FRIDAY 28 AUGUST 2015
00
Red alert
The Labour party is in mortal
danger — PETER MANDELSON, PAGE 11
Google digs in
for battle with
Brussels over
search results
3 Tech group spurns ranking proposal
3 EU hoped case would set precedent
CHRISTIAN OLIVER — BRUSSELS
Google has rejected a European
Commission proposal to change the way
it ranks and displays search results,
setting the stage for a protracted legal
battle.
The technology group filed its formal
response yesterday to EU charges issued
in April that said the company abused
its position of dominance in web search
to promote its own retail services.
Google argued that the case against it
was baseless. Kent Walker, its senior
vice-president, said in a blog post that
the preliminary conclusions in the EU’s
statement of objections were “wrong as
a matter of fact, law and economics.
“The response we filed today shows
why we believe those allegations are
incorrect,” he added.
Google’s unequivocal response throws
down the gauntlet to the commission,
which hopes to use the case as a prece-
dent to resolve competition concerns in
other areas of Google’s business, such as
travel and maps.
If Brussels decides that there has been
wrongdoing, it theoretically has the
power to exact a fine as high as 10 per
cent of the previous year’s turnover —
$66bn in Google’s case.
The EU case against Google is one
prong of an effort to rein in the power of
US tech companies, reflecting concerns
in Europe about their market domi-
nance and handling of personal data,
especially since the Snowden scandal.
Some US politicians have accused
Europe of protectionism. President
IRA fallout casts shadow
over Northern Ireland
The survival of Northern Ireland’s
power-sharing government is in doubt
amid the political fallout from the
murder of former IRA member Kevin
McGuigan in Belfast this month. The
Police Service of Northern Ireland says
it suspects that the IRA is involved in
his killing, implicitly acknowledging the
continued existence of the terrorist
group which claimed that it had, in
effect, disbanded in 2005.
Report i PAGE 2
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Big Four under fire
Concern rises over conflicts of interest at
the world’s top auditors — BIG READ, PAGE 9
Barack Obama said in February that
Brussels scrutiny of Silicon Valley giants
was driven by the “commercial inter-
ests” of the region’s technology compa-
nies, which struggle to compete with
their US rivals.
The European Commission is seeking
a final remedy that ensures Google dis-
plays and promotes its own services
under the same terms as competitors.
Google yesterday criticised such a
solution as “peculiar and problematic”
and said it would “harm the quality and
relevance” of its search results.
Mr Walker said there was only a legal
precedent for companies having to
make such concessions towards com-
petitors in sectors such as gas and elec-
tricity, where a company has a duty to
supply rivals.
People close to Google added that it
would be difficult technically to ensure
that its algorithms treated all services in
all sectors equally.
It is unclear how long the case against
Google could drag on for but lawyers
and complainants have been pushing
for a final ruling from Brussels by the
end of the year.
Thomas Vinje, legal counsel for Fair-
Search Europe, which acts for com-
plainants in the case, said Google was
using a familiar tactic.
“Defendants in big European anti-
trust cases have made the same argu-
ments,” he said. “The truth . . . is that
Google is perfectly capable of imple-
menting a remedy that provides equal
treatment both to its own product com-
parison service and to those of others.”
Latest batch of political peers signals
expansion of the ‘Westminster bubble’
JIM PICKARD
— CHIEF POLITICAL CORRESPONDENT
Party leaders are packing the House of
Lords with former politicians and
political aides at an accelerating rate,
according to Financial Times research.
The government yesterday released the
names of 45 new peers, which include
well-known figures such as former
Labour chancellor Alistair Darling and
former Conservative foreign secretary
William Hague.
Of these, 32 are former politicians and
seven used to work in the party machin-
ery — a total of 85 per cent.
That will tilt the upper chamber even
further towards becoming a home for
former party hacks and one-time MPs.
The upper chamber, which has grown
to 826 members, prides itself on having
real-world expertise with many mem-
STOCK MARKETS
Aug 27 prev %chg
S&P 500 1987.66 1940.51
Nasdaq Composite 4812.71 4697.54
Dow Jones Ind 16654.77 16285.51
FTSEurofirst 300 1430.21 1380.88
Euro Stoxx 50 3280.78 3170.73
FTSE 100 6192.03 5979.20
FTSE All-Share 3403.05 3297.33
CAC 40 4658.18 4501.05
Xetra Dax 10315.62 9997.43
Nikkei 18574.44 18376.83
Hang Seng 21838.54 21080.39
FTSE All World $ 262.34 256.72
WORLD BUSINESS NEWSPAPER
Immigrant numbers grow Figures
reach record despite Cameron vow
Different culture: migrant workers harvest celery in Cambridgeshire — Si Barber/Bloomberg
GEORGE PARKER
AND HELEN WARRELL
David Cameron’s immigration
policy was attacked yesterday
after figures showed that net
immigration had soared to a
record 330,000 a year.
The prime minister had prom-
ised to limit the number of
migrants entering Britain to
“tens of thousands” annually.
James Brokenshire, immigra-
tion minister, said the figures
were “deeply disappointing”.
Nigel Farage, leader of the UK
Independence party, said the
UK was a “borderless country”
bers from business, banks, the clergy,
unions, academia and law.
However, the FT has calculated that
non-political figures are taking up a rel-
atively smaller proportion of space on
the red benches.
The parliamentary library does not
have up-to-date aggregate information
on the backgrounds of all members of
the Lords. Researchers from the UCL
Constitution Unit found in 2010 that
formerly elected politicians and their
ex-staff made up 30 per cent of the
chamber at the time.
The FT has studied the backgrounds
of the 189 newcomers between the gen-
eral elections of May 2010 and May
2015. Of these, 68 had been elected poli-
ticians and 26 had been political staff —
comprising half of that new intake.
Yesterday’s newcomers, after the dis-
solution of the last parliament, change
World Markets
CURRENCIES
Aug 27 prev
2.43 $ per € 1.122 1.140 € per $
2.45 $ per £ 1.538 1.553 £ per $
2.27 £ per € 0.730 0.734 € per £
3.57 ¥ per $ 120.695 119.175 ¥ per €
3.47 ¥ per £ 185.568 185.109 £ index
3.56 € index 87.956 87.798 $ index
3.21 SFr per € 1.079 1.079 SFr per £
3.49 COMMODITIES
3.18 Aug 27
1.08 Oil WTI $ 42.69
3.60 Oil Brent $ 47.59
2.19 Gold $ 1119.00
and urged the premier to get EU
rules changed, to stop the flow
of immigrants. While Mr Cam-
eron is under political pressure
to restrict immigration, busi-
ness leaders attacked attempts
to cut numbers by limiting
visas for skilled workers from
outside the EU. John Cridland,
head of the CBI employers’
group, said the government’s
“one-size-fits-all approach to
migration won’t work”. He
urged Mr Cameron to abandon
his net immigration target.
A Libyan security official said
last night several hundred peo-
ple were on a boat that sank off
the balance even more towards “West-
minster bubble” insiders.
David Cameron has appointed peo-
ple to the Lords at a faster rate than any
other prime minister since life peerages
began in 1958, according to Meg Russell,
deputy director at the Constitution
Unit. He has created 44 peers a year
compared with Tony Blair’s 37 and Mrs
Thatcher’s 18.
A Tory aide defended the political
nature of the appointments, saying “dis-
solution honours” were usually former
politicians. But after the 2010 election
there was a clutch of new “working
peers” from outside politics alongside
that year’s dissolution honours.
Lucy Powell, shadow Cabinet Office
minister, attacked the growth in
number of peers. She said: “David Cam-
eron’s promise to cut the cost of politics
lies in tatters.”
INTEREST RATES
Aug 27 prev price
0.892 0.877 US Gov 10 yr 98.29
0.650 0.644 UK Gov 10 yr 100.24
1.371 1.362 Ger Gov 10 yr 102.48
135.366 135.913 Jpn Gov 10 yr 100.13
92.298 93.187 US Gov 30 yr 98.91
102.592 102.654 Ger Gov 2 yr 101.17
1.480 1.469 price
Fed Funds Eff 0.12
prev %chg US 3m Bills 0.07
38.60 10.60 Euro Libor 3m -0.03
43.14 10.32 UK 3m 0.59
1120.75 -0.16 Prices are latest for edition Data provided by Morningstar
UK £2.50 Channel Islands £2.80; Republic of Ireland €3.
Out of the Box
When a tech start-up goes
public — RICHARD WATERS, PAGE 12
Briefing
i Ukraine’s creditors agree debt write-off
Ukraine’s investors are set to write off $3.6bn after
accepting a cut of a fifth on the $18bn value of the
war-torn country’s bonds as part of a long-awaited
debt deal.— PAGE 4; EDITORIAL COMMENT, 10
i Apple sets date for next iPhone
Apple has scheduled its annual iPhone launch for
Wednesday September 9, a year after the release of
its present handset alongside Apple Pay and the
Watch.— PAGE 15
i Delivery of Japan Post float on hold
Preparations for the $12bn float of
Japan Post are in deadlock because of
the tradition of shareholder perks,
with brokerages fretting over how to
make the group attractive to potential
investors.— WWW.FT.COM/SUPPORT-SERVICES
i China woes put strain on Abenomics
China is the latest global shock to undermine
Japan’s Abenomics stimulus scheme and could force
the Bank of Japan’s to ease policy.— PAGE 6
i Concern at fall in bond market liquidity
A reduction in bond market liquidity due to banks
retreating from trading is a concern for central
bankers, a Bank of England analysis shows.— PAGE 26
i Abbott does health check for St Jude bid
Abbott Laboratories has been preparing a takeover
bid for St Jude Medical that would value the
medical device maker at $25bn.— PAGE 15
i US growth exacerbates Fed conundrum
US growth surged in the second quarter, adding to a
conundrum for the Federal Reserve over whether to
raise interest rates in September.— PAGE 6
i Tsipras has sights on Greek poll triumph
Greece is set for a September 20 general election
with Alexis Tsipras gambling on an outright win for
his Syriza party.— PAGE 4
the country’s coast yesterday.
Some appeared to have been Datawatch
trapped in the hold when it cap-
sized.
Angela Merkel, German Chinese stock market Rises and falls in
chancellor, had earlier stressed Shanghai Nominal the Chinese stock
the need for a “fair quota sys- Composite GDP growth market have largely
(’000) (annual % change) mirrored faster and
tem” to resettle non-EU refu- 6 25 slower economic
gees. Talks on Europe’s migrant growth but the
crisis, between Ms Merkel and 5 20 rapid rise,
leaders from six Balkan coun- 4 beginning in late
15
tries in Vienna yesterday were 3 2014, was notably
interrupted by news that up to 10 decoupled from the
2
50 migrants had been found domestic economy.
dead in a truck in Austria. 1 5 The Shanghai index
Migration data ominous page 3 2007 09 11 13 15 has fallen 40%
Merkel steers debate page 4 Source: Thomson Reuters Datastream since June
Editorial Comment page 10
yield chg
2.19 0.03
1.98 0.02
0.74 0.04
0.39 0.02
2.93 0.00
-0.19 0.00
prev chg
0.11 0.01
0.06 0.01
-0.03 0.00
0.58 0.00
2 ★
Renewable energy
Solar industry hit by plan to slash subsidies
Support for small projects
set to join other green
measures on scrapheap
CHRISTOPHER ADAMS — ENERGY EDITOR
A solar panel revolution that has ena-
bled more than half a million UK house-
holds to sell electricity into the power
grid was dealt a heavy blow yesterday by
government plans to slash subsidies for
homeowners and small businesses.
Proposals to end assistance as soon as
January for small-scale renewable
projects and cut by up to 87 per cent
guaranteed prices paid for electricity
generated by new rooftop solar installa-
tions sparked industry dismay and
warnings of a “massive market rush”
Spectre of IRA saps Stormont of stability
Fallout from the murder of
former gunman dents survival
hopes of power-sharing pact
VINCENT BOLAND — BELFAST
Two men who at an earlier time in
Northern Ireland’s history would have
been sworn enemies appeared on the
same stage on Wednesday evening to
talk about murder, apologies, the past
and the future. With an irony that was at
least partly intentional, the event in
Londonderry, also known as Derry, was
called “Uncomfortable Conversations”.
One of the men was Declan Kearney,
national chairman of Sinn Féin, the
former political wing of the IRA. The
other was George Hamilton, chief con-
stable of the Police Service of Northern
Ireland. The event was one of a series
that occasionally takes place in the
province, where former enemies sit
together and try to put themselves in
each other’s shoes.
If developments in Belfast in the past
few days are any guide, the desire for
such reconciliation is not universally
shared. The political fallout from the
murder of a former IRA member earlier
this month has escalated to such an
extent that the survival of Northern Ire-
land’s shaky but enduring power-shar-
ing government is in doubt.
The crisis has exposed the extent to
which former political enemies in Sinn
Féin and the Democratic Unionists, the
two main parties in the executive and the
assembly in Stormont, remain bitterly
divided, almost 20 years after the signing
of the Good Friday Agreement that
endedNorthernIreland’s“Troubles”.
Finding a way out of the latest crisis
will pose a test for the governments in
London and Dublin which, along with
Washington, are the guarantors of the
agreement and the peace process it ush-
ered in. Each successive march to the
brink by the DUP and Sinn Féin makes
the task of dragging them back to the
centre more difficult.
As Richard English, professor of poli-
tics at St Andrews university, says:
“Stormont has been built on founda-
tions of enmity. Neither side in the
unionist-nationalist divide really likes
or trusts the other.”
The latest crisis stems from the mur-
der this month of Kevin McGuigan, a
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before the scheme ended. The move by
Amber Rudd, energy secretary, is the
latest in a string of policy reversals,
where green energy measures have
been watered down or scrapped since
the Conservative government took
office in May.
A consultation paper published on
the Department of Energy and Climate
Change website set out details of a
reduced programme of guaranteed
prices, called feed-in tariffs, that would
apply to small solar, wind and hydro-
electric power installations from the
start of January.
The tariffs for new projects would
decrease every three months until the
scheme ended in March 2019.
The smallest solar projects, those on
household rooftops, would be hardest
Northern Ireland. Assembly woes
Then and now: former IRA gunman. The PSNI says it
the funeral of suspects the IRA is involved in his kill-
Kevin McGuigan ing, apparently the result of an internal
in Belfast last feud. That was interpreted as a state-
week and, ment that the IRA continued to exist,
below, British despite its claim that it had in effect dis-
PM Tony Blair banded in 2005.
and Irish The question is whether the contin-
taoiseach Bertie ued existence of the IRA in some form is
Ahern in 1998 a breach of the Good Friday Agreement,
signing the or just one of the many ambiguities on
Good Friday which it rests. The answer would appear
Agreement to be the latter. In the Irish Times this
Charles McQuillan/Getty
week, former Irish justice minister
Images/John Giles/PA
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FINANCIAL TIMES
NATIONAL
hit, with payments cut from 12.5p per
kilowatt hour to just 1.6p.
ment said. A cap imposed under the pre-
vious coalition government, known as
Assistance could end sooner, in Janu-
ary, if steps to control costs were not
the levy control framework, allows this
spending to reach £7.6bn a year by
implemented or effective in curbing 2020-21. But fears that the cap would be
expenditure, the paper said. exceeded by up to £1.5bn by 2020, push-
The energy department said the ing up household energy bills, have led
changes were aimed at reducing the the government to cut renewable subsi-
total amount of spending on green sub- dies.
sidies, which are largely paid for The energy department: “We are tak-
through consumer bills. By curbing ing urgent action to get a grip of this
spending to £100m over three years, the overspend . . . As costs continue to fall
department expects to support up to and we move towards sustainable elec-
90,000 new installations. tricity investment, it becomes easier for
Falling costs for solar technology and parts of the renewables industry to sur-
the help available under the tariff pro- vive without subsidies.”
gramme had led to higher than Industry operators and environmen-
expected levels of deployment, particu- tal campaigners called the latest move
larly for solar. But the subsidy cost had “alarming” and pledged to fight it.
also exceeded expectations, the depart- Mike Landy, head of policy at the
the deals done at the Good Friday talks ‘Stormont
[ . . . ] that the IRA would cease to exist?
The short answer is: no.” has been
He said allowing “an inert, unarmed built on
and withering husk” of the IRA to con- foundations
tinuewasthepreferredchoiceoftheIrish
and British governments to risking a of enmity.
breakaway by dissidents that would have Neither side
recreated the IRA in a new form. That in the
interpretation is shared by officials in
Dublin and London. Loyalist paramili- unionist-
tariesweregiventhesamedispensation. nationalist
What really matters, according to divide really
political experts in Belfast, is not the sta-
tus of the husks of Northern Ireland’s
likes or trusts
one-time terrorist groups, but the con- the other’
tinued commitment to the peace proc-
ess of their one-time political wings. Professor
These reconstituted political groups Richard
contain many senior former paramili- English
taries: Martin McGuinness, a one-time
IRA member, is now Northern Ireland’s
deputy first minister.
Kieran McEvoy, professor of law and
transitional justice at Queens Univer-
sity, says the political and security
establishments in London, Dublin and
Broadcasting
Alarm sounds at Scottish National party’s call for federal BBC
MURE DICKIE AND HENRY MANCE A senior television industry figure
EDINBURGH
complained that the SNP was trying to
Nicola Sturgeon’s call for a radical reor- change UK-wide institutions even as it
ganisation of the BBC to create new pushed for Scottish independence.
dedicated television and radio stations “They want to have their cake and eat it,
for Scotland has alarmed opponents, the SNP,” they said. “Everything they do
who see the broadcaster as a pillar of smacks of control freakery.”
UK unity and worry that its northern Yet Ms Sturgeon’s call for more dis-
tinctive Scottish broadcasting is likely to
arm could fall under the sway of the
Scottish National party. be attractive to many viewers north of
the border who complain about what
The Scottish first minister’s call for a fed- they see as London-centric news agen-
eral BBC with separate governance das and content. Independence cam-
boards for the home nations comes at a paigners including Mr Salmond have
time of questions over the broadcaster’s been vociferously critical, in particular
future as the Conservative government of the BBC’s coverage of last year’s inde-
prepares to renew its royal charter. It pendence referendum.
also comes just days after Nick Robin- The BBC rejects such criticism, but
son, the BBC’s outgoing political editor, did admit in its latest annual report that
accused Ms Sturgeon’s predecessor as efforts to reflect the nations of the UK
first minister, Alex Salmond, of “craving and to support minority languages had
control”over itscoverage. “still some way to go, particularly in
Opponents say the SNP’s reform calls Scotland”. Only 50 per cent of people in
cloak a desire for influence over the Scotland say the BBC offers good value
BBC. Scottish Labour has accused the for money, compared with 58 per cent in
nationalists and UK Conservative gov- England, 60 per cent in Wales and 47 per
ernment of trying to use the charter cent in Northern Ireland, according to
process to bully the BBC, while the Scot- research carried out last year.
tish Liberal Democrats claim the SNP is Scotland’s relatively small proportion
trying to “fragment” the broadcaster. of the UK population means that in a
Solar Trade Association, said the plans
would be “hugely damaging” for the
industry. “We regret that proposals to
suddenly cut tariffs, combined with the
threat of closure of the scheme next Jan-
uary, will spark a massive market rush,”
he said.
“This is the antithesis of a sensible
policy for achieving better public value
for money while safeguarding the Brit-
ish solar industry.”
Friends of the Earth called the move
“an absolute disgrace” in the run-up to
talks on a global climate deal in Paris in
December. The green campaigners said
government estimates showed that
nearly a million households would be
prevented from installing solar panels,
while subsidies would continue for coal-
fired power stations.
Belfast remain convinced that Sinn Féin
is “100 per cent committed” to the
peace process. But “if the republicans
try to have their cake and eat it — engag-
ing in politics while reconstructing an
armed wing — that would be highly
politically unfeasible”.
Sinn Féin insists that this is not going
to happen and that the IRA has “gone
away”. Moreover, there is no suggestion
that Northern Ireland is about to
descend into another cycle of violence.
Still, Stormont hangs by a thread. The
move this week by the small Ulster
Unionist party to pull out of the execu-
tive will not immediately bring the
devolved administration down, though
a threat by the DUP to exclude Sinn Féin
would do so. That remains a worst-case
scenario, however.
As Prof English says: “The alternative
to involvement in Stormont is less
appealing to parties which have become
used to exercising power in a largely
peaceful Northern Ireland. That is why
the flawed power-sharing arrangements
will endure, albeit shakily.”
Policing
Chief constable resigns
after prolonged criticism
The chief constable of Police Scotland
has announced his resignation after
months of criticism.
Sir Stephen House had faced strong
calls from opposition parties to step
down over his performance. But he
had been backed by Scottish National
party ministers and had until now
insisted he would stay in office until
his contract expires next year.
Critics say confidence in Police
Scotland has been damaged by a
series of controversies including high
rates of street searches, the
deployment of armed officers to
routine incidents, allegations that the
two-year-old force spied on journalists
and a bungled response to a motorway
accident.
Muir Dickie
Friday 28 August 2015
Labour leadership
Mandelson
warns party
in ‘danger’ if
Corbyn wins
JIM PICKARD
CHIEF POLITICAL CORRESPONDENT
Lord Mandelson, one of the founding
fathers of the New Labour project, has
warned that a Jeremy Corbyn victory
could be the “final chapter” for the
party after a century at the forefront of
British politics.
The former business secretary has
warned in an article in the Financial
Times that the party is in “mortal dan-
ger” if it elects Mr Corbyn, the radical
leftwinger who is favourite to win the
leadership race.
Policies such as printing money, state
ownership of major industries, quitting
Nato and unilateral disarmament
would make the party “unelectable”, the
peer said. “It would be a sad and possi-
bly final chapter in the British Labour
party’s history.”
The outspoken comments follow
those of other party grandees, including
Tony Blair, Gordon Brown and Lord
Kinnock, who have highlighted the dan-
gers of a Corbyn victory.
Lord Mandelson is controversial in his
own party because of his rightwing, pro-
business instincts. Yet he was one of the
key figures in the metamorphosis of
Labour into a centrist, election-winning
machine that won over Britain in three
general elections in a row.
His comments reflect a growing
despondency among much of the Par-
liamentary Labour party, in which
fewer than 20 MPs have publicly
declared support for Mr Corbyn.
Most of the current shadow cabinet
will refuse to serve under the radical
leftwinger, with questions over whether
he would be able to fill the required
nearly 100 front bench posts.
Those who would not join a Corbyn
regime include Chuka Umunna, shadow
business secretary, Tristram Hunt,
shadow education secretary, and Emma
Reynolds, shadow communities secre-
tary. Friends of Ed Miliband, the former
Labour leader, have said that he would
likewiserefusetoserve.
Mr Miliband has refused to comment
on the current leadership race, despite
suggestions by Mr Corbyn that he could
be offered the energy portfolio. How-
ever, allies say the former Labour leader
would prefer to focus on other projects
before returning to front-line politics.
Mr Corbyn has energised the leader-
ship contest with his anti-austerity poli-
cies, attracting huge crowds in cities and
towns. Lord Mandelson said this “insur-
gency” was fuelled by idealism, frustra-
tion, naivety and trade union donations.
The situation reminded him of
Labour’s position 30 years ago when he
was first appointed campaign director.
“The party confronted very similar
challenges to those of today following
colossal electoral defeat: ‘moderates’ in
disarray, the soft left not knowing which
way to turn, sensible policy thinking
dried up,” he said. “There were those
who said Labour would never form
another government.” He called on
those who wanted Labour to be a party
of government, “not protest”, to unite.
Mortal danger, page 11
Video
Nick Pearce, of the IPPR
think-tank, discusses the impact
of a victory for Jeremy Corbyn
ft.com/video
unified service, the vast bulk of news
and other programmes shown in Scot-
land is produced elsewhere, with most
specifically Scottish content shown on
an “opt-out” basis outside peak viewing.
Neil Blain, professor of communica-
tions and media at Stirling university,
said even among supporters of the
union there was “disquiet” over the lack
of Scottish content and that concerns
about an SNP takeover appeared over-
stated. Any oversight role would be
exercised through a Scottish parliamen-
tary committee, with pro-union politi-
cians involved, Prof Blain said. “I can’t
envisage any situation where SNP dic-
tate would prevail.”
Yet analysts questioned where the
money to fund Ms Sturgeon’s broadcast-
ing wishlist would be found. The first
minister called for a second English lan-
guage radio channel to be introduced
alongside BBC Radio Scotland and a
“dedicatedmainstreamTVchannel”.
“It’s not a good time to be asking more
of the BBC when it is already on the back
foot on funding,” Prof Blain said. A sen-
ior BBC figure added it was “quite hard
to see”, given its budget is forecast to fall
by 10 per cent in real terms from 2017.
Friday 28 August 2015
Migration data
ominous for
pro-EU camp
Ukip seizes on news but some Brexit
advocates fear alienating swing voters
HELEN WARRELL AND GEORGE PARKER
The political timing was bleak for David
Cameron: after a summer of images of
migrants trying to break into Britain
through the Channel tunnel came the
news yesterday that legal net immigra-
tion had reached a record high of
330,000.
Worse for Mr Cameron, preparing for
a referendum on Britain’s EU member-
ship by the end of 2017, the growth in
arrivals was spurred by a marked
increase in the immigration of EU citi-
zens. These rose more than a quarter to
269,000.
The turn of events is ominous for the
pro-EU camp, not least since an Ipsos
Mori poll last week found that 50 per
cent of people said immigration was the
biggest issue facing the country: the
highest level recorded.
Nigel Farage, UK Independence party
leader, seized on the news, claiming that
Britain had become a “borderless”
James Brokenshire:
the immigration
minister said the
new figures should
be a ‘wake-up call’
for the EU
country and that regaining control of
migrant inflows had to be part of Brit-
ain’s renegotiation.
Mr Cameron’s ambitions are more
limited: he wants to reduce the attrac-
tions of Britain to EU migrants by
restricting their access to in-work and
out-of-work benefits.
His ability to take tougher action has
been constrained by Angela Merkel, the
German chancellor, who told Mr Cam-
eron last year that she would not toler-
ate moves to stop the free movement of
workers in the EU. But as data from the
Office for National Statistics show, Mr
Cameron’s plan to curb benefits may do
little to deter many would-be European
immigrants: six in 10 EU citizens com-
ing to the UK for work had a definite
offer of employment.
James Brokenshire, immigration
minister, responded to the latest figures
by attacking Brussels, perhaps hoping to
deflect a blow to a government commit-
ted to cutting net migration to the “tens
of thousands”. The new figures were
“deeply disappointing”, he said, and a
should be a “wake-up call” for the EU.
“Current flows of people across
Europe are on a scale we have not seen
since the end of the second world war,”
he said. “This is not sustainable and
risks the future economic development
of other EU member states. It reinforces
the need for further reform at an
London Underground
Launch of all-night weekend
Tube delayed for union talks
TANYA POWLEY
TRANSPORT CORRESPONDENT
The launch of a weekend-only all-night
Tube service has been delayed as Lon-
don Underground managers seek to
reach agreement with unions to pre-
vent further strikes.
Transport for London, which runs the
London Underground, confirmed yes-
terday that the all-night service would
no longer begin on September 12. It still
hopes to launch it later in the autumn.
It comes just days after unions sus-
pended this week’s double 24-hour
strike action as a gesture of “good will”,
after progress was made in discussions
with London Underground. One of the
unions, RMT, said the strike action
would instead take place on September
8 and September 10.
Tube workers have been protesting at
plans for the all-night service, which
they believe threatens their work-life
balance. The unions have previously
called on London Underground to delay
its start until working patterns have
been agreed.
Nick Brown, managing director of
London Underground, said it had post-
poned the launch to allow more time for
talks with unions. “Our objective is to
reach an agreement that ends this dis-
pute and delivers the night Tube for
Londoners this autumn,” he said.
Plans for a 24-hour weekend service
on the Jubilee, Victoria and most of the
★ FINANCIAL TIMES 3
NATIONAL
Net immigration hit a new high . . .
Migration in the previous 12 months (‘000) Immigration 600
. . . with immigrants from the EU responsible for
most of the rise over the past year . . .
Immigration in the previous 12 months, by citizenship (‘000)
350
500
Non-EU citizens 300
400
Emigration 250
300
200
200 EU citizens 150
Net migration
100 100
British citizens
0 50
1990 95 2000 05 10 15 2005 06 07 08 09 10 11 12 13 14 15
. . . sources of migration from the EU have changed . . . . . . most immigrants have come for employment reasons
Immigration from the EU in the previous 12 months, by citizenship (‘000s) Immigration in the previous 12 months, by reason (‘000s)
EU level as well as within the UK.” 120 300
The gap between the scale of the prob- Citizens of pre-2004 EU member countries Work related
lem identified by Mr Brokenshire and 100 250
the relatively modest proposals by Mr
Cameron on migrant welfare should, on 80
the face of it, be a gift to the No cam- 200
paign in the EU referendum. But some 60
in the Out camp are warning against Formal study 150
making immigration their focus; they Citizens of 2004 EU entrants 40
fear that Mr Farage’s divisive style and
strident language will put off moderate Citizens of Romania and Bulgaria 20 100
swing voters, especially the young. Accompany/join family
One figure putting together the No 0 50
campaign said that many people who
were already committed to voting for a 2005 06 07 08 09 10 11 12 13 14 15 2009 10 11 12 13 14 15
Brexit were alarmed about immigra- Source: ONS
tion, but key swing voters were more
worried about their jobs.
“We have to neutralise the economic
fear factor for the crucial one-third of
voters,” he said. “That means focusing
on the economy, not immigration.”
Mr Brokenshire also said the high
numbers of people coming to work in
Britain showed that businesses were
“still overly reliant on foreign workers”.
This conflicts with the findings of the
government’s Migration Advisory Com-
mittee, which reported this month that
there was “little evidence” skilled
migrants from overseas were undercut-
ting British resident workers.
The 15 countries that formed the EU
before 2004 — such as Germany, Spain
and Italy — still make up the largest cat-
egory of European immigrants,
accounting for 116,000 arrivals in the
year to March 2015. Arrivals from the
eight eastern European countries that
joined in 2004 rose marginally from
60,000 to 72,000, while those from
Romania and Bulgaria almost doubled
to 53,000 during the same period.
Separate statistics on national insur-
ance show that the top five EU nationali-
ties for new registrations in the year to
June 2015 were Romanian, Polish, Ital-
ian, Spanish and Bulgarian.
Madeleine Sumption, director of the
Oxford Migration Observatory, said
while the UK’s flexible labour market
and higher education sector made it an
attractive destination for foreigners, it
was “by no means an outlier by interna-
tional standards”.
Recent government measures to com-
bat immigration include a new crack-
down on illegal immigrants and
employers that hire them. This is partly
a response to the crisis in the French
port of Calais, where thousands of
migrants from Africa and the Middle
East are camped out in hope of crossing
the Channel to the UK. Once in Britain,
many intend to seek asylum.
Merkel steers debate page 4
Editorial Comment page 10
Comment page 11
Piccadilly, Central and Northern Lines
was announced 18 months ago. London
Underground had been keen to coincide
the launch with the start of the Rugby
World Cup.
However, an escalating dispute
between workers and London Under-
ground managers, which has already
resulted in two 24-hour strikes in the
past month, made the delay inevitable.
Business groups expressed disap-
pointment with the delay. “It’s high time
we have a transport system that means
London is truly a 24/7 city, as places like
New York have been for years,” said
David Leam, infrastructure director at
London First, a business lobby group.
Val Shawcross, Labour’s transport
spokesperson in the London Assembly,
said the delay came as little surprise
because of the “blundering approach”
by Boris Johnson, mayor of London, to
launching the night Tube. “If you try
and launch a major project without
speaking to the people you’ll be relying
on to deliver it, it’s never going to end
well,” she said.
Mick Whelan, general secretary of
Aslef, which represents the majority of
the Tube’s 3,500 drivers, said: “Aslef
believes that a world-class capital city
like London needs a 24-hour Tube serv-
ice. But not at the expense of the work-
life balance of our members. It has to be
done in a way that works for London
Underground, for passengers, and also
for the drivers who deliver this service.”
4 ★★★ FINANCIAL TIMES Friday 28 August 2015

INTERNATIONAL

Merkel steers debate on Germany’s Bonds

Ukraine
asylum seekers in liberal direction secures debt
deal for
There is popular support for accepting refugees, apart from a vocal far-right minority
war-ravaged
economy
JEEVAN VASAGAR — HEIDENAU

When Angela Merkel this week made
her first visit to a refugee shelter since
she became chancellor a decade ago,
far-right demonstrators booed and
screamed Volksverräterin, traitor to the
people.
Leaving the asylum seeker centre in
Heidenau on Wednesday, she con-
demned the protesters. “There can be
no tolerance of those who question the
dignity of other people,” she said, stand-
ing in the spot where rightwing extrem-
ists battled police last weekend.
Ms Merkel’s visit to the town near
Dresden highlighted the twin challenges
facing her country: the arrival in record
numbers of asylum seekers, and the vio-
lent backlash this has prompted from
the far right.
Famed for her caution, the chancellor
has been forthright when it comes to
defending refugees, race and the chang-
ing face of Germany. Her interventions
have sometimes backfired. Last month,
she was left speechless when a Palestin-
ian teenager facing deportation burst
into tears on television. She was criti-
cised on social media for being slow to
respond to the violence in Heidenau.
But overall, she has steered the debate
in a liberal direction, analysts say, chal-
lenging the far right while moving
slowly enough to avoid startling her own
conservative base.
Since the start of the year, Ms Merkel
has condemned the anti-Islamisation
movement Pegida and defended Islam
as a religion that “belongs to Germany”.
In June, speaking at the 70th anniver-
sary celebrations of her party, the Chris-
tian Democratic Union, she told fellow
party members: “We are the second
most popular country of immigration in
the OECD. The union isn’t so keen to
talk about that, but we will learn to.”
Her cautious embrace of migration
fits with her political strategy of occupy-
ing the centre ground, analysts say. Ear-
lier this year, the CDU floated the idea of
an immigration law, creating a clear
legal avenue for non-EU migration.
Such a move would bolster the pros-
pects of a future coalition between Ms
Merkel’s conservatives and the pro-
migration Greens. It would also help
address the decline in Germany’s
working-age population, forecast to
decline sharply in coming decades.
Steffen Angenendt, a migration
expert at the SWP think-tank, said Ms
Merkel’s approach to refugees was char-
acteristic of her crisis management
style. “She bides her time, and tries to
avoid making a mistake, until the pre-
cise moment when she sees that she can
deal with it,” he said. “In the asylum
debate, that moment has been reached.”
Germany expects to receive 800,000
asylum seekers this year, more than the
whole of the EU combined in 2014. New
reception centres have been opening up
across the country, and are filling rap-
idly. The centre in Heidenau, which
opened a week ago, is now home to 575
refugees, more than half of them from
Syria.
While many Germans have
responded with displays of solidarity —
donating clothes to refugees and
even organising ice cream deliv-
eries — there have been 200
attacks on shelters for asylum
seekers in the first half of this
year, ranging from the daubing
of Nazi symbols to the burning
of buildings.
Kerstin Krejak, one of the
protesters outside the centre
Greek elections
Refugee protest:
an onlooker Austria
holds a placard Dozens of migrants found
reading ‘Traitor
to the people’ dead in abandoned truck
during a visit by
Angela Merkel, Up to 50 migrants were found dead in
below, to a Hungarian-registered truck
Heidenau abandoned on the Austrian autobahn
Sean Gallup/Getty Images
yesterday, an incident that officials
said added urgency to EU plans to
share out refugees among member
countries.
Hans Peter Doskozil, Austria’s
national police director, said the
7.5-tonne truck had been found
abandoned in a lay-by on a motorway
between Neusiedl and Parndorf, near
the border with Hungary.
Between 20 and 50 bodies had been
discovered inside but the authorities
could not confirm the cause of the
deaths, adding that the bodies were in
an advanced state of decay. Hungarian
officials confirmed the truck had been
registered with temporary plates in
the town of Kecksemet.
“At this point we can offer no further
concrete details as to how the death
occurred,” Mr Doskozil said.
The refrigerator truck bore the
livery of a Slovakian chicken company.
Austrian media outlets quoted a
company spokesman saying it
had sold 13 trucks last year but
had no further knowledge of
their whereabouts. News of the
deaths appeared in Austrian
media moments after Angela
Merkel, the German chancellor,
began talks in Vienna on a
fresh response to Europe’s deepening
migrant crisis with leaders from six
Balkan countries and EU officials.
“We are all very much shaken by the
news that up to 50 people lost their
lives in a situation where criminals
facilitating illegal border crossing did
not care about them,” Ms Merkel said,
noting that the number of refugees in
Europe had reached its highest level
since the second world war.
Ms Merkel said talks would move
ahead on a Franco-German proposal
to establish refugee processing
“hotspots” in Italy and Greece by the
end of the year and a “fair quota
system” to resettle refugees
throughout the EU’s member states.
“These fair quotas will be
demanded. We will see who accepts
and refuses,” she said, noting that
countries such as Britain and Denmark
were not obliged to participate in the
EU’s asylum policy.
Federica Mogherini, the EU’s foreign
policy chief, struck a note of urgency,
saying that there were no magic
solutions to the migration crisis but
that leaders needed to end “the blame
game” and “take responsibility”.
Ms Mogherini said the European
Commission had proposed a
compulsory refugee quota to share
out refugees in May and that the
proposal remained on the table. Work
was nearing completion on a common
EU list of safe countries of origin that
would allow governments to assess
asylum applications more rapidly.
Andrew Byrne in Vienna
in Heidenau, said: “There are too many
people coming to Germany. Germany
looks prosperous from the outside, but
we are struggling. Why is money going
to refugees, when we need it ourselves?”
Ms Krejak, a pet hairdresser, added that
she was not a Nazi, and condemned the
previous weekend’s riots where demon-
strators — some shouting “Heil Hitler”
— battled police.
Tensions are clearly high. As Ms Mer-
kel arrived the crowd shouted: “There is
money for everything, but not for your
own people.” Such a hostile public
reception is rare for the German chan-
cellor, a politician whose approval rat-
ing was 67 per cent according to an
Infratest Dimap poll in late July. But her
views appear to be — with the exception
of the minority of far-right protesters —
in tune with those of the German public.
A poll published last week showed 60
per cent of the German public thought
the country “could cope with” the high
levels of refugees. The poll conducted
for broadcaster ZDF after the latest fore-
cast for asylum seeker numbers was
published showed 86 per cent regarded
Germany as a “country of immigration”.
In Ms Merkel’s favour is the fact that
Bild, the most popular daily newspaper
in Germany, offers more balanced cov-
erage of refugees than tabloids in other
European countries.
In-depth Still, scepticism remains. Tobias
The EU’s Schultheiss, a Heidenau resident, said:
struggle to “She should have come sooner. I don’t
respond to
the growing think that the chancellor can solve this
refugee crisis easily but it is good that she is here to
show she is interested.”
ft.com/
migrantcrisis Editorial Comment page 10
Comment page 11
ELAINE MOORE AND NEIL BUCKLEY
LONDON
Ukraine has secured an agreement to
avert default and restructure billions of
dollars of government debt as the war-
ravaged country seeks to repair the
damage wrought by the loss of Crimea
and war against Russian-backed sepa-
ratists.
A group of the country’s largest credi-
tors, including US asset manager Frank-
lin Templeton, have accepted an imme-
diate 20 per cent write-off on $18bn of
the country’s bonds at a time when mar-
ket turmoil triggered by fears for China’s
economy has already wiped billions of
dollars from emerging markets funds.
The deal, hammered out after five
months of intense negotiations, also
includes a freeze on debt repayments
for four years.
Natalie Jaresko, Ukraine’s minister of
finance, said she was delighted with the
terms, adding that the country had
endured a “long and difficult road” to
reach the accord with creditors.
For Kiev, restructuring private credi-
tor debt is a vital condition for the Inter-
national Monetary Fund to press ahead
with a four-year financial support pro-
gramme, totalling some $40bn.
The agreement comes at a crucial
time, with tentative signs that the econ-
omy could be starting to stabilise.
Although output is still falling, the
national currency, the hryvnia, has
stopped its steep decline, and inflation
— which spiralled above 60 per cent ear-
lier this year due largely to utility price
rises demanded by the IMF — is moder-
ating. It may also help to shore up wan-
ing support for the government ahead of
regional elections in October.
“The resolution of Ukraine’s debt saga
20 % 60%
Write-off Inflation level
accepted by earlier this year,
creditors on driven by utility
$18bn of bonds price rises
looks like a great success for all parties
involved,” said Anders Aslund, an
expert on Ukraine’s economy at the
Atlantic Council think-tank in Washing-
ton. “The IMF has changed the rules of
the game as it desired. The bondholders
will still do well. Ukraine got the neces-
sary debt relief.”
Creditors BTG Pactual, Franklin Tem-
pleton, TCW and T Rowe Price said the
restructuring would “allow Ukraine to
maintain its access to capital markets
and provide the stable economic plat-
form that will help the country to
restore growth”, urging the country’s
other bondholders to support it.
However Russia, which owns a $3bn
bond due to mature in December, sig-
nalled it would not participate in the
restructuring deal, creating potential
problems later this year.
Credit analysts also questioned
whether the hard-won proposal will
result in solvency. Prices for Ukraine’s
bonds jumped in the wake of the
announcement, with the price of a
$2.6bn bond due in July 2017 rising from
57 cents in the euro to 66 cents.
The restructuring provided some
relief to Franklin Templeton’s Michael
Hasenstab, Ukraine’s biggest private
sector creditor. His Templeton Global
Bond Fund is down 6 per cent this
month but the value of his biggest
Ukrainian holdings surged by 25 per
cent because the restructuring was less
severe than expected.
“This deal is favourable to bondhold-
ers,” said Timothy Ash at Nomura.
Kiev had originally sought a 40 per

Relaxed Tsipras gambles on outright victory to win new mandate for reforms
KERIN HOPE — ATHENS
His party has split and its popularity
has slumped since Greece and its inter-
national creditors last month agreed a
new €86bn rescue package with tough
austerity measures attached.
Yet Alexis Tsipras looked relaxed as he
kicked off his election campaign,
defending his record in a television
interview yesterday even before the
President Prokopis Pavlopoulos for-
mally announced the snap vote sparked
by the premier’s resignation last week.
The poll, expected to be held on Sep-
tember 20, will be Greece’s second gen-
eral election this year.
“The new memorandum [bailout
agreement] is by no means the
worst . . . My conscience is clear,” Mr
Tsipras declared.
Vassiliki Thanou, president of the
supreme court, was sworn in on Thurs-
day as Greece’s first woman prime min-
ister, in a caretaker government.
Mr Tsipras’s Syriza scored a stunning
victory in January, becoming the first
radical leftwing party in Europe to win a
general election. But it fell two seats
short of an outright majority in parlia-
ment, leaving the prime minister to gov-
ern in coalition with Independent
Greeks, a small rightwing party.
Mr Tsipras is gambling that this time
his high approval rating will ensure an
outright win for Syriza, despite a dam-
aging break with the party’s hardline
faction that pushed him to resign and
seek a new mandate rather than rely on
the support of pro-European opposition
parties. A coalition government is not
on the cards, he asserted.
“I’m not going to be prime minister [if
it means] co-operating with parties from
the old political system . . . We’re not
going to open a window for the return of
the old parties that people threw out of
the front door [atthe lastelection].”
To some, Mr Tsipras’s cool self-confi-
dence seems misplaced. Even as he
spoke, Syriza was reeling after a new
spate of defections, this time by scores
of members of its central committee
opposed to the latest bailout. Tasos
Koronakis, the party secretary and one
of Mr Tsipras’s closest allies, has already
resigned. Zoi Konstantopoulou, the
speaker of parliament and another close
ally, is expected to form her own anti-
Alexis Tsipras:
hopes his approval
rating will ensure a
bigger win for
Syriza and end the
current coalition
bailout political party by the weekend.
Panagiotis Lafazanis, the rebel leader
and founder of a new anti-austerity
party, Popular Unity, is riding a wave of
discontent among Syriza supporters
over Mr Tsipras’s policy somersault,
which paved the way for the bailout.
An opinion poll on Wednesday put
Syriza ahead of the centre-right New
Democracy party by 24 per cent to
22 per cent, with 15 per cent of voters
undecided. Earlier polls held before the
package was agreed gave Syriza about
33 per cent, close to the 36.3 per cent of
the vote it won in January. But Popular
Unity would capture only 4.5 per cent,
according to the same poll, putting it in
the same space as half a dozen other
small parties competing for votes.
Vangelis Meimarakis, the New
Democracy leader, wants to pull his
party closer to the centre after years of
dominance by its rightwing faction. But
Mr Meimarakis, a former speaker of
parliament holding the party together
until a new leader is chosen, is seen as an
old-style politician of the kind Mr
Tsipras rejects. “New Democracy can
expect to do better than in January, but
that doesn’t mean realistically that it
will be able to overturn the Tsipras
bandwagon,” said one of its advisers.
Among the small parties, Fofi Genni-
mata, leader of the PanHellenic Socialist
Movement (Pasok), is trying to consoli-
date support through electoral alliances
with moderate leftwing splinter groups,
among them one led by George Papan-
dreou, the former socialist premier who
undertook the bailout reforms in 2010.
The socialists will be also competing
for centre-left votes with To Potami (The
River), led by Stavros Theodorakis, a
former TV journalist and the only party
leader openly willing to co-operate with
Syriza.
Some feel Mr Tsipras’s decrying of the
old political system is part of his election
strategy, to be abandoned if he falls short
of an outright majority and, as some Syr-
iza officials expect, Independent Greeks
fail to reach the 3 per cent of the vote
thresholdforenteringparliament.
“If Pasok is able to consolidate and
claw back some voters who switched to
Syriza in January,” said a former socialist
MP, “it would be a natural coalition part-
nerforMrTsipras.”
cent haircut on creditors’ holdings and
the 20 per cent haircut agreed puts it at
the lower end of recent sovereign debt
restructuring deals, according to aca-
demics Christoph Trebesch and Juan
Cruces, who calculate that the average
sovereign haircut in debt restructuring
deals since 1970 has been 37 per cent.
The inclusion of a gross domestic
product-linked instrument in the deal
could also mean creditors gain in the
long term in spite of the immediate
write-off.
Between 2021 to 2040 investors will
receive up to 40 per cent of the value of
Ukraine’s annual economic growth
above 4 per cent, although total pay-
ments will be capped at 1 per cent for the
first four years.
Once plans are submitted to Ukraine’s
parliament, a prospectus will be pub-
lished in mid-September and bondhold-
ers will vote on the proposal.
The timing means that repayment of
a $500m bond due on September 23 will
be suspended.
Additional reporting by Stephen Foley
Editorial Comment page 10
Stock Markets page 26
Friday 28 August 2015 ★ FINANCIAL TIMES 5
6 ★
Japan
Abenomics under threat from China slowdown
Exports and fight against
deflation exposed to ripples
from Asian neighbour
ROBIN HARDING — TOKYO
As recently as 10 years ago, an economic
slowdown in China would have caused
barely a ripple in Japan.
At that time, most of Japan’s exports
to China were components such as liq-
uid crystal displays. They would be
assembled into televisions at Japanese-
owned factories and then re-exported.
What mattered was demand in the final
markets for consumer goods, in particu-
lar the US.
But times have changed. “The impor-
tance of final demand in China is
increasing for the Japanese economy. It
was almost to the US level as of the last
data in 2011. It probably matched the US
by 2014,” said Naohiko Baba, chief
Japan economist at Goldman Sachs.
With the Japanese economy already
wobbling — the economy contracted by
an annualised 1.6 per cent in the second
quarter — weakness in China is the lat-
est global shock to undermine the Abe-
nomics stimulus programme on which
Prime Minister Shinzo Abe has staked
Uncertainty swirls over outlook as Fed ponders next step
Widespread expectations of
an imminent rate rise are on
ice after the volatility in Asia
SAM FLEMING — JACKSON HOLE
For Federal Reserve policymakers
championing a rate increase this
autumn, the pieces were falling neatly
into place. Then the China-induced
squall struck.
Now as senior Fed figures gather in
Jackson Hole, Wyoming, for their annual
symposium, market gyrations and the
potential for a sharp downturn in China,
by some measures the world’s biggest
economy, have put widespread expecta-
tions for a move next month on ice, and
some economists are questioning
whether a risewillhappenin2015 at all.
William Dudley, the New York Fed
president, argued on Wednesday that
the case for September had become
“less compelling”, even if he was ruling
nothing out. Esther George, the hawkish
president of the Kansas City Fed, which
is arranging the meetings, agreed that
the Fed had to tread cautiously.
The problem for the Fed is the sheer
uncertainty over how grave the Chinese
downturn will be, and the concern that
Beijing’s leadership has a much shakier
handle on its markets and economy than
previously believed. Given market vola-
tility, it makesmoresenseto wait and see
how the ruckus affects the data than to
rush with a rate increase that might only
addto theturmoil.
Yet what makes the picture doubly
complex is that, even as overseas devel-
opments conspire to dislodge officials’
September aspirations, the domestic US
economy is looking progressively
healthier, suggesting a widening gulf
between the US and emerging markets.
Official growth data yesterday showed
that the economy grew more quickly
his leadership. China’s slowdown could
force the Bank of Japan’s hand on fur-
ther easing of monetary policy, analysts
say. The BoJ, already under pressure
from weak consumption at home,
would be most likely to act at its October
and January meetings, where it makes
new economic forecasts.
For its part, the BoJ insists its massive
asset-buying programme remains on
course to overcome deflation. Haruhiko
Red letter day
Kuroda plays ketchup
on inflation
Today is inflation data day in Japan, and
it is likely to yield uncomfortable
reading for the deflation-battling
governor at the Bank of Japan. But at
least the price of ketchup is up.
Core Japanese inflation is expected to
turn negative for the first time since
Haruhiko Kuroda, BoJ governor, took
office in March 2013 with an ambitious
promise to end two decades of
deflation.
That did not stop Mr Kuroda from
cracking a joke at a talk with the Japan
than estimated in the second quarter,
rising by 3.7 per cent — well above sub-2
per cent estimates of potential growth.
The first half of the year, which a few
months ago appeared a write-off to the
Fed, actually saw arobustexpansion.
“We entered the market turbulence
with momentum, and that is great,” said
Diane Swonk of Mesirow Financial in
Chicago. “But the turbulence reflects a
new reality about China, emerging mar-
kets, and growth abroad. It’s more shaky,
less consistent. The best-case scenario is
China can stabilise at a lower growth
rate. That is a different paradigm from
what we have knownfromlastdecade.”
US exports to China represent only
FINANCIAL TIMES
INTERNATIONAL
Kuroda, BoJ governor, reiterated this in
New York on Wednesday, but added
that the BoJ would ”make adjustments
without hesitation if necessary”.
Using a new global input-output data-
base, Mr Baba estimates that whereas in
2000, final demand in China accounted
for 0.5 per cent of Japanese output ver-
sus 3.5 per cent for the US, both coun-
tries now absorb about 2 per cent of
Japan’s value-added goods.
Society on anecdotal evidence for
creeping inflation: “In April this
year, the price of ketchup was
raised for the first time in 25 years
— I should note that this price
hike was not due to purchases by
the Bank of Japan.”
Ketchup is not the only
foodstuff that is taking a bigger
bite out of the family food
budget.
Chocolate, curry and noodles
also cost more — the price of
yen devaluation that
magnifies the cost of
imported goods.
That makes life tough for
shoppers and, by draining
Jackson Hole. Policy meeting
1 per cent of its GDP, meaning the direct
impact of the Chinese economic woes
looks modest at first glance. Indeed, the
slump in commodity prices triggered in
part by the slowdown could deliver a
fresh impetus to US households, after
consumption grew more than 3 per cent
in four out of the five past quarters.
But China accounted for 40 per cent of
global growth last year, meaning the
indirect effects of its problems, espe-
cially when coupled with weakness in
other emerging markets such as Brazil,
could still reverberate back to the US via
the dozens of countries that rely on
China heavily. The prospect of stronger
growth and higher rates in the US could
GDP data
Strong US growth figures highlight dilemma over interest rates
SHAWN DONNAN — WASHINGTON
RICHARD BLACKDEN — NEW YORK
US growth surged much more strongly
than expected in the second quarter of
this year, according to data that high-
lighted the two-speed nature of the glo-
bal economy and the conundrum fac-
ing the Federal Reserve over whether
to raise interest rates in September.
The US is offering a picture of relative
rude health just as this week’s market
turmoil has crystallised concerns over
the impact of a slowdown in China and
other emerging economies.
It grew at an annual rate of 3.7 per cent
in the three months to June, the com-
merce department said yesterday as it
revised up its initial estimate of 2.3 per
cent growth.
The better than expected figures,
which came as central bankers from
around the world gathered in Jackson
Hole, Wyoming, for their annual August
retreat, was due in part to a continuing
build-up in inventories, which econo-
mists saw as a potential weak point.
But the release offered a picture of
broad strength in the US economy with
consumers, businesses and govern-
As such, China’s growth rate has
become as important to Japan as its
exchange rate. A fall of 1 percentage
point in China’s domestic demand costs
Japan 0.1 per cent of gross domestic
product, while the hit from a percentage
point fall in the renminbi is only 0.01 per
cent. Were it just a matter of the direct
effect on Japan’s exports, the damage
would be painful but contained, but
directexportsaretheleastofit.
their cash and
confidence, does little
to improve domestic
demand — nor the
prevalent deflationary
mindset.
In February the annual
change in the core consumer
price index was zero and has
been hovering there since.
The July figures are predicted
to be -0.2 per cent. On the face
of it, this one figure will highlight
a big failure of quantitative and
qualitative easing, as well as
Abenomics, the three-pronged
economic revival programme of
Prime Minister Shinzo Abe.
trigger capital flight from weakening
emerging markets, as well as currency
gyrations and further market instability.
That could push up the dollar further,
draggingonUSexportsandinflation.
Also, some investors fear China could
liquidate holdings of US treasuries as it
supports its currency, with impact on
American bond markets. That concern
may help explain why US yields have
held up in recent days, although Rob-
erto Perli of Cornerstone Macro argues
the reason for robust yields is likely to
be optimism about the US recovery.
Further muddying the US outlook is
the inflation picture. While the Fed is
now on the cusp of meeting the first half
ments all spending and investing more
than initially thought.
Despite a strong dollar and fear over
its impact on exports, net trade added
0.2 percentage points to growth,
although this was partly because of a fall
in imports. Meanwhile, corporate prof-
its rose 2.4 per cent.
The strong GDP data were welcomed
by markets, with the dollar gaining
against the euro and other currencies
following the release. But the figures
also highlighted the dilemma facing the
The figures offered a picture of broad strength in the economy — Carlo Allegri/Reuters
Whereas 18 per cent of Japan’s exports
go to China, 54 per cent go to Asia as a
whole, and a slowdown in China hurts
all of the region’s economies. Japanese
businesses may postpone investment in
new export capacity at home, further
hurting demand.
The International Monetary Fund
tries to model the effects of a Chinese
downturn in its Spillover Report. The
2014 edition finds a 1 percentage point
Mr Kuroda pre-empted criticism that
his monetary firepower had failed to hit
its target.
He said: “It is not surprising that some
wonder whether the bank’s price
stability target of 2 per cent can really
be achieved.”
But even with inflation turning
negative, Mr Kuroda is optimistic.
He says the culprits keeping inflation
low — a consumption tax increase and a
decline in oil prices — are temporary.
By contrast, the bank governor sees a
number of positive longer-term trends:
including Japanese companies seeing
record profits and wages rising for the
first time in two decades.
Patrick McGee
Mount Moran in
Grand Teton
National Park,
backdrop to
this weekend’s
Jackson Hole
symposium
Price Chambers/Bloomberg
of its dual mandate, which requires it to
ensure maximum employment, the sec-
ond half — targeting 2 per cent inflation
— is much less certain. Market inflation
expectations have dipped of late as com-
modity prices slump amid faltering Chi-
nese demand and generous supply.
With West Texas Intermediate oil prices
back below $40 a barrel, there is a risk
that inflation figures get knocked back
again, further delaying the prospect of a
return to the Fed’s 2 per cent target.
Janet Yellen, the Fed chair, skipped
this year’s Jackson Hole meetings, as did
the European Central Bank chief Mario
Draghi, meaning attention will be
focused squarely on vice-chair Stanley
Fed: whether to go ahead and raise rates
for the first time since 2006 on the back
of what looks like an increasingly solid
recovery, or factor in the growing eco-
nomic uncertainty abroad and hold fire.
William Dudley, president of the New
York Fed, gave a nod to the latter sce-
nario when he said on Wednesday that
the case for tightening monetary policy
had become “less compelling to me than
it was a few weeks ago” because of the
downside risk to US growth posed by
international developments.
Friday 28 August 2015
shock to emerging market growth leads
to a 0.5 percentage point fall in Japanese
growth; five times bigger than the effect
on the US. In addition, China’s slow-
down is having a broader deflationary
effect, most obviously through com-
modity prices. Oil’s drop to about $40 a
barrel all but destroys the BoJ’s schedule
for getting inflation back to 2 per cent.
Its forecasts are predicated on a bounce
in prices to $70 or $75 a barrel.
“Although the oil price fall should have
a favourable impact on economic activ-
ity in the longer term, in the short term it
has a downward impact on inflation via
the drop in energy prices such as gaso-
lineandelectricity,”saidMrKuroda.
Economists at Citi in Tokyo estimate
the drag on inflation from energy prices
will reach 1.5 percentage points by Octo-
ber, and stay above 1 percentage point
in the middle of 2016, making a dip into
headline deflation more likely.
Mr Kuroda insists this effect is tempo-
rary. “Has the trend towards overcom-
ing deflation come to an end?” he said.
“This is far from the case.”
The BoJ’s problem is that its policy
relies on convincing companies and
consumers that inflation will rise. The
longer prices remain stuck at zero amid
sluggish demand the harder it is to do.
The case for tightening in
September seems ‘less
compelling to me [now]
than it was a few weeks ago’
William Dudley
Head of New York Fed
‘As in August 1997, 1998,
2007 and 2008, we could
be in the early stage of
a very serious situation’
Lawrence Summers
Former Treasury secretary
‘I expect the normalisation
of monetary policy — that
is, interest rates — to begin
sometime this year’
Dennis Lockhart
Atlanta Fed president
Fischer, who will address the conference
tomorrow. He will have to give a care-
fully nuanced message.
Ms Yellen has gone to great lengths to
convince markets that the Fed is ready
to lift short-term rates this year. Acting
sooner will allow the central bank to
tighten gradually, she told Congress this
summer. But if the Fed does not raise
rates in September, officials may start to
feel compelled to start opening the door
to a move in 2016, given the uncertainty
over whether the opportunity will come
in the two meetings of the year.
That would only embolden those
investors who argue that the US econ-
omy simply is not ready for higher rates.
Economists said that the real focus for
members of the Fed’s policy-setting
Federal Open Market Committee would
be on the outlook for both growth and
inflation, which remained vulnerable.
“These statistics are stale in the minds
of FOMC policymakers relative to the
recent volatility in financial markets,”
said Jesse Hurwitz, Barclays economist.
The build-up in inventories also
caused some analysts to warn of a
potential correction in third-quarter
growth figures. “The Federal Reserve
will pay more attention to financial tur-
bulence than the positive revision to
GDP, especially with almost half of the
upward revision springing from the
upgrade to inventory building,” said
Nariman Behravesh, chief economist at
IHS Global Insight.
The GDP data also came alongside
positive signals from the housing mar-
ket. Pending home sales rose 0.5 per
cent in July from a month earlier, the
National Association of Realtors said.
That fell short of Wall Street expecta-
tions for a 1 per cent gain, but the main
reason appeared to be rising prices,
which took some homes out of the reach
of buyers, rather than a lack of demand.
Friday 28 August 2015 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Friday 28 August 2015

INTERNATIONAL

Weapons proliferation Bomb aftermath

Pakistan set for third biggest nuclear arsenal Thai junta

Islamabad producing
20 warheads a year,
according to report
FARHAN BOKHARI — ISLAMABAD
Pakistan could have the third biggest
arsenal of nuclear weapons, after the US
and Russia, within a decade if it contin-
ues to produce up to 20 nuclear war-
heads annually, a report warns.
The report, by two US analysts and
published by the Carnegie Endowment
for International Peace, concluded that
Pakistan is outpacing India, with its
neighbour and rival appearing to pro-
duce five warheads a year. Western dip-
lomats, who keep close track of the
countries’ nuclear capabilities, believe
India has about 100 warheads, while
Pakistan has about 120.
Asked to comment on the findings, a
senior Pakistani government official
said the “projections [in the report] for
the future are highly exaggerated.
“Pakistan is a responsible nuclear
state, not a reckless one”.
The build-up of nuclear capacity is
striking in the context of efforts to pre-
vent neighbouring Iran from developing
nuclear weapons.
Pakistan became a nuclear power in
1998 when it carried out six nuclear
tests, three weeks after India held a sec-
ond series of its own nuclear trials. Nei-
Crime prevention. Mural project
ther country has signed the nuclear
non-proliferation treaty.
Western analysts have struggled for
years to get an accurate assessment of
the number of warheads possessed by
each country, whose nuclear weapons
programmes are surrounded by high
levels of secrecy.
Hasan Askari Rizvi, a Pakistani secu-
rity commentator, said the difference
between Pakistan and India was that
while Islamabad’s programme is
designed to deter Delhi, the Indian pro-
gramme is meant to gain global recogni-
tion for the country as a nuclear power.
“Pakistan has a clear disadvantage
because its conventional military forces
lag behind India in many respects.
That’s why Pakistan has to rely more on
its nuclear capability,” he said.
But the report’s authors, Toby Dalton
of the Carnegie Endowment for Interna-
tional Peace and Michael Krepon of the
Stimson Center think-tank, said: “The
growth path of Pakistan’s nuclear arse-
nal, enabled by existing infrastructure,
goes well beyond the assurances of cred-
ible minimal deterrence provided by
Pakistani officials and analysts after
testing nuclear devices.”
Pakistan was suspected of being a
source for nuclear proliferation when,
in 2004, Abdul Qadeer Khan, the
founder of Islamabad’s nuclear pro-
gramme, was arrested for selling
nuclear know-how and technology to
turns ‘harsh’
Iran, Libya and North Korea.
The Pakistani army later took control of
as it grapples
the country’s nuclear facilities and has
repeatedly assured world powers, led by
with triple
the US, that it has prevented any possi-
bility of a similar leak in the future.
However, concerns continue over a
challenge
nuclear race between India and Paki-
stan and have increased as tensions MICHAEL PEEL — BANGKOK
have grown between the two long-
Pressure is building and tempers are
standing enemies. A peace initiative
fraying in Thailand’s ruling military
over the disputed region of Kashmir fell
junta as it grapples with political, eco-
apart this week just before discussions
nomic and security problems after last
were due to begin.
week’s bombing.
“You have to have a settlement of con-
flicts between India and Pakistan to General Prayuth Chan-ocha, the coup
manage nuclear related concerns,” Mr leader turned prime minister, is fighting
Rizvi warned. criticism of a draft constitution, urging
fast results from his finance team, and
promising a crackdown on those whose
talk he does not like.
There is no sign yet of the generals
losing control in the country over which
they seized control in May last year. But

Mexico neighbourhood brushes off troubles a flurry of adverse international and

Government initiative uses
community art to foster civic
pride and reduce violence
JUDE WEBBER — LAS PALMITAS
Omar Hernández used to be a
heavyweight in one of two gangs whose
regular brawls helped make the grim
Las Palmitas neighbourhood of
Pachuca, north of Mexico City, the kind
of place that police preferred to leave
well alone.
But then, last year, a graffiti crew
came to town. Within months, Mr
Hernández had been recruited to help
paint the houses snaking up a steep hill-
side, first white — the colour of peace —
and then into a swirling rainbow of
blues, pinks, greens, yellows, reds, pur-
ples and ochres.
The 5m peso ($300,000) initiative,
carried out by Germen Crew as part of a
federal government crime and violence
‘I used to rob people
in the street and steal car
parts. I was naughty.
Now I’m creative’
prevention programme, did more than
just give the neglected neighbourhood a
much-needed facelift.
“This is a new hope, based on art and
colour,” says Germen founder Luis
Enrique Gómez Guzmán, better known
as Mibe. Before Palmitas, Germen had
already won acclaim for a giant mural at
a market in Mexico City.
Mexico has a rich tradition of covering
public spaces with socially themed art,
like the works of Diego Rivera in the
1930s. Las Palmitas, now an abstract
and beautiful 20,000 sq metre mural
that bursts out of the browny-grey land-
scape, marks “a new stage in Mexican
muralism”, Mibe says.
Painting houses cheerful colours is
only part of the programme to revitalise
a community rife with drug and alcohol
abuse, violence and scant prospects. Las
Palmitas, which had no electricity until
about seven years ago and still has no
internet access, now has video surveil-
lance cameras. Police officers include
the neighbourhood in their rounds; the
government is working with residents to
State of the art: help them develop businesses; and high
a view of Las school dropouts now have access to
Palmitas, north scholarships funded by a Mexican uni-
of Mexico City, versity.
where graffiti But Mibe says it is the community-
artists Germen building efforts sparked by the mural
Crew have project that have helped foster a new
helped residents sense of civic pride and peaceful cohabi-
transform their tation. The Germen Crew spent months
neighbourhood talking to residents before the painting
into a giant began, attending meetings to discuss col-
abstract mural oursandworkshopsfor children.
Keith Dannemiller
One of Mr Hernández’s painting crew-
mates was Marco Antonio Sánchez, a
gang rival, whose family was among the
first settlers in Las Palmitas 35 years
ago, when houses were corrugated tin
shacks and residents had no legal title.
Although there is no love lost between
them still, the men painted alongside
one another and “somehow, we worked
together”, Mr Sánchez recalls.
It has become fashionable for artists
— such as French photographer JR and
Dutch duo Haas & Hahn — to use slums
as the canvases for stunning socially
themed projects. In Las Palmitas, offi-
cials say the programme, of which the
mega-mural is part, led to a 79 per cent
drop in the crime rate in the first half of
this year, compared with levels in 2012.
They see such grassroots campaigns as
vital in a country struggling with drug
cartel-related violence and crime,
Indeed, Mexico has thousands of barrios
just as depressing and in need of rehabil-
itation.
Now, as Eunice Rendón, who is in
20,000 sq m charge of the nationwide programme at
Size of the artwork the interior ministry, notes wryly, it has
which marks ‘a new a queue of demands from cities to get
stage in Mexican the Palmitas treatment, including
muralism’ crime-torn Acapulco, Ciudad Juárez on
the US border and Toluca, Ixtapaluca
5m and Ecatepec in the troubled State of
Mexico.
Number of pesos
used to give the As Germen puts the finishing touches
neighbourhood a to the mural, which covers 209 houses
facelift as part of and which used 20,000 litres of paint in
the government 190 colours, Mibe muses on art as a
crime prevention vehicle for not just social, but personal
initiative
change.
“We’re from barrios like this,” the
tattooed 35-year-old graffiti artist says.
“I used to rob people in the street and
steal car parts. I was naughty. Now I’m
creative.”
domestic events has left their mastery of
the political narrative looking shakier.
Gen Prayuth on Wednesday fired off a
tirade strong even by his gruff stand-
ards, berating politicians for calling for
members of the National Reform Coun-
cil set up after the coup to vote against a
constitution drawn up at the military’s
behest. The document has been widely
criticised for entrenching “father knows
best” government, with civil servants,
military officers and other grandees
wielding power at the expense of elected
politicians.
Gen Prayuth told reporters that
ousted elected MPs had “no right” to call
for rejection of the constitution. “These
people, now that they are being harsh to
me, I will have to be harsh in return,” he
warned. “There’s no need for a prohibi-
tion [of criticism] now. But when the
time comes, I will deal with them.”
The prime minister also threatened to
invoke a draconian law brought in after
the coup to prevent people using lan-
guage he says widens class divisions in
society — such as referring to poor com-
munities as “grassroots”. A government
spokesman later rebuked the media for
reporting a remark by the premier that
he insisted was a joke. Gen Prayuth has
acquired a reputation for oscillating
between bonhomie and bullying.
The authorities have warned of a fur-
ther crackdown on speech as they try to
shore up the damage done by the
Erawan shrine bomb to the generals’
core promise to ensure the country’s
security. The attack is still unsolved and
— publicly at least — leads appear to
have dried up, amid conflicting state-
ments from military and police figures
about who might be responsible. In the
face of the apparently floundering
investigation, the police have threat-
ened to pursue people who circulate
“false information” that causes “public
confusion and fear”.
The febrile political atmosphere fur-
ther intensified when China’s stock
market turmoil sent Thailand’s SET
stock index — and the holdings of the
many retail investors lured by generous
tax breaks — plunging almost 5 per cent
on Monday. The tumult has amplified
worries about the Thai economy, as data
published yesterday showed exports
falling 3.6 per cent year on year in
July — the seventh straight monthly
decline.
Gen Prayuth last week replaced the
top two members of the country’s
economic team. He called this week for
the new incumbents to deliver results
within three months — and warned, said
a spokesman, that “time is running out”.

