THURSDAY 12 FEBRUARY 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Egg on his face Why Germany is right Boom to bust?

Peña Nieto’s gaffes pile up Jürgen Stark on the logic behind US shale does not work without
— MEXICO NOTEBOOK, PAGE 10 Berlin’s stance on debt — COMMENT, PAGE 11 high prices — MARKET INSIGHT, PAGE 28

Last-ditch bid Briefing

to forge truce
in Ukraine
Leaders of Ukraine, Russia, France and
Germany met in Minsk yesterday for
last-ditch talks aimed at agreeing a
ceasefire in the 10-month conflict in
eastern Ukraine. The summit, the cul-
mination of a frantic week of diplomacy,
came as fighting raged on the ground.
The stakes are high, with any failure
to achieve a truce likely to stoke
demands in Washington for the US to
arm Ukraine, a move that France and
Germany fear will only worsen the war.
The meeting also came as the Interna-
tional Monetary Fund was expected to
announce — as early as today — a new
rescue package for Ukraine.
Ukraine conflict page 5
Editorial Comment page 10
i Greece and eurozone talks break down
Eurozone finance ministers’ first attempt to grapple
with the bailout demands made by the new Greek
government broke down last night after the sides
failed even to agree a way to take talks forward.
— WWW.FT.COM/GREECE; PAGE 6; JÜRGEN STARK, PAGE 11
i 16 years’ jail for Costa Concordia captain
Francesco Schettino, captain of the Costa
Concordia, the cruise ship that capsized in 2012 off
Italy causing the death of 32 people, was sentenced
to 16 years in prison.— PAGE 6
i Sturgeon lays out big spending plans
Scottish first minister Nicola Sturgeon has vowed to
fight the “slavish” fixation with the deficit in favour
of a “compassionate” agenda as she laid out plans
for the UK to spend an extra £180bn.— PAGE 2
i Facebook friends rivals in security push
Facebook is teaming up with other
technology groups, including Yahoo
Vladimir Putin, Angela Merkel, François Hollande and Petro Poroshenko meet for the summit yesterday in the Belarusian capital — Reuters and Pinterest, and launching a social
network for cyber security
professionals to share information on
common threats.— PAGE 15

Miliband seeks to entangle Tory i Defence budget cut to ‘critical mass’

The UK defence budget, reduced by 8 per cent in
real terms during this parliament, has been cut to
its “critical mass” as spending by adversaries has
risen sharply, a top think-tank has said.— PAGE 4

donors in HSBC tax evasion row i Glencore in Lonmin stake spin-off

Glencore is to spin off its 24 per cent stake in
Lonmin, the South African platinum producer, an
interest described by chief Ivan Glasenberg as
“non-core”.— PAGE 15; LOMBARD, PAGE 20

3 Labour leader attacks ‘dodgy prime minister’ 3 Revenue looks at widening bank inquiry
GEORGE PARKER, ELIZABETH RIGBY
AND VANESSA HOULDER
Ed Miliband has sought to enmesh the
Conservatives in allegations that HSBC
helped clients evade tax, labelling David
Cameron “a dodgy prime minister sur-
rounded by dodgy donors”.
The Labour leader told MPs yesterday
that the Tories had raised more than
£5m from donors with accounts at
HSBC’s Swiss private bank, where cli-
ents had been involved in large-scale tax
evasion between 2005 and 2007,
according to leaked data.
As HSBC’s reputation was being
attacked by Mr Miliband in the Com-
mons, it emerged that the bank could
face a criminal investigation after HM
Revenue & Customs said it was expand-
i Showdown looms over Zuma scandal
An opposition group plans to disrupt South African
president Jacob Zuma’s annual address, confronting
ing the scope of its tax-dodging inquiry. the number of big City backers for the Former wants to imply I did anything improper him over the taxpayer cash spent on his homestead
Jennie Granger, HMRC director-general Tories had doubled in this parliament. in my relationship with HSBC, I would while the nation deals with power cuts.— PAGE 8
of enforcement, told MPs she wanted to Lord Fink, former Tory treasurer and treasurer like him to say that outside parliament
collaborate with other agencies. veteran of the hedge fund industry, has Lord Fink . . . at which point I will sue him for Datawatch
Until now the Revenue has only tack- challenged Mr Miliband to repeat his libel.”
led individuals involved in tax evasion “dodgy” donors accusation outside the challenges Mr Miliband’s office said he was pre-
but David Gauke, Treasury minister, Commons. The Labour leader attacked pared to repeat the remark in public. Kickstarter project Projects financed
said this week that other potential Lord Fink, who has given the Conserva-
opposition Mr Cameron declined four times to success rates by Kickstarter, the
offences, such as money laundering, tives almost £3m, under protection of leader to answer the question of whether he dis- Per cent 0 20 40 60 crowdfunding
service, have a
might now be investigated. parliamentary privilege after it emer- repeat his cussed the HSBC tax evasion allegations Dance
39 per cent
HSBC insists that it has reformed the ged he was on a leaked list of account with Lord Green, the bank’s former Theatre
operations of its Swiss private banking holders at HSBC’s Swiss private bank. accusation chief executive and chairman, whom he Comics
success rate.
Within sectors this
arm, but Mr Miliband suggested in the Mr Miliband challenged Mr Cameron, made a trade minister in 2011. The Art
Commons that clients who had held saying: “You actually appointed him as
outside the prime minister claims he was unaware All
differs starkly;
dance and theatre
accounts there in the mid-2000s had treasurer of the Tory party and gave him Commons of any wrongdoing at the bank until this Film and video projects have the
questions to answer. a peerage for good measure. So now can week despite data being transferred to Games greatest chance of
The Labour leader has used the HSBC you explain what steps you are going to HMRC in 2010 exposing tax evasion by Journalism success – 67 per
Tech cent and 62 per
scandal to bolster his case that the take to find out about the tax avoidance clients at HSBC’s Swiss private bank.
Tories are too close to the super-rich. activities of Lord Fink?” HMRC attacked page 3 Source: Kickstarter cent respectively
Last week, the Financial Times revealed But Lord Fink said: “If Mr Miliband John Gapper page 11

Browne urges end to extra North Sea

Up to 300 drown in latest
migrant disaster off Italy
As many as 300 people are feared
dead after attempting to reach Italy
from Libya on four inflatable dinghies
in stormy weather, in one of the
Mediterranean’s worst maritime
disasters. The tragedy sparked calls
for European authorities to fund more
naval operations to pick up the
migrants from Africa and the Middle
East heading for Europe. An Italian
mission was wound down last year and
replaced by a smaller EU operation.
Report iPAGE 6
oil tax after plunge in price of crude
CHRISTOPHER ADAMS — ENERGY EDITOR
Lord Browne has urged ministers to
scrap a supplementary tax on North
Sea oil and gas revenues.
The former BP chief warned that a
plunge in crude prices had done “per-
manent damage” to the region’s ageing
fields. His comments heap pressure on
chancellor George Osborne to use the
Budget to roll back the 30 per cent levy,
which has raised billions for the Excheq-
uer but risks burdening fields already
made uneconomic by oil’s collapse.
Brent crude’s slide from more than
$115 a barrel in June to $55 has raised
fears about the future of production in
the North Sea, where costs tend to be
higher than other oil-rich regions, such
as the Middle East. Those fears were
underscored when BP and Conoco
Phillips announced big cuts in the work-
force of their North Sea operations. Sen-
ior industry figures, such as Royal Dutch
Shell chief executive Ben van Beurden
and BP head Bob Dudley, have urged the
government to cut taxes levied on pro-
duction. But Lord Browne, a partner at
private equity group Riverstone, which
backs North Sea producer Fairfield
Energy, went further. He said ministers
had been “absent” from the debate on
the North Sea’s future since the slide in
crude prices, despite moves to imple-
ment reforms proposed in last year’s
report by Sir Ian Wood.
“Maybe everybody thought $100-a-
barrel would last for ever. But in the end,
very long-term thinking is needed in the
development of oil and gas. That is quite
important and governments need to
remember that,” he said. “They’ve
made two changes: one is taxes, the
other is the Wood report. So, plus one,
minus one, we’re back to zero again.”
Lord Browne said instead of the supple-
mentary tax charge and the current
complex system of bespoke rates for dif-
ferent projects — which can reach 80 per
cent in some cases — there should be a
standard corporation tax.
“Frankly, why don’t we put the whole
thing on a corporation tax basis? It all
needs to be simplified. These bespoke
tax regimes — it’s not appropriate to
have so many detailed regimes. I don’t
know of anywhere else in the world that
does it like that,” he said. Lord Browne
added that while the UK was still pro-
ducing plenty of oil and gas, the price
slide meant “we are now seeing the late
evening of the North Sea”.
Lord Browne interview page 4
Shell and BP balk page 18
Tullow scraps payout page 20
Plummeting rig count page 28

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2 ★
Message to London
Sturgeon calls halt on ‘slavish’ austerity drive
First minister says SNP
will seek further £180bn
for UK over five years
JIM PICKARD AND MURE DICKIE
Scotland’s first minister has vowed to
fight the “slavish” fixation with cutting
the deficit as she laid out plans for the
UK to spend an extra £180bn by 2020.
Nicola Sturgeon came down to Lon-
don to deliver a strident message to the
UK’s three main parties with polls sug-
gesting that the Scottish National party
may hold the balance of power after the
general election.
The SNP’s leader said a Labour gov-
ernment would have to abandon
“failed” austerity policies to win the
support of her party, which is expected
to increase its presence at Westminster
Brexit threatens survival of national union
Vote to quit EU would have
profound effect on country’s
perception of its place in world
GEORGE PARKER — POLITICAL EDITOR
If Britain votes to leave the EU, the polit-
ical shock is likely to reverberate for
years, throwing into question not only
the UK’s place in the world but also the
very survival of its own national union.
What are the political ramifications of
Brexit? The first is that the referendum,
which David Cameron has promised to
hold by the end of 2017, will split his
Conservative party — one of the world’s
most successful election-winning
machines.
Tim Bale, a historian of the party, esti-
mates that 50-100 Tory MPs will refuse
to back Mr Cameron, who most assume
will lead the campaign for Britain to stay
in a reformed EU. Can they come back
together after a Brexit?
Comparisons have been made with
the epic Tory split over the repeal of the
Corn Laws in 1846, which divided the
party and deprived it of a parliamentary
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from six MPs to between 30 and 40.
She promised that the SNP would be
part of an insurgency shaking up the
House of Commons and bringing
“change” to Westminster.
Against the backdrop of the rise of
leftwing parties in Greece and Spain, she
sought to frame the SNP’s stance as part
of a wider international revolt against
austerity.
“Mounting international evidence
showed that more equal countries were
best placed to foster economic growth,”
she said. “We simply don’t accept that
there’s a trade-off between balancing the
books and having abalancedsociety.”
Speaking earlier on BBC Radio 4’s
Today programme she said: “I am not
going to support governments that
plough ahead with austerity that dam-
aged the poorest in society.
“A Labour government that looked to
FT series. If Britain Goes
majority for the best part of three
decades. Professor Bale, however,
believes that in the event of Brexit the
party will reunite after the result is
declared: “Most Conservatives are moti-
vated by other issues that pull them
together,” he says. Few Tory MPs are as
emotionally wedded to the EU as they
were to protectionist laws to protect rich
Victorian farmers.
Sir Richard Ottaway, Tory chairman
of the Commons foreign affairs commit-
tee agrees: “The Conservative
party . . . is a strong brand. I wouldn’t
see a pro-European group going off
independently.”
But Jack Straw, the Labour former for-
eign secretary, is not so sure. He remem-
bers that his party was pulled apart by
the last EU referendum in 1975 with the
left campaigning for Britain to leave.
“There’s no doubt in my mind that the
1975 referendum started the split inside
the Labour party,” he says. In 1981, a
pro-European, moderate faction left to
form the Social Democratic party.
Even if the Conservative party does
not irrevocably split over Europe, a
vote to leave the EU would present a
challenge for the whole British poli-
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FINANCIAL TIMES
NATIONAL
the SNP for support would have to mod-
erate its position in that regard. That
spending could be increased in real
terms by 0.5 per cent a year — equiva-
would be popular not just with SNP sup-
porters, but I’m sure a lot of traditional
lent to an extra £180bn of spending dur-
ing the next parliament — while still cut-
Labour supporters in Scotland and ting Britain’s debt and deficit as a pro-
across the rest of the UK as well,” she portion of gross domestic product.
pointed out. Ms Sturgeon argued that government
The SNP has ruled out any deal with fiscal policy had “categorically and com-
the Tories but has left open the possibil- prehensively failed” and should be
ity of an arrangement with Labour, replaced with approaches focused on
most probably one in which it would long-term growth, increased productiv-
back the party in a vote of confidence ity and fairness.
and endorse its budget rather than agree “The entire focus of the Westminster
to a formal coalition and hold ministe- debate is on the deficit,” she said. “The
rial positions. deficit is hugely important, but it is a
Speaking at University College Lon- symptom of economic difficulties, not
don yesterday, Ms Sturgeon pledged to just a cause of them.
end “crude slash and burn cuts” to pub- “I hope that Scotland can again exert a
lic spending. She would call a halt to the beneficial influence on developments
“misguided march to austerity” by all here in London,” said Ms Sturgeon, com-
three main parties in London, she said. plaining that UK cuts had had a dispro-
The first minister suggested that UK portionate impact on women, people
All politicians tical establishment of fundamentally ‘The Tories
at Westminster reassessing the UK’s place in the world.
say they would Although some Tories, such as Daniel are a strong
respect a public Hannan, a member of the European brand.
vote to leave Parliament, talk of Britain renewing its
the EU links with the Commonwealth and the I wouldn’t
Eric Feferberg/AFP
“Anglosphere”, most accept Brexit see pro-
would have to be accompanied by a
renegotiated arrangement with the EU. Europeans
All politicians say they would respect breaking
a vote to leave the bloc, which they insist
would settle the matter for a “genera- away’
tion”. But would it? Given that the three
main parties say they will campaign to
stay, would they let matters rest, espe-
cially if Britain’s economy suffers a big
hit as a result of leaving?
The 1975 referendum saw Britain vot-
ing to remain part of the European Eco-
nomic Community, but only eight years
later the Labour party was fighting a
If Britain Goes general election promising to withdraw.
Read previous A Brexit vote would have profound
articles in this knock-on consequences for the integ-
series exploring rity of the UK. Scotland, which voted
implications in 2014 to remain part of the UK, is
of the UK more pro-European than England: the
leaving the EU eurosceptic UK Independence party is
weak north of the border and the
ft.com/uknews
Scottish National party sees EU mem-
Rail upgrade
Cameron woos passengers
with vow of free train WiFi
JANE WILD AND JIM PICKARD tuality targets would provide £48m
towards putting WiFi on a handful of
David Cameron has promised to spend
services first.
£48m on providing free WiFi on trains
Network Rail owns and operates the
from 2017 if the Conservative party
UK’s rail infrastructure and has been
wins the general election.
upgrading equipment to allow train
Internet access on trains is currently operators to install faster WiFi.
patchy. In some cases, passengers pay to Train franchises that would benefit
go online, or there may be no service, first are the Thameslink commuter
lines around the capital, Southeastern
services into Kent, Chiltern trains up to
£48m 2017 Birmingham and Arriva trains in Wales.
Fine paid by Date for rolling The technology would be added to
Network Rail that out access on remaining train services as lines come
will be used to trains across the up for refranchising, meaning that some
provide free WiFi country passengers might have to wait until after
2017.
while on other services, such as First “It’s vital for businesses and for indi-
Great Western from Paddington, WiFi is viduals to be able to access WiFi and do
free on long-distance trains. their work . . . while they are on trains,”
Mr Cameron made the announce- Mr Cameron said.
ment during prime minister’s questions “I am pleased to announce plans that
in response to Maria Miller, a Labour will see the rollout of free WiFi on trains
MP, who said passengers were “frus- across the UK from 2017.
trated our trains are stuck in the ana- “The government will invest nearly
logue age”. £50m to ensure that rail passengers are
A Network Rail fine for missing punc- better connected.”
with disabilities and those on low
incomes. “This human cost is in itself too
highapricetopayforcurrentpolicies.”
That prompted criticism from the
Conservatives with Grant Shapps, party
chairman, saying the SNP would carry
out “more wasteful spending” paid for
by borrowing and higher taxes.
Alistair Carmichael, the Liberal Dem-
ocrat secretary of state for Scotland, dis-
missed Ms Sturgeon’s criticism, saying
the coalition government’s economic
strategy had maintained market confi-
dence and kept borrowing costs low.
“By how much would she raise taxes,
and by how much would she cut spend-
ing in the next parliament?” a party
spokeswoman for Mr Carmichael said.
“Or does she want to go back to the
days of high borrowing, high mortgage
costs, and an ever-bigger debt problem
for the next generation to pay off?”
bership as part of the nation’s identity.
The SNP says Scotland should have a
veto, and indeed Wales and Northern
Ireland, to prevent a eurosceptic major-
ity in England inflicting Brexit on the
entire UK.
What would happen if Scottish voters
in an EU referendum wanted to stay
part of the 28-member club but were
outnumbered by English voters who
wanted a Brexit? Nicola Sturgeon, Scot-
land’s first minister, says the country
would demand a second independence
referendum, arguing it would be “demo-
cratically indefensible” not to allow the
Scots the chance to break away from the
UK and maintain their EU links.
Pat McFadden, Labour’s Europe
spokesman, says: “I can’t understand
why the Conservative party would pur-
sue a strategy that is not only bad for
Britain but that puts the unity of the
United Kingdom at risk.”
The stakes could scarcely be higher.
Britain’s general election on May 7 will
be watched with interest in other
national capitals. Brexit could be just
the start of a process that redefines
Britain in the 21st century.
Chris Giles page 11
Employment survey
Young jobseekers frustrated
by work experience catch 22
SARAH O’CONNOR
— EMPLOYMENT CORRESPONDENT
A survey of 18,000 employers has con-
firmed with hard data what frustrated
young jobseekers have long suspected:
they cannot get a job without experi-
ence and they cannot get experience
without a job.
Two-thirds of employers say work expe-
rience is a critical factor when they
recruit, compared with about half who
say the same for qualifications.
Yet 80 per cent do not offer any work
experience placements to schools and
one-fifth say nothing could persuade
them to, according to the survey by the
UK Commission for Employment and
Skills, a government-funded organisa-
tion. The mismatch between employers’
expectations and their actions is one
reason why young people, particularly
school-leavers, struggle to find a toehold
in the labour market.
Youth unemployment has fallen
sharply since it peaked in 2011 at 22.5
per cent, but is still far higher at 16.9 per
Thursday 12 February 2015
Electoral promise
Labour plans
to renew Blair
pledge limiting
class size to 30
HELEN WARRELL
— PUBLIC POLICY CORRESPONDENT
A future Labour government would
resurrect Tony Blair’s 1997 pledge to
cap class sizes at 30, in an electoral
appeal to parents and teachers con-
cerned about the surge of children
entering England’s primary schools.
Ed Miliband, party leader, will set out
the proposals in a speech at his old
school in Camden, North London, argu-
ing the £200m-a-year policy would cre-
ate more places at high-performing
schools, which are the most oversub-
scribed. A birth rate boom and high
immigration have led to predictions of
an imminent leap in pupil numbers.
“The biggest challenge we face is pre-
paring our young people for the econ-
omy of the future, not of yesterday,”
the Labour leader intends to say today.
“Because in the 21st century, when com-
panies can move across borders, it is the
skills and talents of our people that is
our unique national asset.”
Mr Miliband will tell his audience at
Haverstock school that the best way to
boost competitiveness is to improve
standards from the start of a child’s edu-
cation. Reimposing his party’s historic
promise to keep classes of 5- to 7-year-
olds at 30 or under — a commitment
from the “pledge card” that swept
Mr Blair to his first prime ministerial
victory — the Labour leader will con-
demn the coalition for what he says is a
poor record on limiting class sizes.
According to Labour, the number of
infants taught in classes bigger than
30 has trebled to almost 60,000 since
2010 and is “set to get far worse”.
“Successful teaching and classroom
discipline is made harder when classes
are so much bigger,” Mr Miliband will
say. Labour plans to fund the scheme by
diverting money from the government’s
free schools, some of which have been
opened in areas that have surplus school
places.
Party officials say the government has
“wasted” at least £240m a year creating
free schools where they are not needed
and that their own reform on class sizes
would cost £200m.
Although Labour’s proposal is likely
to be popular with parents battling
to get their children into popular
schools, and with teaching unions wor-
ried about teachers’ workloads, aca-
demic evidence has not shown that
reducing class sizes is the best way to
improve performance.
Research by the Institute of Educa-
tion showed a reduction in pupil num-
bers from 25 to 15 per class improved
youngsters’ literacy but more marginal
changes had little effect. OECD data
released last year showed the average
class size of 25 in UK primary schools
was well above the average of 21 pupils
among the group of developed nations
but high-performing countries such as
China scored even higher at an average
of 38 pupils per class.
Andreas Schleicher, education direc-
tor at the OECD, told a parliamentary
committee last year that many of the
best schools in Europe and Asia tended
to prioritise teaching over class size,
whereas in the past 15 years the UK had
gone “exactly the opposite way”.
“If you have one pound extra to spend
our data suggests that the least effective
way to spend that pound is to decrease
class sizes,” Mr Schleicher told MPs.
cent than the overall rate of 5.8 per cent.
Employers say their favourite way to
recruit young workers is to rely on per-
sonal recommendations, which puts
young jobseekers without connections
at a further disadvantage.
“The whole thing is really a massive
catch 22,” said Fiona Kendrick, chair-
man and chief executive of Nestlé UK
and Ireland, who is a UKCES commis-
sioner.
There has been a sharp decline in the
number of teenagers doing “Saturday
jobs” while they are at school or college,
which used to be a useful means to gain
some experience of work.
In 1999, 40 per cent of 16- and 17-year-
olds in full-time education also had a
job; by 2014 the proportion had halved.
That might be because young people
are under pressure to focus on exams or
because technological shifts have
reduced the number of traditional
“small jobs”. It could also be because
older workers have been “trading
down” to take more of those low-paid,
insecure jobs, displacing the young.
Thursday 12 February 2015 ★ FINANCIAL TIMES 3

NATIONAL

Avoidance crackdown

MPs attack Revenue chiefs over HSBC Commercial

Officials shouted down as they reject claims of failing to act against suspect tax evaders using Swiss subsidiary
VANESSA HOULDER
Senior tax officials were lambasted by
MPs yesterday over their response to
the HSBC tax evasion scandal, in a tense
parliamentary hearing.
HM Revenue & Customs chiefs were
shouted down at times as they defended
themselves against claims that they
failed to take firm action against tax
evaders who hid money in a Swiss sub-
sidiary of HSBC.
Margaret Hodge, who chairs the pub-
lic accounts committee, said she wanted
to “put a bomb under you guys” as she
called for greater urgency in dealing
with potential cases of evasion thrown
up from a leaked list of account holders
at the bank, which was given to HMRC
in 2010. Ms Hodge said: “You sit there
waiting for people to come, you don’t go
out and police in the way that other
authorities are doing and therefore
they’re getting more money in, they’re
doing more litigation and they’re
defending their taxpayers.”
Lin Homer, HMRC chief executive,
said: “Your assertions are not true. We
are very proactive”. She insisted that it
was “absolutely not the case” that the
Revenue was failing to serve the inter-
ests of the British taxpayer. Ms Homer
said the UK and Ireland were the only
countries that had secured any convic-
tions from the HSBC data.
After Britain’s tax authorities
received the data, a team of more than
300 trawled through the evidence in a
project code-named Solace. About two-
thirds of the 3,600-odd people identi-
fied in the database were found to have
paid the right amount of tax, in part
because they had a “non-domiciled” tax
status. Of the remainder, 150 were con-
sidered as candidates for prosecution
but only one was prosecuted.
Ms Homer said of the 1,100 cases
where HMRC identified people as owing
tax, the majority were settled under the
Liechtenstein Disclosure Facility, which
offered reduced penalties of up to 30 per
cent. So far, £135m of tax has been col-
lected as a result of the leaked data.
Jennie Granger, HMRC’s director-
general for enforcement and compli-
ance, told MPs it was difficult to prose-
cute for offshore tax evasion. Most of the
leaked data were incomplete or “dirty”
and, because it was stolen, there was a
need for corroborative evidence.
Ms Hodge responded angrily, saying:
“I can’t for the life of me begin to under-
stand that pathetic response.”
She asked Ms Homer why HMRC did
not respond when Hervé Falciani, the IT
worker who allegedly stole the data
from HSBC, emailed the Revenue in
‘I want to put
a bomb under
you guys’
Margaret Hodge,
PAC chairman
2008 offering his data. Ms Homer said
she was not aware that HMRC had been
contacted and would look into it.
She said the Revenue had not previ-
ously sought information from Mr Fal-
ciani or media organisations following
reports about the files because it did not
believe they held any data that HMRC
did not have. Ms Homer said officials
were now contacting the BBC and the
International Consortium of Investiga-
tive Journalists in relation to new infor-
mation in recent media reports.
Ms Hodge said the tax authorities’
apparently slow approach to dealing
with the HSBC data sent out a “terrible
message to taxpayers”, because it gave
the impression that evaders could get
away with hiding money abroad. Ms
Homer and Ms Granger rejected this.
They told the committee that fining
tax dodgers and reclaiming unpaid tax
was the most effective route of recover-
ing money, and prosecutions depended
on having sufficient evidence to meet a
very high legal threshold. Ms Homer
Press Association
‘I do not believe
there is any lost
tax in this’
Lin Homer, HMRC
chief executive
said: “Prosecution is only one part of
what we do.”
HMRC said separately yesterday it
expected to recover £10m-£20m of tax
as a result of a data leak about account
holders at HSBC in Jersey. It said the
leak was “incomplete and old” which
would prevent it securing enough evi-
dence to obtain criminal convictions.
The Revenue said the data included
those who had disclosed offshore
accounts through earlier campaigns.
John Gapper page 11
property
investors face
big demands
ADAM PALIN
Investors in several commercial prop-
erty ventures deemed to have misused
generous tax reliefs face demands to
repay large sums to the government.
In a crackdown on tax avoidance, mem-
bers of at least three partnerships that
took advantage of the government-
sponsored Business Premises Renova-
tion Allowances (BPRA) scheme have
now been issued with accelerated pay-
ment demands to repay tax relief
claimed on their investments.
Among those expecting brown enve-
lopes from HM Revenue & Customs are
investors in a Liverpool hotel develop-
ment, including golfer Rory McIlroy and
theatre owner Stephen Waley-Cohen.
In a letter seen by the Financial
Times, the promoter of Stanley Dock
Regeneration LLP — which financed the
£36m redevelopment of a derelict Vic-
torian warehouse — last week warned
investors to expect the tax demands.
The tax bills, which may run into hun-
dreds of thousands of pounds, will come
as a shock to investors, said Michael Avi-
ent, at accountants UHY Hacker Young.
“People went into these investments
in good faith. It is a government scheme,
and they are now having their tax reliefs
removed without warning.”
The government introduced BPRA to
support the regeneration of areas such
as Glasgow and Liverpool, by encourag-
ing tax-deductible investments in reno-
vating disused commercial premises.
Mr Avient said the scale of tax reliefs
under BPRA — up to the full value of
qualifying investments — attracted tax
promoters who designed ways for
higher rate taxpayers to reduce their
income tax liabilities.
“There is a problem brewing with
BPRA schemes and HMRC is using
accelerated payment notices as a
weapon for a pre-emptive strike,” said
Graham Webber, head of professional
relations at Rebus Investment Group.

Retirement savings

Call for 33% flat rate pension tax relief

JOSEPHINE CUMBO
— PENSIONS CORRESPONDENT
A government minister has called for
pensions tax relief for higher earners to
be scrapped and replaced with a single
33 per cent rate to boost savings among
lower earners.
Steve Webb, pensions minister, said yes-
terday that abolishing relief for those
who pay tax at higher rates of 40 per
cent and 45 per cent, and bringing in a
single flat rate, should be a key reform
for the next parliament.
The Centre for Policy Studies, a free
market think-tank, has estimated that
the bill for encouraging retirement sav-
ings was as high as £54bn in 2012-13.
However, while basic rate taxpayers
make 50 per cent of total pension contri-
butions, they benefit from only 25 per
cent of pension tax relief, according to
the Pensions Policy Institute, an inde-
pendent think-tank.
Speaking in a personal capacity at an
event in London, Mr Webb, a Liberal
Democrat MP, said he did not believe
that the current system of tax relief
incentivised pension saving “other than
for the very rich”. He added: “It is hard
to understand why we do it the way we
do it: 33 per cent might have an impact.”
The 33 per cent rate is higher than a
level previously floated by Mr Webb,
and more than the 30 per cent figure
that the PPI has suggested would leave
government revenue unchanged
despite the cost of raising basic rate
relief from 20 per cent.
However, Mr Webb suggested that a
50% 25%
Basic rate Basic rate
taxpayers’ share taxpayers’ share
of total pension of pension tax
contributions relief
33 per cent rate for relief might also be
tax neutral if it discouraged the use of
“salary sacrifice” arrangements used by
employers and employees to make tax
savings on pension contributions. He
also repeated a promise to scrap the
“lifetime allowance”, which limits tax
relief on savings to £1.25m.
“As a Liberal, lifetime allowances
don’t work for me because what they
say is simply that if you save beyond this
level, or your investments grow beyond
this level — we will penalise you,” Mr
Webb said. His views are not official Lib-
eral Democrat policy.
The party has pledged to review the
scope for flat rate tax relief at a rate
between the current 20 per cent and 40
per cent bands.
However, observers said pensions tax
relief was likely to be targeted if there is
a change of government in May.
“The vast majority of pensions tax
relief is paid to higher income earners
and in an age of austerity a lot of politi-
cians find this unjustifiable,” said Mark
Twigg, a former government adviser
and executive director at Cicero, a cor-
porate communications agency.
“There is a sense within the Labour
party that there might be more effective
ways for getting tax relief to people on
lower incomes, who actually need the
incentives to save.
“A Conservative majority govern-
ment is unlikely to preside over the
scrapping of higher rate tax relief.”
Michael Johnson, a fellow at the Cen-
tre for Policy Studies, said a 33 per cent
rate for pension tax relief “seemed like a
victory for common sense and social
justice”.

Party manifesto

Education and deficit at heart of Lib Dem policies

GEORGE PARKER — POLITICAL EDITOR
Nick Clegg will today set down Liberal
Democrat terms for any future coali-
tion, with demands for increased
spending on education, tax cuts for
low earners, new green laws and an
extra £8bn for the health service.
The policies are underpinned by a
Lib Dem economic plan to eliminate
the structural deficit by 2018, with new
taxes on the wealthy alleviating the
need for big new cuts to public spend-
ing.
Some polls suggest that the Lib Dems
could lose at least half of the 57 seats
they won at the last election, but that
could still leave Mr Clegg as a kingmaker
in the event of a hung parliament.
The Lib Dems cite academic research
that says they have implemented 75 per
cent of their 2010 manifesto in coalition
with the Conservatives, a record they
believe is “remarkable” for a smaller
party.
Mr Clegg will today publish the front
cover of the Lib Dem manifesto, which
lists the policies that the party will fight
“tooth and nail” to secure in coalition
talks with either the Tories or Labour.
The party’s signature policy will be
increased education spending, with
Mr Clegg promising to protect real
terms expenditure on provision from
nursery level up to the age of 19.
The Conservatives have promised
Nick Clegg: pledges to protect school
spending from nursery up to age 19
only to freeze school spending in cash
terms — a real cut once inflation is taken
into account — while Labour has yet to
set out its spending plans.
“Education has the power to liberate
people from the circumstances of their
birth,” Mr Clegg will tell party workers
in Oxford West and Abingdon, a Tory
seat and one of a handful of seats the Lib
Dems believe they could gain on May 7.
As with the 2010 manifesto, the Lib
Dems are using the front cover of this
year’s policy prospectus to signal the
policies to which they are most
attached.
But the party knows that the fine
print of the manifesto can also cause
problems: in 2010 the Lib Dems com-
mitted not to raising university tuition
fees but abandoned that promise later
in the year.
The party remains committed to rais-
ing the income tax threshold. It has
secured its promised rise to £10,000
in this parliament and is vowing to
increase it to £12,500 by 2020.
4 ★
Defence spending
Cuts open up ‘glaring gaps’ in military
Capability slashed, says
report, while Russia and
China boost their budgets
SAM JONES
— DEFENCE AND SECURITY EDITOR
The UK’s military combat capability has
been slashed by up to 30 per cent while
Russia and China have been rapidly
increasing their spending on defence,
according to a think-tank.
Britain has cut defence spending by
8 per cent in real terms during the cur-
rent parliament, leading to a 20-30 per
cent reduction in military combat
Look,nohands
Capital test
for robot cars
London has started trials to
demonstrate the potential of
driverless cars, with the government
promising a review of road
regulations by 2017 to allow for the
innovation.
Ministers showed some of the
vehicles in Greenwich, southeast
London, yesterday, with Vince Cable,
business secretary, hailing Britain’s
position at the “forefront of
innovation” in the rapidly advancing
technology.
But there was a mixed reception
from locals, underlining the distance
the technology has to travel before
gaining public acceptance.
Martin Kaminski, manager of the
nearby Craft Coffee shop, said safety
was still a concern. “You will have
driverless and normal cars on the
roads — someone could just drive
into you.”
But Brenda Stevenson, an 82 year-
old local, said the technology was
“absolutely marvellous” as it would
help the elderly and disabled to get
around. “We’ve got to move with the
times,” she said. Andy Sharman
Obesity concern
Public scientists urged to quit over links to food and drink groups
KADHIM SHUBBER
Public health scientists who advise the
government on nutrition have received
millions of pounds in research funding
from food and drinks companies,
according to a British Medical Journal
investigation that will reignite the row
over obesity.
The links have sparked accusations of
bias and conflict of interest at the heart
of the government’s response to the
obesity epidemic, with some calling for
the scientists to step down from their
advisory roles.
Scientists working for the govern-
ment-funded Human Nutrition
Research unit were found by the BMJ to
have received a total of almost £250,000
Business adviser says Whitehall reform effort was ‘two steps forward, one step back’
Peer hits out at some
ministers for slowness
to see need for change
SARAH NEVILLE — PUBLIC POLICY EDITOR
Cabinet Office minister Francis Maude
has “broken some bones in the civil
service” to overhaul Whitehall and the
result has sometimes been “two steps
forward, one step back” for reform,
Lord Browne, the former chief execu-
tive of BP has said.
The peer, who stepped down at the
end of January as the most senior busi-
ness adviser in government, also
laments the fate that befell sacked civil
service head Sir Bob Kerslake and
vented his frustration at ministers slow
to appreciate the need for business
savvy in their departments.
Lord Browne has by common consent
done much in four years to move the
civil service down a more businesslike
path. However, his period inside the
Whitehall machine has coincided with a
turbulent patch in relations between
officials and Westminster.
Ministers, in a hurry to implement
the coalition’s radical agenda, have
capabilities, according to the Interna-
tional Institute for Strategic Studies in
its annual assessment of international
defence.
Two former military chiefs went fur-
ther, claiming in an article for The Spec-
tator that the armed forces’ fighting
power had been “massively reduced”
and calling on political parties to “weap-
onise defence” in May’s general election.
“Consider the glaring gaps in our
capabilities,” wrote retired Air Vice
Marshal Sir Michael Graydon and
retired Vice Admiral Sir Jeremy Black-
ham. “No maritime patrol aircraft, loss
of combat power in the Royal Navy, just
three squadrons of Tornado ground
a year for the past decade from compa-
nies including Coca-Cola, PepsiCo,
Mars, and Nestlé.
The BMJ’s report also found extensive
research links between members of the
Scientific Advisory Committee on
Nutrition, which advises the govern-
ment on diet and nutrition, and the food
and drinks industry.
Dr Aseem Malhotra, a cardiologist
and science director of campaign group
Action on Sugar, said the public would
be “appalled” by the report and said the
scientists involved “should consider
stepping down”.
“It is a scandal that members of the
nutritional committee advising us on
how much sugar we should consume
have received significant funding from
blamed the civil service for failures and
errors along the way.
Many senior officials have reserved
particular ire for Mr Maude, resenting
his attacks on “obstructionist” civil
servants and willingness to override
entrenched departmental fiefdoms in
the search for savings.
Central diktats about what paper and
lightbulbs departments were allowed to
buy upset officials and ministers alike.
This “one-size-fits-all” approach was
sometimes a distraction from the real
agenda of securing better value for
money across government, admits Lord
Browne, in an interview just before he
stepped down. “It got out of
hand . . . there were these conformities
that really annoyed people and I think
they’re right, but the important things
are, are we driving for real efficiency, are
we thinking about getting things done
more professionally, do we understand
Lord Browne:
‘We had to work
overtime in areas
to get obvious
things done’
FINANCIAL TIMES
NATIONAL
attack aircraft to conduct the nation’s
operations and major manpower weak-
nesses.”
Ben Barry, senior fellow for land war-
fare at the IISS and a former British
army brigadier, said existing cuts had
removed many of the inefficiencies in
the defence budget. “Some key capabili-
ties have already been removed alto-
gether, such as maritime surveillance”,
he said. “Another round of cuts would
cause a further disproportionate reduc-
tion in capabilities.”
Military chiefs recently warned of
wide-ranging implications for what the
UK can do with its armed forces if budg-
ets were squeezed further.
companies that profit from selling
sugar,” said Dr Malhotra.
Fears about the health effects of sugar
have grown as the obesity epidemic has
worsened.
Last year, the World Health Organisa-
tion halved its daily recommended
allowance for sugar, while the Labour
party has pledged to introduce limits on
the levels of fat, salt and sugar manufac-
turers are allowed to include in food
marketed at children.
£250,000 £1.37m
Annual amount Alleged industry-
said to have been funded research
paid to scientists linked to Prof
in the past decade Jebb by the BMJ
Interview. Lord Browne
Media
Five-figure sum invested
in gay news website
Lord Browne has become one of the
largest investors in a gay news website,
with the aim of promoting greater
coverage of business issues.
The former BP chief executive — who
hid his homosexuality for decades
before leaving the oil group in
2007 — has invested a
“five-figure sum” in Gay
Star News, which has 5m
unique visitors a month.
“When I wrote The
Glass Closet, I
always hoped
that it would
grow into
something
more than just
a book,” said
Lord Browne,
referring to his
According to the institute, Russia’s
defence spending is up by an average of
10 per cent a year since Moscow’s 2008
invasion of Georgia, which prompted
widespread military reforms. The coun-
try’s military budget will increase 25 per
cent next year, despite the worst fiscal
crisis for more than a decade.
China has also continued to see
increases in defence spending, the IISS
said. Its military budget rose 12.2 per
cent last year.
On average, European countries cut
spending on their armed forces 1.5 per
cent this year. Reductions in central and
southern European countries cancelled
out higher spending by eastern Euro-
In 2011, the government asked the
food and drinks industry to make a vol-
untary pledge to reduce salt and satu-
rated fats from the products under the
Public Health Responsibility Deal.
The report criticises Professor Susan
Jebb, a former HNR scientist and now
chairwoman of the food network for the
government’s responsibility deal, who it
says was the leading or joint leading
investigator on industry-funded
research projects worth £1.37m
between 2004 and 2015.
Prof Jebb said the industry-funded
studies did not involve research into the
effects of sugar on health and were all
completed before she was appointed to
the role in 2011.
“All have been conducted according
book about homophobia in corporate
life. “Gay Star News provides the perfect
platform for that growth.”
The site, which was launched three
years ago, has sought to take a global
approach to gay, lesbian, bisexual and
transgender issues. It has drawn
advertising from brands including
Lufthansa and Barclays.
“There are times when we have been
the first on big international stories —
like gay marriage in this place or that
place,” said co-founder Tris Reid-Smith,
who is a former editor of the Pink Paper,
a now-defunct gay and lesbian
newspape.
Gay Star News employs 10 full-time
staff, mostly in London, and plans to
open a New York office. Lord Browne,
with a 12.5 per cent stake, will be the
fourth-biggest shareholder. A number
of other seed investors are straight.
“People care about this regardless of
sexuality and it shows they think there’s
a commercial potential,” Mr Reid-Smith
said. The site’s recent articles include
reports on US president Barack Obama’s
views on gay marriage, and on an
assault on a gay man in Ghana. Henry
Mance
pean nations, which bolstered their
defences in response to Russian aggres-
sion in Ukraine.
The UK is still comfortably Europe’s
biggest military spender, and allocated
$61.8bn to its military last year, followed
by France, which spent $53.1bn.
The IISS assessment comes as pres-
sure from Washington mounts on the
UK to maintain its capabilities.
Calls for Britain to keep up its defence
spending figured in discussions at the
White House last month between
Barack Obama and David Cameron. The
US president told the prime minister
any slip in spending would weaken
Nato.
Reuters/Suzanne Plunkett
to all the Medical Research Council gov-
ernance arrangements for working with
industry and the industry involvement
has been declared,” she said.
Tom Sanders, emeritus professor of
nutrition and dietetics, at King’s College
London, said Prof Jebb had been
“unfairly vilified in the context of sugar
and health, especially as she was an
author of papers suggesting a tax on sug-
ar-sweetened beverages”.
The Medical Research Council, which
is responsible for the HNR unit’s fund-
ing, said its research was “free of any
influence from those with whom we col-
laborate, be they a charity or a commer-
cial organisation”.
Mars, PepsiCo, Nestlé and Coca-Cola
declined to comment.
our role as a commissioner as well as an
operator [of services]?”
Mr Maude “is very hands-on and
driven. He has broken some bones in
the civil service, tried to reset them in a
different way and upset some people,”
Lord Browne says.
“As a result it has sometimes been two
steps forward and one step back. But
Francis is genuinely interested in
reform and its consequences,” he adds.
One who felt the government lash was
Sir Bob, head of the civil service until
ejected from the role in July. Lord
Browne does not hide his belief that Sir
Bob was unfairly treated. “My view is
Bob was given a truly impossible job
with not fully defined parameters or
success factors, so it was an impossible
job, I think, to succeed in,” he says.
Vaguely attributing Sir Bob’s fate to
“the system”, he adds: “I’d say that it’s a
combination of what did the prime min-
ister want, what did the minister for the
Cabinet Office want and how was it
going to work with [cabinet secretary
Sir] Jeremy [Heywood]?” he says.
Some observers believe that David
Cameron and many of his ministers
have failed to embrace the agenda of
efficiency and reform, leaving it vulner-
Thursday 12 February 2015
Nuclear expansion
UK threatens
Austria over
challenge on
Hinkley Point
JIM PICKARD AND JAMES SHOTTER
David Cameron has threatened retalia-
tion over Austria’s plans to mount a
legal challenge to the Hinkley Point
nuclear project, according to a docu-
ment written by Vienna’s ambassador
to London.
In the letter, Martin Eichtinger warns
his government the UK has threatened
to “sue or hurt” Austria in areas that
would have a “strong domestic political
impact”.
The British government has been
inching towards a final agreement with
EDF, the French state-controlled energy
group, to subsidise its plans for a reactor
at Hinkley Point in Somerset.
But there is a widespread belief that it
will fail to hit its deadline of the end of
March to seal the agreement. The final
conclusion not only requires a sign-off
from two Chinese state nuclear groups
but also a complex guarantee and sub-
sidy agreement with the government.
Adding to the uncertainty is the loom-
ing threat by Austria to challenge the
European Commission’s decision last
October that British support for Hin-
kley — equivalent to £17.6bn — does not
amount to state aid.
Britain’s concerns about this action
are laid bare in Mr Eichtinger’s account
of a meeting with Vijay Rangarajan, a
senior official at the Foreign Office.
According to the letter, the UK has
warned that it could retaliate in several
ways, with officials working on a “sys-
tematic creation of countermeasures”
against the country.
It could mount a legal challenge to
Austria’s electricity (source) labelling
on the basis that this breaches common
market rules. It could also apply pres-
sure on Austria to shoulder a higher
burden in EU “internal effort-sharing”
in the bloc’s transition to a low-carbon
economy. Britain could also begin an
investigation into whether Austria’s suit
violated the Euratom treaty on nuclear
power.
“Mr Rangarajan made clear that the
action . . . was already having a negative
effect on the bilateral relationship, there
was a strength of feeling reaching up as
high as David Cameron,” the ambassa-
dor wrote.
“The prime minister has told all
responsible ministers of government to
call all Austrian counterparts next
week.”
Vienna should also be braced for a
further escalation by the government
once it has begun its lawsuit, he added.
Doug Parr, chief scientist at Green-
peace, criticised the government for
bullying the Austrians for daring to
question the “huge and wasteful energy
project” which would raise bills for Brit-
ish consumers.
Ministers have promised to pay EDF
and its partners a “strike price” of
£92.50 per megawatt hour, about dou-
ble the current electricity market rate.
Austria is expected to go to the Euro-
pean Court of Justice in the spring, argu-
ing that the UK is breaching state aid
rules by guaranteeing a set price for
electricity produced at the reactor for 35
years.
Mr Eichtinger did not return calls.
A spokeswoman for Mr Cameron said
he believed that Britain had the right to
choose its own energy mix.
able to inertia, or resistance, from
Whitehall after the election.
Asked to describe the biggest frustra-
tion of his tenure, he says: “At the very
beginning there were ministers who just
didn’t want to have anything to do with
[this agenda]. I found that particularly
sad and frustrating and we had to work
overtime in areas to get obvious things
done like, for example, getting a
[departmental] board in place.”
Mr Maude is stepping down as an MP
at the next general election. Although
some believe he could continue to play a
role from outside the Commons, many
civil servants privately await his depar-
ture, ready to reassert departmental
autonomy.
Lord Browne, however, argues that
the cadre of permanent secretaries is
becoming “much more diverse, with
more varied experiences” — including
in the business world.
This will ensure the continued pursuit
of leaner ways of working, he argues.
Given the tight financial climate, he
adds, “the next spending round has to
rely on the efficiencies and the effective-
ness that can come about through a
cross-governmental agenda . . . There
isn’t enough room for error.”
Thursday 12 February 2015 ★★★ FINANCIAL TIMES 5

INTERNATIONAL

Ukraine conflict Bailout

Border control vital for Poroshenko Contrarian US investor with

President wants to close
porous demarcation line
to preserve integrity
ROMAN OLEARCHYK — KIEV
NEIL BUCKLEY — LONDON
Hours before joining the leaders of Ger-
many, France and Russia in Minsk for
peace talks yesterday, Ukraine presi-
dent Petro Poroshenko flew overnight to
the war-torn east of his country to make
a point.
Holding up part of what Kiev alleges
was a Russia-supplied Smerch cluster
bomb — one of a dozen that pounded
Kramatorsk, a city well north of eastern
regions controlled by Russia-backed
rebels, on Tuesday — Mr Poroshenko
said there was only one formula for
restoring peace. “We demand a cease-
fire, withdrawal of foreign armies — and
close the border,” he said.
When the original Minsk ceasefire in
eastern Ukraine was signed last Septem-
ber, allowing Kiev to resecure the
country’s international border with
Russia was only one of its 12 points. But
Ukrainian, European and US officials
agree it is the most important — and one
that pro-Russian separatists and Mos-
cow have failed to implement.
“It is the most crucial to ensuring [a]
ceasefire sticks and real peace takes
hold,” said Lieutenant General Ihor
Romanenko, a former deputy head of
Ukraine’s general staff for military
operations.
Securing the border is important for
symbolic and practical reasons. The
original Minsk deal was designed to
allow Mr Poroshenko to declare he had
preserved Ukraine’s territorial integrity
— minus Crimea, annexed by Russia last
March — while offering some decentral-
isation of powers to rebel-held regions.
As long as the international border
remains under rebel — or, in effect, Rus-
sian — control, Ukraine’s president can-
not make that claim. The completely
porous border has, moreover, allowed
Russia to continue to pour troops and
weaponry, including tanks, armoured
personnel carriers and missile systems,
into eastern Ukraine.
Kiev and western officials say there
A member of the rebel armed forces on patrol yesterday at a destroyed bus station in Donetsk — Maxim Shemetov/Reuters
are more Russian troops in the rebel
regions now than there were last
August, at the peak of the fighting. That
contravenes another article of the origi-
nal Minsk accord, calling for removal of
all “unlawful military formations, mili-
tary hardware . . . militants and merce-
naries” from the region.
Western officials say the rebels have
focused on strengthening a “demarca-
tion” line agreed in a protocol to the
Minsk agreement that carves the rebel
regions from the rest of the country, and
in places pushing it farther west. Both
sides were required to pull back their
heavy weaponry 15km from this line.
That demarcation line has instead
become a kind of international border
between Kiev-controlled Ukraine and
the rebel regions closely allied with Rus-
sia. As General Philip Breedlove, Nato’s
supreme commander in Europe,
observed late last year: “The line of
demarcation has become more defined,
and the Ukraine-Russia border behind
it has become completely porous.”
Russian officials say Kiev needed to
enter into direct talks with rebel leaders
on border access but never did so. In a
sign the issue could complicate efforts to
agree a ceasefire, Sergei Lavrov, Russia’s
foreign minister, said yesterday it was
“simply unrealistic” for Ukraine to
make any agreement conditional on
restoring full control of its border.
Instead, he suggested, border control
would need to be a later step in a
“sequence” including a ceasefire, with-
drawal of heavy weapons, and the start
of a “political process” in east Ukraine.
Even if Moscow were to co-operative,
there is also the question of interna-
tional monitoring of the border, a task
the original ceasefire assigned to the
Organisation for Security and Co-opera-
tion in Europe. But it has lacked man-
power to police it.
“With the 400 monitors we have for
all of Ukraine now and the . . . border
under separatist control some 400km
long, it’s very challenging to do proper
border monitoring,” said Michael
Bociurkiw, of the OSCE.
Mr Bociurkiw added that the rebels
had repeatedly limited access of OSCE
monitors to border areas. But the moni-
tors had still detected “significant
movement” of unmarked military con-
voys within rebel-held areas.
Without securing the gaping hole in
Ukraine’s eastern border, Lt Gen
Romanenko warned that another cease-
fire would buy only a little more time for
Ukraine. “The Russian arms build-up in
the region will continue,” he said, “giv-
ing way eventually to more fighting.”
$7bn of debt stands to lose
most if Kiev imposes haircut
ELAINE MOORE — LONDON
Ukraine is widely expected to impose a
haircut on private sector creditors
under the terms of a bailout from the
International Monetary Fund. If so,
then one investor stands to lose more
than any other: Michael Hasenstab, the
fund manager renowned for taking
unpopular bets on government debt.
Through vehicles at Franklin Temple-
ton, the US money manager based in
California, Mr Hasenstab owns about
$7bn of Ukrainian debt, making him the
country’s biggest private bondholder.
He has seen rewards for some contrar-
ian moves, which included a large pur-
chase of Irish debt in the midst of the
eurozone crisis and investments in
Hungary and Uruguay.
But as the crisis in Ukraine has esca-
lated Mr Hasenstab’s position has suf-
fered, leaving his $69bn Templeton Glo-
bal Bond Fund and others down about
$3bn on the investment, according to
Bloomberg data, encouraging a flood of
client money to leave at the end of last
year. Alongside Mr Hasenstab, invest-
ments in Ukraine’s eurobonds are split
between household financial names,
including BlackRock, Allianz and Fidel-
ity, most of which hold no more than
2.5 per cent of any individual Ukrainian
bond.
In addition to its publicly traded
bonds Ukraine also owes $3bn to Russia,
which is due to mature in December.
But Mr Hasenstab, who began invest-
ing in Ukraine in 2010, has the most at
stake. He was originally drawn by the
country’s relatively low level of debt to
gross domestic product, promising agri-
cultural sector and high yields available
on bonds. Over the years he has topped
up his position, reiterating his belief in
the long-term potential of Ukraine,
thanks in part to its strategic position,
geographically and geopolitically, at the
crossroads of Europe and the east.
Mr Hasenstab said — in an interview
with the Financial Times in June — the
difficulties the country faced were polit-
ical, not economic, and he felt comforta-
ble the tensions would be resolved.
“Ukraine should have linkages with
Europe . . . but it should also have link-
ages with Russia and I think the Nato
inclusion was probably one of the larg-
est motivations of Putin’s military
aggression and now that is taken off the
table,” he said.
Instead, the crisis has deepened, with
the death toll passing 5,300 and the
country’s economy crumbling.
As a consequence, Ukrainian bond
prices have slumped in the past 12
months and now trade at a deep dis-
count to their face value, indicating that
investors expect a debt restructuring
that will hit them with losses. Bond
As the crisis in Ukraine
has escalated,
Michael Hasenstab’s
position has suffered
prices have rallied as hopes rise for a
deal with the IMF.
Prices for a $1.25bn bond that
matures in 2023 fell below 50 cents this
year but rose to 53 cents on the dollar on
Wednesday while a $500m bond due in
September rose from 58 cents to more
than 64 cents on the dollar.
Oxford Economics consultants said
hopes of a light restructuring rather
than a heavy haircut could be lulling
investors into a false sense of security.
Analysts at Barclays Bank said the most
likely outcome for private creditors was
a restructuring that would mean recov-
ery of about 60 cents on the dollar for
their investments. But, this could still
provide some investors with a gain,
depending on the terms and the price at
which they bought the bonds.
FT.com video
Martin Wolf and Ferdinando
Giugliano discuss Ukraine’s
economy and need for reform
www.ft.com/ukraine-imf

Interview. Ali Hasanov

West’s ‘double standards’ attacked
Azerbaijan is loath to follow
demands to arm Kiev after
stance taken over Armenia
TONY BARBER AND JACK FARCHY — BAKU
Azerbaijan distanced itself yesterday
from growing demands in the US to arm
Ukraine against pro-Russia separatists,
a stance reflecting concern in Baku
about the conflict’s potential impact on
national security and domestic stability.
“In general, Azerbaijan is against mil-
itary forms of solving conflicts. We
believe that there are more powerful
tools for solving conflicts than military
ones,” Ali Hasanov, the spokesman for
President Ilham Aliyev, told the Finan-
cial Times in an interview.
Azerbaijan avoids aligning itself
explicitly either with the west or Russia
in its foreign policy, but it joined west-
ern countries at the UN last year in vot-
ing for a resolution that rejected Russia’s
annexation of Crimea and supported
Ukraine’s territorial integrity.
Mr Hasanov said Azerbaijan was dis-
appointed that western governments
had not taken an equally firm stand
against Armenia’s seizure, in a war in
the early 1990s, of the enclave of
Nagorno-Karabakh and seven other dis-
tricts located in Azerbaijan.
“Our objection is to the double stand-
ards in the west on this issue. In one con-
flict the west calls them separatists, in
the other they don’t,” Mr Hasanov said.
He blamed a recent spate of violent
incidents between Armenian and
Azerbaijani forces on “internal forces in
Armenia who are trying to strengthen
their positions”. He suggested the US
and its allies should take action to eject
Armenia from international bodies,
such as the Council of Europe and the
Organisation for Security and Co-opera-
tion in Europe.
Ukraine’s conflict poses awkward
choices for Baku, which was disturbed
both by the pro-democracy revolution
in Kiev a year ago and by the Russian
retaliation. Mr Aliyev and his govern-
ment regard the preservation of inde-
pendence — achieved from the Soviet
Union only 24 years ago — and domestic
political peace as key priorities.
Tensions emerged in Baku’s relations
with the US last year as the authorities
tightened domestic political conditions
and clamped down on independent
media in a country where opponents of
Mr Aliyev’s government were already
Ilham Aliyev: his government has
clamped down on the media
allowed little scope. But Mr Hasanov
struck a conciliatory note towards the
US, emphasising Baku’s co-operation
with Washington on counter-terrorism
and energy, and blaming disagreements
over human rights on US-based non-
governmental organisations.
“Unfortunately, there are forces who
use these incidents to cause a deteriora-
tion in US-Azerbaijani relations and to
undermine the image of Azerbaijan,
which is committed to its strategic part-
nerships with western countries,” he
said.
Mr Hasanov noted that Azerbaijan
shared a problem with western coun-
tries in that about 300 Azerbaijanis had
gone to fight in Syria with Islamist
extremists, posing a potential security
threat upon their return home.
“Some forces want to see Azerbaijan
as a radical fundamentalist country.
Some forces are intent on undermining
the secular path of Azerbaijan,” he said.
According to sketchy reports in the
Azerbaijani media, a number of citizens
have been arrested for fighting in Syria
under a stricter antiterrorism law
adopted in March 2014.
“I think a few hundred citizens of
western countries going to the region is
probably less dangerous than a few hun-
dred Azerbaijanis going there,” Mr Has-
anov said, alluding to Azerbaijan’s rela-
tively small population of 9.5m.
Mr Hasanov said the government was
confident it could ride out the effect of
sharply falling oil prices, partly because
it was introducing taxes on bank depos-
its, property sales and luxury items.
Editorial Comment page 10

Embassy closed

Yemen rebels seize US envoys’ armed vehicles

GEOFF DYER — WASHINGTON
Rebels in Yemen seized vehicles owned
by the US government yesterday after
American diplomats closed the
embassy and fled the country.
Along with Britain and France, the US
said yesterday that it was suspending
activities at its embassy in Sana’a
because of deteriorating security in
Yemen after the government takeover
by Houthi rebels.
The remaining diplomats at the US
embassy were flown out of Yemen on a
private jet from Oman and were on their
way back to Washington, the state
department said.
However, the armed vehicles and
equipment that the diplomats left at the
airport in Sana’a were seized shortly
after their departure. Reuters reported
that the vehicles were taken by armed
Houthi rebels.
The departure of US and other west-
ern diplomats underlines the growing
unease in Yemen, which has been
thrown into political chaos by the
advances of Houthi rebels from the
north who formalised their power grab
last week by dissolving parliament.
The decision means the US has closed
four embassies in the Middle East and
north Africa in recent years because of
instability across the region, including
in Libya, Syria and Somalia.
Given the large number of military
and intelligence personnel who were
also based at the embassy, the closure
poses new problems for US counter-
terrorism operations in Yemen, which
the Obama administration had pointed
to as a model for other countries.
6 ★★★
FT analysis
Greece likely to need extra €38bn this year
Eurozone ministers as far
apart as ever in stand-off
with new government
PETER SPIEGEL — BRUSSELS
Eurozone finance ministers met for the
first time as a group with their new
Greek counterpart yesterday, with posi-
tions over what to do about the coun-
try’s bailout as far apart as ever.
But one thing is indisputable in the
stand-off between Athens and creditors,
whatever the outcome of the latest
round of talks: Greece will need another
rescue package later this year and it
could be big.
Eurozone officials say that both Yanis
Italy
Death of 300 migrants spurs calls for EU rescue action
JAMES POLITI — ROME
As many as 300 people are feared dead
after attempting to reach Italy on
inflatable dinghies in stormy weather
in one of the Mediterranean Sea’s worst
maritime disasters, sparking calls for
European authorities to fund more
search-and-rescue operations.
Based on accounts from survivors, the
UN refugee agency (UNHCR) said that
four rubber boats carrying migrants
mainly from sub-Saharan Africa left a
Libyan beach on Saturday, but scores
drowned in international waters in high
waves and freezing temperatures.
The death toll, if confirmed,
approaches that of a shipwreck off the
Italian island of Lampedusa in October
2013 that killed 366 migrants, triggering
the launch of Mare Nostrum, an expan-
sive search-and-rescue mission in the
Mediterranean run by the Italian navy.
But Mare Nostrum was wound down
at the end of last year due to its lack of
support in many European countries
grappling with rising anti-immigrant
sentiment.
The main objections to the rescue
missions were their high cost and a
belief that they were encouraging more
migrants to attempt increasingly risky
sea crossings.
The end of Mare Nostrum coincided
with the beginning of Triton, a pan-Eu-
ropean border control mission, but its
scope is confined to patrolling waters
only up to 30 miles off the Italian coast-
line and is not primarily designed for
search and rescue.
This week’s tragedies have revived
criticism that Triton is not enough to
prevent widespread deaths in the Medi-
terranean.
A record 170,000 people reached Italy
by sea in 2014, with an estimated 3,000
dying on the way. “[Triton] is not pro-
viding the necessary tools to cope with
the scale of the crises,” said UNHCR yes-
terday. “Saving lives must be a priority
for the European Union,” it added.
Nils Muiznieks, the Council of
Europe’s human rights commissioner
tweeted that the latest loss of life was
“preventable”.
“The EU needs effective search and
rescue. Triton does not meet this need,”
he added.
Enrico Letta, Italy’s former prime
minister who launched Mare Nostrum,
said the operation needed to be brought
back “whether the other European
Varoufakis, the new Greek finance min-
ister, and Prime Minister Alexis Tsipras,
have acknowledged this privately.
Only four months ago, it appeared
that Athens could forgo another full-
scale EU bailout and take a line of credit
instead. It appeared then that the Greek
government was making progress in
convincing private credit markets to
fund its fiscal needs.
That is no longer the case. Eurozone
officials are understandably reluctant to
estimate the size of another Greek bail-
out — and not just for political reasons.
Trying to guess how much Athens will
need without digging through Greece’s
books is a fraught affair, especially since
tax revenues have reportedly begun to
dry up and it has been months since the
Lucky few: survivors arrive in Lampedusa yesterday after a terrifying ordeal. Up to 300 died after fleeing Africa — Antonio Parrinello/Reuters
Migrant border-related
deaths
2014
East Africa 251
Horn of
Africa Other 375
265
North
America 3279
307 540
Bay of
Bengal
Mediterranean
Source: International Organisation for Migration
FINANCIAL TIMES
INTERNATIONAL
troika members (EU, International
Monetary Fund and European Central
Bank) did their last full analysis.
But a quick analysis shows a third
Greek bailout could run to as much as
€37.8bn if Mr Varoufakis’s plans — pre-
sented last night — are adopted in full.
EU officials are already doubtful
whether Greece’s 18 eurozone partners
are prepared to cough up that kind of
money given recent rancour.
In the last bailout review nearly a year
ago, the IMF estimated Greece’s current
bailout was already €12.6bn short.
That rises to €14.4bn when you add
the €1.8bn remaining in the EU’s por-
tion of the current €172bn rescue which
will disappear if Athens, as it insists it
will, allows the bailout to lapse at the
countries want it or not, if it makes us
lose votes or not”.
The current Italian government led
by Matteo Renzi, prime minister, has
been relatively quiet about the latest
deaths in the Mediterranean. The inte-
rior minister, Angelino Alfano, had been
a fierce advocate for ending Mare Nos-
trum.
But Paolo Gentiloni, the foreign min-
ister, on Tuesday said Triton was “insuf-
ficient”. “We need to deploy more
resources . . . there needs to be more of
an effort in search and rescue at sea,” Mr
Gentiloni said in New York.
Pope Francis, who in November told
the European Parliament that the Medi-
terranean should not be turned into a
Food security
Australia cracks down on foreign farm and property investors
JAMIE SMYTH — SYDNEY
Australia is tightening scrutiny of for-
eign ownership in agriculture and real
estate to combat public fears that Chi-
nese investment is forcing up house
prices and could potentially under-
mine the country’s food security.
From next month, purchases by foreign
investors of agricultural land worth
more than A$15m (US$11.6m) will be
subject to regulatory approval from
Australia’s Foreign Investment Review
Board. The previous threshold was
A$240m.
The Australian tax office will under-
take a stocktake of agricultural land
ownership by foreign owners, and new
rules on foreign investment in residen-
tial real estate will be outlined in “com-
ing weeks”, according to Canberra.
“Foreign investment is important to
us, but it’s got to be investment that
serves our national interests,” said Tony
Abbott, Australia’s prime minister.
The ruling Liberal-National coalition
has previously said that Australia is
open to foreign investment, and last
year signed trade deals with China,
Japan and South Korea.
end of the month. The new government
has also insisted it will halt a bailout-
driven privatisation programme.
Assuming a new bailout will cover the
next three years (as the last two did),
that is a loss of €8.5bn, pushing the price
tag to €22.9bn.
Next, the government wants to run a
smaller primary surplus (before inter-
est payments) than its predecessor.
According to IMF documents, a surplus
of 1.5 per cent of gross domestic product
would require Athens to find an extra
€14.9bn over three years, presumably
from bailout cash. That brings the total
needed for a new bailout to €37.8bn.
The government has argued some of
those new debts could be lowered by
decreasing the amount Athens has to
“vast cemetery”, intervened again. “I
wish to assure my prayers for the vic-
tims and once again encourage solidar-
ity so that no one is without necessary
aid,” he said.
However, it is unclear whether there
is the political appetite across European
capitals to put more money into Triton
— or to expand its mission beyond bor-
der control.
The International Organisation for
Migration, based in Geneva, said that
based on the events of this week, this
year’s “people smuggling season has
begun sooner than expected and prom-
ises to be deadlier than in previous
years”.
Migrants often pay thousands of dol-
However, the agricultural sector is a
sensitive issue among the National
party’s rural base, a fact underlined
when the government in 2013 blocked a
A$3.4bn takeover of GrainCorp by US
company Archer Daniels Midland.
Foreign ownership of agricultural
land was a hot topic before the 2013
election, with a Vote Compass Survey by
state broadcaster ABC finding that
three-quarters of people wanted more
restrictions on land sales.
A Lowy Institute poll last year found
that 56 per cent of people thought there
was too much Chinese investment in
Australia, compared with 37 per cent
who said it was the right amount.
“There is concern among a rural con-
stituency that land will be bought by
Chinese investors, who will export all
the products and distort export prices,”
said Hans Hendrischke, professor of
‘Foreign investment is
important, but it’s got to
be investment that serves
our national interests’
pay in interest on its bailout loans every
year. But there is little scope for writing
off debts to the IMF and the ECB. And
Greece is not due to pay any interest to
its eurozone creditors in 2015 or 2016 in
any case under a previous moratorium.
So a third bailout could reach
€37.8bn, and that is a best-case scenario,
since it is based on previous but now
outdated assumptions of healthy tax
receipts and solid economic growth.
It could be even higher if the IMF was
excluded from a third bailout, as Athens
and some European Commission offi-
cials would like. The IMF is still due to
disburse €16bn over the next year —
money that the eurozone would have to
replace.
www.ft.com/brusselsblog
lars to human traffickers who arrange
their journeys both on land and on sea,
often in rickety vessels that would nor-
mally be unfit for navigation.
The IOM said that one survivor in
Lampedusa this week described the
smugglers’ abusive behaviour in con-
versations with its staff.
“They forced us to climb aboard the
ship with guns and sticks, robbing us of
all our belongings,” one said.
Of the four boats that left Libya on
Saturday, one remained missing, and
two were rescued with just nine people
combined on board. Another boat was
rescued, with more than 100 on board,
but 29 died of hypothermia before
reaching Lampedusa.
Chinese business at the University of
Sydney. “But the fact is that investment
in agriculture is needed and the volume
of Chinese investment in agriculture is
lower than many people think.”
Between 2006 and 2012 Chinese
investors sank A$1bn into Australian
agricultural businesses, which
amounted to 2 per cent of total Chinese
investment in the country.
This compared with A$36.8bn invest-
ment in mining, according to a report
entitled Demystifying Chinese Invest-
ment in Australian Agribusiness, com-
piled by KPMG and Sydney university.
But agreement on a trade deal
between China and Australia in Novem-
ber has heightened interest in Aus-
tralia’s agricultural sector. Chinese
group New Hope is investing up to
$500m in Australian dairy farms and
processing plants as part of a deal with
Freedom Foods, a company listed on the
Australian Stock Exchange.
Chinese state companies have also set
up the Beijing Australia Agricultural
Resource Co-operative Development
Fund, a $3bn fund to invest in agricul-
ture. But there are concerns that scru-
tiny of foreign deals is insufficient.
Thursday 12 February 2015
Shipwreck
Captain given
16 years’ jail
for Concordia
cruise tragedy
GIULIA SEGRETI — ROME
The captain of the Costa Concordia, the
Italian cruise ship that capsized in Jan-
uary 2012 off Giglio island causing the
deaths of 32 people, was sentenced to
16 years in prison by a court in Tuscany
yesterday.
A three-judge panel in Grosseto, where
the trial opened in July 2013, found
Francesco Schettino guilty of man-
slaughter. He was also convicted of caus-
ing shipwreck and abandoning ship, and
was banned from holding public office
for life.
Unless he successfully appeals, the
verdict marks the final chapter in a trag-
edy that shook many Italians as well as
the country’s reputation. The sinking
came during a severe economic down-
turn, at the height of the eurozone crisis,
and two months after Silvio Berlusconi
had resigned as prime minister under a
sex-scandals cloud.
Captain Schettino had denied the
charges, claiming he saved lives by
steering the ship closer inshore after it
hit a reef. He said he had not abandoned
ship but had “tripped” into the lifeboat
that brought him ashore before many of
his passengers. Yesterday, before the
verdict, he decried his vilification by the
media in a tearful appearance before the
court.
“Along with the 32 victims of the ship-
wreck, I died too,” Capt Schettino said.
“All the responsibility has been loaded
on to me with no respect for the truth or
for the memory of the victims.”
Maria Navarro, prosecuting, had
requested 26 years at the end of January,
accusing the captain of “lying to every-
one . . . and never accepting responsi-
bility.” Another member of the prosecu-
tion described Capt Schettino as “an
incautious idiot”, accusing him of “con-
scious negligence” in the shipwreck dur-
ing the closing arguments. Capt Schet-
tino will remain free pending his appeal.
On the night of the accident, the cap-
tain deviated from the ship’s route to
perform a salute to the island, known as
an inchino, or “taking a bow”. However,
he brought it too close to shore. The
Costa Concordia struck rocks off the
island, causing a 50m tear in its hull,
which led the ship to lose electricity,
engine power and eventually to sink.
The 290m-long vessel, with more
than 4,200 passengers and crew, had
left the port of Civitavecchia only hours
before and was at the start of a week-
long cruise around the Mediterranean.
Capt Schettino initially minimised the
scale of the accident and delayed the
evacuation. Once that had begun in the
dark, some passengers tried to save
themselves by jumping into the sea. As
well as the 32 people who died, more
than 150 were injured.
In July 2014, the ship was towed away
and taken to Genoa, marking the end an
unprecedented salvage operation, cost-
ing an estimated €1.5bn. The last vic-
tim’s body was recovered by salvage
workers only in November, nearly three
years after the sinking.
Five other defendants sought plea
bargains in the case. Costa Cruises,
owner of the Concordia, paid a €1m fine,
thereby avoiding trial. It also agreed to
pay thousands of euros in compensation
to survivors.
Carnival Corp, the world’s biggest
cruise operator which owned Costa, was
also hurt by the disaster.
Simon Talbot, chief executive of the
National Farmers Federation, said while
foreign investment was important to
Australia’s booming agriculture sector,
it was critical that the government had a
full picture of who owned agricultural
assets, where and why.
Similar concerns have been expressed
about a lack of proper scrutiny of
foreign investment in real estate, which
has been cited by some as a factor in
fast-rising house prices in Sydney and
Melbourne.
A parliamentary inquiry recently rec-
ommended the creation of a new data-
base of foreign buyers and the introduc-
tion of a fee on processing purchases.
Credit Suisse said last year that Chi-
nese investors and newly arrived immi-
grants had spent A$24bn on Australian
property over seven years. The bank
forecast they would spend an extra
A$44bn in the next seven years.
“It is clearly an issue in our metropoli-
tan areas that there is seemingly an
increase in unlawful acquisitions of
existing residential real estate by for-
eign persons,” said Joe Hockey, Aus-
tralia’s treasurer. “You will see some
action in the not-too-distant future.”
Thursday 12 February 2015 ★★★ FINANCIAL TIMES 7

INTERNATIONAL

Political gamble Trade

Obama urges Congress to back war on Isis US calls for

White House seeks vote
for three-year campaign
against jihadi terrorists
GEOFF DYER — WASHINGTON
Six months after US planes began
bombing jihadi militants in Iraq and
Syria, President Barack Obama is taking
a political gamble by asking Congress to
approve the military operation.
The White House sent to Congress
yesterday a new war powers resolution
to authorise a “limited” military cam-
paign against the Islamic State in Iraq
and the Levant, or Isis, for the next three
years. It is the first time since 2002 that
an administration has asked Congress to
vote on the fight against jihadi
terrorists.
At a time when the White House is
also debating whether to send arms to
Ukraine, the administration is hoping a
strong bipartisan vote in Congress will
provide broader backing for a military
campaign in Iraq and Syria that is
expected to last a number of years and
could soon turn politically unpopular.
In a statement at the White House, Mr
Obama said the resolution was designed
to give the “flexibility we need for
unforeseen circumstances”. He would
consider using US forces in Iraq or Syria
if, for instance, the US received informa-
tion about a meeting of Isis leaders.
But he insisted that the US was not
getting “dragged back into another pro-
longed ground war in the Middle East”.
The resolution was “not the authorisa-
tion of another ground war, like Afghan-
istan or Iraq”.
However, the risk is that the proposal
backfires, because it satisfies neither
Republicans who want a more aggres-
sive strategy against Isis, nor Democrats
who are deeply wary of a new open-
ended commitment to a war against
Islamist terrorism.
Even some in Congress who are strong
backers of the military operation fear
that the new resolution could become
bogged down in partisan political fight-
ing that will damage US credibility.
“I worry about that a lot,” said John
Congress has been asked to approve the fight against jihadis, which could lead to more air strikes like the one in Kobani, Syria, in October — Gokhan Sahin/Getty Images
McCain, the Arizona Republican who
now chairs the Senate armed services
committee.
In an attempt to address concerns in
Congress, the administration has writ-
ten a resolution text that is both broad
and narrow.
Although operations against Isis have
so far only been in Iraq and Syria, the
resolution places no geographic limits
on the fight against either Isis or what it
calls “associated persons or forces” — a
phrase that has been used in the past to
justify counter-terrorism operations
against a range of groups.
However, at the same time the resolu-
tion calls on the next president to return
to Congress in three years’ time either to
justify or to change the military cam-
paign and bars the US military from
conducting what it calls “enduring
offensive ground combat operations”.
As the debate starts to kick off in Con-
gress, the most controversial issue will
be the potential use of US ground troops
in the conflict. There has already been
some tension between the president,
who has repeatedly pledged to avoid
sending such troops, and the Pentagon,
which wants some military personnel to
be present during any ground offensive
to retake towns in northern Iraq.
“If we are going to defeat this enemy,
we need a comprehensive military strat-
egy and a robust authorisation, not one
that limits our options,” said House
Speaker John Boehner. The request does
not give military commanders “the flex-
ibility and authorities they need to suc-
ceed and protect our people”.
“Rather than expanding his legal
authority to go after Isil [Isis], the presi-
dent seems determined to ask Congress
to further restrict the authority of the
military to confront this threat,” said
Kevin McCarthy, the House majority
leader. However, a number of Demo-
crats, who are mostly deeply opposed to
the return of ground troops to Iraq, said
there needed to be more specific restric-
tions on what the US military can do.
Tim Kaine, a Democratic senator for
Virginia, said that the phrase adopted
by the administration about “enduring”
ground operations was too “vague and
ill-defined” and could be used to justify
extensive involvement of US forces.
A proposal he introduced last year
says that US forces can be used against
Isis only in specific circumstances, such
as search-and-rescue operations, pro-
viding information for air strikes and
special operations forces.
Some Democrats also fear that the
resolution could permit the launch of
military operations against jihadi
groups in countries such as Libya or
Nigeria without consulting Congress.
WTO talks on
China export
subsidies
SHAWN DONNAN — WASHINGTON
LUCY HORNBY — BEIJING
The US has launched a challenge to
what it says are illegal Chinese export
subsidies for sectors ranging from agri-
culture to medical goods, attacking
Beijing at a time when President
Barack Obama is seeking support from
Congress for an aggressive trade
agenda.
Washington said yesterday it had
requested formal talks at the World
Trade Organisation with China over its
use of “demonstration bases”, or special
government-supported industrial clus-
ters. The request is the first step in
bringing a case at the WTO.
The move against China comes as the
Obama administration is pressing for
Congress to grant it “fast-track” powers,
or Trade Promotion Authority.
Securing that would allow the US to
wrap up negotiations over a 12-country
Trans-Pacific Partnership, which is
nearing conclusion and is being sold in
part to respond to China’s economic
rise. But the president is facing resist-
ance from Democratic party members
and labour unions, many of whom say
that past trade agreements have con-
tributed to the offshoring of jobs, stag-
nant wages and the economic hollow-
ing-out of the middle class.
The administration says its trade
push is part of an effort to repair the
damage done by past trade agreements
and to create high-paying jobs for US
workers, as part of what the president
calls new “middle-class economics”.
Launching the case against China yes-
terday, Mike Froman, the US trade rep-
resentative, called it “evidence that
President Obama . . . will be unflinch-
ing in standing up for the rights of
American workers in the world”.
Washington alleges China provides
discount services and cash bonuses tied
to export performance to businesses
located in 179 “demonstration bases”.

Brazil. Dry spell

Drought sparks fears of energy shortages

Low recent rainfall has raised
the spectre of water rationing
for homes and businesses
JOE LEAHY — SAO PAULO
With Brazil’s economy in a slump, there
are few companies in São Paulo that can
boast they are doing a roaring trade.
But water tanker operator Gota de
Cristal Água Potável, or Crystal Drop
Drinking Water, cannot keep up with
orders since the worst drought on
record to have hit South America’s larg-
est metropolis.
“We are working nonstop,” said Gota
de Cristal driver Emerson Prado, who
was supplying a laundry near Vila Sônia
in São Paulo’s west. “The way things are
going, the water will run out altogether,”
said the driver, who says the company
draws its water from its own wells.
Mr Prado’s pessimism is not far-
fetched. With a population of more than
20m in the greater metropolitan region,
parts of São Paulo — Brazil’s economic
powerhouse — are running out of water.
The city’s troubles are part of a
drought afflicting the country’s south-
ern and central states that is drying up
hydropower dams. In a country that
depends on hydropower for about
70 per cent of its electricity, this is
threatening to create an even bigger
problem for Brazil’s economy — energy
rationing.
While the water shortage is a head-
ache for the state governor, Geraldo
Alckmin of the opposition PSDB party,
energy rationing would hurt the federal
government of President Dilma Rouss-
eff and her left-leaning Workers’ party.
“If we continue with these low
levels of water in the reservoirs, it will
be really difficult to avoid rationing
in Brazil,” said Mauro Storino, senior
director at Fitch Ratings.
The worst-hit reservoir system is
Cantareira. Set in hills near São Paulo’s
international airport, this serves 6.2m
people in the metropolis’s central and
surrounding areas. But it is operating at
just 6.1 per cent of its capacity — includ-
ing reserves that are not usually tapped.
Poor rainy seasons, which run
between November and April, have in
recent years meant that inflows to
Cantareira in January were less than
one-sixth of historical averages, pointed
out Vicente Andreu Guillo, president of
the ANA, the national water regulator,
on the organisation’s website. “The
operation of Cantareira is continuing on
the expectation that there will be abun-
dant rains,” Mr Guillo wrote.
He said that efforts to economise had
so far been inadequate “in the face of a
drought that continues to surprise”.
José Carlos Mierzwa, an academic at
the University of São Paulo, said that
unless it rained heavily in the second
half of the wet season, severe rationing
was unavoidable. He said that although
São Paulo’s population growth had
slowed, the rise of a new middle class
meant consumption was rising.
To meet this demand, the city was
importing water through subterranean
tunnels from regions farther away.
However, while finding new sources
was important, the city was missing
opportunities to recycle water supplies.
São Paulo treated only 30 per cent of its
sewage, turning its rivers into open sew-
ers that in turn limited the amount of
water available downstream. “This pol-
lution stretches a distance of about 100
kilometres,” said Mrf Mierzwa.
More worrying for policy makers in
Brasília is that the drought will spark an
energy crisis. In Brazil’s southeast and
central economic heartlands, the main
hydropower reservoirs are at just 17 per
cent capacity.
Brazil’s last drought in 2001 forced
energy rationing and helped end the
rule of the centrist PSDB party. Since
then the government has doubled the
participation of thermal plants in power
generation to compensate for any lack
of hydroelectricity in future droughts.
Mr Storino said the increased thermal
power and a better electricity transmis-
sion grid “partially mitigate the ration-
ing risk”. But even this safeguard would
reach its limits if it did not rain.
Rationing would be a disaster for Ms
Rousseff, a former energy minister,
whose approval ratings fell sharply this
month on a weak economy and a cor-
ruption scandal at state-owned oil pro-
ducer Petrobras.
“We expect negative gross domestic
product growth in 2015,” said Ilan Gold-
fajn, an economist at Itaú-Unibanco. He
said that the degree of decline would
depend partly on rationing and the cor-
ruption investigation.
Business is worried. Santiago
Chamorro, president of General Motors
do Brasil, said the carmaker had studied
bringing water in by truck for São Paulo
plants. “We are preparing for the worst
and hoping for the best,” he added.
The public, meanwhile, is stocking up
on water. Leroy Merlin, a home
improvement store, said demand for
water tanks for residential use rose 352
per cent last year. Some fear the crisis
could degenerate into street warfare in
São Paulo once the scarcity starts to bite
later in the year.
“In a little while it will be dangerous
for us,” predicted Gota de Cristal’s driver
Mr Prado. He said he feared people
would start randomly stopping water
trucks and then “ordering us to go to
their houses”.
AdditionalreportingbySamanthaPearson

Brazilian reservoir levels

Per cent

80
2008
2013
60
2001
40

2014 20
2015
0
Jan Dec A man tries to fish at a hydroelectric plant in Resende, 160km west of Rio de
Source: ONS
Janeiro. Hydropower generates 70% of Brazil’s electricity — Yasuyoshi Chiba/AFP
8 ★ FINANCIAL TIMES Thursday 12 February 2015

INTERNATIONAL

State of the nation address China

Zuma faces populist challenge over scandal Central bank

Opposition politicians
vow to disrupt president’s
opening of parliament
ANDREW ENGLAND — CAPE TOWN
When Jacob Zuma, South Africa’s presi-
dent, stands to deliver his state of the
nation address and open parliament
today, all eyes will be on the opposition
ranks because of fears that a ceremony
traditionally steeped in pomp and pag-
eantry could descend into farce.
The speech — Mr Zuma’s first policy
address of his second term — is intended
for the president to appraise his govern-
ment’s performance of the past year and
outline its priorities for the next 12
months. But the Economic Freedom
Fighters party, led by Julius Malema, a
militant populist, has vowed to use the
event to confront thepresident over a
scandal surrounding $22m of taxpayers’
money spent on Mr Zuma’s private
Nkandla homestead.
While the public prosecutor has rec-
ommended Mr Zuma repay some
money, he denies any wrongdoing.
But Mr Malema accuses the president
of avoiding parliament to dodge MPs’
questions on the issue — the reason he
wants to confront him during the
speech. If the EFF follows through with
its threats, the occasion could spiral into
chaos. In doing so, it would set the tone
for another tough year for both Mr
Zuma and South Africa, with a scandal-
Eurozone. Asset purchases
prone president overseeing a struggling
economy.
While many South Africans disagree
with the EFF’s plans to disrupt the presi-
dent’s speech, the perception that cor-
ruption has thrived under Mr Zuma’s
watch is far-reaching. And “Nkandla-
gate,” which is seen as a symbol of the
patronage and cronyism that have
blighted his administration, refuses to
disappear.
The result is that it and other scandals
are casting a shadow over Mr Zuma’s
term at a time when the “rainbow
nation” badly needs a boost as frustra-
tions mount over rampant unemploy-
ment, poverty and inequality. The prob-
lems are being exacerbated by an elec-
tricity crisis that is forcing Eskom, the
state utility, to enforce daily power cuts.
“The EFF has flushed [out] the issues
that are central in this country . . . it has
its finger on the pulse of the deep discon-
tent that we are in denial of,” says
Jay Naidoo, a founder of the Congress
of South African Trade Unions who
served in Nelson Mandela’s first post-
apartheid cabinet.
That discontent has recently mani-
fested itself the looting of foreign shops
in townships, during which at least five
people died, and violent protests against
the poor delivery of basic services. “No
one can deny there’s increasing anger
about the challenges we face,” Mr
Naidoo says.
In his speech, Mr Zuma will point to
the strides South Africa has made since
the end of apartheid and outline plans
to drive growth and tackle the country’s
problems. This will include references
to the government’s multibillion dollar
infrastructure programme and a
20-year national development plan.
But the power cuts mean there is little
chance of economic relief. Last month,
the International Monetary Fund down-
graded South Africa’s growth forecast
for this year to 2.1 per cent. That would
be better than the 1.4 per cent estimate
for strike-plagued 2014 but far below
what is needed to alleviate social prob-
lems. “What’s coming out of this is the
institutional framework of the country
is losing credibility,” says Kevin Lings,
chief economist at Stanlib, an asset
manager.
sharpens its
monetary
policy tools
GABRIEL WILDAU — SHANGHAI
China’s central bank engineered a quiet
revolution in monetary policy last year,
newly released data have shown, as
authorities invented tools to expand
the money supply in response to a
sharp fall in capital inflows.
For most of the past decade, the People’s
Bank of China’s challenge was to steri-
lise huge inflows of foreign exchange to
prevent runaway money growth. Its
task now is the opposite: find ways to
inject funds to fill the gap as inflows turn
to moderate outflows.
The PBoC’s latest monetary policy
report shows that base money creation
through central bank purchases of for-
eign exchange fell to Rmb640bn last

ECB breathes sigh of relief over quantitative easing year, a decrease of Rmb2.1tn from 2013.
By contrast, monetary policy tools —
including open market operations and
other forms of lending by the PBoC to

Markets respond positively China’s slowing capital flows

Annual increase in PBoC’s
to sensitive programme foreign assets (Rmb bn)
4000
but inflation test remains
FERDINANDO GIUGLIANO — LONDON 3000
CLAIRE JONES — FRANKFURT

On the eve of its historic decision to 2000

launch a quantitative easing pro-
gramme last month, the European Cen-
tral Bank faced a toxic mix of anxiety
and disillusionment.
Eurozone economic conditions had
been deteriorating, with inflation and
some measures of inflation expecta-
tions falling below the central bank’s
target of just below 2 per cent. Tensions
were simmering among central bankers
and politicians, and investors were scep-
tical the bank could deliver a big enough
bond-buying programme to rid the cur-
rency union of the threat of stagnation.
Now, three weeks since the controver-
sial move, the mood on the top floors of
the new ECB premises in Frankfurt is
more serene.
“The programme has been well
received, probably a lot better than if we
had launched it in September,” says one
ECB official, explaining that the interval
gave policy makers more time to con-
sider the shape of the asset purchase
programme.
When eurozone data for December
showed that prices had fallen 0.2 per
cent — the first slide into deflation for
five years — even critics conceded there
was scope for more monetary loosening.
That helped Mario Draghi, ECB presi-
dent, create a package that far exceeded
market expectations. It enabled the gov-
erning council to vow to keep buying
government bonds until inflation came
close to the ECB target.
Although some central bankers,
including Bundesbank president Jens
Weidmann, remained opposed to QE,
they signed up to a statement that the
programme was legitimate. ECB offi-
cials hope this show of unity will help
counter a threat of legal action against
QE in Germany where the policy is
loathed by the establishment.
Market reaction so far has been posi-
tive. While the ECB will not start its
monthly €60bn asset purchases until
March, investors have done some of its
job by pushing government and corpo-
rate bond yields to record lows. Nestlé’s
euro-denominated corporate bonds, for
example, have recently traded at nega-
tive yields, meaning investors would lose
moneybyholdingthemtomaturity.
New dawn: the While yields are at record lows, econ-
Frankfurt omists say it is difficult to disentangle
headquarters of the impact of the stand-off over Greece’s
the ECB, where debt from any positive effect because of
the mood on the QE. Dirk Schumacher, a Goldman Sachs
top floors is economist, says since yields have been
more serene falling for some time, “it’s hard to say
after initial whether recent developments in Greece
jitters over its are responsible for the more recent falls,
QE programme rather than a general change of risk sen-
Frank Rumpenhorst/EPA
timent because of QE”.
Since the ECB unveiled the pro-
gramme in late January, the euro has
fallen 2.7 per cent against the dollar. The
“five-year, five-year swap rate” — an
important gauge of what markets think
eurozone inflation will be by 2020 — has
also edged up from its record lows.
QE supporters on the central bank’s
governing council say they were not sur-
prised by the reversal in the swap rate,
arguing that there is a clear link between
the size of a central bank’s balance sheet
and inflation expectations. They say
that once the ECB had announced the
move to scoop €1.1tn in assets over the
course of the programme it was only a
matter of time before expectations
changed. But at 1.59 per cent on Tues-
day, the swap rate suggests markets are
not entirely convinced the ECB will hit
its inflation target of just below 2 per
cent by the end of the decade.
“It’s hard to make the case that the
announcement of QE has made much of
a difference on inflation expectations,”
says Mr Schumacher. “The five-year on
five-year rate is still below the level it
was at when Mario Draghi first drew
attention to it in August.”
The sharp drop in the euro is consid-
ered very important for recovery in the
eurozone but here, ECB policy makers
have been lucky. The recent strong eco-
nomic data in the US are nudging the
Federal Reserve closer to its first inter-
est rate rise since the financial crisis. As
a result, the euro is continuing the fall
against the dollar which started when
the ECB’s and Fed’s monetary paths
began to diverge.
Despite some positive signs, many
investors wonder whether QE can be
effective when government bond yields
‘QE is are so low. Some governing council
members say in response that, paradox-
working to ically, the low returns banks will earn on
lower the sovereign debt will create more incen-
tive to lend to companies and consum-
euro and ers, and boost growth.
boost However, lenders may decide not to
extend credit, particularly in some
exports, southern periphery countries, where
but this is domestic demand remains weak.
“QE is working to lower the euro and
benefiting boost exports, but this is benefiting Ger-
Germany many more than the periphery,” says
Alberto Gallo, economist at Royal Bank
more of Scotland. “The credit transmission
than the channel is still impaired as periphery
banks . . . lack capital.”
periphery’ The real test for the ECB will be
whether QE succeeds in raising infla-
tion, which in January plunged to minus
0.6 per cent due to falling oil prices. ECB
models predict QE will lift inflation by
0.4 to 0.7 percentage points over two to
three years. But much will depend on
whether governments take action to
raise long-term growth.
Jürgen Stark and Chris Giles page 11
1000
0
2005 07 09 11 14
Source: People’s Bank of China
commercial banks — injected Rmb2tn
in base money last year, compared with
a Rmb100bn drain in 2013.
“A change emerged in the base money
supply channel,” the PBoC said in typi-
cally understated language.
In a sign of the capital outflow with
which authorities are grappling, the
PBoC’s foreign assets fell by Rmb155bn
in the past six months, compared with a
Rmb1.4tn increase in the same period of
2013, as investors swapped renminbi for
foreign currency. In addition to market-
driven outflows, the drop in foreign
assets also reflects the PBoC’s interven-
tion in the forex market aimed at limit-
ing the fall in the renminbi.
Such intervention also contracts the
domestic money supply, as the central
bank sucks renminbi out of the banking
system and injects dollars.
Data on the PBoC’s foreign assets
broadly track more oft-cited figures on
China’s foreign exchange reserves, but
the assets series is considered a better
indicator of capital flow because it is not
marked to market when exchange rates
fluctuate.
The consequence of the shift from
inflow to outflow is that liquidity injec-
tions that were once taken as a sign of
easing now appear more akin to efforts
to maintain the status quo. PBoC’s move
last week to cut the required reserve
ratio on commercial banks is an exam-
ple. Previously, such moves were taken
as a sign of an easing bias.
But the stock market — which nor-
mally jumps on signs of monetary loos-
ening — fell the next day. Money market
rates, which once tumbled in response
to RRR cuts, have also barely budged.
“To understand if policy easing is
really happening, you need to look at
borrowing rates to the real economy,”
said Helen Qiao, chief greater China
economist at Morgan Stanley.

