TUESDAY 26 MAY 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Say no to meetings The Brexit conundrum No guarantee

Better to do actual work Gideon Rachman and Janan Ganesh: Andrew Hill: Thomas Cook and the
— LISA POLLACK, PAGE 12 how Britain should tackle its EU vote — PAGE 13 flimsiness of safety pledges — PAGE 14

Regulators in Malone close to victory in Charter’s

$55bn battle for Time Warner Cable
Briefing
i Shell cautious over Arctic oil production

line for greater Shell says the difficulty in securing environmental

approvals means the reserves it hopes to find in the
Arctic are unlikely to be brought into production
before the 2030s.— PAGE 17; ANALYSIS, PAGE 20

powers to quell i Untethered Cameron to set out agenda

An expanded Right to Buy programme is going to
be a central measure in tomorrow’s Queen’s Speech
as David Cameron indicates his priorities for the
next five years.— PAGE 3; EDITORIAL COMMENT, PAGE 12;

City scandals COMMENT, PAGE 13

i Panama Canal feels global trade impact

Markets review likely to call for punitive
action across wide range of trading areas
CAROLINE BINHAM — FINANCIAL
REGULATION CORRESPONDENT
A review by UK policy makers is to con-
clude that the ban on equity market
manipulation should be extended to
areas of trading such as foreign excha-
nge, highlighting regulators’ greater
willingness to curb City wrongdoing.
The Fair and Effective Markets
Review is expected to call for more pow-
ers to ban individuals implicated in mis-
conduct and call for harsher sentences
for insider trading and other forms of
white-collar crime, people familiar with
the matter told the Financial Times.
The markets review is due to be
announced on June 10 by George
Osborne, chancellor, and Mark Carney,
governor of the Bank of England.
The UK is turning to more punitive
measures to try to stanch the City scan-
dals that have undermined confidence
in financial services and cost billions of
dollars in fines. Six banks — Barclays,
Citigroup, JPMorgan Chase, Royal Bank
of Scotland, Bank of America and UBS —
agreed last week to pay $5.6bn to settle
allegations they rigged forex markets.
Despite record fines, regulators, poli-
ticians and the public have expressed
irritation that those responsible for the
wrongdoing, and their managers, have
often escaped personal sanction.
Policy makers are hopeful that the
markets review will be a catalyst for a
global rethink of how to regulate so-
called FICC markets, spanning fixed
income, currencies and commodities.
Mr Carney also chairs the Basel-based
Financial Stability Board, which will
lead the international response to the
markets review. Unlike the tightly regu-
lated equities market, FICC businesses
have been lightly supervised and
subject to an array of self-regulatory
codes.
That was highlighted by the forex
scandal: a gap in the regulation meant
the UK financial watchdog could fine
the banks only for having weak controls
rather than for market manipulation
itself.
Key among the review’s proposals on
stamping out market manipulation is a
proposed ban on the “front-running” of
client orders in FICC businesses such as
forex, according to people familiar with
the situation.
Evidence published as part of the
forex settlement showed traders rou-
tinely pre-empted client orders to make
a profit for their banks.
The authorities are also considering a
code of conduct that would apply across
FICC businesses, overseen by a market
standards body, akin to the Takeover
Panel that supervises the mergers and
acquisitions market.
Tough new laws designed to hold the
highest echelons of management to
account may be extended. Policy
makers are also keen to curb the com-
mon practice among banks of giving
positive job references, regardless of
past performance. Traders with cheq-
uered careers have in the past moved
with impunity from one bank to
another.
Bank of England habit page 13
Inside Business page 18
John Malone, the so-called ‘cable cowboy’, would, through Liberty Broadband, inject $5bn of
equity into Charter’s purchase of TWC — Kevork Djansezian/Getty Images
JAMES FONTANELLA-KHAN
— NEW YORK
ARASH MASSOUDI — LONDON
SHANNON BOND
— SAN FRANCISCO
Charter Communications is
nearing a deal to acquire Time
Warner Cable for about $55bn,
according to people familiar
with the matter. The takeover
would mark a victory for US
tycoon John Malone — the so-
called “cable cowboy” — over
Franco-Israeli billionaire
Patrick Drahi of Altice.
Charter, the third-largest US
cable operator, aims to com-
bine with its larger rival in a
stock-and-cash deal that values
shares in TWC at $195 each.
The enterprise value of the deal
would be $78bn, including
about $22bn in net debt.
The proposal comes as
change sweeps the US cable
industry, with more consumers
watching video on the internet,
rather than on television sets.
Consolidation could help cable
operators compete with online
video services such as Amazon
and Netflix.
In the dealmaking that has
shaken up the sector, AT&T
agreed to buy DirecTV for
$48.5bn in 2014 and Charter
itself lined up to acquire Bright
House Networks, a smaller US
cable operator, for $10.4bn this
year.
As part of the proposed TWC
deal, Charter would complete
its Bright House transaction
and merge the three groups
into a single entity with 23m
customers. That would make it
the second-largest cable opera-
tor behind Comcast.
Mr Malone, the Colorado-
based billionaire who has been
a linchpin of cable consolida-
tion for more than two decades,
would inject $5bn of equity to
help fund the deal through Lib-
erty Broadband.
Lex page 16
Analysis page 18
The chief executive of the Panama Canal
Authority predicts traffic has peaked
on the route due to US companies
bringing production closer to home
and a more frugal approach from
American consumers.— PAGE 8
i Apple elevates Ive to design chief post
Apple has promoted Sir Jonathan Ive to a new role
as chief design officer, a move that will consolidate
the British designer’s hold on the direction of new
products at the world’s most valuable company. He
will focus on design projects, ideas and future
initiatives.— WWW.FT.COM/COMPANIES
i P&G aims to go below the skin with 3D
Consumer goods company Procter & Gamble is
looking into 3D bioprinting as a means of providing
a quicker and cheaper way to test its products for
toxicity and efficacy.— PAGE 17
i Europe’s steel industry eyes protection
Complaints from Europe’s steel industry over cheap
imports reflect a rising tide of protectionism against
the backdrop of slowing global economies.— PAGE 28
i Poland shifts to right with Duda election
The election of Andrzej Duda as Polish president
represents a lurch to the right in the politics and
sent shockwaves through its establishment.— PAGE 7
Datawatch
Chinese provincial GDP
Number of the 31 Chinese
regions with GDP growth faster The sum of
Chinese
than the national figure
provincial gross
30
domestic product
routinely exceeds
20
the national total
10 and most
provinces publish
0 a growth figure
higher than that
2010 11 12 13 14 15 for China as
Source: CEIC a whole

Lack of sleep key to low productivity —

Britain’s space industry
continues steep ascent
The space industry, and satellites in
particular, are in buoyant form. The
payload on the latest and biggest
satellite for DirecTV that will lift off
from French Guiana tomorrow was
designed and built in Portsmouth
and its structure was made in
Stevenage.
Since 2010, the UK space industry
has grown 7 per cent a year, to reach
£11.3bn in revenue last year.
Analysis i PAGE 2
but smoke, drink and eat all you please
SARAH O’CONNOR
— EMPLOYMENT CORRESPONDENT
Do you want to be more productive at
work? Make sure you sleep at least
seven hours a night — but smoke and
drink as much as you want.
A study of 21,000 employees has found
a strong connection between lack of
sleep and lower productivity at work.
But to the researchers’ surprise, smok-
ing and alcohol consumption seem to
make no difference.
Vitality Health, a UK health and life
insurance company, commissioned
research organisation Rand Europe and
Cambridge university to study factors
affecting productivity, using data from
companies that took part in the
insurer’s “Britain’s Healthiest Com-
pany” competition.
The report comes as policy makers
grapple with weak productivity growth.
George Osborne last week set higher
productivity as the economic priority
for the new government.
Researchers found employees who
slept for six hours or less a night were
less productive than those who slept for
seven or eight. Eleven other factors were
also correlated to productivity, defined
as absenteeism or “presenteeism” —
when people went to work but did not
perform at their best.
Employees who were inactive, had
financial worries, mental health prob-
lems or musculoskeletal problems all
reported lower productivity, as did
those who said they were bullied at
work or were under unrealistic time
pressures. But other factors did not
seem to have any link with productivity,
including smoking, alcohol consump-
tion and severe obesity.
“The data give us a powerful new way
to say to companies that you can almost
set your objective,” said Shaun Subel,
Vitality Health’s strategy director.
“If you are targeting just short-term
productivity effects, these are the most
important drivers you should probably
be looking at. If you are concerned
about the long-term health of your
employees, these are the drivers. Impor-
tantly, you’ve got companies who want
to do both.”
In the US, where companies have
large healthcare liabilities, there are
financial reasons to want to improve
workers’ health. Some companies are
experimenting with activity monitors
that are worn by employees to encour-
age them to exercise more.
Big Read page 11
FT’s workplace wearable project
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EU referendum
Cameron warned on dangers of ‘quick win’
Early vote risks wasting
chance of big reforms,
Europe adviser tells PM
GEORGE PARKER AND JIM PICKARD
David Cameron is being urged by his
Europe adviser not to rush the referen-
dum on EU membership, because of
fears an early vote could undermine UK
efforts to achieve reforms to the bloc.
Mats Persson, who moved from the
Open Europe think-tank to Number 10
last week, has warned of the dangers of
trying to secure a “quick win” at the
expense of big reforms.
George Osborne is also understood to
be urging caution, insisting the priority
Innovative satellite industry reaches for the stars
Government encouragement
for research and development
has helped growth take off
PEGGY HOLLINGER
When Ariane Flight VA223 lifts off from
the spaceport in French Guiana tomor-
row, it will mark a milestone for
Europe’s space industry — and for Brit-
ish know-how.
Tucked up inside the Ariane 5 rocket
will be the latest and biggest satellite for
DirecTV, one of the largest US satellite
TV groups. The 16,200kg spacecraft
made by Airbus was assembled in
France, but its payload, the brain that
will ensure the satellite does what it is
meant to, was designed and built in
Portsmouth and its structure in Steve-
nage.
Britain’s space industry, and satellites
in particular, are in buoyant mood. In
September, the UK-built Lisa Pathfinder
probe will be launched to test technol-
ogy that one day might prove the exist-
ence of gravitational waves, or ripples in
space and time. Meanwhile, in Steve-
nage, Airbus engineers are putting the
final touches to the latest prototype of
the next Mars Rover, before starting to
assemble the final vehicle next year.
“The road map we are on is good,”
says Colin Paynter, head of Airbus
defence and space operations in the UK.
“The government has over the past five
years increased investment in research
and technology, driven by the decision
to make satellite technology a key focus.
That has paid great benefits.”
Since 2010, the UK space industry has
grown more than 7 per cent a year, to
reach £11.3bn in revenue last year.
Satellite manufacturing accounts for
a small part of this turnover, with more
than 85 per cent derived from the
“downstream” sector. These are satellite
operators that sell their capacity to tele-
coms companies, broadcasters such as
Sky or financial services groups that
insure risky rocket launches. But many
in the industry believe this downstream
value might easily have gone elsewhere
without a domestic satellite industry.
The UK has also pioneered the devel-
opment of smaller, low-cost satellites.
Surrey Satellite Technology (SSTL)
broke new ground in 1981 with the first
modern microsatellite with in-orbit
reprogrammable computers. It has cut
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is to make the EU more competitive and
to ensure eurozone countries do not try
to hinder access to the single market.
Mr Persson said this month: “The big-
gest risk is that an early vote would leave
too little time for sweeping EU reform to
be negotiated, potentially wasting a
huge opportunity.”
Some Conservatives believe Mr Cam-
eron should aim for a referendum in
May 2016, resolving the issue while he
still has momentum following his out-
right general election victory.
This week, he embarked on a round of
diplomatic activity, beginning with a
dinner at Chequers last night with Jean-
Claude Juncker, European Commission
president. Afterwards, Number 10 said:
“The prime minister underlined that
Test site
Mars Rover probe Bridget
limbers up to boldly go
In an obscure hangar in the English
town of Stevenage, a gold-clad Brigitte
Bardot is picking her way across a rocky
Martian landscape. This is not the
cinematic fantasy of a 1960s film
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next Rover mission, due to land on Mars
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FINANCIAL TIMES
NATIONAL
the British people believe . . . the EU
needs to change in order to better
address their concerns. Mr Juncker reit-
erated that he wanted to find a fair deal
for the UK and would seek to help.
“They agreed that more discussion
would be needed, including with other
leaders, on the best way forward.”
Tomorrow, the bill to enable the EU
referendum will be announced in the
Queen’s Speech. The prime minister
then heads to Paris and Berlin for talks.
Mr Persson said the risk of an early
vote was “it falls between two stools: it
doesn’t leave enough time and momen-
tum to achieve substantial reform in
Europe and therefore may generate a
referendum result too close to call”.
He acknowledged there were poten-
Technology. Space
UK-designed Rover vehicle, below, is
being put through its paces before work
starts next year on the real thing.
Built by UK-based Airbus engineers
from off-the-shelf components and
high-tech space equipment, Bridget’s
job at the Airbus Mars test site has been
to help develop an autonomous mobility
system that will allow her successor to
navigate the Martian landscape.
The challenge is also to survive the
cruelly freezing temperatures on Mars.
Bridget has nine layers of insulation,
including an outer layer of gold bonded
to carbon-fibre casing, to protect the
Rover’s delicate scientific equipment.
The result looks more like Disney’s
winsome Wall-E robot than a starlet.
At a mission cost of €1.2bn there is a
lot riding on Bridget and her cadres. The
final vehicle will spend six months
taking samples and scouring the surface
in search of evidence of life. But almost
as soon as Rover lands the clock will
start ticking. With fierce Martian storms
due in the autumn, even the deftest
engineer cannot assure her survival.
Peggy Hollinger
Scotland
Sturgeon pledges to do better on raising education standards
MURE DICKIE — EDINBURGH
Scotland’s first minister has promised
to make improving the education
system an SNP priority, amid growing
criticism of its record in this area.
Nicola Sturgeon said a recent slide in
numeracy and literacy among Scottish
school pupils was unacceptable and that
it would be wrong to suggest the educa-
tion system was good enough.
Education will be a political battle-
ground in the run-up to next year’s elec-
tion for Holyrood, as battered opposi-
tion parties attempt to regain momen-
tum following the SNP’s landslide win in
Scottish seats at the UK general election.
The record of the SNP, after eight
years in government, and of Ms Stur-
geon, deputy first minister until she
took over as leader last year, will come
under heavy criticism today during a
Scottish parliament debate on educa-
tion.
The SNP has portrayed itself as a
party of social justice and champion of
the disadvantaged, but its opponents
say the rhetoric masks an absence of
genuinely redistributive policies and
stumbling school performance.
tial benefits, saying Mr Cameron was
“now up there with Merkel as one
of the two strong leaders in Europe” and
might want to exploit this position.
An early vote would also avoid a clash
with the French and German elections
in 2017 and would end uncertainty.
However, he said that “2016 is the
year for EU reform”, with the possibility
of rule changes arising from the Greek
crisis in the eurozone and a midterm
review of the European budget.
Mr Cameron last week tried to calm
expectations of an early agreement on
reform, saying: “These talks will not be
easy. They will not be quick.”
Matthew Elliott, of Business for Brit-
ain, said: “A proper renegotiation could
well take much longer than the rest of
the cost of making a satellite by accept-
ing trade-offs on size, capacity and com-
ponents. On average its spacecraft cost
between £2.5m to £30m against hun-
dreds of millions for the big versions
used by companies such as Inmarsat
and Sky. This newfound affordability is
spurring demand. Euroconsult fore-
casts some 510 small satellites will be
launched around the world in the next
five years, a more than 60 per cent
increase on the number of launches
over the whole of the past decade.
But while this is keeping the techni-
cians in SSTL’s clean room busy, Patrick
Wood, the managing director, warns
there are challenges ahead.
Governments and institutions remain
among the biggest users of satellite tech-
nology. With national budgets under
pressure, the key will be to expand com-
mercial interest in the data that are
being gathered. For example, satellite
images can show farmers where to add
extra fertiliser for improved yield, or
cargo ships when to change course to
avoid hazards. But demand is limited
because the cost still seems prohibitive
to many sectors.
An official survey last month reported
falls in the proportion of primary and
secondary pupils doing “well” or “very
well” at reading over the past two years.
Writing performance also declined in
two of the three age groups surveyed.
The results fuelled concerns about the
effects of the“Curriculum for Excel-
lence”, a radical restructuring of educa-
tion that was planned by Labour but has
been championed and implemented by
the SNP. Ms Sturgeon, the first person in
her family to receive a university
degree, said it was wrong to say Scottish
education was failing, but that there
were still far too few poor people in
Scotland going to university.
The SNP suffered embarrassment this
month when Angela Constance, the
education secretary, was forced to cor-
rect a claim made in parliament that the
party had not cut student bursaries.
The admission that bursaries had
been reduced highlights criticism that
the flagship SNP policy of free tuition for
undergraduate students mainly helps
the middle class and has brought rela-
tively little benefit to the less well off.
Analysts say there is little sign yet of a
voter backlash over issues such as edu-
this year, so it’s important that we don’t
rush the process for the sake of holding
the referendum next May.”
Ministers announced on Sunday that
most non-British EU citizens living in
the UK would be barred from voting. It
has since come under pressure from
Labour and the Scottish National party
to let younger people vote. Hilary Benn,
shadow foreign secretary, said it was a
“matter of principle” to extend the vote
to 16- and 17-year-olds. Angus Robert-
son, the SNP leader at Westminster, also
advocated reducing the threshold to 16.
The Tory party said the voting age
would remain 18, but Labour will try to
amend the EU referendum bill, possibly
in the House of Lords.
Britain’s role in Europe page 13
The latest Ariane launch holds a
DirecTV satellite built in the UK
“The economics of the satellite mar-
ket are challenging given factors such as
the cost of launch and the harsh space
environment,” Mr Wood says. “Where is
the drive to collect more data if there is
not that downstream demand?”
The UK’s answer has been to create
the “Satellite Applications Catapult”, a
government-backed research organisa-
tion that aims to speed up the commer-
cialisation of space services by linking
entrepreneurs with academics and by
introducing earthbound businesses to
the potential uses for satellite generated
data and images. “The more we can help
to build demand for these services the
more cost-effective they become,” says
Mark Hampson, the catapult’s chief
innovation officer.
Mr Paynter says that if the UK wants
to maintain its expertise, the govern-
ment will have to move into a new phase
of support to ensure there is demand for
new satellites and the data they collect.
“They might have to take a leading
role in facilitating bilateral or multilat-
eral projects. One satellite can serve
many nations. It is about having the agil-
ity to move when opportunities arise.”
cation or health, in part because of
collapsing support for Labour, the main
opposition party. Ms Sturgeon also has
much higher trust ratings than any of
her opponents.
But the first minister has raised
expectations that she will do more to
address such policy shortcomings than
her predecessor, Alex Salmond, and fail-
ure to do so could be damaging in the
longer term. Ms Sturgeon said she will
not shy away from “tough decisions” on
education and that her government was
Nicola Sturgeon: first minister says
education system is not delivering
Tuesday 26 May 2015
Letter to business
TUC chief
says workers’
rights vital
to plebiscite
SARAH GORDON
The country’s top trade union official
has warned that the campaign to stay
in the EU would be destabilised if UK
workers’ rights were weakened by
negotiations ahead of the vote.
“The TUC wants the UK to be at the
heart of a fairer and more prosperous
Europe,” writes Frances O’Grady, secre-
tary-general of the Trades Union Con-
gress in an open letter to business pub-
lished in the Financial Times today.
“This will not be achieved if business
leaders and politicians seize renegotia-
tion [of UK membership] as an oppor-
tunity to weaken employment rights.”
David Cameron, prime minister, will
this week embark on a whistle-stop tour
of European capitals as part of his cam-
paign to secure EU reforms that he
wants if the UK is to remain in the bloc.
Ms O’Grady’s warning comes as the
TUC publishes results of a poll con-
ducted on May 8, the day after the
general election, in which 2,200 of
4,000 people surveyed said they would
be more supportive of Britain’s mem-
bership of the EU if it “did more to help
working people get decent pay and con-
ditions at work”.
Less than a quarter of respondents
said they would be more supportive of
EU membership if it did more to cut red
tape. The TUC said the responses
showed that if companies pushed for
renegotiation of Britain’s terms of mem-
bership of the EU on the basis of weak-
ening workers’ rights they will make the
Yes vote business wants less likely.
Sir Mike Rake, outgoing president of
the CBI employers’ group and chairman
of BT, called last week for business to
“turn up the volume” on the benefits of
remaining in the EU. In a speech at the
CBI annual dinner on Wednesday, at
which George Osborne, the chancellor,
was the guest of honour, Sir Mike said
business should speak out early in
favour of a reformed EU “in a language
which people can understand”.
Mr Cameron met fellow EU leaders
last week at a summit in Riga, Latvia,
and held talks on his proposed reform
agenda.
Tomorrow, the Queen’s Speech will
include the announcement of a bill to
enact an in/out referendum, which has
been promised by the end of 2017.
Ms O’Grady said that, like many busi-
ness leaders, she was “deeply con-
cerned” by Britain’s investment and
productivity challenge.
“But the solution to stagnant produc-
tivity growth is not to dismantle the
Working Time Directive or agency
rights,” she said. “Undermining these
measures would only allow bad employ-
ers to undercut good ones.”
The CBI says eight out of 10 of its
members want Britain to remain in a
“reformed” EU, but there is a wide range
of opinion within the business commu-
nity both in and outside the UK.
Last week alone, Airbus and Voda-
fone were among listed companies to
come out publicly in support of mem-
bership. But the chief executive of JCB,
recently said he did not think it would
make a “blind bit of difference” to trad-
ing with Europe if Britain left the bloc.
“If ordinary Britons feel renegotiation
is about making working lives worse,
then support for staying in Europe will
haemorrhage,” said Ms O’Grady.
Letters page 12
looking at how to improve measure-
ment of primary pupil performance. Ms
Constance has suggested that some
teachers will have to improve.
However, the Educational Institute of
Scotland, the sector’s largest union, has
hit out at suggestions teachers are partly
to blame for the gap in attainment
between richer and poorer children.
“The fall in literacy reflected the
impact of government [cuts] and
poverty,” said Larry Flanagan, general
secretary of the EIS.
“It is simply wrong and wholly unac-
ceptable for any politician from any
political party to attempt to blame
schools or teachers for the problems of
poverty in society.”
The Labour party backed EIS com-
plaints that schools were underfunded,
saying it would use Scotland’s new pow-
ers to raise taxes on the better-off.
“The current scandal in attainment is
no more the fault of Scotland’s teachers
than it is our young people,” said Iain
Gray, Scottish Labour education
spokesman. “Both have been let down
by an SNP government in Edinburgh
who for eight years have failed to give
education the attention it deserves.”
Tuesday 26 May 2015 ★ FINANCIAL TIMES 3

NATIONAL

Unshackled premier pushes on with agenda

Queen’s Speech will include expanded Right to Buy scheme, measures to create apprenticeships and reduction in benefits cap
JIM PICKARD
— CHIEF POLITICAL CORRESPONDENT
David Cameron will push ahead with
plans to extend a subsidised housebuy-
ing scheme to 1.3m housing association
tenants, with the expanded Right to Buy
programme a central measure in tomor-
row’s Queen’s Speech.
A housing bill will give these tenants
an option already on offer to council
tenants, who can buy their homes at big
discounts — now as much as £104,000
— thanks to Margaret Thatcher’s flag-
ship policy in the 1980s.
The extension of Right to Buy is con-
troversial because it involves forcing
independent, not-for-profit social land-
lords to sell their assets at a discount.
Housing associations will be expected
to replace each sold home on a one-for-
one basis and will have to finance this
via the forced sale of valuable vacant
properties by councils elsewhere.
Mr Cameron will use the Queen’s
Speech — the annual event setting out
the government’s legislative pro-
gramme — to indicate his priorities for
the next five years, untethered from his
former Liberal Democrat coalition part-
ners after the general election on May 7.
The prime minister says he wants a
“one nation” government with an
emphasis on measures to support blue-
collar workers. There will be new legis-
lation to create apprenticeships, to ban
under-21s from claiming housing and
unemployment benefit and to cut the
maximum amount of welfare benefits
any household can claim in a year from
£26,000 to £23,000.
Further cuts in benefits are expected
in the Budget on July 7 to fulfil the Con-
servative promise to reduce welfare
spending by £12bn. In a gesture
designed to reinforce the party’s “all in
this together” slogan, ministers will have
their pay frozen until 2020. Unions are
likely to see that as a signal that a pay
freeze for public sector workers could be
enroute intheautumnspending review.
At the same time, there will be a dou-
bling of free childcare to 30 hours a
week for three- and four-year-olds.
One key part of the speech will be the
EU referendum bill laying out the legis-
En route Bills expected during the next parliament
Housing 200,000 starter
homes at 20% discount
England’s 1.3m housing association
tenants will be offered big discounts
if they want to buy their homes. Sales
receipts will go towards building
“affordable” properties, though this
will require extra funding from the
enforced sale of councils’ vacant
homes.
The bill promises 200,000 “starter
homes” at a 20 per cent discount for
first-time buyers under 40. There will
be a new “right to build”.
Europe Guarantee of public
vote in 2016 or 2017
This bill guarantees a public vote
on whether to stay in the EU after
42 years of membership. This could
be either in 2016 or 2017 — after a
period of “renegotiation” with other
member states.
Big business is nervous about even
the possibility of a so-called “Brexit”,
not least after last year’s closely
fought referendum on Scottish
independence.
The queen’s stagecoach arrives at Westminster during last week’s
rehearsal of the state opening of parliament — Joseph Okpako/Getty Images
City devolution More
powers for Manchester
This hands new powers to Greater
Manchester and provides a mechanism
for devolving power to other combined
local authorities.
The Greater Manchester region will
have a new “metro mayor” responsible
for a devolved transport budget,
planning powers, a £300m housing
fund and the powers currently held by
the Police and Crime Commissioner.
Other authorities will be allowed
to negotiate similar packages if they
agree to having a mayor.
Enterprise Aim to save
£10bn by cutting red tape
An enterprise bill will aim to reduce
regulation, with the government
estimating savings of £10bn for
industry. A new “small business
conciliation service” will be created
to help settle disputes over late
payment.
The bill will force unions to secure
the assent of 40 per cent of their
members before taking industrial
action.
Jim Pickard
lation for a public vote on whether to
stay in the bloc. The prime minister
knows that the vote, pencilled in for
2016 or 2017, will be one of his biggest
legacies,whatevertheresult.
Devolution has been a big theme for
the party, with Chancellor George
Osborne in particular promoting the
“northern powerhouse” project to
improve inter-city links. Tomorrow will
see the publication of a cities devolution
bill, introducing a “metro mayor” for
Greater Manchester and, potentially,
other city regions.
There will be a bill to give the govern-
ment more powers to ensure failing or
poorly-performing schools can become
academies free from local authority
control. An enterprise bill aims to cut
regulation, create a “small business con-
ciliation service” to help settle disputes
over late payment, and moves to make
it harder for workers to go on strike.
A Scotland bill will bring together the
powers agreed by all parties in the Smith
agreement, drawn up after the Scottish
referendum on independence. Ministers
have promised to go further, devolving
the right to set bands and rates for
income tax, as well as powers over value
addedtaxandhousingbenefit.
Another bill will introduce a “tax
lock” preventing rises in the main tax
rates — income tax, national insurance
and VAT — for the next five years.
The government’s immigration bill
will create an “illegal working” offence
allowing the authorities to seize wages
of migrants working illegally.
The counter-terrorism bill will intro-
duce “extremism disruption orders”,
giving police powers to apply for a High
Court order to restrict terrorists’ activi-
ties. Mr Cameron has also said he will
scrap the Human Rights Act and replace
it with a British bill of rights to “restore
common sense to our legal system”.
The departure of the Lib Dems could
also mean the revival of the so-called
snoopers’ charter, officially the commu-
nications data bill. This would force
internet service providers to retain
detailsofevery sitevisitedby customers.
Editorial Comment page 12
Janan Ganesh, Gideon Rachman page 13

Commons votes

Tory MPs told to curtail travel plans

KIRAN STACEY
— POLITICAL CORRESPONDENT
The Conservative chief whip has told
ministers to limit their travel plans for
the first few months of the parliament
to make sure they are in Westminster
to vote on key pieces of legislation.
Mark Harper told MPs at a meeting last
week that their presence was crucial
because the party won a slim 12-seat
majority at the election.
One person at the meeting said:
“Mark told us that, particularly at the
beginning of the parliament, when
tough things have to be done, we need to
make sure we are around as much as
possible.”
A minister added: “We know that any
non-essential trips have to be kept to a
minimum.”
MPs are usually free to travel because
of “pairing arrangements”, which mean
that if an MP from one party is unavoid-
ably absent, one from the opposite party
also misses the vote. Labour officials
said this system would remain in place
for the next parliament, but one person
told the Financial Times the precise
arrangements would be agreed on a
“case-by-case basis”.
In the late 1970s, this sort of cross-
party co-operation broke down entirely,
leading to the spectacle of sick and
breastfeeding MPs being forced to
return to the House of Commons for
late-night votes.
The travel restrictions are just one
tactic Mr Harper and his colleagues are
preparing to employ to ensure the gov-
ernment wins close votes.
The Conservatives’ first Queen’s
Speech, to be presented this week, will
contain much of what the party prom-
‘We managed to keep poor
old John Major going. We
were the greatest whips’
office anyone has ever seen’
ised to do in its election manifesto, to
take advantage of the upbeat mood of
many Tory MPs and try to pass difficult
legislation as early as possible.
Several policies might cause the gov-
ernment problems, including the repeal
of the Human Rights Act and proposed
changes to constituency boundaries.
One of the biggest difficulties is likely to
be the referendum on UK membership
of the EU, which could split the party.
One minister told the FT the Conserv-
atives “will need to let ministers cam-
paign on whichever side they choose, or
it could cause the party to tear apart”.
Some senior Tories are turning for
advice to those who helped keep John
Major in power. As his MPs rebelled, Mr
Major’s 21-seat majority effectively
evaporated over the course of the 1992
parliament.
Andrew Mitchell, a whip under Mr
Major, now Sir John Major, told the FT:
“We managed to keep poor old John
Major going. We were the greatest
whips’ office anyone has ever seen.”
Mr Mitchell and his colleagues would
draw up lists of MPs who might rebel on
certain pieces of legislation, and then
rewrite entire bills to try to address their
objections before they reached the
Commons. David Davis, who also
worked in that office, said: “We tried to
head off most of the problems before
they got to parliament. If these whips do
the same, they should be fine.”
That group of whips were notoriously
tough. Sir David Lightbown, one of
them, earned the nickname “The Ter-
minator” for his methods of persuasion.
Mr Harper has a much milder reputa-
tion and is well liked by colleagues,
many of whom remember the tactics of
1992 with horror.
Bernard Jenkin, one of the rebels who
nearly brought down Mr Major over the
Maastricht treaty on EU integration,
said: “That whips’ office might have
kept John Major going, but it destroyed
the Conservative party.”

Rigging scandal

Barrister questions rigour of BoE forex probe

CAROLINE BINHAM — FINANCIAL
REGULATION CORRESPONDENT
A leading barrister has thrown doubt on
the quality of an internal review of the
Bank of England’s role in the foreign
exchange rigging scandal.
The legal opinion from Charles Béar
QC, which was commissioned by the
Conservative MP Jesse Norman, states
that public inquiries typically ask not
only what facts were known at the time
but, crucially, what facts ought to have
been known by authorities.
Mark Carney, BoE governor, told the
Treasury select committee of MPs in
March that Lord Grabiner QC, who led
the bank’s £3m internal inquiry, had
“free rein”. Mr Norman was a member
of the committee in the previous parlia-
ment.
Six banks, including two British ones,
last week paid a total of $5.6bn in fines to
US and UK authorities for their involve-
ment in rigging forex markets, taking
the total penalties to more than $10bn.
Lord Grabiner’s November report
cleared the BoE of wrongdoing but criti-
cised an official, Martin Mallett — who
was fired for unrelated misdemeanours
— for not escalating concerns.
“Within the terms of reference for
Lord Grabiner’s report, Mr Mallett can-
not be criticised for failure to escalate a
problem which he did not in fact appre-
ciate. But it is a separate question
whether or not a conclusion of that kind
is enough for a ‘thorough and compre-
hensive’ inquiry’,” reads Mr Béar’s opin-
ion, seen by the Financial Times.
Mr Béar added that questions about
what the bank should have known, and
why it did not know about “or suspect
the widespread, perhaps endemic mal-
practice” in the foreign exchange mar-
ket, “might have been addressed” in a
more rigorous report.
The bank said Lord Grabiner’s report
did ask if officials were aware or should
have been aware of forex misconduct.
It cited testimony to MPs by Anthony
Habgood, chairman of the BoE’s govern-
ing court. The bank’s oversight commit-
tee had “expected that Lord Grabiner
would judge the conduct of bank offi-
cials against a standard equivalent to an
objective test of what they should have
known and done; and that he would rec-
ommend changes in practices where
those fell short of a suitably professional
standard,” Mr Habgood’s testimony
said. “When I testified to the TSC, I had
no doubt that Lord Grabiner saw it that
way and said that, in my view, his report
made it clear,” he added.
Jesse Norman page 13
4 ★★★
North York
Moors weighs
£2bn potash
mine project
Decision time nears for investment
proposal that has divided opinion
JAMES WILSON
— MINING CORRESPONDENT
A four-year attempt to build one of Brit-
ain’s largest mining projects will reach a
decisive point next month when a ver-
dict is due on whether to allow it go
ahead in one of the country’s most pro-
tected landscapes.
With promises of thousands of jobs
and billions of pounds in exports, Sirius
Minerals has won a lot of local support
for its proposed £2bn investment to
mine polyhalite, a type of potash ferti-
liser, from a deposit under the North
York Moors National Park.
“Grant this application and give peo-
ple the opportunity to work. Put people
‘Now all there is for
youngsters are zero-hours
contracts working in cafés
and chip shops’
first,” says one letter sent to the national
park authority in support of the com-
pany’s plans. Another says: “When I was
young we had a fishing industry; now all
there is for youngsters are zero-hours
contracts working in cafés and chip
shops.”
But the company can proceed only if it
can persuade the authority to depart
from the statutory assumption that no
such development be allowed in a
national park. Andy Wilson, chief exec-
utive of the North York Moors National
Park Authority, believes the project,
known as York Potash, to be the largest
proposed for a UK national park. “This
is a big deal,” he says.
Supporters of the status quo believe
the development would ruin the park’s
tranquillity and could deter the tourists
that are an existing source of income
and jobs. The company also faces objec-
tions from Cleveland Potash Limited, a
Travel
rival that has mined potash at the
nearby Boulby Mine for decades, and
believes its interests could be jeopard-
ised.
A decision from the park authority’s
20 members, made up of delegates from
local councils and government appoint-
ees, is expected on June 30. The author-
ity’s planning officials have told Sirius
they are unlikely to make a recommen-
dation to members on whether they
should approve or reject the scheme.
Sirius’s UK-listed shares have climbed
to their highest level for almost two
years as the company’s hunt for plan-
ning permission looks to be close to an
end. The company has already spent
$200m.
Chris Fraser, Sirius’s chief executive,
says: “We believe the legacy this project
will leave is extraordinary. The benefits
are more than just the jobs created.”
A farm just outside the picturesque
coastal town of Whitby is the focal point
of the York Potash plan. It is here that
Sirius hopes to construct the mine head
to reach the seam of polyhalite, 1,500m
below.
Sirius also plans two access points in
the park to construct and service a tun-
nel under the moors — which at 37km
long and 6m wide would be almost the
length and diameter of London’s new
Crossrail train line — to carry polyhalite
to the port of Teesside for export.
Sirius says its designs will mitigate
how much the project intrudes on the
landscape: for example in what it says
will be a first, the frames that usually sit
on top of a mine shaft to support wind-
ing gear will be partially underground.
The company believes the biggest
impact will be during construction,
when temporary 45m winding towers
will be visible.
The project is supported by many
local landowners, who could earn
money from having sold their mineral
FINANCIAL TIMES
NATIONAL
Business battleground
York potash plan
Mine site
Mine
shafts Product
conveyor belt
1500 metres
6-metre diameter
FT graphic. Source: Sirius Minerals
Polyhalite
‘Fertiliser of the future’
starts to build a market
The target of Sirius Minerals’ project in
the North York Moors is a seam of
polyhalite, a form of potash that
contains potassium and other nutrients
needed for crops, but in different
amounts compared with standard
fertiliser products.
Sirius says polyhalite is a “fertiliser of
the future”, which farmers will be able to
use instead of multiple other products.
It has been conducting crop trials to
show the product’s effectiveness and
Mineral transport
system (MTS)
access points
Average depth
250 metres
MTS
Maintenance
vehicle
KCI seams
Salt seams
Polyhalite
build a market. Sirius points to 6m
tonnes of annual sales commitments.
That would cover almost half of peak
annual production.
However, Cleveland Potash, owner of
the UK’s existing potash mine on the
fringes of the moors, is less bullish. The
Israeli-owned company, which produces
almost 1m tonnes of potash a year, is
also starting to mine polyhalite: it sold
130,000 tonnes of it last year and hopes
to reach 600,000 tonnes a year in five
to eight years. “I do not see any
economic justification to build a new
mine only for polyhalite production . . .
Polyhalite will be a niche market for the
next 10 years,” says David Zvida,
managing director of Cleveland Potash,
which has also raised concerns that
Sirius could restrict its expansion plans
and compete for workers. James Wilson
Retail customers
Fears raised over peer-to-peer investing
EMMA DUNKLEY AND JUDITH EVANS
In the past few years, retail investors
have turned to peer-to-peer lending as
a way to earn better interest rates than
those on offer from high street banks.
But some experts are warning that retail
customers are at risk of a worse deal or of
being squeezed out because big busi-
nesses have entered the market and are
pickingoffthebestloans.
Peer-to-peer lending is channelled
through websites matching lenders
directly with borrowers. Compared with
established banks they charge low rates
and provide higher returns.
Huw van Steenis, an equity analyst at
Morgan Stanley, said the term peer-to-
peer was a misnomer, as institutional
money was “turbo-charging” lending
via these sites. “By harnessing institu-
tional funds in addition to retail, [peer-
Social goals
Scottish Nationalists offer support to
businesses paying staff ‘living wage’
MURE DICKIE — EDINBURGH
Scotland is launching a programme
that will give special government sup-
port to companies that promise to pay
a “living wage” and take other action to
promote productivity, fairness and
diversity.
The Scottish National party administra-
tion sees the “business pledge” pro-
gramme as a way of boosting productiv-
ity while meeting social goals such as
improving income equality.
The programme will be launched
today by Nicola Sturgeon, Scotland’s
first minister, during a visit to Heart of
Midlothian, a football team that has
won praise for promising to pay its staff
the Scottish living wage of £7.85 an hour.
To qualify for the programme, com-
panies must pay the living wage, which
is calculated independently of govern-
ment, to all staff who are over 18 and
meet at least two other of nine criteria
Materials
handling facility
Harbour
facility
Teesside port
facility
A171
Mineral
transport
system
Resource area
North York
Moors National Park
10km
rights to Sirius, though in some cases it
could take decades to reap these bene-
fits. Pro-business groups are also sup-
portive. James Farrar, chief operating
officer of the York, North Yorkshire and
East Riding Enterprise Partnership,
says the project will be “transforma-
tional” for the area, where unemploy-
ment is relatively high.
Others do not believe it is sufficiently
in the public interest to go ahead. Tom
Chadwick of the North Yorkshire Moors
Association, a charity that wants to pro-
tect the landscape, says: “This would
create a precedent for major develop-
ment, which has not happened in a
national park for 40 years. It would be a
foot in the door [for other development]
if it were allowed to take place.”
Adding to the complexity of the deci-
sion are differing opinions about the
need for the output from the mine. Park
to-peer] sites can broaden their portfo-
lios to a broader range of borrowers and
sustain significant growth for years.”
More than £1.2bn was lent via peer-
to-peer sites in the UK last year, and
£459m in the first quarter of 2015. Mr
van Steenis estimates the industry will
grow to $150bn-$490bn globally by
2020. Metro Bank struck a deal last
week to lend out customer deposits
through Zopa, one of the UK’s biggest
peer-to-peer platforms. It is the first
such deal by a UK bank.
Cormac Leech of Liberum, an invest-
ment bank, said: “It does potentially
create a problem because there is more
capital chasing loans, meaning returns
come down. How do we know that the
[peer-to-peer] platforms are not
favouring the larger investors?”
Peer-to-peer companies say they take
steps to make sure this does not happen.
that cover areas such as zero hours con-
tracts, youth training and diversity pro-
motion. The companies must commit
themselves to meeting all the criteria
over time. In return, Ms Sturgeon has
promised businesses “tailored support”
on skills, innovation and exports.
John Swinney, deputy first minister,
said taking the pledge should be seen as
a sign of corporate ambition.
“The Scottish business pledge should
become a badge of pride,” he said.
The CBI business lobby welcomed the
Scottish government’s collaborative
approach on exports and productivity,
but stressed that companies should not
be forced to pay the living wage.
“Living wages can be a useful guide
for those businesses able to pay more
but individual business circumstances
vary hugely, so this should be done on a
voluntary, aspirational approach,” said
Hugh Aitken, director of the CBI Scot-
land business lobby group.
Tuesday 26 May 2015
Dreamstime
A verdict is due in June on
whether to approve Sirius
Minerals’ £2bn plan to mine
polyhalite in the North York
Moors National Park, one of the
country’s most protected
landscapes
Boulby mine:
existing
potash mine
Whitby
5 km
Area of
interest
Mine site
Scarborough
A170
planners say authority members must
be confident that promised economic
benefits would be delivered and that the
business case for polyhalite is robust.
The battle for York Potash may not
end in June, with appeals possible what-
ever planners decide. But a positive ver-
dict would allow Sirius to turn its atten-
tion to another big task: raising the debt
and equity for the mine to proceed.
John Cook, a dairy farmer and one of
the holders of mineral rights, says plan-
ners can create something that will
serve the region for decades. “There
couldn’t be a better site for it . . . rely on
the planners now taking the bigger view
and seeing that this is something that
can go ahead and that will not be to the
detriment of the national park,” he says.
Video: James Wilson reports on calls to
allow mining for polyhalite in the North
York Moors National Park ft.com/video
Zopa says it randomly allocates each
approved loan to either institutional or
retail investors; institutions cannot
request a particular class of loan. Giles
Andrews, chief executive, said retail
investment continued to rise. He did not
plan a cap on institutional lending but
expectedittosettleatabout50percent.
Rhydian Lewis, chief executive of
RateSetter, said his service had chosen
to limit institutional investors to one:
P2P Global Investments, a listed fund
that accounts for less than 5 per cent of
investment. “We are bringing in institu-
tions gradually. If you crowd out retail
investors, they’ll never come back.”
More retail investors are expected
after peer-to-peer is included in individ-
ual savings accounts. The Peer-to-Peer
Finance Association is to introduce a
rule against allowing institutions to
“cherry-pick”themostdesirableloans.
Money show podcast
For the 30th anniversary of FT
Money, the team looks back at
three decades of investing.
This week, new FT Money editor
Claer Barrett also delves into
the world of nanny tax and
investing in wine
ft.com/moneyshow
Tuesday 26 May 2015 ★ FINANCIAL TIMES 5
6 ★
Infrastructure woes
Fuel shortages cripple Nigeria
Advisers to incoming
president in talks with
multinationals on crisis
WILLIAM WALLIS AND MAGGIE FICK
— LONDON
Advisers to Nigeria’s president-elect
Muhammadu Buhari are in talks with
multinational oil companies in an effort
to alleviate fuel shortages that have
brought business in Africa’s largest
economy to a virtual standstill.
Mr Buhari, who became the first
opposition candidate in Nigeria’s
history to unseat an incumbent presi-
dent at polls in late March, is due to be
sworn into office on Friday in the
middle of one of the worst fuel crises the
country has experienced.
Guaranty Trust Bank, a leading Nige-
rian bank, shut early yesterday because
it had insufficient diesel to run genera-
tors across its branches.
Airlines have cut back internal flight
schedules, international flights have
been rerouted due to the lack of aviation
fuel, and three mobile phone operators
have warned their networks will be
degraded unless there is an immediate
remedy.
The crisis has crept up on the country
in recent weeks amid wrangling by
national fuel marketers over more than
$1bn in alleged outstanding payments
by the outgoing administration of
President Goodluck Jonathan.
A deal late yesterday with the market-
ers’ association could see supplies
improve “over the next seven to 14
days”, according to a senior executive
with one company. But he said Nigeria
had only about two days of fuel in stock.
A spokesman for the finance minister,
Ngozi Okonjo-Iweala said the marketers
were demanding a balance of N200 bn
($1bn). The minister wanted the claims
verified first “but the marketers are
kicking against this and saying they
must be paid or they won’t supply”.
A senior executive at one of the mar-
keting companies claimed arrears to
January were more like $1.5bn. The
shortages have been compounded by a
series of strikes by tanker drivers — over
the non-payment of haulage fees — and
at the state oil company, the Nigerian
National Petroleum Corporation.
Nigeria pumps about 2m barrels of oil
a day and is Africa’s leading producer.
But it imports more than two-thirds of
its domestic fuel requirements because
Property
FINANCIAL TIMES
INTERNATIONAL
A dispute over payments to fuel importers has led to the crisis, with queues forming at petrol stations — Pius Utomi Ekpei/AFP
of the poor state of its four ageing are associated with those leaving power put, as a result of a cut-off of gas supplies
refineries. Private investment in refin- and after Friday they will have no hold,” to power plants because of the strikes.
ing has been stymied by the artificially a senior adviser to Mr Buhari told the The impact on the economy, already
low pump price of petrol, which the gov- Financial Times. slowing as a result of the fall in world oil
ernment subsidises at the cost of billions He said the incoming administration prices since last year, is expected to be
of dollars a year. was talking to the oil majors about severe, according to analysts.
The subsidy, which in the past has bringing in cargos as a short-term rem- Aliko Dangote, Africa’s richest busi-
soaked up about a quarter of the federal edy after the handover, but he said there nessman, told the Thisday newspaper
budget, is notoriously inefficient and was a limit to how far they could lock in he had been forced to shut down opera-
has been the target of alleged multibil- deals before formally taking office. tions at several of his cement plants, and
lion-dollar fraud, according to a string of The crisis would be a “distraction” had rushed to Abuja, the capital, at the
officially sponsored audits and from day one, he added, but it would weekend to impress upon Mr Jonathan
parliamentary investigations. also allow the new government to the urgency of the situation.
Mr Buhari, a former military ruler, review the subsidy regime and consider “I reminded him that he had won
made stamping out such fraud the cen- deregulating the market as a long-term praise at home and abroad for putting
trepiece of his campaign and some of the solution. “These challenges present an the country first by conceding defeat
marketers fear he will drag his heels opportunity to break the mould and do after the elections, but could squander
before settling arrears. things differently,” he said. all the good will if he failed to do any-
“The real issue here is that the mar- Meanwhile, official power grid pro- thing to reverse this unprecedented
keters see this as a way of blackmailing duction has dropped to about 1,300 energy crisis,” Mr Dangote said, in a rare
the incoming government. A lot of them megawatts, about half its normal out- shot across the bows of government.
Deposits scheme
India meltdown move aims to Malaysia police
curb hunger for imported gold find 139 graves
AMY KAZMIN — NEW DELHI
DAVID KEOHANE — MUMBAI
India’s policy makers have long sought
to curb their citizens’ rapacious appe-
tite for imported gold — tonnes of
which are believed to be stashed away
under mattresses, in cupboards and in
the hidden vaults of Hindu temples.
But after the failure of gold import bans,
restrictions and high tariffs, Prime Min-
ister Narendra Modi’s administration is
trying a new tack to reduce India’s hun-
ger for imported gold.
It is planning to launch a scheme to
try to entice institutions and individuals
to deposit their gold holding with banks,
in exchange for interest payments —
which could even be tax-free.
By tapping into India’s vast treasure
trove of domestic gold, which the World
Gold Council estimates could be as much
as 22,000 tonnes, New Delhi hopes to
provide a domestic source of the pre-
cious metal for jewellers to meet growing
demand for wedding ornaments, thus
pruningthecountry’simportbill.
But there is a catch: gold depositors
must consent to having their precious
metal melted down and recycled, which
may be acceptable to those holding gold
biscuits or bullion but will deter those
with sentimental attachment to their
jewellery.
Although the scheme’s precise details
are still being worked out, analysts say
the government hopes to woo affluent
families now keeping savings as gold
bullion, or Hindu temples, many of
which — like the Sree Padmanabhas-
wamy Temple in Kerala — also have
large stashes of gold donated by devo-
tees, much of it biscuit or bullion form,
hidden in their vaults.
“If you have sentimental reasons for
attachment to the jewellery or its
designs, then you are not the target
audience for the scheme,” says Sonal
ft.com/house&home Varma, chief India economist at
Nomura. “It should be high net worth
individuals, or middle-income house-
FT PROPERTY
........................................................................................................................................................................................................... holds storing gold for investment. The
Classified Property Advertising temple trusts are also a primary target.”
UK: +44 20 7873 4907
US: +1 212 641 6500 Indians last year imported nearly 900
ASIA: +852 2905 5554 tonnes of gold — its second-largest
import item after fuel. In 2013, India’s
Internal factions
Rise of Iran’s new parties
gives hope to reformists
NAJMEH BOZORGMEHR — TEHRAN
After years of brutal suppression, two
reformist parties have emerged in Iran.
But Iranian moderates are torn
between suspicion and hope, unsure
whether the emergence of Nedaye Ira-
nian (Voice of Iranians) and Ettehad
Mellat Iran (Iranian National Unity)
marks a change in the regime’s stance
on reformists or a prelude to another
crackdown.
“In order to prevent an explosion within
the strong social base of reformist
groups, the regime has realised it has no
choice but to allow tame, flexible parties
to bring their followers somewhere
where they can be monitored,” said one
reform-minded political analyst.
“The regime hopes the move will
function as a vaccine to provide immu-
nity to rebellious reformist parties,
which it sees as a disease like Ebola.”
Members of both parties are
expected, sooner or later, to be caught
between popular demands for greater
political and social freedom and regime
resistance.
Whenever these tensions erupt, ana-
lysts say, hardliners quickly intervene
and convince security and intelligence
organisations that the reformists fan
public demands that threaten the sur-
vival of the regime.
The same argument is usually used to
disqualify reformist candidates in vet-
ting procedures before elections —
something that many expect in advance
of February’s parliamentary elections.
Supporters of Iran’s reformist Green
Movement poured on to the streets in
2009 to protest what they said was the
fraudulent re-election of Mahmoud
Ahmadi-Nejad as president. The unrest
was the worst since the Islamic revolu-
tion in 1979 and unnerved the regime.
In the ensuing crackdown, many sup-
porters were imprisoned and reformist
leaders remain under house arrest.
The new parties have been careful to
pledge allegiance to gradual reforms
within the Islamic regime. Both rely on
former members of the Mosharekat
(participation) party, which was the
biggest reformist party but was out-
lawed after the unrest erupted in 2009.
Ettihad Mellat, led by Valiollah Shoja-
Pourian, a former reformist member of
parliament, has been criticised by Iran’s
hardliners, who claim it is simply
Mosharekat with a new name.
hunger for gold was blamed for the soar-
ing current account deficit and heavy
pressure on the currency, and prompted
an attempted clampdown on imports.
Restrictions have since been relaxed,
and gold imports are again rising — up
78 per cent in value terms to $3.1bn year
on year in April.
At least 65 per cent of gold imported
into India is used to make jewellery for
brides for their wedding day and then as
long-term financial assets, hedged
against inflation and currency volatility.
In emergencies, Indians routinely use
gold ornaments as collateral to secure
loans from informal money lenders.
22,000 78%
Number of tonnes Year-on-year rise
the World Gold in value terms of
Council estimates gold imports in
Indians have April to $3.1bn
Puran Doshi, who owns a jewellery
shop in Mumbai, said he was doubtful
that many families would entrust their
gold to a bank fixed-deposit style
scheme, which would turn what is now a
fairly liquid asset into an illiquid asset.
“Women are possessive about their
jewellery: even if their husbands ask for
it they don’t give it straight,” said Mr
Doshi, who also gives loans against gold
deposits. “They will only give it for emer-
gencies—andonlyforcash.”
India tried a gold deposit scheme in
1999 but interest rates were too low to
give customers an incentive to partici-
pate. Banks have also expressed doubts
about the costs of running such complex
schemes. But Ms Varma said even if a
small minority of Indians or wealthy
temples participate in the scheme — and
it raises 100 to 200 metric tons of gold a
year — it would help cut India’s gold
import bill by billions of dollars.
Tuesday 26 May 2015
The Nedaye Iranian party has 2,300
members who are mostly in their early
30s and is led by Sadegh Kharrazi. A
former ambassador to Paris, Mr Khar-
razi raised the possibility of a “grand
bargain” with the US more than a dec-
ade ago to calm hostile relations
between the two countries.
Mr Kharrazi is the son of a senior
cleric, his sister is married to a son of
Ayatollah Ali Khamenei, Iran’s supreme
leader, and his son is married to a grand-
child of Ayatollah Ruhollah Khomeini.
“We believe in the jurisprudence of
Iran’s supreme leader [to have the last
say in all state affairs] and consider sec-
ularist moves the biggest blow to Iran
throughout history,” Mr Kharrazi said.
“Political development has nothing to
do with encouraging people to take part
in street protests.”
He insisted that Iran was becoming
more moderate domestically and inter-
nationally, pointing to the victory of
centrist president Hassan Rouhani, the
Sadegh Kharrazi: insists that Iran
is becoming more moderate
nuclear negotiations with world powers
and a number of regional policies that
coincide with US interests in the region,
including in Iraq and Afghanistan.
While a number of reformists are crit-
ical of Mr Kharrazi, with some even
charging that he formed his party on the
orders of the supreme leader — which he
dismisses as a “sheer lie” — others have
cautiously welcomed his initiative.
“As the Islamic Republic is negotiating
with the major powers over the nuclear
issue, it is also trying to resolve prob-
lems at home with reformists,” said
Mohammad-Sadegh Javadi Hesar, a
reformist politician.
“Interaction with reformists is not
necessarily round a negotiating table.
Such opening, regardless of the system’s
intentions and reformists’ suspicions,
are what we have been hoping for.”
Migrants
at smugglers’
transit camps
MICHAEL PEEL — BANGKOK
Malaysian police have discovered 139
graves thought to contain the remains
of hundreds of people smuggled from
Myanmar and Bangladesh in Southeast
Asia’s escalating migrant crisis.
Authorities in Kuala Lumpur say they
located the burial sites at 28 abandoned
camps less than 1km from the northern
border with Thailand, which has made
similar finds on its side of the frontier.
Thousands of migrants are still
believed to be stranded at sea in an
emergency that has laid bare the perse-
cution of Myanmar’s Muslim Rohingya
minority and the failure of the region’s
governments to crack down on long-
publicised smuggling routes.
General Khalid Abu Bakar, Malaysia’s
police chief, said yesterday that multi-
ple bodies were found in some of the
graves discovered during an operation
near the border between May 11 and 23.
Zahid Hamidi, home minister, has said
he suspected the camps had been used
by smugglers for at least five years.
Gen Khalid said police arrived in
the area yesterday to start exhumation,
after local media reported that almost
100 bodies had been found in one grave.
One burial site was only 100m from a
similar discovery in Thailand, where the
remains of 26 people were dug up in one
mass grave this month.
Critics say the crackdown on the
camps is long overdue and was probably
delayed because officials were paid off
by smugglers.
Asian governments, the US and inter-
national institutions are due to meet in
Bangkok this week for talks on dealing
with boatloads of migrants abandoned
by smugglers at sea, after the clamp-
down on the onshore transit camps.
While more than 3,600 people landed
in Malaysia, Indonesia, Thailand and
Bangladesh between May 9 and May 22,
according to international agencies,
thousands are thought to be stuck in
crowded vessels short of food and water.
Tuesday 26 May 2015
Poland lurches
to the right after
surprise result in
presidential poll
Duda’s win likely to lead to big shift
in relations with Brussels and Berlin
HENRY FOY — WARSAW
Before a sea of waving Polish flags and a
boisterous crowd of supporters chant-
ing his name, Andrzej Duda heralded
his stunning victory in Poland’s presi-
dential election as a seismic shift in the
country’s political arena.
“Those who voted for me, they voted
for a change,” he said, after the first
national election victory in a decade for
the rightwing Law and Justice party.
“Today we can change Poland.”
The win for the socially conservative,
nationalist, eurosceptic party, which
saw Mr Duda oust Bronislaw
Komorowski, the government-backed
incumbent from the presidential pal-
ace, represents a significant lurch to the
right in Polish politics. It has sent shock-
waves through the country’s political
establishment that could ultimately
topple the ruling party in October after
eight years in power.
Backed by both the country’s restless,
anti-establishment youth and its con-
servative pensioners, Mr Duda’s elec-
tion, which was unthinkable just a few
months ago, represents a significant and
far-reaching rejection of the ruling Civic
Platform party.
Despite delivering years of economic
prosperity and political stability, it faces
the likely prospect of being booted out
of power in parliamentary polls just five
months away. It is a swing that could
lead to significant shifts in Poland’s atti-
tude to the EU, Warsaw’s ties with
Berlin, and the country’s fiscal reform
agenda. “I am convinced that we can
be united and that together we can
rebuild our country,” Mr Duda, a rela-
tive unknown outside of political circles
before the election, told his supporters
late on Sunday. The 43-year-old mem-
ber of the European Parliament secured
51.5 per cent of the national vote.
While Poland’s president holds a
largely ceremonial role, he can veto and
propose parliamentary legislation. Mr
Duda is expected to take office in early
August. His victory, and the potential
deposing of the centrist, pro-European
Civic Platform before the end of the
year, will raise concerns across the EU
that its sixth-largest economy may cool
relations with Brussels and other west-
ern capitals.
Civic Platform has built strong ties
with Germany and projected Poland as
an enthusiastic, willing and outspoken
member in the EU. Law and Justice is
more sceptical of the EU’s agenda.
Mr Duda has called for a repatriation
of more powers from Brussels to indi-
vidual member states, an effort that
chimes with British prime minister
David Cameron’s attempts to renegoti-
ate the UK’s relationship with Europe.
Mr Komorowski’s campaign warned
that Mr Duda’s party could scupper
Poland’s economic gains and its impor-
tant role in Europe. He reminded voters
of the last Law and Justice government
between 2005 and 2007, which was
marked by poor relations with Ger-
many, strongly conservative social poli-
cies and political purges of bureaucrats.
Jaroslaw Kaczynski, the last Law and
Justice prime minister, will be the
★ FINANCIAL TIMES 7
INTERNATIONAL
Victorious: party’s candidate for that office again in Szacki, a political analyst at Polityka trials, and we have fought worse bat-
Andrzej Duda October, senior party leaders said yes- Insight, a think-tank. “The demands for tles,” he said. “It is only up to us to turn
celebrates with terday, in an election that analysts said political changes and the anger of the this failure into success. We will win.”
supporters Civic Platform would struggle to win young, which ended the Komorowski The president-elect has also promised
Czarek Sokolowski/AP given the political earthquake caused by presidency, in the autumn will hit [Civic to repeal an increase in Poland’s retire-
Mr Duda’s victory. Platform].” ment age brought in under his predeces-
“Social emotions are turned away The vote illustrated deep divides in sor, raise the country’s income tax
from the ruling party,” said Wojciech Polish society. Despite headline growth threshold and force banks to convert
figures since 2008 that are almost twice costly Swiss franc mortgages back in
as large as any other EU member, the local currency, moves that are esti-
Polish presidential elections Andrzej fruits of Poland’s economic boom have mated to cost more than €61bn.
% support for Gdansk Duda
not been equally shared. ‘We have Banking stocks and Poland’s currency
winning Bronislaw
Strikingly, all the poorer eastern all weakened yesterday morning as
candidate*
57%
58% 56% Komorowski
regions backed Mr Duda, while the experienced markets digested the implications of the
56% 62% more prosperous western regions sup- worse trials, election result.
54% ported Mr Komorowski without excep- “The consequent simultaneous high
Poznan Warsaw tion. In rural areas, 62 per cent of voters and we probability of significant changes on the
57% 57%
backed Mr Duda, according to an exit have fought political scene after the autumn parlia-
53% poll, while Mr Komorowski carried 59 mentary elections suggest higher politi-
64%
52%
63% 50% 64%
per cent of votes from the cities. worse cal risk and uncertainty concerning the
Mr Komorowski, who faces an uncer- battles’ shape of fiscal and monetary policy in
* Late poll Ipsos 62%
69% tain political future, used his concession the medium term,” wrote lender Crédit
Source: Ipsos Mori exit poll
Krakow speech to encourage the party to fight Bronislaw Agricole.
for power. “We have experienced worse Komorowski Additional reporting by Zosia Wasik
8 ★
Shipping containers
Panama Canal’s boom
years are over, says chief
Changing trade patterns
and lower US consumer
spending hit traffic
SHAWN DONNAN
— WORLD TRADE EDITOR
The volume of shipping containers sail-
ing through the Panama Canal is
unlikely to return to 2007 pre-crisis
boom levels, thanks to changing pat-
terns in global trade and manufacturing
and what appears to be the more parsi-
monious habits of US consumers,
according to the canal’s chief executive.
Jorge Quijano, chief of the Panama
Canal Authority, said US energy and
grain exports would help increase traffic
on the 100-year-old canal and validate
an eight-year, $5.3bn expansion now
nearing completion. However, the
world and the canal were unlikely again
to see the sort of booming container
trade that characterised the 1990s and
early 2000s, he said in an interview with
the Financial Times,. “That trend has
peaked.”
The two main reasons for his predic-
tion, Mr Quijano said, were a move by
many US companies to bring produc-
tion closer to home that was contribut-
ing to slower growth in global trade, and
what appears to have been a change in
the behaviour of US consumers since
the crisis towards frugality. Yet the US
economy is responsible for more than
two-thirds of the canal’s business.
Mr Quijano’s predictions add to the
debate about changing patterns of glo-
balisation since the crisis.
Stimulus wind-down
Brazil’s currency woes and worsening
recession deal blow to growth hopes
JOE LEAHY — SAO PAULO
Brazil’s economy is expected to con-
tract by nearly one-quarter this year
in dollar terms due to a depreciating
currency and a deepening recession,
according to government figures.
Brazil’s planning ministry revealed in a
budget presentation that gross domestic
product was expected to be $1,812bn
this year, down 23 per cent from
$2,353bn a year earlier, as President
Dilma Rousseff tries to unwind a multi-
year stimulus programme that has left
government finances bleeding red.
“We know that in a populist model
you have a fake sense of prosperity in
the short term,” said Alberto Ramos,
economist with Goldman Sachs.
“So after populism comes the adjust-
ment and the adjustment is basically
just giving back all these fake gains.”
Brazil’s economy is facing a hangover
with the end of the commodities super-
cycle and government efforts to prolong
a consumption and credit-led boom.
Much of the expected fall in Brazil’s
economy in dollar terms this year is due
to a projected depreciation of about
21 per cent in the real against the dollar
from R$2.66 at the end of 2014 to an
estimated R$3.22 by the end of 2015,
according to the planning ministry.
But the extent of the depreciation
shows the challenges facing Brazil as it
seeks to stabilise its contracting econ-
omy.
Brazil’s real was the worst performing
significant emerging market currency
after Turkey’s lira against the dollar so
far this year with a 10.7 per cent decline
against the dollar, according to an index
compiled by JPMorgan.
The planning ministry estimated
Brazil’s economy would contract by
1.2 per cent this year in local currency
terms compared with a year earlier,
which would be its worst performance
in 25 years.
Brazil lost jobs in April for the first
time for that month since records began
in 1992, according to data from the
labour ministry on Friday. It shed
almost 98,000 formal posts last month,
surprising analysts who had forecast the
creation of about 50,000 positions.
The figures came a day after data
from Brazil’s national statistics office
showed the country’s unemployment
rate reached 6.4 per cent during April,
its highest level in four years.
The central bank, meanwhile, is
increasing interest rates to try to quell
inflation, which has breached the top
of its range of 4.5 per cent, plus or minus
2 percentage points. The planning min-
istry estimates inflation will end the
year at 8.26 per cent.
To try to restore sinking investor con-
fidence, the government has announced
an austerity or “adjustment” plan to
return its finances to an even footing
INTERNATIONAL
For most of the past three decades as
part of what some have called an era of
“hyperglobalisation”, world trade has
grown at twice the rate of the global
economy. Since the crisis, that has
changed. After collapsing in 2009 and
recovering in 2010, global trade has set-
tled into a pattern of growing roughly at
or belowtherateoftheworldeconomy.
The question that economists debate
is how much of that is the result of struc-
tural changes in the global economy
rather than simply the protracted and
still anaemic recovery from the 2008
crisis in places such as Europe.
Mr Quijano said he did not believe
globalisation had gone into reverse, or
that the role of China and other Asian
producers in global supply chains was
about to end suddenly. Western compa-
nies had invested too much in setting up
production facilities in China to sud-
Canal tonnage
By market segment (m tonnes)
Container
Dry bulk 140
Liquid bulk
120
Vehicle
carriers 100
80
60
40
20
1999 2005 10 14
Source: Panama Canal Authority
21%
Projected fall in the
Brazilian real against
the dollar this year
6.4%
Brazil’s unemployment
rate in April, its highest
level in four years
after Brazil last year reported its first
primary budget deficit — the balance
before interest payments — in more
than a decade. It said on Friday it would
freeze R$69.9bn in discretionary expen-
ditures — administrative and invest-
ment costs — and raise taxes on banks
and brokerages among other measures.
It is seeking a primary fiscal surplus of
1.2 per cent of GDP while many econo-
mists believe it will manage less than
‘We know that in a
populist model you have
a fake sense of prosperity
in the short term’
FINANCIAL TIMES
denly abandon them, he said. Still, “we
believe some reshoring or nearshoring
will take place”, he pointed out, and that
boded badly for container traffic’s
future growth. Container ships now
account for a quarter of all trips through
the canal and almost half the tolls col-
lected.
The canal recorded its best year for
container traffic in the year to Septem-
ber 2007 with 3,600 ships carrying the
equivalent of 12.6m 20ft containers
(teu) passing through. In the 2014
financial year, 2,891 container ships
passed through the canal carrying 11.6m
teu. In the first six months of the current
financial year, container traffic has
grown only 2.9 per cent, according to the
Panama Canal Authority.
At least part of the problem for
the canal has been that the trend in the
container shipping industry has been
towards larger vessels, some of which
are too big for the canal. Once the
expansion is completed, the canal
would be able to accommodate ships
carrying up to 14,000 20ft containers
and 97 per cent of the global merchant
fleet, Mr Quijano said, adding that there
were discussions under way about
another expansion.
He is not the first shipping executive
to identify this bigger problem. In an
interview with the FT in January, Nils
Andersen, chief executive of AP Møller-
Maersk, the world’s biggest shipping
line, said global trade was unlikely to
grow as fast as it did before the crisis,
warning of overcapacity in the shipping
industry. “The good old days will most
likely not come back,” he said.
Jobseekers in Rio de
Janeiro — Dado Galdieri/Bloomberg
1 per cent. “This is part of a big fiscal
effort by the government to meet its
primary target,” said Nelson Barbosa,
planning minister.
But economists worry that even if
government efforts to generate a pri-
mary fiscal surplus this year are suc-
cessful, economic growth will not
bounce back strongly enough in 2016 to
ease the impact of the austerity drive.
Brazil will need to deliver reforms to
encourage investment if it is to return
to higher growth, they said. “It is a big
challenge to deliver better fiscal num-
bers under such a weak economic envi-
ronment,” said David Beker, economist
with Bank of America Merrill Lynch.
Additional reporting by Samantha
Pearson in São Paulo
Tuesday 26 May 2015Tuesday 26 May 2015
★ FINANCIAL TIMES
Labour market
Productivity slowdown
a ‘global’ phenomenon
Low worker output poses
threat to living standards,
says US think-tank
CHRIS GILES — LONDON
SAM FLEMING — WASHINGTON
Output per worker grew last year at its
slowest rate since the millennium, with
a slowdown evident in almost all
regions, underscoring how the problem
of lower productivity growth is now tak-
ing on global proportions.
The Conference Board, a US think-
tank, said that based on official data on
output and employment from most
countries, only India and sub-Saharan
Africa enjoyed faster labour productiv-
ity growth last year.
Globally, the rate of growth deceler-
ated to 2.1 per cent in 2014, compared
with an annual average of 2.6 per cent
between 1999 and 2006, it said.
Bart van Ark, the Conference Board’s
chief economist, said that taking
account of skill levels and investment
as well as the number of workers, total
factor productivity fell in 2014 by
Wall Street way: global banking rules have been enforced most stringently in the US — Richard Drew/AP
Basel group faces up to
compliance challenge
Banking standards body pins
hopes on assessments as
support for reform fades
LAURA NOONAN — BASEL
CAROLINE BINHAM — LONDON
BARNEY JOPSON — WASHINGTON
After seven years of frenetic rulemaking
in the wake of the global financial crisis,
the Basel Committee on Banking Super-
vision faces a new challenge — ensuring
banks and countries follow the rules as
political support for reform fades.
“We don’t have sanctioning authority,
we can’t assess fines or penalties but
we’ve got peer pressure and public dis-
closure which are actually quite effec-
tive,” says William Coen, the American-
born head of the Basel Committee’s
secretariat.
Peer pressure takes the form of
compliance assessments looking at
how well governments have applied
the new rules introduced since 2009,
which have prompted the world’s top 10
banks to increase their capital by more
than $470bn.
Outcomes of the reviews are pub-
lished, including last year’s assessment
that the EU was “materially non-
compliant” with the latest wave of
banking rules. Mr Coen says jurisdic-
tions typically improve compliance
after an unfavourable verdict.
“Market participants, such as the
rating agencies, pay close attention to
what we do,” adds Mr Coen, implying
that banks may have less credibility
with investors and may suffer finan-
cially in countries where the rules are
not fully applied.
Large banks in the US, where the
global rules have been enforced most
stringently, typically trade at a higher
valuation than banks in the EU,
INTERNATIONAL
0.2 per cent. “This is a worldwide global
phenomenon and so we have to take it
very seriously,” he said.
Economists are increasingly identify-
ing low productivity as one of the great-
est threats to improved living standards,
in rich and poor countries alike.
The fact that companies have become
less efficient at converting labour, build-
ings and machines into goods and serv-
ices is beginning to trouble policy mak-
ers around the world. Janet Yellen, US
Federal Reserve chairwoman, cited
weak US productivity as a cause of “the
tepid pace of wage gains in recent years”
on Friday. Also last week, George
Osborne, UK chancellor, set higher pro-
ductivity as the most important eco-
nomic priority of the new government.
“Our future prosperity depends on it.”
Raising productivity is seen as one of
the only ways to improve living stand-
ards, at a time when advanced and some
emerging economies are seeing ageing
populations and a rapidly increasing
retirement rate. Without stronger pro-
ductivity growth, the world may endure
lower rates of economic expansion.
In a report due to be published next
Banks. Regulation
although other factors also account for
the difference. Basel’s rules cover every-
thing from increasing the buffers banks
maintain to deal with losses, to making
certain risky investment activities so
costly that most banks no longer do
them, to ensuring banks can no longer
be “too big to fail”.
Claudio Borio, chief economist at
the Bank for International Settlements,
which provides the secretariat’s staff,
says that while national authorities
“quell the fires”, the amount of work for
the Basel Committee “balloons” after
crises. The secretariat is now 22, up
from 15 in 2007.
With most of the big financial reforms
set to be completed within the year,
the committee is dealing with new chal-
lenges. David Green, former head of
‘We don’t have sanctioning
authority, we can’t assess
fines or penalties’
William Coen, Basel secretariat
international policy at the UK’s Finan-
cial Services Authority, says it has three
key questions to answer.
“The first is whether what has been
agreed is actually put in place,” he said.
“The second is whether the new regu-
lation actually does what it was
intended to do and whether the side-
effects are acceptable, whether they
were intended or not.
“The third and most fundamental is
whether the whole concept of eliminat-
ing too big to fail was misconceived.”
The committee still has some impor-
tant projects to finish, like a review of
how much capital banks must hold for
trading activities. That worries some
bankers who fear a dramatic uplift in
capital requirements for that area.
“We have become concerned that
9
month, the Conference Board said the
slowdown in productivity growth was
only partly the result of a hangover from
the 2008-09 economic crisis and also
reflected more deep-seated economic
problems.
With the global supply of workers
reaching a peak, the trend must be
reversed for people to enjoy rising pros-
perity in the years ahead, creating a
“huge challenge” for companies.
Economists disagree on the precise
cause of the weakness in productivity,
but some trends stand out.
More optimistic explanations centre
around the effects of the crisis itself,
which encouraged companies to
retrench and not invest in better tech-
nology and processes. This should wane
as the global recovery continues.
But Mr van Ark says a temporary
weakness is “not the whole story” and
that there are bigger trends at work. He
says emerging markets are reaching the
limits of easy growth based on catch-up
technology while advanced economies
are focusing on services, which tend to
have less scope for efficiency gains.
FT Big Read page 11
some of these regulations are being
rushed through without sufficient
time being given to fully understand
their consequences,” says Michael
Lever, a former Bank of England official
who now heads the prudential division
of the Association for Financial Markets
in Europe.
Fierce lobbying from banks and pow-
erful countries can bring about big con-
cessions. For example, in 2013 Basel
overhauled liquidity rules announced
three years earlier after banks com-
plained that the rules would floor their
trade finance businesses.
“It can be challenging at times,” says
Mr Coen. “We’re a global organisation.
Countries have different types of econo-
mies, they’re at different parts of the
business and credit cycles and have
different supervisory practices.”
In emerging markets, largely
untouched by the financial crisis but
within the Basel Committee’s remit all
the same, global regulators face an
uphill battle to convince locals the rules
are needed at all.
“There’s always a danger of compla-
cency,” says Mr Coen. “There are coun-
tries around the world who may say the
crisis didn’t affect us, so why should we
care about Basel III [the latest package
of Basel rules]?
“Our response is that everyone should
be mindful of the lessons of the crisis,
and we don’t know what the source of
the next crisis will be, or where or how it
will strike.”
An assessment of how the rules have
panned out in practice is also firmly on
Mr Coen’s to-do list. But he challenges
bankers’ common gripe about the rules
not operating as they should.
He says: “We hear quite often about
unintended consequences of our
reforms when, in fact, the effects of our
reforms are actually fully intended;
some just don’t like them.”
10
Greece crisis
Tsipras wins party approval for bailout deal
Prime minister will accept
viable ‘but not humiliating’
pact with EU and IMF
KERIN HOPE — ATHENS
Alexis Tsipras, Greece’s prime minister,
won backing from his radical Syriza
party to conclude a bailout deal in the
face of opposition from an extreme left
faction that warned against giving in to
“blackmail” by the country’s creditors.
Greece was in the final stretch of nego-
tiations and would accept a viable “but
not a humiliating” agreement, the pre-
mier told a meeting of Syriza’s 350-
strong central committee, without
giving details of the talks with the EU
Spain dazed and confused following local elections
The political landscape has
changed from a two-party
regime to a four-way contest
TOBIAS BUCK — MADRID
There is little doubt as to who emerged
victorious in Spain’s regional and local
elections. In no particular order, the
winners were: confusion, fragmentation
and unpredictability.
Spain’s ruling Popular party lost heav-
ily on Sunday but it remains the biggest
political force in the country. The oppo-
sition Socialists did even worse than
four years ago but will probably drive
the PP from government in several
centre-right bastions. Two political
newcomers, Podemos and Ciudadanos,
made an impressive entry into regional
and local assemblies, turning Spain
from a two-party regime into a four-way
contest. But they remain kingmakers
not kings — strong enough to block oth-
ers from taking power but too weak to
take power themselves.
As conflicting claims of victory kept
piling up, the most striking conclusion
was probably this: even after the official
results were published, voters in the
13 regions that held elections on Sunday
had little idea which sides would be in
government and which in opposition.
After decades of stable majorities
and single-party governments, political
power in Spain’s regions will now have to
be shared between bitter political rivals.
Based on current polling, it is a sce-
nario that will probably be repeated at
the general elections later this year, a
thought that already appears to be
unsettling investors in Spanish equities.
Yesterday, the Ibex-35 index of leading
Spanish shares fell more than 2 per cent,
with energy and bank shares faring
especially poorly.
“It is not clear who will govern in the
majority of the regions, and it is hard to
see what coalitions will ultimately
emerge. Everything now depends on the
negotiations between the parties over
the next few weeks,” said Pablo Simón,
professor of politics at Carlos III Univer-
sity in Madrid.
Like other analysts, Prof Simón
pointed out that all the major parties
had cause for both cheer and caution:
“The PP can claim that it is still the
most-voted party, but it has never had
such precarious majorities. In terms of
★ FINANCIAL TIMES
and the International Monetary Fund.
Government officials in Athens claim
tect workers and pensioners who have
been the victims of austerity,” said one
a deal could be struck by the end of this
week. But European partners say the
participant.
Greece has threatened to default on
two sides are still far apart on issues Mr
Tsipras calls “red lines we cannot cross”,
including pension reforms and
€1.6bn of loan repayments due to the
IMF in June if it fails to reach a deal with
increases in value added tax, according
to several people with knowledge of the
‘[Tsipras] is shifting to
negotiations. pragmatism; he’s come
The two-day meeting, staged to
review the Syriza-led government’s first
a long way since the
100 days in power, endorsed the leader- January election’
ship’s stance that if the government’s
cash crunch escalated “to an extreme creditors, claiming it is about to run out
point”, paying pensions and public sec- of cash after almost a year without bail-
tor wages would take priority over out aid.
meeting repayments of bailout loans. “He [Mr Tsipras] is shifting to prag-
“Our commitment above all is to pro- matism; he’s come a long way since the
Polls. PP suffers losses
Supporters power, it has never been so weak.”
cheer for The political left, meanwhile, made
Ahora Madrid. strong gains overall but largely because
Initial municipal of the rise of the anti-austerity Podemos
results showed movement. “There has been a shift to
the party in the left but it is a left that does not speak
second place with a united voice,” said Prof Simón.
Pablo Blazquez Dominguez/
Getty Images
Antonio Roldan, a political analyst
at Eurasia Group, pointed out that
Podemos and the Socialists had enough
votes to govern in a string of regions cur-
rently ruled by the PP.
But he cautioned that Podemos had
little incentive to throw in its lot with its
main rival on the left. “Deals between
the two will be very difficult. It is not
clear at all that Podemos wants to hand
the government to the Socialists — it
could hurt them nationally.”
For Mariano Rajoy, Spain’s prime
minister, Sunday’s vote offered another
sobering blow, along with worrying
confirmation that the country’s acceler-
ating economic recovery is still not help-
Obituary
Master of
game theory
altered how we
look at choices
John Nash
Economist and mathematician
1928-2015
John Nash: plagued by mental
illness for more than 20 years
INTERNATIONAL
January election. But this isn’t a bluff,”
said George Pagoulatos, a professor at
Athens University of Economics and
Business.
The threat to default was denounced
yesterday by a senior conservative poli-
tician as likely to trigger the imposition
of capital controls if no agreement was
reached by the weekend.
“We could see a repeat of what hap-
pened in Cyprus if there isn’t a deal,”
said Dora Bakoyannis, a former foreign
minister, referring to the collapse two
years ago of Cypriot banks in 2013 and a
bail-in of depositors’ funds.
The hardline Left Platform, the offi-
cial internal opposition, called for
tougher policies in “the case that credi-
tors continue their blackmail” — a refer-
ing his PP at the ballot box. Unless coali-
tion talks produce a complete upset, the 27%
centre-right bloc is likely to lose power Share of the
in Castilla-La Mancha, Valencia, Extre- vote won by
madura and several more regions. Add- Prime Minister
ing up the PP’s performance in local Mariano Rajoy’s
Popular party
elections across the country, Mr Rajoy’s
party took just 27 per cent of the vote,
down from 38 per cent in 2011. 38%
In a surprise setback, the PP is even Share of vote
heading for the opposition benches in Popular party
Madrid — after 24 years in control of the won in local
elections in 2011
Spanish capital. The new mayor, in all
likelihood, will be Manuela Carmena, a
71-year-old former judge and human
rights activist, who led a leftwing alli-
ance. Similar grassroots candidates
were also on course to oust PP mayors
in a string of other important cities, as in
Catalonia, where anti-poverty crusader
Ada Colau is on course to snatch the
regional capital from the hands of CiU,
the Catalan centre-right party.
Spain’s other political insurgent, the
Most academics spend their lifetime
craving to leave one lasting contribution
to their field. By the age of 30, John
Nash, who died at 86 in a weekend road
accident along with his wife Alicia, had
made discoveries that would revolu-
tionise two disciplines and secure him
both the Nobel Prize in economics and
its equivalent for mathematics, the Abel
Prize.
His doctoral thesis at Princeton, a
slender 32-page document completed
when he was just 21, placed game the-
ory, the study of strategic interactions
pioneered by mathematician John von
Neumann, at the heart of economics.
After Nash, economists stopped
thinking exclusively about unrealistic
models of perfectly competitive mar-
kets and began focusing on cases in
which each agent has to consider the
actions of rivals.
The concept of the “Nash equilib-
rium”, which he invented, changed the
way we look at the choice by companies
to advertise or by governments to stock
a nuclear arsenal. While both decisions
can appear wasteful, individuals still
take them in response to what they
think their opponents will do.
“John Nash’s definition of the Nash
equilibrium was for the social sciences
what the discovery of the DNA structure
by James Watson and Francis Crick was
for biology,” said Roger Myerson, a fel-
low Nobel laureate in economics. “It was
ence to the European Central Bank’s
refusal to let Athens resume issuing
short-term bills without an agreement.
“The fight within Syriza is now
between the pragmatists and those who
want to claim the mantle of anti-auster-
ity that Tsipras is about to lose,” said
Mujtaba Rahman of the Eurasia Group
risk consultancy.
Panayotis Lafazanis, Left Platform’s
leader and the minister of industry,
energy and the environment, criticised
the government’s plans to resume priva-
tisations in defiance of Syriza’s cam-
paign pledge.
He also hinted that Greece should
consider leaving the euro if its creditors
continued “their terrorist policy”.
Short View page 17
centrist Ciudadanos party, did not do as
well as expected. Even in its strongest
regions, it came only fourth. But ana-
lysts argue Ciudadanos could still play a
crucial role after general elections this
year, because it is the only party with
whom the PP can realistically obtain a
governing majority at the national level.
“It would be wrong to interpret what
happened as a revolution, but it would
be just as wrong to ignore the strong
message of change that these results
have sent,” an editorial in the El País
daily said yesterday.
“It is hard to see how the two-party
system can continue to serve as the axis
of Spanish politics.”
Mr Roldan offered a similarly
nuanced conclusion: “After 35 years
of complete dominance, the two-party
system is broken. We now have four par-
ties that matter. But it looks like the
established parties are the ones that will
still be in control.”
one of the most important contributions
in the history of economic thought.”
Born on June 13 1928 in Bluefield,
West Virginia, after receiving his doc-
torate Nash joined the Massachusetts
Institute of Technology, where he pro-
ceeded to solve problems in the field of
partial differential equations that had
confounded mathematicians for years.
“I recall a seminar where he proved
one of his outstanding results,” said
Joseph Kohn, a maths professor at Prin-
ceton who knew Nash for more than 60
years. “Even the most distinguished
professors of the department could not
believe what they saw.”
At MIT Nash met Alicia, from El Sal-
vador, who would soon become his wife.
She would also be the rock of his exist-
ence when, in 1959, Nash was stricken
by schizophrenia, which would plague
him for more than 20 years. As paranoia
and delusional episodes intensified, he
underwent repeated spells of hospital
stays. He had to stop working and
engaged in seemingly random actions,
including a trip to Europe where he tried
to relinquish his US citizenship.
His wife divorced him in 1963 but
then chose to let him live in her house
near Princeton as a lodger (they remar-
ried). Nash became a familiar figure
across the Princeton campus, wander-
ing around and leaving mysterious for-
mulas on classroom blackboards.
The genius turned into the “Phantom
Tuesday 26 May 2015
Wealth creation
Asia overtakes
Europe as hub
for billionaires
while US stays
top of the pile
EMMA DUNKLEY — LONDON
Europe has slipped behind Asia as a
hub for billionaires after failing to keep
pace with the “entrepreneurial explo-
sion” in digital and finance sectors,
according to a report.
The overwhelming majority of billion-
aires lived in the US and Europe until
1980, with a minority of entrepreneurs
creating their own wealth, according to
the UBS/PwC 2015 Billionaire Report.
But the US and Asia have become the
main centres of great wealth creation
over the past decade, with Europe “far-
ing less well”.
Of the 1,300 billionaires surveyed
globally with collective wealth of $5.4tn,
some 66 per cent are self-made billion-
aires, compared with 43 per cent 20
years ago.
While most of the new billionaires are
based in the US, a large number of entre-
preneurs accruing great wealth are
emerging in Asia.
Indeed, the report expects Asia to
become the centre of new billionaire
wealth creation because of a number of
factors such as being home to younger
entrepreneurs.
$5.4tn 36%
Collective wealth Proportion living
of 1,300 in Asia, compared
billionaires with 17 per cent
surveyed in Europe
Some 47 per cent of self-made billion-
aires were resident in the US in 2014,
compared with 36 per cent in Asia.
Europe sits in third place with 17 per
cent of the self-made billionaire popula-
tion.
Josef Stadler, head of global ultra-high
net worth at UBS, said we lived in an age
of opportunity and accelerated wealth
creation, similar to the gilded age of the
late 19th and early 20th centuries.
“But wealth generation is cyclical, and
over the last few decades we have bene-
fited from being on a strong arc of the
cycle,” he added.
Entrepreneurs in the US have
amassed their fortunes by driving the
global revolution in finance and tech-
nology, while Asia’s tycoons have
spurred the region’s industrial and con-
sumer sector growth.
Europe had not participated in this
second “gilded age” — an era of wealth
creation following industrial innovation
in the early 1900s — to such a degree, the
report said.
However, with an average wealth of
$5.7bn, the European entrepreneurs are
still wealthier than those in Asia, with
$3.2bn.
In the US, the financial services sector
is the dominant source of new fortune,
spawning 30 per cent of self-made bil-
lionaires in the country since 1995.
Technology billionaires are twice as
rich, averaging $7.8bn in wealth com-
pared with the financiers’ average of
$4.5bn.
In Europe, the consumer industry
dominates, constituting nearly half of
the region’s self-made billionaires.
Technology entrepreneurs rank a
distant second, making up a far smaller
proportion of the population at less than
10 per cent and with lower average
wealth of $3.8bn.
of Fine Hall”, as he became known.
Just like when a mathematical intui-
tion mysteriously materialises, Nash’s
brain suddenly began to heal. “I seem to
be thinking rationally again in the style
that is characteristic of scientists,” he
wrote in an autobiographical account
for the Nobel Foundation when he won
the award alongside John Harsanyi and
Reinhard Selten in 1994.
Just as startlingly, academic recogni-
tion was followed by Hollywood glory. A
biography by author Sylvia Nasar pro-
vided the basis for the plot of A Beautiful
Mind, a blockbuster featuring Russell
Crowe as Nash, which scooped four
Academy Awards.
“He was initially sceptical about the
movie,” says Eric Maskin, another
Nobel laureate and a friend of the
Nashes. “But he then realised that even
though the movie was mostly fiction, it
brought issues which he cared about
such as game theory and schizophrenia
into the public domain.”
The prodigy who had earlier
abounded in intellectual arrogance
learnt to deal graciously with his new-
found fame. Prof Maskin remembers
how a decade ago, Nash was about to
give a highly technical talk to a packed
auditorium. “Aren’t you pleased with all
this public?” he was asked. “They did
not come here to see me,” Nash said.
“They came here to see Russell Crowe.”
Ferdinando Giugliano
Tuesday 26 May 2015 ★ FINANCIAL TIMES 11

