -0.20 - Sequoia Equity A € 155.72 - 0.07 0.00 Selling price: Also called bid price. The price at which
Pictet-Global Emerging Debt-I USD F $ 354.58 - -0.20 0.00 North American I USD $ 18.11 18.11 -0.03 0.00 Ruffer LLP (1000)F (UK)
units in a unit trust are sold by investors.
Renminbi Bond Fund CHF Cls B SFr 124.33 - 8.67 3.62 Veritas Global Equity Income Fund B EUR € 194.39 - -0.97 3.77
40 Dukes Place, London EC3A 7NH Strat Bond Inc Inst (gross) 182.60 - -0.10 - Sequoia Equity B $ 160.60 - -0.11 0.00
Pictet-Global Megatrend Selection-I USD F $ 233.52 - -0.84 0.00 UK Absolute Equity I GBP £ 12.35 12.35 0.00 -
Order Desk and Enquiries: 0845 601 9610 Renminbi Bond Fund CNH Cls A CNH 124.57 - 0.35 3.43 Veritas Global Equity Income Fund B USD $ 118.20 - -0.86 4.57 Buying price: Also called offer price. The price at
Strat Bond Inc Inst 150.30 - 0.00 - Sequoia Equity C £ 175.84 - -0.75 0.00
Pictet-Greater China-I USD F $ 459.17 - -7.47 0.00 Authorised Inv Funds which units in a unit trust are bought by investors.
Renminbi Bond Fund CNH Cls B CNH 124.33 - 0.35 3.19 Veritas Global Real Return Fund B USD $ 19.62 - -0.01 1.62
Authorised Corporate Director - Capita Financial Managers Strat Bond Acc Inst 150.30 - 0.00 - Includes manager’s initial charge.
Pictet-Health-I USD $ 306.81 - -0.51 0.00 Polar Capital LLP (CYM) Renminbi Bond Fund Euro Cls B € 117.28 - 0.19 3.62 Veritas Global Real Return Fund B GBP £ 11.08 - -0.01 1.63
CF Ruffer Investment Funds Managed Investments OEIC 3
Regulated Single price: Based on a mid-market valuation of the
Pictet-High Dividend Sel I EUR F € 160.46 - -0.01 0.00 CF Ruffer Gold Fund C Acc 74.41 - -0.38 0.00 Div Inc Port Inc Ret 176.30 - -1.00 - Renminbi Bond Fund GBP Cls B £ 119.22 - 0.22 3.41 Veritas Global Real Return Fund B EUR € 12.77 - 0.00 1.44 underlying investments. The buying and selling price
ALVA Convertible A USD $ 129.05 - 0.44 0.00 for shares of an OEIC and units of a single priced unit
Pictet-India Index I USD $ 104.16 - 0.01 0.00 CF Ruffer Gold Fund O Acc 73.73 - -0.38 0.00 Corp Bond Acc Inst (gross) 211.30 - -0.30 - Renminbi Bond Fund SGD Cls B S$ 118.17 - 0.20 3.38 trust are the same.
European Conviction A EUR € 160.31 - -1.11 0.00
Pictet-Indian Equities-I USD F $ 470.62 - 2.05 0.00 Equity & General C Acc 385.70 - 0.57 0.25 Corp Bond Inc Inst 142.30 - -0.20 - Renminbi Bond Fund USD Cls B $ 118.60 - 0.22 3.18
European Forager A EUR € 180.73 - -0.07 0.00 Veritas Asset Management LLP Treatment of manager’s periodic capital charge:
Pictet-Japan Index-I JPY F ¥ 17359.66 - -238.85 0.00 Equity & General C Inc 355.95 - 0.53 0.25 Corp Bond Acc Inst 143.80 - -0.20 - Renminbi Bond Fund YEN Cls B ¥ 13087.57 - 22.12 0.00 www.veritas-asset.com The letter C denotes that the trust deducts all or part
Other International Funds of the manager’s/operator’s periodic charge from
Pictet-Japanese Equities Opp-I JPY F ¥ 10207.54 - -187.17 0.00 Equity & General O Inc 354.65 - 0.50 0.00 Multi-Manager OEIC Renminbi Bond Fund USD Cls A $ 163.49 - 0.31 3.42 Troy Asset Mgt Ltd (UK) capital, contact the manager/operator for full details
Real Return Asian Fund USD (Est) € 291.12 - -6.15 0.00
Pictet-Japanese Equity Selection-I JPY F ¥ 15361.75 - -274.30 0.00 Polunin Capital Partners Ltd Equity & General O Acc 382.21 - 0.54 0.00
Bal Intl Track Acc Ret 266.80 - -1.10 -
Renminbi Bond Fund GBP Cls A £ 158.87 - 0.30 3.65 40 Dukes Place, London EC3A 7NH of the effect of this course of action.
Other International Funds Order desk: 0845 608 0950, Enquiries 0845 608 0950 Real Return Asian Fund GBP (Est) £ 310.83 - -6.52 0.00
Pictet-LATAM Index I USD $ 54.76 - -0.04 0.00 Bond Mthly Inc Acc Ret 143.10 - 0.00 - Exit Charges: The letter E denotes that an exit charge
European C Acc 507.72 - 1.27 0.21 Renminbi Bond Fund SGD Cls A S$ 156.49 - 0.26 3.62 Authorised Inv Funds
Emerging Markets Active $ 42.54 - -2.14 - Real Return Asian Fund EUR (Est) $ 306.84 - -6.39 0.00 may be made when you sell units, contact the
Pictet-LATAM Lc Ccy Dbt-I USD F $ 115.25 - -0.18 0.00 Bond Mthly Inc Inc Ret 92.41 - 0.02 - ACD Capita Financial Mgrs
European O Acc 503.16 - 1.23 0.00 Renminbi Bond Fund YEN Cls A ¥ 19370.29 - 33.11 0.00 manager/operator for full details.
Luxcellence Em Mkts Tech $ 850.77 - -35.67 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 335.02 - -4.81 0.00 Trojan Investment Funds
Japanese Fund C Acc 188.33 - -3.20 0.01 Renminbi Bond Fund EUR Cls A € 107.83 - 0.17 3.86 Time: Some funds give information about the timing of
Polunin Developing Countries $ 761.07 762.14 -14.62 0.00 Spectrum Fund 'O' Acc ♦ 162.41 - 0.17 0.27
Pictet-Premium Brands-I EUR F € 164.19 - 0.02 0.00 Santander Asset Management UK Limited (1200)F (UK) Waverton Investment Funds Plc (1600)F (IRL) price quotes. The time shown alongside the fund
Japanese Fund O Acc X 186.40 - -3.18 0.00 Poland Geared Growth £ 0.46 - -0.04 0.00
Polunin Discovery - Frontier Markets $ 1508.42 - -19.77 0.00 Spectrum Fund 'O' Inc ♦ 158.31 - 0.17 0.27 waverton.investments@citi.com manager’s/operator’s name is the valuation point for
287 St Vincent Street, Glasgow G2 5NB 0845 605 4400
Pictet-Quality Global Equities I USD $ 136.95 - -0.48 0.00 Pacific C Acc 301.94 - -6.63 0.47 FCA Recognised their unit trusts/OEICs, unless another time is
Polunin Small Cap $ 1391.06 1408.45 -39.96 0.00 Authorised Inv Funds
Spectrum Income Fund 'O' Acc 97.57 - -0.05 - indicated by the symbol alongside the individual unit
Pictet-Russia Index I USD $ 49.38 - -0.81 0.00 Pacific O Acc 298.93 - -6.59 0.17 Santander Premium Fund (OEIC) Waverton Asia Pacific A USD $ 18.62 - -0.15 1.03 trust/OEIC name.
A Shares Spectrum Income Fund 'O' Inc 97.57 - -0.05 -
Pictet-Russian Equities-I USD F $ 41.66 - -0.46 0.00 Total Return C Acc 402.08 - -3.25 1.39 Waverton Global Bond Fund Cls A $ 8.90 - 0.01 5.40
Private Fund Mgrs (Guernsey) Ltd (GSY) Trojan Fund O Acc ♦ 254.65 - -0.20 0.44 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Pictet-Security-I USD F $ 206.52 - -0.53 0.00 Europe (ex-UK) 278.70 - -1.60 -
Total Return C Inc 281.13 - -2.27 1.40 Waverton Global Equity Fund A GBP £ 13.78 - -0.07 0.37 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Regulated
Japan Equities 156.30 - -1.90 - Trojan Fund O Inc ♦ 211.25 - -0.17 0.44 midnight. Daily dealing prices are set on the basis of
Pictet-Select-Callisto I EUR € 107.86 - 0.02 0.00 Monument Growth 11/08/2015 £ 485.43 490.85 -0.49 1.04 Total Return O Inc 278.47 - -2.27 1.40 Waverton UK Fund A GBP £ 13.39 - -0.10 1.81 the valuation point, a short period of time may elapse
Pacific Bas (ex-Japan) 491.00 - -0.30 - Trojan Global Equity O Acc 214.03 - -0.70 0.91 before prices become available. Historic pricing: The
Pictet-Small Cap Europe-I EUR F € 1142.47 - 5.78 0.00 Total Return O Acc 398.41 - -3.25 1.38 Waverton Equity Fund A GBP £ 15.06 - 0.00 0.00
letter H denotes that the managers/operators will
Sterling Bonds 263.10 - -0.40 - Trojan Global Equity O Inc 182.31 - -0.60 0.91
Pictet-ST.MoneyMkt-I € 140.51 - 0.00 0.00 E.I. Sturdza Strategic Management Limited (GSY) Waverton Sterling Bond Fund A GBP £ 9.58 - 0.00 5.41 normally deal on the price set at the most recent
Prusik Investment Management LLP (IRL) Regulated Trojan Income O Acc ♦ 270.60 - -1.68 3.73 valuation. The prices shown are the latest available
Pictet-ST.MoneyMkt JPY I USD ¥ 101532.83 - -1.98 0.00 UK Equities 268.80 - -1.70 -
Enquiries - 0207 493 1331 before publication and may not be the current dealing
Nippon Growth Fund Limited ¥ 112730.12 - -17.88 0.00 Trojan Income O Inc ♦ 171.41 - -1.06 3.85
Regulated US Equities 261.50 - -0.30 - levels because of an intervening portfolio revaluation
Pictet-ST.MoneyMkt-ICHF SFr 124.56 - 0.00 0.00
Strat Evarich Japan Fd Ltd JPY ¥ 102502.00 - -1302.00 0.00 WA Fixed Income Fund Plc (IRL) or a switch to a forward pricing basis. The
Prusik Asian Equity Income B Dist $ 158.66 - -0.35 3.75 B Shares
Pictet-ST.MoneyMkt-IUSD $ 135.08 - 0.00 0.00 Regulated managers/operators must deal at a forward price on
Prusik Asia A $ 192.24 - -0.95 0.00 Pacific Bas (ex-Japan) 490.30 - -0.30 - Strat Evarich Japan Fd Ltd USD $ 1021.36 - -13.08 0.00 request, and may move to forward pricing at any time.
Pictet-Timber-I USD F $ 156.48 - 0.31 0.00 UBS Global Asset Mgmt Fds Ltd (UK) European Multi-Sector € 117.56 - -0.20 0.00
Forward pricing: The letter F denotes that that
Prusik Asian Smaller Cos A $ 149.46 - -2.00 0.00 21 Lombard Street, London, EC3V 9AH managers/operators deal at the price to be set at the
Pictet Total Ret-Agora I EUR € 111.07 - 0.29 0.00 next valuation.
Client Services 0800 587 2113, Client Dealing 0800 587 2112
Pictet Total Ret-Corto Europe I EUR € 135.47 - 0.59 0.00 S W Mitchell Capital LLP (CYM) Saracen Fund Managers Ltd (1000)F (UK) E.I. Sturdza Funds PLC (IRL) www.ubs.com/retailfunds
19 Rutland Square, Edinburgh EH1 2BB Regulated Authorised Inv Funds Investors can be given no definite price in advance of
Purisima Investment Fds (UK) (1200)F (UK) Regulated
Pictet Total Ret-Divers Alpha I EUR € 104.56 - -0.08 0.00 Dealing: 00 353 1 603 9921 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1221.35 - 1.37 0.00 the purchase or sale being carried out. The prices
40 Dukes Place, London EC3A 7NH S W Mitchell European Fund Class A EUR € 355.68 - 15.96 - OEIC
appearing in the newspaper are the most recent
Pictet Total Ret-Kosmos I EUR € 108.98 - 0.04 0.00 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Order Desk 08459 220044, Enquiries: 0870 607 2555 Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1435.44 - 1.71 0.00 Global Emerg Mkts Eqty B Acc £ 1.26 - 0.00 1.70 provided by the managers/operators. Scheme
S W Mitchell Small Cap European Fund Class A EUR € 235.00 - -3.60 - Authorised Inv Funds particulars, prospectus, key features and reports: The
Pictet Total Ret-Mandarin I USD $ 116.04 - -0.75 0.00 Authorised Inv Funds
Saracen Growth Fd Alpha Acc £ 3.76 - 0.00 0.96 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 112220.00 - 131.00 0.00 Global Optimal B Acc £ 0.98 - -0.01 0.63 most recent particulars and documents may be
Authorised Corporate Director - Capita Financial Managers The Charlemagne Fund EUR € 333.23 - -14.24 -
Pictet-US Equity Selection-I USD $ 196.61 - -0.67 0.00 UBS UK Opportunities Fund B Acc £ 0.90 - -0.01 2.90 obtained free of charge from fund
Global Total Fd PCG A 164.22 - -0.48 0.35 Saracen Growth Fd Beta Acc £ 5.99 - 0.00 1.43 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 94059.00 - 103.00 0.00
Yuki International Limited (IRL) managers/operators. * Indicates funds which do not
Pictet-US High Yield-I USD F $ 146.69 - -0.06 0.00 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 91437.00 - 107.00 0.00 US Equity B Acc £ 1.49 - 0.00 0.29 Tel +44-20-7269-0207 www.yukifunds.com price on Fridays.
Global Total Fd PCG B 162.86 - -0.47 0.13 Saracen Global Income & Growth Fund A - Acc £ 1.17 - 0.00 2.90
Pictet-USA Index-I USD F $ 184.52 - -0.46 0.00
S W Mitchell Capital LLP (IRL) Regulated

