THURSDAY 31 DECEMBER 2015 / FRIDAY 1 JANUARY 2016 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.
WORLD BUSINESS NEWSPAPER
New year forecasts
FT writers make their predictions, from
the US election to the price of oil — PAGE 9
Top women in
business lead
honours list
Women made up just under half of this
year’s New Year honours list announced
last night — a higher level than usual —
with those in business, economics and
public administration prominent
among the winners.
Dame Ann Dowling, far right, presi-
dent of the Royal Academy of Engineer-
ing, was awarded the Order of Merit,
along with Lord Darzi, the surgeon, and
Sir James Dyson, the inventor. Given for
“great achievement” in the arts, learn-
ing, literature and science, there are
only 24 living holders at any one time.
Businesswomen honoured included
Natalie Massenet, left, founder of Net-a-
Porter, and Carolyn McCall, chief execu-
tive of EasyJet. Both become dames.
New Year honours page 3
‘Banker bashing’ draws to an
end as watchdog scraps review
3 FCA ditches assessment of bank culture 3 Move comes months after chief forced out
EMMA DUNKLEY since the financial crisis over foreign
RETAIL BANKING CORRESPONDENT
exchange and Libor rate-rigging scan-
A review of Britain’s banking culture has dals that have led to multibillion pound
been ditched by the UK’s financial fines. Mis-selling to consumers has also
watchdog only months after its launch, cost the banks, with payment protection
in the latest sign that years of “banker insurance alone forcing them to ear-
bashing” are coming to an end. mark more than £26bn for claims.
The Financial Conduct Authority has Mark Garnier, a Conservative MP and
abandoned its assessment of culture at member of the Treasury select commit-
retail and wholesale banks operating in tee, told the Financial Times that it was
the UK, saying each company is unique “disappointing” that the watchdog had
and cannot be easily compared, accord- stopped its review so early.
ing to people familiar with the situation. “I hope this is a delay rather than a
The move to scrap the review comes cancellation because consumers need to
after Martin Wheatley, the FCA’s chief know that an independent regulator is
executive, was forced out by the Treas- happy, overall, with bank standards,” he
ury in the summer and reflects a more said.
positive tone towards the City following Labour MP John Mann said it was
the Conservative’s election victory. “unacceptable” that the review had
Banking culture has come under fire been dropped. “As far as we know, the
Rouble plunges as latest oil decline
ushers in second year of recession
JACK FARCHY — MOSCOW
The rouble fell to its lowest level in
more than a year yesterday as Russians
faced the prospect of a second year of
economic recession in 2016 amid con-
Landed gentry urged to
tinued oil price weakness.
help solve housing crisis
The Russian economy is expected to
Large country estates should ‘look contract 3.7 per cent this year, hit by fall-
back to their past’ and release more ing oil prices and western sanctions.
land for housing for local communities, While officials had previously suggested
according to the Royal Institution of that the situation was stabilising, with
Chartered Surveyors. It said ‘modern President Vladimir Putin saying the
day Lord Downtons’ should build for “peak of the crisis” had passed, the lat-
local residents much as their est decline in the oil price has tempered
predecessors constructed workers’ those optimistic expectations.
cottages. Clinton Devon Estates, Senior figures in the Russian political
headed by the 22nd Baron Clinton, is and business elite warned this week that
doing just that, working with a housing the country should brace itself for
association to build 19 homes. another year of recession.
Call to aristocrats i PAGE 2 Benchmark Brent crude oil fell more
than 3 per cent to $36.64 a barrel yester-
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culture hasn’t changed yet — that’s very
clear to people. Cultural problems were
fundamental to the financial crisis and
remain fundamental now. Lessons
haven’t been learnt,” he said.
The watchdog’s review formed an
integral part of its strategy laid out this
year to parliament, business and con-
sumers on how it would regulate finan-
cial services. The review was intended
to determine whether programmes to
shift culture in retail and wholesale
banks were “driving the right behav-
iour”. It focused on issues such as bank-
ers’ pay, promotion decisions of middle
management and how concerns were
dealt with.
The British Bankers’ Association, an
industry body, recently warned that
banks in the UK should face internal
day as Saudi Arabia reiterated it would
not cut production in response to lower
oil prices after announcing a radical aus-
terity programme this week.
That helped push the rouble to more
than 73 to the dollar — its weakest level
on record apart from a brief rout last
December that threatened a run on the
Russian banking system. By early
evening in Moscow, the rouble was trad-
ing 1.2 per cent weaker, at Rbs73.1570
per dollar, down 26 per cent since the
start of the year.
“2016 will not be easier than 2015, and
it could be more challenging,” Alisher
Usmanov, one of the country’s wealthi-
est oligarchs, said.
Alexei Ulyukayev, economy minister,
said that Russia should prepare for oil
prices to remain low “for years”.
Russian government data showed
that the economy contracted month-
World Markets
CURRENCIES
Dec 30 prev
-0.34 $ per € 1.091 1.091 € per $
-0.39 $ per £ 1.483 1.479 £ per $
-0.27 £ per € 0.736 0.737 € per £
-0.53 ¥ per $ 120.570 120.480 ¥ per € 131.584 131.395 Jpn Gov 10 yr
-0.63 ¥ per £ 178.842 178.238 £ index
-0.64 € index 86.249 86.263 $ index 105.968 105.763 Ger Gov 2 yr
-0.56 SFr per € 1.081 1.083 SFr per £
-0.52 COMMODITIES
-1.08 Dec 30
0.27 Oil WTI $ 36.67
-0.53 Oil Brent $ 36.68
-0.37 Gold $ 1070.10 1068.25
Auld lang syne
The old year in numbers
BIG READ, PAGE 7
Briefing
i Grouse moors targeted over flooding
Climate change advisers have said landowners
should close some grouse moors and return them to
peat bog to prevent more flooding. The call,
criticised for its “class war language”, came as the
third storm in a month battered Britain.— PAGE 2
i Apple agrees €318m Italian tax deal
The US tech group has agreed to settle a dispute
into its tax affairs, in which Rome sought €880m.
Tim Cook met premier Matteo Renzi last month
when the Apple chief was visiting Italy.— PAGE 13
i Stamp duty warning over sale chains
Mortgage brokers have warned that moves to slap a
stamp duty surcharge on second homes could put
property sale chains at risk where hitches result in
sellers owning two homes temporarily.— PAGE 2
i Dublin shift ahead of refugee arrivals
Ireland has introduced legislation to
streamline the asylum process as it
prepares to accept its biggest ever
influx of refugees. Critics said the
Matthew Lloyd/Bloomberg; Rosie Hallam; Micha Theiner
new law weakens protections for
vulnerable migrants.— PAGE 4
i Pakistan holds alleged Isis members
Police have arrested eight men near Sialkot in
Punjab, acknowledging the presence of the militant
group after denials from premier Nawaz Sharif that
there was an Isis problem in the country.— PAGE 6
i Seoul protest slams sex slave accord
Many South Koreans view the deal with Japan over
“comfort women” as inadequate, with some
suspicion that the US was behind the move in an bid
to cement ties between its Asian allies.— PAGE 6
.....................................................................................
i No FT on New Year’s Day
There will be no Financial Times on January 1. We
‘The culture consequences for failing to tackle the will return on January 2. We wish all our readers a
lack of diversity in the workplace to help very happy New Year.
hasn’t end the sector’s “pinstripes and braces”
changed reputation. Datawatch
An industry-wide board was created
yet — that’s in the UK last year to promote “high
very clear standards” in the banking sector. Dame Highest grossing films Star Wars: The
Colette Bowe, chair of the Banking in the US Force Awakens
to people. Standards Board, has previously told Adjusted for ticket price inflation has broken many
records, taking
Lessons the FT that “people have lost trust in ($m in 2015 prices)
0 400 800 1200 1600 over $500m within
banking” after a string of scandals.
haven’t Mr Garnier said the FCA’s review Gone with the Wind (1939) 10 days of its US
release. Adjusting
been learnt’ could have “marked the homework” of Star Wars (1977) for ticket price
the banking board to gauge its progress inflation, the
John Mann in raising standards. Sound of Music (1965)
highest grossing
Labour MP The FCA said: “A focus on the culture E.T. (1982) film in the US is
in financial services firms remains a pri- Titanic (1997)
still Gone with the
ority for the FCA. There is currently Wind, followed by
extensive ongoing work in this area Source: IMDb Star Wars in 1977
within firms and externally.”
on-month in November for the first
time in five months.
“It all depends on oil, oil and again on
oil,” said Oleg Kouzmin, economist at
Renaissance Capital in Moscow. “This
current crisis has no concrete bottom.”
The recent weakness in the economy
is hitting ordinary Russians particularly
hard, analysts say. Government data
published this week showed that real
wages were down 9.2 per cent year-on-
year in the first 11 months of 2015, the
first such fall since the economic tur-
moil of the late-1990s.
Sales of consumer goods — from food
to cars — have fallen sharply, with retail
sales down 13.1 per cent year-on-year in
November. According to state-owned
pollster VTsIOM, 39 per cent of Russian
households cannot afford to buy either
sufficient food or clothing.
Russians fearful page 5
INTEREST RATES
Dec 30 prev price yield chg
0.916 0.917 US Gov 10 yr 99.57 2.30 0.00
0.674 0.676 UK Gov 10 yr 100.28 1.97 0.07
1.359 1.357 Ger Gov 10 yr 103.32 0.65 0.02
100.39 0.27 -0.01
90.399 90.928 US Gov 30 yr 99.19 3.04 0.01
101.29 -0.31 0.00
1.469 1.469 price prev chg
Fed Funds Eff 0.12 0.12 -
prev %chg US 3m Bills 0.23 0.20 0.03
37.87 -3.17 Euro Libor 3m -0.13 -0.13 0.00
37.79 -2.94 UK 3m 0.59 0.59 0.00
0.17 Prices are latest for edition Data provided by Morningstar
2 ★ FINANCIAL TIMES Thursday 31 December 2015

NATIONAL

Extreme weather Second homes

Call to close grouse moors to reduce floods Stamp duty

Adviser claims burning
heather worsens risk as
new deluge brings chaos
ANDREW BOUNDS
NORTH OF ENGLAND CORRESPONDENT
Some grouse moors should be closed
and returned to peat bog to prevent fur-
ther flooding, one of the government’s
leading advisers on climate change has
said. The call came as further heavy
rainfall caused floods and disruption
across swaths of the UK, with thousands
suffering power cuts in Scotland and the
Scottish Environment Protection
Agency warning of a “danger to life”.
The Climate Change Committee,
which gives statutory advice on flood
prevention, has said the situation will
worsen unless landowners in hilly areas,
including sheep farmers and dairy
farmers, change their practices so they
can soak up rainfall instead.
Daniel Johns, head of adaptation at
the body, told the Financial Times that
grouse moors and sheep farming led
water to run straight off hills into popu-
lated valleys. Burning back heather
reduced areas of peat and the ground’s
ability to retain water.
He said, “Climate change affects how
much rain falls. How much water ends
up in our towns and cities is an act of
man.
“For too long landowners have been
left to their own devices. We have to rec-
ognise there are some powerful vested
interests involved. We have to decide
Property. Shortage
what uplands are for in the context of
climate change: grouse moors and mar-
ginal farmland or slowing down water.
Grouse shooting puts £100m annu-
ally into the UK rural economy and pro-
vides more than 2,500 full-time jobs,
according to the industry.
The Country Land and Business Asso-
ciation, which represents landowners in
England and Wales, attacked Mr Johns
for using “class war language”. Christo-
pher Price, head of policy, said: “The
case that grouse moors worsen flooding
is not proven,” citing a Leeds university
study from last year. However, he
admitted landowners could do more,
especially by planting trees.
“The right mix of education and
putting incentives in place could help
reduce flooding,” he said.
In Pontbren near Welshpool, a group
of farmers had planted trees and cre-
ated ponds and reduced peak water flow
by 40 per cent.
The controversy raged as the third big
storm in a month battered the British
Isles yesterday, bringing flooding and
disruption to Scotland, Ireland, and
western and northern England. How-
ever, the impact of Storm Frank was not
as bad as had been feared. About 20,000
premises were without electricity across
Ireland at lunchtime yesterday while
several roads were impassable.
There have been power cuts to more
than 5,000 homes across northern Scot-
land and the Western Isles, and flood
warnings in the Borders, Dumfriesshire
and elsewhere.
Dumfries itself was flooded and 300
homes in Hawick in the Borders evacu-
ated. The Scottish Environment Protec-
tion Agency issued severe flood warn-
ings, saying there was “danger to life” in
the Whitesands area of the south west
town of Dumfries and in the Borders
town of Peebles.
Further south, the pier at Weston-su-
per-Mare collapsed, while huge waves
battered the Cornish coast.
The town of Tadcaster near York has
been split in two after its 18th century
bridge collapsed.
The UK government has doubled the
£50m made available after the Cumbria
floods. But uninsured losses could be up
to £1bn, insurers say, with total damage
of more than £3bn.
Additional reporting by Mure Dickie in
Edinburgh and Vincent Boland in Dublin
surcharge
risks collapse
of sales chains
JAMES PICKFORD
Housing chains will be put at risk by the
UK government’s insistence that peo-
ple pay a surcharge on stamp duty
when homeowners temporarily hold
two properties, mortgage brokers have
warned.
The Treasury this week published
details of its proposals for a 3 percentage
point surcharge on stamp duty land tax
on second homes and buy-to-let proper-
ties. As part of its plans, those who are
replacing their main residence but
encounter unforeseen circumstances
such as their sale falling through would
still pay the extra, even though they
had no intention of owning two homes
at once.
However, buyers can claim back the

Aristocrats urged to help solve homes crisis
Affordable housing scheme on
country estate is hailed as a
model for rural development
JUDITH EVANS
— PROPERTY CORRESPONDENT
A Devon country estate dating back to
1299 has devoted a corner of its land to
new affordable housing in a move that
surveyors say could become a model for
the aristocracy helping to solve the
housing crisis.
Clinton Devon Estates, headed by the
22nd Baron Clinton, worked with a
housing association to build 19 homes in
the seaside village of Budleigh Salterton
on part of the estate’s 25,000 acres.
More “modern day Lord Downtons”
from among the landed gentry should
follow suit, building for local residents
much as their predecessors constructed
workers’ cottages, said the Royal Insti-
tution of Chartered Surveyors.
In the period drama Downton Abbey,
set in the early 20th century, the work-
ers live in cottages surrounding the
patriarch’s manor.
“We are calling for large country
estate owners to look back to the past
and adopt a more paternalistic
approach to their local communities,”
RICS said.
More than a third of the UK’s land is
still owned by aristocrats and the landed
gentry, according to a 2010 survey for
Country Life magazine.
Leigh Rix, head of property and land
at Clinton Devon Estates, said the
homes completed this year — made up
of affordable rented, social rented and
shared-ownership houses built with
Cornerstone, a housing association —
form part of a 48-home development on
estate land. The rest will be sold com-
mercially. The affordable homes were a
response to local housing need but were
not a planning obligation, he said.
“We rely on local people to work on
our farms, on the tenanted farms and on
our heathlands,” said Mr Rix. “We need
local people, as local people need hous-
ing.” Of the estate’s 50 staff, at least 20
live in its buildings, which range from
centuries-old thatched cottages to the
newly built homes.
England’s shortfall in new housing has
been estimated at more than 300,000
homes a year, with factors from plan-
Sir Peter Erskine, a Scottish baronet, has
Cambo built 10 homes for affordable rent as part
estate of a 22-home development — complete
with village green — on his Cambo
estate in north-east Fife.
State fund The project was backed by £677,000 in
aided grants from the Scottish government’s
now-defunct Rural Homes for Rent
Scottish scheme, which set up in 2008 as a pilot
baronet’s project aimed at large landowners. It
project built some 53 homes and will be replaced
from next year with a broader Rural
Housing Fund.
Sir Peter said his 800-year-old estate
wanted to help foster a young
population of local families and prevent
communities from being taken over by
retirement and holiday homes.
“In this part of the world, so many of
the houses get sold as second homes,
and you end up with all chiefs and no
Indians,” he said.
The estate also owns 26 cottages,
some of whose inhabitants work for its
businesses, which include a hotel, golf
course and distillery.
Even with government support, it took
six years to complete the new project in
the face of hurdles including the financial
crisis and well-organised local opposition
to new development.
The government assistance was
crucial, said Sir Peter. “Without that, the
numbers just don’t stack up.”
The Scottish government is
introducing land reforms that could
provide for forced sales of some land to
local communities, bringing the broader
role of estates into the spotlight.
Sir Peter said that new housing was
“essential” and landed estates should
play their part.
“You can see from Downton Abbey
how these estates were economic, social,
cultural and training hubs in the local
community,” he said. Judith Evans
ning hurdles to escalating construction
costs contributing to the problem.
Average house prices amount to more
than 11 times annual wages in some
parts of the countryside, RICS said.
“We would like to see local authorities
work sympathetically with estate own-
ers to encourage the release of land for
eight or more affordable houses, based
on long leaseholds, which would allow
Affordable estates to retain long-term interests,”
homes have said Jeremy Blackburn, head of policy at
been built on RICS.
land owned by RICS wants measures to encourage
Lord Clinton, landowners to release land, such as par-
above, in Devon tial inheritance tax exemptions that
and at Sir Peter would allow heirs to avoid paying tax on
Erskine’s Cambo affordable properties on their estates.
estate in Mr Rix said Clinton Devon Estates
Scotland, top hoped to build another 10 affordable
BCS/Alamy
homes on a separate site. “It’s a very
small amount of farmland that we lose
in comparison with the number of peo-
ple that we’re helping,” he said.
extra stamp duty if they succeed in sell-
ing the previous home within 18 months
of the transaction.
Property market experts said the
arrangement would cause some housing
chains to collapse by pushing buyers
into unaffordable levels of debt.
“It could be the straw that broke the
camel’s back,” said Ray Boulger, techni-
cal director at broker John Charcol,
since many buyers seeking to replace a
main residence already stretched them-
selves to the limit on home loans.
“Inevitably in this situation there will
be some people who will find it difficult,
or impossible, to find the extra 3 per
cent, especially at short notice, and oth-
ers who could do so, perhaps by increas-
ing their new mortgage or obtaining a
bridging loan, but balk at the extra cost
and pull out as a result.”
The surcharge arrangement would hit
older homeowners, others warned,
since these buyers often had the capital
to buy ahead of selling and often did so
for peace of mind.
Stephen Johnson, managing director
of commercial lending at Shawbrook
Bank, said he was nervous about the
impact on this segment. “These buyers
will be caught by this. To add another 3
per cent seems penal and they are
clearly not the focus of this initiative.”
Those wanting to sell and buy at dif-
ferent times might face higher long-
term mortgage interest rates. Adding a 3
percentage point surcharge to a mort-
gage on a loan-to-value ratio of 75 per
cent might push a stretched buyer into a
higher LTV bracket, carrying higher
repayment costs.
TSB, for instance, has a five-year fixed
rate mortgage at 2.54 per cent on a 75
per cent LTV. If the loan was 3 percent-
age points higher, the borrower would
face a higher rate of 2.79 per cent — a
rate that would continue to apply for the
five-year period of the fix.
George Osborne, chancellor, is raising
stamp duty for most buy-to-let purchas-
ers as part of moves to cool the sector’s
rapid growth, in the belief that landlord
investors were “squeezing out families
who can’t afford a home to buy”.
Richard Lambert, chief executive of
the National Landlords Association,
which opposes the surcharge as well as a
separate move to limit tax relief on buy-
to-let mortgage payments, said the con-
sultation document underlined minis-
ters’ apparent aim to “stamp out invest-
ment” in the private rented sector.
The Treasury consultation ends on
February 1. The final structure will be
announced in the March 16 Budget and
will come into effect on April 1.

Balance of power
A private bank unlike
any other. Former civil service chief warns of Tory plans to silence critics
GEORGE PARKER — POLITICAL EDITOR annual taxpayer support given to the would improve the process so that more — something Lord Kerslake strongly
main opposition party. files were published more quickly dur- denies. He is conducting a review of the
David Cameron’s government has been
Meanwhile, Mr Cameron wants to ing the year. “No minister has been Treasury for Labour.
accused by the former head of the civil
weaken the powers of the House of involved in the changes,” it said. Nick Clegg, former deputy prime
service of taking “an authoritarian
Lords and is conducting a review of the A spokesman for Mr Cameron said all minister, said Mr Cameron was behav-
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Freedom of Information Act, which of the measures were entirely justified, ing in a “grubby way” in dealing with the
one “with the temerity to take a differ-
allows journalists to scrutinise the adding: “This is just cobbling issues traditional rules by which governments
ent view”.
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FINANCIAL TIMES newspaper in any manner is not permitted without Lord Kerslake claimed Mr Cameron had The prime minister is also planning a struggle to see how any of this is authori- “It’s symptomatic of a party that is
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Thursday 31 December 2015 ★ FINANCIAL TIMES 3

NEW YEAR HONOURS

Businesswomen take centre stage

Carolyn In the five years since she took the
top job at budget airline easyJet, Carolyn
McCall McCall has gone from being an outsider
EasyJet with no aviation experience to one of the
chief most respected chief executives in the
becomes industry.

Economists, philanthropists and figures in fight against Ebola win out over people from political arena
KATE ALLEN
POLITICAL CORRESPONDENT
Women in business, economics and
public administration were the big win-
ners in the New Year honours list, mak-
ing up just under half of all the awards —
a higher level than usual.
Those becoming dames include Caro-
lyn McCall, chief executive of easyJet;
Natalie Massenet, founder of Net-a-Por-
ter; Heather Rabbatts, a Football Asso-
ciation non-executive director; Lin
Homer, chief executive of HM Revenue
& Customs; and the actresses Siân Phil-
lips and Barbara Windsor.
Dame Ann Dowling, the mechanical
engineer, was awarded the Order of
Merit, along with Lord Darzi, the sur-
geon, and the inventor Sir James Dyson.
There are just 24 living holders of the
order at any one time.
Jacqueline Gold, chief executive of the
underwear retailer Ann Summers, was
made a CBE, as was Nicola Shaw, chief
executive of the High Speed 1 rail line,
who is carrying out a review of the role
and financing of Network Rail.
Rosie Winterton, the Labour party’s
longstanding chief whip, was made a
DBE. Dame Rosie has served under
three party leaders: Gordon Brown, Ed
Miliband and Jeremy Corbyn. Her cita-
tion said she had “helped steer the party
through the difficult period following its
last election defeat”. There have been
reports that she could be sacked in a
reshuffle early in the new year.
Fewer political figures were named
than in the Queen’s birthday honours
this summer, in which a clutch of Con-
servative party donors were recognised.
Of almost 1,200 awards, just 26 were for
political service — and of these, most
went to local politicians and administra-
tive staff.
However, Lynton Crosby, the Tories’
election strategist, was made a knight —
an announcement that attracted criti-
cism after it was leaked this week. Cabi-
net Office officials say they will review
their procedures in light of the leak.
Ed Davey, the former Liberal Demo-
crat energy secretary who lost his seat in
the election in May, was knighted. His
citation mentioned his work on privatis-
ing the Royal Mail.
The most high-profile City figure to be
honoured was Harvey McGrath, who
became a knight. Sir Harvey, a philan-
thropist and hedge fund manager, is
chairman of Big Society Capital, a social
investment fund set up by the coalition
in 2012. Two other wealthy philanthro-
pists also became knights: Jack Petchey
and Norman Stoller.
Peter Brown, the UK-born founder of
PR firm Brown Lloyd James, became a
CBE. Mr Brown, a former aide to The
Beatles, is a longstanding US resident.
His clients have included Libya under
the rule of Muammer Gaddafi and Syria
under President Bashar al-Assad.
In economics, David Miles, until
recently a member of the Bank of Eng-
DBE
land’s Monetary Policy Committee, and
Professor Wendy Carlin, an adviser to
the Office for Budget Responsibility,
both became CBEs.
Ian Dormer, who stepped down as
chairman of the Institute of Directors
this year, was also made a CBE.
David Norgrove, chairman of the Low
Pay Commission, was made a knight.
In the arts, Sir Roy Strong, the histo-
rian and curator, became a Companion
of Honour; choreographer Matthew
Bourne became a knight; while musi-
cian Damon Albarn and actor Idris Elba
were both made OBEs.
Several people involved in the battle
List in full against the Ebola virus in Africa were
The list of recognised: Dr Michael Jacobs of the
honours Royal Free Hospital in London was
recipients below
is an abridged knighted; Dr Timothy Brooks of Public
version. Health England was made a CBE; and
For a full table of Grace Jackson, the Department for
the awards go to International Development’s pro-
ft.com/honours gramme manager in Sierra Leone, was
made an OBE.
Dame Carolyn, a former chief executive
of the Guardian Media Group — once
dubbed a “media luvvie” by Ryanair chief
Michael O’Leary — has been credited
with transforming the airline. Under her
tenure, it has posted five years of record
profits and shares have risen from £4 to
almost £18.
The decision to make her a DBE for
services to the aviation industry cements
Dame Carolyn’s position within the sector,
but she also enjoys a prominent position
within the wider business community. In
July she was appointed to David
Cameron’s business advisory group and
has become a strong voice in favour of
Britain remaining in the EU.
Throughout her career she has won
management and business awards, and in
June 2008 was made an OBE for services
to women in business in the Queen’s
birthday honours.
Dame Carolyn has been a member of
the Royal Academy corporate board for
the past three years and in 2014 joined
the Burberry board as a non-executive
director. Tanya Powley

Clive An insurance magnate who spent much

ORDER OF MERIT
Lord Darzi, for services to medicine.
Professor Dame Ann Dowling, for
services to engineering. Sir James
Dyson, for services to industrial design.
KNIGHTS BACHELOR
Henry Campbell Bellingham MP, for
political and parliamentary service.
Matthew Christopher Bourne OBE,
choreographer, for services to dance.
Clive Cowdery, philanthropist, and
founder, Resolution Foundation, for
services to children and social mobility.
Lynton Keith Crosby AO, campaign
director, Conservative party. The Rt
Hon Edward Jonathan Davey, for
political and public service. Jonathan
Stephen Day CBE, former chair, Joint
Intelligence Committee, Cabinet Office.
Paul Edward Grice, clerk and chief
executive, Scottish Parliament. Harpal
Singh Kumar, chief executive, Cancer
Research. Professor David John
Cameron MacKay, regius professor of
engineering, Cambridge university, for
scientific advice to government.
Anthony Peter [AP] McCoy OBE, for
services to horseracing. Harvey
Andrew McGrath, businessman, for
services to economic growth and public
life. David Ronald Norgrove, for
services to the low paid and the family
justice system. Robert Alexander Talma
Stheeman CB, for services to UK
government debt management.
Norman Kelvin Stoller CBE, for
philanthropic service. John Michael
Leal Uren OBE, for philanthropic
service. Alan Colin Drake Yarrow, for
services to the City of London.
ORDER OF THE BATH
DAME COMMANDER, DCB
Linda Margaret Homer CB, chief
executive, HM Revenue & Customs.
KNIGHT COMMANDER, KCB
Robert Devereux, permanent secretary,
department for Work and Pensions.
COMPANION, CB
Susan Jane Baldwin, for services to
education. Professor Paul Anthony
Cosford, for services to public health.
Stephen Leonard Gooding, for public
services to transport. Dr Ruth Mary
Hussey OBE, medical director, NHS
Wales, for services to healthcare.
Professor Nicholas Robert Jennings,
chief scientific adviser for national
security, for services to computer
science.
ORDER OF THE BRITISH EMPIRE
DAME COMMANDER, DBE
Georgina Mace CBE, for services to
science. Natalie Sara Massenet MBE,
founder, Net-a-Porter Group, for
services to the fashion and retail
industries. Carolyn Julia McCall OBE,
chief executive, easyJet, for services to
the aviation industry. Professor
Henrietta Louise Moore FBA, for
services to social sciences. Jane
Elizabeth Ailwen [Siân] Phillips CBE,
actress, for services to drama. Heather
Victoria Rabbatts CBE, for public
service and services to football and
equality. Glenys Jean Stacey, chief
regulator and chief executive, Ofqual,
for services to education. Professor
Margaret McRae Whitehead, for
services to public health. Barbara
Windsor MBE, for services to charity
and entertainment. The Rt Hon
Rosalie Winterton, MP for Doncaster,
for political service.
COMMANDER, CBE
Professor Phyllida Barlow, sculptor, for
services to art. John Baxter, former
head of engineering, BP International.
Graham John Beale, chief executive,
Nationwide Building Society, for
services to financial services.
Professor Vivienne Jane
Bennett, chief nurse, Public
Health England, for
services to nursing. Guy
Gibson Beringer, for
services to export finance
and pro bono legal work.
Opening knight Choreographer Matthew Bourne
Choreographer and director Matthew Bourne was knighted for services to dance. Famed for his updating and reimagining of classic
stories, he is the only British director to have won Broadway’s Tony Awards for best choreographer and best director of a musical. In 2008
he founded his charity, Re:Bourne, to inspire and support the next generation of dancers and choreographers — Eyevine
Conrad Bird, director, GREAT Britain
campaign, for services to UK
government. Professor Christopher
John Kent Bulstrode, for services to
humanitarian medicine. Wendy Joan
Carlin, professor of economics,
University College London, for services
to economics and public finance.
Zameer Mohammed Choudrey, for
services to the UK wholesale industry
and to charity. Professor David Alastair
Standish Compston, professor of
neurology, University of Cambridge, for
services to multiple sclerosis treatment.
Dr Vivienne Cox, for services to the UK
economy and sustainability. Samir
Desai, Funding Circle founder, for
services to financial sector. Rowan
Arise Sir AP: Malcolm Douglas, Willis Group, for
Champion services to the economy. Simon Charles
jockey Tony Dow, group chief executive, the
McCoy received Guinness Partnership, for services to
a knighthood housing and homeless people. Paul
for services to Farmer, chief executive, Mind, for
horseracing services to mental health. Jacqueline
Gold, chief executive, Ann Summers
and Knickerbox, for services to
entrepreneurship, women in business
and social enterprise. Dr Caroline
Harper, OBE, chief executive officer,
Sightsavers, for services to visually
impaired people abroad. David Neil
Jameson, executive director, Citizens
UK, for services to community
organising and social justice.
Timothy Lloyd Jones,
former chief
executive, National
Employment Savings
Trust, for services to
pensions provision.
Julia Killick, governor,
HM Prison Holloway,
for services to HM
Prison Service.
Dr Denis Law, for
services to football and
charity. Francis Henry
Lee, for services to football and
charity. Dr Tracy Elisabeth
Long, founder, Boardroom Review, for
services to public and private sector
governance. Professor Cait MacPhee,
professor of biological physics,
University of Edinburgh, for services to
women in physics. Professor David
Kenneth Miles, former member of the
Monetary Policy Committee. Andrew
Noel Moffat, chief executive, Port of
Tyne, for services to the north-east
England economy. Peter Julian Robin
Morgan, screenwriter and playwright,
for services to drama. Professor Peter
Gordon Morris, head of magnetic
resonance centre, University of
Nottingham, for services to science and
medicine. Anthony Charles Preston,
founder, Pets at Home, for services to
UK business, entrepreneurship and
philanthropic service to charity.
Dr Raminder Singh Ranger MBE,
chairman of Sun Mark, for services to
business and community cohesion.
Jill Ann Lady Shaw Ruddock, for
philanthropic services to older people.
Andrew Scallan, director of electoral
administration, Electoral Commission,
for services to electoral democracy.
[Lucy] Nicola Shaw, chief executive,
HighSpeed 1, and non-executive
director, Aer Lingus, for services to
transport. Imelda Mary Philomena
Bernadette Staunton OBE, actress, for
services to drama. John Surtees OBE,
for services to motorsport. Dr Maurice
Vincent Taylor, chief executive,
Chardon Trading, for services to
business and to charity. Angela Mary
Fone [Jill] Tookey MBE, founder and
artistic director, National Youth Ballet
of Great Britain. Simon Weston OBE, for
charitable services. Professor Keith
Malcolm Willett, director for acute care
NHS England and professor, University
of Oxford.
OBE
Damon Albarn, musician, composer
and producer, for services to music.
Murdo Allan, director, UK Power
Networks, for services to skills in the
energy industry. Giles Edward Charles
Andrews, co-founder of peer-to-peer
lender, Zopa, for services to the
financial sector. Amanda Helen Ariss,
former chief executive, Diversity and
Equality Forum. Susan Barker MBE,
sports commentator, for services to
broadcasting and to charity. Professor
David Anthony Cowan, director, drug
control centre, King’s College London.
James Trevor Dannatt, for services to
architecture and architectural
education. Simon Devonshire, for
services to enterprise and humanitarian
issues. Helen Dickinson, chief
executive, British Retail Consortium.
Idris Elba, actor, for services to drama.
Christopher Clive Froome, professional
cyclist, for services to cycling. Dr John
Calum Macdonald Gillies, former
chairman, Royal College of General
Practitioners Scotland. Sarah Louisa
Goodall, deputy director, National
Crime Agency. Andrew Haines, chief
executive, Civil Aviation Authority, for
services to transport. Robert Ellis
Howden, president, British Cycling, for
services to cycling. Wayne Jones, chief
executive, MAN PrimeServ Diesel,
or services to the north-west and
supporting young people. Edmund
King, president, the Automobile
Association, for services to road safety.
Clive Allen Lawton, for services to the
Jewish community particularly through
Limmud UK. Gerard Anthony Mason,
chief executive, Morson Group, for
services to engineering and design.
Michael John May, founder and chief
executive officer, Blue Sky
Development and Regeneration, for
services to ex-offenders. Michelle
Mitchell, chief executive, Multiple
Sclerosis Society. Ronald Antonio
O’Sullivan, for services to snooker.
Daniel Peltz, for philanthropic and
charitable services. Robin Rowland,
chief executive, YO! Sushi, for services
to restaurant and hospitality industries.
of his early childhood in care and foster
Cowdery
Knighthood
homes and could not read until he was 11
years old has been knighted for his
for efforts to improve social mobility and
insurance children’s wellbeing.
Clive Cowdery’s inclusion caps an
magnate eventful year for the dealmaker. The
52-year-old made more than £100m from
the sale of Friends Life to Aviva, the UK
insurance industry’s biggest takeover in
15 years, and donated half the proceeds
to research on living standards, while his
Resolution Foundation think-tank helped
push George Osborne, the chancellor, into
a U-turn on planned cuts to tax credits.
Brought up in Bristol as one of five
children, by a single mother who was
struggling with drug addiction, Sir Clive
started in insurance as a salesman in his
20s. He went on to reshape the sector as
a pioneer of “zombie” funds, which
consolidate life companies that have
stopped selling new policies.
The industry has generated strong
returns for investors, although critics
argue some insurers have locked
consumers into inflexible contracts.
Sir Clive’s politics are left-leaning. “We
used to think it [wealth] trickled down in
some magical way,” as he put it yesterday.
“That’s complete rubbish. It doesn’t
trickle down.” Alistair Gray
Samir Desai Five years after launching what has
become one of the UK’s biggest peer-to-
Funding peer lending platforms, Samir Desai was
Circle made a CBE for his contribution to the
co-founder financial services sector.
made CBE The accolade for the co-founder and
chief executive of Funding Circle is
another sign alternative finance is gaining
widespread acceptance as it helps to fund
small businesses.
Funding Circle disrupts the traditional
model of banking by facilitating loans to
small businesses from individuals,
institutions and even government. The
online “marketplace” enables businesses
to access finance more quickly and
cheaply than from traditional banks, while
providing a return to investors.
Mr Desai said: “This honour is
testament to the hard work of the
Funding Circle team who have helped
originate £1.25bn of loans from thousands
of investors to small businesses in the
last five years, creating over 50,000 new
jobs globally.”
The idea for Funding Circle arose after
Mr Desai was asked by his then employer,
the private equity investor Olivant, to
research the lack of funding to small
businesses, spurring him to team up with
James Meekings and Andrew Mullinger,
friends from Oxford university, to create
the platform. Emma Dunkley
Lin Homer Lin Homer was praised for her “record in
taking on some of the toughest and
Revenue highest profile jobs in government” in the
chief is Cabinet Office citation for her damehood.
made DCB The chief executive of HM Revenue &
Customs has been made a DCB at the end
of a difficult year for the tax authority:
MPs lambasted the Revenue last month
after figures showed that in April and
June it struggled to answer more than
54-55 per cent of the calls it received.
Dame Lin apologised and admitted the
Revenue’s record at answering calls had
been “unacceptably poor”, but said in a
recent interview that customer service
would soon improve.
The citation said she had met the
Revenue’s financial targets “with fewer
staff and improved staff engagement
figures”.
The Revenue was in the spotlight when
she took over in 2012, with politicians
criticising its handling of a dispute with
Goldman Sachs while in the middle of
deep staff cuts. HMRC has reduced its
workforce by 20 per cent since 2010.
Dame Lin, who trained as a lawyer and
had senior jobs in local government
before joining the civil service in 2005, is
no stranger to criticism. Upon her
appointment the home affairs committee
said it had “little confidence” in her ability
because of her previous performance as
UK Border Agency chief. Sarah O’Connor
4 ★ FINANCIAL TIMES Thursday 31 December 2015

INTERNATIONAL

Ireland

Dublin streamlines asylum rules ahead of influx

New legislation will allow
migrant applications to
be processed faster
VINCENT BOLAND — DUBLIN
Ireland has introduced legislation to
streamline the process for seeking asy-
lum as a country that has seen waves of
its own citizens leave to seek better lives
elsewhere prepares to accept its biggest
ever influx of refugees.
The International Protection bill was
signed into law by President Michael D
Higgins yesterday ahead of the immi-
nent arrival of the first of up to 4,000
refugees from Syria in the next two
years. The government says it will make
the asylum application process more
efficient, so that those in need of protec-
tion are granted it more quickly, and
those who are not entitled to asylum are
identified earlier.
But before signing the bill, Mr Higgins
had taken the unusual step of summon-
ing the council of state, his advisory
body, to consider the constitutionality
of some of its provisions. Refugee advo-
cates claim the bill is too restrictive and
could prevent family members from
coming to live with people granted asy-
lum in Ireland.
Ireland has so far been on the periph-
ery of a European migrant and refugee
crisis that has caused political ructions
in Germany and elsewhere while strain-
ing relations between national govern-
ments.
Still, the country has agreed to accept
refugees as part of the EU’s response to
the crisis. The first arrivals from Syria
are expected in the next few weeks, and
26 centres around the country have
been identified to house the total
number expected.
Surveys suggest that the Irish public
has a generally welcoming attitude
towards newcomers. Tens of thousands
of people arrived in the country during
the “Celtic Tiger” economic boom of the
1990s and early 2000s, mainly from
Poland and the Baltic states. There are
an estimated 150,000 Poles living in Ire-
land, making them the country’s biggest
minority.
The success of the Polish community
— both in integrating and contributing
to the economy — means the debate
about asylum and migration is less
polarised in Ireland than it is in the UK,
where the Conservative government has
come under heavy pressure to try to
curb newcomers. As a country beset by
generations of emigration, there is also a
view that Ireland should help others
seeking refuge, as millions of Irish peo-
ple were forced to do in the 19th century.
‘Why are we limiting the
prospect of family
reunions at a time when
more refugees are coming?’
However, advocates for refugees com-
plain that the new bill — which was
rushed through the Irish parliament
this month with relatively little debate
— weakens rather than strengthens pro-
tections for refugees.
It replaces the Refugee Act of 1996,
which they say had more generous pro-
visions for family members joining suc-
cessful asylum seekers.
Sue Conlan, chief executive of the
Irish Refugee Council, told the Financial
Times the government had not
explained why the 1996 Act was being
“rolled back” to be replaced by tighter
restrictions.
“Why are we limiting the prospect of
family reunions just at the time when
more refugees than ever are coming to
Ireland?” she said.
As it streamlines the asylum process,
the government is also seeking to
reduce the number of illegal migrants
crossing into the Republic from North-
ern Ireland, which has led to a surge in
asylum applications this year compared
with 2014.
The Irish justice ministry has com-
plained to the UK Home Office about an
influx of migrants crossing the border
from Northern Ireland after apparently
fleeing a crackdown on illegal immi-
grants in the UK.
Asylum applications from Pakistani
nationals — mostly young single men —
are up sixfold this year, while the
number of Bangladeshi applications has
doubled, according to official Irish data.
Nationals of the two countries have
accounted for more than half of all asy-
lum applications this year.
Frances Fitzgerald, the Irish justice
minister, told the Irish Times this week:
“If people come here and if it is clear that
they have already been in the UK, then
they are not refugees — we have to be
very clear about that. That is not to say
that people are not entitled to an assess-
ment [of their refugee status], but I am
concerned there could be abuse.”

World Bank. Private sector arm

Contentious deal highlights China-US power play

Role in Postal Savings Bank’s
$7bn fundraising casts shadow
over exit of senior IFC official
SHAWN DONNAN — WASHINGTON
When the Postal Savings Bank of China
announced that it had raised $7bn from
a group of international investors it
marked a significant step towards what
is expected to be one of the biggest
Chinese initial public offerings in 2016.
Alongside China Life and global
finance groups such as UBS and JPMor-
gan, it raised funds from the World
Bank’s private sector arm, the Interna-
tional Finance Corporation, represent-
ing a turnround for a state bank that just
three years earlier had seen its president
charged with corruption.
But the deal has become emblematic
of the often subtle ways in which Beijing
and Washington battle for influence
behind closed doors at the World Bank.
It has also cast a shadow over the depar-
ture of China’s most senior official at
the World Bank, former Goldman Sachs
banker Jin-Yong Cai who, after a turbu-
lent three years at the IFC’s helm, leaves
this week to return to Asia and the pri-
vate sector.
While Mr Cai and other senior World
Bank officials insist that he is leaving 10
months before the end of his four-year
term for personal reasons and there are
no allegations of any wrongdoing, his
exit followed an unusual rebuke by
the World Bank’s board for the Postal
Savings Bank transaction that he cham-
pioned. It comes amid what senior
bank officials say were mounting con-
cerns by the US and others over alleged
favouritism involving a growing
number of IFC deals with Chinese state-
owned companies.
At $300m, the IFC’s investment paled
in comparison to the $2.5bn China Life
paid for its 5 per cent stake in the Postal
Savings Bank. However it was the larg-
est the IFC had ever made in a Chinese
bank and Mr Cai saw it as an example
of the “big bang” deals he hoped to be
remembered for.
According to senior World Bank offi-
cials though, major shareholders que-
ried how the investment fitted with
the IFC’s mandate to lend to private
companies in places where capital is
The Postal either unavailable or too expensive and
Savings Bank where other investment options are
of China has unavailable.
40,000 mostly Plenty of other investors were lining
rural branches. up for a stake in the Postal Savings Bank.
Jin-Yong Cai, Moreover, it was unclear, the officials
below right, said, just what the development impact
will depart the — a crucial test for IFC investments —
IFC this week would be despite Mr Cai’s claims that it
STR/AFP/Getty; Andrew
Harrer/Bloomberg
fit with the bank’s “financial inclusion”
strategy.
“It is unclear to me what the role is
for the IFC in [the Postal Savings Bank
of China],” says Peter Woicke, a former
JPMorgan banker who ran the IFC from
1999 to 2005 and oversaw its initial
investments in China’s banking sector.
“If that [investment returns] is why
you are doing it you might as well be
Goldman Sachs. But the job of the
IFC is not just to be Goldman Sachs.”
The IFC and Mr Cai argue the invest-
ment in the Postal Savings Bank will
help bring financial services to many
of China’s “unbanked” and provide a
healthy investment return as well.
The clash surfaced when the World
Bank’s board considered the IFC’s
$300m investment in June. When the
25-member board gathered to vote on it
on June 9, according to minutes, the rep-
resentatives for the US, Japan and major
European shareholders including the
UK, Germany and France all abstained.
Altogether nine directors responsible
for 56.4 per cent of the IFC’s voting
shares withheld their approval.
Because those directors abstained
rather than voted against, the invest-
ment went ahead. But in the nuanced
arena of World Bank board politics,
where outright votes against projects
backed by powerful shareholders such
as China are rare, the vote amounted to
a dramatic rebuke to Mr Cai.
“It’s very unusual,” said Chad Hobson,
executive director of the Bank
Information Center, a Washington-
based campaign group focused on the
World Bank. “They don’t [normally] go
to the board when they are going to lose
a vote.”
The vote, according to current senior
bank officials, came after the US had for
more than a year been expressing grow-
ing concerns about a number of IFC
transactions involving Chinese state-
owned companies around the world.
Those concerns had seen the US either
abstain or vote against a renewable
energy project in Pakistan and a pro-
posed $140m in investment in IFC
projects involving Chinese state-owned
grain trader Cofco.
It also came as Chinese stock markets
were in turmoil and just ahead of the
release in July by the World Bank of a
report, which the bank later pulled,
in which it warned China’s “distorted”
financial sector was in urgent need
of reform.
Mr Cai defended the investment but
noted anything to do with China often
had extra sensitivities attached. “There
are always different views on projects in
China,” he said. “I understand that.”
With its 40,000 mostly rural
branches, the Postal Savings Bank
allowed the IFC to help spread financial
services further into China’s country-
side where some 235m still do not have
bank accounts, Mr Cai said.
It would also enable the IFC to learn
from one of the world’s biggest postal
banks. “How do we gain our experience?
We can’t just get it by reading books. We
have to be involved in transactions,” he
told the Financial Times.
$300m Mr Cai insisted it was a good invest-
Size of the ment for the IFC, which has had to sell
International other equity holdings in China to fund
Finance dividend payments to the World Bank
Corporation’s to finance its low-interest lending to the
investment in the
Postal Savings Bank world’s poorest countries.
Some of the IFC’s other equity invest-
ments had had a difficult time, he said.
$2.5bn In the year to June 2015 it took $700m in
The amount China writedowns on its equity investments in
Life paid for a emerging markets, according to figures
5 per cent stake
in the bank
provided by the IFC.
China had been a rare bright spot, Mr
Cai says, but the IFC declined to provide
details of how its investments there had
performed amid recent turmoil in the
Chinese market.
“We have made so much money from
our investments [in China]. We are so
lucky. We thank the Chinese for giving
us this opportunity,” Mr Cai said.

Drugging allegations
Subscribe to FT Weekend today
US comedian and actor Cosby charged with sexual assault
GEOFF DYER — WASHINGTON
Bill Cosby, the iconic American come-
dian, was charged yesterday with
sexual assault in relation to an incident
at his Pennsylvania home in 2004,
prosecutors said.
Kevin Steele, the district attorney-elect
in Montgomery County, said Mr Cosby
faced a charge of aggravated indecent
assault over allegations that he drugged
and abused a woman at his house, which
is north of Philadelphia.
Read beyond the expected This is the first criminal prosecution
Mr Cosby has faced relating to a series of
FT Weekend brings art and culture to life through intelligent allegations about sexual assault that
and thought-provoking writing. Our editors bring the best of have been levelled against him during
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Subscribe now and save 23% at day afternoon, has repeatedly denied
ft.com/weekendsub the accusations and earlier this month
launched a lawsuit against seven of the
women, accusing them of defamation.
Mr Steele did not name the accuser,
but the details of the case that he out-
lined match allegations about a 2004
incident involving Andrea Constand, a
former employee of Temple University
in Philadelphia, who was one of the first
women to go public with claims about
Mr Cosby.
According to Mr Steele, the alleged
victim had considered Mr Cosby “a
mentor and a friend”, although she had
rejected previous sexual advances.
Mr Cosby allegedly urged her to take
pills that he provided and to drink wine,
which had rendered her unable to
move, and he then committed an
assault that involved “digital penetra-
tion”, Mr Steele said.
“She was frozen, paralysed and una-
ble to move,” he said of the alleged
victim. “A person in that state cannot
give consent.”
The statute of limitations for poten-
tial charges related to the incident was
due to run out in January. Mr Steele said
that new evidence had come to light this
year and that the alleged victim was
willing to co-operate.
Ms Constand first went public with
her accusations against Mr Cosby in
2005, although no charges were then
filed. She also launched a civil lawsuit,
which was settled out of court. In a dep-
osition from that lawsuit, which was
made public last year, Mr Cosby admit-
ted that he gave drugs to women he
wanted to have sex with — including
Quaalude, a powerful sedative. How-
ever, Mr Cosby did not admit to any
criminal activity in the deposition.
He became a household name in
the popular 1980s sitcom The Cosby
Show, which depicted a prosperous,
successful African-American family
living in the suburbs.
Mr Cosby later became known for his
willingness to criticise other African-
Americans for not taking responsibility
for their problems — comments that
Bill Cosby is alleged to have abused
a woman at his house in 2004
won him both supporters and critics in
the African-American community.
The investigation into the 2004 alle-
gations was recently reopened and
became an issue in the November elec-
tion for the Montgomery County district
attorney. After Republican candidate
Bruce Castor, a former district attorney
who had declined to bring charges
against Mr Cosby in 2005, made public
comments questioning the credibility
of Ms Constand, she said that she would
not co-operate with the inquiry if
Mr Castor won.
Instead, Mr Steele, a Democrat who
had been first assistant DA when the
case was reopened, won the election.
Earlier this month Mr Cosby’s lawyers
filed a lawsuit against seven of the
women who claimed to have been
drugged and assaulted, accusing them
of making “malicious, opportunistic,
and false and defamatory accusations
of sexual misconduct”. Last week they
filed a similar lawsuit against the model
and actress Beverly Johnson.
She responded in a statement saying
that “abusers will do whatever they can
to intimidate and weaken their victims
to force them to stop fighting”.
Thursday 31 December 2015
Russians fearful over jobs and income
Population faces turbulent year as lack of growth, low oil prices and foreign policy woes combine
39% Percentage of Russian households that cannot afford to buy either sufficient food or clothing — up from 22 per cent a year ago
JACK FARCHY — MOSCOW
Only a few months ago, Vladimir Putin
was boasting about the resilience of the
Russian economy, telling an interna-
tional investment forum in October that
“the peak of the crisis” had passed and
the country was on its way to renewed
growth.
Now, that optimism has evaporated.
This week, the economy ministry
reported that the Russian economy con-
tracted month-on-month in November
for the first time in five months. The
rouble is once again sliding, trading at
its weakest level since a panic last
December when the currency’s collapse
nearly caused a bank run.
The darkening mood is reflected on
the streets. Lyubov Mikhailovna, a 67-
year-old pensioner shopping at a central
Moscow supermarket, said: “I live on
my pension. Prices have gone up, but
my pension is the same.”
Asked how the economic situation
had affected her, she pointed to a basket
of mandarins, a traditional New Year
snack for Russians: “Look at that — 165
[roubles per kg]. Last year I bought
some, this year I’m not buying them.”
Yuliya Izotova, a travel agent, said she
used to travel abroad to Europe regu-
larly. “Now it’s once a year,” she sighed.
While the economy ministry is still
forecasting a return to slight growth in
2016, few share its view. The World
Bank this month trimmed its forecast to
Saudis braced for petrol price pain
Subsidy cut is seen as essential
to reduce deficit but will hurt
population used to cheap fuel
SIMEON KERR — DUBAI
Petrol may still be cheaper than bottled
water in Saudi Arabia but the kingdom’s
move to increase fuel prices by two-
thirds this week is nonetheless a radical
departure in a country that for decades
has traded economic handouts for polit-
ical loyalty.
Saudis rushed to petrol stations across
the kingdom hours after the govern-
ment unveiled a radical austerity pro-
gramme on Monday, hoping to fill their
tanks before prices rose. Higher quality
95-octane petrol increased 50 per cent
to Sr0.90 ($0.24) and lower quality 91
grade jumped by two-thirds to Sr0.75 a
litre the following day.
Government officials said a five-year
plan to reform energy subsidies was part
of a broader programme to create a
more efficient, productive economy, as
oil prices have hit 11-year lows and the
country’s deficit surged to 15 per cent of
gross domestic product this year.
“This is not just about energy, it is a
commitment to seize the moment and
take the right decisions to change our
economy,” Adel al-Fakih, economy and
planning minister, told the Financial
Times.
The kingdom, which is trying to
reduce the budget deficit to 11 per cent
of GDP next year, has also pledged to
rein in public sector wages, which
account for half of all budgetary spend-
ing, and is to launch a privatisation pro-
gramme.
a 0.7 per cent contraction. The Russian
central bank envisages a 0.5-1 per cent
contraction should oil prices recover to
an average of $50 a barrel next year, but
a 2-3 per cent recession under a “stress
scenario” where oil prices are at $35 —
only just below current levels.
Chris Weafer, a partner at Moscow-
based consultancy Macro-Advisory,
said authorities had to manage expecta-
tions coming into 2016, pointing to par-
liamentary elections due in September.
“The last thing you want to do is be
talking about Russia being in recovery
as people are becoming even more fear-
ful about their income and their job
security,” he said.
Some officials have been warning the
Russia: feeling the strain
Real GDP (annual % change)
2012 13 14
Sources: Haver Analytics; Thomson Reuters Datastream
Riyadh reforms. Austerity
It is also planning to impose new
taxes. Ibrahim al-Assaf, the finance
minister, told pan-Arab daily Al-Hayat
the government was expected to intro-
duce a Gulf-wide sales tax of about 5 per
cent within two years.
Saudi Arabia, which spent about
$107bn, or 13.2 per cent of GDP, on
energy subsidies in 2014, is one of the
world’s biggest consumers of energy,
with rock-bottom fuel prices fostering
excessive consumption.
“Subsidies have long been a fiscal drag
on the state and have been unreasona-
bly high even by global standards,” said
John Sfakianakis, a Riyadh-based econ-
omist. “Subsidy reform is essential if the
economy is to be in turn more efficient
and eventually more productive.”
But while most Saudis recognise the
need to reduce consumption, many are
already worried about the rising cost of
living and know their disposable
incomes will be hit.
“No one is happy about these
increases,” said one executive.
Ali al-Naimi, the veteran oil minister,
Saudi Arabia is one of the world’s biggest energy consumers — Hassan Ammar/AFP/Getty
★ FINANCIAL TIMES
INTERNATIONAL
population to brace for the worst. Alex-
ander Novak, energy minister, and
Alexei Ulyukayev, economy minister,
have appeared on state television warn-
ing of a protracted period of low oil
prices. Mr Novak blamed low prices on
an increase in production from Saudi
Arabia, which he said had “destabilised
the situation on the market”.
“We cannot say the peak of our prob-
lems has passed,” said Aleksei Kudrin, a
highly-respected former finance minis-
ter, in an interview with Interfax. “Some
time ago, many experts, myself
included, believed that we had reached
the bottom, or as they say, had passed
the peak of the crisis. But today we see
some further deterioration.” While Mr
Retail sales (roubles tn)
6 2.4
4
2.3
2 imports is likely to contribute to higher
0 2.2
-2
2.1
-4
-6 2.0
15 Jan 2014 2015 Nov
last month raised doubts about the
energy price increases, saying there was
no “dire need” for the kingdom to with-
draw direct assistance to its population.
Saudi social media users resorted to
humour to discuss the price rises — open
dissent is avoided after a crackdown on
freedom of expression in the wake of the
2011 Arab uprisings.
‘This is a commitment to
seize the moment and take
the right decisions to
change our economy’
“Men are worried about the price of
petrol,” tweeted one user. “By God,
someone tell them the price of Mac
rouge?” referring to a popular lipstick
brand. Others circulated articles listing
18 methods to improve vehicle fuel
efficiency.
Officials, keen to pre-empt any popu-
lar backlash, point out that Saudis are
still paying much less than some of their
9.2% Fall in real wages year-on-year in first 11 months of 2015
13.1% Fall in retail sales year-on-year in November
Eduard Korniyenko/Reuters; Vasily Maximov/AFP/Getty Images; Andrey Rudakov/Bloomberg
Putin still enjoys sky-high popularity
ratings of more than 80 per cent, the
decline in ordinary Russians’ economic
situation is a source of concern for the
Kremlin, analysts say.
A protest by truck drivers from sev-
eral Russian regions over a new elec-
tronic toll system has flared up in the
past two months, in a rare sign of open
discontent. A poll published yesterday
by Levada Centre, a leading Russian
pollster, found that 63 per cent of Rus-
sians supported the truckers’ position.
Mr Kudrin, who advises Mr Putin on
economic matters and has long been
rumoured to be due to return to govern-
ment, warned that 2016 “will bring a
serious challenge” for the country. He
Rouble against the dollar
30
40
50
60
70
80
Jan 2014 2015 Dec
other Gulf peers. In neighbouring
United Arab Emirates, for example, the
price of petrol is 60 per cent higher, said
Mr Fakih, who is overseeing the subsidy
reform programme. The UAE, a wealth-
ier state with more expatriates, faced
minimal public opposition when it
imposed a significant increase in the
petrol price this year.
Riyadh’s increase in electricity tariffs
is also geared towards a minority of
wealthy Saudis who consume large
quantities of power. Some 87 per cent of
bills would not change, Mr Fakih said.
He added that while the government
would monitor the impact of the
reforms, especially on inflation, there
were no plans to introduce schemes to
compensate poor Saudis for the higher
prices. “Only after we assess the situa-
tion will we consider our next steps,” he
said. “This is just the first step. Over the
next few years expect more changes.”
The private sector, as well as consum-
ers, will be hit by the subsidy reduc-
tions. Gas prices for local power genera-
tion increased on Tuesday from $0.75
per million British thermal units to
$1.25 mmbtu, and ethane, the main
feedstock for petrochemicals, rose more
than 100 per cent to $1.57 per mmbtu
from $0.75 per mmbtu.
Some investors are concerned that
increasing domestic energy prices will
undermine the main selling point for
investors in energy-intensive industry,
but analysts say the higher prices will
promote efficiency.
“Businesses have to become more
efficient,” said Mr Sfakianakis. “They
will have to become more competitive
by using technology rather simply
relying on [cheap] expat labour and
capital.”
said that in some parts of Russia con-
sumer demand was down 30 per cent
ahead of the new year holidays.
Mr Ulyukayev said of the fall in con-
sumer spending: “We haven’t seen any-
thing like this since 1999. Many of those
who are working today simply haven’t
experienced anything like this.”
Mr Weafer said the Kremlin’s
response to the shooting down of a Rus-
sian jet by Turkey in November —
restricting Russian tourism there and
banning the import of a range of Turk-
ish products — had combined with fall-
ing oil prices to deal a hefty blow to con-
sumer sentiment.
“There was this general confidence
that this would be a one-year recession,”
he said. “Turkey and oil prices have led
people to reassess the reality of the situ-
ation, and they found there was much
less reason for optimism than they had
previously assumed.”
Some government actions have not
helped the domestic economy. The
restrictions on Turkish and Ukrainian
inflation. The EU recently extended
sanctions against Russia over its actions
in Ukraine, saying it had failed to imple-
ment its ceasefire obligations.
“Geopolitical priorities are making
the situation worse,” Mr Weafer said.
“The key point for 2016 is: will the con-
cern about a deteriorating economy
start to have a moderating impact on
foreign policy or not?”
5
Island in crisis
Puerto Rico
to miss $37m
in payments
on debt as
cash runs out
ERIC PLATT — NEW YORK
Puerto Rico will default on a number of
its obligations at the start of the new
year, as the impoverished US territory
runs out of cash.
The island, struggling under a debt
burden of $72bn, will be unable to pay
some of the roughly $1bn in claims due
on January 1, Governor Alejandro
García Padilla conceded yesterday.
Puerto Rico scrambled to pay
$328.7m owed on its general obligation
debt, municipal bonds that are backed
by the commonwealth’s constitution
and among its highest priority debt.
It was forced to claw back more than
half of that amount from other govern-
ment organisations, the governor said.
Two bond insurers — Ambac Assur-
ance and Financial Guaranty Insurance
Company — have already lambasted the
moves, which have affected funds set
aside for the Puerto Rico Infrastructure
Financing Authority.
The island also paid $15.4m due on
debt issued by the Puerto Rico Sales Tax
Financing Corporation, known as
Cofina debt, and $9.9m owed by the
Government Development Bank
(GDB), the de facto finance authority.
The governor said it would instead
miss payments of $35.9m on debt issued
by the Infrastructure Financing Author-
ity as well as $1.4m on Public Finance
Corporation bonds, which first
defaulted in August.
Melba Acosta Febo, president of the
GDB, said the island had chosen to
default on obligations where bond docu-
ments stated revenues assigned to the
organisations were able to be clawed
back.
Governor García Padilla issued an
order in December that allowed Puerto
Rico to shift revenues and funds set
aside for some issuers — organisations
that do not enjoy certain legal guaran-
tees — to pay bond holders of higher pri-
ority debt, including those backed by
the constitution.
Investors in Cofina and general obli-
gation debt have both contended that
they are at the top of the complicated
capital structure, and should be paid
over the other when the island exhausts
its reserves.
A December study from the Center
for a New Economy, a non-partisan
research group on the island, put the
general obligation bonds at the top of
the complex pyramid, followed by issu-
ers who have backing from “the good
faith and credit of the government”. The
group ranked the Cofina debt third.
Lawyers and analysts have disputed
the exact ranking and have warned that
lawsuits are likely to begin once a pay-
ment on the bonds is missed.
6 ★ FINANCIAL TIMES Thursday 31 December 2015

INTERNATIONAL

South Koreans mount protest at

Terrorism

‘comfort women’ deal with Japan
Sit-in outside embassy follows ‘humiliating’ agreement designed to end feud over wartime abuses
SONG JUNG-A — SEOUL
Hundreds of South Koreans held a sit-in
yesterday in front of the Japanese
embassy in Seoul to protest against this
week’s agreement with Tokyo aimed at
resolving the dispute over second world
war sex slaves.
Rallies have been held weekly in the
South Korean capital since 1992
demanding a Japanese admission of
responsibility and legal reparations for
the so-called comfort women who were
forced into sexual servitude for Japa-
nese soldiers. Yesterday’s rally high-
lighted how Monday’s settlement was
insufficient for many Koreans to bury
the hatchet.
Under the accord, Japan offered to
pay $8.3m into a fund for surviving
victims based on “painful awareness” of
its responsibilities for the system of
forced prostitution, while Seoul prom-
ised not to press any future claims.
But many protesters said the agree-
ment was “humiliating”, accusing the
government of Park Geun-hye, South
Korean president, of caving in to Tokyo.
In line with previous statements from
Tokyo, an apology from Japanese prime
minister Shinzo Abe stopped short of
taking full legal responsibility, admit-
ting only the “involvement” of the coun-
try’s military authorities.
“Abe has yet to realise what his coun-
try has done to us,” said Lee Yong-su, 88,
a former comfort woman who joined the
rally. “I am at a loss for words . . . This
kind of irresponsible negotiation is like
killing us twice, three times.”
Seoul said the deal was “final and
irrevocable”, leaving little room for
South Korea to raise other historical dis-
putes such as compensation for labour-
ers who were forced to work in Japanese
wartime industries such as coal mining.
“Abe’s apology is just lip service. I
don’t see anything more advanced than
the Kono statement,” said Kwon Oh-
hyun, a 79-year-old man participating
in the rally, referring to the 1993 admis-
sion that Japan coerced many thou-
sands of women into sexual servitude
during the second world war. “It is
humiliating to accept such a small
donation from Japan in return for not
raising the issue any more.”
Many South Koreans suspect the US,
which welcomed the deal, is behind the
agreement. Washington has pushed for
a rapprochement between its two allies
to guard against China’s rising power
and North Korea’s nuclear ambitions.
Ms Park, who had refused to meet Mr
Abe unless he showed sufficient
remorse for Japan’s past wrongdoing,
held her first bilateral talks with her
Tokyo counterpart in November and
agreed to push for a resolution in the
comfort women dispute.
“[US President Barack] Obama must
have arm twisted both Japan and South
Korea to settle the issue as soon as possi-
ble,” said Bong Young-shik, researcher
at the Asan Institute for Policy Studies.
“But Seoul’s fear of diplomatic isola-
tion must have deepened after Mr Abe
at the summit surprisingly expressed
his desire to settle the issue by the end
of the year.”
Mr Abe’s successful visit to the US
last spring, his renewed summit
meetings with China and the Trans-
Pacific Partnership trade deal high-
lighted the risks of estrangement
from Tokyo. The TPP could give
Japan better access to the US market
than South Korea. Seoul has
Pyongyang A high-ranking North Korean official in
Top aide to charge of relations with South Korea
has died in a traffic accident, North
Kim Jong Un Korea’s state media said yesterday,
dies in car casting doubts over the prospects of
crash, North inter-Korean relations.
reports Kim Yang-gon, below, head of the
United Front Department at the ruling
Workers’ party, died on Tuesday
morning at the age of 73, the Korean
Central News Agency said. The agency
did not provide details of the accident.
Kim has been one of the most
prominent aides to North Korea’s
leader, Kim Jong Un, frequently seen
at his side. The KCNA described the
late Kim as the leader’s “closest
comrade-in-arms and steadfast
revolutionary comrade” who had made
“dedicated” efforts to push for
unification with the South.
The agency added that the death of
Kim was a “huge loss” for the North
Korean leader, who will lead the
funeral committee. Analysts said the
death of the veteran policymaker
could have a chilling effect on
cross-border dealings, as
Pyongyang has yet to announce
who will replace him.
“His death could suspend
inter-Korean dialogues for an
extended period,” said Cheong
Seong-chang of the Sejong
Institute. “The inter-Korean relations
could be further strained by this.”
In August, Kim led the North’s
delegation for talks with the South’s
security officials as military tensions
escalated. The talks helped ease
hostilities and led to a rare reunion of
separated families in October.
He led a delegation that made a
surprise visit last year to Seoul for the
closing ceremony of the Asian Games.
He also attended the funeral of the
former South Korean president Kim
Dae-jung in Seoul in 2009. The two
Koreas held another meeting of high-
ranking officials this month, but it did
not lead to any progress in relations.
There is no way to verify the North’s
claim of the car accident, but past fatal
accidents involving senior officials
have raised speculation of power
struggles among the ruling elites
within the secretive communist state.
Although North Korea’s roads are in
poor condition, traffic accidents are
rare as there are few cars.
Among named members of the
funeral committee was Choe Ryong-
hae, the 65-year-old Workers’ party
secretary who was exiled to a farm for
“revolutionary education” as part of
the leader’s purge of his top officials,
but who now appears to have been
reinstated. Song Jung-a
Eight alleged
Isis members
detained in
crackdown
by Pakistan
What FARHAN BOKHARI — ISLAMABAD
they said VICTOR MALLET — NEW DELHI
Pakistan has arrested eight alleged
‘Abe has yet members of Isis in the latest move by a
south Asian government to counter the
to realise widening influence of the extremist
what his Sunni Muslim group.
country has
As the Pakistan authorities ordered
done to us. I police and security forces to increase
am at a loss their vigilance, one intelligence official
for words. said the arrested men had taken an oath
to “overthrow democracy and establish
This kind of a caliphate in Pakistan through an
irresponsible armed struggle”.
negotiation is At least three of the militants were
suspected to have received military
like killing us training in Iraq. The detentions, near
twice, three Sialkot in Punjab province, coincided
times’ with news of the arrests of two sus-
pected Pakistani members of Isis in Tur-
LEE YONG-SU,
FORMER SEX SLAVE key.
The arrests in Pakistan were the first
official acknowledgment by Islamabad
‘Obama must of an Isis presence in the country. Like
the Bangladeshi government, the Paki-
have arm stani administration of Prime Minister
twisted both Nawaz Sharif has recently insisted that
Japan and it has no Isis problem.
But young, radicalised Muslims from
South Korea south Asian countries — including Paki-
to settle the stan, Bangladesh, India and the Mal-
issue as soon dives — have been persuaded to support
Isis by heading to Syria to fight or by
as possible’ attacking targets in their own countries.
BONG YOUNG-SHIK, A week after its terror attacks in Paris
ASAN INSTITUTE in November, the jihadi group boasted
FOR POLICY
STUDIES that its “soldiers” had been murdering
people in Bangladesh, including liberal
writers, foreigners and Shia Muslims.
Western officials and analysts in Paki-
stan claimed the arrests in Punjab raised
questions over the country’s tactics of
selectively targeting some extremist
groups while letting others operate
freely if their targets were mainly in
neighbouring Afghanistan or India.
In the past, many young Pakistani
militants became loyalists of al-Qaeda, a
movement led mainly by Arab fighters,
and supported Taliban groups in
Students hold expressed its interest in joining the TPP, Afghanistan and Pakistan.
pictures of but that requires consensus among the “These arrests in Sialkot are not
deceased existing members — another benefit to comforting,” said Ghazi Salahuddin, a
comfort women better relations with Tokyo. commentator for The News newspaper.
during protests Experts say the deal will encourage “They raise the question of exactly what
outside the Seoul and Tokyo to bolster their secu- should have been done and wasn’t done
Japanese rity alliance against North Korea, build- in the past to stop militants from being
embassy in ing on the trilateral intelligence-sharing inspired by foreign groups.”
Seoul yesterday agreement signed with Washington to Western governments are concerned
Kim Hong-Ji/Reuters
combat Pyongyang’s military threats. about the possibility of Isis strengthen-
But the comfort women deal could ing its tenuous grip on south Asian
prove a political liability for Ms Park, Sunni Muslims. “Islamic State [Isis] is
who has been portrayed by opponents the new kid on the block. I think people
as a “pro-Japanese traitor”. Her father, have to acknowledge the need for closer
former dictator Park Chung-hee, was an co-operation between these countries to
officer in the Japanese Imperial army, confront the threat,” said one diplomat.
and signed the 1965 treaty through Some hope that the tentative rap-
which South Korea normalised relations prochement between India and Paki-
with Japan and renounced legal claims stan, demonstrated by the recent sur-
against its former colonial ruler. prise meeting between Mr Sharif and
Analysts said the deal could further Indian Prime Minister Narendra Modi,
complicate Seoul’s attempts to balance could improve regional co-operation
its relationships with the US and China. against Islamist terror groups, but Mr
Ms Park sought to reinforce her ties Sharif has only limited power in a coun-
with China’s president Xi Jinping by try where foreign and defence policies
attending September’s military parade are still controlled by the army.
in Beijing to mark the 70th anniversary On the streets of Pakistan, ordinary
of the end of the second world war. people show little concern for the
“With the deal, Korea will be free branding of different militant groups
from the accusation or suspicion that it and say extremism is a homegrown phe-
has shifted towards China,” said Mr nomenon exacerbated by poverty.
Bong. “But it will also give China a con- “Many poor people become militants
venient excuse to embrace Pyongyang because they have no jobs, no food, no
as Mr Xi will be free from any sense of electricity or heating and no health-
indebtedness to Seoul following [Ms care,” said Inaam Din, who works as a
Park’s] visit to Beijing.” driver in Islamabad.