FT BIG READ. PRODUCTIVITY

It is the most important driver of prosperity. But with growth slowing — for a variety of reasons —
what can be done to restore the levels needed to boost living standards and fill tax coffers?
By Sam Fleming and Chris Giles

The waiting game

D
rew Greenblatt surveys the
shop floor of his small fac-
tory in a down-at-heel dis-
trict of Baltimore, Mary-
land, where two workers
are using a large steel-bending robot.
“This part used to be made in China,”
he says. “But because of the robotics we
stole this [manufacturing] from China
and now make it in America.”
The introduction of automation at
Marlin Steel Wire Products has helped
boost employee productivity fourfold
since 1998, estimates Mr Greenblatt,
whose customers include carmaker
General Motors. The gains in efficiency
are impressive but they are not being
replicated across America.
Even as US manufacturers adopt
automation as part of their fightback
against offshoring to Asia, productivity
growth across the economy is at a near-
standstill. A similar picture is being
played out across the globe, exposing
the most pressing problem in the world
economy today. Only India and sub-Sa-
haran Africa seem to be immune from
slowing productivity growth.
Economists are increasingly alarmed
because slower improvements in effi-
ciency will lead to a fall-off in living
standards and less-solid public finances.
In the medium term, productivity
growth is the most important driver of
prosperity. Its weakness in recent years
lies at the heart of why advanced
nations have remained in a low-growth
rut since the financial crisis even as
unemployment has fallen.
Janet Yellen, the Federal Reserve
chair, raised America’s “relatively
weak” productivity in a speech last
week and urged new measures to
strengthen education, boost entrepre-
neurship and lift capital investment.
New data from the Conference Board
think-tank show that average labour
productivity growth in mature econo-
mies slowed to 0.6 per cent in 2014 from
0.8 per cent in 2013, as a result of ebbing
performances in the US, Japan and
Europe. Productivity, which tracks how
efficiently inputs such as labour and
capital are used, tends to evolve over
long periods. But the Conference Board
readings confirm a longer-term trend of
sagging growth that is setting off alarm
bells around the world.
“In the past decade the US has had ter-
rible productivity growth and other
countries have been slipping relative to
the US,” says John Fernald, an econo-
mist at the San Francisco Fed.
In the UK, productivity has not
improved in eight years, breaking a
trend of roughly 2 per cent annual
growth stretching back over a century.
George Osborne, the chancellor, last
week committed the new Conservative
government to boosting productivity.
Faced with rapidly ageing populations
and slowing employment growth,
mature economies need to boost pro-
ductivity sharply if they are to escape
stagnating living standards. To compen-
sate fully for slower employment
growth over the coming 50 years, pro-
ductivity growth would need to be 80
per cent faster than over the past half-
century, according to calculations from
McKinsey, the consultancy.
Whether such an acceleration can be
achieved depends in part on identifying
why growth is slowing. To optimists, the
poor numbers are a transitory legacy of
the recession. The downturn in global
demand has temporarily depressed
companies’ willingness to invest in new
equipment and ideas, and that more
cautious outlook dented productivity.
But the slowdown predated the finan-
cial crisis; Conference Board data reveal
a longstanding fall in growth across
mature economies. In Europe and Japan
it started in the 1990s, and is related to
slower adoption of technology, it says.
Marco Annunziata, the chief econo-
mist at General Electric, worries there is
a structural problem in Europe due to a
lack of risk-taking, low R&D spending
and inflexible labour markets.
In the US, the most efficient of the
major economies, productivity growth
began to ebb in 2005. According to Mr
With ageing populations,
mature economies need
to boost productivity
sharply if they are to escape
stagnating living standards
Fernald, this was a result of the lapsing
of temporary growth dividends from
the 1990s IT revolution.
This raises the possibility that the
recent, dreary productivity growth in
the US is actually a return to an older
and weaker trend. Even in emerging
economies, where efficiency is catching
up, the rate of growth has slowed.
This has major implications in terms
of a prolonged shortfall in tax revenues
and increased public debt. It was just
such a scenario — the fall in productivity
growth between 2010 and 2015 — that
stretched a planned four-year period of
austerity in the UK into a decade of pub-
lic-sector misery.
Optimists counter that it is just a mat-
ter of time before we see an upsurge
in productivity, pointing to innovation
in American IT hubs such as Silicon
Valley.
Researchers at Blue River Technol-
ogy, a California-based agricultural
robotics company, envisage farms of the
future being surveyed by flocks of
drones, and tended by fleets of robots
and self-driving tractors. It is already
operating teams of “lettuce bots”, which
are being dragged across fields in Ari-
zona and California to identify 1.5m
individual plants an hour and make
decisions on how to fertilise them.
Some argue that the easiest targets for
technological progress have already
been met. But others say the world is on
the cusp of a machine-driven growth
spurt, where driverless cars and robots
will replace people, and cite companies
such as Blue River as evidence.
Another more bullish outlook sug-
gests that the concept of productivity as
a measure of living standards is now
outdated because quality is difficult to
measure in public services such as edu-
cation, and progress is hard to capture in
many consumer technologies. Equiva-
lents to Skype, for instance, were pro-
hibitively expensive a decade ago but
now are free, giving people higher
standards of living without troubling
the statisticians compiling gross domes-
tic product data.
“This takes you into uncharted terri-
tory about what progress means in
advanced economies,” says Professor
Diane Coyle of Manchester university.
“There has clearly been an increase in
consumers’ welfare, probably
extremely large, and we don’t know how
it is linked to GDP.”
Mismeasurement might explain how
many consumers are better off without
appearing to have higher incomes in
real terms. But statistical arguments
cannot raise incomes or tax revenues,
nor do they return sectors with previ-
ously high productivity growth back to
former levels of success.
Without a return to the former pro-
ductivity patterns in advanced econo-
mies, growth will be permanently lower,
as will government revenues. Austerity
in the public sector will become a per-
sistent feature and parents will no
longer be able to expect their children to
earn more than they did. Little is more
important in the global economy.

1 Investment is
too low
Companies may not be investing enough
Total fixed Investment
% of GDP
France UK
2 The big innovations
have already happened
R&D investment in the US
% change (year-to-year)
40
in new equipment and ideas. Instead they Germany US According to research by John Fernald, 30
are frittering away cash on share Japan the San Francisco Federal Reserve
buybacks and dividends that totalled 35 economist, the ‘low-hanging fruit’ from 20
$903bn for S&P 500 companies in 2014. the innovation revolution in IT in the late
The economist Andrew Smithers singles 30 1990s and early 2000s was plucked a 10
out a long-term decline in investment as a 25 decade ago and the outlook now is for
share of gross domestic product as a drag pedestrian productivity growth. 0
20
on growth, as well as a slowdown in Pessimists argue that since the 1970s we
-10
education improvements. The fall in 15 have failed to match the productivity-
productivity growth started before the 10 transforming inventions created earlier in -20
financial crisis, suggesting longer term the 20th century.
forces are at work. 1949 60 70 80 90 2000 15 1948 60 70 80 90 2000 10 15
Source: Andrew Smithers, statistics agencies Sources: US Commerce Department; Deutsche Bank

3 Innovations are not

being measured correctly

Much of the technology improvements

over the past decade, such as
smartphones, have provided huge
benefits to consumers without improving
the measured output of advanced
economies. People with access to free
video calls, for example, are better off but
are not spending which would benefit the
national accounts and productivity
statistics. It implies economic progress in
the broadest sense is detaching itself
from measured gross domestic product.

4 Be patient — it is Global mobile data

traffic forecast
just a matter of time Are you being served: Average monthly exabytes
A robot waiter at a
The Conference Board data suggest the restaurant in Yiwu, 20
US is still the most productive of the China — China Foto Press/Getty
major economies, especially in hubs such 15
as San Francisco and Boston. One
example is in robotics, with Boston
Consulting Group predicting 25 per cent 10
of manufacturing tasks will be automated
by 2025. However, it is not just about 5
pushing the technological frontier.
Three-quarters of the potential
productivity growth comes from a
Five drags on productivity 0
broader adoption of existing best 2014 15 16 17 18 19
practices and companies simply playing Source: Cisco
catch-up, according to McKinsey.

Productivity growth*
Average annual compound rates

Total
5 Inefficient
services
Many parts of the services sector have
Trend growth of productivity
Per cent
5
Manufacturing fundamental limits on productivity. In the Emerging and
6 4 developing
1960s the economist William Baumol
noted that the productivity of a live economies
3
4 Beethoven string quartet could not be Global
higher than that of 100 years earlier. This 2
effect results in higher productivity
2 growth in manufacturing rather than 1 US
other sectors. The move towards Other
advanced services sector economies 0 developed
0
implies slower overall productivity growth economies
1999- 2007- 1999- 2007- -1
2006 2012 2006 2012 in the medium term but the trends do not
Japan US explain the recent big falls. 1971 80 90 2000 10 13
Source: The Conference Board *Output per hour Source: Conference Board Productivity Brief 2015
12
TUESDAY 26 MAY 2015
Cameron points migrant
talent towards the exit
UK government doubles down on its most business-unfriendly policy
Seen from a certain angle, David Cam-
eron’s record on immigration is a good
one. The UK public has longed for a
prime minister who takes the topic as
seriously as they do. Mr Cameron, who
in his twenties served as adviser in the
Home Office, is that prime minister.
One of the canards of British political
discourse is that no one dares talk
frankly about immigration. Mr Cam-
eron and Theresa May, his home secre-
tary, every year refute this, delivering
speeches about controlling the flow of
people to Britain’s shores. Welfare rules
have been tightened, “bogus colleges”
closed down and charges introduced
for users of the National Health Service
from overseas.
The public’s concern with immigra-
tion is easy to explain. While the num-
bers emigrating have remained steady
since the 1960s, annual immigration to
the UK rose steeply from the mid-
1990s, reaching half a million by the
turn of the century. The Labour gov-
ernment then allowed citizens from
eight countries acceding to the EU to
gain right of entry to the UK. The result
was a flood of migrant workers from
Poland, Slovakia and beyond. Net
migration to the UK hit 300,000. When
people born overseas are adding 0.5 per
cent to a country’s population every
year, the voters have a right to ask why.
True, net immigration has remained
high under Mr Cameron, but this is
largely a reflection of Britain’s success
in generating the jobs lacking in the
continent. A need to compromise with
the more internationalist Liberal Dem-
ocrats stopped Tory rhetoric leading to
a more damaging policy stance. For all
the condemnation uttered by econo-
mists, Mr Cameron’s immigration pol-
icy has not, yet, dented UK growth.
This may now change. The reason
immigration presents a weak flank for
the Tories is explained by how they let
the issue be framed. In 2010 they
The US can talk to Putin
and stay firm on Ukraine
America’s diplomatic outreach to Moscow is justified
John Kerry, US secretary of state, has
long enjoyed a reputation for being an
indefatigable diplomat, engaging in
shuttle diplomacy over the Iranian
nuclear programme and the Middle
East peace process. But few of his initia-
tives have prompted as much surprise
as his recent visit to President Vladimir
Putin in the Russian resort of Sochi.
Coming at a moment of acute tension
in east-west relations over the Krem-
lin’s aggression in Ukraine, the four
hours of meetings between the two
have been criticised by some in the US
as a sign that the White House is buck-
ling. This would be the wrong judg-
ment to make. The US should maintain
its robust stance over Mr Putin’s
attempts to destabilise Ukraine, but
that should not stop Washington trying
to engage directly with him if it can.
Eighteen months after the Ukraine
crisis erupted, the west must remain on
guard over Mr Putin’s intentions
towards his neighbour. Although a
ceasefire between the Kiev govern-
ment and Russian-backed rebels was
signed in Minsk in February, the guns
in eastern Ukraine can still be heard in
places. Victoria Nuland, US assistant
secretary of state, said last week that
Russian forces continue to violate the
ceasefire “on a daily basis”. The politi-
cal elements of the Minsk agreement,
including the requirement that Kiev
should decentralise powers to the
rebel-held regions, and that Russia and
its proxies return control of the inter-
national border to Ukraine, are yet to
be implemented. But the current lull in
fighting has created an opportunity for
diplomatic dialogue that the US should
exploit.
One reason why Mr Kerry was right
to meet the Kremlin leader is that
American contact with Mr Putin is lim-
ited, yet he is the only person whose
voice counts inside the Russian govern-
ment. Much of US-Russia diplomacy
promised to reduce net migration “to
the tens of thousands”, and have
repeated the pledge ever since, despite
little sign that the target would be hit.
Repetition of an unreachable target
gave malcontents a stick with which to
beat the prime minister. It also pro-
vided the UK Independence party with
a devastatingly simple argument: since
the government cannot hit its target
within the EU, Britain ought to leave.
Last week, by reiterating an “ambi-
tion” to cut net immigration to the
tens of thousands, Mr Cameron
wasted an opportunity to shift the
terms of the debate. This is likely to
make his task of persuading voters to
support continued EU membership
even more tricky.
Lacking the tools to achieve his goal,
Mr Cameron is forced to show how
hard he intends to try. This means new
rules against offering accommodation,
bank accounts or work to illegal immi-
grants. How enforceable or effective
these will be is unclear. To threaten to
confiscate the wages of illegal workers
borders on the cruel, and may do little
to discourage already desperate people
from arriving here.
But worse is an idea for curtailing the
inflow of talent to Britain. Mr Cameron
somehow believes that firms barred
from employing skilled migrants will
react by training up home-grown
workers instead. This sort of conceit
inspired socialist ministers half a cen-
tury ago to restrict imports, hoping
thereby to incubate a domestic alterna-
tive. Usually the business went over-
seas or simply withered.
Britain is fortunate to import foreign
workers more skilled than the average.
A prime minister set on “winning the
global race” should know that hiding
from the competition dulls a country’s
edge. Its domestic population will not
grow any sharper when shielded from
the world’s brightest and best.
over Ukraine has involved Sergei Lav-
rov, Russia’s foreign minister. While he
is a seasoned diplomat, he appears to
have little political weight. If the
Obama administration wants to deliver
tough messages to Mr Putin it needs to
meet the paramount decision maker.
Deeper engagement with Russia is
worth pursuing if it integrates the US
better into the western diplomatic
effort on Ukraine. German chancellor
Angela Merkel, and France’s François
Hollande, have been the main interloc-
utors with Mr Putin.
The US, though more hawkish than
the Europeans, has largely subcon-
tracted the diplomatic heavy lifting.
But Mr Putin is unlikely to be prepared
to engage in talks on a final settlement
of the Ukraine crisis unless President
Barack Obama is part of the conversa-
tion. Grave as it is, the crisis should not
stop Washington and Moscow from
keeping lines open on other issues. Co-
operation over a deal on the Iranian
nuclear programme remains firm. But
the renewed possibility that the Assad
regime in Syria might fall must be
addressed by both powers. Russia is
fiercely loyal to its ally in Damascus but
the US would be justified in pressing Mr
Putin harder on what he wants to see
happen if the Assads are toppled by
Islamist militants.
Mr Kerry’s meeting with Mr Putin
was portrayed by Russian state media
as a climbdown. But deeper engage-
ment does not imply a change in policy.
The US and EU should remain in lock-
step and maintain economic sanctions
on Moscow until the Minsk agreement
is fully implemented. Any renewed
aggression by the Kremlin should meet
a firm response through even tougher
western sanctions. Still, given the dan-
gerous state of east-west relations, the
principal decision makers ought to
communicate more with each other.
Talking does not mean surrender.
★ FINANCIAL TIMES
Workers’ rights must be respected in a new EU deal for the UK
Sir, The TUC wants the UK to be at the
heart of a fairer and more prosperous
Europe: one that working people will
support staying in when they vote in
the forthcoming referendum. We want
to make the case for a modern EU that
works for everyone — decent
companies and working people alike.
However, as new polling published
by the TUC shows, this will not be
achieved if business leaders and
politicians seize renegotiation as an
opportunity to weaken employment
rights (Editorial, May 21).
The British public say they are much
more likely to support membership of
the EU if it helps them get decent pay
and conditions at work. Chipping away
at paid holidays, rest breaks, maternity
rights and fair treatment for part-time
Russia-China dialogue
leaves US out in the cold
Sir, Seeing a recognition by Washington
of the need to talk to Moscow, Tony
Brenton (Letters, May 22) notes the
challenge the US faces from China and
hopes that “in the more thoughtful
recesses of the state department they
are beginning to ask themselves on
which side of the scales they want
Russia to fall”. Vladimir Putin appears
to have made his choice — to go for the
help China offers him in his moment of
need as Xi Jinping crafts a purposeful
foreign policy for the People’s Republic.
During Mr Xi’s visit to Moscow this
month, he and the Russian leader
signed 32 agreements, including $6bn
in Chinese funding for a railway line
from Moscow to the industrial centre of
Kazan, credit lines for Russian banks,
an agreement for Russian companies to
seek $25bn funding from the People’s
Republic as well as a joint agricultural
fund. Earlier agreements included a
$400bn deal for China to buy Russian
gas and a $24bn local currency swap
agreement.
No wonder Mr Putin hails China as
“our key strategic partner”.
Would that conversation with
Washington would offer the Kremlin
anything comparable at a time when
what Moscow needs is practical help.
Going beyond that, should Washington
and its allies be guided in their Ukraine
policy by fear of China and Russia
drawing closer, which they are doing
whatever anybody else says?
Seeking to outbid Beijing in Moscow’s
favours could all too easily prove to be,
in both practice and principle, a fool’s
errand in letting foreign policy be
shaped by an attempt to prevent others
doing what they see as in their best
interests.
Jonathan Fenby
London WC1, UK
IMF credibility is at stake
in its treatment of Greece
Sir, The headline “Eurozone tells
Greece no deal without IMF” rings a
little hollow. As a former IMF staff
member, my first instinct is that this
may be a good cop (European
Commission) bad cop (IMF) act
(May 23).
A new programme, if there were to
be one, already has the makings of
being relatively weak. Given time
constraints, the release of IMF funds
will most likely need to take place
without any “prior conditions”
Improve job
satisfaction and
abolish meetings
Notebook
by Lisa Pollack
Letters
and agency workers is not the way to
win votes. Furthermore, people are
more likely to support freedom of
movement if they are guaranteed
freedom against exploitation through
strong rights and union agreements.
Make no mistake, this vote could be
on a knife-edge. It will be harder to win
if renegotiation becomes a race to the
bottom.
The TUC supports a social Europe,
one that respects workers’ rights such
as a decent work-life balance and a
voice at work. But if ordinary Britons
feel renegotiation is about making
working lives worse, then support for
staying in Europe will haemorrhage.
The deal that Jacques Delors offered
when he addressed the TUC a quarter
of a century ago still makes sense: a
(conditions that have to be met before
the release of funds), despite Greece’s
reversal of some of the earlier policies
of the IMF programme. Spending on
pensions is said to have increased and,
furthermore, Greek officials have
openly indicated that pension reforms
are “undeliverable”. To release funds in
these circumstances without any prior
conditions would be a weakening of
approach compared with the ones the
IMF has insisted on for many other
countries, including those far poorer
than Greece.
The credibility and the resources of
the IMF, which belongs to all of its
members, need to be preserved. To
this end, that the IMF is seeking
“assurances “ from Europe is to be
commended. I would also urge the US
as a major shareholder, as well as all
other member countries, to do hard
due diligence on the new programme
before endorsing it at the board, and
not use it as an instrument to “please”
Europe. In addition, the IMF needs to
ensure that the programme is
transparently and expeditiously
available to the public (even if the
debtor country has misgivings and tries
to block this) so that investors and the
citizens of member countries are able
to judge the IMF’s and Greece’s
commitments with full information.
Ritha Khemani
Washington DC, USA
Talk of productivity looks
like displacement activity
Sir, I welcomed John Kay’s piece on
productivity (Comment, May 20) and
I was glad to see correspondence from
W Lawrie and Andrew Threipland on
the topic (Letters, May 22).
I must say, I do not think that it is at
all clear how the statistics on
“productivity” are compiled or
even what the definition of the term
is. To coin a phrase, I think we should
be told.
On the other hand, are we sure talk
of low productivity is not displacement
activity and that we should be talking
about something else?
Spending on infrastructure in the
name of increasing productivity looks
like Keynes in disguise.
And are we in fact deploring not low
productivity but the shortfall in usable
UK wealth production available to us,
given that our assets are to a large
extent beneficially owned with profits
remitted and taxed abroad?
Robert Morris
London N2, UK
Like fashionable facial hair for men,
my professional ambitions have
evolved in perplexing ways.
In my twenties I aspired to be
known as a kind of universal problem-
solver, with success measured by the
number of colleagues asking for my
take on their project. But having
landed in my mid-thirties, I am
possessed by a grander ambition: I
want to be someone who can say no to
meetings.
And not just some meetings. All
meetings. From the “meta” meeting
about a future meeting to the “knee-
jerk” meeting called by someone with
a problem who believes that
summoning others to a conference
room is a sure way to solve it.
Which isn’t to say I would always
exercise such power if I had it. I would
use it wisely. As a benevolent dictator
of meetings, I’d accept those I deemed
productive and shun the rest in favour
of getting actual work done.
But such power is the purview of
senior ranks. Climbing the corporate
rungs can require attending more
meetings before reaching the apex at
which one can start to say no or — in
true management style — deny having
ever seen the email.
To this end, it might be best for me
to hold my nose, go to the meetings
and endeavour to reach the apex as
fast as possible. However, some
academic research has caused me to
question this approach.
A paper published in 2006 posited
that meetings are a unique type of
workplace interruption that can either
vibrant single market with rights for
workers so they can secure fair shares
of the rewards.
Like many business leaders, I am
deeply concerned by Britain’s
investment and productivity challenge.
But the solution to stagnant
productivity growth is not to dismantle
the Working Time Directive or agency
rights. Undermining these measures
would only allow bad employers to
undercut good ones.
Ever since the introduction of the
minimum wage, siren voices have told
us that fair treatment at work will cost
jobs, and on every occasion they have
been proved wrong.
A high productivity recovery needs
stronger investment and skilled and
motivated employees. We will be far
‘Ian wants us out of the EU
without a referendum’
Boards will find an ethical
culture brings rewards
Sir, The comments by Martin
Wheatley, chief executive of the
Financial Conduct Authority, that
regulators have been successful in
driving cultural change in banks at
board level, but that it remains a work
in progress further down the
organisation (May 22), highlight the
importance of boards being aware of
the actual and not just the stated
culture in their businesses.
Achieving this, however, is not easy.
As well as a mission that sets out how
the business will deliver benefits for all
its stakeholders and wider society, and
a clear set of values, decisions on
remuneration, recruitment, promotion
and retention must all take full account
of the overriding importance of ethical
behaviour. The board also needs
assurance from staff surveys and
“speak up” (whistleblowing)
procedures that staff can and do raise
concerns when necessary. In addition,
there should be regular culture audits
to check that ethical practices are fully
embedded across the business and to
promote improvements in them.
Boards determined to have staff
whose hearts are genuinely in doing
business ethically will not be primarily
motivated by avoiding fines but by
their inspiring mission to build a
successful business that contributes
to a better society. Moreover, virtue
will not only bring greater fulfilment.
It is also likely to yield higher long-
term profits.
Anthony Carey
Partner, Mazars
London E1, UK
help someone achieve a goal or
distract from it. It is from this starting
point that Steven Rogelberg, a
professor of organisational science
and psychology at the University of
North Carolina, and colleagues at the
universities of Sheffield and Bowling
Green State, examine the potential
moderating effects of certain personal
characteristics on the relationship
between job satisfaction and meeting
attendance.
The researchers’ data set consists of
two surveys that span 980 working
adults, mostly from the US.
Information about meeting
attendance and demographics were
collected, along with characteristics
such as “accomplishment striving”. A
high striver is “expected to establish
more goals and/or more difficult goals
and may become more engaged in
accomplishing their immediate work
tasks”.
The analysis finds that those with
high levels of accomplishment striving
report lower job satisfaction as
meeting attendance goes up. The
opposite pattern is seen in low
strivers, leading to postulation that
“for those who are less goal oriented,
our findings highlight the possibility
that some meetings may be desired,
for example, to permit social
interaction or to provide structure to
an unstructured day”. Since
reading this, I have fantasised about
declining an invite by saying:
“I’m sorry but I’m just too
goal-oriented for this.”
Another paper led by Rogelberg,
Tuesday 26 May 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
better placed to tackle this challenge in
Europe than out of it. But cutting back
workers’ rights will damage our future
prospects, by increasing the chances of
a vote for Brexit and reducing
workplace performance. With a
resurgent far right in Europe seeking to
scapegoat migrant workers for low pay
and lousy jobs, the social consequences
could be catastrophic too.
Europe has been at its best when it
has met the interests of both business
and workers. It is time to renew that
bargain and develop a consensus for
21st-century Europe with decent jobs,
strong rights and a voice for working
people at its heart.
Frances O’Grady
General Secretary, TUC
London WC1, UK
Asset managers are easy
targets and need armour
Sir, Gillian Tett’s call for political
savviness (“How savvy asset managers
can fend off the regulators”, May 14) on
the part of asset managers is right on.
Not only is it timely in the face of
possible Sifi [systemically important
financial institution] designations, it is
a prerequisite for asset managers
understanding the nature of their
exposure to regulators and public
scrutiny, post financial crisis.
Unlike Ms Tett, I would argue that
while some of the Dodd-Frank reforms
focus on big banks, asset managers
have borne and continue to bear the
brunt of post-crisis rules. Even though
asset managers had very little to do
with generating the crisis, they were an
early and easy target for sprawling new
regulations. Thank Bernard Madoff for
that. If only it were true that asset
managers could take a page from how
bankers respond to regulatory and
political challenges. The banks are
pros, they play the long game of policy
influence and are well capitalised to be
a constant sway on policy makers,
helped by well-placed campaign
contributions. They can stop or start
almost anything in Washington.
Meanwhile, asset managers can try
that model but face the reality that not
all in the financial services industry get
the same treatment. “Buy-siders”, as
Ms Tett refers to them, are a much
easier target for regulatory penalties
and so easy “scalps” for regulators to
show they are on the job. These asset
management firms do not have the
too-big-to-fail armour and shield
enjoyed by depository institutions.
Perhaps the biggest difference is that
malfeasance by investment managers
often brings the death sentence, not
just fines paid by shareholders.
In the Wall Street vs Main Street
debate, financial services are all seen as
one. Asset managers need to be more
attuned than most if they are to
survive.
Kurt Schacht
Managing Director, CFA Institute
New York, NY US
Big names for small nation
Sir, Lex’s attempt at listing 10 famous
Belgians (May 19) would have reached
nearer that total with the addition of
Audrey Hepburn. It’s always possible
that there are others!
Len Bates
Frankfurt, Germany
published in 2010, asked whether the
degree to which one is satisfied with
meetings should itself be considered a
sixth key factor in overall job
satisfaction — alongside satisfaction
with one’s pay, promotion
opportunities, colleagues, supervision
and the work itself.
The paper’s baseline model pits job
satisfaction (of 986 working adults)
against satisfaction with meetings.
The researchers run a barrage of tests
to ascertain whether meeting
satisfaction has the potential to be a
sixth main factor, including tests of
whether it is just a proxy for the
(in)effectiveness of communication in
an organisation. The overall results
lend support to meeting satisfaction
being a sixth factor, thereby affirming
that the quality of meetings is a
potentially important facet of job
satisfaction.
From the perspective of a meeting
instigator, which I occasionally am,
this gives pause for thought about the
importance of running gatherings
effectively. As someone on the
receiving end, I think it would be risky
to accept more appointments even if it
would bring me closer to the almighty
apex of “no” faster.
Finally, it may be a morbid thought
but it is one with which I reassure
myself: on their deathbed, surely no
one says they wished they’d gone to
more meetings. Except maybe those
with low accomplishment striving.
And I am not one of those.
lisa.pollack@ft.com
Tuesday 26 May 2015
Britain’s role in Europe
The risible case of the armchair ideologues
POLITICS
Janan
Ganesh
T
hree is a pattern. First,
there was the derisive
media coverage of the cam-
paign against Scottish inde-
pendence last year. Instead
of proselytising for the union, Better
Together spelt out the economic haz-
ards of ending it. Under the most sancti-
monious criticism, they held the line
and won. They knew wavering Scots
were moved by pragmatic arguments
over emotional exhortation because
they had done their research and arm-
chair campaigners had not.
The general election was a magnified
version of the same story. For six weeks
romantics chided the Conservatives for
their sour campaign: the monomaniacal
Cameron, the
union and the
hand of history
FOREIGN AFFAIRS
Gideon
Rachman
D
avid Cameron’s acknowl-
edgement that he was not
greeted with a “wall of love”
at last week’s EU summit
demonstrated a flair for
languid British understatement. In real-
ity, the prime minister’s long-antici-
pated demand for a renegotiation of
Britain’s membership of the EU has
been met with a mixture of anger and
incomprehension.
The UK’s demands are doubtless
inconvenient for the other EU leaders.
But Mr Cameron is simply playing out
the latest act in Britain’s ambivalent
relationship with the rest of the Euro-
pean continent, a drama that has been
going for centuries.
Britain’s debate about Europe echoes
arguments that were taking place nearly
300 years ago when Sir Robert Walpole
became the first prime minister. Robert
Tombs, the Cambridge historian, notes
that Walpole, a Whig, believed Britain
should play a “major role in Europe”,
while his Tory opponents preferred
“overseas trade, not European commit-
ments”.
As the leader of the modern Tories,
Give Syria’s refugees cash and dignity, not food and blankets
OPINION
Khaled
Hosseini
T
he oasis city of Palmyra has
been seized by the Islamic
State of Iraq and the Levant
(Isis). What if Damascus
were to fall?
In my head I go back over the num-
bers I have come to know so well: half of
the population of Syria forced by the
war to flee their homes; more than 7.5m
Syrians internally displaced; a further
3.9m Syrian refugees, 630,000 of them
in Jordan alone. Yet, with outrage and
incredulity, we must revise and re-tally
these totals as the conflict in the country
continues its ravages.
Last weekend I took my 12-year-old
daughter to see Avengers: Age of Ultron. I
paid nearly $60 for tickets, popcorn,
drinks and snacks. If my wife and son
had joined us, it would have cost double
that: $120 for a couple of hours of 3D
superhero mayhem. But for a family of
focus on the economy, the failure to
match Labour’s fervour. But the Tories
won, and more resoundingly than
almost any commentator foresaw. They
had market-tested their pitch to swing
voters. The critics relied on errant
guesswork and their own prejudices.
David Cameron’s promised referen-
dum on EU membership gives the
romantics another chance to get it
wrong. Pro-Europeans in Britain and on
the continent want the prime minister
to make the “positive case” for Europe.
But of course they do. They nag him to
look beyond vulgar economics and cele-
brate the EU as a zone of peace, an
amplifier of Britain’s diminishing influ-
ence in the world, an end in itself, not
just a lucrative market.
Anyone who wants Britain in the EU
should hope Mr Cameron laughs this
advice out of the room. The case for
Europe must be hard-headed and cold-
blooded, dwelling on the material risks
of exit not the abstract virtues of mem-
bership. If the In campaigners are tra-
duced as fear-mongers and bloodless
Mr Cameron is the inheritor of his
party’s traditional suspicion of Euro-
pean entanglements. Winston Church-
ill, the greatest of all Tory prime minis-
ters, once told Charles de Gaulle that
faced with a choice between Europe and
“le grand large” (the open sea), Britain
would always look beyond Europe.
Even Britain’s pro-Europeans have
often taken a certain pride in steering
clear of the worst upheavals on the
European continent. Walpole boasted to
the Queen in 1734: “Madam, there are
50,000 men slain in Europe this year,
and not one Englishman.” Mr Cameron’s
own audiences with the Queen have
probably included similar sighs of relief
over Britain’s ability to steer clear of the
worst of the euro crisis.
The commitment to a referendum is
Mr Cameron’s concession to political
forces that believe, like 18th-century
Tories, that Britain should look to the
world beyond Europe. Global Britain,
one of the organisations campaigning
for Britain to leave the EU, argues: “Brit-
ain’s destiny ceased to be European cen-
turies ago when English settlers began
their transatlantic odyssey.”
Statements such as that make it easy
to portray eurosceptics as backward-
looking nostalgics. But there is also a
forward-looking case to be made for
Britain to take a global approach. The
past few years of infighting and financial
chaos have not been a compelling adver-
tisement for the EU. The most dynamic
economies in the world are in Asia and
Syrian refugees in Jordan? That is the
difference between having a home and
living on the streets; between sending
your children to school and having to
send them out to work; between just
about holding the family together, and
having to resort to dangerous survival
strategies such as early marriage and
prostitution. Some even return to Syria.
Can we be surprised that some families
are ultimately forced to take an even
higher-risk decision: to make the
treacherous journey across the Mediter-
ranean to seek safety in Europe?
A few days before I took my daughter
to the movies, I sat with Hassan, a refu-
gee who is the 75-year-old patriarch of a
family of 15. Two years ago he and his
clan uncoiled themselves from their
roots in Syria and moved to the base-
ment of a dilapidated building in a Jor-
danian city. Like 85 per cent of Syrian
refugees in Jordan, Hassan’s family
chose to live in an urban environment
rather than the artificial and unfamiliar
setting of a camp. This is despite the
services provided in camps and the fact
that urban life for refugees can often
prove daunting.
★★★ FINANCIAL TIMES
Comment
accountants, they will know they are on
to a winner.
In most places, most of the time, dem-
ocratic politics is the act of selecting the
lesser evils. Elections hinge on unde-
cided voters who weigh up options to
gauge which has the least bad implica-
tions for their livelihoods. This is doubly
true in Britain, with its aversion to ideol-
If the In campaigners are
traduced as bloodless
accountants, they will know
they are on to a winner
ogy; and especially true of referendums
that force people to choose between
practical events, not just parties.
If the most zealous pro-Europeans do
not see this, it is because their cause has
become a species of religion not politics.
They see European unity as self-evi-
dently majestic and anyone who disa-
grees as a dupe. They believe Britons are
the most exciting technological devel-
opments are taking place in the US.
The real objection to the current case
for Britain quitting the EU is simply that
it poses a false choice between Europe
and the rest of world. In reality, Britain
has always attempted to be both a Euro-
pean and a global power.
Both Walpole and his foes turned out
to be right. The Tories were correct to
spot that Britain’s greatest commercial
and political opportunities would lie
outside Europe. The Whigs were right to
believe it would be impossible to avoid
European “entanglements”.
Next month Britain celebrates the
200th anniversary of victory in the ulti-
mate European entanglement: the Bat-
tle of Waterloo. There is a eurosceptic
version of Waterloo that portrays it as a
In reality, the UK has
always attempted to
be both a European
and a global power
UNHCR, the UN refugee agency, esti-
mates that two-thirds of Syrian non-
camp refugees live below Jordan’s pov-
erty line, and one in six below the
extreme poverty line. Hassan, a spirited
man, told me his family savings had long
since evaporated. Like the overwhelm-
ing majority of Syrians in Jordan, he has
no work permit and thus little income
with which to pay rent — by far the big-
Can we be surprised that
some families take the
treacherous journey across
the Mediterranean?
gest expense for refugees in Jordan.
I asked how the family survived and
Hassan pointed to his daughter-in-law,
Fatima, a mother of eight, whose hus-
band — Hassan’s eldest son — was
detained in Syria four years ago and has
disappeared.
Paradoxically, Fatima’s loss is also the
family’s lifeline because it has qualified
her for UNHCR’s cash assistance pro-
only eurosceptic because they read lurid
newspapers and vote for politicians too
craven to tell them the Truth.
In fact, Britain is eurosceptic for the
same reason as Sweden and Denmark:
its experience of independent nation-
hood was benign. When we think of the
self-governing state, we do not shudder
with memories of authoritarianism.
Economic logic made us join and it will
decide whether we stay. To try and lift
the referendum debate beyond cost-
benefit analysis to matters of principle
is to treat Britons as if they were Ger-
mans, with the same traumas.
It is bad politics for pro-Europeans to
look at voters de haut en bas. They will
win the referendum if they play the card
they despise: economic risk. The status
quo has an advantage in any plebiscite.
The other side must prove change will
not only not make people worse off but
actually leave them better off. Other-
wise the upheaval is not worth the punt.
Exit need not be a disaster, true, but
even the faint prospect of net economic
loss will chill the blood of the undecided.
British triumph over an ambitious
European centraliser: Napoleon. The
europhile version points out that Wel-
lington commanded a multinational
coalition and secured victory only after
the late arrival on the battlefield of the
Prussians.
The construction of winning coali-
tions in Europe has, so far, not been Mr
Cameron’s forte. Last year, in a confer-
ence chamber a few miles from Water-
loo, he went down to a heavy defeat in
his effort to block the appointment of
Jean-Claude Juncker as president of the
European Commission. On this occa-
sion British hopes for the Germans to
come to the rescue were disappointed.
If Mr Cameron sustains further
defeats in his efforts to cut a new deal
with the EU, those who want Britain to
leave Europe will be emboldened. They
will argue that engagement with Europe
need not entail membership of the EU.
And they will add that if Britain wants to
trade successfully with the rest of the
world, it will do better if it frees itself
from suffocating European regulation.
Both arguments sound plausible, but
gramme, which targets the most vulner-
able Syrian refugees living in Jordanian
cities. She receives a monthly payment
of 120 Jordanian dinars ($170) that the
family uses to help pay rent and to buy
food and school supplies for the chil-
dren. Fatima’s is one of 21,000 Syrian
families who would likely be homeless
were it not for this innovative and highly
effective programme.
The debate over cash versus in-kind
donation is an old one in the humanitar-
ian world. The impulse to send shoes or
blankets is understandable but the real-
ity is that all items are a representation
of monetary value. They have a price tag
and they are often sold in order to serve
a more pressing need. Cash gives refu-
gees freedom of choice over what best
meets their families’ specific require-
ments. It restores a sense of dignity.
It is also a speedier method of assist-
ance. Items have to be shipped,
received, warehoused and distributed
through special centres, a process that
can take weeks or even months. Cash
reaches the beneficiary in a matter of
days, if not hours.
There is also an obvious cost-saving in
Many of the In campaigners also rec-
ommended euro entry. Eurosceptics are
entitled to maul their record of judg-
ment. Politically, however, the two sub-
jects are incomparable. Joining the euro
was the change option; Britain had a tol-
erable status quo in sterling. Supporters
of the euro would have lost any referen-
dum on that question, which is why
Tony Blair did not venture to hold one.
In Mr Cameron’s referendum, the
burden switches to the other side. Brit-
ain lives the status quo of EU member-
ship. To win, he need only spend the
campaign asking questions to which
there can never be a conclusive answer
from the other side. Can Britain leave
the EU and retain full access to the single
market? Will foreign investors leave for
the continent? Why assume America,
India and other big economies will greet
our independence with offers to trade?
This kind of campaign is dry, cynical
and boring. It will be monstered by crit-
ics, until it wins.
janan.ganesh@ft.com
both are flawed. The fact is that every
other large country in Europe, bar Rus-
sia, is now a member of the EU. If Britain
leaves, it will have to adapt to EU poli-
cies that it will have no hand in formu-
lating. The price of continuing unfet-
tered access to the EU’s single market is
likely to be acceptance of the very regu-
lations Britain’s anti-Europeans dream
of escaping.
Finally, the idea that EU regulation
prevents Britain from competing in glo-
bal markets is a myth. Germany exports
five times more to China than Britain —
despite the alleged handicap of EU
membership. The real challenge of Mr
Cameron’s renegotiation is one that
Tory anti-Europeans barely mention:
maintaining British influence within the
EU while staying outside the European
single currency.
Mr Cameron certainly knows that.
His challenge is to retain control of the
modern Tory party while maintaining a
Walpole-like determination to maintain
British engagement with Europe.
gideon.rachman@ft.com
the process. In Jordan, out of every $100
that UNHCR receives, $98 is delivered
directly to the families who need it. That
is almost impossible to achieve with in-
kind assistance. And, in Jordan, the cash
programme is fraud-free as it uses iris-
scanning biometric technology, ensur-
ing that only the intended recipient can
receive the cash. No ATM card, no PIN.
And at a time when there is great
strain on Jordanian services, infrastruc-
ture and society because of the influx of
Syrian refugees, cash helps the local
economy and enables refugees to inte-
grate better. There is less stigma
attached: no queueing at distribution
centres, no vouchers in supermarkets.
I asked Hassan how his family would
cope without the cash assistance. He
smiled, then sighed, as if from a deep
well of weariness. “Well, God is here,” he
said. That was answer enough for me.
Without financial support, all that is left
is faith and the desperate hope for some
sort of miracle.
The writer is author of novels including
‘The Kite Runner’ and a goodwill ambassa-
dor for the UN refugee agency
13
Self-criticism
is a habit the
Bank of England
has to learn
OPINION
Jesse
Norman
W
ho shall guard the
guards? Mark Carney
has pledged that the
Bank of England he
leads will meet the high-
est standards of accountability and
transparency in its role as regulator of
the City of London. Yet there continues
to be serious public disquiet about the
thoroughness of an inquiry by Lord
Grabiner, commissioned by the BoE last
year to investigate its own conduct in
connection with the manipulation of the
foreign exchange market.
In his report Lord Grabiner cleared
BoE officials of any misconduct but crit-
icised its chief forex dealer, Martin Mal-
lett, for failing to tell superiors of his
concerns something was amiss in the
foreign exchange markets. He had been
part of an informal panel of dealers
intended to gather and share informa-
tion from the markets. The US Depart-
ment of Justice, which has asked to
interview a senior trader at Royal Bank
of Scotland concerning the scandal,
appears to be focusing on this panel and
whether it was involved in collusion.
Yet the issue goes much deeper than
the inquiry acknowledged. That is
because, whether inadvertently or by
design, the BoE set the original terms of
the Grabiner inquiry far too narrowly.
As an opinion I commissioned from
Charles Béar QC makes clear, there are
two possible tests of the bank’s conduct.
The first asks what its staff ought to have
been aware of, and what they should
have done about it. The second merely
asks what its staff actually were aware
of, and whether they were involved in
The BoE is insisting that
the City of London meets a
standard that it refuses to
apply to its own staff
actual or potential market manipula-
tion. In inquiries into serious profes-
sional misconduct it is normally the
first, more stringent test that is applied.
Yet the BoE has adopted the second,
much less demanding standard in rela-
tion to the Grabiner inquiry.
In testimony to the Commons Treas-
ury committee both Mr Carney and
Anthony Habgood, chair of the BoE’s
court of directors, dismissed Mr Béar’s
legal opinion, while somehow insisting
that the inquiry met both the higher and
the lower standards and was “thorough
and comprehensive”.
Yet these views were swiftly contra-
dicted by testimony from Charles Ran-
dell, a member of the BoE’s Prudential
Regulation Authority, a lawyer who was
for 24 years a partner at Slaughter and
May. He acknowledged the distinction
between the tests, confirmed the higher
test was normally used in misconduct
inquiries and said the PRA itself applied
it when scrutinising the behaviour of
senior executives at the institutions it
oversees. The BoE is insisting, in other
words, that the City meet a standard it
refuses to apply to its own staff.
To test these issues still further I
requested a second opinion from coun-
sel, published on Monday. This shows
how much accountability has been lost
by opting for the lower standard, and
outlines the kinds of question the Grab-
iner inquiry ought properly to have ad-
dressed. Still more pertinently, it dis-
cusses three key precedents: the BBC
investigation into sexual abuse commit-
ted by Jimmy Savile, a longtime TV pre-
senter; the Leveson inquiry into the role
of the press; and, ironically, the BoE’s
own Bingham inquiry into the debacle
surrounding Bank of Credit and Com-
merce International, a London-based
bank that collapsed in 1991. All adopt
the higher standard.
The Grabiner report is manifestly
inadequate. It does not resolve the ques-
tion of whether BoE officials, including
senior staff, were negligent or otherwise
at fault. It leaves a shadow of doubt over
an institution that aspires to be above
suspicion.
What should be done? First, the BoE
oversight committee must start to exer-
cise genuine scrutiny independently of
the governor. Second, the Treasury
committee — which before this month’s
UK election issued a note of key issues of
concern, and will soon be reconstituted
— should proceed immediately to a
report on this issue.
The writer is MP for Hereford and South
Herefordshire
14 ★ FINANCIAL TIMES Tuesday 26 May 2015

BUSINESS LIFE

Brands need to
“The managers have much pleasure in
stating that the immense numbers who
shore up their have travelled under their
arrangements have been conducted in
flimsy pledges perfect safety — indeed in the history
of the Midland Lines, no accident,
attended with personal injury, has ever
on safety happened to an Excursion Train. In
conducting the extraordinary traffic of
‘
Worse, as companies apply their brand prehistory. It might even have been
as a thin overlay on services offered by averted if previous guests had shamed Art of persuasion
others, their guarantees may get even
flimsier.
the hotel by posting images of the hotel
room’s rusting boiler on TripAdvisor,
Every occasion has its own
Brands’ promises are only ever as
reliable as the weakest part of the
package they cover. Thomas Cook’s
as has since become the habit.
Now, we all collectively do the job
Thomas Cook’s diligent founder did for
correct style of language
early reputation as operator of tours to
London depended on Midland Lines
Now, we all
collectively
his tourists in the 1850s. The
combination of mobile technology,
SAM LEITH

this Great Occasion, the first object is to
ensure safety, and that object has
hitherto been most happily achieved.”
(Thomas Cook poster for an 1851 trip
to the Great Exhibition.)
When Thomas Cook, founder of the
British tour company, first started
organising excursions for Victorians,
safety was part of the deal. Cook
famously made many of the first trips
supplying its part of the bargain; its
later reputation relies on the quality of
the hotels whose services it sells.
Patrick Barwise, chairman of Which?,
the UK consumer organisation, says
“the very fact you have spent a lot of
time doing quality control of your
suppliers is part of what the consumer
is buying”. But the longer and more
complex the supply chain, the greater
peer review and looser control may be
do the job more effective. Certainly it is cheaper
Thomas and easier to operate at scale. But
brand-owners, whether virtual or
Cook did vertically integrated, must still take
for his responsibility for what happens under
their flag.
tourists in They need to stick to some enduring
the 1850s brand principles that have applied
since the 19th century.

himself — checking timetables, vetting
accommodation. But once he had to
delegate those duties, travellers came
to rely on the implicit guarantee of
what later became a brand.
That guarantee has recently come
under fierce attack. Thomas Cook was
not directly responsible for the death of
two children in Corfu in 2006, killed by
carbon monoxide from a faulty hotel
boiler. But it had sold the holiday and
its woeful reaction to the recent inquest
Andrew Hill into the deaths, which found Thomas
Cook had “breached its duty of care”,
Onmanagement added to the damage. It has barely
atoned with belated apologies to the
parents and payments to charities.
In fact, I think Thomas Cook will
recover. Brands are more durable in a
crisis than some commentators fear.
On the other hand, their implicit
guarantees of quality and safety are
never as strong as customers think.
Extended lifespans are
prompting businesses to
adapt services to the
vulnerable and frail,
writes Alicia Clegg
’
the risk, as UK supermarkets such as First, a brand is only ever as strong Movie store collection/Alamy
Tesco discovered in 2013, when as the reputation already established
horsemeat entered their food chain. by the company behind it. Second, in a “You persuade a man only roughly, the fancier the
The spread of looser networks and world of what Prof Barwise calls insofar as you can talk his language, the higher the
shorter-term collaborations, in place of “fuzzy” categories — where tour language,” wrote Kenneth style. Think of the difference
tightly controlled, vertically integrated operators compete with individual Burke in A Rhetoric of between a president
companies, adds further complications. Airbnb hosts — brands have to be Motives. To complicate his addressing the nation after
Unlike a Tesco or a Thomas Cook, extremely clear about what they point slightly, though, a declaration of war and the
intermediaries such as eBay, Uber, guarantee. Finally, and crucially, if you none of us has just one president talking at the
Airbnb or Etsy sit on top of a direct own the brand, no matter how loose language: even within White House
transaction between individuals, or the bundle of services it binds together, English, we use a whole Correspondents’ dinner.
between customers and micro- you must also be ready to own the range of them. Or consider three
enterprises. Their online brands occasional disaster and its How you speak will be greetings we could imagine
promise quality. But the products consequences. different from how you uttered by the same person.
beneath the slick virtual shopfront are
less closely monitored. The brands’
The “hitherto” in the small print of
that 1851 poster is significant. Cook was
write. And how you speak —
or write — will vary
A speech at a banquet elicits
the high style: “My lords,
guarantees of safety and quality are not in fact promising there would according to context and ladies and gentlemen . . .” A
backed, rather, by trust and never be an accident on his watch. He who you are speaking to. In business meeting might look
transparency between hosts, drivers, or was simply acknowledging it had not the phenomenon known as for the middle style:
vendors, and the customers who use yet happened. “accommodation”, your “Welcome!” And the school
and rate them. accent converges with that reunion or Friday night
By comparison, Thomas Cook’s 2006 andrew.hill@ft.com of your interlocutor. In what poker game: “Fellas!” The
tragedy is a tale from social media Twitter: @andrewtghill is sometimes called “code smart speaker switches
switching”, syntax and niftily between them,
vocabulary alter depending avoiding being stiff and
on context. pompous or vulgar and
So speaking “someone crass.
else’s language” means you Decorum is more
have to choose the right complicated than it used
idiolect for the occasion. to be. Any business will
And this is the province of have to find a set of
what in Cicero’s day was registers that maintains the
called decorum. impression of a consistent
Decorum is something we brand yet speaks to
may not think about all that different audiences. How do
hard, since it comes you speak to shareholders,
naturally to us from to regulators, to investors, to
childhood: an eight-year-old customers? Do you risk
knows to talk differently to chummy — the mailshot
classmates and the that uses a customer’s first
headteacher. But we notice name and asks how their
its absence like heck: a weekend was — or play safe
whole category of comic with formally courteous?
effect comes from violations And — witness corporations

O
n a visit home to Britain
Robert Hughes, who works of decorum. Sacha Baron hitting the wrong notes and
in the US, overheard his Cohen won fame for skits in attracting viral ridicule —
mother on the phone to a which he pranked stuffy social media is bandit
telesales agent. The sales- public figures by country: vital for many
man, she said, was a diamond mer- interviewing them as Ali G, a businesses but no fun when
chant. As it turned out the diamonds dim-witted wannabe rapper. the lolz are at your expense.
were fictitious and the salesman was So an octogenarian former For each company,
a fraudster who took her entire life MP might find himself executive and brand the
savings. introduced: “Listen ‘ere — answers will be different. But
The experience prompted Mr Hughes because I ‘as got none other as Aristotle said, rhetoric is a
— not his real name — to install True- than me main man Sir techne: something
Call, a filter that allows him to block Rhodes Boyson in the house, susceptible of study and
calls from strangers. “Preserving what- because we is talking about analysis. As with everything
ever independence my mother has left the education thing . . .” you do naturally, or semi-
matters more than any money.” Funny for the rest of us, but naturally, there is a good
As lifespans lengthen, businesses are poor Sir Rhodes! chance you’ll do it better if
starting to adapt and provide new serv- In ancient times decorum you’re aware of what you’re

Taking more care of the

ices not just to healthy older consumers was understood quite doing. Innit, blud.
but also the frail and vulnerable. True- formally. Different styles
Call, for example, started out as an all- were appropriate to The writer is the author of
purpose nuisance-call screener but different occasions, and a ‘You Talkin’ to Me?’ Rhetoric
today markets its services to support distinction was made from Aristotle to Obama

growing silver economy

the vulnerable elderly. Once a rarity,
customer contact centres have become
used to dealing with clients’ power of
attorneys. Staff in some businesses are
trained to help elderly consumers who
are confused, perhaps even notifying
carers. While other businesses are
searching for ways to support consum-
ers with age-related disabilities.
The number of people living with
dementia — estimated to be 44.4m
worldwide, according to Alzheimer’s
Disease International, and forecast by
the organisation to reach 75.6m by 2030
— poses particular dilemmas for busi-
nesses. Dementia is an umbrella term
for the progressive loss of mental abili-
ties and is most often found in older peo-
ple, most commonly in the form of
Alzheimer’s disease.
Showing consideration can make
transactions easier for people whose
faculties are faltering. James Warner,
medical director at Red & Yellow Care, a
dementia healthcare provider, says: “It’s
not axiomatic that someone with
dementia lacks the capacity [to make
financial decisions] but they may take
longer to assimilate information.” At
SunLife, an insurer with many older
policyholders, managing director Dean
Lamble says call staff are trained to spot
when customers sound groggy — per-
haps they were taking a nap — and offer
to call back another time or perhaps
when a relative will be on hand to speak
for them.
Businesses should also allow custom-
ers to make their needs known without
embarrassment, says Trudie Hills, cus-
tomer disability manager at Lloyds
Banking Group, which produced the
dementia-friendly financial services
charter with the Alzheimer’s Society.
Whatever businesses do, however,
there will always be customers who pre-
fer not to disclose their dementia, while
others may not even know they have it.
Faced with a seemingly bizarre request
— such as a massive cash withdrawal —
Ms Hills says Lloyds’ staff would nor-
mally encourage an elderly customer to
return another day, ideally with a rela-
tive. As a last resort, they might contact
Consumer social services — but they would call
change: some anonymously. “We might say we were
retailers are the customer’s bank, but not which
making efforts bank . . . [because] technically data
to support protection doesn’t allow us to divulge
shoppers with that a customer banks with us.”
dementia — Getty There is clearly much work to be
done, however. Dr Warner says he has
known patients who clearly lacked the
mental capacity to manage their affairs
withdraw their life-savings in cash
unchallenged by their bank.
A clarification to UK data protection
law confirming that businesses are enti-
tled to alert public services if they think
a customer is a risk to themselves or
potentially the victim of a rogue trader
might reduce the number suffering
financial mishaps.
As an example of how this might
work, Ms Hills highlights a protocol
devised by the London Borough of
Havering to stop rogue traders preying
on its large population of elderly resi-
dents. The agreement, to which local
banks have signed up, trains employees
on how tactfully to question elderly
customers about abnormal cash with-
drawals. If they suspect the customer is
The Alzheimer’s Society and
Advice organisations working to support people
with dementia suggest the following
strategies:
Recognise • Encourage customers with dementia to
signs of make personal statements that staff can
view, such as a reminder to staff to speak
dementia slowly, the details of a carer to contact in
a crisis.
• Involve people with dementia and
their carers in suggesting changes to
retail layouts, product designs and
customer service that would make their
lives easier. Focus groups, mystery
a victim of crime, or poses a risk to
themselves, they notify the police or
contact a local age charity to check on
their welfare.
Some retailers are also striving to
support customers with dementia —
even as they install self-service check-
outs. In research for the Alzheimer’s
Society, 23 per cent of people with
dementia said they had stopped shop-
ping. This was not necessarily because
shopping was beyond them, but because
they needed longer to organise and
orient themselves and feared other
people’s impatience.
Martin Bateman works as a commu-
nity life champion in Walsall, forging
links between his employee, the super-
market Asda, and local schools and
charities. After working with the UK’s
Dementia Friendly Communities pro-
gramme, he says dementia awareness
training has encouraged staff to offer
help where previously they might have
hesitated. “We tell colleagues never to
be afraid to approach someone who
looks confused, they may just be day-
dreaming or they could maybe do with
some help.”
shopping and complaints can all offer
valuable insights.
• Train staff to recognise possible signs
of confusion such as repetition,
wandering from the point and agitation,
and offer help, preferably in a quiet area.
• A dementia diagnosis does not
automatically mean people are unable to
manage their affairs, but tasks may need
simplifying. Using plain language and
offering alternatives to PIN numbers,
such as signature cards, may be the
difference that allows a loyal customer
to remain a customer for longer.
Following an audit by Pathways for
Life, a joint venture between Age UK
Walsall and Accord Group, a housing
and social care organisation, the Walsall
store has improved its signage and
coached staff to help people who strug-
gle to find the right words. And, with an
eye on further improvements, it is
engaging people with dementia as
mystery shoppers.
In the future, innovations such as bea-
con technology — an app currently on
trial at Barclays Bank for customers
with disabilities — could help retailers
attune services to personal needs by
sending an alert from the customer’s
phone to staff when a customer regis-
tered on the system enters the branch.
Features such as voice activation,
amplified ringtones and enlarged text,
already embedded in many smart-
phones, televisions and tablets, also
promise to make IT accessible to many
more consumers with age-related
impairments.
But elderly consumers will need to be
persuaded to use these features and
sales staff to promote them. In the US,
AT&T discovered through some work-
shops that it was running in community
and independent living centres that its
own store staff were unaware of the
accessibility features in many consumer
devices and of the existence of two
AT&T call centres dedicated to custom-
ers with disabilities. “Making sure store
[staff] know about [accessibility]
resources has [now] become a mission,”
says Kendra Cox, who looks after acces-
sibility compliance and outreach at
AT&T.
Mr Hughes, meanwhile, is hoping his
mother’s call-blocker will help her to
resume her life. “There are many ways
in which you think your parents are vul-
nerable. Until it happens, being the tar-
get of a techno-scam isn’t one of them.”
between the high,
middle and plain styles:
Great place to meet
Rendezvous Court Café, LA
Where Biltmore Hotel, S Grand Ave Wi-Fi Yes (paid)
Plug sockets Yes
Open 6am-6pm
Downtown Los Angeles is
experiencing something of a
renaissance. The financial
and administrative heart of
the metropolis is restoring
its past glories, making it an
attractive place to socialise
as well as do business.
Rendezvous Court Café
plays a part in the area’s rich
heritage. With an impressive
backdrop of Moorish
carved-wood ceilings, a
bronze stairwell and rose
marble fountain, it served as
the Millennium Biltmore
Hotel’s lobby when it
opened in 1923. The luxury
hotel later hosted eight
Academy Award ceremonies
during the 1930s and 1940s.
The Biltmore’s visitors and
guests included the likes of
Clark Gable, Bette Davis,
John F Kennedy and even
the Beatles. You can just
picture them arriving
artofpersuasion@ft.com
Espresso $3/$4 single/double
Privacy points AAAAE
through Rendezvous Court.
The café is a haven from
the busy Pershing Square. It
offers a quiet and informal
space for business meetings
despite the spectacular
setting (as well as a rather
good range of speciality
coffees and teas, baked
offerings and sandwiches).
During the week, hotel
guests, attendees at
corporate and professional
conferences, and tourists
mix at the café. While at the
weekends Rendezvous
Court is frequented by
Angelenos and visitors
feasting on afternoon tea.
It is worth a visit. After all,
not every venue for a
business meeting can be
spotted in films such as
Beverly Hills Cop and
Daredevil.
Michael Bruning
Tuesday 26 May 2015
Sixties avant-gardism preserved in amber
Yoko Ono made her
name as an artist before
John Lennon, but MoMA
fails to make a case for her
body of work as a whole.
By Ariella Budick
T
he Museum of Modern Art’s
new Yoko Ono shows opens
in 1960, the year of the
Beatles’ birth, and ends in
1971, the year that Dick
Cavett introduced her as “one of the
most controversial ladies since the
Duchess of Windsor, Wally Simpson”.
This is an exhibition with an argu-
ment: far from being the grasping
groupie who earned notoriety by prying
John Lennon away from his Liverpud-
lian buddies, Ono made her own name,
in her own way, on her own time. Unfor-
tunately, Lennon himself undermines
that case by haunting his widow’s “one-
woman show”, popping up in videos,
singing with the Plastic Ono Band, and
blessing objects that he saw, handled
and admired.
Because the show narrows its scope to
a single decade long ago, ignoring
whatever Ono has accomplished in the
35 years since Lennon’s murder, it’s
hard to avoid the question: would
MoMA be paying her this tribute if
she had married a dentist from New
Jersey? Um, no.
Ono was an inventive foot soldier in
the Fluxus movement who dreamt up
one masterpiece of weirdness, “Fly”,
and several other fey and funny provo-
cations. A born collaborator, she shared
a fruitful moment with a team of
tricksters, then formed an asymmetri-
cal partnership with Lennon. She exhib-
ited a rotting apple, invited viewers to
hammer nails into a blank canvas, and
set up a conflict-free chess set of all
white pieces.
Absent her marriage, none of this
would magnetise the crowds that will
inevitably converge on the sixth- floor
galleries, or confer on her the status of
BBC 1
6.00 BBC News.
6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 EastEnders.
8.00 Holby City. Oliver is
haunted by the past, which
puts a patient’s life at risk.
9.00 Crimewatch. The National
Crime Agency joins Kirsty
Young and the team in an
attempt to track down
criminals hiding out on the
continent.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.45 Gary Lineker on the Road
to FA Cup Glory. Gary
Lineker meets the men
whose careers were
changed by the tournament.
11.45 Crimewatch Update. An
update on viewers’
responses to the
programme shown earlier.
11.55 Film Biker Boyz. Action
drama, starring Laurence
Fishburne and Derek Luke.
BBC3
7.00 Top Gear. 8.00 Don’t Tell
the Bride. 9.00 Festivals, Sex &
Suspicious Parents. 10.00
EastEnders. 10.30 Nick Helm’s
Heavy Entertainment. 11.00, 11.25
Family Guy. 11.45 American Dad!
BBC4
7.00 World News Today. 7.30
Great British Railway Journeys.
8.00 The Secret History of Our
Streets. 9.00 We Need to Talk
About Kevin. 10.45 Twin Sisters:
A World Apart. 11.45 One-Hit
Wonders at the BBC.
Channel 5
6.00 Criminals: Caught on
grande dame of the avant-garde. She
deserves some recognition, certainly,
but the curators Christophe Cherix and
Klaus Biesenbach, who have produced
an outstanding installation, surely
hoped to do more than bump up the font
on a footnote.
This is the second time in the past few
months that the museum has focused
on a female artist whose reputation has,
at least in part, depended on her con-
nection to a famous man. Björk earned
her pop-star status on her own, but her
THIS EVENING’S TELEVISION
BBC 2
6.00 Eggheads.
6.30 Beat the Brain.
7.00 A Cook Abroad: John
Torode’s Argentina. R
8.00 Springwatch 2015. Chris
Packham and the team
report live from the Suffolk
coast, giving the latest
news on the otters,
avocets, badgers and
adders at RSPB Minsmere.
9.00 Joan of Arc: God’s Warrior.
Helen Castor investigates
the Middle Ages heroine, a
17-year-old who came to
command a French army.
10.00 Later Live – with Jools
Holland. With performances
from Muse, who feature
tracks from their latest
studio album Drones, plus
Melody Gardot, Sleater-
Kinney and Giorgio
Moroder. Last in the series.
10.30 Newsnight. Analysis of the
day’s events, presented by
Evan Davis.
11.15 Weather.
11.20 The Detectives. R
Other channels
Camera. 6.30 5 News Tonight.
7.00 Ultimate Police Interceptors.
8.00 The Dog Rescuers with Alan
Davies. 9.00 Pets Make You
Laugh Out Loud. 10.00 Big
Brother: Timebomb. 11.00 Big
Brother’s Bit on the Side.
More4
6.50 Selling Houses with
Amanda Lamb. 7.55 Grand
Designs. 9.00 Building the
Dream. 10.00 Britain’s Most
Extreme Weather. 11.05 24
Hours in A&E.
Film4
6.55 Terminal Velocity. 9.00 Safe
House. 11.15 The Ugly Truth.
marriage to Mathew Barney gave her
art-world cred. Ono’s trajectory went
the other way: she was a committed, if
obscure, artist before she ever met
Lennon, but MoMA is banking on the
currency he gave her.
The couple appear together in a video
clip, entertaining reporters during their
famous 1971 bed-in. He takes a call from
a protester, whom he advises to walk
away from a confrontation with the
police, then passes the phone to her. She
squeaks in agreement: “Just keep
Pick of the day
Dismiss religion and,
paradoxically, Joan of Arc
seems more miraculous than
if merely aided by God and
His saints. Dr Helen Castor
(left), a straightforward and
unselfconscious presenter,
rightly ends Joan of Arc:
God’s Warrior (BBC2 9pm)
with the warning against
losing sight of the human
being: a teenage peasant
who talked royalty into
letting her turn the tide
against an enemy military
occupation by leading
ITV London
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 Britain’s Got Talent.
Tension mounts during the
second live semi-final
hosted by Ant and Dec.
9.00 Coronation Street.
9.30 Britain’s Got Talent
Results. Ant and Dec
reveal who goes through
to the final.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.45 On Assignment. Rageh
Omaar visits Bulgaria’s
Eastern frontier, John Irvine
is in Dubai’s Burj Khalifa
and Lucy Watson
investigates a booming
foreign bride business.
11.15 The Big Fish Off. Team
captains Ali Hamidi and
Dean Macey are joined by
reality star Kirk Norcross
and actor Julian Lewis.
Regional variations apply
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods. 9.00 The
Tunnel. 10.00 Penny Dreadful.
11.00 The Following.
Sky Sports 1
6.00 Countdown to the O2.
6.30 Kell Brook: My Greatest
Night – Ringside Special.
7.00 Countdown to the O2.
7.30 Live Elite League
Speedway. 9.30 Countdown to
the O2. 10.00 Boxing:
Mayweather v Pacquiao.
Sky 1
6.00 Futurama. 6.30, 7.00,
7.30 The Simpsons. 8.00
FINANCIAL TIMES 15
ARTS & TELEVISION
The memory of that legendary first
encounter lingers at MoMA, or rather
it’s been preserved in amber. The ladder
whose steps Lennon trod is now off lim-
its, transforming a world-embracing
“yes” to a lawsuit-fearing institutional
“no”. Visitors can now gaze at the mag-
nifying glass from a distance, which is a
little like kissing through a bulletproof
window, and the piece has gone totally
inert. So has the rest of the show. In her
Fluxus days, Ono took a stand for art as
an adventure; now she’s allowed MoMA
to turn it into a relic.
To compensate for that ossification,
Ono has reconstructed some old instal-
lations, including the 1964 “Bag Piece”.
Still photos of the original performance
illustrate written instructions: “Per-
formers get inside of bag. Both remove
all clothing while inside of bag. Both put
all clothing back on. They come out of
moving and while you’re moving, you’re bag. They exit with bag from stage.” At
not just moving and grooving, but you MoMA, a team of “performance facilita-
work on it. And the next time when you tors” help willing viewers climb into
go to another town, it’s better, and it just black cloth sacks and then re-emerge.
goes on and on like that.” Oh, good plan! What participants do inside is their
He radiates charm and urgency; she acts business.
as his gibberish-uttering yes-woman. Is Ono has also refashioned “Painting to
that any way to make the case for her Be Stepped On”, a small hunk of canvas
separate talents? on the floor, which — you guessed it —
The show opens with “Apple”, a curi- viewers are invited walk on. And she has
ously apt metaphor for the fleeting, sen- also conceived a new work specifically
sual joy that Ono celebrates. It also for this retrospective, “To See the Sky”,
evokes the logo for the Beatles’ record which brings back the ladder concept.
label, and it brought Lennon and Ono In this more user-friendly and consider-
together at the Indica gallery in London ably slicker version, viewers scramble
in 1966. “I got the humor in her work up a spiral staircase to a skylight and
immediately,” Lennon later recalled. look at the clouds. That’s it.
“There was a fresh apple on a stand — The one enduringly powerful work
this was before Apple — and it was that Ono created, and that has to carry
200 quid to watch the apple decom- the show more or less alone, is the film
Clockwise from pose.” He found another piece even “Fly”, in which a platoon of bugs
left: Yoko Ono more bewitching: “A ladder which led explores her naked body, accompanied
in the MoMA to a painting which was hung on the by eerie shrieks, giggles and skittering
garden (c1960); ceiling. It looked like a black canvas howls. They crawl around in her pubic
‘Touch Poem 5’ with a chain with a spyglass hanging area and between her toes, probe a nip-
(c1960); Ono on the end of it. This was near the ple with their antennas, and, though
with ‘Apple’ door when you went in. I climbed the they seem to have no effect on the
in 2015 ladder, you look through the spyglass immobile Ono, do a good job of thor-
and in tiny little letters it says ‘yes’. So it oughly creeping out a lot of viewers. It’s
was positive. I felt relieved. It’s a great an effective 25 minutes, but a flimsy peg
relief when you get up the ladder and on which to hang a whole career.
you look through the spyglass and it
doesn’t say ‘no.’ ” Until September 7, moma.org
Trading Directory
troops dressed as a man in a
time of feminine subjection.
The mysteries remain —
delusional? mad?
manipulated? — but her
meticulously recorded trial
for heresy by the French
church provides one of the
great psychological
courtroom dramas.
We Need to Talk About
Kevin (BBC4 9pm) is a
chillingly compulsive film of
Lionel Shriver’s novel about
evil, love and parental guilt.
MARTIN HOYLE
Channel 4
6.00 The Simpsons. Homer is
asked to help the Rolling
Stones at a benefit gig,
filling his head with dreams
of stardom. R
6.30 Hollyoaks. Jason lies to the
police, claiming that he
found Dylan unconscious in
the car park.
7.00 Channel 4 News. Including
sport and weather.
8.00 Kirstie and Phil’s Love It
or List It. The duo come to
the aid of Ian and Sarah
from Brixham,
Northamptonshire, whose
two-bed rural semi is
bursting at the seams.
9.00 No Offence. The team
discovers a scam
encouraging people in debt
to sell their kidneys on the
black market and the
search for a kidnapped girl
leads to a breakthrough in
the serial killer case.
10.00 8 Out of 10 Cats Does
Countdown. R
11.00 Benefits Street. R
The Flash. 9.00 Charlie and
the Chocolate Factory. 11.15
Forever.
Sky Arts 1
6.30 Video Killed the Radio Star.
7.00 Nobel Peace Prize Concert
2014. 8.00 Discovering: Abba.
9.00 Becoming the Beatles. 10.00
1992. 11.15 Monty Python’s
Personal Best.
Sky Arts 2
6.50 Arts Scholarships – David
Shearing. 7.00 Nation’s Best
Am Dram. 8.00 The Tempest.
10.45 Urban Secrets. 11.45
South Bank Masterclasses:
Patrick Ness.
16 ★ † FINANCIAL TIMES Tuesday 26 May 2015

Greener grass
The returns of listed private equity firms have fluctuated sharply with the investment/harvest
cycle. While the firms’ core business remains leveraged buyouts, they have been adding assets
in real estate, credit, and publicly traded debt and equities
Twitter: @FTLex Email: lex@ft.com Total return (rebased) Assets under management ($bn)

500 300
Blackstone Fund of funds
Charter/TWC: value of size, which brings efficiency Apollo Wacker/Siltronic:
Credit and capital markets
and negotiating power, greater than the 250
everything is possible danger of heavy debt? Mr Malone has KKR Real estate and real assets silicon valley
400
bet on size before and won — but those S&P 500 Private equity
200
This is where capital markets are in bets were not made when the industry Carlyle Silicon is the second most-abundant
mid-2015. One company is about to bid was changing so much. element in the earth’s crust. One might
for another that has well over twice the 300 150 expect oversupply to be a perennial
profits and total value; it is doing so problem. And it is: both in polysilicon,
despite being highly indebted; and it Amazon Prime: 100 used by solar panel manufacturers, and
just shook hands on another major 200 semiconductor wafer, consumed by
deal less than two months ago. And no buying loyalty 50
chipmakers.
one will suggest that the deal will be Wacker Chemie is exposed to both in
hard to finance. Shareholders are Why innovate when you can imitate? roughly equal measure. But not for
unlikely to make any significant fuss — Jeff Bezos, Amazon’s founder, met the 100 0 much longer. The Munich-based
the job of nattering on about founder of US discount club Costco 15 2012 13 14 15 Blackstone Carlyle Apollo KKR company plans to carve out its wafer-
overpayment will be left to a few years ago and was impressed. Costco making subsidiary Siltronic and list its
journalists and the odd analyst who charges a membership fee, but its FT graphic Sources: companies; FT Research; Thomson Reuters Datastream shares in Frankfurt, with the ultimate
does not work for one of the financing prices keep members loyal. Mr Bezos aim of selling out completely. The unit,
banks. Stock markets may have been went on to reduce prices at Amazon which had sales of €853m last year, will
flattish for a bit, but the boom goes on. and, a few years later, introduce For corporate finance types — measure PE firms. The business is Carlyle recently shut down two also raise fresh capital.
If, as reported, Charter offers $195 a Amazon Prime. bankers, portfolio managers, chief wildly cyclical. When assets values are small “liquid alternative asset” Siltronic is almost certainly better off
share for Time Warner Cable, with a Today, Prime is central to any financial officers — the dream job has high, as they are now, firms sell mutual funds that are part of an independent. Its 14 per cent market
little over half of that in cash and the Amazon bull case. Between 30m and long been private equity. Deploying holdings and can return cash to effort to attract funds from well- share is some way behind that of
rest in shares, the combined company 40m Prime members who pay $100 a billions of debt-financed dollars shareholders; but at such time it is heeled retail investors. Japanese rivals Sumco and Shin-Etsu,
would look roughly as follows: its total year — $3.5bn in total at the midpoint makes the other ways of getting rich hard to buy assets at attractive prices. The core business is chugging which also enjoy better margins. A
value will be over $110bn, with about — for privileges including free two-day seem like child’s play. Carlyle’s revenue — management and along, though. Carlyle’s first-quarter separate listing would allow it either to
40 per cent of that in equity and the shipping and access to Amazon’s This may be changing. The performance fees — will stay relatively appreciation on its funds was a be taken over or, failing that, to invest
rest debt. It will generate roughly video library. Yet Amazon says the venerable Carlyle Group recently lost flat between 2013 and 2015, at $3bn. healthy 6 per cent and it is touting a to close the gap on its rivals. The
$32bn in sales and $11bn in earnings programme costs more than it brings co-president Michael Cavanagh to Of the nearly $200bn in assets healthy stream of investment exits in industry overcapacity that followed the
(before interest, taxes, depreciation in, in the direct sense: Prime’s shipping media titan Comcast; he had served Carlyle manages, the largest part is the second quarter. While investors decline in PC sales is working itself out,
and amortisation). Net debt will be a costs were “billions” last year, and just a year since joining from invested in traditional buyouts. But ponder when Carlyle’s revenues and although prices have yet to start rising.
dizzy 5.5 times those earnings, or more. $1.3bn was spent on Prime video JPMorgan. Carlyle lost finance chief banks are becoming less aggressive in earnings will grow again, they are Gartner thinks worldwide wafer sales
Time Warner Cable shareholders will content, all before the expense of Adena Friedman last summer; she lending for buyouts, and corporate being paid to wait. Based on payouts will rise just 4 per cent in 2015.
receive a premium of about 23 per cent other services, like Prime music. left to be co-president at Nasdaq buyers flush with cash are better over the past year, Carlyle’s dividend Divesting Siltronic would leave
over the price early last week, when At the same time Prime members OMX, where she had previously positioned to win auctions. yield is a formidable 7 per cent. Wacker, still controlled by the
deal speculation was rekindled. And spend more than twice as much worked. In the midst of the turnover So firms such as Carlyle are pushing Is the long-term view brighter still? eponymous family, focused on silicones
they will be receiving a fat bump up ($1,500) as others who use the site at the top, shares of Carlyle are off a hard into new investing areas such as The way to tell may be to track who and polymers, where it has more
compared with the $160 bid that ($625), reckons Consumer Intelligence fifth since February 2014. property, stock, bonds and debt. There the company manages to recruit — dominant market positions.
Comcast made in early 2014 (only to Research Partners. Assuming a 4 per Stock price is an imprecise way to have been bumps along the way. and retain. Polysilicon prices have slumped from
see it turned back by regulatory cent retail margin, that implies an almost $80 per kilogramme in 2011 to
resistance). A value of 9.5 times ebitda extra $35 in profits per Prime user, around $16 now, just as Wacker
will have been stamped on their compared with non-Prime users. That commissions a new $2bn production
company, nearly 50 per cent above the seems inconsequential until you based delivery service. Amazon may South African company to have used group, with a dual listing in London facility in the US. It has already warned
average since its 2007 listing. consider that Prime membership need to keep investing in Prime for a its London listing to good effect, and Johannesburg since 2002, tripped that cash profits from this division will
There are ways to cut the leverage. has been exploding in popularity. long time to come. powering its transformation into a in 2007 with its ill-timed acquisition of be lower than in 2014.
A direct equity investment from Membership grew 50 per cent over global group spanning emerging and UK subprime lender Kensington, since But in the medium term, growth is
Charter’s controlling shareholder, John the past year. Half the households developed markets. Its operations in sold. For all its brand outlay in the UK expected in solar power and, in the
Malone, is expected. As much as $1bn in the US will have Prime in 2020 if South Africa: Africa today account for only a third and the regulatory cost of its London meantime, Wacker is benefiting from
in cost cuts would fit with the savings memberships keep growing at 12 per of a more balanced portfolio. presence, it still earns 60 per cent of its the weak euro: each one-cent
targets offered up in previous cable cent a year, Macquarie points out. away games Conglomerate Anglo American also operating profit in South Africa. movement in the exchange rate adds
deals; a few hundred million might Prime cannot lose money on every invested hard after moving to London South African companies pondering €4.5m to cash operating profit.
come out of capital investment, too. member and make it up on volume, The strategy makes sense; it has mostly in 1999 as it shed industrial holdings to a London listing — or surrendering Wacker shares have underperformed
The combined company will have 22m and shipping costs must rise with sales. failed. Johannesburg’s stock exchange focus on its mining core. Yet its returns their London listing — should reflect on the broader market since flotation. The
subscribers, short of Comcast, which So the plan has to be that as Prime ranks in the world’s top 20 by have lagged behind its index. Investors the success of two JSE-listed company will always be cyclical —
has better margins and cash conversion reaches a certain size some costs (video capitalisation. But from the late 1990s still apply a discount for its exposure to companies. One, Aspen Pharmacare, dividends have ranged between 50
than either Charter or Time Warner. content, say) no longer grow as fast as some of South Africa’s best-known South Africa, which delivers two-fifths earned more than three-quarters of its cents and €3.20 over the past decade —
Size helps, then. But it is not revenues. But if investment slows, or companies, their horizons limited by of operating profit. Financial group first-half revenue abroad and trades on but a more focused business looks to be
everything. Recent solid results in pay fees rise, will customer loyalty be exchange controls, left home to list in Old Mutual also went shopping after it 31 times forward earnings. On double emerging.
television do not diminish the main affected? In his annual letter to London. The hope was that deeper and touched down the same year. For all its that rating is media group Naspers
challenge: a world where broadband shareholders, Mr Bezos writes that cheaper capital pools would provide a expansion it still earns two-thirds of its (with its 34 per cent stake in Chinese
matters more and TV — which “there are no sinecures in business”. springboard for expansion plans. operating profit in South Africa and internet group Tencent). It earns Lex on the web
For notes on today’s breaking
accounts for almost half of the new As if to prove his point, Walmart has Brewer SABMiller, listed in has not outperformed domestic rival three-quarters of its revenue abroad. stories go to www.ft.com/lex
company sales — is set to erode. Is the announced a cheaper membership- Johannesburg since 1897, is the rare Sanlam. Investec, another financial If they can do it, others can.