Reform drive Tools of the trade

PBoC seeks ways to
Spain’s education minister seeks to shake up underperforming universities counter slow inflows

China’s central bank has developed

TOBIAS BUCK — MADRID
José Ignacio Wert has been accused of
many things, but never of shying away
from controversy.
Since taking office in 2011, Spain’s edu-
cation and culture minister has angered
Catalans by urging schools in the north-
ern region to teach more classes in Span-
ish rather than Catalan. He is regularly
lambasted by the country’s actors and
directors for failing to prevent a rise in
sales tax on cinema tickets.
Now, in a year filled with tight elec-
toral contests, Mr Wert is taking aim at
one of the most incendiary political
issues on the national agenda — Spain’s
chronically underperforming universi-
ties. His rewards so far have been pre-
dictably slim: a student strike, criticism
from university rectors and a fresh
batch of polls highlighting Mr Wert’s
standing as one of the least liked mem-
bers of the cabinet.
The minister has pushed through leg-
islation that will lower the duration of
most basic university courses from four
years to three, bringing Spain closer into
line with practices across the rest of the
EU. The change will make it easier for
young Spaniards to spend some of their
studies abroad, but should also make
Spanish universities more attractive for
foreign students.
No less important, says Mr Wert, the
shift will force universities to update
and streamline their courses, which
critics say have long been out of sync
with standards elsewhere in Europe. As
such, the overhaul marks one of the last
reform efforts by the Spanish govern-
ment, following moves to tackle the
labour market, pension system and tax
code.
“We need to converge with Europe
and improve the excellence of our uni-
versities,” the minister said in an inter-
view. “We are currently isolated from
the rest of Europe. We currently don’t
recognise graduates from other coun-
tries with a three-year degree, even if
they come from Cambridge.”
In itself, the measure falls short of
wholesale reform, especially as it
remains far from clear how quickly the
law can be implemented (most univer-
sity matters fall within the remit of
Spain’s powerful regions).
The initiative is part of a campaign by
Mr Wert to shake up Spain’s 83 universi-
ties, which have long struggled to com-
pete with institutions around the globe:
according to a ranking published annu-
ally by Shanghai Jiao Tong University,
there are just 12 Spanish institutions
within the global Top 500. None is
ranked among the best 150.
Hoping to lift their performance, Mr
José Ignacio Wert: ‘We are currently
isolated from the rest of Europe’
Wert has allowed universities to raise
their tuition fees and moved to inject
more transparency into the system.
Next is a decree that will make it easier
for new universities to be launched, by
removing the need to offer courses in all
subjects.
One notable recent measure is a min-
istry website detailing the employment
prospects attached to various degrees.
The site is intended to provide a guide to
future students, and help nudge more of
them towards degrees that are sought
by prospective employers.
Mr Wert points out that about 60 per
cent of Spanish students choose courses
in social sciences, law, arts and humani-
ties — while less than 6 per cent study
natural sciences. According to ministry
data, this mismatch means that vast
numbers of graduates are unable to find
jobs in the fields they studied. Almost
one in four social sciences graduates
from 2010, for example, is now
employed in manual labour.
One goal of the government’s reform
drive is to end the one-size-fits-all
approach. “One of the main problems
we have is that we have created a very
provincial but uniform set of universi-
ties with most students simply going to
the university that is closest to where
they live,” says Mr Wert.
Under the current regime, universi-
ties are not encouraged to specialise in
certain academic areas, or to compete
for the best students and academics.
Funding, meanwhile, is allocated not
according to the quality of research and
teaching, but largely on the basis of stu-
dent numbers.
Following criticism from students
and deans, some academics acknowl-
edge that Spain’s system is ripe for
reform. “Moving from four years to
three is good for students. I know many
who now have difficulties going abroad,”
says José Ignacio Conde-Ruiz, an econo-
mist at Complutense University in
Madrid.
Beyond that, he says, the challenge
will be to shift the incentives: “There are
no incentives for good teaching and
good research.”
a bevy of monetary policy tools in
the past two years as it looks for
ways to keep base money growing
in spite of a slowdown in capital
inflows. Here are some of the tools
the People’s Bank of China has
developed since 2013.
Short-term liquidity operation
Allows banks to borrow funds for
up to three days in times of
extreme liquidity stress.
Standing lending facility
Lets commercial banks borrow from
the central bank for up to three
months. This tool is similar to the
Federal Reserve’s discount window
or the European Central Bank’s
marginal lending facility.
Pledged supplementary lending
The PBoC said it intended PSL to
support loans to sectors that
struggled to obtain credit, including
agriculture, small businesses and
shantytown redevelopment.
Gabriel Wildau
Thursday 12 February 2015
As deficits rise, pressure to cut costly subsidies on fuel and other products is growing. With falling oil
prices encouraging officials to act, Morocco has shown other countries how the reform can work.
M
orocco’s leaders held
their breath as the
moment approached.
Would riots erupt? Would
inflation jump?
But the day came and went. The last of
the country’s diesel fuel subsidies came
to an end on January 1, and hardly any-
one seemed to notice. Through a combi-
nation of two years of careful planning
and a public outreach programme — not
to mention a gigantic stroke of good for-
tune because of rapidly falling energy
prices — Rabat managed to end a 40-
year burden on its economy.
“The subsidies system was useful in
the time when Morocco started out just
after independence,” said Mohamed
Bousaid, Morocco’s minister of finance.
“There were a lot of people in need, and
it was the role of the state to stabilise
prices. But the subsidies became unsus-
tainable. The idea now is to target those
in need of help and support while trying
to get at the market price. But the
approach needs to be progressive, not
aggressive.”
For decades, expensive and unsus-
tainable subsidies on fuel and food have
curtailed growth in developing coun-
tries. Middle East and north African
nations typically spend between 5 and
10 per cent of gross domestic product on
subsidising petroleum and food prod-
ucts. In Egypt’s case, it is 14 per cent.
Yet for all the expense, they do little to
Fuel consumption subsidies
2013 (as % of GDP) Average
subsidisation rate
(% of total fuel cost)
0 5 10 15 20
Iran 77
Egypt 61
Venezuela 93
Algeria 78
Saudi Arabia 77
Iraq 53
UAE 65
Kuwait 78
Indonesia 31
India 20
Source: IEA
alleviate the suffering of the poor.
According to “Corrosive Subsidies,” a
World Bank study published in October,
between 60 and 80 per cent of energy
subsidies in the Middle East and north
Africa benefit the richest 20 per cent of
the people, with the poor receiving per-
haps 10 per cent of the outlays.
Fuel subsidies also contribute to
unemployment by strengthening capi-
tal-intensive industries such as petro-
chemicals or steel that require fewer
employees; increase air pollution and
cardiovascular illnesses by discouraging
public transportation; and hasten the
depletion of water resources in coun-
tries such as Yemen and Jordan by
encouraging machine-powered drilling,
the report says.
But rising budget deficits and interna-
tional pressure have forced some gov-
ernments to slash fuel subsidies that
have underpinned economies for gener-
ations, while falling oil prices have cre-
ated a golden opportunity to cushion
the blow.
In Egypt, authorities have cut the fuel
subsidy and plan to phase it out over five
years. They have also reconfigured the
food subsidy, cutting billions in losses to
the black market, and introduced a
points system that allows recipients to
spend unused portions of their allot-
ments on other staples. Malaysia has
significantly cut fuel and sugar subsi-
dies, while increasing cash transfers to
the poor. Indonesia, which spent 15 per
cent of its state budget on fuel subsidies
in 2014, reduced them all on January 1.
New Delhi’s opportunity
Perhaps the greatest opportunity for
change is in India, where recently
elected prime minister Narendra Modi
has pushed forward aggressively to end
diesel controls and increase natural gas
prices, part of wider attempts to wean
Asia’s third-largest economy away from
its use of heavy subsidies.
But experts also caution that dangers
lurk in subsidy reforms. A 2013 IMF
study examining 28 reform efforts said
12 cases were seen as successes, 11 as
partial successes and five as failures.
“One thing that came out with the fail-
ures was not having a good public infor-
mation campaign and not taking the
time to meet stakeholders when design-
ing the reforms,” said Benedict Clem-
ents, an energy specialist at the IMF.
Poor planning can result in disasters,
as Iran experienced after December
2010 when its then-president Mah-
moud Ahmadi-Nejad embarked on a
plan to cut $100bn in subsidies on
energy and other basic commodities.
But the plan went awry and wound up
costing the government money, with
cash transfers to consumers exceeding
any savings from subsidies reductions.
FT BIG READ. DEVELOPING ECONOMIES
By Borzou Daragahi
Taking a load off
LPG cylinders used in cooking are
loaded onto a ricksaw in Kolkata.
India’s Narendra Modi has increased
gas prices — Rupak De Chowdhuri/Reuters
Countries reducing fuel subsidies
Against price of Brent crude ($ per barrel)
1 2 3 4
Feb 2014
Sources: Thomson Reuters Datastream; IEA; FT research
Electronic payment
Cutting queues and
beating the black market
It is early morning but there are no
queues in front of the bakeries in the
narrow backstreets of Imbaba, a
teeming slum west of the Nile in Cairo.
Instead of a long line of disgruntled
customers waiting, sometimes for
hours, to receive a stack of misshapen
loaves of government-subsidised
bread, people walk into Mostapha
Abdel Wahhab’s bakery and present a
card, which he swipes through a
reader before handing over their
allocation.
“There are no crowds now,” says Mr
Abdel Wahhab. “This has been the
huge difference since the new bread
★ FINANCIAL TIMES
“I don’t have a formula for success,”
says Shanta Devarajan, the Middle East
and north Africa chief economist at the
World Bank. “I have certain principles.
One of my principles is that you have to
accompany subsidies reform with some
sort of transfer for the poor, and the rea-
son is not necessarily because the poor
are going to be hurt, but that it gives the
government some kind of cushion so
that the people who will protest cannot
say this is hurting the poor.”
Although some controls had been
lifted before Mr Modi’s election last
1 Iran
5 6 7
120
8 2 Tunisia
100 3 Egypt
4 Kuwait
5 India
80
6 Malaysia
60 7 Indonesia
8 Morocco
40
Feb
15
system was introduced here on August
19.”
Egypt’s experiment in subsidies reform
is among several attempts worldwide to
roll back or increase controls over
subsidies. India is also considering a
revamp of its $41bn food subsidy
programme using direct cash transfers
through smart cards.
Not only has Egypt’s overhaul of the
bread system succeeded in eliminating
queues, but it has also saved money for
the state, cut wasteful consumption and
ended the black market trade in
subsidised flour. It has even helped to
improve the notorious quality of the
bread. Instead of selling flour to bakers at
a massively subsidised price, the
government now provides it at the
market price, removing an incentive for
bakers to siphon it off to the black
market.
May, his government took advantage of
falling oil prices to scrap all diesel sup-
ports, managing to do so without the
widespread public protests from poorer
citizens that marred previous attempts
to lessen fuel import bills.
The decision helped to improve
Delhi’s fiscal situation, too, given that
diesel consumed a hefty $10.1bn out of a
total fuel subsidy bill of $23bn during
2014, according to Mumbai-based bro-
kerage Kotak.
Some analysts hope subsidy reforms
in areas such as food distribution and
fertilisers may be announced in India’s
budget later this month, but the coun-
try’s leader seems to judge that while
these systems are inefficient, they are
also often popular.
Incremental steps
Egypt’s subsidy reform effort has also
been measured. Standard-octane fuel at
the pump still only costs about E£1.67
($0.22) per litre despite a price hike last
July. Like India, Egypt’s leaders are
treading cautiously, for fear of a political
backlash. They have good reason.
“There are numerous examples of
subsidy reforms that have gone badly,”
says Damon Vis-Dunbar, former pro-
gramme manager at the International
Institute for Sustainable Development,
a think-tank. “In recent years we have
seen significant social unrest in coun-
tries like Sudan, Nigeria and Yemen in
response to steep increases in fuel
Cairo’s supply ministry tracks the
number of loaves sold by each baker
through the smart card system. Every
time a sale is made, a deposit is made in
the baker’s bank account equivalent to an
agreed cost price plus a profit margin.
The real cost of the bread including the
Improved supply of flour has lifted
the quality of Egypt’s bread
prices. That unrest has forced govern-
ments to backtrack on reforms.”
Political considerations — and a sense
of history — drove the decision by Vene-
zuela’s socialist president Nicolás
Maduro to be careful in even mention-
ing a rollback of his country’s generous
fuel subsidies. Thanks to subsidies and
enormous oil reserves, Venezuela has
the cheapest petrol in the world; people
generally tip the pump attendant more
than they pay for a full tank. At black
market exchange rates, $1 will buy more
than 1,000 litres of gasoline.
But with Venezuela’s economy in
recession, hit by lower oil prices, gallop-
ing inflation and widespread shortages
of goods, the embattled Mr Maduro
hinted last month he would remove pet-
rol subsidies that cost $12bn a year.
Many Venezuelans still remember the
rise in gasoline prices 25 years ago that
sparked deadly riots and opened the
door for Mr Maduro’s predecessor, the
late Hugo Chávez.
“I could consider more expensive
gasoline because it is a gift here,” says
Daniel Torres, a taxi driver in Caracas.
‘We are in the most
difficult part of subsidies
reform . . . What we feel
now is the deep plunge in
household buying power’
baker’s profit is around six times more
than the price to the customer.
Khaled Hanafi, minister of supply,
said up to 60 per cent of the
subsidised flour worth up $1.7bn used
to end up on the black market. “There
is no longer an illegal trade,” he says.
To encourage people to consume
less bread — and cut waste and the
practice of feeding it to farm animals
— another system allows those who
do not use up their full allocation to
accumulate points that they can
exchange for free groceries.
“I want citizens to rationalise their
consumption of bread,” said Mr Hanafi.
“This is not obligatory, but those who
want to can take against their points
free groceries which are actually
cheaper for the government to
provide [than the subsidised bread].”
Heba Saleh
9
Modi moves India has already
scrapped diesel subsidies, and other
reforms in areas such as food
distribution and fertilisers could follow
Proceed with caution Iran’s experience
in trying to remove S100bn worth of
subsidies highlights the dangers in
poor planning of reform programmes
Caracas challenge Nicolás Maduro has
hinted at a removal of petrol subsidies,
which cost $12bn a year. Such a move
would allow it to export more crude
“But we are already tired, suffering with
barren shelves and food prices rocket-
ing, and everyone knows officials will
steal every penny from higher petrol
prices.”
Ending the gasoline subsidy would
help narrow a fiscal deficit estimated at
some 20 per cent of GDP that is financed
by printing money, which only drives
further inflation. Amid declining crude
production, higher prices could allow
exports of some of the roughly 600,000
barrels a day of oil Venezuelans con-
sume as petrol, helping to rev up the
country’s strained finances.
International policy makers are
working to dispel the idea that subsidies
in oil-producing countries such as Vene-
zuela, Libya, Indonesia and the Gulf
states make more sense than in oil-im-
porting countries. “It’s just a mythical
notion that ‘we are just subsidising our
own oil therefore it’s not that bad,’” says
the World Bank’s Mr Devarajan.
Political change
Morocco took steps over several years to
make its subsidies reform effort a rela-
tive success. The Arab spring uprisings
in 2011 spurred its centuries-old monar-
chy to increase wages and subsidies to
keep social peace, but also to open up
the political system to allow a moderate
Islamist government led by prime min-
ister Abdelilah Benkirane to take power
in 2012. With a relatively broad base of
support and a desire to prove his novice
government’s management skills, it
became Mr Benkirane’s mission to sell
Moroccans on subsidies reform.
“It has to be communicated very
clearly what this means and what dam-
age the subsidies are doing,” says Mr
Devarajan. While Mr Maduro launched
slick television commercials with the
aim of convincing Venezuelans they pay
too little for petrol, the populist Mr Ben-
kirane embarked on a plain-spoken
drive to sell ordinary Moroccans on the
importance of removing subsidies, even
though it meant that prices for taxi rides
have increased by 25 per cent and that
household spending among the lower-
middle class has dropped.
“The prime minister explained it to
the people, continuously,” says Nizar
Baraka, Morocco’s minister of general
affairs, who oversaw parts of the reform.
The government implemented an
index system where subsidies for vari-
ous fuel products were slowly removed
on a set schedule and subsidies for cook-
ing fuel, used almost exclusively by the
poor, remain untouched for now. Half of
the savings from reduced subsidies were
partly allocated to programmes that
benefit poor schoolchildren and widows
as well as education and healthcare
infrastructure, officials say.
“Moroccans are convinced that all
politicians are thieves,” says Karim Tazi,
a Moroccan industrialist and one-time
backer of the prime minister who is now
a critic. “But they still believe that Ben-
kirane is not a thief, that he’s doing
things because he had to do them.”
Still, officials in Morocco and other
countries that embarked on subsidies
reform last year concede that they were
blessed with low energy prices. “We got
very lucky,” says Mr Baraka.
Low prices may not last. And in
Morocco, many say it remains too early
to judge the success or failure of the sub-
sidies reform experiment. Meanwhile,
civil servants have begun to grumble
that their salaries have not grown with
inflation. “We are in the most difficult
part of subsidies reform,” says Mr Tazi.
“What we feel now is the deep plunge in
household buying power. The flow of
VAT into Moroccan state coffers is going
down. Households have been hard hit.”
Nevertheless, low oil prices offer a
great opportunity for governments to
show they can provide alternatives to
subsidies. “The point of fuel subsidy
reform should be improved economic,
social and environmental conditions,”
says Mr Vis-Dunbar. “In the absence of
these improvements, the pressure to
subsidise fuel prices will persist.”
Additional reporting by James Crabtree,
Heba Saleh, Andres Schipani and Najmeh
Bozorgmehr
10
THURSDAY 12 FEBRUARY 2015
The west needs to rescue
the Ukrainian economy
There are fears that a new assistance package will not be enough
Ever since the Ukraine crisis erupted,
there have been two levers available to
western powers as they try to contain
Russia’s aggression against its neigh-
bour. The first has been to ratchet up
the penalties on Vladimir Putin’s gov-
ernment by means of economic sanc-
tions. The second has been to do every-
thing possible to shore up the Ukrain-
ian economy which continues to be at
risk of collapse.
In the next few days the focus of
international attention will once again
be on whether to punish Russia. Fol-
lowing last night’s summit in Minsk to
try and agree a ceasefire in Donetsk
and Lugansk, the west may have to
decide whether more sanctions are
needed to contain Moscow’s aggres-
sion. But whatever the outcome, the US
and its allies need to do far more to sup-
port the Ukrainian economy. All the
signs are that the latest efforts by the
International Monetary Fund and
donor countries are not going to be big
enough.
Ukraine’s economy remains in a dire
state, a situation exacerbated by the
fighting in the east of the country which
has brought production crashing at
coal mines and steel mills. Real GDP
shrank 8 per cent between the fourth
quarter of 2013 and the third quarter of
last year. Foreign currency reserves
plunged to $6.6bn in December 2014,
or about one month’s imports — well
below the three months considered a
prudent minimum. The hryvnia has
collapsed, which will lead to a spike in
inflation and reduced living standards.
Ukraine has long sought interna-
tional assistance from the IMF and
donor nations in response to this situa-
tion. Last April, the IMF pledged $17bn
of support plus $10bn from other
donors. At the end of last year, western
experts said a further $15bn would be
needed to stabilise Ukraine’s economy
— taking the total gap to be filled to
Watching football is both
expensive and worth it
Never expect a no-score-draw in the battle for television sports rights
In these deflationary times it is a rare
industry that can bask in double-digit
revenue growth, let alone one that
delivers the same product year on year.
But English football is no normal
industry and watching it is not the
cheap pastime it once was. It now takes
a typical worker roughly three hours to
earn the price of a match ticket; 50
years ago it would have been 30 min-
utes. Yet it is the soaring value of televi-
sion rights that has revolutionised the
business. When in 1992 the First Divi-
sion gave way to the Premier League,
insurgent satellite broadcaster BSkyB
won the right to screen 60 matches a
year for £630,000 each. This week,
what is now Sky television paid £4.1bn
for the rights to fewer than 400 live
matches over three years. At £10m a
match, screening Stoke against
Burnley costs more than top US drama.
The winners from this flood of
money are easier to identify than the
losers. Football clubs have benefited as
a whole, although many club owners
sleep less easily now that relegation
from the league comes at such a high
cost. But it is football’s star employees
that have really scooped the jackpot.
Player salaries absorb more than three-
quarters of a typical club’s turnover.
The average wage now exceeds £2m, a
20-fold increase since 1992 and up
more than three times in a decade.
In a roundabout way, all of this
money comes from the pocket of the
fans, who understandably feel rather
more ambivalent. Any other industry
that saw prices only ever going up
would soon come under the gaze of the
competition authorities. The difficulty
is that football has both competitive
and monopolistic aspects. The Premier
League has no direct rival; other
leagues or sports are an imperfect sub-
stitute. The clubs certainly compete
but they also enjoy monopoly power
over their fans: in theory at least, a
around $42bn. In the next few days, the
IMF and donor nations will announce
details of a new bailout programme.
But barring a last minute surprise,
their assistance looks set to be well
short of what is needed.
The fundamental obstacle to a bail-
out is that many donors think there is
no point lending money to Kiev unless
the fighting comes to an end. Their
argument is that if investors remain
worried about the basic stability of the
state, no amount of cash will shore up
investor confidence. This is why the
IMF has traditionally been reluctant to
lend cash to nations in conflict.
But this is no time for the west to be
grudging. Ukraine faces an existential
crisis and a significant assistance pack-
age — of maybe up to $50bn — is worth
the effort. If the package is large
enough and assistance is front-loaded,
there is a chance it will shore up eco-
nomic confidence and staunch capital
outflow. Financial assistance on this
scale would be small compared with
the hundreds of billions pumped into
Greece to stave off a eurozone crisis.
Such a package would also reinforce
the reforming zeal of the Ukrainian
government. It wants to shrink the
bureaucracy, eliminating dozens of
inspection agencies. It also aims to
unify all energy prices at the market
level, which would eliminate the great-
est cause of top-level corruption. This
is a radical programme that could have
dramatic impact — but it needs the
cushion of external economic support.
Punishing Mr Putin cannot be the
sole lever of western policy in this cri-
sis. The west will also be judged by what
it does to secure the future of Ukraine.
In the next few weeks, the Kiev govern-
ment needs to be engaged in a radical
reform programme that enjoys west-
ern support. The alternative is that the
Ukrainian economy fractures — pre-
cisely the goal Mr Putin is seeking.
Chelsea supporter should stay loyal
from cradle to grave.
Football is similarly complex when
viewed as a segment of the entertain-
ment industry. The vast sums paid for
viewing rights suggest fierce rivalry on
one level — as well as worrying about
each other, Sky and BT Group had to
look out for other would-be entrants to
their market.
But the battle for football rights is
only one part of a wider picture. Live
sport is that rare thing, a media experi-
ence still immune to the depredations
of the internet. Consumers can sign up
just for their chosen sport. Any net-
work without the necessary broadcast
rights either has to pay fees to another
or risk losing its customers.
It is not obvious whether football
fans are being taken advantage of
within this larger game of broadcast
monopoly. The communications regu-
lator Ofcom is sufficiently concerned to
launch an investigation into the matter.
But taken in the round the past 20
years for English league football must
be seen as a triumph. Unlike other clas-
sic English sports — anyone for cricket?
— football stadiums are full to bursting.
The Premier League diverts significant
sums to grassroots football, although a
small proportion of the total. More of
the world’s best players run out on to
English pitches than before.
Football is a complex industry
loosely connecting a passionate fan at
one end to a ludicrously well paid ath-
lete at the other. Its consumers reliably
choose “voice” over “exit” to express a
view: rather than basely shift alle-
giance to another team, disgruntled
fans shout their displeasure at the
pitch. Nobody forces them to subscribe
to watch at home, and when their team
struggles, they tend to yell at the man-
ager to spend even more on players. All
this suggests that the Premier League
fan is not having such a bad time of it.
★ FINANCIAL TIMES
As if hedge fund managers’ opinions count . . .
Sir, You are surely mistaken to
represent the views of investment
banks and hedge funds on a possible
Brexit as having equal merit (“City of
London split on Europe — banks want
to stay while hedge funds eye exit”,
February 9).
Hedge funds are, by definition,
ephemeral entities, with limited
institutional longevity. Usually they are
not-very-many man bands, which
thrive for as long as there are clients
willing to pursue the chimera of
absolute return. The views they
Rethink the relationship
between central bank
money and real growth
Sir, It is certainly an odd thing lending
money at a negative interest rate as
described in your editorial “Life below
zero must not become the new normal”
(February 7). But suggesting that a
possible solution to this recent
development could be the “unsterilised
transfers of cash to the public” is
troubling: if positive interest rates and
an increase in living standards are
merely a matter of free money, surely
history would have taught us this by
now? That it hasn’t suggests there are
limits to monetary policy, and perhaps
it is time for a fundamental rethink of
the relationship between central bank
money and real growth. Only then will
it become clearer when interest rates
can return to normal.
Quin Casey
London SW18, UK
ECB has been trying
to have it both ways
Sir, The ECB has attempted to justify its
decision (report, February 5) to
discontinue accepting Greek
government bonds as collateral for
lending to commercial banks on the
basis that Greece is not complying with
the “rules”. The “rules”, in this
instance, relate to the conditionality
attaching to the troika’s programme for
Greece, which has contributed to a
debt to gross domestic product ratio of
170 per cent and to the recent
democratic political catharsis in that
country.
The ECB’s decision is overly political.
It is intended to put additional political
as well as funding pressures on the
Greek government in its efforts resolve
a crisis which, at heart, reflects the
much wider institutional deficiencies
within the eurozone. It is also a
disingenuous decision. The recent
initiative by the ECB to engage in bond
purchases in the form of its QE
programme is itself highly problematic
in terms of the ECB’S own “rules”. The
decision was pushed through the board
on the basis of a (non-binding) Opinion
relating to the earlier and somewhat
different 2012 Outright Monetary
Transactions (OMT) programme.
The reality is that these initiatives
are equivalent to the monetary
financing of member countries and are,
therefore, contrary to the ECB’s own
“rules”. It’s not today or yesterday that
the ECB has been arrogating this kind
of “flexibility” to itself in relation to its
“rules”. Some years back Professor
Imelda Maher wrote: “The stark ‘no
bailout’ clause has simply been side-
stepped through the system of bilateral
Presidential
U-turns, fumbles,
fudges and gaffes
Mexico City
Notebook
by Jude Webber
Letters
express on political matters reflect
personal prejudices and the vested
interests of their founders. The major
banks, for all their faults, at least
undertake some economically valuable
activities, employ thousands of people
and (in the main!) pay their taxes.
They have a legitimate corporate
perspective to put forward.
Should institutional investors choose
to follow the (wise) example of Calpers
and others, the hedge fund business
might well turn out to be as transitory
a phenomenon in the history of finance
arrangements and the purchase of
government bonds by the ECB. Fiscal
necessity has trumped formal legal
rules in order to provide security to
shore up the euro and the markets’
confidence in it.” (Cambridge Yearbook
of European Legal studies, Vol. 12
2009-2010.)
It may be the case that the ECB needs
a broader, more flexible mandate.
That, however, has yet to be agreed. In
the meantime, the ECB cannot have it
both ways. It cannot argue that Greece
has not complied with the “rules” by
continuing to push through an
impossibly burdensome adjustment
process — one that is, after all, at the
very heart of the present crisis — while
selectively interpreting its own “rules”
and mandate. Nor should it be making
the already difficult position of the new
government in Athens even more
daunting by “leaning” on its domestic
banking system and, by extension, its
economy.
Ray Kinsella
Ashford, Co Wicklow, Ireland
Germany — take note of
Britain’s past successes
Sir, Bill Emmott (“Greece risks
repeating the mistakes of Little
Britain”, February 10) calls on the
Greek government to frame its
demands consistent with “German
policy making principles that can
persist and make Europe prosper”.
This does not take into account that
those principles operate in such a way
that the core economic power in the
eurozone runs a permanent trade
surplus with the zone it effectively
heads. This cannot persist, will not
make Europe prosper, and as it
happens will plainly take Greece to
disaster first.
An appropriate analogy is the
sterling area which Britain effectively
headed and which drove prosperity
and growth for a good slice of the world
Echoing former US President George
HW Bush in his 1988 “read my lips, no
new taxes” election vow, President
Enrique Peña Nieto pledged in
September’s state of the nation speech
neither new taxes nor higher tax rates
for the rest of his government. That is
a big promise when your term lasts
until 2018. Mexicans may be
wondering now whether they should
believe it.
Why? Because the government has
shown an alarming ability in recent
months to shoot itself in the foot —
and to backtrack on, or fudge, its
announcements.
Take the fall in oil prices in a
country that funds a third of its
government budget from oil. At first,
the government said it was protected
by its much lauded hedging policy,
which allows it to lock in a price for
the year ahead, in this case $76.4 per
barrel. Though well below peak prices,
this turned out to be very comfortable
given the plunge in prices and the
price of Mexico’s crude export blend.
Crisis averted, came the message.
Things were looking better and
better: by mid-January, the
government had tapped bond markets
for the money to service half of its
foreign debt needs for the year, and at
historically low rates to boot. Inflation
was unusually low. An improving US
economy — the destination for nearly
four-fifths of exports — held out the
promise of less sluggish growth after
two disappointing years.
But by the end of the month, the
mood had changed as the oil price
as tulip mania or the South Sea bubble.
The claim that the industry offers a
magical route to alpha is surely now
discredited. The idea that the sector’s
leading lights have anything of
particular value to say on the UK’s
long-term political and economic
future is laughable. Fortunately, like
the rest of us, these Masters of the
Universe will only have one vote each
in any referendum — if indeed they are
eligible to vote at all.
Andrew Mitchell
Newcastle upon Tyne, UK
for well over a century. If Britain had
insisted on running trade surpluses the
sterling zone would have broken up
before it even got started. Instead,
more often in the “long” 19th century,
stretching well into the 20th, the
British economy ran material deficits
with its imperial and other partners.
That is why its consuming power
brought development and better lives
for millions of people on its peripheries
as well as at the centre.
As Yanis Varoufakis, the Greek
finance minister, has correctly
observed, it takes only an eight-year-
old to grasp that a monetary
experiment based on any other
principle will fail disastrously. What is
crucial is not that Greece should avoid
British mistakes in the narrow and
unpersuasive sense of Mr Emmott’s
article, but that Germany should pay
heed to past British successes on what
actually makes currency systems work
properly.
Robert Holland
London SW20, UK
There is no such thing
as ‘defensive weapons’
Sir, Regarding “This time Minsk must
be made to work” (editorial, February
9): the conclusion that if the Minsk
effort fails, the west should consider
providing limited quantities of
defensive weapons to the Ukrainians as
a way to deter Russia or help Ukraine is
fundamentally wrong.
First, there is no such thing as
“defensive weapons”. Helping arm the
Ukrainians might wrongly signal to
them that the west is willing to support
a new offensive in the east, which will
only lead to more tragedy. Second,
providing weapons in “limited” terms
would make no difference on the
ground, aside from confirming the
Russian public’s view that the entire
crisis is a western attempt to surround
and contain Russia. As a result, it
would only reinforce Russia’s current
policy of supplying the rebels with
more men and arms.
Instead of supplying weapons, the
west should convince Kiev that
neutrality (ie, not joining Nato) is the
best way to end this conflict. It would
go a long way to satisfying Russia’s
legitimate security concerns while
allowing it to back down from a conflict
in which it has already lost most of
Ukraine. Moreover, a neutral Ukraine
will provide breathing space for the
west to help rebuild Ukraine and
implement reforms. If successful, a
more prosperous, well functioning and
free Ukraine might eventually
convince Russians that the time for
change has come.
Maksim Soshkin
Brooklyn, NY, US
crunch sank in: austerity is the new
government game plan, with budget
cuts of more than $8bn ordered for
this year, half to come from Pemex,
the state oil company. While business
leaders hailed it as responsible
forward planning, public reaction to
the announcement was still “Ouch”.
Next year, many fear, the clampdown
will be tighter still.
And it looks as though policy U-
turns, stumbles and gaffes are
proliferating.
This month, the president finally
acknowledged what has been obvious
to many Mexicans since news broke in
November that his family’s luxury
mansion had been built, paid for and
was still owned by a favoured
government contractor. That
businessman was in turn part of a
Chinese-led consortium that won, and
was then abruptly stripped of, a high-
speed train tender days before the
house news broke. “I am aware that
this . . . looks like something
improper happened,” Mr Peña Nieto
allowed. “Which, in reality, did not,”
he swiftly added.
It is not just the presidential
mansion that looked improper. Luis
Videgaray, finance minister, bought a
property from the same contractor,
and Mr Peña Nieto was found, several
years ago, to have bought another
residence from a different one.
Nothing necessarily wrong with that —
except that the terms of the deals
remain opaque, and the idea that
leading political figures have fostered
close ties to the purveyors of public
Thursday 12 February 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
New framework supports
NHS commissioners
Sir, Critics may fear the opening up of a
market in NHS commissioning (“NHS
appoints companies to buy in
healthcare”, February 9), but the vast
majority of organisations appointed to
the new NHS framework are in fact
commissioning support units (CSUs)
rather than private companies. CSUs,
which were established at the same
time as clinical commissioning groups
in 2013, are already demonstrating that
they provide the best of both worlds —
combining market competition with
NHS knowledge and values. As part of
the Elis Group of five CSUs we already
compete successfully with the private
sector as well as against each other but
we also collaborate to drive innovation
and spread best practice. This ensures
that commissioners enjoy scale,
efficiency and increasingly creative
solutions to their hardest challenges
which, ultimately, benefits patients.
Stephen Childs
Managing Director,
North of England CSU,
Durham, UK
Maybe it’s time to
introduce some charges
Sir, The free market values watching
football on TV at £5.136bn (£10m a
match) and footballers will be paid
even more, but it’s our fault, not theirs,
because price is a function of supply
and demand. If we are prepared to pay
billions to watch 22 people kick a ball,
surely we value looking after our good
health considerably higher. At a time
when the (free) NHS is struggling to
cover its ever-increasing costs, is this
an argument for introducing charges?
Richard Ross
Chairman, Rosetrees Trust,
Edgware, Middx, UK
Osborne has already
set a 60p tax rate
Sir, Your report “Labour counts on
popular opinion to back tough tone”
(February 4), on business attitudes to
the party, stated that Labour plans to
raise the top rate of tax from 45p to
50p. But it is already the case that the
maximum marginal rate of income tax,
which applies to the income band
£100,000 to £120,000 — high earners
perhaps, but by no means the “super-
rich” — was increased in 2013-14 to 60p
by the present government. The £1 per
every £2 withdrawal of the personal
allowance for earnings within this band
means that for every £1 of additional
income, £1.50 is put into the 40p tax
band.
Readers previously unaware of this
calculation might recognise it as at one
and the same time a fact of arithmetic
and an achievement of stealth. Is not
this pre-Nigel Lawson era 60p marginal
tax rate truly a “tax throwback to the
1970s”?
James Lyon
London NW6, UK
Should we be worried?
Sir, I read with concern of the
interruption to the hummus pipeline
and the taramasalata supplies from
Greece (“Sam’s fetta accompli”,
Lombard, February 10). Does this
mean if these two vital Waitrose staples
are impacted that we are in danger of a
double-dip recession?
Des Peck (ardent dipper)
London W5, UK
works contracts makes many people
queasy.
That it should have taken the
president three months to realise all
this might be bad enough. But his
promise of a full investigation, to be
led by a newly appointed federal
auditor who immediately said he had
jurisdiction only to probe government
contracts and not houses, left the
government with more egg on its face.
One step forward, two steps back?
Mexico’s government has hit the skids
since the disappearance and apparent
murder of 43 students in the town of
Iguala in September. This thrust the
issue of security back into the
spotlight after the government had
deliberately steered the agenda
towards reform and away from the
previous administration’s bloody “war
on drugs”. The renowned Argentine
forensic team working on the
investigation has accused officials of
jumping to conclusions about what
happened, and all but says the official
version appeared to make the facts fit
televised testimonies from the
arrested alleged perpetrators —
something Mexico denies.
Mr Peña Nieto and senior officials
seem genuinely puzzled that the
government’s messages appear mixed,
at best, when its strategy — economic
growth through ambitious reform —
generated genuine excitement from
international investors. The
president’s hobby is chess: time for a
new game plan, perhaps?
jude.webber@ft.com
Thursday 12 February 2015
German prudence is not to blame for the eurozone’s ills
OPINION
Jürgen
Stark
A
re the Germans economic-
policy illiterates? Do they
not recognise the growing
political and economic
danger for Europe and thus
Germany itself? Why, when others sug-
gest a substantial monetary and fiscal
boost to the European economy, are
they such notorious naysayers? Are the
Germans bad Europeans, irresponsibly
and treacherously dictating austerity?
The truth is that, in contrast to many
eurozone countries, Germany has relia-
bly pursued a prudent economic policy.
While others were living beyond their
means, Germany avoided excess. These
are deep cultural differences and the
currency union brings them to light
once again.
It is not a matter of one country dic-
tating austerity to another. The political
elites of the eurozone periphery are
Private banks
must be more
than laundries
BUSINESS
John
Gapper
M
oney laundering is when
someone channels the
cash from robbery, fraud
or expropriation into a
Swiss bank account, or an
expensive apartment in Manhattan, to
make it look clean. So what is the term
for sullying profits from legal enterprise
with tax evasion and shenanigans?
Money staining, perhaps.
That question came to mind this week
when reading about the 30,000 clients
of HSBC’s Swiss private bank in the mid-
2000s. Some were apparently avoiding
domestic taxes; others were behaving
lawfully but very oddly, emerging from
its branch in Geneva holding cases of
used banknotes. The activity was not
black but nor was it entirely white: there
were various shades of grey.
The pariah of the age is the non-dom,
a rootless mogul lured to the property
and financial safe havens of New York
and London with the promise of peace,
quiet and generous tax treatment. He
buys his apartment on Central Park or
house in Mayfair through a shell com-
pany, and puts cash in a Swiss bank
account, paying the UK government
£30,000 in lieu of tax.
It is all quite legal but highly aggravat-
China and Pakistan make an oddball but enduring couple
ASIA
David
Pilling
Y
ou could call them the odd
couple. China and Pakistan
have one of the closest yet
least understood relation-
ships in international diplo-
macy. On the surface they have little in
common. China’s state is strong and its
economy has been growing for decades.
The Pakistani state, apart from the mili-
tary, is weak and its economic perform-
ance has been disastrous. China is com-
munist and religion is tightly controlled.
Pakistan is Islamic and religious fervour
is often out of control.
Despite this, the two have maintained
a decades-long relationship. It has sur-
vived the vicissitudes of Pakistan’s mili-
tary and civilian governments and of
Islamabad’s shape-shifting relations
responsible for having lost access to the
financial markets in 2010. Years of mis-
management and failure to observe the
rule of law have led to increasing budget
deficits and mounting debts. Risk pre-
miums soared. The consequence has
been emergency financing pro-
grammes, which have largely followed
the rigorous standards of the Interna-
tional Monetary Fund in the conditions
they have imposed on debtor countries.
The Germans are not abdicating their
responsibilities as Europeans. Germany,
together with France, has been the driv-
ing force of integration for decades.
Criticism of Germany also fails to rec-
ognise the peculiarities of European
integration. The EU is not a federation
(and neither is the eurozone). We are a
long way from reaching that level of
integration in Europe. There is there-
fore no constitutional basis for a higher
level of transfer payments to weaker
countries. Such payments anyway do
not solve economic problems and they
lead to moral hazard. Previous transfer
programmes, such as funds to pay for
infrastructure investment in poorer EU
member states, did not always lead to a
ing to other taxpayers facing budget def-
icits and government cutbacks, while
struggling to obtain a large enough
mortgage to pay for a home that has spi-
ralled in price thanks to low interest
rates and a flood of overseas money. The
privilege of what the UK government
itself calls “a very generous tax regime”
is confined to the offshore few.
Spare a thought for the billionaire,
whose life is in some respects more chal-
lenging than ours. The property story of
the week, amid those in Le Monde and
The Guardian about HSBC, and a New
York Times series about foreigners buy-
ing apartments on Central Park, was
how Mark Zuckerberg, founder of Face-
book, came to acquire all of the property
around his house.
A property developer who bought a
house behind Mr Zuckerberg’s in Palo
Alto told him that he intended to build a
huge new one that would overlook his
bedroom. Not only did Mr Zuckerberg
then pay $1.7m to Mircea Voskerician,
the developer, for the right to buy the
property, according to the latter — but
his financial adviser acquired three
other nearby properties for $39m.
Mr Voskerician then sued for breach
of contract, claiming that his neighbour
had promised both to compensate him
and to introduce him to useful contacts
in Silicon Valley, which Mr Zuckerberg
denies. The developer’s tactics worked
because Facebook’s founder is a billion-
aire living in an ordinary, if expensive,
neighbourhood.
A rich person’s problem, but it indi-
cates why many of the wealthy — espe-
with Washington. This week, Wang Yi,
China’s foreign minister, is visiting Paki-
stan to cement what Islamabad calls the
“unshakeable bonds of friendship”.
Next month could be even more impor-
tant if Xi Jinping, China’s president,
accepts an invitation to visit Islamabad
for Pakistan Day celebrations.
We tend not to see things through Bei-
jing’s eyes. If we are to make sense of
shifting realities, we will have to try.
From Beijing, the world can seem a hos-
tile place. The US, with its unshakeable
faith in liberal democracy, may not be
actively seeking regime change in China
but it would surely welcome the collapse
of the Communist party.
In conjunction with other countries,
including India, Australia and Japan,
Washington is trying to contain China’s
regional military ambitions. Neighbour-
ing countries like the Philippines and
Vietnam, which until recently had been
reassured by Beijing’s “smile diplo-
macy”, have grown wary. Even North
Korea, almost wholly dependent on Chi-
nese largesse, has grown defiant.
Pakistan looks like Beijing’s one true
★ FINANCIAL TIMES
Comment
sustainable improvement in economic
performance. Greece, for example, has
received EU transfers of 3 to 5 per cent of
its gross domestic product for decades,
roughly a third of which are paid for by
Germany. But much of this money has
seeped through the porous edifice of an
often corrupt state.
The German economic policy estab-
lishment is not out to punish the coun-
History makes us sceptical
of state intervention —
Keynesianism has not
played such a large role
tries of the eurozone periphery. Chan-
cellor Angela Merkel wants to see all
eurozone countries create the circum-
stances for economic growth that is real
and sustainable — the kind that gener-
ates jobs. This requires solid national
finances. It has nothing to do with a
zero-deficit fetish. German economists
oppose treating the symptoms. They
warn against apparent solutions that act
cially the 128,000 global citizens esti-
mated by Credit Suisse to hold assets of
more than $50m — stay hidden. One
banker told The Guardian that he put
£5m in HSBC’s private bank to keep his
bonus secret from colleagues.
There are decent reasons apart from
tax evasion, or even legal tax avoidance,
for the wealthy to put their money in
Swiss banks. The traditional one is that
it is not secure at home, where it may be
taken by a different government or, in
Russia’s case, the same president in a
different mood. There is a history of the
arbitrary seizure of European citizens’
property, after all.
Even when all is above board, how-
ever, holding wealth in a private bank or
in a shell company looks quite like
money laundering. The cash ends up in
The pariah of the age is the
non-dom, a rootless mogul
lured to the havens
of New York and London
friend. One of the first countries to rec-
ognise the People’s Republic in the early
1950s, Islamabad was a bridge between
China and the US. When Henry Kiss-
inger, who later became US secretary of
state, made his secret visit to China in
1971 to prepare for normalisation of US-
China relations, he sneaked in from
Pakistan. And for Beijing, Pakistan has
been a way to keep India off balance.
Beijing has stayed the
course with Islamabad
while Washington has
blown hot and cold
In return, Beijing has kept Pakistan’s
military equipped when supplies dried
up from elsewhere. Beijing also pro-
vided information and enriched ura-
nium for Pakistan’s nuclear bomb.
When a US stealth helicopter crashed
during the 2011 operation to kill Osama
bin Laden, the Pakistanis showed the
wreckage first to the Chinese. China
like political tranquillisers in the short
term but only conceal the true economic
challenges.
Calls for additional macroeconomic
stimulus ignore the causes of the Euro-
pean malaise. It is vital to remove struc-
tural barriers to growth. This includes
repairing banks’ balance sheets to
unblock credit creation. It is not because
of Germany that France is experiencing
economic stagnation and Italy has suf-
fered long-term recession. The prob-
lems are home made. They cannot be
eliminated either by the European Cen-
tral Bank or by fiscal stimulus.
Reforms require political courage and
strong leadership. Such reforms are
painful. But they are necessary in order
to return to a solid growth path. The real
deficit is the failure of the political elite
in many countries and the lack of credi-
ble institutions.
Different economic points of view
stem from historical experience and
cultural peculiarities. In Germany’s
case, two disastrous periods of inflation
in the past century (one in 1923, the
other after the second world war) have
had a profound impact — as have the les-
similar places, equally concealed from
public view. When the legitimately
wealthy also evade tax, the distinction
starts to wear thin.
This is not a healthy state of affairs for
governments that appear to be cutting a
tax break for the global elite at the
expense of their own citizens, or for pri-
vate banks that tarnish the reputations
of all clients by facilitating the sins of a
few, or for entrepreneurs who work very
hard to create their wealth. They could
all do more to fix it.
For the UK government, that means
reforming the non-domiciled tax break,
which favours the wealthy by allowing
people who pay a £30,000 to £50,000
annual levy to shelter offshore income
and assets. Many qualify by virtue of a
parent being foreign, which is bizarrely
arbitrary.
The UK and other countries, includ-
ing the US, should also crack down on
abuse of shell companies, the financial
vehicle of choice for money launderers.
Most of the looting of wealth from devel-
oping countries is carried out using shell
companies and offshore accounts. Using
built Pakistan a deepwater port at Gwa-
dar on the Indian Ocean.
Andrew Small, author of a book on
the relationship, says Beijing has earned
real leverage. In 2007, under Chinese
pressure, Islamabad raided the Lal Mas-
jid “Red Mosque” after militants kid-
napped several Chinese citizens. Chi-
nese pressure has been one factor
behind Pakistan’s offensive against mili-
tant groups in North Waziristan. For
years, the US pushed for the same thing
without success. The China-Pakistan
axis is worth watching if only because it
shows the limits of Beijing’s non-inter-
ventionist policy. As it gets sucked into
the global whirlpool, it faces the risk of
blowback. China now has to deal with
attacks by members of the Uighur, a
Muslim minority ethnic group. Some
may be ideologically inspired — if not
planned — in Pakistan’s lawless tribal
belt. Like the US, Beijing worries Paki-
stan may not always crack down as hard
on terrorists as it pretends.
Despite all this, China has stayed the
course while Washington has blown hot
and cold. That raises the intriguing
sons of the Great Depression, the failure
of laissez-faire capitalism and the mis-
use of fiscal and monetary policy during
the Nazi regime.
The result is a social market economy,
founded on prudence and a scepticism
of state intervention. Keynesian think-
ing has never played such a large role as
in Anglo-Saxon countries. German
thinking is founded on “ordoliberal-
ism”, an approach arising from the rec-
ognition that markets need rules to be
set and enforced by government.
From this perspective the most
important principles are the primacy of
price stability; the promotion of compe-
tition in all markets; the protection of
property rights; freedom of contract;
and the idea that individuals should
bear the risks of their own decisions and
the losses of banks should not be borne
by the whole of society.
The principle of individual responsi-
bility applies to Europe, too — at least
until a political union has been created
and democratic control ensured.
The writer is a former European Central
Bank board member
the same mechanism to hide the true
ownership of expensive homes is
increasingly common.
For private banks, it means protecting
and investing legal wealth, rather than
aiding tax evasion and money launder-
ing. There are enough people with clean
money — including 45,000 with assets
of more than $100m — for this alone to
be a very profitable business.
“In the past, the Swiss private banking
industry operated very differently to
the way it does today,” HSBC said this
week in its mea culpa. Perhaps so, but I
recall Swiss banks claiming in the mid-
1990s — a decade before this happened
— that tax evasion was in the past. After
a while, one stops believing.
As for the rich, it means asking them-
selves if they want to resemble money
launderers, carrying piles of notes out of
private banks to sidestep taxes that
other people pay. Even if they are within
the local law, even if they are not
mugged by the banks of the Rhône, is it
any way to behave?
john.gapper@ft.com
notion of whether the US and China
could work more closely in Pakistan.
While there is much that divides their
strategic interests, a surprising amount
unites them. Beijing and Washington
want a stable, viable Pakistan, not a
viper’s nest of terrorist export. Both
want to ensure the Pakistani military
keeps a firm hold on nuclear weapons.
Both want Pakistan to rein in support
for the Afghan Taliban in the wake of US
troop withdrawal from Afghanistan.
Some detect signs that Beijing has
become more open to the idea. Wang
Jisi, a Chinese foreign policy expert, has
said that China’s “western periphery”
offers a rare opportunity. In east Asia,
the US pivot is seen as containment and
the two are locked in what he says is a
zero-sum game. In Pakistan and
Afghanistan, however, Beijing and
Washington have “significant scope for
co-operation”. It is in neither’s interests
for Pakistan to fail. If they could work
together in that cause, it would be the
oddest thing of all.
david.pilling@ft.com
11
Cameron
tastes life on
the fringes of
Europe
ECONOMICS
Chris
Giles
erhaps two years before a ref-
P erendum on EU membership,
Britain is learning how an exit
might feel. On Monday, David
Cameron convened an emer-
gency meeting to prepare for the possi-
bility of Greece leaving the eurozone.
This would hit the UK economy, officials
warned afterwards. Yet the prime min-
ister has no power to shape the out-
come.
Yanis Varoufakis, Greece’s new
finance minister, might have flattered
George Osborne by coming to London
before visiting Berlin, but no one on the
continent of Europe cared a jot about
the discussions. The chancellor says the
risks of “a very bad outcome” are rising,
but no one who matters is listening.
They likewise ignored Mr Osborne’s
hyperbolic and incorrect warnings in
2011 that his eurozone counterparts had
six weeks to save the single currency.
Britain’s bystander role is at its most
absurd when delusions of importance
persuade domestic policy makers to tell
the eurozone how to run its affairs. If
Mark Carney’s ambition in lecturing
continental European policy makers
was to gain easy headlines in the British
media, his speech in Dublin last month
was a triumph. As an attempt to influ-
ence the eurozone debate, it was an
abject failure, mostly ignored and occa-
sionally lampooned.
Britons like to believe they are the
only nation to comprehend irony, but
the incongruity of the central bank gov-
ernor of the most eurosceptic nation
Britain is a close-quarters
spectator, liable to be hit in
the face by the ball. That is
not a good position.
urging the eurozone to club together for
the common good was understood by
all. Mr Carney would do better to look in
his own backyard and ask why he, the
leading UK bank regulator, has let Brit-
ish banks start loading up with Greek
assets again when banks in most other
countries were reducing exposures.
On the subject of Greece, the UK could
not be much further from being a player
in the game. It is a close-quarters specta-
tor, liable to be hit in the face by the ball.
That is not a good position. But it is the
one inevitably occupied by a country
that is outside the eurozone but whose
interests are closely entwined with it.
So it would be with every EU institu-
tion in the event of a British exit. The
economic debate over costs and benefits
of leaving the EU is partisan yet sterile,
since the terms of departure are com-
pletely unknown. It is absurd, for exam-
ple, to expect Britain to become an over-
night export powerhouse once it has
departed from the EU, as some euro-
sceptics dream. Nothing about mem-
bership prevents Britain from selling
goods to China today. Equally ridiculous
are the warnings from some Europhiles
that three million jobs are at risk if Brit-
ain contemplates exit.
Instead, the crude economics of
departure would depend upon two
years of tough negotiations over the
terms of exit following a referendum.
The aftermath of the Greek election
shows that democracy forces Germany,
Spain and France to talk just as tough as
the country bearing a grievance. Nei-
ther Britain nor the vast bulk of the
remaining EU could expect a clear vic-
tory in negotiations over a British exit; a
messy compromise is most likely.
If Britain wants extensive access to
the European market — for example the
right of London’s financial sector to
operate across the EU — it will have to
pay for the privilege and accept most of
the rest of the single market’s regula-
tions. Maintaining the cherished right of
UK citizens to live, work and retire in
other European countries will also
require reciprocity. Britain would win
concessions, but would have to pay with
reduced access to the European market
and zero influence on its future.
This would be a profoundly impotent
position for one of Europe’s great
nations: affected by Europe, but power-
less to influence it. We should watch
carefully the feeble posturing of Mr
Cameron, Mr Osborne and Mr Carney
over Greece. This is Britain’s future if a
British exit were to become a reality.
chris.giles@ft.com
12
Oscars show US
conquest of
English never
happened
Michael Skapinker
Businessandsociety
Australian businesses are
pioneering ways to tackle
abuse at home and
support victims at work,
writes Jamie Smyth
B
efore her murder, Rachelle
Yeo knew she was in danger.
She had changed jobs and
moved city after ending an
18-month affair with work
colleague Paul Mulvihill. But her efforts
to escape his harassment were foiled the
day he broke into her Sydney apartment
and stabbed her twice with a kitchen
knife in the neck and chest.
Of the 510 homicides reported in Aus-
tralia between 2008 and 2010, violence
between partners or former partners
accounted for 122 of them, according to
the Australian Institute of Criminology.
Domestic violence that does not end in
death and may be unreported is more
common. According to a survey, 17 per
cent of all women and 5 per cent of men
in Australia have experienced violence
by a partner since they were 15.
The problem is so acute that compa-
nies are finding ways to help combat it.
“It is a cultural issue related to men’s
attitudes to women,” says Roger Yeo,
Rachelle’s father, who has become a
campaigner against domestic violence
since her murder. “But I believe at least
some of these tragic incidents may be
preventable by promoting more aware-
ness in society and setting up proper
domestic violence programmes in
workplaces.”
Many countries have begun to tackle
domestic violence. In Australia, policy
makers have launched advertising cam-
paigns to raise awareness. But enlisting
workplaces to break down the taboos
surrounding domestic violence and pro-
vide support for victims is a relatively
new phenomenon and one in which
Australia is a pioneer.
Last month telecoms company Tel-
stra, one of Australia’s biggest employ-
ers, with 36,000 employees, began
offering 10 days paid leave per year for
full time workers who experience
domestic violence. It followed similar
moves by National Australia Bank,
McDonald's Australia and others.
“Often people don’t feel they can
come forward and be honest with
employers and end up leaving their
jobs,” says Katherine Paroz, Telstra’s
chief talent officer. “We want our people
to feel trusted and supported. We don’t
want to lose them.”
Providing dedicated domestic vio-
lence leave enables victims to access
medical help, legal advice, counselling
or cope with other emergency situa-
tions. Ms Paroz says she believes very
few employees would game the system.
This year the Fair Work Commission,
a public body that regulates workplace
relations, will rule on an application by
trade unions to make paid domestic vio-
lence leave an entitlement in all work
agreements, a move that would cover
4m-plus employees.
“This would be a world first,” says Ged
Kearney, president of the Australian
Council of Trade Unions. “Including the
right to 10 days paid leave for perma-
nent staff and unpaid leave for casuals
in all industrial relations creates a safety
net for sufferers.”
HL Mencken, the US writer, was no
Anglophile. In his book The American
Language, he rejoiced in the impending
eclipse of the “stilted and precious”
English spoken by England’s elite.
America’s English, he wrote, “is
better on all counts — clearer, more
rational and, above all, more
charming”.
In any case, the larger number of US
English speakers meant that, in any
dispute over what was correct, the
American view should prevail.
“There is no reason under the sun,”
he wrote, why a language spoken in a
country as huge as the US “should yield
anything to the dialect of a small
minority” in England.
Americans were not the only ones
who found the standard English of the
English ridiculous. “The Irishman, the
Scotsman, the Canadian and the
Australian laugh at it along with the
American — and with the Englishman
who has lived in the United States.”
With English spreading around the
world, language learners would make
their choice. Russians were opting for
the American variety. “In Japan and
elsewhere in the Far East, the two
dialects are in bitter competition, with
American apparently prevailing.”
Mencken’s view that American
English would render England’s
irrelevant was understandable. He
completed his monumental work in
1948, when America’s dominance and
Britain’s decline were evident. Had he
been right, the consequences for UK
companies and workers who depended
on the language for their livelihood
would have been dire.
‘Your self-esteem is
so downtrodden it is
often difficult to
make sensible
decisions’
Rosie Batty
Taking a corporate stand
against domestic violence
Under changes introduced in the pre-
vious Labor government employees suf-
fering domestic violence have the right
to request flexible working conditions.
Hundreds of companies and public bod-
ies are also running workplace pro-
grammes to boost employee awareness,
train staff on how to deal with the issue
and ensure workplaces are safe and sup-
portive environments.
“I’ve worked with women who have
experienced domestic violence for 35
years and what shines through in their
stories is how workplaces are often very
positive and supportive environments,”
says Ludo McFerran, lecturer at the cen-
tre for gender-related violence studies
at the University of New South Wales
(UNSW).
Ms McFerran is one of the architects
of Australia’s push to engage companies
in the fight against domestic violence. It
began to gain traction in 2009 following
a link-up between academics, cam-
paigners and trade unions.
Tips for the workplace
3 Introduce a domestic violence
policy that provides a definition of
what it is, a description of how it
affects work and a clear statement
that abuse is unacceptable.
3 Ensure staff are aware of the
policy. Display public education
material and phone numbers of
helplines and counsellors.
3 Provide training on identifying,
preventing and responding to
domestic violence. Employers
should refer victims of abuse to
trained counsellors, rather than try
to get personally involved.
Sources: University of New South
Wales/ White Ribbon
★ FINANCIAL TIMES
BUSINESS LIFE
Yet he wasn’t right. The US outstrips
the UK in manufacturing, technology
and military might, but those who
make a living speaking and writing
standard UK English are doing fine.
Look at this year’s Oscar nominees:
Benedict Cumberbatch, Eddie
Redmayne, Felicity Jones and Keira
Knightley. It is true that much of the
investment in British film comes from
the US.
These actors may not sweep
the Oscars but their popularity
indicates that English English is still an
international linguistic currency
decades after Mencken declared it
worthless.
When it comes to written words,
London-based Pearson, owner of the
Financial Times, and the Anglo-Dutch
Reed Elsevier are still among the
world’s leading publishers.
Was Mencken right that foreigners
would choose to learn American
English rather than the English
variety?
While most commentators have been
preoccupied with the combative stance
of Yanis Varoufakis, Greece’s finance
minister, and a few with his leather
coat, I have been fascinated by his
English.
I compared it with that of one of his
opponents, Antonis Samaras, the
defeated conservative prime minister.
Mr Varoufakis studied at Essex and
Birmingham universities; Mr Samaras
at Amherst and Harvard Business
School. Would Mr Varoufakis’s English
betray a British influence and Mr
Samaras’s an American one?
No. They both speak an English that,
A 2011 study by UNSW showed two-
thirds of women who experienced
domestic violence were in employment,
a finding that dispels a myth that most
victims work in the home.
Almost half of victims said it affected
their ability to get to work, due to physi-
cal restraint or injury. One in five
women said the harassment continued
while they were at work through abu-
sive phone calls, emails or their partner
coming into the office.
“Your self esteem is so downtrodden it
is often difficult to make sensible deci-
sions. I didn’t feel I could mention it to
one of my earlier employers for fear of
losing my job,” says Rosie Batty, who
experienced domestic violence.
Last month Ms Batty was appointed
Australian of the Year for her campaign
work following the murder of her 11-
year-old son Luke by his father, a former
partner and workmate of hers who had
mental health problems.
She urges employers to provide a sup-
portive environment in which sufferers
can tell managers if there is a problem at
home. A job is often a vital financial life-
line for a single parent with an abusive
ex-partner, she adds.
For women in an abusive relationship
the economic independence provided
by a job often gives them an option to
leave, say campaigners.
White Ribbon, a group campaigning
on violence against women, runs
accreditation programmes which recog-
nise workplaces that take steps to pre-
vent and respond to violence against
women.
This year 90 organisations and com-
panies will take part in a process that
develops policies, sets standards and
educates staff on the issue.
Companies are starting to tackle gen-
der bias at work, which can help to cre-
ate the conditions where harassment or
‘
in accent, cadence and word choice, is
distinctively Greek — that of the well-
educated elite.
The same is true of English speakers
from Brazil to Malaysia. Some return
from university in the US or the UK
having worked on their American or
Mencken English accents but most speak an
English that is their own.
was wrong: Mr Varoufakis, after years of
American teaching in the UK, the US and
Australia, uses standard English
power has grammar. But I have written about
not obliged what I have called Eurish, the English
with its own grammatical tics that has
everyone to developed in continental Europe and is
adopt its not identifiably either American or
British.
language
’
Where Mencken was wrong was
assuming, in his early writings, that
American and British English would
diverge more than they did — and then,
when they did not, that US power
would mean everyone else would adopt
its language.
In the end, the major streams of
English remained mutually
comprehensible, apart from the odd
word or expression.
There is no need for anyone to adopt
anyone else’s accent or vocabulary,
unless they want to. Anyone who
achieves competence in the language
can watch Downton Abbey or Orange is
the New Black — or read novels in
English from India or Nigeria.
There is a place for many forms of
English. Unlike the Oscars, this was not
a contest someone had to lose.
michael.skapinker@ft.com
Twitter: @Skapinker
Rosie Batty, the violence against women can flourish.
mother of Luke Business leaders in Australia recently
Batty, who was formed Male Champions of Change, a
murdered by his group aimed at building gender equality
father aged 11 into the culture of their businesses.
Getty “The cause of domestic violence is
power; it is gender inequality,” says Liz
Broderick, Australia’s sex discrimina-
tion commissioner. “So anything men
can do within organisations to tackle
gender bias will eventually have an
impact on prevalence rates of domestic
violence.”
While many business organisations
have embraced the campaign, some
have reservations about the proposal to
make domestic violence leave an enti-
tlement in all work agreements.
“It’s a society issue, not something
small and medium-sized enterprises
122 should pick up the tab for,” says Kate
ofthe510homicides Carnell, chief executive of the Austral-
reportedinAustralia ian Chamber of Commerce and Indus-
between2008and try. “Employees already have the right
2010werecarriedout to request flexible working conditions in
byintimatepartners these instances and should use their
orformerpartnersof personal leave.”
thevictim As a final decision by the Fair Work
Commission approaches on whether to
17% make domestic violence leave an enti-
ofwomenand5%of tlement in all industrial agreements,
men inAustraliahave Australian campaigners are seeking to
experiencedviolence export their model. Trade unions in the
byapartner UK, Canada and New Zealand have
begun collecting similar data on how
1 in 5 domestic violence affects women in the
women who workplace and are liaising with their
experienced Australian counterparts.
domesticviolence “We’ve set up an international net-
saidtheywere work to look at domestic violence in the
harassedattheir workplace, which is generating a lot of
workplacethrough interest at the UN and the International
phonecalls,emailor
avisitfromtheir
Labour Organisation,” Ms McFerran
partner says. “It is still early days and social
change is clearly a generational issue
Sources: Australian Institute but I think we are seeing a real shift in
of Criminology; UNSW how workplaces respond to the issue.”
The review
A revolution in business by
doing more with less
MIAN RIDGE
Frugal Innovation
How To Do More With Less
By Navi Radjou and Jaideep
Prabhu
Profile Books / PublicAffairs – with
The Economist, £12.99/$18.99
On a visit to Russia in 1997,
Renault’s then chief
executive, Louis Schweitzer,
was discomfited to discover
that the locally made,
$6,000 Lada was outselling
his company’s more showy,
expensive cars by a
considerable margin. Five
years later, Renault unveiled
its $6,000 no-frills Logan.
Designed though it was for
emerging markets, the
Logan sold so well in
prosperous western Europe
that Renault launched a line
of low-cost vehicles that
today constitutes nearly half
its global sales.
Business school
academics Navi Radjou and
Jaideep Prabhu tell this
story in their new book, and
hail Renault as a pioneer of
the frugal innovation that
they say will increasingly
characterise the way
western companies operate.
Developing the Logan
prompted a shift among
Renault’s engineers, away
from apparently plentiful
resources and a rich market,
to constrained resources
and value-hungry
consumers. It is a change
that is coming to all
businesses, they warn.
The authors’ first joint
book, Jugaad Innovation
(the title uses a Hindi word
meaning, roughly, “cobbled
together”), described the
innovative brilliance of
Indian entrepreneurs with
limited means. Their new
book argues persuasively
that companies in mature
markets have no choice but
to adopt a similar approach.
Income stagnation has
made middle-class
consumers hungry for
cheaper products and better
value; adapting to that
From the blogs
In praise of Family Inc
EMMA JACOBS
The lean and flexible
management model
deployed by software
developers is being adopted
by companies in sectors
beyond technology. A book
by Jeff Sutherland, co-
creator of the Scrum project
management process,
encourages teams to work
together by setting clear
goals. His book Scrum
claims that meeting
regularly and having visual
workflows can cut
workloads, raise productivity
and speed up development.
An interview on the
Harvard Business Review
blog discovered that
executive coach Frank
Saucier applies such
methods to family life. At
home, as well as in the
office, he uses a board to
display tasks that need to be
done, are being done and
done. So, “go bowling” gets
added to a list, much like
tasks in beta testing.
His family review progress
by checking in twice a day:
at dinner and after the
children are in bed. Every
Thursday he meets with his
wife to review plans for the
Thursday 12 February 2015
demand will make
companies better able to
meet the untapped needs of
those on low incomes.
Environmental degradation
and depletion, meanwhile,
will remove any choice over
the matter. “If necessity is
the mother of invention,
scarcity is its grandmother,”
they write.
The book sets out to show
how to innovate frugally in
every aspect of business,
from revolutionising supply
chains, such as companies in
Africa who piggyback on
Coca-Cola’s cold chain to
preserve life-saving
medicines on their way to
remote villages, to
overhauling research and
development departments.
The authors have particular
disdain for engineers who
“view complexity as
progress”, and innovate by
adding more features, rather
than focusing on the
purpose of their products.
Though a litany of bullet
points, the book is enlivened
by fascinating case studies,
such as start-up CellScope’s
optical attachment that
converts a smartphone into
an auriscope that parents
can use to photograph their
children’s ears and email the
images to a doctor.
While the authors are
anxious to impress how long
and bumpy the road to
frugal innovation can be, at
times they can sound a little
starry-eyed. Ipso, maker of a
self-cleaning paint, may well
have been inspired by how
the lotus flower’s rough
surface repels dust and dirt.
But calling it Lotusan is also
a nice piece of marketing for
a chemical product.
The book ends with an
assurance that far from
newfangled and faddish,
frugal innovation is a return
to the principles of the
industrial revolution. It
quotes Benjamin Franklin’s
exhortation to create wealth
by focusing on industry and
frugality: “That is, waste
neither time nor money, but
make the best use of both.
Without industry and
frugality nothing will do, and
with them everything”.
The writer is the Business
Life Communities Editor
Getty
weekend and the next week.
Chief executives like to talk
of their workplaces as like
families in an effort to
demonstrate benevolence.
But it is rare to find anyone
declaring they run a family
like a business. As Reid
Hoffmann, co-founder of
LinkedIn, and Ben Casnocha,
author, pointed out last year:
“Try to imagine disowning
your child for poor
performance: ‘We’re sorry
Susie, but your mom and I
have decided you’re just not
a good fit. Your table-setting
effort has been
deteriorating for the past six
months and your obsession
with ponies just isn’t adding
any value’.”
Such an approach is
unusual but has much to
recommend it. Mr Saucier
says his seven-year-old has
taken charge of the family
meetings agenda. It “is
teaching him good
communication skills”, the
coach notes. As work blurs
into home life, it may save
the parent-manager the
effort of switching tack.
ft.com/businessblog
Thursday 12 February 2015 ★ FINANCIAL TIMES 13

ARTS

An enthralling journey into Sibelius-land Ex Hex

POP

CLAS SICAL MUSIC
Berlin Philharmonic/Rattle
Barbican, London
aaaae
Richard Fairman
The UK election campaign may seem
drawn out, but it is nothing compared
with the musical world. Simon Rattle
announced his attention to leave the
Berlin Philharmonic in January 2013,
but there are still three years to go
before his eventual departure. Politi-
cians risk becoming lame ducks. Not so
conductors, or at least not this one.
For their week-long London residency
Rattle and the Berlin Philharmonic are
starting with a cycle of Sibelius’s sym-
phonies. This might seem unadventur-
ous fare in London, but not so in Ger-
many. Herbert von Karajan recorded
the symphonies during his long tenure
in Berlin, but the players have never
regarded the Finnish composer’s frozen
north as home.
Perhaps for that reason, the Berlin
Philharmonic’s sound in Sibelius is
unlike any other. Only minutes into this
first concert, rumbling low strings were
summoning an immense power that
made the floorboards start to throb, as if
an underground volcano in the Arctic
was erupting up through the ice. Sibel-
ius’s icy landscape steamed with lava.
This hothouse atmosphere suited the
opening concert well. The symphonies
are being performed in order over three
concerts, which meant starting with the
Tchaikovsky-like romanticism of the
first two. As ever, Rattle was constantly
in search of new meaning in the Sym-
phony No. 1. The tender main theme of
the slow movement came back at the
end as if exhausted by all it had experi-
enced on the way. Even the scherzo,
often sleek and abrupt, seemed in emo-
tional turmoil.
The Symphony No. 2 received a per-
formance of huge power. There was lit-
tle of the chill north to be found here,
but maybe that will come as Rattle and
his orchestra progress through the
cycle. What makes Rattle’s Sibelius spe-
cial is his ability to free the music from
any kind of straitjacket, releasing it
from barlines and formal constraints so
that every smallest passage is free to go
where the heart takes it. The Berlin
players, on top form, followed him with
superb results. This Sibelius cycle
should prove an enthralling journey.
barbican.org.uk
T H E AT R E
Scuttlers
Royal Exchange Theatre, Manchester
aaaee
Ian Shuttleworth
Martin Scorsese started it with Gangs of
New York; Steven Knight brought it
acrosstheAtlanticwithPeakyBlindersfor
the BBC; now the recurrent fascination
with historical streetgangshasmadeitto
the British stage. “Scuttle” was gang
slang for a rumble in Victorian Manches-
Hothouse: ter, and Rona Munro’s play focuses on
Simon Rattle the Bengal Tigers gang, based in Bengal
conducts the Street in the city’s Ancoats district circa
Berlin 1880, and their feud with the neighbour-
Philharmonic ingPrussiaStreetmob.
Orchestra at the Munro’sstockishighfollowinghertril-
Barbican. ogy about the Scottish throne The James
Below right: Plays for the National Theatre of Scot-
Betsy Wright of land. Here, too, she fits in as many differ-
Ex Hex ent vectors of relationship as a Shake-
Mark Allan
spearean history play. Theresa, a maver-
Lloyd Bishop/Getty ick from Bengal Street, is the sister of Joe,
who went off to join the army and has
now returned to Prussia Street. But
before he left, Joe impregnated Susan, a
nurse whose attempts to keep her own
brother George out of Prussian entangle-
ments prove ill-fated. Meanwhile Sean,
the “king” of Bengal Street, is facing a
challenge from his resentful lieutenant
Jimmy, and having trouble protecting
“tigercub”gangmascotPolly.
Itisallaboutpower:poweroverpartic-
ular individuals, as in the Sean/Jimmy/
Polly triangle; the allure of power in gen-
eral, which draws youngsters such as
new arrival Thomas into the maelstrom;
even the non-violent power of intelli-
gence, which Theresa wields just as
surely. Rona Morison’s Theresa is loyal to
her neighbourhood but not to thuggery;
herbluntnessoverlaysanawarenessthat
herownbattleisalosingone.
Wils Wilson has considerable experi-
ence directing large-scale and site-spe-
cific work, and here she enlists a commu-
nity ensemble of more than 30 to flesh
out the ranks of gang members and
assorted other Mancunians. She also
maintains a sense of mechanistic, indus-
trial power throbbing through the city as
persistently as the blood in the scut-
tlers’veins:thestageisdominatedby
an impressionistic piece of cotton-
mill plant, and Denis Jones’s
score combines treated guitar
with heavy-industrial beats. Yet
despitesuchassiduousattentions,
we do not feel the seduction or the
inevitability of the gang lifestyle,
and its unavoidable heavy cost is lit-
tlemorethanatruism.
royalexchange.co.uk
Oslo, London
aaaae
Ludovic Hunter-Tilney
As well as dysfunctional politics and
cherry blossom, Washington DC is
renowned for punk music. Well, OK,
“renowned” might be a bit strong. I
doubt visitors flock there for Bad Brains-
themedwalkingtours.Buttoaficionados
of US underground rock the city is famed
as one of the centres of 1980s hardcore,
the faster and heavier mutation that
punkunderwentafterits1970sheyday.
The tradition continues today with Ex
Hex. The Washington DC trio are led by
singer-guitarist Mary Timony, a veteran
of the city’s alternative rock scene. She is
joined by bassist and occasional vocalist
Betsy Wright and drummer Laura Har-
ris. Last year they released their debut
album Rips, all buzzsaw guitar, coolly
intoned vocals and snappy three-minute
songs.Inshort,ablast.
They opened the show with the
album’s lead track, “Don’t Wanna Lose”.
Timony alternated between choppy
Runaways riffs and reverberating pow-
er-pop chords that sounded as if they
were bouncing around inside a 1970s
suburban garage. Meanwhile Wright
snarled away as she thrummed her bass
but it wasn’t long before she broke into a
big beaming grin (“How you guys
doing?”).Punkhasseldombeensonice.
The 1980s DC hardcore bands that
inspired the teenage Timony were
adherents of a self-reliant, teetotal life-
style, countercultural Pilgrim Fathers. In
contrast Ex Hex, with their classic rock
solos and Bangles-like choruses, are a
less demanding experience. At first the
threesome didn’t add much to their
peppy songs. But the burst of feedback
and wild drumming
that ended “How
You Got the Girl”
galvanisedthem.
A suitably sloppy
version of Johnny Thunders’
“You Can’t Put Your Arms Around a
Memory” put the punk nostalgia in
context, as a memory you can actually
put your arms around, with the right sort
ofgood-naturedsongs.
exhexband.com

THIS EVENING’S TELEVISION

Pick of the day

Modern Times: 24 Hour
Parcel People (BBC2 9pm)
focuses on Britain’s booming
£6bn online shopping
industry. It was filmed last
summer; with hindsight the
energy, optimism,
enthusiasm and loyalty that
permeate the shots of
loaders, deliverers (left) and
happy recipients of parcels
— worth a film themselves
— looks desperately sad.
The company we are
following is City Link which,
as we now know, was
declared to be in
receivership on Christmas
Day. A fable for our time,
down to the owner, Better
Capital, declining to
comment.
Terrence Malick’s The
New World (Sky Select
6.40pm) is a lyrical
evocation of America’s
Jacobean settlers. As
Pocahontas, Q’orianka
Kilcher’s initially long face
blossoms into soulful and
haunting beauty.
MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News.
6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 EastEnders.
8.00 Eat Well for Less? Gregg
Wallace and Chris Bavin
watch a Maidenhead couple
go shopping without a list.
Last in the series.
9.00 Death in Paradise. Saint
Marie celebrates getting
through to the final of the
Inter-Island Volleyball
Championships, but the
party atmosphere is short-
lived when one of the
players is killed.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.45 Question Time. David
Dimbleby chairs a topical
debate, with panellists
including Armando Iannucci.
11.45 This Week. Andrew Neil,
Michael Portillo and Diane
Abbott discuss political
developments.
6.00 Eggheads. Quiz. R
6.30 The Great Antiques Map
of Britain. Tim Wonnacott
visits a farmers’ market just
outside Glasgow.
7.00 Antiques Road Trip. Mark
Stacey and Catherine
Southon travel through
Dumfries and Galloway,
Ayrshire, Renfrewshire,
Glasgow and Falkirk.
8.00 The Great British Sewing
Bee. The contestants are
tested on their skills with
children’s clothes.
9.00 Modern Times: 24 Hour
Parcel People.
Documentary following the
work of City Link staff
responsible for carrying out
online orders placed with
the UK’s top 150 retailers.
10.00 Charlie Brooker’s Weekly
Wipe. A satirical look at
the latest news.
10.30 Newsnight.
11.15 Weather.
11.20 A Cook Abroad: Tony
Singh’s India. R
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 The Kyle Files. Jeremy Kyle
lifts the lid on the world of
fraudsters. Last in the
series.
8.00 Emmerdale.
8.30 Birds of a Feather. Part
two of two. Tracey and
Sharon take a trip to a spa.
Last in the series.
9.00 Car Crash Britain. Part two
of two. Interviews with
victims of hit-and-runs.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 The Late Debate. With the
general election less than
three months away, John
Stapleton talks to a panel
of London MPs about the
big issues at Westminster.
11.10 The Lying Game: Crimes
That Fooled Britain. R
Regional variations apply
6.00 The Simpsons. R
6.30 Hollyoaks. John Paul turns
to Trevor for help in
getting rid of his demons.
7.00 Channel 4 News. Including
sport and weather.
8.00 Location, Location,
Location. Phil Spencer and
Kirstie Allsopp are in
southeast London, where a
couple living in a B&B
need to find a new home
soon.
9.00 Cucumber. Henry goes on
a date with a stranger.
10.00 My Tattoo Addiction.
Documentary exploring
the world of body art,
featuring an unemployed
father-of-six who reveals
how his facial tattoos
prevent him from securing
regular work. R
11.00 24 Hours in Police
Custody. Detective Cathie
Layton faces former
colleague, legal rep Brett
Jones, when he is called to
the police station. R

BBC3
7.00 Top Gear. 8.00 EastEnders:
30 Years of Cliffhangers. 9.00
Bangkok Airport. 10.00 Crims.
10.30 EastEnders. 11.00 Family
Guy. 11.25 Family Guy. 11.45
American Dad!
BBC4
7.00 World News Today. 7.30 Top
of the Pops: 1980. 8.00 Horizon:
Asteroids — The Good, the
Bad and the Ugly. 9.00
Shakespeare’s Mother: The
Secret Life of a Tudor Woman.
10.00 Cleopatra: A Timewatch
Guide. 11.00 Digging for
Britain.
Other channels
Channel 5
6.00 Home and Away. 6.30
5 News Tonight. 7.00 The Classic
Car Show. 8.00 Benefits Britain:
Life on the Dole. 9.00 Britain’s
Biggest Primary School. 10.00
The Mentalist. 10.55 Castle. 11.50
True Crimes: The First 72 Hours.
More4
6.50 Building the Dream. 7.55
Grand Designs. 9.00 The Good
Wife. 10.00 The Hoarder Next
Door. 11.00 Gogglebox.
Film4
6.55 The Company Men. 9.00
Paul. 11.00 Shame.
Sky Atlantic
6.00 House. 7.00 Blue Bloods.
8.00 Without a Trace. 9.00
Fortitude. 10.00 The Comeback.
10.35 Looking. 11.10 Looking.
11.45 Banshee.
Sky Sports 1
6.00 Ringside. 7.00 Live Premier
League Darts. 10.30 Barclays
Premier League World. 11.00 A
League of Their Own.
Sky 1
6.00 Futurama. 6.30 The
Simpsons. 7.00 The Simpsons.
7.30 The Simpsons. 8.00 Arrow.
9.00 Ross Kemp: Extreme World.
10.00 Quiz Nights. 11.00 A
League of Their Own.
Sky Arts 1
6.00 Discovering: Marilyn
Monroe. 7.00 Objects of Desire.
8.00 My Shakespeare. 9.00
Monty Python’s Personal Best.
10.15 Psychobitches. 10.45
Celebrity Exposed. 11.15 Coldplay:
Ghost Stories.
Sky Arts 2
7.00 Johnny Dankworth: The
Show Went On. 8.00 Il Divo: Live
in London. 9.15 Grand Hotel.
10.45 Waldbühne: Three Stars in
Berlin.
14 ★ FINANCIAL TIMES Thursday 12 February 2015

Reckitt Benckiser: soft soap

There are two ways to grow profits – more sales or
lower costs. Some of the bigger consumer staples
companies have struggled to do much of either over
the past five years as this chart (which includes the
impact of acquisitions and disposals) shows
Twitter: @FTLex Email: lex@ft.com
400
Estée Lauder
Kimberley Clark Henkel Church & Dwight

Change in margins 2010-15 (bps)*

General Motors: received an investment-grade rating L’Oréal Arm:
from S&P. If prudence is not sufficient, 200
speed limits then there is decency. Taxpayers saved Beiersdorf
luxury stock
GM once. It should respect taxpayers Colgate-Palmolive Kao
Procter & Gamble
During the financial crisis, US banks enough to operate as if it will not Unilever The Porsche 918 Spyder is made of
were never formally nationalised. The receive another bailout. 0 carbon fibre polymer, goes from
argument for nationalisation (formal Clorox 0 to 100kph in 2.6 seconds and has an
or otherwise) is that the public interest 887 horse power hybrid gas-electric
in solvent banks trumps the principle Fanuc: Reckitt Benckiser engine. About as slick a ride as money
of private ownership for private -200 can buy — yours for $800,000.If it were
shareholder returns. Uncle Sam did press to activate a stock, it would be Arm Holdings.
partially capitalise banks through the Arm is, in effect, an outsourced
Tarp programme, but the institutions Fanuc, a Japanese maker of factory Shiseido research department for makers of
repaid the investments and went back robots, has no interest in the Turing -400 low-power semiconductors. Most
to full private ownership. At the same test. Management has long turned -10 0 10 20 30 40 smartphones and tablets contain Arm
time, no one argues that banks have away from other humans, at least those Change in revenues 2010-15 (%)* intellectual property — it has an 85 per
left government oversight behind. who hold its shares. Until very recently, cent market share in mobile. It makes
FT graphic. Source: S&P Capital IQ * Forecast figures for 2015
Federal Reserve stress tests determine Fanuc did not even meet investors. Dan money by selling licences and
how much banks can pay out in Loeb of Third Point, the activist hedge collecting royalties. Yesterday, Arm
dividends and buy back shares. CEOs fund, would like to see more So this is what it has come to: is not the only company in its sector Benckiser, with its focus on attractive reported £1.3bn in revenues for 2014,
and shareholders may grumble about shareholder friendliness. “moderate to ‘nice’ operating margin that sees lower costs as a route to markets such as health and hygiene, beating expectations. Revenues and
how the balance has been struck. But Fanuc is a leading producer of expansion in 2015”. And, by the way, growth. Unilever cut €250m of managed to eke out sales growth of profits grew 16 per cent and 13 per
the debate about whether a bank is a automated factory machinery and that “nice” excludes exceptional overheads last year and is promising 4 per cent last year and is promising cent, respectively. Is that enough to
company like any other is over. industrial robots. Three-quarters of its items. Congratulations to consumer the same this year. Procter & Gamble something similar in 2015. support the stock’s revved up valuation
There may need to be a similar sales come from outside Japan. Fanuc goods group Reckitt Benckiser for has also been chipping away at costs. A little sales growth and a “nice” of 36 times forward earnings?
system for US carmakers. On Tuesday, practices what it preaches: it builds its taking corporate vagueness to a All this (and perhaps more) is increase in margins (say 75bp, but The argument in favour is that Arm’s
General Motors disclosed that Harry J equipment with its own robots, whole new level. Does “nice” mean necessary because top-line growth in really it could be anything at all) technology is the industry standard —
Wilson, acting on behalf of four hedge keeping costs down. Indeed, Mr Loeb 50 basis points? 100? 200? Or the sector has been slowing, according might add up to something decent. If analogous to Qualcomm’s wireless
funds, would seek a board seat to push admires Fanuc’s performance. Fanuc’s perhaps 10? Who knows? One can to data from Jefferies. Developed Reckitt could do both, it might be technology, Microsoft’s operating
for an $8bn buy-back programme. Mr sales per employee are double those of only hope that the targets applied to markets have been tough for a while, producing net profits of about systems, or Intel’s X-86 chips. Such
Wilson worked closely with GM as a Japanese rivals Nachi Fujikoshi and chief executive Rakesh Kapoor’s and emerging markets are no longer £1.75bn this year. That puts it on a businesses make very high, very steady
part of the US auto task force. He Yaskawa Electric. Return on invested bonus are somewhat firmer. the saviour that they once were. While prospective p/e multiple of 24, not far profits for a very long time.
would be paid a proportion of the capital hovers near 10-year highs at Still, Reckitt’s commitment to cut some of the smaller companies are out of kilter with other large The case against is that unit growth
profits the funds earn over the next 13 per cent. £100m-£150m of costs over the next growing nicely, the likes of Unilever consumer staples companies. But this and pricing of smartphones, which
couple of years on the 2.1 per cent of However, Fanuc’s high operating two years (on an operating cost base and Procter & Gamble are making only is an industry for which cost-cutting contribute most of Arm’s revenue, are,
GM they own (a $1.3bn stake). profit margins (40 per cent) have of £2.9bn) is welcome. It should slow progress. Sales at the former rose is an increasingly important part of or will soon go, soft. Perhaps. But Arm’s
GM participated in the $80bn generated more cash flow than it can enable the company to build on the 2 per cent last year (before the impact the investment case. The sorts of royalty rates are increasing from about
government bailout of US carmakers; a invest. Free cash flow, post capital 160bp improvement in operating of currency changes); sales at the latter multiples enjoyed by Reckitt and its 1 per cent to about 2 per cent, as the
programme in which taxpayers lost expenditure, has averaged over margins, to 24.8 per cent, in 2014. It are growing at a similar rate. Reckitt peers no longer look quite so nice. company offers customers newer
nearly $10bn. The bailout was not Y100bn annually since 2012. Cash on technologies.
designed to make a profit but to the balance sheet has piled up to nearly The other worry is that Arm’s
preserve the broader economic Y1tn, a third of its enterprise value. technology ceases to be the industry
network of parts makers and car Plus the company has no debt. Fanuc ignored. There is little to suggest that Microsoft circa 1999 bears more than valuation fell to 17 times earnings as standard. Intel is challenging Arm in
dealers. One think-tank estimates that could return this cash. Share buybacks this time his demands will elicit a a passing resemblance to the Apple of growth slowed. mobile, for example. So far, Intel —
the bailout saved 1.5m jobs. would not enhance value, but arguably friendlier, more human, response. today. Back then, its earnings headlines Apple will not have the same despite, in effect, unlimited funds —
GM relisted its shares in 2010, and the company could pay a higher used words such as “awesome” and problem of valuation compression; it has failed. In 2014 Intel’s mobile
the government sold its last shares in dividend. Its yield is just over 1 per “outstanding”. It was the era of PCs, trades at 14 times. So there is little to segment had $202m in revenue and
late 2013. Not surprisingly, GM is cent, low even for Japan. Apple: nearly all of which used Microsoft indicate that Apple’s shares cannot $4.2bn in losses. If Intel soldiers on
conservatively capitalised today. It has No doubt Fanuc’s balance sheet is software. Sales were growing 30 per keep rising. But Mr Cook is wrong despite this, it could squeeze Arm’s
$25bn of cash and $37bn in overall underleveraged. Can the activists large numbers cent a year (as are Apple’s today), and about the law of large numbers. All revenues but — if the example of
liquidity. After reporting strong fourth- change things? Probably not. Fanuc Microsoft’s annual revenue stood at super-profitable companies attract Qualcomm, Microsoft and Intel are any
quarter results, the carmaker raised its excels at what it does. Perhaps it could Tim Cook says he does not believe in $21bn. The company was throwing off great competitors, and technology indication — will not displace it.
dividend 20 per cent, implying a 4 per invest more heavily but it is not clear the law of large numbers. But he does cash, with reserves nearly equivalent to never stops changing. So far, Apple has Arm is looking to new markets such
cent yield. where. The company already know something about them: Apple a year’s worth of sales. (Apple’s cash excelled at moving from iPod to iPhone as servers. These markets will be
Investors are always clamouring for understands the opportunity for closed at more than $700bn this week, pile, too, is nearly equivalent to its to iPad. Will the Apple Watch keep up tough, making the mobile business
more capital to be returned, and the factory mechanisation in China and is prompting headlines about the world’s annual sales.) the trend? And after the iPhone 6 look all the more expensive. But it
basic arithmetic suggests that GM working to expand there. Nintendo, the “biggest” company ever. This is true There are big differences, however. excitement dies down, can Apple shows no sign of slowing down. Vroom,
could meet the activists’ demands game company, has had similar periods only in nominal dollars. The largest At the end of 1999, Microsoft was repeat the success with an iPhone 7? vroom.
without undue near-term risk. GM hoarding cash and then delivered public US company ever, by market trading at a mighty 68 times forward Wall Street analysts think Apple’s
needs to be thoughtful, however. industry-leading products. capitalisation, is Microsoft. In today’s earnings. Its stock has not regained the revenue growth will slow to 4 per cent
Carmakers are still losing money in Mr Loeb has struggled with Japanese dollars, the software group hit a market highs of last century not because next year and 5 per cent in 2017. They Lex on the web
For notes on today’s breaking
Europe. US car sales are at historically technology companies in the past. His capitalisation of more than $850bn at profits fell — they have more than are right that growth will slow. The stories go to www.ft.com/lex
high levels and GM has only just calls for a break-up of Sony were the end of 1999. doubled since — but because the timing is trickier.