Climate change Voters’ views on global warming pose test for US presidential hopefuls
BARNEY JOPSON — WASHINGTON
HANNAH MURPHY — LONDON
Global warming or hot air? Democratic
politicians say climate change is a grave
threat to the US. Their Republican coun-
terparts accuse them of alarmism over a
non-issue. A close study of public opin-
ion suggests neither stance chimes with
a majority of Americans.
Voters are best described as worried
but unwilling. They are more concerned
about climate change than most Repub-
lican politicians, but less willing than
Democrats to back potentially pricey
measures to curb it.
That creates a test for presidential
candidates in 2016.
Barry Rabe, a public policy professor
at the University of Michigan who has
done extensive analysis of opinion polls,
says: “All the evidence suggests there is
growing concern about this issue, but
limited evidence that that translates to
any groundswell of support for any par-
ticular policy, especially one that
imposes costs.”
Here are six key messages from the
polls:
A clear majority of Americans say
climate change is real
Seven in 10 Americans say there is solid
evidence of global warming — an asser-
tion that is still challenged by many
Republicans, even though scientists say
it is beyond dispute. The proportion of
people who believe in warming has,
however, been unusually volatile,
according to the University of Michigan,
and Mr Rabe says opinion is easily influ-
enced by events. A campaign against
President Barack Obama’s proposed
cap-and-trade system for carbon diox-
ide emissions helped push belief in glo-
bal warming down to 58 per cent in
2010. More recently, belief has
rebounded as more people cite the evi-
dence of weather patterns. Pope Fran-
cis’s call for climate action also made a
difference, says Mr Rabe.
Conservative Republicans stand
apart from the mainstream
Political partisanship has a big influence
on voter attitudes towards climate
change. But the dividing line does not
run between the two parties, as often
presumed. Conservative Republicans —
who have an outsized influence in pri-
mary elections — are the only group in
which a majority (56 per cent) say there
is no solid evidence of a rise in the earth’s
temperature, according to the Pew
Research Center. The views of moderate
Republicans are similar to those of mod-
erate Democrats. Tony Leiserowitz,
director of the Yale Project on Climate
Change Communication, says this
could create some rare middle ground
for policymakers to exploit.
Americans are more concerned
than the Chinese
Americans care more about climate
change than their Chinese peers,
according to Pew. Forty-five per cent of
Americans say climate change is a “very
serious” concern — below the global
average, but above the 18 per cent who
rated it as such in China.
Before this month’s Paris climate
change summit, 62 per cent of Ameri-
cans said it was at least moderately
important that the world reached an
agreement to limit global warming,
according to Yale polling. Seventy-four
per cent wanted emerging economies
such as China and India to do more.
But US voters say climate change is
less important than other issues
Climate change appears to be a far less
urgent issue for Americans when they
US views on existence
of global warming
‘Is there solid evidence that the average
temperature on earth has been getting
warmer over the past four decades?’ (%)
Yes
No
72
70
65 58 62 68 61 60
17 20 16
26 26 21 25 24
2008 09 10 11 12 13 14 15
Responses are from autumn of each year
‘Not sure’ responses omitted
Source: Gerald R Ford School,
University of Michigan
are asked to rate its importance along-
side others. In a Fox News poll in
November only 3 per cent of people
named it as the most important issue
facing the country. Terrorism came out
top, chosen by 24 per cent of people who
were polled in the days after the Paris
terror attacks. In the summer the same
pollster found the economy and jobs
mattered most, picked by 30 per cent of
respondents. Climate change then got
5 per cent of the votes. Such findings
have emboldened Republican politi-
cians to dismiss calls for climate action.
Climate change is not even the
biggest environmental problem
In a Gallup poll, 32 per cent of Ameri-
cans said they worried a “great deal”
about climate change. But more fretted
about the loss of tropical forests and
species extinction — and the greatest
concerns were water and air pollution.
Americans like a variety of climate-
friendly policies, but are not willing
to pay much for climate action
Viewed in isolation, Americans support
a number of energy policies designed to
combat climate change. Among those
covered by a Yale survey, the most pop-
ular with Democrats and independent
voters was funding for renewable
energy research. Even Republicans
liked the idea, but their favourite policy
was expanding offshore drilling for oil
and gas, which is not seen as climate-
friendly.
Yet cost is a nagging concern. Polling
by Harvard and the Massachusetts
Institute of Technology shows people
are not willing to pay much more on
their monthly electricity bill to solve
global warming. The average acceptable
increase was about $12 in 2013.
A hypothetical $12 per month from
every household could enable any
number of climate policies, but experts
say it would probably not be enough
money to make a serious difference.
Republicans are seeking to use voters’
cost concerns to score points against
Hillary Clinton, the Democratic presi-
dential frontrunner, arguing her
favoured policies would raise utility
bills too high and hurt the economy.
Thursday 31 December 2015
2015
summed up
The world
3,692
The number of migrant deaths in the
Mediterranean Sea in 2015 — it is a grim statistic.
The victims’ plight was illustrated in September
when the body of a three-year-old Syrian boy,
Aylan Kurdi, was washed ashore in Turkey. All in
all, more than 1m irregular migrants arrived in
Europe in 2015, most of them from Syria, Africa
and South Asia, in the greatest movement of
people since the second world war. The influx
split a continent: Angela Merkel (below) threw
open Germany’s borders, prompting accusations
that she would only encourage more people to
come. Europe’s free-travel Schengen zone
appeared in danger, as its members reinstated
border checks. And the initial welcome in
Germany has given way to fatigue and
frustration. That has hit the chancellor’s
approval rating, which dropped 9 percentage
points in October to 54 per cent, its lowest in
almost four years. Guy Chazan
Angela Merkel:
chancellor’s
announcement
on migrants
piled pressure
on the grand
coalition
Business
$750
The price per tablet of a drug called Daraprim
leapt to $750 from $13.50 in September following
the $55m acquisition of the rights by an obscure
company called Turing Pharmaceuticals.
The anti-infective medicine is used by HIV and
cancer patients, and the price rise ignited debate
in the US over the increasing cost of drugs.
A tweet by Hillary Clinton, the Democratic
presidential frontrunner, threatening to clamp
down on pharma’s “outrageous” pricing practices
wiped $162.4bn off Nasdaq biotech stocks in the
next seven trading days. Turing chief executive
Martin Shkreli resigned in December after
federal prosecutors hit him with securities fraud
charges. Andrew Ward
Markets and economy
7%
China’s growth in gross domestic product in 2015
is likely to slip below 7 per cent for the first time
in a generation. The last time it was lower was in
1981, when China’s was the 10th largest economy
measured by purchasing power parity. It is now
first. Beijing is targeting 6.5 per cent growth for
the next five years, although many economists
think this is optimistic. Even so, China’s slower
growth rate in 2015 contributed much more to
world economic growth than when it grew over
twice as fast in the mid-1980s. Chris Giles
Sport, culture and media
41
Number of individuals and organisations
indicted by US investigators in a probe into Fifa
corruption. The crisis in football’s governing
body started in May, when seven were arrested
in Zurich as Fifa officials gathered to elect a new
president. Despite US allegations that officials
embezzled more than $150m, Sepp Blatter was
re-elected. In addition to the US investigation, a
Swiss probe found more than 100 suspicious
bank transactions. In the end, four of Fifa’s six
biggest sponsors called for Mr Blatter to go, and
eventually he was suspended for eight years
because of a SFr2m payment to the head of
Uefa, Michel Platini. Malcolm Moore
★ FINANCIAL TIMES
FT BIG READ. YEAR IN NUMBERS
4.4m
Number of registered Syrian refugees,
according to the UN
847,819
Total arrivals in the EU via the
Mediterranean Sea, the vast majority
through Greece; 28 per cent were children
160,000
Number of refugees that European
leaders agreed to relocate across the EU
266
Total number of refugees officially
relocated from Greece and Italy so far
0
Number of head-to-head TV debates
between David Cameron and Ed Miliband
before the May 7 UK general election
56
Seats won by the Scottish Nationalist
party, out of 59 total. Labour and the
Liberal Democrats lost a net total of 75
seats across the UK
1.5-2C
Target range above which temperatures
should not rise, agreed at the COP21
meeting in Paris
600
Unofficial air quality index reading in
Beijing in December, a level considered to
be hazardous. The city issued its first
pollution ‘red alert’ a few days later
$21bn
Estimated tax savings from Pfizer’s
$160bn tie-up with Allergan
$664bn
Value of mergers announced this year in
the healthcare sector, accounting for 14
per cent of the $4.59tn in M&A activity
11m
Number of Volkswagen EA 189 diesel
engines fitted with a “defeat device”
£2.2bn
Estimated paper loss for Ivan Glasenberg,
chief executive of Glencore, which has
seen its shares fall 70 per cent amid the
rout in commodities markets
43%
Decline in the Shanghai Composite index
between its June peak and August trough.
But it ended the year up 10.5 per cent
$5tn
Equity that was wiped out during the rout
in Chinese stock markets in August
0.25%
Rate rise announced this month by the
US Federal Reserve
114
Number of months since the last time the
Fed raised rates. The US unemployment
rate was 4.6 per cent when rates were last
raised in June 2006. Today it is 5 per cent
£10.2m
Price per football match from next season
of the UK TV rights for the Premier
League in a £5.136bn, three-year deal
$238m
Opening weekend take in the US for Star
Wars: The Force Awakens, beating the
previous record of $208m set by Jurassic
World earlier this year
2,477,875
Collective attendance for the Rugby
World Cup, a new record
4,348
Horseracing winners ridden by AP
McCoy, who retired this year
From the small (the time it takes to reach
Ludicrous mode) to the very large (the amount
of debt piling up in emerging markets), FT reporters
present the year’s most compelling statistics
Migration crisis: refugees try to reach the Greek island of Chios on a dinghy in November — AFP/Getty Images
$70m
Fine that Japanese auto parts maker
Takata paid US regulators for concealing
evidence that its air bags could explode
24
Speed in miles per hour of Google’s
driverless car before it was pulled over for
holding up traffic in November
2.8
Seconds it takes a Tesla Model S to get
from zero to 60mph in ‘Ludicrous’ mode
$700bn
Apple’s market value in February, making
it the first company to cross that level. Its
value has since shrunk to about $607bn
$36.69
Price of a barrel of Brent crude on
December 30, down from $55.60 a year
earlier
357bn
Size of Saudi Arabia’s budget deficit this
year, in Saudi riyals
€86bn
Size of the third Greek bailout, agreed in
July shortly after the country voted No to
the terms of an earlier deal
194.8%
European Commission forecast for
Greece’s 2015 debt-to-GDP ratio, the
highest since it entered the eurozone
62%
Irish votes in favour of legalising gay
marriage in May referendum
£2bn
Cost of Japan’s 2020 Olympic stadium
before plans for the new arena were
scrapped by Prime Minister Shinzo Abe
$179m
Sale of Picasso’s “Femme d’Alger” in New
York in May — the highest sum ever paid
for a painting at auction
93%
Tennis matches won this year by Novak
Djokovic, the first man to win six masters
titles in a season
Martin Shkreli: anger grew over ‘price gouging’ in pharma — Eyevine
Janet Yellen: Fed chair’s rate move has global implications
Sepp Blatter: unable to ride out the storm engulfing Fifa — Reuters
7
129
Death toll in the terrorist attacks on Paris
on November 13
$1.5m
Estimated daily income that Isis
generates from oil sales
5,000
Number of centrifuges Iran will be
allowed after the deal agreed in July with
six world powers, down from 20,000
1
The “breakout time” in years that it would
take Iran to build a nuclear bomb if it
abandoned the terms of the accord
17
Number of Republicans who launched a
2016 presidential campaign; 12 remain
24m
TV audience for first Republican debate,
compared with 3m four years ago — a
rise attributed to Donald Trump (above)
79%
Available seats won by Aung San Suu
Kyi’s National League for Democracy in
Myanmar’s landmark November election
8.615m
Former record for London’s population,
which was reached in 1939 and exceeded
early this year. The total is expected to
rise by 25 per cent over the next 25 years
$130bn
Value of proposed merger between
chemical companies Dow and DuPont
$62.5bn
Uber’s market value after its latest round
of funding — the highest valuation for a
private tech company since Facebook
14
Prison sentence in years for Tom Hayes,
the former UBS trader convicted of
rigging Libor. It was later cut to 11 years in
the UK Court of Appeal
96,400
Number of job cuts announced by 11 of
the biggest US and European banks
7%
Ireland’s third-quarter growth, two years
after emerging from a bailout. It is the
eurozone’s fastest-growing economy
$23.7tn
Total debt of companies in emerging
markets, up more than fivefold over the
past decade
31.2%
Decline in the value of the Brazilian real
against the US dollar in 2015
39%
Amount the Swiss franc rose against the
euro when the Swiss National Bank
— AFP/Getty dropped its currency peg in January
2.4m
Record first-week US sales of Adele’s
album 25
21
Age of Jordan Spieth when he became the
youngest golfer to win both the US Open
and Masters in the same year. Spieth’s
PGA winnings exceeded $12m in 2015
$500m
Value of basketball star LeBron James’
lifetime sponsorship deal with Nike
4.5
Hours it took for pictures to be
transmitted back to Earth from the New
Horizons spacecraft on Pluto
8 ★
THURSDAY 31 DECEMBER 2015
Why the globalisers still
retain the upper hand
Debate often boils down to a war between nationalists and globalists
In her recent unsuccessful campaign
during France’s regional elections,
Marine Le Pen, the leader of the far-
right National Front, argued repeat-
edly that international politics is
increasingly pitting nationalists against
globalists. In this respect, if few
others, Mrs Le Pen is correct. All over
the world, globalisation is under chal-
lenge from resurgent nationalist forces.
One of the great political challenges of
the coming year will be to defend the
benefits of globalisation — while fend-
ing off the arguments of nationalists
such as Mrs Le Pen, Donald Trump in
the US and his new admirer, President
Vladimir Putin of Russia.
The benefits of globalisation are both
economic and political. In economic
terms, they include enhanced global
trade and international investment,
which boost prosperity and enlarge
choice for ordinary people. Believers in
globalisation are more interested in
opening borders than closing them.
Globalisation is closely linked to inter-
nationalism in politics, since it involves
a recognition that the world faces
common problems, such as climate
change or refugees, that can only be
dealt with effectively through interna-
tional agreements.
The world’s nationalists increasingly
reject these tenets. In the US and
Europe, they often argue that their citi-
zens have suffered from globalised
trade, and want to reimpose tariffs.
When it comes to migration, the
nationalists want to keep foreigners
out, a policy that, taken to extremes,
can lead to outlandish suggestions such
as Mr Trump’s demand to build a huge
wall along the Mexican border and ban
all Muslims from entering the US.
Defenders of globalisation cannot
simply dismiss the concerns that are
driving voters towards nationalists.
Rising inequality is an important issue
in the US, the EU, and even China. But
New normality for banks
leaves system exposed
Lenders look safer but financial stability has yet to be fully tested
Western policymakers took big strides
in 2015 towards returning the global
financial system to some kind of nor-
mality. The December interest rate
increase from the US Federal Reserve
— nine years after the last rate rise —
was neat evidence of a broader shift.
During the year there had been solid
progress on the last slug of post-crisis
regulatory reforms. New rules govern-
ing the windup of insolvent banks were
outlined, requiring banks’ bonds, in
extremis, to be “bailed in”, through
being convertible to equity. Leverage
rules, limiting banks’ debt-to-equity
levels, were toughened.
At the same time, punishments
began to wane. The cost of settlements
relating to foreign exchange manipula-
tion and mortgage and protection
insurance mis-selling still ran into the
tens of billions of dollars. But for the
banks, the end came into sight.
Evidence that the regulatory pendu-
lum was swinging back from the
extremes of recent years was clearest in
Europe. Martin Wheatley, the hardline
head of Britain’s Financial Conduct
Authority, was sacked. Chancellor
George Osborne signalled an easing of
the tax burden on banks. Lord Hill, the
EU financial services commissioner,
suggested there may have been an
overload of EU regulation.
Europe’s banks also made decisive
breaks with the past. Deutsche Bank,
Credit Suisse, Standard Chartered and
Barclays all appointed new chief execu-
tives and lenders across the continent
embarked on the kinds of cost cuts,
staff lay-offs and strategic restructur-
ing that took place in the US several
years earlier.
It would be foolhardy, however, to
believe that the outlook for the world’s
banks is bright. Many European lend-
ers, in particular, remain hospitalised.
The creation in January of the Single
Resolution Board, to wind up insolvent
the causes are complex and involve
technology and education, as much as
international trade. Similarly, it would
be a mistake simply to wave away pop-
ular concerns about mass migration.
The better solution is to improve popu-
lar confidence in the security of bor-
ders and immigration procedures
while continuing to make the moral
and economic case for the benefits of
immigration.
The best response to the nationalists
in the west and elsewhere is often not to
dismiss their concerns, but to demon-
strate that their proposed solutions are
usually impractical or dangerous.
Countries such as France, the UK and
the US are already multicultural and
multifaith societies. Attempting to
reverse those social changes is both
unrealistic and a recipe for conflict. It is
legitimate, however, to insist all citi-
zens subscribe to certain values, to
make multicultural societies work.
Next year is likely to see some impor-
tant set-piece political battles between
nationalists and internationalists. In
the US, the nationalist wing of the
Republican Party is currently in the
ascendancy, in the form of Mr Trump
and his closest rivals, such as Senator
Ted Cruz. In the EU, nationalist politi-
cians are already in power in Hungary
and Poland, and remain a potent force
in France. In the UK, a likely referen-
dum on whether Britain should stay in
the EU will provide a vital set-piece
between nationalists and internation-
alists, whose result will change the tone
of politics across Europe.
Supporters of globalisation and
international co-operation should
enter 2016 vigilant, but in good heart.
Some of the battles ahead will be
uncomfortably close. But economic
logic, social trends and liberal values
are all on the side of the globalisers.
They are still likely to win more battles
than they lose.
banks, will pose another challenge for
weaker institutions.
Lord Hill’s great white hope is to fos-
ter a “capital markets union” — spur-
ring bond markets to replace banks as
companies’ core source of funds. The
US balance of corporate finance, with
three-quarters of funding secured
through markets and only a quarter
through banks is seen as a model for
Europe, where the current structure is
the inverse. Mimicking the US, though,
is not the panacea that some make out.
Even if stubborn national legal struc-
tures could be rationalised, Europe
simply does not have the flow of invest-
ment, coming from private pensions,
or pre-funded state retirement struc-
tures, to support European companies’
debt requirements.
Plenty of challenges lie ahead in
2016. Despite the Fed’s December rate
rise, the distortive effect of extended
low interest rates will resonate for
some time. As well as constraining
banks’ recovery through compressed
margins, there is a host of assets whose
valuations have been inflated by inves-
tors’ desperate search for a decent
return — the infamous “hunt for yield”.
There is a well-trailed danger of
these asset bubbles bursting, most
obviously in China and other emerging
markets exposed to a strengthening
dollar. The post-crisis financial system
is in some ways readier to absorb such
shocks. Bank capital and liquidity are
much more robust than they were
before 2008. As 2016 dawns, however,
other weaknesses should worry policy-
makers.
Most concerning is the vast scale of
the asset management industry, com-
bined with banks’ inability to buffer
market volatility through traditional
market making. If monetary policy is
to continue its return to normality, the
world urgently needs to develop more
effective financial stability policies.
FINANCIAL TIMES
We need transparency over Nord Stream 2
Sir, There can be different views
to those of Mikhail Korchemkin
(Letters, December 29) as to whether
additional Russian gas flowing through
Germany via Nord Stream 2, as an
alternative to flowing the same gas
through Ukraine, would increase or
decrease European gas security.
Similarly, I have a different view of who
was “punished” by Gazprom’s
contractual limitation of supplies to
Europe during winter 2014-15, when
this unwise policy led to no discernible
increase in prices, loss of sales for
Gazprom, and substantial irritation (or
worse) on the part of the company’s
customers.
However, the different views of Nord
There is no pleasing the
chronically dissatisfied
who are happier angry
Sir, Regarding Frank Luntz’s op-ed
“Trump’s bile is a healing balm for
spurned Americans” (December 28):
there is a political subtype of the
chronically dissatisfied that cuts across
party lines. Interested in change but
only if precisely on their own terms,
many of them would secretly prefer
not to have to give up complaining.
They are happier angry. Alongside the
Trump curmudgeons in this category
are Oberlin students who don’t like
how their food is cooked, Yale students
who object to Halloween and
environmentalists who disapprove of
fracking because it is not windmills,
never mind that it reduces emissions
and doesn’t harm the water supply.
There is no pleasing this crowd so no
point trying. They make a lot of noise
but they are never the majority. Most
people don’t have time to spare on
rage.
Mr Luntz is a pollster and so, one
assumes, a believer in polls. I’m waiting
to see what the American primary
voter does when he is filling out a ballot
instead of a questionnaire. A campaign
that feeds on anger and resentment
fizzles over time. Voters become bored
with the crabbiness and negative
energy. We want to vote for, not against
something. I will be surprised if Donald
Trump prevails in both New
Hampshire and Iowa. I hope I won’t
have to eat my hat.
Margaret McGirr
Greenwich, CT, US
‘Populist’ may simply
mean anti-establishment
Sir, I read with interest James Politi’s
interview with Italian prime minister
Matteo Renzi (“Tide of austerity-driven
populism is rising among EU’s voters”,
December 22). Mr Renzi’s analysis
makes sense, but the use of the term
“populism” may deserve a rethink.
Voters change their opinion in
response to changed circumstances,
and if establishment parties are
unresponsive to their cause, they look
elsewhere. In response to electoral
reversals, establishment parties,
especially in southern Europe, should
look within rather than blame
“populism”. When the right party
(political party of the right) wins, it is
termed a triumph of democracy, while
if the left or far right wins, the victory
is described as “fanning the flames of
populism”. Since in a democracy all
votes are considered qualitatively
equal, what is the distinction in the
difference?
Michael Fernandes
Chapel Hill, NC, US
2015:
A year in a
word/n.
The series concludes with
a reminder of a defining
moment in the Labour
party’s election defeat
Letters
Stream 2 raise an important issue of
European energy regulation, which is
whether this is a rules-based process or
a process where political judgments
can override regulation. Some EU
representatives tell us that Nord
Stream 2 is “not needed” because gas
demand is falling, and there is enough
capacity through existing pipelines (via
Ukraine) to deliver Russian gas to
Europe. Others tell us that the Nord
Stream 2 pipelines can be built as long
as they “fully comply with Third
Energy Package regulation”.
In order not to discredit EU energy
regulation we need complete
transparency in the decision process
and the authority of the European
‘It’s the first year he’s never had to
wear his vest’
Push against stereotypes
to refresh the boards
Sir, Mackenzie Weinger rightly
identifies that the increase in the
number of women on boards has not
been remotely significant for executive
directorships, but mostly non-exec
positions (“Women’s board progress
limited to non-exec roles”, December
30). We might want to extend the
argument further to a more radical
approach to diversity way beyond
quotas for women on boards.
Might now be the time to push
against stereotypes on a number of
fronts to counter the dangers of board
groupthink? Boards with more diverse
backgrounds, wider age range, more
women, more experience of start-ups
and entrepreneurial businesses, digital
and social media, for starters.
Nomination committees taking this
broader approach to board
refreshment just might find more
women being drawn through into the
boardroom, and quite quickly.
Barry Gamble
Chairman,
Russam NEDgroup,
London N1, UK
Probable outcomes for
a seventh-century entity
Sir, S Cohen (Letters, December 23)
objects to the use of the term “State” in
“Islamic State”. The term “state”
applies, by common understanding, to
an entity that has a general physical
command of a territory and its people;
exercises exclusively civil and criminal
jurisdiction; taxes and spends; has
legitimacy based by an ideology or
religion; whose conduct is regulated by
a clearly enunciated constitution; and
has relations with foreign states. Today,
the Islamic State fulfils many, if not all,
of these six conditions. Further, its
appropriation of the term “caliphate”
Edstone
(Noun) — A monument to political
hubris. Named after the ill-fated carved
limestone slab commissioned by former
British Labour leader Ed Miliband to
remind him of the promises he made
before the 2015 general election.
Ed Miliband intended to erect the
“pledge stone” in the garden of 10
Downing Street after he had led
Labour to election victory; a daily
reminder of the six key promises he
made to win power.
Instead David Cameron returned to
Number 10 and Mr Miliband’s one ton
“Edstone” ended up in a warehouse on
an industrial estate in south London,
its final fate unknown.
The fact the 8ft 6in-tall monument
looked like a gravestone appeared to
pass unnoticed by the party’s media
managers, but when it was unveiled
on television one Labour official was
witnessed screaming in despair.
“They’re carved in stone because they
won’t be abandoned after the general
election,” Mr Miliband said of his
promises. Labour’s campaign vice-
chair Lucy Powell added to the
problem by suggesting the six policy
pledges on the Edstone were not
worth the limestone they were
engraved on. “I don’t think anyone is
suggesting that the fact that he’s
carved them in stone means he’s
Commission in respect of Nord Stream
2. Is it the commission that decides
whether pipelines are necessary, or is
this rather a risk for investors which
will be financially penalised if it turns
out there is no demand for this gas and
therefore the pipeline capacity?
If, as a result of the EU-Ukraine
relationship, there are political rules
for new Russian gas pipelines — the
new wording appears to be “compliant
with Energy Union objectives” — we
need to know what these are and their
status in relation to regulation.
Prof Jonathan Stern
Chairman and Senior Research Fellow,
Natural Gas Research Programme,
Oxford Institute for Energy Studies, UK
(which is what it calls itself) gives it
legitimacy in the minds and hearts of
many Muslims worldwide. But like Ms
Cohen, other Muslims contest the use
of “Islamic” in the term and, as a
result, may be prepared to call it
Daesh.
These terminological issues, which
serve only to obfuscate reality, do not
help in understanding this revival of a
seventh-century entity that only
ceased to exist in 1924. It may end as
did the 1804 Sokoto Caliphate of
Usman dan Fodio in northern Nigeria
or as did the 1882 Khalifat of the Mahdi
in the Sudan. The former was defeated
after a rule of 100 years by armies led
by General Frederick Lugard in 1903
and converted into the British
Protectorate of the Sultanate of Sokoto,
while the latter was utterly
extinguished after 16 years of its
existence by the Anglo-Egyptian force
led by Lord Kitchener, much to the
acclamation of the Islamic world. Are
there any other probable outcomes
than these for the current Syrian-Iraqi
caliphate?
Gautam Pingle
Hyderabad, India
Employees in the US
assign all patent rights
Sir, Thank you for publishing the
excellent article on Shuji Nakamura’s
renowned contributions to light-
emitting diode technology (“Bright
idea pioneer shining a light on
innovation in Japan”, Business Life,
December 29). However, it may leave
your readers with the mistaken
impression that US companies have
markedly different policies concerning
patent remuneration for inventors.
It is standard practice in the US,
including Silicon Valley, that
employees agree to assign all patent
rights to their employer as a condition
of employment. There will typically be
an award of somewhere in the range of
$1,000 to $2,000 for an awarded
patent, and perhaps a smaller award
for a filing. Yes, there may be stock
options, or something similar, but it
would be a very rare company indeed
that tied these to some fraction of what
it earns from a patent.
On an unrelated point, the article
mentions that it took approximately 20
years for LEDs to achieve some success
in the illumination market. In fact, this
is a fairly typical time lag between
invention and economic success for a
new technology. In the LED’s case, this
was driven by cost and efficiency (the
amount of visible light emitted per
watt of electrical power). It is only
fairly recently that LEDs have become
competitive with incandescent and
fluorescent lights.
Mark Flynn
San Jose, CA, US
absolutely not going to break them or
anything like that,” she said.
Mr Miliband’s policy supremo
Torsten Bell was identified as the
brains behind the Edstone. Mr Bell’s
Scandinavian background prompted
some to suggest the inspiration was a
Norse runestone.
The Edstone became a byword for
political hubris: even as Mr Miliband
was making plans for the Number 10
garden, political support was draining
away and he led Labour to one of its
worst defeats. Now a backbench MP,
Mr Miliband’s relaxed countenance is
Thursday 31 December 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Fear of slippery slope
has paralysed Obama
Sir, David Gardner makes a crucial
point, frequently ignored, about the
difficulty of removing Bashar al-Assad
from power: namely, that President
Assad’s person (together with his
family) is bound up with the very
structure of the state (“A chasm at the
heart of the Syria crisis”, December
28). Mr Assad’s is a virtually
totalitarian, Ba’athist regime, the sister
of Saddam Hussein’s, in which he and
his family are its linchpin. Removing
Mr Assad would therefore entail
massive regime change; how else could
a transition to the pluralist government
Barack Obama envisions for Syria be
effected? This is a stumbling block that
the Obama administration seems not
to have thought through.
Actually, it would appear to be
another instance of what Elizabeth
Drew, a political writer and Obama
supporter, once described as the
president’s penchant for feinting in the
direction right-thinking people would
encourage him to go, while failing to
follow through because of his inner
lack of faith in the policy. Failure to
provide Ukraine with the necessary
weaponry for its self-defence, while
preferring largely ineffectual sanctions
on Russia, is one instance. Mr Gardner
highlights yet another: Mr Obama
“called for the downfall of the Assads
but then held back from giving the
mainly Sunni rebels the means to
achieve it”. Or, as David Remnick
remarked in a recent New Yorker
article on John Kerry: “But no one
could convince Obama that deeper
involvement [in Syria] would avoid a
repetition of the Iraq fiasco.”
A chronic and arguably irrational
fear of the “slippery slope” has
essentially paralysed Mr Obama’s
conduct of foreign policy, to which the
current bombing campaign in Syria
and Iraq is no exception: it is meant to
avoid further US commitment while
containing rather than defeating the
terrorist enemy. Look for Mr Obama’s
successor to follow through.
Albion M Urdank
Los Angeles, CA, US
Pharma emasculated
by the surgeon general
Sir, Guy Wroble writes (Letters,
December 24) that in wartime the
federal government has imposed price
controls on medicines. It might interest
him to know that during the American
Civil War it went a step further.
When pharma companies began
price gouging the army, Surgeon
General Alexander Hammond
responded by announcing that the
United States was going into the drug
business, and would shortly begin
construction of its own pill mill.
Although a site was acquired, the
factory was never built. There was no
need. Not a spade of earth was turned
nor a brick laid before medicine prices
came tumbling down.
This was not the only bold stroke
undertaken by Dr Hammond, and not
the last to ruffle some feathers. In 1864
his adversaries had him court-
martialled. Not to put too fine a point
on it, he was framed. After dismissal
from the service, he began a campaign
to have the verdict reversed; it took 15
years, but he was at length exonerated.
Harvey Clark Greisman
Wilmington, DE, US
COMMENT ON FT.COM
Larry Summers blog
The US Federal Reserve needs repair, but
only after prudent reflection
www.ft.com/larry-summers
testimony — according to colleagues —
that he thinks history will judge him
and his leftwing prospectus kindly.
Labour’s election defeat and
consequent change of leadership also
had the serendipitous effect of giving
the world another new word:
Corbynomics. This noun relates to a
brand of economic thought espoused
by Mr Miliband’s successor, Jeremy
Corbyn, an enthusiast for higher taxes
and higher state spending. This
phenomenon was spawned by another
political word of 2015: Corbynmania.
It describes the process where an
obscure leftwing politician takes over
a venerable political party, making
Labour MPs and media pundits who
said it could not happen look foolish.
This should not be confused with
Cleggmania: an obsolete word to
describe a swelling of popular support
for the leader of a small party, in this
case Liberal Democrat Nick Clegg.
Such mania can lead to chronic
disappointment.
The fact that Mr Corbyn is more
leftwing than Mr Miliband, and
conceivably even further away from
mainstream voters, has convinced
many Labour MPs that Corbynmania
and Corbynomics will end up going
the same way as the Edstone.
George Parker
www.ft.com/words
Thursday 31 December 2015
Forecasting the world in 2016
A
new year beckons and the
Financial Times once more
indulges in the ritual of
forecasting the 12 months
ahead. Our experts and
commentators set caution to one side
and predict what will happen in every-
thing from the US presidential election
to the Euro 2016 football tournament.
A quick judgment on how they did
last year. Ed Crooks correctly forecast
that the oil price had further to fall, a
brave claim at the end of a year in which
it had already halved. Martin Wolf said
the ECB would adopt full quantitative
easing, which it did. Clive Cookson
rightly opined that Ebola would be elim-
inated in west Africa by the close of
2015. Gideon Rachman said Vladimir
Putin would annexe no further territory
in Ukraine and Europe. Not many at the
end of 2014 were saying that.
We got one wrong. Jonathan Ford was
among many who assumed the British
general election would end in a hung
parliament (he went so far as to predict
a national government). Otherwise, the
fault last year lay not with the answers
we gave but the questions we failed to
ask. We did not foresee a surge of Isis-
sponsored terrorism in France; that
Russia would take military action in
Syria; and that the migrant crisis would
become a grave threat to the EU. In 2016
too, events will happen that are as yet
beyond our imagination.
James Blitz
Will Hillary Clinton win the US
presidential election?
Yes. It will be a rollercoaster election —
and the nastiest in memory. Mrs Clinton
will be pilloried by her Republican
opponent, Ted Cruz, for her character
flaws and weaknesses in the face of
America’s enemies. A large chunk of the
electorate will hold up the Clinton name
as an emblem of all that is wrong — and
corrupt — about today’s America. But
elections are still won in the centre, or
what is left of it, and Mr Cruz will be too
far to the right of the median voter to
make it to the White House. Despite
uncomfortably close polls, Mrs Clinton
will win the electoral college by a land-
slide. Democrats will take back the Sen-
ate. But she will start her term in a very
polarised Washington. There will be no
honeymoon.
Edward Luce
Will Britain leave the EU in the
referendum expected in 2016?
No. Britain will vote to stay in the Euro-
pean Union. Not with any sense of
enthusiasm or excitement but because
the innate common sense of British vot-
ers ultimately will prevail. Forget the
technical arguments about whether
David Cameron manages to secure a
good deal in his renegotiation or
whether the UK gets back its contribu-
tion to Brussels in increased investment
and trade. Consider instead the protago-
nists on both sides. In the end voters will
choose between the calm logic of former
prime minister John Major and the pop-
ulism of Ukip’s Nigel Farage. My money
is on Mr Major. If I am wrong, Britain
faces truly turbulent times.
Philip Stephens
★ FINANCIAL TIMES
As a new year approaches, FT writers indulge in a feast of predictions — from the
price of oil to Vladimir Putin’s next moves
Will Bashar al-Assad still be in power 12
months from now?
Yes. Assad will remain nominally presi-
dent of Syria in 2016, even if in reality he
has already been reduced to the status
of the biggest warlord rather than the
ruler of a state. Militarily, he has been
bolstered by the Russian military inter-
vention that has targeted his rebel ene-
mies. Politically, a US-Russian plan
agreed in recent weeks envisages an 18-
month transition and is fraught with
risks. Even in the event that a peace
process gains traction, Mr Assad will do
his best to stall and hold on to his seat of
power in Damascus.
Roula Khalaf
Will the Bank of England finally raise
interest rates next year?
No. The Bank of England will flirt with
rate rises through much of 2016, it will
tease, but in the end it will not put its
money where its mouth is. It has good
reasons to avoid a decision. Inflation
will lift off from zero very slowly, wage
growth is weak; oil prices are weaker;
and deficit reduction will prevent a
boom. The BoE is keen to try its new
powers to limit credit first before think-
ing about interest rates. The conse-
quences of a spell of higher than target
inflation are also limited. Later in the
year, the BoE might decide to act, but
even if it did, it would not make much
difference. As far as interest rates are
concerned, Britain is in what governor
Mark Carney says is a “low for long”
world for some time longer than 2016.
Chris Giles
Will at least one member of the group
of 20 leading economies request an
IMF assistance programme in 2016?
Yes. Within the G20, no developed
member will need a rescue. The only
conceivable candidate is Italy, given its
high public debt. But the European Cen-
tral Bank’s support, including quantita-
Cruz will be tive easing, protects it.
The G20 also contains 10 emerging
too far to economies. Some are being buffeted by
the right of sharp falls in commodity prices (Argen-
the median tina, Russia and Saudi Arabia are prime
examples). Some run significant cur-
voter to rent account deficits (Saudi Arabia
make it to the again springs to mind, along with Brazil
White House and South Africa). Both India and South
Africa have fairly large fiscal deficits.
Others, such as Brazil, have a smaller
The innate deficit but a sizeable burden of public
debt. The countries that tick all the
common boxes for instability are Argentina,
sense of South Africa and Brazil. Under stress,
British those countries have recently changed
finance ministers. Argentina has a new
voters government that promises a new
ultimately approach. The IMF stands ready. Will at
will prevail least one of these countries call upon it?
It seems likely.
Martin Wolf
Assad will
Will Angela Merkel still be German
do his best chancellor at the end of the year?
to stall and No. Although 2015 ended with Ms Mer-
hold on to kel receiving a standing ovation at the
conference of her ruling Christian Dem-
his seat of ocratic Party (CDU), 2016 is likely to see
power in the end of her long reign as chancellor.
Damascus That ovation looked like conclusive
proof that her job is safe — despite the
Comment
pressures caused by the arrival of about
1m refugees in Germany in 2015. But
Ms Merkel has now promised to reduce
refugee flows next year. This is likely
to prove undeliverable as desperate
migrants, aided by people smugglers,
continue to flow in.
Admiration for the chancellor’s cour-
age and moral leadership will give way
to uncertainty and discontent. The
cracking point could be a revolt from
local governments, who pronounce
themselves unable to cope with the
numbers. That, in turn, would finally
provoke a challenge to the chancellor
from within the CDU, making her posi-
tion untenable.
Gideon Rachman
Who will win the Euro 2016 football
tournament?
Belgium, the best team in the world,
according to recent Fifa rankings. That
arcane coefficient overstates Belgium’s
quality, but not by an exorbitant mar-
gin. Through an advanced system of
scouting and coaching — and a liberal
naturalisation policy for immigrants —
this small nation under a rickety state
has produced a torrent of elite players.
Belgium can field an attacking trio of
Eden Hazard, Kevin de Bruyne and
Romelu Lukaku, Premier League stars
whose combined market value would
touch £150m. The German squad is
more seasoned, Spain’s more cohesive,
but Belgium lacks little in sheer techni-
cal quality. With France playing host,
there is also something akin to home
advantage.
Janan Ganesh
Will Brazil’s Dilma Rousseff be
impeached before the Olympic Games
begin in Rio?
No. But it will be a close-run thing. For
now, Ms Rousseff probably has enough
support in Congress to stop the process.
But the more time passes, the worse the
country’s recession and the weaker her
political support becomes. Impeach-
ment proceedings, even if the House of
Representatives votes for them to go
ahead, will probably only begin on Feb-
ruary 10. Assuming the process’s com-
plex sequencing then takes its full 180
days, Ms Rousseff could be impeached
in mid-August. That would be after the
Olympics officially starts on August 5 —
phew — but, still in time for the high-
jump final on August 16.
John Paul Rathbone
Will China devalue the Renminbi
significantly next year?
Yes. China has good reasons to want to
keep the renminbi stable against the US
dollar in 2016 — a strong merchandise
trade surplus, massive foreign exchange
reserves and a desire to show the world
that the “redback” is a worthy reserve
currency. But the renminbi is still likely
to depreciate to about Rmb7 to the US
dollar, down from about Rmb6.48 cur-
rently. The flagging Chinese economy is
likely to need at least two interest rate
cuts next year while the US dollar is
supported by continued Fed tightening.
That should keep capital outflows from
China at a high level, putting downward
pressure on the currency. The ren-
minbi’s trajectory is unlikely to be
smooth. This may well be the most vola-
tile year ever for the Chinese currency.
James Kynge
Will Jeremy Corbyn still lead Britain’s
Labour party a year from now?
Yes, and for several reasons. The first is
that a majority of the party, if not its
MPs, want him to. Despite Labour’s
weak showing in the opinion polls, the
rank-and-file seem happy with the
direction the party is taking. Then,
there is the congenital loyalty of Labour
MPs. Unlike the Tories, the party has
never excelled at assassinations. And in
any case if, as now seems likely, Mr Cor-
byn tweaks the party’s unclear leader-
ship election rules to ensure that the
incumbent is on the ballot come what
may, any challenge would be quixotic at
best. It took the full rhetorical force of
Ernest Bevin to hound Labour’s last pac-
ifist leader, George Lansbury, into
retirement in 1935 when the then union
boss persuaded the party to stand up to
fascism. Today’s Labour is still waiting
for its Bevin. They seem unlikely to
show up next year.
Jonathan Ford
Will Abenomics fail in 2016?
No. The record of Abenomics is mixed,
but on balance, it has done Japan’s econ-
omy more good than harm. That will
continue in 2016. True, the central goal
— to get inflation to 2 per cent — has
been missed. Because of the oil price col-
lapse, inflation, as normally measured,
is still hovering around zero. Shinzo
Abe’s government compounded the
problem by prematurely raising con-
sumption tax, taking money out of peo-
ple’s pockets just when it wanted them
to spend. Yet the broader reflationary
goals of Abenomics are working.
Stripped of energy prices, inflation is
about 1 per cent. Public debt has
stopped rising as a percentage of nomi-
nal output. Japan’s companies are mak-
ing record profits. Mr Abe’s problem is
that he has pledged to raise the con-
sumption tax again in 2017. That is
when the crunch could come.
David Pilling
Will Russian athletes compete in the
2016 Olympics?
Yes. There is no political will to punish
Russia for resurrecting the mass doping
of the Soviet era. Last month, it became
the first country in history to be sus-
pended indefinitely from athletic com-
petition until it can prove it is clean. But
Moscow and the west are keen to mini-
mise the embarrassment of an inde-
pendent report that listed some of the
worst abuses the sport has seen. To com-
pete in Rio, Russia will have to fire any
officials that have been part of doping
programmes, resolve all pending disci-
plinary cases, investigate its doping
culture and demonstrate that it has
changed its ways. The Russians say this
will take three months.
Malcolm Moore
Will sales of cars with diesel engines fall
in Europe in 2016?
Yes. European car buyers were already
growing less enamoured with diesel
9
Sarah Hanson
Admiration
engines, and the autumn revelation that
Volkswagen had installed software to
for Merkel’s cheat on emissions tests in 11m diesel
courage vehicles worldwide will exacerbate the
and moral decline. Diesel’s penetration among new
European cars peaked at 55 per cent in
leadership 2010 and has been dropping fast in
will give way France, where subsidies have been
to discontent reduced and scepticism about the envi-
ronmental impact has risen. VW is a
particularly big maker of diesel engines
The flagging and its sales dropped more than 20 per
cent in key markets in November after
Chinese the scandal. In 2016, diesel’s share will
economy is shrink so fast that it will outweigh the
likely to need growth in the overall car market.
Brooke Masters
at least two
interest rate Will Brent crude end the year over $50?
cuts next year Yes. The oil market in 2015 was brutal
for anyone trusting in a rapid rebound
from the previous year’s crash. The
Brent crude tenacity of the US shale industry and
surges in output from Iraq and Saudi
below $50 Arabia meant the world was awash with
a barrel is crude. Next year, the lifting of sanctions
too low for on Iran could bring yet more oil to the
market. Still, the financial torments of
the industry oil producers worldwide are forcing
to make them to cancel projects and cut drilling
investments programmes, curbing future supplies,
and the impact will become apparent.
Brent crude below $50 a barrel is too low
for the industry to make the invest-
ments needed to meet growing global
demand. Providing the world economy
does not skid into recession, this looks
like being the year that the oil price
heads back to more sustainable levels.
Ed Crooks
Will George Osborne scrap tax relief for
pensions in his March Budget?
Yes. The UK chancellor put off making a
decision on the matter at November’s
Autumn Statement. But he sent a strong
signal that far reaching change is com-
ing. Upfront tax relief on pension contri-
butions currently costs the exchequer
nearly £50bn a year. A mooted “Pen-
sions Isa” would slash this bill as work-
ers would accumulate savings out of
their taxed income instead, with the
guarantee of withdrawing it tax-free
upon retirement. The change would
take years to implement. Taxpayers
could prepare by making maximum
contributions into pensions before the
end of the tax year in April.
Claer Barrett
Will 2016 be the year virtual reality
finally takes off?
No. But it will be the year in which many
experience for the first time what may
one day be the most transformative of all
technologies. The first view through a
VR headset — the chunky goggles used to
view alternative 3D versions of reality —
is, for most, unforgettable. But great
demos don’t make an industry. While
VR games are starting to appear, there is
a shortage of content for the devices.
And the applications that will push it
into the mainstream — like visiting a
doctor or holding an office meeting in
virtual space — are more dream than
reality. Still, the technology is set to cap-
tivate the public imagination. Physical
realitywillneverseemthesameagain.
Richard Waters
10
Robot workers
revealed as
binary in more
ways than one
Emma Jacobs
Businessandsociety
In a break with tradition,
clubs in the capital are
trying to blend business
with leisure, writes
Harriet Agnew
I
n London’s old guard of private
members’ clubs, mobile telephones
were outlawed, conducting busi-
ness was ostensibly banned and the
surroundings were designed with
socialising in mind.
Now a new breed of members’ clubs is
cropping up that is turning these prac-
tices on their head and blurring the line
between work and leisure.
The changing nature of these institu-
tions illustrates how technology and
flexibility are reshaping working prac-
tices in 21st-century London. It reflects
how a growing cadre of smaller compa-
nies, entrepreneurs and freelancers
don’t wish to spend a fortune on an
office but nor do they want the loneli-
ness of working from home.
Many of these new iterations take
what they see as the best parts of old-
style members’ clubs — a carefully
selected membership list, reasonably
priced food and impeccable service —
and add to this to make them more con-
ducive to working.
One launch that epitomises the trend
is 12 Hay Hill, just off Berkeley Square.
The club has set out to develop a com-
munity of international business people
who want a physical presence in May-
fair and are seeking to build a network
of business contacts.
Since opening in September, 12 Hay
Hill has attracted more than 700 mem-
bers, who can choose between perma-
nent offices and social memberships.
Individual club memberships are
£1,800 a year and the £500 joining fee is
waived for members of Urbanologie, a
luxury lifestyle app.
Simon Robinson, a former crown
equerry, or senior royal aide, is chief
executive. He says: “The inspiration was
that in most other private clubs you
can’t get out your mobile, let alone a lap-
top. Many people are putting together
meetings in hotel rooms and lobbies or
having a nightmare with serviced
offices.”
Clubs such as 12 Hay Hill — and forth-
coming London openings such as the
Devonshire Square Club, Neue-
House and Ten Trinity Square — aim to
bring meeting rooms, Michelin-starred
chefs and in-house events under one
roof.
Improvements in technology are
helping them to address the frustrations
of working on the hoof, which previ-
ously meant meetings in noisy hotel lob-
bies or sterile, serviced offices, often
with patchy WiFi connections.
Perhaps the biggest factor behind the
changes is the vast increase in the capa-
bility of smartphones and tablets, which
has helped ensure that people are never
switched off.
“You used to go to a club and you
weren’t allowed to talk about business,”
says Brian Clivaz, an influential figure in
the London private clubs scene who was
behind Home House and the Dover
Street Arts Club. He is managing direc-
tor of the Devonshire Square Club,
which opens at the end of April.
He says: “Now your mobile is basi-
If you were to design a robot to assist in
a kindergarten, handing out water,
tidying and watching out for grazed
knees, what would it look like? A bulky,
shouty metal hulk? Or a gentle-voiced
android that mimicked a carer?
Assuming you are not the Child
Catcher, the answer is likely to be the
latter. If robots are to provide support
in the workplace of the future, they
might prove less shocking if they
attempt to blend in. Carers tend to be
women, so perhaps engineers should
recreate them in metal form: with
female voices and bobbed helmet hair.
To be human is to
anthropomorphise. In an experiment
published this year in Nature,
participants were shown photographs
of a human and a robot hand being cut
with a knife. The volunteers felt
empathy for the human and the robot.
The extent of this tendency to
impute human characteristics to
machines was brought home to me
earlier this year when I visited
Xchanging, a company in the City of
London that provides business process
services, procurement management
and IT outsourcing. The machines that
replaced the mundane and tedious
work of data entry were no more
human than a hard drive, yet they were
dubbed Henry and Poppy. Even the
French boring drills used in the
Channel tunnel were given names.
There have been cases where a
machine’s “gender” has caused
problems. In the 1990s, BMW
reportedly had to recall German cars
installed with its navigation system
because back then, it seems, male
London members’ clubs open
up to new ways of working
cally a mobile computer and you’re
never out of the office. That’s the mod-
ern phenomenon. Nowadays people just
work all the time. Work and play are
combined.”
The team behind the Devonshire
Square Club, near Liverpool Street
railway station, have been working on
their venture for three years. In a
former warehouse, the Devonshire
Square Club will have everything from
meeting rooms and private dining to a
screening room, hair salon and Pilates
studio.
On the other side of Berkeley Square
from 12 Hay Hill lies the newly refur-
bished Mark’s Club, on a discreet Geor-
gian street. For serious networkers,
there are few places more sought-after
and private.
It is where UK Prime Minister David
Cameron went for dinner with his wife
Samantha to celebrate his election vic-
Women welcome
London clubs such as Pratt’s,
Boodle’s and the Garrick Club
continue to exclude women. In
contrast, many new members’ clubs
want to ensure the sexes are
equally represented.
Brian Clivaz, of the Devonshire
Square Club, says: “The City has
always been incredibly
masculine . . . it’s time there are
more feminine places around.”
Simon Robinson, chief executive
of 12 Hay Hill, adds: “We want to
provide a balanced mix of
people, male and female. The
golden thread through this is
business.”
★ FINANCIAL TIMES
BUSINESS LIFE
drivers objected to taking directions
from a woman.
There is a danger that by assigning a
gender to robots we reinforce
stereotypes in the workforce: a
problem not just for women but men
too. Research by the University of
Bielefeld, in Germany, published in the
Journal of Applied Social Psychology,
investigated attitudes to robots when
they were assigned a gender. In the
experiment, they showed two robots to
a group of men and women. The robots
looked the same except for their
hairstyles and the shape of their lips.
The one with longer hair and fuller lips
was seen by the groups as “female”, the
short-haired one was “male”.
Consequently, the male robot was
perceived as capable of more
“masculine” tasks — repairing
technical devices, guarding a home.
The female robot was seen as suitable
for stereotypical activities such as
housework and caring.
While humanoid robots are not
about to take over our nurseries in the
immediate future, such studies raise
important questions about gender and
technology. Wendy Hall, professor of
computer science at the UK’s
University of Southampton, notes that
there is a tendency to see science as
pure and objective. Yet even
algorithms — a set of instructions to be
applied to data — reflect human
assumptions. They model the world
and can be infused with unconscious
bias, she told me. This was brought
home in a study of Google’s algorithms,
for example. Researchers at Carnegie
Mellon University and the
tory in May. He was recently made an
honorary member of the club, which
costs £2,000 a year on top of its £1,000
joining fee.
Originally opened in 1973 by Mark
Birley, who helped reinvent the London
club scene in the 1970s, it is now part of
restaurateur Richard Caring’s empire,
alongside nearby ventures Annabel’s,
Harry’s Bar and Sexy Fish.
In September, Mark’s Club reopened
after a refurbishment by interior
designer Tino Zervudachi.
“A member of Mark’s is someone who
has a story to tell,” says Peter Dubens,
founder of London-based Oakley Capi-
tal, who is behind the refurbishment
with financier Charles Price. “A lot of
people would like to come to Mark’s and
not think about business.”
Nonetheless, after the refurbishment
several changes were made to reflect the
way that people are now working.
Mark’s Club has relaxed its dress code to
allow people in without a tie, and people
are allowed to use their telephone and
send emails in a private room on the top
floor.
Mr Dubens says: “People travel so
much, you need to be able to use your
telephone. They are working in a far
more fluid way — telephones have
become personal computers and people
are not necessarily sitting at their
desks.”
Joshua Abram is co-founder of Neue-
House, which describes itself as a
“workspace for creative people and
entrepreneurs as well as events”,
attracting members from “film, fashion,
design, publishing and the arts” by word
of mouth.
It opened in New York in 2013, in
Los Angeles two months ago and will
launch in London next summer in the
‘
International Computer Science
Institute found that male job seekers
were more likely than their female
peers to be shown ads by the search
engine for high-paying executive jobs.
When it comes to talking about the
structure of work in the next machine
There is a age, gender has largely been left out.
Hopefully, this will be redressed in part
danger that by the World Economic Forum, which
by assigning is researching the topic ahead of its
annual meeting in Davos in January. In
a gender to a paper published in November, it
robots we stated: “What is missing from the
debate is a gender lens.”
reinforce It is not yet clear how automation
stereotypes will affect men’s and women’s work.
Martin Ford, the author of The Rise of
in the the Robots, which won the FT and
workforce
’
McKinsey business book of 2015
awards, believes that industries where
men tend to work — manufacturing,
finance and warehouses — are
particularly susceptible to automation,
either via actual machines and robots
or software. “In the near-term
automation seems likely to fall more
heavily on men,” he says.
I doubt this spells “the end of men”
to borrow the title of Hanna Rosin’s
2012 book, which argued that women
would dominate the future workforce.
The male-dominated technology
sectors are in the ascendancy, after all.
Yet it does highlight that the future of
work should not be viewed just
through the prism of “man and
machine” but of women too.
Michael Skapinker is away
emma.jacobs@ft.com
Peter Dubens of Art Deco Adelphi buildings near Water-
Mark’s Club, loo Bridge.
which made Mr Abram prefers to describe Neue-
Prime Minister House as a community rather than a
David Cameron club. He says there is a “newly mediated
an honorary division between work, play and learn-
member ing. Prior generations knew when they
Charlie Bibby
were at work, knew when they were
entertaining, when they were at a cul-
tural event. This generation is capable
of blurring those things.”
NeueHouse is just one of several
launches coming to London in the next
few years. Gansevoort Hotel Group
founder Michael Achenbaum is opening
a new “urban resort” in Shoreditch,
which is also set to include a business
club and meeting and event space. The
backers of the Arts Club in Mayfair are
building a club in Canary Wharf, set to
open in 2018, which will be targeted at
business people.
Many of these new clubs pitch them-
selves as places where members can
build contacts and be in the company of
like-minded business people.
Nathalie Dauriac-Stoebe, a former
private banker at Coutts, is launching a
wealth management firm. Rather than
renting office space she decided to
become a member of 12 Hay Hill and
run her business from there.
“It’s buzzing,” says Ms Dauriac-
Stoebe. “I love being able to talk to peo-
ple from completely different busi-
nesses. We all help each other.”
Mr Abram says of NeueHouse
that high-quality networking is a
selling point: “Members often tell
us how someone they met at Neue-
House — a person working in a field
unrelated to their own — provided the
inspiration to solve a [previously]
intractable problem in their own area of
expertise.”
The review
An intriguing look at Bolshoi’s
turnround after acid attack
EMMA JACOBS
Bolshoi Babylon
Directed by Nick Read
Released by HBO in the US on
December 21; opening in UK
cinemas January 8
In January 2013, the Bolshoi
Ballet became entangled in
high drama when acid was
thrown over Sergei Filin, its
ballet director. Pavel
Dmitrichenko, a well-liked
Bolshoi dancer, was arrested
and later sentenced to six
years in prison for
organising the attack.
Bolshoi Babylon, an HBO
documentary, is an
intriguing look at repairing
the organisation’s reputation
as well as healing the
divisions within. It is
intentionally not an arts film.
The directors have been
open about their lack of
ballet knowledge. Nick Read
previously worked on a
documentary about a
notorious Russian prison
and Mark Franchetti is the
Moscow correspondent at
The Sunday Times
newspaper.
As Read puts it, they
turned up not knowing the
difference between a “pas
de deux” and a “petit four”.
The film chronicles the
ballet company’s upheaval
and how Vladimir Urin came
in to turn it round. The
assault brought to light
lurking tensions. As one
dancer puts it in the film, the
acid attack was the extreme
reflection of the dark side of
the company. The Bolshoi
looks beautiful from the
outside, she says, but inside
it is “boiling”.
More than half the
dancers signed a petition to
support Dmitrichenko’s
claim that the attack, carried
out by a hitman, went far
beyond his intention.
Emotions were further
heightened when Urin,
previously of the
Stanislavsky and
Nemirovich-Danchenko
Music Theatre, was
The riff
Jeff Bezos and long-termism
ADAM JONES
Will Tuesday’s record close
for the Amazon stock price
lead Jeff Bezos to look back
at 2015 with a cosy sense of
achievement? Unlikely,
going by one of his past
pronouncements.
“Every minute spent
thinking about the short-
term stock price is a minute
wasted,” he declared back in
2000 when I interviewed
him over stir-fried chicken in
the Amazon canteen in
Seattle. That chat took place
in very different
circumstances. The retailer,
then five years old, was
caught up in the first
dotcom shakeout, slumping
by a fifth that day to just
under $34 — leaving a dent
of nearly $1bn in Mr Bezos’s
paper fortune.
He took the prospect of
surviving on a mere $4bn
remarkably well, bounding
down the fire escape stairs
rather than taking the lift,
shrugging off concerns that
Amazon might struggle with
surging demand for the
fourth Harry Potter book —
while deploying that Eddie
Murphy Coming to America
laugh at every opportunity.
Thursday 31 December 2015
appointed by the Kremlin to
overhaul its management.
There had been a history
of bad blood between him
and Filin.
There are, of course,
flashes of glitz and glamour.
But the focus is very much
on the big personalities — a
peak behind the curtain into
a closed world.
Creative industries are
characterised as being
fraught with divas but there
is much here that will
resonate with most working
people. For example, the
principal dancer who notes
there is a profound mistrust
of managers by performers.
When they move into
management it is seen
as them moving to the
dark side.
Filin, for his part, says that
when he became a manager
people turned against him
through jealousy. This will
be familiar to anyone who
has seen a manager plucked
from their own ranks.
Despite their fierce loyalty
to a vital cultural institution,
the documentary shows that
beneath the sequins,
dancers had been struggling
with a working life that was
highly precarious. Pay
depended on performances
and decisions over who was
picked were plagued by
rumours of corruption.
In the film, we watch Urin
attempt to put the house
in order, promising
transparency over auditions
as well as enabling dancers
to plan their days and
careers. Urin appears — in
this film at least — to gain
the dancers’ trust and play
with a straight bat.
The highlight — if that is
the right word — is the
excruciating company-wide
meeting in which Urin
verbally squashes Filin.
(Who knew a meeting could
be so compelling?)
However, if there was a
criticism it would be that
this felt like a teaser. I
wanted to know more about
Urin, who is portrayed as
both maverick and Kremlin-
appointee. And whether
such big changes could be
delivered.
The reviewer is a writer for
Business Life
Getty
Fast-forward 15 years, and
the Amazon stock price was
a whisker away from $694 at
the end of trading on
Tuesday, giving it a market
capitalisation of $325bn.
Investors seemed to have
accepted Amazon’s strategy
of voracious, customer-
focused expansion instead
of obsessing over profit. The
knockout performance of its
Amazon Web Services arm
— whose boss Andy Jassy
was profiled in the FT last
month — certainly helps.
There is little reason to
think that Mr Bezos’s
indifference to share price
swings will have changed
over that period. So what
does motivate him?
Space exploration seems a
good bet: he talked of “tears
of joy” a month ago when
one of his ventures
managed to launch a rocket
into space and return it
safely to earth.
Regardless, Amazon’s
defiance of those who felt it
would run out of fuel in its
infancy is a reminder that,
amid mounting scepticism,
not all of today’s unicorns
will be disappointments.
Thursday 31 December 2015 ★ FINANCIAL TIMES 11

ARTS

Loving swipe at the C L A S S I CA L M U S I C

Silvesterkonzert

American dream Berliner Philharmonie, Berlin

aaaae
Shirley Apthorp

Broadcast on Arte and on the radio, but

also for the first time beamed into cine-
FILM Joy (12A) mas, the Berliner Philharmoniker’s New
David O. Russell Year’s Eve concert is increasingly a
Nigel AAAAE brand as well as an institution. It is now
an event that is at least as much about
Andrews The Danish Girl (15) ratings as about artistry.
Tom Hooper Hence violinist Anne-Sophie Mutter,
AEEEE in floor-length apricot ballgown and per-
ilously high heels, playing Saint-Saëns’
Sleeping with Other People (15) Introduction et Rondo capriccioso and

S
omething is running around,
hard to catch, in David O.
Russell’s Joy. At first you
want to trap it, or zap it, with
one of the multi-function
mops patented by the inventor heroine
(Jennifer Lawrence). You realise, even-
tually, what it is. It’s the film’s mis-
chievous subtext. It’s the answer to
the question, “Why are we watching
this feelgood, even hokum-ish story,
based on true events, about a self-
made woman who marketed a house-
hold tool?”
Russell is a mischief-maker. Three
Kings was a war film unlike a war
film, more a black comedy in a fire-
zone. Silver Linings Playbook was a feral
fairy tale. Joy, like his last film American
Hustle, is about the American dream.
But with Russell the American dream is
an antic, elusive thing, more like the
oneiric tatters that form a dream as you
slip in or out of it.
Joy’s first hour is loose, ludic, exhila-
rating. Here, largely under one roof,
is a working-class dynasty that is all
proximity and no relating. Joy, based on
real mop inventor and later million-
airess Joy Mangano, is a struggling
blonde scatterbrain dreaming up
hit-or-miss gizmos (wonderfully played
by Lawrence). Mum (Virginia Madsen)
lies on bed all day watching soap
operas. Semi-estranged dad pops in and
out, played by Robert De Niro in his
twangy, vibrant-loser Woody Allen
style. Add Joy’s husband, who wants
to be the next Tom Jones, and granny
(Diane Ladd), who delivers the best
line in the script. “You were born to
be the unanxious presence in the
room,” she tells Joy.
Leslye Headland
AEEEE
Even when the film sails close to
true-story triteness, teledrama-style,
the director as ironist is at work. As
Joy goes before the shopping channel
cameras, nervously wielding her mop
under the lights while chirruping of
single-weave cleaning heads detachable
for machine-washing, I thought of a
famous painting by Richard Hamilton —
that pop-art paragon and paradigm of
the 1950s — titled “Just what is it that
makes today’s homes so different, so
appealing?” Russell achieves the same
blend of consumer cheesiness, collage
exuberance and bizarre bliss-out. And
when Bradley Cooper turns up playing
the tycoon as dream hero, a suave
comic-book hunk, you can add Roy
Lichtenstein to Richard Hamilton.
Postmodern wryness is a risky style.
It’s through faith as much as reason,
sometimes, that we credit Russell
with intending a wry swipe at American
optimism simultaneously with a loving
handshake. You need two hands for
that; or one hand faster than light.
In some scenes we sense that second
wizardry. There is a corporation waiting
room, enormous, modernist and
Valhalla-shadowed, that resembles
an Ayn Rand dream or nightmare.
As imagery it is both awesome and
lunatic. And watch for Isabella Ros-
sellini as De Niro’s new consort, a
witchily glamorous company boss with
a sly, unerring instinct for hindering
the young while pretending to help.
It’s this actress’s best, and spookiest,
role since Blue Velvet.
Eddie Redmayne works so hard in
The Danish Girl, playing the painter
and pioneer sex-change patient
Einar Wegener who became famous
as “Lili Elbe”, that you want to sit
him down, wave a towel and spray
water in his mouth. It’s acting as his-
trionic slugging: except that Redmayne
must be counter-macho for 10 rounds,
not punching but preening and simper-
ing. That’s how you win trophies —
or think you win trophies — in gender
reassignment roles.
It’s a dire movie. Through the distort-
ing glass of David Ebershoff’s semi-
fictionalised book about Einar/Lili
(which inter alia airbrushes out wife
Gerda’s lesbianism), screenwriter
Lucinda Coxon and director Tom
Hooper create a period drama that’s all
period and no drama. 1920s Denmark is
a Vienna Secession-style delirium: art
nouveau by the tonne, Klimt-like
dresses and poses. And dialogue like
mottos written around a painting’s
frame or gilded speech balloons. “This
surgery has never been attempted
before,” declares, for the hard of hearing
or apprehending, the surgeon professor.
And “I need my husband!” emotes
Alicia Vikander’s Gerda earlier, as
Redmayne-Einar starts morphing into
Redmayne-Lili.
Some commentators have attacked
the film for casting a “cis” actor (one
comfortable with his own gender) in a
“trans” role. That seems the least of The
Danish Girl’s offences or failings. It’s like
criticising a white actor’s assumption of
Othello in a Shakespeare production
falling apart wherever you look.
The New Year news doesn’t improve
with Sleeping with Other People.
Imagine La Ronde. Have it scripted by
Woody Allen. Then throw out both
and get Jason Sudeikis, Alison Brie and
others to do make-it-up-as-you-go
sex rondo shtick for 100 minutes.
There isn’t a witty utterance, never
mind a moment of charm, in this New
York “comedy” peopled with glumly
permutating couples.
Mischief: Jennifer Lawrence in
David O. Russell’s ‘Joy’; below,
Anne-Sophie Mutter in Berlin
Ravel’s Tzigane. Mutter is a brand in her
own right, a phenomenon who has held
on to her concert supremacy for dec-
ades. With her strapless dresses and
toned arms, Mutter at 52 projects an
image of eternal youth, while her play-
ing, ironically, becomes ever more of a
historicalartefact.
She rang in 2016 with the kind of play-
ing that characterised the 1980s: even
sound, creamy tone, uniform articula-
tion, and a wide vibrato generously
deployed. Embedded in an all-French
programme to which the orchestra,
under Simon Rattle, brought a wealth of
nuance and refinement, Mutter’s play-
ingseemedcuriouslyanachronistic.
If you ignore questions of style, all the
evening’s playing was characterised by
virtuosity. Mutter drove her fast pas-
sages to the brink of impossibility with-
out faltering. There was a clinical preci-
sion to it that, if not strictly speaking
exciting, was at least very impressive.
The overture to Chabrier’s L’étoile
opened the evening with jollity, and four
numbers from Massenet’s Le Cid pro-
vided welcome moments of delicacy
between Mutter’s two firework displays.
But in the second half, with Poulenc’s
effervescent Les Biches suite and Ravel’s
La Valse, the orchestra truly came into
its own. The intertwining wind and
brass solos in the Poulenc showcased the
monstrous talent of individual players,
while the lush vastness of La Valse was a
chance for the orchestra to show that
while it has gained in agility and versa-
tility since the Karajan years, it can still
produce an old-school, full-cream string
sound when the score calls for it.
berliner-philharmoniker.de

TELEVISION & RADIO

This evening’s television
The most touching thing about Panda
Babies (ITV 8.30pm) is human devotion
to another species’ reproduction and
survival. Vet Steve Leonard visits three
panda centres in China: nursery,
playgroup and big school. We watch
pregnant pandas in labour, make sure
mothers like their young, train toddlers
and prepare them for life in the wild. In
Darwinian terms these animals should
have died out. But they are photogenic,
and accordingly inspire endearing
behaviour in hairless bipeds. AAAEE
“Does that sound cheesy?” grins the
boyish maestro in Gareth Malone’s
Great Choir Reunion (BBC2 8pm).
Yes; but instilling a love of singing in
the British is as engagingly quixotic as
saving the panda, if less picturesque.
There is something moving about those
choirs still existing after a decade of
founding and training. It knocks spots
off Call the Midwife. AAAEE
So does Roald Dahl’s Esio Trot (BBC1
7.30pm), family whimsy stylishly
served with Dustin Hoffman, Judi
Dench and tortoises. AAAEE
The Graham Norton Show numbers
Eddie Redmayne and Jennifer
Lawrence among the guests (BBC1
10.45pm).
This evening’s radio
The unexpected success of Katherine
Jakeways’s gentle and slyly observed
comedy of small-town life, North by
Northamptonshire, comes to a Full Stop
(Radio 4 2.15pm). A timely call: the
delicate, throwaway and elliptical
humour has recently turned more
robust, occasionally over-obvious.
But the accomplished cast including
Penelope Wilton, Felicity Montague
and Geoffrey Palmer use their light
touch to go out in style. AAAAE
Another surprise hit: Jarvis Cocker
presenting Wireless Nights (Radio 4
11pm), musings on nocturnal themes
with those who work, travel, play or
simply come to life at night. Tonight:
last summer’s Prom combined music
and words in various narrative threads
concerning underwater adventures,
including undersea cable-layers, lost
and awaiting rescue on the ocean bed
after their submersible malfunctions,
days pass and oxygen runs low. AAAAE
Carey Marx is a comedian new to
me, to my shame. His one-man routine
Intensive Carey (Radio 4 6.30pm) is
a brilliantly polished, timed and
delivered account of his heart attack
in a hotel room, subsequent hospital
care, dragging himself back to normal
and a comeback gig — to heckling
cries of “Have a heart attack!” at which
he did. Again. Improbably, it is all
very, very funny. AAAAE
Elliot Sprakes plays Joe the
‘Billionaire Boy’, New Year’s Day
New Year’s Day television
The BBC has denied all previews
of the much-heralded Sherlock
(BBC1 9pm), which poses the question:
what are they afraid of? This one-off
gothic chiller (apparently) transports
Benedict Cumberbatch and Martin
Freeman back to the 1890s — the
original period of the Holmes stories;
which of course is now a novelty. Wow.
In Dickensian, the actors have
reacted zestfully to Tony Jordan’s
recreations of Dickens’s characters.
Anton Lesser’s Fagin promises much;
Stephen Rea’s Inspector Bucket is
already a deep and rounded human,
sad, weary, analysing poor sinning
humanity with what looks like
compassion but reveals a steely
obsessiveness underneath. AAAAE
I hesitate to return to Mrs Brown’s
Boys (BBC1 7pm), that Marmite
comedy, loved and loathed. Tonight the
matriarch feels urges and asks advice on
sex from doctor and priest, who both
predictably recoil. Good-humoured,
with some sparky lines and, dare
Benedict Cumberbatch as ‘Sherlock’,
New Year’s Day
one suggest, rather funny? AAAEE
Billionaire Boy (BBC1 7pm) is from
another of David Walliams’s cheerful
family-targeted children’s books. The
basic plot, the lonely schoolboy son
of an innovative toilet-paper tycoon
(“dry on one side, moist on the other”)
who learns that riches can buy neither
people nor friends, rather fizzles out.
Walliams does his statutory travesti
turn, here as a dinner lady; even
Catherine Tate seems to waste her
considerable comic gifts as a mugging
gold-digger. The kids are great: the days
of stage school self-consciousness are
long gone. And a show whose emotional
high point is Bryn Terfel (yes!) singing
“Ombra mai fu” has class. AAAEE
More class is lavished on sundry
Strausses, plus Robert Stolz’s
intriguing-sounding UNO-Marsch, by
the Vienna Philharmonic under Mariss
Jansons in Vienna’s traditional New
Year’s Day Concert (BBC2 11.15am,
BBC4 7pm — also see Radio). AAAAE
New Year’s Day radio
In 14 glorious, bile-filled minutes
Ed Reardon at Christmas (Radio 4
6.15pm) takes curmudgeonly swipes at,
inter alia, publishing, celebrity culture,
dead celebrity culture, petty
bureaucracy, The Great British Bake Off,
Broadchurch and cats’ refuges. Long may
he rant. AAAAE
The over-sweetness of National
Velvet (Radio 4 2.15pm) has a dose of
something earthier, a reminder that
Enid Bagnold’s original 1935 novel of
tough rural lives was more Mary Webb
than Enid Blyton. Peter Flannery’s
adaptation keeps the sceptical final
shrug to the fairy story of the country-
girl-turned-jockey with a comment on
media fame. Sophie Rundle combines
freshness with stubbornness as the girl;
a quality cast includes John Sessions and
Alison Steadman. AAAEE
But the day’s greatest drama is
4 Extra’s repeat of Kirsty Williams’s
2010 production of Brian Friel’s
Translations (8.30pm). A historical
play of language, identity and culture
remains haunting in Michael Duke’s
adaptation. Typical of this tragic
romance of cross purposes is the
love scene, beautifully acted by Samuel
Barnett and Eileen Walsh, one of the
most tenderly touching in modern
drama, conducted by two breathlessly
excited people who cannot understand
each other. AAAAA
The whole of the New Year’s
Day Concert from Vienna can be
caught on Radio 3 (10.15am-1pm).
Mariss Jansons conducts the Vienna
Philharmonic: luxury treatment.
AAAAE
Martin Hoyle
12 ★ FINANCIAL TIMES Thursday 31 December 2015

Wheeling and dealing

M&A
Global mergers and acquisitions valued at $4.9tn were announced
in 2015, more than the 2007 peak. While there were 38,000 deals,
over a tenth of the value was from the five largest deals

Twitter: @FTLex Email: lex@ft.com

Global M&A Five largest mergers or acquisitions
Deal value Number of deals Announced in the year
($tn) (’000) 2015* Deal
Tech M&A: paved with acquisition — the $60bn purchase of value Walter Energy:
EMC — suggests it is not in dire straits. 6 50 Date ($bn) Target Acquirer
mixed intentions Dell might just defy the tech deal jinx. high on coke
Nov 160 Allergan Pfizer
History suggests that most acquirers in 5
“This ain’t no technological 2015, a record year for deals in the 40 Oct 117 SABMiller AB InBev Walter Energy, a US company that
breakdown,” sang Chris Rea. “Oh no, sector, will not be so fortunate. 4 Apr 82 BG Group Shell mines the type of coal used in
this is the road to hell.” Tech purchases 30 May 80 Time Warner Cable Charter Comms steelmaking, paid $3.3bn to buy its
usually look a lot like both. Aswath Dec 69 DuPont Dow peer Western Coal in late 2010.
3
Damodaran, NYU Stern professor, AOL Time Warner: Western’s chief said at the time: “The
blames the industry’s short life cycle, 20 2007 combined business will have future
which sends chief executives on content and style 2
Apr 96 ABN Amro RBS, Fortis, Santander growth opportunities that neither one
desperate shopping sprees for growth. 10 Jan 56 Kraft Foods Spinoff
of us would have on our own.”
Yahoo is the most prominent recent Sixteen years after its calamitous 1 In July of this year, at Walter Energy’s
Apr 53 Endesa Enel, Acciona
example, but its deals are too small to merger with America Online, Time bankruptcy hearing, the tone was more
feature on a list, compiled with Warner’s existential angst has barely 0 0 Feb 44 TXU KKR, Texas Pacific, Goldman Sachs muted. One of Walter’s lawyers told the
Dealogic data, of the biggest tech lessened. In 2000, it held an enviable 1995 2000 05 10 15* Jul 43 Alcan Rio Tinto judge how a “historic slump” in coal
acquisitions in the past 10 years. portfolio of assets: television networks, * 2015 includes deals announced to Dec 21 2015
prices was the main reason for seeking
FT graphic Source: Dealogic
Hewlett-Packard has two disastrous a movie studio, magazines, music. At creditor protection. Well, sort of. At the
entries: the $13.3bn acquisition of EDS, the peak of the first dotcom boom, time of the deal, Walter was selling
which led to an $8bn writedown, and Time Warner felt the need for an The M&A bankers have gone away. have been the busiest sectors, closely matters. A 2011 study by KPMG coking coal at north of $230 a ton. By
the $11.1bn acquisition of Autonomy, internet partner to deliver it all. While The completion drinks parties are a followed by finance and real estate. found that only 31 per cent of deals 2015 this had fallen to about $100. That
followed by an $8.8bn writedown. merging with AOL was a historically fading memory, and deal mementoes The top five deals alone were worth completed between 2007 and 2009 sounds historic, but $100 is roughly
Three on the list comprise a different foolish decision, the one-quarter drop are already gathering dust. What $500bn. added value (and in the previous two where prices stood in 2005. No one can
category: private equity problem in its shares in 2015 shows that now? Now for the hard work. It is up All of this means plenty of synergies years it was just 27 per cent). Yes, the predict commodity prices more than a
children. First Data was bought by concerns about its place in a shifting to the middle managers to deliver for middle managers to deliver. period covered the financial crisis, few months out, nor discount the
KKR for $28bn in 2007 and floated this media landscape remain. what was promised in those slick Deloitte says that 2015’s deals have but it is nevertheless a worryingly possibility that prices will do again just
year. KKR still owns shares and might The core failure of AOL Time Warner PowerPoint slides — and up to the promised an annualised $150bn- low number. what they have done in the recent past.
achieve a modest profit, but it has was the absurd economics. It was billed buyer’s shareholders (and sometimes $200bn of cost savings. Taxed at 25 per One of the problems with Yet nobody considered this possibility
taken eight years, an equity injection as a “merger of equals”, but AOL the seller’s too) to fret about whether cent and capitalised, they should be evaluating deals is that the before the Walter deal because
and new management to arrive at that shareholders gained 55 per cent of the or not the deal is working. worth $1.3tn — if they are all delivered. counterfactual — the outcome had everyone thought insatiable Chinese
unsatisfying possibility — and the combined company, in effect valuing There will be more fretting than But synergies tend to be poorly the businesses not come together — is demand rendered history irrelevant.
company still has $21bn of debt. AOL’s equity at $200bn — pretty juicy usual in 2016. The year just passed reported by the companies that impossible to know. But this is no Walter paid mostly in cash, and went
SunGard and Freescale, both sold on for a company whose revenue was has notched up a record for corporate promise them. Updates on progress excuse for the scant attention paid by from having no net debt to carrying
this year, have also left private equity $7bn, less than Time Warner’s M&A, according to Dealogic, with towards cost savings may be provided companies to acquisitions that are $2.4bn of it. Coal prices began to fall
investors well short of a decent return. operating profit. AOL had 26m 38,000 deals amounting to $4.9tn. for a year or two, but beyond that point more than a couple of years old. within a year of the deal closing. Walter
Vivendi’s $9.8bn acquisition of a subscribers who paid a monthly fee for This has surpassed even the $4.6tn the reports dry up. Revenue synergies Shareholders are still paying for deals shares fell from $120 to 1.25 cents.
52 per cent stake in video games maker internet access. It was profitable recorded in the heady days of 2007 — a dubious source of value, but one by many years after the event. Managers It is a simple story, but it remains
Activision in 2007 is sui generis. It sold (unlike most dotcom charlatans) but it (albeit not in inflation-adjusted which many acquirers set great store — need to prove those deals are working valuable to look back at the
almost 90 per cent of its stake for soon became apparent that AOL was dollars). Healthcare and technology receive even less attention. This over a similar timescale. justifications offered for the deal, to see
$8.2bn in 2013, and Activision’s stock not in the same class as Time Warner. how cyclical excitement is packaged
has since risen 130 per cent. Time Warner spun off the AOL and sold. Walter would become the
Some transactions are too recent to business in 2008 and it was acquired biggest pure play coking coal producer
judge, but look richly priced enough to by Verizon for $4bn this year. While yet figured out how to respond to the price is materially less than the deal would lift annual growth in (why does being biggest confer an
cause problems at some point. AOL had moved into branded content mobile era. But do not expect its plan purchase, the business is not the same earnings before interest, tax, advantage?). Walter would have
Facebook’s $22bn acquisition of and programmatic advertising of action to include a $350bn merger. — and on balance, the acquisition depreciation and amortisation from “geographic, end-market, and
WhatsApp in 2014 represented a technology, its remaining 2m dial-up worked out well. 7.8 per cent to 8 per cent over three operational diversification” (how does
fantastic multiple for a company with subscribers still generated the bulk of The O2 that Telefónica took off the years. In the event, ebitda grew nearly any of that protect against falling coal
just $10m in revenues. SAP acquired its profits. Telefónica/O2: UK stock market a decade ago 15 per cent a year — and after the prices?). The deal would be accretive to
Concur Technologies in 2014; its As for Time Warner, it has spent comprised mobile businesses in the financial crisis, earnings from the UK earnings (since when has earnings
former chief, now with the German much of the past decade cleaning up its hola . . . y adiós UK, Germany and Ireland, plus and Germany proved much more accretion, especially when juiced by
company, says he could not turn down stable. It disposed of its pay TV Airwave, a secure network for UK resilient than in Telefónica’s home leverage, been indicative of value
a price that equated to 10 times distribution unit, Time Warner Cable, An asset bought for almost £18bn in emergency services. Only the UK market, where ebitda virtually halved. creation?). Steel production was
forecast revenues. There is also the acquired by Charter Communications 2005 is on its way out the door 10 years business is now being sold. The All of which leaves the question: why projected to grow 50 per cent over the
problem of tracking deal performance for $80bn in total enterprise value. It later — for 42 per cent less. That must German business was floated in 2012, sell? Partly it is strategic: Telefónica’s next 10 years (who could possibly
within very large companies. Skype is also spun off Time, its magazine have been a terrible deal, right? raising €1.45bn. Telefónica still owns priorities now lie largely in Latin predict such a thing?).
no longer visible within Microsoft, for business. The remaining television and Shareholders should be up in arms. 62 per cent, worth €9.22bn at the America. UK mobile is increasingly low Business cycles trick us into ignoring
example, almost five years after being movie business held up quite well — Not so fast. The business in question current price. Airwave was sold to margin and ex-growth. And there is the history and logic. Economic rationality
bought for $8.5bn. At least there has until recently. is O2, which Spanish telecoms group private equity buyers for £1.9bn in group net debt, all €54bn of it. A recent obliges us to remember them.
not been a writedown. Dell’s $21bn Yet communications technology has Telefónica has agreed to sell to Three, a 2007 while the Irish business was sold drop in earnings means debt is almost
buyout by founder Michael Dell and advanced so far since January 2000 rival network owned by Hutchison, for (also to Hutchison) for €780m. Add four times ebitda, making deleveraging
Silver Lake in 2013 remains hard to that it is possible to avoid watching £10.3bn. The deal, announced at the that lot up, and Telefónica is set to a priority. Buying O2 helped accrue Lex on the web
For notes on today’s breaking
judge, but the fact that Dell feels able to programmes on a traditional television start of the year, is still awaiting more than recoup its outlay. those borrowings. Perhaps it was the stories go to www.ft.com/lex
take on the biggest-ever tech or in a cinema. Time Warner has not regulatory approval. Although the sale Back in 2005, Telefónica said the right deal, just done in the wrong way.