Asset Management
Global Total Fd PCG INT 160.85 - -0.47 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.08 - -0.01 2.65 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 60851.00 - 71.00 0.00 UBS S&P 500 Index C Acc £ 0.53 - 0.00 - Charges for this advertising service are based on the
Regulated Yuki Mizuho Umbrella Fund

Asset Management
number of lines published and the classification of the
Pictet-USD Government Bonds-I F $ 634.90

Pictet-USD Short Mid-Term Bonds-I F $ 129.29

-

-
-1.75 0.00

-0.02 0.00
SWMC European Fund B EUR

SWMC UK Fund B
€ 16501.48

£ 12251.49
-

-
3.68 0.00

-51.82 0.00
Saracen Global Income and Growth Fund -Acc # £

Saracen Global Income and Growth Fund -Dist # £

1.45

1.27
-

-
-0.01 3.26

-0.01 2.68
Strategic China Panda Fund USD $ 2251.86

Strategic China Panda Fund Hedged EURO € 2186.64

-

-
-38.60 0.00

-37.68 0.00
UBS Targeted Return B Acc
Asset Management
UBS Sterling Corporate Bond Indexed Fund
£ 1.28

51.25
-

-
-0.01 1.19

0.37 3.32
Yuki Mizuho Japan Dynamic Growth ¥ 7270.00 - -96.00 0.00 fund. Please contact data@ft.com or
call +44 (0)20 7873 3132 for further information.
Purisima Investment Fds (CI) Ltd (JER) Yuki Mizuho Japan Large Cap ¥ 7335.00 - -145.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.57 - 0.00 0.00 SWMC Small Cap European Fund B EUR € 14016.34 - 5.67 0.00 Strategic China Panda Fund Hedged Sterling £ 2218.43 - -37.92 0.00 UBS Multi Asset Income B Inc (net) £ 0.50 - 0.00 3.56
Regulated Saracen UK Income Fund - Acc £ 1.05 - 0.00 - Yuki Japan Low Price ¥ 29466.00 - -455.00 0.00
Pictet-Water-I EUR F € 276.78 - 0.78 0.00 PCG B X 170.90 - -0.06 0.00 SWMC Emerging European Fund B EUR € 9103.34 - 8.49 0.00 Strategic Euro Bond Accumulating Class CHFSFr 994.82 - -0.30 0.00 UBS UK Equity Income B Inc Net £ 0.40 - 0.00 4.64
Saracen UK Income Fund - Dist £ 1.04 - 0.00 - Yuki Japan Value Select ¥ 13734.00 - -199.00 0.00
PCG C X 168.62 - -0.06 0.00 . Strategic Euro Bond Institutional Class EUR € 1017.31 - -0.28 0.00 Corporate Bond UK Plus B Inc Net £ 0.52 - 0.00 4.00 YMR Umbrella Fund
For Save & Prosper please see Countrywide Assured YMR N Growth ¥ 17777.00 - -230.00 0.00
Pimco Fds: Global Investors Series Plc (IRL) Strategic Euro Bond Fund Accumulating Class Shares € 1141.71 - -0.32 0.00 UBS Global Allocation (UK) B Acc £ 1.09 - 0.00 1.79
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH UBS Global Enhanced Equity Income C Inc £ 0.47 - 0.00 - Yuki Asia Umbrella Fund
Putnam Investments (Ireland) Ltd (IRL) Strategic Euro Bond Fund Distributing Class Shares € 1030.40 - -0.29 2.90
http://gisnav.pimco-funds.com/ Yuki Japan Rebounding Growth Fund ¥ 24713.00 - -373.00 0.00
Dealing: +44 20 3640 1000 Regulated Schroder Property Managers (Jersey) Ltd Strategic Global Bond RMB Acc $ 1056.14 - 0.07 0.00 UBS US Growth Fund B Acc £ 1.49 - 0.00 0.00
Putnam New Flag Euro High Yield Plc - E € 1020.73 - -0.50 4.26 Other International Funds
PIMCO Funds: +44 (0)20 3640 1407 UBS Emerging Markets Equity Income B Inc £ 0.37 - 0.00 5.66
Strategic Global Bond USD Acc $ 1048.48 - -0.72 0.00
FCA Recognised Indirect Real Estate SIRE £ 130.50 136.46 1.01 2.50
Strategic US Momentum and Value Fund $ 856.55 - -6.84 0.00 Zadig Gestion (Memnon Fund) (LUX)
Asia Local Bond Fund - Inst Acc $ 9.53 - 0.00 0.00
FCA Recognised
Rathbone Unit Trust Mgmt (1200)F (UK) RobecoSAM (LUX)

