Beijing Cuts Interest Rates in Bid To Revive Economy: Three Headaches Sleeping Beauty The Big Retreat

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

00

Three headaches The big retreat Sleeping beauty


The trio of huge challenges Wall Street bails out of investment The joys of Paris’s Sunday
facing China — MARTIN WOLF, PAGE 9 banking — BIG READ, PAGE 7 trading laws — NOTEBOOK, PAGE 8

Beijing cuts Briefing


i RSA set to accept £5.6bn Zurich bid

interest rates One of the biggest takeovers in European insurance


is set to receive the green light after Zurich tabled a
£5.6bn indicative offer for RSA that the UK group
said it was likely to accept. Chief Stephen Hester is
in line for a £8.5m payout.— PAGE 13; LOMBARD, PAGE 17

in bid to revive i Managers outperform for UK investors


Active managers of UK equity funds have shielded
investors from the worst of the market turmoil,
with seven in 10 performing better than the falling

economy
FTSE 100 and FTSE All-Share indices.— PAGE 17

i Summers and Dalio predict fresh Fed QE


Former US Treasury secretary Lawrence Summers
and Ray Dalio, head of the world’s biggest hedge
fund, have predicted that the Federal Reserve’s next
move will be to restart quantitative easing.— PAGE 24
3 Chinese equities fall a further 7.6% i Spain seeks to lay ground for new era
3 Policymakers try to boost confidence Madrid has sought to draw a line under
five years of recession, austerity and
BEN BLAND AND Shanghai market has fallen 22 per cent unemployment by unveiling a
JOSH NOBLE — HONG KONG
over the past four trading sessions, its budget of tax cuts, spending
China’s central bank cut interest rates fastest retreat since daily price move increases and higher public sector
yesterday and said that it would pump limits were introduced in 1996. wages.— PAGE 6; EDITORIAL COMMENT, PAGE 8
liquidity into the banking sector in a bid In a statement announcing the inter-
to boost the country’s slowing economy est rate cut, the PBoC said that given the i Alibaba staff told to focus on their jobs
and stem a slump in share prices that “large fluctuations” in global financial Chief Daniel Zhang has told staff, many of whom
has alarmed global investors. markets, “there is a need for more are shareholders, to “forget about the share price”
The People’s Bank of China said after flexible use of monetary policy tools”. and concentrate on their work as the stock for the
the market close that it had reduced its Policymakers in Europe and Asia first time sank below its $68 issue price.— PAGE 13
benchmark one-year lending rate sought to allay fears that the China
by 25 basis points to 4.6 per cent with share slump would have a knock-on i Gherkin designers eye electric fuel stops
immediate effect, the fifth time it has effect on the global economy. Traders at the New York Stock Exchange as the rally evaporated yesterday — Spencer Platt/Getty Images Foster + Partners, the practice co-founded by Lord
cut rates since November. Vítor Constâncio, vice-president of Foster, is working with Japanese carmaker Nissan
The bank also cut the one-year
savings rate by 25 basis points to 1.75 per
cent and said that it would lower the
the European Central Bank, said it was
too early for it to respond, adding that
China’s economy was “not decelerating
Late slide in US stocks stirs the turmoil on a filling station aimed at electric vehicles. It
hopes to have a design ready this year.— PAGE 2

reserve requirement ratio for big banks so much to justify the rout in the stock i Train attacker listened to jihadi audio
by 50 basis points to 18 per cent from market”. He said the size of its stock ROBIN WIGGLESWORTH opening dive and back at a level “It just looks like the rally ran French prosecutors have revealed that Ayoub El
NEW YORK
September 6, in effect injecting liquidity market was “not so big” and “not so typically termed a correction. out of air,” said Brian Jacobsen, a Khazzani listened to a jihadi recording on YouTube
into a banking sector that has become connected” with activity on the ground. The US stock market recovery The Dow Jones Industrial strategist at Wells Fargo Funds just moments before his thwarted attack on a
reluctant to lend. Analysts said the PBoC move was triggered by China’s efforts to Average closed 1.3 per cent Management. “People played Paris to Amsterdam train last week.— PAGE 6
The move followed a day of turmoil designed to boost investor confidence. buttress its economy unravelled lower, off more than 200 points the bounce and then just wanted
on global equity and commodity mar- But they questioned the effectiveness of in the last hour of the trading at 15,666.44 and the Nasdaq fell to take their money out.” Datawatch
kets, as an 8.5 per cent slump in Chinese monetary easing without further day, exacerbating concern that almost 0.5 per cent. Futures con- The limp ending to the trading
shares on Monday sparked panic about reform of China’s financial system. the recent turmoil rattling tracts on the main US stock indi- day underscored the lack of con-
an economy that accounts for 15 per “The PBoC has decisively entered a global markets is far from over. ces indicated that equities were fidence in the Chinese economy US rating of oil and gas Views on the US
cent of world gross domestic product new phase of aggressive monetary eas- expected to come under and the unwillingness of inves- industry v price of fuel oil and gas
and has long been seen as an engine of ing, with the combination of an The S&P 500 had jumped as renewed pressure this morning. tors to jump back into the stock Inflation-adjusted % with positive industry move
price per gallon view of US oil inversely with the
global growth. Those concerns had been exchange rate devaluation, interest rate much as 2.9 per cent early market with both feet. of petrol and gas industry
rising since China surprised markets by cut and reduction in the required yesterday, clawing back some of US equities US government bonds pared ($ per gallon)
price of petrol. In
2008 when prices
devaluing the renminbi on August 11. reserve ratio,” said Eswar Prasad, an its recent losses, after European S&P 500 Composite their sell-off as the unravelling 4.0 35
were at record
In response to Monday’s plunge, economics professor at Cornell. and Asian bourses cheered 2100 stock market rally burnished 3.5 30 highs, only 15 per
European exchanges had seen their Additional reporting by Claire Jones in China’s interest rate cut. 2050 demand for safer assets, with the 3.0
25 cent of the public
sharpest falls since the 2008 crisis and Mannheim But the rally started to evapo- 2000 10-year Treasury yield dipping 2.5 approved of the
20
the Dow Jones Industrial Average China turmoil page 4 rate after 3pm and by the closing 1950 from a high of 2.13 per cent to 2.0 industry. Prices
plunged 1,000 points on opening. Perspectives on China page 9 bell the main US equity gauge 1900 2.07 per cent late yesterday. 1.5 15 are now half that
Chinese stocks resumed their fall yes- Short View page 13 had fallen 1.3 per cent on the day, 1850 Earlier, European shares had 2001 04 06 08 10 12 15 level and approval
terday, dropping a further 7.6 per cent to Spanner in the IPO works page 15 less than 1 point off the initial 18 Aug 2015 25 clawed back losses, with the Source: Gallup has doubled
their lowest level since December. The Markets pages 24-26 low touched after Monday’s Source: Thomson Reuters Datastream FTSE 100 closing up 3.1 per cent.

Banks seek Brussels rethink as bonus


rules impose handicap on recruitment
JIM BRUNSDEN retain talent, including when it comes to source of public outcry since the bail-
hiring experts from outside the EU. The outs that followed the 2008 collapse of
Banks, already facing intense competi-
rules come at a time when banks have Lehman Brothers. The biggest bonuses
tion from hedge funds to secure top
already seen defections of top traders to at larger banks can run into millions of
talent, have warned that they risk
hedge funds and other asset managers. dollars, including share awards.
being handicapped in the hiring race
The European Banking Federation, The recent round of EU banker pay
‘Gang of Two’ threaten to by an overzealous interpretation of EU
an industry lobby group, is seeking talks rules banned bonuses of more than
split Labour, says Prescott bonus rules.
to urge Vera Jourova, European com- twice annual fixed pay, but it is the scope
Tristram Hunt (left) and Chuka A legal analysis of EU legislation cover- missioner responsible for regulating of other measures, covering deferral of
Umunna have been dubbed the ‘Gang ing bankers’ pay has made it clear that executive pay, to reconsider the assess- payouts and the requirement for parts
of Two’ by former deputy premier Lord the rules must be applied across the ment. “A strict interpretation of the of bonuses to be paid in shares or similar
Prescott, who has likened them to the sector, in theory removing the right of rules would lead to absurd results,” said instruments, that are at the centre of the
Labour ministers who split to set up countries to apply exemptions. Wim Mijs, EBF chief executive. debate over flexibility.
the Social Democratic party in 1981. Banks fear that thousands of smaller In a letter sent to Ms Jourova last The Association for Financial Mar-
His attack is centred on their formation lenders, brokerages and other invest- month, Frédéric Oudéa, chief executive kets in Europe believes that implement-
of a group to bring together MPs from ment firms could face new require- of French bank Société Générale and ing the legal interpretation would lead
the ‘soft left’ and Blairite wings of the ments, while larger banks could be EBF president, warned that the removal to a 12-fold rise in the number of entities
party against a backdrop of a required to extend rules to previously of the exemptions would lead to “dispro- affected by the rules; the number of
leadership election which leftwinger exempt staff, such as in their asset portionately high implementation costs individuals subject to the remuneration
Jeremy Corbyn is set to win. management divisions. and administrative burdens without requirements would more than triple.
Analysis i PAGE 2 They warn that smaller banks, espe- any commensurate benefits”. Big Read page 5
cially, may find it harder to recruit and The size of banker bonuses has been a Lombard page 17

Subscribe In print and online World Markets


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2 ★ FINANCIAL TIMES Wednesday 26 August 2015

NATIONAL

London property Advertising code

Shard brings sky-high rents south of Thames Watchdog


raps online
Landmark tower benefits cent of the Shard’s office space unoccu-
pied.
ers is “strong”, Mr Sellar said. The
180,000 sq ft of remaining unlet office
shortfall in development finance over
the past half-decade had seen little
Nearly half of the Shard’s office occu-
piers to date have been drawn from
games over
as companies relocate
from West End offices
The deal is thought to be a record for
the area at more than £90 per sq ft,
space over five of the 72 floors repre-
sents a fifth of the building’s total
space being built in London. Combined
with the city’s growing economy, this
western business districts including the
West End, where rents are the city’s
messages
KATE ALLEN
according to sources familiar with the
situation.
The price is comparable with the
920,000 sq ft of space.
Mr Sellar said he was taking his time
to find suitable tenants because he
supply shortage has produced heated
competition for offices.
The supply of “the best space” was
highest and vacancy levels are at his-
toric lows of below 3 per cent.
Although the Shard is the best-known
to children
After a slow start, the Shard, western record-breaking City rent set by British wanted to maintain a mix of businesses. now “critically low”, Mr Prime said. building in the London Bridge area, it is
Europe’s tallest building, has set a Land this year at its office tower known The 23 office tenants to date cover 13 As a result “occupiers are beginning to justonepartofMrSellar’sLondonBridge ROBERT COOKSON
DIGITAL MEDIA CORRESPONDENT
record for rents on London’s south bank as the Cheesegrater. business sectors. focus on areas of London outside their Quarter development. Last year, he
after luring companies away from the The Shard’s location in the relatively “Due to our long-term funding struc- traditional locations”, he said. South- opened a second building on the site, A crackdown by the advertising watch-
West End. downmarket London Bridge district ture we’ve not been under any pressure wark — the area around London Bridge next to one of London’s largest railway dog will give parents some respite from
Leonteq, a financial technology com- across the Thames to the south of the to let space on terms that would com- — has over the past 12 months begun to stations. pestering by their children to pay to
pany, has become the latest tenant to Square Mile led some market observers promise our original business plan; in see “major focus from a lot of these That 17-floor office, nicknamed the play the online games Moshi Monsters
sign up for the London landmark, built to doubt that it would find tenants, a fact, our considered approach has seen occupiers”. “baby Shard”, has been let to News UK, and Bin Weevils.
by veteran property entrepreneur view encouraged by the slow start to let- us exceed our expectations,” he said. “Lots of companies from the West parent company of The Times, Sunday
Irvine Sellar with backing from the Gulf tings. By the time the Shangri-La hotel “The best buildings are those which End have woken up to the fact that Times and Sun newspapers. The Advertising Standards Authority
state of Qatar. opened its doors on floors 34 to 52 in remain relevant over the long term and Southwark now offers a lot of what they Mr Sellar now plans to construct a ruled yesterday that the games
Leonteq will move from its West End May last year, more than two-thirds of appeal to a broad market.” are used to in the West End — cool res- third building alongside the pair. It will breached its codes by presenting chil-
offices to take up the 26th floor of the the office space was still empty. Neil Prime, head of the UK office taurants, bars and coffee shops, but also contain 148 flats over 27 floors, along dren with “direct exhortations” to buy
72-storey building, leaving just 30 per Now, interest from potential occupi- agency at JLL property advisers, said a good quality corporate-style space.” with shops and restaurants. membership subscriptions.
The ruling demonstrates that the ASA
is seeking to apply principles that regu-
late other media to online gaming.
Mind Candy, the company behind
Labour. Leadership race Moshi Monsters, and 55 Pixels, the maker
of Bin Weevils, were referred to the

Corbyn victory to challenge party discipline advertising watchdog by the Competi-


tion and Markets Authority. Both com-
panies amended their in-game advertis-
ing following the complaint.
Moshi Monsters, a web-based game for
children aged six to 12, has 80m regis-
Concerns mount over possible Weeded out tered users worldwide. It can be played
SDP-style breakaway if ‘Selectorate’ estimate for free but access to all its features costs
£4.95 a month.
reduced to 553,954
leftwinger wins ballot The advertising watchdog said the
language used in the game to advertise
JIM PICKARD About 15 per cent of applications to its membership scheme “put pressure
CHIEF POLITICAL CORRESPONDENT
vote in the Labour leadership on young players”. These phrases
If Jeremy Corbyn becomes Labour contest were struck off because included: “The Super Moshis need
leader on September 12 it will be the big- they were not on the electoral YOU” and “Members are going to be
gest test of party discipline since the register, the party said. Labour has super popular”, as well as prominent
“Gang of Four” formed a breakaway reduced its estimate of the commands such as “JOIN NOW”.
group in 1981. “selectorate” from 600,000 to Nicholas Lovell, a games industry
The backbencher holds views far to 553,954 after weeding out ineligible consultant, said the ruling was notewor-
the left of most of his parliamentary col- applicants. These included those thy because many developers might not
leagues and already some are suggesting not on the electoral register, have realised that in-game advertising
that senior rightwingers will follow the duplicate members and others in for a company’s own products must
example of the four former Labour min- arrears with their fees. obey the same rules that govern exter-
isters who set up the Social Democratic About 3,000 were found to be nal adverts. He added that Moshi Mon-
party. ineligible because they did not
John Mills, one of Labour’s biggest pri- “share the aims and values” of the
vate donors, has warned of a schism if party in a vetting critics dubbed a
Mr Corbyn becomes leader. “You would “purge”. Of these, half were
have an SDP-type party,” the entrepre- excluded as Green party supporters,
neur predicted. while 400 were seen as Tories.
Andy Burnham, one of the leadership Yet the overall number eligible to
vote has tripled in three months.
‘I remember the bitter Before the general election there
were 187,000 eligible voters as fully
fights of the 1980s, the paid-up members. Now there are
party was so divided and 292,973, with 148,182 new “affiliated 80m 75%
supporters” from the unions and a Worldwide Percentage of 10-
it led to the Gang of Four’ further 112,799 “registered number who have to 15-year-olds in
supporters”. Jim Pickard registered to use UK said to play
‘Moshi Monsters’ video games daily

candidates, has also warned there is the That doesn’t sound very loyal to me.” elected solely by MPs. For now, how- Gang of Four: and then the rot will quickly set in,” he sters had been viewed within the indus-
“risk of a split” if factionalism is Mr Umunna called for “calm” yester- ever, the idea of a split remains a conver- Roy Jenkins, said. try as “less aggressive” than many other
unchecked. day, telling the FT there would be no sation point among MPs rather than the David Owen, A senior member of the shadow cabi- children’s games in its approach to web
Lord Prescott, a former Labour dep- split in the party, saying it was “com- subject of concerted plotting. Shirley Williams net said: “We’re going to have to let this and app advertising.
uty prime minister, poured fuel on that pletely out of the question” and would Many of these “moderates” say they and Bill whole thing play out. That could take a Mind Candy said: “We take our
speculation on Monday night as he be “totally counter-productive”. are determined to stick with the party, Rodgers, left to couple of years, and in that time there responsibilities very seriously with
dubbed Tristram Hunt and Chuka The MP for Streatham condemned arguing that Labour is a brand worth right, launch the could be serious reputational damage, regards to how we communicate with all
Umunna the “Gang of Two” and accused any talk of a “coup” and dismissed the fighting to recapture, rather than seek- SDP at a London but most of us are prepared to wait.” of our fans, especially children. We have
them of disloyalty. idea that Common Good would form the ing to start afresh under a new banner. press conference MPs hope that the parallels with the been working with the ASA to ensure
Their supposed offence? The shadow “resistance” to the next leadership. Senior figures are already setting a in 1981. Below: 1980s are inexact: they believe the that we adhere to best practice and have
education secretary and shadow busi- He said Labour had a rich tradition of series of tests that Mr Corbyn will need Lord Prescott activists supporting Mr Corbyn are made changes to the Moshi Monsters
ness secretary have set up a group different groups contributing to policy to pass to maintain MPs’ loyalty, includ- United News/Popperfoto/
Getty Images
leftwing but not necessarily “militant” game accordingly. We will continue to
called Common Good to bring debate, such as Compass and Campaign. ing success in next May’s local elections or “undemocratic”. work with the ASA in any way possible.”
together MPs from the “soft left” Mr Corbyn, despite generating excite- and his performance at the dispatch Another senior figure on the right of 55 Pixels could not be reached for
and Blairite wings of the party. ment among leftwing activists, is box. the party said a schism would be the comment.
“I also remember the bitter likely to cut an isolated figure in Some expect that the Tories will worst possible outcome. Regulators have previously focused
fights of the 1980s, the party was Westminster, with the public sup- unleash attacks on Mr Corbyn’s eco- No MPs would want to go through a their attention on games apps for chil-
so divided and it led to what they port of only 15 MPs out of 232. nomic policies and foreign affairs repeat of the SDP experiment, he pre- dren, finding that some had been run-
called the Gang of Four, who The Parliamentary stances within days of his victory, hav- dicted. ning up bills of hundreds or even thou-
advocated splitting the Labour Labour party has ing held back through the summer. “Even though Labour would be weak, sands of pounds on their parents’
party,” Lord Prescott said. shifted to the right One predicted that party support a third party, splitting off from the devices, through in-app purchases.
“Organising another group compared with the could fall to little more than 20 per cent larger party, is almost predestined to be According to the CMA, three in four
within the Labour party before early 1980s, when in opinion polls by Christmas. even weaker, simple as that,” he said. UK children aged 10 to 15 play video
we’ve even elected a leader? Michael Foot was “He will have an initial honeymoon “The SDP was a complete disaster.” games every day.

Fuel stations
A private bank unlike
any other. Gherkin designers recharge batteries with electric car project
ANDY SHARMAN tric vehicles. Battery electric and The government has said the grants project was greeted with scepticism by
MOTOR INDUSTRY CORRESPONDENT
plug-in hybrid vehicles make up a tiny will be withdrawn once the UK has some.
Foster + Partners has applied its grand fraction of car sales in Britain, only pass- reached its target of 50,000 low-emis- Many electric vehicle owners in par-
architectural vision to Wembley Sta- ing 1 per cent of the total at the end of sion cars on the road. ticular say they like the driving experi-
dium and given Britain landmark last year. As of the end of last month, 36,000 ence for freeing them from visiting pet-
30 global locations • www.efginternational.com
structures such as the “Gherkin” tower However, the government has a high all-electric and hybrid cars had been rol stations.
block in the City and the Millennium target, wanting every new car sold to be sold. “There is no fuelling station in the
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014)
suspension bridge across the river an ultra-low emission vehicle by 2040. David Nelson, head of design at Foster future,” said Erik Fairbairn, founder
FINANCIAL TIMES newspaper in any manner is not permitted without
Thames. To support that, the Office for Low + Partners, said: “It seems clear that and chief executive of Pod Point, a man-
Number One Southwark Bridge, London SE1 9HL the publisher’s prior consent.
‘Financial Times’ and ‘FT’ are registered trade marks Emission Vehicles is expected to electric vehicles will be a major feature ufacturer and installer of electric vehi-
Published by: The Financial Times Limited, of The Financial Times Limited. Now it is turning its attention to the announce today that it will extend a of the urban landscape and, as a result, cle charging points.
Number One Southwark Bridge, The Financial Times adheres to a self-regulation humble filling station. £5,000 grant for plug-in vehicles until this presents an exciting opportunity to He added that 60 per cent of charging
London SE1 9 HL, United Kingdom. regime under the FT Editorial Code of Practice:
Tel: 020 7873 3000; Fax: 020 7407 5700 www.ft.com/editorialcode
The design practice, co-founded by the end of February, according to two rethink the fuel station.” took place at owners’ homes, and 30 per
Editor: Lionel Barber Lord Foster, is working with Japanese people familiar with the matter. Yet the announcement of the Nissan cent in the workplace.
Reprints carmaker Nissan on a type of fuel The remaining 10 per cent of charging
Subscriptions and Customer service: Are available of any FT article with your company station that will be aimed at electric happened at street charging points or in
Tel 0800 028 1407; [email protected]; logo or contact details inserted if required (minimum
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One-off copyright licences for reproduction of FT Nissan said the two hoped to present a charging stations, such as those run by
Advertising: articles are also available. design this year plus ways to harness the Californian carmaker Tesla, Mr Fair-
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Letters to the editor: alternatively, email [email protected]
potential of battery storage and “vehi- bairn said.
Fax: 020 7873 5938; [email protected] cle-to-grid systems”, whereby electric The Office for Low Emission Vehicles
Executive appointments: FT Cityline cars discharge fuel back to the national has a budget of £500m over the next five
Tel: 020 7873 4909; www.exec-appointments.com For real time share prices call 0905 817 1690 or go to
http://www.ft.com/servicetools/ftmobile/cityline. Calls
power network. years, £200m of which is to support the
Printed by: cost 75p/min. “Our current refuelling infrastructure plug-in car grant.
St Clements Press (1988) Ltd, London, Newsprinters is outdated and faces an uncertain However, only £32m of that is dedi-
(Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling future unless it adapts,” said Jean-Pierre cated to infrastructure, despite its own
(Eurocentral) Glasgow, and Smurfit Kappa News The recycled paper content of UK newspapers in
Press Ld, Kells, Ireland 2014 was 78.5% Diernaz, director of electric vehicles at report this month saying that recharg-
Nissan. ing problems were the main factor
©Copyright The Financial Times Limited 2015. All The UK motor industry is undergoing deterring Britons from buying an elec-
rights reserved. Reproduction of the contents of this
a shift, albeit a slow one, towards elec- Power point: architects are rethinking fuel stations for electric cars tric vehicle.
Wednesday 26 August 2015 ★ FINANCIAL TIMES 3

NATIONAL

UK forecast to £11.7 bn
Amount Beijing
spent between
2005 and 2013

keep allure for


buying stakes in
infrastructure
businesses

investment
from China
Long-term nature of many projects
unlikely to herald a sudden retreat
MICHAEL POOLER A report by London’s Centre for Eco-
nomics and Business Research forecast
When George Osborne told a Beijing that China would invest £105bn in the
audience during a trade visit two years British energy, property and transport
ago that there was “no country in the sectors by 2025. Infrastructure is seen 10% £105bn
west more open to investment from as attractive because of the UK’s stable Stake China Estimate of what
China” than the UK, there was more regulatory environment, inflation- Investment China is likely to
than a grain of truth amid the bluster. linked returns and revenue streams that Corporation invest in British
From airports to student accommoda- are often backed by government. Some has built up in energy, property
Heathrow airport, and transport
tion, from water utilities to City sky- companies are in effect monopolies. costing it £450m sectors by 2025
scrapers, in a decade China has become This has seen the likes of China
one of the biggest foreign owners of Brit- Investment Corporation amass a 10 per Matthew Lloyd/Bloomberg Suzanne Plunkett/Reuters

ish bricks-and-mortar assets. Between cent stake in Heathrow airport,


2005 and 2013, China spent £11.7bn Europe’s busiest air hub, for about
acquiring stakes in UK businesses, domi- £450m. It is expected to be involved in
nated by infrastructure, largely via the financing and construction of a third
state-owned investment funds, while runway, should that win government
billions more have been spent on office approval, and also owns nearly 9 per
space and primerealestate. cent of Thames Water, the UK’s biggest
Since Chinese growth began to falter water and sewage utility.
and its stock market was sent spinning Gingko Tree Investment, a secretive
— weeks of turmoil have seen the arm of China’s foreign exchange admin-
authorities burn through $200bn to istration, has a one-tenth holding in the
support share prices — the spotlight has consortium that owns Affinity Water
fallen on this strategy of funnelling and also holds 40 per cent of UPP, a uni-
some of the country’s $3.65tn foreign versity accommodation provider.
Chinese sovereign wealth funds have
spent about £5bn on infrastructure and
‘The pressure is on real estate in the UK, says Sovereign
Chinese state-owned Wealth Center, a data provider. One per-
son familiar with a Chinese state-owned
enterprises to deploy fund said there was “no sense that the
capital in overseas havens’ investment strategy would change”.
Private investors have also been
active. Investment vehicles backed by
exchange reserves overseas. But experts Hong Kong billionaire Li Ka-shing
say the long-term nature of these invest- acquired nearly one-third of the UK pas-
ments, many of which are in unlisted senger train fleet through rolling stock
companies that are well established and company Eversholt for £1.1bn in Janu-
vital to the UK economy, means recent ary. This added to his Cheung Kong
events are unlikely to herald a sudden Infrastructure’s ownership of Northum-
retreat. If anything, it could strengthen brian Water, Northern Gas Networks,
Britain’s allure as a financial haven. UK Power Networks and some of the
“[The economic uncertainty] makes UK’s largest ports, including Felixstowe,
the case for more diversification by Chi- via Hutchison Port Holdings.
nese investors and they may therefore While most money has flowed into
be more attracted by assets such as assets that already generate cash, Chi-
these,” said Michael Watson, of law firm nese developers also invest in new devel-
Pinsent Masons. “The returns are steady opments. Beijing Construction Engi-
andmore predictableandlong-term.” neering Group paid £12m for a 20 per
Colin Smith, of consultants PwC, said: cent stake in a consortium building a
“Recent circumstances are unlikely to business district near Manchester air-
deter their investment consensus and I port, and China Minsheng Investment is
think the pressure is on Chinese state- to spend £1bn creating a financial dis-
owned enterprises to deploy capital in trict in east London’sformerdocklands.
overseas havens. I would be hugely sur- But the UK government has struggled
prised if this marked the end of major to whet foreign appetites for new infra-
infrastructure investing.” structure projects it really desires.

Economists

Calls for calm over market rout


CHRIS GILES — ECONOMICS EDITOR by almost exactly 1 per cent, so the
direct effect of reduced Chinese demand
There is no need to panic, yet. That is
would be small.
the message UK economists are at
In comparison, China’s neighbour
pains to put across in response to fears
South Korea and commodity exporting
that a China-led global economic slow-
countries such as Chile have 4 per cent
down will cast a pall over the economy.
of their GDP devoted to selling goods
With economic data still relatively and services to China.
strong and stock markets recovering, If direct trade is too small to derail the
the UK remains one of the best-per- UK’s economic recovery, the indirect
forming advanced economies in the effects of a slowdown in China, such as
world. However, the profession remem- its effect on other countries, on confi-
bers it came late to the 2007-08 global dence, on market prices, on the finan-
financial crisis and echoes chancellor cial system and on policy are much
George Osborne’s warning that, as an harder to predict.
economy open to trade and with As Mr Osborne warned, any world
many international links, Britain downturn would hit the UK hard but,
cannot be immune to global events. economists say, there are reasons to be
much less worried about effects spilling
over into the real economy.
George Osborne: Samuel Tombs of Capital Economics
the chancellor
has warned that says there has been precious little link
any world between soaring UK consumer confi-
downturn would dence and the struggling FTSE 100
hit the UK hard stock market index over the past year,
suggesting “the rout in the equity mar-
One difficulty facing UK economists ket is unlikely to have particularly
trying to assess the effect of the latest adverse knock-on effects on consumer
stock market turmoil is that the easiest spending”.
factors to measure — the influence of Other market moves, especially the
lost exports to China — are almost irrele- drop in oil and commodity prices, have
vant, compared with unpredictable raised the purchasing power of UK
indirect effects. households and should increase the
According to the most recent official growth rate in the near term, says Alan
figures, the UK exported £17.4bn of Clarke of Scotiabank although he worries
goods and services to China in 2013 with “the upside of lower oil prices is being
another £7.5bn going to Hong Kong, a diluted [at present] because it is not
former colony that is a special adminis- beingpassedonfullyatthepetrolpump”.
trative region of China. Also adding to the sense of relative
Though direct exports to China have calm is the belief that while the global
been growing rapidly, they accounted outlook is uncertain, the Bank of Eng-
for only 3.4 per cent of Britain’s total land is extremely unlikely to raise inter-
exports. If UK exports to China had all est rates this year.
been lost overnight, it would have China turmoil page 4
reduced gross domestic product in 2013 Martin Wolf page 9
4 ★ FINANCIAL TIMES Wednesday 26 August 2015

CHINA TURMOIL

Rout puts premier’s position in jeopardy


Riyal weakness

Falling oil
Beijing insiders say Li Keqiang could pay price for earlier failed plan to bring markets under control
price prompts
ing, new stock offerings and sales of any Li Keqiang, China’s scandal-hit football teams. since early July no Chinese political
traders to
‘If the
focus on Saudi
FT REPORTERS
shares by large investors and about below, is These groups outrank the formal gov- heavyweight has come out to say what’s
The China-led turmoil that has rocked $200bn worth of stock purchases by regarded as ernment entities that are supposed to be situation going on or what the government plans
global markets in the past two weeks has
also shaken the ruling Communist party
and left Li Keqiang, the prime minister,
state-owned institutions. The rally that
ensued persuaded many investors to
jump back into the market, only to see it
China’s weakest
premier in
decades
in charge of those areas.
The premier is also being widely criti-
cised for saying, in an interview with the
worsens
and if there
to do about it,” said Mr Lam. “This has
fuelled speculation that there are real
divisions at the apex of the party.”
currency peg
fighting for his political future, accord- plummet again in recent weeks. Financial Times in the spring, that comes a Mr Li was once thought to be the
ing to analysts and people familiar with China’s benchmark index has fallen although a weaker renminbi could not most likely candidate to replace former SIMEON KERR — DUBAI
the internal workings of the party. 22 per cent in the past four trading ses- be ruled out, China did not want to point where president Hu Jintao, before he was
Plummeting oil prices have led to
Among party officials and politically sions and the government appears to devalue its currency — a move it eventu- [Xi] really instead anointed as Mr Xi’s number two
renewed speculation against the Saudi
connected people in Beijing, the hottest have now abandoned Mr Li’s strategy of ally made on August 11. in 2012.
needs a riyal, heaping pressure on Riyadh as it
topic is whether Mr Li will take the fall propping up the market with huge gov- Some commentators have mocked The premier is seen as a leading mem-
burns through its foreign reserves and
for Beijing’s perceived mismanagement ernment stock buying. him for incongruous public statements scapegoat, ber of the faction centred on Mr Hu,
taps domestic debt markets to make up
of the stock market crash and the coun- But even if Mr Li is blamed by the that suggest the government is out of known as the Communist Youth League
then Li fits for a widening budget deficit.
try’s broader economic slowdown. party elite for his handling of the crisis, touch with reality when it comes to the group. But Ling Jihua, a prominent
“Premier Li’s position has certainly most analysts and serving officials carnage in the equity markets. the bill’ member of that faction and Mr Hu’s Saudi Arabia, along with other emerg-
become more precarious as a result of believe his removal from power would The day after Beijing launched the former personal aide, was arrested this ing markets, has been the target of trad-
the current crisis,” said Willy Lam, an be too damaging to party prestige rescue package to prop up the market in year on Mr Xi’s orders on charges of cor- ers’ bets that it will eventually be forced
expert on Chinese politics at the Chinese and credibility and that he is July, state media ran prominent arti- ruption and abuse of power. into a devaluation as oil prices fall to
University of Hong Kong. “If the situa- almost certain to remain in cles quoting Mr Li saying the econ- “There are constant rumours that new lows triggered by Chinese eco-
tion worsens and if there comes a point office, at least until the next omy was in good shape and on an Premier Li is about to be booted out but nomic stress.
where [President Xi Jinping] really five-yearly party congress in 2017. upward trajectory. There was no men- that is partly because he is given all the The riyal has weakened on forward
needs a scapegoat, then Li fits the bill.” Mr Li is already regarded by most tion of the turmoil in the market. toughest jobs to do,” said Kerry Brown, currency markets, with the one-year
Mr Li and Ma Kai, vice-premier, were analysts and political insiders as the This Monday, as the benchmark director of the China Studies Center at forward price hitting SR3.779 yesterday,
the architects of a now discredited plan country’s weakest premier in decades, index fell 8.5 per cent in its worst per- the University of Sydney. “It would be the equivalent of a 1 per cent devalua-
to rescue China’s stock markets in early thanks largely to Mr Xi’s aggressive con- formance since early 2007, Mr Li’s only incredibly risky to replace him at this tion within 12 months. The riyal is
July, when the government rolled out centration of power in his own hands. public statement was a call for the devel- point but it is possible they will find a pegged at SR3.75 to the dollar.
unprecedented measures to prop up The president has established and opment of China’s 3D printing industry. face-saving way to move him aside at In an apparent attempt to shore up
plunging stock prices, according to peo- leads dozens of “small leading groups” “In any other country facing such a the next party congress in 2017.” confidence in the currency, a govern-
ple familiar with the matter. that oversee policy on everything from big crisis you would see senior officials Letters page 8 ment official reaffirmed Riyadh’s com-
Measures included a ban on short sell- military reform to the overhaul of coming out to reassure the public, but Martin Wolf page 9 mitment to the dollar peg.
“We would like to confirm that Sama
[the Saudi Arabian Monetary Agency] is
committed to the policy of pegging the
Saudi riyal with the American dollar,”
Ahmed Abdulkarim Alkholifey, deputy
governor for research and international
affairs at Sama, said.
The free-floating currencies of other
oil producers have dropped as global
equities turmoil clouds the demand
outlook for crude, sending the Brent
benchmark below $43 a barrel on Mon-
day. It rallied 2 per cent yesterday to
$43.50.
Traders and hedge fund managers are
speculating that the stress of the low oil
price will undermine the kingdom’s
commitment to its longstanding peg to
the US dollar, the currency in which its
oil exports are priced.
“The context is the weak oil price, and
another leg down in its value rather than
a recovery at a time when other com-
modity currencies are under strain,”
said Simon Williams, HSBC’s chief econ-
omist covering the Middle East. “So
there is a questioning of the Gulf pegs,
but — in my view — no realistic prospect
of an adjustment taking place.”
The kingdom has $660bn of foreign
currency reserves, bolstered by low
debt levels, giving it plentiful ammuni-
tion to defend the riyal spot price
against speculators.
Going down: an investor checks a brokerage board in Beijing, but for the wider Chinese population the market turmoil is less apparent and consumer confidence remains buoyant — Kim Kyung-Hoon/Reuters In the late 1990s, the Saudi central
bank had to spend vast amounts to
defend the riyal against speculative

Till they drop Belt-tightening a distant prospect for Shanghai shoppers attacks, with its domestic debt levels at
the time almost equalling its gross
domestic product. The government
recently set in motion plans to borrow
$27bn from domestic banks, but overall
PATTI WALDMEIR — SHANGHAI Cook, Apple’s chief executive, who said passers-by agree on one thing: neither economy would cause her to alter any stock market is not good, but neither indebtedness remains very low.
CHARLES CLOVER — BEIJING
in a market-moving email to a CNBC the jittery stock market nor the weaken- spending plans she said: “I never even has a big influence on motor sales. “While oil again in the 40s [dollars a
Global markets may be blaming their presenter this week that his company’s ing economy has yet prompted them to thought about that.” Demand for cars is rigid here: for many barrel] is a concern, Saudi Arabia is still
jitters on the economic slowdown in sales in China remained strong. “I can tighten their belts. Wang Pingnan, a longstanding stock people, to buy a car is a must,” he says. in a substantially better position given
China, but in the streets of Shanghai and tell you that we have continued to expe- As he queues for a table outside a pop- market investor, also takes a sanguine Stock market turmoil is far from the its low debt and strong foreign reserves
Beijing there are few signs of panic over rience strong growth for our business in ular restaurant, office worker Frank Gu view, but warns that it is too early to say minds of Beijing residents, who were last than in previous periods of low oil
the “Black Monday” market rout. China through July and August,” Mr says: “I don’t think the economic slow- whether the slowdown will affect him. weekend treated to a rehearsal of a mili- prices,” said Monica Malik, chief econo-
At Shanghai’s largest Apple Store, in Cook said, adding that “growth in down will affect my life.” He adds “It will be like a wave, which started in tary parade on September 3 to com- mist at Abu Dhabi Commercial Bank.
one of the city’s busiest shopping streets, iPhone activations has actually acceler- almost as an afterthought: “I am still the manufacturing [areas of China] and memorate the 70th anniversary of the Riyadh faces hard choices as oil price
the lunchtime crowd is as large as usual ated over the past few weeks”. planning to buy the new iPhone.” hasn’t yet reached Shanghai. So we don’t end of the second world war. The capital weakness continues, with economists
awaiting the arrival of the newest Apple At the Starbucks kiosk opposite Tina Tang, a new investor who is wait- feel a thing now . . . we don’t feel like we was transformed into a theatre of troops expecting the full extent of the pain to
smartphone model, the iPhone 6s. Apple’s shop, in the premier Hong Kong ing to cross Huaihai Road, says she is not are in danger now,” he says. marching,withstreetsblockedoff. be felt next year as state spending ebbs.
“I still want to buy the iPhone 6s,” says Plaza shopping centre, a lengthy lunch- worried. “I recently started trading At the Jinjiang Buick dealership in The world may feel that China is The stock market has fallen by a quar-
Yu Xinyuan, a 21-year-old student in the time queue forms, despite the fact that a stocks along with some of my colleagues, Shanghai, Dai Xiaoran, a sales execu- grinding to a halt, but shoppers in the ter in August, and is at its lowest level in
shop with Yu Yu, her boyfriend, also 21. latté bought there can set some white- but none of us has been affected much. tive, says it is getting harder to sell cars, cities are not ready to stop spending yet. more than two years. Fitch last week
“The slowdown in the economy won’t collar workers back as much as 1 per We expect the stock market to go up and but thinks that licence plate restrictions Additional reporting by Jackie Cai downgraded its outlook on Saudi Ara-
change my plans,” she says. cent of their monthly salary. downandwearegettingusedtoit.” and competition are the main causes. in Shanghai bia’s currency ratings to negative from
She seems to echo the views of Tim Outside Hong Kong Plaza, several Asked whether the decline in the real “The economy is not good and the Lex page 12 stable.

Global economy

World trade suffers largest contraction since 2008 crisis


SHAWN DONNAN recent years and the unwinding of a dec- trade this year but is likely to reduce export-led economy to one that was
WORLD TRADE EDITOR
ades-old rule that saw trade reliably that estimate. more driven by domestic consumption
World trade recorded its largest con- grow at twice the rate of the global econ- Much of the slowdown in global trade had structural implications for global
traction since the 2008 global financial omy as a result of what some have called this year has been caused by a faltering trade, Mr Koopman said. So too did the
crisis in the first half of this year, an era of hyperglobalisation. recovery in Europe as well as a slowing changing energy dynamics in the US,
according to figures that will feed con- In the three months to the end of June economy in China, Mr Koopman said. which is becoming a net exporter of
cerns over the global economy and add global trade grew just 1.1 per cent from The global economy’s “growth energy, and a pattern of manufacturers
fuel to a debate over whether globalisa- the same quarter of 2014, according to engine” had been operating as if it had a deciding to shorten their global supply
tion has peaked. the new figures. The International Mon- mechanical fault for some time with chains and bring production closer to
etary Fund expects the global economy “good growth in some countries offset home as part of a “nearshoring” and
The volume of global trade fell 0.5 per to grow 3.5 per cent this year. by weak growth in others”. even “reshoring” movement.
cent in the three months to June, the “We have had a miserable first six But there was also clearly a structural “There’s an adjustment going on in
Netherlands Bureau for Economic Pol- months of 2015,” said Robert Koopman, shifthappeningintheglobaleconomy,he the global economy and trade is a place
icy Analysis, keepers of the World Trade chief economist of the World Trade said, and that meant slowing global trade where that adjustment becomes pretty
Monitor, said yesterday. Economists Organisation, which has forecast 3.3 per waslikelytoendureforsometime. visible,” Mr Koopman said.
there also revised down their result for cent growth in the volume of global The attempted shift in China from an The slowdown in global trade in
the first quarter of the year to a 1.5 per recent years has led some to proclaim
cent contraction, making the first half of that globalisation has peaked with tech-
2015 the worst recorded since the 2009 nological innovations like 3D printing
collapse in global trade that followed the already creating further disruptions.
crisis. However, while it may have peaked
Global trade actually rebounded by there are no signs yet that globalisation
2 per cent in the month of June, accord- has gone into reverse, Mr Koopman
ing to the World Trade Monitor, but its said. While growth in trade has slowed
authors warned that the monthly num- to “mimic global GDP” it remained sta-
bers were volatile and that the more ble as a component of the global econ-
revealing pattern lay in the longer-term omy, with merchandise exports
figures. accounting for a steady third of global
Those numbers built on what has output when measured in constant
been a grim pattern for global trade in Slowing global trade is forecast to endure for some time — Paul Smith/Bloomberg 2005 prices.
Wednesday 26 August 2015 ★ FINANCIAL TIMES 5

INTERNATIONAL

Republicans. Presidential pack Fiftieth anniversary

Singapore
Trump troubles party on immigration calls election
amid regional
Frontrunner complicates instability
efforts to win critical support
from Hispanic voters BEN BLAND — HONG KONG

DEMETRI SEVASTOPULO — WASHINGTON The Singapore government has called a


general election for September 11 in a
When Jeb Bush spoke in Spanish on a
test of the popularity of the long-ruling
campaign stop in Texas on Monday, it
People’s Action party at a time when
reminded people why he was once seen
the Southeast Asian city state is facing
as the Republican ticket to winning
economic problems and questions over
more Hispanic votes — and taking the
its future.
White House.
Speaking near the US-Mexico border In Singapore’s 50th year as an independ-
just weeks after Donald Trump visited ent nation, Prime Minister Lee Hsien
the area, Mr Bush impressed people Loong said yesterday he was seeking a
with his linguistic skills. But the former mandate to take the Asian financial
Florida governor, who wanted to distin- centre “into its next half century”.
guish his immigration stance from that “If you are proud of what we have
of Mr Trump, instead ended up taking achieved together, and support what we
flak over his recent controversial use of want to do for our future, please support
the phrase “anchor babies” — a deroga- me and my team,” he wrote on his Face-
tory term for children born in the US to book page.
illegal immigrants. The PAP has dominated Singaporean
Mr Trump has propelled himself to politics since independence from Brit-
the front of the 17-strong Republican ain with its unique mix of authoritarian
presidential pack with a draconian rule and free-market economics, which
immigration plan, which involves the has attracted admirers from China to
mass deportation of 11m undocu- Rwanda.
mented immigrants — and their legal But in recent years it has faced grow-
children, the building of a wall along the ing criticism from voters unhappy
border, and amending the constitution about the government’s pro-immigra-
so that children born to illegal immi- tion policies and widening social ine-
grants no longer automatically qualify quality.
for US citizenship. The election comes at a difficult time
While Mr Trump is firmly planted at for Southeast Asia, with many of the
one extreme of the spectrum on immi- region’s economies hit by the slowdown
gration policy, the popularity of his Donald Trump lost the popular vote in five of the past ‘What discourse and the Democrats hammer run out of steam as Republican voters in China and political instability wrack-
views with the conservative Republican campaigns in six presidential races, and that winning away at this,” said Prof Citrin. realise the implications — both in cost ing Malaysia and Thailand.
base, which is influential in the prima- Alabama on support from Hispanics was critical to Trump is Although Mr Trump’s rhetoric is anti- and humanitarian damage — of deport- At the last election in 2011, the PAP,
ries, poses a conundrum for candidates Friday. One reversing that trend. doing thetical to the recommendations the ing 11m people. which was founded by Mr Lee’s late
such as Mr Bush who would rather take problem for “Hispanic voters tell us our party’s Republican party proposed after the In a May poll, Pew Research found father and Singapore’s first prime minis-
a moderate stance to avoid antagonising moderate position on immigration has become a works 2012 loss, the party remains hamstrung that 72 per cent of respondents sup- ter Lee Kuan Yew, won its lowest ever
Hispanics who are the fastest-growing Republicans litmus test, measuring whether we are for the in dealing with the tycoon. In the first ported a path to legal status for undocu- vote share, at 60 per cent.
segment of the US electorate. such as Jeb meeting them with a welcome mat or a Republican television debate, Mr Trump mented immigrants. While 80 per cent However, with favourable electoral
Some analysts believe Mr Bush used Bush, below, is closed door,” the Republicans warned in primary, was the only one of 10 candidates to of Democrats held that view, a majority boundaries and no independent elec-
the term “anchor babies” to boost sup- that Democrats the report. but poses refuse to say he would support the of Republicans, or 56 per cent, also toral commission, it still won 81 of 87
port even as he strives to sell his plan on are using While Mr Trump is throwing red meat Republican nominee for president, believed it was the right course to take. seats in the parliament.
immigration, which would provide a Trump to paint to the conservative base — such as the danger in which sparked speculation that he would “Even Americans very concerned Analysts said the PAP would expect to
path for undocumented immigrants to the entire predominantly white Republicans in the general considerrunningasanindependent. about securing the border would be be boosted by the nationalist pride sur-
become legal. Nathan Gonzales, a US Republican the first voting state of Iowa — the dan- While some Republicans worry that horrified by the prospect of forcibly rounding the extensive 50th anniver-
political commentator, said the choice of party as ger for the Republicans is that Latinos election’ Mr Trump will derail the party’s rounding up illegal immigrants for sary celebrations and the commemora-
wordswasa“strategicdecision”andnota anti-immigrant now comprise 17 per cent of the US pop- chances of taking the White House, oth- deportment,” said Chad Kolton, a tions of Lee Kuan Yew, who died in
slip of the tongue by a man who talks Brynn Anderson/AP
ulation, compared with 6.5 per cent
Julian Zelizer ers believe his campaign will eventually former Bush administration official. March at the age of 91.
proudly about his Mexican-born wife three decades ago. They also account for
andHispanicchildren. 11 per cent of the electorate, and 1m
Even Mr Trump has accused Mr Bush young Latinos are entering the elector-
of tacking right. “[Bush is] very weak on ate each year.
immigration,” said Mr Trump, “What Trump is doing works for the
“although now he is using ‘anchor baby’. primary, but poses danger in the general
Now because I used it, he is using it.” election,” said Julian Zelizer, a politics
One problem for moderate Republi- professor at Princeton University.
cans, such as Mr Bush, is that Democrats “These kinds of statements repeated by
are using Mr Trump to paint the entire others in the GOP [Republican party],
Republican party as anti-immigrant. Mr will anger immigrants and supporters of
Bush on Monday said it was “ludicrous” liberal immigration policies to
for Hillary Clinton, the frontrunner for come out and vote Democratic.”
the Democratic nomination, to suggest Jack Citrin, a political scientist
that he had used a derogatory phrase. at the University of California
But the Democrats are conscious Berkeley, said Mr Trump had the
that they are tapping into a percep- potential to damage the Republi-
tion that the Republican party itself cans’ prospects of picking up
conceded existed after Mitt Rom- Hispanic votes in the 2016
ney lost the 2012 election. In a election. “The longer he
postmortem report, the Republi- stays in the race, the more
cans pointed out that the party had he becomes part of the

Recession

Gloomy economic reality dawns on Brazil


JOHN PAUL RATHBONE — SAO PAULO gress, probably increasing the political and broke campaign finance rules. Both
heat on Ms Rousseff and her fragile gov- are possible grounds for impeachment.
Roberto Setubal, the head of Brazil’s
erning coalition. Last week, Eduardo Business leaders, fearful that political
biggest private bank, sees a long period
Cunha, the head of Brazil’s lower house, instability could turn a bruising reces-
of gloom for Brazil’s economy as unem-
became the first sitting politician to be sion into an economic crisis, have called
ployment rises and Congress is upset
formally charged with corruption. He on politicians to pull together and pass
by corruption scandals. However, he
quit Ms Rousseff’s coalition last month measures needed to put the economy on
does not believe Dilma Rousseff, the
to join the opposition in seeking her track and stave off a downgrade that
president, will be impeached.
impeachment and has called the probe could see Brazil’s credit rating cut to
Latin America’s largest economy has politically motivated. junk status.
fallen into its biggest recession since the Mr Cunha, who will be investigated A mixed bag of spending cuts and tax
Great Depression, hit by lower com- by the Supreme Court, insists he is inno- breaks, called the Brazil Agenda and
modity prices, a multibillion-dollar cor- cent and has said he will remain in supported by Senate house leader
ruption scandal at state-controlled oil his post. Fernando Collor, a former Renan Calheiros of the centrist PMDB
company Petrobras, and a political cri- president impeached on corruption party, has made some progress through
sis that has made Ms Rousseff the most charges in 1992 but who has since made the legislature. But analysts said it was
unpopular president in Brazilian demo- a comeback as a senator, was also unlikely to be fully implemented.
cratic history. charged. Meanwhile, there are few signs the
“Five years ago, everyone felt Brazil “To her credit, Dilma has kept the economy has touched bottom. Unem-
was on the brink of development,” said [corruption] investigation going. The ployment has risen sharply to 7.5 per
Mr Setubal, chief executive of Itaú. “But country’s institutions are holding,” Mr cent, while inflation is running at 9.6 per
happiness is the difference between Setubal said. “I do not think she will be cent as regulated energy prices have
expectations and reality, and expecta- impeached.” been unfrozen and the real’s deprecia-
tions were too high. In a year, perhaps, Although Ms Rousseff is not being tion has fed through into higher domes-
expectations will be more realistic, and investigated, she chaired Petrobras tic prices.
we will have a lot of hard work to do.” when much of the corruption took Analysts say those effects should pass
Amid a corruption scandal that has place, and her government faces sepa- quickly, though, thereby allowing the
permeated the highest levels of govern- rate probes that it cooked the budget central bank early next year to start cut-
ment and an economy forecast to shrink ting interest rates, which have been
2 per cent this year, Ms Rousseff’s jacked up to 14.25 per cent.
approval ratings have fallen to 8 per Still, while that might stabilise domes-
cent. Hundreds of thousands of protest- tic consumption, it is unclear what
ers have taken to the streets calling for might power Brazilian growth in future.
her resignation, while investors have For the past decade it has been helped
pushed down the real by 25 per cent, along by high commodity prices and
making it one of this year’s worst-per- abundant consumer credit.
forming emerging market currencies. “I think the economic recovery will be
But rather than the economy or finan- slow,” Mr Setubal said. “But price distor-
cial markets, the government’s most tions have been removed, and you are
pressing issue is set to be fallout from 8% 14.25% already starting to see a positive
the kickback and bribery probe at Dilma Rousseff’s Interest rate level, response on the external accounts — the
Petrobras that has already jailed dozens approval rating as which analysts current account deficit is falling and
of senior business executives. thousands protest believe will be cut exports are rising. It is the external sec-
The probe’s focus is shifting to Con- against her early next year tor that will lead the recovery.”
6 ★ FINANCIAL TIMES Wednesday 26 August 2015

INTERNATIONAL

Eurozone France attack

Spain trumpets end of austerity policies Terror suspect


played jihad
Budget sets out plans for GDP next year, as mandated by the
European Commission.
because we made structural reforms.”
Hailed by government officials as the
been picking up speed since. The gov-
ernment estimates that GDP will
millions face not just poverty but social
exclusion.
recording on
tax cuts and spending
rises in wake of recovery
With an election looming before the
end of the year, the centre-right govern-
“budget of recovery”, the spending plan
follows the worst economic crisis in
increase 3.3 per cent this year — making
Spain one of the fastest-growing econo-
Pedro Sánchez, leader of the opposi-
tion Socialists, chided the government
train, say
TOBIAS BUCK — MADRID
ment is at pains to show voters that their
hardship is at last coming to an end. “We
asked a lot from Spaniards — and now
recent history. Since the bursting of the
country’s property bubble in 2008,
Spain has been through five years of
mies in Europe.
Unemployment is falling, but remains
above 22 per cent, the highest rate in the
for presiding over a sharp rise in ine-
quality, alleging that tax cuts for compa-
nies and the wealthy had come at the
prosecutors
Spain’s government sought to draw a we are giving back,” Cristóbal Montoro, eurozone outside Greece. The govern- expense of the unemployed.
line under the age of austerity yester- budget minister, told parliament. ment expects the jobless rate to decline “Never before has there been such a ADAM THOMSON — PARIS
DUNCAN ROBINSON — BRUSSELS
day, setting out a budget proposal for Brushing off opposition attacks, Mr 3.3% 22 % next year, to 19.7 per cent, and to 17.6 per large gap between the rich and poor in
the coming year that includes tax cuts, Montoro offered a robust defence of the Madrid’s Spain’s jobless cent in 2017. Under Mr Montoro’s Spain,” he said. The heavily armed man who boarded a
higher salaries for public sector workers government’s policies during the crisis. estimate for rate, down budget proposal, spending on unem- Recent polls give Prime Minister Mar- train between Amsterdam and Paris
and more spending on education, He pointed to Madrid’s 2012 labour GDP growth from 27% ployment benefits and social security is iano Rajoy’s Popular party a slight lead last week listened to a jihadi recording
defence and diplomacy. market overhaul, the restructuring of this year two years ago set to fall by a quarter next year, to over the Socialists, but suggest that nei- on YouTube just moments before car-
In a sign of the recent return to eco- the banking sector, pension and tax €16.6bn. ther has the strength to form a govern- rying out terrorist-motivated violence,
nomic strength, Madrid vowed to cou- reforms as the building blocks of the recession, harsh spending cuts, a debt The sharp decline reflects the upturn ment without coalition partners. say French prosecutors.
ple the spending rises with further current recovery. crisis, banking collapse and an unprece- in the labour market — but also the fact Spanish politics, once dominated by
budget consolidation. Public debt is set “Why is Spain growing twice as fast as dented rise in unemployment, which that a growing number of the jobless the two mainstream parties, has Confirming the identity of the man sus-
to fall to 98.2 per cent of gross domestic Germany, three times as fast as France reached 27 per cent of the workforce have been out of work for so long they become far more fragmented, with new pected of Friday’s attack as Moroccan-
product, the first decline since the start and more than three times as fast as only two years ago. are no longer entitled to state support. parties Podemos and Ciudadanos vying born Ayoub el-Khazzani, Francois
of the crisis. Thanks to rising output and Italy?” he asked. “Spain is leading in Helped by buoyant exports and low Opposition leaders and analysts have for voter support on the extreme left Molins of the Paris prosecutor’s office
higher tax revenues, the deficit, too, is in terms of economic growth and job crea- interest rates, the economy eventually voiced alarm at the plight of Spain’s and in the centre respectively. said the individual had for months trav-
decline, falling to below 3 per cent of tion because we changed things, returned to growth in 2013, and has long-term unemployed — warning that Editorial Comment page 8 elled freely throughout western Europe,
taking advantage of the area’s open bor-
ders before committing last week’s
attack.
The way Mr Khazzani moved easily
Civil unions. Divided nation between Spain, France, Belgium, Ger-
many and Austria in recent years will

Italian gays voice frustration over stalled reforms tend to renew questions about whether
the area’s cherished Schengen system
of open borders needs reviewing in
the face the threat from terrorist
attacks. It will also raise concerns about
the need for greater security on Europe’s
Prime minister’s pledge to How EU countries trains.
pass legislation by the year’s compare Mr Molins said the suspect boarded a
high-speed Thalys train at Brussels’
end meets with scepticism 3 Same-sex marriages are Midi station carrying an AKM assault
recognised in 11 EU countries: rifle, nine magazines each containing 30
France, Luxembourg, rounds of ammunition, a 9mm pistol
GIULIA SEGRETI — ROME
Denmark, Spain, Sweden, the and a craft knife. He described Mr Khaz-
Everything is ready for the wedding UK excluding Northern zani’s claim that he found the weapons
between Fabio and Franco, a young Ital- Ireland, Ireland, Portugal, in a park where he had been sleeping
ian gay couple. The announcement has Finland, the Netherlands and and that his only intention was to rob
been made, the guest list drawn up, the Belgium the passengers and escape through the
suits selected and the cake topper cho- window as “fanciful”.
sen. Yet, one important detail is missing: Instead, he said, evidence suggested
the location. 3 Austria, Croatia, the Czech that the attack, thwarted when other
The possibility of celebrating in Republic, Estonia, Germany, passengers wrestled the attacker to the
Rome, where they live, will depend on Hungary, Malta, Northern ground, was premeditated and inspired
the ability of Italy’s parliament to Ireland and Slovenia grant by terrorism.
approve a pivotal law on same-sex civil some form of same-sex “Ayoub el-Khazzani had played a
unions. unions or partnerships YouTube audio file while already on the
“We don’t have much hope, to be hon- Thalys train in which an individual
est. Political opposition, fostered by part called on the faithful to fight and take up
of the [Catholic] Church, is fierce,” says 3 Bulgaria, Cyprus, Greece, arms in the name of the Prophet,” said
Fabio. “ I think we will have to get mar- Italy, Latvia, Lithuania, Poland, Mr Molins. The suspect had insisted on
ried abroad, probably Portugal.” Romania and Slovakia do not travel on that particular train, buying a
Italian lawmakers have attempted to yet recognise same-sex civil first-class ticket and refusing sugges-
pass gay rights laws in the past but legis- unions or marriages tions by a ticket officer to travel on an
lation has stalled amid strong opposi- earlier one.
tion from Catholic parties and centre- He also said Mr Khazzani had trav-
right inertia. Matteo Renzi, prime min- 3 In 2013 almost two-thirds of elled to Turkey as part of a trip that
ister, on Sunday repeated his pledge to voters in Croatia decided in a investigators suspect may have
pass legislation by the end of the year, referendum to amend the involved going to Syria. Mr Molins said
but his centre-left Democratic party has constitution to permanently 1,880 people in France had been impli-
struggled to find a unified position. ban same-sex marriage cated in jihadi activities in Syria.
Pressure increased last month when The formal opening of a terrorist
the European Court of Human Rights investigation came on the same day
condemned Italy for not giving same- 3 Ireland was the first country prosecutors confirmed that Belgian
sex couples legal recognition and pro- to allow same-sex marriage police conducted raids in western Brus-
tection. The country is the only large through a referendum, with sels believed to be linked to last week’s
western European country that does not 62 per cent voting in May attack.
recognise either civil partnerships or to change the country’s The raids took place on Monday night
marriage for gay couples, although constitution to permit in Molenbeek, an economically
some cities including Rome and Milan such unions depressed part of the city, which has
have opened registries for same-sex produced a stream of foreign fighters,
partnerships, leading to limited local who have quit Belgium to fight in coun-
rights. tries such as Syria.
A draft law landed in the Senate in Campaigners Fabio and Franco are not optimistic Angelo Bagnasco, leader of the Italian cerned it will create “second-tier rights”, Belgium has supplied more foreign
March. The legislation, based on the demand legal about the prime minister’s pledge. bishops conference, said on Sunday that although he sees the legislation as “a fighters than any other EU country
German model, would recognise same- rights for “The more we think about it, the families were the “foundation of soci- necessary step” for Italy. “If it is based on its population, while France
sex unions, a step below gay marriage, same-sex more we are convinced that in order to ety” and were composed of “a father, a approved, I will celebrate,” he says. has the greatest overall number of peo-
which is recognised in France, Spain, couples and have a family we will have to move, far mother and their children” and that Proponents of the law say that despite ple returning from fighting in Syria.
the UK and elsewhere. It would grant protest against from our own family and friends, and “applying the same rights of a [tradi- potential extra costs for the state — the On the other side of Brussels, EU offi-
gay couples the same rights — for exam- homophobia this saddens me,” says Franco. tional] family to families of other finance ministry says it could add €9.5m cials raised the prospect of deploying
ple on inheritance, tax, pensions, wel- while taking Monica Cirinnà, a senator for the types . . . is wrong”. to welfare costs in the next two years — it X-ray checks and body scanners at train
fare and health — as heterosexual part- part in the 21st Democrats and main architect of the “Italy in general is backward when it could significantly benefit Italy’s strug- stations across Europe following the
ners, with the exception of limiting annual Gay law, admits it is facing “strong obstruc- comes to rights . . . it’s a cultural prob- gling economy. attack.
adoption rights and the use of assisted Pride Parade in tionism”. But she is confident parlia- lem,” says Ms Cirinnà, noting that the ‘Italy in Paul Donovan, chief economist for A meeting will be held on September
reproductive technology. Rome in June ment will pass it soon. dome of St Peter’s “has always been a UBS, recently suggested legalisation of 11 to determine what measures should
But the legislation is stuck in a parlia- Giuseppe Ciccia/Getty
“The text is balanced and does not heavy shadow” over Italian politics. general is same-sex marriage in the US would be discussed by transport ministers,
mentary commission — which must clash with the beliefs of Catholics and In contrast, she says, society “has backward increase labour mobility and productiv- who will themselves meet in October.
pass it to the Senate for a vote — blocked traditionalist society,” she says. moved forward”, with more than two- ity there, and Franco Grillini, a gay Most rail industry discussions on
by thousands of amendments from both Italy has been seen by some as a thirds of Italians now in favour of gay when it activist and former Italian MP, said security have focused on the risks of
opposition and ruling coalition parties. laggard on civil liberties connected with civil unions, according to a recent poll comes to Italy’s economy could become “less theft or vandalism rather than terror-
Arcigay, Italy’s largest national gay family life and reproductive rights, with by Istituto Piepoli. static and stagnant” if a better legal sta- ism. Countries within the Schengen area
and transgender rights organisation, the conservative agenda of the Catholic Fabio and Franco see the proposed rights . . . tus were granted to Italy’s gay people. are not allowed to check passports, but
has expressed concern at the govern- Church remaining influential. In May, law as “the minimum required . . . a it’s a “Italy would only benefit [from the there is nothing to stop countries intro-
ment’s “inertia”. “The delay shows that Cardinal Pietro Parolin, the Vatican compromise”, saying Italy will only be law], which would make it more devel- ducing security checks similar to those
they don’t see the urgency . . . and high- secretary of state, made the view of considered “civilised” when all couples cultural oped, modern and productive,” he says. seen on intra-Schengen flights.
lights [their] lack of seriousness many at the top of the church clear, have the same rights. problem’ “It would also allow many young people “Security checks are allowed on trains
towards these issues,” says Flavio Rom- defining the vote legalising gay marriage Dario De Gregorio, an entrepreneur who have left the country to come just as they are on planes,” said the
ani, president of the group. in Ireland as a “defeat for humanity”. and gay activist from Rome, is con- Monica Cirinnà back.” European Commission.

Show trial concerns

Russian military court sentences Ukrainian film director to 20 years in labour camp
KATHRIN HILLE — MOSCOW nian security agent kidnapped by Rus- Sentsov’s trial as “fatally flawed,” noting criminal cases has long been the rule.” practices, Mr Koroteev noted that
sia’s FSB security service from his own that credible complaints from the Sentsov and Kolchenko, along with defendants in today’s Russian criminal
A Russian military court has sentenced
country, was sentenced to 15 years in defendants about torture were ignored two other Ukrainians, were arrested in courts can still challenge accusations
Oleg Sentsov, a Ukrainian film director,
prison for espionage. Ukrainian fighter by the court. “This trial was designed to Crimea in May last year after Russia’s against them, and their lawyers will side
to 20 years in a labour camp in a case
pilot Nadia Savchenko, who had fought send a message. It played into Russia’s annexation and accused of setting fire to with them rather than calling on the
that critics have likened to the politi-
in eastern Ukraine, is also on trial for propaganda war against Ukraine and the offices of two Russian organisations judge to condemn the defendant, as was
cised show trials of the Stalin era.
murder after she was broughttoRussia. was redolent of Stalinist-era show trials and plotting other violent attacks, common in Stalinist trials.
The judge in the south-western city of Federica Mogherini, the EU’s foreign of dissidents,” said Heather McGill, Eur- charges they deny. During the annexa- But he agreed that after relative open-
Rostov-on-Don found Sentsov and Alex- policy chief, said the Sentsov case was asia Researcher at Amnesty. tion of Crimea from Ukraine, the men ness in the 1990s, a round of judicial
ander Kolchenko, a Ukrainian activist, “in breach of international law and ele- “This has nothing to do with proper had sent food to Ukrainian soldiers sur- reform initiated by President Vladimir
guilty of plotting to organise a terrorist mentary standards of justice”, and called criminal proceedings and should not be rounded by Russian special forces. Putin’s government in 2003 had refo-
group in Crimea. Kolchenko was sen- on Russia to release the pair and return discussed in terms of criminal justice,” Sentsov has stated that he was tor- cused the criminal justice system on
tenced to 10years’ labour. them safely to Ukraine. “Russian courts said Kirill Koroteev, senior lawyer at the tured and threatened with rape during fast, strict verdicts instead of justice.
It marks the second time in less than a are not competent to judge acts commit- human rights organisation Memorial. pre-trial detention, but investigators Russian legal professionals say that
week that a Russian court has incarcer- ted outside the internationally recog- “It is relatively new to the system that claimed he had bruised himself. key to these changes was a new system
ated a foreign national amid contro- nised territory of Russia,”shesaid. this is being applied to foreign nationals, Oleg Sentsov: his claims of torture While Russian lawyers have com- of assessing judges based on numbers of
versy. Last week, Eston Kohver, an Esto- Amnesty International rejected but in general, the absence of justice in were dismissed by investigators plained of the return of Stalinist-era convictions.
Wednesday 26 August 2015 ★★★ FINANCIAL TIMES 7

FT BIG READ. BANKS

Faced with tough post-crisis regulation, most of the biggest players slashed their investment banking units
and turned to less risky activities such as wealth management. But those left are still making good returns.
By Laura Noonan

Landscape Investment banks are declining in importance


After the crash
Investment banking revenues as % of total in the top ten global banks

shifts as
Pre crisis (Q2 2007) 70.6
Post crisis (Q2 2015) 64.4
60.4 62.0
60
53.1
47.0 48.7
44.8 45.3

the titans
38.9 37.5 40
34.4 35.6 35.5
30.1

20

retreat Citigroup UBS JPMorgan Deutsche Bank Credit Suisse Morgan Stanley
Pre crisis not comparable due to: * changes in divisional reporting, ** Merrill Lynch acquisition, *** Wachovia acquisition

What’s in the ‘investment bank’? (revenues by business line)


na
Goldman
Sachs*
na
Bank of
America**
na
2.7
Wells Fargo***
na
Barclays
0

A
nd then there were two. already made some cuts and promised Barclays Bank of America
After years of job cuts and more under its executive chairman, Investment Bank Global Banking & Markets
reorganisations, most of John McFarlane, as has Deutsche Bank, Revenues by business type, Revenues by business type,
the world’s biggest invest- which is finalising a new strategic plan Q2 2015 (%) Q2 2015 (%)
ment banks do very little under its new co-chief executive, John 100 100
investment banking today. Of the 10 Cryan. Credit Suisse’s new chief execu-
largest global banks only two — Gold- tive, Tidjane Thiam, is also reviewing
man Sachs and Morgan Stanley — still investment banking strategy. 80 80
make most of their revenue from their Though it is one of the two remaining
investment banking operations, com- big investment banks, Morgan Stanley 60 60
pared with six before the global finan- has also diversified into retail brokering
cial crisis. with the acquisition of Smith Barney.
This new landscape reflects the dra- James Gorman, the bank’s chief execu- 40 Equity sales and trading 40
matic pullback of Europe’s banking tive, declared last year that “the invest- Macro
Fixed income, currencies
titans after they suffered catastrophic ment banking industry for all intents Equities and commodities trading
losses in the crisis and then faced regula- and purposes has disappeared”. Credit 20 Business lending 20
tory pressure to back off from risky Nevertheless, Colm Kelleher, head of Lending Global transaction services
activities. They are a greatly diminished its institutional securities business, says Investment banking fees Investment banking
force in traditional investment banking the broad investment bank will “con- Other 0 Other 0
activities like leading initial public tinue to generate roughly half our earn-
offerings, mergers and acquisitions or ings”. He adds: “These businesses play
selling company debt, as well as in other an important role in the functioning of Citigroup Credit Suisse
activities like helping clients to trade the global economy and are fundamen- Institutional Clients Group Investment Banking
stocks and bonds and creating financial tal to the creation of growth.” Revenues by business type, Revenues by business type,
products like derivatives. JPMorgan Chase has shed almost Q2 2015 (%) Q2 2015 (%)
100 100
Big US banks, facing regulatory pres- 25,000 jobs in its investment bank since
sures and losses of their own, have also mid-2007, but the division still employs
curtailed their operations in this sector, about 50,000 — more than the entire 80 80
and since the crisis staff numbers have staff of Goldman Sachs or Credit Suisse,
fallen by 40,000, or almost 30 per cent, and just shy of the 56,000 employed by
in the investment banking units of the Morgan Stanley. 60 60
five global banks that disclose figures. A third of JPMorgan’s revenues come
An analysis by the Financial Times from its corporate and investment Securities services
shows the extent of the restructuring at banking division. About 20 per cent of 40 40
Equity markets Equity sales and trading
the world’s biggest lenders, which has that division’s revenue comes from tra- Fixed income markets FICC trading
left them with investment banks that ditional investment banking — the rest Corporate lending 20 Investment banking (advisory, 20
are far smaller and have very little in is weighted towards fixed income and Treasury and trade solutions debt underwriting and equity
common with each other. equities. Daniel Pinto, head of the unit, Investment banking underwriting)
Private banking and wealth manage- says the mission is to deliver “a com- Other 0 Other 0
ment have replaced investment bank-
ing divisions as the big profit centres in
some global banks, while others are
‘It’s fairly hard to have a Deutsche Bank Goldman Sachs
repositioning themselves as domestic common denominator. Corporate Banking & Securities Investment Banking & inst. Client Services
lenders a world away from the risky
planes of high finance. Both strategies Different environments Revenues by business type,
Q2 2015 (%)
Revenues by business type,
Q2 2015 (%)
demand fewer financial resources than
investment banking, where capital
are pushing banks in 100 100

requirements have skyrocketed after a disparate directions’ 80 80


wave of post-crisis regulation. They also
have more stable earnings. plete global banking platform to cli-
UBS, the world’s largest bank by ents”. He adds: “We recognise this is an 60 60
assets before the financial crisis hit, has increasingly rare strategy among the
gone down the wealth management leading investment banks, but JPMor-
route as part of a radical transformation gan’s size and scale put us in a distinct Equity sales and trading 40 40
that began soon after the crisis but gath- position to pursue this.” Debt and other sales and trading
Loan products Securities services
ered pace in late 2012, when the Swiss At Bank of America, the 2009 acquisi- Equities (ex securities services)
Investment banking 20 20
bank announced a pullback from fixed tion of Merrill Lynch created a group (Advisory and debt capital markets FICC trading
income. Its investment banking busi- that draws about 40 per cent of reve- and equity capital markets ) Investment banking
ness drew revenues of SFr2.4bn in the nues from its global banking and mar- Other Other
0 0
second quarter of this year — a far cry kets units, which have a different reve-
from the SFr6.2bn it made in the second nue base to those of UBS and Morgan
quarter of 2007, a year before Lehman Stanley. “It’s fairly hard to have a com- Morgan Stanley
Brothers’ collapse triggered the crisis. mon denominator,” Christian Meissner,
JPMorgan
Corporate & Investment Bank Institutional Securities
The plan is to be “capital light”, focus- head of corporate and investment bank- Revenues by business type,
Revenues by business type,
ing on areas of investment banking that ing, says. “Different regulatory, operat- Q2 2015 (%)
Q2 2015 (%)
put less of UBS’s own capital at risk and ing and business environments are 100 100
attract more favourable regulatory pushing banks in disparate directions.”
treatment. Within this leaner invest- Investment banking is more profita-
ment bank, almost half of its second- ble than other parts of the industry, with 80 80
quarter revenues came from helping cli- these units generating better returns
ents trade equities, with another 30 per than their parent operations at seven of
cent coming from the traditional invest- the eight banks that disclose figures for 60 60
ment banking activities including advis- the segment. But the earnings advan-
Securities services
ing clients, equity capital markets and tage of investment banks should narrow
Equity markets 40 40
debt capital markets. The profile is far when interest rates rise, since retail Equity trading
Fixed income markets
different to some other investment banking will become more profitable. Lending FICC trading
banks, which still make a lot of their Investment banking also needs higher Treasury services 20 Investments and other 20
money from fixed income trading fees returns than other types of banking to Investment banking Investment banking
and selling products like derivatives. justify the potential for large losses. Other Other
“There is no size that fits all, you can Still, Mr Meissner reckons profits are 0 0
be successful in different ways,” says high enough for banks to begin allocat-
Andrea Orcel, head of UBS’s greatly ing more resources to investment bank- UBS Wells Fargo
restructured investment bank. ing. “The returns are still pretty attrac- Investment Bank Investment Banking
Others are still working to downsize tive relative to other things you might
Revenues by business type,
their investment banks. Barclays has do,” he says. Revenues by business type, Q2 2015 (%)
Q2 2015 (%) 100 100
Colm Kelleher Tidjane Thiam
John Cryan
Morgan Stanley Credit Suisse James Gorman
Deutsche Bank
The investment The new CEO Morgan Stanley 80 80
Finalising its new
bank will ‘continue to is reviewing ‘The investment
strategic plan
generate roughly strategy banking industry
half our earnings’ . . . has disappeared’ 60 60
Wells Fargo’s investment bank is
part of the ‘wholesale’ division. Less
40 than 8 per cent of wholesale 40
Equities earnings are ‘investment banking’.
Foreign exchange, rates and credit Revenues for other investment bank
Financing solutions activities, like trading gains, are not
20 broken out. 20
Investment banking
(advisory and ECM/DCM)
Other 0 Investment banking 0
FT graphic Source: companies
8 ★ FINANCIAL TIMES Wednesday 26 August 2015

Letters
Email: [email protected] or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: [email protected]

China’s leaders had no choice but to ditch the old model


Sir, Praise to George Magnus for setting Beneath the gloom there are positive tight and expensive but is having the the recent move by the People’s Bank
out so plainly a few of the hurdles signs emerging from the new economic desired policy goal of precipitating of China to inject liquidity into the
facing China’s leadership, especially the model. Private consumption is now bankruptcies and mergers where the system has been to liquefy the banks,
recentralisation of power and its 46 per cent of gross domestic product horrendous surplus capacity caused a which are under huge pressure to
intrusion into economic policymaking and disposable income 50 per cent, complete loss of pricing power and provide working capital for a large
(“The Chinese model is nearing its compared with 38 per cent and 42 per made real profits difficult to achieve. section of industry that is under water.
end”, August 22). There are two cent respectively in 2007. The services The second development is that the It is too easy to focus on the negative
WEDNESDAY 26 AUGUST 2015 developments worth noting. sector has become the real driver of labour force is in secular decline, losing aspects of these changes and some
First, under efforts to unravel past growth and employment as about 3m workers a year. Many obvious ill-advised policies, but we
legacies and restructure the growth manufacturing’s share of GDP surveys indicate that aggregate shouldn’t lose sight of the positive
model the economy has become continues declining. Quality of life is employment is robust. In recent years signals that spring from restructuring
bifurcated. This is inevitable as it becoming important as a consequence university graduates have been readily and the opportunities they provide.

