WEDNESDAY 2 SEPTEMBER 2015
00
Cashing out
The start-up founders only after
a fast buck — BUSINESS LIFE, PAGE 12
Brexit ballot
rewrite hands
first victory to
eurosceptics
3 Cameron told to rephrase question
3 Tory rebels back spending challenge
JOHN MCDERMOTT AND JIM PICKARD
David Cameron suffered his first defeat
in the build-up to the Brexit referendum
campaign after being told to rewrite the
allegedly biased question to be put on
the ballot paper.
Mr Cameron agreed to change the
wording after the Electoral Commission
objected to the suggestion that voters be
invited to say Yes to Britain’s staying in
the EU. The move means there will not
be a Yes and No campaign, unlike in the
referendum on Scottish independence.
During that debate, the pro-union
Better Together side maintained that
the question favoured secessionists.
Eurosceptics celebrated the verdict.
Nigel Farage, leader of the UK Inde-
pendence party, said: “I’m in no doubt
that the Yes/No offering was leading to
great confusion.”
The EU referendum bill going through
parliament had proposed that voters be
asked: “Should the United Kingdom
remain a member of the European
Union?” But the independent Electoral
Commission urged the government to
change the question to: “Should the
United Kingdom remain a member of
the European Union or leave the
European Union?”
Pro-EU campaigners shrugged and
said that they would continue to call
themselves the Yes campaign. One said:
“In any case the word ‘remain’ sounds
static: fighting for the status quo is an
advantage.”
The Electoral Commission said the
original wording was clear but con-
Apple radio station chief
lured to Paris by LVMH
Ian Rogers, the Apple executive who
stepped down from running its Beats 1
radio station, has been appointed
digital chief of luxury fashion group
LVMH, surprising colleagues at the
tech group’s Cupertino base. The move
to Paris is evidence of the growing ties
between digital businesses and luxury
groups, after Apple’s appointment last
year of Angela Ahrendts, the former
chief executive of Burberry, to run its
retail strategy.
Analysis i PAGE 15
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tained a “double bias” by including only
the “remain” option and having the Yes
answer endorse the status quo. That
might “encourage voters to consider one
response more favourably than the
other”, said a spokesperson.
Research by ComRes and ICM poll-
sters suggests that voters are more
likely to say they favour the status quo
when framed as a Yes or No question,
rather than whether the UK should
remain or leave.
Meanwhile, Mr Cameron faces an
ambush by eurosceptic Tory MPs over
the rules governing the EU referendum
in the first serious challenge to his
authority since forming a new govern-
ment in May.
Tory rebels are planning to back
Labour’s drive on Monday to prevent
the government from spending money
on one side of the argument in the clos-
ing stages of the referendum campaign.
A spokesman for the eurosceptic
Business for Britain group welcomed
the change to the wording of the refer-
endum question but said Monday’s
“purdah” vote, during the third reading
of the bill, would be a “far more
important” moment.
The government has sought to abolish
the usual purdah that blocks govern-
ments from spending money or using
officials to help one side during a refer-
endum. The amendment from Labour
will call for the rules to be kept.
The Brexit question page 2
Schengen’s weak points page 7
Editorial Comment page 10
Lack of breeze leaves US clean-energy
industry and backers in the doldrums
GREGORY MEYER — NEW YORK
A lack of wind is making the US
clean-energy sector sweat, with conse-
quences for investors from yield-
hungry pensioners to Goldman Sachs.
Electricity generated by US wind farms
fell 6 per cent in the first half of the year
even as the nation expanded wind gen-
eration capacity by 9 per cent, according
to Energy Information Administration
records.
The reason was some of the softest air
currents in 40 years, cutting power sales
from wind farms to utilities even as the
White House promotes renewable
energy, including wind, as part of its
Clean Power Plan to counter greenhouse
gas emissions.
“We never anticipated a drop-off in
the wind resource as we have witnessed
over the past six months,” David Crane,
STOCK MARKETS
Sep 1 prev %chg
S&P 500 1913.85 1972.18
Nasdaq Composite 4636.11 4776.51
Dow Jones Ind 16058.35 16528.03
FTSEurofirst 300 1392.57 1432.23
Euro Stoxx 50 3188.73 3269.63
FTSE 100 6058.54 6247.94
FTSE All-Share 3341.83 3434.66
CAC 40 4541.16 4652.95
Xetra Dax 10015.57 10259.46
Nikkei 18165.69 18890.48
Hang Seng 21185.43 21670.58
FTSE All World $ 254.93 261.89
WORLD BUSINESS NEWSPAPER
After Tianjin
China’s biggest toxic legacy is not smog
but soil pollution — BIG READ, PAGE 9
Line closed Migrants protest as police
in Budapest seal off route to Germany
Angry migrants wave tickets outside Keleti station as Hungary bars their way — Laszlo Balogh/Reuters
ANDREW BYRNE — BUDAPEST
RALPH ATKINS — ZURICH
European leaders traded accu-
sations of mismanagement
and untruths yesterday as
Budapest’s main railway sta-
tion became the latest flash-
point in the escalating migra-
tion crisis gripping European
capitals.
Protests broke out at Buda-
pest’s Keleti railway station
when police barred hundreds
of migrants, mostly Middle
Eastern, from the terminus,
frustrating their hopes of
chief executive of power producer NRG
Energy, has told analysts.
The situation is likely to intensify into
the first quarter of 2016 as the El Niño
weather phenomenon holds back wind
speeds around much of the US, accord-
ing to Vaisala, a weather measurement
company in Helsinki.
“We do know that the strong El Niño
cycle that we are now in tends to be
correlated with below-average conti-
nental wind resource, and we also know
that meteorological expectations are for
the El Niño phase to continue,” Moray
Dewhurst, chief financial officer of
NextEra Energy, said.
US wind farms are increasingly owned
by so-called yieldcos, spin-offs from
power producers that promise steady
payments based on contracted electric-
ity sales. Shares of wind-exposed yield-
cos such as NextEra Energy, Pattern
World Markets
CURRENCIES
Sep 1 prev
-2.96 $ per € 1.126 1.121 € per $
-2.94 $ per £ 1.533 1.538 £ per $
-2.84 £ per € 0.735 0.729 € per £
-2.77 ¥ per $ 119.875 121.185 ¥ per €
-2.47 ¥ per £ 183.719 186.381 £ index
-3.03 € index 87.196 87.193 $ index
-2.70 SFr per € 1.083 1.084 SFr per £
-2.40 COMMODITIES
-2.38 Sep 1
-3.84 Oil WTI $ 44.65
-2.24 Oil Brent $ 48.88
-2.66 Gold $ 1142.30
UK £2.50 Channel Islands £2.80; Republic of Ireland €3.
Dynasty fatigue
Is America tiring of the Bush
and Clinton show? — PAGE 11
Briefing
i China turmoil weighs on manufacturing
UK factories struggled in August, with analysts
blaming the strength of the pound and the turmoil
in China, which itself saw factory activity contract.
— UK HIT, PAGE 3; MARTIN WOLF, PAGE 11; HENNY SENDER,
PAGE 16; MARKET REPORT, PAGE 27; CHINA FALL, PAGE 28
i Umunna urges solidarity over Corbyn
Chuka Umunna, dubbed one of a “gang of two” by
Lord Prescott, has urged fellow moderates to back
Jeremy Corbyn if he becomes Labour leader, ruling
out the prospect of an “SDP-style” split.— PAGE 2
i Plagiarism dispute sinks Tokyo logos
Tokyo has decided to scrap its logo for
the 2020 Olympics, which was
unveiled in July, after creator Kenjiro
Sano was besieged with allegations
that he copied the design from the
motif of a Belgian theatre.— PAGE 6
i Cabbies offer fixed fares in Uber fight
London’s black cabs have started offering fixed
prices and discounts on longer journeys as they
fight back against Uber, the app that has brought
fierce competition to the capital’s streets.— PAGE 4
i New Delhi halts retrospective tax push
India is to end attempts to levy up to $6.4bn in
retrospective tax on foreign investors in a move set
to end one of the country’s business uncertainties. A
tax case involving Vodafone is unresolved.— PAGE 15
i Republicans seize on Clinton emails
Critics have pounced on news that 150 emails that
presidential hopeful Hillary Clinton handled via a
personal account as secretary of state contained
classified information.— PAGE 6; RICK PERLSTEIN, PAGE 11
i Chinese retreat lights way for Apollo
The US buyout group has emerged as a possible
buyer of Novo Banco, the Portuguese bank salvaged
from the ruins of Banco Espírito Santo, after a
€3.5bn bid by China’s Anbang collapsed.— PAGE 16
reaching western Europe. August. As the security services
Police and riot officers formed a tried to contain the protests,
Datawatch
cordon around the building, Budapest lambasted other EU
allowing in only ticket-holders countries over the bloc’s Iceland real GDP growth Since its meltdown
with EU passports and Hungar- response to the influx. Annual % change in 2008 Iceland
ian identity cards. Hundreds of Janos Lazar, chief of staff to Forecasts 10 has recovered
steadily, with
young migrants waving tickets Viktor Orban, the prime minis- 8
economic activity
bought in the belief they would ter, blamed a “leftist approach” 6
above pre-crisis
be allowed to board trains out by the European Commission 4
levels, falling
of Hungary chanted “let us go” and warned that millions of 2
unemployment
and “Germany, Germany”. migrants would soon arrive in 0
and improving
Nearby, women and small Europe. Mr Lazar said the EU -2
public finances.
-4
children lay on blankets in the was incapable of protecting its The OECD predicts
-6
square in front of Keleti station, borders. growth this year of
which has been transformed Mr Orban, who has described 2007 10 12 14 16 4.3 per cent, above
Source: OECD
into a camp for some of the immigration as a threat to its average
50,000 migrants who arrived in Continued on Page 7
Energy Group and NRG Yield, control-
led by NRG Energy, have declined this
year.
Wall Street banks are passive inves-
tors in wind farms, often through tax-
advantaged financing structures. Gold-
man Sachs’s holdings include a stake in
Cabazon Wind Partners in California,
where generation fell 16 per cent in the
first half, EIA data show. JPMorgan
Chase has acquired an interest in Cali-
fornia’s Alta Wind X, which suffered an
18 per cent decline in electricity output.
Rating agency Standard & Poor’s put a
negative outlook on bonds issued by two
wind farm companies as their revenues
tracked wind speeds lower. Wind gener-
ated 4.4 per cent of US electricity last
year, up from 0.4 per cent a decade ago.
But this year US wind plants’ “capac-
ity factor” has averaged just a third of
their total generating capacity.
INTEREST RATES
Sep 1 prev price yield chg
0.888 0.893 US Gov 10 yr 98.42 2.18 -0.04
0.653 0.650 UK Gov 10 yr 100.61 1.94 -0.02
1.361 1.373 Ger Gov 10 yr 101.94 0.80 0.06
134.961 135.788 Jpn Gov 10 yr 100.39 0.36 -0.02
91.956 92.103 US Gov 30 yr 98.66 2.94 -0.01
103.608 103.585 Ger Gov 2 yr 101.10 -0.16 0.00
1.474 1.487 price prev chg
Fed Funds Eff 0.12 0.11 0.01
prev %chg US 3m Bills 0.06 0.06 0.00
49.20 -9.25 Euro Libor 3m -0.03 -0.03 0.00
54.15 -9.73 UK 3m 0.59 0.59 0.00
1135.00 0.64 Prices are latest for edition Data provided by Morningstar
2 ★ † FINANCIAL TIMES Wednesday 2 September 2015

NATIONAL

The Brexit question

Eurosceptics
Cameron keeps EU options open target 8
Prime minister puts campaigning on hold until result of talks with Brussels is known
cabinet
ministers
The In camp Who stands where
man, said in June that Mr Farage was
seen as “very divisive” and “somebody
New Labour else” should represent the campaign for GEORGE PARKER — POLITICAL EDITOR

Out In
Nigel Farage The Ukip Lord Sainsbury Former a British exit from the EU. Eight cabinet ministers have been
figures from Blair leader wants to put
immigration at the centre of
Labour minister and
ex-chairman of J Sainsbury,
The Farage question lies at the heart of
grappling between three rival groups to
approached by anti-EU campaigners
about joining the push for a British exit.
era win pivotal role Arron Banks Came to
the campaign, arguing that
it is the clearest example of
he is helping to fund the
embryonic cross-party Roland Rudd The
lead the “Out” campaign. The In group
has already coalesced around the Busi- But it is unclear how many of David
where the UK has ceded campaign to stay in the EU ness for New Europe with participants Cameron’s team will ultimately make
public prominence when well-connected founder
control to Brussels from the Conservatives, Labour and Lib- the leap. Matthew Elliott and Dominic
GEORGE PARKER — POLITICAL EDITOR he gave £1m to Ukip at and chairman of City PR
eralDemocrats. Cummings, two architects of a fledgling
the height of last year’s firm Finsbury is the key
But the Out campaign still consists of No campaign, have immaculate Con-
Conservative party figure in recruiting

y
The campaign to keep Britain in the EU several strands all vying for supremacy. servative contacts but concede that they
e

ur
ag

conference. The former business backers for the

sb
will finally be launched in the middle of The stakes are considerable: the Elec- do not know how much cabinet support
ar

in
lF

Conservative donor made pro EU campaign, many of

Sa
October, but David Cameron will not be toral Commission can designate only they will garner.
ge

rd
his fortune in insurance, them linked to his Business
Ni

taking part. one “lead campaigner” for each out- “Ministers are waiting to see how

Lo
founding Southern Rock for New Europe group
The prime minister and senior Tories come. Each side can spend up to £5m Cameron’s negotiation pans out — what
and GoSkippy.com
are under a self-denying ordinance not including state funding of £600,000, the opinion polls are saying,” said one
to campaign for an In vote until it is clear made up of television broadcasts, free senior figure in the No campaign.

dd
s
nk

what reform deal Downing Street might mailshots and a public grant. The two ministers traditionally seen

Ru
Ba

d
extract from Britain’s EU partners. That The commission is expected to pick as the most passionate eurosceptics are
n

lan
ro
Ar

Ro
is unlikely to be clear until at least the the lead campaigners once the EU refer- Iain Duncan Smith, work and pensions
end of the year. endum bill, now in parliament, is secretary, and Chris Grayling, leader of
Mr Cameron has left open the possi- enacted. The most likely candidates to the House of Commons.
bility that he could argue for a Brexit if run the official Brexit movement are Their allies say Mr Cameron will have
he fails to get a good deal from Brussels, Matthew Elliott and Dominic Cum- to return from Brussels with a very
although the working assumption of mings, former campaigners against the strong deal to persuade them to back

n
tt

lso
most Tory MPs is that he will be firmly eurofromoveradecadeago. the Yes campaign. One supporter of Mr
lio

de
El

in the In camp. Mr Elliott, who also ran the successful Duncan Smith said: “Iain thinks we

an
ew

M
th

In the meantime, the task of trying to campaign against the Alternative Vote need to play it long to get a good deal —
rd
at

Lo
M

assemble a cross-party, business-heavy in 2011, has a considerable Brexit busi- we have a great opportunity. If the refer-
campaign to keep Britain in the EU has ness base from Business for Britain, endum is next June, then that won’t be
been left to a group including some of which he founded. Mr Cummings is a long enough.”
the leading New Labour figures from the former special adviser to Michael Gove, Other ministers including Michael
Tony Blair era. former Tory education secretary. Gove, justice secretary; Elizabeth Truss,
Matthew Elliott Founder of the Lord Mandelson A divisive
Lord Sainsbury of Turville, the Paul Stephenson, a former Conserva- environment secretary; and even Philip
TaxPayers’ Alliance, which figure in the Labour party but
former Blairite minister and scion of the tive special adviser and media chief at Hammond, foreign secretary, have
campaigns for public spending respected for his campaigning
supermarket family, has provided the the British Bankers’ Association, has made little secret of their scepticism
reform and a smaller state. He skills and business links. The
start-up funding of an organisation been hired to sharpen the body’s com-

Swing
was campaign director for the former business secretary
which he hopes will become the offi- munications effort before a proposed
cially designated In campaign. “No to AV” group in the 2011 urged the pro EU campaign
launch this month.
Boris Johnson tells friends
Roland Rudd, the founder of City PR referendum on a new voting
system. Since then, he has
to delay its launch until
next month
“We’re working in a hangar, getting all privately that he could not
company Finsbury, is another member the technology sorted out,” said one
of the New Labour aristocracy, who will been chief executive of member of the group. The aim is to
imagine campaigning for
pull in his business contacts to help Business for Britain recruithundredsofvolunteers,readyfor Britain to leave the EU
n
so

broaden and finance the campaign. areferendumasearlyasspring2016.

vi
hn

Ja

Meanwhile, Mr Rudd’s friend Lord

Jo

Against them is pitted “The Know”,

jid
ris

Sa

Mandelson, the architect of three suc- set up by Arron Banks, a multimillion- about the European project. Theresa
Bo

ith

cessive New Labour election victories aire insurance tycoon, as a non-political May, home secretary, suggested at the
Sm
n

and a former EU commissioner, is also campaign for Britain to leave the EU. Mr weekend that EU migrants should only
a
nc

playing a key role in putting the cam- Banks said he wanted a campaign that come to Britain if they had a job offer: a
Du
in

paign together. featured people from other walks of life restriction on free movement of work-
Ia

Cameron’s friends say the
prime minister is ‘wary’ of
the new cross-party group
to keep Britain in the EU
Mr Cameron’s friends say the prime
minister is “wary” of the new group.
One said Mr Cameron thought it needed
to be “more hard-headed”: in other
words, less fervently pro-European.
Another ally of the prime minister
said Downing Street was unclear
whether Lynton Crosby, the Australian
campaign director behind Mr Cam-
eron’s May election victory, might help
to run the Brexit campaign.
“He’s loyal to the prime minister but
the No side has all the money,” said one
senior Conservative. Mr Crosby says he
does not know whether he would take
part in the campaign for either side.
Mr Rudd’s nascent group believes it
will be designated by the Electoral Com-
mission as the official cross-party In
campaign, even if Mr Cameron and sen-
ior Tories ultimately end up fighting
their own corner.
The race is on to prove that it is a gen-
uinely cross-party campaign with wide
support in the business community and
Boris Johnson The MP and London
mayor tells friends he will not campaign
for a Brexit but his public utterances
suggest he might. Many Conservatives Iain Duncan Smith The work and
will support the Brexit campaign: would it pensions secretary is the highest-profile
help his leadership prospects if he joined
them?
cabinet minister likely to campaign for
exit. David Cameron would have to deliver
a stellar EU deal to keep him on board
across society with the capacity to raise
up to the legal limit of £7m to fund the
referendum campaign.
Lord Cooper, a Tory peer, former
Cameron adviser and founder of the
Populus polling organisation, has been
brought in to the In operation, as has
Damian Green, the former Tory immi-
gration minister.
Ryan Coetzee, a South African strate-
gist who ran the ultimately disastrous
Liberal Democrat election campaign,
has been recruited, as has the Green MP
Caroline Lucas.
The fledgling campaign is developing
a strategy to make the positive case for
Britain’s EU membership, including
drawing on lessons from the upbeat pro-
independence Yes Scotland campaign.
But the core of the In campaign’s argu-
ment will be economic, with a heavy
emphasis in the later stages about the
impact on jobs and prosperity if Britain
leaves, reinforced by a chorus of pro-EU
business leaders.
Sajid Javid Conservative MPs expect such as the military and business.
The campaign, called “TheKnow.eu”,
the eurosceptic business secretary to
has offices at Millbank Tower and has
be made chancellor if George Osborne
succeeds David Cameron as prime received a donation from Jim Mellon, a
financier based in the Isle of Man.
minister. Would he cross Mr Osborne by
Critics have pointed out that both Mr
joining the campaign to leave the EU?
Banks and Mr Mellon are former donors
to Ukip. The Tories have barred The
Know from their annual conference in
Manchester. Mr Banks insists that he
The Out camp does not want any politicians, including
Mr Farage, involved in his campaign.
Fears over ‘divisive’ He has had private talks about merg-
ing his campaign with Business for Brit-
Farage lead to ain that have so far been fruitless.
Mr Farage himself, emerged yesterday
3-way battle with a demand that his party’s 50,000
members must play a big role in what-
ever “umbrella” group emerges. Ukip,
which will launch its own campaign on
JIM PICKARD, GEORGE PARKER Friday, wants to emphasise the impact of
AND JOHN MCDERMOTT
the EU on Britain’s record high levels of
The campaign for Britain to leave the EU immigration. Ceding control of policy to
has been hamstrung because its most Brussels had “opened the door to an exo-
famous face, UK Independence party dus of biblical proportions, meaning mil-
leader Nigel Farage, is considered a divi- lions and millions of people”, Mr Farage
sive character said yesterday.
Stuart Wheeler, whose donations kept But Mr Elliott and Mr Cummings are
Ukip afloat for years, has warned about More on ft.com determined to keep the focus of the Out
Mr Farage’s “worrying” and, “aggres- For the latest campaign on the economy, arguing that
sive” rhetoric. “To win the referen- news, comment reassuring people a Brexit will not cost
and analysis on
dum . . . we need a quiet, well-reasoned the Brexit them jobsiskey.
approach to convince the waverers,” he question, go to Cooper urges UK page 4
warned. Schengen weak points page 7
ft.com/brexit
Suzanne Evans, deputy party chair- Editorial Comment page 10
ers that Angela Merkel, German chan-
cellor, has indicated she would not
accept.
However, most of the speculation
among Conservative MPs surrounds the
intentions of Sajid Javid, business secre-
tary, and Boris Johnson, London mayor,
who have both indicated that they could
countenance a Brexit.
Mr Johnson tells friends privately that
he could not imagine campaigning for
Britain to leave the EU. Allies say the
London mayor believes Mr Cameron
will get a good deal. But after a bruising
few weeks, Mr Johnson is sounding
increasingly eurosceptic.
He said yesterday it was “very disap-
pointing” that Mr Cameron would not
campaign to exclude Britain from all EU
employment laws.
Mr Javid, a potential contender for the
Tory leadership when David Cameron
steps down, recently rebuked the CBI
employers’ group for signalling its sup-
port for the EU in any circumstance. But
Tory MPs believe that if George Osborne
become prime minister he would make
Mr Javid his chancellor: quitting the
cabinet to campaign for a Brexit would
be a bold gamble.
Yet if opinion polls suggest that the
Brexit campaign could triumph, and
that most Tory members support the
UK leaving, Mr Cameron’s cabinet unity
could start to look shaky.