1010 1000 Forecasts by

8 3
10 HIGH
3 4
1000
30
8
8
Luxembourg Fair 8 46
11 Lyon Sun 12 54
8 1010
8 Madrid Cloudy 11 52
4 1
6 6 6 HIGH Manchester Fair 6 43
6 Miami Sun 24 75
6 1030
8 8 5 Milan Sun 10 50
9 6 LOW Montreal Snow -6 21
8 5
8 7 LOW Moscow Cloudy 4 39
5 5 1020 5 1020 Mumbai Sun 31 88
9 12 10 Munich Cloudy 4 39
6 14 5
6 9 New York Cloudy 2 36
14 15 Nice Sun 15 59
8 15 11 14
16
Paris Fair 8 46
8
13 Prague Fair 4 39
1020
9 Reykjavik Fair -4 25
19 16 10 13
Rio Sun 37 99
LOW
Wind speed in MPH at 12 GMT 15 Rome Fair 14 57
Temperatures max for day˚C Wind speeds in KPH 15 San Francisco Sun 21 70
Stockholm Cloudy 4 39
Today’s temperatures Strasbourg Fair 5 41
Abu Dhabi Sun 33 91 Belgrade Fair 5 41 Copenhagen Cloudy 3 37 Hamburg Fair 5 41 Sydney Thunder 27 81
Amsterdam Cloudy 6 43 Berlin Fair 6 43 Delhi Sun 24 75 Helsinki Cloudy 3 37 Tokyo Fair 12 54
Athens Cloudy 8 46 Brussels Fair 8 46 Dubai Sun 31 88 Hong Kong Fair 23 73 Toronto Cloudy -9 16
B’ham Cloudy 5 41 Budapest Cloudy 5 41 Dublin Cloudy 8 46 Istanbul Rain 6 43 Vancouver Rain 11 52
Bangkok Sun 33 91 Buenos Aires Thunder 34 93 Edinburgh Cloudy 7 45 Jersey Cloudy 8 46 Vienna Fair 6 43
Barcelona Fair 13 55 Cardiff Cloudy 6 43 Frankfurt Fair 6 43 Lisbon Sun 15 59 Warsaw Cloudy 4 39
Beijing Sun 5 41 Chicago Fair -11 12 Geneva Sun 8 46 London Cloudy 6 43 Washington Cloudy 5 41
Belfast Cloudy 8 46 Cologne Sun 10 50 Glasgow Cloudy 8 46 Los Angeles Sun 31 88 Zurich Fair 7 45

ACROSS 5 Old comedian has to flog award

CROSSWORD 9 Wrongdoer’s pile covers acres, after ending in arrears (4,6)
No. 14,853 Set by AARDVARK after crooked activity (9) 6 Excited with silver, admitting gold
10 Perhaps a boxer, when retired, lost in second half (4)
        eats top-class cheese (5) 7 Sort of book one’s beginning after
 
11 Decline a piece of silverware? (7) a couple of beers? (6)
12 Country song for example popular 8 Father’s seen fliers, with a section
on the flip-side? (7) on fish oil (8)
13 Turkey transporter (3) 15 Football team playing on Sat,
 
14 Relative, heading away from home perhaps (5,5)
Daryl and Charlie, gets bakery 16 Fearful blow which martial artist
item (7,4) might bear (6,4)
    17 United high-flyer nets nothing as 17 New dune formed flanking
sub (1-4) English river (8)
18 Rising rubbish needs tip (3) 20 When annually off, chaplain’s
    19 Child, having eaten when empty, learned equestrian event (8)
becomes full (5) 22 Cat’s cry circulates commotion in
21 Worker progressed poorly, given grassland area (6)
   
old Spanish wine (11) 24 There’s appreciation in college
23 “Long time no see” (finally about what composer does? (6)
returning) (3) 26 Swimmer with soft skin (4)
25 Dog’s keen to remove confines of 27 Junk-mail Mike put in short beige
  
rein (4-3) container (4)
27 Tend to kid and tease outside
near son (7)
  28 Felon’s inside, primarily planning SOLUTION 14,852
early escape with mate (5) 6
8 1 $ 8
,
1
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$ 7
$ %
8 5 , 6 7 , &
29 Ray perhaps hit hard by difficult 2 , 7 , ( 6 5
situation (9) 6 7 , 7 & + 2 1 $ 5 , 6 7 2
$ ( ' 5 * +
DOWN
JOTTER PAD 1 Film fan regularly entertains
6 7 $ 5
( $
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;
5 6 1 8 ' (
$ $
friend, an African resident (6) , 1 & 5 2 : ' & $ 5 % 2 < 6
( ( $ 6 /
2 European journalists sustained by , : $ 6 , 1 7 ( 1 ' ( '
very good beverage (8) % 0 1 7 $ +
3 Right snappy creature discussed 1 8 ' , 6 7
, 1 +
$
&
6 7 + ( ' $ <
8 / ,
gardening device (10) $ / 7 2 * ( 7 + ( 5 % 2 5 1
4 Article kept in writer’s stacks (4) ' 5 ( ( $
Thursday 12 February 2015 ★★★ 15

Heineken Tullow Oil AOL Euro / dollar Brent oil Gold Rouble / FTSE Eurofirst
Inside Europe The tangled dollar 300 index
politics of taxing business 2.77% 7.17% 10% 0.2% 3.1% $14 0.5% 0.3%
SARAH GORDON, PAGE 16
€66.39 384.6p $40.22 $1.1292 $54.66 $1,219 Rb65.12 1,483.69

Glencore to spin off Lonmin stake Short

View
3 Swiss trader to give holding to investors 3 Hopes of fresh interest in ‘non-core’ group
divest the holding via an in specie distri- peers, Glencore has been hit by falling Mr Glasenberg said the decision to
James
NEIL HUME AND JAMES WILSON ‘Lonmin
— LONDON bution, it could revive bids from poten- commodity prices. Crude oil has halved
views hand its stake to shareholders did not Mackintosh
tial buyers. Under the proposal, Glen- in price since June, while the price of reflect a view on platinum or the man-
Glencore has decided to spin off its stake core shareholders will be given Lonmin copper has fallen almost 20 per cent. Glencore’s agement of Lonmin, but argued that it
in Lonmin, the troubled South African stock in proportion to their stakes in the Several of Glencore’s rivals have proposal as a was a better option for its shareholders Traders search the world for juicy interest rates to back
platinum producer, in a move that could company. already announced plans to slash constructive than a straight market disposal. “the carry trade” — borrowing at a low rate to invest at a
flush out a bidder for the 23.9 per cent Glencore said that distributing its spending on new and existing mines, “As we do not trade platinum and higher one. And few rates are juicier than Brazil’s 12 per
stake. Lonmin shares in this way would be a and more are expected to follow. Glen-
way forward’ have no special insight into the market, cent. But earning 12 per cent a year on local currency
Swiss commodities group Glencore better option for shareholders than a core said it would provide further we believe that it is better to leave to our bonds is hopeless if Brazil’s real drops to offset it, as finan-
came to own its stake in Lonmin straight market disposal — which trad- details of its spending plans with full- shareholders the decision as to how to cial theory suggests it should.
through its $68bn acquisition of Xstrata ers suggested would be difficult to pull year results in March, and it expected to manage the Lonmin shares.” Over long periods, financial theory has been wrong and
in 2013, and Ivan Glasenberg, chief off at anything other than a deeply dis- focus on oil and thermal coal. Lonmin said it welcomed the deci- carry traders made money. But not this year. In the past
executive, has on several occasions counted price. Glencore is believed to have been sion. “Lonmin views Glencore’s pro- 10 days alone, the real has lost a tenth of its value against
described the holding as “non-core”. Glencore’s plan to spin off the stake by opposed to Xstrata’s decision to buy the posal as a constructive way forward the dollar, almost an entire year’s interest income. No won-
People familiar with the situation said the end of June came as it announced stake in two market transactions back which would enable Glencore share- der few investors have a good word to say about Brazil.
that Glencore had previously received plans to slash spending on its mines in in 2008. Xstrata paid £33 a share for its holders to continue their participation Along with other emerging markets, the country faces
some expressions of interest in its Lon- 2015 to between $6.5bn and $6.8bn — initial 10 per cent stake and £19.79 for in Lonmin’s future.” the total reversal of everything that attracted money to
min stake and, by announcing plans to down from an expected $7.9bn. Like its the balance. Lombard page 20 developing countries. Strong global growth has weakened.
The commodity price boom has turned to bust. The super-
weak dollar has recovered strongly. The search for risk
that accompanied US quantitative easing and sent money
flooding overseas has ended — and there is little sign of Jap-
anese or eurozone QE sending enough to replace it fully.
Delivery hiccups Brazil has taken a bad situation and made it worse. The
inevitable discovery in a downturn of what the late, great
New model delays JK Galbraith called the “bezzle” — the unknown amount of
weigh on Tesla fraud within companies — has taken place on a grand scale
with the corruption scandal at Petrobras. Poor handling by
the government has left investors concerned about politi-
cal stability, even as the economy struggles under some of
A shortfall in deliveries of new vehicles the world’s highest inflation-adjusted interest rates.
and manufacturing glitches in the final Yesterday, retail sales came in far below forecasts, giving
months of last year caused Tesla Motors the real another leg down amid chatter about how long
to miss Wall Street’s financial targets, Brazil could keep its investment grade rating.
according to figures released late Brave investors make the best money when everyone
yesterday, writes Richard Waters in else has run for the exit. Unfortunately, Brazil may have
San Francisco. still more trying times ahead. The clean-up of Petrobras
The news pushed Tesla shares down and its heavy debt burden has yet to begin. The economy
more than 2 per cent in after-market looks dire. Equities are not particularly cheap, either, at
trading ahead of a conference call with about 10 times forecast earnings, even if the optimism of
analysts. In a letter to shareholders, Elon last September has vanished.
Musk, chief executive, attributed the Still, only eight times in the past two decades has the cur-
disappointment largely to a decision to rency fallen so far, so fast, including the 1999 devaluation.
hold back delivery of the company’s new If Brazil could muster some positive news, the rebound of
dual-motor P85D, right, adding that the real could be very rapid, if only temporary.
about 1,400 vehicles made in the final
quarter of last year had since been Deep underwater
delivered to customers. Brent crude Real per
As a result of the delays, Tesla ($ per barrel) dollar
reported revenues of only $957m for the
period. Though up 56 per cent from the 140 1.5
year before, the results fell short of 120
analysts’ expectations of $1.23bn. The 100 2.0
delivery shortfall also left it with a pro- 80 The commodity
forma loss of 13 cents a share, compared 60 2.5 price boom has
to Wall Street expectations of a profit of 40 turned to bust
31 cents a share. 20 3.0
while the
Writing to shareholders to announce super-weak dollar
the results, Mr Musk said that Tesla had 2005 07 09 11 13 15 has recovered
held back the P85D “to ensure it would Source: Thomson Reuters Datastream strongly
be a truly great experience for owners”.
james.mackintosh@ft.com
Scott Legato/Wire Images; Getty

Facebook to share social network for

cyber experts to aid war on hackers
HANNAH KUCHLER — SAN FRANCISCO pressure to work together to under- and app called Facebook at Work,
stand their adversaries. designed to facilitate collaboration
Facebook is launching a social network
Hackers join forces and share tips to between colleagues.
for cyber security professionals to
break into networks but so far, commu- Mr Hammel said Facebook would
share information about threats that
nication about cyber defence has often give the cyber security service away for
could lead to online attacks, as the US
been haphazard. free, unlike some other threat detection
government and companies search for
Mark Hammel, Facebook’s manager systems.
new ways to co-ordinate their defences.
Premier League deal set of threat infrastructure, said Threat- “We feel that as our product’s foot-
to up TV subscription bills The world’s largest social network is Exchange had been developed from a print has grown, with the number of
stepping up its work in cyber security by system Facebook was already using people using it to communicate, we
The big price paid for the broadcast teaming up with other technology com- internally to make it easier to catalogue have the ability to spend more time on
rights to Premier League football will panies including Yahoo and online threats to the site in real time. broader security issues that affect the
probably mean higher bills for pay-TV scrapbooking site Pinterest. The plat- Facebook’s decision to share the tool internet,” he said.
subscribers. If Sky passed on all of form will enable groups to share clues comes at a time when the company is He added that Yahoo and Pinterest
the extra £632m it agreed to pay, bills about how hackers are behaving in the trying to broaden its appeal beyond were good initial partners because
could rise by up to one quarter. hope of preventing security breaches. social interactions with friends and fam- they faced similar threats and had
Report & analysis i PAGE 21 As cyber attacks hit companies from ily and make the product useful in the sizeable user bases. “Together, we’re
Editorial Comment i PAGE 10 Sony Pictures to health insurer Anthem, workplace. protecting a pretty sizeable percentage
the private and public sector are under The company is also trying out a site of the internet.”

Companies / Sectors / People

Companies
ACS..................................................................28
AMC Cinemas............................................19
AOL.................................................................29
AbbVie..........................................................28
Abu Dhabi National Oil Co...............18
Actavis...........................................................28
Aena...............................................................28
Airbus.............................................................19
Alibaba...........................................................19
Allergan........................................................28
Allianz...............................................................5
Amazon.........................................................16
Anbang Insurance...................................19
Anglo American.......................................18
Anthem..........................................................15
Apollo Global Management.............29
Apple....................................................14,16,19
Archer Daniels Midland.........................6
Arm Holdings.......................................14,16
Australia and NZ Banking................28
Aveva Group...............................................21
BG Group.....................................................29
BHP..................................................................21
BP................................................................1,1,18
BT Group ..............................................10,21
Balfour Beatty...........................................21
Becton Dickinson....................................28
BlackRock.......................................................5
Bull-Dog Sauce.........................................19
CBS...................................................................16
CGI Group...................................................20
CareFusion..................................................28
Carlyle............................................................18
Coca-Cola............................................4,12,19
Comcast........................................................16
Comedy Central.......................................16
Conoco..............................................................1
Covidien........................................................28
Danmarks Nationalbank.....................30
EDF....................................................................4
EE......................................................................21
Electra.....................................................20,20
Eon...................................................................18
Equinix...........................................................16
Eskom.............................................................18
ExxonMobil.................................................18
Facebook.............................................11,15,16
Fairfield Energy...........................................1
Fanuc.........................................................14,19
Ferrari.............................................................19
Fiat..............................................................16,19
Fidelity.............................................................5
Ford.................................................................19
Fosun International................................19
Franklin Templeton..................................5
General Motors...................................14,19
Gilead Sciences........................................28
Glencore...........................................15,20,29
Google............................................................16
GrainCorp.......................................................6
HSBC.............................................................3,11
Heineken.......................................................19
Hospira..........................................................28
Hyundai Motor..........................................17
ING...................................................................16
Ind and Comm Bank of China........28
Infront Media.............................................19
Intel..................................................................14
InterXion..........................................16,20,29
Iomart............................................................29
Jaguar Land Rover.............................4,19
Jupiter...........................................................20
KPMG..............................................................21
LG Display...................................................17
Liberty Media...........................................29
LinkedIn.........................................................12
Lions Gate Entertainment.................29
Lloyds Banking Group.........................16
Logica............................................................20
Lonmin..............................................15,20,29
MTV.................................................................16
Mallinckrodt...............................................28
Medtronic....................................................28
Merlin Properties....................................28
Microsoft.................................................14,16
Mondelez......................................................19
NBC..................................................................16
NN Group.....................................................16
Nachi Fujikoshi .......................................14
National Grid..............................................21
Nestlé...............................................................4
New Hope......................................................6
Nickelodeon................................................16
O2......................................................................21
Pearson..........................................................12
PepsiCo................................................4,19,29
Petrobras...................................................7,15
Pfizer..............................................................28
Philadelphia Energy Solutions........18
Pinterest........................................................15
Poundland...................................................20
Premier League........................................21
Procter & Gamble .................................14
Qinetiq............................................................21
RWE.................................................................18
Reckitt Benckiser..............................14,20
Redrow....................................................21,29
Reed Elsevier.............................................12
Renault...........................................................12
Reuters..........................................................16
Riverstone.......................................................1
Royal Dutch Shell.................................1,18
SABMiller......................................................19
SK Hynix.......................................................17
Samsung Electronics.............................17
Sanofi..............................................................12
Santander....................................................28
Sherborne Investors.............................20
Shire................................................................28
Sky....................................................................21
Sky ..................................................................10
Slater & Gordon......................................29
Sony...........................................................14,19
Sony Pictures.............................................15
Starbucks......................................................16
Steel Partners............................................19
Sunseeker.....................................................19
Tata Motors................................................19
Telecity.............................................16,20,29
Telecity .......................................................20
Telstra.............................................................12
Tencent..........................................................19
Tesla................................................................19
Third Point.............................................14,19
Thomas Cook...........................................20
Time Warner..............................................16
Total................................................................18
Trian Fund Management....................19
Tullow Oil..............................................20,29
UBS..................................................................16
Unilever .......................................................14
Viacom...........................................................16
Volkswagen.................................................19
Voya Financial...........................................16
Wanda............................................................19
Warburg Pincus.......................................20
Wynn..............................................................30
Xstrata............................................................15
Yahoo.........................................................15,19
Yaskawa Electric......................................14
Sectors
Automobiles................................................19
Banks...................................................16,19,28
Beverages....................................................19
Construction...............................................21
Electricity.....................................................18
Food Producers..........................................4
Healthcare...................................................28
Household Goods..................................20
Investment Comp...................................20
Media..............................................................16
Mining.......................................................15,18
Mobile & Telecoms...................................2
Oil & Gas......................................1,18,20,28
Pharmaceuticals......................................28
Real Estate....................................................6
Software........................................................15
Technology HW & Equ.............14,16,19
Travel & Leisure............................2,20,21
People
Aiken, Philip................................................21
Armstrong, Tim.......................................29
Best, Paul....................................................20
Bonham Carter, Edward.....................20
Bramson, Edward...................................20
Browne, Lord................................................1
Burke, Steve...............................................16
Cutifani, Mark............................................18
Dudley, Bob..............................................1,18
Fankhauser, Peter..................................20
Glasenberg, Ivan................................15,20
Hamers, Ralph...........................................16
Heavey, Aidan..........................................20
Hughes, John......................................16,20
Inaba, Seiuemon.......................................19
Johnston, Hugh........................................19
Kapoor, Rakesh........................................20
Loeb, Daniel................................................19
Magara, Ben..............................................20
Marchionne, Sergio................................19
Mayer, Marissa..........................................19
Morgan, Steve...........................................21
Nooyi, Indra................................................19
Quinn, Leo...................................................21
Redstone, Sumner...................................16
Rubenstein, David...................................18
Ruberg, David............................................16
Runevad, Anders.....................................15
Scudamore, Richard..........................21,21
Segars, Simon............................................16
Springett, Ian............................................20
Tata, Ratan..................................................19
Terium, Peter.............................................18
Teyssen, Johannes.................................18
Tobin, Mike...........................................16,20
Yates, Roger..............................................20
van Boxmeer, Jean-François............19
van Beurden, Ben......................................1

© The Financial Times Limited 2015 Week 7

16 ★ † FINANCIAL TIMES Thursday 12 February 2015

COMPANIES
INSIDE BUSINESS
Banks
EUROPE

ING announces ‘early Valentine’ payout Sarah

Dutch lender highlights
return to strength with
first dividend in six years
MARTIN ARNOLD — BANKING EDITOR
Ralph Hamers, chief executive of ING,
said “an early Valentines day present” of
a 12 cents per share dividend was the
least he could do for investors after they
had waited more than six years for one.
up the distribution of cash back to
shareholders after several fallow years
while drastic restructurings were
undertaken to recover from the crisis.
The moves indicate that banks and
their regulators are starting to be com-
fortable that they have rebuilt capital
ratios enough to meet higher standards.
Switzerland’s UBS this week
announced a trebling of its annual divi-
dend over the previous year and Lloyds
Banking Group in the UK is expected to
Gordon
ING banker who was made CEO in 2013. numbers today and we need to wait for
“We are happy to give them this early them to settle in the market and then we
Valentines present.”
The move illustrates how ING has
bounced back from near-collapse dur-
are free to go.”
EU rules require ING to sell its stakes
completely in both companies, which
More tax pressure
ing the crisis faster than other bailed out
European lenders.
have a combined market value above
€7bn, by the end of 2016. But it must
brews for Starbucks
The Dutch lender was forced to sell its
insurance operations as an EU condition
of its state aid. It floated Voya Financial,
also reduce its stake in NN Group below
a level of about 40 per cent at which it
can deconsolidate the business from its
with EU reform push
its US insurance arm, in 2013 and now accounts by the end of this year.
owns slightly less than a fifth of the com- “To deconsolidate NN Group by the

The biggest Dutch bank by assets,
which last year repaid the final part of
its €10bn government bailout left from
the financial crisis, surprised investors
yesterday by announcing plans to pay
40 per cent of profits in dividends.
It is the latest European bank to ramp
Technology hardware
restart dividend payments this year for
the first time since the crisis.
“Investors have not received a divi-
dend for six years while waiting for us to
repay the state aid so we felt the first
moment we could pay a dividend we
should do it,” said Mr Hamers, a veteran
pany. Last year it floated NN Group, its
remaining insurance assets in Europe
and Asia, of which it still owns 68 per
cent.
Mr Hamers hinted that further reduc-
tions in its stakes could come within
weeks. “NN Group and Voya reported
Media. Top talent
I
end of the year — that is likely to mean a
two-step process, so you can’t wait too
long to get started,” said Mr Hamers.
The bank ended 2014 with a common
ING is latest to equity tier one ratio of 11.4 per cent, well
ramp up cash ahead of its target.
distribution Shares in the bank rose 3.4 per cent.
t took a while. After 17 years in the UK, Starbucks
went into the black there for the first time in 2014.
Pre-tax profits of £1m in the year to September 28
may not look a lot, but they marked a £21.5m
improvement on the year before, a turnround that
any company could be proud of.
Starbucks says the dramatic increase in profitability had
nothing to do with the furore in 2012 sparked by Reuters’
revelation that the coffee chain had paid just £8.6m in cor-
poration tax since opening its first store on London’s Kings
Road in 1998. It also said there had been no impact on its
numbers from the decision to shift its European headquar-

Record sales ters from the Netherlands to the UK last April. Instead it

of iPhones Star exits leave networks in a bind attributed the improvement to cost cutting, including
shutting underperforming shops, and “giving customers
more”. Nevertheless, the upturn in profits was accompa-
nied by a 206 per cent rise in the company’s tax bill. Star-

bolster Arm
MURAD AHMED — EUROPEAN
TECHNOLOGY CORRESPONDENT
Sales and profits at Arm Holdings rose
by double digits in 2014, as the chip
designer enjoyed a strong end-of-year
performance due in large part to
bumper sales of Apple’s iPhones.
The company, one of the UK’s only large
global technology groups, reported that
annual revenues had increased 16 per
cent to $1.29bn compared with the pre-
vious year, while pre-tax profits rose 13
per cent to £411m over the same period.
The results were helped by a healthy
fourth quarter during which Arm bene-
fited from record sales of Apple’s iPhone
6 and 6 Plus — devices that contain the
company’s technology. The Cambridge-
based group has also benefited from
consumers shifting to 4G devices, which
contain Arm-designed components that
allow the group to make more money
per device. Manufacturers are also
using its chips to build gadgets for the
so-called internet of things.
Arm sells licences for its blueprints to
manufacturers that also pay royalties
for each unit shipped. Its components
are used in more than 95 per cent of
smartphones. The company was also
able to report it had signed a record
number of licences in the fourth quar-
ter. In 2014, licensing revenue rose 30
per cent year on year to $580m.
Simon Segars, Arm chief executive,
said the new licences “really points to
the adoption of our technology by the
semiconductor industry at large”.
Earlier this month, Arm refreshed its
range of chips for smartphones.
The solid end to the year has encour-
aged the company to propose a 25 per
cent increase in its final dividend to 4.5p
a share. Reported revenues in the three
months to December 31 rose 18 per cent
year on year to $357.6m, while pre-tax
profits were up 25 per cent to £118.9m.
Arm’s shares rose 2.9 per cent to £10.87
in London yesterday.
See Lex
Legal Notices
‘The helicopter
we were
travelling in
was forced
down after
being hit by an
RPG’
Disputed remark
by Brian Williams
The departures of high-profile
TV hosts will pose a challenge
for Viacom and Comcast
MATTHEW GARRAHAN AND
SHANNON BOND — NEW YORK
If investors in media companies needed
any reminder of the challenges involved
in managing leading talent, they got two
this week when Jon Stewart announced
that he would leave The Daily Show and
NBC suspended its top newscaster Brian
Williams.
The moves are unconnected but illus-
trate how important stars such as Mr
Stewart and Mr Williams are to the US
television networks that broadcast their
shows — and the media conglomerates
that own those networks.
Mr Stewart, the writer and presenter
of the satirical news programme for the
past 16 years, has turned Comedy Cen-
tral into a must-have channel. Owned
by Sumner Redstone’s Viacom, the net-
work now attracts an in-demand young
audience at a time when TV viewership
is declining and ageing.
At NBC, the scandal that has engulfed
Mr Williams, presenter of the NBC
Nightly News since 2004, has hindered
efforts to revive its once dominant news
operation and made the network a
punchbag for the rest of the US media.
Mr Williams, the face of one of NBC’s
most visible and respected brands,
recently admitted fabricating a story
about a 2003 incident during his cover-
age of the Iraq war, having wrongly
claimed that a helicopter he was flying
in had been forced down after being hit
by a rocket-propelled grenade.
He apologised to viewers on air after
his account was disputed by a soldier
who was present and this week was sus-
pended without pay for six months.
Steve Burke, the chief executive of
NBC, which is owned by cable operator
Comcast, said that Mr Williams’ actions
were “inexcusable” and “jeopardised
the trust millions of Americans place in
NBC News”.
Viacom and Comcast generate bil-
lions of dollars in profits from a range of
media businesses so identifying the
direct financial impact from the Stewart
and Williams exits is difficult. But ana-
lysts agree that both stars were central
to the branding and reputation of core
businesses — Comedy Central for
Viacom and NBC News for Comcast.
“Comedy Central has resonated with
millennials and young media consum-
ers, which is a highly sought after demo-
graphic,” says Anthony DiClemente, an
analyst with Nomura. Viacom, he adds,
“will want Comedy Central to retain its
cachet as a smart network” following Mr
Stewart’s departure.
Viacom is struggling with ratings
declines across its portfolio of cable net-
works, which includes MTV and Nicke-
lodeon, and an accompanying loss of
advertising revenue. Mr DiClemente
says Mr Stewart’s show ranks as the
kind of “must-have” programming that
Viacom needs for leverage in negotia-
tions with the cable and satellite opera-
‘If you watch
the news and
don’t like it,
then this is
your counter
programme’
Jon Stewart on
‘The Daily Show’
Screen wiped: tors that carry its channels. Without Mr
Brian Williams, Stewart, its hand is arguably weakened.
left, and Jon “You really want people who have
Stewart passionate loyalty [from viewers] so
FT graphic/ AP, Reuters
that if Viacom’s networks were pulled
they would switch providers,” he says.
Viacom said that Comedy Central had
a “deep bench that we can draw on” of
supporting talent, which will be keen to
replace Mr Stewart at The Daily Show.
The network has shown that it can
develop stars: Stephen Colbert, who will
take over from David Letterman on CBS
later this year, got his break working on
Mr Stewart’s show, as did John Oliver,
who moved from Comedy Central to
Time Warner’s HBO in 2014 to host his
own news programme.
“The fact that Oliver left and Colbert
left just makes it even more challenging
for Viacom. Talent is scarce and hard to
come by,” says Allen Adamson, North
America chairman of Landor, a brand-
ing company. “For any content pro-
vider, when you lose a big star, it’s hard
to fill that void.”
At NBC, the issue is less about replac-
ing a star than restoring credibility. Mr
Talent is Williams is the best-known and, until
the recent controversy, most positively
scarce and rated of the evening news anchors,
hard to come according to Henry Schafer of Q Scores,
by a brand measurement agency.
. . . When “He expanded his awareness and
appeal to other audiences outside of the
you lose a big 6:30pm newscast, which is a good mar-
star, it’s hard keting strategy if you handle it the right
to fill that way,” he said. “Unfortunately, it back-
void fired.” His mistake has cost NBC and
Comcast hard-earned credibility.
bucks paid £11.4m in tax last year, including £230,000 of
tax on profits and half of the £20m it promised to pay fol-
lowing the threat of a boycott after the 2012 revelations.
The pressure on Starbucks and other multinationals
over tax is unlikely to ease. The Labour party has promised
to crack down on UK tax avoidance, increase transparency
and toughen penalties. The measures are just one of sev-
eral pre-election promises which big business perceives as
unfriendly to its interests, and which prompted the —
fluffed — challenge to the shadow chancellor, Ed Balls, on
BBC’s Newsnight to name one business leader who sup-
ported his party.
Disillusion with Labour in the big business community
has prompted a dramatic decline in large donations to the
party. And although Mr Balls and Chuka Umunna, shadow
business secretary, talked up their love of business to the
1,000-strong audience at the British Chambers of Com-
merce annual conference in London this week, the fact
that Ed Miliband, the party leader, was the only one of the
leaders of the big three UK parties not to attend was widely
regarded as yet another snub to the community.
The Labour party may feel that alienating big business,
even if sometimes inadvertently, will win them more
friends than enemies among ordinary voters. The irony is
that the core planks of its
policy are not aggressively
anti-business. Mr Miliband’s
There are moves
plans to raise the top rate of afoot to reduce
income tax and impose a
new levy on expensive
governments’
homes will be more painful power over the
for wealthy chief executives
than for the companies they
corporate rate
run. Doubling paid paternity
leave and giving workers a statutory right to bid for their
company if it is sold are bigger issues for companies, both
big and small, with financiers calling the plan to allow
employees to act as white knights in any bidding war “half-
baked” and “barking mad”. But on core business policies
such as corporation tax, the differences between the main
parties are minimal. The tax will fall to 20 per cent in April,
a 1 percentage point cut which Labour has said it would
reverse. But there are no suggestions that it will raise the
tax back to anything near the 28 per cent it was when Gor-
don Brown left office. And Labour has taken pains to echo
the Conservatives’ pledge to keep corporation tax at the
lowest level in the G20 which, both parties argue, gives the
UK an important competitive edge.
Whichever party wins the general election in May, how
long it will be allowed to maintain that edge is debatable,
since there are moves afoot to reduce national govern-
ments’ decision-making power in this area. One of the
many anomalies of Europe’s “single market” is that corpo-
rate tax rates vary so significantly between countries. Gov-
ernments have fully exercised their powers to use the rate
— above 30 per cent in France, just below in Germany and
a mere 12.5 per cent in Ireland — as a policy tool. However,
change is afoot. The European Parliament has recom-
mended setting up of a temporary committee to look into
tax arrangements agreed between member states and
multinational companies. Last month, new European
commissioners for competition and for economic affairs
vowed to make tax competition in the EU “fairer and more
transparent” and promised to revive the commission’s
proposal for a common consolidated corporate tax base.
The moves are designed predominantly to address the
state-aid cases involving Apple, Amazon, Fiat and Star-
bucks itself, but could be a precursor to a more harmo-
nised tax regime across Europe. Proponents argue that
this would make Europe a more attractive destination
for foreign direct investment. What is for sure is that it
means Starbucks cannot afford to relax yet — and if it hap-
pened, UK business bosses would really have something to
gripe about.
sarah.gordon@ft.com

Software

Telecity agrees to acquire Interxion to create dominant European data host

SALLY DAVIES
Telecity, the UK-based data centre pro-
vider that hosts servers for Facebook
and Google, has agreed to buy Dutch
competitor Interxion in an all-share
deal that would create a dominant
European company valued at more
than £3bn.
Under the terms of the deal, sharehold-
ers in New York-quoted Interxion will
receive £1.6bn worth of shares in the
new company, representing a 15 per
cent premium to Interxion’s closing
share price on Monday.
Telecity shareholders would own
55 per cent of the combined group,
which would have a primary listing in
London, with Interxion shareholders
owning the rest.
The move marks a new chapter for
Telecity, an FTSE 250 company whose
future was in doubt following the sud-
den departure of Mike Tobin, its long-
standing chief executive, last year.
Investors welcomed the move, send-
ing shares in Telecity up more than 16
Telecity
shareholders will
own 55% of the
combined group,
which will have a
value above £3bn
per cent to 980p yesterday. Interxion
shares were up 4.59 per cent at $32.56 in
mid-morning trading in New York.
The new company is looking to tap
into demand for data services fuelled by
cloud computing and the boom in
mobile devices.
Analysts said that Equinix, the new
group’s biggest remaining rival, could
eye making a counter-offer for Interx-
ion, although Telecity has agreed not to
consider other proposals until March 4.
“I would be surprised if Equinix would
be happy to let this deal proceed,” said
Milan Radia, analyst at Jefferies. “Equi-
nix could come in and offer cash for one
of the players, but the premium they
would have to pay to interrupt it is prob-
ably more substantial than they’d like.”
Data centres have an advantage by
being able to host businesses in multiple
locations and close to lots of other com-
panies, so their clients can quickly
receive and send information digitally.
Telecity has built a strong presence in
London and Amsterdam with media
and content companies, while Interxion
has invested in Paris and Frankfurt and
has focused on the enterprise arms of
companies such as Microsoft.
John Hughes, the Telecity executive
chairman, will become chairman of the
combined company. David Ruberg,
Interxion’s chief executive, will lead the
new group for 12 months following the
completion of the deal.
Mr Hughes said that the purchase
would help to cut costs through reduced
capital across the joint group, as well as
to expand the business by cross-selling
products to the different clients of each.
Telecity also announced a £400m
share buyback plan over three years.
Interxion reported revenues of
€341m in 2014 and earnings before
interest, tax, depreciation and amorti-
sation of €146m — both up 11 per cent
on the previous year. Telecity reported
full-year revenues of £349m in 2014,
and earnings of £164m.
See Lombard
Thursday 12 February 2015
Pressure to lift dividends pays off for S Korean investors
Companies respond to new
tax rules aimed at unlocking
billions in corporate reserves
SONG JUNG-A — SEOUL
South Korean companies, notorious for
their insensitivity towards shareholder
value, are moving to boost their excep-
tionally low dividends, prodded by gov-
ernment and shareholder pressure to
return more of their growing cash pile to
investors amid lower earnings growth.
Such moves have been led by the
country’s biggest companies such as
Samsung Electronics and Hyundai
Motor, which together make up about a
fifth of the Kospi’s weighting, after the
government introduced new tax meas-
ures aimed at unlocking billions of dol-
lars in corporate cash reserves.
Although there are questions over the
durability of such government-enforced
changes, they are stoking hopes for a
possible re-rating of the country’s belea-
guered stock market whose valuations
have been dragged down by stingy divi-
dends and shaky governance.
“We see some meaningful changes in
terms of shareholder return,” says Heo
Pil-seok, president of Midas Interna-
tional Asset Management. “If this new
trend continues with more companies
likely to follow suit, the Kospi’s re-rating
is possible as more investors agitate for
higher direct returns through divi-
dends, deprived of capital gains amid
slowing profit growth.”
In spite of its earnings contraction,
Samsung plans to raise its 2014 divi-
dend by 41 per cent to Won19,500 per
share, after buying back about $2bn of
its own shares — its first such move in
seven years. The company is also con-
sidering a stock split, which could stoke
appetite among smaller investors.
Hyundai promised to lift its 2014 divi-
dend by more than 50 per cent year on
year to Won3,000 per share in its biggest
payout to date, while its affiliate Kia
Motors raised its 2014 dividend 43 per
cent. LG Display announced its first div-
idend in four years and its affiliate LG
★ FINANCIAL TIMES 17
COMPANIES
General financial. Shareholder returns
Japan’s multiple of about 15 times.
According to broker CLSA, South
Korean groups will pay out 15.7 per cent
of last year’s profits to shareholders,
compared with 46.2 per cent by Hong
Kong groups and 28.5 per cent by Japa-
nese groups.
Optimists hope the dividend
increases will help foreign investors
regain their confidence in corporate
Korea, after Hyundai’s $10bn deal last
year to purchase land for a new head-
quarters raised questions about corpo-
rate governance and capital manage-
ment of the country’s big family-run
business groups known as chaebol.
“The current changes are something
that we should welcome but are unlikely
to satisfy investors as their payout ratios
remain much lower than those offered
by foreign peers,” says Michael Na,
strategist at Nomura. “We should see an
exponential curve in dividend increases
for the market’s re-rating.”
He says South Korea has a long way to
‘Payout ratios remain
much lower than those
offered by foreign peers’
Michael Na, Nomura strategist
Samsung plans to raise its 2014 dividend 41 per cent to Won19,500 per share, after buying back about $2bn of its own stock — Albert Gea/Reuters
go to match the shareholder-friendly
policies of advanced nations. Even after
Electronics doubled its year-end payout Discount could be resolved only when the latest dividend increase, Samsung’s
Dividend yield* P/e valuation multiple to Won400 a share. SK Hynix joined the investors are convinced that such cash return to shareholders amounts to
2014 (%) 2014 trend, offering its second year-end cash changes are sustainable, not just for a 12.5 per cent of last year’s net profit —
dividend of Won300 per share. quarter or a year.” less than half the 28 per cent payout
0 1 2 3 4 5 0 5 10 15
The main trigger of such moves has Cash balances at leading South ratio of Apple. Although Hyundai prom-
Australia India been the government’s changes to the Korean companies have swollen — Sam- ised to eventually raise its dividend pay-
tax code intended to discourage compa- sung’s net cash has reached nearly out ratio from 11 per cent to about 30
China Australia nies from hoarding cash. Starting this $50bn — with limited opportunities to per cent in line with its global peers, its
year, tax incentives are offered for invest their cash piles amid the eco- dividend for last year is just 8.6 per cent
Taiwan Taiwan
increases to dividends or wages and div- nomic slowdown. of 2014 net profit.
Japan Japan idend income tax is lowered, while new Their miserly dividends have been “It is too early to say this is a turning
retained earnings will be subject to a behind the market’s depressed valua- point,” says Park Ju-geun, president of
India Korea special tax if not used after three years. tions, with the country’s listed compa- CEO Score, a corporate watchdog.
Korea China
“We are seeing some positive cases as nies offering by far the lowest payout “Boosting shareholder returns through
companies start to react to the new gov- ratios of any big Asian market. higher dividends doesn’t seem to be the
ernment policy,” says Chan Hwang, The South Korean stock market is priority of Korean chaebol yet. It is hard
* Based on MSCI index strategist at Macquarie. “What counts is trading at about 10 times last year’s to expect any big changes unless their
Sources: Bloomberg; Nomura research their durability. The so-called Korea earnings, far below Hong Kong and governance structure gets overhauled.”
18
German utilities seek new ways to retain spark
Eon and RWE’s struggle to adapt to radical climate change reforms draws attention of producers in other countries
JEEVAN VASAGAR — BERLIN
PILITA CLARK — LONDON
The solar panels that Konrad Kuisle
installed on the roof of his barn and
milking shed have been a steady source
of income for the Bavarian dairy farmer.
“I installed the panels because, on the
one side, I support renewable energy.
But I also get something out of it,” says
Mr Kuisle, who calculates the power he
feeds into Germany’s electricity grid
generates about up to 15 per cent of his
annual turnover.
Mr Kuisle is just one of thousands of
ordinary Germans who have scrambled
to invest in renewable power as Ger-
many pursues one of the world’s most
radical energy policies. And these poli-
cies are having enormous repercussions
on the country’s two main utilities, Eon
and RWE.
Under the 15-year-old energy transi-
tion strategy — in German, the Energie-
wende — the country aims to generate
80 per cent of its electricity from renew-
able power such as solar and wind by
2050, up from 26 per cent today, as part
of efforts to combat climate change.
Electricity producers using renewables
are entitled to an above market rate for
the power they put into the grid, and
this €20bn annual subsidy is paid for
with a levy on customers’ bills, resulting
in some of the highest household power
prices in Europe.
Germany is shifting from a situation
where electricity is supplied by a few
dominant utilities led by Eon and RWE
to a more splintered market in which
many smaller players also generate
power. Analysts say that this scenario
could be replicated in many other coun-
tries. Some argue the utilities’ long-
standing business model of operating
fossil fuel and nuclear power stations is
in terminal decline, and that they must
embrace sweeping change.
“Utilities around the world are closely
watching the effects that the German
Energiewende had on the central Euro-
pean energy market,” says Roland Vet-
ter, analyst at CF Partners, a consul-
tancy.
“High subsidies have led to a massive
increase in generation from renewables,
which has depressed the wholesale
power price and severely damaged the
profitability of the integrated utilities.”
Germany’s utilities have come up
with very different strategies in
response to the energy reforms and
depleted profits.
Eon, Germany’s biggest utility by
market capitalisation, is taking the radi-
cal step of spinning off its power genera-
tion businesses based on fossil fuels and
nuclear, and will instead concentrate on
renewables. By contrast, RWE will focus
on slashing costs while maintaining a
single, integrated business.
Eon’s split — expected next year — will
create a successor company keeping the
Eon brand, which will focus on solar and
Oil & gas
Shell and BP balk over signing-on fee for big Abu Dhabi fields
CHRISTOPHER ADAMS — LONDON
SIMEON KERR — DUBAI
Two of the world’s biggest oil compa-
nies, Royal Dutch Shell and BP, are
fiercely resisting efforts by Abu Dhabi
to get them to pay a multibillion-dollar
signing-on fee for a stake in developing
the emirate’s biggest onshore fields.
State-owned Abu Dhabi National Oil
Company Adnoc is understood to have
demanded about $8bn in total from a
number of international oil groups hop-
ing for a slice of a 40 per cent equity
stake in reserves to be jointly developed
over the next 40 years.
The stand-off over what industry
insiders said was one of the biggest
upfront payments for an oil concession
in history could lead to Shell and BP
walking away from the talks, as Exxon-
Mobil, the US group, is said to have
already done. Any scaling back by these
three oil majors would mark a major
retreat from Abu Dhabi after decades-
long partnerships.
Exxon, Shell and BP declined to com-
ment.
The deal Adnoc is seeking covers 15
principal onshore oilfields and repre-
sents about half of the United Arab
Emirates’ production, which stands at
Contracts & Tenders
★ FINANCIAL TIMES
COMPANIES
Power play
Wind turbines stand behind a solar power park in Werder, Germany
Supplies Eon and RWE are calling for utilities to reform of the energy market, ranging
Call to be paid to ensure enough electricity is from the introduction of capacity
available from fossil-fuel power stations payments to allowing utilities to raise
ensure to supply the grid at times when the prices at times when power is scarce.
fossil fuels wind does not blow or the sun does not A “white book” with detailed
can fill gap shine. measures is due this May. Germany’s
Peter Terium, RWE chief executive, government is concerned that capacity
pictured right, said that without an payments for utilities would increase
energy reform involving capacity prices for consumers who
payments for utilities, the power market already have some of the
in Germany would experience “boom highest household
and bust”, making it harder to plan for power bills in Europe
future investments. because of levies
He said: “[There will be] periods with to subsidise
peaking prices through the roof and renewables.
with low prices to the bottom and that’s Jeevan
not the stability that a capital-intensive Vasagar
market deserves.”
In a “green book” policy document
published last year, Germany’s
economics ministry set out options for
about 2.8m barrels a day. Output from ning bidder in a hotly contested tender-
these fields is expected to reach 1.6m ing process, Adnoc is putting pressure
b/d this year and 1.8m b/d from 2017. on Shell and BP to raise their signing-on
France’s Total last week became the fees and agree to the same terms as Total
first to sign a concession agreement with for two similar sized stakes to the one
Abu Dhabi, giving it a 10 per cent inter- secured by the French group, but the
est in developing the oilfields. The com- companies have balked.
pany paid an upfront fee of about $2bn Industry executives said the stand-
to secure its stake, under which it will off, first reported by International Oil
earn about $2.85 for every barrel sold. Daily, reflected a strong view in the two
This compared with $1 a barrel under a companies’ boardrooms that the recent
previous concession. plunge in oil prices made it imperative
After announcing Total as the win- they should avoid paying too much for
Buyout push executive David Rubenstein said as
Carlyle to raise extra $4bn the group reported fourth-quarter
results.
for energy sector bargains Economic net income, or earnings
including unrealised gains and losses
Carlyle said it would raise more money on investments in addition to cash
for investing in energy companies hit received from them, fell to $182m, or
by the plunge in oil prices, even as it 56 cents a share, from $562m, or $1.61
joined other big private equity groups a share, in the same quarter last year.
in reporting paper profits reduced by The decline partly reflects
falling valuations for assets it already writedowns to company valuations in
owns in the sector. older energy funds.
The group plans to raise $3bn-$4bn Carlyle, with $195bn in assets under
this year for energy investments on management, raised over $24bn in
top of a $9bn war chest already built funds in 2014, versus $10bn invested.
up for the purpose, Carlyle’s co-chief Joseph Cotterill
Legal Notices
Eon’s split: a blueprint for other utilities?
Renewables
Electricity generation
including wind and solar
Distribution
Supply of electricity to
households and companies
Customer solutions
Services to enable
customers to use
energy more efficiently
Eon/RWE Net income (€bn)
2009 10
Green energy
Share of electricity generation from renewables, 2012 (%)
Germany
China
France
India
US
UK
wind power generation, electricity dis-
tribution networks and services for cus-
tomers such as smart energy metering.
The spin-off company — where Eon’s
shareholders will hold a majority of the
shares — will be debt-free and tasked
with decommissioning nuclear power
stations. These must be phased out
under Germany’s reforms by 2022.
The two companies will have different
financial profiles. Eon is promising the
spin-off company will offer a high divi-
dend to compensate for how it is manag-
ing declining assets. The company
retaining the Eon brand will emphasise
its growth prospects, and its dividend
will be limited by how it needs to invest
in renewables.
Johannes Teyssen, Eon’s chief exec-
utive, said in December that the Eon
successor company, freed from the
obligation to invest in conven-
tional power generation, would
stakes in the Abu Dhabi fields because
otherwise it would generate low single-
digit percentage returns.
Adnoc was not available for com-
ment. But one UAE official said it
appeared that Total’s generous cash bid
was raising the pressure on the other oil
companies to increase their offers.
An industry figure said: “The compa-
nies are cash constrained. They are say-
ing, ‘Hang on a second, we’re interested
but not on those terms.’”
The talks come as the oil majors are
scrambling to cut spending on new
projects in the face of a more than 50 per
cent decline in crude prices since last
summer.
Exxon, Shell, Total and BP each held a
9.5 per cent stake in the previous 40-
year concession with Adnoc, which
ended last year, prompting the govern-
ment to solicit fresh bids.
Shell and BP have extensive knowl-
edge of the Abu Dhabi fields and while
other companies are reported to have
offered sizeable signing-on fees they
lack the same technical experience.
Bob Dudley, BP’s chief executive, told
reporters last week that his group would
“wait and see” what happened with the
Abu Dhabi concession. “It has to be eco-
nomic for us,” he said.
Businesses
For Sale
FT BUSINESS
Tuesday, Friday & Saturday: Business for Sale,
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Upstream
Oil and gas exploration
and production
Global commodities
Energy trading
Power generation
Electricity generation
from coal, gas and
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Eon
11 12 13 14
Forecasts
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12
Sources: company; REN21
Clean energy
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at renewable
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renewable
Mining
Anglo American in talks over
shedding S Africa mine stakes
ANDREW ENGLAND AND JAMES WILSON
Anglo American is in talks with South
Africa’s government over conditions for
selling stakes in several coal mines as
the mining group intensifies efforts to
improve its performance by shedding
underperforming assets.
The company is looking to offload
majority ownership of three mines that
supply thermal coal used in power gen-
eration by Eskom, South Africa’s state
utility, people familiar with the plans
said. The mines produce more than half
of Anglo’s annual South African coal
output.
The government’s proposals could
limit Anglo’s freedom to restructure its
local businesses. They would also have
to address how any new mine owners
fund their share of investment, cur-
rently split between Eskom and Anglo.
Ngoako Ramatlhodi, South Africa’s
mining minister, has said divestments
by companies should be used as an
opportunity to create “national champi-
ons” in natural resources.
While his plans are at an early stage,
they would include a requirement to ful-
fil “black economic empowerment” tar-
gets by selling to black-controlled South
African businesses, with some equity
held by local communities and workers.
“What I’m doing is to say to Anglo,
‘What I want is an organisation, a busi-
ness, that has strong footprint in the
community where the extraction is tak-
ing place, I want it to have a strong
worker participation in the conglomer-
ate’,” Mr Ramatlhodi told the FT. “I want
it to be run by experienced miners, or
serious business people who happen to
be South Africans, and who are black.”
Mark Cutifani, Anglo’s chief execu-
tive, is trying to turn round the mining
Thursday 12 February 2015
be able to compete more effectively in
new energy technology.
There are two reasons why utilities in
other countries may have to consider
following Eon’s move, says Patrick Grai-
chen, executive director of Agora Ener-
giewende, a Berlin think-tank.
The falling cost of renewable infra-
structure is starting to make wind and
solar more attractive financially, he
argues. And the Eon plan helps address
a dilemma utilities face when confront-
ing rivals with technologies such as
renewables: do they adopt the new sys-
tems and cannibalise profits from their
existing assets, or do nothing and watch
new competitors steal market share?
German utilities initially followed the
second path and did not invest in renew-
ables, Mr Graichen says. “Later they
added them to their firms as add-ons
that were always minor to the power
generation division that manages the
old assets. The CEO of Eon has now
decided to solve that conflict by separat-
ing the assets so that there is no in-house
conflict any more — and thereby letting
RWE the renewable guys loose from the
8 chains of the old business model.”
6 Only 18 per cent of Eon’s generation
4 capacity came from renewables in 2013,
although this is better than RWE, where
2 the equivalent figure was 6 per cent.
0
-2 Germany is shifting to a
more splintered market
in which many smaller
players generate power
25
RWE is instead cutting jobs, slashing
capital expenditure and selling its oil
and gas exploration and production unit
RWE Dea. Peter Terium, chief execu-
tive, said last year that even before Eon’s
proposed split, RWE had examined and
rejected a spin-off — although it has
since hinted it might reconsider.
Analysts are sceptical that a split
would work for RWE, partly because the
company relies heavily on coal.
Utilities elsewhere in the world are
watching Eon’s split plans closely as gov-
ernments continue to encourage renew-
ables to help combat climate change.
For some analysts, Eon’s intention to
focus on renewable power generation,
coupled with offering households and
companies advice on energy efficiency,
is a logical future model for utilities.
But experts question whether utilities
have the entrepreneurial flair to sell
new services to the public. Stephen
Woodhouse, a director at Pöyry, a con-
sultancy, says: “Whenever there is a rev-
olution like this it is the companies that
stay closest to the customers that end up
surviving the change — and that would
be where I wonder whether utilities are
capable of riding this wave or whether it
will swamp them.”
group’s performance in part by cutting
its exposure to South Africa.
South Africa has been losing its appeal
to the world’s largest mining companies
despite its vast mineral resources,
because of factors including political
risk, labour unrest and ageing assets.
Kriel, New Denmark and New Vaal —
the three mines Anglo is looking to
offload — produced 31m tonnes of coal
last year and will require significant cap-
ital investment over the next decade.
Eskom, which relies on coal for more
than 90 per cent of its power generation,
has said it will in the future only buy coal
from companies that are majority
owned by black South Africans.
“There is the empowerment aspect of
government and there is a capital aspect
— there’s a significant capital require-
ment which requires funding from
Eskom and from Anglo American,” said
a person familiar with the process.
The government’s proposals could
also affect restructuring plans at Anglo
American Platinum, a unit of Anglo
American that is the world’s largest plat-
inum producer.
Anglo American announces its
annual results tomorrow.
South African utility Eskom uses
Anglo’s coal to generate power
Thursday 12 February 2015
Beverages
PepsiCo moves to return $9bn to investors
US group plans to use mix
of dividends and share
buybacks as profits slide
NEIL MUNSHI — CHICAGO
PepsiCo announced plans to return up
to $9bn to shareholders this year via a
mix of dividends and share buybacks as
the group reported a 25 per cent drop in
fourth-quarter profits.
The company said it expected
constant currency earnings per share
to grow 7 per cent in 2015, while the
strong dollar would hit earnings per
share and revenues by about the same
amount.
“The macro [environment] is tough,
Technology hardware
Loeb grapples
with Japanese
robot maker
Fanuc over
share buyback
ROBIN HARDING — TOKYO
US activist investor Daniel Loeb is tak-
ing on one of Japan’s most obsessive
companies in what promises to be an
epic clash of cultures across the Pacific.
According to its quarterly letter to
investors, Third Point — the hedge fund
run by Mr Loeb — has bought into
Fanuc, the world’s largest robotics com-
pany, and is urging it to buy back shares.
The purchase highlights renewed
investor interest in Japan as massive
monetary stimulus drives stocks higher,
the state prepares a new corporate gov-
ernance code and return on equity
catches on as a management goal.
But it also is reminiscent of numerous
bitterclashes between Japanese corpo-
rations and foreign investors, from the
saga of Steel Partners and Bull-Dog
Sauce a decade ago, to The Children’s
Investment Fund and its run at electric-
ity wholesaler J-Power in 2008.
“Fanuc’s productivity is among the
highest in the world, on track to achieve
$2.4bn of operating profit and 40 per
cent margins . . . with just 5,500
employees,” said Third Point. But it
added: “There is a reason that Fanuc
remains cheap at 13 times earnings: the
company’s illogical capital structure
which does nothing for shareholder
value.”
Third Point is known for its aggressive
campaigns to shake up target compa-
nies — it engineered the installation of
Marissa Mayer as chief executive of
Yahoo — and there is a gulf between its
financial world on New York’s Park Ave-
nue and the secretive, yellow-clad engi-
neers of Fanuc.
Fanuc has grown to become Japan’s
10th-largest company by market capi-
talisation, dominating the global mar-
ket for factory robots from its base near
Mount Fuji. It is known for an ultra-
focused corporate culture, ruled until
recently by founder Seiuemon Inaba,
that rejects all distractions from its core
robotics business. It seldom grants
interviews and refuses to talk to inves-
tors and analysts — offering a quarterly
earnings report and little else. More
than half its shares are in the hands of
foreign investors, however, which could
increase Third Point’s leverage.
Fanuc could not be reached for com-
ment yesterday, which was a public holi-
day in Japan.
Third Point recently sold out of an
investment in Sony after failing to per-
suade management to spin off its enter-
tainment business. In its letter, Third
Point pays tribute to Fanuc, saying the
company “reminds us of Apple in its
product approach”.
It suggests that Fanuc’s robotics sales
will double in a few years, given the
broader range of industries being auto-
mated, the low density of robot use in
China, and the Japanese group’s market
dominance. The letter says: “Virtually
every large manufactur-ing footprint
expansion in North America — from
Airbus to Ford to Tesla — is taking place
with Fanuc’s robots.”
See Lex
Third Point has bought a stake in
Fanuc, which it likens to Apple
currencies are volatile, but the fact is we
have a portfolio that can power through
it,” said Hugh Johnston, chief financial
officer.
He added that Pepsi’s snacks and bev-
erage businesses — which the company
has been under activist investor pres-
sure to split — “mutually reinforce each
other”.
Indra Nooyi, chief executive, said
Pepsi, which makes Doritos crisps and
Naked juice, was the largest contributor
to US retail sales growth among
all food and drinks manufacturers
in2014.
The news comes a month after it
added a representative of Nelson Peltz’s
Trian Fund Management to its board,
ending a two-year stand-off that had
Dividend rise
Heineken taps
surge in profits
Banks
Investment banks left in cold
for Chinese acquisition spree
JOSH NOBLE — HONG KONG
Chinese companies may have become
big players on the global M&A stage but
investment banks are increasingly
being cut out of the deal.
The latest high-profile acquisition —
Wanda’s €1bn purchase of Swiss sports-
marketing group Infront Media — is the
latest example of a Chinese company
bypassing banks when shopping for
assets.
While accountants PwC and law firm
Reed Smith will both take fees for their
work on the deal, no bank was listed as
an adviser to Wanda.
A scroll through Wanda’s previous big
purchases, such as the $2.6bn takeover
of AMC Cinemas and its purchase of
Sunseeker yachts, shows a similar pat-
tern, with no bank receiving credit.
A number of China’s most acquisitive
companies are relying on the knowhow
of their in-house investment teams
rather than handing over large fees to
global investment banks.
“The value of the middleman has
been arbitraged away by the market
participants,” said Keith Pogson, head of
Asia financial services at EY. “There are
a number of players who have been
staffing up. It is going to be more and
more the norm to run your own deals.”
Chinese companies are still paying for
initial public offerings and debt issues,
with total fees from Chinese investment
banking hitting a record $6bn last year.
But M&A has proved less fruitful.
Financial advisers for all China’s M&A
activity last year received $400m in fees
— the same amount earned by bankers
on the IPOs of Alibaba and Wanda —
compared with $11bn spent by US com-
panies on M&A fees and $6bn paid out
in Europe, according to Dealogic. Main-
★ FINANCIAL TIMES
COMPANIES
seen the activist investor call for the
company’ssplit.
Pepsi returned $8.7bn to shareholders
in 2014 and has announced a series of
annual $1bn productivity initiatives,
which had helped alleviate some of the
pressure.
Yesterday Mondelez, a snacks rival,
warned it that could see revenue growth
drop about 11 per cent on the strong
N American still-drink
volume grew 4 per cent.
Carbonated soft-drink
volume fell 2 per cent
Heineken increased its dividend by a
quarter after a rise in profits in 2014,
although the manufacturer warned
growth would flatten out in 2015.
The world’s third largest brewer by
market capitalisation and revenue said
total net profit grew 11 per cent to
€1.8bn as emerging markets
performed well and the soccer World
Cup in Germany lifted first-half sales.
Emerging markets have been a focus
of attention for brewers in recent years
as sales have stagnated in mature
land companies last year spent a record
$72bn on 404 deals outside China. Yet
during that time, M&A banking fees
have remained flat.
Neither Alibaba nor Tencent has used
an investment bank for an outbound
deal since 2010.
Banks have claimed credit on just four
of the top-10 buys made in that time by
Fosun International, China’s largest
non-state conglomerate.
Its purchase of One Chase Manhattan
Plaza was done without a bank adviser,
as was the $2bn acquisition of New
York’s Waldorf Astoria by Anbang
Insurance in October.
The trend can partly be explained by
the growing banking talent within large
Chinese companies.
Tencent’s head of strategy, James
Mitchell, is a veteran of Goldman Sachs,
while Alibaba hired dealmaker Michael
Zeisser from Liberty Media in 2013.
Anbang’s purchase of New
York’s Waldorf Astoria
was one of many made
without a bank adviser
dollar, while a day earlier Coca-Cola
cautioned that currency fluctuations
would also hit its 2015 profits and
revenues.
Coke, the world’s largest beverage
group — which does not have the benefit
of a snacks business to help offset weak-
ness in fizzy drinks — reported a 55 per
cent drop in fourth-quarter earnings.
Both companies have been coping
with dwindling demand for carbonated
drinks in the developed world, as
consumers become more health con-
scious.
The companies have responded by
building up their still-drinks businesses,
including juice and water.
Pepsi’s North American still-drink
volume grew 4 per cent during the quar-
markets. Heineken has diversified
and generates about two-thirds of
operating profit from these fast-
growing markets, which made it a
target for larger British rival
SABMiller, although the Dutch
brewer brushed off the overture.
The beer maker saw sales grow 10
per cent in emerging markets,
although this was pared back by
lower profitability in Poland and the
fallout of Russia’s economic woes.
“We continued to invest in our
Contracts & Tenders
ter, while its carbonated soft-drink vol-
ume fell 2 per cent.
“But the consumer doesn’t really
want to walk away from bubbles,” Mr
Johnston said, noting the recent launch
of Mountain Dew Kickstart, a
multi-hundred million dollar business
“built almost from nothing”.
Fourth-quarter net income fell from
$1.74bn to $1.3bn during the same
period last year.
The company earned $1.12 a share,
excluding items including foreign
exchange conversion, restructuring
changes and a pension settlement.
The group’s sales slipped 1 per cent to
$19.95bn.
Analysts had expected earnings of
$1.08 on $19.66bn in revenues.
portfolio of brands,” said Jean-
François van Boxmeer, chairman
and chief executive. However, he
said: “We expect further volatility in
emerging markets and deflationary
pressures in 2015” and that growth
would be “more moderate”.
The brewer increased its dividend
24 per cent to €1.10 per share, up
from €0.89 last year.
Heineken shares rose 2.8 per cent
to €66.39 by the close in Amsterdam
yesterday. Joel Lewin
Chris Ratcliffe/Bloomberg
19
Cars
Fiat chief says
attacks by
activists will
spur mergers
JAMES FONTANELLA-KHAN — NEW YORK
ANDY SHARMAN — LONDON
Sergio Marchionne, chief executive of
Fiat Chrysler Automobiles, has pre-
dicted that carmakers reluctant to con-
solidate will be forced to reconsider
their stance as they come under attack
from activist investors.
In an interview with the Financial
Times, Mr Marchionne warned that his
rivals could not continue to avoid hav-
ing a serious debate about mergers.
His comments came as four hedge
funds launched a campaign to win a seat
on General Motors’ board for Harry Wil-
son, a key figure in the restructuring of
the US car industry, in an effort to force
the carmaker to spend $8bn on share
buybacks.
“The activists have started targeting
carmakers,” Mr Marchionne said. “At
first many boards will try to defend
themselves with lawyers and bankers,
but ultimately they will have to come to
the table to discuss a merger with either
us or other large competitors.”
Mr Marchionne has repeatedly said
that the motor industry needs to consol-
idate to cut operating costs and reduce
capital spending on areas such as tech-
nology to reduce carbon dioxide emis-
sions and connected car systems.
This year, the Italian-American car-
maker plans to spin off Ferrari, partly
through a stock market listing, and this
has raised speculation that Mr Mar-
chionne — known in the industry as a
consummate dealmaker — is preparing
FCA for another transaction.
The spin-off, combined with stellar
vehicle sales in the US and constant
speculation about possible deals, has
helped FCA’s share price rise almost 50
per cent since the newly merged car-
maker listed in October.
“FCA is ready to merge with another
major player in the US, Europe or Asia
that would make it possible for them to
compete globally and cut costs,” said a
banker who focuses on industry deals.
Mr Marchionne said that he was open
to consolidation but stressed that he had
not held talks with anyone yet.
One person familiar with Mr Mar-
chionne’s thinking said that his top
picks would be a merger with Volkswa-
gen or GM. “They are the only ones who
would really be able to stomach it,” the
person said.
Tata Motors, the Indian owner of Jag-
uar Land Rover, would also be a poten-
tial candidate for a combination with
FCA, the person added. Fiat and Tata
Motors were once joint venture part-
ners, and Ratan Tata, former chairman
of the Tata group, sat on Fiat’s board
until 2012.
20
Glasenberg relieves Glencore’s metal fatigue with Lonmin spin-off
Alison
Smith
There was a time when Glencore took a
close interest in Lonmin. Remarkably,
it was less than 18 months ago that the
commodities group had two of its
executives appointed to Lonmin’s
board. Now they will be quitting the
South African platinum producer if
Glencore’s shareholders approve a plan
for dividing up the group’s 24 per cent
Lonmin stake into tiny pieces, which
each investor can decide to hold or sell.
The appointments led some analysts
into wishful thinking that Glencore
would buy the whole thing. Au
contraire. Ivan Glasenberg has been
signalling for some time that he was
seeking an exit.
His view that Lonmin does not fit
Glencore is disappointingly sensible —
a dull coda to the high drama that was
the birth of Glenstrata. And the holding
has hardly enhanced the group’s value:
Oil & gas
Tullow scraps
payout after first
loss in 15 years
Africa-focused oil explorer
promises new cost-cutting
round following write-offs
MICHAEL KAVANAGH
Tullow Oil, the Africa-focused explorer,
has scrapped its dividend and promised
a new round of cost-cutting after
slipping to its first pre-tax loss in 15
years.
Impairment charges worth a record
$2.7bn last year swung UK-based Tullow
from a pre-tax profit of $313m in 2013 to
a pre-tax loss of $2bn in 2014.
These charges stemmed from write-
offs on assets and exploration drilling
following the more than 50 per cent fall
‘Dividend is one of a
series of cuts that
make sense in the
current climate’
in oil prices since last summer.
Tullow’s shares yesterday fell 7.2 per
cent to 384.6p.
Aidan Heavey, Tullow’s chief execu-
tive, described dividend payments in
the current oil price environment as “a
luxury we can’t afford”.
Mr Heavey said that planned cuts to
much of Tullow’s expensive wildcat
exploration drilling, other savings
in capital and operating spending,
and an extension to its borrowing
facilities agreed last year with banks
had left the FTSE 100 company
with “substantial headroom and
Household goods
Reckitt Benckiser warns of gloomy outlook
SCHEHERAZADE DANESHKHU
— CONSUMER INDUSTRIES EDITOR
Reckitt Benckiser announced a cost-
cutting plan and organisational
shake-up as the maker of Dettol disin-
fectant, Durex condoms and Vanish
laundry products sought to counter
the £230m stake is worth only half
what it was a year ago.
Lonmin’s board rosily describes the
move as “constructive”. But a 7 per cent
drop in its share price suggests some
investors take a darker view.
Beyond the general difficulties of low
commodity prices, there are particular
problems with platinum. It is difficult
to mechanise the old and narrow mines
where the thin platinum veins are
found. That makes it hard to cut costs
and puts a premium on good labour
relations. Lonmin is still suffering the
production and financial hangover
from last year’s lengthy strike. Further
back is the memory of the 2012 police
shooting of striking workers at its
Marikana mines.
In theory, this leisurely disposal
could spur another group to make an
offer for the stake. In real life, however,
there has already been plenty of time
for interest to crystallise.
Of course, Lonmin boss Ben Magara
could use the 12 weeks between now
and the Glencore vote to explain why
shareholders should still invest. But the
way things are now, you could spend 12
months and still not make that case.
liquidity to deliver on our strategy”.
But Tullow’s results statement con-
ceded it “could become technically non-
compliant with one of its financial cove-
nant ratios in the first half of 2016”. The
company ended 2014 with net debt of
$3.1bn.
Close to half of Tullow’s $1.9bn of cap-
ital spending for this year will focus on
development of its Ten oilfield off the
coast of Ghana. Ten, which is close to
Tullow’s flagship Jubilee field, is
expected to hit production rates that
will add 40,000 barrels of oil equivalent
a day to the group total by the end of
next year.
Ian Springett, Tullow’s chief financial
officer, played down the suggestion of
any share placing to strengthen the
group’s balance sheet, telling analysts:
“Tullow has no plans to raise equity and
is funded through to Ten first oil.”
He said that suspending dividends
that totalled 12p a share in 2013 would
save the company $180m a year. “Divi-
dend is one of a series of cuts that
make sense in the current climate,” he
added.
Mr Springett said that the company
could consider a resumption of divi-
dends next year, dependent on progress
towards full production at the Ten field.
Revenue secured from production
across Tullow’s portfolio of fields —
which averaged 75,000 boe/d during
2014 — came to $2.2bn in 2014, down 16
per cent compared with 2013. Gross
profit fell 27 per cent to $1bn.
Analysts at Deutsche Bank described
Tullow’s results as “messy but ulti-
mately in line” as post-tax losses
of $1.6bn were “marginally below
consensus”.
expected pressures from a tough year
ahead.
Rakesh Kapoor, chief executive, said
yesterday that the company expected
no growth in developed markets and a
slowdown in emerging economies, lead-
ing him to reduce the annual revenue
growth target from 4 to 5 per cent to 4
per cent. “I don’t expect a marked
improvement this year,” he added.
The gloomy forecast came as the
Slough-based group reported robust
2014 results, boosted by higher profit
margin. A pledge to increase its share
buyback programme lifted Reckitt’s
share price by 3 per cent to £57.75.
Martin Deboo, an analyst at Jefferies,
said: “The full year was well ahead of
expectations, driven by a strong fourth
quarter and second-half margins.”
Mr Kapoor, who is in his fourth year as
★ FINANCIAL TIMES
UK COMPANIES
East End friend
London’s talent for reinvention is
evident in the conversion of the
historic Truman’s Brewery in Brick
Lane into a data centre stuffed with
webworthy gubbins. The Dutch owner,
Interxion (pronounced “interaction”)
now seeks a reinvention of its own. It
has agreed to merge with Telecity
Group. Have a pint of what the UK
business is drinking: it has struck a
canny deal.
The market can never decide
whether data centre businesses deal in
real estate or high technology.
However, it has no doubts that Telecity
has done well with this transaction,
marking its shares up 15 per cent,
compared with 16 per cent for
Interxion.
Investors in NYSE-listed Interxion
would receive a preferential allocation
of shares in the combined £3bn group,
equivalent to a 15 per cent premium to
the undisturbed price. That means
Telecity is taking Interxion over,
despite face-saving talk of a merger.
The price might look steep at an
Loaded down
Overcapacity
weighs on
Thomas Cook
chief executive, said cost-cutting in the
second half of last year had evolved into
its “supercharge” project to make
annual savings of £100m-£150m for a
one-off £200m charge.
Measures included a hiring freeze
(since lifted), more teleconferencing
and less spent on travel. Mr Kapoor,
whose pay packet in 2013 totalled
£6.7m, said he was now flying economy
class on trips lasting less than six hours.
Last year’s savings boosted operating
profit margins by 1.6 percentage points
to 24.7 per cent. This contributed to the
13 per cent rise in pre-tax profits to
£2.1bn.
The rise in profits came despite a 5 per
cent sales drop to £8.8bn. Underlying
sales — excluding currency movements
and mergers and acquisitions — rose by
4 per cent, in line with group forecasts.
enterprise value of 15 times forward
earnings before nasties. Adjust for
£600m in synergies, mostly lower costs
and capex, and the number is closer to
10 times, less than Telecity’s market
rating before its shares began
motoring.
The deal should give Telecity new
impetus following the abrupt exit of
popular chief executive Mike Tobin last
year. But before chairman John Hughes
and Goldman adviser Anthony Gutman
start high-fiving among the server
cabinets, they should remember the
signal that a cheap purchase sends: that
the target could still be affordable at a
higher price. Telecity’s rivals may now
contemplate bidding for Interxion
themselves.
Electrafied
Truly it is written that a prophet hath
not honour in his own land. Edward
Bramson, a British-born activist
investor based in New York, returned
briefly to our crepuscular shores last
year to take a pop at Electra. This is a
venerable private equity group named
Overcapacity in the airline market and
payouts to passengers on delayed
flights weighed on Thomas Cook’s
mixed first-quarter results.
The travel operator, which in
November parted company with
former boss Harriet Green, said
yesterday that gross profits of £327m
on a like-for-like basis were flat, as
lower fuel costs were offset by the cost
of complying with EU legislation
requiring compensation for flight
delays.
Despite a strong performance in the
UK, where margins increased by 140
basis points to 3.7 per cent, shares in
Thomas Cook fell 5.5 per cent to 125.9p
Investment companies
Electra uses dividend to help fend off activist
JOSEPH COTTERILL
Electra, the listed British private equity
group fighting off an activist campaign
led by Sherborne Investors, is to begin
returning cash to shareholders.
Announcing the results of a strategic
review yesterday, Electra said it would
aim to give back cash each year equal to
3 per cent of its net assets, including a
dividend for the first half of its current
financial year.
Sherborne, the investment group
headed by US investor Edward Bram-
son, owns a quarter of the buyout house,
having recently increased its stake by
borrowing bank debt to buy more
shares — an unusual step for activists.
Shareholders rejected a move by
Sherborne to appoint two directors to
Electra’s board in October, with only 11
after a crazy Greek lady, listed on the
stock market as an investment trust.
Mr Bramson sought election to
Electra’s board. He promised a
strategic review. Pending this, he
suggested that Electra pay dividends,
reduce its debt and cut fees charged by
tame asset manager Electra Partners.
The City’s message to the silver-
haired poker player was “give our
regards to Broadway”. It was assumed
the parvenoo would return there after
his defeat, or at least to Midtown,
where he plies his trade. Electra has
now done a strategic review of its own.
This recommends paying dividends,
reducing debt and cutting fees. Nothing
to do with Ed, of course. Sheer
coincidence. Mr Bramson, unabashed
or perhaps enraged by rejection, now
has a quarter of Electra’s shares, which
are close to their all-time high.
Jupiter’s Edward Bonham Carter
opined at the time of last year’s vote
that it might be no more than Round
One of a longer bout. Seconds out for
Round Two!
alison.smith@ft.com
Other stories: jonathan.guthrie@ft.com
in London trading yesterday as it
said its performance in continental
Europe and northern Europe had
been tougher in the quarter.
“It is a weak German market but
we are mitigating this by reducing
capacity. We are relying on a very
strong UK,” said Peter Fankhauser,
chief executive.
Thomas Cook said it reduced its
underlying operating losses by 11.6
per cent to £53m for three months
to December 31 and trading was in
line with market expectations for
the full year. Reported operating
losses fell by 42 per cent to £73m as
exceptional costs fell.
Mike Wilkinson/Bloomberg
per cent voting in favour. Although Mr
Bramson also asked for a strategic
review last year, yesterday’s announce-
ment comes after points were raised by
other Electra shareholders.
In its review, Electra said it would stop
charging a management fee on cash held
on its balance sheet. It will also cut the
fee from 1.5 per cent to 1 per cent on
investments it no longer regards as key
to its business, such as stakes in listed
companies. Electra will retain the 18 per
cent share of profits on deals, or carried
interest, received by its partners on
direct investments. The group had net
assets of £1.1bn as of September 30 last
year, with two-thirds of its investment
portfolio in unlisted companies.
“We believe the new agreement with
Electra Partners delivers improved
value for all of our shareholders, while
Thursday 12 February 2015
Briefs
Poundland
Warburg Pincus sale
Private equity firm Warburg Pincus
has raised £142m by selling down
nearly half of its stake in the
discount retailer Poundland, a
bigger share placing than was
originally anticipated as investors
buy into the bargain-hunting trend.
The secondary placing to
institutional investors was
anticipated to consist of 25m
Poundland shares, equivalent to
about 10 per cent of the retailer’s
listed capital.
Following strong demand,
Warburg increased the size of the
offering to 35m shares, placed at
405p per share. The deal cuts its
stake in the UK’s biggest fixed-price
retailer from 30.4 per cent to 16.4
per cent, although it remains its
biggest shareholder.
“We remain supportive of the
company, the management team
and its strategy,” said Warburg
Pincus, adding that the private
equity firm would continue to have
board representation in the form of
managing director Paul Best.
Warburg floated the retailer at
300p a share in March last year,
selling about 60 per cent of its
majority stake in an initial public
offering that valued the whole
company at £750m. It bought a
majority stake in Poundland for
about £200m in 2010 and has seen
the value of its holdings surge as
consumers flock to discounters to
reduce their shopping bills.
Claer Barrett
Insider trading case
Ex-Logica head accused
A former manager of Logica, the IT
consultancy, is accused of trading in
the company’s shares just ahead of
a £1.7bn takeover by CGI Group, its
Canadian rival.
The UK financial watchdog
charged Ryan Willmott, 33, with two
counts of insider trading and one of
encouraging insider dealing. Mr
Willmott, of Reading, appeared at
Westminster magistrates’ court
yesterday to hear formally the
charges, the Financial Conduct
Authority said in a brief statement.
It added that the charges related
to trading in Logica’s shares
between May and June 2012. The
Reading-headquartered company
was bought by CGI in August of the
same year.
Mr Willmott is the former group
reporting and financial-planning
manager of Logica.
The FCA alleges that Mr Willmott
“having information as an insider,
dealt in securities that were price-
affected securities in relation to the
information by acting as a
professional intermediary,” and that
he “having information as an
insider, encouraged to deal in
securities that were price-affected
securities in relation to that
information,” according to the court
list.
Mr Willmott did not enter a plea
to the charges and will appear at
Southwark Crown Court for a
further hearing next week. His
solicitor, Alan Burcombe, declined
to comment after the hearing.
Caroline Binham
also keeping sufficient incentives and
the financial means to continue our suc-
cessful investment strategy,” said Roger
Yates, Electra’s chairman.
Electra has a high proportion of cash
on its books after a recent run of selling
investments, and because of hedging
currency risk on other investments. The
recent sales also mean its portfolio con-
tains relatively new investments, with
four-fifths three years old or less.
The fund has returned 14 per cent per
annum over the past 10 years.
Oriel Securities analyst Iain Scouller
said: “Do shareholders really want cash
back, when returns on cash are derisory,
compared with Electra’s good long-term
performance record?”
Electra sharesfell 0.7 per cent to £30
yesterday.
See Lombard
Thursday 12 February 2015 ★ FINANCIAL TIMES 21

UK COMPANIES

Travel & leisure. Media goals Media

Sports fans set

TV deal puts Premier in league of its own
Auction of UK rights widens
an already big gap between
top clubs and Football League
ROGER BLITZ
— LEISURE INDUSTRIES CORRESPONDENT
As a football pundit might say, the
70 per cent increase announced by the
Premier League in the value of its UK
television rights is déjà vu all over again.
It is the same percentage increase that
the league announced three years ago,
the last time the rights were auctioned.
At that time, Richard Scudamore,
chief executive of Premier League, had
to contend with much moral outrage at
the amount of money coming into its
clubs and being paid to its players.
Now that Sky and BT, the broadcast
incumbents, have agreed to increase the
size of their cheques from £3bn to
£5.1bn, he is again having to manage the
howls of indignation.
“It would be much easier to PR a
25 per cent increase,” he said on Tues-
day, after the new deal. “But if you had
your house and went to sell it tomorrow,
you’d probably want to sell it for as
much as someone wants to pay for it.”
Mr Scudamore did not help his case
when he told the BBC that he was “not
uncomfortable” if clubs continued to
pay multimillion-pound salaries to top
players but no more than the minimum
wage to the lowest paid club staff.
The reality is Mr Scudamore is shop
steward to the league’s 20 chairmen. He
has some influence — he has cajoled
them into introducing some limited
spending controls and contribute more
to grassroots funding — but they will
largely do as they wish, and that has
meant spending more on players in
transfers and wages.
In 2014, English clubs spent $1.2bn on
players, amounting to 29 per cent of all
global spending, and were involved in
9.6 per cent of all transfer deals, accord-
ing to Fifa’s transfer tracking division.
This was matched by corresponding
wage increases. Since the league’s for-
mation in 1992 up until the 2012-13 sea-
son, revenues have increased at a com-
pound annual growth rate of 14 per
cent, and wages by 16 per cent, accord-
ing to Deloitte.
The wages-to-turnover ratio has risen
steadily, and in 2012-13 reached 71 per
cent. Little wonder the new deal has
encouraged talk that the top players will
soon be earning £500,000 a week. All
this will widen the big gap between Pre-
mier League clubs and those in the Foot-
ball League, the lower divisions of pro-
fessional football in England and Wales.
This is a fact that Mr Scudamore
admits, but he believes it is more impor-
tant that his top clubs compete in
Europe. “We’ve got to look at the other
end. Our clubs are having to compete
with Real Madrid and Barcelona, there-
fore, this will get our top clubs nearer to
the European clubs.”
But European rivals are suffering.
Spain’s La Liga is making another push
towards a Premier League-style collec-
to foot bill for
Premier rights
The fight for Premier League
rights HENRY MANCE
— MEDIA CORRESPONDENT
Value paid (£bn)
5 Who will foot the bill for Premier
Setanta League rights — customers or inves-
BT 4
tors? That is the question now that Sky
Sky 3 and BT have agreed to pay £5.1bn in an
auction that ended on Tuesday.
2
1 The main focus is on Sky, the UK’s larg-
est pay-TV provider, which is stumping
0
up an extra £632m a year to maintain
2007/08- 10/11- 13/14- 16/17-
2009/10 12/13 15/16 18/19 mostly the same rights as it currently
has and to assert its position as the coun-
Value paid per match (£m) try’s dominant sports broadcaster.
10 Sky has pledged to reduce spending
by a further £600m over three years, or
8 17 per cent of its addressable costs, to
6 fund its bid. Most savings will come
from encouraging customers to make
4 inquiries online rather than phoning its
2 customer call centres, the company
says. It says spending on programmes —
0 including other sports and in-house
2007/08- 10/11- 13/14- 16/17- drama — will not be affected.
2009/10 12/13 15/16 18/19
But some analysts were sceptical, not-
Broadcasters share prices (rebased)
ing that Sky was already committed to
200 £200m in cost savings after its £7bn
BT acquisition of sister companies Sky Ita-
180
lia and Sky Deutschland. “Sky will be
160 forced into material price hikes,” said
140 Stephane Beyazian, an analyst at Ray-
Last auction
120 mond James. The price of a Sky Sports
Sky
package has risen about 30 per cent
100 above inflation since 2001.
80 In September, Sky increased prices by
2012 13 14 15 10 per cent, but the number of custom-
Sources: Premier League; FT; ers who cancelled their subscriptions
Thomson Reuters Datastream fell in the subsequent months.
Laurie Davison, an analyst at Deut-
On target: the tive TV rights model in which TV sche Bank, said the company could “feel
According to chief executive Richard years ago, he persuaded them to put a latest deal income would be shared more equitably far more confident” increasing prices.
Profile Scudamore, the Premier League is limit on the losses they would incur and makes it more across the league, rather than allowing The problem for Sky is that consum-
comparable in the eyes of people put restrictions on wage bills. attractive to buy clubs to negotiate their own income. ers have a real alternative — BT offers
abroad to the BBC and the Queen. Mr Scudamore, a fan of Bristol City, a Premier Whatever opprobrium is heaped on less sport but at a much lower cost. The
“We are proud that the Premier has had numerous rows with the League club says the Premier League, it at least offers a same is true for pubs. More of them sub-
Chief says League is seen that way,” he said. Football Association, England’s Esteve Calzada, fairer distribution. The ratio of TV scribe to BT Sports than to Sky Sports,
league ‘is “Ultimately, we are a success story.” governing body. the former income between the top and bottom which is three times as expensive. “Con-
Mr Scudamore, a former newspaper His priorities do not match those of Barcelona Premier League club last season was sumers are in a decent bargaining posi-
akin to BBC executive, can claim credit for much of the FA. A successful Premier League marketing chief 1.57 to 1. In La Liga, it is more like 10 to 1. tion,” said Ian Whittaker, an analyst at
and Queen’ that success, helping to sell the league and its large influx of overseas talent — Andrew Yates/Reuters
“The Premier League will certainly Liberum Capital. Sky’s shares fell 2.2 per
to people to a global television audience and turn does not necessarily square with a speed up the process in Spain,” said cent yesterday, as analysts questioned if
overseas it into one of the world’s most envied of successful national team. Esteve Calzada, former chief marketing it could meet profitability forecasts for
sports events. His worst moment was the leak last officer at Barcelona. “Everyone agrees it the 2017 and 2018 financial years.
Since 1999, he has managed the egos, year of private emails containing some needs to happen.” BT’s problems are less acute: its rights
demands and squabbles of successive disparaging remarks about women. The UK deal will be followed by the costs will increase 30 per cent under the
Premier League club owners. FA critics glowered, but Premier renegotiation of the Premier League’s new deal, but remain a much smaller
The likes of Roman Abramovich, at League clubs exonerated him, no doubt TV rights abroad. Even a more modest part of its overall spending. Investors
Chelsea, and JW Henry at Liverpool, mindful of the urgent task they wanted increase should take international have largely backed the ambitious
might not attend Premier League board him to pursue — the renegotiation of rights above £3bn. expansion of its consumer arm, includ-
meetings, but their representatives do TV deals. That could give each club another ing the £12.5bn acquisition of the UK’s
— and their interests frequently clash. He has more than delivered. £100m-£150m a year from 2016-17, mobile phone operator EE. BT is set to
The Premier League was born when Roger Blitz depending on how much the league dis- start charging a subscription fee when it
England’s leading clubs left the Football tributes externally. gets the Champions League games next
League in 1992. That could also make Premier League season, and could do the same for its
That it has remained intact is no small clubs yet more attractive to investors. Premier League coverage too.
achievement, and is largely down to the Mr Scudamore claims clubs are becom- Sky will seek to offset the Premier
collective rights deals negotiated by Mr ing more financially sensible, but he League costs through sales of other
Scudamore and a small group of his would like more of them to increase products, including broadband, film
advisers every three years. their investment in academies, coaches downloads and, starting next year
Any significant change to the way and stadium development. under a deal with O2, mobile phone con-
the league operates has to be “This deal makes it more attractive to tracts. Its internet-connected set-top
agreed by 14 of the 20 clubs. Two buy a Premier League club,” said Mr Cal- boxes have boosted customer loyalty.
zada. “It’s been a while since a club was Analysts at Redburn said that churn
Richard Scudamore acquired, but it’s compelling compared — the proportion of customers leaving
says he leads a success to Spain, where clubs have huge debt.” Sky — fell below 10 per cent in the last
story See Editorial Comment three months of 2014.