LOW Forecasts by
1010
11 18
LOW
10 1020 15
14 10
27
15
2 1030 12
Luxembourg Cloudy 14 57
Lyon Cloudy 17 63
12 13 16 Madrid Sun 27 81
19 27
17 14 16 Manchester Cloudy 14 57
18 Miami Fair 31 88
13
14 16 14 15 Milan Fair 24 75
LOW
14 Montreal Fair 28 82
17 17
16 16 Moscow Sun 27 81
17 O 25
16 LOW Mumbai Fair 34 93
14 20 20 Munich Shower 15 59
18 24
13 26
18 21 New York Fair 27 81
22 Nice Fair 20 68
27 LOW 21
16 30
24 Paris Cloudy 17 63
LOW 24
31 Prague Fair 15 59
8 Reykjavik Drizzle 7 45
24 23 30 33
1010 1010 Rio Sun 29 84
LOW Rome Sun 22 72
Wind speed in MPH at 12 BST 23
Wind speeds in KPH 37 San Francisco Cloudy 20 68
Temperatures max for day˚C
Stockholm Shower 15 59
Today’s temperatures Strasbourg Cloudy 17 63
Abu Dhabi Sun 40 104 Belgrade Thunder 17 63 Copenhagen Fair 15 59 Hamburg Cloudy 14 57 Sydney Fair 18 64
Amsterdam Fair 14 57 Berlin Fair 16 61 Delhi Sun 43 109 Helsinki Shower 18 64 Tokyo Sun 28 82
Athens Sun 24 75 Brussels Cloudy 16 61 Dubai Sun 38 100 Hong Kong Thunder 29 84 Toronto Fair 28 82
B’ham Cloudy 16 61 Budapest Thunder 17 63 Dublin Fair 16 61 Istanbul Sun 25 77 Vancouver Cloudy 20 68
Bangkok Fair 36 97 Buenos Aires Fair 18 64 Edinburgh Cloudy 13 55 Jersey Fair 15 59 Vienna Shower 16 61
Barcelona Sun 22 72 Cardiff Fair 18 64 Frankfurt Cloudy 16 61 Lisbon Sun 30 86 Warsaw Cloudy 19 66
Beijing Sun 35 95 Chicago Thunder 23 73 Geneva Fair 18 64 London Cloudy 18 64 Washington Cloudy 31 88
Belfast Cloudy 12 54 Cologne Cloudy 15 59 Glasgow Cloudy 12 54 Los Angeles Fair 20 68 Zurich Shower 16 61

CROSSWORD
No. 14,940 Set by ARMONIE
        ACROSS DOWN
1 Make certain of result by 1 Look in skip for meat (8)

capturing castle (6) 2 Flattery works in drama (4,5)
  4 Fielder desperately wants 3 German gets away from
spinner (4,4) Mediterranean smell (4)
10 Guard of honour provides tea 5 Poteen’s brewed for the dance
  for each individual (9) (3-4)
11 Small recliner is more smart 6 Good science provides good
 (5) food (10)
  
12 Ring bank back (4) 7 Poor girl’s obsession (5)
13 Left crew cuddling redhead? 8 Rodent tucked into food for
 Exactly! (5,5) Rover (6)
15 Entertainer has support 9 Vehicle in process of decay?
  
crumble (7) Tough! (6)
 16 Boat’s propeller is better (6) 14 Fame for coppers capturing
19 Parishioner put down fiancé errant minor (10)
   (6) 17 Publication about sport shows

21 Militia protecting our weapons scholarship (9)
store (7) 18 Examine vessel for cosmetic
  23 A rector in delirium is (8)
unhealthy (10) 20 Fool can’t use production (7)
25 Pass on purpose (4) 21 Wear down a nail with emery
  27 God has a name that has a initially (6)
point (5) 22 Class overturn child’s toy (6)
28 Caught in increasing 24 Society has a lot of problems
dependence (9) (5)
JOTTER PAD 29 Penny steered badly when 26 High point is when one
driven round the bend (8) embraces maiden (4)
30 More enthusiastic mourner (6)

Solution to Saturday’s prize puzzle on Saturday June 6

Solution to yesterday’s prize puzzle on Monday June 8
Winners’ names will be printed in Weekend FT
Tuesday 26 May 2015 ★★★ 17

Deals on wheels Fiat chief Marchionne says Carbon call US pension fund giants urge
carmakers must consolidate to fund innovation G7 finance chiefs to back emissions goal
FUTURE OF CARMAKING, PAGE 19 CLIMATE CHANGE, PAGE 20

Shell warns of Arctic output delays Short

View
Oil group says securing environmental approvals will prevent production until the 2030s
ED CROOKS — SEATTLE in infrastructure that would be needed ing an estimated 30bn of the 90bn bar- Unlike many of its peers, Shell is
Elaine
to start production, he said. rels of oil that the US Geological Survey ‘The size of pressing on regardless, arguing that Moore
Oil reserves that Royal Dutch Shell It would take a decade or two to come has suggested lie in the Arctic waiting to the prize Arctic production can be competitive if
hopes to find in the Arctic are unlikely on stream, in part because of the regula- be discovered. the reserves it finds are large enough.
to be brought into production before the tory scrutiny and legal challenges the However, several companies, includ- here is US president Barack Obama this What can you learn about the Greek debt crisis from the
2030s because of the difficulty in secur- development would face. ing Statoil of Norway and Chevron of the worth the month spoke out in favour of Shell’s country’s debt markets?
ing environmental approvals, execu- “The potential is here for this to be a US, have been delaying or cancelling plans, saying the company had provided Surprisingly little. Athens is fast running out of time to
tives leading the exploration have said. world-class, absolutely key resource, Arctic exploration plans to save money effort’ “the kinds of assurances that we have avoid default and a eurozone exit. Without aid, the govern-
Marvin Odum, Shell’s head of oil and with tremendous volumes,” Mr Odum since the plunge in crude prices last not seen before, taking account of the ment warns, it cannot make repayments to the Interna-
gas production in the Americas, told the said. “The size of the prize here is worth summer. extraordinary challenges [of cleaning tional Monetary Fund, the first of which falls due on June 5.
Financial Times that the company’s the effort. We just have to demonstrate Plans for Arctic drilling have also up an oil spill in the Arctic]”. But ignore yesterday’s tumbling Greek equities and look
success or failure this year and next in whether or not it’s there.” come under sustained attack from envi- However, Shell executives argue that at bonds issued by Europe’s most indebted nation. The
making a big discovery would be critical The Arctic is a significant frontier for ronmental campaigners, who have if the US wants full development of its yield on Greece’s 10-year bond — which doubles as the
to the future of oil development in the oil and gas exploration, and is becoming assailed Shell with protests and law Arctic oil, the government would have country’s benchmark borrowing rate — is at 11.2 per cent.
Arctic. more accessible because of diminishing suits. In the latest incident, two protest- to ease regulatory and legal constraints Not only is it far below the levels reached during the euro-
Only a discovery of large reserves in ice cover. ers attached themselves to an Arctic oil- to limit the hold-ups that have plagued zone crisis, it remains below the heights of 13 per cent plus
the Chukchi Sea off the northwest coast The area off the north coast of Alaska drilling support ship near Seattle at the the company. reached in late April.
of Alaska would justify the investment is seen as particularly promising, hold- weekend. Drilling chance page 20 Greece has been selling ultra short-term debt seemingly
with ease. This month, it sold €1.14bn of three-month debt
at a yield of 2.7 per cent, a rate that has been flat since
March. So are investors numb to the risk of Greek default
after months of prevarication?
South Africa’s precious There is widespread optimism a deal can be done
SA mining metal cull between Greece and its creditors. BlackRock puts the
Job losses hasten Change in employees, 2012-14 (%) chance of “Grexit” at 25 per cent. RBS believes it is even
lower.
change in industry Gold
All mining Yet they are hardly ignoring the risks. Compared with
the rest of Europe, the Greek borrowing rate is formidable.
Platinum sectors
Equivalent Portuguese 10-year bond yields are 2.8 per
South Africa’s mining industry has shed cent, Italy’s 1.84 per cent and Spain’s 1.74 per cent.
35,000 jobs in two years, having suffered Instead, the lack of even higher yields reflects the peculi-
a battering from labour unrest, rising -5.4 -5.5 arities of the market for Greek debt and how difficult it has
costs and weak commodity prices, become to divine investor sentiment from its entrails.
writes Andrew England in Ultra short-term Greek debt is the preserve of domestic
Johannesburg. banks, which hardly need telling that supportive bids are
The extent of the job losses — in their best interest.
equivalent to one out of 14 workers — But longer-term debt is largely owned by the public sec-
indicates how the labour unrest that has tor after the record-breaking bailout Greece received dur-
plagued the industry since the police ing the eurozone crisis. That leaves a fraction — a little over
shooting of 34 striking miners at -16.3 10 per cent, according to UBS — in the hands of private
Marikana in 2012 has accelerated investors.
restructuring in the sector. The lack of liquidity is being felt in near-record low trad-
Mining is one of the biggest private ing volumes. According to banks, buyers are in short sup-
sector employers in South Africa and Total mining employees (’000) ply. This is keeping Greek debt holders in place, waiting for
data from the Chamber of Mines — seen 1000 the denouement of this situation just like everyone else.
by the Financial Times — provide the
first detailed analysis of the extent of job Greek government bonds
losses since Marikana. 800 10-year bond yield (%)
The majority of the losses between
2012 and last year were in gold and 50
platinum, with those sectors shrinking 700 40
by 23,100 and 10,800 respectively,
according to the chamber. A further 30
600
1,600 jobs have been cut in iron ore The yield on 20
mining between 2012 and last year. Greece’s 10-year
Ngoako Ramatlhodi, South Africa’s 500 bond is far below 10
mines minister, said this month that the the levels reached 0
government was “alarmed at the rate at during the
which retrenchments have been taking 400 eurozone crisis 2011 12 13 14 15
90 2000 10 14 Source: Thomson Reuters Datastream
place in the industry”. 1980
www.ft.com/mining Sources: DMR; Chamber of Mines
elaine.moore@ft.com
Siphiwe Sibeko/Reuters

Procter & Gamble explores beneath the

skin of 3D bioprinting to speed up trials
TANYA POWLEY emerging area,” said Elena Lurie-Luke, L’Oréal has a laboratory in Lyon,
— MANUFACTURING CORRESPONDENT
who heads up P&G’s Global Life Sciences France, which focuses on producing
Forget plastic figurines and toys, the Open Innovation business. in vitro skin tissue. It was set up in 2011
next frontier for 3D printing tech- Bioprinting works by taking cultured to expand L’Oréal’s use of the method as
nology is living human tissue. human cells and forming a bio-ink, cosmetics companies began moving
which is then placed into cartridges that away from testing on animals.
Procter & Gamble has become the latest contain a syringe fitted with an extru- Bioprinting is also being looked at
Construction sector hopes household name to explore 3D bioprint- sion nozzle for printing. by pharmaceuticals companies as a
to build on Tory victory ing, which could provide a quicker and The bioprinter deposits a pattern of way of speeding up and lowering the
cheaper way to test its products for tox- cells in layers, interspersed with a cost of drug development and test-
The Conservatives’ general election icity and efficacy. water-based gel known as hydrogel that ing. Organovo, the world’s first publicly
victory has bolstered confidence in the The world’s largest consumer goods is used as a kind of scaffolding for the traded 3D bioprinting company,
construction industry, according to company will launch a grant competi- cells. The printed tissue is then left to has developed living liver tissue for
analysts. They say the fortunes of tion in Singapore today, asking academ- grow, and the hydrogel removed. medical and drug research and clinical
many housebuilders had already been ics to submit research proposals on 3D P&G is not the only company explor- trials.
buoyed by the policies of the previous bioprinting applications that would be ing the technology. L’Oréal, the French Some experts believe the technique
coalition government. relevant to P&G. cosmetics group, said this month it was could also one day be used to produce
Relief rally i PAGE 21 “We want to look at the possibilities of working with US bioprinting start-up replacement organs for patients in need
bioprinting. It’s definitely a very strong Organovo to print human skin. of a transplant.

Companies / Sectors / People

Companies
Aena................................................................21
Airbnb............................................................14
Alfa Romeo.................................................19
Allied Minds................................................21
Altice...............................................................18
Amazon.........................................................18
Anglo American..................................16,17
AngloGold Ashanti............................17,18
Apple...............................................................19
ArcelorMittal..............................................28
Ardian.............................................................21
Aspen Pharmacare.................................16
Axa..................................................................20
BMW................................................................19
Bank of America.........................................1
Barclays............................................................1
Barratt............................................................21
Bellway...........................................................21
Berkeley Group.........................................21
Boeing.............................................................11
Bovis................................................................21
Cablevision..................................................18
Calpers..........................................................20
Calstrs...........................................................20
Care UK.........................................................21
Carlyle Group.............................................16
Charter Communications............1,16,18
Citigroup..........................................................1
Comcast.................................................1,16,18
Crest Nicholson........................................21
Daimler..........................................................19
Etsy..................................................................14
Fiat Chrysler Automobiles.................19
Ford.................................................................19
GMR................................................................28
General Electric.........................................11
General Motors....................................11,19
Glencore........................................................17
Google............................................................19
Guaranty Trust Bank..............................6
HBO Now.....................................................18
IP Group........................................................21
Imperial Innovations..............................21
Independence Group............................18
Investec.........................................................16
JPMorgan Chase.........................................1
Japan Post..................................................28
Jeep.................................................................19
London Stock Exchange.....................21
L’Oréal.............................................................17
Mears..............................................................21
Nasdaq OMX..............................................16
Naspers.........................................................16
Netflix.............................................................18
Nigerian National Petroleum Corp.6
Organovo......................................................17
Persimmon...................................................21
Peugeot.........................................................19
Porsche..........................................................19
Procter & Gamble...................................17
Renault...........................................................19
Royal Bank of Scotland......................1,3
Royal Dutch Shell.............................17,20
SABMiller......................................................16
Sanlam...........................................................16
Sanofi..............................................................21
Shin-Etsu......................................................16
Sirius Minerals.............................................4
Sirius Resources.......................................18
Skype...............................................................11
Suddenlink...................................................18
Sumco.............................................................16
Suzuki.............................................................19
Taylor Wimpey..........................................21
Tesco...............................................................14
Tesla................................................................19
Thomas Cook............................................14
Time Warner Cable........................1,16,18
Toyota............................................................19
Transocean.................................................20
UBS...............................................................1,10
US Steel........................................................28
Uber.................................................................14
Volkswagen.................................................19
Wacker Chemie.........................................16
Walmart.........................................................16
Wizz.................................................................21
eBay.................................................................14
Sectors
Aerospace.....................................................11
Automobiles................................................19
Banks........................................................1,3,18
Beverages....................................................16
Construction...............................................21
General Financial.....................................21
Ind Metals...................................................28
Ind Transport...............................................8
Media.........................................................18,19
Mining........................................................17,18
Oil & Gas.............................................6,17,20
Oil Equipment..........................................20
Personal Goods........................................17
Pharmaceuticals.......................................16
Technology Hardware..........................19
Travel & Leisure......................................14
People
Bennett, Mark............................................18
Cavanagh, Michael..................................16
Clare, Mark..................................................21
Cook, Tim.....................................................19
Creasy, Mark...............................................18
Drahi, Patrick...........................................1,18
Malone, John...........................................1,18
Marchionne, Sergio................................19
Musk, Elon...................................................19
Odum, Marvin............................................17
Pickard, Ann..............................................20
Pidgley, Tony..............................................21
Stone, Stephen..........................................21
Viehbacher, Chris.....................................21
Zohar, Daphne...........................................21

© The Financial Times Limited 2015 Week 22

18 ★ FINANCIAL TIMES Tuesday 26 May 2015

COMPANIES
INSIDE BUSINESS
Banks
FINANCE

Warning on new risk models for trading Patrick

Letter to regulators argues
proposals will make
markets more volatile
MARTIN ARNOLD AND LAURA NOONAN
The world’s biggest banks are seeking to
play on regulators’ fear of another “flash
crash” in debt markets to lobby against
new risk-calculation models, which
they warn will treble the capital needed
to the Basel Committee on Banking
Supervision, warning that the proposals
will make financial markets much more
volatile and unstable.
Bankers argue that recentmarketvola-
tility, such as last October’s “flash crash”
in US Treasury securities and the rise in
the value of the Swiss franc in January,
reflected a drying up of liquidity due to
restrictionsonbanks’tradingactivities.
There is concern among regulators
that an expected rise in US interest rates
Jenkins
Swaps and Derivatives Association, the ‘Investor around the proposals for dealing with
Global Financial Markets Association trading book risk.
participation
and the Institute of International
Finance in their letter, seen by the
Financial Times.
in certain
“The changes couldn’t be character-
ised as concessions to the industry as
such,” one financier said, but as “adjust-
Global watchdogs look
markets is
“Higher trading book capital require-
ments in these markets will further likely to fall ments to fine-tune technical elements of
a new framework that weren’t working
to UK lead in attempt
increase issuance costs and will nega-
tively impact secondary market liquid-
ity that is already subdued due to the
further
thereby
as expected”.
Lobbyists are pushing for the Basel
Committee to carry out another quanti-
to tame market abuse
impact of other regulatory initiatives,” negatively tative study this year to look in more
the letter said. impacting on detail at the likely effect of the changes.

in their trading businesses.
Rules to change how banks assess risk
in their trading operations are being
finalised by global policy makers, who
aim to set the regime in stone by the end
of this year.
But three of the most powerful
financial lobbying groups have written
this year could bring the 30-year bull
market in bonds to a sudden end and
trigger painful increases in volatility
across credit and currency markets.
“Investor participation in certain
markets is likely to fall further thereby
negatively impacting on their depth and
efficiency,” warned the International
Media. US cable deal
The trio of lobbyists added that such
an environment was expected to “dis-
courage some market participants from
hedging their risks, raising the prospect
of increased market volatility and sig-
nificant financial instability”.
Bankers and their advisers said there
had already been a number of tweaks
B
their depth However, policy makers may be reluc-
tant to accept the delay having already
and efficiency’ conducted three studies.
The planned rules include liquidity
horizons for calculating how long banks
would take to sell assets in a crisis. But
financiers warn they will cause some
“punitive capital increases”.
link and you’d have missed it. In all the kerfuffle
over the latest banking scandal — complete with
colourful emails between foreign exchange
traders and multibillion-dollar fines for manip-
ulating global FX markets — the Bank for Inter-
national Settlements announced it was orchestrating a
new FX code of conduct.
The news rather paled next to the misbehaviour on
banks’ trading floors exposed by last week’s $5.6bn settle-
ment and the titillating FX emails they quoted (“if you aint
cheating you aint trying”).
But the BIS initiative is significant — it is a small but sym-
bolic step towards fixing the banks’ toxic way of doing
things. It is also a pre-emptive sign that the UK agenda to

TWC battle highlights industry upheaval
Aftershocks expected with
Altice the potential loser as
Malone’s Charter closes in
SHANNON BOND — SAN FRANCISCO
MATTHEW GARRAHAN — NEW YORK
ARASH MASSOUDI — LONDON
The battle over Time Warner Cable, the
second-largest US cable television oper-
ator, reflects the profound change
sweeping through the industry and is
expected to set off aftershocks.
After days of haggling, it emerged yes-
terday that Charter Communications,
the third-largest cable TV group, which
is backed by tycoon John Malone, was
closing in on buying TWC in a $78bn
deal including debt. The potential loser
is Altice, the European cable group
chaired by billionaire Patrick Drahi,
which has also been interested in
acquiring New York-based TWC,
according to people familiar with the
matter.
Luxembourg-based Altice made its
first foray into the US only last week by
striking a $9.1bn deal to acquire a con-
trolling stake in Suddenlink, the fifth-
largest pay TV operator, and is expected
to look for another deal to muscle up
against a combined Charter-TWC and
industry leader Comcast.
This all comes at a time when sub-
scription TV providers are slowly but
steadily shedding customers. The US
pay-TV industry shrank 0.5 per cent
over the past 12 months, according to
Craig Moffett, analyst at MoffettNath-
anson Research. “That may not sound
dramatic, perhaps, but it’s the fastest
rate of decline on record,” he says.
Smaller cable groups, many of which
have been in family control for years,
are seen as likely takeover targets.
Shares of Cablevision, the fourth-largest
pay TV operator controlled by New
York’s billionaire Dolan family, surged
22 per cent last week on speculation
about consolidation. Privately owned
Cox Communications is also seen as a
target. In recent years, industry
Legal Notices
Business Opportunities
Readers are strongly recommended to take appropriate
professional advice before entering into obligations.
Time Warner executives have argued that consolida-
Cable’s master tion would help cable operators com-
control room in pete against their rivals in the satellite
New York: and telecoms sectors, face up to pro-
subscription TV grammers over rising content costs, and
providers are address the threat of cord-cutters —
slowly but consumers who turn to online stream-
steadily losing ing services such as Netflix, Amazon
customers and HBO Now.
Andrew Harrer/Bloomberg
Cable groups have countered anti-
trust concerns by arguing that their geo-
graphical spread meant no one group
had a national presence: the industry
evolved in a fragmented way that gave
large operators control of regional
monopolies. But recently, growth in
their broadband businesses has sur-
passed TV service. Comcast counted
more internet subscribers than video
customers for the first time in the sec-
ond quarter of this year.
The emerging primacy of broadband
has changed the picture for the industry
and, crucially, for regulators. Following
Comcast’s withdrawal of its bid for TWC
in April, Tom Wheeler, chairman of the
Federal Communications Commission,
the chief US media and telecoms watch-
dog, said the deal “would have posed an
unacceptable risk to competition and
innovation, including the ability of
online video providers to reach and
serve consumers”. With this in mind,
the same regulatory concerns that
derailed Comcast’s attempt to buy TWC
may figure in scrutiny of any tie-up
between Charter and TWC.
“We believe after the TWC/Comcast
review, the government now believes
Comcast is already too big, and Charter/
TWC creates another Comcast,” says
Rich Greenfield, analyst at BTIG
Research. “It will get blocked.”
As well as regulatory issues, Charter
could face questions about how it is
going finance a purchase of TWC, and
also the level of indebtedness at the New
Top US cable companies
Pay-TV subscribers (end Q1 2015)
Comcast
22.4m
Time Warner
11.0m
Charter
4.3m
Cablevision
2.7m
Suddenlink
1.1m
Source: Leichtman Research Group
York-based company after the takeover.
Charter is expected to propose offer-
ing $195 a share for TWC — well above
the $132.50 it bid for the New York-
based company last year. TWC’s stock
closed at $171.18 on Friday. How Char-
ter, which has a large debt load on its
balance sheet, can finance a large cash
offer for TWC may be a critical factor.
Meanwhile,MrDrahihasmadeaname
for himself by using leverage to develop
Altice’s European media empire — an
approach he is taking to the US. Altice
only put $1.2bn of cash on the table to
buy Suddenlink, in a deal that valued the
targetat$9.1bnincludingdebt.
There are question marks about a
possible counterbid by Altice for TWC.
The most important one is whether, as
such a new entrant to the US market, Mr
Drahi is prepared to take on so much so
quickly. The Suddenlink deal brings
Altice’s shopping bill over the past 15
months to a staggering €36bn.
The other doubt is how he will fare
when competing against his former
mentor, Mr Malone, particularly if regu-
lators are inclined to block a Charter
purchase of TWC. For Mr Drahi, there is
still much to play for.
Additional reporting by Adam Thomson
in Paris
See Lex
close the massive loopholes in the regulation of trading
activities is on the way to international acceptance.
In a couple of weeks’ time, the Treasury, the Bank of
England and the Financial Conduct Authority are set to
unveil their Fair and Effective Markets Review — an
assessment of all that is wrong with the wild-west side of
markets, spanning the so-called FICC businesses of fixed-
income, currencies and commodities.
The exercise, being led by BoE deputy governor
Minouche Shafik, is expected to be both thorough
(running to hundreds of pages) and decisive. It looks
set, for example, to recommend legislative change so that
trading behaviour that is already illegal in equity markets,
such as “front-running” a client trade, is also illegal across
FICC markets.
It is also expected to address bitter complaints from pol-
iticians, investors and the
general public that even if
big institutions have been
These are by
fined billions of dollars, mis- definition
creant employees and their
bosses have personally got
opaque markets.
off lightly. And opacity
Assuming the report’s rec-
ommendations are trans-
invites abuse
lated into law and new codes
of conduct are properly enforced, global regulators could
follow suit.
The US Treasury, for one, is envious of the ability of UK
policy makers to come up with a plan of action that com-
bines new laws and rules based on a collaborative consul-
tation with market practitioners. The FEMR consultation
process yielded 90 responses running to 1,000 pages in all.
An investor-led market practitioners’ panel has provided
regulators with influential guidance.
Particularly helpful for the drive to export the UK
reforms is the fact that Mark Carney, the BoE governor, is
also chairman of the Financial Stability Board, the global
umbrella regulator. It was the FSB’s sister body, the BIS,
that came up with that plan for a global FX code of conduct
— an early sign of the potential global influence of FEMR.
So far, so promising.
But this phase of the reform process feels unlikely to
countenance really radical solutions to address the most
intransigent shortcoming of FICC markets — their funda-
mental lack of transparency.
With the bulk of FICC trading done over the counter
rather than on exchange, these are by definition opaque
markets. And opacity invites abuse. As I have argued in
this column before, the world needs to find a way to put
more FICC trading on to exchanges.
The FEMR consultation has toyed with this topic by ask-
ing respondents whether they think that FICC products
could be more standardised.
There are plenty of reasons for all sides to oppose this.
Companies issuing debt want as much flexibility to define
the duration, price and fine-print of their bonds. Asset
managers want the flexibility to find investments that fit
their precise requirements. The banks’ middlemen make
more money from bespoke tailoring than they would from
manning a production line. And the bulky, illiquid nature
of trading in some FICC markets suggests it may be ill
suited to an equity-like exchange — certainly traders
whose livelihoods depend on maintaining the status quo
argue as much.
With all that in mind, it is worth keeping an eye not only
on Britain’s policy makers, but also on Germany’s Deut-
sche Börse.
Next week, the exchange operator gets a new boss in the
form of Carsten Kengeter, the fixed-income trader who
used to run UBS’s investment bank.
For good commercial reasons, he is likely to seek ways to
bring a chunk of FICC business on-exchange. Once market
reformers and regulators are aligned, change might just
happen.
patrick.jenkins@ft.com

Mining. Acquisition

Rags-to-riches story ends with A$1.8bn takeover of Sirius Resources

JAMES WILSON
— MINING CORRESPONDENT
Three years ago Mark Bennett was hud-
dled in a tent in Australia’s outback,
straining to see by torchlight what the
last hole that his fledgling mining com-
pany could afford to drill had yielded.
Yesterday the company, Sirius
Resources, agreed a A$1.8bn deal to be
acquired by an Australian rival, bring-
ing to a culmination one of the most
talked-about mining projects in recent
years in the resource-rich nation.
Shares in Sirius were worth less than
6 cents in July 2012 before Mr Bennett
and his team discovered the Nova-Bol-
linger nickel and copper resource in
Western Australia. The tie-up with
Independence Group, a gold and nickel
miner, values Sirius at A$4.38 a share.
At a time of falling commodity prices
and job cuts across Australia, Sirius’s
rags-to-riches growth evokes headier
times for miners and the age-old excite-
ment of striking a big deposit. Nova-Bol-
linger is one of Australia’s largest
reserves of nickel and is due to go into
production late next year.
“This transaction provides a great
outcome for Sirius shareholders and I
am proud of what Sirius and its employ-
ees have achieved,” said Mr Bennett,
managing director.
Backed by mining entrepreneur Mark
Creasy, Mr Bennett found Nova after
being given three years and A$10m to
make a “company-making” discovery
in the Fraser Range, 200km southeast
of the mining town of Kalgoorlie.
“We were down to the last couple of
hundred thousand dollars,” Mr Bennett
recalled in an interview in 2013. “It was
the final drilling campaign we could
afford to do.” When the drill reached the
targeted depth it was already dark. “We
Mark Bennett said
the company was
nearly out of cash
when the Nova-
Bollinger discovery
was made
were looking by torchlight — we had to
wait all night,” he said. “The next day it
looked good.”
He drove the sample 1,000km to
Perth, where analysis confirmed the dis-
covery and, as he recalls, “the market
went berserk”. If the drilling “had been
50m either way, we would have missed
it — we would still be sitting there,” he
said.
The deal with Independence confirms
Mr Creasy — who went to Australia from
the UK 50 years ago to work in mining —
as one of the country’s wealthiest entre-
preneurs. He owns almost 35 per cent of
Sirius and following the deal will
own 18.6 per cent of the combined
group, which had a pro-forma market
capitalisation of A$2.7bn on the eve of
the tie-up being announced.
Independence is paying a 35 per cent
cent premium to Sirius’s previous
closing price. Peter Bradford, its manag-
ing director, said Independence would
get synergies and savings from a “domi-
nant landholding position” in Western
Australia.
The company already mines nickel,
copper, zinc and silver in the state.
Sirius’s equity investors will also share
in a spinout of further exploration assets
into a separately listed company, S2, to
be led by Mr Bennett.
Shares in Sirius rose 20 per cent to
A$3.90 yesterday, while shares in Inde-
pendence fell 12 per cent to A$5.05.
Tuesday 26 May 2015
Scepticism over
Fiat chief’s call
for cars tie-ups
Analysts point to Marchionne’s large
borrowings and big investment plans
ANDY SHARMAN
— MOTOR INDUSTRY CORRESPONDENT
It was called Confessions of a Capital
Junkie. An industry insider said it was
more like Car Industry 101.
Sergio Marchionne, chief executive
of Fiat Chrysler Automobiles, last
month gave a presentation on
mergers and acquisitions, the latest in a
series of calls for consolidation in the
industry from the former accountant
and lawyer.
Mr Marchionne argued that carmak-
ers should combine to help fund the
increasing development costs of greener
cars involving electric motors, as well as
new technologies such as self-driving
vehicles.
His presentation set off fevered spec-
ulation.
Did this dealmaker — who
brought together Italy’s Fiat with Chrys-
ler of the US — have a transaction in
the works?
The company declined to comment.
The story was given another spin
when Mr Marchionne said he had
spent time in early May with Apple chief
executive Tim Cook and Tesla co-
The Alfa Romeo 4C
Scott Olson/Getty Images
★ FINANCIAL TIMES
Spending race
Heavy investments
Combined R&D spend and capex ($bn)*
0 20
Volkswagen
Toyota Motor
General Motors
BMW
Daimler
Fiat Chrysler
* Cumulative over past five years
Source: Bloomberg
founder Elon Musk, and taken a ride in
one of Google’s self-driving cars. Sergio Marchionne said in a conference
These Silicon Valley companies are call: “I think it is absolutely clear that the
threatening to disrupt the car world, but amount of capital waste that’s going on in
Mr Marchionne — who was born in Italy this industry is something that is not to
and grew up in North America — be countenanced . . . and the remedy in
insisted that the US groups should be our view is consolidation.”
involved in the “dialogue” on consolida- No one doubts that the argument
tion. made sense. Making cars is an expensive
Industry insiders, ever sceptical about business. In the past five years, the top
the prospects for car sector megamerg- three carmakers by sales — Toyota,
ers, say Mr Marchionne may have ulte-
rior motives.
Some analysts believe Fiat Chrysler,
more than any other large carmaker, Family affair
needs a deal in order to tap capital,
among other things. Strategic stakes: company voting rights*
The company suffered during a sharp % ownership
downturn in European sales following BMW
the global financial crisis.
Family
Fiat Chrysler has large borrowings —
net debt stood at €8.6bn at March 31 — 46.7
and low profit margins.
Moreover, it has big investment plans,
including building Jeeps in China and
reviving the struggling Alfa Romeo Ford
brand. Family
Mr Marchionne has glued together
two carmakers. The question is: can he 40
National 37
pull off the trick again?
* Voting rights double in April 2016 through Loi Florange
Sources: UBS; Morningstar; companies
Standing in the way of dealmaking are
blocking interests of families and
governments.
Many of the voting rights in carmakers
are held by families such as the Quandts
at BMW, the Porsche-Piëchs at VW and
the Ford family.
“They appear to retain a deep sense of
responsibility to their companies, a
responsibility to their employees and
19
COMPANIES
Multiple snags
Undervalued?
Enterprise value as a multiple of ebitda (x)
40 60 80 100 120 140 0 2 4 6 8 10 12 14
Mass market carmakers
Oil and gas
Telecoms
Aerospace and defence
R&D Chemicals
Capex Building materials
Retail and consumer
Pharmaceuticals
Source: Fiat Chrysler Automobiles
Volkswagen and General Motors — spent Mr Marchionne has described the BNP Paribas, says: “The market punishes
a combined $315bn on research and industry’s low trading multiples as [carmakers] for being profligate, for not
development and capital expenditure, “embarrassing”. consolidating parts that should have
which includes new machinery and plant The pro-consolidation argument says been shared long ago.”
maintenance. mergers between the big carmakers There are deeper reasons low
There is nothing wrong with heavy would reduce competition and costs, and valuations is assigned to carmakers,
spending. But as Mr Marchionne pointed allow for better profit. including the fact that it is a
out, carmakers do not cover their cost of That would boost share prices and help commoditised sector with little
capital. The returns do not justify the towards a stock market re-rating. distinction between products and that
investments. Dominic O’Brien, an analyst at Exane real car prices are declining.
History lessons
Global car production
Units (m)
Fiat Chrysler Peugeot
Corporate* 25
14.1
Europe
Family 44.3 National* 14.1 20
14.1
Family*
15
Volkswagen Renault
National* North America 10
Corporate* 17.8 China
3.7 5
50.7
Family 2004 06 08 10 12 14
Source: Bloomberg
communities and a keen sense of legacy,” A barrier to consolidation, analysts say, is activity. The US had 272 car producers in
says Bernstein Research analyst Max the fact that the car industry is in 1909. By the 1950s, the oligopoly of GM,
Warburton. Despite all the arguments relatively good shape. Ford and Chrysler had taken shape.
against tying up wealth in the cyclical, Sales in the US are close to all-time But few sectors do M&A quite so badly.
capital-intensive car industry, “they show highs. Europe is recovering after six years From failed combinations such as
little interest in selling”. of decline. China is slowing but fuelling DaimlerChrysler to scrapped alliances
There are regional and national profit at many carmakers. such as VW-Suzuki, car history is littered
interests. Lower Saxony state holds a fifth History says this situation is not the with takeovers, mergers, and
of VW’s voting rights while Paris has cue for large-scale M&A in the industry. partnerships that sought big cost savings
significant stakes in Peugeot and Renault. There has been no shortage of M&A but collapsed.
20
Shell ready to seize its Arctic drilling chance
Success or failure of highly challenging and long-delayed project is critical to future of oil development off Alaska coast
ED CROOKS — SEATTLE
Its yellow legs gleaming in the spring
sunshine, the Polar Pioneer mobile off-
shore drilling unit is easy to spot at its
mooring in the port of Seattle.
It is an appropriately public location
for a rig that is being made ready for the
most-watched oil exploration campaign
this year: Royal Dutch Shell’s drilling
programme in the Arctic Chukchi Sea
off the northwest coast of Alaska.
Ten years after it first started acquir-
ing new leases in the Arctic, and having
spent almost $7bn, Shell has not yet
drilled a well into oil-bearing rocks. A
series of lawsuits, regulatory objections
and its mistakes have held it up.
If all goes to plan, by late
July work will have
begun at two wells in
the Burger prospect
But after securing a vital approval
from US regulators earlier this month,
the group has a chance to change that.
If all goes to plan, by late July it will
have started drilling two wells in the
Burger prospect in the Chukchi Sea. Its
success or failure will be critical to the
future of oil development off the coast of
Alaska.
The Alaskan Arctic has large poten-
tial. US government projections have
suggested that in the long term it could
produce 1m barrels per day, putting it
on a similar scale to the Gulf of Mexico
Ann Pickard: ‘I want to know what
the deckhand had for breakfast’
Alaskan crude oil
production
Million barrels per day
2.0
1.5
1.0
0.5
0 Shell drilled there between 1989 and
1973 80 90 2000 10 14
Source: EIA
Legal Notices
as an oil-producing region. To make that
possible, Shell and other companies will
have to make the oil discoveries to con-
firm that the area’s supposed potential
can be turned into reality.
Ann Pickard, put in charge of the
project in 2013 as Shell’s executive vice-
president for the Arctic, was heading for
retirement after a stint running the
company’s Australian operations, but
was persuaded to take on a last chal-
lenge.
“Shell has been great to me, and when
I was asked about this, I felt I could pay
back Shell some,” she says.
Exploring in the Arctic is challenging:
drilling is possible only for two or three
months in the summer when the ice
clears sufficiently, and the seas can be
harsher than in the Gulf of Mexico, the
offshore region the US industry knows
best.
But Ms Pickard says it is entirely pos-
sible to do it safely.
“We can do this,” she says. “But it does
require that we operate exceptionally
well.”
The Polar Pioneer has been the focus
of protests from environmental cam-
paigners.
It was boarded by Greenpeace activ-
ists in the Pacific Ocean in April while
being towed to Seattle, and after arriv-
ing in the port earlier this month was
surrounded by 500 “kayaktivists” in
canoes.
The protesters object to the risk of a
spill, which would be difficult to clear up
in the icy waters of the Arctic, and to the
implications for climate change of a
long-term future for oil.
“The last place we should be drilling
for oil is the Arctic Ocean,” says Dan
Ritzman of the Sierra Club, one of the
groups involved in the protests. “This is
a place we should start leaving fossil
fuels in the ground.”
The argument in favour of Arctic
drilling has not been helped by the prob-
lems that have dogged Shell and its con-
tractors.
In the summer of 2012 it managed to
drill two “top holes”, stopping well short
of the suspected oil reserves, but faced
persistent difficulties.
The Noble Discoverer, a drill ship that
was used in that programme and will be
Cold hard economics
Finding just gas will not be
enough to make well pay
In spite of all the logistical challenges of
operating in the Arctic and opposition
from environmentalists, Shell
executives say the prize is worth it.
The Burger prospect, 70 miles off the
northwest coast of Alaska, is one of the
most promising targets for oil
exploration anywhere in the world.
1991 and found only gas — not
economically viable to develop then or
★ FINANCIAL TIMES
COMPANIES
‘Kayaktivists’ approach Shell’s Polar Pioneer drilling rig docked in Elliott Bay, next to Seattle port, during a ‘Paddle in Seattle’ protest — Ellen M. Banner/Seattle Times
operating again this summer, suffered
engine failure.
The Kulluk, the other rig used that
year, broke free of its cables when it was
being towed in heavy seas off the south
coast of Alaska, and ended up running
aground. It has been scrapped.
Noble, the drilling contractor that
operated the rigs, last December
pleaded guilty to eight counts of
improper record-keeping and failing to
notify the US Coast Guard of hazardous
conditions, and was fined $12.2m.
“What happened in 2012 did not show
Shell the way I know Shell,” says Ms
Pickard. “We’re trying to rebuild trust.”
In part, that is about improved equip-
ment. The Polar Pioneer, which is
owned and operated by Transocean, has
now. However, after studying the
geology of the area in the 2000s, Shell
concluded there was a good chance
that there could be oil there.
With higher crude prices and
advances in production technology that
would make it possible to connect the
fields to the trans-Alaska pipeline
system to take the oil to the tanker port
at Valdez, it started to look like a
commercially viable prospect. In 2008,
Shell paid $2.1bn for 275 leases to drill
in the Chukchi Sea, including at Burger.
The US government has estimated
the leases bought in that sale, the largest
number of which went to Shell, could
Business Opportunities
Readers are strongly recommended to take appropriate professional advice before entering into obligations.
Contracts & Tenders
a successful record of operations in the
harsh conditions off the coast of Nor-
way, and has been modified for Shell
with features such as stronger towing
gear and an incinerator for waste.
More than the equipment, though, it
is the “man-machine interface” that is
critical, says Ms Pickard.
Her approach is exhaustive detail in
managing Shell’s employees and the
dozens of contractors working on the
project.
$12.2 m 1m
How much Potential
drilling contractor Alaskan Arctic
Noble was fined production in
last December barrels per day
produce 4.3bn barrels of oil: more than
the entire proved reserves of the UK.
Although the Arctic conditions make
drilling difficult, Burger is well within
the capabilities of the Polar Pioneer rig.
Still, the presence or absence of
viable oil reserves cannot be known for
certain until wells have been drilled.
“The presence of hydrocarbons:
that’s confirmed,” says Marvin Odum,
Shell’s head of exploration and
production in the Americas.
“Is it the oil we need to make
something like this economic? That’s
what the exploration programme is
about,” Mr Odum adds. Ed Crooks
“I want to know what the deckhand
had for breakfast. And I’m only half-jok-
ing,” she says. “I want to know, are these
people on the boats capable, competent,
and do they want to be there. I want to
know what’s going what every hour of
the day.”
Failing to plan far enough ahead was
one of the reasons for the problems Shell
faced in 2012, Ms Pickard says. Another
was insufficiently close communication
with contractors.
Both of those weaknesses she believes
she has addressed.
“I don’t want to sound overconfident,
because that’s not my style at all. But as I
look at every little piece of what we’re
planning to do . . . there’s no weak-
nesses in our programme.”
Burger
prospect
300km
General financial
Calpers and Calstrs urge G7 to
agree emissions-cutting target
PILITA CLARK — LONDON
The chief executives of US public pen-
sion groups Calpers and Calstrs have
taken the unusual step of urging G7
finance ministers to back a firm goal
for cutting greenhouse gas emissions in
the global climate change deal due to be
sealed in Paris this year.
Anne Stausboll of Calpers, which has
investments worth nearly $300bn, and
Calstrs’ Jack Ehnes, are among more
than 100 institutional investor heads
who have signed a joint letter to the
finance ministers ahead of a G7 prepara-
tory meeting in Germany this week,
saying climate change is “one of the big-
gest systemic risks” investors face.
“We therefore urge you to support a
long-term global emissions reduction
goal in the Paris agreement,” said the
group, which together manages more
than $12tn.
It is the first time a global coalition of
investors has called for such action,
according to representatives of the
group, which also includes the Ontario
Teachers’ Pension Plan in Canada and
ERAFP, the pension fund for French
civil servants.
The letter is the latest activity among
investorsandbusinessesinthelead-upto
a December UN climate meeting in Paris,
where nearly 200 countries are due to
finaliseaglobalpacttocutemissions.
In an eye-catching move, France’s
Axa, one of the world’s largest insurers,
said last week it would sell €500m of
coal investments before the end of this
year and also pledged to put €3bn into
Tuesday 26 May 2015
The question, she says, is “What is
going to happen that’s going to surprise
us?”
Shell has some permits left to secure
before it can start to drill, and still faces
legal challenges.
The rigs could be on their way
through the Bering Strait in early July,
with the company still not knowing for
certain whether it will be allowed to
drill.
The project team will be ready, Ms
Pickard says, and almost all of the $1bn
the programme will cost this year has
been spent.
“I’ve put a lot of effort into getting this
stuff right,” she says. “Now it’s pretty
much up to the people I have in place to
execute.”
US Shell’s Burger
prospect off Alaska
Shell drilling
lease blocks
green investments before 2020. Dozens
of companies have called on govern-
ments to introduce a meaningful price
on the carbon dioxide emissions pro-
duced by burning fossil fuels.
But the idea of setting a firm target for
curbing those emissions in the Paris
agreement is dividing countries in the
lead-up to the December meeting.
Angela Merkel, the German chancel-
lor and host of this year’s G7 summit,
has backed the phasing out of fossil fuel
pollution this century. She is expected
Anne Stausboll
of Calpers:
‘A global
agreement in Paris
will provide clarity
for investors’
to push other countries to support such
a move at the G7 summit in June.
But some countries want to stick to
the more vague target agreed in earlier
UN climate negotiations of limiting glo-
bal temperature rises to no more than
2C from pre-industrial times.
Ms Stausboll said that a long-term,
emissions-cutting goal and a price on
carbon dioxide pollution were “critical”
for sending the market signals needed to
encourage greener investments.
“A global agreement in Paris will pro-
vide clarity for investors and advance the
shifttoalowcarboneconomy,”shesaid.
Philippe Desfossés, chief executive of
ERAFP, said the world needed $53tn of
energy investment by 2035 to avoid
dangerous climate change.
Tuesday 26 May 2015
Pharmaceuticals
PureTech seeks $160m London flotation
Boston group’s IPO comes
amid growing interest in
UK life science investment
ANDREW WARD
— PHARMACEUTICALS CORRESPONDENT
A Boston-based healthcare technology
company whose board includes high-
profile business leaders such as Chris
Viehbacher is to seek $160m in a Lon-
don stock market flotation.
The initial public offering planned by
PureTech Health next month would add
to the growing momentum behind life
science investment in the UK after a
series of recent fundraisings.
The Conservatives are committed to delivering 250,000 cut-price starter homes and to extending Help to Buy to 2020 —
Election result bolsters growth outlook for builders
Tory win means extension of
supply-side-boosting schemes,
lifting spirits for the long term
ELIZABETH PATON
When Tony Pidgley, chairman of Berke-
ley Group, sold £18.7m worth of stock in
the company five days before the elec-
tion, shares in British housebuilders fell
across the board.
Investors were shaken by the appar-
ent sign from Mr Pidgley that he was
anticipating a Labour victory on May 7
and with it challenges including a man-
sion tax on homes worth more than
£2m and rental caps. Now, with an
unexpected Tory majority government,
the tables have turned.
Shares in Berkeley, one of the UK’s
largest housebuilders, have risen about
20 per cent since the election, to reach
record highs last week. Britain’s other
biggest builders — Barratt, Taylor Wim-
pey and Persimmon — have put in simi-
lar performances, all gaining between 15
per cent and 17 per cent.
Healthcare
Care UK in talks to sell division
GILL PLIMMER
Care UK, the private equity-owned
healthcare company, is in the final
stages of talks to sell its community
nursing division, as part of a growing
trend for buyout groups to quit the sec-
tor with traditional outsourcing com-
panies taking their place.
Mears, the listed building maintenance
company which moved into the care at
home market in 2007, is expected to buy
the division for an undisclosed sum.
Care UK, owned by private equity
group Bridgepoint, is the largest inde-
pendent provider of NHS services and
plans to focus on fresh opportunities in
the state-funded healthcare market as
commissioners put more contracts out
to tender.
PureTech is aiming to join a cluster of
companies on the London Stock
Exchange whose business model
involves investing in a portfolio of early-
stage science and technology and help-
ing to turn the intellectual property into
commercial businesses.
The other examples are IP Group,
Allied Minds and Imperial Innovations,
which have a collective market capitali-
sation of more than £3bn.
Daphne Zohar, PureTech’s co-
founder and chief executive, said: “We
realised the UK was the best place for us
because investors understand the
model.”
PureTech would be the second US-
based life science company to float in
Real estate. Relief rally
“The sector is still experiencing a
relief rally after the surprise in the elec-
tion and the feeling that the housing
market has dodged a bullet,” says Robin
Hardy, a Shore Capital analyst.
The fortunes of many UK housebuild-
ers and their investors had already been
buoyed by the policies of the previous
coalition government. Analysts say the
election result has bolstered confidence
in further growth for the sector.
“The Conservative win means an
extension of many supply-side-boosting
schemes already in action, like Help to
Buy, giving housebuilders confidence to
undertake bigger and more long-term
projects,” says Grainne Gilmore, Knight
Frank’s head of UK residential research.
“There is also a clearer short tomedi-
um-term outlook around policies in the
rental sector, providing clarity for insti-
tutional investors, who could hold the
key to unlocking even more housing
across the UK.”
Mark Clare, chief executive of Barratt,
Britain’s largest housebuilder by vol-
ume, says the election result created a
“positive political and economic envi-
ronment” for the housebuilding sector,
It is also expanding its provision of
residential care homes for the elderly,
opening 18 homes over the past two-
and-a-half years. It plans to open 15
more by 2018.
Mears and Care UK declined to com-
ment.
Building and facilities management
companies Mears, Mitie and Interserve
have all moved into the market to pro-
vide care in people’s homes in the past
few years, citing the ageing population
and government attempts to deliver
more care in the community rather
than in more expensive hospitals and
nursing homes. The fragmented domi-
ciliary care market is worth about
£17bn and is continuing to grow, accord-
ing to LaingBuisson, the healthcare
market intelligence group.
★ FINANCIAL TIMES
COMPANIES
London this year after Verseon, a
California-based company which uses
computer algorithms to discover drugs,
raised £66m on Aim this month.
The listing, if successful, would be a
coup for London because PureTech’s
board includes several prominent fig-
ures from the worlds of technology and
life sciences — sectors usually domi-
nated by New York’s Nasdaq market.
PureTech is the first venture for Mr
Daphne Zohar:
“The UK was the
best place for us
because investors
understand the
model.”
with the Conservatives committed to
delivering 250,000 cut-price starter
homes and extending Help to Buy to
2020. But some have questioned
whether the Tory policies go far enough.
Labour and the Liberal Democrats
pledged to build at least 200,000 homes
annually but the Conservatives have
stopped short of annual targets, suggest-
‘The sector is experiencing
the feeling that the market
has dodged a bullet’
Robin Hardy, Shore Capital
ing that it should be for local councils to
decide how many new homes are built.
Tory plans to extend the Right to Buy
scheme to housing association tenants
have outraged lobby groups, including
the Institute for Fiscal Studies and CBI,
which say the pledge will not relieve the
shortfall in properties.
A shift to more supply-driven policies
may not suit all housebuilders. Anthony
Codling, an analyst at Jefferies, says that
while some companies are in growth
Viehbacher after his departure as chief
executive of Sanofi, the French drug-
maker, last year. Dame Marjorie
Scardino, former chief executive of
Pearson, owner of the Financial Times,
will also join the PureTech board today
as a senior independent director along-
side her boardroom roles at Twitter and
IAG, owner of British Airways.
Other directors include Joichi Ito, a
serial Japanese-American technology
entrepreneur and Sony board member,
who will today be named PureTech’s
chairman, and Robert Horvitz, a Nobel
laureate for breakthroughs in genetic
research.
PureTech has so far invested in 12
companies, all still in the development
mode — such as Crest Nicholson, Bovis
and Bellway — other builders, including
Barratt and Taylor Wimpey, are focus-
ing on increasing returns to sharehold-
ers rather than boosting volume output.
“Demand is not the problem. The key
issues fanning production con-
straints . . . can actually play into a com-
petitive advantage for the larger build-
ers, given low competition for land and
continuing relative edge over the exist-
ing homes market,” Mr Codling says.
The number of social and low-cost
homes completed in England was
almost 30 per cent lower in 2014 than
three years earlier as George Osborne
cut housing spending.
“Labour arguably had more of a focus
on affordable housing while Conserva-
tives have focused on aspirational pri-
vate housing,” says Mr Clare.
He urges the government not to “lose
momentum” on proposals set out in the
Conservative manifesto to unlock more
public sector land to meet demand and
address affordable housing and
resource shortages.
“A massive constraint on growth in
the next five years will be our ageing
phase, focused on unconventional
approaches to healthcare problems
ranging from obesity and hair loss to
autism and schizophrenia. Several of its
ventures involve digital technology.
Ms Zohar said PureTech was espe-
cially interested in the convergence of
medicine and technology and the
arrival of non-traditional operators in
healthcare — demonstrated by recent
investments by Google and Apple in the
sector.
The IPO will involve new shares
accounting for at least 25 per cent of the
company.
Jefferies is acting as global co-
ordinator and joint bookrunner
together with Peel Hunt.
workforce, and that training new site
workers took a back seat during the
downturn. If we are going to come any-
where near hitting targets of 200,000
homes annually, we will need to get an
additional 75,000 workers into the sec-
tor — the size of three Barratts.”
He says austerity cuts had led to a
slowdown in processing applications,
which he deems “a false economy”.
Stephen Stone, chief executive of
Crest Nicholson, says demand for UK
housing is the highest he has seen in his
career — partly because of the Decem-
ber stamp duty reforms — and that pro-
viding resources to planning depart-
ments should be a “top priority”.
Some have suggested that the recent
boost in share prices has more to do
with the top end of the market than
the bottom.
“In the end, all the parties were so
pro-housing that the post-election share
price rally was not just a reflection
of confidence in ongoing returns from
the sector.
“It was perhaps some mansion-based
city fund managers breathing a sigh of
relief,” says Mr Codling at Jefferies.
21
Travel & leisure
Luton eyes
faster terminal
links as part of
long-haul plan
JANE WILD
Luton airport’s owners, who have
described it as the “Cinderella” of Lon-
don’s hubs, are looking at speeding up
transport to the terminal as a first step
towards serving long-haul flights.
The airport is studying whether to
scrap the bus between the train station
and the terminal and replace it with a
faster fixed link, in an attempt to boost
the airport’s appeal as it begins work on
a £100m redevelopment.
The programme to upgrade the air-
port and lift its capacity from handling
12m to 18m passengers a year will
ensure it is well equipped to cater to
long-haul flights to as far away as Singa-
pore, said Nick Barton, chief executive
of the airport. The development will
mean Luton could easily handle airlines
serving transatlantic routes to both the
east and west coasts of the US, Mr Bar-
ton added.
French airline La Compagnie recently
began operating business class-only
flights from Luton, running five times a
week to New York’s Newark airport.
Mr Barton added that Luton’s redevel-
opment would keep it competitive with
other London airports, should low-cost
long-haul flying take off.
Chris Tarry, airlines analyst, is scepti-
cal, though. “Airlines would prefer to go
‘Stansted is perceived
to have a better
catchment area and
more critical mass’
to another airport,” he said. “If you rank
the London airports in terms of prefer-
ence, Luton will likely be in fourth or
fifth position. Stansted is perceived to
have a better catchment area and more
critical mass.”
Luton, which is a large base for busi-
ness jets and handled a total of almost
11m passengers in the year to date,
focuses on serving European short-haul
routes, especially to leisure destina-
tions. Its biggest customers are easyJet,
which has about a 40 per cent share, fol-
lowed by rapidly expanding Hungarian
low-cost airline Wizz Air.
Adding destinations in eastern
Europe and Scandinavia are next on its
list.
However, one of the biggest chal-
lenges the airport faces is to improve its
image. Its Spanish owner Aena, which
holds a 51 per cent stake with private
equity firm Ardian holding 49 per cent,
described Luton as the “Cinderella” in
an admission that it suffers from a per-
ception that it is poorly connected. Pas-
sengers have to pay extra to board a
shuttle bus from the train station that
carries them to the terminal in about
eight minutes.
The airport made a profit before tax of
£27.5m on revenues of £122.3m for the
year to the end of December 2013, its
last published set of accounts.
At present flights from Luton are
mainly to continental Europe
22 ★★★ FINANCIAL TIMES Tuesday 26 May 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 $

-0.22% -0.03% -0.29% -0.11% -0.17% -0.07%

No change No change No change No change No change
0.26% 0.74% 1.70%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Apr 23 - May 22 Index All World Apr 26 - May 25 Index All World Apr 24 - May 23 Index All World Apr 23 - May 22 Index All World Apr 26 - May 25 Index All World Apr 26 - May 25 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
20,413.77
2,126.06 15,392.35 11,867.37 11,815.01 2,159.80 2,146.10
2,112.93 7,028.24 7,031.72
15,187.40
19,634.49

Day -0.22% Month 1.37% Year 12.61% Day -0.09% Month -1.43% Year 3.26% Day 0.26% Month 0.19% Year 3.24% Day -0.42% Month -0.44% Year 21.54% Day 0.74% Month 1.97% Year 41.15% Day 1.10% Month 0.06% Year 6.86%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,089.36 45,773.31
5,056.06 1,626.83 1,616.07 11,505.40 27,992.83 3,496.24
11,322.30 27,933.85
3,460.85
44,852.29
Day -0.03% Month 1.50% Year 23.18% Day -0.05% Month -2.01% Year 7.00% Day -0.11% Month -0.66% Year 18.04% Day -2.01% Month -1.59% Year 7.23% Day 1.70% Month 0.51% Year 22.58% Day 0.31% Month -1.48% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
18,232.02 5,201.45 4,813.80
27,735.02 27,643.88
18,058.69 56,594.22 5,117.17 23,199.43 23,285.11
4,414.51
54,609.26
Day -0.29% Month 1.57% Year 10.28% Day 0.43% Month -3.51% Year 3.77% Day -0.50% Month -1.62% Year 13.89% Day -2.09% Month -0.61% Year 12.24% Day 3.35% Month 9.56% Year 136.60% Day -1.12% Month 0.75% Year 11.95%