Give your
Capital Securities Inst Acc $ 15.02 - 0.00 0.00 Strategic US Momentum & Value Fund USD I Class $ 568.04 - -4.52 0.00 Unicapital Investments (LUX)
PO Box 9948, Chelmsford, CM99 2AG Tel. +41 44 653 10 10 http://www.robecosam.com/ Scottish Friendly Asset Managers Ltd (UK) Memnon European Fund I GBP £ 113.20 - -0.59 0.00
Strategic US Momentum and Value EUR Hedged Class EUR € 597.73 - -4.83 0.00 Regulated
Commodity Real Return Fund Inst Acc $ 6.53 - -0.04 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Regulated Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds Authorised Inv Funds Investments III € 27.41 - 0.58 0.00
RobecoSAM Sm.Energy/A £ 10.99 - -0.15 1.28 Strategic US Momentum and Value CHF Hedged Class CHFSFr 596.08 - -4.79 0.00

funds
Credit Absolute Return Fund Inst Acc $ 11.38 - 0.00 0.00
Blue Chip Income Inc 150.13 155.11 -1.11 4.27 Managed Growth ♦ 238.90 - -0.80 0.00 Investments IV - European Private Eq. € 290.10 304.61 8.08 - Zebedee Capital Partners LLP (CYM)
RobecoSAM Sm.Materials/A £ 120.51 - -1.25 2.00
Diversified Income - Inst Acc $ 19.51 - -0.03 0.00 Regulated
Blue Chip Income Acc 223.77 230.95 -1.66 4.14 UK Growth ♦ 262.20 - -1.30 0.00 Investments IV - Global Private Eq. € 437.05 458.90 8.57 -
RobecoSAM Gl.Small Cap Eq/A £ 79.20 - -0.58 1.68 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.47 - 0.00 0.00 Taube Hodson Stonex Ptnrs UT (1200)F (UK)

maximum
Ethical Bond Inc 90.62 92.59 -0.17 5.13 RobecoSAM Sustainable Gl.Eq/B € 187.62 - 0.31 0.00 50 Bank Street, Canary Wharf, London E14 5NT
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 9.22 - -0.08 0.00 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Ethical Bond Acc 171.70 175.11 -0.34 5.00 Admin: 50 Bank Street, Canary Wharf, London E14 5NT
RobecoSAM S.HealthyLiv/B € 186.99 - 0.23 0.00 SIA (SIA Funds AG) (LUX) Unicorn Asset Management Ltd (UK) Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Emerging Asia Bond Fund Inst Acc $ 9.64 - -0.03 0.00 Dealing & Enquiries: 0870 870 8433
Global Opportunities Acc 138.35 142.76 -0.38 0.11 Regulated PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287

exposure
RobecoSAM S.Water/A £ 163.40 - -1.08 2.26 Authorised Inv Funds
Emerging Local Bond - Inst Acc $ 11.26 - -0.05 0.00 LTIF Classic € 347.84 - 0.32 0.00 Authorised Inv Funds

Emerging Markets Bond - Inst Acc $ 38.42 - -0.07 0.00

Income Inc 872.78 903.28 -5.41 3.91
LTIF Natural Resources € 74.29 - -0.88 0.00
THS Growth & Value Funds
International
UK Growth A Inc 409.88 - -1.17 0.00 Money Market
Income Acc 1326.36 1371.26 -8.23 3.74
Mastertrust A Inc X F 364.64 - -2.11 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.03

Emerging Markets Curr.Fd- Inst Acc $ 11.89

-

-
-0.03 0.00

-0.02 0.00
Multi Asset Enhanced Growth Acc 122.70 - -0.66 0.00
LTIF Stability A ACCU € 172.47 - 0.41 - IGV - Inc A