Erdogan’s election moves from a fixed-asset investment


and export-driven manufacturing
economy into a consumer and services-
of these trends: spending is being
geared towards leisure activities and
travel, with outward bound tourism
finding job openings, with newer
sectors such as logistical and courier
jobs growing rapidly.
Simon Hunt
Weybridge, Surrey, UK
Ian Stones

gamble in Turkey driven one. None of the leadership or


their advisers ever said this was going
to be an easy road.
forecast to rise from about 100m now
to about 500m by 2020. In the
manufacturing trenches credit remains
China’s leadership had no choice but
to ditch the old economic model as
credit had reached its limit. Much of
Beijing, China
Co-Authors of Front Line China Report
Service

President ignores June result to continue quest for one-man rule


Red is the new black on Need to seek comfort may effectiveness of its energy policy, it
President Recep Tayyip Erdogan of the Peoples’ Democratic party (HDP), should be using the tax system and
Turkey has called another general elec- a Kurdish coalition that broadened into stock brokers’ screens be risk parity’s fatal flaw other measures to eliminate the large
tion for November, after voters had the a left-wing movement reaching from Sir, Your editorial “Black Monday Sir, In your Big Read article “Whatever subsidies for fossil fuel pollution that
temerity to deny his ruling Justice and the mainly Kurdish south-east to the highlights Beijing’s hard choices” the weather?” (August 24) you distort the market and prevent there
Development party a fourth consecu- secular youth of western Turkey, lifting (August 25) claims that there is “too describe risks surrounding the use of being a level playing field on which
tive parliamentary majority in June’s it over the 10 per cent hurdle put there much red on stock brokers’ screens” risk parity as an investment strategy, cleaner alternatives can compete fairly.
poll. His decision follows the failure of to keep Kurdish parties out of parlia- for the Chinese authorities to wish but also that many are finding comfort Bob Ward
the neo-Islamist AKP, which came ment. But the HDP would have crossed away. But in China, the colour red has in historical back-tests of the strategy. Policy and Communications Director,
first, to agree coalition terms with the the threshold with Kurdish votes alone. positive connotations. Do not Chinese But this need to seek comfort in back- Grantham Research Institute on Climate
main opposition party. But those nego- There is little reason those votes will stock brokers’ screens flash a vivid red tests could be precisely the fatal flaw Change and the Environment,
tiations were a charade. flow back to the AKP with the security only on good days? Although we live in that has ruined many an investor and London School of Economics, UK
Mr Erdogan, three times prime min- crackdown throttling Kurdish towns. a global village, cultural differences do upset many a market over the years.
ister until moving into the presidency Paradoxically, Mr Erdogan is the still abound. The critical problem is that markets One union that won’t be
last year, seemed already to have made Turkish leader who had done most to James Clunie evolve. Specifically, today there are
up his mind that Turks would have to try to end the enmity between Turks Cambridge, UK vast amounts of capital being managed recommending Corbyn
try again. Last month he launched a and Kurds. The fraying two-year-old following common algorithmic risk- Sir, The executive council of Usdaw —
war of attrition against the Kurdistan ceasefire with the PKK is over. When I hope we may expect control techniques. Risk parity is a the Union of Shop, Distributive and
Workers party (PKK), with whom the Islamic State of Iraq and Levant subset of this wider space. Many Allied Workers — is most emphatically
Ankara had been negotiating to end a (Isis) massacred 33 activists at a Kurd- many ‘Ching Mondays’ strategies target volatility and this not recommending Jeremy Corbyn to
30-year insurgency by giving the Kurd- ish cultural centre on the Syrian border Sir, The term “China’s Black Monday” leads to pro-cyclical trading, cutting union members who are members of
ish minority greater cultural and self- last month, the PKK, saying that a gov- has gained rapid currency worldwide. positions when volatility rises, adding the Labour party.
governing space. The campaign looks ernment which had long allowed We should not overuse it, as there are when volatility falls. This might be Retail is a complex sector of
like a cynical quest for nationalist votes jihadis to use Turkey as a highway into deep cultural symbolisms about colour Oversight of the capital markets is eminently sensible — as long as supermarkets and distribution
while trying to tar as terrorists the pro- Syria must be complicit, resumed kill- in China. Black is associated with evil, needed now more than ever as greed everyone else isn’t doing it at the same depots. Hence the “market confidence”
Kurdish party whose electoral break- ing policemen and soldiers. disaster and suffering, from which reigns supreme in our corporate time, at which point it would create factor is very important to livelihoods
through thwarted his plans for a super- The government has launched just there is small hope for recovery. A culture once again. systemic risk. of our members and expansion of this
majority to upgrade his presidency into one air strike against Isis in Syria, but more calming colour to use in the “An important collateral pay-off for How close we are to this point is sector.
one-man rule. scores against PKK positions in north- context of these turbulent markets higher equity in the years ahead could unclear. Perhaps we should look Furthermore Usdaw has serious
The president has never been one to ern Iraq. Mr Erdogan insists that Syrian would be qing (pronounced ching), be a significant reduction in bank towards recent examples of where concerns about what appear to be Mr
take no for an answer but now his Kurdish militia, fighting alongside the sitting somewhere between blue and supervision regulation,” writes Mr algorithmic trading techniques are Corbyn’s associations with the IRA. An
capricious exercise of power risks pro- US against Isis yet allied to the PKK, are green. It signifies nature and renewal, Greenspan. At what cost? suspected of influencing markets — example in question is his invitation to
pelling Turkey into chaos. Mr Erdogan a greater threat to Turkey than the implying future vigour and vitality. If Leslie Levy namely recent flash crashes, including their “spokesman” to the House of
said this month that, whether people jihadis. Yet that is unlikely to protect history is any guide, I expect China to Bradenton, FL, US last year’s fixed income shock on Commons just weeks after the terrible
like it or not, power has moved into his the country from further Isis reprisals recover its balance and give us many October 15. It is hard to feel much Brighton atrocity in 1984.
presidency: “There is a president with as it moves haltingly to co-ordinate its “Ching Mondays”. Can the financial system comfort from that exercise. Many shop assistants fell victim to
de facto power in the country, not a Syria policy with the US. John O’Byrne Robert Hillman IRA terrorism including in Belfast,
symbolic one.” Turkey’s economy, with growth stag- Harold’s Cross, Dublin, Ireland survive another 2008? Neuron Capital, Manchester and London. Also many
He called for an ex post facto, consti- nating, the lira sinking and the cost of Sir, Alan Greenspan urges banks to London W1, UK Usdaw members have worn the
tutional “update” — a bit like the Red foreign borrowing rising, looks even Aftermath of meltdown work off bigger reserves to reduce the Queen’s uniform and have had family
Queen in Alice in Wonderland, whose more vulnerable against this turmoil.
is still being felt possibility of another financial collapse Carbon pricing corrects members who have.
favoured trial procedure was “sentence Even though parliament will now be (like 2008) and this is eminent good When Mr Corbyn appeared on the
first — verdict afterwards”. dissolved, there is still pushback Sir, Alan Greenspan, in “Higher capital sense (“Higher capital is a less painful a market failure Stephen Nolan show in Belfast he
Yet opinion polls give no indication against the president. The Constitu- is a less painful way to fix the banks” way to fix the banks”, August 18). The Sir, Your report on the decision to close appeared equivocal on IRA terrorism.
that the AKP, now 18 seats short of a tional Court recently quashed his ban (August 18), omits the fact that problem is the sales team that created the power station at Longannet To Usdaw, support for the integrity
simple majority, will get a better ver- on thousands of tutorial schools, part of trillions of dollars were spent fixing his the boom period was working to a (“Mining industry feels extreme heat of our United Kingdom and support for
dict in November, much less the huge a purge of Islamist rivals. But Turkish “minor dips”, which “more quickly system that gave it massive bonuses from carbon taxes”, August 19) HM Forces are non-negotiable
majority it would need to recast the voters have the best chance to end Mr restored net income to its stable when loans and financial instruments includes the claim by the director- qualifications for holding office under
constitution in President Erdogan’s Erdogan’s power grab — by repeating historical range”. While at the Federal were being provided (however risky). general of the Confederation of Coal Her Majesty. On these grounds the
image. The shock of the June poll was what they said in June, more clearly. Reserve he oversaw the largest bubble Its members collected their millions Producers that his industry was prime minister is 100 per cent right to
in financial history, with housing and and when the debts/instruments failed suffering from “punitive measures”. raise Mr Corbyn as an issue of concern
capital markets frothing from the they were not the ones who paid. In fact, carbon pricing corrects a for national security.
unregulated greed of the “banking and Initially it was the banks, then the market failure which means that the John Barstow
capital markets” with little if any shareholders and finally us, the prices paid for coal and other fossil Pulborough, W Sussex, UK
oversight. taxpayers. fuels do not reflect the costs they Member, Usdaw Executive Council

Spanish reforms are a The aftermath of this meltdown is


still being felt, from wage stagnation to
saving accounts bearing 0.01 per cent.
The bank reserve ratios should rise,
but only when the earners’ bonuses are
deferred until it is clear that there is a
impose on people through emissions
of carbon dioxide. Figures published
this month by the International Correction
lesson for the eurozone The burden of our bailing out the
financial institutions will still be felt by
our children’s children. The easy
profit and no loss, and if the latter that
the “earners” are required to share the
pain of any loss. There has to be a
Monetary Fund estimate that the
failure to price in the hidden costs of
climate change and air pollution means
c In an article on August 24 about
Russian moves to prevent a further
money printed and introduced in the common interest, on the up and down that coal will receive an effective rouble sell-off, we inserted an incorrect
Rajoy’s government has boosted growth but challenges are looming past eight years has produced the sides, to induce a more conservative subsidy in the UK of about £18bn currency conversion into a quote by
profits within the “capital markets”. and prudent approach. Can the this year. It is this heavy financial Tom Levinson, Sberbank CIB chief forex
Mariano Rajoy, Spain’s prime minister, exports. The decline in oil prices has How can you not be profitable when financial system survive another 2008? support that gives rise to the myth of strategist. The Rbs717bn he cited for tax
ought to be feeling upbeat about the been particularly beneficial for a coun- the Fed is giving money away while the Richard Ross “cheap coal”. payments due this week is the equivalent
chance of regaining power at the coun- try which imports all its energy needs banking and financial industry finds Chairman, Regentsmead, At a time when the UK government of $10.3bn, not $112bn as wrongly stated.
try’s general election later this year. from abroad. The European Central new ways to charge for services? Edgware, Middx, UK is seeking to improve the cost- We apologise for the error.
When his centre-right Popular party Bank’s adoption of quantitative easing
won office in 2011, Spain was widely has been a further boost. If Spain’s
seen as the eurozone member whose growth spurt is to be maintained, it has
troubles were most likely to shatter the
single currency. Today, it is one of the
to hope that eurozone demand does
not peter out. How I came Ever since I moved to Paris two years
ago, I have been fascinated by the
True, the move comes as wonderful
news for people who are tired of
people, a third of France’s population
crammed into one big metropolitan
fastest growing economies in the bloc,
with growth projected to be more than
Mr Rajoy’s backers also need to
acknowledge that while the headline to see Sunday schizophrenic nature of weekends.
Saturdays are vibrant, like most
watching France balk at change. Talk
to young Parisians and many of them
area, crowd into restaurants every
Sunday for late breakfasts of
3 per cent this year. As the Greek drama
has twisted and turned this year, the
Rajoy government has looked on with a
growth figures are up, economic recov-
ery is not making a big enough differ-
ence to many Spaniards. Jobless num-
shopping as other European capitals; Sundays are
so quiet it can feel like living in a
bygone era.
will say that they find their city dull in
comparison with the likes of London.
The lack of Sunday trading is one of
chilaquiles and huevos divorciados — all
washed down with juice made from
cactus paddles. Then they hit the
degree of serenity that would once have
seemed unimaginable.
bers are falling but the unemployment
rate — at 22 per cent — remains the
a threat to the Just visit the Printemps and Galeries
Lafayette department stores along
the things that most frustrates them.
Many foreigners find the
department stores, supermarkets and
malls until long after the sun sets.
Still, Mr Rajoy’s election hopes are
not quite as clear-cut as he might like.
highest in the EU after Greece. Many
without work have been out of the
city of light Boulevard Haussmann, which on
Saturdays swarm with tourists
restrictions, which even include state-
dictated controls on when private
After a time, though, something
clicked. I started to appreciate that
In opinion polls, his party is only nar- labour market for more than two years. struggling with the bulk of all their businesses can have sales, baffling. Sundays in Paris force you to slow
rowly ahead of the opposition socialists The unemployment data, especially for luxury purchases. Return to the area France bashers savour the lack of down.
while the prime minister’s personal youth, are too high for a developed the next day, and you might think that Sunday trading — an open invitation They tell you, for just one day in a
ratings are dismal. If he is having to European economy and remain a blot you were the only person in Paris. to point their fingers and roll their hectic and stressful week, to take it
fight to regain power it is partly on the government’s record. In London, Saturdays and Sundays eyes yet again. easy. They are for going to the park,
because Spanish politics has become so In the next few months, Spain will have become seamless; in Paris, a Little wonder that Stéphane Albouy for visiting friends or cooking lunch at
fragmented, with two new parties, face new challenges that endanger deep chasm still separates the two. of the city’s Le Parisien newspaper home with family. Walking Paris’s
Podemos and Ciudadanos, vying for political stability and once again put The strict trading laws that give rise wrote of the forthcoming upheavals silent streets without the possibility of
support on the extreme left and centre. the economic recovery at risk. The gen- to Parisian Sundays have long been at last week: “Some of our European shopping on every block helps you to
But his difficulties also reflect the fact eral election may produce no clear the centre of a fight between the neighbours, particularly Londoners, unwind.
that many Spaniards remain uncertain result because of the rise of smaller country’s competing political and who love to paint Paris as a Sleeping Anne Hidalgo, the city’s leftwing
about how lasting the economic parties such as Podemos and Ciu- economic interests. Beauty, are going to have to find other mayor, is fiercely against relaxing
improvement really is. dadanos. Next month’s parliamentary For many people, they have even arguments with which to criticise our Sunday-trading laws — even though
Mr Rajoy deserves credit for reforms election in Catalonia is coming to be come to symbolise the wider debate capital.” the forthcoming changes have been
that have helped to kick-start the
recovery. In 2012, he shook up Spain’s
seen as a de facto plebiscite on inde-
pendence that may bring constitu-
Paris about preserving tradition versus
embracing modernity as France
But even if the economy stands to
gain from the changes, it is also true
pushed through by members of her
own party. She argues that Sundays
labour market, making it less expen-
sive for companies to fire permanent
tional turmoil if separatist parties gain
a majority. Notebook struggles to find its place in the 21st
century.
that Paris will lose something.
My first few weekends in the city
are just one of the things that give
Paris its distinctive identity. Now that
workers. His government recapitalised But these risks on the horizon, while Now, however, it seems the were a steep learning curve. One I have spent more than 100 Sundays
and reformed the country’s banking serious, should not detract from a posi-
by Adam Thomson reformists are starting to win: a Sunday saw me peering through a here, I tend to agree.
system when it was on the brink of col- tive assessment of what Spain has recently passed law is on the verge of supermarket’s darkened windows Nostalgia for a slower pace of life in
lapse. He implemented tax reforms to achieved in the past four years. The allowing businesses in strategic wondering why the sliding door a world that is only getting faster is no
boost Spain’s competitiveness, lower- Rajoy government’s courageous eco- “tourist” districts in Paris as well as a refused to open. Sunday seemed the reason to bar shops from opening
ing corporate tax from 30 per cent this nomic reforms, helped by ECB action, few other French cities to trade on as perfect day for buying nails to hang whenever they like. But as Paris
year to 25 per cent in 2016. have allowed Spain to defy the once many Sundays as they like — as well as my pictures. I was wrong. A visit to slowly shifts its character from the
The government cannot take all the widespread prediction that it would to extend their opening hours until Darty, the electrical goods store? city it used to be, I am cherishing
credit for the upturn, however. For a remain Europe’s economic laggard. Its midnight each day. Forget about it. those quiet Sundays all the same —
start, Spain’s recovery has been helped turnround is a lesson — and not just for Will this upheaval be all good for The initial shock made me think while they last.
hugely by external factors outside Mr Greece — that remaining in the euro- the capital once known as the city of about my time in Mexico City, which
Rajoy’s control. A weaker euro has zone does not condemn a nation to eco- light? Not necessarily. buzzes on weekends. Many of its 22m [email protected]
helped to boost the growth in Spanish nomic failure.
Wednesday 26 August 2015 ★ FINANCIAL TIMES 9

Comment
Perspectives on China
The timeless
How to do business without western rules benefits
of a liberal
OPINION
Tim
seal that has been used for centuries to
give effect to official documents.
Employee or not, Sorbic’s sacked chief
understand who can influence him or
her, and what these potential influenc-
ers care about. In Sorbic’s case, the key
adviser) appealed on macroeconomic
grounds. Their loss, they explained,
would affect the flow of foreign capital
objective is social cohesion. This model
has survived for millennia.
The Chinese people are involved in
education
executive still had the chops. And that person turned out to be Guo Shuqing, into Shandong. The Chinese counter- the great historical task of jian-guo, or
Clissold meant he was still in charge of the com- Shandong’s high-flying governor. One of party has quietly agreed to negotiate. If building up the nation after a century of
pany’s operations — and its bank the first Chinese nationals to graduate the two sides were slugging it out in chaos. Keep this in mind, and much that
accounts, out of which millions are said from Oxford university, Mr Guo is court, they would not be talking to each would be incomprehensible becomes BUSINESS

W
hat do you do when by the board to have been transferred. sophisticated, savvy and fluent in Eng- other. It is not just in resolving disputes clear and predictable. All societies
your board fires your The two sides disagree about the facts; that westerners need to adjust their indulge in social spending and, in that John
company’s chief execu- the executive says he is owed back pay, assumptions if they are to understand light, a railway in China is intellectually Kay
tive, only to find he or
she will not give up the
had been promised a majority interest
in the business and is still operating the
There is no point China well enough to profit from doing
business there. Billions have been spent
no different from a Massachusetts high-
way or an NHS hospital in Rotherham.
helm? In the west, you call a lawyer and company. Regardless, there is no point complaining to a court that on projects such as the high speed rail- Many westerners believe that the val-
confidently await vindication in court. in the board complaining that its predic- this is unfair. But the way that flashes at 308kph over the ues by which they live represent a

I
In China, you must learn to wield sub- ament over the chops is unfair; no one northern plains — wasted, you might unique contribution to human dignity. t is hard to imagine life without dig-
tler forms of influence. doing business in China is in any posi- position is not hopeless say, if you insist on measuring decisions All the same, those values are not uni- ital search and the internet. This is
Consider the case of Sorbic Interna- tion to insist on western rules. But that by their internal rate of return. versally shared. Civilisations have often as true for me as for anyone else:
tional, a food additives group listed in does not make the position hopeless, or lish. He is also well versed in western But what is happening in China today tried to conquer those they did not the greater ease of obtaining and
London and based in Linyi City in Shan- the idea of investing in China unwise. finance, having been chairman of the has little to do with such financial calcu- understand. This time, we must find the checking relevant facts and data
dong. The board voted in April to China has systems for resolving disa- Chinese banking and securities regula- lations and everything to do with social words, wisdom and compassion to influ- has transformed the life of the column-
replace the chief executive — but giving greements that are reliable and predict- tors. And he is fully aware of the state stability. For 2,000 years China has been ence, rather than coerce. ist. Pulling books from library shelves
effect to this decision proved harder able. They are merely different from the visit President Xi Jinping plans to make caught in a dynastic rhythm that oscil- and turning their pages was never an
than it seemed. In China, controlling a ones most westerners are used to. to Britain in October. lates between stability and chaos. Each The writer is author of ‘Mr China’ and leads efficient search technique, even if some-
business means having physical posses- The key, when confronted with a By lobbying through diplomatic chan- tiny nerve ending of the Chinese govern- an effort to promote the study of Chinese times an entertaining and instructive
sion of the company’s “chops”, a type of recalcitrant Chinese counterparty, is to nels, the Sorbic board (to which I am an ment is attuned to signs of strife; its sole civilisation in British schools one. But exercises that once required
hours in a library, and were often unpro-
ductive, can now usually be accom-

Why worries
plished with a few mouse clicks.
This change, which has taken place in
the 20 years since I first wrote a column
for the Financial Times, highlights
wider shifts in the nature of knowledge
and corresponding methods of educa-

about China
tion. Today it is less important to know,
and more important to know what is
known. The options trader need not be
familiar with Black-Scholes equations,
though he must know that they exist,

make sense
and that others give them weight: the
lawyer need not recall the judge’s rea-
soning in Bloggs v Bloggs, but must still
have the higher-level knowledge that
guides her search for relevant cases.
At the frontiers of knowledge, the
finance academic who seeks to find a
more advanced option pricing model, or
authority on their (unsurprisingly the judge who must determine the case
ECONOMICS unsuccessful) effort to stop the bubble’s to which Bloggs v Bloggs applies, must
collapse. The other is that they must still acquire personal mastery of all rele-
Martin have been driven to do so by concern vant information. But writing newspa-
Wolf over the economy. If they are worried
enough to bet on such a forlorn hope,
per columns, running businesses, man-
aging assets and advising clients in legal
the rest of us should worry, too. disputes are activities whose primary
Nor is this the only way in which the demand is synthesis. The ability to
behaviour of the Chinese authorities make connections between disparate

I
am neither intelligent enough to gives reason for concern. The other was sources of information is more critical
understand the behaviour of “Mr the decision to devalue the renminbi on than detailed familiarity with any spe-
Market” — the manic-depressive August 11. In itself this, too, is an unim- Global stock markets China’s stock market China’s GDP growth cific source. This is the task that modern
dreamt up by investment guru, portant event, with a cumulative deval- % change from 2015 peak (’000) Estimates and forecasts technology has made so much easier.
Benjamin Graham — nor foolish uation against the US dollar of just 2.8 Russia (Year-on-year % change) That is why the widespread belief that
enough to believe I do. But he has surely per cent so far. But it has significant Shanghai Composite 6 12 education should be focused more on
India
been in a depressive phase. Behind this implications. The Chinese authorities US (monthly average) 5 Official data 10 the acquisition of job-specific knowl-
seem to be concerns about China. Is Mr want room to slash interest rates, as UK Adjusted for inflation Alternative* 8
Japan 4
Market right to be anxious? In brief, yes. happened this Tuesday. Again, that S Korea 6
3
One must distinguish between what is
worth worrying about and what is not.
underlines their concerns about the
health of the economy. Another possible
Eurozone
Malaysia 2
4 The belief that study
The decline of the Chinese stock market implication is that Beijing might seek a Turkey
Indonesia 1
2
0
should be focused more on
is in the second category. What is worth
worrying about is the scale of the task
revival of export-led growth. I find this
hard to believe, since the global conse-
Brazil
China 0 2010 2012 2014 Q1 Q2 Q3 Q4 job-specific knowledge is
confronting the Chinese authorities quences would be devastating. But it is -50 -40 -30 -20 -10 0 1995 2000 05 10 15
2015
* Consensus Economics poll of analysts using especially misconceived
against their apparent inability to deal reasonable at least to worry about this Sources: Thomson Reuters Datastream, Consensus Economics alternative measures to estimate GDP growth
well with the bursting of a mere stock destabilising possibility. A last possible edge is especially misconceived in the
market bubble. implication is that the Chinese authori- casts shows growth of only 5.3 per cent growth, provided wasteful investment sumption and less dependent on 21st century. Those who argue that
Stock markets have indeed been cor- ties are preparing to tolerate capital in the year to the fourth quarter of 2015 were cut first. But it would cause a col- extraordinarily high levels of invest- more resources should be devoted to
recting, with the Chinese market in the flight. If so, the US would be hoist by its (see chart). lapse in demand. Everything the Chi- ment. The third is achieving all that teaching Stem subjects (science, tech-
lead. Between its peak in June and Tues- own petard. Washington has sought Suppose something like this were nese authorities have been doing sug- while sustaining dynamic growth of nology, engineering and mathematics)
day, the Shanghai index fell by 43 per capital account liberalisation by China. true. According to official figures, gross gests they are worried about just that. aggregate demand. have a point, but not the point they gen-
cent. Yet the Chinese stock market It might then have to tolerate a destabil- fixed investment was 44 per cent of This worry about deficient aggregate Recent events matter because they erally make. It is beyond scandalous
remains 50 per cent higher than in early ising short-term consequence: a weak- gross domestic product in 2014. Figures demand is not new. It has been a big con- suggest the Chinese authorities have not that so many people in positions of
2014. The implosion of the second Chi- ening renminbi. for investment are more likely to be cor- cern ever since the west’s financial cri- yet worked out a way of pulling this tri- influence, especially in Britain and the
nese stock market bubble within a dec- Recent events must be seen in the rect than those for GDP. But does it sis, which devastated demand for ple combination off. Worse, the expedi- US, are not only functionally innumer-
ade still seems unfinished. (See charts). context of a deeper concern. The ques- make economic sense for an economy to China’s exports. This is why China then ents they have tried over the past seven ate, but do not feel embarrassed by that
The Chinese market is not a normal tion is whether the Chinese authorities invest 44 per cent of GDP and yet grow embarked on its own credit-fuelled years have made the predicament even innumeracy. But this is because educa-
one. Even more than most markets, this can and will secure a shift from an at only 5 per cent? No. These data sug- investment boom. Remarkably (and worse. Maybe, Mr Market has grasped tion is excessively specialist, not
is a casino in which each player hopes to investment-led economy to a consump- gest ultra-low, if not, negative marginal worryingly), the share of investment in how difficult this is going to be and so because it is insufficiently vocational. In
find a “greater fool” on whom to offload tion-dominated one, while sustaining returns. If so, investment could fall GDP rose just as the growth of potential how destabilising some of the options England it is possible, and common, to
overpriced chips before it is too late. aggregate demand. If they can, the econ- sharply. That might not lower potential output declined. That was not a sustain- the Chinese might choose actually are. abandon the study of any scientific sub-
Such a market is bound to be extremely omy will also sustain growth of 6-7 per able combination in the longer term. These include devaluation, ultra-low ject at the age of 15, and the knowledge
volatile. But its vagaries should tell one cent. If they cannot, economic and polit- This now leaves the Chinese authori- interest rates and even quantitative eas- that they can opt out of any quantitative
little about the wider Chinese economy.
Nevertheless, events in the Chinese
ical instability threatens.
China’s economy has already slowed.
More than most markets, ties with three huge economic head-
aches. The first is cleaning up the legacy
ing. If this is the case, the market tur-
moil might not be foolish. The global
discipline allows young people to avoid
applying themselves to these subjects at
market are of wider significance in two The talk of a “new normal” recognises this is a casino where each of past financial excesses while avoiding savings glut can get worse. That would an earlier age.
related ways. One is that the Chinese
authorities decided to stake substantial
this reality. But Consensus Economics
has brought together alternative growth
player seeks a ‘greater fool’ a financial crisis. The second is reshap-
ing the economy, so that it is more
affect everybody. Fareed Zakaria’s book this year
defending liberal education — a tradi-
resources and even their political forecasts. The mean of these new fore- on whom to offload chips dependent on private and public con- [email protected] tion that introduces undergraduates to
a wide range of subjects and approaches
to knowledge — is very much to the
point. And so is his refutation of philis-
tine Republican governors (just Google

In the fight against Isis, new allies also pose threats Rick Scott, Rick Perry, or Patrick
McCrory), who draw cheap laughs at the
expense of philosophy and anthropol-
ogy. A little capacity for reflection might
reveal that morality is not simply a mat-
cism for its restrictive rules of engage- Sunni populations. In Iraqi Kurdistan, its utility as an offensive force may be al Nusra, Syria’s al-Qaeda affiliate. Such ter of common sense or reading a sacred
OPINION ment and comparatively few air strikes. the Kurdish Peshmerga forces battling over. The group is unwelcome in Arab links rule out co-operation between text, and that an understanding of other
For many, Isis’s continued strength sug- Isis have focused on reclaiming areas majority areas, which suggests that it Ahrar and the US but Ahrar appears to cultures — or simply an acknowledg-
Aaron gests the need for changes such as intro- lost to the group last year and consoli- may now focus on protecting its front be preparing to play a major role in ment that there are other cultures —
Stein ducing US military personnel to direct dating control in disputed territory with lines, rather than continuing to launch policing an Isis free zone Turkey wants might have led to better outcomes in,
air strikes and more shipments of arms Baghdad, suggesting continued territo- offensive operations in much of the to set up in northern Syria. Ahrar is also for example, Iraq.
to the Iraqi central government and the rial conflict once Isis is rolled back. country. It is also deeply distrusted by hostile to the US-backed YPG — the two It is a mistake to focus basic education

A
fter more than a year of air Kurdistan Regional Government. neighbouring Turkey because of its rebel groups clashed last year. on job-specific skills that a changing
strikes against the Islamic But there is also a far deeper problem: links with the PKK, an outlawed Kurd- This raises the prospect of Isis being world will render redundant in a few
State of Iraq and the
Levant, the American led
the barely fettered empowerment of the
militia groups leading the local fight
Some militia groups ish group that has fought against the
Turkish state since 1984.
pushed back only to be replaced with
mutually antagonistic non-state actors.
years. The objective should be to equip
students to enjoy rewarding employ-
air war has scored some against Isis. These allies of convenience leading the local battle Turkey itself has agreed with the US While the US-led coalition is likely to ment and fulfilling lives in a future envi-
notable victories. The strikes have
helped save Erbil, an Iraqi Kurdish city,
are often uncomfortable at best. They
are challenging state authority in Iraq
have alarming links to to allow strikes against Isis from Incirlik
Air Force base, purportedly as a precur-
score further victories against Isis, the
breakdown of state control in Iraq and
ronment whose demands we can nei-
ther anticipate nor predict. In 20 years,
from Isis bombardment, aided the res- and in some instances have alarming global jihadi movements sor to a large scale air assault in north- Syria leaves seeds for further violence. we will probably not be using the Black
cue of Yezidis from the country’s Sinjar links to global jihadi movements. ern Syria. But beneath this harmony, Isis is likely to be contained and its hold Scholes model, or referring to the case of
mountains and allowed Kurdish fighters In Iraq, the leaders of Shia militias In Syria, a similar dynamic is taking there is discord. Viewing the toppling of over its new heartlands will slip. But, Bloggs v Bloggs. But the capacities to
inside Syria to advance within miles of fighting Isis have links to Iran and Nouri place. The US’s most effective partners Syria’s President Bashar al-Assad as a absent a serious push to bolster govern- think critically, judge numbers, com-
Isis’s de-facto capital, Raqqa. Neverthe- al-Maliki, the former prime minister, on the ground, the Kurdish Peoples’ Pro- core national interest, Ankara has allied ments acceptable to all Iraqis and Syri- pose prose and observe carefully — the
less, Isis has remained strong in areas rather than to Haider al Abadi, the cur- tection Units (YPG), have used Ameri- itself with a slew of militias ranging from ans, any anti-Isis strategy of empower- capacities that education can and
under its control, even expanding terri- rent premier. They have acted at cross- can air power to consolidate control nationalist fighters aligned with the ing warring militias runs grave risks. should develop — will be as useful then
tory in areas such as Palmyra in Syria purposes with the government during over some 265 miles of territory along Free Syrian Army to Salafi inspired as they are today.
and Ramadi in Iraq. its efforts to retake Ramadi, with openly the border with Turkey. The YPG has groups such as Ahrar al-Sham — a force The writer is a non-resident fellow at the
The US war plan has come under criti- confrontational stances towards local been an impressive fighting force, but that has closely co-operated with Jabhat Atlantic Council [email protected]
10 ★ FINANCIAL TIMES Wednesday 26 August 2015

BUSINESS LIFE

The backer’s

Venture capitalists are It found that the portfolio teams by just under 60 per cent. Founders
entrepreneurship’s avant-garde. Their with at least one female founder making cold approaches did about 23 Let’s launch in . . .
wishlist: young, commercial antennas are developed
through their access to companies very
early in their evolution. They make
outperformed all-male founding teams
by more than 60 per cent, and that
younger teams outperformed older
per cent better. It seems that it really
isn’t who you know.
Does this mean that if you are a 25- Bucharest, Romania
female and multiple bets and hope enough succeed
in order to deliver market-beating
groups. The wisdom that comes from
experience did not pay from an
year-old female entrepreneur outside
Silicon Valley, with an Ivy League
ex-Google returns to their investors. Their skill
often lies in judging the founders of the
investor point of view because the data
showed repeat founders performed no
Data
show that
engineering degree, who knows hardly
anyone except your co-founder — who
businesses they assess. better than first-time founders (mostly by the way worked at Twitter — all will
They are busy at the moment, having because initial valuations were higher). venture be well in winning early-stage backers?
completed more than 4,000 deals in Gratifyingly for believers in collective capitalists Almost certainly not. As Megan
the US alone last year, according to the wisdom, however, teams outperformed Smith has been pointing out since
National Venture Capital Association, solo founders by a massive margin. may not joining the White House as President
and attracting the highest level of Moreover, companies started outside be making Barack Obama’s chief technology
investment in more than a decade. the main technology hubs of the San officer, only 3 per cent of US venture
As they undertake more deals, and Francisco Bay Area and New York optimum capital is allocated to start-ups led by Dreamstime

more investment, they also attract performed just as well (or slightly investment women. Of those companies to have Population 2m-plus
criticism — notably for being better) from an investor point of view achieved coveted unicorn status


disproportionately male. than those within. This is almost decisions (private companies with a minimum
Corporation tax rate 16%
Time it takes to set up a company 5-8 days
We should listen, therefore, when certainly because initial valuations in $1bn valuation) most have all-male
Silicon Valley technology investors tell regional businesses were up to 50 per boards; women hold only about 6 per
us what a decade’s experience reveals. cent lower. cent of unicorn board seats in total in Once known as one of build, design and develop in
Early-stage investor First Round One message from the First Round the US. eastern Europe’s most Romania. But after that, you
Capital has published the findings of a data appears to be that if you are a It is highly likely, therefore, that secluded capitals, Bucharest may have to look abroad to
review of its first 10 years. It looked at founder seeking a high valuation you venture capitalists may not be making is a lively city with a big grow,” says Dragos Stanca,
the 300 companies and 600 founders it should be in a known hub and a repeat optimum investment decisions. pool of engineers, founder of ICEEfest, the
has invested in, removed one huge founder. If you are an investor you But using data to inform venture developers and city’s biggest digital event.
outlier (Uber) from the data, and should seek out companies with first- decisions would help both investors mathematicians.
assessed how much their value had time founders and in regions not yet and founders. A famously opaque Romania’s high-quality Getting there: The city has
changed between its initial investment dubbed “silicon” this or that. industry should routinely publish mathematics education and good flight connections in
and at exit, or now. Another shibboleth put in question more information about a founder’s the presence of several Europe and can be reached
There were some deeply by the First Round data, which should gender, origin, education and universities and institutes from London in three hours
unsurprising findings (going to a great cheer those seeking seed investment, background. To be serious about seed made the city a magnet for and 15 minutes. But direct
Stephan Chambers university helps; technology matters relates to how deals were sourced. It funding those who can, rather than IT outsourcing by western long-haul flights to the US
more in business-to-business than to has long been assumed that investors those who usually do, investors should businesses in the 2000s. are few and far between.
Entrepreneurship consumer companies; a founder who
has worked at Twitter, Facebook,
are best approached through an
introduction by trusted connections.
seek out any data that helps make
better decisions.
Emboldened by high-profile
successes, locals are upbeat Support for start-ups:
Microsoft, Apple or Google is a plus). However, in First Round’s portfolio the about the city’s attractions Innovation Labs helps
But it also came up with some data companies discovered through other The writer is chairman of the Skoll Centre for start-ups. young teams develop their
that upset a number of early-stage channels, such as Twitter or a demo for Social Entrepreneurship at the Saïd ideas. For later-stage start-
investing precepts. day, outperformed referred companies Business School, University of Oxford The case for: Bucharest has ups, Gemini Solutions
one of the highest number Foundry offers mentoring,
of IT professionals of any legal and accounting
capital in Europe; a support and connections to
wellspring of talent makes Silicon Valley investors.
Founders. Rusdi Kirana, Lion Air the city an ideal base for
programming and product Local heroes: BitDefender,
development. The country’s an internet security

Having the last laugh


road infrastructure may be company, makes an anti-
below western standards, malware product used by
but broadband speeds are more than 500m customers.
among the highest in Headquartered in Bucharest,
Europe. it has opened offices in
The government is Europe and the US.
promoting access to €40m Avangate sells software for
The Indonesian billionaire in EU-funded “Jeremie”
financial instruments that
ecommerce businesses and
was acquired by Francisco
tells Ben Bland how he use public funds to help new Partners in 2013 in an equity
went from typewriter sales companies access finance.
Costs are low: high quality
deal. Founder Radu
Georgescu made his name
to airline entrepreneur office space can be found by selling GeCAD, maker of
for €15 a square foot. Romanian AntiVirus, to
Microsoft in 2004.

I
n a rundown tower block in a part of The case against: Romania’s Vector Watch has made a
Jakarta better known for seedy market is small. If you want stylish smartwatch that
nightclubs than corporate head- to be close to your promises 30 days of battery
quarters, is the office of one of Indo- customers, launch a product life with each charge. The
nesia’s most influential and unpre- for the global market or product launches in London
dictable billionaires. From his top-floor maximise opportunities for in September.
suite, Rusdi Kirana runs Lion Air, the venture capital, you will
Indonesian budget carrier that rivals probably develop and test What the locals say: “The
AirAsia, the region’s biggest low-cost your product here before government here is in active
airline. following companies such as discussions with investors
Mr Kirana bursts in, cigarette in hand, Brainient to London. and business people and
wearing jeans, an untucked shirt and Wages are rising as there is a real commitment
loafers with no socks. “This is my new western companies compete to shaping a pro start-up
business card,” he says with a big grin. for the best talent. Taxes on and investment
He is referring to his appointment in labour are among the environment,” says Marius
January as an economic adviser to Joko highest in Europe although Ghenea, entrepreneur and
Widodo, the Indonesian president who the government is working investor.
was elected last year. “Now I can meet on reforms to address this.
the president and ministers and hear a “The best strategy is to Andrew Byrne
lot of secrets,” he jokes.
His boyish enthusiasm for the part-
time position points to his status as an Innovation to watch
outsider, in more senses than one. Most
members of Indonesia’s powerful busi-
ness and political elite were helped by Soft skills in a smaller company
dint of their birth, whether their fathers
were tycoons, officials or military men. RICHARD NEWTON

In business, 52-year-old Mr Kirana


rose from humble beginnings. Once a
wandering salesman for Brother type- ‘It was very ing $4-$5 a month,” he says as he serves 255m people and thousands of inhab- Soekarno-Hatta airport operating way
writers, he went on to build one of the tough’: Rusdi sweet and sour soup. “It was very tough ited islands. over capacity, he has acquired 5,500
world’s fastest-growing airlines. Kirana on his as some people would make you wait for Operating on a low-cost model, he hectares of land outside the capital city
Last year, he became one of a handful days as a two hours and then they wouldn’t buy.” rapidly won market share from Garuda to build his own airport. He claims it can
of Indonesia’s ethnic Chinese minority travelling After typewriters, he sold German Indonesia, the state-owned flag carrier. be done within five years despite Indo-
who have jumped into frontline politics. salesman baking ingredients. “I can still make Lion leapt to international prominence nesia’s poor record on infrastructure
Mr Kirana, one of the 13 per cent of earning $5 a croissants, Black Forest gateaux and in 2011, when it signed the biggest single projects, opposition from existing air-
Indonesians who are non-Muslim, did month cookies,” he says, miming rolling dough. order in Boeing’s history. A record order ports and the lack of all-important gov-
AFP/Romeo Gacad
so in typically bewildering fashion, join- “It’s very hard to make the croissants with Airbus followed in 2013, as Mr ernment permits.
ing an Islamic group — the National crispy but kue lapis [layer cake] is even Kirana expanded into Thailand and “The market is huge in Indonesia but
Awakening party — as deputy chair- more difficult. Still, not as hard as run- Malaysia and launched a full-service we don’t have enough airport capacity,”
man. “Because I’m rich, I could join any ning an airline.” carrier called Batik Air. The group now he says. “We will face some delays from
party and people were shocked that, as a Next, he built a travel agency with his operates about 200 aircraft and has the bureaucracy but I’m quite optimis- How do you appraise a job them and prospective
Chinese Christian, I joined an Islamic brother and in 2000 they launched Lion another 500 or so on order. It flies about tic the president will get involved if we candidate’s soft skills ahead employers assesses their
party,” he says. “I want to show to my with $900,000 and a leased Boeing 737, 40m people a year and controls nearly have problems getting licences. That’s of their first full-time job? personality, strengths and
country that we as a minority can’t just at a time when Indonesia was still reel- half the domestic aviation market . why I bought the land.” Qualities that may be critical weaknesses.
demand that we are accepted. We have ing from the Asian financial crisis. But AirAsia, led by Malaysian Tony Fern- His ebullience belies the difficulties — such as determination, A matching-algorithm
to accept the majority.” the economy started to recover from andes, flew more passengers last year, he has faced during the past 15 years in openness, self-confidence or also examines profiles for
Mr Kirana’s entry into politics was 2003 and then gathered momentum. but has been forced to slow its expan- one of the world’s toughest industries. leadership potential — are evidence of stated skills
controversial. When Mr Widodo Demand for air travel surged in the sion because of financial problems. That Lion has had one fatal accident and it not revealed by exam and of personality traits
appointed him to his advisory council, world’s largest archipelago nation, with Lion Air remains privately held — Mr is one of several Indonesian carriers grades and qualifications. that may help candidates
he said he would resign as day-to-day Kirana and his family own 100 per cent banned from flying into the EU because Rise-To, a start-up, aims bolster their CV or gain
chief executive of Lion Air to reduce the — allows him to change tack easily, in of safety concerns. It has had many to address this through a new insights into what their
potential for conflicts of interest. But In the cut-throat business of budget contrast to Malaysia-listed AirAsia, scrapes and near misses, including a website that acts like a real strengths are.
stepping away from a business he domi- Problem airlines, Rusdi Kirana has had to which has suffered a big sell-off of its miraculous incident in 2013 when a new dating site for hirers and Tools used by the
nates has been hard. solving innovate to keep costs low. shares and a dispute with an equity Boeing 737 crashed into the sea while candidates. Founder Duncan service include gathering
As so often, Mr Kirana makes a gag With a shortage of pilots and pressure research house. trying to land on the resort island of Cheatle, an entrepreneur, information such as asking
about his predicament, pointing out to pay higher crew wages, Mr Kirana For years, Mr Kirana has teased Bali. All on board escaped alive. built the service with an eye the candidate to rank eight
that many in notoriously corrupt Indo- Township took the unusual step of building a analysts about the possibility of an ini- Mr Kirana says Lion has worked with on smaller companies that adjectives about themselves
nesia go into politics to make money. keeps down township, Lion City, to accommodate tial public offering but Brendan Sobie of Boeing and Airbus to improve its safety do not have the brand in order of accuracy:
“I’m not looking for money in politics wage bill staff near the main Jakarta airport. the Centre for Aviation in Singapore standards but he also deflects blame. recognition among creative, commercial,
so I still need to run my company,” he “After I gave them housing, they never says Lion Air is not ready. “Accidents are very complex, involv- graduates and young analytical, organised,
says, smiling through his improbably ask for a higher salary any more,” he “He’s very shrewd but one of the big- ing humans, weather, maintenance and workers of very big resilient, a leader, team
bushy, black moustache. says. “It’s a 10-minute commute to work, gest weaknesses of Lion is the lack of ground handling,” he says. employers. member, communicator.
Over a simple lunch of fried chicken, not several hours by bus or motorbike.” expertise and depth after Rusdi,” says Some have asked how a man from Big recruiters can afford The employers must
fish and steamed rice in his office, Mr There are schools, offices, 1,500 Mr Sobie. “They need more senior peo- such modest beginnings could create the psychometric tests that arrange the same words
Kirana lays out the unlikely story of how homes for employees with families and ple given the size of the group.” such a big business, claiming, without help them evaluate in order of importance for
he built Lion Air and the challenges he 3,000 studio rooms, with a swimming Mr Kirana insists there are advan- providing any evidence, that he may be candidates, he says, “but each role. In combination
faces to keep it growing, amid an eco- pool, for the mostly female cabin crew. tages to not being listed. “I’d like to keep a front for other investors. smaller companies neither with other information such
nomic slowdown and persistent con- “There are 3,000 nice-looking girls the company private,” he says, lighting He dismisses such talk with a hearty have the visibility nor the as extracurricular activity,
cerns about its safety record. and I’m the only boy who can go inside another cigarette. “I can increase my laugh and final quip. “When you’re tools to make the right Rise-To produces a
A braggart at times, at others he is so I feel like an Arabian king,” he says, staff’s salaries or fire them in one growing very fast, people don’t believe match”. matching score.
down to earth, rejecting the fawning laughing. Such casual sexism is minute and I can buy an airport without in the process. But as I told parliamen- Potential recruits are The start-up has raised
entourage kept by many Asian tycoons. commonplace in the patriarchal world of board approval.” tarians when I was asked: I can’t launder guided through a profile £600,000 on Seedrs, the
“Initially, I worked as a salesman in Indonesian business and Mr Kirana is On the latter point at least, he is not my own shirts so how can I launder building process that helps crowdfunding platform.
Jakarta for a Brother distributor, earn- not too concerned about staff reaction. joking. With Jakarta’s decrepit money?”
Wednesday 26 August 2015 ★ FINANCIAL TIMES 11

ARTS

Mystic magic of C L A S S I CA L M U S I C

Shostakovich’s Orango

a musical shaman
BBC Proms, Royal Albert Hall, London
aaaee
Hannah Nepil

Galvanised by their red T-shirted con-


ductor Esa-Pekka Salonen, the Philhar-
and Sun Ra-like organ and electronica monia Voices frantically waved their red
JAZ Z for deliberations on human action, the flags. In the arena and gallery, the audi-
future and freedom. ence waved theirs. It could have been the
Lonnie Holley The third number began with Last Night of the Proms, reimagined for
Queen Elizabeth Hall, London abstract cello flutters and evolved into theproletariatof1930sMoscow.
aaaae pulsating riffs. It started in the present All very appropriate, given that this
with “Stones and bricks all around me”, was a semi-staging of Orango, Shostakov-
Mike Hobart referenced his 1950s childhood — “we ich’s incomplete satirical opera about a
used to play with stones and bricks” — half-man, half-ape, who is captured by
“I’m in London” might not sound like and throbbed with mysticism and fluc- the Soviets and put on show. The com-
a promising opening line, but when tuating energy. poser began writing it in 1932 but, having
half-chanted in a blues-inflected moan He introduced the final number with completed only the prologue, he aban-
by Lonnie Holley, it felt laden with sig- an off-the-cuff “We’re all human”. doned it. Shostakovich might have
nificance. And it was. Holley was soon Somehow, he made the obvious sound feared official censure: although Orango,
conjuring the ghosts of his Alabama profound. As with the rest of the set, he the anti-hero, represents the bestiality of
past, a future free of want and the spirit balanced a sense that the world is out of western capitalism, he is also the most
of mother earth with snippets of lyric, kilter with a feeling of spiritual renewal. sympathetic character on stage. It’s not
hollers, shouts and the occasional The song began, “I’m just a new boy — so surprising that the prologue had to
jaunty whistle. singing the blues”. Maybe, but here he wait until 2011 for its world premiere,
Holley might sound like an itinerant magicked distant times and faraway courtesy of the Los Angeles Philhar-
bluesman, albeit one with shamanistic places, and connected the audience with monic and Gerard McBurney, who
intent, but his music tells a different its own humanity. Summoning Film and animation are used not as an induced coma in hospital following an orchestratedtheoriginalpianoscore.
tale. His keyboards combine jangly tex- ghosts: Lonnie easy shortcut but to make a carefully accident. May he recover to take pride in Whatemergedwasa40-minutewhirl-
tures and stark arpeggios, splayed southbankcentre.co.uk/meltdown Holley on stage judged impact. Our amnesiac hero is lost this stage vision of his work. wind of sarcastically banal dances and
chords and one-note riffs to reach back at the Queen in a city of perpetual night, with joyless The great achievement of the marches, mostly forgettable but not for
into the past but, like Sun Ra’s, they Elizabeth Hall. partying and blowsy women. One actor adaptation is that performers and stag- lack of noise, as the Philharmonia dem-
have a futuristic bent. One piece started Below right: plays both Lanark and depressed artist ing sail through the fantasy, from sci-fi onstrated here. Theirs was a perform-
by noting that Pluto was “a place in T H E AT R E Sandy Grierson Duncan Thaw in a darkling, distorted to simple nightmare, with fleeting ance of head-splitting volume, to the
space that once was a planet, but now and Jessica mirror of Glasgow. Lanark becomes a echoes of Beckett, Kafka, Pinter and point where the cast of Mariinsky Acad-
isn’t a planet at all”. It went on to conjure Lanark Hardwick in doctor in a (literally) all-devouring Joyce, in a superbly drilled and emy singers were almost overpowered.
illicit stills and earthquakes, whales and Lyceum Theatre, Edinburgh ‘Lanark’ institution where, when not turning into exhilaratingly confident piece of Their saving grace was their larger-than-
the Great Spirit. aaaae Roger Thomas
salamanders, humans are edibly recy- ensemble theatre. life stage presence. Even on their sliver of
The masterstroke at this Meltdown Eoin Carey cled (shades of Soylent Green). As Dun- Inevitably sometimes the tension red-carpeted stage, they brought this
festival gig, though, was the cello and Martin Hoyle can, he drifts through adolescent sexual sags: the high points set standards that mediocrepiecevividlytolife.
drum accompaniment that amplified bewilderment, finds himself as an artist an almost four-hour evening cannot Just before Orango we heard a take on
and embellished each dot and detail of Alasdair Gray’s novel Lanark: A Life in and slides into Gray’s autobiography. always sustain. But a devoted, exuber- Mozart’s Piano Concerto No. 24 in C
Holley’s stream-of-consciousness aes- Four Books is even more challenging The middle section is relatively con- ant and astonishingly pol- minor, K491 that stood out for sounding
thetic. Dave Eggar’s bowed cello deliv- than its title suggests. The books are not ventional, though bolder and more styl- ished company, led little like Mozart. Soloist David Fray
ered bittersweet lament or soared sing- arranged in the right order (the epilogue ised than most theatre, as the 10-strong by Sandy Grierson’s gave us muddy pedal effects, steely
ing to a climax, while pensive pluckings is buried in the action well before the cast act as chorus, individual characters Lanark/Duncan, David fingerwork, and racing phrases
and the scampering scratches of free end) and deal with two hallucinatory or multiple Duncans. In the final section Greig’s writing that often ended in flamboyant air-
jazz added sonic range. worlds, each with its own protagonist. Duncan represents his city at a world and Graham punching. Meanwhile, Salonen
Steven Nistor’s sparse drum accom- Or they may be the same person, respec- political assembly in the shadow of a Eatough’s direc- extracted some hard-edged playing
paniment was equally impressive tively living and dead. Some theories threatening disaster. tion leave one from his orchestra. But the evening’s
with gently patted hand drums, the hold this landmark in modern Scottish Breaking the fourth wall (or tearing intrigued, puz- opening performance — Bartók’s
throb of mallets and the drive of a writing to be a new Divine Comedy. If only up the page) and realising he is a charac- zled and even Miraculous Mandarin, full of con-
full-blown kit equally varying texture it were that simple. ter in a novel, he confronts the author, a tempted to go trast and snarling menace —
and pulse. In Citizens Theatre’s dramatisation huge pair of spectacles through which back for more. had displayed the orchestra
Holley played synthesised electric for the Edinburgh International Festi- we view Duncan pleading for a new end- atitsmostcolourful.
piano for the most part, but switched to val, the first of three parts is the most ing. An extra gravity is added by the fact To August 31
grand piano for a rumination on his past hallucinogenic, with brilliant visuals. that the 80-year-old Gray lies in an eif.co.uk bbc.co.uk/proms

THIS EVENING’S TELEVISION

Pick of the day


The BBC’s Pop art season subversive by the market:
returns to basics with a urban graffiti sold for
child’s hand spray-painted thousands. Clay has the shy,
on a cave wall 30,000 years intense enthusiasm of a
ago. This is Professor Brian Cox.
Richard Clay’s starting point Quietness can be
for A Brief History of enigmatic, then sinister,
Graffiti (BBC4 9pm), taking in Michael Haneke’s
us through Roman award-winning
gladiatorial fan scrawls to psychological puzzler
the revolutionary lithograph Hidden (Sky Arts 12am):
that could cheaply plaster a who is spying on a well-to-
politicised Paris with posters do Parisian couple and
in the Commune. And so to sending them pictures of
painted subway trains and themselves? Is it all un peu
the inevitable taming of the contrived? — MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4


6.00 BBC News. 6.00 Two Tribes. Quiz. 6.00 ITV News London. 6.00 The Simpsons. R
6.30 BBC Regional News 6.30 Eggheads. Quiz. R 6.30 ITV News and Weather. 6.30 Hollyoaks.
Programmes. 7.00 Athletics: World 7.00 Emmerdale. 7.00 Channel 4 News.
7.00 The One Show. Championships Highlights. 7.30 Coronation Street. 8.00 Posh Pawn. New series.
7.30 Pound Shop Wars. Gabby Logan presents 8.00 Foyle’s War. The last ever James Constantinou and
8.00 The Great British Bake action from day five at the episode. When Hilda is the teams at Prestige
Off. The nine remaining Bird’s Nest Stadium in targeted by an assassin, Pawnbrokers’ three London
home bakers face dessert Beijing, where medals Foyle suspects the stores return, valuing
week, in which they are were decided in five shooting may be connected everything from a yacht in
asked to prepare French events. to a traitor. Last in the Palma to a guitar signed
crèmes brûlées and a 8.00 Horizon: OCD — A series. R by Oasis.
three-tiered cheesecake Monster in My Mind. 10.00 ITV News at Ten and 9.00 One Born Every Minute.
stack. Developmental psychologist Weather. A 16-year-old mother-to-be
9.00 Britain’s Spending Secrets. Uta Frith dispels popular 10.30 ITV News London. is accompanied to the
Part two of two. Anne misconceptions about 10.40 UEFA Champions League delivery suite by two
Robinson meets a obsessive compulsive Highlights. Action from eager grandmothers,
billionaire and a food bank disorder. the play-off round while an expectant father
beneficiary to find out 9.00 World’s Busiest Railway second-leg matches, which hopes poetry will soothe
whether it is possible for 2015. Robert Llewellyn included Club Brugge v his wife’s nerves during
people to spend their way visits Chhatrapati Shivaji Manchester United, Malmo labour.
to happiness. Terminus’s repair facility v Celtic, and Bayer 10.00 Witnesses. Paul and Sandra
10.00 BBC News. while Anita Rani samples a Leverkusen v Lazio. try to solve the mystery of
10.25 BBC Regional News and commute by road in 11.40 Tipping Point. Quiz show, who has been placing the
Weather. Mumbai. hosted by Ben Shephard, dead bodies in show-
10.35 A Question of Sport. 10.00 Goodness Gracious Me in which contestants homes once and for all.
11.05 Mountain Goats. Jimmy Reunion Special. R answer questions to win Thriller, starring Thierry
Chisholm stars. R 10.30 Newsnight. turns on an arcade-style Lhermitte. In French, with
11.00 Weather. machine. R English subtitles. Last in
11.35 FILM Obsessed. Thriller,
11.05 The Fast Show. R the series.
starring Idris Elba and
Beyoncé Knowles. 11.35 Building the Ancient City. R Regional variations apply 11.20 Britain’s Benefit Tenants. R

Other channels
BBC3 Channel 5 Film4 Southall. 11.00 A League of Their
7.00 Top Gear. 8.00 Barely 6.00 Home and Away. 6.30 5 6.50 Rat Race. 9.00 Abraham Own.
Legal Drivers. 9.00 Don’t Tell News Tonight. 7.00 Trauma Lincoln: Vampire Hunter. 11.05
the Bride. 10.00 Top Coppers. Doctors. 8.00 The Nightmare V/H/S/2. Sky 1
10.30 Bad Education. 11.00, Neighbour Next Door. 9.00 6.00 Futurama. 6.30, 7.00, 7.30 The
11.25 Family Guy. 11.45 American Undercover Benefits Cheat. Sky Atlantic Simpsons. 8.00 Desi Rascals. 9.00
Dad! 10.00 Wentworth Prison. 6.00 House. 7.00 Without a An Idiot Abroad 2. 10.00 The Force:
11.00 Capital One Cup Trace. 8.00 Blue Bloods. 9.00 Manchester. 11.00 Hawaii Five-0.
BBC4 Highlights. Ray Donovan. 10.10 Veep. 10.45
7.00 World News Today. 7.30, House of Lies. 11.20 The Affair. Sky Arts
8.00 Great Continental More4 6.30 Discovering: Rod Stewart.
Railway Journeys. 8.30 What 6.50 George Clarke’s Amazing Sky Sports 1 7.00 My Shakespeare. 8.00, 8.30
Do Artists Do All Day? 9.00 Spaces. 7.55 Grand Designs. 6.30 Capital One Cup Goals. South Bank Show Originals. 9.00
A Brief History of Graffiti. 9.00 Four Rooms. 10.00 8 Out 7.30 Live Capital One Cup Hey, Boo: Harper Lee and To Kill
10.00 The Man Who Would Be of 10 Cats Does Countdown. Football. 10.00 Sporting Heroes: a Mockingbird. 10.30 Video Killed
King. 11.10 Embarrassing Bodies. Paul Robinson Interviewing Neville the Radio Star. 11.00 Dag. 11.30 Dag.
12 ★ † FINANCIAL TIMES Wednesday 26 August 2015

Income rocks
BHP Billiton has managed to cut costs sufficiently in its two key products, iron ore and copper,
to maintain margins. The miner needs to do this if it is to pay dividends at the promised level

BHP’s cash costs* Key uses of BHP cash flow*


Twitter: @FTLex Email: [email protected]
Western Australia iron ore Escondida copper $bn
production cost ($ per tonne) production cost ($ per pound) Growth capex 20
Iron ore price Copper price Dividends
partnerships — helpful when new sites ($ per tonne) ($ per pound) Maintenance
Regus: cost about $0.5m a pop. This time, capex Antofagasta:
15
space race Regus generates cash flow and has low 200 5 copper bottomed
net debt of just 0.5 times trailing
Regus rents functional offices at ebitda. But it still works on the belief 4 David or Goliath? If a diversified miner
upmarket locations in over half the that if you build it they will come. 150 like BHP Billiton is cutting costs and
10
countries in the world. Its short-let 3 capital expenditure as commodity
offices are dependable enough — but 100
prices slide, how much worse can it be
perhaps dull next to more hip shared Apple: for Antofagasta, the Chilean copper
workspace start-ups such as WeWork 2 5 miner with a market value a tenth of
(free beer!) or Hubble’s app to rent selective disclosure 50 BHP’s? Not as bad as its one-quarter
spare desks in cool creatives’ offices. 1 share price fall this year implies.
Yet yesterday’s half-year results Some stick-in-the-muds complain that In a market widely held to be
show Regus has increased revenue and Apple’s chief executive Tim Cook may 0 0 0 heading for peak oversupply by 2017, it
profits — and locations. It has doubled have violated US regulations on fair 2011 12 13 14 15 16 2015 2016 2017 sticks to its conviction that there will
its sites over the past five years. disclosure by giving a sales update to Estimate Estimates be only a small copper surplus by the
Demand has increased for all types of Jim Cramer, the host of CNBC FT graphic. Sources: Thomson Reuters Datastream; BHP Billiton; FT research * Fiscal year ended June 30
end of the year, as sector investment
temporary offices as flexible working television’s Mad Money. slows. Yet apart from yesterday’s
increases and companies cut “Booyah!” to them. Mr Cook’s near-7 per cent share price pop after
overheads. Its shares jumped 9 per cent revelation that Chinese sales growth BHP Billiton has battled hard to mind the small earnings miss. Having the moribund economy. It did so in-line interims, its counter-cyclical
on the better than expected results and was “strong” throughout July and produce the only precious promised a “progressive dividend”, the again yesterday, the fifth time this stance lacks converts.
are up over half in the past year (the August was a welcome palliative to the commodity its shareholders seek: amount for 2015 will indeed grow a bit. year. BHP maintains that its volumes Like all miners, it has cut costs and
FTSE All Share is down 4 per cent). market mayhem of recent sessions. dividends. The Anglo-Australian More important, BHP explained how it with China remain steady, especially capex in a nod to China’s slowdown in
Regus, with 2,500 sites, is the biggest Concerns over the propriety are miner has put a bayonet to costs, cut plans to cover its dividends in the next on iron ore, although it has reduced construction and manufacturing, even
provider in a fragmented market. Its overdone. There is no suggestion that investment and spun out unwanted two years. It will find the necessary free its expectations for China’s steel though purchases by Chinese clients,
nearest competitor, ServCorp of Mr Cook, unlike one recent New York divisions into a new company, cash flow to pay for these by chopping output by the end of the decade. accounting for only a fifth of sales, are
Australia, has just 130 sites. Shares in case, writes market-moving South32. All this has helped, a little. back investment even further. It plans BHP also notes that its iron ore yet to slow. Its net production costs
both trade at an enterprise value of information on paper napkins and has A high dividend yield — 8 per cent to slash capital expenditure by nearly profit margins and volumes are actually rose to $1.53 a pound, against a
eight times earnings before interest, recipients eat them after reading; he — has provided a decent parachute $5bn over the next two years. That will better than when the steelmaking spot price of about $2.25, on lower
tax depreciation and amortisation. chose a well-known TV host to for its shares in the commodity bear mean spending has more than halved ingredient last traded around $50 per output following declining ore quality.
Peer behind the polished wood door, circulate the information broadly. market. So far this year BHP has since June 2014. No wonder its share tonne in late 2007. And it has plans to Now for a big difference: unlike
however, and Regus is not as old-school In a market of fear, where worries fallen less than its peers in the FTSE price jumped as much as 8 per cent. keep its margins up, as iron ore many peers, it could still lavish growth
as it at first seems. True, it has three over China are dominant — in spite of Mining index. Given that dividends All well and good, but some might provided 80 per cent of operating capex on the ramp-up of its Antucoya
price-differentiated brands that let notoriously unreliable official data — look likely to exceed earnings — worry about just where BHP will find profit last year. BHP’s cost per tonne mine and other projects in hand. That
traditional office space to workers on any real data point serves a broader sometimes a precursor to a cut — the the necessary revenue. After all, China, in Western Australia should halve in is because Antofagasta has flexibility:
the move. But it has three other purpose. In his missive, Mr Cook also one thing the market wanted to hear its key market, seems in disarray. the two years to June 2016. its balance sheet is robust and cash
brands: Regus Express at railways, revealed that “growth in iPhone about in yesterday’s earnings was the The People’s Bank of China has had If cash is king, BHP management is flow adequate, despite reduced
airports and motorway services; Kora activations has actually accelerated future for the payout. to depreciate the renminbi and cut under strict orders to protect it. production in the first half.
at universities (think investment bank over the past few weeks, and we have Management duly delivered, never interest rates repeatedly to stimulate Expect more skirmishes. The sale of its water division and
recruiting events or corporate research had the best performance of the year better working capital management
projects); and Spaces, its funky co- for the App Store in China during the boosted net cash at the end of June.
working offices for the “T-shirt and last two weeks”. It could afford to pay Barrick Gold
jeans” crowd. And Regus is mobile Of course, Mr Cook was not being disclosure a matter of course, not an worry about emerging markets, is company has noted, the fast pace of $1bn for half of its top-notch Zaldívar
savvy too. Most customer bills and altruistic. Apple’s shares had plunged opportunistic — though perfectly expanding at a steady clip. Yet, Best new product introductions and their copper mine in Chile. True, rising taxes
bookings are done via its mobile apps. to $92, back to the level last hit in June reasonable — move at times of strife. Buy has also discovered that having complexity means some consumers partly from capital gains on the water
Regus also has Silicon Valley-style 2014 and previously reached in August stores need not be a drag. want professional advice before division sale will drain cash. It could
growth plans, from 2,500 locations to 2012. After his intervention, Apple US domestic like-for-like sales in the spending hundreds (or thousands) of end up with net debt (from net cash)
more than 20,000 — though without pared its losses. Best Buy: second quarter jumped nearly 3 per dollars on whizbang gadgets. Vendors by the end of the year. Antofagasta’s
any timeframe as yet. It cites Starbucks Yet Apple shares are weak. Analysts’ cent, a strong showing for a retailer such as Apple, Samsung and Microsoft determined investment in the down
and McDonald’s as growth benchmarks price targets of about $150 a share — or what’s in store which, at its worst, had sharp declines. have set up spaces to show their wares. cycle is akin to that of another copper
and defines its target market as anyone a reasonable 15 times forward earnings Best Buy attributed the strength to Yet for all the momentum apparent miner, First Quantum.
who works. Regus provides the same — are almost 50 per cent above today’s The turnround at Barnes & Noble has major appliances, big screen TVs and today, what is easily forgotten is how There is another reason for
predictably consistent product, as level. Investors are reluctant to buy shown there is room for only one mobile phones. The housing recovery much Best Buy’s ambition has been Antofagasta’s lacklustre stock market
would its role models. shares in the world’s most valuable national physical retailer of books. For along with a rollout of new, fancy abridged. In the same quarter four performance. It has stuck to its 35 per
But the office provider’s growth company, whose recent success is household electronics and appliances, devices — Best Buy said it would widen years ago it had revenue of $11bn, a cent payout ratio; investors want more.
ambition is tempered by lessons from based on one spectacular product — Best Buy is showing the same kind of its successful partnership with Apple — quarter higher than this past one. NPD, The market demands miners pay
its first dotcom experience, when the the iPhone. resilience. The once-beleaguered chain attracted customers. the research group, has consistently dividends before they don their M&A
slowing economy left it with long leases Meanwhile, Apple refuses to say how yesterday reported surprisingly strong Yet, all those products that more shown sales by retailers of consumer cap to go hunting for future growth.
on empty offices. Now, it acquires most many of its latest category, the Apple second-quarter sales, sending its shares prosperous Americans want (and can electronics are declining by between
new spaces through partnerships with Watch, are being sold. up 15 per cent (aided by a broader now afford) can be bought online from 1 and 5 per cent annually. The pie is
property owners, enabling it to share If things really are rosy in Cupertino market recovery after Monday’s rout). Amazon at cut-rate prices. And so shrinking. The premium on clever Lex on the web
For notes on today’s breaking
the risks. More than 90 per cent of its in spite of global economic uncertainty, An important factor in the quarter was Best Buy has invested in the store execution is more important than ever stories go to www.ft.com/lex
leases are flexible or operated through Apple might consider making more the US economy which, for all the experience to lure shoppers. As the and, for now, that favours Best Buy.

Forecasts by
LOW
15 1000 22
16 20
19 25
16
6 LOW 49 Luxembourg Sun 27 81
16
15 Lyon Sun 30 86
16 17 Madrid Sun 33 91
20 26 29 Manchester Thunder 20 68
28
20 1020 HIGH Miami Thunder 32 90
16
16 23 24 28 Milan Fair 29 84
20 Montreal Fair 23 73
1010 31 28
17 26 HG Moscow Fair 25 77
21 20 30 Mumbai Fair 31 88
17 29 30 Munich Sun 26 79
18 29 25
20 New York Sun 29 84
18 29 Nice Sun 26 79
18 27 33 19 30 Paris Fair 31 88
31 33
36 Prague Sun 25 77
33
Reykjavik Fair 17 63
35 33 28 1010 32 Rio Fair 26 79
Wind speed in MPH at 12 BST 34 Rome Sun 29 84
Temperatures max for day˚C Wind speeds in KPH 31 San Francisco Sun 25 77
Stockholm Fair 22 72
Today’s temperatures Strasbourg Sun 28 82
Abu Dhabi Sun 45 113 Belgrade Fair 27 81 Copenhagen Cloudy 21 70 Hamburg Fair 25 77 Sydney Drizzle 17 63
Amsterdam Thunder 24 75 Berlin Sun 28 82 Delhi Sun 38 100 Helsinki Rain 22 72 Tokyo Rain 26 79
Athens Sun 33 91 Brussels Fair 27 81 Dubai Sun 42 108 Hong Kong Shower 31 88 Toronto Cloudy 21 70
B’ham Rain 21 70 Budapest Sun 28 82 Dublin Shower 17 63 Istanbul Sun 28 82 Vancouver Sun 22 72
Bangkok Thunder 32 90 Buenos Aires Fair 19 66 Edinburgh Rain 17 63 Jersey Thunder 19 66 Vienna Sun 26 79
Barcelona Sun 29 84 Cardiff Rain 20 68 Frankfurt Sun 28 82 Lisbon Fair 27 81 Warsaw Sun 26 79
Beijing Fair 30 86 Chicago Cloudy 23 73 Geneva Sun 27 81 London Thunder 20 68 Washington Fair 30 86
Belfast Shower 17 63 Cologne Fair 28 82 Glasgow Rain 16 61 Los Angeles Sun 31 88 Zurich Sun 26 79

CROSSWORD
No. 15,019 Set by MONK
       ACROSS 4 Best place to turn over when
8 Folk swimming for Calais? No following article (3,4)
 
thanks (6) 5 Bush fire, unrestrained, destroyed
9 Harry’s track, an old song (5,3) pride (6)
10 Lidless dip tips over, causing stain 6 Book opening backed after
  (7) journalist takes hint (5,5)
11 Thief’s assistant stopping luxury 7 Lure beginning to reveal one in
car (6) public (4,2)
12 I sit naked having nothing to eat 13 Unfortunately miss urinal in
  
(6) isolation? (10)
14 Time to abandon Seat Panda lost 17 Formal bling worn by mum
in US city (8) holding a single drink (3,5)
    15 Prefect ultimately sends out those 18 Narrative repeated about
that sponge off snitches? (7) bourgeois novels (3-5)
 16 Nothing’s too much around king, 19 Outcast husband blocking devious
say, of an old empire (7) e-mails (7)
    20 Many a Monk clue half-reverses 21 Perhaps fleas oddly adore biting
when jumbled (8) nothing back (6)
23 Concerning a specific chain of 22 Notable gesture that’s extremely
  
thought one lost when girl’s awful (6)
around (6) 26 Chickpea is good with butter (4)
24 Lass I love rejected a very large
plant (3-3)
  25 Blimey, country shunning our Solution 15,018
queen is a pain (7) 3 $ 5 $ / / ( / 6 3 / $ 6 +
27 They suffer taking speed, as part- + ( $ 9 8 / (
timers might do? (3,5) 5 ( 3 8 % / ,

















JOTTER PAD





CROSSWORD
No. 14,845 Set by NEO

























ACROSS
1 Important Viking one among best
friends (5,4)
6 Socialite with appeal makes left-
side entry (5)
9 Brazilian city as far as we’re
concerned ungovernable (7)
10 Obscure English knight against
European rebuffed (7)
11 Poor nation’s little island in hot
current (5)
12 Caught flamboyant cardinal in
Seventh Heaven? (5,4)
14 Notice flock encircles houses (3)
15 Alarmist financier reversed into
second vehicle bearing right (11)
17 German poet’s the writer
embracing pub vocalist (11)
19 Moggy fur with hole concealed? (3)
20 Earl, King and Queen on
Hampshire river’s banks (9)
22 Ambassador in temple finds grain
(5)
24 Ardent Green must change leader
(7)
26 As one’s despicably mean, small
tips for servants materialise (2,5)
27 Sauce unfortunately knocked over
contains sulphur (5)
28 Related martial artist stops at
Bedouin residence (9)
DOWN
1 Hard maths topic written up to find
circumference (5)
2 Love comes in no time, wildly, for
passion (7)
3 Disagreed also with a thousand
children (4,5)
4 Bond gets to a casino and is
beaten (11)
5 Beast summarising Tokyo-London-
Tokyo trip? (3)
6 Painter died hungry (5)
7 Discount supermarket name in
GB’s upturn with loss on top (7)
8 As 007 mission to Spectre might
be? (3-6)
13 Dope sheathes weapon in open
coat (11)
14 Soul an unknown factor in some
men? Fearless pilots? (9)
16 Girl having paddle round saw
manor demolished (9)
18 Mistress Gwynne about to be
announced in sport (7)
19 Side issue for Clintons (7)
21 Having ducks in horses area
causes commotion (3-2)
23 Crime article Financial Times
provides (5)
25 Sick at first, old man here for
healthy holiday (3)
Solution to Saturday’s prize puzzle on Saturday February 14
Solution to yesterday’s prize puzzle on Monday February 16
Winners’ names will be printed in Weekend FT

& * 5 $ 3 ( 6
$ $ ( ' 8 & + ,
28 At home and not at home to some 6 7 , / / 1 ( 6 6 + ( $ 5 7
JOTTER PAD extent (2,1,3) ( 5 1
2 0 , 7
(
'
$
( 6
%
6 (
$
5 7
DOWN & , 2 ( 7 (
$ & & 2 8 1 7 & 2 ' (
1 Foreign dish I served after noisy 5 ( 6 ( 2 6 6
talk over doughnuts? (8) 5 2 % 2 7 $ 0 8 6 ( 0 ( 1 7
2 Extract one trapped in overturned , ( $ 5 5 9 9 $
airline (4) $ ) 5 , & $ 3 $ 9 ( 0 ( 1 7
* * + * 1 5 8
3 Pee on ice dancing cozzie (3-5) ( $ 6 , ( 5 5 ( 6 7 / ( 6 6
Wednesday 26 August 2015 ★★★ 13

Zurich Antofagasta Best Buy FTSE Euro / dollar Gold Brent oil US 10-year
On the road Uber and Ola Insurance Eurofirst 300 Treasury
battle to rule India’s streets 2.45% 8.72% 15.57% 4.2% 1.3% $14 1.2% 12bp
JAMES CRABTREE, PAGE 14
SFr267.4 579.5p $32.95 1,406.72 $1.1470 $1,140 $43.21 2.12%

RSA set to agree £5.6bn Zurich bid Short


Chief executive Hester in line for £8.5m payout if deal with Swiss insurer goes through
View
a new force in European insurance. Analysts have warned Zurich will need its Ireland business before he joined.
James
ALISTAIR GRAY AND
ARASH MASSOUDI — LONDON Yet Zurich is already facing questions to find hundreds of millions of pounds’
‘As a Zurich Mr Hester has 1.36m performance- Mackintosh
RALPH ATKINS — ZURICH from some shareholders about the pro- worth of savings to justify the deal. shareholder related shares in RSA, worth £7.5m if
posed deal, its largest since chief execu- That would probably involve particu- I am not sure the deal completes at 550p. He is also
RSA chief executive Stephen Hester is in tive Martin Senn took the helm five lar cuts in the UK, RSA’s biggest market, likely to be paid a £950,000 salary this Does China have a sherbet lemon economy? Like the
line to scoop more than £8.5m after elic- years ago. Zurich’s proposal is pitched at where the takeover target employs why they year. In addition he could be in line for a boiled sweet, China’s landing may be hard on the outside,
iting a £5.6bn bid proposal for the group a premium of about a quarter to RSA’s about 7,000 people and sells home, are buying bonus worth as much as £1.52m. but soft in the middle.
from larger rival Zurich, in what is shap- market value four weeks ago, before a motor and pet cover under the More RSA said: “We are not commenting on Suppliers to the country know how hard it is on the out-
ing up to be the largest takeover of a UK leak forced it to reveal its interest. Than brand. Shares in RSA rose 3.9 per RSA and at the possible financial compensation side. Brazil’s real is down a quarter against the dollar this
insurance company in 15 years. “As a Zurich shareholder I am not sure cent yesterday to 514.5p — short of the this price’ that any staff member may be granted year, while the Australian dollar has tumbled 12 per cent,
The 300-year-old insurer, led for the why they are buying RSA and at this mooted offer price, suggesting some in the event of a bid being agreed. This is hit by weaker Chinese demand for commodities.
past 18 months by the former Royal price,” said Andrea Williams, senior caution about the deal being sealed. highly speculative and any settlement The question is whether it is soft inside. Stephen Jen of
Bank of Scotland chief, said it was “will- equities fund manager at Royal London. It comes less than two years after Mr would be subject to the terms of a deal.” hedge fund SLJ Macro thinks that urban jobs show China is
ing to recommend” an all-cash bid from Zurich insisted it will not overpay for Hester, who led RBS for five years after RSA and its suitor reached a break- having some success in switching from infrastructure and
its Swiss suitor. RSA, which it says will be “complemen- it was bailed out by the state in 2008, through just before a “put up or shut up” industry towards services and consumption.
It signals that a dealmaking wave in tary” with its existing businesses. The was hired to lead a revival of RSA. It had deadline yesterday. The old economy is clearly struggling, as relatively relia-
the industry is gathering momentum takeover is likely to lead to job cuts been battered by a series of profit Zurich offer page 16 ble measures such as electricity consumption and rail
and paves the way for the creation of among RSA’s 19,000 global workforce. warnings and an accounting scandal at Lombard page 17 freight show. But Chinese labour data are dubious at best;
the official urban unemployment rate has been between 4
and 4.3 per cent since 2004, and other measures are ques-
tionable, too. Yesterday China cut rates and made it easier
for banks to lend — a sign of concern about the economy.
The easing came after the close of another awful day for
Benefits cycle Chinese shares, with more than eight in 10 stocks down by
the daily limit of a tenth.
BHP Billiton seeks to A fortnight ago, China’s devaluation was taken badly by
international investors, and this week’s carnage in global
protect its dividend equities followed Monday’s crash in Chinese shares.
Yesterday, investors saw things quite differently, with
Shares in BHP Billiton jumped 5.5 per commodities and shares outside China leaping.
cent yesterday after the Anglo- One popular account says China is doing something to
Australian miner pledged to protect its boost its economy, so the rate cut is good news even if it
progressive dividend policy despite means further devaluation (the renminbi fell to its weak-
annual profits more than halving. est level since August 2011).
The full-year results from the world’s I prefer to focus on sentiment. The new currency regime
largest miner by market capitalisation shocked investors who had ignored China’s equity boom
fell short of analysts’ consensus and bust this year. On Monday, traders were already jittery
expectations, reflecting hefty falls in the after Friday’s plunge in US shares, so little was needed to
prices of iron ore, coal, copper and oil. prompt a painful unwinding of leveraged trades.
However, it said it would maintain its But yesterday the global sell-off had become too
progressive annual dividend policy by extreme, with markets falling too far, too fast. A bounce
accelerating cuts in costs and capital was already well under way when China eased, with inves-
expenditure, compensating for weak tors prepared to look on the bright side of the policy.
demand for commodities from China. Will easier money succeed in giving China’s economy a
Andrew Mackenzie, BHP chief sugar rush, though? Investors will have to suck it and see.
executive, said that the company could
continue to grow in spite of the deep
spending reductions. China’s hard and soft data
Electricity
Report page 14 production (annual Unemployment Relatively reliable
% change) (%) measures such as
30 4.3 electricity
consumption show
20 the old economy is
4.2
‘Some might worry about 10
struggling, while
dubious labour
just where BHP will find 0
4.1 data show the
the necessary revenue official urban
-10 4.0
[to cover its dividends unemployment
rate at between
2005 10 15
in the next two years]’ Source: Bloomberg
4 and 4.3 per cent
Page 12
[email protected]

Alibaba staff told to focus on their jobs


as share price fall takes toll on morale
CHARLES CLOVER — BEIJING Many of Alibaba’s employees are founder Jack Ma’s speech last year in
shareholders and the share price fall has which he said the company would exist
Daniel Zhang, Alibaba chief executive,
hit morale hard. But Mr Zhang for at least 102 years.
has told employees to “forget about the
delivered a stern reminder to employ- Mr Zhang also emphasised the
share price” and focus on their jobs as
ees yesterday to take a long view of the company’s strong bank balance.
the company’s stock sank below its
company’s prospects. “Alibaba Group has hundreds of
listing price of $68 for the first time.
“Alibaba’s values are reflected in the billions in cash reserves, robust cash
The difficulty in remaining Technology stocks have been hit by the pursuit of our dreams and to create flow and a scalable profit-generating
calm over volatility index market turmoil in China but while US value for our customers. Our values do business model. We are methodically
groups such as Apple have seen their not waver with the fluctuations in stock and aggressively pressing forward
The rapid and intense swing in the share prices recover, Alibaba’s have price,” he said. with our plans for the future. We have
CBOE Vix volatility index — the continued to languish. “Let us remember to keep our eyes on faith in the Chinese economy, and we
so-called fear gauge — in the past few Following a record-breaking the true prize, which is serving our cus- have faith in our team and partners.”
days amid deepening gloom over the listing on the New York Stock Exchange tomers . . . Serving our customers is the Alibaba’s shares have been declining
global economy illustrates the in September, which raised $25bn, path to success to creating value for our since January over worries about the
difficulty of relying on such Alibaba’s share price rose to $119 in shareholders and ourselves.” regulatory environment in China,
barometers to predict trouble ahead. November but since then has dropped He added that Alibaba was “fighting missed earnings forecasts and
Analysis i PAGE 24 as low as $58.14. It was up 6.5 per cent at just this one battle; we are in it for 102 concerns about counterfeit goods on
$70.09 by midday yesterday. years to win the war”, referring to Taobao, its online ecommerce platform.