Country Index May 25 May 22 Country Index May 25 May 22 Country Index May 25 May 22 Country Index May 25 May 22 Country Index May 25 May 22 Country Index May 25 May 22
Argentina Merval 11459.53 11700.65 Cyprus CSE M&P Gen 77.87 78.24 Italy FTSE Italia All-Share 24905.11 25371.10 Philippines Manila Comp 7761.53 7810.17 Taiwan Weighted Pr 9645.17 9638.80 Cross-Border DJ Global Titans ($) 246.85 247.02
Australia All Ordinaries 5719.90 5668.20 Czech Republic
PX 1027.80 1030.02 FTSE Italia Mid Cap 33104.41 33646.77 Poland Wig 55957.50 56828.92 Thailand Bangkok SET 1508.16 1523.86 Euro Stoxx 50 (Eur) 3655.41 3679.14
S&P/ASX 200 5721.50 5664.70 Denmark OMXC Copenahgen 20 991.46 985.64 FTSE MIB 23285.11 23781.78 Portugal PSI 20 5989.81 6101.47 Turkey BIST 100 85803.92 86565.03 Euronext 100 ID 1002.24 1006.23
S&P/ASX 200 Res 3565.20 3529.80 Egypt EGX 30 9121.92 8988.03 Japan 2nd Section 4902.27 4886.49 PSI General 2721.74 2770.24 UAE Abu Dhabi General Index 4625.94 4616.51 FTSE 4Good Global ($) 5838.98 5838.95
Austria ATX 2640.72 2639.92 Estonia OMX Tallinn 869.24 874.20 Nikkei 225 20413.77 20264.41 Romania BET Index 7451.82 7461.68 UK FT 30 3065.70 3061.00 FTSE All World 291.17 291.17
Belgium BEL 20 3746.30 3765.90 Finland OMX Helsinki General 8751.15 8828.53 S&P Topix 150 1398.18 1386.83 Russia Micex Index 1655.40 1665.66 FTSE 100 7031.72 7013.47 FTSE E300 1616.07 1617.91
BEL Mid 5878.10 5891.05 France CAC 40 5117.17 5142.89 Topix 1659.15 1647.85 RTX 1041.58 1051.21 FTSE 4Good UK 6295.59 6276.94 FTSE Eurotop 100 3231.47 3233.70
Brazil Bovespa 54609.26 54377.29 SBF 120 4030.66 4049.86 Jordan Amman SE 2168.73 2164.71 Saudi-Arabia TADAWUL All Share Index 9726.96 9732.52 FTSE All Share 3818.84 3809.08 FTSE Global 100 ($) 1385.90 1386.00
Canada S&P/TSX 60 886.11 886.96 Germany M-DAX 20915.81 20968.95 Kenya NSE 20 4858.61 4879.95 Singapore FTSE Straits Times 3460.85 3450.18 FTSE techMARK 100 4026.73 4026.25 FTSE Gold Min ($) 1229.19 1230.59
S&P/TSX Comp 15187.40 15200.76 TecDAX 1731.27 1736.69 Kuwait KSX Market Index 6304.11 6311.09 Slovakia SAX 245.88 245.88 USA DJ Composite 6363.22 6390.28 FTSE Latibex Top (Eur) 3575.10 3536.10
S&P/TSX Met & Min 743.55 747.36 XETRA Dax 11815.01 11864.59 Latvia OMX Riga 441.94 445.63 Slovenia SBI TOP 803.21 804.43 DJ Industrial 18232.02 18285.74 FTSE Multinationals ($) 1609.92 1617.63
Chile IGPA Gen 19654.51 19718.56 Greece Athens Gen 814.06 840.22 Lithuania OMX Vilnius 497.13 497.22 South Africa FTSE/JSE All Share 53985.66 54055.38 DJ Transport 8482.31 8551.28 FTSE World ($) 512.49 512.41
China FTSE A200 13167.97 12767.21 FTSE/ASE 20 242.91 251.15 Luxembourg LuxX 1782.30 1786.50 FTSE/JSE Res 20 43036.59 42904.27 DJ Utilities 588.13 589.22 FTSEurofirst 100 (Eur) 4636.32 4644.98
FTSE B35 15405.17 15269.81 Hong Kong Hang Seng 27992.83 27523.72 Malaysia FTSE Bursa KLCI 1767.38 1787.50 FTSE/JSE Top 40 47844.77 47885.27 Nasdaq 100 4527.16 4529.47 FTSEurofirst 80 (Eur) 4886.31 4913.34
Shanghai A 5041.44 4877.43 HS China Enterprise 14433.36 14132.16 Mexico IPC 44852.29 44874.04 South Korea Kospi 2146.10 2122.81 Nasdaq Cmp 5089.36 5090.79 MSCI ACWI Fr ($) 441.32 442.70
Shanghai B 497.90 492.30 HSCC Red Chip 5306.79 5258.82 Morocco MASI 9667.42 9787.85 Kospi 200 266.03 262.66 NYSE Comp 11197.69 11239.66 MSCI All World ($) 1803.50 1810.84
Shanghai Comp 4813.80 4657.60 Hungary Bux 22189.96 22185.55 Netherlands AEX 501.14 501.89 Spain IBEX 35 11322.30 11554.20 S&P 500 2126.06 2130.82 MSCI Europe (Eur) 1554.59 1558.90
Shenzhen A 2913.77 2867.49 India BSE Sensex 27643.88 27957.50 AEX All Share 764.85 765.80 Sri Lanka CSE All Share 7284.76 7288.74 Wilshire 5000 22449.83 22495.55 MSCI Pacific ($) 2576.69 2558.52
Shenzhen B 1570.46 1555.34 S&P CNX 500 6911.15 6964.45 New Zealand NZX 50 5794.98 5776.02 Sweden OMX Stockholm 30 1650.69 1648.46 Venezuela IBC 8075.33 6624.05 S&P Euro (Eur) 1614.22 1623.96
Colombia COLCAP 1353.62 1356.61 Indonesia Jakarta Comp 5288.36 5315.15 Nigeria SE All Share 34272.09 34459.70 OMX Stockholm AS 542.61 541.98 Vietnam VNI 563.00 561.82 S&P Europe 350 (Eur) 1661.30 1662.26
Croatia CROBEX 1731.91 1723.81 Ireland ISEQ Overall 6262.71 6273.56 Norway Oslo All Share 702.62 704.17 Switzerland SMI Index 9353.30 9365.35 S&P Global 1200 ($) 1998.59 1999.38
Israel Tel Aviv 100 14.83 14.77 Pakistan KSE 100 32707.22 32605.62 Stoxx 50 (Eur) 3510.49 3518.33
(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 May 25 %Chg %Chg May 25 %Chg %Chg May 25 %Chg %Chg May 25 %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 60.4 132.54 1.15 Vodafone 380.7 253.75 11.25 Novartis N 303.2 94.40 0.05 Tokyo Electric Power ,orporated 919.8 624.00 39.00 Vodafone 253.75 8.2 14.0 Dcc 5160.00 18.1 45.2 Batm Advanced Communications Ld 16.00 25.5 1.6 Mobile Telecommunications 5744.90 7.6 14.5
Facebook Class A 15.8 80.54 0.06 Hsbc Holdings 204.4 620.60 6.10 Roche Gs 272.9 267.41 -1.25 Toyota Motor 500.2 8459.00 113.00 Coca-cola Hbc Ag 1466.00 5.4 19.4 Al Noor Hospitals 957.50 13.6 -3.3 Topps Tiles 141.25 19.5 24.4 Automobiles & Parts 8632.14 4.7 7.7
Gilead Sciences 13.5 111.71 0.49 Glaxosmithkline 108.2 1464.50 14.00 Nestle N 245.7 70.68 0.05 Mizuho Fin,. 458.6 251.10 2.70 Smiths 1201.00 5.3 9.4 Booker 169.40 11.4 3.5 Hogg Robinson 56.50 18.3 36.1 Forestry & Paper 16318.61 4.7 44.7
Time Warner Cable 12.5 171.18 5.66 Royal Dutch Shell 107.8 1970.50 -14.50 Santander 245.0 6.62 -0.14 Softbank . 444.0 7404.00 52.00 Sage 572.00 5.1 22.8 Bank Of Georgia Holdings 1939.00 10.8 -6.6 Stv 415.00 13.7 13.7 Oil Equipment & Services 19405.08 3.6 18.0
Microsoft 12.1 46.90 -0.52 Lloyds Banking 105.7 87.98 0.14 Daimler Ag Na O.n. 220.3 89.70 -0.27 Mitsubishi Ufj Fin,. 441.1 905.40 5.90 Persimmon 1936.00 4.8 22.7 Qinetiq 235.40 10.1 25.3 Moss Bros 105.75 11.9 20.2 Household Goods 15248.69 3.0 19.3
Quest Diagnostics 11.9 79.60 5.72 Bp 103.8 457.75 -0.25 Bayer Ag Na 219.1 137.10 -0.65 Sony 338.3 3929.50 87.50 3i 559.50 4.7 24.3 Aveva 1977.00 7.7 50.5 Volution 156.00 10.6 11.2 Software & Computer Services 1551.30 3.0 24.2
Hewlett-packard 9.9 34.76 0.93 British American Tobacco 96.6 3621.00 -12.00 Richemont N 215.7 82.70 -0.87 Sumitomo Mitsui Fin,. 277.0 5446.00 51.00 Marks And Spencer 594.00 4.6 24.1 Bwin.party Digital Entertainment 106.70 7.3 -9.4 Mothercare 245.00 9.9 40.0 Chemicals 12183.38 2.9 8.0
Abbvie 9.2 65.48 -0.17 Bhp Billiton 96.6 1408.50 4.00 Dt.telekom Ag Na 214.8 16.25 -0.78 Toshiba 258.8 409.90 -1.10 Mondi 1515.00 4.4 44.3 Mitie 308.50 7.2 11.0 Renold 68.50 9.6 17.1 Pharmaceuticals & Biotech. 13522.90 2.8 6.4
Qualcomm 9.2 69.51 -0.58 Royal Dutch Shell 94.7 2000.50 -20.50 Unicredit 188.8 6.25 -0.21 Mitsubishi Heavy Industries, 255.9 781.80 32.30 Gkn 369.20 4.4 7.3 Intermediate Capital 586.00 7.2 27.4 Devro 318.75 8.9 4.5 Industrial Transportation 3081.50 2.7 9.0
At&t 9.1 34.71 -0.36 National Grid 89.7 918.50 9.40 Syngenta N 186.3 406.06 -0.10 Sojitz 246.6 306.00 21.00 Standard Life 499.90 3.9 24.9 Homeserve 433.30 6.8 28.7 Vectura 173.00 8.5 34.4 General Industrials 4507.29 2.4 15.8
Royal Mail 503.50 3.7 17.1 Talktalk Telecom 403.00 6.6 32.5 Wanton 168.00 8.4 3.7 Industrial Engineering 9426.59 2.2 6.7
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
Babcock Int 1120.00 3.6 5.9 Fidelity China Special Situations 173.50 6.2 29.7 Severfield 70.75 8.0 3.7 General Financial 10048.16 1.9 17.9
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Quest Diagnostics 79.60 5.72 7.74 Just Eat 456.00 20.80 4.78 Coloplast B A/s 70.55 1.27 1.84 Sojitz 306.00 21.00 7.37 Bhp Billiton 1408.50 -8.1 1.4 Kier 1317.00 -20.5 -11.7 Management Consulting 15.25 -14.1 -3.9 Industrial Metals 1791.48 -6.0 17.9
Expedia New 113.00 7.11 6.71 Vodafone 253.75 11.25 4.64 Erste Bank Ag 26.78 0.46 1.73 Tokyo Electric Power ,orporated 624.00 39.00 6.67 Easyjet 1591.00 -6.4 -4.8 Kaz Minerals 244.00 -9.6 -5.4 Oxford Biomedica 10.25 -10.9 95.2 Fixed Line Telecommunication 5172.32 -1.9 13.2
Deere & 93.35 3.89 4.35 Zoopla Property 230.00 6.80 3.05 Svenska Cellulosa Ab Sca Ser. B 24.51 0.36 1.48 Mitsubishi Heavy Industries, 781.80 32.30 4.31 Int Consolidated Airlines S.a. 542.50 -4.3 11.6 Thomas Cook 147.30 -8.7 15.2 Hochschild Mining 97.00 -10.8 10.2 Travel & Leisure 8820.92 -1.0 9.6
Netapp 33.14 1.37 4.31 Dairy Crest 501.00 13.90 2.85 Kinnevik , Investment Ab Ser. B 31.01 0.40 1.31 Sharp 173.00 7.00 4.22 Burberry 1709.00 -3.6 4.5 Btg 726.50 -7.3 -8.6 Trinity Mirror 169.75 -7.7 4.3 Mining 14251.14 -0.8 -0.1
Time Warner Cable 171.18 5.66 3.42 Allied Minds 604.00 16.50 2.81 Sonova N 134.23 1.64 1.23 J.front Retailing Co., 2229.00 83.00 3.87 Bt 451.05 -2.6 12.3 Premier Oil 164.80 -7.0 -1.4 Brammer 311.25 -5.4 -8.9 Oil & Gas Producers 7271.75 -0.4 2.1
Anglo American 1062.50 -2.6 -11.5 Vedanta Resources 632.50 -6.3 10.1 Chime Communications 283.50 -4.4 -0.2 Real Estate Investment Trusts 3431.52 -0.4 12.3
Downs Downs Downs Downs
Intertek 2627.00 -2.5 12.6 Evraz 181.90 -6.1 17.7 Premier Foods 45.00 -4.3 40.6 Food & Drug Retailers 3145.07 -0.4 11.2
Ross Stores 97.03 -4.52 -4.45 Paypoint 875.00 -29.00 -3.21 Dt.telekom Ag Na 16.25 -0.78 -4.55 Asahi Holdings, 4025.50 -81.50 -1.98
Tui Ag 1180.00 -2.5 10.3 Cairn Energy 172.80 -5.8 -3.2 Tt Electronics 146.50 -4.1 41.5 Electricity 9886.15 0.1 1.1
Frontier Communications 5.16 -0.18 -3.37 Premier Oil 164.80 -5.20 -3.06 Endesa 17.18 -0.73 -4.08 Konica Minolta Holdings, . 1557.00 -31.00 -1.95
Tesco 219.40 -2.3 16.1 Ophir Energy 133.90 -5.4 -5.4 Xaar 466.00 -4.0 20.9 Personal Goods 26920.64 0.4 9.4
Windstream Holdings 8.27 -0.25 -2.93 Telecom Plus 836.00 -21.00 -2.45 Prosiebensat.1 Na O.n. 45.10 -1.75 -3.74 Nisshin Steel Holdings Co., 1572.00 -31.00 -1.93
Whitbread 5210.00 -2.2 9.2 Electrocomponents 235.50 -5.4 9.5 Blackrock Commodities ome Investment Trust 88.75 -3.5 -0.7 Food Producers 7925.54 0.6 -2.5
Best Buy 34.33 -0.78 -2.22 Tullow Oil 414.90 -10.40 -2.45 B.popular 4.63 -0.17 -3.44 Unitika 58.00 -1.00 -1.69
Antofagasta 774.00 -1.9 2.9 Paragon Of Companies 431.70 -5.2 3.7 Flybe 56.00 -3.4 -49.5 Real Estate & Investment Servic 3189.51 0.6 19.3
Oneok 44.15 -0.94 -2.08 Ophir Energy 133.90 -3.20 -2.33 Unicredit 6.25 -0.21 -3.18 Kirin Holdings , 1736.50 -29.50 -1.67
Sports Direct Int 653.00 -1.9 -8.2 Home Retail 164.00 -5.0 -21.0 Ite 186.75 -3.2 16.7 Construction & Materials 4873.95 1.0 18.1
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
May 25 Currency Mid Change Mid Change Mid Change May 25 Currency Mid Change Mid Change Mid Change May 25 Currency Mid Change Mid Change Mid Change May 25 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.9699 - 9.8880 - 13.9055 - Indonesia Indonesian Rupiah 13155.0000 - 14501.4755 - 20393.4716 - Poland Polish Zloty 3.7207 - 4.1015 - 5.7680 - ..Three Month 0.6450 0.0000 0.7109 0.0000 - -
Australia Australian Dollar 1.2780 - 1.4088 - 1.9811 - Israel Israeli Shekel 3.8909 - 4.2892 - 6.0319 - Romania Romanian Leu 4.0434 - 4.4573 - 6.2683 - ..One Year 0.6448 0.0000 0.7104 0.0000 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4156 - 0.5845 - Japan Japanese Yen 121.4500 - 133.8808 - 188.2771 - Russia Russian Ruble 49.8950 - 55.0019 - 77.3494 - United States United States Dollar - - 1.1024 - 1.5502 -
Bolivia Bolivian Boliviano 6.9100 - 7.6173 - 10.7122 - ..One Month 121.4500 -0.0001 133.8809 0.0000 188.2770 -0.0002 Saudi Arabia Saudi Riyal 3.7504 - 4.1343 - 5.8140 - ..One Month - - 1.1023 -0.4479 1.5502 0.0000
Brazil Brazilian Real 3.0645 - 3.3781 - 4.7506 - ..Three Month 121.4499 -0.0003 133.8809 0.0001 188.2767 -0.0007 Singapore Singapore Dollar 1.3366 - 1.4734 - 2.0720 - ..Three Month - - 1.1022 -0.4479 1.5501 0.0000
Canada Canadian Dollar 1.2286 - 1.3544 - 1.9046 - ..One Year 121.4490 -0.0019 133.8808 -0.0001 188.2770 -0.0019 South Africa South African Rand 11.8688 - 13.0836 - 18.3995 - ..One Year - - 1.1015 -0.4479 1.5500 0.0000
Chile Chilean Peso 607.7400 - 669.9443 - 942.1450 - Kenya Kenyan Shilling 97.3000 - 107.2590 - 150.8387 - South Korea South Korean Won 1090.1000 - 1201.6757 - 1689.9205 - Venezuela Venezuelan Bolivar Fuerte 6.2925 0.0025 6.9366 0.0028 9.7549 0.0039
China Chinese Yuan 6.1976 - 6.8319 - 9.6078 - Kuwait Kuwaiti Dinar 0.3024 - 0.3334 - 0.4688 - Sweden Swedish Krona 8.3787 - 9.2363 - 12.9890 - Vietnam Vietnamese Dong 21805.0000 - 24036.8437 - 33803.0835 -
Colombia Colombian Peso 2501.0000 - 2756.9863 - 3877.1592 - Malaysia Malaysian Ringgit 3.5850 - 3.9519 - 5.5576 - Switzerland Swiss Franc 0.9427 - 1.0392 - 1.4615 - European Union Euro 0.9071 - - - 1.4063 -
Costa Rica Costa Rican Colon 531.7000 - 586.1214 - 824.2644 - Mexico Mexican Peson 15.2824 - 16.8466 - 23.6914 - Taiwan New Taiwan Dollar 30.4280 - 33.5424 - 47.1708 - ..One Month 0.9071 0.0000 - - 1.4063 0.0000
Czech Republic Czech Koruna 24.8692 - 27.4146 - 38.5532 - New Zealand New Zealand Dollar 1.3680 - 1.5080 - 2.1207 - Thailand Thai Baht 33.3500 - 36.7635 - 51.7006 - ..Three Month 0.9070 - - - 1.4062 0.0000
Denmark Danish Krone 6.7639 - 7.4562 - 10.4857 - Nigeria Nigerian Naira 199.0500 - 219.4235 - 308.5760 - Tunisia Tunisian Dinar 1.9552 - 2.1553 - 3.0310 - ..One Year 0.9063 0.0000 - - 1.4057 0.0000
Egypt Egyptian Pound 7.6075 -0.0106 8.3862 -0.0117 11.7935 -0.0164 Norway Norwegian Krone 7.6248 - 8.4053 - 11.8204 - Turkey Turkish Lira 2.5955 - 2.8612 - 4.0237 -
Hong Kong Hong Kong Dollar 7.7518 - 8.5452 - 12.0172 - Pakistan Pakistani Rupee 101.9250 - 112.3574 - 158.0086 - United Arab Emirates UAE Dirham 3.6731 - 4.0490 - 5.6941 -
Hungary Hungarian Forint 279.6299 - 308.2510 - 433.4944 - Peru Peruvian Nuevo Sol 3.1475 - 3.4697 - 4.8794 - United Kingdom Pound Sterling 0.6451 - 0.7111 - - -
India Indian Rupee 63.5325 - 70.0353 - 98.4908 - Philippines Philippine Peso 44.5500 - 49.1098 - 69.0633 - ..One Month 0.6450 0.0000 0.7110 0.0000 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries May 25 May 22 May 21 May 20 May 19 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 3065.70 3061.00 3056.00 3055.90 3026.30 0.00 3110.40 2669.30 Forestry & Paper 44.29 Industrials 12.45 Tobacco 7.25 FTSE 100 Price Change FTSE 100 Price Change
May 25 chge% Index May 22 May 21 ago yield% Cover ratio adj Return FT 30 Div Yield 1.68 1.68 1.69 1.68 1.71 0.00 3.93 2.74 Software & Comp Serv 22.57 Real Est Invest & Tr 12.21 FTSE 100 Index 7.09 3I Group PLC 559.50 -0.50 Land Securities Group PLC 1320 -4.00
FTSE 100 (100) 7031.72 0.26 7697.00 7013.47 7007.26 6815.75 3.42 1.88 15.50 121.58 5402.41 P/E Ratio net 26.54 26.50 26.47 26.53 26.16 0.00 19.44 14.26 Industrial Metals & 20.44 Tech Hardware & Eq 12.19 Industrial Eng 7.02 Aberdeen Asset Management PLC 448.50 - Legal & General Group PLC 269.30 -0.20
FTSE 250 (250) 18192.69 0.21 19913.93 18154.55 18135.53 15706.03 2.37 2.21 19.13 178.07 12468.44 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 19.16 Consumer Services 11.67 Equity Invest Instr 6.88 Admiral Group PLC 1478 -3.00 Lloyds Banking Group PLC 87.98 0.14
FTSE 250 ex Inv Co (211) 19800.86 0.18 21674.25 19765.71 19738.21 17056.72 2.39 2.34 17.92 197.47 13838.02 FT 30 hourly changes Real Est Invest & Se 18.71 Food & Drug Retailer 10.92 Banks 6.40 Aggreko PLC 1595 -16.00 London Stock Exchange Group PLC 2459 24.00
FTSE 350 (350) 3884.70 0.25 4252.23 3874.94 3871.40 3696.70 3.25 1.92 16.01 62.32 6020.01 8 9 10 11 12 13 14 15 16 High Low Construct & Material 17.91 General Retailers 10.68 Pharmace & Biotech 6.32 Anglo American PLC 1062.5 3.50 Marks And Spencer Group PLC 594.00 0.50
FTSE 350 ex Investment Trusts (311) 3863.45 0.25 4228.98 3853.90 3850.20 3682.60 3.27 1.93 15.82 62.60 3082.49 3061 3068.2 3068.7 3067 3072.4 3072.9 3076.5 3073.8 3073.3 3078.1 3059.6 Oil Equipment & Serv 17.90 Aerospace & Defense 10.22 Health Care 6.00 Antofagasta PLC 774.00 -11.00 Meggitt PLC 512.00 -2.00
FTSE 350 Higher Yield (94) 3683.02 0.50 4031.48 3664.62 3657.36 3730.50 4.62 1.68 12.92 85.41 5810.91 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Financial Services 17.78 Nonlife Insurance 9.93 Beverages 2.76 Arm Holdings PLC 1123 3.00 Merlin Entertainments PLC 461.20 -3.80
FTSE 350 Lower Yield (256) 3707.20 0.01 4057.94 3706.98 3707.49 3302.14 1.89 2.52 20.97 33.06 3879.65 Technology 16.31 Industrial Transport 9.67 Oil & Gas 2.50 Ashtead Group PLC 1191 2.00 Mondi PLC 1515 6.00
FTSE SmallCap (288) 4781.18 0.38 5233.54 4762.96 4764.81 4437.95 2.52 2.01 19.74 50.28 6444.38 Media 15.34 Financials 9.63 Health Care Eq & Srv 2.39
FTSE SmallCap ex Inv Co (150) 4275.66 0.36 4680.19 4260.18 4258.62 4008.65 2.40 3.11 13.37 43.81 6053.46 FX: EFFECTIVE INDICES Mobile Telecomms 14.36 FTSE SmallCap Index 9.51 Oil & Gas Producers 1.96
Associated British Foods PLC 2934 15.00 Morrison (Wm) Supermarkets PLC 180.70 0.40
Astrazeneca PLC 4473.5 48.50 National Grid PLC 918.50 9.40
FTSE All-Share (638) 3818.84 0.26 4180.15 3809.08 3805.77 3630.98 3.22 1.93 16.11 60.55 5987.00
May 22 May 21 Mnth Ago May 25 May 22 Mnth Ago Telecommunications 13.80 Personal Goods 9.27 Basic Materials 1.88 Aviva PLC 538.00 -4.00 Next PLC 7450 -
FTSE All-Share ex Inv Co (461) 3784.61 0.25 4142.67 3775.17 3771.58 3606.10 3.25 1.95 15.77 60.90 3069.71 Electronic & Elec Eq 13.79 Travel & Leisure 9.27 Gas Water & Multi 1.33 Babcock International Group PLC 1120 8.00 Old Mutual PLC 235.30 1.10
FTSE All-Share ex Multinationals (574) 1275.97 0.32 1157.60 1271.89 1271.20 1126.94 2.52 2.05 19.37 12.97 2137.91 Australia 98.03 98.19 96.52 Sweden 78.76 78.63 77.71 FTSE 250 Index 13.10 FTSE All{HY-}Share Index 8.10 Utilities 1.22 Bae Systems PLC 515.50 2.50 Pearson PLC 1339 -3.00
FTSE Fledgling (96) 7871.29 0.23 8616.01 7852.95 7803.70 6884.09 2.21 -0.55 -82.50 58.84 13971.37 Canada 95.98 95.96 96.44 Switzerland 165.69 165.56 167.17 Support Services 13.10 Consumer Goods 8.03 Electricity 0.85 Barclays PLC 270.15 -0.90 Persimmon PLC 1936 11.00
FTSE Fledgling ex Inv Co (54) 10508.38 0.28 11502.60 10478.87 10345.53 8618.38 2.15 -2.06 -22.58 66.27 18131.03 Denmark 105.02 105.06 104.72 UK 92.75 92.17 90.10 Fixed Line Telecomms 13.06 Chemicals 8.02 Leisure Goods -0.09 Barratt Developments PLC 595.50 1.50 Prudential PLC 1654 -3.50
FTSE All-Small (384) 3312.68 0.38 3626.10 3300.27 3300.56 3065.76 2.51 1.91 20.91 34.36 5733.57 Japan 125.01 125.08 128.87 USA 101.47 101.60 102.56 Life Insurance 12.49 NON FINANCIALS Index 7.57 Mining -0.23 Bg Group PLC 1156 -10.50 Randgold Resources LD 4779 66.00
FTSE All-Small ex Inv Co Index (204) 3185.88 0.36 3487.31 3174.45 3171.68 2967.23 2.39 2.92 14.31 32.08 5715.25 New Zealand 121.03 121.22 128.29 Euro 85.22 85.36 84.12 Automobiles & Parts 7.33 Food Producers -1.53 Bhp Billiton PLC 1408.5 4.00 Reckitt Benckiser Group PLC 5870 24.00
FTSE AIM All-Share Index (832) 766.71 0.40 839.25 763.65 762.63 801.45 1.29 1.26 61.69 3.40 818.31 Norway 94.81 94.93 94.01
BP PLC 457.75 -0.25 Reed Elsevier PLC 1104 -2.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3621 -12.00 Rio Tinto PLC 2902.5 29.00
Oil & Gas (19) 7735.25 -0.59 8467.09 7781.33 7699.20 9111.60 4.87 1.39 14.75 184.66 6302.06 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 869.00 0.50 Rolls-Royce Holdings PLC 1019 8.00
Oil & Gas Producers (12) 7319.21 -0.63 8011.70 7365.77 7291.52 8612.97 4.91 1.39 14.68 177.32 6166.04 Bt Group PLC 451.05 -8.10 Royal Bank Of Scotland Group PLC 355.10 0.10
Oil Equipment Services & Distribution (7)20023.82 0.40 21918.31 19943.15 19496.58 24315.07 3.79 1.58 16.67 300.51 14335.50 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1882 -3.00 Royal Dutch Shell PLC 2000.5 -20.50
Basic Materials (30) 4824.91 0.34 5281.41 4808.78 4797.54 5536.10 4.01 2.73 9.13 110.88 4620.73 Burberry Group PLC 1709 9.00 Royal Dutch Shell PLC 1970.5 -14.50
Chemicals (7) 13032.63 0.32 14265.67 12991.31 12840.73 11746.90 2.00 2.49 20.02 86.72 11065.09 May 25 No of US $ Day Mth YTD Total
YTD Gr Div May 25 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1276 -4.00 Royal Mail PLC 503.50 3.50
Forestry & Paper (1) 17806.60 0.40 19491.31 17736.08 17877.12 12693.81 2.05 3.38 14.42 241.11 18374.50 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3142 1.00 Rsa Insurance Group PLC 435.80 -3.00
Industrial Metals & Mining (2) 1875.60 0.62 2053.06 1864.01 1867.01 1325.53 0.56 -20.25 -8.84 5.46 1627.90 FTSE Global All Cap 7608 498.71 0.0 0.1 6.1 673.33
7.3 2.3 Oil & Gas 165 405.85 -0.2 -0.2 1.9 606.29 3.3 3.5 Centrica PLC 280.50 -0.50 Sabmiller PLC 3633.5 18.00
Mining (20) 13638.73 0.33 14929.11 13593.51 13571.04 16372.39 4.39 2.75 8.28 349.03 6818.89 FTSE Global All Cap 6972 512.99 0.1 0.1 6.0 680.19
7.0 2.2 Oil & Gas Producers 116 367.73 -0.2 -0.2 1.5 558.77 2.9 3.6 Coca-Cola Hbc AG 1466 -4.00 Sage Group PLC 572.00 -2.50
FTSE Global Large Cap 1359 439.93 0.0 -0.1 5.5 607.10
6.8 2.4 Oil Equipment & Services 39 428.72 -0.2 -0.2 3.4 584.91 4.6 3.3 Compass Group PLC 1148 - Sainsbury (J) PLC 261.30 0.60
Industrials (114) 4838.97 0.38 5296.79 4820.48 4807.42 4425.89 2.27 1.37 32.12 53.73 4742.85
Construction & Materials (13) 5063.74 0.00 5542.83 5063.65 5090.13 4500.22 2.53 -0.40 -99.46 77.03 5130.89 FTSE Global Mid Cap 1664 666.43 0.0 0.6 7.9 861.11
8.9 1.8 Basic Materials 273 461.22 0.0 0.0 5.9 665.79 7.4 2.7 Crh PLC 1833 -7.00 Schroders PLC 3423 16.00
Aerospace & Defense (9) 5442.62 0.43 5957.56 5419.57 5365.35 4909.41 2.05 1.36 35.89 69.13 5571.17 FTSE Global Small Cap 4585 702.04 0.0 0.6 7.6 880.25
8.4 1.8 Chemicals 124 683.57 0.0 0.0 9.6 992.36 10.9 2.2 Diageo PLC 1813.5 13.00 Severn Trent PLC 2174 -8.00
General Industrials (6) 3658.92 0.33 4005.09 3646.83 3635.84 3523.54 3.09 1.82 17.73 48.72 3906.22 FTSE All-World 3023 291.17 0.0 0.0 5.9 414.66
7.1 2.3 Forestry & Paper 17 233.99 -0.2 -0.2 12.4 371.26 14.4 2.6 Direct Line Insurance Group PLC 330.10 1.60 Shire PLC 5540 35.00
Electronic & Electrical Equipment (12) 5819.54 0.25 6370.13 5804.77 5817.66 5229.92 1.98 2.08 24.33 34.71 5070.26 FTSE World 2528 512.49 0.0 0.1 5.5 980.32
6.7 2.3 Industrial Metals & Mining 72 411.78 0.0 0.0 -0.1 595.43 1.0 2.5 Dixons Carphone PLC 468.00 6.50 Sky PLC 1079 -8.00
Industrial Engineering (14) 9877.93 0.84 10812.50 9795.76 9739.75 10745.88 2.44 2.03 20.22 151.58 11439.45 FTSE Global All Cap ex UNITED KINGDOM In 7275 510.29 0.0 -0.1 6.0 679.71
7.1 2.2 Mining 60 571.50 0.2 0.2 0.3 818.47 2.4 4.2 Easyjet PLC 1591 -19.00 Smith & Nephew PLC 1134 -6.00
Industrial Transportation (8) 4552.68 0.70 4983.41 4520.82 4532.57 4576.89 3.42 1.25 23.41 35.97 3715.14 FTSE Global All Cap ex USA 5643 485.66 0.0 -0.2 10.18.6 694.81
2.7 Industrials 530 333.76 0.1 0.1 6.1 458.37 7.1 2.0 Experian PLC 1247 3.00 Smiths Group PLC 1201 11.00
Support Services (52) 7165.37 0.37 7843.30 7139.27 7129.48 6337.65 2.14 1.51 30.95 66.64 7087.89 FTSE Global All Cap ex JAPAN 6352 509.40 -0.1 0.0 5.3 693.59
6.5 2.3 Construction & Materials 110 471.26 -0.2 -0.2 9.3 678.64 10.5 2.0 Fresnillo PLC 763.00 2.00 Sports Direct International PLC 653.00 -1.00
FTSE Developed 2087 463.22 0.0 0.2 5.7 630.46
6.9 2.3 Aerospace & Defense 29 529.34 -0.1 -0.1 6.5 720.51 7.4 1.9 G4S PLC 298.50 3.00 Sse PLC 1666 10.00
Consumer Goods (40) 17475.41 0.28 19128.78 17427.31 17474.10 15855.58 2.90 1.80 19.16 251.68 12120.61
FTSE Developed All Cap 5655 486.89 0.0 0.3 5.9 655.69
7.1 2.2 General Industrials 57 227.75 0.1 0.1 4.7 335.42 6.1 2.5 Gkn PLC 369.20 2.30 St. James's Place PLC 932.50 0.50
Automobiles & Parts (1) 8676.37 0.63 9497.26 8622.32 8627.02 9125.23 2.28 1.72 25.48 131.60 7902.67
FTSE Developed Large Cap 883 427.99 0.0 0.1 5.2 590.13
6.5 2.4 Electronic & Electrical Equipment 68 360.21 0.2 0.2 10.7 456.45 11.5 1.5 Glaxosmithkline PLC 1464.5 14.00 Standard Chartered PLC 1059.5 2.50
Beverages (6) 14583.13 0.56 15962.87 14502.41 14530.32 14473.34 2.42 1.86 22.31 94.19 9731.49
FTSE Developed Europe Large Cap 205 378.83 -0.3 0.7 7.1 590.04
9.5 3.2 Industrial Engineering 103 671.28 0.2 0.2 8.6 908.14 9.9 2.0 Glencore PLC 292.40 -1.10 Standard Life PLC 499.90 2.80
Food Producers (10) 8083.92 0.46 8848.75 8046.59 8099.32 7897.50 1.98 1.70 29.80 8.94 6640.95
FTSE Developed Europe Mid Cap 307 555.00 -0.3 1.7 11.0 787.75
12.6 2.3 Industrial Transportation 93 582.37 0.1 0.1 -2.5 795.63 -1.9 2.1 Hammerson PLC 678.00 -0.50 Taylor Wimpey PLC 184.40 0.40
Household Goods & Home Construction (13)12726.74 0.48 13930.84 12666.21 12682.04 9469.07 2.21 2.36 19.15 127.23 8553.13
FTSE Dev Europe Small Cap 722 769.11 -0.3 3.0 11.7 1062.51
13.2 2.1 Support Services 70 293.60 0.1 0.1 7.7 388.31 8.7 1.9 Hargreaves Lansdown PLC 1274 -3.00 Tesco PLC 219.40 -1.30
Leisure Goods (2) 5011.86 0.13 5486.04 5005.41 5156.36 5185.92 4.22 1.05 22.50 109.73 4146.55
FTSE North America Large Cap 314 457.87 0.0 0.3 3.0 594.74
3.8 2.1 Consumer Goods 406 434.95 0.1 0.1 7.4 610.37 8.6 2.3 Hikma Pharmaceuticals PLC 2142 -7.00 Travis Perkins PLC 2208 32.00
Personal Goods (6) 23438.62 0.26 25656.19 23377.40 23548.48 20638.79 2.79 2.75 13.03 283.55 14881.71
FTSE North America Mid Cap 399 709.22 0.0 0.1 4.5 866.27
5.1 1.5 Automobiles & Parts 98 431.39 0.4 0.4 10.7 582.19 12.0 2.0 HSBC Holdings PLC 620.60 6.10 Tui AG 1180 -24.00
Tobacco (2) 43591.96 -0.15 47716.27 43656.34 43725.23 40026.07 4.02 1.28 19.42 1201.25 26090.01
FTSE North America Small Cap 1485 726.55 0.0 -0.2 5.5 863.45
6.1 1.5 Beverages 48 559.76 0.0 0.0 4.0 793.48 4.9 2.4 Imperial Tobacco Group PLC 3298 8.00 Unilever PLC 2881 7.00
Health Care (20) 9845.79 0.79 10777.31 9769.04 9726.61 9179.80 3.48 3.47 8.28 203.44 7068.27
FTSE North America 713 308.50 0.0 0.2 3.2 410.85
4.1 2.0 Food Producers 102 581.74 0.0 0.0 5.4 844.77 6.9 2.2 Intercontinental Hotels Group PLC 2758 -6.00 United Utilities Group PLC 1002 -4.00
Health Care Equipment & Services (8) 6975.92 -0.34 7635.92 6999.62 6981.45 5381.50 1.43 2.30 30.42 57.37 5874.45
FTSE Developed ex North America 1374 255.26 0.1 0.2 11.29.4 392.59
2.7 Household Goods & Home Construction 43 405.06 0.1 0.1 2.2 565.67 3.4 2.4 International Consolidated Airlines Group S.A. 542.50 -11.50 Vodafone Group PLC 253.75 11.25
Pharmaceuticals & Biotechnology (12)13404.48 0.89 14672.70 13286.30 13226.41 12685.79 3.67 3.51 7.76 292.29 8541.20
FTSE Japan Large Cap 174 354.86 0.8 0.2 16.3 439.17
17.4 1.7 Leisure Goods 26 147.79 0.5 0.5 17.3 188.23 17.9 1.2 Intertek Group PLC 2627 23.00 Weir Group PLC 1937 21.00
Consumer Services (96) 5104.57 -0.25 5587.52 5117.51 5132.00 4499.13 2.11 1.98 23.99 48.75 4545.65 FTSE Japan Mid Cap 304 502.17 0.3 1.3 18.1 601.83
19.1 1.4 Personal Goods 76 631.19 0.0 0.0 8.2 845.77 9.1 1.9
Food & Drug Retailers (7) 3279.99 -0.29 3590.31 3289.47 3255.32 4023.44 2.12 0.46 101.70 36.49 3729.56 Intu Properties PLC 341.00 -2.30 Whitbread PLC 5210 -50.00
FTSE Global wi JAPAN Small Cap 778 523.70 0.3 0.9 11.7 647.48
12.7 1.6 Tobacco 13 1155.63 0.0 0.0 7.7 2197.60 9.3 4.0 Itv PLC 267.50 -0.40 Wolseley PLC 4060 16.00
General Retailers (31) 3194.47 0.23 3496.71 3187.07 3179.78 2775.28 1.98 2.47 20.43 15.86 3436.15
FTSE Japan 478 145.89 0.7 0.4 1.6 Health Care
16.7 202.98
17.7 159 481.40 0.0 0.0 10.8 665.13 12.0 1.7 Johnson Matthey PLC 3475 19.00 Wpp PLC 1560 -6.00
Media (23) 7650.60 -0.30 8374.44 7673.81 7708.37 6189.64 2.57 1.78 21.84 93.92 4447.21
FTSE Asia Pacific Large Cap ex Japan 492 665.24 0.1 -2.4 8.0 972.92
9.0 2.8 Health Care Equipment & Services 56 652.37 0.0 0.0 10.4 743.02 10.8 1.0 Kingfisher PLC 365.40 -1.10
Travel & Leisure (35) 8607.26 -0.50 9421.60 8650.40 8727.82 7191.29 1.79 2.48 22.58 81.72 7758.69
FTSE Asia Pacific Mid Cap ex Japan 444 911.75 0.2 -0.4 13.1 1289.65
13.9 2.4 Pharmaceuticals & Biotechnology 103 370.52 0.0 0.0 10.9 531.69 12.3 1.9
Telecommunications (8) 4244.54 2.03 4646.12 4160.15 4134.50 3519.34 3.67 1.87 14.60 3.18 4276.23 FTSE Asia Pacific Small Cap ex Japan 1376 604.32 -0.1 1.4 13.1 842.46
13.8 2.4 Consumer Services 383 401.32 0.1 0.1 7.2 516.39 8.0 1.6
Fixed Line Telecommunications (6) 5245.19 -1.60 5741.44 5330.73 5360.00 4534.27 2.63 1.88 20.20 0.00 4419.47
Mobile Telecommunications (2) 5736.20 4.35 6278.91 5497.13 5422.31 4631.25 4.29 1.86 12.51 6.89 5123.85
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
936
1953
527.51
747.82
0.1
-0.2
-2.1
-1.7
8.7 820.29
9.6 2.7 Food & Drug Retailers
8.5 1043.58
9.2 2.7 General Retailers
54 325.03
121 516.87
0.0
0.1
0.0
0.1
8.1 435.12
8.1 649.66
8.9
8.8
1.7
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8923.18 0.47 9767.42 8881.70 8897.46 8780.43 4.57 1.03 21.29 81.24 9145.55 FTSE Emerging Large Cap 476 710.45 -0.3 -2.1 8.6 996.88
9.4 2.7 Media 88 319.28 0.0 0.0 6.2 411.26 6.9 1.5 May 25 May 22 May 21 May 20 May 19 Yr Ago
Electricity (3) 9858.53 0.56 10791.26 9803.94 9941.40 9681.68 5.06 1.37 14.41 157.74 12615.77 FTSE Emerging Mid Cap 460 928.79 0.0 -0.4 7.9 1294.86
8.8 2.5 Travel & Leisure 120 384.34 0.1 0.1 6.7 499.25 7.5 1.6 SEAQ Bargains 7196.00 7177.00 7177.00 6994.00 7497.00 7234.00
Gas Water & Multiutilities (5) 8212.87 0.44 8989.90 8176.77 8162.81 8084.32 4.42 0.92 24.63 58.66 8453.28 FTSE Emerging Small Cap 1017 764.33 -0.2 0.4 8.0 1028.07
8.7 2.5 Telecommunication 93 176.82 -0.1 -0.1 5.9 303.69 7.6 3.9 Order Book Turnover (m) 34.85 34.91 34.91 42.82 51.98 38.01
Financials (282) 5089.04 0.28 5570.52 5074.98 5088.98 4575.26 3.08 1.89 17.18 95.20 4380.04 FTSE Emerging Europe 98 362.33 -1.0 0.5 16.2 514.87
17.2 4.2 Fixed Line Telecommuniations 43 143.50 -0.2 -0.2 4.7 269.08 6.8 4.3 Order Book Bargains 682671.00 682637.00 682637.00 689030.00 785062.00 818595.00
Banks (8) 4595.81 0.48 5030.63 4573.78 4603.42 4476.51 3.59 1.32 21.02 107.58 3119.27 FTSE Latin America All Cap 242 859.07 0.1 -4.2 -4.7 1250.31
-3.3 3.3 Mobile Telecommunications 50 194.11 0.0 0.0 7.3 302.99 8.6 3.4 Order Book Shares Traded (m) 1411.00 1360.00 1360.00 1185.00 1450.00 1694.00
Nonlife Insurance (11) 2443.38 0.18 2674.55 2439.09 2432.56 2103.83 2.81 1.43 24.88 46.33 4061.80 FTSE Middle East and Africa All Cap 213 810.54 -0.4 -2.1 5.3 1191.40
6.8 2.7 Utilities 162 261.23 -0.2 -0.2 -2.3 467.74 -0.8 3.7 Total Equity Turnover (£m) 4408.22 3394.51 3394.51 0.00 0.01 -
Life Insurance/Assurance (11) 8612.96 -0.12 9427.84 8623.69 8589.73 7326.36 3.12 1.77 18.15 200.42 7813.15 FTSE Global wi UNITED KINGDOM All Cap In 333 385.98 0.0 2.2 3.3 Electricity
7.5 598.47
9.3 112 278.38 -0.1 -0.1 -1.8 493.24 -0.6 3.6 Total Mkt Bargains 748438.00 785772.00 785772.00 1.00 2.00 -
Index- Real Estate Investment & Services (24) 3168.57 -0.07 3468.36 3170.79 3194.10 2721.08 1.74 5.09 11.26 28.04 8059.19 FTSE Global wi USA All Cap 1965 528.70 0.0 0.3 3.9 669.31
4.7 1.9 Gas Water & Multiutilities 50 288.90 -0.2 -0.2 -2.9 530.32 -1.2 3.8 Total Shares Traded (m) 4423.00 40.00 40.00 0.00 0.00 -
Real Estate Investment Trusts (22) 3087.36 -0.07 3379.46 3089.38 3120.27 2511.21 2.61 6.90 5.55 38.66 3589.36 FTSE Europe All Cap 1387 431.83 -0.3 1.1 10.5 3.0 Financials
8.4 652.22 670 226.04 0.0 0.0 4.8 346.06 6.2 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 8583.64 0.39 9395.75 8550.20 8524.95 6732.90 2.62 2.01 18.97 95.81 9174.02 FTSE Eurobloc All Cap 636 397.06 -0.6 0.3 7.8 607.70
9.8 2.8 Banks 241 209.08 -0.1 -0.1 4.0 340.49 5.6 3.1 (c) Market closed.
Equity Investment Instruments (177) 8034.30 0.42 8794.44 8000.54 8011.04 7194.80 2.42 1.06 39.10 76.44 4156.85 FTSE RAFI All World 3000 3026 6230.34 0.0 0.0 5.8 7725.34
7.2 2.8 Nonlife Insurance 70 219.39 0.0 0.0 2.4 303.20 4.1 2.2
Non Financials (356) 4410.30 0.25 4827.56 4399.35 4389.94 4273.46 3.27 1.94 15.77 65.53 6051.99 FTSE RAFI US 1000 1004 9513.80 0.0 0.5 2.4 11849.00
3.3 2.3 Life Insurance 49 231.39 0.1 0.1 9.6 346.34 11.1 2.3
Technology (21) 1435.31 -0.11 1571.11 1436.85 1438.52 1124.33 1.24 2.27 35.40 11.13 1783.41 FTSE EDHEC-Risk Efficient All-World 3023 342.33 0.0 0.2 7.1 454.47
8.1 2.1 Financial Services 138 247.42 0.0 0.0 6.8 325.92 7.7 1.7 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1674.40 -0.39 1832.81 1681.02 1687.04 1282.08 1.87 1.87 28.57 22.53 2178.79 FTSE EDHEC-Risk Efficient Developed Europe 512 302.43 -0.3 1.3 10.2 2.5 Technology
8.6 436.92 182 182.16 0.0 0.0 5.8 215.09 6.6 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1705.93 0.10 1867.33 1704.18 1703.14 1357.59 0.79 2.96 42.85 5.94 1947.66 Software & Computer Services 80 288.54 0.0 0.0 6.3 329.28 6.9 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 102 147.66 0.1 0.1 5.5 178.56 6.3 2.0 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7031.23 7041.65 7044.03 7044.95 7060.43 7054.20 7060.86 7054.86 7053.76 7061.39 7021.76 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 18184.57 18213.19 18193.26 18197.44 18234.22 18234.69 18242.65 18236.02 18228.08 18247.99 18178.03 (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 4769.62 4769.94 4773.37 4776.60 4777.06 4779.10 4780.02 4780.70 4781.31 4783.63 4768.11
FTSE All-Share 3818.04 3823.57 3824.03 3824.66 3832.70 3830.03 3833.24 3830.41 3829.67 3833.30 3815.52 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:13:00:30 Day's Low07:03:15 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:13:22:00 Day's Low07:04:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Armadale Capital Pre - - 1.078L 3.148L 0.03L 0.16L - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Biotech Growth Trust (The) Pre 214.392 86.431 0.2 0.1L - - - - - 05/19 132.00 AIM STR Stride Gaming PLC 185.00 7.50 190.00 135.00 9278.0
858p Nil 02-06-15 1317.00 1317.00 Kier Group PLC 1317.00 10.00 BlackRock Income Strategies Trust Int 10.937 17.8 2.73 3.21 1.67 1.53 Jul 10 3.565 3.574 04/27 10.00 OPRA Opera Investments PLC 9.88 -0.25 13.00 9.61 170.3
Eland Oil & Gas Pre 11.698 - 16.866L 25.827L 0.07 0.01 - - - - - 04/27 10.00 OPRA Opera Investments PLC 9.88 -0.25 13.00 9.61 170.3
Henderson Value Trust Int 1.419L 0.977 1.78 1.83 - - - 3 1.5
JPMorgan Chinese Investment Trust Int 31.452 0.112L 1.04L 1.1L - - - 1.6 1.778
JPMorgan Japanese Investment Trust Int 116.011 42.264L 1.67 1.34 - - - 2.8 2.8
LightwaveRF Int 1.517 1.671 0.045 0.123L 0.94 1.12L - - - - -
Norman Broadbent Pre 7.6 6.821 1.556L 1.153L 9.85L 7.85L - - - - -
Octopus Eclipse VCT Int 0.266 0.315 0.124L 0.093L 0.1L 0.1L 1 1 Jul 10 2 2
Quintain Estates & Development Pre 57.7 32.6 40.7 4.7 7.2 10.2 - - - - -
Severn Trent Pre 1801.3 1756.7 148.2 318.9 49.9 182.1 50.94 48.24 Jul 24 84.9 83.973
StratMin Global Resources Pre 0.153 0.046 2.38L 2.507L 2.47L 4.15L - - - - -
TP10 VCT Pre 1.022 0.998 0.373 0.385 1.05 1.03 4.32 3.31 Jun 19 6.01 5

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.
Tuesday 26 May 2015 ★★★ FINANCIAL TIMES 23

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) AXA 23.81 -0.13 24.64 16.43 3.71 10.56 64370.6 Denso 6373 60.00 6413 4466.5 1.66 19.61 46390.86 SEB 104.10 0.30 111.50 82.30 4.63 11.30 27203.36 Biogen 398.68 -2.47 480.18 290.85 - 27.56 93781.3 Lyondell 102.90 -0.52 115.40 70.06 2.84 11.30 48702.67
ANZ♦ 32.32 0.27 37.25 30.47 8.02 12.13 69952.5 BNP Parib 56.23 -0.78 59.69 43.14 2.71 423.65 77231.11 EastJpRwy 11470 125.00 11540 7544 1.05 22.26 37162.99 SvnskaHn 128.10 -0.10 426.00 125.20 3.30 16.39 29156.1 BkNYMeln 43.47 -0.17 43.84 34.13 1.63 18.14 48752.11 Marathon Ptl♦ 103.08 -0.58 108.32 74.64 1.95 8.66 28000.36
BHPBilltn 29.48 0.23 39.74 26.50 7.38 12.39 74087.32 ChristianDior 183.45 0.20 185.35 126.10 1.84 12.93 36750.07 Fanuc 26040 105.00 28575 16940 0.92 27.60 51352.79 Swedbank 196.50 -0.10 223.90 166.20 5.86 12.66 25909.65 BlackRock 368.08 -0.14 382.84 293.39 2.26 17.89 60591.95 Marsh&M 59.00 -0.10 59.28 48.66 1.93 21.01 31676.02
CmwBkAu 84.00 0.89 96.69 73.57 7.09 14.96 106981.28 Cred Agr 14.01 -0.16 14.49 9.76 2.54 14.79 39775.12 FastRetail 50670 370.00 50810 32030 0.65 45.16 44254.86 TeliaSonera 51.45 -0.05 55.85 45.36 - 15.39 26589.19 Boeing♦ 144.81 -2.54 158.83 116.32 2.24 17.32 100138.62 MasterCard 92.69 -0.21 94.50 69.64 0.61 27.33 103452.55
CSL 92.80 1.68 96.60 63.77 1.39 28.38 33846.56 Danone♦ 63.62 0.01 67.74 49.84 2.49 31.42 45150.25 Fuji Hvy Ind 4495 82.50 4617 2613 1.32 16.17 28974.74 Volvo 114.30 -0.60 120.50 71.00 2.66 43.48 27683.69 BrisMySq 68.30 -0.59 69.86 46.30 2.23 48.55 113854.36 McDonald's 98.99 -0.29 102.90 87.62 3.50 21.26 94883.39
NatAusBk♦ 33.53 0.30 39.71 31.33 8.60 13.66 65982.53 EDF 23.04 -0.17 27.74 20.90 5.92 10.60 47240.92 Hitachi 846.10 -3.90 939.90 673.00 1.28 14.98 33673.05 Switzerland (SFr) Broadcom 47.26 -0.11 48.16 30.08 1.10 39.45 25976.93 McGraw Hill♦ 105.85 -0.69 109.13 73.96 1.21-119.32 29011.81
Telstra 6.28 0.08 6.74 5.16 6.98 16.23 60077.85 GDF Suez 18.50 -0.23 21.19 16.17 6.90 17.02 49664.08 HondaMtr 4180.5 56.50 4400 3239 2.12 12.56 62352.21 ABB 20.45 -0.13 22.31 16.75 3.63 19.48 50211.09 CapOne 85.02 -0.09 85.68 72.77 1.47 10.49 46457 McKesson 240.61 1.17 243.61 178.28 0.42 30.56 55714.1
Wesfarmers 43.90 0.57 46.95 40.26 6.89 30.78 38602.72 Hermes Intl 348.05 -2.70 352.00 229.00 0.85 38.93 40504.25 JapanTob 4700.5 50.00 4700.5 3101 2.25 19.68 77406.34 CredSuisse 25.32 0.26 27.81 18.57 2.80 20.61 44003.37 CardinalHlth 88.50 -0.16 91.91 67.27 1.62 24.79 29278.77 Medtronic 77.82 -0.59 79.50 58.32 1.59 24.18 76599.51
Westpc♦ 32.96 0.40 40.07 31.33 8.04 13.86 80472.8 LOreal 174.20 -0.60 181.30 117.05 1.57 33.75 107773.06 Kao 5829 47.00 6270 3918 1.27 41.99 24189.51 Nestle 73.45 0.05 77.00 64.15 2.76 17.21 251245.36 Carnival♦ 47.35 -0.05 49.21 33.11 2.12 28.17 28063.78 Merck 59.38 -0.72 63.62 52.49 3.13 14.77 167761.67
Woolworths 28.48 0.30 38.05 27.02 7.15 14.28 28227.18 LVMH 165.90 -0.50 175.40 121.40 2.07 13.56 92885.59 KDDI 2870.5 16.00 3048 1899.67 1.75 17.66 63599.85 Novartis 98.10 0.05 102.70 78.60 2.63 24.28 278560.61 Caterpillar 88.63 -0.70 111.46 78.19 3.18 13.60 53656.5 Metlife♦ 53.23 -0.36 57.57 46.10 2.75 8.29 59395.03
Belgium (€) Nmrcble-SFR 54.56 -0.44 60.01 26.38 - -64.74 29286.67 Keyence 65350 -20.00 69480 39435 0.20 35.86 32716.39 Richemont 85.95 -0.90 94.75 68.80 1.54 23.85 47590.45 CBS 61.59 -0.22 65.24 48.83 0.97 24.65 27981.32 MicronTech 27.33 0.43 36.59 25.61 - 8.36 29558.5
AnBshInBv 111.45 0.10 118.80 78.75 2.76 24.81 197584.29 Orange 14.47 -0.13 16.45 10.20 5.28 36.83 42252.53 MitsbCp 2806 40.00 2809.5 1942.5 2.44 13.32 37522 Roche 277.90 -1.30 295.80 238.80 2.65 27.24 207098.57 Celgene 116.09 -0.11 129.06 74.52 - 37.98 92076.13 Microsoft♦ 46.90 -0.52 50.05 39.81 2.63 18.66 379401.08
KBC Grp 61.53 -0.35 62.48 36.53 - 13.36 28337.15 PernodRic 112.10 0.15 117.75 82.23 1.60 27.99 32799.16 MitsubEst 2752.5 7.50 2975 2151.5 0.44 37.04 31511.47 Swiss Re 85.25 0.70 96.95 69.25 5.03 8.87 33521.89 Cernr Crp 68.33 0.50 75.72 50.30 - 44.34 23510.87 MondelezInt 40.17 -0.14 40.83 31.83 1.53 27.80 65341.43
Renault 98.76 -0.05 99.19 49.50 1.90 13.12 32194.82 MitsubishiEle 1671.5 6.50 1682 1163 0.78 28.79 29551.66 Swisscom 554.00 -1.00 587.50 500.00 4.03 16.89 30441.03 CharlesSch 31.41 -0.07 32.43 23.35 0.80 32.13 41257.64 Monsanto 120.29 0.29 128.79 105.76 1.53 25.73 57270.41
Brazil (R$)
Safran 65.96 -0.09 70.72 43.24 1.99-199.74 30322.74 MitsuiFud 3740.5 25.50 3809.5 2854.5 0.59 40.65 30534.57 Syngent 422.00 -0.10 425.00 273.20 2.51 25.59 41604.95 ChevrnTx♦ 104.89 -0.60 135.10 98.88 4.26 10.97 197243.31 MorganStly 38.17 0.13 39.19 30.35 1.09 17.84 75195.92
Ambev 18.83 0.05 20.29 14.99 8.30 24.14 96579.4
Sanofi 91.33 -0.97 99.23 69.58 3.35 25.37 131662.26 MitUFJFin 905.40 5.90 919.70 546.20 2.00 11.22 105627.67 UBS 20.33 -0.04 20.55 13.58 1.25 17.41 80656.22 Cigna 135.86 2.91 137.16 85.75 0.03 16.38 34965.89 MylanNV 69.66 -0.28 76.69 44.80 - 31.42 34135.72
Bradesco 27.54 0.26 34.42 26.18 3.48 8.29 22686.29
Schneider 69.56 -0.55 75.29 52.59 3.60 20.75 44835.88 Mizuho Fin 251.10 2.70 251.90 178.10 2.81 13.85 50917.27 Zurich Fin 308.40 0.40 334.60 262.00 - 12.23 49176.9 Cisco 29.26 -0.17 30.31 22.49 2.69 16.81 148813.1 Netflix 621.87 -1.15 628.50 315.54 - 155.05 37699.78
Cielo 41.30 0.03 49.06 36.21 2.36 14.65 25426.99
SocGen 44.54 -0.22 46.95 31.85 2.28 11.97 39530.31 Murata Mfg 19570 170.00 19730 8515 0.72 37.13 36298.13 Citigroup 54.97 0.13 56.95 46.55 0.08 19.54 166786.66 News Corp A 34.25 -0.36 39.27 31.01 0.84 7.72 43118.68
ItauHldFin 33.32 -0.12 38.74 28.46 1.51 8.07 30118.83 Taiwan (NT$)
Total 47.55 -0.19 54.71 38.25 5.99 32.23 125564.45 NipponTT 8727 12.00 8798 5922 2.08 17.45 81679.35 CME Grp 93.98 0.58 100.61 69.16 2.12 25.43 31723.4 NextEraE 102.23 0.07 112.64 90.33 3.01 16.14 45402.77
Petrobras 13.83 -0.27 23.50 7.88 - -7.24 33588.09 HonHaiPrc 96.90 0.40 113.00 83.00 1.68 10.08 47110.64
UnibailR 238.55 -0.50 262.00 180.70 4.07 13.59 25895.15 Nissan Mt 1272 21.50 1311.5 906.00 2.49 11.67 47347.48 Coca-Cola 41.21 -0.02 44.87 39.06 3.15 24.90 179622.06 Nike 104.43 0.03 105.50 73.14 1.00 29.77 71241.07
Vale 20.57 0.31 33.25 17.17 12.64 -6.66 21595.25 TaiwanSem 147.50 2.00 155.00 118.00 2.07 13.20 125697.78
Vinci 55.15 -0.32 57.66 39.65 3.50 11.41 35951.58 NTTDCMo 2255.5 12.00 2296 1612.5 2.68 22.04 75878.63 Cognizant 64.81 -0.16 65.58 41.51 - 25.81 39567.65 NorfolkS♦ 95.53 -1.58 117.64 95.51 2.48 14.73 29122.27
Canada (C$) Vivendi 23.06 -0.12 24.42 17.26 4.41 -87.61 34638.81 Orintllnd 8344 -59.00 9890 4058.75 0.39 40.46 24986.67 Thailand (THB) ColgtPlm 68.50 -0.32 71.56 62.53 2.20 25.89 61963.04 Northrop 160.00 -1.18 172.30 118.23 1.83 16.08 31005.55
BCE 54.09 0.33 60.20 46.43 4.69 18.97 37005.23 Panasonic 1833 35.00 1834.5 1072 0.77 77.13 37023.03 PTT Explor 361.00 - 398.00 291.00 2.59 19.55 30918.27 Comcast 57.87 0.33 60.85 49.33 1.67 16.80 123328.95 NXP 107.18 0.39 108.50 53.81 - 77.48 26981.47
Germany (€)
BkMontrl♦ 78.30 0.01 85.71 72.87 3.99 12.07 41059.1 Seven & I 5247 33.00 5494 3794.5 1.38 26.17 38296.92 United Arab Emirates (Dhs) ConocPhil♦ 65.11 -0.47 87.09 60.57 4.62 19.89 80277.15 Occid Pet 77.01 0.06 101.38 71.70 3.91 -38.29 59152.87
Allianz 152.00 -0.40 170.15 115.05 3.55 10.59 76573.89
BkNvaS 64.64 0.03 74.93 60.75 4.02 11.36 63659.39 ShnEtsuCh 7581 24.00 8529 5944 1.33 26.46 26972.42 Emirtestele 11.75 0.05 11.90 9.41 5.94 10.63 27820.6 Corning 21.50 -0.32 25.16 17.03 2.04 11.44 27058.89 Oracle 43.93 -0.35 46.71 35.82 1.10 18.32 191845.39
BASF 87.90 -0.08 97.22 64.27 3.13 16.31 88997.71
Brookfield 44.55 0.43 48.64 30.57 1.25 10.03 35556.45 Softbank 7404 52.00 8760 6704 0.54 14.42 73196.29 Costco 143.68 -0.26 156.85 113.51 0.99 27.99 63215.5 Pepsico 96.26 -0.94 100.76 85.36 2.84 21.46 142084.66
Bayer 137.10 -0.65 146.45 94.22 1.56 33.66 124978.83 United Kingdom (p)
CanadPcR 217.45 -0.32 247.56 178.60 0.65 23.90 29037.26 Sony 3929.5 87.50 3970 1622 0.64 -26.82 37848.99 CrownCstl 82.06 -0.02 89.44 72.43 2.98 71.22 27388.44 Pfizer♦ 34.28 -0.08 35.53 27.51 3.23 22.75 211084.93
BMW 104.80 -0.55 123.75 74.74 2.52 12.58 69546.49 AscBrFd 2934 15.00 3293 2407 1.19 30.42 36008.62
CanImp 95.43 -0.06 107.37 88.04 4.20 13.15 30857.93 SumitomoF 5446 51.00 5566 3823 2.31 9.94 63408.38 CSX 35.47 -0.08 37.99 28.94 1.88 17.21 35043.7 PG&E 52.71 -0.44 60.21 42.92 3.61 19.35 25299.41
Continental 218.05 -0.60 234.25 136.85 1.17 17.54 48075.08 AstraZen 4473.5 48.50 4931.68 4075 4.23 65.67 87581.81
CanNatRs 38.40 -0.21 49.57 31.00 2.39 13.61 34198.69 Takeda Ph 6004 29.00 6657 4337.5 3.02 88.45 39051.64 Cummins♦ 141.88 -0.05 161.03 124.30 2.18 14.56 25724.52 Phillips66♦ 80.97 -0.03 87.98 57.33 2.58 10.44 43855.95
Daimler 89.70 -0.27 96.07 55.10 5.33 11.94 105786.71 Barclays♦ 270.15 -0.90 273.40 201.75 2.41 -0.87 68904.56
CanNatRy 74.90 0.49 88.89 64.64 1.44 18.65 48935.61 TokioMarine 5003 100.50 5200 3002 1.61 15.37 31205.39 CVS 103.95 0.26 105.46 74.64 1.18 24.28 117289.98 PhilMorris 84.15 -0.99 91.63 75.27 4.89 17.00 130360.56
Deut Bank 28.79 -0.87 33.42 22.66 2.53 33.93 43773.66 BG 1156 -10.50 1420 780.55 1.75 -30.48 61178.27
Enbridge♦ 60.71 -1.29 66.14 47.43 2.53 133.07 42250.67 Toyota 8459 113.00 8783 5572 2.08 13.14 238063.73 Danaher 86.61 -0.29 90.25 70.12 0.52 22.98 61278.8 PNCFin 95.22 0.26 96.71 76.69 2.11 12.54 49316.38
Deut Tlkm♦ 16.26 -0.78 17.63 10.07 3.13 37.94 81271.81 BP♦ 457.75 -0.25 526.80 364.40 5.93 43.87 129426.67
GtWesLif 36.88 0.19 37.64 28.61 3.43 13.69 29946.01 Deere 93.35 3.89 93.78 78.88 2.55 11.31 31691.97 PPG Inds♦ 229.19 -0.04 237.90 171.56 1.22 25.93 31152.87
DeutsPost 28.87 -0.21 31.19 21.55 2.82 17.37 38545.75 Mexico (Mex$) BrAmTob 3621 -12.00 3894 3303 4.00 21.74 107677.38
ImpOil 49.77 -0.66 57.96 44.08 1.06 12.82 34335.83 Delta♦ 43.18 -0.57 51.06 30.12 0.80 29.08 35247.92 Praxair 122.01 0.15 134.84 117.19 2.28 20.68 35176.73
E.ON♦ 14.05 -0.08 15.46 12.23 4.34 -9.97 30991.63 AmerMvl 15.79 0.16 17.64 12.39 1.59 - 69768.54 BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52
Manulife♦ 22.94 0.02 23.36 18.91 2.63 13.11 36788.22 DevonEngy 67.47 -0.04 80.63 51.76 1.49 -11.32 27732.98 Prec Cast 219.68 -0.26 275.09 186.17 0.05 17.02 31143.52
Fresenius Med 78.48 -0.20 82.32 46.70 1.26 23.97 26914.47 FEMSA UBD 142.14 -0.98 149.93 116.20 - 29.27 33280.72 BT 451.05 -8.10 472.85 351.90 2.53 17.30 56940.6
Potash 40.77 0.17 47.10 35.25 4.41 17.02 27683.13 DirectTV 91.57 -0.58 92.45 82.00 - 15.23 46157.01 Priceline 1208.5 -4.13 1329.9 990.69 - 25.24 62644.82
Fresenius SE 57.47 -0.11 57.69 35.10 0.74 27.10 27637.03 WalMrtMex 37.09 -0.23 40.00 28.26 1.47 24.32 42470.16 Compass 1148 - 1223.36 924.41 2.36 22.29 32242.54
RylBkC 80.31 -0.09 83.87 71.74 3.64 12.81 94328.72 DiscFinServ 59.54 -0.06 66.75 54.02 1.68 11.71 26346.75 ProctGmbl 79.95 -0.46 93.89 77.29 3.36 20.37 216904
HenkelKgaA 90.92 -1.02 99.44 66.70 - 23.53 26038.3 Netherlands (€) Diageo 1813.5 13.00 2055 1689.5 2.85 23.36 70595.03
Suncor En 36.95 -0.16 47.18 30.89 2.93 60.92 43466.3 Disney 110.26 -0.13 113.30 78.54 1.09 22.72 187084.9 Prudntl♦ 85.12 -0.51 94.30 74.51 2.72 16.64 38559.36
Linde 176.35 -0.15 195.55 142.85 1.73 29.05 36106.54 Altice 131.20 0.10 132.60 40.21 - 466.42 35860.73 GlaxoSmh♦ 1464.5 14.00 1658.39 1296.5 5.46 7.00 110413.76
ThmReut♦ 49.61 -0.17 53.00 37.24 3.43 16.11 31676.45 DominRes 71.97 -0.05 80.89 64.71 3.55 27.54 42414.13 PublStor 195.09 0.24 206.92 162.34 3.00 34.19 33730.26
MuenchRkv 175.00 -0.60 206.50 141.10 4.52 8.76 33362.68 ASML Hld 100.10 -0.40 103.45 60.76 0.62 31.89 48361.37 Glencore 292.40 -1.10 379.45 236.20 3.75 25.98 59807.78
TntoDom 56.39 0.21 58.20 49.67 3.33 13.58 84914.02 DowChem 51.29 -0.09 54.97 41.45 3.22 15.22 59131.26 Qualcomm 69.51 -0.58 81.97 62.26 2.52 15.74 113271.35
SAP 68.02 -0.28 70.81 50.08 1.50 25.34 92115.81 Heineken 72.62 0.12 76.14 50.43 1.34 25.28 46110.69 HSBC♦ 620.60 6.10 674.57 550.67 5.52 13.01 187732.93
TrnCan 53.78 -0.24 63.86 49.30 3.69 21.95 31031.66 DukeEner♦ 76.05 -0.11 89.97 68.81 4.35 20.73 52591.42 Raytheon 106.70 -0.81 113.36 89.17 2.43 14.83 32558.65
Siemens 98.15 -0.16 106.35 80.17 3.35 14.49 95320.68 ING 14.98 -0.02 15.05 9.49 - 31.92 63862.47 ImpTob 3298 8.00 3385 2474 3.88 16.51 48971.56
ValeantPh 292.66 1.02 293.80 116.01 - 77.62 81194.6 DuPont♦ 70.79 -0.19 80.65 63.70 2.74 19.49 64081.73 Regen Pharm 513.88 -2.12 519.46 269.50 - 157.68 52058.93
Volkswgn 229.55 -0.05 254.50 147.35 1.77 9.78 74671.08 Philips 25.22 0.01 28.00 20.69 - 119.49 25984.09 LlydsBkg 87.98 0.14 89.20 70.72 0.85 -2.31 97347
China (HK$) Natl Grid 918.50 9.40 965.00 827.50 4.75 16.09 53563.68 Eaton 73.09 -0.31 79.98 57.11 2.89 18.25 34170.71 ReynoldsAm 75.07 -0.42 77.68 55.22 3.73 25.64 39938.23
Hong Kong (HK$) Unilever♦ 39.46 0.02 42.75 28.75 3.11 20.20 74588.72
AgricBkCh 4.30 0.05 4.55 3.37 5.43 5.89 17051.13 Prudential 1654 -3.50 1761.5 1287 2.12 19.05 65810.02 eBay 59.72 -0.02 60.93 46.34 - 23.85 72549.15 Salesforce 75.01 2.10 78.46 50.21 - -291.78 49173.26
AIA♦ 51.65 0.65 58.20 37.90 0.86 23.43 80269.99 Norway (Kr)
Bk China 5.27 0.11 5.68 3.37 4.86 6.96 56849.77 RBS 355.10 0.10 414.00 308.00 - -32.72 35026.87 Ecolab 115.26 -0.78 118.46 97.78 1.10 27.04 34319.9 Schlmbrg 92.02 -0.01 118.76 75.60 1.93 22.79 116840.26
BOC Hold 33.15 2.50 33.70 22.30 3.03 14.35 45213.75 DNB 139.50 0.90 143.00 98.10 1.91 10.59 29799.59
BkofComm♦ 7.52 0.04 8.09 5.09 4.51 6.40 33965.01 ReckittB♦ 5870 24.00 6130 4895 2.33 25.79 65388.92 EMC 26.84 0.05 30.92 25.07 1.79 20.36 52124.92 SempraEgy 107.60 -0.09 116.30 96.13 2.60 19.15 26639.62
Ch OSLnd&Inv 29.45 0.95 34.05 18.52 1.65 8.75 37461.53 Statoil♦ 150.50 -0.90 195.80 118.20 6.99 -13.02 62937.8
Ch Evrbrght 5.20 0.12 5.65 3.29 4.32 6.42 4607.62 Reed Els 1104 -2.00 1199 906.50 2.26 25.97 35837.76 Emerson♦ 61.78 0.06 68.80 54.95 3.04 15.61 41287.89 Shrwin-Will♦ 286.51 -0.94 294.35 199.77 0.85 30.04 26698.81
ChngKong 172.20 0.90 173.40 124.60 2.04 7.45 51451.73 Telenor♦ 175.30 -0.40 183.50 128.90 3.95 28.48 34519.45
Ch Yangtze RMB 13.55 0.38 14.12 5.99 2.16 16.38 21307.84 RioTinto 2902.5 29.00 3530.5 2600 4.51 12.89 63617.46 EOG Res 90.26 -1.23 118.89 81.07 0.68 22.71 49546.83 SimonProp♦ 183.62 0.08 206.31 162.43 3.01 38.01 57153.7
Citic Ltd 15.20 0.06 16.88 12.60 1.73 9.30 48831.18
ChCommsCons 13.94 - 17.00 5.07 1.76 12.21 7961.93 Qatar (QR) RollsRoyce 1019 8.00 1094 777.00 2.20-261.28 29849.05 EquityResTP 74.62 0.08 82.53 60.44 2.87 37.21 27160.84 SouthCpr♦ 31.37 -0.14 33.90 23.60 1.46 19.09 25034.08
Citic Secs 33.95 0.35 40.50 16.00 0.58 20.67 5160.64
ChConstBk 7.72 0.14 7.93 5.34 5.07 6.43 239431.61 QatarNtBk 196.10 -0.10 237.00 160.00 3.99 12.29 37699.55 RylDShlA 1970.5 -14.50 2475.5 1916.79 6.69 12.52 118989.12 Exelon♦ 34.40 -0.06 38.93 30.66 3.76 12.81 29626.78 SouthwestAir 36.86 -0.37 47.17 25.33 0.68 16.94 24633.41
CNOOC 12.68 0.22 15.88 9.72 4.46 7.59 73032.08
China Vanke - - - - - - - Russia (RUB) SABMill 3633.5 18.00 3857 3105 1.78 26.21 90877.59 ExpScripts 90.44 0.24 91.21 65.08 - 30.48 65957.08 Starbucks 51.48 0.15 52.09 35.39 1.18 29.04 77245.74
Hanergythn 3.91 -3.46 9.07 1.12 - 52.39 21040.67
ChinaCitic 6.83 0.09 7.40 4.44 4.88 6.01 13112.52 Gzprm neft 146.69 -2.11 166.94 113.73 4.06 25.67 69599.42 Shire 5540 35.00 5755 3330 0.27 14.15 50670.95 ExxonMb♦ 86.52 -0.69 104.76 82.68 3.33 12.42 361749.49 StateSt 78.62 -0.28 80.92 64.21 1.59 16.12 32366.25
HangSeng♦ 158.90 1.60 159.60 123.20 3.44 20.20 39189.83
ChinaCNR 15.86 0.78 21.95 4.99 - 25.51 4365.2 Lukoil 2502.2 -34.80 3297.7 1911.5 2.14 8.25 42655.16 StandCh 1059.5 2.50 1355.5 867.50 5.21 15.64 40608.56 Facebook 80.54 0.06 86.07 60.15 - 75.08 181126.13 Stryker 96.44 0.04 98.24 77.87 1.41 52.87 36493.78
HK Exc&Clr♦ 293.60 5.00 305.60 140.20 1.20 66.65 44657.51
ChinaLife 38.55 1.20 41.00 20.05 1.02 22.54 37005.26 MmcNrlskNckl 9515 -19.00 12247 6451 9.70 41.65 30177.49 Tesco 219.40 -1.30 307.05 155.40 5.15 -3.12 27628.16 Fedex 175.18 -1.37 183.51 138.30 0.34 19.99 49708.49 Sychrony Fin 32.50 0.03 33.96 22.60 - 12.34 27097.35
Hutchison 117.90 1.80 118.00 85.90 1.99 7.53 64843.19
ChinaMBank 23.60 0.55 24.75 13.12 3.43 7.82 13976.77 Rosneft 244.60 -5.30 294.20 183.95 4.34 9.01 51955.34 Vodafone 253.75 11.25 256.00 179.10 5.49 69.90 104278.84 FordMtr♦ 15.27 -0.24 18.12 13.26 3.59 18.84 59621.78 Target♦ 79.29 -0.10 83.98 55.25 2.47 20.06 50883.47
MTR♦ 37.80 -0.95 40.00 28.40 2.42 14.16 28475.65
ChinaMob 105.80 2.40 118.00 73.75 2.96 15.91 279451.73 Surgutneftegas 33.85 -0.75 39.80 21.82 2.14 2.98 24237.23 WPP 1560 -6.00 1616 1091 2.26 19.37 31875.97 Franklin 51.52 -0.19 59.43 49.12 1.09 12.88 31868.17 TE Connect 69.96 -0.31 73.73 51.03 1.73 14.73 28445.12
SandsCh 32.35 0.30 61.65 29.50 5.31 13.30 33671.49
ChinaPcIns 43.25 1.95 44.50 24.45 1.21 23.48 15484.37 GenDyn 139.64 -1.23 145.92 114.04 1.85 16.19 45904.24 TexasInstr 55.37 -0.14 59.99 41.47 2.41 18.99 57599.72
SHK Props 133.30 2.30 135.70 101.50 2.50 12.27 49416.07 Saudi Arabia (SR) United States of America ($)
ChinaRailCons 14.80 0.10 17.70 6.53 1.15 12.03 3964.13 GenElectric 27.68 -0.04 28.68 23.41 3.40 218.39 278901.71 TheTrvelers 102.73 -0.36 110.49 88.81 2.24 9.49 32739.88
Tencent♦ 158.80 2.00 171.00 104.50 0.16 46.40 192052.21 AlRajhiBnk 66.98 0.03 79.50 48.40 2.85 16.59 29020.68 3M♦ 160.98 -1.08 170.50 130.60 2.33 20.43 102116.21
ChinaRailGp 10.34 0.14 12.30 3.57 0.84 16.13 5612.15 GenGrwthPrp 28.42 0.12 31.70 22.92 2.31 27.18 25185.89 ThrmoFshr 132.15 -0.69 139.03 107.33 0.47 29.35 52603.22
India (Rs) Natnlcombnk 68.91 0.14 72.75 49.50 - 15.07 36649.48 AbbottLb 49.03 -0.31 49.43 39.28 1.92 35.20 72993.77
ChMinsheng 11.14 0.22 11.88 6.73 2.08 6.77 9964.18 GenMills 56.52 -0.30 57.73 48.32 2.91 24.40 33691 TimeWrnr 85.20 0.05 88.25 67.60 1.60 20.42 70256.12
Bhartiartl 399.90 5.00 427.00 326.60 0.86 32.64 25161.32 SaudiBasic 102.90 0.42 136.50 70.25 5.11 12.77 82311.21 Abbvie 65.48 -0.17 70.76 51.37 2.79 55.58 104314.62
ChMrchSecs RMB 34.12 0.53 40.00 9.88 0.47 31.74 25661.03 GenMotors 35.70 0.12 39.00 28.82 3.51 15.90 57377.31 TimeWrnrC 171.18 5.66 172.21 128.78 2.29 23.14 48390.22
HDFC Bk 1023.55 -0.75 1109.3 730.00 0.67 27.10 38896.3 SaudiTelec 70.04 1.09 76.50 55.00 5.22 12.13 37350.68 Accenture 96.39 -0.44 97.95 73.98 2.03 21.64 76668.03
ChShenEgy 19.60 0.50 24.40 18.62 6.06 9.29 8593.15 GileadSci 111.71 0.49 116.83 78.50 - 12.19 164169.68 TJX Cos♦ 67.16 -0.71 71.03 51.91 1.03 20.67 45820.59
Hind Unilevr 852.45 -11.30 981.00 553.35 1.33 47.26 29018.06 Singapore (S$) Ace 108.66 -0.24 117.89 99.45 2.50 12.50 35487.53
ChShpbldng RMB 17.04 1.55 17.04 4.36 0.28 151.72 49374.23 GoldmSchs 207.80 2.85 208.26 157.91 1.16 10.49 89772.9 T-MobileUS 36.68 0.43 36.82 24.26 - 89.44 29726.03
HsngDevFin 1252.65 -35.40 1402.3 810.00 1.12 23.13 30995.81 DBS♦ 20.85 0.02 21.23 16.72 2.83 12.52 39137.02 Actavis 301.35 0.13 317.72 201.91 - -31.71 118263.19
ChStConEng RMB 10.79 0.50 12.52 2.77 1.38 13.06 51974.46 Google 554.52 -2.29 608.91 490.91 - 26.36 159848.53 Twitter 36.60 -0.08 55.99 30.38 - -35.89 23964.73
ICICI Bk 312.15 -1.45 393.40 266.66 2.95 14.96 28445.87 JardnMt US$ 61.52 0.52 67.88 57.00 2.28 13.42 42978.28 Adobe 80.04 -0.52 80.74 58.51 - 132.43 40041.54
ChUncHK♦ 13.64 0.10 16.00 10.04 1.56 21.76 42137.04 Halliburton 45.91 -0.25 74.33 37.21 1.50 17.21 39063.65 UnionPac 104.20 -0.76 124.52 96.17 2.01 17.01 91568.96
Infosys 2016.8 -29.65 2336 1440 2.00 17.26 36457.54 JardnStr US$ 34.25 0.27 38.10 32.33 0.75 11.40 38363.51 AEP♦ 55.65 -0.16 65.38 49.06 3.87 15.31 27247.38
CSR 15.00 0.94 20.70 5.64 0.78 28.94 3916.5 HCA Hold 82.13 0.54 83.88 52.37 - 16.51 34028.14 UPS B♦ 101.43 -0.62 114.40 94.05 2.82 28.38 71154.77
ITC 316.80 -12.35 409.95 312.50 1.64 28.87 39657.91 OCBC♦ 10.41 0.04 10.92 9.38 3.37 9.89 31039.83 Aetna 114.52 -0.17 115.76 71.81 1.07 18.14 39990.38
Daqin RMB 13.69 0.54 14.72 6.24 3.28 13.66 32839.55 Hew-Pack 34.76 0.93 41.10 31.00 1.86 12.87 63178.34 USBancorp 43.57 -0.29 46.10 38.10 2.35 13.39 77251.13
L&T 1630.25 -23.20 1893.8 1401 0.87 27.36 23784.67 SingTel 4.22 -0.06 4.57 3.63 3.99 17.97 50334.21 Aflac♦ 62.71 -0.18 65.10 54.99 2.53 9.37 27208.89
GF Secs RMB 29.09 0.84 32.88 9.50 0.72 24.48 27783.68 HiltonWwde 29.35 0.07 31.60 20.72 - 39.62 28981.63 Utd Cntl Hldg 53.69 -0.44 74.52 36.65 - 9.01 20509.66
OilNatGas 329.55 6.50 471.85 298.80 2.93 10.75 44378.27 UOB 24.01 -0.06 25.05 21.53 2.97 11.61 28781.94 AirProd 146.77 -1.22 158.20 117.64 2.22 29.50 31521.02
GuosenSec - - - - - - - HlthcareREIT 70.86 -0.38 84.88 61.42 4.73 57.52 24845.4 UtdHlthcre 119.59 -0.87 123.76 77.53 1.31 18.90 113838.23
RelianceIn 894.50 -9.35 1140 796.45 1.06 11.39 45548.3 Alexion 171.94 3.37 203.30 150.06 - 56.39 34315.23
HaitongSecs 24.10 0.30 27.90 11.22 0.66 16.88 7899.03 South Africa (R) HomeDep 112.16 0.15 117.99 77.75 1.73 23.05 145623.9 UtdTech♦ 118.62 -0.50 124.45 97.30 2.12 16.04 105595.74
SBI NewA 277.65 -4.80 336.00 234.61 1.06 13.08 32626.74 Allstate 67.60 -0.50 72.87 56.63 1.76 9.93 27649.28
HuataiSec RMB 33.27 1.54 34.31 7.38 0.47 31.33 30061.98 Firstrand 54.52 -0.03 58.47 38.96 3.26 14.82 25767.63 Honywell♦ 105.92 -0.44 107.10 82.89 1.91 18.59 82798.46 ValeroEngy♦ 60.99 0.38 64.49 42.53 2.05 8.01 31020.82
SunPhrmInds 1002.15 -1.60 1200.8 581.85 0.15 35.05 32670.17 Altria 51.23 -0.41 56.70 40.26 4.16 19.75 100746.75
In&CmBkCh 6.80 0.10 7.10 4.74 5.03 6.68 76137.47 MTN Grp 224.00 -5.28 263.44 198.00 5.05 12.60 34866.35 HumanaInc 179.00 0.24 183.05 115.51 0.65 21.95 26810.85 Verizon 49.61 -0.29 53.66 45.09 4.59 19.94 202333.74
Tata Cons 2601 -16.90 2839.7 2056 1.31 23.66 80189.7 Amazon 427.63 -4.00 452.65 284.00 - -467.24 199139.15
IndstrlBk RMB 20.16 0.62 21.42 9.43 2.38 7.58 52630.19 Naspers N 1835.36 5.26 2029.97 1130.01 0.23 64.33 64824.79 IBM♦ 172.22 -1.12 196.40 149.52 2.67 10.52 169590.9 VertexPharm 125.08 0.03 137.50 63.68 - -40.31 30488.53
Tata Motors 505.30 -9.35 612.40 407.05 0.39 10.91 25832.95 AmerAir 42.61 0.14 56.20 28.10 0.74 8.91 29520.16
Kweichow RMB 286.83 10.97 288.49 139.22 1.59 19.60 52852.6 South Korea (KRW) IllinoisTool 96.88 -0.63 100.14 79.06 2.02 19.00 35621.93 VF Cp 71.36 0.08 77.83 59.82 1.70 28.75 30326.23
AmerExpr 81.25 0.49 96.24 76.53 1.34 13.54 82533.4
PetroChina 9.53 0.11 11.70 7.93 4.47 17.15 25938.78 Indonesia (Rp) HyundMobis 231500 -500.00 312000 225500 1.28 10.49 20288.85 Illumina 205.00 1.88 213.33 145.12 - 67.79 29540.5 Viacom 66.80 -0.11 89.76 63.11 2.06 15.05 23152.4
AmerIntGrp 59.88 -0.34 60.70 48.56 0.87 9.75 79843.72
PingAnIns 119.20 6.20 119.40 57.05 0.77 16.17 57260.95 Astra Int♦ 7575 - 8575 6325 2.94 14.53 23311.64 KoreaElePwr 48500 1050 50200 36650 1.02 11.47 28561.84 Intcntl Exch 236.87 1.52 241.98 182.40 0.86 24.94 26365.9 Visa Inc♦ 69.62 0.25 70.69 48.80 0.66 29.86 136276.33
Amerisrcbrgn♦ 113.80 -0.14 120.68 71.00 0.96 -36.81 25000.22
PngAnBnk RMB 16.60 0.33 17.50 7.81 0.84 10.73 31616.69 Bk Cent Asia 14300 -50.00 15600 10700 0.92 19.88 26800.98 SK Hynix 47850 1500 52400 40300 0.64 8.10 31955.68 Intel♦ 33.45 -0.10 37.90 26.14 2.86 13.63 158686.8 Walgreen♦ 86.45 -0.69 93.42 57.75 1.54 25.12 94295.9
AmerTower 94.35 0.45 105.20 87.05 1.55 46.52 39918.45
SaicMtr RMB 26.38 0.59 29.18 14.28 4.75 9.79 46930.22 BnkRakyat 12350 -250.00 13450 9850 4.70 11.86 23159.66 SmsungEl 1350000-2000.00 1510000 1078000 1.05 8.49 161247.78 Intuit 106.76 2.60 109.21 77.96 0.89 94.90 29543.28 WalMartSto 75.86 -0.25 90.97 72.61 2.61 14.73 244686.67
Amgen♦ 163.58 -0.26 173.60 113.56 1.67 21.14 124373.74
ShenwanHong - - - - - - - Israel (ILS) Spain (€) John&John♦ 101.35 -1.07 109.49 95.10 2.89 17.39 281048.15 WasteMgmt 50.06 -0.06 55.93 43.25 3.15 23.61 22918.58
Anadarko 86.17 0.57 113.51 71.00 1.31 -17.80 43768.83
ShgPdgBk RMB 18.14 0.38 19.05 8.90 3.80 6.82 43678.07 TevaPha♦ 240.50 5.60 267.40 174.10 2.27 18.35 52657.89 BBVA 9.10 -0.19 9.99 7.21 0.89 15.07 63250.49 JohnsonCn 51.23 -0.07 53.41 38.60 1.96 21.43 33546.97 Wellpoint 128.71 0.94 129.96 81.84 1.59 12.63 34744.16
Aon Cp 102.89 0.53 107.08 78.26 1.01 20.73 28998.77
Sinopec 7.01 0.19 8.23 5.90 4.50 18.24 23072.06 BcoSantdr 6.62 -0.14 7.96 5.77 8.70 13.34 102530.78 JPMrgnCh 66.47 -0.18 67.19 54.16 2.51 11.65 246675.96 WellsFargo♦ 56.00 -0.01 56.70 46.44 2.61 13.10 288355.48
Italy (€) AppldMat♦ 20.14 -0.01 25.71 18.63 2.00 19.48 24804.39
Denmark (kr) CaixaBnk 4.38 -0.11 5.00 3.71 - 30.99 27819.3 Kimb-Clark 111.25 -0.58 119.01 99.20 3.19 27.24 40506.03 Williams Cos 52.99 -0.12 59.77 40.07 4.21 18.39 39687.47
Enel 4.32 -0.08 4.49 3.36 3.28 79.25 44821.86 Apple 132.54 1.15 134.54 86.64 1.48 15.76 763566.92
DanskeBk 198.40 1.70 200.30 139.20 2.82 32.67 29585.03 Iberdrola 6.24 -0.17 6.46 5.11 2.53 16.66 43944.39 KinderM 42.69 0.03 44.71 33.25 4.26 49.61 92558.53 Yahoo 43.49 -0.19 52.62 32.93 - 5.66 40808.18
ENI 16.50 -0.35 20.46 12.98 6.84 112.47 66101.58 ArcherDan♦ 52.67 -0.25 53.91 41.63 1.98 13.25 32922.52
MollerMrsk 13110 -50.00 16450 11020 2.34 15.36 41591.41 Inditex 30.05 -0.43 31.05 19.29 1.35 35.41 103241.34 Kraft 85.00 -0.75 91.32 53.33 2.64 50.59 50314.9 Yum!Brnds 91.54 -1.90 95.90 65.81 1.78 38.94 39581.96
Generali 17.69 -0.34 19.21 14.40 2.59 14.85 30360.01 AT&T 34.71 -0.36 37.48 32.07 5.60 30.04 180249.03
NovoB 388.00 3.50 400.20 230.80 1.31 33.44 152012.9 Repsol 17.85 -0.35 21.07 14.26 2.18 19.00 27049.87 Kroger♦ 74.42 0.37 77.74 46.27 0.94 20.74 36480.8
IntSPaolo 3.28 -0.07 3.37 2.00 1.66 35.89 57295.02 AutomData 86.82 -0.45 90.23 70.50 2.33 24.68 40764.08
Telefonica 13.08 -0.14 14.00 10.76 3.08 20.48 71205.96 L Brands 87.46 -1.00 95.78 55.71 1.61 24.23 25575.91 Closing prices and highs & lows are in traded currency (with variations for that
Finland (€) Luxottica 59.50 -0.95 62.50 34.74 1.11 40.35 31622.06 Avago Tech 132.64 3.05 136.28 68.71 0.96 68.32 34033.73
LasVegasSd 51.95 -0.59 78.50 49.82 4.32 15.51 41489.15 country indicated by stock), market capitalisation is in USD. Highs & lows are
Nokia 6.53 -0.06 7.87 5.38 1.72 21.74 26456.64 Unicred♦ 6.25 -0.21 6.89 4.82 - 15.70 40509.04 Sweden (SKr) BakerHu 65.53 -0.35 75.64 47.51 1.05 34.27 28484.29
LibertyGbl 57.44 1.07 58.21 39.95 - -39.52 14478.71 based on intraday trading over a rolling 52 week period.
SampoA 44.19 -0.45 49.40 34.77 3.80 14.98 27220.82 Japan (¥) AtlasCpcoB 229.10 0.30 270.00 165.20 2.44 21.74 33303.95 BankAm 16.75 0.02 18.21 14.65 1.00 23.72 175910.18
Lilly (E)♦ 74.30 0.03 77.46 58.50 2.77 34.80 82453.77 ♦ ex-dividend
France (€) AstellasPh 1817.5 -3.50 2047 1273 1.55 41.04 33818.28 Ericsson 93.95 0.75 120.00 77.90 3.40 24.96 37058.83 Baxter 67.37 -0.17 77.31 65.95 3.22 18.98 36666.41
LinkedIn 196.23 -0.81 276.18 152.18 - -519.22 21639.81 ■ ex-capital redistribution
Airbus Grpe 63.36 -0.37 66.10 39.64 1.20 18.11 54995 Bridgestne 4868.5 11.50 5175 3328 2.17 12.01 32594.39 H&M 341.20 0.90 368.50 269.60 2.81 26.76 67398.36 BB & T♦ 39.41 -0.15 40.21 34.50 2.54 13.81 28499.72
Lockheed 192.86 -0.25 207.06 156.23 3.06 16.67 60704.72 # price at time of suspension
AirLiquide 118.35 -0.20 123.95 87.17 2.14 22.44 44870.95 Canon 4261 -2.00 4539 3172 3.72 18.43 46794.29 Investor 335.30 0.20 363.40 219.30 2.42 3.48 30700.92 BectonDick 141.94 -0.47 149.98 112.15 1.68 24.94 29720.2
Lowes 69.54 0.82 76.25 45.10 1.29 24.72 66181.54
CntJpRwy 22070 210.00 24800 13020 0.55 15.66 37434.5 Nordea Bk 112.00 0.20 115.50 82.40 5.20 13.30 53777.7 BerkshHat 217000-1279.99 229374 185005 - 16.79 185850.3