Labour leadership
A private bank unlike
any other. Umunna urges party moderates to back Corbyn if he wins
GEORGE PARKER AND JIM PICKARD can return Labour to office,” he said. them that moderate social democrats peer, said her party should work with
However, Labour modernisers are can deliver the change they want. whoever emerged as Labour leader to
Chuka Umunna, shadow business sec-
unlikely to join Mr Corbyn’s team, Last month Lord Prescott, the former try to identify common areas on which
retary, has urged fellow Labour moder-
unless he ditches the most leftwing deputy prime minister, accused Mr to fight joint centre-left campaigns.
ates to support Jeremy Corbyn if he
parts of his programme — on the EU, Umunna and Mr Hunt of being the “I don’t think we should exploit their
30 global locations • www.efginternational.com becomes leader, ruling out the pros-
Trident, Nato and public spending. “Gang of Two” — a reference to the present position: a country like Britain
pect of an “SDP-style” split.
In recent weeks, several modernisers, “Gang of Four” who formed the SDP. needs effective opposition,” she said.
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) Shirley Williams, the former Labour including Tristram Hunt, Liz Kendall Tim Farron, leader of the Liberal “We should identify issues where we
FINANCIAL TIMES newspaper in any manner is not permitted without minister who helped to found the break- and Yvette Cooper have said they would Democrats which emerged from the have a shared set of values with the
Number One Southwark Bridge, London SE1 9HL the publisher’s prior consent.
‘Financial Times’ and ‘FT’ are registered trade marks away Social Democratic party in 1981, not work with Mr Corbyn. union of the Liberals and Social Demo- Labour party.”
Published by: The Financial Times Limited, of The Financial Times Limited. also told the Financial Times that this Mr Umunna believes that Labour crats in 1988, has offered a home to disil- Asked whether she expected Labour
Number One Southwark Bridge, The Financial Times adheres to a self-regulation was “not an SDP moment”. should harness the energy of its new lusioned Labour moderates. to split — repeating the schism of 1981 —
London SE1 9 HL, United Kingdom. regime under the FT Editorial Code of Practice:
Tel: 020 7873 3000; Fax: 020 7407 5700 www.ft.com/editorialcode
Labour moderates have been agonis- wave of young supporters and convince But Baroness Williams, a Lib Dem she said: “I don’t think this is an SDP
Editor: Lionel Barber ing about how to respond if leftwinger moment. No.”
Reprints Mr Corbyn wins the Labour leadership Baroness Williams said areas of agree-
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Wednesday 2 September 2015
Manufacturing
Strong sterling
and China fears
hit factories
Monthly fall in index
raises concerns for
rebalancing of economy
FERDINANDO GIUGLIANO
ECONOMICS CORRESPONDENT
UK factories struggled in August as the
strength of sterling and sluggish foreign
demand continued to weigh on the
manufacturing sector.
The Markit/CIPS purchasing manag-
ers’ index fell to 51.5 last month from
51.9 in July. The reading was well below
the long-term average of 54.2 although
still above the crucial 50 mark that sepa-
rates expansion from contraction.
The British economy expanded by 0.7
per cent in the second quarter of this
year, but manufacturing recorded a 0.3
per cent decline. Economists said yes-
terday’s reading was consistent with a
further 0.2 per cent drop in the sector.
Consumer goods continued to power
ahead, helped by robust domestic
demand, but exporters limped along as
new business fell for the fifth consecu-
tive month. The production of capital
goods was also weak.
Analysts noted that the weakness of
manufacturing, and particularly the
exporting sector, bode ill for any rebal-
ancing of the economy away from serv-
ices. They blamed the strength of the
pound, which has appreciated steeply
against the euro, and the turmoil in
China.
Howard Archer at IHS Global Insight
said: “Lacklustre manufacturing activ-
ity is worrying for hopes that UK growth
can become more balanced and less
dependent on the services sector and
consumer spending.” He added: “Manu-
facturers will be concerned about the
ongoing strength of sterling against the
euro, and they will also be worried that
global growth could be held back by a
marked slowdown in China.”
51.5 0.3%
Markit/CIPS Size of decline
purchasing recorded in
managers’ index manufacturing in
from 51.9 in July second quarter
Policy programme
School tests face reform
as SNP unveils agenda
MURE DICKIE — EDINBURGH
The Scottish government has
embraced standardised testing for pri-
mary school pupils as part of a policy
programme aimed at polishing its
reformist credentials and heading off
criticism over core areas such as educa-
tion, health and policing.
The government programme for
2015-16, announced by Nicola Sturgeon,
first minister, yesterday, also includes
tighter controls on private landlords,
the abolition of fees for employment tri-
bunals and the extension of the next
Scottish parliamentary term to five
years.
Nicola Sturgeon:
‘We need to be
able to see
what’s working
and where we still
need to improve’
The governing Scottish National party
is riding high in opinion polls, but it has
faced intense criticism over its eight-
year record in office, particularly over a
recent slide in school pupils’ numeracy
and literacy.
Ms Sturgeon said her government
would introduce national standardised
tests for primary and secondary pupils
across all schools by 2017.
“We need to be able to see what’s
working and where we still need to
improve,” the first minister said of a pol-
icy rethink immediately hailed by Ruth
Davidson, Scottish Conservative leader,
as a “massive U-turn, but a welcome
one”.
Proposals for new tests have already
raised teaching unions’ concerns, but
★ FINANCIAL TIMES 3
NATIONAL
Stately pile
Sculptures at
Chatsworth
Sculptures by Dame Barbara
Hepworth, Henry Moore and
other British artists go on display
this month at Chatsworth House
in Derbyshire.
As well as the giants of 20th
century sculpture, the biggest annual
On the cost front there were signs that exhibition of monumental sculpture
low inflation is continuing to affect the in the grounds of the country estate
economy, with average costs for manu- will also display works by
facturers falling at one of the sharpest contemporary artists. They include
rates in the past 16 years, thanks to low silver courgettes by Sarah Lucas and,
oil prices and a strong exchange rate, by the entrance to the grounds, Gavin
which makes imported goods cheaper. Turk’s sleeping bag and bin bag
Employment growth turned mildly works — a contrast to the opulence of
negative in August, according to the PMI the seat of the dukes of Devonshire.
survey, with staff headcounts falling for Auction house Sotheby’s has staged
the first time in more than two years. a sculpture show annually at
This follows a string of puzzling Chatsworth for 10 years. This year’s
job reports showing that the steep event will run from September 14 to
fall in unemployment Britain has October 25.
enjoyed over the past couple of years Hepworth is represented by her
has halted. 1969 work “Three Obliques (Walk
“Particularly notable over the month In)” which invites viewers to wander
is the drop in employment, which could in and out of the structure. At
signal an end to the job growth the sec- Chatsworth free runners have been
tor has seen over the past two years,” invited to leap off the sculpture.
said Lee Hopley, chief economist at EEF, Jumping for joy: free runner Chase Armitage performs on Dame Barbara Hepworth’s ‘Three Obliques (Walk In)’ James Pickford
the manufacturers’ organisation.
“All in all, there is little in the data to
indicate that manufacturers are set to
see renewed growth momentum in the
coming quarters.”
Elsewhere, there were signs that lend-
ing continued to increase at a good clip.
Separate data from the Bank of England
showed that the Monetary Policy Com-
mittee’s preferred measure of bank
lending rose by 2.3 per cent in July, up
from 1.8 per cent in June. The number of
new mortgage approvals also went up
from 67,069 to 68,764.
“Net mortgage lending is now back to
pre-crisis levels. Together with the surge
in mortgage approvals this provides fur-
ther evidence that the housing market is
hotting up,” said Richard Woolhouse,
chief economist at the British Bankers’
Association.
However, there were early signs that a
possible increase in UK interest rates
was starting to affect high street rates.
The rate paid on new household depos-
its rose to 1.55 per cent in July from 1.44
in June, although it was in line with the
long-term trend.
Mortgage rates on new loans went
marginally up from 2.56 per cent to 2.57
per cent, halting nearly a year of contin-
uous decline.
The BoE is considering when to
increase interest rates for the first time
since the financial crisis. Mark Carney,
the governor, has said the decision will
come into “sharper relief” about the
turn of the year.
Last Saturday, Mr Carney told a sym-
posium of central bankers in Jackson
Hole, Wyoming, that the recent market
turmoil and the fears of a sharp slow-
down in China had not affected BoE
strategy.
Ms Sturgeon insists they would replace
existing assessments rather than
increasing workload and would not be
the sole measurement of pupil progress.
Ms Sturgeon further demonstrated
her willingness to tweak policy direc-
tion in the face of opposition by
announcing a review of police govern-
ance, a tacit acknowledgment of con-
cerns about the unified national force
created by the SNP government in 2013.
The first minister praised departing
chief constable Sir Stephen House, who
announced his resignation last week
after a string of controversies while also
promising stronger local scrutiny of his
successors.
She also announced a statutory code
to govern police “stop and search” prac-
tices after complaints that soaring num-
bers of people were being stopped on the
street.
Ms Sturgeon’s plan for legislation to
protect residential tenants of private
sector landlords from “excessive rent
increases” — including possible rent
controls in some areas — prompted
immediate criticism from the sector.
“Even the possibility of rent controls
could sound the death knell for future
investment in the build-to-rent mar-
ket,” said the Scottish Property Federa-
tion, a real estate owner lobby group.
“Build-to-rent has the potential to
rapidly boost Scotland’s housing supply,
which needs to be increased dramati-
cally across all tenures if the current
housing shortage is to be resolved,” it
said.
SNP plans to abolish employment tri-
bunal fees will be welcomed by unions
but risked increasing regulatory com-
plexity for employers, said Stuart Neil-
son of law firm Pinsent Masons.
4 ★★★
London taxis
Cabbies offer fixed rates to counter Uber
Pricing change and
rival app herald fightback
against newcomer
ANDY SHARMAN
MOTOR INDUSTRY CORRESPONDENT
London’s cabbies have launched a fight-
back against Uber, the taxi-hailing
smartphone app that has bought fierce
competition to the capital’s taxi market.
From today, for the first time, black
cabs are offering fixed prices on all jour-
neys, as well as discounts on longer jour-
neys.
The pricing change is part of a rear-
guard action by London’s “Hackney car-
riages”, whose business model has been
upended by Uber.
The growth of the service, which
began life in San Francisco, has sparked
protest from cabbies worldwide. Parts
of London were brought to a standstill in
May by a demonstration by taxi drivers,
Clubs battle it out on football’s longest day
Net spending hits record levels
of £460m according to
consultancy Deloitte
MALCOLM MOORE
LEISURE INDUSTRIES CORRESPONDENT
For football fans it is a day of nail-biting
drama, the moment when their clubs
sign, or sell, that star player. For those
people trying to do the deals, especially
at smaller clubs, transfer deadline day is
a time of paranoia, sleep deprivation
and constant phone calls.
By the close of business yesterday, the
net spending of Premier League clubs,
which accounts for the money clubs
recoup in player sales, had reached
£460m, a record, according to the con-
sultancy Deloitte. Clubs spent £90m on
deadline day alone. The total gross
spending in 2015, across both the Janu-
ary and summer windows, reached
£1bn for the first time. For clubs in
‘The computer runs
the deadline and it
does not care what
your explanation is’
search of a player, transfer deadline day
can be the worst time to buy as sellers
inflate their prices to reflect rising levels
of desperation.
“If you are still doing business on
transfer deadline day, it is often the case
that things have not gone to plan,” said
Leon Angel, chairman of Base Soccer, an
agency that acts for top players.
In previous years, prices have shot up
in the hour of trading before the dead-
line, according to data from Fifa TMS,
the computer system that manages
global football transfers. In 2012, the
average price of a player in the final
hour nearly tripled from the hours
beforehand to £6.7m.
In 2014, the average cost of a player in
the final hour was £5.05m, more than
twice the average in the two preceding
hours, as clubs tried to push through 45
deals before the window closed.
Business Leaders
who feel the lack of regulation is skew-
ing the market in favour of such “e-hail-
ing” apps.
But now a rival app might be the cab-
bies’ saviour. Gett, an Israeli start-up
backed by Russia-born billionaire Len
Blavatnik, is now allowing Londoners to
set the price of a black cab at the start of
their journey.
For journeys of six miles or more, Gett
will offer a discount of up to 30 per cent
‘This is on the metered fare. The discounts will
be available on weekdays during off-
something peak hours.
the Gett, which also has operations in
Israel, Russia and the US, says it has
industry more than 6,000 cabbies signed up to its
has wanted platform in London — a sizeable propor-
tion of the capital’s 25,000 black cabs.
to offer for Gett has previously experimented
some time’ with fixed fares in central London, an
area roughly corresponding to zones
Steve one and two, and rival service Hailo has
McNamara, offered fixed fares to all London airports
LTDA since April this year.
Premier League. Transfer deadline
Off target: the “For the three months of the window
£29m transfer we handle around 60 to 70 transfers a
of David De Gea, day. On the last day we have around
Manchester 400,” said Mark Goddard, the managing
United’s director of Fifa TMS.
goalkeeper, The English window opened a day
collapsed — Laurent longer this year because of the bank holi-
Dubrule/AP
day. The window in Spain, France and
Italy closed on Monday and the £29m
transfer of David De Gea, the Manches-
ter United goalkeeper, to Real Madrid
collapsed after the two sides failed to
submitthedealtoFifaintime.
“Whatever you do, don’t forget that
the computer runs the deadline and it
does not care what your explanation is. If
you don’t do it in time, it is gone,” Mr
Goddardsaid.
For clubs such as Man Utd, doing busi-
ness on the last day of the window is
rarely a good idea. It has only bought
four players on the final day of trading
FINANCIAL TIMES
NATIONAL
But the move from Gett is a more sig-
nificant change to black cab pricing.
Taxi fares have historically been
charged on the meter, based on time and
mileage, according to a scale set by
Transport for London. The prices factor
in all the costs of running a taxi, includ-
ing obtaining a licence, acquiring “the
Knowledge” — an encyclopedic memory
of London’s streets — diesel fuel, repairs
and insurance. This cost index does not
apply to minicab firms, the classification
that applies to Uber, which can charge
ratesoftheir ownchoosing.
TfL says its cost index sets the maxi-
mum fare, and there has been nothing
stopping cabbies from charging less
than the metered rate.
Cabbies have also previously been
able to set fares for destinations outside
Greater London, which can be negoti-
ated between the passenger and driver
before the journey, according to TfL. All hail: a user
“As long as the price is agreed by the finds a vehicle
cabbie and the passenger before the on the Uber app
since 2004: Wayne Rooney, Dimitar Man Utd paid
Berbatov, Marouane Fellaini and Rad- £36m for
amel Falcao. In 2008, Man Utd were Anthony Martial
made to pay a particularly heavy price
for Berbatov after Tottenham Hotspur
delayed the deal to the last minute to
extract a full £30m.
This year, Man Utd spent £36m on
19-year-old Monaco striker Anthony
Martial on the final day of the
French transfer window but Ed
Woodward, the club’s chief execu-
tive, said it was important not to be
panicked into any last-minute deals.
“You ignore everything going on
around you. You do not look at the
press. That is irrelevant. You just stick to
your plan, which you plotted months
ago. We do not sit looking at Sky Sports
News and wondering what is going on.
You cannot act like that.
“You have to value players when
Architecture
Old cinemas reel under developer pressures
EDWIN HEATHCOTE
When it was built in 1926, the Kensing-
ton Cinema (now the Odeon) was the
biggest film theatre in England. It was
completed just in time for the arrival of
the talkies (The Jazz Singer, the first film
with sound, came in 1927), which saw
cinema attendance explode.
Now the building, with its huge and dis-
tinctive recessed black marble arch will
be turned into apartments. The façade
will be kept and a new, much smaller
subterranean cinema will be added, but
everything else will go. Even the biggest
blockbusters cannot compete with Ken-
sington property prices.
Another Odeon (Odeon West End) is
also closing in London’s Leicester
Square. The 1930 building was the
venue for many big-ticket premieres,
but enthusiasts failed to save the land-
mark Art Deco structure, which is to be
replaced by a generic hotel complex.
The Curzon Soho, which lays claim to
being one of London’s most successful
art house cinemas, is also under threat.
Neither is this just a London problem.
journey and it’s at the metered fare or
lower, then it’s fine from a regulatory
perspective,” said TfL.
But Steve McNamara, general secre-
tary of the Licensed Taxi Drivers Associ-
ation, said the move by Gett meant cab-
bies could now offer a “Rolls-Royce
service” at an affordable price.
“Taxi drivers cannot work at the
prices Uber drivers do,” he added. “[But
this] is something the industry has
wanted to offer for some time. We just
haven’t had the technology to do it. The
taxi industry is very keen to move into
the 21st century.”
Uber said the move would give cus-
tomers more choice, but added: “Uber’s
technology responds to real-time
demand, which allows us to be 25-40
per cent cheaper at normal rates.”
The LTDA has launched legal action
against Uber, alleging that the use of a
smartphone to log journeys is against
regulations. The case will be heard in the
High Court in October.
things are calmer and look at the com-
paratives and work out the relative
value. You go through your list of play-
ers working out what you are willing to
pay and you work out an approach so
you do not have pressure mounting up.”
Mr Woodward said he stops answer-
ing his phone on deadline day, when
player agents call every 15 minutes to
offer him deals. But the bosses of the
Premier League’s smaller clubs rarely
have the same luxury: they need to do
deals to ensure their survival and have
little choice about timing.
“When Man Utd try to do a deal and it
does not work, they can just walk away
from it,” Mr Angel said. “But a smaller
club will be waiting to see which players
become available.”
He pointed out that big clubs might
decide only at the last minute who
to let go out on loan.
Liverpool’s 1912 Futurist Cinema is
awaiting demolition and one of Milton
Keynes’ key modernist landmarks, the
remarkable, pyramidal high-tech The
Point,istobe razed.
The problem, according to Roger
Bowdler, head of listing at Historic Eng-
land (formerly English Heritage), is
“massive oversupply”. “There were so
many cinemas,” he says “and it is vital
for us that we identify the really special
ones, but we have to be realistic about
how much we can save.”
The Kensington Odeon was one of the
cinemas that did not make it — deemed
Biggest in England: the Kensington
Odeon in its heyday
Wednesday 2 September 2015
Migration
Cooper urges
‘immoral’ UK
to take 10,000
refugees
HELEN WARRELL
PUBLIC POLICY CORRESPONDENT
Shadow home secretary Yvette Cooper
says the UK should take in 10,000 Mid-
dle East refugees and derided the gov-
ernment as “immoral” for failing to
help more people fleeing persecution.
Ms Cooper, who is standing in the
Labour leadership election, is the first
Westminster politician to have spoken
out in favour of accepting more
migrants at a time when thousands of
people from countries such as Iraq,
Syria and Eritrea are crossing into
Europe to escape conflict and poverty.
Speaking in central London yester-
day, Ms Cooper acknowledged that her
comments would be controversial after
last week’s revelation that net immigra-
tion had reached a record 330,000.
However, she argued that Britain had
not responded adequately to the crisis
and urged Theresa May, the home secre-
tary, to hold a conference with local
councils to discuss how many refugees
each town and city could take.
“If every city took 10 refugee families,
if every London borough took 10 fami-
lies, if every county council took 10 fam-
ilies, if Scotland, Wales and every Eng-
lish region played their part, then in a
month we would have nearly 10,000
more places for vulnerable refugees
‘We cannot carry on
like this. It is immoral,
it is cowardly’
Yvette Cooper
fleeing danger, seeking safety,” Ms
Cooper said.
Comparing the plight of people fleeing
the Islamic State of Iraq and the Levant,
the group known as Isis, with the perse-
cution of Jews under the Nazi regime,
she said: “This has become a humani-
tarian crisis on a scale we have not seen
on our continent since the second world
war. Yet we seem paralysed to respond.
“We cannot carry on like this. It is
immoral, it is cowardly and it is not the
British way. It is a test of British values,
too — of whether we will again be able to
reach out to the rest of the world and
help as we have done in previous gener-
ations, or whether we will turn inwards
and turn our backs instead.”
Ms Cooper called for politicians of all
parties to support a “national mission”
to change attitudes on asylum, and said
the government should end its
“immoral” policy of including refugees
within its target of reducing net immi-
gration to below 100,000.
Home Office ministers have repeat-
edly warned that Britain is seen as an “El
Dorado” by potential asylum seekers
because of its generous benefits regime
but in fact the UK lags far behind other
countries such as Germany and Sweden
in the numbers of applications made.
The Home Office confirmed last week
that it had received 25,771 asylum appli-
cations in the year to March, and that of
these only 11,600 were granted. Ger-
many, by comparison, is preparing for
the arrival of 800,000 refugees this year.
Responding to Ms Cooper’s com-
ments, the prime minister’s spokesman
said the UK had “a proud history of pro-
viding refuge to those in need”, adding:
“We should continue to do so, while also
tackling illegal economic migration.”
Schengen weak points page 7
not architecturally significant enough to
justifylisting.
The proposals for the Kensington
Odeon exemplify the flipside of prop-
erty values in the form of a vocal and
organised community stuffed with
celebrities including Benedict Cumber-
batch, Richard Curtis and Sir John Hurt.
About 25,000 have signed a petition to
save it and a last-ditch plea to spot-list
was submitted to John Whittingdale,
culture minister last month.
While apartments spell the death
knell for cinemas, there are other uses
capable of maintaining their spaces.
Most popular has been their adoption
by evangelical churches. The vast Art
Deco Finsbury Astoria is a case in point,
kept alive by the Brazilian Universal
Church of the Kingdom of God.
The irony about the loss of such build-
ings is that cinema attendance has been
creeping up since its 1984 nadir with
157.5m admissions last year (although
that should be compared with the 1946
zenith when the figure was more than 10
times last year’s attendance — and it was
a slight drop on 2013).
Wednesday 2 September 2015
Petrobras scandal
Judge insists risk
to Brazil is from
corruption not
its prosecution
Economic fallout is felt in
weak GDP figures and
collapse of investment
GEOFF DYER — SAO PAULO
The Brazilian judge at the centre of the
investigation into widespread corrup-
tion at Petrobras has been rallying pub-
lic support for the inquiry just as the
impact on the economy from the scan-
dal is starting to become clearer.
In a series of events in São Paulo in
recent days where he received raptur-
ous receptions, Sérgio Moro called on
the public to continue supporting the
Petrobras investigation and insisted
corruption was the real danger to the
economy — not its prosecution.
“Confronting systematic corruption
will bring significant gains for all of us,
for companies and for the economy in
general,” he said at a conference of busi-
ness executives on Monday. “The cost of
systematic corruption is extraordinary.”
The relatively rare public appear-
ances by Mr Moro, a 43-year-old federal
judge in the southern city of Curitiba
who has become a national hero
because of his role in the inquiry into oil
company Petrobras, comes at a delicate
moment for the case, with political
opposition starting to grow.
His visit to São Paulo followed the
publication on Friday of second-quarter
gross domestic product figures that
showed a collapse in investment, which
is partly the result of the impact of the
inquiry into deep-seated corruption at
Petrobras, the largest industrial
company in Brazil. The economy
declined by 1.9 per cent in the
second quarter, while fixed investment
fell 8.1 per cent.
The political temperature surround-
ing the Petrobras inquiry has also risen
after the filing 10 days ago of the first
indictments of leading politicians,
including Eduardo Cunha, the speaker
of the lower house of congress. Unlike
the business executives who are being
tried by Mr Moro in Curitiba, the cases
against elected politicians are taken out
of his hands and transferred to the
country’s supreme court in Brasília.
With the discovery of new oilfields
and greater emphasis on state-led eco-
nomic development, Petrobras has
come in recent years to play a much
larger role in the economy. However, the
arrest of a series of executives from
Petrobras and construction companies
it works with have brought some of its
projects to a halt. The company’s latest
long-term plan for 2015-19 included a
37 per cent cut in investment from its
previous forecast.
A recent study by GO Associados, a
São Paulo consultancy, calculated that
the economic impact from the Petro-
bras corruption scandal over the next
few years — including reduced invest-
ment by the company, construction
activity and jobs — will
amount to R$142.6bn
($38.9bn), which is equiva-
lent to 2.5 per cent of GDP.
José Roberto Mendonça
de Barros, a prominent
Brazilian economist, said
the impact from the corrup-
tion investigation was hard
to calculate because Petrobras
★ FINANCIAL TIMES
INTERNATIONAL
T-shirts reading would be suffering anyway as a result of
‘Out, Dilma’ oil prices falling to $40. “Petrobras is
reflect calls now effectively being run by its finance
for President director,” he said, in reference to the
Dilma Rousseff’s huge constraints it is now operating
impeachment. under. “Any company being run by its
Below, judge finance director is facing a lot of prob-
Sérgio Moro lems.”
in São Paulo In his speech on Monday, which won a
yesterday standing ovation even from the jaded
Reuters/Paulo Whitaker
media section of the audience, Mr Moro
rejected the suggestion that the Petro-
bras corruption cases were the cause of
Brazil’s sharp economic downturn.
“The policeman who discovers a crime
is not to blame for the corpse,” he said.
The elaborate system of bribes sur-
rounding the company, which prose-
cutors estimate to be worth
around $2bn, was one reason
Petrobras had made a series of
disastrous investment deci-
sions in recent years. “If eco-
nomic agents do not have con-
fidence that they can compete on equal
terms for public contracts, if there is a
grey zone of bribe payments, then that
impacts the functioning of the market,”
he said.
Amid the interconnected political
and economic crises that the country is
suffering, one of the few things that
many Brazilians have been able to take
pride in has been the corruption investi-
gation and the arrest of senior figures
‘If there is once thought untouchable. Mr Moro is
a grey zone the public face of the inquiry, but he has
been working with a group of young
of bribe prosecutors in Curitiba, many in their
payments, 30s and many educated in the US, who
have openly declared their intent to
then that break the air of impunity that has long
impacts the surrounded corruption cases in Brazil.
Mr Moro said one model for the Petro-
functioning bras inquiry was the “clean hands”
of the investigation in Italy in the early 1990s
that exposed widespread corruption
market’ among politicians and businessmen.
5
US producers
Ending export
curbs will not
aid oil groups,
report warns
GREGORY MEYER — NEW YORK
Lifting 40-year-old constraints on US
oil exports would probably not elimi-
nate the gaping discounts that domes-
tic producers endure when they sell
their crude, a government analysis has
concluded.
The price of West Texas Intermediate
crude, the US benchmark, would
remain close to $6 a barrel beneath the
international marker Brent crude
“whether or not restrictions on crude oil
exports are removed”, the US Energy
Information Administration said in a
report released yesterday.
The analysis runs counter to argu-
ments by US drillers as they campaign
to abolish export curbs dating to the
energy crisis of the 1970s. Oil lobbyists
warn that a tide of light, sweet crude will
create a domestic glut. The partial ban
“artificially depresses the price of WTI
crude oil” and “creates an uneven play-
ing field for domestic producers”, the
Producers for American Crude Oil
Exports says in its literature.
Momentum to overturn the ban has
picked up in Congress, while the White
House has punched some holes in it
through administrative tweaks.
The EIA explored a range of scenarios
in its analysis. If US oil output were to
rise more than 2m barrels per day in the
next decade to 11.7m b/d, the discount
would widen to more than $10 a barrel,
the agency said. Conversely, a worsen-
ing discount would also spur more US
production.
The EIA report also said that remov-
ing export restrictions would have little
effect on US petrol prices, a sensitive
issue among American voters despite a
dramatic fall in fuel costs.
The agency said: “Petroleum product
prices in the United States, including
gasoline prices, would be either
unchanged or slightly reduced by the
removal of current restrictions on crude
oil exports.”
6 ★ FINANCIAL TIMES Wednesday 2 September 2015

INTERNATIONAL

US politics
Republicans attack Clinton over emails
Release shows private
messages contained
classified information
DEMETRI SEVASTOPULO — WASHINGTON
Republicans have pounced on the news
that 150 emails Hillary Clinton, the
Democratic presidential contender,
sent or received on a personal email
account while secretary of state con-
tained classified information.
“She hasn’t been truthful. She has hid
all this,” Jeb Bush, the former Florida
governor and Republican presidential
contender, said yesterday. “This has all
been secretive. It took a subpoena to get
this information, and she talks about it
in a very cavalier attitude. I think it has
been very damning.”
Mrs Clinton has faced intense criti-
Regional strategy
cism since it emerged in March that she
used a private email account for official
business while serving as the top US dip-
lomat, particularly since the account
was hosted on an unencrypted server in
her New York home.
The state department on Monday
released 7,000 pages of Mrs Clinton’s
emails to comply with a court order that
a quarter of the 30,000 emails she had
given the government be made availa-
ble to the public before September.
“These emails show Hillary Clinton
exposed even more classified informa-
tion on her secret server than previously
known,” said Reince Priebus, chairman
of the Republican National Committee.
“On hundreds of occasions, Hillary Clin-
ton’s reckless attempt to skirt transpar-
ency laws put sensitive information and
our national security at risk.”
Mrs Clinton has denied sending or
receiving classified information over
the private account. But she has
recently tweaked her defence to say she
never sent or received information that
was “marked” classified at the time of
transmitting. That followed the revela-
‘Hillary Clinton’s reckless
attempt to skirt
transparency laws put . . .
national security at risk’
tion that internal government watch-
dogs had found evidence of classified
information in her private email
account.
The emails released on Monday con-
tained 150 messages that included
information deemed to be “confiden-
tial” — the classification for the least
sensitive level of secret information —
after the fact. Her supporters say she
has not broken any laws or rules and
argue the classification process has
many problems. But the justice depart-
ment is probing whether classified
information was mishandled in connec-
tion with the account.
Mrs Clinton has also taken flak for
deleting personal emails from the server
before handing her official correspond-
ence to the state department. Following
months of condemnation and suspicion,
she last month handed the server over
to the Federal Bureau of Investigation.
Michael Mukasey, US attorney-gen-
eral during the final years of the second
Bush administration, last month said
Mrs Clinton had broken the law by stor-
ing classified information on a personal
server. Writing in the Wall Street Jour-
nal, he said her decision to delete per-
sonal emails from the server could be
construed as obstruction of justice.
The scandal has taken a toll on Mrs
Clinton’s standing in presidential elec-
tion opinion polls. Bernie Sanders, the
socialist senator from Vermont, is cut-
ting into her lead in the first voting state
of Iowa, and according to one poll has
overtaken her in the second voting state
of New Hampshire.
Her attempts to play down the scan-
dal with humour — including joking that
she had opened a Snapchat account
where messages disappear automati-
cally — have backfired by feeding into
the perception that she sees herself as
above normal rules.
Under the court order, the state
department must release all of her
emails by January, just weeks before the
Iowa caucuses.
US appetite for dynasties page 11
Symbolic loss
Tokyo to scrap
Olympic logo
after plagiarism
concerns
LEO LEWIS — TOKYO
Tokyo endured fresh embarrassment
over its preparations for the 2020 Olym-
pic Games yesterday when the organis-
ing committee said it would scrap the
logos it unveiled only a few weeks ago.
Since the twin emblems for the Olym-
pics and Paralympics were revealed on
July 24, their creator, Kenjiro Sano, has
been besieged with allegations that he
copied the design from a theatre in the
Belgian city of Liege.
In the face of Mr Sano’s repeated deni-
als of plagiarism, Olivier Debie, the Bel-
gian designer, filed a lawsuit against the
International Olympic Committee
demanding the emblem not be used.
The decision to scrap the logos,
announced after an emergency meeting
of the Tokyo Olympic organising com-

Obama eyes boost to Arctic icebreaker fleet

BARNEY JOPSON — LANSING
DEMETRI SEVASTOPULO — WASHINGTON
President Barack Obama is pushing
Congress to provide money to expand
the US fleet of icebreaker vessels to
reduce the gap with Russia, which has a
far greater ability to navigate the
increasingly important Arctic region.
Mr Obama was expected to announce
the push yesterday during what is the
first visit by a sitting president to the
Arctic. The US has three icebreakers,
including only one heavy-duty vessel,
which pales in comparison with Russia,
which has 40 icebreakers and is build-
ing another 11 vessels.
The White House said the ships would
help the US “meet our national inter-
ests, protect and manage our natural
resources, and strengthen our interna-
tional . . . relationships”. The Arctic is
becoming more important for trade as
rising temperatures and the melting of
sea ice create shorter shipping routes
between Europe and Asia.
“It is an important first step,” said
Heather Conley, at the Center for Strate-
gic & International Studies in Washing-
ton. “There was a lag of US readiness for
this incredible transformation that we
are seeing. That is in part why the presi-
dent is spending three days in Alaska.”
Mr Obama has faced pressure to be
more assertive in the region, amid con-
cerns that Russia and Canada are mov-
ing aggressively to take advantage of its
energy resources. Critics say he has
placed too much emphasis on protecting
the environment and not enough atten-
tiontoUSeconomicinterests.
The president attempted to deflect
some of that criticism last month by giv-
ing Royal Dutch Shell a permit that it
needed to drill for oil reserves in Alaska,
a state where the debate about the bal-
ance between pursuing energy reserves
and protecting natural resources is both
acute and political.
His decision to allow offshore drilling
sparked a split with Hillary Clinton, his
former secretary of state and frontrun-
ner for the Democratic presidential
nomination, who tweeted that the Arc-
tic was a “unique treasure” and that
Bearing down: “given what we know, it’s not worth the
protesters in risk of drilling”. Her opposition came as
Anchorage, she faces an unexpected challenge in the
Alaska, on race for the White House from Bernie
Monday voice Sanders, the Vermont senator who is
opposition to opposed to offshore drilling.
drilling by Shell, Ms Conley said Mr Obama’s move to
which Barack push for more icebreakers was “the
Obama has most visible, quickest way you can wrap
supported your arms around readiness and pre-
Jerome Cartillier /AFP/Getty
paredness for this change [in the Arc-
tic]”. But she said it was just a downpay-
ment, adding that the US needed to do a
range of things, including investing in
deepwater ports, and building better
satellite communications.
If Congress provides funding, the gov-
ernment will have to determine who
will build the vessels, as the US has not
developed an icebreaker in three dec-
ades. Ms Conley said US companies had
lost the technology.
Mr Obama was also preparing for a
crash course in wilderness survival yes-
terday from Bear Grylls, the special
forces soldier-turned-celebrity adven-
turer. The White House is using his
appearance on Mr Grylls’ Running Wild
television show to highlight climate
change in Alaska. The US state is an
equally stern test of Mr Obama’s ability
to ensure that the credibility of his pol-
icy survives. As he seeks to cement a leg-
acy on climate change, he faces a recur-
ring conflict between the imperatives of
environmental protection and eco-
nomic growth. The Obama administra-
tion dismisses the notion that there is a
binary choice between prosperity today
or a hospitable planet tomorrow. It
argues that renewable energy is creating
more jobs of its own.
But in no part of the US is the argu-
ment harder to defend than in Alaska.
Thestate’senvironmentischerishedand
vulnerable, as it is warming faster than
anywhere else on the globe, a trend
resulting in melting glaciers, storm
surges, eroding shorelines, and the
threatofflooding forcoastalvillages.
Alaska is also a poor and under-devel-
oped part of the US, home to many resi-
dents who are worried about climate
‘It is an change but also hungry for more oil and
gas projects, which some see as one of
important the only viable sources of wealth,
first step . . . despite a slump in the crude price.
For Mr Obama’s national audience,
That is which does not necessarily see action on
why the climate change as a priority, Alaska pro-
vides a dramatic backdrop to underline
president is the urgency of action. Dan Weiss, at the
spending League of Conservation Voters, said:
“He’s using it as a cautionary tale.
three days Alaska is our warning system that cli-
in Alaska’ mate change is here.”
mittee, comes as Japan is struggling to
select a new, cheaper design for the
national stadium after those plans were
also ordered back to the drawing board
by Shinzo Abe, the prime minister.
The reduced budget for the stadium,
which was announced last week, set a
cap on construction costs of Y155bn
($1.3bn) — Y100bn lower than previ-
ously, which was based on a design by
Zaha Hadid, the Iraqi-British architect.
The logos compared
Toshiro Muto, chief executive of
Tokyo 2020, said that while members of
the committee understood Mr Sano’s
design was not a copy of the Belgian
logo, “the question is whether ordinary
people can understand and be con-
vinced”.
Mr Muto added that Mr Sano feared
his work was now having a negative
effect on the Olympics and had asked
for his logo to be dropped. “To solve the
situation, we think that we should
respect his wishes,” said Mr Muto.
Ahead of the emergency meeting,
Yoichi Masuzoe, Tokyo governor, said
he “felt betrayed” by Mr Sano and the
process that had approved the designs.
Tokyo metropolitan government staff
were encouraged last month to reprint
thousands of their business cards with
the now defunct Olympic logos. Japa-
nese media reported that Y46m worth
of flags and posters bearing the logo had
been ordered.
Mr Sano’s studio has faced questions
over other high-profile work. Designs
for a promotion by Suntory, the Japa-
nese drinks maker, were withdrawn
after Mr Sano’s company acknowledged
that “issues regarding copyright” had
emerged on the designs of promotional
gifts.
A zoo in the Japanese city of Nagoya
recently demanded an investigation
into a logo Sano’s studio sold it in 2013,
which many judge to bear distinct simi-
larities to the emblem of a museum in
Costa Rica.

Joko Widodo. Leadership woes Election campaign

Indonesian president struggles to build power base
Saiful Mujani Research and Consulting
Poll ratings decline amid suggested 56 per cent of Indonesians
were dissatisfied with Mr Widodo’s per-
faltering reforms and lingering formance.
influence of Megawati The new administration has delivered
few big reforms since controversial fuel
subsidy cuts late last year and, despite
AVANTIKA CHILKOTI — JAKARTA
Mr Widodo’s push for ministers to accel-
When President Joko Widodo, a former erate disbursement, Jakarta spent just
furniture salesman and small-town 11 per cent of the $22bn allocated for
mayor, swept to victory in last year’s infrastructure projects this year in the
polls, many Indonesians expected a first six months, according to Eurasia
rush of economic reforms and better Group estimates.
governance in Southeast Asia’s largest Amid waning public optimism, the
economy. president has made a series of
Now, however, there are growing con- announcements aimed at reinforcing
cerns that the country’s first leader from his authority.
outside the political and military elite is A long-awaited decision to reshuffle
struggling to build a power base and bal- his cabinet has brought his most trusted
ance his influence with that of the adviser, Luhut Pandjaitan, into a power-
Jakarta establishment. ful post and put experienced policy-
“After 10 months in power you should makers such as Darmin Nasution, the
have more authority,” says Achmad former central bank governor, in top
Sukarsono, an analyst at the Eurasia economic roles.
Group, a risk consultancy. “People on “The reshuffle itself might have given
the ground just don’t follow him, they people some hope,” says Wellian
ignore him.” Wiranto, an economist at OCBC Bank.
The president’s popularity ratings “He [Mr Widodo] came in bearing quite
have dwindled as growth has dropped a lot of expectations, as with anyone
below 5 per cent, planned infrastructure being elected, but the reality on the
projects fail to break ground and gov- ground has been a lot more tricky than
ernment spending remains weak. even he himself expected.”
A survey in June by Jakarta-based Mr Widodo also lampooned his critics
ahead of Independence Day in August,
blaming “the erosion of a culture of
mutual respect” and “a web of egos” for
holding back the administration.
Meanwhile, a proposed amendment
to Indonesia’s criminal code that bans
insulting the president has surprised
campaign groups, who saw Mr Widodo
as a populist leader breaking away
Popularity of
President Joko
Widodo, right, has
dropped as growth
has slipped
below 5 per cent
from the country’s authoritarian past.
“He’s a mainstream ordinary Indone-
sian citizen from the mainstream ethnic
group, from the mainstream religion,”
says Mr Sukarsono. “And mainstream
Indonesia is not socially progressive.”
Political analysts say Mr Widodo’s
main opposition comes from within his
own Democratic Party of Indonesia-
Struggle (PDI-P), and chairwoman
Megawati Sukarnoputri, a former presi-
dent and daughter of Indonesia’s first
president.
The PDI-P matriarch used a party
conference in April to demand that
members, including the president, fol-
low her orders. Last week she recom-
mended the dissolution of Indonesia’s
Corruption Eradication Commission,
the centre of Mr Widodo’s anti-graft
campaign.
Paul Rowland, a Jakarta-based ana-
lyst, says Ms Megawati also influences
Mr Widodo’s policy decisions and is
eager to pass political power on to her
daughter. “Megawati has been far more
intensely involved than anyone would
have predicted,” he says. “Rhetorically,
she hasn’t been very supportive
and . . . she’s certainly contributing to
the environment of economic national-
ism.”
Mr Widodo’s appointment to his
refreshed cabinet of Rizal Ramli, a
former economic minister, is one sign
that people close to Ms Megawati con-
tinue to hold sway.
As the president builds political back-
ing, there are also signs the army is
slowly gaining power almost 20 years
after it lost its foothold when the dicta-
tor Suharto was ousted.
Amid conflict with the police, Mr
Widodo broke with tradition to elect an
army representative rather than the
head of the air force to lead the country’s
military, and has given the army new
roles in areas including control of drug
abuse.
Canada’s fall into recession
knocks Harper poll hopes
RICHARD BLACKDEN — NEW YORK
SIMON DOYLE — OTTAWA
Canada’s economy shrank at a 0.5 per
cent annualised pace in the quarter to
the end of June, a report from Statistics
Canada showed yesterday.
That was better than the 1 per cent
squeeze forecast but, with gross domes-
tic product having also shrunk in the
first quarter of the year, the country is in
a technical recession.
This is not helpful to Canada’s Con-
servative Prime Minister, Stephen
Harper, who is seeking another term
when voters go to the polls on Octo-
ber 19. As the global credit crisis
unfolded, fears about the economy
helped Mr Harper win re-election in
2008 and 2011.
With Canada emerging from the
downturn less battered than the US and
Europe, he gained a reputation as the
most trusted economic manager among
Canadian political leaders.
But negative news may not work for
Mr Harper this time. Amid a close
three-way election contest, his reputa-
tion is under threat from a modest
recession and a popular challenger.
Tom Mulcair, leader of the leftwing
New Democratic party, was leading the
race in the opinion polls with 33.5 per
cent support, compared with 29.1 per
cent for Mr Harper’s Conservatives and
27.3 per cent for the Liberal party,
according to polling aggregator Three-
Hundred-Eight.com.
“[You have] an opposition leader seen
as more competent than a sitting prime
minister,” said Greg Lyle, head of poll-
sters Innovative Research Group.
The Bank of Canada has struggled to
predict the impact that the crumbling
oil price will have on the country’s
energy-exporting economy. The central
bank surprised investors by cutting
interest rates in January and did so
again in July.
Canada’s first recession since the
2008-9 crisis, has raised fiscal stimulus
as a central issue in campaigns.
Justin Trudeau, leader of Canada’s
Liberal party, has pledged to use deficit
spending to almost double federal infra-
structure funds to nearly C$125bn
($95bn) over 10 years, taking advantage
of low interest rates and promising to
rebalance the books by 2019. That con-
trasts with the balanced-budget
approach of Mr Harper and Mr Mulcair.
Editorial Comment page 10
Wednesday 2 September 2015 ★ FINANCIAL TIMES 7

INTERNATIONAL

Crisis exposes Schengen weak points

Beijing

Passport-free zone’s asylum management system buckles under weight of numbers
ALEX BARKER AND JIM BRUNSDEN
BRUSSELS
From terror attacks and surges in
migration to Roma deportation cam-
paigns, the Schengen Area has with-
stood European controversy to keep the
world’s biggest passport-free zone intact
throughout its 20-year history.
But as the EU faces the biggest irregu-
lar inflow of people over its borders for
almost half a century one of the bloc’s
crowning achievements, the elimina-
tion of internal borders across 1.7m
square miles, is under pressure like
never before.
Even Schengen supporters recognise
that the sheer numbers of migrants has
exposed an inadequate system of gov-
ernance, particularly of asylum claims,
which undermines the project’s border-
busting idealism. Germany alone is
expecting 800,000 asylum applicants
this year, more than the entire EU bloc
combined has ever faced in a year. Some
of the weaker points of the Schengen
frontier, notably Greece, are adminis-
tered by the EU’s most fragile govern-
ments.
This imbalance prompted Germany’s
Chancellor Angela Merkel’s warning on
Monday that Schengen would be endan-
gered unless more was done to share the
refugee burden, just the kind of “soli-
darity” that has riled voters and govern-
ments in eastern EU countries where
anti-immigrant sentiment is high.
Part of the issue is that the Schengen
accord makes for common borders —
what one EU official called “a small mir-
acle” in sovereign co-operation — but
without any common interior ministry
to oversee security matters or handle
asylum claims equitably between coun-
tries.
There have been steps to strengthen
the regime. The European Commission
is more actively pursuing breaches of
common asylum rules, which stipulate
how refugees should be treated and
their claims handled. The EU’s border
management agency, Frontex, has been
strengthened. Yet with the EU asylum
support office, based in Malta, boasting
only 80 staff, the bloc’s common agen-
cies seem to be facing an overwhelming
challenge.
Many issues stem from the way
Europe’s asylum arrangements were
laid down in the 1990s, ultimately
encapsulated in the Dublin regulation
on asylum, which runs parallel to
Schengen. At the time, countries on
Europe’s southern flank saw themselves
as points of emigration, not the front
line of an immigration crisis. Thus, they
were happy to sign up to relatively unfa-
vourable arrangements, which required
asylum claims to be processed at the
country of entry.
A small girl Their systems now appear so over-
waits to board a whelmed that migrants are not being
bus in Munich properly registered, big migrant flows
after arriving are heading towards northern Europe,
with migrants and the principle of sending back claim-
from Hungary. ants to their original host country is all
Below, German but unenforceable.
police monitor Sergio Carrera of the Centre for Euro-
the new pean Policy Studies said the root of the
arrivals — Christof problems was this huge variance in
Stache/AFP; Lennart
Preiss/Getty Images
national approaches. “This explains the
huge variation in acceptance rates and
in treatment in practice. It also explains
why no one is applying Dublin when it
comes to sending asylum seekers back
to Greece, because the reception condi-
tions there are cataclysmic.”
Jean Claude-Juncker, commission
president, is preparing to unveil further
reform plans next week to the asylum
regime, including a more permanent
regime for sharing refugees between
countries in emergencies.
This will face fierce political resist-
ance. But even if enacted the measures
fall short of the wholesale centralisation
of asylum management that some
experts see as necessary.
“They must create the central system
required to manage these registrations,”
said Jytte Klausen, a professor of inter-
national co-operation at Brandeis Uni-
versity in the US. “Either that happens,
or Schengen falls apart and we will have
hundreds of thousands living in a partly
legal status across Europe.”
Schengen critics, including from
within anti-establishment parties in
France, Italy and Germany, are already
calling for tighter internal controls.
Such a vision of border closures, irregu-
lar migrant flows and the collapse of
Schengen principles have been seen in
miniature this week on the Austro-Hun-
garian border, with roads blocked, sta-
tions closed and trains of migrants
waved through without checks.
Yet Schengen has proved itself rela-
tively resilient during past crises. The
accord provides enough flexibility,
including through the temporary reim-
position of border controls to maintain
public order, which have provided a
political safety valve in the past.
Under Mr Juncker too the commis-
sion is set to protect the Schengen prin-
ciples, which he said are being wrongly
blamed for the “misery” of the migrant
crisis by “political illiterates”.
“We must block the road to those who
say that the Schengen Agreement
should be revised,” he said at an anni-
‘We must versary event for Schengen this year.
Some European diplomats inter-
block the preted Ms Merkel’s warning over Schen-
road to gen as a way to encourage more burden
sharing from the east, rather than a real
those who threat to Schengen principles.
say that the “This is probably one of the most pop-
ular achievements of the union,” said
Schengen one EU official. “The security threats
Agreement and migration problems would need to
be overwhelmingly serious, of existen-
should be tial proportions, before anyone would
revised’ consider anything so serious.”
China turns
up heat on
executives
after market
volatility
PATTI WALDMEIR — SHANGHAI
Beijing intensified its clampdown on
stock market impropriety and
rumour-mongering yesterday as the
whereabouts of one of China’s leading
hedge fund managers remained
unclear.
The husband of Li Yifei, Man Group
China head, denied that she was in
detention. An earlier Bloomberg report
saying she had been taken into custody
by police in connection with the stock
market probe into market volatility was
“not accurate”, Wang Chaoyong, Ms Li’s
husband, told the Financial Times.
“Li is in a meeting with [financial
industry] authorities at the moment in
the suburbs of Beijing,” he said, adding
that the meeting was continuing from
Monday and that “it sounds like there
are a lot of people attending from for-
eign financial institutions”.
Mr Wang said he did not know the
purpose of the meeting, adding “it is
confidential, they are not allowed to
turn on their phones”. But he said such
encounters between foreign businesses
and the Chinese market authorities
were normal and he did not appear dis-
tressed about his wife’s situation. “I
talked to her yesterday morning and the
day before,” he said. “I haven’t talked to
her today.”
Man Group declined to comment on
the situation.
Questions over Ms Li’s whereabouts
come after authorities turned up the
heat on other prominent figures, includ-
ing four executives of Citic Securities, a
financial journalist and an official of the
China Securities Regulatory Commis-
sion, the market watchdog. China’s pub-
lic security bureau did not immediately
respond to requests for comment.
Authorities have blamed market
manipulation and foreign forces as the
market slumps. The Shanghai Compos-
ite index is down more than 40 per cent
from its June 12 peak, prompting a
series of detentions alongside technical
measures designed to reverse the slide.
Ms Li leads the China business of Lon-
don-listed Man Group, the world’s larg-
est publicly traded hedge fund. A kung
fu expert who once worked as a stunt
double in martial arts, she previously
held senior roles in China for US enter-
tainment groups MTV and Viacom.
But Man Group does not run a trading
desk or make investments from its Chi-
nese office, and fewer than five people
are employed there. Ms Li’s role is to sell
Man Group funds to Chinese institu-
tional investors.
The group first received permission to