Tianjin Port
China detains officials over chemicals blast
LUCY HORNBY — BEIJING
Chinese authorities yesterday formally
detained the president of Tianjin Port
and 10 other officials deemed responsi-
ble for the chemicals warehouse explo-
sion that killed at least 139 people this
month.
Authorities are under pressure from the
public to explain the speed and appar-
ent irregularities in the issuing of per-
mits for the company that owned the
warehouse, which Chinese media have
linked to the son of a former official in
charge of security at Tianjin Port. Also
unexplained is whether the responding
firefighters, who make up about half of
the dead, had any training in chemicals
fires.
The blast has highlighted questions
over the management of China’s ports,
which are riddled with internal fief-
doms, given their importance to world
trade and the growing volumes of dan-
gerous goods they handle.
The rising death toll makes it one of
China’s worst industrial accidents since
adopting market reforms more than
three decades ago. It is still outranked
by a handful of coal mine disasters and
the September 2008 failure of a tailings
dam in Shanxi Province that buried
about 280 people in a nearby village.
The blast could result in $1.5bn in
insurance claims, Fitch has estimated,
including damaged residences and
thousands of burnt-out cars.
The environmental fallout is still
being assessed, with the first rains a few
days later depositing foamy yellow
flecks on the city while thousands of
dead fish washed up on river banks.
Officials have said trace elements of cya-
nide are “lower than the level of the land
used for state exhibitions”, and blamed
the dead fish on normally occurring pol-
lution in Tianjin’s waters.
In addition to port president Zheng
Qingyue and two of his subordinates,
the detained officials were responsible
for transportation, work safety, plan-
ning and customs, the official Xinhua
news agency said. One was Gao Huai-
you, vice-director of the city’s work
safety commission, who presided over a
number of press conferences in which
officials were awkwardly unable to
answer reporters’ questions.
Tianjin Port said in a statement to the
Shanghai stock exchange yesterday that
“company management and operations
are normal”. Its Hong Kong-listed
shares have dropped nearly 30 per cent
since the explosions. Trading was sus-
pended yesterday.
Also detained are executives from
Ruihai International Logistics, the haz-
ardous goods storage company that
owned the warehouse where the fire
started, and from Zhongbin Haisheng,
which had been responsible for safety
accreditation. State media and local
government officials previously
announced that Ruihai Logistics execu-
tives were in custody immediately fol-
lowing the blast, although at least one of
them later turned up in a Tianjin hospi-
tal.
Mid and low-ranking Chinese officials
are often detained in the aftermath of a
disaster but sometimes resurface. Last
month Chinese financial magazine
Caixin traced the promotions and
careers of at least five officials who had
been removed from their positions or
demoted in the wake of the adulteration
of baby formula with melamine, an
industrial compound that caused kid-
ney failure, in 2008. The adulteration
was covered up by the government dur-
ing the 2008 Olympic Games, held in
Beijing.
Additional reporting by Owen Guo
Faking it ‘Goldman Sachs’ opens in Shenzhen
BEN BLAND
SOUTH CHINA CORRESPONDENT
After a fake Apple store, a fake Ikea and
a fake branch of one of the world’s big-
gest banks China’s innovative copycats
seem to be scaling the value chain: all
the way up to Goldman Sachs, the
international investment bank.
Nestled in the boomtown of Shenzhen,
bordering Hong Kong, Goldman Sachs
(Shenzhen) Financial Leasing Company
is the latest case to emerge.
It is listed as operating out of an office
building in the Bao An district and its
existence was brought to light by the
International Union of Operating Engi-
neers, a US-based trade union that has
been campaigning against corruption in
Macau, the Chinese casino gambling
centre close to Shenzhen and Hong
Kong.
The IUOE published a screen grab of
the company’s website but the site has
since been taken down.
While the Chinese government has
repeatedly emphasised its desire to pro-
tect intellectual property rights,
enforcement is lax and abuses of brand
names and outright fakery are common
across the Chinese economy.
Many factories in Shenzhen and the
surrounding industrial heartland of the
Pearl River Delta still churn out fake
designer handbags and imitation smart-
phones by the truckload and China’s
leading ecommerce websites provide a
ready forum for their distribution.
On a visit to China in April, Penny
Pritzker, the US secretary of commerce,
warned that “the real conversation
needs to be not just about the laws on
the books but also about the court sys-
tem and the broad and consistent appli-
cation of these rules”.
Goldman Sachs said there were no
links between it and the Shenzhen com-
pany and that it was “looking into the
matter”.
Shenzhen, which borders Hong
Kong, is known for fake products
While it uses the English name Gold-
man Sachs (Shenzhen) Financial Leas-
ing Company, there is no evidence that
the Chinese entity was masquerading as
the international investment bank.
A receptionist answering the com-
pany’s phone said it had nothing to do
with the US Goldman Sachs and that she
did not know why the company used the
same English name.
Its name is registered in Chinese using
the common characters Gao and Sheng,
which mean high and prosperous and
are the same characters used to make
up Goldman Sachs’s Chinese name.
A fake branch of China Construction
Bank, the world’s second-largest bank
by assets, was discovered this month in
the city of Linyi, in China’s eastern Shan-
dong province. The enterprising man
who set it up was discovered after a
month when a local woman who had
deposited Rmb40,000 ($6,200) found
she was unable to make withdrawals in
a real branch of CCB.
In a similar case, a rural co-operative
near the city of Nanjing upgraded itself
into a bank and attracted $32m in
deposits by promising interest rates as
high as 2 per cent a week.
Additional reporting by Gloria Cheung in
Hong Kong
Friday 28 August 2015
Consulting is back in vogue among the Big Four firms after an exodus following Enron’s collapse. Now
some fear audit quality is at risk amid potential conflicts of interest and a change of culture.
Big change at the Big Four Shifts in the UK revenue mix
PwC UK
Revenues (£bn)
2004
Advisory 0.4
Audit 0.7
8.7
Tax 0.5
UK business only Source: companies Categorisations vary slightly by firm but have been simplified for ease of comparison. Figures have been rounded to the nearest £100m, percentage changes have not been rounded. Audit includes related services such as assurance. Advisory incorporates consulting and corporate finance
F
or the past seven years, Greece
has been in the grip of one of
the most brutal recessions in
history. But for insolvency
specialists, disaster on the
ground means a boom in business.
When Hellas Telecommunications II
ran into difficulties following the col-
lapse of the Greek economy in 2009, the
Greek telecoms company appointed
Ernst & Young as its administrator to
oversee the business. But the profes-
sional services firm, rebranded as EY in
2013, failed to disclose to its prospective
client that it could not accept any formal
insolvency appointment, owing to a
conflict of interest: it was fewer than
three years after an EY member firm
had been Hellas’s auditor.
In June EY was fined £250,000 — a
near-record penalty by the UK insol-
vency regulator — over the failure to
declare a conflict of interest.
The case underscores the evolution
over the past decade of the “Big Four” —
PwC, Deloitte, EY and KPMG — from
auditors into professional services firms
whose fastest-growing divisions are
non-audit services such as consulting.
“There’s nothing they can’t do for a fee
and nothing they won’t do,” says a
former UK senior partner at one of the
Big Four.
By offering everything from legal
services and insolvency procedures to
capital markets advisory work and
advice on cyber security, the firms are
attempting to tap potentially lucrative
growth areas and present themselves as
a “one-stop shop”. But just as big as the
opportunity is the risk of mismanaging
the inevitable conflicts of interest. The
stakes are high. Critics claim the shifting
balance of activities could threaten
auditor quality and independence, and
fundamentally change the culture and
tone at the top of the firms.
“There are dangers in being all things
to all people,” says Sir Mike Rake,
former chairman of KPMG Interna-
tional and current president of the CBI,
the employers’ organisation. The risks
included tighter regulation, or firms
leaving the auditing business altogether.
“If this were to lead to the splitting up of
the firms and the loss of multidiscipli-
nary capabilities to large global, sophis-
ticated companies, it would not be con-
ducive to [audit] quality,” he said.
Regulators have already taken aim. In
August last year PwC was fined $25m
and banned for two years from some
consulting work to settle New York state
regulators’ allegations that it had
watered down an anti-money-launder-
ing report for Bank of Tokyo-Mitsubi-
shi. And in June 2013 Deloitte agreed to
a one-year suspension to consulting for
★ FINANCIAL TIMES 9
FT BIG READ. PROFESSIONAL SERVICES
By Harriet Agnew
Accounting for change
KPMG UK EY UK Deloitte UK
Revenues (£bn) Revenues (£bn) Revenues (£bn)
2014 2004 2014 2004 2014 2004 2014
% change % change % change % change
10.0
1.1 188% Advisory 0.5 1.0 105% Advisory 0.3 0.9 225% Advisory 0.5 1.1 105%
1.0 40% Audit
0.3 0.5 61% Audit 0.4 0.6 46% Audit 0.4 0.7 97%
0.7 49% Tax 0.3 0.4 38% Tax 0.2 0.5 150% Tax 0.4 0.6 49%
‘Like the
New York-regulated banks and to pay ing to the US Public Company Account- threatened by the growth of the advi- into separate audit and consulting arms
$10m to settle allegations that the firm ing Oversight Board. Non-audit work sory and consulting services at the larg- above a certain threshold. But this pro-
mishandled its anti-money-laundering now makes up some 60 per cent of the banks, the est audit firms.” posal was removed after intense lobby-
work for Standard Chartered. Big Four’s total global revenues, com- The concern is that firms will throw ing from the big firms.
It was not meant to be this way. US pared with under half in 2004. auditors investment behind more lucrative con- Instead, European regulators have
regulators cracked down on auditors’
conflicts of interest after the collapse of
Moreover, the consulting arms of the
Big Four professional services firms are
are too sulting work at the expense of audit.
Another worry is that firms apply less
passed “mandatory rotation”, which
demands that companies put their audit
US energy giant Enron, whose book- now growing faster than traditional big to fail, objectivity to outgoing audits because out to tender every decade and change
Ian Powell, keeping tricks where signed off by its management consultants, according to they would be concerned it could inhibit auditor at least every 20 years. The EU
PwC’s UK auditor, Arthur Andersen. Andersen Source. “The Big Four’s style of consult-
too big to their chances of winning other business. deal also imposes a 70 per cent cap on
chairman: ‘Audit was accused of applying reckless stand- ing, which spans advice through to manage Executives at the Big Four strongly the fees a firm can generate from non-
is at the heart of ards in its audits because of a conflict of implementation, resonates well with reject these suggestions. Simon Collins, audit services and forbids some advi-
our business’ interest over the fees it earned from its clients,” says Ms Czerniawska. and too big UK chairman of KPMG, says: “Conflicts sory services.
fast-growing consulting business.
Seeking to end conflicts of interest,
As the consulting business becomes
more important, some experts argue
to regulate’ of interest only exist if you combine a
failure of regulation, failure of govern-
Mandatory rotation has resulted in a
merry-go-round of audits changing
the 2002 Sarbanes-Oxley Act restricted that audit — a crucial function for capi- ance and low personal integrity.” hands among the Big Four. Critics say
auditors from providing non-audit serv- tal markets — is at risk. “Audit is a vital He says it is “absurd” to think the that it has only sharpened the potential
ices such as consulting to their audit cli- public service and that’s not the audi- auditors would compromise their audit for conflicts of interest, and there are
ents. PwC, KPMG and EY duly disposed tors’ core business any more,” says judgment to win new business. “I would more occasions when a firm has to
of their consulting arms through sales or Stella Fearnley, a professor in account- trade any advisory relationship to save decide whether to pitch for an audit or
initial public offerings. Only Deloitte ing at Bournemouth University in the us from doing a bad audit. Our life hangs go after more lucrative consulting work.
stayed in the consulting business. UK. “They have become consultants, by the thread of whether we do a good Mr Rake says the regulators did not go
As part of these divestitures, the with the objective of making money. quality audit or not.” far enough, arguing that mandatory
Steve Varley, EY accounting firms signed non-compete That’s very dangerous.” rotation increases cost and risk for com-
UK chairman: agreements with their former consult- These concerns come as auditors Internal competition panies and introduces complexity
has years of ing divisions. By the mid-2000s, these attempt to rebuild confidence after The other threat is to the governance of because the rules are globally inconsist-
experience in agreements had expired, paving the way being widely criticised in the wake of the these organisations, as different parts of ent. “I think it would have been better
advisory for the firms to rebuild in consulting — financial crisis for failing to raise the the firm compete against each other. Jim . . . if the regulators had moved to ban
under the guise of “advisory” work — alarm over the overstretched business Peterson, a former partner at Arthur non-audit services to audit clients,
through a series of acquisitions. models of financial institutions includ- Simon Collins, Andersen and an author on the indus- ensuring the level of independence that
They rebranded themselves as pro- ing Bear Stearns, Lehman Brothers and KPMG’s UK try, says: “The governance pressure on is really required.”
fessional services firms and went head Royal Bank of Scotland, which collapsed chairman: firms organisations of people competing The challenge for regulators is exacer-
to head with management consultants or were bailed out by taxpayers. would not internally with each other for business bated by the fact that there are only four
such as McKinsey and Boston Consult- The Big Four firms argue that having a jeopardise audit is what poisoned Arthur Andersen. firms equipped to audit large multina-
ing Group, targeting consulting work for broad client and revenue base helps Those in advisory will want this busi- tional companies. The industry cannot
companies they do not audit, as well as ensure stability. They say that sector ness to grow and prosper — as is in their afford to lose a firm because of commer-
for those outside the US where Sar- knowledge, which is enhanced by pro- DNA — and will get frustrated with the cial or regulatory pressures, or a hit to
banes-Oxley does not apply. viding related advisory services, is constraints on their ability to do this.” their reputation from a failed audit.
‘If we were essential to being a good auditor in that As audit revenues drop in relation to Deloitte’s Mr Sproul says: “The mar-
Going full circle
to lose one Now there are signs that history is start-
sector. And they maintain that offering
a range of disciplines makes them a
the rest of the business, and there is a
corresponding drop in the number of
ket would be disadvantaged if there
were only three auditors.” It is impor-
of the Big ing to repeat itself. “The Big Four have more attractive employer to graduates. audit partners, the risk is that the con- tant to make sure that audit remains
gone full circle with consulting,” says Regulators such as the UK’s Financial sultants who bring in more money could attractive, he added. “
Four we Fiona Czerniawska, managing director Reporting Council and the PCAOB say carry more sway. This could reduce the If the degree of price pressure, the
would have at research firm Source Information
Services. “They had it, they got rid of it,
they are watching the speed of growth of
non-audit services. Steven Harris, a
David Sproul,
Deloitte UK
significance of audit in the management
structure and change the overall com-
degree of regulatory pressure, or litiga-
tion risk moved materially it could
bigger and now they’ve built it up again.” PCAOB board member, said in a speech chief executive: petitive dynamic of the firms. make audit unattractive.”
From 2011 to 2013 the Big Four firms in New York in November: “Audit inde- market needs Ian Powell, UK chairman at PwC, says: A former long-serving partner at one
problems’ acquired 66 consulting entities, accord- pendence and audit quality could be four auditors “Audit is right at the heart of our busi- of the Big Four firms says: “It’s a Faus-
ness and our brand and will remain so. tian relationship. If we were to lose one
The integrity and trust generated from a of the Big Four we would have an even
Beyond audit came in 1987 — when Peat Marwick was broken up the following year after successful audit practice enhances our bigger set of problems.”
A history of consolidation merged with Klynveld Main Goerdeler the collapse of Enron. The Big Five audit brand in respect of all the other All of these concerns about threats to
to become KPMG Peat Marwick, later were now the Big Four. services we provide.” audit quality and independence are
and diversification KPMG — and kicked off a decade of Just as the accountancy firms In the UK, none of the senior partners drawn into sharp relief by the sheer —
consolidation. The Big Eight became retreated from consulting, only to of the Big Four firms comes from a pure and increasing — size of the auditors.
The international accountancy industry the Big Five when Price Waterhouse rebuild, their work in legal services audit background. Instead they have Ms Fearnley says: “In common with
was dominated by a group of firms merged with Coopers & Lybrand to followed a similar trajectory. All but come up through the ranks of advisory the banks, the auditors are too big to fail,
known as the Big Eight for much of the form PricewaterhouseCoopers in 1998. Deloitte set up or bought law firms in (PwC’s Mr Powell and EY’s Steve Var- too big to manage internally and too big
20th century: Arthur Andersen, Arthur As the accountancy firms were the UK. These were mostly closed or ley), corporate finance (KPMG’s Mr Col- to regulate.”
Young & Co, Coopers & Lybrand, Ernst merging, they began to build up their sold following the Sarbanes-Oxley Act. lins) and tax (Deloitte’s David Sproul). Guy Jubb, global head of governance
& Whinney, Deloitte Haskins & Sells, consulting arms as they looked to The UK’s Legal Services Act 2007 After the crisis regulators stepped in and stewardship at Standard Life
Peat Marwick Mitchell, Price diversify beyond the maturing audit has since enabled the Big Four to to try to promote auditor independence, Investments, described the Big Four’s
Waterhouse and Touche Ross. Most of market. In 2000, Arthur Andersen split expand their law divisions. In the past increase competition and raise audit oligopoly as an “accident waiting to hap-
them originated in alliances formed off its consulting arm, Andersen year PwC, KPMG and EY have been quality. In 2011, the then EU internal pen”. Speaking in Washington last year
between British and US audit firms. Consulting, which later changed its awarded UK licences to operate on a market commissioner Michel Barnier to a gathering of regulators, he said:
The first accounting mega-merger name to Accenture. Arthur Andersen multidisciplinary practice basis. tried to push through drastic reforms “Regulators have taken too long to grasp
that would force companies to to split the nettle of Big Four dominance.”
10
FRIDAY 28 AUGUST 2015
Net immigration target
is a damaging sideshow
Making the UK a less attractive place to visit is not a coherent policy
Every three months new immigration
statistics remind David Cameron of the
most fraught issue in his in-tray. Brit-
ons express a longstanding dislike of
high immigration, one that their prime
minister has promised to respond to.
The past few years have been dotted
with policy announcements designed
to make work or study in Britain less
attractive to foreigners. Yet none has
had any long-term effect on overall
migration, and yesterday the figures
showed net immigration to have risen
to an all-time record of 330,000.
Mr Cameron’s goal of cutting net
immigration “into the tens of thou-
sands” has never been more distant.
Were he in the mood for blunt truths he
would explain how little he can do
about it. High immigration is a conse-
quence of Britain’s robust economic
recovery, which draws workers and
their families from across the world.
There is no way that inward migration
could have been significantly cut with-
out also damaging the UK economy.
Regrettably, and belying his normal
pragmatic flair, Mr Cameron has
instead used each setback as an oppor-
tunity to double down on the net immi-
gration target. It is hard to find any-
thing good to say about this policy. Pur-
suing an arbitrary target encourages
the adoption of postures with no objec-
tive merit, such as a promise to make it
harder for skilled migrants to work in
the UK. A government otherwise com-
mitted to openness and competition
becomes unthinkingly dirigiste
towards internationally mobile labour.
Business leaders have long com-
plained of the hostile impression
wrought by Mr Cameron’s target. But
worse is its effect on the domestic
debate. His original “no ifs, no buts”
promise conveyed a groundless confi-
dence in the state’s ability to micro
manage migration. A failure to deliver
leaves him open to the charge of insin-
A ray of hope descends
on war-torn Ukraine
Debt deal offers government opportunity to push through reforms
Good news on Ukraine has been sparse
in the past year. But Kiev’s debt restruc-
turing agreement with a private credi-
tors’ committee is genuinely positive.
Bondholders are to be commended for
accepting a 20 per cent writedown on
their principal — even if this is only half
of what Kiev initially demanded. With
changes to the coupon and maturity
extensions, the agreement essentially
meets objectives set by the IMF, reduc-
ing Ukraine’s debt repayments by
$15.3bn over four years as part of an aid
package worth $40bn.
There are caveats. Russia, which
owns a $3bn bond maturing in Decem-
ber, signalled it would not participate
in the restructuring. The agreement
still needs to attract broad support
from creditors outside the committee.
The use of growth-linked warrants to
compensate creditors if Ukraine’s
economy later starts expanding could
create a sizeable long-term liability.
But the deal preserves Ukraine’s abil-
ity to return to capital markets in the
midterm. The debt moratorium Kiev
had threatened — in effect, a default —
is averted. Ukraine’s debt load is
reduced, its solvency strengthened.
Russia and its proxies may yet
attempt to undermine the deal’s posi-
tive effects by escalating the fighting in
east Ukraine, which has already flared
in recent weeks. But Moscow appears
reluctant to embark on a big new offen-
sive that would prompt tighter western
sanctions on a Russian economy
severely weakened by low oil prices
and China’s slowdown.
Ukraine’s economy, meanwhile,
though still in a critical condition, is
showing the first, tentative, signs of sta-
bilisation. The currency has stopped
declining and inflation is moderating.
The debt restructuring could therefore
provide Kiev with a vital breathing
space. It must utilise it to the full. As the
IMF notes, Ukraine’s post-revolution-
cerity or incompetence. Critics are left
wondering if the government deliber-
ately ignored some easy option for hit-
ting its goal. Missing by such a long way
will have piled extra pressure upon the
renegotiation of Britain’s relationship
with the EU — particularly since Euro-
pean labour flows have driven the most
recent increases in immigration.
Chasing an undifferentiated goal also
stymies the development of a more
nuanced approach that treats different
migration flows separately. For exam-
ple, more explanation of student
migration can dissolve public antipa-
thy, given how students have little
long-term effect on population growth
and often boost the local economy.
Mr Cameron also needs urgently to
rethink his approach to the question of
asylum seekers, where the EU faces a
far more serious challenge than the
arrival of a few more hardworking
Europeans to the UK. War and poverty
have brought hundreds of thousands of
refugees to the shores of the Mediterra-
nean. Germany alone expects 800,000
new arrivals this year, a figure 30 times
larger than usually arrive in Britain.
Yet its chancellor, Angela Merkel, has
deftly held to a principled approach
that embraces immigration as a long-
term good, while remaining sensitive
to the concerns of her public. She and
French President François Hollande
are pressing for an EU-wide solution to
a problem on a continental scale.
David Cameron is right that no gov-
ernment can ignore Britain’s concerns
with immigration. But this has to mean
a greater willingness to face hard
truths. His net immigration target has
failed and should be downplayed for
the present. His migration policy must
go beyond making the UK a less attrac-
tive place to visit. Finally, any lasting
solution to European migration issues
will demand co-operation across
Europe, not just a renegotiation.
ary government has made a stronger
start to reforms than is widely appreci-
ated. But most Ukrainians are yet to
feel a tangible impact on their lives; as a
result, government support is tum-
bling. The country is only at the begin-
ning of a long-term effort to turn itself
into a modern, prosperous, democratic
and fully sovereign state.
The government must summon the
political will to push through sweeping
reforms of the judiciary, to stamp out
corruption, curb the oligarchs and
improve the business and investment
climate. If Ukraine squanders this
chance, as it did after the “Orange” rev-
olution of 2004, it may not get another.
Yet Kiev will still need more foreign
help to reach that goal. Now that pri-
vate creditors have agreed to share the
burden, the focus shifts back to inter-
national financial institutions and
western capitals. The $25bn support
committed to date — excluding the sav-
ings from debt restructuring — may
seem large in comparison to Ukraine’s
economic output, shrunken by reces-
sion and devaluation. But it is paltry
compared with its real needs, and to
the support given to the likes of Greece.
Though the economy has shrunk by
more than forecast this year because of
the simmering eastern conflict, the
IMF has not changed its projection for
Ukraine’s financing gap. Kiev may need
billions more to close that hole and
rebuild reserves to a healthy level. That
is before it even begins to think about
rebuilding costs after the conflict.
The west could never prevail in a mil-
itary confrontation over Ukraine with
Russia, which would always be pre-
pared to go further. But it has financial
firepower Moscow cannot match. If
Kiev continues down the path of real
change, western countries must be
ready, collectively or bilaterally, to
bring the full weight of those financial
resources to bear in its support.
★ FINANCIAL TIMES
Hypocrisy of the Muslim Gulf countries
Sir, Thank you for publishing the letter
from Richard Katz (August 25)
highlighting inaction by the EU over
the migrant crisis. However, as a
British Muslim I am troubled that these
debates on refugees, who are primarily
from Muslim countries, do not appear
to have similar resonance in Muslim
countries adjoining the region.
Admittedly Saudi Arabia, Qatar and
the Emirates are reputed to have
donated hundreds of millions of dollars
towards the Syrian refugee crisis.
However, to see Syrian, Iraqi, Afghan
and Sudanese refugees, almost all of
whom are Muslim, risk their lives
attempting to travel to Europe
while there is potentially a far easier
route to Saudi Arabia and the
It’s now clear who
was ‘misguided’ before
the financial crisis
Sir, This week has brought competing
views on monetary policy, from
Lawrence Summers in a column in the
FT (“The Fed looks set to make a
dangerous mistake”, August 24), and
from Raghuram Rajan, governor of the
Reserve Bank of India, in an address to
a gathering of businessmen and
bankers. Whereas Professor Summers
believes the Fed should not raise rates
“at this moment of fragility”, Mr Rajan
says that it is not the role of the central
bank “to deliver booster shots to the
stock market so that it can soar for a
while, only to collapse when reality
hits”.
The timing of these alternate views is
noteworthy as it was almost exactly 10
years ago, at the Kansas City Fed’s 2005
Economic Symposium in Jackson Hole,
that Mr Rajan presented a paper
warning about perverse market
incentives and arguing for “a risk
management approach to financial
regulation”. In the discussion that
followed Mr Rajan’s presentation, Prof
Summers said he found “the basic,
slightly Luddite premise of this paper
to be largely misguided”.
It is now clear who was misguided
prior to the financial crisis and
policymakers should take little comfort
from Prof Summers’ lack of concern
about financial stability issues.
Conrad DeQuadros
RDQ Economics,
New York, NY, US
The window-dressing that
fosters a sense of harmony
Sir, Barbara Judge (“Unfinished
business in Japan — a view from the
board”, August 25) rightly applauds the
movement to appoint more foreign
directors to Japanese corporate boards.
However, how will these directors cope
with accounting reports which often
are funshoku (window-dressing)?
In Britain and the US, accounting is
presented as a realistic approximation
of the company’s wealth changes,
among other things. In Japan,
accounting is a form of rhetoric
designed to present an image of
unruffled serenity to outsiders. For
example, in 1995 US authorities closed
Daiwa Bank’s US branches and
affiliates after learning that Daiwa,
with the knowledge of Japan’s ministry
of finance, had contrived accounting
data to hide more than $1bn in losses.
In Britain,
community is a
foreign language
Notebook
by Janan Ganesh
Letters
Emirates, is hugely disappointing. This
unwillingness to confront the human
cost is despite the alleged financing of
significant elements of the Syrian
uprising by Qatari, Saudi and Emirates
sources. Meantime, Qatar continues to
is spend huge sums on a World Cup
tournament, while Dubai is spending
heavily on infrastructure for a World
Expo.
Muslims are continually reminded to
treat other Muslims as part of the
“Ummah”, or community, a theme that
has been a constant element in the
development of Islam. But when it
comes to instigating long-term,
sustainable action to keep Muslim
refugees in Muslim countries, the
hypocrisy of the local regimes in
‘It’s worse than waiting for the new
Adele album’
The MoF protested, arguing that the
Americans were insensitive to “cultural
differences”.
The MoF was right. In conservative
Japanese circles, leaders are tasked
with presenting an image of coherent
harmony to the outside. Silence,
meaning the absence of words and
numbers, is traditionally valued as
fostering the sense that harmony
prevails. Accounting — words and
numbers — thus is a threat to all of this.
To reduce the threat, Japanese leaders
make sure that funshoku colours
financial reports. All sophisticated
Japanese are aware of funshoku and get
their information on what really is
happening through informal channels.
Lady Judge can cope with these
cultural differences by hanging around
the water cooler more and having
drinks with the boys every so often.
Jeremiah J Sullivan
Emeritus Professor of International
Business,
Foster School,
University of Washington,
Seattle, WA, US
Threat to the Chinese
dream is the real worry
Sir, Martin Wolf is absolutely right to
present China’s stock market gyrations
as a lesser worry than the broader
complexities facing the authorities
(“Why worries about China make
sense”, August 26). The real worry in
China is not so much the shift from
investment-led to consumer-led
growth, but the possible threat to the
Chinese dream forced by the real estate
bubble.
Home prices have remained sky-high
American in its consumerism and
European in its godlessness, Britain
might have the most individualist
culture in the world. Submission to
the collective is not our thing, at least
in peacetime. It explains the free-
for-all that is our capital city and
our inoculation against the
authoritarianism that marred the past
few centuries of continental history.
Serious scholarship has gone into
uncovering the origins of our
individualism and the answer seems
to lie somewhere between the
Protestant ethic (Max Weber’s thesis)
and the early end to peasantry. The
historian Alan Macfarlane goes as far
back as the 13th century, when the
proliferation of cash allowed the
individual to displace the family as the
basic unit of the English economy.
Ingrained so deeply, our
atomisation should show up in our
public life. But politicians still have a
hard time talking about the
individual, if they bother at all.
Candidates sell themselves on their
rootedness; they are their families and
communities. The language of
electioneering is the language of
kinship: “mums n’ dads”, “the Big
Society”, “all in this together”, “one
nation”. We talk of the “gay
community” and the “Asian
community”, as though the state is
there to strike bargains with clans
instead of relating to people as
citizens.
Andy Burnham’s mini-biopic, part
of his campaign to lead the Labour
party, is a classic of the genre.
Saudi Arabia, the Emirates and Qatar
is a source of huge disappointment to
me and I am sure to many other
Muslims.
The British government must
apply political pressure on Saudi
Arabia, Qatar and the Emirates, to
develop long-term, sustainable
accommodation and employment
solutions for these refugees. If these
solutions were in place, the refugees
would have an option to stay locally
and perhaps return to their own
countries if that become possible,
rather than risking their lives
travelling thousands of miles to
Europe.
Zahid Nawaz
Chandlers Ford, Hants, UK
and residential property affordability
in the major cities is reported at all-
time lows. As a high-ranking
policymaker told me on a recent visit
to Beijing, a graduate of the best
Chinese university getting a job at the
best Chinese company can no longer
dream of buying an apartment within a
two-hour commute.
If the Communist party leadership
manages to reverse this trend without
the broader deflationary pain usually
forced by asset deflation, surely then
they deserve not just positive
recognition from the stock market
but the Nobel Prize for applied
economics.
Jesper Koll
Tokyo, Japan
Border controls would not
have thwarted terrorist
Sir, Spanish police warned their French
counterparts about the danger posed
by Ayoub el-Khazzani when he moved
there. French services knew Mr
Khazzani was living in France and that
he was a threat, yet they didn’t act.
Would they have really been more
proactive if he had shown his passport
at the border in a world without
Schengen?
Reintroducing internal passport
controls diverts precious resources
from targeted, efficient
counterterrorism into blanket checks
that achieve little other than bothering
the good guys and pandering to the far
right.
Silvio Sandrone
Triel sur Seine, France
A lesson for Paris
on Sunday rest
Sir, Like Adam Thomson (Paris
Notebook, August 26) I cherish quiet
Sundays, that one day of the week
when we can lean back, relax and
forget about shopping. I grew up in
Germany where the postwar
constitution safeguards this special
day. We have a name for it:
Sonntagsruhe, meaning “Sunday rest”.
Although the blanket prohibition has
been lifted in certain states, permitting
a limited number of shopping days,
perhaps Paris could learn something
about quiet from my native land, with
its shopless days of rest combined with
strict ordinances regulating noise
levels. Woe betide anyone who uses a
power drill (bought maybe on Samstag)
on Sonntag!
Lele Usenbor
Moycullen, Co Galway, Ireland
Fetching and tastefully filmed, it
nevertheless leaves you wondering
whether he has any identity
independent of his relatives,
neighbours, Everton Football Club and
the north-west of England. The truly
impressive thing about him — his rise
to national life from an unprivileged
start, and the force of will it must have
taken — dissolves in the video’s Hovis-
advert sentimentality.
One of his rivals, Yvette Cooper,
touts herself as a mother of three. The
Conservative prime minister, David
Cameron, is loquacious about
marriage, duty and rural life. For an
egotistic bunch, politicians are slow to
talk about themselves. But the self
matters. The premiership is an
isolating job. Events arise
unpredictably; one person at the top
must make quick decisions of real
import about unfamiliar subjects. So
much hinges on individual character.
A leader must also speak to the
country, which is much more messy
and fragmented than the cloying
rhetoric of togetherness pretends.
When John Major serenaded Britain as
a dreamscape of “invincible green
suburbs” and “old maids bicycling to
Holy Communion through the
morning mist”, he seemed out-of-sync
with the urbanised society he was
governing in 1993. The political
generation that has come after him is
not much more comprehending.
Yes, parts of Britain are paragons of
Burnhamite neighbourliness: self-
policing communities where families
are tight and people find meaning in
Friday 28 August 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Changing composition of
the workforce is at the
root of Labour’s problems
Sir, Janan Ganesh is right to point to the
“blend of narcissism and innumeracy”
that is the hallmark of dyed-in-the-
wool protesters (“No ifs, no buts —
Corbyn spells disaster for Labour”,
August 25). The public sector unionists
who form the bedrock of Jeremy
Corbyn’s support are in the grip of
“groupthink”, talking exclusively or
largely to their brethren who are,
understandably, aggrieved at the low
wage increases of the past five years.
Against this background it is easy to
assume that their view of the world is
widely shared. The following statistics
allow us to put the influence of this
view into a proper perspective — and
help to explain why Labour lost the
recent general election.
Trade union membership in the UK
is now at a new low of 26 per cent of
those in employment. A mere 14 per
cent belong to a union in the private
sector compared with a 55 per cent
membership in the public sector. By
the first quarter of this year, public
sector employment had fallen to 17 per
cent of the workforce, from 19 per cent
in 2013. Today the 3m unionised
workers in the public sector represent
fewer than 10 per cent of the workforce
and the number is dwindling.
Small and medium-sized businesses
(under 250 employees) now account
for nearly half the workforce. Some 15
per cent of the total workforce is self-
employed, up from 13 per cent in 2008.
We are witnessing profound changes in
the structure of employment, yet parts
of the Labour party continue to be
fixated on the unionised public sector.
There has been little attempt to engage
with — or even recognise — the
expanding proportion of the electorate
who work in SMEs or for themselves.
Until Labour acknowledges the value
of this steadily growing segment of the
population it will never win an
election.
Tony Golding
London W4, UK
A 1994 treaty for the
Russians to implement
Sir, In response to your editorial
“Europe’s leaders must not lose focus
on Ukraine” (August 19), Alexander
Novikov of the Russian Embassy in the
UK writes (Letters, August 24) of the
diplomatic principle pacta sunt
servanda, or “treaties must be
implemented”. Now, that’s enough to
make a cat laugh. What about
implementing the 1994 Budapest
Accord, in which Russia, along with the
other nuclear powers, the US, France
and Britain, all agreed to honour
Ukraine’s borders, in return for
Ukraine giving up its nuclear weapons.
RV Arnaudo
Falls Church, VA, US
Correction
c HSS Hire listed on London’s main
market this year, not its junior Aim
market as incorrectly stated in an
article on August 27.
LETTERS ON FT.COM
S Korea’s chaebol families
The dynastic system has had its day — it’s
time to let outside shareholders take control
www.ft.com/letters
the bonhomie of the local pub and
cricket green.
But Britain is also a land of single-
occupant flats, transient jobs and
meaningless sex. Lifestyles and
identities are fluid. A fifth of British
women are childless by the age of 45.
The divorce rate is England and Wales
is 42 per cent. According to research
by YouGov published this month, only
46 per cent of 18- to 24-year-olds
identify as exclusively heterosexual.
Forty-nine per cent plot themselves
somewhere along a scale of
bisexuality.
Britain is not one nation. No
modern society possibly could be. It is,
at bottom, a country of 62m citizens.
For some of them, the word
“community” has connotations of
curtain-twitching intrusiveness and
oppressive codes of belonging. For
others, parenthood is unappealing or,
more often, something they cherish
but does not define them. Millions
find themselves in their work or their
social lives, not just in their duties.
They look at Mr Burnham and Mr
Cameron, with their cradle-to-grave
continuities of friendship and family,
and see nothing familiar there. Well
into the 21st century, politicians still
have no language for these voters.
They have not learned to address
citizens other than as appendages of
some larger whole: family, locality,
religion. Next to our historic
individualism, this failure is not just
sad — it is un-British.
janan.ganesh@ft.com
Friday 28 August 2015
Investors are wrong to rage against the robots
FINANCE
Gillian
Tett
T
his week’s turbulence in the
markets was not just a
reminder of the ever -grow-
ing importance of China’s
economy; it was also testi-
mony to how computers dominate the
workings of the west’s stock exchanges.
Never mind that the Dow Jones index
plunged by 1,000 points in just a few
minutes on Monday morning (before
later rallying). What was more startling
was that the share price of stalwart
American companies such as Apple,
Home Depot or General Electric gyrated
even more dramatically in minutes.
Meanwhile, the value of some exchange
traded funds tumbled more than 30 per
cent. So much for the idea that such
funds are boring.
While it may take weeks before regu-
lators understand why the plunges
The Labour
party is in
mortal danger
OPINION
Peter
Mandelson
I
t would be a sad and possibly final
chapter in the British Labour
party’s history. If the leadership
election that closes in two weeks’
time is won by Jeremy Corbyn, the
current favourite, his policies — printing
money, state ownership of major indus-
tries, unilateral disarmament and quit-
ting Nato — will make the party une-
lectable. That would be a very bad out-
come for anyone who cares about fair-
ness in our society or Britain’s place in
the world. For those of us who have once
before trodden the road of rebuilding
Labour, it would also be a poignant one.
The Corbyn insurgency owes little to
what a potential majority of voters
think or want. It is fuelled by a mixture
of idealism, frustration, naivety and
trade union bank balances. Some of the
people trying to cast votes are clearly
wreckers from outside the party, taking
advantage of new rules allowing regis-
tered “supporters” to take part in the
ballot if they pay a one-time fee of £3.
Recovering control of our party will
mean tightening those rules again. Elec-
toral recovery is harder; it means win-
ning people back to our side. Like Brit-
ain itself, we need to be global and lib-
eral in our economic and social outlook,
while still attaching importance to act-
ing against inequality.
WORLD AFFAIRS
David
Gardner
T
urkey has fallen hostage to
the ambition of one man:
President Recep Tayyip
Erdogan. After voters in
June stripped the ruling Jus-
tice and Development party of its
majority, denying the neo-Islamist AKP
a fourth triumph, he has all but hijacked
the country into a new general election.
The June result delivered a hung par-
liament. But its message was that a clear
majority of Turks do not want one-man
rule. Since ascending to what had been a
largely ceremonial office last year, Presi-
dent Erdogan has already grabbed
power from parliament, cabinet and
institutions such as the judiciary. His
avowed aim was to win a supermajority
for the AKP in order to recast the consti-
tution around his overweening taste for
unbridled power.
occurred, one reason for the swing is
that automated computer programs
have changed how markets function.
The use of similar programs — such as
high-frequency trading strategies — has
expanded so rapidly that these are now
estimated by the Securities and
Exchange Commission to represent
more than half of all US stock trades,
and a big chunk of other asset markets.
Orders are being executed at lightning
speeds in huge volumes. But there is
another, often overlooked implication:
these machines are being programmed
to link numerous market segments
together into trading strategies. So when
computer programs cannot buy or sell
assets in one segment of the market,
they will rush into another, hunting for
liquidity.
Since their algorithms are often simi-
lar (or created by computer scientists
with the same training) this pattern
tends to create a “herding” effect. If a
circuit breaks in one market segment, it
can ripple across the system faster than
the human mind can process. This is a
world prone to computer stampedes.
Some financiers insist this does not
The Conservative party, which won a
majority in May’s general election, is
being given a free ride in coming to
terms with this modern world. We have
to reforge Labour’s tools for creating
prosperity and sharing it more widely.
The scale of the task is enormous. The
price of failure would be immense.
This fightback must be led by a new,
younger generation of Labour reform-
ers. Whatever part the rest of us who
care about Labour’s success can play,
they are the ones who must close a fault-
line that already existed in Labour’s
ranks before we lost power in 2010. This
divided New Labour between Blairites,
who espoused greater public service
reform, and Brownites, who were more
focused on the economy, although per-
sonalities played as big a part as policy.
It prevented Gordon Brown from taking
forward the New Labour reform agenda
as Tony Blair hoped he would after his
own departure as prime minister. And it
remained an undercurrent for the last
leader, Ed Miliband, who seemed as
keen on discrediting New Labour as on
defeating the Tories.
This fragmentation of the left is famil-
iar across Europe and America. In dif-
ferent ways and intensities, we are all
experiencing our “Syriza” moment, and
if the insurgents are its driving force,
they have had unwitting help.
The Labour party’s modernisers, who
led the party’s reinvention in the 1990s,
have also been at fault. In failing to
acknowledge past mistakes and define
what New Labour should mean for new
times, we have allowed critics within the
Erdogan takes a second shot at one-man rule
No matter that the country he has
done much to polarise is assailed on all
fronts: menaced from its southern bor-
der by the Islamic State of Iraq and the
Levant (Isis), which last month began
attacks inside Turkey; facing reignited
fighting in the mainly Kurdish south-
east; and with a stagnating economy and
falling currency vulnerable to short-
term capital flows amid deep uncer-
tainty in emerging markets.
Ruling like a capricious sultan from
his kitsch new neo-Ottoman palace four
times the size of Versailles, he seems to
incarnate the spirit of the remark attrib-
uted to Louis XV: après moi, le deluge.
Many Turkish observers of this mer-
curial leader, including some within the
AKP orbit, believe he decided on a re-
run of the election almost as soon as the
June results came in. Paternalist to a
fault, he appears to believe Turks gave
the wrong answer and would have to sit
the test again. They would soon see that
Turkey’s maladies arise from their fail-
ure to stick with one-party government
under a strong president.
Mr Erdogan said earlier this month
that power had already migrated from
★★★ FINANCIAL TIMES
Comment
matter. Financial history amply shows
that panic selling often occurs with
humans too (the US stock market lost
almost 90 per cent of its value in the
three years after the 1929 crash). The
good news about 21st-century computer
stampedes is that while they are violent,
they tend to be shortlived. By Tuesday
the price gyrations seen on Monday had
largely died down; similar recent wild
Automated computer
programs have changed
how markets function,
creating a herding effect
bursts of volatility in bond markets also
vanished fairly rapidly.
But the bad news is that when these
computer stampedes do occur, small
players and retail investors tend to suf-
fer most. We do not yet know precisely
who lost and gained most this week. But
Douglas Cifu, head of Virtu, the world’s
largest high-frequency trader, has
revealed that Monday was one of the
party to create a caricature of moderni-
sation as a sectarian creed alien to the
party’s values and history. It is the oppo-
site: a politics firmly in the party’s his-
torical mainstream of standing up for
the many not the few in today’s world.
As a consequence of this caricature,
modernisers no longer carry Labour’s
middle ground. This holds back a united
effort to address the identity crisis cur-
rently engulfing the party.
The hard left argument against New
Labour is that “it was just a way of get-
ting elected”, as I overheard one Corbyn
supporter remarking with a sneer ear-
lier this summer. Yet how else than
being elected would it have been possi-
ble for a Labour government to intro-
duce the national minimum wage and
benefits for the working poor, to fund
When I became campaign
director we confronted
similar challenges following
colossal electoral defeat
Turkey’s parliamentary system into his
presidency. “There is a president with
de facto power in the country, not a sym-
bolic one”.
The president is acting within his con-
stitutional remit in calling new elec-
tions, since the AKP failed to agree coali-
tion terms with the main opposition
Republican People’s party, or CHP. But
those talks never stood a chance. While
The assault on the PKK
and state of siege in the
south-east is a naked bid
for nationalist votes
CHP negotiators talked about power-
sharing, reform and the rule of law, for
the AKP it was always a zero sum game
that precluded sharing power. For Mr
Erdogan, moreover, it is existential.
Ever since the Gezi Park civic rebellion
in 2013 against his ever more intrusive
rule, he has acted as though he faces a
vast conspiracy to topple him. True,
former Islamist allies embedded in the
most lucrative days his firm has ever
seen; other high-frequency traders have
echoed this. Conversely, many of the
investors who were trying to sell
exchange traded funds at tumbling
prices via their brokers on Monday were
almost certainly retail players.
Little wonder that Jim Cramer, the
CNBC television host who is popular
with small investors, presented his show
on Monday under the tag “Rage Against
the Machine”; nor that Michael Lewis’s
critical book about high-frequency
traders was a best seller last year. For
many western investors, this week’s
events showed there is a yawning ine-
quality in modern markets.
There are no easy solutions. In the
past, banks smoothed trading flows by
acting as market makers. But they have
partly withdrawn from that role due to a
regulatory squeeze. And nobody seems
ready to kick computing trading pro-
grams out of the market, since in nor-
mal times they appear to provide the
liquidity that banks no longer offer.
Without high-frequency traders it
would probably be more costly for
investors of all sizes to trade.
massive investment in hospitals and
schools, offer unprecedented access to
university education or introduce single
sex civil partnerships? Labour’s fight-
back has to end the belittling of the
party’s record in government and
regard it as the foundation for yet fur-
ther achievement in the future.
But here is the key point: to regain the
mainstream of the country, we need to
rebuild the broad centre ground of the
party first. We should engage those pro-
gressives who regard themselves as
“blue” rather than “new” — those in the
Labour family who stress the place of
national and local identity, of traditional
culture and language in our politics.
Encouragingly, one group of Labour
MPs who entered parliament in 2010
wants to forge a fresh progressive alli-
ance. Their initiative — which they call
Labour for the Common Good — needs
to reach out beyond parliament and
invigorate all those in the party, includ-
ing those engaging for the first time,
who want to join the battle for the mod-
ernisation of the Labour party.
That battle has to be re-fought anew
police, judiciary and security services
are out to get him. But what he really
fears is accountability. That is why Mr
Erdogan has tried to bulldoze the rule of
law, firing or sidelining police officers
and magistrates, and to silence dissent,
with hundreds of journalists sacked
since the Gezi protests, and scores of
people pursued for allegedly defaming
him, especially on social media.
Across the border in Syria, to which
until recently Ankara provided a jihadi
pipeline for volunteers and arms, the
focus has been on toppling the rump
regime of Bashar al-Assad and halting
Syrian Kurdish territorial gains across
the north of the country. The US and its
allies have been frustrated at Mr
Erdogan’s reluctance to carry the fight
to Isis — especially where the jihadis are
taking on the Kurds.
That supposedly changed after Isis
bombed a Kurdish cultural centre in
Suruc last month, killing 33. Then Tur-
key launched one air strike against Isis
in northern Syria — and scores of
attacks against the Kurdistan Workers
party (PKK) in northern Iraq, to which
the Syrian Kurd militias are allied. There
In response, policymakers are now
trying to make algorithmic trading
more transparent and robust. After a
market “flash crash” in 2010, the New
York Stock Exchange introduced new
circuit breakers, which temporarily
stop trading when stocks gyrate too
much. While these can sometimes calm
markets, on Monday they may have cre-
ated more panic: one reason the prices
of exchange traded funds swung so
bizarrely was that there were no prices
available for the underlying stocks.
The result is that policymakers — and
investors — are in a bind. Nobody wants
to get rid of the robots — just this week
BlackRock announced that it was pur-
chasing a so-called “roboadviser”, to tap
into swelling consumer demand for
automated portfolio management. But
nobody quite understands what the
robots are doing to markets, let alone
trusts them. What is crystal clear is that
wild gyrations of the sort seen this week
are now a central feature of our modern,
robot-dominated markets. Human
investors, stand warned.
gillian.tett@ft.com
in every generation. This is not the first
time it has looked hard to achieve.
Thirty years ago almost to the day, when
I was appointed Labour’s campaign
director, the party confronted very sim-
ilar challenges to those of today follow-
ing colossal electoral defeat — “moder-
ates” in disarray, the soft left not know-
ing which way to turn, sensible policy
thinking dried up. There were those
who said Labour would never form
another government.
Under a new leader, Neil Kinnock, we
fought back, aided by some stalwart
trade unions and the bulk of Labour
MPs. Today, we may not have quite that
leader or those same stabilisers. But that
is all the more reason why those who
believe in Labour as a party of govern-
ment, not protest, have to put past dif-
ferences behind them, come together
and redouble their efforts to turn round
Labour’s fortunes. Our party is in mortal
danger — we need to save it again.
The writer, a former cabinet minister, was
Labour’s campaign director in 1985-91 and
1995-97
is fear a new Kurdish entity in Syria,
alongside the autonomous Kurdistan
Regional Government in north Iraq, will
fuel the clamour for Kurdish self-rule in
south-east Turkey. But the assault on
the PKK and state of siege in the south-
east are mostly about the election — and
a naked bid for nationalist votes.
Most of all, if the pro-Kurdish Peoples’
Democratic party (HDP) can be pushed
back below the 10 per cent threshold for
entry into parliament, nearly all its 80
seats will revert to the AKP. Thus the vil-
ification of the HDP — Mr Erdogan’s
nemesis in June — as separatist wolves
in sheep’s clothing.
While no poll suggests the president’s
tactics are working, Turkey’s immune
system is deteriorating alarmingly, as
the AKP sweeps aside any vestige of
political civility. Beset by Isis barbarians
at — and now inside — the gate, by rekin-
dled Kurdish unrest and economic
anaemia, Turkey’s overarching problem
is Mr Erdogan. With his latest roll of the
dice, Turks may be about to find out
how big that is.
david.gardner@ft.com
11
France cannot
indulge the
xenophobes on
immigration
OPINION
François
Heisbourg
Y
ou thought the eurozone cri-
sis was bad. Today, Europe
faces no greater challenge
than the mass exodus of ref-
ugees seeking a haven from
the carnage in Syria and the turmoil in
north Africa and the Sahel. It is equally
clear that both the EU’s response and its
institutions have proved woefully inad-
equate.
The question of immigration, a vis-
ceral issue in the way the single cur-
rency is not, is driving a wedge between
EU populations and their governments,
between member states and indeed
between the EU itself and the values on
which it was founded.
France — a country at the same time
Mediterranean, Atlantic and continen-
tal — is at the heart of this new storm. It
has a xenophobic and illiberal force all
too keen to take advantage of popular
fears about the impact of migration in
the shape of the National Front,
Europe’s largest extreme rightwing
party, with a base representing some 25
per cent of the electorate. But, until
now, Paris has not indicated that it has
any clue how to cope.
The current scale of Europe’s refugee
problem is daunting. More than
100,000 boat-people arrived in the EU
just in the month of July alone. The
bloc’s leaders have agreed no coherent
response. A recent meeting in Berlin
between President François Hollande of
France and Angela Merkel, German
chancellor, proved particularly bereft of
content. The divisions between mem-
ber states are growing unsustainable,
with Germany, taking on board some 40
Member-state divisions are
growing unsustainable,
with Germany, taking 40
per cent of asylum seekers,
per cent of the EU’s new asylum seekers,
while Britain only takes 4 per cent and
France a scarcely less dismal 8 per cent.
Meanwhile pleas by Brussels and Ber-
lin for the EU to share out asylum seek-
ers equitably between member states
have fallen on barren ground. Each
country is preoccupied with its own
story — as Britain is, for example, with
the rise of net migration to all-time
highs. Beggar-my-neighbour stances by
established parties and outright xeno-
phobia by their insurgent challengers
are on the rise.
The recent attack aboard a Thalys
high-speed train between the Nether-
lands and France has further stoked
fears of cross-border terrorism and
mutterings about the Schengen area of
passport-free travel. The deliberate
conflation by demagogues of immigra-
tion, the refugee exodus, the spread
of Islam and jihadi terrorism is as
emotionally powerful as it is factually
spurious.
This is a backdrop against which a
noxious force such as the National Front
can prosper. It is France’s good fortune
that the far-right group has largely sabo-
taged itself through the spat between
Marine Le Pen, its leader, and Jean-
Marie Le Pen, her father and the party’s
founder. But Ms Le Pen and her forces
have time to retrieve their position
before 2017’s presidential elections, and
are already dragging French politics
towards the anti-liberal, anti-European
right.
France needs a principled and more
coherent alternative to the National
Front; the EU needs a response to the
immigration crisis that lives up to rather
than falls short of its values. At present,
most EU member states, France
included, are not providing the system-
atic right of asylum to which war-refu-
gees are entitled under international
humanitarian law or by common
decency.
This may not matter to the National
Front’s core electorate, but it does mean
that mainstream policy has largely con-
ceded defeat when it comes to values.
Europe is better than this; so is France.
Europe’s leaders need to live up to our
responsibilities as humans and as neigh-
bours, assume part of the burden, and
talk straight to the electorate. Contin-
ued European and French fecklessness
will only improve the far-right’s pros-
pects of success, and deepen what is
already an unprecedented crisis.
The writer is special adviser at the Fonda-
tion pour la Recherche Stratégique, a Paris-
based think-tank
12 ★ FINANCIAL TIMES Friday 28 August 2015

BUSINESS LIFE

Personal technology

OnePlus 2
Smart where it matters,
including in the wallet
TIM BRADSHAW

It takes more than a little screen and a Snapdragon

self-confidence for a start-
up less than two years old
to launch a new
smartphone in 2015.
Competition is fierce, and
the boom years of the
smartphone market may be
behind us.
So it is fortunate that
OnePlus has confidence in
spades. The Shenzhen,
China-based start-up is
calling its new handset a
810 processor, which paired
with 4GB of Ram makes for
a nippy device.
That speed is particularly
evident in the fingerprint
reader, which can unlock the
device. The scanner is
reliable and works in the
same way as the iPhone’s —
rest your finger or thumb on
the button rather than
sliding it as some Android
devices require.
Other notable features

Box and its lessons for tech start-ups

The US cloud storage computing companies fell. The com-
pany was eventually valued in its IPO at
‘unicorn’ co-founded by less than it had been in its previous
Aaron Levie has had a round of private capital-raising. That
fate now awaits many unicorns, warns
rough ride, writes Silicon Valley venture capitalist Bill
Richard Waters Gurley, as the slump in public share
prices opens an even bigger gulf with
overheated private valuations.
sounds like a commodity-like service
that will end up being dominated by
companies with massive scale.
Mr Levie says this is a misunderstand-
ing of Box’s business and that it is selling
a higher level of service based on secur-
ing and managing information, not just
storing it: “Where our revenue comes
from is businesses that care about secu-
“2016 flagship killer” — include a dual-Sim card slot,
pitting itself against next which is useful for travellers
year’s devices from Apple, who want to use a local
Samsung and the like. mobile network and their
But while it does have regular number without
many features that remain having to carry two phones,
unusual in smartphones and a notifications button
‘Billion is the You’ve got to land on an answer here.” from much bigger that allows “priority
new hundred This is the quandary for all so-called companies, the most interruptions” from certain
million’: Aaron “software as a service” companies, appealing thing is the price: apps or contacts.
Levie highlights caught between conflicting pressures to you get premium quality for The alert slider is one of
that a valuation invest for growth and demonstrate hundreds of dollars less several features made
of more than near-term returns. Box is out to prove it than the latest Galaxy or possible by OnePlus’s
$1bn is no can stop burning cash — it has set a tar- iPhone. version of Android 5.1,
longer a rarity; get of early 2017 for turning cash flow OnePlus may be small, but dubbed OxygenOS. This
its alliance with positive — but it is also facing a sharp it has created a big buzz, also supports custom
thanks to the popularity of gestures, such as sliding

W
hat does the future hold
for unicorns?
There are now 131
private tech companies
valued at $1bn or more
— a threshold that has earned them the
“unicorn” label — according to research
provider CB Insights. But if a 10-figure
valuation was once rare enough to jus-
tify comparison with mythical one-
horned creatures, it draws a blasé
response in the current tech boom.
“Billion is the new hundred million,”
says Aaron Levie, co-founder and chief
executive of Box, a cloud software com-
pany and former unicorn. The name
“only works if it implies some level of
scarcity or rarity”, and it no longer does
any more, he says.
Mr Levie’s company now stands as a
lesson in what may lie ahead for many of
the unicorns. Earlier this year, Box
became one of the few to have com-
pleted a Wall Street listing, prompted by
a thirst for capital that could not be sat-
isfied in the private markets.
But it has been a rough ride. The
August stock market rout hit its already
battered stock price, pushing the shares
below their initial public offering price
and leaving them at barely half the peak
they hit early this year.
Like the chief executives of many
public companies in a similar position
before him, Mr Levie claims this is the
result of a misconception. “You’ve seen
it with Netflix or Facebook or lots of
companies that have been misunder-
stood on what the long-term vision is,”
he says. “I think we’re maybe in one of
those periods temporarily.”
Box delayed plans for a share sale last
year, at a time when shares in cloud
Fast-talking, irreverent and at times
facetious, Mr Levie says he has not given
up the trappings of the start-up entre-
preneur — the brightly coloured canvas
shoes he always wears, or the barbed
tweets. (A typical recent example: “So
Trump apparently won that debate.
Scary times when reality television fig-
ures are indistinguishable from plausi-
ble presidents.”)
Along with school friend Dylan Smith,
Mr Levie dropped out of college to start
the company. A decade on, at the age of
30, the touches of grey around the tem-
ples are spreading — something, he says,
that is “correlated with doing lots of
stressful things”. But he plays along with
the suggestion that it might bring some
useful gravitas: “People trust me way
more now.”
During its troubled IPO, Box became a
lightning rod for some of the biggest
issues in the software world.
One is whether the largest tech com-
panies such as Amazon and Google will
march into the most promising cloud
services, swallowing up or wiping out
smaller start-ups. The market of com-
panies such as Box is generally
described as cloud storage — holding
information for customers in central-
ised data repositories. To many, that
Will big tech companies
such as Amazon and
Google march into
the most promising
cloud services?
rity and data control and compliance
and workflow, and what we give them is
free storage as well.”
With the highly fragmented online
data storage and management sector
facing consolidation, Box is racing to
prove that it can become one of the sur-
vivors. A partnership this year with IBM
and the extension of an alliance with
Microsoft have helped to advance its
hopes of being seen as a key element of
the cloud computing infrastructure, a
place where large companies and gov-
ernments store their data. But with
expected revenues of only $290m this
year, it still has a long way to go.
A second issue raised by Box concerns
the stock market’s willingness to back
the financial model of cloud software
companies, which spend heavily to
acquire customers in anticipation of
subscription income stretching far into
the future. Its losses were held up during
its IPO as evidence of a lack of discipline,
although Mr Levie rejects the criticism.
“If you look in history, that would be
how you would describe Amazon, how
you would be describing Salesforce.com
early on,” he says. “Companies that are
building large, leading market positions
decide to invest in growth and invest in
dominating their market and that’s
what we’ve been doing.”
Moderating its marketing spending
ahead of its IPO helped to silence some
of the criticism. But if Box bends to the
market and spends less money now try-
ing to win new clients, does that not
mean it is crimping its growth in the
longer term? Mr Levie shows mo-
mentary frustration at the question: “So
now you’re saying that you want me to
spend more? You’ve got to decide.
Microsoft, revenue decline, with growth slowing to
below, may help 34 per cent this year from 74 per cent its first smartphone, the diagonally on the home
Box to be seen as the year before. OnePlus One. The by- screen to open the camera
a key part of The company proves that at least one invitation-only sales model or make a phone call, or
cloud thing has not changed about the soft- combined with limited drawing a V to turn on the
computing ware industry as it moves to the cloud. supplies made for a viral flashlight.
Thor Swift Selling to enterprise customers — big marketing campaign that For the most part,
companies and governments — is still a was particularly successful OxygenOS looks and feels
lengthy and expensive process, even if among early adopters. more like Google’s stock
the internet creates the potential for Its successor, Android than the usual
viral growth in consumer services. OnePlus 2, is a customisations by
Legal, compliance and security con- well-designed handset makers, which
cerns are among the issues that slow if bulky often end up making
sales. Android the software slower
“I’ve always had this blind spot that I smartphone for and harder to use.
think everything is going to happen way which the However, one
faster,” says Mr Levie. “Because once waiting list is omission from the
you see that this is so obviously the already more OnePlus 2 is NFC,
future, the most time you could think than 4m, the wireless
that it would take the world to change according to the technology that
[is], like, three years.” company website. allows for
Instead, he says, it has turned out to Look at the contactless
be “more a decade [or] two-decade type pricetag. The larger payments and
of problem”. 64GB model costs other short-range data
Box is now facing the brutal reality of $389 (£289 in the UK) for an transfers. With Apple Pay
enterprise software, where a handful of unlocked device, without a and similar features from
large tech companies such as Oracle and contract or operator subsidy, Google and Samsung
IBM have maintained their dominance compared with £829 for the becoming standard, this
through generations of technology. As Galaxy S6 Edge. A 16GB feels one big minus for a
new waves of start-ups have emerged, model costs even less at self-styled “2016 flagship
most have been absorbed through $329 (£239). Cheaper killer”.
acquisition or been marginalised. Android smartphones are
“We’re certainly not selling,” says Mr available, especially in China, The verdict
Levie, voicing the perennial optimism of
the newcomer. The $750m that Box has
but few have OnePlus’s
global distribution and
This smartphone would be
easy to recommend, even if
raised over its lifetime certainly points
to outsized ambition.
compatibility with global
cellular networks, or its
it were more expensive.
Bargain hunters have
“We have spent hundreds of millions quality and range of OnePlus’s youth to thank for
of dollars building out the core technol- features. the price. Just as residents
ogy and the sales and marketing to win of San Francisco are offered
in this market,” he says. “And it’s going free trials of apps and
to be very expensive for anybody else to
Chunky, but powerful
Next to the iPhone 6, the services that are, in effect,
enter.” 5.5-inch OnePlus 2 looks and subsidised by the venture
feels chunky. But where the capitalists funding the start-
iPhone feels so light it might ups behind them, OnePlus’s
slip from your hand, the Chinese backers do much
OnePlus’s back is a grainy the same for its

The Irish academic who became a telecoms entrepreneur
Colm Piercy’s digital studies says the 43-year-old founder and chief
executive of the biggest Ireland-based
led him to set up Digiweb, telecoms company, of which most Irish
writes Vincent Boland people have almost certainly never
heard.
Digiweb, of which Mr Piercy is the
Colm Piercy would like to apologise for only shareholder, remains a broadband
not being an internet entrepreneur. Not provider in Ireland. However Viatel,
that he wants to be one, the soft-spoken which it acquired in 2013, is now a key
Irish telecoms entrepreneur says. link in the chain of telecoms networks
It is just that, as he admits, telecoms that connects Europe’s financial cen-
is less glamorous than the tech start-up tres.
world, which in Ireland has the glitzy Despite the pace at which Digiweb
Web summit, an annual technology and Viatel are growing, Mr Piercy
showcase in Dublin that is like a rock remains virtually unknown outside the
festival for geeks. And Mr Piercy, a tight-knit Irish business community.
former university lecturer, seems per- That is slowly changing, however: he
fectly happy with that. has become a fixture in the republic’s
Yet his comments are deceptive, for rich lists.
the business founded by Mr Piercy as a He seems taken aback by that. “I used
provider of broadband to Irish house- to be an academic, remember,” he says.
holds is morphing into one of Europe’s That is a reference to his years as one of
fastest-growing fibre-optic telecoms Ireland’s earliest advocates of broad-
providers. band and technology while he held aca-
He is speaking after stopping off in demic posts at the University of Limer-
the basement of Viatel’s headquarters ick and the Dundalk Institute of Tech-
on the edge of Dublin to marvel at the nology. The experience gave him an
computing power on display behind insight into the possibilities of the new
lines of sleek metallic black panels. digital innovations.
“This is probably as exciting as it gets,” He set up Digiweb as a small internet
Colm Piercy: services provider in 2001, offering tele-
a new chapter coms lines that had a bare minimum of
in the story broadband capacity — but that was all
of Ireland’s that was available in Ireland at the time.
role in the “It’s crazy to think that it was just 2001
international — that sounds very recent,” he says.
telecoms “You wouldn’t accept that sort of band-
industry width now.”
Crispin Rodwell
No, indeed. In fact, Ireland is now a
highly connected economy, although
there are still complaints about how
haphazard the coverage is outside the
main cities. Still, two years after it
acquired Viatel, a London-based
operator that owns 8,500km of
fibre-optic cables offering voice,
data and cloud services, the com-
bined group is sometimes spoken
of as Ireland’s next big suc-
cess story. Nevertheless,
Mr Piercy blushes
when mentioned
alongside other
notable Irish entre-
preneurs, such as
Ryanair’s Michael O’Leary.
“If there is an industry
that could lend itself to
significant integration,
it is telecoms,” says
Mr Piercy, reflecting on the prospects
for growth for his company.
“The telecoms market is very
fluid . . . Companies are merging, inte-
grating and splitting apart.” He says
such activity often leads to opportuni-
ties for smaller operators such as Viatel
when the big companies make piece-
meal disposals.
Viatel is investing $125m in expan-
sion over the next two years, targeting
Germany in particular, with the aim of
lifting the group’s revenues to $250m by
the end of next year, from about
$100m.
It is on the western edge of Europe,
but Ireland has nevertheless always
played a unique role in the interna-
tional telecoms industry — mainly as
the landing site for the earliest under-
sea telegraph cables from the US. That
identity persists today: earlier this
month the latest such cable from Long
Island, New York, landed on the west
coast of Ireland at Killala, County Mayo.
Mr Piercy is sceptical about official
attempts to make Ireland into a high-
tech paradise, though he adds: “We’re
streets ahead of where lots of other
countries are.”
“sandstone” material that is
more pleasant than it
sounds and helps to ensure
a firm grip.
The battery lasted well
over a day in my week of
testing, unlike my regular
iPhone 6, which barely
makes it to the end of my
working day (albeit with
heavy use). It powers a very
clear, bright 1080 pixel LCD
Planet of the apps
What they are:
Touchnote and Felt, for
holiday postcards
Why you should try
them:
Got back from your travels
and forgotten to send any
postcards? There is, of
course, an app for that. I
tried out half a dozen apps
smartphones.
While OnePlus is
confident it will achieve a
profit over the life cycle of
the product, it is not
expecting to make one this
year. In the meantime, you
can let a venture capitalist
subsidise your phone
purchase — as long as you
are prepared to wait in line
for one of those invitations.
that turn smartphone
photos into print and post
them off for you. Touchnote
is one of the simplest and
easiest, offering basic image
editing and templates for
good-quality, glossy
postcards and greetings
cards at $2 apiece, including
postage.
Felt can fold several
images into a sequence on a
card with a stylish matte
finish. For a personal touch,
Felt even simulates your
own handwriting in its cards,
which cost $3 delivered.
Friday 28 August 2015 ★ FINANCIAL TIMES 13

ARTS

Haunting that turns

(electronic dance music) scene, and
sending into its bleeping heart Zac
Efron, as ever making sure the camera
gets his best side as would-be DJ Cole

a marriage hollow
Carter. Scuffling in the San Fernando
Valley, our hero finds himself taken
under the wing of global dance superstar
James Reed (Wes Bentley).
At40,Reedisforevergrumblingabout
millennials and the internet, as if his real
ambition as a DJ was a slot on local drive-
45 Years (15) time. He gets his just deserts when his
FILM Andrew Haigh girlfriend and Carter fall in love,
AAAAA although the movie reeks of middle age
Danny itself, throwing in a beginner’s guide to
Leigh Straight Outta Compton (15)
F. Gary Gray
dance music and making sure that for all
his love of clubbing, Efron is still discom-
AAAAE fited by the sight of a drag queen. The
script dutifully namechecks DJs Skrillex
We Are Your Friends (15) and Juan Atkins, but the bigger clue to its

T
he new film from British
director Andrew Haigh,
45 Years, is a ghost story,
and an expertly uneasy one
at that. But this is not a tale
of the supernatural; it’s the story of a
sweetly humdrum couple in modern
provincial England, with a wide circle of
friends, four and half decades into their
marriage. From a different angle it could
be a sitcom.
The setting is Norfolk, flatly imposing,
the couple Kate (Charlotte Rampling)
and Geoff (Tom Courtenay). Into their
seventies but spry and content, they
share the shorthand rituals of the
long term, trips into the village, BBC
Radio 4, a nice red with dinner. They are
about to celebrate their 45th anniver-
sary (the 40th was derailed by Geoff’s
dodgy ticker).
Into this soft, slow idyll falls a bomb. It
takes the form, classically, of a letter:
high in the Swiss Alps, the body of a
woman called Katya has been found. We
learn of a terrible accident back in the
early 1960s, so far back that Kate and
Geoff hadn’t even met. In fact, Geoff was
with Katya then, his young German girl-
friend plunging into a crevasse while
hiking but her body only found now,
perfectly preserved in the ice.
Kate is supportive, then gets on
with breakfast. And nothing is ever
quite the same.
Haigh’s 2011 debut Weekend, about an
affair between two young men in Not-
tingham, was an ode to the rush of first
nights together, possible futures. Here,
the past rears up calamitously. Soon,
Geoff is lost to reveries about what
Max Joseph soul might be the product placement for
AAEEE AppleandAmericanApparel.
Hitman: Agent 47 meanwhile opens
Hitman: Agent 47 (15) with a speeding convoy of Audis, the
Aleksander Bach movie’s theme of free will juxtaposed
AAEEE with solid handling in mid-priced
luxury cars. The film is based on the
L’Eclisse (PG) videogame of the same name, its open-
Michelangelo Antonioni ing credits so dense with exposition you
AAAEE feel you should be taking notes.
Soon, though, it settles into a Berlin-
set cat-and-mouse between the mysteri-
might have been and furtive visits to She sounds hollow at the thought. How the band isn’t swagger but history. Immaculate: ous Katia (Hannah Ware) and the Hit-
travel agents; Kate is left to face not just cruel old songs can be, the film whispers. Crude as the group’s lyrics often were Tom Courtenay man (Rupert Friend), a bio-engineered
the dread that he would always have There are plenty of old songs too in (fine, always were), they also captured a and Charlotte assassin whose Italian suit and cerise tie
preferred to be elsewhere, but how Straight Outta Compton, although the pivotal moment for race in the US: Rampling in suggest a menswear department win-
coldly random the fabric of a life can be. similarities between 45 Years and this the fallout of Reaganomics, the crack ‘45 Years’. dow display. With its talk of nanoparti-
She wakes in the night to thuds from boisterous portrait of gangsta rap pio- epidemic, the sorry debacle of the Rod- Below: Rupert cle inhalation therapies and subdermal
the attic, a flash from a horror movie: it neers NWA are scarce beyond that. Two ney King case and the LA riots. While Friend in titanium body armours, the screenplay
turns out to be Geoff, finding photo- decades after their implosion, director the film is upfront about most of its ‘Hitman: is a source of sly amusement: as a super-
graphs of Katya. A possession has taken F. Gary Gray gives each of his subjects a characters growing up adjacent to gang Agent 47’ powered special agent, Zachary Quinto
place, something in the walls of the freeze-frame introduction like the com- life rather than inside it, theirs was still a finds a wonderfully
marriage now. Geoff reflects on the ing together of superheroes. Now Dr Dre first-hand experience of the LAPD at its gravelly tone to
scene in Switzerland — and what a motif is the mastermind behind the ubiqui- most inglorious. reveal his real name:
it is, eerie enough to have come from tous Beats headphones; then he was There are flaws. An official version “It’s Brian.”
Poe — and self-loathing fills his voice: being told to get a job by his mother. endorsed by the surviving members, Or you could seek out
“She’ll look like she did in 1962, and I’ll Rapper and group lyricist Ice Cube is the film can feel oddly polite. “We can’t Michelangelo Antonioni’s
look like this.” played, uncannily, by his son, O’Shea let them censor L’Eclisse. Few of Europe’s
Haigh has a miniaturist’s gift for Jackson Jr. us,” the group grand 1960s directors have
nuance, pressing a hundredweight of Aiming for the same adrenal wallop exclaim, in the out- seen their reputations sag like
personal history into fleeting exchanges. that defined their music at the end of raged tones of the Antonioni, now sniffed at as pon-
Rampling and Courtenay are just as the 1980s, Gray borrows from action sixth form newspaper derously self-important. And yet the
immaculate. movies and comedies — but the bones office. More gravely, as reissue of the last part in the trilogy that
As the cracks open, music plays a key of the story will be familiar from widely reported in the US, a phys- began with L’Avventura and La Notte
role; in an early scene with a sad echo a thousand musical biopics. As his ical attack on a female reporter has exerts a strange grip as a young female
awaiting it, Kate and Geoff blissfully likeable misfits stumble into the big been airbrushed out. Yet the movie has translator in Rome drifts from one affair
jive in the living room, and we half- time before succumbing to industry inescapable verve, capturing why its to another. If that were all, we would
glimpse their younger selves. Later, Kate villainy, there are tour high jinks and tri- subjects mean every bit as much as The shrug, but she is played by Monica
runs through the playlist for the anni- umphant scenes of the police enraged by Sex Pistols or Rolling Stones. Vitti, he by Alain Delon, and one of
versary party: The Platters, Moody their anti-cop raps. And then there’s We Are Your the most coolly jarring endings in
Blues, The Turtles’ “Happy Together”. But what elevates the movie as it did Friends, set in California’s EDM 1960s cinema awaits.

THIS EVENING’S TELEVISION

Pick of the day

Resistance (More4 9pm)
offers a welcome alternative
to the ghastly Ripper Street.
This new French series,
focuses on youthful
activists working against
the Nazi occupation.
Pauline Burlet (pictured,
centre) is a convincingly
courageous 17-year-old and
the rest of this teenage
underground looks horribly
young, brave and
vulnerable. Purists might
object that period-style
black and white would be
more suitable than colour
for the grim theme, but the
emphasis is on exciting
adventure rather than
stifling menace.
The release of Gone
Baby Gone (BBC1 11.35pm)
was delayed in Britain
through its distressing
parallels with the Madeleine
McCann case. Ben Affleck’s
sensitive direction and
some fine acting, notably
from his brother Casey,
make this a haunting film.
MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News.
6.30 BBC Regional News
Programmes.
7.00 The One Show. Alex Jones
and a guest host round off
the week.
7.30 Canals — The Making of a
Nation. Liz McIvor explores
the nation’s canal system,
examining its heritage and
future.
8.00 EastEnders.
8.30 Would I Lie to You?
Hosted by Rob Brydon.
9.00 Ripper Street. A gang of
youths unleashes hell upon
the streets by night.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 Mountain Goats. Jimmy
loses Bill’s favourite dog —
Tom Jones — and then
loses Bill.
11.05 Pound Shop Wars. R
11.35 FILM Gone Baby Gone.
Casey Affleck, Morgan
Freeman and Michelle
Monaghan.
6.00 Two Tribes. Quiz.
6.30 Eggheads. Quiz. R
7.00 Athletics: World
Championships Highlights.
Day seven at the Bird’s
Nest Stadium in Beijing.
8.00 Mastermind. Quiz.
8.30 Gardeners’ World. Monty
Don takes stock of various
initiatives at Longmeadow.
9.00 The Great British Bake
Off: An Extra Slice. Jo
Brand reflects on desserts
week.
9.30 Rick Stein: From Venice to
Istanbul. The chef’s
gastronomic road trip
brings him to northern
Greece.
10.30 Newsnight.
11.00 Weather.
11.05 Edinburgh Nights. Kirsty
Wark meets the director
and cast behind the stage
adaptation of Alasdair
Gray’s novel Lanark.
11.35 FILM Wreckers. Drama,
starring Claire Foy and
Benedict Cumberbatch.
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 Coronation Street.
8.00 Real Stories with Ranvir
Singh. Journalist Ranvir
Singh meet ordinary people
involved in extraordinary
events that have changed
their lives. Last in the
series.
8.30 Coronation Street.
9.00 BBQ Champ. The last four
contestants are whittled
down to two before the
announcement of the
winner. Last in the series.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 FILM The Boat That
Rocked. An offshore
pirate-radio station
entertains 1960s Britain.
Richard Curtis’s comedy,
with Bill Nighy and Philip
Seymour Hoffman.
Regional variations apply
6.00 The Simpsons. R
6.30 Hollyoaks.
7.00 Channel 4 News.
8.00 Celebrity Fifteen to One.
Rhod Gilbert, Henning
Wehn, Julian Clary and
Caroline Quentin are
among 15 celebrities
battling it out to win tens
of thousands of pounds for
charity. Last in the series.
9.00 8 Out of 10 Cats Does
Countdown. Jimmy Carr
hosts the comedy panel
show’s version of the
words-and-numbers quiz.
10.00 The Last Leg. A comic
review of the significant
moments of the past seven
days.
11.05 Bad Robots. New series.
Hidden camera show,
featuring machines going
haywire before
unsuspecting members of
the public. A new currency
exchange unit risks ruining
travellers’ holidays.
11.40 Very British Problems. R

BBC3
7.00 Top Gear. 8.00 Don’t
Tell the Bride. 9.00 Russell
Howard’s Good News. 9.30
Russell Howard’s Good News.
10.00 EastEnders. 10.30 Murder
in Successville. 11.05 Sunny D.
11.20 Family Guy.
BBC4
7.00 World News Today. 7.30
Friday Night at the Proms:
The Story of Swing. 9.45
Queens of Jazz: The Joy
and Pain of the Jazz Divas.
10.45 Mumford & Sons @
Reading 2015.
Other channels
Channel 5
6.00 Home and Away. 6.30
5 News Tonight. 7.00 Police
Interceptors. 8.00 Loch Ness
Monster: The Missing Evidence.
9.00 Celebrity Big Brother:
Divide & Rule. 10.30 Celebrity
Big Brother’s Bit on the Side.
11.30 Celebrity Big Brother: Live
from the House.
More4
6.50 George Clarke’s Amazing
Spaces. 7.55 Grand Designs.
9.00 Resistance. 10.15 24 Hours
in A&E. 11.20 Embarrassing
Bodies Down Under.
Film4
6.35 The Women. 9.00 I Give
It a Year. 10.55 Dredd.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods. 9.00
The Pacific. 10.15 The Pacific.
11.35 Aquarius.
Sky Sports 1
6.00 The Fantasy Football
Club. 7.00 FL72 Live. 10.00
Premier League 100 Club.
10.30 Barclays Premier League
Legends. 11.00 Barclays
Premier League Preview.
11.30 Premier League 100 Club.
Sky 1
6.00 Futurama. 6.30 The
Simpsons. 7.00 The Simpsons.
7.30 The Simpsons. 8.00
Football’s Funniest Moments.
9.00 A League of Their Own.
10.00 Zoo. 11.00 Hawaii Five-0.
Sky Arts
6.00 Capture. 6.30 The Great
Culture Quiz. 7.00 Urban
Secrets. 8.00 Discovering:
Paul Newman. 9.00 Dag. 9.30
Dag. 10.00 History of the
Eagles.
14 ★ FINANCIAL TIMES Friday 28 August 2015

Northern exposure
It is very costly to produce oil in the UK North Sea. On average it is more than twice as expensive in the UK compared
with elsewhere. As a result, there have been relatively few acquisitions of oil and gas producing assets in recent years

Operating costs Top 6 UK North Sea asset deals

Twitter: @FTLex Email: lex@ft.com
$ per barrel Since 2010
0 5 10 15 20 Seller Buyer Value Date

Dish Network/Sinclair: pass the cost on to consumers. Sinclair, UK 29 Exxon Apache $1.75bn Sep 2011 Mobile gaming:
by entering into a high-profile dispute Italy
think local just as regulators are increasing Nigeria
BP Abu Dhabi £1.30bn Nov 2012
going cheep
scrutiny, could be tempting fate. And Brazil
For the beleaguered US television somehow the much scorned Australia National Energy The Angry Birds have good reason to be.
Angola
industry, now does not seem to be a distributors begin to look like victims. Rovio, the privately-held Finnish group
China BG Group Antin Infra. £954m Jun 2014
good time to risk slaughtering one of Malaysia that makes the once-ubiquitous game,
the few golden geese. Patrners* announced this week that it would lay
US
Sinclair Broadcast Group, which runs Atlas Mara: Mexico off a third of its staff. Its troubles are
Total North Sea £921m Aug 2015
local stations in the US, on Wednesday Norway familiar to games developers
resolved a financial dispute with Diamond in the rough Azerbaijan Midstream Part.* elsewhere: how to build new hits and
satellite TV distributor Dish Network. Saudi Arabia keep old ones alive when the barriers
Qatar Total SSE $880m Jul 2015
Dish will resume distributing 129 You can take your pick of the reasons. UAE to entry are so low.
Sinclair stations across the country. A loss of investor interest in Africa. The Iran In the US, shareholders have been
There had been a blackout of one day knock-on impact of lower commodity Shell Hess $525m Oct 2012 burnt by two initial public offerings —
as the two tangled over the terms of prices on African economies. Lack of Zynga in 2011 and King Digital
renewing their distribution agreement. liquidity in the shares. Doubts over an FT graphic. Sources: Rystad Energy; Dealogic * Infrastructure only
Entertainment in 2014. Zynga’s stock is
Fighting with content providers is early-stage company. All help to 80 per cent below its peak. It was hurt
nothing new for Dish. Nearly half of explain why shares in Atlas Mara, the by the shift of activity from desktop
recent content distribution disputes African banking vehicle co-founded by Somewhere, deep under the North some North Sea pipelines and gas producers in business for longer. games on Facebook (FarmVille was
have involved the satellite company. former Barclays chief executive Bob Sea, lies a British energy legacy. The processing equipment for $921m. This Protecting profits by hedging any Zynga’s hit on Facebook) to mobile.
Chief executive Charlie Ergen has been Diamond, have almost halved since its UK was once considered an oil power. is part of its well-trailed plans to sell oil price risk should help, too. Oil King, down 39 per cent from its high
outspoken about restraining the rising listing in 2013. The last two, company- No more. Oil production in the UK assets to help ensure that it can keep producers used this spring’s bounce last year, is also struggling to move on
cost of acquiring programming. But the specific, reasons look more persuasive. has halved since 2007. Yet some paying its dividend. in prices to do just that. For example from its hit, Candy Crush Saga.
disputes have usually centred on cable Shares in Ecobank, another pan-Africa people still believe that oil output will Buying energy infrastructure is one UK-listed EnQuest, a North Sea- The market is vast. IDC expects the
networks such as MTV. The fight with banking play, have risen by 28 per cent rise again. thing, buying older UK oil and gasfields focused explorer, has protected over number of people playing games on
Sinclair is about free-to-air television in the same period. Private equity companies have is another. Before July this year the last three-quarters of its production for their phones to rise from 900m to
from the likes ABC, CBS, Fox and NBC To turn things round, Mr Diamond brought in their experts to cast their sizeable sale of producing fields in the this year and next. It also increased 1.4bn by 2018. King looks an easier
that local networks broadcast. A 1992 will have to finish the job he started. cash — a collective $5bn in the case of North Sea was in 2012, according to available credit lines. That is not rehabilitation. The Candy Crush concept
law governs retransmission consent, That means first building Atlas Mara’s Carlyle and CVC — to the bottom of Dealogic. There is a very good reason: unusual: European oil sector bankers has not been developed quite as far as,
the fees that local networks can charge presence in sub-Saharan Africa. It has the North Sea and elsewhere. These at near-$30 per barrel last year, report brisk business in the lending for example, Angry Birds. King can seek
cable and satellite providers. stakes in three banks that operate in funds expect to pick up oil and gas operating costs are more than double market this summer. out the next big thing while earning
Only in recent years, have the local seven countries. It plans to operate in assets that the owners can no longer the world average cost. The legacy of high operating costs from new iterations of its cash cow. Its
networks begun to exploit the 10-15 countries. A deal to bulk up in afford to run. Unsurprisingly, oil companies active in the UK North Sea may represent enterprise value of 4.5 times expected
“retrans” revenue opportunity. Rwanda through the acquisition of a Such opportunities may not come in the UK North Sea are trying their an opportunity for cash-rich buyers. 2016 earnings before interest, tax,
Research firm SNL Kagan estimates stake in Banque Populaire du Rwanda quickly. Yes, there are a few sellers. best to trim expenses. Wood But until North Sea producers are depreciation and amortisation is a big
that in total, $6.3bn of retrans revenue is likely to be concluded soon. But Atlas Witness Total’s recent disposals in Mackenzie believes that the producers truly distressed, the private equity discount to traditional gaming
is to be paid in 2015, growing from just Mara also needs to address its position the North Sea. Yesterday, the French will lower these costs by a fifth by the companies and their ilk are unlikely companies such as Electronic Arts,
$3.6bn two years ago. Sinclair itself had in Nigeria, where it has only a 30 per oil company announced the sale of end of next year. That should keep oil to find any bargains. which trades on about 14 times
said that its retrans revenue will grow cent stake in Union Bank, not enough forward ebitda.
at an annual rate in the teens. Three- to give it control. For a game called Bottom Fishing,
quarters of its agreements with pay-TV Operationally, there is also work to look to Zynga. The company has had
providers are up for renewal (and do. Atlas Mara’s first-half results currency trading — rose 9 per cent in of Atletico Madrid and Infront Sports & Infront Sport and a reality TV show will just one profitable quarter out of 15
increase) in the next two years. yesterday showed that it is making the the first half. If only all market moves Media, a sports marketing company. promote it all. State incentives to raise (back in 2013). A new hit could have a
But the retrans bonanza has right moves — pushing funding costs were so helpful for Atlas Mara. But can a company that runs a few China’s sport revenues from $10bn to dramatic effect in an industry where,
attracted the attention of the Federal down, growing the loan book and races (even 141-mile ones) really be $780bn by 2025 will help. Mr Wang as Morgan Stanley points out, the top
Communications Commission, the US improving the recovery of non- worth $650m? There are no publicly knows how to take advantage of 10 games represent half of industry
telecoms regulator. Its chairman Tom performing loans. But its cost base is a Ironman: available figures for sales or profits. Chinese growth — he has also invested revenues. There is a promising release,
Wheeler, who has become more pro- problem — a cost-to-income ratio of 95 Ironman had 230,000 racers last in shopping malls, theme parks and Dawn of Titans, but it did not score a lot
consumer, has called for the FCC to per cent (or 80 per cent before one- Wanda why? year, each one paying between $160 hotels often in line with state priorities. of attention on the last earnings call
review the system in September. The offs) is far too high. So Atlas Mara and $600. Assume that it generated For anyone watching all this exertion from founder and chief executive Mark
risk is that the escalating cost of pay- needs to increase income or cut high The bragging rights. The needlessly race fees of $100m and perhaps twice from afar, there are two lessons. First, Pincus, who wants to move the
TV packages could lead to stricter central costs hard. expensive bikes. The Lycra. What is that in sponsorships (watches, Mr Wang is still a big believer in the company back towards simpler games.
regulation of retrans agreements. And it will have to do so against a there for a middle-aged man not to mattresses, perfume — you name it). growth of the Chinese middle-class As Dawn of Titans’ advertising has it,
The dispute between Dish and backdrop of falling commodity prices love about Ironman Triathlons? The price Wanda paid is still over two (even if stock market investors are “at times of peril new titans would rise,
Sinclair was not just about retrans and a strengthening of the US dollar One middle-aged man loves them times those revenues. There are no starting to have their doubts). Second, heroes to help us rebuild”. That is the
revenue. Other issues include the against African currencies. That has more than others. Wang Jianlin, one of listed triathlon organisers but Live do not underestimate the business industry’s hope, but not necessarily
distribution of a new Sinclair network hurt the group’s profits, which are China’s richest men, has just paid Nation, a US-based events company, potential of live events. They have Zynga’s promise.
on Dish. But the broader theme is reported in US dollars. But, ever the $650m (via his Wanda group) for trades at under one times revenues. helped to save the music business
about the power local TV stations have investment banker, Mr Diamond has World Triathlon Corporation, the So Mr Wang must have big plans for when many were predicting its demise.
demonstrated by increasing retrans spotted an opportunity to help clients company that runs Ironman. It is just Ironman. The aim is to expand the Even in the age of mobile phones, Lex on the web
For notes on today’s breaking
revenue so quickly perhaps to the deal with currency volatility. Non- the latest in a line of sporting trophies sport in China, from 100 amateur tablets and smart watches, not all stories go to www.ft.com/lex
detriment of distributors, who then interest income — from areas such as for Mr Wang — he also owns one-fifth Chinese triathletes to 200,000 by 2025. entertainment takes place via a screen.