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
TevaPha 240.50 234.90 5.60 2.38 238.17 10199.8 3.00 MTN Grp 224.00 229.28 -5.28 -2.30 -23350.00 -99.0 -6.57 May 25 date Coupon S* M* F* price yield yield yield US May 25 date Coupon S* M* F* price yield yield yield US
HuataiSec 33.27 31.73 1.54 4.85 6.17 22.8 9.23 Naspers N 1835.36 1830.10 5.26 0.29 -183110.64 -99.0 -5.52 High Yield US$ US$
ChShpbldng 17.04 15.49 1.55 10.01 2.71 18.9 21.02 Firstrand 54.52 54.55 -0.03 -0.05 -5422.48 -99.0 -5.33 Windstream Services, LLC 11/17 7.88 BB- B1 BB 107.63 4.56 0.03 -0.23 3.95 Wachovia Corporation 08/26 6.82 A A3 A+ 127.25 4.50 0.03 0.61 2.29
Kweichow 286.83 275.86 10.97 3.98 41.66 17.0 10.96 SvnskaHn 128.10 128.20 -0.10 -0.08 -251.30 -66.2 -67.30 High Yield Euro Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 115.88 4.47 0.03 0.03 2.26
Altice 131.20 131.10 0.10 0.08 17.40 15.3 30.03 Hanergythn 3.91 7.37 -3.46 -46.95 -3.27 -45.5 -43.50 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 99.80 - 0.00 0.00 - Bank of America Corporation 10/26 4.25 BBB+ Baa3 A- 98.54 4.46 0.02 0.37 2.25
ChStConEng 10.79 10.29 0.50 4.86 1.28 13.5 15.52 Utd Cntl Hldg 53.69 54.13 -0.44 -0.81 -7.91 -12.8 -16.14 Citigroup Inc. 11/26 4.30 BBB+ Baa3 A- 96.88 4.71 0.02 0.67 2.50
IndstrlBk 20.16 19.54 0.62 3.17 2.26 12.6 4.24 AmerAir 42.61 42.47 0.14 0.33 -6.06 -12.4 -17.10 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 119.89 4.53 0.02 0.34 -
Ch Yangtze 13.55 13.17 0.38 2.89 1.39 11.4 7.54 SouthwestAir 36.86 37.23 -0.37 -0.99 -5.03 -12.0 -13.98 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.61 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 119.34 4.87 0.02 0.21 -
LibertyGbl 57.44 56.37 1.07 1.90 5.84 11.3 13.14 BHPBilltn 29.48 29.25 0.23 0.79 -3.01 -9.3 -8.02 Mexico 09/16 11.40 BBB+ A3 BBB+ 113.25 1.10 0.00 0.00 0.48
Brazil 01/18 8.00 BBB- Baa2 BBB 108.86 4.42 0.00 0.00 3.80 Euro
Daqin 13.69 13.15 0.54 4.11 1.38 11.2 2.32 Delta 43.18 43.75 -0.57 -1.30 -3.82 -8.1 -7.20 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 110.62 1.80 -0.03 0.31 -0.41
GF Secs 29.09 28.25 0.84 2.97 2.59 9.8 1.36 MmcNrlskNckl 9515.00 9534.00 -19.00 -0.20 -733.00 -7.2 -2.10 Russia 07/18 11.00 BB+ Ba1 BBB- 123.19 3.24 0.04 -0.26 2.62
Peru 03/19 7.13 BBB+ A3 BBB+ 117.76 2.28 0.05 0.20 0.72 Citigroup Inc. 09/26 2.13 A- Baa2 A 102.95 1.83 -0.03 0.37 -0.38
TimeWrnrC 171.18 165.52 5.66 3.42 14.74 9.4 14.39 Bradesco 27.28 27.28 0.00 0.00 -1.97 -6.7 -10.73 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 98.26 2.80 -0.03 0.37 -
Panasonic 1833.00 1798.00 35.00 1.95 156.50 9.3 8.66 SaudiBasic 102.90 102.48 0.42 0.41 -5.69 -5.2 -4.63 Brazil 01/21 7.88 BBB- Baa2 BBB 106.49 3.63 0.05 0.16 2.07
Turkey 03/21 5.63 - Baa3 BBB- 109.13 3.90 0.05 0.03 2.34 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 111.84 1.90 -0.03 0.55 -
SaicMtr 26.38 25.79 0.59 2.29 2.11 8.7 -2.91 ITC 316.80 329.15 -12.35 -3.75 -16.20 -4.9 -8.95
Poland 04/21 5.13 A- A2 A- 113.15 2.72 0.05 0.23 1.15 Yen
BOC Hold 33.15 30.65 2.50 8.16 2.55 8.3 13.14 Lowes 69.54 68.72 0.82 1.19 -3.55 -4.9 -4.83
Colombia 07/21 4.38 BBB Baa2 BBB 105.68 3.37 0.04 0.19 1.81 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.11 0.28 0.00 0.02 -
Vodafone 253.75 242.50 11.25 4.64 19.25 8.2 11.54 ItauHldFin 33.44 33.44 0.00 0.00 -1.67 -4.8 -6.03
ShgPdgBk 18.14 17.76 0.38 2.14 1.36 8.1 2.60 Rosneft 244.60 249.90 -5.30 -2.12 -11.50 -4.5 -5.27 Turkey 04/26 4.25 - Baa3 BBB- 97.71 4.57 0.03 0.05 2.36 £ Sterling
ValeantPh 291.64 291.64 0.00 0.00 21.62 8.0 14.33 SouthCpr 31.37 31.51 -0.14 -0.44 -1.42 -4.3 5.13 Emerging Euro Southern Water Services (Fin) Limited 03/26 6.64 A- Baa1 A- 130.68 3.24 -0.01 0.29 1.03
PingAnIns 119.20 113.00 6.20 5.49 8.80 8.0 8.46 WalMartSto 75.86 76.11 -0.25 -0.33 -3.38 -4.3 -3.28 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Barclays Bank plc 09/26 5.75 BBB- Baa3 A- 113.60 4.21 -0.04 0.30 2.00
Renault 98.76 98.81 -0.05 -0.05 6.95 7.6 1.73 Surgutneftegas 33.85 34.60 -0.75 -2.17 -1.50 -4.2 -8.02 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.88 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 111.67 2.82 -0.02 0.10 1.26 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- 120.09 3.45 -0.03 0.35 1.24
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
May 25 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return May 22 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.13 16-12-2008 0.13 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 12.13 0.02 12.11 31.06 10.28 May 25 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 12.59 0.13 12.46 23.19 7.04 Tr 2pc '16 101.00 0.47 -2.08 -4.08 6.82 -34.72 102.23 101.00 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 180.18 0.33 -0.97 1.06 -0.97 1.40 VXN 13.23 -0.15 13.38 31.17 9.66 Tr 1.75pc '17 102.00 0.54 0.00 0.00 5.88 -51.35 102.68 101.07 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 296.91 0.27 -0.40 1.16 -1.38 8.86 VDAX 15.81 -0.83 16.64 - - Tr 5pc '18 111.61 0.77 -2.53 -2.53 5.48 -48.67 113.65 111.50 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 252.37 0.26 -0.88 0.76 -0.88 0.76 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.67 1.07 -2.73 -0.93 9.18 -40.22 115.07 111.17 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 213.22 0.07 -0.64 0.24 -1.22 4.36 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.92 1.31 -1.50 0.00 11.97 -35.15 119.04 113.53 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 223.58 0.13 -1.90 0.86 -3.12 8.54 Tr 8pc '21 137.45 1.49 -1.97 -0.67 12.88 -32.88 142.92 135.65 0.24
Gilts( £) 283.66 0.37 -0.67 -0.69 -1.72 10.21 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.46 1.59 -1.85 -1.24 12.77 -32.91 119.85 110.38 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 248.80 0.34 -1.39 -0.82 -0.61 -2.10 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.31 1.92 -2.54 -2.04 13.61 -30.69 134.70 119.37 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 296.16 0.28 -0.44 0.91 -1.40 8.76 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.02 2.15 -1.83 -0.92 13.16 -28.33 131.90 112.61 0.31
May 25 (Libor: May 22) night Day Week Month month month month year Overall ($) 225.35 0.30 -0.76 0.53 -0.76 0.53 Australia 10/18 3.25 103.68 2.12 -0.01 -0.05 0.16 -1.02 Tr 4.25pc '32 125.74 2.40 -1.64 -0.41 10.60 -25.70 136.85 112.95 0.35
US$ Libor 0.12400 0.000 0.001 0.000 0.18485 0.28450 0.41865 0.73760 Overall( £) 284.75 0.34 -0.60 -0.20 -1.62 9.73 04/26 4.25 111.66 2.99 -0.01 -0.04 0.36 -0.95 Tr 4.25pc '36 127.91 2.52 -1.56 0.00 9.57 -24.55 140.37 113.08 0.26
Euro Libor -0.17643 0.000 0.001 0.000 -0.06714 -0.01429 0.05357 0.17214 Overall(€) 219.94 0.10 -1.49 0.66 -2.48 7.01 Austria 10/18 1.15 103.75 0.04 0.00 -0.04 -0.03 0.00 Tr 4.5pc '42 137.69 2.58 -1.53 0.00 7.95 -23.89 153.16 118.96 0.26
£ Libor 0.48125 0.000 0.000 0.000 0.50975 0.57063 0.71225 0.99963 Treasuries ($) 215.75 0.35 -0.79 0.32 -0.79 0.32 10/24 1.65 108.03 0.76 0.00 -0.03 0.47 0.00 Tr 3.75pc '52 128.09 2.57 -1.53 -0.39 7.08 -24.41 145.21 106.18 0.22
Swiss Fr Libor 0.000 -0.81600 -0.78800 -0.70160 -0.58660 FTSE Belgium 06/18 0.75 101.67 0.20 -0.01 -0.02 0.07 -0.69 Tr 4pc '60 139.26 2.53 -1.17 -0.78 7.20 -24.70 159.23 113.50 0.21
Yen Libor 0.000 0.07000 0.10071 0.13786 0.25186 Sterling Corporate (£) 113.10 0.16 - - -1.97 3.86 06/25 0.80 99.00 0.90 0.00 -0.04 0.48 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor 0.000 -0.05200 -0.01200 0.05400 0.16200 Euro Corporate (€) 108.81 -0.06 - - -1.84 2.06 Canada 05/17 0.25 99.17 0.69 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.50000 0.57000 0.73500 Euro Emerging Mkts (€) 1052.90 -8.42 - - -2.27 6.19 06/25 2.25 104.25 1.78 0.00 0.00 0.00 0.00
US$ CDs
Euro CDs
0.000
0.000
0.15000
-0.10500
0.22000
-0.06500
0.34000
-0.00500
Eurozone Govt Bond 114.37 -0.08 - - -3.48 5.54 Denmark 11/16 2.50 104.34 -0.43 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 109.76 0.78 0.02 -0.05 0.51 0.00
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 99.49 1.18 0.04 0.07 0.00 0.00
Fixed Coupon May 25 chg % Return 1 month 1 year Yield
May 25 term notice month month month year Markit iTraxx 07/25 4.00 131.40 0.76 0.00 -0.05 0.48 0.00
1 Up to 5 Years 99.25 0.06 2347.21 -0.08 2.50 0.98
Euro -0.20 -0.10 -0.20 -0.10 -0.18 -0.03 -0.14 0.01 -0.08 0.07 0.06 0.21 Crossover 5Y 277.70 6.84 1.68 11.73 296.41 242.25 France 11/16 0.25 100.64 -0.17 0.00 0.00 0.00 0.00
2 5 - 10 Years 179.54 0.27 3181.50 -1.02 6.72 1.70
Sterling 0.40 0.55 0.40 0.55 0.45 0.55 0.52 0.62 0.66 0.81 0.98 1.13 Europe 5Y 61.24 2.09 1.23 1.24 65.07 52.94 11/19 0.50 101.63 0.14 0.00 -0.02 0.00 0.00
3 10 - 15 Years 206.83 0.49 3713.00 -2.16 10.95 2.14
Swiss Franc - - - - - - - - - - - - Japan 5Y 51.45 -0.19 -0.73 2.47 59.45 48.09 05/25 0.50 96.23 0.90 0.00 -0.04 0.47 0.00
4 5 - 15 Years 185.74 0.31 3310.53 -1.25 7.97 1.82
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 73.50 1.53 0.40 0.56 77.83 62.28 05/45 3.25 136.37 1.69 0.00 -0.06 0.62 0.00
5 Over 15 Years 296.34 0.69 4197.71 -3.02 18.54 2.53
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.23 0.33 0.35 0.45 0.62 0.72 Germany 06/16 0.25 100.51 -0.24 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 172.55 0.38 3165.69 -1.59 9.79 2.27
Japanese Yen -0.05 0.05 -0.08 0.02 -0.10 0.10 -0.05 0.15 -0.05 0.15 0.05 0.25 10/19 0.25 101.05 0.01 0.00 -0.01 0.00 0.00
Emerging Markets 5Y 284.02 -4.63 -9.37 -14.36 321.49 284.02 02/25 0.50 99.04 0.60 -0.01 -0.05 0.44 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 342.50 1.04 -6.80 9.04 350.53 329.17 08/46 2.50 132.63 1.23 -0.01 -0.07 0.61 0.00
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked May 25 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 64.22 0.52 -1.29 2.67 65.82 60.22 Greece 07/17 3.38 69.88 22.62 -0.80 -1.63 -0.11 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 312.43 -0.10 -0.16 -2.51 2365.84 -0.03 -0.89
02/25 3.00 55.07 11.26 0.03 -0.09 -0.30 0.00 2 Over 5 years 568.35 0.30 -2.31 15.51 4180.50 -2.16 16.47
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 113.37 -0.08 0.00 0.00 0.00 0.00 3 5-15 years 431.94 0.09 -1.45 3.78 3267.03 -1.17 5.11
03/25 5.40 137.80 1.27 0.01 -0.03 0.55 0.00 4 Over 15 years 697.76 0.37 -2.60 21.79 5039.96 -2.49 22.58
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 102.02 0.12 0.00 -0.03 -0.04 0.00 5 All stocks 527.45 0.24 -1.99 13.67 3926.30 -1.83 14.72
05/20 0.70 99.37 0.83 0.00 0.00 0.00 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 96.89 1.85 0.00 -0.05 0.47 0.00 Yield Indices May 25 May 22 Yr ago May 25 May 22 Yr ago
Crude Oil† Jun 59.82 -0.10 Corn♦ Jul 360.25 0.00 May 22 May 22 Prev return stock Market stocks
09/46 3.25 105.17 3.02 0.09 -0.01 0.68 0.00 5 Yrs 1.33 1.36 1.85 20 Yrs 2.54 2.58 3.32
Brent Crude Oil‡ 65.90 0.36 Wheat♦ Jul 514.50 0.00 Can 4.25%' 21 131.01 -0.432 -0.511 -1.11 5.18 69903.08 7
Japan 05/17 0.10 100.20 0.00 0.00 0.00 0.00 0.00 10 Yrs 2.01 2.06 2.74 45 Yrs 2.55 2.58 3.38
RBOB Gasoline† May 2.07 0.01 Soybeans♦ Jul 925.25 0.00 Fr 2.25%' 20 116.43 -0.843 -0.873 -0.94 20.31 221649.81 15
05/20 0.05 99.62 0.13 0.01 0.02 0.06 0.00 15 Yrs 2.37 2.42 3.14
Heating Oil† Jun 1.96 0.02 Soybeans Meal♦ Jul 304.20 0.00 Swe 0.25%' 22 108.21 -0.795 -0.790 -2.85 29.96 225842.84 6
03/25 0.40 99.76 0.43 0.01 0.05 0.12 0.00
Natural Gas† May 2.84 -0.04 Cocoa (ICE Liffe)X Jul 2112.00 0.00 UK 2.5%' 16 325.96 -1.646 -1.685 0.09 7.90 491781.88 24
03/45 1.50 100.51 1.48 0.01 0.07 0.15 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Jul 3156.00 -7.00 UK 2.5%' 24 342.56 -0.843 -0.836 -0.44 6.82 491781.88 24
Netherlands 04/17 0.50 101.31 -0.19 0.00 0.00 0.00 0.00 Real yield May 25 Dur yrs Previous Yr ago May 25 Dur yrs Previous Yr ago
Uranium Jun 35.25 0.00 Coffee(Robusta)X Jul 1626.00 0.00 UK 2%' 35 231.51 -0.754 -0.742 -1.24 9.08 491781.88 24
07/25 0.25 94.75 0.79 0.00 -0.03 0.48 0.00 Up to 5 yrs -0.95 2.94 -0.98 -1.23 -1.63 2.96 -1.67 -1.96
Carbon Emissions - - Coffee (Arabica)♥ Jul 127.10 -1.85 US 0.625%' 21 103.80 0.007 -0.023 -0.83 35.84 1072352.32 36
Diesel Jun 121.25 0.00 White SugarX 351.30 0.00 New Zealand - - - - - - - Over 5 yrs -0.77 23.55 -0.76 -0.09 -0.81 23.65 -0.79 -0.14
US 3.625%' 28 137.70 0.586 -0.023 -1.97 16.78 1072352.32 36
Unleaded Jun - - Sugar 11♥ 12.68 -0.19 12/17 6.00 107.07 3.10 0.02 0.01 -0.07 -0.80 5-15 yrs -0.78 9.77 -0.77 -0.26 -0.88 9.79 -0.88 -0.40
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.77 0.78 -0.01 -0.08 0.10 0.00 Over 15 yrs -0.77 28.24 -0.76 -0.06 -0.80 28.31 -0.79 -0.09
Base Metals (♠ LME 3 Months) Cotton♥ Jul 63.31 -0.47 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/24 3.00 111.76 1.56 0.00 -0.10 0.20 0.00 All stocks -0.77 20.39 -0.76 -0.11 -0.82 20.56 -0.81 -0.16
Aluminium 1768.00 -7.50 Orange Juice♥ Jul 118.20 0.70 amount.
Aluminium Alloy 1730.00 -25.00 Palm Oil♣ Jun 594.50 -4.25 Portugal 02/16 6.40 104.64 -0.07 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 6182.00 -82.50 Live Cattle♣ Jun 152.23 0.00 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 103.39 2.50 0.08 0.09 0.58 0.00
Lead 1945.00 -32.50 Spain 10/17 0.50 100.50 0.29 0.14 0.10 0.15 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Aug 218.98 1.25
Nickel 12755.00 -275.00 Lean Hogs♣ Jun 83.85 0.00 Spread Spread Spread Spread 04/25 1.60 97.94 1.83 0.06 -0.02 0.51 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 15840.00 0.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 108.91 -0.27 0.00 0.00 0.00 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 2175.50 -30.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 116.27 0.79 0.01 0.05 0.45 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) May 22 Month Year Australia 2.99 2.39 0.78 Italy 1.85 1.25 -0.36 Switzerland 10/16 2.00 103.94 -0.84 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1204.10 -0.90 S&P GSCI Spt 441.93 -2.12 - Austria 0.76 0.16 -1.45 Japan 0.43 -0.18 -1.79 05/26 1.25 112.92 0.07 0.00 -0.03 0.00 -0.92
Silver (US cents) 1725.00 7.00 DJ UBS Spot 102.50 -2.83 - Belgium 0.90 0.30 -1.31 Netherlands 0.79 0.19 -1.42 United Kingdom 07/18 1.25 100.90 0.96 0.00 0.00 0.00 0.00 Data provided by Morningstar | www.morningstar.co.uk
Platinum 1143.00 0.00 R/J CRB TR 226.14 2.17 -26.66 Canada 1.78 1.18 -0.43 Norway 1.56 0.96 -0.65 07/20 2.00 102.79 1.44 0.00 0.00 0.00 0.00
Palladium 769.00 0.00 Rogers RICIX TR 2709.48 - - Denmark 0.78 0.17 -1.44 Portugal 2.50 1.90 0.29 09/25 2.00 99.68 2.03 0.00 0.00 0.00 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 326.78 2.65 -29.95 Finland 0.76 0.16 -1.45 Spain 1.83 1.23 -0.38 01/45 3.50 117.84 2.63 0.00 0.00 0.00 0.00
Iron Ore (Platts) 61.25 0.00 UBS Bberg CMCI TR 15.93 1.08 -26.04 France 0.90 0.29 -1.31 Switzerland 0.07 -0.53 -2.14 United States 04/17 0.50 99.77 0.62 0.00 0.00 0.00 0.00
Iron Ore (The Steel Index) 61.10 1.20 LEBA EUA Carbon 7.35 0.00 28.05 Germany 0.60 0.00 -1.61 United Kingdom 2.03 1.43 -0.18 04/20 1.38 99.12 1.56 0.00 0.00 0.00 0.00
GlobalCOAL RB Index 65.50 0.50 LEBA CER Carbon 0.45 -10.00 275.00 Greece 11.26 10.66 9.05 United States 2.21 1.61 0.00 05/25 2.13 99.23 2.21 0.00 0.00 0.00 0.00
Baltic Dry Index 586.00 -6.00 LEBA UK Power 595.00 -84.61 -64.90 Ireland 1.27 0.67 -0.94 05/45 3.00 100.29 2.99 0.00 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.
24 ★★★ FINANCIAL TIMES Tuesday 26 May 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 CoatsGrp 26.50 -0.50 36.00 19.00 - 40.15 8871.3 SKF SKr 205.60 -0.90 231.70 134.80 2.71 20.59 402.8 EVRAZ 181.90 0.70 209.90 86.20 - -3.63 1859.9 Shaftbry 870.50 -1.50 907.00 632.17 1.50 4.84 882.8 Lavendon 201.00 2.75 229.75 155.50 1.89 24.59 323.7
AvonRub 830.00 - 835.00 609.00 0.68 18.84 16.5 DBAG € 29.48 0.24 34.50 19.26 1.06 7.85 19.0 Spirax-S♦ 3495 7.00 3633 2548 1.73 26.47 46.0 FstQuant 864.00 3.00 1512 581.50 1.02 12.35 14.4 Town Ctr 301.00 - 324.65 230.00 3.47 5.64 5.1 MngCnslt♦ 15.25 -0.25 30.00 13.75 5.58 8.76 30.3
BAE Sys♦ 515.50 2.50 549.00 410.00 3.94 22.12 10270.7 El Oro 55.00 - 78.00 40.00 6.73 -4.71 7.0 Tex 105.00 - 107.00 81.88 4.29 7.69 0.2 Fresnillo 763.00 2.00 1037 630.50 - 80.84 1129.5 Wkspace 889.50 10.00 916.00 542.00 1.20 4.31 69.3 MearsGp 430.00 -2.00 497.00 354.75 2.13 17.44 57.7
Chemring 221.00 -0.75 248.00 181.50 2.81 -315.71 39.7 Hargr Lans 1274 -3.00 1300 827.00 1.76 37.41 590.4 Trifast 112.00 4.75 134.00 88.63 1.25 19.21 1700.5 GemDmnd♦ 149.25 -0.25 223.00 135.00 - 9.75 155.2 Real Estate Inv & Services MenziesJ 440.50 -0.50 703.00 306.25 6.11 19.46 122.0
Cobham♦ 296.60 0.10 349.10 258.30 3.35 114.78 3108.3 HBM Hlth SFr 110.00 1.80 113.30 80.50 - 2.73 26.6 Vitec 630.00 -1.00 670.00 539.00 3.71 21.45 6.3 Harmony R 18.00 -0.20 38.50 16.60 - -6.20 527.4 Cap&Count 423.80 -0.70 434.80 313.00 0.35 7.71 480.6 MichaelPge♦ 551.00 -1.50 561.50 358.70 1.94 28.82 310.9
Meggitt 512.00 -2.00 593.50 421.70 2.55 23.58 1635.3 HenderGp♦ 282.40 0.40 303.30 180.10 2.99 25.44 1727.1 Weir♦ 1937 21.00 2848 1574 2.22 12.62 886.8 Hochschild 97.00 -0.75 181.91 60.97 - -8.06 254.7 Cardiff 1045 2.50 1090 950.00 1.24 4.53 0.9 MITIE 308.50 1.10 337.80 263.90 3.57 88.96 1240.0
RollsRoyceX 1019 8.00 1094 777.00 2.20 -261.28 3036.8 ICAP 566.50 1.00 573.00 338.70 3.88 32.98 1091.8 Kenmr 4.00 0.05 17.05 2.18 - -1.72 3378.8 CLS 2010 10.00 2011 1270 - 4.48 5.6 PayPoint 875.00 -29.00 1192 779.82 4.18 16.02 32.1
Indvardn SKr 168.90 -1.20 183.50 111.40 3.30 6.70 167.0
Industrial General Lonmin 139.10 0.90 267.00 105.70 - -18.25 893.7 PremFarn 193.40 -0.70 220.80 147.00 5.38 15.02 849.5
Senior♦ 324.90 1.20 361.70 248.90 1.62 21.57 1135.3 Daejan 5620 -80.00 5995 4650 1.76 4.91 3.3
ICG 586.00 4.50 598.00 361.70 3.46 16.44 1060.7 BritPoly 695.00 -3.50 730.00 565.00 2.16 12.08 13.0 Petra 173.60 0.30 220.87 150.00 - 21.00 467.4 Rentokil 145.80 0.50 150.00 109.80 1.63 20.98 936.2
UltraElc 1820 11.00 1909.1 1646 2.35 61.27 72.4 DvlptSec 265.75 8.00 269.20 179.00 2.11 9.93 135.9
IPF 491.00 1.90 636.50 412.00 1.98 16.71 547.6 JardnMt $X 61.52 0.52 67.88 57.00 2.28 13.42 170.5 Petropvlsk 6.04 -0.11 64.25 4.21 - -0.10 75250.2 Ricardo 911.00 0.50 915.00 597.70 1.67 24.79 10.7
Grainger 220.00 0.80 226.90 167.80 1.14 25.51 456.6
Automobiles & Parts Investec 647.00 8.00 649.50 477.20 3.07 20.39 1342.5 Jard Str $X 34.25 0.27 38.10 32.33 0.75 11.40 47.0 PolymtIntl♦ 558.00 -0.50 634.00 315.18 1.85 -16.57 201.8 HelclBar 410.00 -1.50 419.00 320.00 1.65 7.21 82.0 RbrtWlts♦ 410.25 -3.00 425.00 270.00 1.34 29.45 4.0
FordMtr $X♦ 15.27 -0.24 18.12 13.26 3.59 18.84 24795.2 Jupiter 465.00 0.60 466.40 313.70 2.75 17.12 650.4 Macfrlne♦ 42.50 - 46.00 34.00 3.76 11.23 5.4 RndgldRs♦ 4779 66.00 5752.1 3638 0.83 31.49 299.8 RPS 230.40 -1.80 301.80 181.50 3.42 15.24 173.8
REXAM♦ 567.00 2.00 603.00 424.60 3.34 15.79 900.0 HK Land $ 8.65 0.16 8.67 6.46 2.07 15.42 710.3
GKN 369.20 2.30 397.60 281.10 2.19 36.09 5350.3 Liontrust 285.00 4.75 306.25 208.00 1.05 25.22 5.9 RioTintoX 2902.5 29.00 3530.5 2600 4.51 12.89 3061.4 Lon&Assc# 41.50 2.00 50.00 36.50 0.30 71.92 23.8 Shanks 109.25 0.75 113.25 84.50 3.16 -24.83 186.6
Man 180.10 0.70 217.80 92.80 3.31 13.69 6563.9 RPC 617.00 -1.00 672.90 488.20 2.30 23.60 254.1 Troy Res A$ 0.40 - 1.32 0.35 - -0.87 521.5 SIG♦ 202.40 2.30 212.20 143.40 1.89 36.26 897.4
Banks Smith DS 375.00 -1.40 383.50 231.82 2.76 20.98 1054.1 MacauPrp 215.00 1.00 270.00 206.25 - 11.31 42.3
NB GFRIF♦ 96.40 -0.10 100.22 93.75 4.01 24.13 1572.9 VedantaRs 632.50 -2.50 1201 353.21 6.25 342.45 1969.3 Mntview 12067.5 -132.50 12900 7481.95 1.70 13.68 0.1 SpeedyHr 75.50 - 80.50 50.75 0.85 81.71 270.2
ANZ A$X♦ 32.32 0.27 37.25 30.47 8.02 12.13 3726.3 Smiths 1201 11.00 1363 1006 3.35 21.31 825.1
Paragon 431.70 2.00 461.50 313.70 2.08 13.29 738.2 Q'tainEst 106.75 1.75 107.92 75.00 - 24.27 1665.3 St Ives 178.00 3.50 225.00 156.68 4.02 51.11 166.7
BcoSant 480.50 -0.50 758.00 416.37 8.52 13.63 391.6
Providnt♦ 3055 12.00 3268 1942 2.88 24.53 218.8 SmurfKap € 28.45 -0.03 30.31 14.78 1.65 26.75 138.7 Oil & Gas TribalGrp 148.25 1.50 190.00 138.72 1.15 -17.99 10.9
BankAm $X 16.75 0.02 18.21 14.65 1.00 23.72 47018.0 Vesuvius 461.50 3.50 530.00 388.80 3.30 12.57 98.4 Afren 3.20 0.06 157.10 2.65 - -0.03 6270.9 RavenRuss 56.88 0.13 78.00 37.25 - -7.19 413.8
RathbnBr 2258 -12.00 2348 1774 2.21 29.97 18.4 RavenR Prf♦ 142.13 - 156.00 101.50 8.44 - 19.1 Vp 649.50 -7.25 690.00 539.00 2.22 15.75 1.5
BnkGeorgia 1939 38.00 2604 1663 3.07 9.43 103.8 Aminex 2.20 -0.03 3.17 0.75 - -10.09 2288.2
Record 34.75 -1.25 37.50 28.38 4.32 13.87 33.2 Industrial Transportation RavenR Wrt 30.50 1.00 51.89 25.00 - - 10.5 Watermn 73.50 -1.00 76.00 50.00 1.36 56.11 77.5
BankIre € 0.36 0.01 0.39 0.07 - 13.57 16748.5 BGX 1156 -10.50 1420 780.55 1.75 -30.48 5302.4
S&U 2070 24.00 2255.5 1700 2.75 13.42 1.0 BBA Aviat 343.00 2.70 362.10 297.94 2.92 15.70 492.3 Safestre 276.00 -2.00 304.75 184.25 2.19 12.01 130.1 Wolseley 4060 16.00 4242 2966 2.03 36.66 655.5
BkNvaS C$X 64.64 0.03 74.93 60.75 4.02 11.36 362.6 BPX♦ 457.75 -0.25 526.80 364.40 5.93 43.87 22676.4
Schroder 3423 16.00 3437.7 2086 1.93 23.15 263.8 Braemar 490.00 -5.00 545.00 390.00 5.51 36.40 23.7 Savills 945.50 3.00 952.00 567.52 1.14 20.87 160.5
BarclaysX♦ 270.15 -0.90 273.40 201.75 2.41 -0.87 29614.7
..N/V 2597 5.00 2629 1692 2.54 17.56 25.1 Cadogan 9.25 0.25 12.44 8.25 - -0.56 100.0 Tech - Hardware
CanImp C$X 95.43 -0.06 107.37 88.04 4.20 13.15 175.9 Clarkson♦ 2456 -16.00 2673 1835 2.36 27.36 14.1 CairnEng 172.80 -2.90 210.70 141.00 - -4.05 740.2 SchroderRE♦ 60.25 -0.25 63.00 51.50 4.12 4.80 642.9 ARM Hldgs 1123 3.00 1233 778.50 0.54 57.42 4290.5
SVG Cap 520.00 -1.00 526.50 226.00 - 12.98 168.9 Eurotunnl € 13.65 -0.03 14.57 8.62 1.20 118.36 151.5 Smart(J)♦ 103.00 - 105.00 86.00 2.87 42.79 0.6
HSBCX♦ 620.60 6.10 674.57 550.67 5.52 13.01 32932.0 Cape♦ 254.75 8.75 327.25 177.00 5.50 13.70 177.0 CSR 884.00 -0.50 890.00 506.00 1.04 25.00 331.7
TullettPre 390.60 6.00 395.00 234.40 4.31 35.03 735.0 Fisher J 1317 4.00 1445 1003 1.57 16.63 5.3 StModwen 451.90 -4.20 492.10 324.59 0.91 8.76 126.8
LlydsBkgX 87.98 0.14 89.20 70.72 0.85 -2.31 120092.9
Tungsten 96.50 26.50 409.75 67.25 - -4.78 9492.6 DragnOil 685.00 5.00 701.50 447.50 3.54 8.08 8732.2 Laird 374.20 -5.20 395.25 259.45 3.25 20.12 228.0
RylBkC C$X 80.31 -0.09 83.87 71.74 3.64 12.81 470.3 Flybe Grp 56.00 - 146.25 52.00 - -4.10 469.0 Endeav Int' $ 0.02 - 1.60 0.02 - 0.00 0.4 UNITE Gp 613.00 1.50 626.00 388.30 0.88 11.73 332.8 Pace 414.40 0.40 520.80 378.93 0.90 14.17 469.1
WlkrCrip 46.00 - 50.94 37.50 3.41 8.53 18.4 Goldenpt 117.50 - 380.00 113.80 - -0.63 0.7 Urban&C 260.00 3.00 278.00 215.00 - 8.47 133.4
RBSX 355.10 0.10 414.00 308.00 - -32.72 7128.9 EnQuest 54.50 0.75 145.40 21.50 - -3.73 2753.2 SpirentCM 87.00 - 111.23 65.95 2.71 40.54 253.0
StandChX 1059.5 2.50 1355.5 867.50 5.21 15.64 4031.8 Food & Beverages OceanWil♦ 932.50 12.50 1240 835.00 4.12 22.18 6.4 Exillon 112.25 -1.25 175.57 105.00 - 5.43 20.0
RoyalMail 503.50 3.50 536.83 388.00 2.64 27.66 3239.2
Retailers Tech - Software & Services
..7.375%Pf 124.50 - 128.00 108.50 5.92 - 25.3 AngloEst 660.50 4.50 720.00 539.00 0.44 3.55 1.1 ExxonMb $X♦ 86.52 -0.69 104.76 82.68 3.33 12.42 7596.8 AA 405.00 -3.50 434.50 225.50 - 30.54 878.3
..8.25%Pf 138.38 - 141.00 124.50 5.96 - 75.8 AscBrFdX 2934 15.00 3293 2407 1.19 30.42 937.7 UK Mail 505.00 -1.00 639.43 380.00 4.37 26.70 192.7 FastnetO&G 2.40 - 8.70 1.97 - -3.86 2036.9 Anite 92.00 -0.50 98.75 69.25 2.07 28.79 281.0
AO World 179.00 -0.60 336.00 149.60 - -271.21 182.2 AVEVA 1977 -23.00 2460 1183.9 1.39 30.17 679.8
TntoDom C$X 56.39 0.21 58.20 49.67 3.33 13.58 761.8 Barr(AG)♦ 628.00 -6.50 699.36 548.00 1.80 24.29 20.3 Insurance GenelEgy 552.00 -6.50 1084 452.75 - -7.62 647.3 AshleyL 34.13 0.13 35.62 24.50 5.86 13.57 293.3
VirginMoney 419.90 0.90 432.93 278.00 - -1049.75 401.5 Britvic 740.50 -5.00 788.00 600.72 2.82 18.40 475.5 GeoPark $ 5.56 -0.01 11.00 3.60 - -9.39 1.9 Computcnt♦ 724.00 -5.00 802.40 651.67 2.85 15.97 41.9
Admiral♦■ 1478 -3.00 1640 1175.33 3.25 14.37 463.1 Brown N 340.00 - 476.30 282.50 4.37 12.84 196.3 DRS Data 13.75 - 20.38 12.10 2.91 -2.81 1.0
Westpc A$X♦ 32.96 0.40 40.07 31.33 8.04 13.86 5336.2 C&C €♦ 3.74 0.06 5.02 3.16 2.99 12.37 41.3 GrnDnGas 350.50 0.50 585.00 320.65 - -23.82 1.1 Caffyns 620.00 12.50 670.00 480.00 2.90 10.84 0.1
Amlin■ 482.50 3.70 533.08 418.20 5.45 10.35 949.8 Elecdata 69.50 - 86.50 64.00 2.88 21.99 40.0
CarrsGroup 172.50 1.00 178.50 136.00 1.97 13.25 17.0 Aviva GulfKeyst 35.75 -0.75 143.00 32.00 - -1.96 2308.6 Card Factor♦ 339.10 -0.40 345.00 196.25 - 31.93 298.3
Basic Resource (Ex Mining) 538.00 -4.00 578.68 458.20 2.83 11.28 8809.2 MicroFoc 1278 -8.00 1364 805.50 2.37 23.69 346.5
Coca-Cola H 1466 -4.00 1497 1051 1.87 23.43 322.6 Beazley 289.20 1.70 322.33 235.00 3.35 10.79 400.8 HellenPet € 4.50 -0.10 6.32 3.40 - -5.30 35.9 Dairy Fm $ 9.27 0.04 10.90 8.49 2.47 24.77 26.7
Ferrexpo♦ 74.50 2.00 144.56 47.60 5.68 3.82 503.4 NCC Grp 214.00 -0.75 234.50 169.80 1.64 25.52 85.3
Cranswk 1589 -5.00 1601 1167.99 2.08 18.91 23.2 Brit Plc 279.90 -0.20 309.08 216.00 2.23 8.04 10.8 Hunting♦ 598.50 1.50 918.83 383.90 3.19 20.83 216.4 Debenhm 94.65 -0.10 96.35 56.85 3.59 12.87 1188.1
IntFerMet 3.00 0.08 9.80 2.65 - -1.83 306.5 RM 144.00 -1.38 174.00 120.00 2.62 11.05 4.2
Dairy Cr 501.00 13.90 520.50 367.39 4.38 21.81 593.8 Chesnar 330.00 8.75 364.75 287.00 5.47 14.95 250.9 ImpOil C$X 49.77 -0.66 57.96 44.08 1.06 12.82 84.3 Dignity 2177 -28.00 2284 1291 0.92 -20.94 40.0
Mondi 1515 6.00 1523 919.00 2.03 20.10 1427.3
Devro 318.75 7.75 321.25 230.00 2.76 121.61 379.1 JKX 30.75 2.25 63.00 10.23 - -1.04 23572.9 Sage♦ 572.00 -2.50 584.00 346.70 2.12 31.32 1384.7
Vale BRLX 20.57 0.31 33.25 17.17 12.64 -6.66 1512.6 DirectLine 330.10 1.60 343.30 239.70 3.88 13.87 3364.3 DixonsCar 468.00 6.50 477.60 319.20 1.12 55.06 4302.8 SDL♦ 435.75 -6.50 472.00 305.00 - 53.72 187.2
Glanbia € 18.10 0.10 18.10 10.75 0.63 33.63 26.3 Eccles prf 144.00 - 146.00 122.00 5.99 - 110.5 Lamprell 149.00 -0.25 178.00 93.50 - 7.87 124.2 Dunelm 956.50 -3.00 968.00 745.97 2.09 20.37 54.8 Telecity 1101 6.00 1130 652.50 1.04 37.50 1112.0
Chemicals Grncore 346.60 -6.30 359.40 228.50 1.57 23.41 668.8 Hansard 97.00 3.00 102.78 80.00 8.66 16.06 99.7 Lukoil RUBX 2502.2 -34.80 3297.7 1911.5 2.14 8.25 457.9 Findel 219.25 -0.38 290.00 188.41 - -16.58 6.4
HiltonFd 464.50 -3.00 527.23 342.25 2.78 18.60 12.1 Nostrum 567.50 1.50 825.00 370.00 3.96 11.16 84.9 TriadGp 13.00 - 19.00 7.00 - 5.86 0.4
Alent♦ 368.20 -2.50 406.20 294.56 2.47 21.68 100.0 Hiscox 837.00 2.00 890.00 615.50 3.15 11.41 105.6 Halfords 488.50 11.50 515.00 417.10 2.93 15.92 677.6
Bayer €X 137.10 -0.65 146.45 94.22 1.56 33.66 1598.5 Kerry € 68.05 0.43 69.24 49.30 0.88 22.87 52.0 JardineL 1056 6.00 1112 815.00 2.62 22.08 13.3 OphirEgy 133.90 -3.20 270.20 112.70 - 21.99 970.4 Inchcape 858.50 5.00 906.65 589.50 2.10 22.02 1036.1 Telecommunications
Carclo 153.75 -1.25 169.75 80.00 1.72 -5.44 40.3 Nestle SFrX 73.45 0.05 77.00 64.15 2.76 17.21 3476.3 Lancashire 644.50 1.00 703.45 506.00 1.45 8.41 358.4 Petrofac 897.50 -4.00 1288 594.00 4.71 40.12 1018.8 JDSportsF 634.50 2.00 642.00 355.94 1.07 18.04 27.9 BTX 451.05 -8.10 472.85 351.90 2.53 17.30 19347.7
Croda♦ 2927 - 3027 1965 2.22 24.13 228.2 PremFds 45.00 2.00 63.00 26.13 - -2.09 3066.7 Leg&Gen♦ 269.30 -0.20 296.02 209.20 3.64 16.28 11110.3 PremOil 164.80 -5.20 358.60 119.60 3.27 -6.38 2905.3 Lookers♦ 163.00 0.25 166.00 117.50 1.64 13.87 89.2 Colt Grp 151.40 2.40 165.00 113.10 - -61.92 220.1
Elemntis 307.90 1.40 324.10 225.50 1.69 12.74 2297.1 REA 320.00 8.75 488.87 293.00 2.53 12.37 2.9 NovaeGp 747.50 18.00 750.00 495.50 3.09 9.56 77.7 RylDShlAX 1970.5 -14.50 2475.5 1916.79 6.69 12.52 5468.8 Marks&Sp 594.00 0.50 599.50 380.80 2.86 19.30 5929.6 Inmarsat♦ 971.50 0.50 1041.24 653.00 3.29 21.58 963.9
Porvair♦ 319.00 -0.88 329.00 237.53 0.94 22.52 32.2 SABMillX 3633.5 18.00 3857 3105 1.78 26.21 1168.1 Old Mut♦ 235.30 1.10 241.60 163.80 3.59 18.82 7015.6 ..B♦ 2000.5 -20.50 2599 1980 6.42 12.71 4733.5 Morrison♦ 180.70 0.40 214.80 150.60 7.30 -5.54 4446.1 KCOM Gp 95.50 -2.25 102.41 78.50 5.11 13.01 261.7
Syngent SFrX 422.00 -0.10 425.00 273.20 2.51 25.59 458.8 StckSpirit♦ 192.00 0.75 316.50 176.75 0.51 14.06 429.0 PermTSB 0.06 - 0.10 0.05 - -0.20 0.0 Schlmbrg $X 92.02 -0.01 118.76 75.60 1.93 22.79 4104.2 MossBros 105.75 7.75 126.18 77.50 6.05 27.81 145.9 TalkTalk 403.00 -0.70 415.10 261.00 2.98 74.92 996.4
Synthomer 339.30 -2.70 350.00 176.64 1.95 25.65 322.5 Tate&Lyl 597.50 2.00 744.50 551.50 4.76 15.33 971.9 PhoenixGrp 860.00 0.50 935.00 614.85 6.21 8.91 336.6 SEPLAT♦ 130.00 4.63 270.00 97.50 3.11 4.61 406.5 Next 7450 - 7625 6130 1.92 18.19 373.3 TelePlus 836.00 -21.00 1564 725.50 4.40 21.58 131.9
Victrex 2053 23.00 2202.55 1536 2.20 20.75 276.1 TongtHu R 130.13 -1.01 174.93 120.30 2.78 11.79 78.5 PrudntlX 1654 -3.50 1761.5 1287 2.12 19.05 1881.0 Soco Int 190.10 -3.60 450.89 134.00 - 69.84 679.9 Ocado 378.50 2.50 452.40 216.80 - 318.60 654.8
Unilever♦ 2881 7.00 3087 2397 3.03 20.74 1638.9 RSA Ins 435.80 -3.00 500.50 400.30 - -30.26 1808.8 TrnCan C$X 53.78 -0.24 63.86 49.30 3.69 21.95 131.2 Pendragn 38.00 - 41.50 27.00 1.58 11.11 977.5 Tobacco
Construction & Materials ..NV €♦ 39.56 0.30 42.98 28.81 3.10 20.25 6.6 Tullow 414.90 -10.40 891.00 278.10 3.08 -3.78 4090.0 Photo-Me 139.50 -2.25 155.26 107.85 2.83 20.23 126.4 BrAmTobX 3621 -12.00 3894 3303 4.00 21.74 2667.5
SagicFin 66.50 - 75.50 55.00 4.05 5.61 2.3
Alumasc 147.50 - 160.00 108.66 3.39 12.75 2.0 Wood(J) 729.50 2.50 825.00 517.60 2.09 12.27 688.2 Saga 210.00 -1.00 216.00 143.75 - 24.71 293.1 ImpTobX 3298 8.00 3385 2474 3.88 16.51 1912.7
Health Care Equip & Services StJmsPl 932.50 0.50 998.00 637.00 1.98 25.94 1161.6
BalfourB 254.70 -0.20 263.00 145.59 5.54 -5.80 1231.2 SignetJwl♦ 8777 78.00 9499 5950 0.55 27.73 2.6
Bioquell 152.00 -1.00 155.50 80.00 2.17 -63.55 97.3 Stan Life 499.90 2.80 505.68 354.96 3.96 26.05 4931.9 Pharmaceuticals & Biotech Travel & Leisure
..CvPf 119.50 1.00 123.88 101.00 8.10 - 97.3 SuperGroup 1115 5.00 1262 750.00 - 23.19 90.3
Boot(H)♦ 234.00 6.00 237.75 170.00 2.24 14.66 64.7 ConstMed 935.50 -4.50 1045 650.00 2.01 20.54 6.0 Media BTG 726.50 4.50 835.87 544.10 - 66.69 608.3 888 Hldg 166.75 0.25 185.75 109.19 3.91 16.30 196.4
GNStre kr 143.30 0.10 164.10 122.50 0.64 28.34 383.8 CathayIn 24.50 - 38.75 16.00 - -111.36 26.6 TescoX 219.40 -1.30 307.05 155.40 5.15 -3.12 12174.5 AirPrtnr♦ 380.00 -0.50 519.00 245.00 5.44 13.82 12.4
ClarkeT 78.00 -1.00 84.01 37.50 3.33 -53.83 16.2 4imprint 1120 3.00 1160 610.50 1.69 30.03 4.9 Thorntns 100.00 2.00 127.00 62.00 - 15.30 383.9
Costain 329.00 8.25 336.75 248.00 3.34 15.15 85.1 Optos 339.00 -0.25 355.00 163.00 - 48.53 556.3 Blmsbury 181.25 4.00 190.00 140.50 3.27 18.37 20.6 Dechra 1055 - 1068 677.00 1.46 41.90 28.9 bwin.party♦ 106.70 1.20 128.00 70.40 3.35 -12.21 4170.6
UDGHlthC♦ 537.00 -3.00 551.50 315.20 1.36 15.19 264.0 Genus 1505 14.00 1532 1001 1.18 28.82 18.7 VertuMotor 63.50 1.75 63.75 50.50 1.34 13.29 837.4 Cineworld 501.00 -0.50 508.00 298.40 2.04 22.86 436.2
CRH 1833 -7.00 2478.5 1220 2.65 5.99 1384.3 Centaur♦ 80.50 0.13 83.50 55.75 3.31 -3.13 1.5
GalfrdT 1593 7.00 1601.64 1044 3.33 16.23 163.5 ChimeCm♦ 283.50 -3.50 377.00 239.00 2.71 29.53 60.6 GlaxoSmhX♦ 1464.5 14.00 1658.39 1296.5 5.46 7.00 7385.5 Support Services CompassX 1148 - 1223.36 924.41 2.36 22.29 2093.2
House, Leisure & Pers Goods HikmaPhm 2142 -7.00 2617 1579 0.60 24.03 241.6 EntInns 132.00 -0.40 142.80 96.85 - 22.10 2349.7
Keller♦ 999.00 20.50 1075 742.00 2.44 -237.12 258.6 Creston 123.50 1.00 131.95 102.62 3.16 10.33 20.2 Acal 279.50 -5.50 418.00 180.00 2.50 237.47 5.2
AGARmst 114.25 2.00 165.50 78.44 - 793.40 151.5 Oxfd Bio 10.25 -0.25 13.38 1.91 - -23.89 3728.4 FirstGrp 113.40 -0.30 141.82 88.65 - 23.45 1947.2
KierGp 1317 10.00 1886 1260 4.37 34.07 469.3 DlyMailA 960.50 -13.00 973.50 699.00 2.12 13.06 854.9 Aggreko♦ 1595 -16.00 1840.71 1388.75 1.72 19.36 488.2
BarrttDev 595.50 1.50 600.00 323.50 1.73 15.77 3172.1 RichterG $ 16.24 0.01 19.31 12.20 1.20 26.40 0.0 Fuller A 1032 -0.50 1075 879.00 1.46 21.53 8.3
Kingsp € 20.15 -0.20 20.56 11.03 0.80 30.10 54.5 HaynesPb 130.50 0.50 200.00 110.00 5.75 15.07 5.8 APR Engy 350.00 3.25 820.00 146.00 3.03 -0.69 48.8
Bellway 2287 15.00 2313 1357 2.27 11.82 120.0 ShireX 5540 35.00 5755 3330 0.27 14.15 729.9 Go-Ahead 2617 3.00 2680 1905 3.23 16.89 51.1
LowBonr 72.25 - 90.60 44.25 3.74 21.00 107.0 ITE Grp 186.75 -3.00 248.30 125.00 3.96 14.92 230.4 AshtdGp 1191 2.00 1219 815.50 1.03 20.91 810.1
Berkeley 3034 49.00 3059 2033 6.26 11.60 393.1 VecturGp 173.00 2.00 174.75 113.25 - -98.52 1025.8 GreeneKg 840.50 - 891.00 712.00 3.38 20.05 374.7
Marshlls 291.00 1.25 293.13 151.00 1.89 29.42 91.8 ITV♦■ 267.50 -0.40 279.27 168.10 1.42 23.19 9195.2 AtknsWS 1442 7.00 1450.36 1225 2.42 18.11 137.8
BovisHme 1074 8.00 1095 717.43 2.00 13.74 296.3 IrishCtl € 4.20 -0.10 29.50 2.50 2.64 12.77 3.4
MorgSdl♦ 815.00 7.50 875.00 570.00 3.31 19.59 4.5 JohnstnP 158.00 -0.50 175.00 2.90 - -359.09 38.0 Real Estate Babcock 1120 8.00 1252.3 924.50 2.07 24.81 1063.8
CrestNic 535.00 1.00 549.00 291.98 1.98 13.84 303.5 Ladbrokes 120.50 0.70 155.04 101.02 7.39 27.15 14175.0
Norcros 16.75 - 20.50 14.69 3.16 7.08 317.8 News Corp A $ 15.54 -0.09 18.41 14.28 - 35.46 2800.1 Berendsen 1050 6.00 1161 895.50 2.73 20.02 258.4
GamesWk 527.00 15.50 683.50 487.25 6.83 23.95 1.1 Harworth Gr 11.25 0.63 11.25 5.35 - 19.67 13080.6 MandarO $ 1.58 -0.02 1.95 1.55 4.15 16.51 29.0
StGobn € 43.06 -0.26 45.00 29.51 1.57 23.19 255.5 NewsCpB $ 15.25 -0.12 17.82 14.09 - 34.79 528.2 Brammer 311.25 1.25 509.00 265.00 3.34 34.90 1046.0
Gleeson 424.00 - 431.00 322.35 1.42 13.26 10.4 REITs Marstons 173.50 2.20 174.40 134.50 3.86 -36.74 3022.4
Tyman 325.50 7.00 342.00 228.25 2.00 59.20 386.8 Pearson 1339 -3.00 1517.42 1082 3.66 44.78 1664.9 Bunzl♦ 1882 -3.00 1969 1517 1.77 29.52 436.2
Headlam 468.00 -2.00 474.00 390.00 3.39 16.44 31.7 Assura 58.50 -0.50 62.25 41.50 2.91 11.22 8019.5 Natl Exp 310.20 0.50 312.50 213.40 3.26 26.88 1055.5
Quarto♦ 195.00 - 213.35 136.66 4.29 6.72 0.5 Capita♦ 1276 -4.00 1285 1000.5 2.15 35.96 1429.6
Electronic & Electrical Equip McBride 98.75 1.50 105.75 74.00 - -10.58 408.7 BigYellw 667.50 -10.00 710.00 451.40 2.46 15.66 194.3 Carillion♦ 330.00 1.90 386.60 294.03 5.33 25.96 1406.6 Playtech♦ 827.50 -15.50 868.50 592.50 2.28 22.39 1001.8
Persimn 1936 11.00 1943 1176 - 15.91 805.7 Reed ElsX 1104 -2.00 1199 906.50 2.26 25.97 4808.1
Dialight♦ 745.50 1.00 992.00 605.00 1.97 25.53 18.3 BritLand 869.00 0.50 891.50 649.00 3.21 5.41 2717.9 Comnsis 52.50 0.75 70.00 47.00 3.56 -6.85 37.3 PPHE Htl 579.00 - 589.00 360.00 2.82 7.48 11.1
Philips €X 25.22 0.01 28.00 20.69 - 119.49 717.0 ReedElsNV € 22.90 0.07 24.17 15.83 2.50 25.11 357.2
e2v Tech 240.00 -0.50 244.00 145.44 1.90 19.57 211.7 Cap&Reg 58.50 1.50 60.25 42.25 1.28 4.50 1315.5 ConnectGp 160.75 -0.63 208.75 128.02 5.84 12.60 22.7 Rank Gp 207.00 1.60 211.30 151.90 2.17 17.13 99.9
PZCusns 370.00 -0.70 392.10 289.76 2.10 17.32 95.7 STV Grp 415.00 30.00 415.00 322.00 0.96 11.04 320.9
Halma 757.50 1.50 765.50 552.50 1.47 25.75 438.3 Countrywd 576.00 -8.00 603.50 404.30 1.91 19.19 318.2 DCC 5160 35.00 5195 3050 1.49 33.90 233.4 Restaurt 702.50 3.00 748.70 551.50 2.11 23.48 714.7
ReckittBX♦ 5870 24.00 6130 4895 2.33 25.79 1020.9 ThmReut C$X♦ 49.61 -0.17 53.00 37.24 3.43 16.11 65.6
MorganAd♦ 350.00 6.10 359.50 258.10 3.03 128.16 192.9 DrwntLdn♦ 3589 -2.00 3710 2530 1.04 5.02 192.9 DeLaRue 563.00 -1.50 891.91 467.40 7.79 14.55 194.6 SpiritPub 116.70 0.60 121.80 68.75 1.90 8.11 572.1
Redrow 423.50 1.10 433.80 224.00 0.71 11.04 385.5 UTV Med 155.00 -2.00 235.00 149.00 4.56 10.79 63.2
OxfordIn 1070 -12.00 1452.92 671.58 1.16 91.43 64.7 Gt Portld 840.00 8.50 877.00 600.04 1.05 5.56 817.8 Diploma♦ 796.00 11.50 916.50 603.84 2.14 24.30 101.2 Sportech 68.00 0.50 93.00 47.00 - -6.54 0.9
TaylorWm■ 184.40 0.40 192.90 101.70 0.39 16.03 17804.3 WPPX 1560 -6.00 1616 1091 2.26 19.37 3237.0
Renishaw 2525 -3.00 2672.9 1470 1.63 16.48 18.7 Green Reit € 1.64 0.01 1.70 1.20 - - 87.1 Elctrcmp 235.50 1.20 288.53 197.20 5.23 12.94 2496.2 Stagech 399.90 1.30 437.90 331.60 2.38 17.58 680.3
Spectris 2327 17.00 2420 1606 1.89 20.51 133.8 TedBaker♦ 2831 -33.00 2986 1651 1.25 34.94 10.6 Mining Hammersn 678.00 -0.50 708.00 537.00 2.89 7.08 1552.0 ThomasCook 147.30 -1.10 167.10 99.40 - -38.02 5705.0
EnergyAst 550.00 10.00 550.00 325.00 - 27.99 16.8
TT Elect♦ 146.50 - 211.50 96.00 3.75 -22.20 47.8 Industrial Engineering Acacia♦ 299.70 5.80 318.90 191.70 0.77 23.63 413.6 Hansteen 119.20 1.00 128.95 98.25 4.11 7.03 2620.6 Essentra 972.00 -3.00 1069 624.50 1.68 33.10 177.2 TUI 1180 -24.00 1294.78 1004.81 - 81.20 417.7
XP Power 1610.5 10.50 1620 1340 3.60 15.93 4.8 AngloAmer 1062.5 3.50 1662 923.00 5.15 -8.46 4587.4 HIBERNIA 1.28 - 1.30 1.02 - - 11.6 Experian 1247 3.00 1255 909.95 1.85 24.42 3175.6 Whitbrd 5210 -50.00 5475 3767 1.39 25.69 568.0
Bodycote 740.50 4.50 797.59 542.50 1.85 17.74 202.9
AngloPacif 102.50 - 193.75 74.75 9.95 -2.44 296.8 Highcrft♦ 930.00 - 940.00 780.00 3.71 12.79 0.2 G4S♦ 298.50 3.00 309.60 239.70 3.00 51.47 1751.4 Willim H♦ 416.70 1.50 418.90 321.70 2.86 17.80 3375.9
Financial General Castings 410.00 8.00 525.00 360.00 3.16 10.86 5.7
INTU♦ 341.00 -2.30 376.50 300.70 4.28 7.63 1343.8
Fenner 224.00 4.25 396.09 180.50 5.36 1087.38 356.5 AnGoldA R 118.91 -1.65 200.05 88.36 - -39.52 175.9 Grafton 806.00 10.50 868.00 531.00 1.15 23.71 370.3
3i 559.50 -0.50 561.50 343.61 2.91 8.74 1078.3
Antofagasta 774.00 -11.00 861.50 620.00 8.07 25.88 2942.0 LandSecs 1320 -4.00 1363 988.50 2.35 5.96 3178.3 Utilities
AberAsM♦ 448.50 - 509.64 383.40 4.01 19.76 3296.8 Goodwin 2873 -27.00 4100 2120 1.47 11.52 0.5 HarvyNah 99.50 -0.25 121.87 66.32 3.37 12.86 3.1 Centrica♦ 280.50 -0.50 348.18 234.40 6.12 -13.92 11568.0
Hill&Sm 713.00 0.50 720.00 495.00 2.30 20.58 16.5 ..5%Pf 0.60 - 0.60 0.60833.33 - - LondonMtrc 166.40 0.60 173.20 132.30 4.21 6.90 633.4 Hays 162.90 -1.00 170.10 108.15 1.61 24.21 1990.2
Ashmore 327.50 -2.90 379.40 249.00 5.02 15.67 746.2 McKaySec 242.75 0.88 260.00 210.35 3.54 6.25 3.1 DeeVally 1407.5 42.50 1585 1135 4.44 15.73 2.1
IMI 1235 12.00 1613 1108 2.92 18.00 557.4 AquarsPl 8.82 0.17 26.40 8.51 - -3.75 1422.2 Homesve 433.30 3.80 436.00 293.80 2.61 51.56 477.2
BrewDlph 356.00 -0.40 361.00 236.80 2.44 148.64 270.8 MucklGp 479.63 2.63 510.00 417.00 4.22 5.58 3.7 Drax 399.40 0.40 741.00 347.40 3.41 12.64 1016.8
MelroseInd 269.80 3.60 314.78 252.54 3.11 32.12 1820.3 AsiaResM 36.75 -3.13 210.00 3.61 - -1.55 1334.6 HowdenJny♦ 508.00 7.50 512.69 287.50 1.26 22.09 1564.3
Canaccord 355.00 - 729.00 300.00 3.12 16.28 0.0 PrimyHth 397.50 2.00 407.00 324.00 4.91 13.38 122.3 Natl GridX 918.50 9.40 965.00 827.50 4.75 16.09 9769.4
Renold 68.50 5.50 69.00 49.00 - -20.66 217.7 Barrick C$ 15.12 0.01 21.14 11.67 1.70 -4.67 191.4 Intserve 627.00 12.50 878.50 487.20 3.54 19.78 186.4
CtyLonInv 353.75 -5.75 362.00 251.25 7.29 16.60 13.3 Redefine♦ 56.15 0.05 59.90 48.00 5.70 5.55 508.7 Pennon 860.50 -0.50 925.00 745.30 3.52 29.66 726.2
Rotork 257.40 -0.20 289.00 214.60 1.91 21.72 1119.8 BHP Bltn 1408.5 4.00 2102.53 1247.5 4.88 9.29 6855.7 Intertek♦ 2627 23.00 2935 2141 1.79 24.15 484.6
CloseBrs 1587 -3.00 1857.39 1217 3.09 14.54 315.5 SEGRO 422.00 -0.50 454.80 330.90 3.51 4.59 1060.9 UtdUtils 1002 -4.00 1045 784.00 3.60 19.31 1852.8
Severfd 70.75 1.25 72.05 52.60 - 160.43 290.1 BisichMg 92.50 - 113.00 60.15 3.24 9.04 23.0 Latchways 757.50 2.50 1156 705.01 5.23 19.08 208.7

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 403.50 3.75 531.00 351.00 6.20 14.00 187.5 Insurance EuropaOil 9.00 - 10.75 4.65 - -12.78 859.9 Lok'nStor♦ 285.50 - 295.00 199.17 2.45 121.33 16.5 Utilityws♦ 257.25 5.50 319.75 192.34 1.55 17.94 62.1
Cohort 277.50 - 285.00 189.00 1.57 20.81 2.8 Share♦ 38.00 - 46.00 29.44 1.37 84.07 78.1 Gable 35.50 -1.25 90.00 30.75 - 9.40 330.0 FalkldO&G 30.50 -0.25 45.00 16.75 - -78.41 895.7 LXB Retail 140.25 -1.75 149.00 119.25 - 7.42 377.8
ShoreCap 415.00 - 431.50 405.00 2.17 19.97 0.2 FaroePet 81.75 1.25 148.00 58.00 - -103.48 225.3 MirLand 55.75 1.75 245.00 50.00 - -0.99 0.4
Tech - Hardware
Helios 160.00 - 165.00 120.00 0.94 32.10 0.0
Banks STM Group 46.50 -1.00 55.90 16.10 - 27.98 159.8 GETECH 55.50 - 71.70 32.00 3.96 8.41 74.4 NewRiver 322.00 2.00 324.00 271.00 3.18 30.19 55.2 AminoTech 133.50 - 146.00 75.24 2.70 17.52 40.7
BCB Hldgs 9.00 -0.50 14.17 8.00 - -1.52 50.3 WH Ireland 99.50 1.00 130.00 79.00 1.51 74.03 12.5 Media GlobalPet 2.00 - 5.00 1.75 - -0.43 11.1 Palace Cap 380.00 - 395.00 255.25 - -7.00 0.9 IQE 22.50 -0.25 23.75 12.08 - 93.36 233.9
STB 2857.5 57.50 3024 2245 2.20 23.78 3.0 Avesco 141.00 - 148.00 94.00 3.90 -11.02 3.8 Gulfsands 14.88 - 71.91 14.25 - -1.24 10.3 PnthrSec 337.50 - 357.00 295.00 3.56 12.93 22.2 Tech - Software & Services
Food & Beverages Cello Gp♦ 94.00 - 100.00 81.00 2.56 35.70 146.0 Indus Gas 129.00 - 460.00 79.25 - 24.57 9.4 PSPI 29.00 - 30.00 21.00 - -5.37 22.5
Basic Resource (Ex Mining) FinsbryFd 87.00 0.50 89.00 53.25 1.15 11.66 11.1 M&Csaatc 327.50 -5.25 395.00 235.00 1.72 -1381.86 17.5
Blinkx 38.00 -1.25 82.25 23.25 - -32.31 2336.7
Infrastrata 4.13 -0.13 9.50 2.75 - -3.60 342.8 SiriusRE € 0.48 -0.01 0.50 0.28 0.69 7.18 226.5 BondInt 145.00 - 153.75 83.00 1.38 38.59 1.4
CropperJ 440.50 - 490.00 355.00 1.79 22.04 5.8 Nichols 1160 -5.00 1235 834.56 1.76 30.25 16.3 MissionMk 42.75 - 56.90 37.00 2.34 8.45 10.2 Iofina 36.13 0.63 67.50 26.13 - -15.97 110.4 SumGermny €♦ 0.92 0.01 0.99 0.50 2.09 3.56 142.2 Brady 96.50 - 104.00 64.00 1.76 172.94 8.9
PureCircle 440.00 -7.50 635.00 430.00 - 342.68 2.6 Next15Cm 196.00 -0.50 198.00 109.00 1.41 126.78 60.2
Chemicals Ithaca Engy 54.50 -1.75 153.75 26.25 - -3.98 2080.8 TaliesinPr 2295 5.00 2389.6 1750 - 9.40 3.3 Datatec 345.00 5.00 355.00 261.25 3.26 21.28 0.5
RealGdFd 44.50 - 48.00 23.00 - -5.56 6.7 YouGov 113.00 -4.50 133.00 98.50 0.71 203.24 74.0 KBC Adv 119.00 4.50 142.00 77.00 0.84 21.50 190.3 Winkworth♦ 170.00 1.50 176.00 115.00 3.47 14.41 2.0
Scapa 172.75 0.25 179.75 108.02 0.58 -44.43 435.3 DDD 1.88 -0.13 8.00 1.25 - -1.95 313.1
Ukrproduct 5.23 0.03 9.01 4.41 - -0.72 10.5 Max# 0.16 0.01 2.26 0.08 - -0.08 4916.6
Construction & Materials Wynnstay 527.50 -2.50 628.00 474.52 1.82 15.23 10.3 Mining Retailers Eckoh 38.25 1.00 48.50 33.00 0.82 90.21 45.6
NewWldO&G# 0.26 -0.02 0.95 0.06 - -0.71 114813.2 EgSoltns 75.50 - 84.00 50.35 - 21.44 1.3
Abbey 885.00 - 927.30 800.00 0.97 9.13 0.7 AMC 18.50 8.50 21.50 2.29 - -19.03 43219.2 ASOS 3642 -58.00 4633 1742 - 83.73 474.9
Health Care Equip & Services PetrelRes 3.13 - 11.81 2.75 - -7.35 60.0 Iomart 237.63 3.38 288.21 159.93 0.74 29.42 48.6
AccsysTch 78.25 -0.25 81.50 0.92 - -7.71 22.6 BeowMin 1.40 - 4.63 1.15 - -1.20 131.4 Koovs 75.00 - 171.00 60.00 - - 5.4
Advnc Med♦ 158.00 -1.75 161.00 106.85 0.40 25.98 353.2 Petroceltic 121.25 0.75 224.00 98.50 - -6.09 405.8 K3BusTc 252.50 - 260.00 203.59 0.50 28.02 36.1
Aukett 7.50 - 9.50 5.76 2.67 11.54 49.1 BotswanaD 1.08 -0.03 4.15 0.87 - -2.30 1549.1 Majestic 426.25 -8.75 470.00 280.00 3.86 16.82 172.7
AVO 9.63 -0.13 16.90 2.40 - -14.72 4704.0 PetroNeft 4.95 0.18 6.79 3.60 - -43.81 5761.8 Monitise 10.00 -0.25 70.25 9.53 - -1.98 22865.6
CentAsiaM 185.00 -1.00 198.00 135.16 5.67 5.23 286.3 StanlGib 259.00 0.50 329.00 215.00 2.61 23.00 30.4
Plexus 217.00 -11.25 325.00 165.00 0.51 34.93 12.6
Electronic & Electrical Equip CareTech 241.50 -1.00 268.00 190.00 2.15 10.13 30.2 Connema 1.63 - 3.81 0.25 - -2.44 46.2 OMG 43.75 - 49.00 25.00 0.91 165.09 53.9
ImmunDiag 305.00 - 540.00 285.00 2.79 16.10 6.8 PresidentEn 11.88 - 39.48 10.50 - 5.29 2175.0 Support Services Progility 4.50 - 11.49 4.00 - 4.77 37.5
CeresPow 9.50 0.10 11.75 6.50 - -6.91 213.2 C'royG&NR 0.73 - 1.60 0.50 - -7.88 97.4
SphereMed 17.75 - 31.00 15.50 - -2.14 60.1 Rockhop 62.50 - 100.25 51.00 - -12.22 1227.5 AndSyks 317.50 - 385.00 260.00 7.50 14.41 9.0 Pub Tech 147.50 - 310.00 125.50 - -63.33 4.8
Densitrn 7.00 0.25 7.20 3.50 - 30.43 32.3 GrekaDrill 8.36 0.01 16.80 7.20 - -37.81 15.0
Tristel 86.00 1.00 90.50 61.00 1.88 21.44 190.0 Sound Oil 21.75 -0.50 26.73 8.35 - -7.96 1125.3 Augean 51.00 1.00 56.75 37.65 0.69 11.31 105.5 SciSys 82.50 - 96.75 76.24 1.82 11.36 14.5
ElektronT 7.13 0.50 7.20 3.25 - -2.01 161.3 Herencia 0.21 - 0.55 0.18 - -2.50 686.5
TowerRes 0.22 0.02 3.58 0.09 - -0.21 5338.9 Begbies 44.25 - 55.00 40.60 5.12 17.30 39.5 WANdisco 282.50 -2.50 614.24 197.00 - -2.76 7.8
FlowGp 28.13 - 50.00 23.25 - -7.10 397.1 House, Leisure & Pers Goods HighldGld♦ 50.50 - 74.54 17.73 10.50 -10.27 73.6
TrinityE 16.50 -0.25 111.01 13.25 - -0.78 72.0 Christie 132.50 - 162.00 104.00 1.32 14.74 25.4
LPA 81.50 - 119.50 60.00 1.78 35.31 4.1 KarelianDd 1.18 -0.08 2.65 0.80 - -16.79 1243.0 Telecommunications
Airea 15.75 - 16.42 10.25 3.81 10.27 16.0 UnJackOil 0.21 0.01 0.52 0.14 - -5.25 17210.3 Empres♦ 65.50 - 69.00 38.13 0.53 8.70 107.3
ThorpeFW 169.50 - 180.00 120.00 1.92 18.76 4.5 KEFI Min 0.95 0.05 1.95 0.87 - -2.35 3658.5
Churchll♦ 575.00 - 630.00 425.00 2.57 18.69 2.8 VictorOil 72.00 0.50 89.05 0.97 - -2.08 186.6 Hargreaves 412.25 -3.50 839.00 405.00 6.19 4.38 195.5 AltNetwks 520.00 9.00 540.00 415.00 2.78 31.28 20.3
Zytronic 307.50 -6.00 317.00 197.00 3.26 15.04 68.2 OracleC 1.68 0.15 1.70 0.25 - -8.13 2878.6
gamingrealm 33.50 1.00 41.70 20.00 - -7.16 6.2 VolgaGas♦ 62.50 -2.00 143.00 55.00 3.85 6.15 3.0 Hydrogen♦ 57.50 2.50 98.00 48.25 8.00 -136.90 60.6 AvantiCom 225.00 0.25 325.00 162.75 - -4.02 285.1
RamblMtls 12.25 - 27.40 9.00 - 140.80 73.2
Financial General HavelckE 16.25 1.50 25.00 13.00 - -1.16 296.7
ShantaGold 7.38 -0.13 15.28 7.25 - 6.08 727.0 Pharmaceuticals & Biotech Impellam 790.00 2.50 850.00 430.00 1.68 13.25 7.7 Peoples Op 141.00 - 146.00 122.50 - -93.63 10.7
Ambrian 10.75 -0.13 12.50 5.25 - 4.77 5.1 Mulberry 900.00 -8.50 969.00 562.50 0.56 175.37 8.4 ISG 151.00 - 356.00 140.00 6.26 -5.51 78.3
Portmern♦ 937.50 -5.00 960.00 726.00 2.61 16.36 2.3
SierraRut 29.88 -0.38 53.00 17.00 - 113.59 144.1 Abcam 546.00 4.00 547.50 270.88 1.42 31.08 689.4 Travel & Leisure
Arbuthnot 1537.5 - 1608.58 1000.00 1.69 27.54 3.4 Sirius Min 20.00 0.50 20.00 6.40 - -392.16 15563.7 JhnsnSrv 83.50 1.50 83.50 55.00 1.57 28.79 3828.2
SinclairW 24.50 - 73.80 22.00 6.12 1.36 7.4 AllcePharm 43.50 0.75 45.00 31.65 2.16 13.78 163.1 CastleStIn 28.50 - 28.40 17.00 10.53 - 121.8
Aurora 9.63 -0.13 23.13 8.00 - -0.56 50.0 SolGold 2.95 0.05 10.00 2.01 - -5.60 2237.1 JourneyGp 149.00 2.00 155.22 113.00 1.93 12.91 18.8
TelfordHms 489.25 -2.75 495.00 245.50 1.80 18.03 207.5 Epistem 285.00 2.50 339.00 220.00 - -9.52 2.6 Celtic 76.50 - 78.00 72.00 - -19.91 5.2
BP Marsh 140.50 - 155.00 116.75 1.96 9.96 16.4 Stratex 1.08 - 4.00 1.00 - -2.06 118.2 LonSec 2325 125.00 2600 2050 2.67 22.49 0.2
WalkerGb 197.00 2.00 215.00 151.05 0.97 23.81 32.8 e-Thera 40.00 1.00 49.40 24.25 - -13.59 42.5 ..6%CvPf 62.50 - 75.00 50.00 5.18 - 0.5
BrooksMac 1652.5 -5.00 1684.48 1300 1.57 26.39 8.8 Xtract Res 0.35 -0.01 0.42 0.06 - -7.61 215698.0 Matchtech 550.00 -2.50 620.00 495.00 3.64 17.15 7.7
GW Phrms 627.00 15.00 697.00 299.11 - -82.91 194.6 ..Cv Pf 135.00 - 150.00 120.00 - - 0.9
Camellia 9550 -50.00 11300 8450 1.31 93.02 0.2 Industrial Engineering ZincOx 15.50 0.25 16.00 6.00 - -1.14 378.6 NewmkSec 3.03 - 3.23 1.60 2.48 6.44 46.2
HtchChMd 1895 32.50 1928 815.00 - 358.56 31.4 Dalata 265.00 - 275.00 111.15 - 93.94 38.0
CaptlMgt 123.50 - 230.00 103.00 - 3.06 0.1 NormanBr 19.50 -1.00 31.50 19.00 - -1.75 2.0
600 Grp 18.50 0.50 23.70 14.60 - 4.94 145.0 ImmuPhar 48.50 0.50 67.00 41.00 - -14.12 53.5 Dart 402.50 1.25 410.00 177.75 0.70 18.31 314.7
Charlemgn 13.38 - 19.50 8.70 7.19 41.15 10.3 Oil & Gas NWF 137.00 1.00 163.00 120.00 3.72 14.04 24.8
CoracGrp 5.00 - 8.10 3.00 - -5.66 387.5 ReNeuron 5.50 0.38 5.70 2.75 - -12.22 5715.8 GoalsSocc♦ 211.50 -0.50 242.00 206.00 0.87 23.79 21.8
Fairpoint♦ 133.50 - 151.00 105.66 4.61 20.44 29.8 AlkneEng 22.75 -0.25 44.50 19.50 0.88 10.18 109.6 Optimal Pay 287.25 14.25 575.00 255.25 - 23.88 8532.4
Molins 88.50 0.50 187.50 74.50 6.21 -57.50 8.2 Sareum 0.38 -0.01 0.68 0.25 - -6.55 5808.0 MinoanGp 11.75 -0.13 17.00 7.25 - -19.14 71.6
ImpaxGp 47.50 - 59.00 44.50 2.95 14.95 30.8 AmeriRes 36.25 0.75 67.25 19.10 - 22.18 2808.3 PennaCns 149.00 -3.50 155.00 111.00 1.79 90.63 14.5
MS Intl 144.00 -5.00 217.00 116.00 5.67 19.46 9.0 SinclairIS 42.00 2.00 45.33 23.30 - -16.10 568.3 PeelHtls♦ 103.50 - 110.00 70.00 - 22.16 2.0
Leeds 35.50 1.50 43.79 29.00 - 8.69 5.5 AndesEnrg 31.50 0.25 53.90 16.50 - -3150.00 59.9 Petards 11.25 0.25 15.99 8.50 - 10.14 168.7
Pres Tech 292.50 -32.50 790.00 203.00 2.74 10.47 57.9 Vernalis 67.75 2.00 70.60 28.59 - -23.46 284.7
MattioliWds 517.00 2.00 520.00 414.00 1.76 23.15 34.8 BahamasP 2.20 -0.26 4.70 1.50 - -9.87 8186.5 RedhallGp 10.00 - 40.50 9.00 - -0.70 26.3 Utilities
Miton 28.75 - 44.00 18.50 1.88 -8.80 288.2 Industrial General BorSthnPet 4.80 0.03 14.50 3.90 - -75.00 202.5 Real Estate Renew 320.00 - 327.13 220.00 1.56 18.55 146.5 ModernWtr 13.63 - 35.00 13.00 - -0.61 5.0
MAB♦ 219.00 0.75 230.75 160.00 - 22.84 289.2 Powerflte 67.75 1.00 68.00 35.00 1.55 42.13 155.9 Circle Oil 13.25 0.13 28.70 8.75 - 5.43 144.8 Conygar 180.50 - 195.00 160.00 0.97 9.15 65.5 Restore 284.00 6.00 287.00 170.13 0.74 47.37 130.0 RenEnGen 58.13 -0.13 71.00 58.00 3.78 -40.62 115.7
Numis♦ 266.75 11.75 299.75 196.09 3.94 20.26 24.0 RM2 68.50 - 82.00 46.00 - -5.32 103.5 ClontarfEn 0.53 - 1.50 0.30 - -0.33 366.7 FltchKng 57.50 -1.00 65.00 37.27 5.22 8.00 6.0 SafeCharge♦ 293.00 -1.00 297.00 165.00 0.63 44.04 124.8 Rurelec 3.50 - 8.75 3.00 - -0.47 5.0
Park Grp 56.75 0.50 64.98 47.00 4.05 13.73 9.5 Symphny 9.25 -0.50 11.33 6.50 - -39.53 101.0 Egdon Res 12.88 0.25 30.70 6.24 - -8.25 30.1 InlandHms 71.75 2.75 73.50 43.00 0.84 22.68 1158.4 Servoca 21.50 -0.50 26.03 10.50 - 22.23 54.9 SeaEnergy 21.00 0.25 39.98 18.68 - -4.66 9.2
Plus500 248.00 -134.50 781.00 198.00 9.97 4.34 12347.3 Enegi Oil 0.85 - 7.25 0.65 - -0.32 408.0 Synectics 172.50 5.50 435.00 105.00 3.19 -8.38 30.6