980 HIGH
970 990
Forecasts by
1040
7 -1 1030
4 LOW
-2 -7
6 49
Luxembourg Rain 8 46
6
24 1000 Lyon Rain 10 50
6 6 Madrid Cloudy 13 55
8 11 -1 -6 Manchester Shower 8 46
3
1010 11 HIGH Miami Fair 29 84
4
4 8 3 Milan Cloudy 5 41
36 8 61 Montreal Cloudy 1 34
1020 11 0
6 Moscow Cloudy -7 19
8 10 0 Mumbai Sun 34 93
6 13 9 Munich Rain 4 39
9 20
14 -2
11 New York Fair 10 50
12 Nice Cloudy 13 55
9 15 13 13 Paris Sun 11 52
19 5
1 Prague Sun 0 32
35
Reykjavik Snow 2 36
20 18 18 Rio Fair 37 99
1020
Wind speed in MPH at 12 GMT 22 Rome Fair 12 54
Temperatures max for day˚C Wind speeds in KPH 16 San Francisco Sun 11 52
Stockholm Fair 4 39
Today’s temperatures Strasbourg Rain 9 48
Abu Dhabi Sun 29 84 Belgrade Sun 1 34 Copenhagen Fair 4 39 Hamburg Rain 7 45 Sydney Sun 26 79
Amsterdam Shower 11 52 Berlin Sun 3 37 Delhi Sun 23 73 Helsinki Cloudy -1 30 Tokyo Fair 10 50
Athens Fair 5 41 Brussels Sun 10 50 Dubai Sun 28 82 Hong Kong Fair 19 66 Toronto Cloudy 1 34
B’ham Hail 8 46 Budapest Sun 0 32 Dublin Shower 6 43 Istanbul Snow 1 34 Vancouver Sun 4 39
Bangkok Sun 32 90 Buenos Aires Fair 29 84 Edinburgh Rain 6 43 Jersey Shower 10 50 Vienna Sun 0 32
Barcelona Fair 16 61 Cardiff Shower 9 48 Frankfurt Rain 7 45 Lisbon Cloudy 15 59 Warsaw Sun -1 30
Beijing Sun 4 39 Chicago Cloudy -3 27 Geneva Rain 8 46 London Shower 11 52 Washington Fair 13 55
Belfast Shower 6 43 Cologne Rain 10 50 Glasgow Shower 6 43 Los Angeles Sun 20 68 Zurich Sleet 5 41

CROSSWORD Only the second part of each of

ten thematic answers is to be
3 Caught by decimal trick on
counter? Go figure! (8)
No. 15,126 Set by IO entered in the grid. Their clues are 4 Rolls I live on in spiritual
  
otherwise undefined. discipline (4,5)
5 Want to give away daughter
   ACROSS named as 14? (3)
4 With money I reportedly owe 6 Closely follow villain (4)

Scrooge, half’s gone to begin 7 Love Fashion House’s endless
 
with (6) woven silk dresses (6,5)
6 This is about ordinary men 11 See 12
taking the lead (6) 13 Clots a husband’s spotted in
8 Artists live without Clydesdale balls (9)
  
Bank (4) 15 Secured, like cat incapable of

9 Cat nearly pulled back up (10) ratting? (2,3,3)
10 “Two pairs of happy shoppers 17 Criminally, this writer bans DVD
   @M&S #plural” (9) about book (5,5)
12, 16, 18, 11 Film of her one-night 20 Taking care over orchestration of
 stand bodes ill (7,3,3,10) early 007’s demise? (7,5)
  
14 Promised money to leave North 21 Oxygen for one rejected by poor
East? (7) El Greco (6,4)
 16 See 12 23 Order helicopters to carry this
18 See 12 woman (11,3)
  19 In a race to restrict mineral to
the back? No (9)
22 Has 40/40 vision? (4,6)
  23 Sport I developed out of Solution 15,125
unconventional photojournalism 6 3 5 , 1 *
(5,4) $ 7 2 1 & ( % 8 1 * $ / 2 :
24 Arsenal legend carrying kilo Mike $ < 3 5 9 ) 7
8 1 , ; $ 3 $ & ( ) 2 & ,
spots (7,6) ' , 9 , +
JOTTER PAD 25 Sadly departed, send-off for 7 5 $ 9 ( 5 6 ( * ( 5 0 $ 1
jockey (3,6) ( $ 1 / $
: ( / / 3 5 ( 6 ( 5 9 ( '
, , : ( ,
DOWN 8 6 ( ' 8 3 : , 6 + / , 6 7
1 Asian flower people in group are 7 ( 2 + $
0 $ / 7 6 < 5 , $ % $ 6 (
about to close up hospital (9) 7 2 7 / / 5 7
2 A sweet Yankee, close to claiming 1 8 ) ) , ( / ' 2 / , 9 ( 5
right to have wager logged (5,5) 6 8 0 0 ( 5
Thursday 31 December 2015 ★ 13

Telefónica Ocado Eli Lilly WTI crude 10-year UK gilt Euro / dollar Gold Hang Seng
Brazilian burden Challenges
mount for Petrobras 0.38% 3.34% 0.54% 2.98% 9bp 0.1% $8.65 0.53%
ANALYSIS, PAGE 15
€10.44 315p $86.72 $36.74 1.99% $1.0912 $1,060 21,882

Apple agrees to pay €318m Italy tax fine Generali set to

boost chief’s
3 Deal after months of negotiations over US group’s subsidiary 3 Settlement smaller than initial €880m demand pay as Zurich
MURAD AHMED — LONDON
RACHEL SANDERSON — MILAN
prosecutors, Italian authorities and the corporate tax avoidance policies. Con- La Repubblica. Apple did not immedi- terms is expected early next year.
circles Greco
world’s most valuable company have cerns over their behaviour have trig- ately respond to requests for comment. Last year, under pressure from Euro-
Apple has agreed to pay a €318m fine in been locked in negotiations for months. gered calls for an international crack- Apple Italia is part of the California pean nations, the Irish government said
Italy to settle a long-running investiga- It emerged yesterday that Italy’s tax down to close loopholes and restrict the group’s European operation, which is it would close a tax loophole — known RACHEL SANDERSON — MILAN
ALISTAIR GRAY — LONDON
tion into the US technology company’s office has accepted a smaller amount to use of tax havens. headquartered in Ireland, where it as “double Irish” — that had been
tax arrangements in the country, close the case. One person familiar with the Italian benefits from relatively low levels of exploited by the likes of Google, Face- Generali is preparing to sweeten chief
according to Italian authorities. The settlement comes amid anger in matter said Apple agreed to a deal after corporation tax compared with the rest book and Apple. executive Mario Greco’s pay deal in an
Italy’s tax office said Apple’s subsidi- Europe over the tax practices of leading a meeting last month between Matteo of the EU. Concerns over tax avoidance have led attempt to stop him from defecting to
ary in the country failed to properly technology groups and other multina- Renzi, Italian prime minister, and Tim The European Commission recently to proposals from the Organisation for rival insurer Zurich.
declare its earnings between 2008 and tionals. Cook, Apple chief executive. Mr Cook extended its investigation into Economic Co-operation and Develop-
2013 and alleged that the company Companies including Google, Star- had visited Italy to give a speech at Apple’s alleged sweetheart tax deal ment aimed at ensuring taxes are paid Tom de Swaan, Zurich’s chairman, has
should have paid €880m over the bucks and Amazon have come under Bocconi University in Milan about good with the Irish government. A final where profits are earned. The reforms identified the Italian as the top candi-
period. increasing political and regulatory corporate citizenship. decision over whether Dublin offered were endorsed last month by leaders of date to replace Martin Senn, who quit
Following an inquiry by Milan-based pressure on the continent over alleged The agreement was first reported by the company illegal preferential tax the G20 group of large nations. this month after the insurer abandoned
its £5.6bn takeover bid for the UK’s
RSA, according to people familiar with
the situation.
Mr Greco led the Swiss group’s general
insurance operation until he left to lead
Generali in August 2012.
Food for thought Generali is eager to keep its straight-
Ocado faces Amazon talking boss. Its share price has nearly
doubled since he took over during the
grocery challenge height of the eurozone debt crisis about
three years ago.
To persuade him to stay, the people
Shares in online supermarket Ocado said, the venerable Milan-listed group
touched a 52-week low yesterday as was set to sweeten its pay offer from the
investors grew increasingly concerned €3.25m Mr Greco received last year.
about competition from a rival service at Zurich has historically paid its chief
Amazon, writes Mackenzie Weinger. executives more than Generali. Mr Senn
The Seattle-based company said that was handed a total package of SFr8.4m
it intended to make further inroads into in 2014. Zurich has not formally offered
the UK grocery delivery market in the Mr Greco the job, a source close to the
new year. situation said. Zurich and Generali
It launched Amazon Pantry in declined to comment.
November, delivering food and grocery Generali has 78,000 employees
products to its Prime customers, who and 72m customers in more than 60
pay an annual subscription of £79. The countries.
service initially covered 4,000 everyday Zurich is larger on several metrics.
non-perishable essential items, with It has a market capitalisation of
customers able to purchase a 20kg box SFr39bn (€36.1bn), about a third
of groceries at a next-day delivery cost bigger than Generali’s €27bn, and oper-
of £2.99. ates in more than 170 countries. It is
Analysts said Ocado’s share weakness seeking to recover from a sharp drop in
could also be down to disappointment profits.
that it had not yet signed an agreement Mr Greco is expected to make his
with an international retailer to expand decision next month.
abroad — something the company had His familiarity with Zurich’s general
hoped to do before the end of 2015. insurance arm makes him a strong can-
“The fact that Ocado hasn’t didate. That part of the business has
announced anything to date on an become the source of costly problems in
international agreement, having said recent months, including big losses
that it could, clearly doesn’t help its from explosions in the Chinese port of
case,” said Clive Black, analyst at Shore Tianjin and provisions related to US car
Capital. cover.
Shares in Ocado fell a s much as 8 per Mr de Swaan has said he wants an
cent but recovered most of those losses external candidate with deep knowl-
to close 3.34 per cent lower at 315p, edge of the insurance industry to
giving the group a market value of £2bn. replace Mr Senn, who headed Zurich for
Amazon hail’s season page 16 six years.
Inside Europe page 14
Jason Alden/Bloomberg

Imposition of losses on Novo Banco’s

senior bonds sparks investor anger
PETER WISE — LISBON €12bn of senior bonds but left others effect with the implementation of the
MARTIN ARNOLD — LONDON
unscathed, in their view breaking the Bank Resolution and Recovery Direc-
Investors have reacted with anger and pari-passu principle of equality among tive from January 1.
threatened legal action after Portugal senior bondholders. This means that from next year some
announced plans to impose heavy “It is absolutely extraordinary,” said depositors could also be hit in any fur-
losses on almost €2bn of senior bonds Mark Holman, head of 24 Asset Man- ther bank rescues. It has already trig-
at Novo Banco, the bank created from agement, a holder of some of the senior gered the rushed recapitalisation of
Bourse operators explore the ruins of Banco Espírito Santo. bonds affected by the move. struggling lenders in Greece and Italy.
new growth opportunities Some of the affected bonds are owned The decision by the Bank of Portugal
The bonds are to be transferred from by some of the world’s biggest fixed- follows a ruling by the European Central
A new breed of young ambitious chief Novo Banco to the “bad bank” created income investors, such as BlackRock Bank in November ordering Novo
executives at top stock exchanges are as part of last year’s €4.9bn bailout of and Pimco, which each hold more than Banco to fill a €1.4bn capital shortfall.
exploring fresh areas for growth as BES, which would then be liquidated, €100m of the notes. “This is going to The bond move would have a positive
they examine opportunities in the the Bank of Portugal said. open a can of worms of litigation,” said impact of €1.98bn on Novo Banco’s capi-
fast-changing fixed income and Investors are angry that Portugal one large investor. “Being put in the bad tal and pave the way for relaunching the
currencies markets, while also focusing has changed the rules of a bank bank means a single-digit percentage sale of the bank in January, the central
on smaller, bolt-on deals. resolution 18 months after first recovery.” bank said.
Analysis i PAGE 14 announcing it and that it has chosen to The move comes hours before Additional reporting by Thomas Hale
inflict losses on some of Novo Banco’s tougher EU bail-in rules are due to take in London

Companies / Sectors / People

Companies
AOL..................................................................12
Abengoa.......................................................24
Air Berlin ....................................................14
Air France-KLM........................................14
Aldermore....................................................17
Amazon....................................................13,16
American Airlines....................................14
Anglo American.......................................24
Apple...............................................................13
Atom Bank...................................................17
Aviva.................................................................3
Banca Monte dei Paschi di Siena
..........................................................................14
Barclays.........................................................17
Boeing............................................................17
CBOE...............................................................14
CME.................................................................14
Charter Communications....................12
Cheil Industries.........................................15
China Animal Healthcare...................16
Credit Suisse..............................................14
Dell...................................................................12
Delta ..............................................................14
Deutsche Börse........................................14
EBay................................................................16
EMC..................................................................12
Eli Lilly...........................................................16
Endo International.................................24
Etihad Airways.........................................14
Euronext.......................................................14
Facebook.................................................12,16
FedEx..............................................................16
Fiat Chrysler...............................................14
Friends Life...................................................3
General Atomics.......................................17
Generali....................................................13,14
Glencore.................................................16,24
Google............................................................16
HSBC...............................................................17
Hanergy Thin Film.................................16
Hewlett-Packard.......................................12
Hutchison.....................................................12
Hyundai Hysco.........................................15
Hyundai Motor..........................................15
Hyundai Steel............................................15
Intercontinental Exchange................14
Isolux..............................................................24
Julius Baer...................................................14
KGHM.............................................................16
KKR..................................................................12
KaloBios Pharmaceuticals..................17
Kia Motors...................................................15
Lloyds.............................................................17
London Stock Exchange...............14,17
Lufthansa.....................................................14
Mallinckrodt...............................................24
Mediobanca................................................14
Microsoft.......................................................16
Nasdaq...........................................................14
Netflix.............................................................16
Noble Group .......................................16,24
Novo Banco.................................................13
Numis Securities......................................17
Nymex............................................................14
Oakley Capital...........................................10
Ocado..............................................................13
Panmure Gordon.....................................17
Petrobras................................................15,24
Priceline.........................................................16
Qatar Airways ..........................................14
Qinetiq............................................................17
RCS Mediagroup......................................14
Retrophin......................................................17
Royal Bank of Scotland.......................17
SAP...................................................................12
SGX..................................................................14
Sabadell.........................................................17
Salesforce.....................................................16
Samsung C&T............................................15
Samsung Group........................................15
Samsung SDI..............................................15
Santander UK............................................17
Shawbrook...................................................17
Starbucks......................................................16
Sumitomo.....................................................16
Swiss Re........................................................17
Symbiont......................................................14
TSB...................................................................17
Tandem..........................................................17
Telefónica.....................................................12
Third Avenue............................................24
Time Warner...............................................12
Time Warner Cable................................12
Trafigura.......................................................16
Trayport........................................................14
UBS..................................................................14
UPS..................................................................16
United Airlines ........................................14
Valeant..........................................................24
Verizon...........................................................12
Vitol.................................................................16
Vivendi...........................................................12
Vodafone......................................................14
Volkswagen................................................24
Walter Energy............................................12
Yahoo..............................................................12
Yum Brands...............................................24
Zurich Insurance Group.................13,14
Sectors
Aerospace & Defence...........................17
Airlines...........................................................14
Automobiles.........................................15,24
Banks....................................................13,14,17
Financials...........................................14,16,17
Industrials.....................................................15
Insurance............................................13,14,17
Media.........................................................12,16
Mining............................................................16
Mobile & Telecoms................................14
Oil & Gas................................................15,24
Pharmaceuticals.......................................17
Retail & Consumer.................................16
Support Services.....................................16
Technology..................................................16
People
Alireza, Yusuf.............................................16
Bendine, Aldemir.....................................15
Colao, Vittorio...........................................14
Cook, Tim.....................................................13
De Swaan, Tom.........................................13
Gill, Phupinder..........................................14
Glasenberg, Ivan........................................7
Greco, Mario..........................................13,14
Greifeld, Bob..............................................14
Hemsley, Oliver.........................................17
Jochumsen, Hans-Ole...........................14
Kengeter, Carsten...................................14
Marchionne, Sergio................................14
Nagel, Alberto...........................................14
Quinn, Leo...................................................17
Rolet, Xavier...............................................14
Senn, Martin...............................................13
Shkreli, Martin...........................................17
Srinivasan, Nikhil.....................................14
Terrington, Nigel......................................17
Wadey, Steve..............................................17
Wirth, Herbert...........................................16

© The Financial Times Limited 2015 Week 53

14 ★ FINANCIAL TIMES Thursday 31 December 2015

COMPANIES
INSIDE BUSINESS
Financials
EUROPE

Nasdaq claims ‘seminal’ blockchain sale Rachel

Chain.com issues shares
using exchange’s system
based on bitcoin platform
MARTIN ARNOLD — LONDON
NICOLE BULLOCK — NEW YORK
Nasdaq claims to have broken new
ground on blockchain use with a share
sale yesterday that used a system based
on the technology.
continuously verify “blocks” of records
and then distribute them among parties
to the transactions.
The enthusiasm around blockchain
on Wall Street has been so intense that
Nasdaq’s announcement prompted a
scuffle over who owns the bragging
rights to the first share sale using block-
chain.
Nasdaq said Chain.com, a privately
owned company that itself specialises
in blockchain technology, had issued
the US exchange’s new Linq system
that is based on the digital ledger
technology.
The exchange group said the transac-
tion had created a digital record of share
ownership — “significantly reducing set-
tlement time and eliminating the need
for paper stock certificates”. It also
allowed the issuer and investor to com-
plete and execute share subscription
documents online.
Bob Greifeld, chief executive of Nas-
Sanderson
the first securities using blockchain
technology in August. Symbiont issued
its own shares using the bitcoin block-
chain while a privately held company
used Nasdaq’s proprietary blockchain
Italy struggles to keep
network to sell shares to a private
investor.
top talent amid cracks
Nasdaq said the blockchain tech-
nology could significantly speed up the
clearing and settlement of equity trades
in corporate culture
10 from the existing standard of three days
Number of minutes in the US and two days in Europe to as
that clearing and

The blockchain is the shared database
technology that initially gained notori-
ety as the platform for bitcoin and other
cryptocurrencies. But many large finan-
cial groups are now seeking to use its
technology to make payment systems
and capital market transactions faster
and cheaper.
It works as an electronic ledger of dig-
ital events that uses cryptography to
shares to a private investor using daq, said: “We believe this successful
transaction marks a major advance in
the global financial sector and repre-
Enthusiasm is so intense sents a seminal moment in the applica-
that the announcement tion of blockchain technology.”
But Symbiont, a start-up backed by
prompted a scuffle over trading veterans including Duncan
who owns bragging rights Niederauer, the previous chief execu-
tive of the rival New York Stock
Exchange, hit back, claiming it issued
Financial services. Growth push
W
little as 10 minutes. hen Mario Greco took up the job of chief
settlement could be
completed in using The technology could cut banks’ executive of Generali three years ago his
infrastructure costs for cross-border decision to move from Zurich Insurance
blockchain system
payments, securities trading and regu- Group to Italy was applauded as a sign of
$20bn latory compliance by $15bn-$20bn a renewal in the country’s clubby corporate
year from 2022, according to a recent culture. It is therefore of relevance not just to Generali —
Annual sum that report by Spanish bank Santander, where the share price has almost doubled during his ten-
could be cut from
bank infrastructure management consultancy Oliver ure — but as a barometer of change in corporate Italy that
costs if the Wyman and venture capital investor Mr Greco may not stick around.
technology spreads Anthemis. According to several people inside and outside Generali
with direct knowledge of the events, Mr Greco has not yet
renewed his contract for a second term at Generali.
Generali’s board was slow to agree new terms and in the
meantime he has emerged as a top candidate to take up the
job of chief executive at Zurich Insurance after the exit of
Martin Senn. Insiders say the game will be played out in

Exchange chiefs eye deals to tap new markets
World’s top bourses poised to
explore opportunities in areas
long dominated by banks
PHILIP STAFFORD
Investors are anticipating a new round
of dealmaking among some of the
world’s biggest stock exchanges next
year as they look to boost their revenue
streams by accessing new markets and
products.
Fuelled by buoyant share prices and
regulatory amendments, a cadre of new,
young chief executives at top bourses
are exploring fresh areas for growth
including assets traded away from
exchanges, such as currency trading,
and showing increasing confidence in
making deals.
Analysts say many executives were
feeling optimistic about the industry’s
prospects, after emerging from the
financial crisis as potential winners.
Legislation such as the US Dodd-Frank
Act and Basel III have sought to curb off-
exchange trading between banks and
‘The industry could
be at a turning point
with regulation and
globalisation as catalysts’
mandated more transparency and trade
processing that is standard business for
a centralised market utility like an
exchange.
“The current industry premium to
the S&P 500 is the result of a return of
volume growth, particularly in deriva-
tives markets, with Dodd-Frank driving
more trading on to exchanges and
through central clearing,” says Peter
Lenardos, an analyst at RBC Capital
Markets in London.
Also coming to the fore are a breed of
young ambitious CEOs recruited from
banks and eager to make their mark.
Deutsche Börse, Euronext and SGX, the
Singapore exchange, have followed the
path set by the London Stock Exchange
Group’s appointment of former Lehman
Brothers executive Xavier Rolet in
2009.
Indeed, new Deutsche Börse boss
Carsten Kengeter (pictured right) — for-
merly with UBS — spent €1.5bn pur-
chasing 360T, a foreign exchange
trading network, and the outstand-
ing stake in Stoxx, a data provider,
in his first weeks on the job.
Deal talk has also played a
part in fuelling speculation,
after Intercontinental
Exchange bought Trayport,
a European energy trading
venue, and Interactive Data
Staff work at Corporation, a data provider, for a com-
Euronext in bined $6bn. Nasdaq, the US’s third-larg-
Paris. The group est equities exchanges operator by mar-
is among ket share, has bought share trading
exchange venue Chi-X Canada and SecondMar-
operators to ket.
have appointed “The industry could be at a turning
former bankers point with regulation and globalisation
to the top job as the key catalysts. Exchange leaders
Kenzo Tribouillard/AFP/Getty
have already made calculated acquisi-
tions based on what they believe the
landscape will look like in a post-regula-
tory environment,” says Rich Repetto,
an analyst at Sandler O’Neill.
He expects exchange operators to
examine opportunities in the fast-
changing fixed income and currencies
markets, long dominated by banks.
These markets — and the source of
billions of dollars of fines in recent years
— have worked as hybrids, with deals
done by phone and on electronic trading
venues. But tough banking and markets
regulation has crimped banks’ abilities
to use their own balance sheets for
trading, and the situation is com-
pounded by low market volatil-
ity and flat global interest rates.
That was the rationale
behind Intercontinental
Exchange’s thinking when it
bought London-based
energy trading platform
Trayport, for $650m in stock
in November. The deal gave the US oper-
ator a stronghold in the European over-
the-counter energy markets, including
power, natural gas and coal.
Whether M&A talk will result in
megamergers and complicated bidding
wars seen in the industry nearly a dec-
ade ago remains to be seen. CME’s
$9.4bn deal for Nymex or the long pur-
suit to take over the London Stock
Exchange were undertaken before the
financial crisis and in recent years
exchanges bosses have found regulators
scrutinising putative deals.
Executives remain scarred after
many high-profile deals, between 2011
and 2012, fell apart, including SGX’s
planned $8.8bn purchase of Australia’s
ASX, and Deutsche Börse’s merger with
NYSE Euronext.
Instead most companies are focusing
on smaller, bolt-on deals. For example,
Nasdaq’s Chi-X move was to strengthen
its North American equities trading
business.
But smaller deals, and new product
launches, in recent years have accentu-
ated differences between exchanges,
which may inhibit the need to complete
a big deal. As Mr Lenardos of RBC notes,
no two exchanges are identical. Each
has different business mixes, trading
venues, asset classes and capital struc-
tures. That has reduced their need to
combine to cut costs.
Instead, bourse operators increas-
ingly view their paths to growth as forg-
ing new alliances based on specific prod-
ucts, such as the LSE’s links with the
CBOE on data licensing and CurveGlo-
bal, an interest rate futures venue.
As Phupinder Gill, chief executive of
CME Group, recently told analysts:
“[M&A] does not have to be an
exchange necessarily, it has to be a serv-
ice or a growth initiative around what
the client base needs.”
In this new world, executives are keen
to examine potential deals for data pro-
viders and the emerging world of finan-
cial technology, which both could pro-
vide high-margin business that is more
insulated from the uneven profits of
daily market transactions.
However, valuations have soared,
with companies such as MSCI, the index
compiler, up 60 per cent in the past two
years. That has made the industry more
wary of spending big.
“Instead of big strategic moves we’ve
seen a huge number of tactical deals,”
says Hans-Ole Jochumsen, president of
Nasdaq, with responsibility for global
trading and market services. “In fact, we
see the number of opportunities as
pretty large. It’s also pretty pricey for
the market at the time being.”
See Lex
the next five or six weeks.
The brinkmanship can be seen as part of the rough and
tumble of renegotiating a C-suite pay package. Since dis-
covering Mr Greco could head to Zurich, Generali’s board
has drawn up a more lucrative contract for Mr Greco to
persuade him to stay, say people with direct knowledge of
the negotiations. Playing hard to get may pay handsomely.
Shifting to Zurich may also be attractive because his
impressive turnround of Generali has started to run out of
steam, at least as measured in share performance. Back in
2012, Generali needed capital. So Mr Greco sold nearly
€4bn of assets, and slashed costs to improve profits. The
stock price duly leapt. But in the past year, Generali’s share
price has become range bound as Mr Greco embarked on
the trickier task of operational fine-tuning in a zero inter-
est rate environment.
If Mr Greco leaves, it may turn out to be latest sign of the
difficulties Italy’s top expatriate talents find when they
return home. Italy has made progress in corporate govern-
ance. But it is still alarmingly common for weak executives
to remain in their jobs for years, to the detriment of the
entire corporate culture. The most flagrant example was
Giuseppe Mussari, discredited chairman of Banca Monte
dei Paschi di Siena who was close to politicians and the
Catholic Church. He presided over the spectacular decline
of the 500-year-old bank
during a decade of corrup-
tion and ineptitude by top
Mr Greco was
management. On the day he brought in by
quit, Mr Mussari, who was
twice nominated head of
Generali as an
Italy’s national banking antidote to its
lobby, said that as a lawyer
he had never understood the
last chairman
complexities of finance.
By contrast in his three years at Generali, Mr Greco has
gained a reputation as an outlier: tough, uncompromising
and prickly. He has slashed the insurer’s shareholdings,
cracked down on related party transactions and appointed
foreigners — by definition outsiders to the Italian system —
to key roles. Generali’s chief investment officer who looks
after its €500bn in assets is English-speaking, India-born,
Harvard and Cambridge-educated Nikhil Srinivasan.
Mr Greco was brought in by Generali’s board as an anti-
dote to the insurer’s previous chairman and chief execu-
tive. Cesare Geronzi was a veteran Italian powerbroker
close to former prime minister Silvio Berlusconi, and Gio-
vanni Perissinotto, who employed his own father. The pair
were ousted in swift succession after the shares lost two-
thirds of their value. Even so, Mr Greco’s independent
management style has irritated some in Milan’s corridors
of power. While Alberto Nagel, chief executive of
Mediobanca, the Milanese investment bank that owns 13.5
per cent of Generali shares has publicly expressed his con-
fidence in Mr Greco, others are not so keen, insiders say.
Crucially, the tension is a two-way street. Mr Greco has
not hidden his frustration with being back in his home
country. In a recent interview with the Financial Times, he
bristled about Generali’s euro-denominated balance sheet
and the overhang on his debt rating from the sovereign. At
one illuminating point, he railed: “The fact that we are
strong in Italy, is this a sin?” and did not sound entirely
convinced that it wasn’t.
Mr Greco is in good company in his frustration. Vittorio
Colao did a troubled two-year stint back in Italy as chief
executive of RCS Mediagroup. There he rubbed up against
vested interests before beating a retreat and returning to
Vodafone where he swiftly became CEO.
Italy-born Sergio Marchionne, CEO of Fiat Chrysler, has
barely disguised his disdain for the clubby world of Italian
capitalism and he sped off to Detroit as fast as he could.
Italian insiders often noted that Mr Marchionne never
owned a home in the country but immediately bought one
in the US. Mr Greco has apparently never given up his
home in Zurich.
rachel.sanderson@ft.com

Airlines Banks

Etihad to fight German ruling on ticket sales
TANYA POWLEY
TRANSPORT CORRESPONDENT
Etihad Airways is to appeal against a
German court ruling rejecting its right
to jointly sell tickets for certain routes
operated by Air Berlin this winter.
A German court said yesterday that Air
Berlin and Etihad Airways, which owns
a 29 per cent stake in the former, will not
be allowed to continue to code-share on
31 flights from January 16, because they
are not covered by the current air traffic
rights agreement between Germany
and the United Arab Emirates.
The ruling comes amid heightened
tensions between some European and
US airlines over alleged unfair competi-
tion from Gulf carriers. The issue has
become more pressing as Etihad, Emir-
ates and Qatar Airways have grown in
the past decade from being relatively
small players to global challengers on
many routes.
This year, the big three US airlines —
American Airlines, United Airlines and
Delta — asked Washington to review the
Gulf carriers’ access to the US market,
saying the $42bn in subsidies the state-
controlled carriers are alleged to have
received in the past 10 years breached
international open-skies agreements.
The debate has also intensified in
Europe, with both Lufthansa and Air
France-KLM lobbying their govern-
ments about unfair competition from
the Gulf airlines. All three carriers deny
benefiting from state subsidies.
Etihad said it was “deeply disap-
pointed” by the German court’s decision
and that it would file an appeal early in
the new year. The ruling comes after the
Abu Dhabi-based airline had asked the
court for an injunction on a previous
decision to ban the flights.
“The social and economic damage to
Germany by this decision is significant,”
said Etihad. The code-sharing provides
important income for Air Berlin, which
is undergoing a turnround as part of Eti-
had’s investment in the carrier in 2011.
Julius Baer adds $200m to settle US tax probe
MARTIN ARNOLD — BANKING EDITOR
Swiss private bank Julius Baer has set
aside an extra $200m after reaching
an agreement in principle with US
authorities to settle a tax-avoidance
investigation.
The Zurich-based group said yesterday
it had increased the provision to cover
the cost of the settlement from the
$350m put aside in June to a total of
$547.25m. The move will hit its annual
results but the bank said it would still
make a net profit.
Analysts welcomed the news and said
it could be a trigger for further consoli-
dation in the private banking sector.
“The news today is positive, the extra
provision is less than expected and a sig-
nificant overhang has been removed,”
said analysts at Berenberg.
Shares in the bank rose 3.2 per cent to
SFr48.26 in late trading yesterday.
Julius Baer, which in recent months
has completed acquisitions in Luxem-
bourg and Italy, is among the groups
rumoured to be considering a $600m
bid for Barclays’ Asian wealth manage-
ment business.
Julius Baer was one of about a dozen
banks put under criminal investigation
by the US Department of Justice in
2011 for tax evasion by their American
clients.
Unlike Credit Suisse and UBS, which
were forced to plead guilty and pay fines
of $2.6bn and $780m to settle their
respective investigations, Julius Baer
looks set to walk away with a less oner-
ous outcome.
After reaching an “agreement in prin-
ciple” with the US Attorney’s Office for
the Southern District of New York,
Julius Baer said its “comprehensive res-
olution” was subject to approval by the
DoJ and was expected to be announced
in the first quarter.
The $547.25m provision will wipe out
a big chunk of the Swiss bank’s annual
net profits, which nearly doubled last
year to SFr367m ($370m).
Thursday 31 December 2015
Debt challenge looms for scandal-hit Petrobras
Oil group’s success in managing its repayments will be important not only for its own future but for solvency of Brazil
JOE LEAHY — SÃO PAULO
At a Christmas breakfast with journal-
ists, Aldemir Bendine, the chief execu-
tive of Petrobras, said Brazil’s state-con-
trolled oil company was aiming to
become “smaller” through an array of
planned asset sales.
The comment was in marked contrast
to the company’s ambitions a few years
ago, when Petrobras was contracting a
fleet of oil services vessels bigger than
Britain’s Royal Navy in a race to exploit
huge offshore discoveries near Rio de
Janeiro, and thereby turn Brazil into an
oil power.
But, for the most important company
in Latin America’s biggest economy,
simply surviving what has been an
annus horribilis in 2015 ranks as an
achievement for Petrobras, say analysts.
Reeling from one of the world’s largest
corruption scandals, the company in
April published much-delayed results
for 2014 in which it plunged to a net loss
of R$21.6bn after a one-off hit of
R$50.8bn (US$16.8bn) — of which
R$6.2bn related to investigations into
the company, with much of the remain-
der involving writedowns stemming
from the oil price crash.
In November, Petrobras reported net
income of R$2.1bn for the nine months
to September 30, down 58 per cent year
on year. This partly reflected increased
interest payments on the company’s
towering borrowings — at $104bn,
Petrobras has the largest net debt level
in the energy sector. Petrobras’s prefer-
ence shares have fallen almost 35 per
cent over the past 12 months after the
company stopped paying dividends.
2016 does not promise to be much
easier. Mr Bendine, who was appointed
chief executive in February to clean up
Petrobras, will need to fight investor
lawsuits over losses incurred during the
corruption scandal while increasing
production and selling assets at a time
when oil is trading at multiyear lows.
Perhaps most challenging of all,
Mr Bendine will have to reduce or at
least manage Petrobras’s debt load. His
success in doing so will be important not
only for the company but for the rest of
Brazil’s large universe of struggling cor-
porate debtors and the solvency of the
country in general, with most analysts
seeing the Brazilian state as the ultimate
underwriter of Petrobras.
“Particularly with the oil and gas
industry globally having the challenges
that it is having, I think it is difficult to
see how the company will meaningfully
reduce leverage,” says Sarah Leshner,
analyst at Barclays.
Few large oil companies globally have
disappointed investor expectations in
recent years as badly as Petrobras, say
analysts. The company’s 2007 discover-
ies of “pre-salt” offshore oil reserves, so-
called because they lie under a 2km-
thick layer of the compound in ultra-
deep waters off Brazil’s coast, kicked off
a flurry of industry excitement.
Led by officials handpicked by Work-
ers’ Party-led governments, Petrobras
moved to exploit the discoveries by
embarking on the largest corporate cap-
ital expenditure programme in the
world. The company also began a huge
refinery building project.
But things went awry in 2014 when
police launched the “Lava Jato” — or Car
Wash — investigation into allegations
that former Petrobras directors collabo-
rated with politicians and contractors to
extract bribes from the company. Bil-
lions were allegedly looted from Petro-
bras and amid the turmoil the company
was forced to postpone publication of its
2014 results, almost triggering technical
default clauses on some debt covenants.
With its finances under pressure,
Petrobras slashed investment plans,
Automobiles
South Korea targets Hyundai cross-holdings
SONG JUNG-A — SEOUL
South Korea’s antitrust watchdog has
ordered Hyundai Motor and sister
company Kia Motors to sell part of
their stakes in affiliate Hyundai Steel
by today to comply with the country’s
law against newly formed or expanded
cross-shareholdings.
The Fair Trade Commission said yester-
day the duo should sell down their stake
in one another to weaken “circular
shareholdings” that were built up by the
July merger of Hyundai Steel with fellow
steel company Hyundai Hysco. As an
option, the regulator recommended
Hyundai and Kia sell their combined
6.6 per cent stake, worth Won461bn
($393m), in the merged entity that
trades under the Hyundai Steel name.
South Korean regulators, facing grow-
ing public complaints over chaebols’
opaque ownership structures, have
pledged to crack down on newly formed
Towering borrowings
Petrobras will next year look to fight lawsuits, ramp up production and offload assets at a time when oil has been trading at multiyear lows — Paulo Whitaker/Reuters
Petrobras
Preference share price (R$)
14
12
10
8 282.1
6 4.50
Jan 2015 Dec
Sources: Thomson Reuters Datastream; Petrobras
from $207bn for the period between
2014 and 2018, to $130bn for 2015-19.
Importantly, the company has cut its
ambitious 2020 production target from
4.2m barrels of oil equivalent a day to
2.8m bpd, implying lower revenues in
the years to come.
“Petrobras has seen its capital invest-
ment and production forecast nega-
tively impacted by the Car Wash corrup-
tion scandal,” says Adrian Lara of Glo-
balData, a research firm.
Of most concern to investors is
whether the company can continue to
meet its debt repayments in spite of
these constraints. Analysts estimate
Petrobras has principal payments of
$9bn-$12bn due each year for the next
few years, so it will need to raise up to
this amount annually from debt or
equity markets.
Lucas Aristizabal of Fitch Ratings says
Petrobras has the money to meet its
near-term obligations, given it has
$104bn 58%
Petrobras’s net Fall in group’s net
debt, the largest income in first
in the energy nine months of
sector year, to R$2.1bn
cross-shareholdings, through which
chaebol founding families control their
vast business empires despite having
only direct minority stakes in key units.
Analysts expect regulators to step up
checks on chaebols for any violations of
the law that took effect in July last year
banning the creation or strengthening of
circular shareholdings.
“Chaebol companies will pay more
attention to the issue as more mergers
and acquisitions are expected as part of
their business realignment in the suc-
cession process,” said Park Ju-geun,
head of corporate information provider
CEOScore.
The FTC’s move against Hyundai
comes after the regulator told Samsung
Group this week to reduce cross-share-
holdings that were expanded by a con-
troversial merger of Samsung C&T and
Cheil Industries in September.
To comply, battery-maker Samsung
SDI said it would sell its 2.6 per cent
★ FINANCIAL TIMES 15
COMPANIES
Construction woes
Antitrust regulator
opens another probe
Just when investors thought they
had seen the full extent of the
investigations into the Petrobras
scandal, Brazil’s antitrust regulator
last week opened a probe into the
oil company’s business practices.
The inquiry by Cade is into
alleged cartel activity in the public
bidding process for R$35bn
($8.8bn) of Petrobras contracts
relating to refinery construction
starting in 1998-99 and “gaining
strength especially from 2003”,
according to the regulator.
The investigation names most
of Brazil’s largest construction
companies as alleged participants
in the cartel but, unlike investor
lawsuits in the US against
Petrobras, does not include the
state-controlled oil group.
Investor lawsuits in the US allege
the Petrobras board was culpable
for the scandal by ignoring
warnings from independent
directors and others about
alleged wrongdoing. Petrobras
denies the allegations and is
High leverage Large debt load Reduced production plan fighting the lawsuits.
“There is robust evidence that
Net debt as a multiple of ebitda Net debt (R$bn) Million barrels per day the investigated companies and
5.25 402.3 4.5 individuals would have entered
Sep 30 2015 [into] an agreement to fix prices,
Old plan 4.0 share the market and adjust
(2014-18) conditions . . . in [the] public bids
5.00 3.5 of . . . Petrobras,” said Cade.
It said the case was based on
3.0 leniency agreements signed with
4.75 two alleged members of the cartel,
2.5 and some of their employees.
Dec 31 New plan “Through the agreements, the
2014 2.0 signatory companies confessed
(2015-19)
their participation in the conduct
1.5
Q3 Q4 Q1 Q2 Q3 and brought evidence of [a] cartel,”
2014 2015 2014 15 16 17 18 19 20 said Cade.
about $26bn of cash in hand. To main-
tain these healthy levels it is seeking to Trading Directory
sell assets but, in spite of Mr Bendine’s
hopes, this has proven difficult given
low oil prices.
“Absent material divestitures, they
will have to maintain access to the capi-
tal markets,” says Mr Aristizabal.
Petrobras showed in June that the
markets remained open at the right
price when it issued a $2.5bn, 100-year
bond. It also enjoys the implicit support
of Brazil’s state-controlled banks and
has managed to secure funding from
other channels, such as Chinese finan-
cial institutions, say analysts.
“The capital markets are never as
closed as investors claim they are,” says
Ms Leshner, predicting that while Petro-
bras would struggle to reduce leverage,
it would meet its debt obligations.
The company is plagued by other
uncertainties too. Apart from the Car
Wash investigation, there is concern
over infighting among senior managers
after chairman Murilo Ferreira sud-
denly resigned in November. Petrobras
declined to comment for this article.
The company is also subject to gov-
ernment controls on the price at which
it sells petrol to consumers.
But analysts say Petrobras has one big
overriding factor in its favour — the
backing of the state. As the near monop-
oly on fuel in one of the world’s biggest
economies, Petrobras is Brazil’s version
of “too big to fail”.
“Very few companies, almost no com-
panies in the world, have that kind of
market power,” says Mr Aristizabal.
stake worth about Won727.5bn in the
merged Samsung C&T entity by the end
of March, one of the options advised by
the FTC.
Hyundai and Kia hold 11 per cent and
20 per cent, respectively, of Hyundai
Steel. Hyundai said it had asked the reg-
ulator to extend the deadline, given the
difficulty of selling the stakes at short
notice.
News of the FTC order sent shares of
Hyundai Steel down 4.7 per cent yester-
day, heading for their biggest decline in
almost five months.
Kia Motors fell 1.5 per cent, versus a
0.3 per cent decline in the benchmark
Kospi Composite index. Hyundai Motor
was flat.
Mr Park said the FTC order against
Hyundai would not have a big impact on
Hyundai’s founding family’s control
over key units as Hyundai Steel was not
at the centre of the group’s circular
shareholdings.
16 ★ FINANCIAL TIMES Thursday 31 December 2015

COMPANIES

Support services Pharmaceuticals

FedEx suffers holiday season difficulties Red faces for

Delivery group forced to
use volunteers to carry
parcels on Christmas Day
ROBERT WRIGHT — NEW YORK
FedEx has become the latest of the big
US parcel delivery companies to suffer a
difficult holiday shopping season after it
was forced to seek volunteers to deliver
packages on Christmas Day.
The problems for FedEx follow two
successive holiday seasons of problems
for UPS, the biggest US express parcel
service. The company’s network
became seriously congested in 2013
before it then overcompensated and
had excess costs for the 2014 holiday
shipping period.
Both companies are struggling to
adapt to the rapid growth and unpre-
dictable patterns of consumers’ ecom-
merce purchases in the run-up to
Christmas. IHS, the forecasting com-
pany, predicts that US ecommerce sales
will have increased 11.7 per cent in
November and December against the
same months last year, on retail sales up
just 3.4 per cent.
FedEx said that its 340,000 staff had
handled a “record peak holiday season”,
including volunteers who made deliver-
ies on Christmas Day.
Mining. Investment drive
“FedEx Express expanded delivery
operations on the Saturday following
Christmas, delivering delayed ship-
ments along with our normal Saturday
volume, and resumed normal pickup
and delivery services on Monday,” the
company said.
FedEx declined to give details of how
many packages were delayed or of any
financial impact that the situation
might have. UPS in January 2014 was
forced to warn that its fourth-quarter
2013 profits would be 14 per cent lower
than expected after its problems han-
dling Christmas deliveries. The delays
prompted Amazon to issue $20 gift
cards to affected customers.
Chris Christopher, IHS’s director of US
macroeconomics, said many logistics
companies had suffered glitches over
the holiday period, possibly because of
an under-appreciation of the volumes
they would be handling.
Amazon, Mr Christopher added, had
opened a number of warehouses closer
to centres of consumer demand, chang-
ing traffic patterns. “That can be
another complication,” he said.
Both the big package delivery compa-
nies have faced challenges adapting
their networks — which traditionally
handled mainly goods moving to and
from offices in commercial areas — to
handle more deliveries to consumers.
Eli Lilly-backed
Costs for delivering to consumers are China venture
higher than for delivering to businesses.
UPS said it had benefited from a
“strong partnership” with customers on
as accounts
forecasting traffic levels and drawing up
plans. It added it had completed its pre-
are stolen
Christmas deliveries on December 24
and had continued to deliver between
97 and 98 per cent of packages on time — BEN BLAND — HONG KONG
just below normal levels — in the week
In the litany of accounting problems
of Christmas and the week before.
emerging at Chinese companies, Hong
FedEx’s shares fell 2 per cent on
Kong-listed China Animal Healthcare
Christmas Eve and were down 0.3 per
has managed a first: losing five years of
cent at $148.79 in lunchtime trading
financial statements midway through a
yesterday. UPS’s shares held steady over
forensic audit ordered by regulators.
the festive period but were yesterday
down 0.37 per cent at $97.38. The animal drug manufacturer, which is
20 per cent-owned by US pharmaceuti-
cals group Eli Lilly, said in a statement
that the documents went missing when
a lorry that was transporting them to its
Beijing head office was stolen earlier
this month while the driver was having

Polish copper venture digs deep for global prize
State-controlled KGHM seeks
world status with bets on Chile
and Canada despite downturn
HENRY FOY — LUBIN
A kilometre below the rolling country-
side of south-west Poland, scores of men
labour in hot, cramped tunnels mining
copper that has made KGHM Europe’s
second-largest producer of the red
metal.
Yet the future of the Polish miner lies
halfway around the world, in the rocky
hills of Ontario, Canada, and the Ata-
cama Desert of northern Chile.
There, the success of two big invest-
ments will determine whether KGHM
becomes Poland’s first truly global com-
pany, or an overambitious regional
player that failed to achieve interna-
tional status.
The state-controlled group has
already spent more than $7bn on
acquiring and developing the Canadian
and Chilean mines, assets that give it
control of the world’s fourth-largest
copper deposits.
But the decline in the commodities
markets — pegged to China’s economic
slowdown — since KGHM’s bold acquisi-
tions in 2012 has left the investments
hanging in the balance.
“The disaster on the Chinese market
has had a huge impact on commodities,”
said Herbert Wirth, KGHM’s chief exec-
utive. “This, of course, has a huge nega-
tive impact for the cash flow from these
investments.”
At the time of the acquisitions, the
most ambitious by a Polish company, a
tonne of copper cost about $8,500.
Today it is $4,500. As a result, KGHM’s
market valuation has fallen more than
two-thirds over the past three years to
12.8bn zloty ($3.3bn).
“The next two years will not be posi-
tive. The price will not cross $5,000,”
said Mr Wirth, adding that he expected
a slow recovery in the copper price to
about $6,600 a tonne thereafter.
Yet KGHM, founded by Poland’s post-
war communist authorities and with its
headquarters in Lubin, is doubling
down on its investments regardless.
Despite the poor outlook for com-
modities, the company is aware of the
need to reduce its reliance on Polish
mines.
Still the most important part of the
company’s portfolio, this year these
mines will produce about 450,000
tonnes of copper but are some of the
most expensive in the world to operate
due to their depth and inefficiency.
For example, at KGHM’s Polkowice-
Sieroszowice mine, less than a fifth of
the rock mined 1km below the surface —
using hand-placed explosives — is usa-
ble ore, of which just a few per cent is
copper.
KGHM is therefore aiming to double
production at its Sierra Gorda mine in
Chile and drill more shafts at its Cana-
dian site as part of a plan to produce
$7bn 1m tonnes of annual copper equivalent
Sum that KGHM has by 2020, from roughly 750,000 tonnes
spent on acquiring this year.
and developing its
Canadian and The company has a 27bn zloty
Chilean mines capital expenditure programme run-
ning from 2014-20, two-thirds of which
will be ploughed into new growth
$8,500 projects and half of which will be spent
Price per tonne of outside Poland. This will increase over-
copper at the time
of the deals, seas mines to 40 per cent of KGHM’s
compared with total output — more than double the
$4,500 today current proportion.
That includes the cost of two new
shafts at its Victoria site in Ontario to be
drilled next summer, with production
due to start in 2021.
But in Chile, KGHM’s goal of intensify-
ing production from 90,000 tonnes of
copper a year to 220,000 tonnes —
through a second pit at the Sierra Gorda
mine — is being held back by reserva-
tions from Sumitomo, its Japanese
investment partner, according to Mr
Wirth.
“Chile is our main invest-
ment . . . Around Sierra Gorda there
exists a huge potential for next 20
years,” said Mr Wirth.
“But Sierra Gorda One is not enough
for the production we need in the
future . . . We must continue and build
the second [pit].”
KGHM is preparing a detailed engi-
neering plan for the second pit in the
hope of making a convincing case for
expansion to Sumitomo, which owns
45 per cent of the mine. Sumitomo
KGHM’s declined to comment. Mr Wirth says
Polkowice- a decision on whether to proceed with
Sieroszowice Sierra Gorda’s second pit could be
mine is among made by the end of March. The new out-
the most put would then come on line in 2019 or
expensive in the later.
world to Mr Wirth is not ruling out further
operate, leading overseas investments, in spite of the
the group to question marks over the timing of
look abroad for KGHM’s Chilean and Canadian
growth ventures.
Poland has long agonised over
whether to construct a nuclear power
plant, with KGHM keen to branch out
into reactor fuel should the Warsaw gov-
ernment decide to proceed.
“A good place for investment
for KGHM would be Australia . . . If
Poland makes a decision about nuclear
power plant construction, KGHM
could be the supplier of [uranium],
and a good place for [uranium] is
Australia,” said Mr Wirth. “This
project is in a desk in our strategy
department.”
lunch in the city of Baoding, in north-
east China.
The Eli Lilly subsidiary that invested
in CAH said it was “concerned” by
developments following the suspension
of trading in the company’s shares in
March, and had “urged the board and
company chairman since that time to
take steps to properly resolve the
situation”.
The truck was recovered days later by
local police in the city of Baoding, but
the financial statements, which were
being sent from the company’s records
centre to assist with the audit, were
nowhere to be found.
The company said the probability of
recovering the documents, which
included the current year’s books as
well as those for the previous four years,
was “not high”.
But it suggested there was no internal
foul play, saying that “no suspicious per-
son has been identified in the incident”
and that local police say such thefts are a
“common occurrence” in a place that is
best known for being China’s most pol-
luted city.
CAH has suffered a growing list of
problems since trading in its shares was
halted after it failed to publish its 2014
annual results on time.
Chinese officials withdrew some of its
production permits in October because
of concerns about factory pollution and
the Hong Kong Stock Exchange is
requiring it to complete a forensic audit
into an allegation of employee miscon-
duct, among other issues, before trading
in its shares can resume.
The situation underlines the risks for
investors in Chinese companies that
promised fast growth and initially deliv-
ered stellar equity performance but
lacked corporate governance. A growing
number of companies have seen their
weaknesses exposed as the growth in
the world’s second-biggest economy has
slowed and investors and regulators
have begun asking more questions.
The founder of Hanergy Thin Film,
who was briefly China’s richest man,
this week said he would sell a 6 per cent
stake in his company at a 95 per cent dis-
count to the last traded price — valuing
the solar power group at about one 40th
of the $40bn it was worth at its peak —
as it faces a regulatory investigation and
scepticism over its business model.
The problems at CAH, which has a
market capitalisation of about $1.3bn,
are embarrassing for Eli Lilly’s subsidi-
ary, Elanco, which called the company a
“local industry leader” when it invested
$100m in 2013 in a deal it said rein-
forced its “commitment to China’s
efforts to ensure food safety and
enhance food security and rural
income”.

Technology Financials

Amazon hails ‘record-breaking season’ Noble chief questions Moody’s downgrade

ANNA NICOLAOU AND NICOLE BULLOCK
NEW YORK
Amazon shares hit an all-time high this
week as investors cheer what the
world’s biggest online retailer has
described as a “record-breaking holi-
day season” for its delivery services,
following a wave of last-minute online
shopping before Christmas.
Amazon’s stock jumped 3 per cent on
Tuesday to a record close of $693.97,
though it retreated slightly by midday
yesterday. Its shares are up 123 per cent
this year as investors have been encour-
aged by rising profits thanks to its cloud
business.
Amazon’s share price performance
underscores the importance to US
equity markets of a handful of large
stocks that are leading the long US bull
market — the Fangs: Facebook, Ama-
zon, Netflix and Google. Other market
watchers refer to the Nifty Nine, which
adds Priceline, eBay, Starbucks, Micro-
soft and Salesforce.
Netflix is up 140 per cent this year and
Google 47 per cent, while Facebook has
gained about a third.
Seattle-based Amazon on Monday
revealed some selective details of its
holiday sales — a record 200m packages
were delivered via Prime, its shipping
membership programme, adding 3m
customers to its “tens of millions” of
Prime members, it said.
Christmas Eve was the “biggest day
ever” for Prime Now, its two-hour ship-
ping service, with the last delivery at
one minute before midnight to a cus-
Christmas Eve was the
‘biggest day ever’ for
Prime Now, the two-hour
shipping service
tomer in Texas. Amazon did not disclose
the total number of these deliveries.
This year Amazon benefited as more
shoppers bought gifts online, skipping
trips to the mall — and resulting in a
more subdued Black Friday for bricks-
and-mortar stores.
From Black Friday through to Christ-
mas Eve, overall US online sales grew 20
per cent compared with a year ago,
while retail sales rose 7.9 per cent,
according to MasterCard Spending-
Pulse, which tracks credit card transac-
tions and consumer surveys.
Apparel sales saw “high single-digit
growth” from Black Friday through to
Christmas Eve, with unusually warm
weather pushing back clothing shop-
ping from the autumn to December,
MasterCard Advisors said.
Amazon’s holiday numbers “point to
a strong quarter . . . and a strong base of
growth for 2016”, said analysts at Piper
Jaffray, although they warned that the
company’s disclosure provided only
“loose details”.
“[The figures] indicate that Prime’s
growth is not slowing despite larger
numbers, with items shipped, Prime
content use and Prime membership
continuing to grow at impressive
speeds,” they said.
The company is betting big on its
Prime programme, investing heavily in
logistics technology as it pushes to dis-
rupt door-to-door deliveries and sparks
so-called “delivery wars” with other
retailers. Amazon is buying its own
trucks and building hubs across US cit-
ies as it aims to lure the instant gratifica-
tion shopper with one-hour shipments.
NEIL HUME AND DAVID SHEPPARD
The chief executive of Noble Group has
questioned Moody’s decision to down-
grade the commodity trader’s credit
rating to junk status, saying weak raw
material prices would not affect its
profitability.
In a combative letter to staff, seen by the
Financial Times, Yusuf Alireza said the
“unexpected” downgrade had also over-
looked the “positive ratings impact”
from a recent agreement to sell its
remaining stake in an agricultural trad-
ing joint venture for $750m.
Moody’s downgrade is the latest blow
to Noble. Its shares plunged this year
amid questions about the company’s
accounting and a collapse in commodity
prices, even as Noble’s energy trading
business outperformed.
Noble’s leverage, poor profitability
and negative cash flow were among the
reasons cited by Moody’s for its down-
grade announced after the market close
on Tuesday. Noble’s Singapore-listed
shares fell 9.1 per cent to close at S$0.40
yesterday.
“It seems that Moody’s credit com-
mittee were not able to differentiate
between an environment that is clearly
challenging for upstream players and
one that opens up opportunities for an
asset light trader like ourselves,” said Mr
Alireza, a former Goldman Sachs
banker, in his letter to Noble staff.
Oil majors and mining groups have
been hit hard by the drop in commodity
prices, but some commodity traders are
enjoying favourable operating condi-
tions. Hong-Kong based Noble has
delivered strong results in oil trading
this year because of a global supply glut
that created openings to make
money from storing and
transporting crude.
Other parts of Noble’s
business have struggled
however. The company’s net
profit fell 84 per cent to
$24.7m in the three months
to September 30, com-
pared with one year
earlier. At that
time Noble’s
adjusted net
Noble CEO
Yusuf Alireza
debt stood at $4.2bn, or 3.6 times its
earnings before interest, tax, deprecia-
tion and amortisation, according to
Moody’s.
Noble has almost $3bn of short-term
debt it must repay or refinance over the
next 12 months.
Noble’s agreement this month to sell
its remaining stake in an agricultural
trading business to China’s Cofco was
designed, in part, to raise funds and
avert a downgrade.
“The downgrade will exert additional
pressure on Noble’s liquidity,” said
Iceberg Research, a group that in Feb-
ruary started accusing Noble of pur-
suing aggressive accounting. “This
company is sinking.”
Noble has defended its financial
reporting, and Mr Alireza attempted
to play down the impact of Moody’s
downgrade in his letter, saying the
company was still rated
investment grade by two
other agencies.
However, analysts said
the move could lead to an
increase in funding costs
when Noble’s refinances
its credit lines.
Thursday 31 December 2015
Insurance
Reinsurers hit by falling renewal prices
Contract signing season
reflects drop in rates for
those buying services
OLIVER RALPH
Reinsurers are facing further pressure
after the December contract renewal
season delivered another year of falling
prices — the fourth in succession.
Prices for property catastrophe rein-
surance in the UK fell by between 10 and
15 per cent. In continental Europe prices
fell by between 5 and 12.5 per cent on a
like-for-like basis according to broker
Challengers seek headway in battle with big four
Lenders target growth with
superior service and different
products to high street lenders
EMMA DUNKLEY
With three lenders getting the green
light to launch, Aldermore and Shaw-
brook floating and the acquisition of
TSB by Spanish bank Sabadell, 2015 has
been trumpeted as a significant year for
UK challenger banks.
Despite the fanfare, these lenders face
significant hurdles as they try to com-
pete with the large incumbent retail
banking groups.
The challengers share a common root
as groups that are starting with a clean
slate, unencumbered by legacy systems
or misconduct issues that plague the
established lenders.
But the term also covers a wide range
of companies, stretching from TSB at
the larger end, to digital start-ups that
have yet to launch. Among the latter are
Atom Bank and Tandem — the first UK
lender to be based predominantly on
mobile services.
Warren Mead, of accountancy firm
KPMG, believes that for challengers to
be successful, “banks need to either
develop a cost advantage or differenti-
ate in order to compete effectively.”
Indeed the smaller, specialist banks
that are targeting niche sectors, such as
lending to housebuilders, delivered a
return on equity of 18.2 per cent on
average in 2014, while the larger chal-
lengers, serving the mainstream retail
market, returned on average 2.1 per
cent.
However, all challengers, no matter
their size, face the same fundamental
test: UK customers rarely switch their
current accounts and the big four high
street banks still dominate this crucial
relationship.
Just over 2 per cent of current account
holders changed providers in 2014, and
Lloyds, Barclays, HSBC and Royal Bank
of Scotland have 70 per cent of the
market.
A report by YouGov this year found
that only 2.5 per cent of current account
customers held their main account with
Delay on pay rules comes as year-end bonus for brokers
Smaller operators poised to
benefit after EU curbs are
deferred to allow exemptions
HARRIET AGNEW
The City of London’s brokers received
an early Christmas present as it
emerged that the threat of draconian
new rules on bonuses and research that
had overshadowed them for much of
2015 are likely to be watered down.
However, the sector is still grappling
with permanent structural changes:
lower trading volumes, pressure on fees
and better technology.
The challenges come as European reg-
ulators said in December they had
delayed by a year new restrictions on
banker pay — known as CRD IV — to give
authorities time to craft exemptions for
smaller lenders and brokerages. This
has come as a relief for many brokers
who were alarmed by the EBA draft
guidelines, initially published in March,
that would have subjected them to the
same rules as large banks.
Now, the European Banking Author-
ity, which sets out banking regulations
for the EU’s 28 countries, has delayed
the regulation until January 2017, allow-
ing the EU to exempt “smaller and non-
complex” institutions and individuals
who get small bonuses from the full
scope of the rules.
Willis, while in the US prices were down
by between 2.5 and 7.5 per cent. Just
over half of the reinsurance market
renews in December, with the rest in
April, June and July.
“There was some hope in the middle
of the year that pricing reductions
would begin to ease but those hopes
have largely been dashed and rates have
continued to fall,” said James Vickers,
chairman of Willis Re International.
The price declines are partly driven
by the primary insurers that buy rein-
surance, who are facing falling rates
themselves. “Primary insurers have
been asking reinsurers to help them by
Banks. New competition
a challenger. The most successful alter-
native to the big four remains Santander
UK, the British arm of the Spanish bank.
It gained the most customers who
switched in the first quarter, increasing
its market share to 10 per cent.
The UK’s competition watchdog is
reviewing the current account market
and is seeking ways to boost choice for
consumers.
But regulatory changes and new taxes
also threaten to stunt the growth of
upcoming banks as they seek to wrestle
market share away from the big four.
George Osborne, the chancellor,
2% 70%
Proportion of Section of the
current account market still held
holders to change by Lloyds, HSBC,
provider in 2014 Barclays and RBS
Financials. City shake-up
While these institutions and individu-
als will still be caught by a cap on
bonuses at two times salary, under the
proposal, they would not have to split
bonuses into cash and shares, or defer
them over several years.
Brokers operating in the Square Mile
were similarly relieved when it was
announced in November that Mifid 2 —
new European regulation designed to
shake up Europe’s trading landscape —
will also be postponed by a year until
January 2018. At the heart of this has
been the issue of “unbundling” — the
separation of asset managers’ research
spend from trading commissions.
Now, officials have opened up the pos-
sibility, under strict conditions, for asset
managers to retain an existing transpar-
ency system for research charges,
known as “commission-sharing agree-
ments”. This means that managers
could be spared the legal and adminis-
trative burden of having to unpick their
existing arrangements.
This is a boon for small and mid-cap
brokers who argue that a move by regu-
lators to prevent asset managers paying
for research out of client commissions
would mean that they cut back their
research spend, which would ultimately
force brokers to retreat from research as
well to the detriment of capital markets.
Oliver Hemsley, chief executive of UK
broker Numis Securities, said full
unbundling had the “distinct possibil-
ity” of reducing research coverage of
★ FINANCIAL TIMES
UK COMPANIES
reducing costs and widening the cover-
age,” said Mr Vickers.
Other factors pushing rates down
include an influx of capital into the sec-
tor from sources such as insurance
linked securities, and an absence of
large property catastrophe losses.
According to preliminary data from
Swiss Re, there were $32bn of insured
catastrophe losses in 2015, down 11 per
cent on 2014 and about half the level of
the $62bn 10-year average.
The floods affecting large parts of the
UK are not thought to be widespread
enough to have a significant impact on
reinsurance pricing.
revealed a tax surcharge on UK-focused
banks in his summer budget. Shares in
challengers plunged more than 10 per
cent in some cases after the announce-
ment.
The tax is expected to dent the ability
of new banks to lend to small businesses
by £6bn over the course of this
parliament.
Challenger bank chief executives are
also concerned about proposals to boost
capital requirements for certain types of
lending.
The latest consultation by the Basel
Committee on Banking Supervision
focuses on banks that use the “stand-
ard” method for calculating capital
needs.
It calls for such lenders to set aside
more capital against buy-to-let
mortgages and loans to established
housebuilders, both important lines of
small and mid-cap companies. “This
will denigrate London’s position, drive
up the cost of capital and eventually
stop capital reaching these companies.
Now that implementation has been
moved out until the start of January
2018, we should think about the impact
of this legislation,” Mr Hemsley said.
These regulatory headwinds came
during a year in which both the number
and volume of initial public offerings on
Aim, the London Stock Exchange’s jun-
ior market, were down substantially
compared with 2014.
European Banking
Authority rules
on both broker
research and
pay have been
postponed
Macroeconomic uncertainty sur-
rounding including May’s general elec-
tion in the UK, an economic slowdown
in China and falling commodity prices
collectively took their toll on fund man-
ager appetite for new listings.
There were just thirty IPOs on Aim
this year, raising a total of £560m. That
compares with 2014 when 80 IPOs on
the junior market raised £2.8bn. Sec-
ondary fundraising increased 27 per
cent to £4.15bn on the previous year.
However, there are signs that inves-
tors are backing slightly larger and more
mature companies on Aim than in pre-
The falling prices, combined with low
investment returns, are taking their toll
on reinsurers’ profitability. According to
an index compiled by Willis, underlying
returns on equity (excluding the impact
of reserve releases) in the reinsurance
industry fell from 7.8 per cent in the first
half of 2014 to 5.1 per cent in the first
half of 2015. Many of the quoted rein-
surers target ROEs in the low to mid
teens.
Changes in the insurance-linked secu-
rity market could help to keep returns
low. While initial investors in ILS tar-
geted double-digit returns, newcomers
such as pension funds are not so
business to some challenger banks.
In some cases, capital needs would
double, making it much harder for
banks to make profitable loans.
The proposals are particularly threat-
ening to smaller challenger banks,
which use the standard method,
because their larger competitors, who
use their own models, are expected to
have lower requirements.
Nigel Terrington, chief executive of
Paragon Group, said: “It’s a bizarre
world where a good loan-to-value buy-
to-let mortgage has a higher risk weight-
ing than an unsecured credit card. It
calls into question Basel’s objectives and
the basis of evidence they have used to
reach these conclusions.”
Nonetheless, some investors believe a
number of challengers have exciting
growth prospects.
Jan Luthman, a fund manager at Lion-
vious years: the average market cap of
the 57 companies that joined the stock
exchange this year is £100m, almost 40
per cent larger than the average Aim
company.
The main market held up better, with
the number of new listings largely on a
par with last year. In 2015, 60 IPOs
raised £12.6bn, just below the £14.1bn
raised by 58 IPOs on the main market
last year. Figures for 2015 are up to and
including December 18.
Performance among the small and
mid-cap brokers has been polarised,
with those that receive substantial
retainers from corporate clients or fees
from M&A outperforming. For exam-
ple, Numis reported record revenues in
its latest financial year, as its growing
mergers and acquisitions business offset
a volatile year for IPOs. Revenue rose
6 per cent to £98m and profit before tax
increased 7 per cent to £32.7m in the
12 months to September 30.
At the other end of the spectrum, a
recent profit warning from rival Pan-
mure Gordon illustrates how a drop in
equity issues and IPOs on Aim is taking
its toll on the brokers advising these
companies, who rely on the fees from
these transactions. Two days before
Christmas rival Panmure Gordon said a
“decline in capital market transactions”
in the fourth quarter meant it expected
to suffer a pre-tax loss of £4m-£4.5m
this year, compared with a profit of
£2.15m last year.
demanding. “It is long-term money,”
said Mr Vickers. “They want stable
long-term returns but they are not dis-
suaded by a 5 per cent return.”
In recent years, reinsurers’ reported
profits have been bolstered by reserve
releases from previous years.
That trend is expected to continue in
the results for 2015, allowing the rein-
surers to post decent results despite the
falling prices.
“The pips are squeaking but they are
not yet prepared to walk away from
things,” said Mr Vickers. “Some reinsur-
ers have got to start reporting very bad
results for the game to begin to stop.”
UK current account
market share
Per cent
0 5 10 15 20 25
Lloyds Banking
Group
RBS Group
Mid-size banks and
building societies
Barclays
Santander
HSBC
Nationwide Building
Society
TSB
Other challenger
banks
Source: YouGov Survey Nov 2014
Umbrella term: TSB is one of the
larger operators in a challenger
segment that includes digital start-
ups such as Atom Bank and Tandem
that have yet to launch — Toby Melville/Reuters
trust Asset Management, said: “Chal-
lengers are high growth, and legacy-
free. There is a lot of focus on how
tiny they are, but they have growth
prospects.”
He added that there was “strong polit-
ical encouragement for the establish-
ment of new smaller banks”, which are
“not systemically risky” and are able to
provide lending to small businesses in
particular, filling the void left by the
large high street banks after the finan-
cial crisis.
In spite of the regulatory obstacles,
challengers focused on superior
service and different products to the
big high street lenders are on track
to claw away some of the market
share of the large banks.
Those that reflect the model of the
existing incumbents, however, face a
tougher task ahead.
Pharmaceuticals
Shkreli-linked biotech group
KaloBios files for bankruptcy
JOHN MURRAY BROWN
The last listed company associated
with disgraced biotech entrepreneur
Martin Shkreli has filed for bankruptcy
in the US, just days after its shares were
suspended following the business-
man’s arrest on securities fraud
charges.
In a Chapter 11 bankruptcy protection
filing on Tuesday at a Delaware court,
KaloBios Pharmaceuticals listed both its
assets and liabilities in the range of $1m
to $10m. The move comes just a day
after the company said it had written to
Nasdaq to appeal against a decision to
delist its shares.
Mr Shkreli, who was arrested on
December 17, had only last month
played white knight, leading a group of
investors to take 70 per cent of the
struggling California-based drugmaker.
Nasdaq informed KaloBios on
December 18 that it was delisting the
shares, citing “the recent criminal
indictment and arrest of Martin Shkreli,
the company’s controlling shareholder,
former chairman and former chief exec-
utive officer”, according to a company
statement. KaloBios said four days later
that Mr Shkreli had been dismissed.
Two KaloBios directors — Tom Fern-
andez and Marek Biestek — resigned
this week after Mr Shkreli’s arrest.
Mr Shkreli is accused by the FBI of
17
Aerospace & defence
Qinetiq wins
$16m contract
for US Navy’s
next carrier
MICHAEL POOLER — INDUSTRY REPORTER
Qinetiq, the UK defence technology
group that once invented goggles to
help soldiers see through thick fog, has
won a contract worth $16m to deliver
launch and landing systems for the US
Navy’s next aircraft carrier.
The FTSE 250 company said that its
North American arm would provide
control hardware and software for an
electrically powered catapult to be
installed on the USS John F. Kennedy, an
$11.5bn vessel under construction.
The latest contract win will provide
some reassurance for Qinetiq’s share-
holders following the appointment of
Steve Wadey, from missile business
MBDA, earlier this year.
His predecessor, Leo Quinn, departed
last year after leading a five-year
restructuring programme to transform
the former government research arm.
Like several of its defence peers, Qine-
tiq, which was spun out of the Ministry
of Defence in 2002, has struggled to
cope with the challenge of shrinking
government orders after two wars and
years of rising public spending on
defence.
Qinetiq North America’s contract
with General Atomics, which continues
more than a decade of collaboration
between the two companies on the US
Navy project, covers the aircraft
carrier’s “electromagnetic aircraft
launch system” and “advanced arrest-
ing gear”.
Together these allow aircraft to be
launched and recovered without
labour-intensive steam catapults.
The system is designed to handle a
broader range of aircraft, from light
unmanned aerial vehicles to heavy
manned fighters, and requires less
maintenance and manpower than its
predecessor.
“We are proud to play a role in provid-
ing the Navy with this latest technology
that will increase reliability, improve
operational efficiencies and signifi-
cantly decrease life cycle costs,” said
Andrew Courier, Director of maritime
systems at Qinetiq North America.
Construction on the John F. Kennedy
carrier has been delayed and the vessel
is now scheduled to enter into service in
2022.
The commercial agreement follows
the £5.2m contract that Qinetiq secured
in October to test and evaluate work
undertaken on the UK Royal Air Force’s
Chinook helicopters after they are
upgraded by Boeing.
Some analysts have predicted that
one of Mr Wadey’s main objectives
would be to boost Qinetiq’s overseas
sales, as well as focus on attracting more
civilian customers to offset declining
military expenditure across Europe and
the US.
In November, the company reported
an increase in half-yearly pre-tax profit
to £48.3m, on broadly flat revenues of
£371m.
Shares in Qinetiq were flat at 272.6p at
close of London trading yesterday, valu-
ing the company at £1.6bn.
running a “Ponzi-like scheme”. The 32-
year-old businessman is alleged to have
used stock taken from Retrophin,
another biotech company he founded,
to pay back clients of his now-defunct
hedge fund MSMB Capital. Prosecutors
said Mr Shkreli also used the money to
pay back personal and professional
debts unrelated to Retrophin.
He is charged with seven counts of
securities and wire fraud, and faces up
to 20 years in jail. The Stock Exchange
Commission in New York, which has
filed a civil complaint, said he should be
barred from working in the securities
industry or being a chief executive.
He pleaded not guilty and was
released on a $5m bond. He was ordered
to surrender his passport and has to
restrict his movements to the eastern
and southern districts of New York. He
is also prohibited from having contact
with current or former employees of
Retrophin or MSMB funds. He was
sacked by Retrophin in 2011 for “serious
concerns about his conduct”.
The entrepreneur gained notoriety in
September as chief executive of Turing
Pharmaceuticals, a private company,
after he raised the price of Daraprim, a
life-saving drug often given to Aids and
cancer sufferers, by 5,000 per cent from
$13.50 to $750 a pill.
KaloBios could not be reached for
comment.
18 ★ FINANCIAL TIMES Thursday 31 December 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.34% -0.39% -0.27% -0.64% -0.53% -0.53% -0.37% -0.136% -2.10% -0.94%
No change
0.27% 0.270% 0.075%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Dec 01 - Dec 30 Index All World Dec 01 - Dec 30 Index All World Dec 01 - Dec 30 Index All World Dec 01 - Dec 30 Index All World Dec 01 - Dec 30 Index All World Dec 01 - Dec 30 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
6,393.13 11,293.76 19,747.47 2,023.93
2,080.41 2,071.20 13,368.24 6,314.57
13,171.46 10,743.01
19,033.71 1,961.31

Day -0.34% Month -0.88% Year -0.90% Day -0.56% Month -2.22% Year -10.04% Day -0.64% Month -1.21% Year -4.09% Day -1.08% Month 0.14% Year NaN% Day 0.27% Month -4.28% Year 7.35% Day -0.25% Month -3.34% Year 1.74%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
43,984.90 10,379.20 2,885.51
5,108.67 5,088.12 43,436.09 1,517.98 2,855.94
1,445.42 21,996.42 21,882.15
9,641.90