1000 LOW Forecasts by

1000
15 18
18 L W 21
19 24
18 1010 19 1020
7 Luxembourg Rain 20 68
15 17
Lyon Sun 33 91
17 18 Madrid Sun 36 97
19 20 8 29 Manchester Fair 18 64
22
21 Miami Thunder 32 90
16
16 23 20 14 Milan Sun 31 88
18 HIGH Montreal Sun 25 77
2 34
18 31 23 Moscow Cloudy 24 75
20 21 32 HIGH Mumbai Cloudy 30 86
17 1020
31 31 Munich Sun 29 84
19 29 28
21 New York Sun 28 82
29 Nice Sun 27 81
19 30 36 31 Paris Fair 22 72
33 34
37 Prague Fair 27 81
15 Reykjavik Fair 11 52
32 34 28 33 Rio Fair 25 77
Wind speed in MPH at 12 BST 38 Rome Sun 29 84
Temperatures max for day˚C Wind speeds in KPH 30 San Francisco Fair 26 79
Stockholm Fair 20 68
Today’s temperatures Strasbourg Fair 28 82
Abu Dhabi Sun 42 108 Belgrade Sun 36 97 Copenhagen Sun 21 70 Hamburg Fair 21 70 Sydney Fair 17 63
Amsterdam Fair 20 68 Berlin Drizzle 22 72 Delhi Fair 36 97 Helsinki Rain 18 64 Tokyo Thunder 26 79
Athens Sun 34 93 Brussels Fair 21 70 Dubai Sun 41 106 Hong Kong Thunder 30 86 Toronto Fair 24 75
B’ham Fair 20 68 Budapest Sun 34 93 Dublin Fair 18 64 Istanbul Sun 30 86 Vancouver Rain 19 66
Bangkok Thunder 34 93 Buenos Aires Sun 24 75 Edinburgh Shower 18 64 Jersey Sun 18 64 Vienna Sun 32 90
Barcelona Sun 29 84 Cardiff Fair 19 66 Frankfurt Rain 20 68 Lisbon Fair 30 86 Warsaw Fair 28 82
Beijing Sun 31 88 Chicago Cloudy 27 81 Geneva Sun 32 90 London Fair 21 70 Washington Fair 29 84
Belfast Shower 17 63 Cologne Cloudy 21 70 Glasgow Shower 17 63 Los Angeles Sun 32 90 Zurich Sun 31 88

ACROSS 3 Transport system held up by

CROSSWORD 1 Drink readily available after end poet and young lady (9)
No. 15,021 Set by BRADMAN of restrictions (6) 5 Provider of sugar wants an extra
4 Son, little fellow, seen as a pain bit of sweetness in ----- (5)
       (6) 6 Complicated flavour experienced
8 What makes Dad be troubled – (7)
British company admitting that 7 Inadequate sort of believer
  financial problem (3,4) managed church – certainly no
9 Like one figure here, very stupid help (9)

(7) 10 England’s fast bowler leading
  11 Playwright is given small drink – team’s attack (9)
a hint of thirsty desire (10) 13 Governmental arrangement –
12 Pullman’s young girl stars (4) trick taking in a lot, I repeatedly
  
13 Cleric’s set of church rules maybe suspect (9)
(5) 15 Very well – do better than that,
14 Beset by stress I had mishap (8) friend! (9)
16 Mother takes time with hair – 17 Time before a concert with
   
one probably in bedroom? (8) nothing being imbibed in bar (7)
18 Group led by “star man” (5) 19 Colonial who may sort out
20 Conclusion of evil and little devil disagreement? (7)
  
is powerless (4) 21 TV detective a bit short (5)
21 Thought a timid note should be 22 Horrible to sea captain on
redrafted (10) dangerous mission (5)
  23 Large attempt to embrace love
when bias is evident (7) Solution 15,020
24 Greek character and female pop 6 8 & + $ 6 , 7 , 6 ' $ 6 +
  singer about to wail (7) 5 2 & , 8 ( 0
25 Maybe one or two relatively dull / ( 1 7 5 $ * $ 0 8 ) ) , 1
CROSSWORD
No. 14,845 Set by NEO
        ACROSS DOWN
1 Important Viking one among best 1 Hard maths topic written up to find
friends (5,4) circumference (5)
  6 Socialite with appeal makes left- 2 Love comes in no time, wildly, for
side entry (5) passion (7)
9 Brazilian city as far as we’re 3 Disagreed also with a thousand
concerned ungovernable (7) children (4,5)
  
10 Obscure English knight against 4 Bond gets to a casino and is
European rebuffed (7) beaten (11)
11 Poor nation’s little island in hot 5 Beast summarising Tokyo-London-
   current (5) Tokyo trip? (3)
12 Caught flamboyant cardinal in 6 Painter died hungry (5)
Seventh Heaven? (5,4) 7 Discount supermarket name in
  
14 Notice flock encircles houses (3) GB’s upturn with loss on top (7)
15 Alarmist financier reversed into 8 As 007 mission to Spectre might
second vehicle bearing right (11) be? (3-6)
17 German poet’s the writer 13 Dope sheathes weapon in open
   
embracing pub vocalist (11) coat (11)
19 Moggy fur with hole concealed? (3) 14 Soul an unknown factor in some
20 Earl, King and Queen on men? Fearless pilots? (9)
   Hampshire river’s banks (9) 16 Girl having paddle round saw
22 Ambassador in temple finds grain manor demolished (9)
(5) 18 Mistress Gwynne about to be
 
24 Ardent Green must change leader announced in sport (7)
(7) 19 Side issue for Clintons (7)
26 As one’s despicably mean, small 21 Having ducks in horses area
tips for servants materialise (2,5) causes commotion (3-2)
JOTTER PAD 27 Sauce unfortunately knocked over 23 Crime article Financial Times
contains sulphur (5) provides (5)
28 Related martial artist stops at 25 Sick at first, old man here for
Bedouin residence (9) healthy holiday (3)
Solution to Saturday’s prize puzzle on Saturday February 14
Solution to yesterday’s prize puzzle on Monday February 16
Winners’ names will be printed in Weekend FT

7 ( 8 + 0 5 '
(6) & + $ / ( 7 7 + 2 5 2 8 * +
JOTTER PAD 26 Island prince imprisoned by 5
) $
, 5
1 ' $ 1 * 2
1 6 (
7 8 1 (
Persian king (6) ( < 3 6 (
DOWN 6 2 ' $ ( 0 3 < 5 ( $ 1
1 Step made by the leading 3
( 8
7 ) :
3 + 2 5 , $
( :
& $ & + ( 7
character in agitation (5) / 7 , / 7 2 6
2 Sailor leads party chaps 7 ( $ 5 - ( 5 . ( 5 $ 9 2 :
1 $ 1 ( 8 6 0
exposing belly (7) 6 7 2 3 ' $ 5 . 0 $ 7 7 ( 5
Friday 28 August 2015 ★★★ 15

TV reality Why US media Tesco Genel Energy Alibaba Copper Euro / dollar Two-year
Treasury yield
Brent oil Xetra Dax

stocks became a turn-off 2.8% 13.5% 3% 4.2% 0.5% 2bp 10.3% 3.2%
MATTHEW GARRAHAN, PAGE 16
192p 332p $70.96 $5,140 $1.1255 0.7% $47.56 10,315

Abbott sets its sights on St Jude Short

View
3 US drugmaker readies $25bn bid 3 Denial that offer will be made 3 Pair have alliance
JAMES FONTANELLA-KHAN — NEW YORK company had been lining up financing of transactions have been announced was waiting for clarity on the future of
James
ARASH MASSOUDI AND for a deal. since January — the largest value of
$19 bn
Mylan, the generic drug specialist in Mackintosh
PAUL MURPHY — LONDON Market cap of
St Jude did not immediately respond dealmaking in such a period ever seen in St Jude, a maker of which Abbott has a 15 per cent stake.
Abbott Laboratories, the US to a request for comment. the sector, according to Thomson medical devices Abbott’s holding dates from a deal 12
pharmaceutical and healthcare com- Abbott and St Jude, which is based in Reuters. months ago, when the company sold Maybe the bears stalking the market are merely harmless
pany, has been preparing a takeover bid St Paul, Minnesota, already have a Recent deals include Valeant Pharma- $400bn Mylan its developed-market generic pandas. This week started as a China crisis but the heroic
for St Jude Medical that was set to value strong alliance in the field of cardiovas- ceuticals’ $1bn purchase this month of drugs business for $5.3bn in stock. stock market rally from Monday’s lows made back half the
Value of healthcare
the medical device maker at $25bn, cular devices and sell their portfolio of Sprout Pharmaceuticals, maker of and pharma M&A Mylan, in turn, has had to wage an losses in Europe and, by midday yesterday, the US.
insiders said. products jointly to hospitals. Addyi, the so-called female Viagra. UK- announced this year aggressive defence against a takeover by The news does not justify such a big reversal but helped
Illinois-based Abbott has worked with A full merger would potentially give listed Shire is considering whether to Israeli drugmaker Teva Pharmaceuti- to turn round investor psychology. China cut rates, an
advisers for weeks, the insiders added, the company more leverage in negotiat- increase its $30bn takeover offer for cals, which finally abandoned its pursuit influential US policymaker made dovish noises, and
lining up the financing for a cash and ing with all healthcare providers. Baxalta. at the end of July. second-quarter US growth turned out stronger than
shares offer. If a bid materialises, it would add to St Jude, which has a market capitali- While Abbott supported Mylan’s thought. In the worst-case scenario, a quarter-point Chi-
After an initial report on the plans by the mergers and acquisitions that have sation of about $19bn, recently agreed determination to remain independent, nese rate reduction would make little difference to a heav-
the Financial Times, Abbott said the swept the healthcare and pharmaceuti- to buy US-listed Thoratec for about a takeover by Teva would have replen- ily indebted economy heading for a hard landing. The
company was not planning to make a cals sectors over the past two years as $3.4bn in cash. ished Abbott’s cash war chest. Never- bears fear a sudden Chinese slowdown would eviscerate
bid for St Jude Medical. drugmakers scramble for growth assets Abbott is believed to have considered theless, Abbott is said to be confident it commodities, ripping through emerging markets and
It would not comment on whether the and greater scale. About $400bn worth moving on St Jude earlier in the year but can now fund a full offer for St Jude. dumping deflation and recession on the US, Europe and
Japan. The bounce does not need news, though. It is driven
by sentiment: markets fell too far, too fast, given that the
China fears lack much in the way of hard evidence — the
Chinese equity bubble has popped but there has been no
feed-through to the property market.
Race is on At some point the state of China’s economy will become
Dalian Wanda takes clear, as will the implications of exchange rate liberalisa-
tion. For now, though, the evidence is little different than it
triathlon challenge was a week ago.
If China’s economy turns really sour, this week’s rally
will look like no more than a dead cat bounce — although a
Showing cavalier disregard for his big one, with eurozone shares up a tenth from their low.
country’s slowing economy, China’s Even without China, a US correction was past due. It
richest man inked a $650m deal wiped out a lot of the excess optimism about future earn-
yesterday to buy the US organiser of ings growth that had been priced into equities in the past
Ironman triathlons, writes two years. The S&P 500 dropped from above 17 to less than
Charles Clover. 15-times estimated earnings, compatible with positive, if
Dalian Wanda, owned by Wang not spectacular, returns during the next decade. The mar-
Jianlin, a tycoon with close ties to ket, after all, had been ignoring the lower profit expecta-
Beijing, bought World Triathlon tions from analysts (see chart), as well as outright falls in
Corporation, which runs Ironman. Mr reported profits and sales in the second quarter.
Wang described the deal as a big bet on US shares are still expensive on long-term measures,
the emerging Chinese middle class and and profit margins are very high. But bonds look even
another step away from being “a more expensive, and cash offers nothing. At this price, it is
traditional property company”. The harder to be a bear than it was — but it remains difficult to
purchase follows investments in Infront work up enthusiasm for developed country equities as
Sports & Media, and football club anything but the least worst option.
Atlético Madrid.
“Wanda’s operations will be 12-month forward earnings
unaffected” by the slowdown in the expectations US
Chinese economy said Mr Wang, whose Rebased Eurozone
fortune is estimated at $26bn. He did not Emerging
answer a question about whether the Japan 200
slowdown would affect plans for a float.
WTC runs more than 200 triathlons 150
annually. The event comprises a 3.9km Even without
(2.4 miles) swim, a 180km cycle and 100 China, a US
42km run. While triathlons have yet to correction was
catch on in China, Mr Wang says they 50 past due. The
will. “The middle class . . . are people market had been
that have enough money, and now they 2005 07 09 11 13 15 ignoring lower
Source: Thomson Reuters Datastream
are looking for something spiritual.” profit expectations
Lex page 14
Marketing muscle: Guilherme Valenza of Brazil wins an Ironman triathlon in Copenhagen last Sunday — Nikolai Linares/AFP
james.mackintosh@ft.com

Apple names date to unveil next iPhone

as it fights to defy slowing growth fears
TIM BRADSHAW — LONDON uncertainty in China, its most impor- will allow for new kinds of interaction, a
tant source of new customers. Morgan concept first introduced on the Apple
Apple has scheduled its annual iPhone
Stanley analysts predict that iPhone Watch.
debut for Wednesday September 9, a
sales will grow 3 per cent next year, com- Alongside a new iPhone, the
year after the launch of its latest hand-
pared with 35 per cent in its most recent California-based technology company is
set alongside Apple Pay and the Watch.
quarter. expected to reveal its long-awaited
Invitations were sent to members of the Next month’s unveiling is to be held at revamp to Apple TV, bringing the App
Tesco takes Won1tn divvy press and analysts yesterday, bearing the 7,000-capacity Bill Graham Civic Store to its set-top box for the first time
to cut price of Korean arm the teaser: “Hey Siri, give us a hint.” Auditorium in San Francisco. and introducing a new remote control.
When asked for a “hint”, Siri responds The venue is expected to see the debut Apple has been seen as falling behind
Tesco plans to receive a Won1tn with cryptic comments such as, “Well, I of the iPhone 6S which, in keeping with rivals such as Roku, Google’s Chrome-
($844m) dividend from its Korean hear there’s something big happening previous “S” models, will probably have cast and Amazon’s Fire TV in the inter-
business as a way to cut the asking on September 9”, and, “Why don’t you upgrades to the handset’s internal tech- active television market.
price for Homeplus in a move that check a rumours blog? That’s what I do.” nology, such as a faster processor, while Apple’s share price was up nearly
reflects the UK company’s eagerness Stakes are high for the new device, maintaining the current model’s size 3 per cent in New York at just under
to agree its Won7tn sale, insiders said. which will probably go on sale in the last and design. $113, as it continued to rally after stock
Analysis iPAGE 16 week of September, as Apple strives New features are rumoured to include market concerns over its growth pros-
Lombard iPAGE 19 to defy slowing growth in the global the addition of “Force Touch”, where pects in China that briefly saw its shares
smartphone market and economic pressing harder on the iPhone’s screen dip below $100 earlier in the week.

Companies / Sectors / People

Companies
Abbott Laboratories..............................15
Amazon...................................................16,27
Apple.................................................8,11,15,16
Atlas Mara...................................................14
Atlético Madrid.........................................15
Banque Populaire du Rwanda ......14
Barclays.........................................................27
Baxalta......................................................15,19
Betfred...........................................................19
Boston Consulting Group....................9
Britannia Industries................................18
BuzzFeed......................................................16
CR Laurence..........................................16,19
CRH............................................................16,19
Cairn Homes .............................................16
Carlyle.................................................14,16,19
Centrica.........................................................17
Chevron.........................................................17
China Construction Bank.....................8
Coca-Cola.....................................................18
Comcast........................................................16
DNO.................................................................17
Dabur..............................................................18
Dalian Wanda.......................................14,15
Del Monte....................................................18
Diageo............................................................27
Discovery Communications...............16
Dish Network.............................................14
Dong................................................................17
DoubleLine.................................................26
ESPN...............................................................16
Ecobank........................................................14
EnQuest........................................................14
Eon ..................................................................17
Fox Sports...................................................16
Freeport-McMoRan................................16
Genel Energy........................................17,27
General Electric.........................................11
General Mills..............................................18
Goldman Sachs...........................................8
Google...............................................................1
Gulf Keystone Petroleum..............17,27
Hays................................................................19
Home Base...................................................11
Hulu.................................................................16
Hunting.........................................................27
ITC....................................................................18
ITV....................................................................16
Infront Sports & Media........................15
JM Smucker................................................27
JPMorgan....................................................26
KKR..................................................................19
Kellogg...........................................................18
King Digital Entertainment...............14
Ladbrokes....................................................19
Lafarge...........................................................16
LafargeHolcim...........................................19
Lazard............................................................26
MBK Partners.......................................16,19
MTV.................................................................16
Mars International..................................18
McKinsey........................................................9
Mondelez International........................18
Mylan..............................................................15
NBC Sports.................................................16
Nestlé.............................................................18
Netflix.......................................................16,27
New York Stock Exchange.................11
Nissin Foods...............................................18
OMV.................................................................17
OppenheimerFunds .............................26
PRS for Music............................................16
Paddy Power..............................................19
PepsiCo..........................................................18
Petrofac.........................................................27
Playtech........................................................19
Plus500.........................................................19
RWE.................................................................17
Rovio...............................................................14
Royal Dutch Shell...................................28
Shell Petroleum Development
Company of Nigeria..............................28
Shire...........................................................15,19
Signet Jewelers........................................27
Sinclair Broadcast Group,...................14
SoundCloud.................................................16
Spotify............................................................16
Sprout Pharmaceuticals......................15
St Jude Medical........................................15
Starbucks...............................................18,27
Tate & Lyle.................................................27
Temasek........................................................16
Templeton...................................................26
Terra Firma.................................................19
Tesco.........................................................16,19
Tesla................................................................27
Teva Pharmaceuticals...........................15
Thoratec........................................................15
Tiffany...........................................................27
Time Warner..............................................16
Total...........................................................14,17
Unilever.........................................................18
Union Bank.................................................14
Universal.......................................................16
Valeant Pharmaceuticals....................15
Viacom...........................................................16
Vice Media...................................................16
Virtu.................................................................11
Vitol.................................................................17
Vox Media....................................................16
WPP.................................................................19
Walt Disney.................................................16
Warner Music.............................................16
William Hill..................................................19
World Triathlon Corporation.......14,15
Zynga ............................................................14
Sectors
Banks..............................................................14
Financial Services...................................26
Financials.....................................................26
Food Producers........................................18
Gen Retailers.............................................16
Healthcare....................................................15
Investment Comp....................................14
Media..............................................................14
Oil & Gas...........................................14,17,28
Support Services................................15,19
Technology..........................................1,14,16
Transport........................................................3
Travel & Leisure.................................14,19
People
Cox, Alistair.................................................19
Ferrier, Jon...................................................17
Laidlaw, Sam..............................................17
Manifold, Albert.......................................16
Musk, Elon..................................................27
Nair, Dheeraj..............................................18
Pouyanné, Patrick...................................17
Singh Malik, Yudhvir.............................18
Walker, Kent..................................................1
Weizer, Mor.................................................19
de La Chevardière, Patrick................17
de Margerie, Christophe.....................17
Jianlin, Wang.........................................14,15

© The Financial Times Limited 2015 Week 35

16 ★★★ FINANCIAL TIMES Friday 28 August 2015

COMPANIES
INSIDE BUSINESS
Mining
MEDIA

Icahn reveals 8.5% stake in Freeport Matthew

Garrahan
US copper producer ming the brakes on investment and cut- financial position during a period of 30% commodities, as well as supply gluts in
ting its US workforce in response to weak and uncertain markets and pre- certain areas, including copper, iron ore
responds aggressively to Cut to company’s

reduced China demand

plummeting demand for copper. It is the
world’s biggest listed copper producer.
Freeport said it welcomed “construc-
serve our large resource base for
improved future market conditions”.
Its shares closed 29 per cent higher at
planned capital
expenditure for
next year
and oil.
Freeport said it “must respond
aggressively to current market condi-
TV networks face shaky
JAMES WILSON AND ED CROOKS tive input towards our common goal of
enhancing shareholder value” and
$10.19, but they are still 72 per cent
below their level of a year ago. 10 %
tions by deferring investments and
adjusting operations to maximise cur-
future in fast-changing
Carl Icahn, the activist investor, has dis-
closed an 8.5 per cent stake in mining
and oil group Freeport-McMoRan, and
added that its cuts were the results of a
previously announced review of operat-
ing plans, suggesting that they had not
The company is cutting planned capi-
tal expenditure for next year by almost
30 per cent, in a move that will curb its
Cut to US
workforce with
aim of reducing
rent cash flow”.
The group said it would look at capital
spending of $4bn in 2016, compared
global media landscape
said he wants to talk to the company been announced in response to Mr copper production, and will also reduce operating costs with a plan of $5.6bn announced a
about its capital spending and possible Icahn’s stakebuilding. its US workforce by a tenth to lower month ago. The spending for next year

S
cuts in production. It said the cuts would “strengthen our operating costs. will be split equally between its mining harply falling stock markets have brought com-
In a filing to the US Securities and Freeport is one of the global resources and oil and gas operations. pany valuations under renewed scrutiny but,
Exchange Commission, Mr Icahn said groups being most tested by steep falls Freeport cut spending on oil and gas for media groups, the China-induced panic is
that as of August 26, he had not talked to
Freeport is one of the in commodity prices, at a time when it after last year’s crude price rout and is merely a sequel to an already painful re-evalua-
Freeport’s management, but intended global resources groups has racked up substantial debt with a now reducing investment on copper tion by investors.
to raise issues including capital expendi- push into oil and gas via $20bn of pur- after the slide in the red metal’s value. Media shares first went into freefall at the beginning of
ture, executive pay, capital structure
being most tested by steep chases in 2012. The group said the benchmark copper August, when companies on both sides of the Atlantic suf-
and curtailing “high-cost production”. falls in commodity prices Global miners are grappling with price had fallen from an average of $3.11 fered steep declines. Viacom, Discovery Communications,
News of his approach came yesterday reduced demand from China, the most a pound last year to a six-year low of ITV and Time Warner were among those hit: in one day of
afternoon, as Freeport said it was slam- important market for many industrial $2.25 a pound. trading, $37bn was wiped from the market value of the big-
gest media businesses.
Television continues to be a highly profitable, cash-gen-
erative industry, but viewing habits are changing. New,
Construction Technology digital services such as Netflix, Amazon and Hulu are lur-
ing talent — and viewers — from traditional broadcast and

Ireland’s CRH cable TV networks. Now, the hottest new programmes are
as likely to be shown first on digital streaming services as
they are on TV.
pays $1.3bn for Price is another problem. In the US, the high cost of cable
and satellite packages — and a perception that the bundles

glazing group of channels on offer do not represent value for money —

has led to cancellations, known as “cord-cutting”. Mean-
while, there are plenty of other forms of entertainment,
such as social media, to suck up time that was once spent
JEREMY GRANT watching TV.
But these trends are not new. So what triggered the sell-
Irish building materials group CRH has
off in media shares?
signalled its faith in the continued
It began when Walt Disney, the world’s largest media
growth of the US commercial and resi-
company, revealed that growth had slowed at its hitherto
dential property market by paying
unstoppable ESPN sports cable network. ESPN holds the
$1.3bn for CR Laurence, a California-
largest collection of live sports rights with long deals in
based glazing company.
place to broadcast the most sought-after competitions. In
Sales of existing houses in the US are the TV industry, the prevailing argument has always been
running at their strongest pace since that live sport is immune to changes in viewing patterns.
2007, and some economists believe After all, nothing keeps a US household away from their
this will make a more significant contri- favourite match on TV. With all the drama and tension
bution to the US recovery in coming inherent in a big NFL or NBA
quarters. game, it has to be watched
The move came as London and Dub- live rather than later via a
Investors
lin-listed CRH reported a small rise in digital recorder. This means are nervous,
first-half net profit to €46m, from €45m ESPN has been able to com-
a year earlier. “Trading in the Americas mand hefty premiums from
judging by the
has been good and, against a mixed advertisers and the highest performance of
macroeconomic backdrop, underlying fees from cable and satellite
trading in Europe is broadly in line,” companies that carry its
media stocks
said Albert Manifold, chief executive. channels.
Shares in CRH jumped 5.2 per cent to But sport is an expensive business. Competitors such as
£18.93 in London yesterday. NBC Sports and Fox Sports are vying for the same rights as
The acquisition of privately held CRL ESPN. This has driven up the prices the network pays for
comes only weeks after Mr Manifold rights — a cost that is passed on to the cable and satellite
said the company was on the lookout for companies that pay to carry ESPN and, ultimately, to the
large acquisitions. That came even as consumers that subscribe to pay-TV.
CRH started integrating $6.5bn in assets Disney’s revision of its growth projections for ESPN sent
it acquired from Lafarge and Holcim as alarm bells ringing across the media landscape. “It showed
part of divestments the two cement that everyone was exposed,” says Rich Greenfield, an ana-
groups had to make to secure regulatory
approval for their merger.
The acquisitions will turn CRH into
SoundCloud faces the music in copyright row lyst with BTIG Research.
It also coincided with dreadful audience ratings figures
for some of the most popular cable channels in the US.
the world’s third-largest building mate- In the past 12 months, leading networks such as MTV
rials group by market value as the and Time Warner’s TNT Network have suffered ratings
industry sees frantic consolidation ROBERT COOKSON SoundCloud said it was “regrettable” PRS has SoundCloud has over the past year declines of about 20 per cent on the previous year, accord-
DIGITAL MEDIA CORRESPONDENT
sparked by the Lafarge-Holcim deal. that PRS had taken legal action “in the launched its signed licensing deals with various ing to Nielsen. Some companies, notably Viacom — which
Los Angeles-based CRL makes archi- The UK’s largest copyright collective midst of an active commercial negotia- action on behalf rights owners such as Warner Music, the owns MTV, Nickelodeon and Comedy Central — have been
tectural and shower door hardware, has commenced legal action against tion”. of its artists, record company, and Merlin, a body grappling with falling ratings for more than a year.
glass installation tools and supplies, and SoundCloud, marking a major new “We believe this approach does not including Adele, that represents independent record But it is clear that lower ratings are the new normal
aluminium shopfront and door systems. threat to the future of the Berlin-based serve the best interests of any of the par- who is a labels. It is also reportedly close to com- across the media landscape — a realisation that is, belat-
It has 1,600 staff at 42 locations in the streaming service. ties involved, in particular the members member in her pleting a deal with Universal, the world’s edly, being reflected in the valuations of the companies
US and Canada, and is expanding over- of the PRS, many of whom are active capacity as a largest record company. that produce and distribute TV programming.
seas to western Europe and Australia. PRS for Music — which represents about users of our platform and who rely on it songwriter But Amanda Harcourt, an intellectual Among media executives, the hot new book this year is
The company generated pre-tax profit 100,000 songwriters, composers and to share their work and communicate Kevin Winter/Getty
property consultant, argued that these Michael Wolff’s Television is the New Television. He argues
of $51m in 2014. music publishers — said it had “no alter- with their fan base,” the company said. efforts may be futile unless SoundCloud that TV is holding its own in the face of competition from
Separately, Cairn Homes reported its native” but to sue SoundCloud for copy- Unlike other music services such as also obtains licences from PRS and digital players. Despite the demise of TV being long pre-
first earnings since June when it became right infringement, as the music service Spotify and Apple Music, SoundCloud other bodies that represent vast reposi- dicted, he says it continues to thrive.
the first Irish housebuilder to go public refused to agree a licensing deal. does not have licences for all the songs tories of works by composers, lyricists He makes a good point. Cutting-edge companies such as
since the late 1990s. It made a €1m loss “Following five years of unsuccessful on its platform. It claims protection and songwriters. Vice Media have already jumped into TV production, qui-
on revenue of €51m in the first half of negotiations, we now find ourselves in a from copyright rules under so-called “How can SoundCloud justify con- etly realising that there are more advertising dollars to be
the year. Cairn aims to capitalise on a situation where we have no alternative “safe harbour” legislation introduced in cluding licensing agreements with earned there than on the internet. BuzzFeed and Vox
severe shortage of housing in Ireland but to commence legal proceedings the US in 1998 and Europe in 2000. record labels and yet be resisting con- Media plan to follow suit, with both companies having
after capital for property development against the online music service Sound- These rules were intended to protect cluding a licence for the underlying secured investment from Comcast, owner of the NBC
dried up following one of the world’s Cloud,” the society said in a letter to its internet service providers and hosting songs? They can’t possibly defend this broadcast network.
most severe housing market collapses. members. companies from being liable for the position,” she said. Investors are nervous, judging by the performance of
Cairn said it had a “strong strategic SoundCloud, which is used by 175m actions of their users. Such companies SoundCloud said: “No one in the media stocks. Discovery shares are down close to 40 per
pipeline in target areas” in Dublin and people a month, allows people to listen are only required to remove copyright- world is doing more to enable creators cent over the past year, Viacom’s have fallen 50 per cent in
Galway, with a “significant number of to the music on its platform for free. The infringing content from their platforms to build and connect with their audience the same period, while CBS is down more than 25 per cent.
new site acquisition opportuni- lossmaking service is attempting to when notified by a rights owner. while protecting the rights of creators, Mr Wolff’s thesis may be right. But someone forgot to tell
ties . . . expected to come to the market make money by selling advertising and In its filing to the High Court, PRS is including PRS members. We are work- Wall Street.
over coming months”. was last year valued by investors at arguing that the “safe harbour” rules do ing hard to create a platform where all
See Lombard $700m. not apply to SoundCloud. creators can be paid for their work.” matthew.garrahan@ft.com

Retail & consumer

Tesco plans unusual dividend move to sweeten Homeplus sale

SONG JUNG-A — SEOUL
Tesco plans to receive a Won1tn
($844m) dividend from its Korean
business as a way to cut the asking price
for Homeplus in an unusual move that
reflects the UK company’s eagerness to
agree its Won7tn sale, people close to
the situation said.
Three private equity groups — MBK
Businesses For Sale Partners, Carlyle and a consortium of
Affinity and KKR — have submitted
final bids in the auction to enter South
Korea’s competitive retail sector, the
people said.
A fund run by Goldman Sachs with-
Business for Sale, Business Opportunities, Business Services,
drew from a consortium with MBK and
Business Wanted, Franchises
Runs Daily South Korean National Pension Service
......................................................................................................................................................................................................................................................................... due to differences over how to run
Classified Business Advertising Homeplus, they added. Instead, MBK
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
reportedly attracted Singapore state
investor Temasek into the consortium,
while the NPS has promised to invest in
the deal should it be successful.
The planned dividend payment will
cut the sale price by Won1tn to Won6tn.
“The changed deal structure is seen as
Tesco’s attempt to seal the deal by easing
the financial burden for a potential
buyer while reducing its tax burden for
the expected profit from the deal,” said a
person close the deal.
Tesco is likely to announce a pre-
ferred bidder next week, the person
said. However, it could take longer
because the retailer is seeking a higher
price through a progressive deal struc-
ture, in which Tesco contacts each bid-
der to seek higher prices rather than
selecting a preferred bidder, a local daily
Chosun Ilbo said yesterday.
Yonhap News reported that Tesco had
contacted local retailers to determine
whether they were interested in buying
parts of Homeplus. Homeplus declined
to comment on those reports.
Tesco has become the second-largest
outlet in South Korea behind local group
Shinsegae’s Emart, thanks to its localisa-
tion. Unlike its supermarkets in the UK,
Homeplus offers a “one-stop living serv-
ice” that includes fast-food bars, coffee
shops and restaurants inside its hyper-
markets. Many of its bigger stores
include an internet café, a financial
service centre and a car repair shop.
Homeplus offers a
‘one-stop living
service’ that
includes fast-food
bars, coffee shops
and restaurants
Tesco also runs an academy in South
Korea to train its 100,000 staff across
Asia in skills ranging from online retail
to preparing spider crabs.
The dividend plan is expected to
spark strong opposition from labour
unions, which fear it could undermine
the retailer’s corporate value by limiting
its future investment.
Homeplus posted Won240.9bn in
operating profit last year amid stiff com-
petition from local rivals. It had roughly
Won1.5tn in retained earnings as of
March. Homeplus has not paid any divi-
dend over the past five years.
Tesco is selling Homeplus, once seen
as the jewel in the crown of its interna-
tional operations, to strengthen its bal-
ance sheet after a string of profit warn-
ings and £7bn of writedowns this year.
See Lombard
Friday 28 August 2015
Oil & gas
Oil groups leap
after Kurdistan
payment pledge
Increase in exports allows
semi-autonomous region
to make firm commitment
DAVID SHEPPARD AND ANJLI RAVAL
Shares in Iraqi Kurdistan-focused oil
producers jumped yesterday after the
semi-autonomous region’s government
said it would start making regular pay-
ments next month to the energy compa-
nies after stepping up crude sales.
Stocks in London-listed Genel Energy
and Gulf Keystone Petroleum both
increased as much as 18 per cent in early
trading, while Norway’s DNO rose
almost 11 per cent, as the Kurdistan
Regional Government said it had allo-
cated $75m to $100m for payments in
the first half of September.
Genel, Gulf Keystone and DNO are
owed hundreds of millions of dollars by
the KRG.
“Regular payments will allow the
exporting companies to cover their
ongoing expenses and plan for further
investment in the oilfields, which will in
turn boost production,” said the KRG’s
ministry of natural resources.
“As oil exports rise in early 2016, the
$75-100m $283m
KRG payments Amount Gulf
allocated for Keystone says it
first half of is owed in arrears
September by the KRG
★ FINANCIAL TIMES 17
COMPANIES
Oil & gas
KRG envisages making additional reve-
nue available to the exporting [interna-
tional oil companies] to enable them to
begin to catch up on the past receivables
due under their production sharing con-
tracts.”
Reporting results yesterday, Gulf Key-
stone said it was owed $283m. Jon Fer-
rier, chief executive, said: “We are confi-
dent that our host government will be
able to deliver on their recent pledge to
establish a regular payment cycle for
our crude from next month, and will
start addressing the amount owed in
arrears from 2016.”
The KRG has increased its independ-
ent oil sales over the past three months
as a deal with Baghdad to manage the
marketing of crude from the north of Total Oil has signed an agreement to dispose of a number of its assets including the St Fergus terminal, above, to North Sea Midstream Partners
the country has all but fallen apart.
Vitol and Trafigura, two of the world’s
largest independent oil traders, have
helped the Kurdish region to expand its
sales through pre-pay deals, vital to the
Total steps up North Sea assets sale with $900m deal
funding of the KRG, whose Peshmerga
forces are fighting militants from the
Islamic State of Iraq and the Levant CHRISTOPHER ADAMS — ENERGY EDITOR Laggan-Tormore, a deepwater project ates value for us and ensures a long and numbers of fields are lossmaking. Sev-
(Isis). French group Total has stepped up the 125km west of Shetland. bright future for the facilities,” he said. eral groups operating in the area have
The KRG said at the start of this sale of its North Sea assets after the col- It could be followed by more disposals The Frigg UK Pipeline, in which Total been sounding out potential buyers.
month that regular payments to the oil lapse in oil prices, with the disposal of a after Patrick Pouyanné, chief executive, has a 100 per cent interest, is 362km These include German utility Eon and
explorers would begin in September, Scottish gas terminal and interests in said in February that the group would long and was built in 1977 to connect the Russian billionaire Mikhail Fridman’s
without revealing a figure. Its oil ship- two pipelines in a $900m deal. accelerate and deepen a cost-cutting Frigg field, which lies on the median line L1 Energy, which is believed to be near-
ments are sailing to Israel, Cyprus, Italy, programme initiated by his predeces- between the UK and Norway, to the St ing the sale of gasfields, acquired from
France and other countries, despite The energy company said yesterday sor, the late Christophe de Margerie. Fergus terminal. Frigg has been decom- Germany’s RWE, after being ordered by
Baghdad’s long-held opposition to inde- that it had signed an agreement to sell This process, he said at the time, would missioned, but the pipeline is still opera- the UK government to sell.
pendently run sales from the region. all of its interests in the FUKA (Frigg include disposals of $5bn of assets this tional, delivering gas from 20 fields in Several private equity groups have
“What’s different this time is that UK) and Shetland Island Regional Gas year, including some in the North Sea, the North Sea to St Fergus, which can signalled interest in investing in the
they’ve put an amount on how much Export System (SIRGE) pipelines and where the group was investing “almost process 2.6bn cubic feet of gas a day. North Sea. Sam Laidlaw, former chief
they are going to pay out,” said Charlie the St Fergus terminal to North Sea Mid- zero” in mature fields. The SIRGE, in which Total has a 67 per executive of Centrica, has been
Sharp, analyst at Canaccord Genuity. stream Partners — which was formed in Patrick de La Chevardière, chief cent stake alongside Denmark’s Dong, recruited by Carlyle and CVC Capital
The companies, which gambled on 2012 to invest in North Sea infrastruc- financial officer, described the latest US-based Chevron and Austria’s OMV, Partners to run a new company called
entering Iraqi Kurdistan after the Iraq ture — for £585m. sale as “another example of Total’s strat- is a 234km pipeline connecting FUKA to Neptune, which plans to use the oil price
war, despite little clarity over how crude The deal follows the sale by Total, egy of active portfolio management and a Shetland gas plant. collapse to build a substantial portfolio.
sales from the region would develop, announced in July, of a stake in one of the strong potential to unlock value The sales could start a wave of North There are hopes that the UK’s cut to
have seen their share prices hammered the UK’s most promising natural gas- from a range of infrastructure assets”. Sea deals as more groups look to dispose the supplementary rate of tax on profits
in the past year by concerns over pay- fields to SSE, the power generator, “Transferring ownership to an entity of assets in a high-cost region where out- could improve investment prospects.
ments and the fall in oil prices. which will take a 20 per cent share in specialising in midstream UK assets cre- put has been in decline and growing See Lex
18
Recipe sought to satisfy Indian food watchdog
More recalls have followed the instant-noodle storm as producers try to second-guess a regulatory system that is in flux
AMY KAZMIN — NEW DELHI
Maggi noodles were not the only food to
disappear from India’s shop shelves in
June, after regulators banned the Nestlé
snack amid concerns over lead levels.
Unilever, the Anglo-Dutch conglomer-
ate, and Japan’s Nissin Foods recalled
their Knorr Chinese noodles and Top
Ramen, and other companies quietly
stopped selling products such as jams.
These foods were not withdrawn
because of safety concerns, but rather
for fear of falling foul of the four-year-
old regulator, the Food Safety and
Standards Authority of India.
In its ban on Maggi, the FSSAI had
censured Nestlé for selling a new fla-
vour, Maggi Oats Masala Noodles, with-
out official consent. The reprimand,
scarcely noticed by a public gripped by
the debate over toxic lead, alarmed
other food companies that had been
selling products while awaiting formal
permission.
“It was a commonly accepted practice
for food companies to apply for a
licence and simultaneously launch in
the marketplace, assuming they would
get it,” says Nitin Mathur, an industry
analyst for SG Corporate and Invest-
ment Banking. “Nestlé was an eye-
opener for everyone. What they thought
was an accepted practice wasn’t accept-
able any more.”
The voluntary withdrawal of prod-
ucts reflects mounting tension between
global and domestic food companies
eyeing a vast market and a regulator
seeking to assert its authority.
Indians consume $63bn of packaged
food — including sweets, snacks and
drinks — a year, compared with $220bn
in China, and sales are poised to rise rap-
idly, to $88bn by 2019, according to
KPMG, the professional services group.
‘My plea to industry is:
whatever you are putting
out, please think that your
child is also eating it’
A young population, increasingly afflu-
ent and time-pressed, is moving away
from traditional cooking methods and
eating habits.
Western companies are gearing up.
Both Coca-Cola and PepsiCo are in the
midst of $5bn Indian expansions. Mon-
delez International, maker of Cadbury
chocolate and Oreo biscuits, is building
a $190m factory in India — its largest in
Asia at 54 hectares. Chocolate-maker
Mars International is spending $160m
on its first plant in the country, while
Kellogg, the US cereal maker, has
invested $100m in the past 18 months.
Large domestic food companies, such
as ITC, Britannia Industries and Dabur,
are also expanding capacity and diversi-
fying into different categories. Imports
of premium processed food — including
European pasta, olive oil, meats and
cheese — are growing fast too.
“All the big food manufacturers are
looking at India as a high-potential mar-
ket because penetration of categories is
very, very low,” says Rajat Wahi, a part-
ner at KPMG. “All the fast-moving con-
sumer goods companies are looking at
significant growth in the next 10 years.”
Executive Appointments
★ FINANCIAL TIMES
In hot water: when Nestlé was hit with a ban on Maggi instant noodles, it was also censured for introducing a flavour without official consent
Packaged food in India
Food & beverage sales ($bn)
Forecast 100
Non-alcoholic
beverages 80
Alcoholic drinks
Packaged food
60
40
20
0 0
2010 11 12 13 14 15 16 17 18 19
Sources: Euromonitor; DIPP; Ministry of Commerce
Changing India is known for its intricate traditional
tastes cuisine, whose time-consuming
preparation could take an entire day to
Products meet a family’s demand for three meals.
try to But eating habits are changing amid the
satisfy a social and economic transformation
hunger taking place in the country.
for time Migration to congested urban areas,
the growth of nuclear families and more
women working outside the home have
led to new attitudes to food — and a
growing demand for processed and semi-
processed foods. The trend is forecast to
gain momentum, especially among the
rising middle class.
“Time-starved people need processed
food to make their lives easier,” says
Debashish Mukherjee, a partner at
consultancy AT Kearney. “People don’t
have time to cut their own vegetables,
mill their own wheat. You need stages
of intermediation to hurry the food-
making process.”
Local and international companies are
trying to meet this demand with an ever-
growing array of cooking aids, such as
mixes to make instant soup or sauces.
Contracts & Tenders
Friday 28 August 2015
COMPANIES
are putting out, please think that your
child is also eating it.”
For decades multiple government
departments were charged with pre-
venting adulteration — which is ram-
pant in India — of basic products such as
milk and cooking oils. In 2006 the gov-
ernment adopted a food safety law with
a broader agenda, including the promo-
tion of healthy food.
But standards have been set for only
about 370 food items, compared with
the 5,000 to 10,000 common in devel-
oped markets. All other food products
and supplements — except traditional
food — are dealt with case by case.
Companies have been required to
submit exact recipes and formulations
for official scrutiny. But the industry has
complained that the FSSAI decision-
making process is time-consuming and
arbitrary, with products rejected on
whimsical grounds — including that
they should be a different colour.
“There were no standards,” says
Dheeraj Nair, a lawyer who represented
‘There were no standards.
It was left to the whims
and fancies of the product
approval committee’
— Shailesh Andrade/Reuters
food supplement manufacturers in a
court challenge to the FSSAI process. “It
was left to the whims and fancies of
FDI equity inflows for food-processing industries ($m) Top growing categories* (%) whomever was sitting in the product
3,983 0 10 20 30 40 approval committee. It was absurd.”
Companies have also objected to the
Snack bars requirement that they reveal their reci-
400
pes, which in most markets applies only
Meal replacement
300 to foods that use ingredients not previ-
Sweet and
ously confirmed to be safe for human
savoury snacks consumption.
200
“The extent of unilateral condemna-
Noodles
tion of a sector regulator by the people
100 Confectionery whom it is meant to regulate has been
unprecedented,” Mr Malik wrote in a
Dried processed
note to industry in May. “Accepting the
food
2000 02 04 06 08 10 13 presence of a regulator in a hitherto
Years from Apr-Mar * Average annual change in sales, 2009 to 2014 unregulated sector is difficult.”
It is a regulatory system that is itself in
flux. This month the Supreme Court,
But before their products can reach acting on a complaint by food supple-
Until this year’s nationwide ban, Indian dining tables, food companies ment makers, scrapped the product
Nestlé’s Maggi noodles had a carefully are wrestling with a murky, unstable approval process, ruling that the FSSAI
nurtured reputation as being a hot and regulatory environment, overseen by a lacked the authority to establish such a
healthy snack or meal that busy young watchdog with a mission to framework on its own. Instead the court
mothers could prepare quickly, and ensure basic food safety and promote said the government had to issue regula-
enhance with vegetables or other “healthy, wholesome food”. tions for proprietary foods.
additions. In recent months the FSSAI has In a statement on Wednesday the
But other categories of non- rejected several of Starbucks’ syrups FSSAI confirmed that it was bringing
traditional foods are also and sauces, one of its decaffeinated an end to the product approval system,
catching on. coffees and a spiced tea. It has and promised to “expedite” new regula-
Pasta was previously also banned Kellogg’s Special tions and standards for many more
eaten in India mainly K Red Berries, a General foods and additives.
by globe-trotting Mills Choco Lava Cake, But the new process — which is to
elites who could and mayonnaise and involve public comments — could take
afford imported salad dressings made by many months.
products. That is Field Fresh, a Del Monte Food companies are thus left in limbo,
changing fast as joint venture. uncertain whether they can introduce
popular tastes Imported foods, includ- products in the interim — or whether
evolve and companies ing perishables such as foods whose applications have been
respond to increasing cheese, have faced long delays rejected under the old system can now
demand. in ports because of the regulator’s More on ft.com be legally sold.
“Pasta is spreading across India into objections over the food or its labelling. For the latest “These are teething problems,” says
the mass market,” says Rakesh Banga, The FSSAI defends its approach. “If news, comment Debashish Mukherjee, a partner at AT
and analysis on
co-founder of the Forum of Indian industry is coming out with a product, it the food and Kearney. “India is at a different stage of
Food Importers. “India is now making has to be safe food, and it has to be beverages evolution to developed markets. Com-
more pasta than we import.” wholesome,” says Yudhvir Singh Malik, sector, go to panies obviously don’t like it, but this
Amy Kazmin chief executive. ft.com/retail debate will lead to a more stable envi-
“My plea to industry is: whatever you ronment for the future.”
Friday 28 August 2015
CRH’s debt options would be far from Manifold in a bad downturn
Finn MacCool was a dab hand with
building materials, knocking up the
Giant’s Causeway in Antrim to outface
a Scottish titan. The monument
produced by modern-day Irish giant
CRH is its own impressive frame, set to
rise further into the clouds with the
$1.3bn acquisition of CR Laurence, a
California glazing company.
But is CRH (pron: “Cee Orr Haitch”)
outgrowing its considerable strength?
The group has just bought assets from
LafargeHolcim for €6.5bn. Finance
director Maeve Carton expects the
spree to increase net debts to €8.6bn,
3.5 times earnings before nasties.
That’s a lot of leverage, even for a
Travel & leisure
A series of Hollywood blockbusters has helped Odeon and UCI move dramatically from a loss to a profit for the first half of this year
Brighter picture supports Odeon sale
Cinema chain’s return to
profit lights up the exit
sign for Terra Firma
MALCOLM MOORE
A blockbuster year at the cinema saw
Odeon and UCI swing from a £39.9m
pre-tax loss to a £14.5m profit in the
first half, improving its chances of find-
ing a buyer at the second time of asking.
Terra Firma, the owner of the 243-
strong European cinema chain, pulled a
£1bn sale at the end of 2013 after a stra-
tegic review by JPMorgan and Goldman
Sachs concluded it should hold on to the
Support services
Hays hails strong performance
HARRIET AGNEW
The chief executive of FTSE 250 listed
recruiter Hays hailed a “symbolic year”
after all three of the group’s major geo-
graphical divisions grew simultane-
ously for the first time since the finan-
cial crisis.
This drove an 18 per cent increase in
annual pre-tax profits to £156.1m dur-
ing the 12 months to June 30, despite for-
eign exchange movements knocking
£9.6m off its results.
Alistair Cox, Hays chief executive,
said: “It’s such a broad-based recovery
around the world. It’s the first time since
2008 that all of our three major opera-
tions [UK & Ireland, continental Europe
& Rest of World and Asia-Pacific] grew
together. That’s a symbolic year for us.”
As the UK’s largest recruiter by mar-
ket capitalisation, Hays is a bellwether
for the UK economy. It reported a strong
performance in its home market, with
net fees in the UK and Ireland up 11 per
cent, driven by strong growth in IT, con-
business whose counterpart used
basalt columns as scatter cushions.
The London and Dublin markets like
it when CRH buys stuff. The shares
rose 5 per cent yesterday, despite the
steep 11 times earnings ratio attached
to the purchase. They were equally
bullish on the LafargeHolcim buy.
However, the risks of big one-off
purchases are much higher than for
bolt-ons, a style of acquisition CRH has
systematised as effectively as UK ad
and marketing group WPP.
CRH’s chief executive has a
reassuring name — Albert Manifold —
and reassuring explanations. He sees
€40m of annually recurring synergies
in CR Laurence, which takes the edge
off the multiple. The LafargeHolcim
asset is a bundle of businesses, he
points out. CRH should also be able to
pay down debts to an acceptable
2.5 times earnings using higher cash
flows and receipts from disposals.
That plan is neat. But it relies on the
business for longer. But Guy Hands,
Terra Firma’s chairman, said in Febru-
ary he would try to sell the company
again this year.
“We will look to begin the process
towards the end of the year,” he told
Reuters.
The 17.7 per cent rise in first-half reve-
nues to £348.7m announced yesterday,
and an increase in Odeon’s market share
by 1.1 percentage points to 19.2 per cent,
should add polish. Net debt fell from
£466m in the first half of 2014 to £435m
this year — the cost of the debt has been
weighing on profits before tax — while
ebitda rose 102.1 per cent in the first half
of the year to £37.3m.
struction and property, accountancy
and finance. Hays’ net fees improved
5 per cent in the year to £764.2m. The
company reported robust growth in
earnings per share of 21 per cent, while
the full-year dividend per share
increased 5 per cent to 2.76 pence.
Mr Cox said Hays’ acquisition last
December of US IT-staffing company
Veredus Corp was fully integrated and
would help the company expand in the
US. During the 12 months, Hays
increased the headcount of its own con-
sultants by 9 per cent to support growth.
Hays is two years into a five-year plan
that it unveiled in November 2013 in
which it set a target of doubling profits
to £250m by June 2018. Mr Cox said the
company was on course to meet this.
Turmoil in financial markets, driven
by fears over a China slowdown, has not
taken a toll on Hays’ activities, he said.
“We have very little forward visibility,
but we have quite categorically seen no
negative impact whatsoever on our
business, notinChinaoranywhere else.”
★ FINANCIAL TIMES
UK COMPANIES
construction industry doing well, as
currently. Half-year earnings before
interest and the like, though seasonally
low, rose 29 per cent to €555m. That
reflected the rampant mood in the US.
The Manifold pay-down plan depends
on a smooth transition to higher rates
and a lack of financial market shocks
to the broader economy. If the reverse
occurs, CRH’s dividend and investment
grade rating would be in doubt.
Finn MacCool, remember, had a
penchant for getting into scrapes. He
had to disguise himself as a baby to
evade that Scottish giant. Such a
wheeze is not open to Mr Manifold if
shareholders and lenders ever have a
bone to pick with him.
Trolley lolly
Financial engineering is the dark art
that dare not speak its name. Tesco
must have a black belt in it, judging
This year has seen blockbusters such
as Jurassic World, Fast & Furious 7 and
Avengers: Age of Ultron drawing in audi-
ences. The James Bond film, Spectre, and
Star Wars: The Force Awakens, are
expected to perform strongly at the box
office in the second half.
“The film slate has been very positive
‘The film slate has been
very positive for us . . .
and the outlook is good
for the second half ’
from a story emanating from Korea.
The beleaguered supermarket chain
will reportedly take an $844m
dividend from local subsidiary
Homeplus, which it is selling by
auction.
This will apparently have the effect
of reducing the sale price to $5bn,
making the subsidiary cheaper for
would-be purchasers such as MBK
Partners, Carlyle and KKR.
It would be an extraordinary coup
by Cheshunt’s financial wizards. To
the pedestrian brain, the cash or
cash equivalents held by a target
company are irrelevant to the real
price. If you pay £1 for another £1 you
still have £1.
Yet it seems Tesco has found a way to
pocket almost $1bn, while making
Homeplus correspondingly more
affordable for a purchaser. In Doctor
Who this is known as “reversing the
polarity of the space/time continuum”.
Tesco would be flipping the process
— Simon Dawson/Bloomberg
for us,” said Paul Donovan, who took the
helm of Odeon last year. “And the out-
look is good for the second half.”
He said Odeon would increase mar-
keting spend by about a third this year,
with a focus on promoting blockbusters.
He has also scrapped booking fees,
introduced flexible pricing depending
on demand and increased staff training
to improve customer service.
“This is a steady and considered exe-
cution of the strategy,” he said.
Odeon is investing in three new cine-
mas in the second half. It will open ven-
ues in Dublin, Naples and Bolzano in
Italy, but will lose the Odeon Kensington
to a property development.
through which it made £263m in
profits disappear, triggering a probe by
the Serious Fraud Office.
A prosaic tax wheeze seems more
likely. These explain many deal
oddities, including a plan from Shire,
the Irish orphan drugs business, to
mount share buybacks following a
proposed $30bn takeover of US rival
Baxalta. That is a way of injecting cash
into the deal without lumbering
erstwhile parent group Baxter with a
huge tax bill.
Train to nowhere
Labour leadership hopeful Jeremy
Corbyn has proposed women-only
train carriages. If the idea flies, the
authorities should consider segregated
carriages for another group who find
public transport irksome, albeit free
from the very real problem of sexual
harassment: older City gents.
Travel & leisure
Playtech plans further deals
MALCOLM MOORE
LEISURE INDUSTRIES CORRESPONDENT
The need for gaming companies to fuse
together their web, mobile and retail
businesses will power the next phase of
growth at Playtech, the London-listed
Israeli software company has said.
Playtech built a huge cash pile from pro-
viding the software to run online gam-
bling sites to the likes of William Hill
and Ladbrokes. After spending more
than $1bn this year on buying up foreign
exchange and contracts-for-difference
trading companies, it is eyeing further
acquisitions.
But Mor Weizer, chief executive, said
yesterday up to two-thirds of Playtech’s
organic growth would come from help-
ing bookmakers redesign computer sys-
tems so that customers can switch from
mobile phones to computers and to ter-
minals inside betting shops. Playtech
has hired an extra 600 staff to work on
this “omni-channel” business.
“We have an organic revenue growth
target of 15 per cent a year,” said Mor
Weizer, the chief executive, as the group
reported first-half figures. “Between
19
We’ve all seen them. Some of us are
them. Some doggedly strap hang,
their arms feeling twinges of arthritis,
on the Central or Northern lines into
Bank. Others fight for space to read a
print newspaper (incredibly, these
still exist) against manspreading
sodcasters on the 7.30am into Cannon
Street.
These splendid old pterodactyls
could travel much more comfortably in
a carriage adapted to their needs. The
upholstery would be deep-buttoned
leather. A library of books on topics
such as sport and military history
would be available. The bar of a
country pub would pop up on return
journeys to the suburbs.
These low-capacity carriages would
risk being left on the sidings pending
retirement from service. But that is
where the careers of most potential
passengers are stuck, anyway.
jonathan.guthrie@ft.com
5 and 10 per cent of that will be from
omni-channel — it is very important.”
Playtech helped Gala Coral to intro-
duce the Coral Connect card, which
allowed customers to bet online or on
phones and collect their winnings in
shops. In its first 12 months, more than
200,000 people signed up for the card.
“There is a real opportunity in repli-
cating some of the things we have done
with Coral,” said Mr Weizer, adding that
Playtech has already had discussions
with retail gambling companies includ-
ing William Hill, Betfred, Paddy Power
and Ladbrokes. “I know from conversa-
tions I had with these operators that
they noticed the success of Coral and
they understand the opportunity.”
He said Ladbrokes, after it merges
with Coral, will introduce a similar sys-
tem within six to 12 months, while it will
become an industry standard within
two to four years. “It will be difficult for
anyone to do it without us,” he added.
Shares in Playtech, which posted a
33 per cent rise in first-half revenues to
€286m and an 11 per cent rise in net
profit to €83.9m, closed 2.7 per cent
down at 867p in London yesterday.
20 ★★★ FINANCIAL TIMES Friday 28 August 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-1.579% -0.966% -0.545% -0.16%

2.43% 2.45% 2.27% 3.56% 3.57% 1.08% 3.60% 2.19% 1.275% 9.95%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jul 28 - Aug 27 Index All World Jul 28 - Aug 27 Index All World Jul 28 - Aug 27 Index All World Jul 28 - Aug 27 Index All World Jul 28 - Aug 27 Index All World Jul 28 - Aug 27 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,108.57 14,077.36 20,302.91 2,037.62
13,766.67 6,631.00 11,211.85
1,987.66 6,192.03 18,574.44 1,908.00
10,315.62

Day 2.43% Month -4.42% Year -0.62% Day 2.88% Month -1.68% Year -11.77% Day 3.56% Month -4.68% Year -9.22% Day 3.18% Month -6.70% Year 7.79% Day 1.08% Month -9.59% Year 19.67% Day 0.73% Month -6.74% Year -7.74%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,111.73 44,471.29 11,282.90 24,619.45 3,352.65
43,452.36 1,561.48
4,812.71 1,430.21 10,290.20 2,945.43
21,838.54

Day 2.45% Month -5.42% Year 5.30% Day 2.67% Month -0.60% Year -4.71% Day 3.57% Month -6.41% Year 3.88% Day 3.06% Month -9.01% Year -4.96% Day 3.60% Month -13.09% Year -12.91% Day 2.52% Month -12.15% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,751.39 50,245.15
5,017.44 23,248.90 3,789.17
16,654.77 47,715.27 22,201.24 27,563.43
4,658.18 26,231.19
3,083.59
Day 2.27% Month -5.20% Year -2.64% Day 3.64% Month -2.09% Year -21.71% Day 3.49% Month -7.89% Year 6.03% Day 3.39% Month -2.67% Year 6.93% Day 5.34% Month -24.25% Year 39.71% Day 0.35% Month -6.69% Year -0.80%