Protest as Continued from Page 1

European civilisation and linked immi-

bound for Vienna and Munich. Austrian
authorities issued orders to halt the
trains but more than 3,500 migrants
fence at the frontier. Hundreds have
been camped at Keleti station for weeks,
while police have prevented those with-
made clear that Europe’s “Dublin regu-
lation”, which requires migrants to seek
asylum in the member state in which
market its funds in China from the gov-
ernment under the so-called QDLP pro-
gramme, which was launched in 2013.
police seal grants with terrorism and violent crime,
will meet Jean-Claude Juncker, the com-
reached Vienna, with most travelling on
to Germany. Austrian police refrained
out passports and visas from boarding
trains out of the country.
they first arrived, remained in place.
At Keleti station, Muhab, an English
The programme allowed approved for-
eign hedge funds to raise up to $50m in

off route mission president, in Brussels tomor-

row, as divisions over an EU migrant-
sharing scheme widen.
to Germany Natasha Bertaud, a commission
spokeswoman, said it was recognised
that Hungary was in a “serious and
pressing situation” and tomorrow’s
talks would focus on assistance from
Brussels in managing the daily inflow of
more than 3,000 migrants.
The closure of the station came a day
after thousands of migrants over-
whelmed police and boarded trains
from imposing systematic controls,
local media reported.
Hungary summoned France’s ambas-
sador to Budapest to the foreign ministry
on Monday, rejecting as “ignorant” and
“insensitive” comments by Laurent
Fabius, the French foreign minister, in
which he described Hungary’s rejection
of the EU migrant quota system as “scan-
dalous”andoutoflinewithEUvalues.
More than 50,000 migrants crossed
the EU’s external borders into Hungary
in August, scaling a 175km razor-wire
Johanna Mikl-Leitner, Austria’s inte-
rior minister, called on Germany to
launch an “information offensive” in
Hungary to correct misinformation
about the treatment of refugees.
Germany’s help for Syrian migrants
had created “enormous expectations”,
not least among those already registered
in Hungary. Rumours had even spread
on social media about Berlin sending
special trains to Budapest, reported offi-
cials in Vienna.
Ms Mikl-Leitner said it had to be
teacher from Idlib, a town in a part of
Syria run by Islamist militants, said he
had bought a ticket to Austria when
authorities told him he would be
allowed to travel.
“I don’t know what I will do now.
There is no way I will remain in this
country,” he said. “No one can imagine
what it is like in Syria, to be attacked for
four years, to have no water or electric-
ity. One of my friends has lost one arm
and one leg. He stayed behind but I had
to leave. Where will I go now?”
assets in mainland China.
Man’s current assets in China make up
less than 1 per cent of its near $80bn in
total assets. Its Asian trading all takes
place from its office in Hong Kong.
Markets are in febrile mood as more
market participants and observers
become ensnared in various probes.
Nearly 200 people have been punished
for online rumour-mongering, state
news agency Xinhua has reported.
Additional reporting by Jackie Cai
Martin Wolf page 11

Papal ‘indulgence’

Pope allows priests to forgive women who have had abortions

JAMES POLITI — ROME
Pope Francis will allow priests to for-
give women who have had abortions,
marking one of the boldest moves yet
by the 78-year-old Argentine pontiff to
soften the tone of the Catholic Church
on a highly contentious social issue.
The move by Pope Francis will bolster
his credentials as a reformer ahead of
his first visit to the US this month, and is
likely to draw cheers from liberal Catho-
lics but raise eyebrows among conserva-
tives.
Pope Francis announced the decision
in a letter released by the Vatican yes-
terday, in which he outlined measures of
“indulgence” that would be in place dur-
ing a special jubilee year due to begin in
December.
“The forgiveness of God cannot be
denied to one who has repented, espe-
cially when that person approaches the
sacrament of confession with a sincere
heart in order to obtain reconciliation
with the Father,” Pope Francis wrote.
“I have decided . . . to concede to all
priests for the Jubilee Year the discre-
tion to absolve of the sin of abortion
those who have procured it and who,
with contrite heart, seek forgiveness for
it,” he added.
Although Pope Francis’s statement
does not affect Catholic teaching, which
states that abortion is a sin, it will make
it easier for women who have had abor-
tions to remain faithful and not be ostra-
cised. Previously, in rare cases, women
would have to seek consent from a
bishop, who would probably be less
accessible, in order to be absolved.
Pope Francis said the looser guide-
lines reflected an acceptance of the
moral dilemma facing many women.
Pope Francis says he recognises the ‘moral ordeal’ of abortion — Max Rossi/Reuters
“I am well aware of the pressure that
has led them to this decision. I know
that it is an existential and moral ordeal.
I have met so many women who bear in
their heart the scar of this agonising and
painful decision,” Pope Francis wrote in
the letter to Archbishop Rino Fisichella,
president of the Pontifical Council for
the Promotion of the New Evangelisa-
tion.
The Pope’s move on abortion follows
his attempts to set a less rigid tone from
the Vatican on other contentious social
matters. In 2013, Pope Francis asked
“who am I to judge?” in response to a
question about gay priests, in what was
widely interpreted as the first step in a
shift towards more tolerance of homo-
sexuality. The pontiff also keeps push-
ing hard for the Church to allow
divorced and remarried Catholics to
receive communion.
The Pope’s decision — which Vatican
officials said would only apply to the
jubilee year for now — comes as the US
heads into a presidential election season
in which abortion has already flared up
as a heated political issue. Republicans
are pushing for the government to
defund Planned Parenthood, the
women’s healthcare provider that offers
advice on the procedure, which is being
resisted by Democrats.
Some Vatican analysts said the word-
ing of the Pope’s message could be read
to include abortion providers as well as
the women who receive them.
The Pope’s call for “mercy” during the
jubilee was not confined to abortions.
He also said Catholics could be validly
confessed by a priest from the breaka-
way traditionalist Fraternity of Saint
Pius X, which opposed the reforms of
the 1960s-era Second Vatican Council.
8 ★ FINANCIAL TIMES Wednesday 2 September 2015
Wednesday 2 September 2015
The disaster in Tianjin has cast a spotlight on the impact of industrial pollution on China’s soil, a $1tn
problem that causes serious illnesses and contaminates crops. But can Beijing afford to clean it up?
Ground operation
T
he chemicals warehouse
explosions in the port city
of Tianjin last month
reached straight into Yan
Hongmei’s apartment, frac-
turing her mother’s pelvis when a win-
dow frame crashed on to her bed. A few
days later, rain sprinkled the city with
foamy yellowish flecks. The day after
that, thousands of dead fish turned riv-
erbanks into a silvery-white mass.
“They say there are no problems now,
but what about the future? What if our
children will be affected down the
road?” she said as she begged officials to
buy her home. “We are afraid of the pol-
lution posed by chemicals. Even though
they say there is no pollution and it is
safe, we still believe pollution exists.”
The fallout in Tianjin — from air, to
water, to soil — is mirrored in industrial
pollution across China. The thick smog
that blocks the sun and causes hospital
admissions to rise, often dubbed the
“smog-ocalypse”, makes headlines
worldwide. Rivers sometimes inexplica-
bly turn red, plagues of dead fish can
materialise overnight and algae blooms
turn lakes bright green.
But soil pollution — invisible, its
effects lingering long after the original
polluter is gone — may be the thorniest
problem of them all.
Faced with public discontent, Beijing
has started to address air pollution by
modernising factories and moving coal-
consuming industries away from cities.
By 2020, many major waterways are
supposed to meet new drinking water
standards. Some of these remedies may
be counter-productive, since moving
polluting factories to the hinterlands
can have the perverse effect of fouling
air, soil and water closer to river sources.
Yet the government is only now begin-
ning to grapple with soil pollution, after
years in which experts struggled to
bring attention to the issue.
In 2004, workers digging Beijing’s
Songjiazhuang subway station were poi-
soned by gases leeching from an aban-
doned pesticide plant. That sparked
China’s first regulations on decontami-
nating abandoned industrial sites.
Recent incidents, including cyanide
contamination after the Tianjin blasts,
are raising public awareness.
“China has entered its Love Canal
era,” says Lan Hong, a professor at Ren-
min University’s School of Environment
and Natural Resources, who is drafting a
plan to finance China’s soil pollution
clean-up. The 1970s discovery that the
Love Canal neighbourhood near Nia-
gara Falls was built on toxic waste led to
the US “Superfund” for brownfield sites.
China needs Rmb7tn ($1.1tn) to clean
up soil pollution, equivalent to one-
third of its entire foreign exchange
reserves, if it uses practices developed in
the US and Japan, Ms Lan estimates.
“China can’t afford it,” she says.
The Chinese central bank estimates
that the environment ministry’s targets
★ † FINANCIAL TIMES 9
FT BIG READ. ENVIRONMENT
By Lucy Hornby
Decontaminating the ground of
cyanide and other chemicals after
the explosions in Tianjin. Recent
incidents are raising awareness of
soil pollution — AFP/Getty Images
Soil pollution by type
for cleaner air and water alone require lution and of the misuse of agricultural Pollution by zone type Poisoning by lead, cadmium or other
Percentage that exceeds standard limits Rmb2tn a year over the next five years, inputs like pesticides and fertiliser will % of sample areas found to be polluted metals particularly harms the young.
although the central bank wants “green become the next big stage in the food Riots by parents of poisoned children
financing” to relieve government cof- safety debate,” says Xu Liqing, who Abandoned 34.9 add social unrest to the long list of rea-
48 28
fers. A soil pollution action plan in the researches food safety and environmen- industrial land sons for covering up the extent of soil
Cd Ni works will also involve significant tal issues at Jiangnan University School Mining areas 33.4 pollution. “Access to information is cur-
7% 4.8%
Cadmium Nickel
budget allocations during the next five- of Business. rently limited for the bottom 40 per
year plan from 2016-2020. Otherwise, Worried about sales of rice and other Industrial parks 29.4 cent, who are known to be relatively
Ms Lan says, at current spending of crops, Hunan’s provincial government more exposed to degraded or highly pol-
Irrigation areas
48 28 about Rmb40bn a year, sorting out soil has been vague about where exactly the using wastewater 26.4 luted areas than other population
Cadmium Nickel
Cd
Used in pigments Ni
Used in stainless
pollution “will take us 1,000 years”. contamination lies. It is not alone. groups,” the World Bank wrote when it
Oil producing 23.6
batteries;7% In 2014, China finally published a provided a $15m grant this April to
28produced 4.8%
Cadmium Nickeland alloys; regions
and
48
steel Redevelopment concerns $150m national soil pollution survey clean up former pesticide factories.
byproduct of coal or by burning Solid waste 21.3
Cd
zinc mining and
48 28
Ni
oil and coal. Can “Green financing” only goes so far. from 2006-2011 that had been classified treatment plants The “bottom 40 per cent” are the only
phosphate
Cadmium fertilisers. cause
Nickel rashes and Investors can charge for treated waste- as a “state secret”. Officials and experts people living in the village of
Cd 7%
Can cause painful Ni
lung damage4.8% water, but there is little return on soil were “really tense” before the report’s
Highway sides 20.3
Zhengjiang, tucked between an aban-
33
joint swelling and 29Nickel
7% 4.8%
Cadmium
remediation. “The biggest challenge is release, one insider says, fearing it doned chemicals compound and the
As
bone deformities, Cu financing. Where’s the money coming would harm agricultural trade. Hunan’s Source: Chinese Ministry of Environmental Protection
high levees of the Xiang river in Hunan.
especially 2.7%
Arsenic in old Copper
2.1% from?” one businessman says. reputation for “cadmium rice” has hurt Crops used to die when heavy rains
women
One funding source is developers sales, many believe, even though official require different chemicals, complicat- washed soot from the complex into the
who, according to World Bank studies, statistics show output has risen since ing the scalable solution that bureau- fields. Now they grow better, explains
33 29 should be willing to clean up contami- the Caixin report. crats want. Mr Yang, a local scrap dealer, while his
As Cu nated urban sites to raise the value of The findings were alarming: nearly Every approach to solving the prob- mentally handicapped teenage assistant
33
Arsenic
2.7% 29
Copper
2.1% their land. But that idea has yet to bear one-fifth of arable land was contami- lem involves a trade-off. “China’s at the grins behind him.
fruit. A special fund was created for one nated. There was no indication of how stage where it’s trying to assess the mag- Zhengjiang’s first plant opened in
As
33Arsenic
Cu
29Copper
flagship site, the blackened former cam- the contamination was distributed, or nitude of the problem,” says Scott Stefl, 1980. Soon 20 different processors
2.7% 2.1% pus of Shougang Steel in Beijing, after where the hotspots are. general business director for Peroxy- spewed smoke into the air and fouled
As
Arsenic Cu
Copper
Shougang balked at spending $800m to The concern over contaminated crops Chem, which manufactures products the river and fields. “Back then, no one
80Arsenic
Used
2.7%
in gold mining, 82
Used
2.1%
in wiring, pipes
Copper
rehabilitate the land. reflects urban citizens’ ability to set the that fix metals in the soil. “There’s no sil- cared if it was poison or not. They only
Hg
wood treatment,
animal feed and
Pb
and alloys. Appears
inLead
dust from mining When housing has been built near national agenda. That partly explains ver bullet.” wanted the money,” Mr Yang says.
1.6% 1.5%
Mercury
poisons. Seeps from and smelting and reclaimed sites, there are scant profits the preference for moving polluting The fern gently spreading its fronds at Eight years ago, a provincial environ-
mining waste. leaches from for developers. China’s largest clean-up plants away from prosperous cities to Mr Chen’s office at CAS represents mental team arrived to test the village
Withers crops and agricultural use. Can project to date, a former coking plant in areas where regulations are laxer and another hope. Phytoremediation — the well. They were so horrified that they
can
80 cause cancer 82cause diarrhoea and Beijing, is ringed by low-income apart- people are too poor to complain. use of plants to suck heavy metals from cemented it up. Yellow bubbles used to
nausea
Hg Pb ments housing Beijingers forced out of While citizens worry about food and fields and paddies — promises a cheap appear in boiling water, says a shop-
Mercury
1.6%
Lead
1.5% historic hutong neighbourhoods. Bitter air, the risks linger in drinking water and effective solution. It also carries keeper whose wife, daughter and baby
80 82 residents spend three times their subsi- and soil. Heavy metals are inhaled with risks. The crop must be burnt and bur- granddaughter have stuck with bottled
80
Hg Pb
82Lead
dised rent on bottled water. the dust that children kick up as they ied, or the heavy metals will re-enter the water ever since.
Hg 1.6% Pb 1.5%
Mercury Yet even if urban industrial sites do play, motes that are stirred by farmers’ soil. Rice is particularly suited to The chemical plants left Zhengjiang
begin to sprout luxury apartments, soil hoes and passing cars. In one Hunan val- absorbing heavy metals, but what if two years ago. “They went somewhere
24Mercury
1.6% 30 Lead
1.5% pollution will still blight rust belt towns ley hit by an arsenic spill, villagers were someone sells the tainted crop? in the mountains, where people aren’t
Cr 1.1%
Mercury
Used in fluorescent
Zn 0.9%
Lead
Used in batteries,
and prime farmland. “The US and told not to eat local crops or drink local Some badly contaminated villages are crowded up against them like here,” Mr
Chromium Zinc
bulbs, chemicals, paint and solder. Europe have a lot of brownfield sites but water. Four years later, babies’ hair sam- switching to ornamental crops, like Yang says. Remediation plans posted
coal burning and Comes from coal China is different, because a lot of its ples showed the same elevated levels of flowers or saplings, that cannot be online by the Xiangtan government
gold production. burning, coal and agricultural land is polluted,” says Chen arsenic as the adult population. eaten. That preserves agricultural include transforming the area into a
Can
24 cause fatigue, metals mining and
30 Tongbin, director of the Center for Envi- income but does not address health “service industry hub”. One retired vil-
‘Burn and bury’
1.1%
deformities and
Cr
insanity 0.9%
smelting. Can cause
Zn
learning deficiencies
ronmental Remediation at the Chinese risks. And it cannot be applied broadly lage cadre was vaguely aware of plans to
Chromium Zinc Academy of Sciences. Japan’s version of Love Canal was cad- without denting food production. relocate. No one else had been told.
and stomach pains
24 30 Beginning in the 1950s, central plan- mium and mercury poisoning that came Slower, cheaper options carry hidden A few months ago, the villagers
24
Cr 1.1% Zn
30Zinc
0.9% ners built heavy industrial plants deep to light in the 1960s. Remediation meth- costs. The longer it takes to treat a plot, noticed a team testing the ground. One
Chromium in the countryside. Winds and rain car- ods there, like the US, involve scraping the longer that land is idle. Even the gen- said he was testing for soil pollution. Vil-
Cr 1.1% Zn 0.9% ried black smoke and dust into sur- up contaminated soil, burning it and erous cost estimates developed by Ms lagers have not heard anything since.
Chromium Zinc rounding towns. Worse, irrigation burying it — or in some cases dumping it Lan of Renmin University do not Additional reporting by Owen Guo
canals distributed wastewater from deep at sea. That approach is ill-suited include compensation for lost harvests.
Chromium Zinc
Used in stainless Used in galvanised
mines and smelters into fields miles to contaminated farmland. The burn- That means that Chinese farmers
steel and alloys. steel and alloys. away. When economic reforms kicked and-bury method can cost $47,000 per might oppose removing the pollutants
Found in waste from Released in mining off in the 1980, farmers over-applied hectare. With farming already banned that are slowly seeping into their own
tanning. Hexavalent and smelting waste pesticides and fertiliser to combat from an estimated 3.3m hectares in bones and blood. Even stunted crops
chromium is toxic and in coal burning. stunted yields from dead soil. China, the bill would be astronomical. can be sold, and many in the country-
Can cause anaemia A growing recognition that soil pollu- There is also the question of oversight. side have no other source of income.
and damage the tion contaminates water, which in turn An economic slowdown has turned real Expensive issue Campaigners hope
pancreas and kidney
pollutes farmland, has forced Beijing to estate developers into soil remediation Relocation issues there will be significant budget
speed up its soil pollution plan, rather contractors. If untrained or unscrupu- A decade ago, heavy metal concentra- allocations for treating soil pollution in
than tackling air, then water and leaving lous contractors cut corners by improp- tions in the Xiang river prompted the next five-year plan from 2016-2020
soil for last. erly sealing incinerators or neglecting to Hunan’s government to relocate metals
In 2011, Caixin magazine shocked the line burial pits, pollutants would re-en- processors from two cities, Xiangtan Laying waste Last year Beijing finally
nation with its cover photo of a rice ter the air, water and ground. and Zhuzhou, to protect drinking water published a 2006-2011 soil pollution
plant, the grain turned a silvery metallic Another method under trial is the use in the capital, Changsha. Upstream cit- survey showing that nearly 20% of
colour. It revealed that rice from south- of chemicals to fix metals in the soil. ies like Hengyang enthusiastically wel- arable land was contaminated
ern Hunan province, the top producer, Chinese experts are divided on the comed the factories as a boost to growth.
was contaminated with cadmium. results. Some recoil at curing soil pollu- Last year, children living near one Search for solutions Remediation
The report hit a nerve with city dwell- tion by injecting more chemicals. Also, Hengyang plant tested for high levels of methods include ‘burn and bury’
Sources: US Centers for Disease Control and Prevention, ers already anxious about food safety proper application requires skilled lead. The city pledged to move it again, techniques, fixing metals in the soil
US federal agencies
and persistent smog. “The effects of pol- workers and different pollutants to the other side of town. and phytoremediation
10
WEDNESDAY 2 SEPTEMBER 2015
Cameron wisely refrains
from fighting old battles
Leave rows about the EU social chapter to nostalgic eurosceptics
Asked to condense into one phrase
what is worst about the European
Union, many Conservatives would
plump for “The Social Chapter”. Cover-
ing labour law, equalities and more, its
insertion into the 1992 Maastricht
treaty marked the EU’s evolution from
a largely economic enterprise into a
grander and much more political one.
For the UK government it was an
encroachment too far, and then-prime
minister John Major held up the Maas-
tricht treaty until securing a broad opt-
out. But Tony Blair, his Labour succes-
sor, wasted little time reversing this
opt-out, drawing a line that still divides
British politics.
David Cameron, the prime minister,
has vowed to redraw the UK’s relation-
ship with Europe, and many of his col-
leagues — not least London Mayor and
leadership hopeful Boris Johnson — call
for a new opt-out from EU labour mar-
ket rules to be top of Mr Cameron’s
wishlist. The years after Maastricht
saw a flow of directives from Brussels,
each new imposition eliciting grumbles
about the damage being wreaked on
the UK’s lightly regulated labour mar-
ket. In 2007 Mr Cameron vowed to pull
Britain from the social chapter if he
ever made it to Downing Street.
In office the prime minister has been
more circumspect, and for good rea-
sons. The clearest of these reflect real
politik. Mr Cameron knows how
unpopular a fresh derogation for Brit-
ish companies would be with his EU
peers, particularly in light of the high
unemployment besetting the conti-
nental economy. The UK’s humming
labour market already draws workers
from across Europe. Lighten its rules
and the flow would only increase.
This leads to a second good reason
for downplaying the issue: whatever
the complaints of business, none of
Europe’s demands have served to cal-
cify the British labour market to the
Canada needs to discover
its global role once again
Party leaders in the general election campaign are yet to inspire
As a rule, governments prefer to face
re-election when the economy is
expanding. Stephen Harper, Canada’s
Conservative prime minister, who has
called a general election for October 19,
is not going to enjoy that luxury. Data
published on Tuesday showed the
Canadian economy contracting for two
consecutive quarters in the first half of
2015 — the technical definition of a
recession.
Even with a growing economy, Mr
Harper’s aim would still be ambitious:
he wants to be the first prime minister
in Canada’s history to win a fourth con-
secutive term. Yet both of his principal
rivals — Tom Mulcair, leader of the
insurgent New Democratic party, and
Justin Trudeau, Liberal party leader —
suffer from clear weaknesses. Canada’s
electorate faces a quandary familiar to
other democracies: the incumbents
may be unpopular but the alternatives
fail to inspire.
The best to be said for Mr Harper is
that he has yet to set out a persuasive
case for a return to office. Canada was
widely praised for having avoided the
worst of the 2008 crisis because of its
preference for tightly regulated (“bor-
ing”) banking. Ottawa deserved plau-
dits. But Mr Harper’s government
failed to build on its good fortune.
The Canadian economy’s growth
since then has mostly been driven by
the global commodities boom that
delivered big windfalls to its gas, oil and
mining sectors. In the past 12 months
that has gone into reverse. The result-
ing fall in the Canadian dollar, which
has depreciated by almost 20 per cent
against the US dollar since 2014, has
failed to stimulate export growth. Can-
ada’s once muscular auto-sector is suf-
fering. Ironically, the only thing that
has kept Canada from a full-blown
recession is a US-style housing bubble.
Mr Harper offers little new to redress
Canada’s structural weaknesses. Yet
degree warned by doomsayers. The
Working Time Directive, which guar-
antees holiday time and limits workers
to a 48-hour week, is another Conserv-
ative bugbear. But given how workers
can opt out of the 48-hour rule, there is
little evidence that it has causes meas-
urable harm. Likewise the Agency
Workers Directive, which entitles tem-
porary or outsourced employees to
similar terms to those enjoyed by per-
manent staff. No doubt each restrict
businesses’ room for manoeuvre but
the cost is less a hit to the economy
than an enforced transfer from compa-
nies to their staff.
This highlights a third reason that
those clamouring for a regulatory roll-
back should be ignored: the politics of
labour regulation has shifted dramati-
cally. In July, George Osborne, the
chancellor, unveiled a minimum wage
set to rise almost £2 above the prevail-
ing rate. This is an imposition that
dwarfs anything to have emanated
from Brussels. When defending
attempts to restrict overseas labour,
Tory politicians even decry the way
competition corrodes pay for the less
well-off — a position more often associ-
ated with the anti-globalisation left.
These sharp, albeit haphazard shifts in
Conservative thinking provide a weak
basis for a negotiating strategy built
upon a rollback of EU labour rules.
Two decades of economic change
render arguments about the social
chapter somewhat atavistic. Dreamt
up when unions were strong and econ-
omies still prone to the occasional
wage-price spiral, its principles look
outdated in a world of globally mobile
labour, zero-hours contracts and Uber.
Right-leaning eurosceptics of a nostal-
gic bent will continue to gnash their
teeth about the imposition of “social
Europe”. But Mr Cameron should save
his negotiating capital for battles of
greater significance.
neither of his rivals is doing much bet-
ter. In many ways, Mr Mulcair’s NDP is
Canada’s answer to the populism con-
vulsing other western nations. Once a
party of socialist also-rans, the NDP
shocked Canadians this year when it
swept provincial elections in Alberta, a
former conservative bastion that is
home to most of the nation’s vast oil
sands reserves. Alone among Canada’s
big parties, the NDP opposes the Key-
stone XL pipeline to the US, offering a
trans-Canadian pipeline instead.
Mr Mulcair supports restoring Can-
ada’s leadership on global warming. Yet
his economic plans are confusing. He
promises to raise Canada’s corporate
taxes to the OECD average and balance
Ottawa’s budget. This makes little
sense when a slowing Canada needs
stimulus. Fiscal retrenchment would
also undercut the Bank of Canada’s
recent monetary easing. Nicknamed
“Angry Tom”, there are also questions
about Mr Mulcair’s temperament.
There are also persistent doubts
about Mr Trudeau’s ability to lead Can-
ada. In spite of his Hollywood good
looks and pedigree — many viewed his
father, Pierre Trudeau, as Canada’s
greatest modern leader — he has failed
to set out a coherent plan to revive
growth. He is also seen as an intellec-
tual lightweight. Polls show a tight
three-way race with the Green Party of
Canada coming a distant fourth. Coali-
tion may be the most likely outcome.
Whatever the result, Canada’s next
government must repair the country’s
global standing. Mr Harper withdrew
Canada from the Kyoto agreement on
climate change and ended the coun-
try’s leadership in multinational peace-
keeping operations. If he keeps his job,
that is unlikely to change. Yet neither of
his rivals has spelt out a compelling glo-
bal role for Canada. So far no one
deserves to win Canada’s election. They
have seven weeks to turn that around.
★★★ FINANCIAL TIMES
Is pleasing the client coming before standards?
Sir, Your Big Read article “Accounting
for change” (August 28) accurately
portrays the risks of potential conflicts
of interest among the Big Four
accounting firms that now derive the
majority of their revenues from non-
audit services, including consulting.
However, there are equally troubling
risks of potential “conflicts of
incentives” among the Big Four’s
competitive but non-audit consulting
firms.
How objective and independent are
they with respect to the advice they
give their most lucrative and largest
clients about these clients’ strongly-
Europe, unprepared and
paralysed, needs its own
version of US’s Ellis Island
Sir, The appalling scenes we have seen
on Europe’s borders in recent months
contrast shamefully with the approach,
however imperfect, to managing mass
immigration into the US in the past
century and a half.
Despite many years of warnings and
much policy chattering in European
political circles about the prospect of
humanitarian crises on Europe’s
southern and eastern flanks leading to
the scenes we are now witnessing daily,
the member states and institutions of
the European Union appear utterly
unprepared and indeed paralysed in
inactivity and divided in their
approach, with no semblance of a
coherent European approach to
managing immigration in sight.
The “United States of Europe” in this
respect at least is proving a dismal
prospect as a beacon of hope, leave
alone offering a vision of a dynamic
melting pot in which those, irrespective
of ethnic origin and class, who are
determined to survive can thrive
through hard work and initiative, as
earlier generations did who arrived on
Americas shores.
Europe cannot reinvent itself as
America in its golden age — our history
weighs Europe down in this respect,
and our geography presents additional
challenges. However, why even aspire
to “ever greater union” if “Europe”
cannot organise the most basic of
approaches to immigration at its
borders?
James Stuart
London SW10, UK
Wrong framework for
renminbi as reserve
Sir, Much ink has been spilled on
financial pages lately to divine the fate
of the renminbi. Outsiders might care
about the currency because of
international competitiveness. China
cares about it as a matter of
international status, aspiring for the
renminbi to join the US dollar as a so-
called reserve currency or universally
accepted store of value and purchasing
power.
Simply put, the scale of the Chinese
economy is consistent with reserve
currency status, but its current
financial policy framework is not.
Reserve currencies are technologies for
managing international financial
liquidity and risk, and their adoption is
a voluntary global process responding
to the quality of these two services.
Over a realistic medium-term
For a successful
relationship it
helps if you are
technically
compatible
Notebook
by Lisa Pollack
Letters
held favourite strategies and
operational tactics? In particular can
they be trusted when they make
pronouncements related to the value of
the activities of these clients in the
context of controversial issues of public
policy and regulation? Will they risk
losing these clients and their fees to
another consultant that is prepared to
indulge their beliefs?
McKinsey was a cheerleader for one
of its major clients, Enron, and its off
balance sheet financing and business
model. Some economic consultancies
are notorious for their reliable well-
funded support of major corporations’
horizon, the best approach to
promoting internationalisation of the
renminbi is to improve the currency’s
international liquidity and risk
characteristics through more
determined financial sector reforms,
including capital account opening,
interest rate deregulation, central bank
independence, and greater
participation of private sector in
financial sector.
David Roland-Holst
Professor,
Depts of Economics and Agricultural and
Resource Economics,
University of California — Berkeley, US
Odds distinctly against
the Tesla speculators
Sir, With reference to Philip Delves
Broughton’s “To be rational about Tesla
is to miss the point” (August 27): the
investment battlefield is littered with
the share price wrecks of unprofitable
businesses that speculators hoped
would someday be able to turn
aggressive revenue growth into cash
profits, in spite of no demonstrated
ability to do so.
Amazon is the one notable long-term
success story of such wishful thinking.
Yet the jury is still out, in that in spite
of its explosive sales growth over the
years, profitability of any meaningful
magnitude has yet to materialise. The
best that can be said of Amazon stock
is that it is a triumph of investor
optimism and a sustained suspension
of disbelief over the financial gravity
that fells the vast majority of shares in
such profitless enterprises.
If you choose to speculate in Tesla
stock, understand that the odds are
distinctly against you. Do so for vanity
or entertainment, just don’t expect to
make any money.
Daniel Mauro
Chicago, IL, US
The pioneers of Uganda’s
modern medical practice
Sir, As a Ugandan-born British citizen, I
welcome the report that MBA students
are to help develop a business plan to
help caregivers in Uganda gain access
to vaccines for their children.
Their commitment to saving life
brings back fond memories of Dr Sir
Albert Cook and his colleagues from
Church Missionary Society who
pioneered modern medical practice in
Uganda when they set up the present
Mulago and Mengo hospitals in late
1880s. The Church Missionary Society’s
medical files contain revealing
correspondence, including the
comment by the katikiro (prime
minister) of Buganda, who spoke of the
With an even voice that tries to
withhold judgment but strains with
scepticism, my boyfriend asks: “You’re
not working, I hope?” During a lull in
our conversation over dinner in a local
restaurant, I rather foolishly pick my
phone out of my pocket, unlock it
with one hand, and yes, while holding
it below the table I coolly try typing a
quick response to a work-related
email. “Um, maybe?” I manage, as I
hit send and put the phone away.
Thankfully, over the course of our
relationship, I’ve discovered that we
have almost identical tech drives.
Aside from some differences of
opinion when it comes to the use of
phones in public spaces, our screen
habits are strikingly similar in terms
of time spent and content consumed.
It prompts daily discussions (“Hey,
did you see that story on Reddit?”). I
wonder if we would have lasted if we
weren’t so technologically compatible.
And yet, attitudes about phones
and laptops weren’t a discussion like
religion or children when we started
going out three years ago. Such
weighty topics generally come front-
loaded in the dating lives of
thirtysomethings. That tech habits
didn’t feature in the “Hey, so are we
wasting our time?” discussion seems
unwise given the degree to which
people now use gadgets in the
presence of others.
In any case it turns out that 62 per
cent of Americans agree with my
boyfriend that using a mobile in a
restaurant is not “generally OK”. This
leaves fully 38 per cent, who think it is
resistance to regulation, misusing the
tools of statistics (correlation does not
prove causation) and invoking flawed
economic theories of rational markets
and behaviour. They ignore Oscar
Wilde’s wise observation about being
able to resist everything except
temptation.
Professional standards and ethics
seem to have limited and diminishing
influence in the face of a risk that a
client may be displeased with the
outcome of an analysis and terminate a
sizeable stream of fees.
Martyn Roetter
Boston, MA, US
‘I prefer the modern’
“immense debt the country owed to Dr
Cook and his team in combating
epidemic diseases and infant
mortality”. Since then, the two
hospitals have trained tens of
thousands of medical professionals and
saved millions of Ugandan lives.
Today, Ugandans will owe no less a
debt to these MBA students who are
travelling to the country at a time when
access to medical services is rapidly
declining in inverse proportion to the
exploding population, which has
quadrupled from 9m at independence
54 years ago to 36m.
Sam Akaki
Director, Democratic Institution for
Poverty Reduction in Africa (DIPRA),
London W3, UK
Tactical voting in
wide open primaries
Sir, Paul Collier’s proposal, in “The
Labour party is too big to fail — just
like banks” (August 31), that “the
selection of leaders of systemically
important parties [should] be opened
to the entire electorate”, is open to the
objection that it would create an
incentive for Labour voters to vote for
the worst Conservative candidate, and
vice versa. Thus on March 3 2008 Rush
Limbaugh, the radio talk show host,
advised his 13m listeners to “hold their
noses”, participate in the March 4
Democratic primaries, and vote for
Hillary Clinton.
True, it could also create an incentive
to vote for the best candidate of the
opposite party, but is that a reasonable
bet?
Jon Elster
Columbia University,
New York, NY, US
OK, for me to have dinner with (but
I’m sure none are as interesting as my
boyfriend, of course). These statistics
were published last week in a report
covering the findings of a survey on
“mobile etiquette” conducted by the
Pew Research Center. The report does
not, however, go into attitudes about
device usage within couples. For that,
one has to turn to academic studies.
In the International Journal of
Neuropsychotherapy in 2014,
researchers from the University of
Queensland outlined an investigation
into the impact of the use of PCs,
laptops, smartphones and televisions
on couples. They posit that “if one
partner in a relationship disengages
from a face-to-face interaction while
engaging in technology (ie, the
laptop), the other partner may
experience a sense of threat to their
need to feel attached and in control of
that relationship”.
The degree to which this threat is
experienced appears to be at least
partly related to the manner in which
the device is used. This was illustrated
by the results of a survey the
researchers did of 21 heterosexual
couples. The couples had a mean age
of 31 and had been together for an
average of approximately six years.
Interestingly, those who reported
high levels of engagement and
interaction with their partner when
using devices, also tended to report
higher satisfaction, agreement and
more positive feelings about their
relationships.
I believe I recently observed
Wednesday 2 September 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
The 5% Club needs
more support if it is
to make a difference
Sir, With 738,000 unemployed young
people in the UK, both the public and
private sectors need to work harder to
tap into this pool of talent, and we
believe apprenticeships and graduate
programmes are the best way of doing
so.
The government, while setting
targets, agrees that the ambition can
only be achieved with all employers,
both public and private sector, playing
a full part, as recently stated by skills
minister Nick Boles.
This is why, in 2013, we launched
The 5% Club, inviting British
businesses to join us in setting the
commitment that 5 per cent of our UK
workforce will be on apprenticeship or
graduate training schemes within a
five-year timeframe.
Launching with our founding
organisations and supporters, nearly
two years on we were delighted to
welcome our 100th member last
month.
It’s a self-rewarding process —
apprenticeship and graduate training
programmes provide an abundance of
training benefits, close skills gaps and
provide the leadership for the future.
We have critical mass, but we still
need more support to make a
difference. It is in the power of every
business to join us in the 5 per cent
commitment and see for themselves
the positive difference this can make,
not only for our businesses but for the
future of our young people.
Dave Armstrong
Managing Director, MBDA UK
Allan Cook
Chairman, Atkins
John Cridland
Director-general, CBI
Paul Kahn
President, Airbus Group UK
Prof Uwe Krueger
CEO, Atkins
Sir David McMurtry
Chairman and CEO, Renishaw
Leo Quinn (founder)
CEO, Balfour Beatty
Peter Rogers
CEO, Babcock International Group
Steve Wadey
CEO, QinetiQ
Founding companies and supporters
Hereditary peers have
a system that works
Sir, 92 members of the House of Lords
are elected: the electorate are the
hereditary peers. Since 2002, when one
of them dies a by-election is called and
they elect another peer. In my
experience this group are
representative and work hard in the
widest interests of this country. I would
suggest that their numbers should be
increased to 100 for good behaviour —
their system works!
The life peers could take a leaf out of
the hereditary peers’ procedures and
be asked to elect just, say, 300 of their
members to sit in the House of Lords.
The new creations would be included
in the electorate and the Lord of the
Moat might, for example, not be
picked! This would incidentally give
those life peers who are infirm or who
do not attend a chance to retire
gracefully by not standing for election.
The House of Lords would be then
consist of 400 and be all elected.
John Newman
Thornford, Dorset, UK
evidence of this in the wild at a
wedding celebration at a stately hotel
just outside Bath. Several times at the
event, a woman would get her phone
out and launch the camera. Each time,
her husband would promptly help to
get the right light and set-up for a
photo. They both seemed to very
much enjoy the joint venture. When I
made inquiries, they shyly admitted
that their phone usage extended so far
as to send each other emoticons when
in different rooms of their house to
“convey how you’re doing, like hungry
or sleepy”. Contrast this with a couple
of colleagues who despair at their
partners’ lack of understanding of
their technology habits, let alone
managing any engagement. But then
their relationships predate the
smartphone revolution and are
otherwise solid partnerships.
Last week mobile analytics and
advertising company Flurry reported
that US consumers now spend 220
minutes on their phones on average
per day, a 35 per cent increase on last
year. Within this context, not only
should the risk of overuse be
considered, but so should how we best
adapt our use to avoid shutting out
those who are close to us. As in any
long-term relationship, sometimes
you have to find a middle ground to
deal with your partner’s habits. But if
you’re just starting out and find that
your new partner is technologically
incompatible, you may be wasting
your time.
lisa.pollack@ft.com
Wednesday 2 September 2015
Clinton and Bush test America’s appetite for dynasties
OPINION
Rick
Perlstein
I
n Britain, the princess is a com-
moner. But in the Land of Opportu-
nity, the Republican frontrunner
for president is the grandson of a
senator and the son and brother of a
president; the Democrat a president’s
wife. Or at least that’s the way we
thought it was supposed to go.
Not too many months ago, John Ellis
“Jeb” Bush’s nomination as the Republi-
can candidate was spoken of as a near
inevitability. The presumption had
always been that he was the son of
George H W Bush who was destined for
great things; it was an accident of timing
that saw his layabout older brother in
the presidency instead. But now that his
turn has come around this year, Mr
China risks
an economic
discontinuity
ECONOMICS
Martin
Wolf
D
avid Daokui Lee, an influen-
tial Chinese economist, has
argued that: “The stock
market sell-off is not the
problem . . . the problem —
not a huge one, but a problem nonethe-
less — is the Chinese economy itself.” I
agree with both points, with one excep-
tion. The problem may prove huge.
Market turmoil is not irrelevant. It
matters that Beijing has spent $200bn
on a failed attempt to prop up the stock
market and that foreign exchange
reserves fell by $315bn in the year to July
2015. It matters, too, that a search for
scapegoats is in train. These are indica-
tors of capital flight and policymaker
panic. They tell us about confidence —
or the lack of it.
Nevertheless, economic performance
is ultimately decisive. The important
economic fact about China is its past
achievements. Gross domestic product
(at purchasing power parity) has risen
from 3 per cent of US levels to some 25
per cent (see chart). GDP is an imper-
fect measure of the standard of living.
But this transformation is no statistical
artefact. It is visible on the ground.
The only “large”(bigger than city state)
economies, without valuable natural
resources, to achieve something like this
since the second world war are Japan,
Taiwan, South Korea and Vietnam. Yet,
relative to US levels, China’s GDP per
head is where South Korea’s was in the
mid-1980s. South Korea’s real GDP per
head has since nearly quadrupled in real
terms, to reach almost 70 per cent of US
levels. If China became as rich as Korea,
OPINION
Maurice
Lévy
E
nticed by the promise of “dis-
creet indiscretions”, millions
of people sign up to a global
website offering extramarital
encounters. Last month,
legions of those same people found their
names, personal preferences and other
intimate details sprayed most indis-
creetly across the internet. This spectac-
ular incident, the latest in an accelerat-
ing tally of hacks and leaks, forces us to
take the measure of the rapid evolution
of our data-driven world and the far-
reaching impact on all our lives.
In July 2010 the first big data dump hit
the headlines when WikiLeaks
uploaded the Afghan War Diary — about
90,000 documents that constituted an
Bush’s relative liberalism on immigra-
tion and his resolute blandness in an
increasingly personality-driven Repub-
lican party find him well behind Donald
Trump, whom Spy magazine used to
dismiss as a “short-fingered vulgarian”.
Across the aisle, Hillary Clinton’s
ascension had seemed still more inevi-
table. But a scandal-obsessed press,
focusing on her use of a personal email
as secretary of state, has degraded her
support so steadily that Joe Biden, the
vice-president, might enter the race —
even though, were he elected, he would
be 74 years old. Thanks to Mrs Clinton’s
association with the entente cordiale her
husband made with Wall Street, she has
been passed in polling in the New
Hampshire primary by the left-wing
insurgent Bernie Sanders.
America, it seems, has had its fill of
political dynasties.
For much of the 20th century things
were different. Franklin Roosevelt was
inspired to enter politics by the example
its economy would be bigger than those
of the US and Europe combined.
This is a case for long-run optimism.
Against it is the caveat that “past per-
formance is no guarantee of future per-
formance”. Growth rates usually revert
to the global mean. If China continued
fast catch-up growth over the next gen-
eration it would be an extreme outlier.
In emerging economies growth tends
to be marked by “discontinuities”. But
what Chinese policymakers call the
“new normal” is not itself such a discon-
tinuity. They believe they have overseen
a smooth slowdown from annual growth
of 10 per cent to still-fast growth of 7 per
cent. Is a far bigger slowdown possible?
More important, would this be a tempo-
rary interruption, as in South Korea in
the late 1990s crisis — or more perma-
nent, as in Brazil in the 1980s or Japan in
the 1990s?
There are at least three reasons why
China’s growth might suffer a disconti-
nuity: the current pattern is unsustaina-
ble; the debt overhang is large; and deal-
ing with these challenges creates the
risks of a sharp collapse in demand.
The most important fact about
China’s current pattern of growth is its
dependence on investment as a source
of supply and demand (see charts).
Since 2011 additional capital has been
the sole source of extra output, with the
contribution of growth of “total factor
productivity” (measuring the change in
output per unit of inputs) near zero.
Moreover, the incremental capital out-
put ratio, a measure of the contribution
of investment to growth, has soared as
returns on investment have tumbled.
The International Monetary Fund
argues: “Without reforms, growth
would gradually fall to around 5 per cent
with steeply increasing debt.” But such a
path would be unsustainable, not least
because debts are already at such a high
level. Thus “total social financing” — a
broad credit measure — jumped from
Do not let fear kill the promise of Big Data
unprecedented leak in US military his-
tory. Three years later, 20 times as
many documents were published by
Edward Snowden. There was a scandal
within the scandal: the leak publicised
activity such as surveillance of leaders
including Angela Merkel, Germany’s
chancellor, by the US National Security
Agency, where Mr Snowden had
worked.
The story moved on from matters of
state. In December 2013 Target, the US
retailer and distribution chain,
announced that the banking data of
110m clients had been stolen in a cyber
attack. It was the largest ever theft of
banking data. The next episode, in
August 2014, focused on celebrities: the
iCloud photo hack released hundreds of
private images of entertainment stars.
The storyline was picking up pace. In
late 2014 an attack on Sony Pictures
Entertainment — resulting in leaks of
executives’ emails that created high-
level political ructions — was part cor-
★ FINANCIAL TIMES
Comment
of his cousin Theodore. The Longs (at
least 14 of them) ran Louisiana; the Rus-
sells ran Georgia; the Chafees, Rhode
Island. Mitt Romney, former governor
and presidential candidate, is son of
George Romney, former governor and
presidential candidate. Then there were
the Kennedys — too many to list.
The broader map is still
dynastic: US parents
pass almost half their
income to their children
But now the electorate is restless.
Among Republicans, the overwhelming
mood of “throw the bums out” has
made bearing a familiar name an alba-
tross. (“We’ve had enough Bushes,” as a
prominent political figure has pro-
claimed — Barbara Bush.) Short-fin-
gered vulgarians no longer seem so bad.
Catch-up in relative GDP per head
At purchasing power parity (% of US level)
Japan (1950-) China (1978-)
Taiwan (1959-) India (1980-)
South Korea (1962-) Vietnam (1990-)
100
10
1
0 10 20 30 40 50 60
Years since take-off point (date in brackets)
Sources: The Conference Board; Haver Analytics
120 per cent of GDP in 2008 to 193 per
cent in 2014. The government can man-
age this overhang. But it must not let the
build-up restart. The credit-dependent
part of investment has to shrink.
The debt overhang is not the only rea-
son why investment will wilt. Daniel
Gros of the Brussels-based Centre for
European Policy Studies shows that the
ratio of capital to output in China is on
an explosive path. Remarkably, it is
already far higher than in the US. If the
capital-output ratio is merely to stabi-
lise at current levels, and the economy is
to grow at about 6 per cent, the invest-
If it became as rich as
Korea, its economy would
be bigger than those of the
US and Europe combined
porate warfare, part affair of state.
These attacks hit hard, but they hit
primarily the powerful: institutions,
governments, military and corporate
leaders, celebrities and heads of state.
Next came the Ashley Madison leak,
however. This was the first such hack of
people’s personal lives, exposing on a
grand scale the data of ordinary users —
The Ashley Madison leak
was the first big hack of the
people, exposing ordinary
users on a grand scale
and not just their banking passwords,
either.
Big Data? Big problems. With
each hack, leak, and act of piracy
and sabotage, we grow more aware that
the performance of the new digital
order is in direct proportion to its
Still, there’s an old saying: when it
comes to picking presidents, Republi-
cans fall in line, but Democrats fall in
love. That is to say, they love to elevate
obscure figures from the provinces
(Jimmy Carter, Bill Clinton, Barack
Obama). Poor Mrs Clinton was bucking
that trend from the beginning.
Do not make too much of this. If
Americans have lost their taste for
cross-generational political transfers of
power, the broader map of US power is
still strikingly dynastic. According to
data cited by the Organisation for Eco-
nomic Cooperation and Development,
“intergenerational elasticity of income”
is 47 per cent in the US — parents pass
almost half their income to their chil-
dren. That figure compares with 15 per
cent in Denmark and 19 per cent in Can-
ada. (The UK should not gloat: its level is
50 per cent.)
In politics, Mr Trump might be an
insurgent; in business, not so much. His
father, Fred, was a property mogul who
Contributions to Chinese
GDP growth
Percentage points
Total factor Labour quantity
productivity Labour quality
Capital Growth
2000 05 10
ment share in GDP needs to fall by about
10 per cent. If that were to happen sud-
denly, the impact on demand would
cause a slump. An investment share of
35 per cent of GDP (merely back to
where it was in the early 2000s) would
be a desirable outcome of reforms. But
moving there swiftly would take a huge
bite out of today’s domestic demand.
Many believe the economy is already
growing far more slowly than the gov-
ernment admits. But the weaker the
prospective rate of growth and the more
uncertain are returns, the more rational
it becomes to postpone investment, fur-
ther slowing the growth of the economy.
The core argument for a discontinuity
is that it is hard to move smoothly from
an unsustainable path. The risk is that
the economy slows much faster than
almost anybody now expects. The gov-
ernment needs to work out a way of
responding that does not increase global
users’ confidence. Coincidentally, at the
same time as the Ashley Madison crisis,
Spotify decided in some countries to
harvest — with users’ permission —
information stored on their smart-
phones that had nothing to do with
music: contacts, photos, multimedia
files and so on. The decision, unsurpris-
ingly, immediately unleashed a social
media outcry against the music stream-
ing service.
The questions raised by Big Data are
of urgent importance to everyone. Pri-
vacy is at the heart of democratic
modernity, and it must be preserved.
The manipulation of the information we
share with organisations online,
increasingly extensive and sensitive in
nature, makes digital processes a ques-
tion of life (private life, certainly) and,
potentially, death.
At the same time, Big Data analytics
have been shown to have significant
potential to benefit the common good:
in the fields of health, science, research
died with a fortune of more than $250m.
The eventual Republican nominee will
be aided enormously by the king-mak-
ing brothers Charles and David Koch,
the rightwing donors who inherited an
oil-refining empire.
And the Clintons? Both Bill and Hil-
lary made their own money. Their 35-
year-old daughter Chelsea earnt a
reported $600,000 a year as an NBC
News correspondent and serves on
the boards of Cornell University’s
medical school and IAC, Barry Diller’s
internet media company. By all
accounts Mrs Clinton is a capable
woman. But her success appears to be
just one more sign of a society saturated
with hereditary rank — an unpleasant,
unAmerican trend that shows little sign
of stopping, despite the country’s seem-
ing second thoughts about its electoral
dynasties.
The writer, a historian, is author of ‘Nixon-
land and The Invisible Bridge’
Components of Chinese GDP
% of total
Net exports
Government consumption
100
14 80
12
10 60
8 Household consumption
6 40
4
2 20
0 Gross investment
-2 0
14 2000 02 04 06 08 10 12 14
or domestic disequilibria. The best
approach would be to continue with
reforms, while trying to put more
spending power into the hands of con-
sumers and investing more in public
consumption and environmental
improvements. Such a response would
be fully in keeping with China’s needs.
A discontinuity in China’s economic
growth is now more likely than for dec-
ades; such a discontinuity might not be
brief; and the challenge facing policy-
makersishuge.Theyneedtore-engineer
a slowing economy without crashing.
Moreover, the challenge is not only, or
even mainly, technical. A big question is
whether a market-driven economy is
compatible with the growing concentra-
tion of political power. The next stage
for China’s economy is a conundrum. Its
resolution will shape the world.
martin.wolf@ft.com
and security, among other examples.
At this moment of high tension about
our online information, everyone
involved must accept their responsibili-
ties. We must ensure that fear does not
restrain the great promise of Big Data.
Digital giants should take a self-regu-
latory approach — in terms, for exam-
ple, of security, destruction and ano-
nymisation of data. Their best practices
would soon be adopted by every other
keeper of digital information. The UK
advertising industry’s voluntary code of
good practice, which has struck a bal-
ance between regulation and innovation
for decades, might serve as a model.
Now is the time to start, and those
with the most influence — global digital
companies to begin with — should
tackle this problem, which is central to
the trust of internet users and, in turn,
to the very future of the digital world.
The writer is chairman and chief executive
of Publicis Groupe
11
The clever
marketeers
who crashed
the economy
BUSINESS
John
Kay
W
hen I was a schoolboy in
Edinburgh in the 1960s,
the head office of the
Bank of Scotland was an
imposing building on
the Mound, the street that leads from
Princes Street to Edinburgh Castle and
the Royal Mile. The Royal Bank of Scot-
land, its arch-rival, occupied Dundas
House, the finest property in the city’s
Georgian New Town.
Banking was then a career for those
who did not quite make the grades
required by the good universities. If
they joined either of these two institu-
tions, they might with diligence become
branch managers after 20 years. The
bank manager was a community figure
who would base his (they were all men)
lending decisions as much on his local
knowledge and the character of the bor-
rower as on figures. He expected to
spend his career at the bank and retire
with a generous pension to spend more
time on the golf links where he had sch-
moozed his clients. It never crossed his
mind, or those of his customers, that the
bank he had joined would not continue
forever in broadly its existing form.
By the time both banks failed in 2008,
the financial world had changed beyond
recognition. The causes included glo-
balisation, deregulation, technological
and product innovation and new ideolo-
gies, as well as shifts in social and cul-
tural norms.
Lawrence Summers (the former US
Treasury secretary who experienced
the transformation variously as aca-
demic, politician, university adminis-
trator and would-be central banker)
described it thus: “In the last 30 years
the field of investment banking had
been transformed from a field that was
dominated by people who were good at
meeting clients at the 19th hole, to peo-
ple who were good at solving very diffi-
cult mathematical problems that were
The new breed has run
banking far less well than
less intellectually
distinguished predecessors
involved in pricing derivative securi-
ties.” Professor Summers reported this
shift with evident approval.
Yet these cleverer people managed
things much less well than had their less
intellectually distinguished predeces-
sors. They were rarely as clever as they
thought they were — or sufficiently
clever to handle the complexities of the
environment they had created.
The growth in the size of the financial
sector, the explosion of remuneration
and the changes in the nature of finan-
cial activity were not to any large degree
driven by changes in the needs of the
non-commercial economy for financial
services. These needs — the operation of
the payments utility, the management
of personal wealth across lifetimes and
between generations, the allocation of
capital between different forms of pro-
ductive investment, and the pooling of
risks — have changed very little.
In fact, the growth of wholesale finan-
cial markets is the result principally of a
massive increase in secondary market
trading of existing assets; and the focus
of innovation has been the management
(or mismanagement) of risks created in
the financial system itself. In the self-
referential world of modern finance, the
primary activity of financial institutions
is trade with other financial institutions.
There may be less need today for the
networker, the individual who knows
whom rather than what; technology
helps make connections, although it
cannot displace personal relationships.
But efficient capital allocation requires
above all the knowledge and experience
to assess the quality of the underlying
assets, and the capabilities of those who
manage them.
Yet the ability most valued in the
finance sector in the first decade of the
21st century was a keen appreciation of
asset markets themselves. The deploy-
ment of such abilities by people with an
exaggerated idea of the relevance of
these skills, and an overblown sense of
their own competence, plunged the glo-
bal economy into the worst financial cri-
sis since the Great Depression. Perhaps
those nice boys with low golf handicaps
had something to offer after all.
johnkay@johnkay.com
12 ★ FINANCIAL TIMES Wednesday 2 September 2015