IGV - Inc B
338.30

338.00
-

-
-1.30 2.30

-1.30 1.51 UK Growth B Inc 412.37 - -1.16 0.23

Trusts and
Multi Asset Strategic Growth inc 149.14 - -0.28 1.37
Euro Bond - Inst Acc € 22.61 - -0.04 0.00
SIA (SIA Funds AG) (CH)
IGV - Acc X 413.40 - -1.70 1.78 Mastertrust B Inc X F 328.55 - -1.89 0.38
Bank Accounts
Euro Credit - Inst Acc € 14.71 - -0.02 0.00
Multi Asset Strategic Growth acc 157.60 - -0.30 1.36
Other International Fds IGV - Acc Y 442.90 - -1.80 2.26 Outstanding British Cos A Acc X F 248.46 - -1.00 0.44 Gross Publish your funds in
Multi Asset Total Return inc 126.76 - -0.10 1.87 Gross Net AER Int Cr
Euro Income Bond - Inst Acc F € 13.01 - -0.01 0.00 LTIF Stability Growth SFr 200.40 - -4.50 - IGV - Acc Z 411.00 - -1.60 1.52 Outstanding British Cos B Acc X F 258.99 - -1.03 1.12 the Financial Times
Multi Asset Total Return acc 138.89 - -0.11 1.84
Euro Long Average Duration - Inst Acc € 21.53 - -0.09 0.00
Recovery Inc 434.64 451.20 -3.42 2.26
LTIF Stability Inc Plus SFr 178.10 - -3.90 5.66 European UK Smaller Cos A Inc X F 455.37 - -1.78 0.08 CCLA Investment Management Ltd and stand out in an
EGV - Acc S 276.30 - -1.70 - UK Smaller Cos B Inc X F 447.53 - -1.72 0.75 Senator House 85 Queen Victoria Street, London EC4V 4ET
Euro Low Duration Fund Inst Acc € 11.29 - 0.00 0.00
Recovery Acc 515.97 535.19 -4.07 2.23 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr overcrowded market.
Euro Real Return - Inst Acc € 13.30 - -0.06 0.00 Santander Asset Management UK Limited (1200)F (UK) EGV - Acc Z 276.30 - -1.70 0.80 UK Income A Acc X F 267.80 - -0.75 5.82
Strategic Bond Ret Acc £ 1.18 1.20 0.00 4.23 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Smith & Williamson Investment Management (1200)F (UK)
25 Moorgate, London, EC2R 6AY 020 7131 8100 Continental UK Income A Inc X F 242.66 - -0.68 6.05
It’s a powerful way to
Euro Short-Term Inst Acc € 12.29 - 0.00 0.00 CCLA Fund Managers Ltd
Euro Ultra Long Duration - Inst Acc € 28.50 - -0.14 0.00
Strategic Bond Ret Inc £ 1.04 1.06 -0.01 4.27 Authorised Funds
Santander Atlas Range
www.sandwfunds.com CGV Acc S 112.10 - -0.80 - UK Income B Acc X F 283.78 - -0.79 5.78 Senator House 85 Queen Victoria Street, London EC4V 4ET promote your brand,
Authorised Inv Funds COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Global Advantage - Inst Acc $ 12.16 - -0.03 0.00 Santander Atlas Port 3 Acc Ret 149.00 - -0.20 - European Growth Trust A Class 513.40 - -3.10 0.71
CGV Acc X 111.50 - -0.70 - UK Income B Inc X F 257.26 - -0.72 6.01 communicate with
Global Advantage Real Return Fund Inst Acc $ 8.73 - -0.04 0.00 Santander Atlas Port 3 Inc Ret 103.70 - -0.10 - Far Eastern Income and Growth Trust A Class 408.40 - -3.90 3.17
CGV Inc A £ 1.12 - -0.01 -
your clients and attract
CGV Inc B £ 1.12 - -0.01 -
Global Bond - Inst Acc $ 27.79 - -0.04 0.00 Santander Atlas Port 3 Acc Inst 163.60 - -0.20 - Fixed Interest Trust A Class 121.70xd - -0.30 3.69 Value Partners Hong Kong Limited (IRL) new investors.
Santander Atlas Port 4 Acc Ret 182.00 - -0.10 - www.valuepartners.net, fis@vp.com.hk
Global Bond Ex-US - Inst Acc $ 19.38 - -0.02 0.00 Global Gold and Resource Trust A Class 135.20 - -1.20 0.00
Regulated
Global Fundam.Index StocksPLUSInst Acc $ 11.65 - -0.05 0.00 Santander Atlas Port 4 Inc Ret 131.40 - -0.10 - MM Endurance Balanced Fund A Class 216.70 - -0.30 1.16 The Hartford International Funds (IRL)
Value Partners Classic Equity Fund USD Z Unhedged $ 11.31 - -0.07 0.00 For more information
Regulated
Santander Atlas Port 4 Acc Inst 165.20 - -0.10 -
Global High Yield Bond - Inst Acc $ 20.13 - -0.01 0.00
Robeco Asset Management (LUX) MM Global Investment Fund A Class 2170.00 - -16.00 1.75
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1545.61 - -11.09 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 11.92 - -0.08 0.00 please contact
Global Investment Grade Credit - Inst Income $ 12.30 - -0.03 3.58 Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Santander Atlas Port 5 Acc Ret 193.20 - -0.40 - North American Trust A Class 1718.00 - 4.00 0.00
www.robeco.com/contact Santander Atlas Port 5 Acc Inst 163.80 - -0.40 -
UK Corporate Bond £ 1555.96 - -2.88 0.00 Value Partners Classic Equity Fund EUR Hedged € 12.01 - -0.08 0.00 data@ft.com or call
Global Investment Grade Credit Fund Inst Acc € € 11.72 - 0.01 0.00 Oriental Growth Fund A Class 142.00 - -0.70 1.03
Global Investment Grade Credit Fund Inst Acc $ $ 16.65 - -0.04 0.00
FCA Recognised
Santander Atlas Port 6 Acc Ret 263.50 - -0.60 -
Gilt £ 1572.38 - -1.79 0.00 Value Partners Classic Equity Fund GBP Hedged £ 12.29 - -0.08 0.00
+44 (0) 20 7873 3132
Asia-Pacific Equities (EUR) € 135.41 - -0.95 0.00 UK Equity Growth Trust A Class 426.10 - -3.80 0.64 Value Partners Classic Equity Fund GBP Unhedged £ 12.41 - -0.33 0.00
Global Eq (Ex Japan) Index Fund ¥ 1.42 - 0.00 0.00
Global Multi-Asset - Inst Acc $ 14.97 - -0.05 0.00 Santander Atlas Port 6 Acc X 188.10 - -0.50 - UK Equity Income Trust A Class 229.80 - -1.70 5.95
Chinese Equities (EUR) € 76.49 - -2.24 0.00 Value Partners Classic Equity USD Hedged $ 13.97 - -0.09 0.00
Global Eq (ex Japan) Class HJ4 ¥ 1.47 - 0.00 0.00
Global Real Return - Inst Acc $ 18.14 - -0.09 0.00 Santander Atlas Port 6 Acc Inst 161.80 - -0.40 -
Em Stars Equities (EUR) € 170.66 - -1.61 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 9.68 - -0.31 -
Global Eq (ex Japan) Class JP5 ¥ 1.65 - 0.00 0.00
Income Fund Inst Acc $ 12.28 - 0.00 0.00 Santander Atlas Port 7 Acc Ret 204.80 - -0.70 -
Emerging Markets Equities (EUR) € 144.07 - -1.82 0.00 Smith & Williamson Fd Admin Ltd (1200)F (UK) Value Partners Health Care Fund HKD Class A UnhedgedHK$ 9.25 - -0.28 -
Global Eq Ex Japan Index Fund (Hedge) ¥ 1.51 - -0.01 0.00
Inflation Strategy Fund Inst Acc $ 9.16 - -0.03 0.00 Santander Atlas Port 7 Acc Inst 162.30 - -0.60 - 25 Moorgate, London, EC2R 6AY 0141 222 1150
Flex-o-Rente (EUR) € 109.38 - -0.08 0.00 Value Partners Health Care Fund USD Class A Unhedged $ 9.28 - -0.28 -
Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index ¥ 1.38 - 0.00 0.00
Authorised Inv Funds
Low Average Duration - Inst Acc $ 14.77 - 0.00 0.00 Glob.Consumer Trends Equities (EUR) € 156.95 - -0.43 0.00
Max 70% Shs Acc Ret 166.20 - -0.60 - S&W Deucalion Fd (OEIC) 2191.00 - -7.00 0.18 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.35 - 0.00 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.89 - -0.02 0.00 High Yield Bonds (EUR) € 125.16 - -0.12 0.00
Max 70% Shs Inc Ret 140.80 - -0.50 - S & W Magnum 379.10 400.80 -1.90 1.87 Japan Equity Index Fund ¥ 1.13 - -0.02 0.00
StocksPLUS{TM} - Inst Acc $ 23.73 - -0.07 0.00 Lux -O- Rente (EUR) € 139.63 - -0.34 0.00
Investments Inc Acc Ret 154.20 - -0.20 - S & W Marathon Trust 190.10 201.20 -0.60 1.85 Japan Equity Class JP3 ¥ 1.37 - -0.02 0.00
Total Return Bond - Inst Acc $ 27.18 - -0.04 0.00 New World Financials (EUR) € 56.05 - -0.10 0.00
Investments Inc Inc Ret 102.60 - -0.10 - Charity Value and Income Fund Acc 140.10 140.90 -0.80 4.55
UK Corporate Bond - Inst Acc £ 17.17 - -0.06 0.00 US Premium Equities (EUR) € 186.71 - -0.62 0.00
Equity Inc Inc Inst 246.60 - -1.40 - Charity Value and Income Fund Inc 95.39 95.94 -0.59 4.68
26 ★★★ FINANCIAL TIMES Thursday 20 August 2015

MARKETS & INVESTING

INSIGHT Commodities

Peter
Fisher Larger glut sends oil to January levels
Rise in US inventories ary for the global benchmark. Nymex only modestly, with the number oil
456.2m Stocks at Cushing, Oklahoma, the
September West Texas Intermediate drilling rigs ticking up since July, WTI futures delivery point connected
comes before refineries crude plunged as much as $2.02, or according to the Baker Hughes oilfield Size in barrels of by pipeline to Canada and Whiting, had
commercial crude
Central bankers fret slow for maintenance 4.7 per cent, to $40.60 a barrel, a level
not seen since early 2009.
The data heightened producer wor-
service company. Independent produc-
ers tracked by Energy Aspects, a consul-
tancy, had 63 per cent of their output
inventories, a
2.6m-barrel rise
from last week
risen slightly to 57.4m barrels despite
outages on two pipelines feeding it,
Energy Aspects said.
over liquidity but the GREGORY MEYER — NEW YORK
Oil sank to the lowest price since Janu-
ries that inventories will pile up further
as US refineries slow for maintenance
hedged this year, buffering them against
lower prices. $40.60
The shutdown at Whiting “just adds
to the inventory overhang in both Cush-

real issue is borrowing ary after an increase in US crude stocks

pointed to a deepening glut.
Commercial crude inventories had
expanded by 2.6m barrels to 456.2m
last week, the US Energy Information
next month.
“I don’t see any way that at this point
in the season a two-and-a-half-million
barrel build can be considered anything
other than bearish,” said Hamza Khan,
In Canada output from oil sands con-
tinues to grow. Opec, the producers’ car-
tel, has refused to throttle back produc-
Price per barrel
of Nymex
September WTI,
ing and overall for the US”, said Michael
Cohen, head of energy commodities
research at Barclays.
tion as it attempts to muscle higher-cost the lowest since WTI was the worst performer in the
producers out of business. Imports to early 2009 Bloomberg Commodity index, a basket