Country Index Aug 27 Aug 26 Country Index Aug 27 Aug 26 Country Index Aug 27 Aug 26 Country Index Aug 27 Aug 26 Country Index Aug 27 Aug 26 Country Index Aug 27 Aug 26
Argentina Merval 10922.85 10290.17 Cyprus CSE M&P Gen 78.18 78.00 Italy FTSE Italia All-Share 23845.22 23103.07 Philippines Manila Comp 7022.09 6867.92 Taiwan Weighted Pr 7824.55 7715.59 Cross-Border DJ Global Titans ($) 224.97 219.92
Australia All Ordinaries 5242.60 5178.90 Czech RepublicPX 1007.91 984.85 FTSE Italia Mid Cap 33263.89 32581.74 Poland Wig 50366.09 49318.58 Thailand Bangkok SET 1358.03 1320.08 Euro Stoxx 50 (Eur) 3280.78 3170.73
S&P/ASX 200 5233.30 5172.80 Denmark OMXC Copenahgen 20 947.51 916.17 FTSE MIB 22201.24 21473.81 Portugal PSI 20 5305.40 5164.19 Turkey BIST 100 73615.91 73509.71 Euronext 100 ID 900.51 871.15
S&P/ASX 200 Res 2838.50 2818.40 Egypt EGX 30 6873.49 6836.95 Japan 2nd Section 4657.11 4563.00 PSI General 2428.03 2360.91 UAE Abu Dhabi General Index 4461.09 4329.94 FTSE 4Good Global ($) 5349.10 5239.52
Austria ATX 2349.45 2266.67 Estonia OMX Tallinn 882.77 872.65 Nikkei 225 18574.44 18376.83 Romania BET Index 7082.62 6996.31 UK FT 30 2771.40 2690.50 FTSE All World 262.34 256.72
Belgium BEL 20 3443.67 3346.19 Finland OMX Helsinki General 8014.20 7807.04 S&P Topix 150 1250.77 1233.57 Russia Micex Index 1695.22 1660.95 FTSE 100 6192.03 5979.20 FTSE E300 1430.21 1380.88
BEL Mid 5670.00 5524.14 France CAC 40 4658.18 4501.05 Topix 1500.41 1478.97 RTX 804.86 754.61 FTSE 4Good UK 5645.34 5458.96 FTSE Eurotop 100 2844.48 2742.92
Brazil Bovespa 47715.27 46038.08 SBF 120 3662.87 3547.09 Jordan Amman SE 2094.38 2090.24 Saudi-Arabia TADAWUL All Share Index 7604.32 7384.46 FTSE All Share 3403.05 3297.33 FTSE Global 100 ($) 1264.41 1236.86
Canada S&P/TSX 60 813.18 789.87 Germany M-DAX 19654.47 19137.61 Kenya NSE 20 4759.58 4171.35 Singapore FTSE Straits Times 2945.43 2873.00 FTSE techMARK 100 3742.58 3637.55 FTSE Gold Min ($) 850.71 823.63
S&P/TSX Comp 13766.67 13381.59 TecDAX 1693.22 1642.78 Kuwait KSX Market Index 5876.51 5814.03 Slovakia SAX 258.11 254.60 USA DJ Composite 5897.69 5773.88 FTSE Latibex Top (Eur) 2558.60 2431.90
S&P/TSX Met & Min 449.28 398.64 XETRA Dax 10315.62 9997.43 Latvia OMX Riga 432.44 430.84 Slovenia SBI TOP 701.10 688.15 DJ Industrial 16654.77 16285.51 FTSE Multinationals ($) 1423.04 1395.72
Chile IGPA Gen 18507.98 18013.79 Greece Athens Gen 627.02 622.72 Lithuania OMX Vilnius 488.49 484.52 South Africa FTSE/JSE All Share 49125.08 48359.24 DJ Transport 7866.72 7682.12 FTSE World ($) 465.11 455.60
China FTSE A200 8333.75 7848.93 FTSE/ASE 20 184.51 182.74 Luxembourg LuxX 1476.56 1439.97 FTSE/JSE Res 20 34850.89 32891.69 DJ Utilities 573.76 566.58 FTSEurofirst 100 (Eur) 4037.47 3887.08
FTSE B35 8995.76 8652.60 Hong Kong Hang Seng 21838.54 21080.39 Malaysia FTSE Bursa KLCI 1601.70 1580.37 FTSE/JSE Top 40 43624.98 42854.06 Nasdaq 100 4324.82 4219.60 FTSEurofirst 80 (Eur) 4383.15 4241.02
Shanghai A 3230.41 3066.64 HS China Enterprise 9863.61 9427.93 Mexico IPC 43452.36 42323.04 South Korea Kospi 1908.00 1894.09 Nasdaq Cmp 4812.71 4697.54 MSCI ACWI Fr ($) 388.96 381.91
Shanghai B 293.49 279.08 HSCC Red Chip 4025.64 3800.11 Morocco MASI 9252.66 9316.01 Kospi 200 228.94 227.71 NYSE Comp 10230.51 9979.67 MSCI All World ($) 1616.48 1583.87
Shanghai Comp 3083.59 2927.29 Hungary Bux 21511.15 21190.85 Netherlands AEX 443.36 428.73 Spain IBEX 35 10290.20 9984.50 S&P 500 1987.66 1940.51 MSCI Europe (Eur) 1401.02 1356.80
Shenzhen A 1832.58 1773.44 India BSE Sensex 26231.19 26138.54 AEX All Share 682.59 660.18 Sri Lanka CSE All Share 7273.14 7240.10 Wilshire 5000 20921.50 20427.87 MSCI Pacific ($) 2256.92 2238.75
Shenzhen B 1053.85 1030.35 S&P CNX 500 6657.25 6513.35 New Zealand NZX 50 5634.94 5577.78 Sweden OMX Stockholm 30 1502.86 1458.20 Venezuela IBC 14924.92 14876.04 S&P Euro (Eur) 1451.89 1405.82
Colombia COLCAP 1152.87 1149.53 Indonesia Jakarta Comp 4430.63 4237.73 Nigeria SE All Share 28137.65 28807.00 OMX Stockholm AS 497.44 483.81 Vietnam VNI 555.81 545.89 S&P Europe 350 (Eur) 1467.85 1416.98
Croatia CROBEX 1750.49 1736.51 Ireland ISEQ Overall 6332.15 6115.53 Norway Oslo All Share 626.46 615.04 Switzerland SMI Index 8812.58 8548.75 S&P Global 1200 ($) 1820.71 1778.48
Israel Tel Aviv 100 13.91 14.00 Pakistan KSE 100 33961.29 33537.42 Stoxx 50 (Eur) 3103.73 2988.59
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Aug 27 %Chg %Chg Aug 27 %Chg %Chg Aug 27 %Chg %Chg Aug 27 %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 94.0 112.92 3.23 Royal Dutch Shell 243.3 1659.50 74.00 Nestle N 567.4 65.77 1.48 Toyota Motor 1011.3 7026.00 106.00 Antofagasta 611.50 7.0 -18.7 Betfair 3227.00 17.6 105.3 Enquest 34.00 17.2 -4.2 Oil Equipment & Services 16520.37 4.7 0.7
Netflix 42.1 117.66 7.53 Glencore 207.0 145.35 6.45 Total 524.0 40.18 2.48 Mitsubishi Ufj Fin,. 810.1 786.90 17.30 Weir 1393.00 3.5 -24.7 Vedanta Resources 531.50 17.3 -7.5 Skyepharma 310.00 16.5 -7.5 Technology Hardware & Equip. 1133.10 1.7 -4.8
Facebook Class A 37.5 89.73 2.54 Hsbc Holdings 189.9 519.70 23.50 Novartis N 479.3 83.97 0.00 Mizuho Fin,. 703.8 242.10 5.30 Int Consolidated Airlines S.a. 546.00 3.2 12.3 Hunting 490.40 13.8 -7.7 Kenmare Resources 2.75 10.0 -15.1 Automobiles & Parts 6829.49 1.0 -14.8
Amazon.com 31.4 518.37 17.60 Bp 188.9 351.20 20.00 Intesa Sanpaolo 473.9 3.31 0.08 Tokyo Electric Power ,orporated 658.2 831.00 -7.00 Ashtead 937.50 2.7 -18.6 Wood (john) 611.50 8.8 2.5 Cape 241.75 9.8 0.5 Food Producers 8186.87 -0.2 0.7
Google Class C Capital Stock 22.2 637.61 8.99 Royal Dutch Shell 177.8 1653.50 78.50 Eni 425.4 14.34 0.85 Sumitomo Mitsui Fin,. 657.2 4842.50 124.00 Arm Holdings 918.00 2.3 -7.7 Regus 278.70 8.7 33.7 Lamprell 133.50 8.5 10.3 Industrial Engineering 7791.18 -0.5 -11.9
Microsoft 22.2 43.90 1.19 Bhp Billiton 174.2 1102.50 93.00 Unicredit 402.1 5.90 0.11 Softbank . 606.2 6952.00 82.00 Tui Ag 1189.00 1.6 11.1 Aldermore 300.00 7.1 - Mccoll's Retail 159.50 8.2 -11.4 Construction & Materials 5045.58 -0.6 22.2
Schlumberger 20.9 73.85 3.76 Rio Tinto 158.2 2349.00 149.00 Santander 396.5 5.51 0.20 Sony 399.5 3051.50 88.50 Rsa Insurance 515.00 1.6 18.4 Petrofac 853.50 6.9 21.4 Utv Media 168.00 7.5 -4.0 Software & Computer Services 1462.61 -0.6 17.1
Bank Of America 20.2 16.44 0.38 Bg 148.3 961.80 37.90 Basf Se Na O.n. 385.3 68.82 0.00 Fast Retailing Co., 376.7 50290.00 -330.00 Bhp Billiton 1102.50 0.9 -20.6 Onesavings Bank 344.10 6.9 60.4 Oxford Biomedica 8.00 7.4 52.4 Travel & Leisure 8380.13 -0.6 4.0
Google Class A 19.1 667.96 8.22 Prudential 148.3 1417.50 23.50 Roche Gs 380.5 238.07 0.00 Nippon Telegraph And Telephone 376.3 4637.50 208.50 Sage 513.50 0.9 10.3 Ao World 126.70 4.7 -36.7 Circassia Pharmaceuticals 331.50 6.7 18.9 General Financial 8956.36 -1.1 5.1
Jpmorgan Chase & Co. 18.7 64.48 1.57 Vodafone 143.9 225.35 8.55 Daimler Ag Na O.n. 370.3 70.14 0.00 Alps Electric Co., 252.4 3635.00 50.00 Marks And Spencer 523.50 0.9 9.3 Ophir Energy 94.00 3.8 -33.6 Tt Electronics 162.75 5.9 57.2 Food & Drug Retailers 2845.84 -1.2 0.7
Gkn 292.10 0.7 -15.1 Int Personal Finance 399.00 3.1 -11.3 Polypipe 362.00 5.5 46.0 Support Services 6642.02 -1.2 3.3
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
G4s 257.00 0.6 -7.5 Wetherspoon ( J.d.) 758.50 3.1 -7.5 Aberdeen Asian Smaller Companies Investment Trust 748.50 4.7 -17.7 Industrial Transportation 2754.16 -1.2 -2.5
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Freeport-mcmoran 10.19 2.27 28.66 Hunting 490.40 57.40 13.26 Tenaris 11.33 0.94 9.05 Kikkoman 3845.00 220.00 6.07 Glencore 145.35 -10.7 -51.4 Petra Diamonds 125.00 -20.4 -35.6 Hss Hire 69.00 -49.4 - Industrial Metals 778.05 -8.8 -48.8
Signet Jewelers 138.82 17.53 14.45 Anglo American 726.30 62.00 9.33 Galp Energia-nom 9.33 0.63 7.22 Shimizu 1158.00 57.00 5.18 Fresnillo 612.50 -10.5 -20.0 Centamin 58.10 -11.6 -1.4 Raven Russia Ltd 42.75 -15.1 -10.0 Oil & Gas Producers 5864.90 -5.2 -17.6
Consol Energy 13.86 1.68 13.79 Bhp Billiton 1102.50 93.00 9.21 Altice 25.39 1.64 6.91 Obayashi 1025.00 48.00 4.91 Centrica 241.40 -8.8 -13.5 Spire Healthcare 357.00 -11.1 -6.1 Hochschild Mining 68.50 -12.2 -22.2 Gas Water & Multiutilities 5606.60 -4.7 -8.6
Transocean 12.93 1.33 11.47 Antofagasta 611.50 50.00 8.90 Total 40.18 2.48 6.56 Meiji Holdings Co., 19200.00 890.00 4.86 Randgold Resources Ld 3926.00 -7.7 -10.4 Al Noor Hospitals 830.00 -9.1 -16.2 Infinis Energy 120.75 -10.6 -45.1 Real Estate Investment Trusts 3322.24 -3.9 8.8
Chesapeake Energy 7.02 0.68 10.73 Tullow Oil 204.40 15.60 8.26 Skf , Ab Ser. B 17.15 1.02 6.30 Nisshin Seifun . 1641.00 74.00 4.72 Bg 961.80 -7.4 11.2 Premier Oil 101.40 -9.1 -39.4 Carr's 155.00 -10.1 - Real Estate & Investment Servic 3179.26 -3.8 18.7
Standard Chartered 757.00 -7.1 -21.4 Stagecoach 359.70 -9.0 -2.9 Ferrexpo 58.50 -10.0 10.4 Health Care Equip.& Services 6559.22 -3.3 -2.5
Downs Downs Downs Downs
Bunzl 1713.00 -5.9 -2.9 Evraz 79.00 -9.0 -48.9 Findel 179.38 -9.9 -20.0 Beverages 12956.25 -3.2 -8.3
Patterson Companies 45.94 -3.09 -6.30 Onesavings Bank 344.10 -19.80 -5.44 Nokia 6.19 -0.11 -1.75 Unitika 63.00 -2.00 -3.08
Hikma Pharmaceuticals 2277.00 -5.9 15.1 Ted Baker 2998.00 -8.9 35.0 Ite 149.50 -9.1 -6.6 Aerospace & Defense 4307.64 -3.1 -9.3
Dollar General 74.27 -2.44 -3.18 Lonmin 33.03 -1.44 -4.18 Pernod Ricard 92.20 -1.61 -1.72 Yokogawa Electric 1361.00 -42.00 -2.99
Standard Life 417.40 -5.4 4.3 Nostrum Oil & Gas 485.30 -8.6 15.5 Photo-me Int 143.00 -9.1 1.5 Electricity 8537.81 -3.0 -13.0
Tiffany & Co. 83.29 -1.79 -2.10 Phoenix Holdings 830.00 -32.50 -3.77 Adidas Ag Na O.n. 65.04 0.00 0.00 Sumco 1065.00 -32.00 -2.92
Royal Dutch Shell 1659.50 -5.3 -25.7 Domino's Pizza 859.50 -7.0 22.3 Pacific Horizon Investment Trust 151.25 -8.9 -17.5 Mobile Telecommunications 5128.00 -2.9 2.3
Tesoro 90.64 -1.12 -1.22 Rank 248.70 -9.30 -3.60 Allianz Se Vna O.n. 138.85 0.00 0.00 Asahi Glass , 709.00 -18.00 -2.48
Coca-cola Hbc Ag 1329.00 -5.3 8.2 Bank Of Georgia Holdings 1702.00 -7.0 -18.0 Tribal 137.75 -8.8 -14.3 Life Insurance 7521.26 -2.8 -0.1
Valero Energy 58.35 -0.50 -0.85 Petra Diamonds 125.00 -4.20 -3.25 Basf Se Na O.n. 68.82 0.00 0.00 Jfe Holdings,. 1813.00 -46.00 -2.47
United Utilities 851.00 -5.0 -7.1 Pennon 730.50 -6.9 -20.6 Cambian 266.25 -8.4 30.8 Media 6946.14 -2.7 6.3
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Aug 27 Currency Mid Change Mid Change Mid Change Aug 27 Currency Mid Change Mid Change Mid Change Aug 27 Currency Mid Change Mid Change Mid Change Aug 27 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.2832 0.0065 10.4117 -0.1680 14.2729 -0.1362 Indonesia Indonesian Rupiah 13992.5000 -130.0000 15693.3642 -412.6001 21513.3802 -422.4574 Poland Polish Zloty 3.7751 0.0604 4.2339 -0.0024 5.8041 0.0343 ..Three Month 0.6503 0.0066 0.7293 -0.0048 - -
Australia Australian Dollar 1.3998 -0.0076 1.5699 -0.0351 2.1522 -0.0338 Israel Israeli Shekel 3.9145 -0.0251 4.3903 -0.1026 6.0184 -0.1008 Romania Romanian Leu 3.9584 0.0621 4.4395 -0.0039 6.0859 0.0341 ..One Year 0.6502 0.0066 0.7288 -0.0048 - -
Bahrain Bahrainin Dinar 0.3774 -0.0001 0.4232 -0.0072 0.5802 -0.0061 Japan Japanese Yen 120.6950 1.5200 135.3660 -0.5467 185.5676 0.4586 Russia Russian Ruble 66.2960 -3.1958 74.3545 -4.8970 101.9296 -6.0087 United States United States Dollar - - 1.1216 -0.0189 1.5375 -0.0158
Bolivia Bolivian Boliviano 6.9000 0.0100 7.7387 -0.1189 10.6087 -0.0932 ..One Month 120.6950 1.5199 135.3660 -0.5466 185.5675 0.4584 Saudi Arabia Saudi Riyal 3.7510 - 4.2069 -0.0709 5.7671 -0.0591 ..One Month - - 1.1215 -0.4317 1.5375 -0.0158
Brazil Brazilian Real 3.5529 -0.0838 3.9847 -0.1627 5.4625 -0.1862 ..Three Month 120.6948 1.5197 135.3660 -0.5467 185.5672 0.4579 Singapore Singapore Dollar 1.4011 -0.0051 1.5714 -0.0323 2.1541 -0.0300 ..Three Month - - 1.1214 -0.4317 1.5374 -0.0158
Canada Canadian Dollar 1.3247 -0.0055 1.4857 -0.0313 2.0367 -0.0294 ..One Year 120.6940 1.5180 135.3659 -0.5469 185.5675 0.4567 South Africa South African Rand 13.0784 -0.0409 14.6681 -0.2937 20.1079 -0.2697 ..One Year - - 1.1207 -0.4317 1.5372 -0.0157
Chile Chilean Peso 696.7050 -8.4250 781.3923 -22.7704 1071.1782 -24.0673 Kenya Kenyan Shilling 103.7500 0.1900 116.3612 -1.7433 159.5148 -1.3401 South Korea South Korean Won 1185.2000 -0.6500 1329.2660 -23.1319 1822.2355 -19.6901 Venezuela Venezuelan Bolivar Fuerte 6.3050 0.0100 7.0714 -0.1077 9.6939 -0.0838
China Chinese Yuan 6.4053 -0.0052 7.1839 -0.1269 9.8481 -0.1090 Kuwait Kuwaiti Dinar 0.3023 0.0008 0.3390 -0.0048 0.4647 -0.0035 Sweden Swedish Krona 8.5031 0.0608 9.5367 -0.0913 13.0734 -0.0396 Vietnam Vietnamese Dong 22475.0000 -69.5000 25206.9491 -503.8914 34555.2054 -462.2333
Colombia Colombian Peso 3197.0750 -32.2750 3585.6932 -97.2062 4915.4783 -100.5202 Malaysia Malaysian Ringgit 4.2325 -0.0195 4.7470 -0.1022 6.5074 -0.0970 Switzerland Swiss Franc 0.9625 0.0164 1.0795 0.0006 1.4798 0.0104 European Union Euro 0.8916 0.0148 - - 1.3709 0.0089
Costa Rica Costa Rican Colon 532.4000 0.0500 597.1154 -10.0010 818.5606 -8.3138 Mexico Mexican Peson 16.8628 -0.2169 18.9125 -0.5660 25.9264 -0.6028 Taiwan New Taiwan Dollar 32.4260 -0.0675 36.3675 -0.6896 49.8547 -0.6159 ..One Month 0.8916 0.0148 - - 1.3708 0.0089
Czech Republic Czech Koruna 24.1385 0.3575 27.0726 -0.0483 37.1127 0.1748 New Zealand New Zealand Dollar 1.5492 -0.0066 1.7375 -0.0368 2.3819 -0.0347 Thailand Thai Baht 35.6400 -0.0100 39.9722 -0.6847 54.7962 -0.5773 ..Three Month 0.8915 0.0148 - - 1.3707 0.0089
Denmark Danish Krone 6.6539 0.1088 7.4627 -0.0017 10.2302 0.0640 Nigeria Nigerian Naira 199.1200 - 223.3238 -3.7618 306.1454 -3.1384 Tunisia Tunisian Dinar 1.9653 0.0243 2.2041 -0.0094 3.0216 0.0068 ..One Year 0.8907 0.0148 - - 1.3702 0.0089
Egypt Egyptian Pound 7.8308 0.0231 8.7827 -0.1216 12.0398 -0.0875 Norway Norwegian Krone 8.3086 -0.0300 9.3185 -0.1911 12.7743 -0.1775 Turkey Turkish Lira 2.9076 -0.0280 3.2610 -0.0869 4.4703 -0.0894
Hong Kong Hong Kong Dollar 7.7505 -0.0014 8.6925 -0.1480 11.9163 -0.1243 Pakistan Pakistani Rupee 103.8550 -0.1700 116.4790 -2.1559 159.6762 -1.9010 United Arab Emirates UAE Dirham 3.6731 0.0001 4.1196 -0.0693 5.6474 -0.0578
Hungary Hungarian Forint 280.3754 3.2260 314.4562 -1.6177 431.0749 0.5917 Peru Peruvian Nuevo Sol 3.2795 -0.0280 3.6781 -0.0939 5.0422 -0.0952 United Kingdom Pound Sterling 0.6504 0.0066 0.7295 -0.0048 - -
India Indian Rupee 65.9975 -0.1412 74.0198 -1.4079 101.4706 -1.2596 Philippines Philippine Peso 46.6800 -0.0400 52.3541 -0.9275 71.7701 -0.7979 ..One Month 0.6504 0.0066 0.7294 -0.0048 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Aug 27 Aug 26 Aug 25 Aug 24 Aug 21 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 2771.40 2690.50 2724.70 2640.60 2739.70 0.00 3110.40 2575.90 Forestry & Paper 37.62 Tobacco 2.73 Oil Equipment & Serv -4.47 FTSE 100 Price Change FTSE 100 Price Change
Aug 27 chge% Index Aug 26 Aug 25 ago yield% Cover ratio adj Return FT 30 Div Yield 1.81 1.86 1.83 1.88 1.81 0.00 3.93 2.74 Real Est Invest & Se 21.77 Support Services 2.42 NON FINANCIALS Index -4.49 3I Group PLC 496.00 16.60 Land Securities Group PLC 1261 33.00
FTSE 100 (100) 6192.03 3.56 6613.14 5979.20 6081.34 6805.80 3.90 1.45 17.65 196.53 4811.29 P/E Ratio net 24.72 24.01 24.41 23.69 24.59 0.00 19.44 14.26 Household Goods & Ho 20.23 Travel & Leisure 2.26 FTSE 100 Index -5.76 Aberdeen Asset Management PLC 315.30 8.10 Legal & General Group PLC 254.20 6.20
FTSE 250 (250) 16921.95 1.93 18072.79 16601.31 16721.55 15910.86 2.54 2.14 18.43 317.03 11689.18 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Software & Comp Serv 18.57 Technology 2.17 Chemicals -6.08 Admiral Group PLC 1542 36.00 Lloyds Banking Group PLC 77.68 1.60
FTSE 250 ex Inv Co (212) 18431.34 1.88 19684.83 18090.68 18220.44 17222.48 2.56 2.22 17.56 349.27 12983.06 FT 30 hourly changes Construct & Material 18.49 Mobile Telecomms 2.02 Gas Water & Multi -6.60 Anglo American PLC 726.30 62.00 London Stock Exchange Group PLC 2512 50.00
FTSE 350 (350) 3453.18 3.27 3688.02 3343.86 3395.12 3699.37 3.66 1.53 17.78 101.75 5408.87 8 9 10 11 12 13 14 15 16 High Low Nonlife Insurance 17.71 Consumer Goods 1.67 Utilities -7.69 Antofagasta PLC 611.50 50.00 Marks And Spencer Group PLC 523.50 23.00
FTSE 350 ex Investment Trusts (312) 3431.29 3.29 3664.65 3321.96 3373.44 3682.73 3.69 1.54 17.64 102.04 2767.32 2690.5 2742.3 2744.3 2744 2742.4 2739.3 2760.4 2760.7 2775.5 2779.6 2690.5 Real Est Invest & Tr 11.43 Industrials 0.85 Beverages -8.62 Arm Holdings PLC 918.00 43.00 Meggitt PLC 469.60 13.90
FTSE 350 Higher Yield (108) 3173.65 3.83 3389.49 3056.55 3109.05 3712.01 5.42 1.20 15.44 134.67 5079.43 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Leisure Goods 8.83 Industrial Transport 0.32 Banks -8.64 Ashtead Group PLC 937.50 35.50 Merlin Entertainments PLC 384.20 4.00
FTSE 350 Lower Yield (242) 3402.82 2.69 3634.24 3313.62 3358.13 3324.24 1.85 2.57 21.11 57.93 3586.03 Fixed Line Telecomms 8.24 Life Insurance -0.38 Tech Hardware & Eq -8.71 Associated British Foods PLC 3181 84.00 Mondi PLC 1464 59.00
FTSE SmallCap (291) 4559.36 1.58 4869.44 4488.46 4497.48 4465.42 2.75 1.71 21.23 87.09 6193.64 Media 6.83 Food & Drug Retailer -0.97 Aerospace & Defense -9.01
FTSE SmallCap ex Inv Co (154) 4164.27 0.83 4447.48 4129.82 4127.32 3984.82 2.63 2.54 15.00 77.71 5943.01 FX: EFFECTIVE INDICES General Retailers 6.23 Equity Invest Instr -1.60 Industrial Eng -11.25
Astrazeneca PLC 4084 161.50 Morrison (Wm) Supermarkets PLC 168.10 2.80
Aviva PLC 486.80 9.60 National Grid PLC 851.60 25.80
FTSE All-Share (641) 3403.05 3.21 3634.48 3297.33 3346.24 3634.23 3.63 1.54 17.89 98.99 5391.97
Aug 26 Aug 25 Mnth Ago Aug 27 Aug 26 Mnth Ago FTSE 250 Index 4.92 Financials -1.62 Electricity -11.52 Babcock International Group PLC 953.00 16.00 Next PLC 7930 340.00
FTSE All-Share ex Inv Co (466) 3367.39 3.24 3596.40 3261.72 3311.17 3605.94 3.67 1.55 17.57 99.37 2760.71 Electronic & Elec Eq 4.92 Food Producers -1.62 Oil & Gas -15.70 Bae Systems PLC 445.90 9.10 Old Mutual PLC 198.80 6.50
FTSE All-Share ex Multinationals (577) 1192.37 2.33 1055.46 1165.19 1177.18 1121.68 2.68 2.08 17.92 24.55 2016.52 Australia 88.77 89.60 92.53 Sweden 76.99 76.84 77.57 FTSE SmallCap Index 4.72 Personal Goods -1.65 Oil & Gas Producers -16.09 Barclays PLC 262.60 10.60 Pearson PLC 1106 24.00
FTSE Fledgling (108) 7671.20 1.32 8192.91 7571.24 7569.23 6921.96 2.40 0.85 49.10 124.18 13728.90 Canada 87.97 88.10 90.04 Switzerland 161.20 160.72 164.01 Telecommunications 4.31 Health Care Eq & Srv -1.67 Automobiles & Parts -16.89 Barratt Developments PLC 631.00 18.00 Persimmon PLC 2060 57.00
FTSE Fledgling ex Inv Co (56) 10634.97 1.25 11358.24 10503.81 10460.75 8552.34 2.32 0.49 87.05 147.43 18487.85 Denmark 106.88 106.78 105.49 UK 92.30 93.19 93.32 Consumer Services 4.24 FTSE All{HY-}Share Index -3.76 Basic Materials -24.78 Bg Group PLC 961.80 37.90 Prudential PLC 1417.5 23.50
FTSE All-Small (399) 3162.21 1.57 3377.27 3113.46 3119.34 3085.03 2.73 1.67 21.89 59.98 5516.27 Japan 126.96 126.00 123.69 USA 102.59 102.65 104.60 Financial Services 3.31 Health Care -3.99 Mining -28.77 Bhp Billiton PLC 1102.5 93.00 Randgold Resources LD 3926 109.00
FTSE All-Small ex Inv Co Index (210) 3108.21 0.85 3319.59 3081.93 3079.58 2951.75 2.61 2.46 15.57 57.31 5620.47 New Zealand 107.86 109.24 111.83 Euro 87.96 87.80 85.40 Pharmace & Biotech -4.22 Industrial Metals & -39.02 BP PLC 351.20 20.00 Reckitt Benckiser Group PLC 5733 204.00
FTSE AIM All-Share Index (824) 726.64 1.41 776.06 716.56 717.06 778.97 1.47 1.04 65.43 5.65 777.83 Norway 85.11 85.80 89.07
British American Tobacco PLC 3465 59.50 RELX PLC 1035 24.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 824.00 15.50 Rio Tinto PLC 2349 149.00
Oil & Gas (18) 6250.45 5.18 6675.53 5942.62 6078.07 9074.33 6.06 1.16 14.21 282.70 5164.19 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 433.65 6.50 Rolls-Royce Holdings PLC 730.50 16.00
Oil & Gas Producers (11) 5899.87 5.17 6301.11 5609.95 5748.20 8577.93 6.13 1.15 14.13 270.00 5040.38 Bunzl PLC 1713 26.00 Royal Bank Of Scotland Group PLC 333.80 9.70
Oil Equipment Services & Distribution (7)17154.72 5.46 18321.38 16266.42 15934.68 24200.12 4.46 1.38 16.24 560.17 12447.96 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1402 55.00 Royal Dutch Shell PLC 1653.5 78.50
Basic Materials (31) 3536.62 6.12 3777.14 3332.58 3414.24 5535.53 5.64 1.36 13.03 155.53 3426.00 Capita PLC 1233 22.00 Royal Dutch Shell PLC 1659.5 74.00
Chemicals (8) 11293.93 2.50 12062.01 11017.97 11359.76 11120.58 2.41 2.44 17.05 223.16 9697.64 Aug 27 No of US $ Day Mth YTD Total
YTD Gr Div Aug 27 No of US $ Day Mth YTD Total YTD Gr Div Carnival PLC 3318 129.00 Royal Mail PLC 467.00 13.30
Forestry & Paper (1) 17207.17 4.20 18377.40 16513.71 16713.52 12117.89 2.10 3.37 14.14 360.52 17874.34 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Centrica PLC 241.40 5.30 Rsa Insurance Group PLC 515.00 2.50
Industrial Metals & Mining (2) 884.69 4.53 944.86 846.35 869.38 1379.91 1.30 -22.91 -3.35 11.18 772.06 FTSE Global All Cap 7599 439.67 1.8 -7.9 -6.4 597.21
-4.8 2.6 Oil & Gas 164 308.20 1.3 1.3 -22.6 465.29 -20.7 4.5 Coca-Cola Hbc AG 1329 38.00 Sabmiller PLC 3018 80.00
Mining (20) 9652.03 6.84 10308.44 9034.18 9252.78 16471.84 6.39 1.28 12.21 475.41 4883.54 FTSE Global All Cap 6965 450.74 2.2 -8.0 -6.9 601.30
-5.4 2.5 Oil & Gas Producers 115 280.18 1.3 1.3 -22.7 430.49 -20.7 4.7 Compass Group PLC 1023 21.00 Sage Group PLC 513.50 18.50
FTSE Global Large Cap 1363 387.62 1.9 -8.2 -7.0 538.40
-5.3 2.8 Oil Equipment & Services 40 322.41 1.5 1.5 -22.2 443.68 -20.6 4.1 Crh PLC 1893 93.00 Sainsbury (J) PLC 240.50 4.60
Industrials (117) 4364.46 2.30 4661.28 4266.15 4307.65 4419.79 2.54 1.18 33.46 75.86 4298.23
Construction & Materials (13) 5258.14 4.14 5615.73 5048.93 5066.42 4187.53 2.46 -0.81 -50.10 83.54 5334.57 FTSE Global Mid Cap 1664 589.37 1.5 -6.7 -4.5 765.07
-3.3 2.1 Basic Materials 273 359.93 -0.2 -0.2 -17.4 522.99 -15.7 3.4 Diageo PLC 1695 36.50 Schroders PLC 2819 79.00
Aerospace & Defense (9) 4477.25 2.22 4781.74 4379.85 4449.55 5057.58 2.51 0.96 41.37 72.80 4586.61 FTSE Global Small Cap 4572 618.68 1.7 -7.5 -5.2 779.56
-4.0 2.0 Chemicals 124 576.09 0.1 0.1 -7.6 841.33 -6.0 2.6 Direct Line Insurance Group PLC 351.20 4.30 Severn Trent PLC 2073 28.00
General Industrials (6) 3517.29 2.38 3756.50 3435.61 3474.74 3399.95 3.20 1.65 18.92 68.53 3775.98 FTSE All-World 3027 256.72 1.8 -8.0 -6.6 367.85
-5.0 2.7 Forestry & Paper 17 200.52 0.4 0.4 -3.7 319.56 -1.5 3.0 Dixons Carphone PLC 430.20 9.90 Shire PLC 5015 279.00
Electronic & Electrical Equipment (11) 5385.85 2.00 5752.13 5280.37 5293.64 4870.71 2.15 2.02 23.00 74.00 4725.43 FTSE World 2531 455.60 2.0 -7.6 -6.2 876.45
-4.6 2.6 Industrial Metals & Mining 71 274.14 0.9 0.9 -33.5 399.39 -32.3 3.4 Easyjet PLC 1705 28.00 Sky PLC 1039 24.00
Industrial Engineering (14) 8268.31 1.51 8830.62 8145.39 8160.34 10779.56 2.93 1.62 21.09 206.38 9635.99 FTSE Global All Cap ex UNITED KINGDOM In 7272 450.73 2.2 -7.9 -6.3 603.80
-4.8 2.5 Mining 61 387.21 -2.1 -2.1 -32.0 559.13 -30.0 6.0 Experian PLC 1091 27.00 Smith & Nephew PLC 1134 46.00
Industrial Transportation (8) 4106.79 1.54 4386.09 4044.66 4035.11 4229.78 3.97 1.15 22.00 116.47 3411.17 FTSE Global All Cap ex USA 5633 414.09 -0.1 -9.2 -7.4 596.68
-5.4 3.1 Industrials 534 289.64 1.8 1.8 -8.0 399.51 -6.6 2.3 Fresnillo PLC 612.50 18.00 Smiths Group PLC 1102 43.00
Support Services (56) 6521.56 2.13 6965.09 6385.77 6457.20 6424.22 2.35 1.48 28.70 106.18 6487.47 FTSE Global All Cap ex JAPAN 6344 447.91 1.6 -8.0 -7.4 613.85
-5.8 2.7 Construction & Materials 110 416.04 0.7 0.7 -3.5 602.17 -2.0 2.3 G4S PLC 257.00 8.30 Sports Direct International PLC 787.50 29.00
FTSE Developed 2091 414.39 2.1 -7.4 -5.5 566.98
-3.9 2.6 Aerospace & Defense 29 481.48 1.6 1.6 -3.1 658.90 -1.8 2.2 Gkn PLC 292.10 11.70 Sse PLC 1460 40.00
Consumer Goods (40) 16483.32 2.42 17604.33 16093.35 16305.46 15691.10 3.09 1.87 17.29 464.40 11574.13
FTSE Developed All Cap 5648 435.52 2.0 -7.3 -5.3 589.52
-3.7 2.5 General Industrials 57 198.84 2.0 2.0 -8.6 294.18 -7.0 2.8 Glaxosmithkline PLC 1331 56.50 St. James's Place PLC 932.00 30.50
Automobiles & Parts (1) 6864.49 4.17 7331.33 6589.53 6721.13 8272.16 2.91 1.59 21.59 199.75 6312.86
FTSE Developed Large Cap 886 382.79 2.1 -7.6 -5.9 530.72
-4.2 2.7 Electronic & Electrical Equipment 69 303.56 3.1 3.1 -6.7 386.14 -5.7 1.8 Glencore PLC 145.35 6.45 Standard Chartered PLC 757.00 49.70
Beverages (6) 12996.27 2.37 13880.13 12695.03 12869.66 13886.53 2.71 1.78 20.75 345.28 8831.02
FTSE Developed Europe Large Cap 205 334.14 -2.0 -8.4 -5.5 523.84
-2.8 3.7 Industrial Engineering 103 543.55 1.6 1.6 -12.1 737.29 -10.7 2.5 Hammerson PLC 629.50 14.00 Standard Life PLC 417.40 9.90
Food Producers (10) 8244.20 2.81 8804.88 8018.52 8056.27 7777.28 1.96 1.59 32.13 93.32 6845.54
FTSE Developed Europe Mid Cap 310 505.41 -1.4 -5.8 1.0 721.07
3.1 2.6 Industrial Transportation 95 502.67 1.5 1.5 -15.8 691.28 -14.7 2.4 Hargreaves Lansdown PLC 1099 38.00 Taylor Wimpey PLC 197.10 6.10
Household Goods & Home Construction (13)12935.13 3.24 13814.83 12528.98 12798.85 9914.15 2.13 2.60 18.07 217.78 8752.86
FTSE Dev Europe Small Cap 717 718.00 -0.9 -5.0 4.3 996.94
6.2 2.4 Support Services 71 265.22 2.1 2.1 -2.7 351.83 -1.5 2.0 Hikma Pharmaceuticals PLC 2277 34.00 Tesco PLC 191.45 5.25
Leisure Goods (2) 5293.18 -0.86 5653.16 5339.28 5374.84 5196.52 4.27 1.26 18.53 182.47 4437.42
FTSE North America Large Cap 319 416.62 3.9 -6.9 -6.3 544.17
-5.0 2.4 Consumer Goods 406 390.53 1.4 1.4 -3.6 550.91 -2.0 2.5 HSBC Holdings PLC 519.70 23.50 Travis Perkins PLC 2020 47.00
Personal Goods (6) 21020.06 2.83 22449.60 20442.33 20822.80 20088.78 3.10 3.01 10.74 484.64 13461.84
FTSE North America Mid Cap 399 630.74 3.0 -5.9 -7.0 773.57
-6.1 1.7 Automobiles & Parts 98 355.61 2.1 2.1 -8.8 481.61 -7.3 2.6 Imperial Tobacco Group PLC 3135 37.00 Tui AG 1189 45.00
Tobacco (2) 41625.45 1.57 44456.33 40981.88 41217.65 39851.96 4.29 1.35 17.22 1786.68 25253.62
FTSE North America Small Cap 1481 644.01 2.4 -6.9 -6.5 768.40
-5.6 1.7 Beverages 48 517.01 0.7 0.7 -3.9 738.41 -2.4 2.7 Inmarsat PLC 935.50 22.00 Unilever PLC 2613 69.00
Health Care (20) 9024.91 4.32 9638.68 8651.42 8774.16 9421.97 3.83 0.64 40.91 291.31 6539.32
FTSE North America 718 279.59 3.7 -6.8 -6.4 374.34
-5.2 2.2 Food Producers 102 539.28 1.1 1.1 -2.3 785.70 -0.6 2.3 Intercontinental Hotels Group PLC 2427 92.00 United Utilities Group PLC 851.00 17.50
Health Care Equipment & Services (8) 6707.11 3.36 7163.25 6489.31 6589.90 6014.08 1.46 2.43 28.12 60.90 5650.96
FTSE Developed ex North America 1373 224.13 -0.3 -8.3 -4.0 346.49
-1.8 3.1 Household Goods & Home Construction 44 375.08 1.6 1.6 -5.3 526.98 -3.7 2.5 International Consolidated Airlines Group S.A. 546.00 14.50 Vodafone Group PLC 225.35 8.55
Pharmaceuticals & Biotechnology (12)12231.67 4.41 13063.53 11714.91 11879.61 12945.00 4.05 0.58 42.80 422.32 7873.15
FTSE Japan Large Cap 174 318.76 4.0 -7.7 4.5 394.88
5.5 1.9 Leisure Goods 26 121.98 2.9 2.9 -3.2 155.62 -2.5 1.4 Intertek Group PLC 2533 69.00 Weir Group PLC 1393 35.00
Consumer Services (98) 4795.79 2.15 5121.94 4694.75 4741.27 4366.57 2.29 1.89 23.15 84.67 4301.47 FTSE Japan Mid Cap 305 464.78 3.4 -6.8 9.3 557.41
10.3 1.5 Personal Goods 76 577.35 0.7 0.7 -1.0 777.34 0.3 2.1
Food & Drug Retailers (7) 2968.01 2.49 3169.85 2895.85 2903.07 3444.41 2.38 0.50 84.79 42.13 3380.71 Intu Properties PLC 324.50 10.90 Whitbread PLC 4776 -44.00
FTSE Global wi JAPAN Small Cap 776 493.07 3.8 -5.7 5.2 610.07
6.2 1.7 Tobacco 12 1122.83 1.3 1.3 4.6 2159.19 7.4 4.2 Itv PLC 250.00 5.60 Wolseley PLC 4149 104.00
General Retailers (33) 3081.36 2.89 3290.91 2994.85 3027.36 2689.69 2.15 2.25 20.69 49.10 3349.76
FTSE Japan 479 131.85 3.9 -7.5 5.5 183.61
6.5 1.8 Health Care 159 454.37 2.3 2.3 4.6 629.91 6.1 1.9 Johnson Matthey PLC 2675 102.00 Wpp PLC 1337 26.00
Media (23) 7040.07 2.00 7518.85 6902.27 7046.27 6390.54 2.78 1.69 21.32 156.56 4126.64
FTSE Asia Pacific Large Cap ex Japan 491 515.30 -0.3 -13.6 -16.3 763.86
-14.4 3.5 Health Care Equipment & Services 58 626.63 2.5 2.5 6.1 715.44 6.7 1.1 Kingfisher PLC 353.60 7.90
Travel & Leisure (35) 8188.77 1.70 8745.68 8051.89 8071.49 7016.36 1.95 2.39 21.52 130.63 7424.46
FTSE Asia Pacific Mid Cap ex Japan 441 693.85 0.6 -13.6 -13.9 991.83
-12.4 3.0 Pharmaceuticals & Biotechnology 101 347.88 2.3 2.3 4.2 501.02 5.9 2.1
Telecommunications (7) 3885.61 2.94 4149.86 3774.48 3815.14 3529.34 4.16 1.89 12.75 108.88 4017.00 FTSE Asia Pacific Small Cap ex Japan 1372 460.75 1.1 -15.1 -13.8 650.33
-12.1 3.0 Consumer Services 385 376.00 2.4 2.4 0.5 485.88 1.6 1.7
Fixed Line Telecommunications (5) 5000.76 1.56 5340.86 4923.97 4969.01 4527.07 3.04 1.82 18.06 101.81 4295.77
Mobile Telecommunications (2) 5120.24 3.84 5468.46 4930.80 4989.11 4656.94 4.87 1.91 10.75 168.70 4711.37
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
932
1951
407.72
565.67
-0.2
-0.5
-13.6
-14.5
-16.0 642.38
-14.1
-18.0 801.74
-16.1
3.4 Food & Drug Retailers
3.4 General Retailers
53 303.10
120 506.73
2.2
3.2
2.2
3.2
0.8 407.46
6.0 639.39
2.0
7.1
1.9
1.6
UK STOCK MARKET TRADING DATA
Utilities (8) 7968.54 2.63 8510.47 7763.97 7937.68 8816.63 5.19 1.35 14.28 305.26 8383.81 FTSE Emerging Large Cap 477 539.77 -0.7 -14.3 -17.5 769.60
-15.5 3.4 Media 91 283.62 1.3 1.3 -5.7 367.17 -4.6 1.9 Aug 27 Aug 26 Aug 25 Aug 24 Aug 21 Yr Ago
Electricity (3) 8485.17 2.84 9062.24 8251.16 8381.89 9537.50 5.98 1.43 11.70 493.70 11272.59 FTSE Emerging Mid Cap 459 696.11 -0.4 -14.3 -19.2 982.46
-17.4 3.1 Travel & Leisure 121 358.40 2.7 2.7 -0.5 467.40 0.7 1.7 SEAQ Bargains 4930.00 1.00 - 7696.00 7696.00 7696.00
Gas Water & Multiutilities (5) 7409.70 2.58 7913.62 7223.31 7397.69 8162.41 4.97 1.32 15.19 243.90 7805.31 FTSE Emerging Small Cap 1015 565.66 0.7 -16.4 -20.0 773.17
-18.3 3.3 Telecommunication 94 160.34 0.4 0.4 -4.0 278.80 -1.2 4.2 Order Book Turnover (m) 42.89 56.35 51.17 41.35 41.35 41.35
Financials (283) 4583.46 2.92 4895.18 4453.45 4520.01 4630.96 3.34 1.97 15.16 132.04 3975.17 FTSE Emerging Europe 98 279.52 -0.4 -10.0 -10.3 407.02
-7.3 4.5 Fixed Line Telecommuniations 44 132.16 1.4 1.4 -3.5 250.89 -0.4 4.7 Order Book Bargains 1059331.00 1345385.00 1721212.00 901596.00 901596.00 901596.00
Banks (9) 3975.26 4.14 4245.61 3817.38 3887.85 4491.68 3.88 1.31 19.72 145.16 2722.12 FTSE Latin America All Cap 243 648.73 0.1 -13.0 -28.0 949.36
-26.6 3.8 Mobile Telecommunications 50 172.63 -0.9 -0.9 -4.6 272.79 -2.3 3.6 Order Book Shares Traded (m) 1565.00 2019.00 2469.00 1398.00 1398.00 1398.00
Nonlife Insurance (10) 2638.25 1.02 2817.67 2611.61 2633.47 2145.80 2.69 2.19 16.98 58.61 4405.96 FTSE Middle East and Africa All Cap 213 695.07 -2.3 -8.4 2.9 Utilities
-9.7 1026.32
-8.0 163 236.19 0.8 0.8 -11.6 428.17 -9.2 4.1 Total Equity Turnover (£m) 2305.12 0.00 - 0.01 0.01 0.01
Life Insurance/Assurance (11) 7633.38 2.07 8152.51 7478.81 7590.42 7457.39 3.59 1.77 15.74 246.20 6964.40 FTSE Global wi UNITED KINGDOM All Cap In 327 332.03 -2.6 -8.3 -7.6 520.24
-5.0 3.9 Electricity 113 257.19 1.4 1.4 -9.3 461.66 -6.9 3.9 Total Mkt Bargains 1196131.00 2.00 - 2.00 2.00 2.00
Index- Real Estate Investment & Services (24) 3166.49 1.24 3381.84 3127.70 3160.49 2662.45 1.84 6.32 8.58 41.99 8088.93 FTSE Global wi USA All Cap 1966 480.91 3.7 -6.7 -5.5 611.85
-4.3 2.1 Gas Water & Multiutilities 50 251.68 -0.3 -0.3 -15.4 467.19 -13.0 4.5 Total Shares Traded (m) 4610.00 0.00 - 0.00 0.00 0.00
Real Estate Investment Trusts (23) 2997.05 2.05 3200.88 2936.86 2991.15 2606.72 2.74 6.80 5.37 62.70 3512.27 FTSE Europe All Cap 1385 383.49 -1.7 -7.7 -3.7 583.08
-1.2 3.4 Financials 667 199.21 1.5 1.5 -7.7 307.15 -5.7 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (31) 7669.59 2.48 8191.19 7484.17 7588.33 6768.48 3.00 2.23 14.92 160.16 8263.44 FTSE Eurobloc All Cap 634 360.65 -1.3 -7.4 -2.1 555.19
0.3 3.2 Banks 241 182.33 1.2 1.2 -9.3 299.47 -7.1 3.4 (c) Market closed.
Equity Investment Instruments (175) 7451.38 2.36 7958.13 7279.43 7327.29 7397.53 2.61 1.16 33.09 136.30 3884.94 FTSE RAFI All World 3000 3018 5377.55 1.3 -8.3 -8.7 6716.20
-6.8 3.3 Nonlife Insurance 69 206.31 1.7 1.7 -3.7 285.83 -1.9 2.4
Non Financials (358) 3915.22 3.31 4181.49 3789.77 3845.82 4261.48 3.73 1.40 19.14 114.30 5435.57 FTSE RAFI US 1000 1006 8495.08 3.5 -7.0 -8.6 10644.99
-7.2 2.6 Life Insurance 49 193.62 0.6 0.6 -8.3 292.02 -6.4 2.9
Technology (19) 1292.57 3.30 1380.48 1251.31 1271.06 1189.62 1.47 2.12 32.00 14.63 1610.17 FTSE EDHEC-Risk Efficient All-World 3027 307.19 1.6 -6.6 -3.9 410.02
-2.5 2.3 Financial Services 137 217.81 2.8 2.8 -5.9 288.26 -4.7 2.0 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (12) 1624.85 2.27 1735.35 1588.82 1605.82 1297.65 2.02 1.71 29.10 27.68 2120.95 FTSE EDHEC-Risk Efficient Developed Europe 515 275.61 -1.6 -5.8 -1.1 400.48
1.0 2.8 Technology 182 159.86 4.1 4.1 -7.1 189.83 -5.9 1.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (7) 1450.83 4.21 1549.49 1392.18 1420.44 1480.06 1.00 2.85 35.06 9.30 1659.77 Software & Computer Services 79 273.25 4.1 4.1 0.7 312.73 1.5 1.2 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 103 120.94 4.0 4.0 -13.6 147.46 -12.2 2.5 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 6119.99 6109.65 6108.49 6111.02 6110.22 6099.41 6146.54 6155.23 6202.56 6211.93 6078.60 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 16798.15 16821.57 16835.55 16835.72 16832.39 16808.62 16875.82 16864.38 16941.90 16943.00 16795.73 (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 4501.03 4521.28 4531.07 4529.60 4533.18 4532.98 4538.00 4542.87 4550.51 4559.36 4501.03
FTSE All-Share 3365.80 3362.65 3362.82 3363.95 3363.61 3358.06 3381.05 3384.57 3408.08 3411.53 3347.89 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:15:08:30 Day's Low07:22:00 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:15:08:00 Day's Low07:22:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Aldermore Group Int 97.451 - 39.54 - 8.8 - - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Allied Minds Int 1.475 2.91 39.088L 27.184L 0.14L 0.14L - - - - - 08/11 120.00 Gloo Networks PLC 126.00 -0.95 127.00 120.00 3225.6
There are currently no rights offers by any companies listed on the LSE. Amec Foster Wheeler Int 2664 1858 73 83 12 15 14.8 14.8 Jan 5 43.3 43.3 07/31 100.00 Menhaden Capital PLC 102.25 0.75 103.50 101.00 8180.0
Arrow Global Group Int 76.685 51.608 16.436 13.573 7 6 1.7 1.7 Oct 8 5.1 1.7
Atlantic Coal Int 10.363 9.447 3.735 0.272L 0.001 - - - - - -
Camellia Int 102.488 101.537 8.446L 6.893L 288.1L 214.8L 34 34 Oct 2 126 125
Churchill China Int 21.449 20.871 1.581 1.407 11.4 10 5.6 5.1 Oct 1 16.6 14.8
DRS Data & Research Services Int 3.554 5.36 1.907L 2.783L 5.59L 8.13L - - - - 0.4
EVRAZ Int 4894 6805 120 99 0.01 0.03 - - - - -
Hansteen Holdings Int 42.4 43.7 103.7 66.7 12.8 9.2 2.1 2 Nov 20 5.1 4.9
Hays Pre 3842.8 3678.5 156.1 132.3 7.46 6.47 1.89 1.8 Nov 13 2.76 2.63
Hunting Int 463.6 664.1 65.8L 68.9 0.327L 0.356 4 8.1 Oct 28 27.2 29.3
IPPlus Pre 6.487 8.392 0.258L 0.297 1.88L 0.69 - 0.15 - - 0.15
John Laing Group Int 64.4 - 32.6 - 9.3 - 1.6 - Oct 30 1.6 -

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.
Friday 28 August 2015 ★★★ FINANCIAL TIMES 21

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) BakerHu 53.75 4.55 70.51 44.11 1.24 92.27 23428.67 Lyondell♦ 85.26 4.36 115.40 70.06 3.30 10.00 39720.48
ANZ 28.57 0.50 37.25 26.41 9.86 9.87 58688.73 Nokia 6.19 -0.11 7.87 5.65 2.27 15.24 24906.95 AstellasPh 1781 13.00 2047 1476 1.62 28.11 32785.67 AtlasCpcoB 191.10 7.70 270.00 165.20 1.57 17.75 8769.84 BankAm 16.44 0.38 18.48 14.60 1.19 17.93 171607.62 Marathon Ptl♦ 46.67 1.15 60.38 37.32 2.09 8.32 25022.44
BHPBilltn 24.06 0.12 37.48 22.41 9.83 9.65 55203.9 SampoA 43.15 0.90 49.40 34.77 4.39 14.78 27043.16 Bridgestne 3985 40.00 5182 3328 2.90 10.68 26846.29 Ericsson 83.70 2.65 120.00 77.45 4.07 26.62 32532.67 Baxter 38.59 0.92 43.44 34.50 5.27 12.50 21052.35 Marsh&M 54.64 1.28 59.99 48.66 2.00 20.84 28958.79
CmwBkAu♦ 76.43 0.30 96.69 71.42 8.13 13.74 90446.73 France (€) Canon 3626 31.00 4539 3172 4.25 18.06 40069.82 H&M 326.90 4.20 368.50 269.60 2.99 25.00 63628.91 BB & T♦ 37.23 0.91 41.90 34.50 2.60 13.76 27307.48 MasterCard 94.05 2.34 99.18 69.64 0.61 29.51 104290.55
CSL 92.75 2.35 102.43 71.04 1.58 23.17 30800.25 Airbus Grpe 57.91 1.99 67.88 39.64 2.01 17.13 51153.34 CntJpRwy 19480 450.00 24800 13320 0.59 14.30 33248.11 Investor 303.80 8.10 363.40 219.30 2.97 4.41 27409.74 BectonDick 142.95 3.01 154.98 112.15 1.60 36.34 30055.86 McDonald's 97.33 2.18 101.88 87.50 3.37 23.10 93292.25
NatAusBk 31.56 0.17 39.71 29.40 9.79 12.01 59198.61 AirLiquide 106.80 3.45 123.95 87.17 2.31 20.77 41207.92 Denso 5254 6.00 6548 4466.5 2.02 16.14 38484.59 Nordea Bk 100.40 3.20 115.50 82.40 5.72 11.31 47602.96 BerkshHat 204940 4440.1 229374 190007 - 19.19 166361.07 McGraw Hill♦ 99.09 2.82 109.13 73.96 1.24-167.27 27002.03
Telstra♦ 5.90 0.04 6.74 5.23 7.64 16.35 51530.53 AXA 22.39 0.51 25.24 16.43 4.12 11.05 61384.76 EastJpRwy 11130 45.00 12815 7623 1.04 23.47 36194.75 SEB 99.15 2.35 111.50 82.30 4.80 11.03 25303.4 Biogen 304.49 6.24 480.18 265.00 - 21.08 71606.68 McKesson 198.87 0.98 243.61 160.10 0.47 24.52 46218.03
Wesfarmers♦ 41.03 0.87 46.95 38.45 7.54 18.09 32939.15 BNP Parib 56.55 1.48 61.00 43.14 2.58 10.44 79037.97 Fanuc 19320 -345.00 28575 17335 3.18 18.39 32965.77 SvnskaHn 126.30 5.50 426.00 114.10 3.31 16.26 27802.48 BkNYMeln 40.80 1.33 45.45 35.06 1.63 16.64 45145.92 Medtronic 73.52 1.28 79.50 55.54 1.66 30.47 103971.15
Westpc 31.64 0.36 40.07 29.20 9.10 12.25 71967.62 ChristianDior 166.15 3.95 195.35 126.10 1.98 12.01 33864.14 FastRetail 50290 -330.00 61970 32220 0.63 43.75 44197.72 Swedbank 193.80 7.10 223.90 166.20 5.87 13.19 25194.01 BlackRock 314.47 11.38 382.84 275.00 2.56 16.23 51458.75 Merck 54.95 0.53 63.62 45.69 3.18 16.42 154774.09
Woolworths 27.05 0.16 37.03 25.12 8.17 12.48 24476.67 Cred Agr 12.19 0.31 14.49 9.82 2.79 10.01 36061.44 Fuji Hvy Ind 4067.5 8.50 4827.5 2941.5 1.61 11.20 26383.09 TeliaSonera 48.06 1.40 55.85 44.37 6.25 14.85 24473.9 Boeing♦ 131.87 2.53 158.83 115.14 2.43 18.32 89605.02 Metlife♦ 50.40 1.61 58.23 44.49 2.76 8.72 56290.81
Belgium (€) Danone 55.36 1.21 67.74 49.84 2.63 37.63 40665.42 Hitachi 676.00 3.60 939.90 639.10 1.58 12.14 27071.7 Volvo 92.05 2.80 120.50 71.00 3.27 23.51 17567.42 BrisMySq 60.82 0.79 70.54 47.55 2.36 58.20 101417.52 Microsoft♦ 43.90 1.19 50.05 39.72 2.69 30.40 351111.36
AnBshInBv 96.99 3.19 119.65 78.75 3.12 19.27 174943.81 EDF 19.24 0.45 26.12 18.42 6.91 9.08 40136.56 HondaMtr 3682 10.50 4499 3239 2.30 12.75 55260.61 Switzerland (SFr) Broadcom♦ 51.65 1.80 57.70 34.50 0.98 29.83 28872.35 Mnstr Bvrg 140.01 1.42 155.83 86.01 - 52.58 28771.84
KBC Grp 59.11 2.26 66.00 36.53 - 11.71 27696.79 Essilor Intl 106.70 3.60 121.10 75.85 0.93 38.36 25864.57 JapanTob 4187 107.00 4848 3101 2.49 17.79 69381.5 ABB 18.50 0.62 22.31 16.75 - 17.55 44491.17 CapOne 77.36 2.61 92.10 67.73 1.64 11.19 41962.3 MondelezInt 42.76 0.56 48.58 31.83 1.37 34.46 68899.49
Esslr Intl 106.70 3.60 121.10 75.85 0.93 38.36 25864.57 KDDI 2994 67.00 3375 1978 1.83 50.67 66751.13 CredSuisse 26.17 0.78 28.94 18.57 2.69 11.44 44547.33 CardinalHlth 83.69 0.14 91.91 71.72 1.65 23.71 27396.72 Monsanto 98.40 1.32 126.00 89.34 1.95 18.19 46034.92
Brazil (R$)
GDF Suez 17.56 0.67 20.57 16.08 5.77 46.56 46717.29 Keyence 55300 990.00 70100 42660 0.38 26.57 27858.21 Nestle 71.00 1.60 77.00 64.15 2.89 16.43 235196.25 Carnival♦ 49.74 0.89 54.05 33.11 2.03 26.91 29480.31 MorganStly 34.30 1.00 41.04 30.40 1.28 17.77 67001.12
Ambev 19.10 0.25 20.29 14.99 9.72 21.35 84497.43
Hermes Intl 321.95 9.30 365.55 229.00 0.89 36.94 38119.46 MitsbCp 2162 16.50 2837 1942.5 2.68 9.96 29091.24 Novartis 94.35 3.70 103.20 78.60 2.72 24.96 262414.84 Caterpillar 75.66 1.79 109.73 70.23 3.62 13.24 45595.18 MylanNV 51.49 0.36 76.69 44.80 - 25.44 25231.81
Bradesco 27.00 1.00 34.42 23.03 4.05 8.07 19183.98
LOreal 152.80 4.35 181.30 117.05 1.72 29.99 95920.27 MitsubEst 2583.5 22.50 2975 2151.5 0.52 52.27 29761.71 Richemont 72.50 2.35 92.25 66.40 1.71 28.71 39319.48 CBS 45.26 0.91 63.95 40.75 1.30 19.91 20113.92 Netflix 117.66 7.53 129.29 45.08 - 270.94 50123.73
Cielo 39.95 0.84 46.27 30.18 2.73 17.34 21214.72
LVMH 151.15 5.30 176.60 121.40 2.22 12.67 86119.75 MitsubishiEle 1180 5.50 1718 1122 1.08 20.62 20992.57 Roche 267.00 10.00 295.80 238.80 3.02 25.55 194892.72 Celgene 123.04 3.81 140.72 83.16 - 47.64 97268.06 News Corp A 27.80 0.46 39.27 22.81 0.97 7.24 33942.13
ItauHldFin 26.65 0.69 35.22 23.83 1.93 6.07 22855.91
Nmrcble-SFR 46.95 2.63 60.01 26.38 - -57.15 23076.67 MitsuiFud 3316 44.00 3879 2854.5 0.73 28.31 27238.61 Swiss Re 82.85 1.65 96.95 69.25 5.13 35.89 31909.68 CharlesSch 30.36 0.62 35.72 23.35 0.77 32.52 39942.34 NextEraE♦ 102.26 0.60 112.64 90.33 2.86 15.99 46232.12
Petrobras 10.16 1.03 23.50 7.88 - -4.93 21283.04
Orange 14.11 0.49 16.45 10.20 4.13 38.23 41918.96 MitUFJFin 786.90 17.30 936.80 546.20 2.21 7.38 92377.24 Swisscom 522.00 9.50 587.50 486.50 4.24 16.00 28094.14 ChevrnTx♦ 77.64 4.55 129.53 69.58 5.39 12.26 146097.88 Nike 112.62 3.86 117.72 78.27 0.97 30.21 76348.05
Vale 17.69 1.79 30.23 14.77 12.06 -9.82 16018.7
PernodRic 92.20 -1.61 117.75 82.23 1.89 23.62 27446.52 Mizuho Fin 242.10 5.30 280.40 178.10 3.23 7.39 49729.91 Syngent 325.20 15.30 435.20 273.20 3.30 19.47 31403.56 Cigna 138.30 0.75 170.68 85.75 0.03 17.53 35611.61 NorfolkS♦ 77.92 3.80 117.64 72.10 2.91 13.68 23484.06
Canada (C$) Murata Mfg 16670 -285.00 22220 9881 0.84 32.09 31112.67 Cisco 26.17 0.49 30.31 22.49 2.98 15.16 133097.71 Northrop♦ 167.08 3.40 176.83 118.24 1.70 17.30 31309.54
Renault 76.14 3.60 100.25 49.50 2.42 8.47 25253.24 UBS 19.86 0.31 22.57 13.58 3.80 15.54 77579.4
BCE 53.57 0.94 60.20 46.43 4.91 17.57 34324.03 NipponTT 4637.5 208.50 5066 3001.5 1.87 18.27 87351.32 Citigroup♦ 53.44 1.16 60.95 46.60 0.15 13.10 160846.13 NXP 86.64 1.62 114.00 53.81 - 46.73 21811.75
Safran 67.26 2.68 71.35 43.66 1.73 -21.02 31458.93 Zurich Fin 267.50 4.20 334.60 255.00 - 11.15 41798.71
BkMontrl 71.42 0.37 85.71 64.01 4.50 10.96 34629.97 Nissan Mt 1064.5 -9.00 1350 917.40 2.99 9.29 39871.58 CME Grp 93.77 2.03 100.87 75.30 2.02 27.12 31671.39 Occid Pet 70.56 3.41 100.26 64.83 4.03 -22.57 53904.39
Sanofi 88.56 3.56 101.10 69.58 3.13 24.89 130337.24 Taiwan (NT$)
BkNvaS 59.98 1.48 73.33 52.60 4.82 9.64 54687.43 Nomura 749.00 5.10 909.20 576.20 1.67 10.57 23721.79 Coca-Cola 39.27 0.54 44.87 36.56 3.16 23.56 170824.64 Oracle 36.82 -0.09 46.71 35.14 1.40 16.56 159654.36
Sant Gbn 40.63 1.14 44.84 29.51 1.48 28.06 26137.19 Chunghwa Telecom 96.10 1.00 99.80 90.00 4.84 19.29 22990.51
Brookfield♦ 42.21 0.31 48.64 32.21 1.37 9.92 31246.26 Nppn Stl 239.70 -1.60 350.50 227.10 2.21 9.50 18873.38 Cognizant 63.80 1.64 69.35 42.94 - 26.30 38887.97 Pepsico 93.60 1.11 100.76 76.48 2.79 22.13 137497.76
Schneider 55.67 1.55 75.29 52.03 3.35 19.82 36687.93 HonHaiPrc 84.60 1.10 104.00 77.90 1.95 8.37 39522.5
CanadPcR 190.00 8.64 247.56 172.01 0.76 19.83 22917.01 NTTDCMo 2529 101.50 2873.5 1612.5 2.48 23.54 85611.8 ColgtPlm 63.09 0.86 71.56 50.84 2.26 25.91 56789.3 Perrigo♦ 188.19 4.43 215.73 135.00 0.24 210.25 27528.33
SocGen 43.78 1.42 48.77 31.85 2.66 11.03 39580.84 TaiwanSem 124.00 1.50 155.00 112.50 6.21 10.26 99160.11
CanImp 95.60 5.29 107.37 83.10 4.68 9.96 28672.28 Panasonic 1279 -7.50 1853.5 1130 1.09 54.61 25994.91 Comcast 56.77 1.37 64.99 49.33 1.64 17.16 120984.7 Pfizer♦ 33.26 0.83 36.46 27.51 3.17 24.15 205125.99
Total 40.18 2.48 52.09 36.92 6.21 30.99 108800.65
CanNatRs 28.23 2.23 47.42 25.01 3.34 18.86 23320.69 Seven & I 5236 92.00 5998 3794.5 1.37 26.89 38455.7 Thailand (THB) ConocPhil♦ 45.87 2.46 81.47 41.10 6.22 34.81 56578.74 Phillips66♦ 75.02 1.72 87.98 57.33 2.68 9.87 40335.22
UnibailR 233.45 6.95 262.00 180.70 4.06 13.65 25823.9
CanNatRy 73.35 1.79 88.89 68.81 1.59 17.53 44152.51 ShnEtsuCh 6585 12.00 8529 6360 1.46 21.81 23575.31 PTT Explor 259.00 10.00 398.00 240.00 3.49 16.43 20757.07 Corning♦ 16.96 0.56 25.16 15.42 2.54 8.64 20791.86 PhilMorris 80.78 1.03 90.25 75.27 4.84 17.29 125143.22
Vinci 57.12 2.16 60.35 39.65 3.30 12.13 38314.34
Enbridge♦ 53.02 1.91 66.14 47.43 3.19 215.59 34289.22 Softbank 6952 82.00 8760 6600 0.55 10.44 69157.71 United Arab Emirates (Dhs) Costco♦ 140.21 2.05 156.85 117.03 1.05 26.69 61620.56 PNCFin 91.33 2.30 100.52 76.69 2.09 12.78 46907.07
Vivendi 22.73 0.79 24.83 17.32 4.36 -88.57 34858.37
GtWesLif 34.13 0.28 37.70 29.30 3.85 12.17 25696.11 Sony 3051.5 88.50 3970 1782 0.79 -51.54 31910.92 Emirtestele 12.90 0.30 15.85 9.41 5.06 13.76 30543.02 CrownCstl 84.02 2.38 89.44 74.45 3.27 56.71 28042.63 PPG Inds♦ 95.19 2.09 118.95 85.78 1.40 24.04 25769.97
ImpOil 43.92 1.56 57.96 42.12 0.92 16.77 28101.87 Germany (€)
SumitomoF 4842.5 124.00 5770 3823 2.79 10.55 56734.44 United Kingdom (p) CSX♦ 27.49 1.30 37.99 24.47 2.35 14.02 27159.61 Praxair 105.19 1.14 134.06 101.01 2.54 20.96 30133.95
Manulife 21.47 0.50 24.20 18.91 3.07 13.55 31947.99 Allianz 141.90 3.05 170.15 115.05 4.69 9.95 72730.87
Takeda Ph 5835 65.00 6657 4337.5 2.97 -30.76 38196.92 AscBrFd 3181 84.00 3293 2407 1.07 44.58 38718.89 CVS 105.20 2.33 113.65 77.40 1.16 25.87 117243.95 Prec Cast 229.44 0.56 249.12 186.17 0.05 22.80 31547.45
Potash 34.05 1.02 47.10 31.74 5.44 14.56 21461.33 BASF 71.64 2.82 97.22 63.00 3.74 13.64 73798.05
TokioMarine 4784.5 198.00 5504 3102 1.91 15.19 30029.21 AstraZen♦ 4084 161.50 4931.68 3746 4.37 68.86 79347.01 Danaher 88.46 1.79 92.92 70.12 0.52 24.92 60461.36 Priceline 1252.01 28.55 1395 990.69 - 28.52 63478.9
RylBkC 73.99 1.89 83.87 68.05 4.41 10.44 80608.26 Bayer 122.10 5.20 146.45 96.83 1.79 29.70 113243.68
Toyota 7026 106.00 8783 5710 2.74 10.30 198971.38 Aviva 486.80 9.60 578.68 449.86 3.72 12.74 30280.68 Deere 82.39 1.16 98.23 76.76 2.91 11.22 27507.67 ProctGmbl 71.48 0.58 93.89 65.02 3.55 23.89 193893.91
Suncor En 36.43 1.91 44.71 30.89 3.19 36.66 39759.36 BMW 82.95 2.33 123.75 74.59 3.40 10.46 56005.36
Mexico (Mex$) Barclays♦ 262.60 10.60 289.90 204.05 2.48 117.60 67737.23 Delphi 75.03 1.56 90.57 58.23 1.30 17.09 21334.68 Prudntl♦ 81.12 3.66 94.30 74.05 2.74 14.56 36585.12
ThmReut♦ 51.40 0.55 54.47 39.45 3.35 16.30 30423.63 Continental 192.95 4.50 234.25 136.85 1.64 15.77 43282.06
AmerMvl 15.56 0.56 17.64 13.48 1.77 - 39226.21 BG♦ 961.80 37.90 1420 780.55 1.90 -48.51 50508.27 Delta♦ 43.86 0.16 51.06 30.12 0.80 19.81 34886.17 PublStor 208.01 4.81 217.99 162.34 2.77 37.17 35978.94
TntoDom 52.60 0.80 58.11 47.75 3.99 11.76 73536.41 Daimler 72.71 2.57 96.07 55.10 3.27 9.93 87243.31
FEMSA UBD 147.68 1.22 154.14 116.20 0.78 27.80 31337.18 BP♦ 351.20 20.00 499.25 326.25 7.36 -15.95 98708.85 DirectTV 93.55 1.36 95.51 82.04 - 16.82 47176.52 Qualcomm 57.36 0.70 78.53 52.59 2.97 16.07 90124.16
TrnCan 45.16 1.82 63.86 41.95 4.70 17.24 24168.32 Deut Bank 26.61 0.88 33.42 22.66 2.74 23.06 41163.79
WalMrtMex 40.12 1.42 41.00 28.26 1.39 30.40 41594.65 BrAmTob♦ 3465 59.50 3894 3231.5 4.27 16.09 99313.33 DiscFinServ 54.44 1.46 66.75 50.92 1.80 11.52 23698.1 Raytheon 105.11 1.49 113.36 92.96 2.37 15.48 31905.93
ValeantPh 310.45 8.09 347.84 125.13 - 99.34 79959.8 Deut Tlkm 15.34 0.60 17.63 10.07 3.17 37.64 79229.94
BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 Disney 102.17 2.94 122.08 78.54 1.73 21.72 172448.45 Regen Pharm 538.00 2.53 605.93 320.06 - 138.57 54734.26
DeutsPost 24.84 0.44 31.19 21.55 - 16.75 33735.96 Netherlands (€)
China (HK$) BT♦ 433.65 6.50 481.75 351.90 2.63 16.64 55593.68 DominRes♦ 71.21 0.59 80.89 65.53 3.43 24.90 42321.66 ReynoldsAm 84.48 0.88 88.28 56.27 3.10 15.98 60365.24
E.ON 10.26 0.38 15.46 9.56 1.33 -7.84 23014.58 Altice 25.39 1.64 143.20 20.61 - - 21342.29
AgricBkCh 3.17 0.05 4.55 3.08 7.30 4.38 12572.49 Compass 1023 21.00 1223.36 924.41 2.64 19.86 25915.05 DowChem 43.60 2.55 54.97 35.11 3.65 13.12 50493.24 Salesforce 69.94 1.42 78.46 51.04 - -451.38 46160.4
Fresenius Med 68.54 2.39 82.32 50.75 1.09 22.63 23914.99 ASML Hld 81.00 4.15 104.85 68.29 0.84 26.86 39366.47
Bk China 3.68 0.15 5.68 3.42 6.90 4.90 39704.69 Diageo♦ 1695 36.50 2055 1592.5 3.16 17.92 65547.9 DukeEner♦ 72.52 0.78 89.97 70.15 4.29 22.08 49917.72 Schlmbrg 73.85 3.76 112.00 68.01 2.38 22.42 93453.41
Fresenius SE 63.26 3.68 66.56 36.00 0.68 30.26 30951.28 Heineken 70.06 1.27 77.77 54.03 1.35 25.02 45260.03
BkofComm 5.92 0.06 8.61 5.29 5.69 5.08 26743.11 GlaxoSmh♦ 1331 56.50 1645 1247.5 6.01 6.69 99588.32 DuPont♦ 52.02 1.36 76.61 48.01 3.57 15.89 47069.67 Shrwin-Will♦ 259.37 3.82 294.35 202.01 0.92 26.93 24176.04
HenkelKgaA 80.09 0.73 99.44 66.70 1.56 20.71 23336.23 ING 13.72 0.52 16.00 9.68 - 29.99 59541.7
BOE Tech 2.00 0.14 4.78 1.12 1.97 21.35 51.34 Glencore 145.35 6.45 373.70 137.25 7.87-338.02 29673.78 Eaton 56.63 2.06 73.82 49.21 3.59 12.53 26474.53 SimonProp♦ 185.73 3.76 206.31 162.43 2.89 39.57 57810.46
Linde 154.10 4.45 195.55 141.80 1.99 27.97 32100.54 Unilever♦ 35.62 0.87 42.75 28.75 3.16 21.65 68493.34
Ch Coms Cons 9.45 0.70 17.00 5.45 2.57 8.35 5398.36 HSBC♦ 519.70 23.50 674.57 482.55 6.25 11.72 156148.47 eBay 27.10 0.93 29.35 19.50 - 11.58 33013.98 SouthCpr 26.93 2.53 33.31 23.41 1.60 17.91 21463.59
MuenchRkv 163.20 1.90 206.50 141.10 4.41 9.32 31655.01 Norway (Kr)
Ch Evrbrght 3.53 0.20 5.65 3.32 6.31 4.39 3128.43 ImpTob♦ 3135 37.00 3413 2482.72 4.09 15.70 46132.13 Ecolab 109.92 3.43 118.46 97.78 1.13 27.66 32436.54 Starbucks 55.95 1.99 59.32 35.39 1.07 32.25 83040.99
SAP 60.02 1.73 70.81 50.08 1.78 24.10 82697.59 DNB 117.80 1.90 143.00 100.90 3.33 8.40 23093.39
Ch Rail Cons 10.52 1.17 17.70 6.92 1.60 8.62 2818.24 LlydsBkg♦ 77.68 1.60 89.35 70.90 0.97 42.22 85339.73 EMC 25.02 0.84 30.92 22.66 1.80 20.80 48156.65 StateSt 72.94 2.17 81.26 64.21 1.66 17.65 29767.77
Siemens 88.37 1.88 106.35 80.17 3.63 13.39 87317.43 Statoil 122.10 2.90 182.50 113.90 6.09 -9.59 46859.43
Ch Rail Gp 7.26 0.66 12.30 3.98 1.18 11.42 3941.15 Natl Grid 851.60 25.80 965.00 806.40 4.96 15.96 49033.85 Emerson♦ 47.64 1.23 65.94 44.03 3.78 13.54 31306.16 Stryker 101.08 2.27 105.34 77.87 1.30 42.39 38062.5
Volkswgn 171.15 5.20 254.50 147.35 2.72 8.02 56643.66 Telenor 165.20 2.00 186.10 128.90 2.37 22.92 29853.69
ChConstBk 5.58 0.20 7.98 5.34 6.96 4.69 173090.85 Prudential♦ 1417.5 23.50 1761.5 1287 2.61 14.43 56033.78 EOG Res 75.79 4.80 109.98 68.15 0.81 30.65 41621.71 Sychrony Fin 32.33 -0.34 36.40 23.76 - 12.69 26955.62
China Vanke - - - - - - - Hong Kong (HK$) Qatar (QR) EquityResTP 73.12 1.83 82.53 60.44 2.81 31.49 26621.7 Target♦ 77.85 1.01 85.81 58.72 2.63 17.45 48923.29
RBS 333.80 9.70 414.00 300.30 - -23.28 33203.24
ChinaCitic 4.77 0.12 7.40 4.63 - 4.44 9159.23 AIA♦ 42.50 0.45 58.20 39.10 1.03 19.44 66062.51 QatarNtBk 176.80 9.30 237.00 159.90 4.15 11.53 33973.33 Exelon♦ 31.72 0.28 38.93 30.37 3.82 11.99 27330.51 TE Connect♦ 58.07 1.19 73.73 51.03 2.02 13.00 23366.47
ReckittB♦ 5733 204.00 6300 4895 2.42 24.36 62665.27
ChinaLife 27.10 2.55 41.00 21.00 1.43 15.98 26018.59 BOC Hold 26.65 0.85 33.70 23.85 3.73 11.63 36354.61 ExpScripts 85.20 1.10 94.61 68.06 - 28.65 57572.28 Telsa Mtrs 242.99 18.15 291.42 181.40 - -60.03 30894.27
Russia (RUB) RELX♦ 1035 24.00 1199 921.50 2.41 97.39 32972.75
ChinaMBank 18.34 1.02 26.85 13.12 4.38 6.13 10863.49 Ch OSLnd&Inv 23.20 1.70 34.05 19.80 2.08 6.95 29516.37 ExxonMb♦ 74.85 2.35 99.96 66.55 3.66 13.62 312083.24 TexasInstr 47.06 1.65 59.99 41.47 2.74 17.03 48301.72
Gzprm neft 144.60 4.09 166.94 113.73 5.88 8.85 51635.01 RioTinto♦ 2349 149.00 3373 2107.78 5.81 23.37 50334.14
ChinaMob 94.05 3.90 118.00 85.00 3.30 14.26 248459.96 ChngKng 52.85 2.55 77.55 50.10 - - 26319 Facebook 89.73 2.54 99.24 70.32 - 93.79 202766.16 TheTrvelers 101.40 1.40 110.49 90.83 2.18 9.44 31556.25
Lukoil 2424 69.00 3297.7 1913 3.06 7.40 31099.39 RollsRoyce 730.50 16.00 1061 685.50 3.16 -53.72 20650.49
ChinaPcIns 27.55 2.00 47.10 24.80 1.88 15.09 9865.16 Citic Ltd 14.36 0.44 16.40 11.64 1.82 8.86 53898.44 Fedex 153.04 4.61 185.19 130.01 0.53 41.52 43233.93 ThrmoFshr 127.91 2.65 141.25 107.33 0.46 26.74 50970.56
MmcNrlskNckl 10371 81.00 12247 6766 13.29 12.53 24755.1 RylDShlA♦ 1653.5 78.50 2475.5 1542.5 7.34 12.25 99605.46
ChMinsheng 7.76 0.23 11.88 6.97 2.96 4.76 6942.11 Citic Secs 17.26 1.08 40.50 15.72 2.03 7.89 5073.77 FordMtr♦ 13.56 0.35 17.87 10.44 3.97 15.02 52843.13 TimeWrnr♦ 72.82 1.50 91.34 66.82 1.79 17.67 59390.64
Novatek 599.50 18.30 604.90 364.50 10.09 29.27 27456.65 SABMill 3018 80.00 3857 2773 2.35 22.01 75059.58
ChMrchSecs RMB 15.40 0.99 40.00 10.59 2.74 9.05 11547.9 CK Hutchison 103.90 3.60 174.90 97.50 3.36 4.53 51741.58 Franklin 41.05 1.06 59.43 38.25 1.36 11.27 25197.23 TimeWrnrC 187.89 2.69 194.22 128.78 1.95 27.71 53168.04
Rosneft 245.50 5.50 294.20 183.95 6.18 6.93 39246.01 Shire 5015 279.00 5870 3448.28 0.28 15.18 45643.95
Chna Utd Coms RMB 5.94 0.36 10.74 3.36 1.14 31.33 19656.88 CNOOC 9.22 1.16 15.80 7.60 6.08 5.56 53113.06 GenDyn 145.17 1.12 153.76 114.73 1.76 17.17 46850.3 TJX Cos♦ 71.44 0.63 76.93 58.58 0.98 22.30 48606.71
Sberbank 73.80 2.80 81.30 47.21 - 5.04 24030.37 StandCh♦ 757.00 49.70 1250.18 707.30 7.30 16.84 29641.67
ChShenEgy 13.20 0.20 24.40 12.34 6.85 7.96 5788.23 HangSeng♦ 139.30 3.30 162.10 123.20 3.93 10.20 34361.84 GenElectric 25.01 1.00 28.68 19.37 3.56 49.70 252511.69 T-MobileUS 39.94 0.98 42.56 24.26 - 120.83 32546.09
Surgutneftegas 34.15 1.05 39.80 21.82 2.04 1.27 18402.82 Tesco 191.45 5.25 253.70 155.40 5.90 -2.73 23951.05
ChShpbldng RMB 10.92 0.99 20.19 4.86 0.45 94.85 30615.27 HK Exc&Clr♦ 186.20 7.70 311.40 162.00 2.09 32.63 28767.69 GenMills 56.96 1.07 59.87 47.43 2.95 28.64 34159.29 UnionPac♦ 86.28 2.73 124.52 79.31 2.38 15.17 74864.43
Saudi Arabia (SR) Vodafone 225.35 8.55 258.00 179.10 4.91 10.52 91978.62
ChStConEng RMB 5.40 0.38 12.52 3.10 2.83 6.38 25206.96 MTR♦ 35.00 1.15 40.00 29.95 2.59 13.22 26410.98 GenMotors 28.58 0.48 39.00 24.62 4.31 10.79 45215.37 UPS B♦ 99.15 2.52 114.40 93.64 2.76 23.66 69251.14
AlRajhiBnk 54.62 0.67 79.50 48.40 3.47 13.64 23662.36 WPP 1337 26.00 1616 1091 2.64 16.60 26641.08
ChUncHK 10.36 0.38 16.00 9.68 2.39 16.65 32010.06 SandsCh 28.00 1.55 52.00 25.90 6.94 15.60 29150.65 GileadSci 107.99 1.03 123.37 85.95 0.39 11.66 158486.72 USBancorp 42.58 1.17 46.26 38.10 2.27 13.92 74983.56
SHK Props 98.65 2.05 137.60 94.20 3.35 9.16 36614.9 Natnlcombnk 56.16 1.59 72.75 48.80 - 13.24 29863.67 United States of America ($)
CNNC Intl RMB 8.70 0.66 14.38 4.07 - - - GoldmSchs 189.21 4.81 218.77 171.26 1.24 11.46 81903.52 UtdHlthcre 117.77 4.31 126.21 80.72 1.35 19.17 112301.07
Tencent 132.20 3.60 171.00 104.50 0.27 38.71 160334.97 SaudiBasic♦ 79.84 3.76 136.50 70.25 6.53 9.99 63854.97 3M♦ 143.90 1.18 170.50 130.60 2.55 19.22 89900.86
CSR 9.68 1.34 20.70 6.80 1.20 18.83 5459.29 Google 667.96 8.22 713.33 490.91 - 33.97 193632.43 UtdTech♦ 93.27 1.71 124.45 87.17 2.58 13.69 83066.05
SaudiTelec 60.69 0.65 76.50 52.75 6.04 11.47 32359.38 AbbottLb 45.64 1.66 51.74 39.28 1.97 29.66 68023.75
Daqin RMB 9.12 0.73 15.15 7.24 5.04 8.88 21167.63 India (Rs) Halliburton 38.04 3.61 69.81 30.93 1.77 22.79 32514.66 ValeroEngy♦ 58.35 -0.50 71.50 42.53 2.26 6.83 29006.47
Singapore (S$) Abbvie 64.51 1.37 71.60 52.06 2.79 51.18 106781.88
Gree Elec Apl 0.23 0.03 0.45 0.13 - -1.95 326.90 Bhartiartl 347.30 8.10 452.45 332.50 1.02 27.51 21035.6 HCA Hold 88.84 1.89 95.49 43.91 - 18.61 36885.66 Verizon 46.19 1.03 51.73 38.06 4.66 19.71 187794.29
DBS♦ 18.09 0.44 21.50 17.57 3.26 19.86 32325.67 Accenture 95.73 0.69 105.37 73.98 2.15 21.47 76352.42
GuosenSec - - - - - - - HDFC Bk 1022.1 8.60 1128 834.00 0.79 25.77 38932.17 Hew-Pack 27.79 0.69 41.10 24.85 2.30 11.10 50200.27 VertexPharm 133.75 3.64 143.45 90.99 - -44.50 32722.68
JardnMt US$♦ 48.75 2.24 67.88 46.20 2.85 10.73 34057.07 Ace 103.64 1.79 117.89 96.00 3.08 11.92 33559.15
HaitongSecs 11.56 0.96 27.90 10.32 1.36 8.16 5085.47 Hind Unilevr 857.80 2.80 981.00 707.15 1.37 46.16 28124.6 HiltonWwde♦ 24.88 0.55 31.60 20.72 - 38.56 24567.78 VF Cp 73.31 1.39 77.83 61.75 1.63 31.04 31203.81
JardnStr US$♦ 27.80 0.41 37.84 27.06 0.95 10.08 31138.85 Actavis 298.98 -2.94 317.72 201.91 - -34.92 117333.1
Hngzh HikVDT - - - - - - - HsngDevFin 1193.9 91.55 1402.3 975.00 1.21 21.40 28516.97 HomeDep 117.66 1.73 123.80 86.35 1.78 23.29 151087.6 Viacom 39.25 0.64 81.99 36.32 3.46 9.36 13637.81
OCBC♦ 9.17 0.28 10.92 8.63 3.99 8.69 26513.09 Adobe 78.91 1.58 87.25 58.51 - 108.92 39269.2
Hunng Pwr - - - - - - - ICICI Bk 282.45 4.40 393.40 267.15 3.56 12.34 24845.46 Honywell♦ 99.89 2.06 107.41 82.89 1.96 18.31 78090.25 Visa Inc♦ 72.40 1.71 76.92 48.80 0.62 31.07 141280.44
SingTel 3.85 - 4.57 3.63 4.44 15.55 43811.99 AEP♦ 54.91 0.90 65.38 51.58 3.72 15.78 26936.63
IM Baotou Stl RMB 3.39 0.17 7.50 2.43 0.55 213.81 8331.47 Infosys 1082.8 18.20 2336 932.65 3.49 19.11 37499.28 HumanaInc 184.81 4.08 219.79 121.04 0.60 22.36 27378.43 Walgreen♦ 87.85 2.44 97.30 58.39 1.55 22.39 95957.04
UOB 19.75 0.39 25.05 18.51 3.61 9.88 22586.59 Aetna 117.78 2.36 134.40 71.81 0.79 18.26 41058.11
In&CmBkCh 4.71 0.12 7.10 4.54 7.20 4.66 52745.61 ITC 325.70 8.05 409.95 294.00 1.64 28.81 39595.89 IBM♦ 148.54 1.84 195.00 140.62 3.03 10.12 145499.36 WalMartSto 66.08 1.25 90.97 61.50 2.94 13.52 212813.85
Aflac♦ 58.63 1.71 65.10 51.41 2.57 10.07 25251.6
IndstrlBk RMB 13.97 1.04 21.42 9.99 3.52 5.12 35287.91 L&T 1620.05 27.85 1893.8 1401 0.91 26.39 22842.15 South Africa (R) IllinoisTool 84.82 1.56 100.14 78.79 2.24 17.45 31051.63 Wellpoint 128.71 0.94 129.96 81.84 1.64 12.65 34744.16
AirProd 140.65 2.86 158.20 118.20 2.20 30.13 30237.28
Kweichow RMB 197.07 13.19 290.00 145.50 2.16 14.45 38649.08 OilNatGas 230.30 5.45 457.95 223.00 4.31 7.29 29854.64 Firstrand 52.19 -0.47 58.47 40.27 3.72 12.98 22384.94 Illumina 201.94 6.24 242.37 145.12 - 63.14 29220.72 WellsFargo♦ 54.03 1.73 58.77 46.44 2.58 13.46 277355.4
Alexion 179.82 6.28 208.88 150.06 - 62.83 40667.13
Midea 1.98 0.01 2.68 1.65 4.98 9.68 54.94 RelianceIn 869.15 15.75 1067.85 796.45 1.13 10.75 42644.58 MTN Grp♦ 171.14 0.46 263.44 161.10 7.66 9.75 24149.57 Intcntl Exch 231.97 2.63 246.39 184.27 0.86 24.33 25630.03 Williams Cos 47.68 2.01 61.38 40.07 4.72 17.86 35746.23
Allstate♦ 58.74 1.64 72.87 54.12 1.93 10.10 23518.9
New Ch Life Ins 30.60 2.75 56.55 26.20 0.64 8.72 4082.82 SBI NewA 249.45 3.75 336.00 234.61 1.22 11.41 28597.96 Naspers N 1700 26.85 2029.97 1130.01 0.28 43.94 54521.7 Intel♦ 27.72 0.42 37.90 24.87 3.28 12.03 131780.88 Yahoo 33.69 1.17 52.62 29.00 - 4.77 31715.46
Altria 53.71 0.50 56.70 42.58 3.79 21.26 105308.93
PetroChina 6.55 0.26 11.70 5.90 6.45 11.89 17830.89 SunPhrmInds 902.00 29.10 1200.8 748.00 0.17 30.62 32889.2 South Korea (KRW) Intuit 86.60 3.31 109.21 77.96 1.09 77.62 23872.92 Yum!Brnds 82.27 2.59 95.90 65.81 1.90 41.20 35475.28
Amazon 518.37 17.60 580.57 284.00 - -1311.52 242446.95
PingAnIns 38.05 2.15 62.90 28.53 0.40 10.87 36563.06 Tata Cons 2574.65 -2.10 2839.7 2345 1.53 24.92 76412.58 HyundMobis 200500-3000.00 295000 185500 1.66 8.26 16162.01 John&John♦ 96.22 1.11 109.49 81.79 2.90 17.33 266443.4 Venezuela ()
AmerAir 39.03 0.18 56.20 28.10 1.00 6.90 26221.16
PngAnBnk RMB 10.80 0.89 17.50 8.32 1.63 6.89 19902.82 Indonesia (Rp) KoreaElePwr 49500 350.00 53100 38750 1.12 8.42 26811.69 JohnsonCn 41.15 0.94 54.52 38.48 2.38 15.49 26914.96 Bco de Vnzla 115.00 2.00 143.95 27.00 - - 32767.24
AmerExpr 76.88 1.25 94.89 71.71 1.69 13.71 76978.66
Pwr Cons Corp RMB 7.00 0.46 20.00 2.92 2.19 12.84 3606.37 Bk Cent Asia 11850 225.00 15600 11000 1.31 16.26 20687.77 SK Hynix 35500 2050 51700 30300 0.88 5.33 21805.66 JPMrgnCh 64.48 1.57 70.61 50.07 2.49 11.90 238451.38 Bco Provncl 4000 - 4400 839.99 - - 33696.09
AmerIntGrp 61.11 1.95 64.93 48.56 0.80 12.29 79069.43
SaicMtr RMB 16.52 1.50 29.18 14.00 7.77 5.98 28436.15 SmsungEl♦ 1067000 - 1510000 1033000 2.07 6.26 116416.3 Kimb-Clark 107.73 1.55 119.01 99.57 3.12 62.30 39243.35 Mrcntl Srvcs - - - - - - -
Israel (ILS) AmerTower 93.87 2.34 105.20 89.39 1.67 57.72 39733.2
ShenwanHong 0.20 0.01 0.49 0.17 - -2.65 64.67 Spain (€) KinderM 32.00 1.21 44.71 28.50 5.50 45.93 70141.99
TevaPha♦ 252.30 0.20 275.90 182.70 2.04 21.89 61502.96 Amgen♦ 155.72 1.74 181.81 127.67 1.76 21.11 118074.74
ShgPdgBk RMB 13.98 0.96 19.17 9.36 5.47 5.35 32570.01 Kraft 88.19 -0.11 91.32 53.33 2.45 45.49 52233.16 Closing prices and highs & lows are in traded currency (with variations for that
Italy (€) BBVA 8.34 0.25 9.91 7.21 0.93 12.94 58963.56 Anadarko 69.01 3.85 112.99 58.10 1.53 -14.24 35057.92
Sinopec Corp 5.04 0.09 8.23 4.80 6.21 13.23 16590.88 Kroger♦ 35.53 0.45 39.43 25.13 0.99 18.98 17257.33 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 4.07 0.20 4.50 3.36 3.17 82.12 42944.85 BcoSantdr 5.51 0.20 7.96 5.09 10.53 11.83 88521.6 Aon Cp 94.39 1.77 107.08 78.26 1.09 22.04 26433.25
Sinopec Oil RMB 6.63 0.26 14.23 2.92 - 188.58 465.79 L Brands♦ 82.81 1.45 95.78 62.91 1.84 21.77 24177.58 based on intraday trading over a rolling 52 week period.
ENI 14.34 0.85 19.64 12.98 7.59-673.57 58448.89 CaixaBnk 3.88 0.15 5.00 3.54 1.00 24.93 25075.55 Apple 112.92 3.23 134.54 92.00 1.67 13.35 643951.37
Denmark (kr) Iberdrola 6.00 0.08 6.49 5.11 2.51 15.79 41998.01 LasVegasSd 47.26 2.08 68.13 40.00 4.76 16.30 37687.54 ♦ ex-dividend
Generali 16.64 0.39 19.21 14.40 3.50 13.10 29055.4 ArcherDan♦ 44.83 0.84 53.91 41.63 2.27 12.65 27298.76
DanskeBk 208.10 7.40 218.00 139.20 2.57 33.46 31544.72 Inditex 29.76 1.05 32.54 19.29 1.35 35.43 104008.41 LibertyGbl 49.06 2.16 58.66 39.95 - -31.09 12388.04 ■ ex-capital redistribution
IntSPaolo 3.31 0.08 3.65 2.00 1.50 29.34 58861.91 AT&T 33.44 0.75 36.45 30.97 5.47 33.86 205689.44
MollerMrsk 11300 180.00 16450 10860 2.65 13.57 36442.12 Repsol 13.07 0.65 19.50 12.24 - 18.31 20143.53 Lilly (E)♦ 83.74 2.64 90.18 60.58 2.31 44.47 92829.18 # price at time of suspension
Luxottica 61.40 1.15 67.80 34.74 1.14 40.24 33282.62 AutomData 78.03 0.23 90.23 64.29 2.44 27.62 36347.16
NovoB 370.10 13.00 415.00 244.50 1.31 31.75 114723.79 Telefonica 12.68 0.36 14.31 10.76 3.06 20.11 70203.06 Lockheed 205.43 3.31 213.34 166.28 2.77 18.67 63793.11
Unicred 5.90 0.11 6.61 4.82 1.98 16.17 39485.83 Avago Tech 126.26 10.06 150.50 68.75 1.06 50.83 32793.47
Lowes 69.06 0.31 76.25 49.85 1.33 24.46 64411.27