Construction Construction

Redrow half-year profits soar Balfour Beatty picks Aveva director Aiken for chairman’s job
92% despite housing cool-down
ELIZABETH PATON
Redrow looked to shrug off concerns of
a cool-down in the UK housing market
despite warning on planning delays
and the inertia of a “hung parliament”,
by posting revenues up by half along-
side a doubling of pre-tax profits for
the second half of 2014.
In the six months to December 31,
the Welsh construction group said reve-
nues rose 54 per cent to £560m, boosted
by an 18 per cent rise in legal comple-
tions, sending shares up by 16 per cent at
the close of afternoon trading yesterday.
The average selling price rose 14 per
The average selling
price rose 14%, lifted
by house price inflation
and low interest rates
cent to £300,000, buoyed by house
price inflation, low interest rates and
increased activity in London and the
southeast, Redrow’s strongest market.
Pre-tax profit soared 92 per cent to
£91.2m and net debt fell from £173m in
June 2014 to £140m by December 31,
leading Redrow to double its interim
dividend to 2p per share.
Steve Morgan, chairman, said that he
believed the company’s strong perform-
ance would continue into 2015, despite
market conditions moderating to “more
normal seasonal patterns” in the wake
of the high demand initially generated
by Help to Buy and uncertainties sur-
rounding the general election.
“Whilst we are only at the beginning
of the spring selling season, demand for
new homes is strong and the welcomed
changes to stamp duty will undoubtedly
help home buyers,” he said.
“Although it is still relatively early
days, customer traffic and sales to date
are encouraging, and we aren’t seeing
too much interference in the market
related to the election. But while the
major parties are all pro our industry,
the most positive result has to be a party
with a significant majority, whoever it
may be. We don’t want a third party coa-
lition or smaller parties holding major
parties to ransom . . . what we really
don’t want is a hung parliament.”
Mr Morgan added that the group was
pleased with what it called “a very
strong order book”, despite a 7 per cent
overall decline, and that it expected a
12 per cent increase in its number of
active outlets to 115 by June 2015.
But he voiced frustration over the
speed at which Redrow was able to con-
vert its forward land bank, echoing
remarks made in November about
“political posturing” having a “detri-
mental impact” on the time taken to
grant planning permission to sites. “We
are desperately looking for deregulation
at the detailed end of the planning proc-
ess, which remains a slow and tedious
process and is the single biggest obstacle
to the industry increasing the volume of
new homes that the country needs. We
need to rid ourselves of the bureaucracy
— it’s like running through treacle.”
ELIZABETH PATON the UK’s biggest listed construction opportunity to drive leaner, stronger ward to taking on the role and “setting
Balfour Beatty has tapped Aveva Group group by sales, with shares losing a processes, improved profits and strong the business back on the course of value
head Philip Aiken as its incoming quarter of their value in the past 12 cash generation to the benefit of our creation”.
chairman, just weeks after issuing a months. shareholders.” “The group is striving to ensure that
profit warning and announcing the Leo Quinn, chief executive, who Outgoing chairman Mr Marshall had the value delivered to our customers
arrival of its new chief executive. joined Balfour Beatty in January from last September signalled his intention to translates into best-in-class perform-
defence research company Qinetiq, is a leave the company when a successor ance and restores Balfour Beatty to
The group announced the appointment renowned turnround specialist whose had been found following the departure strength,” he said.
of Mr Aiken yesterday. He will replace task is to restore investor confidence of the group’s chief executive and Balfour Beatty also said planning and
outgoing chairman Steve Marshall on and eradicate what he called “a conspir- finance director last year. developments director Peter Zinkin
March 26. acy of optimism” in the group that had A new chief financial officer was would be retiring in August.
Mr Aiken, 66, who sits on the boards led to consistent underbidding on con- appointed at the beginning of this The announcement comes amid spec-
of Aveva as non-executive chairman tracts, as well as inconsistent subcon- month. ulation that Balfour Beatty would see
and National Grid as a non-executive tractors and often perilously thin Mr Aiken, an Australian and further takeover bids, after the
director, will step down from the latter margins. a former head of BHP collapse of a merger with Carillion
at the end of this month. “Philip has many years of highly rele- Billiton’s energy business, last year and a £1bn approach for
His appointment comes a fortnight vant international board-level experi- said that he was looking for- its infrastructure division from
after the company was forced to take a ence at the top of industry and we look John Laing Infrastructure Fund.
£70m hit to the profits of its UK con- forward to his valuable contribution to Carillion is free under Takeover
struction business following a review of the business, including areas of para- Safe hands: Philip Panel rules to make a fresh bid
its books by the accountancy firm mount importance to the group, such as Aiken, right, will approach as soon as this
KPMG. safety,” Mr Quinn said. replace Steve month.
Six profit warnings in two years, cou- He added: “The board is focused on Marshall as Balfour Beatty shares
pled with boardroom turmoil and man- the group-wide transformation pro- chairman closed 2.4 per cent lower
agerial changes have weighed heavily on gramme and capturing the significant next month at 226.4p.
Businesses For Sale
FT BUSINESS
Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
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22 ★★★ FINANCIAL TIMES Thursday 12 February 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 $

-0.04% -0.16% -0.32% -0.33% -0.87% -0.28% -0.088% -0.135% -2.28% -0.87%
No change
0.28% 0.066% 0.926%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jan 12 - Feb 11 Index All World Jan 12 - Feb 11 Index All World Jan 12 - Feb 11 Index All World Jan 12 - Feb 11 Index All World Jan 11 - Feb 10 Index All World Jan 12 - Feb 11 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
15,151.50 6,818.17 17,652.68
2,068.53 10,752.11 1,945.70
2,028.26 6,542.20 17,197.73 1,917.14
14,187.16 9,941.00
Day 0.00% Month 1.16% Year 14.93% Day 0.26% Month 5.33% Year 9.15% Day -0.16% Month 4.82% Year 2.13% Day -0.02% Month 11.44% Year 13.43% Day -0.33% Month 2.65% Year 22.06% Day 0.51% Month 1.09% Year 1.16%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
4,801.18 1,483.69 3,444.57
41,933.26 10,364.80 24,315.02
4,664.71 41,780.78 24,215.97
1,375.76 9,966.00 3,341.07

Day 0.28% Month 2.06% Year 15.74% Day -1.65% Month -1.06% Year 2.88% Day -0.32% Month 9.98% Year 12.59% Day -1.29% Month 6.64% Year 3.83% Day -0.87% Month 1.65% Year 12.68% Day 0.30% Month 3.10% Year 13.63%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,862.14 4,679.38 20,565.76
17,640.84 48,239.67 3,235.30 28,533.97
48,041.67 3,157.70
4,290.28 18,708.93 27,585.27
Day -0.04% Month 0.70% Year 13.04% Day -0.56% Month -1.23% Year -0.46% Day -0.35% Month 11.97% Year 10.44% Day -0.77% Month 13.14% Year 3.41% Day 0.51% Month -3.89% Year 51.37% Day 0.63% Month 3.92% Year 40.32%

Country Index Feb 11 Feb 10 Country Index Feb 11 Feb 10 Country Index Feb 11 Feb 10 Country Index Feb 11 Feb 10 Country Index Feb 11 Feb 10 Country Index Feb 11 Feb 10
Argentina Merval 9118.45 9017.02 Cyprus CSE M&P Gen 75.49 76.34 Italy FTSE Italia All-Share 21909.03 22079.00 Philippines Manila Comp 7686.43 7723.14 Thailand Bangkok SET 1605.11 1594.96 Cross-Border DJ Global Titans ($) 239.44 239.73
Australia All Ordinaries 5731.70 5757.40 Czech Republic
PX 987.53 990.45 FTSE Italia Mid Cap 28525.11 28789.46 Poland Wig 51893.79 52140.43 Turkey BIST 100 83116.43 84584.02 Euro Stoxx 50 (Eur) 3374.14 3383.13
S&P/ASX 200 5769.10 5800.60 Denmark OMXC Copenahgen 20 790.23 796.80 FTSE MIB 20565.76 20725.63 Portugal PSI 20 5158.43 5227.12 UAE Abu Dhabi General Index 4625.32 4627.91 Euronext 100 ID 922.01 921.47
S&P/ASX 200 Res 3487.40 3547.00 Egypt EGX 30 9900.65 9884.46 Japan 2nd Section 4397.54 4398.91 PSI General 2275.81 2305.23 UK FT 30 2940.30 2938.40 FTSE 4Good Global ($) 5605.65 5615.08
Austria ATX 2321.24 2327.22 Estonia OMX Tallinn 841.86 831.31 Nikkei 225 17652.68 17711.93 Romania BET Index 7158.24 7103.56 FTSE 100 6818.17 6829.12 FTSE All World 276.76 277.53
Belgium BEL 20 3537.86 3543.84 Finland OMX Helsinki General 8570.31 8577.80 S&P Topix 150 1199.23 1196.12 Russia Micex Index 1763.60 1742.35 FTSE 4Good UK 6061.91 6068.83 FTSE E300 1483.69 1488.39
BEL Mid 5309.65 5306.85 France CAC 40 4679.38 4695.65 Topix 1427.72 1424.92 RTX 832.33 825.89 FTSE All Share 3664.00 3669.54 FTSE Eurotop 100 2979.92 2990.01
Brazil Bovespa 48239.67 48510.28 SBF 120 3688.64 3701.09 Jordan Amman SE 2187.96 2191.89 Saudi-Arabia TADAWUL All Share Index 9133.70 9300.50 FTSE techMARK 100 3687.98 3668.09 FTSE Global 100 ($) 1332.08 1332.91
Canada S&P/TSX 60 886.16 883.35 Germany M-DAX 18866.76 18908.09 Kenya NSE 20 5330.01 5296.07 Singapore FTSE Straits Times 3444.57 3434.24 USA DJ Composite 6418.97 6440.14 FTSE Gold Min ($) 1308.78 1326.87
S&P/TSX Comp 15151.50 15112.52 TecDAX 1504.19 1499.73 Kuwait KSX Market Index 6702.62 6735.01 Slovakia SAX 237.02 230.66 DJ Industrial 17862.14 17868.76 FTSE Latibex Top (Eur) 3299.30 3394.60
S&P/TSX Met & Min 643.73 645.66 XETRA Dax 10752.11 10753.83 Latvia OMX Riga 419.99 420.58 Slovenia SBI TOP 781.28 779.55 DJ Transport 8941.40 8916.62 FTSE Multinationals ($) 1537.21 1527.20
Chile IGPA Gen 19092.15 19032.84 Greece Athens Gen 793.09 826.31 Lithuania OMX Vilnius 470.66 470.42 South Africa FTSE/JSE All Share 52069.30 52109.54 DJ Utilities 605.63 620.63 FTSE World ($) 488.76 490.17
China FTSE A200 9047.39 8982.52 FTSE/ASE 20 235.13 244.75 Luxembourg LuxX 1605.04 1612.45 FTSE/JSE Res 20 44024.90 44267.09 Nasdaq 100 4297.28 4281.16 FTSEurofirst 100 (Eur) 4302.70 4310.71
FTSE B35 10499.57 10395.76 Hong Kong Hang Seng 24315.02 24528.10 Malaysia FTSE Bursa KLCI 1798.95 1811.12 FTSE/JSE Top 40 45891.46 45916.40 Nasdaq Cmp 4801.18 4787.64 FTSEurofirst 80 (Eur) 4504.58 4514.48
Shanghai A 3308.38 3291.49 HS China Enterprise 11651.01 11695.26 Mexico IPC 41933.26 42635.19 South Korea Kospi 1945.70 1935.86 NYSE Comp 10889.06 10915.14 MSCI ACWI Fr ($) 421.13 418.86
Shanghai B 292.41 291.24 HSCC Red Chip 4498.01 4533.79 Morocco MASI 10315.30 10294.48 Kospi 200 248.40 247.66 Russell 2000 1204.70 1213.05 MSCI All World ($) 1725.83 1714.23
Shanghai Comp 3157.70 3141.59 Hungary Bux 17744.91 17942.13 Netherlands AEX 458.27 453.80 Spain IBEX 35 10364.80 10500.10 S&P 500 2068.53 2068.59 MSCI Europe (Eur) 1449.99 1454.12
Shenzhen A 1602.08 1580.28 India BSE Sensex 28533.97 28355.62 AEX All Share 698.02 692.67 Sri Lanka CSE All Share 7359.41 7304.70 Wilshire 5000 21807.21 21813.97 MSCI Pacific ($) 2328.19 2350.00
Shenzhen B 1092.11 1080.43 S&P CNX 500 7031.80 6959.90 New Zealand NZX 50 5789.18 5784.09 Sweden OMX Stockholm 30 1593.03 1602.74 Venezuela IBC 3494.42 3494.12 S&P Euro (Eur) 1477.86 1480.75
Colombia COLCAP 1402.65 1425.57 Indonesia Jakarta Comp 5336.52 5321.47 Nigeria SE All Share 29125.69 29360.55 OMX Stockholm AS 518.12 520.41 Vietnam VNI 581.76 574.52 S&P Europe 350 (Eur) 1521.18 1526.34
Croatia CROBEX 1758.71 1761.49 Ireland ISEQ Overall 5687.31 5639.69 Norway Oslo All Share 647.35 659.84 Switzerland SMI Index 8577.76 8620.42 S&P Global 1200 ($) 1908.02 1912.79
Israel Tel Aviv 100 12.90 12.85 Pakistan KSE 100 34203.99 34432.89 Taiwan Weighted Pr 9462.22 9393.70 Stoxx 50 (Eur) 3247.28 3252.69
(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 Feb 11 %Chg %Chg Feb 11 %Chg %Chg Feb 11 %Chg %Chg Feb 11 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 89.7 124.88 2.86 Sky 163.4 933.00 -21.00 Teliasonera Ab 774.6 5.42 -0.11 Toyota Motor 458.5 7713.00 13.00 Bt 460.00 8.7 14.6 Rexam 539.50 20.5 18.9 Carclo 119.00 18.7 33.0 Fixed Line Telecommunication 5193.24 8.3 13.6
Medtronic 26.6 106.71 -1.36 Bt 161.3 460.00 16.20 Unicredit 568.2 5.30 -0.19 Nippon Telegraph And Telephone 369.7 7314.00 102.00 Tesco 242.40 5.6 28.3 Redrow 345.00 19.9 16.8 Findel 234.50 17.0 4.6 Industrial Metals 1823.98 7.8 19.4
Albertsons Llc 18.4 35.10 -0.04 Reckitt Benckiser 138.4 5775.00 185.00 Santander 531.2 5.98 -0.09 Fanuc 355.1 20755.00 720.00 Aberdeen Asset Management 443.70 4.1 2.7 Serco 197.20 14.9 22.7 Ferrexpo 62.25 16.9 17.5 General Industrials 4158.77 4.2 6.8
Tesla Motors 17.0 212.80 -3.49 Rio Tinto 136.4 2971.50 -21.00 Novartis N 476.6 90.28 0.00 Daikin Industries, 336.2 7676.00 -450.00 Persimmon 1671.00 3.9 5.9 Telecity 978.00 10.7 21.6 888 Holdings 172.00 16.2 24.2 Household Goods 13765.70 2.7 7.5
Facebook Class A 15.4 76.51 1.32 Astrazeneca 123.6 4491.00 3.00 Ing Groep 471.4 11.62 0.41 Japan Tobacco . 323.3 3503.50 60.00 Johnson Matthey 3364.00 3.8 -1.0 Drax 410.70 9.5 -10.8 Moss Bros 95.75 11.3 8.8 Food & Drug Retailers 3286.85 2.6 15.9
Microsoft 14.7 42.38 -0.22 Hsbc Holdings 119.0 592.10 -5.70 Telefonica 410.0 12.96 -0.19 Softbank . 301.4 7130.00 -6.00 Aggreko 1648.00 3.3 9.6 Poundland 387.50 9.2 18.1 Mears 471.00 10.6 25.4 Software & Computer Services 1342.36 2.5 7.3
Bank Of America 14.3 16.36 -0.06 Bp 117.8 445.80 -0.55 Roche Gs 355.8 233.93 0.00 Sony 289.2 3073.50 9.50 Kingfisher 340.00 3.1 -0.1 Bank Of Georgia Holdings 2250.00 8.9 8.4 Mountview Estates 12075.50 10.3 14.6 Chemicals 11443.35 2.3 1.1
Gilead Sciences 14.1 99.98 1.66 Shire 110.9 4776.00 32.00 Intesa Sanpaolo 352.4 2.60 0.01 Hitachi, 288.0 792.00 -6.70 Reckitt Benckiser 5775.00 2.8 10.8 Colt S.a. 146.50 8.5 9.3 Optos 263.00 9.4 3.1 Forestry & Paper 13227.23 2.0 17.0
Pfizer 13.4 34.25 0.10 Glaxosmithkline 98.8 1514.00 -5.50 Nestle N 344.0 68.22 0.00 Mitsubishi Ufj Fin,. 274.3 683.30 3.40 Marks And Spencer 493.40 2.7 3.0 Aveva 1505.00 8.3 14.5 Skyepharma 286.50 8.1 -14.5 Industrial Engineering 9235.92 1.7 4.4
At&t 11.0 34.39 -0.46 Royal Dutch Shell 89.9 2146.50 -6.00 Eni 319.7 15.09 -0.33 Kddi 271.2 7604.00 -182.00 Capita 1154.00 2.6 6.8 Evraz 185.20 8.2 19.9 Imagination 257.00 7.5 12.2 Technology Hardware & Equip. 1281.59 1.5 7.6
Glaxosmithkline 1514.00 2.6 10.0 Ted Baker 2502.00 7.7 12.7 Lsl Property Services 311.75 7.5 4.6 Support Services 6756.16 1.1 4.9
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
Intercontinental Hotels 2676.00 2.2 3.1 Rps 221.20 7.7 5.8 Xp Power 1540.00 7.3 10.2 General Retailers 3014.59 0.9 1.2
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Genworth Fin 8.33 0.52 6.66 Redrow 345.00 48.20 16.24 Yara Int 47.63 2.30 5.08 Kajima 484.00 29.00 6.37 Randgold Resources Ld 5135.00 -7.1 17.2 Afren 8.95 -19.4 -81.1 Aquarius Platinum Ld 12.75 -7.3 -13.6 Food Producers 7799.03 -4.1 -4.3
Fmc 40.92 2.00 5.14 Telecity 978.00 129.50 15.26 Ing Groep 11.62 0.41 3.66 Sumitomo Chemical , 540.00 27.00 5.26 Sports Direct Int 681.50 -4.9 -4.1 Tate & Lyle 560.50 -15.2 -7.0 Vectura 142.25 -5.8 10.5 Mobile Telecommunications 5205.78 -2.7 3.4
Zoetis 45.77 1.86 4.24 Dunelm 929.50 62.50 7.21 Dsm Kon 47.05 1.54 3.37 Nissan Motor Co., 1104.50 40.50 3.81 Astrazeneca 4491.00 -4.2 -1.4 Nostrum Oil & Gas 525.00 -11.0 25.0 Dialight 636.00 -5.7 -21.5 Tobacco 42585.22 -2.4 4.7
Walgreens Boots Alliance 79.53 2.84 3.70 Crest Nicholson Holdings 444.00 18.00 4.23 Carlsberg B A/s 68.18 2.16 3.28 Fanuc 20755.00 720.00 3.59 Royal Mail 424.90 -4.0 -1.2 Lonmin 158.10 -8.2 -11.1 Goodwin 2780.00 -5.5 11.6 Gas Water & Multiutilities 6152.38 -2.1 0.2
Express Scripts Holding 84.79 2.55 3.10 Bt 460.00 16.20 3.65 Snam 4.25 0.12 2.96 Ntt Docomo,. 2068.00 71.50 3.58 Hsbc Holdings 592.10 -3.8 -2.7 Ocado 397.40 -7.9 -0.7 Asian Total Return Investment 201.50 -5.0 3.9 Mining 14042.33 -2.1 -1.8
Bhp Billiton 1473.50 -3.5 6.1 Alent 342.00 -6.3 6.5 Xchanging 151.25 -4.9 -2.7 Banks 4298.88 -1.9 -1.8
Downs Downs Downs Downs
Fresnillo 859.00 -3.3 12.1 Big Yellow 613.50 -6.0 0.9 Jpmorgan Indian Investment Trust 550.00 -4.8 10.2 Real Estate Investment Trusts 3315.12 -1.8 8.4
Transocean (switzerland) 18.38 -0.78 -4.07 Lonmin 158.10 -14.30 -8.29 National Bank (cr) 1.00 -0.10 -9.09 Daikin Industries, 7676.00 -450.00 -5.54
Tullow Oil 384.60 -2.9 -7.1 Ophir Energy 137.30 -5.6 -3.0 Carpetright 460.00 -4.8 14.9 Industrial Transportation 2752.47 -1.7 -2.8
Pioneer Natural Resource Co. 146.97 -6.15 -4.02 Tullow Oil 384.60 -29.70 -7.17 Vestas Wind Systems A/s 35.21 -3.30 -8.58 Tokyo Electron 8234.00 -306.00 -3.58
Vodafone 229.90 -2.8 3.3 Jimmy Choo 166.30 -5.0 -5.0 Braemar Shipping Services 452.50 -4.7 9.8 Personal Goods 26603.45 -1.6 7.8
Tripadvisor 67.27 -2.71 -3.87 Poundland 387.50 -29.40 -7.05 Alpha Bank (cr) 0.31 -0.03 -8.13 Sumitomo Metal Mining Co., 1744.00 -43.50 -2.43
Rio Tinto 2971.50 -2.7 -1.0 Bwin.party Digital Entertainment 101.00 -4.9 -14.3 Huntsworth 41.00 -4.7 -16.3 Real Estate & Investment Servic 2836.58 -1.1 5.7
Nisource 43.25 -1.62 -3.61 Premier Oil 155.50 -10.60 -6.38 Seadrill 11.06 -0.90 -7.54 Thb Japan Steel Works, 488.00 -12.00 -2.40
British American Tobacco 3635.50 -2.7 3.9 Acacia Mining 272.70 -4.8 6.8 Utilico Emerging Markets 186.50 -4.5 2.1 Beverages 14572.95 -1.0 3.1
Centerpoint Energy 21.65 -0.77 -3.45 Hunting 476.90 -28.60 -5.66 Telenor 17.85 -1.27 -6.66 Minebea Co., 1723.00 -42.00 -2.38
National Grid 898.70 -2.7 -2.1 Halfords 436.30 -4.7 -7.1 New India Investment Trust 346.00 -4.4 8.1 Pharmaceuticals & Biotech. 13366.34 -0.8 5.1
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Feb 11 Currency Mid Change Mid Change Mid Change Feb 11 Currency Mid Change Mid Change Mid Change Feb 11 Currency Mid Change Mid Change Mid Change Feb 11 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.6763 0.0108 9.8081 -0.0047 13.2452 0.0221 Indonesia Indonesian Rupiah 12717.0000 47.0000 14375.9955 28.4845 19413.8191 80.0231 Philippines Philippine Peso 44.3000 -0.0100 50.0791 -0.0975 67.6284 0.0136 ..One Month 0.6550 -0.0003 0.7405 -0.0016 - -
Australia Australian Dollar 1.2965 0.0110 1.4656 0.0099 1.9793 0.0176 Iran Iranian Rial 9740.5000 - 11011.2028 -18.9470 14869.8664 6.3432 Poland Polish Zloty 3.7319 0.0239 4.2187 0.0199 5.6971 0.0390 ..Three Month 0.6550 -0.0003 0.7404 -0.0016 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4262 -0.0007 0.5755 0.0002 Israel Israeli Shekel 3.8867 0.0186 4.3938 0.0135 5.9335 0.0309 Romania Romanian Leu 3.9334 0.0156 4.4465 0.0100 6.0047 0.0263 ..One Year 0.6549 -0.0003 0.7399 -0.0016 - -
Bolivia Bolivian Boliviano 6.9100 - 7.8114 -0.0134 10.5488 0.0045 Japan Japanese Yen 120.3800 1.1050 136.0841 1.0171 183.7722 1.7647 Russia Russian Ruble 66.8090 0.4963 75.5245 0.4320 101.9907 0.8008 United States United States Dollar - - 1.1305 -0.0019 1.5266 0.0007
Brazil Brazilian Real 2.8669 0.0322 3.2408 0.0309 4.3765 0.0511 ..One Month 120.3800 1.1049 136.0841 1.0171 183.7721 1.7645 Saudi Arabia Saudi Riyal 3.7515 -0.0003 4.2408 -0.0077 5.7270 0.0019 ..One Month - - 1.1304 -0.3955 1.5266 0.0007
Canada Canadian Dollar 1.2655 0.0136 1.4305 0.0130 1.9318 0.0217 ..Three Month 120.3799 1.1047 136.0841 1.0171 183.7719 1.7641 Singapore Singapore Dollar 1.3616 0.0063 1.5392 0.0045 2.0785 0.0105 ..Three Month - - 1.1303 -0.3955 1.5265 0.0007
Chile Chilean Peso 630.4350 3.7100 712.6781 2.9745 962.4228 6.0725 ..One Year 120.3791 1.1032 136.0841 1.0171 183.7721 1.7630 South Africa South African Rand 11.8820 0.2003 13.4321 0.2036 18.1391 0.3133 ..One Year - - 1.1296 -0.3955 1.5264 0.0007
China Chinese Yuan 6.2427 0.0011 7.0571 -0.0109 9.5301 0.0058 Kenya Kenyan Shilling 91.6100 0.0600 103.5609 -0.1103 139.8519 0.1513 South Korea South Korean Won 1097.4000 7.6500 1240.5607 6.5274 1675.2922 12.3895 Venezuela Venezuelan Bolivar Fuerte 12.0000 - 13.5655 -0.0233 18.3192 0.0078
Colombia Colombian Peso 2422.8000 44.8750 2738.8653 46.1019 3698.6503 70.0584 Kuwait Kuwaiti Dinar 0.2956 0.0001 0.3342 -0.0005 0.4513 0.0003 Sweden Swedish Krona 8.3935 0.0892 9.4885 0.0847 12.8135 0.1416 Vietnam Vietnamese Dong 21340.0000 5.0000 24123.9391 -35.8440 32577.7468 21.5303
Costa Rica Costa Rican Colon 538.6400 -0.0750 608.9080 -1.1330 822.2884 0.2369 Malaysia Malaysian Ringgit 3.5985 0.0190 4.0679 0.0145 5.4935 0.0313 Switzerland Swiss Franc 0.9265 0.0006 1.0473 -0.0011 1.4143 0.0015 European Union Euro 0.8846 0.0015 - - 1.3504 0.0029
Czech Republic Czech Koruna 24.4792 0.0413 27.6726 -0.0009 37.3700 0.0789 Mexico Mexican Peson 15.1082 0.1801 17.0791 0.1746 23.0641 0.2848 Taiwan New Taiwan Dollar 31.5035 0.0370 35.6133 -0.0194 48.0933 0.0770 ..One Month 0.8846 0.0015 - - 1.3504 0.0029
Denmark Danish Krone 6.5850 0.0110 7.4440 -0.0004 10.0526 0.0211 New Zealand New Zealand Dollar 1.3552 0.0051 1.5320 0.0032 2.0688 0.0087 Thailand Thai Baht 32.6400 0.0200 36.8980 -0.0409 49.8283 0.0518 ..Three Month 0.8845 0.0015 - - 1.3503 0.0029
Egypt Egyptian Pound 7.6301 - 8.6254 -0.0148 11.6480 0.0050 Nigeria Nigerian Naira 203.8000 3.8500 230.3866 3.9632 311.1213 6.0078 Tunisia Tunisian Dinar 1.9336 -0.0006 2.1858 -0.0045 2.9518 0.0003 ..One Year 0.8838 0.0015 - - 1.3498 0.0029
Hong Kong Hong Kong Dollar 7.7547 0.0007 8.7663 -0.0143 11.8383 0.0061 Norway Norwegian Krone 7.6429 0.0859 8.6399 0.0824 11.6676 0.1361 Turkey Turkish Lira 2.5066 0.0108 2.8335 0.0073 3.8265 0.0180
Hungary Hungarian Forint 273.8467 0.9616 309.5712 0.5561 418.0547 1.6460 Pakistan Pakistani Rupee 101.4250 0.0500 114.6563 -0.1407 154.8355 0.1425 United Arab Emirates UAE Dirham 3.6731 - 4.1522 -0.0071 5.6073 0.0024
India Indian Rupee 62.2600 0.1750 70.3821 0.0770 95.0462 0.3077 Peru Peruvian Nuevo Sol 3.0965 0.0250 3.5005 0.0223 4.7271 0.0402 United Kingdom Pound Sterling 0.6550 -0.0003 0.7405 -0.0016 - -
Rates are derived from WM/Reuters at 4pm (London time). Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on the internet at http://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 Feb 11 Feb 10 Feb 09 Feb 06 Feb 05 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 2940.30 2938.40 2920.10 2937.80 2954.70 0.00 2957.00 2669.30 Industrial Metals & 17.36 Pharmace & Biotech 5.51 Travel & Leisure 3.39 FTSE 100 Price Change FTSE 100 Price Change
Feb 11 chge% Index Feb 10 Feb 09 ago yield% Cover ratio adj Return FT 30 Div Yield 1.73 1.75 1.75 1.73 1.73 0.00 3.93 2.74 Forestry & Paper 15.90 Consumer Services 5.42 Beverages 3.27 3i Group PLC 472.60 -1.40 Kingfisher PLC 340.00 -1.50
FTSE 100 (100) 6818.17 -0.16 7166.90 6829.12 6837.15 6675.03 3.41 1.84 15.89 7.53 5152.67 P/E Ratio net 25.76 25.65 25.47 25.87 25.65 0.00 19.44 14.26 Food & Drug Retailer 12.23 Health Care 5.15 FTSE SmallCap Index 2.38 Aberdeen Asset Management PLC 443.70 0.70 Land Securities Group PLC 1266 -3.00
FTSE 250 (250) 16632.60 -0.16 17483.31 16658.74 16579.21 16079.18 2.57 2.03 19.15 17.46 11295.23 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Automobiles & Parts 10.38 Industrials 5.10 Equity Invest Instr 2.36 Admiral Group PLC 1485 9.00 Legal & General Group PLC 271.00 0.40
FTSE 250 ex Inv Co (212) 17988.91 -0.18 18908.98 18020.92 17927.70 17526.62 2.62 2.15 17.75 17.19 12453.22 FT 30 hourly changes Real Est Invest & Tr 10.26 Software & Comp Serv 4.78 Industrial Transport 2.13 Aggreko PLC 1648 10.00 Lloyds Banking Group PLC 74.39 -0.62
FTSE 350 (350) 3730.81 -0.16 3921.63 3736.78 3737.65 3645.10 3.28 1.87 16.33 4.09 5693.69 8 9 10 11 12 13 14 15 16 High Low Construct & Material 9.95 Tobacco 4.74 Banks 1.58 Anglo American PLC 1123.5 -25.50 London Stock Exchange Group PLC 2378 -9.00
FTSE 350 ex Investment Trusts (312) 3710.89 -0.16 3900.69 3716.95 3717.99 3630.22 3.30 1.88 16.12 4.02 2915.27 2938.4 2946.4 2941.4 2936.4 2933.2 2931.4 2932.7 2934.5 2934.9 2949.9 2927.2 Fixed Line Telecomms 9.44 Industrial Eng 4.59 Gas Water & Multi 1.57 Antofagasta PLC 690.50 -3.00 Marks and Spencer Group PLC 493.40 -5.30
FTSE 350 Higher Yield (96) 3629.76 -0.37 3815.41 3643.38 3659.64 3627.08 4.54 1.64 13.42 4.66 5601.46 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Life Insurance 8.24 FTSE 100 Index 4.38 Oil Equipment & Serv 1.47 ARM Holdings PLC 1087 31.00 Meggitt PLC 548.50 2.00
FTSE 350 Lower Yield (254) 3467.48 0.07 3644.83 3465.18 3450.46 3304.03 1.96 2.42 21.16 3.12 3598.79 Media 8.05 Support Services 4.37 General Retailers 1.29 Ashtead Group PLC 1086 -4.00 Mondi PLC 1228 1.00
FTSE SmallCap (291) 4459.76 0.11 4687.86 4455.03 4451.53 4529.41 2.46 1.53 26.58 11.35 5960.73 Personal Goods 7.18 Financials 4.34 Health Care Eq & Srv 1.27
FTSE SmallCap ex Inv Co (151) 3920.46 -0.05 4120.98 3922.46 3909.92 4182.12 2.31 2.10 20.66 6.59 5500.29 FX: EFFECTIVE INDICES Tech Hardware & Eq 7.11 Consumer Goods 4.25 Utilities 0.89
Associated British Foods PLC 2992 -17.00 Morrison (Wm) Supermarkets PLC 179.80 -4.30
AstraZeneca PLC 4491 3.00 National Grid PLC 898.70 6.90
FTSE All-Share (641) 3664.00 -0.15 3851.40 3669.54 3670.27 3583.99 3.25 1.86 16.54 4.19 5658.25 Real Est Invest & Se 6.40 Mobile Telecomms 4.21 Chemicals 0.33
Feb 10 Feb 09 Mnth Ago Feb 11 Feb 10 Mnth Ago Aviva PLC 532.00 -6.00 Next PLC 7245 -5.00
FTSE All-Share ex Inv Co (463) 3632.05 -0.16 3817.82 3637.90 3638.70 3558.21 3.28 1.88 16.19 3.98 2901.04 Technology 6.16 FTSE All{HY-}Share Index 4.21 Basic Materials -0.05 Babcock International Group PLC 1050 -4.00 Old Mutual PLC 216.00 0.50
FTSE All-Share ex Multinationals (575) 1182.27 -0.10 1030.00 1183.46 1175.12 1154.86 2.76 2.05 17.68 1.24 1961.96 Australia 96.21 96.52 99.90 Sweden 78.25 77.73 78.99 Telecommunications 6.16 Household Goods & Ho 4.18 Electronic & Elec Eq -0.42 BAE Systems PLC 525.00 2.50 Pearson PLC 1372 -12.00
FTSE Fledgling (98) 7129.49 0.51 7494.14 7093.45 7085.57 6726.35 2.30 0.83 52.38 7.17 12566.90 Canada 93.50 93.89 98.42 Switzerland 165.58 165.55 146.22 Nonlife Insurance 6.10 NON FINANCIALS Index 4.17 Mining -0.69 Barclays PLC 251.00 -2.20 Persimmon PLC 1671 58.00
FTSE Fledgling ex Inv Co (54) 9049.25 1.20 9512.09 8942.31 8912.61 8275.81 1.66 1.14 53.01 0.95 15509.56 Denmark 106.18 106.32 108.18 UK 89.84 89.62 87.03 Aerospace & Defense 5.97 Oil & Gas Producers 4.08 Electricity -1.49 Barratt Developments PLC 471.90 12.20 Prudential PLC 1612 -9.50
FTSE All-Small (389) 3085.89 0.13 3243.73 3082.02 3079.55 3120.59 2.45 1.50 27.23 7.62 5296.61 Japan 126.58 127.28 125.25 USA 101.26 100.95 98.60 Financial Services 5.85 Oil & Gas 3.99 Food Producers -2.12 BG Group PLC 914.70 -19.60 Randgold Resources Ltd 5135 -90.00
FTSE All-Small ex Inv Co Index (205) 2913.14 0.00 3062.13 2913.06 2903.72 3078.90 2.28 2.07 21.22 4.69 5179.13 New Zealand 122.40 122.33 127.13 Euro 87.13 87.21 91.79 FTSE 250 Index 3.73 Leisure Goods -2.83 BHP Billiton PLC 1473.5 -21.50 Reckitt Benckiser Group PLC 5775 185.00
FTSE AIM All-Share Index (838) 696.93 -0.43 732.58 699.95 699.23 870.68 1.31 1.62 46.89 0.55 740.94 Norway 94.14 93.74 90.69
BP PLC 445.80 -0.55 Reed Elsevier PLC 1186 8.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3635.5 -12.00 Rio Tinto PLC 2971.5 -21.00
Oil & Gas (21) 7761.63 -0.60 8158.62 7808.84 7965.04 8426.69 4.35 1.92 12.00 0.00 6176.44 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 829.00 2.50 Rolls-Royce Holdings PLC 905.00 -13.00
Oil & Gas Producers (14) 7389.61 -0.57 7767.56 7431.70 7577.86 7958.62 4.35 1.92 12.00 0.00 6078.93 British Sky Broadcasting Group PLC 933.00 -21.00 Royal Bank Of Scotland Group PLC 378.40 -4.10
Oil Equipment Services & Distribution (7)16989.69 -1.73 17858.66 17288.16 17804.40 22985.63 4.17 1.97 12.18 0.00 11981.69 FTSE GLOBAL EQUITY INDEX SERIES BT Group PLC 460.00 16.20 Royal Dutch Shell PLC (A) 2146.5 -6.00
Basic Materials (29) 4699.21 -0.72 4939.56 4733.22 4844.41 5609.37 3.86 2.77 9.34 0.87 4396.77 Bunzl PLC 1895 -4.00 Royal Dutch Shell PLC (B) 2244.5 -0.50
Chemicals (7) 12227.33 0.58 12852.72 12156.42 12066.91 11723.58 2.11 2.43 19.49 22.19 10328.56 Feb 11 No of US $ Day Mth YTD Total
YTD Gr Div Feb 11 No of US $ Day Mth YTD Total YTD Gr Div Burberry Group PLC 1821 9.00 Royal Mail PLC 424.90 -7.30
Forestry & Paper (1) 14433.34 0.08 15171.55 14421.58 14163.00 11612.49 2.63 3.19 11.93 0.00 14667.84 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Capita PLC 1154 -3.00 RSA Insurance Group PLC 440.00 -4.50
Industrial Metals & Mining (2) 1863.49 1.50 1958.80 1836.02 1818.46 1205.75 0.53 14.52 12.88 0.00 1612.85 FTSE Global All Cap 7574 473.22 -0.3 2.0 0.7 633.09
0.9 2.3 Oil & Gas 177 397.66 -0.7 -0.7 -0.1 587.43 0.1 3.5 Carnival PLC 2920 9.00 SABMiller PLC 3542.5 10.00
Mining (19) 13438.97 -0.92 14126.33 13563.33 13954.43 16670.07 4.14 2.77 8.72 0.00 6546.80 FTSE Global All Cap 6937 487.36 -0.3 1.6 0.7 640.88
0.8 2.2 Oil & Gas Producers 121 363.55 -0.7 -0.7 0.3 545.76 0.5 3.5 Centrica PLC 290.80 -2.50 Sage Group PLC 481.20 2.50
FTSE Global Large Cap 1357 419.21 -0.3 1.9 0.5 572.80
0.7 2.5 Oil Equipment & Services 47 405.03 -0.8 -0.8 -2.3 548.40 -1.9 3.4 Coca-Cola HBC AG 1091 -11.00 Sainsbury (J) PLC 264.50 -0.70
Industrials (114) 4532.85 -0.16 4764.70 4539.94 4503.34 4586.04 2.43 2.04 20.12 2.90 4394.93
Construction & Materials (13) 4824.12 -0.17 5070.86 4832.15 4779.47 4750.35 3.16 0.23 135.72 0.00 4811.71 FTSE Global Mid Cap 1670 625.98 -0.2 2.7 1.4 802.65
1.5 1.9 Basic Materials 270 443.02 -0.6 -0.6 1.7 631.38 1.8 2.8 Compass Group PLC 1136 -6.00 Schroders PLC 2925 -38.00
Aerospace & Defense (9) 5249.65 -0.42 5518.15 5271.95 5193.17 5514.19 2.07 3.92 12.31 1.29 5306.88 FTSE Global Small Cap 4547 657.60 -0.3 2.1 0.8 819.16
0.9 1.8 Chemicals 115 647.32 -0.3 -0.3 3.8 929.84 3.9 2.3 CRH PLC 1784 2.00 Severn Trent PLC 2068 9.00
General Industrials (6) 3377.73 0.23 3550.49 3369.96 3346.45 3607.96 3.35 1.82 16.40 0.00 3557.35 FTSE All-World 3027 276.76 -0.3 2.0 0.7 390.40
0.9 2.4 Forestry & Paper 18 220.94 -0.2 -0.2 6.1 345.18 6.4 2.6 Diageo PLC 1884.5 -3.50 Shire PLC 4776 32.00
Electronic & Electrical Equipment (12) 5057.44 0.13 5316.12 5051.11 4995.02 5538.83 2.25 2.19 20.35 0.00 4378.52 FTSE World 2544 488.76 -0.3 2.0 0.6 925.87
0.8 2.4 Industrial Metals & Mining 75 395.24 -0.7 -0.7 -4.1 566.35 -4.0 2.8 Direct Line Insurance Group PLC 316.80 -0.20 Smith & Nephew PLC 1165 -19.00
Industrial Engineering (14) 9600.08 -0.27 10091.09 9626.44 9654.44 10578.90 2.48 2.34 17.27 8.25 10954.43 FTSE Global All Cap ex UNITED KINGDOM In 7235 484.34 -0.3 1.8 0.6 639.58
0.8 2.2 Mining 62 569.80 -1.3 -1.3 0.0 799.41 0.1 4.0 Dixons Carphone PLC 424.90 0.10 Smiths Group PLC 1159 -5.00
Industrial Transportation (8) 4089.51 -0.70 4298.68 4118.26 4219.20 4892.27 3.70 1.45 18.70 0.00 3309.25 FTSE Global All Cap ex USA 5594 450.30 -0.6 2.6 0.7 635.92
0.8 2.8 Industrials 534 316.22 -0.3 -0.3 0.5 430.70 0.7 2.1 easyJet PLC 1765 27.00 Sports Direct International PLC 681.50 -8.50
Support Services (52) 6641.08 -0.06 6980.75 6644.97 6590.95 6338.14 2.27 1.75 25.13 7.25 6512.92 FTSE Global All Cap ex JAPAN 6331 487.10 -0.2 2.0 0.7 657.17
0.9 2.4 Construction & Materials 114 435.63 -0.6 -0.6 1.0 620.77 1.1 2.1 Experian PLC 1190 3.00 SSE PLC 1604 -15.00
FTSE Developed 2116 441.42 -0.3 2.2 0.7 594.92
0.9 2.3 Aerospace & Defense 29 516.52 -0.2 -0.2 3.9 698.90 4.2 2.0 Fresnillo PLC 859.00 -0.50 St. James's Place PLC 882.00 2.00
Consumer Goods (40) 16954.77 0.37 17821.96 16891.87 16777.01 14670.84 2.92 1.81 18.95 61.52 11632.55
FTSE Developed All Cap 5668 463.11 -0.3 2.2 0.7 617.80
0.9 2.2 General Industrials 56 216.32 -0.2 -0.2 -0.5 315.90 -0.1 2.6 Friends Life Group Ltd 406.00 -4.60 Standard Chartered PLC 918.50 3.10
Automobiles & Parts (1) 8803.27 -0.50 9253.53 8847.92 8721.02 9661.04 2.16 3.62 12.76 0.00 7892.59
FTSE Developed Large Cap 905 409.02 -0.3 2.0 0.5 558.19
0.7 2.4 Electronic & Electrical Equipment 67 327.25 -0.4 -0.4 0.6 412.09 0.7 1.6 G4S PLC 285.50 0.60 Standard Life PLC 396.60 -4.30
Beverages (6) 14610.81 -0.05 15358.11 14617.49 14607.75 13416.53 2.35 1.76 24.19 0.00 9688.66
FTSE Developed Europe Large Cap 202 357.84 -0.5 5.2 1.2 546.14
1.3 3.3 Industrial Engineering 103 611.76 -0.6 -0.6 -1.1 817.78 -1.0 2.1 GKN PLC 374.60 -1.90 Taylor Wimpey PLC 140.00 3.10
Food Producers (10) 7905.64 -0.72 8309.99 7962.92 7976.96 7333.94 2.02 1.83 26.99 3.84 6490.28
FTSE Developed Europe Mid Cap 317 512.55 -0.3 5.5 2.5 717.30
2.5 2.4 Industrial Transportation 94 591.16 -0.2 -0.2 -1.0 803.05 -1.0 1.9 GlaxoSmithKline PLC 1514 -5.50 Tesco PLC 242.40 0.55
Household Goods & Home Construction (13)11487.26 3.12 12074.80 11139.46 11018.17 9687.28 2.28 2.31 18.98 0.00 7640.29
FTSE Dev Europe Small Cap 723 700.38 -0.6 4.4 1.7 955.63
1.8 2.2 Support Services 71 277.19 -0.1 -0.1 1.7 363.59 1.8 2.0 Glencore PLC 271.70 0.65 Travis Perkins PLC 1981 14.00
Leisure Goods (2) 4974.88 -0.18 5229.33 4984.03 4959.36 5149.37 4.29 1.05 22.25 0.00 4026.87
FTSE North America Large Cap 332 445.49 0.0 1.0 0.2 575.15
0.4 2.1 Consumer Goods 407 414.50 -0.1 -0.1 2.4 576.21 2.5 2.3 Hammerson PLC 685.50 0.50 Tui AG 1131 -9.00
Personal Goods (6) 23162.46 0.35 24347.14 23082.17 22948.93 21510.74 2.87 2.72 12.85 137.64 14617.70
FTSE North America Mid Cap 399 685.12 -0.1 2.0 1.0 833.05
1.1 1.6 Automobiles & Parts 98 399.75 -0.4 -0.4 2.6 533.46 2.6 2.1 Hargreaves Lansdown PLC 968.00 -27.50 Tui AG New Shs 1114 -7.00
Tobacco (2) 42585.30 -0.68 44763.40 42878.13 42399.10 33929.89 4.06 1.30 18.99 377.80 25017.09
FTSE North America Small Cap 1494 693.40 -0.1 2.0 0.7 820.17
0.8 1.5 Beverages 48 555.96 0.4 0.4 3.3 781.93 3.4 2.4 HSBC Holdings PLC 592.10 -5.70 Tullow Oil PLC 384.60 -29.70
Health Care (20) 9709.44 -0.14 10206.05 9723.22 9720.06 8920.80 3.47 0.82 35.21 0.17 6827.47
FTSE North America 731 299.79 0.0 1.2 0.3 396.95
0.5 2.0 Food Producers 100 558.91 -0.4 -0.4 1.3 801.21 1.4 2.2 Imperial Tobacco Group PLC 3032 -46.00 Unilever PLC 2819 8.00
Health Care Equipment & Services (9) 6754.32 -1.15 7099.78 6833.00 6866.19 5311.31 1.31 2.46 30.99 1.43 5642.54
FTSE Developed ex North America 1385 236.41 -0.6 3.7 1.3 357.97
1.4 2.8 Household Goods & Home Construction 45 395.46 0.4 0.4 -0.2 548.15 0.2 2.3 InterContinental Hotels Group PLC 2676 11.00 United Utilities Group PLC 986.00 25.50
Pharmaceuticals & Biotechnology (11)13241.91 -0.05 13919.19 13248.61 13238.12 12315.55 3.66 0.77 35.64 0.00 8254.84
FTSE Japan Large Cap 174 307.20 -0.9 1.9 0.7 376.82
0.7 1.8 Leisure Goods 26 131.75 -1.1 -1.1 4.6 167.26 4.8 1.3 International Consolidated Airlines Group SA 552.50 13.50 Vodafone Group PLC 229.90 -1.05
Consumer Services (96) 4850.59 -0.20 5098.69 4860.50 4789.05 4651.66 2.53 2.06 19.25 8.51 4284.95 FTSE Japan Mid Cap 301 434.72 -0.9 3.4 2.3 516.86
2.3 1.4 Personal Goods 77 594.47 -0.1 -0.1 1.9 791.46 2.1 2.0
Food & Drug Retailers (7) 3427.04 -0.22 3602.32 3434.47 3342.83 4420.21 4.69 2.08 10.23 0.00 3854.08 Intertek Group PLC 2448 -2.00 Weir Group PLC 1826 -13.00
FTSE Global wi JAPAN Small Cap 768 469.13 -0.9 1.0 0.1 574.73
0.1 1.6 Tobacco 13 1124.05 0.6 0.6 4.7 2110.92 5.0 4.0 Intu Properties PLC 366.70 -2.20 Whitbread PLC 4960 4.00
General Retailers (30) 2934.35 -0.36 3084.43 2945.04 2893.56 2777.58 2.24 2.43 18.34 3.13 3143.48
FTSE Japan 475 126.30 -0.9 2.2 1.0 174.19
1.0 1.7 Health Care 162 446.01 -0.2 -0.2 2.7 610.50 2.8 1.8 ITV PLC 229.90 2.40 Wolseley PLC 3858 -16.00
Media (24) 7159.06 -0.50 7525.22 7194.99 7104.97 6481.32 2.66 1.68 22.29 1.11 4110.50
FTSE Asia Pacific Large Cap ex Japan 481 627.46 -0.4 1.3 1.9 910.03
2.0 2.9 Health Care Equipment & Services 58 606.31 0.3 0.3 2.6 688.32 2.7 1.0 Johnson Matthey PLC 3364 50.00 WPP PLC 1451 -11.00
Travel & Leisure (35) 8189.84 0.14 8608.73 8178.01 8091.43 7254.38 1.78 2.24 25.18 34.03 7340.97
FTSE Asia Pacific Mid Cap ex Japan 446 822.97 0.2 0.9 2.1 1156.76
2.2 2.4 Pharmaceuticals & Biotechnology 104 342.95 -0.3 -0.3 2.7 486.66 2.8 2.1
Telecommunications (8) 4000.81 1.03 4205.44 3959.87 3912.60 3779.92 3.90 2.51 10.21 0.00 4027.57 FTSE Asia Pacific Small Cap ex Japan 1333 543.47 0.0 0.9 1.7 753.57
1.8 2.6 Consumer Services 378 382.18 -0.1 -0.1 2.1 488.71 2.2 1.6
Fixed Line Telecommunications (6) 5259.81 3.30 5528.83 5091.80 5009.90 4652.70 2.63 1.88 20.31 0.00 4431.79
Mobile Telecommunications (2) 5197.90 -0.39 5463.76 5218.22 5169.52 5133.84 4.72 2.74 7.71 0.00 4637.06
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
927
1906
494.82
693.09
-0.4
-0.5
1.2
0.2
1.9 763.24
2.0
0.5 961.18
0.6
2.8 Food & Drug Retailers
2.9 General Retailers
55 314.47
117 492.89
0.5
-0.5
0.5
-0.5
4.6 418.10
3.1 615.60
4.7
3.1
2.0
1.4
UK STOCK MARKET TRADING DATA
Utilities (8) 8793.62 0.33 9243.38 8764.74 8736.89 8152.19 4.87 1.23 16.66 32.81 8961.61 FTSE Emerging Large Cap 452 659.03 -0.6 0.4 0.8 919.15
0.9 2.9 Media 88 302.82 -0.1 -0.1 0.7 387.56 0.7 1.5 Feb 11 Feb 10 Feb 09 Feb 06 Feb 05 Yr Ago
Electricity (3) 9557.73 -0.86 10046.57 9640.42 9540.45 9119.46 5.26 0.68 28.11 142.09 12210.31 FTSE Emerging Mid Cap 459 858.06 -0.2 -0.7 -0.4 1186.76
-0.3 2.6 Travel & Leisure 118 363.04 -0.1 -0.1 0.8 469.09 1.0 1.7 SEAQ Bargains 4886.00 6379.00 5669.00 5669.00 5669.00 5116.00
Gas Water & Multiutilities (5) 8131.00 0.67 8546.88 8077.25 8068.03 7474.67 4.76 1.41 14.96 5.10 8312.16 FTSE Emerging Small Cap 995 706.75 -0.1 -0.1 -0.1 945.33
-0.1 2.6 Telecommunication 95 173.30 -0.6 -0.6 3.8 294.01 4.2 3.9 Order Book Turnover (m) 42.54 35.50 45.53 45.53 45.53 44.41
Financials (283) 4761.16 -0.47 5004.67 4783.83 4790.90 4629.31 3.07 1.78 18.32 3.36 4022.14 FTSE Emerging Europe 86 317.79 0.3 -1.3 1.9 447.74
1.9 3.8 Fixed Line Telecommuniations 45 143.38 -0.1 -0.1 4.6 265.42 5.4 4.3 Order Book Bargains 752919.00 785475.00 777114.00 777114.00 777114.00 839749.00
Banks (7) 4244.70 -0.81 4461.81 4279.44 4335.23 4659.84 3.50 1.18 24.14 0.00 2810.79 FTSE Latin America All Cap 245 824.97 -2.2 -6.6 -8.5 1188.44
-8.1 3.8 Mobile Telecommunications 50 185.66 -1.3 -1.3 2.6 286.43 2.6 3.2 Order Book Shares Traded (m) 1200.00 1448.00 1283.00 1283.00 1283.00 1423.00
Nonlife Insurance (12) 2351.62 -0.17 2471.90 2355.63 2334.24 2137.40 2.84 1.40 25.17 0.00 3834.69 FTSE Middle East and Africa All Cap 212 785.00 -1.6 1.7 2.0 1138.93
2.1 2.6 Utilities 162 258.75 -1.3 -1.3 -3.2 457.84 -2.9 3.7 Total Equity Turnover (£m) 1813.53 - - - - 1856.79
Life Insurance/Assurance (12) 8266.20 -0.50 8688.99 8307.90 8208.12 7130.57 3.09 1.84 17.60 0.00 7328.91 FTSE Global wi UNITED KINGDOM All Cap In 339 364.96 -0.1 5.5 1.6 557.17
1.7 3.3 Electricity 113 275.97 -1.5 -1.5 -2.7 483.87 -2.4 3.6 Total Mkt Bargains 886781.00 - - - - 993139.00
Index- Real Estate Investment & Services (25) 2818.34 -0.52 2962.49 2832.96 2820.44 2870.04 1.70 5.48 10.72 2.08 7106.17 FTSE Global wi USA All Cap 1980 512.66 0.0 1.5 0.7 645.44
0.9 1.9 Gas Water & Multiutilities 49 285.78 -1.0 -1.0 -4.0 517.22 -3.7 3.8 Total Shares Traded (m) 3294.00 - - - - 3458.00
Real Estate Investment Trusts (20) 2982.77 -0.03 3135.33 2983.74 2977.44 2440.17 2.78 5.83 6.18 6.53 3430.84 FTSE Europe All Cap 1389 404.14 -0.4 4.9 1.5 599.39
1.6 3.0 Financials 665 211.86 -0.4 -0.4 -1.8 320.50 -1.6 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 7677.70 -0.33 8070.39 7703.30 7639.10 6635.13 2.87 1.87 18.64 12.32 8123.76 FTSE Eurobloc All Cap 637 372.59 -0.4 5.7 1.1 560.65
1.3 2.8 Banks 242 192.45 -0.8 -0.8 -4.3 309.22 -4.1 3.1 (c) Market closed.
Equity Investment Instruments (178) 7656.85 0.11 8048.48 7648.16 7645.57 7174.75 2.43 1.03 39.86 19.00 3932.74 FTSE RAFI All World 3000 3023 5900.96 -0.4 2.0 0.2 7233.04
0.4 2.8 Nonlife Insurance 69 214.61 0.0 0.0 0.2 292.21 0.3 2.1
Non Financials (358) 4268.38 -0.04 4486.69 4270.12 4269.11 4185.14 3.31 1.88 16.01 5.52 5776.70 FTSE RAFI US 1000 1027 9298.25 -0.1 1.0 0.1 11502.21
0.3 2.3 Life Insurance 50 209.67 -0.1 -0.1 -0.7 309.92 -0.6 2.4
Technology (22) 1325.38 1.89 1393.17 1300.78 1292.06 1163.79 1.23 2.23 36.46 0.96 1634.66 FTSE EDHEC-Risk Efficient All-World 3027 324.76 -0.2 2.5 1.6 427.66
1.7 2.1 Financial Services 138 229.19 -0.1 -0.1 -1.0 299.87 -0.9 1.7 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1458.30 1.45 1532.88 1437.40 1418.87 1301.60 1.86 1.99 26.97 2.59 1872.93 FTSE EDHEC-Risk Efficient Developed Europe 519 284.01 -0.4 4.9 2.0 404.44
2.0 2.6 Technology 177 173.97 0.5 0.5 1.1 204.38 1.3 1.5 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1639.95 2.19 1723.83 1604.77 1600.86 1424.57 0.79 2.62 48.04 0.00 1866.05 Software & Computer Services 77 269.25 0.0 0.0 -0.8 305.85 -0.7 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 143.70 0.9 0.9 2.6 172.84 2.9 1.9 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 6831.54 6831.85 6822.97 6809.33 6801.81 6800.07 6794.68 6796.48 6800.28 6838.29 6786.52 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 16655.08 16662.44 16648.40 16632.39 16621.01 16610.93 16609.93 16620.13 16605.18 16670.47 16595.16 (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 4459.74 4456.79 4457.26 4458.59 4457.13 4458.51 4458.87 4455.74 4458.50 4459.76 4454.02
FTSE All-Share 3670.64 3670.90 3666.56 3660.09 3656.38 3655.32 3652.94 3654.14 3655.21 3673.62 3648.99 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:09:07:15 Day's Low13:12:15 FTSE 100 2010/11 High: 6871.80(03/02/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:09:07:00 Day's Low13:10:00 FTSE 100 2010/11 High: 3687.08(05/02/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing ARM Holdings Pre 795.2 714.6 316.5 162.6 18.2 7.5 4.5 3.6 - 7.02 5.7 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Dunelm Group Int 406.372 356.35 68.174 61.565 26.5 23.3 5.5 5 Apr 10 20.5 17.778 02/11 52.00 Premier Technical Services Group PLC 56.50 - 58.00 55.00 4901.8
KZT1150.4 Nil n/a 3.22 3.22 JSC Kazkommersbank GDR 3.22 0.01 Indivior Pre 1115 1216 561 695 0.56 0.68 - - - - - 02/03 70.00 AIM AFG Aquatic Foods Group PLC 65.00 1.95 71.50 60.00 7359.7
5p Nil 13-03-15 14.75 14.00 Petropavlovsk PLC 14.75 0.25 IPPlus Int 3.374 4.384 0.086L 0.65 0.52L 1.94 - - - 0.15 0.3
A$0.05 Nil 30-01-15 2.75 2.75 Wildhorse Energy Ltd 2.75 -0.13 Reckitt Benckiser Group Pre 8836 9266 2126 1856 447.1 242.1 79 77 - 139 143.667
Redrow Int 560.6 363 91.2 47.5 19.9 9.7 2 1 May 1 4 2.111
Telecity Group Pre 348.695 325.55 81.022 88.44 29.5 32.2 9 7 - 13.5 10.889
Tullow Oil Pre 2212.9 2646.9 2047.4L 313.2 1.709L 0.186 - 13.192 - 6.8 19.3

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 12 February 2015 ★★★ FINANCIAL TIMES 23

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) ChristianDior 165.15 1.60 165.95 126.10 1.52 18.16 33927.45 FastRetail 43435 -500.00 46325 30950 0.81 44.59 38627.62 TeliaSonera 51.45 -1.05 54.15 43.98 6.39 14.77 26542.29 BkNYMeln♦ 39.13 0.05 41.79 30.82 1.54 16.91 44049.02 Lyondell 87.18 -1.03 115.40 70.06 2.81 10.88 43648.23
ANZ 35.09 0.19 35.27 30.47 5.30 12.78 74861.17 Cred Agr 10.84 -0.17 12.22 9.76 3.40 12.38 31556.54 Fuji Hvy Ind 3956.5 -26.50 4617 2380 1.16 14.72 25968.63 Switzerland (SFr) BlackRock 369.90 -0.77 372.25 292.20 1.90 20.32 61112.66 Marathon Ptl 100.92 -1.26 102.61 74.64 1.64 13.32 28277.05
BHPBilltn 30.97 -0.42 39.79 26.50 4.31 10.32 76718.31 Danone 58.67 - 60.53 49.04 2.67 30.11 42698.71 Hitachi 792.00 -6.70 939.90 660.00 1.12 37.19 32094.78 ABB 19.18 -0.01 23.35 16.75 3.60 20.67 47921.39 Boeing♦ 147.92 0.79 148.89 116.32 1.70 22.50 105456.67 Marsh&M♦ 56.09 0.60 58.74 45.42 1.73 22.37 30339.04
CmwBkAu 91.86 -0.73 93.96 73.57 4.53 16.37 114873.3 EDF 24.34 0.18 29.90 20.90 5.55 11.86 51178.62 HondaMtr 3843 22.50 3848 3239 2.23 11.95 58363.61 CredSuisse 19.80 -0.13 29.75 18.57 3.23 58.54 34348.25 BrisMySq 59.31 -0.52 64.44 46.30 2.29 38.68 98382.03 MasterCard 84.46 0.23 89.87 68.68 0.49 30.77 93997.25
CSL 82.95 -7.05 90.84 63.77 1.55 25.39 30319.49 Essilor Intl 95.15 -0.62 100.50 70.51 1.07 19.10 23221.99 JapanTob 3503.5 60.00 4193 2997 2.92 15.18 58746.6 Nestle 70.90 -0.55 74.60 63.85 1.84 25.52 246789.69 Broadcom♦ 44.53 -0.16 44.79 28.86 1.06 41.92 24488.75 McDonald's 94.21 0.19 103.78 87.62 3.24 19.65 92507.56
NatAusBk 37.06 0.03 37.44 31.33 5.65 15.89 69155.85 GDF Suez 18.78 -0.19 21.19 16.17 8.64 -4.87 51687.17 KDDI 7604 -182.00 8449 5000 1.53 16.13 57183.07 Novartis 94.50 -0.05 99.75 70.85 2.65 24.17 276037.83 CapOne♦ 77.32 0.26 85.39 70.21 1.46 11.05 43401.17 McGraw Hill 98.16 0.35 99.61 71.93 1.13 31.65 26650.44
Telstra 6.49 -0.02 6.74 4.96 4.80 16.53 61198.58 Hermes Intl 294.25 0.85 317.40 229.00 0.99 34.89 35116.21 Keyence 56470 -730.00 58390 36095 0.18 32.06 28786.29 Richemont 79.85 -0.55 94.75 68.80 0.10 22.90 44990.77 CardinalHlth 86.09 0.97 87.33 63.06 1.51 27.16 28420.96 McKesson 223.73 1.28 225.06 162.90 0.42 31.19 52094.3
Wesfarmers 44.19 0.02 46.69 40.26 4.76 28.43 38301.77 Kering 183.05 -0.35 184.20 136.95 2.22 25.29 26120.7 MitsbCp 2207.5 -15.50 2356 1805 2.39 10.84 30057.1 Roche 243.00 -2.00 295.80 238.80 2.93 24.62 184276.25 Carnival 44.07 0.52 47.44 33.11 2.21 28.46 26118.06 Medtronic 74.39 -0.48 77.39 55.30 1.50 26.95 73223.31
Westpc 36.83 0.02 37.20 31.33 5.16 14.76 88634.96 LOreal 158.40 0.85 160.55 114.55 1.71 30.11 100496.15 MitsubEst 2546 32.00 2930 2151.5 0.38 46.58 29678.9 SwatchGpI 413.10 -0.20 592.50 350.00 1.10 13.24 13751.42 Caterpillar♦ 83.41 -0.49 111.46 78.81 2.82 14.32 50496.32 Merck 58.74 -0.11 63.62 52.49 2.82 34.14 167460.3
WoodsdPet 34.16 -1.04 44.23 31.97 6.61 11.77 21708.12 LVMH 156.55 0.40 157.60 121.40 2.14 21.62 89851.08 MitsubishiEle 1300.5 -4.00 1550 1083 0.43 23.17 23411.73 Swiss Re 84.30 -0.05 86.55 69.25 4.51 8.21 33731.55 CBS 56.75 -0.25 68.10 48.83 0.85 23.33 27264.07 Metlife♦ 50.41 0.38 57.57 46.10 2.34 10.95 57267.88
Woolworths 32.12 -0.17 38.92 29.11 4.63 15.03 31293.65 Nmrcble-SFR 48.10 1.09 57.50 23.87 - -59.43 21178.55 Mitsui 1591.5 3.00 1820 1399 3.30 7.81 23971.09 Swisscom 535.50 -0.50 587.50 499.80 2.44 17.94 29942.19 Celgene 118.38 -1.78 124.60 66.85 - 66.15 94550.6 MicronTech 31.02 -0.07 36.59 21.02 - 10.33 33418.26
Belgium (€) Orange 15.97 -0.11 16.22 8.85 5.42 25.19 47821.28 MitsuiFud 3136.5 10.50 3809.5 2854.5 0.57 33.18 26070.87 Syngent 317.00 2.40 350.30 273.20 2.95 21.74 31802.87 CharlesSch♦ 29.05 -0.14 31.00 23.35 0.78 32.93 37932.59 Microsoft 42.38 -0.22 50.05 36.86 2.66 17.48 347676.42
AnBshInBv 107.60 0.40 109.95 71.22 1.64 23.64 195621.59 PernodRic 107.60 0.45 108.75 79.56 1.68 26.05 32285.06 MitUFJFin 683.30 3.40 700.30 519.00 2.05 8.76 81169.56 UBS 15.28 -0.40 17.84 13.58 1.49 18.24 61307.98 ChevrnTx 109.98 -0.20 135.10 98.88 3.54 10.76 207908.87 MondelezInt 36.74 0.93 39.54 31.83 1.46 36.44 61720.38
Safran 60.30 -0.23 60.77 43.24 2.01 14.83 28427.41 Mizuho Fin 199.90 - 221.00 178.10 2.72 11.41 40979.98 Zurich Fin 312.90 0.10 323.50 244.20 5.34 12.97 50545.46 Chubb 101.37 0.64 105.30 84.18 1.80 12.63 23904.44 Monsanto 122.48 1.01 128.79 105.76 1.42 24.89 59192.86
Brazil (R$)
Sanofi 85.00 -0.27 89.95 69.58 3.47 26.19 127163.75 Murata Mfg 12820 40.00 13780 8192 0.83 25.16 24211.94 Cigna 115.07 1.37 115.27 73.47 0.03 16.62 30099.85 MorganStly♦ 36.37 0.21 39.19 28.31 0.78 15.37 71190.75
Ambev 17.84 -0.14 18.16 14.99 1.83 21.03 97777.43 Taiwan (NT$)
Schneider 68.20 0.50 72.22 52.59 3.63 19.00 45065.42 NipponTT 7314 102.00 7405 5051 1.91 15.13 69702.82 Cisco 26.93 -0.56 28.70 21.27 2.62 19.14 137708.93 News Corp A 34.82 0.36 39.27 31.01 0.70 8.44 46220.9
BncBrasil 21.95 0.24 38.19 18.61 6.68 4.30 21939.04 HonHaiPrc 84.80 -0.70 113.00 80.90 1.85 11.06 39820.3
SocGen 36.31 -0.24 48.69 31.85 2.90 7.57 33051.2 Nissan Mt 1104.5 40.50 1146.5 842.00 2.32 10.37 41862.32 Citigroup♦ 49.68 0.29 56.95 45.18 0.08 17.72 150504.98 NextEraE 105.06 -2.77 112.64 89.81 2.54 25.05 45856.83
BncoDoBrasl 29.38 0.07 35.98 22.07 4.27 16.10 20496.36 MediaTek 454.00 - 545.00 396.50 2.58 15.62 22647.79
StGobn 38.34 -0.48 46.40 29.51 1.75 20.95 24353.46 NpnStlSmMtl 295.80 -0.70 333.00 243.30 1.31 13.62 23567.78 CME Grp 94.81 0.19 95.32 66.44 1.85 33.34 31856.31 Nike 91.31 -1.44 99.50 70.60 1.02 27.92 62673.42
Bradesco♦ 34.07 -0.42 41.30 27.63 1.28 9.22 24999.88 TaiwanSem 148.00 5.50 149.00 104.50 1.58 17.52 121816.11
Total 46.95 -0.40 54.71 38.25 5.73 10.22 126597.8 NTTDCMo 2068 71.50 2069.5 1515 2.26 20.90 75680.72 Coca-Cola 42.37 -0.03 44.87 36.89 2.66 24.97 185585.38 NorfolkS♦ 109.11 0.51 117.64 89.76 1.87 18.09 33763.2
Cielo 41.75 -0.65 47.10 31.61 3.19 16.90 22896.43 Thailand (THB)
UnibailR 252.80 -1.30 260.15 180.70 3.81 20.97 28025.67 Panasonic 1318.5 - 1610 1030 0.87 57.39 27116.76 Cognizant 58.89 0.49 59.64 41.51 - 27.32 35859.17 Northrop 166.29 1.40 167.00 114.31 1.60 17.41 33590.46
ItauHldFin 30.80 -0.86 38.74 25.42 1.77 7.62 29759.89 PTT Explor 357.00 -4.00 398.00 285.00 1.93 10.89 31240.78
Vinci 51.15 -0.19 57.36 39.65 3.74 10.51 34148.98 Seven & I 4378 -8.00 4592.5 3611 1.28 22.58 32536.93 ColgtPlm♦ 69.47 0.03 71.31 61.35 1.90 32.36 63314.84 NtlOilVarc 51.89 -0.46 86.55 49.25 2.61 9.00 22342.47
Petrobras 8.85 0.02 23.50 7.88 6.70 4.67 22974.93
Vivendi 20.74 0.10 21.43 17.26 5.07 -12.22 31689.13 ShnEtsuCh 7969 14.00 8529 5267 1.03 28.22 28869.91 United Kingdom (p) Comcast 57.78 0.37 59.30 47.74 1.42 19.33 124202.53 Occid Pet 79.98 -1.33 101.38 72.32 3.30 11.80 62018.74
Vale 21.10 0.70 35.20 17.65 9.95 -10.07 23678.47
Germany (€) Softbank 7130 -6.00 8760 6683 0.46 12.24 71772.86 AngloAmer 1123.5 -25.50 1678.5 923.00 4.40 246.49 23954.74 ConocPhil 67.88 -0.11 87.09 60.64 3.88 12.35 83554.37 Oracle 43.36 -0.63 46.71 35.82 1.08 18.57 190409.67
Canada (C$) Sony 3073.5 9.50 3269 1588 0.66 -14.32 29831.02 AscBrFd 2992 -17.00 3293 2407 1.08 31.02 36160.43 Corning 24.55 -0.30 25.16 17.03 1.53 20.37 31469.37 Paccar♦ 62.84 -0.32 71.15 55.34 1.26 18.30 22251.91
Allianz 146.45 0.25 151.45 115.05 3.81 10.14 75658.66
Alimentation 48.14 0.99 50.58 27.51 0.35 25.69 15897.12 SumitomoF 4179.5 2.50 4910 3800 2.32 7.89 49549.74 AstraZen 4491 3.00 5750 3718.5 3.89 89.22 86583.51 Costco♦■ 147.46 -0.76 156.85 110.36 0.91 31.44 64956.78 Pepsico 100.40 2.41 100.76 77.01 2.29 23.58 150259.24
BASF 80.94 0.27 88.28 64.27 3.51 14.24 84039.86
BCE 56.12 0.44 60.20 46.43 4.63 17.69 37266.85 Takeda Ph 5950 28.00 5970 4337.5 2.47 51.36 39397.76 Barclays 251.00 -2.20 278.00 201.75 2.59 56.63 63149.38 Covidien 106.71 -1.36 108.57 65.97 1.54 28.15 48500.47 Pfizer♦ 34.25 0.10 34.51 27.51 2.80 22.47 215797.51
Bayer 123.60 -0.15 131.70 91.31 1.79 26.56 115544.6
BkMontrl♦ 77.75 -0.06 85.71 69.40 4.24 11.01 39779.54 TokioMarine 4102.5 26.00 4218.5 2884 1.54 13.05 26468.02 BG 914.70 -19.60 1420 780.55 2.03 17.43 47669.85 CrownCstl 87.18 0.01 88.86 71.29 1.13 175.05 29105.72 PG&E 55.20 -1.61 60.21 41.41 3.23 18.45 26224.86
BMW 104.45 -0.25 108.35 74.74 2.62 11.17 71081.17
BkNvaS 65.87 0.37 74.93 60.75 4.16 10.87 63252 Toyota 7713 13.00 7873 5205 1.76 12.40 221027.17 BP 445.80 -0.55 526.80 364.40 5.35 14.58 124125.57 CSX 35.94 0.41 37.99 27.04 1.62 20.64 35774.58 Phillips66 74.19 -1.48 87.98 57.33 2.26 12.35 41065.16
Continental 202.25 -2.20 209.20 136.85 1.30 17.92 45728.25
Brookfield 66.83 0.83 66.97 41.86 1.19 13.53 33259.63 BrAmTob 3635.5 -12.00 3818 2967.5 3.92 18.98 106459.84 Cummins 135.12 0.16 161.03 124.30 1.85 16.13 24685.32 PhilMorris 82.48 1.40 91.63 77.55 4.36 17.56 128150.42
Daimler 82.44 0.28 84.69 55.10 2.87 11.17 99703.14 Malaysia (RM)
CanadPcR 234.14 -2.42 247.56 156.64 0.64 34.89 30736.55 BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 CVS 102.59 0.91 103.29 68.09 1.05 26.46 117607.48 PNCFin 89.79 -0.41 93.45 76.69 1.93 12.86 47248.37
Deut Bank 26.66 -0.11 36.35 22.66 2.08-218.92 41568.42 Maybank 9.10 - 10.20 8.25 8.97 12.12 23566.46
CanImp 93.68 0.36 107.37 87.71 4.50 11.13 29403.19 BT 460.00 16.20 460.90 350.30 2.15 18.76 57184.82 Danaher 85.66 0.20 87.49 70.12 0.36 23.86 60192.56 PPG Inds 228.22 -0.02 233.98 171.56 1.06 24.11 31319.78
Deut Tlkm 15.64 -0.14 15.99 10.07 2.52 29.01 80190.31 Mexico (Mex$)
CanNatRs 38.93 0.30 49.57 31.00 2.40 12.73 33589.01 Compass♦ 1136 -6.00 1179 924.41 2.32 23.33 28921.34 Deere 88.82 0.07 94.89 78.88 2.39 10.78 30414.9 PPL 34.73 -0.57 38.14 30.70 4.03 25.52 23097.95
DeutsPost 27.80 -0.49 29.75 21.55 3.03 15.13 38056.47 AmerMvl 15.55 -0.61 17.64 12.39 1.47 15.84 71403.81
CanNatRy 87.67 0.31 88.36 59.66 1.17 23.03 56067.64 Diageo 1884.5 -3.50 2055 950.00 2.74 24.28 72240.13 Delta 44.98 -0.34 51.06 30.12 0.57 4.13 37645.62 Praxair 124.35 -0.56 135.24 117.32 1.93 21.01 36232.18
E.ON 13.07 0.07 15.46 12.23 4.83 -45.16 29553.55 FEMSA UBD 130.40 -1.73 135.75 108.90 0.81 27.45 30884.03
Enbridge♦ 61.54 0.32 65.13 46.40 2.37 64.28 41416.25 GlaxoSmh 1514 -5.50 1709 1200.67 5.42 17.67 112404.95 DevonEngy 64.60 0.42 80.63 51.76 1.34 12.63 26427.86 Prec Cast 203.12 1.61 275.09 186.17 0.06 15.98 28795.85
Fresenius 48.48 0.14 51.66 34.52 0.68 22.85 23908.09 WalMrtMex 32.51 -0.52 35.75 27.71 0.85 20.27 37716.21
GtWesLif 34.02 0.03 34.33 28.61 3.86 12.25 26794.99 Glencore 271.70 0.65 379.45 236.20 3.55 16.48 54726.2 DirectTV 87.34 -0.48 89.46 70.37 - 17.10 43865.35 Priceline 1060.06 2.44 1378.96 990.69 - 25.42 55500.53
HenkelKgaA 89.89 -0.65 92.15 66.67 1.05 13.45 26399.56
ImpOil 49.74 0.06 57.96 44.08 1.11 9.51 33315.88 Netherlands (€) HSBC 592.10 -5.70 737.00 573.54 5.07 11.50 173467.21 DiscFinServ♦ 58.50 -0.26 66.75 54.02 1.42 11.81 26528.57 ProctGmbl♦ 85.64 0.25 93.89 77.00 2.89 23.17 231271.67
Linde 173.50 -0.55 175.60 138.15 1.82 26.96 36412.04
Manulife 21.84 0.12 23.09 18.91 2.66 9.47 33997.79 ASML Hld 91.12 1.57 95.81 57.51 0.60 27.88 45140.55 ImpTob♦ 3032 -46.00 3183 2222 3.96 20.47 44335.14 Disney 101.87 -0.05 102.99 76.31 1.11 23.11 173134.52 Prudntl 79.19 1.11 94.30 74.51 2.52 16.52 36110.64
MuenchRkv 179.90 -0.10 184.25 141.10 4.24 8.23 35171.12
Potash 46.49 0.62 47.10 35.25 3.59 24.47 30501.23 Heineken 66.39 1.79 67.28 45.90 1.23 26.08 43229.5 LlydsBkg 74.39 -0.62 85.53 70.02 - 226.11 81055.17 DominRes 74.12 -2.54 80.89 64.71 3.00 30.65 43187.34 PublStor 202.83 -0.85 206.92 161.25 2.60 42.94 35033.95
SAP 59.15 0.03 61.63 50.08 1.31 20.44 82145.63
RylBkC♦ 76.73 0.31 83.87 70.00 3.96 11.94 87460.36 ING 11.62 0.41 11.95 9.34 - 11.99 50682.72 Natl Grid 898.70 6.90 965.00 801.50 4.68 15.74 51609.71 DowChem 48.08 -0.42 54.97 41.45 2.80 17.03 56665.2 Qualcomm 70.21 -0.05 81.97 62.26 2.25 15.16 115815.61
Siemens 94.38 -0.13 103.30 80.17 3.34 14.51 93995.91
Suncor En 38.49 0.07 47.18 30.89 2.60 17.39 43938.95 Philips 24.85 0.09 26.99 20.69 - 97.24 26260.75 Prudential 1612 -9.50 1649.5 1223 2.08 19.34 63172.25 DukeEner♦ 81.85 -1.54 89.97 68.10 3.61 19.71 57891.74 Raytheon 107.15 -0.45 111.47 89.17 2.08 17.32 33041.63
Volkswgn 207.80 0.40 211.90 147.35 1.52 13.35 69319.09
ThmReut 48.80 -0.96 50.53 36.86 3.21 82.51 30697.06 Unilever♦ 37.32 0.18 38.81 27.45 2.69 19.20 72341.89 RBS 378.40 -4.10 403.90 291.60 - -6.65 36755.97 DuPont♦ 75.25 -0.26 76.45 63.05 2.39 19.71 68132.4 Regen Pharm 398.99 -1.72 437.64 269.50 - 138.65 39776.07
TntoDom 55.00 0.44 58.20 48.51 3.58 12.41 80273.72 Hong Kong (HK$)
Norway (Kr) ReckittB 5775 185.00 5885 4697 2.49 22.31 63349.58 Eaton 70.33 -0.41 79.98 57.11 2.53 21.12 33378.62 ReynoldsAm 71.81 1.52 72.03 46.55 3.65 27.17 38151.47
TrnCan 58.33 0.29 63.86 48.50 3.47 22.74 32665.3 AIA 43.90 -0.30 46.45 34.90 0.88 30.60 68188.69
DNB 118.50 -0.80 126.90 98.10 1.91 7.99 25254.02 Reed Els 1186 8.00 1187 851.53 2.07 25.63 37222.04 eBay 55.14 -0.13 59.70 46.34 - 1544.89 66721.98 Salesforce 58.80 0.01 67.00 48.18 - -121.19 36044.4
ValeantPh 207.79 0.98 208.61 116.01 - 117.90 55118.27 BOC Hold 27.65 0.05 27.95 21.50 3.26 14.18 37698.31
Statoil 141.00 -2.10 195.80 118.20 5.60 8.80 58826.14 RioTinto 2971.5 -21.00 3680.56 2600 3.82 15.27 64136.55 Ecolab 109.31 0.98 118.46 97.78 0.95 30.81 32805.73 Schlmbrg♦ 84.73 -0.49 118.76 75.60 1.85 20.08 109030.05
Ch OSLnd&Inv 23.15 - 26.70 17.52 1.81 8.46 24401.85
China (HK$) Telenor 154.20 -11.00 170.40 123.90 5.09 31.38 30293 RollsRoyce 905.00 -13.00 1219 777.00 2.43 7.49 26105.42 EMC 27.26 0.02 30.92 24.75 1.49 23.21 55471.61 SempraEgy 107.12 -3.26 116.30 91.02 2.29 24.86 26340.13
ChngKong 150.90 1.90 152.00 113.90 2.06 9.06 45070.91
AgricBkCh 3.78 -0.03 4.10 3.04 5.63 5.68 14983.64 Qatar (QR) RylDShlA 2146.5 -6.00 2864 1929 5.46 13.66 125228.45 Emerson♦ 57.69 0.12 69.94 55.81 2.99 18.68 39529.3 Shrwin-Will 277.95 -2.11 280.89 181.79 0.73 33.86 26682.56
Citic Ltd 13.02 -0.12 16.88 9.60 2.40 8.48 41812.43
Bk China 4.27 -0.04 4.57 3.03 5.46 6.19 46045.77 Inds Qatar 152.50 -1.90 202.90 143.50 6.79 15.35 25336.4 SABMill 3542.5 10.00 3857 2725 1.82 25.55 87250.35 EOG Res 93.20 -2.06 118.89 81.07 0.44 17.78 51074.48 SimonProp♦ 192.42 -0.93 206.31 157.00 2.47 42.65 59801.81
Citic Secs 25.65 -0.15 33.95 13.72 0.70 29.98 3897.54
BkofComm 6.36 -0.02 7.36 4.53 4.86 6.14 28714.98 QatarNtBk 199.30 3.30 237.00 160.00 3.44 13.62 38296.33 Shire 4776 32.00 5470 2827 0.27 24.93 43016.92 EquityResTP 77.97 0.27 81.03 56.51 2.60 89.86 28253.46 SouthCpr 29.27 -0.27 33.90 23.60 1.48 18.63 23947.76
CNOOC 10.82 -0.12 15.88 9.72 4.69 7.80 62296.15
Ch Evrbrght 4.15 0.03 4.52 2.68 4.44 5.58 3675.87 SSE♦ 1604 -15.00 1858 1354.11 5.41 77.63 24179.83 Exelon♦ 34.26 -0.43 38.93 28.79 3.41 14.95 29445.26 SouthwestAir 43.50 -0.28 47.17 20.88 0.50 27.22 29405.73
Galaxy Enter 42.80 0.45 80.45 36.70 - 18.05 23464.71 Russia (RUB)
Ch Yangtze RMB 9.69 0.21 11.32 5.54 2.49 15.24 15127.75 StandCh 918.50 3.10 1355.5 867.50 5.36 9.03 34667.41 ExpScripts 84.79 2.55 86.64 64.64 - 35.98 62228.23 SpectraEn♦ 35.81 -0.32 43.12 32.43 3.44 25.49 24028.52
HangSeng 142.20 -0.60 148.40 118.10 3.46 18.25 35058.19 Gzprm neft 150.55 1.24 154.47 113.73 6.92 2.60 53346.84
ChCommsCons 8.23 0.14 10.24 4.88 2.29 9.27 4698.91 Tesco 242.40 0.55 341.58 155.40 6.09 22.97 30058.97 ExxonMb♦ 90.60 -0.41 104.76 86.03 2.74 12.10 383648.3 Starbucks♦ 90.79 -0.39 91.79 67.93 1.19 28.12 68074.34
HK & Ch Gas 17.36 -0.10 18.90 14.00 1.75 29.16 23533 Lukoil 3069.1 69.10 3297.7 1715 - 6.55 39073.53
ChConstBk 6.23 -0.06 6.62 4.89 5.73 5.75 193148.87 Vodafone 229.90 -1.05 435.82 179.10 6.06 63.33 93036.98 Facebook 76.51 1.32 82.17 54.66 - 71.17 170153.36 StateSt 76.99 -0.28 80.92 62.67 1.37 17.48 32142.96
HK Exc&Clr 175.60 -0.90 189.00 112.80 1.90 46.48 26455.77 Rosneft 265.35 8.30 272.75 183.95 7.72 3.01 42093.52
China Vanke 17.08 0.18 20.35 12.84 - 10.24 2896.25 WPP 1451 -11.00 1565 1091 2.36 19.30 29196.57 Fedex 173.92 0.62 183.51 130.13 0.39 22.55 49273.73 Stryker 92.96 -0.10 98.24 75.78 1.24 58.95 35168.67
Hutchison 104.90 0.70 113.50 85.90 1.96 30.61 57672.2 Saudi Arabia (SR)
ChinaCitic 5.69 0.02 6.34 3.85 5.33 5.50 10919.79 United States of America ($) FordMtr♦ 16.25 0.16 18.12 13.26 2.75 11.37 62541.17 Sychrony Fin 33.55 0.44 33.61 22.60 - 14.70 27972.8
MTR 34.60 0.35 34.70 27.05 2.38 15.21 26009.69 SaudiBasic 93.75 1.82 136.50 70.25 5.52 11.82 74971.02
ChinaLife 30.95 -0.10 32.80 19.72 1.04 25.86 29698.85 3M♦ 164.48 -0.32 168.16 128.66 1.83 23.97 105401.88 Franklin 53.40 -0.14 59.43 49.12 0.94 14.57 33205.55 Target 76.42 -0.23 77.75 55.25 2.26 33.56 48676.82
SandsCh♦ 38.05 0.35 68.00 34.50 4.28 15.76 39586.43 SaudiTelec 65.00 0.64 76.50 55.00 2.90 11.41 34653.26
ChinaMBank 17.72 0.06 19.96 12.12 4.16 6.46 10490.58 AbbottLb♦ 44.93 0.01 46.50 36.65 1.68 37.29 67655.17 FreeportMc 18.60 -0.11 39.32 16.43 6.33 9.17 19327.6 TE Connect 69.69 0.13 69.96 51.03 1.57 15.53 28309.53
SHK Props 123.90 -0.90 129.40 83.40 2.42 11.16 45155.14 Singapore (S$)
ChinaMob 102.00 -1.70 108.50 63.65 2.89 16.00 269170.86 Abbvie♦ 56.69 -0.20 70.76 45.50 2.72 26.10 90322.21 GenDyn 137.21 -0.95 145.92 102.56 1.73 17.90 45513.19 TeslaMotors 212.80 -3.49 291.42 177.22 - -138.11 26681.25
Tencent 131.60 -1.40 138.00 93.00 0.17 47.37 159067.84
ChinaPcIns 38.10 0.40 41.95 23.55 1.12 28.61 13635.55 DBS 19.51 0.01 20.67 15.65 2.99 7.34 35451.46 Accenture 87.96 0.44 91.94 73.98 2.16 20.56 69678.44 GenElectric 24.77 0.05 27.53 23.41 3.35 17.72 248745.1 TexasInstr 56.00 0.18 56.23 41.47 2.02 25.83 59152.8
ChinaRailCons 8.62 0.12 10.68 5.57 1.62 8.33 2307.99 India (Rs) JardnMt US$ 66.16 -0.07 67.88 53.14 1.89 17.14 45701.26 GenGrwthPrp 29.40 -0.10 31.70 20.89 1.83 122.59 25992.76 TheTrvelers 107.77 1.25 108.24 81.56 1.83 11.02 35714.58
Ace 112.46 0.71 117.89 94.95 2.14 12.37 37307.2
ChinaRailGp 5.58 -0.11 6.68 2.99 1.41 9.75 3027.51 HDFC Bk 1058.4 3.95 1100.6 629.35 0.61 30.72 41042.7 JardnStr US$ 35.55 -0.07 38.10 31.25 0.64 14.10 39819.64 GenMills 53.16 -0.07 55.64 47.90 2.95 22.81 32095.23 ThrmoFshr 125.42 0.39 131.12 107.33 0.45 32.10 50171.2
Actavis 277.51 -1.63 285.09 184.71 - -55.45 73557.11
ChMinsheng 9.13 - 10.70 6.73 1.32 6.03 8163.32 Hind Unilevr 900.30 12.55 968.85 542.00 1.22 51.72 31273.3 OCBC 10.60 - 10.65 9.20 3.27 9.87 31013.37 GenMotors 37.67 0.15 38.15 28.82 3.12 23.15 60662.49 TimeWrnr 81.01 0.20 88.13 62.44 1.44 17.97 67925.77
Adobe 73.01 0.25 77.56 57.15 - 141.89 36381.91
ChMrchSecs RMB 27.20 -0.33 32.98 9.71 - 44.90 20308.83 HsngDevFin 1245.8 -0.35 1361.85 755.00 1.07 24.90 31392.38 SingTel 4.14 0.02 4.16 3.49 4.08 18.05 48478.84 GileadSci 99.98 1.66 116.83 63.50 - 18.90 150836.26 TimeWrnrC 146.21 0.35 155.95 128.78 1.87 21.80 41011.1
AEP♦ 58.28 -1.03 65.38 48.15 3.23 16.90 28512.94
ChShenEgy 20.40 -0.30 24.40 19.12 4.78 8.32 8940.58 ICICI Bk 334.70 3.65 393.40 194.04 2.65 16.62 31124.21 UOB 23.52 0.04 24.72 19.55 2.99 11.17 27687.59 GoldmSchs 187.65 3.09 198.06 151.65 1.10 11.52 81730.12 TJX Cos♦ 68.36 0.07 69.84 51.91 0.89 23.66 47093.23
Aetna 96.46 0.71 97.71 64.68 0.85 17.08 33924.98
ChShpbldng RMB 8.35 0.03 10.35 4.36 0.47 65.39 24019.71 Infosys 2284.85 6.55 2298 1440 1.62 21.40 41939.26 South Africa (R) Google 538.00 -2.16 614.44 490.91 - 27.11 154372.83 UnionPac 122.14 1.27 123.61 87.53 1.53 21.70 107640.03
Aflac 61.83 0.38 66.01 54.99 2.25 10.29 27859.77
ChStConEng RMB 5.80 - 7.57 2.71 2.12 7.79 27872.7 ITC 371.15 1.25 400.30 311.40 1.35 35.05 47411.23 Halliburton 42.15 -0.45 74.33 37.21 1.34 11.54 35720.45 UPS B 100.91 -0.17 114.40 94.05 2.45 26.58 70873.57
Firstrand 51.44 -0.46 53.19 30.85 2.62 15.51 24408 AirProd 150.01 -0.28 151.78 109.83 2.01 32.27 32143.25
ChUncHK 12.44 -0.20 14.22 9.03 1.56 20.54 38415.73 OilNatGas 344.95 -9.70 471.85 271.00 2.70 11.66 47401.52 HCA Hold 68.97 -0.04 76.18 47.17 - 18.77 29902.9 USBancorp 44.27 -0.25 46.10 38.10 2.02 15.43 79216.14
MTN Grp 206.00 -6.74 263.44 190.48 4.26 14.16 32028.83 Alexion 173.50 -2.89 203.30 136.37 - 54.39 35072.77
Daqin RMB 10.35 0.20 12.32 6.24 3.58 11.39 24648.25 RelianceIn 900.70 18.70 1145.25 793.10 1.02 11.89 46801.38 Hew-Pack 38.18 0.29 41.10 28.75 1.53 15.26 70025.25 Utd Cntl Hldg 67.12 -0.51 74.52 36.65 - 22.56 24772.03
Naspers N 1675.63 5.90 1744.64 983.25 0.21 59.57 58875.26 Allergan 226.08 -0.46 228.43 115.94 0.08 55.95 67348.92
GF Secs RMB 23.40 0.12 29.42 9.50 0.74 40.63 22187.75 SBI NewA 285.95 -1.35 336.00 145.51 1.00 13.96 3428.89 HiltonWwde 28.16 0.70 28.69 20.72 - 53.71 27726.82 UtdHlthcre 109.85 0.88 114.32 69.58 1.25 19.69 105433.05
Sasol 457.16 -2.08 652.99 360.00 3.95 9.62 25042.34 Allstate 71.18 1.13 72.87 51.64 1.44 12.21 29855.26
HaitongSecs 17.68 0.04 23.20 9.50 0.82 27.09 3402.99 SunPhrmInds 925.85 6.30 965.95 552.55 0.15 33.54 30799.66 HlthcareREIT♦ 77.24 -0.26 84.88 56.01 3.84 104.36 25309.55 UtdTech♦ 118.69 -0.07 121.02 97.30 1.95 17.78 107670.46
South Korea (KRW) Altria 54.76 0.99 55.18 34.74 3.37 26.67 108231.5
In&CmBkCh 5.51 -0.05 5.90 4.33 5.08 5.94 61670.64 Tata Cons 2459.9 18.75 2839.7 1999.5 1.33 23.19 77389.58 HomeDep 110.31 -0.36 110.85 74.61 1.56 26.39 145369.53 ValeroEngy♦ 55.36 -0.16 59.69 42.53 1.70 8.22 28856.13
HyundMobis 236500 500.00 323500 226000 0.81 10.23 20589.17 Amazon 375.14 2.15 383.11 284.00 - -734.53 174208.99
IndstrlBk RMB 14.31 -0.06 17.49 8.60 2.77 6.15 37088.21 Tata Motors 558.90 -5.20 612.40 374.70 0.33 9.17 22861.03 Honywell 102.43 -0.01 103.92 82.89 1.65 20.47 80183.26 Verizon 49.81 0.30 53.66 45.09 4.05 11.43 206697.74
KoreaElePwr 43500 950.00 50200 36000 0.17 9.78 24696.54 AmerAir♦ 47.59 -0.46 56.20 28.10 0.20 91.96 34134.57
Kweichow RMB 183.15 0.27 204.24 133.31 2.05 14.80 33504.25 Indonesia (Rp) AmerExpr 86.01 0.17 96.24 78.41 1.07 16.87 88992.53 IBM♦ 158.20 -0.36 199.21 149.52 2.44 10.79 156564.29 VertexPharm 108.62 0.19 127.69 59.79 - -51.44 26125.48
SK Hynix 46850 1700 52400 35550 - 10.43 31011.61
PetroChina 8.52 -0.05 11.70 7.54 4.55 10.12 23181.36 Astra Int 7875 250.00 8100 6325 2.29 15.86 25069.44 AmerIntGrp 52.25 -0.16 56.79 48.00 0.86 9.18 73145.42 IllinoisTool 96.72 -0.33 97.84 77.95 1.70 23.36 37811.1 VF Cp 70.07 0.43 76.89 55.14 1.41 25.45 30261.29
SmsungEl 1355000-23000.00 1495000 1078000 0.83 8.59 161704.38
PingAnIns 82.60 0.35 88.70 55.60 0.98 15.76 39664.56 Bk Cent Asia 13925 175.00 14000 10150 0.37 21.71 26996.99 Ameriprise♦ 136.24 0.07 137.33 100.94 1.52 19.17 25140.65 Illumina 195.67 1.66 213.33 127.69 - 109.38 27785.14 Viacom 67.16 -0.99 89.76 63.11 1.88 12.60 23850.4
PngAnBnk RMB 13.73 -0.04 16.39 8.36 1.00 8.24 21634.57 Spain (€) Intcntl Exch 231.84 0.54 232.64 182.40 1.10 27.99 25968.11 Visa Inc♦ 265.99 1.92 272.45 194.84 0.62 30.37 130591.05
Israel (ILS) AmerTower 95.96 -0.41 105.20 79.76 1.29 55.59 38044.58
SaicMtr RMB 23.12 0.13 25.98 12.22 4.47 9.78 40833.52 BBVA 8.04 -0.07 9.99 7.21 0.83 -52.11 56563.33 Intel♦ 33.55 -0.15 37.90 24.30 2.53 17.02 162214.25 Walgreen 76.05 -0.74 77.98 55.27 1.71 36.06 72276.92
TevaPha 219.00 -2.00 237.70 153.00 2.17 16.25 48229.76 Amgen♦ 153.11 0.54 173.14 108.20 1.41 25.59 116466.18
ShgPdgBk RMB 14.42 -0.01 16.75 8.39 3.94 6.13 34470.12 BcoSantdr 5.98 -0.09 7.96 5.77 10.08 12.41 93276.18 Intuit 88.79 -0.35 95.84 69.02 0.88 32.41 25349.23 WalMartSto 86.34 -0.95 90.97 72.61 2.11 19.02 278290.22
Italy (€) Anadarko 85.61 1.27 113.51 71.00 0.99 -21.57 43357.22
Sinopec 6.11 -0.03 8.23 5.89 4.25 9.80 20102.29 CaixaBnk 3.90 -0.06 5.00 3.71 1.07 39.54 25163.64 John&John 100.38 0.03 109.49 90.66 2.55 17.67 280974.7 Wellpoint 128.71 0.94 129.96 81.84 1.27 16.42 34744.16
Enel 3.86 0.01 4.49 3.36 2.84 12.22 41010.77 Aon Cp♦ 100.08 1.89 100.25 78.26 0.80 24.99 28536.48
GasNatur 20.26 -0.30 24.45 18.17 3.68 12.32 22913.13 JohnsonCn 47.84 -0.38 51.60 38.60 1.88 22.03 31269.75 WellsFargo♦ 53.90 -0.67 55.95 45.25 2.27 14.03 279612.96
Denmark (kr) ENI 15.09 -0.33 20.46 12.98 6.31 9.90 61993.97 AppldMat 24.26 -0.02 25.71 17.20 1.57 29.19 29632.91
Iberdrola 5.78 -0.13 6.24 4.51 2.84 16.30 41720.88 JPMrgnCh 58.37 -0.09 63.49 52.97 2.52 11.48 218198.08 WestrnDigl 106.09 2.01 114.69 80.78 1.38 16.75 24637.31
DanskeBk 164.70 -4.80 178.50 135.60 1.27 40.92 25227.18 Generali 17.96 -0.19 18.79 14.40 2.11 17.12 31609.14 Apple♦ 124.88 2.86 124.92 73.05 1.45 17.26 727394.53
Inditex 25.85 -0.56 27.13 19.29 1.24 31.85 91075.58 Kimb-Clark 109.30 0.08 119.01 99.20 2.87 20.56 40709.35 Williams Cos 47.14 -0.21 59.77 39.31 3.53 18.60 35235.39
MollerMrsk 12750 -310.00 15390 11020 2.51 16.01 42238.07 IntSPaolo 2.60 0.01 2.68 2.00 1.62 -9.36 46574.51 ArcherDan 46.92 -0.66 53.91 39.53 1.83 17.10 30287.83
Repsol 16.07 -0.28 21.07 14.26 5.00 15.77 24973.25 KinderM♦ 41.21 -0.34 43.18 30.81 3.82 36.35 42373.34 Yahoo 42.96 -0.11 52.62 32.15 - 6.06 40698.22
NovoB 281.00 -0.40 305.80 226.20 1.69 27.16 113083.64 Luxottica 51.50 -0.45 53.55 34.74 1.06 40.27 28047.72 AT&T 34.39 -0.46 37.48 31.76 5.04 11.18 178380.93
Telefonica 12.96 -0.19 13.43 10.76 4.81 12.89 68231.26 Kraft 65.07 -1.82 67.74 52.56 3.04 17.47 38314.76 Yum!Brnds 73.99 -0.09 83.58 65.81 1.88 24.52 32529.63
Finland (€) Unicred 5.30 -0.19 6.89 4.82 - -2.37 34736.45 AutomData 86.82 0.30 87.35 70.50 2.18 27.47 41252.71
Sweden (SKr) Avago Tech 107.94 0.90 108.34 56.19 1.00 97.52 27560.49 Kroger♦ 71.71 0.21 71.91 35.98 0.88 23.15 35232.87
Nokia 6.95 0.06 7.23 5.13 1.67 26.59 29402.29 Japan (¥) AtlasCpcoB 236.80 -2.40 240.60 162.20 2.55 22.36 34237.13 BakerHu 61.59 -0.47 75.64 47.51 0.95 22.12 26643.77 L Brands 93.53 0.25 94.44 53.03 1.35 30.16 27374.59 Closing prices and highs & lows are in traded currency (with variations for that
SampoA 43.00 0.08 43.84 34.72 4.04 14.79 27163.01 AstellasPh 1822 -8.00 1906 1062 3.59 42.56 34520.2 Ericsson 104.80 0.50 105.80 77.55 3.14 22.68 40441.67 BankAm 16.36 -0.06 18.21 14.37 0.46 44.27 172049.13 LasVegasSd 56.77 -0.87 88.28 49.82 3.07 18.18 45529.44 country indicated by stock), market capitalisation is in USD. Highs & lows are
France (€) Bridgestne 4561 2.00 4774 3328 1.57 15.05 31092.51 H&M 336.70 -1.90 343.50 261.00 3.12 26.00 66392.17 LibertyGbl 49.35 0.47 88.19 37.98 - -38.27 10618.98 based on intraday trading over a rolling 52 week period.
Baxter 69.69 -0.54 77.31 66.34 2.73 22.13 37770.46
Airbus Grpe 49.42 -0.32 55.00 39.64 1.60 22.15 43845.43 Canon 3771 38.50 4045 2986 3.17 16.48 42168.28 Investor 302.60 -1.90 305.80 217.30 2.90 4.06 27657.97 Lilly (E)♦ 69.95 -0.05 75.10 52.89 2.64 29.73 77884.42 ♦ ex-dividend
BB & T♦ 37.41 -0.16 41.04 34.50 2.37 14.53 26946.36
AirLiquide 113.50 -0.10 114.00 86.12 2.43 21.96 44249.46 CntJpRwy 19590 115.00 20785 10935 0.48 14.38 33833.91 Nordea Bk 106.90 -1.40 110.10 82.40 4.02 13.38 51291.89 LinkedIn 267.92 -1.83 274.19 136.02 - -2313.18 29022.42 ■ ex-capital redistribution
BectonDick 141.83 0.02 146.74 110.48 1.54 24.87 27364.51
AXA 20.66 -0.20 21.33 16.43 4.24 9.21 57026.04 Denso 5409 -42.00 5995 4223 1.58 16.22 40091.61 SEB 99.35 -0.40 103.00 82.30 4.41 11.25 25927.73 Lockheed 196.31 0.64 198.88 153.54 2.74 17.89 61952.27
BerkshHat 224392.85 -747.15 229374 168740 - 18.92 192181.93 # price at time of suspension
BNP Parib 46.07 -0.11 61.82 43.14 3.43 -53.28 64882.47 EastJpRwy 9310 170.00 9523 7105 1.05 17.89 30714.61 SvnskaHn 380.10 - 396.90 305.10 3.32 14.78 29774.94 Lowes 71.43 -0.33 72.25 44.13 1.10 29.54 69494.87
Biogen 390.00 -5.13 407.94 272.02 - 32.19 91499.64
Fanuc 20755 720.00 21440 16105 0.89 22.76 41676.76 Swedbank 199.10 -2.10 203.00 165.70 5.56 12.15 26146.31