W
hy are central bankers so concerned with
liquidity? Is this sympathy for the plight of
the hard-working bond trader? It is more
likely that they wonder if the lofty asset
prices they have engineered with quanti-
tative easing can be sustained.
By liquidity we mean our ability to sell an asset without
material loss. In this sense individual transactions can be
liquid and some of us can find liquidity for some of our
assets some of the time. But we cannot all withdraw our
deposits from the bank the same day nor sell all our bonds
and stocks at the same time.
In financial markets when we rush for the exits the doors
get smaller. The system rests on a liquidity illusion. Keynes
derided the idea that liquidity was a virtue, calling it an
antisocial fetish that “forgets that there is no such thing as
liquidity of investment for the community as a whole”.
Although central banks were invented to backstop our
liquidity illusion, today’s central bankers are somewhat
embarrassed by their origin as liquidity providers and
lenders of last resort. Not satisfied with merely stabilising
the value of money, they have committed themselves to
ensuring good macroeconomic outcomes.
This commitment is today expressed by the powerful
idea that if the supply of labour and other resources
exceeds the demand then interest rates must be too high.
The only acknowledged constraints to this imperative are
inflation and financial stability concerns. But from whence
do low interest rates conjure additional demand?
By lowering interest rates we can weaken our exchange
rate and take demand from our trading partners. We can
also take demand from the future by inducing more bor-
rowing against future income and also by a “wealth effect”
when lowering interest rates makes future cash flows
appear more valuable. So we can steal demand from for-
eigners, induce people to bor-
row more than they otherwise
would, or make rich people
Foreigners
appear richer. That’s it. can defend
Foreigners can defend
themselves but the future is
themselves; the
defenceless. It is at risk if we future, however,
borrow too little and also if
we borrow too much. When it
is defenceless
is thought of in this way, we
can integrate financial stability concerns and monetary
policy objectives.
A virtue of finance capitalism is that we can convert our
future income into current investment and consumption
while creating savings vehicles for others. If we borrow too
little from the future we risk underperforming our eco-
nomic potential. We all recognise the risk that we might
borrow too much if, by increasing indebtedness, we bring
too much demand from the future into the present and
create inflationary pressures. But there are other risks.
We might “over-invest” and borrow too much invest-
ment from the future, creating too much output relative
to demand, contributing to deflationary forces. We
might borrow too much compared with our future income
and constrain our propensity to consume, weakening
future demand. Or we might incur debt greater than
our ability to repay and undermine the value of
financial assets.
Borrowing from the future via a wealth effect is a trick
that can work but once, which must push us closer to
uncertainty about the sustainable level of asset prices and,
thus, to the risk of financial instability.
A pernicious consequence of borrowing too much
results if we borrow beyond our probable income against
the collateral of unsustainably elevated asset prices. This
creates a balance sheet mismatch that can lead to a
debt deflation and, hence, to conditions of chronically
weak demand.
The inter-temporal trade-off of borrowing from the
future might make us better off both now and in the future
but there is no guarantee. Those who ignore the risk of a
negative trade-off put financial stability and macroeco-
nomic outcomes in jeopardy.
Central banks have pumped up financial conditions in
the hope of creating a good equilibrium between the sup-
ply and demand for resources. It is unlikely they have
simultaneously engineered an enduring equilibrium in
asset prices. Liquidity is not the issue.
Peter Fisher teaches at the Tuck School of Business at Dart-
mouth; he previously served as under secretary of the US Treas-
ury for domestic finance and head of fixed income at BlackRock
Administration reported yesterday,
upending analysts’ beliefs that stocks
would decline.
The rise followed record weekly
imports of 3.4m barrels a day from Can-
ada and the breakdown of a large crude
processing unit at an Indiana refinery.
ICE October Brent dropped $2 to
$46.81 a barrel, the weakest since Janu-
Dividend payers given a new lease of life
Growth concerns have added
to the allure but valuations are
high — and rate-sensitive
NICOLE BULLOCK — NEW YORK
Dividend-paying stocks — a popular
trade of the low-interest rate era of the
past several years — may have found
new life in China’s economic troubles.
Beijing’s surprise move last week to
devalue the renminbi stirred concerns
about flagging economic growth and a
higher risk of global deflation, which
could well pull bond yields lower —
renewing investors’ interest in stocks
that pay attractive dividends.
The dividend trade has been a main-
stay of portfolios since central banks cut
interest rates after the financial crisis.
However, for much of this year com-
panies that typically pay high dividends,
such as utilities and real estate invest-
ment trusts, or Reits, were sold off in a
sign that the trade may have finally run
its course.
A slowing global economy and contin-
uing rout in commodity prices have cast
into doubt the timing of interest rate
increases by the US Federal Reserve,
expected this year.
With the yield on long-dated Treasur-
ies falling over the past month, a sus-
tainable dividend yield from a blue-chip
company looks an attractive real return
for investors and one that can com-
pound over time.
“Post-renminbi devaluation, people
are inquiring about how long the defla-
tionary environment exists and how to
play it,” says Nick Lawson, global co-
head of macro at Deutsche Bank. “Now
we are seeing a return to dividends.”
The utilities sector of the S&P 500 has
fallen nearly 4 per cent this year. But
over the past month it has been the top-
performing sector in the index, with a
gain of nearly 5 per cent.
Reits have climbed back off the can-
vas, rising from year lows even if they
remain far off the highs for 2015.
Dividend payers seem a relatively safe
place at a time when other areas of the
market are under pressure from vary-
ing forces. Companies directly exposed
to China, such as industrials and basic
materials, have been hurt. The devalua-
tion has fuelled fears that the world’s
second-largest economy is in worse
shape than investors thought.
Another force comes in the form of
falling oil prices, which have crushed
energy stocks, down a dramatic 14 per
cent this year.
head of commodities strategy at ING. the US from Saudi Arabia also rose by of 22 futures contracts, which itself was
Analysts at Citi warned that oil’s pre- 300,000 b/d last week. testing lows of 2002, down 0.9 per cent.
vious low of $32 at the height of the 2008 Appetite for crude in the US under- The dramatic fall in oil prices has
financial crisis had become a “conceiva- went a hiccup in the week covered by spurred consumption, with US whole-
ble reality”. the EIA data after a glitch shut a crude salers supplying a near-record 9.7m b/d
Oil has plummeted from highs above unit at BP’s Whiting, Indiana, refinery. of petrol to drivers last week, according
$100 in just over a year as producers Refineries in the Midwest slowed oper- to the EIA. This consumption is
compete to outlast the rout. Operators ating rates to 92.2 per cent of capacity expected to cool as the holiday period
in US shale formations have retreated last week, down from 99 per cent. comes to an end.
Analysis. Equities
Dividend stocks
S&P 500 Dividends US 10-year
Aristocrats index Treasury yield
(%)
900 4.0
800 3.5
700 3.0
600 2.5
500 2.0
400 1.5
300 1.0
2009 10 11 12 13 14 15
S&P 500 sectors
Indices rebased
140
Utilities
Reits 130
Telecoms
120
110
100
90
Jan 2014 2015 Aug
Source: Thomson Reuters Datastream
Utilities such as Interest in dividend stocks comes at a reward dividend stocks depends largely growing global concerns alarm US-
electricity time when companies have been in a on expectations about the timing and based markets.
suppliers have position to pay out record amounts to pace of rate rises by the Fed. “The “It will be interesting to see if people
been the top- shareholders. With cash balances on conventional wisdom is that a slower are happy to pay,” says Mr Lawson.
performing corporate balance sheets high in recent China and a China more willing to “What one has to say is, ‘What premium
sector of the years — and stock investors receptive — devalue its currency put downside risk would I pay for that income?’ That is the
S&P 500 this S&P 500 groups have favoured both div- on how fast and how aggressively the relative value game that investors will
month, despite a idends and share repurchases. Fed will tighten, in which case the long- play across the world.”
4% fall this year That trend has been supported by er-term outlook for interest rates comes If concerns about China’s economy
SuperStock/Alamy
pressure from activist shareholders and down,” says Dan Suzuki, senior US equi- ease, the global economy perks up and
a reluctance by corporate executives to ties strategist at Bank of America Mer- rate expectations change, dividend pay-
embark on capital expansion projects rill Lynch. “To the extent that that is ers will be vulnerable to selling, accord-
during what remains a stubbornly lack- true, it provides some boost for divi- ing to investors.
lustre economic recovery. dend stocks.” “These sectors are expensive and the
Dividend payouts reached a record The yield on the 10-year Treasury valuation is rate sensitive,” says Russ
$94bn in the second quarter, topping bond is about 2.12 per cent, versus Koesterich, global chief investment
the shortlived record held by the previ- about 2.4 per cent a month ago. strategist at BlackRock. “That is the risk
ous three months, according to S&P Buying dividend payers is not with- that investors are taking, getting in at
Dow Jones Indices. out risk, however. After a multiyear these levels. You are making an implicit
Some analysts say the combined rally, these shares are not cheap. Inves- bet not even that rates don’t go back
value of dividends and share buybacks tors may well receive an attractive divi- to 3 per cent, but that they are not going
could reach $1tn this year. dend, but they run the risk that the back to 2.5 per cent.
Whether investors will continue to value of their shares falls sharply if “It is a short lease on life.”