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
Avago Tech 126.26 116.20 10.06 8.66 11.23 9.8 1.29 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Aug 27 date Coupon S* M* F* price yield yield yield US Aug 27 date Coupon S* M* F* price yield yield yield US
SK Hynix 35500.00 33450.00 2050.00 6.13 2500.00 7.6 -7.91 Sinopec Oil 6.63 6.37 0.26 4.08 -3.00 -31.2 -37.75 High Yield US$ US$
NXP 86.64 85.02 1.62 1.91 4.62 5.6 -1.79 ChShpbldng 10.92 9.93 0.99 9.97 -3.93 -26.5 -22.83 Windstream Services, LLC 11/17 7.88 BB- B2 BB 103.46 6.24 0.00 -1.60 5.57 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 116.02 4.42 0.00 -0.16 2.23
BakerHu 53.75 49.20 4.55 9.25 2.39 4.7 -6.91 Pwr Cons Corp 7.00 6.54 0.46 7.03 -2.39 -25.5 -37.39 High Yield Euro Bank of America Corporation 10/26 4.25 BBB+ Baa3 A- 98.39 4.48 0.00 -0.07 2.29
Netflix 117.66 110.13 7.53 6.84 5.17 4.6 10.55 IM Baotou Stl 3.39 3.22 0.17 5.28 -1.14 -25.2 -33.66 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Citigroup Inc. 11/26 4.30 BBB+ Baa3 A- 99.00 4.46 0.00 -0.04 2.27
Broadcom 51.65 49.85 1.80 3.61 2.20 4.4 1.69 ChMrchSecs 15.40 14.41 0.99 6.87 -5.13 -25.0 -34.38 Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 97.83 7.14 0.00 -0.03 -
Naspers N 1700.00 1673.15 26.85 1.60 70.00 4.3 -4.76 ChStConEng 5.40 5.02 0.38 7.57 -1.60 -22.9 -32.58 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 120.11 4.47 0.00 -0.11 -
MmcNrlskNckl 10371.00 10290.00 81.00 0.79 324.00 3.2 14.95 Chna Utd Coms 5.94 5.58 0.36 6.45 -1.74 -22.7 -17.04 Peru 05/16 8.38 BBB+ A3 BBB+ 104.52 1.62 -0.01 0.28 0.95 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 121.05 4.67 0.00 -0.19 -
Bradesco 26.00 26.00 0.00 0.00 0.80 3.2 2.23 BOE Tech 2.00 1.86 0.14 7.53 -0.48 -19.4 -30.07 Mexico 09/16 11.40 BBB+ A3 BBB+ 110.95 0.80 0.00 -0.03 0.13
Brazil 01/18 8.00 BBB- Baa3 BBB 108.44 4.21 0.00 -0.12 3.54 Euro
Salesforce 69.94 68.52 1.42 2.07 2.12 3.1 -3.48 Syngent 309.90 309.90 0.00 0.00 -69.50 -18.3 -18.44 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 105.62 2.28 0.00 -0.04 0.09
ItauHldFin 25.96 25.96 0.00 0.00 0.76 3.0 -3.93 Citic Secs 17.26 16.18 1.08 6.67 -3.29 -16.0 -25.28 Russia 07/18 11.00 BB+ Ba1 BBB- 118.61 4.17 0.00 0.52 3.50
Peru 03/19 7.13 BBB+ A3 BBB+ 115.83 2.49 0.00 0.16 0.98 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 93.04 3.36 0.00 0.23 -
Nmrcble-SFR 46.95 44.32 2.63 5.93 1.25 2.7 -6.31 Intuit 86.60 83.29 3.31 3.97 -16.33 -15.9 -17.52 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 109.94 2.26 0.00 0.04 -
ASML Hld 81.00 76.85 4.15 5.40 1.96 2.5 -9.36 HaitongSecs 11.56 10.60 0.96 9.06 -2.14 -15.6 -24.44 Brazil 01/21 7.88 BBB- Baa3 BBB 101.24 4.67 0.00 0.34 3.15
Turkey 03/21 5.63 - Baa3 BBB- 105.73 4.50 0.00 0.24 2.99 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 106.80 2.29 0.00 0.07 -
Sberbank 73.80 71.00 2.80 3.94 1.75 2.4 7.77 CNNC Intl 8.70 8.04 0.66 8.21 -1.47 -14.5 -25.64
Poland 04/21 5.13 A- A2 A- 112.19 2.79 0.00 -0.06 1.28 Yen
Novatek 599.50 581.20 18.30 3.15 13.50 2.3 5.64 ValeroEngy 58.35 58.85 -0.50 -0.85 -8.90 -13.2 -9.37
Colombia 07/21 4.38 BBB Baa2 BBB 101.70 4.09 0.00 0.40 2.57 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Ambev 18.85 18.85 0.00 0.00 0.42 2.3 1.98 Daqin 9.12 8.39 0.73 8.70 -1.32 -12.6 -17.02
Hermes Intl 321.95 312.65 9.30 2.97 6.95 2.2 -5.92 Denso 5254.00 5248.00 6.00 0.11 -758.00 -12.6 -9.74 Turkey 04/26 4.25 - Baa3 BBB- 92.81 5.20 0.00 0.19 3.01 £ Sterling
eBay 27.10 26.17 0.93 3.55 0.58 2.2 -3.21 Nppn Stl 239.70 241.30 -1.60 -0.66 -34.30 -12.5 -15.51 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 125.54 3.87 0.00 0.15 1.68
Disney 102.17 99.23 2.94 2.96 2.15 2.1 -13.60 Marathon Ptl 46.67 45.52 1.15 2.53 -6.62 -12.4 -14.30 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 105.62 3.38 0.05 0.02 1.19
LVMH 151.15 145.85 5.30 3.63 3.10 2.1 -6.09 CntJpRwy 19480.00 19030.00 450.00 2.36 -2660.00 -12.0 -13.95 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+ 109.08 3.28 0.00 0.08 1.76 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 114.84 3.99 0.00 0.14 1.80
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Aug 27 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Aug 27 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.14 16-12-2008 0.15 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 26.10 -4.22 30.32 53.29 10.88 Aug 27 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 25.51 -4.10 29.61 56.32 7.04 Tr 2pc '16 100.61 0.47 4.44 0.00 -7.84 -30.88 101.97 100.61 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 170.29 0.05 -2.75 -4.49 -3.10 -6.06 VXN 28.46 -2.91 31.37 46.72 11.15 Tr 1.75pc '17 101.69 0.54 0.00 3.85 -10.00 -44.90 102.68 101.59 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 292.18 -0.08 -1.27 -0.45 -1.00 3.42 VDAX 27.93 0.00 27.93 27.93 - Tr 5pc '18 110.74 0.70 0.00 4.48 -12.50 -46.97 113.65 110.64 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 248.40 -0.32 -0.92 -0.83 -0.92 -0.83 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.16 0.98 1.03 2.08 -10.91 -37.18 115.07 111.71 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 210.54 -0.06 -0.65 -1.02 -0.48 0.59 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.45 1.23 0.82 2.50 -8.21 -30.11 119.04 114.45 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 221.81 -0.09 -0.86 0.06 -0.42 2.74 Tr 8pc '21 136.13 1.45 0.69 4.32 -5.23 -23.68 142.92 135.31 0.24
Gilts( £) 286.94 -0.18 0.25 0.45 0.73 6.61 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.15 1.55 1.31 5.44 -4.32 -22.89 119.85 112.16 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 245.69 -1.41 -1.26 -2.06 -0.26 -4.51 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.49 1.84 1.66 4.55 -4.17 -21.70 134.70 122.10 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 292.87 -0.12 -0.90 -0.21 -0.64 3.75 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.42 2.08 1.46 5.05 -2.35 -18.43 131.90 116.13 0.31
Aug 27 (Libor: Aug 26) night Day Week Month month month month year Overall ($) 225.07 -0.25 -0.19 0.40 -0.19 0.40 Australia 10/18 3.25 104.38 1.81 -0.02 -0.06 -0.10 -1.01 Tr 4.25pc '32 126.24 2.35 0.86 4.44 -1.67 -15.47 136.85 117.16 0.35
US$ Libor 0.13300 0.001 0.001 0.000 0.19800 0.32520 0.52850 0.83105 Overall( £) 286.04 -0.16 -0.10 0.25 0.31 5.71 04/26 4.25 113.33 2.79 -0.02 0.11 -0.07 -0.66 Tr 4.25pc '36 128.41 2.48 0.81 4.64 -1.59 -14.19 140.37 117.65 0.28
Euro Libor -0.18000 0.000 0.000 0.000 -0.10500 -0.02857 0.04914 0.15671 Overall(€) 218.29 -0.09 -0.68 -0.10 -0.35 2.19 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 138.56 2.53 0.80 4.12 -1.56 -13.95 153.16 124.52 0.26
£ Libor 0.48125 0.000 -0.001 0.000 0.50788 0.58688 0.74938 1.04650 Treasuries ($) 217.27 -0.22 0.22 1.03 0.22 1.03 10/25 1.20 101.28 1.07 0.01 0.16 0.16 0.00 Tr 3.75pc '52 130.33 2.49 0.81 4.18 -2.35 -15.88 145.21 112.07 0.22
Swiss Fr Libor 0.001 -0.78600 -0.72700 -0.68000 -0.56600 FTSE Belgium 06/18 0.75 101.77 0.11 -0.01 -0.02 -0.07 -0.30 Tr 4pc '60 142.17 2.44 0.41 4.27 -2.40 -16.72 159.23 119.83 0.21
Yen Libor 0.000 0.05300 0.08714 0.13157 0.23900 Sterling Corporate (£) 110.48 -0.18 - - -0.99 -0.71 06/25 0.80 97.19 1.10 0.01 0.16 0.15 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.002 -0.09800 -0.03300 0.03900 0.16000 Euro Corporate (€) 106.58 -0.11 - - -0.76 -2.12 Canada 11/17 0.25 99.59 0.44 0.02 0.06 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 846.42 36.17 - - -1.51 -11.23 06/26 1.50 98.89 1.61 0.02 0.17 -0.03 0.00
US$ CDs
Euro CDs
0.000
0.000
0.18000
-0.10500
0.29000
-0.06500
0.47000
-0.00500
Eurozone Govt Bond 112.59 -0.03 - - -0.71 -0.10 Denmark 11/16 2.50 103.43 -0.33 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 107.75 0.95 0.04 0.17 0.13 -0.28
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.87 1.05 0.00 -0.04 -0.12 0.00
Fixed Coupon Aug 27 chg % Return 1 month 1 year Yield
Aug 27 term notice month month month year Markit iTraxx 09/25 0.88 98.95 0.99 0.00 0.00 0.00 0.00
1 Up to 5 Years 98.07 -0.02 2355.54 0.30 2.20 1.02
Euro -0.20 -0.10 -0.20 -0.10 -0.20 -0.05 -0.15 0.00 -0.08 0.07 0.07 0.22 Crossover 5Y 323.07 -17.94 -8.61 30.04 371.85 242.25 France 11/16 0.25 100.54 -0.19 0.00 0.00 0.00 0.00
2 5 - 10 Years 177.81 -0.12 3206.45 0.62 4.86 1.66
Sterling 0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18 Europe 5Y 70.61 -3.33 0.09 6.64 81.85 52.94 11/19 0.50 101.42 0.16 0.01 0.11 0.10 -0.19
3 10 - 15 Years 205.58 -0.26 3759.04 0.75 7.08 2.06
Swiss Franc - - - - - - - - - - - - Japan 5Y 62.60 -2.55 1.91 3.80 69.98 48.09 05/25 0.50 94.47 1.10 0.01 0.16 0.16 0.00
4 5 - 15 Years 184.17 -0.15 3339.92 0.65 5.47 1.79
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 79.20 -4.66 -1.12 5.01 100.19 62.28 05/45 3.25 127.03 2.03 0.03 0.17 0.16 -0.20
5 Over 15 Years 296.84 -0.31 4272.55 1.04 10.94 2.47
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.80 0.90 Germany 04/18 0.25 101.15 -0.19 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.58 -0.17 3199.09 0.68 6.37 2.23
Japanese Yen -0.03 0.13 -0.07 0.03 -0.10 0.10 -0.10 0.10 -0.05 0.15 0.00 0.20 10/20 0.25 100.85 0.08 0.02 0.08 0.04 0.00
Emerging Markets 5Y 365.22 -23.70 6.44 53.96 396.59 278.35 08/25 1.00 102.44 0.74 0.04 0.16 0.09 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 396.79 -26.45 4.90 43.48 426.92 337.73 08/46 2.50 126.23 1.44 0.06 0.18 0.09 -0.33
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Aug 27 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 82.67 -4.41 3.56 12.48 87.98 60.22 Greece 07/17 3.38 87.04 11.42 -0.71 -0.07 -9.70 8.25
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 308.48 0.05 -0.49 -2.85 2345.57 -0.49 -1.51
02/26 3.00 64.31 8.91 -0.15 -0.42 -2.81 2.86 2 Over 5 years 576.33 0.02 0.61 11.17 4244.78 0.61 12.08
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 111.81 -0.04 0.00 0.00 0.00 0.00 3 5-15 years 426.29 0.20 -0.95 -0.10 3231.03 -0.95 1.21
03/25 5.40 135.44 1.40 0.02 0.14 0.16 -0.53 4 Over 15 years 715.34 -0.06 1.25 16.81 5172.38 1.25 17.52
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.64 0.38 -0.01 0.06 0.08 0.00 5 All stocks 532.74 0.02 0.45 9.67 3972.65 0.45 10.64
05/20 0.70 98.99 0.92 -0.04 0.09 0.11 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 96.29 1.93 -0.06 0.09 0.10 0.00 Yield Indices Aug 27 Aug 26 Yr ago Aug 27 Aug 26 Yr ago
Crude Oil† Sep 42.77 3.87 Corn♦ Sep 363.00 0.75 Aug 26 Aug 26 Prev return stock Market stocks
09/46 3.25 106.56 2.95 -0.04 0.16 0.06 0.00 5 Yrs 1.30 1.29 1.65 20 Yrs 2.50 2.48 2.88
Brent Crude Oil‡ 47.34 3.74 Wheat♦ Sep 484.75 -6.75 Can 4.25%' 21 128.78 -0.299 -0.434 -1.11 5.18 69062.81 7
Japan 08/17 0.10 100.17 0.01 0.00 0.01 0.00 0.00 10 Yrs 1.97 1.95 2.36 45 Yrs 2.46 2.44 2.95
RBOB Gasoline† Aug 1.45 0.09 Soybeans♦ Sep 885.50 7.00 Fr 2.25%' 20 112.50 -0.276 -0.301 -2.03 20.31 204088.04 14
09/20 0.05 99.65 0.12 0.01 0.01 0.00 0.00 15 Yrs 2.34 2.31 2.72
Heating Oil† Sep 1.51 0.11 Soybeans Meal♦ Sep 322.70 -1.60 Swe 0.25%' 22 107.33 -0.698 -0.698 -0.99 30.88 217884.90 6
06/25 0.40 100.09 0.39 0.02 0.03 -0.03 0.00
Natural Gas† Sep 2.68 -0.01 Cocoa (ICE Liffe)X Sep 2081.00 13.00 UK 2.5%' 16 - - - - - - -
06/45 1.60 104.08 1.41 0.02 0.03 -0.01 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Sep 3105.00 5.00 UK 2.5%' 24 335.60 -0.647 -0.738 -1.48 6.82 478408.70 25
Netherlands 04/17 0.50 101.13 -0.19 0.00 0.00 0.00 0.00 Real yield Aug 27 Dur yrs Previous Yr ago Aug 27 Dur yrs Previous Yr ago
Uranium Sep 36.75 0.00 Coffee(Robusta)X Sep 1607.00 26.00 UK 2%' 35 231.80 -0.776 -0.839 -0.71 9.08 478408.70 25
07/25 0.25 93.50 0.94 0.02 0.16 0.12 0.00 Up to 5 yrs -0.64 2.68 -0.62 -1.22 -1.36 2.71 -1.35 -2.00
Carbon Emissions - - Coffee (Arabica)♥ Sep 122.45 3.90 US 0.625%' 21 101.24 0.412 0.384 -0.91 35.84 1063132.32 36
Diesel Sep 121.25 0.00 White SugarX 342.90 8.70 New Zealand - - - - - - - Over 5 yrs -0.83 23.51 -0.83 -0.34 -0.87 23.60 -0.87 -0.38
US 3.625%' 28 133.19 0.849 0.384 -1.75 16.78 1063132.32 36
Unleaded Sep - - Sugar 11♥ 11.04 0.53 12/17 6.00 107.67 2.53 -0.03 -0.02 -0.09 -1.32 5-15 yrs -0.63 9.89 -0.61 -0.55 -0.75 9.90 -0.73 -0.68
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.27 0.57 0.03 0.01 -0.11 -0.91 Over 15 yrs -0.86 29.13 -0.86 -0.30 -0.88 29.17 -0.88 -0.33
Base Metals (♠ LME 3 Months) Cotton♥ Oct 63.19 0.88 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 102.19 1.50 0.04 0.16 -0.09 0.00 All stocks -0.83 20.40 -0.83 -0.35 -0.88 20.56 -0.88 -0.40
Aluminium 1557.50 25.50 Orange Juice♥ Sep 129.50 3.50 amount.
Aluminium Alloy 1660.00 -20.00 Palm Oil♣ Sep 452.50 15.00 Portugal 02/16 6.40 102.99 -0.16 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 5116.00 196.00 Live Cattle♣ Oct 142.53 0.98 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 102.30 2.61 -0.07 0.03 0.17 0.00
Lead 1681.50 36.50 Spain 04/18 0.25 99.52 0.43 0.02 0.07 0.10 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Sep 200.35 0.43
Nickel 10060.00 525.00 Lean Hogs♣ Oct 66.88 -0.40 Spread Spread Spread Spread 10/25 2.15 100.85 2.06 -0.03 0.09 0.05 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 13910.00 210.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.79 0.96 0.00 -0.05 -0.12 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1751.00 69.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 116.95 0.69 0.06 0.11 -0.06 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Aug 26 Month Year Australia 2.79 2.05 0.60 Italy 1.93 1.18 -0.27 Switzerland 10/16 2.00 103.05 -0.71 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1119.00 -1.75 S&P GSCI Spt 353.62 -0.89 - Austria 1.07 0.32 -1.13 Japan 0.39 -0.35 -1.80 05/26 1.25 114.47 -0.09 0.00 0.00 0.00 0.00
Silver (US cents) 1427.00 -14.00 DJ UBS Spot 87.72 -0.91 - Belgium 1.10 0.36 -1.09 Netherlands 0.94 0.20 -1.25 United Kingdom 07/18 1.25 100.97 0.91 0.00 0.03 -0.14 -0.58 Data provided by Morningstar | www.morningstar.co.uk
Platinum 990.00 17.00 R/J CRB TR 193.15 -6.04 -33.62 Canada 1.61 0.87 -0.58 Norway 1.50 0.76 -0.69 01/21 1.50 100.41 1.43 0.00 0.00 0.00 0.00
Palladium 548.00 24.00 Rogers RICIX TR 2191.39 - - Denmark 0.95 0.21 -1.24 Portugal 2.61 1.87 0.42 09/25 2.00 100.20 1.98 0.02 0.09 -0.11 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 248.30 -12.53 -42.51 Finland 0.99 0.24 -1.21 Spain 2.06 1.31 -0.14 01/45 3.50 118.93 2.58 0.01 0.11 -0.05 0.00
Iron Ore (Platts) 54.25 0.75 UBS Bberg CMCI TR 13.34 -6.97 -34.90 France 1.10 0.36 -1.09 Switzerland -0.09 -0.83 -2.28 United States 07/17 0.63 99.92 0.67 0.05 0.00 -0.07 0.00
Iron Ore (The Steel Index) 53.30 0.20 LEBA EUA Carbon 7.51 -0.27 30.84 Germany 0.74 0.00 -1.45 United Kingdom 1.98 1.23 -0.21 07/20 1.63 100.52 1.51 0.04 0.03 -0.11 0.00
GlobalCOAL RB Index 52.25 0.75 LEBA CER Carbon 0.51 13.33 325.00 Greece 8.91 8.17 6.72 United States 2.19 1.45 0.00 08/25 2.00 98.28 2.19 0.03 0.11 0.00 0.00
Baltic Dry Index 905.00 -13.00 LEBA UK Power 2087.00 25.87 -22.59 Ireland 1.40 0.66 -0.79 08/45 2.88 98.89 2.93 0.00 0.18 0.00 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
22 ★★★ FINANCIAL TIMES Friday 28 August 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence CloseBrs 1474 34.00 1857.39 1298.48 3.32 13.51 264.1 Severfd♦ 66.75 0.50 73.00 57.00 - 1390.63 51.0 BHP Bltn 1102.5 93.00 1961.5 955.60 7.09 9.52 15803.6 SEGRO♦ 426.20 10.00 466.70 330.90 3.54 3.98 1457.6 Lavendon 166.00 - 214.25 155.50 2.29 20.31 626.6
AvonRub♦ 850.50 10.50 900.00 610.73 0.66 19.30 25.8 DBAG € 27.54 0.20 34.50 20.20 1.45 7.36 31.5 SKF SKr 163.60 9.70 231.70 134.80 3.37 14.91 4178.4 BisichMg 89.50 - 104.00 60.15 3.35 8.75 25.0 Shaftbry 897.50 -3.50 975.50 648.00 1.46 4.99 813.9 MngCnslt 16.00 - 26.50 13.25 5.16 -78.05 55.0
BAE Sys 445.90 9.10 549.00 419.30 4.60 20.14 7631.6 El Oro 55.00 - 78.00 40.00 6.73 -4.71 0.7 Spirax-S 3098 42.00 3767.56 2698.37 2.16 23.77 127.2 EVRAZ 79.00 3.95 209.90 72.60 - -1.58 4029.0 Town Ctr 295.00 3.00 324.65 230.00 3.54 5.52 18.1 MearsGp 395.75 -2.25 477.00 354.75 2.53 15.30 81.4
Chemring 219.00 2.00 248.00 197.48 1.87 -25.05 102.3 Hargr Lans 1099 38.00 1299 827.00 2.04 32.27 588.8 Tex 107.00 1.00 117.00 86.30 5.61 7.61 0.2 Fresnillo♦ 612.50 18.00 978.00 593.00 0.32 129.49 2177.5 Wkspace 895.00 0.50 988.00 592.00 1.23 3.94 118.3 MenziesJ 440.00 -3.75 525.00 306.25 3.68 39.12 52.4
Cobham 274.80 8.40 349.10 250.50 3.88 -159.58 2862.8 HBM Hlth SFr 96.50 2.00 113.50 80.50 - - 14.3 Trifast 114.00 1.63 134.00 88.63 1.40 16.13 76.1 GemDmnd 121.75 -1.75 217.00 121.00 2.61 9.98 62.4 Real Estate Inv & Services MichaelPge 498.00 7.10 568.00 358.70 2.21 24.10 603.4
Meggitt 469.60 13.90 593.50 421.70 2.93 19.54 2388.3 HenderGp♦ 254.20 3.30 303.30 180.10 3.54 17.73 2764.1 Vitec 615.00 -5.00 670.85 540.00 3.90 24.34 1.2 Harmony R 11.25 -0.15 38.50 10.81 - -3.54 1895.9 Cap&Count 444.50 11.80 475.10 313.00 0.34 6.53 1637.2 MITIE 295.60 7.10 329.90 263.90 3.82 31.22 443.5
RollsRoyceX 730.50 16.00 1061 685.50 3.16 -53.72 9012.3 ICAP 452.40 6.80 573.00 354.40 4.86 35.49 1168.1 Weir 1393 35.00 2786 1230 3.16 - 1661.1 Hochschild 68.50 -0.75 177.00 60.97 - -4.22 573.4 Cardiff 1045 - 1085.5 950.00 1.24 4.53 0.5 PayPoint 1005 1.00 1115 779.82 3.61 17.52 15.2
Senior 280.90 1.00 361.70 248.90 2.00 18.89 811.8 Indvardn SKr 153.10 2.30 183.50 111.40 4.09 6.97 566.6 Kenmr 2.75 -0.05 12.50 2.18 - -1.18 1797.2 CLS 1831 -9.00 2037 1270 - 3.90 7.1 PremFarn 130.90 1.90 204.60 116.50 7.94 10.17 1146.8
ICG 530.00 14.50 712.83 421.98 4.69 9.03 892.0
Industrial General Lonmin 33.03 -1.44 236.70 26.50 - -4.33 5829.7 Rentokil♦ 146.60 1.60 154.20 110.90 1.77 20.53 2415.7
UltraElc♦ 1740 20.00 1914 1646 2.55 -152.64 104.0 Daejan 6050 10.00 6614.2 4700 1.36 4.42 5.0
IPF 399.00 6.90 548.00 348.00 3.01 11.60 823.7 BritPoly 705.00 17.00 730.00 571.35 2.13 12.26 2.0 Petra 125.00 -4.20 210.80 122.50 - 15.12 1760.1 Ricardo 851.00 -42.00 967.50 605.50 1.79 23.16 19.4
DvlptSec 257.50 7.50 293.00 179.00 2.17 9.62 434.5
Automobiles & Parts Investec 531.00 17.50 649.50 477.20 3.67 19.69 1454.9 CoatsGrp 25.25 - 32.00 19.00 - -376.87 53.6 Petropvlsk 5.70 - 45.00 4.21 - -0.09 8092.9 Grainger 235.10 3.60 256.00 167.80 1.06 27.26 757.6 RbrtWlts 442.00 11.50 478.00 270.00 1.36 25.77 11.5
FordMtr $X♦ 13.56 0.35 17.87 10.44 3.97 15.02 41087.3 Jupiter♦ 439.20 12.50 478.20 313.70 3.01 13.13 830.6 JardnMt $X♦ 48.75 2.24 67.88 46.20 2.85 10.73 348.6 PolymtIntl 474.30 13.50 634.00 315.18 2.86 -14.63 303.0 RPS 228.75 7.50 295.00 181.50 3.70 16.18 259.6
Jard Str $X♦ 27.80 0.41 37.84 27.06 0.95 10.08 424.3 HelclBar 430.00 -0.25 460.00 320.00 1.59 7.07 15.1
GKN♦ 292.10 11.70 389.00 272.30 2.88 32.51 6349.2 Liontrust 327.50 4.50 393.50 210.00 1.22 24.11 6.7 RndgldRs 3926 109.00 5752.1 3638 0.95 27.36 840.6 HK Land $♦ 6.99 0.10 8.80 6.47 2.66 13.17 2687.2 Shanks 92.50 1.00 113.50 84.50 3.73 -20.11 225.1
Man♦ 161.50 1.40 217.80 108.30 3.95 10.94 9197.4 Macfrlne 48.50 2.50 49.75 34.00 3.30 12.81 388.0 RioTintoX♦ 2349 149.00 3373 2107.78 5.81 23.37 6736.8 SIG 187.70 4.90 212.20 143.40 2.34 33.63 1268.8
Banks REXAM♦ 534.50 4.50 592.50 424.60 3.31 18.91 2308.1 Lon&Assc 36.00 - 50.00 34.50 0.35 -4.21 65.0
NB GFRIF 94.90 0.40 99.75 93.90 3.92 24.29 1072.6 Troy Res A$ 0.28 -0.01 0.88 0.28 - -0.57 195.8 MacauPrp 173.00 0.13 256.75 167.00 - 9.10 12.9 SpeedyHr 46.75 -0.50 80.50 45.75 1.39 1198.72 124.2
ANZ A$X 28.57 0.50 37.25 26.41 9.86 9.87 9533.2 RPC♦ 646.50 11.50 696.24 488.20 2.20 31.08 559.0
Paragon 408.50 18.60 461.50 313.70 2.20 12.57 1562.5 VedantaRs 531.50 31.00 1105.22 353.21 7.85 -1.21 947.1 Mntview 11862.5 25.00 12900 7481.95 2.11 14.54 0.2 St Ives 180.00 2.00 219.25 156.68 3.97 51.68 351.2
BcoSant 402.25 10.75 758.00 369.65 10.55 11.83 531.0 Smith DS 391.40 10.90 423.70 231.82 2.68 23.87 2025.7
Providnt 2911 96.00 3268 1942 3.37 21.72 357.2 Q'tainEst 129.50 - 134.44 75.00 - 17.99 2106.4 TribalGrp 137.75 3.00 188.00 131.75 1.31 -23.43 10.0
BankAm $X 16.44 0.38 18.48 14.60 1.19 17.93 123115.9
RathbnBr 2188 18.00 2348 1774 2.38 28.18 30.4 Smiths 1102 43.00 1363 1006 3.65 19.55 1569.6 Oil & Gas Vp 745.00 10.00 816.00 539.00 2.07 15.85 0.1
BnkGeorgia 1702 39.00 2604 1609 2.69 8.54 143.9 SmurfKap € 25.86 1.40 30.31 14.92 2.08 23.60 276.4 Afren 1.79 -0.05 114.22 1.28 - - 9090.3 RavenRuss 42.75 -1.25 75.75 37.25 - -5.40 547.2
Record 35.75 3.00 41.00 29.00 4.20 13.50 258.1 RavenR Prf♦ 127.38 - 146.00 101.50 9.42 - 2.0 Watermn 71.25 0.25 76.00 50.00 1.40 54.39 6.4
BankIre € 0.35 0.01 0.39 0.07 - 16.49 14324.5 Vesuvius♦ 387.20 1.20 530.00 374.50 4.16 10.90 201.4 Aminex 2.15 0.10 3.17 0.83 - -25.29 7185.8
S&U 2450 25.00 2520 1775 2.33 15.88 0.3 RavenR Wrt 29.50 -1.50 49.64 25.00 - - 10.0 Wolseley 4149 104.00 4398 2990 1.99 37.46 899.1
BkNvaS C$X 59.98 1.48 73.33 52.60 4.82 9.64 2769.7 BGX♦ 961.80 37.90 1420 780.55 1.90 -48.51 15420.7
Schroder♦ 2819 79.00 3441 2086 2.77 17.30 439.7 Industrial Transportation Safestre 294.75 7.75 323.25 185.25 2.53 6.06 122.6
BarclaysX♦ 262.60 10.60 289.90 204.05 2.48 117.60 45542.7
..N/V♦ 2207 72.00 2629 1692 3.53 13.55 78.8 BPX♦ 351.20 20.00 499.25 326.25 7.36 -15.95 53787.1 Tech - Hardware
CanImp C$X 95.60 5.29 107.37 83.10 4.68 9.96 3968.8 BBA Aviat 288.90 2.10 362.10 267.60 3.58 17.16 1118.7 Cadogan 10.13 - 13.25 8.25 - -0.62 221.7 Savills 897.50 11.00 991.46 577.00 1.23 20.98 214.9 ARM Hldgs 918.00 43.00 1233 778.50 0.76 43.58 9051.9
SVG Cap 463.00 12.60 535.00 226.00 - 11.55 373.8 Braemar 450.00 -3.00 515.00 390.00 5.78 49.07 2.9 SchroderRE♦ 58.75 -0.25 63.00 53.25 4.22 5.21 629.9
HSBCX♦ 519.70 23.50 674.57 482.55 6.25 11.72 36544.5 CairnEng 148.90 9.50 210.00 137.28 - -2.43 1363.9 CSR 899.50 0.50 900.00 550.00 1.02 25.43 2323.5
TullettPre 375.00 2.70 415.90 242.60 4.49 8.01 508.0 Clarkson 2280 -40.00 2855 1835 2.63 47.00 22.4 Smart(J) 101.50 1.00 112.40 86.00 2.92 42.17 0.4
LlydsBkgX♦ 77.68 1.60 89.35 70.90 0.97 42.22 175478.4
Tungsten 67.00 -0.75 409.75 52.49 - -2.54 1290.2 Cape 241.75 13.25 327.25 177.00 5.79 13.30 166.0 Laird 381.70 9.60 413.30 281.50 3.27 18.57 379.3
RylBkC C$X 73.99 1.89 83.87 68.05 4.41 10.44 4394.4 Eurotunnl € 12.16 0.25 14.57 8.62 1.44 61.67 612.9 DragnOil 800.00 3.50 803.50 447.50 2.85 12.37 27.7 StModwen♦ 451.80 2.50 499.40 324.59 1.02 4.26 207.8 Pace 333.50 3.10 520.80 316.34 1.31 9.55 359.9
WlkrCrip 44.50 - 55.00 37.50 3.57 65.15 1.8 Fisher J 1033 -2.00 1442 958.50 2.13 13.38 69.0 UNITE Gp 644.50 16.50 706.00 395.60 1.74 5.20 703.7
RBSX 333.80 9.70 414.00 300.30 - -23.28 14198.5 Endeav Int' $ - - 0.60 0.02 - - - SpirentCM♦ 77.75 1.25 98.87 65.95 3.17 86.10 252.8
StandChX♦ 757.00 49.70 1250.18 707.30 7.30 16.84 14756.2 Food & Beverages Flybe Grp 85.50 -1.50 135.75 52.00 - -7.77 817.7 EnQuest 34.00 3.50 122.81 21.50 - -2.97 5284.6 Urban&C 254.50 -0.50 278.00 215.00 0.59 8.29 180.7
..7.375%Pf 116.75 -0.75 128.00 108.50 6.32 - 44.5 AngloEst 541.00 -39.00 690.00 521.00 0.59 10.88 1.7 Goldenpt 131.00 - 370.00 113.80 - -0.70 0.1 Exillon 101.75 10.25 175.57 90.00 - 4.92 62.4
Tech - Software & Services
OceanWil♦ 810.00 7.50 1195 790.00 4.94 74.46 0.9
Retailers Anite 125.75 - 129.75 69.25 1.51 39.36 4191.0
..8.25%Pf 127.25 - 141.00 119.50 6.48 - 12.5 AscBrFdX 3181 84.00 3293 2407 1.07 44.58 902.5 ExxonMb $X♦ 74.85 2.35 99.96 66.55 3.66 13.62 24303.5 AA 334.30 8.40 434.50 270.00 - -144.91 1413.8
TntoDom C$X 52.60 0.80 58.11 47.75 3.99 11.76 6613.4 Barr(AG) 567.50 11.00 699.36 515.97 1.99 21.95 101.1 RoyalMail 467.00 13.30 532.50 388.00 4.28 14.37 2420.8 GenelEgy 331.50 39.50 912.50 276.25 - -4.07 3199.2 AVEVA 2063 9.00 2344 1183.9 1.33 31.78 87.1
UK Mail♦ 385.75 10.50 606.53 370.00 5.57 13.35 6.3 AO World 126.70 1.50 240.00 106.86 - -211.87 348.3 Computcnt 740.50 8.50 802.40 651.67 2.79 16.33 25.1
VirginMoney♦ 417.00 2.00 472.90 278.00 - -1042.50 467.5 Britvic 661.00 3.50 788.00 600.72 3.16 16.42 539.0 GeoPark $ 3.35 0.48 11.00 2.70 - -3.15 32.7 AshleyL 27.25 -0.25 36.00 24.94 7.34 10.83 73.0
Westpc A$X 31.64 0.36 40.07 29.20 9.10 12.25 7591.3 C&C € 3.50 0.02 4.42 3.16 2.90 -14.38 91.2 GrnDnGas 269.00 -4.25 548.50 265.00 - 21.86 15.0 DRS Data 12.50 -0.50 16.50 11.25 3.20 -2.55 1.5
Insurance Brown N 300.20 10.20 403.03 247.19 4.74 14.18 356.4 Elecdata 65.50 - 79.00 64.00 3.05 21.79 5.0
CarrsGroup 155.00 - 178.50 136.00 2.19 11.90 31.8 Admiral GulfKeyst 30.00 3.00 85.00 20.25 - -1.64 9824.4 Caffyns 575.00 - 665.00 480.00 3.26 1.74 0.3
Basic Resource (Ex Mining) 1542 36.00 1640 1175.33 3.00 14.70 1117.7 MicroFoc 1289 26.00 1442 836.50 2.37 35.03 632.6
Coca-Cola H 1329 38.00 1497 1051 3.81 21.11 459.8 Amlin 509.00 9.00 533.08 418.20 1.59 11.09 1029.0 HellenPet € 4.17 0.07 5.80 3.35 - -5.04 41.8 Card Factor 374.00 11.80 376.33 209.50 - 35.21 133.3
Ferrexpo♦ 58.50 0.75 138.00 47.60 7.17 6.01 646.7 NCC Grp♦ 229.25 -1.50 250.00 169.80 1.60 29.23 72.4
Cranswk♦ 1691 5.00 1730 1181.6 1.93 20.18 26.4 AvivaX 486.80 9.60 578.68 449.86 3.72 12.74 8157.7 Hunting 490.40 57.40 918.83 376.20 3.89 17.07 2454.6 Dairy Fm $♦ 6.63 0.10 10.58 6.42 3.39 19.65 725.7
IntFerMet# 0.90 0.06 8.35 0.76 - -0.55 562.4 RM♦ 176.38 6.13 185.00 120.00 2.27 11.10 30.1
Dairy Cr 581.50 -2.00 618.00 367.39 3.68 39.03 303.9 Beazley♦ 330.50 2.20 346.45 248.50 2.85 11.50 988.4 ImpOil C$X 43.92 1.56 57.96 42.12 0.92 16.77 1884.6 Debenhm 81.50 1.55 96.80 56.85 4.17 11.08 1330.2
Mondi♦ 1464 59.00 1614.36 919.00 2.03 18.98 1650.9
Devro♦ 286.00 1.00 328.00 230.00 3.08 51.10 171.1 JKX 15.75 -0.50 51.13 10.23 - -0.42 72.0 Sage 513.50 18.50 584.00 346.70 2.36 28.11 3334.4
Vale BRLX 17.69 1.79 30.23 14.77 12.06 -9.82 8352.0 Chesnar 347.00 7.00 364.75 309.25 5.20 15.72 154.9 Dignity 2464 22.00 2643 1406 0.82 -28.32 83.0 SDL 379.00 10.25 472.00 306.00 0.66 35.99 53.7
Glanbia € 17.64 0.45 19.59 10.75 0.61 33.44 53.7 DirectLine♦ 351.20 4.30 388.70 283.96 4.10 11.01 7447.7 Lamprell 133.50 4.25 178.00 93.50 - 7.05 506.9 DixonsCar♦ 430.20 9.90 490.80 339.50 1.22 50.61 4117.4 Telecity♦ 1070 20.00 1250 815.63 1.26 85.02 222.5
Chemicals Grncore♦ 292.40 6.00 359.40 228.50 1.86 19.75 2748.6 Eccles prf 130.50 - 146.00 123.00 6.61 - 74.5 Nostrum 485.30 10.30 798.50 370.00 3.50 20.18 63.2 Dunelm 895.00 7.50 970.00 767.00 2.23 19.06 50.3
HiltonFd 434.00 8.00 500.00 342.25 2.97 17.38 0.1 OphirEgy 94.00 6.05 256.40 80.80 - -2.17 4738.3 TriadGp 36.00 - 42.00 9.25 - 15.50 4.0
Alent 463.00 1.00 493.96 294.56 1.97 21.52 292.7 Hansard 111.50 2.13 116.39 80.00 7.53 18.46 41.8 Findel 179.38 0.88 265.44 178.00 - -24.91 10.7
Bayer €X 122.10 5.20 146.45 96.83 1.79 29.70 2894.0 Kerry € 65.20 0.50 71.88 49.30 0.87 22.60 47.9 Hiscox♦ 892.00 1.00 959.00 615.50 2.64 10.95 495.5 Petrofac 853.50 59.50 1203 594.00 4.97 -23.08 2037.1 Halfords♦ 520.50 13.00 563.51 417.10 2.80 15.62 280.0 Telecommunications
Carclo♦ 141.00 -1.00 169.75 80.00 1.88 -4.25 78.3 Nestle SFrX 71.00 1.60 77.00 64.15 2.89 16.43 8626.3 JardineL 1035 1.00 1112 815.00 2.79 20.23 48.6 Lukoil RUBX 2424 69.00 3297.7 1913 3.06 7.40 1397.8 Inchcape♦ 725.00 15.50 906.65 589.50 2.77 19.52 1152.6 BTX♦ 433.65 6.50 481.75 351.90 2.63 16.64 18902.5
Croda♦ 2850 39.00 3150 1965 2.30 22.19 346.9 PremFds 34.00 -0.25 47.79 26.13 - -1.34 888.0 Lancashire♦ 634.00 3.50 703.45 506.00 1.39 9.08 498.0 PremOil 101.40 7.65 354.00 87.00 - -1.08 6692.9 JDSportsF 876.00 34.00 887.13 392.00 0.78 24.91 143.4 Colt Grp 189.50 - 194.00 113.10 - -13.69 25.7
Elemntis 231.80 2.00 324.10 224.00 2.28 10.08 901.3 REA 277.50 2.50 444.50 260.00 2.91 10.73 16.7 Leg&Gen♦ 254.20 6.20 296.02 209.20 4.43 14.80 17082.9 RylDShlAX♦ 1653.5 78.50 2475.5 1542.5 7.34 12.25 10750.6 Lookers 163.20 5.20 172.00 117.50 1.74 13.32 4262.9 Inmarsat 935.50 22.00 1041.24 653.00 3.33 20.85 878.0
Syngent SFrX 325.20 15.30 435.20 273.20 3.30 19.47 1134.6 SABMillX 3018 80.00 3857 2773 2.35 22.01 3478.6 NovaeGp 834.00 15.50 844.61 516.50 2.97 10.94 17.7 ..B♦ 1659.5 74.00 2580.54 1550 7.31 12.30 14663.1 Marks&Sp 523.50 23.00 600.00 380.80 3.29 17.72 6818.7 KCOM Gp 92.50 2.50 101.00 78.50 5.45 37.89 156.1
Synthomer 343.60 8.60 364.10 176.64 2.27 23.18 307.7 StckSpirit♦ 193.00 -0.25 316.00 172.00 0.92 28.89 73.5 Old Mut 198.80 6.50 241.60 163.80 4.38 13.81 24564.3 Schlmbrg $X 73.85 3.76 112.00 68.01 2.38 22.42 28262.9 MossBros 94.00 1.50 112.00 77.50 6.81 24.72 7.0 TalkTalk 298.70 3.00 415.10 261.00 4.22 38.87 869.1
Victrex 1745 55.00 2202.55 1542 2.59 17.63 202.5 Tate&Lyl 538.00 36.00 744.50 492.20 5.20 82.77 3544.1 PermTSB 0.06 - 0.10 0.05 - -0.08 0.0 SEPLAT 71.25 3.25 240.25 67.25 13.20 4.78 248.2 Next 7930 340.00 8055 6130 1.80 19.36 670.8 TelePlus 1086 23.00 1525 725.50 3.50 27.02 134.5
TongtHu R 114.77 -0.61 174.93 110.50 3.70 11.87 66.6 PhoenixGrp♦ 830.00 -32.50 935.00 693.00 6.43 17.45 1197.5 Soco Int 137.00 13.00 444.30 117.00 7.11 -11.83 1051.7 Ocado 344.50 9.40 478.50 216.80 - 301.93 1713.8
Construction & Materials Unilever♦ 2613 69.00 3087 2397 3.15 21.77 2866.4 TrnCan C$X 45.16 1.82 63.86 41.95 4.70 17.24 1681.5 Pendragn 45.25 0.50 46.17 28.25 1.99 7.93 1063.9 Tobacco
PrudntlX♦ 1417.5 23.50 1761.5 1287 2.61 14.43 10461.2
Alumasc 150.50 0.50 166.73 113.60 3.32 13.00 0.7 ..NV €♦ 35.50 0.78 42.98 28.81 3.17 21.58 13.3 Tullow 204.40 15.60 739.50 177.00 2.06 -1.89 11638.9 Photo-Me 143.00 -1.75 159.50 107.85 3.00 19.26 170.3 BrAmTobX♦ 3465 59.50 3894 3231.5 4.27 16.09 2974.8
RSA Ins 515.00 2.50 528.00 391.70 0.39 79.33 7135.6
BalfourB 266.80 5.90 271.90 145.59 2.10 -4.47 2161.4 Saga 200.60 -0.80 225.10 143.75 - 23.60 267.1 ImpTobX♦ 3135 37.00 3413 2482.72 4.09 15.70 2822.9
Health Care Equip & Services SagicFin 61.00 -1.50 68.00 55.00 4.17 5.88 2.0 Pharmaceuticals & Biotech
..CvPf 118.75 - 124.50 101.00 8.15 - 52.3 SignetJwl 8693 1072 9499 6371 0.57 26.54 21.0
Bioquell 142.00 7.50 155.50 80.00 2.32 141.72 131.9 StJmsPl 932.00 30.50 1008 637.00 2.50 27.74 3633.1 BTG 622.50 12.50 835.87 556.00 - 69.16 475.6 Travel & Leisure
Boot(H) 231.75 0.75 245.00 170.00 2.27 14.52 5.7 SuperGroup 1442 18.00 1579 750.00 - 25.85 114.4
ConstMed 942.50 5.50 1045 650.00 1.92 62.42 9.5 Stan Life 417.40 9.90 505.68 362.30 4.38 30.82 4120.7 CathayIn 22.25 - 36.50 16.00 - -101.14 0.4 888 Hldg 161.50 6.00 185.75 118.75 4.03 15.79 227.5
ClarkeT 74.00 1.00 84.01 37.50 4.19 - 34.4 TescoX 191.45 5.25 253.70 155.40 5.90 -2.73 31360.7
Costain 378.25 5.50 380.00 263.50 2.51 16.00 79.8 GNStre kr 121.00 2.50 158.50 113.70 0.72 28.56 1070.2 Media Dechra 938.50 8.50 1068 702.50 1.64 37.28 30.8 AirPrtnr 416.75 5.38 470.31 245.00 4.96 15.15 24.1
UDGHlthC 503.00 9.60 551.50 315.20 1.46 14.22 147.2 Genus 1352 34.00 1535 1058.35 1.31 25.89 63.8 VertuMotor 65.00 - 67.00 50.50 1.31 13.61 852.3 bwin.party 115.30 1.60 128.00 70.40 3.10 -13.19 2334.6
CRH 1893 93.00 2478.5 1220 2.56 6.19 2711.0 4imprint♦ 1140 11.00 1350 651.00 1.80 26.14 2.2
GalfrdT 1721 36.00 1824 1085 3.08 17.54 161.3 Blmsbury♦ 170.75 -2.50 185.00 140.50 3.43 14.35 64.3 GlaxoSmhX♦ 1331 56.50 1645 1247.5 6.01 6.69 9069.3 Support Services Cineworld 590.50 13.00 599.00 298.40 2.29 19.78 904.9
House, Leisure & Pers Goods HikmaPhm♦ 2277 34.00 2617 1580 0.61 29.47 464.6 CompassX 1023 21.00 1223.36 924.41 2.64 19.86 4580.0
Keller♦ 983.00 -12.50 1105 742.00 2.56 31.03 76.2 Centaur 85.25 -0.25 87.09 56.20 3.05 12.62 0.0 Acal 300.00 4.00 334.75 180.00 2.39 62.50 30.4
AGARmst 183.00 - 185.00 78.44 - -39.63 7.6 Oxfd Bio 8.00 -1.10 13.38 3.30 - -18.65 4517.8 EntInns 118.10 -1.80 139.60 96.85 - 19.78 255.3
KierGp 1455 57.00 1779 1260 3.95 37.64 196.9 ChimeCm 362.00 - 365.00 239.00 2.32 127.38 461.4 Aggreko 1062 21.00 1733 991.00 2.55 14.06 1439.5
BarrttDev 631.00 18.00 660.00 357.20 1.63 16.71 3657.1 RichterG $ 15.23 0.13 17.28 12.20 0.76 20.90 0.0 FirstGrp 106.90 0.40 129.90 88.65 - 17.17 2081.5
Kingsp € 21.70 0.26 24.00 11.03 0.73 28.43 73.9 Creston♦ 146.50 - 157.85 108.00 2.76 11.77 90.8 APR Engy 76.00 -3.25 599.50 75.25 13.93 -0.15 138.5
Bellway 2438 56.00 2560 1445 2.13 12.60 263.8 ShireX 5015 279.00 5870 3448.28 0.28 15.18 2215.5 Fuller A 1099 -10.00 1235 890.00 1.43 21.80 6.0
LowBonr♦ 67.00 0.38 83.19 44.25 4.03 17.25 54.1 DlyMailA 790.50 7.50 989.50 699.00 2.58 10.75 1375.1 AshtdGp♦ 937.50 35.50 1231 838.00 1.31 15.59 6880.4
Berkeley♦ 3324 90.00 3570 2033 5.42 10.62 572.7 VecturGp 170.20 3.20 183.75 113.25 - 189.32 1585.9 Go-Ahead 2579 54.00 2745 2184 3.28 16.65 66.7
Marshlls 316.50 5.50 335.00 177.38 1.74 32.00 543.3 HaynesPb 122.50 - 192.00 110.00 6.12 14.14 2.1 AtknsWS 1463 30.00 1580.34 1225 2.34 17.13 146.6
BovisHme 1093 18.00 1206 723.00 3.20 13.41 386.3 GreeneKg♦ 821.00 12.00 891.00 712.00 3.50 20.22 829.5
MorgSdl 814.00 1.00 865.00 570.00 3.32 -23.82 3.5 ITE Grp 149.50 -4.75 211.90 125.00 4.95 11.95 319.3 Real Estate Babcock 953.00 16.00 1207 908.50 2.30 18.10 1508.7
CrestNic 539.50 16.00 587.92 291.98 2.65 12.07 355.6 IrishCtl € 4.52 0.12 4.70 2.63 2.39 14.10 17.1
Norcros 20.75 -0.25 22.76 14.69 2.53 15.96 345.2 ITV 250.00 5.60 281.90 192.10 1.88 19.20 11902.6 Berendsen 985.50 16.00 1161 895.50 3.04 19.36 292.1
GamesWk♦ 583.00 -2.00 624.50 487.25 8.92 15.23 0.8 Harworth Gr 11.13 - 14.00 5.35 - 19.45 149.4 Ladbrokes 100.20 1.35 147.00 95.70 8.88 -38.36 4552.4
StGobn €X 40.63 1.14 44.84 29.51 1.48 28.06 3324.9 JohnstnP 102.25 2.25 7830 94.69 - -213.47 1.7 Brammer 297.75 -1.00 432.75 265.00 3.59 41.56 61.0
Gleeson 436.63 -2.88 465.00 324.66 1.37 13.65 9.9 REITs MandarO $♦ 1.52 0.06 1.84 1.45 4.43 19.62 34.3
Tyman♦ 281.00 -1.00 342.00 228.25 2.85 40.75 67.5 News Corp A $ 13.62 0.40 17.80 12.67 - -54.32 7047.7 Bunzl 1713 26.00 1969 1517 2.07 25.10 854.0
Headlam 472.25 8.00 512.00 390.00 3.71 15.70 57.0 Assura 53.00 -0.50 62.25 43.50 3.49 11.28 310.8 Marstons 153.20 1.40 174.40 134.50 4.37 -32.44 801.4
NewsCpB $ 13.81 0.38 17.44 12.62 - -55.08 1585.5 Capita 1233 22.00 1336 1000.5 2.37 33.43 1131.5
Electronic & Electrical Equip McBride 118.00 0.25 125.00 74.00 - -12.65 104.1 BigYellw 677.00 22.50 720.00 479.40 2.78 9.42 136.5 Carillion 338.30 11.60 371.40 294.03 5.20 26.61 2347.6 Natl Exp 295.00 2.00 324.80 213.40 3.49 18.28 704.1
Persimn 2060 57.00 2156 1247.08 - 14.31 1358.0 Pearson♦ 1106 24.00 1517.42 1051 4.61 47.37 3522.0
Dialight 548.00 1.00 960.00 398.00 2.74 29.32 8.8 BritLand 824.00 15.50 891.50 649.00 3.34 5.20 4797.8 Comnsis 47.00 1.00 68.25 44.65 4.26 -6.45 157.5 PPHE Htl 651.00 14.50 664.45 417.80 2.50 8.42 78.6
Philips € 23.04 0.82 28.00 20.69 - 95.79 5719.6 Quarto 197.50 - 239.00 136.66 4.19 7.67 2.4
e2v Tech 231.75 4.75 268.00 145.44 1.94 21.39 9.3 Cap&Reg 67.00 1.00 70.05 46.25 1.42 4.08 455.0 ConnectGp 159.75 4.75 191.45 128.02 5.88 12.53 88.2 Rank Gp 248.70 -9.30 268.00 151.90 1.81 20.59 192.0
PZCusns♦ 315.00 5.60 392.10 288.50 2.49 25.33 493.6 RELX NV €♦ 14.36 0.18 24.17 13.85 - - 3278.3
Halma 750.00 15.00 786.50 557.50 1.53 27.29 651.0 Countrywd 505.00 7.10 608.00 404.30 2.97 25.15 205.2 DCC 4785 114.00 5320 3050 1.66 31.46 68.7 Restaurt 678.50 7.00 748.70 607.00 2.19 22.68 975.3
ReckittBX♦ 5733 204.00 6300 4895 2.42 24.36 1659.0 RELX PLCX♦ 1035 24.00 1199 921.50 2.41 97.39 5377.4
MorganAd 331.90 5.40 375.84 258.10 3.28 57.42 332.8 DrwntLdn 3619 77.00 3818 2615 1.10 5.01 150.1 DeLaRue 481.50 1.75 779.00 445.03 7.58 14.39 83.8 Sportech 62.50 0.25 79.50 47.00 - -1.49 29.3
Redrow 470.90 11.10 497.00 248.64 0.64 12.28 597.4 STV Grp 445.00 -22.25 494.00 322.00 0.90 11.84 193.4
OxfordIn 839.50 -6.00 1114 671.58 1.52 -76.09 50.0 Gt Portld 828.50 17.00 883.50 600.04 1.07 5.62 668.1 Diploma 709.00 -9.00 916.50 631.00 2.40 21.65 314.6 Stagech♦ 359.70 -5.30 437.90 331.60 2.72 14.90 726.5
TaylorWm♦ 197.10 6.10 207.40 104.60 0.79 15.51 29235.3 ThmReut C$X♦ 51.40 0.55 54.47 39.45 3.35 16.30 908.9
Renishaw 2142 38.00 2672.9 1520 1.92 13.98 37.1 Green Reit € 1.49 0.04 1.70 1.21 - - 42.8 Elctrcmp 180.80 0.80 263.10 170.50 6.50 11.34 803.5 ThomasCook 106.70 2.90 162.20 99.05 - -27.54 3716.8
TedBaker 2998 18.00 3438 1768 1.18 37.00 50.0 UTV Med 168.00 1.00 222.00 137.00 4.21 11.69 75.1
Spectris 1790 43.00 2420 1606 2.60 16.58 167.5 Hammersn♦ 629.50 14.00 708.00 537.00 3.24 7.27 2361.2 EnergyAst 549.50 5.00 640.00 375.00 - 20.65 5.4 TUI 1189 45.00 1294.78 996.74 - 66.47 1253.6
WPPX 1337 26.00 1616 1091 2.64 16.60 5638.9
TT Elect 162.75 5.75 163.00 96.00 3.38 -83.33 74.7 Industrial Engineering Hansteen 114.50 -0.10 128.95 98.70 4.28 6.76 2834.9 Essentra 847.00 2.00 1069 624.50 2.16 30.31 535.5 Whitbrd 4776 -44.00 5475 3767 1.51 23.55 1328.5
XP Power 1625 55.00 1750 1340 3.82 16.15 2.0
Bodycote 627.50 20.00 797.59 542.50 2.29 20.08 399.5
Mining HIBERNIA 1.33 0.02 1.39 1.03 - - 2717.4 Experian 1091 27.00 1264 909.95 2.37 21.31 2248.3 Willim H 359.70 3.80 432.10 333.40 3.39 17.96 3245.4
Acacia♦ 243.70 4.40 318.90 191.70 1.10 24.38 664.6 Highcrft 1025 - 1090 795.00 3.51 18.78 0.0 Grafton 718.00 41.50 868.00 570.00 1.29 21.12 1543.0
Financial General Castings 425.50 10.50 480.00 360.00 3.07 13.38 72.3
INTU 324.50 10.90 376.50 305.50 4.22 16.97 3063.8 Utilities
Fenner♦ 169.00 -0.50 368.00 156.00 7.10 820.39 395.4 AngloAmer♦ 726.30 62.00 1603 649.30 7.51 -2.10 12718.7 HarvyNah 100.50 2.75 112.00 66.32 3.32 13.96 4.0
3i 496.00 16.60 571.50 343.61 3.23 6.80 1845.7 LandSecs 1261 33.00 1363 988.50 2.51 4.14 2222.2 Centrica 241.40 5.30 327.00 234.40 5.59 -24.29 20452.7
Goodwin 2320 28.00 3749 2120 1.83 11.12 0.2 AngloPacif 85.00 1.50 171.44 74.75 12.00 -2.02 90.6 Hays 158.10 3.90 173.70 108.15 1.66 23.50 4142.9
AberAsM 315.30 8.10 509.64 291.90 5.71 13.89 6047.5 LondonMtrc 162.20 5.60 173.20 132.30 4.32 6.35 1543.1 DeeVally 1400 -5.00 1450 1135 4.46 18.58 1.0
Hill&Sm 710.00 4.00 734.00 520.00 2.54 27.56 16.6 AnGoldA R 97.50 0.66 183.95 71.59 - -162.06 2304.5
Homesve 417.50 7.50 447.84 312.00 2.91 23.07 154.7
Ashmore 259.70 5.70 355.90 249.00 6.33 12.42 928.1 McKaySec 263.63 3.63 275.00 215.00 3.26 7.43 0.0 Drax 288.20 9.70 664.00 246.00 4.13 6.75 1902.0
IMI♦ 1015 13.00 1454.55 965.50 3.70 15.68 865.6 Antofagasta 611.50 50.00 813.00 519.50 2.23 39.72 5681.5 HowdenJny 482.00 11.50 532.00 309.00 1.74 20.52 1735.0
BrewDlph 280.80 5.00 361.00 236.80 3.53 42.67 166.7 MucklGp 495.00 2.00 510.00 421.00 4.09 5.76 3.1 Natl GridX 851.60 25.80 965.00 806.40 4.96 15.96 11520.7
MelroseInd♦ 261.50 2.50 314.78 242.70 3.18 40.92 3302.2 ..5%Pf 0.60 - 0.60 0.60833.33 - - Intserve 576.50 18.00 878.50 487.20 3.99 15.67 212.4
Canaccord♦ 270.00 - 695.00 275.00 3.77 -14.83 0.4 PrimyHth 411.25 2.25 421.25 324.00 4.80 11.53 189.5 Pennon♦ 730.50 8.00 925.00 714.50 4.10 23.33 1273.7
Renold 71.63 0.13 86.00 49.00 - 29.05 8.7 AquarsPl 8.19 0.09 24.25 5.53 - -3.48 1240.8 Intertek 2533 69.00 2848 2141 1.94 21.51 653.1
CtyLonInv 330.25 5.25 380.37 251.25 7.81 15.50 15.9 Redefine 53.80 1.10 59.90 48.00 5.95 5.32 568.2 UtdUtils 851.00 17.50 1045 784.00 4.30 21.44 1764.5
Rotork♦ 200.40 2.10 289.00 188.10 2.50 17.46 2239.0 Barrick C$ 9.05 0.33 20.03 8.60 2.15 -3.04 5148.9 Latchways♦ 720.00 - 1040 705.01 5.50 19.01 0.4

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 PolarCap 389.00 -10.50 500.00 351.00 6.81 15.32 35.3 Insurance Egdon Res 12.25 0.25 25.93 6.24 - -7.85 104.8 LXB Retail 80.50 2.50 149.00 77.00 - - 80.1 Tech - Hardware
Cohort♦ 373.00 3.00 390.00 195.40 1.18 27.15 20.4 Share 27.50 - 41.68 26.75 2.25 292.55 18.6 Gable 25.00 0.25 84.00 16.75 - -7.00 110.3 Enegi Oil 0.63 - 4.15 0.58 - -0.24 864.8 NewRiver 329.50 1.50 342.00 271.00 2.58 17.82 680.0 AminoTech 159.50 -0.50 171.00 75.24 3.13 14.20 50.3
ShoreCap 407.50 -7.50 431.50 400.00 2.21 19.60 0.5 Helios 192.50 2.50 200.00 120.00 0.78 15.74 5.5 EuropaOil 4.88 - 10.75 4.50 - -6.92 296.0 Palace Cap 362.50 - 405.00 295.00 2.34 4.52 12.5 IQE 23.00 -1.00 26.50 12.08 - 95.44 1101.0
Banks STM Group 49.50 0.50 55.90 16.50 - 29.78 0.4 FalkldO&G 23.00 2.00 45.00 16.75 - -49.57 791.8 PnthrSec 352.50 -5.00 375.00 300.00 3.40 13.51 2.7
BCB Hldgs 7.50 - 13.50 6.00 - -1.27 2.0 WH Ireland 108.50 - 130.00 79.00 1.84 41.75 9.9 Media GETECH 56.00 1.50 71.70 32.00 3.93 8.49 77.8 PSPI 30.50 - 31.00 23.00 - -5.65 12.8 Tech - Software & Services
STB♦ 2853 -17.00 3024 2257 2.38 20.73 1.4 Avesco 205.50 6.50 233.00 95.00 2.92 14.32 36.9 Infrastrata 1.38 - 8.88 1.40 - -1.20 2007.9 SiriusRE € 0.49 0.00 0.53 0.28 2.19 10.48 41.1 Blinkx 23.25 2.75 45.00 14.75 - -6.65 5108.6
Food & Beverages Cello Gp 94.00 -0.50 106.70 81.00 2.56 35.70 14.8 Iofina 17.25 0.50 65.56 15.00 - -5.15 160.6 SumGermny €♦ 0.91 - 0.99 0.50 2.06 3.61 3.0 BondInt 123.50 - 148.25 83.00 1.78 23.91 21.3
Basic Resource (Ex Mining) FinsbryFd 99.00 1.50 101.98 56.00 1.01 13.27 431.9 M&Csaatc 329.50 4.25 395.00 249.75 1.71 -1390.30 11.8 Brady 98.50 - 110.13 64.00 1.73 176.52 5.4
Ithaca Engy 34.75 3.00 137.50 26.25 - -6.49 1418.6 TaliesinPr 2335 22.50 2545 1750 - 8.46 0.0
CropperJ 504.00 1.25 570.00 355.00 1.57 25.05 0.2 Nichols♦ 1405 1.00 1459 834.56 1.59 24.33 10.0 MissionMk 45.00 - 51.00 37.00 2.22 8.90 4.3 Datatec 350.00 - 369.66 261.25 3.14 14.66 86.5
KBC Adv 114.00 - 130.31 77.00 0.88 20.60 16.2 Winkworth♦ 155.00 - 180.00 115.00 3.81 13.14 6.7
PureCircle 400.00 -2.50 635.00 352.24 - 311.53 4.4 Next15Cm 184.50 0.50 198.00 117.00 1.50 119.34 22.1 DDD 2.75 - 5.00 1.25 - -2.86 5.0
Chemicals Max# 0.16 - 1.35 0.08 - -0.08 634.1
Retailers
RealGdFd 51.00 - 59.40 23.00 - 60.00 2.9 YouGov 117.50 -1.00 133.00 98.50 0.68 211.33 7.0 PetrelRes 2.50 - 7.50 2.00 - -1.09 20.0 Eckoh 39.25 0.25 48.50 33.00 0.79 46.39 549.9
Scapa 194.00 2.75 225.25 120.00 0.52 31.27 225.5
Wynnstay 575.00 - 607.25 474.52 1.77 16.20 7.9 Petroceltic 46.25 -0.50 224.00 42.75 - -0.50 36.9 ASOS 3000 96.00 4259 1742 - 68.97 857.3 EgSoltns 63.50 - 84.00 62.00 - 18.03 3.2
Construction & Materials Mining Koovs 67.50 - 171.00 60.00 - - 0.4 Iomart♦ 240.50 1.50 285.75 159.93 0.73 29.18 165.6
Health Care Equip & Services PetroNeft 4.15 -0.30 6.65 3.60 - -5.11 558.0
Abbey 1012.5 - 1050 800.00 0.79 7.55 0.1 AMC 14.00 - 44.58 2.85 - -69.31 1198.6 Majestic 422.00 20.00 480.00 280.00 3.79 20.72 53.8 K3BusTc 267.50 - 275.00 205.00 0.47 29.69 1.0
Advnc Med 148.00 2.00 161.00 111.00 0.43 24.33 93.4 Plexus 197.00 -3.00 268.87 165.00 0.56 31.71 84.8
AccsysTch 71.00 1.00 81.50 0.93 - -7.00 10.7 BotswanaD 0.80 - 4.15 0.72 - -1.71 250.0 StanlGib 212.50 6.00 322.00 206.00 3.41 53.45 122.6 OMG 41.00 -0.50 49.00 26.00 1.22 118.16 12.5
AVO 7.38 0.13 16.90 3.50 - -9.83 919.4 PresidentEn 10.25 0.13 39.48 9.00 - 4.57 125.9
Aukett 6.63 - 9.50 5.76 3.17 8.69 27.5 CentAsiaM 151.00 -6.00 198.00 135.16 6.95 4.27 22.9 Progility 3.13 - 10.10 2.75 - 3.31 10.0
CareTech 247.50 1.50 263.25 190.00 3.23 11.67 33.9 Rockhop 51.50 3.75 95.50 40.00 - -10.07 1138.1 Support Services
Connema 1.38 -0.13 3.81 0.25 - -2.39 490.0 Pub Tech 138.00 2.00 240.00 120.00 - -4.25 0.8
Sound Oil 16.13 0.63 26.73 8.75 - -11.80 1627.0
Electronic & Electrical Equip ImmunDiag 306.00 - 478.00 264.40 2.78 38.29 3.0 C'royG&NR 0.65 - 1.60 0.50 - -7.07 161.1 AndSyks 340.00 - 385.00 260.00 7.00 15.43 2.0
SciSys 64.00 - 96.75 38.50 2.34 8.82 1.0
SphereMed 13.25 - 31.00 12.00 - -1.49 49.3 TowerRes 0.17 - 0.88 0.09 - -0.16 784.0 Augean 57.25 0.25 62.00 37.65 0.61 12.69 66.8
CeresPow 8.58 -0.27 11.00 6.50 - -6.24 93.0 GrekaDrill 5.65 -0.10 16.80 5.32 - -6.09 90.8 WANdisco 176.00 - 545.00 170.30 - -1.72 1.1
Tristel 94.00 -1.50 107.99 65.00 1.72 23.43 83.9 TrinityE 3.60 0.50 93.57 2.92 - -0.04 111.5 Begbies 42.88 -0.13 54.76 38.50 5.29 16.76 22.3
Densitrn 8.50 - 9.75 3.50 - 293.10 25.0 Herencia 0.14 - 0.49 0.12 - -1.73 4367.1
UnJackOil 0.17 - 0.48 0.14 - -4.25 6998.0
ElektronT 6.75 -0.38 8.70 3.25 - 67.50 201.0 House, Leisure & Pers Goods HighldGld 49.00 0.25 71.50 17.73 10.82 -9.96 480.3 Christie 131.00 - 162.00 115.00 1.34 14.57 1.3 Telecommunications
VictorOil 50.75 0.75 89.05 1.21 - -1.47 122.9 Empres 71.50 1.00 91.50 38.13 0.49 9.50 96.2
FlowGp 13.25 0.25 50.00 12.20 - -3.36 453.3 KarelianDd 0.93 - 2.08 0.80 - -13.21 594.5 AltNetwks 489.50 6.50 545.00 415.00 2.96 26.42 4.5
Airea 19.50 - 20.80 10.25 3.08 12.71 45.0 VolgaGas 55.50 - 121.00 55.00 4.33 5.46 2.0 Hargreaves 338.25 -0.75 815.00 280.00 7.54 3.59 214.8
LPA♦ 63.50 0.50 112.00 60.00 2.44 56.10 3.0 KEFI Min 0.75 - 1.80 0.67 - -1.86 585.0 AvantiCom 208.00 -1.00 325.00 170.25 - -3.71 48.1
Churchll 540.00 20.00 630.00 445.00 2.74 17.56 381.4 Hydrogen 53.00 - 90.25 48.25 8.68 -126.19 10.0
ThorpeFW 181.50 - 196.00 120.00 1.79 20.08 10.6
gamingrealm 22.75 0.25 41.00 20.00 - -4.87 35.0
OracleC 1.50 - 2.00 0.25 - -7.28 1380.0 Pharmaceuticals & Biotech Peoples Op 125.00 - 147.60 120.00 - -55.19 0.5
Zytronic 302.50 6.00 319.00 219.00 3.31 14.79 22.3 RamblMtls 8.75 - 27.40 8.50 - -30.49 27.6 Abcam 582.00 29.50 614.50 355.25 1.33 33.12 409.2 Impellam 775.00 -15.00 859.60 455.00 0.81 12.66 5.2
Mulberry 900.00 -9.50 969.00 562.50 0.56 -383.47 1.1
ShantaGold 4.75 - 13.00 4.25 - 3.92 246.5 ISG 164.50 6.00 356.00 140.00 5.74 -6.01 87.1 Travel & Leisure
AllcePharm 55.75 1.00 63.00 31.65 1.68 17.66 83.9
Financial General Portmern 905.00 - 960.00 840.00 2.93 14.81 6.9
SierraRut 21.50 -0.75 38.00 17.00 - -18.39 720.9 JhnsnSrv 89.00 3.00 91.00 56.00 1.47 30.69 107.1 CastleStIn 35.25 -0.75 41.25 17.00 8.51 - 5.0
TelfordHms 396.00 3.75 495.00 317.50 2.58 12.15 160.7 Epistem 192.50 - 339.00 175.00 - -6.43 0.0
Ambrian 6.13 -0.38 12.50 5.25 - 18.56 177.9 Sirius Min 16.25 -0.25 29.50 6.40 - -32.31 1247.8 JourneyGp 176.50 - 180.47 113.00 1.63 15.29 1.3 Celtic 73.50 -1.75 79.00 72.18 - -19.13 3.3
WalkerGb 222.50 3.50 244.85 151.05 0.86 26.89 110.7 e-Thera 32.63 -0.50 49.40 24.25 - -11.08 18.5
Arbuthnot 1471.5 8.50 1650 1000.00 1.83 20.21 0.4 SolGold 1.88 0.05 6.65 1.77 - -3.56 427.9 LonSec 2100 -45.00 2450 1900 2.95 20.31 0.0 ..6%CvPf♦ 65.00 - 80.00 35.00 4.98 - 0.5
GW Phrms 582.50 40.50 708.55 299.11 - -38.25 352.0
Aurora 9.13 - 12.88 8.00 - -0.93 1.1 Industrial Engineering Stratex 1.98 -0.18 3.22 1.00 - -3.78 1669.6 Matchtech 560.00 - 587.80 495.00 3.57 17.46 10.2 ..Cv Pf 135.00 - 150.00 120.00 - - 16.0
HtchChMd 1795 - 2020 1040 - 1602.68 4.8
BP Marsh 137.50 - 156.75 121.00 2.00 8.14 15.0 Xtract Res 0.25 - 0.49 0.06 - -2.78 65992.2 NewmkSec 3.15 0.03 4.93 1.66 2.38 6.70 145.7 Dalata 289.00 -1.00 299.00 111.15 - 102.45 10.9
600 Grp 16.75 - 21.00 14.60 - 6.50 11.8 ImmuPhar 41.00 - 67.00 37.00 - -11.94 17.5
BrooksMac 1769.5 -18.50 1900 1300 1.47 28.26 2.5 ZincOx 11.25 0.50 18.00 6.00 - -0.83 234.5 NormanBr 14.00 - 25.00 8.50 - -1.52 43.3 Dart 454.25 8.25 500.00 200.00 0.64 20.46 190.5
Molins 76.50 2.00 161.00 68.01 7.19 -49.71 107.1 ReNeuron 5.38 - 6.50 2.80 - -10.79 1205.0
Camellia 9625 50.00 10000 8450 1.30 93.75 2.0 NWF 155.00 - 165.00 120.00 3.29 12.17 5.2 GoalsSocc 197.50 -0.50 242.00 195.00 0.94 22.21 7.5
MS Intl 173.50 2.50 201.80 116.00 4.61 21.16 16.0 Sareum 0.22 0.01 0.68 0.19 - -3.71 7171.8
CaptlMgt 117.00 - 200.00 103.00 - -1.50 0.0 Oil & Gas Optimal Pay 300.00 15.00 575.00 215.00 - 24.94 12829.6 MinoanGp 6.63 -0.50 15.73 6.60 - -10.50 256.0
Pres Tech 204.00 - 750.00 180.00 4.12 12.37 2.5 SinclairIS 39.00 0.25 48.00 23.30 - -14.95 340.9
Fairpoint 158.50 0.50 170.00 105.66 3.88 24.27 68.6 AlkneEng 22.00 -0.50 40.35 19.50 0.91 9.84 282.3 PennaCns 217.50 1.50 230.00 116.00 1.61 14.41 1.4 PeelHtls 103.50 - 110.00 75.00 - 22.16 4.0
TP Group 3.75 - 7.40 3.00 - -4.24 31.3 Vernalis 75.25 1.25 85.00 41.75 - -113.16 33.4
Leeds 34.00 3.00 43.79 30.00 - 8.91 138.6 AmeriRes 25.50 1.75 65.75 19.10 - 15.61 2340.2 Petards 11.50 - 15.99 9.75 - 10.37 25.0
MattioliWds 580.50 4.50 585.00 414.00 1.57 26.00 5.5 Industrial General AndesEnrg 22.50 -1.50 49.42 16.50 - -16.61 109.7 Real Estate Utilities
RedhallGp 11.00 - 18.50 8.50 - -0.38 20.0
Miton 24.50 - 38.50 18.50 2.20 -7.50 60.9 BahamasP 2.04 0.04 4.70 1.50 - -8.72 259.7 ModernWtr 11.13 - 29.00 10.50 - -0.50 7.5
Powerflte 75.00 0.75 80.00 35.00 1.40 46.64 2.0 Conygar 173.00 - 195.00 160.00 1.01 8.77 28.7 Renew 324.50 -2.00 348.00 237.00 1.54 18.81 74.9
MAB 302.50 5.00 309.26 160.00 - 31.55 2.7 BorSthnPet 2.73 0.12 13.90 2.07 - -5.29 897.9 RenEnGen 46.50 - 68.00 46.00 4.73 -32.49 15.0
RM2 65.00 0.25 77.00 46.00 - -6.83 258.5 FltchKng♦ 45.00 -0.50 65.00 38.00 6.67 6.26 0.3 Restore 242.00 - 289.00 207.50 0.87 40.37 50.3
Numis 245.75 -1.00 280.00 196.09 4.27 18.66 16.4 Circle Oil 5.00 -0.13 28.70 4.75 - -0.82 558.3 Rurelec 1.48 - 6.48 1.32 - -2.81 202.9
Symphny 7.50 - 11.22 6.50 - -32.05 75.9 InlandHms 68.75 0.88 74.00 45.00 0.87 21.74 315.2 SafeCharge 257.50 3.50 297.00 197.00 0.72 38.70 30.7
Park Grp♦ 67.00 - 77.50 47.00 3.81 14.56 1.7 ClontarfEn 0.35 - 1.40 0.26 - -3.80 20.0 SeaEnergy 7.25 -0.25 39.50 7.00 - -1.61 43.0
Lok'nStor 281.50 1.50 300.30 199.17 2.49 119.63 10.3 Servoca 21.50 - 26.03 11.00 - 16.00 0.1
Utilityws 155.50 0.50 311.05 142.00 2.57 10.84 733.3