Companies / Sectors / People


Companies Barnes & Noble........................................12 ICBC....................................................................1 Peel Hunt.....................................................17 UBS....................................................................7 Property..........................................................2
99p Stores...................................................17 Barrick Gold................................................12 Iberdrola........................................................14 Pepco Holdings..................................14,25 UIL....................................................................14 Retail & Consumer.................................16
AGL Resources.........................................14 Bayer...............................................................15 Imperial Tobacco.....................................25 PetroChina......................................................1 UK Power Networks................................3 Technology............................................13,14
Affinity Water..............................................3 Best Buy............................................12,16,25 Itaú.....................................................................5 Petrobras........................................................5 Uralchem.......................................................15 Transport........................................................3
AirAsia...........................................................10 Boeing............................................................25 J Sainsbury..................................................17 Poste Italiane.............................................15 Uralkali...........................................................15 Travel & Leisure.....................................3,6
Airbnb............................................................14 Brewin Dolphin.........................................17 JPMorgan Chase..................................7,25 Poundland....................................................17 Walmart.........................................................16 Utilities.............................................................3
Aldi...................................................................17 Canaccord Genuity.................................17 LA Fitness....................................................17 RSA Insurance......................................13,17 Wm Morrison..............................................17 People
Alibaba......................................................13,15 Cenkos Securities....................................17 Lidl....................................................................17 RainDance Technologies.....................15 Worldpay.......................................................15 Asfari, Ayman............................................17
Amec Foster Wheeler...........................17 Charles Stanley.........................................17 London Stock Exchange....................25 Rathbone Brothers.................................17 Zeus Capital................................................17 Brikho, Samir..............................................17
Anglo American.......................................14 China Cinda.................................................15 Manulife.........................................................15 Regus..............................................................12 Zurich...................................................13,16,17 Ferrary, Nicolas.........................................14
Antofagasta.....................................12,14,25 Credit Suisse................................................7 Microsoft.......................................................12 Rio Tinto.......................................................14 Sectors Hernández, Diego...................................14
Apple........................................................12,25 Deere & Co.................................................24 Mind Candy...................................................2 Royal Bank of Scotland,......................16 Automobiles..................................................2 Hester, Stephen........................................16
Asda.................................................................17 Deezer............................................................15 Morgan Stanley..........................................7 ServCorp.......................................................12 Chemicals.....................................................15 Kalanick, Travis........................................14
Ashley Madison........................................16 Deutsche Bank............................................7 Navient..........................................................25 Shred-it..........................................................15 Construction.............................................2,3 Ma, Jack........................................................15
Avid Life Media........................................16 Eversholt.........................................................3 Netflix............................................................25 South32..........................................................12 Energy..............................................................3 Mackenzie, Andrew................................14
BHP Billiton.....................................12,14,25 Exelon......................................................14,25 Nissan...............................................................2 Southern Company................................14 Gen Financial.............................................15 McCollam, Sharon...................................16
BP.....................................................................24 Foster + Partners......................................2 Northern Gas Networks........................3 Tata..................................................................14 Insurance......................................................16 Prokhorov, Mikhail..................................15
Bank of America..................................7,25 Garuda...........................................................10 Northumbrian Water...............................3 Tesco...............................................................17 Media...........................................................2,16 Senn, Martin...............................................13
Bank of Japan...........................................25 Goldman Sachs...........................................7 Numis Securities......................................17 Thames Water.............................................3 Mining............................................................14 Summers, Lawrence..............................24
Barclays...........................................................7 Home Retail...............................................25 Ola....................................................................14 Transocean..................................................17 Oil & Gas..................................................4,14 Zhang, , Daniel..........................................13

© The Financial Times Limited 2015 Week 35


14 ★★★ FINANCIAL TIMES Wednesday 26 August 2015

COMPANIES
INSIDE BUSINESS
Utilities
ASIA

Regulator blocks Exelon’s $6.8bn deal James


Crabtree
DC commission says the Washington DC and Maryland area. and Delaware. Both companies said 20 % Shares in Exelon, which has a market
“The commission concluded that, they were reviewing their options. capitalisation of about $27bn, dropped
acquisition of Pepco is ‘not Fall in Pepco’s

in the public interest’


taken as a whole, the transaction as pro-
posed by Exelon and Pepco is not in the
public interest,” according to a state-
The regulatory rebuff could also cast a
shadow on other high-profile utility
deals agreed this year.
shares yesterday,
before rallying to
$22.51 at the close
nearly 7 per cent to $30.40 after the
commission rejected the deal.
“We are disappointed with the com-
Uber hails vision of an
JAMES FONTANELLA-KHAN
AND ERIC PLATT — NEW YORK
ment released by the three-member
commission yesterday.
Southern Company, one of the largest
utility groups in the US, agreed on Mon- 6.8 %
mission’s decision and believe it fails to
recognise the benefits of the merger to
India tempted away
The deal frenzy in America’s utility sec-
tor suffered a serious setback after a
“At a time of change in the energy
field, Pepco’s ability to adapt will be con-
strained by an increased management
day to acquire natural gas distribution
and retail company AGL Resources for
about $12bn, including debt. In Febru-
Drop in Exelon’s
share price asa
result of the
the District of Columbia and its resi-
dents and businesses,” Exelon and
Pepco said in a joint statement.
from car ownership
local regulator blocked Exelon’s acquisi- bureaucracy. We are also concerned ary, the Spanish electricity group Iber- regulator’s decision “We continue to believe our proposal
tion of Pepco, a $6.8bn deal which would about the inherent conflict of interest drola agreed to buy UIL for about is in the public interest and provides

U
have created one of the largest utility that might inhibit our local distribution $4.6bn including debt, to add to its direct immediate and long-term bene- ber likes to make bold predictions — as per-
companies in the US. company from moving forward to existing US utility and wind power oper- fits to customers, enhances reliability haps befits a six-year-old company with a val-
Shares of Pepco Holdings tumbled as embrace a cleaner and greener environ- ations. and preserves our role as a community uation of more than $50bn. Travis Kalanick,
much as 20 per cent after the Public ment.” Following the decision Pepco’s shares partner.” co-founder and chief executive, says his ride-
Service Commission of the District of The decision taken by the DC com- dropped as low as $21.61, rallying to Failure to complete the merger would hailing service can become sufficiently ubiq-
Columbia said the deal would harm mission is likely to be controversial as $22.51 by the close. When the merger represent a big blow for Exelon, which uitous in the west not only to kill off old-fashioned taxis,
local consumers. Pepco provides the $6.8bn deal was approved by public was announced in April last year, hoped that a deal would help it add 2m but even to tempt some hardcore motorists to stop driving
electricity to communities in the service commissions in both Maryland Exelon valued Pepco at $27.24 a share. new customers. altogether.
In emerging markets, the company makes an even more
eye-catching claim. Mumbai’s battered old red buses are
carrying adverts bearing the slogan: “The freedom to own
a car, without ever buying one”. These imply that Uber
Mining. Solid outlook could become so widespread that millions of people might
decide never to get behind the wheel at all.

BHP vows to keep dividend despite profit dive At first, this sounds absurd. Some transport experts do
claim that countries such as the US and the UK have
reached a stage dubbed “peak car”, whereby total vehicle
use is starting to dip.
But Indian car ownership remains tiny, at about 2 per
cent, according to research company IHS Automotive.
World’s largest miner plans to This is far lower than in developed markets, where more
cut costs and increase output than half of people tend to be drivers, as well as countries
such as China.
as commodity prices tumble Consequently, almost everyone agrees this level will rise
dramatically. IHS predicts 4 per cent of Indians will have
JAMIE SMYTH — SYDNEY cars by 2020.
HENRY SANDERSON — LONDON
This in turn explains why General Motors unveiled
Anglo-Australian miner BHP Billiton plans to sink another $1bn into its lossmaking Indian oper-
vowed yesterday to keep raising pro- ation last month, joining a host of global automakers gear-
duction and preserve its dividend, even ing up for a future boom in car sales.
as it reported its worst full-year profit in Yet Uber recently unveiled plans to invest $1bn into
a decade. India, as well. This was partly to keep pace with Ola, its
The world’s largest miner by market larger Bangalore-based rival.
capitalisation said it would cut costs, axe However, the splurge was also underpinned by a long-
projects that do not make money and term bet, which Mr Kalanick outlined in a recent speech.
maintain — or increase its dividend. He argued that pollution and congestion leave cities in
BHP’s shares rose 5.5 per cent to close at India and China facing an “existential” crisis. “We’re offer-
£10.21, as miners’ stocks rallied follow- ing a real alternative to a world that looks like a parking lot
ing a sharp sell-off yesterday amid and moves like a traffic jam,’ he said.
China’s equity market turmoil. Tempting people away from cars is tricky. Vehicle own-
The world’s largest natural resources ership remains a powerful status symbol in emerging mar-
companies — BHP, Rio Tinto and Anglo kets. That said, it is not
American — have seen their shares drop always a pleasant experi-
sharply this year as the prices of several ence. Interest rates are high,
There is a
of their main commodities trade at the making vehicle financing reason why so
lowest levels since the financial crisis. expensive. India’s roads are
Prices have been tumbling amid slowing bumpy and hectic. Parking is
many wealthy
economic growth in China, the world’s a nightmare. There is a rea- Indians employ
son why so many wealthy
Indians employ drivers.
drivers
‘Improved productivity Uber’s hopes of becoming
can further stretch chauffeur to the country’s rising middle classes therefore
rest on building a service that is both more convenient and
the capacity of our cheaper than driving. It has a long way to go.
existing operation’ Even in big cities like Mumbai or Bangalore, its service
can be patchy, with much longer wait times than in New
York or London.
largest importer of raw materials, and Fixing that is mostly a question of supply. Uber has
evidence of several commodity gluts, BHP Billiton duction from the miner’s core portfolio in 2015. “We feel that overall the econ- Mr Mackenzie said while BHP was 150,000 drivers in India, but the idea that it could come
including iron ore, which is used in exports from of assets increased by 27 per cent over omy has begun to bottom out,” he said, interested in acquiring copper and oil close to 1m over the next few years is not outlandish. Ola
steelmaking. Port Hedland, the past two financial years. referring to China’s economic weakness assets, it would not overpay for them. predicts that it will cross the million mark by 2017. The fact
Miners have responded by cutting above, in In a nod to China’s slowdown, BHP cut in the first half of the year. “And the sec- “There may be opportunistic things we that only 2.4m cars were sold in India last year gives a sense
capital and operating spending, and Western its forecast for peak steel demand in the ond half of the year will be better than might want to do in acquisitions that we of the scale of the two companies’ ambitions.
BHP said it had brought its costs back to Australia hit a country to a range of 935m to 985m the first half.” need to be ready for,” he added. This big potential increase in Uber’s driver network was
2005 levels, when expenses started to record in the tonnes a year in the mid-2020s, from However, he acknowledged that BHP reported attributable profit behind last week’s tie-up with Tata, India’s largest business
escalate during the China-led commodi- year to June, 1bn previously. China was likely to continue to experi- excluding exceptional items of $7.1bn group. Tata invested $100m in the US company. In
ties boom. says chief Mr Mackenzie said he believed that ence an economic slowdown. for the year to June 30, down 47 per cent exchange, it hopes that its motoring and finance arm will
“We do not require the same level of executive China’s government could handle the BHP has sought to focus on more prof- compared to 2013-14, and the worst per- provide vehicles, financing and insurance to all those first-
investment to grow as in the past,” said Andrew transition to a consumer-led economy, itable commodities, spinning off a com- formance since 2005 according to time cabbies.
Andrew Mackenzie, BHP’s chief execu- Mackenzie, and expected the country to achieve its pany called South 32 in May, which Bloomberg data. Pre-tax profit fell 61.7 Different types of services can also help. In San Fran-
tive. “Improved productivity can fur- below target for economic growth of 7 per cent owns aluminium and manganese assets. per cent to $8.7bn, and the annual divi- cisco, Uber offers a cheap carpool option, in which multi-
ther stretch the capacity of our existing Reuters/BHP Billiton dend was increased 2 per cent to $1.24 ple riders hop in and out of the same vehicle. A comparable
operations to increase volumes at very per share. service is some way off in India, but could eventually find
low cost.” Antofagasta pledges to be than 40 per cent of the world’s copper, The company plans to push ahead favour in a country where customers are thrifty, and
He added that BHP’s business division and prices for the red metal hit a six- with more cost savings in 2015-16. Capi- shared taxis are already relatively common.
heads did not attend its full-year results
prudent as profits plunge year low on Monday after Chinese tal expenditure is due to fall to $8.5bn, Take all of this together, and the idea that taxi aggrega-
presentation in London yesterday as equity markets fell. down from previous guidance of $9bn, tors might prise some of India’s coming generation away
they usually would because they were Chinese clients continue to and then decline to $7bn in 2016-17. from car ownership does not seem quite so ridiculous.
“all in the field driving productivity”. Chilean copper miner Antofagasta is purchase copper as planned and the BHP said it could maintain a progres- “Young Indian people living in big cities used to buy a
Increased output by BHP is likely to seeking $160m of cost savings this market is largely in balance, with a sive dividend policy by accelerating cuts small car,” said Paul Blokland, of Segment Y Automotive
put further pressure on commodity year after reporting a 49 per cent drop small surplus expected in the second in operating and capital spending, Intelligence, an India-based research group.
prices, but the company is seeking to in first-half earnings, as prices for the half of 2015, said Diego Hernández, although some analysts questioned “But now they might well decide to save that money,
offset this with operational efficiencies. red metal reach their lowest levels Antofagasta’s chief executive. whether the payout was sustainable. given it is expensive, and they can’t find anywhere to park
BHP’s Western Australian iron ore since the financial crisis. Antofagasta’s earnings before But Hunter Hillcoat, analyst at it anyway.”
output hit a record in the year to June 30 London-listed Antofagasta said interest, taxes, depreciation and Investec, said the company’s operating This does not mean that Uber’s path will be easy, partic-
and the cost of production fell 31 per yesterday it would be a “year of amortisation fell to $561.6m in the six cash flow should be sufficient to cover ularly given India’s treacherous regulatory environment.
cent compared with 2013-14, to less prudence”. The FTSE 100 company’s months to June 30, from $1.1bn during its dividend and capital spending. But if even a small portion of future car buyers decide to
than $19 a tonne. In 2015-16, it is aiming shares rose 6.1 per cent to 565.5p in the same time last year. Revenue fell “Over my dead body sounds a little rely on cabs, it could help car ownership levels settle well
for a cost of production of $15 a tonne. trading. But the stock has fallen 31 per cent to $1.8bn. It cut its interim strong but it’s almost right,” said Mr below the levels typically seen in mature industrial econo-
BHP expects annual average growth sharply this year, to its lowest dividend to 3.1 cents a share, from 11.7 Mackenzie, when asked by an analyst mies. And if Uber wins even a portion of this business, it
of 5 per cent in the volume of levels since April 2009. cents a year earlier. Henry Sanderson whether BHP would ever cut its will go a good way to to justifying its $50bn valuation too.
commodities it produces for the China consumes more and Nathalie Thomas dividend.
remainder of this decade. Pro- See Lex [email protected]

Oil & gas Technology

Transocean halts payouts as losses deepen Airbnb agrees to collect tax on Paris rentals
ED CROOKS — NEW YORK non-cash loss as of the end of July. It is Its shares have fallen by more than HANNAH KUCHLER — SAN FRANCISCO the process of paying levies in the city infrastructure required for visitors and
also proposing to drop its planned divi- 70 per cent since the oil price started to where more than 50,000 Airbnb residents who are concerned that the
Transocean, one of the world’s largest Airbnb will collect and remit taxes in
dend payments for the third and fourth fall at the end of June last year properties are listed. conversion of flats into short-term
offshore drilling contractors, has Paris, its most popular city, as the
quarters of its 2015-16 financial year. Transocean said yesterday that under “More people share their homes in rentals could push up rents.
warned that it expects to report a loss sharing economy start-up tries to
It had already cut that payout by 80 Swiss law, the size of the expected loss Paris than anywhere else in the world In New York, Eric Schneiderman,
of more than $2.1bn and plans to stop appease regulators by behaving more
per cent from last year’s distribution, meant that the company needed to and this new process will ensure Paris attorney-general, said last year that
paying its dividend for the rest of the like a hotel.
and the reduced dividend was approved reduce the par value of its shares from receives more revenue from our com- three-quarters of properties on Airbnb
year, as it wrestles with the effects of
by shareholders at the annual meeting SFr15 to SFr0.10. The accommodation-sharing app said it munity,” he said. were illegal because the host was not
the slump in oil prices.
in May. It added that, apart from adding a line had reached an agreement with the Airbnb first reached agreements to present and the rental period lasted less
The company, which is based in Switzer- Transocean shares fell more than to its accounts to reflect the change, the French authorities which would make it charge taxes in its home city of San than 30 days. The report calculated that
land and listed in New York, said it had tenth to $10.89 in after-hours trading. reduction in par value would not affect easier for hosts and guests to pay tourist Francisco and Portland, Oregon. It has tenants of these flats owed about $30m
been assessing the value of its affiliate Transocean has been hit hard by the any other aspect of its financial taxes through the platform, which will since worked on similar initiatives in in taxes.
businesses “in light of the deterioration slowdown in offshore drilling, as oil reporting. start charging tax from the start of cities including Chicago, Washington DC Airbnb customers in Paris will have to
of the offshore drilling market and companies pull back from higher-cost It also said that its analysis of how October. and Amsterdam. pay an extra 83 cents per person per
concerns regarding the timing of the areas such as deep water, and slow down much it would have to write down was Nicolas Ferrary, director of Airbnb in The company has come into conflict night, which will include the city-
market’s recovery”, and had decided it activities such as exploration that do not continuing, and it would provide France, said that the company had with local authorities who see tourist imposed tourist tax and an administra-
was likely to have to report a SFr2bn have a short-term payback. further guidance “in due course”. worked with the government to simplify taxes as a way of providing for the extra tive district tax.
Wednesday 26 August 2015 ★ FINANCIAL TIMES 15

COMPANIES

Volatility throws spanner into the IPO works


Potential sellers Bad marks
Worldpay will act as
and investors fear bellwether for market
that sharp falls
will hit sentiment Should events in China still be
rocking the market for big new
towards planned stock offerings by the time the
leaves are falling this autumn, one
September listings 40 of its biggest tests will be the way
Worldpay goes.
Bain Capital and Advent
FT REPORTERS International, the private equity
35 owners of the UK payment services
Almost exactly a year ago, Jack Ma was provider, have been simultaneously
setting out on an investor roadshow for exploring the sale or an initial
the world’s largest initial public offering: 30 public offering this year.
the New York listing of shares in So far, they have been tilting
Alibaba, which raised $25bn for his Chi- towards a flotation, pencilled in for
nese ecommerce group. Within hours, next month, which would be one of
the share price had risen by 38 per cent Market volatility 25 the biggest in the UK for years.
to $92.70, valuing the business at more Vix index Worldpay, once a neglected arm
than $230bn. IPO psychological barrier of Royal Bank of Scotland until Bain
However, yesterday, the biggest IPO Bankers are reluctant to place IPOs when the Vix is above 20 and Advent carved it out in 2010,
story of recent times came full circle. 20 could even rapidly ascend into the
Another day of turmoil on China’s FTSE 100, assuming a mooted
equity markets pushed Alibaba’s shares valuation for its shares of £4bn and
below their listing price of $68 for the 15 that at least a quarter were sold to
first time and looks set to cause repric- the market.
ings or delays for companies coming to That would depend on the
the market this September. stability of any valuation, however.
“Most leading banks have 10 to 15 10 Listed peers of Worldpay, such as
IPOs each in the September to October Brazil’s Cielo and Global Payments
timeline,” says one London-based Jan 2012 13 14 15 Aug in the US, have seen their valuation
banker. Several offerings are predicted multiples drop with the wider
to be worth more than $1bn. IPOs pending globally IPO pipeline (selected) market this month.
One of the most closely watched of Deal value during past Estimated capital raising ($bn) As they have looked to sell
these will be the IPO of shares in World- three months 0 1 2 3 4 investments into a rising market in
pay, a payments company owned by the Number of deals Asia Europe recent years, buyout groups have
private equity groups Advent and Bain Poste Italiane been able to play off public
Capital. Worldpay’s owners are seeking $3.7bn Worldpay investors’ hunger for new offerings
a listing as soon as next month that 96 North 308 Equiniti against a revival in M&A. While the
would value the company at as much as America US “IPO bid” could offer a better price,
£6bn, large enough to put it straight into Surgery Partners a sale offers more certainty.
the FTSE 100 index. $5.5bn Bankers note that the difficulty
Pace Holdings (TPG Capital)
Both potential sellers and investors of arranging large financing in the
are asking whether this week’s sharp Europe Double Eagle Acquisition quiet of August meant potential
$0.7bn
falls will damage investor sentiment 21 China private equity bidders, including
towards these sorts of share sales. $0.7bn China Energy Engineering Blackstone, may be more active
During the multiyear bull market for Middle East & Africa $0.1bn Latin America* Dali Foods Group next month.
equities, private equity owners have 8 6 CCCC Dredging Worldpay declined to comment.
been relentless sellers of portfolio com- Joseph Cotterill
Sources: Bloomberg; Dealogic * Latin America & Caribbean Photo: Reuters
panies via stock market listings. Having
used debt, or leverage, to buy out com-
panies, these owners found that selling
shares to equity investors provided a reassess whether the price they can get premium to the market unless stocks
more lucrative exit than a trade sale to is worth it. If it continues, it will likely rebound. Contracts & Tenders
strategic buyers. ruin some IPO plans, as well as some Christopher Betts, partner at Skad-
This dynamic looks set to change. deals in the M&A space.” den, Arps, Slate, Meagher & Flom in
“There are leveraged buyouts that need While markets in Europe recovered Hong Kong, notes that continued vola-
to come out — investors will take their yesterday, China fell further, suggesting tility will probably result in deal delays,
pound of flesh from those companies,” its troubles remain and the IPO market and will certainly push pricing down.
warns Kathleen Smith, principal of Ren- will be the hardest hit. “It’s not so disastrous that people
aissance Capital, a manager of IPO-fo- A handful of large deals are due to be think the world is going to end. They
cused ETFs. “It’s going to be a buyer’s launched in Hong Kong over the next hope it’s just a bit of interim turbu-
market. month, with China Huarong, a so-called lence,” says Mr Betts.
“And then others who can wait may be bad bank created to house problem Bloomberg data indicate that there
wise to wait,” she adds, noting that when assets, investment bank CICC, and are more than $10bn worth of IPOs
the Vix index of equity market volatility China Reinsurance topping the bill. pending globally that have been
is high, IPOs are even harder to pull off. While none of these companies has so announced just in the last three months,
Typically bankers are reluctant to far signalled any intention to change including Shred-it, a Canadian docu-
place IPOs when the Vix is above 20, on ment destruction company aiming to
Monday it hit 40.74, its highest level raise about C$600m; and Surgery Part-
since August 2011 during the depths of
‘There are leveraged ners, a Nashville, Tennessee-based sur-
the eurozone crisis. At midday the Vix buyouts that need to come gery centre operator that is targeting
index was at 29.39. more than $400m.
“It’s going to be a tougher time for the
out — investors will take Some IPOs have already been sabo-
IPO market, because there’s been a reset their pound of flesh’ taged by the stock market turbulence.
in the secondary market,” says Mark Manulife, Canada’s biggest life insurer,
Hargreaves, a senior portfolio manager in July shelved plans to list a so-called
at Royal London Asset Management. their plans, the sell-off in Chinese assets real estate investment trust, or Reit, in
In Europe, the September IPO of is likely to put pressure on pricing if Singapore. RainDance Technologies, a
Worldpay will be joined by the expected deals do go ahead. US biotech company, said this week it
privatisation of Poste Italiane, and “In any normal, rational market, you would put its planned IPO on ice.
Deezer, a French rival to music-stream- wouldn’t even consider going ahead The recent turmoil could endanger
ing site Spotify. with an IPO at the moment, if only other US listings in the pipeline. such as
Bankers say that the turbulence because of the volatility,” says one sen- Petco, a private equity-owned pet care
might lead to some European IPOs that ior Asia-based investment banker. “Val- company; grocery chain Albertsons;
had been softly announced being qui- uations have come down dramatically.” Neiman Marcus, a luxury department
etly dropped. However, two of the big- Huarong’s only listed competitor, store; and SoulCycle, a boutique fitness
ger transactions mooted for later this China Cinda, fell below a price to book company known for its celebrity fans
year — German chemicals company ratio of one for the first time this week. and cultish following.
Bayer’s flotation of its material science Most Chinese banks are trading well The market for private funding where
division, and the IPO of Hapag-Lloyd below that level, while share prices for hot tech companies have raised billions
are still expected to go ahead. many insurers have dropped by a third of dollars at high valuations, could be
Hapag-Lloyd declined to comment. over the past month. particularly vulnerable.
Bayer reiterated that it planned to float Mainland banking regulators bar Reporting by Gavin Jackson and Arash
its material science business before financials from selling new shares at a Massoudi in London, Josh Noble in Hong
mid-2016. price to book valuation below one, Kong, Robin Wigglesworth and Nicole Bul-
One big investor says: “Of course meaning that deals will either need to be lock in New York and James Shotter in
the volatility will force companies to postponed or sold to investors at a Frankfurt

Chemicals

Uralkali plans second billion-dollar buyback


JACK FARCHY — MOSCOW listing on the Moscow stock exchange. Prokhorov, with 20 per cent, and
The move comes amid analysts’ Chengdong Investment Corporation, an
Uralkali, the world’s largest potash
expectations of an ownership shake-up arm of China’s sovereign wealth fund,
producer by output, is planning its sec-
at Uralkali, which accounts for one-fifth which has a 12.5 per cent stake.
ond billion-dollar share buyback this
of global output of potash. The new share tender by the company
year in what is likely to be a prelude to
Russian business daily Vedomosti follows a $1.1bn buyback completed in
its delisting from London.
reported in June that the company may June. Onexim sold a 7 per cent stake in
The company said yesterday that it Uralkali to reduce its holding to 20 per
would spend up to $1.3bn to buy up to cent as part of the buyback, raising spec-
14 per cent of its shares. The buyback, Uralkali accounts ulation that it might seek to dispose of
for one-fifth of
which would probably further reduce its global output of its entire stake in the company.
free float from the current level of potash, a key Uralkali’s London-listed global depos-
23.4 per cent, could lead to a delisting of fertiliser itory receipts have fallen 25 per cent in
the company’s global depository ingredient the past year, amid falling potash prices
receipts in London, it added. and flooding at a mine which accounts
Paul Ostling, an independent director delist in both London and Moscow as a for a fifth of the company’s output.
at Uralkali who conducted a review of prelude to a merger with fertiliser group The terms of the proposed buyback,
the company’s listings, said the board Uralchem, which already owns 20 per at $16 per global depository receipt, rep-
had determined that maintaining a list- cent of Uralkali’s shares. The other resents a 10.8 per cent premium to Ural-
ing in London was “not a strategic prior- major shareholders are Onexim, the kali’s closing price at the end of last
ity for the company”. Uralkali also has a investment group of oligarch Mikhail week, the company said.
16 ★ FINANCIAL TIMES Wednesday 26 August 2015

COMPANIES

Retail & consumer Insurance. Takeover bid

Best Buy reaps FTSE 100 insurer RSA, with


operations in Scandinavia and
Canada, in addition to those in the
UK, is an appealing takeover target

dividend from
for rival Zurich — Matthew Lloyd/Bloomberg

decision to pull
out of China Europe’s largest insurers
Market capitalisation* (€bn)

0 20 40 60

Retailer’s shares jump officer. “It is difficult to know, though, if


Allianz
the recent volatility in the financial
17% after second-quarter markets will affect overall consumer
earnings beat forecasts spending. To date, however, we have not Axa
seen a measurable impact versus our
LINDSAY WHIPP — CHICAGO original expectations.” Prudential
Further declines in oil prices have
Best Buy’s decision to pull out of China accompanied the sharp pullback in glo- Zurich
and refocus on the US market paid divi- bal equity markets, suggesting that US
dends in the second quarter as earnings consumers could gain additional bene-
Ace
beat market expectations, sending fits from even lower fuel prices.
shares in the electronics retailer up as To date, however, large retailers such
much as 17 per cent. as Walmart have noted that many * As of Aug 25
As investors and policymakers scan households have chosen to save some of
for signs of how recent market volatility the benefits of lower petrol prices RSA Insurance
may affect consumer spending in the instead of spending them, leaving the Share price (pence)
world’s largest economy, Best Buy said it impact of this potential boost unclear 550
had so far seen no impact. for now.
Many large consumer-facing US com- Best Buy’s rising domestic sales came
panies were hit in the second quarter by on the back of demand for TVs and
the strong dollar, a slowdown in emerg- higher prices for mobile phones, as well 500
ing markets and rocky European senti-
ment, but the country’s largest retailer
of electronic goods reported a 0.8 per
‘It is difficult to know if
cent increase in sales to $8.53bn, con- the recent volatility in the 450
founding analysts’ expectations of a
2 per cent decline.
financial markets will
Net income jumped 12 per cent to affect consumer spending’
$164m, or 46 cents a share, in the three
months ended August 2, compared with as health and fitness-related products, 400
42 cents in the year-earlier period. The the company said. These offset a decline Jan 2014 2015 Aug
increase was mainly due to a 3.9 per cent in the sales of tablet devices. Sources: Bloomberg; Thomson Reuters Datastream

gain in domestic like-for-like sales, the The group still has some overseas
company said. operations, but more than 90 per cent of

Zurich offer signals Hester’s success at RSA


Best Buy completed the sale of its Chi- sales in its second quarter were earned
nese operations in February, before tur- domestically at a time when the global
moil in Chinese equity markets raised economy is increasingly looking to
serious questions about the outlook for America for stable growth. The com-
the Asian nation’s economy. pany has consolidated its Canadian
On a day when US stocks staged a par- business under its own brand, which
tial rally after Monday’s China-led rout, resulted in the closure of 66 Future Shop ing that RSA has indicated that its inves- according to people familiar with the which holds shares in the Swiss group,
Best Buy’s shares traded up as much as stores. Swiss insurer plans to pay tors should accept Zurich’s proposal. matter. says she is “somewhat disappointed” as
17 per cent, touching $34.45 in early For the third quarter, it expects flat to Some other measures could judge Mr The purchase of the UK insurer would she believed Zurich managers were
New York trading and far outpacing the low single-digit growth in domestic rev-
£5.6bn for UK group in the Hester’s tenure less kindly, however. give Zurich access to the attractive focused on returning cash to sharehold-
S&P 500. enues. The strong dollar is still expected midst of a turnround project Mr Hester was hired to turn round insurance market of Scandinavia, make ers instead of pursuing big M&A.
“Our competitive advantages and to affect its remaining overseas opera- RSA after a series of profit warnings. it the second-largest operator in Canada Mr Taipalus warns that Zurich will
strong execution provide us a positive tions alongside its continued restructur- But under his watch, RSA shares have and allow it to make savings by integrat- struggle to deliver chunky savings in
ALISTAIR GRAY AND ARASH MASSOUDI
outlook on our domestic performance ing of its Canadian operations, which LONDON failed to climb back above the 573p level ing its business in the UK with RSA’s. Scandinavia, where RSA generated a
versus the industry, which bodes well combined is expected to drag down RALPH ATKINS — ZURICH they were trading at a few months Ben Ritchie, senior investment man- quarter of its premium income last year.
for us as we enter the third quarter,” said overseas sales by about 30 per cent. before his arrival. ager at Aberdeen Asset Management — The Swiss group has a modest pres-
Sharon McCollam, chief financial See Lex A little more than 18 months since While Mr Hester has made progress, Zurich’s third-largest shareholder — ence in the region, limiting scope for it to
Stephen Hester was ejected from Royal stripping the group back to core mar- reduce expenses.
Bank of Scotland, before his revival kets, his efforts have been hampered by Zurich says the price offered for RSA
efforts were complete, he is set to leave weak investment income and intense
‘I know which I would “reflects our calculations on how we see
another turnround project unfinished. competition. pick. The bid represents it [the deal]. It is based on certain
Yet shareholders in RSA — the FTSE Analysts say that without the pre- assumptions made in the past few
100 insurer where Mr Hester is chief mium offered by Zurich, RSA’s share-
excellent value for RSA weeks, based on publicly available
executive — have reason to be more sat- holders would probably face a long wait shareholders’ information.”
isfied than the UK government was for Mr Hester to fully deliver on all his The Swiss group is expected to raise
when he left part-nationalised RBS after financial targets and generate a similar says: “I can see the strategic logic behind additional capital to help pay for RSA
clashes with chancellor George return. “They’ve got the choice of 550p it. It comes down to the price that’s but says “it is far too early” to comment
Osborne. now, or 550p in a couple of years,” says being paid, and the implied valuation on how it would fund any deal.
Yesterday, RSA’s larger rival Zurich Sami Taipalus at Berenberg. looks OK.” The possible options “will be part of
tabled an indicative £5.6bn offer for the “I know which I would pick. The bid “There’s at least a reasonable chance the thinking and analysis in the next
company. The 550p a share price represents excellent value for RSA that there’s quite substantial cost syner- four weeks”
equates to almost double RSA’s tangible shareholders.” gies that could be realised, particularly Zurich’s success will come down to
book value — a punchy multiple in a sec- Under the prospective terms, RSA from the core UK and Ireland business. execution. On that note, says Mr Ritchie
tor that trades at a significantly lower shareholders would also be entitled to And the Scandinavia and Canada opera- of Aberdeen, Mr Hester’s efforts to put
premium, typically of about 50 per cent. receive its recently declared interim tions are decent businesses, in decent RSA back on track have already helped.
The offer is pitched at a premium of dividend of 3.5p. markets.” “Stephen Hester has done a pretty
about a quarter to RSA’s market value Investors in RSA told the board they Other investors remain unconvinced, good job of streamlining RSA and selling
four weeks ago. were eager that the opportunity pre- however. Andrea Williams, senior equi- sub-scale assets, so in that sense the deal
Best Buy sales have not been affected by market turmoil — Brendan McDermid/Reuters On that basis, it is perhaps unsurpris- sented by Zurich did not slip away, ties fund manager at Royal London, has been made easier,” he says.

Contracts & Tenders Media

User sues Ashley Madison over data breach


HANNAH KUCHLER — SAN FRANCISCO Ashley Madison became aware of the suicide and others subjected to black-
breach on July 12. The Impact Team mail attempts after last month’s data
Ashley Madison is being sued in the US
threatened to release the data if the sites breach.
in what could become a class-action
were not taken down within a month. The Toronto Police Service, which is
lawsuit by a user who alleges that the
When the company did not do so, 9.7 leading the investigation into the cyber
recent mass data breach into the mari-
gigabytes of data were published on the attack, said it was looking into “uncon-
tal affairs website could have been pre-
so-called dark web — areas of the inter- firmed reports” of two people killing
vented.
net not indexed by search engines and themselves after their details were pub-
Avid Life Media, the site’s Canadian par- often accessed through anonymous lished online.
ent company, is also named in the suit browsers, where hackers tend to post Avid Life Media is offering a
Contracts & Tenders filed in a California court by a Los Ange- the data they find. C$500,000 award to people with infor-
les-based man who created an account The lawsuit comes as police investi- mation that could lead to the cyber
in March 2012, according to a filing. His gate whether some former Ashley Madi- attackers.
account information, along with that of son customers may have committed The company said on Monday that it
37m users, is available online after a was “confident that the considerable
cyber attack by a group of hackers call- investigative and prosecutorial power
ing themselves the Impact Team. that is being brought to bear on this
The complaint said the man is pursu- unprecedented crime will lead to arrests
ing both statutory and punitive dam- and convictions”.
ages, alleging that Ashley Madison had Class action lawsuits after data
“unfair, unreasonable and inadequate breaches have often been difficult to
data security” exposing its users’ pursue, as courts have sometimes
“extremely personal and embarrassing insisted that complainants prove they
information” to the public. He is have suffered financial damage from
requesting that the court consider the having their credit card details stolen.
case as a class-action lawsuit. However, in a recent ruling in a case
“This dumping of sensitive, personal against US retailer Neiman Marcus, sub-
and financial information is bound to ject to a data breach in late 2013, the
have catastrophic effects on the lives of Seventh US Circuit Court of Appeals in
the website’s users,” the complaint said, Chicago reinstated the suit, which had
adding that the data included “user previously been thrown out, arguing
identity information and their sexual The court is being asked to consider that there was a “substantial risk” of
fantasies and preferences”. the case as a class-action lawsuit harm to consumers.
Wednesday 26 August 2015 ★ FINANCIAL TIMES 17

UK COMPANIES

Briefs

Cash asserts its royal prerogative as Zurich nears deal in weak market Aldi and Lidl
Discounters thriving
The German discount retailers Lidl
and Aldi continued relentlessly to
2015 earnings and 14 times the forecast service puts it. For richer at RSA, but unobtrusively in a corner. We zeal of the convert. That is bad news eat the market share of the UK’s
for 2017. That does not look at all bad mostly for poorer at BG Group. understand that the EBA has come up for companies such as Petrofac and “big four” retailers in the 12 weeks
when the 2015 price/earnings ratio for with a brilliant, if old-fashioned, AFW, which assemble and maintain to 16 August.
the FTSE 100 has dropped from about solution. It will turn a blind eye. It goes the plumbing used to extract and Among the “big four” of Tesco,
16 times to 14 times since the start of Quiet coach to show that eurocrats learn more at process hydrocarbons. Asda, J Sainsbury and Wm
the month. the grande écoles than how to drink Petrofac went first this week, Morrison, only Sainsbury managed
Trouble shooter Stephen Hester was Psst! Afraid of losing a whopping soup without slurping. announcing a $183m first-half pre-tax to increase its sales during the
starting to get results with his bonus? Don’t be. Keep schtum, and you The commission is expected to loss, reflecting a stonking new loss of period, as the other three suffered
Cash is king in a bear(ish) market. RSA turnround plan for RSA, a pedestrian should be safe. amend the bonus rules with $263m on Laggan-Tormore, a Shetland from sliding revenues and declining
Insurance has opened its books to non-life business with a penchant for Suppose, for example, that the characteristic speed. So there will be gas plant it has been building for Total. market shares, according to the
would-be acquirer Zurich and is willing profits warnings. Shareholders are Financial Conduct Authority has decade or so when Dutch Green MEPs Mr Asfari has vowed never to take on latest data from Kantar Worldpanel.
to recommend a £5.6bn bid at a little likely to have edged the board towards exempted the bank-owned brokerage with chin whiskers and composting another fixed-price contract in the Asda suffered the worst decline,
more than 550p a share. When the the negotiating table. Mr Hester, where you work from EU bonus rules. lavatories can demand the rules be North Sea, like a diner swearing never with its sales down 2.5 per cent year
gnomes beetled down from their alp at previously chief executive of Royal As a result, you can get a bonus in cash enforced. But only if they are aware of again to patronise a restaurant that on year to £4.15bn and its market
the start of this month management Bank of Scotland, faces moving on rather than shares that is not subject to that opportunity. served him a dodgy truffle. share dropping 0.6 percentage
had hoped for up to 600p. Since then, again after less than two years in his lengthy deferrals. Lucky you. We won’t tell them if you don’t. It will be Amec’s turn to give a six- points to 16.6 per cent. However,
shares in similar insurers have fallen new job. At least this time he should do But lawyers at the European month update tomorrow. The Asda managed to scramble up into
about 10 per cent. so with thanks from investors rather Commission — who aren’t team company typically charges for its second place behind Tesco as it
They could fall a lot further. Zurich, than a kick in the pants from the players, frankly — say that may be Laggan behind services by the hour, which limits its focuses on non-food items,
which has a $3bn regulatory surplus chancellor. illegal. The European Bank Authority risks. But perhaps because of this meaning its sales are much higher
burning a hole in its pocket, is offering However, Zurich has made no formal should really twist the arms of local Chalk and cheese. Courtly Ayman transparency, margins are under in the summer. Kantar expects
cash, not equity. So RSA is offer. It can thus still withdraw, or regulators to apply the rules fully. Asfari, who runs oilfield services group particular pressure. The shares of both Sainsbury to recapture second
understandably keen to publish a reduce its price if it wishes. Shell, This would treble the number of Petrofac. Wise-cracking Samir Brikho, groups have fallen around 34 per cent place from Asda at Christmas.
ballpark price — 550p plus a 3.5p which made a formal agreed bid for BG financial professionals covered, which boss of rival group Amec Foster since November, more than most of Aldi’s year on year sales growth
interim dividend — and extend the Group in April that was valued at would be unnecessary and unintended. Wheeler. Both are battling the same their clients, whose refining arms accelerated to 18 per cent from 16.6
negotiating deadline by a month. £47bn, does not have that luxury. It is The purpose of the bonus restrictions ferocious adversaries: customers. benefit from lower input costs. When per cent in the previous 12 weeks,
At 550p, 25p ahead of where Zurich just as well that most of the purchase was to discourage risky behaviour by Since Brent crude slid below $84 per demand for oil is weak, the appetite for which pushed its total sales up to
is believed to have opened price would be paid in shares in that banks implicitly underwritten by barrel last November, big oil chalk and cheese is even weaker. £1.19bn. Its market share grew 0.8
negotiations, the Swiss group would landmark transaction. “For richer, for taxpayers, not penalise brokers and companies have been cancelling
take RSA out at 19 times estimated poorer”, as the Christian marriage fund managers capable of going bust projects and attacking costs with the [email protected]

General financial

Active funds help percentage points year on year to


5.6 per cent.
Total grocery sales rose just 0.9

shelter investors
per cent in the period to £24.96bn.
Growth has not surpassed 1 per
cent since the summer of 2014 as
fierce competition drives down
prices.

during turmoil
Sales at Tesco slipped in line with
the market, falling 0.9 per cent year
on year to £7.06bn, still almost
double the sales of its closest rival.
This year short selling of the big
three publicly listed retailers —
Resurgence for sector as six month periods have been funds with Tesco, Sainsbury and Morrison —
a smaller capitalisation and a lack of hit an all-time high as investors bet
nearly 70% of managers exposure to the vulnerable basic mate- heavily against the troubled sector.
outperform best trackers rials and oil and gas sectors. Joel Lewin
Major indices are generally overex-
JUDITH EVANS posed to mega-cap oil and mining com- Trafigura
panies, which have copped the full force
Active managers of UK equity funds of the contraction in Chinese demand.”
Exit from LME storage
have shielded investors from the worst Active managers tend to be over- Commodities trader Trafigura’s
of this year’s market turmoil, with weight mid-cap stocks, which have a Impala Terminals division will exit
almost seven in 10 performing better domestic focus and have been less the business of storing metals for
than the falling FTSE 100 and FTSE All- exposed to the Chinese slowdown and the London Metal Exchange.
Share indices. the volatility across global markets. Following a strategic review “due
Some 68 per cent of actively managed Laith Khalaf of Hargreaves Lansdown to slowing market conditions” the
funds in the UK all companies sector said: “As long as you have large-caps Switzerland-based company said
have outperformed the best-performing selling off in heavier fashion than mid- yesterday that it will focus on
tracker during three months, mitigating caps, then that trend [of active manag- export markets for bulk
the effects of a 12.4 per cent drop in the ers’ outperforming] is set to continue.” commodities such as coal and iron
FTSE 100 over that period, according to The sole fund in the UK all companies ore, and on its larger, capital
data from research firm Lipper. and UK equity income categories that intensive ports and terminals.
The figures represent a resurgence for made its investors a positive return in The company currently has LME-
active fund managers, who have lost the past month was the £14.5m Unicorn The CMA’s decision ends months of uncertainty over Poundland’s takeover of rival 99p Stores — Simon Dawson/Bloomberg approved warehouses in Belgium,
ground to passive funds in the past few UK Growth fund: in three months, it the UK and United Arab Emirates.
years as global markets rose thanks to
government stimulus measures leading
to higher correlations among stocks.
achieved a 4.77 per cent positive return,
according to figures from FE Analytics.
Standard Life Investments’ UK
Deal approval Poundland’s proposed purchase of
discount rival 99p Stores is set to go
ahead, after the antitrust watchdog
inquiry in response, concerned the
merger would reduce competition.
Yesterday the CMA said: “Customers
It has also decided to not go
ahead with a planned joint venture

In for a penny,
with Citic Securities’s warehouse
Managers have outperformed during Opportunities, UK Ethical and UK backed off from a finding that the would not face a reduction in choice, business in China, it said. “This is
this year’s volatility: as of last Thursday, Equity Income funds all spared inves- merger might reduce choice on the value or lower-quality service as a due to necessary conditions not
the average UK active fund manager
came in 4 per cent ahead of the FTSE
All-Share for the year so far, according
tors the worst of the FTSE’s market tur-
moil, shedding less than 3.5 per cent
each in three months when the FTSE
in for a pound British high street.
The decision draws a line under
months of uncertainty for Poundland
result of the merger,” giving the deal
provisional clearance. Final approval
is expected in October.
being in place,” the group added,
without giving further details.
Over the past three years Impala
to financial services company Har- 100 dropped 12.4 per cent. Hargreaves since it signed a deal in February Shares in Poundland, which floated has been investing in ports,
greaves Lansdown. Lansdown’s Multi-Manager Growth to buy its rival for an enterprise in March 2014 at 300p, ended the day warehousing and other logistics
Jake Moeller, head of UK and Ireland fund also cushioned the blow, returning value of £55m. The Competition and up 4.7 per cent at 345.50p. assets in Africa and Latin America.
research at Lipper, said: “Funds which a negative 3.7 per cent in the three Markets Authority launched an Jeremy Grant Henry Sanderson
have done well over the last three and months.

General financial Business Leaders


Zeus Capital poaches Canaccord quartet
HARRIET AGNEW Holdings in a £1.2bn deal that came as corporate broker — an intermediary
after bulge-bracket banks had to pull between companies and the investor
The broker Zeus Capital is set to poach
BCA’s initial public offering. Zeus was base — and corporate finance adviser.
four members of Canaccord Genuity’s
joint broker on the deal and on a £100m Canaccord Genuity has a roster of 38
financial institutions group, illustrat-
IPO of Elegant Hotels in May. corporate clients in the financial indus-
ing how smaller firms are treading on
Zeus employs fewer than 50 people in try including stockbrokers Brewin Dol-
the toes of their larger rivals.
London, Manchester and Birmingham, phin, Rathbone Brothers and Charles
Zeus has lured Canaccord’s Mike Cuth- without Canaccord’s scale of research, Stanley, according to Adviser Rankings,
bert, managing director and head of distribution and secondary trading. But which tracks the industry. This year it
financials; Martin Green, a managing it has been a prominent player on Lon- has worked on deals including Optimal
director in corporate finance; Robin Payments’ €1.1bn acquisition of online
Savage, a financials analyst; and Pippa payment business Skrill Group, and the
Underwood of corporate broking. John Goold: ‘It is a sale of LA Fitness to Pure Gym.
first-class team
A spokesman for Canaccord con- from Canaccord . . . Canaccord is expected shortly to
firmed the departures and said 10 peo- I think it is further appoint a new group chief executive —
ple remained in its financial institutions vindication of the either Alexis de Rosnay, chief executive
team. Zeus model’ of UK and Europe; or Daniel Daviau,
John Goold, Zeus chief executive, head of North American capital mar-
said: “It is a first-class team from Canac- don’s Aim and in 2014 raised about 35 kets — following the death of Paul Rey-
cord with a great record. I think it is fur- per cent of all funds for companies on nolds in March.
ther vindication of the Zeus model, the junior market. Separately, Numis Securities has
which is focused, independent and This is the first time that Zeus has hired a three-strong healthcare team
driven by mergers and acquisitions.” hired a sector team, who will work from Peel Hunt to beef up its coverage of
Like rival Cenkos Securities, Zeus alongside its specialists in the health- the sector amid buoyant deal flow. Ana-
operates a deal-focused model, rather care, renewables and automotive indus- lysts Paul Cuddon and Stefan Hamill,
than other services such as research. In tries. The new recruits will be tasked and corporate financier Clare Terlouw,
February Cenkos pulled off the sale of with building up a list of financial insti- are joining Numis, a spokesman for the
British Car Auctions to Haversham tutions clients and working with them firm confirmed.
18 ★★★ FINANCIAL TIMES Wednesday 26 August 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA


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

-1.35% -0.44% -1.29% -3.96% -0.14% -1.468% -0.254% -1.223% -2.49%


3.09% 4.26% 0.72% 0.981% 2.33%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jul 26 - Aug 25 Index All World Jul 26 - Aug 25 Index All World Jul 26 - Aug 25 Index All World Jul 26 - Aug 25 Index All World Jul 26 - Aug 25 Index All World Jul 26 - Aug 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
20,350.10 2,038.81
2,067.64 14,186.24
6,505.13 11,056.40
13,150.93 6,081.34 10,128.12 17,806.70 1,846.63
1,867.62
Day -1.35% Month -10.20% Year -6.10% Day 0.75% Month -7.30% Year -15.69% Day 3.09% Month -7.45% Year -10.12% Day 4.97% Month -10.75% Year 6.50% Day -3.96% Month -13.33% Year 14.59% Day 0.92% Month -9.74% Year -10.21%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
3,359.17
5,039.78 11,145.40 24,351.96
43,713.72 1,529.77
42,010.89 1,406.98 10,115.40 2,886.29
21,404.96
4,506.49
Day -0.44% Month -11.44% Year -0.71% Day 1.30% Month -5.06% Year -7.68% Day 4.26% Month -9.89% Year 3.13% Day 3.68% Month -10.56% Year -3.66% Day 0.72% Month -14.82% Year -14.76% Day 1.51% Month -13.91% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,440.59 48,735.54 22,809.30
4,927.60 3,725.56 27,561.38
21,649.69
4,564.86 26,032.38
15,666.44 44,544.85 2,964.97
Day -1.29% Month -10.83% Year -7.85% Day 0.47% Month -9.55% Year -25.43% Day 4.14% Month -9.74% Year 7.34% Day 5.86% Month -7.90% Year 6.25% Day -7.63% Month -27.17% Year 32.32% Day 0.42% Month -7.40% Year -1.47%

Country Index Aug 25 Aug 24 Country Index Aug 25 Aug 24 Country Index Aug 25 Aug 24 Country Index Aug 25 Aug 24 Country Index Aug 25 Aug 24 Country Index Aug 25 Aug 24
Argentina Merval 9777.73 9833.20 Cyprus CSE M&P Gen 78.04 78.17 Italy FTSE Italia All-Share 23280.66 22046.39 Philippines Manila Comp 6830.34 6791.01 Taiwan Weighted Pr 7675.64 7410.34 Cross-Border DJ Global Titans ($) 213.88 214.81
Australia All Ordinaries 5143.80 5014.20 Czech Republic
PX 989.62 946.34 FTSE Italia Mid Cap 32753.42 31543.70 Poland Wig 49372.33 48916.60 Thailand Bangkok SET 1323.88 1301.06 Euro Stoxx 50 (Eur) 3218.01 3073.39
S&P/ASX 200 5137.30 5001.30 Denmark OMXC Copenahgen 20 924.45 893.25 FTSE MIB 21649.69 20450.43 Portugal PSI 20 5215.97 4981.26 Turkey BIST 100 71341.95 73797.77 Euronext 100 ID 884.72 849.94
S&P/ASX 200 Res 2767.30 2715.30 Egypt EGX 30 6654.06 6784.09 Japan 2nd Section 4396.36 4514.22 PSI General 2380.29 2284.80 UAE Abu Dhabi General Index 4334.17 4264.80 FTSE 4Good Global ($) 5146.70 5132.70
Austria ATX 2287.70 2207.69 Estonia OMX Tallinn 869.72 850.64 Nikkei 225 17806.70 18540.68 Romania BET Index 7044.14 6838.37 UK FT 30 2724.70 2640.60 FTSE All World 252.10 252.46
Belgium BEL 20 3392.12 3265.59 Finland OMX Helsinki General 7881.31 7557.45 S&P Topix 150 1193.34 1233.75 Russia Micex Index 1658.13 1634.14 FTSE 100 6081.34 5898.87 FTSE E300 1406.98 1349.50
BEL Mid 5604.75 5320.39 France CAC 40 4564.86 4383.46 Topix 1432.65 1480.87 RTX 758.46 724.73 FTSE 4Good UK 5549.89 5377.12 FTSE Eurotop 100 2799.67 2684.20
Brazil Bovespa 44544.85 44336.47 SBF 120 3596.57 3456.66 Jordan Amman SE 2091.59 2103.47 Saudi-Arabia TADAWUL All Share Index 7543.05 7024.60 FTSE All Share 3346.24 3245.99 FTSE Global 100 ($) 1207.61 1211.10
Canada S&P/TSX 60 775.54 770.29 Germany M-DAX 19299.90 18618.49 Kenya NSE 20 4242.73 4337.47 Singapore FTSE Straits Times 2886.29 2843.39 FTSE techMARK 100 3650.94 3554.42 FTSE Gold Min ($) 864.66 902.46
S&P/TSX Comp 13150.93 13052.74 TecDAX 1662.91 1574.66 Kuwait KSX Market Index 5834.78 5815.60 Slovakia SAX 254.15 256.57 USA DJ Composite 5590.97 5685.10 FTSE Latibex Top (Eur) 2457.10 2478.40
S&P/TSX Met & Min 414.69 411.08 XETRA Dax 10128.12 9648.43 Latvia OMX Riga 429.29 423.65 Slovenia SBI TOP 692.46 697.09 DJ Industrial 15666.44 15871.35 FTSE Multinationals ($) 1397.51 1449.50
Chile IGPA Gen 17970.28 17725.56 Greece Athens Gen 621.70 568.38 Lithuania OMX Vilnius 483.14 478.47 South Africa FTSE/JSE All Share 48980.84 47631.19 DJ Transport 7466.97 7595.08 FTSE World ($) 446.87 447.76
China FTSE A200 7853.38 8441.76 FTSE/ASE 20 182.19 163.12 Luxembourg LuxX 1452.11 1405.74 FTSE/JSE Res 20 33348.33 33712.42 DJ Utilities 557.17 573.22 FTSEurofirst 100 (Eur) 3969.10 3795.89
FTSE B35 8514.46 9084.50 Hong Kong Hang Seng 21404.96 21251.57 Malaysia FTSE Bursa KLCI 1563.94 1532.14 FTSE/JSE Top 40 43439.05 42149.24 Nasdaq 100 4016.32 4038.60 FTSEurofirst 80 (Eur) 4302.13 4114.40
Shanghai A 3106.33 3362.77 HS China Enterprise 9514.04 9602.29 Mexico IPC 42010.89 41471.47 South Korea Kospi 1846.63 1829.81 Nasdaq Cmp 4506.49 4526.25 MSCI ACWI Fr ($) 382.36 397.64
Shanghai B 277.32 303.14 HSCC Red Chip 3820.13 3825.42 Morocco MASI 9430.08 9517.02 Kospi 200 223.07 221.53 NYSE Comp 9692.38 9789.94 MSCI All World ($) 1589.50 1650.96
Shanghai Comp 2964.97 3209.85 Hungary Bux 21389.35 20778.29 Netherlands AEX 436.68 419.68 Spain IBEX 35 10115.40 9756.60 S&P 500 1867.61 1893.21 MSCI Europe (Eur) 1378.20 1328.03
Shenzhen A 1829.64 1969.46 India BSE Sensex 26032.38 25924.49 AEX All Share 671.91 645.96 Sri Lanka CSE All Share 7231.58 7331.09 Wilshire 5000 19722.01 19956.48 MSCI Pacific ($) 2186.55 2235.28
Shenzhen B 1014.07 1059.87 S&P CNX 500 6569.85 6493.85 New Zealand NZX 50 5613.29 5607.31 Sweden OMX Stockholm 30 1483.35 1428.08 Venezuela IBC 14923.65 15076.53 S&P Euro (Eur) 1424.64 1363.66
Colombia COLCAP 1150.78 1192.75 Indonesia Jakarta Comp 4228.50 4163.73 Nigeria SE All Share 29214.13 29878.33 OMX Stockholm AS 489.57 472.17 Vietnam VNI 529.98 526.93 S&P Europe 350 (Eur) 1444.26 1386.20
Croatia CROBEX 1739.97 1731.51 Ireland ISEQ Overall 6094.72 5861.99 Norway Oslo All Share 610.21 593.99 Switzerland SMI Index 8758.79 8468.89 S&P Global 1200 ($) 1749.00 1751.31
Israel Tel Aviv 100 13.61 14.16 Pakistan KSE 100 33798.80 33100.34 Stoxx 50 (Eur) 3049.71 2928.15
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS


AMERICA LONDON EURO MARKETS TOKYO Aug 25 %Chg %Chg Aug 25 %Chg %Chg Aug 25 %Chg %Chg Aug 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 106.1 103.74 0.62 Bp 301.1 335.35 4.30 Nestle N 825.2 65.17 1.94 Mitsubishi Ufj Fin,. 1468.9 744.30 -2.60 Admiral 1547.00 5.5 17.0 Kaz Minerals 164.60 12.6 -36.2 Aquarius Platinum Ld 8.25 19.6 -44.1 Nonlife Insurance 2285.60 -1.4 18.3
Facebook Class A 42.7 83.00 0.91 Glaxosmithkline 241.4 1296.00 14.00 Santander 748.1 5.43 0.22 Tokyo Electric Power ,orporated 1400.7 771.00 -4.00 Antofagasta 579.50 3.2 -23.0 Lonmin 36.36 10.1 -79.6 Oxford Biomedica 9.15 15.8 74.3 Technology Hardware & Equip. 1108.25 -2.4 -7.0
Netflix 37.9 101.52 4.64 Imperial Tobacco 236.9 3116.00 125.00 Intesa Sanpaolo 732.5 3.21 0.24 Toyota Motor 1365.8 6725.00 -269.00 Rsa Insurance 514.50 0.9 18.3 Rank 264.60 3.4 63.7 Costain 373.00 8.3 33.3 Automobiles & Parts 6686.87 -2.7 -16.6
Bank Of America 29.4 15.26 -0.03 Hsbc Holdings 234.9 507.10 19.35 Novartis N 721.5 82.83 0.00 Mizuho Fin,. 1309.7 228.00 -1.60 Randgold Resources Ld 4001.00 0.3 -8.7 Just Retirement 191.30 2.7 29.3 Utv Media 166.50 7.4 -4.9 Software & Computer Services 1446.02 -4.0 15.9
Microsoft 28.4 40.47 -1.21 Rio Tinto 229.7 2244.50 90.00 Daimler Ag Na O.n. 660.1 67.08 0.00 Softbank . 1100.4 6890.00 -246.00 Persimmon 2058.00 -1.2 30.4 Pets At Home 281.10 2.3 39.0 Stock Spirits 193.00 7.2 -12.3 Travel & Leisure 8259.75 -4.2 2.5
Amazon.com 26.3 466.37 3.00 Vodafone 225.7 219.20 4.65 Roche Gs 627.9 234.80 0.00 Sumitomo Mitsui Fin,. 878.3 4555.00 -80.00 Compass 1020.00 -1.7 -7.4 Card Factory 373.80 1.9 32.0 Mccoll's Retail 155.75 5.6 -13.5 Household Goods 15321.83 -4.3 19.8
Google Class A 21.7 612.47 -5.64 Lloyds Banking 201.6 76.68 3.22 Unicredit 599.2 5.81 0.37 Fast Retailing Co., 743.7 47975.00 -2925.00 G4s 252.50 -1.9 -9.1 Millennium & Copthorne Hotels 570.00 1.8 -3.3 Darty 70.50 3.7 2.9 Media 6952.45 -4.6 6.4
Exxon Mobil 20.7 68.71 -0.01 British American Tobacco 182.2 3425.00 69.50 Volkswagen Ag Vzo O.n. 596.2 159.70 0.00 Sony 599.6 2834.50 -9.00 Arm Holdings 895.50 -2.0 -10.0 Jardine Lloyd Thompson 1041.00 1.5 16.2 Petropavlovsk 5.89 3.3 -60.1 Equity Investment Instruments 7063.78 -4.7 -2.5
Google Class C Capital Stock 20.4 582.06 -7.55 Glencore 181.5 144.30 6.40 Ing Groep 592.5 13.36 0.89 Nippon Telegraph And Telephone 457.0 4310.00 -58.00 Royal Mail 459.20 -2.4 6.8 Diploma 725.00 1.3 2.3 Exova 165.00 3.1 3.1 Industrial Engineering 7679.50 -4.8 -13.2
Jpmorgan Chase & Co. 18.9 59.91 -0.34 Bhp Billiton 174.3 1021.00 53.50 Total 557.3 39.09 1.26 Fanuc 418.1 18750.00 -655.00 Barratt Developments 624.00 -2.6 32.5 Wetherspoon ( J.d.) 748.00 0.7 -8.8 Norcros 20.88 3.1 15.2 Food Producers 7984.21 -4.9 -1.8
London Stock Exchange 2536.00 -2.7 14.2 Esure 243.80 0.6 19.4 Centaur Media 84.00 3.1 29.2 General Financial 8860.01 -5.0 4.0
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Ashtead 922.50 -2.9 -19.9 Wizz Air Holdings 1875.00 0.4 - Boot (henry) 233.00 2.6 17.1 Industrial Transportation 2701.83 -5.0 -4.5
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Best Buy 32.95 3.68 12.57 Vedanta Resources 493.10 52.20 11.84 Altice 25.47 2.06 8.77 Ricoh , 1146.50 24.50 2.18 Glencore 144.30 -18.1 -51.7 Spire Healthcare 330.50 -16.4 -13.0 Enquest 26.00 -21.8 -26.8 Industrial Metals 766.72 -10.4 -49.5
Netflix 101.52 4.64 4.79 Regus 271.50 22.40 8.99 Intesa Sanpaolo 3.21 0.24 8.22 Sharp 164.00 2.00 1.23 Standard Chartered 745.00 -12.2 -22.6 Fisher (james) & Sons 970.50 -14.0 -19.1 Ferrexpo 56.75 -18.1 7.1 Oil & Gas Producers 5716.14 -9.0 -19.7
Jd.com 25.06 1.13 4.72 Antofagasta 579.50 46.50 8.72 Altice B 27.50 1.95 7.61 Alps Electric Co., 3335.00 35.00 1.06 Bp 335.35 -10.3 -18.4 Bank Of Georgia Holdings 1665.00 -13.3 -19.8 Pacific Horizon Investment Trust 148.00 -14.6 -19.2 Mining 9652.50 -8.7 -32.3
Baker Hughes 47.74 1.98 4.33 Dunelm 898.00 71.50 8.65 Ing Groep 13.36 0.89 7.10 Thb Dai-ichi Life Insurance , 2044.00 18.00 0.89 Bg 960.60 -9.9 11.1 Ocado 331.50 -12.3 -17.1 Hochschild Mining 71.00 -14.2 -19.3 Forestry & Paper 15316.87 -8.7 35.4
Consol Energy 12.24 0.49 4.17 Hunting 414.40 30.20 7.86 Alcatel-lucent 2.96 0.20 7.05 Tokyo Electron 6000.00 35.00 0.59 Old Mutual 194.50 -9.1 2.1 Tullow Oil 186.80 -11.5 -54.9 Raven Russia Ltd 43.63 -14.0 -8.2 Mobile Telecommunications 4996.67 -8.2 -0.3
Centrica 243.80 -9.1 -12.6 Nostrum Oil & Gas 475.50 -11.1 13.2 Schroder Japan Growth Fund 138.75 -13.4 5.3 Health Care Equip.& Services 6443.21 -7.6 -4.3
Downs Downs Downs Downs
Hsbc Holdings 507.10 -8.8 -16.7 Premier Oil 92.20 -11.1 -44.9 Baillie Gifford Shin Nippon 361.00 -13.4 16.5 Pharmaceuticals & Biotech. 11972.51 -7.6 -5.8
Pepco Holdings 22.51 -4.44 -16.47 Petra Diamonds 140.00 -7.10 -4.83 Nokia 6.19 -0.11 -1.75 Sapporo Holdings 457.00 -47.00 -9.33
Mondi 1422.00 -8.7 35.4 Evraz 77.85 -10.5 -49.6 4imprint 1100.00 -13.2 36.6 Banks 3937.47 -7.4 -9.9
Chesapeake Energy 6.03 -0.58 -8.77 Fisher (james) & Sons 970.50 -40.50 -4.01 Adidas Ag Na O.n. 63.68 0.00 0.00 Nippon Kayaku Co., 1170.00 -102.00 -8.02
Sabmiller 3005.00 -8.7 -10.6 Petra Diamonds 140.00 -10.4 -27.8 New India Investment Trust 289.38 -11.8 -9.6 Construction & Materials 4847.59 -7.1 17.4
Navient 12.04 -1.02 -7.81 Randgold Resources Ld 4001.00 -147.00 -3.54 Allianz Se Vna O.n. 133.70 0.00 0.00 Toho Z Co., 298.00 -24.00 -7.45
Carnival 3198.00 -8.6 9.6 Hunting 414.40 -10.0 -22.0 Tribal 132.25 -11.8 -17.7 Personal Goods 23916.21 -6.7 -2.8
Exelon 30.40 -2.24 -6.86 Euromoney Institutional Investor 1025.00 -35.00 -3.30 Basf Se Na O.n. 66.42 0.00 0.00 Kawasaki Heavy Industries, 430.00 -32.00 -6.93
Vodafone 219.20 -8.5 -1.5 Indivior 216.50 -9.9 44.9 Carr's 148.00 -11.7 - Beverages 12829.42 -6.5 -9.1
Fmc 40.26 -2.88 -6.68 Centamin 58.15 -1.85 -3.08 Bayer Ag Na 112.35 0.00 0.00 Nippon Soda Co., 635.00 -47.00 -6.89
Hargreaves Lansdown 1077.00 -8.4 6.4 Brown (n) 297.20 -9.5 -11.4 Blackrock World Mining Trust 208.00 -11.5 -33.0 Tobacco 41217.58 -6.4 1.5
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Aug 25 Currency Mid Change Mid Change Mid Change Aug 25 Currency Mid Change Mid Change Mid Change Aug 25 Currency Mid Change Mid Change Mid Change Aug 25 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.2708 0.0057 10.5789 -0.1459 14.5504 -0.0285 Indonesia Indonesian Rupiah 14065.0000 20.0000 16049.5353 -208.3274 22074.9090 -25.4665 Poland Polish Zloty 3.7012 0.0397 4.2234 -0.0149 5.8090 0.0476 ..Three Month 0.6371 0.0016 0.7269 -0.0086 - -
Australia Australian Dollar 1.3937 0.0038 1.5904 -0.0186 2.1874 0.0003 Israel Israeli Shekel 3.8593 0.0263 4.4038 -0.0331 6.0571 0.0258 Romania Romanian Leu 3.8846 0.0422 4.4327 -0.0151 6.0968 0.0506 ..One Year 0.6369 0.0016 0.7264 -0.0086 - -
Bahrain Bahrainin Dinar 0.3776 -0.0002 0.4308 -0.0064 0.5926 -0.0018 Japan Japanese Yen 119.9050 1.1650 136.8232 -0.6249 188.1896 1.3475 Russia Russian Ruble 69.0972 -1.5699 78.8465 -2.9545 108.4472 -2.7502 United States United States Dollar - - 1.1411 -0.0165 1.5695 -0.0041
Bolivia Bolivian Boliviano 6.8800 -0.0100 7.8507 -0.1248 10.7981 -0.0436 ..One Month 119.9050 1.1649 136.8232 -0.6248 188.1895 1.3473 Saudi Arabia Saudi Riyal 3.7503 -0.0006 4.2795 -0.0625 5.8861 -0.0162 ..One Month - - 1.1410 -0.4324 1.5695 -0.0040
Brazil Brazilian Real 3.5351 -0.0062 4.0338 -0.0654 5.5482 -0.0242 ..Three Month 119.9048 1.1647 136.8232 -0.6249 188.1892 1.3468 Singapore Singapore Dollar 1.4008 -0.0070 1.5984 -0.0312 2.1985 -0.0168 ..Three Month - - 1.1409 -0.4324 1.5694 -0.0040
Canada Canadian Dollar 1.3281 0.0090 1.5155 -0.0115 2.0844 0.0087 ..One Year 119.9040 1.1630 136.8231 -0.6251 188.1895 1.3456 South Africa South African Rand 13.0075 -0.1662 14.8428 -0.4065 20.4151 -0.3143 ..One Year - - 1.1402 -0.4325 1.5692 -0.0041
Chile Chilean Peso 701.3000 -1.8250 800.2511 -13.6547 1100.6828 -5.7122 Kenya Kenyan Shilling 103.7500 - 118.3888 -1.7075 162.8345 -0.4202 South Korea South Korean Won 1195.5000 -3.4500 1364.1811 -23.6692 1876.3243 -10.2709 Venezuela Venezuelan Bolivar Fuerte 6.3050 0.0100 7.1946 -0.0922 9.8956 -0.0098
China Chinese Yuan 6.4124 0.0080 7.3172 -0.0963 10.0642 -0.0134 Kuwait Kuwaiti Dinar 0.3017 0.0008 0.3442 -0.0041 0.4734 0.0000 Sweden Swedish Krona 8.4493 0.1603 9.6415 0.0464 13.2611 0.2179 Vietnam Vietnamese Dong 22543.5000 - 25724.3329 -371.0195 35381.8229 -91.3717
Colombia Colombian Peso 3189.5500 -22.4250 3639.5850 -78.4524 5005.9646 -48.2060 Malaysia Malaysian Ringgit 4.2130 -0.0315 4.8074 -0.1058 6.6123 -0.0666 Switzerland Swiss Franc 0.9480 0.0118 1.0818 -0.0020 1.4879 0.0146 European Union Euro 0.8763 0.0125 - - 1.3754 0.0161
Costa Rica Costa Rican Colon 532.3500 0.0500 607.4628 -8.7037 835.5176 -2.0774 Mexico Mexican Peson 16.9711 -0.1388 19.3656 -0.4400 26.6359 -0.2872 Taiwan New Taiwan Dollar 32.6590 -0.2140 37.2671 -0.7852 51.2579 -0.4690 ..One Month 0.8763 0.0125 - - 1.3754 0.0161
Czech Republic Czech Koruna 23.7337 0.3524 27.0824 0.0173 37.2497 0.4583 New Zealand New Zealand Dollar 1.5343 -0.0035 1.7508 -0.0294 2.4081 -0.0118 Thailand Thai Baht 35.5050 -0.2650 40.5146 -0.8911 55.7247 -0.5608 ..Three Month 0.8762 0.0125 - - 1.3753 0.0161
Denmark Danish Krone 6.5409 0.0926 7.4637 -0.0005 10.2658 0.1191 Nigeria Nigerian Naira 199.2500 0.2000 227.3635 -3.0478 312.7207 -0.4923 Tunisia Tunisian Dinar 1.9388 0.0319 2.2123 0.0050 3.0428 0.0423 ..One Year 0.8755 0.0124 - - 1.3747 0.0161
Egypt Egyptian Pound 7.8287 0.0193 8.9332 -0.1066 12.2870 -0.0014 Norway Norwegian Krone 8.2650 0.0592 9.4312 -0.0675 12.9718 0.0597 Turkey Turkish Lira 2.9244 -0.0130 3.3370 -0.0632 4.5898 -0.0323
Hong Kong Hong Kong Dollar 7.7518 -0.0027 8.8456 -0.1307 12.1664 -0.0356 Pakistan Pakistani Rupee 104.0000 - 118.6740 -1.7117 163.2269 -0.4212 United Arab Emirates UAE Dirham 3.6732 0.0001 4.1914 -0.0603 5.7650 -0.0147
Hungary Hungarian Forint 275.2958 4.6422 314.1391 0.8428 432.0738 6.1897 Peru Peruvian Nuevo Sol 3.2770 -0.0075 3.7394 -0.0626 5.1432 -0.0251 United Kingdom Pound Sterling 0.6371 0.0016 0.7270 -0.0086 - -
India Indian Rupee 65.9263 -0.7537 75.2282 -1.9575 103.4705 -1.4531 Philippines Philippine Peso 46.6250 -0.1950 53.2036 -0.9931 73.1774 -0.4957 ..One Month 0.6371 0.0016 0.7270 -0.0086 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Aug 25 Aug 24 Aug 21 Aug 20 Aug 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 2724.70 2640.60 2739.70 2818.80 2838.30 0.00 3110.40 2575.90 Forestry & Paper 37.62 Tobacco 2.73 Oil Equipment & Serv -4.47 FTSE 100 Price Change FTSE 100 Price Change
Aug 25 chge% Index Aug 24 Aug 21 ago yield% Cover ratio adj Return FT 30 Div Yield 1.83 1.88 1.81 1.77 1.75 0.00 3.93 2.74 Real Est Invest & Se 21.77 Support Services 2.42 NON FINANCIALS Index -4.49 3I Group PLC 491.40 20.50 Land Securities Group PLC 1260 43.00
FTSE 100 (100) 6081.34 3.09 6520.77 5898.87 6187.65 6822.76 3.98 1.52 16.56 195.15 4724.20 P/E Ratio net 24.41 23.69 24.59 25.27 25.50 0.00 19.44 14.26 Household Goods & Ho 20.23 Travel & Leisure 2.26 FTSE 100 Index -5.76 Aberdeen Asset Management PLC 314.40 13.90 Legal & General Group PLC 253.70 9.30
FTSE 250 (250) 16721.55 3.13 17929.81 16214.28 16876.60 15998.00 2.57 2.14 18.19 301.85 11540.19 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Software & Comp Serv 18.57 Technology 2.17 Chemicals -6.08 Admiral Group PLC 1547 42.00 Lloyds Banking Group PLC 76.68 3.22
FTSE 250 ex Inv Co (212) 18220.44 3.13 19537.00 17667.23 18394.51 17325.28 2.60 2.22 17.33 332.76 12822.79 FT 30 hourly changes Construct & Material 18.49 Mobile Telecomms 2.02 Gas Water & Multi -6.60 Anglo American PLC 683.70 23.50 London Stock Exchange Group PLC 2536 165.00
FTSE 350 (350) 3395.12 3.10 3640.44 3293.05 3449.54 3710.27 3.73 1.59 16.83 100.58 5316.06 8 9 10 11 12 13 14 15 16 High Low Nonlife Insurance 17.71 Consumer Goods 1.67 Utilities -7.69 Antofagasta PLC 579.50 46.50 Marks And Spencer Group PLC 502.00 9.40
FTSE 350 ex Investment Trusts (312) 3373.44 3.10 3617.20 3272.03 3428.17 3693.63 3.76 1.59 16.68 100.91 2719.74 2640.6 2700 2706 2712.6 2725.1 2727.2 2716.4 2716.6 2712.9 2735 2640.6 Real Est Invest & Tr 11.43 Industrials 0.85 Beverages -8.62 Arm Holdings PLC 895.50 47.00 Meggitt PLC 464.00 6.00
FTSE 350 Higher Yield (108) 3109.05 2.80 3333.70 3024.31 3189.82 3725.36 5.55 1.27 14.18 133.49 4974.11 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Leisure Goods 8.83 Industrial Transport 0.32 Banks -8.64 Ashtead Group PLC 922.50 39.50 Merlin Entertainments PLC 384.40 15.20
FTSE 350 Lower Yield (242) 3358.13 3.41 3600.78 3247.44 3377.51 3331.58 1.87 2.57 20.84 56.88 3537.81 Fixed Line Telecomms 8.24 Life Insurance -0.38 Tech Hardware & Eq -8.71 Associated British Foods PLC 3127 95.00 Mondi PLC 1422 67.00
FTSE SmallCap (291) 4497.48 2.80 4822.46 4375.16 4571.91 4461.49 2.78 1.70 21.17 84.22 6105.68 Media 6.83 Food & Drug Retailer -0.97 Aerospace & Defense -9.01
FTSE SmallCap ex Inv Co (154) 4127.32 2.11 4425.54 4042.14 4210.75 3977.96 2.64 2.51 15.08 74.76 5886.07 FX: EFFECTIVE INDICES General Retailers 6.23 Equity Invest Instr -1.60 Industrial Eng -11.25
Astrazeneca PLC 3970 66.50 Morrison (Wm) Supermarkets PLC 166.90 3.10
Aviva PLC 484.30 25.00 National Grid PLC 845.00 26.30
FTSE All-Share (641) 3346.24 3.09 3588.03 3245.99 3399.93 3644.50 3.70 1.59 16.95 97.79 5300.04
Aug 24 Aug 21 Mnth Ago Aug 25 Aug 24 Mnth Ago FTSE 250 Index 4.92 Financials -1.62 Electricity -11.52 Babcock International Group PLC 946.00 20.00 Next PLC 7680 210.00
FTSE All-Share ex Inv Co (466) 3311.17 3.08 3550.42 3212.27 3365.16 3616.33 3.74 1.61 16.64 98.24 2713.68 Electronic & Elec Eq 4.92 Food Producers -1.62 Oil & Gas -15.70 Bae Systems PLC 444.90 12.90 Old Mutual PLC 194.50 10.30
FTSE All-Share ex Multinationals (577) 1177.18 3.34 1046.17 1139.17 1188.90 1124.53 2.72 2.08 17.69 24.09 1990.05 Australia 89.25 92.14 93.70 Sweden 77.51 77.82 77.54 FTSE SmallCap Index 4.72 Personal Goods -1.65 Oil & Gas Producers -16.09 Barclays PLC 256.35 11.65 Pearson PLC 1106 32.00
FTSE Fledgling (108) 7569.23 1.29 8116.17 7472.86 7726.48 6927.49 2.45 0.90 45.31 123.21 13544.67 Canada 88.52 89.09 90.52 Switzerland 160.87 160.89 163.80 Telecommunications 4.31 Health Care Eq & Srv -1.67 Automobiles & Parts -16.89 Barratt Developments PLC 624.00 34.00 Persimmon PLC 2058 91.00
FTSE Fledgling ex Inv Co (56) 10460.75 0.54 11216.62 10404.23 10709.24 8579.66 2.36 0.64 66.36 147.43 18184.99 Denmark 107.00 106.38 105.52 UK 92.70 93.42 93.34 Consumer Services 4.24 FTSE All{HY-}Share Index -3.76 Basic Materials -24.78 Bg Group PLC 960.60 29.60 Prudential PLC 1411.5 51.50
FTSE All-Small (399) 3119.34 2.71 3344.74 3036.90 3171.67 3082.60 2.77 1.66 21.79 58.08 5438.16 Japan 126.55 123.65 123.27 USA 101.65 103.34 104.49 Financial Services 3.31 Health Care -3.99 Mining -28.77 Bhp Billiton PLC 1021 53.50 Randgold Resources LD 4001 -147.00
FTSE All-Small ex Inv Co Index (210) 3079.58 2.04 3302.10 3018.11 3142.32 2947.30 2.63 2.43 15.61 55.21 5564.91 New Zealand 108.25 112.54 112.69 Euro 88.50 87.36 85.46 Pharmace & Biotech -4.22 Industrial Metals & -39.02 BP PLC 335.35 4.30 Reckitt Benckiser Group PLC 5668 158.00
FTSE AIM All-Share Index (825) 717.06 2.09 768.88 702.40 732.40 770.32 1.49 1.03 65.19 5.61 767.54 Norway 85.52 86.75 88.97
British American Tobacco PLC 3425 69.50 RELX PLC 1025 9.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 822.00 22.50 Rio Tinto PLC 2244.5 90.00
Oil & Gas (18) 6078.07 2.49 6517.26 5930.69 6362.14 9071.32 6.25 1.16 13.77 282.04 5021.20 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 431.55 17.35 Rolls-Royce Holdings PLC 724.00 4.50
Oil & Gas Producers (11) 5748.20 2.36 6163.55 5615.57 6023.57 8573.24 6.31 1.15 13.77 270.00 4910.80 Bunzl PLC 1706 35.00 Royal Bank Of Scotland Group PLC 321.20 13.10
Oil Equipment Services & Distribution (7)15934.68 5.59 17086.08 15090.90 16225.14 24332.05 4.76 1.51 13.96 515.61 11530.99 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1392 51.00 Royal Dutch Shell PLC 1619 40.00
Basic Materials (31) 3414.24 4.06 3660.95 3281.08 3562.46 5670.84 5.85 2.04 8.38 154.08 3306.02 Capita PLC 1206 27.00 Royal Dutch Shell PLC 1633.5 47.50
Chemicals (8) 11359.76 4.38 12180.59 10882.88 11331.87 11228.79 2.38 2.45 17.15 188.19 9723.21 Aug 25 No of US $ Day Mth YTD Total
YTD Gr Div Aug 25 No of US $ Day Mth YTD Total YTD Gr Div Carnival PLC 3198 106.00 Royal Mail PLC 459.20 -1.30
Forestry & Paper (1) 16713.52 4.94 17921.20 15926.03 16983.85 12082.63 2.16 3.37 13.74 360.52 17361.55 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Centrica PLC 243.80 3.30 Rsa Insurance Group PLC 514.50 19.50
Industrial Metals & Mining (2) 869.38 2.08 932.20 851.65 949.69 1391.69 1.32 -22.91 -3.30 11.18 758.69 FTSE Global All Cap 7600 431.84 -0.1 -9.6 -8.1 586.54
-6.5 2.6 Oil & Gas 164 304.23 0.0 0.0 -23.6 459.24 -21.8 4.6 Coca-Cola Hbc AG 1299 44.00 Sabmiller PLC 3005 127.50
Mining (20) 9252.78 3.96 9921.37 8900.09 9737.02 16909.20 6.66 2.02 7.44 475.26 4681.46 FTSE Global All Cap 6966 441.13 -0.5 -10.0 -8.9 588.43
-7.4 2.6 Oil & Gas Producers 115 276.68 0.1 0.1 -23.6 425.05 -21.7 4.7 Compass Group PLC 1020 29.00 Sage Group PLC 503.50 13.80
FTSE Global Large Cap 1363 380.40 -0.1 -10.0 -8.8 528.34
-7.1 2.8 Oil Equipment & Services 40 317.57 -0.5 -0.5 -23.4 437.00 -21.8 4.2 Crh PLC 1805 69.00 Sainsbury (J) PLC 237.70 5.80
Industrials (117) 4307.65 2.71 4618.91 4194.15 4339.78 4439.23 2.57 1.18 32.87 74.30 4240.74
Construction & Materials (13) 5066.42 3.49 5432.51 4895.49 5088.72 4174.25 2.55 -0.81 -48.27 81.96 5138.46 FTSE Global Mid Cap 1664 580.60 -0.1 -8.1 -6.0 753.62
-4.7 2.1 Basic Materials 273 360.73 0.5 0.5 -17.2 524.15 -15.5 3.4 Diageo PLC 1673 33.00 Schroders PLC 2772 148.00
Aerospace & Defense (9) 4449.55 1.70 4771.07 4375.30 4492.88 5070.29 2.53 0.96 41.12 71.70 4557.08 FTSE Global Small Cap 4573 608.48 0.0 -9.1 -6.7 766.63
-5.6 2.1 Chemicals 124 575.63 0.5 0.5 -7.7 840.67 -6.1 2.6 Direct Line Insurance Group PLC 351.90 5.90 Severn Trent PLC 2082 43.00
General Industrials (6) 3474.74 2.27 3725.81 3397.75 3515.21 3392.41 3.24 1.65 18.69 58.74 3719.66 FTSE All-World 3027 252.10 -0.1 -9.6 -8.3 361.22
-6.7 2.7 Forestry & Paper 17 199.79 0.2 0.2 -4.1 318.40 -1.9 3.0 Dixons Carphone PLC 425.40 18.40 Shire PLC 4808 103.00
Electronic & Electrical Equipment (11) 5293.64 2.00 5676.15 5189.90 5365.96 5014.40 2.19 2.06 22.18 74.00 4644.52 FTSE World 2531 446.87 -0.2 -9.4 -8.0 859.60
-6.4 2.7 Industrial Metals & Mining 71 271.66 -0.6 -0.6 -34.1 395.74 -32.9 3.4 Easyjet PLC 1675 68.00 Sky PLC 1038 28.00
Industrial Engineering (14) 8160.34 2.75 8749.99 7941.63 8191.94 10873.35 2.97 1.62 20.81 197.28 9499.54 FTSE Global All Cap ex UNITED KINGDOM In 7273 441.19 -0.4 -9.8 -8.3 590.99
-6.9 2.5 Mining 61 395.35 1.1 1.1 -30.6 570.88 -28.6 5.9 Experian PLC 1088 39.00 Smith & Nephew PLC 1113 42.00
Industrial Transportation (8) 4035.11 0.85 4326.67 4000.97 4164.66 4249.33 4.04 1.15 21.62 116.47 3351.62 FTSE Global All Cap ex USA 5633 414.66 1.1 -9.1 -7.3 597.47
-5.3 3.1 Industrials 534 284.43 -0.8 -0.8 -9.6 392.29 -8.3 2.4 Fresnillo PLC 639.50 -4.50 Smiths Group PLC 1090 32.00
Support Services (56) 6457.20 3.19 6923.78 6257.58 6489.00 6450.90 2.37 1.49 28.25 106.18 6423.44 FTSE Global All Cap ex JAPAN 6345 440.76 0.3 -9.5 -8.9 604.01
-7.3 2.7 Construction & Materials 110 413.01 0.4 0.4 -4.2 597.76 -2.7 2.3 G4S PLC 252.50 6.40 Sports Direct International PLC 777.00 17.00
FTSE Developed 2091 406.05 -0.4 -9.2 -7.4 555.53
-5.8 2.7 Aerospace & Defense 29 474.08 -0.3 -0.3 -4.6 648.77 -3.3 2.2 Gkn PLC 286.00 8.20 Sse PLC 1444 44.00
Consumer Goods (40) 16305.46 3.04 17483.65 15824.46 16446.97 15719.52 3.18 1.84 17.10 452.82 11441.00
FTSE Developed All Cap 5649 426.90 -0.3 -9.1 -7.2 577.81
-5.6 2.6 General Industrials 57 194.93 -0.6 -0.6 -10.4 288.35 -8.8 2.9 Glaxosmithkline PLC 1296 14.00 St. James's Place PLC 914.00 55.00
Automobiles & Parts (1) 6721.13 2.95 7206.79 6528.43 6718.78 8450.77 2.97 1.59 21.14 199.75 6181.02
FTSE Developed Large Cap 886 374.75 -0.4 -9.6 -7.9 519.54
-6.3 2.8 Electronic & Electrical Equipment 69 294.45 -1.1 -1.1 -9.5 374.45 -8.5 1.8 Glencore PLC 144.30 6.40 Standard Chartered PLC 745.00 -
Beverages (6) 12869.66 2.97 13799.59 12498.51 12968.57 13835.65 2.73 1.78 20.55 344.98 8744.78
FTSE Developed Europe Large Cap 205 340.84 2.7 -6.5 -3.6 534.35
-0.8 3.6 Industrial Engineering 103 534.95 -1.4 -1.4 -13.5 725.62 -12.2 2.5 Hammerson PLC 628.00 12.00 Standard Life PLC 414.50 15.20
Food Producers (10) 8056.27 2.87 8638.40 7831.82 8075.95 7812.52 2.00 1.59 31.40 91.21 6687.73
FTSE Developed Europe Mid Cap 310 512.85 2.6 -4.4 2.5 731.67
4.6 2.6 Industrial Transportation 95 495.13 -1.0 -1.0 -17.1 680.91 -16.0 2.4 Hargreaves Lansdown PLC 1077 23.00 Taylor Wimpey PLC 193.60 7.70
Household Goods & Home Construction (13)12798.85 3.77 13723.66 12333.48 12841.35 9983.61 2.15 2.60 17.88 217.78 8660.64
FTSE Dev Europe Small Cap 717 724.73 2.7 -4.1 5.3 1006.29
7.2 2.4 Support Services 71 259.68 -1.1 -1.1 -4.7 344.48 -3.5 2.0 Hikma Pharmaceuticals PLC 2276 32.00 Tesco PLC 186.00 4.90
Leisure Goods (2) 5374.84 3.66 5763.22 5185.18 5459.33 5209.96 4.21 1.26 18.82 182.47 4505.88
FTSE North America Large Cap 319 401.08 -1.3 -10.4 -9.8 523.83
-8.5 2.4 Consumer Goods 406 385.27 -0.2 -0.2 -4.9 543.46 -3.3 2.6 HSBC Holdings PLC 507.10 19.35 Travis Perkins PLC 2016 89.00
Personal Goods (6) 20822.80 2.73 22327.40 20269.57 21094.80 20114.39 3.13 3.01 10.64 484.64 13335.51
FTSE North America Mid Cap 399 612.54 -1.2 -8.6 -9.7 751.16
-8.8 1.8 Automobiles & Parts 98 348.24 -1.2 -1.2 -10.7 471.57 -9.3 2.6 Imperial Tobacco Group PLC 3116 125.00 Tui AG 1139 28.00
Tobacco (2) 41217.65 2.74 44195.93 40119.93 41755.54 39893.77 4.51 1.30 17.05 1696.14 24950.97
FTSE North America Small Cap 1482 628.93 -0.7 -9.1 -8.7 750.34
-7.8 1.8 Beverages 48 513.28 0.0 0.0 -4.6 733.00 -3.1 2.7 Inmarsat PLC 934.00 31.50 Unilever PLC 2585 61.00
Health Care (20) 8774.16 1.73 9408.16 8624.85 8918.40 9386.42 3.93 0.63 40.08 290.81 6357.27
FTSE North America 718 269.57 -1.2 -10.1 -9.8 360.89
-8.6 2.3 Food Producers 102 533.61 -0.1 -0.1 -3.3 777.43 -1.6 2.4 Intercontinental Hotels Group PLC 2385 98.00 United Utilities Group PLC 849.50 17.50
Health Care Equipment & Services (8) 6589.90 3.06 7066.07 6394.09 6698.75 5997.19 1.49 2.41 27.95 60.90 5552.20
FTSE Developed ex North America 1373 224.73 0.9 -8.0 -3.7 347.41
-1.6 3.1 Household Goods & Home Construction 44 369.28 -0.5 -0.5 -6.8 518.75 -5.2 2.6 International Consolidated Airlines Group S.A. 518.00 22.50 Vodafone Group PLC 219.20 4.65
Pharmaceuticals & Biotechnology (12)11879.61 1.60 12738.00 11692.25 12074.81 12895.21 4.17 0.57 41.86 421.58 7646.04
FTSE Japan Large Cap 174 306.51 -4.3 -11.2 0.5 379.70
1.5 2.0 Leisure Goods 26 118.52 -0.2 -0.2 -5.9 151.22 -5.3 1.4 Intertek Group PLC 2493 70.00 Weir Group PLC 1332 56.00
Consumer Services (98) 4741.27 3.08 5083.86 4599.49 4764.72 4378.32 2.31 1.90 22.88 82.08 4250.22 FTSE Japan Mid Cap 305 449.48 -4.3 -9.8 5.7 539.06
6.7 1.6 Personal Goods 76 573.42 0.9 0.9 -1.7 772.05 -0.4 2.1
Food & Drug Retailers (7) 2903.07 2.60 3112.84 2829.55 2928.46 3517.07 2.43 0.50 82.94 42.13 3306.74 Intu Properties PLC 319.40 10.40 Whitbread PLC 4876 150.00
FTSE Global wi JAPAN Small Cap 776 474.94 -4.2 -9.2 1.3 587.64
2.3 1.8 Tobacco 12 1108.48 -0.1 -0.1 3.3 2131.58 6.0 4.2 Itv PLC 248.30 10.10 Wolseley PLC 4085 126.00
General Retailers (33) 3027.36 2.79 3246.11 2945.21 3066.04 2707.40 2.15 2.29 20.32 45.98 3287.63
FTSE Japan 479 126.93 -4.3 -11.0 1.5 176.76
2.5 1.9 Health Care 159 443.98 -0.5 -0.5 2.2 615.50 3.6 1.9 Johnson Matthey PLC 2681 129.00 Wpp PLC 1362 58.00
Media (23) 7046.27 3.36 7555.42 6817.53 7086.46 6347.88 2.78 1.69 21.31 156.22 4130.07
FTSE Asia Pacific Large Cap ex Japan 491 516.73 1.9 -13.3 -16.1 765.84
-14.2 3.5 Health Care Equipment & Services 58 611.43 -0.3 -0.3 3.5 698.09 4.1 1.2 Kingfisher PLC 350.70 9.80
Travel & Leisure (35) 8071.49 3.19 8654.71 7821.66 8055.38 7021.39 1.96 2.40 21.21 123.98 7312.08
FTSE Asia Pacific Mid Cap ex Japan 441 689.70 2.1 -14.1 -14.4 985.84
-12.9 3.0 Pharmaceuticals & Biotechnology 101 340.07 -0.6 -0.6 1.8 489.78 3.5 2.2
Telecommunications (7) 3815.14 2.99 4090.81 3704.42 3890.54 3498.34 4.23 1.89 12.52 108.88 3944.14 FTSE Asia Pacific Small Cap ex Japan 1372 455.60 1.9 -16.0 -14.7 642.82
-13.2 3.0 Consumer Services 385 367.02 -0.1 -0.1 -1.9 474.27 -0.8 1.8
Fixed Line Telecommunications (5) 4969.01 4.14 5328.05 4771.25 5021.63 4472.96 3.06 1.82 17.95 101.81 4268.49
Mobile Telecommunications (2) 4989.11 2.25 5349.61 4879.09 5117.31 4624.99 5.00 1.91 10.47 168.70 4590.71
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
932
1951
408.41
568.48
1.9
2.2
-13.4
-14.1
-15.9 643.36
-14.0 3.4 Food & Drug Retailers
-17.6 805.66
-15.7 3.4 General Retailers
53 296.47
120 490.85
0.2
-0.4
0.2
-0.4
-1.4 398.56
2.7 619.35
-0.2
3.8
1.9
1.6
UK STOCK MARKET TRADING DATA
Utilities (8) 7937.68 2.71 8511.24 7728.38 8137.11 8816.39 5.21 1.35 14.22 305.26 8351.35 FTSE Emerging Large Cap 477 543.41 2.2 -13.7 -16.9 774.74
-15.0 3.4 Media 91 279.94 0.6 0.6 -6.9 362.40 -5.8 1.9 Aug 25 Aug 24 Aug 21 Aug 20 Aug 19 Yr Ago
Electricity (3) 8381.89 3.10 8987.55 8130.04 8649.60 9550.06 6.05 1.43 11.56 493.70 11135.38 FTSE Emerging Mid Cap 459 698.81 2.4 -13.9 -18.9 986.20
-17.1 3.1 Travel & Leisure 121 349.12 -0.7 -0.7 -3.1 455.23 -2.0 1.8 SEAQ Bargains 5946.00 7696.00 7696.00 7696.00 4514.00 4215.00
Gas Water & Multiutilities (5) 7397.69 2.60 7932.23 7209.93 7570.02 8159.17 4.98 1.32 15.16 243.90 7792.65 FTSE Emerging Small Cap 1015 561.49 2.0 -17.0 -20.6 767.29
-18.9 3.3 Telecommunication 94 159.69 0.0 0.0 -4.4 277.65 -1.6 4.2 Order Book Turnover (m) 56.35 41.35 41.35 41.35 33.34 31.85
Financials (283) 4520.01 3.80 4846.62 4354.58 4566.90 4647.90 3.39 1.97 14.97 130.37 3918.68 FTSE Emerging Europe 98 280.66 2.6 -9.7 -10.0 408.68
-6.9 4.6 Fixed Line Telecommuniations 44 130.30 -0.3 -0.3 -4.9 247.37 -1.8 4.8 Order Book Bargains 1345385.00 901596.00 901596.00 901596.00 844100.00 738275.00
Banks (9) 3887.85 3.90 4168.78 3741.97 3946.47 4505.96 3.97 1.31 19.29 145.12 2662.23 FTSE Latin America All Cap 243 648.27 1.3 -13.1 -28.1 948.67
-26.6 3.9 Mobile Telecommunications 50 174.17 0.4 0.4 -3.7 275.21 -1.4 3.6 Order Book Shares Traded (m) 2019.00 1398.00 1398.00 1398.00 0.00 1222.00
Nonlife Insurance (10) 2633.47 2.99 2823.76 2556.98 2616.32 2144.28 2.69 2.19 16.95 57.90 4396.77 FTSE Middle East and Africa All Cap 213 711.37 4.6 -6.3 -7.6 1050.31
-5.9 2.9 Utilities 163 234.38 -1.1 -1.1 -12.3 424.62 -10.0 4.1 Total Equity Turnover (£m) 2764.99 2365.44 2365.44 2365.44 3458.15 2252.29
Life Insurance/Assurance (11) 7590.42 4.40 8138.88 7270.24 7627.66 7504.67 3.61 1.77 15.65 241.46 6920.82 FTSE Global wi UNITED KINGDOM All Cap In 327 340.74 2.8 -5.9 3.8 Electricity
-5.1 533.89
-2.5 113 253.72 -1.7 -1.7 -10.5 454.98 -8.3 3.9 Total Mkt Bargains 1502957.00 1037070.00 1037070.00 1037070.00 90.00 830746.00
Index- Real Estate Investment & Services (24) 3160.49 2.30 3388.86 3089.59 3250.22 2698.14 1.85 6.32 8.56 41.99 8073.60 FTSE Global wi USA All Cap 1967 463.96 -1.3 -10.0 -8.8 590.23
-7.7 2.2 Gas Water & Multiutilities 50 252.39 -0.1 -0.1 -15.2 468.50 -12.7 4.5 Total Shares Traded (m) 5073.00 4756.00 4756.00 4756.00 0.00 4243.00
Real Estate Investment Trusts (23) 2991.15 2.78 3207.29 2910.21 3065.84 2619.33 2.75 6.78 5.37 62.70 3505.35 FTSE Europe All Cap 1385 390.26 2.7 -6.0 -2.0 593.39
0.6 3.4 Financials 667 196.34 0.4 0.4 -9.0 302.71 -7.1 3.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (31) 7588.33 4.66 8136.64 7250.12 7529.06 6786.87 3.02 2.24 14.80 150.49 8165.31 FTSE Eurobloc All Cap 634 365.38 2.9 -6.2 3.2 Banks
-0.8 562.46
1.6 241 180.20 1.2 1.2 -10.4 295.96 -8.2 3.5 (c) Market closed.
Equity Investment Instruments (175) 7327.29 3.34 7856.74 7090.60 7396.64 7406.89 2.65 1.16 32.54 130.80 3817.36 FTSE RAFI All World 3000 3018 5307.41 0.0 -9.5 -9.9 6628.12
-8.0 3.3 Nonlife Insurance 69 202.82 -0.1 -0.1 -5.3 280.94 -3.6 2.4
Non Financials (358) 3845.82 2.83 4123.71 3739.88 3915.47 4272.36 3.81 1.47 17.81 112.95 5337.30 FTSE RAFI US 1000 1006 8208.41 -1.5 -10.1 -11.7 10284.83
-10.3 2.7 Life Insurance 49 192.46 1.7 1.7 -8.8 290.27 -6.9 2.9
Technology (19) 1271.06 3.70 1362.90 1225.67 1260.86 1168.24 1.50 2.12 31.48 14.29 1582.94 FTSE EDHEC-Risk Efficient All-World 3027 302.22 -0.2 -8.1 -5.4 403.36
-4.1 2.4 Financial Services 137 211.95 -0.7 -0.7 -8.5 280.50 -7.3 2.1 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (12) 1605.82 2.29 1721.85 1569.90 1619.76 1296.42 2.03 1.71 28.77 27.02 2095.24 FTSE EDHEC-Risk Efficient Developed Europe 515 279.99 2.4 -4.3 2.8 Technology
0.5 406.85
2.7 182 153.61 -0.3 -0.3 -10.8 182.40 -9.6 1.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (7) 1420.44 4.98 1523.08 1353.03 1388.14 1437.03 1.02 2.85 34.32 9.10 1624.77 Software & Computer Services 79 262.47 -0.6 -0.6 -3.3 300.38 -2.5 1.2 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 103 116.26 0.0 0.0 -17.0 141.74 -15.6 2.6 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 [email protected]
FTSE 100 5983.39 6029.50 6036.44 6056.27 6089.36 6090.17 6065.19 6057.64 6050.66 6115.41 5964.27 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 16359.75 16507.20 16579.99 16575.01 16685.54 16728.36 16713.96 16670.06 16669.29 16754.08 16356.44 (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 4382.25 4414.61 4450.63 4459.93 4483.89 4487.33 4491.31 4489.89 4489.85 4497.48 4382.25
FTSE All-Share 3288.03 3314.04 3320.54 3329.27 3348.13 3350.04 3338.76 3333.61 3330.82 3359.48 3281.41 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:10:47:30 Day's Low07:20:15 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:10:48:00 Day's Low07:20:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES


Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Al Noor Hospitals Group Int 243.971 224.781 44.88 45.63 0.36 0.381 6.447 6.302 Oct 5 20.5 21.1 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Antofagasta Int 1785.9 2601.8 297.3 820.8 0.716 0.336 3.1 12.186 Oct 8 13.1 96.2 08/11 120.00 Gloo Networks PLC 126.00 -0.90 127.00 120.00 3225.6
There are currently no rights offers by any companies listed on the LSE. Cluff Natural Resources Int - - 0.745L 0.809L 0.43L 0.52L - - - - - 07/31 100.00 Menhaden Capital PLC 102.25 -1.16 103.50 101.00 8180.0
Eurocell Int 82.545 - 6.317 - 4.57 - 2.7 - Oct 9 2.7 -
Fisher (James) & Sons Int 213.061 216.081 17.861 20.797 30.2 32.4 7.8 7.1 Nov 5 22.7 20.64
Gulf Marine Services Int 98.196 90.65 36.162 34.325 0.1 0.099 0.645 0.698 Sep 28 2.3 2.4
Mid Wynd International Inv Trust Pre 10.595 7.363 4.13 4.08 2.65 2.5 Nov 6 4 3.8
Nostrum Oil & Gas Int 274.053 444.977 51.842 179.783 0.08 0.5 - - - - -
Opera Investments 3rd - - 0.027L - 0.16L - - - - - -
PureTech Health Int 10.989 - 15.475L - 0.06L - - - - - -
Source BioScience Int 12.801 12.766 1.186 0.853 0.27 0.17 - - - - -
Tavistock Investments Pre 4.999 0.176 0.983L 0.516L 0.85L 7.36L - - - - -

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.
Wednesday 26 August 2015 ★★★ FINANCIAL TIMES 19

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES


52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) BakerHu 47.74 1.98 70.51 44.11 1.42 80.28 20809.02 Lyondell♦ 77.72 0.47 115.40 70.06 3.70 8.93 36207.78
ANZ 27.99 1.08 37.25 26.41 10.23 9.51 57746.88 Nokia 6.19 -0.11 7.87 5.65 2.27 15.24 24906.95 AstellasPh 1719.5 -61.00 2047 1476 1.71 26.77 31862.1 AtlasCpcoB 187.50 0.40 270.00 165.20 1.63 17.17 8659.42 BankAm 15.26 -0.03 18.48 14.60 1.31 16.30 159290.29 Marathon Ptl♦ 43.77 -2.05 60.38 37.32 2.28 7.64 23467.58
BHPBilltn 23.34 0.45 37.50 22.41 10.29 9.21 53784.36 SampoA 42.55 1.85 49.40 34.77 4.47 14.52 27131.79 Bridgestne 3800 -181.50 5182 3328 3.09 10.04 25768.64 Ericsson 81.80 2.90 120.00 77.45 4.22 25.65 31996.63 Baxter 36.97 -0.20 43.44 34.50 5.61 11.73 20168.58 Marsh&M 51.87 -0.80 59.99 48.66 2.15 19.38 27490.71
CmwBkAu♦ 75.08 2.61 96.69 71.42 8.46 13.21 87678.14 France (€) Canon 3551 -126.00 4539 3172 4.41 17.44 39499.55 H&M 334.10 7.60 368.50 269.60 2.97 25.19 65444.43 BB & T♦ 34.78 -0.79 41.90 34.50 2.84 12.59 25510.45 MasterCard 86.82 -1.01 99.18 69.64 0.68 26.69 96273.32
CSL 90.59 2.30 102.43 71.04 1.64 22.27 30213.55 Airbus Grpe 56.20 1.50 67.88 39.64 2.08 16.57 50507.86 CntJpRwy 18300-1040.00 24800 13320 0.64 13.25 31439.89 Investor 302.70 10.20 363.40 219.30 3.02 4.33 27484.39 BectonDick 137.62 -0.58 154.98 112.15 1.70 34.27 28935.21 McDonald's 91.21 -1.66 101.88 87.50 3.68 21.21 87426.14
NatAusBk 31.09 1.38 39.71 29.40 10.10 11.64 58570.16 AirLiquide 106.45 4.70 123.95 87.17 2.32 20.63 41788.56 Denso 5146 -187.00 6548 4466.5 2.09 15.59 37941.85 Nordea Bk 98.60 5.05 115.50 82.40 5.91 10.95 47047.2 BerkshHat 194199.9-1805.10 229374 190007 - 17.81 157642.74 McGraw Hill♦ 93.19 0.58 109.13 73.96 1.35-154.11 25394.28
Telstra♦ 5.83 -0.05 6.74 5.23 7.86 15.90 51140.16 AXA 22.10 1.01 25.24 16.43 4.19 10.86 61631.51 EastJpRwy 10555 -470.00 12815 7623 1.11 21.94 34551 SEB 97.40 4.15 111.50 82.30 4.96 10.68 25015.07 Biogen 281.75 3.40 480.18 265.00 - 19.11 66257.75 McKesson 188.44 -9.36 243.61 160.10 0.51 22.76 43794.06
Wesfarmers♦ 39.92 -0.13 46.95 38.45 7.88 17.31 32187.15 BNP Parib 55.49 2.64 61.00 43.14 2.63 10.21 78907.83 Fanuc 18750 -655.00 28575 17335 3.32 17.60 32203.97 SvnskaHn 121.90 6.50 426.00 114.10 3.47 15.47 27004.76 BkNYMeln 37.78 -0.86 45.45 35.06 1.80 15.09 41804.24 Medtronic 69.88 -1.03 79.50 55.54 1.78 28.37 98823.51
Westpc 30.90 1.45 40.07 29.20 9.47 11.77 70589.53 ChristianDior 164.50 6.75 195.35 126.10 2.01 11.85 34112.06 FastRetail 47975-2925.00 61970 32220 0.67 41.15 42440.96 Swedbank 188.30 7.90 223.90 166.20 6.13 12.63 24634.87 BlackRock 294.66 -4.51 382.84 275.00 2.78 14.89 48217.12 Merck 51.17 -2.82 63.62 45.69 3.49 14.98 144127.21
Woolworths 26.62 1.33 37.04 25.12 8.44 12.09 24192.13 Cred Agr 11.97 0.52 14.49 9.82 2.85 9.79 36027.35 Fuji Hvy Ind 3802 -167.50 4827.5 2941.5 1.75 10.33 24823.46 TeliaSonera 47.31 2.47 55.85 44.37 6.44 14.41 24245.36 Boeing♦ 125.49 -1.70 158.83 115.14 2.61 17.08 85269.84 Metlife♦ 46.59 -0.81 58.23 44.49 3.05 7.90 52035.49
Belgium (€) Danone 54.93 1.39 67.74 49.84 2.66 37.22 41052.63 Hitachi 653.70 -26.00 939.90 641.50 1.65 11.58 26351.17 Volvo 91.35 3.05 120.50 71.00 3.34 23.00 17544.85 BrisMySq 57.88 -0.77 70.54 47.55 2.53 54.26 96515.06 Microsoft♦ 40.47 -1.21 50.05 39.72 2.98 27.45 323678.29
AnBshInBv 95.11 3.83 119.65 78.75 3.19 18.84 174542.04 EDF 19.05 0.31 26.12 18.42 7.01 8.96 40422.04 HondaMtr 3550 -154.00 4499 3239 2.42 12.12 53630.54 Switzerland (SFr) Broadcom 47.19 -0.31 57.70 34.50 1.10 26.70 26379.21 Mnstr Bvrg 134.36 -1.10 155.83 86.01 - 49.43 27610.77
KBC Grp 57.96 3.58 66.00 36.53 - 11.44 27631.16 Essilor Intl 104.75 4.35 121.10 75.09 0.95 37.54 25834.33 JapanTob 3984.5 -202.50 4848 3101 2.66 16.69 66460.94 ABB 18.12 0.48 22.31 16.75 - 17.09 44243.82 CapOne 72.25 -1.28 92.10 67.73 1.80 10.23 39190.49 MondelezInt 41.31 -0.65 48.58 31.83 1.45 32.62 66563.1
Esslr Intl 104.75 4.35 121.10 75.09 0.95 37.54 25834.33 KDDI 2904.5 -141.00 3375 1978 1.91 48.47 65182.36 CredSuisse 25.90 1.06 28.94 18.57 2.74 11.26 44762.07 CardinalHlth 79.42 0.44 91.91 71.72 1.78 22.04 25998.89 Monsanto 89.42 -4.13 126.00 89.41 2.19 16.19 41833.77
Brazil (R$)
GDF Suez 17.56 0.67 20.57 16.08 5.77 46.56 46717.29 Keyence 52610-1540.00 70100 42660 0.40 24.93 26677.7 Nestle 70.50 2.10 77.00 64.15 2.93 16.23 237112.03 Carnival♦ 47.34 0.86 54.05 33.11 2.17 25.09 28057.86 MorganStly 31.76 -0.50 41.04 30.40 1.41 16.12 62039.52
Ambev 18.40 0.44 20.29 14.99 10.25 20.25 81810.5
Hermes Intl 317.10 12.10 365.55 229.00 0.91 36.26 38199.42 MitsbCp 2083.5 -128.00 2837 1942.5 2.82 9.46 28219.68 Novartis 92.65 3.05 103.20 78.60 2.79 24.37 261628.07 Caterpillar 72.06 -0.76 109.73 70.23 3.88 12.36 43425.7 MylanNV 49.11 -0.70 76.69 44.80 - 23.77 24065.53
Bradesco 24.68 0.19 34.42 23.03 4.50 7.26 17623.88
LOreal 152.80 6.45 181.30 117.05 1.72 29.89 97591.63 MitsubEst 2522.5 -56.00 2975 2151.5 0.54 50.32 29250.47 Richemont 71.80 2.95 92.25 66.40 1.74 28.28 39535.44 CBS 43.27 -0.68 63.95 40.75 1.38 18.64 19229.55 Netflix 101.52 4.64 129.29 45.08 - 229.01 43248.01
Cielo 38.48 -0.07 46.27 30.18 2.88 16.44 20537.01
LVMH 147.55 8.25 176.60 121.40 2.28 12.33 85533.46 MitsubishiEle 1146.5 -48.00 1718 1122 1.13 19.75 20530.98 Roche 262.30 8.30 295.80 238.80 3.09 24.96 194390.5 Celgene 112.70 -0.68 140.72 83.16 - 42.75 89093.88 News Corp A 26.73 0.07 39.27 22.81 1.03 6.82 32635.73
ItauHldFin 24.52 -0.32 35.22 23.83 2.13 5.50 21135.03
Nmrcble-SFR 44.57 0.89 60.01 26.38 - -54.08 22288.58 MitsuiFud 3200 -117.00 3879 2854.5 0.76 26.94 26458.93 Swiss Re 82.10 3.25 96.95 69.25 5.21 35.37 32104.47 CharlesSch 28.80 -0.75 35.72 23.35 0.83 30.22 37889.97 NextEraE 100.51 -2.53 112.64 90.33 2.97 15.40 45440.94
Petrobras 8.88 0.18 23.50 7.88 - -4.24 18695.37
Orange 13.63 0.77 16.45 10.20 4.29 36.81 41198.51 MitUFJFin 744.30 -2.60 936.80 546.20 2.36 6.88 87951.88 Swisscom 519.00 21.30 587.50 486.50 4.29 15.82 28359.92 ChevrnTx♦ 70.02 -2.10 129.53 69.58 6.10 10.83 131759.06 Nike 103.53 -0.34 117.72 78.27 1.07 27.20 70185.7
Vale 15.35 -0.05 31.38 14.77 14.12 -8.39 13969.77
PernodRic 94.28 2.94 117.75 82.23 1.86 24.07 28554.74 Mizuho Fin 228.00 -1.60 280.40 178.10 3.48 6.86 47142.36 Syngent 378.80 21.20 435.20 273.20 2.85 22.56 37139.04 Cigna 133.79 -1.96 170.68 85.75 0.03 16.61 34450.31 NorfolkS♦ 72.44 -2.30 117.64 72.10 3.20 12.46 21832.46
Canada (C$) Murata Mfg 15330 70.00 22220 9881 0.92 29.10 28800.23 Cisco 24.62 -0.57 30.31 22.49 3.24 13.97 125214.58 Northrop 159.69 -0.33 176.83 118.24 1.81 16.19 29924.71
Renault 73.53 4.50 100.25 49.50 2.52 8.15 24812.53 UBS 20.08 0.80 22.57 13.58 3.78 15.63 79638.5
BCE 52.28 0.02 60.20 46.43 5.15 16.75 33411.73 NipponTT 4310 -58.00 5066 3001.5 2.04 16.74 81717.44 Citigroup♦ 49.88 -0.46 60.95 46.60 0.16 11.98 150131.08 NXP 80.84 1.58 114.00 53.81 - 42.71 20351.59
Safran 65.00 1.67 71.35 43.66 1.80 -20.25 30931.62 Zurich Fin 267.40 6.40 334.60 255.00 - 11.08 42422.17
BkMontrl♦ 67.82 1.64 85.71 64.01 5.22 9.51 32817.93 Nissan Mt 1020 -40.00 1350 917.40 3.16 8.78 38456.5 CME Grp 89.10 0.36 100.87 74.94 2.17 25.24 30094.06 Occid Pet 65.75 0.02 100.26 64.83 4.42 -20.60 50229.79
Sanofi 86.65 3.01 101.10 69.58 3.21 24.28 129748.31 Taiwan (NT$)
BkNvaS 56.92 1.04 74.39 52.60 5.19 8.94 51875.09 Nomura 717.70 -24.80 909.20 576.20 1.77 9.99 22880.22 Coca-Cola 37.99 -0.39 44.87 36.56 3.34 22.33 165256.64 Oracle 35.45 -0.63 46.71 35.14 1.48 15.62 153713.93
Sant Gbn 39.40 1.94 44.84 29.51 1.53 27.12 25787.58 Chunghwa Telecom♦ 95.30 0.20 99.80 90.00 5.02 18.60 22636.46
Brookfield 40.27 -0.41 48.64 32.21 1.47 9.25 29733.84 Nppn Stl 232.30 -12.70 350.50 227.10 2.32 9.08 18411.24 Cognizant 58.98 -0.85 69.35 42.94 - 23.82 35950.04 Pepsico 89.64 -2.19 100.76 76.48 2.97 20.76 131680.54
Schneider 55.33 1.34 75.29 52.03 3.38 19.64 37099.22 HonHaiPrc 85.00 3.40 112.00 77.90 2.00 8.18 39426
CanadPcR 178.02 -2.45 247.56 172.01 0.83 18.15 21622.74 NTTDCMo 2401 -103.50 2873.5 1612.5 2.65 22.04 81814.27 ColgtPlm 60.37 -1.58 71.56 50.84 2.41 24.29 54340.94 Perrigo 178.00 -0.50 215.73 135.00 0.26 194.81 26037.74
SocGen 42.99 2.36 48.77 31.85 2.72 10.80 39543.84 TaiwanSem 123.50 8.50 155.00 112.50 6.41 9.94 98055.74
CanImp 87.98 1.98 107.37 83.10 5.21 8.95 26319.21 Panasonic 1210.5 -50.00 1853.5 1130 1.17 50.96 24764.78 Comcast 53.85 -0.56 64.99 49.33 1.76 15.95 114761.77 Pfizer♦ 31.34 -0.79 36.46 27.51 3.44 22.29 193284.68
Total 39.10 1.26 52.09 36.92 6.40 30.06 107707.26
CanNatRs 25.84 -0.17 47.53 25.01 3.74 16.87 21291.67 Seven & I 4995 -248.00 5998 3794.5 1.45 25.29 36927.38 Thailand (THB) ConocPhil♦ 42.19 -0.74 81.47 41.10 6.91 31.36 52039.62 Phillips66♦ 70.55 -1.11 87.98 57.33 2.91 9.10 37931.88
UnibailR 230.20 9.10 262.00 180.70 4.13 13.41 25908.1
CanNatRy 71.02 -1.72 88.89 68.81 1.68 16.58 42640.54 ShnEtsuCh 6443 -272.00 8529 6432 1.52 21.04 23218.91 PTT Explor 252.00 12.00 398.00 240.00 3.64 15.72 20272.84 Corning 15.97 -0.32 25.16 15.42 2.75 7.97 19578.18 PhilMorris 77.39 -0.95 90.25 75.27 5.16 16.23 119891.48
Vinci 54.29 1.39 60.35 39.65 3.48 11.49 37050.59
Enbridge♦ 50.55 -0.03 66.14 47.43 3.42 200.84 32608.11 Softbank 6890 -246.00 8760 6600 0.57 10.20 68992.54 United Arab Emirates (Dhs) Costco♦ 132.71 -0.26 156.85 117.03 1.14 24.75 58324.41 PNCFin 85.85 -2.98 100.52 76.69 2.27 11.76 44092.54
Vivendi 22.01 0.99 24.83 17.32 4.52 -85.50 34349.89
GtWesLif 32.84 0.48 37.70 29.30 4.10 11.44 24661.59 Sony 2834.5 -9.00 3970 1782 0.86 -47.21 29836.95 Emirtestele 12.50 - 15.85 9.41 5.33 13.06 29595.51 CrownCstl 79.53 -0.40 89.44 74.45 3.53 52.58 26544.05 PPG Inds♦ 91.05 -1.21 118.95 85.78 1.50 22.52 24649.18
ImpOil 42.39 -1.00 57.96 42.28 0.98 15.81 27053.48 Germany (€)
SumitomoF 4555 -80.00 5770 3823 3.01 9.79 53717.72 United Kingdom (p) CSX 25.31 -0.96 37.99 24.47 2.60 12.64 25005.81 Praxair 103.00 -2.36 134.06 101.01 2.65 20.10 29506.58
Manulife 20.10 0.13 24.20 18.91 3.35 12.40 29830.88 Allianz 139.65 5.95 170.15 115.05 4.78 9.76 72824.84
Takeda Ph 5690 -276.00 6657 4337.5 3.09 -29.57 37493.13 AscBrFd 3127 95.00 3293 2407 1.09 43.82 38853.73 CVS 100.00 -0.21 113.65 77.40 1.25 24.09 111448.62 Prec Cast 228.50 -0.35 249.12 186.17 0.05 22.25 31418.21
Potash 32.07 -0.26 47.10 31.74 5.91 13.40 20154.5 BASF 69.53 3.11 97.22 63.00 3.86 13.19 72872.51
TokioMarine 4378.5 -95.50 5504 3102 2.12 13.71 27662.07 AstraZen♦ 3970 66.50 4931.68 3746 4.50 66.93 78737.37 Danaher 83.23 -0.82 92.92 70.12 0.56 22.97 56886.71 Priceline 1178.81 4.69 1395 990.69 - 26.30 59767.54
RylBkC 72.36 1.65 83.87 68.05 4.61 9.97 78629.5 Bayer 118.95 6.60 146.45 96.83 1.84 28.84 112244.47
Toyota 6725 -269.00 8783 5710 2.91 9.72 191702.05 Aviva 484.30 25.00 578.68 449.86 3.74 12.67 30752.14 Deere 79.09 -1.68 98.23 76.76 3.10 10.55 26405.89 ProctGmbl 68.42 -0.72 93.89 65.02 3.78 22.41 185593.47
Suncor En 33.62 0.69 44.72 30.89 3.54 33.06 36598.61 BMW 81.82 4.89 123.75 74.59 3.45 10.29 56204.99
Mexico (Mex$) Barclays♦ 256.35 11.65 289.90 204.05 2.54 114.80 67501.34 Delphi♦ 70.23 -0.29 90.57 58.23 1.42 15.67 19969.81 Prudntl♦ 74.22 -1.69 94.30 74.13 3.05 13.05 33473.22
ThmReut♦ 49.43 -0.09 54.47 39.45 3.57 15.32 29182.68 Continental 189.80 7.20 234.25 136.85 1.67 15.46 43317.32
AmerMvl 15.06 0.15 17.64 13.48 1.88 - 37723.46 BG♦ 960.60 29.60 1420 780.55 1.90 -48.45 51494.7 Delta♦ 41.37 -0.78 51.06 30.12 0.87 18.31 32905.63 PublStor 196.96 -5.25 217.99 162.34 2.99 34.47 34067.65
TntoDom 50.35 1.33 58.11 47.75 4.27 11.00 70210.64 Daimler 70.96 3.88 96.07 55.10 3.36 9.66 86627.1
FEMSA UBD 144.00 2.78 154.14 116.20 0.82 26.38 30361.39 BP♦ 335.35 4.30 499.25 326.25 7.70 -15.23 96215.57 DirectTV 93.55 1.36 95.51 82.04 - 16.82 47176.52 Qualcomm 53.88 -1.40 78.53 52.59 3.22 14.78 84656.37
TrnCan 43.16 -0.27 63.86 41.95 5.03 16.10 23038.84 Deut Bank 26.16 1.54 33.42 22.66 2.79 22.59 41172.81
WalMrtMex 37.71 -0.36 41.00 28.26 1.52 27.81 38846.74 BrAmTob♦ 3425 69.50 3894 3231.5 4.32 15.90 100209.84 DiscFinServ 51.26 -1.09 66.75 50.92 1.95 10.62 22313.82 Raytheon 100.65 -1.35 113.36 92.96 2.53 14.52 30552.11
ValeantPh 293.49 1.79 347.84 125.13 - 91.76 75398.05 Deut Tlkm 14.94 0.90 17.63 10.07 3.26 36.55 78534.11
BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 Disney 95.89 0.53 122.08 78.54 1.88 19.97 161848.7 Regen Pharm 499.02 -5.56 605.93 320.06 - 125.91 50768.57
DeutsPost 24.43 0.86 31.19 21.55 - 16.42 33764.06 Netherlands (€)
China (HK$) BT♦ 431.55 17.35 481.75 351.90 2.64 16.56 56475.86 DominRes 70.23 -2.13 80.89 65.53 3.55 24.06 41739.23 ReynoldsAm 82.04 1.23 88.28 56.27 3.26 15.21 58621.74
E.ON 10.10 0.53 15.46 9.56 1.35 -7.69 23050.26 Altice 25.48 2.06 143.20 20.61 - - 21786.86
AgricBkCh 3.11 -0.03 4.55 3.08 7.60 4.21 12332.42 Compass 1020 29.00 1223.36 924.41 2.65 19.80 26376.81 DowChem 39.39 -0.96 54.97 35.11 4.13 11.61 45617.64 Salesforce 65.18 0.01 78.46 51.04 - -250.43 42758.08
Fresenius Med 67.41 2.13 82.32 50.75 1.11 22.18 23930.55 ASML Hld 78.90 4.11 104.85 68.29 0.86 26.08 39014.01
Bk China 3.61 -0.09 5.68 3.42 7.18 4.71 38942.89 Diageo♦ 1673 33.00 2055 1592.5 3.20 17.68 66043.57 DukeEner♦ 70.21 -2.23 89.97 70.16 4.52 20.94 48327.68 Schlmbrg 72.52 -1.35 112.00 72.50 2.48 21.57 91770.36
Fresenius SE 59.59 2.26 66.56 36.00 0.72 28.41 29663.68 Heineken 69.75 1.89 77.77 54.03 1.36 24.83 45844.91
BkofComm 5.88 -0.07 8.61 5.29 5.85 4.95 26557.55 GlaxoSmh♦ 1296 14.00 1645 1247.5 6.17 6.52 98987.59 DuPont♦ 49.06 -0.92 76.61 48.01 3.86 14.68 44391.35 Shrwin-Will♦ 248.65 -5.67 294.35 202.01 0.98 25.29 23176.83
HenkelKgaA 79.60 1.20 99.44 66.70 1.58 20.52 23597.59 ING 13.36 0.89 16.00 9.68 - 29.10 58967.59
BOE Tech - - - - - - - Glencore 144.30 6.40 373.70 137.25 7.93-335.58 30072.53 Eaton 52.71 -1.61 73.82 49.21 3.94 11.42 24641.93 SimonProp♦ 177.09 -4.98 206.31 162.43 3.10 36.96 55121.17
Linde 154.70 7.55 195.55 141.80 1.98 27.98 32787.04 Unilever♦ 35.49 1.26 42.75 28.75 3.18 21.50 69432.43
Ch Coms Cons 8.69 -0.16 17.00 5.45 2.85 7.52 4963.36 HSBC♦ 507.10 19.35 674.57 482.55 6.40 11.44 155533.67 eBay 25.23 0.30 29.35 19.50 - 10.56 30735.89 SouthCpr♦ 24.51 -0.36 33.31 23.41 1.79 15.97 19534.82
MuenchRkv 160.80 2.10 206.50 141.10 4.49 9.15 31732.95 Norway (Kr)
Ch Evrbrght 3.42 0.03 5.65 3.32 6.65 4.17 3030.42 ImpTob 3116 125.00 3413 2482.72 4.11 15.60 46806.8 Ecolab 104.53 -0.82 118.46 97.78 1.21 25.77 30845.99 Starbucks 51.09 0.75 59.32 35.39 1.19 28.85 75827.78
SAP 60.27 3.37 70.81 50.08 1.78 24.12 84489.01 DNB 116.80 3.10 143.00 100.90 3.41 8.20 23017.99
Ch Rail Cons 9.48 0.02 17.70 6.92 1.81 7.61 2539.19 LlydsBkg♦ 76.68 3.22 89.35 70.90 0.98 41.67 85994.25 EMC 22.67 -1.09 30.92 22.67 2.02 18.46 43633.55 StateSt 68.09 -1.37 81.26 64.21 1.82 16.14 27788.42
Siemens 87.09 3.00 106.35 80.17 3.69 13.15 87552.11 Statoil♦ 118.20 1.90 182.50 113.90 6.39 -9.15 45601.7
Ch Rail Gp 6.57 -0.06 12.30 3.98 1.33 10.13 3565.97 Natl Grid 845.00 26.30 965.00 806.40 5.00 15.83 49666.38 Emerson♦ 45.16 -1.20 65.94 44.03 4.07 12.57 29676.45 Stryker 95.49 -0.12 105.34 77.87 1.40 39.23 35957.54
Volkswgn 167.80 9.25 254.50 147.35 2.79 7.84 56502.62 Telenor 160.50 5.50 186.10 128.90 2.48 21.93 29157.17
ChConstBk 5.46 -0.06 7.98 5.34 7.26 4.49 169337.94 Prudential♦ 1411.5 51.50 1761.5 1287 2.62 14.37 56957.8 EOG Res 68.36 -0.90 110.47 68.15 0.92 27.09 37541.36 Sychrony Fin 32.99 -0.16 36.40 23.76 - 12.69 27505.91
China Vanke - - - - - - - Hong Kong (HK$) Qatar (QR) EquityResTP 68.95 -1.57 82.53 60.44 3.05 29.08 25103.47 Target♦ 73.94 -1.34 85.81 58.72 2.75 18.38 47210.08
RBS 321.20 13.10 414.00 300.30 - -22.40 32614.83
ChinaCitic 4.73 -0.03 7.40 4.63 - 4.31 9080.8 AIA♦ 42.85 2.05 58.20 39.10 1.04 19.20 66595.01 QatarNtBk 162.00 -3.20 237.00 159.90 4.63 10.32 31126.84 Exelon♦ 30.40 -2.24 38.93 30.39 4.07 11.26 26193.18 TE Connect 55.53 -0.71 73.73 51.03 2.16 12.18 22344.41
ReckittB♦ 5668 158.00 6300 4895 2.45 24.08 63244.15
ChinaLife 24.95 0.65 41.00 21.00 1.59 14.41 23950.24 BOC Hold 26.20 0.65 33.70 23.85 3.88 11.20 35734.52 ExpScripts 80.92 -0.89 94.61 68.06 - 26.66 54680.15 Telsa Mtrs 220.03 1.16 291.42 181.40 - -53.25 27975.09
Russia (RUB) RELX♦ 1025 9.00 1199 921.50 2.43 96.45 33166.77
ChinaMBank 16.90 -0.20 26.85 13.12 4.85 5.53 10008.81 Ch OSLnd&Inv 21.50 0.35 34.05 19.80 2.29 6.31 27348.81 ExxonMb♦ 68.71 -0.01 100.31 66.55 4.07 12.25 286482.82 TexasInstr 43.52 -1.37 59.99 41.47 3.03 15.43 44668.31
Gzprm neft 140.40 5.05 166.94 113.73 6.45 8.08 48102.68 RioTinto♦ 2244.5 90.00 3373 2107.78 6.08 22.33 49112.09
ChinaMob 92.65 0.30 118.00 85.00 3.42 13.76 244718.76 ChngKng 52.20 1.35 77.55 50.70 - - 25990.77 Facebook 83.00 0.91 99.24 70.32 - 84.99 187558.13 TheTrvelers 97.75 -1.03 110.49 90.83 2.31 8.92 30420.35
Lukoil 2381 34.00 3297.7 1913 3.31 6.83 29309.33 RollsRoyce 724.00 4.50 1061 685.50 3.19 -53.24 20892.67
ChinaPcIns 26.20 0.05 47.10 24.80 2.02 14.05 9380.13 Citic Ltd 13.86 -0.10 16.40 11.64 1.92 8.37 52012.52 Fedex 145.06 -3.31 185.19 130.01 0.57 38.55 40979.58 ThrmoFshr 120.05 -1.62 141.25 107.33 0.50 24.58 47838.44
MmcNrlskNckl 10071 -144.00 12247 6766 14.56 11.44 23064.49 RylDShlA♦ 1619 40.00 2475.5 1542.5 7.50 12.00 99556.88
ChMinsheng 7.45 0.01 11.88 6.97 3.14 4.47 6663.65 Citic Secs 16.58 -0.46 40.50 15.72 2.15 7.42 4873.02 FordMtr♦ 12.90 -0.29 17.87 10.44 4.25 14.00 50271.12 TimeWrnr 69.69 -0.12 91.34 66.82 1.91 16.56 56837.87
Novatek 560.30 -6.90 601.50 364.50 11.49 25.71 24621.01 SABMill 3005 127.50 3857 2773 2.36 21.92 76291.64
ChMrchSecs RMB 14.45 -1.59 40.00 10.59 2.99 8.31 10823.55 CK Hutchison 102.30 3.75 174.90 97.50 3.48 4.37 50935.91 Franklin 38.85 -0.56 59.43 38.25 1.46 10.45 23846.83 TimeWrnrC 180.72 1.55 194.22 128.78 2.07 26.11 51139.11
Rosneft 235.40 8.15 294.20 183.95 6.86 6.24 36105.87 Shire 4808 103.00 5870 3448.28 0.29 14.56 44670.65
Chna Utd Coms RMB 5.96 -0.66 10.74 3.36 1.17 30.76 19701.18 CNOOC 7.91 -0.19 15.80 7.60 7.24 4.67 45558.71 GenDyn 138.84 -1.97 153.76 114.73 1.88 16.09 44807.44 TJX Cos♦ 68.85 -0.58 76.93 58.58 1.04 21.05 46844.51
Sberbank 70.79 2.26 81.30 47.21 - 4.54 22115.83 StandCh♦ 745.00 - 1250.18 722.20 7.41 16.58 29778.89
ChShenEgy 12.68 -0.44 24.40 12.34 7.28 7.49 5559.23 HangSeng♦ 138.20 5.20 162.10 123.20 4.04 9.91 34084.56 GenElectric 23.27 -0.60 28.68 19.37 3.90 45.30 234943.9 T-MobileUS 38.13 -0.60 42.56 24.26 - 113.00 31071.17
Surgutneftegas 33.16 1.42 39.80 21.82 2.24 1.16 17144.9 Tesco 186.00 4.90 253.70 155.40 6.07 -2.65 23753.48
ChShpbldng RMB 11.03 -1.22 20.19 4.86 0.46 93.75 30889.31 HK Exc&Clr♦ 180.00 4.78 311.40 162.00 2.21 30.89 27804.95 GenMills 54.81 0.29 59.87 47.43 3.13 27.00 32869.92 UnionPac 80.56 -2.10 124.52 79.31 2.60 13.88 69901.23
Saudi Arabia (SR) Vodafone 219.20 4.65 258.00 179.10 5.05 10.23 91330.34
ChStConEng RMB 5.30 -0.59 12.52 3.10 2.95 6.12 24712.72 MTR 34.30 0.45 40.00 29.95 2.70 12.69 25878.24 GenMotors 27.28 -0.52 39.00 24.62 4.61 10.08 43211.45 UPS B♦ 94.46 -1.05 114.40 94.00 2.96 22.08 65975.42
AlRajhiBnk 57.03 4.06 79.50 48.40 3.39 13.95 24711.02 WPP 1362 58.00 1616 1091 2.59 16.91 27704.04
ChUncHK 10.38 -0.22 16.00 9.68 2.44 16.34 32066.1 SandsCh 27.30 -0.65 53.30 25.90 7.27 14.90 28416.94 GileadSci 102.56 1.91 123.37 85.95 0.42 10.85 150517.62 USBancorp 39.76 -0.99 46.26 38.10 2.48 12.74 70017.52
SHK Props 96.20 -1.50 137.60 94.20 3.50 8.75 35699.35 Natnlcombnk 54.00 4.85 72.75 48.80 - 12.47 28720.43 United States of America ($)
CNNC Intl RMB 8.09 -0.90 14.38 4.07 - - - GoldmSchs 178.22 -1.24 218.77 171.26 1.34 10.58 77146.27 UtdHlthcre 109.98 -0.45 126.21 80.72 1.47 17.54 104872.81
Tencent 130.90 5.90 171.00 104.50 0.27 37.55 158730.69 SaudiBasic♦ 78.75 6.96 136.50 70.25 6.76 9.66 62994.96 3M♦ 137.64 -0.94 170.50 130.60 2.73 18.01 85989.96
CSR 8.50 0.12 20.70 6.80 1.40 16.20 4792.96 Google 612.47 -5.64 713.33 490.91 - 30.51 177546.65 UtdTech♦ 88.80 -2.07 124.45 87.17 2.76 12.77 79085.08
SaudiTelec 61.00 5.41 76.50 52.75 6.14 11.30 32530.74 AbbottLb 42.90 -0.80 51.74 39.28 2.14 27.31 63939.94
Daqin RMB 8.09 -0.60 15.15 7.22 5.81 7.71 18756.24 India (Rs) Halliburton 33.47 -0.09 70.50 30.93 2.06 19.64 28608.45 ValeroEngy♦ 57.61 -0.91 71.50 42.53 2.34 6.61 28638.61
Singapore (S$) Abbvie 60.71 -2.74 71.60 52.06 3.02 47.19 100491.83
Gree Elec Apl - - - - - - - Bhartiartl 348.35 0.05 452.45 332.50 1.04 27.06 21121.98 HCA Hold 83.11 -1.20 95.49 43.91 - 17.06 34506.61 Verizon 43.50 -1.24 51.73 38.06 5.05 18.18 176857.58
DBS♦ 17.90 0.25 21.50 17.57 3.36 19.25 32004.64 Accenture 92.14 -0.53 105.37 73.98 2.28 20.24 73489.1
GuosenSec - - - - - - - HDFC Bk 1018.45 -0.60 1128 834.00 0.81 25.18 38835.05 Hew-Pack 25.69 -0.91 41.10 24.85 2.54 10.05 46406.8 VertexPharm 121.17 1.90 143.45 90.51 - -39.49 29644.91
JardnMt US$♦ 47.40 -1.17 67.88 47.40 2.99 10.22 33113.95 Ace 99.72 -1.60 117.89 96.00 3.27 11.24 32289.84
HaitongSecs 10.76 -0.26 27.90 10.32 1.49 7.44 4732.69 Hind Unilevr 865.95 14.80 981.00 707.15 1.38 45.70 28407.3 HiltonWwde♦ 23.54 -0.16 31.60 20.72 - 35.74 23244.6 VF Cp 69.13 -0.30 77.83 61.75 1.76 28.67 29424.63
JardnStr US$♦ 27.75 0.05 37.84 27.31 0.97 9.86 31082.84 Actavis 298.98 -2.94 317.72 201.91 - -34.92 117333.1
Hngzh HikVDT - - - - - - - HsngDevFin 1145.55 -22.20 1402.3 975.00 1.28 20.14 27391.66 HomeDep 110.97 -1.57 123.80 86.35 1.84 22.05 144147.37 Viacom 38.58 0.43 81.99 36.32 3.60 9.01 13405.01
OCBC♦ 8.96 0.26 10.92 8.63 4.17 8.32 25911.14 Adobe 74.57 0.30 87.25 58.51 - 100.83 37109.42
Hunng Pwr - - - - - - - ICICI Bk 283.50 13.55 393.40 267.15 3.61 12.14 24964.58 Honywell♦ 93.93 -1.35 107.41 82.89 2.13 16.87 73430.94 Visa Inc♦ 66.97 -1.39 76.92 48.80 0.69 28.15 130684.41
SingTel 3.90 0.12 4.57 3.63 4.47 15.43 44388.83 AEP♦ 53.02 -1.81 65.38 51.58 3.93 14.93 26009.47
IM Baotou Stl RMB 3.55 -0.39 7.50 2.43 0.54 219.09 8714.94 Infosys 1085.65 -6.40 2336 932.65 3.54 18.79 37638.61 HumanaInc 175.46 0.28 219.79 121.04 0.64 20.80 25993.29 Walgreen♦ 81.00 -1.27 97.30 58.39 1.71 20.22 88474.9
UOB♦ 19.25 0.70 25.05 18.51 3.78 9.44 22018.72 Aetna 110.50 -0.01 134.40 71.81 0.86 16.78 38520.3
In&CmBkCh 4.63 -0.07 7.10 4.54 7.47 4.49 51840.35 ITC 319.90 -0.30 409.95 294.00 1.71 27.75 38932.75 IBM♦ 140.96 -2.51 195.00 140.73 3.26 9.41 138074.52 WalMartSto 63.10 -0.85 90.97 61.50 3.14 12.64 203216.62
Aflac♦ 55.23 -1.06 65.10 51.41 2.78 9.30 23787.24
IndstrlBk RMB 12.20 -0.76 21.42 9.99 4.12 4.38 30782.69 L&T 1624.65 -6.90 1893.8 1401 0.92 25.95 22931.77 South Africa (R) IllinoisTool 80.09 -2.10 100.14 78.79 2.42 16.14 29320.03 Wellpoint 128.71 0.94 129.96 81.84 1.64 12.65 34744.16
AirProd 134.81 2.49 158.20 118.20 2.34 28.29 28981.78
Kweichow RMB 176.59 6.95 290.00 145.50 2.46 12.67 34594.22 OilNatGas 230.65 2.95 457.95 224.25 4.39 7.16 29932.32 Firstrand 53.33 3.40 58.47 40.27 3.69 13.06 22998.56 Illumina 189.64 -2.13 242.37 145.12 - 58.09 27440.91 WellsFargo♦ 50.02 -1.23 58.77 46.44 2.84 12.21 256770.63
Alexion 165.44 -1.41 208.88 150.06 - 56.63 37415.02
Midea 1.98 0.04 2.68 1.65 5.08 9.48 54.93 RelianceIn 848.15 18.60 1067.85 796.45 1.18 10.28 41659.18 MTN Grp♦ 176.25 8.51 263.44 161.10 7.55 9.89 25006.21 Intcntl Exch 222.52 -2.41 246.39 184.27 0.92 22.86 24585.92 Williams Cos 44.67 -2.07 61.38 40.07 5.14 16.39 33489.6
Allstate 56.99 -1.40 72.87 54.12 2.03 9.60 22818.22
New Ch Life Ins 28.45 -0.05 56.55 26.20 0.71 7.94 3795.3 SBI NewA 253.35 7.95 336.00 234.61 1.22 11.36 29076.44 Naspers N 1726.62 120.03 2029.97 1130.01 0.28 43.95 55677.28 Intel♦ 25.87 -0.38 37.90 24.87 3.59 10.99 122985.98 Yahoo 31.74 0.43 52.62 29.00 - 4.40 29879.75
Altria 51.82 -0.32 56.70 42.58 4.01 20.09 101603.22
PetroChina 6.24 -0.11 11.70 5.90 6.91 11.09 16983.98 SunPhrmInds 890.60 -0.50 1200.8 748.00 0.18 29.65 32508.62 South Korea (KRW) Intuit 79.87 -4.38 109.21 77.96 1.20 70.13 22017.67 Yum!Brnds 76.10 -1.09 95.90 65.81 2.10 37.34 32814.74
Amazon 466.37 3.00 580.57 284.00 - -1155.90 218126.01
PingAnIns 36.50 0.70 62.90 28.53 0.43 10.21 35067.51 Tata Cons 2567.15 -11.50 2839.7 2345 1.57 24.37 76272.32 HyundMobis 198000 3500 295000 185500 1.73 7.92 15822.98 John&John♦ 90.73 -2.09 109.49 81.79 3.13 16.01 251241.01 Venezuela ()
AmerAir 37.50 -0.12 56.20 28.10 1.06 6.49 25193.27
PngAnBnk RMB 9.46 -0.89 17.50 8.32 1.90 5.91 17414.17 Indonesia (Rp) KoreaElePwr 47500 -200.00 53100 38750 1.20 7.84 25506.73 JohnsonCn 38.95 -1.26 54.52 38.48 2.56 14.36 25476 Bco de Vnzla 113.00 - 143.95 27.00 - - 32197.37
AmerExpr 73.52 -1.13 94.89 71.71 1.81 12.84 73614.35
Pwr Cons Corp RMB 7.16 -0.79 20.00 2.92 2.18 12.85 3684.75 Bk Cent Asia 11625 325.00 15600 11000 1.34 15.85 20377.86 SK Hynix 33500 2450 51700 30300 0.96 4.88 20399.88 JPMrgnCh 59.91 -0.34 70.61 50.07 2.73 10.83 221551.22 Bco Provncl 4000 -100.00 4400 839.99 - - 33696.09
AmerIntGrp 56.64 -0.30 64.93 48.56 0.88 11.15 73285.76
SaicMtr RMB 14.11 -1.28 29.18 14.00 9.30 5.00 24260.88 SmsungEl♦ 1079000 - 1510000 1033000 2.11 6.15 116711.29 Kimb-Clark 103.35 -3.03 119.01 99.57 3.32 58.55 37647.82 Mrcntl Srvcs - - - - - - -
Israel (ILS) AmerTower 89.51 -2.43 105.20 89.46 1.78 53.92 37887.7
ShenwanHong - - - - - - - Spain (€) KinderM 29.93 -0.35 44.71 28.50 6.00 42.08 65604.68
TevaPha♦ 245.00 -14.60 275.90 182.70 2.08 21.56 61384.42 Amgen♦ 145.19 -2.45 181.81 127.67 1.92 19.28 110090.37
ShgPdgBk RMB 12.39 -0.48 19.17 9.36 6.30 4.64 28833.64 Kraft 88.19 -0.11 91.32 53.33 2.45 45.49 52233.16 Closing prices and highs & lows are in traded currency (with variations for that
Italy (€) BBVA 8.23 0.30 9.91 7.21 0.95 12.74 59228.32 Anadarko 63.99 -1.56 113.51 58.10 1.68 -12.93 32507.7
Sinopec Corp 5.04 -0.10 8.23 4.80 6.34 12.95 16588.07 Kroger♦ 33.66 -0.11 39.43 25.01 1.06 17.61 16349.05 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 3.96 0.22 4.50 3.36 3.27 79.52 42448.45 BcoSantdr 5.43 0.22 7.96 5.09 10.73 11.61 88724.47 Aon Cp 89.39 -2.34 107.08 78.26 1.17 20.45 25033.04
Sinopec Oil RMB 7.08 -0.79 14.23 2.92 - 159.88 496.85 L Brands♦ 77.87 -0.20 95.78 62.91 1.99 20.05 22735.27 based on intraday trading over a rolling 52 week period.
ENI 13.82 0.68 19.64 12.98 7.90-646.99 57310.92 CaixaBnk 3.74 0.11 5.00 3.54 1.04 23.98 24623.9 Apple 103.74 0.62 134.54 92.00 1.86 12.02 591600.38
Denmark (kr) Iberdrola 5.97 0.17 6.49 5.11 2.53 15.65 42494.77 LasVegasSd 44.73 -1.32 69.50 40.00 5.13 15.12 35669.99 ♦ ex-dividend
Generali 16.52 0.72 19.21 14.40 3.54 12.96 29348.49 ArcherDan♦ 43.01 -0.54 53.91 41.63 2.41 11.89 26190.49
DanskeBk 202.20 10.00 218.00 139.20 2.65 32.39 31179.88 Inditex 29.25 1.44 32.54 19.29 1.38 34.72 104024.74 LibertyGbl 46.43 -0.24 58.66 39.95 - -28.82 11723.95 ■ ex-capital redistribution
IntSPaolo 3.21 0.24 3.65 2.00 1.55 28.38 58114.47 AT&T 31.80 -0.57 36.45 30.97 5.87 31.55 195601.8
MollerMrsk 11300 310.00 16450 10860 2.66 13.53 37071.69 Repsol 12.73 0.46 19.50 12.24 - 17.77 19961.18 Lilly (E)♦ 78.26 -2.47 90.18 60.58 2.52 40.72 86754.38 # price at time of suspension
Luxottica 59.25 3.65 67.80 34.74 1.18 38.70 32676.81 AutomData 73.52 -2.76 90.23 64.29 2.65 25.49 34246.36
NovoB 361.00 11.30 415.00 244.50 1.35 30.86 113836.21 Telefonica 12.53 0.39 14.31 10.76 3.11 19.80 70581 Lockheed 198.98 1.52 213.34 166.28 2.92 17.71 61790.16
Unicred 5.82 0.38 6.61 4.82 2.01 15.89 39595.09 Avago Tech 108.51 -1.43 150.50 68.75 1.26 42.79 28183.27
Lowes 66.99 -1.32 76.25 49.85 1.40 23.24 62480.61