Day -0.39% Month -0.74% Year 5.88% Day 0.10% Month 0.07% Year 1.00% Day -0.53% Month -4.69% Year 6.16% Day -0.29% Month -6.49% Year -7.24% Day -0.53% Month -0.84% Year -7.95% Day -0.09% Month 0.92% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
4,914.53 22,575.18
17,719.92 17,672.80 3,572.88 26,145.67 25,960.03
44,914.53 4,677.14
21,418.37 3,456.31
43,341.60
Day -0.27% Month -0.69% Year -2.01% Day -0.72% Month -3.96% Year -13.34% Day -0.52% Month -5.13% Year 8.32% Day -1.12% Month -5.72% Year 12.66% Day 0.26% Month 3.97% Year 12.78% Day -0.46% Month -0.64% Year -5.24%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 11582.70 11698.43 CyprusCSE M&P Gen 67.56 67.39 Italy FTSE Italia All-Share 23235.76 23454.57 Philippines Manila Comp 6952.08 6983.61 Taiwan Weighted Pr 8279.99 8293.91 Cross-Border DJ Global Titans ($) 236.83 237.91
Australia All Ordinaries 5366.40 5315.60 Czech Republic
PX 956.33 955.74 FTSE Italia Mid Cap 34872.26 34783.05 Poland Wig 46541.21 47042.15 Thailand Bangkok SET 1288.02 1283.78 Euro Stoxx 50 (Eur) 3293.34 3314.28
S&P/ASX 200 5319.90 5267.30 OMXC Copenahgen 20
Denmark 1014.28 1014.09 FTSE MIB 21418.37 21661.33 Portugal PSI 20 5317.67 5337.63 Turkey BIST 100 73912.61 74243.17 Euronext 100 ID 914.11 918.11
S&P/ASX 200 Res 2435.70 2429.60 Egypt EGX 30 6794.75 6744.47 Japan 2nd Section 4729.85 4686.18 PSI General 2523.63 2525.44 UAE Abu Dhabi General Index 4276.14 4296.16 FTSE 4Good Global ($) 5464.30 5486.39
Austria ATX 2396.94 2396.27 Estonia
OMX Tallinn 898.99 898.36 Nikkei 225 19033.71 18982.23 Romania BET Index 6988.81 6980.69 UK FT 30 2918.10 2932.40 FTSE All World 266.07 267.06
Belgium BEL 20 3734.02 3753.05 Finland
OMX Helsinki General 8610.71 8634.37 S&P Topix 150 1279.17 1276.77 Russia Micex Index 1761.36 1763.38 FTSE 100 6274.05 6314.57 FTSE E300 1445.42 1453.11
BEL Mid 6131.51 6108.37 FranceCAC 40 4677.14 4701.36 Topix 1547.30 1543.39 RTX 757.04 769.64 FTSE 4Good UK 5734.17 5766.49 FTSE Eurotop 100 2863.59 2881.29
Brazil Bovespa 43341.60 43653.97 SBF 120 3693.85 3709.29 Jordan Amman SE 2121.58 2116.26 Saudi-Arabia TADAWUL All Share Index 6906.58 6930.60 FTSE All Share 3461.01 3480.43 FTSE Global 100 ($) 1326.10 1330.77
Canada S&P/TSX 60 774.95 779.82 Germany M-DAX 20774.62 20939.94 Kenya NSE 20 3992.57 4004.91 Singapore FTSE Straits Times 2885.51 2888.22 FTSE techMARK 100 4049.44 4053.31 FTSE Gold Min ($) 899.10 910.23
S&P/TSX Comp 13171.46 13245.75 TecDAX 1830.74 1843.30 Kuwait KSX Market Index 5612.48 5583.81 Slovakia SAX 291.48 292.35 USA DJ Composite 6045.88 6072.07 FTSE Latibex Top (Eur) 2283.60 2328.70
S&P/TSX Met & Min 356.13 359.24 XETRA Dax 10743.01 10860.14 Latvia OMX Riga 582.43 592.35 Slovenia SBI TOP 689.27 692.40 DJ Industrial 17672.80 17720.98 FTSE Multinationals ($) 1512.07 1497.45
Chile IGPA Gen 18151.50 18078.82 Greece Athens Gen 610.97 617.55 Lithuania OMX Vilnius 485.45 483.82 South Africa FTSE/JSE All Share 50805.13 50964.44 DJ Transport 7552.32 7619.78 FTSE World ($) 472.07 473.78
China FTSE A200 9601.71 9599.04 FTSE/ASE 20 177.21 179.57 Luxembourg LuxX 1399.20 1411.29 FTSE/JSE Res 20 25635.12 25665.63 DJ Utilities 583.82 585.11 FTSEurofirst 100 (Eur) 4053.66 4077.37
FTSE B35 11850.78 11639.58 Hong Kong Hang Seng 21882.15 21999.62 Malaysia FTSE Bursa KLCI 1693.14 1685.36 FTSE/JSE Top 40 45900.83 45996.54 Nasdaq 100 4670.39 4691.08 FTSEurofirst 80 (Eur) 4430.98 4465.08
Shanghai A 3739.70 3730.41 HS China Enterprise 9659.88 9788.91 Mexico IPC 43436.09 43391.78 South Korea Kospi 1961.31 1966.31 Nasdaq Cmp 5088.12 5107.94 MSCI ACWI Fr ($) 404.58 401.31
Shanghai B 426.66 418.09 HSCC Red Chip 4030.10 4063.36 Morocco MASI 8873.96 8856.06 Kospi 200 240.38 241.22 NYSE Comp 10262.57 10306.60 MSCI All World ($) 1685.62 1670.39
Shanghai Comp 3572.88 3563.74 Hungary Bux 23920.65 23964.47 Netherlands AEX 446.19 447.70 Spain IBEX 35 9641.90 9670.40 S&P 500 2071.20 2078.36 MSCI Europe (Eur) 1427.61 1407.82
Shenzhen A 2460.09 2438.09 India BSE Sensex 25960.03 26079.48 AEX All Share 685.93 687.84 Sri Lanka CSE All Share 6870.63 6847.74 Wilshire 5000 21430.13 21509.86 MSCI Pacific ($) 2307.73 2289.69
Shenzhen B 1308.89 1301.66 S&P CNX 500 6685.45 6705.25 New Zealand NZX 50 6319.39 6292.44 Sweden OMX Stockholm 30 1446.69 1452.95 Venezuela IBC 14515.58 14520.18 S&P Euro (Eur) 1473.22 1483.29
Colombia COLCAP 1148.25 1152.22 Indonesia Jakarta Comp 4593.01 4569.36 Nigeria SE All Share 26763.24 26871.24 OMX Stockholm AS 504.65 505.70 Vietnam VNI 579.45 576.29 S&P Europe 350 (Eur) 1482.39 1490.37
Croatia CROBEX 1689.63 1689.94 Ireland ISEQ Overall 6856.61 6841.31 Norway Oslo All Share 648.96 648.41 Switzerland SMI Index 8818.09 8883.01 S&P Global 1200 ($) 1853.33 1861.04
Israel Tel Aviv 100 13.21 13.15 Pakistan KSE 100 32825.03 32811.89 Stoxx 50 (Eur) 3123.80 3139.28
(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 Dec 30 %Chg %Chg Dec 30 %Chg %Chg Dec 30 %Chg %Chg Dec 30 %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
Hospira 11.8 89.95 -0.01 Royal Dutch Shell 64.3 1563.00 -15.11 Novartis N 283.6 80.97 0.00 Toyota Motor 427.6 7488.00 34.00 Smith & Nephew 1212.00 3.5 2.0 Jimmy Choo 140.00 10.8 -20.0 Oxford Instruments 785.00 13.4 -15.3 Health Care Equip.& Services 7274.66 2.7 8.1
Apple 11.2 107.55 -1.19 Hsbc Holdings 62.6 537.80 -7.24 Nestle N 238.0 69.54 0.00 Mitsubishi Ufj Fin,. 303.4 757.10 -2.60 Shire 4705.00 3.0 3.8 Mitchells & Butlers 338.00 5.6 -12.0 Lonmin 76.25 10.1 -99.6 Household Goods 16559.46 1.9 29.4
Amazon.com 7.8 691.86 -2.11 Bp 62.2 355.15 -5.60 Roche Gs 215.7 257.70 0.00 Toshiba 266.8 249.90 17.80 Int Consolidated Airlines S.a. 614.00 2.7 26.3 Ophir Energy 98.05 5.3 -30.7 Brammer 182.75 7.8 -46.5 Pharmaceuticals & Biotech. 12949.13 1.8 1.8
Facebook Class A 6.7 106.71 -0.55 Royal Dutch Shell 61.4 1545.00 -13.94 Gas Natural 197.7 18.99 -0.03 Softbank . 225.5 6139.00 12.00 Inmarsat 1140.00 2.7 43.6 Dairy Crest 693.50 4.6 39.0 Spirent Communications 72.00 7.1 -5.0 Food Producers 8952.15 1.8 10.0
General Electric 4.4 31.21 -0.07 Rio Tinto 53.6 1959.00 -19.00 Red Ele. 161.6 77.58 -0.50 Sumitomo Mitsui Fin,. 207.1 4606.00 3.00 Persimmon 2038.00 2.7 29.2 Auto Trader 441.90 4.5 - Speedy Hire 42.00 7.0 -46.8 Travel & Leisure 9121.28 1.8 13.2
Tesla Motors 4.4 242.65 5.46 Sabmiller 52.3 4060.50 -16.10 Total 154.4 41.57 -0.57 Mizuho Fin,. 193.6 243.50 -0.30 Carnival 3891.00 2.6 33.3 Safestore Holdings 365.00 4.1 57.3 Ferrexpo 21.00 6.3 -60.4 Gas Water & Multiutilities 6017.84 1.7 -1.9
Netflix 4.3 117.24 -1.88 Astrazeneca 50.5 4616.00 -13.51 Intesa Sanpaolo 150.4 3.13 0.00 Sony 174.2 3002.00 24.00 Barratt Developments 632.00 2.6 34.2 Lookers 185.00 3.9 42.3 Rm 166.00 6.3 11.8 Personal Goods 25979.61 1.7 5.6
Microsoft 3.6 56.46 -0.09 Vodafone 47.8 217.50 -1.25 Telefonica 138.6 10.44 -0.04 Fast Retailing Co., 165.4 42640.00 480.00 Astrazeneca 4616.00 2.5 1.6 Laird 359.40 3.7 14.4 Dw Catalyst Fund 1139.00 6.0 -17.2 Electricity 8904.12 1.6 -9.3
Alphabet Class A Common Stock 3.3 794.30 0.34 Glaxosmithkline 46.7 1384.00 -7.92 Santander 133.8 4.61 -0.01 Nippon Suisan Kaisha, 165.1 679.00 -3.00 National Grid 951.00 2.4 4.1 Riverstone Energy 807.00 3.6 -6.7 Gem Diamonds 128.50 5.8 -26.5 Forestry & Paper 14562.88 1.4 29.0
Bank Of America 2.8 17.09 -0.19 Bhp Billiton 46.2 760.60 -8.64 Bayer Ag Na 130.9 117.90 0.00 Japan Tobacco . 160.4 4471.00 67.00 Provident Fin 3360.00 2.3 36.5 Domino's Pizza 1063.00 3.4 49.8 Mcbride 166.50 5.5 108.1 Software & Computer Services 1663.86 1.4 33.5
Compass 1191.00 2.3 8.1 Electrocomponents 239.90 3.3 11.6 Soco Int 144.75 5.5 -50.9 Tobacco 46200.12 1.4 13.9
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
Merlin Entertainments 456.00 2.2 14.7 Cairn Energy 158.40 3.3 -11.3 Devro 293.00 5.3 -3.9 General Retailers 3015.30 1.4 1.5
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Mallkrodt 76.73 2.60 3.50 Sophos 262.00 8.20 3.21 Alcatel-lucent 3.54 0.08 2.43 Toshiba 249.90 17.80 7.67 Anglo American 301.80 -6.6 -74.8 Ocado 315.00 -7.0 -21.3 Dialight 449.00 -5.9 -44.6 Industrial Metals 695.32 -4.7 -54.6
Tesla Motors 242.65 5.46 2.30 Euromoney Institutional Investor 1000.00 25.00 2.56 Arcelormittal 3.97 0.09 2.29 Pioneer 335.00 16.00 5.02 Pearson 740.00 -3.5 -37.8 Serco 95.20 -6.2 -40.8 Kcom 115.50 -5.3 28.7 Mining 7316.47 -2.6 -48.8
Tesoro 105.15 2.27 2.20 Antofagasta 472.10 10.64 2.31 Altice 12.89 0.19 1.50 Sharp 125.00 5.00 4.17 Rio Tinto 1959.00 -2.8 -34.7 Tullow Oil 163.50 -6.1 -59.8 Hostelworld 215.25 -5.3 - Oil Equipment & Services 13077.89 -1.4 -20.3
Alcoa $3.75 Pfd 86.50 1.51 1.78 Just Eat 494.90 9.80 2.02 Casino Guichard 43.29 0.61 1.42 Fujifilm Holdings 5080.00 130.00 2.63 Standard Chartered 566.10 -1.9 -40.5 Evraz 70.60 -4.1 -54.3 Johnston Press 50.00 -5.2 -69.7 Food & Drug Retailers 2524.06 -1.3 -10.8
Valero Energy 72.35 1.26 1.77 Keller 825.50 14.00 1.73 Altice B 12.95 0.17 1.33 Oki Electric Industry , 152.00 3.00 2.01 Tesco 150.55 -1.5 -20.3 Carillion 304.20 -4.1 -9.3 Hunting 297.25 -4.9 -44.1 Oil & Gas Producers 5708.83 -0.5 -19.9
Bp 355.15 -1.5 -13.6 Vedanta Resources 271.70 -3.5 -52.7 Exova 138.00 -4.8 -13.8 Industrial Engineering 7181.14 -0.5 -18.8
Downs Downs Downs Downs
Bhp Billiton 760.60 -1.4 -44.7 Ted Baker 3002.00 -3.4 35.2 Tribal 23.88 -4.2 -85.4 Banks 3836.80 -0.5 -12.2
Southwestern Energy 6.40 -0.36 -5.33 Acacia Mining 175.00 -11.71 -6.27 Repsol 10.30 -0.18 -1.72 Dainippon Sumitomo Pharma Co., 1431.00 -63.00 -4.22
Johnson Matthey 2694.00 -1.2 -20.5 Nmc Health 857.50 -3.2 86.4 Exillon Energy 100.00 -3.8 -33.3 Fixed Line Telecommunication 5307.69 -0.3 16.2
Chesapeake Energy 4.40 -0.18 -3.93 Tullow Oil 163.50 -6.42 -3.71 Zodiac Aerospace 22.45 -0.37 -1.62 Dainippon Screen Mfg.co., 898.00 -23.00 -2.50
Aberdeen Asset Management 289.00 -1.1 -33.1 Aggreko 917.50 -2.8 -38.8 Premier Oil 47.00 -3.6 -71.9 Chemicals 10884.50 -0.1 -3.4
Consol Energy 7.92 -0.32 -3.88 Morgan Advanced Materials 254.80 -9.40 -3.56 Total 41.57 -0.57 -1.36 Kyowa Hakko Kirin Co., 1915.00 -31.00 -1.59
Coca-cola Hbc Ag 1473.00 -0.9 20.0 Allied Minds 389.30 -2.7 6.1 Hogg Robinson 70.00 -3.1 68.7 Industrial Transportation 2613.36 0.1 -7.6
Noble Energy 32.11 -1.29 -3.87 Glencore 89.80 -3.30 -3.54 Societe Generale 42.78 -0.59 -1.36 Mitsui Eng & Shipbuilding Co., 200.00 -3.00 -1.48
Rolls-royce Holdings 579.50 -0.9 -32.7 Talktalk Telecom 214.50 -2.6 -29.5 Carclo 127.25 -2.9 42.2 Equity Investment Instruments 7478.03 0.3 3.1
Williams Companies 23.93 -0.94 -3.78 Ocado 315.00 -10.90 -3.34 Schneider Electric 53.68 -0.63 -1.16 Advantest 1012.00 -15.00 -1.46
Barclays 220.70 -0.7 -9.4 Weir 990.50 -2.5 -46.4 Medicx Fund 85.50 -2.8 3.0 Technology Hardware & Equip. 1284.87 0.4 7.8
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
Dec 30 Currency Mid Change Mid Change Mid Change Dec 30 Currency Mid Change Mid Change Mid Change Dec 30 Currency Mid Change Mid Change Mid Change Dec 30 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 12.9805 0.0755 14.1662 0.0921 19.2540 0.1624 Indonesia Indonesian Rupiah 13782.5000 37.5000 15041.4844 51.2281 20443.6685 109.2900 Poland Polish Zloty 3.8903 0.0120 4.2457 0.0159 5.7705 0.0329 ..Three Month 0.6742 -0.0018 0.7356 -0.0014 - -
Australia Australian Dollar 1.3713 - 1.4965 0.0010 2.0340 0.0054 Israel Israeli Shekel 3.9022 0.0042 4.2586 0.0075 5.7882 0.0215 Romania Romanian Leu 4.1504 -0.0120 4.5295 -0.0100 6.1563 -0.0015 ..One Year 0.6744 -0.0018 0.7349 -0.0014 - -
Bahrain Bahrainin Dinar 0.3771 0.0000 0.4115 0.0002 0.5594 0.0014 Japan Japanese Yen 120.5700 0.0900 131.5835 0.1886 178.8421 0.6041 Russia Russian Ruble 73.1682 1.0456 79.8517 1.1952 108.5307 1.8327 United States United States Dollar - - 1.0913 0.0007 1.4833 0.0039
Bolivia Bolivian Boliviano 6.9000 -0.0100 7.5303 -0.0057 10.2348 0.0122 ..One Month 120.5699 0.0898 131.5836 0.1886 178.8420 0.6039 Saudi Arabia Saudi Riyal 3.7525 0.0018 4.0952 0.0047 5.5660 0.0172 ..One Month - - 1.0913 -0.3880 1.4833 0.0039
Brazil Brazilian Real 4.0033 0.1355 4.3689 0.1508 5.9380 0.2161 ..Three Month 120.5697 0.0894 131.5835 0.1885 178.8417 0.6033 Singapore Singapore Dollar 1.4156 0.0012 1.5449 0.0024 2.0998 0.0073 ..Three Month - - 1.0911 -0.3880 1.4833 0.0039
Canada Canadian Dollar 1.3888 0.0042 1.5156 0.0056 2.0599 0.0116 ..One Year 120.5684 0.0868 131.5835 0.1884 178.8420 0.6020 South Africa South African Rand 15.5585 0.2720 16.9797 0.3083 23.0780 0.4632 ..One Year - - 1.0899 -0.3881 1.4836 0.0039
Chile Chilean Peso 709.0000 -0.0500 773.7641 0.4771 1051.6636 2.6955 Kenya Kenyan Shilling 102.4000 0.1500 111.7538 0.2404 151.8905 0.6219 South Korea South Korean Won 1172.5500 2.9500 1279.6573 4.0964 1739.2499 8.9443 Venezuela Venezuelan Bolivar Fuerte 6.3050 0.0195 6.8809 0.0260 9.3522 0.0535
China Chinese Yuan 6.4902 0.0050 7.0831 0.0103 9.6269 0.0327 Kuwait Kuwaiti Dinar 0.3035 0.0001 0.3312 0.0003 0.4502 0.0013 Sweden Swedish Krona 8.4268 0.0362 9.1965 0.0458 12.4994 0.0865 Vietnam Vietnamese Dong 22465.0000 -15.0000 24517.1350 0.5410 33322.5590 65.6058
Colombia Colombian Peso 3167.2750 19.7750 3456.5919 23.9406 4698.0383 41.6278 Malaysia Malaysian Ringgit 4.2920 -0.0015 4.6841 0.0016 6.3663 0.0145 Switzerland Swiss Franc 0.9903 -0.0028 1.0807 -0.0023 1.4688 -0.0003 European Union Euro 0.9163 -0.0006 - - 1.3592 0.0026
Costa Rica Costa Rican Colon 537.3000 -0.0300 586.3800 0.3702 796.9800 2.0543 Mexico Mexican Peson 17.3475 0.1373 18.9321 0.1627 25.7316 0.2708 Taiwan New Taiwan Dollar 32.8620 0.0580 35.8638 0.0879 48.7444 0.2142 ..One Month 0.9162 -0.0006 - - 1.3591 0.0026
Czech Republic Czech Koruna 24.7584 -0.0225 27.0199 -0.0060 36.7242 0.0634 New Zealand New Zealand Dollar 1.4624 0.0062 1.5960 0.0078 2.1692 0.0149 Thailand Thai Baht 35.9850 -0.1150 39.2721 -0.0984 53.3767 -0.0296 ..Three Month 0.9160 -0.0006 - - 1.3590 0.0026
Denmark Danish Krone 6.8372 -0.0055 7.4618 -0.0009 10.1417 0.0185 Nigeria Nigerian Naira 199.2000 0.3500 217.3961 0.5311 295.4744 1.2959 Tunisia Tunisian Dinar 2.0289 0.0007 2.2142 0.0023 3.0095 0.0090 ..One Year 0.9149 -0.0006 - - 1.3583 0.0026
Egypt Egyptian Pound 7.8316 0.0239 8.5469 0.0319 11.6166 0.0659 Norway Norwegian Krone 8.8244 0.0928 9.6305 0.1078 13.0893 0.1717 Turkey Turkish Lira 2.9209 0.0127 3.1877 0.0160 4.3326 0.0301
Hong Kong Hong Kong Dollar 7.7509 0.0008 8.4589 0.0067 11.4970 0.0315 Pakistan Pakistani Rupee 104.8450 0.0400 114.4221 0.1222 155.5172 0.4687 United Arab Emirates UAE Dirham 3.6729 - 4.0084 0.0028 5.4480 0.0143
Hungary Hungarian Forint 287.3048 -0.1518 313.5488 0.0499 426.1607 0.8977 Peru Peruvian Nuevo Sol 3.4100 0.0030 3.7215 0.0058 5.0581 0.0178 United Kingdom Pound Sterling 0.6742 -0.0018 0.7358 -0.0014 - -
India Indian Rupee 66.3850 -0.0200 72.4490 0.0280 98.4692 0.2297 Philippines Philippine Peso 47.0550 - 51.3533 0.0353 69.7969 0.1838 ..One Month 0.6742 -0.0018 0.7357 -0.0014 - -
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 Dec 30 Dec 29 Dec 24 Dec 23 Dec 22 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 2918.10 2932.40 2892.10 2890.60 2823.11 0.00 3110.40 2067.70 Software & Comp Serv 33.67 Real Est Invest & Tr 8.27 NON FINANCIALS Index -2.87 FTSE 100 Price Change FTSE 100 Price Change
Dec 30 chge% Index Dec 29 Dec 24 ago yield% Cover ratio adj Return FT 30 Div Yield 1.72 1.72 1.74 1.74 1.78 0.00 3.93 2.74 Forestry & Paper 29.43 Consumer Services 6.87 Gas Water & Multi -3.30 3I Group PLC 483.20 -2.60 Kingfisher PLC 333.80 1.40
FTSE 100 (100) 6274.05 -0.64 6652.65 6314.57 6254.64 6566.09 3.96 1.46 17.27 248.53 4915.48 P/E Ratio net 25.87 25.98 25.62 25.58 25.03 0.00 19.44 14.26 Nonlife Insurance 27.34 Health Care Eq & Srv 6.12 Chemicals -3.58 Aberdeen Asset Management PLC 289.00 -1.50 Land Securities Group PLC 1188 -14.00
FTSE 250 (250) 17519.67 -0.28 18576.86 17569.39 17415.10 16085.44 2.56 1.93 20.25 443.23 12191.97 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 27.06 Electronic & Elec Eq 5.90 Utilities -4.71 Admiral Group PLC 1662 -11.00 Legal & General Group PLC 269.60 -2.40
FTSE 250 ex Inv Co (209) 19061.92 -0.30 20212.17 19118.65 18942.24 17362.69 2.58 2.02 19.15 485.90 13526.44 FT 30 hourly changes Construct & Material 23.72 FTSE SmallCap Index 5.65 FTSE 100 Index -4.74 Anglo American PLC 301.80 -5.55 Lloyds Banking Group PLC 73.60 -0.40
FTSE 350 (350) 3512.30 -0.58 3724.25 3532.72 3499.64 3595.28 3.71 1.52 17.74 130.18 5546.33 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Se 16.43 Telecommunications 5.62 Industrial Transport -5.31 Antofagasta PLC 472.10 11.40 London Stock Exchange Group PLC 2750 -30.00
FTSE 350 ex Investment Trusts (309) 3488.06 -0.59 3698.54 3508.66 3475.51 3574.81 3.74 1.52 17.55 130.32 2836.07 2932.4 2914.7 2919 2922.8 2926.4 2920.1 2916.2 2917.4 2919.3 2932.4 2912.3 Technology 15.92 Support Services 5.56 Electricity -9.65 Arm Holdings PLC 1046 -4.00 Marks And Spencer Group PLC 456.60 1.50
FTSE 350 Higher Yield (108) 3172.53 -0.77 3363.97 3197.19 3175.38 3511.18 5.49 1.28 14.24 172.95 5138.61 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Fixed Line Telecomms 15.47 Life Insurance 4.35 Food & Drug Retailer -10.07 Ashtead Group PLC 1125 -3.00 Merlin Entertainments PLC 456.00 -1.00
FTSE 350 Lower Yield (242) 3523.02 -0.38 3735.61 3536.59 3494.42 3328.15 1.93 2.20 23.53 72.44 3728.30 Tobacco 13.02 Tech Hardware & Eq 4.17 Automobiles & Parts -11.28 Associated British Foods PLC 3378 10.00 Mondi PLC 1352 4.00
FTSE SmallCap (290) 4627.85 -0.02 4907.11 4628.77 4612.39 4365.92 2.82 1.37 25.80 127.91 6343.04 Consumer Goods 12.54 Personal Goods 3.93 Banks -11.71
FTSE SmallCap ex Inv Co (155) 4187.29 -0.01 4439.96 4187.66 4172.63 3819.74 2.77 1.82 19.81 113.35 6027.27 FX: EFFECTIVE INDICES Media 12.19 Equity Invest Instr 2.29 Aerospace & Defense -12.25
Astrazeneca PLC 4616 -11.50 National Grid PLC 951.00 -5.00
Aviva PLC 519.00 -2.00 Next PLC 7275 40.00
FTSE All-Share (640) 3461.01 -0.56 3669.85 3480.43 3448.56 3532.74 3.68 1.52 17.94 127.09 5528.68 Travel & Leisure 11.32 Industrials 1.68 Industrial Eng -16.39
Dec 29 Dec 24 Mnth Ago Dec 30 Dec 29 Mnth Ago Babcock International Group PLC 1015 -10.00 Old Mutual PLC 181.10 -1.90
FTSE All-Share ex Inv Co (464) 3422.26 -0.58 3628.76 3442.07 3409.95 3499.58 3.72 1.53 17.59 127.15 2828.63 Financial Services 10.13 General Retailers 1.20 Oil Equipment & Serv -18.23 Bae Systems PLC 505.50 -1.50 Pearson PLC 740.00 -5.50
FTSE All-Share ex Multinationals (575) 1198.24 -0.42 1053.05 1203.26 1191.93 1133.75 2.79 1.56 22.94 33.84 2042.38 Australia 92.28 91.91 92.32 Sweden 80.50 80.18 78.73 Beverages 8.80 Health Care 1.13 Oil & Gas -18.95 Barclays PLC 220.70 -1.90 Persimmon PLC 2038 -2.00
FTSE Fledgling (101) 7711.16 0.07 8176.48 7705.89 7710.44 6849.46 2.55 1.16 33.85 177.58 13895.79 Canada 84.97 84.80 88.31 Switzerland 159.41 159.87 157.01 Leisure Goods 8.46 Pharmace & Biotech 0.63 Oil & Gas Producers -18.97 Barratt Developments PLC 632.00 -2.00 Provident Financial PLC 3360 -21.00
FTSE Fledgling ex Inv Co (51) 10554.35 0.41 11191.23 10510.96 10544.28 8529.30 2.79 1.37 26.07 237.62 18502.14 Denmark 105.74 105.78 104.96 UK 90.40 90.93 93.32 Food Producers 8.38 Mobile Telecomms -0.22 Basic Materials -41.02 Berkeley Group Holdings (The) PLC 3706 -5.00 Prudential PLC 1546 -15.00
FTSE All-Small (391) 3208.29 -0.02 3401.89 3208.79 3198.09 3018.21 2.81 1.36 26.11 87.97 5646.23 Japan 127.92 127.81 126.60 USA 105.97 105.76 106.58 FTSE 250 Index 8.27 Financials -0.95 Mining -47.39 Bg Group PLC 991.50 -14.00 Randgold Resources LD 4202 -31.00
FTSE All-Small ex Inv Co Index (206) 3124.34 0.01 3312.87 3124.11 3113.70 2834.24 2.77 1.81 19.99 83.89 5698.16 New Zealand 116.61 115.71 112.11 Euro 86.25 86.26 84.26 FTSE All{HY-}Share Index -2.38 Industrial Metals & -51.75 Bhp Billiton PLC 760.60 -15.20 Reckitt Benckiser Group PLC 6310 5.00
FTSE AIM All-Share Index (859) 735.37 0.38 779.74 732.59 728.24 702.00 1.49 0.64 104.79 9.57 791.39 Norway 83.87 83.89 86.07
BP PLC 355.15 -5.60 RELX PLC 1203 2.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3789.5 -16.50 Rio Tinto PLC 1959 -19.00
Oil & Gas (18) 6037.40 -1.31 6401.72 6117.71 6116.39 7546.81 6.24 0.20 80.29 371.71 5056.71 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 787.50 -9.00 Rolls-Royce Holdings PLC 579.50 -7.00
Oil & Gas Producers (11) 5741.07 -1.30 6087.50 5816.58 5816.24 7178.29 6.26 0.16 98.68 354.65 4972.08 Bt Group PLC 470.50 -1.65 Royal Bank Of Scotland Group PLC 302.80 -7.30
Oil Equipment Services & Distribution (7)13713.49 -1.72 14541.00 13953.88 13888.37 16983.78 5.55 1.41 12.77 761.22 10085.70 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1896 -4.00 Royal Dutch Shell PLC 1563 -16.00
Basic Materials (28) 2739.31 -1.41 2904.61 2778.55 2793.49 4736.01 7.45 1.88 7.14 198.46 2685.99 Burberry Group PLC 1210 -15.00 Royal Dutch Shell PLC 1545 -16.00
Chemicals (7) 11637.84 -1.08 12340.10 11765.27 11633.38 12064.86 2.39 2.28 18.34 237.16 10005.36 Dec 30 No of US $ Day Mth YTD Total
YTD Gr Div Dec 30 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1219 -11.00 Royal Mail PLC 449.00 -6.40
Forestry & Paper (1) 15890.77 0.30 16849.67 15843.76 15973.05 12341.21 2.27 3.37 13.06 360.52 16506.90 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3891 17.00 Rsa Insurance Group PLC 431.40 -2.10
Industrial Metals & Mining (2) 705.80 -1.00 748.39 712.93 751.34 1557.30 1.63 -18.64 -3.29 11.18 615.94 FTSE Global All Cap 7749 456.62 0.8 -1.2 -2.8 624.71
-0.5 2.5 Oil & Gas 165 309.34 0.4 0.4 -22.3 472.78 -19.5 4.2 Centrica PLC 220.90 - Sabmiller PLC 4060.5 -19.50
Mining (18) 7018.31 -1.61 7441.82 7132.96 7191.73 13670.39 8.90 1.85 6.07 616.70 3603.32 FTSE Global All Cap 7113 469.59 0.8 -1.2 -3.0 631.21
-0.7 2.4 Oil & Gas Producers 117 289.86 0.4 0.4 -20.0 450.87 -17.0 4.2 Coca-Cola Hbc AG 1473 -11.00 Sage Group PLC 611.00 -1.00
FTSE Global Large Cap 1415 403.88 0.8 -1.0 -3.1 565.22
-0.6 2.6 Oil Equipment & Services 39 279.84 0.1 0.1 -32.5 390.16 -30.2 4.7 Compass Group PLC 1191 1.00 Sainsbury (J) PLC 261.70 -3.20
Industrials (119) 4394.39 -0.38 4659.56 4411.27 4375.77 4303.38 2.50 1.20 33.48 112.35 4364.57
Construction & Materials (14) 5368.17 -0.28 5692.10 5383.47 5313.15 4294.52 2.19 -0.81 -56.55 121.45 5485.46 FTSE Global Mid Cap 1641 608.41 0.7 -1.3 -1.5 794.58
0.5 2.1 Basic Materials 261 356.34 0.3 0.3 -18.2 522.22 -15.8 3.4 Crh PLC 1972 -8.00 Schroders PLC 2995 -27.00
Aerospace & Defense (9) 4348.13 -0.47 4610.51 4368.77 4332.83 4937.95 2.63 0.96 39.67 113.27 4495.08 FTSE Global Small Cap 4693 634.29 0.8 -1.8 -2.8 804.57
-0.9 2.0 Chemicals 122 600.34 0.8 0.8 -3.7 882.22 -1.4 2.6 Dcc PLC 5690 20.00 Severn Trent PLC 2203 -2.00
General Industrials (6) 3600.23 -0.09 3817.48 3603.47 3593.45 3165.90 3.22 1.67 18.64 115.93 3919.47 FTSE All-World 3056 267.06 0.8 -1.1 -2.8 385.47
-0.4 2.5 Forestry & Paper 16 198.27 0.4 0.4 -4.8 318.46 -1.9 3.4 Diageo PLC 1880 - Shire PLC 4705 22.00
Electronic & Electrical Equipment (10) 5455.12 -0.83 5784.30 5500.57 5416.04 5114.23 2.25 1.98 22.49 111.33 4820.71 FTSE World 2539 473.78 0.8 -1.1 -2.5 918.19
-0.1 2.5 Industrial Metals & Mining 67 260.41 -0.5 -0.5 -36.8 383.44 -35.0 3.2 Direct Line Insurance Group PLC 412.80 0.80 Sky PLC 1123 -3.00
Industrial Engineering (14) 7659.92 -0.35 8122.14 7686.94 7716.67 9229.89 3.20 1.57 19.86 244.11 8969.09 FTSE Global All Cap ex UNITED KINGDOM In 7424 469.25 0.9 -1.1 -2.5 633.09
-0.2 2.4 Mining 56 328.13 -1.1 -1.1 -42.4 480.83 -39.8 6.6 Dixons Carphone PLC 499.20 -0.80 Smith & Nephew PLC 1212 3.00
Industrial Transportation (8) 3946.78 -0.64 4184.94 3972.27 3930.96 4151.23 3.84 0.94 27.72 168.06 3320.30 FTSE Global All Cap ex USA 5744 420.58 0.6 -1.3 -6.0 610.38
-3.3 3.0 Industrials 535 302.22 0.8 0.8 -4.0 419.99 -1.9 2.3 Easyjet PLC 1744 -15.00 Smiths Group PLC 957.50 -9.00
Support Services (58) 6720.21 -0.36 7125.73 6744.66 6687.78 6335.49 2.25 1.52 29.25 158.26 6738.61 FTSE Global All Cap ex JAPAN 6487 465.44 0.8 -1.1 -3.8 642.38
-1.4 2.5 Construction & Materials 109 422.22 0.8 0.8 -2.1 614.15 0.0 2.2 Experian PLC 1222 -1.00 Sports Direct International PLC 569.50 -4.00
FTSE Developed 2102 432.35 0.9 -0.9 -1.4 595.92
1.1 2.5 Aerospace & Defense 28 514.07 1.0 1.0 3.4 708.04 5.6 2.1 Fresnillo PLC 709.50 -0.50 Sse PLC 1544 -14.00
Consumer Goods (40) 18396.17 -0.23 19506.25 18439.38 18204.95 16176.23 2.99 1.73 19.38 548.74 12977.36
FTSE Developed All Cap 5739 453.24 0.9 -1.0 -1.4 617.99
0.9 2.4 General Industrials 56 218.79 1.0 1.0 0.6 326.57 3.3 2.6 Gkn PLC 309.20 -0.20 St. James's Place PLC 1014 -9.00
Automobiles & Parts (1) 7266.34 -0.06 7704.82 7271.04 7172.34 8084.16 2.75 1.53 23.76 199.75 6682.42
FTSE Developed Large Cap 915 400.22 0.9 -0.8 -1.6 559.13
0.9 2.6 Electronic & Electrical Equipment 69 318.88 0.8 0.8 -2.0 408.69 -0.1 1.9 Glaxosmithkline PLC 1384 -7.50 Standard Chartered PLC 566.10 -14.70
Beverages (6) 15525.84 -0.23 16462.71 15560.88 15440.67 14191.32 2.46 1.65 24.67 382.69 10575.02
FTSE Developed Europe Large Cap 218 335.27 0.8 -1.3 -5.2 528.23
-2.0 3.5 Industrial Engineering 104 540.79 0.4 0.4 -12.6 739.54 -10.5 2.7 Glencore PLC 89.80 -3.30 Standard Life PLC 394.70 -2.40
Food Producers (10) 9010.00 0.19 9553.69 8993.19 8897.44 8209.14 1.82 1.39 39.44 163.90 7540.01
FTSE Developed Europe Mid Cap 302 518.66 0.7 0.4 3.7 742.76
6.2 2.5 Industrial Transportation 96 498.94 0.5 0.5 -16.4 691.81 -14.7 2.4 Hammerson PLC 607.00 -5.50 Taylor Wimpey PLC 203.60 -0.60
Household Goods & Home Construction (13)13850.89 0.02 14686.69 13847.81 13570.26 10680.29 2.10 2.54 18.75 289.55 9422.37
FTSE Dev Europe Small Cap 721 737.01 0.6 1.9 7.0 1028.16
9.5 2.2 Support Services 73 279.94 0.9 0.9 2.7 373.97 4.7 1.9 Hargreaves Lansdown PLC 1508 -15.00 Tesco PLC 150.55 -0.60
Leisure Goods (2) 5479.50 1.92 5810.15 5376.11 5440.58 5016.16 4.37 1.32 17.33 238.83 4640.80
FTSE North America Large Cap 318 443.92 1.0 -0.6 -0.2 584.36
2.0 2.2 Consumer Goods 421 420.79 0.7 0.7 3.9 598.53 6.5 2.4 Hikma Pharmaceuticals PLC 2292 -66.00 Travis Perkins PLC 1989 -17.00
Personal Goods (6) 22619.31 -0.17 23984.23 22657.18 22293.07 21449.38 2.89 3.01 11.52 652.95 14593.22
FTSE North America Mid Cap 394 649.72 0.8 -2.1 -4.2 802.03
-2.7 1.7 Automobiles & Parts 102 383.90 0.3 0.3 -1.5 524.47 0.9 2.5 HSBC Holdings PLC 537.80 -6.80 Tui AG 1229 -13.00
Tobacco (2) 46200.20 -0.54 48988.05 46451.60 45940.25 40646.97 4.32 1.18 19.69 1994.40 28155.45
FTSE North America Small Cap 1522 652.75 0.8 -3.3 -5.2 784.13
-3.7 1.8 Beverages 48 580.58 0.6 0.6 7.9 837.64 10.8 2.4 Imperial Tobacco Group PLC 3588.5 -27.50 Unilever PLC 2940 -1.00
Health Care (19) 9523.34 -0.27 10098.01 9549.58 9393.91 9288.81 3.67 3.53 7.72 348.00 6943.86
FTSE North America 712 296.27 1.0 -0.9 -0.9 399.67
1.2 2.1 Food Producers 106 565.86 1.0 1.0 2.5 827.96 4.8 2.2 Inmarsat PLC 1140 -8.00 United Utilities Group PLC 946.00 -1.50
Health Care Equipment & Services (7) 7394.56 0.02 7840.77 7392.76 7229.94 6812.82 1.54 2.15 30.31 104.41 6269.58
FTSE Developed ex North America 1390 228.57 0.7 -1.0 -2.1 355.85
0.8 3.0 Household Goods & Home Construction 47 405.94 0.9 0.9 2.5 573.96 4.9 2.3 Intercontinental Hotels Group PLC 2650 -8.00 Vodafone Group PLC 217.50 -1.25
Pharmaceuticals & Biotechnology (12)12850.61 -0.30 13626.05 12889.60 12686.35 12607.38 3.87 3.58 7.22 498.46 8322.99
FTSE Japan Large Cap 177 326.57 0.6 -1.6 7.1 408.51
9.2 2.0 Leisure Goods 28 131.90 0.0 0.0 4.7 169.78 6.4 1.4 International Consolidated Airlines Group S.A. 614.00 4.50 Whitbread PLC 4446 -31.00
Consumer Services (97) 4941.79 -0.07 5239.99 4945.01 4884.81 4571.00 2.29 1.61 27.24 114.75 4459.94 FTSE Japan Mid Cap 303 489.56 1.1 -1.5 15.2 591.50
17.0 1.5 Personal Goods 79 604.66 1.1 1.1 3.7 819.54 5.7 2.0
Food & Drug Retailers (7) 2632.23 -0.67 2791.06 2649.96 2659.20 2957.10 2.03 -1.50 -32.74 53.33 3009.97 Intertek Group PLC 2796 -10.00 Wolseley PLC 3722 -35.00
FTSE Global wi JAPAN Small Cap 782 522.38 1.1 -0.3 11.4 651.44
13.4 1.8 Tobacco 11 1229.63 0.6 0.6 14.5 2402.93 19.5 4.0 Intu Properties PLC 321.50 -4.90 Worldpay Group PLC 307.70 3.70
General Retailers (32) 2952.37 0.24 3130.52 2945.30 2921.01 2886.28 2.42 2.27 18.20 72.09 3233.91
FTSE Japan 480 135.85 0.7 -1.6 10.7 1.9 Health Care
8.7 190.94 173 463.73 1.1 1.1 6.8 645.91 8.7 1.8 Itv PLC 276.50 -1.50 Wpp PLC 1573 -4.00
Media (22) 7548.70 -0.15 8004.21 7559.97 7442.17 6633.36 2.70 1.62 22.80 208.85 4456.67
FTSE Asia Pacific Large Cap ex Japan 530 540.88 0.2 -0.4 -12.2 809.09
-9.3 3.3 Health Care Equipment & Services 61 657.09 1.1 1.1 11.2 753.55 12.4 1.0 Johnson Matthey PLC 2694 -37.00
Travel & Leisure (36) 8906.36 -0.01 9443.79 8907.47 8768.73 7877.07 1.93 1.95 26.56 174.07 8116.82
FTSE Asia Pacific Mid Cap ex Japan 433 745.65 0.4 0.0 -7.5 1075.77
-5.0 2.9 Pharmaceuticals & Biotechnology 112 352.06 1.2 1.2 5.4 509.46 7.6 2.1
Telecommunications (7) 3960.62 -0.48 4199.62 3979.79 3939.62 3729.88 4.13 0.18 132.17 162.88 4150.15 FTSE Asia Pacific Small Cap ex Japan 1426 497.99 0.8 -0.4 -6.8 708.77
-4.3 2.8 Consumer Services 386 394.63 1.0 1.0 5.5 512.58 7.2 1.7
Fixed Line Telecommunications (5) 5393.51 -0.34 5718.97 5411.77 5357.16 4639.41 2.87 1.74 20.01 153.43 4677.53
Mobile Telecommunications (2) 5026.76 -0.58 5330.09 5056.17 5005.13 5015.98 5.00 -0.44 -45.49 251.48 4701.38
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
963
2010
429.19
574.21
0.2
0.0
-0.4
-2.6
-11.6 682.38
-8.8 3.3 Food & Drug Retailers
-16.7 818.88
-14.3 3.2 General Retailers
54 304.95
121 540.23
0.7
1.4
0.7
1.4
1.4 412.02
13.0 684.84
3.1
14.7
1.8
1.5
UK STOCK MARKET TRADING DATA
Utilities (7) 8507.92 -0.46 9021.32 8547.33 8399.86 8815.38 4.76 1.36 15.39 405.87 9060.68 FTSE Emerging Large Cap 500 541.98 0.0 -2.8 -17.1 777.71
-14.6 3.3 Media 87 292.28 0.6 0.6 -2.8 380.39 -1.1 1.9 Dec 30 Dec 29 Dec 24 Dec 23 Dec 22 Yr Ago
Electricity (2) 8883.90 -0.93 9419.98 8966.99 8832.74 9775.82 5.68 1.35 13.08 504.89 11818.13 FTSE Emerging Mid Cap 454 714.34 0.1 -2.3 -17.0 1013.47
-14.8 2.9 Travel & Leisure 124 385.19 1.0 1.0 7.0 505.21 8.8 1.7 SEAQ Bargains 4386.00 2375.00 2375.00 2375.00 2375.00 337.00
Gas Water & Multiutilities (5) 7953.19 -0.34 8433.11 7980.23 7837.77 8105.02 4.53 1.37 16.14 360.10 8503.42 FTSE Emerging Small Cap 1056 613.73 0.1 -1.0 -13.3 843.68
-10.8 3.0 Telecommunication 92 159.26 0.6 0.6 -4.6 280.19 -0.7 4.2 Order Book Turnover (m) 19.21 - - - - -
Financials (285) 4596.87 -0.78 4874.26 4633.13 4597.95 4642.23 3.56 1.87 14.98 164.01 4014.82 FTSE Emerging Europe 99 273.04 1.0 -6.1 -12.4 400.96
-8.7 4.3 Fixed Line Telecommuniations 44 134.47 0.7 0.7 -1.9 258.66 2.7 4.6 Order Book Bargains 458691.00 161.00 65.00 65.00 65.00 514.00
Banks (9) 3788.45 -1.16 4017.05 3832.95 3813.64 4319.55 4.34 1.37 16.89 170.78 2611.49 FTSE Latin America All Cap 244 610.13 0.3 -6.3 -32.3 901.12
-30.3 3.8 Mobile Telecommunications 48 165.90 0.5 0.5 -8.3 264.76 -5.1 3.6 Order Book Shares Traded (m) 719.00 0.00 3.00 3.00 3.00 6.00
Nonlife Insurance (11) 2850.63 -0.12 3022.65 2853.98 2830.53 2222.76 2.64 2.06 18.37 75.75 4790.80 FTSE Middle East and Africa All Cap 220 629.44 -0.2 -5.4 2.9 Utilities
-18.2 938.08
-15.9 162 239.32 0.6 0.6 -10.4 438.33 -7.1 4.0 Total Equity Turnover (£m) 1813.31 1.77 - - - 0.03
Life Insurance/Assurance (11) 8007.96 -0.78 8491.19 8070.53 7989.31 7656.54 3.79 1.59 16.64 293.04 7351.40 FTSE Global wi UNITED KINGDOM All Cap In 325 333.86 0.2 -2.2 -7.1 527.57
-3.7 3.7 Electricity 111 260.75 0.5 0.5 -8.1 472.52 -4.7 3.8 Total Mkt Bargains 523937.00 165.00 80.00 80.00 80.00 854.00
Index- Real Estate Investment & Services (21) 3107.76 -0.18 3295.29 3113.44 3107.75 2669.23 2.04 5.73 8.54 61.70 7989.48 FTSE Global wi USA All Cap 2005 509.54 1.0 -1.0 0.1 653.00
2.1 2.0 Gas Water & Multiutilities 51 254.75 0.7 0.7 -14.4 478.45 -10.9 4.3 Total Shares Traded (m) 3620.00 0.00 3.00 3.00 3.00 83.00
Real Estate Investment Trusts (25) 2981.42 -0.87 3161.33 3007.69 2978.78 2751.35 2.95 5.97 5.67 88.33 3523.57 FTSE Europe All Cap 1400 386.85 0.8 -0.8 3.2 Financials
-2.9 591.04
0.2 676 203.41 0.8 0.8 -5.7 315.98 -3.0 2.9 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 8105.80 -0.63 8594.93 8157.52 8026.11 7288.12 2.84 2.21 15.91 217.93 8797.70 FTSE Eurobloc All Cap 636 364.23 1.0 -1.0 3.0 Banks
-1.1 562.82
1.7 243 180.95 0.7 0.7 -10.0 299.46 -7.1 3.4 (c) Market closed.
Equity Investment Instruments (176) 7716.84 -0.12 8182.49 7726.49 7689.12 7517.02 2.62 1.08 35.47 199.46 4057.22 FTSE RAFI All World 3000 3007 5494.05 0.7 -1.7 -6.7 6920.59
-4.0 3.1 Nonlife Insurance 71 217.45 1.0 1.0 1.5 302.69 3.9 2.3
Non Financials (355) 4001.86 -0.48 4243.34 4021.04 3981.93 4099.75 3.72 1.39 19.31 148.48 5603.63 FTSE RAFI US 1000 1000 8983.74 0.9 -1.0 -3.3 11356.07
-1.0 2.5 Life Insurance 51 201.17 0.6 0.6 -4.7 305.20 -2.1 2.9
Technology (20) 1450.95 -0.16 1538.50 1453.28 1430.52 1234.05 1.35 1.93 38.36 18.79 1813.20 FTSE EDHEC-Risk Efficient All-World 3056 318.94 0.8 -0.6 2.3 Financial Services
-0.2 428.65
2.0 141 225.42 0.9 0.9 -2.7 300.27 -0.8 1.9 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1856.80 -0.16 1968.84 1859.86 1826.04 1366.05 1.76 1.75 32.48 32.44 2430.82 FTSE EDHEC-Risk Efficient Developed Europe 520 282.65 0.8 0.1 2.7 Technology
1.5 412.57
4.1 185 177.45 1.1 1.1 3.1 211.65 4.9 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (6) 1602.68 -0.16 1699.39 1605.18 1584.07 1520.61 0.95 2.25 46.74 14.34 1839.73 Software & Computer Services 85 315.06 1.1 1.1 16.0 361.56 17.4 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 129.02 1.2 1.2 -7.9 158.27 -5.8 2.4 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6287.58 6271.55 6282.05 6290.42 6299.14 6285.02 6274.84 6273.71 6275.60 6299.14 6261.92 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 17538.73 17487.96 17505.44 17539.69 17532.57 17504.60 17480.47 17483.24 17507.37 17545.40 17469.62 (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 4627.74 4627.94 4629.13 4627.62 4632.49 4630.33 4627.73 4624.61 4627.47 4633.16 4624.20
FTSE All-Share 3467.56 3458.84 3464.04 3468.84 3472.54 3465.35 3460.01 3459.81 3461.26 3472.54 3453.98 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:12:00:00 Day's Low15:32:45 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5874.06(14/12/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:12:00:00 Day's Low15:32:00 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 Mercom Oil Sands Int - - 0.181L 0.108L 1L 1L - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- 12/24 144.00 AIM DNL Diurnal Group PLC 150.50 -2.50 155.00 149.00 7857.7
460p nil 19-01-16 844.50 834.50 RPC Group PLC 842.00 0.50 12/17 2.00 LVRT Levrett PLC 2.25 0.00 3.10 2.25 215.4
12/17 100.00 AIM PURP Purplebricks Group PLC 97.00 0.70 106.50 87.99 23305.1
12/11 3.50 AIM WEY Wey Education PLC 4.25 0.00 4.35 3.88 399.4

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Thursday 31 December 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) ArcherDan 37.13 0.04 53.31 33.84 2.85 13.09 22153.97 Lockheed 220.85 0.38 227.91 181.91 2.66 20.02 67866.21
ANZ 27.96 0.33 37.25 25.01 8.72 11.53 59488.64 Nokia 6.63 0.01 7.87 4.91 2.11 -45.53 28890.84 AstellasPh 1731.5 -1.50 2047 1514.5 1.82 22.79 31907.49 AtlasCpcoB 195.70 -2.20 270.00 173.70 1.51 17.29 9062.31 AT&T 34.78 -0.15 36.45 30.97 5.29 37.45 213966.56 Lowes 77.33 0.20 78.13 64.22 1.27 25.42 70765.04
BHPBilltn 18.09 -0.02 34.29 16.25 12.64 21.42 42369.11 SampoA 47.01 0.21 49.40 37.72 4.15 15.59 28668.76 Bridgestne 4174 17.00 5182 3753.5 2.83 12.28 28148.7 Ericsson 82.30 -0.30 120.00 75.30 3.96 27.38 32278.35 AutomData♦ 86.86 0.02 90.67 64.29 2.21 29.53 40060.41 Lyondell 88.63 -0.03 107.32 71.74 3.27 9.71 39834.21
CmwBkAu 85.57 1.07 96.69 70.15 6.87 16.28 106554.22 France (€) Canon 3675 -18.00 4539 3402 4.29 18.58 40653.4 H&M 301.10 -0.70 368.50 292.20 3.10 24.09 59138.12 Avago Tech 147.77 -0.17 150.50 95.18 1.01 31.08 40856.86 Marathon Ptl 53.04 0.88 60.38 37.62 1.98 8.57 28268.95
CSL 106.28 1.49 106.39 81.48 1.30 28.09 35878.95 Airbus Grpe 62.58 -0.47 68.50 40.78 1.92 17.26 53635.48 CntJpRwy 21600 195.00 24800 17170 0.55 14.73 36904.7 Investor 313.30 0.80 363.40 266.60 2.83 15.47 28324.61 BakerHu 46.66 0.17 70.45 42.78 1.43 -76.41 20347.85 Marsh&M 56.36 0.01 59.99 50.90 2.54 20.97 29400.09
NatAusBk 30.33 0.42 39.71 27.51 8.73 13.17 58345.24 AirLiquide 105.00 -0.60 123.95 97.02 2.34 21.36 39434.75 Denso 5818 34.00 6548 4945 2.08 18.14 42659.97 Nordea Bk 93.30 - 115.50 86.35 6.12 11.03 44840.58 BankAm 17.09 -0.19 18.48 14.60 1.15 13.08 177987.8 MasterCard 99.67 -0.05 101.76 74.61 0.63 31.32 109657.53
Telstra 5.61 0.08 6.74 5.06 7.59 16.45 50016.38 AXA 25.30 -0.20 26.02 18.16 3.62 12.59 66931.31 EastJpRwy 11450 85.00 12815 8710 1.08 21.53 37273.99 SEB 89.45 0.40 111.50 83.70 5.22 11.34 23034.78 Baxter♦ 38.33 -0.23 43.44 32.18 4.28 11.73 20967.19 McDonald's 119.72 -0.35 120.23 87.50 2.78 26.48 109930.47
Wesfarmers 41.97 0.19 46.95 36.65 7.82 19.57 34467.11 BNP Parib 52.59 -0.51 61.00 43.14 2.86 9.11 71523.45 Fanuc 21080 -5.00 28575 17930 3.62 20.39 36006.15 SvnskaHn 112.50 -0.90 426.00 108.40 3.64 14.91 24989.1 BB & T 38.32 -0.22 41.90 34.24 2.61 14.50 29895.36 McGraw Hill 100.92 0.92 109.13 84.64 1.25-280.74 27278.68
Westpc 33.66 0.64 40.07 29.10 7.35 14.76 81881.9 ChristianDior 159.45 -0.55 195.35 135.60 2.05 11.63 31623.24 FastRetail 42640 480.00 61970 40610 0.79 41.17 37513.32 Swedbank 187.20 -1.40 223.90 177.20 5.97 13.49 25147.47 BectonDick♦ 155.69 -0.84 157.50 128.87 1.51 47.46 33032.09 McKesson♦ 199.55 -0.77 243.61 160.10 0.49 22.91 45918.27
Woolworths 25.02 0.17 34.71 22.42 6.75 14.78 23189.34 Cred Agr 10.90 0.04 14.49 9.82 3.22 23.24 31382.15 Fuji Hvy Ind 5027 -11.00 5223 3669 2.14 11.63 32640.51 TeliaSonera 42.09 -0.51 55.85 39.89 7.01 12.78 21627.95 BerkshHat 200279.5 229.50 228870 190007 - 14.76 162452.51 Medtronic♦ 77.75 -0.11 79.50 55.54 1.69 46.33 109321.58
Belgium (€) Danone 63.04 -0.10 67.74 51.73 2.29 43.22 45059.61 Hitachi 691.50 1.30 922.90 585.70 1.71 13.75 27721.17 Volvo 79.50 -0.20 120.50 75.90 3.71 17.26 15311.19 Biogen 308.15 -1.52 480.18 254.00 - 20.56 68687.59 Merck♦ 53.37 0.03 63.62 45.69 3.30 14.45 149091.4
AnBshInBv 115.80 -0.90 124.20 87.73 2.59 23.21 203246.14 EDF 13.48 0.01 24.89 12.40 8.93 7.36 28247.82 HondaMtr 3910 26.00 4499 3420 2.22 13.04 58743.34 Switzerland (SFr) BkNYMeln 41.60 -0.12 45.45 35.63 1.60 18.38 45466.83 Metlife 48.97 -0.04 58.23 44.49 2.90 9.69 54434.68
KBC Grp 58.14 -0.44 66.00 43.99 3.45 9.58 26508.53 Engie SA 16.43 -0.11 20.08 13.80 5.86 45.80 43666.63 JapanTob 4471 67.00 4848 3101 2.25 19.71 74164.38 ABB 17.96 -0.15 22.16 16.49 - 17.16 41982.11 BlackRock 343.93 0.33 382.84 275.00 2.41 18.05 56401.33 Microsoft 56.46 -0.09 56.85 39.72 2.15 38.44 450997.58
Esslr Intl 116.25 -0.25 125.15 88.72 0.84 42.16 27456.71 KDDI 3154 14.00 8550 2519 1.88 16.75 70391.23 CredSuisse 21.69 -0.20 28.94 18.57 3.15 10.26 42873.57 Boeing 146.84 -0.51 158.83 115.14 2.31 18.85 98380.4 Mnstr Bvrg 150.86 0.69 160.50 106.77 - 53.40 30582.71
Brazil (R$)
Hermes Intl 314.50 -1.70 365.55 277.55 0.90 36.93 36234.4 Keyence 67080 660.00 70100 50700 0.30 33.45 33827.59 Nestle 74.55 -0.60 77.00 64.55 2.95 16.53 240035.57 BrisMySq♦ 69.86 0.50 70.87 51.82 2.07 67.39 116546.48 MondelezInt♦ 45.86 0.11 48.58 33.97 1.32 9.14 72879.22
Ambev 18.16 -0.04 20.46 15.54 8.94 22.82 71299.98
LOreal 157.35 -0.80 181.30 133.40 1.65 31.14 96116.04 MitsbCp 2028 -12.00 2837 1887.5 2.67 11.07 26745.25 Novartis 86.80 -0.70 103.20 82.20 3.05 25.62 234650.83 Broadcom 58.26 -0.06 58.51 40.21 0.91 25.86 32683.86 Monsanto 99.54 0.26 126.00 81.22 1.90 21.73 43821.98
Bradesco 20.76 -0.64 32.40 20.70 4.63 7.34 13090.82
LVMH 147.15 -0.60 176.60 123.50 2.09 13.48 81608.69 MitsubEst 2523.5 -6.50 2975 2321 0.59 46.63 29100.66 Richemont 72.10 -0.70 91.75 66.40 2.20 23.45 38006.77 CapOne 73.64 -0.15 92.10 67.73 1.86 10.57 39179.81 MorganStly 32.48 -0.07 41.04 30.15 1.51 20.40 62888.55
Cielo 33.69 -0.41 46.27 30.48 2.01 16.30 15877.63
Nmrcble-SFR 33.50 -0.30 60.01 32.19 - -41.13 16022.28 MitsubishiEle 1282.5 1.00 1718 1063 2.08 12.16 22839.72 Roche 276.40 -2.10 289.40 238.80 2.89 26.64 196100.31 CardinalHlth♦ 90.42 -0.04 91.91 74.76 1.58 23.12 29746.47 MylanNV 55.02 -0.26 76.69 37.59 - 31.36 27055.92
ItauHldFin 24.05 -0.33 32.66 23.81 2.10 5.45 18305.46
Orange 15.58 -0.06 16.98 12.21 3.71 42.58 45039.42 MitsuiFud 3056 7.00 3879 2951 0.90 25.47 25128.92 Swiss Re 98.15 -1.55 99.75 74.95 4.46 39.45 36743.13 Carnival 55.72 0.58 55.77 42.51 1.82 32.11 32880.96 Netflix 117.24 -1.88 133.27 45.26 - 319.86 50107
Petrobras 8.50 -0.07 16.26 7.66 - -3.23 15802.34
PernodRic 106.05 -0.15 117.75 87.95 1.49 33.99 30719.15 MitUFJFin 757.10 -2.60 936.80 604.00 2.34 6.98 88971.05 Swisscom 503.00 -4.50 580.50 471.10 4.34 18.58 26312.93 Caterpillar 69.43 0.24 93.57 62.99 4.05 14.64 40424.49 NextEraE 104.59 -0.06 112.64 93.74 2.84 15.32 48167.45
Vale 13.12 0.40 27.89 11.25 18.35 -5.58 10543.82
Renault 94.33 0.01 100.25 56.85 1.94 10.58 30443.61 Mizuho Fin 243.50 -0.30 280.40 191.00 3.14 7.65 50236.44 Syngent 392.30 -2.40 435.20 280.00 2.78 26.69 36821.59 CBS♦ 46.97 -0.32 63.95 38.51 1.25 15.49 20371.02 Nike♦ 63.72 -0.54 68.20 45.35 0.85 33.40 42994.17
Canada (C$) Murata Mfg 17570 75.00 22220 12520 1.12 17.59 32826.42 Celgene 121.37 0.10 140.72 92.98 - 62.12 95947.86 NorfolkS 85.15 -0.42 112.05 72.10 2.69 15.72 25421.72
Safran 63.75 -0.04 72.45 50.40 1.81 -20.09 29014.12 UBS 19.52 -0.20 22.57 13.58 3.81 12.16 75881.81
BCE♦ 54.46 -0.31 60.20 51.56 4.78 17.63 33937.13 NipponTT 4836 41.00 5066 3011 1.94 17.31 84085.29 CharlesSch 33.61 0.05 35.72 25.43 0.70 34.58 44248.35 Northrop 191.51 0.03 193.99 141.58 1.53 18.87 34928.18
Sanofi 79.71 -0.39 101.10 72.94 3.44 22.60 113578.25 Zurich Fin 258.40 -1.40 334.60 232.60 - 13.01 39246.87
BkMontrl 79.18 -0.33 82.91 64.01 4.17 11.82 36637.08 Nissan Mt 1279.5 5.00 1350 963.10 2.89 9.96 47974.24 ChevrnTx 90.17 -1.08 113.31 69.58 4.65 19.99 169703.25 NXP 86.39 0.07 114.00 72.05 - 30.47 21748.81
Sant Gbn 40.19 -0.03 44.84 32.36 1.49 28.00 24599.36 Taiwan (NT$)
BkNvaS 57.90 -0.27 67.72 52.60 4.75 10.15 50161.74 Nomura 679.10 -0.70 909.20 609.30 3.34 9.68 21530.24 Cigna 146.95 -1.42 170.68 100.67 0.03 18.38 37858.42 Occid Pet♦ 67.29 -0.90 83.74 63.60 4.28 -8.69 51391.79
Schneider 53.68 -0.63 75.29 48.57 3.44 19.28 34423.62 Chunghwa Telecom 99.10 0.10 101.00 92.10 4.79 19.82 23393.67
Brookfield♦ 44.60 0.21 48.64 38.58 1.40 11.72 31506.77 Nppn Stl 2416 -20.50 3505 2122.5 2.65 10.07 19042.68 Cisco 27.71 -0.06 30.31 23.03 2.84 15.46 140965.01 Oracle 37.02 -0.03 45.56 35.14 1.52 18.06 155508.16
SocGen 42.79 -0.59 48.77 32.45 2.81 11.75 37644.49 HonHaiPrc 80.90 0.20 99.70 77.90 4.37 8.63 38498.49
CanadPcR♦ 176.08 -1.47 245.05 168.12 0.81 19.33 19379.78 NTTDCMo 2484 - 2873.5 1731 2.78 21.05 84175.65 Citigroup 52.54 -0.44 60.95 46.60 0.22 12.09 156516.16 Pepsico♦ 101.30 -0.15 103.44 76.48 2.62 30.68 147578.98
Total 41.57 -0.58 50.30 36.92 5.99 113.75 110618.7 MediaTek 248.50 -1.50 505.00 227.00 8.65 12.46 11884.21
CanImp♦ 92.59 -0.43 102.90 83.10 4.73 10.23 26487.55 Panasonic 1240.5 0.50 1853.5 1177.5 1.30 89.00 25238.56 CME Grp■ 92.44 0.12 100.87 83.43 2.09 25.25 31266.28 Perrigo 145.39 -1.20 215.73 140.40 0.32 147.06 21285.4
UnibailR 235.75 -1.85 262.00 209.10 3.98 13.90 25378.98 TaiwanSem 142.50 0.50 155.00 112.50 3.09 12.43 112442.43
CanNatRs♦ 30.36 -0.78 42.46 25.01 3.06 76.09 23926.05 Seven & I 5550 14.00 5998 4117.5 1.30 29.46 40804.12 Coca-Cola 43.61 -0.10 43.91 36.56 2.91 28.58 189659.24 Pfizer 32.72 -0.12 36.46 28.47 3.29 25.10 201448.17
Vinci 59.48 -0.02 62.60 43.40 2.87 17.63 38969.98
CanNatRy♦ 78.54 0.27 88.89 69.90 1.53 18.23 44762.6 ShnEtsuCh 6617 -14.00 8310 5801 1.56 20.77 23714.44 Thailand (THB) Cognizant 61.39 -0.03 69.80 50.71 - 24.60 37415.95 Phillips66 82.76 -0.01 94.12 57.33 2.51 9.87 44147.52
Vivendi 19.80 0.11 24.83 18.81 10.12-229.52 29555.66
Enbridge 45.52 -0.57 66.14 40.17 3.89-115.73 28308.62 Softbank 6139 12.00 7827 5370 0.64 13.26 61133.4 PTT Explor 244.00 7.00 382.00 206.00 4.38 -75.46 19367.43 ColgtPlm 67.95 0.30 71.56 50.84 2.13 25.67 60945.85 PhilMorris♦ 89.03 -0.33 90.27 75.27 4.42 19.54 137933.8
GtWesLif♦ 35.00 -0.02 37.70 30.42 3.73 12.60 25036.37 Germany (€)
Sony 3002 24.00 3970 2351.5 0.74 36.67 31429.27 United Arab Emirates (Dhs) Comcast 56.97 -0.59 64.99 50.01 1.68 18.25 119324.19 PNCFin 96.57 -0.38 100.52 81.84 2.01 13.28 50015.57
ImpOil 44.95 -0.61 55.37 39.30 1.07 22.29 27434.44 Allianz 163.55 -1.45 170.15 131.05 4.19 11.56 81569.74
SumitomoF 4606 3.00 5770 3902 3.32 12.23 54019.57 Emirtestele 15.90 -0.05 16.50 9.77 3.96 17.58 34225.68 ConocPhil 46.77 -1.00 70.11 41.10 6.13 -58.28 57744.21 PPG Inds 100.52 -0.06 118.95 82.93 1.35 24.01 27066.94
Manulife 21.31 -0.02 24.20 18.91 3.09 16.62 30255.8 BASF 70.72 -0.80 97.22 63.00 3.97 12.80 70888.15
Takeda Ph 6065 -28.00 6657 4904.5 2.93 -31.61 39748.8 United Kingdom (p) Corning 18.59 0.10 25.16 15.42 2.42 12.40 21985.77 Praxair 104.07 -0.33 131.70 98.55 2.63 21.66 29643.87
Potash 24.20 -0.30 47.10 22.89 8.20 10.09 14551.35 Bayer 115.80 -2.10 146.45 106.80 1.95 25.68 104507.86
TokioMarine 4712 -41.00 5504 3703 2.25 19.04 29604.83 AscBrFd♦ 3378 10.00 3606 2705.75 1.01 47.34 39667.67 Costco 163.24 0.58 169.73 117.03 0.94 31.05 71789.24 Prec Cast♦ 232.18 0.09 242.96 186.17 0.05 24.91 31943.59
RylBkC 75.55 -0.32 81.53 68.05 4.16 11.04 80788.42 BMW 97.63 -0.93 123.75 72.05 2.98 11.37 64141.43
Toyota 7488 34.00 8783 6650 2.96 10.41 207306.33 AstraZen 4616 -11.50 4931.68 3746 4.02 52.14 86537.34 CrownCstl♦ 87.57 -0.43 89.44 75.78 3.67 58.32 29227.52 Priceline 1297.41 -4.99 1476.52 990.69 - 27.68 64590.11
Suncor En 35.70 -0.76 40.93 32.13 2.39 530.80 37159.88 Continental 224.55 -2.95 234.25 166.60 1.45 16.85 49013.8
Mexico (Mex$) Aviva 519.00 -2.00 578.68 428.40 3.49 13.58 31147.03 CSX 26.05 -0.33 37.67 24.47 2.56 13.22 25397.31 ProctGmbl 80.39 0.03 92.55 65.02 3.18 27.43 218706.84
ThmReut 53.50 0.08 55.92 45.29 3.39 15.63 29584.23 Daimler 77.58 -0.80 96.07 62.06 3.16 10.73 90579.49
AmerMvl 12.61 0.07 17.37 12.15 1.99 22.98 30543.72 Barclays 220.70 -1.90 289.90 209.05 2.95 0.74 55000.31 CVS 99.08 -0.28 113.65 81.37 1.31 22.74 109712.98 Prudntl 82.77 -0.44 92.60 73.19 2.74 11.03 37163.73
TntoDom 55.00 -0.33 56.48 47.75 3.71 12.80 73512.54 Deut Bank 22.53 -0.20 33.42 20.69 3.33 -7.37 33906.06
FEMSA UBD 161.17 -1.41 169.74 121.38 0.68 31.34 33244.16 BG 991.50 -14.00 1301.62 785.20 1.92 -19.15 50266.95 Danaher♦ 93.89 -0.28 97.62 81.25 0.53 26.64 64341.44 PublStor 251.02 -1.19 253.93 182.08 2.42 42.98 43400.32
TrnCan♦ 45.46 -0.50 59.50 40.58 4.55 19.01 23208.86 Deut Tlkm 16.69 -0.28 17.63 12.63 3.00 34.38 83908.14
WalMrtMex 44.75 0.53 47.00 28.32 1.21 34.18 45045.51 BP 355.15 -5.60 499.25 252.55 7.58 -12.97 96757.71 Deere♦ 77.90 0.26 98.23 71.85 2.96 14.05 24670.94 Qualcomm 50.82 -0.06 75.41 45.93 3.47 16.12 76387.24
ValeantPh 142.65 2.46 347.84 92.65 - 59.95 35046.55 DeutsPost 25.96 -0.35 31.19 22.93 - 21.67 34307.75
BrAmTob 3789.5 -16.50 3931.5 3231.5 3.91 17.59 104787.47 Delphi 86.74 -0.89 90.57 66.10 1.13 18.66 24294.85 Raytheon 126.12 -0.29 129.99 95.32 2.03 19.02 37974.48
E.ON 8.93 0.01 14.85 7.08 1.57 -1.92 19503.37 Netherlands (€)
China (HK$) BSkyB 1123 -3.00 1180 857.50 2.88 14.36 28634.56 Delta 51.28 -0.89 52.77 34.61 0.77 15.09 40330.37 Regen Pharm 550.77 0.56 605.93 393.00 - 111.18 56261.85
Fresenius Med 77.73 -1.01 83.17 60.41 0.99 25.18 26391.07 Altice 12.89 0.19 47.73 9.98 - 230.36 11552.33
AgricBkCh 3.19 -0.06 4.55 2.84 6.92 4.85 12651.18 BT♦ 470.50 -1.65 502.60 385.60 2.42 17.73 58384.6 DiscFinServ 54.89 0.11 66.61 50.20 1.86 11.56 23464.59 ReynoldsAm♦ 46.57 0.05 49.56 31.35 2.87 17.92 66553.25
Fresenius SE 65.97 -0.51 70.00 42.29 0.67 28.70 39233.61 ASML Hld 84.09 - 104.85 70.25 0.83 26.04 39767.46
Bk China 3.46 -0.05 5.68 3.25 6.66 5.17 37328.98 Compass 1191 1.00 1223.36 963.00 2.31 22.82 29056.75 Disney♦ 106.77 -0.31 122.08 90.00 1.66 22.23 176509.8 Salesforce 79.52 0.08 82.90 54.95 - -617.27 52801.28
HenkelKgaA 88.62 -1.28 99.44 75.76 1.46 21.67 25126.17 Heineken 79.78 -0.55 85.90 56.14 1.33 23.51 50151.14
BkofComm 5.43 -0.06 8.61 5.17 6.03 5.05 24527.91 Diageo 1880 - 2055 1592.5 2.85 19.87 70144.32 DominRes 68.39 -0.25 79.89 64.54 3.64 23.13 40714.87 Schlmbrg♦ 70.43 -0.08 95.13 66.57 2.64 27.18 88819.53
Linde 133.90 -0.90 195.55 127.85 2.36 21.78 27141.41 ING 12.62 -0.06 16.00 10.20 - 27.81 53276.09
BOE Tech 2.18 -0.02 4.78 1.17 1.73 31.29 55.96 GlaxoSmh♦ 1384 -7.50 1645 1227.5 5.78 6.85 99914.24 DowChem♦ 52.04 -0.75 57.10 35.11 3.16 14.32 60267.62 Shrwin-Will 264.84 -0.06 294.35 218.27 0.95 25.91 24656.27
MuenchRkv 184.55 -2.05 206.50 156.00 4.21 9.93 33603.68 Unilever 40.53 -0.01 42.84 31.34 2.75 24.85 75846.25
Ch Coms Cons 7.97 -0.06 17.00 7.70 2.94 7.29 4552.67 Glencore 89.80 -3.30 318.46 66.67 12.74-208.84 19173.94 DukeEner 72.31 -0.07 89.97 65.50 4.35 21.45 49770.02 SimonProp 195.63 -0.16 208.14 170.99 2.88 37.36 60531.46
SAP 73.38 -0.74 75.75 53.63 1.50 28.38 98382.23 Norway (Kr)
Ch Evrbrght 3.77 -0.03 5.65 3.22 5.98 5.01 3340.95 HSBC 537.80 -6.80 674.57 478.35 6.23 10.60 157007.89 DuPont 67.60 0.03 76.61 47.11 2.62 19.83 59245.11 SouthCpr 26.35 -0.33 33.31 23.41 1.56 21.12 20694.66
Siemens 89.88 -0.97 106.35 77.91 3.54 13.49 86417.42 DNB 110.10 0.20 143.00 100.90 3.65 7.66 20322.15
Ch Rail Cons 9.62 -0.25 17.70 8.10 1.89 8.48 2576.99 ImpTob 3588.5 -27.50 3665 2763.7 3.68 20.29 51030.65 Eaton 52.77 -0.31 73.82 49.21 3.97 12.48 24421.96 Starbucks 60.94 -0.19 64.00 39.28 1.03 34.16 90483.71
Volkswgn 142.30 -1.65 254.50 95.00 3.38 11.29 45827 Statoil 124.00 - 161.70 113.90 5.88 -10.46 44806.71
Ch Rail Gp 5.90 -0.06 12.30 5.47 1.60 10.00 3202.67 LlydsBkg 73.60 -0.40 89.35 68.57 2.04 43.89 78007.76 eBay 27.83 -0.08 29.83 22.11 - 11.48 33414.2 StateSt♦ 67.28 -0.03 81.26 63.97 1.86 16.08 27146.55
ChConstBk 5.30 -0.06 7.98 5.02 6.89 4.83 164394.96 Hong Kong (HK$) Telenor 148.30 -1.60 186.10 140.20 2.60 35.79 25233.02 Ecolab♦ 116.34 -0.05 122.48 97.78 1.11 31.84 34355.61 Stryker♦ 94.79 -0.02 105.34 89.81 1.43 31.43 35595.75
Natl Grid♦ 951.00 -5.00 968.57 806.40 4.51 16.57 52810.27
China Vanke RMB 24.43 - 24.43 10.93 2.05 16.75 36633.77 AIA 46.35 -0.05 58.20 38.85 0.91 21.98 72048.52 Qatar (QR) EMC♦ 25.77 -0.10 30.22 22.66 1.75 22.06 49963.84 Sychrony Fin 30.57 -0.12 36.40 27.92 - 11.87 25490.06
Prudential 1546 -15.00 1761.5 1045.99 2.39 15.74 58972.39
ChinaCitic 4.99 -0.03 7.40 4.36 - 4.75 9581.14 BOC Hold 23.65 -0.20 33.70 22.30 4.47 10.25 32260.3 QatarNtBk 177.00 1.00 214.00 158.20 4.15 11.32 34003.82 Emerson 48.54 0.05 62.84 42.21 3.79 12.37 31772.2 Target 74.18 -0.26 85.81 68.15 2.74 17.29 45698.71
RBS 302.80 -7.30 414.00 281.40 - -13.58 52209.61
ChinaLife 24.90 -0.70 41.00 23.40 1.92 15.23 23905 Ch OSLnd&Inv 26.70 -0.40 34.05 20.70 1.94 7.80 33967.34 EOG Res 70.06 -1.03 101.36 68.15 0.94 -10.28 38514.33 TE Connect 65.93 0.18 73.73 54.32 1.84 22.37 25469.15
Russia (RUB) ReckittB 6310 5.00 6450 5060 2.20 26.81 66264.85
ChinaMBank 18.24 -0.18 26.85 16.40 4.46 6.58 10803.68 ChngKng 51.00 - 77.55 50.05 - 11.39 25396.22 EquityResTP♦ 81.87 -0.10 82.53 61.90 2.58 36.26 29822.12 Telsa Mtrs 242.65 5.46 286.65 181.40 - -46.49 31775.32
Gzprm neft 136.09 -1.40 166.94 129.15 6.55 6.58 44031.79 RELX 1203 2.00 1232 988.50 2.16 27.63 36739.99
ChinaMob 87.35 -0.40 118.00 85.00 3.14 13.94 230751.73 Citic Ltd 13.74 -0.06 16.40 11.64 1.48 6.88 51568.31 Exelon 27.53 -0.42 38.25 25.09 4.41 12.49 25315.61 TexasInstr 56.33 -0.69 59.99 43.49 2.36 20.36 57141.83
Lukoil 2345.9 -7.70 3297.7 2126 8.10 19.01 27270.55 RioTinto 1959 -19.00 3280 1843 6.97 19.49 39951.06
ChinaPcIns 31.30 -0.85 47.10 24.80 1.88 15.52 11207.33 Citic Secs 18.20 -0.40 40.50 12.82 1.88 8.25 5349.76 ExpScripts 88.18 -0.02 94.61 68.06 - 27.95 59634.02 TheTrvelers♦ 115.12 0.10 116.48 95.21 1.97 10.44 35021.06
MmcNrlskNckl 9150 -39.00 12247 8011 16.03 10.39 19789.29 RollsRoyce 579.50 -7.00 1061 504.50 3.99 -42.62 15804.76
ChMinsheng 7.64 -0.08 11.88 6.70 2.93 5.00 6834.36 CK Hutchison 104.70 -0.20 174.90 97.50 3.29 4.38 52136.97 ExxonMb 78.58 -0.58 93.45 66.55 3.54 16.94 327123.71 ThrmoFshr♦ 143.48 0.45 143.56 117.10 0.41 29.80 57262.54
Novatek 591.00 -8.50 646.30 410.80 10.83 49.32 24525.09 RylDShlA 1545 -16.00 2216.5 1415.5 8.13 93.39 91460.23
ChMrchSecs RMB 21.88 0.05 40.00 13.85 1.91 12.56 16192.4 CNOOC 8.20 -0.08 13.78 7.41 6.53 7.52 47234.33 Facebook 106.71 -0.55 110.65 72.00 - 110.02 241131.97 TimeWrnr 64.69 -0.15 91.34 62.94 2.07 15.18 52759.96
Rosneft 253.25 -1.75 294.20 192.00 3.54 6.25 36682.52 SABMill 4060.5 -19.50 4090 2773 1.83 33.64 97576.66
Chna Utd Coms RMB 6.32 0.11 10.74 4.27 1.06 42.96 20640.82 HangSeng 148.10 0.60 162.10 126.50 3.57 11.24 36530.46 Fedex♦ 148.81 -0.43 185.19 130.01 0.60 38.53 41014.3 TimeWrnrC♦ 185.78 -0.70 194.22 134.21 1.98 28.32 52612.44
Sberbank 101.26 -0.56 110.70 51.60 0.49 9.99 29875.04 Shire 4705 22.00 5870 4082 0.32 13.88 41343.42
ChShenEgy 12.14 -0.24 24.40 11.28 7.28 8.52 5323.1 HK Exc&Clr 199.30 -0.90 311.40 170.60 1.88 36.20 31075.26 FordMtr 14.23 - 16.74 10.44 3.96 12.19 55465.38 TJX Cos 71.57 -0.19 76.93 63.53 1.03 22.71 47918.2
Surgutneftegas 33.98 -0.58 39.80 23.21 - 1.18 16589.01 StandCh 566.10 -14.70 1166 475.55 9.06 13.23 27328.49
ChShpbldng RMB 9.48 0.01 20.19 8.05 0.40-579.26 26230.32 MTR 38.40 0.15 40.00 31.10 2.58 14.95 29017.66 Franklin♦ 37.47 0.07 56.47 34.62 1.57 11.63 22534.8 T-MobileUS 39.78 -0.35 43.43 26.46 - 67.25 32457.89
Saudi Arabia (SR) Tesco 150.55 -0.60 252.52 141.00 0.77 -2.17 18179.94
ChStConEng RMB 6.43 -0.03 12.52 4.88 2.67 8.24 29622.26 SandsCh 26.40 0.05 40.55 22.85 7.11 15.25 27484.17 GenDyn 140.14 -0.20 153.76 130.91 2.31 16.13 44302.2 UnionPac 78.56 -0.42 124.52 74.78 2.68 13.86 67095.45
AlRajhiBnk 51.92 -0.69 69.00 46.60 3.53 13.43 22483.97 Vodafone♦ 217.50 -1.25 258.00 201.25 5.16 -40.73 85669.51
ChUncHK 9.44 -0.10 16.00 8.90 2.57 20.34 29165.63 SHK Props 93.80 -0.20 137.60 92.00 2.41 9.06 35015.08 GenElectric♦ 31.21 -0.07 31.48 19.37 2.89 61.79 315509.35 UPS B 97.40 -0.32 114.40 93.64 2.88 22.83 67804.29
Natnlcombnk 50.75 -0.50 72.75 48.80 - 11.75 26976.42 WPP 1573 -4.00 1616 1273 2.43 16.26 30208.57
CNNC Intl RMB 9.49 -0.01 14.38 4.07 - 26.70 5689.42 Tencent 150.70 -0.10 171.00 111.30 0.23 42.64 182822.6 GenMills 58.71 -0.17 59.87 47.43 2.90 24.61 34835.3 USBancorp♦ 43.09 -0.44 46.26 38.81 2.27 13.94 75363.29
SaudiBasic 76.48 -1.55 110.50 70.50 6.58 9.92 61144.05 United States of America ($)
CSR 9.65 -0.05 20.70 7.80 - 21.76 5442.06 India (Rs) GenMotors 34.43 -0.08 39.00 24.62 3.75 12.90 53571.39 UtdHlthcre 118.87 -0.95 126.21 95.00 1.44 19.26 113296
SaudiTelec 68.67 1.75 73.25 52.75 5.71 14.33 36600.08 21stC Fox A 27.33 -0.24 39.02 22.81 1.07 7.26 31996.65
Daqin RMB 8.74 0.02 15.15 7.88 5.49 9.20 20020.36 Bhartiartl 333.10 - 452.45 304.15 0.66 23.31 20057.75 GileadSci 102.45 -0.91 123.37 86.00 0.82 9.61 147644.44 UtdTech 97.12 -0.15 124.45 85.50 2.53 15.58 86147.47
Singapore (S$) 3M 153.06 0.17 170.50 134.00 2.51 20.23 94241.02
Gree Elec Apl 0.23 -0.01 0.45 0.13 - -2.60 357.90 HDFC Bk 1074.3 - 1128 936.25 0.74 24.97 40863.15 GoldmSchs 183.25 -0.28 218.77 167.49 1.34 12.29 78162.75 ValeroEngy 72.35 1.26 73.88 43.45 2.00 8.21 34836.77
DBS 16.72 - 21.50 16.00 3.50 12.98 29551.52 AbbottLb 45.88 0.06 51.74 39.00 2.01 27.84 68440.11
GuosenSec RMB 19.70 -0.07 34.94 10.16 1.01 11.94 24889.87 Hind Unilevr 857.45 - 981.00 752.65 1.67 40.13 27949.25 Halliburton 34.53 0.03 50.20 30.93 2.04 114.57 29551.23 Verizon 46.66 -0.56 50.86 38.06 4.65 19.11 189833.28
JardnMt US$ 49.21 1.31 67.88 45.00 2.78 12.14 34562.87 Abbvie 59.95 0.50 71.60 45.45 3.15 35.41 98003.08
HaitongSecs 13.70 -0.22 27.90 10.00 2.21 8.57 6026.55 HsngDevFin 1233.7 - 1402.3 1093.2 1.20 21.72 29339.21 HCA Hold 69.03 0.04 95.49 43.91 - 14.74 28141.3 VertexPharm 127.51 -0.36 143.45 97.45 - -47.46 31331.41
JardnStr US$ 27.60 0.62 36.93 25.75 0.92 10.37 30720.15 Accenture 105.69 0.37 109.86 83.47 1.98 23.84 85209.74
Hngzh HikVDT RMB 34.95 0.30 56.48 21.93 1.14 24.87 16993.61 ICICI Bk 262.35 - 393.40 243.05 1.87 12.34 22968.81 Hew-Pack♦ 11.91 0.05 18.66 11.03 5.42 5.00 21340.91 VF Cp 63.07 -0.06 77.83 61.17 1.99 26.84 26887.31
OCBC 8.85 0.02 10.92 8.50 3.97 10.08 25728.93 Ace♦ 118.62 -0.85 119.86 96.00 2.18 14.80 38454.41
Hunng Pwr 6.68 -0.08 11.90 6.24 6.86 6.40 4050.98 Infosys 1086.3 - 2336 932.65 3.37 19.84 37401.05 HiltonWwde 21.74 -0.05 31.60 20.91 0.32 29.33 21467.2 Viacom♦ 40.98 -0.35 76.96 36.32 3.49 8.85 14225.22
SingTel♦ 3.68 -0.02 4.57 3.43 4.64 15.53 41446.92 Adobe 95.50 0.17 96.42 68.98 - 101.50 47635.34
IM Baotou Stl RMB 3.64 -0.01 7.50 3.16 - -46.57 8828.91 ITC 326.55 - 409.95 294.00 1.95 25.67 39532.72 HomeDep 133.68 -0.02 135.47 92.17 1.61 26.09 169490.37 Visa Inc 78.93 -0.28 81.01 60.00 0.60 31.30 153632.7
UOB■ 19.55 -0.04 25.05 18.20 4.24 10.15 22127.89 AEP 58.83 -0.07 65.38 52.29 3.53 16.67 28872.33
In&CmBkCh 4.68 -0.05 7.10 4.30 6.62 5.08 52406.24 L&T 1283.5 - 1893.8 1264.5 1.18 23.60 18004.28 Honywell 104.83 -0.51 107.41 87.00 1.93 18.75 80791.58 Walgreen 86.87 0.05 97.30 73.00 1.52 22.49 94310.94
Aetna 109.20 -1.01 134.40 87.25 0.87 17.10 38078.04
IndstrlBk RMB 17.24 -0.05 21.42 11.90 3.31 6.58 42978.08 OilNatGas 239.90 - 373.80 211.25 4.09 10.56 30917.57 South Africa (R) HumanaInc♦ 178.50 -0.61 219.79 137.45 0.63 20.97 26457.97 WalMartSto♦ 61.73 0.12 90.97 56.30 3.03 13.78 197652.87
Aflac 60.79 -0.15 66.53 51.41 2.51 10.86 25943.54
Kweichow RMB 218.86 -0.97 290.00 166.20 2.00 17.11 42361.02 RelianceIn 1004.5 - 1067.85 796.45 0.99 12.16 49013.9 Firstrand 42.56 -1.17 58.47 34.08 5.40 8.90 15344.64 IBM 139.98 0.20 176.30 131.65 3.36 9.80 135796.02 WellsFargo 54.99 -0.30 58.77 47.75 2.58 13.58 282283.43
AirProd♦ 132.78 0.39 158.20 123.66 2.36 23.06 28612.76
Midea 2.02 0.01 2.68 1.65 4.67 13.47 56.04 SBI NewA 225.80 - 336.00 220.15 1.54 9.42 26404.08 MTN Grp 138.67 -2.36 250.00 123.04 10.85 6.88 16448.53 IllinoisTool♦ 94.24 -0.01 100.14 78.79 2.08 18.95 34255.46 Williams Cos 23.93 -0.94 61.38 20.95 9.74 54.57 17941.87
Alexion 192.07 0.19 208.88 142.02 - 177.65 43276.91
New Ch Life Ins 31.95 -1.00 56.55 27.05 0.79 9.00 4262.69 SunPhrmInds 810.15 - 1200.8 704.00 - 68.94 29369.77 Naspers N 2102.61 -17.39 2270 1502 0.25 59.97 59175.58 Illumina 191.78 -2.40 242.37 130.00 - 57.18 28076.59 Yahoo 33.68 -0.36 51.68 27.20 - 134.67 31805.88
Allegran 314.89 0.40 340.34 237.50 - -43.64 124105.87
PetroChina 5.14 -0.05 11.04 4.93 3.71 18.28 13991.74 Tata Cons 2418.3 - 2812.1 2315.25 1.62 23.03 71779.56 South Korea (KRW) Intcntl Exch♦ 259.13 1.39 266.74 202.24 0.81 25.03 28443.32 Yum!Brnds 73.95 -0.29 95.90 66.35 2.17 36.10 31890.32
Allstate♦ 63.14 -0.05 72.87 54.12 1.83 11.23 24454.51
PingAnIns 42.95 -0.85 62.90 35.00 1.91 11.54 41269.18 Indonesia (Rp) HyundMobis 246500-1000.00 271500 185500 1.18 12.84 20464.17 Intel 35.03 -0.42 37.49 24.87 2.64 15.31 165282.98 Venezuela ()
Alphabet 794.30 0.34 798.69 490.91 - 37.43 231401.66
PngAnBnk RMB 12.10 0.01 17.50 9.30 1.44 7.69 22006.89 Bk Cent Asia 13300 50.00 15600 11000 1.03 20.15 23791.84 KoreaElePwr 50000 350.00 54000 38750 0.99 7.12 27374.7 Intuit 98.57 -0.77 109.21 79.63 1.02 62.62 26022.91 Bco de Vnzla 100.00 -5.00 143.95 27.00 - - 27015.81
Altria♦ 58.66 -0.27 61.74 47.31 3.55 22.54 115003.65
Pwr Cons Corp RMB 7.99 -0.01 20.00 6.31 1.25 15.72 4062.6 SK Hynix 30750 -450.00 51700 28550 0.95 5.01 18529 John&John 104.13 0.10 106.50 81.79 2.73 20.40 288121.84 Bco Provncl 4150 - 4400 850.00 0.82 57.57 33146.96
Israel (ILS) Amazon 691.86 -2.11 696.44 285.25 - 1019.41 324317.68
SaicMtr RMB 21.32 -0.06 29.18 14.00 6.10 8.16 36218.44 SmsungEl 1260000 6000 1510000 1033000 1.58 9.53 138956.92 JohnsonCn♦ 40.38 -0.14 54.52 38.48 2.52 18.92 26162.54 Mrcntl Srvcs 5000 - 5900 1310 0.16 37.68 22000.5
TevaPha 258.20 2.60 275.90 214.70 1.94 32.87 67247.29 AmerAir 42.88 -0.62 56.20 34.10 0.91 6.29 27028.36
ShenwanHong 0.15 -0.01 0.41 0.15 - -2.34 48.64 Spain (€) JPMrgnCh 66.73 -0.34 70.61 50.07 2.47 11.61 245641.79
Italy (€) AmerExpr 70.60 0.05 94.75 67.57 1.53 12.83 69487.76
ShgPdgBk RMB 18.57 -0.17 20.12 11.91 4.08 7.02 53372.06 Kimb-Clark♦ 129.62 0.08 129.89 103.04 2.63 79.70 47051.34 Closing prices and highs & lows are in traded currency (with variations for that
Enel 3.89 -0.03 4.50 3.36 3.60 64.77 39940.95 BBVA 6.84 -0.03 9.77 6.70 2.34 17.35 47498.24 AmerIntGrp 62.96 0.42 64.93 48.68 1.02 18.64 77882.31
Sinopec Corp 4.71 -0.04 7.79 4.29 5.11 22.37 15503.75 KinderM 14.65 -0.45 44.71 14.22 12.43 27.88 32691.69 country indicated by stock), market capitalisation is in USD. Highs & lows are
ENI 13.80 -0.24 17.66 13.05 6.97 -18.08 54732.9 BcoSantdr 4.61 -0.01 7.17 4.45 10.77 8.85 72637.11 AmerTower♦ 98.53 -0.88 104.12 86.83 1.69 75.12 41734.37
Sinopec Oil RMB 8.39 -0.04 14.23 5.08 - -242.09 581.72 Kraft Heinz 73.87 -0.82 81.20 61.42 0.73 -49.46 89637.97 based on intraday trading over a rolling 52 week period.
Generali 16.92 -0.13 19.21 15.16 3.55 13.66 28748.55 CaixaBnk 3.24 -0.02 4.57 3.20 2.47 27.33 20618.85 Amgen 163.75 -0.69 181.81 130.09 1.78 19.98 123521.19
Denmark (kr) Iberdrola 6.58 -0.01 6.71 5.35 2.36 16.86 45526.17 Kroger 42.36 -0.28 42.75 27.32 0.87 21.72 41289.26 ♦ ex-dividend
IntSPaolo 3.09 -0.04 3.65 2.22 2.27 17.74 53448.04 Anadarko 48.65 -1.08 95.94 44.50 2.17 -4.33 24721.14
DanskeBk 184.70 -0.90 218.00 155.50 2.98 27.25 27246.64 Inditex 32.01 -0.25 35.38 22.61 1.22 36.18 108877.03 L Brands 97.36 -0.52 101.11 75.11 1.82 25.49 28179.33 ■ ex-capital redistribution
Luxottica 60.40 -0.85 67.80 44.91 1.19 36.62 31878.01 Anthem 141.26 -0.59 173.59 122.86 1.60 13.81 36866.54
MollerMrsk 8940 -10.00 16450 8760 3.26 8.18 13916.03 Repsol♦ 10.30 -0.18 18.75 9.90 9.30 30.13 15741.26 LasVegasSd♦ 44.05 -0.33 61.59 36.53 5.45 16.18 35131.07 # price at time of suspension
Unicred 5.14 -0.07 6.61 4.82 2.34 16.04 33440.42 Aon Cp 93.85 0.01 107.08 86.38 1.15 21.89 25707.09
NovoB 400.40 6.60 415.00 259.60 1.25 31.27 120786.97 Telefonica 10.44 -0.04 14.31 9.97 3.84 17.54 55422.6 LibertyGbl 40.46 0.21 58.66 38.43 - -26.66 10226.51
Apple 107.55 -1.19 134.54 92.00 1.80 11.92 599611.24
Lilly (E) 86.94 0.69 92.85 68.31 2.24 40.17 96336.18