BUSINESS LIFE

The moral
Here’s a tale that epitomises the absurd
times that tech start-ups are currently
hazard created enjoying (or exploiting, depending on
your perspective).
by abundant In London, a particularly obnoxious
and overconfident founder was asked a
reasonable question by an investor:
start-up funds “How do you intend to make money?”
His response? “I sell equity to venture
capitalists.” Not an answer likely to
reassure a potential backer that he
intended to work hard to create a great
return on their investment. Yet, his
three-year-old company has secured
several million pounds in funding.
Selling equity to venture capitalists
has become a lucrative business model.
start-up lifestyle with little personal
risk, before choosing an easier career
path. Such as working for Goldman
Sachs or McKinsey.
David Cohen co-founded Techstars,
which provides cash, a workspace and
mentoring to start-ups. He recently
wrote: “The thing I worry about is that
the Facebook movie and tons of seed
funding have made it almost too
attractive to get into entrepreneurship.
Founders can live for a year or two
on seed capital, have some fun and
punch their lottery ticket. If things
don’t take off immediately, they can
simply move on.”
Klaus Hommels is the founder of
‘
they should,” he says. “What you want,
through the tricky times, is to give Dear Lucy
them enough incentive to keep going.”
How then to spot the twenty- Work problems
something entrepreneur committed for
a long time, not just a good time? Mr
answered
Hommels employs a subtle test of
Selling
equity to
character. During a chat about funding,
he deliberately changes the subject.
“The cool entrepreneur will
venture immediately get back to the topic and
capitalists not be a social talker,” he reckons. “The My job is not demanding —
has become good ones are more focused.”
Mr Lobato’s test is more direct. “I get
am I missing something?
a lucrative edgy and unpleasant,” he says. “I want
to see what their reaction is. For them, Most of my friends have demanding corporate jobs: they
business I’m a means to an end. It shouldn’t work long hours and are glued to their phones. I am also part
model

In London, Stockholm, Berlin and
Silicon Valley, buckets of “seed capital”
are sloshing around for wannabe tech
founders, allowing them to get even the
wildest ideas off the ground.
And these days, entrepreneurship is
sexy work. A chief executive title can
be parlayed into easy entry to the best
parties and makes for a great pick-up
line. A decade ago, bright young minds
hunted for a corner office at Goldman
Sachs or McKinsey. Today, they lease a
loft in Shoreditch or Kreuzberg and
found a start-up.
Investors complain the boom has
given rise to a disturbing trend. Young
entrepreneurs are quickly hit with the
realities of business. Hours are long,
setbacks frequent. There is a constant
Murad Ahmed grind to find customers and hire talent.
When confronted with these
Entrepreneurship difficulties, they quit.
The abundance of cash flowing into
fledgling tech companies is creating a
moral hazard. Entrepreneurs enjoy the
Founders. Gordon Sanghera, Oxford Nanopore Technologies
’
Lakestar, a European venture fund, matter how unpleasant I get. I want to of the corporate world but I have never had a demanding job:
and an early investor in Facebook, see that they behave rationally and I turn off my work phone as soon as I leave the office. Outside
Spotify and Airbnb. He says the moral understand they need to get what they work, I have a very fulfilling life: I volunteer at a charity,
hazard is an “unavoidable side-effect” need to succeed.” founded a popular social networking group and have a social
of so much money flowing into start- Danny Rimer, a partner at Index life. I do not understand my friends’ dedication. Am I missing
ups. But he insists it “will give birth to Ventures, a global tech fund, says an something? Female vice-president, 38
some ideas that wouldn’t have been obvious turn off is an entrepreneur
pursued if the money wasn’t available”. keen to discuss a quick “exit”. He
Anyway, he argues, bad apples are in doesn’t want to hear how they plan to Lucy Kellaway’s answer
the minority. Yes, he worries about the sell out to Google or Facebook within a
“self-celebrating crowd” who believe couple of years. Instead, he wants to When I first read your make the rest of life
they are “masters of the universe”. But hear how their company will be around problem I was so irritated I possible. There is nothing
he feels more of them are sober. for another decade. nearly didn’t publish it. You wrong with that either.
Juan Lobato is a prolific angel And sometimes, obnoxious seem to be saying that Morally, the two positions
investor and co-founder of London- overconfidence has the karmic effect it despite putting so very little are much of a muchness. It is
based fintech group Ebury. He reckons deserves. “I had a pitch from an effort into your job you have a matter of personality,
investors must share the blame. Too entrepreneur once,” Mr Rimer recalls. managed to do well at it — chance and choice.
often, he sees savvy venture capitalists “She said: ‘I am the American dream.’ you gratuitously mention However, at some point
insist on funding terms, such as That was a tell-tale sign.” that you are a VP, which along the way how hard we
preferential share classes and priority even in these days of title work stopped being private.
liquidation rights, that leave The writer is the FT’s European inflation must mean It has become a vital part of
inexperienced founders feeling more
exploited than motivated. “Sometimes,
technology correspondent something. That alone
would be annoying, but then
our identity, a way of
assessing status and a tool
they offer term sheets that don’t offer murad.ahmed@ft.com you insist on telling us you with which to put other
entrepreneurs as much of the upside as Twitter: @muradahmed are also an entrepreneur, an people down. An interesting
all-round marvellous person study in the Netherlands
who gives time to the needy showed that people who
and who also has lots of had colleagues who worked
time for friends. Your only much harder than they did
problem is that you don’t
understand why other
felt less happy as a result.
The conspicuous work of
people can’t do everything our peers unsettles and

A genes genie in Oxford

you can do, and are instead
fixated on their silly little
phones and silly little jobs.
Yet I am trying to swallow
my irritation because your
problem touches on
something important. How
hard we work ought to be a
private matter. Some people
like to put in long hours and
others don’t. Work can be
something that makes
The scientist behind a people happy, or at least
less unhappy than not
pioneering sequencer for working. Work can give you
DNA wants it to be a world a more reliable rush of
adrenalin and importance
leader that stays British, than many other things.
writes Clive Cookson There is absolutely nothing
wrong with that.
Equally, work can be done
undermines us.
Seen like that, I’m slightly
more sympathetic towards
you. The only answer is to
remind yourself repeatedly
that what others are doing is
irrelevant. You must stop
seeking to justify your own
jobsworth position by going
on about all the other
worthwhile things you are
doing. If you are relatively
satisfied with how you
spend your time (and it
sounds as if you are, very)
that should be enough.
Your nine to five habit
does not make you better
and wiser than your
colleagues — neither does it
make them better and wiser

G
ordon Sanghera has a grand
ambition: to build a new
science-based company
under British ownership
that commands a large
global market. He is already on the way
with Oxford Nanopore Technologies,
the gene-reading company he has led
since its foundation in 2005 as an
Oxford university spinout. The aim is to
become the world’s leading producer of
equipment to decode the DNA of any
organism, from people to viruses, in
applications from medical diagnosis to
food safety.
If Dr Sanghera succeeds it will be a
rare achievement. British science and
tech start-ups tend either to suffer a fail-
ure of nerve or to sell out to established
rivals just as their products are ap-
proaching global commercialisation.
“Just as we get the technology working,
the company is sold,” as he puts it.
There are plenty of examples of what
Dr Sanghera wants to avoid. Medisense,
the glucose monitoring start-up where
he cut his business teeth, was sold to
Abbott of the US in 1996. California-
based Illumina, which dominates the
DNA sequencing industry, owes much
of its recent growth to the acquisition of
Solexa, a Cambridge university spinout,
in 2007. Last month Oxitec, an Oxford
spinout on the brink of commercialising
its innovative insect control technology,
was sold to Intrexon of the US.
Oxford Nanopore’s latest funding
round in July brought in £70m, raising
total funding over 10 years to £251m.
The company’s current valuation is
about £970m. Dr Sanghera says all the
shareholders are committed to long-
term growth and maintaining indepen-
dence. IP Group and Lansdowne Part-
ners have the largest holdings with 22
and 17 per cent respectively. “There will
be a UK initial public offering one day
but I don’t know when,” he says.
Dr Sanghera, a lean and athletic 54-
year-old, showed little academic or
entrepreneurial prowess growing up in
Swindon, the oldest of four children
born to first-generation immigrants
from the Indian Punjab. His mother
died when he was 11, leaving his grand-
parents to look after what he calls “a
very loving family that was also stifling
and claustrophobic”.
Wearing a smart white shirt, with
jacket and jeans, he is speaking at
Oxford Nanopore’s low-key headquar-
ters tucked away on Oxford Science
Park, near the Mini car plant.
He went to Cardiff University to study
chemistry — a subject short of students
in the 1970s — despite scraping low
grades at A-level in chemistry and
maths. “At school I could see that my
teachers hated their jobs and were just
hanging on until retirement,” he says.
Gordon His academic performance improved
Sanghera: ‘I had as an undergraduate and he went on to
an idea of the do a PhD at Cardiff, developing electro-
kind of chemical sensors for the food industry.
organisation I “There was huge family pressure on me
wanted to build’ to get an arranged marriage. Doing a
Andrew Fox
PhD was a way of getting out of it.”
Then he began postdoctoral research
on biosensors with his mentor Professor
Allen Hill at Oxford, before moving to
Medisense, the company Prof Hill had
founded in 1989. After its acquisition by
Abbott, he remained with the US com-
pany for nine years working in senior
research and development positions.
By 2005 Dr Sanghera was keen to start
his own business. “I spent a long time
with Abbott because I wanted to see up
A nanopore is a tiny hole within a
Nanopore molecule. It can be used as a biosensor
notes by setting a voltage across the pore and
measuring changes in electric current as
other molecules move through the hole.
How it In particular, it can distinguish between
works the four biochemical “letters” of DNA: G,
A, T and C.
Oxford Nanopore uses holes in
natural proteins extracted from bacteria,
which make them for various
physiological processes requiring
molecular channels. Its scientists are
also investigating synthetic nanopores.
Large numbers of nanopores,
embedded in a membrane, are attached
to an electronic array that detects their
changing electrical activity as DNA
moves through the holes. Computer
software combines the multiple signals
to give a single genetic readout. This
direct electronic process is simpler than
existing sequencing systems, which
attach coloured chemical tags to the
DNA and require a computerised
camera to read the results.
close how a big company operates, but I
was becoming frustrated by all the in-
terdepartmental infighting,” he says. “I
had an idea of the kind of organisation I
wanted to build.”
He had kept in touch with Isis Innova-
tion, Oxford’s technology transfer arm,
and with IP Group, which had signed a
long-term commercialisation partner-
ship with Oxford’s department of chem-
istry. He discussed several possible
spinouts before settling on a proposal to
exploit Prof Hagan Bayley’s research on
nanopores, proteins containing tiny
holes (see box). The working relation-
ship between Dr Sanghera as chief exec-
utive and Prof Bayley as scientific
founder was clear from the start. “He
was church and I was state,” Dr Sangh-
era says. “You see too many university
spinouts dominated by a brilliant prof
where the CEO is just a patsy.”
Prof Bayley’s lab was not the only one
working on nanopores. “When we got
our first serious investment, we decided
to bank all the nanopore IP we could
[with patents],” says Dr Sanghera. He
wanted to avoid a problem Medisense
had experienced: big pharmaceutical
groups quickly developed competing
products by buying in glucose monitor-
ing technology from other sources.
So the company lined up exclusive
deals with key nanopore labs at Harv-
ard, University of California Santa Cruz
and elsewhere.
Developing a working DNA reader
took longer than the founders hoped
but in June Oxford Nanopore launched
its first product. MinIon, at $1,000 for a
starter kit, is the size of a mobile phone
and fits into the USB port of a personal
computer, making it the world’s first
truly portable DNA sequencer. It is easy
to use: just add a droplet of sample and
DNA data appear on the screen.
Over the past year, 1,000 or so “early
access” customers, mainly young res-
earchers, have been testing pre-launch
MinIons in the field, for reading gen-
omes that range from an unknown for-
est frog in Tanzania to Ebola virus in
west Africa. Although accuracy does not
match that of today’s big lab-based
machines, Dr Sanghera says the next
product, the PromethIon, a $75,000
benchtop machine launching shortly,
will be more than competitive with
products from market leader Illumina,
in performance as well as price.
Meanwhile, Oxford Nanopore contin-
ues to grow at the science park, where it
is fitting out new labs, and has branches
in Cambridge in the UK, and in Boston
and New York in the US. Although the
world market for DNA sequencing
machines is worth several billion dollars
a year, the company has wider ambi-
tions. Indeed, “internal start-ups” are
already exploring related areas. The
first, called Metrichor, is a cloud-based
analysis service designed to make sense
of data emerging from MinIon and other
instruments, for example by identifying
pathogens from their DNA as it appears
on screen.
Scientific and business leaders who
know the company, such as Lord Dray-
son, former science minister, say Dr
Sanghera has the skills and personality
to achieve his ambition. “He has a good
chance of building a multibillion com-
pany,” Lord Drayson says.
Ewan Birney, co-director of the Euro-
pean Bioinformatics Institute in Cam-
bridge and a consultant to Oxford Nano-
pore, says Dr Sanghera has assembled a
team of excellent scientific and techni-
cal staff and enjoys the backing of sup-
portive shareholders. “There are very
few people who deserve the title ‘entre-
preneur’ and he is one of them,” he says.
to make some money and than you.
Your advice
Yes, you are missing the worse of the two. You
punctuation proficiency. The are taking a riskier life
colon in your first sentence choice than you think.
indicates that working long On the other hand, if you
hours glued to a phone is have “founded a popular
evidence of “demanding social networking group”
corporate jobs”. Says who? you are probably an
Perhaps some of your entrepreneur but just
friends find the office a haven’t realised it yet.
sanctuary of sanity Pursue that to avoid the “I
compared to the mad wish I had . . .” risk.
mayhem they face at home. Charity trustee
And have you ever
wondered to whom they are Research shows that most
nattering on the phone? time over about 44 hours
Beyond punctuation, it’s per week is just show time. It
great that you have “a very makes your boss feel good
fulfilling life” in your spare about you (if they notice)
time, but sad that you seem but it achieves very little.
content to remain Add to that the research in
unchallenged at work. Can’t The Lancet showing a 33
you aspire to find some kind per cent increase in the
of fulfilment there also? risk of fatal stroke if you
Anon work more than 55 hours a
week and you know what
I do not think you are to do . . .
missing anything, your Doctor
friends are. They probably
believe their work ethic will Within a few years, anything
gain them more attention, you do at work is deleted or
status and money, which thrown in the bin. So why
they consider as their sense worry or waste any more
of fulfilment. I am reaching time than necessary on it?
the end of my work career Anon
and I am very pleased that
my work day has closely The fact that you are
resembled yours. I have even asking the question
attained my goals in the suggests to me that you
corporate world with a think lack of ambition might
satisfying life in addition. be a problem. If you really,
Senior vice-president in really want to find out what
banking, male you’re missing, abandon
all your outside work
What are you missing from commitments and work
having a job but not a two extra hours a day until
career? Money and an easier you get a promotion.
source of meaning and Alternatively, I’d suggest
purposefulness. The not worrying about it.
meaningfulness gap may be Anon
Next problem The FTSE 100 company where I work is “stale,
male and pale” — it is very hierarchical, resistant to change
and crippled by internal politics. Although the leadership is
making thousands of low-wage workers in developing
countries redundant, they are still flying first class, all the
while telling the minions to watch every penny they spend.
The board seems utterly clueless. Is this typical rottenness or
more extreme rottenness? Corporate minion, female
Please send answers and new problems to
problems@ft.com. This column appears fortnightly
Wednesday 2 September 2015 ★ FINANCIAL TIMES 13

ARTS

Giant house
was fast, it did feel that taking a risk or
trying something out was part of it,” says
the sculptor Richard Deacon, who
exhibited in week 29 of fig-1. “I think it

of connected
really woke me up.”
Fig-2 is the second edition, brought to
life by Francis and Candida Gertler, the
founder of Outset. She was an enthusi-

rooms
astic visitor to fig-1, and remembers it as
the “coolest, most unusual” thing hap-
pening in London. “Such a good idea
could not go to waste,” she says. “It had
to happen again.”
Rather than just taking the tempera-
Fifteen years after its predecessor, a cycle of 50 ture of the city, Üstek’s emphasis has
been on “activating” its art scene: intro-
week-long shows is under way. By Lily Le Brun ducing different influences and encour-
agingexperimentation.Thepenultimate
week, for example, will be the winner of