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
MmcNrlskNckl 10071.00 10215.00 -144.00 -1.41 261.00 2.7 11.59 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Aug 25 date Coupon S* M* F* price yield yield yield US Aug 25 date Coupon S* M* F* price yield yield yield US
Naspers N 1726.62 1606.59 120.03 7.47 28.73 1.7 -5.39 ChMrchSecs 14.45 16.04 -1.59 -9.91 -7.45 -34.0 -38.43 High Yield US$ US$
ITC 319.90 320.20 -0.30 -0.09 5.05 1.6 1.70 ChShpbldng 11.03 12.25 -1.22 -9.96 -5.34 -32.6 -22.05 Windstream Services, LLC 11/17 7.88 BB- B2 BB 103.36 6.29 0.00 -1.41 5.66 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 115.51 4.48 0.00 -0.14 2.36
Kraft 88.19 88.30 -0.11 -0.12 1.21 1.4 4.58 ChStConEng 5.30 5.89 -0.59 -10.02 -2.22 -29.5 -33.83 High Yield Euro Bank of America Corporation 10/26 4.25 BBB+ Baa3 A- 99.15 4.39 0.00 -0.16 2.28
Wellpoint 128.71 127.77 0.94 0.74 1.56 1.2 1.59 Pwr Cons Corp 7.16 7.95 -0.79 -9.94 -2.85 -28.5 -35.96 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Citigroup Inc. 11/26 4.30 BBB+ Baa3 A- 99.47 4.41 0.00 -0.12 2.29
GDF Suez 17.56 16.89 0.67 3.97 0.10 0.6 5.53 SaicMtr 14.11 15.39 -1.28 -8.32 -5.45 -27.9 -33.79 Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 97.97 7.13 0.00 -0.03 -
Wesfarmers 39.92 40.05 -0.13 -0.32 0.07 0.2 -3.34 Sinopec Oil 7.08 7.87 -0.79 -10.04 -2.64 -27.2 -33.52 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 120.62 4.43 0.00 -0.14 -
SunPhrmInds 890.60 891.10 -0.50 -0.06 0.85 0.1 6.51 Daqin 8.09 8.69 -0.60 -6.90 -2.93 -26.6 -26.39 Peru 05/16 8.38 BBB+ A3 BBB+ 104.67 1.48 0.00 0.07 0.85 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 120.94 4.69 0.00 -0.17 -
Firstrand 53.33 49.93 3.40 6.81 0.02 0.0 -2.58 PngAnBnk 9.46 10.35 -0.89 -8.60 -3.08 -24.6 -29.30 Mexico 09/16 11.40 BBB+ A3 BBB+ 111.09 0.75 -0.14 -0.25 0.12
Brazil 01/18 8.00 BBB- Baa3 BBB 108.19 4.32 -0.09 0.01 3.70 Euro
ChUncHK 10.38 10.60 -0.22 -2.08 -0.02 -0.2 -7.49 Intuit 79.87 84.25 -4.38 -5.20 -25.85 -24.5 -25.14 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 106.99 2.14 0.00 -0.15 0.02
TaiwanSem 123.50 115.00 8.50 7.39 -0.50 -0.4 -9.85 CNNC Intl 8.09 8.99 -0.90 -10.01 -2.47 -23.4 -30.85 Russia 07/18 11.00 BB+ Ba1 BBB- 119.25 3.97 0.00 0.30 3.34
Peru 03/19 7.13 BBB+ A3 BBB+ 116.21 2.40 0.00 -0.03 0.95 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 94.88 3.16 0.00 0.01 -
Hind Unilevr 865.95 851.15 14.80 1.74 -6.90 -0.8 -4.50 HaitongSecs 10.76 11.02 -0.26 -2.36 -3.26 -23.3 -29.67 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 112.16 2.08 0.00 -0.12 -
Prec Cast 228.50 228.85 -0.35 -0.15 -2.38 -1.0 21.10 Citic Secs 16.58 17.04 -0.46 -2.70 -4.92 -22.9 -28.23 Brazil 01/21 7.88 BBB- Baa3 BBB 101.77 4.55 0.00 0.06 3.10
Turkey 03/21 5.63 - Baa3 BBB- 105.18 4.62 0.00 0.40 3.16 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 109.14 2.10 0.00 -0.10 -
Woolworths 26.62 25.29 1.33 5.26 -0.28 -1.0 -4.42 IM Baotou Stl 3.55 3.94 -0.39 -9.90 -1.01 -22.1 -30.53
Poland 04/21 5.13 A- A2 A- 112.06 2.82 0.00 -0.03 1.36 Yen
Actavis 298.98 301.92 -2.94 -0.97 -3.32 -1.1 0.74 Marathon Ptl 43.77 45.82 -2.05 -4.47 -11.71 -21.1 -22.28
Colombia 07/21 4.38 BBB Baa2 BBB 102.69 3.89 0.00 0.11 2.44 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Gzprm neft 140.40 135.35 5.05 3.73 -2.25 -1.6 2.93 IndstrlBk 12.20 12.96 -0.76 -5.86 -3.24 -21.0 -26.37
Compass 1020.00 991.00 29.00 2.93 -18.00 -1.7 -6.59 Ch Rail Cons 9.48 9.46 0.02 0.21 -2.28 -19.4 -15.66 Turkey 04/26 4.25 - Baa3 BBB- 91.32 5.40 0.00 0.43 3.28 £ Sterling
Chunghwa Telecom 95.30 95.10 0.20 0.21 -2.10 -2.2 -0.21 Fuji Hvy Ind 3802.00 3969.50 -167.50 -4.22 -903.00 -19.2 -15.91 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 125.79 3.85 0.09 0.16 1.73
SmsungEl 1079000.00 1079000.00 0.00 0.00 -25000.00 -2.3 -12.21 ShgPdgBk 12.39 12.87 -0.48 -3.73 -2.93 -19.1 -23.23 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 106.86 3.25 0.02 -0.06 1.13
Sberbank 70.79 68.53 2.26 3.30 -1.66 -2.3 0.48 TokioMarine 4378.50 4474.00 -95.50 -2.13 -1025.50 -19.0 -11.18 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.87 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 109.50 3.18 0.00 -0.02 1.73 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 115.65 3.90 0.00 0.07 1.78
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Aug 25 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Aug 25 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.15 16-12-2008 0.15 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 36.02 -4.72 40.74 53.29 10.88 Aug 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 34.51 1.40 33.11 56.32 7.04 Tr 2pc '16 100.62 0.46 2.22 -6.12 -11.54 -36.11 101.97 100.62 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 169.94 0.00 -2.95 -4.68 -3.32 -5.95 VXN 38.32 -4.63 42.95 46.72 11.15 Tr 1.75pc '17 101.67 0.55 10.00 -5.17 -15.38 -48.60 102.68 101.59 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 293.16 -0.76 -0.94 -0.12 -0.55 4.96 VDAX 27.93 4.35 23.58 27.93 - Tr 5pc '18 110.81 0.69 13.11 -6.76 -19.77 -51.41 113.65 110.64 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 250.43 -0.20 -0.11 -0.02 -0.11 -0.02 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.24 0.97 8.99 -6.73 -17.09 -41.92 115.07 111.71 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 210.37 -0.51 -0.74 -1.10 -0.59 0.75 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.58 1.21 8.04 -6.20 -14.18 -35.64 119.04 114.45 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 221.59 -0.85 -0.96 -0.04 -0.53 3.05 Tr 8pc '21 136.44 1.41 6.82 -4.73 -12.96 -30.88 142.92 135.31 0.24
Gilts( £) 288.69 -1.02 0.86 1.07 1.54 8.55 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.53 1.50 7.91 -4.46 -11.76 -30.56 119.85 112.16 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 251.69 0.22 1.15 0.33 2.17 -1.99 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 128.19 1.77 5.99 -5.35 -12.38 -29.48 134.70 122.10 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 294.19 -0.76 -0.46 0.24 -0.07 5.37 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 124.29 2.01 5.79 -3.83 -10.67 -25.83 131.90 116.13 0.31
Aug 25 (Libor: Aug 24) night Day Week Month month month month year Overall ($) 227.01 0.11 0.67 1.27 0.67 1.27 Australia 10/18 3.25 104.50 1.77 0.01 -0.20 -0.17 -1.09 Tr 4.25pc '32 127.34 2.28 4.59 -2.98 -8.80 -21.92 136.85 117.16 0.35
US$ Libor 0.13300 0.000 0.003 0.000 0.19940 0.33160 0.52455 0.83335 Overall( £) 287.64 -0.94 0.46 0.82 1.05 7.54 04/26 4.25 114.46 2.68 0.03 -0.20 -0.24 -0.85 Tr 4.25pc '36 129.74 2.41 4.78 -2.43 -8.37 -19.93 140.37 117.65 0.28
Euro Libor -0.18000 0.000 0.000 0.000 -0.10500 -0.03000 0.05200 0.15671 Overall(€) 218.08 -0.72 -0.77 -0.19 -0.45 2.42 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 140.21 2.47 4.66 -1.59 -7.84 -19.02 153.16 124.52 0.26
£ Libor 0.48125 0.000 0.000 0.003 0.50881 0.58563 0.74875 1.05025 Treasuries ($) 219.45 0.30 1.22 2.04 1.22 2.04 10/25 1.20 101.11 1.08 0.14 0.15 0.11 0.00 Tr 3.75pc '52 132.10 2.43 4.29 -1.62 -8.65 -20.85 145.21 112.07 0.22
Swiss Fr Libor -0.001 -0.78700 -0.72700 -0.68100 -0.57100 FTSE Belgium 06/18 0.75 101.76 0.11 0.00 -0.02 -0.08 -0.32 Tr 4pc '60 144.10 2.38 3.93 -2.06 -8.81 -21.71 159.23 119.83 0.21
Yen Libor -0.001 0.05300 0.08786 0.13157 0.24329 Sterling Corporate (£) 111.11 -0.78 - - -0.26 0.79 06/25 0.80 96.87 1.14 0.18 0.15 0.15 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.002 -0.09400 -0.03200 0.04100 0.16000 Euro Corporate (€) 106.69 -0.62 - - -0.60 -1.87 Canada 11/17 0.25 99.72 0.38 0.02 -0.06 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 822.54 25.63 - - -7.21 -13.04 06/26 1.50 99.98 1.50 0.08 -0.05 -0.15 0.00
US$ CDs
Euro CDs
0.000
0.000
0.18000
-0.10500
0.29000
-0.06500
0.47000
-0.00500
Eurozone Govt Bond 112.58 -1.03 - - -0.68 0.23 Denmark 11/16 2.50 103.48 -0.35 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 1.75 107.90 0.94 0.15 0.10 0.09 -0.33
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 99.90 1.04 0.00 -0.12 -0.09 0.00
Fixed Coupon Aug 25 chg % Return 1 month 1 year Yield
Aug 25 term notice month month month year Markit iTraxx 07/25 4.00 126.99 1.13 0.00 0.00 0.00 0.00
1 Up to 5 Years 99.17 -0.17 2356.37 0.33 2.35 1.00
Euro -0.20 -0.10 -0.20 -0.10 -0.20 -0.05 -0.15 0.00 -0.08 0.07 0.07 0.22 Crossover 5Y 367.96 21.99 58.13 81.33 371.85 242.25 France 11/16 0.25 100.54 -0.18 0.00 0.00 0.00 0.00
2 5 - 10 Years 180.80 -0.64 3217.76 0.98 5.69 1.61
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18 Europe 5Y 78.30 4.77 11.45 16.00 81.85 52.94 11/19 0.50 101.44 0.16 0.09 0.08 0.07 -0.22
3 10 - 15 Years 207.26 -1.02 3784.30 1.42 8.66 1.99
Swiss Franc - - - - - - - - - - - - Japan 5Y 69.75 5.07 12.09 12.02 69.98 48.09 05/25 0.50 94.20 1.13 0.18 0.16 0.15 0.00
4 5 - 15 Years 186.91 -0.72 3354.12 1.08 6.51 1.73
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 90.11 6.68 15.14 18.84 100.19 62.28 05/45 3.25 126.56 2.05 0.20 0.15 0.15 -0.23
5 Over 15 Years 301.14 -1.77 4320.74 2.18 13.43 2.41
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.80 0.90 Germany 04/18 0.25 101.20 -0.20 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 173.89 -0.97 3217.53 1.26 7.63 2.17
Japanese Yen -0.02 0.08 -0.02 0.08 -0.10 0.10 -0.10 0.10 -0.05 0.15 0.00 0.20 10/20 0.25 100.85 0.08 0.00 0.05 0.01 0.00
Emerging Markets 5Y 379.80 16.75 35.49 58.19 379.80 278.35 08/25 1.00 102.60 0.73 0.16 0.08 0.04 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 413.77 12.51 32.96 50.00 413.77 337.73 08/46 2.50 127.59 1.40 0.17 0.07 0.02 -0.39
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Aug 25 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 82.68 2.09 6.33 11.10 82.68 60.22 Greece 07/17 3.38 85.07 12.75 0.54 2.03 -8.17 9.61
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 308.67 -0.16 -0.42 -2.73 2347.04 -0.42 -1.39
02/25 3.00 64.41 9.28 -0.26 0.10 -2.38 3.39 2 Over 5 years 583.08 -1.62 1.79 13.03 4294.49 1.79 13.95
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 111.83 -0.02 0.00 0.00 0.00 0.00 3 5-15 years 428.93 -0.85 -0.34 0.89 3251.03 -0.34 2.21
03/25 5.40 135.31 1.42 0.16 0.17 0.13 -0.56 4 Over 15 years 725.29 -1.93 2.66 19.10 5244.35 2.66 19.83
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.62 0.39 0.05 0.09 0.05 0.00 5 All stocks 538.11 -1.41 1.46 11.27 4012.66 1.46 12.26
05/20 0.70 98.79 0.97 0.10 0.16 0.09 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 95.78 1.99 0.13 0.19 0.11 0.00 Yield Indices Aug 25 Aug 24 Yr ago Aug 25 Aug 24 Yr ago
Crude Oil† Sep 39.02 0.89 Corn♦ Sep 366.25 -4.00 Aug 24 Aug 24 Prev return stock Market stocks
09/46 3.25 106.02 2.97 0.17 0.19 0.05 0.00 5 Yrs 1.26 1.17 1.71 20 Yrs 2.43 2.33 2.95
Brent Crude Oil‡ 42.92 0.54 Wheat♦ Sep 496.50 -7.75 Can 4.25%' 21 130.56 -0.538 -0.509 0.22 5.18 71514.12 7
Japan 08/17 0.10 100.19 0.00 -0.01 0.00 0.00 0.00 10 Yrs 1.91 1.80 2.44 45 Yrs 2.40 2.31 3.01
RBOB Gasoline† Aug 1.43 -0.03 Soybeans♦ Sep 893.75 -1.00 Fr 2.25%' 20 112.72 -0.313 -0.398 -1.86 20.31 205519.84 14
09/20 0.05 99.68 0.12 0.01 0.00 0.00 0.00 15 Yrs 2.27 2.16 2.80
Heating Oil† Sep 1.41 0.00 Soybeans Meal♦ Sep 326.80 0.40 Swe 0.25%' 22 107.83 -0.763 -0.779 -0.53 30.88 219145.02 6
06/25 0.40 100.24 0.37 0.02 0.00 -0.03 0.00
Natural Gas† Aug 2.69 0.03 Cocoa (ICE Liffe)X Sep 2050.00 10.00 UK 2.5%' 16 - - - - - - -
06/45 1.60 104.53 1.39 0.01 -0.02 -0.02 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Sep 3100.00 11.00 UK 2.5%' 24 340.63 -0.829 -0.854 -0.02 6.82 490860.91 25
Netherlands 04/17 0.50 101.14 -0.20 0.00 0.00 0.00 0.00 Real yield Aug 25 Dur yrs Previous Yr ago Aug 25 Dur yrs Previous Yr ago
Uranium Sep 36.75 0.00 Coffee(Robusta)X Sep 1582.00 -17.00 UK 2%' 35 237.23 -0.912 -0.919 1.60 9.08 490860.91 25
07/25 0.25 93.24 0.97 0.18 0.15 0.11 0.00 Up to 5 yrs -0.66 2.69 -0.72 -1.20 -1.39 2.71 -1.45 -1.98
Carbon Emissions - - Coffee (Arabica)♥ Sep 117.50 -0.45 US 0.625%' 21 101.87 0.304 0.315 -0.32 35.84 1074838.51 36
Diesel Sep 121.25 0.00 White SugarX 339.60 6.00 New Zealand - - - - - - - Over 5 yrs -0.88 23.60 -0.95 -0.31 -0.92 23.70 -0.99 -0.36
US 3.625%' 28 135.28 0.703 0.315 -0.26 16.78 1074838.51 36
Unleaded Sep - - Sugar 11♥ 10.62 0.20 12/17 6.00 107.69 2.53 0.02 -0.10 -0.14 -1.37 5-15 yrs -0.70 9.90 -0.78 -0.51 -0.82 9.92 -0.90 -0.65
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.31 0.56 0.01 -0.02 -0.13 -0.93 Over 15 yrs -0.91 29.20 -0.97 -0.28 -0.93 29.25 -1.00 -0.31
Base Metals (♠ LME 3 Months) Cotton♥ Oct 63.21 -1.43 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 102.77 1.44 0.10 0.01 -0.17 0.00 All stocks -0.88 20.51 -0.95 -0.32 -0.93 20.67 -0.99 -0.38
Aluminium 1560.50 32.50 Orange Juice♥ Sep 122.25 1.80 amount.
Aluminium Alloy 1680.00 5.00 Palm Oil♣ Sep 450.25 0.25 Portugal 02/16 6.40 103.08 -0.19 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 5065.00 115.00 Live Cattle♣ Oct 141.48 -0.38 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 101.42 2.71 0.09 0.24 0.20 0.00
Lead 1681.50 21.50 Spain 04/18 0.25 99.51 0.44 0.05 0.07 0.09 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Sep 199.40 0.90
Nickel 9665.00 145.00 Lean Hogs♣ Oct 67.35 1.53 Spread Spread Spread Spread 10/25 2.15 100.48 2.10 0.08 0.12 0.10 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 14180.00 125.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.85 0.94 0.00 -0.14 -0.10 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1739.50 20.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 117.59 0.63 0.05 -0.04 -0.11 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Aug 24 Month Year Australia 2.68 1.95 0.56 Italy 1.99 1.26 -0.13 Switzerland 10/16 2.00 103.11 -0.74 0.00 0.00 0.00 0.00 [email protected]
Gold 1137.50 -29.00 S&P GSCI Spt 339.75 -6.28 - Austria 1.08 0.35 -1.03 Japan 0.37 -0.35 -1.74 05/26 1.25 115.36 -0.16 0.00 0.00 0.00 0.00
Silver (US cents) 1487.00 -7.00 DJ UBS Spot 86.28 -3.94 - Belgium 1.14 0.41 -0.98 Netherlands 0.97 0.24 -1.15 United Kingdom 07/18 1.25 100.98 0.91 0.07 -0.06 -0.11 0.00 Data provided by Morningstar | www.morningstar.co.uk
Platinum 994.00 8.00 R/J CRB TR 188.16 -8.47 -34.97 Canada 1.50 0.77 -0.61 Norway 1.44 0.71 -0.68 07/20 2.00 103.01 1.36 0.07 -0.07 -0.12 0.00
Palladium 558.00 -19.00 Rogers RICIX TR 2209.36 - - Denmark 0.94 0.21 -1.18 Portugal 2.71 1.98 0.60 09/25 2.00 100.81 1.91 0.09 -0.09 -0.15 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 250.36 -13.27 -41.90 Finland 1.13 0.40 -0.98 Spain 2.10 1.37 -0.02 01/45 3.50 120.45 2.51 0.09 -0.05 -0.11 0.00
Iron Ore (Platts) 53.25 -1.00 UBS Bberg CMCI TR 12.98 -9.48 -36.56 France 1.13 0.40 -0.98 Switzerland -0.16 -0.89 -2.28 United States 07/17 0.63 99.99 0.63 0.04 -0.10 -0.06 0.00
Iron Ore (The Steel Index) 53.30 0.00 LEBA EUA Carbon 7.51 -0.27 30.84 Germany 0.73 0.00 -1.39 United Kingdom 1.91 1.18 -0.21 07/20 1.63 100.80 1.46 0.08 -0.12 0.00 0.00
GlobalCOAL RB Index 52.30 0.80 LEBA CER Carbon 0.50 11.11 316.67 Greece 9.28 8.55 7.16 United States 2.12 1.39 0.00 08/25 2.00 98.96 2.12 0.10 -0.08 0.00 0.00
Baltic Dry Index 942.00 -26.00 LEBA UK Power 3773.00 127.56 77.64 Ireland 1.42 0.69 -0.70 08/45 2.88 100.60 2.85 0.10 -0.01 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.
20 ★★★ FINANCIAL TIMES Wednesday 26 August 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence DBAG € 26.37 1.50 34.50 20.20 1.52 7.02 39.4 SKF SKr 157.90 4.50 231.70 134.80 3.54 14.18 4675.3 BisichMg 89.50 - 104.00 60.15 3.35 8.75 25.0 Shaftbry 914.50 25.00 975.50 648.00 1.43 5.08 671.6 Lavendon 169.00 4.00 214.25 155.50 2.25 20.67 244.0
AvonRub♦ 828.75 25.75 900.00 610.73 0.68 18.81 12.7 El Oro 55.00 - 78.00 40.00 6.73 -4.71 0.7 Spirax-S 3114 93.00 3767.56 2698.37 2.15 23.89 121.2 EVRAZ 77.85 2.15 209.90 72.60 - -1.56 3396.2 Town Ctr 299.38 5.88 324.65 230.00 3.49 5.61 2.7 MngCnslt 15.50 -0.25 26.50 13.25 5.32 -75.61 113.7
BAE Sys 444.90 12.90 549.00 419.30 4.61 20.10 10226.4 Hargr Lans 1077 23.00 1299 827.00 2.08 31.62 1135.5 Tex 104.00 - 117.00 86.30 5.77 7.40 0.6 Fresnillo♦ 639.50 -4.50 978.00 616.50 0.30 135.20 2186.3 Wkspace 909.50 38.50 988.00 592.00 1.21 4.00 206.4 MearsGp 399.50 7.25 477.00 354.75 2.50 15.44 56.9
Chemring 214.00 0.50 248.00 197.48 1.92 -24.48 231.4 HBM Hlth SFr 94.55 2.15 113.50 80.50 - - 3.3 Trifast 114.00 6.50 134.00 88.63 1.40 16.13 83.8 GemDmnd 126.50 4.00 217.00 122.29 2.51 10.37 51.3 Real Estate Inv & Services MenziesJ 423.00 5.50 525.00 306.25 3.83 37.61 102.1
Cobham 272.30 3.20 349.10 250.50 3.91 -158.13 7112.4 HenderGp 258.70 16.90 303.30 180.10 3.48 18.05 4075.8 Vitec 628.00 10.00 670.85 540.00 3.82 24.86 6.7 Harmony R 12.18 -2.07 38.50 11.35 - -3.78 1991.5 Cap&Count 439.10 15.80 475.10 313.00 0.34 6.45 1534.7 MichaelPge 499.10 14.20 568.00 358.70 2.20 24.15 1439.4
Meggitt 464.00 6.00 593.50 421.70 2.96 19.31 2900.3 ICAP 453.30 15.30 573.00 354.40 4.85 35.56 1164.2 Weir 1332 56.00 2786 1230 3.30 - 1288.5 Hochschild 71.00 -2.00 177.00 60.97 - -4.37 379.0 Cardiff 1045 - 1085.5 950.00 1.24 4.53 1.0 MITIE 291.70 9.70 329.90 263.90 3.87 30.81 884.5
RollsRoyceX 724.00 4.50 1061 685.50 3.19 -53.24 9276.4 Indvardn SKr 151.50 4.70 183.50 111.40 4.19 6.80 594.2 Kenmr 2.50 0.11 13.00 2.18 - -1.08 912.4 CLS 1840 10.00 2037 1270 - 3.92 3.7 PayPoint 1013 43.00 1115 779.82 3.58 17.66 55.6
ICG 520.00 14.50 712.83 421.98 4.78 8.86 1020.5
Industrial General Lonmin 36.36 -1.00 236.70 26.50 - -4.77 5902.4 PremFarn 127.90 6.30 204.60 116.50 8.13 9.94 1040.0
Senior 287.30 5.10 361.70 248.90 1.96 19.32 1199.9 Daejan 6030 -35.00 6614.2 4700 1.36 4.41 3.9
IPF 390.20 11.10 548.00 348.00 3.08 11.35 499.8 BritPoly 677.00 27.00 730.00 571.35 2.22 11.77 8.6 Petra 140.00 -7.10 210.80 138.70 - 16.93 1059.5 Rentokil♦ 146.00 5.00 154.20 110.90 1.77 20.45 3354.5
UltraElc 1732 17.00 1914 1646 2.56 -151.94 131.9 DvlptSec 255.00 -0.25 293.00 179.00 2.20 9.53 60.5
Investec 526.00 25.00 649.50 477.20 3.71 19.51 2218.3 CoatsGrp 26.50 -0.50 32.00 19.00 - -395.52 34.7 Petropvlsk 5.89 - 45.00 4.21 - -0.10 6384.9 Ricardo 895.00 22.50 967.50 605.50 1.70 24.36 19.9
Grainger 234.00 4.80 256.00 167.80 1.07 27.13 1317.2
Automobiles & Parts Jupiter♦ 435.70 25.40 478.20 313.70 3.03 13.03 910.9 JardnMt $X♦ 47.40 -1.17 67.88 47.40 2.99 10.22 1169.1 PolymtIntl 460.30 -11.70 634.00 315.18 2.95 -14.19 404.2 HelclBar 432.25 -6.75 460.00 320.00 1.58 7.11 724.4 RbrtWlts 432.25 16.25 478.00 270.00 1.39 25.20 23.9
FordMtr $X♦ 12.90 -0.29 17.87 10.44 4.25 14.00 46750.9 Liontrust 320.00 29.75 393.50 210.00 1.25 23.56 67.9 Jard Str $X♦ 27.75 0.05 37.84 27.31 0.97 9.86 318.0 RndgldRs 4001 -147.00 5752.1 3638 0.93 27.89 1096.3 RPS 218.50 4.00 295.00 181.50 3.88 15.45 430.0
Macfrlne 44.25 1.25 47.50 34.00 3.62 11.69 56.2 HK Land $♦ 6.63 -0.12 8.80 6.47 2.86 12.23 3743.2
GKN♦ 286.00 8.20 389.00 272.30 2.94 31.83 8412.0 Man♦ 152.80 6.70 217.80 108.30 4.17 10.35 10448.7 RioTintoX♦ 2244.5 90.00 3373 2107.78 6.08 22.33 10234.7 Lon&Assc 36.00 - 50.00 34.50 0.35 -4.21 65.0 Shanks 92.25 3.00 113.50 84.50 3.74 -20.05 403.5
NB GFRIF 94.90 0.10 99.75 93.90 3.92 24.29 1667.4 REXAM 533.00 1.00 592.50 424.60 3.32 18.85 3068.6 Troy Res A$ 0.30 0.01 0.88 0.28 - -0.60 1204.2 SIG 184.70 5.60 212.20 143.40 2.38 33.09 1357.0
Banks RPC♦ 638.00 17.00 696.24 488.20 2.23 30.67 1292.3 MacauPrp 175.00 6.00 257.00 167.00 - 9.21 37.8
Paragon 392.60 7.60 461.50 313.70 2.29 12.08 718.0 VedantaRs 493.10 52.20 1105.22 353.21 8.46 -1.12 1270.4 Mntview 11837.5 42.50 12900 7481.95 2.11 14.51 0.5 SpeedyHr 49.75 1.50 80.50 45.75 1.31 1275.64 188.9
ANZ A$X 27.99 1.08 37.25 26.41 10.23 9.51 19097.5 Smith DS 382.10 12.90 423.70 231.82 2.75 23.30 3757.3
Providnt 2834 137.00 3268 1942 3.46 21.15 335.5 Q'tainEst 129.00 -0.75 134.44 75.00 - 17.92 2068.3 St Ives 175.00 1.25 220.63 156.68 4.09 50.24 29.4
BcoSant 395.25 11.00 758.00 369.65 10.74 11.62 608.3
RathbnBr 2225 63.00 2348 1774 2.34 28.66 52.4 Smiths 1090 32.00 1363 1006 3.69 19.34 1807.0 Oil & Gas TribalGrp 132.25 -2.00 188.00 131.75 1.36 -22.50 39.0
BankAm $X 15.26 -0.03 18.48 14.60 1.31 16.30 192467.9 SmurfKap € 25.25 0.75 30.31 14.92 2.14 22.96 267.7 Afren 1.79 -0.05 114.22 1.28 - - 9090.3 RavenRuss 43.63 2.63 75.75 37.25 - -5.52 433.8
Record 31.75 -5.50 41.00 29.00 4.72 11.99 682.6 RavenR Prf♦ 126.88 -0.13 146.00 101.50 9.46 - 115.7 Vp 772.50 2.00 816.00 539.00 1.99 16.43 16.7
BnkGeorgia 1665 49.00 2604 1609 2.75 8.35 131.0 Vesuvius♦ 386.00 6.00 530.00 374.50 4.18 10.86 294.7 Aminex 1.98 0.03 3.17 0.81 - -9.06 2530.3
S&U 2362 -8.00 2520 1763 2.41 15.31 3.5 RavenR Wrt 29.50 -1.50 49.64 25.00 - - 10.0 Watermn 70.00 2.00 76.00 50.00 1.43 53.44 75.5
BankIre € 0.34 0.01 0.39 0.07 - 15.97 40514.0 BGX♦ 960.60 29.60 1420 780.55 1.90 -48.45 10506.6
Schroder♦ 2772 148.00 3441 2086 2.81 17.01 704.2 Industrial Transportation Safestre 290.25 7.25 323.25 185.25 2.57 5.97 303.8 Wolseley 4085 126.00 4398 2990 2.02 36.88 774.5
BkNvaS C$X 56.92 1.04 74.39 52.60 5.19 8.94 2986.9 BPX♦ 335.35 4.30 499.25 326.25 7.70 -15.23 89785.2
..N/V♦ 2151 106.00 2629 1692 3.63 13.20 64.7 BBA Aviat 281.80 8.00 362.10 267.60 3.67 16.73 2274.0 Savills 919.00 51.00 991.46 577.00 1.20 21.48 397.3
BarclaysX♦ 256.35 11.65 289.90 204.05 2.54 114.80 64279.6
SVG Cap 453.00 17.00 535.00 226.00 - 11.30 563.8 Cadogan 10.13 - 13.25 8.25 - -0.62 470.5 Tech - Hardware
CanImp C$X 87.98 1.98 107.37 83.10 5.21 8.95 1649.3 Braemar 454.25 19.38 515.00 390.00 5.72 49.53 10.6 CairnEng 139.60 1.40 210.00 138.00 - -2.28 1314.5 SchroderRE♦ 59.25 0.25 63.00 53.25 4.19 5.25 847.6 ARM Hldgs 895.50 47.00 1233 778.50 0.78 42.51 11083.1
TullettPre 385.00 6.80 415.90 242.60 4.38 8.22 303.2 Clarkson 2305 135.00 2855 1835 2.60 47.51 21.4 Smart(J) 100.50 -1.00 112.40 86.00 2.95 41.75 15.0
HSBCX♦ 507.10 19.35 674.57 482.55 6.40 11.44 46315.0 Cape 213.00 13.00 327.25 177.00 6.57 11.45 106.2 CSR 899.50 0.50 900.00 550.00 1.02 25.43 2323.5
Tungsten 74.00 5.75 409.75 52.49 - -2.81 439.6 Eurotunnl € 12.03 0.23 14.57 8.62 1.46 60.81 1114.2 StModwen♦ 453.20 23.20 499.40 324.59 1.02 4.28 532.6
LlydsBkgX♦ 76.68 3.22 89.35 70.90 0.98 41.67 262946.0
WlkrCrip 44.50 -2.00 55.00 37.50 3.57 65.15 5.1 DragnOil 800.00 1.00 803.50 447.50 2.85 12.37 187.2 Laird 378.80 24.30 413.30 281.50 3.30 18.43 551.9
RylBkC C$X 72.36 1.65 83.87 68.05 4.61 9.97 3818.5 Fisher J 970.50 -40.50 1442 958.50 2.27 12.57 423.0 Endeav Int' $ - - 0.60 0.02 - - - UNITE Gp 640.00 3.50 706.00 395.60 1.75 5.16 1173.6 Pace 332.10 9.10 520.80 316.34 1.31 9.51 475.1
RBSX 321.20 13.10 414.00 300.30 - -22.40 21079.8 Food & Beverages Flybe Grp 83.00 4.00 135.75 52.00 - -7.55 428.7 EnQuest 26.00 0.75 122.90 21.50 - -2.27 5495.4 Urban&C 255.00 -0.75 278.00 215.00 0.59 8.30 84.3 SpirentCM♦ 78.00 -1.00 98.87 65.95 3.16 86.38 1090.2
StandChX♦ 745.00 - 1250.18 722.20 7.41 16.58 13915.6 AngloEst 579.50 48.50 690.00 521.00 0.56 11.66 4.7 Goldenpt 131.00 - 370.00 113.80 - -0.70 0.1 Exillon 100.00 10.00 175.57 90.00 - 4.84 109.9
OceanWil♦ 790.00 -17.50 1205 790.00 5.06 72.62 3.6
Retailers Tech - Software & Services
..7.375%Pf 117.50 -1.00 128.00 108.50 6.28 - 50.2 AscBrFdX 3127 95.00 3293 2407 1.09 43.82 726.2 ExxonMb $X♦ 68.71 -0.01 100.31 66.55 4.07 12.25 30159.5 AA 331.60 4.70 434.50 270.00 - -143.74 1931.5
..8.25%Pf 128.25 -1.00 141.00 119.50 6.43 - 89.8 Barr(AG) 559.50 19.00 699.36 515.97 2.02 21.64 35.2 RoyalMail 459.20 -1.30 532.50 388.00 4.36 14.13 5661.7 GenelEgy 292.00 8.25 912.50 276.25 - -3.58 1695.7 Anite 125.75 - 129.75 69.25 1.51 39.36 4191.0
UK Mail♦ 375.00 -25.00 606.53 370.00 5.73 12.98 11.8 AO World 122.90 0.10 240.00 106.86 - -205.52 515.5 AVEVA 2058 54.00 2344 1183.9 1.34 31.70 170.7
TntoDom C$X 50.35 1.33 58.11 47.75 4.27 11.00 4763.2 Britvic 661.00 19.00 956.22 600.72 3.16 16.42 1026.5 GeoPark $ 3.10 0.05 11.00 2.90 - -2.86 7.7 AshleyL 27.50 0.50 36.00 24.94 7.27 10.93 186.2
VirginMoney 409.90 -0.90 472.90 278.00 - -1024.75 392.0 C&C € 3.44 0.06 4.42 3.16 2.96 -14.08 36.7 GrnDnGas 275.00 -10.00 548.50 275.00 - 22.35 4.3 Computcnt 739.50 1.00 802.40 651.67 2.79 16.31 34.1
Insurance Brown N 297.20 -8.20 403.03 247.19 4.79 14.04 802.8 DRS Data 13.00 - 16.50 11.25 3.08 -2.65 1.5
Westpc A$X 30.90 1.45 40.07 29.20 9.47 11.77 12650.2 CarrsGroup 148.00 -7.00 178.50 136.00 2.30 11.37 54.4 GulfKeyst 25.00 3.50 88.00 20.25 - -1.37 4056.3 Caffyns 575.00 - 665.00 480.00 3.26 1.74 0.0
Admiral 1547 42.00 1640 1175.33 2.99 14.74 1521.0 Elecdata 65.50 -1.00 79.00 64.00 3.05 21.79 0.5
Coca-Cola H 1299 44.00 1497 1051 3.89 20.63 688.0 HellenPet € 4.10 0.39 5.80 3.35 - -4.93 71.2 Card Factor 373.80 15.80 376.33 209.50 - 35.19 830.3
Basic Resource (Ex Mining) Amlin 498.00 19.50 533.08 418.20 1.63 10.85 1220.8 MicroFoc 1287 41.00 1442 836.50 2.38 34.98 409.1
Cranswk♦ 1581 45.00 1730 1181.6 2.06 18.86 42.1 AvivaX 484.30 25.00 578.68 449.86 3.74 12.67 18849.0 Hunting 414.40 30.20 918.83 376.20 4.60 14.42 1116.7 Dairy Fm $♦ 6.67 0.17 10.58 6.42 3.44 19.36 251.6
Ferrexpo♦ 56.75 -0.75 139.04 47.60 7.40 5.83 858.2 NCC Grp 227.00 1.25 250.00 169.80 1.61 28.94 756.6
Dairy Cr 595.00 27.00 618.00 367.39 3.60 39.93 396.9 Beazley♦ 330.00 11.60 346.45 248.20 2.85 11.48 1238.6 ImpOil C$X 42.39 -1.00 57.96 42.28 0.98 15.81 938.9 Debenhm 80.00 2.25 96.80 56.85 4.25 10.88 1980.6
IntFerMet 0.90 0.06 8.35 0.76 - -0.55 562.4 RM♦ 167.38 5.38 185.00 120.00 2.39 10.53 10.2
Devro 284.75 9.50 328.00 230.00 3.09 50.88 324.4 Chesnar 345.50 16.25 364.75 309.25 5.22 15.65 85.4 JKX 16.25 0.25 51.13 10.23 - -0.43 6.2 Dignity 2470 50.00 2643 1401 0.81 -28.39 741.1
Mondi♦ 1422 67.00 1614.36 919.00 2.09 18.43 2714.6
Glanbia € 17.51 0.36 19.59 10.75 0.61 33.08 34.7 Lamprell 117.50 5.50 178.00 93.50 - 6.21 429.9 Sage 503.50 13.80 584.00 346.70 2.41 27.56 2716.3
Vale BRLX 15.35 -0.05 31.38 14.77 14.12 -8.39 5986.2 DirectLine♦ 351.90 5.90 388.70 283.96 4.09 11.03 6184.7 DixonsCar 425.40 18.40 490.80 339.50 1.23 50.05 5017.7 SDL 372.25 1.50 472.00 306.00 0.67 35.35 1476.1
Grncore♦ 282.40 7.40 359.40 228.50 1.93 19.07 942.8 Eccles prf 130.75 - 146.00 123.00 6.60 - 115.2 Nostrum 475.50 8.90 817.00 370.00 3.57 19.77 103.1 Dunelm 898.00 71.50 970.00 767.00 2.23 19.12 141.7 Telecity♦ 1059 14.00 1250 815.63 1.27 84.14 480.9
Chemicals HiltonFd 434.88 19.38 500.00 342.25 2.97 17.42 26.3 Hansard 108.00 6.50 116.25 80.00 7.78 17.88 43.1 OphirEgy 87.00 3.65 256.40 80.80 - -2.01 3457.5 Findel 179.50 -5.75 265.44 178.00 - -24.93 24.4
Kerry € 64.62 1.62 71.88 49.30 0.88 22.32 71.9 Petrofac 767.00 36.00 1203 594.00 5.54 -20.74 2508.9 TriadGp 36.00 2.00 42.00 9.00 - 15.50 10.7
Alent 463.40 2.90 493.96 294.56 1.97 21.54 324.5 Hiscox♦ 893.50 26.50 959.00 615.50 2.63 10.97 457.3 Halfords♦ 514.00 14.50 563.51 417.10 2.84 15.42 485.2
Bayer €X 118.95 6.60 146.45 96.83 1.84 28.84 4816.7 Nestle SFrX 70.50 2.10 77.00 64.15 2.93 16.23 12662.1 JardineL 1041 36.00 1112 815.00 2.78 20.35 97.9 Lukoil RUBX 2381 34.00 3297.7 1913 3.31 6.83 1359.9 Inchcape♦ 717.00 23.50 906.65 589.50 2.80 19.30 1320.2 Telecommunications
Carclo 144.00 0.75 169.75 80.00 1.84 -4.34 83.9 PremFds 34.75 1.00 47.79 26.13 - -1.37 1132.0 Lancashire 628.00 16.50 703.45 506.00 1.40 9.00 450.9 PremOil 92.20 3.35 354.00 87.00 - -0.98 8443.9 JDSportsF 845.50 40.00 885.00 388.00 0.81 24.04 140.1 BTX♦ 431.55 17.35 481.75 351.90 2.64 16.56 31781.1
Croda 2896 138.00 3150 1965 2.26 22.55 384.9 REA 280.13 5.13 444.50 265.00 2.89 10.83 9.4 Leg&Gen♦ 253.70 9.30 296.02 209.20 4.43 14.78 28604.2 RylDShlAX♦ 1619 40.00 2475.5 1542.5 7.50 12.00 10135.5 Lookers 161.30 7.30 172.00 117.50 1.76 13.16 427.4 Colt Grp 189.50 - 194.00 113.10 - -13.69 102.8
Elemntis 234.60 7.20 324.10 224.00 2.26 10.20 772.4 SABMillX 3005 127.50 3857 2773 2.36 21.92 5310.6 NovaeGp 827.00 1.00 844.61 516.50 3.00 10.85 262.4 ..B♦ 1633.5 47.50 2580.54 1550 7.43 12.11 10413.1 Marks&Sp 502.00 9.40 600.00 380.80 3.43 16.99 8112.4 Inmarsat 934.00 31.50 1041.24 653.00 3.33 20.82 1352.9
Syngent SFrX 378.80 21.20 435.20 273.20 2.85 22.56 921.8 StckSpirit 193.00 -3.50 316.00 172.00 0.92 28.89 321.6 Old Mut 194.50 10.30 241.60 163.80 4.47 13.51 13842.0 Schlmbrg $X 72.52 -1.35 112.00 72.50 2.48 21.57 11974.7 MossBros 93.00 2.00 112.00 77.50 6.88 24.46 31.3 KCOM Gp 88.75 - 101.00 78.50 5.68 36.36 428.4
Synthomer 338.10 10.40 364.10 176.64 2.31 22.81 709.1 Tate&Lyl 507.50 4.50 744.50 492.20 5.52 78.08 1909.1 PermTSB 0.06 - 0.10 0.05 - -0.08 0.0 SEPLAT 74.00 -0.25 240.25 71.75 12.71 4.96 18.5 Next 7680 210.00 8055 6130 1.86 18.75 892.6 TalkTalk 293.60 10.00 415.10 261.00 4.29 38.21 1126.1
Victrex 1751 82.00 2202.55 1542 2.58 17.69 223.4 TongtHu R 115.50 1.60 174.93 110.50 3.73 11.77 122.6 PhoenixGrp 868.00 22.00 935.00 693.00 6.15 18.25 688.9 Soco Int 124.25 5.50 444.30 117.00 7.84 -10.73 833.3 Ocado 331.50 3.00 478.50 216.80 - 290.53 2566.1 TelePlus 1051 38.00 1525 725.50 3.62 26.15 172.7
Unilever♦ 2585 61.00 3087 2397 3.19 21.54 5150.8 PrudntlX♦ 1411.5 51.50 1761.5 1287 2.62 14.37 8439.2 TrnCan C$X 43.16 -0.27 63.86 41.95 5.03 16.10 1679.6 Pendragn 46.00 5.25 46.17 28.25 1.96 8.06 1856.8
Construction & Materials ..NV €♦ 35.50 1.31 42.98 28.81 3.18 21.51 27.7 Tullow 186.80 5.30 739.50 177.00 2.26 -1.73 8573.9 Photo-Me 147.50 1.50 159.50 107.85 2.91 19.86 166.2 Tobacco
RSA Ins 514.50 19.50 528.00 391.70 0.39 79.25 26596.9
Alumasc 151.50 - 166.73 113.60 3.30 13.09 61.0 Saga 200.50 4.40 225.10 143.75 - 23.59 658.8 BrAmTobX♦ 3425 69.50 3894 3231.5 4.32 15.90 5320.6
Health Care Equip & Services SagicFin 61.00 -1.50 68.00 55.00 4.17 5.88 2.0 Pharmaceuticals & Biotech
BalfourB 262.80 11.30 271.90 145.59 2.13 -4.40 2821.4 SignetJwl♦ 7683 26.00 9499 6101.5 0.64 23.46 4.4 ImpTobX 3116 125.00 3413 2482.72 4.11 15.60 7602.9
Bioquell 132.50 5.50 155.50 80.00 2.49 -55.39 51.3 StJmsPl 914.00 55.00 1008 637.00 2.55 27.20 5255.3 BTG 613.50 21.50 835.87 556.00 - 68.16 998.9
..CvPf 118.75 - 124.50 101.00 8.15 - 77.9 SuperGroup 1445 52.00 1579 750.00 - 25.90 178.6
ConstMed 931.00 11.00 1045 650.00 1.94 61.66 44.7 Stan Life 414.50 15.20 505.68 362.30 4.41 30.60 5599.3 CathayIn 22.25 - 36.50 16.00 - -101.14 0.4 Travel & Leisure
Boot(H) 233.00 15.00 245.00 170.00 2.25 14.60 32.4 TescoX 186.00 4.90 253.70 155.40 6.07 -2.65 34432.3
ClarkeT 73.00 -0.63 84.01 37.50 4.25 - 111.3 GNStre kr 120.20 3.40 158.50 113.70 0.73 28.27 985.9 Media Dechra 921.50 9.50 1068 702.50 1.67 36.60 53.3 888 Hldg 156.25 -0.50 185.75 118.75 4.17 15.28 75.1
UDGHlthC 509.00 15.00 551.50 315.20 1.44 14.39 408.2 Genus 1348 67.00 1535 1058.35 1.31 25.82 44.5 Thorntns 142.88 0.38 147.00 62.00 - 21.86 0.4 AirPrtnr 416.75 5.38 470.31 245.00 4.96 15.15 24.1
Costain 373.00 - 380.00 263.50 2.55 15.78 316.3 4imprint♦ 1100 -52.00 1350 651.00 1.87 25.23 132.6 VertuMotor 66.00 1.25 67.00 50.50 1.29 13.82 643.4
CRH 1805 69.00 2478.5 1220 2.69 5.90 5290.8 Blmsbury 172.50 9.00 185.00 140.50 3.40 14.50 79.4 GlaxoSmhX♦ 1296 14.00 1645 1247.5 6.17 6.52 18628.9 bwin.party 114.20 1.50 128.00 70.40 3.13 -13.07 1738.0
House, Leisure & Pers Goods HikmaPhm 2276 32.00 2617 1580 0.61 29.46 959.7 Cineworld 580.50 11.50 599.00 298.40 2.33 19.45 837.4
GalfrdT 1711 71.00 1824 1085 3.10 17.44 207.6
AGARmst 182.75 0.50 185.00 78.44 - -39.57 127.5 Centaur 84.00 -0.25 87.09 56.20 3.10 12.44 12.3 Support Services
Keller♦ 992.50 24.00 1105 742.00 2.54 31.33 213.6 ChimeCm 361.75 - 365.00 239.00 2.32 127.29 1418.8 Oxfd Bio 9.15 1.55 13.38 3.30 - -21.33 5630.2 Acal 297.00 10.00 334.75 180.00 2.42 61.88 30.8 CompassX 1020 29.00 1223.36 924.41 2.65 19.80 6049.8
BarrttDev 624.00 34.00 660.00 357.20 1.65 16.52 7170.1 RichterG $ 15.45 0.44 17.28 12.20 0.77 20.77 0.0 EntInns 116.00 1.50 139.60 96.85 - 19.42 422.4
KierGp 1419 31.00 1779 1260 4.05 36.71 187.2 Creston♦ 145.50 4.50 157.85 108.00 2.78 11.69 54.8 Aggreko 1021 12.00 1747 991.00 2.66 13.52 882.4
Bellway 2423 123.00 2560 1445 2.15 12.52 319.3 ShireX 4808 103.00 5870 3448.28 0.29 14.56 2626.7 FirstGrp 109.10 3.70 129.90 88.65 - 17.52 1952.5
Kingsp € 21.76 1.47 24.00 11.03 0.73 28.41 82.5 DlyMailA 799.50 35.50 989.50 699.00 2.55 10.87 1326.8 APR Engy 83.00 -1.00 599.50 78.25 12.76 -0.16 51.8
Berkeley♦ 3302 162.00 3570 2033 5.45 10.55 728.1 VecturGp 168.30 2.10 183.75 113.25 - 187.21 1549.7 Fuller A 1113 4.00 1235 890.00 1.41 22.07 5.6
LowBonr 66.25 2.50 83.54 44.25 4.08 17.06 38.6 HaynesPb 123.00 - 192.00 110.00 6.10 14.20 2.2 AshtdGp♦ 922.50 39.50 1231 838.00 1.33 15.34 3763.0
BovisHme 1087 40.00 1206 723.00 3.22 13.34 602.5 Go-Ahead 2608 140.00 2745 2184 3.24 16.83 97.7
Marshlls 311.00 -2.40 335.00 173.50 1.77 31.45 133.6 ITE Grp 155.00 - 211.90 125.00 4.77 12.39 158.1 Real Estate AtknsWS 1464 58.00 1580.34 1225 2.34 17.14 192.8
CrestNic 527.50 28.10 587.92 291.98 2.71 11.80 468.3 GreeneKg♦ 824.00 18.00 891.00 712.00 3.49 20.29 1136.3
MorgSdl 812.50 -2.50 865.00 570.00 3.32 -23.77 16.3 ITV 248.30 10.10 281.90 192.10 1.89 19.07 31386.5 Babcock 946.00 20.00 1207 908.50 2.32 17.97 1633.8
GamesWk♦ 578.00 43.00 624.50 487.25 9.00 15.10 75.3 Harworth Gr 11.00 0.50 14.00 5.35 - 19.23 1131.6 IrishCtl € 4.38 0.17 4.50 2.63 2.48 13.64 35.8
Norcros 20.88 0.38 22.76 14.69 2.51 16.06 418.5 JohnstnP 100.00 4.75 7830 94.69 - -208.77 11.0 Berendsen 978.50 9.50 1161 895.50 3.07 19.22 441.5
Gleeson 440.00 20.00 465.00 324.66 1.36 13.76 24.5 REITs Ladbrokes 101.60 1.75 147.00 96.45 8.76 -38.90 5853.5
StGobn €X 39.40 1.94 44.84 29.51 1.53 27.12 3997.7 News Corp A $ 12.94 -0.10 17.80 12.67 - -50.56 7801.4 Brammer 301.75 3.75 432.75 265.00 3.55 42.11 361.6
Headlam 464.25 2.00 512.00 390.00 3.77 15.43 96.2 Assura 54.75 0.25 62.25 43.50 3.38 11.65 886.2 MandarO $♦ 1.51 0.04 1.84 1.45 4.55 19.10 190.1
Tyman♦ 283.25 3.25 342.00 228.25 2.82 41.08 192.6 NewsCpB $ 13.17 0.13 17.44 12.62 - -51.46 4056.1 Bunzl 1706 35.00 1969 1517 2.08 24.99 1000.3
McBride 119.25 4.75 125.00 74.00 - -12.78 660.6 BigYellw 673.00 10.50 720.00 479.40 2.79 9.36 215.2 Marstons 152.80 4.30 174.40 134.50 4.38 -32.35 1611.8
Persimn Pearson♦ 1106 32.00 1517.42 1051 4.61 47.37 4208.3 Capita 1206 27.00 1336 1000.5 2.42 32.69 2011.1
Electronic & Electrical Equip 2058 91.00 2156 1247.08 - 14.29 1912.8 BritLand 822.00 22.50 891.50 649.00 3.35 5.19 6677.9 Carillion 332.50 14.80 371.40 294.03 5.29 26.16 2809.0 Natl Exp 292.00 9.10 324.80 213.40 3.53 18.09 730.5
Philips € 22.37 0.43 28.00 20.69 - 92.68 9580.0 Quarto 197.50 - 239.00 136.66 4.19 7.67 2.4
Dialight 552.00 6.50 960.00 398.00 2.72 29.54 33.7 Cap&Reg 67.00 2.00 70.05 46.25 1.42 4.08 1058.7 Comnsis 46.50 -1.00 68.56 44.65 4.30 -6.38 292.7 PPHE Htl 620.00 15.00 664.45 417.80 2.63 8.01 85.5
PZCusns♦ 308.70 11.40 392.10 288.50 2.51 14.45 296.9 RELX NV €♦ 14.36 0.18 24.17 13.85 - - 3278.3
e2v Tech 225.75 - 268.00 145.44 1.99 20.84 119.7 Countrywd 502.00 5.60 608.00 404.30 2.99 25.00 302.9 ConnectGp 158.25 6.75 191.45 128.02 5.94 12.41 40.6 Rank Gp 264.60 7.40 268.00 151.90 1.70 21.90 228.6
ReckittBX♦ 5668 158.00 6300 4895 2.45 24.08 2139.7 RELX PLCX♦ 1025 9.00 1199 921.50 2.43 96.45 6138.8
Halma 739.00 17.50 786.50 557.50 1.55 26.89 643.1 DrwntLdn 3608 98.00 3818 2615 1.10 5.00 373.1 DCC 4753 133.00 5320 3050 1.67 31.25 157.9 Restaurt 673.00 12.00 748.70 607.00 2.21 22.49 797.2
Redrow 459.20 20.60 497.00 248.64 0.65 11.97 1290.2 STV Grp 460.00 20.00 494.00 322.00 0.87 12.24 7.7
MorganAd 327.50 7.70 375.84 258.10 3.33 56.66 423.0 Gt Portld 829.50 25.50 883.50 600.04 1.07 5.63 762.7 DeLaRue 484.00 15.00 779.00 445.03 7.54 14.46 306.2 Sportech 62.75 0.25 79.50 47.00 - -1.50 56.6
TaylorWm♦ 193.60 7.70 207.40 104.60 0.81 15.24 25597.5 ThmReut C$X♦ 49.43 -0.09 54.47 39.45 3.57 15.32 1103.5
OxfordIn 865.50 33.00 1114 671.58 1.47 -78.45 113.4 Green Reit € 1.52 0.05 1.70 1.21 - 6.60 34.4 Diploma 725.00 22.50 916.50 631.00 2.34 22.14 255.7 Stagech 374.20 3.10 437.90 331.60 2.62 15.50 1080.5
TedBaker 3095 143.00 3438 1768 1.15 38.20 66.6 UTV Med 166.50 6.50 222.00 137.00 4.25 11.59 736.0
Renishaw 2104 89.00 2672.9 1520 1.96 13.74 56.5 Hammersn♦ 628.00 12.00 708.00 537.00 3.25 7.25 3217.0 Elctrcmp 180.80 6.30 263.10 170.50 6.50 11.34 908.4 ThomasCook 104.30 3.40 162.20 99.05 - -26.92 11612.4
WPPX 1362 58.00 1616 1091 2.59 16.91 6344.8
Spectris 1753 16.00 2420 1606 2.65 16.24 329.8 Industrial Engineering Hansteen 113.80 3.40 128.95 98.70 4.31 6.71 1868.8 EnergyAst 532.50 12.50 640.00 375.00 - 20.02 21.1 TUI 1139 28.00 1294.78 996.74 - 63.67 1533.6
TT Elect 152.00 6.50 180.00 96.00 3.62 -77.83 171.2
Bodycote 618.50 21.00 797.59 542.50 2.33 19.80 422.1
Mining HIBERNIA 1.33 0.05 1.39 1.03 - - 6225.7 Essentra 842.50 26.50 1069 624.50 2.17 30.15 654.4 Whitbrd 4876 150.00 5475 3767 1.48 24.04 870.9
XP Power 1570 10.00 1750 1340 3.95 15.60 3.4 Acacia 244.30 -2.80 318.90 191.70 1.09 24.44 506.7 Highcrft 1025 - 1090 795.00 3.51 18.78 0.6 Experian 1088 39.00 1264 909.95 2.38 21.25 3275.9 Willim H 366.70 7.90 432.10 333.40 3.33 18.31 3072.0
Castings 415.00 10.00 480.00 360.00 3.14 13.05 2.6
AngloAmer♦ 683.70 23.50 1603 649.30 7.98 -1.98 13559.1 INTU 319.40 10.40 376.50 305.50 4.29 16.70 3989.6 Grafton 691.50 27.00 868.00 570.00 1.34 20.34 421.5
Financial General Fenner♦ 169.00 4.00 368.00 156.00 7.10 820.39 524.2
LandSecs 1260 43.00 1363 988.50 2.51 4.13 3246.2 Utilities
Goodwin 2274.5 76.50 3749 2120 1.86 10.90 0.3 AngloPacif 85.50 0.75 174.25 74.75 11.93 -2.03 122.2 HarvyNah 97.50 5.00 112.00 66.32 3.42 13.54 32.1
3i 491.40 20.50 571.50 343.61 3.26 6.74 2781.5 LondonMtrc 158.60 -0.40 173.20 132.30 4.41 6.21 1396.1 Centrica 243.80 3.30 327.00 234.40 5.54 -24.53 26206.2
Hill&Sm 700.00 9.00 734.00 520.00 2.57 27.17 77.4 AnGoldA R 102.81 -12.19 183.95 71.59 - -168.31 3791.3
Hays 158.20 6.00 173.70 108.15 1.66 23.51 4352.1
AberAsM 314.40 13.90 509.64 291.90 5.73 13.85 5376.2 McKaySec 263.00 - 275.00 215.00 3.27 7.41 6.6 DeeVally 1416 5.00 1450 1135 4.41 18.79 0.5
IMI♦ 1000.00 23.00 1454.55 965.50 3.76 15.45 1098.6 Antofagasta 579.50 46.50 813.00 519.50 2.36 37.64 5373.0 Homesve 408.50 8.70 447.84 312.00 2.98 22.57 228.3
Ashmore 255.70 5.40 355.90 249.00 6.43 12.23 1820.8 MucklGp 492.00 12.00 510.00 421.00 4.11 5.73 12.3 Drax 278.50 8.10 664.00 246.00 4.27 6.52 1643.8
MelroseInd♦ 260.50 2.50 314.78 242.70 3.19 40.76 3668.3 ..5%Pf 0.60 - 0.60 0.60833.33 - - HowdenJny 475.80 18.50 532.00 309.00 1.77 20.26 2413.1
BrewDlph 281.00 3.90 361.00 236.80 3.52 42.71 279.9 PrimyHth 410.00 - 421.25 324.00 4.82 11.49 380.7 Natl GridX 845.00 26.30 965.00 806.40 5.00 15.83 14455.8
Renold 71.25 1.00 86.00 49.00 - 28.89 78.8 AquarsPl 8.25 0.50 24.25 5.53 - -3.51 2697.5 Intserve 562.50 22.00 878.50 487.20 4.09 15.29 344.1
Canaccord 270.00 - 695.00 275.00 3.77 -14.83 0.4 Redefine 51.65 2.45 59.90 48.00 6.20 5.10 902.4 Pennon♦ 736.50 21.50 925.00 714.50 4.07 23.53 4452.9
Rotork 199.50 5.50 289.00 188.10 2.51 17.38 2003.4 Barrick C$ 9.39 -0.18 20.03 8.60 2.12 -3.08 3811.0 Intertek 2493 70.00 2851.78 2141 1.97 21.17 673.9
CtyLonInv 340.50 7.25 380.37 251.25 7.57 15.98 13.6 SEGRO♦ 425.90 12.20 466.70 330.90 3.55 3.98 1688.9 UtdUtils 849.50 17.50 1045 784.00 4.31 21.40 2611.7
Severfd♦ 66.75 3.25 73.00 57.00 - 1390.63 109.3 BHP Bltn 1021 53.50 1961.5 955.60 7.65 8.81 17067.6 Latchways♦ 720.00 5.00 1040 705.01 5.50 19.01 2.9
CloseBrs 1464 79.00 1857.39 1284.75 3.35 13.41 296.0

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap 399.00 7.88 500.00 351.00 6.64 15.71 42.8 Insurance Enegi Oil 0.63 - 4.18 0.58 - -0.24 150.0 NewRiver 328.50 8.50 342.00 271.00 2.59 17.77 1010.0 Tech - Hardware
Cohort 370.00 16.00 390.00 195.40 1.19 26.93 22.3 Share 27.50 0.25 41.68 26.75 2.25 292.55 8.0 Gable 25.25 1.50 84.00 16.75 - -7.07 183.9 EuropaOil 4.88 - 10.75 4.50 - -6.92 419.9 Palace Cap 365.00 - 405.00 295.00 2.33 4.55 3.8 AminoTech 158.00 6.00 171.00 75.24 3.16 14.07 103.2
ShoreCap 407.50 -7.50 431.50 400.00 2.21 19.60 0.5 Helios 192.50 2.50 200.00 120.00 0.78 15.74 5.5 FalkldO&G 21.50 0.75 45.00 16.75 - -46.34 832.5 PnthrSec 352.50 -5.00 375.00 300.00 3.40 13.51 2.7 IQE 23.50 1.00 26.50 12.08 - 97.51 705.3
Banks STM Group 48.50 - 55.90 16.50 - 29.18 7.1 GETECH 54.50 - 71.70 32.00 4.04 8.26 21.0 PSPI 30.50 - 31.00 23.00 - -5.65 12.8
BCB Hldgs 7.50 - 13.50 6.00 - -1.27 545.5 WH Ireland 108.50 -6.50 130.00 79.00 1.84 41.75 89.7 Media Infrastrata 1.38 -0.75 8.88 1.40 - -1.20 2880.2 SiriusRE € 0.48 0.00 0.53 0.28 2.21 10.39 114.4 Tech - Software & Services
STB♦ 2875 50.00 3024 2257 2.37 20.89 9.8 Avesco 201.50 9.00 233.00 95.00 2.98 14.04 80.1 Iofina 16.50 1.00 65.56 15.00 - -4.93 560.0 SumGermny €♦ 0.91 -0.02 0.99 0.50 2.07 3.60 13.7 Blinkx 19.25 -2.75 45.00 14.75 - -5.51 8300.8
Food & Beverages Cello Gp 93.00 2.00 106.70 81.00 2.59 35.32 86.4 Ithaca Engy 32.00 3.75 137.50 26.25 - -5.98 1473.7 TaliesinPr 2312.5 - 2545 1750 - 8.38 0.2 BondInt 124.50 -3.00 148.25 83.00 1.77 24.10 6.7
Basic Resource (Ex Mining) FinsbryFd 98.00 2.50 101.98 56.00 1.02 13.14 140.2 M&Csaatc 324.00 5.00 395.00 249.75 1.74 -1367.09 129.9 Brady 98.50 1.00 110.13 64.00 1.73 176.52 46.6
KBC Adv 115.00 4.00 130.31 77.00 0.87 20.78 159.1 Winkworth♦ 155.00 -4.50 180.00 115.00 3.81 13.14 11.0
CropperJ 502.75 5.25 570.00 355.00 1.57 24.99 5.5 Nichols♦ 1396 4.00 1459 834.56 1.60 24.18 11.8 MissionMk 45.50 0.50 51.00 37.00 2.20 9.00 45.2 Datatec 350.00 - 369.66 261.25 3.14 14.66 1.5
Max# 0.16 - 1.38 0.08 - -0.08 634.1
PureCircle 402.50 -7.50 635.00 352.24 - 313.47 102.6 Next15Cm 184.00 -0.50 198.00 116.00 1.50 119.02 39.1 Retailers DDD 2.75 - 5.05 1.25 - -2.86 30.3
Chemicals PetrelRes 2.50 - 7.50 2.00 - -1.09 18.0
RealGdFd 53.00 1.50 59.40 23.00 - 62.35 22.1 YouGov 118.50 -1.00 133.00 98.50 0.68 213.13 7.7 Petroceltic 44.00 -1.00 224.00 42.75 - -0.48 81.6 ASOS 3022 141.00 4259 1742 - 69.48 834.9 Eckoh 38.25 0.25 48.50 33.00 0.82 45.21 569.0
Scapa 195.00 3.00 225.25 120.00 0.51 31.43 152.0
Wynnstay 557.50 -2.50 607.25 474.52 1.83 15.71 10.8 PetroNeft 4.25 -0.20 6.65 3.60 - -5.23 558.0 Koovs 70.50 -2.00 171.00 60.00 - - 2.5 EgSoltns 63.50 - 84.00 62.00 - 18.03 2.0
Construction & Materials Mining Majestic 411.25 6.75 480.00 280.00 3.89 20.19 101.5 Iomart♦ 245.00 10.00 285.75 159.93 0.71 29.73 67.6
Health Care Equip & Services Plexus 198.00 9.00 268.87 165.00 0.56 31.87 44.1
Abbey 1012.5 - 1050 800.00 0.79 7.55 0.1 AMC 14.50 - 44.58 2.77 - -71.78 2322.7 StanlGib 208.00 -1.00 322.00 206.40 3.49 52.31 122.8 K3BusTc 267.50 - 275.00 205.00 0.47 29.69 14.4
Advnc Med 146.75 3.25 161.00 111.00 0.43 24.13 259.7 PresidentEn 9.75 0.68 39.48 9.00 - 4.34 414.3
AccsysTch 70.00 3.50 81.50 0.93 - -6.90 69.3 BotswanaD 0.78 0.03 4.15 0.72 - -1.66 53.9 Monitise 5.35 0.47 52.50 4.36 - -1.06 22675.4
AVO 7.25 0.38 16.90 3.50 - -9.67 2049.9 Rockhop 45.00 3.75 95.50 40.00 - -8.80 940.2 Support Services
Aukett 6.63 - 9.50 5.76 3.17 8.69 132.5 CentAsiaM 156.00 5.00 198.00 135.16 6.73 4.41 6524.2 OMG 42.00 - 49.00 26.00 1.19 121.04 2.7
CareTech 242.50 -1.00 263.25 190.00 3.30 11.44 60.0 Sound Oil 15.75 1.13 26.73 8.75 - -11.52 1373.3 AndSyks 340.00 - 385.00 260.00 7.00 15.43 0.5
Connema 1.50 -0.13 3.81 0.25 - -2.60 323.1 Progility 3.00 -0.13 10.30 2.75 - 3.18 54.6
TowerRes 0.17 - 0.88 0.09 - -0.16 5642.0
Electronic & Electrical Equip ImmunDiag 306.00 - 479.00 264.40 2.78 38.29 5.8 C'royG&NR 0.65 - 1.60 0.50 - -7.07 81.9 Augean 57.00 0.50 62.00 37.65 0.61 12.64 61.1
Pub Tech 136.00 1.00 240.00 120.00 - -4.19 10.0
SphereMed 13.25 -0.25 31.00 12.00 - -1.49 134.6 TrinityE 3.15 -0.38 93.57 3.00 - -0.03 127.6 Begbies 42.50 - 54.76 38.50 5.33 16.61 9.5
CeresPow 8.90 0.16 11.75 6.50 - -6.47 12.2 GrekaDrill 5.58 0.20 16.80 5.32 - -6.01 852.6 SciSys 64.00 - 96.75 38.50 2.34 8.82 1.0
Tristel 97.00 5.50 107.99 65.00 1.67 24.18 107.6 UnJackOil 0.17 0.03 0.48 0.14 - -4.25 7354.3 Christie 133.00 -3.00 162.00 115.00 1.32 14.79 12.0
Densitrn 8.38 - 9.75 3.50 - 288.79 12.5 Herencia 0.13 -0.02 0.49 0.12 - -1.60 6590.6 WANdisco 176.00 -9.00 545.00 170.30 - -1.72 22.8
VictorOil 49.25 -0.25 89.05 1.21 - -1.43 212.7 Empres 72.50 6.00 91.50 38.13 0.48 9.63 205.9
ElektronT 7.13 -0.13 8.70 3.25 - 71.25 238.6 House, Leisure & Pers Goods HighldGld 48.50 -0.25 71.50 17.73 10.93 -9.86 246.3
VolgaGas 55.50 -3.50 121.00 55.00 4.33 5.46 12.0
FlowGp 12.75 0.13 50.00 12.20 - -3.23 972.2 KarelianDd 0.93 - 2.08 0.80 - -13.21 470.4 Hargreaves 337.50 -1.75 815.00 280.00 7.56 3.58 229.3 Telecommunications
Airea 19.50 - 20.80 10.25 3.08 12.71 5.6 Hydrogen 53.50 - 90.25 48.25 8.60 -127.38 1.0
LPA 63.00 0.50 112.00 60.00 2.46 55.65 5.8
Churchll 517.50 -15.00 630.00 425.00 2.86 16.82 15.2
KEFI Min 0.75 - 1.80 0.67 - -1.86 4103.7 Pharmaceuticals & Biotech AltNetwks 490.13 15.13 545.00 415.00 2.96 26.46 7.1
ThorpeFW 180.00 3.00 196.00 120.00 1.81 19.92 48.9 OracleC 1.50 0.03 2.00 0.25 - -7.28 323.9 Abcam 572.50 21.00 614.50 355.25 1.35 32.58 387.4 Impellam 795.00 -22.50 859.60 455.00 0.79 12.98 3.9 AvantiCom 207.00 6.75 325.00 170.25 - -3.69 68.3
gamingrealm 22.75 0.25 41.00 20.00 - -4.87 57.7 ISG 158.00 0.50 356.00 140.00 5.98 -5.77 13.8
Zytronic 293.50 -1.50 319.00 219.00 3.41 14.35 11.2 RamblMtls 8.75 -0.75 27.40 8.50 - -30.49 213.5 AllcePharm 54.25 1.50 63.00 31.65 1.73 17.18 216.6 Peoples Op 130.00 5.00 147.60 120.00 - -57.40 0.5
Mulberry 905.00 5.00 969.00 562.50 0.55 -385.60 3.3 JhnsnSrv 84.25 0.25 91.00 56.00 1.55 29.05 339.2
ShantaGold 4.75 - 13.00 4.25 - 3.92 890.0 Epistem 192.50 - 339.00 175.00 - -6.43 1.0
Financial General Portmern 905.00 2.50 960.00 840.00 2.93 14.81 26.1
SierraRut 22.25 - 38.00 17.00 - -19.03 8.6 JourneyGp 176.50 - 180.47 113.00 1.63 15.29 4.9 Travel & Leisure
SinclairW# 9.38 -0.25 72.00 9.55 - -1.16 22.9 e-Thera 33.25 -0.75 49.40 24.25 - -11.29 63.8
Ambrian 6.50 - 12.50 5.25 - 19.70 24.7 Sirius Min 16.50 0.25 29.50 6.40 - -32.80 4818.5 LonSec 2100 -45.00 2450 1900 2.95 20.31 0.0 CastleStIn 34.00 -1.25 41.25 17.00 8.82 - 44.2
TelfordHms 391.50 12.00 495.00 317.50 2.61 12.01 236.0 GW Phrms 546.00 10.00 708.55 299.11 - -35.85 354.6
Arbuthnot 1453.5 58.50 1650 1000.00 1.86 19.96 4.2 SolGold 1.90 0.03 7.06 1.78 - -3.61 951.6 Matchtech 565.00 - 587.80 495.00 3.54 17.62 2.7 Celtic 75.25 - 79.00 72.81 - -19.58 1.3
WalkerGb 219.00 0.50 244.85 151.05 0.88 26.47 27.7 HtchChMd 1795 15.00 2020 1010 - 1602.68 8.5
Aurora 9.13 - 12.88 8.00 - -0.93 0.9 Stratex 2.18 -0.08 3.22 1.00 - -4.17 1729.1 NewmkSec 3.08 0.05 4.93 1.66 2.44 6.54 294.3 ..6%CvPf♦ 65.00 - 80.00 35.00 4.98 - 0.5
ImmuPhar 41.00 - 67.00 37.00 - -11.94 216.7
BP Marsh 138.50 1.00 156.75 121.00 1.99 8.20 12.5 Industrial Engineering Xtract Res 0.26 0.01 0.49 0.06 - -2.83 92122.1 NormanBr 12.50 1.00 25.00 8.50 - -1.36 525.0 ..Cv Pf 135.00 - 150.00 120.00 - - 16.0
ReNeuron 5.25 0.45 6.50 2.80 - -11.67 3714.3
BrooksMac 1805 50.50 1900 1300 1.44 28.82 4.4 ZincOx 10.75 0.38 18.00 6.00 - -0.79 568.3 NWF 155.00 2.00 165.00 120.00 3.29 12.17 24.3 Dalata 293.00 3.00 299.00 111.15 - 103.86 10.9
600 Grp 17.00 -0.38 21.40 14.60 - 6.60 85.0 Sareum 0.21 - 0.68 0.19 - -3.62 4271.8
Camellia 9570 -30.00 10000 8450 1.31 93.21 1.2 Optimal Pay 263.75 10.50 575.00 215.00 - 21.93 9819.9 Dart 450.00 21.00 500.00 200.00 0.64 20.27 594.4
Molins 75.00 3.50 161.00 68.01 7.33 -48.73 53.2 SinclairIS 37.75 2.50 48.00 23.30 - -14.47 711.0
CaptlMgt 117.00 - 200.00 103.00 - -1.50 0.0 Oil & Gas PennaCns 216.00 3.50 230.00 116.00 1.62 14.31 9.0 GoalsSocc 198.50 - 242.00 195.00 0.93 22.33 1.0
MS Intl 170.00 -2.50 201.80 116.00 4.71 20.74 1.6 Vernalis 75.00 4.00 85.00 41.75 - -112.78 263.3
Fairpoint 158.00 2.00 170.00 105.66 3.89 24.19 59.3 AlkneEng 22.75 1.25 40.35 19.50 0.88 10.18 202.9 Petards 11.50 - 15.99 9.75 - 10.37 40.8 MinoanGp 7.25 0.25 15.73 6.75 - -11.49 182.4
Pres Tech 208.50 7.50 750.00 180.00 4.03 12.64 13.8
Leeds 31.00 -3.00 43.79 30.00 - 8.12 7.4
TP Group 3.75 - 7.40 3.00 - -4.24 84.9
AmeriRes 23.50 1.00 67.25 19.10 - 14.38 3012.1 Real Estate RedhallGp 11.00 0.25 18.50 8.50 - -0.38 2.0 PeelHtls 103.50 -1.00 110.00 75.00 - 22.16 6.0
MattioliWds 575.00 6.50 580.00 414.00 1.58 25.75 12.5 AndesEnrg 27.75 -1.75 49.42 16.50 - -20.48 23.5 Conygar 175.50 - 195.00 160.00 1.00 8.90 24.6 Renew 322.50 4.00 348.00 237.00 1.55 18.69 126.9
Miton 25.38 -0.13 38.50 18.50 2.13 -7.76 39.0 Industrial General BahamasP 2.04 0.16 4.70 1.50 - -8.70 1410.9
Utilities
FltchKng 45.50 - 65.00 38.00 6.59 6.33 3.0 Restore 243.00 4.00 289.00 195.24 0.86 40.53 100.4
MAB 297.50 1.00 309.26 160.00 - 31.03 29.1 BorSthnPet 2.61 0.31 13.90 2.07 - -5.06 5762.0 ModernWtr 11.13 - 29.00 10.50 - -0.50 5.1
Powerflte 74.00 2.00 80.00 35.00 1.42 46.02 28.4 InlandHms 68.25 1.00
74.00 45.00 0.88 21.58 682.6 SafeCharge 255.00 -1.50 297.00 195.00 0.72 38.33 691.8
Numis 245.00 1.00 280.00 196.09 4.29 18.61 38.3 Circle Oil 5.38 0.25 28.70 5.00 - -0.88 1392.7 RenEnGen 46.50 - 68.00 46.00 4.73 -32.49 33.7
RM2 64.00 3.00 77.00 46.00 - -6.72 787.6 Lok'nStor 280.00 - 300.30 199.17 2.50 119.00 19.6 Servoca 22.50 -2.75 26.03 11.00 - 16.74 507.2
Park Grp 68.00 -0.50 77.50 47.00 3.75 14.78 16.4 ClontarfEn 0.35 - 1.40 0.26 - -3.80 165.0 Rurelec 1.63 - 6.48 1.32 - -3.10 138.4
Symphny 7.50 0.50 11.22 6.50 - -32.05 182.1 LXB Retail 78.50 -0.50 149.00 77.00 - - 280.5 Utilityws 156.00 7.75 311.05 142.00 2.56 10.88 1166.7
Egdon Res 11.75 0.50 25.93 6.24 - -7.53 41.0 SeaEnergy 7.25 - 39.50 7.00 - -1.61 287.1