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv 695.00 4.00 699.50 565.20 3.46 716.7 -3.0 JPM Inc&Gr 113.50 1.00 114.85 98.50 1.94 122.9 -7.6 ScottMort 271.00 3.40 283.40 193.80 1.07 266.0 1.9 AlbionVCT 65.50 - 68.65 63.00 7.63 67.7 -3.2 MMP 3.38 - 5.00 3.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin WWd 463.00 6.50 469.90 332.25 0.43 510.2 -9.3 JPM Ind 526.00 2.00 605.50 387.47 - 592.1 -11.2 ScottOrtll 871.50 21.50 900.00 765.50 1.32 949.1 -8.2 Amati VCT 67.50 - 80.50 66.50 7.41 70.7 -4.5 Marwyn Val 225.75 - 232.92 184.56 - - -
3i Infra 169.70 -0.60 170.60 133.10 3.95 148.6 14.2 EP Global♦ 256.00 -0.50 262.10 207.04 1.05 258.4 -0.9 JPM JpSm 256.00 3.38 261.75 180.23 - 273.4 -6.4 SecTstScot 143.25 0.25 149.00 129.86 3.44 152.1 -5.8 AmatiVCT2 103.25 - 120.98 101.79 6.54 108.5 -4.8 TerraCat 98.00 - 126.70 62.11 - - -
AbnAsianIn 198.50 3.00 213.80 192.25 3.98 203.0 -2.2 Estabmt 181.00 -2.00 188.00 163.00 2.60 225.6 -19.8 JPM Jap 287.00 - 307.95 195.00 0.98 317.7 -9.7 Seneca I&G♦ 144.25 - 145.50 131.00 3.90 151.8 -5.0 ArtemisVCT 68.00 - 68.77 59.23 5.88 77.0 -11.7
AbnAsian 874.00 6.00 1014 800.04 1.14 981.6 -11.0 Euro Ast♦ 1130 -5.00 1160 800.00 5.36 1110.6 1.7 JPM Mid 906.00 10.00 906.50 669.10 1.99 1026.5 -11.7 Shires Inc 259.00 3.75 261.75 216.26 4.63 270.7 -4.3 Baronsmd 74.25 0.38 75.49 69.50 4.71 78.2 -5.1 ISDX
AbnJapInv 508.00 0.50 531.00 322.00 0.89 545.6 -6.9 EuroInvT 840.00 6.00 849.00 659.33 1.67 880.8 -4.6 JPM O'seas 1104 5.00 1159 890.95 1.36 1188.0 -7.1 StdLf Eqt 437.50 6.00 437.51 362.50 3.20 463.7 -5.7 ..VCT 2 96.13 0.38 97.51 91.00 4.68 101.8 -5.6
F&C Cp&I 272.00 4.50 277.00 231.75 3.64 275.8 -1.4 JPMRussian 373.00 4.63 485.00 223.25 4.10 426.3 -12.5 StdLf Sml 304.00 -1.25 307.24 256.00 1.48 335.0 -9.3 ..VCT 3 98.63 - 105.05 94.00 15.72 104.1 -5.3 52 Week Vol
AbnLatAmIn 64.63 0.13 85.68 57.50 6.58 68.6 -5.8
F&CGblSmlr 1009 6.00 1028.92 781.00 0.82 997.9 1.1 JPMSnrSec 92.63 0.38 101.00 89.22 - 96.9 -4.4 StrategicEq 219.50 - 219.50 152.85 0.36 214.9 2.1 ..VCT 4 91.88 - 92.75 86.75 9.80 97.2 -5.5 Price +/-Chg High Low Yld P/E 000s
..Sub 0.38 - 5.50 0.25 - - -
F&CMgdG 154.50 - 157.00 130.00 - 153.8 0.5 JPM Smlr 808.00 -5.00 819.50 527.00 1.19 981.4 -17.7 Temp Bar 1230 8.00 1274 1101 3.11 1268.2 -3.0 ..VCT 5 76.13 0.38 77.26 72.00 7.88 80.8 -5.8 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
AbnNewDn 189.88 1.75 205.23 170.00 1.90 213.7 -11.1
F&CMgdI 128.50 0.50 130.00 110.00 3.77 126.6 1.5 JPM US Sml 177.50 1.00 193.75 134.50 0.39 189.4 -6.3 TempEmerg 555.00 1.50 626.64 511.50 1.31 628.7 -11.7 BSC VCT 86.50 - 92.20 84.00 6.36 104.6 -17.3 ShephdNm 1062.5 - 1260 1000.00 2.44 23.57 4.5
AbnNewThai 426.75 4.13 489.88 366.00 1.87 512.5 -16.7
FidAsian 267.25 -0.25 285.50 211.00 0.41 295.3 -9.5 JupDv&G 118.25 1.25 120.00 107.00 - 126.4 -6.4 TRIG 107.25 -0.25 108.00 99.00 5.13 - - ..VCT2♦ 55.50 - 61.00 51.98 8.11 62.0 -10.5 Thwaites 121.50 - 132.00 112.50 3.67 -25.90 0.0
AbnSmlCo 221.75 2.75 224.00 174.00 2.97 262.3 -15.5
Abn UK 330.50 -1.25 334.00 288.00 4.01 351.5 -6.0 FidChiSpS 173.50 4.40 174.00 98.26 0.66 203.7 -14.8 JupEur 556.00 3.00 562.00 371.25 0.63 548.3 1.4 ThreadUKSel 176.50 - 187.70 163.00 2.44 200.4 -11.9 Crown Place 29.75 - 30.50 29.00 8.40 28.2 5.5
Abf Gd Inc 191.00 - 192.00 138.25 3.75 230.8 -17.2 Fid Euro 185.50 1.00 187.50 137.40 1.60 193.6 -4.2 JupGrn 149.75 -0.25 151.00 133.20 0.73 154.2 -2.9 TREurGth 658.00 3.00 661.00 438.00 0.99 707.9 -7.0 FrsightSol 101.50 - 112.02 95.00 5.91 107.5 -5.6
Abf Sml 1184 1.00 1193 966.00 2.02 1314.9 -10.0 Fid Jap 84.75 -1.13 88.00 64.00 - 96.2 -11.9 JupPrim♦ 326.38 2.38 332.50 268.34 1.96 332.2 -1.8 TroyInc&G 73.25 -0.13 73.96 60.00 3.11 72.9 0.5 Inc&GthVCT 96.00 - 106.24 93.50 18.75 103.0 -6.8 Guide to FT Share Service
AcenciADbt♦ 109.00 2.75 114.00 103.25 3.59 113.5 -4.0 Fid Spec 1010 13.00 1010 796.84 1.63 1070.7 -5.7 JupUSSmCo 656.50 5.75 704.03 596.99 - 738.9 -11.2 UtilicoEmg♦ 191.75 0.75 206.09 178.50 3.18 212.7 -9.8 KingsAYVCT 18.50 - 19.50 17.25 5.41 19.7 -6.1
AdvDvpMk 468.38 6.13 483.00 401.00 - 527.1 -11.1 FinsG&I 603.00 1.50 609.36 464.25 1.94 598.6 0.7 KeystoneInv 1875 8.50 1875 1651.76 2.69 1984.2 -5.5 UtilicoInv♦ 119.50 - 133.80 103.00 6.28 174.2 -31.4 Maven I&G 63.00 - 67.50 59.50 7.14 67.5 -6.7
Alliance 510.00 2.00 531.50 420.20 1.91 584.5 -12.7 FstPacfic H HK$ 7.20 0.02 9.48 7.17 2.90 - - Law Deb 526.50 2.00 545.50 465.10 2.89 503.5 4.6 ValAndInc 258.75 -2.25 278.45 238.43 3.29 310.7 -16.7 MavenVCT2 54.00 - 56.75 48.00 7.13 60.6 -10.9
AllianzTech 622.00 -1.25 640.43 463.07 - 645.7 -3.7 For & Col 455.50 3.10 467.90 365.00 2.04 491.3 -7.3 LinTrain £ 478.75 3.75 482.50 331.00 1.41 405.9 17.9 Witan 827.50 3.50 850.00 642.00 1.85 821.8 0.7 MavenVCT3♦ 75.25 - 79.00 70.00 5.65 82.2 -8.5 For queries about the London Share Service pages e-mail
AltAstsOps 40.63 - 47.00 35.50 - 43.4 -6.4 Geiger 21.38 - 27.95 17.00 - 23.2 -7.8 Ln&StLaw♦ 361.25 -2.25 410.50 330.80 3.82 387.8 -6.8 WitanPac♦ 262.00 -2.50 274.75 214.80 1.72 295.1 -11.2 MavenVCT4♦ 83.88 - 89.00 82.00 5.66 94.9 -11.6 ft.reader.enquiries@morningstar.com.
Art Alpha 274.50 4.00 308.00 257.00 1.17 333.9 -17.8 GenEmer 541.50 1.50 583.00 500.00 - 612.9 -11.6 Lowland 1410 12.00 1473.5 1219 2.59 1486.9 -5.2 WorldTst 272.50 - 285.25 212.00 - 316.9 -14.0 MavenVCT5♦ 32.88 - 37.00 26.50 6.54 38.8 -15.3 All data is as of close of the previous business day. Company classifications
..Sub 20.75 - 45.25 18.10 - - - GFIS 18.63 - 35.99 16.25 - 48.6 -61.7 M&GHighInc 177.75 -1.00 179.95 148.00 1.69 183.1 -2.9 WwideHlth 1905 12.00 1992.4 1253 0.83 2050.1 -7.1 MobeusI&G 83.50 - 107.90 82.00 4.19 91.7 -8.9 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AsianToRt 206.00 1.50 224.00 171.25 1.58 222.7 -7.5 GRIT 15.00 - 65.00 11.00 - - - Majedie 277.75 0.25 280.00 206.41 3.35 268.5 3.4 ..I&G 2VCT 104.50 - 119.50 101.08 1.20 118.0 -11.4 100 constituent stocks are shown in bold.
Conventional - Private Equity 52 Week Dis(-)
Aurora 155.75 2.75 169.00 144.00 2.44 188.3 -17.3 GoldenPros 26.75 - 42.59 25.25 - 32.8 -18.4 Man&Lon 247.75 -0.25 275.00 219.00 3.02 299.1 -17.2 ..I&G 4VCT 99.00 -0.50 116.00 97.00 6.06 109.2 -9.3 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Price +/-Chg High Low Yld NAV or Pm
BG Japan 465.00 -1.00 493.25 316.50 - 452.5 2.8 Hansa♦ 860.00 - 1010 836.50 1.93 1192.0 -27.9 MCGlobPort 190.50 2.50 195.00 158.00 2.10 190.4 0.1 Nthn 2 VCT 81.50 - 81.25 73.50 6.75 85.4 -4.6 are based on intra-day trading over a rolling 52 week period. Price/earnings
..A 842.50 - 975.52 810.00 0.66 1192.0 -29.3 MCurPac 317.00 2.25 336.00 268.52 2.05 354.5 -10.6 AbnPvtEq 91.25 - 96.00 79.04 2.24 115.9 -21.3 Nthn 3 VCT 102.50 - 102.25 92.50 5.37 107.2 -4.4
BG Shin 378.00 - 407.00 282.50 - 382.5 -1.2 ratios (PER) are based on latest annual reports and accounts and are updated
Hen Div 92.25 -0.75 95.50 89.50 5.47 91.4 0.9 MercantIT 1691 15.00 1694.52 1316.55 2.37 1912.4 -11.6 Altamir € 11.20 0.03 11.99 9.43 - 16.1 -30.4 NthnVent 84.50 - 84.90 75.00 7.10 88.6 -4.6
BSRT 26.00 0.25 43.00 24.00 - 44.6 -41.7 with interim figures. PER is calculated using the company’s diluted earnings
HenEuroF 1106 9.00 1148.5 816.47 2.12 1093.7 1.1 MrchTst 497.75 2.00 519.00 422.18 4.76 514.7 -3.3 Dun Ent 345.00 2.50 434.75 329.81 4.78 497.8 -30.7 ProVenGI 78.25 - 81.00 76.00 8.31 85.4 -8.4
Bankers♦ 666.50 7.50 667.00 506.00 2.19 669.8 -0.5 from continuing operations. Yields are based on closing price and on dividends
HenEuro 910.00 -2.75 957.00 678.25 1.92 910.0 0.0 Mid Wynd 344.00 - 352.50 256.00 1.10 337.0 2.1 Electra 3251 -1.00 3324 2338 - 3543.1 -8.2 ProVenVCT 92.63 - 96.99 89.50 7.56 99.5 -6.9
BrngEmEu 590.00 2.50 711.00 432.00 3.22 664.8 -11.3 paid in the last financial year and updated with interim figures. Yields are
HenFarEs♦ 338.00 -2.50 362.00 308.38 5.47 338.3 -0.1 MitonWw 163.25 - 164.65 147.00 - 181.4 -10.0 ElectraPrf 148.75 - 151.00 143.50 - - - UnicornAIM 126.50 - 133.00 122.00 4.74 143.2 -11.7
BH Global 1310 -9.00 1330 1162 - 1385.0 -5.4 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HendGlob 407.00 6.00 416.81 336.20 2.46 454.3 -10.4 MMP 3.38 - 5.00 3.00 - - - F&C PvtEq♦ 224.50 0.50 230.50 197.00 4.79 260.2 -13.7
..EUR € 12.00 - 14.00 11.80 - - - Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenHigh 193.25 -1.50 195.25 156.50 4.45 190.2 1.6 Monks 438.00 0.80 458.90 348.40 0.91 482.3 -9.2 GraphEnt 588.00 3.75 619.00 536.10 1.28 683.0 -13.9
..USD $ 13.04 -0.02 13.35 11.46 - 13.6 -4.1 Price +/-Chg High Low Yld WO GRY 0% capital changes where appropriate.
HenInt Inc♦ 128.25 0.38 137.69 103.00 3.35 127.1 0.9 MontanSm 531.50 6.50 542.50 390.50 1.32 590.2 -9.9 HVPE $ 13.15 - 13.65 11.25 - 16.0 -17.8
BH Macro 2081 4.00 2191 1919 - 2171.0 -4.1 Trading volumes are end of day aggregated totals, rounded to the nearest
Hen Opp 1002.5 4.00 1029.81 755.00 1.09 1125.0 -10.9 Mur Inc 769.00 2.00 806.50 699.86 4.27 823.2 -6.6 HgCapital 1090 3.00 1169 1003 2.66 1207.3 -9.7 JPM I&C 104.25 -0.25 106.00 86.00 6.24 -16.6 0.4
..EUR € 20.10 0.02 21.10 18.60 - 21.0 -4.3 1,000 shares.
HenSmlr 677.50 3.50 677.73 468.13 1.62 750.0 -9.7 Mur Int 1048 -2.00 1123 980.00 4.30 988.9 6.0 JPM Pvt Eq $ 0.95 - 0.96 0.76 - 1.2 -20.8 JupiterDv&G 4.38 - 5.68 3.50 16.46 4.4 -35.2
..USD $ 20.08 0.08 21.10 18.60 - 20.9 -3.9
HendVal 232.50 -1.00 254.00 218.00 1.29 287.4 -19.1 ..B 1025 - 1499.48 885.89 - 988.6 3.7 JZ Capital♦ 448.00 -3.50 459.00 390.00 - 699.2 -35.9 M&GHI&Gt 61.75 - 68.80 55.00 - -17.8 5.0 Net asset value per share (NAV) and split analytics are provided only as a
BiotechGth 800.00 9.50 874.50 435.00 - 860.4 -7.0
Herald 711.00 -4.00 722.00 594.00 - 873.4 -18.6 NB DDIF $ 1.20 - 1.25 1.00 - - - LMS Capitl 76.38 -0.88 87.25 74.25 - 94.0 -18.7 Rghts&Icp 4317.5 -5.00 4900 3800 - -70.4 2.0 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRCom 88.75 -0.50 119.88 80.54 6.75 86.8 2.2
HICL Infra 154.60 -0.50 161.40 135.60 5.76 136.5 13.3 NewCtyEgy 18.38 - 42.00 16.00 - 24.3 -24.4 Mithras 147.50 1.00 149.00 130.00 0.68 156.2 -5.6 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckREmEur 238.00 4.25 280.00 169.25 0.97 267.9 -11.2 Income Shares 52 Week HR
Impax Env.♦ 163.50 2.88 167.75 136.00 0.73 184.2 -11.2 ..Sub 0.13 - 0.15 0.06 - - - NB PE Ptnr $ 11.91 0.06 12.20 10.40 - - - yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckRFrnt 116.25 -0.38 133.28 103.50 3.58 118.6 -2.0 Price +/-Chg High Low Yld WO GRY 0%
Ind IT 314.50 7.00 317.92 268.00 1.59 348.8 -9.8 NewCityHY♦ 61.25 0.38 67.50 59.50 6.91 59.3 3.3 Nthn Invs 542.50 2.50 575.00 376.10 1.84 516.6 5.0 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRGtEur♦ 256.00 -0.38 264.50 201.75 1.84 264.6 -3.3 JPM In&Gr 99.25 -0.13 100.49 90.15 4.43 -64.0 8.0
Intl PP♦ 137.80 0.30 140.59 128.50 4.52 120.5 14.4 NewIndia 322.75 3.00 371.30 240.10 - 363.9 -11.3 Pantheon 1285 -3.00 1355 1110 - 1515.7 -15.2 in pence.
..Sub 18.88 -0.13 25.63 8.00 - - - M&GHghIc 58.50 - 62.75 53.00 - -17.8 4.0
InvAsTr 205.25 3.25 213.58 167.75 1.68 230.2 -10.8 New Star IT 73.50 - 77.01 65.45 - 115.9 -36.6 PantheonR 1285 - 1300 1045 - 1515.7 -15.2
BlckR I&G 191.75 0.25 193.00 158.01 3.18 194.9 -1.6 Rghts&I 1135 10.00 1216 895.00 2.73 - 24.2
Inv Inc 302.00 5.00 302.00 255.00 3.96 325.9 -7.3 NorthAmer♦ 846.00 3.75 906.45 790.45 3.37 936.4 -9.7 PrincssPE € 8.01 -0.09 8.12 6.45 7.36 9.0 -11.0 X FT Global 500 company
BlckRIncStr 138.00 1.25 143.00 119.25 4.68 143.7 -4.0
InvPerp 74.63 0.50 79.00 69.00 6.70 73.2 2.0 NthAtSml 1906 7.50 1953 1625.86 - 2468.2 -22.8 Riverstone 1059 2.00 1114 822.00 - 1048.6 1.0 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRckLat 370.00 1.00 508.45 355.00 5.22 417.8 -11.4
IPST BalR 121.75 -0.50 123.00 111.00 - 123.5 -1.4 Oryx Int 475.00 5.00 473.00 375.00 - 609.0 -22.0 StdLfEuPv 209.00 3.00 236.42 200.00 2.66 250.8 -16.7 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRckNrAm♦ 113.25 1.00 124.50 98.75 2.65 126.0 -10.1
IPST Gbl Eq 167.25 -0.25 172.00 138.00 2.63 166.3 0.6 PacAsset 212.50 5.00 226.15 155.92 1.22 210.8 0.8 JPM Inc&Gr 14.75 0.50 14.85 9.00 - -6.6 14.6 # price at time of suspension from trading
BlckRSmlr♦ 894.00 4.00 905.50 697.00 1.44 1024.4 -12.7 Conventional - Property ICs 52 Week Dis(-)
BlckRThrmt 322.25 1.38 322.25 238.00 1.26 379.2 -15.0 IPST Mngd 101.13 - 101.81 100.75 - 103.2 -2.0 PacHorzn 199.50 3.38 223.77 170.50 0.70 226.3 -11.8 Price +/-Chg High Low Yld NAV or Pm M&GHghIc 5.00 - 6.10 3.00 6.5 5.1 -
The prices listed are indicative and believed accurate at the time of publication.
BlckRWld 314.00 2.00 510.00 285.44 6.69 356.0 -11.8 IPST UK Eq 171.50 0.75 173.00 143.00 3.29 173.2 -1.0 Perp I&G 422.50 2.30 423.49 350.81 2.89 431.8 -2.2 Direct Property Zero Dividend Preference Shares 52 Week HR No offer is made by Morningstar or the FT. The FT does not warrant nor
Bluecrest A 188.00 0.30 194.60 177.60 - 198.1 -5.1 InvPpUK♦ 376.25 4.25 376.96 281.00 1.73 405.7 -7.3 PerAsset 35560 40.00 36313.1 33050 1.62 35180. 1.1 Price +/-Chg High Low SP WO TAV 0%
AseanaPr $ 0.55 0.04 0.56 0.39 - 0.7 -21.4 guarantee that the information is reliable or complete. The FT does not accept
Brit Emp 540.00 6.00 557.08 475.40 1.94 595.4 -9.3 Invs Cap A 98.50 - 102.00 87.00 4.55 107.1 -8.0 4 Abf Gd Inc 148.75 0.13 152.00 143.00 -41.6 - 159.7
AXA Propty 44.25 -0.13 45.25 39.45 - - - responsibility and will not be liable for any loss arising from the reliance on
Brunner 572.50 2.50 580.00 486.00 3.11 665.2 -13.9 Invs Cap B 102.00 - 103.00 87.03 1.13 107.1 -4.8 PolarFins♦ 107.50 0.50 107.90 92.00 2.26 116.0 -7.3 EcofinWatr 154.00 - 154.50 146.75 -78.3 - 160.7
CustdnREIT♦ 108.00 - 115.50 104.00 - - - or use of the information.
Calednia 2390 -11.00 2475 2102.52 2.12 2944.4 -18.8 Invs CapU 393.00 - 404.95 347.00 - 428.4 -8.3 ..Sub 8.60 0.13 16.00 5.00 - - - JPM I&C 172.88 - 174.00 165.50 -20.5 - 192.1
F&CComPrp 140.00 -0.90 148.40 118.30 4.29 122.8 14.0
CanGen C$ 20.84 - 21.72 17.80 1.21 28.3 -26.4 JLaingInf 121.50 0.50 128.60 114.10 5.35 104.0 16.8 PolarHealth♦ 174.00 -1.00 182.50 142.50 2.04 190.5 -8.7 JupiterDv&G 112.25 0.75 114.00 99.50 -6.9 - 134.5 The London Share Service is a paid-for-print listing service and may not be
F&CUKRealE 100.50 -1.00 104.50 82.00 4.98 93.3 7.7
Cap Gear 3465 -47.50 3575 3080 0.46 3251.8 6.6 JPM Amer 282.50 1.00 296.14 235.42 0.96 294.6 -4.1 PolarTech 589.50 1.00 602.59 446.00 - 609.0 -3.2 JZ Capital 355.88 -0.88 358.30 339.90 -91.4 - 369.8 fully representative of all LSE-listed companies. This service is available to all
InvistaERET 0.25 -0.03 4.39 0.15 - 8.2 -97.0
City Merch 186.50 - 194.00 182.15 5.36 186.5 0.0 JPM Asn 251.75 3.13 268.92 199.97 1.15 282.7 -10.9 ProspJap $ 1.04 0.00 1.19 0.91 - 1.2 -13.3 M&GHghIc 113.63 - 114.70 109.00 -21.1 -93.9 122.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
Longbow 103.00 -0.50 106.75 100.50 5.58 - -
CityNatRs♦ 102.00 -1.00 146.75 95.00 5.49 133.3 -23.5 JPM Brazil 55.88 -0.13 76.49 48.50 1.79 59.1 -5.4 QatarInvF $ 1.31 0.01 1.49 1.15 - 1.6 -18.1 UtilicoFn16 184.75 - 186.00 174.75 -61.7 -95.5 192.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
PictonProp♦ 71.50 - 74.25 59.50 4.20 67.6 5.8
City Lon♦ 414.00 2.00 414.79 345.00 3.59 408.5 1.3 JPM China 213.00 5.50 233.96 147.25 0.75 241.5 -11.8 RIT Cap 1595 5.00 1615 1265.55 1.84 1586.0 0.6 UtilicoFn18 141.00 -0.88 146.50 120.00 -20.7 -32.4 160.5
SLIPropInc 87.75 -0.75 90.25 72.90 5.26 76.7 14.4
DexionAb 188.75 1.00 189.00 165.00 - 197.1 -4.2 JPMElct MC 99.75 - 101.99 97.01 - 101.4 -1.6 RobecoNV € 30.38 - 30.91 27.76 - - - UtilicoFn20 116.88 - 117.50 100.00 -10.2 -12.7 154.9
UKComPrp♦ 88.40 -0.40 94.00 80.50 4.61 83.7 5.6
..EUR € 2.48 0.02 2.50 2.36 - 2.7 -8.1 ..MG 615.00 - 635.00 507.66 1.15 641.6 -4.1 RolincoNV € 28.32 - 28.98 25.83 - - -
Property Securities
Data provided by Morningstar
..USD $ 3.85 0.09 3.75 3.53 - 4.2 -8.3 ..MI 106.00 - 109.00 93.01 1.60 111.4 -4.8 Ruffer Inv 221.00 -1.50 226.00 193.50 - 219.4 0.7
SchdrGlbRe 122.63 0.50 132.98 29.00 2.87 132.6 -7.5
Investment Companies - AIM
DiverseInc♦ 85.25 1.00 87.95 73.02 2.82 86.4 -1.3 JPM Emrg 619.50 6.50 674.65 548.50 0.89 694.8 -10.8 SchdrAsiaP 292.50 4.25 321.50 243.85 1.15 327.9 -10.8
JPM EurGth 249.00 -2.00 263.00 193.00 2.69 269.8 -7.7 Schdr Inc 288.00 2.50 288.00 235.50 3.51 302.0 -4.6 TR Prop 313.00 -1.50 325.00 232.40 2.38 312.9 0.0 52 Week Dis(-)
Dun Inc♦ 264.50 2.25 371.25 239.00 4.20 286.2 -7.6
Dun Sml 209.00 -0.50 213.50 171.30 2.49 253.8 -17.7 JPM EurInc 139.50 -1.00 147.50 104.75 - 142.7 -2.2 SchdrJap 161.63 1.13 164.50 112.39 1.11 173.3 -6.7 VCTs 52 Week Dis(-) Price +/-Chg High Low Yld NAV or Pm
EcofinWatr♦ 145.00 -0.50 176.75 132.56 4.83 185.9 -22.0 JPM EuSm 256.00 4.50 256.00 42.40 1.13 274.5 -6.7 SchdrOrient 202.25 1.25 215.25 175.88 3.78 201.6 0.3 Price +/-Chg High Low Yld NAV or Pm AdFrntMkt 59.25 - 65.50 55.00 - 63.0 -6.0
..CULS 103.50 - 111.70 103.98 - - - JPM Clavr♦ 634.00 7.00 634.50 534.51 3.08 677.9 -6.5 SchdrUK 173.00 0.75 183.50 146.83 2.60 190.8 -9.3 AlbionDev♦ 69.00 - 70.89 67.00 7.25 72.1 -4.3 CrysAmber 151.50 - 155.50 129.81 0.3 161.3 -6.1
JPMGIConv♦ 102.75 -0.75 112.50 99.00 5.47 103.6 -0.8 SchdrUKMd 494.75 9.00 494.75 402.49 1.73 543.2 -8.9
EdinDragn
..CULS
289.00
106.75 -
2.00 311.00 253.00
107.70 103.00
0.76
-
325.8
- -
-11.3
JPM GEI 116.00 0.75 130.00 111.00 4.22 119.0 -2.5 ScotAmer 269.50 1.75 272.00 221.99 3.88 265.5 1.5
Albion Ent 87.50 - 92.00 85.00 5.71 95.7 -8.6 GLI Finance♦
IndiaCap
54.63
57.88 -
1.63 65.00 51.00
69.40 45.01 -
9.2 -
72.7
-
-20.4
www.morningstar.co.uk
AlbionTech 76.00 - 81.00 71.25 6.58 79.4 -4.3
JPM I&C Uni 365.00 0.50 370.50 330.06 - 392.4 -7.0 Scottish In 663.00 3.00 670.00 536.00 1.86 725.7 -8.6 Infra India 14.50 - 16.50 10.00 - 43.4 -66.6
Tuesday 26 May 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

Consistent UT Acc 137.13 138.74 1.11 4.22 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.11 - 0.00 - Frk Technology $ 11.46 - 0.02 0.00
Practical Investment Inc 215.60 220.09 0.30 3.72 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.13 - 0.01 - Frk U.S. Focus Fund $ 17.75 - -0.01 0.00
ACPI Global UCITS Funds Plc (IRL) Baring International Fd Mgrs (Ireland) (IRL) Capita Asset Services (UK) Electric & General (1000)F (UK)
www.acpishard.com Regulated 40 Dukes Place, London EC3A 7NH Practical Investment Acc 1026.96 1048.36 1.42 3.63 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Freedom 5 Acc (clean) £ 1.18 - 0.00 - Frk US Equity $ 26.00 - -0.02 0.00
Regulated China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Order Desk 08459 220044 Switchboard 0870 607 2555 Orders & Enquiries: 0845 850 0255 Fidelity PathFinder Income 1 Income (clean) £ 1.06 - 0.00 3.58 Frk US Opportunities $ 12.70 - 0.01 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 117.22 - -0.09 0.00 Authorised Inv Funds Authorised Inv Funds
Fidelity PathFinder Income 1 Gross Income (clean) £ 1.06 - 0.00 4.36 Frk US Sml Mid Cap Gth F $ 20.67 - -0.02 0.00
CF Heartwood Cautious B Acc X 131.17 - 0.09 0.34 Authorised Corporate Director - Carvetian Capital Management
ACPI Global Credit UCITS Funds USD A $ 13.95 - 0.00 0.00
Electric&General Net Income A 146.90 - 0.50 1.99 Fidelity PathFinder Income 2 Income (clean) £ 1.06 - 0.00 3.52 Frk Wrld Perspective Fd $ 20.52 - -0.04 0.00
Barings (Luxembourg) (LUX) CF Heartwood Cautious Income B Inc X 114.66 - 0.12 2.01
ACPI Global Fixed Income UCITS Fund USD A $ 151.34 - 0.01 0.00
FCA Recognised Fidelity PathFinder Income 2 gross £ 1.07 - 0.00 4.43 Tem Africa $ 10.91 - -0.03 0.00
Artemis Fund Managers Ltd (1200)F (UK) CF Heartwood Growth B Acc X 152.43 - 0.25 0.62
Q ACPI India Fixed Income UCITS Fund USD A $ 10.14 - 0.03 - Russia A GBP Inc F £ 28.36 - 0.01 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.06 - 0.00 4.39 Tem Asian Sml Comp Fd $ 42.28 - 0.08 0.00
CF Heartwood Balanced Income B Inc X 118.99 - 0.21 2.41 Ennismore Smaller Cos Plc (IRL)
ACPI India Fixed Income UCITS Fund USD A3 $ 86.46 - 0.25 0.00 Authorised Inv Funds Fidelity PathFinder Income 3 Income (clean) £ 1.07 - 0.00 3.97 Tem BRIC $ 15.05 - 0.08 0.00
CF Heartwood Balanced B Acc X 131.14 - 0.18 0.50 5 Kensington Church St, London W8 4LD 020 7368 4220
ACPI International Bond UCITS Fund USD A $ 18.02 - -0.01 0.00 Artemis Capital R ACC 1349.28 1425.82 5.46 1.23 Institutional OEIC Funds
FCA Recognised Tem China $ 26.54 - 0.23 0.00
Barmac Asset Management Ltd (UK) CF Heartwood Defensive Multi Asset Fund B Accumulation 111.24 - 0.11 0.01 Crèdit Andorrà Asset Management (LUX)
Artemis European Growth R Acc 261.50 276.14 1.27 1.14 Ennismore European Smlr Cos NAV £ 92.55 - 0.37 0.00 America £ 3.99 - 0.02 0.40
40 Dukes Place, London, EC3A 7NH www.creditandorra.com Tem Eastern Europe € 20.73 - 0.06 0.00
Artemis European Opps R Acc 78.44 82.78 0.72 1.26 CF JM Finn Gbl Opps A Acc ♦ 278.36 - 1.43 1.53
Authorised Corporate Director - Capita Financial Managers FCA Recognised Ennismore European Smlr Cos NAV € 130.15 - 0.27 0.00 Emerging Markets £ 3.47 - 0.04 0.48
ACPI Select UCITS Funds PLC (IRL) Tem Emerging Mkts Sml Comp Fd $ 11.09 - -0.04 0.00
Artemis Global Emg Mkts I GBP Acc 95.12 - 0.52 - Dealing: 0845 922 0044 CF Richmond Core X 198.47 - 1.80 0.00 Crediinvest SICAV Money Market Eur I € 11.22 - 0.00 0.00
Regulated Europe £ 4.31 - 0.03 2.30 Tem Euroland € 21.54 - 0.02 0.00
Authorised Inv Funds CF Seneca Diversified Growth A ACC 227.56 - 0.39 1.27
ACPI Balanced UCITS Fund USD Retail $ 14.66 - 0.02 0.00 Artemis Global Emg Mkts I GBP Dist 95.13 - 0.53 - Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Fidelity Pre-Retirement Bond Fund £ 116.80 - 0.60 1.56
Retail Accumulation 2 117.84 - 0.16 0.00 Tem European EUR € 23.45 - 0.05 0.00
CF Seneca Diversified Growth B ACC 134.18 - 0.23 2.22 Ennismore European Smlr Cos Hedge Fd
ACPI Balanced UCITS Fund EUR Retail € 11.08 - 0.02 0.00 Artemis Global Energy R Acc 29.05 30.79 0.42 0.00 Crediinvest SICAV Fixed Income Eur € 10.94 - -0.01 0.00 Global Focus £ 2.92 - 0.02 0.51
Retail Income 2 116.60 - 0.17 0.00 Other International Funds Tem Frontier Mkts Fund $ 18.66 - -0.05 0.00
ACPI Balanced UCITS Fund GBP Retail £ 11.19 - 0.02 0.00 Artemis Global Growth R Acc 191.98 202.66 1.48 0.78 CF Seneca Diversified Growth N ACC 133.03 - 0.23 1.91 Crediinvest SICAV Fixed Income Usd $ 10.70 - 0.00 0.00 NAV € 454.50 - 4.95 0.00 Index Linked Bond £ 2.62 - 0.01 0.64 Tem Growth (Euro) € 17.56 - 0.08 0.00
The Castleton Growth Fund Ret Acc X F 114.26 - 0.15 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Income R Acc 100.36 106.00 0.54 3.65 CF Seneca Diversified Income A INC 92.25 - 0.14 5.87 Crediinvest SICAV Spanish Value € 292.19 - -0.07 0.00 Index Linked Bond Gross £ 3.15 - 0.01 0.64 Tem Korea $ 5.91 - 0.04 0.00
The Castleton Growth Fund Ret Inc X F 114.78 - 0.16 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Artemis Global Income R Inc 82.98 87.65 0.44 3.77 CF Seneca Diversified Income B INC 109.21 - 0.17 5.14 Crediinvest SICAV International Value € 262.19 - 1.21 0.00 Index-Linked Bond Fund Gross Inc £ 12.33 - 0.03 0.64 Tem Thailand $ 20.35 - -0.06 0.00
CF Seneca Diversified Income N INC 108.24 - 0.17 5.14 Equinox Fund Mgmt (Guernsey) Limited (GSY)
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Artemis Global select R Acc 72.67 76.71 0.42 0.00 Crediinvest SICAV Big Cap Value € 20.08 - 0.14 0.00 Japan £ 2.17 - 0.01 0.69
Regulated
BlackRock (JER) Investment Adviser - DSM Capital Partners
ACPI Focused Equity UCITS Fund $ 13.80 - 0.01 0.00 Artemis High Income R Inc 81.34 86.61 0.12 5.53 Crediinvest SICAV US American Value $ 18.84 - 0.05 0.00 Equinox Russian Opportunities Fund Limited $ 114.28 117.61 13.94 0.00 Long Bond £ 0.50 - 0.01 2.84
Regulated The Westchester X $ 28.32 - 0.16 0.00 Frontier Capital (Bermuda) Limited
Artemis Income R Inc 219.19 232.23 1.47 3.93 Crediinvest SICAV Sustainability € 16.99 - 0.01 0.00 Long Bond Gross £ 0.80 - 0.00 2.78
BlackRock UK Property £ 39.63 - 0.21 3.67 The Westchester Class 1 GBP Acc £ 19.59 - 0.12 0.00 Other International
Artemis Income R Acc 367.31 389.15 2.47 3.82 Long Bond Fund Gross Inc £ 11.11 - 0.07 2.83
Abbey Life Assurance Company Limited (UK) Blackrock UK Long Lease £ 1049.11 - 1.20 0.00 The Westchester Class 2 GBP Acc £ 19.62 - 0.12 0.00 Euronova Asset Management UK LLP (CYM) Commercial Property-GBP Class £ 71.42 - -0.53 -
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Artemis Monthly Dist R Inc 64.61 68.52 0.13 4.70 Pacific (Ex Japan) £ 3.93 - 0.03 1.79
BLK Intl Gold & General $ 5.17 5.46 0.00 0.00 Investment Adviser - Morant Wright Management Limited Dantrust Management (Guernsey) Ltd (GSY) Regulated Global Real Estate-GBP C Class £ 45.26 - -0.50 -
additional fund prices can be found @ www.abbeylife.co.uk Artemis Pan-Euro Abs Ret GBP 106.49 - 0.31 - Regulated Pan European £ 2.82 - 0.02 1.95
CF Morant Wright Japan A X 283.69 - 1.36 0.00 Smaller Cos Cls One Shares (Est) € 34.32 - -0.05 0.00
Insurances
Artemis Strategic Assets R Acc 81.13 85.97 0.05 0.00 Dantrust II Limited kr 459.40 459.50 -1.10 0.00 Smaller Cos Cls Two Shares (Est) € 24.11 - -0.03 0.00 Reduced Duration UK Corporate Bond £ 10.69 - 0.00 3.10
Life Funds CF Morant Wright Japan A Inc X 279.50 - 1.34 0.00
Artemis Strategic Bond R M Acc 84.71 89.89 0.11 3.96 Smaller Cos Cls Three Shares (Est) € 12.13 - -0.02 - Reduced Duration UK Corporate Bond Gross £ 10.83 - 0.00 3.10
Prop. Acc. Ser 2 1503.60 1582.70 -1.70 - CF Morant Wright Japan B X 301.05 - 1.45 0.49
Artemis Strategic Bond R M Inc 55.52 58.92 0.08 4.03 Smaller Cos Cls Four Shares (Est) € 15.60 - -0.02 0.00 Reduced Duration UK Corporate Bond Inc £ 10.18 - 0.00 3.10
Selective Acc. Ser 2 1623.10 1708.50 3.40 - CF Morant Wright Japan B Inc X 283.89 - 1.36 0.52 DAVIS Funds SICAV (LUX)
Artemis Strategic Bond R Q Acc 84.80 89.98 0.12 3.96 Regulated Reduced Duration UK Corp Bond Gross Inc £ 10.19 - 0.00 3.10
American Ser. 4 1683.40 1772.00 7.10 - CF Morant Wright Nippon Yield ACC A X 286.39 - 1.27 2.00
Artemis Strategic Bond R Q Inc 55.62 59.02 0.08 4.04 Davis Value A $ 42.59 - 0.22 0.00 Select Emerging Markets Equities £ 1.38 - 0.02 0.89
Custodian Ser. 4 501.50 527.90 1.30 - CF Morant Wright Nippon Yield ACC B X 296.19 - 1.32 2.00
Artemis UK Growth R Acc 464.54 491.92 2.39 0.56 Davis Global A $ 32.07 - 0.36 0.00 Select European Eqts £ 1.73 - 0.01 1.88
Equity Ser. 4 599.60 631.10 2.60 - CF Morant Wright Nippon Yield Fund A Inc X 251.42 - 1.12 2.04
BlueBay Asset Management LLP (LUX) Fundsmith LLP (1200)F (UK)
Artemis UK Smaller Cos R Acc 1105.58 1192.71 1.97 0.51 Select Global Equities £ 3.12 - 0.02 0.93
European Ser 4 608.00 640.00 3.80 - Regulated CF Morant Wright Nippon Yield Fund B Inc X 260.09 - 1.15 2.04 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Artemis UK Special Sits R Acc 538.85 572.66 2.90 1.63 South East Asia £ 4.00 - 0.07 0.64 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Fixed Int. Ser. 4 886.00 932.60 3.00 - BlueBay EmMkt B-USD $ 296.23 - 1.05 0.00 Discretionary Unit Fund Mngrs (1000)F (UK)
Artemis US Abs Ret I Acc 101.39 - -0.02 - 1 Poultry, London EC2R 8JR 020 7 415 4130 Sterling Core Plus Bond Gr Accum £ 2.04 - 0.01 3.61 Authorised Inv Funds
Intl Ser. 4 456.10 480.10 1.50 - BlueBay EmMktCrp B-USD $ 167.45 - 0.94 0.00
Artemis US Equity I Acc 112.09 - 0.64 -
Cavendish Asset Management Limited (1200)F (UK) Authorised Inv Funds Fundsmith Equity T Acc 212.61 - 0.91 1.09
Japan Ser 4 387.60 408.00 0.70 - BlueBay EmMktSel B-USD $ 155.55 - 0.42 0.00 Sterling Core Plus Bond Inc £ 1.35 - 0.01 3.73
Chelsea House, Westgate, London W5 1DR Disc Inc 1488.90 1534.90 5.90 0.00 Eurobank Fund Management Company (Luxembourg) S.A. Fundsmith Equity T Inc 202.39 - 0.86 1.10
Artemis US Select I Acc 112.14 - 0.68 - IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Regulated UK £ 3.73 - 0.03 1.83
Man. Ser. 4 1722.90 1813.60 4.50 - BlueBay EmMkLocCy B-USD $ 149.20 - 0.19 0.00
Authorised Inv Funds Do Accum 5586.20 5759.00 22.20 0.00
Artemis US Select I Inc 100.15 - 0.61 - (LF) Absolute Return € 1.32 - 0.00 0.00 UK Aggreg Bond Gr Accum £ 1.80 - 0.00 3.10
Money Ser. 4 524.20 551.80 0.00 - BlueBay GlblConv I-USD $ 198.35 - 0.36 0.00
Artemis US Smlr Cos I Acc 120.49 - 0.60 - Cavendish Opportunities Fund B Class 1108.00 - 7.00 1.32
Prop. Ser. 4 1074.70 1131.20 -1.00 - BlueBay GlblHgYd B-USD $ 133.88 - 0.38 0.00
(LF) Balanced - Active Fund (RON)RON 16.55 - -0.02 0.00 UK Aggregate Bond Inc £ 1.23 - 0.00 3.17 GAM Limited (2300)F (UK)
Artemis US Ex Alpha I Acc 114.02 - 0.47 - Cavendish Opportunities Fund A Class 1103.00 - 7.00 0.53 GAM Sterling Management Limited
(LF) Cash Fund € € 1.32 - 0.00 0.00 UK Corporate Bond £ 1.25 - 0.01 3.97
Custodian Ser 5 482.20 507.60 1.20 - BlueBay HgYield B-EUR € 339.52 - 0.50 0.00 12 St James's Place London SW1A 1NX. 0800 919 927
Cavendish Opportunities Fund C Acc 1143.00xd - 7.00 1.20
(LF) Cash Fund (RON) RON 15.67 - -0.01 0.00 UK Corporate Bond - Gross £ 2.27 - 0.01 3.83 Internet: gam.com
International Ser 5 438.60 461.60 1.50 - BlueBay HgYieldCp B-EUR € 143.74 - 0.28 0.00
Cavendish Worldwide Fund B Class 326.70 - 2.00 0.90
(LF) Eq Emerging Europe € 0.90 - 0.00 0.00 UK Corporate Bond Fund Gross Inc £ 11.35 - 0.04 3.95 Authorised Inv Funds
Managed Ser 5 1656.60 1743.80 4.40 - Artemis Fund Managers Ltd (CYM) BlueBay InvGr B-EUR € 173.74 - -0.08 0.00
Cavendish Worldwide Fund A Class 326.40 - 2.00 0.15 GAM Funds OEIC
Regulated (LF) Eq Flexi Style Greece € 1.14 - 0.00 - UK Gilt Bond £ 1.27 - 0.00 1.89
Money Ser 5 513.20 540.30 0.00 - BlueBay InvGEurGv B-EUR € 149.69 - -0.10 0.00
Cavendish Worldwide Fund C Acc 334.10xd - 2.10 0.80 GAM Global Diversified Acc 4195.64 - 22.66 0.00
Artemis Gbl Hedge Fd Ltd GBP £ 54.66 - -1.07 - (LF) Global Bond Fd € 12.14 - -0.02 0.00 UK Gilt Gross £ 2.01 - 0.01 1.86
Property Ser 5 1033.30 1087.70 -1.00 - BlueBay InvGEurAg I-EUR € 150.06 - -0.06 0.00
Cavendish AIM Fund B Class 161.90 - 0.30 0.39 GAM North American Gwth Acc 3316.72 - 19.81 0.00
Pension Funds
Artemis Gbl Hedge Fd Ltd EUR € 50.84 - -1.06 - Dodge & Cox Worldwide Funds (IRL) (LF) Global Equities € 1.24 - -0.01 0.00 UK Long Corp Bond £ 1.40 - 0.01 4.36
BlueBay InvGLibor B-EUR € 126.17 - -0.03 0.00
Cavendish AIM Fund A Class 157.40 - 0.30 0.00 6 Duke Street,St.James,London SW1Y 6BN GAM UK Diversified Acc 2024.67 - 3.27 1.02
Artemis Gbl Hedge Fd Ltd USD $ 54.93 - -1.13 -
Asset Management
American 1940.60 2042.80 6.40 - (LF) Eq Mena Fund € 15.60 - 0.06 0.00 UK Long Corp Bond - Gross £ 2.48 - 0.02 4.19
HighIncomeLoan H-EUR € 194.79 - 0.18 0.00 www.dodgeandcox.worldwide.com 020 3713 7664
Artemis Pan-Euro Hdg EUR € 176.28 - -3.15 - Cavendish Asia Pacific Fund B Class 186.80 - 2.40 1.31
Equity 5344.40 5625.70 22.80 - FCA Recognised (LF) Greek Government Bond € 14.78 - -0.18 0.00 UK Long Corporate Bond Fund - Gross Income £ 11.25 - 0.05 4.33
Cavendish Asia Pacific Fund A Class 186.00 - 2.30 0.60 Dodge & Cox Worldwide Funds plc - Global Bond Fund
European 1236.80 1301.90 6.60 - Artemis Pan-Euro Hdg GBP £ 199.00 - 2.97 - (LF) Income Plus $ $ 1.22 - 0.00 0.00 UK Specialist £ 1.98 - 0.02 1.17 GAM Limited (IRL)
Artemis Pan-Euro Hdg USD $ 187.83 - 2.86 - BONHOTE Cavendish Asia Pacific Fund C Acc 192.10 - 2.40 1.30 EUR Accumulating Class € 12.18 - 0.08 - Retail Share Classes FCA Recognised
Fixed Int. 1618.30 1703.50 5.40 - (LF) Greek Corporate Bond € 10.71 - -0.02 0.00
Other International Funds GAM Fund Management Ltd
Cavendish European Fund B Class 148.50 - 1.00 1.22 EUR Accumulating Class (H) € 9.62 - -0.02 - Emerging Markets - retail £ 1.39 - 0.02 0.00
International 976.80 1028.20 4.00 - Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6798.00 - -103.00 2.23 (LF) FOF Balanced Blend € 1.48 - 0.00 0.00 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Cavendish European Fund A Class 146.80 - 1.00 0.35 EUR Distributing Class € 11.88 - 0.08 - Europe Long Term Growth £ 1.54 - 0.00 1.84
Japan 410.40 432.00 0.50 - (LF) FOF Equity Blend € 1.42 - 0.00 0.00 GAM Star Fund Plc
Artisan Partners Global Funds PLC (IRL) Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10430.00 - -42.00 0.87
Cavendish Japan Fund B Class 164.00 - 0.80 0.75 EUR Distributing Class (H) € 9.37 - -0.03 - {*}CAR - Net income reinvested
Managed 4485.20 4721.30 13.70 - Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland (LF) FOF Glob. Emerging Mkts € 1.01 - 0.01 0.00 GAM Star Asia-Pacific Eqty USD Acc F $ 13.70 - 0.01 0.68
Tel: 44 (0) 207 766 7130 Cavendish Japan Fund A Class 162.70 - 0.70 0.00 GBP Distributing Class £ 10.28 - 0.09 -
Property 2765.90 2911.40 -3.20 - (LF) FOF Dynamic Fixed Inc € 12.05 - -0.01 0.00 GAM Star Asian Eqty USD Ord Acc F $ 17.01 - 0.20 0.00
FCA Recognised Braemar Group PCC Limited (GSY) Cavendish North American Fund B Class 194.10 - 1.00 0.58 GBP Distributing Class (H) £ 9.43 - -0.02 -
Security 1477.00 1554.80 0.00 - Artisan Partners Global Funds plc (LF) FOF Real Estate € 17.03 - -0.04 0.00 FIL Fund Management (LUX) GAM Star Balanced GBP Acc £ 10.91 - 0.02 0.00
Regulated
Cavendish North American Fund A Class 188.60 - 1.10 0.00 USD Accumulating Class $ 9.67 - -0.03 - 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Selective 2080.00 2189.50 4.40 - Artisan Emerging Markets I USD Acc $ 8.25 - -0.05 0.00 GAM Star Cap.Appr.US Eqty USD Inc F $ 19.25 - 0.01 0.00
UK Agricultural Class A £ 1.27 - 0.00 0.00 Phone: 800 22 089, 800 22 088
Cavendish Technology Fund B Class 281.80 - 2.30 0.09 Dodge & Cox Worldwide Funds plc-Global Stock Fund
Formerly Hill Samuel Life Assurance Ltd Artisan Global Equity Fund Class I USD Acc $ 15.92 - 0.02 0.00 Regulated GAM Star Cat Bond USD Acc $ 12.42 - 0.00 0.00
UK Agricultural Class B £ 1.39 - 0.00 0.00 USD Accumulating Share Class $ 17.87 - -0.04 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Cavendish Technology Fund A Class 268.70 - 2.20 0.00
Artisan Global Opportunities I USD Acc $ 12.76 - 0.06 0.00 China Consumer A-GBP £ 17.85 - 0.58 0.00 GAM Star Cautious GBP Acc £ 10.84 - -0.03 0.00
Student Accom Class B £ 0.55 - -0.17 0.00 GBP Accumulating Share Class £ 18.99 - 0.19 0.00
Managed Ser A (Life) 1622.40 1716.80 -4.60 - Cavendish UK Balanced Income Fund B Class 146.40 - 0.50 5.02
Artisan Global Value Fund Class I USD Acc $ 16.97 - 0.05 0.00 China Focus A-GBP £ 5.38 - 0.18 0.20 GAM Star China Equity USD Acc F $ 29.51 - 0.54 0.38
Managed Ser A (Pensions) 1091.50 1149.00 -3.90 - Cavendish UK Balanced Income A Class 139.60 - 0.50 5.26 GBP Distributing Share class £ 13.91 - 0.14 0.72
Artisan US Value Equity Fund Class I USD Acc $ 12.11 - 0.05 0.00 Global Financial Services A-GBP £ 0.46 - 0.00 0.00 GAM Star Cont European Eqty GBP Acc F £ 3.64 - 0.00 0.00
Formerly Target Life Assurance Ltd CAF Financial Solutions (UK) Cavendish UK Select Fund B Class 169.30 - 0.90 1.65 EUR Accumulating Share Class € 24.37 - 0.18 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Global Health Care A-GBP £ 0.58 - 0.00 0.00 GAM Star Cred Opportunities GBP Acc £ 13.01 - 0.00 4.01
Kings Hill, West Malling, Kent 03000 123 222 Dodge & Cox Worldwide Funds plc-International Stock Fund
Cavendish UK Select Fund A Class 169.20 - 1.00 0.86
Managed (Life) 1642.50 1728.90 -4.70 - Property & Other UK Unit Trusts Global Industrials A-GBP £ 0.70 - 0.00 0.00 GAM Star Defensive GBP Acc £ 11.25 - 0.02 0.00
Ashmore Sicav (LUX) USD Accumulating Share Class $ 16.30 - -0.09 0.00 FIL Investment Services (UK) Limited (1200)F (UK)
Managed Growth (Life) 528.90 556.70 -2.00 - 2 rue Albert Borschette L-1246 Luxembourg CAF UK Equitrack Inc Fd 76.85 76.85 0.57 3.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Global Inflation-Linked Bd A-GBP-Hdg £ 1.19 - 0.00 0.51 GAM Star Discretionary FX USD Acc F $ 13.00 - 0.04 0.00
EUR Accumulating Share Class € 17.43 - 0.07 0.00
FCA Recognised CAF UK Equitrack Acc Fd 107.00 107.00 0.80 3.00 Callfree: Private Clients 0800 414161 GAM Star Dynamic Gbl Bd USD Acc H $ 10.29 - -0.06 1.47
Managed (Pensions) 6549.30 6894.00 -22.90 - Cedar Rock Capital Limited (IRL) Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Global Real Asset Securities £ 1.53 - 0.01 0.00
Regulated Broker Dealings: 0800 414 181
Managed Growth (Pensions) 653.00 687.40 -3.00 - Ashmore SICAV Emerging Market Debt Fund $ 101.22 - 0.45 8.50 FP CAF Alternative Strategies A Class Acc 111.92 - 0.00 0.41 USD Accumulating Share Class $ 19.19 - 0.01 0.00 Global Technology A-GBP £ 0.25 - 0.00 0.00 GAM Star Emerg. Market Rates USD Acc F $ 11.58 - 0.01 0.00
Authorised Inv Funds
Ashmore SICAV Emerging Market Frontier Equity Fund $ 157.43 - -0.14 0.85 Cedar Rock Capital Fd Plc $ 367.29 - 8.03 0.00
additional fund prices can be found on our website FP CAF Alternative Strategies A Class Inc 111.36 - 0.00 0.46 GBP Accumulating Share Class £ 19.29 - 0.25 0.00 Unit Trust Global Telecomms A-GBP £ 0.29 - 0.00 0.98 GAM Star European Eqty USD Acc F $ 24.52 - -0.26 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 88.92 - 0.34 6.28 Cedar Rock Capital Fd Plc £ 365.96 - -1.06 0.00 Cash Accum Units 186.28 186.28 0.00 0.00
FP CAF Fixed Interest A class Acc 113.93 - -0.01 2.95 GBP Distributing Share Class £ 12.31 - 0.15 0.44 India Focus A-GBP £ 4.57 - 0.08 0.00 GAM Star Flexible Gbl Port GBP Ac £ 13.19 - 0.00 0.00
Ashmore SICAV Global Small Cap Equity Fund $ 151.52 - 0.10 0.00 Cedar Rock Capital Fd Plc € 335.98 - 2.23 0.00 Cash Fund £ 1.00 1.00 0.00 0.12
FP CAF Fixed Interest A class Inc 101.25 - -0.01 2.99 EUR Accumulating Share Class € 22.62 - 0.22 0.00 Latin America A-GBP £ 1.67 - 0.00 0.18 GAM Star GAMCO US Equity Acc F $ 14.62 - -0.02 0.00
Ashmore SICAV Local Currency Fund $ 88.91 - 0.15 0.29 FP CAF Fixed Interest B class Acc 114.41 - -0.01 2.95 Gross Accum Cash £ 1.28 1.28 0.00 0.00 GAM Star Global Conv Bond USD Acc F $ 11.72 - 0.01 0.00
EM Mkts Corp.Debt USD F $ 102.94 - 0.33 7.05 FP CAF Fixed Interest B class Inc 101.55 - -0.01 2.99 Charles Schwab Worldwide Funds Plc (IRL) MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.12 GAM Star Global Rates USD Acc F $ 12.80 - 0.04 0.00
Findlay Park Funds Plc (IRL)
EM Mkts Loc.Ccy Bd USD F $ 88.91 - 0.25 5.79 FP CAF International Equity A Class Acc 146.72 - -0.46 0.70 Regulated MoneyBuilder Global £ 2.77 2.77 0.02 0.18 GAM Star Global Selector USD Acc F $ 14.82 - -0.07 0.00
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 OEIC Funds FCA Recognised
FP CAF International Equity A Class Inc 142.86 - -0.43 0.70 GAM Star Japan Eqty USD Acc F $ 13.84 - -0.02 0.34
American £ 28.17 - 0.15 0.00 American Fund USD Class $ 82.45 - 0.03 0.00
Alceda Fund Management S.A. FP CAF UK Equity A Class Acc 157.05 - 0.20 1.97 GAM Star Keynes Quant Strat USD Acc F $ 12.54 - 0.01 0.00
www.alceda.lu American Special Sits £ 11.52 - 0.07 0.00 American Fund GBP Hedged £ 44.91 - 0.02 0.00
FP CAF UK Equity A Class Inc 144.34 - 0.18 2.00 Chartered Asset Management Pte Ltd GAM Star Local EM Rates and FX USD Acc $ 11.87 - -0.02 0.00
FCA Recognised Other International Funds Asia Pacific Ops W-Acc £ 1.13 - 0.01 - American Fund GBP Unhedged £ 52.60 - -0.34 -
FP CAF UK Equity B Class Acc 157.05 - 0.20 1.97 GAM Star North of South EM Equity Acc F $ 12.41 - 0.08 0.02
AC Opp - Aremus Fund EUR A € 111.96 - -0.10 0.00 CAM-GTF Limited $ 337239.56 337239.56 4936.33 0.00 Dominion Fund Management Limited
Asset Management
Fidelity Asian Dividend Fund A-Accumulation £ 1.22 - 0.02 1.25 Latin American Fund USD Class $ 15.42 - -0.04 0.00
FP CAF UK Equity B Class Inc 144.33 - 0.18 1.99 PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port GAM Star Technology USD Acc F $ 16.92 - 0.04 0.00

Asset Management
AC Risk Parity 7 Fund EUR A € 123.22 - 0.23 0.00 CAM GTi Limited $ 741.85 - 21.46 0.00 Fidelity Asian Dividend Fund A-Income £ 1.18 - 0.02 2.59 Latin American Fund GBP Unhedged £ 9.84 - -0.09 -
Guernsey - Channel Islands United Kingdom GY1 3PU GAM Star US All Cap Eqty USD Acc F $ 14.44 - -0.04 0.00
AC Risk Parity 12 Fund EUR A € 150.10 - 0.52 0.00 Raffles-Asia Investment Company $ 1.98 1.98 0.09 6.54 +44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com China Consumer £ 1.79 - 0.05 0.06
Aspect Capital Ltd (UK) GAM Star Worldwide Eqty USD Acc F $ 3568.86 - -22.33 0.34
AC Risk Parity 17 Fund EUR A € 98.27 - 0.61 0.00 FCA Recognised
Other International Funds Emerging Asia £ 1.33 - 0.02 0.13
DGT Luxury Consumer - £ I £ 136.13 - -1.05 0.00
ACQ Risk Parity Bond Fund EUR A € 101.45 101.45 -0.04 0.00 Emerg Eur, Mid East & Africa H £ 1.53 - 0.00 0.86
Aspect Diversified USD $ 382.27 - 7.38 0.00
DGT Luxury Consumer - £ R £ 130.96 - -1.01 0.00 GYS Investment Management Ltd (GSY)
Aspect Diversified EUR € 230.33 - 4.46 - Enhanced Income - Acc £ 1.97 - 0.01 7.90
DGT Managed - £ I £ 1.16 - 0.00 0.00 Regulated
Aspect Diversified GBP £ 117.23 - 2.28 0.00 Enhanced Income - Inc £ 1.30 - 0.01 7.04 Taurus Emerging Fund Ltd $ 231.05 235.76 15.53 0.00
DGT Managed - £ R £ 1.18 - 0.00 0.00
Aspect Diversified CHF SFr 110.50 - 2.12 0.00 European - Inc £ 1.55 - 0.02 1.46
CCLA Investment Management Ltd (UK)
Aspect Diversified Trends USD $ 113.44 - 0.11 0.00 European £ 17.48 - 0.13 1.10
Senator House 85 Queen Victoria Street London EC4V 4ET Fleming Financial Trust Investment Fund Limited (NZ) Generali International Limited
Aspect Diversified Trends EUR € 113.78 - 0.11 0.00 Authorised Inv Funds Dominion Fund Management Limited European Opportunities £ 3.94 - 0.03 0.23 Incorporated in New Zealand, Reg No 5141841
Cheyne Capital Management (UK) LLP (IRL)
Other International Funds PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
The Public Sector Deposit Fund Regulated Extra Income £ 0.27 - 0.00 3.45 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
Aspect Diversified Trends GBP £ 117.38 - 0.11 0.00 International Insurances
The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.49 DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 115.73 115.73 0.53 0.00 www.fftinvestmentfund.com
Cheyne Convertibles Absolute Return Fund € 1404.90 - 0.60 0.00 Extra Income - Gross £ 0.27 - 0.00 3.45 Global Multi-Strategy Managed $ 5.09 5.48 0.05 0.00
Allianz Global Investors GmbH(1200) F (UK)
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 116.41 116.41 3.01 0.00 info@fftinvestmentfund.com
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.29 Cheyne European Real Estate Bond Fund € 112.62 - -0.02 0.00 Global Dividend - Acc £ 1.58 - 0.00 3.14 Other International Funds UK Multi-Strategy Managed £ 5.07 5.46 0.06 0.00
Authorised Inv Funds Atlantas Sicav (LUX) The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.34 Fleming FT Investment Fund
Cheyne Global Credit Fund € 121.75 - -0.01 0.00 Global Dividend - Inc £ 1.43 - 0.01 3.24 EU Multi-Strategy Managed € 3.13 3.37 0.06 0.00
OEIC Regulated
The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.39 Fleming Fund $ 3.83 3.93 0.01 -
Allianz BRIC Stars A Acc 163.87 - 0.87 0.60 American Dynamic $ 3654.11 - 51.03 0.00 Global Focus £ 13.73 - 0.10 0.00 Global Bond USD $ 3.55 3.82 -0.01 0.00
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.29
Allianz BRIC Stars C Acc 175.13 - 0.93 1.02 American One $ 3367.90 - 51.98 0.00 Cheyne Capital Management (UK) LLP Global High Yield Fund - A Gross Acc £ 12.42 - 0.01 4.73

Allianz Brazil Fund A Acc 58.95 - -0.14 0.97 Bond Global € 1376.43 - -6.85 0.00 Other International Funds Global High Yield Fund - A Gross Inc £ 10.60 - 0.01 4.95 Foord Asset Mgt (Guernsey) Ltd (GSY)
Genesis Asset Managers LLP
Cheyne European Event Driven Fund € 149.26 - 0.23 0.00 Regulated
Allianz Brazil Fund C Acc 60.46 - -0.13 1.64 Eurocroissance € 919.15 - 4.39 0.00 CCLA Investment Management Ltd (UK) Global High Yield Fund - A Net Acc £ 12.03 - 0.02 4.77 Other International Funds
Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne European High Yield Fund € 136.21 - 2.45 0.00 Foord International Trust $ 36.85 - 0.11 0.00
Allz Continental European A Acc 942.36 - 8.40 0.19 Far East $ 770.52 - 14.60 0.00 Global High Yield Fund - A Net Inc £ 10.59 - 0.01 4.95 Emerging Mkts NAV £ 6.04 - -0.04 0.00
Property & Other UK Unit Trusts Dragon Capital Group
Cheyne Malacca Asia Equity Fund Class A $ 1449.88 - -36.38 0.00 Global Property - Acc £ 1.53 - 0.02 1.22
Allz Continental European C Acc 152.23 - 1.36 0.99 CBF Church of England Funds c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Cheyne Multi Strategy Liquid Fund $ 128.75 - 0.36 - Global Property W Inc £ 1.26 - 0.01 2.77 Franklin Templeton International Services Sarl (IRL)
Allz European Eq Inc A Inc 141.56 - 0.70 3.59 Investment Inc 1404.91 1420.45 3.24 3.78 Fund information, dealing and administration: funds@dragoncapital.com Guardian (UK)
BLME Asset Management (LUX)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Cheyne Real Estate Credit Holdings Fund £ 145.60 - 0.85 0.00 Other International Funds Global Special Sits £ 26.41 - 0.17 0.00 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Allz European Eq Inc A Acc 192.25 - 0.96 3.75 BLME Sharia'a Umbrella Fund SICAV SIF Investment Acc 2797.59 2828.53 6.47 -
Other International Funds
Regulated Cheyne Real Estate Debt Fund Class A1 £ 131.59 - 0.22 0.00 Vietnam Enterprise Inv. (VEIL) NAV $ 3.27 - -0.06 0.00 Index Emerging Markets P-Acc £ 1.17 - 0.01 2.19 Insurances
Allz European Eq Inc C Acc 108.12 - 0.53 3.53 Global Equity Inc 166.18 168.02 0.09 4.31 Franklin Emerging Market Debt Opportunities Fund Plc
$ Income Fund - Share Class A Acc $ 1140.14 - 0.21 0.00 Cheyne Total Return Credit Fund - December 2017 Class $ 202.64 - 0.65 0.00 Vietnam Growth Fund (VGF) NAV $ 21.52 - -0.29 0.00 Guardian Assurance
Allz European Eq Inc C Inc 104.19 - 0.51 3.32 Global Equity Acc 236.08 238.70 0.12 - Index Europe ex UK P-Acc £ 1.10 - 0.01 2.33 Franklin Emg Mkts Debt Opp CHFSFr 17.84 - -0.09 6.47
$ Income Fund - Share Class B Acc $ 1159.97 - 0.22 0.00 Cheyne Total Return Credit Fund December 2019 $ 146.94 - 13.56 - Equity S-GH Class B £ 13.57 - 0.11 -
Vietnam Property Fund (VPF) NAV $ 0.77 - -0.03 0.00 Index Japan P-Acc £ 1.18 - 0.00 1.50 Franklin Emg Mkts Debt Opp EUR € 12.63 - -0.08 6.51
Allianz EcoTrends A Acc 93.77 - 0.98 0.00 UK Equity Inc 157.12 158.70 0.03 4.05
$ Income Fund - Share Class C Acc $ 1008.83 - 0.18 0.00 Managed Fund Bond £ 24.17 25.18 0.12 -
Allianz EcoTrends C Acc 98.65 - 1.03 0.00 UK Equity Acc 227.09 229.37 0.05 - Index Pacific ex Japan P-Acc £ 1.16 - 0.01 3.39 Franklin Emg Mkts Debt Opp GBP £ 10.54 - -0.02 6.36
$ Income Fund - Share Class D Dis $ 1002.51 - 0.18 0.77 Choices Wth-Pfts Lg-tm 318.30 335.10 0.00 -
Allianz Gilt Yield Fund C Inc 165.15 - 0.72 1.93 Fixed Interest Inc 165.19 165.85 -0.42 3.96 CMI Asset Mgmt (Luxembourg) SA (LUX) DSM Capital Partners Funds (LUX) Index UK A-Acc £ 0.91 - 0.00 2.71 Franklin Emg Mkts Debt Opp SGD S$ 22.88 - -0.05 6.31
$ Income Fund - Share Class G Acc £ 1078.81 - 0.18 0.00 Choices Wth-Pfts St-tm 269.90 284.10 0.00 -
Fixed Interest Acc 491.12 493.08 -1.24 - 23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311 www.dsmsicav.com Index UK P-Acc £ 1.11 - 0.00 2.95 Franklin Emg Mkts Debt Opp USD $ 17.86 - 0.15 6.27
Allianz Gilt Yield Fund I Inc 170.78 - 0.75 1.93
$ Income Fund - Share Class M Acc € 1016.41 - 0.20 0.00 FCA Recognised Regulated Choices Managed 645.48 679.46 4.02 -
Allianz Japan A Acc 549.38 - 4.03 0.00 Property Fund Inc 126.92 131.18 0.00 6.51 Index US A-Acc £ 1.64 - 0.01 1.44
CMI Global Network Fund (u) Global Growth I2 Acc € 138.67 - 0.27 0.00 Choices Equity 748.16 787.53 5.72 -
$ Income Fund - Share Class W DisA$ 1033.20 - 0.31 - Index US P-Acc £ 1.26 - 0.00 1.65
Allianz Japan C Acc 124.03 - 0.91 0.00 Property Fund Acc 224.08 231.59 2.52 - Regional Equity Sub Funds
Gl Sukuk Fund - Share Class A Acc $ 1231.90 - 0.85 0.00
Franklin Templeton Investment Funds (LUX) Freedom With Pfts Long-Tm 218.60 230.10 0.00 -
Allz RiskMaster Conservative A Acc 118.47 - 0.53 0.00 CMI Continental Euro Equity € 32.19 - 0.13 0.84 Index World A-Acc £ 1.48 - 0.01 1.75 8A rue Albert Borschette / L-1246 Luxembourg
Gl Sukuk Fund - Share class B Acc £ 1096.76 1096.76 0.74 0.00 Freedom With Pfts Short-Tm 196.70 207.10 0.00 -
Allz RiskMaster Conservative C Acc 120.21 - 0.54 0.31 CMI Pacific Basin Enhanced Equity $ 47.42 - 0.39 2.19 Ecclesiastical Inv Mgt Ltd (1200)F (UK) Index World P-Acc £ 1.21 - 0.01 1.86 www.franklintempleton.co.uk UK freephone 0 800 305 306
CCLA Fund Managers Ltd (UK) PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 FCA Recognised Freedom Managed 372.12 391.70 1.90 -
Japan £ 2.91 - 0.02 0.00
Asset Management
Allz RiskMaster Defensive A Acc 110.80 - 0.51 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Single Country Equity Sub Funds Authorised Inv Funds Class A Dis Freedom Equity 429.41 452.02 2.64 -
Allz RiskMaster Defensive C Acc
Allz RiskMaster Growth A Acc
112.62
125.97
-
-
0.52 0.14
0.70 0.00
Bank of America Cap Mgmt (Ireland) Ltd
Regulated
(IRL) Property & Other UK Unit Trusts
COIF Charity Funds (UK)
CMI Japan Enhanced Equity F
CMI UK Equity
¥ 4763.21
£ 13.09
-
-
-1.22 0.76
0.10 2.03
Amity UK Cls A Inc
Amity UK Cls B Inc
224.20
223.80
-
-
1.10 1.40
1.10 2.20
Japan Smaller Companies
MoneyBuilder Asset Allocator Asset Management
£
£
2.02
1.23
-
-
0.02 0.00
0.00 0.50
Frk Gbl R.Estate (USD) A Dis
Frk High Yield
$ 10.07
$ 6.87
-
-
-0.02 2.36
0.00 5.16
Corp Pens Mananged Asset Management 227.87 227.87 1.42 -