I
t is just after 6pm on a Monday an open call for students. Most of the
night at the Institute of Contempo- exhibitshavebeennewcommissions.
rary Arts in London. The gallery is Novelists, dancers, even literary pub-
closed, but there is a relaxed queue lications have participated in fig-2. But
of people filing through an anony- so rarely do they make something char-
mous back entrance to a room that has acteristic that, this time, distinguishing
undergone a transformation every between disciplines seems arbitrary.
Monday of 2015. This is the site of fig-2, a For week 31, the duo Broomberg &
marathon exhibition cycle of 50 crea- Chanarin, known for their photographic
tive projects in 50 weeks. It attempts the work, devised a performance that cri-
scope of a contemporary art fair and the tiqued the “highly militarised environ-
immediacy of a studio. ment” of St James’s, the area of London
So far the room has been the office of
the protagonist in Tom McCarthy’s Clockwise from remain. Today, not only are exhibits
novel, Satin Island, a pitch-black venue
The line-up of fig-1 reads left: Broomberg immediately archived on the project
for a set by the death metal band Anox- like a list of the most & Chanarin’s website but visitors can easily docu-
ide, a blue-carpeted landscape filled performance at ment it too, via their phones.
with sounds and sculptures by Ann well-known artists fig-2; Eva Perhaps because exhibitors are under
Hardy. It has been integrated into an
animation by Shezad Dawood, and
working in Britain today Rothschild and
Joe Moran’s ‘A
no pressure to sell, performance and
conceptual installation work have dom-
turned into a sympathetic environment Setup’ at fig-2; inated fig-2, even if it deviates from their
in which to communicate with microbes that in a city where there’s inevitably a Wolfgang Tillmans; Howard Hodgkin; where the ICA is located. “I seem to trig- novelist Tom normal practices. Although the ICA
that have developed to live on plastic lot happening, museums, public spaces Jeremy Deller; Bridget Riley. ger the devil in people!” Üstek jokes. McCarthy with project space is the same square footage
debris. This week, the Austrian per- or galleries would only show five or six Fig-1 launched with an unfinished Üstek, who is in her mid-thirties, is fig-2 curator as the Soho space, generally clusters of
formance artist Veronika Hauer has exhibitions a year. It seemed sluggish.” painting by the British pop artist Rich- never less than enthusiastic. But there is Fatoş Üstek artworks have been displayed with art-
been given the space to play with. He imagined cutting away any cloying ard Hamilton (by chance called “Bath- no doubt that this is a demanding Gita Cooper-van Ingen,
Sylvain Deleu
ists curating mini-exhibitions. Fig-2 is
Fig-2 is hosted by the ICA but inde- infrastructure. One work, by one artist, room — fig. 1”) and concluded, 50 weeks undertaking. Alongside the planning, yet to feature any paintings, a marked
pendent of it. The Turkish-born curator would be shown in one room for one later, with “Bathroom — fig. 2”, the com- installing and invigilating, with her contrast to its predecessor, where sev-
Fatoş Üstek oversees its programme and week only. There was to be no shipping, pleted painting. Those selected in the team of three she runs seminars and eral weeks consisted of a sole picture.
productionteam,anditreceivesthebulk no sales, no storage. It was called fig-1 — interim were a mix of established names patron events, fundraises and competes Could this edition prove as prophetic
of its funding from the philanthropic to suggest an image that might be many and artists who were barely out of art with the noise on social media — none of as its predecessor? As with many previ-
organisation Outset. While its exhibits different things, and in homage to Mar- school, or yet to have galleries. which were necessary 15 years ago. ous weeks, those walking through the
are at the cutting edge of contemporary cel Broodthaers — and it ran in a semi- It was also interdisciplinary. There The differences between the two doors of fig-2 this Monday will encoun-
art, its origins are found in a time before derelict warehouse space in Soho were designers, dancers, writers and projects reveal how far art, and the ter a little known artist, and work that is
Tate Modern, before Frieze art fair, throughout 2000. Working with two filmmakers, including Patti Smith, world it occupies, has changed. This not immediately easy to understand.
before most people had email. Even the assistants, Francis curated the pro- Philip Treacy and Will Self, who sat at a time, female artists have been in the They will see a plinth with ceramic figu-
term“pop-up”wasyettobecoined. gramme, often scheduling exhibitions laptop connected to a projector, writing majority. Üstek has been able to give her rines, a video of a semaphore “dance”,
Curator Mark Francis, now a director only a few weeks in advance. “live” about the visitors. “It was the non- programme a more international scope, and posters featuring photographs and
of Gagosian, and Jay Jopling, founder of His curation proved prescient. The art things that seemed like most fun,” and has a greater consciousness of the texts relating to past performances, but
White Cube, conceived the project 15 line-up reads like a list of the most well- says Francis. project as a whole, envisioning it as “a it could take another 15 years for the real
years ago. “Everybody I mentioned it to known artists working in Britain today: For the less established, fig-1 prof- giant house with 50 connected rooms”. significance to become apparent.
to start with thought it was crazy,” says Jake and Dinos Chapman; Grayson fered a springboard. To the well known, When fig-1 launched, there was little
Francis. “But it didn’t make sense to me Perry; Anish Kapoor; Tracey Emin; it gave freedom. “Because the turnover expectation that any record of it would fig2.co.uk

THIS EVENING’S TELEVISION

Pick of the day

The Ascent of Woman
(BBC2 9pm) exhilaratingly
justifies its title. Historian
Amanda Foreman’s four-
parter addresses women’s
fluctuating status in
civilisation. Not all patriarchy
and brutal possessiveness,
history throws up surprises:
“aggressively egalitarian”
ancient Anatolia,
Mesopotamia’s women
engaged in business, law and
property ownership. There
were dark times for women,
but the first signed author
was female, and an Egyptian
queen organised trade,
peace and prosperity —
subsequently obliterated
from public record. (Pictured:
contributor Aisula on
horseback dressed as an
Ukok princess in the
mountains of Altai.)
In the lesser-known but
gripping Clint Eastwood
thriller Tightrope a detective
becomes aware of his own
dark side as he investigates
serial murder (ITV4 10pm).
MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News.
6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 Pound Shop Wars.
8.00 The Great British Bake
Off.
9.00 Kolkata with Sue Perkins.
Sue Perkins details how
the West Bengal state
capital, formerly known as
Calcutta, discarded its
colonial heritage to become
a 21st-century city with a
reputation for tolerance.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 A Question of Sport. Sue
Barker asks the questions
in the light-hearted quiz,
with team captains Matt
Dawson and Phil Tufnell
joined by Carl Fogarty,
John Hartson, Perri
Shakes-Drayton and
Ashton Sims.
11.05 Mountain Goats. R
11.35 FILM Into the Sun. Action
adventure, starring
Anthony Michael Hall.
6.00 Eggheads.
6.30 Terry and Mason’s Great
Food Trip.
7.00 The Farmer and the Food
Chain. New series. Farmer
Gareth Wyn Jones explores
the Welsh food industry to
find out whether the
country can change the
way it feeds itself.
Previously seen on BBC
One Wales.
7.30 Great British Menu.
8.00 Horizon: Which Universe
Are We In? Documentary
exploring the validity of
the “multiverse” concept.
9.00 The Ascent of Woman.
New series. Dr Amanda
Foreman profiles the
women who made and
changed human history,
from 10,000 BC to the
present day, beginning
with those who rocked
ancient civilisations.
10.00 QI. R
10.30 Newsnight.
11.10 Weather.
11.15 Return of the Giant Killers:
Africa’s Lion Kings. R
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 Coronation Street. At the
hospital, Fiz and Tyrone
are stunned when the
consultant tells them Hope
has cancer.
8.00 You Saw Them Here First:
Hall of Fame. Bruce
Forsyth, Lorraine Kelly,
Phillip Schofield, Kevin
Whately, Barbara Knox and
Thelma Barlow are
inducted into the show’s
“hall of fame” to mark ITV’s
60th anniversary.
9.00 The Nick. New series.
Three-part reality
documentary detailing the
daily duties faced by police
patrolling the streets of
Brighton.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 The Chase: Celebrity
Special. R
11.40 Wild Ireland. R
Regional variations apply
6.00 The Simpsons. R
6.30 Hollyoaks.
7.00 Channel 4 News. Including
sport and weather.
8.00 Posh Pawn. A mother-
and-son duo hope to
secure a loan against a
71-carat tanzanite ring
bought from a home-
shopping channel, and
James Constantinou takes
a shine to bespoke show
motorbike.
9.00 One Born Every Minute.
A couple who maintained
a long-distance relationship
prepare to become parents,
and a self-confessed “baby
machine” arrives expecting
her fifth baby. Last in the
series.
10.00 Katie Piper’s Extraordinary
Births. An insight into
extravagant modern birth-
plans, including women
seeking to emulate the
Duchess of Cambridge, and
others hoping for a
delivery in the presence of
wild dolphins.
11.00 Educating Cardiff. R

BBC3
7.00 Top Gear. 8.00 Barely Legal
Drivers. 9.00 Don’t Tell the Bride.
10.00 Top Coppers. 10.30 Bad
Education. 11.00, 11.25 Family
Guy. 11.45 American Dad!
BBC4
7.00 World News Today. 7.30
Great Continental Railway
Journeys. 8.00 Miniature Britain.
9.00 Timeshift: The Trains that
Time Forgot. 10.00 India’s
Frontier Railways. 11.00 Treasures
of the Indus.
Other channels
Channel 5
6.00 Home and Away. 6.30 5
News Tonight. 7.00 The World
Trade Centre: Rebuilt. 8.00 The
Nightmare Neighbour Next Door.
9.00 Celebrity Big Brother. 10.00
Wentworth Prison. 11.00 Celebrity
Big Brother’s Bit on the Side.
More4
6.50 George Clarke’s Amazing
Spaces. 7.55 Grand Designs.
9.00 Four Rooms. 10.00 8 Out
of 10 Cats Does Countdown.
11.05 Embarrassing Bodies.
Film4
7.00 The Death and Life of
Charlie St Cloud. 9.00 American
Reunion. 11.10 From Dusk Till
Dawn.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods. 9.00
Ray Donovan. 10.10 Veep.
10.45 House of Lies. 11.20 The
Affair.
Sky Sports 1
4.00 Live US Open Tennis.
Sky 1
6.00 Modern Family. 6.30, 7.00,
7.30 The Simpsons. 8.00 Desi
Rascals. 9.00 An Idiot Abroad 2.
10.00 The Force: Manchester.
11.00 Hawaii Five-0.
Sky Arts
6.00 The Beatles: From Liverpool
to San Francisco. 7.00 Objects of
Desire. 8.00, 8.30 South Bank
Show Originals. 9.00 Hey, Boo:
Harper Lee and To Kill a
Mockingbird. 10.30 Video Killed
the Radio Star. 11.00, 11.30 Dag.
14 ★ † FINANCIAL TIMES Wednesday 2 September 2015

’roo the day

Australia was a China play when China was ascendant. Exports, accordingly, have risen as a proportion of GDP.
As China slows and commodity prices fall, profits have dropped at Australian resource companies. Results at
industrial companies and banks have also started to falter

Twitter: @FTLex Email: lex@ft.com

Growth in net profits of Australian companies* Australian exports
Half-yearly (year-over-year %) As a % of GDP**
Industrials Banks Resources
Yelp: extract, given how central salespeople 40 100 22 Altice:
are to both businesses. Then there is
under review Google, a $400bn bully. Under its new 30 75 lean in
Alphabet configuration, it has both the 21
Yelp is the subject of an upcoming room and resources to lavish on a 20 50 A plump baby may be a healthy one,
documentary, Billion Dollar Bully, which relative weakling. but healthy adolescents are typically
alleges the reviews site engages in 10 25 20 slim. Fourteen-year-old Altice, the
sharp practices to get businesses to acquisitive Dutch-listed telecoms
advertise. It rejects the allegations. But 0 0 company, has expanded using high-
on its current trajectory, the title might
Aga Rangemaster: 19 yield debt to gobble up telecoms
prove inadvertently flattering. marrying up -10 -25 companies in France, the US and Israel.
Three-and-a-half years after going Altice works hard to keep the flab
public, Yelp stock is back to where it A faded standard-bearer of British -20 -50 18 down, slashing costs to boost cash flow
closed on its debut. Its market rural aristocracy with bills to pay; a 2004 06 08 10 12 15 2001 04 06 08 10 12 15 so that the group can carry all that
capitalisation of $1.8bn is as much as vulgar American with piles of money. ytd debt. The question is whether Altice
70 per cent lower than its peak last year. From such beginnings, happy * June 2015 is a blend of actual earnings for companies that have reported (75% of companies, 90% of market capitalisation) needs further slimming, given that the
with forecasts for those companies that have yet to report ** Constant prices, seasonally adjusted, 2012-13 chained prices
Yelp is an attractive-sounding marriages have been made. market is demanding more yield for
FT graphic. Sources: Deutsche Bank; Thomson Reuters Datastream; FT research
proposition. It has tens of millions of Aga Rangemaster, maker of the higher-risk issuers.
users writing content for free: not the massive cast-iron stoves that adorn Bank of America’s European high-
ephemeral whinings of celebrities and many a country kitchen in the No worries? Treasury secretary Joe were up 13 per cent year on year, ahead Victoria earned an average of A$49 yield bond index reflects this demand.
journalists that plague Twitter, but Cotswolds, has two Yankee suitors. A Hockey says the Australian economy of expectations. Consumer spending an hour — more than engineers and Its yield has risen to one-year highs of
useful stuff on which restaurants are £1.85-per-share bid from Middleby of — recession-free for a quarter of a has been resilient; Deutsche Bank says investment advisers, according to a over 4.8 per cent. Another way to
good and which plumbers are not. The Illinois, confirmed in July, puts a century — remains in good shape. companies in the sector, including Master Builders Australia report. So check the health of the non-investment
reviews can be used to persuade £129m price tag on Aga’s equity, a 77 The Reserve Bank of Australia gaming operators Echo and Crown, and far, margins at developers such as grade market: look at how much
companies to advertise. Competition is per cent premium to the undisturbed agrees; it held the benchmark retailers JB Hi-fi and Harvey Norman, Lend Lease do not appear to have traders pay to insure the bonds against
fragmented. The big beast is Google price. Include the company’s modest lending rate yesterday at 2 per cent. registered aggregate annual revenue suffered. The MBA says wage costs default. One measure of this cost, the
but, despite its ubiquity, it typically net debt and its £47m pension deficit Recent data undermine the cheer. growth of around 5 per cent, although have simply been passed through iTraxx Crossover index, has also
fails to attract enough reviews to (which has dragged on the stock for The Australian Bureau of Statistics the outlook for grocers Wesfarmers into rapidly rising property prices. climbed over the past six months.
compete with Yelp, at least in the US. years) and the deal value comes to said that the June quarter current and Woolworths is tougher. Last Australia was a China play when Using debt for future purchases
Smaller, publicly listed rival Angie’s £179m. Aga’s board has recommended account deficit was A$19bn, much month, Westpac’s consumer sentiment China was ascendant. Can it be might be difficult in this climate, which
List focuses on local trades and the offer to shareholders and is moving wider than forecast because of worse index rose by 8 per cent versus July, a something else now? The extent of may help to explain Altice’s decision to
requires users to subscribe, while ahead with it, without ruling out an than expected net exports. Australia’s strong bounce that may be down to a the links between external and change its share structure this summer.
larger TripAdvisor focuses on hotels. approach from Whirlpool, announced “terms of trade” (the difference June increase in the minimum wage. internal demand — whether one can It split its shares into two classes, A and
Yelp is increasing revenues at more yesterday. Aga is opening its books to between export and import prices) Strong wage growth has been a get rich hammering nails or owning B. The two classes differ in voting
than 60 per cent a year — faster than the Michigan-based appliance maker. has also fallen sharply. The slowdown feature of the Australian economy, property when iron ore prices have power — the B class has 25, against one
all of those rivals — but its depressed Aga shareholders have certainly in China, which has only gotten particularly in the construction cratered — will soon be known. The for the A shares. Altice wants to use
valuation is lower than the sector suffered. Over a decade, total returns worse since June, is the chief culprit. industry, where it has averaged 5 per next test: second-quarter GDP figures these A shares as currency for
average. are negative, sales are flat and margins Offsetting that is domestic cent a year over the past decade. Last today. Modest growth is expected. acquisitions, which could reduce the
There have been missteps. Yelp have fallen. Middleby and Whirlpool optimism. July building approvals year, unskilled construction workers in Be worried. use of debt in deals.
complained it was hard to hire sales have enterprise values of $7bn and That might be good news to Moody’s,
people in its home town of San $16bn, respectively. Their strong the rating agency, which has had the
Francisco, before belatedly conceding balance sheets could eliminate the company on credit watch since it
that perhaps it might be more sensible pension issue and put global very low bid indeed. What could be good, too, for Babcock International, year, it should hit its target. If BAE does announced the acquisition of US cable
to look outside one of the country’s distribution muscle behind Aga’s better than a bidding war fought with which services the subs. But subs are not land the orders this year, however, company Suddenlink in May. Altice’s
hottest jobs markets. At the same time, strong brand. Middleby owns Viking crass American cash? not the main driver of either fixed costs will still need to be covered multiple of net debt to earnings before
it made a U-turn on ignoring ranges, social signifiers in American company’s earnings. and it may need to start thinking about interest, tax, depreciation and
geography for assigning sales leads homes in the same way that Agas are in Look more closely at BAE, whose standing down its engineers. A second, amortisation is a punchy six times.
when it turned out local knowledge Britain. Whirlpool is big worldwide. BAE Systems: shares are submerged below the level lesser factor is the future of BAE’s naval On the other hand, the possibility of
helped. That hints at a deeper problem: That is why Whirlpool could pay of a year ago. Near-flat earnings before shipyard in Melbourne, which depends combining equity and debt could mean
Yelp’s over-dependence on the US, and significantly more than Middleby has holding its breath interest, tax and amortisation of on Australia’s naval fleet renewal plans. even bigger deals, such as France’s
the San Francisco area in particular, for offered — and why Middleby could £800m in the first half account for BAE trades on 11 times forecast 2016 Bouygues Telecom or Cablevision in
its revenues. TripAdvisor made 50 per raise its bid. The premium looks big, Ignore for a moment the furore over some of the dive. But the cautious earnings, a discount to peers, as if its the US. Either deal would unnerve the
cent of its revenues outside the US in but the analysts who cover the stock Faslane’s Royal Navy submarine base. optimism of Ian King, chief executive, best (a 28 per cent return on equity last rating agencies.
the previous quarter; Yelp made less suggest Aga could have £20m in George Osborne, chancellor of the has not halted the fall, nor has BAE’s year, well above its 10-year average) Dexter Goei, Altice’s chief executive,
than 3 per cent. Another problem is earnings (before interest, taxes, exchequer, drew attention to it this unchanged February guidance that has passed. Yet its rating belies a robust prefers to play down Altice’s appetite
annual revenue per employee: Yelp’s depreciation and amortisation) this week by promising £500m more full-year earnings per share might be £37.3bn order backlog and the UK’s for more transactions. He should. It’s
was $142,769 last year, TripAdvisor’s year. So the Middleby offer amounts to investment for the port that is home to only marginally higher than last year. commitment to defence spending at 2 best to digest old purchases before
was $466,000. 8.5 times ebitda, in line with Whirlpool the UK’s nuclear deterrent. The timing of contract wins moves per cent of economic output. The US returning to the table.
Given the market’s unfavourable and less than Middleby’s own share His spending boost should reassure defence-sector shares. Two things defence market recovery is good for
reviews, Yelp might want to advertise price rating. If the buyer can get Aga’s BAE Systems, maker of missile- could help BAE in the current half. the gizmos that BAE makes. With that
itself to potential bidders. It would be a margins to pre-financial crisis levels carrying Vanguard and Astute hunter One is long-awaited orders for the improving longer-term backdrop, the Lex on the web
For notes on today’s breaking
complementary fit with TripAdvisor, and increase its sales outside the UK submarines, as it searches for Typhoon combat jet by Saudi Arabia. If caution and worrying over when an stories go to www.ft.com/lex
though cost savings might be tough to £179m will turn out to have been a commitment to defence spending. It is BAE lands those before the end of the order lands looks overdone.

Forecasts by

19 1010

14
1030 7
11
Luxembourg Fair 19 66
25 5
46 Lyon Fair 23 73
15 14 Madrid Sun 30 86
1 1 21
22 35 Manchester Shower 16 61
1010
18 Miami Fair 33 91
21 Milan Thunder 27 81
14 15 20
16 Montreal Fair 29 84
20 8
14 20 Moscow Cloudy 17 63
1 35 1010
16 1020 Mumbai Cloudy 31 88
15 34 0 Munich Rain 19 66
17 33
1 New York Fair 31 88
8 Nice Sun 26 79
16 3 30 0 Paris Fair 20 68
29
38 Prague Fair 20 68
10
Reykjavik Cloudy 13 55
33
Rio Cloudy 22 72
Wind speed in MPH at 12 BST 1 Rome Sun 28 82
Temperatures max for day˚C Wind speeds in PH 31 San Francisco Fair 22 72
Stockholm Rain 16 61
Today’s temperatures Strasbourg Fair 22 72
Abu Dhabi Sun 41 106 Belgrade Sun 35 95 Copenhagen Sun 20 68 Hamburg Fair 19 66 Sydney Shower 20 68
Amsterdam Shower 18 64 Berlin Fair 21 70 Delhi Sun 37 99 Helsinki Rain 19 66 Tokyo Fair 30 86
Athens Sun 32 90 Brussels Shower 18 64 Dubai Sun 39 102 Hong Kong Thunder 30 86 Toronto Fair 30 86
B’ham Shower 16 61 Budapest Sun 28 82 Dublin Cloudy 14 57 Istanbul Sun 28 82 Vancouver Shower 18 64
Bangkok Thunder 34 93 Buenos Aires Cloudy 14 57 Edinburgh Cloudy 14 57 Jersey Fair 16 61 Vienna Cloudy 22 72
Barcelona Thunder 26 79 Cardiff Shower 17 63 Frankfurt Fair 21 70 Lisbon Fair 23 73 Warsaw Fair 22 72
Beijing Sun 29 84 Chicago Fair 33 91 Geneva Fair 23 73 London Fair 18 64 Washington Fair 34 93
Belfast Cloudy 14 57 Cologne Fair 19 66 Glasgow Cloudy 15 59 Los Angeles Fair 25 77 Zurich Shower 20 68

CROSSWORD
No. 15,025 Set by REDSHANK
        ACROSS 2 A tanktop and cagoule managed
1 Simon came across yellow plane in to make brochure (9)
 US (8) 3 Fry, perhaps, or boil varied
5 A rocket attached to a line specimens (5-10)
 
restricted flights here (6) 4 Dutch court owing money for big
10 Congenitally partially inverted plant? (7)
tongue (5) 6 Three figures describing another
  11 Medic providing couple with one (5,10)
overdose remains ashore (9) 7 Torment some bridge game (5)
12 Spiteful married girl almost 8 Greeting doctor in Paris, she’s
promises to settle debts (9) introduced Swiss singer (8)
   13 Staunch palace resident swaps 9 Mafia’s contract reduced to

sides (5) shambles (6)
14 Corresponded about drilling over 16 Bar allowed Fourth of July hype
   the hill (6) (9)
15 Odd couple circle square 8 times 17 Fine bulldog and hunter (8)
 (7) 19 Force unit to cut modern name (6)
18 Deliveries to sailors include 20 A girl’s wavering over old opal (7)
   uniform for swamp (7) 21 When out of cash, order more
20 Eponymous hero in book copes shiny stuff (6)
with change of character (6) 23 Rare tree spans a field (5)
 
22 The bank has no time for the
contents of some pots (5)
24 Author withholds gold award to Solution 15,024
serviceman (9) 9 , 5 7 8 $ / 5 ( $ / , 7 <
  25 Peacekeepers’ hostility said to be 7 5 ( ) ( * 1 $
unopposed (9) $ 0 $ 6 6

















JOTTER PAD





CROSSWORD
No. 14,845 Set by NEO

























ACROSS
1 Important Viking one among best
friends (5,4)
6 Socialite with appeal makes left-
side entry (5)
9 Brazilian city as far as we’re
concerned ungovernable (7)
10 Obscure English knight against
European rebuffed (7)
11 Poor nation’s little island in hot
current (5)
12 Caught flamboyant cardinal in
Seventh Heaven? (5,4)
14 Notice flock encircles houses (3)
15 Alarmist financier reversed into
second vehicle bearing right (11)
17 German poet’s the writer
embracing pub vocalist (11)
19 Moggy fur with hole concealed? (3
20 Earl, King and Queen on
Hampshire river’s banks (9)
22 Ambassador in temple finds grain
(5)
24 Ardent Green must change leader
(7)
26 As one’s despicably mean, small
tips for servants materialise (2,5)
27 Sauce unfortunately knocked over
contains sulphur (5)
28 Related martial artist stops at
Bedouin residence (9)
Solution to Saturday’s prize pu
Solution to yesterday’s prize pu
Winners’ names will be printed

2 9 ( 5 * 5 2 : 1
26 Jones the architect’s colour lacks 5 6 7 5 . 5 ) .

density (5) ' ( & 5 < 3 7 6 1 , ) ) / (

JOTTER PAD 27 Girl gets main role back binding
, ,
6 $ % 5 $
,
2
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6
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28 Lloyd set out how Julius arranged 6 ( ( 6 $ : , 1 * ' ( ) ( 5

his dates (3,5) & /

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$
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1 A few absorb nearly everything in ( 6 2 7 ( 5 , & $ $ & , ' 6
revealing play (6) & , % ) 7 & 1 +
+ $ 5 ' % 2 , / ( ' ( * * 6
Wednesday 2 September 2015 ★★★ 15

Altice BAE Systems Yelp Brent oil Xetra Dax Copper (LME) Dollar / yen Two-year
Lombard Private equity US Treasury
hitches a bet to camping 6.82% 1.68% 3.62% 8.5% 2.4% 1.3% 1.2% 3bp
MATTHEW VINCENT, PAGE 19
€23.69 444.6p $23.40 $49.56 10,015 $5,067 Y119.76 0.71%

LVMH bags former Apple executive Short

View
3 Rogers takes top digital role at fashion group 3 Links grow between high-tech and luxury
year of Angela Ahrendts, the former colleagues were said to be surprised. He the driving force behind Beats 1. “I’d
James
MATTHEW GARRAHAN — NEW YORK
chief executive of Burberry, to run its had spoken of his role with the iPhone
‘I decided especially like to thank him for the help Mackintosh
The Apple executive who stepped down retail strategy. maker as being his “dream job” and that I’m he gave to the architects of Beats 1 radio,
from running its Beats 1 radio station Bernard Arnault, the chairman and even has a tattoo of the NeXT logo — the ready for Trent Reznor and Zane Lowe.”
has been appointed head of digital for chief executive of LVMH, said that Mr computer group Steve Jobs started He was involved in the hiring of Mr Is the market sending a message in a topple? Back in 2013
LVMH, the luxury and fashion house. Rogers would bring “extensive experi- when he was forced out of Apple in 1985. a new Lowe, the former BBC radio DJ, to front the “Taper Tantrum” was as good as a Wall Street memo to
Ian Rogers joined Apple from Beats ence in high-end digital ventures . . . to “Seeing Apple Music on that Apple challenge’ one of the Beats 1 shows. the Federal Reserve: tighter policy was really, really scary.
after the $3bn acquisition of the audio develop LVMH leadership in the digital stage was the culmination of a 20-year Apple is using Beats 1 to introduce The 2015 summer scare is much more confusing. Is it a
group last year. He was involved in the luxury field”. professional journey,” Mr Rogers said. Ian Rogers consumers to its new streaming music crisis made in China, as it first appeared? A prediction of
development of Beats 1, Apple’s new Mr Rogers moves from the world’s He added that he asked his wife if the service, which is competing with Spot- global slowdown? The realisation that commodity weak-
global radio station, alongside Trent largest company to one with a portfolio unveiling of the service was “the start- ify. At the June launch, Tim Cook, Apple ness does not automatically boost consumer spending?
Reznor, the Nine Inch Nails frontman. of luxury brands encompassing cham- ing gun or the finish line for me in the chief executive, said the service repre- (Canada has dropped into recession as a result.) Anxiety
He resigned last week only two months pagne, clothing, watches and luggage. digital music race . . . I decided I’m sented the “next chapter” of music. about an imminent Fed rate rise? Or merely a natural cor-
after the station launched. LVMH owns Veuve Clicquot, Krug and ready for a new challenge both profes- Mr Rogers began his career working rection of excessively high prices, made worse by summer
His exchange of Cupertino for Paris is Hennessy, as well as Givenchy, Thomas sionally and personally”. for the Beastie Boys band and launched trading volumes?
evidence of the growing ties between Pink, Fendi and Marc Jacobs. Jimmy Iovine, the head of Apple Topspin, a music services group Among the volatility that seems to have little signifi-
digital businesses and luxury groups, His departure from Apple is still being Music, thanked Mr Rogers in a state- that connects artists to fans, before cance is the oil price. After jumping more than a quarter in
after the appointment by Apple last digested at the technology group, where ment that suggested Mr Rogers was not joining Beats. three days, yesterday the oil price tumbled 8 per cent. The
leap was about short-sellers covering positions, while the
fall was a natural follow-on in a cautious market. It is hard
to believe either move tells a deep story about expected
future demand.
Volatility in itself can be dangerous; while the stock mar-
In range ket may have predicted nine of the past five recessions, as
economist Paul Samuelson famously said, wild swings in
Whirlpool cooks up prices make it harder for companies and investors to plan.
On the other hand, high levels of fear — as are visible in
late play for Aga heightened implied volatility for equities, currencies and
commodities, if not so much in bonds — ought to throw up
opportunities. One obvious place to look is in oil stocks,
Whirlpool, the US home appliance with the world oil sector down 40 per cent in the past year
maker, has made a last-minute move to to match the worst 12-month fall during the 1974 oil shock.
acquire Aga cookers, the homely The only bigger annual slide since the early 1970s was after
cast-iron stoves that are as much a the 2008 oil bubble burst.
quintessential symbol of British country The drop has returned the sector to a normal stock mar-
houses as black labrador dogs and green ket size of less than 7 per cent of global market value, from
Wellington boots. 13 per cent in 2008 and above a fifth in 1980 (see chart).
The approach from Whirlpool, Equities are prone to overshoot. But in more than 40
reported by Aga Rangemaster yesterday, years the oil sector has been a significantly smaller portion
followed an offer in June from its US rival of world capitalisation only during the dotcom froth.
Middleby Corporation worth £129m. If the uncertainty embodied in the past fortnight’s wild
Aga and Middleby had been expected to price swings proves to be an indicator of deep trouble in
tie up a deal by the end of this month. the global economy, both the oil price and oil shares could
The British company said it was fall a good way yet. Otherwise, the sector is approaching
continuing to recommend the Middleby the point where it is worth drilling for bargains.
offer to its shareholders. Whirlpool has
until September 8 to make a firm offer or Oil and trouble
to withdraw. Real Brent
Oil & gas as % of crude price
Report page 17 world market cap ($ per barrel)
The fall in the
25 150 world oil sector
20 has returned it to
100 a normal stock
15
‘For a faded standard-bearer 10
market size of less
than 7 per cent
of the British aristocracy, 5
50
of global market
what could be better than 0 0
value, from 13 per
a bidding war fought with 1975 90 2000 10 15
cent in 2008
and above a fifth
crass American cash?’ Source: Thomson Reuters Datastream
in 1980
Page 14
james.mackintosh@ft.com
James Royall

India calls time on plans to levy up to

$6.4bn back-tax on foreign investors
VICTOR MALLET — NEW DELHI also apply [for] pre-April 2015,” Mr national norms and damaging to India’s
JAMES CRABTREE — MUMBAI
Jaitley said. investment reputation.
India is to end attempts to levy up to The committee, chaired by retired “It is a relief the government has acted
$6.4bn in retrospective tax on foreign judge AP Shah, examined the dispute on this matter and hopefully finally
investors in a move likely to end one of over the tax department’s attempts to put it to rest,” said Ketan Dalal, head of
several frustrating uncertainties faced levy MAT and said it favoured “com- tax and regulatory services at PwC
by financial and other businesses oper- plete inapplicability of the MAT provi- India.
Yelp finding it tough to ating in the country. sions” to foreign institutional and port- Despite yesterday’s decision, a
attract its target market folio investors (FIIs/FPIs). number of other prominent tax cases
Arun Jaitley, finance minister, said the The finance ministry said it had involving individual foreign companies
The local listings app is finding the government had accepted the recom- agreed to clarify that backdated MAT in India remain unsolved, including
task of persuading small businesses to mendations of a committee it appointed was not applicable to FIIs or FPIs with- those affecting UK telecoms group
ditch the telephone directory, flyers in May and would not apply so-called out a permanent base in India “and has Vodafone and oil explorer Cairn Energy.
and local radio spots to advertise on its minimum alternate tax to foreign insti- decided that an appropriate amend- Tax demands for MAT from foreign
site a tough task amid a falling share tutional investors for the period before ment to the income tax act will be investors earlier this year led to an out-
price, competition from Google and April 1 this year. They are already carried out”. flow of capital that weakened the rupee,
accusations of acting like the mafia. exempted from that date onward. Tax experts welcomed the decision. and prompted moves to take legal
Analysis i PAGE 17; Lex i PAGE 14 “What applies post-April 2015 — that Most had condemned the proposed tax action by fund managers such as
is no MAT on capital gains on FIIs — will change as both out of line with inter- Aberdeen Asset Management.