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 102.75 -0.25 107.89 102.00 - - - JPMGIConv 90.50 0.50 112.00 90.00 6.22 99.1 -8.7 ScotAmer♦ 238.75 5.75 276.50 221.99 4.42 226.8 5.3 Albion Ent♦ 90.50 - 91.75 85.00 5.52 98.0 -7.7 Marwyn Val 220.00 0.50 251.93 196.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin Inv 670.00 21.00 706.00 565.20 3.52 658.6 1.7 JPM GEI 93.75 6.75 130.00 86.11 5.23 92.0 1.9 Scottish In 576.50 15.50 670.00 536.00 2.08 633.0 -8.9 AlbionTech 76.00 -0.50 78.49 71.25 6.58 79.2 -4.0 TerraCat 106.00 0.50 112.00 90.00 - - -
3i Infra 164.60 0.10 189.56 151.00 4.54 - - Edin WWd 431.00 15.00 502.44 332.25 0.46 444.9 -3.1 JPM I&C Uni 361.50 - 370.00 330.06 - 344.5 4.9 ScottMort 242.30 7.50 283.40 204.00 1.20 230.3 5.2 AlbionVCT 66.00 - 68.65 63.00 7.58 67.1 -1.6
AbnAsianIn 155.25 7.50 213.80 142.50 5.28 160.6 -3.3 EP Global 224.50 3.50 262.10 207.04 1.47 226.3 -0.8 JPM Inc&Gr 106.00 0.25 115.85 98.50 2.08 108.1 -1.9 ScottOrtll 705.00 42.00 900.00 660.00 1.63 773.1 -8.8 ArtemisVCT 63.50 1.00 70.52 59.23 6.30 69.5 -8.6 ISDX
AbnAsian 700.00 27.00 1014 653.77 1.43 798.8 -12.4 Estabmt 145.00 -5.00 188.00 145.00 3.24 189.8 -23.6 JPM Ind 487.00 37.00 605.50 430.00 - 530.3 -8.2 SecTstScot 128.88 3.88 148.00 123.00 3.72 132.6 -2.8 Baronsmd 76.13 - 75.60 69.50 4.60 79.1 -3.8
Euro Ast♦ 1035 32.50 1160 800.00 5.05 1017.9 1.7 JPM JpSm 216.88 4.88 261.75 184.00 - 250.7 -13.5 Seneca I&G♦ 139.88 0.38 150.00 131.00 4.00 139.9 0.0 ..VCT 2 98.63 - 99.00 91.00 4.56 102.5 -3.8 52 Week Vol
AbnJapInv 470.50 14.00 571.00 357.50 0.96 469.3 0.3
EuroInvT 753.00 43.00 849.00 659.33 1.86 776.2 -3.0 JPM Jap 257.50 14.50 307.95 195.00 1.09 278.9 -7.7 Shires Inc 224.13 4.88 261.00 214.00 5.35 236.2 -5.1 ..VCT 3 102.25 2.88 104.70 94.00 7.33 105.4 -3.0 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn 48.50 1.50 85.68 44.25 8.76 53.1 -8.7
F&C Cp&I 256.00 5.00 277.00 231.75 3.87 251.0 2.0 JPM Mid 956.00 71.00 992.00 669.10 1.88 981.8 -2.6 StdLf Eqt 453.63 23.63 471.46 362.50 3.09 449.5 0.9 ..VCT 4 94.88 - 94.35 86.75 3.16 98.1 -3.3 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
..Sub 0.20 -0.05 2.63 0.10 - - -
F&CGblSmlr 906.00 11.00 1028.92 781.00 0.90 910.6 -0.5 JPM O'seas 950.00 20.00 1159 890.95 1.58 1038.4 -8.5 StdLf Sml 320.25 18.75 340.00 256.00 1.41 346.6 -7.6 ..VCT 5 78.13 -0.25 78.88 72.00 5.12 79.6 -1.8 ShephdNm 1140 - 1260 1000.00 2.27 25.29 1.4
AbnNewDn♦ 148.00 11.00 205.23 136.00 2.43 162.5 -8.9
F&CMgdG 147.00 - 158.00 130.00 - 143.9 2.2 JPMRussian 269.75 10.25 447.00 223.25 4.82 325.1 -17.0 StrategicEq 223.00 5.75 241.50 153.65 0.35 214.6 3.9 BSC VCT 88.00 - 91.80 82.00 6.25 96.2 -8.5 Thwaites 109.00 - 132.00 108.00 4.09 9.82 3.0
AbnNewThai 346.25 22.25 489.88 324.00 2.31 406.5 -14.8
AbnSmlCo 211.50 3.00 229.00 174.00 3.11 249.4 -15.2 F&CMgdI 115.00 -1.00 130.00 110.00 4.30 113.3 1.5 JPMSnrSec 90.00 0.50 101.00 89.22 - 93.6 -3.8 Temp Bar 1109 39.00 1274 1040 4.22 1113.0 -0.4 ..VCT2 57.00 - 60.50 51.98 7.89 62.5 -8.8
Abn UK♦ 296.25 12.25 334.75 281.83 3.44 305.0 -2.9 FidAsian 201.75 4.50 285.50 195.50 0.55 219.0 -7.9 JPM Smlr 854.50 26.50 868.00 527.00 1.12 998.7 -14.4 TempEmerg 397.50 18.40 626.64 370.00 1.82 446.9 -11.1 Crown Place 29.00 - 30.50 27.75 8.62 28.1 3.2
Abf Gd Inc♦■ 197.25 7.25 212.00 138.25 3.73 216.7 -9.0 FidChiSpS 118.80 6.80 179.78 105.06 0.97 111.9 6.2 JPM US Sml 164.00 7.75 193.75 135.77 - 170.6 -3.9 TRIG♦ 100.25 -0.25 109.00 99.00 5.49 - - FrsightSol 103.50 - 106.00 95.00 5.80 108.4 -4.5 Guide to FT Share Service
Abf Sml♦ 1179 51.00 1235 966.00 2.10 1272.0 -7.3 Fid Euro 169.80 7.20 187.50 137.40 1.83 173.6 -2.2 JupUSSmCo 586.00 8.00 704.03 578.00 - 664.6 -11.8 ThreadUKSel♦ 168.00 - 181.78 160.00 2.59 179.6 -6.5 Inc&GthVCT 93.50 - 104.00 88.25 19.25 103.6 -9.7
AcenciADbt $ 1.56 - 114.00 1.55 4.03 1.7 -8.2 Fid Jap 76.63 2.63 88.25 64.00 - 85.4 -10.3 KeystoneInv 1760 38.00 1900 1651.76 2.87 1821.8 -3.4 TREurGth 602.00 36.00 661.00 438.00 1.08 656.2 -8.3 KingsAYVCT 18.00 - 19.50 17.25 5.56 19.8 -9.1
AdvDvpMk 365.38 13.38 483.00 350.00 - 401.4 -9.0 Fid Spec 201.00 17.00 217.00 159.37 1.64 - - Law Deb♦ 476.00 13.50 545.50 452.50 3.30 441.7 7.8 TroyInc&G 67.25 2.50 74.71 60.00 3.38 67.2 0.1 Maven I&G 66.00 - 67.50 59.50 6.82 64.9 1.7
Alliance 450.60 10.50 531.50 420.20 2.20 519.5 -13.3 FinsG&I 548.50 12.00 609.36 464.25 2.13 546.0 0.5 LinTrain £♦■ 472.00 32.50 537.00 364.40 1.43 394.9 19.5 UtilicoEmg♦ 155.75 12.75 206.09 142.94 3.92 171.7 -9.3 MavenVCT2 52.25 - 56.75 49.00 7.37 59.4 -12.0 For queries about the London Share Service pages e-mail
AllianzTech 557.00 32.00 640.43 463.07 - 567.0 -1.8 FstPacfic H HK$ 4.99 -0.09 9.48 4.95 4.23 - - Ln&StLaw♦ 351.88 17.88 384.00 330.80 3.92 359.6 -2.1 UtilicoInv♦ 112.75 2.75 128.25 103.00 6.65 127.7 -11.7 MavenVCT3♦ 73.75 - 79.00 70.00 2.71 86.8 -15.0 [email protected].
AltAstsOps 38.25 -0.25 47.00 36.50 - 43.3 -11.7 For & Col 413.10 11.50 467.90 365.00 2.28 441.9 -6.5 Lowland 1342 55.00 1440 1219 2.83 1320.4 1.6 ValAndInc 237.00 8.50 274.00 228.50 3.67 304.5 -22.2 MavenVCT4 84.50 - 88.39 80.00 5.62 98.4 -14.1 All data is as of close of the previous business day. Company classifications
Art Alpha 254.25 4.75 306.50 249.50 1.28 318.1 -20.1 Geiger 14.25 - 27.95 13.00 - 16.1 -11.5 M&GHighInc 161.00 1.50 179.95 148.00 2.86 162.4 -0.9 Witan 725.00 36.50 850.00 642.00 2.16 724.0 0.1 MavenVCT5♦ 34.75 - 37.00 32.00 2.88 42.6 -18.4 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 19.50 -0.75 44.73 18.10 6.15 - - GenEmer 426.90 26.40 583.00 391.70 - 471.1 -9.4 Majedie 246.00 15.25 283.00 206.41 3.05 249.9 -1.6 WitanPac 212.00 2.00 274.75 203.03 2.12 241.8 -12.3 Nthn 2 VCT 69.75 - 88.00 67.25 2.87 74.1 -5.9 100 constituent stocks are shown in bold.
AsianToRt 174.00 2.25 224.00 163.25 1.87 188.2 -7.5 GFIS 16.00 - 28.39 15.00 - 45.2 -64.6 Man&Lon 233.88 3.00 260.49 219.00 3.20 269.1 -13.1 WorldTst♦ 237.50 -1.50 285.25 212.00 0.22 267.0 -11.0 Nthn 3 VCT 90.00 - 104.00 88.00 6.11 95.4 -5.7 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 151.50 - 166.79 144.00 2.51 156.8 -3.4 GRIT 11.13 -0.63 35.00 9.79 - - - MCGlobPort 163.25 6.50 195.00 155.00 2.45 164.0 -0.5 WwideHlth 1815 100.00 2108.5 1355 0.77 1863.1 -2.6 NthnVent 76.00 - 85.36 74.50 7.89 79.8 -4.8 are based on intra-day trading over a rolling 52 week period. Price/earnings
BG Japan 426.25 29.25 493.25 316.50 - 388.1 9.8 GoldenPros 19.75 -1.13 41.83 18.00 - 23.2 -14.9 MCurPac 246.25 9.25 336.00 236.73 3.05 284.6 -13.5 ProVenGI 79.00 - 81.25 76.00 5.06 83.6 -5.5 ratios (PER) are based on latest annual reports and accounts and are updated
Conventional - Private Equity 52 Week Dis(-)
BG Shin 361.00 42.50 424.00 282.50 - 345.5 4.5 Hansa 823.50 8.50 988.00 814.98 2.31 1099.9 -25.1 MercantIT 1719 93.00 1762.96 1316.55 2.33 1856.7 -7.4 ProVenVCT 94.50 - 97.89 89.50 4.76 100.5 -6.0 with interim figures. PER is calculated using the company’s diluted earnings
Price +/-Chg High Low Yld NAV or Pm
BSRT 21.00 - 39.80 19.00 - 38.8 -45.9 ..A 806.50 -5.00 942.00 795.00 - 1099.9 -26.7 MrchTst 439.00 17.00 506.33 413.00 5.40 437.7 0.3 UnicornAIM 133.00 - 135.79 122.00 4.51 153.5 -13.4 from continuing operations. Yields are based on closing price and on dividends
Hend Alt 220.50 5.50 254.00 215.00 1.36 265.9 -17.1 Mid Wynd 318.50 - 352.50 260.07 1.19 303.1 5.1 AbnPvtEq♦ 83.38 0.38 96.00 80.28 2.68 118.1 -29.4
Bankers♦ 585.00 23.00 674.50 506.00 2.58 580.6 0.8 Ordinary Income Shares 52 Week HR paid in the last financial year and updated with interim figures. Yields are
Hen Div 89.25 1.25 95.50 87.50 5.71 88.6 0.7 MitonUKMic 53.25 1.00 56.25 50.00 - - - Altamir € 10.05 0.10 11.82 9.43 - 16.3 -38.3
BrngEmEu 455.00 11.00 679.00 432.00 4.18 511.9 -11.1 Price +/-Chg High Low Yld WO GRY 0% shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuroF 1024 79.00 1148.5 816.47 2.29 991.7 3.3 MitonWw 158.50 0.50 164.65 149.00 - 169.0 -6.2 Dun Ent 315.25 7.00 409.00 305.00 5.23 514.8 -38.8
BH Global 1300 -1.00 1343.6 1178 - 1384.0 -6.1 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenEuro 831.50 42.50 957.00 678.25 2.10 834.1 -0.3 MMP 3.13 - 5.00 3.00 - - - Electra 3190 15.00 3349.01 2338 - 3602.2 -11.4 JPM I&C 97.00 0.25 106.00 86.00 6.70 -13.4 -9.0
..EUR € 12.00 - 14.00 11.80 - - - capital changes where appropriate.
HenFarEs♦ 267.00 25.25 362.00 238.25 6.93 256.8 4.0 Monks 384.70 7.10 458.90 348.40 1.03 418.6 -8.1 ElectraPrf 151.25 - 152.05 144.25 - 145.7 3.8 JupiterDv&G 4.50 - 5.50 3.50 16.44 9.4 -34.5
..USD $ 12.85 -0.07 13.35 11.70 - 13.6 -5.5 Trading volumes are end of day aggregated totals, rounded to the nearest
HendGlob 350.38 7.38 416.81 336.20 2.85 399.8 -12.4 MontanSm 484.00 24.00 544.00 390.50 1.45 551.2 -12.2 F&C PvtEq 218.00 3.25 230.00 197.00 4.93 279.3 -21.9 M&GHI&Gt 58.75 0.25 67.00 55.00 - -14.0 -22.0
BH Macro 2066 - 2191 1938 - 2183.0 -5.4 1,000 shares.
HenHigh 176.75 7.75 195.25 156.50 4.92 171.4 3.1 Mur Inc 672.00 25.50 796.60 646.50 4.88 709.8 -5.3 GraphEnt 574.50 16.50 605.00 536.10 1.31 689.0 -16.6 Rghts&Icp 4750 - 4900 3800 - -79.0 -4.7
..EUR € 20.00 -0.10 21.10 18.71 - 21.1 -5.2
HenInt Inc♦ 113.75 5.13 137.69 103.00 3.78 110.6 2.8 Mur Int 828.00 16.00 1123 787.96 5.43 807.2 2.6 HVPE $ 13.45 -0.02 13.85 11.92 - 16.4 -18.0 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.76 0.25 21.10 18.67 - 21.0 -5.9 Income Shares 52 Week HR
Hen Opp♦ 1002.5 57.50 1059.1 755.00 1.25 1036.8 -3.3 ..B 750.00 -25.00 1445.47 731.00 - 809.9 -7.4 HgCapital 1094 16.00 1169 1006 2.93 1303.1 -16.0 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 711.50 33.50 898.92 492.52 - 750.4 -5.2 Price +/-Chg High Low Yld WO GRY 0%
HenSmlr 660.00 45.00 696.00 468.13 1.74 718.2 -8.1 NB DDIF $ 1.16 0.00 1.25 1.00 - - - JPM Pvt Eq $ 1.01 -0.01 1.07 0.76 - 1.3 -22.3 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom 59.00 2.00 119.88 55.25 10.19 60.0 -1.7 JPM In&Gr 96.00 - 100.50 90.15 4.58 -69.0 9.9
Herald 687.00 35.50 742.50 594.00 - 831.2 -17.3 NewCtyEgy 13.50 - 37.00 10.50 - 17.3 -22.0 JZ Capital 437.00 - 480.00 390.00 - 675.7 -35.3 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 179.25 13.25 247.00 164.58 1.29 202.5 -11.5 M&GHghIc 56.00 2.50 63.00 51.00 - -13.9 -17.5
HICL Infra 153.70 0.30 161.40 140.10 5.88 138.0 11.4 ..Sub 0.13 - 0.15 0.06 - - - Mithras 136.25 -0.75 151.91 130.00 0.73 162.9 -16.4 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 101.25 3.25 133.28 95.25 4.11 104.1 -2.7 Rghts&I 1075 -50.00 1245 895.00 3.35 - 44.4
Impax Env. 141.50 1.50 167.75 136.00 0.99 157.5 -10.2 NewCityHY♦ 56.50 2.75 66.50 52.00 7.49 56.7 -0.4 NB PE Ptnr $ 11.61 -0.04 12.20 10.80 - - - in pence.
BlckRGtEur 239.00 12.75 264.50 201.75 1.97 246.2 -2.9
Ind IT♦ 345.00 3.50 364.00 268.50 1.45 351.4 -1.8 NewIndia 289.38 24.38 371.30 263.00 - 331.3 -12.7 Nthn Invs 546.50 -30.00 665.00 385.25 1.83 526.7 3.8 Capital Shares 52 Week HR
..Sub 10.63 1.63 25.63 8.50 - - -
Intl PP 136.30 -0.30 140.59 130.34 4.57 124.0 9.9 New Star IT 73.50 - 77.91 65.45 - 103.7 -29.1 Pantheon 1255 21.00 1355 1140 - 1543.4 -18.7 Price +/-Chg High Low SP WO TAV 0% X FT Global 500 company
BlckR I&G♦ 174.50 1.50 193.00 158.01 3.27 176.6 -1.2
InvAsTr 157.00 4.00 213.58 147.00 2.20 176.0 -10.8 NorthAmer 755.00 25.00 906.45 729.50 3.77 822.8 -8.2 PantheonR 1235 -50.00 1300 1058 - 1543.4 -20.0 JPM Inc&Gr 10.75 0.63 15.19 9.00 6.5 - 0.1 ♦ trading ex-dividend
BlckRIncStr 135.50 8.75 140.50 119.25 4.76 130.5 3.8
Inv Inc 286.50 14.50 305.00 255.00 3.49 293.1 -2.3 NthAtSml 2015 17.00 2050 1625.86 - 2527.3 -20.3 PrincssPE € 7.51 0.04 8.12 6.50 7.01 9.1 -17.5 M&GHghIc 2.58 0.15 5.39 2.00 15.2 14.3 - ■ trading ex-capital distribution
BlckRckLat 278.63 11.13 508.45 267.02 6.90 326.4 -14.6
InvPerp 71.50 - 79.00 70.00 6.99 69.3 3.2 Oryx Int 547.50 15.00 565.00 375.00 - 614.9 -11.0 Riverstone 864.00 13.50 1114 822.00 - 1039.0 -16.8 # price at time of suspension from trading
BlckRckNrAm♦ 106.25 3.25 124.50 98.75 3.76 112.7 -5.7 Zero Dividend Preference Shares 52 Week HR
IPST BalR 118.75 -0.50 123.00 114.00 - 115.2 3.1 PacAsset 174.00 14.75 226.15 156.25 1.49 175.8 -1.0 StdLfEuPv 202.50 4.00 236.42 198.00 2.47 262.0 -22.7
BlckRSmlr 901.50 30.50 969.39 697.00 1.43 1013.3 -11.0 Price +/-Chg High Low SP WO TAV 0% The prices listed are indicative and believed accurate at the time of publication.
BlckRThrmt 328.75 13.75 351.79 238.00 1.34 376.2 -12.6 IPST Gbl Eq 154.00 -1.00 172.00 138.00 2.99 148.4 3.8 PacHorzn 148.00 4.75 223.77 142.50 0.95 162.9 -9.1 Conventional - Property ICs 52 Week Dis(-) Abf Gd Inc 150.50 -0.63 153.25 143.00 -45.0 - 159.7 No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld 208.00 3.50 496.44 202.00 10.10 239.0 -13.0 IPST Mngd 102.25 -0.25 104.00 100.75 - 103.2 -0.9 Perp I&G 400.00 12.00 431.00 350.81 3.03 391.8 2.1 Price +/-Chg High Low Yld NAV or Pm EcofinWatr 154.13 - 155.10 149.75 -68.0 -86.5 160.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 190.00 1.50 194.60 182.93 - 200.6 -5.3 IPST UK Eq 158.00 - 174.39 143.00 3.89 159.5 -0.9 PerAsset 33815 165.00 36313.1 33436 1.66 33623. 0.6 Direct Property JPM I&C 174.00 0.13 175.00 165.50 -17.7 - 192.1 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 461.30 11.60 557.08 444.40 2.28 526.1 -12.3 InvPpUK♦ 373.00 12.00 390.46 281.00 1.74 393.5 -5.2 4 JupiterDv&G 110.50 -0.75 114.00 99.50 -4.4 - 122.5
AseanaPr $ 0.55 0.00 0.58 0.43 - 0.6 -8.3 or use of the information.
Brunner♦ 521.75 11.75 584.12 486.00 2.30 573.6 -9.0 Invs Cap A 92.50 -0.50 102.00 87.00 4.84 94.3 -1.9 PolarFins♦ 104.50 5.50 112.84 92.00 2.97 106.4 -1.8 JZ Capital 357.50 - 358.90 342.50 -85.6 -97.6 369.8
AXA Propty 44.75 -1.13 47.50 39.45 - - -
Calednia 2244 80.00 2517.66 2104 2.21 2643.9 -15.1 Invs Cap B 93.50 1.00 103.00 87.03 1.23 94.4 -1.0 ..Sub 7.63 -0.38 13.00 5.00 - - - M&GHghIc 114.38 - 115.29 110.01 -17.9 -94.7 122.8 The London Share Service is a paid-for-print listing service and may not be
CustdnREIT♦ 107.13 -0.13 111.50 104.00 3.50 - -
CanGen C$ 17.80 0.05 22.00 17.08 3.10 24.3 -26.7 Invs CapU 374.00 - 404.95 347.00 - 377.5 -0.9 PolarHealth♦ 169.00 2.00 187.50 142.50 2.10 176.7 -4.4 UtilicoFn16 184.63 0.13 186.00 177.51 -65.3 -98.4 192.8 fully representative of all LSE-listed companies. This service is available to all
F&CComPrp♦ 146.10 1.60 149.00 123.00 4.11 127.1 14.9
Cap Gear 3225 45.00 3575 3125 0.50 3232.7 -0.2 JLaingInf 119.30 - 128.60 116.00 5.45 109.9 8.6 PolarTech 550.00 33.00 614.00 458.80 - 535.6 2.7 UtilicoFn18 139.75 - 146.50 129.00 -18.6 -31.7 160.5 listed companies, subject to the Editor’s discretion. For new sales enquiries
F&CUKRealE 101.25 2.50 104.50 86.00 4.94 97.0 4.4
City Merch 181.88 1.38 194.00 180.50 5.50 178.2 2.1 JPM Amer 256.50 13.50 296.14 236.05 1.27 258.9 -0.9 ProspJap $ 0.94 0.01 1.15 0.91 - 1.2 -21.7 UtilicoFn20 121.38 - 123.75 103.50 -8.0 -10.8 154.9 please email [email protected] or call 020 7873 4012.
InvistaERET 0.10 - 4.30 0.03 - 5.7 -98.2
CityNatRs♦ 82.50 6.50 146.00 75.00 6.79 104.3 -20.9 JPM Asn 188.25 5.25 268.92 182.00 1.17 210.2 -10.4 QatarInvF $ 1.17 0.03 1.49 1.09 - 1.4 -16.4
Longbow 105.50 0.50 106.75 101.25 5.45 - -
City Lon♦ 375.50 13.30 418.35 345.00 3.96 365.4 2.8 JPM Brazil♦ 38.63 0.63 76.49 36.00 2.20 42.0 -8.0 RIT Cap 1531 95.00 1615 1265.55 1.94 1525.0 0.4
PictonProp♦ 72.25 1.75 74.75 60.50 4.15 69.7 3.7 Investment Companies - AIM
DexionAb 186.75 0.75 191.00 167.00 - 197.0 -5.2 JPM China 150.38 5.38 233.96 136.30 1.06 172.0 -12.6 RobecoNV € 30.38 - - - - - -
SLIPropInc 83.75 1.25 90.25 74.75 5.51 77.0 8.8 Data provided by Morningstar
..EUR € 2.53 - 2.65 2.40 - 2.7 -6.3 JPMElct MC 100.00 0.25 101.99 97.01 - 101.8 -1.8 RolincoNV € 28.32 - - - - - - 52 Week Dis(-)
UKComPrp♦ 87.45 1.25 94.00 80.50 4.21 84.3 3.7
..USD $ 3.85 - 3.89 3.60 - 4.2 -8.3 ..MG 582.50 -2.50 635.00 507.66 1.22 578.6 0.7 Ruffer Inv 218.75 4.50 226.00 193.50 - 209.5 4.4 Price +/-Chg High Low Yld NAV or Pm
DiverseInc 89.63 1.88 93.00 73.02 2.62 88.5 1.3 ..MI 95.50 2.00 110.00 92.00 1.78 101.1 -5.5 SchdrAsiaP 240.88 7.38 321.50 226.25 1.14 268.5 -10.3 Property Securities AdFrntMkt 51.25 0.75 65.50 49.00 - 56.5 -9.3
JPM Emrg 519.50 25.50 674.65 486.00 1.06 575.6 -9.7 Schdr Inc 260.38 12.38 348.25 235.50 3.88 266.7 -2.4 SchdrGlbRe 117.63 1.13 132.98 98.88 1.85 120.8 -2.6 CrysAmber 164.00 -2.50 170.00 129.81 0.3 159.8 2.6
Dun Inc♦ 235.00 11.25 275.00 221.50 4.72 243.3 -3.4
JPM EurGth 227.13 10.13 263.00 193.00 2.95 247.3 -8.2 SchdrJap 138.75 6.75 165.00 115.25 1.30 145.9 -4.9 TR Prop 300.00 16.10 325.00 232.40 2.52 307.0 -2.3 GLI Finance♦ 56.13 0.63 65.00 51.00 8.9 - -
Dun Sml 209.38 6.38 229.00 171.30 2.51 240.9 -13.1
EcofinWatr♦ 118.75 1.50 176.75 116.06 5.89 162.8 -27.1 JPM EurInc 124.00 4.00 147.50 104.75 2.06 129.9 -4.5 SchdrOrient 168.25 12.75 215.25 154.00 4.55 167.5 0.4 VCTs 52 Week Dis(-) IndiaCap 55.50 2.25 69.40 46.00 - 69.2 -19.8
JPM EuSm 238.63 14.63 256.00 164.00 1.22 260.3 -8.3 SchdrUK 152.75 5.00 174.00 145.25 3.11 168.1 -9.1
..CULS
EdinDragn
102.25 -0.88 111.70 102.00 -
227.75 13.75 311.00 212.50 0.97
-
256.2
-
-11.1 JPM Clavr♦ 579.00 18.00 645.18 534.51 3.54 603.5 -4.1 SchdrUKMd 479.75 33.25 504.50 402.49 1.77 516.7 -7.2
Price +/-Chg High Low Yld NAV or Pm Infra India
MMP
20.13
3.13 -
-0.38 21.99 10.00
5.00 3.00
-
-
50.2
- -
-59.9
www.morningstar.co.uk
AlbionDev 68.00 -0.50 70.89 66.00 7.35 73.1 -7.0
Wednesday 26 August 2015 ★ FINANCIAL TIMES 21

MANAGED FUNDS SERVICE


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

Artemis Strategic Bond R Q Acc 83.39 88.55 -0.19 4.01 CF Seneca Diversified Income B INC 102.77 - -0.98 5.08 EUR Accumulating Class (H) € 9.23 - -0.06 0.00 UK Gilt Bond £ 1.28 - 0.00 1.98 Corp Pens UK Index Tracker £ 1.83 1.83 -0.09 -

Artemis Strategic Bond R Q Inc 54.27 57.62 -0.12 4.09 CF Seneca Diversified Income N INC 101.84 - -0.97 5.08 EUR Distributing Class € 10.75 - -0.30 2.74 UK Gilt Gross £ 2.03 - -0.01 1.95 Guardian Linked Life Assurance Ltd
ACPI Global UCITS Funds Plc (IRL)
www.acpishard.com Artemis UK Growth R Acc 449.27 476.04 7.32 0.54 Investment Adviser - DSM Capital Partners EUR Distributing Class (H) € 8.93 - -0.06 3.02 UK Long Corp Bond £ 1.37 - 0.00 4.39 Managed Acc £ 17.04 17.94 -0.56 -
Regulated The Westchester X $ 26.31 - -0.46 0.00
Artemis UK Smaller Cos R Acc 1101.29 1184.87 2.25 0.49 GBP Distributing Class £ 9.61 - -0.12 2.95 UK Long Corp Bond - Gross £ 2.46 - -0.02 4.23 Equity Acc £ 30.99 32.62 -1.28 -
ACPI Emerging Mkts FI UCITS Fund USD A $ 107.18 - -1.40 0.00
The Westchester Class 1 GBP Acc £ 18.03 - -0.43 0.00 Fixed Interest Acc £ 17.14 18.04 0.02 -
Artemis UK Special Sits R Acc 499.80 531.32 5.16 1.62 GBP Distributing Class (H) £ 8.99 - -0.07 2.96 UK Long Corporate Bond Fund - Gross Income £ 10.95 - -0.06 4.37
ACPI Global Credit UCITS Funds USD A $ 13.85 - -0.05 0.00
The Westchester Class 2 GBP Acc £ 18.06 - -0.44 0.00 International Acc £ 12.21 12.85 -0.49 -
Artemis US Abs Ret I Acc 104.45 - -0.67 - USD Accumulating Class $ 9.28 - -0.07 0.00 UK Specialist £ 1.79 - 0.03 1.57
ACPI Global Fixed Income UCITS Fund USD A $ 151.75 - -0.18 0.00 Investment Adviser - Morant Wright Management Limited
Artemis US Equity I Acc 104.42 - 0.44 - BlueBay Asset Management LLP (LUX) Dodge & Cox Worldwide Funds plc-Global Stock Fund FIL Investment Services (UK) Limited (1200)F (UK) Retail Share Classes International S-NA Acc £ 6.27 6.60 -0.26 -
Q ACPI India Fixed Income UCITS Fund USD A $ 9.70 - -0.17 - Regulated CF Morant Wright Japan A X 242.39 - -8.69 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ
USD Accumulating Share Class $ 15.12 - -0.63 0.00 Emerging Markets - retail £ 1.13 - 0.04 0.07 International S-PA Acc £ 3.79 3.99 -0.15 -
Artemis US Select I Acc 106.79 - 0.57 - Callfree: Private Clients 0800 414161
ACPI India Fixed Income UCITS Fund USD A3 $ 82.86 - -1.40 0.00 BlueBay EmMkt B-USD $ 281.57 - -2.89 0.00 CF Morant Wright Japan A Inc X 238.81 - -8.56 0.00
GBP Accumulating Share Class £ 15.76 - -0.75 0.00 Broker Dealings: 0800 414 181 Europe Long Term Growth £ 1.54 - 0.00 1.84 International S-EU Acc £ 3.05 3.22 -0.13 -
Artemis US Select I Inc 95.38 - 0.51 -
ACPI International Bond UCITS Fund USD A $ 18.27 - 0.09 0.00 BlueBay EmMktCrp B-USD $ 162.76 - -1.00 0.00 CF Morant Wright Japan B X 257.56 - -9.22 0.58 Authorised Inv Funds
GBP Distributing Share class £ 11.52 - -0.55 0.71 {*}CAR - Net income reinvested
Artemis US Smlr Cos I Acc 113.72 - 0.10 - Managed S-PR Acc £ 6.47 6.82 -0.22 -
BlueBay EmMktSel B-USD $ 143.13 - -1.70 0.00 Unit Trust
CF Morant Wright Japan B Inc X 242.88 - -8.70 0.60
EUR Accumulating Share Class € 19.57 - -1.24 0.00 Fixed Interest S-IL Acc £ 6.48 6.82 0.01 -
Artemis US Ex Alpha I Acc 109.16 - 0.40 - Cash Accum Units 186.34 186.34 0.00 0.00
BlueBay EmMkLocCy B-USD $ 132.65 - -2.46 0.00 CF Morant Wright Nippon Yield ACC A X 248.77 - -8.61 2.31
ACPI Select UCITS Funds PLC (IRL) Dodge & Cox Worldwide Funds plc-International Stock Fund FIL Fund Management (LUX) Deposit Accum £ 4.45 4.68 0.00 -
Cash Fund £ 1.00 1.00 0.00 0.13
Regulated BlueBay GlblConv I-USD $ 184.45 - -0.98 0.00 CF Morant Wright Nippon Yield ACC B X 257.62 - -8.91 2.31 USD Accumulating Share Class $ 13.36 - -0.53 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088 Guardian Pensions Management Ltd
ACPI Balanced UCITS Fund USD Retail $ 13.75 - -0.26 0.00 Gross Accum Cash £ 1.28 1.28 0.00 0.00
Artisan Partners Global Funds PLC (IRL) BlueBay GlblHgYd B-USD $ 130.77 - -0.90 0.00 CF Morant Wright Nippon Yield Fund A Inc X 218.38 - -7.56 2.36 EUR Accumulating Share Class € 13.56 - -0.82 0.00 Regulated Pens. Managed Acc. £ 22.00 23.16 -0.81 -
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.13
ACPI Balanced UCITS Fund EUR Retail € 10.39 - -0.19 0.00 BlueBay HgYield B-EUR € 337.85 - 0.02 0.00 CF Morant Wright Nippon Yield Fund B Inc X 226.22 - -7.82 2.35 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
Tel: 44 (0) 207 766 7130 China Consumer A-GBP £ 12.48 - -0.86 0.00 Pens. Equity Acc. £ 32.67 34.39 -1.54 -
ACPI Balanced UCITS Fund GBP Retail £ 10.50 - -0.20 0.00 USD Accumulating Share Class $ 16.93 - -0.72 0.00 MoneyBuilder Global £ 2.43 2.43 -0.07 0.19
FCA Recognised BlueBay HgYieldCp B-EUR € 143.10 - -0.02 0.00 China Focus A-GBP £ 3.75 - -0.25 0.24
Artisan Partners Global Funds plc OEIC Funds
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - BlueBay InvGr B-EUR € 170.79 - -0.57 0.00 GBP Accumulating Share Class £ 16.69 - -0.80 0.00
Cavendish Asset Management Limited (1200)F (UK) American £ 25.71 - 0.12 0.00 Global Financial Services A-GBP £ 0.41 - -0.02 0.00
Artisan Emerging Markets I USD Acc $ 6.10 - -0.33 0.00 HPB Assurance Ltd
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - BlueBay InvGEurGv B-EUR € 148.03 - -0.41 0.00 Chelsea House, Westgate, London W5 1DR GBP Distributing Share Class £ 10.64 - -0.51 0.51
American Special Sits £ 10.65 - 0.06 0.00 Global Health Care A-GBP £ 0.53 - -0.02 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Artisan Global Equity Fund Class I USD Acc $ 14.01 - -0.58 0.00 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - BlueBay InvGEurAg I-EUR € 148.18 - -0.45 0.00 EUR Accumulating Share Class € 18.95 - -1.20 0.00 International Insurances
Authorised Inv Funds Asia Pacific Ops W-Acc £ 0.96 - 0.03 - Global Industrials A-GBP £ 0.58 - -0.02 0.00
Artisan Global Opportunities I USD Acc $ 11.37 - -0.45 0.00
Asset Management
ACPI Horizon UCITS Fund $ 12.73 - -0.29 0.00 BlueBay InvGLibor B-EUR € 124.80 - -0.24 0.00 Holiday Property Bond Ser 1 £ 0.49 - -0.01 0.00
Cavendish Opportunities Fund B Class 1063.00 - 10.00 1.37 Global Inflation-Linked Bd A-GBP-Hdg £ 1.16 - 0.00 0.52

Asset Management
Artisan Global Value Fund Class I USD Acc $ 15.08 - -0.52 0.00 Fidelity Asian Dividend Fund A-Accumulation £ 0.99 - 0.03 1.40
HighIncomeLoan H-EUR € 194.99 - 0.07 0.00 Holiday Property Bond Ser 2 £ 0.59 - -0.01 0.00
Cavendish Opportunities Fund A Class 1056.00 - 10.00 0.60 Fidelity Asian Dividend Fund A-Income £ 0.95 - 0.03 2.63 Global Real Asset Securities £ 1.28 - -0.06 0.00
Artisan US Value Equity Fund Class I USD Acc $ 10.28 - -0.46 0.00
Abbey Life Assurance Company Limited (UK) Cavendish Opportunities Fund C Acc 1097.00 - 10.00 1.20 China Consumer £ 1.32 - 0.06 0.07 Global Technology A-GBP £ 0.23 - 0.00 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
BONHOTE Cavendish Worldwide Fund B Class 279.00 - -0.70 0.79 Global Telecomms A-GBP £ 0.27 - -0.01 1.00 Hamon Investment Group
additional fund prices can be found @ www.abbeylife.co.uk Emerging Asia £ 1.04 - 0.03 0.14
Ashmore Sicav (LUX) Other International Funds Other International Funds
Insurances Cavendish Worldwide Fund A Class 278.20 - -0.70 0.07 India Focus A-GBP £ 3.98 - -0.31 0.00
2 rue Albert Borschette L-1246 Luxembourg Emerg Eur, Mid East & Africa H £ 1.28 - 0.04 0.97 Asian Market Leaders - USD $ 22.42 - 0.24 0.00
Life Funds Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6806.00 - 4.00 2.22
FCA Recognised Cavendish Worldwide Fund C Acc 285.30 - -0.70 0.80 Latin America A-GBP £ 1.26 - -0.05 0.21
Dragon Capital Group Enhanced Income - Acc £ 1.82 - 0.02 6.80 Asian Market Leaders - GBP £ 11.10 - 0.01 0.00
Prop. Acc. Ser 2 1538.80 1619.80 -5.90 - Ashmore SICAV Emerging Market Debt Fund $ 91.60 - -1.47 7.51 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10147.00 - -123.00 0.90
Cavendish AIM Fund B Class 156.90 - 0.30 0.36 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Enhanced Income - Inc £ 1.18 - 0.01 7.12
Selective Acc. Ser 2 1557.90 1639.90 1.30 - Greater China - USD $ 9.70 - 0.02 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 139.48 - -7.28 0.89 Fund information, dealing and administration: [email protected]
Cavendish AIM Fund A Class 152.30 - 0.40 0.00 European - Inc £ 1.40 - 0.03 1.48 Findlay Park Funds Plc (IRL)
American Ser. 4 1560.80 1642.90 -11.10 - Other International Funds Greater China - GBP £ 3.88 - -0.03 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 79.90 - -1.03 5.43 Braemar Group PCC Limited (GSY) Cavendish Asia Pacific Fund B Class 141.90 - 2.00 1.53 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Vietnam Enterprise Inv. (VEIL) NAV $ 3.51 - -0.18 0.00 European £ 15.81 - 0.28 1.12 Selected Asian P'folio $ 41.34 41.35 -2.78 0.00
Custodian Ser. 4 481.90 507.30 1.00 - Regulated FCA Recognised
Ashmore SICAV Global Small Cap Equity Fund $ 104.33 - -8.03 0.00
Cavendish Asia Pacific Fund A Class 141.10 - 2.10 0.70 Vietnam Growth Fund (VGF) NAV $ 22.70 - -0.85 0.00 European Opportunities £ 3.66 - 0.06 0.23
UK Agricultural Class A £ 1.26 - 0.00 0.00 American Fund USD Class $ 76.74 - -2.73 0.00
Equity Ser. 4 540.20 568.70 6.90 - Ashmore SICAV Local Currency Fund $ 81.35 - -0.37 0.31
Cavendish Asia Pacific Fund C Acc 146.00 - 2.10 1.51 Vietnam Property Fund (VPF) NAV $ 0.82 - 0.04 0.00 Extra Income £ 0.26 - -0.01 3.35
UK Agricultural Class B £ 1.38 - 0.00 0.00 American Fund GBP Hedged £ 41.81 - -1.47 0.00
European Ser 4 555.10 584.30 7.00 - EM Mkts Corp.Debt USD F $ 92.89 - -1.31 7.30 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Cavendish European Fund B Class 134.70 - 3.00 1.24 Extra Income - Gross £ 0.26 - -0.01 3.35
Student Accom Class B £ 0.55 - -0.17 0.00 American Fund GBP Unhedged £ 48.64 - -2.08 - PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Fixed Int. Ser. 4 895.30 942.40 -2.90 - EM Mkts Loc.Ccy Bd USD F $ 77.76 - -0.82 4.39
Cavendish European Fund A Class 133.00 - 3.00 0.36 Enquiries 0117 90090000
Global Dividend - Acc £ 1.48 - 0.02 3.18 Latin American Fund USD Class $ 11.19 - -0.37 0.00
Intl Ser. 4 413.30 435.00 1.10 - DSM Capital Partners Funds (LUX) www.hl.co.uk
Cavendish Japan Fund B Class 140.50 - -4.80 0.77 www.dsmsicav.com Global Dividend - Inc £ 1.32 - 0.01 3.32 Latin American Fund GBP Unhedged £ 7.09 - -0.29 - Authorised Inv Funds
Japan Ser 4 338.40 356.20 -8.00 - CAF Financial Solutions (UK)
Regulated
Kings Hill, West Malling, Kent 03000 123 222 Cavendish Japan Fund A Class 139.10 - -4.80 0.00 Global Focus £ 12.46 - 0.16 0.00 Hargreaves Lansdown Funds
Man. Ser. 4 1598.20 1682.30 8.70 - Global Growth I2 Acc € 118.55 - -7.07 0.00 Unit Trust
Property & Other UK Unit Trusts Cavendish North American Fund B Class 170.30 - -7.80 0.58 Global High Yield Fund - A Gross Acc £ 11.90 - -0.01 4.78
Money Ser. 4 524.30 551.90 0.00 - CAF UK Equitrack Inc Fd 67.87 67.87 0.86 3.40 Global Growth I1 Eur € 88.70 - -5.28 - HL Multi-Manager Special Situations Trust A Acc 254.98 268.39 -8.33 0.38
Cavendish North American Fund A Class 165.10 - -7.50 0.00 Global High Yield Fund - A Gross Inc £ 10.02 - 0.00 5.35
Prop. Ser. 4 1095.70 1153.40 -3.40 - CAF UK Equitrack Acc Fd 94.54 94.54 1.20 3.40 HL Multi-Manager Special Situations Trust M Acc 254.98 268.40 -8.34 0.00
Cavendish Technology Fund B Class 245.50 - -8.20 0.09 Global High Yield Fund - A Net Acc £ 11.49 - -0.01 4.83
Custodian Ser 5 463.00 487.40 0.90 - FP CAF Alternative Strategies A Class Acc 110.38 - -0.34 0.49 HL Multi-Manager Income & Growth Trust A Acc 157.99 166.21 -6.10 3.53
Cavendish Technology Fund A Class 233.60 - -7.80 0.00 Eclectica Asset Management (UK)
Global High Yield Fund - A Net Inc £ 10.01 - 0.00 5.36
International Ser 5 397.10 418.00 1.00 - Aspect Capital Ltd (UK) FP CAF Alternative Strategies A Class Inc 109.55 - -0.34 0.52 40 Dukes Place, London EC3A 7NH HL Multi-Manager Income & Growth Trust M Acc 157.98 166.20 -6.10 0.29
Other International Funds Cavendish UK Balanced Income Fund B Class 136.30 - 0.80 5.03 Order desk: 0845 6080941 Switchboard 0870 6072555 Global Property - Acc £ 1.40 - 0.02 1.28
Managed Ser 5 1535.60 1616.50 8.30 - FP CAF Fixed Interest A class Acc 113.74 - -0.05 2.91 HL Multi-Manager Income & Growth Trust A Inc 96.18 101.19 -3.72 3.62
Aspect Diversified USD $ 424.06 - 12.59 0.00 Cavendish UK Balanced Income A Class 129.60 - 0.70 5.29 Authorised Corporate Director - Capita Financial Managers
Global Property W Inc £ 1.16 - 0.02 2.90 Fleming Financial Trust Investment Fund Limited (NZ)
Money Ser 5 513.30 540.40 0.00 - FP CAF Fixed Interest A class Inc 100.06 - -0.04 2.96 Authorised Inv Funds HL Multi-Manager Income & Growth Trust M Inc 96.16 101.17 -3.72 0.29
Aspect Diversified EUR € 255.69 - 7.71 - Cavendish UK Select Fund B Class 151.30 - 2.90 1.80 Incorporated in New Zealand, Reg No 5141841
CF Eclectica Agriculture A EUR Acc ♦ € 1.40 - -0.07 0.00 Global Special Sits £ 23.73 - 0.29 0.00
Property Ser 5 1052.80 1108.30 -3.30 - FP CAF Fixed Interest B class Acc 114.24 - -0.05 2.91 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand HL Multi-Manager Balanced Managed Trust A Acc 176.06 185.18 -4.89 0.93
Aspect Diversified GBP £ 130.32 - 3.87 0.00 Cavendish UK Select Fund A Class 150.80 - 2.90 0.98 Index Emerging Markets P-Acc £ 0.90 - 0.03 2.58 www.fftinvestmentfund.com
Pension Funds CF Eclectica Agriculture A GBP Acc ♦ 101.96 - -3.51 0.00 HL Multi-Manager Balanced Managed Trust M Acc 176.07 185.18 -4.88 0.00
FP CAF Fixed Interest B class Inc 100.37 - -0.04 2.96 [email protected]
Aspect Diversified CHF SFr 122.40 - 3.61 0.00 Index Europe ex UK P-Acc £ 0.99 - 0.01 2.38
American 1765.90 1858.80 -26.60 - CF Eclectica Agriculture A USD Acc ♦ $ 1.60 - -0.05 0.00 Other International Funds
FP CAF International Equity A Class Acc 130.16 - -4.77 0.68 HL Multi-Manager Equity & Bond Trust A Inc 106.25 111.67 -2.31 2.01
Aspect Diversified Trends USD $ 126.94 - 1.84 0.00
Equity 4697.70 4944.90 24.10 - Cedar Rock Capital Limited (IRL) CF Eclectica Agriculture C EUR Acc ♦ € 1.45 - -0.07 0.34 Index Japan P-Acc £ 1.06 - 0.02 1.53 Fleming FT Investment Fund
FP CAF International Equity A Class Inc 126.54 - -4.65 0.68 HL Multi-Manager Equity & Bond Trust M Inc 106.24 111.65 -2.32 0.17
Aspect Diversified Trends EUR € 127.26 - 1.83 0.00 Regulated Fleming Fund $ 3.83 3.93 0.01 -
European 1106.10 1164.30 7.40 - CF Eclectica Agriculture C GBP Acc ♦ 105.68 - -3.64 0.39 Index Pacific ex Japan P-Acc £ 0.97 - 0.05 3.73
FP CAF UK Equity A Class Acc 142.76 - -4.33 2.18 Cedar Rock Capital Fd Plc $ 365.29 - -3.41 0.00 HL Multi-Manager Equity & Bond Trust A Acc 142.86 150.13 -3.10 1.99
Aspect Diversified Trends GBP £ 131.65 - 1.91 0.00 Index UK A-Acc £ 0.81 - 0.01 2.79
Fixed Int. 1646.40 1733.10 -4.50 - CF Eclectica Agriculture C USD Acc ♦ $ 1.65 - -0.05 0.39
FP CAF UK Equity A Class Inc 130.55 - -3.97 2.21 Cedar Rock Capital Fd Plc £ 367.41 - -3.53 0.00 HL Multi-Manager Equity & Bond Trust M Acc 142.86 150.13 -3.10 0.17
International 865.70 911.30 -3.40 - Index UK P-Acc £ 0.98 - 0.01 3.03 Foord Asset Mgt (Guernsey) Ltd (GSY)
FP CAF UK Equity B Class Acc 142.76 - -4.33 2.18 Cedar Rock Capital Fd Plc € 342.24 - -5.15 0.00 HL Multi-Manager Strategic Bond Trust A Acc 167.21 172.38 -0.20 1.48
Regulated
Japan 352.80 371.40 -10.50 - Atlantas Sicav (LUX) Index US A-Acc £ 1.49 - 0.01 1.45
FP CAF UK Equity B Class Inc 130.54 - -3.96 2.21 Foord International Trust $ 34.39 - -0.51 0.00 HL Multi-Manager Strategic Bond Trust M Acc 167.21 172.37 -0.19 0.13
Regulated
Managed 4095.00 4310.50 -1.90 - Index US P-Acc £ 1.15 - 0.01 1.66
American Dynamic $ 3273.97 - -328.49 0.00 HL Multi-Manager Strategic Bond Trust A Inc 140.04 144.37 -0.17 1.50
Property 2833.70 2982.90 -10.80 -
Charles Schwab Worldwide Funds Plc (IRL) Index World A-Acc £ 1.33 - 0.01 1.78
American One $ 3006.66 - -326.74 0.00 Regulated HL Multi-Manager Strategic Bond Trust M Inc 140.04 144.36 -0.17 0.13
Security 1476.50 1554.20 0.10 - Index World P-Acc £ 1.08 - 0.01 1.90 Franklin Templeton International Services Sarl (IRL)
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland HL Multi Manager Emerging Markets A Acc 79.83 82.28 1.62 0.00
Bond Global € 1340.79 - -44.68 0.00
Selective 1992.00 2096.80 1.70 - Japan £ 2.59 - 0.06 0.00 Other International Funds
Eurocroissance € 801.72 - -92.32 0.00 HL Multi-Manager European A Acc 95.46 98.39 -3.22 0.14
Formerly Hill Samuel Life Assurance Ltd EdenTree Investment Management Ltd (UK) Japan Smaller Companies £ 1.85 - 0.05 0.00 Franklin Emerging Market Debt Opportunities Fund Plc
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Far East $ 620.54 - -63.79 0.00 Chartered Asset Management Pte Ltd PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 HL Multi-Manager UK Growth A Acc 99.18 102.24 -3.77 0.16
Franklin Emg Mkts Debt Opp CHFSFr 17.85 - -0.03 6.46
Other International Funds MoneyBuilder Asset Allocator £ 1.15 - 0.00 0.51
Managed Ser A (Life) 1503.70 1591.20 -10.70 - Authorised Inv Funds
Franklin Emg Mkts Debt Opp EUR € 12.62 - -0.07 6.52
CAM-GTF Limited $ 276427.79 276427.79 -15400.38 0.00 Amity UK Cls A Inc 209.40 - 2.30 1.43 MoneyBuilder Balanced £ 0.49 - 0.00 4.02
Managed Ser A (Pensions) 994.90 1047.20 -8.50 - CCLA Investment Management Ltd (UK)
BLME Asset Management (LUX) Senator House 85 Queen Victoria Street London EC4V 4ET
Franklin Emg Mkts Debt Opp GBP £ 10.43 - -0.08 6.43 Haussmann
CAM GTi Limited $ 647.80 - -62.67 0.00 Amity UK Cls B Inc 209.30 - 2.30 2.21 Money Builder Dividend £ 2.48 - 0.02 4.28
Formerly Target Life Assurance Ltd BLME Sharia'a Umbrella Fund SICAV SIF Other International Funds
Authorised Inv Funds Franklin Emg Mkts Debt Opp SGD S$ 22.98 - -0.11 6.28
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Regulated Raffles-Asia Investment Company $ 1.72 1.72 -0.10 7.53 Higher Income Cls A Inc 121.00 - 0.20 4.83 MoneyBuilder Growth £ 0.73 - 0.01 2.17 Haussmann Cls A $ 2859.39 - -18.19 0.00
The Public Sector Deposit Fund
Managed (Life) 1524.20 1604.50 -10.60 - Franklin Emg Mkts Debt Opp USD $ 17.75 - -0.17 6.31
Income Fund - Share Class A Acc $ 1138.30 - -0.71 0.00 The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.50 Higher Income Cls B Inc 124.50 - 0.30 4.76 MoneyBuilder Growth ISA £ 0.73 - 0.01 2.31 Haussmann Cls C € 2504.82 - -16.57 0.00
Managed Growth (Life) 475.40 500.40 -4.00 - Income Fund - Share Class B Acc $ 1158.47 - -0.72 0.00 MoneyBuilder Income £ 0.35 - -0.01 3.24
The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.30 UK Equity Growth Cls A Inc 233.20 - 3.30 0.59 Haussmann Cls D SFr 1328.55 - -9.32 0.00
Managed (Pensions) 5970.60 6284.90 -50.80 - Income Fund - Share Class C Acc $ 1006.54 - -0.64 0.00 MoneyBuilder Income -Gross £ 0.35 - -0.01 3.24 Frontier Capital (Bermuda) Limited
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.35 UK Equity Growth Cls B Inc 238.50 - 3.40 1.19
Managed Growth (Pensions) 574.10 604.30 -6.00 - Other International
Income Fund - Share Class D Dis $ 996.41 - -0.62 1.22 The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.40 Amity Balanced For Charities A Inc 106.50 - 0.70 5.94 Multi Asset Adventurous A-Acc £ 1.25 - 0.00 0.46
additional fund prices can be found on our website Commercial Property-GBP Class £ 71.42 - -0.53 - Heartwood Wealth Management Limited (IRL)
Income Fund - Share Class G Acc £ 1078.35 - -0.64 0.00 The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.30 Amity European Fund Cls A Inc 191.90 - 2.60 1.23 Multi Asset Alloc Adventurous A-Acc £ 3.62 - 0.06 2.31 Regulated
Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Income Fund - Share Class M Acc € 1013.65 - -0.57 0.00 Amity European Fund Cls B Inc 194.10 - 2.70 2.08 Multi Asset Alloc Strategic A-Acc £ 1.14 - 0.00 0.28 Heartwood Caut Multi Asset B Acc 137.17 - -2.05 0.00

Income Fund - Share Class W DisA$ 1033.51 - -0.07 - Cheyne Capital Management (UK) LLP (IRL) Multi Asset Alloc Def - Gross A £ 1.10 - 0.00 0.28
Amity Global Equity Inc for Charities A Inc 96.27 - 1.07 3.88
CCLA Investment Management Ltd (UK) Regulated
Gl Sukuk Fund - Share Class A Acc $ 1228.08 - -5.36 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Amity International Cls A Inc 186.70 - 2.30 1.35 Multi Asset Alloc Def - Net A £ 1.10 - 0.00 0.24 Henderson Global Investors (UK)
Cheyne Convertibles Absolute Return Fund € 1317.71 - -12.70 0.00
Gl Sukuk Fund - Share class B Acc £ 1095.61 1095.61 -4.73 0.00 Property & Other UK Unit Trusts PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Amity International Cls B Inc 188.30 - 2.30 2.21 Multi Asset Alloc Growth A £ 1.16 - 0.01 0.00
CBF Church of England Funds Cheyne European Real Estate Bond Fund € 110.50 - -0.54 0.00 www.henderson.com
Amity Sterling Bond Fund A Inc 106.90 - -0.30 5.16 Multi Asset Defensive £ 1.20 - -0.01 0.35 Authorised Inv Funds
Investment Inc 1274.36 1288.46 -88.91 3.78 Cheyne Global Credit Fund € 118.24 - -0.86 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Amity Sterling Bond Fund B Inc 115.30 - -0.40 5.14 Multi Asset Defensive - Gross £ 1.21 - 0.00 0.35 Asia Pacific Capital Growth A Acc 634.10 - 21.50 0.91
Alceda Fund Management S.A. Investment Acc 2570.49 2598.92 -179.32 -
www.alceda.lu Regulated Multi Asset Growth £ 1.31 - 0.00 0.34 Asian Dividend Income Inc 78.54 82.88 2.83 6.32
Global Equity Inc 144.11 145.70 -12.76 4.31 Fundsmith LLP (1200)F (UK)
FCA Recognised Global Liquidity USD $ 1.00 - 0.00 0.22 Cheyne Capital Management (UK) LLP
MultiManager Balanced £ 1.09 - 0.00 0.56 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Cautious Managed A Acc 234.20 - 1.20 3.17
AC Opp - Aremus Fund EUR A € 110.37 - -0.87 0.00 Global Equity Acc 208.42 210.72 -18.46 - Other International Funds Edinburgh Partners Limited (IRL) www.fundsmith.co.uk, [email protected]
Cheyne European Event Driven Fund € 137.14 - 0.99 0.00 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Multi Asset Open Growth A-Acc £ 0.45 - 0.00 0.78 Authorised Inv Funds Cautious Managed A Inc 146.00 - 0.70 3.23
AC Risk Parity 7 Fund EUR A € 117.86 - -0.95 0.00 UK Equity Inc 139.09 140.49 -12.25 4.05
Barclays Investment Funds (CI) Ltd (JER) Dealing - Fax only - +353 1 434 5230
Cheyne European High Yield Fund € 136.72 - -3.22 0.00 Multi Asset Open Strategic A-Acc £ 1.20 - -0.01 1.33 Fundsmith Equity T Acc 197.84 - -3.20 1.22 China Opportunities A Acc 727.50 - 27.60 0.40
AC Risk Parity 12 Fund EUR A € 139.54 - -2.09 0.00 UK Equity Acc 203.52 205.57 -17.91 - FCA Recognised
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Cheyne Malacca Asia Equity Fund Class A $ 1437.16 - 19.75 0.00 Edinburgh Partners Opportunities Fund PLC Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.31 Fundsmith Equity T Inc 186.84 - -3.03 1.23 Emerging Markets Opportunities A Acc 130.60 - 0.40 0.77
AC Risk Parity 17 Fund EUR A € 85.54 - -1.71 0.00 FCA Recognised Fixed Interest Inc 165.61 166.27 1.17 3.96
Bond Funds Cheyne Multi Strategy Liquid Fund $ 127.68 - -1.17 - European Opportunities I EUR € 2.43 - -0.13 2.04 Multi Asset Strategic £ 1.49 - 0.00 0.52 European Growth A Acc 162.00 - 3.20 0.78
ACQ Risk Parity Bond Fund EUR A € 96.20 96.20 -0.04 0.00 Fixed Interest Acc 497.29 499.29 3.51 -
Sterling Bond F £ 0.46 - 0.00 3.36 European Opportunities I GBP £ 1.78 - -0.06 2.27 Open World A-Acc £ 1.12 - -0.01 0.00 European Selected Opportunities A Acc 1238.00 - 25.00 0.65
Cheyne Real Estate Credit Holdings Fund £ 151.98 - 0.89 0.00
Property Fund Inc 129.30 133.64 1.14 6.51 GAM Limited (2300)F (UK)
Cheyne Real Estate Debt Fund Class A1 £ 131.69 - 0.43 0.00 European Opportunities I USD $ 2.83 - -0.08 1.82 Multi Asset Income A Gross Acc £ 1.54 - -0.01 3.66 GAM Sterling Management Limited European Special Situations A Acc 94.66 - -0.29 1.05
Property Fund Acc 231.49 239.24 2.03 -
12 St James's Place London SW1A 1NX. 0800 919 927
Baring Fund Managers Ltd (1200)F (UK) Cheyne Total Return Credit Fund - December 2017 Class $ 197.53 - -6.47 0.00 European Opportunities A EUR € 2.38 - -0.12 1.42 Multi Asset Income A Gross Inc £ 1.09 - -0.01 5.13 Fixed Interest Monthly Income A Inc 21.87 22.94 -0.09 5.48
Internet: gam.com
Dealing and Enquiries 020 7214 1004
Cheyne Total Return Credit Fund December 2019 $ 143.50 - 2.25 - Global Opportunities I USD $ 1.60 - -0.06 1.93 Multi Asset Income A Net Acc £ 1.46 - -0.01 3.68 Authorised Inv Funds Global Care Growth A Inc 184.10 - -4.20 0.11
Fund Information: www.barings.com CCLA Fund Managers Ltd (UK) GAM Funds OEIC
Authorised Inv Funds Senator House 85 Queen Victoria Street London EC4V 4ET Global Opportunities I GBP £ 1.02 - -0.04 1.85 Multi Asset Income A Net Inc £ 1.09 - -0.01 5.14 Global Equity Income A Inc 46.05 - -0.25 3.71
GAM Global Diversified Acc 3686.48 - -135.70 0.00
Dynamic Capital Growth Acc 635.50 670.80 0.00 1.24 Property & Other UK Unit Trusts Global Opportunities I EUR € 1.38 - -0.09 1.87 South East Asia £ 7.15 - 0.26 0.12 Global Growth Fund 1871.43 1956.47 -0.53 0.00
COIF Charity Funds (UK) Cohen & Steers SICAV (LUX) GAM North American Gwth Acc 3010.12 - -136.26 0.00
Dynamic Capital Growth Inc 254.30 268.40 0.00 1.25 Regulated Global Opportunities A GBP £ 0.96 - -0.04 1.40 Special Situations £ 29.57 - 0.34 0.76 Global Technology A Acc 841.60 - 19.60 0.00
Algebris Investments (IRL) Investment Inc 1229.63 1243.23 -7.49 3.62
Asset Management
GAM UK Diversified Acc 1766.69 - -69.92 1.04
Regulated Eastern Acc GBP 576.40 - 17.40 0.00 European Real Estate Securities € 21.6741 - -1.2974 2.74 Pan European Opportunities I EUR € 1.48 - -0.08 - Strategic Bond £ 0.31 - -0.01 3.03 Multi-Manager Absolute Return A Acc 134.50 - -0.60 0.31
Algebris Financial Credit Fund - Class I EUR € 129.85 - -0.87 0.00 Eastern Inc GBP 565.70 - 17.10 0.00
Investment Acc

Ethical Invest Inc


11718.59 11848.21 -71.39

190.00 192.10 -1.28 3.73


-
Europ.RealEstate Sec. IX € 29.0164 - -1.7369 0.00 Strategic Bond Gross £ 0.31 - -0.01 3.02 Multi-Manager Active A Acc ▲ Asset Manageme 164.70 - -2.80 0.00
Algebris Financial Income Fund - Class I EUR € 117.79 - -2.90 0.00 Europe Select Inc GBP 2492.00 - 53.00 0.66 Gbl RealEstate Sec. I $ 10.2749 - -0.4606 2.18 Target 2015 £ 0.50 - 0.00 0.27 GAM Limited (IRL)
Multi-Manager Distribution A Inc 124.00 - 0.50 3.28
Ethical Invest Acc 242.21 244.89 -1.63 - FCA Recognised
Algebris Financial Equity Fund - Class B EUR € 96.46 - -1.82 - European Growth Inc 1009.00 1063.00 22.40 1.36 Gbl RealEstate Sec. IX $ 12.1518 - -0.5448 0.00 Target 2015 - Gross £ 0.50 - 0.00 0.30 GAM Fund Management Ltd Multi-Manager Diversified A Acc 77.04 - -0.98 2.66
Global Equity Inc 145.29 146.90 -1.46 4.41
Algebris Asset Allocation Fund - Class B EUR € 97.98 - -0.48 - German Growth Acc GBP 561.20 - 14.90 0.29 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Target 2020 £ 0.54 - -0.01 0.50 Multi-Manager Global Select Acc 169.60 - -1.10 0.00
Global Equity Acc 213.36 215.72 -2.15 - GAM Star Fund Plc
German Growth Inc GBP 516.70 - 13.80 0.28 Target 2025 £ 1.25 - -0.01 0.27 Multi-Manager Income & Growth A Acc 148.00 - 0.20 2.15
Fixed Interest Inc 134.17 134.71 -0.96 4.14 GAM Star Asia-Pacific Eqty USD Acc F $ 11.45 - -0.51 0.00
Strategic Bond Inc 116.00 122.00 -0.30 1.07 Target 2030 £ 1.32 - -0.02 0.24 Multi-Manager Income & Growth A Inc 136.90 - 0.20 2.18
Fixed Interest Acc 761.48 764.53 -5.42 - GAM Star Asian Eqty USD Ord Acc F $ 11.67 - -0.82 0.00
Global Growth Inc 357.20 376.50 5.20 0.00 EFG Hermes UK Select £ 2.37 - 0.06 0.85 Multi-Manager Managed A Acc 218.40 - -3.00 0.41
Property Inc 111.19 114.92 -0.43 5.79 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE GAM Star Balanced GBP Acc £ 10.08 - -0.19 0.00
Japan Growth Acc 126.70 133.70 2.50 0.26 Contact: Telephone + 971 4 363 4029 Email [email protected] UK Growth £ 3.46 - 0.07 0.00 Multi-Manager Managed A Inc 214.40 - -2.90 0.40
Property Acc 245.85 254.09 2.45 - GAM Star Cap.Appr.US Eqty USD Inc F $ 16.07 - -0.59 0.00
Korea Acc 251.00 265.80 6.90 0.00 Other International Funds
Local Authorities Property Fd (LAMIT) (UK) UK Smaller Companies £ 2.06 - 0.01 0.18 Sterling Bond Acc 194.77 203.51 -1.14 2.78
Comgest SA (FRA) The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 GAM Star Cat Bond USD Acc $ 12.48 - 0.02 0.00
Multi Asset A Acc ... C 152.30 - 0.30 1.46 Property 274.76 295.14 2.73 4.81 WealthBuilder A Acc £ 0.95 - -0.03 0.61 Sterling Bond Inc 60.73 63.45 -0.36 2.82
17 square Edouard VII - 75009 Paris
Allianz Global Investors GmbH(1200) F (LUX) Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 GAM Star Cautious GBP Acc £ 10.33 - -0.13 0.00
Multi Asset A Inc ... C 145.70 - 0.20 1.48 FCA Recognised Fidelity PathFinder Strategic Bond A Inc 126.40 - -0.50 5.31
FCA Recognised
Saudi Arabia Equity Fund SR 14.78 - -0.37 0.00 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.08 - 0.00 - GAM Star China Equity USD Acc F $ 19.99 - -1.43 0.00
UK Growth Inc 233.50 247.00 4.40 1.46 Comgest Magellan € 17.39 - -1.37 0.00
Allianz Best Styles Global Equity £ 98.58 98.58 -0.01 - UK & Irish Smaller Companies A Acc 548.10 - 1.40 0.00
CG Asset Management Limited (IRL) GAM Star Cont European Eqty GBP Acc F £ 3.28 - -0.08 0.00
Charity Fund Fidelity PathFinder Foundation 1 Acc (clean) £ 1.08 - 0.01 -
Allianz Global Fundamental Strategy £ 101.68 101.68 0.14 - Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland UK Absolute Return A Acc 146.50 - 0.80 0.00
0800 032 6347 (charity enquiries) 00 353 1 434 5098 GAM Star Cred Opportunities GBP Acc £ 12.31 - -0.03 4.58
Electric & General (1000)F (UK) Fidelity PathFinder Foundation 2 Acc (clean) £ 1.06 - 0.00 -
Allianz Global Small Cap Equity £ 103.18 103.18 0.43 -
Targeted Return Fund Acc 140.60 141.50 -0.10 3.11 FCA Recognised
Comgest AM International Ltd (IRL) UK Alpha A Acc ♦ 110.20 - 1.80 0.96
46 St Stephen's Green, Dublin 2, Ireland Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Foundation 3 Acc (clean) £ 1.03 - 0.00 - GAM Star Defensive GBP Acc £ 10.71 - -0.10 0.00
Capital Gearing Portfolio Fund Plc £ 26334.91 26334.91 -85.58 0.63 Orders & Enquiries: 0845 850 0255 UK Equity Income & Growth A Inc 595.50 - 5.60 3.70
Targeted Return Fund Inc 109.30 109.90 0.00 3.18 FCA Recognised GAM Star Discretionary FX USD Acc F $ 12.28 - -0.23 0.00
Authorised Inv Funds Fidelity PathFinder Foundation 4 Acc (clean) £ 1.04 - 0.01 -
CG Portfolio Fund Plc UK Index A Acc 474.00 - 6.10 2.47
Amundi Funds (LUX) Comgest Gth Asia Pac ex Jap DIS F $ 7.03 - -0.43 0.12
Authorised Corporate Director - Carvetian Capital Management GAM Star Dynamic Gbl Bd USD Acc H $ 10.22 - 0.09 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.09 - 0.01 -
Real Return Cls A £ 165.16 165.16 0.03 2.41 Comgest Gth Emerging Mkt DIS F $ 29.63 - -0.67 0.41 UK Property A Acc 193.08 203.24 0.05 4.04
www.amundi-funds.com Baring International Fd Mgrs (Ireland) (IRL) Electric&General Net Income A 134.90 - -4.90 2.03 GAM Star Emerg. Market Rates USD Acc F $ 11.42 - -0.02 0.00
Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.09 - 0.00 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Dollar Fund Cls D £ 127.48 127.48 -0.19 1.63 Comgest Gth Europe DIS F € 18.83 - -0.82 0.00 UK Property A Inc 97.68 102.81 0.03 4.16
FCA Recognised GAM Star European Eqty USD Acc F $ 22.47 - -0.54 0.00
FCA Recognised Fidelity PathFinder Focussed 1 Acc (clean) £ 1.09 - 0.00 -
Bd. Euro Corporate AE Class - R - EUR € 18.46 - -0.11 0.00 Capital Value Fund Cls V £ 128.26 128.26 -0.55 0.27 Comgest Gth GEM PC DIS F € 10.92 - -0.91 0.14 UK Tracker A Acc 211.90 - 2.40 2.20
ASEAN Frontiers A GBP Inc £ 98.39 - 3.47 0.57 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Focused 2 Acc (Clean) £ 1.09 - 0.00 - GAM Star Flexible Gbl Port GBP Ac £ 12.17 - -0.28 0.00
Bd. Global AU Class - R - USD $ 26.09 - 0.13 0.00 US Growth A Acc 708.60 - -13.90 0.00
5 Kensington Church St, London W8 4LD 020 7368 4220 GAM Star GAMCO US Equity Acc F $ 12.28 - -0.53 0.00
Asia Growth A GBP Inc H £ 38.86 - 1.04 0.00 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.07 - 0.00 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FCA Recognised
Australia A GBP Inc £ 62.63 - 2.87 1.94
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.07 - 0.00 - GAM Star Global Rates USD Acc F $ 12.74 - -0.02 0.00

Asset Management
Ennismore European Smlr Cos NAV £ 97.01 - 0.01 0.00
Eq. Emerging World AU Class - R - USD $ 76.07 - -3.83 0.00 PO BOX 10117, Chelmsford, Essex, CM1 9JB

Asset Management Asset Management


Baring China Bond Fund $ 9.78 - 0.01 0.00 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.07 - -0.03 - GAM Star Global Selector USD Acc F $ 12.54 - -0.39 0.00
Dealing & Client Services 0845 0264281 Ennismore European Smlr Cos NAV € 131.87 - -2.46 0.00
Eq. Greater China AU Class - R - USD $ 509.41 - -29.16 0.00
Authorised Inv Funds GAM Star Japan Eqty USD Acc F $ 12.88 - -0.32 0.00
Baring Emerging Markets Corporate Debt Fund $ 9.26 - -0.10 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.06 - 0.00 -
Eq. Latin America AU Class - R - USD $ 326.46 - -12.76 0.00 Consistent UT Inc 52.85 53.49 0.50 4.47
Baring European Opportunities Fund Class A EUR Acc € 13.02 - 0.32 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.04 - -0.01 - GAM Star Keynes Quant Strat USD Acc F $ 12.49 - 0.05 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.91 - -0.03 0.00 Consistent UT Acc 123.18 124.67 1.16 4.33 Ennismore European Smlr Cos Hedge Fd
GAM Star Local EM Rates and FX USD Acc $ 10.71 - -0.18 0.00
Baring Global Mining Fund - Class A GBP Inc £ 3.84 - 0.06 0.55 Canada Life Investments (UK) Other International Funds Fidelity PathFinder Freedom 1 Acc (clean) £ 1.06 - 0.00 -
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Practical Investment Inc 203.71 208.48 4.46 3.72 GAM Star North of South EM Equity Acc F $ 9.13 - -0.56 0.00
Dynamic Emerging Markets A GBP Acc F £ 8.50 - 0.02 0.00 NAV € 482.14 - 6.07 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.01 - -0.01 -
Authorised Inv Funds
Hermes Investment Funds Plc (IRL)
The Antares European Fund Limited Practical Investment Acc 970.29 993.01 21.20 3.63 GAM Star Technology USD Acc F $ 13.91 - -0.60 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Eastern Europe A GBP Inc £ 36.68 - 0.60 1.77 Asia Pacific B Acc 728.31 - 16.47 0.93 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.00 - -0.01 -
Other International FCA Recognised
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.46 - 0.00 6.62 GAM Star US All Cap Eqty USD Acc F $ 12.55 - -0.48 0.00
AEF Ltd Usd $ 649.95 - 4.96 - Balanced B Acc 139.55 - -3.99 0.92 Equinox Fund Mgmt (Guernsey) Limited (GSY) Fidelity PathFinder Freedom 5 Acc (clean) £ 1.04 - -0.01 -
Hermes Abs Return Credit Fund Class F Acc £ £ 0.97 0.97 -0.01 -
Regulated GAM Star Worldwide Eqty USD Acc F $ 3120.67 - -129.36 0.00
AEF Ltd Eur € 652.35 - 5.27 0.00 Emerging Opportunities A GBP Inc H £ 16.21 - 0.27 0.00 Corporate Bond B Inc 204.90 - -0.79 4.08 Fidelity PathFinder Income 1 Income (clean) £ 1.02 - -0.01 3.93
Hermes Abs Return Credit Fund Class R Acc € € 1.89 1.89 -0.05 -
Equinox Russian Opportunities Fund Limited $ 113.57 - 2.96 0.00
Glb Emerging Markets A GBP Inc H £ 16.57 - 0.33 0.00 European B Acc 241.65 - 3.84 0.00 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.02 - -0.01 4.80
Hermes Active UK Inflation Fund Class F Acc £ 1.32 1.32 -0.01 0.00
Glb Resources A GBP Inc H £ 10.23 - 0.06 0.35 Global Bond B Inc 89.63 - -0.71 2.78 Fidelity PathFinder Income 2 Income (clean) £ 1.02 - -0.01 3.70 GYS Investment Management Ltd (GSY)
Hermes Asia Ex-Japan Equity Fund Class F Acc £ - - - 0.00
Arisaig Partners Regulated
Other International Funds High Yield Bond A GBP Hedged Inc H £ 6.35 - -0.06 6.79 Euronova Asset Management UK LLP (CYM) Fidelity PathFinder Income 2 gross £ 1.03 - -0.01 4.68
Global Equity B Acc 558.17 - -17.59 1.67 Hermes Asia Ex-Japan Equity Fund Class R Acc € 2.84 2.84 -0.02 0.00
Regulated Taurus Emerging Fund Ltd $ 171.11 174.60 -15.93 0.00
Arisaig Africa Consumer Fund Limited $ 14.73 - -0.13 0.00 Hong Kong China A GBP Inc £ 515.76 - 9.68 0.57 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.02 - -0.01 4.62
Global Equity Income B Inc 115.13 - -3.18 4.13 Crèdit Andorrà Asset Management (LUX) Smaller Cos Cls One Shares (Est) € 33.47 - -1.57 0.00 Hermes Global Emerging Markets Fund Class F Acc £ 1.04 1.04 0.00 0.00
Arisaig Asia Consumer Fund Limited $ 59.26 - -3.46 0.00 India Fund - Class A GBP Inc £ 13.63 - 0.28 0.00 www.creditandorra.com Fidelity PathFinder Income 3 Income (clean) £ 1.02 - -0.01 4.28
Global High Yield Bond B Inc 94.62 - -0.80 4.71 Smaller Cos Cls Two Shares (Est) € 23.54 - -1.00 0.00 Hermes Global Emerging Markets Fund Class R Acc € 2.65 2.65 0.03 0.00
Arisaig Global Emerging Markets Consumer Fund $ 9.61 - -0.42 0.00 FCA Recognised Institutional OEIC Funds Generali International Limited
Latin America A USD Inc H $ 27.29 - 0.71 0.20 Global Infrastructure B Acc 106.12 - -2.75 1.32 Smaller Cos Cls Three Shares (Est) € 11.86 - -0.49 0.00 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 Hermes Global Equity Fund Class F Acc £ 1.37 1.37 -0.03 0.00
Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 America £ 3.66 - 0.01 0.53
Arisaig Global Emerging Markets Consumer UCITS € 10.73 - -0.71 0.00 MENA A GBP Inc F * £ 11.83 - 0.32 0.57 International Insurances
Global Resource B Acc 72.09 - -1.95 0.13 Smaller Cos Cls Four Shares (Est) € 15.19 - -0.68 0.00 Hermes Global Equity Fund Class R Acc € 3.61 3.61 -0.07 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Emerging Markets £ 2.83 - 0.10 0.81
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.08 - -0.47 0.00 Global Multi-Strategy Managed $ 4.91 5.29 0.00 0.00
Japan B Acc 48.30 - -2.15 0.62 Hermes Global ESG Equity Fund Class F Acc £ 1.05 1.05 -0.02 0.00
Crediinvest SICAV Fixed Income Eur € 10.73 - -0.05 0.00 Europe £ 3.96 - 0.07 1.53
Arisaig Latin America Consumer Fund $ 19.39 - -0.62 0.00 UK Multi-Strategy Managed £ 4.93 5.31 -0.02 0.00
Baring International Fd Mgrs (Ireland) (IRL) Portfolio III B Acc 105.86 - -0.89 2.02
Asset Management
Hermes Global High Yield Bond Fund Class F Acc £ 1.08 1.08 0.02 0.00
Crediinvest SICAV Fixed Income Usd $ 10.49 - -0.01 0.00 Fidelity Pre-Retirement Bond Fund £ 117.40 - -0.70 3.07
Regulated EU Multi-Strategy Managed € 3.08 3.32 0.01 0.00
Portfolio IV B Acc 106.61 - -1.64 2.20 Hermes Global High Yield Bond Fund Class R Acc € 2.79 2.79 -0.02 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Crediinvest SICAV Spanish Value € 249.56 - -11.97 0.00 Global Focus £ 2.65 - 0.03 0.80 Global Bond USD $ 3.49 3.77 -0.02 0.00
Portfolio V B Acc 104.42 - -2.40 1.34 Hermes Global Small Cap Fund Class F Acc £ £ 0.91 0.91 -0.02 -
Crediinvest SICAV International Value € 208.82 - -12.57 0.00 Index Linked Bond £ 2.70 - -0.01 0.72
Portfolio VI B Acc 102.12 - -3.15 1.44 Hermes Global Small Cap Fund Class R Acc € € 1.80 1.80 -0.03 -
Crediinvest SICAV Big Cap Value € 16.21 - -0.91 0.00 Index Linked Bond Gross £ 3.25 - -0.03 0.72
Barings (Luxembourg) (LUX)
Portfolio VII B Acc 97.60 - -3.79 1.16 Genesis Asset Managers LLP Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.98 0.98 -0.01 -
FCA Recognised Crediinvest SICAV US American Value $ 17.29 - -0.64 0.00 Index-Linked Bond Fund Gross Inc £ 12.71 - -0.08 0.72 Other International Funds
North American B Acc 760.41 - -19.12 1.05 Eurobank Fund Management Company (Luxembourg) S.A. Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.03 1.03 0.00 0.00
Russia A GBP Inc F £ 20.98 - -1.24 0.00 Crediinvest SICAV Sustainability € 14.59 - -0.58 0.00 Japan £ 1.93 - 0.05 0.78 Emerging Mkts NAV £ 4.68 - -0.27 0.00
Regulated
Strategic Return B Acc 97.31 - -1.05 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.23 1.23 0.02 0.00
Artemis Fund Managers Ltd (1200)F (UK) (LF) Absolute Return € 1.28 - -0.01 0.00 Long Bond £ 0.51 - 0.00 2.90
57 St. James's Street, London SW1A 1LD 0800 092 2051 Total Return B Acc 99.80 - -1.46 2.88 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.20 1.20 0.03 1.29
Barmac Asset Management Ltd (UK) DAVIS Funds SICAV (LUX) (LF) Balanced - Active Fund (RON)RON 16.17 - -0.40 0.00 Long Bond Gross £ 0.83 - 0.00 2.84
Authorised Inv Funds UK Equity B Inc 105.21 - 2.11 1.45
Guardian (UK)
40 Dukes Place, London, EC3A 7NH Regulated Hermes Sourcecap EU Alpha Fund Class R Acc € 3.00 3.00 0.07 0.00
(LF) Cash Fund € € 1.15 - -0.01 - Long Bond Fund Gross Inc £ 11.33 - -0.10 2.90 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Artemis Capital R ACC 1211.88 1280.75 20.83 1.24 Authorised Corporate Director - Capita Financial Managers UK Equity & Bond Income B Inc 224.06 - 2.44 4.37 Davis Value A $ 38.09 - -1.65 0.00 Insurances Hermes Sourcecap EX UK Fund Class F Acc £ 1.29 1.29 0.03 0.00
Dealing: 0845 922 0044 (LF) Cash Fund (RON) RON 15.61 - 0.00 0.00 Pacific (Ex Japan) £ 3.27 - 0.14 1.86
Artemis European Growth R Acc 234.38 247.55 4.90 1.17 Guardian Assurance
Authorised Inv Funds UK Equity Income B Inc 395.55 - 5.89 4.17 Davis Global A $ 26.77 - -0.95 0.00 Hermes Sourcecap EX UK Fund Class R Acc € 3.05 3.05 0.09 0.00
(LF) Eq Emerging Europe € 0.66 - -0.04 0.00 Pan European £ 2.56 - 0.04 2.00
Artemis European Opps R Acc 71.60 75.58 1.09 0.81 Equity S-GH Class B £ 11.92 - 0.15 -
The Castleton Growth Fund Ret Acc 2 113.42 - -0.51 0.00 UK Government Bond B Inc 47.33 - -0.28 1.30 Hermes UK Small & Mid Cap Fund Class F Acc £ 1.59 1.59 0.02 0.00
(LF) Eq Flexi Style Greece € 0.94 - -0.05 - Reduced Duration UK Corporate Bond £ 10.49 - 0.00 3.15
Artemis Global Emg Mkts I GBP Acc 76.19 - 1.42 - Managed Fund Bond £ 22.28 23.21 -0.65 -
The Castleton Growth Fund Ret Inc 2 112.07 - -0.50 0.00 Hermes UK Small & Mid Cap Fund Class R Acc € 4.79 4.79 0.08 0.00
Discretionary Unit Fund Mngrs (1000)F (UK) (LF) Global Bond Fd € 11.99 - -0.09 0.00 Reduced Duration UK Corporate Bond Gross £ 10.66 - 0.00 3.15
Artemis Global Emg Mkts I GBP Dist 76.19 - 1.43 - Choices Wth-Pfts Lg-tm 319.50 336.30 0.00 -
The Castleton Growth Fund Ret Acc X F 109.81 - -0.49 0.00 1 Poultry, London EC2R 8JR 020 7 415 4130 Hermes US All Cap Equity Class F Stg £ Acc £ 0.88 0.88 -0.04 -
Capita Asset Services (UK) (LF) Global Equities € 1.05 - -0.06 0.00 Reduced Duration UK Corporate Bond Inc £ 9.93 - 0.00 3.15
Artemis Global Energy R Acc 20.54 21.77 -0.15 0.00 Authorised Inv Funds Choices Wth-Pfts St-tm 270.80 285.00 0.00 -
The Castleton Growth Fund Ret Inc X F 110.26 - -0.49 0.00 40 Dukes Place, London EC3A 7NH Hermes US All Cap Equity Class R € Acc € 1.74 1.74 -0.07 -
Order Desk 08459 220044 Switchboard 0870 607 2555 Disc Inc 1583.50 1632.50 -6.30 0.00 (LF) Eq Mena Fund € 12.80 - -0.34 0.00 Reduced Duration UK Corp Bond Gross Inc £ 9.94 - 0.00 3.15
Artemis Global Growth R Acc 170.48 179.89 1.83 0.80 Choices Managed 582.49 613.15 -21.37 -
Authorised Inv Funds Hermes US SMID Equity Fund Class F Acc £ 1.47 1.47 -0.06 0.00
Do Accum 5941.20 6125.00 -23.70 0.00 (LF) Greek Government Bond € 15.84 - -0.22 - Select Emerging Markets Equities £ 1.06 - 0.04 1.58
Artemis Global Income R Acc 89.31 94.38 1.42 3.79 Choices Equity 648.67 682.81 -30.55 -
BlackRock (JER) CF Heartwood Cautious B Acc X 125.63 - -0.83 0.12 Hermes US SMID Equity Fund Class R Acc € 3.15 3.15 -0.13 0.00
(LF) Income Plus $ $ 1.22 - 0.00 0.00 Select European Eqts £ 1.73 - 0.01 1.88
Artemis Global Income R Inc 71.91 75.99 1.14 3.91 Freedom With Pfts Long-Tm 219.30 230.80 0.00 -
Regulated CF Heartwood Cautious Income B Inc X 109.44 - -0.94 2.10
(LF) Greek Corporate Bond € 9.96 - -0.06 - Select Global Equities £ 2.81 - 0.04 1.10
Artemis Global select R Acc 66.35 70.01 0.46 0.00 BlackRock UK Property £ 40.34 - 0.00 3.57 Freedom With Pfts Short-Tm 197.20 207.60 0.00 -
CF Heartwood Growth B Acc X 136.63 - -2.52 0.70 Hermes Property Unit Trust (UK)
(LF) FOF Balanced Blend € 1.35 - -0.05 0.00 South East Asia £ 3.22 - 0.13 2.00
Artemis High Income R Inc 78.15 83.20 -0.10 5.71 Blackrock UK Long Lease £ 1057.79 - 1.80 0.00 Freedom Managed 342.68 360.72 -9.97 -
CF Heartwood Balanced Income B Inc X 110.36 - -1.20 2.62 Property & Other UK Unit Trusts
(LF) FOF Equity Blend € 1.20 - -0.09 0.00 Sterling Core Plus Bond Gr Accum £ 2.05 - -0.02 3.48
Artemis Income R Inc 199.74 211.62 2.38 4.22 BLK Intl Gold & General $ 4.05 4.27 -0.16 0.00 Freedom Equity 382.79 402.94 -14.38 - Property £ 5.58 5.95 0.03 3.15
CF Heartwood Balanced B Acc X 120.76 - -1.49 0.35
(LF) FOF Glob. Emerging Mkts € 0.77 - -0.05 0.00 Sterling Core Plus Bond Inc £ 1.34 - -0.01 3.59
Artemis Income R Acc 334.71 354.61 3.99 4.10 Corp Pens Mananged 205.63 205.63 -7.55 -
CF Heartwood Defensive Multi Asset Fund B Accumulation 108.71 - -0.48 0.01
(LF) FOF Dynamic Fixed Inc € 11.24 - -0.27 0.00 UK £ 3.44 - 0.05 2.21
Artemis Monthly Dist R Inc 60.42 64.10 0.06 4.71 Corp Pens Equity 211.78 211.78 -9.98 -
CF Richmond Core X 175.89 - -3.05 0.00 Dodge & Cox Worldwide Funds (IRL) Hermes UK Residential Real Estate (UK)
(LF) FOF Real Estate € 15.15 - -0.95 0.00 UK Aggreg Bond Gr Accum £ 1.81 - -0.01 3.11
Artemis Pan-Euro Abs Ret GBP 109.10 - 0.74 - 6 Duke Street,St.James,London SW1Y 6BN Corp Pens Fixed Interest 299.23 299.23 0.50 - Property & Other UK Unit Trusts
CF Seneca Diversified Growth A ACC 209.26 - -2.00 1.38
Artemis Strategic Assets R Acc 73.43 77.78 0.72 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 UK Aggregate Bond Inc £ 1.22 - 0.00 3.19 VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Corp Pens Index Linked 334.16 334.16 -2.94 -
CF Seneca Diversified Growth B ACC 123.60 - -1.18 1.36 FCA Recognised
Artemis Strategic Bond R M Acc 83.31 88.46 -0.19 4.01 UK Corporate Bond £ 1.22 - 0.00 3.97
Dodge & Cox Worldwide Funds plc - Global Bond Fund Corp Pens Deposit 190.76 190.76 0.01 -
CF Seneca Diversified Growth N ACC 122.46 - -1.17 1.18
Artemis Strategic Bond R M Inc 54.17 57.51 -0.12 4.08 UK Corporate Bond - Gross £ 2.26 - 0.00 3.84
EUR Accumulating Class € 11.10 - -0.31 0.00 Corp Pens Protector 368.24 368.24 2.06 -
CF Seneca Diversified Income A INC 86.75 - -0.82 5.19
UK Corporate Bond Fund Gross Inc £ 11.10 - 0.01 3.96
22 ★ FINANCIAL TIMES Wednesday 26 August 2015

MANAGED FUNDS SERVICE


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

Global Equity (No Trail) inc ♦ F 182.47 - 1.58 0.99 Diversified Real Ret Inc 49.21xd - -0.16 1.07 Strategic Bond A Acc 179.02 - -0.70 1.85 Vantage 1500 (EUR) MA € 10.22 - -0.04 0.00 US Conc.Growth A1 $ 14.27 - -0.55 0.00 Mir. -Eq Spain A € 25.00 - -1.38 0.00 Asia Pac Eq GBP Ord Inc £ 85.34 - -4.45 3.47