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
China Vanke 24.43 24.43 0.00 0.00 4.53 22.8 74.50 Nike 63.72 64.26 -0.54 -0.84 -64.99 -50.5 -3.61 Dec 30 date Coupon S* M* F* price yield yield yield US Dec 30 date Coupon S* M* F* price yield yield yield US
BHPBilltn 18.09 18.11 -0.02 -0.11 1.26 7.5 -3.62 ValeantPh 140.19 140.19 0.00 0.00 -19.36 -12.1 18.59 High Yield US$ US$
Woolworths 25.02 24.85 0.17 0.68 1.45 6.2 5.30 KinderM 14.65 15.10 -0.45 -2.98 -1.76 -10.7 -37.89 Windstream Services, LLC 11/17 7.88 B+ B2 BB 102.49 6.50 0.00 1.06 5.44 Burlington Resources, Inc. 02/26 6.88 A A2 A 111.94 5.40 0.00 0.91 3.10
SunPhrmInds 810.15 810.15 0.00 0.00 46.45 6.1 9.50 ShenwanHong 0.15 0.16 -0.01 -3.82 -0.02 -9.6 -18.38 High Yield Euro Halliburton Company 02/27 6.75 A A2 A- 118.21 4.68 0.00 0.30 -
Telsa Mtrs 242.65 237.19 5.46 2.30 12.95 5.6 5.34 ChMrchSecs 21.88 21.83 0.05 0.23 -1.60 -6.8 7.84 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Korea Electric Power Corporation 08/27 6.75 AA- Aa2 AA- 98.89 7.01 0.00 0.04 -
NatAusBk 30.33 29.91 0.42 1.40 1.55 5.4 2.16 IM Baotou Stl 3.64 3.65 -0.01 -0.27 -0.22 -5.7 -3.70 SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 108.86 5.07 0.00 0.05 -
Westpc 33.66 33.02 0.64 1.94 1.66 5.2 4.79 Williams Cos 23.93 24.87 -0.94 -3.78 -1.41 -5.6 -34.64 Emerging US$ FleetBoston Financial Corp. 01/28 6.88 BBB Baa3 A- 118.65 4.87 0.00 0.03 -
ANZ 27.96 27.63 0.33 1.19 1.28 4.8 2.27 Anadarko 48.65 49.73 -1.08 -2.17 -2.85 -5.5 -18.83 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.17 E.I. du Pont de Nemours and Company 01/28 6.50 A- A3 A 116.01 4.79 0.00 0.64 -
CmwBkAu 85.57 84.50 1.07 1.27 3.90 4.8 6.80 Ch Rail Cons 9.62 9.87 -0.25 -2.53 -0.56 -5.5 -7.50 Mexico 09/16 11.40 BBB+ A3 BBB+ 106.91 1.48 0.00 0.00 0.42
Brazil 01/18 8.00 BB+ Baa3 BB+ 103.25 6.26 0.00 0.00 5.20 Euro
Statoil 124.00 124.00 0.00 0.00 5.30 4.5 -7.96 EOG Res 70.06 71.09 -1.03 -1.45 -3.63 -4.9 -16.11 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 95.46 3.11 0.00 0.16 -
CNOOC 8.20 8.28 -0.08 -0.97 0.35 4.5 -3.64 ChShpbldng 9.48 9.47 0.01 0.11 -0.48 -4.8 -8.14 Russia 07/18 11.00 BB+ Ba1 BBB- 118.02 3.54 0.01 0.24 2.48
Peru 03/19 7.13 BBB+ A3 BBB+ 114.21 2.54 0.00 0.19 0.76 BHP Billiton Fin Ltd 09/27 3.25 A+ A1 A+ 106.31 2.62 0.00 0.52 -
Amazon 691.86 693.97 -2.11 -0.30 28.16 4.2 4.04 Daqin 8.74 8.72 0.02 0.23 -0.43 -4.7 -0.91 TeliaSonera 09/27 3.00 A- A3 A- 108.01 2.21 0.01 0.22 -
Wesfarmers 41.97 41.78 0.19 0.45 1.69 4.2 9.53 ConocPhil 46.77 47.77 -1.00 -2.09 -2.26 -4.6 -13.55 Brazil 01/21 7.88 BB+ Baa3 BB+ 93.02 6.63 0.00 0.93 4.84
Turkey 03/21 5.63 - Baa3 BBB- 105.68 4.45 0.01 0.14 2.66 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 108.03 2.41 0.00 0.17 -
Telenor 149.90 149.90 0.00 0.00 5.90 4.1 -2.11 MediaTek 248.50 250.00 -1.50 -0.60 -12.00 -4.6 -6.93
Poland 04/21 5.13 A- A2 A- 111.17 2.86 0.00 0.10 1.08 Yen
Murata Mfg 17570.00 17495.00 75.00 0.43 685.00 4.1 -8.32 SK Hynix 30750.00 31200.00 -450.00 -1.44 -1450.00 -4.5 -3.91
Colombia 07/21 4.38 BBB Baa2 BBB 100.03 4.42 0.00 0.40 2.63 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
OilNatGas 239.90 239.90 0.00 0.00 9.35 4.1 1.91 CNNC Intl 9.49 9.50 -0.01 -0.11 -0.43 -4.3 -1.35
MitsbCp 2028.00 2040.00 -12.00 -0.59 75.00 3.8 -4.09 Repsol 10.30 10.48 -0.18 -1.72 -0.44 -4.1 -17.37 Turkey 04/26 4.25 - Baa3 BBB- 93.62 5.12 0.00 0.21 2.81 £ Sterling
Qualcomm 50.82 50.88 -0.06 -0.12 1.78 3.6 4.03 Pwr Cons Corp 7.99 8.00 -0.01 -0.13 -0.34 -4.1 -2.20 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 123.22 4.05 -0.01 0.07 1.75
Novatek 591.00 599.50 -8.50 -1.42 20.40 3.6 -5.65 ChevrnTx 90.17 91.25 -1.08 -1.18 -3.64 -3.9 -1.29 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- 105.18 3.41 0.00 0.23 1.11
TokioMarine 4712.00 4753.00 -41.00 -0.86 162.00 3.6 0.04 Vale 12.72 12.72 0.00 0.00 -0.50 -3.8 -0.53 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.44 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+ 109.49 3.01 0.00 0.10 1.23 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- 114.81 3.94 0.00 0.11 1.64
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
Dec 30 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Dec 30 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 17.10 1.02 16.08 53.29 10.88 Dec 30 Price £ Yield Day Week Month Year High Low £m
US Prime 3.50 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 16.43 0.51 15.92 56.32 7.04 Tr 2pc '16 100.10 0.32 -20.00 -8.57 -31.91 -21.95 101.68 100.10 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 173.63 -0.12 0.17 -2.61 0.03 -2.45 VXN 18.68 0.84 17.84 46.72 11.15 Tr 1.75pc '17 101.35 0.47 4.44 4.44 6.82 -11.32 102.68 101.35 0.29
Euro Repo 0.05 10-09-2014 0.05 0.05 0.25 Corporates( £) 296.19 0.17 -0.66 0.91 -0.72 1.50 VDAX 21.14 0.72 20.42 29.94 - Tr 5pc '18 109.34 0.68 7.94 7.94 17.24 -17.07 113.54 109.34 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 249.88 0.14 -0.59 -0.24 -0.59 -0.24 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 111.04 0.97 6.59 6.59 19.75 -8.49 115.07 111.04 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 211.20 -0.18 -0.89 -0.71 -0.95 -0.67 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 114.45 1.20 6.19 6.19 15.38 -4.76 119.04 114.45 0.33
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov(€) 225.09 -0.44 -1.12 1.54 -1.28 1.69 Tr 1.5pc '21 100.06 1.49 5.67 4.93 13.74 7.19 142.92 99.91 0.12
Gilts( £) 288.04 0.13 -0.74 0.84 -0.83 1.48 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 114.66 1.51 5.59 4.14 11.85 1.34 119.85 113.65 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 240.19 -0.01 -1.04 -4.25 -1.07 -3.76 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 126.32 1.87 5.06 2.75 10.65 5.65 134.70 124.47 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 295.95 0.17 -0.57 0.84 -0.63 1.40 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 122.28 2.13 3.90 2.40 9.79 5.97 131.90 119.79 0.31
Dec 30 (Libor: Dec 29) night Day Week Month month month month year Overall ($) 225.53 0.13 -0.15 0.61 -0.15 0.61 Australia 10/18 3.25 103.37 2.00 0.00 -0.03 -0.11 -0.16 Tr 4.25pc '32 124.65 2.42 2.54 1.68 6.61 6.14 136.85 121.93 0.35
US$ Libor 0.36600 -0.001 -0.001 0.002 0.42390 0.60670 0.83340 1.15950 Overall( £) 287.72 0.14 -0.69 0.84 -0.77 1.46 04/26 4.25 112.75 2.81 0.01 -0.03 -0.09 -0.06 Tr 4.25pc '36 125.87 2.60 2.77 1.56 6.56 7.44 140.37 123.52 0.28
Euro Libor -0.28143 0.000 -0.004 0.000 -0.20429 -0.12714 -0.03786 0.05929 Overall(€) 220.55 -0.34 -0.99 0.94 -1.12 1.05 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 134.98 2.67 2.30 1.52 6.80 6.37 153.16 132.20 0.26
£ Libor 0.48188 0.000 0.001 0.004 0.50756 0.58906 0.74813 1.06244 Treasuries ($) 217.43 0.14 0.12 1.10 0.12 1.10 10/25 1.20 102.55 0.93 0.01 0.02 0.18 0.00 Tr 3.75pc '52 127.19 2.59 2.37 1.17 6.58 1.97 145.21 121.95 0.22
Swiss Fr Libor 0.000 -0.80500 -0.76700 -0.69760 -0.60060 FTSE Belgium 06/18 0.75 101.81 0.00 0.00 0.00 0.00 0.00 Tr 4pc '60 138.39 2.55 2.82 1.59 6.69 1.19 159.23 131.72 0.21
Yen Libor 0.001 0.05071 0.07714 0.11786 0.22143 Sterling Corporate (£) 109.62 -0.45 - - -1.48 -3.91 06/25 0.80 98.35 0.98 0.01 0.02 0.23 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.003 -0.20200 -0.13200 -0.04200 0.05800 Euro Corporate (€) 105.39 0.02 - - -1.29 -4.18 Canada 11/17 0.25 99.53 0.51 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.79500 Euro Emerging Mkts (€) 868.10 -3.65 - - -7.92 -6.35 06/26 1.50 99.61 1.54 0.00 0.00 0.00 0.00
US$ CDs
Euro CDs
0.000
0.000
0.39000
-0.22500
0.57000
-0.16500
0.78000
-0.05500
Eurozone Govt Bond 113.29 0.16 - - -1.35 -1.24 Denmark 11/18 0.25 101.36 -0.22 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 1.75 107.68 0.93 0.01 0.03 0.22 0.09
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 99.14 1.37 0.00 0.03 0.12 0.00
Fixed Coupon Dec 30 chg % Return 1 month 1 year Yield
Dec 30 term notice month month month year Markit iTraxx 09/25 0.88 99.37 0.94 0.01 0.01 0.22 0.00
1 Up to 5 Years 98.30 -0.14 2363.24 -0.22 0.97 1.05
Euro -0.35 -0.10 -0.35 -0.25 -0.30 -0.15 -0.24 -0.09 -0.15 0.00 -0.04 0.11 Crossover 5Y 314.89 -2.91 -9.24 25.63 389.82 280.05 France 05/18 1.00 102.95 -0.23 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.07 -0.50 3222.41 -0.85 1.27 1.72
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.72 0.87 1.02 1.17 Europe 5Y 77.26 -0.54 -1.72 7.64 95.40 68.39 11/20 0.25 100.66 0.12 0.01 0.01 0.00 0.00
3 10 - 15 Years 201.91 -0.75 3760.67 -1.55 0.77 2.21
Swiss Franc - - - - - - - - - - - - Japan 5Y 74.69 -0.20 -0.31 -1.36 83.13 65.01 11/25 1.00 99.92 1.01 0.01 0.02 0.23 0.00
4 5 - 15 Years 183.65 -0.57 3351.89 -1.05 1.10 1.92
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 76.87 1.51 3.51 8.82 99.56 65.28 05/45 3.25 126.43 2.04 0.02 0.05 0.19 0.15
5 Over 15 Years 290.52 -1.16 4217.82 -2.61 0.33 2.60
US Dollar 0.20 0.40 0.32 0.42 0.40 0.50 0.60 0.70 0.85 0.95 1.15 1.25 Germany 04/18 0.25 101.27 -0.31 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 170.16 -0.66 3190.38 -1.35 0.67 2.33
Japanese Yen -0.05 0.15 -2.00 -1.00 -0.30 0.00 -0.15 0.15 -0.15 0.15 -0.10 0.20 10/20 0.25 101.31 -0.02 0.00 0.00 0.00 0.00
Emerging Markets 5Y 353.81 -3.00 -6.96 31.55 376.07 299.17 08/25 1.00 103.28 0.65 0.02 0.02 0.17 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 472.41 -10.05 -24.55 38.09 522.53 416.39 08/46 2.50 124.24 1.51 0.03 0.06 0.16 0.12
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Dec 30 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 88.46 -2.09 -4.01 7.76 96.32 75.52 Greece 07/17 3.38 94.17 7.52 0.15 0.15 0.18 -5.04
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 283.44 100.00 1 Up to 5 Years 307.78 -0.15 -0.56 -2.67 2351.46 -0.56 -1.08
02/26 3.00 69.43 8.11 0.04 -0.04 0.46 -1.81 2 Over 5 years 551.02 -1.50 -4.15 -2.23 4067.05 -4.15 -1.50
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 110.23 -0.21 0.00 0.00 0.00 0.00 3 5-15 years 421.30 -0.70 -2.48 -4.15 3201.53 -2.48 -3.06
03/25 5.40 136.81 1.15 0.01 0.01 0.16 -0.23 4 Over 15 years 674.90 -1.82 -4.81 -1.21 4889.42 -4.81 -0.62
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/18 0.30 100.55 0.10 0.01 -0.07 0.06 0.00 5 All stocks 512.57 -1.30 -3.63 -2.05 3831.86 -3.63 -1.21
11/20 0.65 100.18 0.61 -0.01 -0.04 0.18 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 103.47 1.63 -0.01 -0.04 0.23 0.00 Yield Indices Dec 30 Dec 29 Yr ago Dec 30 Dec 29 Yr ago
Crude Oil† Jan 36.90 -0.79 Corn♦ Mar 363.50 0.75 Dec 29 Dec 29 Prev return stock Market stocks
09/46 3.25 111.20 2.73 0.03 0.04 0.18 0.00 5 Yrs 1.33 1.25 1.20 20 Yrs 2.62 2.56 2.42
Brent Crude Oil‡ 36.68 -0.80 Wheat♦ Mar 479.25 3.75 Can 4.25%' 21 127.40 -0.329 -0.334 0.50 5.18 70106.94 7
Japan 12/17 0.10 100.29 -0.05 0.00 0.00 0.00 0.00 10 Yrs 2.03 1.96 1.85 45 Yrs 2.57 2.50 2.55
RBOB Gasoline† Jan 1.26 -0.01 Soybeans♦ Jan 874.00 4.25 Fr 2.25%' 20 114.14 -0.777 -0.734 -1.37 20.31 212473.57 14
12/20 0.10 100.34 0.03 -0.01 -0.01 0.00 0.00 15 Yrs 2.44 2.37 2.22
Heating Oil† Jan 1.16 0.02 Soybeans Meal♦ Jan 268.70 0.30 Swe 0.25%' 22 106.98 -0.656 -0.655 -2.26 32.00 222842.00 7
12/25 0.30 100.34 0.27 -0.01 -0.01 -0.06 0.00
Natural Gas† Jan 2.25 -0.06 Cocoa (ICE Liffe)X Mar 2251.00 8.00 UK 2.5%' 16 - - - - - - -
12/45 1.40 102.87 1.27 -0.01 0.00 0.00 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Mar 3208.00 -3.00 UK 2.5%' 24 333.84 -0.632 -0.637 -1.68 6.82 473791.01 25
Netherlands 04/17 0.50 101.11 -0.37 0.00 0.00 0.00 0.00 Real yield Dec 30 Dur yrs Previous Yr ago Dec 30 Dur yrs Previous Yr ago
Uranium Jan 36.75 0.00 Coffee(Robusta)X Jan 1476.00 -1.00 UK 2%' 35 226.10 -0.641 -0.656 -2.45 9.08 473791.01 25
07/25 0.25 94.87 0.81 0.01 0.02 0.19 0.00 Up to 5 yrs -0.65 2.36 -0.71 -1.16 -1.45 2.38 -1.52 -1.78
Carbon Emissions - - Coffee (Arabica)♥ Mar 121.70 0.55 US 0.625%' 21 100.35 0.560 0.508 -1.16 35.84 1096384.16 36
Diesel Mar - - White SugarX 419.40 8.80 New Zealand - - - - - - - Over 5 yrs -0.64 23.19 -0.71 -0.71 -0.68 23.28 -0.74 -0.75
US 3.625%' 28 130.24 1.004 0.508 -1.76 16.78 1096384.16 36
Unleaded (95R) - - Sugar 11♥ 15.11 0.32 12/17 6.00 106.31 2.65 0.01 -0.01 0.09 -0.91 5-15 yrs -0.51 9.57 -0.59 -0.88 -0.63 9.58 -0.71 -1.01
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 104.88 0.66 0.00 0.00 0.10 -0.13 Over 15 yrs -0.66 28.87 -0.73 -0.69 -0.68 28.92 -0.75 -0.71
Base Metals (♠ LME 3 Months) Cotton♥ Mar 64.04 0.12 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 1.75 102.41 1.47 0.00 -0.02 0.04 0.00 All stocks -0.64 20.07 -0.71 -0.72 -0.69 20.22 -0.75 -0.76
Aluminium 1525.00 0.00 Orange Juice♥ Jan 147.00 0.00 amount.
Aluminium Alloy 1605.00 15.00 Palm Oil♣ Jan 562.00 - Portugal 06/18 4.45 110.36 0.20 0.01 -0.07 -0.05 -0.97 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 4722.00 -8.50 Live Cattle♣ Feb 135.25 -0.15 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 103.30 2.49 0.00 -0.04 0.23 0.00
Lead 1777.50 12.50 Spain 04/18 0.25 100.22 0.16 0.00 -0.09 0.11 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Jan 162.88 0.08
Nickel 8715.00 -30.00 Lean Hogs♣ Feb 59.30 0.00 Spread Spread Spread Spread 10/25 2.15 103.20 1.79 -0.01 -0.06 0.31 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 14530.00 -205.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.16 1.30 0.00 0.03 0.13 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1619.00 24.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 113.07 1.03 -0.02 -0.01 0.28 0.10 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Dec 29 Month Year Australia 2.81 2.17 0.51 Italy 1.63 0.98 -0.68 Switzerland 01/18 3.00 107.87 -0.87 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1060.00 -10.10 S&P GSCI Spt 310.06 -8.11 -26.93 Austria 0.93 0.28 -1.38 Japan 0.27 -0.38 -2.04 05/26 1.25 113.17 -0.02 0.00 0.00 0.00 0.00
Silver (US cents) 1382.00 -11.00 DJ UBS Spot 78.13 -3.65 -26.37 Belgium 0.98 0.34 -1.32 Netherlands 0.81 0.17 -1.49 United Kingdom 07/18 1.25 100.87 0.90 0.06 0.05 0.15 -0.08 Data provided by Morningstar | www.morningstar.co.uk
Platinum 868.00 -27.00 R/J CRB TR 175.63 -4.42 -24.88 Canada 1.54 0.89 -0.76 Norway 1.47 0.82 -0.83 01/21 1.50 100.11 1.48 0.07 0.05 0.20 0.00
Palladium 555.00 -3.00 Rogers RICIX TR 2050.41 - - Denmark 0.93 0.29 -1.37 Portugal 2.49 1.84 0.19 09/25 2.00 100.24 1.97 0.07 0.03 0.22 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland 0.94 0.29 -1.36 Spain 1.79 1.15 -0.51 01/45 3.50 116.26 2.69 0.06 0.02 0.23 0.13
Iron Ore (Platts) 43.05 0.30 UBS Bberg CMCI TR 12.06 -4.11 -26.97 France 1.01 0.36 -1.29 Switzerland -0.02 -0.66 -2.32 United States 11/17 0.88 99.65 1.06 0.02 0.07 0.12 0.00
Iron Ore (The Steel Index) 42.50 1.10 LEBA EUA Carbon 8.02 -5.87 18.64 Germany 0.65 0.00 -1.66 United Kingdom 1.97 1.33 -0.33 11/20 1.63 99.27 1.78 0.01 0.06 0.14 0.00
GlobalCOAL RB Index 49.75 0.25 LEBA CER Carbon 0.47 -21.67 -11.32 Greece 8.11 7.47 5.81 United States 2.30 1.66 0.00 11/25 2.25 99.54 2.30 0.00 0.05 0.12 0.00
Baltic Dry Index 478.00 3.00 LEBA UK Power 2271.00 252.09 35.50 Ireland 1.15 0.51 -1.15 11/45 3.00 99.17 3.04 0.01 0.06 0.13 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 Thursday 31 December 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 HBM Hlth SFr 102.00 - 113.50 87.00 - 23.15 2.0 Rotork 184.00 -0.90 267.20 162.60 2.72 16.03 1238.3 ..5%Pf♦ 0.60 - 0.60 0.60833.33 - - Redefine 50.60 0.10 59.90 48.26 6.52 9.93 245.0 Lavendon 147.50 2.50 211.50 130.00 3.12 15.56 61.3
AvonRub 997.50 -2.50 1180 687.39 0.62 18.27 8.0 HenderGp 312.00 0.40 314.30 205.40 2.88 21.77 902.8 Severfd♦ 65.00 -0.50 75.00 57.00 0.77 141.61 59.2 AquarsPl 11.25 - 15.75 5.53 - -2.68 160.8 SEGRO 433.90 -5.00 466.70 369.00 3.48 4.06 703.1 MngCnslt 14.88 - 19.00 13.25 5.55 -72.56 204.3
BAE Sys 505.50 -1.50 549.00 419.30 4.06 22.83 2370.5 ICAP 511.00 -4.50 573.00 420.60 4.31 25.38 1636.2 SKF SKr 137.20 -3.70 231.70 134.80 3.94 14.62 1990.9 Barrick C$ 10.21 -0.28 16.54 7.89 1.33 -2.85 768.2 Shaftbry 923.50 -10.50 975.50 771.00 1.45 5.52 245.6 MearsGp 448.25 3.25 475.00 367.04 2.23 17.33 16.0
Chemring 184.00 -5.00 241.25 131.00 2.23 -21.05 76.8 Indvardn SKr 145.10 -1.30 183.50 130.00 4.24 13.47 279.7 Spirax-S 3293 16.00 3767.56 2738 2.03 25.27 63.4 BHP Bltn 760.60 -15.20 1670.5 665.70 10.47 18.32 6076.3 Town Ctr♦ 325.00 5.00 336.25 260.71 3.21 7.20 32.9 MenziesJ 411.50 6.25 525.00 338.50 3.94 36.59 21.9
Cobham 286.60 0.40 349.10 250.50 3.72 -166.43 1224.3 ICG♦ 618.00 -3.00 712.83 485.70 4.15 9.68 342.5 Tex 106.50 - 130.00 86.30 5.63 7.57 0.2 BisichMg 77.50 - 94.75 60.15 5.16 5.96 0.3 Wkspace 979.00 -8.00 989.50 748.40 1.23 4.54 79.8 MichaelPge 492.00 -2.40 568.00 397.70 2.24 23.81 269.6
Meggitt 378.00 0.60 593.50 337.60 3.64 15.73 1786.5 IPF 292.30 - 512.00 230.00 4.11 8.50 242.9 Trifast 118.00 -1.75 134.00 93.50 1.78 14.12 1273.3 EVRAZ 70.60 -0.85 209.90 58.00 - -1.37 1118.5 Real Estate Inv & Services MITIE♦ 318.40 3.70 341.00 265.70 3.67 15.93 745.7
RollsRoyceX 579.50 -7.00 1061 504.50 3.99 -42.62 3619.9 Investec 485.10 -7.80 649.50 410.70 4.12 13.84 1002.7 Vitec 600.00 10.00 670.85 580.00 4.00 23.75 2.3 Fresnillo 709.50 -0.50 939.50 569.63 0.27 150.00 776.3 Cap&Count 446.00 -4.10 475.10 361.10 0.34 6.55 460.4 PayPoint 943.00 -2.00 1112.15 779.82 4.08 31.98 14.7
Senior 230.70 -0.30 361.70 215.60 2.44 15.52 343.9 Jupiter 454.10 -1.30 481.30 338.79 2.91 13.58 288.5 Weir 990.50 -9.00 2045 925.00 4.44 - 497.8 GemDmnd 128.50 4.75 189.13 94.75 2.47 10.53 85.9 CLS 1859 28.00 2037 195.00 - 3.96 1.3 PremFarn 100.00 -1.75 204.60 87.75 10.40 8.42 575.4
UltraElc 1980 2.00 2044 1627 2.24 -173.70 33.3 Liontrust 282.50 4.50 393.50 260.82 2.83 20.95 15.9 Harmony R 15.40 -0.25 38.50 7.92 - -1.22 488.3 Daejan 6455 95.00 6614.2 5323.5 1.27 6.64 1.1 Rentokil 160.80 -1.10 162.50 115.60 1.61 22.52 949.1
Man 175.40 -0.30 217.80 138.60 3.63 11.88 1913.6
Industrial General Hochschild 49.25 0.75 134.25 44.50 - -3.43 191.0 Ricardo 909.00 27.50 967.50 620.99 1.71 25.85 19.0
Grainger♦ 238.30 0.80 256.00 183.60 1.06 23.18 353.2
Automobiles & Parts NB GFRIF 91.80 0.05 99.75 91.40 4.05 23.50 403.9 BritPoly 680.00 -5.00 755.00 620.00 2.35 10.93 6.2 Kenmr 0.45 0.09 4.92 0.27 - -0.20 39970.9 HelclBar 471.75 1.75 475.50 365.00 1.54 5.01 27.5 RbrtWlts 355.00 -9.00 478.00 303.72 1.69 20.70 10.8
FordMtr $X 14.23 -0.01 16.74 10.44 3.96 12.18 7104.2 Paragon 356.00 -5.10 461.50 343.80 2.53 10.96 526.1 Coats Group 24.75 - 30.90 20.50 - -369.40 84.3 Lonmin 76.25 -6.25 18970 55.00 - 0.00 1272.4 RPS 240.25 0.50 271.37 181.50 3.53 16.99 60.7
ExovaGroup 138.00 - 199.12 134.50 1.45 19.77 148.9 HK Land $ 6.91 -0.10 8.80 6.40 2.59 13.49 1607.2
GKN 309.20 -0.20 389.00 248.56 2.72 34.41 1898.8 Providnt 3360 -21.00 3654 2414 2.92 25.07 201.8 Petra 87.25 -2.00 205.10 52.77 - 14.93 903.4 Lon&Assc 25.00 - 42.52 24.00 0.62 -3.53 22.0 Shanks♦ 98.00 0.50 113.50 88.00 3.52 -51.34 64.9
RathbnBr 2231 20.00 2348 1985 2.33 28.74 2.8 JardnMt $X 49.21 1.31 67.88 45.00 2.78 12.14 210.0 Petropvlsk 6.52 - 18.89 4.21 - -0.95 1181.1 SIG 145.80 -1.90 212.20 117.00 3.02 26.12 476.2
Banks Jard Str $X 27.60 0.62 36.93 25.75 0.92 10.37 102.2 MacauPrp 157.50 0.50 239.50 149.25 - -3.72 16.0
Record 27.00 0.25 41.00 26.25 6.11 9.73 125.1 PolymtIntl 575.50 -2.50 634.00 424.20 2.36 -17.75 509.0 Mntview 11950 - 12900 9975 2.30 13.00 0.0 SpeedyHr♦ 42.00 - 80.00 27.94 1.67 -15.27 116.5
ANZ A$X 27.96 0.33 37.25 25.01 8.72 11.53 5357.3 Macfrlne 56.75 - 58.96 35.60 2.91 13.76 47.8
S&U 2457.5 37.50 2595 1955 2.69 14.62 0.4 RndgldRs 4202 -31.00 5752.1 3546 0.92 30.53 245.1 RavenRuss 40.50 - 58.56 37.25 - -2.86 101.4 St Ives 224.00 3.50 226.00 156.68 3.19 64.31 35.5
BcoSant 340.00 -0.25 557.55 320.84 10.77 8.87 380.3 REXAM 605.00 3.00 609.00 424.60 2.93 21.40 4889.4
Schroder 2995 -27.00 3441 2538 2.60 18.38 168.1 RioTintoX 1959 -19.00 3280 1843 6.97 19.49 2735.3 RavenR Prf♦ 129.50 - 146.00 116.80 9.27 - 5.1 TribalGrp 23.88 0.13 188.00 19.16 7.54 -4.06 186.1
BnkGeorgia 1912 -17.00 2345 1609 2.34 9.41 21.8 RPC♦ 842.00 0.50 864.50 490.00 1.83 43.16 216.0
..N/V 2251 -15.00 2629 1961 3.47 13.82 2.9 Troy Res A$ 0.20 -0.01 0.77 0.20 - -0.43 628.1 RavenR Wrt 24.50 -0.50 34.00 22.00 - - 7.1 Vp♦ 744.50 -20.50 816.00 582.85 2.22 15.02 1.4
BankIre € 0.34 -0.01 0.39 0.07 - 16.16 10400.9 Smith DS 398.10 1.80 423.70 304.30 2.86 28.93 874.1
SVG Cap 495.00 0.90 535.00 416.35 - 12.35 107.9 VedantaRs 271.70 -4.40 695.06 258.00 15.32 -0.54 397.2 Safestre 365.00 1.40 370.00 232.00 2.04 7.50 61.2 Watermn♦ 96.50 1.00 97.74 53.20 1.45 21.93 144.8
BkNvaS C$X 57.90 -0.27 67.72 52.60 4.75 10.15 626.2 Smiths 957.50 -9.00 1243 915.00 4.23 15.51 573.1
TullettPre 373.20 -4.90 415.90 275.50 4.52 7.97 181.1 Savills 879.50 -1.50 991.46 638.50 1.25 20.56 40.4 Wolseley 3722 -35.00 4398 3414.95 2.29 30.16 301.1
BarclaysX 220.70 -1.90 289.90 209.05 2.95 0.74 15513.6
WlkrCrip 52.00 - 55.00 39.13 3.27 30.93 0.0 SmurfKap € 23.59 -0.06 30.31 17.98 2.55 18.56 89.5 Oil & Gas
CanImp C$X♦ 92.59 -0.43 102.90 83.10 4.73 10.23 241.5 Vesuvius 339.80 -5.90 530.00 316.60 4.75 9.56 122.5 Aminex 1.48 - 2.92 1.25 - -17.35 429.2 SchroderRE 60.00 - 63.00 56.10 4.13 7.34 437.5 Tech - Hardware
HSBCX 537.80 -6.80 674.57 478.35 6.23 10.60 11645.1 Food & Beverages BGX 991.50 -14.00 1301.62 785.20 1.92 -19.15 2957.3 Smart(J) 103.50 - 114.80 87.50 2.86 16.06 2.8 ARM Hldgs 1046 -4.00 1332.5 811.50 0.73 46.36 1228.4
LlydsBkgX 73.60 -0.40 89.35 68.57 2.04 43.89 43620.4 AngloEst 542.00 1.50 683.10 508.00 0.55 -42.32 0.7
Industrial Transportation BPX 355.15 -5.60 499.25 252.55 7.58 -12.97 17521.3 StModwen 419.50 -6.90 499.40 379.47 1.10 3.96 125.2 Laird 359.40 7.40 413.30 299.20 3.48 17.49 323.1
RylBkC C$X 75.55 -0.32 81.53 68.05 4.16 11.04 564.7 AscBrFdX♦ 3378 10.00 3606 2705.75 1.01 47.34 257.8 BBA Aviat 187.60 1.00 259.11 165.20 3.95 15.57 1312.8 Cadogan 8.13 - 13.25 8.00 - -0.49 24.5 U and I 227.00 -4.00 293.00 214.75 2.60 10.72 17.2 Pace# 415.40 -2.70 520.80 316.34 1.05 11.89 32039.0
RBSX 302.80 -7.30 414.00 281.40 - -13.58 5406.0 Barr(AG) 529.00 0.50 699.36 500.00 2.29 20.09 9.2 Braemar 430.00 -25.00 513.86 390.00 6.05 20.48 17.7 CairnEng 158.40 -1.30 210.00 133.60 - -2.59 475.7 UNITE Gp 663.00 2.50 706.00 461.30 1.69 5.35 164.6 SpirentCM 72.00 0.25 98.75 64.25 3.43 79.73 274.5
StandChX 566.10 -14.70 1166 475.55 9.06 13.23 4533.7 Britvic♦ 735.00 -3.50 788.00 632.00 2.93 17.82 332.4 Clarkson 2272 -8.00 2855 1850 2.64 46.83 6.9 Cape 245.00 1.00 275.75 177.00 5.71 13.48 30.9 Urban&C 279.00 1.00 291.00 243.25 0.54 9.09 55.0
..7.375%Pf 107.00 - 128.00 104.50 6.89 - 47.2 C&C € 3.82 0.04 4.08 3.16 2.98 -14.43 13.3 Eurotunnl € 11.30 -0.01 14.57 10.57 1.53 57.82 609.1 EnQuest 19.00 -0.25 61.00 17.69 - -1.66 2372.1
Tech - Software & Services
Fisher J 1145 8.00 1442 894.50 1.92 14.83 7.9
Retailers AVEVA 1628 -13.00 2350 1267 1.87 36.82 60.9
..8.25%Pf 120.00 - 141.00 116.50 6.88 - 14.0 CarrsGroup♦ 154.75 0.75 178.50 136.00 2.25 11.96 6.1 ExxonMb $X 78.38 -0.79 93.45 66.55 3.55 16.90 4407.4 AA 311.20 -0.60 434.50 254.80 - -186.24 826.2
TntoDom C$X 55.00 -0.33 56.48 47.75 3.71 12.80 681.0 Coca-Cola H 1473 -11.00 1638 1051 3.43 23.40 297.7 Flybe Grp 88.00 - 111.00 52.00 - 29.33 148.2 GenelEgy 167.25 -7.75 725.00 164.25 - -2.05 540.8 Computcnt 857.50 2.50 858.50 651.67 2.31 9.33 21.1
Goldenpt 30.75 - 233.50 24.38 - -0.11 0.1 AO World 156.10 -1.90 240.00 118.60 - -67.63 367.0 DRS Data 12.00 - 14.90 11.25 - -5.06 8.8
VirginMoney 384.20 -0.90 472.90 284.00 - -960.50 489.6 Cranswk♦ 1924 -9.00 1950 1280 1.77 22.75 19.9 GeoPark $ 2.75 -0.11 5.73 2.65 - -1.51 11.1 AshleyL 27.75 0.50 36.00 25.00 7.21 10.80 196.7
Westpc A$X 33.66 0.64 40.07 29.10 7.35 14.76 5125.8 Dairy Cr 693.50 -3.50 700.00 437.90 3.13 50.14 166.0 OceanWil♦ 765.00 3.00 1028.9 722.00 5.23 70.33 0.3 GrnDnGas 222.50 -7.50 412.25 220.00 - 18.08 1.0 Elecdata 65.00 - 74.90 62.00 3.08 21.62 3.3
RoyalMail♦ 449.00 -6.40 532.50 396.48 4.68 15.62 1637.6 Brown N♦ 309.40 -6.60 400.00 286.03 4.60 20.82 422.8 MicroFoc 1610 3.00 1622 1016.51 1.93 39.60 196.3
Devro 293.00 8.50 328.00 256.17 3.00 52.35 42.8 GulfKeyst 15.75 -0.25 70.17 14.75 - -0.75 1182.1 Caffyns♦ 545.00 5.00 665.00 480.00 3.72 1.59 1.9
Basic Resource (Ex Mining) UK Mail♦ 255.00 7.75 569.00 247.25 8.55 16.90 2.7 NCC Grp 302.00 0.50 309.00 192.68 1.21 38.59 198.1
Glanbia € 17.44 0.26 19.59 12.19 0.61 33.34 18.5 HellenPet € 3.88 -0.05 5.65 3.35 - -16.86 29.4 Card Factor 375.00 0.50 401.50 250.72 1.81 21.83 59.0
Ferrexpo 21.00 0.25 83.00 12.50 19.99 2.16 702.5 RM 166.00 -4.00 185.00 137.50 2.41 10.45 0.0
Grncore♦ 358.30 -2.40 363.40 262.80 1.58 25.53 246.1 Insurance Hunting 297.25 -10.00 677.00 271.10 6.65 -18.69 246.1 Dairy Fm $ 6.10 0.12 9.77 5.76 3.56 18.74 243.2
Mondi 1352 4.00 1614.36 1006 2.20 17.53 752.2
HiltonFd 531.00 -3.50 550.00 375.00 2.50 21.17 0.2 ImpOil C$X 44.95 -0.61 55.37 39.30 1.07 22.29 189.9 Sage 611.00 -1.00 625.50 363.39 2.04 33.95 1127.4
Vale BRLX 13.12 0.40 27.89 11.25 18.35 -5.58 2451.5 Admiral 1662 -11.00 1699 1286 2.78 15.84 246.1 Debenhm♦ 73.00 -0.40 96.80 68.00 4.66 9.59 1322.1 SDL 415.25 -4.75 472.00 315.00 0.60 39.43 5.2
Kerry € 77.45 0.65 77.72 56.51 0.73 27.07 35.7 Amlin 664.00 - 666.00 445.70 4.07 14.47 587.6 IE Hldgs 80.00 - 173.00 67.00 - -2.73 162.1 Dignity 2562 21.00 2643 1729 0.78 -29.45 21.6 Telecity 1247 -2.00 1257 973.75 1.08 99.08 91.2
Chemicals Nestle SFrX 74.55 -0.60 77.00 64.55 2.95 16.53 3422.7 AvivaX 519.00 -2.00 578.68 428.40 3.49 13.58 3257.2 JKX 27.25 - 39.40 10.23 - -0.72 0.3 DixonsCar 499.20 -0.80 501.50 398.90 - 23.55 998.4
PremFds 39.50 1.00 47.79 30.75 - -1.55 428.8 Nostrum 400.50 -12.20 670.00 333.40 4.40 55.83 90.7 TriadGp 26.75 0.25 43.00 9.25 - 9.35 3.7
Bayer €X 115.80 -2.10 146.45 106.80 1.95 25.68 1110.1 Beazley 391.00 2.10 402.08 269.00 2.41 13.61 350.8 Dunelm 958.00 0.50 1023 800.00 2.14 20.26 25.3
Carclo 127.25 -4.25 169.75 87.00 2.16 42.53 5.2 PureCircle 404.00 -1.00 590.00 352.24 - 256.51 18.3 Chesnar 335.00 -5.00 367.81 310.00 5.49 13.13 40.8 OphirEgy 98.05 -0.95 171.20 78.00 - -2.26 1721.7 Findel 203.25 -3.75 255.00 162.00 - -29.36 9.2 Telecommunications
Croda 3061 -29.00 3150 2537 2.14 23.83 137.1 REA 264.00 -0.50 352.00 244.00 2.92 55.31 4.0 DirectLine 412.80 0.80 418.90 299.96 3.49 12.94 3696.7 PremOil 47.00 -0.50 191.40 41.00 - -0.50 1746.8 Halfords♦ 336.50 -2.30 563.51 317.80 4.34 10.10 332.1 BTX♦ 470.50 -1.65 502.60 385.60 2.42 17.73 6140.2
Elemntis 230.50 -1.50 324.10 206.70 2.30 10.02 327.7 SABMillX 4060.5 -19.50 4090 2773 1.83 33.64 1287.1 Eccles prf♦ 133.00 -0.50 146.00 124.50 6.48 - 20.5 RylDShlAX 1545 -16.00 2216.5 1415.5 8.13 93.39 3973.2 Inchcape 786.00 5.00 906.65 673.50 2.56 21.16 478.8 Inmarsat 1140 -8.00 1153 780.00 2.83 24.83 468.2
Syngent SFrX 392.30 -2.40 435.20 280.00 2.78 26.69 168.0 StckSpirit 140.75 4.50 235.00 97.75 1.26 21.07 72.4 Hansard 110.00 - 123.24 80.00 7.73 10.14 10.6 ..B 1563 -16.00 2315 1423 8.04 94.48 4112.9 JDSportsF♦ 1040 6.00 1081 439.86 0.68 23.95 73.8 KCOM Gp♦ 115.50 -1.25 124.50 78.50 4.65 46.26 299.2
Synthomer 325.60 -0.40 364.10 217.20 2.40 21.96 113.7 Tate&Lyl♦ 604.50 -0.50 682.50 492.20 4.63 62.73 651.0 Hiscox 1050 -9.00 1063 699.50 2.24 12.89 125.3 Schlmbrg $X♦ 69.87 -0.64 95.13 66.57 2.66 26.96 3394.8 Lookers 185.00 - 186.59 128.00 1.54 15.10 348.9 TalkTalk 214.50 -2.40 415.10 210.10 6.43 40.37 999.0
Victrex 1820 -24.00 2202.55 1606 2.48 18.39 105.2 TongtHu R 92.81 0.17 172.92 77.85 4.51 10.87 90.3 JardineL 934.50 12.50 1112 840.50 3.09 18.26 15.5 SEPLAT 73.50 0.75 169.00 66.00 13.28 7.43 4.0 Marks&Sp♦ 456.60 1.50 600.00 438.10 3.94 17.49 3602.2 TelePlus 1096 -4.00 1291 725.50 3.65 26.71 38.3
Unilever 2940 -1.00 3087 2450 2.80 24.50 1091.3 Lancashire 630.00 -2.50 772.90 539.50 1.42 8.86 228.8 Soco Int 144.75 -7.75 314.50 117.00 6.73 -12.50 222.8 MossBros 102.50 - 112.00 83.50 5.12 23.04 18.5
Construction & Materials ..NV € 40.51 0.06 42.98 31.41 2.75 24.84 3.2 TrnCan C$X♦ 45.46 -0.50 59.50 40.58 4.55 19.01 309.9 Next♦ 7275 40.00 8175 6635 2.06 17.14 363.6 Tobacco
Leg&Gen 269.60 -2.40 296.02 230.40 4.17 15.70 8065.2
Alumasc 177.50 - 221.83 117.00 2.99 11.99 16.4 Tullow 163.50 -9.50 456.90 150.59 2.58 -1.51 4152.1 Ocado 315.00 -10.90 478.50 299.00 - 276.07 4484.7 BrAmTobX 3789.5 -16.50 3931.5 3231.5 3.91 17.59 846.2
Health Care Equip & Services NovaeGp 894.00 20.50 914.39 585.00 2.77 11.73 15.4
Boot(H) 228.75 0.75 245.00 121.00 2.45 13.99 5.5 Pendragn 46.00 0.25 47.00 31.00 1.96 8.06 1118.6 ImpTobX 3588.5 -27.50 3665 2763.7 3.68 20.29 893.8
Bioquell 141.50 - 155.50 80.00 2.33 141.22 26.5 Old Mut 181.10 -1.90 20590 154.60 4.80 12.58 4604.6 Pharmaceuticals & Biotech
ClarkeT 82.50 0.25 91.00 56.00 3.76 - 5.7 Photo-Me 150.25 4.25 163.00 131.50 3.25 21.62 99.8
ConstMed 1132 25.00 1133 820.50 1.60 112.55 9.0 PermTSB € 4.68 0.02 6.30 0.05 - -5.90 46.9 BTG 690.50 -4.00 835.87 504.00 - 58.01 177.6 Travel & Leisure
CRH 1972 -8.00 2478.5 1454 2.25 36.90 276.0
PhoenixGrp 922.00 2.50 935.00 783.50 5.79 19.39 175.5 Saga 200.70 -1.00 225.10 146.00 2.04 16.35 340.2
GalfrdT 1528 1.00 1824 1195.63 3.93 13.78 60.0 GNStre kr 125.30 -0.10 158.50 113.70 0.72 25.66 396.9 CathayIn 13.50 -3.00 28.29 13.50 - -14.05 53.8 888 Hldg 182.00 -1.50 187.75 131.00 2.80 24.23 190.7
UDGHlthC♦ 598.50 4.00 602.50 378.00 1.27 47.72 171.5 PrudntlX 1546 -15.00 1761.5 1045.99 2.39 15.74 1729.8 Dechra 1110 10.00 1110 818.00 1.42 50.48 34.0 SuperGroup 1669 1.00 1733.49 750.00 - 34.11 65.2 AirPrtnr 419.50 1.00 470.00 251.00 5.26 14.69 1.3
Keller 825.50 14.00 1105 780.50 3.05 26.06 65.1 TescoX 150.55 -0.60 252.52 141.00 0.77 -2.17 10814.7
RSA Ins 431.40 -2.10 528.00 390.50 0.46 66.45 1713.3 Genus 1616 -4.00 1624 1210 1.13 24.90 16.3 bwin.party 129.60 0.80 129.80 70.40 2.76 358.01 2619.8
KierGp 1380 -2.00 1779 1250 4.26 34.50 87.2 House, Leisure & Pers Goods SagicFin 59.00 - 68.00 53.00 4.48 4.72 1.0 GlaxoSmhX♦ 1384 -7.50 1645 1227.5 5.78 6.85 3373.3 Cineworld 572.00 -9.50 599.00 397.39 2.36 19.16 248.2
Kingsp € 24.88 0.45 26.07 13.81 0.63 32.87 27.6
BarrttDev 632.00 -2.00 673.50 411.60 1.88 14.18 1500.0 StJmsPl 1014 -9.00 1031 764.00 2.30 30.18 409.9
Support Services
LowBonr 65.00 -2.25 76.00 49.00 4.15 16.74 9.6 HikmaPhm 2292 -66.00 2617 1849.38 0.61 29.67 220.2 Acal♦ 280.00 1.00 334.75 225.98 2.71 26.30 2.2 CompassX 1191 1.00 1223.36 963.00 2.31 22.82 1401.5
Bellway♦ 2848 22.00 2860 1686 2.14 12.34 207.2 Stan Life 394.70 -2.40 505.68 365.70 4.63 29.14 1401.6 Oxfd Bio 6.30 -0.10 13.38 5.18 - -16.11 1438.5 EntInns 111.70 0.80 139.60 94.65 - -8.61 120.9
Marshlls 325.00 0.10 379.80 230.00 1.85 26.50 65.2 Aggreko 917.50 -20.00 1724.15 866.00 2.96 12.15 448.1
Berkeley♦ 3706 -5.00 3788 2264 4.86 12.30 233.4 RichterG $ 19.11 0.08 19.28 12.20 0.61 25.21 0.0 FirstGrp 108.50 -0.30 129.90 88.65 - 19.60 860.3
MorgSdl 760.00 -10.00 865.00 604.00 3.55 -22.24 2.7
BovisHme 1021 - 1206 750.00 3.43 12.53 197.9
Media APR Engy 169.25 -1.50 407.44 49.98 2.01 -0.29 36.0
Norcros♦ 200.00 3.00 227.60 150.00 2.80 14.09 57.5 4imprint 1263 -17.00 1351.85 793.40 1.62 28.96 3.1 ShireX 4705 22.00 5870 4082 0.32 13.88 609.6 AshtdGp 1125 -3.00 1231 838.00 1.36 15.90 929.3 Fuller A♦ 1168 1.00 1250 909.50 1.34 23.16 3.3
Cairn Homes € 1.20 0.01 1.22 1.00 - - 311.8 VecturGp 177.40 -0.10 187.50 127.00 - 109.78 134.6 Go-Ahead 2650 9.00 2758 2269 3.23 22.17 16.3
StGobn €X 40.19 -0.03 44.84 32.36 1.49 28.00 830.4 Creston♦ 125.00 2.00 163.00 108.00 3.36 16.24 35.1 AtknsWS♦ 1646 9.00 1677 1225 2.22 16.91 98.1
CrestNic 558.00 3.50 598.50 342.00 2.56 12.49 248.5 GreeneKg♦ 943.00 3.00 985.00 730.00 3.05 23.22 681.1
Tyman 294.25 -0.50 342.00 230.00 2.72 42.68 35.3 DlyMailA♦ 703.00 0.50 989.50 647.50 2.94 15.48 703.7 Real Estate Babcock♦ 1015 -10.00 1152.76 868.50 2.33 18.94 480.7
GamesWk 590.00 2.50 620.00 487.25 8.81 15.42 10.3 IrishCtl € 5.29 - 5.50 3.11 1.91 15.08 0.5
HaynesPb 107.50 1.00 157.00 103.00 6.98 -2.02 8.2 Berendsen 1081 -6.00 1161 946.50 2.78 21.23 116.6
Electronic & Electrical Equip Gleeson 545.00 12.50 551.62 345.02 1.39 23.71 13.7 Harworth Gr 12.38 - 14.37 7.26 - 2.99 63.8
Brammer 182.75 -1.25 420.50 138.50 5.85 25.51 544.2 Ladbrokes 122.50 -0.40 147.00 92.85 7.27 -46.90 973.7
Headlam♦ 500.00 -4.00 550.00 408.00 3.50 16.62 50.2 ITE Grp 157.00 -2.00 204.75 125.00 4.71 15.03 176.6
Dialight 449.00 -7.75 850.00 398.00 3.34 24.03 23.8
ITV 276.50 -1.50 281.90 205.50 1.70 21.13 3965.9
REITs Bunzl♦ 1896 -4.00 1969 1665 1.87 27.78 308.1 MandarO $ 1.55 0.05 1.78 1.42 4.19 20.74 298.2
e2v Tech 220.75 -1.50 268.00 167.50 2.31 20.07 53.3 McBride 166.50 -0.50 176.00 74.00 - -433.59 62.2 Assura♦ 55.50 -0.55 64.00 49.63 3.51 10.05 212.5 Marstons♦ 170.30 1.50 177.00 137.60 3.93 -36.06 471.0
McCarthy&S 250.00 - 255.00 180.00 - 20.96 100.6 JohnstnP 50.00 -1.88 174.00 35.00 - -104.38 149.4 Capita 1219 -11.00 1336 1032 2.40 33.05 877.3
Halma 882.50 - 886.50 658.00 1.36 31.31 330.6 BigYellw♦ 830.00 -7.50 838.50 578.50 2.61 9.87 72.1 Carillion 304.20 -3.80 371.40 293.20 5.83 24.32 1137.5 Natl Exp 334.40 2.90 334.40 216.30 3.08 20.72 227.0
Persimn 2038 -2.00 2156 1423.36 - 14.15 531.2 News Corp A $ 13.55 -0.17 17.55 12.16 0.72 -75.89 764.6
MorganAd 254.80 -9.40 375.84 224.85 4.28 44.08 187.0 BritLand 787.50 -9.00 891.50 755.00 3.54 5.74 2076.4 Comnsis 41.50 0.50 63.00 36.25 4.82 -5.70 46.9 PPHE Htl 667.50 - 688.00 440.00 2.65 10.18 2.3
Philips € 23.94 -0.15 28.00 20.48 - 37.43 2073.7 NewsCpB $ 14.17 -0.12 17.11 12.24 0.69 -79.36 285.2
OxfordIn 785.00 15.00 1114 502.62 1.66 -91.64 29.1 Cap&Reg 66.38 0.38 71.50 50.95 1.43 4.04 12.3 ConnectGp 167.25 3.75 175.00 128.02 5.68 18.55 58.2 Restaurt 689.50 -2.00 748.70 631.50 2.23 24.63 221.8
PZCusns 285.80 -0.90 376.90 264.70 2.74 22.98 546.0 Pearson 740.00 -5.50 1517.42 695.00 6.89 31.70 1577.6
Renishaw 1919 -13.00 2672.9 1800 2.21 11.46 20.0 Countrywd 400.40 -5.70 608.00 375.00 3.75 19.94 85.8 DCC 5690 20.00 6060 3357 1.49 37.07 91.8 Sportech 58.00 - 72.00 52.56 - -1.38 22.6
ReckittBX 6310 5.00 6450 5060 2.20 26.81 532.9 Quarto 221.00 - 239.00 147.00 3.75 8.59 1.1
Spectris 1817 -30.00 2420 1608 2.56 16.83 127.9 DrwntLdn 3702 -23.00 3891 2969 1.07 5.13 75.2 DeLaRue♦ 445.50 -2.75 606.00 414.75 5.61 11.48 45.1 Stagech 299.10 1.00 437.90 291.00 3.51 12.99 462.6
Redrow 473.00 -0.20 504.50 254.50 0.85 10.66 171.3 RELX NV € 15.63 0.02 16.75 12.42 2.46 26.42 1024.4
TT Elect 160.25 -1.50 164.00 99.50 3.43 -82.05 31.7 Gt Portld♦ 835.00 -9.00 892.50 728.00 1.08 4.54 333.0 Diploma♦ 764.00 1.00 916.50 600.29 2.28 23.53 43.6 ThomasCook 120.80 -0.80 162.20 97.65 - -31.18 1735.0
TaylorWm 203.60 -0.60 207.40 121.85 0.77 16.03 7498.4 RELX PLCX 1203 2.00 1232 988.50 2.16 27.63 1146.4
XP Power♦ 1441 -12.00 1750 1375 4.30 14.32 2.3 Green Reit € 1.58 0.01 1.70 1.21 - - 13.2 Elctrcmp♦ 239.90 3.30 263.10 167.55 4.90 25.24 243.5 TUI 1229 -13.00 1294.78 996.74 - 21.94 650.1
TedBaker 3002 33.00 3650 2169 1.34 35.51 29.3 STV Grp 513.00 3.00 520.00 338.00 1.56 15.67 50.6
Hammersn 607.00 -5.50 708.00 569.50 3.36 7.01 654.8 EnergyAst 499.75 9.75 640.00 392.25 - 17.08 7.5 Whitbrd 4446 -31.00 5475 4278 1.85 21.54 284.8
Financial General ThmReut C$X 53.50 0.08 55.92 45.29 3.39 15.63 124.6
Hansteen 117.90 -0.30 128.95 106.60 4.24 5.82 367.6
Industrial Engineering UTV Med 180.00 4.25 204.00 137.00 4.03 32.18 0.0 Essentra 838.50 -11.00 1069 714.00 2.18 30.01 121.7 Willim H 399.40 1.30 432.10 312.10 3.05 19.95 890.9
3i♦■ 483.20 -2.60 571.50 421.70 1.68 7.72 1065.2 HIBERNIA 1.40 0.00 1.45 1.06 - - 658.5
AberAsM 289.00 -1.50 509.64 280.30 6.49 13.26 2454.6 Bodycote 570.00 -1.00 797.59 489.90 2.53 18.24 219.3 WPPX 1573 -4.00 1616 1273 2.43 16.26 1294.7 Experian 1222 -1.00 1264 1017 2.15 26.96 923.3 Utilities
Castings♦ 474.88 3.88 488.00 360.00 2.80 13.91 4.2 Highcrft 987.50 - 1090 820.00 3.65 18.09 0.1 Grafton 746.50 -3.50 868.00 615.00 1.44 19.34 186.4
BrewDlph 315.00 -4.30 361.00 247.70 3.14 47.87 127.3 Mining INTU 321.50 -4.90 376.50 301.50 4.26 16.81 781.1 Centrica 220.90 - 300.70 200.87 6.11 -22.23 7139.1
Canaccord 230.00 - 460.00 201.50 4.28 -8.57 0.1 Fenner 146.50 -1.50 237.00 124.50 8.19 -27.05 159.9 HarvyNah 86.63 0.25 107.00 69.50 4.11 12.57 2.5 DeeVally♦ 1455 - 1484 1135 4.30 18.97 0.1
Goodwin 1840 60.00 3040 1629 2.30 13.61 0.3 Acacia 175.00 -11.80 318.90 154.00 1.57 48.84 507.4 LandSecs♦ 1188 -14.00 1363 1138 2.70 4.50 1203.7 Hays 148.20 -1.80 173.70 134.20 1.80 20.27 773.2
CtyLonInv 324.50 3.00 380.37 310.00 7.40 12.47 14.7 LondonMtrc 165.00 0.40 173.20 149.20 4.24 6.68 544.3 Drax 248.60 -3.40 463.10 205.60 4.79 5.82 645.4
Hill&Sm♦ 755.50 -0.50 776.50 565.00 2.38 29.33 35.8 AngloAmer 301.80 -5.55 1277.59 261.50 18.08 -0.87 6308.8 Homesve♦ 419.00 -2.00 447.84 320.70 2.96 23.94 55.5
CloseBrs 1348 -11.00 1857.39 1303 3.75 11.57 85.7 McKaySec♦ 268.00 11.00 279.75 223.28 3.25 4.67 122.0 Natl GridX♦ 951.00 -5.00 968.57 806.40 4.51 16.57 3334.9
IMI 862.00 -15.00 1454.55 831.00 4.36 13.32 374.2 AngloPacif♦ 58.50 - 106.43 49.00 14.44 -2.34 60.0 HowdenJny 527.00 1.00 538.50 386.50 1.59 22.44 632.9
DBAG € 29.76 0.42 34.50 24.65 1.29 11.61 23.8 MucklGp♦ 505.38 -9.63 530.00 440.00 4.06 5.68 0.6 Pennon 871.00 -2.00 925.00 711.90 3.61 30.11 281.5
MelroseInd 294.00 0.90 314.78 242.70 2.83 46.00 1877.9 AnGoldA R 108.15 -1.85 149.99 71.59 - -23.33 693.7 Intserve 525.00 -1.00 878.50 487.20 4.38 14.27 360.6
Hargr Lans 1508 -15.00 1533 912.50 1.50 45.60 303.5 PrimyHth 107.75 -1.00 113.50 90.25 4.58 12.08 120.3 UtdUtils♦ 946.00 -1.50 1045 816.50 3.99 23.05 933.6
Renold 57.00 -1.00 86.00 50.75 - 22.31 0.0 Antofagasta 472.10 11.40 811.50 408.90 2.89 30.67 2395.3 Intertek 2796 -10.00 2949 2196 1.76 23.74 195.9