Equities Equities

Germany’s DAX worst hit by August reversal
GAVIN JACKSON
European equities are enduring a tor-
rid August over concerns that China’s
slowing economy and surprise devalu-
ation spell trouble for exports.
Optimism over the nascent eurozone
recovery, nurtured by quantitative eas-
ing, has flagged this month, with share
prices for exporters such as carmakers
and luxury-goods retailers sliding.
A weaker renminbi and other emerg-
ing market currencies make eurozone
exports more expensive.
Germany’s DAX 50 index has been the
worst hit, falling more than 5 per cent
this month. In France the CAC 40 has
eased nearly 4 per cent and Spain’s Ibex
35 has fallen 3.5 per cent.
After a protracted struggle between
Greece and its creditors over the terms
of a bailout deal this summer, eurozone
equity investors have become alarmed
by the outlook for China.
“We’ve moved from one concern to
another, climbing the wall of worry,”
said Nick Nelson, head of European
equity strategy at UBS. “Greece has been
moved to the back burner and the new
concern is weaker demand from China.”
Liquidity is typically lower in August,
and this year that has been exacerbated
by the slowdown in China and broader
emerging market stress.
Traditional growth sectors such as
industrials, automotive and chemicals
have been particularly badly hit. BMW,
Volkswagen and Daimler have had
more than 10 per cent wiped off their
share prices this month.
“Europe has been doing very, very
well. It’s natural that they have a small
pullback of 3 or 4 per cent,” said Jon
Ingram of JPM Asset Management.
European markets had been among
the best performers, he pointed out,
with the Euro Stoxx 50 up nearly 10 per
cent this year and the Italian FTSE MIB
22 per cent higher.
Valuations were much more attrac-
tive than in US and UK markets, Mr
Ingram said. “Europe will probably
show the best earnings growth of any
region.”
While the slowdown in commodities
is hurting miners and oil groups, lower
prices should eventually feed through
into lower costs for companies that use
them as inputs. Andrea Williams, a sen-
ior fund manager with Royal London
Asset Management, said that there was
a “positive aspect” to the lower prices of
oil and other commodities.
“You’ve got to focus on the positives
that will become evident in the second
half,” she said.
Rollercoaster session puts focus on Beijing
JOSH NOBLE AND PETER WELLS
HONG KONG
Volatility prevailed in the Chinese
stock market yesterday, with a late
afternoon rally reversing a sharp
morning slide that had pushed both
main indices to a two-day correction.
After another highly erratic session, the
Shanghai Composite closed up 1.2 per
cent after falling as much as 5.1 per cent
in the morning. At one point it fell as far
as 3,558, just 1.5 per cent away from this
year’s closing low on July 8.
The Shenzhen Composite rose 1.9 per
cent, having tumbled 5.3 per cent, while
the small-cap ChiNext board gained
2.7 per cent. In Hong Kong the Hang
Seng China Enterprises index of large
Chinese companies listed in the terri-
tory shed 1.3 per cent.
Large companies were a drag on the
broader market, with PetroChina — the
biggest stock by weighting — down
3.1 per cent, ICBC losing 1.1 per cent and
Bank of China shedding 1.7 per cent.
Shares of some companies swung
wildly during the day. Guangdong Mei-
yan Jixiang Hydropower and Shanxi
Coking were among those hitting down-
ward and upward daily trading limits of
10 per cent.
The sharp afternoon reversal
prompted speculation of fresh govern-
ment action to underpin equities.
“Given China’s drastic interventions
in the market since June, it would be
highly unlikely for the government to
let the index plummet,” wrote Angus
Nicholson, strategist at IG, in a note.
The rollercoaster session followed an
aggressive sell-off late on Tuesday,
which pushed the Shanghai bench-
mark down 6.2 per cent and Shenzhen
down 6.6 per cent — their worst one-day
declines since July 27.
The slide casts doubt on whether Bei-
jing’s rescue efforts have restored confi-
dence. Analysts said investors might be
cashing out on the view that such a
rocky recovery was unsustainable.
After falling 35 per cent in three
weeks from a seven-year high on June
12, Shanghai had appeared to regain
composure thanks to emergency rescue
efforts involving at least $144bn in
funds from state banks. Confidence has
been dented by signs of capital outflow,
with banks buying $43bn more foreign
exchange than renminbi in July.
The People’s Bank of China set the ref-
erence point for the renminbi at
Rmb6.3963 to the US dollar, almost
unchanged from Tuesday’s Rmb6.3966.
Additional reporting by Gabriel Wildau
See Lex
Thursday 20 August 2015
TRADING POST
Jamie
Chisholm
Who will start raising rates first,
the US Federal Reserve or the Bank
of England?
Markets are suggesting, by a few
months or so, the former — perhaps
partly because investors reckon the
Old Lady of Threadneedle Street
would rather follow than lead.
She may not be that timid.
Watch UK retail sales today. After
this week’s news that core inflation
rose in July to a five-month high of
1.2 per cent, any signs that shoppers
are feeling more chipper could make
governor Mark Carney’s trigger finger
that bit more twitchy.
Of course, the data may disappoint;
they tend to be quite volatile. And as a
survey released yesterday by Markit
showed, UK households — which via
high levels of mortgage exposure tend
to be very sensitive to rising borrowing
costs — are already nervous about the
BoE tightening in coming months.
The UK and US are certainly much
closer to lift-off than their European
and Japanese peers.
With that in mind, the currency team
at RBC Capital Markets suggested at
the start of the week going long the
sterling/yen cross and entered the
position at Y194.94. Their target is
Y199.81, with a stop at Y192.99.
Meanwhile gold bugs have been
cheered by the grind higher for the
precious metal. After the mid-July dive
to five-year lows, it has risen for seven
of the past 10 days.
But this is just “filling” that July gap.
Gold is about $1,120. Recovering its
50-day moving average of $1,138 is the
first step to a long-term recovery.
jamie.chisholm@ft.com
Sterling
Against the yen (¥ per £)
200
190
180
170
Aug 2014 2015 Aug
Source: Thomson Reuters Datastream
London
Kaz Minerals leaps
V after the commodity trader and mining
after currency
devaluation
Neil Dennis
Kaz Minerals, the Kazakhstan-based
copper miner, jumped to the top of the
mid-cap index yesterday thanks to a
combination of events led by a
near-5 per cent devaluation in the
Kazakh currency.
Shares in Kaz, formerly Kazakhmys,
which at their peak four years ago
touched £17, are trading at less than a
10th of that level.
Pressure continues to build from
falling copper prices — which prompted
Tuesday’s “sell” note from Goldman
Sachs — and the trading impact from
weakening currencies in China and
other Asian export markets.
First-half earnings, published today,
will not doubt reflect last month’s
production update in which the
company disclosed a 13 per cent
decrease in copper cathode output.
Wall Street
Marathon leads energy
declines amid US oil glut
Pan Kwan Yuk and
Richard Blackden
Shares of America’s largest energy
companies were back in the line of fire
yesterday after US oil futures skidded to
a fresh six-year low.
Nymex September West Texas
Intermediate crude fell as much as
4.8 per cent to $40.60 a barrel — a price
last seen in March 2009 — as a surprise
jump in US crude stockpiles added to
Global overview
Dollar and Treasury yields fall as
Fed minutes prompt rate rethink
Rally for US stocks proves
fleeting as concerns about
Chinese growth and
falling commodity prices
dominate sentiment
DAVE SHELLOCK
US government bond yields and the dol-
lar fell after the minutes of the Federal
Reserve’s policy meeting last month
appeared to cast doubt over the possibil-
ity of a September interest rate rise.
The US central bank expressed con-
cerns about low inflation as well as the
risks posed by a stronger dollar and
developments in China, but said condi-
tions for a rate rise were “approaching”.
“The July FOMC minutes were more
dovish than expected as the Fed
remains in a quandary over the timing
of a tightening,” said Nick Stamenkovic,
macro strategist at RIA Capital Markets.
“Further evidence of improvement in
the labour market should be sufficient
to prompt a Fed tightening on Septem-
ber, but rising global disinflation
pressures could delay a move until
December.”
US consumer price inflation data
released yesterday were benign, with
both the headline and core readings up
just 0.1 per cent last month, for year-on-
year rates of 0.2 per cent and 1.8 per
cent, respectively.
The dollar index — a measure of the
currency against a basket of peers — was
down 0.7 per cent, having been little
changed before the release of the min-
utes. The yield on the policy-sensitive
two-year Treasury bond fell 6 basis
points to 0.66 per cent while that on the
10-year was 7bp was lower at 2.13 per
cent.
On Wall Street, the S&P 500 erased
losses immediately after the minutes’
release. But the rally proved fleeting,
and the benchmark index ended 0.8 per
Kaz Minerals
Share price (pence)
Aug 2014 2015 Aug
Source: Thomson Reuters Datastream
,QGLFHV
)76(
&ORVH