Global Equity Income (No Trail ) Acc ♦ F 235.62 - 2.65 3.15 Emerging Mkts Acc 126.10 - 2.70 0.84 Strategic Bond A Inc 118.91 - -0.46 1.85 Vantage 3000 (EUR) MA € 10.33 - -0.08 0.00 US Government Bond A1 $ 17.16 - 0.02 0.00 Mir. - Eq Swiss Sm/Mid A SFr 297.26 - -9.49 0.00 Asia Pac Eq USD Ord Inc $ 85.86 - -4.53 2.90
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR Global Equity Income (No Trail) Inc ♦ F 196.42 - 2.21 3.22 Emerging Mkts Inc 54.23 - 1.14 0.84 UK Equity Absolute Return A Acc 118.60 - -0.15 0.00 PrivilEdge Value A1 $ 20.45 - -0.82 0.00 Mir. - Glb High Yield Bds A $ 108.91 - -0.60 - Asia Pac Eq USD Inst Acc $ 90.99 - -4.75 0.00
FCA Recognised Inc.Pt.RMB Dt.CNH PA CNH 101.46 - -0.30 0.00
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 158.60 - 1.45 1.31 Emrg Mkts Inc Acc... C 46.16xd - 0.92 5.86 UK Equity A Acc 221.20 - 3.15 1.42 Mir. - Glb Eq High Income A USD $ 96.48 - -2.26 0.00 Asia Pac Eq USD Inst Inc $ 95.81 - -5.05 3.57
Env Mkts (Ire) Stl A £ 2.00 - -0.07 0.00
Inc.Pt.RMB Dt.SH CHF PA SFr 9.64 - -0.08 0.00
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 185.66 - 1.39 1.71 Emrg Mkts Inc Inc... C 40.60xd - 0.81 6.06 UK Equity Income A Acc 196.18 - 1.87 4.24 Mir. - Glb Strat. Bd A USD $ 105.05 - -0.53 0.00 Dyn Europ Eq EUR Ord Inc € 161.44 - -8.32 1.30
Env Mkts (Ire) Euro A € 1.87 - -0.10 0.00 MMIP Investment Management Limited (GSY)
Inc.Pt.RMB Dt.SH EUR PA € 9.70 - -0.08 0.00 Regulated
Gbl Fin Cap No Trail Acc 178.41 - -0.01 4.26 Europe Acc 1009.00 - 19.20 1.57 UK Equity Income A Inc 153.33 - 1.47 4.36 Dyn Europ Eq GBP Ord Inc £ 171.11 - -9.39 1.64
Env Mkts (Ire) USD A $ 1.65 - -0.05 0.00 Multi-Manager Investment Programmes PCC Limited
Inc.Pt.RMB Dt.USD PA $ 9.76 - -0.08 0.00
Gbl Fin Cap No Trail Inc 153.23 - -0.01 4.39 Europe Inc 58.11 - 1.13 1.57 UK Opportunities A Acc 158.69 - 2.57 1.33 Dyn Europ Eq USD Ord Inc $ 160.74 - -8.93 1.22
European Equity Fd Cl A Initial Ser € 2630.39 2630.39 115.75 0.00
Jenn. US Eq.Opp. USD PA $ 9.12 - -0.34 0.00
Global Opportunities (No Trail) Acc ♦ F 229.37 - 2.88 0.95 Eur Dynamic exUK Acc 156.70 - 3.40 0.85 UK Smaller Companies A Acc 269.40 - 3.61 0.65 China Equity EUR Ord Acc € 125.38 - -8.51 0.00
Japanese Equity Fd Cl A Initial Ser ¥ 374586.00 374586.00 2750.00 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL) Neubrg.Berman US Core PA $ 13.03 - -0.48 0.00
Global Smaller Companies (No Trail) Acc ♦ F 230.81 - 2.42 0.39 Eur Dynamic exUK £ hdg Acc 180.40 - 4.90 0.75 China Equity GBP Ord Acc £ 130.55 - -9.39 0.00
www.invil.mu MMIP - US EQUITY CLASS A 01 June 07 Series $ 1343.33 1343.33 -11.03 0.00
Sands US Growth PA € 12.73 - -0.51 0.00
Other International Funds Global Smaller Companies (No Trail) Inc ♦ F 220.54 - 2.32 0.39 Eur Dynamic exUK Inc 71.95 - 1.57 0.85 China Equity USD Ord Acc $ 127.16 - -9.26 0.00
Kames Capital Investment Portfolios ICVC (UK) Pacific Basin Fd Cl A Initial Ser $ 2267.99 2281.49 -101.36 0.00
NAV £ 7.58 - -0.13 0.00 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Sands US Growth PA $ 15.39 - -0.64 0.00
Global Targeted Rets (No Trail) Acc 112.08 - 0.23 0.84 Eur Smaller Cos Acc 448.50 - 11.40 0.00 China Equity USD Inst Acc $ 130.42 - -9.48 0.00
0800 45 44 22 www.kamescapital.com UK Equity Fd Cl A Series 01 £ 2405.27 2429.26 50.96 0.00
Will.Blair Gbl. Ldrs PA € 14.09 - -0.88 0.00 Montello Real Estate Opportunity Fund (LUX)
High Income (No Trail) Acc ♦ F 167.75 - 1.18 3.35 Eur Smaller Cos Inc 58.33 - 1.49 0.00 Global Val.Cr.Fd GBP Ord Inc £ 110.89 - -0.62 3.57
Authorised Funds Diversified Absolute Rtn Fd USD Cl AF2 $ 1647.35 - 7.55 0.00 101 New Cavendish Street,London W1W 6XH
Will.Blair Gbl. Ldrs PA $ 12.16 - -0.47 0.00
Intrinsic Value Investors (IVI) LLP (IRL) High Income (No Trail) Inc ♦ F 123.33 - 0.86 3.43 Fusion Balanced Acc 53.10 - -0.58 0.48 Property Income B Acc 116.42 - 0.07 - Regulated Global Val.Cr.Fd USD Inst Acc $ 122.42 - -0.68 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1667.95 - 7.74 0.00
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Montello Real Estate Opportunity Fund II £ 1134.60 - 8.02 0.00
High Yield Fund (No Trail) Acc 220.75 - -0.47 4.60 Fusion Balanced Inc 53.09 - -0.57 0.48 Property Income B Inc 109.67 - 0.07 - Global Val.Cr.Fd GBP Ord Acc £ 176.63 - -0.98 0.00
FCA Recognised
High Yield Fund (No Trail) Inc 164.56 - -0.35 4.71 Fusion Conservative Acc 52.84 - -0.54 0.66 Lothbury Property Trust (UK) Global Val.Cr.Fd USD Ord Acc $ 165.83 - -0.93 0.00
IVI European Fund EUR € 16.98 - -0.60 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Manek Investment Mgmt Ltd (1000)F (UK)
Hong Kong & China (No Trail) Acc ♦ F 168.83 - 3.00 1.23 Fusion Conservative Inc 52.73 - -0.54 0.68 MW Japan Fund Plc (IRL) Global Val.Cr.Fd EUR Ord Acc € 154.83 - -0.80 0.00
IVI European Fund GBP £ 16.95 - -0.27 0.99 Kames Capital VCIC (IRL) Property & Other UK Unit Trusts P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Income & Growth (No Trail) Acc ♦ F 216.40 - 2.24 3.99 Fusion Growth Acc 54.00 - -0.70 0.49 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Authorised Inv Funds FCA Recognised Swiss Select Equity Inst Acc SFr 108.61 - -4.22 0.00
Lothbury Property Trust GBP £ 1732.06 1858.39 27.09 3.34
FCA Recognised Growth Fd Acc 55.88 59.16 0.25 0.00 MW Japan Fund PLC A $ 23.11 - -0.88 -
Income & Growth (No Trail) Inc ♦ F 171.31 - 1.78 4.10 Fusion Growth Inc 54.69 - -1.54 0.49 Swiss Select Equity Ord Acc SFr 107.59 - -4.19 0.00
Absolute Return Bond B GBP Acc 1077.46 - 0.03 - MW Japan Fund PLC B $ 23.33 - -0.89 -
Income (No Trail) Acc ♦ F 166.64 - 1.14 3.17 Fusion Growth + Acc 55.84 - -2.07 0.50 US Growth USD Ord Acc $ 193.56 - -7.93 0.00
Eq Market Neutral B Acc 1016.79 - -1.39 - MW Japan Fund PLC C $ 88.88 - -3.43 -
Income (No Trail) Inc ♦ F 123.90 - 0.85 3.25 Fusion Growth + Inc 55.84 - -2.07 0.50 Manulife Global Fund (LUX) US Growth EUR Ord Acc € 185.91 - -7.04 0.00
Eq Market Neutral Plus B Acc 1026.14 - -3.79 - 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Japan (No Trail) Acc ♦ F 141.59 - 3.40 0.76 Fusion Income Acc...C 53.18 - -0.56 2.45 US Growth GBP Ord Acc £ 194.53 - -7.86 0.00
High Yield Global Bond A GBP Inc 524.97 - -4.07 3.76 www.manulife.com.hk
Japanese Smaller Companies (No Trail) Acc ♦ F 153.92 - 4.03 0.00 Fusion Income Inc...C 50.86 - -0.54 2.47 FCA Recognised Morant Wright Funds (Ireland) PLC (IRL) US Growth USD Inst Acc $ 178.38 - -7.30 0.00
High Yield Global Bond B GBP Inc 1090.36 - -8.43 4.27 FCA Recognised
Invesco Fund Managers Ltd (UK) Latin American (No Trail) Acc ♦ F 92.91 - -3.20 2.16 Global Allocation Acc 52.65 - -1.30 0.66 American Growth Fund Class A F $ 27.9377 - -1.9372 0.00 Wealthy Nat Bd EUR Inst Inc € 107.72 - -0.64 3.76
Investment Grade Global Bd A GBP Inc 557.15 - -1.13 2.56 Morant Wright Fuji Yield EUR Acc Hedged € 10.44 - -0.38 -
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH M & G Securities (1200)F (UK)
Asset Management
Latin American (No Trail) Inc ♦ F 84.85 - -2.92 2.19 Global Allocation Inc 52.31 - -1.29 0.67 American Growth Fund Class AA F $ 1.5865 - -0.1101 0.00 Wealthy Nat Bd GBP Inst Inc £ 111.60 - -0.70 3.61
Dealing: 0800 085 8571 Kames Global Equity Income B GBP Acc 1051.16 - -10.81 - PO Box 9039, Chelmsford, CM99 2XG Morant Wright Fuji Yield EUR Dist Hedged € 10.39 - -0.38 -
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Managed Growth (No Trail) Acc ♦ F

Managed Growth (No Trail) Inc ♦ F


183.89

169.11
-

-
1.17 1.21

1.08 1.22
Global Bond exUK Acc

Global Bond exUK Inc


250.50xd

197.00xd
-

-
0.10 0.76

0.10 0.76
Kames Global Equity Income B GBP Inc 1005.74 - -10.35 -
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds
American Growth Fund Class AA (HKD) FHK$ 9.8360

Asian Equity Fund Class A F $ 2.6406


-

-
-0.6792 0.00

-0.1815 0.40
Morant Wright Fuji Yield GBP Acc Hedged £ 10.65 - -0.39 -
Wealthy Nat Bd EUR Ord Inc

Wealthy Nat Bd GBP Ord Inc


Asset Manageme€ 106.99

£ 112.23
-

-
-0.64 3.52

-0.71 3.34
Authorised Inv Funds Strategic Global Bond A GBP Inc 1098.93 - -4.91 0.58 Morant Wright Fuji Yield GBP Dist Hedged £ 10.43 - -0.38 -
Charifund Inc 1388.43 - 10.50 4.91 Asian Equity Fund Class AA F $ 0.8494 - -0.0583 0.00
INVESCO PERPETUAL Funds Managed Income (No Trail) Acc ♦ F 182.47 - 1.40 3.09 Global Bond Opport. Acc 49.27xd - -0.20 2.86 Wealthy Nat Bd USD Ord Inc $ 109.24 - -0.70 3.32
Strategic Global Bond B GBP Inc 623.15 - -2.78 1.08 Morant Wright Fuji Yield USD Acc Hedged $ 10.37 - -0.38 -
Asian Acc ♦ F 381.74 - 5.68 0.89 Charifund Acc 18841.66 - 142.50 4.77 Asian Small Cap Equity Fund Class AA F $ 1.8155 - -0.1430 0.00 New Capital Alternative Strategies
Managed Income (No Trail) Inc ♦ F 151.12 - 1.16 3.15 Global Bond Opport. Inc 48.86xd - -0.20 2.89
Morant Wright Fuji Yield USD Dist Hedged $ 10.49 - -0.39 -
Asian Inc ♦ F 342.87 - 5.11 0.89 M&G Corporate Bond A Acc 62.29xd - -0.24 3.09 Asian Small Cap Equity Fund Class AA (HKD)HK$ 7.3473 - -0.5763 0.00 All Weather Fd USD Cls $ 121.26 - 0.57 0.00
Monthly Income Plus (No Trail) Acc ♦ F 169.38 - -0.03 4.67 Global Eq Income £ hdg Acc... C 63.75xd - -3.63 3.74
Morant Wright Fuji Yield YEN Acc ¥ 1068.57 - -38.34 -
Asian Equity Income Acc ♦ F 52.25 - 1.41 4.38 Monthly Income Plus (No Trail) Inc ♦ F 107.75 - -0.02 4.77 Global Eq Income £ hdg Inc ... C 45.92xd - -2.61 3.83 Kleinwort Benson Bank (UK) M&G Corporate Bond A Inc 39.37xd - -0.15 3.09 China Value Fund Class A F $ 7.3935 - -0.4358 0.69 All Weather Fd EUR Cls € 109.06 - 0.45 0.00
14 St. George Street, Mayfair, London W1S1FE Morant Wright Fuji Yield B YEN Acc ¥ 942.57 - -33.44 -
Asian Equity Income Inc ♦ F 44.51 - 1.19 4.50 M&G Dividend A Inc 57.94xd - 0.71 4.73 China Value Fund Class AA F $ 2.3148 - -0.1365 0.47 All Weather Fd GBP Cls £ 117.69 - 0.54 0.00
Pacific (No Trail) Acc ♦ F 163.24 - 3.42 0.85 Global Eq Income Acc... C 65.84xd - -3.39 3.79 Dealing and enquiries: 0800 024 2400
Morant Wright Fuji Yield YEN Dist ¥ 1056.81 - -37.92 -
Balanced Risk 6 Acc 51.50 - -0.13 0.00 Authorised Inv Funds M&G Dividend A Acc 580.35xd - 7.16 4.57 Dragon Growth Fund Class A F $ 1.7319 - -0.1060 0.61 Tactical Opps USD Cls $ 137.12 - -15.77 0.00
Pacific (No Trail) Inc ♦ F 154.94 - 3.26 0.94 Global Eq Income Inc ... C 57.37xd - -2.95 3.87
Unit Trust Manager/ACD - Host Capital Morant Wright Sakura Fund Sterling Acc Hedged £ 12.80 - -0.47 0.00
Balanced Risk 8 Acc 52.74 - -0.18 0.00 M&G Episode Growth X Inc 49.59xd - 0.09 1.88 Dragon Growth Fund Class AA HKDHK$ 8.3789 - -0.5107 0.58 Tactical Opps EUR Cls € 115.03 - -12.99 0.00
Tactical Bond (No Trail) Acc ♦ F 139.30 - -0.06 1.45 Global Equity Acc 922.40 - -46.70 0.17
HC KB Capital Growth A Acc 157.35 - 0.33 1.36 Morant Wright Sakura Fund Euro Acc Hedged € 12.78 - -0.46 0.00
Balanced Risk 10 Acc 53.84 - -0.23 0.12 M&G Episode Income A Acc 133.53xd - -0.21 3.70 Emerging Eastern Europe Fund Class AA F $ 1.1824 - -0.0673 0.50 Tactical Opps GBP Cls £ 129.22 - -14.80 0.00
Tactical Bond (No Trail) Inc ♦ F 118.78 - -0.04 1.46 Global Equity Inc 68.55 - -3.48 0.16
HC KB Capital Growth A Inc 147.34 - 0.31 1.38 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1304.12 - -47.11 0.00
Childrens Acc ♦ F 386.46 - 4.88 1.71 UK Aggressive (No Trail) Acc ♦ F 159.06 - 2.05 2.28 Global Financials Acc 686.40 - -37.60 0.91
M&G Episode Income A Inc 112.33xd - -0.17 3.78
Asset Management
Emerging Eastern Europe Fund Class A F $ 2.7531 - -0.1566 0.90

set Management
HC KB Enterprise Equity Income A Inc 105.20 - -3.90 3.78 Morant Wright Sakura Fund Dollar Acc Hedged $ 12.74 - -0.47 0.00
M&G Extra Income A Inc 710.36 - 4.24 4.60

Asset Management Asset Management


Corporate Bd Acc (Gross) ♦ F 205.31 - -0.46 3.61 UK Aggressive (No Trail) Inc ♦ F 133.83 - 1.72 2.33 Global Financials Inc 39.04 - -2.14 0.92 European Growth Fund Class A F $ 10.1456 - -0.5561 1.15
HC KB Enterprise Equity Income A Acc 154.88 - -5.74 3.69 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.70 - -0.46 0.00
Corporate Bd Inc (Gross) ♦ F 88.82 - -0.20 3.71 M&G Extra Income A Acc 5763.53 - 34.35 4.46 European Growth Fund Class AA F $ 0.7337 - -0.0402 0.56
UK Enhanced Index (No Trail) Acc ♦ F 381.38 - 4.43 3.43 Global High Yield Bd Mth Inc C 37.41xd - -0.29 6.53
HC KB Endeavour Multi Asset Balanced A Acc 126.59 - -0.96 0.81
Corporate Bond Acc ♦ F 183.04 - -0.41 3.63 M&G Global Basics A Inc 581.77 - 6.62 0.31 Global Contrarian Fund Class AA F $ 0.8659 - -0.0483 0.00
UK Enhanced Index (No Trail) Inc ♦ F 242.30 - 2.81 3.51 Global High Yield Bd Acc C 97.67xd - -0.75 6.48
HC KB Endeavour Multi Asset Balanced A Inc 120.31 - -0.91 0.81
Corporate Bond Inc ♦ F 88.58 - -0.20 3.71 M&G Global Basics A Acc 878.26 - 10.00 0.32 Global Property Fund Class AA F $ 0.9492 - -0.0515 0.75
UK Growth (No Trail) Acc ♦ F 139.69 - 1.67 2.29 Global High Yield Bd Inc C 37.38xd - -0.29 6.56
HC KB Enterprise Fixed Income A Acc 122.57 - -0.39 3.44
Distribution Acc ♦ F 107.19 - 0.20 4.20 M&G Global Dividend Fund A Acc 176.53xd - 1.47 3.57 Global Property Fund Class AA (HKD)HK$ 8.9224 - -0.4816 -
UK Growth (No Trail) Inc ♦ F 114.31 - 1.37 2.34 Global Property Secs Acc 55.77xd - -2.92 0.61
HC KB Enterprise Fixed Income A Inc 109.43 - -0.34 3.44 Northwest Investment Management (HK) Ltd
Distribution Acc (Gross) ♦ F 122.47 - 0.23 4.18 M&G Global Dividend Fund A Inc 140.33xd - 1.17 3.64 Global Resources Fund Class AA F $ 0.6260 - -0.0422 0.00
UK Smaller Companies Equity (No Trail) Acc ♦ F 272.08 - 2.50 1.00 Global Property Secs Inc 48.14xd - -2.52 0.60 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Distribution Inc ♦ F 63.05 - 0.12 4.28 M&G Glbl Emrgng Mkts A Acc 166.78 - 1.56 1.01 Greater China Opportunities Class AA $ 0.8561 - -0.0536 0.00 Other International Funds
UK Smaller Companies Equity (No Trail) Inc ♦ F 251.00 - 2.31 1.01 Income Acc ... C 49.80xd - -0.08 6.64
Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Glbl Emrgng Mkts A Inc 161.13 - 1.51 1.02 Northwest $ class $ 2331.51 - -97.83 0.00
Distribution Inc (Gross) ♦ F 63.09 - 0.12 4.28 UK Strategic Income (No Trail) Acc ♦ F 701.32 - 5.02 3.35 Income Inc ... C 47.06xd - -0.07 6.67 Healthcare Fund Class AA F $ 1.8454 - -0.1241 0.00
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Morgan Stanley Investment Funds (LUX)
Other International Funds M&G Global Macro Bond Fund A Acc 103.48xd - -0.53 0.89 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Northwest Warrant $ class $ 2413.75 - -188.47 0.00
Emerging European Acc ♦ F 31.51 - 0.32 2.90 UK Strategic Income (No Trail) Inc ♦ F 525.77 - 3.76 3.43 Japan Acc 262.50 - -19.00 0.00 India Equity Fund Class AA F $ 1.2852 - -0.0984 0.00
Lloydstrust Gilt £ 12.3600 - -0.0300 2.39 M&G Global Macro Bond Fund A Inc 71.80xd - -0.36 0.89 www.morganstanleyinvestmentfunds.com
Emerging European Inc ♦ F 28.72 - 0.29 2.97 US Equity (No Trail) Acc ♦ F 207.46 - 0.23 0.04 Japan Inc 63.19 - -4.57 0.00 International Growth Fund Class A F $ 4.3479 - -0.2537 0.13
FCA Recognised
Lloyds Investment Funds Limited M&G Global High Yield Bond X Inc 49.12xd - -0.75 4.34
European Equity Acc ♦ F 818.57 - 13.31 2.17 Multi-Asset Inc Mth Inc ... C 62.85xd - -1.55 3.87 International Growth Fund Class AA F $ 0.9978 - -0.0583 0.00 US Advantage A F $ 52.10 - -3.72 0.00
Euro High Income € 1.6280 - -0.0080 3.00
European Equity Inc ♦ F 692.56 - 11.26 2.22 M&G Global High Yield Bond X Acc 114.85xd - -1.75 4.34 Japanese Growth Fund Class A F $ 3.3661 - -0.0581 0.58
Multi-Asset Inc Acc... C 83.05xd - -2.05 3.79 Asian Equity A F $ 37.33 - -2.47 0.00
European £ 7.1620 - 0.0600 1.40
European Equity Income Acc ♦ F 71.39 - 1.46 3.36 M&G Managed Growth X Inc 71.01 - 0.51 0.73 Japanese Growth Fund Class AA F $ 0.8654 - -0.0149 0.00
Multi-Asset Inc Inc... C 62.84xd - -1.55 3.88 Asian Property A F $ 16.85 - -1.26 0.00
High Income £ 0.8691 - -0.0036 5.00
European Equity Income Inc ♦ F 55.26 - 1.13 3.44 M&G Optimal Income A Inc 142.05 - -0.26 1.95 Latin America Equity Fund Class AA F $ 0.6755 - -0.0486 1.63
Multi-Asset Macro Acc 67.20 - 1.31 0.00 Asian Property AX F £ 9.86 - -0.79 0.49
International £ 3.7310 - -0.0760 1.43
European High Income Acc ♦ F 78.73 - 0.13 3.37 M&G Optimal Income A Acc 186.24 - -0.33 1.95 Russia Equity Fund Class AA F $ 0.3671 - -0.0237 0.00
Multi-Asset Macro Inc 67.20 - 1.31 0.00 Diversified Alpha Plus A F € 31.23 - -0.01 0.00
North American £ 14.2700 - -0.6300 0.21 Oasis Crescent Management Company Ltd
European High Income Inc ♦ F 57.58 - 0.09 3.43 M&G Recovery GBP A Inc 115.30xd - 1.19 0.76 Taiwan Equity Fund Class AA F $ 1.3478 - -0.0603 0.21
Multi-Manager Growth Acc 671.40 - -29.10 0.50 Emerg Europ, Mid-East & Africa Eq A F € 60.74 - -5.60 0.00 Other International Funds
Sterling Bond £ 1.4730 - -0.0070 3.64
European Opportunities Inc ♦ F 83.76 - 2.04 0.16 Invesco (LUX) Multi-Manager Growth Inc 626.60 - -27.20 0.50
M&G Recovery GBP A Acc 258.89xd - 2.66 0.75 Turkey Equity Fund Class AA F $ 0.6199 - -0.0347 0.00 Emerging Markets Debt A F $ 74.60 - -0.60 0.00 Oasis Crescent Equity Fund R 9.10 - -0.01 0.00
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 UK £ 6.4740 - 0.0500 1.89
European Opportunities Acc ♦ F 85.77 - 2.09 0.16 M&G Strategic Corp Bond A Inc 73.09 - -0.24 2.73 US Bond Fund Class AA F $ 1.2152 - 0.0023 3.93
FCA Recognised Natural Resources Acc 338.20 - -18.80 0.12 Emerging Markets Domestic Debt AX F £ 10.16 - -0.16 5.46
Lloyds Gilt Fund Limited
European Smlr Cos Acc ♦ F 186.23 - 4.33 0.00 Invesco Management SA M&G Strategic Corp Bond A Acc 104.35 - -0.33 2.73 U.S. Bond Fund Class AA Inc F $ 0.9841 - 0.0018 2.53
Natural Resources Inc 23.95 - -1.34 0.12 Lloyds Gilt Fund Quarterly Share £ 1.2850 - -0.0030 1.92 Emerging Markets Equity A F $ 31.04 - -2.18 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Invesco Active Multi-Sector Credit Fund A € 2.91 - -0.02 0.00 M&G Global Leaders GBP A Inc 177.91 - 2.69 1.53 Regulated
Global Bd Acc (Gross) ♦ F 127.19 - -0.44 1.18 New Europe Acc 120.90 - -5.60 3.00 Monthly Share £ 1.2360xd - -0.0040 1.92 US Bond Fund Class AA (HKD) HK$ 9.9464 - 0.0215 - Euro Bond A F € 15.74 - 0.06 0.00
Invesco Asia Balanced A dist $ 14.00 - 0.09 3.63 M&G Global Leaders GBP A Acc 415.05 - 6.27 1.52 Oasis Global Investment (Ireland) Plc
Global Bd Inc (Gross) ♦ F 78.79 - -0.27 1.19 New Europe Inc 28.75 - -1.32 2.95 Lloyds Money Fund Limited U.S. Bond Fund Class AA (HKD) IncHK$ 9.8135 - 0.0212 2.63 Euro Corporate Bond AX F £ 22.16 - 0.58 1.69
Oasis Crescent Global Short Term Income Fund $ 1.00 - 0.00 0.45
Invesco Asia Consumer Demand Fund A income $ 12.29 - 0.31 0.19 Sterling Class £ 52.5900 - 0.0000 0.16 M&G UK Inflation Lnkd Corp Bnd A Acc 111.68 - -0.24 0.09
Global Bond Acc ♦ F 119.57 - -0.42 1.19 Portfolio Acc 188.50 - -10.50 0.72 U.S. Special Opportunities Fund Class AA F $ 0.8929 - -0.0051 7.15 Euro Strategic Bond A F € 43.50 - 0.00 0.00
Oasis Global Equity $ 25.96 - -0.91 0.22
Invesco Asia Infrastructure (A) $ 12.16 - 0.13 1.42 Lloyds Multi Strategy Fund Limited M&G UK Inflation Lnkd Corp Bnd A Inc 110.07 - -0.25 0.09
Global Bond Inc ♦ F 78.70 - -0.27 1.20 Sterling Corporate Bond Acc 82.68xd - -0.03 2.54 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - European Currencies High Yield Bd A F € 21.46 - -0.16 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Invesco Asia Opportunities Equity A $ 96.98 - 2.19 0.00 Conservative Strategy £ 1.0890 - -0.0090 1.97
Glbl Distribution Acc 52.00 - 0.03 4.17 Sterling Corporate Bond Inc 51.95xd - -0.02 2.55 U.S. Special Opportunities Fund Class AA Inc $ 0.8813 - -0.0050 - European Equity Alpha A F € 40.81 - -3.68 0.00 Oasis Crescent Global Equity Fund $ 26.40 - -0.87 0.00
Invesco Balanced Risk Allocation Fund A € 14.63 - 0.00 0.00 Growth Strategy £ 1.4180 - -0.0400 1.32
Glbl Distribution Acc (Gross) 52.58 - 0.03 4.17 Strategic Bond Acc 68.54xd - -0.19 2.69 M & G Securities Ltd (UK) US Small Cap Equity Fund Class AA F $ 1.0510 - -0.0503 0.00 European Property A F € 33.26 - -2.81 0.00 Oasis Crescent Global High Equity Balanced Fund $ 9.32 - -0.27 0.00
Invesco Emerging Europe Equity Fund A $ 7.65 - 0.11 0.00 Aggressive Strategy £ 1.6670 - -0.0750 0.00 Property & Other UK Unit Trusts
Glbl Distribution Inc 49.86 - 0.03 4.18 Strategic Bond Inc 57.20xd - -0.16 2.70 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2801 - 0.0037 0.06 Eurozone Equity Alpha A F € 10.64 - -0.93 0.00 Oasis Crescent Variable Balanced Fund £ 10.11 - -0.34 -
Invesco Emerging Local Currencies Debt A Inc $ 7.03 - 0.02 6.72 Global USD Growth Strategy $ 1.3130 - -0.0530 0.00 Charibond 123.88xd - -0.45 5.22
Glbl Distribution Inc (Gross) 49.89 - 0.03 4.18 UK Active Index + E Acc 267.30 - -10.30 3.23 Global Bond A F $ 39.47 - 0.55 0.00 OasisCresGl Income Class A $ 11.01 - -0.03 2.28
Dealing Daily (Accum Units) 3618.97xd - -13.18 5.22
Invesco Emerging Mkt Quant.Eq. A $ 8.92 - 0.15 0.00
Global Emerging Markets Acc ♦ F 212.73 - 1.51 0.53 UK Active Index + E Inc 50.40 - -1.94 3.23 Global Brands A F $ 90.10 - -5.37 0.00 OasisCresGl LowBal D ($) Dist $ 11.56 - -0.27 0.00
Manulife Global Fund
Invesco Energy A $ 17.26 - 0.07 0.00 NAACIF 72.37xd - 0.41 4.77
Global Emerging Markets Inc ♦ F 191.84 - 1.37 0.53 UK Dynamic Acc 152.80xd - -6.80 1.54 Other International Funds Global Convertible Bond A F $ 41.26 - -1.04 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 11.66 - -0.31 0.31
Invesco Euro Corporate Bond Fund (A) € 17.15 - -0.02 0.00 (Accum Units) 6400.89xd - 37.02 4.64 Asia Total Return Fund Class AA $ 0.9604 - -0.0055 -
Global Equity (acc) ♦ F 442.19 - 3.82 0.48 UK Dynamic Inc 124.90xd - -5.70 1.56 Global Property A F $ 26.81 - -1.65 0.00 Oasis Crescent Gbl Property Eqty $ 9.25 - -0.41 1.83
Invesco Euro Inflation Linked Bond A € 15.28 - -0.01 0.00 M&G Property Portfolio A Acc 131.21 138.11 0.01 3.64 Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.5098 - -0.0521 -
Global Equity (inc) ♦ F 403.32 - 3.49 0.48 UK Eq & Bond Inc Acc ... C 135.50xd - -4.20 3.38 Indian Equity A F $ 33.83 - -3.04 0.00
Invesco Euro Reserve A € 322.82 - 0.00 0.00 Property Portfolio A 121.19 127.56 0.01 3.73 Asia Total Return Fund Class AA Inc $ 0.9095 - -0.0053 3.23
Global Equity Income Acc ♦ F 114.03 - 1.28 3.16 UK Eq & Bond Inc Inc ... C 79.60xd - -2.46 3.44 Latin American Equity A F $ 36.82 - -2.89 0.00
Invesco Euro Bond A € 7.04 - -0.04 0.00 Property Portfolio X 121.19 121.19 0.01 3.71 Asia Value Dividend Equity Fund Class AA F $ 1.4666 - -0.0865 0.00
Global Equity Income Inc ♦ F 95.05 - 1.06 3.24 UK Higher Inc Acc ... C 859.00xd - -37.80 4.36 Short Maturity Euro Bond A F € 20.41 - -0.01 0.00
Invesco European Growth Equity A € 23.35 - 0.50 0.00 Asia Value Dividend Equity Fund Class AA Inc $ 0.8901 - -0.0525 -
Gbl Financial Capital Acc 87.64 - -0.01 4.27 UK Higher Inc Inc ... C 499.30xd - -21.90 4.50 Lombard Odier Funds (Europe) S.A (LUX) US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Invesco Global Absolute Return Fund A Class € 11.18 - 0.00 0.00 www.loim.com M & G (Guernsey) Ltd (GSY) Strategic Income Fund Class AA F $ 1.0775 - -0.0030 4.44
Gbl Financial Capital Inc 75.26 - 0.00 4.41 UK Managed Equity Acc 62.13xd - -2.83 2.14 US Growth A F $ 61.23 - -4.35 0.00
Regulated Regulated
Invesco Global Bond A Inc $ 5.56 - -0.01 0.97
Gbl Financial Cap Acc Gross 91.43 - 0.00 4.77 UK Managed Equity Inc 52.40xd - -2.39 2.17 Lombard Odier Funds The M&G Offshore Fund Range US Growth AH F € 42.46 - -2.83 0.00
Invesco Global Conservative Fund 90 (EUR) A € 11.86 - -0.15 0.00 Absolute Ret Bond (EUR) PA € 12.08 - 0.02 0.00 Odey Asset Management LLP (UK)
Gbl Financial Cap Inc Gross 75.58 - 0.00 4.96 UK Smaller Cos Acc 368.80 - -13.00 0.00 Corporate Bond - - - 3.07 Marlborough Fd Managers Ltd (1200)F (UK) US Growth AX F £ 38.83 - -2.96 0.00
Invesco Global Equity Income Fund A $ 58.68 - 0.98 0.00 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 40 Dukes Place, London, EC3A 7NH
Global Opportunities Acc ♦ F 89.23 - 1.12 0.46 UK Smaller Cos Inc 71.61 - -2.53 0.00 Absolute Ret Bond (USD) PA $ 17.74 - 0.03 0.00 Global Basics 2142.05 2208.30 24.28 0.00
www.marlboroughfunds.com US Property A F $ 64.32 - -3.38 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Invesco Global Inc Real Estate Sec A dist $ 9.13 - -0.08 2.14 All Roads (CHF) PA SFr 17.36 - -0.14 0.00 Authorised Corporate Director - Capita Financial Managers
Global Smaller Cos Acc ♦ F 1581.58 - 16.60 0.00 UK Strategic Eq Inc Acc ... C 144.20xd - -6.10 3.75 Global Leaders 3089.95 3218.70 46.66 1.26 Authorised Inv Funds
Invesco Global Inv Grd Corp Bond A Dist $ 11.68 - -0.06 3.05 Authorised Inv Funds
Global Smaller Cos Inc ♦ F 1510.21 - 15.85 0.00 UK Strategic Eq Inc Inc ... C 94.33xd - -3.98 3.84 All Roads (USD) PA $ 11.03 - -0.10 0.00 Global High Yield Bond 965.80 995.67 -14.72 4.30 Balanced 147.41 155.85 -2.06 0.05
Morgens Waterfall Vintiadis.co Inc CF Odey Continental European GBP R Acc 694.11 - 8.40 0.19
Invesco Global Leisure A $ 35.65 - 1.17 0.00 All Roads (GBP) PA £ 11.26 - -0.09 0.00 Bond Income 50.43 53.37 -0.20 4.85
Global Targeted Rets Acc 55.51 - 0.11 0.29 UK Strategic Gth Acc 106.30 - -4.70 1.24 Global Macro Bond Fund 10761.71 11094.55 -53.91 0.89 Other International Funds
CF Odey Opus GBP R Inc 3561.06 - -122.07 0.00
Invesco Global Smaller Comp Eq Fd A $ 55.74 - 1.02 0.00 All Roads (EUR) PA € 11.19 - -0.09 0.00 Cash 50.17 - 0.00 0.32 Phaeton Intl (BVI) Ltd (Est) $ 402.75 - -17.86 0.00
High Income Acc ♦ F 785.35 - 5.48 3.36 UK Strategic Gth Inc 99.15 - -4.45 1.25 North American Dividend Fund - - - 0.63
CF Odey Absolute Return GBP R 310.51 - -1.53 0.00
Invesco Global Structured Equity A $ 44.72 - 0.78 0.73 Alpha Japan (EUR) PA F € 11.06 - -0.75 0.00 Cautious Inc 80.56 84.80 -1.36 1.35
High Income Inc ♦ F 433.22 - 3.02 3.44 US Acc 651.20 - -39.30 0.00 Optimal Income Fund 140.76 145.11 -0.26 1.94
CF Odey Portfolio Fund GBP R Inc 137.27 - -6.34 0.07
Invesco Global Total Ret.(EUR) Bond Fund A € 13.22 - -0.02 0.00 Alpha Japan (CHF) PA F SFr 13.82 - -0.94 0.00 Defensive A Inc 115.32 - -0.33 0.98
High Yield Fund Acc 106.64 - -0.23 4.62 US Inc 90.13 - -5.43 0.00 Recovery Fund Limited 'A' Participating Shares - - - 0.43
Invesco Gold & Precious Metals A $ 3.79 - -0.21 0.00 Alpha Japan (JPY) PA F ¥ 1312.00 - -88.00 0.00 Emerging Markets 198.59 - 3.43 1.92
High Yield Fund Acc (Gross) 124.13 - -0.27 4.59 US Equity Income Acc ... C 110.20xd - -6.00 2.29 Recovery Fund Limited 'I' Participating Shares 9992.33 10093.26 102.49 1.23
Invesco Greater China Equity A $ 41.39 - 1.22 0.00 Alpha Japan (USD) PA F $ 15.82 - -1.11 0.00 ETF Global Growth A 150.16 - 0.45 0.00 Odey Asset Management LLP (CYM)
High Yield Fund Inc 42.67 - -0.10 4.73 US Equity Income £ hdg Inc ... C 93.95xd - -4.95 2.30 Strategic Corporate Bond Fund - - - 2.72
Regulated
Invesco India Equity A $ 52.23 - 1.47 0.00 Alternative Beta PA F SFr 113.55 - -2.35 0.00 ETF Commodity A 66.83 - 0.11 0.00
High Yield Fund Inc (Gross) 42.73 - -0.09 4.72 US Equity Income Inc ... C 94.01xd - -5.15 2.31 UK Growth 1460.96 1521.84 23.07 1.19 OEI Mac Inc GBP A £ 363.01 - 4.91 0.00
Invesco Japanese Equity Adv Fd A ¥ 3632.00 - 107.00 0.00 Alternative Beta PA F € 76.60 - -1.57 0.00 European Multi-Cap 258.89 - 3.48 0.21
Hong Kong & China Acc ♦ F 426.18 - 7.56 0.73 US Select Acc 101.30 - -6.20 0.00 OEI Mac Inc GBP B £ 196.98 - 2.63 0.00
Invesco Japanese Value Eq Fd A ¥ 1188.00 - 33.00 0.00 Alternative Beta PA F $ 114.52 - -2.43 0.00 Extra Income 77.41 81.92 0.34 4.58 Natixis International Funds (Lux) I SICAV (LUX)
Income & Growth Acc ♦ F 920.21 - 9.52 3.99 US Select Inc 100.10 - -6.10 0.00 OEI MAC Inc USD $ 1943.43 - 26.13 0.00
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Invesco Latin American Equity A $ 5.79 - -0.19 0.00 Commodities (CHF) PA SFr 5.30 - -0.09 0.00 Far East Growth A Inc 138.94 - 2.05 2.15
Income & Growth Inc ♦ F 399.23 - 4.12 4.11 US Smaller Cos Acc 358.00 - -16.60 0.00 FCA Recognised Odey European Inc EUR € 846.63 - 15.90 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 960.00 - 29.00 0.00 Commodities (EUR) PA € 5.37 - -0.09 0.00 Global 167.36 176.21 -5.88 0.00 Harris Global Equity R/A (USD) $ 246.49 246.49 -8.65 0.00
Income Acc ♦ F 3035.89 - 20.72 3.19 US Smaller Cos Inc 93.80 - -4.36 0.00 Odey European Inc GBP A £ 324.51 - 6.17 0.00
Invesco Pan European Equity A EUR Cap NAV € 18.89 - 0.40 0.00 Commodities (USD) PA $ 5.55 - -0.09 0.00 Global Bond Inc 134.26 142.07 -0.82 3.24 Harris Concentrated US Equity H-N/A (GBP) £ 129.63 129.63 -5.71 0.00
Income Inc ♦ F 1714.66 - 11.70 3.26 Odey European Inc GBP B £ 184.16 - 3.50 0.00
Invesco Pan European High Income Fd A € 13.86 - 0.01 2.14 Convertible Bd P A € 16.94 - -0.26 0.00 High Yield Fixed Interest 73.34 77.81 -0.19 5.66 Harris Concentrated US Equity R/D (GBP) £ 89.37 89.37 -4.37 33.93
Japan Acc ♦ F 298.33 - 7.18 0.30 Odey European Inc USD $ 390.05 - 7.39 0.00
JPMorgan Charity Funds (UK)
Japanese Smlr Cos Acc ♦ F 60.49 - 1.58 0.00
Invesco Pan European Small Cap Equity A € 22.14 - 0.51 0.00
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Convertible Bd Asia PA F SFr 13.18 - -0.15 0.00 MFS Investment Funds (LUX) Multi Cap Income A Inc 154.08 - 1.58 4.37 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 98.42 98.42 0.01 0.90
Giano Capital EUR Inc € 4423.88 - -73.35 0.00
Property & Other UK Unit Trusts FCA Recognised
Invesco Pan European Structured Equity A € 16.30 - 0.31 0.00 Convertible Bd Asia PA F € 14.04 - -0.16 0.00 Nano-Cap Growth A Acc 100.1251 110.1300 0.1954 -
Latin America Acc ♦ F 96.20 - -3.31 1.42
UK Equity Fund for Charities I...C £ 2.668040xd 2.678660 -0.118830 3.57 Blend.Research Gb.Eq.Fd. € 92.54 - -5.82 -
Invesco UK Eqty Income A £ 30.36 - 0.21 0.00 Convertible Bd Asia PA F $ 14.13 - -0.17 0.00 Special Situations A Acc 1131.12 1196.95 8.02 0.39
Latin America Inc ♦ F 80.90 - -2.79 1.43 Natixis International Funds (Dublin) I plc (IRL)
Bond Fund for Charities £ 1.352280xd 1.358700 -0.008300 3.70 Blend.Research Gb.Eq.Fd. £ 91.46 - -3.96 - Odey Asset Management LLP (IRL)
Invesco UK Investment Grade Bond A £ 1.00 - 0.00 2.93 Emerg. Consumer (CHF) PA SFr 11.16 - -0.47 0.00 UK Multi-Cap Growth A Inc 226.87 240.07 2.81 0.41 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Managed Growth Acc ♦ F 151.81 - 0.97 0.70 FCA Recognised
Blend.Research U.S.Core Eq.Fd. ¥ 9395.00 - -693.00 - Regulated
Invesco US Structured Equity A $ 20.46 - 0.22 0.00 Emerg. Consumer (EUR) PA € 11.28 - -0.48 0.00 UK Micro Cap Growth A 451.32 477.59 -11.98 0.00 Odey Pan European EUR R € 320.57 - -16.80 0.00
Managed Growth Inc ♦ F 126.38 - 0.80 0.70
Blend.Research Gb.Eq.Fd. $ 94.56 - -3.68 - Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.32 13.32 0.05 1.14
Invesco US Value Eq Fd A $ 30.12 - 0.29 0.00 Emerg. Consumer (USD) PA $ 11.26 - -0.49 0.00 US Multi-Cap Income 287.49 - -11.63 0.19 Odey Allegra European EUR O € 248.91 - -12.59 0.00
Managed Income Acc ♦ F 152.39 - 1.17 3.09
Em.Mk.Eq.Fund Euro € 94.95 - -7.15 0.00 Loomis Sayles High Income R/D (USD) $ 8.75 8.75 -0.13 13.40
Invesco USD Reserve A $ 87.02 - 0.00 0.00 Emerg.Eq. Risk Par.(EUR) PA € 6.94 - -0.55 0.00 MFM - Third Party Funds Odey Allegra International EUR O € 164.37 - -9.28 0.00
Managed Income Inc ♦ F 94.11 - 0.73 3.15
Em.Mk.Eq.Fund Sterling £ 82.13 - -4.56 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 12.64 12.64 -0.15 4.56
Junior Oils 62.36 65.99 -1.17 0.00
Money Acc ♦ F 90.12 - 0.00 0.22 Emerg. Eq. Risk Par.(USD) PA $ 5.61 - -0.31 0.00 Odey Allegra Developed Markets USD I $ 124.34 - -4.01 0.00
Em.Mk.Eq.Fd.US Dollar $ 83.94 - -4.28 0.00
Junior Gold C Acc 21.34 - -1.05 0.00
Money Acc (Gross) ♦ F 95.23 - 0.00 0.22 Invesco Global Asset Management Ltd (IRL) Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.87 - -0.03 0.00 Odey European Focus Fund € 16.71 - -0.75 0.49
Em.Mk.Loc.Ccy Debt Fd.FC ¥ 7980.00 - -54.00 5.93 Natixis International Funds (UK)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 MFM Artorius Fund 151.69 - 0.80 0.18
Monthly Income Plus Acc ♦ F 293.99 - -0.05 4.68 Emerg.Loc.Cur.Bd.Fdt PA SFr 7.80 - -0.25 0.00 Odey Atlas Fund GBP I S £ 1.13 - -0.04 0.00
FCA Recognised GAM Em.Mk.Loc.Ccy Debt Fd.FD ¥ 9503.00 - -380.00 5.94 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
MFM Bowland 148.99 161.07 -7.47 0.00
Monthly Income Plus Acc (Gross) ♦ F 344.92 - -0.05 4.66 [email protected], www.jbfundnet.com Emerg.Loc.Cur.Bd.Fdt PA € 10.36 - -0.38 0.00 Authorised Funds Odey Giano European Fund EUR R € 115.22 - -0.94 0.00
Invesco Stlg Bd A QD F £ 2.61 - -0.01 3.36 Gb.Conc.Eq.Fd.Euro € 248.75 - -14.45 0.00
Regulated MFM Hathaway Inc 103.89 108.79 -2.06 1.56 H2O MultiReturns Fund N/A (GBP) $ 12.71 12.71 0.10 1.76
Monthly Income Plus Inc ♦ F 109.44 - -0.02 4.78 Emerg.Loc.Cur.Bd.Fdt PA $ 8.33 - -0.11 0.00 Odey Naver Fund EUR I € 122.71 - -0.18 0.00
Invesco Asian Equity A $ 5.83 - 0.13 0.50 Gb.Conc.Eq.Fd.Sterl.UK T £ 152.97 - -5.90 0.00
JB BF ABS-EUR B € 105.02 - 0.00 0.00 MFM SGWM Managed A Acc 117.27 - -4.57 0.17 H2O MultiReturns Fund I/A (GBP) £ 1.32 - 0.01 1.68
Monthly Income Plus Inc (Gross) ♦ F 109.64 - -0.01 4.78 Euro BBB-BB Fdt PA SFr 15.49 - -0.09 0.00 Odey Odyssey USD I $ 150.94 - -2.42 0.00
Invesco ASEAN Equity A $ 87.46 - 2.07 0.40 Gb.Conc.Eq.Fd.Sterling £ 231.70 - -8.95 0.00
JB BF Abs Ret Def-EUR B € 110.26 - -0.25 0.00 MFM Techinvest Special Situations Acc 131.39 - 0.45 0.01 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 0.98 - 0.01 0.00
Pacific Acc ♦ F 880.91 - 18.48 0.38 Euro BBB-BB Fdt PA € 12.30 - -0.06 0.00 Odey Orion Fund EUR I € 120.55 - -2.72 0.00
Invesco Bond A $ 27.33 - -0.13 2.22 Gb.Conc.Eq.Fd.US $ 182.24 - -6.24 0.00
JB BF Abs Ret EM-USD B $ 116.05 - -0.60 0.00 MFM Techinvest Technology Acc 365.81 - 0.64 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 0.98 - 0.00 0.00
Pacific Inc ♦ F 809.10 - 16.97 0.38 Euro BBB-BB Fdt PA £ 10.86 - -0.06 0.00 Odey Swan Fund EUR I € 102.85 - 3.19 0.00
Invesco Continental Eurp Small Cap Eqty A $ 200.47 - 4.93 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 169.57 - -7.20 0.00
JB BF Abs Ret-EUR B € 128.92 - -0.50 0.00 MFM UK Primary Opportunities A Inc 308.54 - 2.76 1.43 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.93 - 0.00 4.49
Tactical Bond Acc ♦ F 68.12 - -0.03 0.96 Euro BBB-BB Fdt PA $ 17.44 - -0.10 0.00 Odey European Absolute Return GBP S £ 100.47 - 1.61 0.00
Invesco Emerging Markets Equity A $ 33.53 - 0.39 0.00 Gb.Eq.Euro Hdg Fd. € 240.38 - -10.21 0.00
JB BF Abs Ret Pl-EUR B € 127.50 - -0.55 0.00 Slater Investments Ltd - Investment Adviser
Euro Credit Bd PA F € 12.91 - -0.03 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.01 - 0.00 4.38
Tactical Bond Inc ♦ F 59.29 - -0.02 0.96 Invesco Emerging Markets Bond A $ 20.31 - -0.24 4.82 MFM Slater Growth 380.49 403.70 4.46 0.12
JB BF EM Corporate-USD B $ 106.87 - -0.81 0.00 Gb.Eq.Fund Euro € 255.62 - -14.53 0.00
Euro Government Fdt PA € 12.49 - -0.02 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.30 - 0.00 0.27
Tactical Bond Acc (Gross) ♦ F 70.63 - -0.03 0.96 Invesco Continental European Equity A € 8.67 - 0.20 0.18 MFM Slater Income A Inc 159.14 - 1.73 3.88 Odey Wealth Management (CI) Ltd (IRL)
JB BF EM Infl Link-USD B $ 82.32 - -1.10 0.00 Gb.Eq. Fd Euro IRE T € 161.68 - -9.18 0.00
Euro Inflation-Lk Fdt PA € 11.82 - -0.04 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.28 - 0.00 0.46 www.odey.com/prices
Tactical Bond Inc (Gross) ♦ F 59.36 - -0.02 0.96 Invesco Gilt A £ 15.12 - -0.09 1.48 MFM Slater Recovery 164.47 174.50 3.82 0.25
JB BF EM Inv Grade-USD B $ 98.69 - -0.75 0.00 Gb.Eq.Fd.Sterling UK T £ 190.07 - -7.10 0.00 FCA Recognised
UK Aggressive Acc ♦ F 193.54 - 2.49 1.75 Euro Resp.Corp. Fdt PA € 18.17 - -0.07 0.00
Invesco Global Small Cap Equity A NAV $ 118.81 - 1.98 0.00 Gb.Eq.Fd.US Dollar $ 295.76 - -9.76 0.00 Odey Opportunity EUR I € 209.42 - -4.30 0.00
JB Emerging (EUR)-EUR B € 327.32 - -3.17 0.00
UK Aggressive Inc ♦ F 161.18 - 2.07 1.78 Invesco Global High Income A NAV $ 12.23 - -0.12 5.35
Europe High Conviction PA € 10.80 - -0.52 0.00 NatWest (2230)F (UK)
JB Emerging (USD)-USD B $ 396.95 - -4.31 0.00 Gb.Eq.Fund Sterling £ 188.02 - -7.03 0.00 Marlborough International Management Limited (GSY) PO Box 23873, Edinburgh EH7 5WJ**
UK Growth Acc ♦ F 528.75 - 6.31 1.78 Eurozone Small&Mid Caps PA € 48.27 - -1.71 0.00
Invesco Gbl R/Est Secs A GBP F F £ 7.24 - -0.18 0.91 Gb.Val.Ex-Jap.Fd.USD $ 110.53 - -3.82 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 Enquiries: 0800 085 5588
JB BF Local EM-USD B $ 254.05 - -2.46 0.00 Omnia Fund Ltd
UK Growth Inc ♦ F 335.46 - 4.00 1.81 Fdmt.Eq.L/S SH Sd EUR PA € 10.84 - -0.12 0.00 FCA Recognised Authorised Inv Funds
Invesco Global Health Care A $ 133.51 - 1.19 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 12905.00 - -861.00 0.00 Other International Funds
JB BF Total Ret-EUR B € 98.23 - -0.28 0.00 Marlborough North American Fund Ltd £ 30.37 30.67 -0.05 0.00 Series 1(Minimum initial investment 16375,000)
UK Smaller Cos Equity Acc ♦ F 836.63 - 7.70 0.54 Fdmt.Eq.L/S SH Sd USD PA $ 10.86 - -0.13 0.00 Estimated NAV $ 979.10 - 25.55 0.00
Invesco Global Select Equity A $ 12.92 - 0.19 0.00 Low Volatility Gb.Eq.Fd. € 92.92 - -5.63 -
JB EF Abs Ret Eur-EUR B € 119.55 - -0.16 0.00 Marlborough Tiger Fund Ltd F £ 24.75 25.00 -0.70 0.00 United Kingdom Equity Index Fund £ 11.72 - -0.56 2.92
UK Smaller Cos Equity Inc ♦ F 640.67 - 5.89 0.55 Gbl.Gvt.Fdmt PA € 10.23 - -0.14 0.00
Invesco Jap Eqty Core A $ 1.81 - 0.05 0.00 Low Volatility Gb.Eq.Fd. £ 91.84 - -3.77 -
JB EF Euro Value-EUR B € 172.91 - -10.60 0.00 UK Specialist Equity Inc £ 18.43 - -0.75 0.43
UK Strategic Income Acc ♦ F 176.75 - 1.26 3.36 Gbl.Gvt.Fdmt.(CHF) PA SFr 22.23 - -0.22 0.00
Invesco Japanese Equity A $ 17.75 - 0.50 0.00 Low Volatility Gb.Eq.Fd. $ 94.95 - -3.48 -
JB EF Japan-JPY B ¥ 16140.00 - -549.00 0.00 Contl Europe Spec Equity £ 15.11 - -0.44 0.00
UK Strategic Income Inc ♦ F 132.50 - 0.95 3.44 Invesco Korean Equity A $ 31.45 - 0.48 0.00
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.74 - 0.00 0.00 Marwyn Asset Management Limited (CYM)
JB EF Luxury B-EUR B € 204.37 - -11.42 0.00 Regulated US Spec Equity Fund £ 12.43 - -0.57 0.00
US Equity Acc ♦ F 498.75 - 0.57 0.00 Gbl.5B Fdmt (EUR) PA € 11.53 - -0.20 0.00
Invesco PRC Equity A $ 48.09 - 1.08 0.00
JB Ms EF Special Val. EUR/A € 130.35 - -6.81 0.74 MFS Meridian Funds SICAV (LUX) Marwyn Value Investors £ 535.69 - -21.99 0.00 Japan Specialist Fund X £ 9.07 - -0.34 0.00
Invesco Perpetual Funds (No Trail) Gbl.5B Fdmt (CHF) PA SFr 10.22 - -0.14 0.00
Invesco Pacific Equity A $ 44.74 - 1.12 0.18 Regulated
JB Strategy Balanced-CHF/B SFr 143.77 - -4.56 0.00 Pacific Basin Specialist Equity Fund £ 19.64 - 0.28 0.73
Asian (No Trail) Acc ♦ F 159.80 - 2.38 1.43 Gbl.5B Fdmt SH (USD) PA $ 10.93 - -0.05 0.00
Invesco Global Technology A $ 14.84 - 0.50 0.00 Absolute Return A1 € 19.05 - -0.07 0.00
JB Strategy Balanced-EUR € 148.17 - -4.92 0.00 McInroy & Wood Portfolios Limited (UK) UK Sovereign Bd Index Fund £ 11.05 - 0.02 2.60
Asian (No Trail) Inc ♦ F 145.31 - 2.17 1.45 Generation Global (CHF) PA F SFr 11.90 - -0.67 0.00 Optima Fund Management
Invesco UK Eqty A £ 7.85 - 0.09 1.31 Asia ex-Japan A1 $ 20.44 - -1.28 0.00
JB Strategy Balanced-USD/B $ 125.26 - -3.28 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867 UK Specialist Equity Income Fund £ 9.38 - -0.37 3.94
Asian Equity Income (No Trail) Acc ♦ F 106.83 - 2.86 4.37 Other International Funds
Generation Global (EUR) PA F € 18.09 - -1.09 0.00 Bond A1 $ 10.38 - -0.01 0.00 Authorised Inv Funds
JB Strategy Growth-CHF/B SFr 86.48 - -3.79 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.12 - 0.06 3.21 Cuttyhunk Fund II Limited $ 1569.30 - 6.52 0.00
Asian Equity Income (No Trail) Inc 91.04 - 2.45 4.49 Generation Global (USD) PA F $ 14.27 - -0.51 0.00 Balanced Fund Personal Class Units 3730.80 - -29.70 1.99
China Equity Fd A1 $ 8.47 - -0.59 0.00
JB Strategy Growth-EUR € 108.21 - -5.02 0.00 Inflation Lkd Sov Bd Fund £ 12.87 - -0.01 0.67 JENOP Global Healthcare Fund Ltd $ 17.36 - -0.05 0.00
Balanced Risk 6 No Trail Acc 104.81 - -0.28 0.16 Global Energy (USD) PA F $ 6.24 - -0.38 0.00 Income Fund Personal Class Units 2296.20xd - -0.80 2.99
Continental European Eqty A1 € 16.27 - -0.74 0.00
JB Strategy Inc-CHF/B SFr 116.97 - -2.17 0.00 Global Emerg Mkts Equity Fund X £ 9.93 - -0.02 0.60 OPTIKA Fund Limited - Cl A $ 119.88 - 1.27 -
Balanced Risk 8 No Trail Acc 107.31 - -0.36 0.42 Golden Age (CHF) PA F SFr 21.23 - -0.73 0.00 Emerging Markets Fund Personal Class Units 1464.70 - 4.40 2.66
Emer Mkts Debt Lo Curr Fd A1 $ 11.15 - -0.13 0.00
JB Strategy Inc-EUR/B € 156.01 - -3.08 0.00 Series 2 (Investment Management customers only) Optima Fd NAV $ 96.11 - -0.61 0.00
Balanced Risk 10 No Trail Acc 109.55 - -0.47 0.57 Golden Age (EUR) PA € 14.41 - -0.50 0.00 Smaller Companies Fund Personal Class Units 3426.80xd - -12.40 1.81
Emerging Markets Debt A1 $ 32.52 - -0.28 0.00 United Kingdom Equity Index Fund £ 11.73 - -0.56 3.43
JB Strategy Inc-USD/B $ 144.12 - -2.00 0.00 Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Corporate Bond (No Trail) Acc ♦ F 162.83 - -0.36 3.87 Golden Age (USD) PA F $ 19.99 - -0.71 0.00 Emerging Markets Eq.A1 $ 9.42 - -0.49 0.00 UK Specialist Equity Inc £ 18.63 - -0.75 1.80 The Dorset Energy Fd Ltd NAV $ 28.91 - -3.23 0.00
Corporate Bond (No Trail) Inc ♦ F 117.13 - -0.27 3.96 Invest AD Sh.T- Money Mkt EUR PA € 112.33 - 0.00 0.00 European Concentrated A1 € 16.33 - -0.81 0.00 Meridian Fund Managers Ltd Contl Europe Spec Equity £ 15.88 - -0.46 0.64
Client services: +971 2 692 6101 [email protected] Platinum Fd Ltd $ 88.12 - -0.49 0.00
Distribution (No Trail) Acc ♦ F 164.27 - 0.32 4.19 Sh.T- Money Mkt CHF PA SFr 128.87 - -0.01 0.00 Other International Funds
Other International Funds European Core Eq A1 € 28.70 - -1.38 0.00 US Spec Equity Fund £ 12.97 - -0.59 0.17
Global Gold & Resources Fund $ 180.02 - -1.51 - Platinum Fd Ltd EUR € 17.12 - -0.10 0.00
Distribution (No Trail) Inc ♦ F 110.00 - 0.21 4.27 Sh.T- Money Mkt GBP PA £ 10.27 - 0.00 0.00
Invest AD - Iraq Opportunity Fund $ 65.31 - -0.15 0.00 European Res.A1 € 29.99 - -1.52 0.00 Japan Specialist Fund X £ 9.63 - -0.37 0.55
Global Energy & Resources Fund $ 37.95 - -6.10 - Platinum Japan Fd Ltd $ 56.08 - -0.45 0.00
Emerging European (No Trail) Acc ♦ F 65.47 - 0.66 3.53 Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00
Invest AD - Emerging Africa Fund $ 957.35 - -22.09 0.00 European Smaller Companies A1 € 47.09 - -2.25 0.00 Pacific Basin Specialist Equity Fund £ 19.59 - 0.28 1.46 Optima Partners Global Fd (Est) $ 14.94 - -0.04 0.00
Emerging European (No Trail) Inc ♦ F 57.85 - 0.59 3.63 Sw.Fr.Bd(For) PA SFr 23.79 - -0.06 0.00
Invest AD - GCC Focus Fund $ 1462.32 - -128.65 0.00 European Value A1 € 32.92 - -1.49 0.00 UK Sovereign Bd Index Fund £ 11.23 - 0.03 2.60 Optima Partners Focus Fund A $ 17.23 - 0.04 0.00
European Equity (No Trail) Acc ♦ F 144.37 - 2.35 2.66 Sw.Fr.Credit Bd(For) PA SFr 13.67 - -0.04 0.00 Metage Capital
Kames Capital ICVC (UK) Global Conc.A1 $ 34.10 - -1.19 0.00 UK Specialist Equity Income Fund £ 10.11 - -0.40 3.88
European Equity (No Trail) Inc ♦ F 121.94 - 1.98 2.74 Other International Funds
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Tactical Alpha (CHF) PA SFr 10.26 - 0.06 0.00 Global Credit Fund $ 10.50 - 0.03 0.00
MGS -Master Series (Est) $ 240.66 - -2.89 - Global Spec Inv Grade Bd Fund GBP £ 10.27 - 0.06 3.21
European Equity Income (No Trail) Acc ♦ F 146.90 - 3.00 3.35 0800 45 44 22 www.kamescapital.com
Tactical Alpha (EUR) PA € 10.54 - 0.05 0.00 Oryx International Growth Fund Ltd
Authorised Funds Global Energy Fund A1 $ 11.77 - -0.64 0.00 Inflation Lkd Sov Bd Fund £ 13.00 - -0.01 0.67
MEMO - Master Series $ 501.03 - -3.56 0.00 Other International Funds
European Equity Income (No Trail) Inc ♦ F 113.74 - 2.33 3.43 Tactical Alpha (USD) PA $ 15.15 - 0.08 0.00
Diversified Income B Acc 109.10 - -0.45 5.29 Global Equity A1 $ 42.97 - -1.44 0.00 Global Emerg Mkts Equity Fund X £ 9.60 - -0.02 0.83 NAV (Fully Diluted) £ 6.18 - 0.11 0.00
MEMO - MEMV Series $ 117.28 - -0.07 0.00
European High Income (No Trail) Acc ♦ F 162.05 - 0.26 3.37 Technology PA € 12.60 - -0.43 0.00
Diversified Income B Inc 100.94 - -0.41 5.47 Global Equity A1 € 23.67 - -0.86 0.00 The initial charge you will pay will depend on the amount you invest
European High Income (No Trail) Inc ♦ F 118.53 - 0.19 3.42 Technology PA $ 19.09 - -0.68 0.00 **Address and Telephone number for series 1 only
Diversified Growth A Acc 128.73 - -1.33 2.71 Global High Yield Fund $ 24.54 - -0.22 0.00
European Opportunities (No Trail) Acc ♦ F 179.36 - 4.37 0.66 Ministry of Justice Common Investment Funds (UK)
JPMorgan Asset Mgmt (1200)F (UK) Ethical Cautious Managed A Acc 163.88 - 1.21 1.62 Wld Gold Expertise PAF SFr 9.32 - -0.61 0.00 Global High Yield Fund € 15.53 - -0.18 0.00 Property & Other UK Unit Trusts
European Opportunities (No Trail) Inc ♦ F 170.21 - 4.15 0.66 60 Victoria Embankment, London EC4Y 0JP
Wld Gold Expertise PA € 7.43 - -0.47 0.00 Global Multi-Asset A1 $ 15.01 - -0.30 0.00 Asset Management
Asset Management
Brokerline: 0800 727 770, Clients: 0800 20 40 20 Ethical Cautious Managed A Inc 135.58 - 1.00 1.64 The Equity Idx Tracker Fd Inc 1251.00 1251.00 -17.00 2.69
European Smaller Companies (No Trail) Acc ♦ F 228.46 - 5.31 0.46

Global Balanced Index (No Trail) Acc ♦ F 150.54 - 0.64 1.75


Authorised Inv Funds
JPM Retail OEIC (A class unless stated) Asset Management
Ethical Corporate Bond A Acc

Ethical Corporate Bond A Inc


195.85

111.14
-

-
-0.68 3.32

-0.39 3.32
Wld Gold Expertise PA
LO Selection
$ 9.84 - -0.66 0.00 Global Res.A1

Global Total Return A1


Asset Management $ 24.46

€ 16.51
-

-
-0.99 0.00

-0.32 0.00
Distribution Units

America Equity Acc 55.55 - -3.39 0.00 Balanced (CHF) PA F SFr 104.27 - -2.38 0.00
Global Bond (No Trail) Acc ♦ F 134.31 - -0.47 1.44 Permal Investment Mgmt Svcs Ltd
Ethical Equity A Acc 170.73 - 3.19 1.22 Inflation-Adjusted Bond A1 $ 14.04 - -0.01 0.00 Mirabaud Asset Management (LUX)
America Equity Inc 55.55 - -3.39 0.00 Balanced (EUR) PA F € 121.22 - -3.14 0.00 www.mirabaud.com, [email protected] www.permal.com
Global Bond (No Trail) Inc ♦ F 122.13 - -0.43 1.45
High Yield Bond A Acc 113.70 - -1.40 4.07 Japan Equity A1 $ 9.68 - -0.37 0.00
Asia Acc 105.80 - 2.10 0.37 Conservative (CHF) PA F SFr 102.73 - -1.04 0.00 Regulated New Capital Fund Management Ltd (IRL) Other International Funds

Asset Management
Glbl Distribution Acc (No Trail) 104.65 - 0.06 3.76

Glbl Distribution Inc (No Trail) 100.36 - 0.07 3.83


Asia Inc 58.71
Asset Management
- 1.14 0.36
High Yield Bond A Inc 52.08 - -0.65 4.07
Conservative (EUR) PA F € 112.80 - -1.31 0.00
Latin American Equity Fd A1

Limited Maturity A1
$ 11.49

$ 14.05
-

-
-0.44 0.00

0.01 0.00
Mir. Conv. Bds Eur A EUR € 132.90 - -2.15 0.00
Leconfield House, Curzon Street, London, W1J 5JB
FCA Recognised
Offshore Fund Class A US $ Shares
Investment Holdings N.V.
Managemen
$ 5712.21 - -20.57 0.00

Asset Management
Investment Grade Bond A Acc 158.85 - -0.61 3.04
Asset Management
Mir. Conv. Bds Glb A USD $ 111.58 - -1.65 0.00 New Capital UCITS Funds
Cautious Managed Rt Acc 67.57xd - 0.09 0.18 Global Allocation (GBP) PA F £ 9.71 - -0.18 0.00
Gbl Emerging Markets (No Trail) Acc ♦ F 139.28 - 0.99 1.07 Macro Holdings Ltd $ 4197.79 - 38.91 0.00
Investment Grade Bond A Inc 116.39 - -0.44 3.04 Prudent Wealth Fd A1 $ 14.37 - -0.14 0.00 Mir. - Eq Asia ex Jap A $ 156.18 - 3.57 0.00 Asia Pac Bd USD Inst Inc $ 90.70 - -0.72 3.23
Cautious Managed Rt Inc 59.45xd - 0.08 0.18 Growth (CHF) PA F SFr 107.19 - -3.56 0.00
Gbl Emerging Markets (No Trail) Inc ♦ F 129.42 - 0.92 1.08 Fixed Income Holdings N.V. $ 386.95 - -15.12 -
Sterling Corporate Bond A Acc 69.50 - -0.29 2.95 Research Bond A1 $ 16.62 - 0.00 0.00 Mir. - Eq Glb Emrg Mkt A USD $ 82.90 - 2.90 0.00 Asia Pac Bd USD Ord Inc $ 92.62 - -0.74 2.50
Diversified Real Ret Acc 50.66xd - -0.17 1.06 Growth (EUR) PA F € 128.84 - -4.89 0.00
Global Equity (No Trail) acc ♦ F 194.98 - 1.68 0.98 Permal Absolute Return Fund $ 169.53 - 2.94 0.00
Sterling Corporate Bond A Inc 31.04 - -0.13 2.95 UK Equity A1 £ 7.47 - -0.30 0.00 Mir. - Eq Global Focus A USD $ 96.04 - -2.81 0.00 Asia Pac Eq EUR Ord Inc € 82.58 - -4.07 3.07
Wednesday 26 August 2015 ★ FINANCIAL TIMES 23