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap♦ 396.50 -3.50 489.75 335.00 6.31 15.47 6.9 RM2 38.50 - 73.00 36.50 - -3.88 14.0 Egdon Res 9.25 -0.13 17.00 6.24 - -4.58 67.7 NewRiver♦ 344.00 0.50 362.00 283.25 3.78 9.14 72.3 Tech - Hardware
Cohort 381.00 -14.00 432.04 230.00 1.31 28.05 42.5 Share 28.00 - 40.75 25.00 2.21 297.87 8.0 Symphny 6.13 - 11.22 5.60 - -17.16 8.5 EuropaOil 3.00 - 9.72 2.63 - -3.49 112.5 Palace Cap 355.00 - 405.00 330.00 3.66 6.11 4.1 AminoTech 109.50 - 171.00 103.00 4.57 9.75 10.4
ShoreCap 425.00 - 431.50 400.00 2.35 14.72 0.4 FalkldO&G 8.20 - 45.00 6.25 - -17.67 703.5 PnthrSec 367.50 - 402.00 300.00 3.27 16.23 1.7 IQE 18.00 0.50 27.00 15.78 - 74.69 905.1
Banks STM Group 62.00 2.00 73.00 20.50 - 33.37 19.5
Insurance GETECH 29.00 - 65.00 21.75 7.66 5.27 2.3 PSPI 48.50 5.75 49.25 23.50 - -10.11 60.5
BCB Hldgs 8.50 - 11.60 3.25 - -0.77 13.0 WH Ireland 90.00 - 130.00 79.00 2.22 34.63 2.3 Gable 18.75 3.00 60.00 12.00 - -2.72 486.9 Infrastrata 1.45 - 5.65 1.10 - -0.29 0.8 SiriusRE €♦ 0.50 0.00 0.54 0.39 3.23 7.88 27.6 Tech - Software & Services
STB 3288 - 3425 2701 2.07 23.89 1.5 Helios 201.00 6.00 210.00 120.00 0.75 26.10 10.0 Iofina 13.13 -0.50 43.50 8.50 - -4.53 6.8 SumGermny € 0.98 - 1.00 0.69 3.07 16.93 58.1 Blinkx 16.50 -0.50 40.50 14.75 - -1.14 453.7
Food & Beverages Ithaca Engy 27.50 -0.50 76.25 26.25 - 19.33 2807.4 TaliesinPr 2250 - 2545 1973.6 - 8.15 0.2 BondInt 96.00 -1.50 148.25 83.48 2.29 17.87 35.0
Basic Resource (Ex Mining) FinsbryFd 113.00 - 118.50 56.00 1.40 20.21 49.4
Media
KBC Adv 134.50 -2.00 144.50 77.00 0.74 34.10 54.9 Brady 55.00 3.00 110.13 33.60 3.36 -43.21 101.1
CropperJ♦ 647.50 10.00 718.00 390.00 1.31 29.81 0.8 Nichols 1423 -3.00 1496.81 872.00 1.57 24.64 4.2 Avesco 213.50 -12.00 252.00 112.00 2.81 14.88 70.9 Retailers
PetrelRes 3.25 - 4.98 2.00 - -1.59 10.0 Datatec 225.00 - 370.00 210.00 2.31 10.58 0.1
RealGdFd 53.50 - 59.40 31.00 - 38.74 9.0 Cello Gp 88.00 - 106.70 79.00 2.95 82.17 11.7 ASOS 3358 -15.00 4259 2146 - 75.63 214.0
Chemicals Petroceltic 21.00 -1.00 140.00 18.57 - -0.28 228.7 DDD 1.75 - 4.50 1.25 - -1.81 30.0
Wynnstay 562.50 - 610.00 474.52 1.81 15.85 2.2 M&Csaatc 334.50 14.50 395.00 280.25 1.87 -45.79 8.6 Koovs 24.50 -1.75 155.00 24.69 - -0.82 17.8
Scapa 217.75 2.75 225.25 124.08 0.69 43.94 113.6 PetroNeft 2.25 0.08 5.00 1.86 - -3.31 340.0 Eckoh 50.25 - 56.00 35.89 0.74 73.68 99.2
MissionMk 43.00 - 50.00 39.00 2.33 9.54 9.1 Majestic 301.75 2.00 480.00 273.25 1.39 23.10 207.6
Health Care Equip & Services Plexus 169.38 1.13 245.00 148.00 0.67 27.49 1.8 EgSoltns 54.50 - 79.00 53.10 - -37.82 7.0
Next15Cm 241.50 - 278.25 147.00 1.14 156.21 8.8
Construction & Materials Rockhop 28.25 0.25 83.00 24.00 - -5.52 599.5 StanlGib 86.50 - 312.00 84.00 5.78 -38.75 80.3 Iomart 270.25 0.50 310.00 162.00 0.93 31.63 144.0
Advnc Med 183.50 1.75 187.29 120.00 0.38 28.65 129.5 YouGov 145.50 - 156.00 101.50 0.55 47.18 1.0
Abbey 1172.5 - 1215 833.35 0.73 7.11 0.6 Sound Oil 17.00 1.25 26.73 8.75 - -10.79 2289.9 Support Services K3BusTc♦ 364.50 - 377.00 205.00 0.34 34.12 1.7
AVO 7.63 0.25 16.90 3.75 - -9.65 2954.4
AccsysTch 68.88 -0.13 81.50 56.00 - -44.07 30.4
CareTech 234.50 -1.50 262.15 190.00 3.41 11.06 9.7
Mining TowerRes 0.10 - 0.75 0.08 - -0.45 4373.1 AndSyks 317.50 -5.00 355.00 270.00 7.50 13.64 0.4
OMG♦ 44.75 0.50 51.56 32.50 1.12 42.62 87.7
Aukett 6.63 - 8.50 5.50 3.17 8.69 53.0 Amara 8.00 0.33 20.00 6.80 - -4.72 354.7 UnJackOil 0.15 0.01 0.30 0.12 - -5.58 3840.4 Progility 1.43 - 8.00 1.25 - 5.84 241.8
CircleHldgs 35.50 - 68.75 32.00 - -10.33 1.4 Augean 53.25 -0.25 62.00 37.65 0.94 10.74 49.6
AMC 7.30 -0.30 44.58 5.50 - 7.27 1944.9 VictorOil 34.00 1.00 89.05 31.98 - -1.07 1205.1 Pub Tech 129.00 - 208.00 114.00 - -3.97 4.3
Electronic & Electrical Equip ImmunDiag 237.50 - 340.00 216.40 1.26 54.54 15.1 Begbies 46.13 0.50 51.08 38.50 4.77 -36.61 38.1
SciSys 72.00 - 95.51 38.50 2.24 -62.88 0.2
SphereMed 10.50 - 23.50 8.30 - -1.34 7.9 BotswanaD 0.88 - 2.50 0.63 - -5.34 110.7 VolgaGas 29.50 -0.50 76.85 30.00 10.78 7.17 3.3 Christie 128.50 3.50 162.00 118.00 1.75 11.22 6.6
CeresPow 6.65 -0.20 10.08 5.90 - -4.99 138.9 WANdisco 86.00 - 545.00 75.07 - -0.94 6.0
Tristel 141.50 - 152.00 67.10 1.30 27.03 75.0 CentAsiaM 151.25 0.25 198.00 135.16 8.19 15.56 535.3 Empres 102.00 2.50 106.90 38.13 0.69 12.31 82.6
ElektronT 5.88 - 8.70 4.00 - 8.87 200.0
Connema 1.30 - 2.80 0.25 - -3.69 115.0
Pharmaceuticals & Biotech
FlowGp 15.50 - 49.00 9.75 - -3.22 783.6 House, Leisure & Pers Goods Abcam 667.00 7.50 669.50 420.00 1.19 35.91 223.4 Hargreaves 262.00 -11.00 650.00 255.00 10.19 4.08 32.5 Telecommunications
C'royG&NR 32.50 - 31.00 0.28 - -5.82 0.0 Impellam 800.00 - 859.60 500.00 0.78 13.07 0.6
LPA 89.50 -0.50 99.00 58.00 1.73 79.06 5.0 AllcePharm♦ 43.75 - 63.00 33.25 2.29 14.02 358.2 AltNetwks 502.00 -1.50 545.00 405.00 2.89 27.10 6.9
Airea 17.50 - 23.00 12.25 3.43 13.52 12.5 GrekaDrill 5.63 - 13.90 5.02 - -5.41 1.8 ISG 143.00 - 355.00 119.50 3.43 -4.31 40.5
ThorpeFW 241.00 1.00 250.70 130.00 1.37 23.84 6.4 Epistem 120.00 - 339.00 110.00 - -3.99 0.9 Peoples Op 87.50 -2.50 147.60 85.00 - -38.63 1.7
Churchll 700.00 - 713.50 502.00 2.30 21.72 3.1 Herencia 0.06 - 0.30 0.05 - -0.68 1525.1 JhnsnSrv 88.00 - 95.41 60.88 1.93 60.03 145.2
Zytronic 430.00 -1.50 440.00 252.00 2.40 17.68 13.8 e-Thera 27.25 - 49.40 20.25 - -8.81 12.1
gamingrealm 24.25 - 36.89 20.00 - -5.19 0.1 HighldGld 55.25 -3.50 59.75 26.00 8.22 -9.13 90.3 JourneyGp 178.50 - 187.50 120.00 1.67 14.17 1.5 Travel & Leisure
GW Phrms 392.25 6.50 708.55 310.00 - -21.69 73.0
Financial General Mulberry 930.00 1.00 969.00 771.00 - -639.61 4.9 KarelianDd 0.93 - 1.85 0.80 - -30.83 206.2 LonSec 2100 - 2400 1800 2.95 21.95 0.2 32Red PLC 118.00 -1.75 123.00 35.25 2.03 42.72 145.6
Portmern 942.50 - 980.00 860.20 2.81 15.42 2.0 OracleC 2.30 0.13 3.20 0.47 - -14.74 1921.6 HtchChMd 2790 2.50 2896.6 1140.15 - 161.46 1.0
Ambrian 4.88 - 12.05 4.50 - -1.27 1.0 Matchtech 505.00 -16.00 587.80 483.85 4.01 17.08 6.9 CastleStIn# 32.50 -1.00 41.25 17.00 - 5.80 108.9
TelfordHms♦ 394.75 8.50 495.00 337.00 2.81 8.23 245.7 ShantaGold 4.63 - 11.45 4.00 - -9.54 225.0 ImmuPhar 30.00 0.63 65.00 19.10 - -10.09 113.8
Arbuthnot 1530 20.00 1650 1281 1.76 21.01 1.0 NewmkSec 2.83 - 4.93 1.92 2.65 6.62 100.0 Celtic 73.50 - 79.00 70.75 - -17.28 0.4
WalkerGb 202.50 - 244.85 178.00 1.14 22.52 51.2 SierraRut 18.63 -0.13 32.00 16.06 - -16.04 6.0 ReNeuron 3.00 -0.13 6.50 2.26 - -6.24 2293.9
Aurora 11.50 0.25 11.77 8.00 - -0.83 42.4 NWF 192.50 0.50 206.75 123.00 2.65 15.11 6.6 ..6%CvPf 65.00 - 80.00 35.00 4.98 - 0.0
Sirius Min 15.00 - 29.50 6.40 - -44.38 2055.2 Sareum 0.19 - 0.65 0.18 - -2.92 782.4
BP Marsh 153.50 - 159.00 127.00 1.79 6.82 6.3 Industrial Engineering Paysafe 364.75 4.75 378.00 326.17 - 55.79 1146.6 ..Cv Pf 135.00 - 150.00 120.00 - - 0.8
Stratex 1.50 0.05 2.50 1.00 - -3.11 204.1 SinclairIS 39.50 0.25 61.33 31.50 - -26.33 169.1
BrooksMac 2000 63.50 2050 1320 1.45 29.35 5.0 PennaCns 281.50 - 292.00 28.30 1.24 16.36 1.3 Dalata 395.00 2.50 400.00 111.15 - 212.94 382.0
600 Grp 13.63 -0.25 20.00 11.35 - 9.82 24.6 ZincOx 0.83 -0.18 18.00 0.51 - -0.07 8836.4 Vernalis 71.50 1.00 88.29 44.45 - -107.52 14.6
Camellia 9051 0.50 9992 8401 1.39 307.12 0.5 Petards 12.25 - 14.65 10.00 - 9.74 14.5 Dart 587.50 15.50 592.57 267.50 0.51 9.29 309.1
Molins 78.50 1.50 96.80 66.10 7.01 -19.14 15.0
Fairpoint 136.00 4.50 195.00 105.66 4.71 19.57 54.9
MS Intl♦ 205.00 - 227.50 116.00 3.90 25.01 0.5 Oil & Gas Real Estate RedhallGp 6.25 - 15.50 5.00 - -1.00 13.8 GoalsSocc 164.00 -0.50 242.00 127.00 1.22 11.49 6.4
Leeds 36.00 - 43.79 30.00 - 9.43 3.2 Conygar 172.00 - 195.00 163.50 1.02 22.29 27.0 Renew 390.00 -5.00 401.25 237.00 1.47 18.52 32.4 MinoanGp 7.75 0.75 13.50 6.00 - -12.28 951.4
Pres Tech 186.50 - 395.00 140.00 4.50 11.31 8.9 AmeriRes 23.75 -1.25 46.50 19.50 - -36.71 1330.2
MattioliWds 644.00 0.50 650.00 451.90 1.45 32.86 2.0 FltchKng 47.00 1.00 64.00 41.11 4.79 4.03 13.3 Restore 299.00 - 316.00 232.00 0.80 54.59 48.8 PeelHtls 101.00 - 110.00 78.00 1.49 19.91 0.1
TP Group 2.75 - 6.75 2.25 - -2.61 119.1 AndesEnrg 19.25 - 38.75 16.50 - -14.19 3.1
Miton 26.50 - 31.00 18.50 2.26 9.21 23.7 InlandHms♦ 82.88 0.88 88.00 54.00 0.72 6.02 473.8 SafeCharge 246.00 -2.00 297.00 235.01 2.17 26.80 30.5
Numis♦ 248.00 1.00 278.00 196.09 4.44 13.54 9.2 Industrial General
BahamasP 2.10 -0.05 3.10 0.92 - -8.97 7440.9 Utilities
BorSthnPet 1.56 0.11 7.18 1.25 - -3.14 145.4 Lok'nStor 334.50 15.50 374.00 235.00 2.19 43.78 86.6 Servoca 27.50 - 34.75 17.00 - 20.46 3.6
Park Grp 75.63 0.38 97.97 52.00 3.17 15.04 39.0 ModernWtr 7.25 -0.13 20.50 7.00 - -0.33 3.3
Powerflte 89.00 - 100.98 49.00 1.19 28.65 6.2 ClontarfEn 0.25 0.03 1.00 0.13 - -5.21 386.9 LXB Retail 97.00 1.50 149.00 77.00 - - 18109.4 Utilityws 188.25 -2.50 288.25 115.00 2.39 12.93 53.3
SeaEnergy 4.75 - 30.40 3.04 - -0.50 16.1

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv 723.00 -4.00 737.00 633.15 3.30 720.6 0.3 JPMGIConv♦ 91.13 0.38 106.00 89.50 6.17 97.1 -6.1 ScotAmer 262.00 -0.13 276.50 230.44 4.03 250.0 4.8 VCTs 52 Week Dis(-) Marwyn Val 213.50 - 251.93 199.07 - - -
Price +/-Chg High Low Yld NAV or Pm Edin WWd 463.50 3.00 502.44 389.50 0.32 501.7 -7.6 JPM GEI♦ 86.25 -1.25 124.67 79.00 5.68 90.7 -4.9 Scottish In 607.00 -1.00 670.00 552.50 2.01 683.2 -11.2 Price +/-Chg High Low Yld NAV or Pm TerraCat 106.00 - 110.89 90.00 - - -
3i Infra♦ 172.20 -0.60 189.56 163.40 4.52 - - EP Global 231.00 0.50 262.10 212.05 1.43 239.9 -3.7 JPM I&C Uni 348.50 - 370.00 342.00 - 366.2 -4.8 ScottMort 277.50 -1.80 283.40 226.20 1.06 272.8 1.7 AlbionDev 68.50 -0.50 70.89 66.00 7.30 73.7 -7.1
AbnAsianIn 156.50 -1.50 207.75 142.50 5.24 169.6 -7.7 Estabmt 168.50 - 187.00 138.00 2.91 207.1 -18.6 JPM Inc&Gr 105.63 0.25 115.85 102.00 4.26 112.6 -6.2 ScottOrtll♦ 734.50 2.00 898.50 660.00 1.57 842.4 -12.8 Albion Ent 91.50 - 91.90 85.50 5.46 101.1 -9.5 ISDX
AbnAsian 735.50 -9.50 953.50 653.77 1.36 845.1 -13.0 Euro Ast 1127.5 2.50 1160 966.10 4.68 1120.1 0.7 JPM Ind 498.50 -4.00 605.50 443.00 - 573.9 -13.1 SecTstScot 128.88 -0.13 148.00 120.50 4.03 140.0 -7.9 AlbionTech 73.50 -0.50 78.49 72.50 6.80 75.3 -2.4
EuroInvT 722.50 2.50 849.00 667.00 1.94 793.3 -8.9 JPM JpSm 273.50 -0.13 276.00 203.32 - 297.9 -8.2 Seneca I&G 144.50 0.38 150.00 134.00 3.97 147.5 -2.0 52 Week Vol
AbnJapInv 480.00 - 571.00 430.00 0.54 533.5 -10.0 AlbionVCT♦ 66.50 - 67.90 63.00 7.52 70.0 -5.0
F&C Cp&I♦ 263.00 - 277.00 249.00 3.80 260.3 1.0 JPM Jap 301.00 -1.00 307.95 227.76 0.93 320.8 -6.2 Shires Inc 211.25 -3.88 261.00 205.00 5.80 237.2 -10.9 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn♦ 45.25 -0.50 73.00 43.10 9.39 51.2 -11.6 ArtemisVCT♦■ 60.00 - 74.00 58.11 6.67 66.0 -9.1
F&CGblSmlr 1000.00 10.00 1028.92 875.00 0.97 988.2 1.2 JPM Mid 1091 - 1100 777.00 1.88 1084.7 0.6 StdLf Eqt 463.50 3.50 471.46 396.50 3.11 461.4 0.5 ArsenalFC 1567000 - 1600000 1475000 - 48.64 0.0
..Sub 0.05 -0.10 0.61 0.10 - - - ..VCT 2 96.50 - 99.00 91.00 6.74 100.3 -3.8
F&CMgdG 152.00 - 158.00 138.00 - 152.6 -0.4 JPM O'seas 1060 - 1159 930.00 1.42 1142.0 -7.2 StdLf Sml 378.00 -8.00 386.00 271.10 1.22 381.3 -0.9 ShephdNm 1185 -10.00 1232 1000.00 2.20 24.30 3.0
AbnNewDn 150.00 -1.00 205.23 136.00 2.53 173.2 -13.4 ..VCT 3 101.00 - 103.49 94.00 7.43 104.7 -3.5
F&CMgdI♦ 118.50 - 130.00 112.10 4.18 116.9 1.4 JPMRussian 305.13 -9.88 391.00 259.50 4.26 361.2 -15.5 StrategicEq 218.75 -0.25 241.50 175.75 0.36 211.4 3.5 Thwaites 117.50 - 131.00 102.00 3.80 7.08 5.0
AbnNewThai 354.13 1.13 489.88 324.00 2.32 420.4 -15.8 ..VCT 4 94.00 - 95.19 88.25 3.19 97.1 -3.2
AbnSmlCo 214.50 - 229.00 177.00 3.03 249.7 -14.1 FidAsian 241.75 - 285.50 195.50 0.46 273.4 -11.6 JPMSnrSec♦ 83.00 0.13 101.05 82.50 7.41 87.4 -5.0 Temp Bar 1058 -2.00 1235.01 1002 4.42 1132.7 -6.6 ..VCT 5 81.00 - 82.49 72.00 4.94 86.3 -6.1
Abn UK 305.50 2.50 334.75 281.83 3.34 319.9 -4.5 FidChiSpS 143.40 1.30 179.78 105.06 0.91 167.5 -14.4 JPM Smlr 906.50 4.50 929.20 599.58 1.06 1033.4 -12.3 TempEmerg 409.00 -4.00 607.78 370.00 2.02 469.0 -12.8 BSC VCT♦ 86.00 - 91.00 82.00 6.40 97.1 -11.4
Abf Gd Inc 208.00 0.50 212.00 162.25 3.53 222.6 -6.6 Fid Euro 174.10 -1.80 187.50 155.91 1.78 183.8 -5.3 JPM US Sml 183.88 - 193.75 155.25 - 186.9 -1.6 TRIG 103.00 0.60 109.00 93.80 5.90 - - ..VCT2 56.00 - 59.00 51.98 8.04 60.8 -7.9 Guide to FT Share Service
Abf Sml 1198 -5.00 1235 1015 2.07 1264.6 -5.3 Fid Jap 86.75 1.75 88.50 70.75 - 98.1 -11.6 JupUSSmCo 605.50 8.25 704.03 569.00 - 704.0 -14.0 ThreadUKSel 166.50 - 180.00 156.00 2.61 190.9 -12.8 Crown Place 28.50 -0.25 30.50 27.75 8.77 30.5 -6.6
AcenciADbt $ 1.44 - 1.80 1.40 4.15 1.6 -10.0 Fid Spec 202.25 - 217.00 164.80 2.13 - - KeystoneInv 1815 20.00 1900 1720.95 2.78 1899.3 -4.4 TREurGth 651.00 -1.00 661.00 509.00 1.00 707.8 -8.0 FrsightSol 104.50 - 106.00 95.00 5.74 109.8 -4.8
AdvDvpMk 397.50 -3.00 483.00 350.00 - 453.5 -12.3 FinsG&I 591.50 1.50 609.36 522.00 1.98 592.2 -0.1 Law Deb 497.00 -6.00 545.50 452.50 3.16 467.0 6.4 TroyInc&G 72.75 0.75 74.71 64.43 3.16 72.2 0.8 Inc&GthVCT 100.50 1.50 104.00 88.25 9.95 106.2 -5.4
Alliance♦■ 517.00 - 531.50 437.00 1.92 566.1 -8.7 FstPacfic H HK$ 5.05 -0.06 8.10 4.56 3.92 - - LinTrain £ 570.00 - 585.00 376.60 1.13 437.5 30.3 UtilicoEmg 165.50 0.50 173.75 119.11 3.69 188.7 -12.3 KingsAYVCT 18.25 -0.25 19.00 17.25 5.48 19.9 -8.3 For queries about the FT Share Service pages e-mail
AllianzTech 645.00 - 650.00 507.00 - 683.2 -5.6 For & Col 450.00 -0.50 467.90 395.60 2.09 488.7 -7.9 Ln&StLaw 345.50 -2.50 384.00 331.51 4.11 369.7 -6.5 UtilEmSubs 10.63 -0.38 14.00 7.01 - - - Maven I&G 66.75 - 75.00 59.50 8.84 62.6 6.6 ft.reader.enquiries@morningstar.com.
AltAstsOps 42.25 0.25 46.81 37.50 - 49.6 -14.8 Geiger 12.00 - 24.50 10.50 - 15.5 -22.6 Lowland 1388 -2.00 1440 1231.25 2.81 1355.6 2.4 UIL Inv 108.00 0.25 126.00 105.00 6.94 156.8 -31.1 MavenVCT2 49.25 - 64.00 45.00 8.12 50.3 -2.1 All data is as of close of the previous business day. Company classifications
Art Alpha♦ 248.50 0.63 294.25 242.00 1.43 312.0 -20.4 GenEmer 453.50 5.00 575.00 391.70 - 512.3 -11.5 M&GHighInc 160.00 0.50 179.95 145.00 2.88 170.4 -6.1 ValAndInc♦ 246.00 - 264.75 228.50 3.66 305.6 -19.5 MavenVCT4 85.50 - 88.39 80.00 5.85 97.9 -12.7 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 16.50 - 33.00 15.50 7.27 - - GFIS 14.00 - 20.89 12.00 - 39.8 -64.8 Majedie 275.50 6.50 283.00 230.75 2.72 271.1 1.6 Witan 786.50 -3.50 850.00 676.78 1.99 797.1 -1.3 MavenVCT5 35.50 - 37.00 32.00 7.04 39.3 -9.7 100 constituent stocks are shown in bold.
AsianToRt 190.25 0.25 224.00 163.25 1.71 208.3 -8.7 GRIT 6.38 - 25.11 4.00 - - - Man&Lon 247.50 -2.50 259.28 219.00 1.41 313.4 -21.0 WitanPac 227.50 -0.75 274.75 203.03 2.00 265.7 -14.4 Nthn 2 VCT 73.00 - 88.00 67.25 7.53 76.8 -4.9 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 156.00 - 162.23 144.00 2.47 166.4 -6.2 GoldenPros 19.00 - 34.00 17.00 - 22.1 -14.0 MCGlobPort 180.00 0.25 195.00 155.00 2.28 181.3 -0.7 WorldTst♦ 252.25 0.25 285.25 231.00 1.37 294.2 -14.3 Nthn 3 VCT 95.50 - 104.00 86.50 5.76 100.5 -5.0 are based on intra-day trading over a rolling 52 week period. Price/earnings
Axiom 101.50 - 103.00 100.00 - - - Hansa 796.50 -6.00 921.00 740.50 2.01 1114.9 -28.6 MCurPac 260.00 2.00 336.00 236.73 2.88 303.2 -14.2 WwideHlth♦ 1950 -6.00 2108.5 1590.25 0.64 2064.2 -5.5 NthnVent 76.00 - 85.36 74.00 7.89 79.6 -4.5 ratios (PER) are based on latest annual reports and accounts and are updated
BG Japan 482.50 - 493.25 371.75 - 460.3 4.8 ..A 767.50 - 930.00 747.25 - 1114.9 -31.2 MercantIT♦ 1838 2.00 1845 1410 2.34 1986.5 -7.5 ProVenGI 76.25 1.00 81.25 73.00 5.90 78.7 -3.1 with interim figures. PER is calculated using the company’s diluted earnings
Conventional - Private Equity 52 Week Dis(-)
BG Shin 468.00 9.25 468.00 303.00 - 446.1 4.9 Hend Alt 226.00 - 241.75 215.00 1.33 278.8 -18.9 MrchTst 433.50 2.50 500.00 401.50 5.51 460.5 -5.9 ProVenVCT 92.50 1.00 97.89 89.50 5.41 100.0 -7.5 from continuing operations. Yields are based on closing price and on dividends
Price +/-Chg High Low Yld NAV or Pm
BSRT 14.50 - 34.00 13.00 - 39.8 -63.6 Hen Div♦ 89.00 1.25 95.50 86.50 5.73 87.9 1.3 Mid Wynd 340.50 - 352.50 301.00 1.13 337.9 0.8 UnicornAIM 143.50 - 144.79 122.00 4.18 162.1 -11.5 paid in the last financial year and updated with interim figures. Yields are
HenEuroF 1075 -5.00 1148.5 925.91 2.27 1055.8 1.8 MitonUKMic 56.38 -0.13 57.65 50.00 - - - AbnPvtEq 88.88 - 96.00 82.00 2.52 127.3 -30.2
Bankers 630.50 -6.00 674.50 548.00 2.39 633.7 -0.5 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuro 920.00 5.50 957.00 779.50 1.96 893.3 3.0 MitonWw 158.00 - 164.65 155.95 - 178.7 -11.6 Altamir € 11.19 0.14 11.82 9.60 4.30 17.1 -34.6 Ordinary Income Shares 52 Week HR
BrngEmEu 460.00 -5.25 607.70 433.00 4.13 552.7 -16.8 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenFarEs 288.00 0.38 362.00 238.25 6.42 286.5 0.5 MMP 2.75 -0.38 4.25 3.00 - - - Dun Ent 321.50 - 378.00 305.00 1.46 512.4 -37.3 Price +/-Chg High Low Yld WO GRY 0%
BH Global 1270 -10.00 1343.6 1226 - 1350.0 -5.9 capital changes where appropriate.
HendGlob♦ 377.00 -3.00 416.81 334.86 2.65 420.3 -10.3 Monks 424.60 -1.40 458.90 371.50 0.93 477.2 -11.0 Electra 3728 27.00 3750 2994 1.02 3954.8 -5.7 JPM I&C 88.75 - 106.00 82.00 7.49 -18.7 1.6
..USD $ 12.58 -0.03 13.35 12.20 - 13.3 -5.4 Trading volumes are end of day aggregated totals, rounded to the nearest
HenHigh♦ 180.75 -1.25 195.25 165.90 4.81 177.2 2.0 MontanSm♦ 583.00 7.00 586.00 441.00 1.29 636.5 -8.4 ElectraPrf 151.75 -0.25 152.75 147.43 - 149.1 1.8 JupiterDv&G 3.63 - 5.40 3.00 20.41 7.2 -40.5
BH Macro 2023 -5.00 2191 1990 - 2134.0 -5.2 1,000 shares.
HenInt Inc 121.00 0.50 137.69 106.92 3.68 124.0 -2.4 Mur Inc 675.50 -2.00 793.58 637.04 4.63 731.7 -7.7 F&C PvtEq 241.38 1.88 244.50 214.00 4.49 293.6 -17.8 M&GHI&Gt 49.13 0.13 65.50 45.50 - -21.8 1.5
..EUR € 19.35 -0.31 21.10 19.11 - 20.7 -6.5
Hen Opp 895.50 -0.75 1059.1 778.31 1.40 969.2 -7.6 Mur Int 828.00 -5.50 1070 777.18 5.43 852.8 -2.9 GraphEnt 573.00 - 615.94 555.00 1.75 709.3 -19.2 Rghts&Icp 4800 75.00 4950 3841 - -91.8 -3.0 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.43 -0.03 21.10 19.05 - 20.5 -5.2
HenSmlr 694.00 -5.50 700.00 550.35 1.66 738.1 -6.0 ..B 725.00 - 1144.44 627.00 - 852.7 -15.0 HVPE 912.00 5.00 912.00 803.99 - 1141.1 -20.1 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 736.75 -1.25 898.92 582.73 - 793.2 -7.1 Income Shares 52 Week HR
Herald 740.50 -3.50 750.00 650.12 - 873.6 -15.2 NB DDIF $ 1.09 0.01 1.21 1.00 - - - HgCapital 1105 10.00 1169 1044 2.90 1302.8 -15.2 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom♦ 55.00 - 94.14 50.69 10.93 55.5 -0.9 Price +/-Chg High Low Yld WO GRY 0%
HICL Infra♦ 151.20 -0.20 161.40 149.90 4.86 141.5 6.9 NewCtyEgy 12.75 0.50 21.75 8.32 - 17.0 -25.0 JPM Pvt Eq $ 0.94 0.00 1.07 0.81 - 1.3 -27.7 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 198.00 0.50 240.00 164.58 - 228.2 -13.2 JPM In&Gr 98.25 - 100.50 92.50 4.58 -80.2 9.6
Impax Env. 159.25 -0.50 167.75 139.00 0.88 173.3 -8.1 NewCityHY 56.00 0.50 65.11 52.00 7.70 55.8 0.4 JZ Capital 383.00 - 480.00 376.00 - 645.1 -40.6 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 105.25 2.25 118.50 95.25 3.93 107.7 -2.3 M&GHghIc 49.00 -0.25 63.00 45.00 - -21.8 2.1
Ind IT 397.00 4.00 407.00 280.00 1.26 393.7 0.8 NewIndia 320.00 -1.25 371.30 263.00 - 352.1 -9.1 Mithras 146.00 - 151.91 126.50 0.68 170.0 -14.1 in pence.
BlckRGtEur 259.50 -2.50 264.50 219.00 1.87 261.7 -0.8 Rghts&I 1310 25.00 1350 925.00 2.75 - 34.4
Intl PP 139.90 -0.30 141.80 130.00 4.50 128.7 8.7 New Star IT 72.50 - 78.00 65.45 - 114.6 -36.7 NB PE Ptnr $ 10.73 - 12.20 10.61 - - -
..Sub 11.50 -0.25 25.63 8.50 - - -
InvAsTr 182.50 2.50 213.58 147.00 2.00 202.9 -10.1 NorthAmer 833.00 5.00 906.45 729.50 3.66 943.2 -11.7 Nthn Invs 552.50 -10.00 695.00 439.00 3.08 553.6 -0.2 Capital Shares 52 Week HR X FT Global 500 company
BlckR I&G 187.63 1.13 193.00 171.01 3.04 191.2 -1.9
Inv Inc♦ 280.00 - 305.00 264.00 3.63 305.3 -8.3 NthAtSml 2253.5 1.50 2274.56 1785 - 2690.9 -16.3 Pantheon 1315 - 1395 1220 - 1657.0 -20.6 Price +/-Chg High Low SP WO TAV 0% ♦ trading ex-dividend
BlckRIncStr 136.63 0.38 141.00 124.44 4.93 136.8 -0.1
InvPerp 70.13 0.13 79.00 68.40 7.13 69.4 1.1 Oryx Int 647.50 - 657.00 400.00 - 695.1 -6.8 PantheonR 1232.5 - 1300 1170 - 1656.9 -25.6 JPM Inc&Gr 8.13 -0.25 15.19 7.75 2.3 -4.2 5.4 ■ trading ex-capital distribution
BlckRckLat 272.00 -6.13 413.13 262.11 7.09 318.6 -14.6
IPST BalR 116.00 -1.00 123.00 115.11 - 115.9 0.1 PacAsset 190.00 - 226.15 156.25 1.37 194.4 -2.3 PrincssPE € 7.82 -0.04 8.15 6.90 6.92 9.1 -14.1 M&GHghIc 2.35 0.05 5.30 1.70 13.8 12.7 - # price at time of suspension from trading
BlckRckNrAm♦ 113.75 -0.63 124.50 101.00 3.52 128.1 -11.2
IPST Gbl Eq 159.25 -0.25 172.00 149.76 2.89 160.5 -0.8 PacHorzn 173.00 -0.50 223.77 142.50 0.81 194.1 -10.9 Riverstone 807.00 5.00 1114 750.00 - 1073.4 -24.8
BlckRSmlr 995.00 -15.00 1010 764.50 1.46 1048.5 -5.1 Zero Dividend Preference Shares 52 Week HR The prices listed are indicative and believed accurate at the time of publication.
IPST Mngd 102.75 - 104.00 101.00 - 103.1 -0.3 Perp I&G 418.90 -0.10 431.00 382.40 2.96 415.0 0.9 StdLfEuPv♦ 212.00 - 223.50 198.00 3.18 271.7 -22.0
BlckRThrmt 364.50 0.50 370.00 272.39 1.21 397.6 -8.3 Price +/-Chg High Low SP WO TAV 0% No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld 182.75 1.25 336.91 168.25 11.49 212.9 -14.2 IPST UK Eq 173.50 - 175.50 153.78 3.54 170.9 1.5 PerAsset♦ 34988 -2.00 36313.1 33000 1.60 35289. -0.9 Conventional - Property ICs 52 Week Dis(-)
Abf Gd Inc 153.75 - 154.40 146.25 -51.4 - 159.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 192.60 0.50 200.00 185.00 - 201.2 -4.3 InvPpUK 389.00 -2.25 395.35 316.75 4.41 410.8 -5.3 8 Price +/-Chg High Low Yld NAV or Pm
EcofinWatr 155.75 - 156.35 152.67 -84.5 -96.6 160.7 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp♦ 461.00 -1.00 557.08 435.50 2.28 533.9 -13.7 Invs Cap A 92.00 - 102.00 88.00 4.93 98.7 -6.8 PolarFins 106.00 2.50 112.84 94.00 2.92 112.8 -6.0 Direct Property JPM I&C 175.63 - 176.50 170.41 -23.0 - 192.1 or use of the information.
Brunner 532.75 1.00 584.12 506.10 2.25 616.7 -13.6 Invs Cap B 92.00 - 103.00 88.00 3.73 98.6 -6.7 ..Sub 4.75 - 9.50 3.75 - - -
AXA Propty 54.13 - 55.50 41.57 - - - JupiterDv&G 114.75 - 116.50 109.00 -6.7 - 131.3
Calednia♦ 2391 -4.00 2517.66 2110 2.12 2836.2 -15.7 Invs CapU 363.50 - 404.95 349.00 1.88 395.1 -8.0 PolarHealth 170.00 - 187.50 163.00 2.12 185.3 -8.3 The FT Share Service is a paid-for-print listing service and may not be fully
CustdnREIT♦ 107.75 - 110.50 104.00 5.10 - - JZ Capital 364.00 - 365.00 353.00 - - 369.8
CanGen C$ 19.10 0.10 22.00 17.08 2.86 24.7 -22.7 JLaingInf 116.80 -0.40 128.60 113.99 5.67 105.9 10.3 PolarTech 630.00 -1.50 647.00 487.40 - 639.8 -1.5 representative of all LSE-listed companies. This service is available to all listed
F&CComPrp♦ 134.90 1.50 149.00 129.50 4.45 132.3 2.0 M&GHghIc 117.00 - 117.50 112.25 -25.0 -98.8 122.8
Cap Gear 3280 -2.50 3575 3152.28 0.49 3311.8 -1.0 JPM Amer 279.00 0.90 296.14 238.90 1.16 296.1 -5.8 ProspJap $ 1.05 0.01 1.09 0.90 - 1.3 -19.2 companies, subject to the Editor’s discretion. For new sales enquiries please
F&CUKRealE♦ 101.00 0.25 105.50 93.50 4.95 96.9 4.2 UILFn16 189.25 - 189.90 182.50 - - -
City Merch 180.00 - 194.00 179.00 5.56 178.3 1.0 JPM Asn 216.63 0.63 268.92 182.00 1.02 245.0 -11.6 QatarInvF $♦ 1.10 - 1.49 0.73 3.00 1.2 -8.3 email jessica.llewelyn@ft.com or call 020 7873 4012.
InvistaERET# 0.30 0.05 1.50 0.03 - 2.1 -85.7 UILFn18 144.50 - 146.50 136.50 - - -
CityNatRs 83.88 -1.13 107.79 75.00 6.68 96.2 -12.8 JPM Brazil 35.63 - 62.80 32.25 1.12 40.5 -12.0 RIT Cap 1684 -4.00 1690 1383 1.76 1612.7 4.4
Longbow♦ 103.63 - 106.75 101.25 5.79 - - UILFn20 124.13 0.25 125.25 107.75 - - -
City Lon 389.00 -0.30 418.35 359.00 3.89 384.3 1.2 JPM China♦ 166.75 1.75 233.96 136.30 0.96 195.5 -14.7 RobecoNV € 30.38 - - - - - -
PictonProp 71.25 - 74.75 64.50 4.42 72.1 -1.2
DexionAb 181.00 1.00 191.00 175.25 - 189.9 -4.7 JPMElct MC 100.00 - 101.99 97.01 0.35 101.3 -1.3 RolincoNV € 28.32 - - - - - -
SLIPropInc♦ 84.50 - 90.25 77.61 5.50 79.7 6.0 Investment Companies - AIM Data provided by Morningstar
DiverseInc♦ 96.00 0.50 97.50 78.00 2.45 91.6 4.8 ..MG 618.50 1.50 635.00 568.00 1.09 631.6 -2.1 Ruffer Inv 211.50 0.25 226.00 207.00 - 208.7 1.3
UKComPrp 84.70 0.10 94.00 79.55 4.34 85.2 -0.6
Dun Inc 228.50 -0.50 273.00 214.75 4.92 248.2 -7.9 ..MI 103.00 -0.50 110.00 92.00 3.69 105.5 -2.4 SchdrAsiaP♦ 264.25 -1.25 321.50 226.25 1.04 295.7 -10.6 52 Week Dis(-)
Dun Sml 207.00 - 229.00 176.03 2.54 242.7 -14.7 JPM Emrg 542.00 -1.00 674.65 486.00 1.01 617.1 -12.2 Schdr Inc♦ 259.00 -1.38 348.25 243.50 3.90 276.1 -6.2 Property Securities
Price +/-Chg High Low Yld NAV or Pm
JPM EurGth 254.00 6.00 263.00 217.00 2.83 263.5 -3.6 SchdrJap 154.50 -1.00 165.00 128.00 1.17 166.9 -7.4 SchdrGlbRe 126.50 -0.50 132.98 111.90 1.72 135.6 -6.7
EcofinWatr 118.00 0.25 158.90 113.00 5.93 145.3 -18.8 AdFrntMkt 50.00 - 60.50 48.13 - 54.9 -8.9
JPM EurInc♦ 134.00 -3.50 147.50 120.00 3.54 135.9 -1.4 SchdrOrient 178.00 - 215.25 154.00 4.35 183.1 -2.8 TR Prop♦ 299.20 -5.90 325.00 278.50 2.57 323.7 -7.6
..CULS 99.50 - 106.00 99.48 - - - CrysAmber 157.00 -0.50 173.96 148.00 0.3 160.4 -2.1
EdinDragn 241.75 -0.50 311.00 212.50 0.91 271.2 -10.9 JPM EuSm♦ 291.50 -1.00 294.46 200.02 1.10 305.4 -4.6 SchdrUK 156.50 -0.13 174.00 145.00 3.19 176.5 -11.3 GLI Finance 37.25 - 65.00 32.00 13.4 - -
JPM Clavr 609.00 4.00 645.18 550.50 3.37 642.9 -5.3 SchdrUKMd 492.00 -7.00 504.50 423.00 1.73 541.2 -9.1
..CULS 103.25 - 107.89 102.00 - - - IndiaCap 61.00 - 69.40 52.00 - 74.1 -17.7 www.morningstar.co.uk
Infra India 18.50 - 21.99 11.10 - 48.6 -61.9
MMP 2.75 -0.38 4.25 3.00 - - -
Thursday 31 December 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 US Select I Inc 108.72 - 1.17 - Cavendish UK Select Fund A Class 144.90 - 0.30 1.38 CF Eclectica Agriculture C USD Acc ♦ $ 1.63 - 0.01 0.40 Japan £ 2.88 - 0.01 0.00 HL Multi-Manager Equity & Bond Trust M Acc 148.18 155.74 0.55 1.03

ACPI Global UCITS Funds Plc (IRL) Artemis US Smlr Cos I Acc 122.82 - 1.02 0.00 Japan Smaller Companies £ 2.13 - 0.00 0.00 Foord Asset Management HL Multi-Manager Strategic Bond Trust A Acc 166.54 171.69 0.18 1.80
www.acpishard.com Other International Funds
Artemis US Ex Alpha I Acc 127.77 - 1.41 0.14 Cedar Rock Capital Limited (IRL) MoneyBuilder Asset Allocator £ 1.18 - 0.00 0.63 HL Multi-Manager Strategic Bond Trust M Acc 166.52 171.67 0.17 0.89
Regulated Foord International Trust $ 34.96 - 0.09 0.00
Regulated
ACPI Emerging Mkts FI UCITS Fund USD A $ 106.72 - 0.16 0.00 MoneyBuilder Balanced £ 0.51 - 0.00 3.99 HL Multi-Manager Strategic Bond Trust A Inc 138.39 142.66 0.16 1.82
Cedar Rock Capital Fd Plc $ 362.04 - -6.02 0.00 Foord Global Equity Fund_Class B $ 12.62 - 0.08 0.00
ACPI Global Credit UCITS Funds USD A $ 13.94 - 0.01 0.00 Artisan Partners Global Funds PLC (IRL) Money Builder Dividend £ 2.63 - 0.01 4.34 HL Multi-Manager Strategic Bond Trust M Inc 138.37 142.64 0.15 0.91
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Cedar Rock Capital Fd Plc £ 375.93 - -7.94 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 152.09 - 0.12 0.00 MoneyBuilder Growth £ 0.77 - 0.01 2.40 HL Multi Manager Emerging Markets A Acc 86.56 89.21 0.55 0.33
Tel: 44 (0) 207 766 7130 CCLA Investment Management Ltd (UK) Cedar Rock Capital Fd Plc € 341.77 - -21.01 0.00
FCA Recognised Senator House 85 Queen Victoria Street London EC4V 4ET MoneyBuilder Growth ISA £ 0.77 - 0.00 2.56
Franklin Templeton International Services Sarl (IRL) HL Multi-Manager European A Acc 105.70 108.95 1.76 0.74
Q ACPI India Fixed Income UCITS Fund USD A $ 9.99 - 0.04 - EdenTree Investment Management Ltd (UK) JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Artisan Partners Global Funds plc Authorised Inv Funds
ACPI India Fixed Income UCITS Fund USD A3 $ 85.36 - 0.27 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 MoneyBuilder Income £ 0.35 - 0.00 3.21 Other International Funds HL Multi-Manager UK Growth A Acc 104.95 108.19 0.19 1.24
Artisan Emerging Markets I USD Acc $ 6.77 - 0.00 0.00 The Public Sector Deposit Fund
Charles Schwab Worldwide Funds Plc (IRL) Authorised Inv Funds Franklin Emerging Market Debt Opportunities Fund Plc
ACPI International Bond UCITS Fund USD A $ 17.77 - 0.05 0.00 The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.52 MoneyBuilder Income -Gross £ 0.35 - 0.00 3.21
Artisan Global Equity Fund Class I USD Acc $ 14.53 - -0.01 0.00 Regulated Amity UK Cls A Inc 216.20 - 0.50 1.46 Franklin Emg Mkts Debt Opp CHFSFr 17.44 - 0.51 8.01
The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.35 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 Multi Asset Adventurous A-Acc £ 1.34 - 0.01 0.44 Haussmann
Artisan Global Opportunities I USD Acc $ 12.29 - 0.01 0.00 Amity UK Cls B Inc 216.80 - 0.50 2.25 Franklin Emg Mkts Debt Opp EUR € 12.27 - 0.36 7.13
Multi Asset Alloc Adventurous A-Acc £ 3.76 - 0.01 3.07 Other International Funds
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.38
ACPI Select UCITS Funds PLC (IRL) Artisan Global Value Fund Class I USD Acc $ 15.87 - 0.01 0.00 Higher Income Cls A Inc 123.30 - 0.30 4.98 Franklin Emg Mkts Debt Opp GBP £ 10.18 - 0.25 6.96 Haussmann Cls A $ 2671.56 - -36.15 0.00
Regulated The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.46 Multi Asset Alloc Strategic A-Acc £ 1.17 - 0.00 0.37
Artisan US Value Equity Fund Class I USD Acc $ 10.54 - 0.00 0.00 Chartered Asset Management Pte Ltd Higher Income Cls B Inc 127.00 - 0.20 4.90 Franklin Emg Mkts Debt Opp SGD S$ 22.43 - 0.51 6.17 Haussmann Cls C € 2336.81 - -33.24 0.00
ACPI Balanced UCITS Fund USD Retail $ 13.86 - 0.06 0.00 Other International Funds Multi Asset Alloc Def - Gross A £ 1.12 - 0.00 0.34
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.34
UK Equity Growth Cls A Inc 245.60 - 0.90 0.59 Franklin Emg Mkts Debt Opp USD $ 17.18 - 0.35 6.99 Haussmann Cls D SFr 1236.49 - -18.03 0.00
ACPI Balanced UCITS Fund EUR Retail € 10.45 - 0.05 0.00 CAM-GTF Limited $ 279125.96 279125.96 7225.72 0.00
Multi Asset Alloc Def - Net A £ 1.12 - 0.01 0.38
Ashmore Sicav (LUX) UK Equity Growth Cls B Inc 251.90 - 0.90 1.20
ACPI Balanced UCITS Fund GBP Retail £ 10.57 - 0.04 0.00 CAM GTi Limited $ 612.98 - -36.72 0.00
Multi Asset Alloc Growth A £ 1.21 - 0.01 0.09
2 rue Albert Borschette L-1246 Luxembourg CCLA Investment Management Ltd (UK) Amity Balanced For Charities A Inc 107.80 - 0.20 6.09
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - FCA Recognised Senator House 85 Queen Victoria Street London EC4V 4ET Raffles-Asia Investment Company $ 1.55 1.55 -0.11 5.55 Frontier Capital (Bermuda) Limited Heartwood Wealth Management Limited (IRL)
Multi Asset Defensive £ 1.22 - 0.00 0.26
Amity European Fund Cls A Inc 203.90 - 0.40 1.23 Other International Regulated
Ashmore SICAV Emerging Market Debt Fund $ 90.57 - 0.29 8.42 Property & Other UK Unit Trusts
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Multi Asset Defensive - Gross £ 1.22 - 0.00 0.27
CBF Church of England Funds Commercial Property-GBP Class £ 71.42 - -0.53 - Heartwood Caut Multi Asset B Acc 138.85 - 0.08 0.00
Amity European Fund Cls B Inc 206.70 - 0.30 2.09
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Ashmore SICAV Emerging Market Frontier Equity Fund $ 138.97 - 0.48 0.97
Investment Inc 1344.78 1359.66 21.94 3.78 Multi Asset Growth £ 1.37 - 0.01 0.25 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Amity Global Equity Inc for Charities A Inc 103.40 - 0.70 3.99
ACPI Horizon UCITS Fund $ 12.86 - -0.01 0.00 Ashmore SICAV Emerging Market Total Return Fund $ 77.54 - 0.27 6.05
Investment Acc 2759.21 2789.72 45.02 - MultiManager Balanced £ 1.09 - 0.00 0.56
Amity International Cls A Inc 205.00 - 0.90 1.38 Henderson Global Investors (UK)
Ashmore SICAV Global Small Cap Equity Fund $ 126.16 - -1.27 0.00
Global Equity Inc 153.47 155.17 3.09 4.31 Multi Asset Open Growth A-Acc £ 0.46 - 0.00 0.59 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Amity International Cls B Inc 207.40 - 0.90 2.25 www.henderson.com
Ashmore SICAV Local Currency Fund $ 80.71 - -0.02 0.32
Abbey Life Assurance Company Limited (UK) Global Equity Acc 225.92 228.42 4.55 - Multi Asset Open Strategic A-Acc £ 1.22 - 0.00 1.03 Authorised Inv Funds
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Amity Sterling Bond Fund A Inc 105.10 - -0.10 5.17
EM Mkts Corp.Debt USD F $ 85.40 - 0.16 8.49
UK Equity Inc 148.62 150.12 3.89 4.05 Cheyne Capital Management (UK) LLP (IRL) Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.53 Asia Pacific Capital Growth A Acc 711.60 - 1.90 0.16
additional fund prices can be found @ www.abbeylife.co.uk
Amity Sterling Bond Fund B Inc 113.60 - -0.20 5.16
Insurances EM Mkts Loc.Ccy Bd USD F $ 74.47 - 0.42 4.38 Regulated
UK Equity Acc 221.77 223.99 5.82 - Multi Asset Strategic £ 1.53 - 0.00 0.30 Asian Dividend Income Inc 84.55 89.23 0.06 7.17
Life Funds Cheyne Convertibles Absolute Return Fund € 1359.17 - 2.84 0.00
Fixed Interest Inc 160.64 161.28 -1.12 3.96 Open World A-Acc £ 1.21 - 0.00 0.00 Cautious Managed A Acc 237.60 - 0.20 3.28
Prop. Acc. Ser 2 1568.40 1650.90 1.20 - Cheyne Global Credit Fund € 117.42 - 0.05 0.00 Edinburgh Partners Limited (IRL) Fundsmith LLP (1200)F (UK)
Fixed Interest Acc 492.20 494.18 -3.43 - Multi Asset Income A Gross Acc £ 1.56 - 0.00 3.45 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Cautious Managed A Inc 146.90 - 0.10 3.34
Selective Acc. Ser 2 1584.40 1667.80 0.20 - 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
Cheyne European Mid Cap Fund € 1126.48 - -2.94 0.00 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Property Fund Inc 134.85 139.36 1.39 6.51 Dealing - Fax only - +353 1 434 5230 Multi Asset Income A Gross Inc £ 1.08 - 0.00 4.92 China Opportunities A Acc 853.40 - -1.00 0.40
American Ser. 4 1722.30 1812.90 17.00 - FCA Recognised Authorised Inv Funds
Property Fund Acc 234.22 242.07 2.73 - Edinburgh Partners Opportunities Fund PLC Multi Asset Income A Net Acc £ 1.47 - 0.00 3.47 Fundsmith Equity T Acc 233.13 - 2.22 1.15 Emerging Markets Opportunities A Acc 140.00 - -0.50 0.80
Custodian Ser. 4 491.50 517.40 -0.80 -
Cheyne Capital Management (UK) LLP European Opportunities I EUR € 2.53 - 0.02 2.20 Multi Asset Income A Net Inc £ 1.08 - 0.00 4.90 Fundsmith Equity T Inc 220.17 - 2.10 1.16 European Growth A Acc 174.40 - 0.50 0.54
Equity Ser. 4 560.30 589.80 -0.90 - Other International Funds
Aspect Capital Ltd (UK) CCLA Fund Managers Ltd (UK) European Opportunities I GBP £ 1.85 - 0.02 2.47 South East Asia £ 8.10 - 0.00 0.12 European Selected Opportunities A Acc 1311.00 - 3.00 0.67
Cheyne European Event Driven Fund € 145.83 - -0.11 0.00
European Ser 4 581.70 612.30 -1.50 -
Other International Funds Senator House 85 Queen Victoria Street London EC4V 4ET European Opportunities I USD $ 2.78 - 0.03 2.05
Cheyne Real Estate Credit Holdings Fund £ 161.86 - 0.94 0.00 Special Situations £ 31.21 - 0.03 0.78 European Special Situations A Acc 94.66 - -0.29 1.05
Fixed Int. Ser. 4 882.80 929.20 -4.60 - Aspect Diversified USD $ 434.82 - -4.20 0.00 Property & Other UK Unit Trusts GAM Limited (2300)F (UK)
COIF Charity Funds (UK) European Opportunities A EUR € 2.47 - 0.02 1.53 Sterling Core Plus Red Dur £ 10.02 - 0.00 - GAM Sterling Management Limited Fixed Interest Monthly Income A Inc 21.67 22.72 -0.01 5.85
Cheyne Real Estate Credit Holdings Fund III £ 111.98 - 0.56 0.00
Intl Ser. 4 445.40 468.80 1.70 - Aspect Diversified EUR € 261.36 - -2.55 - 20 King Street, London SW1Y 6QY. 0800 919 927
Investment Inc 1241.86 1255.59 25.30 3.62 Global Opportunities I USD $ 1.63 - 0.01 2.09 Strategic Bond £ 0.31 - 0.00 2.83 Global Care Growth A Inc 203.70 - 1.50 0.00
Cheyne Real Estate Debt Fund Class A1 £ 131.65 - 0.83 0.00 Internet: gam.com
Japan Ser 4 379.80 399.80 0.70 - Aspect Diversified GBP £ 133.74 - -1.28 0.00
Investment Acc 11958.91 12091.18 243.65 - Global Opportunities I GBP £ 1.09 - 0.00 1.94 Strategic Bond Gross £ 0.31 - 0.00 2.83 Authorised Inv Funds
Cheyne Total Return Credit Fund - December 2017 Class $ 173.12 - -9.06 0.00 Global Equity Income A Inc 50.29 - 0.36 3.78
Man. Ser. 4 1668.20 1756.00 0.60 - Aspect Diversified CHF SFr 124.86 - -1.28 0.00 GAM Funds OEIC
Ethical Invest Inc 191.71 193.83 4.27 3.73 Global Opportunities I EUR € 1.52 - -0.01 1.98 Target 2015 £ 0.50 - 0.00 0.38
Cheyne Total Return Credit Fund 2020 $ 103.39 - 0.01 - GAM Global Diversified Acc 3872.85 - 32.36 0.00 Global Growth Fund 2118.14 2214.08 15.85 0.00
Money Ser. 4 524.40 552.00 0.00 - Aspect Diversified Trends USD $ 127.99 - -0.79 0.00
Ethical Invest Acc 246.81 249.54 5.49 - Global Opportunities A GBP £ 1.02 - 0.00 1.47 Target 2020 £ 0.56 - 0.00 0.52
GAM North American Gwth Acc 3204.37 - 23.50 0.00 Global Technology A Acc 1004.00 - 12.10 0.00
Prop. Ser. 4 1113.10 1171.70 0.70 - Aspect Diversified Trends EUR € 128.22 - -0.78 0.00

Asset Management
Global Equity Inc 147.12 148.75 3.73 4.41 Pan European Opportunities I EUR € 1.53 - 0.01 - Target 2025 £ 1.33 - 0.01 0.32
GAM UK Diversified Acc 1722.88 - 14.38 1.14 Multi-Manager Absolute Return A Acc 134.70 - 0.20 0.39
Cohen & Steers SICAV (LUX)
Asset Manageme
Custodian Ser 5 471.80 496.70 -0.80 - Aspect Diversified Trends GBP £ 133.03 - -0.81 0.00
Global Equity Acc 218.28 220.69 5.54 - Regulated Target 2030 £ 1.44 - 0.01 0.40 Multi-Manager Active A Acc ▲ 175.20 - 0.30 0.00
International Ser 5 427.60 450.10 1.60 -
Fixed Interest Inc 132.98 133.52 -0.19 4.14 European Real Estate Securities € 24.0114 - 0.3256 1.54
UK Select £ 2.48 - 0.02 0.86 Multi-Manager Distribution A Inc 126.60 - 0.50 3.33
Managed Ser 5 1601.50 1685.80 0.60 - GAM Limited (IRL)
Atlantas Sicav (LUX) Fixed Interest Acc 762.50 765.55 -1.05 - Europ.RealEstate Sec. IX € 32.1449 - 0.4359 0.00
UK Growth £ 3.65 - 0.02 0.00 FCA Recognised Multi-Manager Diversified A Acc 77.58 - 0.22 2.86
Money Ser 5 513.50 540.50 0.00 - Regulated
Property Inc 115.90 119.78 0.03 5.79 Gbl Listed Infrastructure I $ 9.8465 - 0.0444 - GAM Fund Management Ltd
American Dynamic $ 3444.36 - 64.38 0.00 UK Smaller Companies £ 2.17 - 0.00 0.18 Multi-Manager Global Select Acc 179.90 - 1.00 0.00
Property Ser 5 1068.60 1124.90 0.60 - Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Property Acc 248.62 256.95 2.77 - Gbl Listed Infrastructure IX $ 9.8465 - 0.0444 - GAM Star Fund Plc
American One $ 3213.39 - 47.38 0.00 WealthBuilder A Acc £ 1.05 - 0.02 0.48 Multi-Manager Income & Growth A Acc 152.30 - 0.40 2.21
Pension Funds
Local Authorities Property Fd (LAMIT) (UK) Gbl RealEstate Sec. I $ 11.0081 - 0.0986 1.42 Fidelity PathFinder
American 1998.00 2103.20 25.30 - GAM Star Asia-Pacific Eqty USD Acc F $ 11.96 - -0.01 0.00 Multi-Manager Income & Growth A Inc 139.90 - 0.40 2.24
Bond Global € 1388.52 - -5.03 0.00 EFG Hermes
Property 274.76 295.14 2.73 4.81 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.10 - 0.00 -
Gbl RealEstate Sec. IX $ 13.0190 - 0.1166 0.00 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE GAM Star Asian Eqty USD Ord Acc F $ 13.19 - -0.08 0.00
Equity 4935.80 5195.60 1.00 - Eurocroissance € 889.39 - 14.82 0.00 Multi-Manager Managed A Acc 228.30 - 0.50 0.42
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com Fidelity PathFinder Foundation 1 Acc (clean) £ 1.09 - 0.00 -
European 1177.50 1239.50 0.70 - GAM Star Balanced GBP Acc £ 10.46 - 0.05 0.00 Multi-Manager Managed A Inc 224.20 - 0.60 0.41
Far East $ 679.05 - 6.72 0.00 Other International Funds
CG Asset Management Limited (IRL) Fidelity PathFinder Foundation 2 Acc (clean) £ 1.09 - 0.00 -
Fixed Int. 1621.10 1706.40 -8.20 - Consistent Unit Tst Mgt Co Ltd (1200)F (UK) The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 GAM Star Cap.Appr.US Eqty USD Inc F $ 17.38 - 0.17 0.00 Sterling Bond Acc 194.52 203.25 -0.72 2.85
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
PO BOX 10117, Chelmsford, Essex, CM1 9JB Fidelity PathFinder Foundation 3 Acc (clean) £ 1.08 - 0.00 -
International 949.70 999.70 5.70 - 00 353 1 434 5098 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 GAM Star Cat Bond USD Acc $ 12.70 - 0.00 0.00 Sterling Bond Inc 60.30 63.00 -0.23 2.89
Atlantis Investment Management Ltd (IRL) Dealing & Client Services 0845 0264281
FCA Recognised Fidelity PathFinder Foundation 4 Acc (clean) £ 1.10 - 0.00 -
2nd Floor, 13 St Swithin's Lane, London EC4N 8AL Authorised Inv Funds GAM Star Cautious GBP Acc £ 10.47 - 0.04 0.00
Japan 401.50 422.60 1.80 - Saudi Arabia Equity Fund SR 12.69 - 0.19 0.00 Strategic Bond A Inc 125.30 - -0.10 5.22
www.atlantis-investmenet.com, Tel: 0207 877 3377 Capital Gearing Portfolio Fund Plc £ 27015.69 27015.69 71.43 0.62
Consistent UT Inc 53.91 54.55 0.07 4.72 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.21 - 0.01 -
Managed 4335.20 4563.40 9.00 - GAM Star China Equity USD Acc F $ 23.02 - -0.15 0.00 UK & Irish Smaller Companies A Acc 541.30 - 0.40 0.00
Regulated CG Portfolio Fund Plc
Consistent UT Acc 125.65 127.14 0.17 4.57 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.10 - 0.00 -
Property 2890.10 3042.20 2.60 - Atlantis China Fund $ 6.44 - 0.00 0.00 Real Return Cls A £ 167.25 167.25 -0.21 1.76 GAM Star Cont European Eqty GBP Acc F £ 3.75 - 0.07 0.00 UK Absolute Return A Acc 152.30 - 0.30 0.00
Electric & General (1000)F (UK)
Practical Investment Inc 203.15 208.12 0.18 3.98 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Focussed 1 Acc (clean) £ 1.10 - 0.00 -
Security 1476.70 1554.40 0.20 - Atlantis China Healthcare Fund $ 2.10 - 0.01 0.00 Dollar Fund Cls D £ 129.92 129.92 -0.41 1.65 GAM Star Cred Opportunities GBP Acc £ 12.35 - 0.01 4.57 UK Alpha A Acc ♦ 116.40 - 0.30 1.86
Practical Investment Acc 992.05 1016.32 0.91 3.87 Orders & Enquiries: 0845 850 0255
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.12 - 0.00 - GAM Star Defensive GBP Acc £ 10.88 - 0.03 0.00
Selective 2014.40 2120.40 -5.00 - Atlantis Japan Opportunities Fund $ 2.64 - 0.10 0.00 Capital Value Fund Cls V £ 130.94 130.94 0.29 0.27 Authorised Inv Funds UK Equity Income & Growth A Inc 599.10 - 1.00 3.90
Authorised Corporate Director - Carvetian Capital Management Fidelity PathFinder Focussed 3 Acc (clean) £ 1.12 - 0.01 - GAM Star Discretionary FX USD Acc F $ 12.71 - -0.05 0.00
Formerly Hill Samuel Life Assurance Ltd Atlantis Asian Fund $ 6.18 - 0.02 0.00 UK Index A Acc 494.80 - 2.00 2.90
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Electric&General Net Income A 151.50 - 1.30 1.97 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.14 - 0.01 - GAM Star Dynamic Gbl Bd USD Acc H $ 9.63 - -0.01 0.00 UK Property A Acc 193.08 203.24 0.05 4.04
Managed Ser A (Life) 1581.00 1673.10 7.90 -
Fidelity PathFinder Focussed 5 Acc (clean) £ 1.18 - 0.01 - GAM Star Emerg. Market Rates USD Acc F $ 11.36 - -0.01 0.00 UK Property A Inc 97.68 102.81 0.03 4.16