)76(
)76(


)76($OO6KDUH 
)76($OO6KDUH<LHOG 
)76()XWXUHV 
\U*LOW<LHOG 
\U*LOW$OO6KDUH5DWLR 
But yesterday’s 4.7 per cent fall in the
tenge against the dollar pushed Kaz’s
shares 10 per cent higher initially, as
investors anticipated more favourable
export revenues.
The company is expected to make
52 per cent of its revenues this year from
China, according to data from Morgan
Stanley.
One other likely supportive factor
could come from the rise in the price of
gold — which Kaz also produces.
“[Fear of] competitive devaluations
in the Asia-Pacific region has sent many
a risk-averse investor into the yellow
metal as an alternative currency — one
that doesn’t have a meddling
government to interfere with its
pricing,” said Augustin Eden at Accendo
Markets.
Kaz shares pared their gains to close
supply glut concerns. The data sparked
a wave of selling across the US energy
sector.
Marathon Oil, the fourth-largest
refiner in the US, led the declines with a
drop of 7.2 per cent to $16.25, a six-year
low. It was followed by oil and gas
producer Chesapeake Energy, which
fell 6.2 per cent to $7.27, its weakest level
since 2003.
Phillips 66, the oil major that Warren
Buffett’s Berkshire Hathaway sold out of
this year, was another notable loser,
falling 3.1 per cent to $80.65.
Chevron was down 3.2 per cent to
$80.79 while ExxonMobil, the world’s
largest publicly traded energy company,
was 2.4 per cent weaker at $76.05.
Retail was also in focus after Target
reported better than expected second-
quarter earnings and lifted its earnings
guidance for the year. The shares
jumped as much as 5.4 per cent in early
trading to $84.62 — although they later
reversed those gains to trade 0.5 per
cent lower at $79.91.
By contrast Walmart, which cut its
earnings guidance this week, extended
its losses for the year to 21 per cent
★★★ FINANCIAL TIMES 27
MARKETS & INVESTING
Markets update
S&P 500 index
Change on day 0.83%
2120
Jul 2015 Aug
2100
2080
2060
ING, warned: “The difficulty of manag- US equities Wall Street had a choppy
ing renminbi expectations and stock session as dovish minutes from the
market expectations will mean more Federal Reserve’s latest policy meeting
outbreaks of ‘hard-landing’ anxiety. were overshadowed by persistent
Strap in for a bumpy ride.” concerns about China’s economy
Worries about China took a heavy toll
on many other Asian stock markets. FTSE 100 index
Hong Kong fell 1.3 per cent and Seoul Change on day 1.88%
0.9 per cent, while the Nikkei 225 in 6800
Tokyo shed 1.6 per cent, its biggest one- 6700
day loss for six weeks. 6600
And there were fresh losses for many 6500
of the region’s currencies. The Malay-
6400
sian ringgit, which has come under Jul 2015 Aug
heavy pressure in recent weeks, fell
another 0.6 per cent against the dollar to UK equities A 9.7 per cent drop for
trade near a 17-year low, while the Indo- Glencore led the mining sector lower
nesian rupiah gave up another 0.2 per as the FTSE 100 ended at its lowest
cent. Vietnam devalued the dong for the since January. The index has fallen
third time this year. 10 per cent from April’s record high
The FTSE emerging market equity
index, meanwhile, hovered near a four- Eurofirst 300 index
year low.
Change on day 1.88%
Oil prices also remained under the 1600
cosh, with news of an unexpected jump
in US crude inventories last week 1550
— Philippe Lopez/AFP/Getty Images
heightening concerns about global over-
The renminbi rumba: FT.com/video supply even as slowing Chinese growth
1500
China’s currency devaluation has shocked markets. The stoked worries about falling demand.
Jul 2015 Aug
FT’s Henny Sender explains the unexpected move US West Texas Intermediate fell
4.3 per cent to settle at a six-year low of European equities The Eurofirst 300
$40.80 a barrel, while Brent crude shed closed at a six-week low as concerns
cent lower at 2,079, reflecting persistent prospects for the Chinese economy. 3.4 per cent at $47.16, the lowest since about China continued to dominate
concerns about Chinese equity volatil- “The sell-off witnessed at the end of mid-January. sentiment, while Carlsberg fell 9.2 per
ity, sliding commodity prices and frag- July, when stocks plummeted 15 per Copper also touched a six-year low of cent after cutting its profit outlook
ile-looking emerging markets. cent in just three sessions, and the $4,976 a tonne in London and
Indeed, there was a distinct sense of rout this week, implies that China seems finished 1 per cent softer at $4,985,
déjà vu in Shanghai as the Composite to be trying to catch a falling piano, although most other base metals Nikkei 225 index
share index fell as much as 5.1 per cent which is never a good idea,” said Piotr steadied. (’000) Change on day 1.61%
20.8
in early trading — after sliding more Matys, EM currency strategist at As such, it was no surprise to see
than 6 per cent on Tuesday — only to Rabobank. energy, metals and mining stocks lead- 20.6
end the session 1.2 per cent higher, “Despite drastic measures to support ing European equity markets lower 20.4
reportedly after state intervention to the market, there may not be an escape once again. The FTSE Eurofirst 300
prop up the market. from fundamentals — weak earnings, index fell 1.9 per cent to a six-week low. 20.2
Jul 2015 Aug
The return of stock volatility follow- bleak outlook and still high valuations. Gold appeared to benefit from its
ing a period of relative calm, plus uncer- “It is also worth pointing out that “haven” status — and the possibility of a Japanese equities The Nikkei 225
tainty over whether the authorities savvy investors are using rebounds in delay to the Fed raising rates — as it rose recorded its lowest close since mid-
might again engineer depreciation of Chinese stocks as the opportunity to $15 to $1,132 an ounce. Silver rallied July after suffering its biggest one-day
the renminbi after last week’s devalua- reduce their exposure.” 2.6 per cent to $15.25 an ounce after fall- percentage drop in six weeks
tion, heightened concerns over the Tim Condon, chief Asia economist at ing sharply on Tuesday.
6.5 per cent higher at 155.3p as investors
continued to take flight from the metals Trading Directory
300 and mining sector.
250 Glencore has been particularly
200 volatile this week, and after its brief
150 stint at the top of the FTSE 100 on
100 Tuesday was firmly at the foot of the
blue-chip index.
The shares fell 9.7 per cent to 158.95p
'D\
group lowered its profit guidance and
FKDQJH
 cut its capital expenditure targets


following a 29 per cent drop in earnings
in the first half.
 And at the bottom of the FTSE 250,
 down 12.7 per cent at 28.85p, stood
 Lonmin, the worst-performing mid-cap

stock of the previous session. Its

precipitous fall — nearly 80 per cent in
two months — endangers its status in
the second-tier index at next month’s
quarterly review.
The main gainers on the top-tier
index were a welcome relief from the
volatile metals and mining sector.
Admiral, the vehicle insurer, reported
better than expected first-half earnings
as higher claims were offset by rising
premiums. Its shares topped the FTSE
100, up 3.8 per cent to £15.22.
Well-received results from Hikma
Pharmaceuticals propelled its shares
into second place, up 2.6 per cent to
£24.67. Housebuilder Persimmon took
third slot with a 2.4 per cent rise to
£21.35 after its results in the previous
session were followed by several target
price upgrades.
The FTSE 100 finished down 1.9 per
cent at a seven-month low of 6,403.45 —
its third-lowest close of the year.
after falling a further 2.3 per cent.
American Eagle Outfitters suffered
its biggest intraday decline in almost
nine months after it said it expected
same store sales growth to slow in the
third quarter.
Shares in the teen retailer fell as much
as 10.5 per cent — the largest drop since
December 2014 — before recovering to
trade 7 per cent lower at $17.
The tumble comes after a big run-up
in the stock in the past year. American
Eagle shares have climbed nearly 50 per
cent amid signs that the company has
been making headway in reviving sales.
Hormel Foods, the maker of Spam,
Muscle Milk and Jennie-O turkeys, fell
0.5 per cent to $60.18, even though it
raised its earnings guidance for the year.
Staples, the office supplies retailer,
was 1.9 per cent lower at $13.89 after
second-quarter revenue came in slightly
Trading Directory
below expectations.
The S&P 500 was down 0.9 per cent at FT BUSINESS
2077.71, the Dow Jones Industrial Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
Average fell 1 per cent to 17,344.75 and Business Wanted, Franchises
the technology-heavy Nasdaq .....................................................................................................................................................................................................................................................................................................................................................................................................................
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5,013.25 by mid-session.
28 ★ Thursday 20 August 2015

SMART MONEY Analysis. Rise of the indices

John
Authers
Commodities tracking proves a bumpy ride
Dismal performance of Material gains
long-only gauges prompts
Regulatory reform has ever greater innovation
Index share of open interest
US commodities (%)*
Index performance
Total return (rebased) CS GAINS
170
increased New York’s
0 10 20 30 40 50 Risk Parity index
SummerHaven 150
GREGORY MEYER — NEW YORK Dynamic

slice of the asset pie It was 2012, and energy executives and
policy specialists were excited by shale
Copper Commodity
index
130
110
gas prospects. From Texas to Pennsylva- Cotton 90
nia a bonanza was under way. GSCI index 70