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 102.75 - 107.89 102.00 - - - JPMGIConv 94.00 1.25 112.00 90.00 5.98 99.3 -5.3 ScotAmer♦ 245.25 7.75 276.50 221.99 4.30 235.8 4.0 Albion Ent♦ 90.50 - 91.75 85.00 5.52 98.0 -7.7 Marwyn Val 223.25 1.00 251.93 196.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin Inv 678.50 19.50 706.00 565.20 3.48 669.3 1.4 JPM GEI♦ 94.50 1.13 130.00 86.11 5.19 94.6 -0.1 Scottish In 593.00 22.00 670.00 536.00 2.02 659.9 -10.1 AlbionTech 76.00 -0.50 78.49 71.25 6.58 79.2 -4.0 TerraCat 106.00 0.50 112.00 90.00 - - -
3i Infra 164.30 -0.40 189.56 151.00 4.55 - - Edin WWd 436.00 10.00 502.44 332.25 0.46 465.4 -6.3 JPM I&C Uni 361.50 - 370.00 330.06 - 353.6 2.2 ScottMort 249.20 10.30 283.40 204.00 1.16 241.9 3.0 AlbionVCT 66.00 - 68.65 63.00 7.58 67.1 -1.6
AbnAsianIn 161.00 4.75 213.80 142.50 5.09 166.6 -3.4 EP Global 223.50 2.75 262.10 207.04 1.48 229.1 -2.4 JPM Inc&Gr 104.00 -1.50 115.85 98.50 2.12 109.8 -5.3 ScottOrtll 716.00 16.50 900.00 660.00 1.61 817.4 -12.4 ArtemisVCT 63.50 - 70.52 59.23 6.30 70.3 -9.7 ISDX
AbnAsian 748.50 49.00 1014 653.77 1.34 822.1 -9.0 Estabmt 145.50 0.50 188.00 140.93 3.23 196.0 -25.8 JPM Ind 503.50 25.75 605.50 430.00 - 552.6 -8.9 SecTstScot 131.50 4.88 148.00 123.00 3.65 136.9 -3.9 Baronsmd 76.13 - 75.60 69.50 4.60 79.4 -4.1
Euro Ast♦ 1072.5 35.00 1160 800.00 4.88 1048.0 2.3 JPM JpSm 228.38 10.63 261.75 184.00 - 267.4 -14.6 Seneca I&G♦ 141.00 1.13 150.00 131.00 3.97 142.0 -0.7 ..VCT 2 98.63 - 99.00 91.00 4.56 103.1 -4.3 52 Week Vol
AbnJapInv 497.50 26.00 571.00 357.50 0.90 491.1 1.3
EuroInvT 758.50 12.50 849.00 659.33 1.85 794.2 -4.5 JPM Jap 268.25 10.13 307.95 195.00 1.04 298.3 -10.1 Shires Inc 230.50 6.13 261.00 214.00 5.21 238.9 -3.5 ..VCT 3 102.25 - 104.70 94.00 7.33 106.1 -3.6 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn 51.25 1.75 85.68 44.25 8.29 54.3 -5.6
F&C Cp&I 259.50 4.38 277.00 231.75 3.82 256.9 1.0 JPM Mid 976.50 21.50 992.00 669.10 1.84 1014.8 -3.8 StdLf Eqt 469.00 14.63 471.46 362.50 2.99 451.4 3.9 ..VCT 4 94.88 - 94.35 86.75 3.16 98.7 -3.9 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
..Sub 0.25 0.05 2.63 0.10 - - -
F&CGblSmlr 955.00 30.00 1028.92 781.00 0.85 941.4 1.4 JPM O'seas 986.25 29.75 1159 890.95 1.52 1075.3 -8.3 StdLf Sml 329.00 9.50 340.00 256.00 1.37 351.7 -6.5 ..VCT 5 78.13 -0.25 78.88 72.00 5.12 80.5 -2.9 ShephdNm 1140 - 1260 1000.00 2.27 25.29 0.0
AbnNewDn♦ 151.00 5.75 205.23 136.00 2.38 170.8 -11.6
F&CMgdG 147.00 - 158.00 130.00 - 147.6 -0.4 JPMRussian 289.00 18.25 446.00 223.25 4.50 345.0 -16.2 StrategicEq 233.00 6.25 241.50 153.68 0.33 212.9 9.4 BSC VCT 88.00 - 91.80 82.00 6.25 96.2 -8.5 Thwaites 109.00 - 132.00 108.00 4.09 9.82 0.0
AbnNewThai 355.38 13.25 489.88 324.00 2.25 422.2 -15.8
AbnSmlCo 215.50 3.50 229.00 174.00 3.05 250.7 -14.0 F&CMgdI 115.00 - 130.00 110.00 4.30 116.2 -1.0 JPMSnrSec 90.00 - 101.00 89.22 - 93.7 -3.9 Temp Bar 1109 21.00 1274 1040 4.22 1136.5 -2.4 ..VCT2♦ 55.00 -2.00 60.50 51.98 8.18 60.5 -9.1
Abn UK 300.50 10.25 334.75 281.83 3.39 310.2 -3.1 FidAsian 212.13 11.13 285.50 195.50 0.52 241.0 -12.0 JPM Smlr 857.50 7.50 868.00 527.00 1.12 1015.3 -15.5 TempEmerg 414.40 19.40 626.64 335.88 1.75 478.0 -13.3 Crown Place 29.00 - 30.50 27.75 8.62 28.1 3.2
Abf Gd Inc 202.00 2.50 212.00 138.25 3.64 219.6 -8.0 FidChiSpS 120.60 7.50 179.78 105.06 0.95 142.9 -15.6 JPM US Sml 168.50 6.00 193.75 135.77 - 176.9 -4.7 TRIG♦ 100.25 0.25 109.00 99.00 5.49 - - FrsightSol 103.50 - 106.00 95.00 5.80 108.4 -4.5 Guide to FT Share Service
Abf Sml 1180 4.00 1235 966.00 2.10 1284.4 -8.1 Fid Euro 171.20 3.90 187.50 137.40 1.81 177.1 -3.3 JupUSSmCo 601.25 15.75 704.03 574.28 - 683.6 -12.0 ThreadUKSel♦ 168.50 0.50 181.78 160.00 2.58 181.9 -7.4 Inc&GthVCT 93.50 - 104.00 88.25 19.25 103.7 -9.8
AcenciADbt $ 1.56 0.02 114.00 1.53 3.97 1.7 -8.2 Fid Jap 81.00 3.75 88.25 64.00 - 92.3 -12.2 KeystoneInv 1795.5 46.50 1900 1651.76 2.81 1856.8 -3.3 TREurGth 613.50 10.50 661.00 438.00 1.06 674.3 -9.0 KingsAYVCT 18.00 - 19.50 17.25 5.56 19.9 -9.5
AdvDvpMk 372.13 14.38 483.00 350.00 - 426.9 -12.8 Fid Spec 200.75 5.00 217.00 159.37 1.64 - - Law Deb♦ 487.25 19.00 545.50 452.50 3.22 452.3 7.7 TroyInc&G 68.00 1.25 74.71 60.00 3.35 67.8 0.3 Maven I&G 66.00 - 67.50 59.50 6.82 64.9 1.7
Alliance 461.00 12.70 531.50 420.20 2.15 531.5 -13.3 FinsG&I 554.50 14.00 609.36 464.25 2.11 552.6 0.3 LinTrain £♦■ 497.50 28.00 537.00 364.40 1.36 408.1 21.9 UtilicoEmg♦ 161.50 6.00 206.09 142.94 3.78 177.4 -9.0 MavenVCT2 52.25 - 56.75 49.00 7.37 59.4 -12.0 For queries about the London Share Service pages e-mail
AllianzTech 589.00 25.50 640.43 463.07 - 598.2 -1.5 FstPacfic H HK$ 5.07 0.05 9.48 4.95 4.08 - - Ln&StLaw♦ 360.00 10.13 384.00 330.80 3.83 364.3 -1.2 UtilicoInv♦ 112.00 0.50 128.25 103.00 6.70 141.1 -20.6 MavenVCT3♦ 73.75 - 79.00 70.00 2.71 86.8 -15.0 ft.reader.enquiries@morningstar.com.
AltAstsOps 38.25 - 47.00 36.50 - 43.8 -12.7 For & Col 425.50 13.90 467.90 365.00 2.21 456.6 -6.8 Lowland 1389 53.50 1440 1219 2.74 1342.1 3.5 ValAndInc 241.00 5.00 274.00 228.50 3.61 304.5 -20.9 MavenVCT4♦ 83.25 -1.25 88.39 80.00 5.71 96.3 -13.6 All data is as of close of the previous business day. Company classifications
Art Alpha 257.50 1.50 306.50 249.50 1.26 322.8 -20.2 Geiger 13.75 - 27.90 12.50 - 16.0 -14.1 M&GHighInc 160.00 -0.50 179.95 148.00 2.88 164.4 -2.7 Witan 751.00 31.00 850.00 642.00 2.08 748.0 0.4 MavenVCT5♦ 34.75 - 37.00 32.00 2.88 42.6 -18.4 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 19.00 - 44.73 18.00 6.32 - - GenEmer 450.00 20.80 583.00 391.70 - 495.4 -9.2 Majedie 255.50 5.50 283.00 206.41 2.94 256.7 -0.5 WitanPac 215.50 6.00 274.75 203.03 2.09 254.7 -15.4 Nthn 2 VCT 69.75 - 88.00 67.25 2.87 74.1 -5.9 100 constituent stocks are shown in bold.
AsianToRt 179.88 9.63 224.00 163.25 1.81 196.4 -8.4 GFIS 16.50 0.50 28.39 15.00 - 43.8 -62.3 Man&Lon 233.00 1.50 260.49 219.00 3.21 281.4 -17.2 WorldTst♦ 243.75 6.75 285.25 212.00 0.21 274.4 -11.2 Nthn 3 VCT 90.00 - 104.00 88.00 6.11 95.4 -5.7 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 151.50 - 166.79 144.00 2.51 161.0 -5.9 GRIT 11.13 - 35.00 9.79 - - - MCGlobPort 169.00 6.50 195.00 155.00 2.37 169.8 -0.5 WwideHlth 1883 66.00 2108.5 1355 0.74 1942.0 -3.0 NthnVent 76.00 - 85.36 74.50 7.89 79.8 -4.8 are based on intra-day trading over a rolling 52 week period. Price/earnings
BG Japan 433.50 15.50 493.25 316.50 - 415.2 4.4 GoldenPros 19.75 - 41.04 18.00 - 22.8 -13.4 MCurPac 249.13 5.63 336.00 236.73 3.01 292.8 -14.9 ProVenGI 79.00 - 81.25 76.00 5.06 83.6 -5.5 ratios (PER) are based on latest annual reports and accounts and are updated
Conventional - Private Equity 52 Week Dis(-)
BG Shin 391.50 22.75 424.00 282.50 - 372.8 5.0 Hansa 836.25 11.75 988.00 814.65 2.27 1120.6 -25.4 MercantIT 1719 28.00 1762.96 1316.55 2.33 1895.1 -9.3 ProVenVCT 94.50 - 97.89 89.50 4.76 100.5 -6.0 with interim figures. PER is calculated using the company’s diluted earnings
Price +/-Chg High Low Yld NAV or Pm
BSRT 21.00 -0.50 39.80 19.00 - 39.4 -46.7 ..A 810.00 3.50 940.00 795.00 - 1120.6 -27.7 MrchTst 455.00 16.00 506.00 413.00 5.21 447.1 1.8 UnicornAIM 133.00 - 135.79 122.00 4.51 153.5 -13.4 from continuing operations. Yields are based on closing price and on dividends
Hend Alt 219.38 1.38 254.00 215.00 1.37 278.4 -21.2 Mid Wynd 318.00 0.50 352.50 260.07 1.19 316.2 0.6 AbnPvtEq♦ 83.63 0.25 96.00 80.28 2.67 120.9 -30.8
Bankers♦ 592.00 18.00 674.50 506.00 2.55 607.0 -2.5 Ordinary Income Shares 52 Week HR paid in the last financial year and updated with interim figures. Yields are
Hen Div 89.38 0.38 95.50 87.50 5.71 89.0 0.4 MitonUKMic 54.25 0.63 56.25 50.00 - - - Altamir € 10.44 0.39 11.82 9.43 - 16.2 -35.6
BrngEmEu 473.00 24.00 679.00 432.00 4.02 538.8 -12.2 Price +/-Chg High Low Yld WO GRY 0% shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuroF 1035 24.00 1148.5 816.47 2.27 1017.9 1.7 MitonWw 159.00 0.50 164.65 149.00 - 173.5 -8.4 Dun Ent 319.00 2.13 409.00 305.00 5.17 514.7 -38.0
BH Global 1300 - 1343.6 1178 - 1372.0 -5.2 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenEuro 845.50 25.00 957.00 678.25 2.07 856.3 -1.3 MMP 3.13 - 5.00 3.00 - - - Electra 3260 29.00 3349.01 2338 - 3608.8 -9.7 JPM I&C 96.38 - 106.00 86.00 6.74 -14.3 -7.1
..EUR € 12.00 - 14.00 11.80 - - - capital changes where appropriate.
HenFarEs♦ 275.00 14.00 362.00 238.25 6.73 273.5 0.5 Monks 391.60 10.10 458.90 348.40 1.01 437.6 -10.5 ElectraPrf 151.00 - 152.05 144.25 - 145.7 3.6 JupiterDv&G 4.25 - 5.50 3.50 17.41 8.6 -41.4
..USD $ 12.80 - 13.35 11.70 - 13.5 -5.2 Trading volumes are end of day aggregated totals, rounded to the nearest
HendGlob 367.00 20.38 416.81 336.20 2.72 412.5 -11.0 MontanSm 502.50 20.50 544.00 390.50 1.39 562.6 -10.7 F&C PvtEq 218.00 0.25 230.00 197.00 4.93 279.1 -21.9 M&GHI&Gt 59.00 - 67.00 55.00 - -14.8 -19.3
BH Macro 2060 5.00 2191 1938 - 2174.0 -5.2 1,000 shares.
HenHigh 179.38 2.88 195.25 156.50 4.85 175.1 2.4 Mur Inc 690.00 21.00 796.60 646.50 4.75 722.9 -4.6 GraphEnt 590.00 25.00 605.00 536.10 1.27 689.6 -14.4 Rghts&Icp 4767.5 17.50 4900 3800 - -79.2 -1.8
..EUR € 19.88 0.04 21.10 18.71 - 21.0 -5.3
HenInt Inc♦ 117.38 3.13 137.69 103.00 3.66 115.0 2.1 Mur Int 833.00 23.00 1123 787.96 5.40 838.2 -0.6 HVPE $ 13.35 0.05 13.85 11.92 - 16.3 -18.1 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.72 0.17 21.10 18.67 - 20.9 -5.6 Income Shares 52 Week HR
Hen Opp♦ 1006 12.50 1059.1 755.00 1.24 1051.7 -4.3 ..B 750.00 - 1445.47 650.00 - 838.5 -10.6 HgCapital 1082 -3.00 1169 1006 2.96 1301.6 -16.9 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 769.50 54.00 898.92 492.52 - 794.9 -3.2 Price +/-Chg High Low Yld WO GRY 0%
HenSmlr 662.00 6.00 696.00 468.13 1.74 727.8 -9.0 NB DDIF $ 1.16 -0.01 1.25 1.00 - - - JPM Pvt Eq $ 1.00 0.00 1.07 0.76 - 1.3 -23.1 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom 62.50 2.00 119.88 55.25 9.62 60.7 3.0 JPM In&Gr♦ 95.25 -0.50 100.50 90.15 4.62 -69.5 11.7
Herald 696.00 16.00 742.50 594.00 - 847.7 -17.9 NewCtyEgy 12.75 -0.25 37.00 10.50 - 17.8 -28.4 JZ Capital 435.50 -1.50 480.00 390.00 - 683.1 -36.2 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 179.25 8.75 247.00 164.58 1.29 212.4 -15.6 M&GHghIc 57.75 1.25 63.00 51.00 - -14.8 -15.9
HICL Infra♦ 151.20 -1.60 161.40 140.10 5.97 136.2 11.0 ..Sub 0.13 - 0.15 0.06 - - - Mithras 134.00 - 151.91 130.00 0.75 163.0 -17.8 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 103.88 2.38 133.28 95.25 4.00 107.2 -3.1 Rghts&I♦ 1075 - 1245 895.00 3.35 - 50.4
Impax Env. 140.88 1.88 167.75 136.00 0.99 163.3 -13.7 NewCityHY♦ 57.00 0.88 66.50 52.00 7.42 56.6 0.7 NB PE Ptnr $ 11.43 -0.08 12.20 10.80 - - - in pence.
BlckRGtEur 242.00 8.13 264.50 201.75 1.94 251.1 -3.6
Ind IT♦ 349.00 3.00 364.00 268.50 1.43 357.0 -2.2 NewIndia 304.00 18.63 371.30 263.00 - 342.7 -11.3 Nthn Invs 546.50 - 665.00 385.25 1.83 526.7 3.8 Capital Shares 52 Week HR
..Sub 11.88 1.38 25.63 8.75 - - -
Intl PP 135.40 -0.70 140.59 130.34 4.60 128.5 5.4 New Star IT 73.00 -0.50 77.91 65.45 - 107.1 -31.8 Pantheon 1265 15.00 1355 1140 - 1555.1 -18.7 Price +/-Chg High Low SP WO TAV 0% X FT Global 500 company
BlckR I&G♦ 177.00 2.50 193.00 158.01 3.22 180.0 -1.7
InvAsTr 165.00 7.50 213.58 147.00 2.09 185.4 -11.0 NorthAmer 774.25 20.25 906.45 729.50 3.68 853.8 -9.3 PantheonR 1235 - 1300 1058 - 1555.1 -20.6 JPM Inc&Gr 10.75 0.25 15.19 9.00 5.4 -0.9 1.8 ♦ trading ex-dividend
BlckRIncStr 134.00 3.50 140.50 119.25 4.82 134.6 -0.4
Inv Inc 289.00 8.50 305.00 255.00 3.46 296.6 -2.6 NthAtSml 2009 4.00 2050 1625.86 - 2539.8 -20.9 PrincssPE € 7.50 - 8.12 6.50 6.99 9.1 -17.6 M&GHghIc 2.98 0.55 5.39 2.00 14.2 13.1 - ■ trading ex-capital distribution
BlckRckLat 292.75 21.75 508.45 267.02 6.56 341.2 -14.2
InvPerp 71.63 0.13 79.00 70.00 6.98 69.4 3.2 Oryx Int 547.50 - 565.00 375.00 - 636.6 -14.0 Riverstone 869.00 30.00 1114 822.00 - 1060.5 -18.1 # price at time of suspension from trading
BlckRckNrAm♦ 108.00 2.75 124.50 98.75 3.70 116.7 -7.5 Zero Dividend Preference Shares 52 Week HR
IPST BalR 118.75 -0.50 123.00 114.00 - 114.4 3.8 PacAsset 184.00 7.00 226.15 156.25 1.41 182.1 1.0 StdLfEuPv 205.25 2.50 236.42 198.00 2.44 262.0 -21.7
BlckRSmlr 925.50 25.75 969.39 697.00 1.39 1022.4 -9.5 Price +/-Chg High Low SP WO TAV 0% The prices listed are indicative and believed accurate at the time of publication.
BlckRThrmt 337.50 6.75 351.79 238.00 1.30 379.4 -11.0 IPST Gbl Eq 155.50 2.00 172.00 138.00 2.96 153.2 1.5 PacHorzn 151.25 5.25 223.77 142.50 0.93 175.9 -14.0 Conventional - Property ICs 52 Week Dis(-) Abf Gd Inc 151.13 0.63 153.25 143.25 -45.2 - 159.7 No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld♦ 209.50 4.25 486.60 202.00 10.02 237.6 -11.8 IPST Mngd 102.25 -0.25 104.00 100.75 - 103.2 -0.9 Perp I&G 405.00 7.90 431.00 350.81 2.99 399.2 1.5 Price +/-Chg High Low Yld NAV or Pm EcofinWatr 154.13 - 155.10 149.75 -68.5 -86.7 160.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 189.50 -0.50 194.60 183.10 - 201.2 -5.8 IPST UK Eq 160.50 2.00 174.39 143.00 3.83 162.1 -1.0 PerAsset 33997 432.00 36313.1 33436 1.65 33877. 0.4 Direct Property JPM I&C 174.00 - 175.00 165.50 -18.7 - 192.1 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 466.00 7.20 557.08 444.40 2.25 534.7 -12.8 InvPpUK♦ 375.75 6.25 390.46 281.00 1.73 397.3 -5.4 0 JupiterDv&G 111.00 - 114.00 99.50 -4.9 -98.5 124.6
AseanaPr $ 0.55 0.00 0.58 0.43 - 0.5 10.0 or use of the information.
Brunner♦ 517.00 -1.25 584.12 486.00 2.32 592.8 -12.8 Invs Cap A 92.50 - 102.00 87.00 4.84 96.0 -3.6 PolarFins 103.25 0.25 112.84 92.00 3.00 110.0 -6.1 JZ Capital 357.50 - 358.90 342.50 -85.9 -97.6 369.8
AXA Propty 44.75 -0.88 47.50 39.45 - - -
Calednia 2321 57.00 2517.66 2104 2.13 2691.3 -13.8 Invs Cap B 93.50 - 103.00 87.03 1.23 96.0 -2.6 ..Sub 7.50 - 13.00 5.00 - - - M&GHghIc 114.38 - 115.29 110.01 -18.8 -94.7 122.8 The London Share Service is a paid-for-print listing service and may not be
CustdnREIT♦ 107.63 - 111.50 104.00 3.48 - -
CanGen C$♦ 19.23 0.87 22.00 17.08 2.81 25.2 -23.7 Invs CapU 373.00 - 404.95 347.00 - 383.9 -2.8 PolarHealth♦ 173.50 6.00 187.50 142.50 2.05 182.2 -4.8 UtilicoFn16 184.63 - 186.00 177.51 -66.9 - 192.8 fully representative of all LSE-listed companies. This service is available to all
F&CComPrp♦ 145.50 0.40 149.00 123.00 4.12 127.1 14.5
Cap Gear 3212.5 31.50 3575 3125 0.50 3244.4 -1.0 JLaingInf 117.20 -1.10 128.60 116.00 5.55 110.0 6.5 PolarTech 564.00 22.50 614.00 458.80 - 562.5 0.3 UtilicoFn18 139.25 - 146.50 129.00 -19.8 -32.8 160.5 listed companies, subject to the Editor’s discretion. For new sales enquiries
F&CUKRealE 101.25 0.75 104.50 86.25 4.94 97.0 4.4
City Merch 181.25 - 194.00 180.50 5.52 176.8 2.5 JPM Amer 262.70 8.80 296.14 236.05 1.24 271.1 -3.1 ProspJap $ 0.97 0.03 1.15 0.91 - 1.2 -19.2 UtilicoFn20 120.25 - 123.75 103.50 -8.8 -11.5 154.9 please email stella.sorrentino@ft.com or call 020 7873 4012.
InvistaERET 0.10 - 3.80 0.03 - 5.3 -98.1
CityNatRs♦ 83.75 1.50 146.00 75.00 6.69 105.5 -20.6 JPM Asn 196.25 7.88 268.92 182.00 1.12 225.3 -12.9 QatarInvF $ 1.24 0.07 1.49 1.09 - 1.4 -11.4
Longbow 105.75 0.25 106.75 101.25 5.44 - -
City Lon♦ 381.00 10.30 418.35 345.00 3.91 373.0 2.1 JPM Brazil♦ 39.25 0.88 76.49 36.00 2.17 44.1 -11.0 RIT Cap 1533 22.00 1615 1265.55 1.94 1557.2 -1.6
PictonProp♦ 72.75 0.50 74.75 60.50 4.12 69.7 4.4 Investment Companies - AIM
DexionAb 187.00 0.50 191.00 167.00 - 197.1 -5.1 JPM China 156.25 9.88 233.96 136.30 1.02 179.8 -13.1 RobecoNV € 30.38 - - - - - -
SLIPropInc 84.25 0.25 90.25 74.75 5.48 78.0 8.0 Data provided by Morningstar
..EUR € 2.55 0.03 2.65 2.40 - 2.7 -5.6 JPMElct MC♦ 100.00 - 101.99 97.01 - 101.4 -1.4 RolincoNV € 28.32 - - - - - - 52 Week Dis(-)
UKComPrp♦ 87.45 0.05 94.00 80.50 4.21 84.3 3.7
..USD $ 3.85 - 3.89 3.60 - 4.2 -8.3 ..MG♦ 583.00 7.00 635.00 507.66 1.22 595.2 -2.0 Ruffer Inv 218.50 -0.50 226.00 193.50 - 211.5 3.3 Price +/-Chg High Low Yld NAV or Pm
DiverseInc 90.50 1.13 93.00 73.02 2.60 88.8 1.9 ..MI♦ 98.50 2.00 110.00 92.00 1.73 101.9 -3.3 SchdrAsiaP 250.00 9.25 321.50 226.25 1.10 279.2 -10.5 Property Securities AdFrntMkt 51.63 0.75 65.50 49.00 - 56.7 -8.9
JPM Emrg 533.00 19.50 674.65 486.00 1.03 603.4 -11.7 Schdr Inc 267.50 5.50 348.25 235.50 3.78 271.6 -1.5 SchdrGlbRe♦ 116.00 -1.00 132.98 98.88 1.88 124.1 -6.5 CrysAmber 155.50 1.00 170.00 129.81 0.3 161.2 -3.5
Dun Inc♦ 238.50 7.25 275.00 221.50 4.65 247.4 -3.6
JPM EurGth 236.25 3.50 263.00 193.00 2.84 255.5 -7.5 SchdrJap 144.25 3.75 165.00 115.25 1.25 155.9 -7.5 TR Prop 307.70 4.50 325.00 232.40 2.45 309.7 -0.6 GLI Finance♦ 56.63 0.88 65.00 51.00 8.8 - -
Dun Sml 210.00 3.13 229.00 171.30 2.50 243.9 -13.9
EcofinWatr♦ 120.25 2.25 176.75 114.75 5.82 144.8 -17.0 JPM EurInc 125.75 2.38 147.50 104.75 2.03 133.9 -6.1 SchdrOrient 174.00 5.00 215.25 154.00 4.40 173.9 0.1 VCTs 52 Week Dis(-) IndiaCap 57.25 1.50 69.40 46.00 - 70.9 -19.3
JPM EuSm 247.00 8.00 256.00 164.00 1.17 270.2 -8.6 SchdrUK 155.50 3.00 174.00 145.25 3.05 171.0 -9.1
..CULS
EdinDragn
102.00
234.00
-0.25 111.70 102.00 -
8.00 311.00 212.50 0.94
-
265.4
-
-11.8 JPM Clavr♦ 600.00 17.00 645.18 534.51 3.42 618.8 -3.0 SchdrUKMd 486.50 14.00 504.50 402.49 1.75 521.6 -6.7
Price +/-Chg High Low Yld NAV or Pm Infra India
MMP
20.00
3.13 -
-0.13 21.99 10.00
5.00 3.00
-
-
51.0
- -
-60.8
www.morningstar.co.uk
AlbionDev 69.00 0.50 70.89 66.00 7.25 73.7 -6.4
Friday 28 August 2015 ★ FINANCIAL TIMES 23

MANAGED FUNDS SERVICE

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

Artemis Strategic Bond R Q Acc 83.57 88.79 0.08 4.01 CF Seneca Diversified Income B INC 103.30 - 0.34 5.08 EUR Accumulating Class (H) € 9.20 - -0.03 0.00 UK Gilt Bond £ 1.27 - -0.01 1.98 Corp Pens UK Index Tracker £ 1.84 1.84 -0.01 -

Artemis Strategic Bond R Q Inc 54.39 57.78 0.06 4.09 CF Seneca Diversified Income N INC 102.35 - 0.33 5.08 EUR Distributing Class € 10.96 - 0.11 2.74 UK Gilt Gross £ 2.02 - -0.01 1.95 Guardian Linked Life Assurance Ltd
ACPI Global UCITS Funds Plc (IRL)
www.acpishard.com Artemis UK Growth R Acc 452.89 480.01 5.06 0.54 Investment Adviser - DSM Capital Partners EUR Distributing Class (H) € 8.90 - -0.03 3.02 UK Long Corp Bond £ 1.35 - -0.01 4.39 Managed Acc £ 17.09 17.99 -0.04 -
Regulated The Westchester X $ 26.76 - 1.03 0.00
Artemis UK Smaller Cos R Acc 1105.65 1194.09 4.66 0.49 GBP Distributing Class £ 9.77 - 0.11 2.95 UK Long Corp Bond - Gross £ 2.44 - -0.02 4.23 Equity Acc £ 31.12 32.76 -0.21 -
ACPI Emerging Mkts FI UCITS Fund USD A $ 107.05 - -0.21 0.00
The Westchester Class 1 GBP Acc £ 18.72 - 0.91 0.00 Fixed Interest Acc £ 17.03 17.93 -0.04 -
Artemis UK Special Sits R Acc 502.58 534.49 6.17 1.62 GBP Distributing Class (H) £ 8.97 - -0.02 2.96 UK Long Corporate Bond Fund - Gross Income £ 10.84 - -0.07 4.37
ACPI Global Credit UCITS Funds USD A $ 13.84 - -0.01 0.00
The Westchester Class 2 GBP Acc £ 18.75 - 0.91 0.00 International Acc £ 12.27 12.92 -0.02 -
Artemis US Abs Ret I Acc 104.77 - 0.44 - USD Accumulating Class $ 9.26 - -0.02 0.00 UK Specialist £ 1.81 - 0.03 1.57
ACPI Global Fixed Income UCITS Fund USD A $ 150.82 - -0.28 0.00 Investment Adviser - Morant Wright Management Limited
Artemis US Equity I Acc 107.53 - 4.04 - BlueBay Asset Management LLP (LUX) Dodge & Cox Worldwide Funds plc-Global Stock Fund FIL Investment Services (UK) Limited (1200)F (UK) Retail Share Classes International S-NA Acc £ 6.31 6.64 0.00 -
Q ACPI India Fixed Income UCITS Fund USD A $ 9.83 - -0.02 - Regulated CF Morant Wright Japan A X 256.30 - 5.15 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ
USD Accumulating Share Class $ 15.48 - 0.38 0.00 Emerging Markets - retail £ 1.16 - 0.03 0.07 International S-PA Acc £ 3.81 4.01 0.00 -
Artemis US Select I Acc 110.00 - 4.01 - Callfree: Private Clients 0800 414161
ACPI India Fixed Income UCITS Fund USD A3 $ 83.93 - -0.15 0.00 BlueBay EmMkt B-USD $ 281.84 - -0.38 0.00 CF Morant Wright Japan A Inc X 252.51 - 5.07 0.00
GBP Accumulating Share Class £ 16.46 - 0.63 0.00 Broker Dealings: 0800 414 181 Europe Long Term Growth £ 1.54 - 0.00 1.84 International S-EU Acc £ 3.07 3.23 -0.01 -
Artemis US Select I Inc 98.25 - 3.58 -
ACPI International Bond UCITS Fund USD A $ 17.98 - -0.09 0.00 BlueBay EmMktCrp B-USD $ 160.78 - -1.98 0.00 CF Morant Wright Japan B X 272.34 - 5.47 0.55 Authorised Inv Funds
GBP Distributing Share class £ 12.03 - 0.46 0.71 {*}CAR - Net income reinvested
Artemis US Smlr Cos I Acc 115.98 - 3.21 - Managed S-PR Acc £ 6.49 6.84 -0.02 -
BlueBay EmMktSel B-USD $ 142.85 - -0.73 0.00 Unit Trust
CF Morant Wright Japan B Inc X 256.82 - 5.16 0.57
EUR Accumulating Share Class € 20.51 - 0.77 0.00 Fixed Interest S-IL Acc £ 6.44 6.77 -0.01 -
Artemis US Ex Alpha I Acc 112.32 - 4.17 - Cash Accum Units 186.35 186.35 0.01 0.00
BlueBay EmMkLocCy B-USD $ 132.46 - -1.15 0.00 CF Morant Wright Nippon Yield ACC A X 262.61 - 4.74 2.19
ACPI Select UCITS Funds PLC (IRL) Dodge & Cox Worldwide Funds plc-International Stock Fund FIL Fund Management (LUX) Deposit Accum £ 4.45 4.68 0.00 -
Cash Fund £ 1.00 1.00 0.00 0.13
Regulated BlueBay GlblConv I-USD $ 184.28 - 1.03 0.00 CF Morant Wright Nippon Yield ACC B X 271.96 - 4.91 2.19 USD Accumulating Share Class $ 13.70 - 0.16 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088 Guardian Pensions Management Ltd
ACPI Balanced UCITS Fund USD Retail $ 13.57 - -0.07 0.00 Gross Accum Cash £ 1.28 1.28 0.00 0.00
Artisan Partners Global Funds PLC (IRL) BlueBay GlblHgYd B-USD $ 131.26 - 0.20 0.00 CF Morant Wright Nippon Yield Fund A Inc X 230.53 - 4.16 2.23 EUR Accumulating Share Class € 14.23 - 0.36 0.00 Regulated Pens. Managed Acc. £ 22.07 23.23 -0.07 -
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.13
ACPI Balanced UCITS Fund EUR Retail € 10.25 - -0.06 0.00 BlueBay HgYield B-EUR € 334.61 - -3.24 0.00 CF Morant Wright Nippon Yield Fund B Inc X 238.80 - 4.31 2.23 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
Tel: 44 (0) 207 766 7130 China Consumer A-GBP £ 12.81 - -0.22 0.00 Pens. Equity Acc. £ 32.83 34.56 -0.26 -
ACPI Balanced UCITS Fund GBP Retail £ 10.35 - -0.07 0.00 USD Accumulating Share Class $ 17.29 - 0.60 0.00 MoneyBuilder Global £ 2.49 2.49 0.01 0.19
FCA Recognised BlueBay HgYieldCp B-EUR € 141.86 - -1.24 0.00 China Focus A-GBP £ 3.81 - -0.03 0.24
Artisan Partners Global Funds plc OEIC Funds
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - BlueBay InvGr B-EUR € 170.39 - 0.25 0.00 GBP Accumulating Share Class £ 17.38 - 0.84 0.00
Cavendish Asset Management Limited (1200)F (UK) American £ 26.36 - 0.94 0.00 Global Financial Services A-GBP £ 0.42 - 0.00 0.00
Artisan Emerging Markets I USD Acc $ 6.22 - 0.02 0.00 HPB Assurance Ltd
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - BlueBay InvGEurGv B-EUR € 147.19 - 0.28 0.00 Chelsea House, Westgate, London W5 1DR GBP Distributing Share Class £ 11.08 - 0.53 0.51
American Special Sits £ 10.87 - 0.38 0.00 Global Health Care A-GBP £ 0.53 - -0.01 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Artisan Global Equity Fund Class I USD Acc $ 14.39 - 0.28 0.00 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - BlueBay InvGEurAg I-EUR € 147.52 - 0.29 0.00 EUR Accumulating Share Class € 19.80 - 0.94 0.00 International Insurances
Authorised Inv Funds Asia Pacific Ops W-Acc £ 0.99 - 0.04 - Global Industrials A-GBP £ 0.58 - 0.00 0.00
Artisan Global Opportunities I USD Acc $ 11.71 - 0.28 0.00
Asset Management
ACPI Horizon UCITS Fund $ 12.87 - 0.04 0.00 BlueBay InvGLibor B-EUR € 124.88 - 0.00 0.00 Holiday Property Bond Ser 1 £ 0.49 - -0.01 0.00
Cavendish Opportunities Fund B Class 1077.00 - 15.00 1.37 Global Inflation-Linked Bd A-GBP-Hdg £ 1.15 - -0.01 0.52

Asset Management
Artisan Global Value Fund Class I USD Acc $ 15.31 - 0.21 0.00 Fidelity Asian Dividend Fund A-Accumulation £ 1.02 - 0.03 1.40
HighIncomeLoan H-EUR € 194.59 - -0.40 0.00 Holiday Property Bond Ser 2 £ 0.59 - -0.01 0.00
Cavendish Opportunities Fund A Class 1069.00 - 14.00 0.60 Fidelity Asian Dividend Fund A-Income £ 0.98 - 0.03 2.63 Global Real Asset Securities £ 1.28 - -0.01 0.00
Artisan US Value Equity Fund Class I USD Acc $ 10.33 - 0.21 0.00
Abbey Life Assurance Company Limited (UK) Cavendish Opportunities Fund C Acc 1111.00 - 15.00 1.20 China Consumer £ 1.36 - 0.07 0.07 Global Technology A-GBP £ 0.23 - 0.00 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
BONHOTE Cavendish Worldwide Fund B Class 288.80 - 8.10 0.79 Global Telecomms A-GBP £ 0.27 - 0.00 1.00 Hamon Investment Group
additional fund prices can be found @ www.abbeylife.co.uk Emerging Asia £ 1.08 - 0.05 0.14
Ashmore Sicav (LUX) Other International Funds Other International Funds
Insurances Cavendish Worldwide Fund A Class 288.00 - 8.10 0.07 India Focus A-GBP £ 4.11 - 0.00 0.00
2 rue Albert Borschette L-1246 Luxembourg Emerg Eur, Mid East & Africa H £ 1.32 - 0.04 0.97 Asian Market Leaders - USD $ 23.41 - 0.89 0.00
Life Funds Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6806.00 - 4.00 2.22
FCA Recognised Cavendish Worldwide Fund C Acc 295.30 - 8.30 0.80 Latin America A-GBP £ 1.28 - 0.00 0.21
Dragon Capital Group Enhanced Income - Acc £ 1.82 - 0.02 6.80 Asian Market Leaders - GBP £ 11.81 - 0.60 0.00
Prop. Acc. Ser 2 1538.80 1619.80 -1.30 - Ashmore SICAV Emerging Market Debt Fund $ 91.49 - -0.31 7.51 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10147.00 - -123.00 0.90
Cavendish AIM Fund B Class 158.90 - 1.70 0.36 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Enhanced Income - Inc £ 1.19 - 0.02 7.12
Selective Acc. Ser 2 1558.90 1641.00 4.90 - Greater China - USD $ 10.14 - 0.47 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 141.62 - 0.94 0.89 Fund information, dealing and administration: funds@dragoncapital.com
Cavendish AIM Fund A Class 154.10 - 1.60 0.00 European - Inc £ 1.41 - 0.02 1.48 Findlay Park Funds Plc (IRL)
American Ser. 4 1508.10 1587.50 -52.70 - Other International Funds Greater China - GBP £ 4.13 - 0.24 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 79.70 - -0.35 5.43 Braemar Group PCC Limited (GSY) Cavendish Asia Pacific Fund B Class 149.90 - 6.70 1.53 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Vietnam Enterprise Inv. (VEIL) NAV $ 3.51 - -0.18 0.00 European £ 15.93 - 0.22 1.12 Selected Asian P'folio $ 41.89 41.90 0.07 0.00
Custodian Ser. 4 483.70 509.10 3.00 - Regulated FCA Recognised
Ashmore SICAV Global Small Cap Equity Fund $ 109.02 - 2.16 0.00
Cavendish Asia Pacific Fund A Class 149.00 - 6.70 0.70 Vietnam Growth Fund (VGF) NAV $ 22.70 - -0.85 0.00 European Opportunities £ 3.69 - 0.05 0.23
UK Agricultural Class A £ 1.26 - 0.00 0.00 American Fund USD Class $ 78.18 - 2.17 0.00
Equity Ser. 4 545.50 574.20 10.80 - Ashmore SICAV Local Currency Fund $ 81.34 - -0.35 0.31
Cavendish Asia Pacific Fund C Acc 154.20 - 7.00 1.51 Vietnam Property Fund (VPF) NAV $ 0.82 - 0.04 0.00 Extra Income £ 0.26 - 0.00 3.35
UK Agricultural Class B £ 1.38 - 0.00 0.00 American Fund GBP Hedged £ 42.60 - 1.19 0.00
European Ser 4 565.70 595.40 14.00 - EM Mkts Corp.Debt USD F $ 92.62 - -0.22 7.30 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Cavendish European Fund B Class 137.80 - 2.90 1.24 Extra Income - Gross £ 0.26 - 0.00 3.35
Student Accom Class B £ 0.55 - -0.17 0.00 American Fund GBP Unhedged £ 50.50 - 2.06 - PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Fixed Int. Ser. 4 887.20 933.90 -8.00 - EM Mkts Loc.Ccy Bd USD F $ 77.27 - -0.56 4.39
Cavendish European Fund A Class 136.00 - 2.90 0.36 Enquiries 0117 90090000
Global Dividend - Acc £ 1.50 - 0.04 3.18 Latin American Fund USD Class $ 11.36 - 0.21 0.00
Intl Ser. 4 407.80 429.20 -5.50 - DSM Capital Partners Funds (LUX) www.hl.co.uk
Cavendish Japan Fund B Class 149.70 - 2.50 0.77 www.dsmsicav.com Global Dividend - Inc £ 1.35 - 0.04 3.32 Latin American Fund GBP Unhedged £ 7.34 - 0.23 - Authorised Inv Funds
Japan Ser 4 358.40 377.30 4.40 - CAF Financial Solutions (UK)
Regulated
Kings Hill, West Malling, Kent 03000 123 222 Cavendish Japan Fund A Class 148.20 - 2.40 0.00 Global Focus £ 12.69 - 0.37 0.00 Hargreaves Lansdown Funds
Man. Ser. 4 1615.50 1700.50 29.50 - Global Growth I2 Acc € 123.83 - 2.68 0.00 Unit Trust
Property & Other UK Unit Trusts Cavendish North American Fund B Class 178.80 - 8.40 0.58 Global High Yield Fund - A Gross Acc £ 11.89 - 0.04 4.78
Money Ser. 4 524.30 551.90 0.00 - CAF UK Equitrack Inc Fd 68.20 68.20 0.85 3.40 Global Growth I1 Eur € 92.64 - 2.00 - HL Multi-Manager Special Situations Trust A Acc 256.31 269.79 2.43 0.38
Cavendish North American Fund A Class 173.30 - 8.10 0.00 Global High Yield Fund - A Gross Inc £ 10.01 - 0.04 5.35
Prop. Ser. 4 1095.70 1153.40 -0.80 - CAF UK Equitrack Acc Fd 95.00 95.00 1.18 3.40 HL Multi-Manager Special Situations Trust M Acc 256.31 269.79 2.41 0.00
Cavendish Technology Fund B Class 259.20 - 12.90 0.09 Global High Yield Fund - A Net Acc £ 11.48 - 0.04 4.83
Custodian Ser 5 464.70 489.20 2.80 - FP CAF Alternative Strategies A Class Acc 110.91 - 0.36 0.49 HL Multi-Manager Income & Growth Trust A Acc 159.32 167.61 0.13 3.53
Cavendish Technology Fund A Class 246.70 - 12.30 0.00 Eclectica Asset Management (UK)
Global High Yield Fund - A Net Inc £ 10.00 - 0.04 5.36
International Ser 5 391.80 412.40 -5.30 - Aspect Capital Ltd (UK) FP CAF Alternative Strategies A Class Inc 110.07 - 0.36 0.52 40 Dukes Place, London EC3A 7NH HL Multi-Manager Income & Growth Trust M Acc 159.30 167.59 0.12 0.29
Other International Funds Cavendish UK Balanced Income Fund B Class 137.50 - 1.80 5.03 Order desk: 0845 6080941 Switchboard 0870 6072555 Global Property - Acc £ 1.41 - 0.04 1.28
Managed Ser 5 1552.30 1634.00 28.30 - FP CAF Fixed Interest A class Acc 113.51 - -0.08 2.91 HL Multi-Manager Income & Growth Trust A Inc 96.99 102.04 0.08 3.62
Aspect Diversified USD $ 424.06 - 12.59 0.00 Cavendish UK Balanced Income A Class 130.80 - 1.70 5.29 Authorised Corporate Director - Capita Financial Managers
Global Property W Inc £ 1.17 - 0.04 2.90 Fleming Financial Trust Investment Fund Limited (NZ)
Money Ser 5 513.30 540.40 0.00 - FP CAF Fixed Interest A class Inc 99.86 - -0.06 2.97 Authorised Inv Funds HL Multi-Manager Income & Growth Trust M Inc 96.97 102.02 0.08 0.29
Aspect Diversified EUR € 255.69 - 7.71 - Cavendish UK Select Fund B Class 152.60 - 2.10 1.80 Incorporated in New Zealand, Reg No 5141841
CF Eclectica Agriculture A EUR Acc ♦ € 1.40 - 0.01 0.00 Global Special Sits £ 24.34 - 0.82 0.00
Property Ser 5 1052.80 1108.20 -0.80 - FP CAF Fixed Interest B class Acc 114.01 - -0.07 2.91 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand HL Multi-Manager Balanced Managed Trust A Acc 176.78 185.95 1.12 0.93
Aspect Diversified GBP £ 130.32 - 3.87 0.00 Cavendish UK Select Fund A Class 152.20 - 2.20 0.98 Index Emerging Markets P-Acc £ 0.93 - 0.04 2.58 www.fftinvestmentfund.com
Pension Funds CF Eclectica Agriculture A GBP Acc ♦ 102.30 - 1.04 0.00 HL Multi-Manager Balanced Managed Trust M Acc 176.78 185.95 1.11 0.00
FP CAF Fixed Interest B class Inc 100.17 - -0.06 2.97 info@fftinvestmentfund.com
Aspect Diversified CHF SFr 122.40 - 3.61 0.00 Index Europe ex UK P-Acc £ 1.01 - 0.02 2.38
American 1704.70 1794.40 -61.20 - CF Eclectica Agriculture A USD Acc ♦ $ 1.58 - 0.00 0.00 Other International Funds
FP CAF International Equity A Class Acc 131.56 - 0.93 0.67 HL Multi-Manager Equity & Bond Trust A Inc 106.82 112.26 0.36 2.01
Aspect Diversified Trends USD $ 128.30 - -1.79 0.00
Equity 4755.70 5006.00 82.10 - Cedar Rock Capital Limited (IRL) CF Eclectica Agriculture C EUR Acc ♦ € 1.45 - 0.01 0.34 Index Japan P-Acc £ 1.10 - 0.04 1.53 Fleming FT Investment Fund
FP CAF International Equity A Class Inc 127.91 - 0.90 0.68 HL Multi-Manager Equity & Bond Trust M Inc 106.81 112.25 0.36 0.17
Aspect Diversified Trends EUR € 128.52 - -1.76 0.00 Regulated Fleming Fund $ 3.83 3.93 0.01 -
European 1131.80 1191.40 26.30 - CF Eclectica Agriculture C GBP Acc ♦ 106.04 - 1.08 0.39 Index Pacific ex Japan P-Acc £ 0.98 - 0.02 3.73
FP CAF UK Equity A Class Acc 144.02 - 0.05 2.16 Cedar Rock Capital Fd Plc $ 365.29 - -3.41 0.00 HL Multi-Manager Equity & Bond Trust A Acc 143.62 150.94 0.48 1.99
Aspect Diversified Trends GBP £ 132.96 - -1.84 0.00 Index UK A-Acc £ 0.81 - 0.01 2.79
Fixed Int. 1627.00 1712.60 -15.60 - CF Eclectica Agriculture C USD Acc ♦ $ 1.62 - 0.00 0.40
FP CAF UK Equity A Class Inc 131.71 - 0.05 2.19 Cedar Rock Capital Fd Plc £ 367.41 - -3.53 0.00 HL Multi-Manager Equity & Bond Trust M Acc 143.63 150.94 0.48 0.17
International 855.20 900.20 -10.50 - Index UK P-Acc £ 0.99 - 0.02 3.03 Foord Asset Mgt (Guernsey) Ltd (GSY)
FP CAF UK Equity B Class Acc 144.02 - 0.05 2.16 Cedar Rock Capital Fd Plc € 342.24 - -5.15 0.00 HL Multi-Manager Strategic Bond Trust A Acc 166.52 171.66 -0.17 1.48
Regulated
Japan 373.90 393.60 7.70 - Atlantas Sicav (LUX) Index US A-Acc £ 1.53 - 0.06 1.45
FP CAF UK Equity B Class Inc 131.69 - 0.04 2.19 Foord International Trust $ 33.65 - -0.74 0.00 HL Multi-Manager Strategic Bond Trust M Acc 166.52 171.66 -0.17 0.13
Regulated
Managed 4150.10 4368.50 79.30 - Index US P-Acc £ 1.18 - 0.05 1.66
American Dynamic $ 3273.97 - -328.49 0.00 HL Multi-Manager Strategic Bond Trust A Inc 139.46 143.77 -0.14 1.50
Property 2834.10 2983.20 -2.40 -
Charles Schwab Worldwide Funds Plc (IRL) Index World A-Acc £ 1.36 - 0.04 1.78
American One $ 3006.66 - -326.74 0.00 Regulated HL Multi-Manager Strategic Bond Trust M Inc 139.46 143.77 -0.14 0.13
Security 1476.40 1554.20 -0.10 - Index World P-Acc £ 1.11 - 0.04 1.90 Franklin Templeton International Services Sarl (IRL)
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland HL Multi Manager Emerging Markets A Acc 80.39 82.86 0.02 0.00
Bond Global € 1340.79 - -44.68 0.00
Selective 1990.90 2095.70 5.50 - Japan £ 2.69 - 0.09 0.00 Other International Funds
Eurocroissance € 801.72 - -92.32 0.00 HL Multi-Manager European A Acc 97.06 100.05 -0.22 0.14
Formerly Hill Samuel Life Assurance Ltd EdenTree Investment Management Ltd (UK) Japan Smaller Companies £ 1.93 - 0.06 0.00 Franklin Emerging Market Debt Opportunities Fund Plc
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Far East $ 620.54 - -63.79 0.00 Chartered Asset Management Pte Ltd PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 HL Multi-Manager UK Growth A Acc 100.49 103.59 0.22 0.16
Franklin Emg Mkts Debt Opp CHFSFr 17.85 - -0.03 6.46
Other International Funds MoneyBuilder Asset Allocator £ 1.16 - 0.01 0.51
Managed Ser A (Life) 1526.10 1614.90 8.70 - Authorised Inv Funds
Franklin Emg Mkts Debt Opp EUR € 12.62 - -0.07 6.52
CAM-GTF Limited $ 271270.16 271270.16 -5157.63 0.00 Amity UK Cls A Inc 210.50 - 2.60 1.43 MoneyBuilder Balanced £ 0.49 - 0.00 4.02
Managed Ser A (Pensions) 1013.00 1066.40 7.10 - CCLA Investment Management Ltd (UK)
BLME Asset Management (LUX) Senator House 85 Queen Victoria Street London EC4V 4ET
Franklin Emg Mkts Debt Opp GBP £ 10.43 - -0.08 6.43 Haussmann
CAM GTi Limited $ 647.80 - -62.67 0.00 Amity UK Cls B Inc 210.40 - 2.50 2.21 Money Builder Dividend £ 2.49 - 0.03 4.28
Formerly Target Life Assurance Ltd BLME Sharia'a Umbrella Fund SICAV SIF Other International Funds
Authorised Inv Funds Franklin Emg Mkts Debt Opp SGD S$ 22.98 - -0.11 6.28
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Regulated Raffles-Asia Investment Company $ 1.72 1.72 -0.10 7.53 Higher Income Cls A Inc 121.90 - 1.40 4.83 MoneyBuilder Growth £ 0.74 - 0.02 2.17 Haussmann Cls A $ 2859.39 - -18.19 0.00
The Public Sector Deposit Fund
Managed (Life) 1547.00 1628.40 9.10 - Franklin Emg Mkts Debt Opp USD $ 17.75 - -0.17 6.31
Income Fund - Share Class A Acc $ 1137.93 - -0.27 0.00 The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.51 Higher Income Cls B Inc 125.40 - 1.50 4.76 MoneyBuilder Growth ISA £ 0.74 - 0.01 2.31 Haussmann Cls C € 2504.82 - -16.57 0.00
Managed Growth (Life) 485.70 511.20 4.10 - Income Fund - Share Class B Acc $ 1158.11 - -0.27 0.00 MoneyBuilder Income £ 0.35 - 0.00 3.24
The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.30 UK Equity Growth Cls A Inc 234.80 - 3.00 0.59 Haussmann Cls D SFr 1328.55 - -9.32 0.00
Managed (Pensions) 6080.70 6400.80 43.60 - Income Fund - Share Class C Acc $ 1006.20 - -0.25 0.00 MoneyBuilder Income -Gross £ 0.35 - 0.00 3.24 Frontier Capital (Bermuda) Limited
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.36 UK Equity Growth Cls B Inc 240.10 - 3.00 1.19
Managed Growth (Pensions) 589.50 620.50 6.10 - Other International
Income Fund - Share Class D Dis $ 996.09 - -0.24 1.22 The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.41 Amity Balanced For Charities A Inc 106.90 - 0.90 5.94 Multi Asset Adventurous A-Acc £ 1.27 - 0.02 0.46
additional fund prices can be found on our website Commercial Property-GBP Class £ 71.42 - -0.53 - Heartwood Wealth Management Limited (IRL)
Income Fund - Share Class G Acc £ 1077.99 - -0.28 0.00 The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.31 Amity European Fund Cls A Inc 195.90 - 3.80 1.23 Multi Asset Alloc Adventurous A-Acc £ 3.66 - 0.04 2.31 Regulated
Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Income Fund - Share Class M Acc € 1013.22 - -0.30 0.00 Amity European Fund Cls B Inc 198.10 - 3.80 2.08 Multi Asset Alloc Strategic A-Acc £ 1.15 - 0.01 0.28 Heartwood Caut Multi Asset B Acc 137.37 - -0.28 0.00

Income Fund - Share Class W DisA$ 1033.44 - -0.04 - Cheyne Capital Management (UK) LLP (IRL) Multi Asset Alloc Def - Gross A £ 1.10 - 0.00 0.28
Amity Global Equity Inc for Charities A Inc 98.46 - 2.88 3.88
CCLA Investment Management Ltd (UK) Regulated
Gl Sukuk Fund - Share Class A Acc $ 1226.80 - -1.21 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Amity International Cls A Inc 191.60 - 5.50 1.35 Multi Asset Alloc Def - Net A £ 1.10 - 0.00 0.24 Henderson Global Investors (UK)
Cheyne Convertibles Absolute Return Fund € 1329.44 - 3.92 0.00
Gl Sukuk Fund - Share class B Acc £ 1094.39 1094.39 -1.15 0.00 Property & Other UK Unit Trusts PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Amity International Cls B Inc 193.40 - 5.60 2.21 Multi Asset Alloc Growth A £ 1.17 - 0.02 0.00
CBF Church of England Funds Cheyne European Real Estate Bond Fund € 110.50 - -0.54 0.00 www.henderson.com
Amity Sterling Bond Fund A Inc 106.70 - -0.10 5.16 Multi Asset Defensive £ 1.21 - 0.01 0.35 Authorised Inv Funds
Investment Inc 1274.36 1288.46 -88.91 3.78 Cheyne Global Credit Fund € 118.55 - 0.01 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Amity Sterling Bond Fund B Inc 115.10 - -0.10 5.14 Multi Asset Defensive - Gross £ 1.21 - 0.00 0.35 Asia Pacific Capital Growth A Acc 649.10 - 26.10 0.91
Alceda Fund Management S.A. Investment Acc 2570.49 2598.92 -179.32 -
www.alceda.lu Regulated Multi Asset Growth £ 1.33 - 0.02 0.34 Asian Dividend Income Inc 80.42 84.86 3.00 6.32
Global Equity Inc 144.11 145.70 -12.76 4.31 Fundsmith LLP (1200)F (UK)
FCA Recognised Global Liquidity USD $ 1.00 - 0.00 0.26 Cheyne Capital Management (UK) LLP
MultiManager Balanced £ 1.09 - 0.00 0.56 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Cautious Managed A Acc 234.30 - 1.30 3.17
AC Opp - Aremus Fund EUR A € 111.42 - -0.01 0.00 Global Equity Acc 208.42 210.72 -18.46 - Other International Funds Edinburgh Partners Limited (IRL) www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Cheyne European Event Driven Fund € 137.14 - 0.99 0.00 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Multi Asset Open Growth A-Acc £ 0.45 - 0.01 0.78 Authorised Inv Funds Cautious Managed A Inc 146.10 - 0.80 3.23
AC Risk Parity 7 Fund EUR A € 117.71 - -0.29 0.00 UK Equity Inc 139.09 140.49 -12.25 4.05
Barclays Investment Funds (CI) Ltd (JER) Dealing - Fax only - +353 1 434 5230
Cheyne European High Yield Fund € 136.72 - -3.22 0.00 Multi Asset Open Strategic A-Acc £ 1.20 - 0.00 1.33 Fundsmith Equity T Acc 202.62 - 6.18 1.22 China Opportunities A Acc 744.40 - 39.20 0.40
AC Risk Parity 12 Fund EUR A € 139.27 - -0.56 0.00 UK Equity Acc 203.52 205.57 -17.91 - FCA Recognised
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Cheyne Malacca Asia Equity Fund Class A $ 1437.16 - 19.75 0.00 Edinburgh Partners Opportunities Fund PLC Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.31 Fundsmith Equity T Inc 191.36 - 5.84 1.23 Emerging Markets Opportunities A Acc 135.30 - 4.00 0.77
AC Risk Parity 17 Fund EUR A € 85.35 - -0.45 0.00 FCA Recognised Fixed Interest Inc 165.61 166.27 1.17 3.96
Bond Funds Cheyne Multi Strategy Liquid Fund $ 127.99 - 0.31 - European Opportunities I EUR € 2.50 - -0.03 2.04 Multi Asset Strategic £ 1.50 - 0.01 0.52 European Growth A Acc 162.60 - 1.90 0.78
ACQ Risk Parity Bond Fund EUR A € 96.03 96.03 0.00 0.00 Fixed Interest Acc 497.29 499.29 3.51 -
Sterling Bond F £ 0.46 - 0.00 3.36 European Opportunities I GBP £ 1.83 - 0.00 2.27 Open World A-Acc £ 1.12 - 0.02 0.00 European Selected Opportunities A Acc 1256.00 - 25.00 0.65
Cheyne Real Estate Credit Holdings Fund £ 151.98 - 0.89 0.00
Property Fund Inc 130.82 135.21 1.52 6.51 GAM Limited (2300)F (UK)
Cheyne Real Estate Debt Fund Class A1 £ 131.69 - 0.43 0.00 European Opportunities I USD $ 2.86 - -0.04 1.82 Multi Asset Income A Gross Acc £ 1.54 - 0.00 3.66 GAM Sterling Management Limited European Special Situations A Acc 94.66 - -0.29 1.05
Property Fund Acc 234.22 242.07 2.73 -
12 St James's Place London SW1A 1NX. 0800 919 927
Baring Fund Managers Ltd (1200)F (UK) Cheyne Total Return Credit Fund - December 2017 Class $ 197.53 - -6.47 0.00 European Opportunities A EUR € 2.44 - -0.03 1.42 Multi Asset Income A Gross Inc £ 1.09 - 0.00 5.13 Fixed Interest Monthly Income A Inc 21.87 22.94 -0.02 5.48
Internet: gam.com
Dealing and Enquiries 020 7214 1004
Cheyne Total Return Credit Fund December 2019 $ 143.50 - 2.25 - Global Opportunities I USD $ 1.61 - 0.02 1.93 Multi Asset Income A Net Acc £ 1.46 - 0.00 3.68 Authorised Inv Funds Global Care Growth A Inc 191.50 - 3.90 0.11
Fund Information: www.barings.com CCLA Fund Managers Ltd (UK) GAM Funds OEIC
Authorised Inv Funds Senator House 85 Queen Victoria Street London EC4V 4ET Global Opportunities I GBP £ 1.04 - 0.03 1.85 Multi Asset Income A Net Inc £ 1.09 - 0.00 5.14 Global Equity Income A Inc 47.18 - 1.26 3.71
GAM Global Diversified Acc 3740.85 - 53.01 0.00
Dynamic Capital Growth Acc 636.40 671.90 3.40 1.24 Property & Other UK Unit Trusts Global Opportunities I EUR € 1.41 - 0.02 1.87 South East Asia £ 7.42 - 0.32 0.12 Global Growth Fund 1955.32 2044.24 70.12 0.00
COIF Charity Funds (UK) Cohen & Steers SICAV (LUX) GAM North American Gwth Acc 3101.62 - 109.93 0.00
Dynamic Capital Growth Inc 254.70 268.80 1.40 1.25 Regulated Global Opportunities A GBP £ 0.97 - 0.02 1.40 Special Situations £ 29.81 - 0.49 0.76 Global Technology A Acc 868.80 - 45.30 0.00
Algebris Investments (IRL) Investment Inc 1179.80 1192.84 -49.83 3.62
Asset Management
GAM UK Diversified Acc 1792.26 - -12.88 1.04
Regulated Eastern Acc GBP 600.90 - 27.20 0.00 European Real Estate Securities € 21.9403 - -0.4122 2.74 Pan European Opportunities I EUR € 1.51 - -0.03 - Strategic Bond £ 0.31 - 0.00 3.03 Multi-Manager Absolute Return A Acc 134.40 - 0.40 0.31
Algebris Financial Credit Fund - Class I EUR € 129.65 - -0.20 0.00 Eastern Inc GBP 589.70 - 26.70 0.00
Investment Acc

Ethical Invest Inc

11243.65 11368.01 -474.94

182.07 184.08 -7.93 3.73

-
Europ.RealEstate Sec. IX € 29.3728 - -0.5517 0.00 Strategic Bond Gross £ 0.31 - 0.00 3.02 Multi-Manager Active A Acc ▲ Asset Manageme 168.30 - 2.90 0.00
Algebris Financial Income Fund - Class I EUR € 118.58 - 0.79 0.00 Europe Select Inc GBP 2538.00 - 38.00 0.66 Gbl RealEstate Sec. I $ 10.2299 - 0.1017 2.18 Target 2015 £ 0.50 - 0.00 0.27 GAM Limited (IRL)
Multi-Manager Distribution A Inc 124.10 - 0.10 3.28
Ethical Invest Acc 232.10 234.67 -10.11 - FCA Recognised
Algebris Financial Equity Fund - Class B EUR € 99.20 - 2.74 - European Growth Inc 1028.00 1082.00 22.00 1.36 Gbl RealEstate Sec. IX $ 12.0987 - 0.1203 0.00 Target 2015 - Gross £ 0.50 - 0.00 0.30 GAM Fund Management Ltd Multi-Manager Diversified A Acc 77.04 - 0.04 2.66
Global Equity Inc 138.21 139.74 -7.08 4.41
Algebris Asset Allocation Fund - Class B EUR € 98.51 - 0.53 - German Growth Acc GBP 577.70 - 12.50 0.29 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Target 2020 £ 0.55 - 0.00 0.50 Multi-Manager Global Select Acc 171.90 - 2.60 0.00
Global Equity Acc 202.96 205.20 -10.40 - GAM Star Fund Plc
German Growth Inc GBP 531.90 - 11.50 0.28 Target 2025 £ 1.27 - 0.01 0.27 Multi-Manager Income & Growth A Acc 148.20 - 0.30 2.15
Fixed Interest Inc 133.90 134.44 -0.27 4.14 GAM Star Asia-Pacific Eqty USD Acc F $ 11.50 - 0.22 0.00
Strategic Bond Inc 116.20 122.10 0.20 1.07 Target 2030 £ 1.35 - 0.01 0.24 Multi-Manager Income & Growth A Inc 137.10 - 0.20 2.18
Fixed Interest Acc 759.94 762.99 -1.54 - GAM Star Asian Eqty USD Ord Acc F $ 11.84 - -0.03 0.00
Global Growth Inc 363.60 383.00 8.80 0.00 EFG Hermes UK Select £ 2.38 - 0.04 0.85 Multi-Manager Managed A Acc 221.80 - 2.80 0.41
Property Inc 111.19 114.92 -0.43 5.79 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE GAM Star Balanced GBP Acc £ 9.94 - 0.02 0.00
Japan Growth Acc 133.20 140.40 4.70 0.26 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com UK Growth £ 3.49 - 0.05 0.00 Multi-Manager Managed A Inc 217.80 - 2.80 0.40
Property Acc 245.85 254.09 2.45 - GAM Star Cap.Appr.US Eqty USD Inc F $ 16.40 - 0.48 0.00
Korea Acc 265.60 281.50 8.20 0.00 Other International Funds
Local Authorities Property Fd (LAMIT) (UK) UK Smaller Companies £ 2.06 - 0.01 0.18 Sterling Bond Acc 193.76 202.45 -0.70 2.78
Comgest SA (FRA) The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 GAM Star Cat Bond USD Acc $ 12.50 - 0.02 0.00
Multi Asset A Acc ... C 152.60 - 1.00 1.46 Property 274.76 295.14 2.73 4.81 WealthBuilder A Acc £ 0.97 - 0.00 0.61 Sterling Bond Inc 60.42 63.12 -0.22 2.82
17 square Edouard VII - 75009 Paris
Allianz Global Investors GmbH(1200) F (LUX) Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 GAM Star Cautious GBP Acc £ 10.05 - -0.13 0.00
Multi Asset A Inc ... C 146.00 - 0.90 1.48 FCA Recognised Fidelity PathFinder Strategic Bond A Inc 126.40 - -0.10 5.31
FCA Recognised
Saudi Arabia Equity Fund SR 13.67 - -1.11 0.00 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.08 - 0.00 - GAM Star China Equity USD Acc F $ 20.16 - -0.04 0.00
UK Growth Inc 234.80 248.30 2.90 1.46 Comgest Magellan € 17.90 - -0.04 0.00
Allianz Best Styles Global Equity £ 101.62 101.62 3.99 - UK & Irish Smaller Companies A Acc 553.90 - 4.20 0.00
CG Asset Management Limited (IRL) GAM Star Cont European Eqty GBP Acc F £ 3.39 - 0.02 0.00
Charity Fund Fidelity PathFinder Foundation 1 Acc (clean) £ 1.08 - 0.01 -
Allianz Global Fundamental Strategy £ 102.28 102.28 1.22 - Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland UK Absolute Return A Acc 147.00 - 0.70 0.00
0800 032 6347 (charity enquiries) 00 353 1 434 5098 GAM Star Cred Opportunities GBP Acc £ 12.28 - -0.01 4.58
Electric & General (1000)F (UK) Fidelity PathFinder Foundation 2 Acc (clean) £ 1.07 - 0.02 -
Allianz Global Small Cap Equity £ 106.38 106.38 3.24 -
Targeted Return Fund Acc 140.90 141.70 1.00 3.11 FCA Recognised
Comgest AM International Ltd (IRL) UK Alpha A Acc ♦ 111.50 - 1.70 0.96
46 St Stephen's Green, Dublin 2, Ireland Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Foundation 3 Acc (clean) £ 1.04 - 0.01 - GAM Star Defensive GBP Acc £ 10.64 - 0.03 0.00
Capital Gearing Portfolio Fund Plc £ 26334.91 26334.91 -85.58 0.63 Orders & Enquiries: 0845 850 0255 UK Equity Income & Growth A Inc 599.90 - 6.00 3.70
Targeted Return Fund Inc 109.50 110.10 0.80 3.18 FCA Recognised GAM Star Discretionary FX USD Acc F $ 12.46 - 0.02 0.00
Authorised Inv Funds Fidelity PathFinder Foundation 4 Acc (clean) £ 1.05 - 0.02 -
CG Portfolio Fund Plc UK Index A Acc 476.40 - 6.10 2.47
Amundi Funds (LUX) Comgest Gth Asia Pac ex Jap DIS F $ 7.17 - 0.04 0.12
Authorised Corporate Director - Carvetian Capital Management GAM Star Dynamic Gbl Bd USD Acc H $ 10.14 - -0.01 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.12 - 0.04 -
Real Return Cls A £ 165.16 165.16 0.03 2.41 Comgest Gth Emerging Mkt DIS F $ 28.52 - -0.08 0.41 UK Property A Acc 193.08 203.24 0.05 4.04
www.amundi-funds.com Baring International Fd Mgrs (Ireland) (IRL) Electric&General Net Income A 135.70 - 3.90 2.01 GAM Star Emerg. Market Rates USD Acc F $ 11.47 - 0.05 0.00
Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.09 - 0.00 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Dollar Fund Cls D £ 127.48 127.48 -0.19 1.63 Comgest Gth Europe DIS F € 19.19 - -0.33 0.00 UK Property A Inc 97.68 102.81 0.03 4.16
FCA Recognised GAM Star European Eqty USD Acc F $ 22.96 - -0.15 0.00
FCA Recognised Fidelity PathFinder Focussed 1 Acc (clean) £ 1.09 - 0.01 -
Bd. Euro Corporate AE Class - R - EUR € 18.40 - 0.00 0.00 Capital Value Fund Cls V £ 128.26 128.26 -0.55 0.27 Comgest Gth GEM PC DIS F € 11.23 - 0.01 0.14 UK Tracker A Acc 212.70 - 2.60 2.20
ASEAN Frontiers A GBP Inc £ 103.24 - 5.41 0.57 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Focused 2 Acc (Clean) £ 1.09 - 0.01 - GAM Star Flexible Gbl Port GBP Ac £ 12.22 - 0.04 0.00
Bd. Global AU Class - R - USD $ 25.75 - -0.09 0.00 US Growth A Acc 737.90 - 38.20 0.00
5 Kensington Church St, London W8 4LD 020 7368 4220 GAM Star GAMCO US Equity Acc F $ 12.44 - 0.28 0.00
Asia Growth A GBP Inc H £ 40.68 - 1.93 0.00 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.08 - 0.01 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FCA Recognised
Australia A GBP Inc £ 63.97 - 2.32 1.94
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.09 - 0.02 - GAM Star Global Rates USD Acc F $ 12.49 - -0.25 0.00

Asset Management
Ennismore European Smlr Cos NAV £ 96.93 - 0.27 0.00
Eq. Emerging World AU Class - R - USD $ 77.51 - -0.17 0.00 PO BOX 10117, Chelmsford, Essex, CM1 9JB