Global Liquidity USD $ 1.00 - 0.00 0.23 Investment Inc 1285.30 1299.52 17.09 3.58 Corp Pens Equity 244.24 244.24 1.86 -
Allz RiskMaster Growth C Acc 129.18 - 0.71 0.02 CMI US Enhanced Equity F $ 81.34 - 0.22 0.55 Higher Income Cls A Inc 134.10 - 0.50 4.61 MoneyBuilder Balanced £ 0.52 - 0.01 3.98 Frk Euro Gov. Bond € 11.37 - 0.02 1.01
Investment Acc 12112.35 12246.33 161.10 - Corp Pens Fixed Interest 296.25 296.25 1.13 -
Allz RiskMaster Moderate A Acc 123.84 - 0.64 0.00 Index Tracking Sub Funds Higher Income Cls B Inc 137.80 - 0.50 4.55 Money Builder Dividend £ 2.72 - 0.02 4.12 Frk Euro High Yield € 6.75 - 0.00 4.48
Ethical Invest Inc 199.40 201.60 2.25 3.68 Corp Pens Index Linked 339.57 339.57 1.24 -
Allz RiskMaster Moderate C Acc 126.11 - 0.67 0.48 Barclays Investment Funds (CI) Ltd (JER) Euro Equity Index Tracking € 21.73 - 0.11 1.86 UK Equity Growth Cls A Inc 250.60 - 1.20 0.45 MoneyBuilder Growth £ 0.80 - 0.00 2.18 Frk Euro Liquid Reserve € 4.36 - 0.00 0.00
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Ethical Invest Acc 251.41 254.19 2.83 - Corp Pens Deposit 190.52 190.52 0.00 -
Allz Sterling Total Return Fund A Inc 150.23 - 0.38 2.92 Japan Index Tracking ¥ 871.61 - -0.14 0.83 UK Equity Growth Cls B Inc 256.00 - 1.20 1.21 MoneyBuilder Growth ISA £ 0.81 - 0.01 2.34 Frk Euro Short Dur Bond Fd € 10.20 - 0.01 0.00
FCA Recognised Global Equity Inc 156.49 158.23 1.63 4.30 Corp Pens Protector 353.09 353.09 2.28 -
Allz Sterling Total Return Fund C Inc 150.88 - 0.38 3.59 UK Eqty Index Tracking £ 16.79 - 0.13 2.78 Amity Balanced For Charities A Inc 114.80 - 0.50 5.45 MoneyBuilder Income £ 0.36 - 0.00 3.25 Frk Europ Corp Bond Fd € 11.50 - 0.01 1.64
Bond Funds
Global Equity Acc 226.37 228.87 2.35 - Corp Pens UK Index Tracker £ 2.11 2.11 0.02 -
Allz Total Return Asian A Acc 723.12 - 15.27 1.20 Sterling Bond F £ 0.46 - 0.00 2.53 US Eqty Index Tracking $ 59.95 - 0.15 0.77 Amity European Fund Cls A Inc 211.20 - 1.50 1.19 MoneyBuilder Income -Gross £ 0.36 - 0.00 3.25 Frk European Total Return € 10.27 - 0.01 1.31
Fixed Interest Inc 134.81 135.35 0.05 4.08 Guardian Linked Life Assurance Ltd
Allz Total Return Asian C Inc 666.61 - 14.08 1.10 Managed Sub Funds Multi Asset Adventurous A-Acc £ 1.41 - 0.01 0.45
Amity European Fund Cls B Inc 213.50 - 1.50 2.02 Frk Global Aggr.Inv.Grd Bond Fd $ 10.48 - -0.02 0.00 Managed Acc £ 18.76 19.74 0.10 -
Fixed Interest Acc 757.16 760.20 0.27 -
Global Bond £ 1.43 - 0.01 0.87 Multi Asset Alloc Adventurous A-Acc £ 3.97 - 0.03 2.30
Allz UK Corporate Bond A Inc 105.57 - 0.04 3.87 Amity Global Equity Inc for Charities A Inc 111.30 - 0.70 3.80 Frk Global Aggregate Bond Fd $ 9.95 - -0.01 1.09
Baring Fund Managers Ltd (1200)F (UK) Property Inc 109.16 112.82 0.00 5.84 Equity Acc £ 34.93 36.76 0.22 -
Global Network Mgd Global Mxd £ 2.35 - 0.02 0.19 Multi Asset Alloc Strategic A-Acc £ 1.22 - 0.00 0.27
Allz UK Corporate Bond C Inc 105.78 - 0.04 3.47 Dealing and Enquiries 020 7214 1004 Amity International Cls A Inc 227.20 - 1.40 1.23 Frk Global Income Fd $ 10.33 - -0.01 5.23
Property Acc 238.02 246.00 0.00 - Fixed Interest Acc £ 17.01 17.91 0.05 -
Fund Information: www.barings.com Global Equity £ 2.63 - 0.01 0.02 Multi Asset Alloc Def - Gross A £ 1.14 - 0.00 0.27
Allz UK Equity Income A Inc 299.69 - 1.75 4.46 Amity International Cls B Inc 229.30 - 1.40 2.01 Frk Income $ 12.72 - -0.02 3.11
Authorised Inv Funds Local Authorities Property Fd (LAMIT) (UK) International Acc £ 13.56 14.27 0.07 -
Bond Sub Funds Multi Asset Alloc Def - Net A £ 1.14 - 0.01 0.24
Allz UK Equity Income C Inc 107.50 - 0.63 3.01 Property 274.76 295.14 2.73 3.59 Amity Sterling Bond Fund A Inc 109.60 - 0.10 5.17 Frk US Government $ 9.45 - 0.00 2.09
Dynamic Capital Growth Acc 688.70 727.50 2.20 1.22 International S-NA Acc £ 6.97 7.33 0.04 -
CMI Euro Bond F € 46.53 - 0.17 1.78 Multi Asset Alloc Growth A £ 1.29 - 0.01 0.00
Allianz UK Growth A Acc 4664.89 - 22.95 1.58 Amity Sterling Bond Fund B Inc 118.10 - 0.20 5.15 Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00
Dynamic Capital Growth Inc 278.40 294.00 0.90 1.23 International S-PA Acc £ 4.21 4.43 0.03 -
CMI UK Bond £ 8.03 - 0.03 2.11 Multi Asset Defensive £ 1.24 - 0.00 0.35
Allianz UK Growth C Acc 108.18 - 0.54 1.26 Frk US Low Duration Fd $ 9.92 - 0.00 0.46
Eastern Acc GBP 736.90 - 9.60 0.00 International S-EU Acc £ 3.39 3.57 0.02 -
CG Asset Management Limited (IRL) CMI US Bond $ 13.25 - 0.05 1.54 Multi Asset Defensive - Gross £ 1.24 - 0.00 0.35
Allianz UK Unconstrained C Acc 106.95 - 0.51 0.70 Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Frk US Total Return $ 11.40 - 0.01 1.34
Eastern Inc GBP 723.10 - 9.30 0.00 Eclectica Asset Management (UK) Managed S-PR Acc £ 7.13 7.50 0.04 -
Currency Reserve Sub Funds Multi Asset Growth £ 1.44 - 0.01 0.33
Allianz UK Unconstrained A Acc 222.13 - 1.05 0.81 00 353 1 434 5098 40 Dukes Place, London EC3A 7NH Tem Asian Bond $ 13.54 - 0.02 2.84
Europe Select Inc GBP 2684.00 - 20.00 0.60 CMI Euro Currency Reserve € 24.94 - 0.00 0.65 Fixed Interest S-IL Acc £ 6.43 6.77 0.02 -
FCA Recognised Order desk: 0845 6080941 Switchboard 0870 6072555 MultiManager Balanced £ 1.09 - 0.00 0.56
Allianz UK Index C Acc 1936.25 - 14.19 2.80 Tem Asian Growth $ 32.92 - 0.07 0.28
European Growth Inc 1103.00 1162.00 9.00 1.00 CMI Stlg Currency Reserve £ 4.94 - 0.01 0.96 Deposit Accum £ 4.45 4.68 0.00 -
Capital Gearing Portfolio Fund Plc £ 26400.65 26400.65 -185.84 0.62 Authorised Corporate Director - Capita Financial Managers Multi Asset Open Growth A-Acc £ 0.49 - 0.00 0.76
Allianz UK Index C Inc 1369.63 - 10.02 2.33 Tem Emerging Markets $ 33.33 - -0.01 0.26 Guardian Pensions Management Ltd
German Growth Acc GBP 618.00 - 5.00 0.71 CG Portfolio Fund Plc CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50 Authorised Inv Funds
Allianz UK Mid Cap A Acc 4193.20 - 43.62 0.83 Multi Asset Open Strategic A-Acc £ 1.27 - 0.00 1.37 Tem Emg Mkts Balanced AQdis $ 7.81 - 0.00 2.58
German Growth Inc GBP 569.00 - 4.70 0.52 CF Eclectica Agriculture A EUR Acc ♦ € 1.60 - 0.01 0.00 Pens. Managed Acc. £ 24.38 25.66 0.15 -
Real Return Cls A £ 166.67 166.67 -3.41 2.33 CMI Access 80% Gu F € 5.74 - 0.01 0.00
Allianz UK Mid Cap Fund C Acc 4267.80 - 44.49 1.59 Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.02 Tem Emg Mkts Bd $ 16.87 - 0.01 6.63
Strategic Bond Inc 118.80 124.90 0.00 1.89 CF Eclectica Agriculture A GBP Acc ♦ 113.92 - 0.73 0.00 Pens. Equity Acc. £ 37.68 39.67 0.29 -
Dollar Fund Cls D £ 127.65 127.65 -2.92 1.59
Allianz US Equity A Acc 415.05 - 2.12 0.13 Multi Asset Strategic £ 1.58 - 0.01 0.51 Tem Global $ 37.21 - -0.17 0.43
Global Growth Inc 397.90 419.10 2.20 0.00 CF Eclectica Agriculture A USD Acc ♦ $ 1.78 - 0.01 0.00
Capital Value Fund Cls V £ 128.85 128.85 -0.94 0.27
Allianz US Equity C Acc 192.06 - 0.99 0.79 Cohen & Steers SICAV (LUX) Open World A-Acc £ 1.26 - 0.00 0.00 Tem Global (Euro) € 21.21 - 0.10 0.33
Japan Growth Acc 143.30 150.90 1.10 0.26 CF Eclectica Agriculture C EUR Acc ♦ € 1.65 - 0.00 0.30
Yield expressed as CAR (Compound Annual Return)
Regulated Multi Asset Income A Gross Acc £ 1.59 - 0.01 3.63 HPB Assurance Ltd
CF Eclectica Agriculture C GBP Acc ♦ 117.92 - 0.75 0.35 Tem Global Balanced $ 23.96 - -0.08 0.60 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
All transactions to Ser A units the sell price will be used Korea Acc 296.90 314.70 2.50 0.00 European Real Estate Securities € 23.6370 - -0.2059 1.13
Multi Asset Income A Gross Inc £ 1.14 - 0.01 5.11 Tem Global Bond $ 21.06 - 0.06 2.17 International Insurances
Multi Asset A Acc ... C 163.10 - 0.30 1.44 Europ.RealEstate Sec. IX € 31.1159 - -0.2711 0.00 CF Eclectica Agriculture C USD Acc ♦ $ 1.83 - 0.01 0.35
Multi Asset Income A Net Acc £ 1.51 - 0.01 3.65 Tem Global Bond (Euro) € 10.30 - 0.00 2.90 Holiday Property Bond Ser 1 £ 0.50 - 0.00 0.00
Multi Asset A Inc ... C 156.00 - 0.20 1.46 Gbl RealEstate Sec. I $ 11.3130 - -0.0338 1.16
Amundi Funds (LUX) Multi Asset Income A Net Inc £ 1.14 - 0.01 5.12 Tem Global Equity Income A(Mdis) $ 10.73 - -0.05 3.57 Holiday Property Bond Ser 2 £ 0.60 - 0.00 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 UK Growth Inc 264.40 279.70 1.80 1.33 Gbl RealEstate Sec. IX $ 13.2460 - -0.0394 0.00 Edinburgh Partners Limited (IRL) South East Asia £ 9.09 - 0.18 0.10 Tem Global High Yield Fd F $ 9.41 - 0.00 4.73
www.amundi-funds.com Charity Fund 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
FCA Recognised 0800 032 6347 (charity enquiries) Special Situations £ 31.80 - 0.12 0.78 Tem Global Income $ 14.92 - -0.02 1.65
Dealing - Fax only - +353 1 434 5230 Hamon Investment Group
Bd. Euro Corporate AE Class - R - EUR € 18.87 - -0.01 0.00 Targeted Return Fund Acc 151.70 152.60 0.40 3.14 Canada Life Investments (UK) FCA Recognised Strategic Bond £ 0.32 - 0.00 3.08 Tem Global Smaller Cos $ 36.21 - -0.19 0.00 Other International Funds
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Edinburgh Partners Opportunities Fund PLC Strategic Bond Gross £ 0.32 - 0.00 3.08
Bd. Global AU Class - R - USD $ 26.29 - 0.05 0.00 Targeted Return Fund Inc 118.80 119.40 0.30 3.21 Tem Global Total Return $ 17.72 - 0.06 3.49 Asian Market Leaders - USD $ 30.64 - 0.28 0.00
Authorised Inv Funds European Opportunities I EUR € 2.95 - 0.00 2.02
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Target 2015 £ 0.51 - 0.00 0.27 Tem Latin America $ 50.00 - -1.06 0.84 Asian Market Leaders - GBP £ 15.27 - 0.00 0.00
Asia Pacific B Acc 982.77 - 7.07 0.78 European Opportunities I GBP £ 2.09 - 0.01 2.17
Eq. Emerging World AU Class - R - USD $ 98.75 - -0.30 0.00 Target 2015 - Gross £ 0.51 - 0.00 0.30 Class A Acc Greater China - USD $ 14.45 - 0.11 0.00
Baring International Fd Mgrs (Ireland) (IRL) Balanced B Acc 153.73 - 0.90 0.90 European Opportunities I USD $ 3.27 - -0.02 1.77
Eq. Greater China AU Class - R - USD $ 699.70 - 11.84 0.00 Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Target 2020 £ 0.59 - 0.00 0.48 Frk Biotech Discovery $ 36.44 - 0.07 0.00 Greater China - GBP £ 5.82 - -0.01 0.00
Corporate Bond B Inc 210.20 - 0.68 4.01 European Opportunities A EUR € 2.89 - 0.00 1.40
Eq. Latin America AU Class - R - USD $ 443.38 - -0.01 0.00 FCA Recognised Comgest SA (LUX) Target 2025 £ 1.40 - 0.01 0.27 Frk Brazil Opportunities Fd $ 10.29 - 0.03 0.00 Selected Asian P'folio $ 55.48 55.49 0.07 0.00
European B Acc 264.65 - 2.24 0.00 Global Opportunities I USD $ 1.84 - 0.00 1.92
ASEAN Frontiers A GBP Inc £ 121.29 - 0.67 0.93 17 square Edouard VII - 75009 Paris, www.comgest.com
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.94 - -0.02 0.00 Target 2030 £ 1.50 - 0.01 0.24 Frk Euro S-Term Money Mkt Fd € 1011.83 - 0.00 0.00
Global Bond B Inc 92.38 - 0.53 2.67 FCA Recognised Global Opportunities I GBP £ 1.19 - 0.02 1.81
Asia Growth A GBP Inc H £ 49.90 - 0.72 0.00 UK Select £ 2.55 - 0.02 0.87 Frk Euroland Fund € 21.60 - -0.04 0.00
Global Equity B Acc 617.94 - 2.73 1.61 Comgest Asia F $ 4566.39 - 50.86 0.00 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Australia A GBP Inc £ 72.25 - -0.08 2.19 Global Opportunities I EUR € 1.67 - 0.02 1.88
UK Growth £ 3.84 - 0.03 0.00 Frk European Growth € 16.98 - -0.02 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
The Antares European Fund Limited Global Equity Income B Inc 127.64 - 1.27 4.01 Comgest Europe F SFr 6051.07 - 5.41 0.00
Baring China Bond Fund $ 10.35 - 0.01 0.00 Global Opportunities A GBP £ 1.12 - 0.02 1.37
UK Smaller Companies £ 2.13 - 0.01 0.19 Frk European Sml Mid Cap Gth € 38.18 - 0.09 0.00 Enquiries 0117 90090000
Other International Global High Yield Bond B Inc 101.17 - 0.00 4.65
Baring Emerging Markets Corporate Debt Fund $ 9.61 - 0.02 0.00 Pan European Opportunities I EUR € 1.80 - 0.00 - Authorised Inv Funds
AEF Ltd Usd (Est) $ 640.29 - 3.87 - WealthBuilder A Acc £ 1.08 - 0.01 0.59 Frk Gbl Equity Strategies Fd $ 12.00 - 0.00 0.00
Global Infrastructure B Acc 121.77 - 0.87 1.21 Hargreaves Lansdown Funds
Baring European Opportunities Fund Class A EUR Acc € 14.01 - 0.02 0.00 Comgest SA (FRA) Fidelity PathFinder Frk Gbl Fundamental Strat Fd $ 13.71 - -0.01 0.00
AEF Ltd Eur (Est) € 642.92 - 3.93 0.00 Unit Trust
Global Resource B Acc 94.66 - 1.05 0.11 17 square Edouard VII - 75009 Paris
Baring Global Mining Fund - Class A GBP Inc £ 5.32 - 0.02 0.69 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.11 - 0.00 - Frk Global Conver.Securities $ 12.15 - 0.01 0.00
Japan B Acc 53.78 - 0.37 0.61 FCA Recognised HL Multi-Manager Special Situations Trust A Acc 276.32 290.86 -0.61 0.38
Dynamic Emerging Markets A GBP Acc F £ 10.36 - 0.02 0.00 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.11 - 0.01 - Frk Global Growth $ 14.98 - -0.06 0.00
Comgest Magellan € 23.54 - 0.33 0.00 HL Multi-Manager Income & Growth Trust A Acc 172.00 180.95 -0.24 3.69
Arbiter Fund Managers Limited (LUX) Portfolio III B Acc 109.05 - 0.32 2.08
Eastern Europe A GBP Inc £ 47.76 - 0.00 0.68 Fidelity PathFinder Foundation 2 Acc (clean) £ 1.13 - 0.00 - Frk Global Gth & Val $ 26.60 - -0.10 0.00
FCA Recognised Portfolio IV B Acc 111.83 - 0.38 2.29 HL Multi-Manager Income & Growth Trust A Inc 105.62 111.12 -0.16 3.79
Emerging Mkt Debt LC A GBP Hedged Inc £ 8.56 - -0.02 6.48 Fidelity PathFinder Foundation 3 Acc (clean) £ 1.15 - 0.01 - Frk Global Sml Mid Cap Gth $ 31.48 - -0.24 0.00
Arbiter Global Emerging Markets Fund Class A USD $ 114.35 - -0.63 0.00 HL Multi-Manager Balanced Managed Trust A Acc 190.15 199.99 -0.24 0.93
Portfolio V B Acc 113.35 - 0.46 1.43 Comgest AM International Ltd (IRL)
Emerging Opportunities A GBP Inc H £ 20.87 - 0.21 0.00 Fidelity PathFinder Foundation 4 Acc (clean) £ 1.17 - 0.00 - Frk Gold and Precious Mtls Fd F $ 4.04 - -0.01 0.00
Arbiter Global Emerging Markets Fund Class B GBP £ 103.26 - -1.32 - 46 St Stephen's Green, Dublin 2, Ireland HL Multi-Manager Equity & Bond Trust A Inc 112.60 118.34 -0.10 2.30
Portfolio VI B Acc 114.98 - 0.62 1.46
Glb Emerging Markets A GBP Inc H £ 21.18 - 0.21 0.42 FCA Recognised EFG Hermes Fidelity PathFinder Foundation 5 Acc (clean) £ 1.23 - 0.01 - Frk India $ 32.93 - 0.14 0.00
Portfolio VII B Acc 114.17 - 0.71 1.16 HL Multi-Manager Equity & Bond Trust A Acc 150.63 158.30 -0.12 2.26
Glb Resources A GBP Inc H £ 13.10 - 0.15 0.32 Comgest Gth Asia Pac ex Jap DIS F $ 8.80 - 0.01 0.11 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.12 - 0.00 - Frk Japan Fd ¥ 958.80 - 1.65 0.00 HL Multi-Manager Strategic Bond Trust A Acc 168.77 173.98 -0.07 1.74
Asset Management
Arisaig Partners North American B Acc 839.23 - 2.36 0.99
Comgest Gth Emerging Mkt DIS F $ 35.88 - 0.10 0.38
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Fidelity PathFinder Focussed 1 Acc (clean) £ 1.12 - 0.01 -
High Yield Bond A GBP Hedged Inc H £ 6.91 - 0.01 6.61 Frk K2 Alt Strat Fd $ 10.60 - -0.01 -
Other International Funds
Arisaig Africa Consumer Fund Limited $ 16.02 - -0.05 0.00 Hong Kong China A GBP Inc £ 726.40 - 14.94 0.49
Strategic Return B Acc
Total Return B Acc
105.96
108.95
-
-
0.95
0.29 2.78
-
Comgest Gth Europe DIS F € 21.64 - 0.08 0.00
Other International Funds
The EFG-Hermes Egypt Fund Asset Management
$ 29.93 - - 0.00
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.15 - 0.00 - Frk MENA Fund Asset Management $ 7.32 - -0.01 0.00
HL Multi-Manager Strategic Bond Trust A Inc
HL Multi Manager Emerging Markets A Acc £
141.89 146.27 -0.06 1.76
0.97 1.00 -0.01 -
India Fund - Class A GBP Inc £ 14.80 - 0.18 0.00 Comgest Gth GEM PC DIS F € 14.11 - -0.08 0.13 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.17 - 0.00 -
Arisaig Asia Consumer Fund Limited $ 67.15 - 0.36 0.00 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Frk Mutual Beacon $ 74.69 - -0.07 0.00 HL Multi-Manager European A Acc 104.34 107.53 -0.27 0.14
UK Equity B Inc 119.29 - 0.59 1.44
Latin America A USD Inc H $ 34.72 - -0.38 1.20 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.20 - 0.01 - Frk Mutual European EUR € 26.63 - 0.00 0.00
Arisaig Global Emerging Markets Consumer Fund $ 11.08 - -0.03 0.00 Saudi Arabia Equity Fund SR 16.65 - 0.12 0.00 HL Multi-Manager UK Growth A Acc 106.91 110.21 0.03 0.17
UK Equity & Bond Income B Inc 247.88 - 1.65 4.38
MENA A GBP Inc F * £ 14.45 - -0.03 1.09 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.21 - 0.00 - Frk Mutual Gbl Disc $ 18.75 - -0.04 0.00
Arisaig Global Emerging Markets Consumer UCITS € 12.86 - 0.07 0.00
UK Equity Income B Inc 445.04 - 3.40 4.20 Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
PO BOX 10117, Chelmsford, Essex, CM1 9JB Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.10 - 0.01 - Frk Natural Resources Fd F $ 8.04 - -0.04 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.79 - 0.09 0.00
UK Government Bond B Inc 46.98 - 0.17 2.13 Dealing & Client Services 0845 0264281 Haussmann
Fidelity PathFinder Freedom 2 Acc (clean) £ 1.10 - 0.00 - Frk Real Return Fd F $ 10.51 - -0.01 0.00
Arisaig Latin America Consumer Fund $ 23.26 - -0.24 0.00 Authorised Inv Funds Other International Funds
Fidelity PathFinder Freedom 1 Acc (clean) £ 1.09 - 0.00 - Frk Strategic Income Fd $ 14.84 - 0.00 0.00
Consistent UT Inc 60.55 61.27 0.49 4.36 Haussmann Cls A $ 2818.38 - 17.55 0.00
 26
Fund Bid Offer +/- Yield
Haussmann Cls C € 2471.77 - 14.25 0.00
Haussmann Cls D SFr 1314.25 - 7.47 0.00
Heartwood Wealth Management Limited (IRL)
Regulated
Heartwood Caut Multi Asset B Acc 143.70 - 0.36 0.00
Henderson Global Investors (UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds
Asia Pacific Capital Growth A Acc 777.30 - 8.30 0.81
Asian Dividend Income Inc 97.66 103.06 0.96 5.56
Cautious Managed A Acc 249.70 - 1.00 3.13
Cautious Managed A Inc 156.70 - 0.60 3.19
China Opportunities A Acc 964.60 - 15.70 0.33
Emerging Markets Opportunities A Acc 158.10 - 0.70 0.40
European Growth A Acc 176.50 - 1.70 0.78
European Selected Opportunities A Acc 1361.00 - 10.00 0.48
European Special Situations A Acc 94.54 - 0.89 1.08
Fixed Interest Monthly Income A Inc 22.36 23.45 0.03 5.52
Global Care Growth A Inc 211.60 - 1.10 0.11
Global Equity Income A Inc 52.18 - 0.38 3.71
Global Growth Fund 2095.05 2189.90 15.55 0.00
Global Technology A Acc 945.40 - 8.70 0.00
Multi-Manager Absolute Return A Acc 138.30 - 0.00 0.30
Multi-Manager Active A Acc ▲ 184.20 - 1.20 0.00
Multi-Manager Distribution A Inc 133.50 - -0.10 2.98
Multi-Manager Diversified A Acc 79.78 - -0.04 2.22
Multi-Manager Global Select Acc 190.10 - -0.10 0.00
Multi-Manager Income & Growth A Acc 157.50 - -0.20 1.93
Multi-Manager Income & Growth A Inc 147.10 - -0.10 1.95
Multi-Manager Managed A Acc 240.20 - 1.50 0.40
Multi-Manager Managed A Inc 235.80 - 1.40 0.39
Sterling Bond Acc 198.96 207.89 0.67 2.81
Sterling Bond Inc 62.39 65.18 0.21 2.85
Strategic Bond A Inc 129.20 - 0.20 5.41
UK & Irish Smaller Companies A Acc 557.90 - 0.70 0.05
UK Absolute Return A Acc 148.00 - 0.10 0.00
UK Alpha A Acc ♦ 120.70 - 0.80 0.96
UK Equity Income & Growth A Inc 653.80 - 4.70 3.50
UK Index A Acc 538.30 - 4.00 1.91
UK Property A Acc 193.08 203.24 0.05 4.04
UK Property A Inc 97.68 102.81 0.03 4.16
UK Tracker A Acc 243.30 - 1.90 1.37
US Growth A Acc 774.50 - 7.00 0.00
Hermes Investment Funds Plc (IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised
Hermes Active UK Inflation Fund Class F Acc £ 1.28 1.28 0.00 0.00
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.73 1.73 0.03 0.00
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.86 3.86 0.05 0.00
Hermes Global Emerging Markets Fund Class F Acc £ 1.33 1.33 0.02 0.00
Hermes Global Emerging Markets Fund Class R Acc € 3.45 3.45 0.02 0.00
Hermes Global Equity Fund Class F Acc £ 1.58 1.58 0.02 0.00
Hermes Global Equity Fund Class R Acc € 4.24 4.24 0.00 0.00
Hermes Global ESG Equity Fund Class F Acc £ 1.22 1.22 0.01
Hermes Global High Yield Bond Fund Class F Acc £ 1.09 1.09 0.00 0.00
Hermes Global High Yield Bond Fund Class R Acc € 2.93 2.93 0.00 0.00
Hermes Global Small Cap Fund Class F Acc £ £ 1.01 1.01 0.00
set Management
Hermes Global Small Cap Fund Class R Acc € € 2.05 2.05 0.01
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.04 1.04 0.00
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.04 1.04 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.37 1.37 0.01 0.00
Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.35 1.35 0.01 1.74
Hermes Sourcecap EU Alpha Fund Class R Acc € 3.42 3.42 0.02 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.42 1.42 0.01 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.44 3.44 0.01 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.65 1.65 0.00 0.00
Hermes UK Small & Mid Cap Fund Class R Acc € 5.10 5.10 -0.01 0.00
Hermes US SMID Equity Fund Class F Acc £ 1.63 1.63 0.01 0.00
Hermes US SMID Equity Fund Class R Acc € 3.58 3.58 0.01 0.00
Hermes Property Unit Trust (UK)
Property & Other UK Unit Trusts
Property £ 5.46 5.79 0.03 3.08
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FCA Recognised
Env Mkts (Ire) Stl A £ 2.35 - 0.01 0.00
Env Mkts (Ire) Euro A € 2.26 - 0.00 0.00
Env Mkts (Ire) USD A $ 1.91 - -0.01 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV £ 7.33 - -0.05 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 € 19.08 - 0.04 0.00
IVI European Fund GBP £ 18.39 - 0.06 0.98
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 493.10 - 5.60 0.78
Asian Inc ♦ F 442.88 - 5.03 0.79
Asian Equity Income Acc ♦ F 65.75 - 0.62 3.83
Asian Equity Income Inc ♦ F 56.98 - 0.54 3.94
Balanced Risk 6 Acc 54.74 - 0.32 0.00
Balanced Risk 8 Acc 57.05 - 0.44 0.00
Balanced Risk 10 Acc 59.39 - 0.57 0.11
Childrens Acc ♦ F 445.57 - 2.76 1.65
Corporate Bd Acc (Gross) ♦ F 207.20 - 0.36 3.65
set Management
Corporate Bd Inc (Gross) ♦ F
Corporate Bond Acc ♦ F
89.64
185.07
-
-
0.15 3.75
0.33 3.67
Corporate Bond Inc ♦ F 89.56 - 0.16 3.76
Distribution Acc ♦ F 112.30 - 0.27 4.12
Distribution Acc (Gross) ♦ F 127.99 - 0.31 4.10
Distribution Inc ♦ F 66.65 - 0.16 4.20
Distribution Inc (Gross) ♦ F 66.67 - 0.16 4.20
Emerging Countries Acc ♦ F 265.35 - 2.49 0.48
Emerging Countries Inc ♦ F 241.41 - 2.26 0.48
Emerging European Acc ♦ F 38.25 - 0.28 2.65
Emerging European Inc ♦ F 35.79 - 0.27 2.72
European Equity Acc ♦ F 902.01 - 6.75 2.12
European Equity Inc ♦ F 763.17 - 5.71 2.17
European Equity Income Acc ♦ F 78.18 - 0.37 3.03
European Equity Income Inc ♦ F 60.51 - 0.28 3.10
European High Income Acc ♦ F 82.34 - 0.39 3.36
European High Income Inc ♦ F 60.81 - 0.28 3.42
European Opportunities Inc ♦ F 84.41 - 0.28 0.16
European Opportunities Acc ♦ F 86.43 - 0.28 0.16
European Smlr Cos Acc ♦ F 190.40 - 1.12 0.00
Global Bd Acc (Gross) ♦ F 127.95 - 0.34 1.07
Global Bd Inc (Gross) ♦ F 79.25 - 0.21 1.08
Global Bond Acc ♦ F 120.36 - 0.32 1.07
Global Bond Inc ♦ F 79.21 - 0.21 1.08
Glbl Distribution Acc 54.56 - 0.05 4.38
Glbl Distribution Acc (Gross) 55.05 - 0.05 4.38
Glbl Distribution Inc 52.76 - 0.05 4.39
Glbl Distribution Inc (Gross) 52.79 - 0.05 4.39
Global Equity (acc) ♦ F 506.54 - 3.71 0.46
Global Equity (inc) ♦ F 462.01 - 3.39 0.46
Global Equity Income Acc ♦ F 125.76 - 0.59 3.14
Global Equity Income Inc ♦ F 104.83 - 0.49 3.22
Gbl Financial Capital Acc 89.35 - 0.10 4.20
Gbl Financial Capital Inc 76.73 - 0.09 4.33
Gbl Financial Cap Acc Gross 92.98 - 0.11 4.68
Gbl Financial Cap Inc Gross 76.86 - 0.09 4.86
Global Opportunities Acc ♦ F 102.78 - 0.84 0.45
Global Smaller Cos Acc ♦ F 1788.35 - 16.54 0.00
Global Smaller Cos Inc ♦ F 1710.72 - 15.83 0.00
Global Targeted Rets Acc 57.00 - 0.12 0.29
High Income Acc ♦ F 843.64 - 4.67 3.40
★ FINANCIAL TIMES Tuesday 26 May 2015
MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
High Income Inc ♦ F 473.83 - 2.63 3.49 Invesco UK Eqty Income A £ 32.73 - 0.13 0.00 JB BF Abs Ret Def-EUR B € 112.66 - 0.01 0.00 Fdmt.Eq.L/S SH Sd USD PA $ 10.67 - 0.02 - Emer Mkts Debt Lo Curr Fd A1 $ 12.77 - -0.06 0.00 Japan Specialist Fund X £ 10.58 - -0.04 0.50
High Yield Fund Acc 109.89 - 0.09 4.49 Invesco UK Investment Grade Bond A £ 1.00 - 0.01 2.91 JB BF Abs Ret EM-USD B $ 119.79 - -0.22 0.00 Gbl.Gvt.Fdmt PA € 10.74 - -0.01 0.00 Emerging Markets Debt A1 $ 34.30 - 0.00 0.00 Pacific Basin Specialist Equity Fund £ 25.18 - 0.35 1.13
McInroy & Wood Portfolios Limited (UK)
High Yield Fund Acc (Gross) 127.56 - 0.11 4.46 Invesco US Structured Equity A $ 22.32 - 0.06 0.00 JB BF Abs Ret-EUR B € 132.38 - 0.03 0.00 Gbl.Gvt.Fdmt.(CHF) PA SFr 22.42 - -0.04 0.00 Emerging Markets Eq.A1 $ 12.28 - 0.05 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867 UK Sovereign Bd Index Fund £ 10.96 - 0.00 2.59
High Yield Fund Inc 44.44 - 0.04 4.60 Invesco US Value Eq Fd A $ 34.16 - 0.17 0.00 JB BF Abs Ret Pl-EUR B € 131.35 - -0.01 0.00 Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.71 - 0.01 0.00 European Concentrated A1 € 19.16 - -0.02 0.00 Authorised Inv Funds UK Specialist Equity Income Fund £ 11.14 - 0.01 3.28
Balanced Fund Personal Class Units 4020.10xd - 28.30 1.80
High Yield Fund Inc (Gross) 44.49 - 0.04 4.59 Invesco USD Reserve A $ 87.02 - 0.00 0.00 JB BF EM Corporate-USD B $ 110.07 - 0.16 0.00 Gbl.5B Fdmt (EUR) PA € 12.04 - 0.01 0.00 European Core Eq A1 € 33.07 - -0.02 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.28 - 0.02 3.08
Income Fund Personal Class Units 2509.80 - 14.90 2.74
Hong Kong & China Acc ♦ F 536.94 - 8.61 0.64 JB BF EM Infl Link-USD B $ 95.06 - 0.16 0.00 Gbl.5B Fdmt (CHF) PA SFr 10.25 - 0.00 0.00 European Res.A1 € 34.67 - 0.01 0.00 Inflation Lkd Sov Bd Fund £ 12.63 - -0.01 0.68
Emerging Markets Fund Personal Class Units 1835.10xd - 2.70 2.13
Income & Growth Acc ♦ F 1002.45 - 5.16 3.60 JB BF EM Inv Grade-USD B $ 102.64 - 0.37 0.00 Gbl.5B Fdmt SH (USD) PA $ 11.15 - 0.01 0.00 European Smaller Companies A1 € 52.48 - -0.05 0.00 Global Emerg Mkts Equity Fund X £ 12.78 - 0.08 0.63
Invesco Global Asset Management Ltd (IRL)
Smaller Companies Fund Personal Class Units 3719.30 - 23.50 1.67
Income & Growth Inc ♦ F 444.78 - 2.28 3.70 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 JB Emerging (EUR)-EUR B € 343.92 - 1.19 0.00 Generation Global (CHF) PA F SFr 13.43 - 0.00 0.00 European Value A1 € 37.72 - -0.03 0.00 The initial charge you will pay will depend on the amount you invest
**Address and Telephone number for series 1 only
Income Acc ♦ F 3273.28 - 13.06 3.18 FCA Recognised JB Emerging (USD)-USD B $ 419.70 - 1.76 0.00 Generation Global (EUR) PA F € 21.27 - 0.03 0.00 Global Conc.A1 $ 37.98 - -0.20 0.00
Invesco Stlg Bd A QD F £ 2.64 - 0.00 3.45
Income Inc ♦ F 1848.72 - 7.38 3.25 JB BF Local EM-USD B $ 284.94 - 0.47 0.00 Generation Global (USD) PA F $ 16.11 - 0.05 0.00 Global Credit Fund $ 10.55 - -0.05 0.00 Meridian Fund Managers Ltd
Invesco Asian Equity A $ 7.27 - -0.03 0.45
Japan Acc ♦ F 334.52 - 2.44 0.29 JB BF Total Ret-EUR B € 99.82 - 0.01 0.00 Global Energy (USD) PA F $ 9.24 - 0.19 0.00 Global Energy Fund A1 $ 14.72 - -0.10 0.00 Other International Funds
Invesco ASEAN Equity A $ 105.20 - -0.49 0.37 Global Gold & Resources Fund $ 183.86 - -6.85 -
Japanese Smlr Cos Acc ♦ F 67.23 - 0.43 0.00 JB EF Abs Ret Eur-EUR B € 120.31 - -0.04 0.00 Golden Age (CHF) PA F SFr 23.14 - 0.05 0.00 Global Equity A1 $ 48.28 - -0.26 0.00
Invesco Bond A $ 27.43 - -0.15 2.30 Global Energy & Resources Fund $ 42.61 - -3.25 -
Latin America Acc ♦ F 127.60 - -0.73 1.21 JB EF Euro Value-EUR B € 217.03 - 0.13 0.00 Golden Age (EUR) PA € 15.67 - 0.04 0.00 Global Equity A1 € 27.95 - 0.30 0.00
Invesco Continental Eurp Small Cap Eqty A $ 209.09 - -4.62 0.00
Latin America Inc ♦ F 107.32 - -0.61 1.22 JB EF Japan-JPY B ¥ 18857.00 - -9.00 0.00 Golden Age (USD) PA F $ 21.78 - 0.05 0.00 Global High Yield Fund $ 26.02 - 0.01 0.00
Invesco Emerging Markets Equity A $ 41.44 - -0.19 0.00
Managed Growth Acc ♦ F 172.22 - 1.24 0.77 JB EF Luxury B-EUR B € 239.70 - -0.48 0.00 Sh.T- Money Mkt EUR PA € 112.38 - 0.00 0.00 Global High Yield Fund € 17.30 - 0.29 0.00 Metage Capital
Invesco Emerging Markets Bond A $ 21.90 - 0.01 4.60 Other International Funds New Capital Fund Management Ltd (IRL)
Managed Growth Inc ♦ F 144.24 - 1.04 0.77 JB Ms EF Special Val. EUR/A € 156.88 - 0.20 0.71 Sh.T- Money Mkt CHF PA SFr 129.12 - -0.01 0.00 Global Multi-Asset A1 $ 16.75 - 0.01 0.00
MGS -Master Series (Est) $ 226.61 - 2.15 - Leconfield House, Curzon Street, London, W1J 5JB
Invesco Continental European Equity A € 9.52 - -0.09 0.19
Managed Income Acc ♦ F 167.46 - 1.03 2.99 JB Strategy Balanced-CHF/B SFr 157.66 - 0.01 0.00 Sh.T- Money Mkt GBP PA £ 10.26 - 0.00 0.00 Global Res.A1 $ 27.73 - -0.05 0.00 FCA Recognised
MEMO - Master Series $ 494.19 - -0.49 0.00
Invesco Gilt A £ 14.88 - -0.01 1.53
Managed Income Inc ♦ F 104.39 - 0.65 3.05 JB Strategy Balanced-EUR € 164.79 - 0.06 0.00 Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 Global Total Return A1 € 18.50 - 0.21 0.00 New Capital UCITS Funds
MEMO - MEMV Series $ 117.28 - -0.07 0.00
Invesco Global Small Cap Equity A NAV $ 132.17 - -1.03 0.00 Asia Pac Bd USD Inst Inc $ 96.68 - 0.18 3.06
Money Acc ♦ F 90.08 - 0.00 0.24 JB Strategy Balanced-USD/B $ 137.21 - 0.14 0.00 Sw.Fr.Bd(For) PA SFr 23.96 - 0.02 0.00 Inflation-Adjusted Bond A1 $ 14.19 - 0.01 0.00
Invesco Global High Income A NAV $ 13.26 - 0.00 5.11 Asia Pac Bd USD Ord Inc $ 98.55 - 0.18 2.36
Money Acc (Gross) ♦ F 95.18 - 0.00 0.24 JB Strategy Growth-CHF/B SFr 98.62 - 0.03 0.00 Sw.Fr.Credit Bd(For) PA SFr 13.78 - 0.00 0.00 Japan Equity A1 $ 10.95 - -0.04 0.00
Invesco Gbl R/Est Secs A GBP F F £ 7.99 - 0.05 0.87 Asia Pac Eq EUR Ord Inc € 107.22 - 0.60 2.68
Monthly Income Plus Acc ♦ F 302.69 - 0.44 4.65 JB Strategy Growth-EUR € 125.91 - 0.07 0.00 Tactical Alpha (CHF) PA SFr 10.10 - -0.04 0.00 Latin American Equity Fd A1 $ 15.21 - -0.21 0.00 Ministry of Justice Common Investment Funds (UK)
Invesco Global Health Care A $ 141.63 - -0.25 0.00 Property & Other UK Unit Trusts Asia Pac Eq GBP Ord Inc £ 110.93 - 0.74 3.03
Monthly Income Plus Acc (Gross) ♦ F 354.16 - 0.53 4.63 JB Strategy Inc-CHF/B SFr 123.81 - 0.08 0.00 Tactical Alpha (EUR) PA € 10.39 - -0.03 0.00 Limited Maturity A1 $ 14.07 - 0.00 0.00
The Equity Idx Tracker Fd Inc 1440.00 1440.00 4.00 2.56
Invesco Global Select Equity A $ 14.53 - -0.14 0.00 Asia Pac Eq USD Ord Inc $ 111.67 - 0.76 2.49
Monthly Income Plus Inc ♦ F 113.81 - 0.17 4.75 JB Strategy Inc-EUR/B € 167.01 - 0.13 0.00 Tactical Alpha (USD) PA $ 14.91 - -0.04 0.00 Prudent Wealth Fd A1 $ 14.60 - -0.09 0.00
Distribution Units
Invesco Jap Eqty Core A $ 2.02 - 0.01 0.00 Asia Pac Eq USD Inst Acc $ 115.85 - 0.79 0.00
Monthly Income Plus Inc (Gross) ♦ F 113.99 - 0.17 4.75 JB Strategy Inc-USD/B $ 152.56 - 0.24 0.00 Technology PA € 14.38 - 0.02 0.00 Research Bond A1 $ 16.70 - -0.02 0.00
Invesco Japanese Equity A $ 19.89 - 0.07 0.00 Asia Pac Eq USD Inst Inc $ 124.83 - 0.85 3.08
Pacific Acc ♦ F 1089.26 - 11.21 0.34 Technology PA $ 21.84 - 0.04 0.00 UK Equity A1 £ 8.61 - 0.03 0.00
Pacific Inc ♦ F 1000.47 - 10.30 0.34
Invesco Korean Equity A $ 34.54 - -0.24 0.00
Wld Gold Expertise PAF SFr 12.34 - -0.01 0.00 US Conc.Growth A1 $ 15.92 - -0.05 0.00 Mirabaud Asset Management (LUX) Dyn Europ Eq EUR Ord Inc € 185.59 - -0.10 1.10
www.mirabaud.com, marketing@mirabaud.com
Invesco PRC Equity A $ 65.46 - 0.32 0.00 Dyn Europ Eq GBP Ord Inc £ 197.60 - -0.10 1.64
Tactical Bond Acc ♦ F 69.39 - -0.03 1.75 Wld Gold Expertise PA € 9.80 - -0.01 0.00 US Government Bond A1 $ 17.05 - -0.02 0.00 Regulated
Invesco Pacific Equity A $ 55.20 - 0.03 0.16 Dyn Europ Eq USD Ord Inc $ 185.70 - -0.11 1.13
Tactical Bond Inc ♦ F 60.39 - -0.02 1.77 Wld Gold Expertise PA $ 12.95 - -0.01 0.00 Value A1 $ 22.79 - -0.09 0.00 Mir. Conv. Bds Eur A EUR € 140.17 - -0.06 0.00
Invesco Global Technology A $ 16.21 - 0.03 0.00 LO Selection China Equity EUR Ord Acc € 187.62 - 2.07 0.00
Tactical Bond Acc (Gross) ♦ F 71.91 - -0.03 1.75 Mir. Conv. Bds Glb A USD $ 117.98 - 0.15 0.00
Invesco UK Eqty A £ 9.02 - -0.04 1.26 Balanced (CHF) PA F SFr 110.89 - 0.10 0.00 China Equity GBP Ord Acc £ 193.85 - 2.09 0.00
Tactical Bond Inc (Gross) ♦ F 60.43 - -0.02 1.77 Mir. - Eq Asia ex Jap A $ 202.41 - 2.39 0.00
MMIP Investment Management Limited (GSY)
UK Aggressive Acc ♦ F 225.20 - 1.51 1.67 Balanced (EUR) PA F € 131.70 - 0.22 0.00 China Equity USD Ord Acc $ 190.26 - 2.08 0.00
Kames Capital ICVC (UK) Regulated Mir. - Eq Glb Emrg Mkt A USD $ 107.78 - 0.61 0.00
UK Aggressive Inc ♦ F 187.55 - 1.26 1.70 Conservative (CHF) PA F SFr 105.95 - 0.05 0.00 Multi-Manager Investment Programmes PCC Limited China Equity USD Inst Acc $ 194.63 - 2.13 0.00
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Mir. - Eq Global Focus A USD $ 106.02 - -0.01 0.00
0800 45 44 22 www.kamescapital.com Conservative (EUR) PA F € 117.48 - 0.10 0.00 European Equity Fd Cl A Initial Ser € 2638.52 2649.11 13.06 0.00 Global Val.Cr.Fd GBP Ord Inc £ 115.99 - 0.15 3.75
UK Growth Acc ♦ F 612.61 - 3.95 1.71 Mir. -Eq Spain A € 29.63 - -0.01 0.00
Authorised Funds Global Allocation (GBP) PA F £ 10.26 - -0.01 0.00 Japanese Equity Fd Cl A Initial Ser ¥ 365209.00 366439.00 12499.00 0.00 Global Val.Cr.Fd USD Inst Acc $ 125.93 - 0.17 0.00
UK Growth Inc ♦ F 388.67 - 2.51 1.74 Mir. - Eq Swiss Sm/Mid A SFr 324.53 - 0.17 0.00
Diversified Income B Acc 114.92 - 0.34 4.82
Growth (CHF) PA F SFr 116.80 - 0.15 0.00 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1364.73 1368.76 19.53 0.00 Global Val.Cr.Fd GBP Ord Acc £ 181.66 - 0.23 0.00
UK Smaller Cos Equity Acc ♦ F 861.39 - 4.63 0.57 Mir. - Glb High Yield Bds A $ 111.76 - 0.04 -
Diversified Income B Inc 108.23 - 0.32 4.96
Growth (EUR) PA F € 144.89 - 0.34 0.00 Pacific Basin Fd Cl A Initial Ser $ 2509.01 2524.35 115.12 0.00 Global Val.Cr.Fd USD Ord Acc $ 170.76 - 0.22 0.00
UK Smaller Cos Equity Inc ♦ F 664.31 - 3.58 0.58 Mir. - Glb Eq High Income A USD $ 108.86 - 0.25 0.00
Diversified Growth A Acc 137.36 - 0.21 2.41
Vantage 1500 (EUR) MA € 10.46 - 0.00 0.00 UK Equity Fd Cl A Series 01 £ 2340.54 2364.75 44.05 0.00 Global Val.Cr.Fd EUR Ord Acc € 159.50 - 0.22 0.00
UK Strategic Income Acc ♦ F 190.42 - 1.99 3.37 Invest AD Mir. - Glb Strat. Bd A USD $ 107.66 - 0.02 0.00
Ethical Cautious Managed A Acc 170.11 - 0.76 1.68
Client services: +971 2 692 6101 clientservices@InvestAD.com Vantage 3000 (EUR) MA € 10.79 - 0.00 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1625.50 - -25.51 0.00 Swiss Select Equity Inst Acc SFr 120.90 - 0.16 0.00
UK Strategic Income Inc ♦ F 142.78 - 1.49 3.45
Other International Funds Ethical Cautious Managed A Inc 141.25 - 0.64 1.70 PrivilEdge Diversified Absolute Return Stlg Cell AF2 £ 1646.26 - -23.87 0.00 Swiss Select Equity Ord Acc SFr 119.98 - 0.17 0.00
US Equity Acc ♦ F 563.72 - 5.26 0.00
Invest AD - Iraq Opportunity Fund $ 64.49 - 1.70 0.00 Ethical Corporate Bond A Acc 196.18 - 0.49 3.19 Inc.Pt.RMB Dt.CNH PA CNH 101.92 - 0.05 -
Invesco Perpetual Funds (No Trail) US Growth USD Ord Acc $ 213.34 - 0.21 0.00
Invest AD - Emerging Africa Fund $ 1143.57 - 3.41 0.00 Ethical Corporate Bond A Inc 112.07 - 0.29 3.18 Inc.Pt.RMB Dt.SH CHF PA SFr 10.15 - 0.01 -
Asian (No Trail) Acc ♦ F 206.14 - 2.34 1.26 US Growth EUR Ord Acc € 204.16 - 0.21 0.00
Invest AD - GCC Focus Fund $ 1795.64 - 2.48 0.00 Ethical Equity A Acc 183.44 - 1.08 1.01
Manek Investment Mgmt Ltd (1000)F (UK)
Asian (No Trail) Inc ♦ F 187.44 - 2.13 1.28 Inc.Pt.RMB Dt.SH EUR PA € 10.20 - 0.02 -
P.O.Box 100, Swindon SN1 1WR 0844 800 9401 US Growth GBP Ord Acc £ 213.83 - 0.22 0.00
High Yield Bond A Acc 118.13 - 0.06 3.68 Inc.Pt.RMB Dt.USD PA $ 10.25 - 0.02 - Authorised Inv Funds
Asian Equity Income (No Trail) Acc ♦ F 134.27 - 1.26 3.82 US Growth USD Inst Acc $ 196.22 - 0.20 0.00
High Yield Bond A Inc 54.68 - 0.03 3.68 Jenn. US Eq.Opp. USD PA $ 10.41 - 0.04 - Growth Fd Acc 59.07 62.74 0.01 0.00
Asian Equity Income (No Trail) Inc 116.38 - 1.10 3.93 Wealthy Nat Bd EUR Inst Inc € 113.71 - 0.07 3.82
Investment Grade Bond A Acc 160.06 - 0.48 3.05 Neubrg.Berman US Core PA $ 14.87 - 0.02 0.00 Montello Real Estate Opportunity Fund (LUX)
Asset Management
Balanced Risk 6 No Trail Acc 111.27 - 0.64 0.15 Wealthy Nat Bd GBP Inst Inc £ 117.56 - 0.07 3.69
101 New Cavendish Street,London W1W 6XH
Asset Management
Investment Grade Bond A Inc 118.00 - 0.36 3.06
Asset Management
Sands US Growth PA € 14.35 - 0.14 0.00
Balanced Risk 8 No Trail Acc 115.93 - 0.88 0.40 Manulife Global Fund (LUX) Regulated Wealthy Nat Bd EUR Ord Inc € 112.93 - 0.07 3.55
Sterling Corporate Bond A Acc 69.96 - 0.19 2.90 Sands US Growth PA $ 17.38 - 0.16 0.00 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Balanced Risk 10 No Trail Acc 120.68 - 1.15 0.54 Montello Real Estate Opportunity Fund II £ 1100.80 - 7.38 0.00 Wealthy Nat Bd GBP Ord Inc £ 118.14 - 0.07 3.45
Sterling Corporate Bond A Inc 31.43 - 0.08 2.89 www.manulife.com.hk
Corporate Bond (No Trail) Acc ♦ F 164.54 - 0.29 3.91 Will.Blair Gbl. Ldrs PA € 16.69 - 0.02 0.00
FCA Recognised Wealthy Nat Bd USD Ord Inc $ 115.16 - 0.07 3.41
Strategic Bond A Acc 182.63 - 0.19 2.10 Will.Blair Gbl. Ldrs PA $ 13.85 - 0.04 0.00
Corporate Bond (No Trail) Inc ♦ F 118.37 - 0.21 4.00 JPMorgan Asset Mgmt (1200)F (UK) American Growth Fund Class A F $ 30.4511 - 0.0996 0.00 New Capital Alternative Strategies
60 Victoria Embankment, London EC4Y 0JP Strategic Bond A Inc 121.75 - 0.12 2.10 Morant Wright Management Ltd (CYM)
Distribution (No Trail) Acc ♦ F 171.88 - 0.42 4.11
Brokerline: 0800 727 770, Clients: 0800 20 40 20
American Growth Fund Class AA F $ 1.7304 - 0.0057 0.00 Regulated All Weather Fd USD Cls
Asset Management
Managemen
$ 122.01 - 0.47 0.00
Asset Management
UK Equity Absolute Return A Acc 119.13 - 0.04 0.00 All Weather Fd EUR Cls € 109.95 - 0.36 0.00
Distribution (No Trail) Inc ♦ F 116.12 - 0.28 4.19 Authorised Inv Funds Lothbury Property Trust (UK) American Growth Fund Class AA (HKD) FHK$ 10.8303 - 0.0318 - MW Japan Fd Ltd A $ 24.95 - -0.20 0.00
Emerging Countries (No Trail) Acc ♦ F 173.50 - 1.63 0.97 JPM Retail OEIC (A class unless stated)
America Equity Acc 59.91 - 0.51 0.00
UK Equity A Acc
UK Equity Income A Acc
Asset Management 245.68
213.67
-
-
1.80 1.12
1.38 4.27
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Property & Other UK Unit Trusts
Asian Equity Fund Class A F Asset Management $ 3.5689 - 0.0399 0.36 MW Japan Fd Ltd B $ 25.24 - -0.21 0.00 All Weather Fd GBP Cls
Tactical Opps USD Cls
£ 118.39
$ 183.34
-
-
0.45 0.00
1.32 0.00
Emerging Countries (No Trail) Inc ♦ F 163.53 - 1.54 0.98 Asian Equity Fund Class AA F $ 1.1487 - 0.0128 0.00
UK Equity Income A Inc 168.14 - 1.09 4.40 Lothbury Property Trust GBP £ 1692.43 1813.44 10.02 3.35
Emerging European (No Trail) Acc ♦ F 79.38 - 0.58 3.23 America Equity Inc 59.90 - 0.50 0.00 Tactical Opps EUR Cls € 153.97 - 1.06 0.00
Asian Small Cap Equity Fund Class AA F $ 2.5219 - 0.0129 0.00 Morant Wright Funds (Ireland) PLC (IRL)
UK Opportunities A Acc 179.64 - 1.22 0.97
Emerging European (No Trail) Inc ♦ F 72.36 - 0.53 3.33 Asia Acc 131.80 - 1.70 0.29 Tactical Opps GBP Cls £ 172.39 - 1.19 0.00
Asian Small Cap Equity Fund Class AA (HKD)HK$ 10.2027 - 0.0502 - FCA Recognised
Asia Inc 73.12 - 0.95 0.28 UK Smaller Companies A Acc 272.68 - 1.69 0.26
European Equity (No Trail) Acc ♦ F 158.88 - 1.19 2.61 China Value Fund Class A F $ 10.5369 - 0.1077 0.58 Morant Wright Fuji Yield CHF Acc HedgedSFr 12.12 - 0.01 -
European Equity (No Trail) Inc ♦ F 134.19 - 1.01 2.68 Cautious Managed Rt Acc 68.33xd - 0.22 0.12 Morant Wright Fuji Yield EUR Acc Hedged € 11.97 - 0.03 -
China Value Fund Class AA F $ 3.3010 - 0.0337 0.39
Cautious Managed Rt Inc 60.12xd - 0.19 0.12
Kames Capital Investment Portfolios ICVC (UK) Morant Wright Fuji Yield GBP Acc Hedged £ 12.15 - 0.03 -
Asset Management
European Equity Income (No Trail) Acc ♦ F 160.67 - 0.76 3.02 Dragon Growth Fund Class A F $ 2.4507 - 0.0365 0.51
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
Asset Manageme
European Equity Income (No Trail) Inc ♦ F 124.41 - 0.59 3.09 Diversified Real Ret Acc 53.59 - 0.12 1.03 Morant Wright Fuji Yield USD Acc Hedged $ 11.90 - 0.02 -
Dragon Growth Fund Class AA HKDHK$ 11.8616 - 0.1742 0.49
0800 45 44 22 www.kamescapital.com
European High Income (No Trail) Acc ♦ F 169.30 - 0.79 3.35 Diversified Real Ret Inc 52.32 - 0.13 1.03 Morant Wright Fuji Yield USD Dist Hedged $ 12.05 - 0.03 -
Authorised Funds Emerging Eastern Europe Fund Class AA F $ 1.5608 - 0.0017 0.45
European High Income (No Trail) Inc ♦ F 125.04 - 0.59 3.41 Emerging Mkts Acc 155.00 - 0.80 0.67
Property Income B Acc 114.50 - 0.10 - M & G Securities (1200)F (UK)
Emerging Eastern Europe Fund Class A F $ 3.6347 - 0.0040 0.79 Morant Wright Fuji Yield YEN Acc ¥ 1220.09 - 2.94 -
PO Box 9039, Chelmsford, CM99 2XG
Invesco Perpetual High Yield Fund acc (No trail) 227.18 - 0.20 4.48 Emerging Mkts Inc 66.68 - 0.35 0.67 Morant Wright Fuji Yield YEN Dist ¥ 1206.65 - 2.90 -
- Property Income B Inc 109.26 - 0.10 - www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 European Growth Fund Class A F $ 11.5440 - -0.0728 1.16 Northwest Investment Management (HK) Ltd
Invesco Perpetual High Yield Fund inc (No trail) 171.14 - 0.15 4.58 Emrg Mkts Inc Acc... C 57.21xd - 0.21 3.89 Authorised Inv Funds Morant Wright Sakura Fund Sterling Acc Hedged £ 14.82 - 0.05 0.00 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
European Growth Fund Class AA F $ 0.8353 - -0.0053 0.56
Emrg Mkts Inc Inc... C 51.46xd - 0.19 4.01 Charifund Inc 1544.08 - 11.30 4.35 Morant Wright Sakura Fund Euro Acc Hedged € 14.78 - 0.04 0.00 Other International Funds
European Opportunities (No Trail) Acc ♦ F 180.52 - 0.59 0.68 Global Contrarian Fund Class AA F $ 0.9888 - -0.0004 0.00
Kames Capital VCIC (IRL) Northwest $ class $ 2524.44 - 175.73 0.00
European Opportunities (No Trail) Inc ♦ F 171.31 - 0.56 0.68 Europe Acc 1099.00 - 8.00 1.41 Charifund Acc 20728.04 - 151.70 4.22 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1506.47 - 4.17 0.00
- 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Global Property Fund Class AA F $ 1.0555 - -0.0040 0.73
Asset Management
Europe Inc 63.26 - 0.48 1.41 Northwest Warrant $ class $ 2845.65 - 562.86 0.00
European Smaller Companies (No Trail) Acc ♦ F 233.27 - 1.37 0.47 FCA Recognised M&G Corporate Bond A Acc 62.78xd - 0.21 3.05 Global Property Fund Class AA (HKD)HK$ 9.9195 - -0.0401 - Morant Wright Sakura Fund Dollar Acc Hedged $ 14.79 - 0.05 0.00
-
Global Balanced Index (No Trail) Acc ♦ F 163.20 - 0.99 1.72 Eur Dynamic exUK Acc 168.70 - 0.70 0.78 Absolute Return Bond B GBP Acc 1076.92 - -0.04 - M&G Corporate Bond A Inc 39.92xd - 0.13 3.05 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.73 - 0.04 0.00
Asset Management Asset Management
- Global Resources Fund Class AA F $ 0.8429 - 0.0015 0.00
Global Bond (No Trail) Acc ♦ F 135.13 - 0.36 1.31 Eur Dynamic exUK £ hdg Acc 197.00 - 0.00 0.67 Eq Market Neutral B Acc 1019.05 - 0.44 - M&G Dividend A Inc 66.13 - 0.32 3.89
- Greater China Opportunities Class AA $ 1.2070 - 0.0164 -
Global Bond (No Trail) Inc ♦ F 122.88 - 0.33 1.32 Eur Dynamic exUK Inc 77.44 - 0.31 0.77 Eq Market Neutral Plus B Acc 1028.93 - 0.90 - M&G Dividend A Acc 642.28 - 3.07 3.76
Healthcare Fund Class AA F $ 2.0238 - -0.0025 0.00
Glbl Distribution Acc (No Trail) 109.67 - 0.11 - Eur Smaller Cos Acc 470.50 - 2.50 0.00 High Yield Global Bond A GBP Inc 545.85 - 0.33 3.45 M&G Episode Growth X Inc 54.55xd - 0.23 1.81
India Equity Fund Class AA F $ 1.4196 - 0.0114 0.00
Glbl Distribution Inc (No Trail) 106.06 - 0.10 - Eur Smaller Cos Inc 61.19 - 0.32 0.00 High Yield Global Bond B GBP Inc 1133.83 - 0.71 3.95 M&G Episode Income A Acc 145.60xd - 0.51 3.37
International Growth Fund Class A F $ 4.9437 - -0.0027 0.13
Global Equity (No Trail) acc ♦ F 223.07 - 1.64 0.95 Fusion Balanced Acc 57.25xd - 0.00 0.00 Investment Grade Global Bd A GBP Inc 566.07 - 1.67 2.27 M&G Episode Income A Inc 123.55xd - 0.43 3.44
International Growth Fund Class AA F $ 1.1353 - -0.0006 0.00
Global Equity (No Trail) inc ♦ F 208.76 - 1.54 0.96 Fusion Balanced Inc 57.23xd - -0.01 0.00 Kames Global Equity Income B GBP Acc 1170.79 - 5.02 - M&G Extra Income A Inc 790.22 - 4.36 4.07 Oasis Crescent Management Company Ltd
Japanese Growth Fund Class A F $ 3.6060 - -0.0022 0.59
Fusion Conservative Acc 56.22xd - -0.02 0.00 Kames Global Equity Income B GBP Inc 1128.05 - 4.84 - Other International Funds
Global Equity Income (No Trail ) Acc ♦ F 259.51 - 1.20 3.13 M&G Extra Income A Acc 6290.58 - 34.76 3.96 Japanese Growth Fund Class AA F $ 0.9276 - -0.0006 0.00
Morgan Stanley Investment Funds (LUX) Oasis Crescent Equity Fund R 9.90 - -0.04 0.00
Global Equity Income (No Trail) Inc ♦ F 216.33 - 1.00 3.21 Fusion Conservative Inc 56.11xd - -0.01 0.00 Strategic Global Bond A GBP Inc 1118.52 - 1.83 1.13 M&G Global Basics A Inc 694.42 - 3.52 0.26 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
Latin America Equity Fund Class AA F $ 0.9091 - -0.0047 1.42
Fusion Growth Acc 59.18xd - 0.01 0.00 Strategic Global Bond B GBP Inc 634.19 - 1.05 1.63 M&G Global Basics A Acc 1048.31 - 5.31 0.27 www.morganstanleyinvestmentfunds.com
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 177.19 - 1.14 1.26 Russia Equity Fund Class AA F $ 0.4965 - 0.0045 0.00
FCA Recognised
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 207.02 - 1.32 1.67 Fusion Growth Inc 59.18xd - 0.02 0.00 M&G Global Dividend Fund A Acc 209.61xd - 1.70 3.04 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Taiwan Equity Fund Class AA F $ 1.7449 - 0.0060 0.19 US Advantage A F $ 57.04 - 0.21 0.00
Fusion Growth + Acc 61.22xd - -0.01 0.00 Regulated
Gbl Fin Cap No Trail Acc 181.65 - 0.20 4.18 M&G Global Dividend Fund A Inc 167.78xd - 1.36 3.10
Kleinwort Benson Bank (UK) Turkey Equity Fund Class AA F $ 0.8531 - -0.0087 0.00 Asian Equity A F $ 49.07 - 0.63 0.00 Oasis Global Investment (Ireland) Plc
Gbl Fin Cap No Trail Inc 156.02 - 0.18 4.31 Fusion Growth + Inc 61.23xd - 0.00 0.00 14 St. George Street, Mayfair, London W1S1FE M&G Glbl Emrgng Mkts A Acc 220.78 - 1.31 0.75 US Bond Fund Class AA F $ 1.2187 - 0.0007 3.89 Asian Property A F $ 20.50 - 0.10 0.00 Oasis Global Equity $ 29.19 - -0.12 0.22
Global Opportunities (No Trail) Acc ♦ F 263.84 - 2.16 0.93 Fusion Income Acc...C 55.30xd - 0.01 2.49 Dealing and enquiries: 0800 024 2400
M&G Glbl Emrgng Mkts A Inc 213.30 - 1.27 0.76
Authorised Inv Funds U.S. Bond Fund Class AA Inc F $ 0.9975 - 0.0005 - Asian Property AX F £ 12.25 - 0.18 0.52 Oasis Crescent Global Investment Fund (Ireland) plc
Global Smaller Companies (No Trail) Acc ♦ F 260.65 - 2.42 0.38 Fusion Income Inc...C 52.87xd - 0.01 2.59 M&G Global Macro Bond Fund A Acc 105.93xd - 0.40 0.99 Oasis Crescent Global Equity Fund $ 29.70 - -0.15 0.00
Unit Trust Manager/ACD - Host Capital US Bond Fund Class AA (HKD) HK$ 9.9675 - 0.0033 - Diversified Alpha Plus A F € 32.53 - -0.02 0.00
Global Smaller Companies (No Trail) Inc ♦ F 250.70 - 2.32 0.38 Global Allocation Acc 55.66 - 0.25 0.63 HC KB Capital Growth A Acc 172.67 - 0.59 1.36 M&G Global Macro Bond Fund A Inc 73.61xd - 0.28 0.99 OasisCresGl Income Class A $ 11.12 - -0.02 2.49
U.S. Bond Fund Class AA (HKD) IncHK$ 9.9166 - 0.0039 - Emerg Europ, Mid-East & Africa Eq A F € 75.49 - 0.40 0.00
Global Targeted Rets (No Trail) Acc 114.97 - 0.25 0.82 Global Allocation Inc 55.30 - 0.25 0.63 HC KB Capital Growth A Inc 161.68 - 0.55 1.38 M&G Global High Yield Bond X Inc 51.66xd - 0.04 4.15 OasisCresGl LowBal D ($) Dist $ 12.37 - -0.03 0.00
U.S. Special Opportunities Fund Class AA F $ 0.9303 - 0.0006 7.00 Emerging Markets Debt A F $ 79.64 - 0.36 0.00
High Income (No Trail) Acc ♦ F 179.96 - 1.00 3.39 Global Bond exUK Acc 249.80 - 0.60 0.71 HC KB Enterprise Equity Income A Inc 116.96 - 0.00 3.78 M&G Global High Yield Bond X Acc 119.77xd - 0.08 4.15 OasisCresGl Med Eq Bal A ($) Dist $ 12.66 - -0.04 0.04
U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - Emerging Markets Domestic Debt AX F £ 11.72 - 0.10 5.38
High Income (No Trail) Inc ♦ F 134.72 - 0.75 3.48 Global Bond exUK Inc 197.10 - 0.40 0.71 HC KB Enterprise Equity Income A Acc 169.95 - 0.00 3.69 M&G Managed Growth X Inc 83.47xd - 0.47 0.62 Oasis Crescent Gbl Property Eqty $ 9.82 - -0.03 2.09
U.S. Special Opportunities Fund Class AA Inc $ 0.9283 - 0.0006 - Emerging Markets Equity A F $ 39.31 - 0.20 0.00
Hong Kong & China (No Trail) Acc ♦ F 212.43 - 3.41 1.07 Global Bond Opport. Acc 50.67xd - 0.02 - HC KB Endeavour Multi Asset Balanced A Acc 137.07 - 0.45 0.81 M&G Optimal Income A Inc 144.83xd - 0.10 2.16 US Small Cap Equity Fund Class AA F $ 1.1779 - 0.0004 0.00 Euro Bond A F € 15.74 - 0.02 0.00
Income & Growth (No Trail) Acc ♦ F 235.43 - 1.21 3.59 Global Bond Opport. Inc 50.61xd - 0.02 - HC KB Endeavour Multi Asset Balanced A Inc 130.27 - 0.43 0.81 M&G Optimal Income A Acc 189.88xd - 0.13 2.16 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2898 - 0.0026 0.06 Euro Corporate Bond AX F £ 21.66 - 0.06 1.76
Income & Growth (No Trail) Inc ♦ F 190.60 - 0.98 3.68 Global Eq Income £ hdg Acc... C 71.14xd - 0.18 3.69 HC KB Enterprise Fixed Income A Acc 123.80 - -0.05 3.44 M&G Recovery GBP A Inc 134.38 - 0.63 0.89
Euro Strategic Bond A F € 43.77 - 0.01 0.00
Income (No Trail) Acc ♦ F 179.44 - 0.72 3.17 Global Eq Income £ hdg Inc ... C 51.63xd - 0.13 3.79 HC KB Enterprise Fixed Income A Inc 111.27 - -0.04 3.44 M&G Recovery GBP A Acc 300.67 - 1.43 0.88
Manulife Global Fund European Currencies High Yield Bd A F € 22.17 - 0.02 0.00
Income (No Trail) Inc ♦ F 133.41 - 0.53 3.24 Global Eq Income Acc... C 73.57xd - 0.35 3.70 M&G Strategic Corp Bond A Inc 74.39 - 0.17 2.79
Other International Funds European Equity Alpha A F € 50.15 - 0.22 0.00
Japan (No Trail) Acc ♦ F 158.56 - 1.15 0.74 Global Eq Income Inc ... C 64.56xd - 0.31 3.80 M&G Strategic Corp Bond A Acc 105.62 - 0.25 2.79
Asia Total Return Fund Class AA $ 1.0028 - 0.0006 -
Lloyds Investment Fund Managers Limited (1000)F (JER) European Property A F € 36.16 - -0.09 0.00
Japanese Smaller Companies (No Trail) Acc ♦ F 170.84 - 1.09 0.00 Global Equity Acc 1039.00 - 7.00 0.15 M&G Global Leaders GBP A Inc 202.05 - 1.51 1.35
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Asia Total Return Fund Class AA (HKD) Inc FHK$ 10.0522 - 0.0041 - Eurozone Equity Alpha A F € 12.94 - 0.00 0.00 Odey Asset Management LLP (UK)
Global Equity Inc 77.22 - 0.52 0.14 Other International Funds M&G Global Leaders GBP A Acc 471.38 - 3.53 1.33
Latin American (No Trail) Acc ♦ F 123.08 - -0.70 1.84 Asia Total Return Fund Class AA Inc $ 0.9569 - 0.0006 3.18 40 Dukes Place, London, EC3A 7NH
Global Bond A F $ 39.05 - -0.13 0.00
Global Financials Acc 779.30 - 3.80 0.80 Lloydstrust Gilt £ 12.2100 - 0.0300 2.42 M&G UK Inflation Lnkd Corp Bnd A Acc 114.69xd - -0.21 0.32 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Latin American (No Trail) Inc ♦ F 112.41 - -0.63 1.86 Asia Value Dividend Equity Fund Class AA F $ 1.8990 - 0.0218 0.00
Lloyds Investment Funds Limited Global Brands A F $ 99.43 - -0.14 0.00 Authorised Corporate Director - Capita Financial Managers
Global Financials Inc 44.32 - 0.21 0.81 M&G UK Inflation Lnkd Corp Bnd A Inc 113.04xd - -0.21 0.32
Managed Growth (No Trail) Acc ♦ F 208.37 - 1.50 1.19 Asia Value Dividend Equity Fund Class AA Inc $ 1.1654 - 0.0139 - Global Convertible Bond A F $ 44.97 - 0.07 0.00 Authorised Inv Funds
Euro High Income € 1.6780xd - 0.0020 2.98
Managed Growth (No Trail) Inc ♦ F 193.64 - 1.40 1.21 Global High Yield Bd Mth Inc 39.51xd - 0.04 6.19
Strategic Income Fund Class AA F $ 1.0879 - 0.0005 4.41 Global Property A F $ 29.64 - -0.13 0.00 CF Odey Continental European R Acc ♦ 743.60 - 4.98 0.18
European £ 8.1820 - 0.0450 1.20
Managed Income (No Trail) Acc ♦ F 200.31 - 1.24 2.98 Global High Yield Bd Acc 101.90xd - 0.10 6.16
M & G Securities Ltd (UK) Indian Equity A F $ 36.19 - 0.03 0.00 CF Odey Continental European I Acc ♦ 127.20 - 0.86 0.73
High Income £ 0.8880xd - 0.0018 4.96
Managed Income (No Trail) Inc ♦ F 167.46 - 1.04 3.04 Global High Yield Bd Inc 39.50xd - 0.04 6.24 Property & Other UK Unit Trusts
Latin American Equity A F $ 49.82 - -0.38 0.00 CF Odey Continental European I Inc ♦ 122.24 - 0.82 0.73
Global Property Secs Acc 59.80 - -0.06 0.70
International £ 4.4620 - 0.0150 1.14 Marlborough Fd Managers Ltd (1200)F (UK)
Monthly Income Plus (No Trail) Acc ♦ F 174.16 - 0.25 4.64 Charibond 124.97xd - 0.46 5.17 CF Odey Opus R Inc ♦ 3919.15 - 32.92 0.00
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Short Maturity Euro Bond A F € 20.49 - 0.00 0.00
North American £ 16.1900 - 0.0700 0.13
Monthly Income Plus (No Trail) Inc ♦ F 111.90 - 0.16 4.74 Global Property Secs Inc 51.84 - -0.05 0.70 (Accum Units) 3603.75xd - 13.50 5.17 www.marlboroughfunds.com
US Dollar Liquidity A F $ 13.03 - 0.00 0.00 CF Odey Opus Fund A Accumulation 139.72 - 1.17 0.00
Sterling Bond £ 1.4960xd - 0.0030 3.55 Authorised Inv Funds
Pacific (No Trail) Acc ♦ F 201.59 - 2.08 0.78 Income Acc 50.74xd - 0.01 - NAACIF 80.39xd - 0.55 4.28
US Growth A F $ 68.08 - 0.41 0.00 CF Odey Opus Fund I Acc 179.80 - 1.51 0.25
UK £ 7.6160 - 0.0270 1.35 Balanced 160.07 169.26 0.30 0.05
Pacific (No Trail) Inc ♦ F 191.33 - 1.97 0.85 Income Inc 48.52xd - 0.01 - (Accum Units) 7033.05xd - 48.51 4.16
Lloyds Gilt Fund Limited US Growth AH F € 46.99 - 0.28 0.00 CF Odey Opus Fund I Inc 176.05 - 1.48 0.25
Japan Acc 290.50 - 2.70 0.00 Bond Income 51.54 54.54 0.09 4.44
Tactical Bond (No Trail) Acc ♦ F 141.74 - -0.06 2.22 M&G Property Portfolio A Acc 128.20xd 134.94 0.01 3.75 CF Odey Absolute Return Fund Euro Hedged € 1.72 - -0.03 0.00
Lloyds Gilt Fund Quarterly Share £ 1.2690 - 0.0040 2.02 US Growth AX F £ 43.89 - 0.69 0.00
Japan Inc 69.92 - 0.64 0.00 Cash 50.13 - 0.00 0.48
Tactical Bond (No Trail) Inc ♦ F 120.86 - -0.05 2.26 Property Portfolio A 119.28xd 125.55 0.01 3.83 CF Odey Absolute Return Fund US Dollar Hedged $ 1.59 - -0.03 0.00
Monthly Share £ 1.2210xd - 0.0030 2.02 US Property A F $ 67.95 - -0.62 0.00
Multi-Asset Inc Mth Inc 67.76xd - 0.17 3.68 Cautious Inc 85.97 90.51 -0.03 1.57
UK Aggressive (No Trail) Acc ♦ F 184.83 - 1.24 2.18 Lloyds Money Fund Limited Property Portfolio X 119.28xd 119.28 0.01 3.83 CF Odey Absolute Return R 288.66 - -4.97 0.00
Multi-Asset Inc Acc... C 88.73xd - 0.23 3.58 Defensive A Inc 116.17 - 0.00 0.97
UK Aggressive (No Trail) Inc ♦ F 155.52 - 1.04 2.22 Sterling Class £ 52.5700 - 0.0000 0.21 CF Odey Absolute Return I 297.82 - -5.13 0.00
Emerging Markets 255.63 - 1.94 1.49 Morgens Waterfall Vintiadis.co Inc
UK Enhanced Index (No Trail) Acc ♦ F 428.48 - 3.61 3.37 Multi-Asset Inc Inc... C 67.76xd - 0.18 3.68 Lloyds Multi Strategy Fund Limited
M & G (Guernsey) Ltd (GSY) CF Odey Portfolio Fund Class P Institutional Acc 108.30 - 0.52 -
ETF Global Growth A 158.27 - 1.61 0.00 Other International Funds
Multi-Asset Macro Acc 62.56 - 0.10 0.00 Conservative Strategy £ 1.1360 - 0.0010 2.30 Regulated
UK Enhanced Index (No Trail) Inc ♦ F 272.22 - 2.29 3.45 CF Odey Portfolio Fund Class P Retail Acc 107.85 - 0.57 -
ETF Commodity A 81.88 - 0.19 0.00 Phaeton Intl (BVI) Ltd (Est) $ 444.18 - 6.34 0.00
Multi-Asset Macro Inc 62.56 - 0.10 0.00 Growth Strategy £ 1.5670 - -0.0010 1.64 The M&G Offshore Fund Range
UK Growth (No Trail) Acc ♦ F 161.64 - 1.04 2.20 CF Odey Portfolio Fund I Acc 153.53 - 0.82 0.06
Corporate Bond 1328.96 1370.06 4.33 3.07 European Multi-Cap 269.88 - 1.91 0.20
Multi-Manager Growth Acc 748.10 - 2.60 0.45 Aggressive Strategy £ 1.9220 - -0.0060 0.00
UK Growth (No Trail) Inc ♦ F 132.26 - 0.85 2.25 CF Odey Portfolio Fund I Inc 151.09 - 0.80 0.06
Multi-Manager Growth Inc 698.20 - 2.40 0.45 Global USD Growth Strategy $ 1.5090 - 0.0040 0.00 Global Basics 2555.91 2634.96 12.88 0.00 Extra Income 83.22 88.06 0.39 4.06
UK Smaller Companies Equity (No Trail) Acc ♦ F 279.77 - 1.51 1.06 CF Odey Portfolio Fund R Acc 149.44 - 0.78 0.00
Natural Resources Acc 483.30 - 0.80 0.08 Dealing Daily Global Leaders 3510.93 3657.21 26.19 1.21 Far East Growth A Inc 181.00 - 1.69 1.65
UK Smaller Companies Equity (No Trail) Inc ♦ F 261.10 - 1.41 1.07 CF Odey Portfolio Fund R Inc 149.19 - 0.79 0.00
Natural Resources Inc 34.23 - 0.05 0.08 Global High Yield Bond 1015.72 1047.13 0.78 4.42 Global 188.28 198.28 -0.43 0.00
UK Strategic Income (No Trail) Acc ♦ F 754.57 - 7.88 3.36
New Europe Acc 155.70 - -0.30 2.33 Global Macro Bond Fund 11055.86 11397.80 41.92 0.79 Global Bond Inc 139.18 147.28 0.51 3.16
UK Strategic Income (No Trail) Inc ♦ F 565.83 - 5.91 3.45
New Europe Inc 37.04 - -0.08 2.29 North American Dividend Fund 164.11 170.94 1.20 0.58 High Yield Fixed Interest 74.93 79.50 0.05 5.95 Odey Asset Management LLP (CYM)
US Equity (No Trail) Acc ♦ F 234.19 - 2.19 0.04 Regulated
Portfolio Acc 209.30xd - 1.00 0.62 Optimal Income Fund 143.52 147.95 0.10 2.23 Multi Cap Income A Inc 161.21 - 0.35 4.18 Natixis International Funds (Lux) I SICAV (LUX)
OEI MAC Inc A £ 328.71 - -13.09 0.00
Recovery Fund Limited 'A' Participating Shares 11596.69 12079.88 53.35 0.57 Nano-Cap Growth A Acc 100.0434 109.9900 0.2650 - Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Sterling Corporate Bond Acc 83.27xd - 0.26 2.37
FCA Recognised OEI Mac Inc B £ 181.76 - -8.45 0.00
Sterling Corporate Bond Inc 52.61xd - 0.16 2.38 Recovery Fund Limited 'I' Participating Shares 11644.96 11762.59 55.00 1.32 Special Situations A Acc 1130.91 1196.73 3.65 0.28
Harris Global Equity R/A (USD) $ 286.05 286.05 1.54 0.00 OEI MAC Inc USD $ 1764.85 - -71.63 0.00
Strategic Bond Acc 69.34xd - -0.07 3.01 Lombard Odier Funds (Europe) S.A (LUX) Strategic Corporate Bond Fund 134.98 140.60 0.31 2.83 UK Multi-Cap Growth A Inc
Asset Management 241.28 255.32 1.86 0.41
Harris Concentrated US Equity H-N/A (GBP) £ 156.53 156.53 0.87 0.00
Odey European Inc EUR € 766.84 - -18.63 0.00
www.loim.com UK Growth 1674.74 1744.52 9.67 0.97 UK Micro Cap Growth A 454.11 480.54 0.32 0.00
Strategic Bond Inc 58.04xd - -0.06 3.03
Asset Management UK Active Index + E Acc 300.40 - 2.20 2.86
Regulated
Lombard Odier Funds
Asset Management US Multi-Cap Income
MFM - Third Party Funds
320.20 - 1.80 0.17
Harris Concentrated US Equity R/D (GBP) £ 108.62 108.62 -0.18 32.04
Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.21 100.21 0.06 1.61
Odey European Inc A GBP
Odey European Inc B GBP
£ 293.42
£ 166.51
-
-
-6.94 0.00
-3.93 0.00
UK Active Index + E Inc 56.64 - 0.41 2.86 Absolute Ret Bond (EUR) PA € 12.01 - -0.01 0.00
Odey European Inc USD $ 353.24 - -8.72 0.00
Invesco (LUX) Junior Oils 109.44 115.81 2.50 0.00
UK Dynamic Acc 167.20 - 0.70 1.28 Absolute Ret Bond (USD) PA $ 17.61 - -0.02 0.00
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 Giano Capital EUR Inc € 4569.06 - -154.60 0.00
Junior Gold C Acc 28.52 - -0.09 0.00 Natixis International Funds (Dublin) I plc (IRL)
FCA Recognised UK Dynamic Inc 138.00 - 0.70 1.29 All Roads (CHF) PA SFr 18.18 - 0.03 0.00
MFM Artorius Fund 146.74 - 2.02 0.19 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Invesco Management SA UK Eq & Bond Inc Acc ... C 146.30xd - 0.80 3.15 Regulated
All Roads (USD) PA $ 11.52 - 0.01 0.00
Invesco Active Multi-Sector Credit Fund A € 2.98 - 0.00 0.00 MFM Bowland 149.04 161.12 0.90 0.00 Odey Asset Management LLP (IRL)
UK Eq & Bond Inc Inc ... C 86.54xd - 0.51 3.21 All Roads (GBP) PA £ 11.75 - 0.01 0.00 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.47 13.47 -0.07 1.06
MFM Hathaway Inc 106.76 111.79 1.59 1.38 FCA Recognised
Invesco Asia Balanced A dist $ 15.98 - 0.02 3.37 Loomis Sayles High Income R/D (USD) $ 9.72 9.72 0.02 12.81
UK Higher Inc Acc ... C 953.00 - 7.50 3.68 All Roads (EUR) PA € 11.69 - 0.02 0.00 MFS Investment Funds (LUX) Odey Pan European EUR R € 366.12 - 2.34 0.00
MFM SGWM Managed A Acc 128.55 - -0.44 0.15
Invesco Asia Consumer Demand Fund A income $ 14.62 - 0.25 0.18 FCA Recognised Loomis Sayles Multisector Income R/D (GBP) £ 13.58 13.58 -0.08 4.28
UK Higher Inc Inc ... C 567.30 - 4.50 3.79 Alpha Japan (EUR) PA F € 12.30 - -0.01 0.00 Odey Allegra European EUR O € 284.99 - 0.64 0.00
MFM Techinvest Special Situations Acc 117.32 - 2.34 0.08
Invesco Asia Infrastructure (A) $ 14.46 - 0.06 1.35 Blend.Research Gb.Eq.Fd. € 110.33 - 0.82 -
UK Managed Equity Acc 71.00xd - 0.45 1.93 Alpha Japan (CHF) PA F SFr 15.41 - -0.01 0.00 Odey Allegra International EUR O € 187.45 - 0.53 0.00
MFM Techinvest Technology Acc 383.62 - 9.73 0.00
Invesco Asia Opportunities Equity A $ 117.65 - 1.18 0.00 Blend.Research Gb.Eq.Fd. £ 105.41 - 0.99 -
UK Managed Equity Inc 60.00xd - 0.37 1.95 Alpha Japan (JPY) PA F ¥ 1458.00 - -1.00 0.00
MFM UK Primary Opportunities A Inc 341.02 - 1.81 1.29 Natixis International Funds (UK) Odey Allegra Developed Markets USD I $ 135.35 - 0.57 0.00
Invesco Balanced Risk Allocation Fund A € 15.73 - 0.10 0.00 Blend.Research U.S.Core Eq.Fd. ¥ 10697.00 - -4.00 -
UK Smaller Cos Acc 366.60 - 0.90 0.00 Alpha Japan (USD) PA F $ 17.66 - -0.01 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Slater Investments Ltd - Investment Adviser Odey Atlas Fund GBP I S £ 1.26 - 0.00 0.00
Invesco Capital Shield 90 (EUR) A € 12.38 - 0.01 0.00 Blend.Research Gb.Eq.Fd. $ 107.37 - -0.15 - Authorised Funds
UK Smaller Cos Inc 71.18 - 0.18 0.00 Alternative Beta PA F SFr 120.67 - 0.16 0.00 Odey Giano European Fund EUR R € 114.21 - -0.36 0.00
MFM Slater Growth 389.74 413.52 2.17 0.11
Invesco Emerging Europe Equity Fund A $ 9.25 - 0.03 0.00 Em.Mk.Eq.Fund Euro € 129.33 - 1.74 0.00 H2O MultiReturns Fund N/A (GBP) $ 12.80 12.80 0.02 1.72
UK Strategic Eq Inc Acc ... C 159.80xd - 1.10 3.29 Alternative Beta PA F € 81.18 - 0.12 0.00 MFM Slater Income A Inc 160.04 - 0.16 3.60 Odey Naver Fund EUR I € 127.01 - 0.17 0.00
Invesco Emerging Local Currencies Debt A Inc $ 8.11 - -0.02 6.12 Em.Mk.Eq.Fund Sterling £ 108.13 - 1.64 0.00 H2O MultiReturns Fund I/A (GBP) £ 1.27 - 0.00 1.95
UK Strategic Eq Inc Inc ... C 105.20xd - 0.70 3.40 Alternative Beta PA F $ 121.41 - 0.18 0.00 MFM Slater Recovery 167.38 177.59 3.02 0.10 Odey Odyssey USD I $ 170.11 - -0.01 0.00
Invesco Emerging Mkt Quant.Eq. A $ 11.64 - 0.06 0.00 Em.Mk.Eq.Fd.US Dollar $ 108.88 - 0.50 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.12 - 0.01 -
UK Strategic Gth Acc 116.80 - 0.70 1.13 Commodities (CHF) PA SFr 6.15 - 0.02 0.00 Odey Orion Fund EUR I € 130.98 - 1.15 0.00
Invesco Energy A $ 23.90 - 0.36 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 9123.00 - -39.00 5.95 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.12 - 0.01 -
UK Strategic Gth Inc 108.90 - 0.60 1.14 Commodities (EUR) PA € 6.22 - 0.02 0.00 Odey Swan Fund EUR I € 88.86 - -0.25 0.00
Invesco Euro Corporate Bond Fund (A) € 17.44 - 0.01 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 11130.00 - -20.00 5.80 Marlborough International Management Limited (GSY) Loomis Sayles Strategic Income H-N/D (GBP) £ 0.99 - 0.00 4.48
US Acc 727.50 - 4.40 0.00 Commodities (USD) PA $ 6.40 - 0.02 0.00 Odey European Absolute Return GBP S £ 94.67 - -0.40 0.00
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Invesco Euro Inflation Linked Bond A € 15.69 - 0.01 0.00 Gb.Conc.Eq.Fd.Euro € 290.29 - 1.15 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.07 - 0.00 4.63
US Inc 100.70 - 0.60 0.00 Convertible Bd P A € 17.88 - -0.01 0.00 FCA Recognised
Invesco Euro Reserve A € 322.89 - 0.00 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 172.42 - 1.00 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.39 - 0.01 0.28
US Equity Income Acc ... C 121.60xd - 0.40 2.01 Convertible Bd Asia PA F SFr 14.63 - -0.05 0.00 Marlborough North American Fund Ltd £ 31.05 31.36 0.61 0.00
Invesco European Bond A € 7.19 - 0.02 0.00 Gb.Conc.Eq.Fd.Sterling £ 261.37 - 1.51 0.00 Marlborough Tiger Fund Ltd F £ 28.54 28.83 -1.22 0.00
Loomis Sayles US Equity Leaders I/A (GBP) £ 1.37 - 0.01 0.47 Odey Wealth Management (CI) Ltd (IRL)
US Equity Income £ hdg Inc ... C 103.60xd - 0.00 2.09 Convertible Bd Asia PA F € 15.55 - -0.05 0.00
www.odey.com/prices
Invesco European Growth Equity A € 26.21 - 0.05 0.00 Gb.Conc.Eq.Fd.US $ 202.54 - -1.00 0.00
US Equity Income Inc ... C 104.30xd - 0.30 2.04 Convertible Bd Asia PA F $ 15.66 - -0.05 0.00 FCA Recognised
Invesco Global Absolute Return Fund A Class € 11.67 - 0.01 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 193.97 - 0.05 0.00
US Select Acc 112.80 - 0.50 0.00 Emerg. Consumer (CHF) PA SFr 13.21 - -0.02 0.00 NatWest (2230)F (UK) Odey Opportunity EUR I € 223.26 - 0.11 0.00
Invesco Global Bond A Inc $ 5.56 - 0.00 0.96
Martin Currie Fund Management Ltd (1200)F (UK)
Gb.Eq.Euro Hdg Fd. € 275.08 - 0.07 0.00 PO Box 23873, Edinburgh EH7 5WJ**
US Select Inc 111.40 - 0.50 0.00 Emerg. Consumer (EUR) PA € 13.32 - -0.02 0.00 Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125
Enquiries: 0800 085 5588
Invesco Global Equity Income Fund A $ 64.09 - 0.07 0.00 Gb.Eq.Fund Euro € 301.34 - 1.20 0.00 Authorised Inv Funds
US Smaller Cos Acc 396.40 - 1.60 0.00 Emerg. Consumer (USD) PA $ 13.31 - -0.02 0.00 Authorised Inv Funds
Invesco Global Inc Real Estate Sec A dist $ 9.67 - 0.00 2.14 Martin Currie Investment Funds (OEIC) Omnia Fund Ltd
Gb.Eq. Fd Euro IRE T € 190.53 - 0.76 0.00 Series 1(Minimum initial investment 16375,000)
US Smaller Cos Inc 103.90 - 0.50 0.00 Emerg.Eq. Risk Par.(EUR) PA € 9.49 - -0.03 0.00 Other International Funds
Class A (Retail)
Invesco Global Inv Grd Corp Bond A Dist $ 11.86 - 0.03 2.99 Gb.Eq.Fd.Sterling UK T £ 216.44 - 1.27 0.00 United Kingdom Equity Index Fund £ 13.68 - 0.03 2.42
Emerg. Eq. Risk Par.(USD) PA $ 7.38 - -0.01 0.00 Estimated NAV $ 1013.95 - -11.27 0.00
Asia Pacific 125.00 - 1.00 1.02
Invesco Global Leisure A $ 36.91 - 0.14 0.00 Gb.Eq.Fd.US Dollar $ 332.06 - -1.61 0.00 UK Specialist Equity Inc £ 20.49 - 0.02 0.33
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.12 - 0.00 0.00
Invesco Global Smaller Comp Eq Fd A $ 60.06 - 0.18 0.00 JPMorgan Charity Funds (UK) China 129.70 - 2.00 0.00
Gb.Eq.Fund Sterling £ 214.26 - 1.26 0.00 Contl Europe Spec Equity £ 16.86 - -0.03 0.00
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.79 - -0.01 0.00 Emerging Mkts 212.60 - 0.80 0.01
Invesco Global Structured Equity A $ 48.73 - 0.19 0.73 Property & Other UK Unit Trusts Gb.Val.Ex-Jap.Fd.USD $ 123.63 - -0.68 0.00 US Spec Equity Fund £ 13.88 - -0.06 0.00
Emerg.Loc.Cur.Bd.Fdt PA € 12.16 - 0.01 0.00 European Equity Income A acc 368.70 - 3.20 3.41
Invesco Global Total Ret.(EUR) Bond Fund A € 13.48 - 0.02 0.00 UK Equity Fund for Charities I...C £ 3.020360xd 3.031870 0.020870 3.21 Gb.Val.Ex-Japan Fd.Yen ¥ 14763.00 - -46.00 0.00 Japan Specialist Fund X £ 10.00 - -0.04 0.00
Emerg.Loc.Cur.Bd.Fdt PA $ 9.39 - 0.02 0.00 Global Alpha 143.10 - 0.80 0.28
Invesco Gold & Precious Metals A $ 5.00 - 0.02 0.00 Bond Fund for Charities £ 1.360390xd 1.366750 0.005090 3.66 Low Volatility Gb.Eq.Fd. € 107.48 - 0.66 - Pacific Basin Specialist Equity Fund £ 25.31 - 0.35 0.57
Euro BBB-BB Fdt PA SFr 15.87 - 0.00 0.00 Global Equity Income Inc 111.30 - 0.60 3.85
Invesco Greater China Equity A $ 52.58 - 0.44 0.00 Low Volatility Gb.Eq.Fd. £ 102.68 - 0.82 - UK Sovereign Bd Index Fund £ 10.81 - 0.00 2.59
Euro BBB-BB Fdt PA € 12.57 - 0.00 0.00 Global Equity Income acc 140.90 - 0.80 3.76
Invesco India Equity A $ 54.77 - 0.61 0.00 Low Volatility Gb.Eq.Fd. $ 104.58 - -0.29 - UK Specialist Equity Income Fund £ 10.38 - 0.01 3.34
Euro BBB-BB Fdt PA £ 11.08 - 0.00 0.00 Japan Alpha 111.20 - 0.70 0.05 Optima Fund Management
Invesco Japanese Equity Adv Fd A ¥ 4030.00 - 7.00 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.15 - 0.02 3.08
Euro BBB-BB Fdt PA $ 17.82 - 0.00 0.00 Other International Funds
North American 264.60 - 1.50 0.00
Invesco Japanese Value Eq Fd A ¥ 1333.00 - 7.00 0.00 Inflation Lkd Sov Bd Fund £ 12.51 - -0.01 0.68 JENOP Global Healthcare Fund Ltd $ 15.92 - -0.97 0.00
Euro Credit Bd PA F € 13.03 - -0.01 0.00 MFS Meridian Funds SICAV (LUX) European Equity Income A Inc 332.70 - 2.80 3.49
Invesco Latin American Equity A $ 7.62 - -0.07 0.00 Regulated Global Emerg Mkts Equity Fund X £ 13.24 - 0.08 0.45 Optima Fd NAV (Est) $ 94.61 - 0.46 0.00
Euro Government Fdt PA € 12.51 - 0.00 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1070.00 - 3.00 0.00 Absolute Return A1 € 20.73 - 0.35 0.00 Series 2 (Investment Management customers only) Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Euro Inflation-Lk Fdt PA € 12.06 - 0.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 21.86 - 0.04 0.00 Asia ex-Japan A1 $ 26.37 - 0.21 0.00 Marwyn Asset Management Limited (CYM) United Kingdom Equity Index Fund £ 13.67 - 0.03 2.76
Swiss & Global Asset Management (LUX) Euro Resp.Corp. Fdt PA € 18.47 - 0.00 0.00 The Dorset Energy Fd Ltd NAV $ 44.95 - -1.54 0.00
Regulated
Invesco Pan European High Income Fd A € 14.60 - 0.02 1.89 funds@swissglobal-am.com, www.jbfundnet.com Bond A1 $ 10.50 - -0.01 0.00 UK Specialist Equity Inc £ 20.63 - 0.02 1.46
Europe High Conviction PA € 12.53 - 0.06 0.00 Platinum Fd Ltd $ 92.93 - -0.33 0.00
Regulated Marwyn Value Investors £ 509.98 - 4.82 0.00
Invesco Pan European Small Cap Equity A € 23.37 - -0.02 0.00 China Equity Fd A1 $ 11.76 - 0.21 0.00 Contl Europe Spec Equity £ 17.65 - -0.04 0.58
Eurozone Small&Mid Caps PA € 53.26 - 0.08 0.00 Platinum Fd Ltd EUR € 18.14 - -0.06 0.00
JB BF ABS-EUR B € 105.48 - 0.00 0.00
Invesco Pan European Structured Equity A € 18.15 - 0.05 0.00 Continental European Eqty A1 € 19.00 - -0.03 0.00 US Spec Equity Fund £ 14.44 - -0.06 0.16
Fdmt.Eq.L/S SH Sd EUR PA € 10.67 - 0.02 - Platinum Japan Fd Ltd $ 55.52 - 0.13 0.00
Tuesday 26 May 2015 ★ FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