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
LinkedIn 267.92 269.75 -1.83 -0.68 35.89 15.5 17.96 Covidien 106.71 108.07 -1.36 -1.26 - - 3.39 Feb 11 date Coupon S* M* F* price yield yield yield US Feb 11 date Coupon S* M* F* price yield yield yield US
Sony 3073.50 3064.00 9.50 0.31 376.00 13.9 18.28 MTN Grp 206.00 212.74 -6.74 -3.17 -20994.00 -99.0 0.90 High Yield US$ US$
WalMrtMex 33.03 33.03 0.00 0.00 3.99 13.7 8.69 Sasol 457.16 459.24 -2.08 -0.45 -46443.84 -99.0 17.22 Windstream Corporation 11/17 7.88 B B1 BB 108.64 4.51 -0.05 -0.10 3.84 Bear Stearns Cos, LLC 03/26 6.00 A A3 A+ 100.37 6.04 0.01 0.05 4.03
Rosneft 265.35 257.05 8.30 3.23 26.35 11.0 28.44 Naspers N 1675.63 1669.73 5.90 0.35 -166158.37 -99.0 0.02 High Yield Euro Wachovia Corporation 08/26 6.82 A A3 A+ 132.73 4.03 0.11 0.02 2.01
MitUFJFin 683.30 679.90 3.40 0.50 61.30 9.9 7.98 Firstrand 51.44 51.90 -0.46 -0.89 -5093.56 -99.0 5.00 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 82.00 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 122.01 4.41 0.03 0.16 -
JapanTob 3503.50 3443.50 60.00 1.74 308.00 9.6 9.50 Petrobras 8.83 8.83 0.00 0.00 -1.07 -10.8 -3.55 SouthTrust Bank 12/27 6.57 A+ A1 A+ 124.20 4.16 0.09 -0.02 -
Nissan Mt 1104.50 1064.00 40.50 3.81 94.50 9.4 8.66 Hitachi 792.00 798.70 -6.70 -0.84 -72.90 -8.4 -10.38 Emerging US$ Duke Energy Florida, Inc. 02/28 6.75 BBB+ A3 A- 126.94 4.10 0.00 -0.12 -
MitsubEst 2546.00 2514.00 32.00 1.27 216.00 9.3 6.28 DanskeBk 164.70 169.50 -4.80 -2.83 -13.60 -7.6 2.94 Peru 05/16 8.38 BBB+ A3 BBB+ 108.41 1.41 0.09 0.21 0.75 Baxter Intl Inc. 02/28 6.63 A- A3 A 127.92 3.91 0.09 0.01 -
ChMrchSecs 27.20 27.53 -0.33 -1.20 2.30 9.2 -0.77 Telenor 154.20 165.20 -11.00 -6.66 -12.30 -7.4 -2.03 Mexico 09/16 11.40 BBB+ A3 BBB+ 116.37 0.97 0.00 -0.06 0.30
Brazil 01/18 8.00 BBB- Baa2 BBB 109.15 4.63 -0.03 -0.07 3.97 Euro
BT 460.00 443.80 16.20 3.65 37.00 8.7 17.20 OilNatGas 344.95 354.65 -9.70 -2.74 -23.60 -6.4 -1.72 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 113.14 1.60 0.00 -0.19 -0.42
L Brands 93.53 93.28 0.25 0.27 7.02 8.1 9.55 MediaTek 454.00 454.00 0.00 0.00 -31.00 -6.4 -6.97 Russia 07/18 11.00 BB+ Baa3 BBB- 112.13 7.10 0.04 0.00 6.43
Peru 03/19 7.13 BBB+ A3 BBB+ 118.79 2.34 0.10 -0.12 0.82 BG Energy Capital plc 11/29 2.25 A- A2 A- 107.76 1.65 0.00 -0.32 -
Intcntl Exch 231.84 231.30 0.54 0.23 16.84 7.8 4.61 Utd Cntl Hldg 67.12 67.63 -0.51 -0.75 -4.58 -6.4 2.72 Ireland 05/30 2.40 A Baa1 A- 110.61 1.61 0.01 -0.12 -
Aon Cp 100.08 98.19 1.89 1.92 6.96 7.5 5.59 AEP 58.28 59.31 -1.03 -1.74 -3.94 -6.3 -5.45 Brazil 01/21 7.88 BBB- Baa2 BBB 104.13 4.10 0.04 0.38 2.57
Turkey 03/21 5.63 - Baa3 BBB- 108.36 4.11 0.20 0.37 2.59 Ireland 05/30 2.40 A Baa1 A- 110.71 1.60 0.01 -0.12 -
Sychrony Fin 33.55 33.11 0.44 1.33 2.30 7.4 12.96 Cummins 135.12 134.96 0.16 0.12 -9.04 -6.3 -5.91
Poland 04/21 5.13 A- A2 A- 113.85 2.70 0.06 -0.04 1.17 Yen
HiltonWwde 28.16 27.46 0.70 2.55 1.83 7.0 9.53 BNP Parib 46.07 46.17 -0.11 -0.23 -2.74 -5.6 2.51
Colombia 07/21 4.38 BBB Baa2 BBB 105.49 3.44 0.10 -0.08 1.92 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.29 0.26 0.00 -0.11 -
HondaMtr 3843.00 3820.50 22.50 0.59 249.50 6.9 8.85 Tata Motors 558.90 564.10 -5.20 -0.92 -32.50 -5.5 7.01
MicronTech 31.02 31.09 -0.07 -0.23 1.99 6.9 -7.47 Costco 147.46 148.22 -0.76 -0.51 -8.46 -5.4 2.89 Turkey 03/24 2.75 - Baa3 BBB- 109.72 4.49 0.17 0.43 2.47 £ Sterling
SumitomoF 4179.50 4177.00 2.50 0.06 267.00 6.8 2.10 Exelon 34.26 34.69 -0.43 -1.24 -1.93 -5.3 -6.11 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 132.23 3.34 0.03 -0.26 1.33
Pfizer 34.25 34.15 0.10 0.29 2.18 6.8 4.81 CSL 82.95 90.00 -7.05 -7.83 -4.65 -5.3 -4.76 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Barclays Bank plc 09/26 5.75 BBB- Baa3 A- 117.29 3.87 0.04 -0.29 1.85
SwatchGpI 413.30 413.30 0.00 0.00 25.70 6.6 -6.30 BCE 55.68 55.68 0.00 0.00 -3.11 -5.3 3.26 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.83 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+ 112.82 2.73 -0.01 -0.33 1.20 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- 122.07 3.30 0.00 -0.37 1.28
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
Feb 11 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Feb 11 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.11 16-12-2008 0.11 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 16.96 -0.27 17.23 31.06 10.28 Feb 11 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 16.94 -0.09 17.03 23.19 7.64 Tr 3.5pc 'WL 100.21 0.44 7.32 4.76 -16.98 0.00 102.15 100.00 0.02
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 180.65 -0.07 -0.05 1.33 1.20 5.90 VXN 17.39 -0.07 17.46 31.17 9.66 Tr 2pc '16 101.50 0.40 -2.44 2.56 11.11 -34.43 102.66 101.49 0.32
Euro Repo 0.05 05-05-2014 0.15 0.05 0.5 Corporates( £) 302.16 -0.38 -1.95 2.95 1.64 13.36 VDAX 20.88 -0.02 20.90 - - Tr 1.75pc '17 102.33 0.54 -1.82 5.88 20.00 -44.33 102.68 101.07 0.29
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 254.35 -0.02 -0.97 1.55 -0.97 1.55 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 5pc '18 112.76 0.78 0.00 8.33 16.42 -44.68 114.09 111.68 0.35
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 214.95 -0.04 0.21 1.06 0.88 7.82 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.5pc '19 113.97 0.98 0.00 8.89 10.11 -44.63 115.07 111.17 0.36
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 226.12 -0.08 -0.25 2.01 1.69 12.77 Tr 4.75pc '20 117.52 1.18 0.85 10.28 10.28 -41.87 119.04 113.53 0.33
Gilts( £) 289.68 -0.66 -3.34 1.41 -0.41 13.98 BONDS: BENCHMARK GOVERNMENT Tr 8pc '21 140.58 1.29 0.78 9.32 8.40 -43.67 142.92 135.65 0.24
INTEREST RATES: MARKET Global Inflation-Lkd 248.56 -0.19 -1.57 -0.91 -0.59 1.76 Red Bid Bid Day chg Wk chg Month Year Tr 4pc '22 117.50 1.39 0.72 9.45 7.75 -42.80 119.85 110.38 0.38
Over Change One Three Six One Markit iBoxx £ Non-Gilts 301.10 -0.36 -1.99 2.59 1.38 12.78 Date Coupon Price Yield yield yield chg yld chg yld Tr 5pc '25 130.95 1.65 1.23 9.27 5.10 -41.70 134.70 119.37 0.35
Feb 11 (Libor: Feb 10) night Day Week Month month month month year Overall ($) 227.06 -0.04 -1.30 1.29 -1.30 1.29 Australia 10/18 3.25 104.41 2.00 -0.03 0.10 -0.11 -1.48 Tr 4.25pc '27 127.30 1.85 1.09 9.47 3.35 -40.13 131.90 112.04 0.31
US$ Libor 0.11600 -0.001 0.000 -0.001 0.17170 0.25810 0.37680 0.66360 Overall( £) 290.39 -0.57 -2.93 1.78 0.14 13.60 04/25 3.25 105.75 2.60 -0.03 0.21 -0.01 -1.70 Tr 4.25pc '32 130.60 2.13 1.43 9.79 3.40 -35.84 136.85 111.72 0.35
Euro Libor -0.10000 -0.004 -0.028 -0.001 -0.01071 0.02571 0.09071 0.23286 Overall(€) 221.96 -0.06 -0.11 1.59 1.33 10.72 Austria 10/18 1.15 104.26 0.01 -0.01 -0.01 0.00 0.00 Tr 4.25pc '36 133.04 2.27 1.34 9.13 3.18 -34.01 140.37 111.54 0.26
£ Libor 0.47188 0.000 0.002 0.000 0.50381 0.56463 0.68438 0.97556 Treasuries ($) 217.76 -0.04 -1.58 1.25 -1.58 1.25 10/24 1.65 111.19 0.47 -0.01 0.03 -0.05 0.00 Tr 4.5pc '42 143.72 2.35 1.29 8.80 3.07 -32.86 153.16 117.05 0.26
Swiss Fr Libor -0.002 -0.93100 -0.92700 -0.78660 -0.69060 FTSE Belgium 06/18 0.75 101.85 0.19 0.00 0.00 -0.06 -0.98 Tr 3.75pc '52 133.98 2.37 1.28 8.72 2.16 -32.48 145.21 104.09 0.22
Yen Libor 0.001 0.07286 0.10429 0.14071 0.26186 Sterling Corporate (£) 116.45 -0.03 - - 0.76 7.64 12/24 1.10 103.12 0.77 0.08 0.07 -0.24 0.00 Tr 4pc '60 145.67 2.35 1.29 9.30 2.17 -32.28 159.23 111.06 0.21
Euro Euribor 0.001 0.00000 0.05000 0.13000 0.26200 Euro Corporate (€) 111.04 0.18 - - 0.80 5.99 Canada 11/16 1.00 100.99 0.42 -0.01 0.02 -0.43 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Sterling CDs 0.000 0.50000 0.55000 0.70500 Euro Emerging Mkts (€) 971.33 -6.67 - - -0.88 3.24 06/25 2.25 107.78 1.43 0.01 0.16 -0.25 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
US$ CDs 0.000 0.15000 0.22000 0.29000 Eurozone Govt Bond 116.78 0.08 - - 1.64 10.13 Denmark 11/16 2.50 106.10 -0.93 0.00 0.00 0.00 0.00
Euro CDs
LA 7Day Notice 0.40%-0.35%
0.000 -0.15000 -0.00500 0.08500
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 117.48 0.11 -0.10 -0.16 -0.59 0.00 GILTS: UK FTSE ACTUARIES INDICES
Index change change change high low Finland 09/18 1.13 104.31 0.07 0.00 -0.01 0.06 0.00
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Markit iTraxx 07/25 4.00 135.47 0.49 -0.01 0.03 -0.11 -1.64
Fixed Coupon Feb 11 chg % Return 1 month 1 year Yield
Feb 11 term notice month month month year Crossover 5Y 313.29 2.18 8.01 -27.00 419.37 290.75 France 11/16 0.25 100.63 -0.10 0.00 0.00 0.00 0.00
1 Up to 5 Years 100.33 0.01 2344.79 -0.17 2.49 0.84
Euro -0.20 0.00 -0.20 0.00 -0.15 0.00 -0.08 0.07 0.00 0.15 0.14 0.29 Europe 5Y 59.08 1.16 2.69 -3.02 80.45 51.98 11/19 0.50 102.06 0.07 0.00 0.02 -0.01 0.00
2 5 - 10 Years 183.21 -0.06 3207.18 -0.55 8.56 1.41
Sterling - - - - - - - - - - - - Japan 5Y 63.39 0.00 -0.78 -5.14 79.33 58.50 05/25 0.50 98.22 0.68 -0.02 0.00 0.00 0.00
3 10 - 15 Years 212.87 -0.18 3792.28 -0.59 15.15 1.78
Swiss Franc - - - - - - - - - - - - Senior Financials 5Y 67.95 1.52 5.45 -1.77 85.99 56.40 05/45 3.25 145.67 1.39 -0.02 0.01 -0.20 -1.88
4 5 - 15 Years 190.00 -0.09 3349.70 -0.56 10.46 1.56
Canadian Dollar - - - - - - - - - - - - Germany 06/16 0.25 100.59 -0.20 0.00 0.00 0.00 0.00
Markit CDX 5 Over 15 Years 307.18 -0.57 4337.52 -1.16 25.81 2.31
US Dollar 0.08 0.18 0.08 0.18 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58 10/19 0.25 101.66 -0.11 0.00 0.00 0.00 0.00
Emerging Markets 5Y 384.02 4.27 9.27 -12.56 420.12 238.47 7 All stocks 176.84 -0.26 3218.37 -0.72 13.09 2.05
Japanese Yen -0.06 0.04 -0.05 0.05 -0.15 0.00 -0.05 0.10 -0.05 0.15 0.00 0.20 02/25 0.50 101.40 0.36 -0.01 -0.01 0.00 0.00
Nth Amer High Yld 5Y 348.25 -2.59 -3.16 -27.43 406.42 328.06 08/46 2.50 142.37 0.94 -0.02 -0.03 -0.23 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 Inv Grade 5Y 66.08 -0.37 0.83 -5.45 75.99 60.32 Greece 07/17 3.38 69.68 20.42 1.75 4.42 10.59 0.00
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. LA 7 days Index Linked Feb 11 chg % chg % chg % Return 1 month 1 year
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 181.74 100.00 02/25 2.00 57.70 10.42 0.32 0.89 1.50 2.92
notice: Tradition (UK).” 1 Up to 5 Years 312.64 -0.03 -0.86 -2.09 2364.14 -0.27 -0.37
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 114.35 0.13 -0.01 0.00 -0.16 -1.27 2 Over 5 years 558.29 -0.20 -3.87 18.42 4095.39 -3.80 19.46
03/24 3.40 120.16 1.06 0.01 0.08 -0.07 -2.21 3 5-15 years 432.58 -0.28 -2.24 6.23 3255.72 -2.24 7.54
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 101.63 0.42 0.02 0.04 -0.15 0.00 4 Over 15 years 678.79 -0.17 -4.55 24.94 4893.61 -4.45 25.79
12/19 1.05 100.75 0.89 -0.01 0.08 -0.05 0.00 5 All stocks 518.23 -0.18 -3.56 16.05 3847.80 -3.43 17.17
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/24 2.50 107.33 1.69 0.01 0.15 -0.04 0.00
Crude Oil† Feb 49.35 -1.15 Corn♦ Mar 385.75 - Oct 02 Oct 02 Prev return stock Market stocks
09/46 3.25 111.22 2.74 0.01 0.11 0.00 0.00 Yield Indices Feb 11 Feb 10 Yr ago Feb 11 Feb 10 Yr ago
Brent Crude Oil‡ 56.35 -0.87 Wheat♦ Mar 525.25 - Can 4.25%' 21 134.75 -0.725 -0.710 0.24 5.18 72890.29 7
Japan 01/17 0.10 100.11 0.05 0.00 0.00 0.00 0.00 5 Yrs 1.13 1.13 1.77 20 Yrs 2.28 2.24 3.42
RBOB Gasoline† Feb 1.55 - Soybeans♦ Mar 978.00 - Fr 2.25%' 20 115.66 -0.572 -0.619 -0.06 19.98 213448.30 14
02/20 0.05 99.60 0.13 0.00 0.01 0.12 0.00 10 Yrs 1.72 1.70 2.78 45 Yrs 2.38 2.34 3.49
Heating Oil† Feb 1.87 0.00 Soybeans Meal♦ Mar 329.10 - Swe 0.25%' 22 106.50 -0.510 -0.525 0.06 28.76 220124.00 5
12/24 0.30 99.10 0.39 0.00 0.00 0.00 0.00 15 Yrs 2.08 2.05 3.22
Natural Gas† Feb 2.83 0.14 Cocoa (ICE Liffe)X Mar 2009.00 16.00 UK 2.5%' 16 327.81 -1.284 -1.297 0.16 7.90 474010.50 24
12/44 1.50 101.78 1.42 0.00 0.00 0.00 0.00
Ethanol♦ Mar 1.39 0.02 Cocoa (ICE US)♥ Mar 2870.00 - UK 2.5%' 24 343.82 -0.801 -0.865 -1.92 6.82 474010.50 24
Netherlands 04/17 0.50 101.40 -0.14 0.00 0.00 0.00 0.00 inflation 0% inflation 5%
Uranium Feb 38.20 0.00 Coffee(Robusta)X Mar 1942.00 5.00 UK 2%' 35 230.89 -0.708 -0.765 -4.49 9.08 474010.50 24
07/24 2.00 114.37 0.44 -0.01 0.02 -0.06 0.00 Real yield Feb 11 Dur yrs Previous Yr ago Feb 11 Dur yrs Previous Yr ago
Carbon Emissions - - Coffee (Arabica)♥ Mar 159.90 - US 0.625%' 21 103.66 0.054 0.003 -1.73 35.84 1083117.13 35
Diesel Mar 121.25 0.00 White SugarX 385.20 - New Zealand - - - - - - - Up to 5 yrs -0.93 2.42 -0.94 -1.22 -1.51 2.44 -1.53 -1.79
US 3.625%' 28 139.96 0.489 0.003 -2.55 16.78 1083117.13 35
Unleaded Mar 56.35 - Sugar 11♥ 14.67 - 12/17 6.00 107.36 3.28 0.08 0.19 -0.27 -1.29 Over 5 yrs -0.67 22.57 -0.68 0.08 -0.70 22.68 -0.71 0.05
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 107.82 0.75 -0.01 0.05 0.04 -0.96 5-15 yrs -0.72 9.07 -0.75 -0.11 -0.83 9.10 -0.87 -0.24
Base Metals (♠ LME 3 Months) Cotton♥ Mar 62.25 - value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/24 3.00 114.48 1.30 -0.01 0.05 -0.08 0.00 Over 15 yrs -0.67 28.39 -0.67 0.11 -0.68 28.45 -0.69 0.09
Aluminium 1819.00 -22.00 Orange Juice♥ Mar 135.15 - amount.
Portugal 02/16 6.40 106.22 0.21 -0.08 -0.01 -0.11 -2.25 All stocks -0.68 20.40 -0.68 0.06 -0.71 20.54 -0.72 0.02
Alluminum Alloy 1820.00 -30.00 Palm Oil♣ Mar 634.00 -7.25
Copper 5594.50 -23.50 Live Cattle♣ Feb 158.50 - BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 102.94 2.56 0.00 0.08 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Lead 1800.50 -35.50 Feeder Cattle♣ Mar 198.75 -3.28 Spain 10/17 0.50 100.04 0.49 0.02 0.04 -0.07 0.00
Nickel 14690.00 -105.00 Spread Spread Spread Spread 04/25 1.60 99.30 1.68 0.01 0.21 0.00 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Lean Hogs♣ Apr 65.00 -
Tin 17675.00 -550.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 109.81 -0.17 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Zinc 2116.00 1.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 118.52 0.63 -0.05 -0.02 -0.16 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Precious Metals (PM London Fix) Feb 10 Month Year Australia 2.60 2.25 0.59 Italy 1.69 1.33 -0.32 Switzerland 10/16 2.00 105.04 -0.99 0.00 0.00 0.00 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Gold 1223.75 -10.75 S&P GSCI Spt 404.24 -1.72 - Austria 0.47 0.11 -1.55 Japan 0.39 0.04 -1.62 07/25 1.50 115.73 -0.01 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Silver (US cents) 1695.00 15.00 DJ UBS Spot 101.62 -2.30 - Belgium 0.77 0.41 -1.25 Netherlands 0.44 0.08 -1.58 United Kingdom 07/18 1.25 101.08 0.93 -0.01 0.06 0.12 -0.68
Platinum 1206.00 13.00 R/J CRB TR 222.55 -1.58 -23.13 Canada 1.43 1.08 -0.58 Norway 1.30 0.94 -0.72 07/20 2.00 103.76 1.28 0.01 0.10 0.14 0.00 Data provided by Morningstar | www.morningstar.co.uk
Palladium 794.00 3.00 Rogers RICIX TR 2662.43 - - Denmark 0.11 -0.24 -1.90 Portugal 2.56 2.20 0.54 09/24 2.75 109.46 1.68 0.01 0.14 0.16 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 312.62 6.50 -29.51 Finland 0.49 0.13 -1.53 Spain 1.68 1.32 -0.34 01/45 3.50 123.30 2.40 0.03 0.19 0.18 0.00
Iron Ore (Platts) 62.75 0.00 UBS Bberg CMCI TR 15.72 -0.76 -22.79 France 0.68 0.32 -1.34 Switzerland -0.01 -0.36 -2.02 United States 01/17 0.50 99.68 0.66 0.01 0.19 0.00 0.00
Iron Ore (The Steel Index) 62.20 0.00 LEBA EUA Carbon 6.95 2.81 21.08 Germany 0.36 0.00 -1.66 United Kingdom 1.68 1.32 -0.34 01/20 1.25 98.70 1.52 0.01 0.29 0.00 0.00
GlobalCOAL RB Index 63.90 -0.10 LEBA CER Carbon 0.43 -6.52 258.33 Greece 10.42 10.07 8.41 United States 2.02 1.66 0.00 11/24 2.25 102.06 2.02 0.02 0.27 0.15 0.00
Baltic Dry Index 553.00 -3.00 LEBA UK Power 4281.00 64.15 152.57 Ireland 1.06 0.70 -0.95 11/44 3.00 108.21 2.60 0.02 0.25 0.12 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
24 ★★★ FINANCIAL TIMES Thursday 12 February 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 FriendsLf 406.00 -4.60 413.63 286.60 5.21 48.76 3646.1 SKF SKr 196.70 -0.50 200.00 134.80 3.07 48.53 1811.1 BisichMg 67.50 -0.50 126.00 67.00 5.93 -9.76 0.2 PrimyHth 383.75 -1.25 387.00 324.00 5.02 14.44 91.7 Intertek 2448 -2.00 3111 2141 1.88 20.27 326.3
AvonRub 782.50 1.00 810.00 580.00 0.61 18.50 11.8 Gimv Nv € 40.75 -0.20 41.21 34.16 5.03 59.55 12.7 Spirax-S 3114 -42.00 3175 2548 1.89 23.62 56.1 CoalfieldR# 5.43 - 6.60 5.35 - 4.74 - Redefine 55.70 -0.30 59.20 47.75 5.63 6.98 618.8 Latchways♦ 807.50 90.00 1156 705.01 4.90 20.34 29.9
BAE Sys 525.00 2.50 528.00 374.10 3.83 90.70 6438.9 GuinPeat 22.50 -0.75 36.63 19.00 - -52.82 182.7 Tex 88.50 - 101.50 72.55 4.52 8.01 0.4 EVRAZ 185.20 2.50 189.00 51.35 - -13.51 2581.9 SEGRO 420.10 2.40 425.60 325.30 3.52 7.55 848.7 Lavendon 165.75 -0.75 247.75 155.50 2.14 13.67 33.6
Chemring 228.75 -4.50 289.50 181.50 3.15 -12.32 788.6 Hargr Lans 968.00 -27.50 1513 827.00 2.31 28.42 1023.1 Trifast 111.38 3.38 134.00 73.00 1.26 19.11 676.1 FstQuant 651.00 -15.00 1512 581.50 1.24 12.18 14.7 Shaftbry♦ 800.00 4.50 815.50 620.00 1.59 4.86 808.0 MngCnslt 15.50 - 30.00 14.50 5.32 8.90 0.4
Cobham 330.90 -6.30 345.10 258.30 2.93 31.99 2444.4 HBM Hlth SFr 96.70 1.20 105.80 70.25 - 2.48 7.7 Vitec 630.00 1.00 690.00 539.00 3.65 15.74 10.8 Fresnillo 859.00 -0.50 1037 675.50 0.33 47.89 1140.6 Town Ctr 282.50 4.50 288.00 222.00 3.70 5.47 0.5 MearsGp 471.00 13.00 540.00 354.75 1.87 21.42 34.1
Meggitt 548.50 2.00 552.10 421.70 2.32 20.98 977.7 HenderGp 246.10 -2.80 275.40 180.10 3.25 31.74 743.4 Weir 1826 -13.00 2848 1574 2.30 11.90 666.7 GemDmnd 152.00 2.00 223.00 139.75 - 11.18 217.9 Wkspace 794.50 0.50 818.00 542.00 1.34 3.85 186.4 MenziesJ 372.50 0.25 714.75 306.25 7.11 8.43 102.7
RollsRoyceX 905.00 -13.00 1219 777.00 2.43 7.49 4827.6 ICAP 469.30 6.60 477.20 338.70 4.69 27.32 1180.6 Harmony R 31.66 0.07 40.98 16.60 - -11.05 1074.2 Real Estate Inv & Services MichaelPge 489.30 3.90 511.50 358.70 2.15 34.26 392.4
Indvardn SKr 148.30 -0.40 150.20 111.40 4.07 10.15 265.6
Industrial General Hochschild 89.50 -0.25 207.46 77.80 - -5.00 716.9 MITIE 278.50 -0.60 345.90 263.90 3.95 80.31 1596.0
Senior 318.90 3.40 324.80 248.90 1.61 18.11 838.3 Cap&Count 377.20 -6.90 397.60 313.00 0.40 11.01 1571.3
ICG 500.00 -7.00 512.00 361.70 4.06 14.03 426.2 BritPoly 670.00 6.00 690.00 565.00 2.16 14.78 1.6 Kenmr 3.40 0.06 17.29 2.18 - -2.40 3614.1 PayPoint 869.00 -1.00 1212 809.39 4.06 15.91 41.1
UltraElc 1841 12.00 1985 1642 2.29 29.96 143.4 Cardiff♦ 1045 - 1099.5 825.00 1.21 4.42 1.1
IPF 443.80 -4.20 636.50 412.00 2.10 15.33 854.8 JardnMt $X 66.16 -0.07 67.88 53.14 1.89 17.14 224.5 Lonmin 158.10 -14.30 336.60 149.74 - -7.77 4792.0 PremFarn 162.50 0.80 242.40 147.00 6.40 11.91 822.2
CLS 1590 -5.00 1600 1250 - 6.73 12.0
Automobiles & Parts Investec 557.00 0.50 606.50 412.60 3.41 17.55 1289.4 Jard Str $X 35.55 -0.07 38.10 31.25 0.64 14.10 117.8 Petra 159.00 -0.20 220.87 140.81 - 21.89 628.7 Daejan♦ 5655 25.00 5800 4650 1.57 4.94 1.8 Rentokil 122.80 1.00 133.60 109.80 1.88 21.18 3276.5
FordMtr $X♦ 16.25 0.16 18.12 13.26 2.75 11.37 34133.4 Jupiter 387.30 -2.40 447.60 313.70 3.25 22.45 611.4 Macfrlne 37.75 - 49.50 33.10 4.24 12.67 45.0 Petropvlsk 14.75 0.25 98.25 6.00 - 0.39 1068.3 Ricardo 697.00 4.50 800.00 597.70 2.05 19.17 10.2
REXAM 539.50 5.50 603.00 424.60 3.63 13.43 2767.6 DvlptSec 238.25 -1.50 267.25 179.00 3.36 15.22 22.4
GKN 374.60 -1.90 468.00 281.10 2.11 12.75 3964.0 Liontrust 285.00 -0.75 306.25 208.00 1.05 25.22 101.5 PolymtIntl 589.50 -9.00 690.00 315.18 0.88 24.91 275.9 Grainger 200.80 -0.70 250.00 167.80 1.03 11.19 764.9 RbrtWlts 337.25 -2.75 363.00 270.00 1.60 38.40 5.0
Man 173.80 1.10 183.44 81.40 2.70 101.46 6451.2 RPC 564.50 - 672.90 488.20 2.44 21.59 232.9 RndgldRs 5135 -90.00 5752.1 3638 0.59 28.90 352.9 RPS 221.20 -9.20 359.37 181.50 3.33 16.38 2507.8
Banks Smith DS 307.90 2.30 359.10 231.82 3.25 17.23 2792.4 HelclBar 390.25 0.25 405.06 320.00 1.73 6.86 64.7
NB GFRIF♦ 95.35 0.35 101.90 93.75 3.75 20.59 1837.0 RioTintoX 2971.5 -21.00 3680.56 2600 3.82 15.27 4591.1 HK Land $ 7.88 -0.02 8.30 6.01 2.04 18.00 642.9 Shanks 103.25 0.50 120.00 84.50 3.34 -23.47 85.3
ANZ A$X 35.09 0.19 35.27 30.47 5.30 12.78 4035.1 Smiths 1159 -5.00 1429 1006 3.43 19.93 1029.5
Paragon♦ 420.00 -10.00 439.80 313.70 1.86 13.49 632.2 Troy Res A$ 0.58 -0.02 1.53 0.35 - -1.55 656.0 Lon&Assc 39.50 - 61.50 36.50 0.32 68.46 79.5 SIG 189.90 -0.10 214.80 143.40 1.87 -170.01 575.2
BcoSant 444.50 -5.50 758.00 416.37 8.88 12.45 16622.5 SmurfKap € 23.10 0.61 23.15 14.78 2.10 18.48 489.6
Providnt 2604 -12.00 2692 1661 3.26 23.28 133.1 VedantaRs 431.30 -0.50 1201 353.21 8.81 233.51 1587.0 MacauPrp 214.50 - 270.00 212.00 - 4.82 51.0 SpeedyHr 69.00 0.25 83.00 50.75 0.88 74.68 765.7
BankAm $X 16.36 -0.06 18.21 14.37 0.46 44.27 87389.4 Vesuvius 446.40 -3.60 493.60 388.80 3.36 11.10 136.0
RathbnBr 2225 -15.00 2250 1623 2.20 25.13 66.0 Mntview 12075.5 355.50 12200 6675 1.66 13.69 1.0 St Ives 184.50 4.50 225.00 168.00 3.60 22.18 40.9
BnkGeorgia 2250 14.00 2795.69 1774 3.10 9.86 136.8
Record 34.50 -0.25 45.50 28.38 4.35 13.77 84.6
Oil & Gas TribalGrp 165.00 3.25 204.00 141.10 0.97 -84.18 1.9
BankIre € 0.30 0.00 0.39 0.24 - -11.41 16483.5 Industrial Transportation Afren 8.95 -0.36 166.60 4.01 - 0.30 26513.9 Q'tainEst 97.00 -0.25 108.50 75.00 - 22.06 428.4
S&U 2060 25.00 2129 1700 2.62 15.85 0.2 BBA Aviat 341.50 1.50 362.10 293.70 2.63 16.32 551.1 RavenRuss 42.25 -0.75 82.50 37.25 - -35.24 93.3 Vp 589.75 3.75 690.00 539.00 2.37 14.30 10.0
BkNvaS C$X 65.87 0.37 74.93 60.75 4.16 10.87 1897.2 Aminex 2.13 -0.15 3.17 0.64 - -2.32 7804.3
Schroder 2925 -38.00 2973 2086 1.98 22.38 236.0 Braemar 452.50 -4.50 557.23 390.00 5.75 33.61 13.0 RavenR Prf 123.25 - 160.75 101.50 9.74 - 152.0 Watermn 64.00 -3.50 79.00 50.00 1.09 106.67 100.7
BarclaysX 251.00 -2.20 278.00 201.75 2.59 56.63 34724.2 BGX 914.70 -19.60 1420 780.55 2.03 17.43 6730.4
..N/V 2222 -37.00 2277 1692 2.69 17.00 2.8 Clarkson 1977 -39.00 2750 1835 2.83 19.84 13.5 RavenR Wrt 29.00 - 61.98 27.00 - - 2.5 Wolseley 3858 -16.00 4038 2966 1.89 20.43 372.7
CanImp C$X 93.68 0.36 107.37 87.71 4.50 11.13 904.7 BPX 445.80 -0.55 526.80 364.40 5.35 14.58 26417.4
SVG Cap 465.60 0.60 480.00 226.00 - 11.62 416.5 Eurotunnl € 12.09 -0.18 12.29 8.14 1.34 55.60 392.3 Safestre 275.25 3.50 277.25 184.25 2.09 13.79 585.5
HSBCX 592.10 -5.70 737.00 573.54 5.07 11.50 20095.3
TullettPre 327.70 2.60 348.60 234.40 5.14 25.33 285.4 Cadogan 10.63 0.25 12.44 8.50 - -2.59 15.0 Tech - Hardware
LlydsBkgX 74.39 -0.62 85.53 70.02 - 226.11 116919.7 Fisher J 1170 18.00 1565 1003 1.71 14.73 15.1 CairnEng 195.90 -8.10 210.70 141.00 - -4.92 1981.9 Savills 712.00 -1.00 742.00 567.52 1.47 17.81 71.1 ARM Hldgs 1087 31.00 1105.02 778.50 0.56 87.51 5795.7
Tungsten 222.75 5.00 409.75 200.25 - -11.03 1622.3 Flybe Grp 60.00 1.50 151.56 55.68 - -4.39 1174.2 SchroderRE♦ 59.25 -0.25 62.00 50.50 4.19 4.72 414.4
RylBkC C$X♦ 76.73 0.31 83.87 70.00 3.96 11.94 1839.0 Cape 227.25 1.25 335.00 177.00 6.16 48.80 233.0 CSR 870.00 2.00 890.00 506.00 1.01 -2833.88 335.8
WlkrCrip 44.25 0.25 53.60 37.50 3.19 8.21 20.1 Goldenpt 161.00 -7.00 500.00 157.08 - -4.89 8.1 Smart(J) 91.00 - 106.50 86.00 3.22 41.74 15.7
RBSX 378.40 -4.10 403.90 291.60 - -6.65 7339.5 DragnOil 587.00 7.00 632.50 447.50 3.27 8.81 807.0 Laird 324.00 -3.60 335.00 259.45 3.70 25.28 455.3
StandChX 918.50 3.10 1355.5 867.50 5.36 9.03 4707.3 Food & Beverages OceanWil 945.00 - 1290 936.00 3.71 9.59 9.0 Endeav Int' $ - - 5.92 0.02 - - - StModwen 459.90 0.20 460.80 324.59 0.90 12.50 743.1 Pace 335.00 - 487.00 284.20 0.97 18.38 479.5
..7.375%Pf 122.00 - 124.00 108.50 6.05 - 15.8 AngloEst 587.00 -6.00 725.00 539.00 0.50 3.16 1.6 RoyalMail 424.90 -7.30 617.00 388.00 3.13 23.35 5515.9 EnQuest 37.00 -2.50 148.40 21.50 - 3.23 4662.9 UNITE Gp 499.00 -3.00 512.00 388.30 0.96 10.83 273.8 SpirentCM 87.00 -2.25 112.70 65.95 2.38 31.17 442.7
..8.25%Pf 135.25 0.25 139.75 124.50 6.10 - 72.1 AscBrFdX 2992 -17.00 3293 2407 1.08 31.02 666.5 UK Mail 541.00 1.00 715.00 380.00 3.94 28.60 10.1 Exillon 135.50 2.50 175.57 103.25 - 7.82 106.8 Urban&C♦ 274.00 0.50 276.00 215.00 - 8.92 38.0
TntoDom C$X 55.00 0.44 58.20 48.51 3.58 12.41 2556.7 Barr(AG) 640.00 -2.00 672.00 510.13 1.72 23.98 13.3 ExxonMb $X♦ 90.60 -0.41 104.76 86.03 2.74 12.10 11561.4
Tech - Software & Services
Insurance Retailers Anite♦ 87.50 -0.50 98.75 69.25 2.10 27.39 542.5
Westpc A$X 36.83 0.02 37.20 31.33 5.16 14.76 3608.2 Britvic 723.00 -7.00 784.00 600.72 2.64 19.95 400.0 FastnetO&G 2.18 - 13.00 2.00 - -3.50 119.8 AA 360.00 -2.25 367.50 225.50 - 16.77 379.6
Admiral 1485 9.00 1583 1175.33 3.16 13.87 415.9 AVEVA 1505 -17.00 2460 1183.9 1.79 22.97 180.5
C&C € 3.71 0.02 5.02 3.16 2.89 12.77 92.1 Fortune 9.87 0.11 14.50 6.25 - -9865.00 254.4 AO World 323.90 -6.10 412.38 149.60 - -490.76 56.1
Basic Resource (Ex Mining) Amlin 501.00 1.60 506.50 418.20 5.19 8.61 610.5 Computcnt 693.00 2.00 720.00 575.00 2.53 18.39 39.2
Carr'sMill 154.00 4.00 194.50 137.50 2.13 12.49 72.6 Aviva 532.00 -6.00 571.50 442.40 2.82 13.57 4607.0 GenelEgy 617.50 3.00 1100 593.50 - 20.31 1021.7 AshleyL 29.00 1.25 32.38 22.00 6.90 12.79 79.2
Ferrexpo 62.25 1.75 175.00 47.60 6.54 2.56 784.8 DRS Data 13.00 - 28.50 12.50 3.08 -5.88 10.8
Coca-Cola H 1091 -11.00 1603 1051 2.53 21.65 491.3 Beazley 295.00 -0.90 301.70 232.60 3.28 11.01 1030.9 GeoPark $ 4.04 0.04 11.00 3.70 - 5.93 44.7 Brown N 431.60 -8.20 600.00 282.50 3.30 16.30 135.5
IntFerMet 3.88 -0.02 13.25 2.65 - 8.91 883.2 Elecdata 69.00 - 86.75 64.00 2.90 21.84 0.3
Cranswk 1367 16.00 1499 1148.42 2.34 16.27 15.5 Brit Plc 268.40 0.40 275.00 195.00 - 11.70 198.1 GreatEEgy 107.50 - 137.00 100.00 - 12.41 13.5 Caffyns 545.00 - 670.00 480.00 3.30 9.53 0.2
Mondi 1228 1.00 1239 919.00 2.35 16.53 740.4
Dairy Cr 496.10 -8.40 537.50 367.39 4.29 21.60 251.8 GrnDnGas 340.00 -2.50 675.00 265.00 - -9.21 3.5 MicroFoc 1100 -52.00 1172 738.00 3.19 20.39 681.2
Vale BRLX 21.10 0.70 35.20 17.65 9.95 -10.07 5735.6 CatlinGp 705.00 2.00 719.00 479.50 4.19 8.65 2452.8 Card Factor 269.00 -1.00 296.00 195.50 - 101.89 194.0 NCC Grp♦ 224.50 4.00 234.41 169.80 1.56 26.77 482.6
Devro 285.50 - 317.47 203.88 3.08 21.44 65.5 Chesnar 342.00 1.00 363.25 267.25 5.23 7.15 32.8 GulfKeyst 42.25 -3.25 161.75 41.25 - -17.77 6617.3 Dairy Fm $ 8.61 -0.11 10.90 8.60 2.39 25.81 191.4 RM 147.50 -2.50 174.00 120.00 2.56 14.46 2.2
Chemicals Glanbia € 14.66 0.11 15.53 10.40 0.74 26.26 17.2 DirectLine 316.80 -0.20 319.80 227.70 3.98 14.15 3074.9 HellenPet € 4.05 -0.21 7.79 3.41 - -4.96 85.4 Debenhm 76.35 -0.65 82.40 56.85 4.45 10.76 2423.3
Grncore♦ 305.30 -2.20 319.90 228.50 1.67 26.49 260.3 Hunting 476.90 -28.60 918.83 383.90 3.59 10.94 549.4 Sage 481.20 2.50 487.80 346.70 2.40 28.24 2394.4
Alent 342.00 -13.30 393.61 294.56 2.63 14.60 178.6 Eccles prf 140.00 - 142.00 118.50 6.16 - 36.2 Dignity 1863 -5.00 1950 1291 0.69 22.64 24.9
HiltonFd 399.50 7.00 534.50 342.25 3.19 16.08 5.8 ImpOil C$X 49.74 0.06 57.96 44.08 1.11 9.51 803.3 SDL 456.00 3.00 461.00 284.25 - -14.92 164.1
Bayer €X 123.60 -0.15 131.70 91.31 1.79 26.56 1675.6 Hansard 85.25 4.75 107.25 78.50 9.56 14.11 24.2 DixonsCar 424.90 0.10 470.00 319.20 1.24 49.99 2466.1
Kerry € 63.60 0.46 65.96 49.30 0.68 64.00 50.6 JKX 29.88 -0.75 69.75 10.23 - 12.27 252.7 Telecity 978.00 129.50 1000.00 625.00 1.11 28.27 3640.3
Carclo 119.00 2.00 219.75 80.00 2.23 -4.21 116.9 Hiscox 742.50 -3.00 795.72 615.50 3.18 11.57 239.4 Dunelm 929.50 62.50 1045 745.97 2.15 19.79 453.4
Nestle SFrX 70.90 -0.55 74.60 63.85 1.84 25.52 5041.6 Lamprell 109.00 -4.25 178.00 93.50 - 7.49 231.2 TriadGp 15.25 -0.25 19.00 7.00 - 6.88 11.0
Croda 2749 14.00 2849 1965 2.35 21.68 322.7 JardineL 957.00 -0.50 1108.23 815.00 2.84 19.23 40.2 Findel 234.50 13.00 330.25 188.41 - -17.73 50.6
Elemntis 275.80 -1.30 305.10 225.50 1.73 19.32 445.9 NewBrPlm 705.00 -2.50 707.50 315.60 1.24 19.84 135.9 Lancashire 612.50 5.00 766.50 506.00 1.51 9.66 550.7 Lukoil RUBX 3069.1 69.10 3297.7 1715 - 6.55 1420.7 Halfords 436.30 -16.70 515.00 417.10 3.28 14.22 334.4 Telecommunications
Porvair 294.25 0.25 347.75 237.53 0.99 21.53 13.6 PremFds 43.50 -1.25 165.71 26.13 - -2.02 1868.6 Leg&Gen 271.00 0.40 273.01 193.00 3.43 17.26 10024.3 Nostrum 525.00 -26.50 825.00 370.00 3.50 9.45 21.9 Inchcape 723.00 -0.50 732.50 589.50 2.41 15.42 589.3 BTX 460.00 16.20 460.90 350.30 2.15 18.76 35074.9
Syngent SFrX 317.00 2.40 350.30 273.20 2.95 21.74 259.4 REA 303.00 7.00 488.87 295.25 2.35 9.12 2.6 NovaeGp 607.00 -1.00 620.00 495.50 3.71 12.25 99.8 OphirEgy 137.30 -6.90 319.70 112.70 - 13.94 3997.4 JDSportsF 499.90 -4.10 520.00 336.00 1.36 20.35 11.2 Colt Grp 146.50 2.90 155.00 113.10 - 61.04 211.5
Synthomer 242.90 -0.70 302.08 176.64 2.47 18.11 207.1 SABMillX 3542.5 10.00 3857 2725 1.82 25.55 2140.5 Old Mut 216.00 0.50 216.50 163.80 3.75 20.35 10118.5 Petrofac 764.00 -16.00 1483 594.00 5.13 8.26 1931.5 Lookers 151.00 -0.50 153.00 117.50 1.71 13.39 632.6 Inmarsat 880.00 6.00 887.00 653.00 3.33 36.75 1605.7
Victrex♦■ 2038 - 2202.55 1536 2.16 21.62 141.1 StckSpirit 195.00 -3.00 316.75 192.00 - 14.73 220.3 PermTSB 0.06 0.00 0.14 0.05 - -5.95 159.2 PremOil 155.50 -10.60 358.60 124.50 3.16 6.10 6090.5 Marks&Sp 493.40 -5.30 512.00 359.20 3.45 16.03 5305.1 KCOM Gp 85.50 - 105.50 78.50 5.71 11.65 456.3
Tate&Lyl 560.50 -10.00 790.00 551.50 4.92 14.38 3249.4 PhoenixGrp 826.00 -7.00 853.50 560.52 6.46 5.82 152.7 RylDShlAX 2146.5 -6.00 2864 1929 5.46 13.66 4187.1 Morrison 179.80 -4.30 250.00 150.60 7.23 -13.02 10449.9 TalkTalk 320.00 4.90 334.30 261.00 3.75 59.49 1846.2
Construction & Materials TongtHu R 160.66 - 174.93 107.00 1.89 14.76 136.9 ..B 2244.5 -0.50 2990.5 1984.5 5.08 14.28 3314.7 MossBros 95.75 4.25 126.18 77.50 5.22 29.45 224.8
PrudntlX 1612 -9.50 1649.5 1223 2.08 19.34 1969.8 TelePlus 1174 12.00 1920 968.50 2.98 30.30 385.1
Alumasc 129.50 - 139.72 108.66 3.86 11.19 5.6 Unilever♦ 2819 8.00 2993.13 2337 3.10 20.25 2121.8 Salamand 79.25 -3.75 155.95 52.75 - -5.69 1033.7 Next 7245 -5.00 7967 6130 1.84 18.70 346.3
RSA Ins 440.00 -4.50 500.50 83.05 2.30 -6.78 1586.4
BalfourB 226.40 -5.60 322.20 145.59 6.23 86.41 2144.8 ..NV €♦ 37.28 - 38.76 27.47 2.69 19.18 16.9 SagicFin 64.00 3.00 78.00 55.00 3.61 20.37 34.3 Schlmbrg $X♦ 84.73 -0.49 118.76 75.60 1.85 20.08 6577.2 Ocado 397.40 -2.50 624.93 216.80 - -1929.13 1067.8 Tobacco
..CvPf 118.75 - 119.50 101.00 8.15 - 65.9 SEPLAT 129.38 -0.63 270.00 97.50 - 3.83 5.9 Pendragn 36.50 - 37.00 27.00 1.10 10.25 578.3 BrAmTobX 3635.5 -12.00 3818 2967.5 3.92 18.98 1564.0
Health Care Equip & Services StJmsPl 882.00 2.00 908.50 637.00 1.81 31.07 678.2
Boot(H) 203.50 8.50 229.00 170.00 2.51 16.59 42.7 Soco Int 287.10 -7.40 477.10 234.80 13.17 20.58 232.5 Photo-Me 136.75 -3.25 153.15 107.85 2.74 19.83 17.0 ImpTobX♦ 3032 -46.00 3183 2222 3.96 20.47 2156.5
Bioquell 82.00 -0.50 142.00 80.00 4.02 14.81 14.2 Stan Life 396.60 -4.30 429.30 340.70 3.98 15.49 3752.8
ClarkeT 77.13 0.50 88.56 37.50 4.02 55.21 2.8 TrnCan C$X 58.33 0.29 63.86 48.50 3.47 22.74 1106.9 Saga 188.00 0.90 195.00 143.75 - 35.27 388.5
Costain 284.75 -0.25 324.58 248.00 4.04 15.12 191.5 ConstMed♦ 870.00 8.00 1084 650.00 2.08 19.11 32.0 Media Tullow 384.60 -29.70 918.78 345.30 2.97 -30.13 10416.6 Travel & Leisure
GNStre kr 155.30 1.30 164.10 122.50 0.57 33.92 405.4 SignetJwl♦ 7876 2.00 9180 4700 0.55 30.78 3.8 888 Hldg 172.00 0.50 185.75 109.19 3.24 21.68 2282.0
CRH 1784 2.00 1811 1220 2.81 -16.84 2366.1 4imprint 876.00 5.00 892.50 610.50 1.94 32.36 3.8 Wood(J) 592.00 -12.50 825.00 517.60 2.17 13.51 736.7 SuperGroup 1058 -16.00 1749 750.00 - 22.01 117.0
GalfrdT 1351 16.00 1369 1044 2.96 14.53 155.0 Optos 263.00 10.50 271.53 147.25 - 37.65 154.5 Blmsbury 153.38 1.63 190.00 142.00 3.79 15.54 1.1 AirPrtnr 277.75 -2.25 580.00 245.00 6.75 11.31 14.7
UDGHlthC♦ 433.50 0.20 437.60 315.20 1.73 12.27 91.9 Pharmaceuticals & Biotech TescoX 242.40 0.55 341.58 155.40 6.09 22.97 23266.8 bwin.party 101.00 -1.40 134.00 79.00 3.45 -26.56 3659.0
Keller 906.50 -10.00 1299 742.00 2.65 44.83 173.8 Centaur 63.50 -1.00 77.00 55.75 3.78 -2.47 16.6 Thorntns 81.25 -0.75 167.94 77.00 - 11.44 241.5
KierGp 1638 -11.00 1903 1374 4.21 89.60 111.5 ChimeCm 253.00 -0.50 377.00 239.00 2.90 -80.91 6.7 BTG 792.50 -0.50 835.87 490.20 - 72.75 507.9 Cineworld 426.00 2.30 445.00 290.00 2.37 38.78 1201.4
House, Leisure & Pers Goods CathayIn 21.13 -0.88 41.06 21.00 - -46.02 3.0 VertuMotor 58.75 0.50 66.00 51.00 1.36 12.72 275.5 CompassX♦ 1136 -6.00 1179 924.41 2.32 23.33 2914.2
Kingsp € 15.86 0.06 16.74 11.03 0.95 25.85 21.3 Creston 116.50 - 131.95 100.50 3.35 9.74 80.3
AGARmst 97.75 0.75 190.75 95.25 - 26.24 56.6 Dechra 870.00 9.50 888.60 655.00 1.66 39.30 42.1 EntInns 107.10 -0.70 158.10 98.70 - 20.03 613.2
LowBonr 58.50 -0.50 96.00 44.25 4.44 13.86 26.2
BarrttDev 471.90 12.20 477.80 323.50 1.21 15.52 4225.3 DlyMailA 861.00 -8.00 1074 699.00 2.26 14.30 449.7 Support Services
Marshlls 247.00 -3.25 264.00 151.00 2.13 27.16 133.2 HaynesPb 114.00 - 230.00 110.00 6.58 13.16 19.2 Genus 1270 -26.00 1382 924.50 1.31 26.68 22.4 Acal 256.50 -0.25 418.00 180.00 2.65 217.93 26.0 FirstGrp 100.10 -1.70 146.14 99.00 - 20.70 1555.6
Bellway 1916 46.00 1965 1333 1.93 12.26 325.8 GlaxoSmhX 1514 -5.50 1709 1200.67 5.42 17.67 6523.2 Fuller A 1025 6.00 1025 830.50 1.47 21.38 20.8
MorgSdl 674.00 -6.50 875.00 570.00 4.01 12.21 12.7 ITE Grp 149.75 -1.50 289.20 125.00 4.81 10.89 254.9 Aggreko 1648 10.00 1841.76 1388.75 1.68 17.56 433.6
Berkeley 2509 23.00 2808 2033 7.17 9.59 423.9 HikmaPhm 2426 -3.00 2500 1214 0.48 26.80 297.8 Go-Ahead 2396 -27.00 2655 1813 3.38 14.76 54.6
Norcros 16.38 0.13 23.38 14.69 3.11 6.92 363.6 ITV 229.90 2.40 233.00 167.10 1.52 23.64 14587.0 APR Engy 248.00 3.75 959.00 146.00 3.88 4.84 282.5
BovisHme 885.00 17.50 946.00 717.43 1.53 14.11 702.7 Oxfd Bio 8.75 0.63 10.13 1.77 - -12.72 5781.1 GreeneKg 846.00 -8.00 926.00 712.00 3.36 20.18 647.4
StGobn €X 38.34 -0.48 46.40 29.51 1.75 20.95 1346.9 JohnstnP 170.00 0.25 175.00 2.90 - -4.61 8.9 AshtdGp 1086 -4.00 1219 763.00 1.06 20.59 1184.2
CrestNic 444.00 18.00 450.70 291.98 1.46 14.10 1362.2 RichterG $ 13.48 -0.43 19.31 12.20 1.47 20.78 0.0 IrishCtl € 3.36 - 32.05 2.50 3.22 25.37 0.8
Tyman 305.00 0.50 325.00 228.25 1.97 90.02 40.2 News Corp A $ 16.76 -0.01 18.53 14.28 - 36.94 3610.8 AtknsWS 1308 -2.00 1511 1225 2.58 16.42 327.1
GamesWk 534.00 17.50 683.50 470.25 6.74 24.27 28.1 ShireX 4776 32.00 5470 2827 0.27 24.93 2321.3 Ladbrokes 119.00 -0.70 167.30 102.20 7.48 25.35 3628.3
NewsCpB $ 16.30 - 18.02 14.09 - 35.93 1059.8 Babcock 1050 -4.00 1476 979.65 2.14 23.26 1667.3
Electronic & Electrical Equip Gleeson 376.00 4.00 460.00 322.35 0.82 11.47 4.9 VecturGp 142.25 -1.75 171.50 113.25 - -81.01 195.0 Berendsen 1146 6.00 1146.7 895.50 2.44 22.20 337.2 MandarO $ 1.68 -0.01 1.95 1.62 3.73 22.16 1353.2
Headlam 438.00 -0.50 495.50 390.00 3.49 22.36 3.4 Pearson 1372 -12.00 1395 981.00 3.50 40.87 2984.8
Dialight 636.00 -19.00 992.00 632.00 2.26 26.99 34.8 Brammer 350.50 -7.00 509.00 265.00 2.91 19.86 85.0 Marstons 147.60 0.10 157.34 134.50 4.40 -16.62 964.1
McBride 89.00 -0.50 115.00 74.00 - -9.54 143.3 Quarto 162.00 - 176.47 136.66 4.70 12.49 3.5 Real Estate
e2v Tech 187.00 - 193.53 145.44 2.35 15.25 115.9 Bunzl 1895 -4.00 1943 1381 1.71 30.32 387.1 Natl Exp 267.60 -2.10 309.27 213.40 3.74 28.16 505.3
Persimn 1671 58.00 1677 1176 - 16.02 2139.2 Reed ElsX 1186 8.00 1187 851.53 2.07 25.63 2660.7
Halma 695.50 6.00 708.00 552.50 1.61 23.64 896.7
ReedElsNV € 22.53 0.30 22.54 14.51 2.06 23.73 2811.2
REITs Capita 1154 -3.00 1248 1000.5 2.30 45.45 2020.9 Playtech 718.50 -13.50 847.50 570.50 2.59 17.52 457.5
MorganAd 302.00 -1.50 366.65 258.10 3.48 20.66 2125.0 Philips €X 24.85 0.09 26.99 20.69 - 97.24 2358.3 Assura 54.25 - 55.25 39.14 3.05 10.41 165.1 PPHE Htl 474.00 -1.00 477.38 307.00 2.82 6.82 5.5
PZCusns 315.00 4.00 392.10 289.76 2.46 14.75 185.1 STV Grp 365.00 - 393.75 322.00 0.55 9.98 1.1 Carillion 349.80 -1.70 396.54 294.03 5.00 29.95 824.0
OxfordIn 705.50 0.50 1598 671.58 1.76 60.28 126.0 BigYellw 613.50 -12.50 668.00 451.40 2.67 14.40 167.1 Comnsis 56.38 0.38 75.00 47.00 3.19 18.51 16.8 Rank Gp 184.10 -3.40 190.00 119.69 2.44 15.24 82.3
ReckittBX 5775 185.00 5885 4697 2.49 22.31 2397.2 ThmReut C$X 48.80 -0.96 50.53 36.86 3.21 82.51 2398.5
Renishaw 2406 10.00 2420 1470 1.71 15.71 21.3 BritLand 829.00 2.50 855.50 645.36 3.28 5.16 2885.1 ConnectGp 149.75 0.75 208.75 128.02 5.66 9.25 26.5 Restaurt 700.00 -4.00 742.98 551.50 2.00 21.19 408.2
Redrow 345.00 48.20 352.60 224.00 0.87 9.00 5585.9 UTV Med 193.38 0.13 263.00 166.99 3.62 9.85 168.1
Spectris 2084 -9.00 2493 1606 2.05 17.77 272.3 Cap&Reg 53.75 -0.25 55.00 42.25 1.21 10.16 60.3 DCC 3697 -61.00 3789 2720 2.08 24.29 225.8 SpiritPub 115.40 -1.60 118.90 68.75 1.81 7.67 293.5
TaylorWm 140.00 3.10 140.10 101.20 0.49 16.49 14613.8 WPPX 1451 -11.00 1565 1091 2.36 19.30 3050.2
TT Elect 119.00 -0.50 225.00 96.00 4.54 45.98 255.2 Countrywd 516.00 -2.00 701.00 404.30 1.55 17.28 343.6 DeLaRue 516.00 -5.00 891.91 467.40 8.20 13.34 131.2 Sportech 63.75 - 93.00 47.00 - 1.94 3.6
XP Power 1540 -2.00 1798 1340 3.64 14.85 56.6 TedBaker 2502 43.00 2502 1634.12 1.35 34.51 19.5 Mining DrwntLdn 3314 14.00 3384 2530 1.10 5.75 207.5 Stagech♦ 341.10 -1.50 416.90 332.80 2.79 14.99 544.2
Diploma 795.00 5.00 826.00 603.84 2.03 25.28 54.8
Industrial Engineering Acacia 272.70 1.40 318.90 222.90 0.77 -52.74 390.3 Gt Portld 779.50 -7.50 810.00 600.04 1.13 5.16 545.6 Elctrcmp 200.60 -10.90 371.00 197.20 5.86 11.02 1713.5 ThomasCook 125.90 -7.30 189.40 99.40 - -15.36 20936.2
Financial General Green Reit € 1.39 -0.02 1.52 1.16 - 10.39 27.9
Bodycote 730.50 10.50 832.00 542.50 1.85 17.92 443.7 AngloAmerX 1123.5 -25.50 1678.5 923.00 4.40 246.49 4705.5 EnergyAst 460.00 10.00 504.00 305.00 - 23.41 1.4 TUI 1131 -9.00 1215.78 1004.81 - 47.63 1129.8
3i 472.60 -1.40 478.30 343.61 3.39 7.38 1130.9 Hammersn 685.50 0.50 708.00 537.00 2.79 8.06 2091.5
Castings 400.00 23.50 525.00 373.00 3.24 10.59 4.4 AngloPacif 86.00 0.25 214.01 74.75 11.86 -2.48 274.9 Essentra 875.00 3.50 924.00 624.50 1.76 32.44 325.1 Whitbrd 4960 4.00 5140 3767 1.39 26.48 670.8
AberAsM 443.70 0.70 481.74 360.76 3.78 19.47 2581.4 Hansteen 115.00 -0.70 116.69 98.25 4.17 7.14 2391.2
Fenner♦ 197.50 -7.50 451.70 180.50 5.82 16.94 932.9 AnGoldA R 141.38 0.38 209.52 88.36 - -16.83 1090.9 Experian 1190 3.00 1222 909.95 1.94 23.30 2176.6 Willim H 384.50 7.10 398.50 314.52 3.02 17.63 4215.0
Ashmore 305.80 4.10 379.40 249.00 5.30 16.58 1220.7 HIBERNIA 1.11 -0.02 1.18 0.99 - - 219.6
Goodwin 2780 -20.00 4250 2375 1.52 10.12 1.2 Antofagasta 690.50 -3.00 959.50 620.00 8.02 19.55 2015.2 G4S 285.50 0.60 289.24 225.40 3.14 -57.21 2794.5
BrewDlph 285.30 -2.60 357.60 236.80 3.05 119.12 192.2
..5%Pf 0.60 - 0.60 0.60833.33 - - Highcrft 845.00 - 869.75 741.00 3.99 11.64 1.0 Utilities
Canaccord 315.00 5.00 729.00 305.00 3.52 14.45 0.2 Hill&Sm 602.50 7.50 620.25 495.00 2.66 20.82 14.5 Grafton 703.00 -4.50 707.50 527.00 1.21 28.62 296.1 Centrica 290.80 -2.50 348.80 257.90 5.85 22.42 12358.4
IMI 1384 1.00 1755.43 1108 2.68 19.46 858.2 AquarsPl 12.75 - 42.50 12.25 - -5.42 1289.3 INTU 366.70 -2.20 374.90 270.10 3.96 6.10 2596.1 HarvyNah 80.38 1.88 124.75 66.32 4.00 10.38 13.7
CharlsSt 340.75 3.50 493.00 289.20 3.60 -57.43 62.6 LandSecs 1266 -3.00 1312 988.50 2.45 5.72 1474.9 DeeVally 1262.5 - 1610 1135 4.95 14.11 2.0
MelroseInd 271.70 -0.60 330.90 234.50 3.04 22.23 1934.2 AsiaResM 18.00 0.38 245.35 3.61 - -0.46 136.6 Hays 155.30 -0.70 158.80 108.15 1.61 25.88 1724.6
CtyLonInv 338.75 11.75 349.75 231.00 7.61 15.89 15.2 LondonMtrc 160.50 0.50 162.80 132.30 4.36 6.65 572.3 Drax 410.70 -1.90 828.50 348.37 4.29 -13.89 2987.6
Renold 56.00 0.50 69.00 49.00 - -16.89 223.2 AvocetMng 5.38 -0.10 14.25 4.19 - -0.13 166.9 Homesve 335.00 - 354.50 293.80 3.37 39.87 448.5
CloseBrs 1527 7.00 1580 1217 3.01 15.27 182.1 McKaySec 234.13 -3.88 245.00 187.60 3.67 6.03 8.1 Natl GridX 898.70 6.90 965.00 801.50 4.68 15.74 9881.1
Rotork 2348 -3.00 2890 2146 2.05 20.78 125.6 Barrick C$ 15.10 -0.20 23.78 11.67 1.58 -5.03 2337.4 HowdenJny 418.00 1.90 440.00 287.50 1.32 23.32 850.4
DBAG € 27.46 -0.33 28.21 18.25 1.14 7.43 54.6 MucklGp 488.75 3.75 542.00 417.00 4.07 7.35 11.7 Pennon♦ 850.00 22.00 925.00 681.00 3.57 29.29 1854.9
Severfd 68.00 - 72.05 52.60 - 154.20 54.2 BHP Bltn 1473.5 -21.50 2102.53 1247.5 4.66 9.72 5979.1 Intserve 550.50 7.00 751.50 487.20 3.91 15.51 127.0
El Oro 55.00 - 85.00 47.00 6.55 4.56 6.7 UtdUtils 986.00 25.50 1045 737.50 3.66 19.00 2501.4

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 Plus500 572.00 -3.00 707.00 283.25 2.25 12.52 306.1 Insurance Egdon Res 9.13 - 30.80 8.50 - -30.02 1067.8 InlandHms 56.88 0.38 63.00 43.00 0.47 21.05 263.8 Servoca 22.50 - 23.50 7.13 - 23.27 0.1
Cohort♦ 243.50 - 251.87 160.00 1.72 18.26 23.1 PolarCap 370.50 -10.00 531.00 353.00 6.75 12.86 27.1 Gable 43.25 -3.25 90.00 43.00 - 11.45 1101.0 Enegi Oil 1.13 - 10.25 0.85 - -0.38 82.6 Lok'nStor 248.50 1.00 255.00 194.00 2.55 314.96 13.1 Synectics 142.50 - 580.00 115.00 5.96 37.43 7.2
Share 36.00 - 53.00 23.78 1.44 35.86 18.8 Helios 124.00 -3.50 160.00 120.00 1.21 24.88 1.0 EuropaOil 5.50 - 10.75 4.65 - -26.19 327.6 LXB Retail 135.75 -1.00 147.50 119.25 - 7.17 604.1 Utilityws 211.75 1.50 373.28 195.00 1.42 17.40 146.1
Banks ShoreCap 422.50 - 430.00 345.00 1.89 23.92 0.7 FalkldO&G 27.50 0.13 33.75 16.75 - -57.65 965.7 MirLand 64.00 - 255.00 61.00 - 4.78 3.3
BCB Hldgs 10.50 -0.50 14.17 10.00 - -2.15 20.0 STM Group 26.50 - 34.00 15.00 - 243.12 18.9 Media FaroePet 79.75 0.25 154.89 58.00 - -100.95 695.6 NewRiver 294.00 -6.00 322.00 264.75 3.49 27.56 27.0
Tech - Hardware
STB 2955.5 -14.00 3009 2245 2.10 29.81 9.9 WH Ireland 82.50 - 143.00 79.00 1.82 16.96 87.6 Avesco 118.00 - 126.50 94.00 4.66 -9.22 10.8 GETECH 49.00 1.00 105.00 32.00 4.16 9.89 98.7 Palace Cap 358.50 - 370.00 245.00 - -6.61 2.2 AminoTech 135.00 0.50 139.00 75.24 2.67 17.71 97.7
Cello Gp 85.00 -0.50 100.00 81.00 2.65 14.74 53.1 GlobalPet 2.25 0.13 7.50 2.00 - -0.57 50.0 PnthrSec 337.50 - 357.00 295.00 3.56 9.73 0.4 IQE 19.25 -0.25 26.25 12.08 - -53.03 2550.6
Basic Resource (Ex Mining) Food & Beverages M&Csaatc 334.50 -0.75 344.75 235.00 1.63 85.29 11.4 Gulfsands 37.00 -0.50 71.91 21.00 - -3.09 408.4 PSPI 26.00 - 28.75 21.00 - -2.85 3.3 Tech - Software & Services
CropperJ 457.50 -5.00 490.00 355.00 1.73 22.89 5.1 FinsbryFd 66.50 - 70.00 53.00 1.13 10.56 99.0 MissionMk 39.75 -1.25 56.90 31.50 0.63 8.19 14.3 Indus Gas 115.00 -10.00 735.00 112.00 - 21.90 3.6 SiriusRE € 0.44 0.00 0.44 0.28 0.73 6.77 501.5 Blinkx 29.00 0.50 125.00 23.25 - -24.66 1958.1
Nichols 1067 -18.00 1204 834.56 1.84 44.94 8.2 Next15Cm 162.50 - 164.00 96.00 1.57 105.11 10.2
Chemicals Infrastrata 3.88 - 10.00 3.75 - -3.06 50.0 Songbird 349.50 0.25 359.26 177.25 - 4.09 23.5 BondInt 94.00 - 153.75 83.00 1.91 25.02 2.0
PureCircle 565.00 -11.50 655.00 455.00 - 686.51 20.9 YouGov 115.00 0.25 133.00 98.50 0.52 275.12 11.3 Iofina 37.00 6.75 93.98 20.75 - -16.36 913.8 SumGermny €♦ 0.81 0.01 0.82 0.50 0.82 4.65 15.0
Scapa 131.75 -3.00 150.00 107.00 0.76 -33.89 59.3 Brady 87.50 1.50 89.00 57.17 1.94 31.07 160.8
RealGdFd 41.50 - 68.90 23.00 - -5.19 7.5 Ithaca Engy 66.50 -3.00 160.50 44.75 - 5.15 1291.8 TaliesinPr 2222.5 - 2255 1605.35 - 16.40 1.5
Construction & Materials Ukrproduct 7.00 0.45 10.50 5.95 - -0.97 111.6 Mining Datatec 320.00 - 330.85 260.00 3.24 19.74 0.0
KBC Adv 92.50 4.50 142.00 79.00 - 13.09 334.2 UnitchCP 2.95 -0.15 54.80 2.25 - 0.58 291.4 DDD 2.88 -0.38 8.00 2.50 - -2.46 330.8
Abbey 872.50 - 927.30 800.00 0.90 9.00 0.6 Wynnstay 555.00 - 690.52 535.00 1.73 16.03 9.0 AfricanMin# 10.00 - 166.50 9.12 - -1.11 -
Max 0.12 - 2.26 0.08 - -0.06 90558.0 Winkworth 126.50 - 189.10 115.00 4.55 11.39 0.3 Eckoh 40.50 - 48.50 33.00 0.77 95.52 327.1
AccsysTch 61.00 - 76.50 0.91 - -6.01 72.3 AMC 9.15 0.03 13.47 2.29 - -9.41 910.9
Health Care Equip & Services NewWldO&G 0.16 -0.02 0.99 0.11 - -0.44 4344.6 EgSoltns 74.50 -0.50 84.00 42.00 - -127.57 16.9
Aukett 8.13 0.25 9.50 5.88 2.46 12.50 203.7 BeowMin 1.98 0.08 6.45 1.15 - -1.70 924.8
PetrelRes 4.25 - 18.25 3.85 - -10.00 33.0
Retailers
Advnc Med 128.00 -2.00 140.00 106.85 0.47 22.17 83.4 BotswanaD 1.25 - 4.15 1.03 - -2.20 2.3 ASOS 3128 -31.00 7195 1742 - 70.37 468.7 Iomart 195.00 15.00 294.50 159.93 0.90 24.15 7655.0
Petroceltic 127.00 -3.00 224.00 98.50 - -6.38 600.2
Electronic & Electrical Equip CareTech 219.00 -2.50 268.00 193.00 2.14 9.18 32.5 CentAsiaM 140.00 -8.75 190.71 135.16 6.17 2.61 412.6 Koovs 139.00 - 237.40 120.00 - - 0.2 K3BusTc 217.50 - 239.63 170.00 0.46 26.98 60.4
ImmunDiag 325.00 - 593.00 286.00 2.62 17.16 5.2 PetroNeft 3.90 -0.10 7.25 3.75 - -34.51 1565.3 Monitise 20.25 0.75 80.50 12.75 - -5.69 12643.2
CeresPow 9.38 -0.15 11.75 5.90 - -6.81 286.7 Connema 1.00 - 5.00 0.25 - -1.50 5.0 Majestic 334.75 -0.25 524.00 311.96 4.78 13.21 39.6
SphereMed 21.50 -1.00 31.00 20.00 - -2.55 19.2 Plexus 172.38 1.38 325.00 165.00 0.60 29.97 21.0 OMG♦ 35.25 - 37.00 25.00 1.13 133.02 226.7
Densitrn 5.38 - 6.70 4.00 1.86 -6.09 6.0 C'royG&NR 0.90 - 2.30 0.50 - -9.00 688.3 StanlGib 287.00 -0.50 387.00 240.00 2.35 25.49 129.7
Tristel 74.50 - 90.50 39.00 0.91 22.95 51.7 PresidentEn 13.75 - 39.48 10.75 - -61.94 217.2 Progility 6.50 -0.63 11.49 4.00 - -41.40 43.7
ElektronT 5.50 - 7.50 3.25 - -1.55 3.5 GrekaDrill 8.25 0.23 20.00 7.20 - -37.33 124.7
Rockhop 60.00 -2.00 124.25 51.00 - -11.73 983.1 Support Services Pub Tech 197.50 -2.50 399.70 125.50 - -84.80 4.1
FlowGp 34.13 -2.38 50.00 16.87 - -8.62 1468.3 House, Leisure & Pers Goods Herencia 0.23 0.01 0.60 0.18 - -2.80 5385.2
Sound Oil 12.00 0.63 14.00 4.50 - -4.39 5354.9 AndSyks 282.50 -5.00 385.00 260.00 7.36 12.55 17.5 SciSys 89.00 1.00 97.00 73.00 1.64 14.52 25.4
LPA 63.50 -1.00 148.00 61.00 2.13 4.34 5.7 HighldGld 39.00 -0.50 84.25 17.73 12.37 3.76 155.7
Airea 14.25 - 15.00 9.03 3.86 21.89 3.9 TowerRes 0.50 - 7.25 0.43 - -0.49 3401.6 Augean 46.50 - 56.75 42.00 0.75 11.97 31.6 WANdisco 400.00 5.00 1390 255.15 - -5.15 24.9
ThorpeFW 147.50 - 150.00 120.00 2.07 16.91 6.0 KarelianDd 0.95 - 4.90 0.90 - -9.31 234.6
Churchll 580.00 - 630.00 425.00 2.52 21.34 7.0 TrinityE 19.38 - 129.75 17.08 - -0.91 20.2 Begbies 44.38 -0.50 55.00 37.54 4.96 17.35 25.2
Zytronic 294.00 -1.00 308.00 197.00 3.13 15.09 13.5 KEFI Min 1.10 - 2.05 0.90 - -2.08 2581.1 Telecommunications
gamingrealm 31.50 -0.25 41.70 19.50 - -6.74 77.1 UnJackOil 0.22 0.02 0.52 0.14 - -2.86 24202.6 Christie 150.00 - 162.00 85.15 1.00 27.44 0.4
OracleC 0.75 - 2.41 0.25 - -2.08 744.1
Financial General HavelckE 15.00 -0.50 25.00 15.10 - 27.17 1.6
PatagonG 2.88 - 11.50 2.75 - -4.96 301.2
VictorOil 61.00 -1.00 71.40 0.94 - -64.69 139.3 Empres 44.25 0.25 60.50 38.13 0.79 7.49 157.5 AltNetwks 480.50 -11.13 547.00 415.00 2.81 28.91 438.0
Ambrian 6.00 - 12.50 5.25 - 2.66 100.0 Mulberry 845.00 - 900.00 562.50 0.59 164.65 1.3 VolgaGas 70.50 - 143.00 55.00 - 8.60 1.0 Hargreaves 574.00 - 906.50 522.50 3.90 4.70 16.8 AvantiCom 222.00 -2.25 329.25 162.75 - -3.96 80.9
RamblMtls 14.50 - 31.00 10.00 - 6.76 93.1
Arbuthnot 1500 -55.00 1590.97 1000.00 1.73 19.43 2.8 Portmern 902.50 - 930.00 724.00 2.66 16.08 4.5 Hydrogen 72.50 1.00 113.00 68.00 6.34 -26.45 111.0
SinclairW 46.50 - 120.00 35.00 6.45 -3.04 6.0
ShantaGold 10.25 - 16.00 8.50 - 13.01 134.5 Pharmaceuticals & Biotech Travel & Leisure
Ashcourt Rw 266.50 - 270.00 166.00 - 2239.50 1469.9 SierraRut 21.00 - 64.00 19.75 - 79.85 47.9 Impellam 610.00 2.50 620.00 365.50 1.97 107.39 0.4
TelfordHms 364.25 -2.75 379.00 245.50 2.42 13.43 115.1 Abcam 438.50 1.75 503.00 270.88 1.65 25.76 161.7 CastleStIn 18.63 - 19.00 17.00 16.11 -2.18 180.6
Aurora 9.75 - 25.08 8.00 - -0.57 4.4 Sirius Min 7.65 -0.05 14.50 7.26 - -150.00 309.9 ISG 232.00 -1.00 356.00 215.00 3.94 17.74 19.4
WalkerGb 187.50 -5.00 219.00 151.05 0.99 21.17 50.1 AllcePharm 33.88 -0.13 37.50 30.00 2.68 10.60 2.0 Celtic 76.00 - 77.27 72.00 - -19.78 7.0
BP Marsh 135.00 - 155.00 116.75 2.04 9.57 8.0 SolGold 2.05 - 14.75 2.01 - -4.65 757.6 JhnsnSrv 70.00 1.00 71.65 52.00 1.73 17.56 31.9
Epistem 272.50 - 342.00 260.00 - -15.71 0.0 ..6%CvPf 62.50 - 75.00 50.00 5.18 - 0.5
BrooksMac 1405 -7.50 1817 1300 1.64 20.46 66.6 Industrial Engineering Stratex 1.80 0.10 4.27 1.68 - -1.41 517.4 JourneyGp 122.50 - 167.00 113.00 2.24 17.98 0.1
e-Thera 32.50 - 36.55 19.02 - -12.46 17.0 ..Cv Pf 135.00 - 150.00 120.00 - - 0.4
Camellia 9000 -25.00 11300 8450 1.39 13.83 1.2 Xtract Res 0.08 -0.01 0.30 0.06 - -1.63 9309.1 LonSec 2335 - 2600 1939 2.96 20.55 0.1
600 Grp 15.50 - 24.01 14.60 - 4.14 86.3 GW Phrms 412.00 2.00 541.00 205.00 - -60.83 275.4 Dalata 227.50 5.00 249.00 209.24 - 233.33 3.4
CaptlMgt 112.50 - 278.00 103.00 - 2.78 0.0 ZincOx 11.75 -0.88 24.00 6.00 - -1.59 528.7 Matchtech 510.00 - 640.00 495.00 3.58 14.58 1.3
CoracGrp 4.13 0.38 14.30 3.00 - -4.60 466.6 HtchChMd 1235 -25.00 1550 672.10 - 151.93 29.1 Dart 283.25 -9.50 304.50 177.75 0.97 12.89 157.9
Charlemgn 11.00 -0.13 19.50 9.50 8.02 13.66 394.6 NewmkSec 2.93 0.15 3.01 1.50 2.56 6.22 376.9
Molins 90.00 1.00 188.00 75.00 6.11 6.81 11.3 ImmuPhar 53.00 -1.50 67.00 41.00 - -11.59 237.3 GoalsSocc 206.75 -10.25 235.70 206.00 0.89 20.41 10.6
Fairpoint 111.50 - 164.00 109.00 5.38 13.13 35.5 Oil & Gas NormanBr 22.50 - 40.00 20.00 - -2.02 0.0
MS Intl 132.50 7.50 217.00 116.00 6.04 17.90 4.8 ReNeuron 3.75 - 4.39 2.75 - -8.33 783.0 MinoanGp 8.00 0.13 18.22 7.65 - -13.20 79.0
ImpaxGp♦ 58.00 - 59.00 44.50 2.07 20.98 0.9 AlkneEng 23.25 0.50 46.50 21.35 0.86 3.75 266.0 NWF 143.00 1.00 163.00 120.00 3.57 14.66 49.5
Pres Tech 247.50 - 790.00 215.00 3.23 8.86 91.1 Sareum 0.43 -0.10 0.70 0.27 - -9.44 36725.2 PeelHtls 87.50 - 90.00 66.00 - 18.73 0.3
Leeds 38.00 -0.50 43.79 29.00 - 9.30 55.6 AmeriRes 30.00 -2.00 67.25 19.10 - 9.23 7666.9 Optimal Pay 373.00 -8.00 558.09 270.00 - 22.30 546.7
SinclairIS 35.75 0.75 39.18 23.30 - -38.86 1256.0
MattioliWds♦ 495.50 - 510.00 414.00 1.84 22.19 2.0 Industrial General AndesEnrg 29.50 - 69.55 27.00 - -2950.00 81.0
Vernalis 49.00 0.50 53.00 28.59 - -16.97 3078.5 PennaCns 137.00 - 155.00 111.00 1.82 83.33 0.0 Utilities
Miton 24.25 - 49.50 18.50 2.23 -4.08 39.6 API Group 59.00 - 77.00 42.00 3.39 9.77 26.0 BahamasP 1.86 0.08 4.70 1.47 - -8.32 2865.0 Petards 12.13 0.25 15.99 8.25 - -1.89 155.1 ModernWtr 19.25 - 37.35 18.10 - -3.15 4.2
MAB 176.50 - 187.23 160.00 - 21.51 0.8 Powerflte 51.00 - 58.38 27.43 2.12 19.85 1.0 BorSthnPet 6.40 -0.18 15.89 4.69 - -100.00 693.7 Real Estate RedhallGp 9.75 - 53.54 9.00 - -0.68 50.8 RenEnGen 61.75 -0.13 81.00 61.00 3.56 -43.15 96.4
Numis♦ 218.00 5.25 419.50 196.09 4.59 12.74 123.8 RM2 51.50 1.25 93.00 46.00 - -4.00 768.2 Circle Oil 11.88 -0.13 28.70 9.64 - 4.86 533.5 Conygar 183.50 - 191.00 160.00 0.82 7.83 60.4 Renew♦ 278.50 - 327.13 200.00 1.44 16.79 18.3 Rurelec 3.38 0.13 9.75 3.25 - -0.45 135.0
Park Grp 59.13 -0.75 64.98 46.00 3.89 14.31 0.7 Symphny 10.13 - 11.33 5.90 - -24.28 15.3 ClontarfEn 0.70 -0.03 1.50 0.35 - -0.44 150.0 FltchKng♦ 57.50 - 65.00 35.00 5.22 8.00 0.5 Restore 267.00 -6.75 284.00 170.13 0.94 38.29 98.2 SeaEnergy 22.50 0.50 44.00 18.68 - -28.99 42.0
Cluff NR 4.00 - 5.48 3.00 - -2.77 74.7 SafeCharge 273.50 -4.75 285.50 162.00 - 226.03 59.9