I
nvestors have much to learn from academics — and But in the offices of S&P Dow Jones
certainly not just from economists. The growing field Indices, record US gas production was 50
of behavioural finance shows the use of experimental causing a problem. Oversupply was not CBOT wheat
2010 11 12 13 14 15
psychology. Physicists and engineers remain in just filling storage caverns; it was reduc-
demand as quants. Those looking for new angles have ing returns from futures contracts, dis- Index investments by strategy Passive long-only
tried evolutionary biology with interesting results. My col- rupting an important benchmark. Natural gas Assets ($bn) Enhanced beta
league Gillian Tett has busily applied anthropology. The total-return version of the S&P Active alpha
Now it is the turn of geographers. This week’s Global GSCI gas index had collapsed to a value 120
Conference on Economic Geography at Oxford will hear a of 0.58 from 100 when it launched. “The
Gold 100
paper on the mysterious shift in global assets under man- index value had declined to such a low
agement since the global financial crisis of 2008. level that it became prohibitive for peo- 80
That crisis started and had its epicentre in New York, ple to price products on it,” recalls 60
and its most direct effects were felt in the US markets, Michael McGlone, a former S&P senior 40
WTI crude
where property prices crashed. It was the growth of China director of commodity indexing. “It’s 20
and Southeast Asia that pulled the economy out of the difficult to track an index that’s priced
0
worst of that crisis, amid predictions that assets would at less than one.” *Futures and options as of Dec 2014
soon follow economic power eastward and away from New S&P’s index experts multiplied the gas FT graphic Sources: Barclays, Thomson Reuters Datastream 2010 2011 2012 2013 2014 2015
York. index by 100, akin to performing a
So, of course, the opposite has happened. According to reverse split in the case of stocks.
Dariusz Wojcik and Duncan MacDonald-Korth, New York For investors this exemplifies the estimates that $10bn of assets tracked Some bank custom index products still view commodity index investment
has instead redoubled its power as the centre of the global shortfalls of indices that track commod- commodity indices in 2000. That has “look very much like a [commodity as a straight bet on upward prices.
investment business. In 2006 it controlled 12.6 per cent of ity prices. The stakes have increased as grown to $156bn, says Barclays, most trading adviser] or a hedge fund”, says This approach has been endorsed by
global assets under management. By 2013 this had investors embrace the view that com- following the GSCI and the BCOM. Kathy Kriskey, head of commodity two academics who helped spark the
reached 20 per cent, say the Towers Watson data used by modities act as a gauge of economic Commodity index investors hold investor sales at RBC Capital Markets. boom 10 years ago. A paper by Gary
the geographers. Meanwhile London, the runner-up in growth and a hedge against inflation, more than 30 per cent of US wheat, corn Credit Suisse has indices that go far Gorton and K Geert Rouwenhorst of
2006with9.6percent,hasfallentofourthwith6.8percent. making them a bona fide asset class. and cotton futures contracts and a quar- beyond long positions in commodity Yale argues that a custom-built com-
The notion that modern investment management, Indices of commodity prices have ter of gasoline, according to Barclays. contracts. The likes of Custom88 and modity index offered the same returns
aided by computers and good communications, can be existed for decades. But with an investa- The combined heft of the GSCI and Drivers and Movers seek to generate as equities.
practised from anywhere has ble commodity index “a financial inves- Dow Jones-UBS drew questions from the returns by going long or short individual Kevin Norrish, head of commodity
also been rebuffed. Over the tor might be able to replicate the returns Rise of US Department of Justice when it commodities. research at Barclays, says the index was
six years from 2006, the share
In post-crisis measured by the index”, as Pimco’s Bob the index reviewed the 2012 formation of S&P A family of commodity indices uninvestable because it tracked milk,
of assets held by the 10 biggest environment Greer, Nic Johnson and Mihir Worah Dow Jones Indices, a joint venture of named Gains seek advice from business timber and other markets that are too
Tomorrow
financial centres increased by write in Intelligent Commodity Indexing. McGraw Hill Financial and CME Group. heads at Glencore, the trading house, to small to absorb much investor money.
2 percentage points to 63.1 per
‘growing large Investable commodity indices
Discretion
However, returns on indices have determine weightings. Their belief that producers will pay
v rules
cent. Switzerland and to a means growing became commercial when the Goldman been dismal, with the BCOM the lowest “What’s the difference between an investors an “insurance premium” to
lesser extent London have Sachs Commodity index was launched since 2002. Wall Street has responded index and an active strategy?” says Jodie hedge their output oversimplifies the
moved backwards. Asia is still
more profitable’ in 1991. It is now called the S&P GSCI.
Video
Index explainer by inventing more commodity indices. Gunzberg, head of commodities at S&P market, he says.
dispersed, with no single cen- In 1997 AIG, the insurer, launched ft.com/indexrise Some managers are structuring indi- DJI. “Those lines have been blurring.” “There are still lots of opportuni-
tre agglomerating assets, and the region as a whole has what came to be known as the Dow ces as alternatives to commodity hedge However, this widening universe of ties . . . in commodity futures markets,”
failed to increase its assets despite economic growth. Jones-UBS and more recently the funds, whose middling performance commodity indices is making it hard to he writes, “but slavishly following an
Ultimately the geographers think this concentration is a Bloomberg Commodity index. Mr Greer and high costs have repelled investors. study their effects. Some economists index is not the way to capture them.”
result of the wave of regulation that followed the crisis.
Given that the US was tougher in re-regulating than others,
with the Dodd-Frank act widely reviled in the industry, it
might seem surprising that New York has benefited. Currencies
But, according to the Oxford paper, the way to deal with
new regulatory requirements was to bulk up. “All firms,
regardless of their size, were forced to either open new or
greatly expand their regulatory divisions.”
Kazakhstan devalues
That led to a new economy of scale in an industry where
there were already plenty. “Once you have the necessary
as ‘contagion’ stirs
fixed costs in place, such as a regulatory division, it does
not take a great deal more manpower to manage $2tn than
its does $1tn.” And yet the company that can do so stands ROGER BLITZ AND way back to stability, amid
to earn double the fees. ELAINE MOORE signs of increasing capital
Post-crisis regulatory reform thus built an environment Kazakhstan and Vietnam outflows, there are concerns
“where growing large means growing more profitable”. US allowed their currencies to that currency weakness
groups were already big, grasped this, and grew larger by fall yesterday, fuelling could expose financial vul-
acquisition, led of course by BlackRock. Having been only expectations of more depre- nerabilities after years of
the 10th-largest fund manager by assets in 2006, Black- ciations among emerging public and private hard-cur-
Rock has become easily the biggest, with 50 per cent more market countries, which rency borrowing sprees.
assets under management than its nearest competitor. could trigger financial sol- Emerging markets have
They might have added that bond purchases under vency problems. more than doubled their
quantitative easing, doled out more enthusiastically by the dollar-denominated debt in
US than elsewhere in the early post-crisis years, siphoned The impact of the renminbi five years to $4.5tn, accord-
that much more money into US managers’ coffers. Put eve- devaluation, worries about ing to the Bank for Interna-
rything together and US dominance should intensify for China’s slowdown and antici- tional Settlements.
the next few years. pation of a US rate rise are While the risks for sover-
For the longer term, the geographers see a change to the weighing on currencies in eign borrowers were clear,
pattern. Exchange traded funds, bought easily online, emerging markets, already corporate credit risk might
offer the chance to disperse once more. ETFs are a scale feeling the pain of falling pose greater problems, said
business, and the biggest providers are in New York, Phila- commodity prices. Alberto Gallo, credit analyst
delphia, Boston and Chicago. But specialist providers have The tenge dropped 4.7 per at RBS. About a quarter of
gained a toehold in more unlikely places such as Brattle- cent, close to the top of a the dollar-denominated cor-
boro, Vermont, and Oklahoma City. As New York and the trading range set last month porate bond market was
bigger financial centres grow bigger still, and become more by the Kazakh central bank. made up of foreign issuers,
expensive, the incentive to move will grow. The rise of the The oil-dependent central he pointed out.
ETF makes this more realistic. Asian country, which trades “We will definitely see
Asset management matters more these days. It is sup- heavily with Russia and more contagion from China’s
planting the banking industry as the primary source of China, is being buffeted by currency move,” he said. “It
financial power, and of risk. It is good to hear a geogra- falls in the rouble and crude. is a matter of time before
pher’s perspective on why that power, at least for now, is Vietnam’s central bank currency depreciation trans-
concentrating back in the old banking centre of New York. responded to the renminbi lates into solvency issues.”
depreciation by widening its Kazakhstan rejoined inter-
john.authers@ft.com trading band and lowering national debt markets for the
its official midpoint rate. first time in more than a dec-
The dong fell more than ade last October, and within
1 per cent. nine months moved to tap
Demetrios Efstathiou of the market again. It issued a
ICBC Standard Bank said he record $4bn of 10-year and
More comment and data on ft.com expected a further 5-6 per 30-year bonds during a
cent devaluation of the tenge period of relative market
by the end of the year, but calm in July.
Y Fast FT Our global economies, headed added that even this would Prices for its bonds have
team gives you market- by Brazil, Russia, India not be sufficient. dropped, pushing the yield
moving news and views, and China. “The magnitude of the sec- for its 2024 bond from
24 hours a day, five days ft.com/beyondbrics ond devaluation should be at 3.97 per cent last October
a week. ft.com/fastft least 10 per cent, if not 15 per to 5.34 per cent.
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a cent,” he said. Borrowing costs for Viet-
irreverent financial blog. look at what is driving Luis Costa at Citigroup said nam,alsoaninfrequentissuer
Join Paul Murphy and the global currency other countries in the region on global markets, have risen
Bryce Elder for the daily market. ft.com/podcasts “should follow suit” with this year. The yield on its
Markets Live session at devaluations, but their cen- 2024 bond has jumped from
Y Lex Video Analysis tral banks would have to 4.39percentto4.94percent.
11am. ft.com/alphaville
and opinion from the manage the process care- Malaysia and Indonesia
Y beyondbrics News and team on the hot issues fully. “They will have to are coming under sustained
comment from more affecting companies and avoid overshooting.” currency pressure.
than 40 emerging markets. ft.com/lexvideo As developing countries in Additional reporting by Naomi
Asia attempt to fight their Rovnick