MANAGED FUNDS SERVICE


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

UK Long Term Corp. Bnd Inst-Inst Acc £ 19.15 - -0.06 0.00 US Premium Equities (USD) $ 189.09 - -7.88 0.00 Equity Inc Inc Ret 200.90 - 3.30 - Data Provided by
UK Real Return - Inst Acc £ 23.58 - -0.07 0.00 Equity Inc Acc Inst 141.20 - 2.30 -
Standard Life Wealth (JER) The National Investor (TNI) Veritas Asset Management LLP (IRL)
UK Sterling Long Average Duration - Inst Acc £ 22.07 - 0.00 0.00 N&P UK Gwth Inc Ret 156.90 - 2.90 - PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 www.tni.ae HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Royal Bank of Scotland (2230)F (UK)
FCA Recognised Other International Funds Veritas Funds Plc
UK Sterling Low Average Duration - Inst Acc £ 13.99 - -0.04 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Stckmkt 100 Track Gwth Acc Inst 88.17 - 1.09 -
Standard Life Offshore Strategy Fund Limited TNI Blue Chip UAE Fund * AED 9.93 - -0.17 0.00 www.veritas-asset.com
Authorised Inv Funds
Unconstrained Bond - Inst Acc $ 11.99 - -0.08 0.00 Stckmkt 100 Track Gwth Acc Ret 163.20 - 2.00 - Bridge Fund £ 1.5086 - -0.0087 2.19 +353 1 635 6799
Series 5 (Minumum Initial Investment £75,000) TNI Funds Ltd (BMU)
FCA Recognised
US Fundam.Index StocksPLUS Inst Inc $ 11.26 - -0.54 0.00 United Kingdom Equity Index Fund £ 14.66 - -0.70 2.91 UK Growth Acc Inst 274.30 - 5.10 - Diversified Assets Fund £ 1.1510 - -0.0058 3.06 MENA Hedge Fund $ 995.03 - 3.99 0.00 Institutional
Pictet Asset Management (Europe) SA (LUX) TNI Funds Plc (Ireland)
15, Avenue J.F. Kennedy L-1855 Luxembourg
US High Yield Bond Fund Inst Acc $ 27.45 - -0.23 0.00 UK Specialist Equity Inc £ 18.44 - -0.75 0.43 UK Growth Acc Ret 318.40 - 5.90 - Global Equity Fund £ 1.7010 - -0.0257 1.19
MENA UCITS Fund * $ 1224.10 - -16.63 0.00
Veritas Asian Fund A USD H $ 289.47 - 5.40 0.65
www.morningstar.co.uk
Tel: 0041 58 323 3000 Contl Europe Specialist Fund £ 22.31 - -0.66 0.00 UK Growth Inc Ret 211.80 - 3.90 - Global Balanced Fund - Income Units £ 1.2741 - -0.0050 2.02 Veritas Asian Fund A GBP H £ 339.57 - 4.78 0.49
FCA Recognised
Data as shown is for information purposes only. No
Managed OEIC
Japan Specialist Fund X £ 13.73 - -0.52 0.00 Global Balanced Fund - Accumulations Units £ 1.4794 - -0.0058 1.99 Veritas Asian Fund A EUR H € 288.69 - 4.18 0.40 offer is made by Morningstar or this publication.
Pictet-Absl Rtn Fix Inc-HI EUR € 106.34 - -0.54 0.00 Glob Em Shs Port Acc Ret 140.80 - -3.50 -
US Spec Equity Fund £ 16.79 - -0.78 0.00 Global Fixed Interest Fund £ 1.0016 - -0.0056 3.48 Thesis Unit Trust Management Limited (UK) Veritas China Fund A USD $ 138.70 - -2.43 0.00
Pictet-Absl Rtn Glo Div-I EUR F € 124.12 - -1.21 0.00 Max 70% Shs Port Acc Ret 246.30 - -4.00 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Pacific Basin Specialist Equity Fund £ 34.64 - 0.50 0.75 Sterling Fixed Interest Fund £ 0.8477 - -0.0042 3.09 Veritas China Fund A GBP £ 143.40 - -2.47 0.00
Pictet-Agriculture-I EUR F € 177.69 - -9.09 0.00 Authorised Funds
Max 70% Shs Port Acc X 176.80 - -3.00 -
UK Sovereign Bd Index Fund £ 10.83 - 0.02 2.60 UK Equity Fund £ 1.8724 - 0.0327 2.80 TM New Court Fund A 2011 Inc £ 12.76 - -0.01 0.00 Veritas China Fund A EUR € 137.53 - -2.50 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 184.27 - 2.11 0.00 Max 70% Shs Port Acc S 143.00 - -2.30 -
Inflation Lkd Sov Bd Fund £ 13.12 - -0.01 0.67 TM New Court Fund - A 2014 Acc £ 12.79 - -0.01 0.00 Veritas Global Equity Income Fund D USD $ 116.69 - 0.50 4.49
Pictet-Asian Local Currency Debt-I USD F $ 148.10 - 0.37 0.00 Platinum Capital Management Ltd Investment Port Acc Ret 232.10 - -0.50 -
Pictet-Biotech-I USD F $ 823.81 - -39.46 0.00 Other International Funds
UK Specialist Equity Income Fund £ 9.36 - -0.37 3.94
Investment Port Acc X 164.50 - -0.40 -
TM New Court Equity Growth Fund - Inc £ 12.84 - -0.02 0.00 Veritas Global Equity Income Fund D EUR € 197.17 - 0.78 3.70
Guide to Data
Platinum All Star Fund - A (Est) $ 120.33 - - - Global Emerg Mkts Equity Fund X £ 9.59 - -0.02 0.56 Veritas Global Equity Income Fund D GBP £ 143.56 - -0.05 4.44
Pictet-Brazil Index I USD $ 39.26 - -1.72 0.00 Max 50% Shs Port Acc Ret 238.90 - -2.70 -
Platinum Global Dividend Fund - A (Est) $ 59.11 - - - Global Spec Inv Grade Bd Fund GBP £ 9.96 - 0.05 3.21 Veritas Global Focus Fund D USD $ 25.15 - -0.30 2.65 The fund prices quoted on these pages are supplied by
Pictet-CHF Bonds I CHF SFr 506.91 - -0.12 0.00 Max 50% Shs Port Inc Ret 213.80 - -2.40 -
Series 6 (Investment Management Customers Only) Veritas Global Focus Fund D EUR € 22.03 - -0.27 2.41 the operator of the relevant fund. Details of funds
Platinum Global Dividend UCITS Fund $ 66.85 - -1.16 5.16 published on these pages, including prices, are for the
Pictet-China Index I USD $ 99.69 - -6.53 0.00 United Kingdom Equity Index Fund £ 14.48 - -0.69 3.43 Max 50% Shs Port Acc X 172.90 - -2.00 -
Platinum Essential Resources UCITs Fund $ 5.55 - -0.11 0.00 Veritas Global Focus Fund D GBP £ 27.02 - -0.45 2.33 purpose of information only and should only be used
Pictet-Clean Energy-I USD F $ 76.94 - -2.11 0.00 UK Specialist Equity £ 18.63 - -0.76 1.80 Max 50% Shs Port Acc S 144.80 - -1.60 - as a guide. The Financial Times Limited makes no
Stenham Asset Management Inc Veritas Global Focus Fund A GBP £ 26.04 - -0.44 2.12
Platinum Maverick Enhanced Fund Limited (Est) $ 103.95 - - 0.00 representation as to their accuracy or completeness
Pictet-Digital Communication-I USD F $ 229.56 - -6.96 0.00 Max 100% Shs Port Acc Ret 256.80 - -10.20 - www.stenhamassetmanagement.com
Contl Europe Specialist Fund £ 23.25 - -0.67 0.64 and they should not be relied upon when making an
Other International Funds Veritas Global Focus Fund A EUR € 12.81 - -0.16 1.91
Pictet-Eastern Europe-I EUR F € 242.18 - -17.12 0.00 investment decision.
Japan Specialist Fund X £ 14.47 - -0.54 0.55 Max 100% Shs Port Acc X 184.70 - -7.30 -
Stenham Asia USD $ 135.37 - -2.06 - Toscafund (CYM) Veritas Global Focus Fund A USD $ 24.22 - -0.29 2.22
Pictet-Em Lcl Ccy Dbt-I USD F $ 154.86 - -1.84 0.00 US Spec Equity Fund £ 17.56 - -0.80 0.17 Max 100% Shs Port Acc S 134.40 - -5.30 - Regulated The sale of interests in the funds listed on these pages
Stenham Credit Opportunities A Class USD $ 104.62 - -0.76 0.00 Veritas Global Focus Fund C GBP £ 28.14 - -0.47 0.00 may, in certain jurisdictions, be restricted by law and
Pictet-Emerging Markets-I USD F $ 449.96 - 0.20 0.00 Enhanced Inc Inc Ins 205.00 - 3.10 - Tosca $ 305.03 - -0.19 0.00 the funds will not necessarily be available to persons
Pacific Basin Specialist Equity Fund £ 34.56 - 0.50 1.46
Stenham Emerging Markets USD B1 $ 105.21 - -2.06 0.00 Veritas Global Focus Fund C EUR € 23.04 - -0.28 0.00
Tosca Mid Cap GBP £ 267.76 - 6.83 0.00 in all jurisdictions in which the publication circulates.
Pictet-Emerging Markets Index-I USD F $ 199.57 - -10.49 0.00 UK Sovereign Bd Index Fund £ 10.95 - 0.03 2.60 Enhanced Inc Inc Ret 194.00 - 2.80 -
Stenham Gold USD $ 143.57 - -11.96 0.00 Veritas Global Focus Fund C USD $ 26.24 - -0.31 0.00 Persons in any doubt should take appropriate
Pictet-Emerging Corporate Bonds I USD $ 105.06 - -0.95 0.00 Enhanced Inc Inc X 164.70 - 2.40 - Tosca Opportunity B USD $ 313.41 - 20.23 0.00 professional advice. Data collated by Morningstar. For
Inflation Lkd Sov Bd Fund £ 12.99 - 0.00 0.67
Stenham Growth USD $ 228.02 - 2.78 - Veritas Global Equity Income Fund A GBP £ 137.68 - -0.05 4.47 other queries contact [email protected] +44
Pictet-Emerging Markets High Dividend I USD $ 90.57 - -1.06 0.00 Managed Investments OEIC (0)207 873 4211.
UK Specialist Equity Income Fund £ 10.11 - -0.40 3.88
Polar Capital Funds Plc (IRL) Stenham Healthcare USD $ 200.89 - 7.01 0.00 Veritas Global Equity Income Fund A EUR € 191.68 - 0.75 3.73
Pictet-Emerging Markets Sust Eq I USD $ 80.06 - -3.38 0.00 Max 30% Shs Port Acc Ret 153.50 - -0.70 -
Regulated Global Spec Inv Grade Bd Fund GBP £ 10.24 - 0.06 3.21 The fund prices published in this edition along with
Stenham Helix USD $ 31.00 - -73.66 - Veritas Global Equity Income Fund A USD $ 112.37 - 0.48 4.51
Pictet-Environmental Megatrend Sel I EUR € 142.08 - -8.66 0.00 Asian Financials I USD $ 267.96 267.96 4.26 0.00 Max 30% Shs Port Acc X 153.20 - -0.70 - additional information are also available on the
Global Emerg Mkts Equity Fund X £ 9.60 - -0.02 0.81 Financial Times website, www.ft.com/funds. The
Stenham Managed Fund USD $ 120.10 - 1.29 - Veritas Global Equity Income Fund C GBP £ 160.64 - -0.05 -
Pictet-EUR Bonds-I F € 549.55 - -2.25 0.00 Biotechnology I USD $ 17.84 17.84 -0.75 0.00 Max 30% Shs Port Acc S 147.10 - -0.70 - funds published on these pages are grouped together
Address and telephone number for Series 5 only
Stenham Multi Strategy USD $ 123.16 - 0.52 - Veritas Global Equity Income Fund C EUR € 223.01 - 0.88 - by fund management company.
Pictet-EUR Corporate Bonds Ex Fin i EUR € 143.25 - -0.33 0.00 European Income Acc EUR € 10.76 10.76 -0.55 - Max 30% Shs Inc Port Inc Ret 152.90 - -0.20 -
Stenham Quadrant USD A $ 402.92 - 6.77 - Veritas Global Equity Income Fund C USD $ 130.30 - 0.57 -
European Ex UK Inc EUR Acc € 9.13 9.13 -0.43 - Max 30% Shs Inc Port Inc X 153.10 - -0.20 - Prices are in pence unless otherwise indicated. The
Pictet-EUR Corporate Bonds-I F € 198.80 - -0.57 0.00 Royal London Unit Managers Ltd. (1200) F (UK)
Stenham Trading Inc USD $ 116.54 - 1.77 - Veritas Global Real Return Fund A USD $ 19.34 - -0.40 2.07 change, if shown, is the change on the previously
Financial Opps I USD $ 12.07 - -0.52 1.99 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Max 30% Shs Inc Port Inc S 146.80 - -0.20 - TreeTop Asset Management S.A. (LUX) quoted figure (not all funds update prices daily). Those
Pictet-EUR Government Bonds I EUR € 156.69 - -0.16 0.00
Authorised Inv Funds Stenham Universal USD $ 458.70 - 2.19 - Regulated Veritas Global Real Return Fund A GBP £ 10.81 - -0.22 2.05 designated $ with no prefix refer to US dollars. Yield
Pictet-EUR High Yield-I F € 239.92 - -2.95 0.00 GEM Growth I USD $ 8.04 - -0.43 0.00 Max 60% Shs Port Acc Ret 262.40 - -2.10 - TreeTop Convertible Sicav
Royal London Sustainable Diversified A Inc £ 1.50 - 0.00 1.89 percentage figures (in Tuesday to Saturday papers)
Stenham Universal II USD $ 170.21 - 0.74 0.00 Veritas Global Real Return Fund A EUR € 11.41 - -0.23 0.17 allow for buying expenses. Prices of certain older
Pictet-EUR Short Mid-Term Bonds-I F € 136.72 - -0.02 0.00 GEM Income I USD $ 9.09 - -0.50 0.00 Max 60% Shs Port Inc Ret 209.40 - -1.70 - International A € 284.54 - -6.44 0.00
Royal London Sustainable World A Inc 159.80 - -1.30 0.67 Retail insurance linked plans might be subject to capital
Pictet-EUR Short Term HY I EUR € 118.72 - -0.45 0.00 Global Alpha I USD $ 12.22 12.22 -0.47 0.00 Max 60% Shs Port Inc X 162.10 - -1.30 - International B $ 366.01 - -7.97 0.00 gains tax on sales.
Royal London Corporate Bond Mth Income 89.03 93.72 -0.41 4.18 Veritas Asian Fund B USD $ 201.17 - 3.75 0.47
Global Convertible I USD $ 11.50 11.50 -0.06 0.00 Max 60% Shs Port Inc S 143.20 - -1.10 - Stratton Street Capital (CI) Limited (GSY) International C £ 123.02 - -2.73 0.00 Guide to pricing of Authorised Investment Funds:
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.06 - 0.00 0.00 Veritas Asian Fund B GBP £ 249.92 - 3.51 0.04
Royal London European Growth Trust 104.80 110.30 2.30 0.91 Regulated
Eq Inc Port Acc Ret 279.10 - -5.50 - (compiled with the assistance of the IMA. The
Pictet-Euroland Index IS EUR € 122.66 - -6.50 0.00 Global Insurance I GBP £ 3.74 - -0.15 0.00 International D € 264.19 - -5.95 2.96
Royal London Sustainable Leaders A Inc 434.30 - 1.20 0.81 Japan Synthetic Warrant Yen Class ¥ 1748.32 - -3.91 0.00 Veritas Asian Fund B EUR € 212.09 - 3.10 0.00 Investment Management Association, 65 Kingsway,
Eq Inc Port Inc Ret 217.80 - -4.20 - Pacific A € 257.71 - -0.61 0.00 London WC2B 6TD.
Pictet-Europe Index-I EUR F € 158.98 - -8.99 0.00 Global Technology I USD $ 20.55 - -0.77 0.00
Royal London UK Growth Trust 461.90 486.20 8.30 1.07 Japan Synthetic Warrant GBP Hedged Class £ 196.68 - 2.04 0.00 Veritas China Fund B GBP £ 138.75 - -2.26 0.00 Tel: +44 (0)20 7831 0898.)
Managed Investments OEIC 2 Pacific B $ 325.06 - -0.75 0.00
Pictet-European Equity Selection-I EUR F € 582.98 - -32.84 0.00 Healthcare Blue Chip Fund I USD Acc $ 10.75 10.75 -0.33 -
Royal London UK Income With Growth Trust 214.60 225.90 1.70 4.40 Japan Synthetic Warrant USD Class $ 18.28 - -0.09 0.00 Veritas China Fund B EUR € 166.75 - -2.49 0.00
Investments Inc Port Inc Ret 163.40 - -0.90 - OEIC: Open-Ended Investment Company. Similar to a
Healthcare Opps I USD $ 39.85 - -1.54 0.00 TreeTop Global Sicav
Pictet-European Sust Eq-I EUR F € 223.90 - -11.69 0.00 Japan Synthetic Warrant USD Hedged Class $ 195.83 - 2.73 0.00 Veritas Global Focus Fund B USD $ 17.45 - -0.21 1.62 unit trust but using a company rather than a trust
Royal London US Growth Trust 141.00 148.30 -2.50 0.00 Investments Inc Port Inc X 148.00 - -0.80 - Global Opp.A € 133.78 - -4.40 0.00 structure.
Pictet-Global Bds Fundamental I USD $ 119.35 - 0.78 0.00 Income Opportunities B2 I GBP Acc £ 1.67 1.67 -0.03 0.00 Additional Funds Available Renminbi Bond Fund AUD Cls A A$ 116.90 - -0.34 3.83 Veritas Global Focus Fund B GBP £ 19.86 - -0.33 1.68
£ Gov Bond Inc Inst (gross) 178.70 - -1.00 - Global Opp.B $ 134.07 - -3.59 0.00
Pictet-Global Bonds-I EUR € 158.63 - -1.69 0.00 Japan Alpha I JPY ¥ 192.17 192.17 -5.90 0.00 Please see www.royallondon.com for details Different share classes are issued to reflect a different
Renminbi Bond Fund AUD Cls B A$ 118.69 - -0.35 3.57 Veritas Global Focus Fund B EUR € 15.23 - -0.18 1.53 currency, charging structure or type of holder.
£ Gov Bond Inc Inst 146.70 - -0.70 - Global Opp.C £ 163.91 - -5.02 0.00
Pictet-Global Emerging Currencies-I USD F $ 95.89 - -0.46 0.00 Japan I JPY ¥ 1945.86 - -56.82 0.00
Renminbi Bond Fund CHF Cls A SFr 114.63 - -0.35 3.86 Veritas Global Equity Income Fund B GBP £ 126.82 - -0.05 4.52
£ Gov Bond Acc Inst 147.40 - -0.80 - Sequoia Equity A € 140.38 - -2.69 0.00 Selling price: Also called bid price. The price at which
Pictet-Global Emerging Debt-I USD F $ 347.90 - -2.72 0.00 North American I USD $ 17.09 17.09 -0.51 0.00 Ruffer LLP (1000)F (UK)
units in a unit trust are sold by investors.
Renminbi Bond Fund CHF Cls B SFr 114.44 - -0.35 3.62 Veritas Global Equity Income Fund B EUR € 176.12 - 0.69 3.77
40 Dukes Place, London EC3A 7NH Strat Bond Inc Inst (gross) 181.90 - -0.20 - Sequoia Equity B $ 146.34 - -2.12 0.00
Pictet-Global Megatrend Selection-I USD F $ 213.33 - -6.79 0.00 UK Absolute Equity I GBP £ 12.12 12.12 0.03 -
Order Desk and Enquiries: 0845 601 9610 Renminbi Bond Fund CNH Cls A CNH 123.11 - -0.37 3.43 Veritas Global Equity Income Fund B USD $ 111.54 - 0.48 4.57 Buying price: Also called offer price. The price at
Strat Bond Inc Inst 149.70 - -0.20 - Sequoia Equity C £ 159.41 - -3.02 0.00
Pictet-Greater China-I USD F $ 421.47 - 4.39 0.00 Authorised Inv Funds which units in a unit trust are bought by investors.
Renminbi Bond Fund CNH Cls B CNH 122.87 - -0.37 3.19 Veritas Global Real Return Fund B USD $ 18.73 - -0.39 1.62
Authorised Corporate Director - Capita Financial Managers Strat Bond Acc Inst 149.70 - -0.20 - Includes manager’s initial charge.
Pictet-Health-I USD $ 275.51 - -12.49 0.00 Polar Capital LLP (CYM) Renminbi Bond Fund Euro Cls B € 115.87 - -0.35 3.62 Veritas Global Real Return Fund B GBP £ 10.59 - -0.21 1.63
CF Ruffer Investment Funds Managed Investments OEIC 3
Regulated Single price: Based on a mid-market valuation of the
Pictet-High Dividend Sel I EUR F € 141.09 - -7.72 0.00 CF Ruffer Gold Fund C Acc 74.41 - -0.38 0.00 Div Inc Port Inc Ret 167.00 - 2.70 - Renminbi Bond Fund GBP Cls B £ 117.78 - -0.35 3.41 Veritas Global Real Return Fund B EUR € 12.20 - -0.25 1.44 underlying investments. The buying and selling price
ALVA Convertible A USD $ 129.05 - 0.44 0.00 for shares of an OEIC and units of a single priced unit
Pictet-India Index I USD $ 94.31 - -7.35 0.00 CF Ruffer Gold Fund O Acc 73.73 - -0.38 0.00 Corp Bond Acc Inst (gross) 211.20 - -1.00 - Renminbi Bond Fund SGD Cls B S$ 116.72 - -0.37 3.38 trust are the same.
European Conviction A EUR € 160.31 - -1.11 0.00
Pictet-Indian Equities-I USD F $ 432.92 - 8.30 0.00 Equity & General C Acc 385.70 - 0.57 0.25 Corp Bond Inc Inst 142.20 - -0.80 - Renminbi Bond Fund USD Cls B $ 117.17 - -0.36 3.18
European Forager A EUR € 180.73 - -0.07 0.00 Veritas Asset Management LLP Treatment of manager’s periodic capital charge:
Pictet-Japan Index-I JPY F ¥ 15083.10 - -522.41 0.00 Equity & General C Inc 355.95 - 0.53 0.25 Corp Bond Acc Inst 143.70 - -0.70 - Renminbi Bond Fund YEN Cls B ¥ 12928.99 - -38.95 0.00 www.veritas-asset.com The letter C denotes that the trust deducts all or part
Other International Funds of the manager’s/operator’s periodic charge from
Pictet-Japanese Equities Opp-I JPY F ¥ 8908.00 - -247.69 0.00 Equity & General O Inc 354.65 - 0.50 0.00 Multi-Manager OEIC Renminbi Bond Fund USD Cls A $ 161.52 - -0.49 3.42 Troy Asset Mgt Ltd (UK) capital, contact the manager/operator for full details
Real Return Asian Fund USD (Est) € 284.54 - -6.58 0.00
Pictet-Japanese Equity Selection-I JPY F ¥ 13419.00 - -373.67 0.00 Polunin Capital Partners Ltd Equity & General O Acc 382.21 - 0.54 0.00
Bal Intl Track Acc Ret 253.20 - -3.50 -
Renminbi Bond Fund GBP Cls A £ 156.95 - -0.48 3.65 40 Dukes Place, London EC3A 7NH of the effect of this course of action.
Other International Funds Order desk: 0845 608 0950, Enquiries 0845 608 0950 Real Return Asian Fund GBP (Est) £ 303.70 - -7.13 0.00
Pictet-LATAM Index I USD $ 50.00 - -2.00 0.00 Bond Mthly Inc Acc Ret 143.50 - -0.20 - Exit Charges: The letter E denotes that an exit charge
European C Acc 507.72 - 1.27 0.21 Renminbi Bond Fund SGD Cls A S$ 154.58 - -0.48 3.62 Authorised Inv Funds
Emerging Markets Active $ 42.54 - -2.14 - Real Return Asian Fund EUR (Est) $ 299.76 - -7.08 0.00 may be made when you sell units, contact the
Pictet-LATAM Lc Ccy Dbt-I USD F $ 110.62 - -2.28 0.00 Bond Mthly Inc Inc Ret 92.71 - -0.12 - ACD Capita Financial Mgrs
European O Acc 503.16 - 1.23 0.00 Renminbi Bond Fund YEN Cls A ¥ 19136.14 - -57.46 0.00 manager/operator for full details.
Luxcellence Em Mkts Tech $ 850.77 - -35.67 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 307.80 - -18.29 0.00 Trojan Investment Funds
Japanese Fund C Acc 188.33 - -3.20 0.01 Renminbi Bond Fund EUR Cls A € 106.54 - -0.32 3.86 Time: Some funds give information about the timing of
Polunin Developing Countries $ 676.34 677.29 -44.14 0.00 Spectrum Fund 'O' Acc ♦ 154.20 - -4.23 0.29
Pictet-Premium Brands-I EUR F € 144.09 - -7.76 0.00 Santander Asset Management UK Limited (1200)F (UK) Waverton Investment Funds Plc (1600)F (IRL) price quotes. The time shown alongside the fund
Japanese Fund O Acc X 186.40 - -3.18 0.00 Poland Geared Growth £ 0.46 - -0.04 0.00
Polunin Discovery - Frontier Markets $ 1453.36 - -55.06 0.00 Spectrum Fund 'O' Inc ♦ 150.31 - -4.12 0.29 [email protected] manager’s/operator’s name is the valuation point for
287 St Vincent Street, Glasgow G2 5NB 0845 605 4400
Pictet-Quality Global Equities I USD $ 126.29 - -3.56 0.00 Pacific C Acc 301.94 - -6.63 0.47 FCA Recognised their unit trusts/OEICs, unless another time is
Polunin Small Cap $ 1391.06 1408.45 -39.96 0.00 Authorised Inv Funds
Spectrum Income Fund 'O' Acc 94.18 - -1.85 - indicated by the symbol alongside the individual unit
Pictet-Russia Index I USD $ 44.09 - -2.28 0.00 Pacific O Acc 298.93 - -6.59 0.17 Santander Premium Fund (OEIC) Waverton Asia Pacific A USD $ 17.04 - -0.05 1.03 trust/OEIC name.
A Shares Spectrum Income Fund 'O' Inc 94.18 - -1.86 -
Pictet-Russian Equities-I USD F $ 37.14 - -1.99 0.00 Total Return C Acc 402.08 - -3.25 1.39 Waverton Global Bond Fund Cls A $ 8.77 - -0.01 5.40
Private Fund Mgrs (Guernsey) Ltd (GSY) Trojan Fund O Acc ♦ 250.15 - -3.16 0.45 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Pictet-Security-I USD F $ 188.59 - -6.25 0.00 Europe (ex-UK) 266.80 - 3.20 -
Total Return C Inc 281.13 - -2.27 1.40 Waverton Global Equity Fund A GBP £ 12.68 - -0.32 0.37 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Regulated
Japan Equities 138.90 - -6.20 - Trojan Fund O Inc ♦ 207.52 - -2.62 0.45 midnight. Daily dealing prices are set on the basis of
Pictet-Select-Callisto I EUR € 106.39 - -1.43 0.00 Monument Growth 18/08/2015 £ 482.51 487.88 -2.92 1.04 Total Return O Inc 278.47 - -2.27 1.40 Waverton UK Fund A GBP £ 12.76 - 0.22 1.81 the valuation point, a short period of time may elapse
Pacific Bas (ex-Japan) 454.50 - 3.00 - Trojan Global Equity O Acc 201.80 - -7.18 0.96 before prices become available. Historic pricing: The
Pictet-Small Cap Europe-I EUR F € 1027.87 - -49.40 0.00 Total Return O Acc 398.41 - -3.25 1.38 Waverton Equity Fund A GBP £ 13.84 - -0.40 0.00
letter H denotes that the managers/operators will
Sterling Bonds 263.60 - -1.20 - Trojan Global Equity O Inc 171.89 - -6.12 0.97
Pictet-ST.MoneyMkt-I € 140.51 - 0.00 0.00 E.I. Sturdza Strategic Management Limited (GSY) Waverton Sterling Bond Fund A GBP £ 9.48 - -0.01 5.41 normally deal on the price set at the most recent
Prusik Investment Management LLP (IRL) Regulated Trojan Income O Acc ♦ 257.32 - 1.28 3.92 valuation. The prices shown are the latest available
Pictet-ST.MoneyMkt JPY I USD ¥ 101534.26 - 3.59 0.00 UK Equities 254.50 - 3.30 -
Enquiries - 0207 493 1331 before publication and may not be the current dealing
Nippon Growth Fund Limited ¥ 110391.00 - -2339.12 0.00 Trojan Income O Inc ♦ 163.00 - 0.81 4.05
Regulated US Equities 234.70 - -10.70 - levels because of an intervening portfolio revaluation
Pictet-ST.MoneyMkt-ICHF SFr 124.54 - -0.01 0.00
Strat Evarich Japan Fd Ltd JPY ¥ 102502.00 - -1302.00 0.00 WA Fixed Income Fund Plc (IRL) or a switch to a forward pricing basis. The
Prusik Asian Equity Income B Dist $ 148.34 - 2.57 3.75 B Shares
Pictet-ST.MoneyMkt-IUSD $ 135.09 - 0.00 0.00 Regulated managers/operators must deal at a forward price on
Prusik Asia A $ 179.75 - 2.56 0.00 Pacific Bas (ex-Japan) 453.90 - 3.00 - Strat Evarich Japan Fd Ltd USD $ 1021.36 - -13.08 0.00 request, and may move to forward pricing at any time.
Pictet-Timber-I USD F $ 143.83 - -5.54 0.00 UBS Global Asset Mgmt Fds Ltd (UK) European Multi-Sector € 116.15 - -0.85 0.00
Forward pricing: The letter F denotes that that
Prusik Asian Smaller Cos A $ 135.99 - 1.94 0.00 21 Lombard Street, London, EC3V 9AH managers/operators deal at the price to be set at the
Pictet Total Ret-Agora I EUR € 111.91 - 0.97 0.00 next valuation.
Client Services 0800 587 2113, Client Dealing 0800 587 2112
Pictet Total Ret-Corto Europe I EUR € 132.89 - -0.32 0.00 S W Mitchell Capital LLP (CYM) Saracen Fund Managers Ltd (1000)F (UK) E.I. Sturdza Funds PLC (IRL) www.ubs.com/retailfunds
19 Rutland Square, Edinburgh EH1 2BB Regulated Authorised Inv Funds Investors can be given no definite price in advance of
Purisima Investment Fds (UK) (1200)F (UK) Regulated
Pictet Total Ret-Divers Alpha I EUR € 104.54 - 0.27 0.00 Dealing: 00 353 1 603 9921 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1082.48 - -72.27 0.00 the purchase or sale being carried out. The prices
40 Dukes Place, London EC3A 7NH S W Mitchell European Fund Class A EUR € 355.68 - 15.96 - OEIC
appearing in the newspaper are the most recent
Pictet Total Ret-Kosmos I EUR € 109.00 - 0.02 0.00 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Order Desk 08459 220044, Enquiries: 0870 607 2555 Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1272.48 - -84.74 0.00 Global Emerg Mkts Eqty B Acc £ 1.17 - 0.03 1.70 provided by the managers/operators. Scheme
S W Mitchell Small Cap European Fund Class A EUR € 235.00 - -3.60 - Authorised Inv Funds particulars, prospectus, key features and reports: The
Pictet Total Ret-Mandarin I USD $ 113.19 - 0.22 0.00 Authorised Inv Funds
Saracen Growth Fd Alpha Acc £ 3.49 - -0.16 0.96 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 99530.00 - -6537.00 0.00 Global Optimal B Acc £ 0.90 - -0.01 0.63 most recent particulars and documents may be
Authorised Corporate Director - Capita Financial Managers The Charlemagne Fund EUR € 333.23 - -14.24 -
Pictet-US Equity Selection-I USD $ 177.09 - -7.23 0.00 UBS UK Opportunities Fund B Acc £ 0.85 - 0.01 2.90 obtained free of charge from fund
Global Total Fd PCG A 152.91 - -5.96 0.38 Saracen Growth Fd Beta Acc £ 5.57 - -0.24 1.43 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 83417.00 - -5465.00 0.00
Yuki International Limited (IRL) managers/operators. * Indicates funds which do not
Pictet-US High Yield-I USD F $ 145.35 - -0.85 0.00 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 81097.00 - -5326.00 0.00 US Equity B Acc £ 1.33 - -0.06 0.29 Tel +44-20-7269-0207 www.yukifunds.com price on Fridays.
Global Total Fd PCG B 151.63 - -5.92 0.14 Saracen Global Income & Growth Fund A - Acc £ 1.07 - -0.04 2.90
Pictet-USA Index-I USD F $ 166.57 - -6.89 0.00
S W Mitchell Capital LLP (IRL) Regulated

Asset Management
Global Total Fd PCG INT 149.76 - -5.84 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.00 - -0.03 2.65 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 53974.00 - -3541.00 0.00 UBS S&P 500 Index C Acc £ 0.47 - -0.03 - Charges for this advertising service are based on the
Regulated Yuki Mizuho Umbrella Fund

Asset Management
number of lines published and the classification of the
Pictet-USD Government Bonds-I F $ 641.33

Pictet-USD Short Mid-Term Bonds-I F $ 129.66


-

-
1.95 0.00

0.13 0.00
SWMC European Fund B EUR

SWMC UK Fund B
€ 14730.22

£ 11844.25
-

-
-724.67 0.00

-202.99 0.00
Saracen Global Income and Growth Fund -Acc # £

Saracen Global Income and Growth Fund -Dist # £


1.33

1.17
-

-
-0.05 3.26

-0.04 2.68
Strategic China Panda Fund USD $ 1981.84

Strategic China Panda Fund Hedged EURO € 1930.09


-

-
-106.23 0.00

-99.88 0.00
UBS Targeted Return B Acc
Asset Management
UBS Sterling Corporate Bond Indexed Fund
£ 1.21

50.84
-

-
-0.01 1.19

-0.75 3.32
Yuki Mizuho Japan Dynamic Growth ¥ 6256.00 - -216.00 0.00 fund. Please contact [email protected] or
call +44 (0)20 7873 3132 for further information.
Purisima Investment Fds (CI) Ltd (JER) Yuki Mizuho Japan Large Cap ¥ 6386.00 - -199.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.58 - 0.00 0.00 SWMC Small Cap European Fund B EUR € 13075.79 - -439.55 0.00 Strategic China Panda Fund Hedged Sterling £ 1953.05 - -104.02 0.00 UBS Multi Asset Income B Inc (net) £ 0.49 - 0.00 3.56
Regulated Saracen UK Income Fund - Acc £ 0.97 - -0.04 - Yuki Japan Low Price ¥ 25083.00 - -919.00 0.00
Pictet-Water-I EUR F € 243.80 - -13.51 0.00 PCG B X 158.59 - -5.64 0.00 SWMC Emerging European Fund B EUR € 8178.06 - -458.30 0.00 Strategic Euro Bond Accumulating Class CHFSFr 992.04 - -2.06 0.00 UBS UK Equity Income B Inc Net £ 0.38 - 0.00 4.64
Saracen UK Income Fund - Dist £ 0.96 - -0.04 - Yuki Japan Value Select ¥ 11803.00 - -359.00 0.00
PCG C X 156.46 - -5.57 0.00 . Strategic Euro Bond Institutional Class EUR € 1014.70 - -2.08 0.00 Corporate Bond UK Plus B Inc Net £ 0.52 - 0.00 4.00 YMR Umbrella Fund
For Save & Prosper please see Countrywide Assured YMR N Growth ¥ 15291.00 - -522.00 0.00
Pimco Fds: Global Investors Series Plc (IRL) Strategic Euro Bond Fund Accumulating Class Shares € 1138.72 - -2.36 0.00 UBS Global Allocation (UK) B Acc £ 1.02 - -0.01 1.79
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH UBS Global Enhanced Equity Income C Inc £ 0.44 - -0.02 - Yuki Asia Umbrella Fund
Putnam Investments (Ireland) Ltd (IRL) Strategic Euro Bond Fund Distributing Class Shares € 1027.72 - -2.13 2.90
http://gisnav.pimco-funds.com/ Yuki Japan Rebounding Growth Fund ¥ 21435.00 - -614.00 0.00
Dealing: +44 20 3640 1000 Regulated Schroder Property Managers (Jersey) Ltd Strategic Global Bond RMB Acc $ 1049.26 - -8.26 0.00 UBS US Growth Fund B Acc £ 1.33 - -0.06 0.00
Putnam New Flag Euro High Yield Plc - E € 1007.47 - -6.97 4.26 Other International Funds
PIMCO Funds: +44 (0)20 3640 1407 UBS Emerging Markets Equity Income B Inc £ 0.35 - 0.00 5.66
Strategic Global Bond USD Acc $ 1050.75 - -1.38 0.00
FCA Recognised Indirect Real Estate SIRE £ 130.50 136.46 1.01 2.50
Strategic US Momentum and Value Fund $ 783.55 - -21.47 0.00 Zadig Gestion (Memnon Fund) (LUX)
Asia Local Bond Fund - Inst Acc $ 9.37 - -0.08 0.00
FCA Recognised
Rathbone Unit Trust Mgmt (1200)F (UK) RobecoSAM (LUX) Strategic US Momentum & Value Fund USD I Class $ 519.65 - -14.34 0.00
Capital Securities Inst Acc $ 14.76 - -0.14 0.00 Unicapital Investments (LUX) Memnon European Fund I GBP £ 106.73 - -3.10 0.00
PO Box 9948, Chelmsford, CM99 2AG Tel. +41 44 653 10 10 http://www.robecosam.com/ Scottish Friendly Asset Managers Ltd (UK)
Regulated

Give your
Commodity Real Return Fund Inst Acc $ 6.23 - -0.16 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Regulated Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Strategic US Momentum and Value EUR Hedged Class EUR € 547.83 - -14.66 0.00
Authorised Inv Funds Authorised Inv Funds Investments III € 27.41 - 0.58 0.00
RobecoSAM Sm.Energy/A £ 9.86 - -0.29 1.28 Strategic US Momentum and Value CHF Hedged Class CHFSFr 546.20 - -14.51 0.00
Credit Absolute Return Fund Inst Acc $ 11.24 - -0.04 0.00
Blue Chip Income Inc 142.41 147.15 2.00 4.27 Managed Growth ♦ 230.00 - 3.10 0.00 Investments IV - European Private Eq. € 292.33 306.94 2.23 - Zebedee Capital Partners LLP (CYM)
RobecoSAM Sm.Materials/A £ 111.35 - -3.32 2.00
Diversified Income - Inst Acc $ 19.26 - -0.14 0.00 Regulated

Diversified Income Durat Hdg Fund Inst Acc $ 11.22

EM Fundam.Ind StocksPLUS Fund Inst Acc $ 8.19


-

-
-0.11 0.00

-0.57 0.00
Blue Chip Income Acc

Ethical Bond Inc


212.27 219.11 2.98 4.14

90.54 92.56 -0.35 5.13


RobecoSAM Gl.Small Cap Eq/A

RobecoSAM Sustainable Gl.Eq/B € 163.95


£ 71.78 -

-
-2.80 1.68

-9.69 0.00
UK Growth ♦ 249.60 - 3.90 0.00
Taube Hodson Stonex Ptnrs UT (1200)F
50 Bank Street, Canary Wharf, London E14 5NT
Admin: 50 Bank Street, Canary Wharf, London E14 5NT
(UK)
Investments IV - Global Private Eq. € 416.23 437.04 -20.82 -
Zebedee Focus Fund Limited Class A EURO Shares € 169.78

Zebedee Focus Fund Limited Class B USD Shares $ 197.30


-

-
-0.96 0.00

-1.19 0.00
funds
maximum
Ethical Bond Acc 171.56 175.06 -0.66 5.00 RobecoSAM S.HealthyLiv/B € 164.43 - -8.36 0.00 SIA (SIA Funds AG) (LUX) Unicorn Asset Management Ltd (UK)
Emerging Asia Bond Fund Inst Acc $ 9.44 - -0.10 0.00 Dealing & Enquiries: 0870 870 8433 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Global Opportunities Acc 126.41 130.48 -2.46 0.11 Regulated PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
RobecoSAM S.Water/A £ 151.02 - -6.03 2.26 Authorised Inv Funds
Emerging Local Bond - Inst Acc $ 10.95 - -0.17 0.00 LTIF Classic € 296.26 - -21.20 0.00 Authorised Inv Funds
Income Inc 829.53 858.67 6.68 3.91 THS Growth & Value Funds
Money Market
exposure
Emerging Markets Bond - Inst Acc $ 37.48 - -0.46 0.00 UK Growth A Inc 392.47 - -0.15 0.00
LTIF Natural Resources € 62.44 - -5.03 0.00 International
Income Acc 1260.67 1303.51 10.15 3.74
Mastertrust A Inc X F 344.59 - 1.83 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.76

Emerging Markets Curr.Fd- Inst Acc $ 11.67


-

-
-0.13 0.00

-0.10 0.00
Multi Asset Enhanced Growth Acc 113.73 - -1.87 0.00
LTIF Stability A ACCU € 155.52 - -6.66 - IGV - Inc A

IGV - Inc B
316.70

316.40
-

-
-0.70 2.30

-0.70 1.51 UK Growth B Inc 395.03 - -0.14 0.23


Trusts and
Multi Asset Strategic Growth inc 142.91 - -1.56 1.37
Euro Bond - Inst Acc € 22.47 - -0.07 0.00
Multi Asset Strategic Growth acc 151.02 - -1.65 1.36 SIA (SIA Funds AG) (CH)
IGV - Acc X 387.00 - -0.90 1.78 Mastertrust B Inc X F 310.65 - 1.65 0.38
Bank Accounts Gross
Euro Credit - Inst Acc € 14.65 - -0.05 0.00 IGV - Acc Y 414.70 - -0.90 2.26 Outstanding British Cos A Acc X F 239.47 - 0.89 0.44
Other International Fds Gross Net AER Int Cr
Multi Asset Total Return inc 124.82 - -0.82 1.87
Euro Income Bond - Inst Acc F € 12.84 - -0.10 0.00 LTIF Stability Growth SFr 200.40 - -4.50 - IGV - Acc Z 384.70 - -0.90 1.52 Outstanding British Cos B Acc X F 249.71 - 0.93 1.12 Publish your funds in
Multi Asset Total Return acc 136.77 - -0.90 1.84
Euro Long Average Duration - Inst Acc € 21.78 - 0.04 0.00 LTIF Stability Inc Plus SFr 178.10 - -3.90 5.66 European UK Smaller Cos A Inc X F 433.99 - -1.37 0.08 CCLA Investment Management Ltd the Financial Times
Recovery Inc 415.45 431.65 5.07 2.26 Senator House 85 Queen Victoria Street, London EC4V 4ET
Euro Low Duration Fund Inst Acc € 11.24 - -0.03 0.00
Recovery Acc 493.20 511.99 6.01 2.23
EGV - Acc S 266.90 - 3.30 - UK Smaller Cos B Inc X F 426.71 - -1.33 0.75
CBF Church of England Deposit Fund 0.50 - 0.50 Qtr and stand out in an
Euro Real Return - Inst Acc € 13.14 - -0.07 0.00 Santander Asset Management UK Limited (1200)F (UK) EGV - Acc Z 266.90 - 3.30 0.80 UK Income A Acc X F 256.80 - 1.46 5.82
Strategic Bond Ret Acc £ 1.17 1.19 -0.01 4.23 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Smith & Williamson Investment Management (1200)F (UK)
Continental
overcrowded market.
Euro Short-Term Inst Acc € 12.27 - -0.01 0.00 25 Moorgate, London, EC2R 6AY 020 7131 8100 UK Income A Inc X F 232.69 - 1.31 6.05 CCLA Fund Managers Ltd
Strategic Bond Ret Inc £ 1.04 1.06 0.00 4.27 Authorised Funds www.sandwfunds.com CGV Acc S 109.40 - 2.30 - UK Income B Acc X F 272.16 - 1.55 5.78 Senator House 85 Queen Victoria Street, London EC4V 4ET It’s a powerful way to
Euro Ultra Long Duration - Inst Acc € 29.25 - 0.29 0.00 Santander Atlas Range Authorised Inv Funds COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Global Advantage - Inst Acc $ 12.21 - 0.03 0.00 Santander Atlas Port 3 Acc Ret 146.50 - -0.80 - European Growth Trust A Class 495.20 - 11.10 0.71
CGV Acc X 108.70 - 2.20 - UK Income B Inc X F 246.73 - 1.40 6.01 promote your brand,
Global Advantage Real Return Fund Inst Acc $ 8.68 - -0.03 0.00 Santander Atlas Port 3 Inc Ret 102.00 - -0.50 - Far Eastern Income and Growth Trust A Class 376.50 - 0.00 3.17
CGV Inc A £ 1.09 - 0.02 - communicate with
Global Bond - Inst Acc $ 27.73 - -0.05 0.00 Santander Atlas Port 3 Acc Inst 160.80 - -1.00 - Fixed Interest Trust A Class 121.80xd - -0.80 3.69
CGV Inc B £ 1.09 - 0.02 -
Value Partners Hong Kong Limited (IRL) your clients and attract
www.valuepartners.net, [email protected]
Global Bond Ex-US - Inst Acc $ 19.31 - -0.04 0.00 Santander Atlas Port 4 Acc Ret 176.00 - -2.20 - Global Gold and Resource Trust A Class 129.50 - -6.40 0.00
Regulated
new investors.
Global Fundam.Index StocksPLUSInst Acc $ 10.44 - -0.51 0.00 Santander Atlas Port 4 Inc Ret 127.10 - -1.60 - MM Endurance Balanced Fund A Class 205.30 - -3.70 1.16 The Hartford International Funds (IRL)
Value Partners Classic Equity Fund USD Z Unhedged $ 9.96 - -0.03 0.00
Regulated
Global High Yield Bond - Inst Acc $ 19.85 - -0.16 0.00
Robeco Asset Management (LUX)
Santander Atlas Port 4 Acc Inst 159.70 - -2.10 - MM Global Investment Fund A Class 2073.00 - 10.00 1.75
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1577.71 - 9.73 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 10.44 - -0.03 0.00 For more information
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Santander Atlas Port 5 Acc Ret 183.70 - -3.50 -
Global Investment Grade Credit - Inst Income $ 12.27 - -0.04 3.58
www.robeco.com/contact
North American Trust A Class 1532.00 - -72.00 0.00
UK Corporate Bond £ 1556.29 - -10.39 0.00 Value Partners Classic Equity Fund EUR Hedged € 10.53 - -0.04 0.00 please contact
Global Investment Grade Credit Fund Inst Acc € € 11.28 - -0.23 0.00 Santander Atlas Port 5 Acc Inst 155.80 - -3.00 - Oriental Growth Fund A Class 131.60 - 1.70 1.03
FCA Recognised
Santander Atlas Port 6 Acc Ret 247.60 - -5.90 -
Gilt £ 1584.18 - -8.74 0.00 Value Partners Classic Equity Fund GBP Hedged £ 10.76 - -0.03 0.00 [email protected] or call
Global Investment Grade Credit Fund Inst Acc $ $ 16.61 - -0.05 0.00 Asia-Pacific Equities (EUR) € 120.66 - -1.25 0.00 UK Equity Growth Trust A Class 406.80 - 7.60 0.64 Value Partners Classic Equity Fund GBP Unhedged £ 10.81 - -0.77 0.00
Global Multi-Asset - Inst Acc $ 13.98 - -0.45 0.00 Santander Atlas Port 6 Acc X 176.80 - -4.20 - UK Equity Income Trust A Class 219.40 - 2.70 5.95
Global Eq (Ex Japan) Index Fund ¥ 1.28 - -0.05 0.00 +44 (0) 20 7873 3132
Chinese Equities (EUR) € 65.69 - -1.72 0.00 Value Partners Classic Equity USD Hedged $ 12.22 - -0.04 0.00
Global Eq (ex Japan) Class HJ4 ¥ 1.33 - -0.06 0.00
Global Real Return - Inst Acc $ 18.11 - -0.07 0.00 Santander Atlas Port 6 Acc Inst 152.10 - -3.60 -
Em Stars Equities (EUR) € 148.10 - -5.52 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 8.71 - -0.38 -
Global Eq (ex Japan) Class JP5 ¥ 1.43 - -0.11 0.00
Income Fund Inst Acc $ 12.19 - -0.05 0.00 Santander Atlas Port 7 Acc Ret 190.30 - -5.40 -
Emerging Markets Equities (EUR) € 125.85 - -3.63 0.00 Smith & Williamson Fd Admin Ltd (1200)F (UK) Value Partners Health Care Fund HKD Class A UnhedgedHK$ 8.24 - -0.43 -
Global Eq Ex Japan Index Fund (Hedge) ¥ 1.31 - -0.10 0.00
Inflation Strategy Fund Inst Acc $ 8.87 - -0.19 0.00 Santander Atlas Port 7 Acc Inst 150.80 - -4.30 - 25 Moorgate, London, EC2R 6AY 0141 222 1150
Flex-o-Rente (EUR) € 109.86 - 0.08 0.00 Value Partners Health Care Fund USD Class A Unhedged $ 8.27 - -0.43 -
Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index ¥ 1.35 - -0.03 0.00
Authorised Inv Funds
Low Average Duration - Inst Acc $ 14.71 - -0.04 0.00 Glob.Consumer Trends Equities (EUR) € 137.00 - -6.56 0.00
Max 70% Shs Acc Ret 159.90 - -0.20 - S&W Deucalion Fd (OEIC) 2191.00 - -7.00 0.18 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.32 - -0.03 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.58 - -0.15 0.00 High Yield Bonds (EUR) € 123.46 - -1.55 0.00
Max 70% Shs Inc Ret 135.50 - 0.00 - S & W Magnum 359.90 380.80 0.00 1.87 Japan Equity Index Fund ¥ 0.98 - -0.03 0.00
StocksPLUS{TM} - Inst Acc $ 21.11 - -1.18 0.00 Lux -O- Rente (EUR) € 141.28 - 0.41 0.00
Investments Inc Acc Ret 154.40 - -0.80 - S & W Marathon Trust 182.10 192.60 -0.50 1.85 Japan Equity Class JP3 ¥ 1.19 - -0.04 0.00
Total Return Bond - Inst Acc $ 27.10 - -0.10 0.00 New World Financials (EUR) € 48.34 - -2.77 0.00
Investments Inc Inc Ret 102.80 - -0.50 - Charity Value and Income Fund Acc 133.10 133.90 1.30 4.55
UK Corporate Bond - Inst Acc £ 17.22 - -0.05 0.00 US Premium Equities (EUR) € 169.29 - -6.67 0.00
Equity Inc Inc Inst 233.80 - 3.80 - Charity Value and Income Fund Inc 90.69 91.19 0.92 4.68
24 ★ FINANCIAL TIMES Wednesday 26 August 2015

MARKETS & INVESTING

Capital markets
EM Squared

Manufacturing helps Mexico


lead Brazil in FDI progress
Industry figures flag comeback of QE
Mexico and Brazil Bank, and only 0.1 per cent Summers and Dalio call iorate tensions on financial markets. In turbulence in emerging markets as a
26% increase in September, down from more
dominate foreign direct in 2014. Many economists an opinion piece in the Financial Times, whole. “While we don’t know if we have than 50 per cent earlier this month. The
investment flows into Latin expect a contraction of on Fed to consider new Mr Summers wrote that raising rates in just passed the key turning point, we Futures markets’ probable future path of rate rises has
indication of the
America but their FDI more than 2 per cent this bond-buying programme the near future would be a “serious think that it should now be apparent chance of a rate also moderated markedly, according to
prospects could be year. Mexico has also seen error”, but went further and suggested that the risks of deflationary contrac- increase in Bloomberg data. Economists at Barclays
heading in opposite a slowing of economic on Twitter that the Fed should even con- tions are increasing relative to the risks September, down on Monday even shifted their forecast
directions, writes Courtney growth, from 5.1 per cent in ROBIN WIGGLESWORTH — NEW YORK sider another bond buying programme. of inflationary expansion because of from 50 per cent for when the first rate rise will come
Fingar. 2010 to 2.1 per cent in 2014. Investors believe that the recent market “It is far from clear that the next Fed these secular forces,” he wrote. from September to March next year.
While Mexico is making But its FDI performance ructions have almost killed off the move will be a tightening,” he wrote. “As “Our risk is that they could be so com- 5 % Other economists are less concerned,
hay with China’s declining has been steadier. chances of a Federal Reserve interest in August 1997, 1998, 2007 and 2008 we mitted to their highly advertised tight- Level at which and argue that another QE programme
cost competitiveness in It is in manufacturing rate increase next month, but some big- could be in the early stage of a very seri- ening path that it will be difficult for some economists would either be ineffectual or counter-
manufacturing, Brazil is where a potential divide is name industry figures are going even ous situation . . . Right now problems them to change to a significantly easier predict that the US productive by signalling that the Fed is
slipping behind. opening up between the further, predicting that the central are not overconfidence or investors path if that should be required,” he unemployment rate panicking. They point out the US unem-
In 2014, Mexico attracted two countries. bank’s next move will be to restart oblivious to risk, so no need for Fed to added, in the note seen by the FT. could fall below ployment rate could easily fall below
this year
366 greenfield investment Brazil will have to ramp quantitative easing. send shock across investors’ bow.” While more quantitative easing is 5 per cent this year, indicating the need
projects totalling an up its efforts to attract Lawrence Summers, the former That was echoed by Mr Dalio, the clearly a minority view at the moment, for tighter monetary policy. “Joseph
estimated $33bn and Brazil manufacturing investment. Treasury secretary, and Ray Dalio, head head of Bridgewater, a $200bn hedge economists and investors have drasti- Lavorgna, chief US economist at Deut-
322 projects at $18bn, The country has attracted of the world’s biggest hedge fund man- fund group. In a note to clients on Mon- cally scaled back their forecasts for sche Bank said: “Investors are overre-
according to fDi Markets, an estimated $162bn ager, this week indicated that the US day afternoon he predicted that the when and how quickly US interest rates acting in notoriously illiquid markets.
an FT data service. investment in more than central bank should consider restarting “next big Fed move will be to ease (via will rise in the coming months. You have to look at the fundamentals. I
Together they mopped 1,000 manufacturing its “quantitative easing” programme to QE) rather than to tighten” due to global Futures markets indicate that there is don’t believe that one or two hikes will
up nearly 60 per cent of projects by foreign counter deflationary dangers and amel- debt levels, the Chinese ructions and now just a 26 per cent chance of a rate send the global economy into a tailspin.”
capital expenditure on new companies over the past
projects or expansions of decade. But capital
existing facilities in Latin investment in Brazilian
America and the Caribbean
last year.
manufacturing has fallen
since 2011, mirroring the Analysis. Indices
Data from fDi Markets overall decline in greenfield
show that greenfield FDI
into Brazil has been in
decline since a peak year of
2011, when it attracted
FDI into Brazil.
With Mexico revving up
as a manufacturing
destination and its own
Selling volatility in an era of low returns
more than 500 projects economy sputtering, Brazil
totalling an estimated may find it ever more
$50bn. The drop-off in difficult to catch up with its
greenfield FDI tallies with a central American rival, let A sudden surge in the Vix Implied stock market
tanking of the Brazilian alone to compete with ‘fear’ gauge will profit those volatility
economy: GDP growth was China and the emerging CBOE Vix index
7.6 per cent in 2010, countries of Asia. with the sharpest timing 80
according to the World www.ft.com/em2

Greenfield investment in manufacturing MICHAEL MACKENZIE

Brazil ($bn*) Mexico ($bn*) Turmoil across markets has once again 60
reminded investors how measures of
30 30 bond and equity volatility can abruptly
switch into the danger zone almost 40
without warning.
20 20 With US equities being hit hard by the
deepening gloom over the global econ- 20
omy and across emerging markets, a
10 10 key index that tracks investor senti-
ment has suddenly surged to its highest
level since 2009. 0
0 0 Implied volatility, as measured by the 2007 09 11 13 15
2005 09 11 13 15 2005 09 11 13 15 CBOE’s Vix, has in the past few days
*includes estimates surged as high as 53 in intraday trading, Implied bond volatility
Source: fDi Markets the highest since February 2009. This Merrill Lynch MOVE index
came after a prolonged period of rela- 300
Commodities tive calm.
The last time the Vix was above 20 —
its historical average back to 1990 — for 250
Home front to reap benefits more than five days was last October,
when the S&P 500 nearly dropped 10 200
of slide in US petrol prices per cent.
Such a sharp and intense reversal in
A fall in fuel prices is midwest, was partially shut the Vix, from signalling complacency to 150
expected to save US down after a malfunction. flagging fear, illustrates the difficulty of
consumers $90 per Patrick DeHaan of relying on such barometers to predict
100
household per month by GasBuddy, a fuel price trouble ahead.
the end of the year, information service, said: Jack Ablin, chief investment officer at
providing a boost to “Everything is shaping up BMO Private Bank, says: “Volatility 50
spending power and for very low prices . . . I spikes come out of left field. They are so 2007 09 11 13 15
economic growth, write Ed think we will comfortably hard to predict. From my perspective, I
Source: Thomson Reuters Datastream
Crooks and Gregory Meyer. go below a national look at Vix as an indicator of sentiment.
US crude oil prices have average price of $2.” Is the market too complacent or too
fallen from about $60 per Wholesale petrol for fearful?” Short choice: ten on the S&P 500 index, while Vix in volatility has been to sell the Vix. In recent years, overall market vola-
barrel in late June to $38 December delivery was Whether the rapid swing in the Vix is Vix futures futures that extend over forthcoming “Every time Vix picks up, traders are tility has been contained by aggressive
yesterday, a decline that is trading at about $1.24 per shortlived matters greatly given how support an array months help support an ever growing emboldened to sell volatility. It pays central bank support for asset prices. It
set to drive retail petrol gallon on Monday. Adding some investors have embraced market of ETFs so array of exchange traded funds, which them to short Vix.” means that for all the focus on Vix and
prices down below $2 per a standard mark-up of volatility as an asset class and for har- investors can provide investors ways to buy and sell Such positioning has been vindicated Merrill Lynch’s Move index — which ref-
US gallon, their lowest about 65 cents per gallon nessing additional returns. Selling vola- buy and sell market turmoil. by central banks actively calming down erences implied volatility of short-term
since early 2009. would imply a retail price of tility, or in effect collecting a premium volatility — Getty While it makes sense from a long term markets. One likely result of the rising Treasury bonds — as barometers of
The weakness of oil about $1.90 per gallon. like an insurer, via options, futures and perspective to own insurance against a tension across markets this month may equity and interest rate risk, these
prices is creating a US petrol consumption is other derivatives, has become a key sudden eruption in market volatility, a well be the US Federal Reserve delaying measures can arguably be seen as being
countervailing force to the about 3.3 gallons per strategy against the backdrop of low common complaint is that no one gets a widely anticipated tightening of policy artificially low, reflecting the big influ-
drag on the economy household per day. If retail returns. paid for being early. in September, particularly should Vix ence exerted by central bank policy.
resulting from turbulence prices fall as expected, John Brady, managing director at RJ “It’s expensive to own volatility, and it stay elevated for some time. Indeed, the current climate has been
in world stock markets. Americans will save about O’Brien, says: “Selling volatility is one of only pays off when you are right in “The Fed is not supposed to be the characterised by a large emphasis from
US petrol prices will also $90 per household per the few ways for investors to generate terms of the timing,” says Mr Brady. market’s guardian,” says Nicholas Colas, the Fed on preparing markets for policy
be cut in the coming month, compared to if [outperformance] and differentiate Hence, much of the activity in Vix chief market strategist at ConvergEx. tightening in order to temper any out-
months by a shift to prices remained at their their performance from others. For ETFs reflects their use as short-term “But this level of volatility would feel burst of volatility.
cheaper blends mandated July peak. sophisticated investors, selling volatility vehicles for trading volatility. Also, Vix very uncomfortable for policymakers John Briggs, head of fixed income
by regulators, a slowdown The US is the third- has become a good way to be on markets futures differ from the benchmark Vix and investors alike.” strategy at RBS Securities, says: “You
in demand at the end of largest producer of crude, that are seen being supported by central index over time, a divergence that can want to own volatility in case there is a
the holiday driving season, and the slump in prices will banks.” leave traders facing unexpected losses surprise, but this is perhaps the most
and a resumption of have negative effects on The ramifications of an extended rise should they hold a position for an Thursday: telegraphed rate rise cycle we are about
production at BP’s Whiting the economy, cutting above 20 for the Vix, as seen during extended period. Credit indices to experience. The fact that the Fed is
refinery in Indiana. The employment and 2008, could well prove interesting for Michael Kastner, managing principal More online: Read communicating that rate hikes will be
the whole series at
refinery, the largest in the investment in production. markets at their current juncture. The at Halyard Asset Management, says the ft.com/riseoftheindex slow and gradual in nature helps keep
Vix is derived from 30-day options writ- lesson from past periods of surges markets calm.”

Capital markets Commodities

European yields rise as focus turns to growth US farm incomes cut as low grain prices bite
THOMAS HALE — LONDON year with the European Central Bank’s change that?” he added. The apathetic GREGORY MEYER — NEW YORK investors in land and food production also begun to reverse after hitting highs
quantitative easing helping to drive up reaction of European sovereign debt to are facing a period of retrenchment. in 2014, pulling down incomes for pig
European sovereign bond yields rose An extended run of low grain prices
asset prices. Monday’s chaos contrasted with US 10- Land in the fertile Corn Belt, encom- and dairy farmers. CME October lean
yesterday in spite of ongoing convul- will slash US farm incomes by more
In late April, sharp upwards move- year Treasuries, which saw their yields passing Illinois, Indiana, Iowa, Missouri hogs were 0.66775 a pound yesterday,
sions in the Chinese stock market as than half from their peak, the govern-
ments in the 10-year German Bund fall sharply to their lowest levels since and Ohio, is down 0.3 per cent this year off 29 per cent from a year ago.
investor focus returned to the prospect ment said, deflating a boom in land
yield shook investors but the ongoing April after ruffled investors flocked to to $6,350 per acre, according to USDA. Farm expenses will fall just 0.5 per
of domestic economic growth. values, and pressing fertiliser and
saga in Greece helped push European safety. US yields rose yesterday. Farmers are negotiating lower rents cent, less than receipts, as rises in
equipment makers.
German Bund yields rose by 14 basis benchmark yields lower again. Mr Knight suggested that, irrespec- with reluctant landlords, but adjust- labour, interest, taxes and fees partly
points to 0.73 per cent, its highest level Now, investors are focusing on tive of the developments in China, Euro- Net income on US farms will total ments have been modest so far, said offset cheaper feed, fuel and fertiliser,
since early August. French, Italian and whether growth and inflation expecta- pean and US yields will now begin to $58.3bn this year, the lowest since 2002 Gary Schnitkey, a University of Illinois the USDA said. The agency’s net income
Spanish yields all rose. tions can push yields further away from converge. when adjusted for inflation, and down professor of farm management. forecast was $15bn less than its previous
The climbing yields, which move their recent historic lows. While many investors have renewed nearly 53 per cent from a record high of Corn and soyabeans, the two most one made in February.
inversely to prices, came after eurozone “When we think about European their focus on European growth and $123.7bn in 2013, the US Department of widely planted crops in the US, have Ken Wright, president of State Bank of
sovereign debt sentiment remained rel- growth and inflation going forward, inflation expectations, sovereign bonds Agriculture said in a forecast updated plunged as another large crop is antici- Bement in central Illinois, said that
atively sanguine on Monday, in sharp most of the drivers for it are domestic,” could still receive a boost if the ECB yesterday. pated this autumn. Yesterday, CBOT farmers were seeing tighter credit lines.
contrast to many other global financial said Justin Knight, a strategist at UBS. decides to intervene again. The sharp decline shows how two December corn was $3.79 per bushel, off “Most of them were able to build up
markets. “If we’re on a path to moderately In early July, it stated that it could years of mammoth harvests and easing 0.4 per cent, while CBOT November some cash reserves during the good
The move was supported by strong Ifo higher growth and moderately higher begin buying the bonds of Italian state- biofuel mandates have ended what a soyabeans were at $8.81 a bushel, up 0.8 years, but those reserves are being
business confidence data — a measure of inflation in Europe, then yields below 1 owned infrastructure companies, in University of Illinois expert called a per cent. The average farm needs corn tapped,” Mr Wright said.
German business sentiment. per cent are still far too low. The ques- addition to its existing purchases of sov- “golden age in agricultural incomes”, above $4.10 and soyabeans above $10 to Last week, Deere & Co, the equipment
Yields on European sovereign debt tion is to what extent does a potential ereign debt, covered bonds and asset- similar to the 1910s and 1970s. break even at expected crop yields, Prof maker, forecast a 25 per cent drop in US
fell steeply in the first four months of the further slowdown in Chinese growth backed securities. Now farmers, their bankers and Schnitkey said. Livestock prices have and Canadian agricultural sales in 2015.
Wednesday 26 August 2015 ★★★ FINANCIAL TIMES 25

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
Wall Street reverses early advance S&P 500 index
Change on day 1.35%

while Europeans hold their nerve


2100
2000
Amid all the bonkers action at Wall 1900
Street’s open on Monday when stocks 1800
and bond yields plunged in tandem, Jul 2015 Aug
there was an equally dramatic move in
forex. S&P 500 sinks further rising US dollar, which meant defending US equities Wall Street went into
After ending last week at Y122 per the renminbi at 6.2 per dollar was reverse after staging a strong early
dollar, the Japanese yen strengthened into correction territory becoming unsupportable,” she said. rally, with the S&P 500 ending lower
intraday to Y116.46 at one point. while Eurofirst stocks, “Lower interest rates in China will for a sixth session. Utilities was the
Almost 4 yen of that surge occurred continue this rebalancing, leading to worst-performing sector
in just 15 minutes around the start of dollar and industrial ongoing pressure on the currency.”
cash equity trading as the move commodities move higher Meanwhile, analysts also suggested FTSE 100 index
through the Y120 level triggered a the initially better tone to US and Euro- Change on day 3.09%
flurry of stops. DAVE SHELLOCK pean equities reflected speculation that 7000
At mid-session yesterday, the yen the recent market turmoil, as well as 6500
was back to Y119.90. There was a setback for equity bulls global growth worries and low inflation
But the latest moves remind traders yesterday as a strong rebound for US expectations, could lead to US interest 6000
of a few things. The yen is still share prices, following the dizzying sell- rates being lower for longer. 5500
considered a haven; the dollar/yen off of the past few sessions, fizzled out by “As recently as mid-June, a hike of Jul 2015 Aug
cross remains very sensitive to the the close. 25bp by the end of 2015 was fully priced
Fed’s perceived monetary trajectory; The S&P 500, up 2.9 per cent at one in. That has now been put back to the UK equities Mining and energy stocks
and the Japanese stock market’s stage, settled 1.4 per cent lower at 1,867, second quarter of 2016,” noted Richard rallied amid hopes that China’s rate cut
inverse correlation to the yen can driving the benchmark down into “cor- Batley at Lombard Street Research. would lift demand for oil and metals.
swiftly snap tightly back into place. rection territory”. “There is a good economic rationale RSA rose 3.9 per cent after receiving a
The Nikkei 225 yesterday fell 4 per The move left it 12.5 per cent down to expect the Fed to bide its time. takeover proposal from rival Zurich
cent as the yen’s overnight strength from May’s record high. “Deflationary pressures in China are
was priced in. Japan’s finance minister, The Dow Jones Industrial Average and mounting more rapidly than even our Eurofirst 300 index
Taro Aso, said the yen’s spike was Nasdaq Composite indices also gave below-consensus growth forecast Change on day 4.24%
undesirable for the economy. back strong early gains. implies, and Beijing seems more willing 1600
With falling energy prices adding to The CBOE Vix volatility index, which to export this deflation to the rest of the 1500
Japan’s deflationary pressures, there is briefly climbed above the 50 level on world.”
renewed chatter that the Bank of Monday for the first time since 2009, fell AP
Nonetheless, US government bond 1400
Japan might consider beefing up its 8 per cent to 37.49 — but was well off an China’s chronic lack of information: FT.com/video yields rose across the curve as prices fell. 1300
stimulus measures. Its next policy early low of 28.08, and significantly The FT’s Jamil Anderlini says as China’s influence over markets The 10-year yield, which touched a Jul 2015 Aug
meeting is on September 15, just two above its historical average of 20. grows, investors are realising the extent of its opaque politics four-month low on Monday of 1.91 per
days before the Federal Reserve’s next The early rally for Wall Street cent, was up 9bp at 2.09 per cent, while European equities An early rebound
decision is revealed. followed a rebound for European stock the more policy-sensitive two-year was for the Eurofirst 300 was bolstered by
One-month implied volatility for the markets as participants took the view further 7.6 per cent, leaving it 42 per Chinese move was too little, too late. 5bp higher at 0.62 per cent. news of a fresh policy easing in China,
USD/JPY — which obviously covers that the recent sell-off had been over- cent down from the bull market top “There is no doubt that the PBoC’s The German Bund yield, meanwhile, and the pan-European index enjoyed
the period of both those central bank done. reached in June. actions, while positive, were expected climbed a hefty 18bp to 0.75 per cent, its best day since late 2011
meetings — rose from below 8 to a China’s decision to ease monetary In Tokyo, the Nikkei 225 slid 4 per over the weekend and are still insuffi- according to Reuters data.
two-year high above 13.5 at the start of policy boosted sentiment. cent to a six-month low after a particu- cient to provide lasting support,” argued Despite the drop in US yields, the dol- Nikkei 225 index
the week. Many emerging market currencies larly volatile session. Divyang Shah, global strategist at IFR lar index, a measure of the US currency (’000) Change on day 3.96%
also bounced back, while the dollar Yet European investors held their Markets. against a basket of peers, was up 1.2 per 21.0
[email protected] regained some lost ground against its nerve, and a relatively tentative early “Further easing is likely, sooner cent following a 3.8 per cent retreat over 20.0
developed market peers, and industrial rebound was given fresh legs after the rather than later, especially now that the previous four sessions. 19.0
Yen one-month implied commodity prices rallied. The early People’s Bank of China cut both its the authorities have chosen to step back The euro was down 1.1 per cent at 18.0
volatility return of risk appetite weighed heavily deposit and lending rates by 25 basis from supporting the equity market.” $1.1494 and the dollar was 0.5 per cent 17.0
on US and German government bonds points and lowered the reserve ratio Miranda Carr, head of China research higher versus the yen at Y118.96. Jul 2015 Aug
Against the dolllar and gold. requirement for banks by 50bp. at BESI, said that while the easing moves Gold fell $14 at $1,139 an ounce.
15
10 But it was the action in global equity The pan-European FTSE Eurofirst would benefit lending and help refi- The firm dollar failed to rein in indus- Japanese equities The Nikkei swung
markets that dominated the headlines 300 finally settled 4.2 per cent higher — nance the domestic economy, they trial commodities, however. Brent oil through a 1,000-point range, the
5
following the recent China-led rout. not far from the day’s peak — after a would hurt the renminbi. rose 1.2 per cent to $43.21 a barrel while widest in two years, as volume leapt to
2013 14 15
Source: Thomson Reuters Datastream Asian trading did not augur well, as 5.4 per cent drop on Monday. “The devaluation earlier this month copper rose 2.3 per cent in London to 122 per cent above the 30-day average
the Shanghai Composite tumbled a Some in the markets argued that the was caused by capital outflows and the $5,065 a tonne.

Home Retail Group 182.47 points to 6,081.34, for its biggest


percentage gain in nearly four years. Trading Directory
Share price (pence)
220 The move recouped much of Monday’s
200 4.6 per cent drop, which was its biggest
180 percentage fall in nearly four years.
160 Leading the gainers, Antofagasta
140 rose 8.7 per cent to 579.5p after interim
London Aug 2014 2015 Aug results from the copper miner showed
net cash much higher than market
Spikes and dips after
Source: Thomson Reuters Datastream

'D\
V expectations, thanks largely to a $240m
China rout help bring ,QGLFHV
)76(
&ORVH

FKDQJH

release of working capital. BHP Billiton
rose 5.5 per cent to £10.21 after chief
bumper month for LSE )76(
)76(




executive Andrew Mackenzie promised
not to cut its dividend. BHP’s full-year
)76($OO6KDUH   results focused on building dividend
)76($OO6KDUH<LHOG  
cover through 2017 with cost cuts.
)76()XWXUHV  
Imperial Tobacco rose 4.2 per cent to
Bryce Elder \U*LOW<LHOG
\U*LOW$OO6KDUH5DWLR




£31.16 after Cowen & Co set a £33.70
target. Imperial’s US growth prospects
deserve a sector premium, Cowen said.
A see-saw start to the trading week its revenue comes from pre- and post- Home Retail slipped 2 per cent to
should be good news for London Stock trade services rather than capital 146.6p, a two-year low, on a downgrade
Exchange, according to dealers. markets, RBC told clients. from Barclays.
Trading through the LSE has been AmongEuropeanexchanges,LSEhas UK retailers face rising labour costs
about double the usual seasonal level, leastexposuretotransactionrevenue that, because of welfare cuts, will not be
with more than 9bn shares traded since andmakesonly6percentofitsincome matched by improved spending, the
Monday’s open, as China’s market rout fromflotations,thebrokersaid.Italso broker argued.
triggered the London market’s sharpest highlightedtheeuro’srecentthree- While the knock-on effect of a higher
gyrations since 2011. monthhighagainststerling,which minimum wage should be manageable
The exchange has handled 3.6bn shouldbepositiveforLSEasitcollects for most retailers, Home Retail “is the
shares per day on average in August so about30percentofitsrevenueineuros. stark exception”, Barclays said.
far, against a 2.2bn average over the Shares in LSE bounced from a two- The Argos owner has low margins,
same period last year, FT data show. month low, rising 7 per cent to £25.36. high operational gearing, and will
LSE “is the only exchange in Europe Having reached a record high in struggle to pass on costs to consumers
that is having a stronger August than mid-July, the stock had slipped as much given demand for its products is highly
July”, said RBC analyst Peter Lenardos. as 12 per cent awaiting an update on the price sensitive, it argued.
He said that while short-term spikes sale of Russell Investments asset Meanwhile, cuts to welfare will have
of volatility were good for exchanges, management business. the biggest effect on disposable incomes
volumes suffered when the conditions A broad, sharp rebound ended the for low-income households with
persisted. However, LSE should be wider market’s 10-day losing run. children, who are disproportionately
relatively defensive as three-quarters of The FTSE 100 added 3.1 per cent, up likely to shop at Argos, the broker said.

much as 2.8 per cent in early trading but To date, however, we have not seen a
closed the day down 1.3 per cent at measurable impact versus our original
1,867.75, while the Dow Jones Industrial expectations,” the company said.
Average traded up 2.7 per cent before Apple, Amazon and Netflix were
dropping 1.3 per cent to 15,666.57 by the trading strongly by midday but gave up
close. The Nasdaq Composite gave up gains later, with Apple closing just 0.6
early gains of 3.5 per cent and closed per cent up at $103.74 and Amazon up
Wall Street down 0.4 per cent at 4,506.49.
The S&P entered its longest losing
just 0.7 per cent up at $466.37. Netflix
closed 4.8 per cent higher at $101.52.
Best Buy escapes streak since July 2012. The Nasdaq is on
its worse run since October that year.
JPMorgan and Bank of America
initially led the banking sector up, but
broader sell-off Best Buy, the biggest specialist closed down 0.6 per cent at $59.92 and
electronics retailer in the US, led the 0.2 per cent at $15.26, respectively.
S&P 500 up in the morning after its Aircraft maker Boeing also closed
second-quarter results topped down despite early gains after
expectations. Investors had expected delivering a rosy outlook overnight for
Kadhim Shubber earnings per share of 25 cents, according demand in China, forecasting close to
to Bloomberg data, which the company $1tn worth of orders over the next 20
beat comfortably by reporting earnings years. “Despite the current volatility in
Wall Street fell further into the red
yesterday as a broad-based morning
rally faltered in the afternoon,
per share of 46 cents.
That pushed shares up 16.4 per cent
yesterday morning, before they pared
China’s financial market, we see strong
growth in the country’s aviation sector
over the long term,” said Randy Tinseth,
Trading Directory
extending the stock market rout into its back to trade 12.6 per cent higher at an executive at the company. Shares fell
sixth consecutive day. $32.95 by the close. Best Buy said the 1.4 per cent to $125.45. FT BUSINESS
US investors initially joined their recent volatility in financial markets The CBOE’s implied volatility index Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
European peers and shrugged off was not deterring consumer spending. Vix, seen as a proxy for investor Business Wanted, Franchises
.....................................................................................................................................................................................................................................................................................................................................................................................................................
continued turmoil in Chinese markets, “It is difficult to know, though, if the concern, fell back to 29.76 from 40.74, Classified Business Advertising
but the major US equity indices ended recent volatility in the financial markets still above 20, which indicates UK: +44 20 7873 4000 | Email: [email protected]
the day down. The S&P 500 gained as will affect overall consumer spending. heightened investor fear.
26 ★★★ Wednesday 26 August 2015

INSIGHT Analysis. Equities


Henny
Sender
Time to buy US stocks or sell into rally?
Confidence is the key as range Counting the days
of global factors puts the
Pain for those most in brakes on bull run for shares
S&P 500 correction magnitudes
Declines, % change

debt looks certain to NICOLE BULLOCK


Days 20
Oct
43
Jul - Aug
91
Jul - Oct
104
Nov 2002 -
70
Apr - Jul
157
Apr - Oct
become more severe Bears must feel vindicated. They have
been growling for some time now over
Dates
1997 1998 1999 Mar 2003 2010 2011

what had seemed to be an unstoppable


rally in US stocks. From the lows follow-

A
t the moment, the Federal Reserve’s favourite ing the financial crisis in March 2009,
message appears to be either “not yet” or the S&P 500 was up 215 per cent at the
“almost there”. start of last week as stocks began a
The Fed’s almost zero interest rate policies precipitous slide.
evidently are to be with us at least a bit longer. Sure, there have been bouts of selling
Moreover, it seems far more sensitive, or even sympa- along the way, but equity investors had
thetic, to the impact its policies have beyond the US than in escaped a correction, or a drop of 10 per
the past. Yet the massive liquidity that not long ago was cent from the most recent high, for the -10.8%
sloshing around the globe, courtesy of the big central S&P 500 since 2011. -12.1%
banks, seems to be evaporating by the day. The resilience came despite a lack-
The burden of servicing borrowed money, especially lustre economy, and in turn muted top-
borrowed dollars, seems to be rising by the day. Deflation line revenue growth for companies, and
-14.7%
is deepening, making that burden even heavier in real more recently falling oil prices and a -16.0%
terms. Emerging markets currencies keep going down and rising dollar.
outflows from emerging debt and stock markets are rising. This week, the S&P 500 officially fell -19.3%
There is almost certainly worse to come. A world awash into a correction, following in the foot-
-19.4%
FT graphic Source: Thomson Reuters Datastream
with dollars is rapidly being replaced by a dollar-scarce steps of the Dow Jones Industrial Aver-
world. The rise in the dollar means tightening, regardless age and the Nasdaq, which declined into
of what the Fed does. The pain of deleveraging for the most correction territory last Friday.
indebted will become ever more severe. “This has been one of the more disre- ‘For those Europe rallied as policymakers in emerging markets, which have been an the meantime, I will maintain my
Given the plunge in global markets, spooked by a combi- spected bull markets in my career,” says Beijing lowered interest rates and prom- engine of growth in recent years while exposure in the developed market.” But
nation of developments both in the real economy of China Alan Gayle, senior investment strategist waiting for a ised to inject liquidity into the market developed economies languished, have he is not adding to it.
and its financial market and in European share markets, it for RidgeWorth. “People have been pullback, through a reserve requirement ratio cut been hit hard of late. The developments in China and ensu-
is hard to imagine the Fed moving in September — even waiting and waiting for a pullback and for large banks. The rally fizzled out in Mr Gayle sees a potential buying ing market tumult have also cast doubt
though the reasons are shifting. Last week, the surge in the now they have one.” this would the US and the market ended down in a opportunity for the sceptics who have so over policy from the US Federal
dollar and the consequent tightening were a reason to The question is whether the recent be a good further blow to sentiment. far avoided stocks — those investors Reserve. While the central bank plans to
postpone action. But with the global equity sell-off on market turbulence is the beginning of a To the extent that China’s economy who have been reluctant to buy after raise rates, the timing of such a move is
Monday and corporate debt markets coming under pres- more pronounced sell-off, or even a opportunity worsens it has the potential to further being burnt by the dotcom bust and increasingly up for debate.
sure, it is virtually inconceiva- bear market in US equities, or one of the to dip your press US stocks, but China was just the then the financial crisis. Investors face a renewed air of uncer-
ble that the Fed will act. best buying opportunities of this rally so first domino, investors and observers “For those waiting for a pullback — tainty around monetary policy at a time
It still is not clear how the
A world awash far. toe in the say. this would be a good opportunity to dip when they had finally felt they had some
pain for the most indebted with dollars is The catalyst for the recent sell-off was water’ Nicholas Colas, Convergex’s chief your toe in the water,” Mr Gayle says. clarity on the longstanding question of
will be distributed though. China. The country’s unexpected move market strategist, who predicts more Selling in emerging markets and what when rates would start rising.
Ironically, the US, long
being replaced to devalue its currency sent shockwaves volatility ahead, also has US oil prices, it means for momentum in the broader Larry Puglia, manager of the T Rowe
regarded as the most profli- by a dollar- through financial markets, creating which settled below $40 a barrel on stock market is one reason why he does Price Blue Chip Growth fund, is picking
gate of all borrowers thanks to fears that the country’s economy was in Monday, on his worry list. not see a more wholesale buying oppor- through the rubble.
the reserve status of the dol-
scarce world worse shape than people thought and The drop in oil prices has wrought a tunity now. “We are buying stocks,” he says. “We
lar, for the moment looks that Chinese central policymakers fair amount of market carnage already, “From a tactical standpoint, we have think that certainly value has been
more immune than almost anywhere else. could no longer control the situation. with the S&P 500 energy sector down seen some breakdown in emerging mar- created in selected names. We are buy-
Many companies will be less fortunate. Expect down- Investors found some relief yesterday, 24 per cent since the year began. ket stock,” he says. “I am content to wait ing more than we are selling.”
grades and defaults to increase dramatically, as commod- when stock markets in the US and Another cause for concern is that on the sidelines for the dust to settle. In Additional reporting by Eric Platt
ity prices fall and cash flows dry up for an ever widening
circle of companies in the commodities food chain.
Most emerging markets will have an even harder time.
Many of the most vulnerable are tied closely to China, and Commodities
the country’s falling purchasing managers’ index is worse
news for them than for the Chinese themselves.
China itself, as always, is a harder call. In the past few
years, it has become evident that its real competitive
Iranian oil plan muddies
advantage has been an abundance of capital rather than of
cheap labour. New initiatives, including the Asian Infra- Opec’s troubled waters
structure Bank, the New Development Bank and the oddly
named “One belt, one road” infrastructure plan, are all
about exporting capital to places such as Pakistan ($46bn ANJLI RAVAL — OIL AND GAS That has heaped addi-
soon coming its way) that can use it productively at a time CORRESPONDENT tional pressure on Saudi Ara-
when investment in China is losing its efficacy. Iran plans to accelerate bia, the world’s largest
At the same time, though, lots of claims on what was crude production and exporter, which led Opec’s
once $4tn in Chinese reserves make that number seem less exports as soon as interna- decision to eschew the
impressive than even just a few months ago. In the past tional sanctions are lifted, group’s usual production
four quarters, China has seen outflows of about $350bn possibly next spring, cuts when prices started fall-
and reserves have shrunk as export earnings have slowed. putting focus on a worsen- ing last summer.
At year-end, outstanding cross-border claims on Chi- ing oil rout and Opec’s strat- Its policy was predicated
nese residents totalled $1tn, according to the Bank for egy to combat low prices. on pushing more expensive
International Settlements, making the mainland the producers out of the market
eighth largest borrower worldwide. Fully 39 per cent of While the fight for market and letting lower prices boost
that debt is in dollars. Moreover, many mainland compa- share between Opec mem- demand. But the slowdown
nies borrowed dollars expecting the greenback to depreci- bers and non-members is in China’s economy, which
ate. Few expected that a renminbi that was appreciating under way, a tussle within hit world markets at the start
ever more quickly would suddenly reverse course. the group is also intensifying. of this week, has led some to
Goldman Sachs analysts recently concluded a study of Saudi Arabia and Iraq have ask whether demand will be
the debt profiles of the top 125 listed Chinese companies, ramped up production close as strong as Riyadh hoped.
(with a collective $270bn in foreign debt) and found no to record levels while Iran is Despite the world’s biggest
worrying concentrations. But many companies use off- amplifying its message that energy companies cutting
shore subsidiaries and off-balance sheet vehicles. others must make way for its billions of dollars in invest-
While much of the capital outflow and the rise in the dol- barrels. ment, supply has also been
lar can be accounted for by prudent hedging, jittery Chi- Bijan Zanganeh, Iran’s oil more re silient than
nese investors have less reason to keep their money in minister, said yesterday the expected. The increase in
China than ever before. Capital outflows will only increase. country would increase out- demand so far has not been
“The end of excess liquidity and the end of excess profits put by 500,000 barrels a day enough to sop up the glut.
have engendered the end of excess returns in 2015,” the as soon as restrictions were “If demand growth is
equity strategists at Bank of America Merrill Lynch noted removed, and a further revised down for the latter
in a report on August 19. 500,000 b/d in the months half of the year if these
Excess pain, sadly, is likely to come up next. after. problems with China persist
“Iran will take back the this could be problematic,”
[email protected] market share of more than said Ehsan ul-Haq, oil ana-
1m barrels a day that it lost,” lyst at KBC Energy Econom-
Mr Zanganeh said, according ics.
to state news agency Shana. “More time is needed for a
In July, Iran signed an significant impact on overall
agreement with six world production to achieve equi-
More comment and data on ft.com powers to curb its nuclear librium. Such a balance is
programme in return for the still not yet in sight,” he
lifting of sanctions on its added.
Y Fast FT Our global economies, headed economy. Algeria, one of the weakest
team gives you market- by Brazil, Russia, India Philip Hammond, Britain’s economies within Opec, has
moving news and views, and China. foreign secretary, said this called for an emergency
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a week. ft.com/fastft restrictions on Iran’s oil sales, countries to review the pol-
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a which were imposed in 2012, icy.
irreverent financial blog. look at what is driving to be removed as early as Iran has lent support to the
Join Paul Murphy and the global currency next spring. idea, but has nevertheless
Bryce Elder for the daily market. ft.com/podcasts The looming return of indicated that it would sell its
Markets Live session at higher Iranian exports oil at any price.
Y Lex Video Analysis comes as prices have fallen to “We should sell our oil
11am. ft.com/alphaville
and opinion from the their lowest since the finan- whether the price falls or
Y beyondbrics News and team on the hot issues cial crisis, with international goes to $100 [a barrel],” Mr
comment from more affecting companies and benchmark ICE Brent hitting Zanganeh said.
than 40 emerging markets. ft.com/lexvideo a six-year low of $42.23 a bar- Brent rebounded to $43.50
rel on Monday. a barrel in trading yesterday.

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