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

Optima Partners Global Fd $ 14.86 - 0.00 0.00 Euro Bond - Inst Acc € 22.69 - 0.06 0.00 Recovery Inc 450.43 467.71 2.33 2.29 Santander Atlas Port 3 Acc Inst 166.00 - 0.10 - Investments IV - Global Private Eq. € 428.48 449.91 0.00 -
Optima Partners Focus Fund A $ 17.00 - -0.01 0.00 Euro Credit - Inst Acc € 14.81 - 0.04 0.00 Recovery Acc 534.70 554.78 2.77 2.26 Santander Atlas Port 4 Acc Ret 185.90 - 0.30 -
Smith & Williamson Fd Admin Ltd (1200)F (UK) The Hartford International Funds (IRL) Money Market
Euro Income Bond - Inst Acc F € 13.15 - 0.02 0.00 Strategic Bond Ret Acc £ 1.19 1.20 0.01 3.80 Santander Atlas Port 4 Inc Ret 134.80 - 0.20 - 25 Moorgate, London, EC2R 6AY 0141 222 1150 Regulated
Unicorn Asset Management Ltd
Trusts and
(UK)
Euro Long Average Duration - Inst Acc € 22.01 - 0.12 0.00 Strategic Bond Ret Inc £ 1.06 1.08 0.00 3.84 Santander Atlas Port 4 Acc Inst 168.60 - 0.30 - Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index (GBP) £ 1562.30 - 8.87 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Orbis Investment Management Ltd (BMU)
S&W Deucalion Fd (OEIC) 2197.00 - 26.00 0.37
Euro Low Duration Fund Inst Acc € 11.33 - 0.00 0.00 Santander Atlas Port 5 Acc Ret 201.30 - 0.20 - UK Corporate Bond £ 1571.58 - 6.27 0.00 Authorised Inv Funds
Bank Accounts
Regulated
S & W Magnum 398.60 421.30 2.00 1.45 Gilt £ 1560.93 - 6.35 0.00 UK Growth A Inc 375.36 - 0.66 0.00
Orbis Global Equity $ 189.21 - 0.17 0.00 Euro Real Return - Inst Acc € 13.45 - 0.03 0.00 Santander Atlas Port 5 Acc Inst 170.50 - 0.10 -
Gross
S & W Marathon Trust 194.20 205.50 0.80 1.85 Mastertrust A Inc X F 372.89 - 1.07 0.00
Orbis Optimal (US$) $ 76.35 - -0.17 0.00 Euro Short-Term Inst Acc € 12.32 - 0.01 0.00 Santander Atlas Port 6 Acc Ret 278.10 - 0.10 - Global Eq (Ex Japan) Index Fund ¥ 1.45 - -0.01 0.00 Gross Net AER Int Cr
Orbis Optimal (Euro) € 26.19 - 0.00 0.00 Charity Value and Income Fund Acc 145.00 145.80 0.90 4.48 Global Eq (ex Japan) Class HJ4 ¥ 1.51 - 0.00 0.00 UK Growth B Inc 377.19 - 0.67 0.25
Euro Short-Term Inv Acc € 11.94 - 0.01 0.00 Santander Atlas Port 6 Acc X 198.50 - 0.10 -
Charity Value and Income Fund Inc 99.84 100.40 0.60 4.60 Mastertrust B Inc X F 335.32 - 0.97 0.39 CCLA Investment Management Ltd
Orbis Optimal (Yen) ¥ 1092.00 - -1.00 0.00 Euro Ultra Long Duration - Inst Acc € 29.57 - 0.25 0.00 Santander Atlas Port 6 Acc Inst 170.50 - 0.10 - Global Eq (ex Japan) Class JP5 ¥ 1.66 - 0.00 0.00
Outstanding British Cos A Acc X F 250.76 - 0.99 0.45 Senator House 85 Queen Victoria Street, London EC4V 4ET
Orbis Japan Equity (US$) $ 49.11 - 1.61 0.00 Global Advantage - Inst Acc $ 12.49 - -0.03 0.00 Santander Atlas Port 7 Acc Ret 218.80 - -0.10 - Global Eq Ex Japan Index Fund (Hedge) ¥ 1.52 - 0.00 0.00
CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
*Orbis Prices as of May 21st Outstanding British Cos B Acc X F 260.89 - 1.02 1.16
Global Advantage Real Return Fund Inst Acc $ 9.24 - -0.04 0.00 Santander Atlas Port 7 Acc Inst 173.20 - -0.10 - SMT Fund Services (Ireland) Limited Gbl Govt Bond (Ex Japan) Index ¥ 1.34 - -0.01 0.00
Robeco Asset Management (LUX)
Authorised Inv Funds Regulated UK Smaller Cos A Inc X F 430.82 - 1.81 0.08
Global Bond - Inst Acc $ 27.79 - 0.01 0.00 Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.32 - 0.00 0.00 CCLA Fund Managers Ltd
www.robeco.com/contact Max 70% Shs Acc Ret 171.20 - 0.80 - Monthly Dividend High Yield $ 7.02 - 0.00 0.00 UK Smaller Cos B Inc X F 422.77 - 1.77 0.81 Senator House 85 Queen Victoria Street, London EC4V 4ET
Orbis Sicav (LUX) Global Bond Ex-US - Inst Acc $ 19.33 - 0.04 0.00 Japan Equity Index Fund ¥ 1.14 - 0.01 0.00
FCA Recognised Max 70% Shs Inc Ret 145.00 - 0.70 - Daiwa Gaika MMF UK Income A Acc X F 260.50 - -0.30 4.47 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Regulated Global Fundam.Index StocksPLUSInst Acc $ 12.38 - -0.04 0.00 Japan Equity Class JP3 ¥ 1.38 - 0.01 0.00
Asia-Pacific Equities (EUR) € 151.58 - 0.03 0.00 AU$ Portfolio A$ 0.01 - 0.00 -
Orbis Japan Equity (Yen) ¥ 4800.00 - 160.00 0.00 Investments Inc Acc Ret 155.60 - 0.60 - UK Income A Inc X F 239.48 - -0.28 4.62
Global High Yield Bond - Inst Acc $ 20.49 - 0.01 0.00
Chinese Equities (EUR) € 98.19 - 0.75 0.00 US$ Portfolio $ 0.01 - 0.00 -
Orbis Japan Equity (Euro) € 31.79 - 1.06 0.00 Investments Inc Inc Ret 104.10 - 0.40 - UK Income B Acc X F 275.54 - -0.32 4.45
Global Investment Grade Credit - Inst Income $ 12.44 - 0.00 3.49
Em Stars Equities (EUR) € 204.81 - 0.77 0.00 Canadian Dllr Pfolio C$ 0.01 - 0.00 - The National Investor (TNI)
Orbis Asia ex-Japan - Investor Shares $ 24.53 - 0.02 0.00
Global Investment Grade Credit Fund Inst Acc € € 11.80 - 0.08 0.00 Equity Inc Inc Inst 260.00 - 1.50 -
www.tni.ae
UK Income B Inc X F 253.43 - -0.29 4.60 Data Provided by
Emerging Markets Equities (EUR) € 175.14 - 0.93 0.00 New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 -
Orbis Global Equity - Investor Shares € 168.74 - 4.78 0.00 Equity Inc Inc Ret 223.70 - 1.20 - Other International Funds
Global Investment Grade Credit Fund Inst Acc $ $ 16.71 - 0.01 0.00
Flex-o-Rente (EUR) € 108.82 - -0.04 0.00 Daiwa Bond Series
N&P UK Gwth Inc Ret 173.70 - 0.80 - TNI Blue Chip UAE Fund * AED 11.27 - -0.12 0.00
Global Multi-Asset - Inst Acc $ 15.44 - 0.02 0.00
Glob.Consumer Trends Equities (EUR) € 160.77 - 0.27 0.00 Monthly Dividend AUD Bd A$ 10.34 - 0.01 0.00 Value Partners Hong Kong Limited (IRL)
Stckmkt 100 Track Gwth Acc Inst 101.20 - 0.80 - TNI Funds Ltd (BMU) www.valuepartners.com.hk / vpl@vp.com.hk
Oryx International Growth Fund Ltd Global Real Return - Inst Acc $ 18.22 - 0.03 0.00 Monthly Dividend EUR Bd € 10.75 - -0.01 0.00
High Yield Bonds (EUR) € 128.32 - 0.59 0.00 MENA Hedge Fund $ 994.16 - -14.08 0.00 Regulated
Other International Funds Income Fund Inst Acc $ 12.38 - 0.01 0.00 Stckmkt 100 Track Gwth Acc Ret 186.80 - 1.30 -
Lux -O- Rente (EUR) € 138.17 - 0.13 0.00 Monthly Dividend CAD Bd C$ 10.24 - 0.03 0.00 TNI Funds Plc (Ireland) Value Partners Classic Equity USD Hedged $ 16.92 - 0.18 0.00
NAV (Fully Diluted) £ 5.76 - 0.24 0.00 UK Growth Acc Inst 296.90 - 1.40 -
Inflation Strategy Fund Inst Acc $ 9.71 - -0.01 0.00 Mthly Div US Preferred Secs $ 7.93 - 0.02 0.00 MENA UCITS Fund * $ 1395.43 - 5.26 0.00
New World Financials (EUR) € 59.16 - -0.06 0.00
Low Average Duration - Inst Acc $ 14.79 - 0.00 0.00 UK Growth Acc Ret 345.10 - 1.60 -
Daiwa Equity Fund Series
US Premium Equities (EUR) € 190.85 - 0.24 0.00
PIMCO EqS Emerging Markets Fund Inst Acc $ 9.27 - 0.40 0.00
US Premium Equities (USD) $ 213.86 - 0.26 0.00
UK Growth Inc Ret 229.60 - 1.00 - New Major Economies $ 9.62 - 0.07 0.00 Veritas Asset Management LLP (IRL) www.morningstar.co.uk
Managed OEIC HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 17.04 - 0.03 0.00 Veritas Funds Plc Data as shown is for information purposes only. No
Glob Em Shs Port Acc Ret 180.20 - -0.30 -
PIMCO EqS Pathfinder.Fd Inst Acc F $ 15.19 - 0.04 0.00 www.veritas-asset.com offer is made by Morningstar or this publication.
Max 70% Shs Port Acc Ret 264.40 - 0.20 - Standard Life Wealth (JER)
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.42 - 0.01 0.00 Royal Bank of Scotland (2230)F (UK)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
+353 1 635 6799
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Max 70% Shs Port Acc X 189.90 - 0.20 - FCA Recognised
StocksPLUS{TM} - Inst Acc $ 24.06 - -0.02 0.00 FCA Recognised
Authorised Inv Funds Institutional
Max 70% Shs Port Acc S 153.40 - 0.10 - Standard Life Offshore Strategy Fund Limited
Permal Investment Mgmt Svcs Ltd Total Return Bond - Inst Acc $ 27.12 - 0.04 0.00 Series 5 (Minumum Initial Investment £75,000) Veritas Asian Fund A USD H $ 347.31 - 3.41 0.60
Investment Port Acc Ret 232.50 - 0.60 - Bridge Fund £ 1.6847 - 0.0115 2.37 The Resolution Fund (1200) (UK)
www.permal.com United Kingdom Equity Index Fund £ 17.11 - 0.03 2.42
UK Corporate Bond - Inst Acc £ 17.26 - 0.06 0.00 Tel 0870 870 8434 Veritas Asian Fund A GBP H £ 410.43 - 4.27 0.44
Other International Funds Investment Port Acc X 164.80 - 0.40 - Diversified Assets Fund £ 1.2148 - 0.0041 2.96

Guide to Data
UK Long Term Corp. Bnd Inst-Inst Acc £ 19.14 - 0.10 0.00 UK Specialist Equity Inc £ 20.50 - 0.02 0.33 Authorised Inv Funds Veritas Asian Fund A EUR H € 361.11 - 2.76 0.37
Offshore Fund Class A US $ Shares Global Equity Fund £ 1.9240 - 0.0144 1.26
Max 50% Shs Port Acc Ret 250.40 - 0.30 -
Investment Holdings N.V. $ 5663.13 - 47.15 0.00 UK Real Return - Inst Acc £ 22.86 - 0.09 0.00 Contl Europe Specialist Fund £ 24.89 - -0.06 0.00 Global Fixed Income D Acc F 103.30 - 0.10 2.58 Veritas China Fund A USD $ 166.37 - 2.49 0.00
Max 50% Shs Port Inc Ret 225.10 - 0.30 - Global Balanced Fund - Income Units £ 1.3914 - 0.0073 1.60
Macro Holdings Ltd $ 4207.21 - -73.70 0.00 UK Sterling Long Average Duration - Inst Acc £ 21.52 - 0.16 0.00 Japan Specialist Fund X £ 15.13 - -0.07 0.00 Global Fixed Income D Inc F £ 1.01 - 0.01 2.63 Veritas China Fund A GBP £ 171.59 - 2.67 0.00
Max 50% Shs Port Acc X 181.20 - 0.20 - Global Balanced Fund - Accumulations Units £ 1.5947 - 0.0083 1.57 The fund prices quoted on these pages are supplied by
Fixed Income Holdings N.V. $ 398.25 - -1.12 6.03 UK Sterling Low Average Duration - Inst Acc £ 14.11 - 0.01 0.00 US Spec Equity Fund £ 18.76 - -0.08 0.00 Global Yield B Acc F 120.60 - 0.10 2.13 Veritas China Fund A EUR € 166.11 - 2.58 0.00
Max 50% Shs Port Acc S 151.70 - 0.20 - Global Fixed Interest Fund £ 1.0472 - 0.0019 3.91 the operator of the relevant fund. Details of funds
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 Unconstrained Bond - Inst Acc $ 12.27 - 0.02 0.00 Pacific Basin Specialist Equity Fund £ 44.64 - 0.62 0.58 Global Yield B Inc F 112.70 - 0.00 2.17 Veritas Global Equity Income Fund D USD $ 135.17 - 1.20 4.27 published on these pages, including prices, are for the
Max 100% Shs Port Acc Ret 293.10 - 0.00 - Sterling Fixed Interest Fund £ 0.8640 - 0.0028 3.09 purpose of information only and should only be used
US Fundam.Index StocksPLUS Inst Inc $ 13.07 - 0.00 0.00 UK Sovereign Bd Index Fund £ 10.59 - 0.00 2.59 Global Balanced B Acc F 133.60 - 0.00 1.22 Veritas Global Equity Income Fund D EUR € 234.72 - 1.62 3.59
UK Equity Fund £ 2.1082 - 0.0145 2.63 as a guide. The Financial Times Limited makes no
Max 100% Shs Port Acc X 210.50 - 0.00 -
US High Yield Bond Fund Inst Acc $ 28.48 - 0.01 0.00 Inflation Lkd Sov Bd Fund £ 12.75 - -0.01 0.68 Global Balanced B Inc F 127.90 - 0.00 1.23 Veritas Global Equity Income Fund D GBP £ 167.85 - 1.91 4.18 representation as to their accuracy or completeness
Max 100% Shs Port Acc S 153.20 - 0.00 - and they should not be relied upon when making an
UK Specialist Equity Income Fund £ 10.35 - 0.00 3.34 Global Growth B Acc F 143.40 - 0.00 0.68 Veritas Global Focus Fund D USD $ 27.21 - 0.12 2.67 investment decision.
Enhanced Inc Inc Ins 222.10 - 1.20 -
Global Emerg Mkts Equity Fund X £ 12.79 - 0.08 0.42 Global Growth B Inc F 134.00 - -0.10 0.64 Veritas Global Focus Fund D EUR € 24.50 - 0.06 2.47
Enhanced Inc Inc Ret 210.70 - 1.10 - The sale of interests in the funds listed on these pages
Global Spec Inv Grade Bd Fund GBP £ 9.99 - 0.01 3.08 Global Equity Fund B Acc F 137.80 - 0.00 0.30 Veritas Global Focus Fund D GBP £ 29.52 - 0.21 2.33 may, in certain jurisdictions, be restricted by law and
Series 6 (Investment Management Customers Only) Enhanced Inc Inc X 178.60 - 0.90 - the funds will not necessarily be available to persons
Global Equity Fund B Inc F £ 1.37 - 0.00 0.30 Veritas Global Focus Fund A GBP £ 28.47 - 0.21 2.12
Managed Investments OEIC in all jurisdictions in which the publication circulates.
United Kingdom Equity Index Fund £ 16.87 - 0.03 2.76 UK Income Focus B Inc F 67.40 - 0.30 2.42 Veritas Global Focus Fund A EUR € 14.26 - 0.04 1.96 Persons in any doubt should take appropriate
Pictet Funds (Europe) SA (LUX) Max 30% Shs Port Acc Ret 157.80 - 0.30 -
UK Specialist Equity £ 20.64 - 0.02 1.46 professional advice. Data collated by Morningstar. For
15, Avenue J.F. Kennedy L-1855 Luxembourg UK Income Focus B Acc F 89.50 - 0.50 2.36 Veritas Global Focus Fund A USD $ 26.23 - 0.12 2.24
Max 30% Shs Port Acc X 157.80 - 0.30 - other queries contact reader.enquiries@ft.com +44
Tel: 0041 58 323 3000 Contl Europe Specialist Fund £ 25.83 - -0.06 0.58 Stenham Asset Management Inc UK Balanced B Inc F 71.30 - 0.10 1.92 (0)207 873 4211.
Veritas Global Focus Fund C GBP £ 30.74 - 0.22 0.00
FCA Recognised Platinum Capital Management Ltd Japan Specialist Fund X £ 15.89 - -0.07 0.50
Max 30% Shs Port Acc S 151.50 - 0.30 - www.stenhamassetmanagement.com
Other International Funds UK Balanced B Acc F 78.40 - 0.20 1.89 Veritas Global Focus Fund C EUR € 25.62 - 0.06 0.00 The fund prices published in this edition along with
Pictet-Absl Rtn Fix Inc-HI EUR € 107.29 - 0.08 0.00 Max 30% Shs Inc Port Inc Ret 157.60 - 0.60 - Other International Funds
US Spec Equity Fund £ 19.54 - -0.09 0.16 UK Growth B Acc F 80.50 - 0.10 1.55 additional information are also available on the
Platinum All Star Fund - A (Est) $ 119.13 - - - Stenham Asia USD $ 140.69 - 4.63 - Veritas Global Focus Fund C USD $ 28.40 - 0.13 0.00
Pictet-Absl Rtn Glo Div-I EUR F € 129.00 - 0.33 0.00 Max 30% Shs Inc Port Inc X 157.70 - 0.60 - Financial Times website, www.ft.com/funds. The
Pacific Basin Specialist Equity Fund £ 44.42 - 0.62 1.13 UK Growth B Inc F 88.30 - 0.10 1.55
Platinum Global Dividend Fund - A $ 60.96 - - - Stenham Credit Opportunities A Class USD $ 107.29 - 0.94 0.00 Veritas Global Equity Income Fund A GBP £ 161.08 - 1.83 4.20 funds published on these pages are grouped together
Pictet-Agriculture-I EUR F € 211.25 - 0.59 0.00 Max 30% Shs Inc Port Inc S 151.10 - 0.60 -
UK Sovereign Bd Index Fund £ 10.69 - 0.00 2.59 UK Equity B Acc F 92.60 - 0.60 2.29 by fund management company.
Platinum Global Dividend UCITS Fund $ 74.38 74.38 0.08 6.69 Stenham Emerging Markets USD B1 $ 109.76 - -0.49 0.00 Veritas Global Equity Income Fund A EUR € 228.34 - 1.58 3.61
Pictet-Asian Equities Ex Japan-I USD F $ 241.25 - 2.73 0.00 Max 60% Shs Port Acc Ret 276.60 - 0.90 -
Inflation Lkd Sov Bd Fund £ 12.61 - -0.01 0.68 UK Equity B Inc F 84.50 - 0.50 2.32
Platinum Arbitrage Opportunities Fund Ltd Class A $ 83.29 - - - Stenham Gold USD $ 158.71 - 4.08 0.00 Veritas Global Equity Income Fund A USD $ 130.25 - 1.15 4.29 Prices are in pence unless otherwise indicated. The
Pictet-Asian Local Currency Debt-I USD F $ 155.23 - 0.36 0.00 Max 60% Shs Port Inc Ret 222.90 - 0.70 -
UK Specialist Equity Income Fund £ 11.14 - 0.01 3.28 change, if shown, is the change on the previously
Platinum Essential Resources UCITs Fund $ 6.99 6.99 0.07 - Stenham Growth USD $ 220.81 - -1.15 - Veritas Global Equity Income Fund C GBP £ 187.82 - 2.14 -
Pictet-Biotech-I USD F $ 913.09 - -0.02 0.00 Max 60% Shs Port Inc X 172.60 - 0.60 - quoted figure (not all funds update prices daily). Those
Global Spec Inv Grade Bd Fund GBP £ 10.25 - 0.02 3.08 designated $ with no prefix refer to US dollars. Yield
Platinum Maverick Enhanced Fund Limited $ 98.91 - - 0.00 Stenham Healthcare USD $ 184.90 - -4.43 0.00 Veritas Global Equity Income Fund C EUR € 265.49 - 1.84 -
Pictet-Brazil Index I USD $ 56.51 - 0.35 0.00 Max 60% Shs Port Inc S 152.10 - 0.50 - Thesis Unit Trust Management Limited (UK)
percentage figures (in Tuesday to Saturday papers)
Global Emerg Mkts Equity Fund X £ 12.78 - 0.08 0.61
Platinum Navigator Fund Ltd Class A $ 92.79 - - - Stenham Helix USD $ 31.00 - -73.66 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP Veritas Global Equity Income Fund C USD $ 150.93 - 1.34 - allow for buying expenses. Prices of certain older
Pictet-CHF Bonds I CHF SFr 504.01 - 0.28 0.00 Address and telephone number for Series 5 only Eq Inc Port Acc Ret 310.20 - 0.80 -
Authorised Funds insurance linked plans might be subject to capital
Eq Inc Port Inc Ret 245.00 - 0.60 - Stenham Managed Fund USD $ 117.64 - -0.53 - Veritas Global Real Return Fund A USD $ 20.76 - 0.09 2.02
Pictet-China Index I USD $ 138.50 - -0.98 0.00 TM New Court Fund A 2011 Inc £ 13.23 - 0.01 0.00 gains tax on sales.
Managed Investments OEIC 2 Stenham Multi Strategy USD $ 122.00 - -0.40 - Veritas Global Real Return Fund A GBP £ 11.57 - 0.05 2.00
Pictet-Clean Energy-I USD F $ 98.06 - 0.59 0.00 TM New Court Fund - A 2014 Acc £ 13.26 - 0.02 0.00
Royal London Unit Managers (CIS) (1200) F (UK) Investments Inc Port Inc Ret 166.90 - 0.60 -
Guide to pricing of Authorised Investment Funds:
Stenham Quadrant USD A $ 396.06 - -4.89 - Veritas Global Real Return Fund A EUR € 12.24 - 0.05 0.16 (compiled with the assistance of the IMA. The
Pictet-Digital Communication-I USD F $ 264.23 - 2.13 0.00 PO Box 105, Manchester M4 8BB 08457 464646 TM New Court Equity Growth Fund - Inc £ 13.36 - 0.02 0.00
Authorised Inv Funds Investments Inc Port Inc X 151.20 - 0.50 - Stenham Trading Inc USD $ 114.61 - -1.41 - Retail Investment Management Association, 65 Kingsway,
Pictet-Eastern Europe-I EUR F € 346.61 - -0.67 0.00 London WC2B 6TD.
CIS Sustainable Diversified Trust A £ 1.59 - 0.00 1.71 £ Gov Bond Inc Inst (gross) 176.70 - 0.70 - Stenham Universal USD $ 454.60 - -1.42 - Veritas Asian Fund B USD $ 243.00 - 2.38 0.43
Pictet-Em Lcl Ccy Dbt-I USD F $ 171.39 - 0.26 0.00 Tel: +44 (0)20 7831 0898.)
CIS Sustainable World Trust A 173.00 - 0.60 0.67 £ Gov Bond Inc Inst 144.90 - 0.60 - Stenham Universal II USD $ 168.91 - -0.59 0.00 Veritas Asian Fund B GBP £ 301.93 - 3.05 0.03
Pictet-Emerging Markets-I USD F $ 592.62 - 4.47 0.00 OEIC: Open-Ended Investment Company. Similar to a
Corporate Bd Inc Tst 91.06 95.85 0.23 4.05 £ Gov Bond Acc Inst 144.90 - 0.60 - Veritas Asian Fund B EUR € 265.58 - 2.02 0.00
Polar Capital Funds Plc (IRL) unit trust but using a company rather than a trust
Pictet-Emerging Markets Index-I USD F $ 264.48 - -0.90 0.00
Regulated European Growth X 112.40 118.30 0.50 1.64 Strat Bond Inc Inst 185.90 - 0.20 - Veritas China Fund B GBP £ 164.38 - 2.43 0.00 structure.
Pictet-Emerging Corporate Bonds I USD $ 108.81 - 0.16 0.00 Stratton Street Capital (CI) Limited (GSY)
Asian Financials I USD $ 330.11 330.11 3.38 0.00 Sustainable Leaders X A 473.80 - 2.50 0.68 Managed Investments OEIC 3 Veritas China Fund B EUR € 170.80 - 2.29 0.00 Different share classes are issued to reflect a different
Regulated
Pictet-Emerging Markets High Dividend I USD $ 117.55 - 0.63 0.00 currency, charging structure or type of holder.
Biotechnology I USD $ 19.28 19.28 -0.06 0.00 UK Growth X 516.20 543.40 2.90 1.06 Div Inc Port Inc Ret 185.30 - 1.10 - Japan Synthetic Warrant Yen Class ¥ 1451.08 - -10.16 0.00 Veritas Global Focus Fund B USD $ 18.92 - 0.09 1.63
Pictet-Emerging Markets Sust Eq I USD $ 100.13 - -0.58 0.00
European Income Acc EUR € 12.49 12.49 0.00 - UK Income With Growth X 235.10 247.50 1.40 4.31 Corp Bond Acc Inst (gross) 212.80 - -0.40 - Japan Synthetic Warrant GBP Hedged Class £ 171.75 - 4.87 0.00 Toscafund (CYM) Veritas Global Focus Fund B GBP £ 21.73 - 0.15 1.68 Selling price: Also called bid price. The price at which
Pictet-Environmental Megatrend Sel I EUR € 170.11 - 0.13 0.00 Regulated units in a unit trust are sold by investors.
Financial Opps I USD $ 13.41 - -0.01 1.85 US Growth 158.90 167.20 1.10 0.00 Corp Bond Inc Inst 144.70 - -0.30 - Japan Synthetic Warrant USD Class $ 15.70 - -0.26 0.00 Veritas Global Focus Fund B EUR € 16.97 - 0.05 1.57
Pictet-EUR Bonds-I F € 554.06 - -0.23 0.00 Tosca $ 295.00 - 4.03 0.00
GEM Growth I USD $ 10.35 - 0.03 0.00 Additional Funds Available Corp Bond Acc Inst 145.00 - -0.30 - Japan Synthetic Warrant USD Hedged Class $ 170.12 - 4.91 0.00 Veritas Global Equity Income Fund B GBP £ 148.58 - 1.69 4.25 Buying price: Also called offer price. The price at
Pictet-EUR Corporate Bonds Ex Fin i EUR € 144.94 - -0.10 0.00 Please see www.cis.co.uk for details Multi-Manager OEIC Tosca Mid Cap GBP £ 249.82 - 12.44 0.00 which units in a unit trust are bought by investors.
GEM Income I USD $ 11.42 - 0.00 0.00 Renminbi Bond Fund AUD Cls A A$ 124.56 - 0.91 3.78 Veritas Global Equity Income Fund B EUR € 210.10 - 1.46 3.65
Includes manager’s initial charge.
Pictet-EUR Corporate Bonds-I F € 201.17 - -0.13 0.00 Bal Intl Track Acc Ret 278.10 - -0.30 - Tosca Opportunity B USD $ 313.41 - 20.23 0.00
Global Alpha I USD $ 13.68 13.68 -0.04 0.00 Renminbi Bond Fund AUD Cls B A$ 126.53 - 0.92 3.52 Veritas Global Equity Income Fund B USD $ 129.46 - 1.14 4.33
Pictet-EUR Government Bonds I EUR € 156.88 - -0.12 0.00 Bond Mthly Inc Acc Ret 143.50 - 0.20 - Single price: Based on a mid-market valuation of the
Global Convertible I USD $ 11.95 11.95 0.02 0.00 Ruffer LLP (1000)F (UK) Renminbi Bond Fund CHF Cls A SFr 123.01 - 0.87 3.79 Veritas Global Real Return Fund B USD $ 20.13 - 0.09 1.58 underlying investments. The buying and selling price
Pictet-EUR High Yield-I F € 247.44 - -0.04 0.00 40 Dukes Place, London EC3A 7NH Bond Mthly Inc Inc Ret 93.31 - 0.19 - for shares of an OEIC and units of a single priced unit
Global Insurance I GBP £ 3.86 - 0.03 0.00 Renminbi Bond Fund CHF Cls B SFr 122.88 - 0.86 3.54 Veritas Global Real Return Fund B GBP £ 11.35 - 0.05 1.60
Pictet-EUR Short Mid-Term Bonds-I F € 137.02 - -0.03 0.00 Order Desk and Enquiries: 0845 601 9610 trust are the same.
Global Technology I USD $ 23.73 - 0.04 0.00 Authorised Inv Funds Renminbi Bond Fund CNH Cls A CNH 126.70 - 0.74 3.38 Veritas Global Real Return Fund B EUR € 13.09 - 0.05 1.41
Pictet-EUR Short Term HY I EUR € 119.65 - 0.03 0.00 Treatment of manager’s periodic capital charge:
Healthcare Blue Chip Fund I USD Acc $ 11.42 11.42 -0.04 - Authorised Corporate Director - Capita Financial Managers Santander Asset Management UK Limited (1200)F (UK) Renminbi Bond Fund CNH Cls B CNH 126.53 - 0.73 3.14
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.14 - 0.00 0.00 The letter C denotes that the trust deducts all or part
Healthcare Opps I USD $ 41.54 - -0.12 0.00 CF Ruffer Investment Funds 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 of the manager’s/operator’s periodic charge from
Renminbi Bond Fund Euro Cls B € 124.15 - 0.87 3.56 Veritas Asset Management LLP
Pictet-Euroland Index IS EUR € 145.03 - 0.43 0.00 CF Ruffer Gold Fund C Acc 86.41 - 0.00 0.00 Authorised Inv Funds capital, contact the manager/operator for full details
Income Opportunities B2 I GBP Acc £ 1.76 1.76 0.00 0.00 Renminbi Bond Fund GBP Cls B £ 125.93 - 0.89 3.36 www.veritas-asset.com
Santander Premium Fund (OEIC) of the effect of this course of action.
Pictet-Europe Index-I EUR F € 189.16 - 0.79 0.00 CF Ruffer Gold Fund O Acc 85.69 - -0.01 0.00 Other International Funds
Japan Alpha I JPY ¥ 229.95 229.95 0.45 0.00 A Shares Renminbi Bond Fund SGD Cls B S$ 124.92 - 0.90 3.32 TreeTop Asset Management S.A. (LUX)
Pictet-European Equity Selection-I EUR F € 684.27 - 2.80 0.00 Equity & General C Acc 390.69 - 3.46 0.24 Regulated Real Return Asian Fund USD (Est) € 313.58 - 4.15 0.00 Exit Charges: The letter E denotes that an exit charge
Japan I JPY ¥ 2280.06 - 7.22 0.00 Europe (ex-UK) 294.30 - 1.90 - Renminbi Bond Fund USD Cls B $ 125.50 - 0.89 3.12 may be made when you sell units, contact the
Pictet-European Sust Eq-I EUR F € 260.75 - 1.22 0.00 TreeTop Convertible Sicav Real Return Asian Fund GBP (Est) £ 333.75 - 4.41 0.00
North American I USD $ 18.01 18.01 -0.03 0.00 Equity & General C Inc 360.55 - 3.19 0.24 manager/operator for full details.
Japan Equities 162.40 - 0.60 - Renminbi Bond Fund YEN Cls B ¥ 13861.95 - 98.30 0.00 International A € 319.76 - 1.58 0.00
Pictet-Global Bds Fundamental I USD $ 121.92 - 0.26 0.00 Equity & General O Inc 359.53 - 3.16 0.00 Real Return Asian Fund EUR (Est) $ 329.28 - -0.06 0.00
UK Absolute Equity I GBP £ 11.27 11.27 0.03 - Pacific Bas (ex-Japan) 573.30 - 5.40 - Renminbi Bond Fund USD Cls A $ 172.89 - 1.23 3.36 Time: Some funds give information about the timing of
International B $ 411.43 - 2.03 0.00
Pictet-Global Bonds-I EUR € 162.13 - 0.24 0.00 Equity & General O Acc 387.44 - 3.40 0.00 price quotes. The time shown alongside the fund
Sterling Bonds 265.10 - 0.90 - Renminbi Bond Fund GBP Cls A £ 167.72 - 1.19 3.60 International C £ 142.24 - 0.64 0.00
Pictet-Global Emerging Currencies-I USD F $ 100.62 - 0.07 0.00 manager’s/operator’s name is the valuation point for
European C Acc 521.13 - 9.46 0.21
Polar Capital LLP (CYM)
UK Equities 280.00 - 1.30 - Renminbi Bond Fund SGD Cls A S$ 165.33 - 1.19 3.56 International D € 305.03 - 1.51 0.00 Waverton Investment Funds Plc (1600)F (IRL) their unit trusts/OEICs, unless another time is
Pictet-Global Emerging Debt-I USD F $ 355.68 - 1.06 0.00 European O Acc 516.85 - 9.35 0.00 waverton.investments@citi.com indicated by the symbol alongside the individual unit
Regulated US Equities 266.60 - 1.10 - Renminbi Bond Fund YEN Cls A ¥ 20500.66 - 145.61 0.00 Pacific A € 312.01 - 0.80 0.00 FCA Recognised trust/OEIC name.
Pictet-Global Megatrend Selection-I USD F $ 244.50 - 0.74 0.00 Japanese Fund C Acc 196.01 - 4.91 0.01
ALVA Convertible A USD $ 129.60 - 1.41 0.00 B Shares Renminbi Bond Fund EUR Cls A € 114.09 - 0.81 3.80 Pacific B $ 395.91 - 1.13 0.00 Waverton Asia Pacific A USD $ 21.26 - 0.17 0.96
Pictet-Greater China-I USD F $ 551.19 - 9.08 0.00 Japanese Fund O Acc X 194.16 - 4.85 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
European Conviction A EUR € 158.59 - -1.91 0.00 Pacific Bas (ex-Japan) 572.50 - 5.40 - Poland Geared Growth £ 0.51 - -0.02 0.00 TreeTop Global Sicav Waverton European Fund A Eur € 19.25 - 0.03 0.50 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Pictet-Health-I USD $ 308.37 - 1.23 0.00 Pacific C Acc 344.76 - 11.81 0.41
European Forager A EUR € 177.78 - -0.72 0.00 Global Opp.A € 157.19 - 0.74 0.00 midnight. Daily dealing prices are set on the basis of
Pictet-High Dividend Sel I EUR F € 166.32 - 0.26 0.00 Waverton Global Bond Fund Cls A $ 9.18 - -0.02 5.32 the valuation point, a short period of time may elapse
Pacific O Acc 341.60 - 11.68 0.15
Global Opp.B $ 157.06 - 0.93 0.00 before prices become available. Historic pricing: The
Pictet-India Index I USD $ 105.70 - 0.16 0.00 Saracen Fund Managers Ltd (1000)F (UK) Waverton Global Equity Fund A GBP £ 14.72 - 0.10 0.35
Total Return C Acc 412.21 - 3.07 1.35 letter H denotes that the managers/operators will
19 Rutland Square, Edinburgh EH1 2BB Global Opp.C £ 192.74 - -0.04 0.00
Pictet-Indian Equities-I USD F $ 480.82 - 3.69 0.00 Polunin Capital Partners Ltd Waverton UK Fund A GBP £ 14.06 - 0.11 1.82 normally deal on the price set at the most recent
Total Return C Inc 288.21 - 2.06 1.36 Dealing: 00 353 1 603 9921
Other International Funds Sequoia Equity A € 154.07 - 0.85 0.00 valuation. The prices shown are the latest available
Pictet-Japan Index-I JPY F ¥ 17502.19 - -1.91 0.00 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Waverton Equity Fund A GBP £ 15.78 - 0.02 0.00
Emerging Markets Active $ 43.94 - 0.40 - Total Return O Inc 285.71 - 2.02 1.37 before publication and may not be the current dealing
Authorised Inv Funds Sequoia Equity B $ 161.07 - 1.10 0.00
Pictet-Japanese Equities Opp-I JPY F ¥ 10437.27 - 39.31 0.00 Waverton Sterling Bond Fund A GBP £ 9.80 - -0.01 5.32 levels because of an intervening portfolio revaluation
Luxcellence Em Mkts Tech $ 1067.04 - 22.06 0.00 Total Return O Acc 408.77 - 3.03 1.35 or a switch to a forward pricing basis. The
Saracen Growth Fd Alpha Acc £ 3.77 - 0.00 1.00 Sequoia Equity C £ 176.03 - 0.06 3.46
Pictet-Japanese Equity Selection-I JPY F ¥ 15943.84 - 82.05 0.00 managers/operators must deal at a forward price on
Polunin Developing Countries $ 936.72 944.68 -2.62 0.00 Saracen Growth Fd Beta Acc £ 6.01 - 0.01 1.51
E.I. Sturdza Strategic Management Limited (GSY) request, and may move to forward pricing at any time.
Pictet-LATAM Index I USD $ 67.55 - 0.13 0.00 WA Fixed Income Fund Plc (IRL)
Polunin Discovery - Frontier Markets $ 1459.97 - 6.26 - Saracen Global Income & Growth Fund A - Acc £ 1.27 - 0.00 2.72 Forward pricing: The letter F denotes that that
Regulated Regulated
Pictet-LATAM Lc Ccy Dbt-I USD F $ 127.42 - 0.17 0.00 managers/operators deal at the price to be set at the
Polunin Small Cap $ 1512.21 1531.11 23.01 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.21 - 0.00 2.78 Nippon Growth Fund Limited ¥ 108348.00 - -1243.00 0.00 next valuation.
Pictet-Pacific Ex Japan Index-I USD F $ 381.60 - 2.53 0.00 European Multi-Sector € 119.88 - 0.33 0.00
Saracen Global Income and Growth Fund -Acc # £ 1.57 - -0.01 3.07 Strat Evarich Japan Fd Ltd JPY ¥ 103014.00 - 1518.00 0.00
Pictet-Premium Brands-I EUR F € 168.75 - -0.23 0.00 Investors can be given no definite price in advance of
Private Fund Mgrs (Guernsey) Ltd (GSY) Saracen Global Income and Growth Fund -Dist # £ 1.42 - 0.00 3.15 Strat Evarich Japan Fd Ltd USD $ 1027.93 - 15.10 0.00 the purchase or sale being carried out. The prices
Pictet-Quality Global Equities I USD $ 140.71 - 0.38 0.00 Winton Capital Management appearing in the newspaper are the most recent
Regulated Saracen UK Income Fund - Acc £ 1.04 - 0.00 -
Pictet-Russia Index I USD $ 61.86 - 0.85 0.00 Other International Funds provided by the managers/operators. Scheme
Monument Growth 19/05/2015 £ 489.95 495.44 10.56 1.01 S W Mitchell Capital LLP (CYM) Saracen UK Income Fund - Dist £ 1.04 - 0.00 - particulars, prospectus, key features and reports: The
Pictet-Russian Equities-I USD F $ 53.39 - 0.45 0.00 E.I. Sturdza Funds PLC (IRL) Troy Asset Mgt Ltd (UK) Winton Futures USD Cls B $ 1027.49 - -43.43 0.00
most recent particulars and documents may be
Regulated . Regulated 40 Dukes Place, London EC3A 7NH Winton Futures EUR Cls C € 288.90 - -11.85 0.00 obtained free of charge from fund
Pictet-Security-I USD F $ 210.58 - 0.32 0.00 S W Mitchell European Fund Class A EUR € 336.82 - 20.48 - For Save & Prosper please see Countrywide Assured Order desk: 0845 608 0950, Enquiries 0845 608 0950
Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1224.92 - 1.24 0.00 managers/operators. * Indicates funds which do not
Pictet-Select-Callisto I EUR € 106.59 - 0.25 0.00
Prusik Investment Management LLP (IRL)
Authorised Inv Funds Winton Futures GBP Cls D £ 315.73 - -12.86 0.00 price on Fridays.
S W Mitchell Small Cap European Fund Class A EUR € 229.05 - 9.70 -
Enquiries - 0207 493 1331 Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1437.54 - 1.49 0.00
Pictet-Small Cap Europe-I EUR F € 1157.66 - 5.20 0.00 ACD Capita Financial Mgrs Winton Futures GBP Cls F £ 121.78 - -4.96 0.00
Regulated The Charlemagne Fund EUR € 333.22 - 22.97 - Charges for this advertising service are based on the
Schroder Property Managers (Jersey) Ltd Nippon Growth (UCITS) Fund JPY Class A shares ¥ 112317.00 - 116.00 0.00 Trojan Investment Funds
Pictet-ST.MoneyMkt-I € 140.55 - 0.00 0.00 Winton Evolution USD Cls F $ 1758.24 - -100.39 0.00 number of lines published and the classification of the
Prusik Asian Equity Income B Dist $ 171.64 - -0.31 4.30 Other International Funds
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 94151.00 - 100.00 0.00 Spectrum Fund 'O' Acc ♦ 164.76 - -0.23 0.22 fund. Please contact data@ft.com or
Pictet-ST.MoneyMkt JPY I USD ¥ 101556.96 - 2.27 0.00 Indirect Real Estate SIRE £ 127.74 133.58 0.40 2.51 Winton Evolution EUR Cls H € 1386.04 - -76.67 0.00
Prusik Asia A $ 215.41 - -0.16 0.00 call +44 (0)20 7873 3132 for further information.
S W Mitchell Capital LLP (IRL) Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 91516.00 - 95.00 0.00 Spectrum Fund 'O' Inc ♦ 160.73 - -0.23 0.22 Winton Evolution GBP Cls G £ 1408.28 - -77.53 0.00
Pictet-ST.MoneyMkt-ICHF SFr 124.84 - -0.01 0.00 Prusik Asian Smaller Cos A $ 170.67 - -0.52 0.00 Regulated
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 60818.00 - 66.00 0.00 Spectrum Income Fund 'O' Acc 100.17 - -0.13 -
Pictet-ST.MoneyMkt-IUSD $ 134.99 - 0.01 0.00 Winton Futures JPY Cls E ¥ 20173.05 - -862.54 0.00
SWMC European Fund B EUR € 16997.82 - -7.73 0.00
Asset Management
Scottish Friendly Asset Managers Ltd (UK) Strategic China Panda Fund USD $ 2724.80 - 13.41 0.00 Spectrum Income Fund 'O' Inc 100.16 - -0.14 -

Asset Management Asset Management

Pictet-Timber-I USD F $ 164.76 - -0.26 0.00 SWMC UK Fund B £ 11992.22 - -8.25 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Purisima Investment Fds (UK) (1200)F (UK) Strategic China Panda Fund Hedged EURO € 2649.17 - 13.63 0.00 Trojan Fund O Acc ♦ 258.82 - 0.79 0.54
Pictet Total Ret-Agora I EUR € 110.58 - -0.01 - SWMC Small Cap European Fund B EUR € 14098.06 - -15.54 0.00 Authorised Inv Funds
40 Dukes Place, London EC3A 7NH
Managed Growth ♦ 242.80 - 1.10 0.00 Strategic China Panda Fund Hedged Sterling £ 2686.70 - 14.06 0.00 Trojan Fund O Inc ♦ 215.40 - 0.66 0.55
Pictet Total Ret-Corto Europe I EUR € 135.04 - -0.23 0.00 Order Desk 08459 220044, Enquiries: 0870 607 2555 SWMC Emerging European Fund B EUR € 10056.18 - 39.76 0.00
Authorised Inv Funds UK Growth ♦ 265.80 - 1.60 0.00 Strategic Euro Bond Accumulating Class CHFSFr 1009.07 - -0.73 0.00 Trojan Global Equity O Acc 214.07 - 0.85 0.88
Pictet Total Ret-Divers Alpha I EUR € 105.93 - 0.22 -
Authorised Corporate Director - Capita Financial Managers Strategic Euro Bond Institutional Class EUR € 1028.13 - -0.71 0.00 Trojan Global Equity O Inc 183.63 - 0.73 0.89
Pictet Total Ret-Kosmos I EUR € 109.13 - 0.00 0.00 Global Total Fd PCG A 169.57 - 1.22 0.34 Strategic Euro Bond Fund Accumulating Class Shares € 1154.70 - -0.81 0.00 Trojan Income O Acc ♦ 279.37 - 1.74 3.51
Pictet Total Ret-Mandarin I USD $ 128.41 - 0.99 0.00 Global Total Fd PCG B 168.27 - 1.21 0.12 SIA (SIA Funds AG) (LUX)
Strategic Euro Bond Fund Distributing Class Shares € 1042.16 - -0.73 0.00 Trojan Income O Inc ♦ 179.75 - 1.12 3.62
Regulated
Pictet-US Equity Selection-I USD $ 197.04 - 0.78 0.00 Global Total Fd PCG INT 166.29 - 1.19 0.00 Yuki International Limited (IRL)
LTIF Alpha € 175.90 - 0.23 0.00 Strategic Global Bond RMB Acc CNY 1094.99 - 4.47 0.00
Pictet-US High Yield-I USD F $ 149.50 - 0.10 0.00 Tel +44-20-7269-0207 www.yukifunds.com
LTIF Classic € 378.78 - 0.50 0.00 Strategic Global Bond USD Acc $ 1050.65 - 2.84 0.00 Regulated
Pictet-USA Index-I USD F $ 187.03 - 0.45 0.00 UBS Global Asset Mgmt Fds Ltd (UK)
Strategic US Momentum and Value Fund $ 866.22 - 1.17 0.00 Yuki Mizuho Umbrella Fund
Purisima Investment Fds (CI) Ltd (JER) LTIF Natural Resources € 89.54 - 0.42 0.00 21 Lombard Street, London, EC3V 9AH
Pictet-USD Government Bonds-I F $ 630.72 - 2.19 0.00 Yuki Mizuho Japan Dynamic Growth ¥ 7410.00 - 23.00 0.00
Regulated RobecoSAM (LUX) Strategic US Momentum and Value EUR Hedged Class EUR € 604.01 - 0.77 0.00 Client Services 0800 587 2113, Client Dealing 0800 587 2112
Pictet-USD Short Mid-Term Bonds-I F $ 129.45 - 0.04 0.00 PCG B X 173.79 - -1.63 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/ www.ubs.com/retailfunds Yuki Mizuho Japan Large Cap ¥ 7752.00 - 29.00 0.00
Strategic US Momentum and Value CHF Hedged Class CHFSFr 604.50 - 0.79 0.00
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.55 - 0.01 0.00 Regulated SIA (SIA Funds AG) (CH) Authorised Inv Funds
PCG C X 171.53 - -1.62 0.00 Yuki Japan Low Price ¥ 26946.00 - 174.00 0.00
RobecoSAM Sm.Energy/A £ 12.77 - -0.10 1.15 Other International Fds OEIC
Pictet-Water-I EUR F € 289.48 - 0.07 0.00 Yuki Japan Value Select ¥ 13404.00 - 33.00 0.00
RobecoSAM Sm.Materials/A £ 134.08 - -0.07 1.82 LTIF Stability Growth SFr 212.90 - 4.10 - Global Emerg Mkts Eqty B Acc £ 1.48 - 0.02 1.42
Taube Hodson Stonex Ptnrs UT (1200)F (UK) YMR Umbrella Fund
Putnam Investments (Ireland) Ltd (IRL) LTIF Stability Inc Plus SFr 189.10 - 3.70 5.28 50 Bank Street, Canary Wharf, London E14 5NT Global Optimal B Acc £ 1.06 - 0.01 0.79
RobecoSAM Gl.Small Cap Eq/A £ 85.06 - -0.47 1.61 YMR N Growth ¥ 18013.00 - 54.00 0.00
Pimco Fds: Global Investors Series Plc (IRL) Regulated Admin: 50 Bank Street, Canary Wharf, London E14 5NT UBS UK Opportunities Fund B Acc £ 0.98 - 0.01 2.53
RobecoSAM Sustainable Gl.Eq/B € 192.85 - 0.05 0.00 Yuki Asia Umbrella Fund
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Putnam New Flag Euro High Yield Plc - E € 1048.51 - -0.33 4.72 Dealing & Enquiries: 0870 870 8433
US Equity B Acc £ 1.54 - 0.01 0.26 Yuki Japan Rebounding Growth Fund ¥ 24765.00 - 15.00 0.00
http://gisnav.pimco-funds.com/ RobecoSAM S.HealthyLiv/B € 191.66 - 0.35 0.00 Authorised Inv Funds
Smith & Williamson Investment Management (1200)F (UK)
Dealing: +44 20 3640 1000 THS Growth & Value Funds UBS Asian Consumption Fund - B Acc £ 0.59 - 0.00 0.45
RobecoSAM S.Water/A £ 174.66 - -1.03 2.17 25 Moorgate, London, EC2R 6AY 020 7131 8100
PIMCO Funds: +44 (0)20 3640 1407 Rathbone Unit Trust Mgmt (1200)F (UK) www.sandwfunds.com International UBS S&P 500 Index C Acc £ 0.53 - -0.01 -
FCA Recognised PO Box 9948, Chelmsford, CM99 2AG Authorised Inv Funds IGV - Inc A 354.90 - 2.30 2.27 Zadig Gestion (Memnon Fund) (LUX)
UBS Targeted Return B Acc £ 1.29 - 0.00 1.20
Asia Local Bond Fund - Inst Acc $ 10.08 - 0.03 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 FCA Recognised
European Growth Trust A Class 538.80 - 2.90 1.27 IGV - Inc B 355.20 - 2.30 1.48 UBS Sterling Corporate Bond Indexed Fund 52.00 - 0.64 3.27 Memnon European Fund I GBP £ 117.81 - -0.30 0.00
Capital Securities Inst Acc $ 14.99 - 0.00 0.00 Authorised Inv Funds
Far Eastern Income and Growth Trust A Class 431.00 - 3.60 3.04 IGV - Acc X 434.20 - 2.70 1.76
Blue Chip Income Inc 161.41 166.65 1.02 4.02 UBS Multi Asset Income B Inc (net) £ 0.52 - 0.00 3.63
Commodity Real Return Fund Inst Acc $ 7.57 - -0.08 0.00 Fixed Interest Trust A Class 123.50xd - 0.40 3.87 IGV - Acc Y 464.70 - 3.00 0.00 UBS UK Equity Income B Inc Net £ 0.44 - 0.01 4.57
Blue Chip Income Acc 234.36 241.78 1.47 3.90
Credit Absolute Return Fund Inst Acc $ 11.58 - 0.02 0.00 Global Gold and Resource Trust A Class 163.90 - 0.20 0.00 Zebedee Capital Partners LLP (CYM)
IGV - Acc Z 431.90 - 2.80 1.49 Corporate Bond UK Plus B Inc Net £ 0.53 - 0.00 4.00
Ethical Bond Inc 92.03 94.02 0.19 4.83 Regulated
Diversified Income - Inst Acc $ 19.97 - 0.01 0.00 MM Endurance Balanced Fund A Class 220.90 - -0.20 1.15 European UBS Global Allocation (UK) B Acc £ 1.12 - 0.00 1.76
Ethical Bond Acc 172.78 176.18 0.36 4.70 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.79 - 0.03 0.00 MM Global Investment Fund A Class 2301.00 - 2.00 1.49 EGV - Acc S 291.30 - 1.50 - UBS Global Enhanced Equity Income C Inc £ 0.50 - 0.00 -
Global Opportunities Acc 136.40 140.76 0.39 0.12 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 11.32 - 0.03 0.00 North American Trust A Class 1758.00 - 11.00 0.00 EGV - Acc Z 291.30 - 1.50 0.55 UBS US Growth Fund B Acc £ 1.47 - 0.01 0.00
Income Inc 891.73 922.58 6.46 3.94 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Emerging Asia Bond Fund Inst Acc $ 10.42 - -0.02 0.00 Oriental Growth Fund A Class 159.50 - 1.00 1.47 Continental
Income Acc 1355.15 1400.59 9.81 3.77 UBS Emerging Markets Equity Income B Inc £ 0.44 - 0.00 4.94
Emerging Multi-Asset Fund Inst Acc $ 9.12 - 0.02 0.00 Santander Asset Management UK Limited (1200)F (UK)
UK Equity Growth Trust A Class 439.10 - 2.40 0.78 CVG - Acc S 118.90 - 0.70 -
Multi Asset Enhanced Growth Acc 130.02 - 0.23 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Emerging Local Bond - Inst Acc $ 12.37 - -0.05 0.00 UK Equity Income Trust A Class 244.10 - 1.70 4.46 CVG - Acc X 118.90 - 0.70 -
Authorised Funds
Multi Asset Strategic Growth inc 152.94 - 0.18 1.34 Unicapital Investments (LUX)
Emerging Markets Bond - Inst Acc $ 40.20 - 0.05 0.00 Santander Atlas Range
Multi Asset Strategic Growth acc 161.29 - 0.18 1.33 Regulated
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.77 - 0.01 0.00 Santander Atlas Port 3 Acc Ret 151.30 - 0.10 -
Multi Asset Total Return inc 128.15 - 0.11 1.80 Investments III € 27.41 - 0.58 0.00
Emerging Markets Curr.Fd- Inst Acc $ 12.81 - -0.01 0.00 Santander Atlas Port 3 Inc Ret 105.80 - 0.10 -
Multi Asset Total Return acc 139.88 - 0.12 1.78 Investments IV - European Private Eq. € 282.02 296.12 0.00 -
28 ★ Tuesday 26 May 2015

INSIGHT Analysis Commodities

Henny
Sender
Europe steps up fight over cheap steel imports
Glut of Chinese and Russian China steel exports & prices
Steel exports Hot rolled coil price

India’s shadow banks products sparks action for

stronger protective measures
($bn) ($ per tonne)

step in to lend where HENRY SANDERSON

8

6
800
700

others fear to tread Steelmakers in Europe are counting on

stronger protective measures in the
4
600
500
fight against cheap steel imports, espe- 2
cially from China and Russia, in the lat- 400

I
n early 2008, GMR, an Indian conglomerate with est sign of an escalating trade spat. 0 300
interests in airports, energy and roads, had a market This month, the European Commis- 2010 11 12 13 14 15
capitalisation of more than $11bn, according to sion said it would investigate imposing
Bloomberg data. Today, its market cap is roughly anti-dumping measures on cold rolled European steel prices
$1bn, in spite of the rise in the Indian stock market flat steel products from Russia and € per tonne
over the past 18 months — a fate shared with many other China, that is seen as a welcome boost 550
infrastructure companies. for its domestic steelmakers, at least in
GMR also has the dubious distinction of being among the the short term. Cold rolled coil
10 most indebted companies in the country. It has about Complaints from Europe’s steel 500
Rs400bn in debt, and the ratio of that debt to its ebitda industry reflect a rising tide of protec-
(earnings before interest, depreciation, taxes and amorti- tionism against the backdrop of slowing
sation) is 6.8 times, according to Ashish Gupta, the finan- global economies and the industry’s fail- 450
cials analyst for Credit Suisse in Mumbai. ure to cut production and therefore
In spite of Rs30bn in asset sales, its debt keeps rising. No stem a growing supply glut. Hot rolled coil
wonder it cannot persuade its bankers to extend it more Europe has already introduced a 400
credit. Fortunately, its assets are first rate. And because of number of other anti-dumping meas- Feb 2014 Jan
2015
this, a shadow bank recently stepped in and gave the cash- ures on various steel products over the Sources: Bloomberg; MEPS
strapped company a loan of more than $200m. past year, and the latest move repre-
Shadow banks have long been excoriated as the ultimate sents a ratcheting up of the pressure on
regulatory arbitrage. And they are usually created to take cheap imports that follows US actions. Renewed EU €360 a tonne, according to data from steel from China and Taiwan in March. mated 80 per cent of capacity used last
advantage of constraints on banks, and reviled because “It appears there is a very different action is seen as the Steel Index. Analysts say that marks a change of year. But companies are reluctant to
they often lend at exorbitant rates and engage in strong- tone toward steel imports coming from helping Rising protectionism will mean the tack by Europe, which has been less take on the costs of closing plants and
arming clients who have difficulty repaying them. the European Commission right now,” companies such steel markets will become more region- aggressive in filing trade actions com- losing market share and governments
But in countries with under-developed financial sys- says Michael Shillaker, analyst at Credit as ArcelorMittal, alised and driven by local supply and pared with the US. have also been reluctant to let steelmak-
tems or where banks are reluctant to lend because they Suisse. The commission’s measure will the world’s demand balances, say analysts. “You In the past seven years, the commis- ers cut production and eliminate jobs in
have too many problem loans already and lack the capital offer relief for European steel compa- largest have less material from imports which sion implemented trade barriers for an economy barely expanding.
to repair their balance sheets, shadow banks can play a nies, which are being forced to compete steelmaker will mean a more stable steel market,” steel in 14 cases, whereas the US imple- “There is significant overcapacity in
Philippe Huguen /AFP/Getty
constructive role in resolving the logjam. They can extend with lower prices from Chinese and Rus- says Seth Rosenfeld, analyst at Jefferies. mented trade barriers in 43 cases, Europe as in many other places,” says
loans on flexible terms and sian exports. Weak domestic demand Renewed EU action is seen as helping according to Jefferies. US companies John Kovacs, an analyst at consultancy
help companies avoid default- and excess capacity in China pushed the companies such as ArcelorMittal, the such as US Steel are vocal in calling for CRU. “The steel industry has tradition-
ing on their bank borrowings.
Indian banks country’s exports up 50 per cent to a world’s largest steelmaker, and this further action. Beyond such a short- ally been the first to be protected by gov-
Indian banks today are the today are the record 93.8m tonnes last year, while a month Bank of America Merrill Lynch term boost, analysts say what is really ernments.”
face of a troubled financial much lower rouble has made Russia’s upgraded the stock to a “buy” rating, on needed is a global cut in overcapacity, The problem for Europe is also not
system. Problem assets make
face of a steelmakers far more competitive. improving margins and benefits from including by steelmakers in Europe. just about China. It is likely China’s steel
up 11 per cent of all loans, and troubled While a weakening euro has weighed on trade protection. Only about 5 per cent of Europe’s capac- exports will still need a place to land.
amount to anything from import demand, it is still attractive pric- Earlier this month the EU imposed ity has been cut since the financial crisis, While the country is targeting a reduc-
25-100 per cent of the banks’
financial system ing for China’s steelmakers. anti-dumping duties on certain types of almost entirely by ArcelorMittal, tion of 80m tonnes of overcapacity by
net worth, Mr Gupta notes. For example, domestic hot-rolled coil electrical steel from China, Japan, Rus- according to Mr Rosenfeld. the end of 2017, that is unlikely to be
One-third of all corporate loans are to companies with in Europe is about €395 a tonne, while sia, South Korea and the US. That came Weakening global demand has led to enough given the state of domestic steel
such weak balance sheets that their net interest coverage is export prices from China are roughly after the EU said it would impose anti- lower margins and significant excess demand, which fell for the first time
less than one. India also lacks well-developed credit mar- dumping duties on cold-rolled stainless steel plants in Europe, with an esti- since the 1990s last year.
kets to provide long-term capital and a robust asset-
backed market that allows for securitisations. In such cir-
cumstances, shadow banks can make a difference. Moreo-
ver, in India, the central bank regulates the shadow sector. Equities
Clearwater Capital, a Hong Kong-based credit investor,
the international private equity firm KKR, and locals such
as Edelweiss and Kodak, two brokerages, have formed
non-banks to help companies with nowhere else to turn.
Japan stock valuations
KKR, jointly with local partners and investors, has
already loaned out $2.8bn in India. Its clients include
return to 1980s peak
GMR, Enzen, a business services company that lacks the
hard assets banks seek as collateral and Bhavya, a cement
company, that exhausted its bank lines and wished to LEO LEWIS — TOKYO and bought on the prospects
expand capacity from 1.5m tonnes to 2.5m tonnes. of “reflation”, are real estate,
These companies can borrow in such a way that they pay The combined valuation of insurance and banking.
more close to the end of the term when their projects are shares on the main board of But brokers were quick to
throwing off more cash. Moreover, the loan is linked to the Tokyo Stock Exchange play down the perils of the
performance, so that if the project goes well, KKR receives last week returned to its latest bull run. The TSE first
more money at the end of the period. late-1980s peak in what bro- section has 720 more compa-
GMR got into trouble by borrowing from the banks to kers called a landmark nies than were listed 26 years
finance ambitious infrastructure projects. But often the moment for Abenomics. ago, and any further resem-
expected cash flow did not materialise — sometimes But fundamental changes in blance to 1989 is technical
because of broken promises from the government. With market psychology mean rather than psychological.
KKR’s help, GMR could cut the debt on its publicly listed that Japan is unlikely to risk At its current level of
company while avoiding dilution for its founding family. the market madness that 1,648, the Topix is 40 per
So far, the role of non-banks is too minor to be the cata- resulted in the burst bubble cent lower than its 1980s
lyst for the new credit cycle that India desperately needs. of 1989, brokers said. peak. Back then, shares were
The government could do more by, for example, selling off The Japanese frenzy of trading at 60-times price to
bigger stakes in the public-sector banks that still account 1989, explained one broker, forward earnings, compared
for 70 per cent of all lending and whose bad loans are still “is a period better known with the 15 times ratio that
far larger than banks in the private sector. for its messy aftermath than dominates in Tokyo today.
New capital would help these institutions write down for its tight grip on reality at At the bubble peak, eight
the bad debts and move on. The country needs $200bn to the time”. of the world’s 10 most valua-
recapitalise its financial institutions, analysts estimate. Deeper corporate govern- ble companies were Japa-
At least, though, there are some small steps from the ance reform, increased Chi- nese: now only Toyota and
government, such as the planned introduction of a new nese tourism and a funds Mitsubishi UFJ Financial
bankruptcy law that will reassure creditors that their churn from bonds into equi- Group make it into the global
rights will be strengthened — a precondition to helping ties would ease potential top 100.
new credit flow. “Slowly the ecosystem for a real credit fears from foreign and dom- Drivers for further market
market is beginning to emerge,” says Sanjay Nayar, head of estic investors, brokers at gains seem to be in place. As
KKR’s office in Mumbai. three Japanese houses said. analysts at Bank of America
Not a moment too soon, one might add. There are already those Merrill Lynch noted, Japan
who see the recent bull run in equity funds recorded their
henny.sender@ft.com Japan as hollow: an overly 13th straight week of inflows,
broad bet on the growth poli- completing the longest
cies of Abenomics whose streak for two years.
allure could fade as the But despite months of buy-
effects of easing become less ing, some 40 per cent of Japa-
marked and the investment nese stocks are trading on
More comment and data on ft.com game shifts to individual market capitalisations below
stockpicking. their book value, according
Last week, after six days of to analysts at CLSA.
Y Fast FT Our global economies, headed advancing stock prices and a Japan’s Government Pen-
team gives you market- by Brazil, Russia, India high of 1,648 for the Topix sion Investment Fund — the
moving news and views, and China. index, the total market capi- state institution under man-
24 hours a day, five days ft.com/beyondbrics talisation of shares listed on date to take on a higher risk
a week. ft.com/fastft the first section of the Tokyo profile — has only partially
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a Stock Exchange reached completed its planned re-
irreverent financial blog. look at what is driving Y591tn — a shade above the allocation from government
Join Paul Murphy and the global currency Y590tn level reached at the bonds to domestic equities.
Bryce Elder for the daily market. ft.com/podcasts top of Japan’s asset bubble in The GPIF’s stock market-
Markets Live session at December 1989. bolstering pattern of invest-
Y Lex Video Analysis That level puts TSE shares ment, people close to the
11am. ft.com/alphaville
and opinion from the on an overall value equiva- government said, would
Y beyondbrics News and team on the hot issues lent to 118 per cent of the Jap- probably be repeated later
comment from more affecting companies and anese economy. this year as Japan Post saw
than 40 emerging markets. ft.com/lexvideo Sectors favoured in the better returns for part of its
most recent buying spree, $2tn assets portfolio.