Companies / Sectors / People

Companies
Aeroflot..........................................................16
Aga Rangemaster..............................14,17
Alcatel-Lucent...........................................16
Alstom............................................................18
Altice.........................................................14,16
Amazon.....................................................17,18
Anbang Insurance...................................16
Andurand Capital...................................26
Angie’s List.................................................14
Anglo American.......................................27
Ansaldo Energia.......................................18
Antofagasta................................................27
Apple..........................................................15,17
Asos.................................................................19
Atomico.........................................................18
BAE Systems..............................................14
BHP Billiton................................................27
Babcock International..........................14
Banco BPI.....................................................16
Bank of China............................................16
Berkeley Homes......................................27
Cairn Energy...............................................15
Carlyle Group.............................................19
China Cinda Asset..................................16
Circassia Pharmaceuticals.................27
Citadel............................................................26
Citic Limited...............................................18
Coca-Cola.....................................................18
Commerzbank...........................................26
Danske Bank..............................................26
Digital Sky Technologies....................18
Echo.................................................................14
Facebook......................................................17
Fiat Chrysler Automobiles.................16
Ford...........................................................16,27
Fosun International................................16
Fuji Television Network.......................18
GM....................................................................27
General Electric........................................18
General Motors.........................................16
Glencore.................................................26,27
Google............................................................14
Harvey Norman........................................14
Hershey........................................................26
Honeywell....................................................18
Huarong........................................................16
Hulu.................................................................18
ICBC.................................................................16
Innovation Group....................................19
JB Hi-fi...........................................................14
KKR..................................................................16
Klarna.............................................................18
LVMH..............................................................15
Lend Lease.................................................14
Lonmin..........................................................27
Man Group..................................................27
Manchester United..................................4
Meggitt..........................................................27
Microsoft.......................................................17
Middleby..................................................14,17
Mineralogy...................................................18
Mitsubishi Hitachi Power...................18
Morningstar................................................18
Nanyang Commercial Bank...............16
Netflix.............................................................18
Nippon Television Network..............18
Noble Group..............................................26
Northern Trust..........................................18
Novo Banco................................................16
Ocado.............................................................27
Overstock.com...........................................18
PayPal........................................................17,18
Petrobras........................................................5
Priceline.........................................................17
Santander....................................................26
Sequoia..........................................................18
Shanghai Electric.....................................18
Siemens.........................................................18
Skype..............................................................18
SoftBank.......................................................18
Sophos...........................................................27
Tottenham Hotspur.................................4
Tranquilidade.............................................16
Transaero.....................................................16
Transport for London............................4
TripAdvisor.................................................14
Uber...................................................................4
UniCredit Bank Austria.......................26
Vodafone......................................................15
Warburg Pincus........................................16
Weir.................................................................27
Wesfarmers.................................................14
Whirlpool Corporation..........................17
Woolworths.................................................14
Yahoo..............................................................17
Yelp.............................................................14,17
Yoshimoto Kogyo....................................18
Sectors
Airlines...........................................................16
Banks........................................................16,26
Energy............................................................18
Financial Services....................................18
Financials................................................15,18
Industrial Goods......................................18
Industrials....................................................18
Insurance.................................................16,19
Media..............................................................18
Mining............................................................18
Oil & Gas........................................................5
Technology..................................................18
Travel & Leisure........................................4
People
Andurand, Pierre.....................................26
Beighton, Nick...........................................19
Combes, Michel........................................16
Goei, Dexter................................................14
Immelt, Jeff.................................................18
Mensink, Clive...........................................18
Musk, Elon...................................................17
Palmer, Clive...............................................18
Roberts, Andrew......................................19
Robertson, Nick........................................19
Sarr, Mamadou-Abou............................18
Shuvalov, Igor............................................16
Siemiatkowski, Sebastian...................18
Stoppelman’, Jeremy.............................17
Terry, Rob....................................................19
Thorpe, David............................................19
Welch, Jack..................................................18
Zennström, Niklas...................................18

© The Financial Times Limited 2015 Week 36

16 ★★★ FINANCIAL TIMES Wednesday 2 September 2015

COMPANIES
INSIDE BUSINESS
Banks
ASIA

Chinese bid for Novo Banco collapses Henny

Sender
Anbang withdrawal opens second-best offer would now be invited strong commitment to Portugal” follow- €3.5bn buy Tranquilidade, the insurance arm
to begin exclusive talks on a potential ing the Bank of Portugal’s decision. of the collapsed Espírito Santo family
way for possible rival deal Top estimate of

with Apollo or Fosun

PETER WISE — LISBON
A multibillion-euro bid by China’s
Anbang Insurance to buy Novo Banco,
the Portuguese lender salvaged from the
ruins of Banco Espírito Santo, has col-
lapsed, opening the way for a possible
deal. The offer made by a third short-
listed bidder also remained “wholly
valid”, the central bank said.
None of the bidders have been offi-
cially identified by the Bank of Portugal,
but several bankers familiar with the
talks have identified Anbang, Apollo
and Fosun as the first, second and third-
ranked candidates respectively.
However, media reports in Lisbon
The sale of Portugal’s third-largest
bank to Anbang would have been the
first acquisition of a systemically impor-
Anbang’s bid for
Novo Banco
business group. Some bankers see a pos-
sibility of Apollo buying Novo Banco
and bringing in Portugal’s Banco BPI to
Fears over bad banks
tant European bank by a Chinese group.
A deal with Apollo could lead to what
€252m
First-half loss
run it, potentially leading to a merger.
One Lisbon banker said BPI was
and bad debt as Beijing
some Lisbon bankers describe as a “Por-
tuguese solution” with the US fund
potentially appointing a local manage-
reported by
Novo Banco
under pressure from the European Cen-
tral Bank to reduce exposure to Angola,
one of its main sources of revenue, and
proves all too fallible
ment team. “needs space” to expand in Portugal.
Uncertainty over the success of Earlier, Novo Banco reported a first-

deal with Fosun International, another
Chinese group, or Apollo Global Man-
agement, a US private equity group.
The Bank of Portugal said yesterday
that exclusive talks on the sale with a
single bidder — understood to be
Anbang — had been terminated after
the two sides failed to reach an agree-
ment by the deadline of August 31.
It said the bidder that had made the
quoted unidentified officials as saying
the Bank of Portugal had invited Fosun
for exclusive talks after failing to agree
on a deal with Anbang.
Fosun, a Shanghai-based conglomer-
ate, last year took control of Fidelidade,
Portugal’s last insurer, in a €1bn deal
and later purchased Espírito Santo
Saude, a private hospital group.
Fosun yesterday “reaffirmed its
Telecoms. Remuneration
W
Anbang’s bid surfaced last week after half loss of €251.9m, saying earnings ere this a more perfect world — and were
bankers in Lisbon and London said had been hit by the write-off of €103m China’s a more perfect stock market —
doubts had arisen over its offer and the in interest payments owed by big corpo- Huarong, the bad bank of ICBC, would be
implications of Chinese ownership. rate clients it had inherited from BES. listing its shares in October, raising more
Anbang is understood to have made Total assets fell to €61.8bn in June from than $1bn for its current backers including
the highest offer at up to €3.5bn. But €65.4bn six months earlier while total Warburg Pincus, KKR and ICBC itself.
bankers said the China group had liabilities dropped to €56.8bn from Instead, after the meltdown in the mainland equity mar-
insisted on setting a limit on injecting €60bn in December. The bank’s com- kets last week, new listings have been banned indefinitely
new capital into Novo Banco. mon equity tier one ratio fell marginally — not that sentiment towards banks such as ICBC was ter-
Apollo last year paid about €200m to to 9.4 per cent from 9.5 per cent. ribly positive before share prices were sent crashing.
Banks have always been a proxy on economic growth in
their home markets. So as China slows down, demand for
credit slows correspondingly. There is no motivation for a
steel mill to borrow more when demand for everything
from cars to castles is declining. (Tycoons in China do liter-
ally build castles: there is a replica of Buckingham Palace

Alcatel-Lucent chief’s package shines light on pay in Hunan.)

Lucrative golden parachute
for departing chief Michel
Combes proves controversial
ADAM THOMSON — PARIS
For months, departing Alcatel-Lucent
chief executive Michel Combes kept
quiet about his future, batting away
repeated questions about whether he
was headed to Altice, the telecoms
group controlled by Patrick Drahi.
But when confirmation finally came
this week, it was not as Mr Combes
would have planned it: instead of a dis-
creet departure from the French tele-
coms equipment maker following its
sale to Nokia, he was the talk of the town
after it was reported that he would
potentially collect €13.7m for services
rendered. Even the AMF, France’s finan-
cial watchdog, said that it would look
into the case.
‘Whatever the conditions
of the package, it is
an amount that
shocks the public’
Executive compensation, in particu-
lar golden parachutes, has long been
controversial in France.
But the issue has become pricklier
since the Socialists won power in 2012. A
crackdown on big paydays was a central
theme of President François Hollande’s
campaign, which also included a pro-
posal to impose a 75 per cent marginal
tax on incomes above €1m.
Big corporate pay and severance
packages have also become more con-
troversial given the wider backdrop of
France’s stubbornly sluggish economy
and unemployment that continues to be
at near-record levels.
Little wonder that Michel Sapin,
France’s finance minister, was one of the
first to react. Speaking of Mr Combes’
golden parachute, he told France Info
radio this week, “at a given moment, it’s
necessary to have some common sense,
a little measure, some restraint . . . in
this case, Michel Combes has not had
any”.
Even Medef, the country’s employers’
federation, was critical. Thibault
Lanxade, its vice-president,
described the sum as
“shocking”. Emmanuel
Macron, economy min-
ister, was due to meet
Philippe Camus, Alca-
tel-Lucent’s chairman
and acting chief execu-
tive, yesterday after-
noon to discuss the
issue.
Mr Combes’ unso-
Michel Combes licited attention has come as the public
has defended his — and governments — have begun to
pay-off but focus more keenly on executive pay lev-
France’s finance els in Europe. A report last month by the
minister, Michel UK’s High Pay Centre said that the lead-
Sapin, below, ers of Britain’s biggest companies are
has accused him paid 183 times that of the average
of showing no worker in the country — up from 160
restraint — Simon times just five years ago.
Dawson/Bloomberg
But a report published by Vlerick
Business School in Belgium this year
showed that Germany had overtaken
the UK as the home of Europe’s top-paid
corporate executives.
Across the Vlerick study’s sample of
Germany, the Netherlands, France, Bel-
gium and the UK, the biggest determi-
nant of pay was the size of company,
with executives at larger businesses
enjoying higher pay, bigger bonuses and
more generous pensions.
Yet corporate pay in the US dwarfs
that of Europe. So do the golden para-
chutes companies hand out to execu-
tives facing the prospect of losing
their jobs following a merger or an
acquisition.
Data compiled by Equilar, the
executive pay research firm,
showed that golden parachute pay-
ments for chief executives of the 10
biggest companies taken over last year
could total $430m.
Mr Combes has defended himself,
telling the French newspaper Les Echos
that the sum was down to a decision to
reduce the fixed portion of his salary to
€1.2m, while maximising the variable
portion, which was linked to the group’s
performance.
Insisting that he took on the top job in
€1.2m 183 times
The fixed portion Multiple of top UK
of Michel Combes’ bosses’ pay
salary as chief of compared with
Alcatel-Lucent average worker
2013 when the company was in “quasi-
collapse”, he said: “I took on the risk of
the industrial project.” Since then, Alca-
tel-Lucent’s share price has increased
from about €1 per share to €2.91 yester-
day.
In July, it also reported its first second-
quarter positive free cash flow since
Alcatel merged with US Lucent Tech-
nologies in 2006.
Mr Combes was widely praised this
year after he negotiated the company’s
€16bn sale to Finland’s Nokia.
Questions remain about the appropri-
ateness of his package given that he
was in the job for just over two years.
There were also doubts about the
timing of the addition of a non-compete
stock package, worth an estimated
€2.4m of the potential €13.7m at today’s
values.
Yesterday, Alcatel-Lucent said that
the remuneration package was compli-
ant with Medef’s code, which, under
government pressure, the federation
changed in 2013 to include a “say on
pay” rule for shareholders and the crea-
tion of a special body to oversee compli-
ance.
The enhanced rules also proposed the
presence of employee representatives
on company boards, including a seat on
remuneration committees. They also
sought tougher conditions on stock-op-
tions and other remuneration such as
golden parachutes.
But even if the package does fall
within the rules, the noise is unlikely to
die down soon.
As Colette Neuville, of Adam, an
organisation that defends minority
shareholders, put it: “Whatever the con-
ditions of the package, it is an amount
that shocks the public.”
Meanwhile, 41 months of deepening deflation on the
mainland have increased the real burden of existing debt
on existing bank borrowers,
at precisely the time their
ability to earn the money to
Investors in
repay their creditors Huarong hoped
shrinks.
That is why, when ICBC
for a rational,
reported its earnings last capitalist
week, a 74 per cent rise in
provisions almost wiped out
approach
the bank’s profits. Worse,
Chinese banks are widely believed to significantly under-
report their bad loans, which in the case of ICBC have
“risen” to a mere 1.4 per cent.
It was not supposed to be like this. The whole point of the
government’s support of the stock market was to engineer
a large-scale debt-for-equity swap, whereby China Inc.
would raise equity capital so it could reduce the large debt
it took on in the wake of the global financial crisis.
Today the banks should be reducing their non-perform-
ing loans, not boosting their provisions for them.
Bad debts only compound the problems in the Chinese
economy, making it ever more difficult to get out of the
bind. So the question is: what can China do about the debt
problem?
Plan A — use the stock market — is dead. What, then, will
plan B consist of?
For the People’s Bank of China, Plan B is to cut interest
rates. But that may prove of limited efficacy because it will
lead to more capital outflows, which mean an effective
monetary tightening. China’s capital controls have proved
much more porous than outsiders seem to realise.
For others, including the foreign investors in Huarong,
the hope had been that China would begin to deal with its
distressed debt in a rational,
capitalist way: marking
down the value of bad loans,
At ICBC, an
find a clearing price and increase of 74%
moving forward.
However, it is not clear
in provisions
that Beijing is brave enough almost wiped
to take that step, especially if
this version of Plan B
out profits
requires more bankruptcies
and more lay-offs.
Remember, Beijing focuses relentlessly on jobs, not eco-
nomic growth, since social stability is always the para-
mount consideration.
Recent developments involving China Cinda Asset
Management — the only bad bank that has already listed —
are not reassuring. Last week Bank of China’s Hong Kong-
listed unit put up for sale Nanyang Commercial Bank, one
of the original mainland owned “sister” banks in Hong
Kong. But the only entity to show up at the auction was
Cinda. It isn’t clear why Cinda wishes to own a bank in
Hong Kong.
There are lots of other question marks around Cinda, as
well. Analysts at Barclays Capital have asked why 44 per
cent of the bonds Cinda raised in the first half of the year
are denominated in US dollars, exposing the bank to
potential losses as the renminbi weakens?
As the Chinese Ministry of Finance controls both Cinda
and Bank of China’s Hong Kong unit, most people expect
the Nanyang deal to go through despite the questions
about the wisdom of the deal — not least because Cinda
cannot use its shares to finance the transaction.
Still, questions about bad banks and bad debt will not go
away. It may have been the case that, until recently, the
Chinese government was seen to be almost infallible. After
the stock market debacle, however, that is no longer the
case. Whether Huarong turns out to be a good investment
for Warburg Pincus depends partly on what the bureau-
crats of Beijing decide to do next.
henny.sender@ft.com

Airlines Automobiles

Russia’s Aeroflot to win control of Transaero
COURTNEY WEAVER — MOSCOW
Russian state-controlled airline Aero-
flot is set to secure a controlling stake in
troubled carrier Transaero, as the
country’s economic crisis fuels consoli-
dation in the transport industry and
other sectors.
The deal, announced yesterday during a
meeting chaired by Igor Shuvalov, Rus-
sia’s first deputy prime minister, will
combine the nation’s two biggest air-
lines. As part of the deal, Aeroflot will
pay a symbolic one rouble — or about
one US cent — to take a 75 per cent stake
plus one share in heavily indebted
Transaero, Russian news agencies
reported. The government-backed deal
has already been confirmed by privately
held Transaero, and is expected to be
approved by Aeroflot’s board at its next
meeting. A person involved in yester-
day’s talks said Aeroflot would take on
all of Transaero’s customers holding
valid tickets.
The impending deal provides an
insight into the Kremlin’s approach to
handling the economic crisis — deciding
which companies to save or cast aside
based on their social and strategic sig-
nificance. A merger with Aeroflot saves
Transaero from bankruptcy. It also
averts any social upheaval from
Transaero’s thousands of employees los-
ing their jobs, and safeguards the tickets
held by tens of thousands of customers.
It is less clear what the deal will mean
for Aeroflot, which is expected to have
to take on Transaero’s debts. At the end
of March, Transaero’s net debt stood at
Rbs67.6bn ($1bn). Its earnings before
interest, tax, depreciation and amorti-
sation for 2014 came to Rbs7bn.
Last month Russian lender Otkritie, a
Transaero creditor, filed a Rbs1.3bn
lawsuit against the carrier for late pay-
ments. Transaero and other Russian air-
lines have been badly hit by the down-
turn. Many of their customers are cut-
ting back on travel because of the sharp
devaluation of the rouble.
US vehicle sales race ahead of expectations
ANDY SHARMAN
MOTOR INDUSTRY CORRESPONDENT
The big three US carmakers posted bet-
ter than anticipated domestic sales last
month as volatile global stock markets
failed to dent purchases in the world’s
second-biggest automobile market.
General Motors, Ford and Fiat Chrysler
Automobiles each reported vehicle
deliveries for August that were ahead of
analysts’ expectations. Ford and Fiat
Chrysler bucked predictions for a
decline in deliveries.
Analysts had forecast US car sales
would decline in August — the first con-
traction for a year and a half — because
of a quirk in the calendar that meant the
Labor Day weekend, a busy time for
dealerships, would be included in Sep-
tember figures.
US car sales, which are seen as a lead-
ing indicator of consumer spending,
have been fuelled by an expanding
economy, cheap financing schemes and
low petrol prices.
Early results from the carmakers
Carmakers sold
17.8m vehicles in
August, with GM,
Ford and Fiat
Chrysler beating
forecasts
indicated a rate of 17.8m vehicles for
August. That would mark the fourth
consecutive month above 17m for the
closely watched rolling rate, the longest
streak since 2006.
Fiat Chrysler delivered 2 per cent
more vehicles in the US compared with
a year ago, thanks to strong sales of its
Jeep sport utility vehicles.
Ford’s US sales rose 5.6 per cent in
August, eclipsing analysts’ forecasts for
a 0.2 per cent fall. That included the best
August sales of its F-series pickup trucks
since 2006.
General Motors’ US sales slid 0.7 per
cent, but this was narrower than the 2.6
per cent drop that analysts had forecast.
Wednesday 2 September 2015
Yelp struggles to catch advertisers’ attention
Local recommendations website faces plummeting share price, rising competition and a film critical of its practices
HANNAH KUCHLER — SAN FRANCISCO
Jeremy Stoppelman’s Yelp is a company
trying to tackle a more modest problem
than those being solved by other start-
ups founded by the so-called PayPal
mafia, the cadre of technology entrepre-
neurs and venture capitalists who used
to work at the payments company.
The local listings app is not working
on space travel, like Elon Musk’s
SpaceX, or building luxury electric cars
as Mr Musk is doing at Tesla. Nor is it
trying to track terrorists on behalf of the
US government like Palantir, founded
by a number of ex-PayPal executives.
But Yelp’s task of persuading small
businesses to ditch the old-favourite
Yellow Pages telephone directory, flyers
and local radio spots to advertise on its
site is proving almost as difficult.
Mr Stoppelman, a former vice-presi-
dent of engineering at the payments
company, faces a stock price that has
fallen more than 70 per cent in the last
year, competition from Google and a
new documentary film that accuses the
company of acting like the real mafia.
Shares fell more than 25 per cent in
one day, after it missed earnings expec-
tations last month, gave guidance to
Wall Street to expect revenues that were
lower than the average analyst forecast
Mr Stoppelman
admitted Yelp’s 2015
had not gone ‘as smoothly
as we anticipated’
and announced that chairman Max Lev-
chin was stepping down. Sales were up
more than 50 per cent year on year to
$133m in the quarter, but the market
was expecting a juicier meal.
Mr Stoppelman admitted Yelp’s 2015
had not gone “as smoothly as we antici-
pated”.
Robert Peck, an analyst at SunTrust
Robinson Humphrey, says Yelp had
been a “painful stock”. It almost hit
$100 last year, so when it came down to
$60, Mr Peck recommended it — and
then watched it slip even further to the
current price in the mid-$20s.
“We’ve been wrong each quarter and
each quarter it has felt like there was a
different story,” he says, explaining the
reasons for underperformance included
problems with the mix of advertisers to
slow growth of its salesforce. “Last quar-
ter it was just capitulation. Wall Street
said enough is enough and after three
quarters, threw the towel in.”
Mr Stoppelman founded Yelp back in
2004. Since then, other larger compa-
nies have recognised people’s desires to
read user opinions on local businesses,
from reviews on Facebook pages to
Google’s inclusion of ratings and reviews
in search results and Google Maps.
A key problem for Yelp is that Google
is both a competitor and the gateway
many users depend on to find search
results. Yelp has even filed a complaint
against the group in an EU investigation.
Youssef Squali, an analyst at Cantor
Fitzgerald, adds that Yelp appeared to
have lost 30-40 per cent of its traffic
outside the US “overnight” after the
Google algorithm was updated. “Gener-
ally Wall Street gets really, really, really
nervous when a company’s destiny is
Personal & household goods
Whirlpool fuels the flames of Aga saga
MICHAEL POOLER
Aga Rangemaster, the British manufac-
turer of upmarket cast-iron cookers,
has found itself caught in a tug-of-war
between two larger US kitchen equip-
ment rivals.
London-listed Aga said yesterday that it
had received a last-minute approach for
a possible cash offer from Whirlpool
Corporation, the US white goods group.
The bid for the maker of high-end
cookers challenged an offer that was
close to completion. Illinois-based Mid-
dleby Corporation said in June that it
was in talks to buy Aga with an offer that
valued the company at £129m.
The timing of the Whirlpool approach
surprised market watchers, as Aga and
Middleby had been expected to close
the deal this month. One analyst, who
asked not to be named, said Whirlpool’s
offer could carry a premium of roughly
10 per cent over the Middleby proposal.
Aga has opened its books to Whirl-
pool, however its board yesterday said it
continued to recommend the Middleby
bid to shareholders “to avoid any delay
to completion of that transaction”.
The company added that a share-
holder meeting would still be held on
September 8 to consider the Middleby
offer. A “put up or shut up” deadline is
now awaited from the UK Takeover
Chasing the clicks
US digital advertising revenues*
Estimated, 2015 (% share)
Google
36.6
Twitter
2.3
Sources: eMarketer; Thomson Reuters Datastream; company; Borrell Associates
controlled to a certain degree by Google
and for good reason,” he says.
Yelp says the increasing shift to
mobile is decreasing its reliance on
Google, as users can access reviews
directly through its app. But while
mobile usage is growing — up 50 per
cent in the past year — the app is on 18m
devices, far fewer than the almost 80m
users that use the desktop site and the
64m that use mobile browsers.
Google also may not be the only com-
petitor to worry about. The rise of dig-
ital assistants such as Apple’s Siri,
Microsoft’s Cortana and Facebook’s M
could sidestep the need for Yelp.
But Yelp points to the size of the local
advertising market overall, arguing that
it has a total addressable market of
$6bn-$8bn and up to 5m businesses that
itneedstopersuadetochoosedigitalover
traditional advertising. The market —
defined as anything that is not targeting
the whole of the US — is growing, driven
by digital marketing that can target ever
50 % 18 m
Rise in use of Yelp People using
app via mobile mobile app —
in last year, compared with
company claims 80m on desktop
Panel, by which time Whirlpool must
either make a firm offer or withdraw.
Matthew McEachran, analyst at N+1
Singer, said: “The relatively low offer
from Middleby left the door open to a
competing offer and Whirlpool have
now come into the frame and have been
granted time to do due diligence, one of
a number of conditions to any offer
being made.
“If a bidding war breaks out there can
be no saying where the upside may cap
out at, but an increase from 185p cer-
Aga, a traditional British brand, is
being fought over by two US bidders
★ FINANCIAL TIMES 17
COMPANIES
Camera action
Small businesses fund
‘Billion Dollar Bully’
Facebook Microsoft Yahoo Share price, class A ($) 100
Yelp is not only facing a hostile
80 Wall Street. It also stands accused
by small businesses, which have
60 clubbed together to fund a
documentary titled Billion Dollar
40 Bully, making negative claims over
the tech group’s practices.
20 In the film, due out this autumn,
business owners claim that when
0
they did not take out an
2013 14 15 advertisement after calls from Yelp
sales people, positive reviews
Revenues ($m) disappeared from the
140
“recommended reviews” section
120
11.6 5.6 4.5 100
and negative ones appeared.
Kaylie Milliken, the director, says
80 the film shows Yelp engaging in
“shady business practices,
60 extortion and pay-to-play tactics”.
40 Helped by upset local
20 businesses, she raised $90,000
Amazon LinkedIn Yelp
in a Kickstarter campaign to make
0 the film.
2013 14 15 It is not the first time Yelp has
faced this kind of criticism.
The Federal Trade Commission, a
US regulator, has investigated the
US local advertising spend issue twice, most recently for a
$bn year, though it closed the cases
140 without taking action.
In late 2013 a Harvard study said
120
Yelp did not treat advertisers
100 differently from businesses that
80 did not pay for their presence on
Digital the platform.
60 Yelp says the allegations are
40 “completely not true” and people
can find plenty of five-star-rated
20
Non-digital businesses that do not pay.
1.9 0.9 0.8 0 It says it filters results only
because it wants to prioritise real,
2013 14 15 16 frequent users over spam.
*Selected companies
more specific locations. But transform-
ing small businesses’ marketing strate- Contracts & Tenders
gies is labour intensive, with many need-
inghelptousethenewplatforms.
Corey Elliott, vice-president of
research at Borrell Associates, says Yelp
may be suffering from being one of a
myriad options in the market. In a
recent survey carried out by the
research firm, Yelp was the fourth most
popular site for companies after Face-
book, Google and Twitter — but there
were thousands of others.
“Poor Yelp — they could just be taking
the brunt of general frustration with the
mystery of online advertising from a
small business point of view,” he says.
But after reports that Yelp could be
looking to sell itself to a larger internet
company such as Yahoo, Amazon or
Priceline earlier this summer, many
investors were disappointed when no
deal materialised.
Mr Squali adds: “Investors were dis-
appointed when Jeremy pulled the plug
on a potential transaction because after
all the negative things reflected in the
stock price, there was a premium put on
the shares in case of a potential deal.
“When it became clear there was not
one coming, they moved on.”
See Lex
tainly looks likely now. Another 50p
would be a perfectly reasonable expec-
tation for Whirlpool to kick things off.”
Middleby’s offer of 185p per Aga share
represented a premium of 77 per cent
over the closing price of 104p on June 16,
the last day before the beginning of the
offer period.
Shares in Aga closed 14.6 per cent
higher yesterday at 210p, giving it a
market capitalisation of £145.5m. Its
shares are up almost 40 per cent over
the year. Aga benefited from a sales
boost after May’s general election, as UK
consumers showed more willingness to
spend on luxury household goods. Rev-
enues rose 1.5 per cent to £125.4m in the
first half of the year as the housing mar-
ket picked up and incomes rose.
One-off costs of £3m associated with
the planned sale to Middleby, as well as
Aga’s big pension deficit relative to its
valuation, weighed on the group’s half-
year results. After agreeing terms with
Middleby in July, Aga said a selling point
of the deal was the support it would
bring to the company’s pension scheme.
Aga reported a pre-tax loss of £4m for
the six months to June, compared with a
£300,000 loss in 2014. Operating profits
were up 16.7 per cent to £2.8m.
The UK group’s pension deficit stood
at £46.7m as at June 30.
See Lex
18
Media
Netflix targets Asia with Japanese launch
Streaming video service
seeks foothold in country
as part of global expansion
KANA INAGAKI — TOKYO
Netflix, the US streaming video service
provider, is to make its first foray into
Asia with its launch in Japan today.
The arrival of the US challenger has
raised hopes for a shake-up of the Japa-
nese television industry following Netf-
lix’s successes in North America and
Europe.
“There is no vision of being a global
internet television network that doesn’t
include operating in Japan,” Greg Peters,
GE on track to gain approval for $14bn Alstom deal
US group has offered Brussels
concessions to allay fears over
turbine competition threats
BY CHRISTIAN OLIVER — BRUSSELS
General Electric is likely to win EU
approval in the coming days for its
$14bn deal to buy Alstom’s energy
assets, according to people close to the
deal who stress that the US conglomer-
ate has offered significant remedies.
GE’s partial takeover of France’s
Alstom has been one of the most closely
watched deals in Europe after the Euro-
pean Commission raised concerns it
would damage competition in the mar-
ket for turbines used to generate elec-
tricity from gas-fired power stations.
If Brussels does unexpectedly block
the deal before a September 11 deadline,
it will revive memories of GE’s failed
$42bn deal to buy Honeywell in 2001,
when US executives were stunned that
EU competition authorities had such
wide-reaching powers to scupper a US
transaction.
A second veto against GE from Brus-
sels this week or next could also prove
politically explosive on both sides of the
Atlantic. After weathering a storm
about a US company buying large
chunks of a French industrial cham-
pion, the government of president
François Hollande is now investing dip-
lomatic capital in ensuring the deal goes
ahead to keep jobs in France.
People at the European Commision
and lawyers in Brussels said that GE had
learned lessons from the bruising
Honeywell case, and noted that Jeff
Immelt, chief executive, had taken a far
more diplomatic approach than his
predecessor, Jack Welch. Mr Immelt vis-
ited Margrethe Vestager, EU competi-
tion commissioner, two times during
negotiations. “GE has clearly softened,”
said one EU official. “Its whole approach
has been very different.”
Andreas Geiger, a lobbyist and
founder of the law firm Alber & Geiger
who is familiar with the Honeywell and
Alstom cases, said that Mr Immelt “did a
Contracts & Tenders
Business For Sale
who heads Netflix’s Japanese unit, said
yesterday.
Digital services such as Netflix and
Amazon have lured viewers from tradi-
tional broadcast and cable networks
with affordable pricing and strong origi-
nal content such as House of Cards, trig-
gering fundamental changes in TV
viewing habits.
Netflix operates in more than 50
countries with a subscriber base of 65m,
of which 23m are outside of the US. It
aims to expand into every significant
global market — including China and
India — by the end of 2016, making hefty
investments that will in the short term
expand its operating losses for non-US
businesses.
Industrials. Energy takeover
Brussels had been worried the GE-Alstom group could control more than 50 per cent of the global market, excluding China, for 50Hz turbines — Chris Ratcliffe/Bloomberg
better lobbying job than Welch . . . but
the expected EU merger clearance
comes with a price tag which might have
been avoided”.
Brussels’ greatest concern was that
the GE-Alstom group could control
more than 50 per cent of the market in
Europe and the rest of the world exclud-
ing China for turbines operating at the
50Hz frequency. The tie-up would also
reduce GE’s competitors to only two
main companies: Germany’s Siemens
and Japan’s Mitsubishi Hitachi Power
Systems, with Italy’s Ansaldo Energia
being a niche player.
When the commission launched its
probe of the GE-Alstom deal in Febru-
ary, GE initially flatly denied that its
deal harmed customer choice, because
only about four 50Hz frequency tur-
bines were sold in Europe each year.
★★★ FINANCIAL TIMES
COMPANIES
As a stepping stone into Asia, Mr
Peters says conditions in Japan are ripe
for acceptance of Netflix’s on-demand
services. The infrastructure is already in
place with households having access to
broadband internet and mobile devices.
Compared with launches in other
markets, where the percentage of local
content is between 10 and 20 per cent,
Netflix will have domestic offerings of
closer to 50 per cent in Japan, according
Viewing habits:
Netflix operates
in more than 50
countries with
a subscriber
base of 65m
The commission countered the rela-
tively small sales volumes were irrele-
vant in a sector as sensitive as power,
where turbines cost hundreds of mil-
lions of euros. Despite its initial resist-
ance, GE relented and offered conces-
sions to Brussels in July, and people
close to the matter said these proposals
were received “positively”. On receiving
feedback from Brussels, GE later further
“tweaked” the terms of the deal.
One person briefed on the case said
the concessions scrutinised by the com-
‘The question is whether
GE’s proposed remedy
is enough to satisfy
commission concerns’
Technology
Klarna in US payments launch Northern Trust green fund shift
MURAD AHMED — EUROPEAN
TECHNOLOGY CORRESPONDENT
Klarna has launched its online pay-
ments service in the US. The Stock-
holm-based start-up said it had begun
operations there after signing up
online retailer Overstock.com.
The group said that within the next fort-
night it expected to unveil 200 more US
merchants that would adopt the system.
The system allows shoppers to buy
and receive goods before paying for
them, while taking on the credit risk for
retailers.
Klarna uses algorithms based, for
instance, on the time of day and a cus-
tomer’s shopping history to allow one-
click purchases and detect fraud.
The US launch was delayed after
Klarna said it had planned to be availa-
ble to US customers earlier this year.
The group faces tough competition
from large and entrenched online rivals
such as PayPal and Square and tradi-
tional card groups such as Visa and Mas-
terCard.
Earlier this year, Apple unveiled its
payments system.
The group has said it would invest at
least $100m in its US push. But
Sebastian Siemiatkowski, chief execu-
tive, said it would rely on word of mouth
rather than costly marketing campaigns
to expand its user base in the country.
“We’re a profitable business that has a
solid business model and has been in
Europe for many years,” he said.
to Mr Peters. The company has already
announced tie-ups with TV broadcaster
Fuji Television Network and Osaka-
based talent agency Yoshimoto Kogyoto
produce original local content.
This week, it also announced a part-
nership with SoftBank, which would
allow its users to pay Netflix subscrip-
tion fees through the Japanese telecom
and internet group’s payment system.
Netflix’s monthly pricing plan for Japan
ranges from Y650 ($5.40) to Y1,450
while it costs $8.99 a month in the US.
Netflix said the penetration of its
services in Japan would probably be
gradual. Another US rival, Hulu, which
entered the Japanese market before
Netflix, struggled after its Japan launch
mission focused on GE divesting some of
Alstom’s turbine-related business to
Ansaldo, which is 40 per cent owned by
China’s Shanghai Electric. Alstom’s
main turbine business centres are in
France and Switzerland.
People in Brussels with knowledge of
the case said technical points were still
under discussion between GE and the
commission, but did not think these
should stop the deal being approved.
Emmanuel Macron, France’s econ-
omy minister, has been leading Paris’s
charm offensive towards the commis-
sion. In July, he noted that the talks with
Brussels were going well, saying: “We
remain on our guard but, on the plan
itself, we have seen rather reassuring
elements.”
Edward T. Swaine, professor of law at
George Washington University, said that
“We’re not dependent on a US launch
from that perspective. But what is inter-
esting is that the US market is so big
that, for us, if we were to get a half a per-
centage point of market share in the US,
we would double in size.
“That doesn’t mean that we’re not
super-ambitious. We’d love to have 50
per cent market share. But it tells you
something about the opportunity we see
in the US market.”
Klarna operates in 18 countries and
has become a leader in ecommerce pay-
ments in Germany, France and Italy. In
18 $1.4 bn
Number of Valuation for
countries where the company
the Swedish in September
group operates last year
its home market of Sweden, 40 per cent
of the 10m population uses the service.
In September 2014, the company was
valued at about $1.4bn.
The company has raised more than
$280m in investment from venture cap-
ital groups including Skype co-founder
Niklas Zennström’s Atomico, Yuri
Milner’s Digital Sky Technologies and
Sequoia.
Mr Zennström admitted that “the US
is a tough market” but said he was confi-
dent Klarna would succeed.
“The US payments market hasn’t
evolved much since the launch of
PayPal some 20 years ago,” he said.
in 2011 and its Japanese service was
later sold to local broadcaster Nippon
Television Network.
“There is still no growing awareness of
paying money for content in Japan,” said
Goro Oba, a media expert at Bukkyo
University.
Japan has a strong public broadcaster
called NHK, the equivalent of the BBC in
the UK, and six other free-to-air broad-
casters. Many Japanese still visit rental
DVD shops rather than obtaining con-
tent online. Fewer than 30 per cent of
Japanese households subscribe to
pay-TV compared with 85 per cent in
the US and 60 per cent in the UK,
according to estimates by Media Part-
ners Asia.
the challenges on the Alstom deal were
markedly different from the Honeywell
case. “It’s a different time and transac-
tion. One thing that startled many last
time was the interest the commission
took in a transaction between American
companies that had been cleared by the
[US] Department of Justice,” he added.
“The question is whether GE’s pro-
posed remedy is enough to satisfy com-
mission concerns that are particular to
the results for competition in Europe.”
GE, noting the commission’s final
decision was due by September 11, said:
“We have submitted a remedy package
that addresses the commission’s con-
cerns and preserves the economics of
the deal.” Alstom declined to comment.
Ansaldo could not be reached.
Additional reporting by Peggy Hollinger
and Rachel Sanderson
Financials
LINDSAY WHIPP — CHICAGO
Northern Trust, one of the world’s larg-
est investment managers, expects
stronger growth in its environmental,
social and governance integrated funds
from a shift towards more responsible
investing.
Assets under management in ESG
reached $60bn in June from $20bn four
years earlier, said Mamadou-Abou Sarr,
global head of ESG investments at the
Chicago-based trust. Growth “will accel-
erate”, he said, without giving estimates
for the rate of increase.
Mr Sarr expects some growth to come
from new money but emphasised that a
good proportion would come from con-
verting money in existing funds. He said
momentum for ESG was driven by regu-
latory change, a more environmentally
conscious younger generation and the
view that climate change poses financial
as well as environmental risks.
There was scope for product innova-
tion, particularly in fixed income, which
was still the biggest asset class for inves-
tors but where there were relatively few
ESG funds.
In the past two years, according to the
Global Sustainable Investment Alliance
which started to track these issues in
2012, assets have grown by 61 per cent.
In that period the global sustainable
investment market rose from $13.3tn at
the outset of 2012 to $21.4tn at the start
of 2014, and from 21.5 per cent to 30.2
per cent of professionally managed
Wednesday 2 September 2015
Mining
Mineralogy
sues Citic for
A$10bn in
iron ore fight
JAMIE SMYTH — SYDNEY
A company owned by Clive Palmer, the
Australian mining tycoon turned poli-
tician, is suing China’s Citic Limited for
A$10bn (US$7.1bn) in the latest twist in
a bitter legal battle involving an iron
ore project.
Mineralogy claims the Chinese state-
owned company is exporting iron ore
from their joint venture Sino Iron
project in Western Australia without
paying the agreed level of royalties.
“By repudiating the commercial
arrangements the Citic companies are
liable to pay mineralogy damages equiv-
alent to the value of the rights Citic has
repudiated,” said Clive Mensink, Miner-
alogy chairman.
He said Citic had also failed to meet
other financial obligations to Mineral-
ogy in what seemed to be a “deliberate
strategy to gain control of Australian
resources without having to pay for
them”.
The case, which has recently been
taken to the supreme court of Western
Australia, is one of several court actions
involving both parties over the A$10bn
Sino Iron business, which was set up as a
joint venture in 2006 but has faced
delays and technical problems.
In March, Citic wrote down the value
Mineralogy said it
seemed to be a ‘deliberate
strategy to gain control of
Australian resources’
of the Sino Iron venture by US$2.5bn.
At the heart of the dispute is the level
of royalties that Citic should pay Miner-
alogy, which owns the rights to mine the
ore deposits.
In this most recent case, Mineralogy
claims Citic is refusing to pay a portion
of an agreed royalty payment, according
to a statement issued by Mineralogy.
The court papers were not immediately
made available to the media.
The legal battle between the two com-
panies began in 2012 and intensified
over the past 18 months when Citic
launched legal proceedings, which
accused Mr Palmer of misusing A$12m
through Mineralogy to finance his elec-
tion campaign last year.
Judge David Jackson later ruled Mr
Palmer had no case to answer with
regard to the alleged misappropriation
of the A$12m.
The dispute flared again last year
when Mr Palmer launched a televised
tirade against the Chinese, calling them
“bastards” and “mongrels” who shoot
their own citizens. He later apologised
for the remarks.
Last month the federal court dis-
missed an attempt by Mineralogy to
prevent Citic from using a port in the Pil-
bara region to export its iron ore. Miner-
alogy had claimed Citic had agreed to
hand over the port after it was built.
Citic said it looked forward to the
validity of the recent claims being scru-
tinised by the court.
assets in the developed world. “Momen-
tum is great,” Mr Sarr said, in reference
to countries in Asia such as Japan and
Malaysia, adding that the biggest ESG
market was the US. “Innovation is
important, not just on the equity side
but on the fixed interest side.”
Leading investors such as Norway’s
sovereign wealth fund and large univer-
sity endowments have been leaders in
focusing on fossil fuels, abandoning
shares of coal companies, while some
pension funds refuse to invest in
tobacco companies. In Europe, where
almost 60 per cent of invested assets are
run on an ethical mandate, countries
such as the Netherlands banned invest-
ments in cluster munitions groups.
Many active investors are also more
keen to work with companies than
divest them, says Principles for Respon-
sible Investment, a UN-backed group.
Increased investor focus on ethical
investments may spur companies to
adopt higher sustainability targets.
Wednesday 2 September 2015 ★ FINANCIAL TIMES 19