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 106.38 -0.13 107.70 101.75 - - - JPM Inc&Gr 106.50 - 112.00 98.50 2.07 115.8 -8.0 ScottOrtll♦ 864.00 6.50 900.00 717.00 1.33 909.1 -5.0 Amati VCT 67.25 - 80.50 66.50 7.43 70.5 -4.6 Infra India 13.75 - 17.00 9.50 - 45.5 -69.8
Price +/-Chg High Low Yld NAV or Pm Edin Inv♦ 656.00 3.00 670.50 565.20 3.58 681.5 -3.7 JPM Ind 550.00 2.50 605.50 312.50 - 612.7 -10.2 SecTstScot 139.00 - 149.00 129.86 3.45 148.1 -6.1 AmatiVCT2 102.75 - 123.50 102.53 6.57 108.1 -4.9 MMP 4.13 - 8.75 4.00 - - -
3i Infra 155.50 -0.70 161.50 132.60 4.31 149.3 4.2 Edin WWd 405.50 0.50 452.45 332.25 0.49 461.5 -12.1 JPM JpSm 221.00 1.50 224.75 174.50 - 245.6 -10.0 Seneca I&G 138.63 0.13 139.50 131.00 3.95 145.8 -4.9 ArtemisVCT 62.00 - 69.50 60.00 6.45 70.5 -12.1 Marwyn Val 205.50 1.00 240.70 184.56 - - -
AbnAsianIn♦ 200.00 2.00 213.80 179.00 3.95 201.6 -0.8 EP Global 240.50 -0.25 249.00 207.04 1.12 239.7 0.3 JPM Jap 246.00 3.25 248.38 195.00 1.14 271.8 -9.5 Shires Inc 252.00 2.25 261.75 216.26 4.76 256.3 -1.7 Baronsmd 70.75 - 77.80 69.50 13.43 73.5 -3.7 TerraCat 97.00 - 126.70 60.00 - - -
AbnAsian 911.00 -4.00 1014 771.07 1.10 972.9 -6.4 Estabmt 178.50 - 188.00 163.00 2.63 224.6 -20.5 JPM Mid 780.00 -8.50 842.00 669.10 2.18 914.4 -14.7 StdLf Eqt 405.00 7.00 431.00 362.50 3.31 432.3 -6.3 ..VCT 2 91.75 - 101.49 91.00 13.62 94.8 -3.2 Tiger Res 0.88 0.05 1.80 0.75 - 1.3 -32.3
AbnJapInv 454.00 - 470.00 319.00 0.99 471.9 -3.8 Euro Ast 1002 3.00 1040 800.00 5.19 1001.9 0.0 JPM O'seas 1071 4.00 1076 890.95 1.40 1129.2 -5.2 StdLf Sml 280.00 3.50 348.75 256.00 1.49 308.0 -9.1 ..VCT 3 95.00 - 110.10 94.00 16.32 97.8 -2.9
AbnLatAmIn 63.88 -1.88 85.68 60.25 6.65 72.0 -11.3 EuroInvT 760.00 6.50 797.00 659.33 1.84 825.8 -8.0 JPMRussian♦ 310.00 4.75 518.22 223.25 4.94 354.9 -12.7 StrategicEq 195.13 -0.38 201.90 152.85 0.77 192.0 1.6 ..VCT 4 88.88 - 96.10 86.75 14.63 91.9 -3.3 ISDX
..Sub 1.00 - 5.89 0.50 - - - F&C Cp&I 263.50 -1.50 271.75 231.75 3.70 259.8 1.4 JPMSnrSec 93.50 - 102.50 93.50 - 94.3 -0.8 Temp Bar 1190 5.00 1287 1101 3.17 1226.6 -3.0 ..VCT 5 72.75 - 78.39 72.00 8.25 74.7 -2.6
F&CGblSmlr 927.50 -4.00 934.00 781.00 0.86 921.5 0.7 JPM Smlr 744.00 -1.00 877.00 632.40 1.28 898.0 -17.1 TempEmerg 556.00 -6.00 626.64 493.20 1.30 625.1 -11.1 BSC VCT 87.00 - 92.20 83.00 6.32 101.1 -13.9 52 Week Vol
AbnNewDn 183.75 1.00 195.00 154.00 1.96 204.5 -10.1
F&CMgdG 146.00 -0.50 148.00 130.00 - 143.7 1.6 JPM US Sml 182.00 2.50 184.00 134.50 0.38 183.9 -1.0 TRIG 102.25 0.25 412.00 99.00 - - - ..VCT2♦ 56.00 - 61.00 53.50 8.04 62.4 -10.3 Price +/-Chg High Low Yld P/E 000s
AbnNewThai 466.00 -2.00 482.75 344.38 1.72 542.4 -14.1
F&CMgdI♦ 121.50 -0.25 125.00 110.00 3.99 120.1 1.2 JupDv&G♦ 113.00 - 115.00 104.50 0.88 124.1 -8.9 ThreadUKSel 177.50 - 187.70 163.00 2.39 192.0 -7.6 Crown Place 30.00 - 30.50 29.00 8.33 33.0 -9.1 ArsenalFC 1567500 52500 1567500 1400000 - 134.13 0.0
AbnSmlCo 186.75 - 229.39 174.00 3.37 232.1 -19.5
FidAsian 245.00 - 255.00 196.75 0.45 277.7 -11.8 JupEur 497.00 3.50 502.63 371.25 0.70 488.1 1.8 TREurGth 533.00 1.00 601.00 438.00 1.13 617.6 -13.7 Frsight3VCT 41.63 - 67.90 38.00 4.80 72.1 -42.3 ShephdNm 1142.5 - 1260 1025 2.21 27.49 2.0
Abn UK 322.00 - 324.50 288.00 3.20 337.0 -4.5
FidChiSpS 133.20 -0.20 142.68 97.20 0.86 150.5 -11.5 JupGrn 140.00 0.75 145.89 133.20 0.79 144.4 -3.0 TroyInc&G 68.75 -0.50 70.75 60.00 2.40 69.0 -0.4 Frsight4VCT 43.13 -0.88 64.69 40.00 - 86.1 -49.9 Thwaites 123.50 - 132.00 112.50 3.61 -26.33 10.0
Abf Gd Inc 167.50 - 185.25 138.25 4.28 195.8 -14.5
Abf Sml 1055 9.00 1237 966.00 2.27 1189.5 -11.3 Fid Euro 168.50 -0.50 174.08 137.40 1.77 180.2 -6.5 JupPrim 301.00 -1.00 306.16 268.34 2.57 306.4 -1.8 UtilicoEmg 186.50 -2.75 202.23 173.69 3.27 205.6 -9.3 Frsight4C 50.00 - 52.00 30.00 - 82.5 -39.4
AcenciADbt 105.25 0.25 109.00 102.00 3.60 111.1 -5.3 Fid Jap 75.00 0.50 77.50 54.17 - 84.7 -11.5 JupUSSmCo 651.00 -1.00 701.50 596.99 - 720.2 -9.6 UtilicoInv 119.00 0.25 133.80 101.00 7.88 173.6 -31.5 FrsightSol 100.50 - 113.00 95.00 5.97 104.0 -3.4
AdvDvpMk 435.00 -6.75 473.66 383.00 - 492.5 -11.7 Fid Spec 860.00 - 966.00 796.84 1.89 945.1 -9.0 KeystoneInv 1810 35.00 1848.64 1651.76 2.76 1881.5 -3.8 ValAndInc 253.75 0.75 288.00 238.43 3.35 298.9 -15.1 Inc&GthVCT 102.00 1.00 106.24 93.50 17.65 109.9 -7.2 Guide to FT Share Service
Alliance 489.80 0.80 499.40 420.20 1.96 563.7 -13.1 FinsG&I 574.00 5.00 583.00 464.25 1.88 573.2 0.1 Law Deb 526.00 5.00 553.68 465.10 2.85 488.0 7.8 Witan 776.00 1.00 791.95 642.00 1.99 778.5 -0.3 KingsAYVCT 18.00 - 19.50 17.00 5.56 19.6 -8.2
AllianzTech 553.50 2.00 584.50 463.07 - 608.0 -9.0 FstPacfic H HK$ 7.89 0.03 9.48 7.37 2.38 - - LinTrain £ 417.00 0.50 424.00 331.00 1.62 371.0 12.4 WitanPac 244.50 1.50 248.00 205.75 1.82 275.2 -11.2 Maven I&G 63.50 - 69.00 60.00 7.09 68.2 -6.9
AltAstsOps 45.13 0.13 47.00 35.50 - 48.9 -7.7 For & Col 458.00 0.50 464.00 361.90 2.45 470.6 -2.7 Ln&StLaw♦ 376.50 1.50 410.50 330.80 3.59 371.9 1.2 WorldTst 253.25 1.75 257.00 211.00 - 288.5 -12.2 MavenVCT2 54.00 - 56.75 43.00 4.63 58.1 -7.1
Art Alpha 275.75 0.75 312.00 269.00 1.16 318.9 -13.5 Geiger 18.88 - 34.89 17.00 - 24.9 -24.2 Lowland 1330 13.00 1547.5 1219 2.67 1382.6 -3.8 WwideHlth 1779 13.00 1884 1180.01 0.84 1827.7 -2.7 MavenVCT3 77.50 - 79.00 70.00 5.48 82.7 -6.3 For queries about the London Share Service pages e-mail
..Sub 29.50 - 46.00 28.00 - - - GenEmer 534.00 -4.00 583.00 476.00 - 580.3 -8.0 M&GHighInc♦ 162.00 - 173.50 148.00 0.93 174.5 -7.2 MavenVCT4 85.75 - 89.00 80.75 5.42 95.9 -10.6 ft.reader.enquiries@morningstar.com.
Conventional - Private Equity 52 Week Dis(-)
AsianToRt 201.50 - 213.50 165.00 1.61 222.6 -9.5 GFIS 21.25 - 35.99 19.00 - 54.1 -60.7 Majedie 234.75 1.75 243.00 202.50 5.88 248.7 -5.6 MavenVCT5 35.75 - 37.00 26.50 5.59 39.5 -9.5 All data is as of close of the previous business day. Company classifications
Price +/-Chg High Low Yld NAV or Pm
Aurora 146.75 - 169.00 144.00 2.59 166.5 -11.9 GRIT 23.50 - 70.00 18.45 - - - Man&Lon 236.25 - 281.50 219.00 5.82 282.5 -16.4 MobeusI&G 86.50 - 107.90 84.00 4.05 95.7 -9.6 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
GoldenPros 30.00 - 49.00 26.50 - 33.3 -9.9 MCGlobPort 181.00 0.50 182.50 157.75 2.21 182.4 -0.8 AbnPvtEq 90.75 - 96.00 74.25 2.25 117.1 -22.5 ..I&G 2VCT 107.50 2.00 119.50 97.00 1.16 120.5 -10.8
BG Japan 385.50 -0.50 398.48 313.50 - 388.6 -0.8 100 constituent stocks are shown in bold.
Hansa 850.00 -5.00 1010 836.00 1.88 1148.9 -26.0 MCurPac 303.25 - 316.23 257.00 2.14 346.5 -12.5 Altamir € 10.41 0.01 11.99 9.43 - 15.7 -33.7 ..I&G 4VCT 102.00 - 116.00 99.00 5.15 111.0 -8.1
BG Shin 319.75 0.75 334.75 282.50 - 327.9 -2.5 Closing prices are shown in pence unless otherwise indicated. Highs & lows
..A 831.50 - 986.00 823.00 0.60 1148.9 -27.6 MercantIT 1532 2.00 1666 1316.55 2.09 1699.9 -9.9 Dun Ent 367.50 2.50 434.75 332.84 4.49 498.9 -26.3 Nthn 2 VCT 76.25 0.75 81.00 73.50 7.21 85.8 -11.1
BSRT 32.88 -0.13 47.75 27.00 - 43.0 -23.5 are based on intra-day trading over a rolling 52 week period. Price/earnings
Hen Div 93.00 -0.25 93.75 89.00 5.43 90.5 2.8 MrchTst♦ 483.50 2.75 524.00 422.18 4.88 486.7 -0.7 Electra 3000 -21.00 3052 2338 - 3173.8 -5.5 Nthn 3 VCT 94.13 - 99.48 92.00 5.84 105.9 -11.1
Bankers♦ 611.00 1.50 614.50 506.00 2.39 623.9 -2.1 ratios (PER) are based on latest annual reports and accounts and are updated
HenEuroF 1012 17.00 1037.24 816.47 2.70 996.0 1.6 Mid Wynd 315.00 - 319.00 256.00 1.08 320.3 -1.7 ElectraPrf 149.00 - 149.68 141.91 - 140.4 6.1 NthnVent 79.00 1.00 88.88 75.00 7.59 86.8 -9.0
BrngEmEu 507.75 5.75 711.00 432.00 3.74 575.5 -11.8 with interim figures. PER is calculated using the company’s diluted earnings
HenEuro 849.50 0.50 865.00 678.25 2.00 838.8 1.3 MitonWw 158.75 - 160.08 147.00 - 178.3 -11.0 F&C PvtEq 221.25 1.25 233.00 197.00 2.42 259.8 -14.8 ProVenGI 79.00 - 81.00 76.00 8.23 83.1 -4.9
BH Global 1288.5 -1.50 1304 1162 - 1401.0 -8.0 from continuing operations. Yields are based on closing price and on dividends
HenFarEs 337.00 1.00 351.00 289.25 5.31 332.9 1.2 MMP 4.13 - 8.75 4.00 - - - GraphEnt 572.50 -3.00 619.00 536.10 1.31 668.8 -14.4 ProVenVCT 93.50 - 97.00 89.50 7.49 98.1 -4.7
..EUR € 12.00 - 14.00 11.80 - - - paid in the last financial year and updated with interim figures. Yields are
HendGlob 400.00 2.00 405.00 336.20 2.50 438.2 -8.7 Monks 395.00 -1.00 406.00 348.40 1.00 462.9 -14.7 HVPE $ 12.83 0.03 12.90 10.65 - 15.5 -17.2 UnicornAIM♦ 125.00 - 133.00 120.00 4.80 138.1 -9.5
..USD $ 12.75 -0.05 12.95 11.20 - 13.8 -7.6 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenHigh 184.75 1.00 187.25 156.50 4.60 179.5 2.9 MontanSm 482.50 0.50 551.49 390.50 1.45 537.2 -10.2 HgCapital 1071 -4.00 1145.75 990.00 2.71 1144.0 -6.4
BH Macro 2129 -7.00 2141.66 1919 - 2200.0 -3.2 Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenInt Inc♦ 128.38 - 132.89 103.00 3.27 125.5 2.3 Mur Inc 784.50 -2.50 808.00 699.86 3.92 790.8 -0.8 JPM Pvt Eq $ 0.87 - 0.88 0.72 - 1.1 -20.9
..EUR € 20.43 -0.07 20.70 18.40 - 21.3 -4.1 Price +/-Chg High Low Yld WO GRY 0% capital changes where appropriate.
Hen Opp 820.00 6.50 971.99 755.00 1.28 979.8 -16.3 Mur Int♦ 1049 1.00 1150 970.00 4.10 986.2 6.4 JZ Capital 403.50 3.50 449.00 390.00 - 648.9 -37.8
..USD $ 20.50 -0.10 20.75 18.40 - 21.2 -3.3 Trading volumes are end of day aggregated totals, rounded to the nearest
HenSmlr 558.75 1.75 616.39 468.13 1.97 656.9 -14.9 ..B 1050 - 1523.37 900.00 - 986.2 6.5 LMS Capitl 76.38 0.38 88.75 72.75 - 93.0 -17.9 JPM I&C 97.25 - 100.80 86.00 6.43 -13.6 -1.1
BiotechGth 721.00 16.50 792.86 390.01 - 740.6 -2.6 1,000 shares.
HendVal♦ 225.00 - 254.00 224.04 0.67 276.3 -18.6 NB DDIF $ 1.18 0.01 1.25 1.00 - - - Mithras 141.50 - 148.23 130.00 0.71 156.4 -9.5 JupiterDv&G♦ 4.25 - 5.83 3.50 16.94 5.3 -30.4
BlckRCom 91.00 -1.00 119.88 80.54 6.58 87.1 4.5
Herald 685.00 9.00 747.00 594.00 - 828.9 -17.4 NewCtyEgy 20.00 -0.25 42.00 16.75 - 23.9 -16.3 NB PE Ptnr $ 12.05 - 12.11 10.10 - - - M&GHI&Gt 59.00 - 68.80 55.00 - -13.9 -4.0 Net asset value per share (NAV) and split analytics are provided only as a
BlckREmEur 209.63 -1.13 280.00 169.25 0.98 235.8 -11.1
HICL Infra 152.90 -0.60 156.39 134.52 5.83 132.8 15.1 ..Sub 0.13 - 0.15 0.06 - - - Nthn Invs 480.00 - 487.00 374.50 2.08 489.3 -1.9 Rghts&Icp 3940 - 4900 3800 2.08 -62.6 1.1 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRFrnt♦ 111.13 0.38 133.28 103.50 1.23 114.5 -2.9
Impax Env. 152.25 0.25 156.50 136.00 0.79 172.1 -11.5 NewCityHY♦ 61.75 - 68.00 61.33 6.74 58.4 5.7 Pantheon 1298 8.00 1301.86 1056 - 1509.8 -14.0 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRGtEur 232.75 -2.50 254.15 201.75 2.58 244.6 -4.8 Income Shares 52 Week HR
Ind IT 292.00 6.00 296.00 265.84 1.71 323.5 -9.7 NewIndia 346.00 - 371.30 194.03 - 376.2 -8.0 PantheonR 1235 10.00 1240 1010 - 1509.8 -18.2 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..Sub 11.00 -1.00 28.25 8.00 - - - Price +/-Chg High Low Yld WO GRY 0%
Intl PP 137.00 0.20 139.50 125.60 4.49 120.7 13.5 New Star IT 70.50 - 76.24 65.45 - 112.9 -37.6 PrincssPE € 7.17 0.03 7.25 6.20 7.93 8.9 -19.4 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRHSUK# 134.75 0.25 142.50 120.00 - 137.7 -2.1 JPM In&Gr 95.00 - 97.00 90.15 4.63 -56.7 8.1
InvAsTr 190.00 -1.50 198.00 152.00 1.82 215.9 -12.0 NorthAmer♦ 861.00 -8.00 906.45 777.28 3.19 944.9 -8.9 Riverstone 930.00 10.00 960.50 822.00 - 1051.6 -11.6 in pence.
BlckR I&G 183.63 0.13 188.33 158.01 3.10 186.1 -1.3 M&GHghIc 55.50 - 63.00 53.00 - -13.9 -4.5
Inv Inc 292.00 2.00 294.70 255.00 4.09 310.6 -6.0 NthAtSml 1866.5 -1.50 1894.33 1618.54 - 2306.0 -19.1 StdLfEuPv 206.00 - 236.42 195.75 2.43 257.4 -20.0
BlckRckLat 380.00 -1.00 508.45 355.00 4.54 423.3 -10.2 Rghts&I 1040 - 1252 895.00 2.88 - 19.0
InvPerp 76.13 0.13 77.50 69.00 6.57 74.2 2.6 Oryx Int 464.00 - 473.00 375.00 - 549.9 -15.6 X FT Global 500 company
BlckRckNrAm 117.00 -0.75 120.75 98.75 2.56 126.6 -7.6 Conventional - Property ICs 52 Week Dis(-)
IPST BalR 117.13 - 117.80 108.50 - 121.2 -3.4 PacAsset 195.50 2.00 199.00 145.85 1.33 204.4 -4.4 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRSmlr 816.00 -1.50 912.30 697.00 1.47 914.8 -10.8 Price +/-Chg High Low Yld NAV or Pm
IPST Gbl Eq 158.00 1.00 160.00 138.00 - 159.1 -0.7 PacHorzn 196.50 0.75 204.75 159.20 0.76 212.1 -7.4 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRThrmt 278.50 -1.50 320.75 238.00 1.44 340.2 -18.1 Direct Property
IPST Mngd 102.00 - 101.81 100.00 - 103.3 -1.3 Perp I&G 396.50 2.90 403.60 350.81 3.00 408.6 -3.0 JPM Inc&Gr 11.50 - 15.50 9.00 1.3 -3.2 8.2 # price at time of suspension from trading
BlckRWld 316.20 -4.80 520.99 286.00 6.64 345.9 -8.6 AseanaPr $ 0.45 - 0.47 0.39 - 0.6 -25.0
Bluecrest A 187.90 0.10 188.50 173.00 - 196.1 -4.2 IPST UK Eq♦ 159.38 0.25 162.00 143.00 3.55 165.1 -3.5 PerAsset 35450 20.00 36313.1 32100 1.62 35001. 1.3 M&GHghIc 4.15 - 6.54 3.00 7.6 6.5 -
AXA Propty 42.63 -0.50 43.63 37.00 - - - The prices listed are indicative and believed accurate at the time of publication.
Brit Ast 132.00 0.75 143.50 119.25 4.84 142.1 -7.1 InvPpUK 330.25 -0.75 346.98 281.00 1.97 376.9 -12.4 1 Zero Dividend Preference Shares 52 Week HR
CustdnREIT♦ 105.00 1.00 115.50 103.50 - - - No offer is made by Morningstar or the FT. The FT does not warrant nor
Brit Emp 521.00 -2.00 528.00 474.30 2.02 580.9 -10.3 Invs Cap A 94.50 - 99.00 87.00 4.81 104.0 -9.1 PolarFins 95.63 0.38 109.50 92.00 - 108.1 -11.5 Price +/-Chg High Low SP WO TAV 0%
F&CComPrp 145.60 -0.30 148.40 116.50 4.12 120.2 21.1 guarantee that the information is reliable or complete. The FT does not accept
Brunner 544.00 9.50 552.50 486.00 3.22 625.5 -13.0 Invs Cap B 94.00 - 103.00 87.03 - 104.0 -9.6 ..Sub 7.63 - 19.40 5.00 - - - Abf Gd Inc 149.38 0.25 149.75 138.00 -33.7 - 159.7
F&CUKRealE 95.25 0.50 97.00 81.00 5.25 90.2 5.6 responsibility and will not be liable for any loss arising from the reliance on
Calednia 2320 -5.00 2337 1923 2.12 2750.9 -15.7 Invs CapU 372.00 -0.50 378.00 347.00 0.87 416.4 -10.7 PolarHealth♦ 167.25 0.75 172.59 142.50 2.06 180.3 -7.2 EcofinWatr 153.50 - 154.25 144.60 -68.9 -92.6 160.7
IndMultiPr 54.50 - 73.00 48.00 - - - or use of the information.
CanGen C$ 19.59 0.21 21.00 17.40 0.76 28.1 -30.3 JLaingInf 124.00 0.20 155.35 113.60 5.14 105.6 17.4 PolarTech 576.50 -0.50 590.74 431.00 - 580.2 -0.6 F&C PvtEq 151.50 - 152.14 146.25 - - -
InvistaERET 0.98 -0.03 4.40 0.35 - 10.7 -90.8
Cap Gear 3330 - 3465 3080 0.48 3237.5 2.9 JPM Amer 287.00 0.80 296.14 227.20 0.94 288.9 -0.7 ProspJap $ 1.08 -0.01 1.19 0.91 - 1.2 -10.0 JPM I&C 171.38 -0.13 171.75 160.15 -17.7 - 192.1 The London Share Service is a paid-for-print listing service and may not be
Longbow 105.00 - 106.75 100.50 - - -
CayenneTst 153.50 - 153.75 138.00 0.78 160.0 -4.1 JPM Asn 236.00 1.00 248.27 191.00 1.10 263.7 -10.5 QatarInvF $ 1.32 -0.01 1.49 1.15 2.16 1.6 -17.5 JupiterDv&G 111.25 - 113.00 97.75 -5.4 - 129.8 fully representative of all LSE-listed companies. This service is available to all
PictonProp 69.50 -0.25 71.50 56.00 4.32 66.1 5.1
CayenCULS 106.50 - 106.00 105.25 - - - JPM Brazil 55.25 -1.00 76.49 52.56 1.81 58.2 -5.1 RIT Cap 1470 7.00 1470 1265.3 1.95 1537.8 -4.4 JZ Capital 355.25 - 356.00 334.10 -90.7 - 369.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
SLIPropInc♦ 79.50 -0.25 82.00 72.00 5.74 75.4 5.4
City Merch♦ 189.38 0.13 191.50 182.15 5.28 185.7 2.0 JPM China 183.25 0.75 194.00 139.25 0.87 206.5 -11.3 RobecoNV € 30.38 - 30.91 26.74 - - - M&GHghIc 113.13 - 114.70 105.00 -17.2 -90.6 122.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
UKComPrp 90.00 0.20 92.65 77.80 5.40 80.4 11.9
CityNatRs♦ 102.50 1.00 146.75 95.00 5.37 129.2 -20.7 JPMElct MC 99.50 - 101.99 98.00 - 101.2 -1.7 RolincoNV € 28.32 - 28.98 24.80 - - - UtilicoFn16 185.88 - 185.45 170.80 -57.4 - 192.8
City Lon♦ 394.60 -0.70 399.00 345.00 3.71 388.7 1.5 ..MG 587.50 -1.00 600.01 507.66 1.28 600.1 -2.1 Ruffer Inv 217.75 - 222.50 193.50 - 214.0 1.8 Property Securities
UtilicoFn18 142.75 0.63 143.20 117.00 -20.2 -32.1 160.5
DexionAb 180.00 0.25 182.00 157.75 - 193.2 -6.8 ..MI 102.50 -0.50 104.99 93.01 0.83 105.2 -2.6 SchdrAsiaP 291.50 2.25 298.00 225.12 1.15 321.6 -9.4 SchdrGlbRe♦
TR Prop
123.50
297.80
-0.88 126.25 29.00 3.40 136.0
-0.20 313.50 232.40 2.50 310.9
-9.2
-4.2 UtilicoFn20 111.50 - 112.50 100.00 -10.5 -12.9 154.9 Data provided by Morningstar
..EUR € 2.46 - 2.50 2.26 - 2.7 -8.9 JPM Emrg 605.00 -4.50 632.37 501.00 0.91 676.5 -10.6 Schdr Inc 271.75 0.75 278.50 235.50 3.61 283.7 -4.2
..USD $ 3.76 - 3.75 3.35 - 4.1 -8.3 JPM EurGth 233.00 -2.50 240.00 193.00 2.88 248.9 -6.4 SchdrJap 137.13 0.13 139.10 106.79 1.28 148.7 -7.8 VCTs 52 Week Dis(-) Investment Companies - AIM
DiverseInc♦ 80.00 - 90.75 73.02 2.94 81.6 -2.0 JPM EurInc 129.00 1.00 132.55 104.75 - 134.7 -4.2 SchdrOrient 198.50 2.00 201.59 162.03 3.78 198.7 -0.1 Price +/-Chg High Low Yld NAV or Pm
Dun Inc♦ 264.13 1.13 371.25 239.00 4.20 278.5 -5.2 JPM EuSm 214.13 1.13 246.80 164.00 1.35 247.7 -13.6 SchdrUK 161.00 -1.25 198.50 146.83 2.80 180.3 -10.7 AlbionDev 70.00 - 70.89 67.00 7.14 71.3 -1.8 52 Week Dis(-)
Dun Sml 187.00 9.25 243.50 171.30 2.78 221.8 -15.7 JPM Clavr♦ 595.00 - 633.50 534.51 3.28 639.2 -6.9 SchdrUKMd 435.50 -0.50 527.50 402.49 1.83 489.6 -11.0 ..D 100.00 - 101.00 98.00 2.50 104.8 -4.6 Price +/-Chg High Low Yld NAV or Pm
EcofinWatr♦ 151.00 - 176.75 124.19 4.43 183.5 -17.7 JPMGIConv 102.75 0.50 112.50 99.00 - 100.7 2.0 ScotAmer 243.25 2.25 257.50 221.99 4.23 251.6 -3.3 Albion Ent♦ 89.00 - 92.00 85.00 5.62 92.8 -4.1 AdFrntMkt 57.63 - 65.50 55.00 - 62.2 -7.3
JPM GEI 119.50 - 130.00 105.00 4.46 117.5 1.7 Scottish In 615.50 0.50 626.00 536.00 1.88 680.8 -9.6
..CULS
EdinDragn
105.25
280.00
- 111.70 102.52
0.50 291.79 229.60
-
0.79
-
313.7
-
-10.7 JPM I&C Uni 351.50 - 370.50 330.06 - 369.6 -4.9 ScottMort 252.70 -0.70 258.70 189.00 1.15 251.2 0.6
AlbionTech 77.00 - 81.00 71.25 8.12 83.3 -7.6 CrysAmber
GLI Finance♦
150.88
61.00
- 157.66 129.81 0.3 148.7
-0.63 65.00 50.50 8.2 - -
1.5
www.morningstar.co.uk
AlbionVCT 66.00 - 68.75 64.00 7.58 67.7 -2.5
IndiaCap 66.25 -0.25 69.40 33.48 - 74.3 -10.8
Thursday 12 February 2015 ★ FINANCIAL TIMES 25

MANAGED FUNDS SERVICE

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

CF Heartwood Balanced B Acc 127.51 - 0.03 0.63 Comgest Gth Emerging Mkt DIS F $ 33.72 - -0.02 0.29 Strategic Bond Gross £ 0.33 - 0.00 3.23 Tem Latin America $ 49.57 - -1.36 0.89

ACPI Global UCITS Funds Plc (IRL) Barings (Luxembourg) (LUX) CF Heartwood Defensive Multi Asset Fund B Accumulation 110.64 - -0.07 0.01 Comgest Gth Europe DIS F € 19.42 - 0.20 0.00 Edinburgh Partners Limited (IRL) Target 2015 £ 0.50 - 0.00 0.27 Class A Acc
www.acpi.com FCA Recognised CF JM Finn Gbl Opps A Acc 273.75 - -0.08 1.56 Comgest Gth GEM PC DIS F € 12.98 - -0.03 0.00 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Target 2015 - Gross £ 0.50 - 0.00 0.30 Frk Biotech Discovery $ 32.58 - 0.47 -
Regulated Russia A GBP Inc F £ 22.82 - -0.30 1.46 Dealing - Fax only - +353 1 434 5230
CF Richmond Core 194.39 - 0.02 0.00 Target 2020 £ 0.57 - 0.00 0.49 Frk Brazil Opportunities Fd $ 10.23 - -0.02 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 106.90 - -0.71 0.00 FCA Recognised
Edinburgh Partners Opportunities Fund PLC Frk Euro S-Term Money Mkt Fd € 1012.28 - -0.01 0.00
ACPI Global Credit UCITS Funds USD A $ 13.84 - 0.00 0.00
CF Seneca Diversified Growth A ACC 213.70 - -0.47 1.19 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Target 2025 £ 1.33 - 0.00 0.28
Barmac Asset Management Ltd (UK)
CF Seneca Diversified Growth B ACC 125.79 - -0.27 2.01 PO BOX 10117, Chelmsford, Essex, CM1 9JB European Opportunities I EUR € 2.72 - 0.02 1.28 Target 2030 £ 1.41 - 0.00 0.25 Frk Euroland Fund € 19.31 - 0.21 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 151.15 - -0.18 0.00 40 Dukes Place, London, EC3A 7NH Dealing & Client Services 0845 0264281
Artemis Fund Managers Ltd (1200)F (UK) CF Seneca Diversified Growth N ACC 124.79 - -0.28 1.74 European Opportunities I GBP £ 2.02 - 0.02 1.58 UK Select £ 2.35 - 0.00 1.12 Frk European Growth € 15.26 - 0.19 0.00
ACPI India Fixed Income UCITS Fund USD A3 $ 88.40 - 0.02 0.00 Authorised Corporate Director - Capita Financial Managers Authorised Inv Funds
57 St. James's Street, London SW1A 1LD 0800 092 2051 Dealing: 0845 922 0044 European Opportunities I USD $ 3.09 - 0.03 1.38 Frk European Sml Mid Cap Gth € 33.04 - 0.26 0.00
CF Seneca Diversified Income A INC 88.97 - -0.04 5.46 Consistent UT Inc 57.73 58.43 -0.08 4.34 UK Growth £ 3.57 - -0.01 0.05
ACPI International Bond UCITS Fund USD A $ 18.31 - -0.04 0.00 Authorised Inv Funds Authorised Inv Funds
CF Seneca Diversified Income B INC 105.18 - -0.04 6.06 European Opportunities A EUR € 2.65 - 0.02 0.91 UK Smaller Companies £ 1.93 - 0.01 0.25 Frk Gbl Equity Strategies Fd $ 11.39 - 0.00 0.00
Artemis Capital R ACC 1210.71 1279.26 3.83 1.50 Consistent UT Acc 130.74 132.31 -0.18 4.20
Retail Accumulation 2 113.22 - 0.13 0.00
CF Seneca Diversified Income N INC 104.30 - -0.03 6.06 Global Opportunities I USD $ 1.71 - 0.01 1.15 WealthBuilder A Acc £ 1.01 - 0.00 0.62 Frk Gbl Fundamental Strat Fd $ 13.11 - 0.02 0.00
Artemis European Growth R Acc 238.82 252.04 -1.90 3.62 Practical Investment Inc 208.53 213.53 0.19 3.76
ACPI Select UCITS Funds PLC (IRL) Retail Income 2 111.81 - 0.12 0.00
Investment Adviser - DSM Capital Partners Global Opportunities I GBP £ 1.12 - 0.00 1.00 Fidelity PathFinder Frk Global Conver.Securities $ 11.65 - 0.03 0.00
Regulated Artemis European Opps R Acc 71.20 75.12 -0.27 1.36 Practical Investment Acc 982.60 1006.15 0.89 3.66
The Castleton Growth Fund Ret Acc F 109.81 - 0.12 0.00
ACPI Balanced UCITS Fund USD Retail $ 14.09 - 0.01 0.00 The Westchester $ 26.50 - 0.34 0.00 Global Opportunities I EUR € 1.51 - 0.01 0.99 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.11 - 0.00 - Frk Global Growth $ 14.47 - 0.09 0.00
Artemis Global Energy R Acc 28.03 29.73 -0.74 0.00 The Castleton Growth Fund Ret Inc F 110.24 - 0.12 0.00
ACPI Balanced UCITS Fund EUR Retail € 10.66 - 0.01 0.00 The Westchester Class 1 GBP Acc £ 18.78 - 0.17 0.00 Global Opportunities A GBP £ 1.05 - 0.00 0.59 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.11 - 0.00 - Frk Global Gth & Val $ 24.94 - 0.12 0.00
Artemis Global Growth R Acc 176.78 186.56 0.90 0.76 Coupland Cardiff Funds Plc (IRL)
ACPI Balanced UCITS Fund GBP Retail £ 10.75 - 0.00 0.00 The Westchester Class 2 GBP Acc £ 18.80 - 0.16 0.00 31/32 St James's Street, London, SW1A 1HD Pan European Opportunities I EUR € 1.64 - 0.01 - Fidelity PathFinder Foundation 2 Acc (clean) £ 1.12 - 0.00 - Frk Global Sml Mid Cap Gth $ 28.31 - 0.14 0.00
Artemis Global Income R Acc 95.03 100.39 0.37 3.76
BlackRock (JER) Investment Adviser Lacomp Plc FCA Recognised Fidelity PathFinder Foundation 3 Acc (clean) £ 1.12 - 0.00 - Frk Gold and Precious Mtls Fd F $ 4.04 - -0.09 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Income R Inc 78.60 83.04 0.31 3.87 Regulated
CF Lacomp World 104.03 109.23 -0.07 0.00 CC Asia Alpha Fd - Cls A Euro € 12.47 12.47 0.03 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Fidelity PathFinder Foundation 4 Acc (clean) £ 1.13 - 0.00 - Frk India $ 32.99 - 0.15 0.00
Artemis Global select R Acc 69.37 73.22 -0.01 0.00 BlackRock UK Property £ 38.89 - 0.00 3.88
Investment Adviser - Morant Wright Management Limited CC Asia Alpha Fd - Cls B USD $ 12.24 12.24 0.03 0.00
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Fidelity PathFinder Foundation 5 Acc (clean) £ 1.18 - 0.01 - Frk Japan Fd ¥ 801.01 - 0.67 0.00
Artemis High Income R Inc 80.35 85.56 -0.01 5.54 Blackrock UK Long Lease £ 1043.11 - 2.31 0.00 CF Morant Wright Japan A 243.59 - -2.88 0.00 CC Asia Alpha Fd - Cls C GBP £ 12.10 12.10 0.04 0.00
ACPI Focused Equity UCITS Fund $ 12.79 - 0.07 0.00 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.12 - 0.01 - Frk K2 Alt Strat Fd $ 10.39 - 0.04 -
Artemis Income R Inc 210.34 222.80 -0.08 4.04 BLK Intl Gold & General $ 5.32 5.61 -0.09 0.00 CF Morant Wright Japan A Inc 240.00 - -2.83 0.00 CC Asia Alpha Fd - Cls I USD $ 9.67 9.67 0.03 0.00
Fidelity PathFinder Focussed 1 Acc (clean) £ 1.11 - 0.00 - Frk MENA Fund $ 7.09 - -0.05 0.00
Artemis Income R Acc 345.54 366.01 -0.13 3.93 CF Morant Wright Japan B 258.15 - -3.04 0.44 CC Asian Evolution Fd. Cls A USD $ 14.65 14.65 0.12 0.00
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.13 - 0.00 - Frk Mutual Beacon $ 71.86 - 0.46 0.00
Abbey Life Assurance Company Limited (UK) Artemis Monthly Dist R Inc 62.88 66.73 0.12 4.74 CF Morant Wright Japan B Inc 244.73 - -2.88 0.45 CC Asian Evolution Fd. Cls B GBP £ 13.79 13.79 0.12 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 EFG Hermes Fidelity PathFinder Focussed 3 Acc (clean) £ 1.14 - 0.00 - Frk Mutual European EUR € 24.13 - 0.19 0.00
additional fund prices can be found @ www.abbeylife.co.uk Artemis Pan-Euro Abs Ret GBP 98.53 - 0.30 - CF Morant Wright Nippon Yield ACC A 250.51 - -2.96 2.18 CC Asian Evolution Fund - Cls C USD Acc $ 16.46 16.46 0.14 0.00 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.15 - 0.00 - Frk Mutual Gbl Disc $ 17.54 - 0.08 0.00
Insurances Artemis Strategic Assets R Acc 77.45 81.95 -0.21 0.00 CF Morant Wright Nippon Yield ACC B 258.73 - -3.04 2.17 CC Japan Alpha Fd - Cls A Euro € 9.96 9.96 0.02 0.00 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds Fidelity PathFinder Focussed 5 Acc (clean) £ 1.14 - 0.00 - Frk Natural Resources Fd F $ 7.72 - -0.09 0.00
Life Funds Artemis Strategic Bond R M Acc 83.50 88.66 -0.02 3.99 CF Morant Wright Nippon Yield Fund A Inc 222.44 - -2.62 2.22 CC Japan Alpha Fd - Cls B GBP £ 10.86 10.86 0.02 0.00
Prop. Acc. Ser 2 1467.50 1544.70 1.50 - The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.09 - 0.00 - Frk Real Return Fd F $ 10.54 - -0.03 0.00
Artemis Strategic Bond R M Inc 55.16 58.57 -0.01 4.06 CF Morant Wright Nippon Yield Fund B Inc 229.80 - -2.71 2.22 CC Japan Alpha Fd - Cls C JPY ¥ 1064.40 1064.40 1.46 0.00
Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.09 - 0.00 - Frk Strategic Income Fd $ 14.76 - -0.01 0.00
Selective Acc. Ser 2 1558.30 1640.30 -0.20 -
Artemis Strategic Bond R Q Acc 83.58 88.75 -0.02 3.99 BlueBay Asset Management LLP (LUX)
CC Japan Inc & Grwth Fd - Cls Acc USD $ 15.96 15.96 0.01 0.00
American Ser. 4 1670.00 1757.90 5.90 - Regulated Saudi Arabia Equity Fund SR 15.10 - 0.30 0.00 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.09 - 0.00 - Frk Technology $ 10.81 - 0.15 0.00
Artemis Strategic Bond R Q Inc 55.26 58.67 -0.01 4.08 CC Japan Inc & Grwth Fd - GBP Founder Acc £ 16.44 16.44 0.01 0.00
BlueBay EmMkt B-USD $ 291.27 - -2.12 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.09 - 0.00 - Frk U.S. Focus Fund $ 16.42 - 0.21 0.00
Custodian Ser. 4 487.70 513.40 -0.20 -
Artemis UK Growth R Acc 426.36 451.53 0.77 0.59 CC Japan Inc & Grwth Fd - GBP Founder Inc £ 15.60 15.60 0.00 0.00
BlueBay EmMktCrp B-USD $ 163.46 - -0.94 0.00 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.09 - 0.00 - Frk US Equity $ 24.11 - 0.28 0.00
Equity Ser. 4 567.20 597.00 0.60 - Electric & General (1000)F (UK)
Artemis UK Smaller Cos R Acc 1017.39 1095.38 5.49 0.55 CC Japan Inc & Grwth Fd - JPY Founder Acc ¥ 1663.43 1663.43 0.86 0.00
BlueBay EmMktSel B-USD $ 155.98 - -1.24 0.00 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Freedom 5 Acc (clean) £ 1.13 - 0.00 - Frk US Opportunities $ 11.89 - 0.17 0.00
European Ser 4 570.00 600.00 -0.20 -
Artemis UK Special Sits R Acc 507.08 538.73 -0.89 1.70 CC Japan Inc & Grwth Fd - JPY Founder Inc ¥ 1567.82 1567.82 0.81 0.00 Orders & Enquiries: 0845 850 0255
BlueBay EmMkLocCy B-USD $ 151.12 - -1.38 0.00 Fidelity PathFinder Income 1 Income (clean) £ 1.06 - 0.01 - Frk US Sml Mid Cap Gth F $ 19.55 - 0.23 -
Fixed Int. Ser. 4 899.40 946.70 -1.40 - Authorised Inv Funds
Artemis US Abs Ret I Acc 101.35 - 0.32 - CC Japan Inc & Grwth Fd - USD Founder Acc $ 16.36 16.36 0.01 0.00
BlueBay GlblConv I-USD $ 187.69 - 0.23 0.00 Authorised Corporate Director - Carvetian Capital Management Fidelity PathFinder Income 1 Gross Income (clean) £ 1.06 - 0.00 - Frk Wrld Perspective Fd $ 19.21 - 0.14 0.00
Intl Ser. 4 438.60 461.60 0.20 - CATCo Reinsurance Opportunities Fund Ltd. (UK)
Artemis US Equity I Acc 110.22 - 0.77 - CC Japan Inc & Grwth Fd - USD Founder Inc $ 15.54 15.54 0.01 0.00
BlueBay GlblHgYd B-USD $ 131.07 - 0.72 0.00 Electric&General Net Income A 137.00 - -0.30 2.10 Fidelity PathFinder Income 2 Income (clean) £ 1.06 - 0.00 - Tem Africa $ 10.55 - -0.12 0.00
Japan Ser 4 349.50 367.90 -4.50 - 9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Artemis US Select I Acc 110.45 - 0.77 -
BlueBay HgYield B-EUR € 332.72 - 0.90 0.00 Authorised Funds Fidelity PathFinder Income 2 gross £ 1.07 - 0.00 4.27 Tem Asian Sml Comp Fd $ 39.04 - -0.04 0.00
Man. Ser. 4 1666.20 1753.90 0.10 -
Artemis US Smlr Cos I Acc 115.04 - 0.27 - CATCo Re Opps Fund Ords $ 1.1981 - 0.0105 15.33
BlueBay HgYieldCp B-EUR € 140.99 - 0.40 0.00 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Income 2 Gross Income (clean) £ 1.06 - 0.00 - Tem BRIC $ 13.71 - -0.14 0.00
Money Ser. 4 524.10 551.70 0.00 -
Artemis US Ex Alpha I Acc 112.74 - 0.77 - 5 Kensington Church St, London W8 4LD 020 7368 4220
BlueBay InvGr B-EUR € 175.50 - -0.07 0.00 Fidelity PathFinder Income 3 Income (clean) £ 1.06 - 0.00 1.89 Tem China $ 22.81 - 0.13 0.00
Prop. Ser. 4 1052.60 1108.00 0.80 - FCA Recognised
BlueBay InvGEurGv B-EUR € 151.47 - -0.10 0.00 CATCo Reinsurance Fund Ltd. (BMU) Institutional OEIC Funds Tem Eastern Europe € 18.02 - -0.10 0.00
Custodian Ser 5 469.30 494.00 -0.10 - Ennismore European Smlr Cos NAV £ 90.90 - -0.01 0.00
Artemis Fund Managers Ltd (CYM)
BlueBay InvGEurAg I-EUR € 151.63 - -0.06 0.00
Regulated America £ 3.88 - 0.01 0.42
International Ser 5 422.00 444.20 0.20 - Regulated Ennismore European Smlr Cos NAV € 122.49 - 0.25 0.00 Tem Emerging Mkts Sml Comp Fd $ 10.07 - -0.07 0.00
CATCo Re Fund Ltd Series A $ 1643.1807 - 13.5508 -
BlueBay InvGLibor B-EUR € 126.20 - 0.06 0.00 Emerging Markets £ 3.33 - 0.00 0.49 Tem Euroland € 19.04 - 0.08 0.00
Managed Ser 5 1603.20 1687.60 0.20 - Artemis Gbl Hedge Fd Ltd GBP £ 55.60 - 0.34 - CATCo Re Fund Ltd Series B $ 1688.2146 - 14.6326 -
HighIncomeLoan H-EUR € 190.73 - -0.03 0.00 Crèdit Andorrà Asset Management (LUX) Europe £ 3.96 - -0.01 2.44
Artemis Gbl Hedge Fd Ltd EUR € 51.90 - 0.27 - Tem European EUR € 20.78 - 0.10 0.00
Money Ser 5 513.20 540.20 0.00 - CATCo Re Fund Ltd Series D $ 1408.6155 - 11.9140 0.00 www.creditandorra.com Ennismore European Smlr Cos Hedge Fd
Other International Funds Fidelity Pre-Retirement Bond Fund £ 119.10 - 0.00 1.50 Tem Frontier Mkts Fund $ 18.10 - -0.04 0.00
Property Ser 5 1012.80 1066.10 0.80 - Artemis Gbl Hedge Fd Ltd USD $ 55.96 - 0.33 - FCA Recognised
CATCo Re Fund Ltd Series E $ 1434.4695 - 12.7443 0.00
BONHOTE Crediinvest SICAV Money Market Eur I € 11.23 - 0.00 0.00 NAV € 444.39 - 3.95 0.00 Global Focus £ 2.76 - 0.00 0.53 Tem Growth (Euro) € 16.15 - 0.09 0.00
Pension Funds Artemis Pan-Euro Hdg EUR € 179.43 - 3.22 -
Other International Funds Index Linked Bond £ 2.59 - 0.01 0.63
American 1923.00 2024.20 10.40 - Artemis Pan-Euro Hdg GBP £ 199.42 - 3.79 - Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Tem Korea $ 5.17 - -0.07 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6810.00 - -25.00 2.46 Cavendish Asset Management Limited (1200)F (UK)
Equity 5020.90 5285.10 6.30 - Crediinvest SICAV Fixed Income Eur € 10.95 - 0.00 0.00 Equinox Fund Mgmt (Guernsey) Limited (GSY) Index Linked Bond Gross £ 3.11 - 0.01 0.63 Tem Thailand $ 21.59 - -0.16 0.00
Artemis Pan-Euro Hdg USD $ 188.04 - 3.46 - Chelsea House, Westgate, London W5 1DR
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10120.00 - 16.00 0.84 Regulated
European 1150.70 1211.30 0.90 - IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Crediinvest SICAV Fixed Income Usd $ 10.65 - 0.00 0.00 Index-Linked Bond Fund Gross Inc £ 12.18 - 0.03 0.63
Authorised Inv Funds Equinox Russian Opportunities Fund Limited $ 84.05 86.77 -0.55 0.00 Japan £ 1.96 - 0.00 0.76
Fixed Int. 1648.30 1735.00 -4.60 - Crediinvest SICAV Spanish Value € 263.19 - -0.21 0.00 Frontier Gottex (UK)
Artisan Partners Global Funds PLC (IRL)
Braemar Group PCC Limited (GSY) Cavendish Opportunities Fund B Class 992.40 - -1.10 1.43
Long Bond £ 0.52 - 0.00 2.64 Authorised Inv Funds
International 932.00 981.00 0.70 - Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Crediinvest SICAV International Value € 234.40 - 1.43 0.00
Regulated Cavendish Opportunities Fund A Class 986.80 - -1.10 0.57
Tel: 44 (0) 207 766 7130 Euronova Asset Management UK LLP (CYM) Long Bond Gross £ 0.84 - 0.00 2.58 FP Frontier MAP Balanced Fund 141.20 - 0.17 0.66
Japan 364.00 383.20 -5.00 - UK Agricultural Class A £ 1.26 - -0.01 0.00 Crediinvest SICAV Big Cap Value € 17.93 - 0.07 0.00
FCA Recognised Cavendish Opportunities Fund C Acc 1018.00 - -1.00 1.30 Regulated
Managed 4319.40 4546.70 0.70 - Crediinvest SICAV US American Value $ 18.36 - 0.16 0.00 Long Bond Fund Gross Inc £ 11.64 - 0.01 2.63
Artisan Partners Global Funds plc UK Agricultural Class B £ 1.38 - 0.00 0.00 Smaller Cos Cls One Shares (Est) € 31.58 - 0.41 0.00
Cavendish Worldwide Fund B Class 306.90 - -0.40 0.95
Property 2696.10 2838.00 3.00 - Artisan Emerging Markets I USD Acc $ 7.51 - -0.04 0.00 Crediinvest SICAV Sustainability € 15.45 - 0.00 0.00 Pacific (Ex Japan) £ 3.75 - -0.05 1.88 Frontier Capital (Bermuda) Limited
Student Accom Class B £ 0.72 - -0.28 0.00 Smaller Cos Cls Two Shares (Est) € 22.40 - 0.26 0.00
Cavendish Worldwide Fund A Class 306.40 - -0.40 0.16 Other International
Security 1477.00 1554.70 0.00 - Artisan Global Equity Fund Class I USD Acc $ 14.46 - 0.13 0.00 Pan European £ 2.61 - -0.01 2.05
Smaller Cos Cls Three Shares (Est) € 11.24 - 0.16 - Commercial Property-GBP Class £ 71.42 - -0.53 -
Cavendish Worldwide Fund C Acc 312.90 - -0.40 0.90
Selective 1994.60 2099.60 -1.70 - Artisan Global Opportunities I USD Acc $ 11.70 - 0.07 0.00 Dantrust Management (Guernsey) Ltd (GSY) Reduced Duration UK Corporate Bond £ 10.60 - 0.00 3.43
CAF Financial Solutions (UK)
Cavendish AIM Fund B Class 150.50 - 0.00 0.40
Smaller Cos Cls Four Shares (Est) € 14.51 - 0.17 0.00 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Formerly Hill Samuel Life Assurance Ltd Artisan Global Value Fund Class I USD Acc $ 16.14 - 0.14 0.00 Kings Hill, West Malling, Kent 03000 123 222 Regulated Reduced Duration UK Corporate Bond Gross £ 10.72 - 0.00 3.43
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Property & Other UK Unit Trusts Cavendish AIM Fund A Class 146.60 - -0.10 0.00 Dantrust II Limited kr 459.40 459.50 -1.10 0.00
Artisan US Value Equity Fund Class I USD Acc $ 11.88 - -0.02 0.00 Reduced Duration UK Corporate Bond Inc £ 10.16 - 0.01 3.43
Managed Ser A (Life) 1579.10 1671.00 1.70 - CAF UK Equitrack Inc Fd 73.48 73.48 -0.02 3.41 Cavendish Asia Pacific Fund B Class 169.40 - -0.60 1.44
Reduced Duration UK Corp Bond Gross Inc £ 10.17 - 0.01 3.43
Managed Ser A (Pensions) 1059.10 1114.90 1.40 - CAF UK Equitrack Acc Fd 100.70 100.70 0.00 3.34 Cavendish Asia Pacific Fund A Class 169.10 - -0.60 0.66 DAVIS Funds SICAV (LUX)
Ashmore Sicav (LUX) Select Emerging Markets Equities £ 1.29 - -0.01 0.96
Formerly Target Life Assurance Ltd FP CAF Alternative Strategies A Class Acc 110.07 - 0.01 0.47 Cavendish Asia Pacific Fund C Acc 174.20 - -0.70 1.42 Regulated
2 rue Albert Borschette L-1246 Luxembourg Select European Eqts £ 1.73 - 0.01 1.88
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Davis Value A $ 40.62 - 0.33 0.00
FCA Recognised FP CAF Alternative Strategies A Class Inc 109.69 - 0.00 0.33 Cavendish European Fund B Class 133.70 - -0.30 1.32
Managed (Life) 1600.30 1684.50 1.30 - Select Global Equities £ 2.98 - 0.01 0.97
Ashmore SICAV Emerging Market Debt Fund $ 96.27 - -0.84 13.57 Davis Global A $ 29.37 - -0.05 0.00
FP CAF Fixed Interest A class Acc 114.14 - -0.14 2.76 Cavendish European Fund A Class 132.40 - -0.40 0.38
Managed Growth (Life) 507.60 534.30 0.80 - South East Asia £ 3.72 - -0.03 0.68
Ashmore SICAV Emerging Market Frontier Equity Fund $ 157.70 - 0.81 2.11 Eurobank Fund Management Company (Luxembourg) S.A. Fundsmith LLP (1200)F (UK)
FP CAF Fixed Interest A class Inc 101.99 - -0.13 2.81 Cavendish Japan Fund B Class 145.80 - -1.70 0.82
Managed (Pensions) 6355.00 6689.50 7.40 - Regulated Sterling Core Plus Bond Gr Accum £ 2.09 - 0.00 3.43 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Ashmore SICAV Emerging Market Total Return Fund $ 85.88 - -0.61 10.25 FP CAF Fixed Interest B class Acc 114.59 - -0.15 2.76 Cavendish Japan Fund A Class 144.90 - -1.70 0.00 Discretionary Unit Fund Mngrs (1000)F (UK)
(LF) Absolute Return € 1.31 - 0.01 0.00 Sterling Core Plus Bond Inc £ 1.38 - 0.00 3.53 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Managed Growth (Pensions) 622.70 655.50 1.10 - 1 Poultry, London EC2R 8JR 020 7 415 4130
Ashmore SICAV Global Equity Fund $ 109.72 - 0.02 0.60 FP CAF Fixed Interest B class Inc 102.27 - -0.13 2.81 Cavendish North American Fund B Class 191.70 - 0.80 0.59 Authorised Inv Funds
additional fund prices can be found on our website Authorised Inv Funds (LF) Balanced - Active Fund (RON)RON 16.30 - 0.05 0.00 UK £ 3.47 - 0.00 1.91
Ashmore SICAV Global Small Cap Equity Fund $ 129.79 - -0.54 0.07 FP CAF International Equity A Class Acc 140.65 - 0.01 0.70 Cavendish North American Fund A Class 186.60 - 0.80 0.00 Fundsmith Equity T Acc 205.77 - 0.83 1.09
Disc Inc 1372.10 1414.50 9.70 0.00 (LF) Cash Fund € € 1.31 - 0.01 0.00 UK Aggreg Bond Gr Accum £ 1.83 - 0.01 3.03
Ashmore SICAV Local Currency Fund $ 86.30 - -0.30 1.95 FP CAF International Equity A Class Inc 137.16 - 0.01 0.71 Cavendish Technology Fund B Class 267.10 - 2.10 0.10 Fundsmith Equity T Inc 195.88 - 0.79 1.10
Do Accum 5099.80 5257.50 35.90 0.00 (LF) Cash Fund (RON) RON 15.64 - 0.06 0.00 UK Aggregate Bond Inc £ 1.25 - 0.00 3.08
EM Mkts Corp.Debt USD F $ 95.08 - -0.17 9.77 FP CAF UK Equity A Class Acc 146.86 - 0.28 2.18 Cavendish Technology Fund A Class 255.20 - 2.00 0.00 (LF) Eq Emerging Europe € 0.80 - -0.01 0.00 UK Corporate Bond £ 1.26 - 0.00 3.90
EM Mkts Loc.Ccy Bd USD F $ 90.39 - -0.66 10.67 FP CAF UK Equity A Class Inc 135.51 - 0.25 2.20 Cavendish UK Balanced Income Fund B Class 141.40 - -0.40 4.84 GAM Limited (2300)F (UK)
(LF) Eq Flexi Style Greece € 1.22 - 0.02 - UK Corporate Bond - Gross £ 2.28 - 0.00 3.77 GAM Sterling Management Limited
FP CAF UK Equity B Class Acc 146.86 - 0.28 2.17 Cavendish UK Balanced Income A Class 135.10 - -0.50 5.06 (LF) Global Bond Fd € 12.22 - -0.01 0.00 UK Corporate Bond Fund Gross Inc £ 11.42 - 0.00 3.89 12 St James's Place London SW1A 1NX. 0800 919 927
FP CAF UK Equity B Class Inc 135.50 - 0.26 2.20 Cavendish UK Select Fund B Class 160.10 - -0.10 1.75 (LF) Global Equities € 1.15 - 0.01 0.00 Internet: gam.com
UK Gilt Bond £ 1.30 - 0.00 1.82
Authorised Inv Funds
Alceda Fund Management S.A. Cavendish UK Select Fund A Class 159.80 - -0.10 0.91 (LF) Eq Mena Fund € 15.50 - -0.01 0.00 UK Gilt Gross £ 2.05 - 0.01 1.79 GAM Funds OEIC
www.alceda.lu
(LF) Greek Government Bond € 14.91 - 0.48 0.00 UK Long Corp Bond £ 1.44 - 0.00 4.19 GAM Global Diversified Acc 3965.10 - 11.31 0.00
FCA Recognised
Cedar Rock Capital Limited (IRL) Dodge & Cox Worldwide Funds (IRL) (LF) Income Plus $ $ 1.22 - 0.00 0.00 UK Long Corp Bond - Gross £ 2.53 - -0.02 4.04 GAM North American Gwth Acc 3297.30 - 20.12 0.00
AC Opp - Aremus Fund EUR A € 105.47 - 0.93 -
Regulated 6 Duke Street,St.James,London SW1Y 6BN
AC Risk Parity 7 Fund EUR A € 125.08 - -0.31 0.00 (LF) Greek Corporate Bond € 10.53 - 0.13 0.00 UK Long Corporate Bond Fund - Gross Income £ 11.50 - -0.07 4.18 GAM UK Diversified Acc 1882.00 - -2.53 1.08
Cedar Rock Capital Fd Plc $ 348.17 - 10.71 0.00 www.dodgeandcox.worldwide.com 020 3713 7664
Aspect Capital Ltd (UK)
FCA Recognised
Asset Management
AC Risk Parity 12 Fund EUR A € 153.00 - -0.60 0.00 (LF) FOF Balanced Blend € 1.43 - 0.00 0.00 UK Specialist £ 1.82 - -0.01 1.22
Other International Funds Cedar Rock Capital Fd Plc £ 363.94 - 15.70 0.00
Dodge & Cox Worldwide Funds plc - Global Bond Fund
AC Risk Parity 17 Fund EUR A € 101.75 - -0.64 0.00 Aspect Diversified USD $ 412.71 - -6.81 0.00 (LF) FOF Equity Blend € 1.30 - 0.00 0.00 Retail Share Classes GAM Limited (IRL)
Cedar Rock Capital Fd Plc € 321.18 - 23.16 0.00 EUR Accumulating Class € 11.90 - -0.02 -
CCLA Investment Management Ltd (UK) (LF) FOF Glob. Emerging Mkts € 0.92 - 0.00 0.00 Emerging Markets - retail £ 1.33 - 0.00 0.00 FCA Recognised
ACQ Risk Parity Bond Fund EUR A € 103.67 103.67 -0.23 0.00 Aspect Diversified EUR € 247.34 - -4.05 -
Senator House 85 Queen Victoria Street London EC4V 4ET EUR Accumulating Class (H) € 9.68 - -0.02 - GAM Fund Management Ltd
(LF) FOF Dynamic Fixed Inc € 11.79 - -0.03 0.00 Europe Long Term Growth £ 1.54 - 0.00 1.84
Aspect Diversified GBP £ 125.95 - -2.07 0.00 Authorised Inv Funds Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Charles Schwab Worldwide Funds Plc (IRL) EUR Distributing Class € 11.68 - -0.02 - {*}CAR - Net income reinvested
Aspect Diversified CHF SFr 119.23 - -1.99 0.00 The Public Sector Deposit Fund Regulated (LF) FOF Real Estate € 17.09 - -0.02 0.00 GAM Star Fund Plc
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.47 EUR Distributing Class (H) € 9.49 - -0.02 -
Aspect Diversified Trends USD $ 119.57 - -1.03 0.00 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 GAM Star Asia-Pacific Eqty USD Acc F $ 11.94 - -0.03 0.77
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.27 GBP Distributing Class £ 10.54 - -0.05 - FIL Fund Management (LUX)
Aspect Diversified Trends EUR € 119.51 - -1.02 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg GAM Star Asian Eqty USD Ord Acc F $ 14.17 - -0.01 0.00
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.32 GBP Distributing Class (H) £ 9.53 - -0.02 -
Aspect Diversified Trends GBP £ 123.48 - -1.05 0.00 Chartered Asset Management Pte Ltd Phone: 800 22 089, 800 22 088 GAM Star Balanced GBP Acc £ 10.36 - 0.02 -
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.37 Other International Funds USD Accumulating Class $ 9.71 - -0.03 - Regulated
GAM Star Cap.Appr.US Eqty USD Inc F $ 17.63 - 0.16 0.00
CAM-GTF Limited $ 339234.56 339234.56 -1358.36 0.00 Dodge & Cox Worldwide Funds plc-Global Stock Fund China Consumer A-GBP £ 15.20 - 0.06 0.00
The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.27
Allianz Global Investors GmbH(1200) F (UK) Atlantas Sicav (LUX) USD Accumulating Share Class $ 17.00 - 0.10 0.00 GAM Star Cat Bond USD Acc $ 12.42 - 0.00 0.00
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 CAM GTi Limited $ 737.96 - -0.80 0.00 China Focus A-GBP £ 4.31 - 0.02 0.24
Regulated GAM Star Cautious GBP Acc £ 10.39 - -0.02 -
GBP Accumulating Share Class £ 18.32 - 0.05 0.00
Authorised Inv Funds Raffles-Asia Investment Company $ 1.97 1.97 0.01 6.57 Global Financial Services A-GBP £ 0.43 - 0.00 0.00
American Dynamic $ 3403.20 - 30.72 0.00 CCLA Investment Management Ltd (UK) FIL Investment Services (UK) Limited (1200)F (UK) GAM Star China Equity USD Acc F $ 22.07 - 0.02 0.50
OEIC Senator House 85 Queen Victoria Street London EC4V 4ET GBP Distributing Share class £ 13.46 - 0.04 0.63
American One $ 3176.46 - 58.96 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Global Health Care A-GBP £ 0.54 - 0.00 0.00
Allianz BRIC Stars A Acc 159.48 - -0.60 0.61 Property & Other UK Unit Trusts EUR Accumulating Share Class € 22.56 - 0.14 0.00 Callfree: Private Clients 0800 414161 GAM Star Cont European Eqty GBP Acc F £ 3.34 - 0.03 0.00
Bond Global € 1361.43 - 1.37 0.00 Global Industrials A-GBP £ 0.69 - 0.00 0.00
Allianz BRIC Stars C Acc 170.03 - -0.65 1.04 CBF Church of England Funds Dodge & Cox Worldwide Funds plc-International Stock Fund Broker Dealings: 0800 414 181 GAM Star Cred Opportunities GBP Acc £ 12.64 - 0.01 4.12
Eurocroissance € 831.33 - 11.60 0.00 Investment Inc 1347.35 1362.25 7.08 3.78 Authorised Inv Funds Global Inflation-Linked Bd A-GBP-Hdg £ 1.19 - -0.01 0.51
Allianz Brazil Fund A Acc 56.59 - -1.99 0.97 USD Accumulating Share Class $ 15.16 - 0.06 0.00 GAM Star Defensive GBP Acc £ 10.93 - 0.01 0.00
Far East $ 689.93 - -5.72 0.00 Unit Trust Global Real Asset Securities £ 1.50 - -0.01 0.00
Investment Acc 2662.50 2691.94 14.00 - EUR Accumulating Share Class € 15.77 - 0.08 0.00 GAM Star Discretionary FX USD Acc F $ 12.94 - -0.03 0.00
Allianz Brazil Fund C Acc 57.90 - -2.04 1.65 Cash Accum Units 186.23 186.23 0.00 0.00
Global Equity Inc 159.96 161.72 0.39 4.31 Global Technology A-GBP £ 0.24 - 0.00 0.00
Allz Continental European A Acc 858.32 - -0.42 0.20 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund GAM Star Dynamic Gbl Bd USD Acc H $ 10.48 - -0.06 1.44
Cash Fund £ 1.00 1.00 0.00 0.12 Global Telecomms A-GBP £ 0.29 - 0.00 1.01
BLME Asset Management (LUX) Global Equity Acc 225.56 228.06 0.54 - USD Accumulating Share Class $ 18.50 - 0.15 0.00
GAM Star Emerging Asia USD Class ACCU $ 13.10 - 0.00 0.47
Allz Continental European C Acc 138.34 - -0.07 1.04 Gross Accum Cash £ 1.28 1.28 0.00 0.00
BLME Sharia'a Umbrella Fund SICAV SIF
UK Equity Inc 148.06 149.54 1.21 4.05 Cheyne Capital Management (UK) LLP (IRL) GBP Accumulating Share Class £ 18.87 - 0.11 0.00 India Focus A-GBP £ 4.69 - -0.01 0.00
Allz European Eq Inc A Inc 135.71 - -0.90 3.59 Regulated Regulated GAM Star Emerg. Market Rates USD Acc F $ 11.50 - -0.03 0.00
MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.11 Latin America A-GBP £ 1.68 - -0.03 0.18
UK Equity Acc 212.41 214.55 1.72 - EUR Accumulating Share Class € 21.22 - 0.19 0.00
Allz European Eq Inc A Acc 183.61 - -1.21 3.75 $ Income Fund - Share Class A Acc $ 1137.71 - -0.30 0.00 Cheyne Convertibles Absolute Return Fund € 1349.26 - 4.64 0.00 GAM Star European Eqty USD Acc F $ 22.17 - 0.18 0.00
MoneyBuilder Global £ 2.60 2.60 0.00 0.19
Fixed Interest Inc 170.25 170.93 -3.10 3.96 GAM Star Flexible Gbl Port GBP Ac £ 12.69 - 0.03 0.00
Allz European Eq Inc C Acc 103.09 - -0.68 3.56 $ Income Fund - Share Class B Acc $ 1157.10 - -0.29 0.00 Cheyne European Real Estate Bond Fund € 112.50 - 0.16 0.00 OEIC Funds
Fixed Interest Acc 501.23 503.23 -9.12 - Findlay Park Funds Plc (IRL)
Allz European Eq Inc C Inc 99.69 - -0.66 3.48 $ Income Fund - Share Class C Acc $ 1007.36 - -0.27 0.00 Cheyne Global Credit Fund € 120.77 - 0.07 0.00 American £ 27.92 - 0.21 0.00 GAM Star GAMCO US Equity Acc F $ 13.76 - 0.05 0.00
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
Property Fund Inc 124.33 128.50 0.10 6.51 GAM Star Global Conv Bond USD Acc F $ 11.32 - 0.02 0.00
Allianz EcoTrends A Acc 87.57 - -0.05 0.00 $ Income Fund - Share Class D Dis $ 1000.35 - -0.26 - American Special Sits £ 11.24 - 0.05 0.00 FCA Recognised
Property Fund Acc 216.50 223.76 2.85 - American Fund USD Class $ 79.21 - 0.66 0.00 GAM Star Global Rates USD Acc F $ 12.65 - 0.05 0.00
Allianz EcoTrends C Acc 91.92 - -0.06 0.00 $ Income Fund - Share Class G Acc £ 1075.82 - -0.27 0.00 Cheyne Capital Management (UK) LLP Asia Pacific Ops W-Acc £ 1.07 - 0.00 -

Allianz Gilt Yield Fund C Inc 170.42 - 0.10 1.86 $ Income Fund - Share Class M Acc € 1015.75 - -0.29 0.00 Other International Funds Fidelity Asian Dividend Fund A-Accumulation £ 1.15 - -0.01 0.48 American Fund GBP Hedged £ 43.14 - 0.36 0.00 GAM Star Global Selector USD Acc F $ 14.40 - 0.08 0.00
CCLA Fund Managers Ltd (UK) Cheyne European Event Driven Fund € 143.98 - 0.00 0.00
Asset Management Latin American Fund USD Class $ 15.32 - -0.42 0.00
Asset Management
Allianz Gilt Yield Fund I Inc 176.13 - 0.10 1.86 $ Income Fund - Share Class W DisA$ 1027.25 - -0.19 - Fidelity Asian Dividend Fund A-Income £ 1.11 - -0.01 2.60 GAM Star Japan Eqty USD Acc F $ 12.03 - -0.05 0.38
Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne European High Yield Fund € 134.71 - -1.84 0.00 Dominion Fund Management Limited
Allianz Japan A Acc 482.14 - -5.58 0.00 Gl Sukuk Fund - Share Class A Acc $ 1208.12 - -1.06 0.00 Property & Other UK Unit Trusts China Consumer £ 1.52 - -0.01 0.21 GAM Star Keynes Quant Strat USD Acc F $ 12.34 - 0.02 0.00
PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Cheyne Long/Short Credit Fund $ 213.87 - 0.34 -
Allianz Japan C Acc 108.81 - -1.26 0.00 Gl Sukuk Fund - Share class B Acc £ 1075.67 1075.67 -0.93 0.00 COIF Charity Funds (UK) Guernsey - Channel Islands United Kingdom GY1 3PU Emerging Asia £ 1.25 - 0.00 0.24 GAM Star Local EM Rates and FX USD Acc $ 11.77 - -0.09 0.00
Investment Inc 1232.30 1245.94 9.66 3.73 Cheyne Malacca Asia Equity Fund Class A $ 1441.37 - -50.85 0.00 +44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
Allz RiskMaster Conservative A Acc 118.80 - -0.31 0.00 Emerg Eur, Mid East & Africa H £ 1.46 - -0.02 0.84 GAM Star North of South EM Equity Acc F $ 11.71 - -0.05 0.02
Cheyne Multi Strategy Liquid Fund $ 124.67 - -0.92 - FCA Recognised
Allz RiskMaster Conservative C Acc 120.36 - -0.31 0.31 Bank of America Cap Mgmt (Ireland) Ltd (IRL) Investment Acc 11493.97 11621.11 90.16 - Enhanced Income - Acc £ 1.89 - 0.01 6.74 GAM Star Technology USD Acc F $ 16.04 - 0.11 0.00
DGT - Consumer £ I Class £ 129.20 - -1.21 0.00
Regulated Ethical Invest Inc 190.84 192.96 1.50 3.80 Cheyne Real Estate Credit Holdings Fund £ 139.97 - 0.47 0.00
Allz RiskMaster Defensive A Acc 112.65 - -0.25 0.00 Enhanced Income - Inc £ 1.28 - 0.00 6.90 GAM Star US All Cap Eqty USD Acc F $ 14.02 - 0.08 0.00
DGT - Consumer £ R Class £ 124.63 - -1.18 0.00
Global Liquidity USD $ 1.00 - 0.00 0.21 Ethical Invest Acc 235.83 238.43 1.84 - Cheyne Real Estate Debt Fund Class A1 £ 128.31 - -0.27 0.00
Allz RiskMaster Defensive C Acc 114.18 - -0.25 0.14 European - Inc £ 1.42 - 0.00 2.35 GAM Star Worldwide Eqty USD Acc F $ 3277.85 - 15.50 0.37
DGT Managed - £ I £ 1.13 - 0.00 0.00
Global Equity Inc 151.11 152.79 0.79 4.29 Cheyne Total Return Credit Fund - December 2017 Class $ 197.75 - -0.92 0.00 Fleming Financial Trust Investment Fund Limited (NZ)
Allz RiskMaster Growth A Acc 124.70 - -0.47 0.00 European £ 16.01 - -0.02 1.58
DGT Managed - £ R £ 1.14 - -0.01 0.00 Incorporated in New Zealand, Reg No 5141841
Barclays Investment Funds (CI) Ltd (JER) Global Equity Acc 215.86 218.24 1.15 - Cheyne Total Return Credit Fund December 2019 $ 133.38 - -1.32 -
Allz RiskMaster Growth C Acc 127.38 - -0.48 0.03 European Opportunities £ 3.59 - 0.00 0.37 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand GYS Investment Management Ltd (GSY)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Fixed Interest Inc 140.44 141.00 -1.60 3.91 www.fftinvestmentfund.com Regulated
Allz RiskMaster Moderate A Acc 123.24 - -0.32 0.00 FCA Recognised Extra Income £ 0.27 - 0.00 3.59
Dominion Fund Management Limited Taurus Emerging Fund Ltd $ 246.03 251.05 -5.28 0.00
Allz RiskMaster Moderate C Acc 125.28 - -0.33 0.48 Bond Funds Fixed Interest Acc 781.05 784.19 -8.88 - CMI Asset Mgmt (Luxembourg) SA (LUX)
Extra Income - Gross £ 0.27 - 0.00 3.59
info@fftinvestmentfund.com
Other International Funds
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311 Other International Funds
Sterling Bond F £ 0.48 - 0.00 3.25 Property Inc 106.95 110.53 0.04 6.12
Allz Sterling Total Return Fund A Inc 153.90 - 0.12 2.99 FCA Recognised DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 108.11 108.11 1.20 0.00 Global Dividend - Acc £ 1.55 - 0.00 2.98 Fleming FT Investment Fund
Property Acc 230.09 237.80 0.09 - CMI Global Network Fund (u) Generali International Limited
Allz Sterling Total Return Fund C Inc 154.75 - 0.12 3.54 DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 108.48 108.48 1.78 0.00 Global Dividend - Inc £ 1.41 - 0.00 3.20 Fleming Fund $ 2.81 2.91 0.02 -
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Allz Total Return Asian A Acc 687.23 - -0.11 -
Baring Fund Managers Ltd (1200)F (UK) Local Authorities Property Fd (LAMIT) (UK) Regional Equity Sub Funds
Global Focus £ 12.99 - -0.01 0.00 International Insurances
Dealing and Enquiries 020 7214 1004 Property 268.44 288.35 2.60 4.55 CMI Continental Euro Equity € 28.84 - -0.03 0.91
Allz Total Return Asian C Inc 633.97 - -0.08 1.15 Fund Information: www.barings.com Global High Yield Fund - A Gross Acc £ 11.96 - 0.01 4.67 Foord Asset Mgt (Guernsey) Ltd (GSY) Global Multi-Strategy Managed $ 4.86 5.24 0.01 0.00
Authorised Inv Funds CMI Pacific Basin Enhanced Equity $ 44.42 - -0.17 2.37 Regulated
Allz UK Corporate Bond A Inc 109.27 - 0.06 3.66 Global High Yield Fund - A Gross Inc £ 10.36 - 0.01 4.84 UK Multi-Strategy Managed £ 4.84 5.22 0.01 0.00
Dynamic Capital Growth Acc 655.40 692.40 -0.90 1.28 CG Asset Management Limited (IRL) Single Country Equity Sub Funds Foord International Trust $ 34.51 - 0.00 0.00
Allz UK Corporate Bond C Inc 109.60 - 0.06 3.56 Global High Yield Fund - A Net Acc £ 11.62 - 0.01 4.74 EU Multi-Strategy Managed € 2.93 3.16 0.01 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland CMI Japan Enhanced Equity F ¥ 4096.91 - -0.10 0.86
Allz UK Equity Income A Inc 285.58 - -0.52 4.55 Dynamic Capital Growth Inc 266.10 281.10 -0.40 1.29 00 353 1 434 5098 Global High Yield Fund - A Net Inc £ 10.35 - 0.01 4.83 Global Bond USD $ 3.60 3.88 0.01 0.00
Eastern Acc GBP 676.50 - 1.10 0.00 FCA Recognised CMI UK Equity £ 12.27 - 0.00 2.11 Franklin Templeton International Services Sarl (IRL)
Allz UK Equity Income C Inc 102.20 - -0.19 3.21 Global Property - Acc £ 1.55 - -0.01 1.23
Capital Gearing Portfolio Fund Plc £ 26652.64 26652.64 -216.18 0.62 CMI US Enhanced Equity F $ 79.22 - 0.84 0.57 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Allianz UK Growth A Acc 4366.76 - -2.15 1.67 Eastern Inc GBP 663.90 - 1.10 0.00 Dragon Capital Group Global Property W Inc £ 1.29 - -0.01 - Genesis Asset Managers LLP
Other International Funds
CG Portfolio Fund Plc Index Tracking Sub Funds c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Other International Funds
Allianz UK Growth C Acc 101.14 - -0.04 1.33 Europe Select Inc GBP 2440.00 - -11.00 0.64 Global Special Sits £ 24.70 - 0.13 0.04 Franklin Emerging Market Debt Opportunities Fund Plc
Real Return Cls A £ 171.44 171.44 -4.28 2.28 Euro Equity Index Tracking € 19.56 - -0.01 2.00 Fund information, dealing and administration: funds@dragoncapital.com Emerging Mkts NAV £ 5.82 - -0.05 0.00
European Growth Inc 995.40 1049.00 -3.60 1.07 Franklin Emg Mkts Debt Opp CHFSFr 17.80 - -0.86 6.29
Allianz UK Unconstrained C Acc 100.35 - -0.04 0.74 Other International Funds Index Emerging Markets P-Acc £ 1.10 - -0.02 -
Dollar Fund Cls D £ 132.01 132.01 -3.79 1.55 Japan Index Tracking ¥ 752.00 - -0.02 0.94
German Growth Acc GBP 572.90 - -1.60 0.74 Vietnam Enterprise Inv. (VEIL) NAV $ 3.40 - -0.07 0.00 Franklin Emg Mkts Debt Opp EUR € 12.66 - 0.00 5.94
Allianz UK Unconstrained A Acc 208.74 - -0.09 0.85 Index Europe ex UK P-Acc £ 1.02 - 0.00 0.16
Capital Value Fund Cls V £ 129.33 129.33 -1.07 0.27 UK Eqty Index Tracking £ 15.78 - -0.01 2.90 Guardian (UK)
German Growth Inc GBP 528.70 - -1.50 0.54 Vietnam Growth Fund (VGF) NAV $ 22.62 - 0.01 0.00 Franklin Emg Mkts Debt Opp GBP £ 10.61 - 0.00 5.96
Allianz UK Index C Acc 1824.92 - -0.57 2.93 Index Japan P-Acc £ 1.06 - 0.00 0.02
US Eqty Index Tracking $ 58.11 - 0.61 0.80 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Global Bond Inc 119.70 125.70 -0.70 1.82 Vietnam Property Fund (VPF) NAV $ 0.80 - 0.00 0.00 Franklin Emg Mkts Debt Opp SGD S$ 23.02 - -0.10 5.97
Allianz UK Index C Inc 1295.74 - -0.43 2.47 Index Pacific ex Japan P-Acc £ 1.13 - -0.02 - Insurances
Managed Sub Funds
Global Growth Inc 374.80 394.90 0.90 0.00 Franklin Emg Mkts Debt Opp USD $ 17.85 - -0.19 6.03 Guardian Assurance
Allianz UK Mid Cap A Acc 3766.58 - 0.90 0.88 Index UK A-Acc £ 0.86 - 0.00 1.18
Global Bond £ 1.49 - -0.01 0.84
Allianz UK Mid Cap Fund C Acc 3825.73 - 1.00 1.69 Japan Growth Acc 128.50 135.40 -0.20 0.00 DSM Capital Partners Funds (LUX) Index UK P-Acc £ 1.05 - 0.00 0.97 Property Bond £ 23.36 24.33 0.00 -
Global Network Mgd Global Mxd £ 2.36 - -0.01 0.19
Allianz US Equity A Acc 404.23 - 2.64 0.13 Korea Acc 259.10 274.60 -1.20 0.00 www.dsmsicav.com
Index US A-Acc £ 1.62 - 0.01 1.32 Franklin Templeton Investment Funds (LUX) Choices Wth-Pfts Lg-tm 317.00 333.70 0.00 -
Global Equity £ 2.61 - -0.02 0.02 Regulated 8A rue Albert Borschette / L-1246 Luxembourg
Allianz US Equity C Acc 186.68 - 1.23 0.81 Multi Asset A Acc ... C 155.80 - -1.00 0.73 Index US P-Acc £ 1.25 - 0.01 1.73 Choices Wth-Pfts St-tm 269.00 283.10 0.00 -
Bond Sub Funds Global Growth I2 Acc € 127.09 - 1.37 0.00 www.franklintempleton.co.uk UK freephone 0 800 305 306
Yield expressed as CAR (Compound Annual Return) Multi Asset A Inc ... C 150.50 - -0.90 0.74 Index World A-Acc £ 1.43 - 0.00 1.70 FCA Recognised Choices Managed 624.51 657.38 -1.05 -
CMI Euro Bond F € 47.08 - 0.02 1.80
All transactions to Ser A units the sell price will be used UK Growth Inc 250.30 264.70 0.50 1.37
Canada Life Investments (UK) Class A Dis
Index World P-Acc £ 1.16 - 0.00 2.10 Choices Equity 705.92 743.08 -2.00 -
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 CMI UK Bond £ 8.22 - 0.01 2.02 Ecclesiastical Inv Mgt Ltd (1200)F (UK)
Charity Fund Frk Gbl R.Estate (USD) A Dis $ 10.36 - 0.03 2.19
Authorised Inv Funds PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 Japan £ 2.58 - 0.00 0.25 Freedom With Pfts Long-Tm 217.80 229.30 0.00 -
0800 032 6347 (charity enquiries) CMI US Bond $ 13.40 - 0.00 1.51
Amundi Funds (LUX) Asia Pacific B Acc 893.71 - -4.58 0.95 Authorised Inv Funds Frk High Yield $ 6.79 - 0.00 -
Freedom With Pfts Short-Tm 196.10 206.50 0.00 -
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Currency Reserve Sub Funds Japan Smaller Companies £ 1.80 - 0.00 0.00
Targeted Return Fund Acc 144.40 145.30 -0.30 3.15
www.amundi-funds.com Balanced B Acc 147.12 - -0.15 0.00
Asset Management Amity UK Cls A Inc 206.70 - 0.50 1.47
MoneyBuilder Asset Allocator £ 1.22 - 0.00 0.50
Frk Euro Gov. Bond € 11.52 - -0.01 1.01
Freedom Managed 361.84 380.88 0.00 -

Asset Management Asset Management

Targeted Return Fund Inc 113.90 114.50 -0.20 3.22 CMI Euro Currency Reserve € 24.96 - 0.00 -
FCA Recognised Corporate Bond B Inc 216.93 - 0.13 3.81 Amity UK Cls B Inc 205.90 - 0.40 2.31 Frk Euro High Yield € 6.62 - 0.00 4.58
CMI Stlg Currency Reserve £ 4.93 - 0.00 - MoneyBuilder Balanced £ 0.51 - 0.00 4.04 Freedom Equity 408.77 430.29 0.59 -
Bd. Euro Corporate AE Class - R - EUR € 19.07 - 0.00 0.00 European B Acc 240.44 - -1.22 0.00 Higher Income Cls A Inc 130.20 - 0.10 4.72 Frk Euro Liquid Reserve € 4.37 - 0.00 -
CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50 Money Builder Dividend £ 2.65 - 0.00 4.39 Corp Pens Mananged 220.47 220.47 -0.37 -
Bd. Global AU Class - R - USD $ 26.67 - -0.11 0.00 Baring International Fd Mgrs (Ireland) (IRL) Frk Euro Short Dur Bond Fd € 10.20 - 0.00 -
Global Bond B Inc 96.10 - -0.42 2.18 Higher Income Cls B Inc 133.60 - 0.10 4.65 Corp Pens Equity 230.45 230.45 -0.66 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 CMI Access 80% Gu F € 5.66 - 0.00 0.00 MoneyBuilder Growth £ 0.75 - 0.00 2.17
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FCA Recognised Global Equity B Acc 604.96 - -0.03 1.45 UK Equity Growth Cls A Inc 228.80 - 0.40 0.48 Frk Europ Corp Bond Fd € 11.61 - 0.00 1.64
MoneyBuilder Growth ISA £ 0.75 - 0.00 2.33 Corp Pens Fixed Interest 302.52 302.52 -1.63 -
Eq. Emerging World AU Class - R - USD $ 93.33 - -0.30 0.00 ASEAN Frontiers A GBP Inc £ 124.98 - -0.68 0.91 Global Equity Income B Inc 126.92 - -0.19 3.90 UK Equity Growth Cls B Inc 233.20 - 0.30 1.29 Frk European Total Return € 10.39 - 0.00 1.48
MoneyBuilder Income £ 0.37 - 0.00 3.23 Corp Pens Index Linked 349.88 349.88 -4.00 -
Cohen & Steers SICAV (LUX)
Eq. Greater China AU Class - R - USD $ 620.76 - 1.93 0.00 Asia Growth A GBP Inc H £ 46.04 - 0.08 0.00 Global High Yield Bond B Inc 101.60 - 0.20 5.04 Amity Balanced For Charities A Inc 113.00 - -0.10 5.36 Frk Global Aggr.Inv.Grd Bond Fd $ 10.69 - -0.02 0.00
Regulated MoneyBuilder Income -Gross £ 0.37 - 0.00 3.23 Corp Pens Deposit 190.29 190.29 0.01 -
Eq. Latin America AU Class - R - USD $ 426.79 - -10.14 0.00 Australia A GBP Inc £ 74.18 - -0.64 2.27 Global Infrastructure B Acc 116.90 - -0.42 1.72 European Real Estate Securities € 22.4674 - 0.1995 1.35 Amity European Fund Cls A Inc 196.30 - -0.20 1.25 Frk Global Aggregate Bond Fd $ 10.11 - -0.02 1.27
Multi Asset Adventurous A-Acc £ 1.35 - 0.00 0.46 Corp Pens Protector 368.15 368.15 -4.35 -
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 99.16 - 0.02 0.00 Baring China Bond Fund $ 10.11 - 0.00 0.00 Global Resource B Acc 91.87 - -2.14 0.07 Europ.RealEstate Sec. IX € 29.5728 - 0.2626 0.00 Amity European Fund Cls B Inc 198.00 - -0.20 2.13 Frk Global Income Fd $ 10.30 - 0.01 5.55
Multi Asset Alloc Adventurous A-Acc £ 3.66 - -0.01 2.29 Corp Pens UK Index Tracker £ 1.98 1.98 0.00 -
Baring Emerging Markets Corporate Debt Fund $ 9.14 - -0.04 0.00 Japan B Acc 47.88 - -0.50 0.00 Gbl RealEstate Sec. I $ 11.2772 - 0.0191 1.29 Amity Global Equity Inc for Charities A Inc 106.20 - -0.20 3.92 Frk Income $ 12.71 - 0.05 3.09 Guardian Linked Life Assurance Ltd
Multi Asset Alloc Strategic A-Acc £ 1.21 - 0.00 0.27
The Antares European Fund Limited Baring European Opportunities Fund Class A EUR Acc € 12.16 - 0.01 0.00 Portfolio III B Acc 108.73 - 0.04 1.37 Gbl RealEstate Sec. IX $ 13.1518 - 0.0223 0.00 Amity International Cls A Inc 218.20 - -0.60 1.28 Frk US Government $ 9.46 - -0.01 2.29 Managed Acc £ 18.15 19.10 0.00 -
Multi Asset Alloc Def - Gross A £ 1.14 - 0.00 0.27
Other International Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00
Baring Global Mining Fund - Class A GBP Inc £ 5.12 - -0.05 0.74 Portfolio IV B Acc 109.33 - -0.01 1.82 Amity International Cls B Inc 219.70 - -0.70 2.09 Equity Acc £ 33.25 35.00 0.05 -
AEF Ltd Usd (Est) $ 595.15 - 5.47 - Multi Asset Alloc Def - Net A £ 1.14 - 0.00 0.24
Dynamic Emerging Markets A GBP Acc F £ 9.67 - -0.12 0.00 Portfolio V B Acc 109.75 - -0.04 0.87 Amity Sterling Bond Fund A Inc 110.10 - 0.00 5.19 Frk US Low Duration Fd $ 9.89 - 0.00 0.53 Fixed Interest Acc £ 17.30 18.21 -0.08 -
AEF Ltd Eur (Est) € 597.13 - 5.48 0.00 Multi Asset Alloc Growth A £ 1.26 - 0.00 0.00
Eastern Europe A GBP Inc £ 43.25 - 0.05 0.79 Portfolio VI B Acc 109.80 - -0.22 1.00 Amity Sterling Bond Fund B Inc 118.40 - 0.00 5.18 Frk US Total Return $ 11.48 - -0.01 1.56 International Acc £ 13.23 13.93 0.00 -
Multi Asset Defensive £ 1.24 - 0.00 0.35
Emerging Mkt Debt LC A GBP Hedged Inc £ 8.72 - -0.07 6.60 Portfolio VII B Acc 107.59 - -0.32 0.78 Tem Asian Bond $ 13.52 - 0.00 3.04 Nth American Acc £ 6.77 7.13 -0.01 -
Multi Asset Defensive - Gross £ 1.24 - 0.00 0.34
Arbiter Fund Managers Limited (LUX)
Tem Asian Growth $ 32.50 - -0.14 0.29
Emerging Opportunities A GBP Inc H £ 19.75 - -0.10 0.00 North American B Acc 864.39 - 1.62 0.45 Eclectica Asset Management (UK) Pacific Acc £ 3.89 4.10 -0.01 -
FCA Recognised Multi Asset Growth £ 1.40 - 0.00 0.34
Glb Emerging Markets A GBP Inc H £ 19.93 - -0.08 0.44 40 Dukes Place, London EC3A 7NH Tem Emerging Markets $ 32.55 - -0.16 0.27
Arbiter Global Emerging Markets Fund Class A USD $ 109.37 - -0.35 0.00 Strategic Return B Acc 105.02 - -0.27 - MultiManager Balanced £ 1.09 - 0.00 0.56 European Acc £ 3.32 3.49 0.01 -
Order desk: 0845 6080941 Switchboard 0870 6072555
Glb Resources A GBP Inc H £ 12.73 - -0.10 0.34 Total Return B Acc 105.82 - -0.30 1.24 Comgest SA (LUX) Tem Emg Mkts Balanced AQdis $ 7.79 - -0.03 2.87 Property Acc £ 6.75 7.10 0.00 -
Arbiter Global Emerging Markets Fund Class B GBP £ 101.21 - -0.44 - Authorised Corporate Director - Capita Financial Managers Multi Asset Open Growth A-Acc £ 0.48 - 0.00 0.77
High Yield Bond A GBP Hedged Inc H £ 6.83 - 0.01 6.62 17 square Edouard VII - 75009 Paris, www.comgest.com Authorised Inv Funds Tem Emg Mkts Bd $ 17.09 - -0.11 6.69
UK Equity B Inc 110.27 - 0.03 1.51 Multi Asset Open Strategic A-Acc £ 1.26 - 0.00 1.60 Index-Linked Acc £ 6.60 6.95 -0.07 -
FCA Recognised
Hong Kong China A GBP Inc £ 601.25 - -5.22 0.58 CF Eclectica Agriculture A EUR Acc € 1.49 - 0.00 0.00 Tem Global $ 34.13 - 0.11 0.47
Arisaig Partners UK Equity & Bond Income B Inc 238.38 - 0.44 4.59 Comgest Asia F $ 4076.57 - 6.97 0.00 Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.32 Deposit Accum £ 4.46 4.69 0.00 -
Other International Funds India Fund - Class A GBP Inc £ 15.44 - 0.02 0.00 CF Eclectica Agriculture A GBP Acc 110.25 - 0.09 0.00 Tem Global (Euro) € 18.89 - 0.08 0.37 Guardian Pensions Management Ltd
UK Equity Income B Inc 422.01 - 0.86 4.51 Comgest Europe F SFr 5447.63 - 53.45 0.00 Multi Asset Strategic £ 1.55 - 0.00 0.51
Arisaig Africa Consumer Fund Limited $ 16.28 - -0.24 0.00 Latin America A USD Inc H $ 34.36 - -0.21 - CF Eclectica Agriculture A USD Acc $ 1.68 - 0.01 0.00 Tem Global Balanced $ 22.82 - 0.06 0.64 Pens. Managed Acc. £ 23.59 24.83 -0.04 -
UK Government Bond B Inc 48.38 - 0.01 2.18 Open World A-Acc £ 1.22 - 0.00 0.00
Arisaig Asia Consumer Fund Limited $ 62.77 - -0.42 0.00 MENA A GBP Inc F * £ 14.75 - -0.09 - CF Eclectica Agriculture C EUR Acc € 1.54 - 0.00 0.32 Tem Global Bond $ 20.86 - -0.07 2.32 Pens. Equity Acc. £ 35.55 37.43 -0.11 -
Comgest SA (FRA) Multi Asset Income A Gross Acc £ 1.57 - 0.00 3.66
Arisaig Global Emerging Markets Consumer Fund $ 10.35 - -0.07 0.00 17 square Edouard VII - 75009 Paris CF Eclectica Agriculture C GBP Acc 113.97 - 0.09 0.36 Tem Global Bond (Euro) € 10.37 - 0.00 2.89
Capita Asset Services (UK) Multi Asset Income A Gross Inc £ 1.13 - 0.00 5.06
Arisaig Global Emerging Markets Consumer UCITS € 11.88 - -0.06 0.00 Baring International Fd Mgrs (Ireland) (IRL) 40 Dukes Place, London EC3A 7NH FCA Recognised CF Eclectica Agriculture C USD Acc $ 1.73 - 0.01 0.38 Tem Global Equity Income A(Mdis) $ 10.00 - 0.05 3.69 HPB Assurance Ltd
Order Desk 08459 220044 Switchboard 0870 607 2555 Multi Asset Income A Net Acc £ 1.49 - 0.00 3.67
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.29 - -0.08 0.00 Regulated Comgest Magellan € 21.34 - 0.01 0.00 Tem Global High Yield Fd F $ 9.42 - -0.03 4.99 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Authorised Inv Funds Multi Asset Income A Net Inc £ 1.13 - 0.00 5.06 International Insurances
Arisaig Latin America Consumer Fund $ 22.57 - -0.36 0.00 China A-Share A GBP Inc £ 5.70 - 0.14 0.00
Tem Global Income $ 14.18 - 0.03 1.64
CF Heartwood Cautious B Acc 129.13 - -0.10 0.37 South East Asia £ 8.37 - -0.05 0.45 Holiday Property Bond Ser 1 £ 0.53 - 0.00 0.00
Comgest AM International Ltd (IRL) Tem Global Smaller Cos $ 33.23 - -0.01 0.00
CF Heartwood Cautious Income B Inc 112.91 - 0.02 2.08 46 St Stephen's Green, Dublin 2, Ireland Special Situations £ 28.45 - -0.04 1.77 Holiday Property Bond Ser 2 £ 0.62 - 0.00 0.00
FCA Recognised Tem Global Total Return $ 17.71 - -0.06 3.56
CF Heartwood Growth B Acc 146.15 - 0.18 0.65 Strategic Bond £ 0.33 - 0.00 3.23
CF Heartwood Balanced Income B Inc 116.36 - 0.08 2.38 Comgest Gth Asia Pac ex Jap DIS F $ 8.13 - 0.02 0.30

Asset Management
Asset Management Asset Management
 26 ★ FINANCIAL TIMES Thursday 12 February 2015

MANAGED FUNDS SERVICE

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

European Opportunities Acc F 77.43 - -0.20 0.18 Invesco Euro Corporate Bond Fund (A) € 17.59 - -0.01 0.00 UK Smaller Cos Inc 64.98xd - 0.00 0.00 New Zealand Dollar NZ$ 209.8850 - 0.0180 2.66 (Accum Units) 6769.91xd - -8.07 4.25 US Growth A F $ 65.01 - 0.45 0.00

Hamon Investment Group European Smlr Cos Acc F 165.17 - -0.28 0.00 Invesco Euro Inflation Linked Bond A € 15.68 - -0.03 0.00 UK Strategic Eq Inc Acc ... C 148.70xd - -0.10 3.38 Sterling Class £ 52.5360 - 0.0000 0.19 M&G Property Portfolio A Acc 125.92xd 132.54 0.01 3.94 Marlborough Fd Managers Ltd (1200)F (UK) US Growth AH F € 44.94 - 0.31 0.00
Other International Funds Global Bd Acc (Gross) F 129.26 - -0.55 1.06 Invesco Euro Reserve A € 322.89 - 0.00 0.00 UK Strategic Eq Inc Inc ... C 99.32xd - -0.04 3.46 US Dollar Class $ 60.5750 - -0.0010 -0.32 Property Portfolio A 117.98xd 124.18 0.00 4.03 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 US Growth AX F £ 42.62 - 0.25 0.00
Asian Market Leaders - USD $ 26.22 - 0.13 0.00 www.marlboroughfunds.com
Global Bd Inc (Gross) F 80.54 - -0.34 1.07 Invesco European Bond A € 7.12 - 0.00 0.00 UK Strategic Gth Acc 108.00xd - 0.20 1.22 Lloyds Multi Strategy Fund Limited Property Portfolio X 117.99xd 117.99 0.01 4.02 US Property A F $ 72.24 - 0.76 0.00
Authorised Inv Funds
Asian Market Leaders - GBP £ 13.43 - 0.05 0.00 Conservative Strategy £ 1.1510 - -0.0030 2.30
Global Bond Acc F 121.68 - -0.51 1.06 Invesco European Growth Equity A € 23.35 - -0.04 0.00 UK Strategic Gth Inc 100.70xd - 0.10 1.23 Balanced 153.23 162.02 0.19 0.08
Greater China - USD $ 10.70 - 0.03 0.00 Growth Strategy £ 1.5350 - 0.0010 1.64
Global Bond Inc F 80.46 - -0.34 1.07 Invesco Global Absolute Return Fund A Class € 11.81 - 0.00 0.00 US Acc 720.90xd - 4.00 0.00 M & G (Guernsey) Ltd (GSY) Bond Income 52.04 55.07 0.01 4.25 Morgens Waterfall Vintiadis.co Inc
Greater China - GBP £ 4.43 - 0.01 0.00 Aggressive Strategy £ 1.8360 - 0.0060 0.00 Regulated Other International Funds
Glbl Distribution Acc 52.78 - 0.09 4.44 Invesco Global Bond A Inc $ 5.56 - 0.00 1.12 US Inc 99.78xd - 0.55 0.00 Cash 50.08 - 0.00 0.62
Selected Asian P'folio $ 49.14 49.15 0.10 0.00 Global USD Growth Strategy $ 1.4200 - 0.0090 0.00 The M&G Offshore Fund Range Phaeton Intl (BVI) Ltd (Est) $ 427.82 - 1.11 0.00
Glbl Distribution Acc (Gross) 53.10 - 0.09 4.44 Invesco Global Equity Income Fund A $ 59.87 - 0.36 0.00 US Equity Income Acc ... C 123.20xd - 0.70 1.84 Cautious Inc 84.43 88.88 0.05 1.60
Dealing Daily American Fund 164.90 171.77 0.96 0.00
Glbl Distribution Inc 51.57 - 0.09 4.45 Invesco Global Inc Real Estate Sec A dist $ 9.81 - 0.03 2.26 US Equity Income £ hdg Inc ... C 103.20xd - 1.10 2.00 Defensive A Inc 116.13 - -0.21 0.98
Corporate Bond 1357.55 1399.53 1.00 3.05
Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Glbl Distribution Inc (Gross) 51.57 - 0.09 4.45 Invesco Global Inv Grd Corp Bond A Dist $ 12.28 - -0.01 3.04 US Equity Income Inc ... C 106.30xd - 0.60 1.86 Emerging Markets 240.60 - -2.37 1.71
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Global Basics 2428.85 2503.97 -6.74 0.00
Enquiries 0117 90090000 Global Equity (acc) F 468.55 - -1.10 0.50 Invesco Global Leisure A $ 36.25 - 0.40 0.00 US Select Acc 112.20xd - 0.80 0.00 ETF Global Growth A 158.35 - -0.35 0.00
Global Leaders 3371.51 3511.99 10.92 1.31
Authorised Inv Funds Global Equity (inc) F 427.36 - -1.01 0.50 Invesco Global Smaller Comp Eq Fd A $ 53.42 - -0.03 0.00 US Select Inc 110.80xd - 0.80 0.00 ETF Commodity A 82.99 - -1.06 0.00
Hargreaves Lansdown Funds Global High Yield Bond 1000.66 1031.60 0.59 4.65
Global Equity Income Acc F 119.64 - -0.22 3.23 Invesco Global Structured Equity A $ 45.78 - 0.20 - US Smaller Cos Acc 380.30xd - 3.30 0.00 European Multi-Cap 240.66 - -1.48 0.22
Unit Trust Global Macro Bond Fund 11340.48 11691.22 -58.40 0.55
Global Equity Income Inc F 100.54 - -0.19 3.31 Invesco Global Total Ret.(EUR) Bond Fund A € 13.45 - -0.01 0.00 US Smaller Cos Inc 99.64xd - 0.86 0.00 Extra Income 80.60 85.29 0.11 4.09
Multi-Manager Spec Sits Tst 259.19 272.83 0.05 0.22 Optimal Income Fund 145.46 149.95 0.05 2.37 Natixis International Funds (Lux) I SICAV (LUX)
Gbl Financial Capital Acc 86.10 - 0.20 4.37 Invesco Gold & Precious Metals A $ 4.88 - -0.11 0.00 Far East Growth A Inc 165.57 - -1.02 1.95
HL Multi-Manager Income & Growth Trust (Accumulation units) 161.96 170.39 0.41 3.75 Lombard Odier Funds (Europe) S.A (LUX) Recovery Fund Limited 'A' Participating Shares 10663.56 11107.87 -60.35 0.67 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000