Asset Management Asset Management

Baring China Bond Fund $ 9.78 - 0.01 0.00 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.09 - 0.00 - GAM Star Global Selector USD Acc F $ 12.69 - 0.15 0.00
Dealing & Client Services 0845 0264281 Ennismore European Smlr Cos NAV € 132.01 - -0.94 0.00
Eq. Greater China AU Class - R - USD $ 509.27 - -5.12 0.00
Authorised Inv Funds GAM Star Japan Eqty USD Acc F $ 12.81 - 0.42 0.00
Baring Emerging Markets Corporate Debt Fund $ 9.28 - 0.01 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.06 - 0.00 -
Eq. Latin America AU Class - R - USD $ 332.17 - 3.12 0.00 Consistent UT Inc 53.04 53.66 0.65 4.47
Baring European Opportunities Fund Class A EUR Acc € 13.18 - 0.20 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.04 - 0.00 - GAM Star Keynes Quant Strat USD Acc F $ 12.32 - -0.02 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.84 - -0.10 0.00 Consistent UT Acc 123.61 125.07 1.51 4.33 Ennismore European Smlr Cos Hedge Fd
GAM Star Local EM Rates and FX USD Acc $ 10.72 - -0.06 0.00
Baring Global Mining Fund - Class A GBP Inc £ 3.79 - 0.02 0.55 Canada Life Investments (UK) Other International Funds Fidelity PathFinder Freedom 1 Acc (clean) £ 1.05 - 0.00 -
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Practical Investment Inc 205.16 210.06 3.23 3.72 GAM Star North of South EM Equity Acc F $ 9.25 - 0.00 0.00
Dynamic Emerging Markets A GBP Acc F £ 8.71 - 0.22 0.00 NAV € 482.14 - 6.07 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.02 - 0.01 -
Authorised Inv Funds
Hermes Investment Funds Plc (IRL)
The Antares European Fund Limited Practical Investment Acc 977.21 1000.58 15.36 3.63 GAM Star Technology USD Acc F $ 14.42 - 0.42 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Eastern Europe A GBP Inc £ 38.48 - 1.66 1.77 Asia Pacific B Acc 771.09 - 27.77 0.93 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.00 - 0.00 -
Other International FCA Recognised
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.42 - 0.03 6.62 GAM Star US All Cap Eqty USD Acc F $ 12.93 - 0.53 0.00
AEF Ltd Usd $ 630.92 - -19.03 - Balanced B Acc 141.84 - 1.67 0.92 Equinox Fund Mgmt (Guernsey) Limited (GSY) Fidelity PathFinder Freedom 5 Acc (clean) £ 1.05 - 0.02 -
Hermes Abs Return Credit Fund Class F Acc £ £ 0.98 0.98 0.01 -
Regulated GAM Star Worldwide Eqty USD Acc F $ 3164.02 - -7.81 0.00
AEF Ltd Eur € 633.71 - -18.64 0.00 Emerging Opportunities A GBP Inc H £ 16.85 - 0.66 0.00 Corporate Bond B Inc 203.59 - -0.75 4.08 Fidelity PathFinder Income 1 Income (clean) £ 1.02 - 0.00 3.93
Hermes Abs Return Credit Fund Class R Acc € € 1.92 1.92 0.00 -
Equinox Russian Opportunities Fund Limited $ 113.57 - 2.96 0.00
Glb Emerging Markets A GBP Inc H £ 17.18 - 0.66 0.00 European B Acc 245.11 - 4.20 0.00 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.02 - 0.00 4.80
Hermes Active UK Inflation Fund Class F Acc £ 1.30 1.30 -0.01 0.00
Glb Resources A GBP Inc H £ 10.26 - 0.18 0.35 Global Bond B Inc 90.66 - 0.40 2.78 Fidelity PathFinder Income 2 Income (clean) £ 1.02 - 0.00 3.70 GYS Investment Management Ltd (GSY)
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.38 1.38 0.05 0.00
Arisaig Partners Regulated
Other International Funds High Yield Bond A GBP Hedged Inc H £ 6.40 - 0.01 6.79 Euronova Asset Management UK LLP (CYM) Fidelity PathFinder Income 2 gross £ 1.03 - 0.00 4.67
Global Equity B Acc 566.58 - 9.02 1.67 Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.01 3.01 0.11 0.00
Regulated Taurus Emerging Fund Ltd $ 171.11 174.60 -15.93 0.00
Arisaig Africa Consumer Fund Limited $ 14.67 - -0.03 0.00 Hong Kong China A GBP Inc £ 542.42 - 37.06 0.57 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.03 - 0.01 4.61
Global Equity Income B Inc 117.53 - 2.43 4.13 Crèdit Andorrà Asset Management (LUX) Smaller Cos Cls One Shares (Est) € 33.47 - -1.57 0.00 Hermes Global Emerging Markets Fund Class F Acc £ 1.09 1.09 0.04 0.00
Arisaig Asia Consumer Fund Limited $ 59.54 - -0.48 0.00 India Fund - Class A GBP Inc £ 14.09 - 0.47 0.00 www.creditandorra.com Fidelity PathFinder Income 3 Income (clean) £ 1.03 - 0.01 4.26
Global High Yield Bond B Inc 95.02 - 0.20 4.71 Smaller Cos Cls Two Shares (Est) € 23.54 - -1.00 0.00 Hermes Global Emerging Markets Fund Class R Acc € 2.76 2.76 0.11 0.00
Arisaig Global Emerging Markets Consumer Fund $ 9.65 - -0.09 0.00 FCA Recognised Institutional OEIC Funds Generali International Limited
Latin America A USD Inc H $ 27.85 - 1.31 0.20 Global Infrastructure B Acc 106.17 - 1.79 1.32 Smaller Cos Cls Three Shares (Est) € 11.86 - -0.49 0.00 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 Hermes Global Equity Fund Class F Acc £ 1.42 1.42 0.05 0.00
Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 America £ 3.75 - 0.14 0.53
Arisaig Global Emerging Markets Consumer UCITS € 10.93 - -0.10 0.00 MENA A GBP Inc F * £ 12.36 - 0.55 0.57 International Insurances
Global Resource B Acc 71.12 - 1.32 0.13 Smaller Cos Cls Four Shares (Est) € 15.19 - -0.68 0.00 Hermes Global Equity Fund Class R Acc € 3.74 3.74 0.14 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Emerging Markets £ 2.91 - 0.08 0.81
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.25 - 0.01 0.00 Global Multi-Strategy Managed $ 4.91 5.29 0.00 0.00
Japan B Acc 50.12 - 1.17 0.62 Hermes Global ESG Equity Fund Class F Acc £ 1.10 1.10 0.05 0.00
Crediinvest SICAV Fixed Income Eur € 10.73 - 0.00 0.00 Europe £ 4.01 - 0.07 1.53
Arisaig Latin America Consumer Fund $ 19.70 - 0.01 0.00 UK Multi-Strategy Managed £ 4.93 5.31 -0.02 0.00
Baring International Fd Mgrs (Ireland) (IRL) Portfolio III B Acc 105.69 - 0.20 2.02
Asset Management
Hermes Global High Yield Bond Fund Class F Acc £ 1.08 1.08 0.01 0.00
Crediinvest SICAV Fixed Income Usd $ 10.48 - 0.00 0.00 Fidelity Pre-Retirement Bond Fund £ 116.40 - -0.70 3.07
Regulated EU Multi-Strategy Managed € 3.08 3.32 0.01 0.00
Portfolio IV B Acc 107.03 - 0.50 2.20 Hermes Global High Yield Bond Fund Class R Acc € 2.80 2.80 0.00 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Crediinvest SICAV Spanish Value € 254.21 - -1.86 0.00 Global Focus £ 2.70 - 0.08 0.80 Global Bond USD $ 3.49 3.77 -0.02 0.00
Portfolio V B Acc 105.72 - 0.99 1.34 Hermes Global Small Cap Fund Class F Acc £ £ 0.94 0.94 0.03 -
Crediinvest SICAV International Value € 213.73 - -1.90 0.00 Index Linked Bond £ 2.65 - -0.02 0.72
Portfolio VI B Acc 104.47 - 1.46 1.44 Hermes Global Small Cap Fund Class R Acc € € 1.86 1.86 0.06 -
Crediinvest SICAV Big Cap Value € 16.64 - -0.19 0.00 Index Linked Bond Gross £ 3.19 - -0.03 0.72
Barings (Luxembourg) (LUX)
Portfolio VII B Acc 100.83 - 1.84 1.16 Genesis Asset Managers LLP Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.98 0.98 0.00 -
FCA Recognised Crediinvest SICAV US American Value $ 17.62 - 0.53 0.00 Index-Linked Bond Fund Gross Inc £ 12.47 - -0.12 0.72 Other International Funds
North American B Acc 764.52 - 15.56 1.05 Eurobank Fund Management Company (Luxembourg) S.A. Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.03 1.03 0.00 0.00
Russia A GBP Inc F £ 21.93 - 0.18 0.00 Crediinvest SICAV Sustainability € 14.46 - 0.18 0.00 Japan £ 2.00 - 0.06 0.78 Emerging Mkts NAV £ 4.79 - 0.04 0.00
Regulated
Strategic Return B Acc 97.42 - 0.65 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.25 1.25 0.02 0.00
Artemis Fund Managers Ltd (1200)F (UK) (LF) Absolute Return € 1.29 - 0.01 0.00 Long Bond £ 0.50 - -0.01 2.90
57 St. James's Street, London SW1A 1LD 0800 092 2051 Total Return B Acc 100.09 - 0.88 2.88 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.22 1.22 0.03 1.29
Barmac Asset Management Ltd (UK) DAVIS Funds SICAV (LUX) (LF) Balanced - Active Fund (RON)RON 16.28 - -0.06 0.00 Long Bond Gross £ 0.81 - -0.01 2.84
Authorised Inv Funds UK Equity B Inc 105.94 - 1.28 1.45
Guardian (UK)
40 Dukes Place, London, EC3A 7NH Regulated Hermes Sourcecap EU Alpha Fund Class R Acc € 3.04 3.04 0.06 0.00
(LF) Cash Fund € € 1.16 - 0.00 - Long Bond Fund Gross Inc £ 11.17 - -0.12 2.90 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Artemis Capital R ACC 1231.95 1302.48 22.13 1.24 Authorised Corporate Director - Capita Financial Managers UK Equity & Bond Income B Inc 224.99 - 1.85 4.37 Davis Value A $ 38.95 - 1.19 0.00 Insurances Hermes Sourcecap EX UK Fund Class F Acc £ 1.31 1.31 0.03 0.00
Dealing: 0845 922 0044 (LF) Cash Fund (RON) RON 15.61 - 0.00 0.00 Pacific (Ex Japan) £ 3.31 - 0.08 1.86
Artemis European Growth R Acc 240.29 253.92 5.23 1.17 Guardian Assurance
Authorised Inv Funds UK Equity Income B Inc 397.85 - 4.32 4.17 Davis Global A $ 27.25 - 0.22 0.00 Hermes Sourcecap EX UK Fund Class R Acc € 3.08 3.08 0.05 0.00
(LF) Eq Emerging Europe € 0.68 - 0.00 0.00 Pan European £ 2.59 - 0.04 2.00
Artemis European Opps R Acc - - - 0.81 Equity S-GH Class B £ 11.98 - 0.15 -
The Castleton Growth Fund Ret Acc 2 113.76 - 0.24 0.00 UK Government Bond B Inc 46.98 - -0.28 1.30 Hermes UK Small & Mid Cap Fund Class F Acc £ 1.60 1.60 0.02 0.00
(LF) Eq Flexi Style Greece € 0.94 - -0.05 - Reduced Duration UK Corporate Bond £ 10.50 - 0.01 3.15
Artemis Global Emg Mkts I GBP Acc 79.11 - 2.38 - Managed Fund Bond £ 22.34 23.27 -0.05 -
The Castleton Growth Fund Ret Inc 2 112.41 - 0.24 0.00 Hermes UK Small & Mid Cap Fund Class R Acc € 4.82 4.82 0.06 0.00
Discretionary Unit Fund Mngrs (1000)F (UK) (LF) Global Bond Fd € 12.00 - 0.03 0.00 Reduced Duration UK Corporate Bond Gross £ 10.66 - 0.00 3.15
Artemis Global Emg Mkts I GBP Dist 79.11 - 2.38 - Choices Wth-Pfts Lg-tm 319.50 336.40 0.00 -
The Castleton Growth Fund Ret Acc X F 110.13 - 0.23 0.00 1 Poultry, London EC2R 8JR 020 7 415 4130 Hermes US All Cap Equity Class F Stg £ Acc £ 0.93 0.93 0.05 -
Capita Asset Services (UK) (LF) Global Equities € 1.09 - 0.02 0.00 Reduced Duration UK Corporate Bond Inc £ 9.94 - 0.01 3.15
Artemis Global Energy R Acc 20.88 22.19 0.51 0.00 Authorised Inv Funds Choices Wth-Pfts St-tm 270.80 285.00 0.00 -
The Castleton Growth Fund Ret Inc X F 110.59 - 0.24 0.00 40 Dukes Place, London EC3A 7NH Hermes US All Cap Equity Class R € Acc € 1.82 1.82 0.09 -
Order Desk 08459 220044 Switchboard 0870 607 2555 Disc Inc 1583.50 1632.50 -6.30 0.00 (LF) Eq Mena Fund € 13.19 - -0.02 0.00 Reduced Duration UK Corp Bond Gross Inc £ 9.95 - 0.01 3.15
Artemis Global Growth R Acc 175.99 185.76 5.63 0.80 Choices Managed 584.39 615.14 -1.65 -
Authorised Inv Funds Hermes US SMID Equity Fund Class F Acc £ 1.52 1.52 0.05 0.00
Do Accum 5941.20 6125.00 -23.70 0.00 (LF) Greek Government Bond € 16.53 - 0.14 - Select Emerging Markets Equities £ 1.10 - 0.05 1.58
Artemis Global Income R Acc 91.42 96.62 2.22 3.79 Choices Equity 651.82 686.13 -5.10 -
BlackRock (JER) CF Heartwood Cautious B Acc X 126.09 - 0.69 0.12 Hermes US SMID Equity Fund Class R Acc € 3.26 3.26 0.12 0.00
(LF) Income Plus $ $ 1.22 - 0.00 0.00 Select European Eqts £ 1.73 - 0.01 1.88
Artemis Global Income R Inc 73.61 77.80 1.78 3.91 Freedom With Pfts Long-Tm 219.30 230.90 0.00 -
Regulated CF Heartwood Cautious Income B Inc X 109.74 - 0.47 2.09
(LF) Greek Corporate Bond € 10.13 - 0.08 - Select Global Equities £ 2.87 - 0.09 1.10
Artemis Global select R Acc 68.26 72.04 2.30 0.00 BlackRock UK Property £ 40.34 - 0.00 3.57 Freedom With Pfts Short-Tm 197.20 207.60 0.00 -
CF Heartwood Growth B Acc X 138.82 - 2.40 0.69 Hermes Property Unit Trust (UK)
(LF) FOF Balanced Blend € 1.36 - 0.00 0.00 South East Asia £ 3.31 - 0.12 2.00
Artemis High Income R Inc 78.34 83.47 0.20 5.71 Blackrock UK Long Lease £ 1057.79 - 1.80 0.00 Freedom Managed 343.52 361.61 -0.85 -
CF Heartwood Balanced Income B Inc X 111.06 - 1.03 2.60 Property & Other UK Unit Trusts
(LF) FOF Equity Blend € 1.23 - 0.00 0.00 Sterling Core Plus Bond Gr Accum £ 2.03 - -0.02 3.48
Artemis Income R Inc 200.15 212.16 2.08 4.22 BLK Intl Gold & General $ 3.79 4.00 -0.09 0.00 Freedom Equity 384.24 404.46 -2.44 - Property £ 5.58 5.95 0.03 3.15
CF Heartwood Balanced B Acc X 122.05 - 1.41 0.35
(LF) FOF Glob. Emerging Mkts € 0.79 - 0.00 0.00 Sterling Core Plus Bond Inc £ 1.32 - -0.01 3.59
Artemis Income R Acc 335.40 355.52 3.49 4.10 Corp Pens Mananged 206.30 206.30 -0.59 -
CF Heartwood Defensive Multi Asset Fund B Accumulation 108.84 - 0.22 0.01
(LF) FOF Dynamic Fixed Inc € 11.33 - 0.12 0.00 UK £ 3.46 - 0.05 2.21
Artemis Monthly Dist R Inc 61.43 65.24 0.79 4.71 Corp Pens Equity 212.81 212.81 -1.66 -
CF Richmond Core X 177.19 - 3.03 0.00 Dodge & Cox Worldwide Funds (IRL) Hermes UK Residential Real Estate (UK)
(LF) FOF Real Estate € 15.18 - 0.06 0.00 UK Aggreg Bond Gr Accum £ 1.80 - -0.01 3.11
Artemis Pan-Euro Abs Ret GBP 110.05 - 0.60 - 6 Duke Street,St.James,London SW1Y 6BN Corp Pens Fixed Interest 296.94 296.94 -0.73 - Property & Other UK Unit Trusts
CF Seneca Diversified Growth A ACC 210.95 - 1.94 1.37
Artemis Strategic Assets R Acc 74.02 78.52 1.11 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 UK Aggregate Bond Inc £ 1.21 - -0.01 3.19 VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Corp Pens Index Linked 334.16 334.16 -2.94 -
CF Seneca Diversified Growth B ACC 124.60 - 1.14 1.36 FCA Recognised
Artemis Strategic Bond R M Acc 83.49 88.70 0.09 4.01 UK Corporate Bond £ 1.21 - -0.01 3.97
Dodge & Cox Worldwide Funds plc - Global Bond Fund Corp Pens Deposit 190.76 190.76 0.00 -
CF Seneca Diversified Growth N ACC 123.45 - 1.13 1.18
Artemis Strategic Bond R M Inc 54.28 57.67 0.05 4.08 UK Corporate Bond - Gross £ 2.24 - -0.01 3.84
EUR Accumulating Class € 11.32 - 0.12 0.00 Corp Pens Protector 363.10 363.10 -1.31 -
CF Seneca Diversified Income A INC 87.18 - 0.28 5.17
UK Corporate Bond Fund Gross Inc £ 10.99 - -0.04 3.96
 24
Fund Bid Offer +/- Yield
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FCA Recognised
Env Mkts (Ire) Stl A £ 2.06 - 0.05 0.00
Env Mkts (Ire) Euro A € 1.92 - 0.02 0.00
Env Mkts (Ire) USD A $ 1.67 - 0.02 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV £ 7.67 - 0.12 0.00
Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR € 17.19 - -0.23 0.00
IVI European Fund GBP £ 17.18 - 0.00 0.99
Invesco Fund Managers Ltd (UK)
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc ♦ F 394.07 - 12.42 0.89
Asian Inc ♦ F 353.94 - 11.16 0.89
Asian Equity Income Acc ♦ F 54.03 - 1.93 4.38
Asian Equity Income Inc ♦ F 46.03 - 1.64 4.50
Balanced Risk 6 Acc 51.27 - -0.01 0.00
Balanced Risk 8 Acc 52.44 - 0.00 0.00
Balanced Risk 10 Acc 53.44 - 0.00 0.12
Childrens Acc ♦ F 388.50 - 4.65 1.71
set Management
Corporate Bd Acc (Gross) ♦ F 204.76 - -0.23 3.61
Corporate Bd Inc (Gross) ♦ F 88.59 - -0.10 3.71
Corporate Bond Acc ♦ F 182.54 - -0.21 3.63
Corporate Bond Inc ♦ F 88.34 - -0.10 3.71
Distribution Acc ♦ F 107.64 - 0.50 4.20
Distribution Acc (Gross) ♦ F 123.00 - 0.58 4.18
Distribution Inc ♦ F 63.32 - 0.30 4.28
Distribution Inc (Gross) ♦ F 63.37 - 0.30 4.28
Emerging European Acc ♦ F 32.90 - 1.31 2.90
Emerging European Inc ♦ F 29.99 - 1.20 2.97
European Equity Acc ♦ F 836.64 - 18.79 2.17
European Equity Inc ♦ F 707.85 - 15.89 2.22
European Equity Income Acc ♦ F 72.88 - 1.52 3.36
European Equity Income Inc ♦ F 56.41 - 1.18 3.44
European High Income Acc ♦ F 79.43 - 0.57 3.37
European High Income Inc ♦ F 58.10 - 0.42 3.43
European Opportunities Inc ♦ F 85.36 - 1.15 0.16
European Opportunities Acc ♦ F 87.41 - 1.18 0.16
European Smlr Cos Acc ♦ F 191.11 - 3.54 0.00
Global Bd Acc (Gross) ♦ F 128.58 - 0.79 1.18
Global Bd Inc (Gross) ♦ F 79.65 - 0.49 1.19
Global Bond Acc ♦ F 120.87 - 0.73 1.19
Global Bond Inc ♦ F 79.55 - 0.48 1.20
Glbl Distribution Acc 52.27 - 0.47 4.15
Glbl Distribution Acc (Gross) 52.85 - 0.47 4.15
Glbl Distribution Inc 50.12 - 0.45 4.16
Glbl Distribution Inc (Gross) 50.15 - 0.45 4.16
Global Emerging Markets Acc ♦ F 221.52 - 7.00 0.53
Global Emerging Markets Inc ♦ F 199.76 - 6.32 0.53
Global Equity (acc) ♦ F 451.90 - 12.59 0.48
Global Equity (inc) ♦ F 412.18 - 11.49 0.48
Global Equity Income Acc ♦ F 115.81 - 2.99 3.16
Global Equity Income Inc ♦ F 96.54 - 2.50 3.24
Gbl Financial Capital Acc 87.44 - -0.14 4.27
Gbl Financial Capital Inc 75.08 - -0.12 4.41
Gbl Financial Cap Acc Gross 91.22 - -0.14 4.77
Gbl Financial Cap Inc Gross 75.41 - -0.11 4.96
Global Opportunities Acc ♦ F 90.59 - 2.49 0.46
Global Smaller Cos Acc ♦ F 1620.42 - 38.74 0.00
Global Smaller Cos Inc ♦ F 1547.30 - 36.99 0.00
Global Targeted Rets Acc 56.22 - 0.84 0.29
High Income Acc ♦ F 794.03 - 11.43 3.36
High Income Inc ♦ F 438.01 - 6.30 3.44
High Yield Fund Acc 107.47 - 0.23 4.62
High Yield Fund Acc (Gross) 125.11 - 0.27 4.59
High Yield Fund Inc 43.01 - 0.10 4.73
High Yield Fund Inc (Gross) 43.06 - 0.09 4.72
Hong Kong & China Acc ♦ F 434.93 - 20.24 0.73
Income & Growth Acc ♦ F 925.61 - 10.00 3.99
Income & Growth Inc ♦ F 401.58 - 4.34 4.11
Income Acc ♦ F 3072.06 - 45.02 3.19
Income Inc ♦ F 1735.09 - 25.43 3.26
Japan Acc ♦ F 305.19 - 5.59 0.30
Japanese Smlr Cos Acc ♦ F 63.75 - 1.65 0.00
Latin America Acc ♦ F 99.97 - 3.62 1.42
Latin America Inc ♦ F 84.08 - 3.05 1.43
Managed Growth Acc ♦ F 154.80 - 3.47 0.70
Managed Growth Inc ♦ F 128.87 - 2.89 0.70
Managed Income Acc ♦ F 154.68 - 2.77 3.09
Managed Income Inc ♦ F 95.52 - 1.71 3.15
Money Acc ♦ F 90.12 - 0.00 0.22
Money Acc (Gross) ♦ F 95.24 - 0.01 0.22
Monthly Income Plus Acc ♦ F 295.12 - 0.68 4.68
Monthly Income Plus Acc (Gross) ♦ F 346.28 - 0.82 4.66
Monthly Income Plus Inc ♦ F 109.86 - 0.25 4.78
Monthly Income Plus Inc (Gross) ♦ F 110.07 - 0.26 4.78
Pacific Acc ♦ F 906.33 - 21.90 0.38
Pacific Inc ♦ F 832.45 - 20.12 0.38
Tactical Bond Acc ♦ F 68.34 - 0.10 0.96
Tactical Bond Inc ♦ F 59.48 - 0.09 0.96
Tactical Bond Acc (Gross) ♦ F 70.86 - 0.10 0.96
Tactical Bond Inc (Gross) ♦ F 59.55 - 0.08 0.96
UK Aggressive Acc ♦ F 194.27 - 2.24 1.75
UK Aggressive Inc ♦ F 161.78 - 1.86 1.78
UK Growth Acc ♦ F 531.35 - 6.17 1.78
UK Growth Inc ♦ F 337.11 - 3.91 1.81
UK Smaller Cos Equity Acc ♦ F 847.12 - 10.87 0.54
UK Smaller Cos Equity Inc ♦ F 648.71 - 8.33 0.55
UK Strategic Income Acc ♦ F 178.76 - 2.24 3.36
UK Strategic Income Inc ♦ F 134.00 - 1.68 3.44
US Equity Acc ♦ F 508.21 - 17.79 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 164.97 - 5.21 1.43
Asian (No Trail) Inc ♦ F 150.00 - 4.73 1.45
Asian Equity Income (No Trail) Acc ♦ F 110.49 - 3.96 4.37
Asian Equity Income (No Trail) Inc 94.15 - 3.37 4.49
Balanced Risk 6 No Trail Acc 104.36 - -0.01 0.16
Balanced Risk 8 No Trail Acc 106.69 - 0.00 0.42
Balanced Risk 10 No Trail Acc 108.74 - -0.01 0.57
Corporate Bond (No Trail) Acc ♦ F 162.38 - -0.19 3.87
Corporate Bond (No Trail) Inc ♦ F 116.82 - -0.13 3.96
Distribution (No Trail) Acc ♦ F 164.96 - 0.77 4.19
Distribution (No Trail) Inc ♦ F 110.47 - 0.52 4.27
Emerging European (No Trail) Acc ♦ F 68.36 - 2.72 3.53
Emerging European (No Trail) Inc ♦ F 60.41 - 2.41 3.63
European Equity (No Trail) Acc ♦ F 147.56 - 3.31 2.66
European Equity (No Trail) Inc ♦ F 124.64 - 2.80 2.74
European Equity Income (No Trail) Acc ♦ F 149.97 - 3.13 3.35
European Equity Income (No Trail) Inc ♦ F 116.12 - 2.43 3.43
European High Income (No Trail) Acc ♦ F 163.52 - 1.19 3.37
European High Income (No Trail) Inc ♦ F 119.60 - 0.87 3.42
European Opportunities (No Trail) Acc ♦ F 182.80 - 2.46 0.66
European Opportunities (No Trail) Inc ♦ F 173.47 - 2.33 0.66
Asset Management
European Smaller Companies (No Trail) Acc ♦ F 234.45 - 4.34 0.46
Global Balanced Index (No Trail) Acc ♦ F 151.96 - 2.30 1.75
Global Bond (No Trail) Acc ♦ F 135.78 - 0.83 1.44
Global Bond (No Trail) Inc ♦ F 123.46 - 0.75 1.45
Glbl Distribution Acc (No Trail) 105.19 - 0.94 3.76
Glbl Distribution Inc (No Trail) 100.87 - 0.90 3.83
Gbl Emerging Markets (No Trail) Acc ♦ F 145.04 - 4.59 1.07
Gbl Emerging Markets (No Trail) Inc ♦ F 134.77 - 4.26 1.08
Global Equity (No Trail) acc ♦ F 199.27 - 5.56 0.98
Fund Bid Offer +/- Yield
Global Equity (No Trail) inc ♦ F 186.49 - 5.20 0.99
Global Equity Income (No Trail ) Acc ♦ F 239.30 - 6.18 3.15
Global Equity Income (No Trail) Inc ♦ F 199.48 - 5.15 3.22
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 162.27 - 5.44 1.31
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 190.16 - 6.42 1.71
Gbl Fin Cap No Trail Acc 178.00 - -0.28 4.26
Gbl Fin Cap No Trail Inc 152.87 - -0.25 4.39
Global Opportunities (No Trail) Acc ♦ F 232.87 - 6.39 0.95
Global Smaller Companies (No Trail) Acc ♦ F 236.49 - 5.66 0.39
Global Smaller Companies (No Trail) Inc ♦ F 225.96 - 5.40 0.39
Global Targeted Rets (No Trail) Acc 113.51 - 1.71 0.84
High Income (No Trail) Acc ♦ F 169.61 - 2.45 3.35
High Income (No Trail) Inc ♦ F 124.70 - 1.80 3.43
High Yield Fund (No Trail) Acc 222.47 - 0.48 4.60
High Yield Fund (No Trail) Inc 165.84 - 0.36 4.71
Hong Kong & China (No Trail) Acc ♦ F 172.30 - 8.02 1.23
Income & Growth (No Trail) Acc ♦ F 217.67 - 2.35 3.99
Income & Growth (No Trail) Inc ♦ F 172.32 - 1.87 4.10
Income (No Trail) Acc ♦ F 168.63 - 2.47 3.17
Income (No Trail) Inc ♦ F 125.38 - 1.84 3.25
Japan (No Trail) Acc ♦ F 144.86 - 2.66 0.76
Japanese Smaller Companies (No Trail) Acc ♦ F 162.22 - 4.22 0.00
Latin American (No Trail) Acc ♦ F 96.56 - 3.50 2.16
Latin American (No Trail) Inc ♦ F 88.18 - 3.19 2.19
Managed Growth (No Trail) Acc ♦ F
Managed Growth (No Trail) Inc ♦ F
187.52
172.45
-
-
4.21 1.21
3.87 1.22
Managed Income (No Trail) Acc ♦ F 185.22 - 3.32 3.09
Managed Income (No Trail) Inc ♦ F 153.40 - 2.75 3.15
Monthly Income Plus (No Trail) Acc ♦ F 170.04 - 0.40 4.67
Monthly Income Plus (No Trail) Inc ♦ F 108.17 - 0.26 4.77
Pacific (No Trail) Acc ♦ F 167.96 - 4.06 0.85
Pacific (No Trail) Inc ♦ F 159.41 - 3.85 0.94
Tactical Bond (No Trail) Acc ♦ F 139.75 - 0.20 1.45
Tactical Bond (No Trail) Inc ♦ F 119.16 - 0.17 1.46
UK Aggressive (No Trail) Acc ♦ F 159.65 - 1.83 2.28
Asset Management
UK Aggressive (No Trail) Inc ♦ F 134.34 - 1.55 2.33
UK Enhanced Index (No Trail) Acc ♦ F 384.97 - 2.67 3.43
UK Enhanced Index (No Trail) Inc ♦ F 244.59 - 1.70 3.51
UK Growth (No Trail) Acc ♦ F 140.38 - 1.63 2.29
UK Growth (No Trail) Inc ♦ F 114.87 - 1.33 2.34
UK Smaller Companies Equity (No Trail) Acc ♦ F 275.50 - 3.53 1.00
UK Smaller Companies Equity (No Trail) Inc ♦ F 254.16 - 3.27 1.01
UK Strategic Income (No Trail) Acc ♦ F 709.29 - 8.89 3.35
UK Strategic Income (No Trail) Inc ♦ F 531.75 - 6.67 3.43
US Equity (No Trail) Acc ♦ F 211.40 - 7.40 0.04
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A € 2.91 - 0.00 0.00
Invesco Asia Balanced A dist $ 14.07 - 0.20 3.63
Invesco Asia Consumer Demand Fund A income $ 12.44 - 0.32 0.19
Invesco Asia Infrastructure (A) $ 12.46 - 0.40 1.42
Invesco Asia Opportunities Equity A $ 99.36 - 3.47 0.00
Invesco Balanced Risk Allocation Fund A € 14.56 - 0.04 0.00
Invesco Emerging Europe Equity Fund A $ 7.82 - 0.23 0.00
Invesco Emerging Local Currencies Debt A Inc $ 7.01 - 0.04 6.72
Invesco Emerging Mkt Quant.Eq. A $ 9.12 - 0.26 0.00
Invesco Energy A $ 17.26 - 0.43 0.00
Invesco Euro Corporate Bond Fund (A) € 17.12 - 0.00 0.00
Invesco Euro Inflation Linked Bond A € 15.23 - -0.03 0.00
Invesco Euro Reserve A € 322.82 - 0.00 0.00
Invesco Euro Bond A € 7.04 - 0.00 0.00
Invesco European Growth Equity A € 23.46 - 0.32 0.00
Invesco Global Absolute Return Fund A Class € 11.26 - 0.09 0.00
Invesco Global Bond A Inc $ 5.53 - -0.02 0.97
Invesco Global Conservative Fund 90 (EUR) A € 11.87 - -0.01 0.00
Invesco Global Equity Income Fund A $ 58.41 - 0.86 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.13 - 0.08 2.14
Invesco Global Inv Grd Corp Bond A Dist $ 11.65 - -0.02 3.05
Invesco Global Leisure A $ 35.84 - 0.98 0.00
Invesco Global Smaller Comp Eq Fd A $ 55.95 - 0.77 0.00
Invesco Global Structured Equity A $ 45.20 - 0.86 0.73
Invesco Global Total Ret.(EUR) Bond Fund A € 13.22 - 0.00 0.00
Invesco Gold & Precious Metals A $ 3.52 - -0.14 0.00
Invesco Greater China Equity A $ 41.62 - 1.40 0.00
Invesco India Equity A $ 53.18 - 1.44 0.00
Invesco Japanese Equity Adv Fd A ¥ 3654.00 - 33.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1203.00 - 16.00 0.00
Invesco Latin American Equity A $ 5.89 - 0.13 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 992.00 - 19.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 19.24 - 0.41 0.00
Invesco Pan European High Income Fd A € 13.93 - 0.06 2.14
Invesco Pan European Small Cap Equity A € 22.56 - 0.39 0.00
Invesco Pan European Structured Equity A € 16.50 - 0.30 0.00
Invesco UK Eqty Income A £ 30.72 - 0.45 0.00
Invesco UK Investment Grade Bond A £ 0.99 - 0.00 2.93
Invesco US Structured Equity A $ 20.48 - 0.54 0.00
Invesco US Value Eq Fd A $ 30.09 - 0.81 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F £ 2.61 - 0.00 3.36
Invesco Asian Equity A $ 5.89 - 0.14 0.50
Invesco ASEAN Equity A $ 89.03 - 2.71 0.40
Invesco Bond A $ 27.08 - -0.19 2.22
Invesco Continental Eurp Small Cap Eqty A $ 200.01 - 0.78 0.00
Invesco Emerging Markets Equity A $ 34.05 - 0.71 0.00
Invesco Emerging Markets Bond A $ 20.33 - -0.02 4.82
Invesco Continental European Equity A € 8.82 - 0.20 0.18
Invesco Gilt A £ 14.97 - -0.11 1.48
Invesco Global Small Cap Equity A NAV $ 119.11 - 1.47 0.00
Invesco Global High Income A NAV $ 12.28 - 0.00 5.35
Invesco Gbl R/Est Secs A GBP F F £ 7.37 - 0.21 0.91
Invesco Global Health Care A $ 135.39 - 4.03 0.00
Invesco Global Select Equity A $ 12.92 - 0.22 0.00
Invesco Jap Eqty Core A $ 1.81 - 0.01 0.00
Invesco Japanese Equity A $ 17.97 - 0.13 0.00
Invesco Korean Equity A $ 33.83 - 0.68 0.00
Invesco PRC Equity A $ 49.04 - 2.10 0.00
Invesco Pacific Equity A $ 45.10 - 0.62 0.18
Invesco Global Technology A $ 15.21 - 0.67 0.00
Invesco UK Eqty A £ 7.89 - 0.08 1.31
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 65.31 - -0.15 0.00
Invest AD - Emerging Africa Fund $ 941.08 - -9.02 0.00
Invest AD - GCC Focus Fund $ 1504.81 - -19.06 0.00
JPMorgan Asset Mgmt (1200)F (UK)
60 Victoria Embankment, London EC4Y 0JP
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
America Equity Acc 57.66 - 3.05 0.00
America Equity Inc 57.66 - 3.05 0.00
Asia Acc 110.40 - 4.30 0.35
Asset Management
Asia Inc 61.25 - 2.38 0.34
Cautious Managed Rt Acc 67.73xd - 0.47 0.18
Cautious Managed Rt Inc 59.60xd - 0.42 0.18
Diversified Real Ret Acc 50.37xd - 0.17 1.07
★ FINANCIAL TIMES Friday 28 August 2015
MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
Diversified Real Ret Inc 48.93xd - 0.17 1.08 Strategic Bond A Acc 178.72 - -0.27 1.85 Vantage 1500 (EUR) MA € 10.21 - 0.01 0.00 US Conc.Growth A1 $ 14.66 - 0.54 0.00 Mir. -Eq Spain A € 25.73 - -0.20 0.00 Asia Pac Eq GBP Ord Inc £ 85.55 - -0.65 3.47
Emerging Mkts Acc 129.80 - 4.70 0.80 Strategic Bond A Inc 118.71 - -0.18 1.85 Vantage 3000 (EUR) MA € 10.32 - 0.02 0.00 US Government Bond A1 $ 17.06 - -0.02 0.00 Mir. - Eq Swiss Sm/Mid A SFr 303.79 - -3.13 0.00 Asia Pac Eq USD Ord Inc $ 86.08 - -0.65 2.90
Emerging Mkts Inc 55.80 - 2.01 0.80 UK Equity Absolute Return A Acc 119.03 - 0.33 0.00 PrivilEdge Value A1 $ 20.85 - 0.66 0.00 Mir. - Glb High Yield Bds A $ 108.72 - -0.13 - Asia Pac Eq USD Inst Acc $ 91.22 - -0.70 0.00
Inc.Pt.RMB Dt.CNH PA CNH 101.19 - -0.21 0.00
Emrg Mkts Inc Acc... C 47.60xd - 1.72 5.57 UK Equity A Acc 224.90 - 3.57 1.42 Mir. - Glb Eq High Income A USD $ 97.19 - 0.96 0.00 Asia Pac Eq USD Inst Inc $ 96.06 - -0.73 3.57
Inc.Pt.RMB Dt.SH CHF PA SFr 9.60 - -0.01 0.00
Emrg Mkts Inc Inc... C 41.86xd - 1.51 5.76 UK Equity Income A Acc 196.99 - 2.19 4.24 Mir. - Glb Strat. Bd A USD $ 105.04 - -0.05 0.00 Dyn Europ Eq EUR Ord Inc € 165.14 - -2.33 1.30
MMIP Investment Management Limited (GSY)
Inc.Pt.RMB Dt.SH EUR PA € 9.66 - -0.02 0.00 Regulated
Europe Acc 1030.00 - 20.00 1.51 UK Equity Income A Inc 153.95 - 1.71 4.36 Dyn Europ Eq GBP Ord Inc £ 175.32 - -2.55 1.64
Multi-Manager Investment Programmes PCC Limited
Inc.Pt.RMB Dt.USD PA $ 9.72 - -0.01 0.00
Europe Inc 59.29 - 1.18 1.51 UK Opportunities A Acc 161.25 - 2.51 1.33 Dyn Europ Eq USD Ord Inc $ 164.73 - -2.44 1.22
European Equity Fd Cl A Initial Ser € 2630.39 2630.39 115.75 0.00
Jenn. US Eq.Opp. USD PA $ 9.28 - 0.27 0.00
Eur Dynamic exUK Acc 160.40 - 3.50 0.82 UK Smaller Companies A Acc 272.87 - 3.30 0.65 China Equity EUR Ord Acc € 124.81 - 0.17 0.00
Japanese Equity Fd Cl A Initial Ser ¥ 374586.00 374586.00 2750.00 0.00
Neubrg.Berman US Core PA $ 13.20 - 0.34 0.00
Eur Dynamic exUK £ hdg Acc 183.90 - 4.20 0.71 China Equity GBP Ord Acc £ 130.07 - 0.18 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1343.33 1343.33 -11.03 0.00
Sands US Growth PA € 13.23 - 0.55 0.00
Eur Dynamic exUK Inc 73.65 - 1.64 0.81 China Equity USD Ord Acc $ 126.71 - 0.18 0.00
Kames Capital Investment Portfolios ICVC (UK) Pacific Basin Fd Cl A Initial Ser $ 2267.99 2281.49 -101.36 0.00
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Sands US Growth PA $ 16.01 - 0.68 0.00
Eur Smaller Cos Acc 461.20 - 8.90 0.00 China Equity USD Inst Acc $ 129.96 - 0.19 0.00
0800 45 44 22 www.kamescapital.com UK Equity Fd Cl A Series 01 £ 2405.27 2429.26 50.96 0.00
Will.Blair Gbl. Ldrs PA € 14.57 - 0.27 0.00 Montello Real Estate Opportunity Fund (LUX)
Eur Smaller Cos Inc 59.98 - 1.15 0.00 Global Val.Cr.Fd GBP Ord Inc £ 110.73 - -0.21 3.57
Authorised Funds Diversified Absolute Rtn Fd USD Cl AF2 $ 1647.35 - 7.55 0.00 101 New Cavendish Street,London W1W 6XH
Will.Blair Gbl. Ldrs PA $ 12.40 - 0.23 0.00
Fusion Balanced Acc 53.31 - 0.24 0.49 Property Income B Acc 116.38 - 0.04 - Regulated Global Val.Cr.Fd USD Inst Acc $ 122.24 - -0.24 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1667.95 - 7.74 0.00
Montello Real Estate Opportunity Fund II £ 1134.60 - 8.02 0.00
Fusion Balanced Inc 53.30 - 0.25 0.49 Property Income B Inc 109.63 - 0.05 - Global Val.Cr.Fd GBP Ord Acc £ 176.36 - -0.35 0.00
Fusion Conservative Acc 52.97 - 0.18 0.67 Lothbury Property Trust (UK) Global Val.Cr.Fd USD Ord Acc $ 165.58 - -0.33 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Manek Investment Mgmt Ltd (1000)F (UK)
Fusion Conservative Inc 52.86 - 0.18 0.69 MW Japan Fund Plc (IRL) Global Val.Cr.Fd EUR Ord Acc € 154.57 - -0.30 0.00
Kames Capital VCIC (IRL) Property & Other UK Unit Trusts P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Fusion Growth Acc 54.43 - 0.37 0.49 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Authorised Inv Funds FCA Recognised Swiss Select Equity Inst Acc SFr 110.71 - -1.55 0.00
Lothbury Property Trust GBP £ 1732.06 1858.39 27.09 3.34
FCA Recognised Growth Fd Acc 56.05 59.27 -0.21 0.00 MW Japan Fund PLC A $ 24.04 - 0.26 -
Fusion Growth Inc 54.42 - 0.37 0.49 Swiss Select Equity Ord Acc SFr 109.67 - -1.53 0.00
Absolute Return Bond B GBP Acc 1077.70 - 0.25 - MW Japan Fund PLC B $ 24.27 - 0.26 -
Fusion Growth + Acc 55.59 - 0.48 0.50 US Growth USD Ord Acc $ 201.37 - 8.36 0.00
Eq Market Neutral B Acc 1020.29 - 2.72 - MW Japan Fund PLC C $ 92.53 - 1.53 -
Fusion Growth + Inc 55.59 - 0.48 0.50 Manulife Global Fund (LUX) US Growth EUR Ord Acc € 192.95 - 7.65 0.00
Eq Market Neutral Plus B Acc 1035.63 - 6.91 - 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Fusion Income Acc...C 52.84 - 0.00 2.46 US Growth GBP Ord Acc £ 202.40 - 8.43 0.00
High Yield Global Bond A GBP Inc 526.72 - -0.28 3.76 www.manulife.com.hk
Fusion Income Inc...C 50.53 - 0.00 2.48 FCA Recognised Morant Wright Funds (Ireland) PLC (IRL) US Growth USD Inst Acc $ 185.59 - 7.71 0.00
High Yield Global Bond B GBP Inc 1094.01 - -0.57 4.27 FCA Recognised
Global Allocation Acc 52.86 - 0.55 0.66 American Growth Fund Class A F $ 29.0071 - 0.8509 0.00 Wealthy Nat Bd EUR Inst Inc € 107.40 - -0.18 3.76
Investment Grade Global Bd A GBP Inc 553.42 - -1.20 2.56 Morant Wright Fuji Yield EUR Acc Hedged € 10.86 - 0.14 -
M & G Securities (1200)F (UK)
Asset Management
Global Allocation Inc 52.52 - 0.55 0.67 American Growth Fund Class AA F $ 1.6472 - 0.0483 0.00 Wealthy Nat Bd GBP Inst Inc £ 111.25 - -0.21 3.61
Kames Global Equity Income B GBP Acc 1085.81 - 32.67 - PO Box 9039, Chelmsford, CM99 2XG Morant Wright Fuji Yield EUR Dist Hedged € 10.80 - 0.13 -
Global Bond exUK Acc
Global Bond exUK Inc
248.80xd
195.60xd
-
-
-0.50 0.76
-0.50 0.76
Kames Global Equity Income B GBP Inc 1038.89 - 31.25 -
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds
American Growth Fund Class AA (HKD) FHK$ 10.2076
Asian Equity Fund Class A F $ 2.7700
-
-
0.2980 0.00
0.0733 0.40
Morant Wright Fuji Yield GBP Acc Hedged £ 11.08 - 0.14 -
Wealthy Nat Bd EUR Ord Inc
Wealthy Nat Bd GBP Ord Inc
Asset Manageme
€ 106.67
£ 111.90
-
-
-0.18 3.52
-0.20 3.34
Strategic Global Bond A GBP Inc 1096.38 - -2.60 0.58 Morant Wright Fuji Yield GBP Dist Hedged £ 10.85 - 0.14 -
Charifund Inc 1397.71 - 16.93 4.88 Asian Equity Fund Class AA F $ 0.8910 - 0.0236 0.00
Global Bond Opport. Acc 49.03xd - -0.03 2.88 Wealthy Nat Bd USD Ord Inc $ 108.92 - -0.19 3.32
Strategic Global Bond B GBP Inc 621.80 - -1.41 1.08 Morant Wright Fuji Yield USD Acc Hedged $ 10.78 - 0.14 -
Charifund Acc 18967.61 - 229.86 4.74 Asian Small Cap Equity Fund Class AA F $ 1.9332 - 0.0536 0.00 New Capital Alternative Strategies
Global Bond Opport. Inc 48.62xd - -0.03 2.90
Morant Wright Fuji Yield USD Dist Hedged $ 10.91 - 0.14 -
M&G Corporate Bond A Acc 61.92xd - -0.22 3.10 Asian Small Cap Equity Fund Class AA (HKD)HK$ 7.8198 - 0.2157 0.00 All Weather Fd USD Cls $ 121.26 - 0.57 0.00
Global Eq Income £ hdg Acc... C 65.59xd - 1.94 3.64
Morant Wright Fuji Yield YEN Acc ¥ 1110.97 - 13.93 -
Global Eq Income £ hdg Inc ... C 47.25xd - 1.40 3.72 Kleinwort Benson Bank (UK) M&G Corporate Bond A Inc 39.14xd - -0.14 3.10 China Value Fund Class A F $ 7.8024 - 0.3478 0.69 All Weather Fd EUR Cls € 109.06 - 0.45 0.00
14 St. George Street, Mayfair, London W1S1FE Morant Wright Fuji Yield B YEN Acc ¥ 981.03 - 12.58 -
M&G Dividend A Inc 58.52xd - 0.83 4.69 China Value Fund Class AA F $ 2.4428 - 0.1089 0.47 All Weather Fd GBP Cls £ 117.69 - 0.54 0.00
Global Eq Income Acc... C 68.30xd - 2.35 3.65 Dealing and enquiries: 0800 024 2400
Morant Wright Fuji Yield YEN Dist ¥ 1098.74 - 13.77 -
Authorised Inv Funds M&G Dividend A Acc 586.15xd - 8.34 4.52 Dragon Growth Fund Class A F $ 1.8174 - 0.0866 0.61 Tactical Opps USD Cls $ 137.12 - -15.77 0.00
Global Eq Income Inc ... C 59.51xd - 2.05 3.73
Unit Trust Manager/ACD - Host Capital Morant Wright Sakura Fund Sterling Acc Hedged £ 13.33 - 0.23 0.00
M&G Episode Growth X Inc 50.53xd - 1.12 1.85 Dragon Growth Fund Class AA HKDHK$ 8.7886 - 0.4175 0.58 Tactical Opps EUR Cls € 115.03 - -12.99 0.00
Global Equity Acc 949.60 - 36.90 0.16
HC KB Capital Growth A Acc 158.87 - 2.03 1.36 Morant Wright Sakura Fund Euro Acc Hedged € 13.31 - 0.23 0.00
M&G Episode Income A Acc 133.44xd - 1.88 3.68 Emerging Eastern Europe Fund Class AA F $ 1.2620 - 0.0416 0.50 Tactical Opps GBP Cls £ 129.22 - -14.80 0.00
Global Equity Inc 70.57 - 2.74 0.15
HC KB Capital Growth A Inc 148.76 - 1.90 1.38 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1358.36 - 23.35 0.00
Global Financials Acc 709.70 - 25.90 0.88
M&G Episode Income A Inc 112.26xd - 1.59 3.75
Asset Management
Emerging Eastern Europe Fund Class A F $ 2.9386 - 0.0971 0.90
HC KB Enterprise Equity Income A Inc 105.69 - -0.35 3.78 Morant Wright Sakura Fund Dollar Acc Hedged $ 13.27 - 0.23 0.00
M&G Extra Income A Inc 705.83 - 5.17 4.58
Asset Management
Global Financials Inc 40.36 - 1.47 0.89 European Growth Fund Class A F $ 10.4946 - 0.0719 1.15
HC KB Enterprise Equity Income A Acc 155.60 - -0.51 3.69 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.22 - 0.22 0.00
M&G Extra Income A Acc 5726.76 - 41.89 4.45 European Growth Fund Class AA F $ 0.7589 - 0.0052 0.56
Global High Yield Bd Mth Inc C 37.45xd - -0.04 6.55
HC KB Endeavour Multi Asset Balanced A Acc 127.62 - 0.67 0.81
M&G Global Basics A Inc 590.78 - 12.81 0.31 Global Contrarian Fund Class AA F $ 0.8883 - 0.0157 0.00
Global High Yield Bd Acc C 97.78xd - -0.09 6.50
HC KB Endeavour Multi Asset Balanced A Inc 121.29 - 0.64 0.81
M&G Global Basics A Acc 891.86 - 19.34 0.31 Global Property Fund Class AA F $ 0.9567 - 0.0196 0.75
Global High Yield Bd Inc C 37.42xd - -0.04 6.58
HC KB Enterprise Fixed Income A Acc 121.77 - -0.20 3.44
M&G Global Dividend Fund A Acc 179.29xd - 5.41 3.53 Global Property Fund Class AA (HKD)HK$ 8.9884 - 0.1828 -
Global Property Secs Acc 55.46xd - 1.25 0.61
HC KB Enterprise Fixed Income A Inc 108.71 - -0.18 3.44 Northwest Investment Management (HK) Ltd
M&G Global Dividend Fund A Inc 142.52xd - 4.30 3.60 Global Resources Fund Class AA F $ 0.6281 - 0.0199 0.00
Global Property Secs Inc 47.87xd - 1.08 0.60 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
M&G Glbl Emrgng Mkts A Acc 174.52 - 5.88 0.98 Greater China Opportunities Class AA $ 0.9050 - 0.0391 0.00 Other International Funds
Income Acc ... C 49.54xd - -0.07 6.68
Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Glbl Emrgng Mkts A Inc 168.61 - 5.68 0.99 Northwest $ class $ 2331.51 - -97.83 0.00
Income Inc ... C 46.81xd - -0.07 6.71 Healthcare Fund Class AA F $ 1.9146 - 0.0415 0.00
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Morgan Stanley Investment Funds (LUX)
Other International Funds M&G Global Macro Bond Fund A Acc 105.25xd - 0.99 0.88 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Northwest Warrant $ class $ 2413.75 - -188.47 0.00
Japan Acc 281.40 - 6.00 0.00 India Equity Fund Class AA F $ 1.3242 - 0.0268 0.00
Lloydstrust Gilt £ 12.2100 - -0.1300 2.44 M&G Global Macro Bond Fund A Inc 73.02xd - 0.68 0.88 www.morganstanleyinvestmentfunds.com
Japan Inc 67.75 - 1.46 0.00 International Growth Fund Class A F $ 4.4809 - 0.0971 0.13
FCA Recognised
Lloyds Investment Funds Limited M&G Global High Yield Bond X Inc 49.35xd - 0.09 4.32
Multi-Asset Inc Mth Inc ... C 63.34xd - 0.64 3.84 International Growth Fund Class AA F $ 1.0283 - 0.0223 0.00 US Advantage A F $ 55.50 - 1.83 0.00
Euro High Income € 1.6250 - -0.0010 3.00
M&G Global High Yield Bond X Acc 115.38xd - 0.22 4.32 Japanese Growth Fund Class A F $ 3.2912 - 0.0235 0.58
Multi-Asset Inc Acc... C 83.71xd - 0.85 3.76 Asian Equity A F $ 40.13 - 1.34 0.00
European £ 7.2380 - 0.1190 1.36
M&G Managed Growth X Inc 72.51 - 1.84 0.72 Japanese Growth Fund Class AA F $ 0.8461 - 0.0060 0.00
Multi-Asset Inc Inc... C 63.34xd - 0.64 3.85 Asian Property A F $ 17.64 - 0.45 0.00
High Income £ 0.8629 - -0.0049 5.05
M&G Optimal Income A Inc 142.12 - 0.14 1.95 Latin America Equity Fund Class AA F $ 0.7155 - 0.0235 1.63
Multi-Asset Macro Acc 67.23 - 0.24 0.00 Asian Property AX F £ 10.56 - 0.38 0.49
International £ 3.8390 - 0.1240 1.27
M&G Optimal Income A Acc 186.32 - 0.17 1.95 Russia Equity Fund Class AA F $ 0.3960 - 0.0177 0.00
Multi-Asset Macro Inc 67.23 - 0.25 0.00 Diversified Alpha Plus A F € 31.34 - -0.08 0.00
North American £ 14.8300 - 0.6500 0.18 Oasis Crescent Management Company Ltd
M&G Recovery GBP A Inc 117.01xd - 1.81 0.75 Taiwan Equity Fund Class AA F $ 1.4402 - 0.0281 0.21
Multi-Manager Growth Acc 697.20 - 15.90 0.48 Emerg Europ, Mid-East & Africa Eq A F € 64.02 - -0.43 0.00 Other International Funds
Sterling Bond £ 1.4610 - -0.0090 3.67
Multi-Manager Growth Inc 650.60 - 14.80 0.48
M&G Recovery GBP A Acc 262.73xd - 4.06 0.74 Turkey Equity Fund Class AA F $ 0.6647 - 0.0130 0.00 Emerging Markets Debt A F $ 74.20 - -0.18 0.00 Oasis Crescent Equity Fund R 9.03 - 0.03 0.00
UK £ 6.5340 - 0.1200 1.62
M&G Strategic Corp Bond A Inc 72.79 - -0.16 2.75 US Bond Fund Class AA F $ 1.2067 - -0.0008 3.93
Natural Resources Acc 329.10 - 0.00 0.12 Emerging Markets Domestic Debt AX F £ 10.19 - 0.01 5.46
Lloyds Gilt Fund Limited
M&G Strategic Corp Bond A Acc 103.92 - -0.22 2.75 U.S. Bond Fund Class AA Inc F $ 0.9773 - -0.0006 2.53
Natural Resources Inc 23.31 - 0.00 0.12 Lloyds Gilt Fund Quarterly Share £ 1.2700 - -0.0130 1.95 Emerging Markets Equity A F $ 33.10 - 0.98 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
M&G Global Leaders GBP A Inc 182.05 - 5.47 1.50 Regulated
New Europe Acc 129.10 - 5.90 2.81 Monthly Share £ 1.2220 - -0.0120 1.95 US Bond Fund Class AA (HKD) HK$ 9.8727 - -0.0075 - Euro Bond A F € 15.59 - 0.05 0.00
M&G Global Leaders GBP A Acc 424.72 - 12.77 1.48 Oasis Global Investment (Ireland) Plc
New Europe Inc 30.67 - 1.38 2.77 Lloyds Money Fund Limited U.S. Bond Fund Class AA (HKD) IncHK$ 9.7408 - -0.0074 2.63 Euro Corporate Bond AX F £ 21.76 - 0.17 1.69
Oasis Crescent Global Short Term Income Fund $ 1.00 - 0.00 0.45
Sterling Class £ 52.5910 - 0.0000 0.16 M&G UK Inflation Lnkd Corp Bnd A Acc 111.83 - 0.16 0.09
Portfolio Acc 193.50 - 3.30 0.71 U.S. Special Opportunities Fund Class AA F $ 0.8932 - 0.0016 7.15 Euro Strategic Bond A F € 43.07 - 0.00 0.00
Oasis Global Equity $ 26.09 - 0.30 0.22
Lloyds Multi Strategy Fund Limited M&G UK Inflation Lnkd Corp Bnd A Inc 110.23 - 0.16 0.09
Sterling Corporate Bond Acc 81.78xd - -0.31 2.57 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - European Currencies High Yield Bd A F € 21.54 - 0.06 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Conservative Strategy £ 1.0810 - -0.0070 1.97
Sterling Corporate Bond Inc 51.39xd - -0.19 2.58 U.S. Special Opportunities Fund Class AA Inc $ 0.8816 - 0.0016 - European Equity Alpha A F € 42.91 - -0.10 0.00 Oasis Crescent Global Equity Fund $ 26.51 - 0.34 0.00
Growth Strategy £ 1.4260 - -0.0010 1.32
Strategic Bond Acc 68.45xd - 0.07 2.70 M & G Securities Ltd (UK) US Small Cap Equity Fund Class AA F $ 1.0741 - 0.0195 0.00 European Property A F € 34.81 - 0.44 0.00 Oasis Crescent Variable Balanced Fund £ 10.24 - 0.01 -
Aggressive Strategy £ 1.7170 - 0.0320 0.00 Property & Other UK Unit Trusts
Strategic Bond Inc 57.13xd - 0.06 2.70 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2682 - -0.0012 0.06 Eurozone Equity Alpha A F € 11.26 - 0.03 0.00 OasisCresGl Income Class A $ 10.97 - -0.04 2.28
Global USD Growth Strategy $ 1.3460 - 0.0320 0.00 Charibond 123.02xd - -0.53 5.25
UK Active Index + E Acc 270.60 - 3.40 3.17 Global Bond A F $ 38.63 - -0.18 0.00 OasisCresGl LowBal D ($) Dist $ 11.58 - 0.04 0.00
Dealing Daily (Accum Units) 3593.83xd - -15.53 5.25
UK Active Index + E Inc 51.03 - 0.64 3.17 Global Brands A F $ 92.75 - 1.36 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 11.68 - 0.07 0.31
Manulife Global Fund
NAACIF 72.82xd - 0.94 4.74
UK Dynamic Acc 156.90xd - 2.40 1.50 Other International Funds Global Convertible Bond A F $ 41.91 - 0.36 0.00 Oasis Crescent Gbl Property Eqty $ 9.28 - -0.01 1.83
(Accum Units) 6440.28xd - 83.08 4.61 Asia Total Return Fund Class AA $ 0.9600 - 0.0022 -
UK Dynamic Inc 128.30xd - 2.00 1.52 Global Property A F $ 27.34 - 0.46 0.00
M&G Property Portfolio A Acc 132.09 139.04 0.88 3.62 Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.5013 - 0.0207 -
UK Eq & Bond Inc Acc ... C 137.00xd - 1.10 3.34 Indian Equity A F $ 35.28 - 0.47 0.00
Property Portfolio A 122.00 128.42 0.80 3.71 Asia Total Return Fund Class AA Inc $ 0.9091 - 0.0021 3.23
UK Eq & Bond Inc Inc ... C 80.49xd - 0.64 3.40 Latin American Equity A F $ 39.68 - 1.68 0.00
Property Portfolio X 122.00 122.00 0.80 3.69 Asia Value Dividend Equity Fund Class AA F $ 1.5288 - 0.0564 0.00
UK Higher Inc Acc ... C 877.20xd - 12.70 4.27 Short Maturity Euro Bond A F € 20.39 - -0.01 0.00
Asia Value Dividend Equity Fund Class AA Inc $ 0.9278 - 0.0342 -
UK Higher Inc Inc ... C 509.80xd - 7.30 4.41 Lombard Odier Funds (Europe) S.A (LUX) US Dollar Liquidity A F $ 13.03 - 0.00 0.00
www.loim.com M & G (Guernsey) Ltd (GSY) Strategic Income Fund Class AA F $ 1.0768 - 0.0014 4.44
UK Managed Equity Acc 63.25xd - 0.77 2.11 US Growth A F $ 65.79 - 2.49 0.00
Regulated Regulated
Odey Asset Management LLP (UK)
UK Managed Equity Inc 53.34xd - 0.64 2.13 Lombard Odier Funds The M&G Offshore Fund Range US Growth AH F € 43.89 - -0.33 0.00
40 Dukes Place, London, EC3A 7NH
UK Smaller Cos Acc 376.20 - 4.20 0.00 Absolute Ret Bond (EUR) PA € 12.04 - -0.03 0.00 Corporate Bond 1303.12 1343.42 -4.66 3.07 Marlborough Fd Managers Ltd (1200)F (UK) US Growth AX F £ 40.66 - 0.19 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Absolute Ret Bond (USD) PA $ 17.68 - -0.04 0.00 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
UK Smaller Cos Inc 73.05 - 0.82 0.00 Global Basics 2175.00 2242.27 46.95 0.00 US Property A F $ 64.12 - 1.39 0.00 Authorised Corporate Director - Capita Financial Managers
www.marlboroughfunds.com
Authorised Inv Funds
UK Strategic Eq Inc Acc ... C 147.30xd - 2.00 3.67 All Roads (CHF) PA SFr 17.36 - 0.02 0.00 Global Leaders 3161.76 3293.50 94.91 1.26 Authorised Inv Funds
CF Odey Continental European GBP R Acc 707.77 - 12.95 0.19
All Roads (USD) PA $ 11.04 - 0.02 0.00 Balanced 148.22 156.68 0.31 0.05
UK Strategic Eq Inc Inc ... C 96.38xd - 1.32 3.76 Global High Yield Bond 970.31 1000.32 1.76 4.30
Morgens Waterfall Vintiadis.co Inc CF Odey Opus GBP R Inc 3649.54 - 57.31 0.00
All Roads (GBP) PA £ 11.27 - 0.02 0.00 Bond Income 50.25 53.17 -0.03 4.87
UK Strategic Gth Acc 109.30 - 1.60 1.20 Global Macro Bond Fund 10944.40 11282.89 101.83 0.89 Other International Funds
CF Odey Absolute Return GBP R 310.02 - 1.30 0.00
All Roads (EUR) PA € 11.19 - 0.02 0.00 Cash 50.17 - 0.00 0.32 Phaeton Intl (BVI) Ltd (Est) $ 402.75 - -17.86 0.00
UK Strategic Gth Inc 101.90 - 1.40 1.22 North American Dividend Fund 147.12 153.25 4.02 0.63
CF Odey Portfolio Fund GBP R Inc 141.94 - 2.33 0.07
Alpha Japan (EUR) PA F € 11.11 - 0.36 0.00 Cautious Inc 80.81 85.11 0.26 1.34
US Acc 668.70 - 31.80 0.00 Optimal Income Fund 140.83 145.19 0.14 1.94
Alpha Japan (CHF) PA F SFr 13.89 - 0.46 0.00 Defensive A Inc 115.46 - 0.36 0.98
US Inc 92.55 - 4.40 0.00 Recovery Fund Limited 'A' Participating Shares 10136.30 10558.65 155.11 0.43
Alpha Japan (JPY) PA F ¥ 1319.00 - 43.00 0.00 Emerging Markets 207.93 - 7.99 1.83 Odey Asset Management LLP (CYM)
US Equity Income Acc ... C 112.30xd - 5.00 2.24 Recovery Fund Limited 'I' Participating Shares 10140.43 10242.86 155.94 1.23
Regulated
Alpha Japan (USD) PA F $ 15.92 - 0.53 0.00 ETF Global Growth A 151.36 - 0.51 0.00
US Equity Income £ hdg Inc ... C 94.13xd - 3.20 2.29 Strategic Corporate Bond Fund 132.17 137.67 -0.29 2.72 OEI Mac Inc GBP A £ 363.01 - 4.91 0.00
Alternative Beta PA F SFr 114.92 - 0.99 0.00 ETF Commodity A 68.04 - 1.29 0.00
US Equity Income Inc ... C 95.83xd - 4.29 2.26 UK Growth 1476.63 1538.16 24.03 1.19 OEI Mac Inc GBP B £ 196.98 - 2.63 0.00
Alternative Beta PA F € 77.51 - 0.67 0.00 European Multi-Cap 265.88 - 4.39 0.20
US Select Acc 103.80 - 5.04 0.00 OEI MAC Inc USD $ 1943.43 - 26.13 0.00
Alternative Beta PA F $ 115.93 - 1.01 0.00 Extra Income 77.70 82.22 0.72 4.56 Natixis International Funds (Lux) I SICAV (LUX)
US Select Inc 102.50 - 4.98 0.00 Odey European Inc EUR € 846.63 - 15.90 0.00
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Commodities (CHF) PA SFr 5.14 - -0.08 0.00 Far East Growth A Inc 146.48 - 6.07 2.04
US Smaller Cos Acc 364.70 - 12.10 0.00 FCA Recognised Odey European Inc GBP A £ 324.51 - 6.17 0.00
Commodities (EUR) PA € 5.21 - -0.08 0.00 Global 166.95 175.85 0.69 0.00 Harris Global Equity R/A (USD) $ 250.77 250.77 4.20 0.00
US Smaller Cos Inc 95.55 - 3.15 0.00 Odey European Inc GBP B £ 184.16 - 3.50 0.00
Commodities (USD) PA $ 5.38 - -0.08 0.00 Global Bond Inc 134.70 142.54 0.34 3.23 Harris Concentrated US Equity H-N/A (GBP) £ 132.23 132.23 4.30 0.00
Odey European Inc USD $ 390.05 - 7.39 0.00
Convertible Bd P A € 17.05 - 0.05 0.00 High Yield Fixed Interest 73.37 77.85 0.01 5.66 Harris Concentrated US Equity R/D (GBP) £ 92.33 92.33 3.90 33.93
Giano Capital EUR Inc € 4423.88 - -73.35 0.00
JPMorgan Charity Funds (UK)
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Convertible Bd Asia PA F SFr 13.26 - 0.02 0.00 MFS Investment Funds (LUX) Multi Cap Income A Inc 155.75 - 1.66 4.32 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 98.25 98.25 -0.10 0.90
Property & Other UK Unit Trusts FCA Recognised
Convertible Bd Asia PA F € 14.13 - 0.02 0.00 Nano-Cap Growth A Acc 101.4142 111.7400 0.6283 -
UK Equity Fund for Charities I...C £ 2.722440xd 2.733170 0.034660 3.50 Blend.Research Gb.Eq.Fd. € 96.84 - 2.81 - Odey Asset Management LLP (IRL)
Convertible Bd Asia PA F $ 14.23 - 0.03 0.00 Special Situations A Acc 1141.92 1208.38 12.79 0.39
Natixis International Funds (Dublin) I plc (IRL) FCA Recognised
Bond Fund for Charities £ 1.343350xd 1.349830 -0.006810 3.75 Blend.Research Gb.Eq.Fd. £ 95.53 - 3.68 -
Emerg. Consumer (CHF) PA SFr 11.20 - -0.03 0.00 UK Multi-Cap Growth A Inc 231.30 244.76 3.90 0.40 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Odey Pan European EUR R € 330.56 - -2.38 0.00
Blend.Research U.S.Core Eq.Fd. ¥ 9678.00 - 310.00 - Regulated
Emerg. Consumer (EUR) PA € 11.32 - -0.03 0.00 UK Micro Cap Growth A 468.87 496.16 2.78 0.00 Odey Allegra European EUR O € 255.04 - -3.97 0.00
Blend.Research Gb.Eq.Fd. $ 97.49 - 2.77 - Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.35 13.35 0.12 1.14
Emerg. Consumer (USD) PA $ 11.30 - -0.03 0.00 US Multi-Cap Income 298.15 - 11.16 0.18 Odey Allegra International EUR O € 168.64 - -0.07 0.00
Em.Mk.Eq.Fund Euro € 100.26 - 1.73 0.00 Loomis Sayles High Income R/D (USD) $ 8.78 8.78 0.01 13.40
Emerg.Eq. Risk Par.(EUR) PA € 7.22 - 0.00 0.00 MFM - Third Party Funds Odey Allegra Developed Markets USD I $ 126.77 - 0.86 0.00
Em.Mk.Eq.Fund Sterling £ 86.56 - 2.32 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 12.80 12.80 0.15 4.56
Junior Oils 68.01 71.97 1.79 0.00
Emerg. Eq. Risk Par.(USD) PA $ 5.75 - -0.01 0.00 Odey European Focus Fund € 17.19 - -0.13 0.49
Em.Mk.Eq.Fd.US Dollar $ 87.33 - 1.46 0.00
Junior Gold C Acc 20.31 - -0.54 0.00
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.87 - 0.00 0.00 Odey Atlas Fund GBP I S £ 1.15 - 0.01 0.00
Em.Mk.Loc.Ccy Debt Fd.FC ¥ 7945.00 - -51.00 5.93 Natixis International Funds (UK)
MFM Artorius Fund 144.28 - -7.41 0.18
Emerg.Loc.Cur.Bd.Fdt PA SFr 7.87 - -0.06 0.00 Odey Giano European Fund EUR R € 116.75 - 0.06 0.00
GAM Em.Mk.Loc.Ccy Debt Fd.FD ¥ 9494.00 - -119.00 5.94 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
MFM Bowland 148.99 161.07 -7.47 0.00
funds@gam.com, www.jbfundnet.com Emerg.Loc.Cur.Bd.Fdt PA € 10.50 - -0.06 0.00 Authorised Funds Odey Naver Fund EUR I € 123.97 - 1.16 0.00
Gb.Conc.Eq.Fd.Euro € 257.63 - 6.75 0.00
Regulated MFM Hathaway Inc 101.87 106.67 -2.02 1.60 H2O MultiReturns Fund N/A (GBP) $ 12.58 12.58 -0.01 1.76
Emerg.Loc.Cur.Bd.Fdt PA $ 8.32 - -0.05 0.00 Odey Odyssey USD I $ 153.55 - 0.09 0.00
Gb.Conc.Eq.Fd.Sterl.UK T £ 158.13 - 5.64 0.00
JB BF ABS-EUR B € 105.02 - 0.01 0.00 MFM SGWM Managed A Acc 117.98 - -0.23 0.16 H2O MultiReturns Fund I/A (GBP) £ 1.35 - 0.02 1.68
Euro BBB-BB Fdt PA SFr 15.47 - 0.00 0.00 Odey Orion Fund EUR I € 121.48 - -0.60 0.00
Gb.Conc.Eq.Fd.Sterling £ 239.51 - 8.55 0.00
JB BF Abs Ret Def-EUR B € 110.49 - -0.02 0.00 MFM Techinvest Special Situations Acc 127.29 - -4.10 0.01 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.00 - 0.02 0.00
Euro BBB-BB Fdt PA € 12.28 - 0.00 0.00 Odey Swan Fund EUR I € 103.53 - 1.33 0.00
Gb.Conc.Eq.Fd.US $ 185.96 - 4.76 0.00
JB BF Abs Ret EM-USD B $ 116.39 - -0.13 0.00 MFM Techinvest Technology Acc 337.06 - -28.75 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.01 - 0.03 0.00
Euro BBB-BB Fdt PA £ 10.84 - 0.00 0.00 Odey European Absolute Return GBP S £ 100.89 - 0.29 0.00
Gb.Eq.Hdg Fd.Euro IRE T € 174.21 - 3.76 0.00
JB BF Abs Ret-EUR B € 129.48 - 0.10 0.00 MFM UK Primary Opportunities A Inc 307.89 - 2.93 1.43 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.93 - 0.00 4.49
Euro BBB-BB Fdt PA $ 17.42 - 0.00 0.00
Gb.Eq.Euro Hdg Fd. € 246.96 - 5.33 0.00
JB BF Abs Ret Pl-EUR B € 128.17 - 0.17 0.00 Slater Investments Ltd - Investment Adviser
Euro Credit Bd PA F € 12.86 - 0.00 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.01 - 0.00 4.38
MFM Slater Growth 384.60 408.06 4.05 0.12 Odey Wealth Management (CI) Ltd (IRL)
JB BF EM Corporate-USD B $ 106.79 - -0.14 0.00 Gb.Eq.Fund Euro € 264.90 - 5.91 0.00
Euro Government Fdt PA € 12.41 - 0.02 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.35 - 0.05 0.27 www.odey.com/prices
MFM Slater Income A Inc 159.71 - 1.22 3.87
JB BF EM Infl Link-USD B $ 81.46 - -1.18 0.00 Gb.Eq. Fd Euro IRE T € 167.54 - 3.73 0.00 FCA Recognised
Euro Inflation-Lk Fdt PA € 11.77 - -0.03 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.32 - 0.04 0.46
MFM Slater Recovery 165.56 175.66 3.80 0.25
JB BF EM Inv Grade-USD B $ 98.39 - -0.45 0.00 Gb.Eq.Fd.Sterling UK T £ 196.59 - 6.26 0.00 Odey Opportunity EUR I € 213.35 - 2.96 0.00
Euro Resp.Corp. Fdt PA € 18.10 - 0.01 0.00
Gb.Eq.Fd.US Dollar $ 301.97 - 6.57 0.00
JB Emerging (EUR)-EUR B € 327.75 - -0.54 0.00
Europe High Conviction PA € 10.96 - -0.23 0.00 NatWest (2230)F (UK)
JB Emerging (USD)-USD B $ 397.42 - -0.86 0.00 Gb.Eq.Fund Sterling £ 194.47 - 6.20 0.00 Marlborough International Management Limited (GSY)
Eurozone Small&Mid Caps PA € 49.59 - -0.50 0.00
PO Box 23873, Edinburgh EH7 5WJ** Omnia Fund Ltd
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
JB BF Local EM-USD B $ 253.33 - -1.34 0.00 Gb.Val.Ex-Jap.Fd.USD $ 112.51 - 2.55 0.00 Enquiries: 0800 085 5588 Other International Funds
Fdmt.Eq.L/S SH Sd EUR PA € 10.88 - 0.05 0.00 FCA Recognised Authorised Inv Funds
Gb.Val.Ex-Japan Fd.Yen ¥ 13185.00 - 220.00 0.00 Estimated NAV $ 979.10 - 25.55 0.00
JB BF Total Ret-EUR B € 98.45 - -0.08 0.00 Marlborough North American Fund Ltd £ 28.78 29.07 -1.59 0.00 Series 1(Minimum initial investment 16375,000)
Fdmt.Eq.L/S SH Sd USD PA $ 10.91 - 0.06 0.00
Low Volatility Gb.Eq.Fd. € 96.19 - 2.21 -
JB EF Abs Ret Eur-EUR B € 119.98 - -0.08 0.00 Marlborough Tiger Fund Ltd F £ 23.08 23.31 -1.67 0.00 United Kingdom Equity Index Fund £ 11.90 - -0.18 2.87
Gbl.Gvt.Fdmt PA € 10.24 - -0.02 0.00
Low Volatility Gb.Eq.Fd. £ 94.89 - 3.09 -
JB EF Euro Value-EUR B € 178.20 - -2.52 0.00 UK Specialist Equity Inc £ 18.61 - -0.14 0.42
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.14 - -0.11 0.00
Low Volatility Gb.Eq.Fd. $ 96.84 - 2.17 -
JB EF Japan-JPY B ¥ 16882.00 - 224.00 0.00 Contl Europe Spec Equity £ 15.33 - -0.02 0.00
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.59 - -0.02 0.00 Marwyn Asset Management Limited (CYM)
JB EF Luxury B-EUR B € 210.87 - 0.00 0.00 Regulated US Spec Equity Fund £ 12.67 - 0.33 0.00
Gbl.5B Fdmt (EUR) PA € 11.57 - -0.03 0.00
JB Ms EF Special Val. EUR/A € 132.38 - 0.87 0.74 MFS Meridian Funds SICAV (LUX) Marwyn Value Investors £ 535.69 - -21.99 0.00 Japan Specialist Fund X £ 9.16 - 0.22 0.00
Gbl.5B Fdmt (CHF) PA SFr 10.21 - -0.05 0.00
Regulated
JB Strategy Balanced-CHF/B SFr 145.57 - 0.53 0.00 Pacific Basin Specialist Equity Fund £ 20.51 - 0.76 0.70
Gbl.5B Fdmt SH (USD) PA $ 10.90 - -0.01 0.00 Optima Fund Management
Absolute Return A1 € 19.47 - 0.39 0.00
JB Strategy Balanced-EUR € 150.43 - 0.77 0.00 McInroy & Wood Portfolios Limited (UK) UK Sovereign Bd Index Fund £ 10.90 - -0.05 2.60 Other International Funds
Generation Global (CHF) PA F SFr 12.27 - 0.24 0.00
Asia ex-Japan A1 $ 21.44 - 0.44 0.00
JB Strategy Balanced-USD/B $ 126.67 - 0.98 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867 UK Specialist Equity Income Fund £ 9.45 - -0.05 3.91 Cuttyhunk Fund II Limited $ 1569.30 - 6.52 0.00
Generation Global (EUR) PA F € 18.73 - 0.42 0.00 Bond A1 $ 10.29 - -0.03 0.00 Authorised Inv Funds
JB Strategy Growth-CHF/B SFr 88.25 - 0.64 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.01 - -0.02 3.21 JENOP Global Healthcare Fund Ltd $ 17.36 - -0.05 0.00
Generation Global (USD) PA F $ 14.55 - 0.31 0.00 Balanced Fund Personal Class Units 3783.10 - 55.00 1.96
China Equity Fd A1 $ 8.79 - 0.15 0.00
JB Strategy Growth-EUR € 111.04 - 1.07 0.00 Inflation Lkd Sov Bd Fund £ 12.56 - -0.13 0.67 OPTIKA Fund Limited - Cl A $ 119.88 - 1.27 -
Global Energy (USD) PA F $ 6.34 - 0.14 0.00 Income Fund Personal Class Units 2311.30xd - 27.50 2.97
Continental European Eqty A1 € 16.84 - 0.12 0.00
JB Strategy Inc-CHF/B SFr 117.63 - 0.17 0.00 Global Emerg Mkts Equity Fund X £ 10.42 - 0.41 0.57 Optima Fd NAV $ 96.11 - -0.61 0.00
Golden Age (CHF) PA F SFr 21.52 - 0.33 0.00 Emerging Markets Fund Personal Class Units 1527.80 - 55.50 2.55
Emer Mkts Debt Lo Curr Fd A1 $ 11.11 - -0.03 0.00
JB Strategy Inc-EUR/B € 157.18 - 0.42 0.00 Series 2 (Investment Management customers only) Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Golden Age (EUR) PA € 14.62 - 0.23 0.00 Smaller Companies Fund Personal Class Units 3482.30xd - 63.30 1.78
Emerging Markets Debt A1 $ 32.52 - -0.07 0.00 United Kingdom Equity Index Fund £ 11.91 - -0.18 3.38
JB Strategy Inc-USD/B $ 144.73 - 0.56 0.00 The Dorset Energy Fd Ltd NAV $ 28.91 - -3.23 0.00
Golden Age (USD) PA F $ 20.28 - 0.32 0.00 Emerging Markets Eq.A1 $ 9.83 - 0.20 0.00 UK Specialist Equity Inc £ 18.82 - -0.13 1.78 Platinum Fd Ltd $ 88.12 - -0.49 0.00
Sh.T- Money Mkt EUR PA € 112.33 - 0.00 0.00 European Concentrated A1 € 16.88 - 0.15 0.00 Meridian Fund Managers Ltd Contl Europe Spec Equity £ 16.11 - -0.03 0.63
Platinum Fd Ltd EUR € 17.12 - -0.10 0.00
Sh.T- Money Mkt CHF PA SFr 128.87 - 0.00 0.00 Other International Funds
European Core Eq A1 € 29.74 - 0.30 0.00 US Spec Equity Fund £ 13.22 - 0.34 0.17
Global Gold & Resources Fund $ 180.02 - -1.51 - Platinum Japan Fd Ltd $ 56.08 - -0.45 0.00
Sh.T- Money Mkt GBP PA £ 10.27 - 0.00 0.00
European Res.A1 € 31.20 - 0.44 0.00 Japan Specialist Fund X £ 9.72 - 0.23 0.55
Global Energy & Resources Fund $ 37.95 - -6.10 - Optima Partners Global Fd (Est) $ 14.94 - -0.04 0.00
Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00
European Smaller Companies A1 € 48.85 - 0.76 0.00 Pacific Basin Specialist Equity Fund £ 20.45 - 0.75 1.40 Optima Partners Focus Fund A $ 17.23 - 0.04 0.00
Sw.Fr.Bd(For) PA SFr 23.74 - -0.01 0.00
European Value A1 € 34.03 - 0.35 0.00 UK Sovereign Bd Index Fund £ 11.07 - -0.05 2.60
Sw.Fr.Credit Bd(For) PA SFr 13.65 - 0.00 0.00 Metage Capital
Kames Capital ICVC (UK) Global Conc.A1 $ 34.69 - 0.75 0.00 UK Specialist Equity Income Fund £ 10.19 - -0.06 3.85
Other International Funds Oryx International Growth Fund Ltd
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Tactical Alpha (CHF) PA SFr 10.14 - -0.06 0.00 Global Credit Fund $ 10.34 - -0.07 0.00
MGS -Master Series (Est) $ 240.66 - -2.89 - Global Spec Inv Grade Bd Fund GBP £ 10.16 - -0.02 3.21 Other International Funds
0800 45 44 22 www.kamescapital.com
Tactical Alpha (EUR) PA € 10.44 - -0.05 0.00 Global Energy Fund A1 $ 12.01 - 0.31 0.00
Authorised Funds MEMO - Master Series $ 501.03 - -3.56 0.00 Inflation Lkd Sov Bd Fund £ 12.68 - -0.14 0.67 NAV (Fully Diluted) £ 6.45 - 0.27 0.00
Tactical Alpha (USD) PA $ 15.01 - -0.06 0.00
Diversified Income B Acc 109.59 - 0.81 5.29 Global Equity A1 $ 43.73 - 0.77 0.00 Global Emerg Mkts Equity Fund X £ 10.07 - 0.40 0.79
MEMO - MEMV Series $ 117.28 - -0.07 0.00
Technology PA € 13.02 - 0.43 0.00
Diversified Income B Inc 101.39 - 0.75 5.47 Global Equity A1 € 24.56 - 0.87 0.00 The initial charge you will pay will depend on the amount you invest
Technology PA $ 19.74 - 0.66 0.00 **Address and Telephone number for series 1 only
Diversified Growth A Acc 130.03 - 1.02 2.71 Global High Yield Fund $ 24.63 - 0.00 0.00
Ministry of Justice Common Investment Funds (UK)
Ethical Cautious Managed A Acc 163.74 - 0.79 1.62 Wld Gold Expertise PAF SFr 8.60 - -0.43 0.00 Global High Yield Fund € 15.89 - 0.29 0.00 Property & Other UK Unit Trusts
Wld Gold Expertise PA € 6.85 - -0.34 0.00 Global Multi-Asset A1 $ 15.14 - 0.13 0.00 Asset Management
Ethical Cautious Managed A Inc 135.46 - 0.65 1.64 The Equity Idx Tracker Fd Inc 1270.00 1270.00 16.00 2.69
Asset Management
Ethical Corporate Bond A Acc
Ethical Corporate Bond A Inc
194.41
110.32
-
-
-0.60 3.32
-0.34 3.32
Wld Gold Expertise PA
LO Selection
$ 9.09 - -0.45 0.00 Global Res.A1
Global Total Return A1
Asset Management $ 25.09
€ 16.88
-
-
0.65 0.00
0.45 0.00
Distribution Units
Permal Investment Mgmt Svcs Ltd
Balanced (CHF) PA F SFr 104.89 - -0.26 0.00 www.permal.com
Ethical Equity A Acc 171.72 - 2.14 1.22 Inflation-Adjusted Bond A1 $ 13.91 - -0.05 0.00 Mirabaud Asset Management (LUX)
Other International Funds
Balanced (EUR) PA F € 122.25 - -0.20 0.00 www.mirabaud.com, marketing@mirabaud.com
Offshore Fund Class A US $ Shares
High Yield Bond A Acc 114.58 - -0.06 4.07 Japan Equity A1 $ 9.99 - 0.29 0.00
Conservative (CHF) PA F SFr 102.68 - -0.07 0.00 Regulated New Capital Fund Management Ltd (IRL)
Asset Management
Managemen
Leconfield House, Curzon Street, London, W1J 5JB Investment Holdings N.V. $ 5712.21 - -20.57 0.00
High Yield Bond A Inc 52.69 - 0.18 4.07 Latin American Equity Fd A1 $ 11.72 - 0.21 0.00 Mir. Conv. Bds Eur A EUR € 134.50 - -0.20 0.00
Conservative (EUR) PA F € 112.92 - -0.03 0.00 FCA Recognised
Macro Holdings Ltd $ 4197.79 - 38.91 0.00
Limited Maturity A1 $ 14.03 - 0.00 0.00
Asset Management
Investment Grade Bond A Acc 158.03 - -0.38 3.04
Asset Management
Mir. Conv. Bds Glb A USD $ 112.71 - 0.46 0.00 New Capital UCITS Funds
Global Allocation (GBP) PA F £ 9.73 - 0.02 0.00
Fixed Income Holdings N.V. $ 386.95 - -15.12 -
Investment Grade Bond A Inc 115.79 - -0.27 3.04 Prudent Wealth Fd A1 $ 14.47 - 0.04 0.00 Mir. - Eq Asia ex Jap A $ 161.75 - 5.39 0.00 Asia Pac Bd USD Inst Inc $ 90.47 - -0.35 3.23
Growth (CHF) PA F SFr 108.40 - -0.40 0.00
Permal Absolute Return Fund $ 169.53 - 2.94 0.00
Sterling Corporate Bond A Acc 69.13 - -0.17 2.95 Research Bond A1 $ 16.50 - -0.04 0.00 Mir. - Eq Glb Emrg Mkt A USD $ 85.63 - 2.97 0.00 Asia Pac Bd USD Ord Inc $ 92.38 - -0.36 2.50
Growth (EUR) PA F € 130.71 - -0.31 0.00
Sterling Corporate Bond A Inc 30.88 - -0.07 2.95 UK Equity A1 £ 7.69 - 0.11 0.00 Mir. - Eq Global Focus A USD $ 98.29 - 2.31 0.00 Asia Pac Eq EUR Ord Inc € 82.72 - -0.61 3.07
Friday 28 August 2015 ★ FINANCIAL TIMES 25