UK COMPANIES

Briefs

Caravan groups’ near-£1bn merger shrugs off post-holiday gloom Asos

Matthew
Vincent
First day back at work after a sun-
drenched summer holiday? Lombard
sympathises, especially if the route to
your City desk took in Gatwick and
East Croydon beneath the leaden Bank
Holiday drizzle. There is not much that
can alleviate these ‘back to school’
blues (and greys)— except perhaps the
knowledge that thousands less
fortunate listened to the same rain
pounding on the roof of a static
caravan. In Skegness.
That might explain why Electra
Private Equity chose yesterday to
brighten the mood with news of a near-
billion-pound mega-merger. Of 73
caravan parks. At least one of which is
in Skegness.
According to the London-listed
investment group, combining its Park
Resorts holiday business with Alchemy
Partners’ Parkdean Holidays will
create a national operation with annual
earnings of £100m, and a value —
when all of their refinanced debt is
included — of £960m.
It seems static caravans — not to
mention the chalets, safari tents and
more glamorous ‘glamping’ facilities
offered by Park Resorts — are big
business. Electra used to classify its
investment in Park Resorts under the
theme “austerity/value”, and with a
change in the political climate as
unlikely as a break in Bank Holiday
weather, it seems the public has voted
with its wallets. Either that, or they
believed a recent survey commissioned
by rival Park Leisure that claimed a
static caravan improves one’s sex life
(it did not say how). Whatever the
reason, the National Caravan Council
calculates the market for all forms of
wobbly-walled holiday accommodation
is now £6bn a year.
Together, Park Resorts and Parkdean
account for £370m of this, say people
familiar with their businesses,
indicating that their profit margin
based on those £100m of earnings,
before interest, tax depreciation and
amortisation, is as healthy as an early
morning swim. In the North Sea.
What’s more, much of the
investment needed to compete with
the likes of Center Parcs — such as
fitting double glazing — has been made.
A refinancing by Electra in 2013
released £60m to improve facilities,
after which 2014 revenues came in 8
per cent higher, helping to lift profits
across the caravan parks businesses by
more than a quarter. Apparently, it
made the holiday season last longer,
from February into Autumn.
However, a new £550m refinancing
on completion of the merger — with
Barclays, Royal Bank of Scotland and
JPMorgan — will be used only to repay
existing debt and let Electra take cash
of £96m — recouping most of its
original investment. With sales across
the holiday park business growing at a
less sexy 2-3 per cent, and Visit
England recording a dip in caravan and
camping spend, investors might
wonder whether Electra is realising
what amorous bathers off the coast of
Lincolnshire discover after a few
minutes: we don’t want to become too
overexposed.
Divergent stories: Rob Terry was
forced out early from Innovation
Group, whereas he stayed at
Quindell until 2014
Much of the investment
needed to compete with
the likes of Center Parcs
— such as fitting double
glazing — has been made
Sliding Doors II
Rob Terry, founder of insurance claims
software company Innovation Group
and insurance claims processor
Quindell, has never looked much like
Scottish actor John Hannah. Nor has
the shareholder register of either
business ever — to the best of anyone’s
knowledge — included Hollywood
actress Gwyneth Paltrow. But investors
could be forgiven for viewing the fate of
those two companies as a strange
corporate remake of the thesps’ low-
budget Brit-flick Sliding Doors.
Peter Howitt’s 1998 film used a split
plot device to examine how differently
life can turn out if characters react to
events in different ways. And,
yesterday, Mr Terry's former
Innovation business showed how
differently an investment can turn out
after early adversity — by heading for a
stock market exit via a £500m buyout.
Both Innovation Group and Quindell
began as London-listed companies in
difficult circumstances. Innovation’s
share price fell by 96 per cent as the
market lost faith in its accounting for
revenues. Similarly, Quindell achieved
a £3bn market capitalisation, only to
be attacked by shortsellers and
investigated over its accounting — its
shares fell 94 per cent.
Where the stories diverge, though, is
in the speed of the boardroom revolving
doors. At Innovation, Mr Terry was
forced out, ushering in what broker N+1
Singer calls “a successful period under
which the management team had
turned around the business”. Private
equity group Carlyle’s 40p cash offer
squarely meets the broker’s target price.
At Quindell, investors gave Mr Terry
another chance, only forcing him out
after the damage was done. Most have
long since given up on a happy ending.
Stick or twist
Remember Late Nite Poker, the
insomniacs favourite TV show, in
which stubbly Norf Londoners in
sunglasses fiddled with gambling chips
for ages before invariably raising the
ante? Everyone at Bwin.party clearly
does. It is now taking its time over a
raised offer from 888 Holdings, which
is likely to followed by another pot
sweetener from GVC Holdings. But
because they are Gibraltar based, there
is no time limit. Deal me out!
Chief to bow out
Asos founder and chief executive
Nick Robertson is set to step down
after 15 years at the helm of what
had been one of the UK’s most
successful internet start-ups until
its fortunes reversed amid a string
of profit warnings.
According to people familiar with
the matter, Mr Robertson is to be
replaced by Nick Beighton, who was
promoted to chief operating officer
from finance director in October.
The company declined to
comment.
Mr Robertson, who holds 10 per
cent of the company’s shares, is
likely to remain on the board as a
non-executive director.
Asos, which targets fashion
and budget-conscious shoppers
in their twenties, has found it
difficult to find growth and improve
profitability in an increasingly
crowded UK online market.
Scheherazade Daneshkhu
Deloitte
Psychological move
Deloitte has acquired a boutique of
business psychologists as part of
plans to launch a leadership
consulting practice, in the latest
sign of professional services firms
expanding into new areas.
It acquired Bristol-based Kaisen
Consulting, which employs about
60 people, and said it planned to
expand the business by recruiting
700 people globally by 2020.
The business of leadership
consulting is a fragmented market,
spanning coaching, psychological
profiling and the application of
neuroscience techniques.
Harriet Agnew

Travel & leisure

Holiday park operators to join forces

Parkdean Holidays and
Park Resorts tie-up comes
as ‘staycations’ on rise
MALCOLM MOORE AND
JOSEPH COTTERILL
Britain’s love affair with caravans and
camping has helped hatch a near-£1bn
company after two of the country’s larg-
est holiday park operators announced a
merger. Between them, Park Resorts
and Parkdean Holidays will have 73
parks dotted along the English and Scot-
tish coasts and said they would host
1.8m holidaymakers each year.
The deal, between Electra Private
Equity, the owner of Park Resorts, and
Alchemy Partners, the owner of Park-
dean, comes after a rise in the number of
“staycations”. Since the financial crisis,
more British families have opted to holi-
day at home, partly to save money and
partly to take frequent short breaks
rather than one foreign holiday. Sales of
new caravans rose by 9.2 per cent last
year to 21,379, according to the National
Caravan Council, while new motorhome
registrations rose 18 per cent to 8,733.
But there are already signs that appe-
tite for domestic holidays is waning.
Last year, there was a 9 per cent fall in
domestic tourism — which also includes
hotels and rented accommodation —
according to Visit England, the national
tourist board, and a £90m fall in the
amount of money spent on camping and
caravan holidays, to £2.34bn. The sec-
The parks deal comes as more holidaymakers have chosen to stay in the UK
tor accounts for 13 per cent of UK trips.
“The staycation is currently being
sustained by economic uncertainty,”
Visit England said in a research report
from April. “In the short-medium term
it is likely the staycation will decline as
consumers feel better off [ . . .] and
greater affluence encourages people to
go abroad.” Nevertheless, Park Resorts
invested £20m on refurbishments last
year and plans to spend the same this
year. It has installed WiFi and staged
concerts to attract younger crowds.
The tie-up between Park Resorts and
Parkdean Holidays creates a company
that Electra says has a value of £960m
including debt. The deal allowed Electra
to refinance £550m of debt with Bar-
clays, Royal Bank of Scotland and
JPMorgan, giving it a £96m windfall.
The private equity firm has struggled
to fend off Edward Bramson, a New
York-based shareholder activist. Last
month, his Sherborne Investments
increased its stake in Electra to 31 per
cent, buying convertible bonds that
would not trigger a mandatory takeover
bid. Earlier this year Electra said it
would return more cash to investors, an
indirect response to Sherborne’s pres-
sure to appoint its own directors.
Holiday homes and caravan parks
have become a hotbed of dealmaking
and debt engineering for private equity
firms. Buyout investors are often
attracted to them as an unusual hybrid
of real estate and businesses that are
classic turnround opportunities.
This year Blackstone sold Center
Parcs to Brookfield, the Canadian
investment group, for £2.4bn.
Park Resorts’ previous private equity
owner, GI Partners, bought the com-
pany in 2007 for £440m, including
£343m of debt, which soured as the
recession reached caravan parks.
Electra snapped up slices of this debt
at distressed prices in a 2012 restructur-
ing, which it used to wrest control of the
company in a “loan to own” strategy.
“What started as an investment in
Park Resorts’ senior debt has now
become an equity position in a business
of real scale and with strong growth
prospects,” said Alex Fortescue, Elec-
tra’s chief investment partner.
See Lombard

Insurance

Innovation agrees £500m sale

MURAD AHMED AND NAOMI ROVNICK
British insurance claims technology
company Innovation Group has agreed
a buyout by Carlyle Group, the US pri-
vate equity firm, for almost £500m,
just months after it set out on a wide-
ranging restructuring of its business.
The boards of the two companies said
yesterday they had reached agreement
over a cash offer worth 40p a share, rep-
resenting a 13.5 per cent premium to
Innovation’s share price on August 27.
The deal values Innovation’s equity at
£499m, at a historic price/earnings
multiple of 22.9 times.
The London-listed outsourcer and
provider of software had previously
announced a restructuring that would
lead to the chief executive Andrew Rob-
erts vacating the role for an unspecified
new position at the end of this year.
Last December, the company said it
would appoint separate chief executives
for its technology and services busi-
nesses.
Innovation said the US buyout spe-
cialists would provide the insurance
software group with “global presence”.
“We also believe that Carlyle brings a
commitment and vision to the ongoing
investment requirements of the busi-
ness,” said David Thorpe, non-executive
chairman of Innovation.
The company was founded by Rob
Terry, who also launched Quindell, the
ailing insurance claims processor. Mr
Terry was ousted from both companies
in the aftermath of share price plunges.
See Lombard
20 ★★★ FINANCIAL TIMES Wednesday 2 September 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 $

-2.96% -2.94% -2.84% -3.03% -2.77% -3.84% -2.24% -2.66% -0.325% -1.081% -5.90%
0.446% 0.823% 0.64%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Aug 02 - Sep 01 Index All World Aug 02 - Sep 01 Index All World Aug 02 - Sep 01 Index All World Aug 02 - Sep 01 Index All World Aug 02 - Sep 01 Index All World Aug 02 - Sep 01 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,098.04 14,468.44 20,548.11 2,008.49
6,696.28 11,443.72
13,481.90 1,914.23
1,913.85 6,058.54 10,015.57 18,165.69
Day -2.96% Month -9.03% Year -4.47% Day -2.72% Month -6.82% Year -13.72% Day -3.03% Month -9.62% Year -11.33% Day -2.38% Month -11.44% Year 5.66% Day -3.84% Month -11.75% Year 17.77% Day -1.40% Month -5.71% Year -7.46%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,115.38 44,903.95 1,583.52 11,265.90 24,411.42 3,284.00
42,911.51
4,636.11 1,392.57 9,992.80 2,882.77
21,185.43
Day -2.94% Month -9.60% Year 1.22% Day -1.85% Month -4.11% Year -5.56% Day -2.77% Month -11.52% Year 1.04% Day -2.59% Month -10.62% Year -6.86% Day -2.24% Month -14.01% Year -14.37% Day -1.32% Month -9.98% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,598.20 50,058.49 5,120.52 23,714.38 28,187.06
21,451.37 3,622.91
16,058.35 45,477.06 4,541.16 3,166.62 25,696.44
Day -2.84% Month -9.22% Year -6.08% Day -2.46% Month -10.59% Year -25.62% Day -2.40% Month -10.65% Year 3.65% Day -2.24% Month -8.87% Year 5.43% Day -1.23% Month -13.57% Year 42.82% Day -1.65% Month -8.60% Year -3.54%