HL Multi-Manager Income & Growth Trust (Income units) 100.33 105.54 0.26 3.75
Multi-Manager Bal Mgd Tst 180.87 190.21 0.11 0.89
HL Multi-Manager Equity & Bond Trust (Income units) 109.04 114.58 0.11 2.24
HL Multi-Manager Equity & Bond Trust (Accumulation units) 145.10 152.48 0.14 2.24
Multi-Manager Strategic Bond Trust A Acc 169.33 174.56 -0.24 1.75
Multi-Manager Strategic Bond Trust A Inc 142.89 147.30 -0.21 1.75
HL Multi Manager UK Growth 100.00 103.09 0.27 0.00
Haussmann
Other International Funds
Haussmann Cls A $ 2716.34 - 15.59 0.00
Haussmann Cls C € 2382.32 - 13.53 0.00
Haussmann Cls D SFr 1271.53 - 12.22 0.00
Heartwood Wealth Management Limited (IRL)
Regulated
Heartwood Caut Multi Asset B Acc 141.57 - -0.18 0.00
Henderson Global Investors (UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds
Asia Pacific Capital Growth A Acc 777.30 - -2.20 0.82
Asian Dividend Income Inc 95.87 101.17 -0.61 5.81
Cautious Managed A Acc 242.80 - -0.20 3.22
Cautious Managed A Inc 153.80 - -0.10 3.28
China Opportunities A Acc 853.00 - -4.70 0.38
Emerging Markets Opportunities A Acc 152.50 - -1.60 0.40
European Growth A Acc 163.20 - -0.50 0.80
European Selected Opportunities A Acc 1248.00 - -4.00 0.49
European Special Situations A Acc 87.91 - -0.47 1.13
Fixed Interest Monthly Income A Inc 22.39 23.48 0.01 5.99
Global Care Growth A Inc 201.80 - 0.00 0.12
Global Equity Income A Inc 50.35 - -0.04 3.81
Global Growth Fund 1991.81 2081.19 9.40 0.00
Global Technology A Acc 914.30 - 7.50 0.00
Multi-Manager Absolute Return A Acc 136.00 - -0.20 0.00
Multi-Manager Active A Acc 175.20 - -0.30 0.00
Multi-Manager Distribution A Inc 131.80 - 0.00 2.49
Multi-Manager Diversified A Acc 78.70 - -0.04 2.61
Multi-Manager Global Select Acc 182.20 - 0.00 0.00
Multi-Manager Income & Growth A Acc 153.20 - 0.00 2.03
Multi-Manager Income & Growth A Inc 143.50 - 0.00 2.05
Multi-Manager Managed A Acc 229.20 - -0.30 0.00
Multi-Manager Managed A Inc 225.00 - -0.30 0.00
Sterling Bond Acc 203.64 212.78 0.13 2.84
Sterling Bond Inc 64.19 67.06 0.04 2.88
Strategic Bond A Inc 129.90 - 0.10 5.74
UK & Irish Smaller Companies A Acc 521.70 - 0.80 0.05
UK Absolute Return A Acc 143.90 - 0.00 0.00
UK Alpha A Acc 108.30 - -0.20 1.05
UK Equity Income & Growth A Inc 617.20 - -0.10 3.45
UK Index A Acc 506.80 - -0.10 1.99
UK Property A Acc 193.08 203.24 0.05 4.04
UK Property A Inc 97.68 102.81 0.03 4.16
UK Tracker A Acc 231.00 - -0.10 1.42
US Growth A Acc 780.20 - 6.90 0.00
Gbl Financial Capital Inc
Gbl Financial Cap Acc Gross
Gbl Financial Cap Inc Gross
Global Opportunities Acc
Global Smaller Cos Acc
Global Smaller Cos Inc
Global Targeted Rets Acc
High Income Acc
High Income Inc
High Yield Fund Acc
High Yield Fund Acc (Gross)
High Yield Fund Inc
High Yield Fund Inc (Gross)
Hong Kong & China Acc
Income & Growth Acc
Income & Growth Inc
Income Acc F 3095.63
Income Inc F 1772.73
Japan Acc F 289.59
Japanese Smlr Cos Acc
Latin America Acc
Latin America Inc
Managed Growth Acc
Managed Growth Inc
Managed Income Acc
Managed Income Inc
Money Acc F 90.08
Money Acc (Gross)
Monthly Income Plus Acc
Monthly Income Plus Acc (Gross)
Monthly Income Plus Inc
Monthly Income Plus Inc (Gross)
Pacific Acc F 1005.09
Pacific Inc F 923.16
Tactical Bond Acc
Tactical Bond Inc
Tactical Bond Acc (Gross)
Tactical Bond Inc (Gross)
UK Aggressive Acc
UK Aggressive Inc
UK Growth Acc
UK Growth Inc F 359.38
UK Smaller Cos Equity Acc
UK Smaller Cos Equity Inc
UK Strategic Income Acc
UK Strategic Income Inc
US Equity Acc F 550.89
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc
Asian (No Trail) Inc
Asian Equity Income (No Trail) Acc
Asian Equity Income (No Trail) Inc
Balanced Risk 6 No Trail Acc
Balanced Risk 8 No Trail Acc
Balanced Risk 10 No Trail Acc
Corporate Bond (No Trail) Acc
Corporate Bond (No Trail) Inc
Distribution (No Trail) Acc
Distribution (No Trail) Inc
75.33
89.34
75.60
F 94.16
F 1661.73
F 1589.60
57.51
F 800.93
F 449.84
108.15
125.19
44.16
44.19
F 468.11
F 953.74
F 423.18
F 64.54
F 126.50
F 106.40
F 161.29
F 135.08
F 159.18
F 99.57
F 95.17
F 298.85
F 348.75
F 113.42
F 113.56
F 69.61
F 60.75
F 72.11
F 60.80
F 208.18
F 173.37
F 566.44
F 778.57
F 600.46
F 180.76
F 137.65
F 197.05
F 179.18
F 129.98
112.66
109.43
113.47
117.61
F 164.69
F 120.27
F 169.36
F 115.51
- 0.18 4.50 Invesco Greater China Equity A $ 46.76 - 0.04 0.00 JPMorgan Asset Management (Europe) S.à. r.l. (FRA) www.loim.com Recovery Fund Limited 'I' Participating Shares 10677.32 10785.17 -59.75 1.47
Global 180.70 190.29 0.39 0.00 FCA Recognised
- 0.21 4.87 Invesco India Equity A $ 53.61 - 0.62 0.00 6 route de Trèves L - 2633 Senningerberg - Luxembourg Regulated Harris Global Equity R/A (USD) $ 269.52 269.52 1.98 0.00
Global Bond Inc 142.70 151.00 -0.57 3.52
FCA Recognised Lombard Odier Funds Strategic Corporate Bond Fund 137.34 143.07 0.05 2.90
- 0.18 5.06 Invesco Japanese Equity Adv Fd A ¥ 3547.00 - 0.00 0.00 High Yield Fixed Interest 73.51 77.99 0.02 5.97 Harris Concentrated US Equity H-N/A (GBP) £ 148.42 148.42 1.67 0.00
Star Capitol America Absolute Ret Bond (EUR) PA € 12.21 - 0.00 0.00 UK Growth 1531.44 1595.24 -8.07 1.06
- -0.41 0.49 Invesco Japanese Value Eq Fd A ¥ 1139.00 - 0.00 0.00 Star Capitol America D € 2662.86 - 31.80 0.00 Multi Cap Income A Inc 149.57 - 0.15 4.30 Harris Concentrated US Equity R/D (GBP) £ 105.94 105.94 1.07 34.05
Absolute Ret Bond (USD) PA $ 17.89 - 0.01 0.00
- -4.65 0.00 Invesco Latin American Equity A $ 7.38 - -0.17 0.00 Nano-Cap Growth A Acc 96.8418 106.6700 0.2754 - Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.06 100.06 0.06 1.89
All Roads (CHF) PA SFr 17.98 - -0.05 0.00
- -4.44 0.00 Invesco Nippon Small/Mid Cap Equity A ¥ 1000.00 - 0.00 0.00 JPMorgan Charity Funds (UK) Special Situations A Acc 1007.97 1066.63 -12.55 0.25
All Roads (USD) PA $ 11.36 - -0.02 0.00
- 0.06 0.28 Invesco Pan European Equity A EUR Cap NAV € 19.44 - 0.01 0.00 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 UK Multi-Cap Growth A Inc 222.51 235.46 0.16 0.44 Natixis International Funds (Dublin) I plc (IRL)
Property & Other UK Unit Trusts All Roads (GBP) PA £ 11.58 - -0.03 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
- 3.10 3.51 Invesco Pan European High Income Fd A € 14.20 - -0.01 1.97 UK Micro Cap Growth A 406.59 430.25 0.27 0.00
UK Equity Fund for Charities I...C £ 2.848890xd 2.860050 0.000540 3.32 All Roads (EUR) PA € 11.53 - -0.03 0.00 Regulated
- 1.75 3.60 Invesco Pan European Small Cap Equity A € 20.12 - 0.20 0.00 US Multi-Cap Income 320.35 - 1.60 0.17 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 14.05 14.05 -0.06 0.96
Bond Fund for Charities £ 1.399300xd 1.406140 0.000870 3.66 Alpha Japan (EUR) PA F € 10.77 - 0.02 0.00
- 0.20 4.20 Invesco Pan European Structured Equity A € 16.50 - 0.03 0.00 MFM - Third Party Funds
Alpha Japan (CHF) PA F SFr 13.52 - 0.02 0.00 MFS Investment Funds (LUX) Loomis Sayles High Income R/D (USD) $ 9.62 9.62 0.01 13.02
- 0.23 4.17 Invesco UK Eqty Income A £ 30.96 - 0.12 0.00 FCA Recognised Junior Oils 102.67 108.65 -4.12 0.00
Loomis Sayles Multisector Income R/D (GBP) £ 13.90 13.90 -0.02 4.20
Jefferies Umbrella Fund (LUX) Alpha Japan (JPY) PA F ¥ 1276.00 - 2.00 0.00
Junior Gold C Acc 27.44 - -0.45 0.00
- 0.08 4.29 Invesco UK Investment Grade Bond A £ 1.02 - 0.00 2.72 Blend.Research Gb.Eq.Fd. € 100.48 - 0.48 -
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626 Alpha Japan (USD) PA F $ 15.44 - 0.03 0.00
- 0.08 4.28 Invesco US Structured Equity A $ 22.39 - 0.21 0.00 FCA Recognised Blend.Research Gb.Eq.Fd. £ 100.18 - 0.18 - MFM Artorius Fund 138.02 - 1.04 0.20
Alternative Beta PA F SFr 119.28 - 0.24 0.00 Natixis International Funds (UK)
- -4.29 0.73 Invesco US Value Eq Fd A $ 33.01 - 0.24 0.00 Europe Convertible Bd A (Dis) - D - EUR F € 13.60 - 0.06 0.96 Blend.Research U.S.Core Eq.Fd. ¥ 10146.82 - 146.82 - MFM Bowland 137.09 148.21 0.36 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Alternative Beta PA F € 79.94 - 0.18 0.00
Europe Convertible Bd B (Cap) € 15.63 - 0.07 0.00 Blend.Research Gb.Eq.Fd. $ - - - - MFM Hathaway Inc 101.94 106.74 -0.57 1.44 Authorised Funds
- 1.21 3.66 Invesco USD Reserve A $ 87.02 - 0.00 0.00
Alternative Beta PA F $ 119.43 - 0.26 0.00 H2O MultiReturns Fund N/A (GBP) $ 13.00 13.00 -0.04 1.68
- 0.54 3.76 Global Convertible A (Dis) F $ 19.14 - 0.02 0.00 Em.Mk.Debt Fd.US Dollar $ 121.33 - -0.68 0.00 MFM SGWM Managed A Acc 124.10 - -0.11 0.16
Commodities (CHF) PA SFr 6.17 - -0.08 0.00 H2O MultiReturns Fund I/A (GBP) £ 1.23 - 0.01 2.05
- 11.85 3.33 Invesco Global Asset Management Ltd (IRL) Global Convertible B (Cap) F $ 22.73 - 0.03 0.00 Em.Mk.Debt Fd.Yen 1 ¥ 10289.00 - -57.00 0.00 MFM Techinvest Special Situations Acc 108.92 - 1.87 0.09
Commodities (EUR) PA € 6.22 - -0.08 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.06 - 0.00 -
- 6.78 3.41 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 Global Convertible A Hdg GBP(Dis) F £ 12.94 - 0.02 0.00 Em.Mk.Debt Fd.Yen 2 ¥ 15060.00 - 5.00 0.00 MFM Techinvest Technology Acc 362.00 - 3.39 0.00
FCA Recognised Commodities (USD) PA $ 6.37 - -0.08 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.07 - 0.00 -
- -3.33 0.33 Global Convertible B Hdg GBP (Cap) F £ 15.21 - 0.02 0.00 Em.Mk.Debt Fund Yen 3 ¥ 10314.00 - -58.00 0.00 MFM UK Primary Opportunities A Inc 320.47 - 0.50 1.33
Invesco Stlg Bd A QD F £ 2.66 - 0.00 3.56 Convertible Bd P A € 17.18 - 0.05 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.99 - 0.00 4.61
Global Convertible Hdg A (Cap) F $ 19.13 - 0.04 0.00 Em.Mk.Debt Fund Yen 4 ¥ 15060.00 - 5.00 0.00 Slater Investments Ltd - Investment Adviser
- -0.73 0.00
Invesco Asian Equity A $ 6.81 - 0.02 0.10 Convertible Bd Asia PA F SFr 13.57 - 0.00 0.00 MFM Slater Growth 357.96 379.80 -1.85 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.06 - 0.00 4.75
- -3.90 1.21 Global Convertible B Hdg (Dis) F $ 22.76 - 0.04 0.00 Em.Mk.Eq.Fund Euro € 119.50 - -0.01 0.00
Invesco ASEAN Equity A $ 103.57 - 0.01 0.38 Convertible Bd Asia PA F € 14.39 - 0.00 0.00 MFM Slater Income A Inc 151.91 - 0.11 3.75 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.34 - 0.00 0.29
Global Convertible A Hdg EUR(Dis) F € 15.47 - -0.18 0.25 Em.Mk.Eq.Fund Sterling £ 104.28 - -0.23 0.00
- -3.27 1.22
Invesco Bond A $ 27.63 - -0.02 2.30 Convertible Bd Asia PA F $ 14.47 - 0.00 0.00 MFM Slater Recovery 158.87 168.56 0.86 0.11 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.32 - 0.00 0.50
Global Convertible B Hdg EUR (Cap) F € 17.09 - 0.03 0.00 Em.Mk.Eq.Fd.US Dollar $ 103.35 - -0.11 0.00
- -0.37 0.82
Invesco Continental Eurp Small Cap Eqty A $ 187.41 - -0.60 0.00 Emerg. Consumer (CHF) PA SFr 12.70 - -0.03 0.00
Global Convertible A Hdg CHF (Dis) FSFr 22.69 - 0.03 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 9306.00 - -73.00 6.30
- -0.32 0.82
Invesco Emerging Markets Equity A $ 39.54 - 0.03 0.00 Emerg. Consumer (EUR) PA € 12.77 - -0.03 0.00
Global Convertible B Hdg CHF (Cap) FSFr 25.03 - 0.03 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 11157.00 - -21.00 5.93 Marlborough International Management Limited (GSY) NatWest (2230)F (UK)
- -0.18 3.17
Invesco Emerging Markets Bond A $ 21.24 - -0.10 4.72 Emerg. Consumer (USD) PA $ 12.75 - -0.03 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 PO Box 23873, Edinburgh EH7 5WJ**
Em.Mk.Loc.Ccy Debt Fd II $ 91.89 - -0.72 0.00
- -0.11 3.24 FCA Recognised Enquiries: 0800 085 5588
Invesco Continental European Equity A € 8.48 - 0.00 0.07 Emerg.Eq. Risk Par.(EUR) PA € 8.96 - -0.04 0.00
Gb.Conc.Eq.Fd.Euro € 272.94 - 2.11 0.00 Marlborough North American Fund Ltd £ 30.78 31.09 0.44 0.00 Authorised Inv Funds
- 0.00 0.26
Invesco Gilt A £ 15.31 - 0.01 1.50 Emerg. Eq. Risk Par.(USD) PA $ 7.09 - -0.04 0.00 Series 1(Minimum initial investment 16375,000)
Gb.Conc.Eq.Fd.Sterl.UK T £ 169.06 - 0.95 0.00 Marlborough Tiger Fund Ltd F £ 27.02 27.29 -0.32 0.00
- 0.00 0.26
Invesco Global Small Cap Equity A NAV $ 121.08 - 0.25 0.00 Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.24 - -0.03 0.00 United Kingdom Equity Index Fund £ 13.19 - 0.00 2.51
Gb.Conc.Eq.Fd.Sterling £ 256.47 - 1.43 0.00
- 0.44 4.79
Invesco Global High Income A NAV $ 12.84 - 0.00 5.30 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.63 - -0.05 0.00 UK Specialist Equity Inc £ 19.65 - 0.08 0.34
Gb.Conc.Eq.Fd.US $ 195.63 - 1.32 0.00
- 0.52 4.76 Martin Currie Fund Management Ltd (1200)F (UK)
Invesco Gbl R/Est Secs A GBP F F £ 8.21 - -0.03 0.70 Emerg.Loc.Cur.Bd.Fdt PA € 11.86 - -0.06 0.00 Contl Europe Spec Equity £ 15.68 - 0.05 0.00
Gb.Eq.Hdg Fd.Euro IRE T € 182.19 - 1.49 0.00 Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125
- 0.17 4.89
Invesco Global Health Care A $ 129.70 - 1.31 0.00 Emerg.Loc.Cur.Bd.Fdt PA $ 9.33 - -0.06 0.00 Authorised Inv Funds US Spec Equity Fund £ 13.69 - 0.06 0.00
- 0.17 4.89 Swiss & Global Asset Management (LUX) Gb.Eq.Euro Hdg Fd. € 258.44 - 2.12 0.00
Invesco Global Select Equity A $ 13.28 - 0.04 0.00 Martin Currie Investment Funds (OEIC) Japan Specialist Fund £ 8.94 - -0.05 0.00
funds@swissglobal-am.com, www.jbfundnet.com Euro BBB-BB Fdt PA SFr 15.96 - 0.00 0.00
- -6.09 0.37 Gb.Eq.Fund Euro € 279.59 - 2.41 0.00 Class A (Retail)
Invesco Jap Eqty Core A $ 1.70 - -0.01 0.00 Regulated Pacific Basin Specialist Equity Fund £ 23.97 - -0.14 0.60
Euro BBB-BB Fdt PA € 12.58 - 0.01 0.00
- -5.59 0.37 JB BF ABS-EUR B € 105.46 - 0.00 0.00 Gb.Eq. Fd Euro IRE T € 176.70 - 1.52 0.00 Asia Pacific 118.60 - -1.10 1.02
Invesco Japanese Equity A $ 17.16 - -0.12 0.00 Euro BBB-BB Fdt PA £ 11.08 - 0.01 0.00 UK Sovereign Bd Index Fund £ 11.14 - -0.07 2.58
Gb.Eq.Fd.Sterling UK T £ 209.44 - 1.35 0.00 China 113.10 - -1.20 0.06
- -0.02 1.76 JB BF Abs Ret Def-EUR B € 111.24 - 0.06 0.00
Invesco Korean Equity A $ 28.88 - 0.15 - Euro BBB-BB Fdt PA $ 17.82 - 0.01 0.00 UK Specialist Equity Income Fund £ 9.96 - 0.03 3.48
Gb.Eq.Fd.US Dollar $ 316.50 - 2.41 0.00 Emerging Mkts 207.20 - -2.30 0.27
- -0.01 1.77 JB BF Abs Ret EM-USD B $ 117.92 - -0.15 0.00
Invesco PRC Equity A $ 51.25 - -0.27 - Euro Credit Bd PA F € 13.16 - 0.00 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.37 - -0.02 3.13
Gb.Eq.Fund Sterling £ 207.45 - 1.33 0.00 European Equity Income A acc 343.80 - -1.20 3.59
- -0.02 1.75 JB BF Abs Ret-EUR B € 130.18 - 0.16 0.00
Invesco Pacific Equity A $ 49.81 - -0.06 0.18 Euro Government Fdt PA € 12.74 - -0.01 0.00 Inflation Lkd Sov Bd Fund £ 12.40 - -0.14 0.71
Gb.Val.Ex-Jap.Fd.USD $ 119.71 - 1.07 0.00 Global Alpha 134.80 - 0.20 0.38
- -0.02 1.78 JB BF Abs Ret Pl-EUR B € 128.50 - 0.26 0.00
Invesco Global Technology A $ 15.46 - 0.28 0.00 Euro Inflation-Lk Fdt PA € 12.06 - -0.04 0.00 Global Emerg Mkts Equity Fund £ 12.61 - -0.08 0.47
Gb.Val.Ex-Japan Fd.Yen ¥ 14040.00 - 208.00 0.00 Global Equity Income Inc 108.50 - -0.20 3.91
- -0.97 1.78 JB BF EM Corporate-USD B $ 105.98 - -0.19 0.00
Invesco UK Eqty A £ 8.33 - -0.03 1.11 Euro Resp.Corp. Fdt PA € 18.65 - -0.01 0.00 Series 2 (Investment Management customers only)
Low Volatility Gb.Eq.Fd. € 100.69 - 0.69 - Global Equity Income acc 136.80 - -0.30 3.82
- -0.81 1.81 JB BF EM Infl Link-USD B $ 95.38 - -1.04 0.00 United Kingdom Equity Index Fund £ 13.19 - -0.01 2.86
Europe High Conviction PA € 11.21 - 0.09 0.00
- -1.91 1.82 JB BF EM Inv Grade-USD B $ 101.52 - -0.57 0.00 Low Volatility Gb.Eq.Fd. £ 100.39 - 0.39 - Japan Alpha 100.70 - -1.10 0.05 UK Specialist Equity Inc £ 19.83 - 0.08 1.52
Eurozone Small&Mid Caps PA € 47.35 - 0.40 0.00
- -1.20 1.85 JB Emerging (EUR)-EUR B € 335.99 - -2.30 0.00 Low Volatility Gb.Eq.Fd. $ 100.65 - 0.65 - North American 257.20 - 1.20 0.00 Contl Europe Spec Equity £ 16.35 - 0.05 0.62
Fdmt.Eq.L/S SH Sd EUR PA € 10.43 - 0.05 -
- 2.23 0.62 JB Emerging (USD)-USD B $ 406.23 - -2.86 0.00 European Equity Income A Inc 310.70 - -1.10 3.67 US Spec Equity Fund £ 14.19 - 0.07 0.16
Fdmt.Eq.L/S SH Sd USD PA $ 10.43 - 0.06 -
- 1.71 0.62 JB BF Local EM-USD B $ 285.24 - -1.89 0.00 MFS Meridian Funds SICAV (LUX) Japan Specialist Fund £ 9.42 - -0.05 0.56
Gl Aggregate High Conv PA $ 19.11 - -0.05 0.00 Regulated
- 0.30 3.49 JB BF Total Ret-EUR B € 99.17 - 0.04 0.00 Marwyn Asset Management Limited (CYM) Pacific Basin Specialist Equity Fund £ 23.78 - -0.14 1.20
Gbl.Gvt.Fdmt PA € 10.77 - -0.02 0.00 Absolute Return A1 € 19.66 - 0.00 0.00 Regulated
- 0.23 3.58 JB EF Abs Ret Eur-EUR B € 118.86 - 0.29 0.00 UK Sovereign Bd Index Fund £ 11.28 - -0.07 2.58
Invest AD Gbl.Gvt.Fdmt.(CHF) PA SFr 22.63 - -0.05 0.00 Asia ex-Japan A1 $ 25.05 - 0.09 0.00 Marwyn Value Investors £ 465.60 - -59.78 0.00
- 0.86 0.00 Client services: +971 2 692 6101 clientservices@InvestAD.com JB EF Euro Value-EUR B € 189.05 - 0.65 0.00 UK Specialist Equity Income Fund £ 10.64 - 0.03 3.44
Gbl.Gvt.Fdt.SH (CHF) PA SFr 27.27 - -0.06 0.00 Bond A1 $ 10.55 - -0.01 0.00
Other International Funds
JB EF Japan-JPY B ¥ 16270.00 - 37.00 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.49 - -0.01 3.13
Invest AD - Iraq Opportunity Fund $ 70.63 - -0.07 0.00 Gbl.5B Fdmt (EUR) PA € 11.81 - 0.00 0.00 China Equity Fd A1 $ 10.11 - 0.05 0.00 McInroy & Wood Portfolios Limited (UK)
- 0.11 1.33
JB EF Luxury B-EUR B € 227.93 - 2.82 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867 Inflation Lkd Sov Bd Fund £ 12.51 - -0.14 0.71
Invest AD - Emerging Africa Fund $ 1170.83 - 1.21 0.00 Gbl.5B Fdmt (CHF) PA SFr 10.13 - 0.01 0.00 Continental European Eqty A1 € 17.03 - 0.13 0.00
- 0.10 1.34
JB Ms EF Special Val. EUR/A € 146.12 - 0.84 0.77 Authorised Inv Funds Global Emerg Mkts Equity Fund £ 12.15 - -0.07 0.66
Invest AD - GCC Focus Fund $ 1750.44 - -7.02 0.00 Gbl.5B Fdmt SH (USD) PA $ 11.13 - 0.00 0.00 Emer Mkts Debt Lo Curr Fd A1 $ 12.82 - -0.11 0.00
- -0.72 3.99 Balanced Fund Personal Class Units 3921.50 - -11.80 1.84
JB Strategy Balanced-CHF/B SFr 152.72 - 0.65 0.00 The initial charge you will pay will depend on the amount you invest
Generation Global (CHF) PA F SFr 12.59 - 0.12 0.00 Emerging Markets Debt A1 $ 33.01 - -0.23 0.00
- -0.63 4.10 Income Fund Personal Class Units 2437.40xd - -2.40 2.81 **Address and Telephone number for series 1 only
JB Strategy Balanced-EUR € 159.00 - 0.73 0.00
Generation Global (EUR) PA F € 19.79 - 0.18 0.00 Emerging Markets Eq.A1 $ 11.68 - -0.02 0.00
- -0.33 0.20 Emerging Markets Fund Personal Class Units 1833.30 - -18.20 2.10
JB Strategy Balanced-USD/B $ 133.73 - 0.54 0.00
Generation Global (USD) PA F $ 15.27 - 0.13 0.00 European Concentrated A1 € 17.49 - 0.12 0.00
- -0.45 0.45 Smaller Companies Fund Personal Class Units 3476.10xd - -6.50 1.78
JB Strategy Growth-CHF/B SFr 94.59 - 0.55 0.00
Global Energy (USD) PA F $ 8.89 - -0.07 0.00 European Core Eq A1 € 29.98 - 0.33 0.00
- -0.58 0.67
JB Strategy Growth-EUR € 120.23 - 0.70 0.00
Golden Age (CHF) PA F SFr 21.51 - 0.26 0.00 European Res.A1 € 31.10 - 0.25 0.00
- -0.07 3.90 Meridian Fund Managers Ltd
JB Strategy Inc-CHF/B SFr 121.36 - 0.26 0.00
Golden Age (EUR) PA € 14.52 - 0.17 0.00 European Smaller Companies A1 € 46.07 - 0.50 0.00 Other International Funds
- -0.05 4.00
JB Strategy Inc-EUR/B € 163.39 - 0.41 0.00
- 0.36 4.13 JPMorgan Asset Mgmt (1200)F (UK) Golden Age (USD) PA F $ 20.20 - 0.24 0.00 European Value A1 € 34.76 - 0.29 0.00 Global Gold & Resources Fund $ 204.84 - -17.30 -
60 Victoria Embankment, London EC4Y 0JP JB Strategy Inc-USD/B $ 149.87 - 0.33 0.00
- 0.24 4.21
Sh.T- Money Mkt EUR PA € 112.41 - 0.00 0.00 Global Bond A1 $ 10.70 - -0.02 0.00 Global Energy & Resources Fund $ 51.93 - -5.53 - New Capital Fund Management Ltd (IRL)

Asset Management
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Emerging Countries (No Trail) Acc F 168.79
Asset Management
- -0.72 0.99 Authorised Inv Funds Sh.T- Money Mkt CHF PA SFr 129.34 - 0.00 0.00 Global Conc.A1 $ 36.78 - 0.25 0.00
Leconfield House, Curzon Street, London, W1J 5JB
FCA Recognised Managemen
Asset Management
JPM Retail OEIC (A class unless stated)
Asset Management
Sh.T- Money Mkt GBP PA £ 10.25 - 0.00 0.00 Global Energy Fund A1 Metage Capital
$ 14.52 - -0.03 0.00 New Capital UCITS Funds
Emerging Countries (No Trail) Inc F 159.08 - -0.68 1.00
America Eq Fd A - Net Acc 59.26xd - 0.49 0.00 Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 Global Equity A1 $ 46.18 - 0.35 0.00 Other International Funds
Emerging European (No Trail) Acc F 70.27 - 0.15 3.92 Asia Pac Bd USD Inst Inc $ 96.11 - -0.17 3.10
America Eq Fd A - Net Inc 59.25xd - 0.48 0.00 MGS -Master Series (Est) $ 223.20 - 10.16 -
Hermes Investment Funds Plc (IRL) Sw.Fr.Bd(For) PA SFr 23.99 - -0.03 0.00 Global Equity A1 € 25.94 - 0.21 0.00 Asia Pac Bd USD Ord Inc $ 98.16 - -0.17 2.38
Emerging European (No Trail) Inc F 64.06 - 0.14 4.03
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 Asia Acc 125.30xd - -0.10 0.31 MEMO - Master Series (Est) $ 484.95 - 3.97 0.00
Sw.Fr.Credit Bd(For) PA SFr 13.80 - -0.01 0.00 Global Multi-Asset A1 $ 16.08 - -0.01 0.00 Asia Pac Eq EUR Ord Inc € 100.71 - -0.18 2.88
European Equity (No Trail) Acc F 143.24 - -0.50 2.87
FCA Recognised Asia Inc 69.55xd - -0.05 0.30 MEMO - MEMV Series $ 114.18 - -3.32 0.00
Tactical Alpha (CHF) PA SFr 10.40 - 0.00 0.00 Global Res.A1 $ 26.24 - 0.22 0.00 Asia Pac Eq GBP Ord Inc £ 103.63 - -0.17 3.27
Hermes Active UK Inflation Fund Class F Acc £ 1.26 1.26 0.00 0.00 European Equity (No Trail) Inc F 120.98 - -0.42 2.94 Kames Capital ICVC (UK)
Cautious Managed Rt Acc 66.74xd - 0.19 0.17 Tactical Alpha (EUR) PA € 10.63 - -0.01 0.00 Global Total Return A1 € 17.65 - 0.07 0.00
European Equity Income (No Trail) Acc F 147.80 - -0.16 3.23 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Asia Pac Eq USD Ord Inc $ 104.54 - -0.18 2.68
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.56 1.56 -0.01 0.00
Cautious Managed Rt Inc 58.74xd - 0.17 0.17 0800 45 44 22 www.kamescapital.com Tactical Alpha (USD) PA $ 15.25 - 0.00 0.00 High Yield A1 $ 25.28 - -0.01 0.00 Ministry of Justice Common Investment Funds (UK)
European Equity Income (No Trail) Inc F 115.91 - -0.13 3.31 Asia Pac Eq USD Inst Acc $ 108.28 - -0.18 0.00
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.38 3.38 0.00 0.00 Authorised Funds Property & Other UK Unit Trusts
Diversified Real Ret Acc 53.82xd - -0.12 1.03 Technology PA € 13.69 - 0.16 0.00 High Yield Fund A1 € 16.27 - 0.00 0.00
European High Income (No Trail) Acc F 165.26 - -0.31 3.35 The Equity Idx Tracker Fd Inc 1387.00 1387.00 -2.00 2.74 Asia Pac Eq USD Inst Inc $ 116.68 - -0.20 3.32
Hermes Global Emerging Markets Fund Class F Acc £ 1.24 1.24 0.00 0.00 Diversified Income B Acc 111.42 - -0.13 0.00
Diversified Real Ret Inc 52.54xd - -0.11 1.02 Technology PA $ 20.76 - 0.24 0.00 Inflation-Adjusted Bond A1 $ 14.28 - -0.06 0.00
European High Income (No Trail) Inc F 123.08 - -0.24 3.41 Distribution Units Dyn Europ Eq EUR Ord Inc € 164.70 - 1.50 1.21
Hermes Global Emerging Markets Fund Class R Acc € 3.12 3.12 0.01 0.00 Diversified Income B Inc 106.45 - -0.13 0.00
Emerging Mkts Acc 155.80xd - -0.50 0.66 Wld Gold Expertise PAF SFr 12.74 - -0.25 0.00 Japan Equity A1 $ 9.61 - 0.10 0.00
Invesco Perpetual High Yield Fund acc (No trail) 223.28 - 0.41 4.26 Dyn Europ Eq GBP Ord Inc £ 175.51 - 1.52 1.80
Hermes Global Equity Fund Class F Acc £ 1.51 1.51 0.01 0.00 Ethical Cautious Managed A Acc 161.51 - 0.03 1.49
Emerging Mkts Inc 67.00xd - -0.24 0.67 Wld Gold Expertise PA € 10.09 - -0.21 0.00
Invesco Perpetual High Yield Fund inc (No trail) 169.83 - 0.31 4.35 Latin American Equity Fd A1 $ 14.96 - -0.43 0.00 Mirabaud Asset Management (LUX) Dyn Europ Eq USD Ord Inc $ 165.07 - 1.45 1.24
Hermes Global Equity Fund Class R Acc € 3.93 3.93 0.02 0.00 Ethical Cautious Managed A Inc 135.04 - 0.03 1.51
Emrg Mkts Inc Acc... C 57.10xd - -0.57 3.87 Wld Gold Expertise PA $ 13.23 - -0.26 0.00 Limited Maturity A1 $ 14.04 - 0.00 0.00 www.mirabaud.com, marketing@mirabaud.com
European Opportunities (No Trail) Acc F 161.49 - -0.42 0.76 China Equity EUR Ord Acc € 146.57 - -0.09 0.00
Hermes Global ESG Equity Fund Class F Acc £ 1.15 1.15 0.00 - Ethical Corporate Bond A Acc 197.27 - -0.02 3.35 Regulated
Emrg Mkts Inc Inc... C 51.95xd - -0.52 3.96 LO Selection Prudent Wealth Fd A1 $ 14.22 - 0.06 0.00
European Opportunities (No Trail) Inc F 153.25 - -0.40 0.77 China Equity GBP Ord Acc £ 150.72 - -0.08 0.00
Hermes Global High Yield Bond Fund Class F Acc £ 1.11 1.11 0.00 0.00 Ethical Corporate Bond A Inc 113.39 - -0.02 3.35 Mir. Conv. Bds Eur A EUR € 133.41 - 0.52 0.00
Europe Acc 1016.00xd - -2.00 1.35 Balanced (CHF) PA F SFr 106.75 - 0.19 0.00
European Smaller Companies (No Trail) Acc F 202.08 - -0.35 0.54 Research Bond A1 $ 16.76 - -0.03 0.00 China Equity USD Ord Acc $ 148.70 - -0.09 0.00
Hermes Global High Yield Bond Fund Class R Acc € 2.86 2.86 0.00 0.00 Ethical Equity A Acc 166.69 - 0.10 1.07 Mir. Conv. Bds Glb A USD $ 113.71 - 0.38 0.00
Europe Inc 58.56xd - -0.12 1.37 Balanced (EUR) PA F € 126.03 - 0.32 0.00
Global Balanced Index (No Trail) Acc F 156.35 - -0.11 1.78 UK Equity A1 £ 8.25 - 0.03 0.00 China Equity USD Inst Acc $ 151.80 - -0.08 0.00
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.00 1.00 0.00 - High Yield Bond A Acc 116.35 - 0.08 4.41 Mir. - Eq Asia ex Jap A $ 185.71 - 0.04 0.00
Conservative (CHF) PA F SFr 104.00 - 0.05 0.00
Asset Management
Eur Dynamic exUK Acc 155.40xd - -0.40 0.63 US Conc.Growth A1 $ 15.43 - 0.16 0.00
Global Bond (No Trail) Acc F 136.53 - -0.58 1.30 Global Val.Cr.Fd GBP Ord Inc £ 113.98 - -0.16 3.81
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.02 1.02 0.00 - High Yield Bond A Inc 54.44 - 0.03 4.41 Mir. - Eq Glb Emrg Mkt A USD $ 102.78 - -0.63 0.00
set Management Eur Dynamic exUK £ hdg Acc 175.40xd - 0.20 0.54 Conservative (EUR) PA F € 114.81 - 0.10 0.00
Global Bond (No Trail) Inc F 124.85 - -0.53 1.31 US Government Bond A1 $ 17.13 - -0.03 0.00 Global Val.Cr.Fd USD Inst Acc $ 123.75 - -0.17 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £
Hermes Sourcecap EU Alpha Fund Class F Dis £
1.24
1.22
1.24 0.00
1.22 0.00 1.84
-
Glbl Distribution Acc (No Trail) Asset Management 105.95 - 0.18 -
Eur Dynamic exUK Inc
Eur Smaller Cos Acc
71.52xd
425.30xd
-
-
-0.15 0.61
-2.40 0.00
Inflation Linked A Acc
Investment Grade Bond A Acc
Asset Management 132.98
161.21
-
-
-0.28 1.69
0.02 3.22
Global Allocation (GBP) PA F
Growth (CHF) PA F
£ 9.97
SFr 110.62
-
-
0.00 0.00
0.31 0.00
Value A1 $ 22.17 - 0.19 0.00
Mir. - Eq Global A USD
Mir. -Eq Spain A
$ 127.61
€ 26.47
-
-
0.91 0.00
0.26 0.00
Global Val.Cr.Fd GBP Ord Acc £ 178.46 - -0.25 0.00

Hermes Sourcecap EU Alpha Fund Class R Acc € 2.98 2.98 0.00 0.00 Glbl Distribution Inc (No Trail) 103.51 - 0.18 -
Asset Management Investment Grade Bond A Inc 119.52 - 0.02 3.22 Mir. - Eq Swiss Sm/Mid A SFr 280.84 - 2.64 0.00
Global Val.Cr.Fd USD Ord Acc $ 167.98 - -0.24 0.00

Asset Management Asset Management

Eur Smaller Cos Inc 55.32xd - -0.31 0.00 Growth (EUR) PA F € 136.30 - 0.52 0.00
Global Equity (No Trail) acc F 206.05 - -0.49 1.03 MMIP Investment Management Limited (GSY) Global Val.Cr.Fd EUR Ord Acc € 157.19 - -0.22 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.28 1.28 0.00 0.00 Sterling Corporate Bond A Acc 70.69 - 0.01 2.99 Mir. - Glb High Yield Bds A $ 109.53 - 0.00 -
Fusion Balanced Acc 54.49 - 0.02 0.00 Vantage 1500 (EUR) MA € 10.35 - -0.01 0.00 Regulated
Global Equity (No Trail) inc F 192.83 - -0.46 1.04 Swiss Select Equity Inst Acc SFr 103.07 - 0.45 -
Hermes Sourcecap EX UK Fund Class R Acc € 2.99 2.99 0.01 0.00 Sterling Corporate Bond A Inc 31.94 - 0.01 2.99 Multi-Manager Investment Programmes PCC Limited Mir. - Glb Eq High Income A USD $ 104.92 - -0.08 0.00
Fusion Balanced Inc 54.48 - 0.02 0.00 Vantage 3000 (EUR) MA € 10.63 - -0.03 0.00
Global Equity Income (No Trail ) Acc F 246.55 - -0.45 3.21 Swiss Select Equity Ord Acc SFr 102.45 - 0.44 -
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.49 1.49 0.00 0.00 Strategic Bond A Acc 183.11 - -0.19 2.71 PrivilEdge European Equity Fd Cl A Initial Ser € 2208.68 2217.55 1.10 0.00 Mir. - Glb Strat. Bd A USD $ 106.63 - -0.06 0.00
Fusion Conservative Acc 54.07 - 0.02 0.00
Global Equity Income (No Trail) Inc F 207.20 - -0.39 3.30 US Growth USD Ord Acc $ 203.67 - 1.74 0.00
Hermes UK Small & Mid Cap Fund Class R Acc € 4.45 4.45 0.03 0.00 Strategic Bond A Inc 122.75 - -0.13 2.71 Inc.Pt.RMB Dt.CNH PA CNY 99.67 - -0.05 - Japanese Equity Fd Cl A Initial Ser ¥ 315452.00 316508.00 -1147.00 0.00
Fusion Conservative Inc 54.04 - 0.02 0.00
Global ex UK Core Equity Index ( No Trail) Acc F 171.06 - -0.06 1.32 US Growth EUR Ord Acc € 195.20 - 1.66 0.00
Hermes US SMID Equity Fund Class F Acc £ 1.57 1.57 0.01 0.00 UK Equity Absolute Return A Acc 116.53 - -0.04 0.00 Inc.Pt.RMB Dt.SH CHF PA SFr 9.89 - -0.01 - MMIP - US EQUITY CLASS A 01 June 07 Series $ 1340.85 1344.86 -6.38 0.00
Fusion Growth Acc 55.83 - 0.07 0.00
Global ex UK Enhanced Index ( No Trail) Acc F 199.43 - 0.08 1.74 US Growth GBP Ord Acc £ 203.83 - 1.72 0.00
Hermes US SMID Equity Fund Class R Acc € 3.33 3.33 0.02 0.00 UK Equity A Acc 224.92 - 0.25 1.18 Inc.Pt.RMB Dt.SH EUR PA € 9.90 - -0.01 - Pacific Basin Fd Cl A Initial Ser $ 2374.79 2394.11 -48.62 0.00
Fusion Growth Inc 55.83 - 0.07 0.00
Gbl Fin Cap No Trail Acc 174.79 - 0.40 4.35 US Growth USD Inst Acc $ 186.95 - 1.60 0.00
UK Equity Income A Acc 200.81 - 0.02 3.80 Inc.Pt.RMB Dt.USD PA $ 9.94 - 0.00 - UK Equity Fd Cl A Series 01 £ 2170.61 2191.95 -0.26 0.00
Fusion Growth + Acc 57.33 - 0.11 0.00
Gbl Fin Cap No Trail Inc 152.95 - 0.35 4.48 Wealthy Nat Bd EUR Inst Inc € 109.82 - -0.62 3.93
Hermes Property Unit Trust (UK) UK Equity Income A Inc 160.97 - 0.02 3.90 Jenn. US Eq.Opp. USD PA $ 9.85 - 0.09 - Diversified Absolute Rtn Fd USD Cl AF2 $ 1615.58 - 11.56 0.00
Fusion Growth + Inc 57.34 - 0.11 0.00
Property & Other UK Unit Trusts Global Opportunities (No Trail) Acc F 241.38 - -1.07 1.01 Wealthy Nat Bd GBP Inst Inc £ 113.41 - -0.58 3.80
UK Opportunities A Acc 162.92 - -0.20 1.03 Neubrg.Berman US Core PA $ 14.63 - 0.11 0.00 Diversified Absolute Return Stlg Cell AF2 £ 1632.60 - 12.04 0.00
Fusion Income Acc...C 54.01 - 0.00 2.45
Property £ 5.34 5.68 0.04 4.90 Wealthy Nat Bd EUR Ord Inc € 109.23 - -0.57 3.65
Global Smaller Companies (No Trail) Acc F 241.86 - -0.67 0.40 UK Smaller Companies A Acc 237.70 - 0.86 0.28 Sands US Growth PA € 13.88 - 0.13 0.00 Montello Real Estate Opportunity Fund (LUX)
Fusion Income Inc...C 52.23 - 0.00 2.49 101 New Cavendish Street,London W1W 6XH
Global Smaller Companies (No Trail) Inc F 232.63 - -0.65 0.40 Wealthy Nat Bd GBP Ord Inc £ 114.03 - -0.58 3.55
Sands US Growth PA $ 16.80 - 0.16 0.00 Manek Investment Mgmt Ltd (1000)F (UK)
Global Allocation A-Net Acc 54.39xd - 0.14 0.64 Regulated
Impax Asset Management (IRL) Global Targeted Rets (No Trail) Acc 115.83 - 0.12 0.81 Will.Blair Gbl. Ldrs PA € 15.41 - 0.13 0.00
P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Wealthy Nat Bd USD Ord Inc $ 111.21 - -0.58 3.51
Norfolk House, 31 St James's Square, London, SW1Y 4JR Global Allocation A-Net Inc 54.04xd - 0.14 0.65 Kames Capital Investment Portfolios ICVC (UK) Authorised Inv Funds Montello Real Estate Opportunity Fund II £ 1086.84 - 6.88 0.00
New Capital Alternative Strategies
High Income (No Trail) Acc F 170.62 - 0.67 3.50 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Will.Blair Gbl. Ldrs PA $ 13.01 - 0.09 0.00
FCA Recognised Global Bond Opport. A - Net Acc 50.15 - -0.06 - Growth Fd Acc 58.05 61.64 -0.34 0.00
0800 45 44 22 www.kamescapital.com All Weather Fd USD Cls $ 119.43 - -0.22 0.00
Env Mkts (Ire) Stl A £ 2.22 - 0.00 0.00 High Income (No Trail) Inc F 127.72 - 0.49 3.59
Global Bond Opport. A - Net Inc 50.15 - -0.06 - Authorised Funds Morant Wright Management Ltd (CYM) All Weather Fd EUR Cls € 107.75 - -0.24 0.00
Hong Kong & China (No Trail) Acc F 184.95 - -1.69 1.23 Regulated
Env Mkts (Ire) Euro A € 2.05 - 0.00 0.00
Global Equity Acc 977.60xd - 2.00 0.15 Property Income B Acc 111.53 - -0.03 - Lothbury Property Trust (UK) Manulife Global Fund (LUX) All Weather Fd GBP Cls £ 115.84 - -0.23 0.00
Env Mkts (Ire) USD A $ 1.77 - 0.00 0.00 Income & Growth (No Trail) Acc F 223.68 - 0.28 3.65 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 MW Japan Fd Ltd A $ 23.08 - 0.00 0.00
Property Income B Inc 107.68 - -0.03 - 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Global Equity Inc 72.65xd - 0.15 0.14 Property & Other UK Unit Trusts Tactical Opps USD Cls $ 174.12 - 6.82 0.00
Income & Growth (No Trail) Inc F 181.09 - 0.23 3.74 www.manulife.com.hk MW Japan Fd Ltd B $ 23.36 - 0.00 0.00
Global Bond exUK Acc 251.80xd - -0.20 0.69 Lothbury Property Trust GBP £ 1654.97 1776.10 10.45 3.28 FCA Recognised Tactical Opps EUR Cls € 146.50 - 5.76 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL) Income (No Trail) Acc F 169.47 - 0.65 3.31
Global Bond exUK Inc 198.70xd - -0.10 0.69 Kames Capital VCIC (IRL) American Growth Fund Class A F $ 28.9260 - 0.1760 0.00 Tactical Opps GBP Cls £ 164.55 - 6.38 0.00
www.invil.mu Income (No Trail) Inc F 127.75 - 0.49 3.40 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Morant Wright Funds (Ireland) PLC (IRL)
Other International Funds Global Consumer Trends Acc 93.27xd - 0.22 0.40 American Growth Fund Class AA F $ 1.6448 - 0.0100 0.00 FCA Recognised
Japan (No Trail) Acc F 137.08 - -1.58 0.85 FCA Recognised
NAV £ 7.36 - 0.04 0.00 Global Consumer Trends Inc 88.53xd - 0.21 0.37 Absolute Return Bond B GBP Acc 1077.74 - -0.07 - American Growth Fund Class AA (HKD) FHK$ 10.3151 - 0.0632 - Morant Wright Fuji Yield CHF Acc HedgedSFr 10.60 - 0.03 -
Japanese Smaller Companies (No Trail) Acc F 163.78 - -1.84 0.00
Global Eq Income £ hdg Acc... C 67.27xd - 0.34 3.77 Eq Market Neutral B Acc 994.07 - -0.22 - Asian Equity Fund Class A F $ 3.1443 - 0.0014 0.40 Morant Wright Fuji Yield EUR Acc Hedged € 10.40 - 0.02 -
Latin American (No Trail) Acc F 121.86 - -3.75 1.84
Intrinsic Value Investors (IVI) LLP (IRL) Global Eq Income £ hdg Inc ... C 49.49xd - 0.25 3.83 Eq Market Neutral Plus B Acc 983.84 - -0.88 - Asian Equity Fund Class AA F $ 1.0127 - 0.0004 0.00 Morant Wright Fuji Yield GBP Acc Hedged £ 10.59 - 0.02 -
Latin American (No Trail) Inc F 111.28 - -3.43 1.86
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Asset Management
Global Eq Income Acc... C 70.78xd - 0.15 3.66 High Yield Global Bond A GBP Inc 543.99 - 0.33 4.28 Asian Small Cap Equity Fund Class AA F $ 2.2024 - 0.0069 0.00 Morant Wright Fuji Yield USD Acc Hedged $ 10.32 - 0.02 -
FCA Recognised Managed Growth (No Trail) Acc F 194.92 - -0.45 1.27
IVI European Fund EUR
IVI European Fund GBP
€ 16.95
£ 17.06
-
-
0.08 0.00
0.05 1.07
Managed Growth (No Trail) Inc F 181.14 - -0.43 1.29
Global Eq Income Inc ... C
Global Financials Acc
62.96xd
724.70xd
-
-
0.14 3.75
-3.00 0.80
High Yield Global Bond B GBP Inc
Investment Grade Global Bd A GBP Inc
1130.00
569.84
-
-
0.73 4.80
-0.55 2.40
M & G Securities (1200)F
PO Box 9039, Chelmsford, CM99 2XG
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
(UK) Asian Small Cap Equity Fund Class AA (HKD)HK$ 8.9142
China Value Fund Class A F $ 8.6893
-
-
0.0285
0.0489 0.70
- Morant Wright Fuji Yield USD Dist Hedged $ 10.57
Morant Wright Fuji Yield YEN Acc ¥ 1059.35
-
-
0.02
2.32
-
- Northwest Investment Management (HK) Ltd
Asset Manageme
Managed Income (No Trail) Acc F 190.20 - -0.21 3.17 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Global Financials Inc 41.25xd - -0.16 0.80 Kames Global Equity Income B GBP Acc 1122.64 - -0.56 - Authorised Inv Funds China Value Fund Class AA F $ 2.7241 - 0.0153 0.48 Morant Wright Fuji Yield YEN Dist ¥ 1059.35 - 2.32 -
Managed Income (No Trail) Inc F 159.56 - -0.17 3.23 Other International Funds
Global High Yield Bond A Mth Net Inc 39.42xd - 0.02 6.99 Kames Global Equity Income B GBP Inc 1094.27 - -0.55 - Charifund Inc 1488.38 - -1.49 4.50 Dragon Growth Fund Class A F $ 1.9858 - -0.0101 - Morant Wright Sakura Fund Sterling Acc Hedged £ 12.49 - 0.08 0.00
Monthly Income Plus (No Trail) Acc F 171.72 - 0.26 4.78 Northwest $ class $ 2282.96 - 24.66 0.00
Global High Yield Bond Acc ... C 100.30xd - 0.00 6.93 Strategic Global Bond A GBP Inc 1123.97 - -1.39 1.56 Charifund Acc 19752.54 - -19.80 4.36 Dragon Growth Fund Class AA HKDHK$ 9.6206 - -0.0483 0.59 Morant Wright Sakura Fund Euro Acc Hedged € 12.48 - 0.08 0.00
Monthly Income Plus (No Trail) Inc F 111.36 - 0.16 4.88 Northwest Warrant $ class $ 2016.80 - 163.93 0.00
Global High Yield Bond Inc ... C 39.40xd - 0.02 7.02 Strategic Global Bond B GBP Inc 637.38 - -0.78 2.04 M&G Corporate Bond A Acc 63.74xd - 0.04 3.07 Emerging Eastern Europe Fund Class AA F $ 1.3593 - -0.0045 - Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1270.34 - 8.01 0.00
Pacific (No Trail) Acc F 185.75 - -1.13 0.84
Global Property Secs Acc 61.13xd - 0.06 0.68 M&G Corporate Bond A Inc 40.78xd - 0.03 3.07 Emerging Eastern Europe Fund Class A F $ 3.1631 - -0.0105 0.93 Morant Wright Sakura Fund Dollar Acc Hedged $ 12.46 - 0.08 0.00
Pacific (No Trail) Inc F 176.30 - -1.07 0.92
Global Property Secs Inc 53.00xd - 0.06 0.68 Kleinwort Benson Bank (UK) M&G Dividend A Inc 61.69xd - -0.11 4.17 European Growth Fund Class A F $ 10.6216 - -0.0513 1.24 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.46 - 0.07 -
Tactical Bond (No Trail) Acc F 142.05 - -0.03 2.23
Income Fd A - Net Acc 50.37xd - 0.00 - 14 St. George Street, Mayfair, London W1S1FE M&G Dividend A Acc 599.24xd - -1.05 4.03 European Growth Fund Class AA F $ 0.7691 - -0.0037 0.60
Invesco Fund Managers Ltd (UK) Tactical Bond (No Trail) Inc F 121.69 - -0.03 2.26 Dealing and enquiries: 0800 024 2400
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Income Fd A - Net Inc 48.73xd - 0.00 - M&G Episode Growth X Inc 51.03xd - -0.07 1.95 Global Contrarian Fund Class AA F $ 0.9414 - 0.0005 0.00
UK Aggressive (No Trail) Acc F 170.63 - -0.79 2.32 Authorised Inv Funds
Dealing: 0800 085 8571
Japan Acc 253.30xd - -3.00 0.00 Unit Trust Manager/ACD - Host Capital M&G Episode Income A Acc 143.78xd - -0.61 3.33 Global Property Fund Class AA F $ 1.0421 - 0.0037 0.73
Investor Services: 0800 085 8677 UK Aggressive (No Trail) Inc F 143.57 - -0.66 2.37
www.invescoperpetual.co.uk Japan Inc 60.98xd - -0.72 0.00 HC KB Capital Growth A Acc 170.07 - -0.20 1.36 M&G Episode Income A Inc 123.12xd - -0.52 3.39 Global Resources Fund Class AA F $ 0.8350 - -0.0027 0.00 Oasis Crescent Management Company Ltd
UK Enhanced Index (No Trail) Acc F 405.12 - 0.30 3.29
Authorised Inv Funds Multi-Asset Inc A Mth Net Inc 66.83xd - -0.01 3.70 HC KB Capital Growth A Inc 161.73 - -0.19 1.38 M&G Extra Income A Inc 757.40 - -0.17 4.19 Greater China Opportunities Class AA $ 1.0156 - 0.0008 - Other International Funds
INVESCO PERPETUAL Funds UK Enhanced Index (No Trail) Inc F 260.87 - 0.19 3.37
Multi-Asset Inc Acc... C 86.56xd - -0.02 3.64 HC KB Capital Growth B Acc 164.85 - 0.00 1.10 M&G Extra Income A Acc 5983.23 - -1.37 4.08 Healthcare Fund Class AA F $ 1.9023 - 0.0167 0.00 Oasis Crescent Equity Fund R 10.02 - 0.03 0.00
Asian Acc F 471.99 - 0.25 0.82 UK Growth (No Trail) Acc F 149.26 - -0.50 2.34
Multi-Asset Inc Inc... C 66.82xd - -0.02 3.73 HC KB Capital Growth B Inc 159.26 - 0.00 1.07 M&G Global Basics A Inc 658.87 - -1.83 0.28 India Equity Fund Class AA F $ 1.4635 - 0.0094 0.00 Morgan Stanley Investment Funds (LUX)
Asian Inc F 423.93 - 0.22 0.83 UK Growth (No Trail) Inc F 122.13 - -0.41 2.39
HC KB Capital Growth C Acc 171.88 - 0.00 2.01 M&G Global Basics A Acc 994.64 - -2.76 0.28 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Multi-Asset Macro Acc 60.30xd - 0.32 0.00 International Growth Fund Class A F $ 4.6409 - 0.0136 0.14
Asian Equity Income Acc F 63.74 - -0.35 4.00 UK Smaller Companies Equity (No Trail) Acc F 252.53 - 0.73 1.14 www.morganstanleyinvestmentfunds.com Regulated
Multi-Asset Macro Inc 60.30xd - 0.32 0.00 HC KB Capital Growth C Inc 159.94 - 0.00 2.00 M&G Global Dividend Fund A Acc 199.16xd - -0.61 3.21 International Growth Fund Class AA F $ 1.0664 - 0.0031 0.00 FCA Recognised
Asian Equity Income Inc F 55.23 - -0.31 4.11 UK Smaller Companies Equity (No Trail) Inc F 235.67 - 0.67 1.15 Oasis Global Investment (Ireland) Plc
Multi-Manager Growth Acc 708.20xd - 0.90 0.46 HC KB Enterprise Equity Income A Inc 111.95 - 0.14 3.78 M&G Global Dividend Fund A Inc 161.11xd - -0.49 3.28 Japanese Growth Fund Class A F $ 3.1277 - -0.0246 0.66 US Advantage A F $ 55.72 - 0.49 0.00 Oasis Global Equity $ 28.10 - 0.08 0.18
Balanced Risk 6 Acc 53.90 - -0.16 0.00 UK Strategic Income (No Trail) Acc F 715.30 - 1.21 3.47
Multi-Manager Growth Inc 660.90xd - 0.80 0.46 HC KB Enterprise Equity Income A Acc 161.49 - 0.20 3.69 M&G Glbl Emrgng Mkts A Acc 209.57xd - -0.87 0.70 Japanese Growth Fund Class AA F $ 0.8051 - -0.0064 0.00 Asian Equity A F $ 44.72 - 0.01 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Balanced Risk 8 Acc 55.91 - -0.22 0.04 UK Strategic Income (No Trail) Inc F 544.78 - 0.93 3.56
Natural Resources Acc 462.30xd - -10.00 0.09 HC KB Endeavour Multi Asset Balanced A Acc 134.13 - -0.07 0.81 M&G Glbl Emrgng Mkts A Inc 202.71xd - -0.84 0.70 Latin America Equity Fund Class AA F $ 0.8750 - -0.0228 1.46 Asian Property A F $ 19.43 - -0.04 0.00 Oasis Crescent Global Equity Fund $ 28.60 - 0.06 0.00
Balanced Risk 10 Acc 57.95 - -0.29 0.27 US Equity (No Trail) Acc F 228.54 - 0.36 0.04
Natural Resources Inc 32.74xd - -0.71 0.09 HC KB Endeavour Multi Asset Balanced A Inc 128.02 - -0.07 0.81 M&G Global Macro Bond Fund A Acc 108.65xd - -0.57 0.55 Russia Equity Fund Class AA F $ 0.3949 - 0.0018 0.00 Asian Property AX F £ 11.81 - -0.04 0.56 OasisCresGl Income Class A $ 11.04 - -0.01 2.44
Childrens Acc F 411.43 - -1.43 1.75
OasisCresGl LowBal D ($) Dist $ 12.18 - -0.02 0.00
Asset Management
New Europe Acc 143.00xd - -0.10 2.53 HC KB Enterprise Fixed Income A Acc 124.80 - -0.37 3.44 M&G Global Macro Bond Fund A Inc 75.55xd - -0.39 0.55 Taiwan Equity Fund Class AA F $ 1.5547 - 0.0105 0.22 Diversified Alpha Plus A F € 33.29 - -0.02 0.00
Corporate Bd Acc (Gross) F 207.12 - -0.08 3.65
set Management New Europe Inc 33.99xd - -0.03 2.50 HC KB Enterprise Fixed Income A Inc 112.85 - -0.33 3.44 M&G Global High Yield Bond X Inc 50.89xd - 0.03 4.65 Turkey Equity Fund Class AA F $ 0.8716 - 0.0045 0.00 Emerg Europ, Mid-East & Africa Eq A F € 65.75 - -0.47 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 12.33 - -0.01 0.04

Asset Management Asset Management

Corporate Bd Inc (Gross)
Corporate Bond Acc
Corporate Bond Inc
Distribution Acc
Distribution Acc (Gross)
Distribution Inc
Distribution Inc (Gross)
Emerging Countries Acc
Emerging Countries Inc
Emerging European Acc
Emerging European Inc
European Equity Acc
European Equity Inc
European Equity Income Acc
European Equity Income Inc
European High Income Acc
European High Income Inc
European Opportunities Inc
F 91.19
F 185.34
F 90.96
F 110.81
F 125.95
F 66.39
F 66.39
F 258.51
F 235.19
F 33.91
F 31.72
F 814.34
F 688.96
F 72.02
F 56.46
F 80.46
F 59.92
F 75.62
- -0.04 3.75
Portfolio Acc 197.90 - 0.00 0.99 M&G Global High Yield Bond X Acc 117.05xd - 0.06 4.64 US Bond Fund Class AA F $ 1.2163 - -0.0016 - Emerging Markets Debt A F $ 75.99 - -0.66 0.00 Oasis Crescent Gbl Property Eqty $ 9.97 - 0.01 1.55
- -0.08 3.67
Sterling Corporate Bond Acc 84.95xd - 0.03 2.52 Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Managed Growth X Inc 79.45 - -0.20 0.62 U.S. Bond Fund Class AA Inc F $ 1.0067 - -0.0013 - Emerging Markets Domestic Debt AX F £ 12.26 - -0.13 5.21
- -0.04 3.75 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Sterling Corporate Bond Inc 53.93xd - 0.02 2.53 M&G Optimal Income A Inc 146.79 - 0.05 2.37 U.S. Bond Fund Class AA (HKD) IncHK$ 9.9948 - -0.0124 - Emerging Markets Equity A F $ 36.77 - -0.22 0.00
- 0.23 4.14 Other International Funds
Strategic Bond Acc 69.27xd - -0.08 3.32 M&G Optimal Income A Acc 190.85 - 0.06 2.37 U.S. Special Opportunities Fund Class AA F $ 0.9144 - -0.0001 7.19 Euro Bond A F € 15.94 - 0.01 0.00
- 0.26 4.12 Invesco (LUX) Lloydstrust Gilt £ 12.5500xd - -0.0300 2.45
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 Strategic Bond Inc 58.34xd - -0.06 3.34 Lloyds Investment Funds Limited M&G Recovery GBP A Inc 123.32xd - -0.70 0.97 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.4546 - -0.0004 - Euro Corporate Bond AX F £ 22.73 - -0.04 1.93
- 0.14 4.22
FCA Recognised UK Active Index + E Acc 280.70xd - 0.00 2.92 Euro High Income € 1.7170xd - 0.0000 2.92 M&G Recovery GBP A Acc 275.91xd - -1.56 0.96 U.S. Special Opportunities Fund Class AA Inc $ 0.9272 - -0.0001 - Euro Strategic Bond A F € 44.17 - 0.03 0.00
- 0.14 4.22 Invesco Management SA
UK Active Index + E Inc 52.93xd - -0.01 3.00 European £ 7.7380 - -0.0110 1.11 M&G Strategic Corp Bond A Inc 75.69 - 0.03 2.91 US Small Cap Equity Fund Class AA F $ 1.0913 - 0.0035 0.00 European Currencies High Yield Bd A F € 21.70 - 0.11 0.00
- -1.10 0.49 Invesco Active Multi-Sector Credit Fund A € 2.93 - 0.00 0.00
UK Dynamic Acc 153.20xd - 0.40 1.40 High Income £ 0.9099xd - -0.0009 4.95 M&G Strategic Corp Bond A Acc 106.88 - 0.05 2.91 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.3000 - -0.0056 0.06 European Equity Alpha A F € 44.97 - -0.13 0.00 Odey Asset Management LLP (UK)
- -1.00 0.49 Invesco Asia Balanced A dist $ 15.60 - -0.01 3.48 40 Dukes Place, London, EC3A 7NH
UK Dynamic Inc 126.40xd - 0.40 1.40 International £ 4.4340 - -0.0320 1.26 M&G Global Leaders GBP A Inc 194.07 - 0.63 1.46 European Property A F € 34.68 - -0.17 0.00
- 0.08 3.21 Invesco Asia Consumer Demand Fund A income $ 13.96 - -0.01 0.18 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
UK Eq & Bond Inc Acc ... C 140.60xd - 0.00 3.22 North American £ 16.1500 - 0.0600 0.04 M&G Global Leaders GBP A Acc 450.86 - 1.49 1.44 Manulife Global Fund Eurozone Equity Alpha A F € 11.50 - -0.02 0.00 Authorised Corporate Director - Capita Financial Managers
- 0.06 3.29 Invesco Asia Infrastructure (A) $ 13.38 - 0.00 1.51
M&G UK Inflation Lnkd Corp Bnd A Acc 112.70 - -0.07 0.23 Other International Funds Authorised Inv Funds
UK Eq & Bond Inc Inc ... C 84.11xd - 0.01 3.32 Sterling Bond £ 1.5370xd - -0.0020 3.47 Global Bond A F $ 39.63 - -0.08 0.00
- -2.84 2.33 Invesco Asia Opportunities Equity A $ 105.81 - 0.33 0.00 Asia Total Return Fund Class AA $ 0.9928 - -0.0014 - CF Odey Continental European R Acc 720.63 - -2.03 0.18
UK Focus Acc 73.84xd - 0.09 1.13 UK £ 7.1220 - -0.0120 1.09 M&G UK Inflation Lnkd Corp Bnd A Inc 111.08 - -0.07 0.23 Global Brands A F $ 94.31 - 0.24 0.00
- -2.41 2.38 Invesco Balanced Risk Allocation Fund A € 15.46 - -0.02 0.00 Asia Total Return Fund Class AA Inc $ 0.9561 - -0.0013 3.45 CF Odey Continental European I Acc 123.10 - -0.34 0.75
UK Focus Inc 63.21xd - 0.07 1.11 Lloyds Gilt Fund Limited Global Convertible Bond A F $ 42.73 - 0.05 0.00
- -0.08 3.25 Invesco Capital Shield 90 (EUR) A € 12.12 - 0.01 0.00 Asia Value Dividend Equity Fund Class AA F $ 1.6597 - 0.0029 0.00 CF Odey Continental European I Inc 118.30 - -0.33 0.75
UK Higher Inc Acc ... C 886.20xd - -0.50 3.96 Lloyds Gilt Fund Quarterly Share £ 1.3020xd - -0.0040 1.96 M & G Securities Ltd (UK) Global Property A F $ 29.44 - 0.00 0.00
- -0.07 3.32 Invesco Emerging Europe Equity Fund A $ 8.04 - 0.06 0.00 Asia Value Dividend Equity Fund Class AA Inc $ 1.0145 - 0.0021 - CF Odey Opus R Inc 3827.95 - -13.02 0.00
UK Higher Inc Inc ... C 527.50xd - -0.30 4.08 Monthly Share £ 1.2530xd - -0.0040 1.96 Property & Other UK Unit Trusts
Indian Equity A F $ 37.14 - 0.42 0.00
- -0.15 3.36 Invesco Emerging Local Currencies Debt A Inc $ 8.19 - -0.08 5.97 Charibond 129.35xd - 0.05 5.02 Strategic Income Fund Class AA F $ 1.0922 - -0.0001 4.40 CF Odey Opus Fund A Accumulation 136.56 - -0.47 0.00
Lloyds Money Fund Limited
UK Managed Equity Acc 67.50xd - 0.00 2.09 Latin American Equity A F $ 47.89 - -1.42 0.00
- -0.12 3.42 Invesco Emerging Mkt Quant.Eq. A $ 10.85 - -0.06 0.00 Australian Dollar A$ 173.4650 - 0.0080 1.39 (Accum Units) 3682.72xd - 1.60 5.02 CF Odey Opus Fund I Acc 175.38 - -0.59 0.25
UK Managed Equity Inc 57.58xd - 0.00 2.12 Short Maturity Euro Bond A F € 20.42 - -0.02 0.00
- -0.19 0.18 Invesco Energy A $ 23.12 - -0.34 - Euro € 52.7290 - 0.0000 -0.58 NAACIF 78.19xd - -0.09 4.37 CF Odey Opus Fund I Inc 171.72 - -0.58 0.25
UK Smaller Cos Acc 334.60xd - 0.00 0.00 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Thursday 12 February 2015 ★ FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