MANAGED FUNDS SERVICE

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

UK Long Term Corp. Bnd Inst-Inst Acc £ 18.86 - -0.09 0.00 US Premium Equities (USD) $ 193.36 - 6.87 0.00 Equity Inc Inc Ret 202.60 - 2.90 - Charity Value and Income Fund Inc 91.14 91.65 1.00 4.68 Data Provided by
UK Real Return - Inst Acc £ 22.96 - -0.28 0.00 Equity Inc Acc Inst 142.40 - 2.10 -
The National Investor (TNI) Veritas Asset Management LLP (IRL)
UK Sterling Long Average Duration - Inst Acc £ 21.54 - -0.19 0.00 N&P UK Gwth Inc Ret 158.40 - 2.40 - www.tni.ae HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Royal Bank of Scotland (2230)F (UK) Standard Life Wealth (JER)
Other International Funds Veritas Funds Plc
UK Sterling Low Average Duration - Inst Acc £ 14.00 - 0.00 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Stckmkt 100 Track Gwth Acc Inst 88.47 - 1.14 - PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
TNI Blue Chip UAE Fund * AED 10.21 - -0.08 0.00 www.veritas-asset.com
Authorised Inv Funds FCA Recognised
Unconstrained Bond - Inst Acc $ 12.03 - 0.00 0.00 Stckmkt 100 Track Gwth Acc Ret 163.80 - 2.10 - +353 1 635 6799
Series 5 (Minumum Initial Investment £75,000) Standard Life Offshore Strategy Fund Limited TNI Funds Ltd (BMU)
FCA Recognised
US Fundam.Index StocksPLUS Inst Inc $ 11.55 - 0.39 0.00 United Kingdom Equity Index Fund £ 14.89 - -0.23 2.87 UK Growth Acc Inst 276.90 - 4.10 - Bridge Fund £ 1.5446 - 0.0373 2.14 MENA Hedge Fund $ 995.03 - 3.99 0.00 Institutional
Pictet Asset Management (Europe) SA (LUX) TNI Funds Plc (Ireland)
15, Avenue J.F. Kennedy L-1855 Luxembourg
US High Yield Bond Fund Inst Acc $ 27.61 - -0.02 0.00 UK Specialist Equity Inc £ 18.62 - -0.13 0.42 UK Growth Acc Ret 321.30 - 4.70 - Diversified Assets Fund £ 1.1594 - 0.0120 3.04
MENA UCITS Fund * $ 1166.21 - 32.50 0.00
Veritas Asian Fund A USD H $ 297.12 - 7.69 0.65
www.morningstar.co.uk
Tel: 0041 58 323 3000 Contl Europe Specialist Fund £ 22.64 - -0.03 0.00 UK Growth Inc Ret 213.80 - 3.20 - Global Equity Fund £ 1.7656 - 0.0589 1.15 Veritas Asian Fund A GBP H £ 356.17 - 13.05 0.49
FCA Recognised
Data as shown is for information purposes only. No
Managed OEIC
Japan Specialist Fund X £ 13.86 - 0.33 0.00 Global Balanced Fund - Income Units £ 1.3007 - 0.0259 1.98 Veritas Asian Fund A EUR H € 299.25 - 9.05 0.40 offer is made by Morningstar or this publication.
Pictet-Absl Rtn Fix Inc-HI EUR € 106.19 - -0.30 0.00 Glob Em Shs Port Acc Ret 143.90 - 1.90 -
US Spec Equity Fund £ 17.12 - 0.44 0.00 Global Balanced Fund - Accumulations Units £ 1.5096 - 0.0300 1.95 Thesis Unit Trust Management Limited (UK) Veritas China Fund A USD $ 141.49 - 0.58 0.00
Pictet-Absl Rtn Glo Div-I EUR F € 123.65 - -0.32 0.00 Max 70% Shs Port Acc Ret 248.50 - 1.20 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Pacific Basin Specialist Equity Fund £ 36.16 - 1.33 0.72 Global Fixed Interest Fund £ 1.0006 - -0.0004 3.49 Veritas China Fund A GBP £ 146.35 - 0.66 0.00
Pictet-Agriculture-I EUR F € 180.64 - 0.42 0.00 Authorised Funds
Max 70% Shs Port Acc X 178.50 - 0.90 -
UK Sovereign Bd Index Fund £ 10.68 - -0.05 2.60 Sterling Fixed Interest Fund £ 0.8427 - -0.0034 3.11 TM New Court Fund A 2011 Inc £ 12.81 - 0.11 0.00 Veritas China Fund A EUR € 140.47 - 0.65 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 189.87 - 4.90 0.00 Max 70% Shs Port Acc S 144.30 - 0.70 -
Inflation Lkd Sov Bd Fund £ 12.80 - -0.13 0.67 UK Equity Fund £ 1.8903 - 0.0288 2.78 TM New Court Fund - A 2014 Acc £ 12.84 - 0.12 0.00 Veritas Global Equity Income Fund D USD $ 115.94 - 0.97 4.49
Pictet-Asian Local Currency Debt-I USD F $ 148.17 - 0.13 0.00 Platinum Capital Management Ltd Investment Port Acc Ret 230.70 - -0.80 -
Pictet-Biotech-I USD F $ 868.85 - 39.38 0.00 Other International Funds
UK Specialist Equity Income Fund £ 9.43 - -0.05 3.91
Investment Port Acc X 163.50 - -0.60 -
TM New Court Equity Growth Fund - Inc £ 12.91 - 0.14 0.00 Veritas Global Equity Income Fund D EUR € 199.54 - 4.00 3.70
Guide to Data
Platinum All Star Fund - A $ 120.00 - - - Global Emerg Mkts Equity Fund X £ 10.07 - 0.40 0.53 Veritas Global Equity Income Fund D GBP £ 145.75 - 2.82 4.44
Pictet-Brazil Index I USD $ 39.70 - 0.13 0.00 Max 50% Shs Port Acc Ret 239.90 - 0.80 -
Platinum Global Dividend Fund - A $ 59.09 - - - Global Spec Inv Grade Bd Fund GBP £ 9.86 - -0.01 3.21 Veritas Global Focus Fund D USD $ 25.35 - 0.51 2.65 The fund prices quoted on these pages are supplied by
Pictet-CHF Bonds I CHF SFr 504.11 - -1.56 0.00 Max 50% Shs Port Inc Ret 214.70 - 0.70 -
Series 6 (Investment Management Customers Only) Veritas Global Focus Fund D EUR € 22.62 - 0.72 2.41 the operator of the relevant fund. Details of funds
Platinum Global Dividend UCITS Fund $ 65.98 - 1.06 5.16 published on these pages, including prices, are for the
Pictet-China Index I USD $ 98.76 - -1.00 0.00 United Kingdom Equity Index Fund £ 14.71 - -0.22 3.38 Max 50% Shs Port Acc X 173.60 - 0.50 -
Platinum Essential Resources UCITs Fund $ 5.33 - -0.01 0.00 Veritas Global Focus Fund D GBP £ 27.83 - 0.85 2.33 purpose of information only and should only be used
Pictet-Clean Energy-I USD F $ 78.65 - 1.52 0.00 UK Specialist Equity £ 18.82 - -0.13 1.78 Max 50% Shs Port Acc S 145.40 - 0.50 - as a guide. The Financial Times Limited makes no
Platinum Maverick Enhanced Fund Limited $ 103.46 - - 0.00 Veritas Global Focus Fund A GBP £ 26.83 - 0.83 2.12 representation as to their accuracy or completeness
Pictet-Digital Communication-I USD F $ 236.03 - 6.64 0.00 Contl Europe Specialist Fund £ 23.59 - -0.03 0.63 Max 100% Shs Port Acc Ret 263.00 - 4.30 - Stenham Asset Management Inc Veritas Global Focus Fund A EUR € 13.16 - 0.42 1.91
and they should not be relied upon when making an
Pictet-Eastern Europe-I EUR F € 252.49 - -1.04 0.00 www.stenhamassetmanagement.com investment decision.
Japan Specialist Fund X £ 14.60 - 0.34 0.55 Max 100% Shs Port Acc X 188.80 - 3.10 -
Other International Funds Toscafund (CYM) Veritas Global Focus Fund A USD $ 24.41 - 0.49 2.22
Pictet-Em Lcl Ccy Dbt-I USD F $ 154.85 - -1.00 0.00 US Spec Equity Fund £ 17.91 - 0.47 0.17 Max 100% Shs Port Acc S 137.60 - 2.20 - Regulated The sale of interests in the funds listed on these pages
Stenham Asia USD $ 135.37 - -2.06 - Veritas Global Focus Fund C GBP £ 28.99 - 0.90 0.00 may, in certain jurisdictions, be restricted by law and
Pictet-Emerging Markets-I USD F $ 462.68 - 9.71 0.00 Enhanced Inc Inc Ins 206.60 - 2.70 - Tosca (Est) $ 302.21 - -2.82 0.00 the funds will not necessarily be available to persons
Pacific Basin Specialist Equity Fund £ 36.08 - 1.33 1.39
Stenham Credit Opportunities A Class USD $ 104.62 - -0.76 0.00 Veritas Global Focus Fund C EUR € 23.66 - 0.75 0.00
Tosca Mid Cap GBP £ 267.76 - 6.83 0.00 in all jurisdictions in which the publication circulates.
Pictet-Emerging Markets Index-I USD F $ 203.61 - -0.30 0.00 UK Sovereign Bd Index Fund £ 10.80 - -0.04 2.60 Enhanced Inc Inc Ret 195.60 - 2.60 -
Stenham Emerging Markets USD B1 $ 105.21 - -2.06 0.00 Veritas Global Focus Fund C USD $ 26.45 - 0.53 0.00 Persons in any doubt should take appropriate
Pictet-Emerging Corporate Bonds I USD $ 104.42 - -0.60 0.00 Enhanced Inc Inc X 166.00 - 2.10 - Tosca Opportunity B USD $ 313.41 - 20.23 0.00 professional advice. Data collated by Morningstar. For
Inflation Lkd Sov Bd Fund £ 12.67 - -0.13 0.67
Stenham Gold USD $ 143.57 - -11.96 0.00 Veritas Global Equity Income Fund A GBP £ 139.78 - 2.70 4.47 other queries contact reader.enquiries@ft.com +44
Pictet-Emerging Markets High Dividend I USD $ 92.72 - 1.87 0.00 UK Specialist Equity Income Fund £ 10.19 - -0.06 3.85 Enhanced Inc Acc Inst 150.00 - - - (0)207 873 4211.
Polar Capital Funds Plc (IRL) Stenham Growth USD $ 228.02 - 2.78 - Veritas Global Equity Income Fund A EUR € 193.98 - 3.88 3.73
Pictet-Emerging Markets Sust Eq I USD $ 82.02 - -0.16 0.00 Regulated Managed Investments OEIC
Global Spec Inv Grade Bd Fund GBP £ 10.14 - -0.01 3.21 The fund prices published in this edition along with
Stenham Healthcare USD $ 200.89 - 7.01 0.00 Veritas Global Equity Income Fund A USD $ 111.65 - 0.94 4.51
Pictet-Environmental Megatrend Sel I EUR € 146.32 - 1.87 0.00 Asian Financials I USD $ 274.35 274.35 6.28 0.00 Max 30% Shs Port Acc Ret 153.40 - 0.00 - additional information are also available on the
Global Emerg Mkts Equity Fund X £ 10.07 - 0.40 0.77 Financial Times website, www.ft.com/funds. The
Stenham Helix USD $ 31.00 - -73.66 - Veritas Global Equity Income Fund C GBP £ 163.09 - 3.15 -
Pictet-EUR Bonds-I F € 546.67 - 0.49 0.00 Biotechnology I USD $ 18.65 18.65 0.66 0.00 Max 30% Shs Port Acc X 153.10 - 0.00 - funds published on these pages are grouped together
Address and telephone number for Series 5 only
Stenham Managed Fund USD $ 120.10 - 1.29 - Veritas Global Equity Income Fund C EUR € 225.69 - 4.52 - by fund management company.
Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.58 - 0.13 0.00 European Income Acc EUR € 10.96 10.96 -0.21 - Max 30% Shs Port Acc S 147.00 - 0.00 -
Stenham Multi Strategy USD $ 123.16 - 0.52 - Veritas Global Equity Income Fund C USD $ 129.46 - 1.09 -
European Ex UK Inc EUR Acc € 9.33 9.33 -0.12 - Max 30% Shs Inc Port Inc Ret 152.40 - -0.20 - Prices are in pence unless otherwise indicated. The
Pictet-EUR Corporate Bonds-I F € 198.07 - 0.19 0.00 Royal London Unit Managers Ltd. (1200) F (UK)
Stenham Quadrant USD A $ 402.92 - 6.77 - Veritas Global Real Return Fund A USD $ 19.76 - 0.37 2.07 change, if shown, is the change on the previously
Financial Opps I USD $ 12.33 - 0.15 1.99 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Max 30% Shs Inc Port Inc X 152.60 - -0.20 - TreeTop Asset Management S.A. (LUX) quoted figure (not all funds update prices daily). Those
Pictet-EUR Government Bonds I EUR € 155.61 - 0.28 0.00
Authorised Inv Funds Stenham Trading Inc USD $ 116.54 - 1.77 - Regulated Veritas Global Real Return Fund A GBP £ 11.04 - 0.21 2.05 designated $ with no prefix refer to US dollars. Yield
Pictet-EUR High Yield-I F € 241.22 - 0.46 0.00 GEM Growth I USD $ 8.18 - 0.03 0.00 Max 30% Shs Inc Port Inc S 146.40 - -0.10 - TreeTop Convertible Sicav
Royal London Sustainable Diversified A Inc £ 1.51 - 0.02 1.89 percentage figures (in Tuesday to Saturday papers)
Stenham Universal USD $ 458.70 - 2.19 - Veritas Global Real Return Fund A EUR € 11.65 - 0.22 0.17 allow for buying expenses. Prices of certain older
Pictet-EUR Short Mid-Term Bonds-I F € 136.65 - 0.00 0.00 GEM Income I USD $ 9.23 - 0.02 0.00 Max 60% Shs Port Acc Ret 262.50 - -0.20 - International A € 291.95 - 5.09 0.00
Royal London Sustainable World A Inc 163.50 - 4.10 0.67 Stenham Universal II USD $ 170.21 - 0.74 0.00 Retail insurance linked plans might be subject to capital
Pictet-EUR Short Term HY I EUR € 118.43 - 0.05 0.00 Global Alpha I USD $ 12.38 12.38 0.16 0.00 Max 60% Shs Port Inc Ret 209.50 - -0.10 - International B $ 375.36 - 6.74 0.00 gains tax on sales.
Royal London Corporate Bond Mth Income 88.45 93.11 -0.34 4.18 Veritas Asian Fund B USD $ 206.49 - 5.34 0.47
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.06 - 0.00 0.00 Global Convertible I USD $ 11.49 11.49 0.02 0.00 Max 60% Shs Port Inc X 162.20 - -0.10 - International C £ 126.22 - 2.26 0.00 Guide to pricing of Authorised Investment Funds:
Royal London European Growth Trust 106.00 111.60 1.40 0.91 Veritas Asian Fund B GBP £ 262.13 - 9.60 0.04
Max 60% Shs Port Inc S 143.20 - -0.10 - Stratton Street Capital (CI) Limited (GSY) (compiled with the assistance of the IMA. The
Pictet-Euroland Index IS EUR € 126.40 - -1.44 0.00 Global Insurance I GBP £ 3.82 - 0.09 0.00 International D € 271.04 - 4.72 2.96
Royal London Sustainable Leaders A Inc 441.50 - 9.60 0.81 Regulated Veritas Asian Fund B EUR € 219.94 - 6.73 0.00 Investment Management Association, 65 Kingsway,
Eq Inc Port Acc Ret 280.70 - 0.10 - Pacific A € 265.37 - 6.91 0.00 London WC2B 6TD.
Pictet-Europe Index-I EUR F € 162.58 - -2.98 0.00 Global Technology I USD $ 21.43 - 0.75 0.00
Royal London UK Growth Trust 464.80 489.30 6.10 1.07 Japan Synthetic Warrant Yen Class ¥ 1630.64 - -117.68 0.00 Veritas China Fund B GBP £ 141.44 - 0.60 0.00 Tel: +44 (0)20 7831 0898.)
Pictet-European Equity Selection-I EUR F € 598.69 - -7.85 0.00 Healthcare Blue Chip Fund I USD Acc $ 10.99 10.99 0.28 - Eq Inc Port Inc Ret 219.00 - 0.10 - Pacific B $ 334.41 - 8.72 0.00
Royal London UK Income With Growth Trust 215.00 226.30 1.70 4.40 Japan Synthetic Warrant GBP Hedged Class £ 196.68 - 2.04 0.00 Veritas China Fund B EUR € 166.75 - -2.49 0.00
Managed Investments OEIC 2 OEIC: Open-Ended Investment Company. Similar to a
Healthcare Opps I USD $ 40.86 - 0.95 0.00 TreeTop Global Sicav
Pictet-European Sust Eq-I EUR F € 228.44 - -3.62 0.00 Japan Synthetic Warrant USD Class $ 17.29 - -0.99 0.00 Veritas Global Focus Fund B USD $ 17.59 - 0.35 1.62 unit trust but using a company rather than a trust
Royal London US Growth Trust 144.70 152.30 3.40 0.00 Investments Inc Port Inc Ret 162.50 - -0.70 - Global Opp.A € 137.94 - 2.55 0.00 structure.
Pictet-Global Bds Fundamental I USD $ 117.80 - -0.28 0.00 Income Opportunities B2 I GBP Acc £ 1.70 1.70 0.01 0.00 Additional Funds Available Japan Synthetic Warrant USD Hedged Class $ 195.83 - 2.73 0.00 Veritas Global Focus Fund B GBP £ 20.45 - 0.63 1.68
Investments Inc Port Inc X 147.20 - -0.70 - Global Opp.B $ 137.64 - 2.42 0.00
Pictet-Global Bonds-I EUR € 158.66 - -0.23 0.00 Japan Alpha I JPY ¥ 201.58 201.58 2.44 0.00 Please see www.royallondon.com for details Different share classes are issued to reflect a different
Renminbi Bond Fund AUD Cls A A$ 115.02 - -0.07 3.83 Veritas Global Focus Fund B EUR € 15.63 - 0.49 1.53 currency, charging structure or type of holder.
£ Gov Bond Inc Inst (gross) 177.40 - -1.00 - Global Opp.C £ 170.15 - 4.47 0.00
Pictet-Global Emerging Currencies-I USD F $ 95.85 - -0.32 0.00 Japan I JPY ¥ 2038.13 - 25.83 0.00
Renminbi Bond Fund AUD Cls B A$ 116.77 - -0.08 3.57 Veritas Global Equity Income Fund B GBP £ 128.76 - 2.49 4.52
£ Gov Bond Inc Inst 145.50 - -0.90 - Sequoia Equity A € 144.77 - 2.49 0.00 Selling price: Also called bid price. The price at which
Pictet-Global Emerging Debt-I USD F $ 349.82 - 1.90 0.00 North American I USD $ 16.85 16.85 0.58 0.00 Ruffer LLP (1000)F (UK)
units in a unit trust are sold by investors.
Renminbi Bond Fund CHF Cls A SFr 112.84 - -0.09 3.86 Veritas Global Equity Income Fund B EUR € 178.23 - 3.56 3.77
40 Dukes Place, London EC3A 7NH £ Gov Bond Acc Inst 146.30 - -0.80 - Sequoia Equity B $ 150.20 - 2.49 0.00
Pictet-Global Megatrend Selection-I USD F $ 217.24 - 3.85 0.00 UK Absolute Equity I GBP £ 12.14 12.14 0.01 -
Order Desk and Enquiries: 0845 601 9610 Renminbi Bond Fund CHF Cls B SFr 112.64 - -0.09 3.62 Veritas Global Equity Income Fund B USD $ 110.82 - 0.93 4.57 Buying price: Also called offer price. The price at
Strat Bond Inc Inst (gross) 181.90 - 0.00 - Sequoia Equity C £ 165.76 - 4.43 0.00
Pictet-Greater China-I USD F $ 433.60 - 13.97 0.00 Authorised Inv Funds which units in a unit trust are bought by investors.
Renminbi Bond Fund CNH Cls A CNH 121.89 - -0.33 3.43 Veritas Global Real Return Fund B USD $ 19.13 - 0.35 1.62
Authorised Corporate Director - Capita Financial Managers Strat Bond Inc Inst 149.80 - 0.10 - Includes manager’s initial charge.
Pictet-Health-I USD $ 284.05 - 9.21 0.00 Polar Capital LLP (CYM) Renminbi Bond Fund CNH Cls B CNH 121.64 - -0.33 3.19 Veritas Global Real Return Fund B GBP £ 10.81 - 0.20 1.63
CF Ruffer Investment Funds Strat Bond Acc Inst 149.70 - 0.00 -
Regulated Single price: Based on a mid-market valuation of the
Pictet-High Dividend Sel I EUR F € 144.94 - 0.82 0.00 CF Ruffer Gold Fund C Acc 73.62 - -0.79 0.00 Renminbi Bond Fund Euro Cls B € 114.06 - -0.08 3.62 Veritas Global Real Return Fund B EUR € 12.46 - 0.24 1.44 underlying investments. The buying and selling price
Managed Investments OEIC 3
ALVA Convertible A USD $ 129.05 - 0.44 0.00 for shares of an OEIC and units of a single priced unit
Pictet-India Index I USD $ 94.71 - -1.46 0.00 CF Ruffer Gold Fund O Acc 72.94 - -0.79 0.00 Div Inc Port Inc Ret 168.60 - 2.50 - Renminbi Bond Fund GBP Cls B £ 115.92 - -0.07 3.41 trust are the same.
European Conviction A EUR € 151.07 - -9.24 0.00
Pictet-Indian Equities-I USD F $ 439.18 - 9.14 0.00 Equity & General C Acc 375.75 - -9.95 0.25 Corp Bond Acc Inst (gross) 210.20 - -0.80 - Renminbi Bond Fund SGD Cls B S$ 114.86 - -0.01 3.38
European Forager A EUR € 180.73 - -0.07 0.00 Veritas Asset Management LLP Treatment of manager’s periodic capital charge:
Pictet-Japan Index-I JPY F ¥ 15802.70 - 227.70 0.00 Equity & General C Inc 346.76 - -9.19 0.25 Corp Bond Inc Inst 141.60 - -0.50 - Renminbi Bond Fund USD Cls B $ 115.30 - -0.08 3.18 www.veritas-asset.com The letter C denotes that the trust deducts all or part
Other International Funds of the manager’s/operator’s periodic charge from
Pictet-Japanese Equities Opp-I JPY F ¥ 9341.40 - 125.00 0.00 Equity & General O Inc 345.47 - -9.18 0.00 Corp Bond Acc Inst 143.00 - -0.60 - Renminbi Bond Fund YEN Cls B ¥ 12728.67 - -9.27 0.00 Troy Asset Mgt Ltd (UK) capital, contact the manager/operator for full details
Real Return Asian Fund USD (Est) € 284.54 - -6.58 0.00
Pictet-Japanese Equity Selection-I JPY F ¥ 14051.24 - 194.34 0.00 Polunin Capital Partners Ltd Equity & General O Acc 372.32 - -9.89 0.00 Multi-Manager OEIC Renminbi Bond Fund USD Cls A $ 158.95 - -0.11 3.42 40 Dukes Place, London EC3A 7NH of the effect of this course of action.
Other International Funds Order desk: 0845 608 0950, Enquiries 0845 608 0950 Real Return Asian Fund GBP (Est) £ 303.70 - -7.13 0.00
Pictet-LATAM Index I USD $ 50.69 - 0.09 0.00 Bal Intl Track Acc Ret 253.70 - 1.00 - Exit Charges: The letter E denotes that an exit charge
European C Acc 501.41 - -6.31 0.22 Renminbi Bond Fund GBP Cls A £ 154.48 - -0.10 3.65 Authorised Inv Funds
Emerging Markets Active $ 42.54 - -2.14 - Real Return Asian Fund EUR (Est) $ 299.76 - -7.08 0.00 may be made when you sell units, contact the
Pictet-LATAM Lc Ccy Dbt-I USD F $ 109.71 - -1.48 0.00 Bond Mthly Inc Acc Ret 142.60 - -0.60 - ACD Capita Financial Mgrs
European O Acc 496.88 - -6.28 0.00 Renminbi Bond Fund SGD Cls A S$ 152.11 - -0.02 3.62 manager/operator for full details.
Luxcellence Em Mkts Tech $ 737.12 - -113.65 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 313.65 - -1.81 0.00 Bond Mthly Inc Inc Ret 92.12 - -0.33 - Trojan Investment Funds
Japanese Fund C Acc 173.27 - -15.06 0.01 Renminbi Bond Fund YEN Cls A ¥ 18840.02 - -13.76 0.00 Time: Some funds give information about the timing of
Polunin Developing Countries $ 690.32 691.29 4.89 0.00 Spectrum Fund 'O' Acc ♦ 153.23 - 1.35 0.29
Pictet-Premium Brands-I EUR F € 149.71 - 1.84 0.00 Waverton Investment Funds Plc (1600)F (IRL) price quotes. The time shown alongside the fund
Japanese Fund O Acc X 171.48 - -14.92 0.00 Renminbi Bond Fund EUR Cls A € 104.88 - -0.08 3.86
Polunin Discovery - Frontier Markets $ 1453.36 - -55.06 0.00 Spectrum Fund 'O' Inc ♦ 149.36 - 1.32 0.29 waverton.investments@citi.com manager’s/operator’s name is the valuation point for
Pictet-Quality Global Equities I USD $ 128.11 - 2.54 0.00 Pacific C Acc 275.07 - -26.87 0.51 Santander Asset Management UK Limited (1200)F (UK) Poland Geared Growth £ 0.46 - -0.04 0.00 FCA Recognised their unit trusts/OEICs, unless another time is
Polunin Small Cap $ 1215.96 1231.16 -175.10 0.00 Spectrum Income Fund 'O' Acc 93.57 - -0.24 -
287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 indicated by the symbol alongside the individual unit
Pictet-Russia Index I USD $ 45.64 - -0.17 0.00 Pacific O Acc 272.32 - -26.61 0.19 Waverton Asia Pacific A USD $ 17.53 - 0.37 1.03
Authorised Inv Funds trust/OEIC name.
Spectrum Income Fund 'O' Inc 93.57 - -0.24 -
Pictet-Russian Equities-I USD F $ 38.36 - -0.30 0.00 Total Return C Acc 390.99 - -11.09 1.43 Santander Premium Fund (OEIC) Waverton Global Bond Fund Cls A $ 8.78 - 0.02 5.40
Private Fund Mgrs (Guernsey) Ltd (GSY) Trojan Fund O Acc ♦ 249.06 - 2.25 0.45 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Pictet-Security-I USD F $ 193.19 - 4.58 0.00 A Shares Waverton Global Equity Fund A GBP £ 13.22 - 0.53 0.37 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Regulated Total Return C Inc 273.38 - -7.75 1.44
Europe (ex-UK) 272.10 - 5.00 - Trojan Fund O Inc ♦ 206.62 - 1.87 0.45 midnight. Daily dealing prices are set on the basis of
Pictet-Select-Callisto I EUR € 106.39 - -1.43 0.00 Monument Growth 18/08/2015 £ 482.51 487.88 -2.92 1.04 Total Return O Inc 270.76 - -7.71 1.44 Waverton UK Fund A GBP £ 12.84 - 0.14 1.81 the valuation point, a short period of time may elapse
Japan Equities 148.50 - 2.80 - Trojan Global Equity O Acc 203.54 - 3.97 0.95 before prices become available. Historic pricing: The
Pictet-Small Cap Europe-I EUR F € 1061.17 - -11.53 0.00 Total Return O Acc 387.40 - -11.01 1.42 Waverton Equity Fund A GBP £ 14.01 - 0.27 0.00
letter H denotes that the managers/operators will
Pacific Bas (ex-Japan) 474.30 - 14.80 - Trojan Global Equity O Inc 173.38 - 3.39 0.96
Pictet-ST.MoneyMkt-I € 140.51 - 0.01 0.00 Waverton Sterling Bond Fund A GBP £ 9.49 - 0.02 5.41 normally deal on the price set at the most recent
Prusik Investment Management LLP (IRL)
Trojan Income O Acc ♦ 258.53 - 2.95 3.90 valuation. The prices shown are the latest available
Pictet-ST.MoneyMkt JPY I USD ¥ 101529.85 - 0.37 0.00 Sterling Bonds 262.10 - -1.10 - E.I. Sturdza Strategic Management Limited (GSY)
Enquiries - 0207 493 1331 before publication and may not be the current dealing
Regulated UK Equities 257.20 - 3.50 - Regulated Trojan Income O Inc ♦ 163.76 - 1.87 4.03 levels because of an intervening portfolio revaluation
Pictet-ST.MoneyMkt-ICHF SFr 124.53 - -0.01 0.00
Nippon Growth Fund Limited ¥ 110391.00 - -2339.12 0.00 WA Fixed Income Fund Plc (IRL) or a switch to a forward pricing basis. The
Prusik Asian Equity Income B Dist $ 151.44 - 3.81 3.75 US Equities 246.30 - 12.00 -
Pictet-ST.MoneyMkt-IUSD $ 135.09 - 0.00 0.00 Regulated managers/operators must deal at a forward price on
Prusik Asia A $ 186.18 - 4.59 0.00 B Shares Strat Evarich Japan Fd Ltd JPY ¥ 89457.00 - -13045.00 0.00 request, and may move to forward pricing at any time.
Pictet-Timber-I USD F $ 143.97 - 1.53 0.00 UBS Global Asset Mgmt Fds Ltd (UK) European Multi-Sector € 115.50 - 0.32 0.00
Forward pricing: The letter F denotes that that
Prusik Asian Smaller Cos A $ 141.15 - 3.33 0.00 Pacific Bas (ex-Japan) 473.60 - 14.80 - Strat Evarich Japan Fd Ltd USD $ 886.54 - -134.82 0.00 21 Lombard Street, London, EC3V 9AH managers/operators deal at the price to be set at the
Pictet Total Ret-Agora I EUR € 112.06 - -0.18 0.00 next valuation.
Client Services 0800 587 2113, Client Dealing 0800 587 2112
Pictet Total Ret-Corto Europe I EUR € 133.91 - -0.23 0.00 S W Mitchell Capital LLP (CYM) www.ubs.com/retailfunds
Authorised Inv Funds Investors can be given no definite price in advance of
Pictet Total Ret-Divers Alpha I EUR € 104.32 - -0.41 0.00 Purisima Investment Fds (UK) (1200)F (UK) Regulated Saracen Fund Managers Ltd (1000)F (UK) E.I. Sturdza Funds PLC (IRL)
the purchase or sale being carried out. The prices
40 Dukes Place, London EC3A 7NH S W Mitchell European Fund Class A EUR € 355.68 - 15.96 - 19 Rutland Square, Edinburgh EH1 2BB Regulated OEIC
appearing in the newspaper are the most recent
Pictet Total Ret-Kosmos I EUR € 109.04 - -0.08 0.00 Order Desk 08459 220044, Enquiries: 0870 607 2555 Dealing: 00 353 1 603 9921 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1080.17 - 31.04 0.00 Global Emerg Mkts Eqty B Acc £ 1.21 - 0.04 1.70 provided by the managers/operators. Scheme
S W Mitchell Small Cap European Fund Class A EUR € 235.00 - -3.60 - particulars, prospectus, key features and reports: The
Pictet Total Ret-Mandarin I USD $ 112.92 - -0.19 0.00 Authorised Inv Funds Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1269.86 - 36.48 0.00 Global Optimal B Acc £ 0.93 - 0.03 0.63 most recent particulars and documents may be
Authorised Corporate Director - Capita Financial Managers The Charlemagne Fund EUR € 333.23 - -14.24 - Authorised Inv Funds
Pictet-US Equity Selection-I USD $ 181.85 - 6.56 0.00 UBS UK Opportunities Fund B Acc £ 0.86 - 0.01 2.90 obtained free of charge from fund
Global Total Fd PCG A 154.64 - 5.20 0.37 Saracen Growth Fd Alpha Acc £ 3.58 - -0.02 0.96 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 99438.00 - 2905.00 0.00
Yuki International Limited (IRL) managers/operators. * Indicates funds which do not
Pictet-US High Yield-I USD F $ 145.77 - -0.14 0.00 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 83339.00 - 2444.00 0.00 US Equity B Acc £ 1.40 - 0.07 0.29 Tel +44-20-7269-0207 www.yukifunds.com price on Fridays.
Global Total Fd PCG B 153.35 - 5.15 0.14 Saracen Growth Fd Beta Acc £ 5.70 - -0.04 1.43
Pictet-USA Index-I USD F $ 170.78 - 6.41 0.00
S W Mitchell Capital LLP (IRL) Regulated
Global Total Fd PCG INT 151.45 - 5.09 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.10 - 0.01 2.90 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 81023.00 - 2368.00 0.00 UBS S&P 500 Index C Acc £ 0.49 - 0.02 - Charges for this advertising service are based on the
Regulated Yuki Mizuho Umbrella Fund
Pictet-USD Government Bonds-I F $ 634.64 - -1.70 0.00 number of lines published and the classification of the

Asset Management
SWMC European Fund B EUR € 15311.32 - -93.37 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.02 - 0.00 2.65 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 53926.00 - 1578.00 0.00 UBS Targeted Return B Acc £ 1.22 - 0.01 1.19
Yuki Mizuho Japan Dynamic Growth ¥ 6554.00 - 88.00 0.00 fund. Please contact data@ft.com or
Pictet-USD Short Mid-Term Bonds-I F $ 129.49

Pictet-USD Sov.ST.Mon.Mkt-I $ 102.58

-

-
0.01 0.00

0.00 0.00
Purisima Investment Fds (CI) Ltd (JER)
SWMC UK Fund B

SWMC Small Cap European Fund B EUR € 13384.69

£ 11688.27 -

-
297.99 0.00

-76.88 0.00
Saracen Global Income and Growth Fund -Acc # £ 1.36 - 0.01 3.26 Strategic China Panda Fund USD $ 2018.67

Strategic China Panda Fund Hedged EURO € 1965.42

-

-
13.53 0.00

14.18 0.00 UBS Multi Asset Income B Inc (net) £

Asset Management
UBS Sterling Corporate Bond Indexed Fund 50.52

0.49
-

-
-0.68 3.32

0.00 3.56
Yuki Mizuho Japan Large Cap ¥ 6727.00 - 80.00 0.00 Asset Management
call +44 (0)20 7873 3132 for further information.

Regulated Saracen Global Income and Growth Fund -Dist # £ 1.20 - 0.01 2.68 Yuki Japan Low Price ¥ 26730.00 - 547.00 0.00
Pictet-Water-I EUR F € 251.42 - 3.52 0.00 PCG B X 152.60 - -3.12 0.00 SWMC Emerging European Fund B EUR € 8403.58 - -66.99 0.00 Strategic China Panda Fund Hedged Sterling £ 1991.38 - 15.44 0.00 UBS UK Equity Income B Inc Net £ 0.38 - 0.00 4.64
Saracen UK Income Fund - Acc £ 0.99 - -0.01 - Yuki Japan Value Select ¥ 12516.00 - 225.00 0.00
PCG C X 150.55 - -3.08 0.00 Strategic Euro Bond Accumulating Class CHFSFr 988.94 - -2.88 0.00 Corporate Bond UK Plus B Inc Net £ 0.52 - 0.00 4.00 YMR Umbrella Fund
Saracen UK Income Fund - Dist £ 0.98 - -0.01 -
Pimco Fds: Global Investors Series Plc (IRL) . Strategic Euro Bond Institutional Class EUR € 1011.71 - -2.91 0.00 UBS Global Allocation (UK) B Acc £ 1.04 - 0.01 1.79 YMR N Growth ¥ 16033.00 - 214.00 0.00
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH For Save & Prosper please see Countrywide Assured Yuki Asia Umbrella Fund
Strategic Euro Bond Fund Accumulating Class Shares € 1135.35 - -3.27 0.00 UBS Global Enhanced Equity Income C Inc £ 0.44 - 0.00 -
http://gisnav.pimco-funds.com/ Putnam Investments (Ireland) Ltd (IRL)
Regulated Yuki Japan Rebounding Growth Fund ¥ 22643.00 - 388.00 0.00
Dealing: +44 20 3640 1000 Strategic Euro Bond Fund Distributing Class Shares € 1024.67 - -2.95 2.90 UBS US Growth Fund B Acc £ 1.41 - 0.07 0.00
PIMCO Funds: +44 (0)20 3640 1407 Putnam New Flag Euro High Yield Plc - E € 1009.89 - 0.13 4.26 Schroder Property Managers (Jersey) Ltd Strategic Global Bond RMB Acc $ 1045.54 - -1.42 0.00 UBS Emerging Markets Equity Income B Inc £ 0.36 - 0.01 5.66
FCA Recognised Other International Funds
Strategic Global Bond USD Acc $ 1043.38 - -4.44 0.00 Zadig Gestion (Memnon Fund) (LUX)
Asia Local Bond Fund - Inst Acc $ 9.39 - -0.02 0.00 Indirect Real Estate SIRE £ 130.50 136.46 1.01 2.50 FCA Recognised
Rathbone Unit Trust Mgmt (1200)F (UK) RobecoSAM (LUX) Strategic US Momentum and Value Fund $ 806.96 - 28.56 0.00
Capital Securities Inst Acc $ 14.87 - 0.04 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/
Unicapital Investments (LUX) Memnon European Fund I GBP £ 108.92 - -0.25 0.00
PO Box 9948, Chelmsford, CM99 2AG
Strategic US Momentum & Value Fund USD I Class $ 535.17 - 18.95 0.00 Regulated
Commodity Real Return Fund Inst Acc $ 6.17 - -0.09 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Regulated
Scottish Friendly Asset Managers Ltd (UK) Investments III € 27.41 - 0.58 0.00
Authorised Inv Funds RobecoSAM Sm.Energy/A £ 10.21 - 0.27 1.28 Strategic US Momentum and Value EUR Hedged Class EUR € 563.88 - 19.97 0.00
Credit Absolute Return Fund Inst Acc $ 11.27 - -0.01 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Blue Chip Income Inc 142.97 147.70 1.82 4.27 Authorised Inv Funds Investments IV - European Private Eq. € 292.33 306.94 2.23 - Zebedee Capital Partners LLP (CYM)
RobecoSAM Sm.Materials/A £ 114.17 - 2.47 2.00 Strategic US Momentum and Value CHF Hedged Class CHFSFr 562.13 - 19.84 0.00
Diversified Income - Inst Acc $ 19.25 - -0.03 0.00 Regulated
Blue Chip Income Acc 213.10 219.92 2.71 4.14 Managed Growth ♦ 231.30 - 2.60 0.00 Investments IV - Global Private Eq. € 416.23 437.04 -20.82 -
RobecoSAM Gl.Small Cap Eq/A £ 74.16 - 2.04 1.68 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.29 - -0.01 0.00
Ethical Bond Inc 90.19 92.20 -0.17 5.13 UK Growth ♦ 251.70 - 3.40 0.00
RobecoSAM Sustainable Gl.Eq/B € 169.17 - 2.92 0.00 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 8.34 - -0.01 0.00 Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Ethical Bond Acc 170.89 174.35 -0.33 5.00 RobecoSAM S.HealthyLiv/B € 170.39 - 3.51 0.00 50 Bank Street, Canary Wharf, London E14 5NT Unicorn Asset Management Ltd (UK)
Emerging Asia Bond Fund Inst Acc $ 9.41 - -0.05 0.00 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Global Opportunities Acc 131.60 135.81 4.28 0.11 Admin: 50 Bank Street, Canary Wharf, London E14 5NT PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
RobecoSAM S.Water/A £ 154.17 - 3.30 2.26 SIA (SIA Funds AG) (LUX)
Emerging Local Bond - Inst Acc $ 10.91 - -0.08 0.00 Dealing & Enquiries: 0870 870 8433 Authorised Inv Funds

Emerging Markets Bond - Inst Acc $ 37.58 - -0.05 0.00

Income Inc 836.39 865.67 11.72 3.91 Regulated
LTIF Classic € 309.27 - 4.23 0.00
Authorised Inv Funds
THS Growth & Value Funds
UK Growth A Inc 395.66 - 2.95 0.00 Money Market
Income Acc 1271.09 1314.15 17.79 3.74
Mastertrust A Inc X F 352.42 - 6.34 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.76

Emerging Markets Curr.Fd- Inst Acc $ 11.70

-

-
-0.01 0.00

-0.04 0.00
Multi Asset Enhanced Growth Acc 114.97 - 2.08 0.00
LTIF Natural Resources € 66.03 - 1.75 0.00 International
IGV - Inc A 324.30 - 7.00 2.30 UK Growth B Inc 398.24 - 2.96 0.23
Trusts and
LTIF Stability A ACCU € 159.55 - 0.53 -
Multi Asset Strategic Growth inc 143.75 - 1.19 1.37
Euro Bond - Inst Acc € 22.38 - 0.03 0.00
Multi Asset Strategic Growth acc 151.91 - 1.26 1.36
IGV - Inc B 324.00 - 7.10 1.51 Mastertrust B Inc X F 317.67 - 5.69 0.38
Bank Accounts Gross
Euro Credit - Inst Acc € 14.60 - 0.02 0.00 IGV - Acc X 396.30 - 8.60 1.78 Outstanding British Cos A Acc X F 241.16 - 3.07 0.44
Multi Asset Total Return inc 125.15 - 0.14 1.87 SIA (SIA Funds AG) (CH) Gross Net AER Int Cr
Euro Income Bond - Inst Acc F € 12.85 - 0.01 0.00 IGV - Acc Y 424.60 - 9.20 2.26 Outstanding British Cos B Acc X F 251.47 - 3.18 1.12
Other International Fds
Multi Asset Total Return acc 137.12 - 0.15 1.84
Euro Long Average Duration - Inst Acc € 21.26 - 0.18 0.00 LTIF Stability Growth SFr 185.90 - -14.50 - IGV - Acc Z 393.90 - 8.50 1.52 UK Smaller Cos A Inc X F 435.35 - 2.07 0.08 CCLA Investment Management Ltd
Recovery Inc 417.77 433.90 4.90 2.26 Senator House 85 Queen Victoria Street, London EC4V 4ET
Euro Low Duration Fund Inst Acc € 11.24 - 0.00 0.00 LTIF Stability Inc Plus SFr 165.20 - -12.90 5.66 European UK Smaller Cos B Inc X F 428.05 - 2.03 0.75
Recovery Acc 495.96 514.66 5.82 2.23 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Euro Real Return - Inst Acc € 13.07 - -0.01 0.00 Santander Asset Management UK Limited (1200)F (UK) EGV - Acc S 271.80 - 4.00 - UK Income A Acc X F 259.31 - 2.47 5.82
Strategic Bond Ret Acc £ 1.17 1.19 0.00 4.23 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Euro Short-Term Inst Acc € 12.27 - 0.00 0.00 EGV - Acc Z 271.80 - 4.00 0.80 UK Income A Inc X F 234.97 - 2.24 6.05 CCLA Fund Managers Ltd
Authorised Funds Smith & Williamson Investment Management (1200)F (UK)
Strategic Bond Ret Inc £ 1.04 1.06 0.00 4.27 Senator House 85 Queen Victoria Street, London EC4V 4ET
Euro Ultra Long Duration - Inst Acc € 28.40 - 0.31 0.00 Santander Atlas Range 25 Moorgate, London, EC2R 6AY 020 7131 8100 Continental UK Income B Acc X F 274.84 - 2.63 5.78
www.sandwfunds.com COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Santander Atlas Port 3 Acc Ret 146.60 - 0.10 - CGV Acc S 111.10 - 1.30 - UK Income B Inc X F 249.16 - 2.38 6.01
Global Advantage - Inst Acc $ 12.13 - -0.02 0.00 Authorised Inv Funds
Santander Atlas Port 3 Inc Ret 102.00 - 0.00 - CGV Acc X 110.50 - 1.40 -
Global Advantage Real Return Fund Inst Acc $ 8.58 - -0.07 0.00 European Growth Trust A Class 504.50 - 9.20 0.71
Santander Atlas Port 3 Acc Inst 161.00 - 0.10 - CGV Inc A £ 1.11 - 0.01 -
Global Bond - Inst Acc $ 27.62 - 0.00 0.00 Far Eastern Income and Growth Trust A Class 396.00 - 11.70 3.17 Value Partners Hong Kong Limited (IRL)
Santander Atlas Port 4 Acc Ret 176.70 - 0.30 - CGV Inc B £ 1.11 - 0.01 - www.valuepartners.net, fis@vp.com.hk
Global Bond Ex-US - Inst Acc $ 19.22 - 0.00 0.00 Fixed Interest Trust A Class 121.00xd - -0.60 3.69
Regulated
Global Fundam.Index StocksPLUSInst Acc $ 10.66 - 0.22 0.00 Santander Atlas Port 4 Inc Ret 127.60 - 0.20 - Global Gold and Resource Trust A Class 125.00 - -2.20 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 10.69 - 0.55 0.00
Global High Yield Bond - Inst Acc $ 19.94 - -0.01 0.00 Santander Atlas Port 4 Acc Inst 160.40 - 0.30 - MM Endurance Balanced Fund A Class 206.00 - 0.80 1.16 The Hartford International Funds (IRL)
Robeco Asset Management (LUX)
Regulated
Value Partners Classic Equity Fund CHF HedgedSFr 11.21 - 0.59 0.00
Global Investment Grade Credit - Inst Income $ 12.20 - -0.02 3.58 Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Santander Atlas Port 5 Acc Ret 185.30 - 0.80 - MM Global Investment Fund A Class 2093.00 - 31.00 1.75
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1572.94 - 13.28 0.00 Value Partners Classic Equity Fund EUR Hedged € 11.32 - 0.60 0.00
www.robeco.com/contact Santander Atlas Port 5 Acc Inst 157.20 - 0.70 -
Global Investment Grade Credit Fund Inst Acc € € 11.33 - -0.02 0.00 North American Trust A Class 1611.00 - 77.00 0.00
FCA Recognised UK Corporate Bond £ 1547.40 - -7.01 0.00 Value Partners Classic Equity Fund GBP Hedged £ 11.56 - 0.61 0.00
Global Investment Grade Credit Fund Inst Acc $ $ 16.51 - -0.03 0.00 Santander Atlas Port 6 Acc Ret 250.50 - 1.40 - Oriental Growth Fund A Class 137.90 - 5.50 1.03
Asia-Pacific Equities (EUR) € 124.61 - 3.50 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 11.03 - 0.30 0.00
Gilt £ 1574.85 - -9.00 0.00
Global Multi-Asset - Inst Acc $ 14.19 - 0.17 0.00 Santander Atlas Port 6 Acc X 178.80 - 1.00 - UK Equity Growth Trust A Class 412.30 - 6.80 0.64
Chinese Equities (EUR) € 68.14 - 1.47 0.00 Value Partners Classic Equity USD Hedged $ 13.12 - 0.69 0.00
Global Eq (Ex Japan) Index Fund ¥ 1.31 - 0.03 0.00
Global Real Return - Inst Acc $ 17.86 - -0.12 0.00 Santander Atlas Port 6 Acc Inst 153.90 - 0.90 - UK Equity Income Trust A Class 220.20 - 2.00 5.95
Em Stars Equities (EUR) € 156.36 - 2.96 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 8.70 - 0.06 -
Global Eq (ex Japan) Class HJ4 ¥ 1.36 - 0.02 0.00
Income Fund Inst Acc $ 12.21 - 0.01 0.00 Santander Atlas Port 7 Acc Ret 192.80 - 1.20 -
Emerging Markets Equities (EUR) € 130.93 - 2.05 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 8.25 - 0.06 -
Global Eq (ex Japan) Class JP5 ¥ 1.47 - 0.02 0.00
Inflation Strategy Fund Inst Acc $ 8.79 - -0.03 0.00 Santander Atlas Port 7 Acc Inst 152.80 - 0.90 -
Flex-o-Rente (EUR) € 109.39 - 0.09 0.00 Smith & Williamson Fd Admin Ltd (1200)F (UK) Value Partners Health Care Fund USD Class A Unhedged $ 8.28 - 0.06 -
Global Eq Ex Japan Index Fund (Hedge) ¥ 1.34 - 0.01 0.00
Authorised Inv Funds 25 Moorgate, London, EC2R 6AY 0141 222 1150
Low Average Duration - Inst Acc $ 14.73 - 0.01 0.00 Glob.Consumer Trends Equities (EUR) € 142.81 - 3.48 0.00
Max 70% Shs Acc Ret 161.80 - 1.80 - Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index ¥ 1.33 - -0.01 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.60 - -0.03 0.00 High Yield Bonds (EUR) € 123.97 - 0.18 0.00
Max 70% Shs Inc Ret 137.00 - 1.50 - S&W Deucalion Fd (OEIC) 2191.00 - -7.00 0.18 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.30 - -0.02 0.00
StocksPLUS{TM} - Inst Acc $ 21.89 - 0.74 0.00 Lux -O- Rente (EUR) € 139.37 - -0.11 0.00
Investments Inc Acc Ret 153.50 - -0.70 - S & W Magnum 364.50 385.60 6.20 1.87 Japan Equity Index Fund ¥ 1.03 - 0.02 0.00
Total Return Bond - Inst Acc $ 26.95 - -0.07 0.00 New World Financials (EUR) € 49.99 - 0.43 0.00
Investments Inc Inc Ret 102.00 - -0.50 - S & W Marathon Trust 183.10 193.70 2.30 1.85 Japan Equity Class JP3 ¥ 1.25 - 0.02 0.00
UK Corporate Bond - Inst Acc £ 17.07 - -0.04 0.00 US Premium Equities (EUR) € 173.02 - 6.15 0.00
Equity Inc Inc Inst 235.80 - 3.40 - Charity Value and Income Fund Acc 133.80 134.60 1.50 4.55
26 ★ FINANCIAL TIMES Friday 28 August 2015

MARKETS & INVESTING

Capital markets
EM squared

Policy groundwork revealed

when currencies melt down
There are no atheists in
foxholes; is there any
differentiation in an
emerging market
meltdown? EM
policymakers have had
their strenuous efforts to
reduce vulnerability stress-
tested to the extreme by
the market panic this week,
writes Alan Beattie.
There have been myriad
attempts to sort EMs into
categories susceptible to
different shocks, the most
recent being the Morgan
Stanley typology, see
graph below. But the
history of market turmoil,
particularly the taper
tantrums of last year and
early this year, shows that
all EMs can get drawn in.
It is too soon to draw
conclusions about how
much EM assets will all
suffer together from the
latest asset price turmoil
— not least because the
People’s Bank of China
helped to reverse some of
the falls on Tuesday.
But previous episodes of
India’s rupee fell much
less than its Asian EM
peers, appearing to
benefit from a strong
macroeconomic
framework
EM turmoil, plus some
tentative signs in recent
months and days, suggest
that EMs that have done
the policy groundwork may
be rewarded.
In the Asian and Russian
crisis in 1997-98, investors
picked off countries one by
one by shorting currencies
without differentiating
much on the basis of
current account and debt
positions.
During the global
financial crisis of 2008-09,
however, EMs were better
prepared and investors
were more willing to
discriminate. Even crisis-
prone countries such as
Brazil came through
reasonably well, as long as
they were in moderately
good economic shape (in
Brazil’s case, those were
the days) and had large
foreign exchange reserves.
And with that crisis
being in essence one of the
rich world, investors
proved capable of
distinguishing EMs with
very direct exposure. The
Baltic states, pegged to the
euro and with banking
Exchange rates v capital flows
Change in exchange rate v US$ since Jan 2015 (%)
India
Mexico
-6 -4 -2 0 2
Net short-term capital inflows (Q4 sum, % of GDP)
Source: Capital Economics
links to eurozone countries,
came under much more
pressure than neighbours
such as Poland with its
independent currency and
low debt-to-GDP ratio.
Recent activity is
tentatively positive for the
differentiators. During the
falls in EM currencies
before the PBoC renminbi
move, there was evidence
of discrimination based on
fundamentals.
Currencies performed
better against the dollar if
their economies were less
dependent on short-term
capital inflows. The rupee
appeared to benefit from
India’s strengthening
macroeconomic
framework, falling much
less than other EM Asian
currencies including the
rupiah and ringgit, let
alone Brazil’s real and the
Turkish lira.
And even in the turmoil
created by the PBoC rate
cut, currencies in well-run
central and eastern
European countries —
which have small direct
links to China and quite
good fundamentals —
have held up pretty well.
In contrast to the sharp
falls in the lira and Russia’s
rouble, the Czech koruna,
Hungarian forint and
Romanian leu have held
most of their gains against
the euro since midyear and
risen against the dollar.
And trading on Monday
before the PBoC cut rates
suggested investors were
distinguishing between
China and the rest.
In the longer term, the
impact on EM economies
from market turbulence
will not necessarily match
price movements.
Commodity exporters with
strong inflation and crisis-
fighting credentials are
likely to benefit rather than
lose from depreciations.
The impact of stock
price movements on the
real economy depends on
how exposed households
are to equity markets and
how dependent companies
are on them to raise
capital.
Even in the recent
turbulence, there have
been signs that investors
are distinguishing within
the increasingly dissimilar
EM world.
This may not survive a
true meltdown, but the
initial signs are that
superior economic
fundamentals and
policymaking credibility
are gaining some reward.
www.ft.com/em2
0
-5
S Africa -10
Turkey -15
Colombia -20
Brazil
-25
4 6 8 invested in Ukraine as of the end of June,
BoE publishes bond liquidity concerns
Falls in issuance after
shocks greater than before
the crisis, says blog
GAVIN JACKSON
Regulation to make banks safer may
have had a destabilising effect on the
bond market, according to a Bank of
England analysis published on its new
staff blog.
Central bankers appear increasingly
concerned with bond market liquidity, a
subject that has rapidly risen up the list
of investor concerns. They worry that a
sharp sell-off may follow in the event of
a panic and a rush for the exit after a
two-decade bull market. These fears
have accelerated as investors anticipate
a rate rise from the Federal Reserve.
“We find that dealer holdings act less
US funds compare notes on August horribilis
EM specialists ask investors to
look beyond losses caused by
month’s wild currency swings
STEPHEN FOLEY AND
ROBIN WIGGLESWORTH
The US mutual fund industry’s most
famous emerging markets specialists
have suffered an August horribilis, as
wild currency swings wiped billions of
dollars off the value of their funds.
Michael Hasenstab, manager of the
$65bn Templeton Global Bond Fund, is
down 6 per cent since the start of
month, as the tumbling peso hit the
value of Mexican government debt, his
largest single holding, and other cur-
rency bets faltered.
Meanwhile widely owned EM equity
mutual funds from OppenheimerFunds
and Lazard have posted losses of more
than 12 per cent this month. Managers
are urging their investors to look
through the turmoil to see opportuni-
ties to pick up new emerging market
securities at lower prices.
“There were clear forced sellers, panic
sellers and fear on Monday,” says Justin
Leverenz, manager of the $30bn Oppen-
heimer Developing Markets fund. “I got
very excited.”
Moves in emerging markets have
been fierce. The FTSE Emerging Equity
index has lost more than 10 per cent in
August, its worst monthly performance
since May 2012. JPMorgan’s EM cur-
rency index has dropped 3.6 per cent to
its lowest level on record, led by tumbles
by the Russian rouble, Malaysian ringgit
and Colombian peso.
Local currency-denominated bonds
in the developing world have also suf-
fered as a result, with the Barclays index
that measures the performance of these
securities sliding more than 6 per cent
since the start of the month.
With global markets rebounding yes-
terday, there has been relief in recent
days, but fund managers are working
hard to reassure investors, fearing they
could pull money out. Mr Hasenstab has
produced a video and a blog post for his
investors, telling them he sees a “once in
a decade” opportunity in currencies
such as the Mexican peso.
A deal to restructure Ukrainian gov-
ernment debt, which was more favoura-
ble to bondholders than feared, helped
his fund. It had 2.2 per cent of its assets
and bond prices there soared by a quar-
ter yesterday.
As of Wednesday night, Mr Hasen-
as a shock absorber than they did In contrast bond spreads — the pre- was “abnormally liquid”, making it hard
around a decade ago,” wrote Yuliya Bar- mium demanded by investors to hold ‘Dealer to draw a neat comparison between the
anova, Louisa Chen and Nicholas Vause more risky corporate bonds rather than years before and after the crisis.
holdings
of the BoE’s capital markets division. safe government debt — have become The blog follows a working paper pub-
“Instead, bond spreads rise more. We more responsive, widening more after act less as lished by the Bank for International Set-
also find that greater declines in issu- falls in asset manager demand in the tlements this month, which looked at
ance now follow these shocks.” post-crisis period than before.
a shock the impact of declining liquidity,
A rise in the cost of capital, partly The findings were “consistent with absorber through sales by mutual funds, on
because of the imposition of new regula- dealers’ intermediation capacity having emerging market bonds.
tion, has caused many banks to retreat fallen, leading to greater volatility in
than . . . a The BIS paper found evidence of a
from trading and shrink their balance market prices”, the bloggers wrote. decade ago’ two-pronged effect — investor redemp-
sheets — particularly the part they can Chris Whitman, head of global risk tions forcing sales of funds’ bond hold-
devote to dealing in corporate bonds. syndicate at Deutsche Bank, said: “The ings, and additional discretionary sales
By modelling the response of market market is more volatile at turning by fund managers. “A hundred dollars’
prices and dealer inventories to changes points than it used to be. We definitely worth of bond sales due to investor
in asset manager demand, the analysis saw it during the taper tantrum in June redemptions is accompanied by roughly
found that in the pre-crisis period deal- 2013; maybe we’re seeing it to a degree 10 dollars’ worth of discretionary bond
ers would increase their holdings of right now.” sales,” it said.
bonds by 1.5 basis points of outstanding However, some concerns might be “A large share of EM bond funds have
market value when manager demand overblown, he added. Alternative trad- often experienced sizeable redemp-
fell sharply, whereas in the post-crisis ing platforms now made up a bigger part tions, especially during the period of EM
period this fell to just 0.2bp. of the market and pre-crisis the market bond market turbulence.”
Analysis. Capital markets
DoubleLine Total Return
Bond I
Returns ($)
10.4
10.3
10.2
10.1
10.0
9.9
Aug 2014 2015 Aug
Templeton Global Bond A
Returns ($)
10.2
10.0
9.8
9.6
9.4
9.2
9.0
Aug 2014 2015 Aug
Source: Morningstar
Bias towards stab’s fund was 96th out of 100 global According to Morningstar, all the top- has improved the finances of house-
less developed bond funds, in terms of performance performing large mutual funds this holds, Mr Gundlach points out. “It’s
markets: over the previous month, according to month are conservative bond funds, been a safe haven in credit.”
Michael Morningstar data, reflecting his bias mostly those that focus only on the US The $30bn JPMorgan Core Bond
Hasenstab towards less developed markets. and are not exposed to currency swings. Select fund, managed by Douglas
sees a ‘once As well as exposure to the Mexican DoubleLine’s $48bn Total Return Swanson since 1991, has also held up
in a decade’ peso and Brazilian real, the fund has Fund, run by Jeffrey Gundlach, has well in the turmoil and gained 0.9 per
opportunity in placed bets for the euro and the Japa- notched up a 0.2 per cent gain this cent this year, thanks to avoiding corpo-
currencies nese yen to weaken against the dollar, a month, taking its year-to-date returns rate bonds and favouring structured
Rosie Hallam
winning trade that reversed this month. to 2.1 per cent. That is only bettered by a debt and Treasuries. “We don’t want to
Karin Anderson, analyst at Morning- handful of equity vehicles that target take large macro risks,” Mr Swanson
star, says the Templeton fund is oper- the healthcare sector, and this month by says. “We’re still going to have a lot
ated more like a global macro hedge a few US municipal bond funds. of volatility.”
fund than a traditional global bond “August has been a differentiator,” Mr Mr Leverenz says he topped up hold-
fund. “It is able to make dramatic cur- Gundlach says. “We weren’t very opti- ings of his favourite stocks during Mon-
rency bets, and these will always be a mistic on the bond market at the start of day’s market maelstrom, but has kept
pretty big swing factor,” she says. the year and January was very strong so about 5 per cent of the fund in cash and
Losses at stock funds have been even we underperformed. But our defensive- is prepared for further volatility. While
more dramatic. The $11bn Lazard ness turned out to be the right decision.” global investors may have suddenly
Emerging Markets Equity fund run by The Total Return Fund benefited in woken up to weakness in parts of the
James Donald was down 12 per cent at particular from avoiding riskier junk Chinese economy, the larger story
the close of business on Wednesday. bonds that have been beaten up this remains unchanged. “The Chinese
China is its largest country exposure. Mr summer, and from bets on US Treasur- economy is the single largest growth
Leverenz’s fund also has large holdings ies and mortgage-backed securities. The story the world has,” says Mr Leverenz,
in Chinese stocks. latter have benefited from oil’s slide as it “and it will persist in being so.”

Currencies Equities

Strong US growth figures give boost to dollar
ROGER BLITZ
The major currencies returned to more
familiar long-term patterns of behav-
iour after three days of market
upheaval, led by a re-energised dollar
that felt the benefit of a better than
expected rise in US growth.
The dollar index, which measures the
greenback against a basket of its peers,
recovered the ground lost since the start
of a week that had been thrown into tur-
moil by market panic over China.
It rose 0.7 per cent to just under 96.0,
taking its cue from a strong Wall Street
rally and a revision in second-quarter
US GDP to 3.7 per cent, well above con-
sensus forecasts.
That dollar surge pushed both the
euro and the yen down 0.75 per cent to
$1.1207 and Y120.83 respectively.
Paul McNamara, portfolio manager at
GAM Holding, said that despite the
week’s fluctuations, the major currency
pairs remained relatively rangebound.
“The dollar has been trading in a
range that hasn’t gapped very aggres-
sively one way or the other,” he said.
According to Ugo Lancioni, portfolio
manager at Neuberger Berman, cur-
rency volatility was overdone, and US
economic fundamentals still robust.
Levels of the euro against the dollar of
above $1.15-$1.16, which were hit on
Monday, “seem a bit elevated”, he
added. “This does not mean we advo-
cate a race back into the overplayed dol-
lar. But at least until the relative macr-
oeconomic picture changes, these could
be good levels to underweight the euro
again,” Mr Lancioni said.
A return to data-watching was a relief
to a market made giddy by Monday’s
dramatic equities sell-off in the US and
Europe that sent the dollar index down
nearly 3.5 per cent.
Despite comments by the Federal
Reserve’s William Dudley on Wednes-
day that the case for raising rates next
month had become “less compelling”,
some dollar bulls remained optimistic it
was still possible. “The Federal Reserve
does not meet for nearly three weeks,”
said Marc Chandler at Brown Brothers
Harriman. “That is plenty of time to get
a new reading on the labour market and
for markets to stabilise.”
But with attention on the gathering of
central bankers at Jackson Hole, Wyo-
ming, Barclays analysts were more
sceptical. “We view the second quarter
revisions as encouraging on balance, but
also note that these statistics are stale in
the minds of [Fed] policymakers rela-
tive to the recent volatility in financial
markets,” said economist Jesse Hurwitz.
Shanghai rallies 6% in another last-hour swing
PATRICK MCGEE
China’s markets staged another swing
in the last hour of trading, with Shang-
hai closing 5.3 per cent higher in its big-
gest leap since a bullish surge seven
weeks ago.
The $3.75tn Shanghai market rattled
investors worldwide as it embarked on
a rollercoaster ride, amid a currency
devaluation and growing fears of eco-
nomic slowdown.
Easing measures on Tuesday evening
by the People’s Bank of China, including
a rate cut, failed to galvanise investors,
but by yesterday the Shanghai Compos-
ite index was back on form.
It turned negative with just an hour to
go before trading closed, then rallied
6 per cent to end 5.3 per cent higher.
The gain is the largest since July 9,
when Beijing made it all but impossible
for the market to continue sinking with
a series of unprecedented measures
including a ban on selling stock among
large shareholders.
In the past week the government
appears to have changed its tune. For
the second time this year the stock mar-
ket has declined by more than a third,
erasing trillions of dollars of market
capitalisation. Instead of defending,
Beijing has mostly stood by and
watched. Yesterday’s gains end a five-
day losing streak.
“The price-to-earnings ratio for the
index is currently 14.9, still above its
long-term average of 12.8, but stocks are
reaching far more reasonable levels and
may possibly be beginning to find a
floor,” said Angus Nicholson, analyst at
IG, a spread betting platform, just
before the last-hour rally.
Every sector rose,with energy shares
adding 3.5 per cent and financials surg-
ing 6.8 per cent. The broad push allowed
the index to close above the important
3,000 level.
Only 69 stocks fell, while 885 rose,
with 122 stocks rising between 9.9 per
cent and 10 per cent, the upward limit.
At 3,083 points, the Shanghai Com-
posite is still down two-fifths from its
June 12 peak. Nevertheless, it is up
40 per cent over 12 months.
Analysts at Crédit Agricole warned
that China’s economy was still looking
precarious. “We remain of the view that
caution is warranted as this week’s pol-
icy action by the PBoC is unlikely
enough to support growth expectations
sustainably.”
However, many analysts expect the
PBoC to continue easing policy in the
months ahead, which could be a reason
for the rally to regain momentum.
Friday 28 August 2015 ★★★ FINANCIAL TIMES 27

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
Optimism about US interest rates S&P 500 index
Change on day 2.43%

and rally for Shanghai lift mood

After the gut-wrenching fall, the
violent rebound. By mid-global session
yesterday most national equity
benchmarks were storming higher and
S&P 500 futures were showing a 7 per
cent bounce off 10-month lows hit
this week.
The question for investors is
whether the rally represents merely an
oversold snapback in what is now a
bear market, or a necessary correction
that allows the bull run to resume?
We shall see, but at least history
suggests the rebound has further to
go, says Barclays.
In a note published on Wednesday,
the bank’s US equity strategy team
said that since 1940 there had been 10
other periods when the S&P 500 fell at
least 10 per cent in four days — as it
did in the latest rout.
“In every case except 1940, the
S&P 500 had positive returns during
the five days after the 10 per cent
decline. In two instances (1962 and
2008), the rebound was not sustained
and returns over the subsequent 20
days were negative.
“Still, after 250 trading days the
S&P 500 was higher nine out of 10
times, and in most cases it was
substantially higher.”
Immediate rebounds tended to be
led by financial stocks, Barclays found,
but these faded and “dividend sectors
such as telecommunications and
utilities produced among the highest
excess returns in the 20 and 50 days
after the initial decline”.
Barclays is sticking to its 2015
year-end price target for the S&P 500
of 2,100.
jamie.chisholm@ft.com
S&P 500 futures
2100
2000
1900
1800
18 Aug 2015 27
Source: Bloomberg
Wall Street up sharply
after big upward revision
to US GDP data, but only
after suffering another
late bout of nervousness
DAVE SHELLOCK
Wall Street recovered more of its recent
falls, although a late-afternoon wobble
served as a timely reminder of the
extremely nervous and volatile trading
seen earlier this week.
The day’s gains came amid encourag-
ing signals on the US economy and spec-
ulation that interest rates could be
lower for longer, with more help coming
from a strong rally for shares in China —
the source of much of the global anxiety
— and hefty rebounds for industrial
commodity prices.
The S&P 500 finally settled 2.4 per
cent up at 1,987 — not far from the day’s
peak and leaving it higher than where it
ended last week. That marked a notable
recovery after much of the day’s gain
briefly evaporated less than an hour
before the end of trading.
The S&P’s rise added to the previous
session’s 3.9 per cent advance, which
was the equity benchmark’s best per-
formance in almost four years.
The CBOE Vix volatility index fell
13.8 per cent to 26.14 — back within
sight of its long-term average of 20. At
one point on Monday, the so-called “fear
gauge” was above 50.
European stocks had an even more
impressive session. The FTSE Eurofirst
300 rose 3.6 per cent to finish near the
day’s high, leaving it 0.2 per cent up on
the week but still down 9 per cent since
the start of the month.
Bolstering the mood in Europe was a
late 5.4 per cent jump for the Shanghai
Composite index — its first rise in six
sessions — which prompted speculation
that Beijing may have intervened to halt
Correction foretold: FT.com/video
As US stock markets enjoy a rebound, John Authers
examines why investors are not showing other signs of panic
the country’s stock market rout. But for
many market watchers, the key factor
behind the rally in US and European
stocks was a broad pushing back of
expectations for when the Federal
Reserve might raise interest rates.
William Dudley, president of the New
York Fed, said on Wednesday that mar-
ket turbulence had made the case for a
September tightening “less compelling”
than it had been a few weeks ago.
Fed funds futures price in a 28 per
cent chance of a September “lift-off”,
according to Bloomberg calculations —
down from 48 per cent a week ago but
up from 24 per cent on Wednesday.
However, many in the markets still
view a move next month as a distinct
2100
2000
1900
1800
Jul 2015 Aug
stabilise, the Fed outlook will feel a lot US equities Wall Street enjoyed a
different.” second day of strong gains as a big
Adding spice to the debate was a hefty upward revision to second-quarter
upward revision to US second-quarter GDP growth offered some reassurance
gross domestic product growth to an after this week’s market turmoil
annual rate of 3.7 per cent, from an ear-
lier estimate of 2.3 per cent. FTSE 100 index
Initial jobless claims fell 6,000 last Change on day 3.56%
week, the survey period for the August 7000
non-farm payrolls report — more than
analysts expected. 6500
“Today’s US reports . . . leave two big 6000
reminders that US economic data
5500
remain on track for a September Fed Jul 2015 Aug
tightening, despite cold feet in the mar-
ket place in the face of financial instabil- UK equities Resource-related stocks
ity in China,” said Mike Englund at enjoyed a strong session as prices for
Action Economics. oil, copper and other metals leapt.
The possibility of a delay to the Fed’s Anglo American rose 9.3 per cent and
first rate rise in a decade did little to faze BHP Billiton 9.2 per cent
the dollar. The US currency was 1 per
cent higher against the yen at Y121.04 Eurofirst 300 index
while the euro was down 0.7 per cent at
Change on day 3.67%
$1.1241. 1600
The firm dollar left gold struggling,
although the metal pulled off an early 1500
— Scott Eells/Bloomberg
low of $1,118 an ounce to trade $2 1400
weaker at $1,123.
1300
Shorter-dated US government bond
Jul 2015 Aug
prices continued to fall, pushing yields
higher. The two-year Treasury yield, the European equities The Eurofirst 300
most sensitive to shifts in monetary pol- recouped all of this week’s losses, with
possibility. Indeed, for BofA-Merrill icy, was up 3 basis points at 0.69 per French conglomerate Bouygues
Lynch, September remains its baseline cent, while the 10-year yield was 2bp climbing 5 per cent after it raised the
forecast. higher at 2.19 per cent. profit target for its telecoms arm
“An increasingly popular view among The German 10-year Bund yield,
investors is that the Fed won’t hike until meanwhile, rose 3bp to 0.75 per cent.
next year,” said Ethan Harris, global Crude oil enjoyed a very strong ses- Nikkei 225 index
economist at the investment bank. sion as the return of risk appetite lifted (’000) Change on day 1.08%
21.0
“Global growth is weak, Chinese pol- prices from the six-year lows struck at 20.0
icy mistakes have destabilised their the start of the week. Brent, the interna-
19.0
markets and the US equity market has tional benchmark, settled 10.3 per cent
18.0
finally succumbed to the pressure. higher at $47.56 a barrel, its biggest one-
“We think some delay is possible, but day rise since 2008. 17.0
a big delay is unlikely. Similarly, copper had its best day for Jul 2015 Aug
“Yes, if the Fed met today, they would more than two years, climbing 4.2 per Japanese equities Easing concerns
very likely take a wait-and-see attitude cent in London to $5,140 a tonne, just about China encouraged follow-
and delay hiking. days after hitting a six-year trough of through buying after the Nikkei’s
“However, there are three weeks $4,855. Most other base metals rose with 3.2 per cent jump on Wednesday
before the Fed decides. If the markets nickel jumping 5.1 per cent.

Genel Energy Oil service stocks remained in favour

London
Soft-drinks demand
V
stirs Tate & Lyle
from five-year low
Bryce Elder
Tate & Lyle bounced off a five-year low
yesterday on signs of stronger demand
from soft-drinks makers, which
analysts said was a good omen for the
ingredients sector.
Annual pricing negotiations to supply
high-fructose corn syrup (HFCS)
sweetener, a barometer for corn
demand, had “started early and
robustly”, said Jefferies. “When the
cycle turns, it can do so quickly and
dramatically.”
Coke, Pepsi and Dr Pepper usually
start talks with sweetener makers in
October to set prices for the coming
year.
However, for 2016, while soft-drink
sales volumes have been flat, Cargill’s
closure of a corn mill has tightened
supply going into the negotiations.
As a result, corn millers had been
Share price (£)
Aug 2014 2015 Aug
Source: Thomson Reuters Datastream
,QGLFHV
)76(
&ORVH

)76( 
)76( 
)76($OO6KDUH 
)76($OO6KDUH<LHOG 
)76()XWXUHV 
\U*LOW<LHOG 
\U*LOW$OO6KDUH5DWLR 
proposing price rises of 15 to 20 per cent,
said analyst Martin Deboo. Tate’s exit
from Europe meant more than 80 per
cent of its future profit would come
from US corn wet milling, about half of
which was making HFCS, he said.
Jefferies said that cash from Tate’s
European disposal meant next year’s
dividend should be safe. Funding the
2017 payout organically was “tight but
do-able”, the broker added.
It set a 605p target on Tate shares,
which rallied 7.2 per cent to 538p.
Wider market volatility ran into a
fourth day, with the FTSE 100 ending
3.6 per cent, or 212.83 points, higher to
6,192.03 as all but one of its constituents
rose. It was the FTSE’s biggest daily
percentage rebound since 2009, which
followed its biggest daily moves since
2011.
following Wednesday’s acquisition of Trading Directory
10 Cameron by Schlumberger.
8 Petrofac, up 7.5 per cent to 853.5p,
6 would need to respond if it did not want
4 to miss out on a 2017 rebound in
2 offshore drilling, said SocGen.
Options open to Petrofac included
strengthening its “weak” marketing
'D\
alliance with McDermott International
or being taken over itself, SocGen
FKDQJH
 argued.
 The broker added Petrofac to its
 “buy” list, saying the stock should be
 relatively defensive given an order
 backlog equal to three years of revenue.
 Bid hopes squeezed Hunting higher
 by 13.3 per cent to 490.4p, even after its

interim earnings missed forecasts. A
Numis upgrade to “hold” also helped
the well equipment supplier, which has
been rumoured to have attracted
interest this year from US-listed peers
including Tenaris.
More than 7 per cent of Hunting’s free
float is on loan to short sellers, up from
about 1 per cent in May, Markit data
show.
Smirnoff maker Diageo added 2.2 per
cent to £16.95, helped by renewed
speculation that it might attract the
attentions of activist investors such as
Nelson Peltz’s Trian Partners.
Iraq oil producers rallied after the
Kurdistan regional council said it had
allocated $75m to $100m of crude
revenues to pay to exporters, starting
next month. Genel rose 13.5 per cent to
331.5p and Gulf Keystone, which said
talks with potential buyers were still
running, rallied 11.1 per cent to 30p.

Wall Street
Tesla turbocharges rally
with 100% rating for car
Eric Platt and Mamta Badkar
Electric car manufacturer and
momentum stock darling Tesla joined a
broad market rally yesterday after an
influential car magazine awarded a
version of its Model S its highest rating
on record.
Shares in the company led by Elon
Musk climbed 8 per cent to $242.99,
taking its gains over the past three days
to about 10 per cent, as investors shift
back into growth and momentum
equities following the market
correction.
Consumer Reports, the US magazine,
said its test of the all-wheel-drive Tesla
Model S P85D saloon initially scored 103
on a 100-point scale, forcing the media
group to change its scoring.
The vehicle ultimately earned a
perfect 100 points, with Consumer
Reports writing: “It’s a remarkable car
that paves a new, unorthodox course,
and it’s a powerful statement of
American start-up ingenuity.”
Tesla’s advance was joined by other
momentum names such as Netflix,
Amazon and Starbucks, which have
clawed back losses as US bourses
corrected early this week and late last
week. Netflix shares have climbed over
20 per cent over the past three days,
including a 6.8 per cent rise yesterday to
$117.66. Amazon advanced 3.5 per cent
to $518.37 while Starbucks increased 3.7
per cent to $55.95 — both up more than
10 per cent since Monday’s close and
outpacing the 5 per cent gain by the
broader S&P 500 over the same period.
JM Smucker climbed 6.5 per cent to
$116.29 after it eclipsed sales and profit
expectations in its fiscal first quarter.
The company, which makes Folgers
coffee, Jif peanut butter and its
namesake jams and jellies, said profits
had risen 18 per cent from a year earlier
to $136m, or $1.14 per share, in the three
months to the end of July. Sales jumped
47 per cent to $2bn.
Tiffany fell more than 2 per cent to
$83.29 after the high-end jeweller cut its
full-year profit forecast, attributing the
move to the effect of the strong dollar
and “ongoing external uncertainties”.
The New York-based group now expects
full-year earnings to be 2-5 per cent
lower than last year.
Signet Jewelers, the company behind
the Kay and Zale jewellery brands,
jumped nearly 12 per cent to $135.60,
after it reported second-quarter
adjusted profits that topped forecasts.
Trading Directory
Overall, US equities climbed for a
second day. The S&P 500 rose 2.4 per FT BUSINESS
cent to 1,987.66 while the Dow Jones Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
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to 4,812.71.
28 ★★★ Friday 28 August 2015

INSIGHT Analysis. Capital markets

Laurence
Mutkin
Investors face hangover from weaker covenants
Restraints on bonds and loans Cov-lite recovery rates
compared with all loans
have eroded to pre-crisis levels
China devaluation as Fed’s ‘open bar’ continues
2007 to 2013 (%)
80

stirs disinflation fears KADHIM SHUBBER — NEW YORK

All defaults
Cov-lite 60

that are difficult to slay Just two or three beers will give most
drinkers enough Dutch courage to take
40

risks they would avoid sober. But after 20

seven years at the US Federal Reserve’s
0

W
hat is behind global financial markets’ open bar, a lingering thirst for yield
extreme moves since China’s decision to among lenders has stoked concern that First lien Second lien
allow its currency to move to a managed they are not taking out enough protec-
float? One explanation is that investors tion on the loans they make. Percentage of defaults
increasingly fear that global disinflation is Covenants, which give lenders a level By number of loans per rating
not a dragon that has been slain by muscular central bank of control over corporate borrowers, category, 2007 to 2013 (%)
measures, but a phoenix that is rising from the ashes. have steadily weakened since the finan- 20
Certainly the direct impact of the renminbi fall on US cial crisis, with some investment-grade
and European inflation and economic activity — even if it loan protections at their weakest, says Traditional
Cov-lite
extends to 10 per cent — is too small to justify the large falls Thomson Reuters LPC, since 2006,
in bond yields and inflation gauges. The renminbi’s weight when risky lending was at its height. 10
in the trade-weighted dollar and euro is about 20 per cent Restraints on high-yield bonds are loos-
and, as a rule of thumb, a 10 per cent rise in the trade- ening to an extent not seen for at least
weighted dollar and euro takes about 0.5-0.6 per cent off four years.
inflation and real GDP growth over 18 months. So even if “You have this false bravado,” says
0
the renminbi is devalued by 10 per cent, the effect would Evan Friedman, senior covenant officer
be to cut US and European inflation and growth by only at Moody’s, the rating agency, who BB B
Source: S&P Capital IQ/LCD
10 or 20 basis points over a year, other things being equal. warns that a hangover of declining cove-
The same is true of the fresh fall in commodity prices. nant quality will hit investors as defaults
Yes, further weakness in commodities also weakens the rise and a new refinancing cycle begins ‘False bravado’: While covenant quality shows signs of quite as bad as 2008, right at the top of better flexibility to manoeuvre through
near-term inflation outlook. But such falls wash out of in 2018. “Borrowers will see a lot of flexi- a lingering stabilising in high-yield loans, the weak- the [leveraged buyout] market, but I the dislocation that occurred in capital
year-on-year inflation data over time as base effects roll bility to take action at the expense of thirst for yield ness has worsened in investment-grade think it’s close,” he says. markets,” says David Tesher, credit ana-
forwards. And they amount to a tax cut for G10 producers bondholders,” he says. is giving loans and high-yield bonds. The amount A “particularly egregious” example lyst at S&P.
and consumers. So although the renewed fall in commod- Covenants typically alert investors to borrowers of debt companies are allowed to raise was the $525m bond issued in March to Cov-lite debts that did default, how-
ity prices is striking, and its near-term effects undoubtedly deteriorating performance and give flexibility at the against earnings has reached 3.85 times fund the takeover of Riverbed Technol- ever, had a lower recovery rate.
significant, how it can directly justify a fall in long-term some control over a company’s actions. expense of in investment-grade loans, according to ogy by buyout group Thoma Bravo and The Fed looks likely to keep its bar
yields and inflation forwards is difficult to see. They may cap the amount of debt a bondholders Thomson Reuters LPC — close to the the Ontario Teachers’ Pension Plan, he open after September, extending a cycle
Nonetheless long-term bond yields and inflation for- company can raise, or require a mini- Michael Dalder/Reuters
high of 3.9 in 2006. says. It had “numerous loopholes” that Mr Friedman warns has created norms
wards in the US and Europe mum interest cover. Mr Friedman In North American high-yield bonds, “seriously” undermined covenants. that will be hard to shake. “The tradi-
have been falling quite dra- describes loan covenants as “early covenant quality hit a record low in July, The pushback against covenants has tional [speculative] grade investor will
matically. Since the end of
Any decision warning signals” and bond covenants as says Moody’s. On a five-point scale been bolstered by evidence from the be left holding the bag here. It will be dif-
June, 30-year US Treasury to raise official “speed bumps”. where one means strong protection and recent downturn when debts with fewer ficult for them to swing the pendulum
yields, which should reflect Protections have eroded as the huge five means weak, average covenant covenants were less likely to default. back towards stronger covenants.”
investors’ expectations for
rates could soon demand of investors for yield has quality was 4.6, its lowest since January S&P, the rating agency, last year found Others are more sanguine. “When-
long-term inflation and eco- start to seem like allowed borrowers to issue debt on 2011, when Moody’s began measuring. the default rate for loans rated BB was ever there’s a correction of some kind
nomic growth, have fallen shareholder-friendly terms. “The Anthony Canale, head of high-yield zero for “cov-lite” debts between 2007 you’ll see it pull back,” says Kevin
50bp. And this in spite of the
a policy mistake search for yield allowed the issuers to research at Covenant Review, says pri- and 2013, but 6.7 per cent for debts with Campbell, managing director of DuPont
fact that two-year yields, get away with a lot,” says Jack Flaherty, vate equity-backed borrowers are traditional covenants. For loans rated B Capital Management’s private markets
which reflect expectations for the path of official interest investment director at GAM, the Swiss aggressively pushing back against cove- the cov-lite default rate was 13 per cent, group. “Companies and private equity
rates, have barely changed. fund manager. “There’s a long way to go nants, such as those that restrict pay- 5.4 percentage points lower than for firms know that too, which is why
Onepossibleexplanationforthebondandinflationmar- to get the balance back.” ments after a default. “I don’t think it’s other debts. “They ended up having they’re getting while the getting’s good.”
kets’ behaviour is that it is a short-term “risk-off” move,
together with the correction in stock markets, in thin sum-
mer trading, with consensus trades (short bonds, short US
against Europe, long inflation) suffering most. But what if Commodities
the explanation is that investors are growing more fearful
that disinflation pressures are secular rather than cyclical,
with weakening in China’s currency just the latest in a
series of unsettling factors? There have been other signals
Oil prices jump by
that disinflationary forces are still with us.
Pay growth in the US and UK, where rate rises are
the most in six years
expected before anywhere else, remains sluggish in spite
of falling unemployment. Core consumer price inflation
(excluding energy and food) also remains below central ANJLI RAVAL AND since spring of 2009 this
banks’ policy targets and is rising only slowly. DAVID SHEPPARD week.
The change in bond yields is almost entirely the result of Oil jumped the most in six Yesterday’s jump in prices
falling inflation expectations. Since the change in the Chi- and a half years yesterday, had the hallmarks of a short-
nese currency regime, in both the US and the euro area the rebounding from lows last covering rally, traders said.
five-year forward inflation rate (favoured by central bank- seen during the financial Hedge funds and other
ers as an indicator of medium-term inflation expecta- crisis, as a surge in stock large speculators had
tions) has given up more than half its gains since January. markets and closures of amassed a large short posi-
It is likely that in the coming months renewed fears of Nigerian pipelines sparked a tion in both benchmarks in
disinflation or deflation will increase rather than diminish. rally. expectation of continued
Weaker commodity prices and the renminbi devaluation falls. With prices recovering,
mean surveys of inflation expectations are more likely to Royal Dutch Shell declared funds had scrambled to buy
show a fall than rise near term; and the medium-term tra- force majeure on shipments back positions, traders said,
jectory for inflation will be lower than previously thought. of Nigeria’s Bonny Light squeezing prices higher.
If so we could be in for a revival of the debate about crude oil after shutting two On Wednesday, the statis-
whether central banks have the ability to overcome struc- pipelines, cutting supplies tics arm of the US energy
tural downward forces on prices, notably globalisation, from Africa’s biggest oil department said that weekly
technological change and demographics, to which we can producer. commercial crude stocks
add the after-effects of a global financial crisis. Brent crude, the interna- had fallen 5.45m barrels,
With the cyclical upswing, particularly the falls in US tional benchmark, jumped the largest drop since early
and UK unemployment, this debate has been in abeyance. $4.42 a barrel in the after- June.
The implicit assumption has been that the combination of noon to settle at $47.56. The Analysts remained cau-
zero interest rates, quantitative easing and economic 10.2 per cent gain marked its tious about whether the rally
recovery would bring about a revival in inflation. biggest one-day advance signalled an end to the oil
But this assumption is apparently being questioned. If since December 2008. price decline. As the US sum-
that is the case, any decision to raise official interest rates West Texas Intermediate, mer holiday driving season
could soon start to seem like a policy mistake. the US marker, increased ends and refinery mainte-
For investors and for policymakers, worries about secu- 10.3 per cent, or $3.96 a nance starts, plants were
lar disinflation are proving difficult to slay. barrel, to $42.56, the largest “likely to process less crude
daily increase since March oil, which in turn will drive
Laurence Mutkin is global head of G10 rates strategy at 2009. up crude oil stocks”, said
BNP Paribas Opec-member Nigeria, Carsten Fritsch, analyst at
which produces 2 per cent of Commerzbank.
global supplies, has been Despite robust global
plagued by pipeline leaks, demand, analysts have said
sabotage and theft. that meaningful supply
Shell Petroleum Develop- reductions will have to occur
More comment and data on ft.com ment Company of Nigeria, a before prices post a sustain-
subsidiary, said it was fixing able rebound.
a reported leak on the Trans US shale production has
Y Fast FT Our global economies, headed Niger Pipeline and removing surpassed expectations
team gives you market- by Brazil, Russia, India “theft points” on the Nembe while Opec producers have
moving news and views, and China. Creek Trunkline. ramped up output even with
24 hours a day, five days ft.com/beyondbrics Oil was rallying before the the halving of prices since
a week. ft.com/fastft Nigerian news, supported by June last year.
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a a move higher in global stock “We do not expect prices to
irreverent financial blog. look at what is driving markets after a volatile few rally strongly until supply-
Join Paul Murphy and the global currency trading sessions, with traders side dislocations become
Bryce Elder for the daily market. ft.com/podcasts seeing a lower chance of a US much more visible,” said
Markets Live session at rate rise next month. Paul Horsnell, head of com-
Y Lex Video Analysis Concerns about an eco- modities research at Stand-
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and opinion from the nomic slowdown in China, ard Chartered.
Y beyondbrics News and team on the hot issues the largest oil importer — Mr Horsnell, who has been
comment from more affecting companies and and renewed signs of a per- bullish on the oil price,
than 40 emerging markets. ft.com/lexvideo sistent crude overhang took reduced his 2016 forecast for
prices to the lowest levels Brent by $20 a barrel to $63.