AXIOM
Managed Ser A (Pensions) 1055.00 1110.60 5.20 -
Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.07 - 0.00 - GAM Star European Eqty USD Acc F $ 23.88 - 0.30 0.00
Formerly Target Life Assurance Ltd UK Tracker A Acc 220.50 - 1.00 2.99
5 Kensington Church St, London W8 4LD 020 7368 4220
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.06 - 0.00 - GAM Star Flexible Gbl Port GBP Ac £ 12.59 - 0.06 0.00
ALTERNATIVE INVESTMENTS FCA Recognised US Growth A Acc 808.20 - 10.40 0.00
Managed (Life) 1605.30 1689.70 6.60 - Ennismore European Smlr Cos NAV £ 101.69 - 0.31 0.00 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.07 - 0.00 -
Crèdit Andorrà Asset Management (LUX) GAM Star GAMCO US Equity Acc F $ 13.00 - 0.08 0.00
Managed Growth (Life) 507.00 533.60 3.70 - Canada Life Investments (UK) www.creditandorra.com Ennismore European Smlr Cos NAV € 137.94 - -0.28 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.06 - 0.01 -
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 GAM Star Global Rates USD Acc F $ 12.20 - -0.06 0.00
Axiom Alternative Investments (FRA) FCA Recognised
Managed (Pensions) 6331.10 6664.30 32.50 - Authorised Inv Funds Fidelity PathFinder Freedom 4 Acc (clean) £ 1.05 - 0.01 -
1 Conduit Street - 4th floor - London W1S 2XA Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 GAM Star Global Selector USD Acc F $ 12.72 - 0.01 0.00
Managed Growth (Pensions) 620.40 653.10 4.40 - www.axiom-ai.com Tel: +44 330 822 0374 Asia Pacific B Acc 779.40 - 1.22 1.12 Fidelity PathFinder Freedom 5 Acc (clean) £ 1.13 - 0.00 -
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Ennismore European Smlr Cos Hedge Fd GAM Star Japan Eqty USD Acc F $ 13.65 - 0.06 0.00
additional fund prices can be found on our website Regulated
Balanced B Acc 149.93 - 0.51 1.47 Other International Funds Fidelity PathFinder Income 1 Income (clean) £ 1.02 - 0.01 3.96
Axiom Contingent Capital € 1031.10 - 0.31 - Crediinvest SICAV Fixed Income Eur € 10.55 - 0.00 0.00 GAM Star Keynes Quant Strat USD Acc F $ 11.58 - 0.00 0.00
Corporate Bond B Inc 204.01 - -0.60 4.03 NAV € 496.00 - 10.70 0.00
Fidelity PathFinder Income 1 Gross Income (clean) £ 1.02 - 0.00 4.93 GAM Star Local EM Rates and FX USD Acc $ 10.63 - 0.00 0.00
Axiom Contingent Capital £ 1035.62 - 0.38 - Crediinvest SICAV Fixed Income Usd $ 10.35 - -0.01 0.00
European B Acc 259.10 - 0.61 1.57 Fidelity PathFinder Income 2 Income (clean) £ 1.03 - 0.01 3.54 Hermes Investment Funds Plc (IRL)
Axiom Equity $ 888.54 - 4.35 - Crediinvest SICAV Spanish Value € 248.09 - 1.21 0.00 GAM Star North of South EM Equity Acc F $ 9.74 - -0.04 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Global Bond B Inc 92.67 - -0.09 2.96 Equinox Fund Mgmt (Guernsey) Limited (GSY) Fidelity PathFinder Income 2 gross £ 1.03 - 0.00 4.44 FCA Recognised
Axiom Equity € 932.68 - 4.57 0.00 Crediinvest SICAV International Value € 214.62 - 0.73 0.00 Regulated GAM Star Technology USD Acc F $ 15.75 - 0.18 0.00
Global Equity B Acc 604.66 - 3.43 1.10 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.03 - 0.00 4.41 Hermes Abs Return Credit Fund Class F Acc £ £ 1.02 1.02 0.00 -
Axiom Obligataire $ 1783.94 - 2.78 0.00 Crediinvest SICAV Big Cap Value € 15.82 - 0.10 0.00 Equinox Russian Opportunities Fund Limited $ 118.76 - -1.14 0.00 GAM Star US All Cap Eqty USD Acc F $ 13.50 - 0.10 0.00
Global Equity Income B Inc 122.72 - 0.32 3.91 Fidelity PathFinder Income 3 Income (clean) £ 1.04 - 0.01 4.02 Hermes Abs Return Credit Fund Class R Acc € € 1.98 1.98 -0.02 -
Axiom Obligataire € 1780.03 - 2.49 0.00 Crediinvest SICAV US American Value $ 18.19 - 0.17 0.00 GAM Star Worldwide Eqty USD Acc F $ 3105.17 - 21.06 0.00
Algebris Investments (IRL) Global High Yield Bond B Inc 91.12 - 0.00 5.02 Institutional OEIC Funds Hermes Active UK Inflation Fund Class F Acc £ 1.25 1.25 -0.02 0.00
Regulated Axiom Obligataire £ 1792.96 - 2.62 0.00 Crediinvest SICAV Sustainability € 15.56 - 0.05 0.00 Euronova Asset Management UK LLP (CYM)
America £ 4.08 - 0.03 0.52
Global Infrastructure B Acc 110.93 - 0.49 0.94 Regulated Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.55 1.55 -0.01 0.00
Algebris Financial Credit Fund - Class I EUR € 132.02 - -0.01 0.00 Emerging Markets £ 3.16 - 0.00 0.81
GYS Investment Management Ltd (GSY)
Global Resource B Acc 68.79 - 0.16 0.89 Smaller Cos Cls One Shares (Est) € 35.82 - 0.55 0.00 Regulated Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.34 3.34 -0.03 0.00
Algebris Financial Income Fund - Class I EUR € 118.43 - -0.12 0.00 BLME Asset Management (LUX) Daiwa SB Investments (UK) Ltd (LUX)
Japan B Acc 52.61 - 0.14 0.93 Smaller Cos Cls Two Shares (Est) € 24.98 - 0.33 0.00 Europe £ 4.19 - 0.01 1.55 Taurus Emerging Fund Ltd $ 169.96 173.43 1.14 0.00 Hermes Global Emerging Markets Fund Class F Acc £ 1.18 1.18 0.01 0.00
BLME Sharia'a Umbrella Fund SICAV SIF 5 King William Street, London EC4N 7DA
Algebris Financial Equity Fund - Class B EUR € 98.29 - -0.12 -
Regulated Portfolio III B Acc 107.83 - -0.05 2.32 www.daiwasbi.co.uk 0207 597 7000 Smaller Cos Cls Three Shares (Est) € 12.59 - 0.18 0.00 Fidelity Pre-Retirement Bond Fund £ 116.60 - -0.60 3.01 Hermes Global Emerging Markets Fund Class R Acc € 2.94 2.94 0.00 0.00
Algebris Asset Allocation Fund - Class B EUR € 99.44 - -0.13 - Income Fund - Share Class A Acc $ 1135.12 - -0.35 0.00 Regulated
Portfolio IV B Acc 110.35 - 0.09 2.36 Smaller Cos Cls Four Shares (Est) € 16.17 - 0.22 0.00 Global Focus £ 2.90 - 0.01 1.61 Hermes Global Equity Fund Class F Acc £ 1.55 1.55 0.02 0.00
Generali International Limited
DSBI Japan Equity Fundamental Active I JPY ¥ 12485.17 12485.17 40.86 0.00
Income Fund - Share Class G Acc £ 1075.93 - -0.39 0.00 Index Linked Bond £ 2.55 - -0.04 0.72 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Portfolio V B Acc 110.38 - 0.28 1.56 Hermes Global Equity Fund Class R Acc € 4.03 4.03 0.03 0.00
DSBI Japan Equity Fundamental Active I GBP £ 124.16 124.16 0.42 0.00 International Insurances
Alken Asset Management (LUX) Gl Sukuk Fund - Share Class A Acc $ 1224.54 - -1.21 0.00
Portfolio VI B Acc 108.95 - 0.23 1.60 Index Linked Bond Gross £ 3.08 - -0.04 0.71 Hermes Global ESG Equity Fund Class F Acc £ 1.20 1.20 0.01 0.00
Global Multi-Strategy Managed $ 4.71 5.07 0.02 0.00
Asset Management
61 Conduit Street, London, W1S 2GB DSBI Japan Equity Fundamental Active A EUR € 119.00 124.95 0.39 0.00
www.alken-am.com Gl Sukuk Fund - Share class B Acc £ 1093.18 1093.18 -1.04 0.00 Index-Linked Bond Fund Gross Inc £ 12.03 - -0.16 0.72 Hermes Global High Yield Bond Fund Class F Acc £ 1.05 1.05 0.01 0.00
Portfolio VII B Acc 105.50 - 0.24 1.58 UK Multi-Strategy Managed £ 4.84 5.21 0.08 0.00
Regulated Japan £ 2.11 - 0.00 0.78
North American B Acc 863.35 - 8.47 0.74 EU Multi-Strategy Managed € 3.03 3.26 0.02 0.00 Hermes Global High Yield Bond Fund Class R Acc € 2.71 2.71 0.00 0.00
Alken European Opportunities € 213.51 - 3.61 0.00 DAVIS Funds SICAV (LUX)
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Strategic Return B Acc 97.59 - -0.36 0.00 Long Bond £ 0.49 - -0.01 2.85 Hermes Global Small Cap Fund Class F Acc £ £ 1.01 1.01 0.02 -
Regulated Global Bond USD $ 3.43 3.70 0.00 0.00
Alken European Opportunities £ 125.90 - 2.28 0.00 Regulated
Total Return B Acc 99.06 - 0.00 2.97 Davis Value A $ 40.68 - 0.46 0.00 Long Bond Gross £ 0.81 - -0.01 2.79 Hermes Global Small Cap Fund Class R Acc € € 1.97 1.97 0.02 -
Alken Absolute Return € 144.58 - 1.68 0.00 Global Liquidity USD $ 1.00 - 0.00 0.36 Eurobank Fund Management Company (Luxembourg) S.A.
UK Equity B Acc 113.13 - 0.76 1.68 Davis Global A $ 28.74 - 0.22 0.00 Regulated Long Bond Fund Gross Inc £ 11.04 - -0.09 2.84 Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.98 0.98 0.00 0.00
Alken Absolute Return £ 117.43 - 1.36 0.00 Genesis Asset Managers LLP
UK Equity & Bond Income B Inc 239.91 - 0.83 5.04 (LF) Absolute Return € 1.33 - 0.00 0.00 Pacific (Ex Japan) £ 3.63 - 0.03 1.94 Other International Funds Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.01 1.01 0.00 0.00
Alken Small Cap € 191.01 - 3.03 0.00 Barclays Investment Funds (CI) Ltd (JER)
Emerging Mkts NAV £ 5.14 - 0.03 0.00
UK Equity Income B Inc 432.25 - 1.97 4.97 (LF) Eq Emerging Europe € 0.69 - 0.00 0.00 Pan European £ 2.69 - 0.00 2.04 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.33 1.33 0.02 0.00
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Discretionary Unit Fund Mngrs (1000)F (UK)
FCA Recognised 1 Poultry, London EC2R 8JR 020 7 415 4130 (LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 Reduced Duration UK Corporate Bond £ 10.45 - 0.02 3.55
UK Government Bond B Inc 46.77 - -0.21 1.97 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.29 1.29 0.02 1.29
Amundi Funds (LUX) Bond Funds Authorised Inv Funds
(LF) Eq Mena Fund € 12.86 - 0.05 0.00 Reduced Duration UK Corporate Bond Gross £ 10.64 - 0.02 3.55 Guardian (UK) Hermes Sourcecap EU Alpha Fund Class R Acc € 3.20 3.20 0.04 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Sterling Bond F £ 0.45 - 0.00 3.30 Disc Inc 1617.93 1726.95 -0.87 0.00
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
www.amundi-funds.com (LF) Greek Government Bond € 18.32 - 0.01 - Reduced Duration UK Corporate Bond Inc £ 9.82 - 0.01 3.55 Hermes Sourcecap EX UK Fund Class F Acc £ 1.42 1.42 0.03 0.00
Capita Asset Services (UK) Do Accum 6096.54 6507.32 -3.27 0.00 Insurances
FCA Recognised
40 Dukes Place, London EC3A 7NH (LF) Greek Corporate Bond € 12.00 - 0.00 - Reduced Duration UK Corp Bond Gross Inc £ 9.84 - 0.02 3.55 Guardian Assurance Hermes Sourcecap EX UK Fund Class R Acc € 3.29 3.29 0.04 0.00
Bd. Euro Corporate AE Class - R - EUR € 18.46 - -0.03 0.00 Baring Fund Managers Ltd (1200)F (UK) Order Desk and Enquiries: 0345 922 0044
Dealing and Enquiries 020 7214 1004 (LF) FOF Dynamic Fixed Inc € 11.67 - 0.02 0.00 Select Emerging Markets Equities £ 1.15 - -0.01 1.64 Equity S-GH Class B £ 12.15 - 0.05 - Hermes UK Small & Mid Cap Fund Class F Acc £ 1.73 1.73 0.02 0.00
Authorised Inv Funds
Bd. Global AU Class - R - USD $ 25.35 - -0.09 0.00
Fund Information: www.barings.com (LF) FOF Real Estate € 16.96 - 0.24 0.00 Select European Eqts £ 1.73 - 0.01 1.88 Managed Fund Bond £ 23.47 24.44 0.10 -
CF Heartwood Cautious B Acc X 127.42 - 0.14 0.15 Hermes UK Small & Mid Cap Fund Class R Acc € 5.15 5.15 0.04 0.00
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Authorised Inv Funds
CF Heartwood Cautious Income B Inc X 109.49 - 0.18 2.42 Select Global Equities £ 3.08 - 0.02 1.10 Choices Wth-Pfts Lg-tm 321.20 338.10 0.00 - Hermes US All Cap Equity Class F Stg £ Acc £ 1.02 1.02 0.01 -
Multi Asset A Acc ... C 155.20 - 0.30 1.50
Eq. Emerging World AU Class - R - USD $ 80.27 - -0.03 0.00
CF Heartwood Growth B Acc X 144.57 - 0.61 0.66 South East Asia £ 3.61 - 0.01 2.05 Choices Wth-Pfts St-tm 271.90 286.20 0.00 - Hermes US All Cap Equity Class R € Acc € 1.99 1.99 0.01 -
Multi Asset A Inc ... C 148.00 - 0.30 1.27
Eq. Greater China AU Class - R - USD $ 558.07 - -0.52 0.00
Charity Fund CF Heartwood Balanced Income B Inc X 111.54 - 0.33 2.93 Sterling Core Plus Bond Gr Accum £ 2.04 - -0.02 3.39 Choices Managed 619.54 652.15 3.06 - Hermes US SMID Equity Fund Class F Acc £ 1.65 1.65 0.03 0.00
Eq. Latin America AU Class - R - USD $ 310.62 - 0.77 0.00
Enquiries 020 7214 1763 Dodge & Cox Worldwide Funds (IRL)
CF Heartwood Balanced B Acc X 125.05 - 0.39 0.30 Sterling Core Plus Bond Inc £ 1.33 - -0.01 3.50 Choices Equity 682.39 718.31 3.09 - Hermes US SMID Equity Fund Class R Acc € 3.49 3.49 0.03 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.68 - 0.02 0.00 Targeted Return Fund Acc 145.50 146.30 0.40 3.14 6 Duke Street,St.James,London SW1Y 6BN
CF Heartwood Defensive Multi Asset Fund B Accumulation 109.13 - 0.01 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 UK £ 3.65 - 0.02 2.22 Freedom With Pfts Long-Tm 220.20 231.80 0.00 -
Targeted Return Fund Inc 111.40 112.00 0.30 3.20 FCA Recognised
CF Richmond Core X 177.55 - 1.54 0.00 UK Aggreg Bond Gr Accum £ 1.80 - -0.01 4.57 Freedom With Pfts Short-Tm 197.90 208.30 0.00 -
Dodge & Cox Worldwide Funds plc - Global Bond Fund FIL Investment Services (UK) Limited (1200)F (UK) Hermes Property Unit Trust (UK)
The Antares European Fund Limited
CF Seneca Diversified Growth A ACC 220.39 - 0.83 1.41 EUR Accumulating Class € 11.58 - -0.02 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ UK Aggregate Bond Inc £ 1.21 - 0.00 3.14 Freedom Managed 360.42 379.39 1.44 - Property & Other UK Unit Trusts
Other International
Baring International Fd Mgrs (Ireland) (IRL) Callfree: Private Clients 0800 414161 Property £ 5.85 6.23 0.08 4.14
AEF Ltd Usd (Est) $ 672.06 - 5.02 - CF Seneca Diversified Growth B ACC 130.48 - 0.50 2.43 EUR Accumulating Class (H) € 9.08 - 0.01 0.00 UK Corporate Bond £ 1.21 - -0.01 3.93 Freedom Equity 400.60 421.69 1.47 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Broker Dealings: 0800 414 181
AEF Ltd Eur (Est) € 674.59 - 4.80 0.00 FCA Recognised CF Seneca Diversified Growth N ACC 129.16 - 0.49 2.10 Authorised Inv Funds UK Corporate Bond - Gross £ 2.25 - 0.00 3.80 Corp Pens Mananged 218.71 218.71 1.08 -
EUR Distributing Class € 10.97 - -0.02 3.09
ASEAN Frontiers A GBP Inc £ 110.26 - 1.83 0.59 Unit Trust
CF Seneca Diversified Income A INC 88.21 - 0.20 5.53 EUR Distributing Class (H) € 8.59 - 0.01 3.37 UK Gilt Bond £ 1.27 - -0.01 1.94 Corp Pens Equity 222.80 222.80 1.02 - Hermes UK Residential Real Estate (UK)
Cash Accum Units 186.43 186.43 0.00 0.00 Property & Other UK Unit Trusts
Asia Growth A GBP Inc H £ 45.41 - 0.30 0.00
CF Seneca Diversified Income B INC 104.71 - 0.25 5.65 GBP Distributing Class £ 9.80 - -0.02 3.26 UK Gilt Gross £ 2.02 - -0.01 1.91 Corp Pens Fixed Interest 297.24 297.24 0.60 -
Arisaig Partners Cash Fund £ 1.00 1.00 0.00 0.15 VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Other International Funds Australia A GBP Inc £ 73.01 - 2.35 1.95
CF Seneca Diversified Income N INC 103.68 - 0.25 5.65 GBP Distributing Class (H) £ 8.67 - 0.01 3.34 UK Long Corp Bond £ 1.36 - 0.00 4.32 Corp Pens Index Linked 334.16 334.16 -2.94 -
Gross Accum Cash £ 1.28 1.28 0.00 0.00
Arisaig Africa Consumer Fund Limited $ 13.53 - -0.02 0.00 Baring China Bond Fund $ 9.77 - -0.03 0.00 Investment Adviser - DSM Capital Partners
USD Accumulating Class $ 9.15 - 0.01 0.00 UK Long Corp Bond - Gross £ 2.45 - -0.01 4.16 Corp Pens Deposit 191.06 191.06 0.02 -
MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.14 Impax Asset Management (IRL)
Arisaig Asia Consumer Fund Limited $ 64.26 - 0.09 0.00 Baring Emerging Markets Corporate Debt Fund $ 9.15 - 0.00 0.00 The Westchester X $ 28.45 - 0.37 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund UK Long Corporate Bond Fund - Gross Income £ 10.89 - -0.05 4.30 Corp Pens Protector 357.49 357.49 1.04 - Norfolk House, 31 St James's Square, London, SW1Y 4JR
MoneyBuilder Global £ 2.68 2.68 0.03 0.20
Arisaig Global Emerging Markets Consumer UCITS € 11.92 - -0.06 0.00 Baring European Opportunities Fund Class A EUR Acc € 13.98 - 0.16 0.00 The Westchester Class 1 GBP Acc £ 20.81 - 0.29 0.00 USD Accumulating Share Class $ 15.69 - -0.03 0.00 Retail Share Classes FCA Recognised
OEIC Funds Corp Pens UK Index Tracker £ 1.93 1.93 0.01 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.15 - -0.03 0.00 Baring Global Mining Fund - Class A GBP Inc £ 3.52 - 0.01 0.65 The Westchester Class 2 GBP Acc £ 20.86 - 0.29 0.00 GBP Accumulating Share Class £ 17.29 - -0.10 0.00 Emerging Markets - retail £ 1.26 - 0.00 0.07 Env Mkts (Ire) Stl A £ 2.26 - 0.02 0.00
American £ 27.60 - 0.22 0.00 Guardian Linked Life Assurance Ltd
Arisaig Latin America Consumer Fund $ 20.09 - -0.01 0.00 Investment Adviser - Morant Wright Management Limited {*}CAR - Net income reinvested Env Mkts (Ire) Euro A € 2.12 - 0.04 0.00
Dynamic Emerging Markets A GBP Acc F £ 8.55 - -0.01 0.00 GBP Distributing Share class £ 12.58 - -0.07 0.83 Managed Acc £ 17.95 18.89 0.08 -
American Special Sits £ 11.92 - 0.08 0.00
CF Morant Wright Japan A X 286.41 - 0.98 0.00
Eastern Europe A GBP Inc £ 40.08 - -0.20 1.72 EUR Accumulating Share Class € 21.51 - -0.11 0.00 Equity Acc £ 32.50 34.21 0.13 - Env Mkts (Ire) USD A $ 1.76 - 0.02 0.00
Asia Pacific Ops W-Acc £ 1.10 - 0.00 0.42
CF Morant Wright Japan A Inc X 282.19 - 0.97 0.00 FIL Fund Management (LUX)
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.02 - 0.01 6.56 Dodge & Cox Worldwide Funds plc-International Stock Fund Fixed Interest Acc £ 17.05 17.95 0.03 -
Fidelity Asian Dividend Fund A-Accumulation £ 1.11 - 0.00 1.43 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
CF Morant Wright Japan B X 304.87 - 1.05 0.49 USD Accumulating Share Class $ 13.39 - -0.05 0.00
Emerging Opportunities A GBP Inc H £ 17.83 - -0.15 0.00
Fidelity Asian Dividend Fund A-Income £ 1.04 - 0.00 3.52
Phone: 800 22 089, 800 22 088 International Acc £ 13.39 14.09 0.09 - INDIA VALUE INVESTMENTS LIMITED (INVIL)
CF Morant Wright Japan B Inc X 287.49 - 0.99 0.51 EUR Accumulating Share Class € 14.40 - -0.08 0.00 Regulated www.invil.mu
Glb Emerging Markets A GBP Inc H £ 18.91 - -0.02 0.00 International S-NA Acc £ 6.88 7.24 0.05 -
China Consumer £ 1.50 - 0.00 0.08 China Consumer A-GBP £ 14.92 - 0.25 0.00 Other International Funds
CF Morant Wright Nippon Yield ACC A X 291.28 - 0.87 2.01 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
Glb Resources A GBP Inc H £ 10.70 - 0.00 0.37 International S-PA Acc £ 4.15 4.37 0.02 - NAV £ 7.84 - -0.04 0.00
USD Accumulating Share Class $ 17.90 - -0.03 0.00 Emerging Asia £ 1.18 - 0.00 0.14 China Focus A-GBP £ 4.41 - 0.07 0.71
CF Morant Wright Nippon Yield ACC B X 302.17 - 0.91 2.00
High Yield Bond A GBP Hedged Inc H £ 6.10 - 0.01 7.10 International S-EU Acc £ 3.35 3.53 0.02 -
Artemis Fund Managers Ltd (1200)F (UK) GBP Accumulating Share Class £ 18.65 - -0.10 0.00 Emerg Eur, Mid East & Africa H £ 1.27 - -0.01 0.97 Global Financial Services A-GBP £ 0.46 - 0.01 0.11
CF Morant Wright Nippon Yield Fund A Inc X 253.20 - 0.76 2.04
57 St. James's Street, London SW1A 1LD 0800 092 2051 Hong Kong China A GBP Inc £ 591.07 - -2.98 0.59 Managed S-PR Acc £ 6.82 7.18 0.03 -
GBP Distributing Share Class £ 11.86 - -0.06 0.57 Enhanced Income - Acc £ 1.94 - 0.01 6.45 Global Health Care A-GBP £ 0.59 - 0.01 0.00 Intrinsic Value Investors (IVI) LLP (IRL)
Authorised Inv Funds CF Morant Wright Nippon Yield Fund B Inc X 262.75 - 0.80 2.04
India Fund - Class A GBP Inc £ 14.41 - 0.13 0.00 Fixed Interest S-IL Acc £ 6.44 6.78 0.01 - 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Artemis Capital R ACC 1297.95 1371.58 6.97 1.24 EUR Accumulating Share Class € 21.20 - -0.09 0.00 Enhanced Income - Inc £ 1.23 - 0.00 7.18 Global Industrials A-GBP £ 0.64 - 0.01 0.00 FCA Recognised
Latin America A USD Inc H $ 24.87 - -0.42 0.23 Deposit Accum £ 4.44 4.67 0.00 -
Artemis European Growth R Acc 250.81 264.66 0.35 1.19 European - Inc £ 1.46 - 0.01 0.77 Global Inflation-Linked Bd A-GBP-Hdg £ 1.15 - 0.00 0.56 IVI European Fund EUR € 17.89 - 0.00 0.00
MENA A GBP Inc F * £ 12.27 - 0.17 0.66 Cavendish Asset Management Limited (1200)F (UK) Guardian Pensions Management Ltd
Artemis European Opps R Acc 77.49 81.78 0.39 0.82 Chelsea House, Westgate, London W5 1DR European £ 16.59 - 0.05 1.16 Global Real Asset Securities £ 1.38 - 0.02 0.00 IVI European Fund GBP £ 17.68 - 0.04 1.02
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Pens. Managed Acc. £ 23.40 24.63 0.11 -
Artemis Global Emg Mkts I GBP Acc 81.05 - -0.19 - European Opportunities £ 3.91 - 0.01 0.24 Global Technology A-GBP £ 0.27 - 0.00 0.00
Authorised Inv Funds Pens. Equity Acc. £ 34.37 36.18 0.16 -
Artemis Global Emg Mkts I GBP Dist 81.06 - -0.19 - Baring International Fd Mgrs (Ireland) (IRL) Extra Income £ 0.26 - 0.00 3.29 Global Telecomms A-GBP £ 0.29 - 0.01 1.17
Cavendish Opportunities Fund B Class 1058.00 - 3.00 1.66
Regulated
Artemis Global Energy R Acc 20.57 21.85 0.14 0.00 Cavendish Opportunities Fund A Class 1052.00 - 3.00 0.82 Extra Income - Gross £ 0.26 - 0.00 3.29 India Focus A-GBP £ 4.41 - 0.03 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00
HPB Assurance Ltd
Artemis Global Growth R Acc 184.93 195.15 1.09 0.81 Cavendish Opportunities Fund C Acc 1101.00xd - 3.00 1.48 Global Dividend - Acc £ 1.65 - 0.01 3.08 Latin America A-GBP £ 1.32 - 0.01 0.65
Dragon Capital Group Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Artemis Global Income R Acc 96.66 102.11 0.56 4.09 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Global Dividend - Inc £ 1.46 - 0.01 3.27 International Insurances
Cavendish Worldwide Fund B Class 304.50 - 1.00 0.70
Barings (Luxembourg) (LUX)
Fund information, dealing and administration: funds@dragoncapital.com Holiday Property Bond Ser 1 £ 0.50 - 0.01 0.00
Artemis Global Income R Inc 77.83 82.22 0.45 4.26 FCA Recognised Cavendish Worldwide Fund A Class 303.80 - 0.90 0.00 Global Focus £ 13.61 - 0.05 0.00
Other International Funds Findlay Park Funds Plc (IRL) Invesco Fund Managers Ltd (UK)
Russia A GBP Inc F £ 24.89 - -0.33 0.00 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Holiday Property Bond Ser 2 £ 0.60 - 0.01 0.00
Artemis Global select R Acc 73.79 77.87 0.50 0.00 Cavendish Worldwide Fund C Acc 312.40xd - 1.00 0.62 Vietnam Enterprise Inv. (VEIL) NAV $ 3.53 - -0.06 0.00 Global High Yield Fund - A Gross Acc £ 11.74 - 0.01 4.86 Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
FCA Recognised Dealing: 0800 085 8571
Artemis High Income R Inc 77.28 82.38 0.03 5.83 Cavendish AIM Fund B Class 161.20 - 0.60 0.71 Vietnam Growth Fund (VGF) NAV $ 22.84 - -0.42 0.00 Global High Yield Fund - A Gross Inc £ 9.71 - 0.01 5.53
American Fund USD Class $ 81.36 - 0.33 0.00 Investor Services: 0800 085 8677
Artemis Income R Inc 205.63 217.99 0.94 4.22 BlackRock (JER) Vietnam Property Fund (VPF) NAV $ 0.81 - 0.00 0.00 Global High Yield Fund - A Net Acc £ 11.29 - 0.01 4.92 Hargreaves Lansdown Fd Mgrs (1100)F (UK) www.invescoperpetual.co.uk
Cavendish AIM Fund A Class 157.10 - 0.60 0.00 American Fund GBP Hedged £ 44.35 - 0.58 0.00
Regulated PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Authorised Inv Funds
Artemis Income R Acc 350.68 371.75 1.62 4.10 Cavendish Asia Pacific Fund B Class 156.50 - -0.20 1.74 Global High Yield Fund - A Net Inc £ 9.70 - 0.01 5.53 Enquiries 0117 90090000 INVESCO PERPETUAL Funds
BlackRock UK Property £ 41.21 - 0.17 3.37 American Fund GBP Unhedged £ 54.90 - 0.80 -
www.hl.co.uk
Artemis Monthly Dist R Inc 62.70 66.55 0.08 4.61 Cavendish Asia Pacific Fund A Class 156.50 - -0.30 0.77 Global Property - Acc £ 1.53 - 0.01 1.31 Asian Acc ♦ F 437.03 - 0.58 0.92
Blackrock UK Long Lease £ 1071.52 - 0.97 0.00 DSM Capital Partners Funds (LUX) Latin American Fund USD Class $ 11.29 - 0.21 0.00 Authorised Inv Funds
Artemis Pan-Euro Abs Ret GBP 113.60 - 0.33 - www.dsmsicav.com Global Property W Inc £ 1.25 - 0.01 3.06 Hargreaves Lansdown Funds Asian Inc ♦ F 390.39 - 0.52 0.93
Cavendish Asia Pacific Fund C Acc 163.50 - -0.20 1.71 Latin American Fund GBP Unhedged £ 7.62 - 0.15 -
BLK Intl Gold & General $ 3.91 4.12 -0.05 0.00 Regulated Unit Trust
Artemis Strategic Assets R Acc 73.01 77.32 -0.26 0.00 Cavendish European Fund B Class 145.40 - 0.20 1.12 Global Special Sits £ 26.73 - 0.10 0.00 Asian Equity Income Acc ♦ F 56.22 - -0.03 4.69
Global Growth I2 Acc € 140.65 - 2.44 0.00
HL Multi-Manager Special Situations Trust A Acc 272.15 286.47 1.54 0.52
Artemis Strategic Bond R M Acc 83.11 88.28 -0.07 4.04 Cavendish European Fund A Class 144.20 - 0.20 0.30 Index Emerging Markets P-Acc £ 0.96 - 0.00 2.70 Asian Equity Income Inc ♦ F 46.74 - -0.03 4.82
Global Growth I1 Eur € 105.18 - 1.82 -
BONHOTE HL Multi-Manager Special Situations Trust M Acc 272.14 286.46 1.54 0.42
Artemis Strategic Bond R M Inc 53.46 56.79 -0.05 4.12 Cavendish Japan Fund B Class 163.40 - 0.70 0.73 Index Europe ex UK P-Acc £ 1.05 - 0.00 2.43 Balanced Risk 6 Acc 51.36 - -0.03 0.00
Other International Funds
HL Multi-Manager Income & Growth Trust A Acc 166.84 175.54 0.79 3.83
Artemis Strategic Bond R Q Acc 83.19 88.37 -0.07 4.10 Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6649.00 - -46.00 2.28 Cavendish Japan Fund A Class 162.50 - 0.70 0.00 Index Japan P-Acc £ 1.17 - 0.00 1.53 Balanced Risk 8 Acc 52.46 - -0.03 0.00
Eclectica Asset Management (UK) HL Multi-Manager Income & Growth Trust M Acc 166.85 175.54 0.80 1.79
Artemis Strategic Bond R Q Inc 53.67 57.01 -0.04 4.18 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9920.00 - 129.00 0.92 Cavendish North American Fund B Class 197.60 - 2.30 0.51 40 Dukes Place, London EC3A 7NH Index Pacific ex Japan P-Acc £ 1.06 - 0.01 3.98 Balanced Risk 10 Acc 53.49 - -0.04 0.13
HL Multi-Manager Income & Growth Trust A Inc 100.03 105.25 0.48 3.91
Asset Management
Order Desk and Enquiries: 0345 608 0941
Artemis UK Growth R Acc 463.60 491.08 1.03 0.54 Cavendish North American Fund A Class 192.00 - 2.20 0.00 Index UK A-Acc £ 0.84 - 0.00 2.86 Childrens Acc ♦ F 396.81 - 0.36 1.79
Authorised Corporate Director - Capita Financial Managers
Fleming Financial Trust Investment Fund Limited (NZ) HL Multi-Manager Income & Growth Trust M Inc 100.02 105.24 0.47 1.81
Artemis UK Smaller Cos R Acc 1174.48 1266.51 3.87 0.48 Authorised Inv Funds Index UK P-Acc £ 1.03 - 0.01 3.10 Corporate Bd Acc (Gross) ♦ F 206.65 - -0.34 3.50
Braemar Group PCC Limited (GSY) Cavendish Technology Fund B Class 299.20 - 3.40 0.02 Incorporated in New Zealand, Reg No 5141841
CF Eclectica Agriculture A EUR Acc ♦ € 1.45 - 0.01 0.00 HL Multi-Manager Balanced Managed Trust A Acc 185.73 195.35 1.04 1.10
Regulated Index US A-Acc £ 1.70 - 0.01 1.40 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand Corporate Bd Inc (Gross) ♦ F 87.81 - -0.14 3.60
Artemis UK Special Sits R Acc 529.17 562.65 2.02 1.63 Cavendish Technology Fund A Class 284.10 - 3.20 0.00
UK Agricultural Class A £ 1.27 - 0.01 0.00 www.fftinvestmentfund.com HL Multi-Manager Balanced Managed Trust M Acc 185.73 195.35 1.04 0.71
CF Eclectica Agriculture A GBP Acc ♦ 106.73 - 0.56 0.00 Index US P-Acc £ 1.31 - 0.01 1.60 Corporate Bond Acc ♦ F 183.77 - -0.30 3.52
Artemis US Abs Ret I Acc 108.95 - -0.02 0.00 Cavendish UK Balanced Income Fund B Class 137.20 - 0.20 4.90 info@fftinvestmentfund.com
UK Agricultural Class B £ 1.39 - -0.02 0.00 CF Eclectica Agriculture A USD Acc ♦ $ 1.58 - 0.01 0.00 HL Multi-Manager Equity & Bond Trust A Inc 109.23 114.81 0.40 2.25
Index World A-Acc £ 1.47 - 0.01 1.77 Other International Funds Corporate Bond Inc ♦ F 87.66 - -0.14 3.59
Artemis US Equity I Acc 119.36 - 1.32 0.28 Cavendish UK Balanced Income A Class 130.40 - 0.20 5.16
Student Accom Class B £ 0.55 - -0.17 0.00 Fleming FT Investment Fund HL Multi-Manager Equity & Bond Trust M Inc 109.23 114.80 0.41 1.04
CF Eclectica Agriculture C EUR Acc ♦ € 1.50 - 0.01 0.32 Index World P-Acc £ 1.20 - 0.01 1.88 Distribution Acc ♦ F 108.77 - 0.17 4.47
Artemis US Select I Acc 121.72 - 1.31 0.12 Cavendish UK Select Fund B Class 145.00 - 0.20 2.28 Fleming Fund £ 4.54 4.54 0.01 -
CF Eclectica Agriculture C GBP Acc ♦ 110.82 - 0.58 0.37 HL Multi-Manager Equity & Bond Trust A Acc 148.18 155.74 0.55 2.22
22
Fund Bid Offer +/- Yield
Distribution Acc (Gross) ♦ F 124.66 - 0.20 4.45
Distribution Inc ♦ F 63.19 - 0.10 4.56
Distribution Inc (Gross) ♦ F 63.23 - 0.10 4.56
Emerging European Acc ♦ F 32.87 - 0.13 2.84
Emerging European Inc ♦ F 29.97 - 0.12 2.91
European Equity Acc ♦ F 853.62 - -0.83 1.51
European Equity Inc ♦ F 712.26 - -0.69 1.54
European Equity Income Acc ♦ F 74.26 - 0.13 3.46
European Equity Income Inc ♦ F 56.46 - 0.10 3.55
European High Income Acc ♦ F 81.09 - -0.02 3.49
European High Income Inc ♦ F 58.78 - -0.01 3.55
European Opportunities Inc ♦ F 85.91 - 0.43 1.12
European Opportunities Acc ♦ F 88.86 - 0.44 1.11
European Smlr Cos Acc ♦ F 198.06 - 1.58 0.23
Global Bd Acc (Gross) ♦ F 132.47 - 0.09 1.17
Global Bd Inc (Gross) ♦ F 81.56 - 0.05 1.18
Global Bond Acc ♦ F 124.44 - 0.08 1.17
Global Bond Inc ♦ F 81.51 - 0.06 1.18
Glbl Distribution Acc 52.82 - 0.09 4.90
Glbl Distribution Acc (Gross) 53.57 - 0.09 4.89
Glbl Distribution Inc 50.05 - 0.08 4.91
Glbl Distribution Inc (Gross) 50.08 - 0.08 4.91
Global Emerging Markets Acc ♦ F 236.58 - 0.06 0.99
Global Emerging Markets Inc ♦ F 213.34 - 0.05 1.00
Global Equity (acc) ♦ F 479.52 - 2.89 0.64
Global Equity (inc) ♦ F 434.71 - 2.62 0.64
Global Equity Income Acc ♦ F 122.88 - 0.62 3.60
Global Equity Income Inc ♦ F 99.80 - 0.50 3.70
Gbl Financial Capital Acc 88.70 - -0.39 4.29
Gbl Financial Capital Inc 74.64 - -0.33 4.42
Gbl Financial Cap Acc Gross 92.90 - -0.41 4.78
Gbl Financial Cap Inc Gross 74.87 - -0.33 4.97
Global Opportunities Acc ♦ F 95.46 - 0.43 0.47
Global Smaller Cos Acc ♦ F 1706.09 - 8.71 0.20
Global Smaller Cos Inc ♦ F 1629.11 - 8.31 0.20
Global Targeted Rets Acc 56.60 - -0.01 0.29
High Income Acc ♦ F 839.27 - 2.71 3.28
High Income Inc ♦ F 462.97 - 1.50 3.36
High Yield Fund Acc 104.60 - -0.26 5.23
High Yield Fund Acc (Gross) 122.22 - -0.30 5.19
High Yield Fund Inc 41.39 - -0.10 5.37
High Yield Fund Inc (Gross) 41.48 - -0.10 5.37
Hong Kong & China Acc ♦ F 476.22 - -0.92 0.74
Income & Growth Acc ♦ F 965.55 - 4.59 4.05
Income & Growth Inc ♦ F 418.90 - 1.99 4.17
Income Acc ♦ F 3216.69 - -4.52 3.13
Income Inc ♦ F 1788.94 - -2.52 3.20
Japan Acc ♦ F 321.23 - 1.45 0.31
Japanese Smlr Cos Acc ♦ F 69.61 - 0.86 0.00
Latin America Acc ♦ F 98.24 - -0.59 1.14
Latin America Inc ♦ F 81.78 - -0.49 1.16
Managed Growth Acc ♦ F 162.49 - 0.56 0.71
Managed Growth Inc ♦ F 135.27 - 0.46 0.71
Managed Income Acc ♦ F 161.08 - 0.41 2.97
Managed Income Inc ♦ F 98.16 - 0.25 3.02
Money Acc ♦ F 90.21 - 0.00 0.21
Money Acc (Gross) ♦ F 95.34 - 0.00 0.21
Monthly Income Plus Acc ♦ F 294.73 - -0.04 4.84
Monthly Income Plus Acc (Gross) ♦ F 347.00 - -0.03 4.82
Monthly Income Plus Inc ♦ F 108.24 - -0.02 4.95
Monthly Income Plus Inc (Gross) ♦ F 108.44 - -0.01 4.94
Pacific Acc ♦ F 993.40 - 2.94 0.38
Pacific Inc ♦ F 909.07 - 2.70 0.38
Tactical Bond Acc ♦ F 68.52 - 0.03 0.81
Tactical Bond Inc ♦ F 59.41 - 0.03 0.82
Tactical Bond Acc (Gross) ♦ F 71.10 - 0.03 0.81
Tactical Bond Inc (Gross) ♦ F 59.46 - 0.02 0.82
UK Focus Acc F 198.12 - -0.05 1.83
UK Focus Inc F 164.99 - -0.04 1.86
UK Growth Acc ♦ F 542.43 - 0.55 1.87
UK Growth Inc ♦ F 344.14 - 0.35 1.90
UK Smaller Cos Equity Acc ♦ F 896.58 - 3.90 0.77
UK Smaller Cos Equity Inc ♦ F 686.58 - 2.98 0.78
UK Strategic Income Acc ♦ F 186.93 - 0.50 3.50
UK Strategic Income Inc ♦ F 137.72 - 0.37 3.59
US Equity Acc ♦ F 551.35 - 6.71 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 183.27 - 0.25 1.47
Asian (No Trail) Inc ♦ F 164.85 - 0.22 1.49
Asian Equity Income (No Trail) Acc ♦ F 115.17 - -0.05 4.67
Asian Equity Income (No Trail) Inc 95.77 - -0.04 4.80
Balanced Risk 6 No Trail Acc 104.69 - -0.05 0.16
Balanced Risk 8 No Trail Acc 106.90 - -0.06 0.43
Balanced Risk 10 No Trail Acc 109.03 - -0.07 0.59
Corporate Bond (No Trail) Acc ♦ F 163.59 - -0.27 3.76
Corporate Bond (No Trail) Inc ♦ F 115.88 - -0.19 3.85
Distribution (No Trail) Acc ♦ F 166.98 - 0.26 4.46
Distribution (No Trail) Inc ♦ F 110.43 - 0.17 4.55
Emerging European (No Trail) Acc ♦ F 68.43 - 0.27 3.40
Emerging European (No Trail) Inc ♦ F 60.48 - 0.25 3.51
European Equity (No Trail) Acc ♦ F 150.82 - -0.14 2.06
European Equity (No Trail) Inc ♦ F 125.00 - -0.12 2.10
European Equity Income (No Trail) Acc ♦ F 153.08 - 0.27 3.46
European Equity Income (No Trail) Inc ♦ F 116.41 - 0.20 3.54
European High Income (No Trail) Acc ♦ F 167.17 - -0.02 3.48
European High Income (No Trail) Inc ♦ F 121.17 - -0.02 3.54
European Opportunities (No Trail) Acc ♦ F 186.16 - 0.93 1.64
European Opportunities (No Trail) Inc ♦ F 174.04 - 0.88 1.67
European Smaller Companies (No Trail) Acc ♦ F 243.40 - 1.95 0.74
Global Balanced Index (No Trail) Acc ♦ F 160.11 - 0.53 2.03
Global Bond (No Trail) Acc ♦ F 139.87 - 0.09 1.42
Global Bond (No Trail) Inc ♦ F 126.45 - 0.08 1.43
Glbl Distribution Acc (No Trail) 106.49 - 0.18 3.89
Glbl Distribution Inc (No Trail) 100.91 - 0.17 3.97
Gbl Emerging Markets (No Trail) Acc ♦ F 155.16 - 0.04 1.59
Gbl Emerging Markets (No Trail) Inc ♦ F 144.18 - 0.04 1.61
Global Equity (No Trail) acc ♦ F 211.81 - 1.28 1.18
Global Equity (No Trail) inc ♦ F 195.97 - 1.18 1.20
Global Equity Income (No Trail ) Acc ♦ F 254.35 - 1.28 3.59
Global Equity Income (No Trail) Inc ♦ F 206.58 - 1.04 3.69
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 178.58 - 1.38 1.55
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 206.80 - 1.72 2.04
Gbl Fin Cap No Trail Acc 180.88 - -0.80 4.28
Gbl Fin Cap No Trail Inc 152.23 - -0.67 4.41
Global Opportunities (No Trail) Acc ♦ F 245.82 - 1.12 1.02
Global Smaller Companies (No Trail) Acc ♦ F 249.42 - 1.28 0.75
Global Smaller Companies (No Trail) Inc ♦ F 238.32 - 1.22 0.75
Global Targeted Rets (No Trail) Acc 114.42 - -0.03 0.83
High Income (No Trail) Acc ♦ F 179.58 - 0.58 3.27
High Income (No Trail) Inc ♦ F 132.03 - 0.43 3.35
High Yield Fund (No Trail) Acc 216.91 - -0.54 5.22
High Yield Fund (No Trail) Inc 159.87 - -0.40 5.35
Hong Kong & China (No Trail) Acc ♦ F 188.98 - -0.37 1.24
Income & Growth (No Trail) Acc ♦ F 227.46 - 1.09 4.03
Income & Growth (No Trail) Inc ♦ F 180.06 - 0.86 4.15
Income (No Trail) Acc ♦ F 176.88 - -0.24 3.12
Income (No Trail) Inc ♦ F 129.49 - -0.18 3.19
Japan (No Trail) Acc ♦ F 152.74 - 0.69 0.78
Japanese Smaller Companies (No Trail) Acc ♦ F 177.43 - 2.20 0.00
Latin American (No Trail) Acc ♦ F 95.05 - -0.58 1.85
Latin American (No Trail) Inc ♦ F 85.36 - -0.52 1.88
Managed Growth (No Trail) Acc ♦ F 197.12 - 0.67 1.23
Managed Growth (No Trail) Inc ♦ F 181.28 - 0.62 1.24
Managed Income (No Trail) Acc ♦ F 193.15 - 0.50 2.96
Managed Income (No Trail) Inc ♦ F 157.86 - 0.41 3.02
Monthly Income Plus (No Trail) Acc ♦ F 170.11 - -0.02 4.83
Monthly Income Plus (No Trail) Inc ♦ F 106.76 - -0.01 4.93
Fund Bid Offer +/- Yield
Pacific (No Trail) Acc ♦ F 184.41 - 0.55 0.87
Pacific (No Trail) Inc ♦ F 173.48 - 0.51 0.95
Tactical Bond (No Trail) Acc ♦ F 140.31 - 0.05 1.31
Tactical Bond (No Trail) Inc ♦ F 118.95 - 0.05 1.32
UK Focus (No Trail) Acc F 163.10 - -0.04 2.38
UK Focus (No Trail) Inc F 137.24 - -0.03 2.43
UK Enhanced Index (No Trail) Acc ♦ F 400.99 - 1.45 3.60
UK Enhanced Index (No Trail) Inc ♦ F 249.75 - 0.90 3.69
UK Growth (No Trail) Acc ♦ F 143.57 - 0.15 2.40
UK Growth (No Trail) Inc ♦ F 117.48 - 0.12 2.45
UK Smaller Companies Equity (No Trail) Acc ♦ F 292.09 - 1.27 1.26
UK Smaller Companies Equity (No Trail) Inc ♦ F 269.46 - 1.17 1.28
UK Strategic Income (No Trail) Acc ♦ F 742.99 - 1.98 3.50
UK Strategic Income (No Trail) Inc ♦ F 547.42 - 1.46 3.58
US Equity (No Trail) Acc ♦ F 229.74 - 2.80 0.11
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A € 2.87 - 0.00 0.00
Invesco Asia Balanced A dist $ 13.87 - 0.01 3.72
Invesco Asia Consumer Demand Fund A income $ 12.36 - -0.05 0.24
Invesco Asia Infrastructure (A) $ 12.26 - 0.04 0.78
Invesco Asia Opportunities Equity A $ 100.95 - -0.12 0.00
Invesco Balanced Risk Allocation Fund A € 14.54 - -0.03 0.00
Invesco Emerging Europe Equity Fund A $ 7.47 - 0.02 0.00
Invesco Emerging Local Currencies Debt A Inc $ 6.64 - -0.02 6.93
Invesco Emerging Mkt Quant.Eq. A $ 8.86 - -0.04 0.00
Invesco Energy A $ 16.34 - 0.12 0.00
Invesco Euro Corporate Bond Fund (A) € 16.99 - -0.01 0.00
Invesco Euro Inflation Linked Bond A € 15.51 - 0.02 0.00
Invesco Euro Reserve A € 322.69 - 0.00 0.00
Invesco Euro Bond A € 7.12 - 0.00 0.00
Invesco European Growth Equity A € 24.96 - 0.16 0.00
Invesco Global Absolute Return Fund A Class € 11.76 - 0.02 0.00
Invesco Global Bond A Inc $ 5.51 - 0.00 0.75
Invesco Global Conservative Fund 90 (EUR) A € 11.90 - 0.01 0.00
Invesco Global Equity Income Fund A $ 59.40 - 0.25 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.16 - 0.03 2.23
Invesco Global Inv Grd Corp Bond A Dist $ 11.79 - -0.03 3.03
Invesco Global Leisure A $ 36.91 - 0.41 0.00
Invesco Global Smaller Comp Eq Fd A $ 57.94 - 0.40 0.00
Invesco Global Structured Equity A $ 47.08 - 0.34 0.73
Invesco Global Total Ret.(EUR) Bond Fund A € 13.13 - -0.02 0.00
Invesco Gold & Precious Metals A $ 3.50 - -0.06 0.00
Invesco Greater China Equity A $ 44.10 - -0.07 0.00
Invesco India Equity A $ 51.95 - -0.12 0.00
Invesco Japanese Equity Adv Fd A ¥ 3862.00 - 8.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1296.00 - 4.00 0.00
Invesco Latin American Equity A $ 5.57 - -0.01 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1044.00 - 9.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 19.13 - 0.10 0.00
Invesco Pan European High Income Fd A € 13.76 - 0.00 2.38
Invesco Pan European Small Cap Equity A € 23.40 - 0.22 0.00
Invesco Pan European Structured Equity A € 17.58 - 0.09 0.00
Invesco UK Eqty Income A £ 32.17 - -0.04 0.00
Invesco UK Investment Grade Bond A £ 0.97 - -0.01 2.90
Invesco US Structured Equity A $ 21.19 - 0.18 0.00
Invesco US Value Eq Fd A $ 31.10 - 0.30 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F £ 2.58 - -0.01 3.30
Invesco Asian Equity A $ 6.20 - 0.00 0.53
Invesco ASEAN Equity A $ 87.41 - 0.28 0.45
Invesco Bond A $ 26.77 - -0.06 2.22
Invesco Continental Eurp Small Cap Eqty A $ 202.39 - 0.81 0.00
Invesco Emerging Markets Equity A $ 34.93 - -0.02 0.00
Invesco Emerging Markets Bond A $ 20.35 - -0.01 4.73
Invesco Continental European Equity A € 8.85 - 0.06 0.19
Invesco Gilt A £ 14.80 - -0.08 1.40
Invesco Global Small Cap Equity A NAV $ 119.84 - 0.51 0.00
Invesco Global High Income A NAV $ 11.73 - 0.02 5.46
Invesco Gbl R/Est Secs A GBP F F £ 8.06 - 0.05 0.89
Invesco Global Health Care A $ 130.77 - 1.65 0.00
Invesco Global Select Equity A $ 13.12 - 0.07 0.00
Invesco Jap Eqty Core A $ 1.83 - 0.01 0.00
Invesco Japanese Equity A $ 19.31 - 0.05 0.00
Invesco Korean Equity A $ 32.19 - 0.24 0.00
Invesco PRC Equity A $ 51.66 - -0.43 0.00
Invesco Pacific Equity A $ 47.38 - 0.10 0.19
Invesco Global Technology A $ 16.44 - 0.21 0.00
Invesco UK Eqty A £ 8.03 - 0.01 1.37
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 62.62 - 0.82 0.00
Invest AD - Emerging Africa Fund $ 895.26 - 1.05 0.00
Invest AD - GCC Focus Fund $ 1421.57 - -0.14 0.00
JPMorgan Asset Mgmt (1200)F (UK)
60 Victoria Embankment, London EC4Y 0JP
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
America Equity Acc 63.73 - 0.90 0.00
America Equity Inc 63.73 - 0.91 0.00
Asia Acc 120.10 - -0.30 0.32
Asia Inc 66.65 - -0.17 0.31
Cautious Managed Rt Acc 68.07 - 0.02 0.47
Cautious Managed Rt Inc 59.87 - 0.02 0.47
Diversified Real Ret Acc 50.12 - -0.13 1.07
Diversified Real Ret Inc 48.68 - -0.14 1.09
Emerging Mkts Acc 133.30 - -0.30 0.78
Emerging Mkts Inc 57.32 - -0.12 0.78
Emrg Eur Eq Acc 131.40 - 0.20 2.76
Asset Management
Emrg Eur Eq Inc
Emrg Mkts Inc Acc... C
31.23
46.21
-
-
0.04 2.72
-0.27 5.34
Emrg Mkts Inc Inc... C 40.31 - -0.24 5.50
Europe Acc 1093.00 - 3.00 1.42
Europe Inc 62.92 - 0.18 1.42
Eur Dynamic exUK Acc 166.70 - 0.70 0.79
Eur Dynamic exUK £ hdg Acc 189.00 - 1.40 0.70
Eur Dynamic exUK Inc 76.52 - 0.30 0.78
Eur Smaller Cos Acc 529.70 - 3.00 0.03
Eur Smaller Cos Inc 68.88 - 0.39 0.02
Fusion Balanced Acc 55.25 - 0.17 0.47
Fusion Balanced Inc 55.64 - 0.17 0.46
Fusion Conservative Acc 54.47 - 0.19 0.65
Fusion Conservative Inc 54.41 - 0.19 0.67
Fusion Growth Acc 57.01 - 0.31 0.47
Fusion Growth Inc 57.01 - 0.31 0.47
Fusion Growth + Acc 59.79 - 0.43 0.46
Fusion Growth + Inc 59.80 - 0.44 0.46
Fusion Income Acc...C 53.87 - 0.11 2.36
Fusion Income Inc...C 50.91 - 0.11 2.40
Global Allocation Acc 53.23 - 0.17 0.90
Global Allocation Inc 52.41 - 0.17 0.91
Global Bond exUK Acc 251.20 - -0.50 0.74
★ FINANCIAL TIMES Thursday 31 December 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
Global Bond exUK Inc 197.50 - -0.50 0.74 Eq Market Neutral B Acc 1024.25 - 2.16 - Sands US Growth PA $ 17.59 - 0.22 0.00 Euro Bond A F € 15.66 - -0.01 0.00
Global Bond Opport. Acc 48.58 - 0.03 2.90 Eq Market Neutral Plus B Acc 1040.65 - 4.57 - Will.Blair Gbl. Ldrs PA € 16.27 - 0.24 0.00 MMIP Investment Management Limited (GSY) Euro Corporate Bond AX F £ 21.84 - -0.04 1.52
Regulated
Global Bond Opport. Inc 47.45 - 0.03 2.97 High Yield Global Bond A GBP Inc 515.24 - 2.07 5.26 Will.Blair Gbl. Ldrs PA $ 13.24 - 0.12 0.00 Euro Strategic Bond A F € 43.19 - 0.01 0.00
Multi-Manager Investment Programmes PCC Limited
Global Eq Income £ hdg Acc... C 69.22 - 0.49 3.12 High Yield Global Bond B GBP Inc 1070.70 - 4.38 5.26 European Currencies High Yield Bd A F € 21.41 - 0.00 0.00
European Equity Fd Cl A Initial Ser € 2642.19 2642.19 62.94 0.00
Global Eq Income £ hdg Inc ... C 49.53 - 0.34 3.19 Investment Grade Global Bd A GBP Inc 551.05 - -0.87 2.34 Lothbury Property Trust (UK) European Equity Alpha A F € 43.05 - -0.06 0.00
Japanese Equity Fd Cl A Initial Ser ¥ 368031.00 368031.00 6127.00 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Global Eq Income Acc... C 73.60 - 0.50 3.07 Kames Global Equity Income B GBP Acc 1217.90 - 16.21 - European Property A F € 35.59 - -0.09 0.00
Property & Other UK Unit Trusts MMIP - US EQUITY CLASS A 01 June 07 Series $ 1304.31 1304.31 168.32 0.00 Oasis Crescent Management Company Ltd
Global Eq Income Inc ... C 63.76 - 0.43 3.12 Kames Global Equity Income B GBP Inc 1160.95 - 15.46 - Eurozone Equity Alpha A F € 11.62 - -0.04 0.00 Other International Funds
Lothbury Property Trust GBP £ 1787.34 1916.91 11.71 3.22 Pacific Basin Fd Cl A Initial Ser $ 2059.34 2059.34 -82.99 0.00
Global Financials Acc 744.50 - 4.30 0.84 Strategic Global Bond A GBP Inc 1086.60 - 0.90 0.71 Global Bond A F $ 38.12 - -0.07 0.00 Oasis Crescent Equity Fund R 9.40 - 0.03 0.00
UK Equity Fd Cl A Series 01 £ 2357.45 2381.20 0.73 0.00
Global Financials Inc 42.34 - 0.24 0.85 Strategic Global Bond B GBP Inc 616.71 - 0.60 1.21 Global Brands A F $ 99.31 - -0.02 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1586.40 - -4.69 0.00
Global High Yield Bd Mth Inc C 34.95 - 0.19 7.21
Diversified Absolute Return Stlg Cell AF2 £ 1607.75 - -3.92 0.00
Global Convertible Bond A F $ 42.28 - 0.03 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Global High Yield Bd Acc C 92.90 - 0.50 7.17 Kleinwort Benson Bank (UK) Global Property A F $ 27.83 - -0.07 0.00
Oasis Global Investment (Ireland) Plc
14 St. George Street, Mayfair, London W1S1FE
Global High Yield Bd Inc C 35.10xd - 0.19 7.17 Indian Equity A F $ 34.30 - -0.27 0.00 Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 0.79
Dealing and enquiries: 0800 024 2400 Manek Investment Mgmt Ltd (1000)F (UK)
Global Property Secs Acc 59.02 - 0.40 0.57 Authorised Inv Funds P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Latin American Equity A F $ 35.58 - -0.99 0.00 Oasis Global Equity $ 27.21 - 0.08 0.23
Unit Trust Manager/ACD - Host Capital M & G Securities (1200)F (UK) Authorised Inv Funds
Oasis Crescent Global Investment Fund (Ireland) plc
Global Property Secs Inc 50.94 - 0.35 0.57 PO Box 9039, Chelmsford, CM99 2XG Short Maturity Euro Bond A F € 20.37 - 0.00 0.00
HC KB Capital Growth A Acc 170.97 - 0.68 1.36 Growth Fd Acc 52.38 55.39 -0.10 0.00
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Oasis Crescent Global Equity Fund $ 27.69 - 0.08 0.00
Global Unconstrained Eq. Acc 1038.00 - 8.00 0.15 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
HC KB Capital Growth A Inc 160.09 - 0.63 1.38 Authorised Inv Funds Oasis Crescent Variable Balanced Fund £ 10.31 - 0.03 0.59
Global Unconstrained Eq. Inc 77.11 - 0.58 0.14 US Growth A F $ 69.75 - 0.25 0.00
HC KB Enterprise Equity Income A Inc 109.24 - 0.48 3.06 Charifund Inc 1443.07 - 3.70 4.79
LNG Capital (CYM) OasisCresGl Income Class A $ 10.75 - -0.02 2.40
Income Acc ... C 48.52 - -0.02 7.44 Kingsbury House, 15-17 King St, London SW1Y 6QU US Growth AH F € 48.33 - 0.17 0.00
HC KB Enterprise Equity Income A Acc 162.30 - 0.72 3.69 Charifund Acc 19918.07 - 51.12 4.65
www.lngcapital.com, Tel: 0207 839 3456 OasisCresGl LowBal D ($) Dist $ 11.59 - 0.01 0.00
Income Inc ... C 44.90 - -0.02 7.53 US Growth AX F £ 46.94 - 0.72 0.00
HC KB Endeavour Multi Asset Balanced A Acc 131.17 - 0.36 0.81 M&G Corporate Bond A Acc 62.27 - -0.21 3.09 Regulated OasisCresGl Med Eq Bal A ($) Dist $ 11.84 - 0.02 0.32
Japan Acc 311.20 - 2.10 0.00 US Property A F $ 69.91 - 0.14 0.00
HC KB Endeavour Multi Asset Balanced A Inc 124.66 - 0.34 0.81 M&G Corporate Bond A Inc 39.11 - -0.13 3.09 LNG Europa Credit Fund EUR (Est) € 1196.70 - 65.31 -
Oasis Crescent Gbl Property Eqty $ 9.54 - 0.07 2.07
Japan Inc 74.90 - 0.48 0.00
HC KB Enterprise Fixed Income A Acc 122.09 - 0.07 3.44 M&G Dividend A Inc 61.50 - 0.24 4.43 LNG Europa Credit Fund GBP (Est) £ 1196.70 - 56.94 -
Multi-Asset Inc Mth Inc ... C 63.37 - 0.20 3.63 Morgens Waterfall Vintiadis.co Inc
HC KB Enterprise Fixed Income A Inc 108.38 - 0.06 3.44 M&G Dividend A Acc 616.01 - 2.39 4.28 LNG Europa Credit Fund USD $ 1183.45 - -15.60 -
Multi-Asset Inc Acc... C 84.65 - 0.28 3.62 Other International Funds
M&G Episode Growth X Inc 52.06xd - 0.13 1.76
Phaeton Intl (BVI) Ltd (Est) $ 402.53 - 4.90 0.00
Multi-Asset Inc Inc... C 63.55 - 0.21 3.71
M&G Episode Income A Acc 136.37xd - 0.12 3.56 Marlborough Fd Managers Ltd (1200)F (UK)
Lloyds Investment Fund Managers Limited (1000)F (JER)
Multi-Asset Macro Acc 65.48 - 0.02 0.00 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 M&G Episode Income A Inc 113.43xd - 0.09 3.64
Other International Funds www.marlboroughfunds.com
Multi-Asset Macro Inc 65.48 - 0.02 0.00
M&G Extra Income A Inc 723.32xd - 1.40 4.50 Authorised Inv Funds
Lloydstrust Gilt £ 12.0600 - -0.0600 2.41
Multi-Manager Growth Acc 737.60 - 1.80 0.45 Balanced 157.50 166.54 0.40 0.05 Odey Asset Management LLP (UK)
M&G Extra Income A Acc 5967.46xd - 11.50 4.37
Lloyds Investment Funds Limited 40 Dukes Place, London, EC3A 7NH
Multi-Manager Growth Inc 688.40 - 1.70 0.45 Bond Income 49.38 52.25 -0.05 4.96
Euro High Income € 1.6080 - -0.0040 2.96 M&G Global Basics A Inc 622.24 - 4.61 0.61 Order Desk and Enquiries: 0345 300 2106
Natural Resources Acc 319.80 - -0.60 0.13 Cash 50.05 50.05 0.00 0.32 Authorised Corporate Director - Capita Financial Managers
European £ 7.6500 - 0.0200 1.22 M&G Global Basics A Acc 945.51 - 7.01 0.56
Authorised Inv Funds
Natural Resources Inc 22.65 - -0.04 0.13 Cautious Inc 82.77 87.13 0.31 1.31 Natixis International Funds (Lux) I SICAV (LUX)
High Income £ 0.8546 - -0.0024 4.99 M&G Global Dividend Fund A Acc 187.60 - 1.27 3.26 CF Odey Continental European GBP R Acc 735.35 - 1.46 0.18
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Portfolio Acc 204.50 - 1.40 0.67 Defensive A Inc 117.30 117.30 0.05 0.27 FCA Recognised
International £ 3.9970 - 0.0230 1.13 M&G Global Dividend Fund A Inc 148.05 - 1.00 3.33 CF Odey Opus GBP R Inc 3773.52 - 7.75 0.00
Sterling Corporate Bond Acc 82.21 - -0.32 2.33 Emerging Markets 222.52 222.52 -0.27 1.71 Harris Global Equity R/A (USD) $ 259.93 259.93 1.86 0.00
North American £ 15.8600 - 0.1900 0.10 M&G Glbl Emrgng Mkts A Acc 182.20 - -0.47 0.95 CF Odey Absolute Return GBP R 320.77 - -1.22 0.00
Sterling Corporate Bond Inc 51.39 - -0.20 2.33 ETF Global Growth A 155.41 155.41 1.19 0.00 Harris US Equity Fund R/A (USD) $ 209.03 209.03 2.12 0.00
Sterling Bond £ 1.4520 - -0.0050 3.65 M&G Glbl Emrgng Mkts A Inc 176.03 - -0.45 0.96 CF Odey Portfolio Fund GBP R Inc 148.34 - 0.70 0.06
Strategic Bond Acc 68.16 - 0.02 3.24 ETF Commodity A 66.02 66.02 0.20 0.00 Harris Concentrated US Equity R/A (USD) $ 158.64 158.64 1.44 0.00
UK £ 6.4620 - 0.0000 1.64 M&G Global Macro Bond Fund A Acc 107.39xd - 0.08 1.38
Strategic Bond Inc 56.58 - 0.02 3.24 Lloyds Gilt Fund Limited European Multi-Cap 297.74 297.74 -0.19 0.28 Loomis Sayles Strategic Alpha R/A (USD) $ 109.20 109.20 -0.04 -
M&G Global Macro Bond Fund A Inc 74.40xd - 0.06 1.38
Odey Asset Management LLP (CYM)
UK Dynamic Acc 163.00 - 0.70 1.45 Lloyds Gilt Fund Quarterly Share £ 1.2560 - -0.0060 1.90 Extra Income 79.70 84.34 0.23 4.35 Regulated
M&G Global High Yield Bond X Inc 47.55xd - 0.05 4.69
UK Dynamic Inc 133.30 - 0.60 1.46 Monthly Share £ 1.2060 - -0.0060 1.90 Far East Growth A Inc 161.83 161.83 -0.24 2.33 Natixis International Funds (Dublin) I plc (IRL) OEI Mac Inc GBP A £ 373.47 - 29.16 0.00
M&G Global High Yield Bond X Acc 112.51xd - 0.10 4.69
UK Eq & Bond Inc Acc ... C 141.70 - 0.20 3.35 Lloyds Money Fund Limited Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 OEI Mac Inc GBP B £ 204.92 - 15.22 0.00
M&G Managed Growth X Inc 76.55xd - 0.35 0.57 Global 180.66 190.19 1.01 0.00
Sterling Class £ 52.6170 - 0.0000 0.12 Regulated
UK Eq & Bond Inc Inc ... C 82.47 - 0.11 3.42 Global Bond Inc 136.63 144.58 -0.22 3.19 OEI MAC Inc USD $ 1994.35 - 156.27 0.00
Lloyds Multi Strategy Fund Limited M&G Optimal Income A Inc 141.20 - 0.00 2.62 Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.29 12.29 0.04 1.21
UK Equity Blue Chip Acc 66.13 - 0.24 2.14 High Yield Fixed Interest 72.95 77.40 0.04 5.70 Odey European Inc EUR € 870.27 - 63.05 0.00
Conservative Strategy £ 1.0940 - 0.0000 1.97 M&G Optimal Income A Acc 186.53 - 0.01 2.62 Loomis Sayles High Income R/D (USD) $ 8.11 8.11 0.00 14.98
UK Equity Blue Chip Inc 55.35 - 0.19 2.17 Multi Cap Income A Inc 161.89 161.89 0.44 4.35 Odey European Inc GBP A £ 335.21 - 25.12 0.00
Growth Strategy £ 1.4950 - 0.0110 1.32 M&G Recovery GBP A Inc 115.58 - 0.13 0.76 Loomis Sayles Multisector Income R/D (GBP) $ 11.91 11.91 0.00 5.77
UK Equity Core Acc 282.20 - 1.10 3.04 Nano-Cap Growth A Acc 103.8101 114.0400 0.5539 0.00 Odey European Inc GBP B £ 190.23 - 14.27 0.00
Aggressive Strategy £ 1.8450 - 0.0230 0.00 M&G Recovery GBP A Acc 259.53 - 0.29 0.75
UK Equity Core Inc 53.21 - 0.20 3.04 Special Situations A Acc 1210.58 1281.04 4.44 0.36 Odey European Inc USD $ 401.96 - 30.18 0.00
Global USD Growth Strategy $ 1.3990 - 0.0070 0.00 M&G Strategic Corp Bond A Inc 72.38xd - -0.18 2.98 Natixis International Funds (UK)
UK Equity Growth Acc 114.70 - 0.60 1.15 Dealing Daily UK Multi-Cap Growth A Inc 248.86 263.34 1.21 0.64 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Giano Capital EUR Inc € 4456.59 - 3.33 0.00
M&G Strategic Corp Bond A Acc 104.48xd - -0.25 2.98
Authorised Funds
UK Equity Growth Inc 107.00 - 0.60 1.16 UK Micro Cap Growth A 477.05 504.82 1.48 0.00
M&G Global Leaders GBP A Inc 196.02 - 1.40 1.33 H2O MultiReturns Fund N/A (GBP) £ 1.40 - 0.00 1.40
UK Higher Inc Acc ... C 917.70 - 3.40 4.08 US Multi-Cap Income 329.22 329.22 3.10 0.61 Odey Asset Management LLP (IRL)
M&G Global Leaders GBP A Acc 461.65 - 3.28 1.31 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.06 - 0.00 0.00
MFM - Third Party Funds FCA Recognised
UK Higher Inc Inc ... C 533.30 - 1.90 4.21
M&G UK Inflation Lnkd Corp Bnd A Acc 110.75 - 0.10 0.12 Loomis Sayles Strategic Income N/D (GBP) £ 0.95 - 0.01 4.06
Junior Oils 59.11 62.55 -0.11 0.00 Odey Pan European EUR R € 341.06 - -1.71 0.00
UK Smaller Cos Acc 391.10 - 0.90 0.27
M&G UK Inflation Lnkd Corp Bnd A Inc 109.16 - 0.10 0.12 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.89 - 0.00 4.14
Junior Gold C Acc 19.08 19.08 -0.18 0.00 Odey Absolute Return Focus Fund $ 100.00 - - -
UK Smaller Cos Inc 75.75 - 0.19 0.27
Loomis Sayles US Equity Leaders N/A (GBP) £ 1.54 - 0.01 0.25 Odey Allegra European EUR O € 262.37 - -0.34 0.00
UK Strategic Eq Inc Acc ... C 152.70 - 0.40 3.71 MFM Artorius Fund 161.13 161.13 2.05 0.17
Lombard Odier Funds (Europe) S.A (LUX) M & G Securities Ltd (UK) Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) £ 1.02 - 0.00 - Odey Allegra International EUR O € 174.78 - -1.31 0.00
UK Strategic Eq Inc Inc ... C 98.74 - 0.28 3.79 www.loim.com MFM Bowland 163.94 177.23 2.41 0.00
Property & Other UK Unit Trusts
Regulated Seeyond Factor Plus U.K Equity Fund N/A (GBP) £ 1.01 - 0.00 - Odey Allegra Developed Markets USD I $ 131.62 - 0.33 0.00
US Acc 741.50 - 7.90 0.00 Charibond 121.91 - -0.58 5.30 MFM Hathaway Inc 105.15 110.10 0.16 1.89
Lombard Odier Funds
MFM SGWM Managed A Acc 128.13 128.13 0.88 0.15 Odey European Focus Fund € 17.58 - -0.02 0.49
US Inc 102.60 - 1.10 0.00 Absolute Ret Bond (EUR) PA € 11.94 - 0.01 0.00 (Accum Units) 3609.27 - -17.17 5.30
NAACIF 74.86 - 0.17 4.68 MFM Techinvest Special Situations Acc 142.08 142.08 1.52 0.01 NatWest (2230)F (UK) Odey Atlas Fund GBP I S £ 1.14 - 0.00 0.00
US Equity Income Acc ... C 124.60 - 1.30 2.08 Absolute Ret Bond (USD) PA $ 17.57 - 0.02 0.00 PO Box 23873, Edinburgh EH7 5WJ**
MFM Techinvest Technology Acc 350.81 350.81 5.48 0.00 Odey Giano European Fund EUR R € 121.76 - -0.34 0.00
US Equity Income £ hdg Inc ... C 99.74 - 0.91 2.21 All Roads (CHF) PA SFr 17.26 - 0.02 0.00 (Accum Units) 6709.58 - 15.27 4.55 Enquiries: 0800 085 5588
Authorised Inv Funds Odey Naver Fund EUR I € 125.99 - -0.51 0.00
US Equity Income Inc ... C 105.70 - 1.00 2.10 All Roads (USD) PA $ 11.02 - 0.01 0.00 M&G Property Portfolio A Acc 135.74 142.88 0.01 3.40 MFM UK Primary Opportunities A Inc 329.83 329.83 0.46 1.34
Series 1(Minimum initial investment 16375,000)
Slater Investments Ltd - Investment Adviser Odey Odyssey USD I $ 141.30 - -0.48 0.00
US Select Acc 115.90 - 1.40 0.00 All Roads (GBP) PA £ 11.25 - 0.01 0.00 Property Portfolio A 124.53 131.08 0.01 3.46 United Kingdom Equity Index Fund £ 12.46 - 0.11 2.89
MFM Slater Growth 424.62 450.53 1.43 0.10 Odey Orion Fund EUR I € 118.88 - -0.44 0.00
US Select Inc 114.40 - 1.30 0.00 All Roads (EUR) PA € 11.15 - 0.01 0.00 Property Portfolio X 124.53 124.53 0.01 3.46 UK Specialist Equity Inc £ 19.35 - 0.12 0.39
MFM Slater Income A Inc 162.32 162.32 0.60 3.77 Odey Swan Fund EUR I € 93.27 - -0.74 0.00
US Smaller Cos Acc 386.80 - 5.10 0.00 Alpha Japan (EUR) PA F € 11.74 - 0.14 0.00 Contl Europe Spec Equity £ 16.17 - 0.15 0.00
MFM Slater Recovery 184.16 195.40 3.82 0.22 Odey European Absolute Return GBP S £ 98.23 - -0.19 0.00
US Smaller Cos Inc 101.40 - 1.40 0.00 Alpha Japan (CHF) PA F SFr 14.64 - 0.17 0.00 M & G (Guernsey) Ltd (GSY) US Spec Equity Fund £ 14.27 - 0.19 0.00
Regulated
Alpha Japan (JPY) PA F ¥ 1395.00 - 16.00 0.00 Japan Specialist Fund X £ 10.08 - 0.13 0.00
The M&G Offshore Fund Range
Marlborough International Management Limited (GSY) Odey Wealth Management (CI) Ltd (IRL)
JPMorgan Charity Funds (UK) Alpha Japan (USD) PA F $ 16.83 - 0.20 0.00 Corporate Bond 1302.06 1342.32 -4.32 3.09 Pacific Basin Specialist Equity Fund £ 21.88 - 0.06 0.92
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 www.odey.com/prices
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 FCA Recognised UK Sovereign Bd Index Fund £ 10.84 - 0.01 2.53 FCA Recognised
Alternative Beta PA F SFr 114.41 - 0.44 0.00 Global Basics 2302.22 2373.42 17.00 0.30
Property & Other UK Unit Trusts
Marlborough North American Fund Ltd £ 31.73 33.81 0.18 0.00 Odey Opportunity EUR I € 221.73 - -0.56 0.00
Alternative Beta PA F € 77.37 - 0.31 0.00 Global Leaders 3404.40 3546.25 24.26 1.05 UK Specialist Equity Income Fund £ 9.56 - 0.03 4.05
UK Equity Fund for Charities I...C £ 2.832715 2.844306 1.800153 3.49
Marlborough Tiger Fund Ltd F £ 26.04 27.74 0.66 0.00
Alternative Beta PA F $ 115.85 - 0.46 0.00 Global High Yield Bond 934.87 963.78 0.98 4.69 Global Spec Inv Grade Bd Fund GBP £ 9.74 - -0.02 3.03
Bond Fund for Charities £ 1.330622 1.336828 0.298060 3.59
Commodities (CHF) PA SFr 4.93 - 0.01 0.00 Global Macro Bond Fund 11166.81 11512.17 8.99 1.38 Global Emerg Mkts Equity Fund X £ 10.91 - 0.00 0.08 Omnia Fund Ltd
Other International Funds
Commodities (EUR) PA € 5.00 - 0.01 0.00 Marwyn Asset Management Limited (CYM) Series 2 (Investment Management customers only)
North American Dividend Fund 159.75 166.41 1.60 2.18
Regulated United Kingdom Equity Index Fund £ 12.46 - 0.11 3.53 Estimated NAV $ 855.62 - 16.81 0.00
Commodities (USD) PA $ 5.19 - 0.01 0.00 Optimal Income Fund 139.92 144.25 0.00 2.63 Marwyn Value Investors £ 458.79 - -5.08 0.00
UK Specialist Equity Inc £ 19.56 - 0.12 1.57
Convertible Bd P A € 17.52 - 0.08 0.00 Recovery Fund Limited 'A' Participating Shares 10002.19 10418.94 11.04 0.45
Contl Europe Spec Equity £ 16.88 - 0.16 1.16
Convertible Bd Asia PA F SFr 13.58 - -0.01 0.00 Recovery Fund Limited 'I' Participating Shares 10031.63 10132.96 11.13 1.28
McInroy & Wood Portfolios Limited (UK)
US Spec Equity Fund £ 14.89 - 0.19 0.37
Convertible Bd Asia PA F € 14.51 - -0.01 0.00 Strategic Corporate Bond Fund 131.42 136.90 -0.33 2.98 Easter Alderston, Haddington, EH41 3SF 01620 825867
GAM Authorised Inv Funds Japan Specialist Fund X £ 10.68 - 0.13 0.63
funds@gam.com, www.jbfundnet.com Convertible Bd Asia PA F $ 14.64 - -0.01 0.00 UK Select 1515.97 1579.13 3.73 0.92
Balanced Fund Personal Class Units 3953.50xd - 7.60 1.88 Pacific Basin Specialist Equity Fund £ 21.67 - 0.06 1.90
Regulated Emerg. Consumer (CHF) PA SFr 11.40 - 0.02 0.00
Income Fund Personal Class Units 2401.70 - 4.10 2.86
JB BF ABS-EUR B € 104.74 - 0.00 0.00 UK Sovereign Bd Index Fund £ 11.03 - 0.01 2.53 Optima Fund Management
Emerg. Consumer (EUR) PA € 11.56 - 0.02 0.00
MFS Investment Funds (LUX) Emerging Markets Fund Personal Class Units 1615.10 - -7.40 2.42 Other International Funds
JB BF Abs Ret Def-EUR B € 108.65 - -0.05 0.00 UK Specialist Equity Income Fund £ 10.37 - 0.04 4.00
Emerg. Consumer (USD) PA $ 11.55 - 0.02 0.00 FCA Recognised
Cuttyhunk Fund II Limited $ 1322.61 - -150.75 0.00
JB BF Abs Ret EM-USD B $ 112.97 - 0.08 0.00 Smaller Companies Fund Personal Class Units 3754.10 - 24.00 1.65 Global Spec Inv Grade Bd Fund GBP £ 9.91 - -0.02 3.03
Blend.Research Gb.Eq.Fd. € 104.50 - 1.65 -
Emerg.Eq. Risk Par.(EUR) PA € 7.55 - 0.05 0.00 JENOP Global Healthcare Fund Ltd $ 15.01 - -0.05 0.00
JB BF Abs Ret-EUR B € 127.06 - -0.09 0.00 Blend.Research Gb.Eq.Fd. £ 103.50 - 1.75 - Global Emerg Mkts Equity Fund X £ 10.48 - 0.00 0.91
Emerg. Eq. Risk Par.(USD) PA $ 5.75 - 0.00 0.00 OPTIKA Fund Limited - Cl A $ 100.52 - 0.23 -
The initial charge you will pay will depend on the amount you invest
JB BF Abs Ret Pl-EUR B € 125.45 - -0.15 0.00 Blend.Research U.S.Core Eq.Fd. ¥ 10431.00 - 134.00 - Meridian Fund Managers Ltd
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.78 - 0.00 0.00 Other International Funds **Address and Telephone number for series 1 only Optima Fd NAV $ 89.52 - 0.11 0.00
JB BF EM Corporate-USD B $ 106.00 - -0.08 0.00 Blend.Research Gb.Eq.Fd. $ 100.61 - 0.99 -
Emerg.Loc.Cur.Bd.Fdt PA SFr 8.21 - 0.03 0.00 Global Gold & Resources Fund $ 181.65 - 1.97 - Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
JB BF EM Infl Link-USD B $ 78.83 - 0.08 0.00 Em.Mk.Eq.Fund Euro € 110.58 - 0.93 0.00
Emerg.Loc.Cur.Bd.Fdt PA € 10.92 - 0.06 0.00 Global Energy & Resources Fund $ 34.67 - 0.79 - The Dorset Energy Fd Ltd NAV $ 23.21 - 2.02 0.00
JB BF EM Inv Grade-USD B $ 97.00 - 0.01 0.00 Em.Mk.Eq.Fund Sterling £ 95.85 - 0.91 0.00
Emerg.Loc.Cur.Bd.Fdt PA $ 8.27 - -0.01 0.00 Platinum Fd Ltd $ 84.34 - -1.59 0.00
JB Emerging (EUR)-EUR B € 328.01 - 0.25 0.00 Em.Mk.Eq.Fd.US Dollar $ 92.10 - 0.22 0.00
Euro BBB-BB Fdt PA SFr 15.34 - -0.02 0.00 Ministry of Justice Common Investment Funds (UK) Platinum Fd Ltd EUR € 16.38 - -0.30 0.00
JB Emerging (USD)-USD B $ 400.28 - 0.66 0.00 Gb.Conc.Eq.Fd.Euro € 281.36 - 4.31 0.00 Property & Other UK Unit Trusts
Euro BBB-BB Fdt PA € 12.20 - -0.02 0.00 Platinum Japan Fd Ltd $ 53.18 - -0.45 0.00
JB BF Local EM-USD B $ 244.16 - 0.00 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 173.52 - 2.85 0.00 The Equity Idx Tracker Fd Inc 1335.00 1335.00 13.00 2.86
Euro BBB-BB Fdt PA £ 10.79 - -0.02 0.00
Distribution Units New Capital Fund Management Ltd (IRL) Optima Partners Global Fd $ 14.10 - 0.00 0.00
JB BF Total Ret-EUR B € 96.61 - 0.04 0.00 Gb.Conc.Eq.Fd.Sterling £ 262.63 - 4.32 0.00 Leconfield House, Curzon Street, London, W1J 5JB
Euro BBB-BB Fdt PA $ 17.35 - -0.02 0.00 Optima Partners Focus Fund A $ 15.69 - -0.12 0.00
FCA Recognised
JB EF Abs Ret Eur-EUR B € 120.68 - 0.28 0.00 Gb.Conc.Eq.Fd.US $ 194.29 - 1.83 0.00
Euro Credit Bd PA F € 12.83 - -0.03 0.00 New Capital UCITS Funds
Mirabaud Asset Management (LUX)
JB EF Euro Value-EUR B € 175.74 - 1.58 0.00 Gb.Eq.Hdg Fd.Euro IRE T € 184.31 - 2.43 0.00
Euro Government Fdt PA € 12.50 - -0.05 0.00 www.mirabaud.com, marketing@mirabaud.com Asia Pac Bd USD Inst Inc $ 92.59 - 0.00 3.25
Oryx International Growth Fund Ltd
JB EF Japan-JPY B ¥ 17525.00 - 31.00 0.00 Gb.Eq.Euro Hdg Fd. € 261.17 - 3.44 0.00 Regulated
Euro Inflation-Lk Fdt PA € 11.93 - -0.01 0.00 Asia Pac Bd USD Ord Inc $ 94.32 - -0.01 2.52 Other International Funds
Mir. Conv. Bds Eur A EUR € 138.23 - 0.68 0.00
JB EF Luxury B-EUR B € 217.84 - 3.61 0.00 Gb.Eq.Fund Euro € 286.44 - 4.58 0.00 NAV (Fully Diluted) £ 6.93 - 0.36 0.00
Euro Resp.Corp. Fdt PA € 18.05 - -0.03 0.00 Asia Pac Eq EUR Ord Inc € 85.35 - 0.26 3.37
Mir. Conv. Bds Glb A USD $ 115.56 - 0.49 0.00
JB Ms EF Special Val. EUR/A € 137.65 - 1.68 1.10 Gb.Eq. Fd Euro IRE T € 181.24 - 2.90 0.00
Europe High Conviction PA € 12.04 - 0.18 0.00 Asia Pac Eq GBP Ord Inc £ 88.65 - 0.31 3.81
JB Strategy Balanced-CHF/B SFr 149.40 - 0.80 0.00 Gb.Eq.Fd.Sterling UK T £ 213.62 - 3.68 0.00 Mir. - Eq Asia ex Jap A $ 172.78 - -0.74 0.00
Eurozone Small&Mid Caps PA € 55.31 - 0.79 0.00 Asia Pac Eq USD Ord Inc $ 89.09 - 0.31 3.19 OTP Asset Management Romania SAI SA ((ROM))
JB Strategy Balanced-EUR € 154.63 - 0.89 0.00 Gb.Eq.Fd.US Dollar $ 312.26 - 3.15 0.00 Mir. - Eq Glb Emrg Mkt A USD $ 87.21 - -0.42 0.00 www.otpfonduri.ro
Fdmt.Eq.L/S SH Sd EUR PA € 10.75 - 0.04 0.00 Asia Pac Eq USD Inst Acc $ 94.60 - 0.33 0.00
Other International Funds
JB Strategy Balanced-USD/B $ 129.10 - 0.53 0.00 Mir. - Eq Global Focus A USD $ 102.36 - 0.85 0.00
Gb.Eq.Fund Sterling £ 211.14 - 3.63 0.00
Fdmt.Eq.L/S SH Sd USD PA $ 10.79 - 0.03 0.00 Asia Pac Eq USD Inst Inc $ 99.62 - 0.36 3.91 OTP Comodisro RON 16.87 - 0.00 -
JB Strategy Growth-CHF/B SFr 92.20 - 0.78 0.00 Gb.Val.Ex-Jap.Fd.USD $ 118.59 - 1.21 0.00 Mir. -Eq Spain A € 25.65 - 0.20 0.00
Gbl.Gvt.Fdmt PA € 10.52 - 0.02 0.00 Dyn Europ Eq EUR Ord Inc € 179.71 - 2.18 1.29 OTP Obligatiuni RON 14.26 - 0.00 -
JB Strategy Growth-EUR € 116.01 - 1.03 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 14049.00 - 163.00 0.00 Mir. - Eq Swiss Sm/Mid A SFr 337.57 - 4.16 0.00
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.83 - 0.00 0.00 Dyn Europ Eq GBP Ord Inc £ 191.23 - 2.49 1.64 OTP Avantisro RON 8.48 - 0.00 -
JB Strategy Inc-CHF/B SFr 118.75 - 0.28 0.00 Gb.Val.Fd. Euro € 134.55 - 2.18 0.00 Mir. - Glb High Yield Bds A $ 106.71 - 0.06 -
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.41 - -0.05 0.00 Dyn Europ Eq USD Ord Inc $ 179.47 - 2.32 1.21 OTP Euro Bond € 12.40 - 0.00 -
JB Strategy Inc-EUR/B € 159.15 - 0.42 0.00 Gb.Val.Fd.Sterling £ 120.80 - 2.10 0.00 Mir. - Glb Eq High Income A USD $ 99.64 - 0.82 0.00
Gbl.5B Fdmt (EUR) PA € 11.68 - 0.01 0.00 China Equity EUR Ord Acc € 132.99 - 0.15 0.00 OTP Dollar Bond $ 10.57 - 0.00 -
JB Strategy Inc-USD/B $ 145.59 - 0.17 0.00 Gb.Val.Fd.USD $ 105.77 - 1.09 0.00 Mir. - Glb Inv Grade Bds A € 100.30 - -0.16 -
Gbl.5B Fdmt (CHF) PA SFr 10.34 - -0.01 0.00 China Equity GBP Ord Acc £ 139.29 - 0.23 0.00 OTP Premium Return RON 1071.10 - 0.79 -
Low Volatility Gb.Eq.Fd.Euro € 106.40 - 1.55 - Mir. - Glb Strat. Bd A USD $ 103.64 - -0.08 0.00
Gbl.5B Fdmt SH (USD) PA $ 10.82 - -0.01 0.00 China Equity USD Ord Acc $ 135.42 - 0.21 0.00
Low Volatility Gb.Eq.Fd.Sterl £ 105.39 - 1.66 -
Generation Global (CHF) PA F SFr 13.98 - 0.18 0.00 China Equity USD Inst Acc $ 139.29 - 0.23 0.00
Low Volatility Gb.Eq.Fd.USD $ 102.44 - 0.89 - MW Japan Fund Plc (IRL)
Generation Global (EUR) PA F € 21.25 - 0.30 0.00 Global Val.Cr.Fd GBP Ord Inc £ 110.82 - 0.10 3.61
FCA Recognised
Low Volatility Gb.Eq.Fd.Yen ¥ 9626.00 - 97.00 -
Generation Global (USD) PA F $ 15.80 - 0.13 0.00 MW Japan Fund PLC A $ 25.74 - 0.48 - Global Val.Cr.Fd USD Inst Acc $ 122.41 - 0.13 0.00
Global Energy (USD) PA F $ 5.84 - 0.05 0.00 MW Japan Fund PLC B $ 25.94 - 0.48 - Global Val.Cr.Fd GBP Ord Acc £ 176.43 - 0.16 0.00
Kames Capital ICVC (UK) Golden Age (CHF) PA F SFr 21.71 - 0.24 0.00 MFS Meridian Funds SICAV (LUX) MW Japan Fund PLC C $ 99.29 - 1.92 - Global Val.Cr.Fd USD Ord Acc $ 165.60 - 0.17 0.00
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Regulated Permal Investment Mgmt Svcs Ltd
Golden Age (EUR) PA € 14.78 - 0.16 0.00 Global Val.Cr.Fd EUR Ord Acc € 154.11 - 0.10 0.00 www.permal.com
0800 45 44 22 www.kamescapital.com Absolute Return A1 € 19.73 - 0.07 0.00
Other International Funds
Authorised Funds Golden Age (USD) PA F $ 20.52 - 0.23 0.00 Swiss Select Equity Inst Acc SFr 116.70 - 1.26 0.00
Asia ex-Japan A1 $ 22.74 - 0.17 0.00 Morant Wright Funds (Ireland) PLC (IRL) Offshore Fund Class A US $ Shares
Diversified Income B Acc 113.10 - 0.21 0.00 FCA Recognised
Sh.T- Money Mkt EUR PA € 112.27 - 0.00 0.00 Swiss Select Equity Ord Acc SFr 115.35 - 1.24 0.00 Investment Holdings N.V. $ 5487.68 - 49.80 0.00
Bond A1 $ 10.27 - -0.04 0.00
Diversified Income B Inc 103.10 - 0.19 0.00 Morant Wright Fuji Yield EUR Acc Hedged € 11.68 - 0.07 -
Sh.T- Money Mkt CHF PA SFr 128.48 - 0.00 0.00 US Growth USD Ord Acc $ 212.63 - 1.25 0.00 Macro Holdings Ltd $ 4192.02 - 66.31 0.00
China Equity Fd A1 $ 9.28 - -0.01 0.00
Diversified Growth B Acc £ 1.40 - 0.00 3.25 Morant Wright Fuji Yield EUR Dist Hedged € 11.18 - 0.20 -
Sh.T- Money Mkt GBP PA £ 10.28 - 0.00 0.00 US Growth EUR Ord Acc € 203.19 - 1.09 0.00 Fixed Income Holdings N.V. $ 364.13 - -1.93 -
Continental European Eqty A1 € 17.70 - 0.30 0.00
Ethical Cautious Managed B Acc £ 1.24 - 0.00 2.29 Morant Wright Fuji Yield GBP Acc Hedged £ 11.61 - 0.22 0.00
Sh.T- Money Mkt USD PA $ 10.31 - 0.00 0.00 US Growth GBP Ord Acc £ 214.04 - 1.28 0.00 Permal Absolute Return Fund $ 163.59 - 0.48 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 10.71 - 0.00 0.00
Ethical Cautious Managed B Inc £ 1.17 - 0.00 2.32 Morant Wright Fuji Yield GBP Dist Hedged £ 11.29 - 0.21 -
Sw.Fr.Bd(For) PA SFr 23.60 - 0.00 0.00 US Growth USD Inst Acc $ 196.45 - 1.18 0.00
Emerging Markets Debt A1 $ 32.52 - 0.02 0.00
Ethical Corporate Bond B Acc £ 1.69 - -0.01 3.67 Morant Wright Fuji Yield USD Acc Hedged $ 11.29 - 0.22 0.00
Sw.Fr.Credit Bd(For) PA SFr 13.54 - 0.00 0.00 Wealthy Nat Bd EUR Inst Inc € 107.93 - -0.01 3.77
Emerging Markets Eq.A1 $ 10.17 - 0.02 0.00
Ethical Corporate Bond B Inc £ 0.99 - 0.00 3.74 Morant Wright Fuji Yield USD Dist Hedged $ 11.32 - 0.22 2.09
Tactical Alpha (CHF) PA SFr 9.97 - 0.00 0.00 Wealthy Nat Bd GBP Inst Inc £ 112.17 - 0.02 3.61
European Concentrated A1 € 17.50 - 0.31 0.00
Ethical Equity B Acc £ 2.06 - 0.01 2.11 Morant Wright Fuji Yield YEN Acc ¥ 1163.28 - 21.80 0.00
Tactical Alpha (EUR) PA € 10.28 - 0.01 0.00 Wealthy Nat Bd EUR Ord Inc € 107.11 - -0.02 3.53
European Core Eq A1 € 31.86 - 0.48 0.00
Morant Wright Fuji Yield B YEN Acc ¥ 1026.36 - 19.28 -
Asset Management
High Yield Bond B Acc £ 2.40 - 0.00 5.18
High Yield Bond B Inc £ 0.96 - 0.00 5.30
Tactical Alpha (USD) PA $ 14.80 - 0.00 0.00
European Res.A1 € 32.75 - 0.47 0.00
Morant Wright Fuji Yield YEN Dist ¥ 1139.15 - 21.35 2.08
Wealthy Nat Bd GBP Ord Inc
Wealthy Nat Bd USD Ord Inc
£ 112.72
$ 109.69
-
-
0.01 3.34
0.02 3.32
Managemen
Asset Management
Technology PA € 13.40 - 0.12 0.00
Investment Grade Bond B Acc 158.60 - -0.19 1.50
Technology PA Asset Management
$ 20.31 - 0.18 0.00
European Smaller Companies A1 € 52.62
European Value A1 € 36.89
-
-
0.70 0.00
0.52 0.00
Morant Wright Sakura Fund Sterling Acc Hedged £ 14.26 - 0.28 0.00 New Capital Alternative Strategies
Pictet Asset Management (Europe) SA
15, Avenue J.F. Kennedy L-1855 Luxembourg
(LUX)
Investment Grade Bond B Inc £ 1.16 - 0.00 3.55 Morant Wright Sakura Fund Euro Acc Hedged € 14.21 - 0.27 0.00 All Weather Fd USD Cls $ 118.47 - 0.69 0.00 Tel: 0041 58 323 3000
Wld Gold Expertise PAF SFr 8.71 - -0.08 0.00
Global Conc.A1 $ 36.23 - 0.37 0.00 FCA Recognised
Sterling Corporate Bond B Acc £ 0.74 - 0.00 3.36 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1451.50 - 28.39 0.00 All Weather Fd EUR Cls € 106.34 - 0.53 0.00
Wld Gold Expertise PA € 6.95 - -0.06 0.00 Pictet-Absl Rtn Fix Inc-HI EUR € 106.66 - -0.11 0.00
Global Credit Fund $ 10.21 - -0.03 0.00
Sterling Corporate Bond B Inc £ 0.31 - 0.00 3.43 Morant Wright Sakura Fund Dollar Acc Hedged $ 14.16 - 0.28 0.00 All Weather Fd GBP Cls £ 114.58 - 0.58 0.00
Wld Gold Expertise PA $ 9.29 - -0.08 0.00 Pictet-Absl Rtn Glo Div-I EUR F € 123.96 - -0.03 0.00
Global Energy Fund A1 $ 12.04 - 0.11 0.00
Strategic Bond B Acc £ 1.11 - 0.00 2.75 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.07 - 0.27 0.00 Tactical Opps USD Cls $ 136.80 - 0.69 0.00
LO Selection
Global Equity A1 $ 45.20 - 0.49 0.00 Pictet-Agriculture-I EUR F € 186.57 - 1.95 0.00
Strategic Bond B Inc £ 1.16 - 0.00 2.79 Balanced (CHF) PA F SFr 107.68 - 0.63 0.00 Tactical Opps EUR Cls € 114.49 - 0.51 0.00
Global Equity A1 € 26.23 - 0.36 0.00 Pictet-Asian Equities Ex Japan-I USD F $ 203.20 - -0.85 0.00
UK Equity B Acc £ 2.64 - 0.01 2.35 Balanced (EUR) PA F € 125.72 - 0.78 0.00 Tactical Opps GBP Cls £ 128.72 - 0.55 0.00
Global High Yield Fund $ 23.76 - 0.04 0.00 Pictet-Asian Local Currency Debt-I USD F $ 151.31 - -0.11 0.00
UK Equity Absolute Return B Acc £ 1.24 - 0.00 0.00 Conservative (CHF) PA F SFr 103.51 - 0.22 0.00
Global High Yield Fund € 15.84 - 0.08 0.00 Pictet-Biotech-I USD F $ 856.06 - 13.59 0.00
UK Equity Income B Acc £ 2.19 - 0.01 4.68 Conservative (EUR) PA F € 114.10 - 0.26 0.00
Global Multi-Asset A1 $ 14.89 - 0.08 0.00 Pictet-Brazil Index I USD $ 35.28 - 0.14 0.00
UK Equity Income B Inc £ 1.69 - 0.01 4.81 Global Allocation (GBP) PA F £ 10.10 - 0.04 0.00
Global Res.A1 $ 25.82 - 0.26 0.00 Pictet-CHF Bonds I CHF SFr 505.30 - 1.06 0.00
UK Opportunities B Acc £ 1.79 - 0.01 2.28 Growth (CHF) PA F SFr 112.92 - 1.00 0.00
Global Total Return A1 € 17.82 - 0.15 0.00
Morgan Stanley Investment Funds (LUX) Pictet-China Index I USD $ 105.23 - 0.28 0.00
UK Smaller Companies B Acc £ 3.02 - 0.01 1.45 Growth (EUR) PA F € 136.46 - 1.26 0.00 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
Inflation-Adjusted Bond A1 $ 13.70 - -0.06 0.00 www.morganstanleyinvestmentfunds.com Pictet-Clean Energy-I USD F $ 79.65 - 0.48 0.00
Vantage 1500 (EUR) MA € 10.17 - 0.01 0.00
FCA Recognised Northwest Investment Management (HK) Ltd
Japan Equity A1 $ 10.50 - 0.14 0.00 Pictet-Digital Communication-I USD F $ 263.63 - 2.81 0.00
Vantage 3000 (EUR) MA € 10.27 - 0.00 0.00 US Advantage A F $ 59.34 - 0.01 0.00 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Kames Capital Investment Portfolios ICVC (UK) Pictet-Eastern Europe-I EUR F € 262.88 - 0.50 0.00
Latin American Equity Fd A1 $ 11.12 - -0.02 0.00 Other International Funds
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA PrivilEdge
Asian Equity A F $ 40.40 - -0.31 0.00
0800 45 44 22 www.kamescapital.com Northwest $ class $ 2357.94 - -24.48 0.00 Pictet-Em Lcl Ccy Dbt-I USD F $ 151.90 - -0.32 0.00
Inc.Pt.RMB Dt.CNH PA CNH 102.68 - 0.02 0.00 Limited Maturity A1 $ 13.97 - 0.00 0.00
Authorised Funds Asian Property A F $ 17.53 - -0.09 0.00
Northwest Warrant $ class $ 1969.35 - -444.40 0.00 Pictet-Emerging Markets-I USD F $ 457.47 - -2.16 0.00
Inc.Pt.RMB Dt.SH CHF PA SFr 9.56 - -0.02 0.00 Prudent Wealth Fd A1 $ 14.92 - 0.10 0.00
Property Income B Acc 119.31 - -0.02 4.53 Asian Property AX F £ 10.78 - -0.01 0.54
Inc.Pt.RMB Dt.SH EUR PA € 9.65 - -0.02 0.00 Research Bond A1 $ 16.41 - -0.05 0.00 Pictet-Emerging Markets Index-I USD F $ 207.89 - 0.18 0.00
Property Income B Inc 110.63 - -0.01 4.67 Diversified Alpha Plus A F € 29.36 - -0.17 0.00
Inc.Pt.RMB Dt.USD PA $ 9.73 - -0.02 0.00 UK Equity A1 £ 8.10 - 0.09 0.00 Pictet-Emerging Corporate Bonds I USD $ 105.25 - 0.01 0.00
Emerg Europ, Mid-East & Africa Eq A F € 65.01 - -0.60 0.00
Jenn. US Eq.Opp. USD PA $ 9.62 - 0.09 0.00 US Conc.Growth A1 $ 15.56 - 0.16 0.00 Pictet-Emerging Markets High Dividend I USD $ 89.60 - -0.34 0.00
Kames Capital VCIC (IRL) Emerging Markets Debt A F $ 74.34 - 0.16 0.00
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Neubrg.Berman US Core PA $ 13.96 - 0.14 0.00 US Government Bond A1 $ 16.97 - -0.05 0.00 Pictet-Emerging Markets Sust Eq I USD $ 81.14 - -0.27 0.00
Emerging Markets Domestic Debt AX F £ 10.25 - -0.07 5.50
FCA Recognised Pictet-Environmental Megatrend Sel I EUR € 163.61 - 2.00 0.00
Sands US Growth PA € 14.55 - 0.18 0.00 Value A1 $ 21.98 - 0.22 0.00
Absolute Return Bond B GBP Acc 1082.84 - 0.92 - Emerging Markets Equity A F $ 32.52 - -0.32 0.00
Pictet-EUR Bonds-I F € 553.73 - -0.02 0.00
Thursday 31 December 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

Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.49 - 0.02 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.59 - -0.02 3.03 Equity Inc Inc Ret 215.60 - 0.90 - UK Corporate Bond £ 1564.06 - -5.25 0.00 UK Income B Acc X F 285.41 - 0.70 3.86

Pictet-EUR Corporate Bonds-I F € 198.96 - 0.03 0.00 Series 6 (Investment Management Customers Only) Equity Inc Acc Inst 151.90 - 0.60 - Smith & Williamson Fd Admin Ltd (1200)F (UK) Gilt £ 1569.72 - -7.40 0.00 UK Income B Inc X F 256.17 - 0.63 3.95 Money Market
United Kingdom Equity Index Fund £ 15.39 - 0.15 3.53 25 Moorgate, London, EC2R 6AY 0141 222 1150
Pictet-EUR Government Bonds I EUR € 157.59

Pictet-EUR High Yield-I F € 239.75

-

-
0.08 0.00

0.08 0.00
UK Specialist Equity £ 19.56 - 0.12 1.57
N&P UK Gwth Inc Ret

Stckmkt 100 Track Gwth Acc Inst

170.40

91.17
-

-
0.60

0.31
-

-
Authorised Inv Funds
Global Eq (Ex Japan) Index Fund

Global Eq (ex Japan) Class HJ4

¥

¥
1.39

1.45
-

-
0.01 0.00

0.02 0.00
Trusts and
S&W Deucalion Fd (OEIC) 2061.00 - 0.00 0.27 Value Partners Hong Kong Limited (IRL)
Pictet-EUR Short Mid-Term Bonds-I F € 136.90 - 0.17 0.00
Contl Europe Specialist Fund £ 24.70 - 0.23 1.17
Stckmkt 100 Track Gwth Acc Ret 169.50 - 0.60 - S & W Magnum 382.10 403.80 1.50 1.91 Global Eq (ex Japan) Class JP5 ¥ 1.56 - 0.02 0.00
www.valuepartners.net, fis@vp.com.hk
Regulated
Bank Accounts Gross
Japan Specialist Fund X £ 16.04 - 0.20 0.63
Pictet-EUR Short Term HY I EUR € 119.37 - -0.04 0.00 UK Growth Acc Inst 298.30 - 1.00 - S & W Marathon Trust 186.70 197.50 0.50 1.73 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.43 - 0.02 0.00 Value Partners Asia ex-Japan Equity Fund $ 8.83 - 0.02 - Gross Net AER Int Cr
Polar Capital Funds Plc (IRL)
US Spec Equity Fund £ 20.16 - 0.26 0.37
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.96 - 0.01 0.00 Regulated UK Growth Acc Ret 345.50 - 1.20 - Gbl Govt Bond (Ex Japan) Index ¥ 1.32 - 0.00 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 11.34 - -0.12 0.00
Asian Financials I USD $ 278.22 278.22 -0.53 0.00 Pacific Basin Specialist Equity Fund £ 38.23 - 0.11 1.90 CCLA Investment Management Ltd
Pictet-Euroland Index IS EUR € 133.62 - 2.41 0.00 UK Growth Inc Ret 227.70 - 0.80 - Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.29 - -0.01 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 11.86 - -0.13 0.00
Standard Life Wealth (JER) Senator House 85 Queen Victoria Street, London EC4V 4ET
Biotechnology I USD $ 18.34 18.34 0.06 0.00 UK Sovereign Bd Index Fund £ 10.75 - 0.01 2.53 Managed OEIC CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Pictet-Europe Index-I EUR F € 171.67 - 1.51 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Japan Equity Index Fund ¥ 1.07 - 0.01 0.00 Value Partners Classic Equity Fund EUR Hedged € 11.99 - -0.12 0.00
European Income Acc EUR € 11.60 11.60 -0.01 0.00 UK Specialist Equity Income Fund £ 10.37 - 0.04 4.00 Glob Em Shs Port Acc Ret 153.00 - 0.10 - FCA Recognised
Pictet-European Equity Selection-I EUR F € 635.08 - 3.57 0.00 Japan Equity Class JP3 ¥ 1.29 - 0.00 0.00 Value Partners Classic Equity Fund GBP Hedged £ 12.27 - -0.12 0.00
Standard Life Offshore Strategy Fund Limited CCLA Fund Managers Ltd
European Ex UK Inc EUR Acc € 9.94 9.94 0.00 - Global Spec Inv Grade Bd Fund GBP £ 9.88 - -0.03 3.03 Max 70% Shs Port Acc Ret 257.60 - 0.70 -
Pictet-European Sust Eq-I EUR F € 246.51 - 3.20 0.00 Bridge Fund £ 1.6563 - 0.0082 1.94 Value Partners Classic Equity Fund GBP Unhedged £ 12.99 - -0.04 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
Financial Opps I USD $ 12.29 - 0.03 2.13 Global Emerg Mkts Equity Fund X £ 10.48 - -0.01 0.91 Max 70% Shs Port Acc X 185.00 - 0.50 - COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Pictet-Global Bds Fundamental I USD $ 115.93 - -0.32 0.00 Diversified Assets Fund £ 1.1938 - 0.0021 2.81 The National Investor (TNI) Value Partners Classic Equity USD Hedged $ 13.95 - -0.14 0.00
Address and telephone number for Series 5 only Max 70% Shs Port Acc S 149.70 - 0.40 -
GEM Growth I USD $ 8.30 - 0.01 0.00 www.tni.ae
Pictet-Global Bonds-I EUR € 164.55 - 0.44 0.00 Global Equity Fund £ 1.9540 - 0.0151 1.00 Value Partners Greater China Equity Fund $ 8.70 - 0.04 -
Other International Funds
GEM Income I USD $ 9.20 - 0.02 0.00 Investment Port Acc Ret 230.40 - -0.50 -
Pictet-Global Emerging Currencies-I USD F $ 95.88 - -0.29 0.00 Global Balanced Fund - Income Units £ 1.3771 - 0.0053 1.83
Global Alpha I USD $ 12.84 12.84 0.04 0.00
Royal London Unit Managers Ltd. (1200) F (UK) Investment Port Acc X 163.30 - -0.40 -
TNI Blue Chip UAE Fund * AED 9.64 - 0.01 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 10.16 - 0.02 -
Data Provided by
Pictet-Global Emerging Debt-I USD F $ 355.09 - 1.90 0.00 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Global Balanced Fund - Accumulations Units £ 1.5984 - 0.0062 1.80 TNI Funds Ltd (BMU) Value Partners Health Care Fund HKD Class A UnhedgedHK$ 9.55 - 0.01 -
Global Convertible I USD $ 11.36 11.36 0.03 0.00 Authorised Inv Funds Max 50% Shs Port Acc Ret 244.70 - 0.10 -
Pictet-Global Megatrend Selection-I USD F $ 224.33 - 1.64 0.00 Global Fixed Interest Fund £ 0.9801 - -0.0005 5.03 MENA Hedge Fund $ 905.00 - -40.66 0.00
Value Partners Health Care Fund USD Class A Unhedged $ 9.59 - 0.01 -
Royal London Sustainable Diversified A Inc £ 1.58 - 0.00 2.01 Max 50% Shs Port Inc Ret 218.00 - 0.10 - TNI Funds Plc (Ireland)
Pictet-Greater China-I USD F $ 449.41 - -1.87 0.00 Global Insurance I GBP £ 4.17 - -0.01 0.00
Sterling Fixed Interest Fund £ 0.8391 - -0.0028 4.21
Royal London Sustainable World A Inc 176.00 - 1.00 0.81 Max 50% Shs Port Acc X 177.10 - 0.00 - MENA UCITS Fund * $ 1077.66 - 1.42 0.00
Pictet-Health-I USD $ 276.32 - 3.20 0.00 Global Technology I USD $ 23.73 - 0.01 0.00
UK Equity Fund £ 1.9719 - 0.0086 2.63
Royal London Corporate Bond Mth Income 88.21 92.85 -0.19 4.16 Max 50% Shs Port Acc S 148.30 - 0.00 -
Veritas Asset Management LLP (IRL)
Pictet-High Dividend Sel I EUR F € 156.78 - 2.01 0.00 Healthcare Blue Chip Fund I USD Acc $ 10.74 10.74 0.01 0.00 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Royal London European Growth Trust 114.30 120.30 0.40 0.41 Max 100% Shs Port Acc Ret 286.50 - 1.80 - Thesis Unit Trust Management Limited (UK) Veritas Funds Plc
Pictet-India Index I USD $ 95.74 - -0.19 0.00 Healthcare Opps I USD $ 38.90 - 0.07 0.00

Income Opportunities B2 I GBP Acc £ 1.73 1.73 0.00 0.00

Royal London Sustainable Leaders A Inc 472.90 - 3.10 0.80 Max 100% Shs Port Acc X 205.70 - 1.40 -
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds
www.veritas-asset.com
+353 1 635 6799
www.morningstar.co.uk
Pictet-Indian Equities-I USD F $ 434.27 - -1.42 0.00
Royal London UK Growth Trust 490.50 516.30 3.20 1.44 Max 100% Shs Port Acc S 150.00 - 0.90 - TM New Court Fund A 2011 Inc £ 12.84 - -0.02 0.00
FCA Recognised Data as shown is for information purposes only. No
Pictet-Japan Index-I JPY F ¥ 16330.41 - 33.75 0.00 Japan Alpha I JPY ¥ 212.86 212.86 3.70 0.00
Institutional offer is made by Morningstar or this publication.
Royal London UK Income With Growth Trust 223.80 235.60 0.50 4.40 Enhanced Inc Inc Ins 214.50 - 0.80 -
Japan I JPY ¥ 2119.55 - 45.50 0.00 TM New Court Fund - A 2014 Acc £ 12.99 - 0.03 0.00 Veritas Asian Fund A USD H $ 316.34 - -0.11 0.43
Pictet-Japanese Equities Opp-I JPY F ¥ 9789.22 - 14.83 0.00
Royal London US Growth Trust 154.50 162.50 1.80 0.00 Enhanced Inc Inc Ret 202.30 - 0.80 -
North American I USD $ 17.80 17.80 0.00 0.00 TM New Court Equity Growth Fund - Inc £ 12.90 - -0.03 0.00 Veritas Asian Fund A GBP H £ 394.90 - 2.55 0.24
Pictet-Japanese Equity Selection-I JPY F ¥ 14506.01 - 35.84 0.00
Additional Funds Available Stenham Asset Management Inc
UK Absolute Equity I GBP £ 13.06 13.06 0.17 0.00 Enhanced Inc Inc X 172.10 - 0.70 -
Pictet-LATAM Index I USD $ 48.12 - 0.17 0.00 Please see www.royallondon.com for details www.stenhamassetmanagement.com Veritas Asian Fund A EUR H € 328.26 - 0.16 0.21
Enhanced Inc Acc Inst 160.70 - 0.60 - Other International Funds
Pictet-LATAM Lc Ccy Dbt-I USD F $ 106.62 - 1.70 0.00 Veritas China Fund A USD $ 144.22 - -1.26 0.36

Pictet-Pacific Ex Japan Index-I USD F $ 329.76 - 2.55 0.00 Polar Capital LLP (CYM) Ruffer LLP (1000)F
40 Dukes Place, London EC3A 7NH
(UK)
Managed Investments OEIC
Max 30% Shs Port Acc Ret 154.80 - 0.00 -
Stenham Asia USD

Stenham Credit Opportunities A Class USD $ 100.92

$ 129.80 -

-
-0.24

-1.14 0.00
-
Veritas China Fund A GBP £ 149.41 - -1.37 0.37 Guide to Data
Regulated
Pictet-Premium Brands-I EUR F € 154.97 - 2.51 0.00 Order Desk and Enquiries: 0345 601 9610 Veritas China Fund A EUR € 142.71 - -1.28 0.37
ALVA Convertible A USD $ 128.64 - -0.21 0.00 Max 30% Shs Port Acc X 154.50 - 0.00 -
Stenham Equity UCITS USD $ 141.72 - 1.78 0.00
Pictet-Quality Global Equities I USD $ 135.43 - 0.79 0.00 Authorised Inv Funds Veritas Global Equity Income Fund D USD $ 113.54 - 0.58 4.11 The fund prices quoted on these pages are supplied by
European Conviction A EUR € 140.86 - 1.11 0.00 Authorised Corporate Director - Capita Financial Managers Max 30% Shs Port Acc S 148.40 - 0.00 - the operator of the relevant fund. Details of funds
Stenham Growth USD $ 215.45 - 0.55 -
Pictet-Russia Index I USD $ 46.08 - -0.77 0.00 Veritas Global Equity Income Fund D EUR € 201.42 - 1.47 3.91 published on these pages, including prices, are for the
European Forager A EUR € 174.98 - 0.29 0.00
CF Ruffer Investment Funds Max 30% Shs Inc Port Inc Ret 152.80 - -0.30 - Toscafund Asset Management LLP (UK)
Stenham Healthcare USD $ 183.27 - 2.63 0.00 purpose of information only and should only be used
www.toscafund.com Veritas Global Equity Income Fund D GBP £ 148.91 - 1.84 4.08
Pictet-Russian Equities-I USD F $ 40.09 - -0.73 0.00 CF Ruffer Gold Fund C Acc 82.59 - 0.39 0.00 as a guide. The Financial Times Limited makes no
Max 30% Shs Inc Port Inc X 152.90 - -0.30 - Authorised Funds
Stenham Managed Fund USD $ 114.16 - 0.50 - representation as to their accuracy or completeness
Pictet-Security-I USD F $ 202.60 - 1.81 0.00 CF Ruffer Gold Fund O Acc 81.72 - 0.38 0.00 Veritas Global Focus Fund D USD $ 25.96 - 0.24 0.64 and they should not be relied upon when making an
Max 30% Shs Inc Port Inc S 146.80 - -0.30 - Aptus Global Financials B Acc £ 3.21 - 0.03 4.53
Polunin Capital Partners Ltd Stenham Macro UCITS USD $ 101.56 - 0.08 - investment decision.
Pictet-Select-Callisto I EUR € 105.25 - 0.08 0.00 Other International Funds Equity & General C Acc 375.52 - 2.41 0.06 Aptus Global Financials B Inc £ 2.84 - 0.03 4.53 Veritas Global Focus Fund D EUR € 23.93 - 0.27 0.61
Max 60% Shs Port Acc Ret 269.40 - 0.40 -
Stenham Multi Strategy USD $ 116.28 - 0.06 - The sale of interests in the funds listed on these pages
Pictet-Small Cap Europe-I EUR F € 1163.10 - 16.34 0.00 Emerging Markets Active $ 40.08 - -0.85 - Equity & General C Inc 346.35 - 2.22 0.06 Veritas Global Focus Fund D GBP £ 29.74 - 0.48 0.63
Max 60% Shs Port Inc Ret 213.20 - 0.30 - may, in certain jurisdictions, be restricted by law and
Stenham Quadrant USD A $ 401.53 - 7.27 -
Pictet-ST.MoneyMkt-I € 140.46 - 0.00 0.00 Luxcellence Em Mkts Tech $ 912.29 - -12.58 0.00 Equity & General O Inc 344.88 - 2.19 0.00 Veritas Global Focus Fund A GBP £ 28.72 - 0.47 0.36 the funds will not necessarily be available to persons
Max 60% Shs Port Inc X 165.10 - 0.30 -
Stenham Trading Inc USD $ 116.19 - 1.90 - Toscafund Asset Management LLP (CYM) in all jurisdictions in which the publication circulates.
Pictet-ST.MoneyMkt JPY I USD ¥ 101518.96 - 15.34 0.00 Polunin Developing Countries $ 713.75 719.82 1.04 0.00 Equity & General O Acc 371.71 - 2.36 0.00 www.toscafund.com Veritas Global Focus Fund A EUR € 13.95 - 0.16 0.35 Persons in any doubt should take appropriate
Max 60% Shs Port Inc S 146.20 - 0.20 - professional advice. Data collated by Morningstar. For
Stenham Universal USD $ 431.45 - -0.38 - Regulated
Pictet-ST.MoneyMkt-ICHF SFr 124.20 - -0.01 0.00 Polunin Discovery - Frontier Markets $ 1348.32 - 9.08 0.00 European C Acc 502.13 - 2.44 0.26 Managed Investments OEIC 2 Veritas Global Focus Fund A USD $ 25.05 - 0.23 0.37 other queries contact reader.enquiries@ft.com +44
Stenham Universal II USD $ 159.84 - -0.20 0.00 Tosca A USD $ 306.65 - 4.15 0.00 (0)207 873 4211.
Pictet-ST.MoneyMkt-IUSD $ 135.28 - 0.01 0.00 Polunin Small Cap $ 1382.27 1399.55 1.66 0.00 European O Acc 497.08 - 2.39 0.00 Investments Inc Port Inc Ret 161.50 - -0.60 - Veritas Global Focus Fund C GBP £ 31.19 - 0.51 0.00
Tosca Mid Cap GBP £ 253.12 - -6.14 0.00 The fund prices published in this edition along with
Pictet-Timber-I USD F $ 149.46 - 0.14 0.00 Japanese Fund C Acc 186.32 - 2.45 0.00 Investments Inc Port Inc X 146.30 - -0.60 - Veritas Global Focus Fund C EUR € 25.20 - 0.28 0.00 additional information are also available on the
Tosca Opportunity B USD $ 346.98 - -10.49 0.00
£ Gov Bond Inc Inst (gross) 175.00 - -0.90 -
Stratton Street Capital (CI) Limited (GSY)
Veritas Global Focus Fund C USD $ 27.27 - 0.25 0.00
Financial Times website, www.ft.com/funds. The
Pictet Total Ret-Agora I EUR € 116.12 - 0.07 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) Japanese Fund O Acc X 184.19 - 2.41 0.00
Regulated funds published on these pages are grouped together
Regulated £ Gov Bond Inc Inst 143.80 - -0.70 - Veritas Global Equity Income Fund A GBP £ 142.70 - 1.76 4.09 by fund management company.
Pictet Total Ret-Corto Europe I EUR € 137.74 - 0.89 0.00 Pacific C Acc 305.56 - 2.07 0.54 Japan Synthetic Warrant Yen Class ¥ 1772.84 - -37.12 0.00
Monument Growth 22/12/2015 £ 500.70 506.28 11.57 1.01
Pictet Total Ret-Divers Alpha I EUR € 105.17 - 0.13 0.00 Pacific O Acc 302.16 - 2.02 0.25 £ Gov Bond Acc Inst 145.90 - -0.80 - Veritas Global Equity Income Fund A EUR € 195.66 - 1.42 3.91 Prices are in pence unless otherwise indicated. The
Japan Synthetic Warrant GBP Hedged Class £ 199.88 - 1.10 0.00
change, if shown, is the change on the previously
Pictet Total Ret-Kosmos I EUR € 108.92 - -0.01 0.00 Total Return C Acc 387.95 - -0.02 1.38 Strat Bond Inc Inst (gross) 179.30 - -0.30 - Japan Synthetic Warrant USD Class $ 18.75 - -0.43 0.00 Veritas Global Equity Income Fund A USD $ 109.25 - 0.56 4.11 quoted figure (not all funds update prices daily). Those
designated $ with no prefix refer to US dollars. Yield
Pictet Total Ret-Mandarin I USD $ 114.91 - 0.56 0.00
Prusik Investment Management LLP (IRL)
Total Return C Inc 268.80 - -0.01 1.39 Strat Bond Inc Inst 148.30 - -0.20 - Veritas Global Equity Income Fund C GBP £ 171.52 - 2.12 -
Japan Synthetic Warrant USD Hedged Class $ 198.97 - 1.03 0.00 percentage figures (in Tuesday to Saturday papers)
Enquiries - 0207 493 1331
allow for buying expenses. Prices of certain older
Pictet-US Equity Selection-I USD $ 192.22 - 2.21 0.00 Regulated Total Return O Inc 265.93 - -0.03 1.39 Strat Bond Acc Inst 150.80 - -0.20 - Renminbi Bond Fund AUD Cls A A$ 119.03 - -0.15 3.82 Veritas Global Equity Income Fund C EUR € 235.06 - 1.72 - insurance linked plans might be subject to capital
Prusik Asian Equity Income B Dist $ 157.87 - 0.58 3.83 Managed Investments OEIC 3 TreeTop Asset Management S.A. (LUX) gains tax on sales.
Pictet-US High Yield-I USD F $ 142.95 - 0.20 0.00 Total Return O Acc 383.98 - -0.05 1.38 Renminbi Bond Fund AUD Cls B A$ 120.75 - -0.15 3.57 Veritas Global Equity Income Fund C USD $ 130.48 - 0.67 -
Div Inc Port Inc Ret 177.50 - 0.80 - Regulated
Prusik Asia A $ 195.14 - 0.99 0.00 Veritas Global Real Return Fund A USD $ 20.68 - 0.26 0.30 Guide to pricing of Authorised Investment Funds:
Pictet-USA Index-I USD F $ 183.71 - 1.96 0.00 Renminbi Bond Fund CHF Cls A SFr 115.67 - -0.18 3.88 TreeTop Convertible Sicav
(compiled with the assistance of the IMA. The
Prusik Asian Smaller Cos A $ 138.53 - 1.53 0.00 Corp Bond Acc Inst (gross) 211.70 - -0.80 -
Pictet-USD Government Bonds-I F $ 631.21 - -2.63 0.00 International A € 301.79 - 1.33 0.00 Veritas Global Real Return Fund A GBP £ 11.59 - 0.15 0.32 Investment Management Association, 65 Kingsway,
Renminbi Bond Fund CHF Cls B SFr 115.38 - -0.18 3.64
Corp Bond Inc Inst 141.10 - -0.50 - London WC2B 6TD.
Pictet-USD Short Mid-Term Bonds-I F $ 129.28 - -0.09 0.00 International B $ 387.06 - 1.66 0.00 Veritas Global Real Return Fund A EUR € 12.21 - 0.16 0.12 Tel: +44 (0)20 7831 0898.)
Renminbi Bond Fund CNH Cls A CNH 126.56 - 0.01 3.33
Corp Bond Acc Inst 143.70 - -0.60 - Retail
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.66 - 0.02 0.00 Purisima Investment Fds (UK) (1200)F (UK) International C £ 130.69 - 0.58 0.00 OEIC: Open-Ended Investment Company. Similar to a
Renminbi Bond Fund CNH Cls B CNH 126.21 - 0.02 3.10
40 Dukes Place, London EC3A 7NH Multi-Manager OEIC Veritas Asian Fund B USD $ 220.89 - -0.09 0.00 unit trust but using a company rather than a trust
Pictet-Water-I EUR F € 284.04 - 3.27 0.00 International D € 280.13 - 1.23 2.94
Order Desk and Enquiries: 0345 922 0044 Bal Intl Track Acc Ret 265.80 - 1.50 - Renminbi Bond Fund Euro Cls B € 117.16 - -0.17 3.64 structure.
Authorised Inv Funds TreeTop Global Sicav Veritas Asian Fund B GBP £ 291.11 - 1.85 0.00
Bond Mthly Inc Acc Ret 142.40 - -0.10 - Renminbi Bond Fund GBP Cls B £ 119.26 - -0.17 3.42 Different share classes are issued to reflect a different
Authorised Corporate Director - Capita Financial Managers S W Mitchell Capital LLP (CYM) Global Opp.A € 143.50 - 0.88 0.00 Veritas Asian Fund B EUR € 241.95 - 0.12 0.00 currency, charging structure or type of holder.
Pimco Fds: Global Investors Series Plc (IRL) Regulated Renminbi Bond Fund SGD Cls B S$ 118.53 - -0.17 3.38
Global Total Fd PCG A 172.97 - 1.78 0.33 Bond Mthly Inc Inc Ret 91.15 - -0.11 -
Global Opp.B $ 141.33 - 0.56 0.00 Veritas China Fund B GBP £ 144.81 - -1.30 0.00
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH S W Mitchell European Fund Class A EUR € 338.41 - 4.04 - Selling price: Also called bid price. The price at which
Global Total Fd PCG B 171.38 - 1.76 0.12 Renminbi Bond Fund USD Cls B $ 118.62 - -0.16 3.19
http://gisnav.pimco-funds.com/ Global Opp.C £ 182.83 - 1.97 0.00 Veritas China Fund B EUR € 163.91 - 1.09 0.00 units in a unit trust are sold by investors.
Dealing: +44 20 3640 1000 S W Mitchell Small Cap European Fund Class A EUR € 231.17 - -2.80 -
Global Total Fd PCG INT 169.11 - 1.74 0.00 Renminbi Bond Fund YEN Cls B ¥ 13048.89 - -18.81 0.00
PIMCO Funds: +44 (0)20 3640 1407
Santander Asset Management UK Limited (1200)F (UK) Sequoia Equity A € 144.90 - 1.05 0.00 Veritas Global Focus Fund B USD $ 18.09 - 0.16 0.00 Buying price: Also called offer price. The price at
The Charlemagne Fund EUR € 327.90 - 4.49 - 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 which units in a unit trust are bought by investors.
FCA Recognised Renminbi Bond Fund USD Cls A $ 163.66 - -0.22 3.43
Authorised Inv Funds Sequoia Equity B $ 148.07 - 0.70 0.00 Veritas Global Focus Fund B GBP £ 21.95 - 0.36 0.00 Includes manager’s initial charge.
Capital Securities Inst Acc $ 15.05 - 0.01 0.00 Santander Premium Fund (OEIC) Renminbi Bond Fund GBP Cls A £ 159.06 - -0.23 3.66
Purisima Investment Fds (CI) Ltd (JER) Sequoia Equity C £ 171.58 - 2.05 0.00 Veritas Global Focus Fund B EUR € 16.62 - 0.19 0.00 Single price: Based on a mid-market valuation of the
Commodity Real Return Fund Inst Acc $ 5.74 - 0.04 0.00 Regulated S W Mitchell Capital LLP (IRL) A Shares Renminbi Bond Fund SGD Cls A S$ 157.11 - -0.22 3.62 underlying investments. The buying and selling price
Regulated Veritas Global Equity Income Fund B GBP £ 131.22 - 1.61 4.11 for shares of an OEIC and units of a single priced unit
PCG B X 168.79 - 0.92 0.00 Europe (ex-UK) 284.60 - 0.70 -
Credit Absolute Return Fund Inst Acc $ 10.98 - 0.02 0.00 Renminbi Bond Fund YEN Cls A ¥ 19324.31 - -27.73 0.00 trust are the same.
SWMC European Fund B EUR € 15631.78 - 179.89 0.00 Veritas Global Equity Income Fund B EUR € 179.48 - 1.29 3.93
PCG C X 166.43 - 0.91 0.00 Japan Equities 160.20 - 0.50 -
Diversified Income - Inst Acc $ 19.02 - 0.01 0.00 Renminbi Bond Fund EUR Cls A € 107.82 - -0.16 3.88
SWMC UK Fund B £ 12151.30 - 22.52 0.00 Treatment of manager’s periodic capital charge:
Veritas Global Equity Income Fund B USD $ 108.26 - 0.54 4.13
Pacific Bas (ex-Japan) 512.60 - 1.50 - The letter C denotes that the trust deducts all or part
Diversified Income Durat Hdg Fund Inst Acc $ 11.17 - 0.04 0.00
SWMC Small Cap European Fund B EUR € 13569.74 - 122.96 0.00 Veritas Global Real Return Fund B USD $ 20.06 - 0.26 0.00 of the manager’s/operator’s periodic charge from
Putnam Investments (Ireland) Ltd (IRL) Sterling Bonds 262.30 - -0.90 - capital, contact the manager/operator for full details
Emerging Asia Bond Fund Inst Acc $ 9.50 - -0.03 0.00
SWMC Emerging European Fund B EUR € 9006.15 - -11.42 0.00 Veritas Global Real Return Fund B GBP £ 11.37 - 0.14 0.00 of the effect of this course of action.
Regulated
UK Equities 273.90 - 1.00 -
Emerging Local Bond - Inst Acc $ 10.58 - 0.01 0.00
Putnam New Flag Euro High Yield Plc - E € 1012.29 - 0.05 4.27 Veritas Global Real Return Fund B EUR € 13.04 - 0.16 0.00 Exit Charges: The letter E denotes that an exit charge
Emerging Markets Bond - Inst Acc $ 37.16 - 0.06 0.00
US Equities 275.10 - 3.40 - Troy Asset Mgt Ltd (UK)
may be made when you sell units, contact the
40 Dukes Place, London EC3A 7NH
B Shares manager/operator for full details.
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.48 - 0.00 0.00 Order Desk and Enquiries: 0345 608 0950
Rathbone Unit Trust Mgmt (1200)F (UK) Pacific Bas (ex-Japan) 511.80 - 1.50 - Authorised Inv Funds Veritas Asset Management LLP Time: Some funds give information about the timing of
Emerging Markets Short-Term Local Currency Fund $ 11.64 - -0.03 0.00 PO Box 9948, Chelmsford, CM99 2AG
E.I. Sturdza Strategic Management Limited (GSY) ACD Capita Financial Mgrs www.veritas-asset.com price quotes. The time shown alongside the fund
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Other International Funds manager’s/operator’s name is the valuation point for
Euro Bond - Inst Acc € 22.65 - 0.01 0.00 Regulated Trojan Investment Funds
Authorised Inv Funds their unit trusts/OEICs, unless another time is
Saracen Fund Managers Ltd (1000)F (UK) Nippon Growth Fund Limited ¥ 100127.00 - -3230.00 0.00 Spectrum Fund 'O' Acc ♦ 162.83 - 0.16 0.27 Real Return Asian Fund USD (Est) € 277.60 - -26.20 0.00 indicated by the symbol alongside the individual unit
Euro Credit - Inst Acc € 14.70 - 0.01 0.00 Blue Chip Income Inc 156.05 161.18 0.98 4.19 19 Rutland Square, Edinburgh EH1 2BB trust/OEIC name.
RobecoSAM (LUX)
Dealing: 00 353 1 603 9921 Strat Evarich Japan Fd Ltd JPY ¥ 91347.00 - 298.00 0.00 Spectrum Fund 'O' Inc ♦ 158.71 - 0.15 0.27 Real Return Asian Fund GBP (Est) £ 296.77 - -7.03 0.00
Euro Income Bond - Inst Acc F € 12.94 - 0.02 0.00 Blue Chip Income Acc 232.64 240.05 1.46 4.06 Tel. +41 44 653 10 10 http://www.robecosam.com/
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Real Return Asian Fund EUR (Est) $ 292.91 - -10.89 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Euro Long Average Duration - Inst Acc € 21.24 - -0.11 0.00 Regulated Strat Evarich Japan Fd Ltd USD $ 903.81 - 2.69 0.00 Spectrum Income Fund 'O' Acc 97.43 - 0.25 -
Ethical Bond Inc 89.93 91.91 -0.18 4.69 Authorised Inv Funds 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
RobecoSAM Sm.Energy/A £ 11.89 - 0.14 1.69 midnight. Daily dealing prices are set on the basis of
Euro Low Duration Fund Inst Acc € 11.29 - 0.01 0.00 Saracen Growth Fd Alpha Acc £ 3.71 - 0.00 0.98 Spectrum Income Fund 'O' Inc 96.98 - 0.24 -
Ethical Bond Acc 172.01 175.43 -0.34 4.87 the valuation point, a short period of time may elapse
RobecoSAM Sm.Energy/N € 12.22 - 0.13 0.00 Trojan Fund O Acc ♦ 262.09 - 0.72 0.43 Waverton Investment Funds Plc (1600)F (IRL) before prices become available. Historic pricing: The
Euro Real Return - Inst Acc € 13.40 - 0.04 0.00 Global Opportunities Acc 144.80 149.42 1.37 0.11 Saracen Growth Fd Beta Acc £ 5.92 - 0.00 1.46 E.I. Sturdza Funds PLC (IRL)
waverton.investments@citi.com letter H denotes that the managers/operators will
RobecoSAM Sm.Materials/A £ 124.79 - 1.71 1.42 Regulated
Euro Short-Term Inst Acc € 12.27 - 0.00 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.15 - 0.00 3.03 Trojan Fund O Inc ♦ 217.43 - 0.60 0.43 normally deal on the price set at the most recent
Income Inc 865.92 896.11 4.37 4.09 FCA Recognised
Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1090.10 - 10.64 0.00 valuation. The prices shown are the latest available
RobecoSAM Sm.Materials/N € 145.85 - 1.83 0.00 Trojan Global Equity O Acc 226.88 - 2.29 0.86 Waverton Asia Pacific A USD $ 17.46 - -0.14 5.27 before publication and may not be the current dealing
Euro Ultra Long Duration - Inst Acc € 27.97 - -0.06 0.00 Income Acc 1347.40 1392.64 6.79 3.97 Saracen Global Income & Growth Fund A - Dist £ 1.07 - 0.00 2.76
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1284.23 - 12.62 0.00 levels because of an intervening portfolio revaluation
RobecoSAM Sm.Materials/Na € 100.65 - 1.26 - Trojan Global Equity O Inc 193.26 - 1.95 0.86 Waverton Global Bond Fund Cls A $ 8.78 - 0.02 5.41
Global Advantage - Inst Acc $ 11.95 - -0.03 0.00 Multi Asset Enhanced Growth Acc 124.70 - 0.54 0.00 Saracen Global Income and Growth Fund -Acc # £ 1.43 - 0.00 3.39 or a switch to a forward pricing basis. The
Nippon Growth (UCITS) Fund JPY Class A shares ¥ 100833.00 - 981.00 0.00 managers/operators must deal at a forward price on
RobecoSAM Gl.Small Cap Eq/A £ 79.34 - 1.10 1.30 Trojan Income O Acc ♦ 281.80 - 1.19 3.58 Waverton Global Equity Fund A GBP £ 13.78 - 0.19 0.58
Global Advantage Real Return Fund Inst Acc $ 8.37 - 0.01 0.00 Multi Asset Strategic Growth inc 150.75 - 0.48 1.13 Saracen Global Income and Growth Fund -Dist # £ 1.26 - 0.00 2.79 request, and may move to forward pricing at any time.
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 84551.00 - 822.00 0.00
RobecoSAM Gl.Small Cap Eq/N € 160.59 - 2.06 0.00 Forward pricing: The letter F denotes that that
Global Bond - Inst Acc $ 27.78 - -0.02 0.00 Saracen UK Income Fund - Acc £ 0.98 - 0.00 - Trojan Income O Inc ♦ 178.51 - 0.76 3.69 Waverton UK Fund A GBP £ 13.43 - 0.11 1.83
Multi Asset Strategic Growth acc 159.53 - 0.50 1.12 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00 - 968.00 0.00
managers/operators deal at the price to be set at the

Asset Management
RobecoSAM Sustainable Gl.Eq/B € 183.05 - 2.75 0.00 Waverton Equity Fund A GBP £ 14.86 - 0.14 0.19 next valuation.
Global Bond Ex-US - Inst Acc $ 19.50 - 0.01 0.00 Multi Asset Total Return inc 126.68 - 0.12 1.83 Saracen UK Income Fund - Dist £ 0.97 - 0.00 -

Asset Management Asset Management

Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 54754.00 - 536.00 0.00
RobecoSAM Sustainable Gl.Eq/N € 158.02 - 2.38 0.00 . Waverton Sterling Bond Fund A GBP £ 9.47 - 0.01 5.31 Investors can be given no definite price in advance of
Global High Yield Bond - Inst Acc $ 19.62 - 0.04 0.00 Multi Asset Total Return acc 139.65 - 0.13 1.79 UBS Asset Management (UK)
For Save & Prosper please see Countrywide Assured Strategic China Panda Fund USD $ 2242.25 - -7.92 0.00 the purchase or sale being carried out. The prices
RobecoSAM S.HealthyLiv/B € 180.25 - 2.64 0.00 21 Lombard Street, London, EC3V 9AH
Global Investment Grade Credit - Inst Income $ 12.06 - -0.02 3.65 appearing in the newspaper are the most recent
Recovery Inc 431.97 448.57 1.87 2.62 Strategic China Panda Fund Hedged EURO € 2186.17 - -7.45 0.00 Client Services 0800 587 2113, Client Dealing 0800 587 2112 provided by the managers/operators. Scheme
RobecoSAM S.HealthyLiv/N € 168.01 - 2.46 0.00 www.ubs.com/retailfunds
Global Investment Grade Credit Fund Inst Acc € € 11.65 - 0.01 0.00 Recovery Acc 521.98 541.48 2.26 2.57 WA Fixed Income Fund Plc (IRL) particulars, prospectus, key features and reports: The
Schroder Property Managers (Jersey) Ltd Strategic China Panda Fund Hedged Sterling £ 2216.26 - -7.49 0.00 Authorised Inv Funds most recent particulars and documents may be
RobecoSAM S.HealthyLiv/Na £ 108.05 - 1.71 - Regulated
Global Investment Grade Credit Fund Inst Acc $ $ 16.49 - -0.03 0.00 Strategic Bond I-Class Acc 124.43 125.12 -0.04 3.93 Other International Funds OEIC obtained free of charge from fund
Strategic Euro Bond Accumulating Class CHFSFr 981.76 - -0.26 0.00 European Multi-Sector € 115.66 - 0.11 0.00 managers/operators. * Indicates funds which do not
RobecoSAM S.Water/A £ 169.97 - 2.27 1.21 Indirect Real Estate SIRE £ 133.37 139.46 0.14 2.88
Global Multi-Asset - Inst Acc $ 14.49 - 0.06 0.00 Strategic Bond I-Class Inc 109.14 109.83 -0.04 3.88 Global Emerg Mkts Eqty B Acc £ 1.28 - -0.01 1.73 price on Fridays.
Strategic Euro Bond Institutional Class EUR € 1009.22 - -0.07 0.00
RobecoSAM S.Water/N € 165.99 - 2.02 0.00
Global Real Return - Inst Acc $ 17.75 - -0.03 0.00 Global Optimal B Acc £ 1.01 - 0.01 0.64
Strategic Euro Bond Fund Accumulating Class Shares € 1131.39 - -0.13 0.00 Charges for this advertising service are based on the
number of lines published and the classification of the
Income Fund Inst Acc $ 12.30 - -0.01 0.00 Scottish Friendly Asset Managers Ltd (UK) UBS UK Opportunities Fund B Acc £ 0.85 - 0.00 3.09
Strategic Euro Bond Fund Distributing Class Shares € 1021.03 - -0.12 1.33 fund. Please contact data@ft.com or
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Inflation Strategy Fund Inst Acc $ 8.73 - 0.05 0.00 US Equity B Acc £ 1.49 - 0.02 0.28 call +44 (0)20 7873 3132 for further information.
Authorised Inv Funds Strategic European Smaller Companies Fund EUR Class € 993.04 - 19.68 -
Low Average Duration - Inst Acc $ 14.78 - -0.01 0.00 Managed Growth ♦ 245.80 - 0.90 0.00 UBS S&P 500 Index C Acc £ 0.56 - 0.01 1.08
Strategic Global Bond RMB Acc $ 1042.51 - -6.16 0.00
PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 8.04 - -0.05 0.00 UK Growth ♦ 269.20 - 1.30 0.00 UBS Targeted Return B Acc £ 1.24 - 0.00 0.81
Strategic Global Bond USD Acc $ 1040.43 - -2.01 0.00
PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 10.87 - 0.06 0.00 UBS Sterling Corporate Bond Indexed Fund 50.42 - -0.17 3.26 Yuki International Limited (IRL)
Robeco Asset Management (LUX) Strategic US Momentum and Value Fund $ 776.78 - 6.77 0.00 Tel +44-20-7269-0207 www.yukifunds.com
PIMCO RAE Fundam.PLUS US Inst Acc $ 12.32 - 0.08 0.00 UBS Multi Asset Income B Inc (net) £ 0.48 - 0.00 3.61 Regulated
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. SIA (SIA Funds AG) (LUX) Strategic US Momentum & Value Fund USD I Class $ 515.99 - 4.54 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.37 - 0.01 0.00 www.robeco.com/contact Regulated UBS UK Equity Income B Inc Net £ 0.37 - 0.00 4.85 Yuki Mizuho Umbrella Fund
FCA Recognised Strategic US Momentum and Value EUR Hedged Class EUR € 541.76 - 4.61 0.00 Yuki Mizuho Japan Dynamic Growth ¥ 6882.00 - 165.00 0.00
LTIF Classic € 335.13 - 3.92 0.00
StocksPLUS{TM} - Inst Acc $ 23.49 - 0.26 0.00 Corporate Bond UK Plus B Inc Net £ 0.51 - 0.00 4.00
Asia-Pacific Equities (EUR) € 132.63 - 0.57 0.00 Santander Asset Management UK Limited (1200)F (UK) Strategic US Momentum and Value CHF Hedged Class CHFSFr 538.71 - 4.54 0.00
LTIF Natural Resources € 68.86 - 0.23 0.00 Yuki Mizuho Japan Large Cap ¥ 777.62 - -0.38 0.00
Total Return Bond - Inst Acc $ 27.05 - -0.07 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 UBS Global Allocation (UK) B Acc £ 1.07 - 0.00 1.42
Chinese Equities (EUR) € 74.39 - 0.00 0.00
Authorised Funds LTIF Stability A ACCU € 163.23 - 1.19 0.00 Yuki Japan Low Price ¥ 26570.00 - 1015.00 0.00
UK Corporate Bond - Inst Acc £ 17.18 - 0.03 0.00 UBS Global Enhanced Equity Income C Inc £ 0.46 - 0.00 10.94
Em Stars Equities (EUR) € 169.29 - 0.02 0.00 Santander Atlas Range
Taube Hodson Stonex Ptnrs UT (1200)F (UK) Yuki Japan Value Select ¥ 12492.00 - 356.00 0.00
UK Long Term Corp. Bnd Inst-Inst Acc £ 19.04 - 0.06 0.00 Santander Atlas Inc Port Acc Inst 289.20 - 0.80 - 50 Bank Street, Canary Wharf, London E14 5NT UBS US Growth Fund B Acc £ 1.60 - 0.02 0.00
Emerging Markets Equities (EUR) € 142.61 - 0.40 0.00 YMR Umbrella Fund
UK Low Duration - Inst Acc £ 14.06 - 0.01 0.00 SIA (SIA Funds AG) (CH) Admin: 50 Bank Street, Canary Wharf, London E14 5NT UBS Emerging Markets Equity Income B Inc £ 0.34 - 0.00 6.60
Flex-o-Rente (EUR) € 109.13 - -0.36 0.00 Santander Atlas Inc Port Inc Inst 222.40 - 0.70 - YMR N Growth ¥ 17090.00 - 101.00 0.00
Other International Fds Dealing & Enquiries: 0870 870 8433
UK Real Return - Inst Acc £ 22.31 - 0.00 0.00 Santander Atlas Port 3 Acc Ret 148.10 - 0.20 - Authorised Inv Funds Yuki Asia Umbrella Fund
Glob.Consumer Trends Equities (EUR) € 158.40 - 2.50 0.00 LTIF Stability Growth SFr 191.80 - 3.50 -
THS Growth & Value Funds Yuki Japan Rebounding Growth Fund JPY Class ¥ 23741.00 - 742.00 0.00
UK Sterling Long Average Duration - Inst Acc £ 21.43 - 0.12 0.00 Santander Atlas Port 3 Inc Ret 102.10 - 0.20 - Unicapital Investments (LUX)
High Yield Bonds (EUR) € 122.46 - 0.64 0.00 LTIF Stability Inc Plus SFr 164.60 - 2.90 5.80 International
Regulated Yuki Japan Rebounding Growth Fund USD Hedged Class $ 942.03 - 29.09 -
Unconstrained Bond - Inst Acc $ 11.90 - 0.02 0.00 Santander Atlas Port 3 Acc Inst 162.90 - 0.30 -
Lux -O- Rente (EUR) € 139.80 - -0.64 0.00 IGV - Inc A 326.50 - 0.90 2.42
Investments III € 5.03 - -22.38 -
US High Yield Bond Fund Inst Acc $ 26.85 - 0.06 0.00 Santander Atlas Port 4 Acc Ret 182.30 - 0.50 -
New World Financials (EUR) € 52.95 - 0.60 0.00 Smith & Williamson Investment Management (1200)F (UK) IGV - Inc B 325.40 - 0.90 1.60
Investments IV - European Private Eq. € 247.75 260.13 -44.58 -
US Premium Equities (EUR) € 182.95 - 1.73 0.00 Santander Atlas Port 4 Inc Ret 130.50 - 0.40 - 25 Moorgate, London, EC2R 6AY 020 7131 8100
IGV - Acc X 398.40 - 1.10 1.89 Zadig Gestion (Memnon Fund) (LUX)
www.sandwfunds.com Investments IV - Global Private Eq. € 366.42 384.74 -49.81 - FCA Recognised
US Premium Equities (USD) $ 204.53 - 1.91 0.00 Santander Atlas Port 4 Acc Inst 165.60 - 0.40 - Authorised Inv Funds IGV - Acc Y 427.50 - 1.20 2.38 Memnon European Fund I GBP £ 117.56 - 1.83 0.00
Santander Atlas Port 5 Acc Ret 191.90 - 0.60 - European Equity Fund A Class 522.60 - 1.30 0.73 IGV - Acc Z 395.60 - 1.00 1.61
Unicorn Asset Management Ltd (UK)
Santander Atlas Port 5 Acc Inst 162.90 - 0.50 - Far Eastern Income and Growth Fund A Class 434.60 - 2.50 3.14 European
Royal Bank of Scotland (2230)F (UK) PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Zebedee Capital Partners LLP (CYM)
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Santander Atlas Port 6 Acc Ret 262.90 - 1.20 - Fixed Interest Fund A Class 119.50 - -0.60 3.11 EGV - Acc S 277.70 - 0.40 0.00 Authorised Inv Funds
Regulated
Authorised Inv Funds UK Growth A Inc 413.08 - 0.15 0.00
Santander Atlas Port 6 Acc X 187.70 - 0.90 - Global Gold and Resources Fund A Class 131.10 - -1.90 0.00 EGV - Acc Z 277.70 - 0.40 0.82 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Platinum Capital Management Ltd Series 5 (Minumum Initial Investment £75,000)
Other International Funds Continental Mastertrust A Inc X F 369.73 - 0.88 0.07
United Kingdom Equity Index Fund £ 15.60 - 0.15 2.88 Santander Atlas Port 6 Acc Inst 161.90 - 0.70 - MM Endurance Balanced Fund A Class 213.70 - 0.60 1.19 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Platinum All Star Fund - A $ 117.44 - - - CGV Acc S 116.10 - 0.30 0.06 UK Growth B Inc 414.60 - 0.16 0.56
UK Specialist Equity Inc £ 19.35 - 0.12 0.39 Santander Atlas Port 7 Acc Ret 204.70 - 1.10 - MM Global Investment Fund A Class 2093.00 - 1.00 1.83 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Platinum Global Dividend Fund - A $ 57.27 - - - CGV Acc X 114.60 - 0.30 0.00 Mastertrust B Inc X F 331.57 - 0.80 0.91
Contl Europe Specialist Fund £ 23.88 - 0.22 0.00 Santander Atlas Port 7 Acc Inst 162.50 - 0.90 - North American Fund A Class 1740.00 - 21.00 0.00
Platinum Maverick Enhanced Fund Limited $ 96.79 - - 0.00 Authorised Inv Funds CGV Inc A 115.60 - 0.30 - Outstanding British Cos A Acc X F 261.52 - 0.94 0.66
Japan Specialist Fund X £ 15.25 - 0.19 0.00 Oriental Growth Fund A Class 152.80 - 0.60 1.01
Max 70% Shs Acc Ret 169.30 - 0.20 - CGV Inc B 115.60 - 0.30 - Outstanding British Cos B Acc X F 273.41 - 0.99 1.42
US Spec Equity Fund £ 19.28 - 0.25 0.00 UK Equity Growth Fund A Class 421.70 - 2.10 0.66
Max 70% Shs Inc Ret 142.60 - 0.20 - UK Smaller Cos A Inc X F 439.02 - 0.23 0.35
Pacific Basin Specialist Equity Fund £ 38.59 - 0.11 0.90 UK Equity Income Fund A Class 224.90 - 0.90 4.68
Investments Inc Acc Ret 153.70 - -0.60 - The Hartford International Funds (IRL) UK Smaller Cos B Inc X F 429.39 - 0.24 1.22
UK Sovereign Bd Index Fund £ 10.62 - 0.00 2.53
Investments Inc Inc Ret 101.30 - -0.50 - Regulated UK Income A Acc X F 268.60 - 0.66 3.88
UK Specialist Equity Income Fund £ 9.54 - 0.03 4.05
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1614.00 - 3.62 0.00
Equity Inc Inc Inst 251.60 - 1.10 - UK Income A Inc X F 240.97 - 0.59 3.97
Global Emerg Mkts Equity Fund X £ 10.54 - 0.00 0.07
24
FT explainer
Company bond investors try
to negotiate the credit cycle
Who buys corporate debt?
All the usual sorts of
investors own corporate
bonds: pension funds,
insurers, sovereign wealth
funds, hedge funds and
individuals.
Of the latter, the richer
sort tend to have their
family office or private
banker buy and sell, while
the great majority of
private US buyers use
mutual funds.
That last category
matters because they have
been among the most
important buyers of
corporate debt in recent
years, with debt-focused
mutual funds attracting
large and regular inflows of
cash to be invested.
Credit proved popular in
part because it offered
higher yields than
government bonds, where
investors take little or no
risk that they won’t get
their money back in the
future.
It may also have
benefited from a view in
the aftermath of the US
financial crisis that bonds
were a safer investment
than stocks. Investment
$3tn
The amount of money
invested in US mutual
funds, though this
includes the taxable
fixed income market
flows boost prices, which
can play a role in attracting
further inflows.
What if they stop?
We may find out, as for the
past 18 months buyers of
corporate debt have
become less enthusiastic.
Some bond deals for the
riskiest companies have
failed to sell, and prices
have fallen as bond yields
have risen.
For instance, debt
judged triple C by the
credit rating agencies,
expected to have a 50:50
chance of default in the
following five years,
yielded less than 8 per cent
in June 2014. This month,
yields approached 18 per
cent after Third Avenue
was forced to halt
withdrawals on a mutual
fund specialising in
distressed debt.
The asset manager said
it would take up to a year
to sell down the remaining
assets, highlighting an area
of concern for the market.
US mutual funds must give
investors money back on a
daily basis, but credit funds
hold collections of bonds
that are expensive to sell in
a hurry.
So far in 2015, investors
have pulled $32bn from
high-grade mutual funds,
and $12bn from high-yield
funds, according to
JPMorgan, which puts the
More comment and data on ft.com
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Y beyondbrics News and
comment from more
than 40 emerging
size of US corporate debt
assets held in mutual funds
at $1.9tn.
Weekly outflows in
December broke records.
If there are widespread
redemptions, it could put
pressure on prices, with
losses and/or withdrawal
restrictions at other funds
prompting further
redemptions.
However, were inflows
to mutual funds simply to
stop, ongoing corporate-
debt issuance means that
prices for corporate debt
would be likely to have to
fall to a point where other
types of buyers are
attracted to the market.
How big are these
alternative buyers?
Overlapping estimates for
the pools of capital out
there make precision
difficult. There is about
$3tn invested in US mutual
funds, but this includes all
of the taxable fixed income
market, and institutions
also invest within mutual
fund structures.
Chris Redmond at
investment consultant
Towers Watson, says
that pension fund and
sovereign wealth funds
have an advantage, “not
being subject to stringent
regulatory capital
requirements and
consequently are well
placed to exploit the
opportunities created by
forced and distressed
sellers”.
There is a time lag, as
such institutions move
slowly, and he adds: “I think
you’re talking hundreds of
billions of potential buying
power among that
sovereign wealth fund and
pension buying base.’’
Hedge funds and
specialist private equity-
like funds might be
considered faster money
able to react. HFR, the data
provider, puts the size of
the hedge fund industry
able to buy credit at almost
$1tn in assets under
management, although this
includes multi strategy and
general fixed income funds
along with credit and
distress specialists.
JPMorgan estimates the
assets of credit hedge
funds as $790bn.
There is the
inconvenient fact that
most of this capital is
already invested, but then
such funds can use
leverage to increase their
buying power, and can
raise additional funds
when opportunities arise.
Preqin, another data
provider, estimates that
about $250bn has been
raised by specialist debt
firms in the past five years,
and unspent capital known
as “dry-powder” stands at
about $125bn.
The final question,
however, is where prices
would have to move to to
tempt buyers. If distressed
investors become
interested at 40 cents on
the dollar, it can be a long
way down for those who
purchased a bond at par.
economies, headed
by Brazil, Russia, India
and China.
ft.com/beyondbrics
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Currency podcast takes a
look at what is driving
the global currency
market. ft.com/podcasts
Y Lex Video Analysis
and opinion from the
team on the hot issues
affecting companies and
markets. ft.com/lexvideo
★ Thursday 31 December 2015
Analysis. Capital markets
Year of credit surprises leaves investors on edge
Portfolio managers nurse Shocking times
losses after wave of defaults
Glencore bond price Petrobras bond price
and issuer-specific troubles Debt maturing in 2017 Debt maturing in 2021
(coupon of five and a quarter per cent) (coupon of five and three eighths per cent)
ERIC PLATT — NEW YORK 110 100
GAVIN JACKSON — LONDON
105 90
The music kept playing in credit mar-
kets in 2015, but the tune definitely 100 80
changed.
The return of corporate credit shocks 95 70
jolted bond investors over the past 12
months, with portfolio managers in 90 60
both European high-grade and US junk Jan 2015 Dec Jan 2015 Dec
and investment-grade debt nursing con-
siderable losses for 2015. A surge of Volkswagen bond price Valeant bond price
defaults led by oil and gas drillers Debt maturing in 2024 Debt maturing in 2018
arrived as high leverage in the sector left (coupon of two and five eighths per cent) (coupon of six and three quarters per cent)
companies exposed to the relentless 120 110
decline in commodity prices.
What has surprised investors this 105
110
year is how specific companies rated
100
among the least risky found themselves
in unexpected territory. 100
95
Volkswagen admitted it had cheated
on emissions tests. Anglo American 90 90
slashed dividends. Petrobras was Jan 2015 Dec Jan 2015 Dec
engulfed in a Brazilian political scandal. Source: Bloomberg
Yum Brands levered up and said it
would split off its Chinese operations.
Investors, faced with sudden paper little sign of easing as 2016 dawns. income investors across the junk space “Certainly with Isolux and Abengoa
losses as bond prices fell rapidly and The Barclays US high-yield index is set asking: what is the risk of contagion? they were fairly well telegraphed,” says
pushed up yields, have become more to post its first negative return in seven The risks have been digested as yields Chris Munro, co-head of leveraged
risk averse as debt across at least half a years, sliding more than 5 per cent. The have climbed. Rating agencies project a finance in Europe, the Middle East and
dozen subsectors — including energy, European corporate aggregate has jump in defaults over the coming 12 Africa at Bank of America Merrill Lynch.
materials, retail, media, pharmaceuti- MARKET declinedroughly0.4percent,incontrast months, although they are thought to Perhaps the biggest shocks for credit
cals and telecoms — weakened. SHOCKS 2015 toits8.4percentreturnin2014. remain broadly centred in the oil and investors was the movement in the
“The extent to which investors are This month, Yum was added to the list gas and materials sectors. interest rate paid to holders of German
shunning the riskiest part of the invest- of fallen angels — investment-grade Credit shocks in Europe were more Bunds. As the European Central Bank’s
ment-grade and high-yield space is companies that have had their debt contained. Most energy companies raise quantitative easing programme pushed
more extreme than most of us thought downgraded into junk territory — after finance in dollars and so shocks were down the risk-free interest rate, cou-
at the beginning of the year,” says Tom Moody’s and Standard & Poor’s cut their limited to individual companies. pons on investment-grade bonds fell. So
Stolberg, a portfolio manager with ratings on the company’s spin-off plans. VW bonds had several years of when the yield on German Bunds rose
Loomis Sayles. Another company that triggered ruc- income wiped out while commodity rapidly during April and May, credit
Investors have pulled more than tions in credit markets, was Valeant. company Glencore’s bonds were briefly investors saw big losses on supposedly
$36bn from US junk and investment- After it obscured its relationship with a quoted in cash terms rather than yield, very safe corporate bonds that track
grade bond funds since the start of specialty pharmacy group, the com- as investors worried about the com- government paper.
June — when oil prices last eclipsed $60 pany’s bonds fell more than a fifth pany’s financial health. Later in the year This has underlined the anxiety
a barrel — according to figures from before rebounding. Fears reverberated Spanish construction companies Aben- heading into the final days of the year,
Lipper. With Brent crude plumbing its through to other junk-rated healthcare goa and Isolux suffered from the slow- with many investors still on edge as
lowest level in 11 years this month, companies, including Endo Interna- down in Latin America. The read across high-yield bond markets deteriorate in
pressure on the energy sector shows tional and Mallinckrodt. That left fixed to the rest of the market was limited. the US.
Global overview
Crude knocks energy
sector with latest slide
MICHAEL HUNTER both slipped 0.3 per cent in
morning Wall Street trade.
Sustained pressure on oil “Markets still can’t escape
prices set a fractious tone to the clutches of soft commod-
trade yesterday, hitting ities and their impact on
energy stocks, which were inflation,” said Kit Juckes at
among the main fallers on Société Générale.
European and US stock “The first effects of the
indices. commodity price downtrend
The pre-Christmas rebound were felt in macro indicators
in Brent crude prices was lit- [including] lower capital
tle more than a memory, spending and lower growth
with the international oil in producers’ economies,
benchmark down 3 per cent and soft consumer price
at $36.64 per barrel. That left inflation. Second-round
it within reach of the intra- effects, including how the
day low of $35.98 that was corporate sector reacts to
touched on December 22, weaker income in the longer
from where it rallied to close run, may dominate in 2016,”
at $37.98 on Christmas Eve. he said.
West Texas Intermediate Moody’s overnight down-
fell 3.1 cent to $36.69. grade of commodity trader
The pressure was being felt Noble Group’s credit rating
on equities markets. The to “junk” status chimed with
Euro Stoxx 600 fell 0.5 per the wider, fragile mood.
cent. Germany’s Xetra Dax Asian stocks were unable
30 fell 1.1 per cent, with to hold their high points for
exporters and financial the day as the faltering oil
stocks making notable price rattled nerves.
losses. The UK’s resource- Japan’s Nikkei 225 held
heavy FTSE 100 fell 0.6 per above the flatline, closing up
cent, with its energy stocks 0.3 per cent, but it lost wider
accounting for 11 of the 41 gains of 0.7 per cent. It was
points shed by the index. the final trading day of the
Commodities trader and year in Tokyo, and the move
miner Glencore took up a took the Nikkei’s gain for
familiar place at the bottom 2015 to 9.1 per cent, after a
of the market, with its shares decline of 3.6 per cent over
down 3.5 per cent over the December.
session, taking its loss for In China, the Shanghai
2015 to 69 per cent. Composite inched up 0.3 per
The selling ate into the cent and the Hang Seng fell
Euro Stoxx 600’s gains for 0.5 per cent.
2015, but left it on course for The dollar was stronger
an advance of more than 7 overall, with the index track-
per cent for the calendar ing the world’s reserve cur-
year. rency up 0.2 per cent at
The FTSE’s dominant min- 98.314.
ing and energy stocks took a The euro failed to hold
toll on its wider performance above the flatline, surrender-
for 2015, leaving it down ing modest gains. The shared
more than 4 per cent. currency slipped 0.1 per cent
Yesterday’s trading pat- to $1.0909.
tern held into US trade. The pound was able to tick
The S&P 500 and the Dow higher, rising 0.2 per cent to
Jones Industrial Average $1.4840.