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

CF Odey Absolute Return Fund Euro Hedged € 1.76 - -0.01 0.00 Pictet-Eastern Europe-I EUR F € 287.94 - -2.19 0.00 Your Portfolio Fund II Class 2 112.50 - -0.10 1.00 Saracen Global Income and Growth Fund -Dist £ 1.35 - 0.00 3.32 IGV - Acc Z 398.50 - -2.00 1.07 UK Income A Inc F 224.71 - 0.60 6.53
CF Odey Absolute Return Fund US Dollar Hedged $ 1.63 - 0.00 0.00 Pictet-Em Lcl Ccy Dbt-I USD F $ 174.10 - -0.90 0.00 Polar Capital LLP
Regulated
(CYM) Your Portfolio Fund III Class 1 118.60 - -0.10 0.90 .
For Save & Prosper please see Countrywide Assured
European
EGV - Acc S 266.40 - -1.20 -
UK Income B Acc F 256.94 - 0.70 6.24
Guide to Data
CF Odey Absolute Return R 296.26 - -1.14 0.00 Pictet-Emerging Markets-I USD F $ 549.85 - -2.72 0.00 Your Portfolio Fund III Class 2 118.50 - -0.10 1.10 UK Income B Inc F 237.30 - 0.64 6.50
ALVA Convertible A USD $ 126.35 - 0.10 0.00 EGV - Acc Z 266.40 - -1.20 0.26
CF Odey Absolute Return I 305.25 - -1.17 0.00 Pictet-Emerging Markets Index-I USD F $ 246.67 - -1.47 0.00 Your Portfolio Fund IV Class 1 124.30 - 0.00 0.80
European Conviction A EUR € 164.81 - 2.42 0.00 Schroder Property Managers (Jersey) Ltd Continental
CF Odey Portfolio Fund Class P Institutional Acc 103.93 - 0.03 - Pictet-Emerging Corporate Bonds I USD $ 104.88 - -0.28 0.00 Your Portfolio Fund IV Class 2 124.00 - 0.00 1.10 Other International Funds Value Partners Hong Kong Limited (IRL) The fund prices quoted on these pages are supplied by
European Forager A EUR € 181.04 - 0.47 0.00 CVG - Acc S 106.90 - -0.50 - www.valuepartners.com.hk / vpl@vp.com.hk the operator of the relevant fund. Details of funds
CF Odey Portfolio Fund Class P Retail Acc 103.67 - 0.03 - Pictet-Emerging Markets High Dividend I USD $ 109.43 - -0.81 0.00 Your Portfolio Fund V Class 1 128.80 - 0.00 0.60 Indirect Real Estate SIRE £ 124.74 129.81 1.55 3.32 published on these pages, including prices, are for the
Regulated
CF Odey Portfolio Fund I Acc 146.77 - 0.05 0.06 Pictet-Emerging Markets Sust Eq I USD $ 99.23 - -0.37 0.00 Your Portfolio Fund V Class 2 128.40 - 0.00 0.90 CVG - Acc X 106.90 - -0.50 - purpose of information only and should only be used as
Value Partners Classic Equity USD Hedged $ 13.71 - 0.06 0.00 a guide. The Financial Times Limited makes no
CF Odey Portfolio Fund I Inc 144.44 - 0.04 0.06 Pictet-Environmental Megatrend Sel I EUR € 155.51 - 0.45 0.00
Polunin Capital Partners Ltd Your Portfolio Fund VI Class 1 128.20 - 0.10 0.60 representation as to their accuracy or completeness and
Other International Funds Scottish Friendly Asset Managers Ltd (UK)
they should not be relied upon when making an
CF Odey Portfolio Fund R Acc 143.06 - 0.04 0.00 Pictet-EUR Bonds-I F € 559.36 - -0.82 0.00 Your Portfolio Fund VI Class 2 128.40 - 0.00 0.90 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 The Hartford International Funds (IRL) investment decision.
Developing Countries 'A' $ 38.29 - 0.63 0.00 Veritas Asset Management LLP (IRL)
Authorised Inv Funds Regulated
CF Odey Portfolio Fund R Inc 142.82 - 0.04 0.00 Pictet-EUR Corporate Bonds Ex Fin i EUR € 146.70 - -0.07 0.00 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Emerging Markets Active $ 42.90 - 0.70 - Managed Growth 228.90 - 0.50 0.00 Gbl Govt Bond (Ex Japan) Index (GBP) £ 1622.63 - -6.54 0.00 The sale of interests in the funds listed on these pages
Pictet-EUR Corporate Bonds-I F € 202.88 - -0.06 0.00 Ruffer LLP (1000)F (UK) Veritas Funds Plc may, in certain jurisdictions, be restricted by law and
Luxcellence Em Mkts Tech $ 966.78 - 10.05 0.00 UK Growth 243.00 - 0.70 0.00 UK Corporate Bond £ 1597.72 - -0.90 0.00
40 Dukes Place, London EC3A 7NH www.veritas-asset.com the funds will not necessarily be available to persons in
Odey Asset Management LLP (CYM) Pictet-EUR Government Bonds I EUR € 159.04 - -0.24 0.00
Polunin Developing Countries $ 852.28 859.52 -1.60 0.00 +353 1 635 6799 all jurisdictions in which the publication circulates.
Order Desk and Enquiries: 0845 601 9610 Gilt £ 1595.23 - 1.08 0.00
Regulated Pictet-EUR High Yield-I F € 241.58 - 0.05 0.00 FCA Recognised
Persons in any doubt should take appropriate
Polunin Discovery - Frontier Markets $ 1497.35 - -4.51 - Authorised Inv Funds Global Eq (Ex Japan) Index Fund ¥ 1.38 - 0.00 0.00
OEI MAC Inc A £ 471.36 - 0.00 0.00 SIA (SIA Funds AG) (LUX)
Institutional
professional advice. Data collated by Morningstar. For
Pictet-EUR Inflation Linked Bonds I EUR € 126.74 - -0.47 0.00 Authorised Corporate Director - Capita Financial Managers Regulated
other queries contact reader.enquiries@ft.com +44
Polunin Small Cap $ 1429.44 1447.31 1.42 0.00 Global Eq (ex Japan) Class HJ4 ¥ 1.43 - -0.01 0.00 (0)207 873 4211.
OEI Mac Inc B £ 269.35 - 0.00 0.00 CF Ruffer Investment Funds Veritas Asian Fund A USD H $ 309.06 - 0.83 0.66
Pictet-EUR Short Mid-Term Bonds-I F € 136.72 - 0.01 0.00 LTIF Alpha € 168.46 - 0.36 0.00
OEI MAC Inc USD $ 2568.71 - 0.00 0.00 Global Eq (ex Japan) Class JP5 ¥ 1.54 - -0.01 0.00 Veritas Asian Fund A GBP H £ 375.02 - -1.15 0.48
CF Ruffer Gold Fund C Acc 83.36 - -2.27 0.00 The fund prices published in this edition along with
Pictet-EUR Short Term HY I EUR € 116.87 - 0.07 0.00 LTIF Classic € 349.37 - 1.91 0.00
Odey European Inc EUR € 994.88 - 0.00 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY) Global Eq Ex Japan Index Fund (Hedge) ¥ 1.41 - -0.01 0.00 Veritas Asian Fund A EUR H € 317.51 - 0.18 0.41 additional information are also available on the
CF Ruffer Gold Fund O Acc 82.71 - -2.25 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.20 - 0.00 0.00 Regulated LTIF Natural Resources € 82.80 - -0.80 0.00 Financial Times website, www.ft.com/funds. The
Odey European Inc A GBP £ 380.40 - 0.00 - Gbl Govt Bond (Ex Japan) Index ¥ 1.35 - 0.01 0.00 Veritas China Fund A USD $ 134.01 - 0.52 0.00 funds published on these pages are grouped together by
Monument Growth10/02/2015 £ 460.93 466.02 3.20 1.07 Equity & General C Acc 379.45 - 0.68 0.25
Pictet-Euroland Index IS EUR € 130.22 - 1.35 0.00 fund management company.
Odey European Inc B GBP £ 215.94 - 0.00 0.00 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.32 - 0.01 0.00 Veritas China Fund A GBP £ 136.29 - 0.55 0.00
Equity & General C Inc 350.19 - 0.63 0.25
Pictet-Europe Index-I EUR F € 170.97 - 1.00 0.00 SIA (SIA Funds AG) (CH)
Odey European Inc USD $ 463.59 - 0.00 0.00 Japan Equity Index Fund ¥ 0.97 - 0.00 0.00 Veritas China Fund A EUR € 132.27 - 0.50 0.00 Prices are in pence unless otherwise indicated. The
Prusik Investment Management LLP (IRL) Equity & General O Inc 349.52 - 0.60 0.00 Other International Fds
Pictet-European Equity Selection-I EUR F € 598.09 - 3.52 0.00 change, if shown, is the change on the previously
Giano Capital EUR Inc € 4955.50 - 77.78 0.00 Enquiries - 0207 493 1331 Japan Equity Class JP3 ¥ 1.18 - 0.01 0.00 Veritas Global Equity Income Fund D USD $ 127.30 - -0.64 4.74
Equity & General O Acc 376.61 - 0.65 0.00 LTIF Stability Growth SFr 203.00 - -1.10 - quoted figure (not all funds update prices daily). Those
Pictet-European Sust Eq-I EUR F € 238.00 - 1.66 0.00
Regulated Veritas Global Equity Income Fund D EUR € 218.27 - -1.59 4.05
designated $ with no prefix refer to US dollars. Yield
European C Acc 496.71 - 5.30 0.22 LTIF Stability Inc Plus SFr 180.30 - -0.90 5.70 percentage figures (in Tuesday to Saturday papers)
Pictet-Generics-I USD F $ 279.29 - 1.62 0.00 Prusik Asian Equity Income B Dist $ 161.93 - 0.20 4.59
Odey Asset Management LLP (IRL) European O Acc 493.04 - 5.23 0.00 The National Investor (TNI) Veritas Global Equity Income Fund D GBP £ 161.66 - -1.64 4.55 allow for buying expenses. Prices of certain older
Pictet-Global Bds Fundamental I USD $ 122.92 - -0.43 0.00 Prusik Asia A $ 201.26 - 1.25 0.00 www.tni.ae insurance linked plans might be subject to capital gains
FCA Recognised Veritas Global Focus Fund D USD $ 25.36 - 0.10 2.87
Pictet-Global Bonds-I EUR € 161.92 - -0.47 0.00
Japanese Fund C Acc 172.65 - -1.44 0.01 Smith & Williamson Investment Management (1200)F (UK) Other International Funds
tax on sales.
Odey Pan European EUR R € 342.53 - 3.04 0.00 Prusik Asian Smaller Cos A $ 158.97 - 0.61 0.00 25 Moorgate, London, EC2R 6AY 020 7131 8100
Japanese Fund O Acc 171.18 - -1.44 0.00 UAE Blue Chip Fund * AED 10.58 - -0.04 0.00 Veritas Global Focus Fund D EUR € 22.59 - 0.04 2.69
Odey Pan European GBP R £ 204.09 - 1.38 0.00 Pictet-Global Emerging Currencies-I USD F $ 98.19 - -0.30 0.00 www.sandwfunds.com Guide to pricing of Authorised Investment Funds
Pacific C Acc 293.53 - -0.90 0.48 TNI Funds Ltd (BMU) Veritas Global Focus Fund D GBP £ 28.14 - -0.03 2.45 (compiled with the assistance of the IMA. The
Pictet-Global Emerging Debt-I USD F $ 350.29 - -2.29 0.00 Authorised Inv Funds
Odey Allegra European EUR O € 266.59 - 2.18 0.00 Purisima Investment Fds (UK) (1200)F (UK) MENA Hedge Fund $ 965.83 - -0.63 0.00 Veritas Global Focus Fund A GBP £ 27.16 - -0.03 2.23
Investment Management Association, 65 Kingsway,
Pacific O Acc 291.09 - -0.91 0.18 European Growth Trust A Class 486.00 - -1.30 1.37 London WC2B 6TD. Tel: +44 (0)20 7831 0898.)
Odey Allegra European EUR A € 160.35 - 1.32 0.00 Pictet-Global Megatrend Selection-I USD F $ 228.53 - 1.99 0.00 40 Dukes Place, London EC3A 7NH
TNI Funds Plc (Ireland) Veritas Global Focus Fund A EUR € 13.16 - 0.02 2.14
Order Desk 08459 220044, Enquiries: 0870 607 2555 Total Return C Acc 393.83 - -4.32 1.62 Far Eastern Income and Growth Trust A Class 408.90 - -1.70 2.79
Odey Allegra European GBP O £ 283.66 - 1.72 0.00 Pictet-Greater China-I USD F $ 473.13 - 0.94 0.00 OEIC: Open-Ended Investment Company. Similar to a
Authorised Inv Funds MENA UCITS Fund * $ 1362.10 - 6.83 0.00
Total Return C Inc 276.59 - -3.03 1.64 Fixed Interest Trust A Class 125.80xd - -0.10 3.89 Veritas Global Focus Fund A USD $ 24.46 - 0.10 2.41 unit trust but using a company rather than a trust
Odey Allegra European USD O $ 232.13 - 1.67 0.00 Pictet-High Dividend Sel I EUR F € 154.72 - 0.95 0.00 Authorised Corporate Director - Capita Financial Managers structure.
Total Return O Inc 274.43 - -3.03 1.63 Global Gold and Resource Trust A Class 167.10 - -3.80 0.00 Veritas Global Focus Fund C GBP £ 29.30 - -0.04 0.00
Odey Allegra European EUR I € 254.29 - 2.08 0.00 Pictet-India Index I USD $ 109.18 - 0.04 0.00 Global Total Fd PCG A 162.09 - 0.73 0.35
Total Return O Acc 390.86 - -4.32 1.61 MM Endurance Balanced Fund A Class 214.00 - 0.30 0.96 Veritas Global Focus Fund C EUR € 23.63 - 0.04 0.00 Different share classes are issued to reflect a different
Odey Allegra European EUR A I € 163.02 - 1.33 0.00 Pictet-Indian Equities-I USD F $ 481.37 - 2.95 0.00 Global Total Fd PCG B 160.95 - 0.72 0.13 currency, charging structure or type of holder.
MM Global Investment Fund A Class 2237.00 - -1.00 1.53 Veritas Global Focus Fund C USD $ 26.46 - 0.10 0.00
Odey Allegra European GBP D £ 170.82 - 1.03 0.00 Pictet-Japan Index-I JPY F ¥ 15076.33 - 26.93 0.00 Global Total Fd PCG INT 159.16 - 0.71 0.00
North American Trust A Class 1748.00 - 6.00 0.00 Veritas Global Equity Income Fund A GBP £ 155.26 - -1.58 4.57 Selling price:Also called bid price. The price at which
Odey Allegra International Euro Class € 175.22 - 1.29 0.00 Pictet-Japanese Equities Opp-I JPY F ¥ 8786.84 - 0.98 0.00 units in a unit trust are sold by investors.
Oriental Growth Fund A Class 146.00 - -0.10 1.59 Veritas Global Equity Income Fund A EUR € 212.50 - -1.55 4.07
Odey Allegra International GBP Class £ 203.17 - 1.06 0.00 Pictet-Japanese Equity Selection-I JPY F ¥ 13510.53 - 9.14 0.00 Purisima Investment Fds (CI) Ltd (JER)
Regulated UK Equity Growth Trust A Class 411.60 - 0.60 0.80 Veritas Global Equity Income Fund A USD $ 122.75 - -0.63 4.76 Buying price: Also called offer price. The price at
Odey Allegra International USD $ 156.10 - 0.99 0.00 Pictet-LATAM Index I USD $ 64.84 - -1.58 0.00 which units in a unit trust are bought by investors.
PCG B 163.21 - 0.20 0.00 UK Equity Income Trust A Class 230.10 - 0.60 5.63 Veritas Global Equity Income Fund C GBP £ 178.55 - -1.81 - Includes manager’s initial charge.
Odey Allegra International Euro I Class € 160.32 - 1.18 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 131.72 - -1.92 0.00
PCG C 161.18 - 0.19 0.00 Veritas Global Equity Income Fund C EUR € 244.13 - -1.77 -
Odey Allegra International GBP D inc £ 184.06 - 0.95 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 367.36 - -2.53 0.00 Single price: Based on a mid-market valuation of the
S W Mitchell Capital LLP (CYM) Smith & Williamson Fd Admin Ltd (1200)F (UK) The Resolution Fund (1200) (UK) Veritas Global Equity Income Fund C USD $ 140.25 - -0.71 - underlying investments. The buying and selling price
Odey Allegra International GBP A D £ 135.74 - 0.70 0.00 Pictet-Premium Brands-I EUR F € 161.96 - 2.48 0.00
Regulated 25 Moorgate, London, EC2R 6AY 0141 222 1150 Tel 0870 870 8434 for shares of an OEIC and units of a single priced unit
Putnam Investments (Ireland) Ltd (IRL) Veritas Global Real Return Fund A USD $ 20.21 - -0.09 2.07
Odey Allegra Developed Markets Fund USD I $ 131.95 - 1.17 0.00 Pictet-Quality Global Equities I USD $ 136.60 - 0.87 0.00 S W Mitchell European Fund Class A EUR € 298.90 - -2.66 -
trust are the same.
Regulated Authorised Inv Funds Authorised Inv Funds
Veritas Global Real Return Fund A GBP £ 11.23 - -0.05 2.06
Odey Allegra Developed Markets Fund GBP I £ 134.15 - 1.04 0.00 Pictet-Russia Index I USD $ 49.39 - -0.55 0.00 S W Mitchell Small Cap European Fund Class A EUR € 215.99 - -2.86 - S&W Deucalion Fd (OEIC) 2077.00 - 1.00 0.45 Global Fixed Income D Acc F 103.60 - -0.10 0.59
Putnam New Flag Euro High Yield Plc - E € 1030.78 - 0.45 4.82 Treatment of manager’s periodic capital charge:
Veritas Global Real Return Fund A EUR € 11.91 - -0.05 0.17
Odey Atlas Fund GBP I £ 105.84 - 0.65 - Pictet-Russian Equities-I USD F $ 41.72 - -0.76 0.00 The Charlemagne Fund EUR € 279.88 - -12.15 - S & W Magnum 382.80 404.40 0.70 1.50 Global Fixed Income D Inc F £ 1.03 - 0.00 0.58 The letter C denotes that the trust deducts all or part of
Retail the manager’s/operator’s periodic charge from capital,
Odey Atlas Fund GBP I S £ 1.27 - 0.01 0.00 Pictet-Security-I USD F $ 192.54 - 2.28 0.00 S & W Marathon Trust 187.10 198.00 -0.10 1.66 Global Yield B Acc F 118.90 - 0.00 1.60 contact the manager/operator for full details of the
Rathbone Unit Trust Mgmt (1200)F (UK) Veritas Asian Fund B USD $ 217.31 - 0.59 0.47 effect of this course of action.
Pictet-Select-Callisto I EUR € 105.25 - -0.15 0.00 PO Box 9948, Chelmsford, CM99 2AG Charity Value and Income Fund Acc 136.60 137.50 0.10 4.57 Global Yield B Inc F 112.20 - 0.00 1.60
Odey Atlas Fund GBP R S £ 1.09 - 0.01 0.00 S W Mitchell Capital LLP (IRL) Veritas Asian Fund B GBP £ 276.43 - -0.87 0.04
Pictet-Small Cap Europe-I EUR F € 996.17 - 7.46 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Regulated
Odey Giano European Fund EUR R € 121.80 - 0.46 0.00 Charity Value and Income Fund Inc 95.04 95.69 0.03 4.70 Global Balanced B Acc F 130.60 - 0.20 0.37 Veritas Asian Fund B EUR € 233.71 - 0.13 0.00
Exit Charges: The letter E denotes that an exit charge
Authorised Inv Funds may be made when you sell units, contact the
Pictet-ST.MoneyMkt-I € 140.56 - 0.00 0.00 SWMC European Fund B EUR € 15193.56 - 222.91 0.00
Odey Giano European Fund GBP R £ 122.32 - 0.47 0.00 Blue Chip Income Inc 154.79 159.79 0.26 4.08 Global Balanced B Inc F 126.00 - 0.10 0.36 Veritas China Fund B GBP £ 131.81 - 0.51 0.00 manager/operator for full details.
Pictet-ST.MoneyMkt JPY I USD ¥ 101563.62 - -1.57 0.00 SWMC UK Fund B £ 10365.83 - 66.45 -
Odey Giano European Fund USD R $ 123.06 - 0.47 0.00 Blue Chip Income Acc 224.76 231.83 0.38 3.95 SMT Fund Services (Ireland) Limited Global Growth B Acc F 138.70 - 0.20 0.29 Veritas China Fund B EUR € 138.91 - 0.53 0.00
SWMC Small Cap European Fund B EUR € 13089.39 - 110.29 0.00 Time: Some funds give information about the timing of
Pictet-ST.MoneyMkt-ICHF SFr 125.18 - -0.01 0.00 Regulated Global Growth B Inc F 130.00 - 0.20 0.29
Odey Naver Fund Euro I Class € 125.56 - 1.16 0.00 Ethical Bond Inc 93.74 95.82 0.00 4.80 Veritas Global Focus Fund B USD $ 17.67 - 0.07 1.75 price quotes. The time shown alongside the fund
Pictet-ST.MoneyMkt-IUSD $ 134.83 - 0.01 0.00 SWMC Emerging European Fund B EUR € 8597.17 - -30.14 0.00 Monthly Dividend High Yield $ 6.98 - 0.00 0.00 manager’s/operator’s name is the valuation point for
Odey Naver Fund GBP I Class £ 126.08 - 1.23 0.00 Ethical Bond Acc 174.40 177.99 -0.01 4.67 Global Equity Fund B Acc F 131.90 - 0.10 0.31 Veritas Global Focus Fund B GBP £ 20.76 - -0.02 1.76 their unit trusts/OEICs, unless another time is indicated
Daiwa Gaika MMF
Odey Odyssey USD I $ 157.00 - 0.48 0.00 Pictet-Timber-I USD F $ 161.53 - 0.91 0.00 Global Equity Fund B Inc F £ 1.31 - 0.00 0.31
by the symbol alongside the individual unit trust/OEIC
Global Opportunities Acc 125.18 129.13 0.42 0.00 AU$ Portfolio A$ 0.01 - 0.00 - Veritas Global Focus Fund B EUR € 15.68 - 0.03 1.71 name.
Odey Odyssey Fund GBP I £ 156.48 - 0.49 0.00 Pictet Total Ret-Agora I EUR € 107.34 - 0.29 - UK Income Focus B Inc F 65.90 - 0.00 3.22
Income Inc 854.67 884.56 -0.59 3.94 US$ Portfolio $ 0.01 - 0.00 - Veritas Global Equity Income Fund B GBP £ 143.42 - -1.46 4.62
Pictet Total Ret-Corto Europe I EUR € 129.00 - 1.27 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Odey Odyssey Fund GBP R £ 154.14 - 0.47 0.00 Income Acc 1282.30 1325.86 -0.89 3.82 UK Income Focus B Acc F 86.80 - 0.00 3.14 Veritas Global Equity Income Fund B EUR € 195.81 - -1.42 4.11
Canadian Dllr Pfolio C$ 0.01 - 0.00 - 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Odey Odyssey EUR I € 140.53 - 0.43 0.00 Pictet Total Ret-Divers Alpha I EUR € 101.67 - 0.31 - UK Balanced B Inc F 70.40 - 0.00 1.34 midnight. Daily dealing prices are set on the basis of
Multi Asset Enhanced Growth Acc 123.62 - 0.09 0.00 New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 - Veritas Global Equity Income Fund B USD $ 122.20 - -0.62 4.81 the valuation point, a short period of time may elapse
Odey Odyssey Fund EUR R € 116.95 - 0.35 0.00 Pictet Total Ret-Kosmos I EUR € 109.01 - 0.09 0.00 UK Balanced B Acc F 76.60 - 0.10 1.32 before prices become available.Historic pricing: The
Multi Asset Strategic Growth inc 148.56 - -0.29 1.19 Daiwa Bond Series Veritas Global Real Return Fund B USD $ 19.61 - -0.08 1.62
Pictet Total Ret-Mandarin I USD $ 117.22 - 0.25 0.00 letter H denotes that the managers/operators will
Odey Odyssey Fund USD R $ 122.27 - 0.37 0.00 Multi Asset Strategic Growth acc 156.09 - -0.31 1.04 Monthly Dividend AUD Bd A$ 10.53 - 0.00 0.00 UK Growth B Acc F 77.60 - 0.10 1.19 Veritas Global Real Return Fund B GBP £ 11.04 - -0.04 1.64 normally deal on the price set at the most recent
Pictet-US Equity Selection-I USD $ 189.48 - 2.28 0.00 RobecoSAM (LUX) valuation. The prices shown are the latest available
Odey Orion Fund Euro I Class € 124.54 - 0.26 0.00 Multi Asset Total Return inc 126.93 - -0.06 1.63 Monthly Dividend EUR Bd € 10.97 - -0.01 0.00 UK Growth B Inc F 85.80 - 0.20 1.18 Veritas Global Real Return Fund B EUR € 12.76 - -0.06 1.44
Tel. +41 44 653 10 10 http://www.robecosam.com/ before publication and may not be the current dealing
Odey Orion Fund USD I Class $ 124.56 - 0.26 0.00 Pictet-US High Yield-I USD F $ 148.15 - -0.03 0.00 Regulated UK Equity B Acc F 86.90 - 0.20 2.28 levels because of an intervening portfolio revaluation or
Multi Asset Total Return acc 137.99 - -0.07 1.75 Monthly Dividend CAD Bd C$ 10.53 - 0.01 0.00
a switch to a forward pricing basis. The
Odey Swan Fund Euro I Class € 108.73 - 0.69 0.00 Pictet-USA Index-I USD F $ 180.96 - 1.91 0.00 RobecoSAM Sm.Energy/A £ 12.12 - 0.10 1.23 UK Equity B Inc F 80.10 - 0.20 2.31
Recovery Inc 410.90 426.61 0.17 2.40 Mthly Div US Preferred Secs $ 7.98 - 0.01 0.00 Veritas Asset Management LLP managers/operators must deal at a forward price on
Pictet-USD Government Bonds-I F $ 635.66 - -1.67 0.00 request, and may move to forward pricing at any time.
Odey Swan Fund Euro R Class € 107.73 - 0.69 0.00 RobecoSAM Sm.Materials/A £ 129.45 - 0.22 1.94 Daiwa Equity Fund Series www.veritas-asset.com
Recovery Acc 484.66 502.80 0.20 2.36 Forward pricing: The letter F denotes that that
Pictet-USD Short Mid-Term Bonds-I F $ 128.85 - -0.03 0.00 RobecoSAM Gl.Small Cap Eq/A £ 81.05 - 0.48 1.70 New Major Economies $ 9.06 - 0.03 0.00 Other International Funds managers/operators deal at the price to be set at the
Odey Swan Fund GBP I Class £ 108.95 - 0.69 0.00 Strategic Bond Ret Acc £ 1.19 1.21 0.00 3.85 Thesis Unit Trust Management Limited (UK)
next valuation.
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.49 - 0.00 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP Real Return Asian Fund USD (Est) € 283.25 - -6.26 0.00
Odey Swan Fund GBP R Class £ 113.23 - 0.72 0.00 RobecoSAM Sustainable Gl.Eq/B € 179.65 - 1.52 0.00
Strategic Bond Ret Inc £ 1.07 1.09 0.00 4.13 Authorised Funds Real Return Asian Fund GBP (Est) £ 301.24 - -6.30 0.00
Odey Swan Fund USD I Class $ 108.46 - 0.69 0.00 Pictet-Water-I EUR F € 263.92 - 0.27 0.00 RobecoSAM S.HealthyLiv/B € 178.38 - 1.21 0.00 Standard Life Wealth (JER) Investors can be given no definite price in advance of
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 TM New Court Fund A 2011 Inc £ 13.19 - -0.02 0.00 Real Return Asian Fund EUR (Est) $ 296.25 - -6.22 0.00
the purchase or sale being carried out. The prices
Odey Swan Fund USD IR Class $ 108.03 - 0.69 0.00 RobecoSAM S.Water/A £ 165.99 - 0.42 2.26 appearing in the newspaper are the most recent
RECM Global Management Limited (GSY) FCA Recognised TM New Court Fund - A 2014 Acc £ 13.21 - -0.03 - provided by the managers/operators. Scheme
Odey Swan Fund USD R Class $ 107.55 - 0.69 0.00 Pimco Fds: Global Investors Series Plc (IRL) www.recmglobal.com Enquiries: info@recmglobal.com Standard Life Offshore Strategy Fund Limited particulars, prospectus, key features and reports: The
TM New Court Equity Growth Fund - Inc £ 13.32 - -0.03 0.00
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Regulated Bridge Fund £ 1.6052 - -0.0020 2.49
Virgin Money Unit Trust Managers Limited (1700)F (UK) most recent particulars and documents may be obtained
Odey European Absolute Return Fund EUR I € 99.34 - 0.72 0.00 http://gisnav.pimco-funds.com/ Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL free of charge from fund managers/operators. *
RECM Global Fund Limited - Class A $ 17.60 - -0.07 0.00 Indicates funds which do not price on Fridays.
Odey European Absolute Return Fund GBP I £ 98.79 - 0.72 0.00 Dealing: +44 20 3640 1000 Diversified Assets Fund £ 1.1897 - -0.0016 3.03 www.virginmoney.com
PIMCO Funds: +44 (0)20 3640 1407 RECM Global Equity Fund Limited - Class A $ 9.01 - -0.04 0.00 Authorised Inv Funds
Odey European Absolute Return Fund USD I $ 99.77 - 0.72 0.00 Global Equity Fund £ 1.8362 - 0.0007 1.32 Charges for this advertising service are based on the
FCA Recognised Virgin UK Index Tracking Trust 246.20 - -0.40 2.62 number of lines published and the classification of the
Odey European Absolute Return Fund EUR R € 94.49 - 0.68 0.00 Global Balanced Fund - Income Units £ 1.3650 - -0.0025 1.63
Asia Local Bond Fund - Inst Acc $ 10.13 - -0.01 0.00 fund. Please contact data@ft.com or call
Renasset Select Funds Plc (IRL)
Global Balanced Fund - Accumulations Units £ 1.5651 - -0.0029 1.60
Virgin Income Trust 125.70 - -0.50 2.20 +44 (0)20 7873 3132 for further information.
Odey European Absolute Return Fund GBP R £ 98.52 - 0.72 0.00 Regulated
Capital Securities Inst Acc $ 14.58 - 0.00 0.00
Virgin Pension Growth Fund 279.10 - -0.40 2.55
Odey European Absolute Return Fund USD R $ 99.38 - 0.73 - Global Fixed Interest Fund £ 1.0464 - -0.0021 3.60
CommoditiesPLUS111sp Strategy - Inst Acc $ 7.52 - -0.11 0.00 European Opportunities Fund A € 141.82 - -0.04 0.00
Virgin Pension Income Protector Fund 267.50 - -1.00 2.37
Odey European Absolute Return Fund EUR S € 99.55 - 0.72 0.00 Sterling Fixed Interest Fund £ 0.8878 - 0.0000 3.23
Credit Absolute Return Fund Inst Acc $ 11.37 - 0.02 0.00 European Opportunities Fund B € 104.90 - -0.02 0.00 Toscafund (CYM)
Virgin Climate Change Fund 107.15 - 0.42 0.00
Odey European Absolute Return Fund GBP S £ 100.27 - 0.74 0.00 UK Equity Fund £ 1.9465 - 0.0024 2.85 Regulated
Diversified Income - Inst Acc $ 19.48 - -0.04 - Renaissance Eastern European Allocation Fund € 411.10 - -0.02 -
Santander Asset Management UK Limited (1200)F (UK)
Odey European Absolute Return Fund USD S $ 99.82 - 0.73 0.00 Tosca $ 266.99 - -4.47 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.35 - -0.03 0.00 Renaissance Eastern European Fund A € 398.65 - 1.79 - 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Authorised Funds Tosca Mid Cap GBP £ 227.59 - -4.38 0.00 Waverton Investment Funds Plc (1600)F (IRL)
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.62 - -0.05 0.00 Renaissance Eastern European Fund B € 85.58 - 0.38 0.00 waverton.investments@citi.com
Santander Atlas Range Tosca Opportunity B USD $ 313.41 - 20.23 0.00
Odey Wealth Management (CI) Ltd (IRL) Emerging Asia Bond Fund Inst Acc $ 9.94 - -0.06 0.00 Renaissance Ottoman Fund € 124.31 - 1.26 0.00 FCA Recognised
Santander Atlas Port 3 Acc Ret 149.70 - -0.10 -
www.odey.com/prices Waverton Asia Pacific A USD $ 19.88 - 0.07 1.05
FCA Recognised Emerging Multi-Asset Fund Inst Acc $ 8.70 - -0.03 0.00 Santander Atlas Port 3 Inc Ret 104.90 - -0.10 -
Waverton European Fund A Eur € 17.68 - 0.09 0.33
Odey Opportunity EUR I € 219.00 - 0.52 0.00 Emerging Local Bond - Inst Acc $ 12.42 - -0.10 - Santander Atlas Port 3 Acc Inst 163.90 - -0.10 -
Waverton Global Bond Fund Cls A $ 9.25 - -0.01 5.15
Emerging Markets Bond - Inst Acc $ 38.06 - -0.27 0.00 Santander Atlas Port 4 Acc Ret 181.60 - 0.20 -
Stenham Asset Management Inc Waverton Global Equity Fund A GBP £ 14.69 - -0.06 0.24
Odey Wealth Management UK Emerging Markets Corp.Bd Fund Inst Acc F $ 12.87 - -0.11 0.00 Santander Atlas Port 4 Inc Ret 131.80 - 0.10 - www.stenhamassetmanagement.com
Authorised Funds Waverton UK Fund A GBP £ 13.26 - 0.00 1.86
Emerging Markets Curr.Fd- Inst Acc $ 12.34 - -0.05 0.00 Santander Atlas Port 4 Acc Inst 164.50 - 0.20 - Other International Funds
VT Odey Total Return Fund Class A £ 101.98 - -0.60 - Stenham Asia USD (Est) $ 132.55 - 0.82 - Waverton Equity Fund A GBP £ 15.01 - -0.03 0.00
Euro Bond - Inst Acc € 22.85 - -0.04 0.00 Santander Atlas Port 5 Acc Ret 193.20 - 0.20 -
VT Odey Total Return Fund Class A € 108.55 - -0.64 - Robeco Asset Management (LUX) Stenham Credit Opportunities A Class USD (Est) $ 105.11 - -0.15 0.00 Waverton Sterling Bond Fund A GBP £ 9.90 - -0.01 5.21
Euro Credit - Inst Acc € 14.87 - -0.01 0.00 Santander Atlas Port 5 Acc Inst 163.50 - 0.20 -
VT Odey Total Return Fund Class I £ 103.54 - -0.62 - Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
Euro Income Bond - Inst Acc F € 12.98 - -0.01 0.00 Stenham Emerging Markets USD B1 (Est) $ 108.35 - 0.17 0.00
www.robeco.com/contact Santander Atlas Port 6 Acc Ret 267.30 - 0.50 -
VT Odey Total Return Fund Class I € 100.00 - 0.00 -
Euro Long Average Duration - Inst Acc € 23.23 - -0.09 0.00 FCA Recognised Stenham Gold USD (Est) $ 171.70 - 12.62 0.00 WA Fixed Income Fund Plc (IRL)
Santander Atlas Port 6 Acc X 190.80 - 0.30 - TreeTop Asset Management S.A. (LUX)
Regulated
VT Odey Total Return Fund Class R £ 104.23 - -0.62 - Asia-Pacific Equities (EUR) € 133.24 - 0.35 0.00 Stenham Growth USD (Est) $ 212.84 - -0.09 - Regulated
Euro Low Duration Fund Inst Acc € 11.36 - 0.00 0.00 Santander Atlas Port 6 Acc Inst 163.60 - 0.30 - European Multi-Sector € 124.76 - -0.34 0.00
VT Odey Total Return Fund Class R $ 103.49 - -0.62 - TreeTop Convertible Sicav
Euro Real Return - Inst Acc € 13.31 - -0.06 0.00 Chinese Equities (EUR) € 78.28 - -0.08 0.00 Stenham Healthcare USD (Est) $ 177.71 - 6.87 0.00
Santander Atlas Port 7 Acc Ret 208.50 - 0.40 - International A € 299.11 - 4.08 0.00
VT Odey Total Return Fund Class I $ 106.82 - -0.63 - Em Stars Equities (EUR) € 188.38 - 1.61 0.00 Stenham Helix USD $ 104.66 - 0.71 0.00
Euro Short-Term Inst Acc € 12.29 - 0.01 0.00 Santander Atlas Port 7 Acc Inst 164.80 - 0.30 - International B $ 383.81 - 5.22 0.00 Winton Capital Management
Euro Short-Term Inv Acc € 11.91 - 0.00 0.00 Emerging Markets Equities (EUR) € 156.81 - 0.12 0.00 Authorised Inv Funds Stenham Managed Fund USD (Est) $ 114.11 - 0.86 - Other International Funds
International C £ 133.16 - 1.81 0.00
Omnia Fund Ltd Euro Ultra Long Duration - Inst Acc € 31.07 - -0.12 0.00 Flex-o-Rente (EUR) € 108.70 - -0.09 0.00 Max 70% Shs Acc Ret 166.30 - -0.30 - Stenham Multi Strategy USD (Est) $ 118.22 - 0.05 - Winton Futures USD Cls B $ 1047.49 - 25.08 0.00
Other International Funds International D € 284.54 - 3.89 0.00
Global Advantage - Inst Acc $ 12.53 - -0.06 0.00 Glob.Consumer Trends Equities (EUR) € 146.75 - 1.56 0.00 Max 70% Shs Inc Ret 141.90 - -0.30 - Stenham Quadrant USD A (Est) $ 398.25 - 8.76 - Winton Futures EUR Cls C € 294.06 - 7.46 0.00
Estimated NAV $ 877.58 - 50.31 0.00 Pacific A € 284.24 - 1.07 -
Global Advantage Real Return Fund Inst Acc $ 9.36 - -0.07 0.00 High Yield Bonds (EUR) € 124.88 - 0.03 0.00 Investments Inc Acc Ret 159.50 - 0.10 - Stenham Trading Inc USD (Est) $ 114.11 - 1.08 - Winton Futures GBP Cls D £ 321.03 - 7.96 0.00
Pacific B $ 358.45 - 1.39 0.00
Global Bond - Inst Acc $ 27.92 - -0.05 0.00 Lux -O- Rente (EUR) € 139.25 - -0.50 0.00 Investments Inc Inc Ret 107.30 - 0.00 - Stenham Universal USD (Est) $ 441.06 - 1.19 - Winton Futures GBP Cls F £ 123.83 - 3.07 0.00
TreeTop Global Sicav
Global Bond Ex-US - Inst Acc $ 19.54 - -0.05 - New World Financials (EUR) € 52.78 - 0.32 0.00 Equity Inc Inc Inst 242.40 - 0.00 - Stenham Universal II USD (Est) $ 164.09 - 0.38 0.00 Winton Evolution USD Cls F $ 1757.18 - 26.33 0.00
Global Opp.A € 146.30 - 1.05 0.00
Global Fundam.Index StocksPLUSInst Acc $ 11.83 - 0.06 0.00 US Premium Equities (EUR) € 182.51 - 1.44 0.00 Equity Inc Inc Ret 208.90 - -0.10 - Winton Evolution EUR Cls H € 1379.72 - 20.77 0.00
Global Opp.B $ 145.05 - 0.94 0.00
Global High Yield Bond - Inst Acc $ 20.13 - 0.01 0.00 US Premium Equities (USD) $ 204.25 - 1.61 0.00 N&P UK Gwth Inc Ret 164.00 - -0.40 - Stratton Street Capital (CI) Limited (GSY)
Global Opp.C £ 184.04 - 1.00 0.00 Winton Evolution GBP Cls G £ 1401.48 - 20.95 0.00
Regulated
Global Investment Grade Credit - Inst Income $ 12.53 - -0.02 3.23 Stckmkt 100 Track Gwth Acc Inst 96.34 - -0.05 - Sequoia Equity A € 144.08 - 2.17 0.00 Winton Futures JPY Cls E ¥ 20586.28 - 479.03 0.00
Japanese Synthetic Warrant ¥ 1161.54 - -21.74 0.00
Global Investment Grade Credit Fund Inst Acc € € 11.52 - -0.01 0.00 Royal Bank of Scotland (2230)F (UK) Stckmkt 100 Track Gwth Acc Ret 177.30 - 0.00 - Sequoia Equity B $ 150.83 - 2.26 0.00
Optima Fund Management PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Japan Synthetic Warrant GBP Hedged Participating Shares £ 144.31 - 10.64 0.00
Other International Funds Global Investment Grade Credit Fund Inst Acc $ $ 16.67 - -0.03 0.00 UK Growth Acc Inst 279.40 - -0.70 - Sequoia Equity C £ 169.55 - 2.36 3.53
Authorised Inv Funds Japan Synthetic Warrant Fund USD Class $ 12.87 - -0.19 0.00
JENOP Global Healthcare Fund Ltd $ 15.83 - -0.10 0.00 Global Multi-Asset - Inst Acc $ 14.69 - 0.02 0.00 Series 5 (Minumum Initial Investment £75,000) UK Growth Acc Ret 325.30 - -0.80 -
Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 143.03 - 10.54 0.00
Optima Fd NAV $ 89.97 - -0.85 0.00 Global Real Return - Inst Acc $ 18.24 - -0.13 0.00 United Kingdom Equity Index Fund £ 16.50 - -0.01 2.50 UK Growth Inc Ret 218.80 - -0.60 -
Renminbi Bond Fund AUD Cls A A$ 115.62 - -0.96 4.08
Optima Discretionary Macro Fund Limited $ 86.61 - 0.42 0.00 High Yield Bond - Inst Acc $ 28.05 - 0.00 0.00 UK Specialist Equity Inc £ 19.65 - 0.08 0.35 Managed OEIC
Glob Em Shs Port Acc Ret 172.60 - -0.80 - Renminbi Bond Fund AUD Cls B A$ 117.51 - -0.98 3.80
The Dorset Energy Fd Ltd NAV $ 38.33 - 0.00 0.00 Income Fund Inst Acc $ 12.01 - 0.00 0.00 Contl Europe Specialist Fund £ 23.16 - 0.08 0.00
Max 70% Shs Port Acc Ret 255.90 - 0.30 - Renminbi Bond Fund CHF Cls A SFr 115.18 - -0.97 4.05
Platinum Fd Ltd (Est) $ 88.17 - 0.00 0.00 Inflation Strategy Fund Inst Acc $ 9.75 - -0.05 0.00 Japan Specialist Fund £ 13.54 - -0.06 0.00 Yuki International Limited (IRL)
Max 70% Shs Port Acc X 183.70 - 0.10 - Renminbi Bond Fund CHF Cls B SFr 115.14 - -0.97 3.79 Tel +44-20-7269-0207 www.yukifunds.com
Platinum Fd Ltd EUR (Est) € 17.23 - 0.00 0.00 Low Average Duration - Inst Acc $ 14.74 - -0.01 - US Spec Equity Fund £ 18.50 - 0.08 0.00
Renminbi Bond Fund CNH Cls A CNH 118.98 - -0.98 3.59 Regulated
Platinum Japan Fd Ltd $ 50.25 - 0.00 0.00 Pacific Basin Specialist Equity Fund £ 42.26 - -0.25 0.62 Investment Port Acc Ret 236.70 - 0.00 -
PIMCO EqS Emerging Markets Fund Inst Acc $ 8.41 - 0.01 0.00 Yuki Mizuho Umbrella Fund
Investment Port Acc X 167.80 - 0.00 - Renminbi Bond Fund CNH Cls B CNH 118.91 - -0.97 3.34
Optima Partners Global Fd $ 14.42 - 0.00 0.00 PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 15.49 - 0.14 0.00 UK Sovereign Bd Index Fund £ 10.92 - -0.06 2.58 Yuki Mizuho Japan Dynamic Growth ¥ 6595.00 - -30.00 0.00
Max 50% Shs Port Acc Ret 246.70 - 0.10 - Renminbi Bond Fund Euro Cls B € 116.05 - -0.96 3.81
Optima Partners Focus Fund A $ 16.51 - -0.16 0.00 PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.20 - 0.11 0.00 Inflation Lkd Sov Bd Fund £ 12.64 - -0.14 0.71 Yuki Mizuho Japan Large Cap ¥ 6866.00 - -28.00 0.00
Renminbi Bond Fund GBP Cls B £ 117.42 - -0.98 3.61
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.81 - -0.09 0.00 UK Specialist Equity Income Fund £ 9.93 - 0.03 3.48 Max 50% Shs Port Inc Ret 222.50 - 0.00 - Troy Asset Mgt Ltd (UK) Yuki Japan Low Price ¥ 24613.00 - 32.00 0.00
Max 50% Shs Port Acc X 178.60 - 0.10 - Renminbi Bond Fund SGD Cls B S$ 116.40 - -0.97 3.57 40 Dukes Place, London EC3A 7NH
Orbis Investment Management Ltd (BMU) StocksPLUS{TM} - Inst Acc $ 23.19 - 0.23 0.00 Global Emerg Mkts Equity Fund £ 12.19 - -0.07 0.44
Order desk: 0845 608 0950, Enquiries 0845 608 0950
Yuki Japan Value Select ¥ 12021.00 - -1.00 0.00
Regulated Max 100% Shs Port Acc Ret 282.20 - 0.20 - Renminbi Bond Fund USD Cls B $ 117.01 - -0.99 3.35
Total Return Bond - Inst Acc $ 27.23 - -0.06 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.22 - -0.01 3.13 Authorised Inv Funds YMR Umbrella Fund
Orbis Global Equity $ 175.50 - 6.53 0.00 Max 100% Shs Port Acc X 202.60 - 0.20 - Renminbi Bond Fund YEN Cls B ¥ 12940.25 - -107.84 0.00 ACD Capita Financial Mgrs YMR N Growth ¥ 15910.00 - -71.00 0.00
UK Corporate Bond - Inst Acc £ 17.43 - -0.05 0.00 Series 6 (Investment Management Customers Only)
Orbis Optimal (US$) $ 74.34 - 1.12 0.00 United Kingdom Equity Index Fund £ 16.29 - 0.00 2.86 Enhanced Inc Inc Ins 211.30 - -0.40 - Renminbi Bond Fund USD Class $ 161.08 - -1.36 3.61 Trojan Investment Funds Yuki Asia Umbrella Fund
UK Long Term Corp. Bnd Inst-Inst Acc £ 19.64 - -0.13 0.00
Orbis Optimal (Euro) € 25.51 - 0.31 0.00 Renminbi Bond Fund GBP Class £ 156.26 - -1.30 3.87 Spectrum Fund 'O' Acc 159.29 - -0.01 0.26 Yuki Japan Rebounding Growth Fund ¥ 21670.00 - -93.00 0.00
UK Specialist Equity £ 19.84 - 0.08 1.52 Enhanced Inc Inc Ret 201.00 - -0.40 -
UK Real Return - Inst Acc £ 22.62 - -0.27 0.00
Orbis Optimal (Yen) ¥ 1062.00 - 16.00 0.00 Contl Europe Specialist Fund £ 23.93 - 0.08 0.62 Renminbi Bond Fund SGD Class S$ 153.95 - -1.28 3.83 Spectrum Fund 'O' Inc 155.34 - -0.01 0.26
Enhanced Inc Inc X 170.00 - -0.30 -
UK Sterling Long Average Duration - Inst Acc £ 22.36 - -0.26 0.00
Orbis Japan Equity (US$) $ 40.60 - 0.92 0.00 Japan Specialist Fund £ 14.15 - -0.07 0.56 Managed Investments OEIC Renminbi Bond Fund YEN Class ¥ 19131.00 - -159.00 0.00 Trojan Fund O Acc 256.82 - -0.35 0.59 Zadig Gestion (Memnon Fund) (LUX)
UK Sterling Low Average Duration - Inst Acc £ 14.14 - 0.01 0.00 FCA Recognised
*Orbis Prices as of February 5th Max 30% Shs Port Acc Ret 157.20 - 0.10 - Renminbi Bond Fund EUR Class € 106.57 - -0.88 4.07 Trojan Fund O Inc 213.66 - -0.28 0.59
US Spec Equity Fund £ 19.21 - 0.10 0.16
Unconstrained Bond - Inst Acc $ 12.18 - 0.00 0.00 Memnon European Fund I GBP £ 111.80 - 1.06 0.00
Pacific Basin Specialist Equity Fund £ 41.95 - -0.25 1.20 Max 30% Shs Port Acc X 157.20 - 0.10 - Poland Geared Growth £ 0.51 - -0.02 0.00 Trojan Capital O Acc 206.37 - 0.19 0.92
US Fundam.Index StocksPLUS Inst Inc $ 12.75 - 0.11 0.00
Orbis Sicav (LUX) Max 30% Shs Inc Port Inc Ret 158.20 - 0.00 - Trojan Capital O Inc 177.03 - 0.16 0.92
UK Sovereign Bd Index Fund £ 11.00 - -0.07 2.58
Regulated Zebedee Capital Partners LLP (CYM)
Inflation Lkd Sov Bd Fund £ 12.50 - -0.14 0.71 Max 30% Shs Inc Port Inc X 158.30 - 0.10 - Trojan Income O Acc 261.98 - 0.25 3.74
Orbis Japan Equity (Yen) ¥ 3969.00 - 89.00 0.00 Regulated
UK Specialist Equity Income Fund £ 10.64 - 0.03 3.44 Max 60% Shs Port Acc Ret 270.40 - 0.40 - Trojan Income O Inc 168.56 - 0.16 3.86 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Orbis Japan Equity (Euro) € 26.23 - 0.59 0.00
Global Spec Inv Grade Bd Fund GBP £ 10.45 - -0.02 3.13 Max 60% Shs Port Inc Ret 219.50 - 0.30 - Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Orbis Asia ex-Japan - Investor Shares $ 22.50 - 0.27 0.00
Global Emerg Mkts Equity Fund £ 12.15 - -0.07 0.64 Max 60% Shs Port Inc X 170.00 - 0.20 - UBS Global Asset Mgmt Fds Ltd (UK) Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Orbis Global Equity - Investor Shares € 151.24 - 3.20 0.00
21 Lombard Street, London, EC3V 9AH
Address and telephone number for Series 5 only Eq Inc Port Acc Ret 293.10 - 0.40 -
Client Services 0800 587 2113, Client Dealing 0800 587 2112
Oryx International Growth Fund Ltd Platinum Capital Management Ltd
Eq Inc Port Inc Ret
Managed Investments OEIC 2
233.60 - 0.30 - E.I. Sturdza Strategic Management Limited (GSY)
Regulated
www.ubs.com/retailfunds
Authorised Inv Funds
Money Market
Other International Funds Other International Funds Royal London Unit Managers (CIS) (1200) F (UK)
NAV (Fully Diluted) £ 5.44 - 0.05 0.00 Platinum All Star Fund - A $ 114.01 - - -
PO Box 105, Manchester M4 8BB 08457 464646
Authorised Inv Funds
Investments Inc Port Inc Ret
Investments Inc Port Inc X
173.20
156.90
-
-
0.20
0.10
-
-
Nippon Growth Fund Limited
Strat Evarich Japan Fd Ltd JPY
¥ 95373.00
¥ 89247.00
-
-
-76.00 0.00
4428.00 0.00
OEIC
Global Emerg Mkts Eqty B Acc £ 1.40 - -0.01 1.50
Trusts and
Platinum Global Dividend Fund - A $ 62.83 - - -
Bank Accounts
CIS Sustainable Diversified Trust A £ 1.58 - 0.00 1.74 Strat Evarich Japan Fd Ltd USD $ 889.87 - 43.95 0.00 Global Optimal B Acc £ 1.01 - 0.00 0.81
£ Gov Bond Inc Inst 181.30 - 0.10 -
Platinum Global Dividend UCITS Fund $ 74.96 74.96 0.55 6.85 CIS Sustainable World Trust A 169.50 - 0.70 0.77 UBS UK Opportunities Fund B Acc £ 0.92 - 0.00 2.64 Gross
Strat Bond Inc Inst 187.60 - 0.10 -
Platinum Arbitrage Opportunities Fund Ltd Class A (Est) $ 85.93 - - - Corporate Bd Inc Tst 92.71 97.59 0.01 3.96 Gross Net AER Int Cr
Managed Investments OEIC 3 E.I. Sturdza Funds PLC (IRL) US Equity B Acc £ 1.47 - 0.01 0.28
Platinum Essential Resources UCITs Fund $ 7.07 7.07 -0.07 - European Growth 100.90 106.30 -0.10 1.74 Regulated
Div Inc Port Inc Ret 170.70 - -0.10 - UBS Asian Consumption Fund - B Acc £ 0.58 - -0.01 0.44
Platinum Maverick Enhanced Fund Limited $ 92.87 - - 0.00 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1050.31 - 4.29 0.00 CCLA Investment Management Ltd
Sustainable Leaders A 461.00 - 2.50 0.68 Corp Bond Acc Inst 218.10 - 0.20 - UBS S&P 500 Index C Acc £ 0.53 - 0.01 - Senator House 85 Queen Victoria Street, London EC4V 4ET
Platinum Navigator Fund Ltd Class A $ 98.72 - - - UK Growth 490.20 516.00 1.20 1.07 Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1230.14 - 5.10 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Multi-Manager OEIC UBS Targeted Return B Acc £ 1.27 - 0.01 1.15
Permal Investment Mgmt Svcs Ltd UK Income With Growth 233.60 245.90 0.30 4.35 Bal Intl Track Acc Ret 270.30 - -0.10 - Nippon Growth (UCITS) Fund JPY Class A shares ¥ 96162.00 - 405.00 0.00
www.permal.com UBS Sterling Corporate Bond Indexed Fund 53.34 - 0.07 3.16
Other International Funds US Growth 152.00 159.90 0.60 0.00 Bond Mthly Inc Acc Ret 146.20 - -0.20 - Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 80661.00 - 340.00 0.00 CCLA Fund Managers Ltd
UBS Multi Asset Income B Inc (net) £ 0.52 - 0.00 3.71
Senator House 85 Queen Victoria Street, London EC4V 4ET
Offshore Fund Class A US $ Shares Additional Funds Available Bond Mthly Inc Inc Ret 95.65 - -0.10 - Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 78353.00 - 330.00 0.00
UBS UK Equity Income B Inc Net £ 0.42 - 0.00 4.88 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Investment Holdings N.V. $ 5401.83 - -35.05 0.00 Please see www.cis.co.uk for details
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 52013.00 - 219.00 0.00
Corporate Bond UK Plus B Inc Net £ 0.54 - 0.00 4.00
Macro Holdings Ltd $ 4255.49 - 56.56 0.00 Strategic China Panda Fund USD $ 2257.81 - 16.84 0.00
Santander Asset Management UK Limited (1200)F (UK)
Asset Management
UBS Global Allocation (UK) B Acc £ 1.10 - 0.00 1.58
Fixed Income Holdings N.V. $ 400.36 - -0.04 7.99 RBS Collective Investment Fds Ltd (UK) 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400
Asset Management Asset Management
Strategic China Panda Fund Hedged EURO € 2198.25 - 16.31 0.00
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 Polar Capital Funds Plc (IRL)
PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585
Authorised Inv Funds
Authorised Inv Funds
Strategic China Panda Fund Hedged Sterling £ 2227.84 - 16.62 0.00
UBS Global Enhanced Equity Income C Inc £
Data Provided by
0.50 - 0.00 -
Santander Premium Fund (OEIC) UBS US Growth Fund B Acc £ 1.42 - 0.01 0.00
Regulated
Balanced Acc 353.70 - -0.60 1.10 A Shares Strategic Euro Bond Accumulating Class CHFSFr 1020.87 - 0.62 0.00
Asian Financials I USD $ 305.59 305.59 0.40 0.00 UBS Emerging Markets Equity Income B Inc £ 0.44 - 0.00 5.03
Balanced Inc 288.50 - -0.50 1.11 Europe (ex-UK) 267.80 - -0.40 - Strategic Euro Bond Institutional Class EUR € 1035.46 - 0.76 0.00
Biotechnology I USD $ 16.94 16.94 0.26 0.00
Equity Income 332.70 - -0.10 3.70 Japan Equities 144.70 - -1.50 - Strategic Euro Bond Fund Accumulating Class Shares € 1163.89 - 0.85 0.00
European Income Acc EUR € 11.33 11.33 0.03 - Unicapital Investments (LUX)
Extra Income 110.30 - 0.10 3.02 Pacific Bas (ex-Japan) 538.10 - -3.80 - Strategic Euro Bond Fund Distributing Class Shares € 1064.22 - 0.78 0.00 Regulated
Financial Opps I USD $ 12.06 - 0.04 2.03
FTSE 100 Tracker Special 1 300.50 - -0.10 3.01 Sterling Bonds 270.60 - 0.10 - Strategic Global Bond RMB Acc CNY 1086.06 - -2.30 0.00 Investments III € 24.78 - -51.77 0.00
GEM Growth I USD $ 9.75 - -0.03 0.00
FTSE 100 Tracker Special 3 208.30 - -0.10 2.77 UK Equities 262.40 - -0.30 - Strategic Global Bond USD Acc $ 1063.22 - -2.22 0.00 Investments IV - European Private Eq. € 307.74 323.13 0.00 -
Pictet Funds (Europe) SA (LUX)
GEM Income I USD $ 11.02 - -0.03 0.00
FTSE 100 Tracker Standard 284.30 - -0.10 2.53 US Equities 263.00 - 1.30 - Strategic US Momentum and Value Fund $ 826.93 - 8.11 0.00 Investments IV - Global Private Eq. € 429.57 451.05 0.00 0.00
www.morningstar.co.uk
15, Avenue J.F. Kennedy L-1855 Luxembourg Global Alpha I USD $ 12.94 12.94 0.10 0.00
Growth 314.90 - -0.20 2.06 B Shares Strategic US Momentum and Value EUR Hedged Class EUR € 576.79 - 5.69 0.00 Data as shown is for information purposes only. No
Tel: 0041 58 323 3000 Global Convertible I USD $ 11.42 11.42 0.03 0.00 offer is made by Morningstar or this publication.
FCA Recognised High Yield 127.20 - 0.10 3.52 Pacific Bas (ex-Japan) 537.30 - -3.80 - Strategic US Momentum and Value CHF Hedged Class CHFSFr 572.93 - 5.60 0.00 Unicorn Asset Management Ltd (UK)
Global Insurance I GBP £ 3.78 - 0.01 0.00
Pictet-Absl Rtn Fix Inc-HI EUR € 107.69 - -0.08 0.00 International Growth 408.90 - 1.00 0.61 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Global Technology I USD $ 22.02 - 0.24 0.00 Authorised Inv Funds
Pictet-Absl Rtn Glo Div-I EUR F € 124.05 - -0.11 0.00 Stakeholder Investment 169.40 - 0.00 1.39 Saracen Fund Managers Ltd (1000)F (UK) Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Healthcare Blue Chip Fund I USD Acc $ 10.68 10.68 0.11 - UK Growth A Inc 371.87 - 2.14 0.00
Pictet-Agriculture-I EUR F € 195.99 - 0.81 0.00 Adventurous Growth 149.60 - -0.20 0.50 19 Rutland Square, Edinburgh EH1 2BB 50 Bank Street, Canary Wharf, London E14 5NT
Healthcare Opps I USD $ 37.18 - 0.41 0.00 Dealing: 00 353 1 603 9921 Admin: 50 Bank Street, Canary Wharf, London E14 5NT Mastertrust A Inc F 350.01 - -0.22 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 224.23 - -0.88 0.00 Balanced Growth 146.00 - -0.20 0.70 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Dealing & Enquiries: 0870 870 8433 UK Growth B Inc 372.96 - 2.16 0.25
Income Opportunities B2 I GBP Acc £ 1.66 1.66 0.00 0.00
Pictet-Asian Local Currency Debt-I USD F $ 155.30 - -1.28 0.00 Cautious Growth 134.80 - -0.10 1.20 Authorised Inv Funds Authorised Inv Funds
Japan Alpha I JPY ¥ 188.50 188.50 -0.19 0.00 Mastertrust B Inc F 314.19 - -0.19 0.40
Pictet-Biotech-I USD F $ 795.22 - 10.54 0.00 Saracen Growth Fd Alpha Acc £ 3.45 - 0.00 1.05 THS Growth & Value Funds
Income 122.80 - -0.20 2.20
Japan I JPY ¥ 1882.80 - -0.37 0.00 International Outstanding British Cos A Acc F 230.98 - 1.24 0.48
Pictet-Brazil Index I USD $ 53.66 - -1.86 0.00 Capital Protected Accelerator Fund 2 125.30 - 3.00 0.00 Saracen Growth Fd Beta Acc £ 5.49 - 0.01 1.57
North American I USD $ 17.18 17.18 0.18 0.00 IGV - Inc A 333.50 - -1.60 1.83 Outstanding British Cos B Acc F 239.90 - 1.29 1.24
Pictet-CHF Bonds I CHF SFr 506.04 - -0.75 0.00 Capital Protected Accelerator Fund 3 117.10 - 2.90 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.22 - 0.00 2.86
UK Absolute Equity I GBP £ 10.67 10.67 0.07 - IGV - Inc B 332.10 - -1.70 1.09 UK Smaller Cos A Inc F 402.13 - 2.71 0.09
Pictet-China Index I USD $ 116.17 - 0.31 0.00 Capital Protected Fund 4 133.90 - 3.20 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.15 - 0.00 2.92
IGV - Acc X 400.40 - -2.00 1.33 UK Smaller Cos B Inc F 393.95 - 2.66 0.84
Pictet-Clean Energy-I USD F $ 90.70 - 0.95 0.00 Capital Protected Fund 6 172.20 - 0.00 0.00 Saracen Global Income and Growth Fund -Acc £ 1.51 - 0.01 3.23
IGV - Acc Y 427.90 - -2.20 1.79 UK Income A Acc F 243.41 - 0.65 6.27
Pictet-Digital Communication-I USD F $ 243.94 - 1.95 0.00 Your Portfolio Fund II Class 1 112.70 - -0.20 0.90
28 ★ FINANCIAL TIMES Thursday 12 February 2015

MARKETS & INVESTING

INSIGHT Capital markets

Mark
Lewis Chinese banks take lead in coco bonds
Rollout of Basel III capital mentation of Basel III rules, cocos were layer of large Chinese banks” would
$59bn government and corporate bonds.
gaining acceptance, because investors need to issue the instruments “to fund Coco bonds have been criticised by
rules drives acceptance of were “more comfortable with them or balance sheet growth and also to pro- Volume of the debt some investors for their lack of creditor
issued by Chinese
Plummeting rig count the loss-absorbing debt they need the yield”, said Robard Wil-
liams, senior credit officer at Moody’s.
“There’s a bias towards bigger banks
vide additional capitalisation”, said Mr
Williams.
European banks accounted for just
lenders last year, a
third of global total
protection, with the possibility of cou-
pons being cancelled at the discretion
of the issuing bank or national supervi-
exposes weakness of CHRISTOPHER THOMPSON
Chinese banks have been the top issuers
[issuing], not only because they have
higher capital requirements but also
over half of last year’s record $174bn
coco issuance while Asian banks $5.6 bn
sors even while issuers continue to
pay dividends.

US shale output boom of riskier loss-absorbing debt instru-

ments as global financial institutions
scramble to shore up capital buffers.
Faced with increasing demands from
regulators for capital that can absorb
because they often have stronger credit
profiles.”
Industrial and Commercial Bank of
China, the world’s largest commercial
bank by assets, was the first Chinese
accounted for 39 per cent. To date the
market has been dominated by large
banks, but there are signs that mid-tier
Size of ICBC deal
in December, which
contained euro-
Last year UK regulators banned the
sale of cocos to the mass market, follow-
ing warnings that some retail investors
denominated cocos
financial institutions are also seeking could be underestimating the risks
to do deals. involved.

T
he surge in US shale oil production over the
past five years has been truly phenomenal,
but the notion that it was ushering in a new
age of global oil abundance was always
overdone and is looking more exaggerated
by the day. One need only look at the trend in the number
of rigs drilling for oil in the US — as published weekly in the
Baker Hughes survey — to see that the shale oil industry is
in severe crisis.
Rig count is a leading indicator of US supply, and given
the dramatic cutbacks in capital expenditure announced
in the past couple of months amid falling prices, it is one of
the most closely watched indicators in world oil markets.
The US rig count has been on a downward trend since
peaking at 1,609 in early October, but the past two weeks
have seen a spectacular acceleration.
After a record drop of 94 units for the week to January
30, data released on February 6 showed a further decline of
83 units. The rig count is down 469 units (29 per cent)
since October, and at its lowest level since December
2011. Moreover, of the 469 rigs dropped, more than half
(265) are horizontal drilling rigs, the most productive
kind. Since early January the scale of the decline is spectac-
ular, with 342 of the 469 rigs dropped since October 10
coming off in the past five weeks. In Baker Hughes data
stretching back to July 1987 there is no precedent for a
drop of this severity.
The reason this matters is that US shale oil has been the
main driver of global supply growth in the past few years.
Output has increased 4.1m barrels per day for the past six
years to reach 4.7m b/d in 2014, from only 0.6m b/d in
2008. Indeed, without US shale oil, global crude oil output
would have been lower in 2014 than it was in 2005.
Based on the preliminary 2014 supply data provided by
the US Energy Information Administration in its most
recent Short-Term Energy
Outlook, total world crude oil
supply increased 3.5m b/d
Saudis realise
during 2005-14, rising to that high prices
77.3m b/d from 73.8m b/d.
However, if the impact of ris-
are needed to
ing production from US shale keep high-cost
oil is stripped out, global
crude supply actually
treadmill going
declined about 1m b/d over
this period, from 73.5m b/d to 72.6m b/d.
So the outlook for continuing growth in global crude oil
output in the next few years depends on the outlook for
continuing growth in US shale oil production. And that is a
problem because the decline rates of shale oil wells are
much higher than for conventional oil wells, which means
a large number of new wells must be drilled every year
simply to offset natural decline. This drilling treadmill
gives rise to a capex treadmill, whereby constant infusions
of capital are required to enable the drilling to continue.
The implications of shale oil’s treadmill dynamics have
until now been largely overlooked by the market, but are
well understood by Saudi Arabia. Ultimately it is Saudi
policy to maintain production in the face of a supply glut,
estimated at 1.5m-2m b/d, that has caused the 50 per cent
drop in oil prices in recent months and prompted the
sharp drop in the US rig count.
As the Saudis and their Gulf Opec allies realise, the
high-cost nature of shale oil production requires high
prices to keep the drilling treadmill in motion. They calcu-
late that a period of much lower prices will expose the fun-
damental vulnerability of the shale oil model, thereby
prompting a reappraisal.
And that is arguably what is beginning to happen, with
Brent, the international benchmark, up 20 per cent since
the catalyst provided by the rig-count data at the end of
January. After such a rapid bounce there is probably not
much further price upside in the short term. The oversup-
ply remains large and US shale oil production will proba-
bly continue to grow for the next three to four months
given the price hedges in place and the backlog of wells still
waiting to be completed.
However, once the impact of a dramatically lower rig
count starts feeding through into shale oil supply from the
middle of the year, prices should start to rally on a more
sustained basis, with Brent likely to be back at $75 a barrel
by the end of the year.
The shale model does not work without high prices, and
the market is starting to understand that.
Mark C Lewis is senior energy and sustainability analyst
at Kepler Cheuvreux
losses, Chinese banks collectively issued
$59bn of contingent convertible bonds
in 2014, a third of global volumes,
according to research by Moody’s.
Cocos can be converted into equity or
written off if the issuing bank’s capital
drops below a threshold. Banks use
them because they are cheaper than
issuing equity. With the global imple-
M&A extends the life of US healthcare rally
After six years of gains helped
by innovation, high valuations
are being supported by deals
ERIC PLATT — NEW YORK
Gilead Sciences, the biotech behemoth
whose market valuation has soared to
$145bn, put in a strong performance in
the past 14 months, with its shares rising
more than 30 per cent.
The gain, however, seems modest
compared with several of its US peers,
which doubled over the same period. A
dozen such companies on the S&P 500
have climbed more than 40 per cent.
US healthcare stocks have staged a
vibrant rally in the past six years,
buoyed by novel drug treatments, an
ageing population and industry consoli-
dation. Rising profits have blunted con-
cerns that the sector is overvalued, and
equity strategists continue to recom-
mend the industry.
Since the start of 2014 the S&P 500
healthcare index has advanced 26 per
cent, with gains of more than 100 per
cent for Hospira, Mallinckrodt and
Allergan — two of which have agreed
takeovers — while the Nasdaq biotech
index has climbed 40 per cent. In the
same period the wider S&P 500 has
risen 11.5 per cent.
“More than any other sector, health-
care is benefiting from strong demo-
graphic and secular trends: ageing pop-
ulation, expanding insurance coverage,
growing middle-class around the world,
new product launches,” says Dubravko
Lakos-Bujas, equity strategist with
JPMorgan.
The fourth-quarter earnings season
added to his confidence. “Healthcare
companies reported the strongest
organic growth of all sectors — 11 per
cent revenue growth and 22 per cent
earnings growth — and ranked the high-
est on beats,” he says.
It is a trend that is likely to continue.
S&P 500 healthcare earnings per share
are expected to climb 8.9 per cent this
year, outpacing forecasts for a 1.7 per
cent rise in the broader index, data from
S&P Capital IQ show. The industry’s
sales growth, projected at 7.1 per cent
this year, would trail only the tech sec-
tor’s 9.1 per cent year-on-year gain.
Brisk growth has made valuations
more palatable, says Jack Ablin, chief
investment officer at BMO Private
Bank. The price-to-sales ratio stands at
1.84 times 2015 results for the S&P 500
healthcare sector, in line with the blue-
chip index and below technology, he
lender to issue euro-denominated cocos Most coco bonds sit above equity Cocos’ performance on the secondary
as part of a $5.6bn multicurrency deal holders in a bank’s capital hierarchy, market has been boosted this year by
in December. and so are exposed to any losses before the European Central Bank’s announce-
Chinese banks had $107bn in older senior creditors. ment of a €60bn-a-month bond-buying
subordinated debt — which no longer Banks have issued $288bn of cocos programme.
counts as capital under Basel III — out- since the asset class appeared in 2009. The Australia and New Zealand Bank-
standing at the end of last year. Their Deal volumes have been bolstered ing Group became the first non-Chinese
coco issuance has been driven by the recently by return-starved investors bank to issue a renminbi-denominated
need to replace it. However, “another facing record low yields on many coco last month.
Analysis. Equities
US healthcare stocks
Indices (rebased)
130
S&P 500 Healthcare
125
120
115
110
105
100
S&P 500 95
Jan 2014 Feb
2015
Top performers since Jan 1 2014
(% change)
0 50 100
Hospira
Mallinckrodt
Allergan
Edwards Lifesciences
Actavis
CareFusion
Anthem
Humana
Vertex*
Regeneron*
* Pharmaceuticals
Source: Thomson Reuters Datastream
On a roll: says. “We like cheap sectors that are issues. Healthcare companies raised sions last autumn, killing AbbVie’s
an ageing moving in the right direction, and more than $10bn through initial public $55bn merger with Shire. Any deal in
population has healthcare has been cheap relative to its offerings in 2014, the highest for at least Washington to tax overseas cash piles,
spurred demand peers pretty consistently for six years.” two decades, according to Dealogic. remove certain credits or introduce a
for new drugs; Strategists with Barclays note that the M&A activity has buoyed valuations, tax on foreign earnings — none of which
any removal of biotech sector has fuelled much of the with $10bn-plus deals announced, is certain to pass — would also weigh on
R&D tax credits earnings growth in the healthcare between Allergan and Actavis, Covidien the sector, a point highlighted by Citi,
would expose industry, as companies such as Gilead and Medtronic, Hospira and Pfizer, and which rates the sector “underweight”.
some biotechs bring products to market. The Califor- CareFusion and Becton Dickinson. The “Companies could experience major
Zuma Press/Alamy
nia-based group’s revenues more than prospect of further consolidation has shifts, especially if certain deductions
doubled last year to $24.9bn, while its acted as a floor on share prices, and would be removed like R&D tax credits,
profits rose nearly fourfold to $12.1bn. bankers and investors broadly expect which benefit technology, biotech, drug
Analysts on Wall Street expect sales of the pace of deals to continue. and med-tech companies the most,”
its blockbuster Harvoni and Sovaldi “There were three things driving says Tobias Levkovich at Citi.
hepatitis C treatments to top $61bn M&A over the past year, and two of the Morgan Stanley has cooled on health-
between this year and the end of 2018. three are intact,” says Marshall Gordon, care, shifting to a “marketweight” rating
“Our conviction level is high on the senior healthcare analyst at ClearBridge in December after four years in the
industry given what we believe will be Investments. “First, big companies still “overweight” camp. This month Gilead
another strong year for biotech innova- need more products. Their growth is said it would cut the price of its $1,000-
tion and a differentiated earnings somewhat uneven and some still need a-day hepatitis C pill as insurers and
growth profile versus the broader mar- help in the shorter term. Secondly, pharmacy benefit managers angled for
kets,” says Geoffrey Meacham, analyst financing continues to be extremely discounts.
with Barclays. inexpensive.” For some industry followers, it seems,
Portfolio managers have increased But a third driver fizzled when the US after six years of gains, valuations are no
exposure to the sector through new Treasury clamped down on tax inver- longer so attractive.

Commodities Equities

Swelling US crude stocks push oil price down
NEIL HUME
Oil prices fell yesterday after data
showed another increase in US crude
stocks, which are at their highest level
in 80 years.
US commercial inventories had risen
4.9m barrels to 417.9m barrels in the
week to February 6, the US Energy
Administration said in its closely fol-
lowed weekly report. Stocks at Cushing,
Oklahoma, the delivery point for the
benchmark US oil futures contract, rose
1.2m barrels to 42.6m barrels.
Increasing inflows into Cushing and
refinery maintenance are expected to
further push up stock levels there. “We
expect end of the first quarter invento-
ries to stand at around 57m to 59m bar-
rels,” said Amrita Sen, chief oil strategist
at the Energy Aspects consultancy.
ICE March Brent, the international
crude marker, fell $1.58 to $54.85 a bar-
rel. Nymex March West Texas Interme-
diate, the US oil benchmark, retreated
62c to $49.39 a barrel.
Falling US rig counts, spending cuts
and rising refinery runs in Europe have
pushed oil higher in recent weeks. Com-
modity traders have bought oil to store
on tankers, buying “spot” crude for
near-term delivery and selling at a
higher price in the futures market.
But the “floating storage” window had
closed for the time being, traders said,
with no evidence of US shale production
slowing yet. And there are question
marks about demand given sluggish glo-
bal economic growth.
Some analysts have suggested there is
enough storage for crude produced in
the next two months. After this, oil
prices may be pushed lower.
The International Energy Agency said
on Tuesday that stocks held by OECD
members could come close to their 1998
high by the middle of the year and
warned that “downward market pres-
sures may not have run their course”.
“Looking further ahead the IEA does
not see US shale production affected sig-
nificantly by low oil prices for the next
five years,” said Tamas Varga of PVM, an
oil broker. “In their Medium Term Oil
Market report they see the US being
responsible for most of the non-Opec
supply growth up to 2020.”
Analysts at Citigroup said the market
should start to turn by the start of the
second quarter. In a report released this
week, they said: “It’s impossible to
call a bottom point, which could, as a
result of oversupply and the economics
of storage, fall well below $40 a barrel
for WTI, perhaps as low as the $20 range
for a while.”
Rise in share issues puts Spain in the spotlight
THOMAS HALE — MADRID
Spanish equity markets have seen a
sharp rise in issuance in the first few
weeks of the year as companies take
advantage of fresh investor interest in
the country.
So far in 2015 there has been $13.9bn of
equity capital market issuance in Spain
— almost half last year’s total, far more
than any other European country and
second only to the US globally.
The surge in volume has been driven
primarily by yesterday’s eagerly
awaited flotation of Aena, the airports
operator, and Santander’s overnight
share sale in January.
In Spain this year there have been five
deals, and the construction company
ACS is expected to float its renewable
energy unit, Saeta Yield, this week.
A marked rise in issuance has turned
Spain into one of the hottest prospects
for investment banks, according to Luis
Esguevillas, head of equity capital
markets for Iberia at Citigroup. “Banks
have realised that one of the big battle-
grounds for fees in the next few years
will be Spain,” he said.
“The rest of the year is going to be
busy. There are going to be more IPOs,
more rights issues and several large sell-
downs and growth financings.”
Investor appetite for Spain’s eco-
nomic recovery had made the growth in
issuance — and sheer size of deals in
2015 — possible, Mr Esguevillas added.
“This is directly linked to the economy
— it comes from a very active 2014, a
response to the turn in the macro envi-
ronment and economic outlook.”
Spanish companies were largely shut
out of equity markets after of the coun-
try’s economic crisis. Last year, how-
ever, activity in Spain reached its high-
est level since 2007.
The activity had returned “because
investors trust the direction and eco-
nomic dynamics of the country”, said
Mr Esguevillas .
Last year Spanish equity issuance was
just under $30bn, up from $12.8bn in
2013, according to data from Dealogic.
Eight companies floated, including Mer-
lin Properties — the country’s largest
initial public offering in three years. In
2013, by contrast, there was not a
single IPO in Spain.
Rising investor appetite for equities
extends to Europe in general, according
to Christoph Stanger, head of European
equity capital markets at Goldman
Sachs.
“For the last 18 months there has been
a massive increase in demand for Euro-
pean equities,” he said.
Thursday 12 February 2015 ★★★ FINANCIAL TIMES 29

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
Bond markets shrug off contagion S&P 500 index
Change on day 0.01%

fears as Greek bailout talks begin

Brits fancying a trip to Paris, Rome
or Madrid are quids in. At one point
yesterday it took less than 74 pence to
buy one euro, meaning the pound was
at its strongest versus the common
currency in seven years.
The Bank of England’s trade-
weighted sterling index rose above
90 for the first time since 2008.
Good for UK tourists but not great
for foreign currency-earning UK-listed
corporates — one reason the FTSE
100 has still to surpass its record highs
of late 1999.
Just like with the US dollar, the
pound is being supported by interest
rate differentials reflecting a better
economic performance than European
peers and expectations of monetary
tightening in the UK.
The BoE’s base rate is 0.50 per cent,
and “short sterling futures” (though
not a perfect indicator) suggest this
may rise to 0.73 per cent by
September.
Consequently the spread between
policy-sensitive two-year Bund and
gilt yields is 63 basis points in favour
of the latter.
This is the backdrop for the BoE’s
Inflation Report, released today. Fixed
income and currency traders should be
wary lest Mark Carney, governor, says
anything to shift policy trajectory
expectations.
Any moves versus the euro may be
amplified should they be accompanied
by developments regarding the Greek
bailout negotiations.
One-week implied volatility for the
€/£ cross is already up to 12.4, double
last year’s average.
jamie.chisholm@ft.com
Sterling
Pence per €
85
80
75
70
Feb 2014 Feb
2015
Source: Thomson Reuters Datastream
Spanish and Italian yields
hold steady and euro stays
clear of recent 11-year low
against dollar, while
S&P 500 ends flat
DAVE SHELLOCK
Uncertainty over the outcome of a cru-
cial meeting between the Greek finance
minister and his eurozone counterparts
over the terms of the country’s bailout
left markets treading water for much of
the day.
In spite of the uncompromising
stances adopted by both sides, major
equity indices on both sides of the
Atlantic suffered only modest losses,
while both “core” and “peripheral”
eurozone government bond yields —
with the exception of Greece — were lit-
tle changed. The euro was also relatively
steady against the dollar.
Comments on Tuesday from Wolf-
gang Schäuble, Germany’s finance min-
ister, suggested the German govern-
ment was still pursuing a hardline
approach, reducing the likelihood of a
compromise agreement.
For its part, Greece’s parliament deliv-
ered a ringing endorsement of Athens’
tough stance on renegotiating its bail-
out, which is due to expire at the end of
this month.
“It doesn’t feel anywhere near close
enough to ‘one minute to midnight’ for
us to see resolution yet,” said Jim Reid,
macro strategist at Deutsche Bank. “It
also doesn’t feel markets are stressed
enough to focus minds at this point. It
seems to us there needs to be a bit more
tension before any agreements can be
made if indeed they eventually are.”
There was certainly some tension yes-
terday as far as Greek assets were con-
cerned, however. The Athens General
stock index fell 4 per cent following
Tuesday’s 8 per cent rally — which was
Is Europe turning into Japan? FT.com/video
There are fears the eurozone might mimic Japan’s lost decade
but Nomura’s Jacques Cailloux says it could get even worse
largely predicated on reports that a bail-
out compromise might be closer than
many had thought.
Greek government bonds came under
renewed selling pressure with the yield
on three-year paper jumping 128 basis
points to 20.79 per cent, according to
Bloomberg data.
But equivalent maturity sovereign
debt yields in Spain and Portugal edged
up just 1bp apiece, while Italy’s fell 2bp.
The German 10-year Bund yield edged
back just 1bp to 0.36 per cent.
“Bond markets and credit default
swaps are currently pricing in a low
probability of contagion spreading to
other peripheral markets,” said James
Butterfill, global equity strategist at
— Krisztian Bocsi/Bloomberg
Coutts. “Key differences between the
current situation and the height of the
eurozone debt crisis in 2012 include the
presence of economic growth, improv-
ing lending conditions and unequivo-
cally supportive monetary policy from
the European Central Bank.”
That support — largely coming from
the ECB’s announcement that it would
launch a full-blown quantitative easing
programme next month — has helped
European stocks easily outperform
their US peers so far this year.
The FTSE Eurofirst 300 equity index,
although down 0.3 per cent yesterday,
has risen more than 8 per cent in 2015.
The S&P 500 — unchanged on the day at
2,068 — has edged up less than 0.5 per
2100
2050
2000
1950
Jan 2015 Feb
cent this year. That also reflects expec- US equities Wall Street struggled for
tations that the Federal Reserve will traction as all eyes turned to a meeting
begin raising interest rates at some of eurozone finance ministers for any
point this year — a view given additional hints of a compromise deal to ease
credence by a very robust US jobs report Greece’s debt burden
last week.
The yield on the 10-year Treasury was FTSE 100 index
1bp higher at 2.00 per cent and well up Change on day 0.16%
from a 21-month low of 1.64 per cent 6800
reached less than a fortnight ago.
John Higgins at Capital Economics 6600
argued that while the bull market in 6400
Treasuries was probably now over, 6200
yields were likely to grind only slowly Jan 2015 Feb
higher as the Fed begins to tighten mon-
etary policy. UK equities Losses for mining stocks
“Our end-2015 forecast for the 10- helped pull the FTSE 100 lower for a
year Treasury yield is 2.5 per cent, fourth successive session, while Tullow
which is only 50bp higher than its level Oil fell 7.2 per cent after it reported a
today,” he said. pre-tax loss and scrapped the dividend
The euro, meanwhile, was down 0.2
per cent against the dollar at $1.1296 — Eurofirst 300 index
but still well clear of last month’s 11-year Change on day 0.32%
low of $1.11. 1500
Anthony Karydakis, chief economic
1450
strategist at Miller Tabak, said the euro’s
resilience since the Greek election on 1400
January 25 should be seen as evidence 1350
that the nearly relentless selling pres- Jan 2015 Feb
sure on the currency over the previous
nine months had subsided. European equities Stocks drifted
“Such an observation gains more cre- lower as investors awaited news from a
dence from the fact that the bloc’s com- meeting between the Greek finance
mon currency has also weathered a sig- minister and his counterparts from the
nificant militarily escalation of the crisis rest of the eurozone
in Ukraine in the last several weeks,” Mr
Karydakis said. Hang Seng index
As the markets awaited news from (’000) Change on day 0.87%
last-ditch talks aimed at agreeing a 25.0
ceasefire in the region, the dollar was
down 0.3 per cent against the rouble at 24.5
Rb65.25. 24.0
Oil prices suffered a second day of 23.5
losses, with Brent extending an early Jan 2015 Feb
decline after data showed a further
increase in US crude stocks last week. Hong Kong equities Weakness for
The crude benchmark settled 3.1 per banking stocks dragged the Hang
cent lower at $54.66 a barrel. Seng lower amid lingering uncertainty
Gold was down $13 at a one-month over the outlook for China’s economy
low of $1,220 an ounce.

Redrow Glencore shareholders were unlikely

London
BG suffers rating cut
as oil sector drains life
from the FTSE
Bryce Elder
BG Group was among the sharpest
fallers yesterday as the oil sector
dragged the FTSE 100 lower.
Oil shares retreated after US data
showed crude inventories at the highest
level since records began in 1989.
Equity investors might have been too
hasty to buy into oil’s recent bounce, as
the market was more oversupplied than
during the 2008-09 crisis, said Société
Générale.
Among the majors, BG’s earnings
were most at risk because of its
reliance on upstream production, the
broker said.
Brent at $55 a barrel in 2015 meant
BG’s returns would drop to below the
cost of capital at just 3.2 per cent, with
the consensus earnings-per-share
forecast wrong by 62 per cent, it said.
“We see no free cash flow from BG in
Share price (pence) to be interested in Lonmin stock and,
Trading Directory
350 based on average daily volume, the
stake would take three months to be
300
digested, Merrill Lynch said.
250 Dealers speculated that Glencore
200 might want to flush out a formal offer
Feb 2014
Source: Thomson Reuters Datastream
Feb
2015
for its Lonmin stake, having been
rumoured to have received an approach
Day's
for the shares that it considered too low.
Indices
FTSE 100
Close
6818.17
change
-10.95
Another theory, played down by
analysts, was that Lonmin could be
FTSE 250 16632.60 -26.14 weighing a cash call that Glencore did
FTSE 350 3730.81 -5.97 not want to back.
FTSE All-Share 3664.00 -5.54 Housebuilders were led higher by
FTSE All-Share Yield 3.28 - Redrow, up 16.2 per cent to 345p, after it
FTSE 100 Futures 6759.50 -11.00 said demand for new homes was still
10 yr Gilt Yield 2.53 -0.29
strong with encouraging customer
20yr Gilt All-Share Ratio 0.69 -
traffic.
The highlight of Redrow’s interim
the next year,” said SocGen, which cut figures was a return on capital employed
its rating from “buy” to “sell” in an of 21 per cent as house price inflation
overnight note. outpaced build cost.
With the shares trading at nearly 24 Quindell drifted 1.4 per cent lower to
times 2016 earnings “it is hard to see 70.8p. The latest rumour put around by
where exactly — apart from M&A company followers was that Australian
speculation — the upside will come peer Slater & Gordon had been looking
from”, it added. for a private equity fund such as Apollo
BG ended 2.1 per cent lower at 914.7p Global Management to partner on a
against a FTSE 100 that lost 10.95 points buyout of Quindell’s portfolio of
to 6,818.17, a 0.2 per cent slide. industrial deafness claims, which
Leading the fallers, Tullow Oil investors expect to be written down by
dropped 7.2 per cent to 384.6p after the about 50 per cent as part of a PwC
explorer cancelled an 8p final dividend review due shortly.
and cautioned that it could breach a Telecity, the data centre operator,
covenant on its main credit facility in gained 15.3 per cent to 978p after
the first half of 2016. proposing an all-share takeover of US-
Lonmin lost 8.3 per cent to 158.1p listed Dutch peer InterXion.
after Glencore announced plans to give The clearing of a stock overhang lifted
its 23.9 per cent stake in the platinum Iomart, a cloud computing specialist,
miner to shareholders via a dividend. 8.3 per cent to 195p.

Wall Street
AOL slides after
restructure warning
Mamta Badkar
AOL failed to impress investors after
posting disappointing fourth-quarter
sales and adding that 2015 revenue will
be affected by its recent sales
restructuring.
AOL, which operates websites like the
Huffington Post, Moviefone and
TechCrunch, said “a good chunk of the
restructuring actions” had taken place
in the first quarter as the company
created a unified sales force. The
company focuses on automated or
programmatic advertising that relies on
computer software rather than more
traditional human ad buyers.
It said that domestic display-
advertising revenue will decline in high
single-digits in the first half of the year
before rising again in the second half of
the year. The comments overshadowed
better than expected fourth-quarter
profits from the New York-based
company. AOL’s chief executive, Tim
Armstrong, said 2015 would be an
“investment year”.
AOL which has lost 12 per cent in the
past year, fell 10 per cent to $40.22.
PepsiCo climbed 2.5 per cent to
$100.40 after the company that is
behind Doritos and the eponymous
drink, said it would return $8.5bn-$9bn
to investors through a mix of dividends
and share buybacks. The news
accompanied disappointing fourth-
quarter profits.
The company reported net income of
$1.3bn, or 87 cents a share, short of Wall
Street estimates. Adjusting for one-time
items, earnings of $1.12 a share topped
forecasts for earnings of $1.08 a share.
Sales of $19.9bn also topped Wall Street
expectations.
Lions Gate Entertainment, the group
behind the Hunger Games franchise,
rallied 9 per cent to $32.42 after the
company announced a stock-swap deal
with affiliates of John Malone, chairman
of Liberty Media Corp.
The company said it will issue shares
to Mr Malone for shares of two classes of
stock in cable channel Starz that
represents 14.5 per cent voting power.
The company also said Mr Malone
would join its board of directors.
Rite Aid’s move to acquire
EnvisionRx, a pharmacy benefit
manager, for $2bn, pushed the
drugstore chain nearly 7 per cent higher
to $8.08. Rite Aid will pay about $1.8bn
in cash and $200m in stock.
Utilities were the worst-performing
sector on the US benchmark yesterday,
down more than 2 per cent.
The S&P 500 was little changed at
2,068.53, the Dow Jones Industrial
Average also ended the session flat at
17,862.14. The Nasdaq Composite
advanced 0.3 per cent to 4,801.18.
30 ★ Thursday 12 February 2015

SMART MONEY Analysis. Currencies

John
Authers
Euro’s fall is broken as money flow reverses
Since the ECB announced QE Shift to Europe
investors have turned from
Why sin stocks should US funds back to the eurozone
Cross-border ETF equity fund flows
$m
International flows into eurozone
International flows into US
400
Euro
Against the dollar ($ per £)

be given the ‘washing RALPH ATKINS AND MICHAEL HUNTER

1.4

machine’ treatment When Mario Draghi announced euro-

zone quantitative easing late last 200
1.3

month, the prospect of the European 1.2

Central Bank firing up the printing

S
in works. The long-term numbers, produced presses sent the euro sharply lower. It 1.1
this week by London Business School academics was a quick win for the ECB president:
Feb 2014 Feb
Elroy Dimson, Paul Marsh and Mike Staunton a weaker currency should boost infla- 0 2015
for the Credit Suisse Global Investment Returns tion — easing deflation risks in the mon-
yearbook, showed that tobacco and alcohol etary union.
Trade-weighted index
stocks had led the US and UK stock markets respectively But as the ECB has drawn closer to
since 1900. They were not surprising. Most people know starting its programme of asset pur- 106
that those who sell addictive drugs enjoy a strong franchise chases, the euro has stabilised. After hit- 104
-200
and can reliably churn out high cash flows. ting a 12-year low on January 23, the day 102
The question is what to do about it. Can investors profit after the announcement, the euro’s 100
from this insight? And given that many pension funds and trade-weighted value has drifted higher. 98
charitable investors regard it as part of their mission to Far from nearing parity with the dol- 96
combat the social ills caused by alcoholism and smoking lar — a long-term expectation of some 94
(and in some cases gambling, pornography and weapons), strategists — the euro has recovered -400
92
can they do something about it? slightly against it, even after the green-
Dec 2014 2015 Feb Feb 2014 Feb
The investment industry’s attitude to the issue shows back’s gains following strong US labour 2015
FT graphic. Sources: Markit; Thomson Reuters Datastream
uncharacteristic restraint. There is only one well-known market data on Friday.
mutual fund that specialises in vice stocks. Rather than The euro’s rise is all the more surpris-
embrace its status, it recently changed its name from the ing given that worries about Greece
Vice Fund to the less offensive Barrier Fund. breaking up the eurozone could have “The ‘dollar parity’ trade [in ETFs] tional earnings, eurozone stocks have The story of dollar strength and euro
One exchange-traded fund has tried to tap the strength driven it sharply lower. Instead the cur-
‘People still has lost momentum,” says Simon been boosted by signs of economic weakness may not have been knocked
of sin stocks, and failed. The FocusShares ISE Sindex fund, rency’s movements suggest that after expect the Colvin, analyst at data provider Markit. activity picking up, as well as QE effects. off course for long, however. Friday’s US
investing in 20 equal-weighted US stocks drawn from alco- the initial QE “announcement effect”, “The dollar is not appreciating as much “The news coming out of Europe — if jobs data have increased expectations of
hol and tobacco producers and casino operators, came global investors have decided that if the
dollar to as it was, and a lot of international funds you ignore the very large elephant in the a midyear US Federal Reserve interest
with a clever ticker symbol (PUF). It was launched in 2007, ECB is going to buy €60bn of eurozone strengthen which were exposed to the US are based room, which is Greece — has been posi- rate rise. “On balance people are still
when sin stocks’ defensive characteristics should have had assets a month, perhaps they should in Europe. Maybe you are seeing them tive,” notes Stephanie Flanders, chief expecting the dollar to strengthen and
some appeal. But it did not survive the post-Lehman crash buy some too.
. . . but it repatriate their assets.” market strategist in Europe for JPMor- the euro to weaken,” says Ms Flanders.
and was wound up in October 2008. “I definitely buy the argument that may not be Such investment flows could have gan Asset Management. “But it may not be a straight path.”
Such episodes suggest that the fact that the ECB starts to buy euro- shaped currency movements, at least In fact worries about Greece appear to Analysts from Danske Bank agree
few have the appetite to zone government debt in March means
a straight temporarily, according to Nikolaos have had only a limited impact on the that negative factors dominate the out-
embrace sin investing openly.
If those charged actually owning some of that debt is not path’ Panigirtzoglou, strategist at JPMorgan. currency. A widespread view in finan- look for the euro over the near term, but
It is unlikely that sin invest- with doing good such a bad thing,” says Simon Derrick, “I see the equity ETF flows [into the US] cial markets is that the leftwing Syriza- predict a stronger recovery for the
ing, packaged that clearly, will chief currency strategist at BNY Mellon. as something that amplified the dollar’s led government in Athens will eventu- shared currency area this year. “A
ever be very popular.
‘engage’ they can Evidence of a shift in investor senti- strength, and now those flows are in ally strike a deal with international 10 per cent nominal effective deprecia-
That implies that sin invest- make companies ment is shown by inflows into exchange reverse,” he says. creditors — and that the effects of QE in tion in the euro lifts eurozone GDP by
ing should continue to pay off. traded funds, used by investors as a As global investors have returned to lifting asset prices will offset any damag- some 0.7 percentage points in the first
Shunning sin stocks reduces
behave better quick way of taking bets on economies Europe, eurozone stocks have risen ing fallout from Greece’s traumas. year, while lifting inflation to close to
their price, and pushes up and regions. Strong inflows into US ETFs about 6 per cent so far this year, against “None of us knows what would hap- 1 per cent in two to three years,” says
their dividend yield. The S&P 500 tobacco sector trades at before the ECB announcement have 0.5 per cent for the US S&P 500, meas- pen if Greece did leave the eurozone,” Christin Tuxen, senior Danske analyst.
a dividend yield of 4.23 per cent, more than double the dried up, and outflows from the euro- ured to Tuesday’s close. While a strong says Mr Derrick, “but it is not clear that “The ECB may retreat on easing faster
market yield of 1.97 per cent. The S&P’s casino sector, rep- zone have turned into modest inflows. dollar has hit US companies’ interna- it would lead to a lower euro.” than the market expects.”
resented by Wynn, has a dividend yield of 4.06 per cent.
These yields, as 115 years of history shows, are reliable.
They are supported by addicts who need to keep paying for
products. Long-term investors do not need the discount on Capital markets
these stocks to narrow to make money — they can simply
enjoy the mounting yield year on year. On this measure the
sum impact of ethical funds that eschew sin sectors has
been to push up returns for the less scrupulous.
Swiss government
What of the trickier question of encouraging virtue? For
many investors some financial underperformance may be
borrows at record low
acceptable — providing they can show that their policies
succeed in furthering their trustees’ social aims. In prac-
tice this is difficult to do. ELAINE MOORE — LONDON unconventional steps in its
Avoiding sin stocks does not seem to work. The Van- RICHARD MILNE — OSLO fight to maintain the Danish
guard FTSE Social Index fund, launched to invest only in Switzerland borrowed for krone’s peg to the euro after
socially responsible stocks, has since August 30 2002, 10 years at a lower rate than the surprise move by the
turned $1,000 into $2,678.8. This is behind the index and any government on record Swiss to abandon its defence
far behind the Vice fund, which would now be worth yesterday, as the eurozone’s of the franc’s euro peg. Dan-
$3,365.5. It is not clear that screening has done anything neighbours continue to feel marks Nationalbank, the
more than make sin stocks — which appear to outperform the impact of its looser mon- first central bank to intro-
in virtually every market — cheaper for everyone else. etary policy. duce negative rates in 2012,
But a “voice” strategy, of using a position as a share- cut deposit rates four times
holder to agitate for corporate change, does seem to work. The Swiss government sold in 18 days this month to a
Research on a large investment fund by Prof Dimson found SFr122.6m ($131.9m) of record low of minus 0.75 per
that a year after a company was “engaged” with, the aver- 10-year debt at a yield of just cent and recommended that
age extra return — after accounting for factors such as 0.011 per cent, meaning the government suspend
market return and size of company — was 2.3 per cent. The investors accepted barely sovereign bond sales in an
positive returns from provoking an improvement in social any income for the long-term attempt to reduce liquidity
factors was roughly equivalent to the returns generated by bond. in the Danish krone.
engineering improved corporate governance. Sweden issued bonds at a European investors unex-
This suggests that a “washing machine” strategy might negative yield for the first pectedly lost one of the best-
work. Big funds with a mandate for social responsibility time, and Denmark declined rated issuers, and demand
should buy stocks of irresponsible companies, and work to to sell Treasury bills in a for shorter-term Treasury
make them behave better. They will generate a good scheduled auction in an bills sold by the country was
return for investors, while fulfilling trustees’ social aims. attempt to stem the flow of expected to be large.
That appears to be the moral of the tale. Those investors capital into the country. Treasury bill sales had not
charged with doing good can do so, but they will need to Strong demand for Euro- been formally suspended but
work hard and shake up their companies. pean securities has pushed yesterday a scheduled sale of
If socially responsible investing remains focused more down yields on bonds in and three-month debt was
passively on screening out stocks that are deemed distaste- around the eurozone after stopped after Denmark
ful, the logical response is to be grateful that sin stocks’ the European Central Bank’s decided not to accept offers.
price has been pushed down, and buy them. announcement that it would Economists expect the
begin a programme of gov- Nationalbank to cut rates
john.authers@ft.com ernment bond-buying in again, perhaps as soon as
March. A number of euro- today, as it struggles to con-
zone bonds are trading at vince speculators that it can
negative yields, with inves- defend the peg.
tors in effect paying to hold Lars Rohde, governor, told
the securities. the Financial Times last
More comment and data on ft.com Sweden sold SKr3.5bn week that the central bank
($417m) of bonds due for could “go on for ever” in the
repayment in 2019 yester- krone’s defence. “The main
Y Fast FT Our global economies, headed day, at a yield of minus message is that we are ready
team gives you market- by Brazil, Russia, India 0.0503 per cent, a day before to do whatever it takes to
moving news and views, and China. a tensely awaited meeting of defend the peg,” he said.
24 hours a day, five days ft.com/beyondbrics its central bank. “We have unlimited access
a week. ft.com/fastft Today the Riksbank will to Danish krone and we have
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a reveal its latest interest rate no restrictions on our bal-
irreverent financial blog. look at what is driving decision. Economists were ance sheet.”
Join Paul Murphy and the global currency split on whether it could take Within the eurozone, sev-
Bryce Elder for the daily market. ft.com/podcasts its main repurchase rate eral countries sold bonds at
Markets Live session at (charged on short-term record lows, including Ger-
Y Video View from the secured lending to banks) many, which sold new
11am. ft.com/alphaville
Markets features video into negative territory. It two-year Treasury notes at
Y beyondbrics News and interviews with leading would be the first central minus 0.22 per cent.
comment from more market analysts. bank to make such a move. Portugal sold €1.25bn of
than 40 emerging ft.com/vftm Denmark’s central bank 10-year debt at a record-low
has deployed increasingly yield of 2.51 per cent.
 EXECUTIVE
APPOINTMENTS THURSDAY 12 FEBRUARY 2015

www.ft.com/recruit www.exec-appointments.com Twitter: @carola_hoyos

Inside

Leaders: In a Blink
What will companies do
to keep you when you

is it better get a better offer?

PAGE 2

Workplace Haiku
This week’s winner looks
at the two ways you can

to breed interpret ‘Je suis Charlie’

PAGE 2

Careers Counsel

your own? People need to feel

they are progressing
or they will quit
PAGE 2

At Work with the FT

Mentor Lord Davies and
Homegrown chiefs seem to be better for investors, protégée Beatriz
but Maxine Boersma finds the metric may be unjust Butsana-Sita on
helping others to
the top

I
n January, Dalton Philips, chief
executive of supermarket Wm
Morrison, was ousted after five
years in the role. The move
prompted a flurry of suggestions
about his likely replacement, unleash-
ing the latest high-profile “internal ver-
chuted into companies as troubleshoot-
ers when internal problems are already
apparent to the board, explaining at
least in part their lower results.
Tesco, the UK-based grocery chain, is
a contemporary example and serves as a
cautionary tale. The retailer’s previous
candidate’s experience are also key fac- higher if he or she has experienced very Till stories:
tors and organisations are becoming different challenges and environments Sir Terry Leahy, PAGE 3
more sophisticated about how they in his or her career, there is no benefit if Tesco’s former
groom their top internal candidates. those experiences have been garnered chief, climbed the
Many Korn Ferry clients use a “CEO at more than one company. corporate ladder
centre”, similar to a flight simulator for Nevertheless, relying wholly on from within
chief executives. For two days, candi- homegrown talent can be too insular Ashley Ashwood

sus external” chief executive debate.
So what should it be? Research shows
that companies normally promote from
within, particularly as internal candi-
dates are immersed in the business and
this can reassure shareholders.
A study by Strategy&, a consultancy,
examining chief executive turnover at
the world’s 2,500 largest public compa-
nies, found that 78 per cent of new male
chief executives were insiders, while for
women that number was 65 per cent.
Last year, for example, both Santander
and Kingfisher chose to promote
women insiders: Ana Botín at Santander
and Véronique Laury at Kingfisher.
PA Consulting says organisations
choosing internal candidates for more
than half their appointments could have
a total shareholder return as much as 51
percentage points higher than those
using mostly outsiders.
But that assessment might not be fair
when it comes to chief executives. Lead-
ers from the outside are often para-
chief executives, Sir Terry Leahy and
later Philip Clarke, were Tesco “born
and bred”. Sir Terry had worked as a
shelf-stacking teenager in a store in
Wandsworth and was widely admired.
In contrast, Mr Clarke, who had a
similar background, presided over a
£263m financial hole left for an out-
sider, David Lewis of Unilever, to tackle.
Do homegrown chief executives
themselves believe insider talent is
more likely to boost shareholder value?
Phil Sheridan, managing director of
recruitment consultancy Robert Half in
the UK, rose through the ranks. He
believes nurturing internal talent
means future leaders have already
learnt from an organisation’s mistakes.
Indeed, disagreement between the
outgoing chief executive and the chair-
man over a replacement is one of the
most frequently cited reasons for fail-
ure, notes Steve Newhall, managing
partner at recruiter Korn Ferry.
Robust succession planning and a
dates face challenges unique to being a
chief executive. The results reveal how
far a person is from being ready for such
a role, allowing the board to introduce
targeted development measures.
Lesley Uren, talent management
expert at PA Consulting Group, is con-
ducting an interview-based study that
looks into what makes chief executives
successful. “We found that what defined
Outsiders the career success of chief executives —
tend to be whether ‘grown’ or ‘external,’ was the
exposure to big challenges early on and
brought in people ‘taking a chance on them’. Some
when graphically described these as their
‘eek’ experiences.”
internal An example of an “eek” experience
problems would be being parachuted into a diffi-
have cult foreign market without a team or
knowledge of the local language. Such
become experiences develop the wisdom of the
chief executive, Ms Uren says.
apparent to A study of 1,000 leaders by CEB, an
the board advisory firm, found that while a
leader’s ability to learn on the job is
says Steve Holliday, National Grid’s
chief executive. He says while compa-
nies need depth of experience and direct Stern on Boards
knowledge they also need fresh ideas. Difficult times require
“If you take our top 100 executives, cool heads to keep open
about 75 of them have developed within
the business,” he says. He is keen to the company’s lines of
complement his team with external tal- communication
ent and is “passionate about introduc- PAGE 3
ing a next layer of expertise . . . some-
times from other sectors”. Mrs Moneypenny
Examples of chief executives who
Did an Arctic office
have successfully crossed sectors
include Colin Matthews, who moved climate drive my
from Transco to recruiter Hays then to Swedish
Severn Trent and BAA, and Carolyn
McCall, who went from the Guardian
assistant
Media Group to easyJet. to
For Mr Holliday, the strategy of mix- retrain
ing insiders and outsiders may take a as a
decade to pay off, but it gives National
wellness
Grid a chance of avoiding the scramble
for an outside candidate if — like Wm coach?
Morrison — it should suddenly need a PAGE 3
new chief executive.
2 ★
Career Counsel People need to feel
they are progressing or they will quit
We want to introduce a continuous learning
and development programme to help retain
people and ensure there is always a flow of
talent through the business. What is the key
to a successful learning strategy?
David Robertson, vice-president for
Forum Emea, leadership development
and sales training experts, says:
People need to feel they are progressing,
or they will leave, so a successful
learning strategy is one where there is
visible commitment throughout the
organisation to developing talent. It is
one that is owned on three levels; by the
company, manager and employee.
First, the organisation needs to
support managers in nurturing talent
and give individuals the tools to
progress with their career.
Second, coaching and nurturing
talent has to be central to being a leader.
Finally, individuals need to be
encouraged to take some ownership of
their development.
So to address these three points,
create a “nurturing talent” programme
for all levels of leadership. This
programme should help managers
understand their role in coaching and
nurturing talent, so they are developing
a leadership “pipeline”, and appreciate
how this drives the business strategy.
Leaders will master their coaching
and feedback skills. This approach also
FINANCIAL TIMES Thursday 12 February 2015
Executive Appointments
In a Blink: counter offers
Many employers try to persuade key staff to
reject offers from competitors ...
... and will usually offer higher pay
What did the offer include?
Have you ever received a counter-offer?
identifies people with high-potential
talent for whom you may need to take 84%
an accelerated approach. This
programme displays the company’s n.a. Haiku at Work
willingness to invest in people.
The organisation also needs to show 15% Weekly Competition
its commitment to learning on an Yes
individual level. Create a “developing 32% This week’s topic, lost in
my career” programme that encourages 33% translation, inspired one of the
individuals to own their development 23% contest’s most poignant poems,
and clarifies the support and 55% though in this case not strictly a
opportunities available. The 9% 11% haiku.
programme should focus on the No
individual, helping clarify needs and Promotion Pay rise Guaranteed Change of Added Je suis Charlie: so
preferences. People can map bonus team responsibility easy to confuse I am
opportunities to progress up, across and with I follow
outside the business, understanding But career progression is more valued ... ... and many who accept counter-offers are by Sarah Leavesley
both company and personal goals. If you were to change jobs, which of the following would searching again soon
Include links to your talent be your primary motivation for thinking about moving? After accepting a counter-offer, how long did it take you French for “I am” is je suis. French
programmes from the company to look at the market again? for “I follow” is je suis. Jim Kacian,
induction process. Create a talent forum Less than founder of the Haiku Foundation,
and a careers development intranet, Other 5% six months says: “The poet has skilfully seized
Improved More than
both of which give staff access to work/ the catchphrase from the recent
learning tools and advice to reinforce Career two years 11% horrific event and used it as her
life balance progression
the learning culture. 15% 25% first image — an entire mindspace
You need to ensure that talent arrives. It resonates with the
management is hard-wired into your Improved Six months potential calamity a simple overlap
job 8% 45% 32% to one year
business. Embed it in the culture at security in diction might create. A startling
every layer, and the company’s and telling poem of much power.”
commitment to development will
27% 33%
shine through and your pipeline of One to The next topic is the vocation.
talent will flow freely. two years
Pay rise Details at ft.com/haiku. Send your
Send your queries to Janina Conboye at poems to workplace.haiku@ft.com
workplace.questions@ft.com FT graphic. Source: Robert Walters Research. Survey of over 1,000 UK professionals. Figures do not add to 100 due to rounding
Thursday 12 February 2015 ★ FINANCIAL TIMES 3

Executive Appointments

The man who killed old boys’ Mrs Moneypenny Did Arctic office
conditions drive away my assistant?

boards on how to mentor women Can being cold make

At Work with the FT A warmth quickly grew, but he kept
his mentee on her toes. Lord Davies
Lord Davies and recalls difficult sessions with Sir Patrick
Beatriz Butsana-Sita Gillam and would tell his wife “he’s got it
in for me”. Ms Butsana-Sita nods; she
A dose of tough love is aired similar complaints to her hus-
band. Yet effective mentoring, says
often needed to help Lord Davies, should be “tough love”.
others up the career “If you’ve been a senior person, you
know immediately, instinctively,
ladder, says Tim Smedley whether there’s talent there. And it was
very obvious there was a humongous
amount in Beatriz . . . but I think that
you want to change
career? I have
watched for a few
workplace are covered by the
Workplace (Health, Safety and
Welfare) Regulations 1992,
which place a legal obligation
weeks now as my on employers to provide a
She was a rising star at BT but follow- but I am better at it than those jobs on assistant, “reasonable” temperature in
ing a linear trajectory in operational my own list . . . I am learning faster and Enterprising the workplace, rather than a
roles. In one breakthrough session, Lord growing much more.” Emelie, has specific one.
Davies suggested they both write down Mentoring and coaching can play a shivered away at The approved code of
her next job. Her immediate reaction fundamental part in encouraging her desk. Now practice “suggests” a
when shown his suggestion was “no
way”. But, before the year was out, she
senior woman, says Lord Davies.
“Women have a tendency to under-
she has resigned
and is going to
minimum temperature in
workrooms should normally
was doing it, working as a group manag- sell themselves,” he says. “ . . . If you retrain to be a be at least 16C — or 13C if
ing director with a global role assessing
BT’s relationship with its customers.
ask a man whether he can do a job,
he’s already negotiated the salary
‘wellness
coach’.
much of the work indoors
involves severe physical
She says: “I still can’t believe how it’s before you’ve even told him what the Our office effort.
possible that, in less than a year, I am job is.” He says women want to study is an I promise you my team
not only doing the role he wrote down, the details and are more hesitant if they architectural would not consider 160C to be

E
very Friday last year, Lord
Mervyn Davies, former chair-
man of Standard Chartered
Bank, met Beatriz Butsana-
Sita, BT’s then managing
director of global telecoms markets.
They would sit in his Mayfair office and
talk about her ambitions. She began
2014 contemplating an incremental
promotion. By the end of the year, she
was starting a role she had not previ-
ously thought possible.
The pairing came about as part of a
mentoring programme run by Mentore
Consulting, which aims to create a pipe-
line of UK female executives. Lord
Davies was an obvious men-
tor. In his brief stint as minis-
ter for trade and invest-
ment, from 2009 to 2010,
he authored the Davies
review into women on
boards published in
2011. It found female
representation on FTSE
100 boards to be a woe-
ful 12.5 per cent. He
called for a voluntary
target of 25 per cent of
women on FTSE 100
boards by 2015, and
began a national debate
that has continued ever since.
The latest figures show the
number of women on FTSE 100
boards has reached 23 per cent,
with no all-male boards left —
closer to the 25 per cent target
than many thought possible.
Lord Davies also addressed
mentoring in his 2011 report,
saying “differences in the way
that men and women were
mentored and sponsored” gave
“men the edge over their female
peers”. He also acknowledges the
importance of mentors to his own
career, including Sir Patrick Gillam,
former chairman of Standard Char-
tered who made him chief executive.
The Mentore programme let Lord
Davies “give something back”, he says.
“He was very impressive,” says Ms
Butsana-Sita. “He’s the former CEO of
Beatriz had some preconceived ideas do not meet the exact specifications.
about certain jobs, that this role isn’t for While more women are now getting
me . . . and it was total rubbish really.” board positions, other gender diversity
indicators remain dire. Within the FTSE
100, only 8.3 per cent of executive direc-
tors are women. In the FTSE 250, it is 5
per cent, with 24 boardrooms remain-
ing all-male.
While there is more work to do, Lord
Davies defends the progress. “In three to
four years, what’s happened? More than
20 per cent of FTSE 100 companies had
never had a woman on the board or on
the executive committee. Now the per-
centage is zero. That’s a major transfor-
mation, without quotas . . . Boards are
getting fixed. Now we’ve got to fix exec-
utive committees.”
Half the recruits Ms Butsana-Sita
now sees coming through are female.
“But we lose them throughout their
career progression, and that’s happen-
ing in all countries and all businesses,”
she says.
Lord Davies recalls a well-known
chairman telling him: “What the hell
are you doing stirring all this rubbish
up?” after the announcement of the
2011 review.
Lord Davies’ wife was with him at the
time and he says: “that was the moment
I decided, with steely determination,
that I’m really going for this.”
No chairman would dare say anything
similar now. The loss of women, he says,
is having too great an impact on busi-
nesses. “There is a revolution going on,”
he says, “and it’s profound. Companies
get it. CEOs get it. Because they are los-
ing so much talent.”
Photo: Charlie Bibby
treasure, a Georgian
townhouse where all the
fireplaces are photographed
Our office is and microchipped in case an
in a lovely enterprising salvage merchant
comes and removes them.
Georgian It is lovely to look at but,
townhouse thanks to London’s planning
restrictions, it has no air
with no conditioning and no double
air con and glazing. This means that in
the summer it can be
no double unbearably hot. And right
glazing now, in the middle of
February, it is very, very cold.
My team often sports
overcoats and scarves and EE
(who is Swedish and surely
therefore must be used to the
cold) wraps herself in the
cashmere shawl I gave her for
Christmas and from time to
time extends a few fingers to
type.
Every door is shut tight to
keep the heat in. The kitchen,
where it is necessary to
venture to from time to time
to boil a kettle, has no heating
and must provide a close
approximation to Siberia.
Is this legal? Do I as an
employer have an obligation
to heat the workplace to a
certain, specific, minimum
temperature?
I have never considered this
question before. But the
answer, surprisingly, is no.
Temperatures in the
reasonable. The HSE suggests
“providing appropriate
protective clothing for cold
environments” (I have already
given EE her cashmere shawl)
and “providing sufficient
breaks to enable employees
to get hot drinks or to warm
up in heated areas” — but as
I have said, the kitchen is the
last place anyone would go
to warm up.
So, no wonder that EE feels
it is time for a career change.
She leaves at the end of the
month to return to Sweden,
where presumably she
expects it to be warmer at
work.
I note from the website of
the organisation where she
will be going for training that
her expertise will be applied
to examining factors such as
people’s eating habits,
lifestyle choices, and the
impact career, relationships,
stress, and other factors have
on the whole person.
In this way I believe I may
actually have been helpful to
her. In fact, I suspect it might
have been my approach to
eating, lifestyle and stress
that has inspired her to go
and teach others how not to
behave, and not our Arctic
office conditions, after all.
I wonder if I should ask for
the cashmere shawl back?

Standard Chartered, a non-exec on a lot

of boards . . . I felt a bit intimidated in
the first days and weeks.”

On the wall
Among Lord Davies’ many interests and ‘What the hell has this got to do with my “If you ask ‘which one do you like?’,
board positions (which previously role?’ But you’ve got to go off- some people may find nothing at all
included Tottenham Hotspur FC and now piste . . . to get people to realise that they like,” he says. “For me
take in London’s Garden Bridge project), that they need to look at that’s what coaching is
he is a trustee of the Royal Academy of things from a different about. You’re trying to
Arts and an active art collector. angle, to be developing get people to think
His office, in private equity firm Corsair new skills.” differently. With
Capital, where he is chairman, is adorned There is an eclectic mix Beatriz, I could see a
with works largely by British artists. They of styles, surrealist, lightbulb moment,
also provide material for his mentoring photography, poster art when she began to
sessions. “I would ask . . . ‘What do you and they include pieces by realise yes, she can do
see when you look at that painting?’ Then British artists Gus Cummings this, she can do anything.”
you’ve got the person suddenly thinking, and Donald McIntyre. Tim Smedley

The best chairmen have cool heads

STERN ON BOARDS
Stefan
Stern
“If you can keep your head when all
around are losing theirs,” a wise
colleague once told me, “you’ve
probably failed to grasp the seriousness
of the situation.” This quip explains
why journalists are rarely put in charge
of anything important.
For chairmen of boards, however, a
cool head even in times of extreme
stress is valuable. The duties of
directors are significant. So how much
more significant is the role of the
person running the whole board?
The financial crisis prompted many
accusations and much finger-pointing.
What on earth was happening in the
boardroom? Had executives operated
free from meaningful supervision? And
what were the chairmen doing?
Over breakfast recently, I had the
chance to discuss such questions with
Marcus Agius, formerly chairman of
BAA (now Heathrow Airport Holdings)
and Barclays.
Having helped pilot Barclays through
the worst of the financial crisis in 2008-
2009, he nonetheless resigned in July
2012 after the bank was fined £290m
in the Libor-rigging scandal. He told a
House of Commons committee: “I
resigned because I felt responsible, as
the ultimate keeper of the bank’s
reputation”.
A takeover bid is one of the most
daunting challenges a board can face.
At BAA, Mr Agius and his board
initially fended off a hostile bid from
the Spanish group Ferrovial in 2006,
but accepted an increased offer later
that summer. Mr Agius felt it made
sense to keep more than just the core
defence team involved: “You want
people to feel they are getting all the
information they can.”
For one thing, he says, there is still a
business to run whatever excitement is
going on, so boards need to involve as
many people as they can to maintain
morale.
At Barclays, at the height of the
crisis, speed of response was vital, but
so was keeping the board together.
Extra meetings let directors share
concerns and be properly informed.
Mr Agius says: “The key was to
ensure all board members felt they had
the opportunity fully to participate in
the crucial judgments and decisions.”
As a reaction to the crisis, boards are
erring on the side of caution, Mr Agius
believes. “Management should know
that, after the challenges, they have full
support of the board,” he says.
Jennifer Sundberg, managing
director of Board Intelligence, a
consultancy, agrees that achieving the
right balance between boldness and
compliance is proving hard.
“Directors naturally want to have an
architect-type role, helping steer the
business,” she says. “But there is the
supervisory or ‘policing’ role too.”
Last year Mr Agius became non-
executive chairman at PA Consulting
and offers advice to business leaders. In
his career, he has met “with triumph
and disaster”, as Kipling put it. His
wisdom has been hard won.
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Executive Appointments
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Executive Appointments
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