Country Index Sep 01 Aug 31 Country Index Sep 01 Aug 31 Country Index Sep 01 Aug 31 Country Index Sep 01 Aug 31 Country Index Sep 01 Aug 31 Country Index Sep 01 Aug 31
Argentina Merval 10736.51 11032.87 Cyprus
CSE M&P Gen 77.96 78.49 Italy FTSE Italia All-Share 23062.06 23584.70 Philippines Manila Comp 7086.86 7098.81 Taiwan Weighted Pr 8017.56 8174.92 Cross-Border DJ Global Titans ($) 217.66 224.10
Australia All Ordinaries 5117.10 5222.10 Czech Republic
PX 997.03 1024.05 FTSE Italia Mid Cap 32350.75 33052.41 Poland Wig 50292.20 51280.38 Thailand Bangkok SET 1362.39 1382.41 Euro Stoxx 50 (Eur) 3188.73 3269.63
S&P/ASX 200 5096.40 5207.00 OMXC Copenahgen 20
Denmark 922.58 944.21 FTSE MIB 21451.37 21941.92 Portugal PSI 20 5126.86 5261.15 Turkey BIST 100 75210.37 74641.60 Euronext 100 ID 878.17 900.52
S&P/ASX 200 Res 2876.10 2937.70 Egypt
EGX 30 7252.43 7055.28 Japan 2nd Section 4637.63 4759.07 PSI General 2349.13 2408.10 UAE Abu Dhabi General Index 4375.24 4493.93 FTSE 4Good Global ($) 5174.02 5322.65
Austria ATX 2278.11 2325.11 Estonia
OMX Tallinn 869.69 876.12 Nikkei 225 18165.69 18890.48 Romania BET Index 6966.38 6997.79 UK FT 30 2729.00 2808.60 FTSE All World 254.93 261.89
Belgium BEL 20 3387.69 3463.12 Finland
OMX Helsinki General 7764.84 7942.81 S&P Topix 150 1230.71 1279.02 Russia Micex Index 1697.99 1733.17 FTSE 100 6058.54 6247.94 FTSE E300 1392.57 1432.23
BEL Mid 5617.26 5734.74 France
CAC 40 4541.16 4652.95 Topix 1478.11 1537.05 RTX 805.06 833.60 FTSE 4Good UK 5528.65 5693.00 FTSE Eurotop 100 2768.44 2849.85
Brazil Bovespa 45477.06 46625.52 SBF 120 3569.80 3655.27 Jordan Amman SE 2088.42 2097.59 Saudi-Arabia TADAWUL All Share Index 7438.43 7522.47 FTSE All Share 3341.83 3434.66 FTSE Global 100 ($) 1224.04 1260.08
Canada S&P/TSX 60 792.19 Germany
815.45 M-DAX 19291.91 19678.46 Kenya NSE 20 4176.59 4176.59 Singapore FTSE Straits Times 2882.77 2921.44 FTSE techMARK 100 3748.46 3800.73 FTSE Gold Min ($) 856.28 868.00
S&P/TSX Comp 13481.90 13859.12 TecDAX 1663.68 1706.98 Kuwait KSX Market Index 5797.77 5820.56 Slovakia SAX 254.57 258.09 USA DJ Composite 5695.99 5848.87 FTSE Latibex Top (Eur) 2522.70 2557.60
S&P/TSX Met & Min 425.70 458.86 XETRA Dax 10015.57 10259.46 Latvia OMX Riga 437.99 435.48 Slovenia SBI TOP 690.18 692.44 DJ Industrial 16058.35 16528.03 FTSE Multinationals ($) 1451.46 1461.65
Chile IGPA Gen 18507.67 18756.37
Greece Athens Gen 621.51 633.81 Lithuania OMX Vilnius 490.92 490.61 South Africa FTSE/JSE All Share 48515.13 49972.33 DJ Transport 7677.32 7845.15 FTSE World ($) 451.85 464.26
China FTSE A200 8776.04 8751.40 FTSE/ASE 20 181.06 186.67 Luxembourg LuxX 1475.99 1494.47 FTSE/JSE Res 20 34164.55 35833.34 DJ Utilities 546.94 562.02 FTSEurofirst 100 (Eur) 3924.94 4048.37
FTSE B35 8900.10 9216.83
Hong Kong Hang Seng 21185.43 21670.58 Malaysia FTSE Bursa KLCI 1609.21 1612.74 FTSE/JSE Top 40 42979.77 44350.11 Nasdaq 100 4142.63 4274.58 FTSEurofirst 80 (Eur) 4261.37 4368.40
Shanghai A 3317.96 3358.81 HS China Enterprise 9454.11 9741.41 Mexico IPC 42911.51 43721.96 South Korea Kospi 1914.23 1941.49 Nasdaq Cmp 4636.11 4776.51 MSCI ACWI Fr ($) 396.73 399.56
Shanghai B 287.25 300.60 HSCC Red Chip 3909.83 4042.55 Morocco MASI 9345.70 9307.37 Kospi 200 229.55 232.80 NYSE Comp 9874.67 10176.50 MSCI All World ($) 1645.43 1658.07
Shanghai Comp 3166.62 3205.99
Hungary Bux 21122.94 21395.95 Netherlands AEX 433.53 445.03 Spain IBEX 35 9992.80 10259.00 S&P 500 1913.85 1972.18 MSCI Europe (Eur) 1367.68 1403.47
Shenzhen A 1786.00 1872.50
India BSE Sensex 25696.44 26127.04 AEX All Share 668.10 685.53 Sri Lanka CSE All Share 7298.75 7306.94 Wilshire 5000 20206.07 20802.96 MSCI Pacific ($) 2215.60 2275.82
Shenzhen B 1038.98 1068.06 S&P CNX 500 6522.25 6669.35 New Zealand NZX 50 5654.99 5656.24 Sweden OMX Stockholm 30 1469.86 1501.07 Venezuela IBC 14819.87 14835.12 S&P Euro (Eur) 1412.78 1447.75
Colombia COLCAP 1246.59 1217.95
Indonesia Jakarta Comp 4412.46 4509.61 Nigeria SE All Share 29684.84 28814.62 OMX Stockholm AS 487.37 497.82 Vietnam VNI 562.31 564.75 S&P Europe 350 (Eur) 1429.33 1470.73
Croatia CROBEX 1737.21 1738.18
Ireland ISEQ Overall 6260.35 6405.97 Norway Oslo All Share 623.07 634.48 Switzerland SMI Index 8621.27 8824.56 S&P Global 1200 ($) 1765.93 1815.17
Israel Tel Aviv 100 13.87 14.08 Pakistan KSE 100 34456.34 34726.51 Stoxx 50 (Eur) 3018.01 3110.31
(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 Sep 01 %Chg %Chg Sep 01 %Chg %Chg Sep 01 %Chg %Chg Sep 01 %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 81.9 107.72 -5.04 Royal Dutch Shell 203.6 1638.00 -57.00 Eni 641.6 14.38 -0.25 Toyota Motor 691.4 7000.00 -192.00 Meggitt 488.70 5.3 -5.8 Betfair 3160.00 21.4 101.0 Soco Int 167.75 35.0 -44.7 Oil Equipment & Services 17189.73 11.7 4.6
Netflix 37.7 105.79 -9.24 Glencore 196.1 133.50 -14.80 Novartis N 562.1 87.46 0.00 Mitsubishi Ufj Fin,. 592.5 777.00 -23.10 Bp 349.40 4.2 -15.0 Hunting 492.70 18.9 -7.3 Enquest 33.50 28.8 -5.6 Construction & Materials 5039.29 3.9 22.0
Facebook Class A 31.2 87.23 -2.20 Bp 193.2 349.40 -11.10 Nestle N 519.1 64.74 -1.11 Mizuho Fin,. 570.7 240.00 -8.70 Crh 1880.00 4.2 21.8 Tullow Oil 218.70 17.1 -47.2 Skyepharma 323.75 21.1 -3.4 Oil & Gas Producers 5836.38 2.0 -18.2
Google Class C Capital Stock 22.0 597.79 -20.46 Hsbc Holdings 187.3 499.00 -19.70 Roche Gs 500.2 243.80 0.00 Tokyo Electric Power ,orporated 559.8 781.00 -49.00 Inmarsat 966.50 3.5 20.9 Petrofac 887.50 15.7 26.2 Xaar 519.00 15.6 34.6 Electronic & Electrical Equip. 4164.08 1.7 3.2
Microsoft 20.6 41.82 -1.70 Royal Dutch Shell 164.4 1646.00 -60.50 Santander 452.9 5.31 -0.15 Softbank . 501.8 6853.00 -210.00 Bhp Billiton 1056.00 3.4 -23.9 Vedanta Resources 561.00 13.8 -2.3 Cape 246.00 15.5 2.3 Food Producers 8104.54 1.5 -0.5
Amazon.com 19.0 496.54 -16.35 Rio Tinto 152.2 2271.00 -117.00 Total 429.9 40.41 -0.39 Sumitomo Mitsui Fin,. 459.9 4818.00 -146.00 Royal Bank Of Scotland 328.00 2.1 -16.8 Ophir Energy 98.20 12.9 -30.6 Dialight 633.00 14.7 -21.9 Health Care Equip.& Services 6537.53 1.5 -2.9
Bank Of America 18.5 15.58 -0.76 Bhp Billiton 151.1 1056.00 -76.00 Intesa Sanpaolo 402.4 3.16 -0.10 Fast Retailing Co., 344.4 47480.00 -1785.00 Arm Holdings 913.50 2.0 -8.2 Onesavings Bank 358.50 12.8 67.1 Kenmare Resources 2.85 14.0 -12.0 Technology Hardware & Equip. 1127.28 1.5 -5.6
Exxon Mobil 17.3 72.08 -3.16 Lloyds Banking 136.1 75.56 -1.82 Daimler Ag Na O.n. 351.4 71.66 0.00 Sony 310.2 3051.00 -111.00 Int Consolidated Airlines S.a. 528.00 1.9 8.6 Premier Oil 103.70 12.5 -38.0 Innovation 39.75 13.6 32.5 Electricity 8529.73 1.1 -13.1
Google Class A 16.0 629.56 -18.26 Astrazeneca 128.0 4033.50 -86.50 Unicredit 345.0 5.63 -0.20 Toshiba 279.5 363.50 -20.50 Weir 1355.00 1.7 -26.8 Aldermore 300.00 12.3 - Circassia Pharmaceuticals 343.00 10.6 23.0 Aerospace & Defense 4327.08 0.9 -9.2
General Electric 15.6 23.88 -0.94 Bg 120.0 964.90 -29.70 Royal Dutch Shella 330.7 22.54 -0.74 Fanuc 270.2 19290.00 -425.00 Astrazeneca 4033.50 1.6 -11.5 Amec Foster Wheeler 805.00 9.5 -5.6 Lamprell 129.75 10.4 7.2 General Industrials 4311.39 0.8 10.7
Smith & Nephew 1130.00 1.5 -4.9 Wood (john) 632.00 8.9 6.0 Jpmorgan Russian Securities 293.50 8.8 4.5 Pharmaceuticals & Biotech. 12061.09 0.7 -5.2
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
Carnival 3246.00 1.5 11.2 Marshalls 338.00 8.7 44.4 Servelec 301.75 8.4 1.6 Industrial Engineering 7725.43 0.5 -12.7
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Cablevision Systems 25.66 0.49 1.95 Onesavings Bank 358.50 10.50 3.02 Adidas Ag Na O.n. 66.72 0.00 0.00 Pioneer 226.00 6.00 2.73 Glencore 133.50 -7.5 -55.3 Petra Diamonds 121.00 -13.6 -37.6 Hss Hire 62.50 -51.6 - Industrial Metals 698.27 -9.3 -54.3
American Airlines 39.20 0.22 0.56 Rank 260.00 7.60 3.01 Allianz Se Vna O.n. 142.25 0.00 0.00 Meidensha 396.00 5.00 1.28 3i 459.20 -6.6 2.0 Jimmy Choo 145.80 -11.6 -16.7 Oxford Biomedica 7.70 -15.8 46.7 Life Insurance 7238.46 -3.4 -4.2
Liberty Interactive Series A Liberty Ventures 39.90 0.17 0.43 Just Retirement 191.50 5.00 2.68 Basf Se Na O.n. 71.82 0.00 0.00 Mitsui Eng & Shipbuilding Co., 188.00 -1.00 -0.53 Fresnillo 601.50 -5.9 -21.5 Evraz 70.90 -8.9 -54.1 Huntsworth 35.00 -10.8 -28.6 Fixed Line Telecommunication 4789.24 -2.3 4.7
Alcoa $3.75 Pfd 81.10 0.05 0.06 Vedanta Resources 561.00 13.50 2.47 Bayer Ag Na 120.95 0.00 0.00 Jtekt 1699.00 -10.00 -0.59 St. James's Place 875.00 -4.3 7.4 Lonmin 33.41 -8.1 -81.2 Fidelity Special Values 189.00 -6.0 9.6 Automobiles & Parts 6551.26 -2.1 -18.6
Sigma-aldrich 139.44 0.03 0.02 Meggitt 488.70 11.30 2.37 Beiersdorf Ag O.n. 73.78 0.00 0.00 Nippon Paper Industries Co Ltd 1974.00 -13.00 -0.65 Itv 239.00 -3.7 11.1 Debenhams 75.00 -6.3 -0.3 Anglo-eastern Plantations 545.00 -6.0 -1.8 Real Estate Investment Trusts 3243.64 -2.1 6.2
Wpp 1311.00 -3.7 -2.5 Henderson 243.50 -5.9 13.8 Speedy Hire 47.00 -5.5 -40.5 Media 6822.62 -1.9 4.4
Downs Downs Downs Downs
Burberry 1341.00 -3.7 -18.0 Phoenix Holdings 827.50 -4.7 -0.3 Assura 52.25 -4.6 2.5 General Financial 8731.68 -1.5 2.3
Dollar Tree 69.65 -6.61 -8.67 Evraz 70.90 -8.05 -10.20 Altice B 25.68 -2.30 -8.22 Tosoh 515.00 -58.00 -10.12
Old Mutual 187.40 -3.7 -1.6 Wizz Air Holdings 1795.00 -4.3 - Johnston Press 95.50 -4.5 -42.5 Banks 3883.53 -1.5 -11.3
Freeport-mcmoran 9.77 -0.87 -8.18 Glencore 133.50 -14.80 -9.98 Altice 23.69 -1.74 -6.82 Thb Yokohama Rubber , 2165.00 -217.00 -9.11
Whitbread 4701.00 -3.6 -1.4 Entertainment One 289.00 -4.0 -10.4 Fuller, Smith & Turner 1063.00 -4.5 13.7 Personal Goods 23602.80 -1.4 -4.3
Netflix 105.79 -9.24 -8.03 Jimmy Choo 145.80 -13.80 -8.65 Kering 144.25 -8.50 -5.56 Eisai Co., 7653.00 -621.00 -7.51
Standard Life 400.00 -3.5 0.0 Go-ahead 2507.00 -3.9 2.0 Connect 151.25 -4.4 -1.8 Real Estate & Investment Servic 3135.83 -1.1 17.1
Joy Global 22.30 -1.92 -7.93 Anglo American 684.40 -56.60 -7.64 Bureau Veritas 19.48 -0.87 -4.27 Tdk 7030.00 -520.00 -6.89
London Stock Exchange 2452.00 -3.3 10.4 Workspace 876.00 -3.7 14.5 Bloomsbury Publishing 165.00 -4.3 1.8 Chemicals 10534.29 -1.0 -7.0
Murphy Oil 28.56 -2.44 -7.87 Man 150.20 -10.90 -6.77 Yara Int 37.90 -1.66 -4.20 Nisshin Steel Holdings Co., 1067.00 -75.00 -6.57
Prudential 1367.50 -3.1 -8.3 Playtech 866.50 -3.7 25.8 Charles Taylor 232.25 -4.2 -7.1 Tobacco 40926.58 -1.0 0.4
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
Sep 01 Currency Mid Change Mid Change Mid Change Sep 01 Currency Mid Change Mid Change Mid Change Sep 01 Currency Mid Change Mid Change Mid Change Sep 01 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 9.3015 0.0141 10.4721 0.0656 14.2554 -0.0285 Indonesia Indonesian Rupiah 14097.5000 47.5000 15871.6554 128.6320 21605.7385 -3.0347 Poland Polish Zloty 3.7677 -0.0050 4.2419 0.0146 5.7743 -0.0280 ..Three Month 0.6524 0.0023 0.7345 0.0061 - -
Australia Australian Dollar 1.4214 0.0108 1.6002 0.0197 2.1784 0.0090 Israel Israeli Shekel 3.9293 -0.0049 4.4238 0.0155 6.0220 -0.0288 Romania Romanian Leu 3.9426 -0.0107 4.4387 0.0090 6.0423 -0.0378 ..One Year 0.6523 0.0023 0.7339 0.0060 - -
Bahrain Bahrainin Dinar 0.3773 -0.0001 0.4248 0.0020 0.5782 -0.0021 Japan Japanese Yen 119.8750 -1.3100 134.9609 -0.8267 183.7193 -2.6618 Russia Russian Ruble 66.3363 -0.3837 74.6845 -0.0752 101.6663 -0.9483 United States United States Dollar - - 1.1258 0.0053 1.5326 -0.0054
Bolivia Bolivian Boliviano 6.9000 -0.0100 7.7683 0.0257 10.5749 -0.0526 ..One Month 119.8749 -1.3101 134.9609 -0.8267 183.7192 -2.6621 Saudi Arabia Saudi Riyal 3.7507 0.0001 4.2227 0.0202 5.7482 -0.0201 ..One Month - - 1.1258 -0.4121 1.5326 -0.0054
Brazil Brazilian Real 3.6734 0.0311 4.1357 0.0546 5.6298 0.0281 ..Three Month 119.8748 -1.3103 134.9609 -0.8266 183.7190 -2.6625 Singapore Singapore Dollar 1.4122 0.0019 1.5899 0.0097 2.1643 -0.0047 ..Three Month - - 1.1257 -0.4121 1.5325 -0.0054
Canada Canadian Dollar 1.3206 -0.0099 1.4868 -0.0040 2.0239 -0.0224 ..One Year 119.8739 -1.3121 134.9608 -0.8269 183.7192 -2.6638 South Africa South African Rand 13.3811 0.1168 15.0650 0.2024 20.5077 0.1074 ..One Year - - 1.1249 -0.4121 1.5324 -0.0054
Chile Chilean Peso 691.4000 -1.2800 778.4108 2.2640 1059.6332 -5.7006 Kenya Kenyan Shilling 104.1000 0.2500 117.2007 0.8369 159.5427 -0.1774 South Korea South Korean Won 1171.7500 -11.0000 1319.2116 -6.0579 1795.8132 -23.2428 Venezuela Venezuelan Bolivar Fuerte 6.3050 0.0100 7.0985 0.0449 9.6630 -0.0187
China Chinese Yuan 6.3645 -0.0118 7.1655 0.0208 9.7542 -0.0525 Kuwait Kuwaiti Dinar 0.3021 -0.0001 0.3401 0.0016 0.4630 -0.0017 Sweden Swedish Krona 8.4541 -0.0312 9.5180 0.0103 12.9566 -0.0936 Vietnam Vietnamese Dong 22487.5000 6.0000 25317.5453 127.0421 34464.2192 -112.1340
Colombia Colombian Peso 3096.3500 2.8500 3486.0174 19.7552 4745.4381 -12.3297 Malaysia Malaysian Ringgit 4.1650 -0.0350 4.6892 -0.0169 6.3832 -0.0763 Switzerland Swiss Franc 0.9618 -0.0053 1.0828 -0.0007 1.4740 -0.0133 European Union Euro 0.8882 -0.0042 - - 1.3613 -0.0113
Costa Rica Costa Rican Colon 534.1500 0.1000 601.3713 2.9691 818.6333 -2.7295 Mexico Mexican Peson 16.8492 0.0691 18.9696 0.1676 25.8228 0.0154 Taiwan New Taiwan Dollar 32.4205 -0.1155 36.5005 0.0440 49.6874 -0.3526 ..One Month 0.8882 -0.0042 - - 1.3612 -0.0113
Czech Republic Czech Koruna 23.9997 -0.1329 27.0199 -0.0205 36.7816 -0.3339 New Zealand New Zealand Dollar 1.5775 -0.0016 1.7761 0.0066 2.4177 -0.0110 Thailand Thai Baht 35.7500 -0.0950 40.2490 0.0848 54.7901 -0.3391 ..Three Month 0.8881 -0.0042 - - 1.3611 -0.0113
Denmark Danish Krone 6.6292 -0.0318 7.4635 -0.0002 10.1598 -0.0848 Nigeria Nigerian Naira 199.0500 -0.2000 224.0999 0.8406 305.0622 -1.3820 Tunisia Tunisian Dinar 1.9480 -0.0069 2.1931 0.0027 2.9854 -0.0211 ..One Year 0.8873 -0.0042 - - 1.3606 -0.0113
Egypt Egyptian Pound 7.8325 0.0256 8.8181 0.0705 12.0039 -0.0030 Norway Norwegian Krone 8.2925 -0.0930 9.3360 -0.0599 12.7089 -0.1878 Turkey Turkish Lira 2.9222 0.0112 3.2900 0.0282 4.4785 0.0015
Hong Kong Hong Kong Dollar 7.7500 - 8.7254 0.0415 11.8777 -0.0418 Pakistan Pakistani Rupee 104.1250 - 117.2288 0.5569 159.5810 -0.5620 United Arab Emirates UAE Dirham 3.6730 0.0000 4.1352 0.0196 5.6292 -0.0199
Hungary Hungarian Forint 279.8508 0.0248 315.0692 1.5246 428.8967 -1.4724 Peru Peruvian Nuevo Sol 3.2480 0.0135 3.6568 0.0325 4.9779 0.0032 United Kingdom Pound Sterling 0.6525 0.0023 0.7346 0.0061 - -
India Indian Rupee 66.2450 -0.2300 74.5817 0.0966 101.5265 -0.7113 Philippines Philippine Peso 46.6900 -0.0500 52.5658 0.1937 71.5567 -0.3289 ..One Month 0.6525 0.0023 0.7346 0.0061 - -
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 Sep 01 Aug 31 Aug 28 Aug 27 Aug 26 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 2729.00 2808.60 2771.40 2690.50 2724.70 0.00 3110.40 2575.90 Forestry & Paper 40.76 Telecommunications 5.11 FTSE All{HY-}Share Index -2.78 FTSE 100 Price Change FTSE 100 Price Change
Sep 01 chge% Index Aug 31 Aug 28 ago yield% Cover ratio adj Return FT 30 Div Yield 1.84 1.79 1.81 1.86 1.83 0.00 3.93 2.74 Construct & Material 24.39 Leisure Goods 5.00 Tech Hardware & Eq -3.02 3I Group PLC 459.20 -32.60 Land Securities Group PLC 1224 -28.00
FTSE 100 (100) 6058.54 -3.03 6432.19 6247.94 6247.94 6829.17 3.99 1.45 17.27 196.53 4707.57 P/E Ratio net 24.31 24.93 24.72 24.01 24.41 0.00 19.44 14.26 Household Goods & Ho 22.38 Support Services 4.06 NON FINANCIALS Index -3.31 Aberdeen Asset Management PLC 307.90 -11.00 Legal & General Group PLC 246.70 -6.00
FTSE 250 (250) 16840.36 -1.55 17878.95 17106.36 17106.36 15965.43 2.55 2.14 18.30 317.03 11632.82 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Software & Comp Serv 20.85 Travel & Leisure 3.99 FTSE 100 Index -4.85 Admiral Group PLC 1516 -34.00 Lloyds Banking Group PLC 75.56 -1.82
FTSE 250 ex Inv Co (212) 18357.48 -1.56 19489.63 18648.96 18648.96 17279.25 2.57 2.23 17.45 349.27 12931.03 FT 30 hourly changes Nonlife Insurance 19.65 Mobile Telecomms 2.97 Chemicals -4.90 Anglo American PLC 684.40 -56.60 London Stock Exchange Group PLC 2452 -68.00
FTSE 350 (350) 3388.91 -2.77 3597.91 3485.50 3485.50 3712.08 3.73 1.54 17.45 101.75 5308.20 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Se 18.82 Tobacco 2.94 Beverages -6.91 Antofagasta PLC 574.50 -34.50 Marks And Spencer Group PLC 505.50 -16.00
FTSE 350 ex Investment Trusts (312) 3366.83 -2.80 3574.47 3463.78 3463.78 3695.31 3.76 1.54 17.30 102.04 2715.33 2808.6 2743.6 2735.9 2740.7 2747.5 2745.1 2722.1 2727 2722 2808.6 2718.6 Fixed Line Telecomms 8.78 Consumer Goods 2.83 Gas Water & Multi -7.61 Arm Holdings PLC 913.50 -20.00 Meggitt PLC 488.70 11.30
FTSE 350 Higher Yield (108) 3107.78 -3.10 3299.44 3207.09 3207.09 3720.50 5.53 1.20 15.12 134.67 4974.00 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Real Est Invest & Tr 8.43 Industrials 2.75 Aerospace & Defense -7.83 Ashtead Group PLC 917.00 -28.50 Merlin Entertainments PLC 377.20 -11.30
FTSE 350 Lower Yield (242) 3347.07 -2.43 3553.49 3430.51 3430.51 3339.99 1.88 2.57 20.74 57.93 3527.27 Media 7.13 Food Producers 1.15 Banks -8.08 Associated British Foods PLC 3129 -73.00 Mondi PLC 1417 -61.00
FTSE SmallCap (291) 4552.05 -0.90 4832.79 4593.37 4593.37 4477.65 2.75 1.72 21.09 87.09 6183.71 General Retailers 7.10 Food & Drug Retailer 0.44 Utilities -8.69
FTSE SmallCap ex Inv Co (154) 4202.49 -0.14 4461.66 4208.32 4208.32 3991.76 2.60 2.54 15.14 77.71 5997.55 FX: EFFECTIVE INDICES Electronic & Elec Eq 6.65 Health Care Eq & Srv 0.39 Industrial Eng -8.71
Astrazeneca PLC 4033.5 -86.50 Morrison (Wm) Supermarkets PLC 162.40 -6.10
Aviva PLC 469.30 -14.50 National Grid PLC 849.40 -10.70
FTSE All-Share (641) 3341.83 -2.70 3547.93 3434.66 3434.66 3646.63 3.70 1.54 17.56 98.99 5294.98 Technology 6.44 Equity Invest Instr -0.46 Electricity -12.46
Aug 31 Aug 28 Mnth Ago Sep 01 Aug 31 Mnth Ago Babcock International Group PLC 945.00 -24.00 Next PLC 7700 -245.00
FTSE All-Share ex Inv Co (466) 3306.06 -2.74 3509.95 3399.35 3399.35 3618.16 3.74 1.55 17.25 99.37 2710.43 FTSE 250 Index 6.35 Life Insurance -0.48 Oil & Gas -14.77 Bae Systems PLC 444.60 -7.60 Old Mutual PLC 187.40 -12.80
FTSE All-Share ex Multinationals (577) 1171.55 -2.25 1030.88 1198.48 1198.48 1120.88 2.73 2.08 17.58 24.55 1981.31 Australia 90.13 89.98 92.32 Sweden 77.86 77.47 77.88 Financial Services 5.95 Industrial Transport -0.98 Automobiles & Parts -15.20 Barclays PLC 253.15 -8.30 Pearson PLC 1092 -41.00
FTSE Fledgling (108) 7746.06 0.87 8223.78 7679.24 7679.24 6944.58 2.38 0.76 54.96 124.18 13862.88 Canada 88.69 88.54 90.19 Switzerland 160.96 160.66 162.52 Oil Equipment & Serv 5.84 Financials -1.22 Oil & Gas Producers -15.49 Barratt Developments PLC 623.50 -16.00 Persimmon PLC 2042 -61.00
FTSE Fledgling ex Inv Co (56) 10967.28 2.97 11643.66 10651.08 10651.08 8583.94 2.25 0.49 89.77 147.43 19065.53 Denmark 106.33 106.41 105.77 UK 91.96 92.10 93.14 Consumer Services 5.31 Personal Goods -1.55 Basic Materials -23.94 Bg Group PLC 964.90 -29.70 Prudential PLC 1367.5 -50.50
FTSE All-Small (399) 3159.05 -0.81 3353.88 3184.73 3184.73 3093.57 2.73 1.68 21.82 59.98 5510.76 Japan 125.76 126.07 123.74 USA 103.61 103.58 103.90 FTSE SmallCap Index 5.21 Health Care -2.05 Mining -28.02 Bhp Billiton PLC 1056 -76.00 Randgold Resources LD 3926 -33.00
FTSE All-Small ex Inv Co Index (210) 3139.80 0.00 3333.44 3139.82 3139.82 2957.14 2.59 2.46 15.73 57.31 5677.60 New Zealand 109.30 109.07 112.24 Euro 87.20 87.19 86.12 Pharmace & Biotech -2.29 Industrial Metals & -42.65 BP PLC 349.40 -11.10 Reckitt Benckiser Group PLC 5655 -102.00
FTSE AIM All-Share Index (824) 730.67 -0.57 775.73 734.85 734.85 779.77 1.46 1.04 65.53 5.65 782.15 Norway 86.81 86.50 88.65
British American Tobacco PLC 3391 -88.00 RELX PLC 1019 -26.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British Land Company PLC 803.50 -16.50 Rio Tinto PLC 2271 -117.00
Oil & Gas (18) 6233.02 -3.10 6617.43 6432.19 6432.19 9058.68 6.08 1.16 14.16 282.70 5149.79 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bt Group PLC 421.15 -16.20 Rolls-Royce Holdings PLC 727.00 -16.50
Oil & Gas Producers (11) 5873.23 -3.19 6235.45 6066.65 6066.65 8563.34 6.16 1.15 14.07 270.00 5017.62 Bunzl PLC 1718 -21.00 Royal Bank Of Scotland Group PLC 328.00 -8.80
Oil Equipment Services & Distribution (7)17796.44 -1.00 18893.99 17976.23 17976.23 24143.40 4.30 1.40 16.57 560.17 12913.62 FTSE GLOBAL EQUITY INDEX SERIES Burberry Group PLC 1341 -70.00 Royal Dutch Shell PLC 1646 -60.50
Basic Materials (31) 3401.97 -5.56 3611.78 3602.07 3602.07 5614.93 5.87 1.36 12.49 155.53 3295.56 Capita PLC 1196 -40.00 Royal Dutch Shell PLC 1638 -57.00
Chemicals (8) 11273.65 -1.74 11968.92 11473.10 11473.10 11116.77 2.41 2.44 17.02 223.16 9680.23 Sep 01 No of US $ Day Mth YTD Total
YTD Gr Div Sep 01 No of US $ Day Mth YTD Total YTD Gr Div Carnival PLC 3246 -74.00 Royal Mail PLC 450.30 -13.70
Forestry & Paper (1) 16654.75 -4.13 17681.90 17371.72 17371.72 11965.09 2.16 3.37 13.69 360.52 17300.50 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Centrica PLC 237.00 -6.20 Rsa Insurance Group PLC 506.50 -7.50
Industrial Metals & Mining (2) 806.18 -9.73 855.90 893.05 893.05 1310.38 1.43 -18.64 -3.76 11.18 703.54 FTSE Global All Cap 7596 437.00 -2.6 -9.3 -7.0 593.78
-5.4 2.6 Oil & Gas 164 321.48 -3.2 -3.2 -19.3 485.57 -17.3 4.3 Coca-Cola Hbc AG 1281 -56.00 Sabmiller PLC 2959.5 -94.50
Mining (20) 9228.91 -6.21 9798.08 9840.33 9840.33 16746.74 6.68 1.28 11.67 475.41 4669.46 FTSE Global All Cap 6962 448.14 -2.7 -9.4 -7.4 598.04
-5.9 2.5 Oil & Gas Producers 115 291.35 -3.3 -3.3 -19.6 447.69 -17.6 4.4 Compass Group PLC 1019 -16.00 Sage Group PLC 504.00 -11.50
FTSE Global Large Cap 1362 384.62 -2.7 -9.8 -7.7 534.38
-6.0 2.8 Oil Equipment & Services 40 341.00 -3.0 -3.0 -17.7 470.20 -15.9 3.9 Crh PLC 1880 -42.00 Sainsbury (J) PLC 237.90 -4.80
Industrials (117) 4343.55 -1.77 4611.43 4421.86 4421.86 4433.33 2.55 1.18 33.12 75.86 4277.64
Construction & Materials (13) 5252.13 -1.68 5576.04 5341.91 5341.91 4124.35 2.46 -0.80 -50.76 83.54 5328.48 FTSE Global Mid Cap 1663 587.39 -2.5 -7.9 -4.9 762.82
-3.6 2.1 Basic Materials 273 363.25 -2.9 -2.9 -16.6 527.98 -14.9 3.3 Diageo PLC 1691 -39.00 Schroders PLC 2720 -118.00
Aerospace & Defense (9) 4498.87 -1.15 4776.32 4551.21 4551.21 5139.68 2.50 0.96 41.57 72.80 4608.75 FTSE Global Small Cap 4571 619.18 -2.3 -8.2 -5.1 780.58
-3.9 2.0 Chemicals 124 577.03 -2.5 -2.5 -7.5 842.97 -5.8 2.6 Direct Line Insurance Group PLC 348.10 -5.00 Severn Trent PLC 2041 -36.00
General Industrials (6) 3502.23 -1.92 3718.23 3570.68 3570.68 3393.57 3.21 1.66 18.80 68.53 3759.81 FTSE All-World 3025 254.93 -2.7 -9.5 -7.3 365.40
-5.6 2.7 Forestry & Paper 17 201.02 -2.7 -2.7 -3.5 320.35 -1.3 3.0 Dixons Carphone PLC 417.50 -13.90 Shire PLC 4865 -160.00
Electronic & Electrical Equipment (11) 5422.40 -0.59 5756.82 5454.56 5454.56 4864.80 2.13 2.02 23.16 74.00 4757.50 FTSE World 2529 451.85 -2.7 -9.3 -7.0 869.50
-5.4 2.7 Industrial Metals & Mining 71 283.33 -3.0 -3.0 -31.3 412.98 -30.0 3.4 Easyjet PLC 1654 -29.00 Sky PLC 1020 -23.00
Industrial Engineering (14) 8210.88 -2.55 8717.26 8425.76 8425.76 10797.98 2.95 1.62 20.94 206.38 9569.06 FTSE Global All Cap ex UNITED KINGDOM In 7269 447.78 -2.6 -9.2 -7.0 600.04
-5.4 2.5 Mining 61 394.94 -4.2 -4.2 -30.7 570.39 -28.6 5.8 Experian PLC 1075 -34.00 Smith & Nephew PLC 1130 -33.00
Industrial Transportation (8) 4042.45 -1.66 4291.76 4110.71 4110.71 4203.58 4.03 1.15 21.66 116.47 3357.72 FTSE Global All Cap ex USA 5632 414.22 -2.3 -9.7 -7.4 597.02
-5.4 3.1 Industrials 532 288.46 -2.4 -2.4 -8.3 398.07 -7.0 2.3 Fresnillo PLC 601.50 -19.00 Smiths Group PLC 1103 -26.00
Support Services (56) 6459.60 -2.02 6857.98 6592.44 6592.44 6438.21 2.37 1.49 28.22 106.18 6425.83 FTSE Global All Cap ex JAPAN 6341 445.22 -2.6 -9.4 -8.0 610.37
-6.3 2.7 Construction & Materials 110 420.66 -2.2 -2.2 -2.5 609.22 -0.8 2.2 G4S PLC 251.80 -4.70 Sports Direct International PLC 787.50 -6.50
FTSE Developed 2089 410.61 -2.7 -9.2 -6.3 561.98
-4.7 2.6 Aerospace & Defense 29 475.27 -2.1 -2.1 -4.4 651.12 -2.9 2.2 Gkn PLC 280.20 -11.50 Sse PLC 1462 -9.00
Consumer Goods (40) 16247.51 -2.33 17249.53 16634.27 16634.27 15857.28 3.13 1.87 17.05 464.40 11408.55
FTSE Developed All Cap 5645 431.95 -2.6 -9.1 -6.1 584.88
-4.5 2.5 General Industrials 56 197.91 -2.7 -2.7 -9.0 292.83 -7.4 2.8 Glaxosmithkline PLC 1295 -45.50 St. James's Place PLC 875.00 -40.50
Automobiles & Parts (1) 6584.83 -3.94 6990.93 6855.09 6855.09 8298.01 3.03 1.59 20.71 199.75 6055.67
FTSE Developed Large Cap 885 378.95 -2.7 -9.6 -6.9 525.55
-5.2 2.7 Electronic & Electrical Equipment 69 303.61 -2.7 -2.7 -6.7 386.28 -5.6 1.8 Glencore PLC 133.50 -14.80 Standard Chartered PLC 724.20 -40.80
Beverages (6) 12864.22 -2.62 13657.59 13210.65 13210.65 13997.03 2.73 1.78 20.54 345.28 8741.29
FTSE Developed Europe Large Cap 205 332.75 -2.4 -9.9 -5.9 521.69
-3.2 3.7 Industrial Engineering 102 540.10 -2.4 -2.4 -12.7 732.71 -11.3 2.5 Hammerson PLC 610.50 -17.50 Standard Life PLC 400.00 -16.10
Food Producers (10) 8174.19 -1.56 8678.31 8303.38 8303.38 7856.47 1.98 1.55 32.60 93.32 6787.41
FTSE Developed Europe Mid Cap 310 501.29 -2.1 -7.6 0.2 715.39
2.3 2.6 Industrial Transportation 95 501.13 -2.0 -2.0 -16.1 690.19 -14.9 2.4 Hargreaves Lansdown PLC 1080 -45.00 Taylor Wimpey PLC 196.00 -5.30
Household Goods & Home Construction (13)12799.39 -2.08 13588.76 13070.72 13070.72 10044.41 2.15 2.60 17.88 217.78 8661.01
FTSE Dev Europe Small Cap 717 715.71 -1.7 -5.9 3.9 994.14
5.9 2.4 Support Services 71 263.29 -2.4 -2.4 -3.4 349.26 -2.2 2.0 Hikma Pharmaceuticals PLC 2225 -50.00 Tesco PLC 185.40 -5.95
Leisure Goods (2) 5295.82 0.55 5622.43 5267.10 5267.10 5095.92 4.27 1.26 18.54 182.47 4439.64
FTSE North America Large Cap 319 411.14 -2.9 -9.2 -7.6 537.22
-6.2 2.4 Consumer Goods 406 388.03 -2.3 -2.3 -4.2 547.46 -2.6 2.5 HSBC Holdings PLC 499.00 -19.70 Travis Perkins PLC 1999 -49.00
Personal Goods (6) 20549.93 -2.68 21817.30 21116.70 21116.70 20359.49 3.17 3.01 10.50 484.64 13160.76
FTSE North America Mid Cap 398 628.00 -2.8 -7.7 -7.4 770.48
-6.5 1.7 Automobiles & Parts 98 353.16 -2.5 -2.5 -9.4 478.32 -8.0 2.6 Imperial Tobacco Group PLC 3113 -46.00 Tui AG 1150 -6.00
Tobacco (2) 40926.65 -2.19 43450.71 41841.58 41841.58 40332.18 4.37 1.35 16.93 1786.68 24829.67
FTSE North America Small Cap 1480 642.66 -2.7 -8.6 -6.7 767.11
-5.8 1.8 Beverages 48 515.24 -2.0 -2.0 -4.2 735.88 -2.7 2.7 Inmarsat PLC 966.50 -14.50 Unilever PLC 2563 -60.00
Health Care (20) 8849.09 -2.74 9394.84 9098.84 9098.84 9451.43 3.90 0.64 40.11 291.31 6411.93
FTSE North America 717 276.34 -2.9 -9.0 -7.5 370.12
-6.3 2.3 Food Producers 102 535.10 -2.1 -2.1 -3.0 779.76 -1.3 2.3 Intercontinental Hotels Group PLC 2390 -66.00 United Utilities Group PLC 828.00 -27.00
Health Care Equipment & Services (8) 6690.00 -2.19 7102.59 6839.63 6839.63 6002.66 1.46 2.44 28.02 60.90 5636.54
FTSE Developed ex North America 1372 222.91 -2.4 -9.6 -4.5 344.67
-2.4 3.1 Household Goods & Home Construction 44 370.52 -2.6 -2.6 -6.5 520.62 -4.9 2.6 International Consolidated Airlines Group S.A. 528.00 -11.00 Vodafone Group PLC 220.00 -6.70
Pharmaceuticals & Biotechnology (12)11973.31 -2.80 12711.74 12318.16 12318.16 12990.46 4.14 0.58 41.90 422.32 7706.85
FTSE Japan Large Cap 174 315.92 -2.8 -8.6 3.6 391.44
4.6 1.9 Leisure Goods 26 123.56 -1.7 -1.7 -1.9 157.66 -1.2 1.4 Intertek Group PLC 2440 -96.00 Weir Group PLC 1355 -49.00
Consumer Services (98) 4707.10 -2.21 4997.40 4813.70 4813.70 4359.06 2.33 1.88 22.75 84.67 4221.93 FTSE Japan Mid Cap 305 462.77 -2.8 -7.0 8.9 555.17
9.8 1.5 Personal Goods 76 574.78 -2.3 -2.3 -1.4 773.96 -0.2 2.1
Food & Drug Retailers (7) 2895.53 -2.51 3074.10 2970.08 2970.08 3265.38 2.43 0.50 82.72 42.13 3298.15 Intu Properties PLC 315.00 -8.00 Whitbread PLC 4701 -96.00
FTSE Global wi JAPAN Small Cap 776 495.37 -2.7 -5.2 5.7 613.18
6.8 1.7 Tobacco 12 1104.17 -2.6 -2.6 2.9 2124.73 5.7 4.2 Itv PLC 239.00 -11.20 Wolseley PLC 4097 -110.00
General Retailers (33) 3015.51 -2.45 3201.48 3091.11 3091.11 2715.36 2.19 2.25 20.24 49.10 3278.18
FTSE Japan 479 130.80 -2.8 -8.3 1.8 Health Care
4.6 182.19
5.7 159 445.04 -2.7 -2.7 2.5 616.99 3.9 1.9 Johnson Matthey PLC 2637 -68.00 Wpp PLC 1311 -40.00
Media (23) 6916.90 -2.67 7343.48 7106.31 7106.31 6438.00 2.83 1.68 20.98 156.56 4054.44
FTSE Asia Pacific Large Cap ex Japan 490 519.20 -2.1 -12.4 -15.7 769.83
-13.7 3.5 Health Care Equipment & Services 58 615.49 -2.7 -2.7 4.2 702.73 4.8 1.1 Kingfisher PLC 345.50 -10.70
Travel & Leisure (35) 8061.07 -1.59 8558.22 8191.20 8191.20 7054.07 1.98 2.39 21.20 130.63 7308.68
FTSE Asia Pacific Mid Cap ex Japan 441 706.50 -1.7 -10.7 -12.3 1011.60
-10.6 3.0 Pharmaceuticals & Biotechnology 101 340.44 -2.6 -2.6 1.9 490.33 3.6 2.1
Telecommunications (7) 3796.01 -3.17 4030.12 3920.34 3920.34 3536.23 4.26 1.89 12.46 108.88 3924.37 FTSE Asia Pacific Small Cap ex Japan 1372 470.65 -1.1 -10.8 -11.9 665.03
-10.2 2.9 Consumer Services 385 371.33 -2.4 -2.4 -0.8 480.22 0.5 1.8
Fixed Line Telecommunications (5) 4861.49 -3.67 5161.31 5046.73 5046.73 4498.96 3.12 1.82 17.56 101.81 4176.14
Mobile Telecommunications (2) 5017.73 -2.85 5327.19 5165.20 5165.20 4689.11 4.97 1.91 10.53 168.70 4617.05
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
931
1951
411.34
575.96
-2.0
-2.3
-12.2
-11.9
-15.3 648.35
-13.3 3.4 Food & Drug Retailers
-16.5 816.59
-14.5 3.3 General Retailers
53 298.87
120 499.26
-1.8
-2.7
-1.8
-2.7
-0.6 401.90
4.4 630.59
0.6
5.7
1.9
1.6
UK STOCK MARKET TRADING DATA
Utilities (8) 7916.37 -1.65 8404.60 8049.24 8049.24 8843.50 5.22 1.35 14.19 305.26 8328.93 FTSE Emerging Large Cap 477 548.74 -2.5 -11.9 -16.1 782.46
-14.1 3.4 Media 91 281.21 -2.5 -2.5 -6.5 364.17 -5.3 1.9 Sep 01 Aug 31 Aug 28 Aug 27 Aug 26 Yr Ago
Electricity (3) 8478.33 -0.92 9001.21 8557.43 8557.43 9459.03 5.98 1.43 11.69 493.70 11263.50 FTSE Emerging Mid Cap 459 710.15 -2.1 -11.3 -17.5 1003.23
-15.7 3.1 Travel & Leisure 121 354.06 -2.2 -2.2 -1.7 462.24 -0.4 1.8 SEAQ Bargains 4255.00 4985.00 4985.00 4985.00 4930.00 6.00
Gas Water & Multiutilities (5) 7349.65 -1.85 7802.92 7487.98 7487.98 8212.60 5.01 1.32 15.06 243.90 7742.05 FTSE Emerging Small Cap 1015 581.50 -0.8 -12.1 -17.8 795.84
-15.9 3.2 Telecommunication 94 159.51 -2.3 -2.3 -4.5 277.36 -1.7 4.2 Order Book Turnover (m) 37.77 24.02 24.02 24.02 42.89 37.11
Financials (283) 4454.65 -2.86 4729.38 4585.62 4585.62 4636.90 3.44 1.97 14.73 132.04 3863.46 FTSE Emerging Europe 98 290.54 -2.0 -7.6 -6.8 423.07
-3.7 4.5 Fixed Line Telecommuniations 44 130.59 -2.6 -2.6 -4.7 247.93 -1.6 4.7 Order Book Bargains 1109302.00 885881.00 885881.00 885881.00 1059331.00 1165235.00
Banks (9) 3834.60 -3.42 4071.09 3970.44 3970.44 4466.11 4.03 1.31 19.02 145.16 2625.80 FTSE Latin America All Cap 243 653.65 -2.7 -13.3 -27.5 956.66
-26.0 3.8 Mobile Telecommunications 50 173.23 -2.0 -2.0 -4.2 273.75 -1.9 3.5 Order Book Shares Traded (m) 1553.00 1411.00 1411.00 1411.00 1565.00 1548.00
Nonlife Insurance (10) 2625.93 -1.27 2787.88 2659.61 2659.61 2191.89 2.70 2.19 16.90 58.61 4385.39 FTSE Middle East and Africa All Cap 213 687.61 -3.3 -11.0 -10.7 1015.64
-9.0 2.9 Utilities 163 232.17 -2.3 -2.3 -13.1 420.91 -10.8 4.1 Total Equity Turnover (£m) 2507.77 - - - - -
Life Insurance/Assurance (11) 7350.21 -3.54 7803.51 7619.78 7619.78 7545.86 3.72 1.77 15.18 246.20 6706.05 FTSE Global wi UNITED KINGDOM All Cap In 327 332.11 -3.1 -10.4 -7.5 520.54
-5.0 3.8 Electricity 113 251.60 -2.4 -2.4 -11.3 451.70 -8.9 3.9 Total Mkt Bargains 1271407.00 - - - - 1308672.00
Index- Real Estate Investment & Services (24) 3129.19 -1.34 3322.18 3171.69 3171.69 2639.54 1.87 6.32 8.48 41.99 7993.65 FTSE Global wi USA All Cap 1964 475.20 -2.9 -9.0 -6.6 604.82
-5.4 2.1 Gas Water & Multiutilities 50 249.50 -2.2 -2.2 -16.1 463.13 -13.7 4.5 Total Shares Traded (m) 4078.00 - - - - 4081.00
Real Estate Investment Trusts (23) 2929.35 -1.80 3110.01 2983.18 2983.18 2588.60 2.80 6.80 5.24 62.70 3432.93 FTSE Europe All Cap 1385 382.11 -2.2 -9.1 -4.1 581.07
-1.5 3.4 Financials 667 196.50 -2.8 -2.8 -8.9 303.06 -7.0 3.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (31) 7482.14 -3.11 7943.59 7722.02 7722.02 6838.55 3.08 2.23 14.56 160.16 8061.47 FTSE Eurobloc All Cap 634 357.51 -1.9 -8.8 3.2 Banks
-3.0 550.36
-0.6 241 179.73 -3.0 -3.0 -10.6 295.21 -8.4 3.5 (c) Market closed.
Equity Investment Instruments (175) 7360.17 -1.63 7814.09 7482.27 7482.27 7427.86 2.64 1.17 32.44 136.30 3837.39 FTSE RAFI All World 3000 3016 5360.87 -2.6 -9.5 -9.0 6697.32
-7.1 3.3 Nonlife Insurance 69 203.42 -2.2 -2.2 -5.0 281.88 -3.3 2.4
Non Financials (358) 3859.13 -2.65 4097.13 3964.09 3964.09 4279.01 3.79 1.40 18.85 114.30 5357.69 FTSE RAFI US 1000 1005 8429.66 -3.0 -8.8 -9.3 10567.29
-7.8 2.7 Life Insurance 49 191.74 -3.3 -3.3 -9.2 289.40 -7.2 2.9
Technology (19) 1290.60 -1.75 1370.20 1313.56 1313.56 1201.27 1.48 2.13 31.78 14.63 1607.71 FTSE EDHEC-Risk Efficient All-World 3025 305.64 -2.4 -8.0 -4.4 408.10
-2.9 2.3 Financial Services 137 214.43 -3.1 -3.1 -7.4 283.95 -6.1 2.0 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (12) 1625.49 -1.54 1725.74 1650.86 1650.86 1298.76 2.01 1.72 28.80 27.68 2121.79 FTSE EDHEC-Risk Efficient Developed Europe 515 273.74 -2.0 -7.7 -1.7 397.84
0.4 2.8 Technology 182 158.14 -3.1 -3.1 -8.1 187.84 -6.9 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) 1446.18 -1.93 1535.37 1474.66 1474.66 1503.18 1.01 2.85 34.94 9.30 1654.46 Software & Computer Services 79 267.58 -2.9 -2.9 -1.4 306.23 -0.6 1.2 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 103 120.82 -3.3 -3.3 -13.7 147.39 -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 6177.68 6105.24 6080.79 6096.75 6113.98 6108.26 6048.95 6061.21 6037.68 6203.25 6028.91 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 16978.44 16877.87 16849.48 16874.84 16901.62 16887.45 16784.40 16837.39 16818.95 16999.82 16784.01 (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 4588.08 4574.69 4566.57 4568.58 4569.58 4570.27 4563.73 4563.03 4561.53 4588.08 4552.05
FTSE All-Share 3399.50 3364.11 3352.26 3360.13 3368.58 3365.63 3336.05 3343.20 3332.26 3410.92 3328.03 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:07:08:30 Day's Low14:58:00 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:07:08:00 Day's Low14:58:00 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 Asian Total Return Investment Co Int 4.515 7.829 2.11 1.74 - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Diamondcorp Int - - 3.159L 2.749L 0.98L 0.91L - - - - - 08/11 120.00 AIM GLOO Gloo Networks PLC 126.00 -0.99 127.00 120.00 3225.6
There are currently no rights offers by any companies listed on the LSE. Downing THREE VCT Int 0.621 0.168 0.566 0.086 7.7 0.9 - - - - - 07/31 100.00 MHN Menhaden Capital PLC 102.25 0.14 103.50 101.00 8180.0
Downing TWO VCT Int 0.621 0.168 0.572 0.099 7.9 1 - - - - -
Inch Kenneth Kajang Rubber Int 6.284 16.66 2.758L 4.524L 0.007L 0.012L - - - - -
Mithril Capital 3rd - - 0.123L - 0.1L - - - - - -
Plethora Solutions Holdings Int - - 0.493L 1.73L 0.07L 0.42L - - - - -
Snoozebox Holdings Int 2.357 0.731 3.055L 2.284L 1.4L 1.5L - - - - -
Standard Life UK Smaller Companies Trust Pre 32.406 15.526 6.76 5.05 4.4 3.23 Oct 29 5.8 4.5

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Wednesday 2 September 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♦ 54.38 -1.62 70.51 44.11 1.22 93.65 23703.28 Lyondell♦ 81.55 -3.83 115.40 70.06 3.44 9.60 37992.08
ANZ 27.07 -0.86 37.25 26.41 10.53 9.24 54763.16 Nokia 6.19 -0.11 7.87 5.65 2.27 15.24 24906.95 AstellasPh 1695.5 -104.50 2047 1476 1.69 27.03 31425.24 AtlasCpcoB 189.70 -3.50 270.00 165.20 1.57 17.78 8756.1 BankAm 15.58 -0.76 18.48 14.60 1.25 17.05 162630.58 Marathon Ptl♦ 46.06 -1.25 60.38 37.32 2.12 8.24 24695.38
BHPBilltn 24.65 -0.53 36.99 22.41 9.71 9.77 55698.91 SampoA 42.38 -0.65 49.40 34.77 4.44 14.62 26662.25 Bridgestne 3878 -189.50 5182 3328 2.95 10.50 26304.15 Ericsson 80.95 -1.60 120.00 77.45 4.17 25.98 31646.33 Baxter 37.23 -1.22 43.44 34.50 5.44 12.10 20310.42 Marsh&M 52.10 -1.63 59.99 48.66 2.09 19.93 27612.61
CmwBkAu♦ 73.30 -1.78 96.69 71.42 8.58 13.02 85425.73 France (€) Canon 3627.5 -79.50 4539 3172 4.21 18.25 40360.6 H&M 318.30 -7.50 368.50 269.60 3.04 24.56 62314.44 BB & T 35.33 -1.59 41.90 34.50 2.73 13.10 25913.87 MasterCard 89.05 -3.32 99.18 69.64 0.65 28.03 98746.13
CSL 89.86 -2.01 102.43 71.04 1.65 22.18 29388.01 Airbus Grpe 56.51 -1.58 67.88 39.64 2.05 16.83 50107.77 CntJpRwy 18900 -985.00 24800 13320 0.61 14.01 32478.83 Investor 296.90 -8.00 363.40 219.30 3.01 4.35 26942.62 BectonDick 134.89 -6.13 154.98 112.15 1.69 34.40 28361.21 McDonald's♦ 93.47 -1.55 101.88 87.50 3.50 22.26 89592.39
NatAusBk 30.40 -0.77 39.71 29.40 10.28 11.43 56156.99 AirLiquide 105.30 -1.55 123.95 87.17 2.33 20.62 40784.68 Denso 5144 -285.00 6548 4500.5 2.04 15.96 37936.6 Nordea Bk 97.60 -2.60 115.50 82.40 5.83 11.10 46543.85 BerkshHat 198144.3-4386.70 229374 190007 - 18.61 160844.63 McGraw Hill♦ 92.77 -4.22 109.13 73.96 1.32-157.11 25279.83
Telstra♦ 5.66 -0.11 6.74 5.23 8.06 15.50 48683.78 AXA 21.60 -0.88 25.24 16.43 4.24 10.73 59444.33 EastJpRwy 10735 -470.00 12815 7623 1.07 22.86 35149.01 SEB 96.95 -1.60 111.50 82.30 4.86 10.88 24885.52 Biogen 292.50 -4.80 480.18 265.00 - 20.31 68787 McKesson♦ 195.78 -1.80 243.61 160.10 0.48 24.21 45499.9
Wesfarmers♦ 40.00 -0.66 46.95 38.45 7.83 17.42 31624.71 BNP Parib 54.61 -1.66 61.00 43.14 2.65 10.15 76618.67 Fanuc 19290 -425.00 28575 17435 3.15 18.55 33139.73 SvnskaHn 124.70 -1.80 426.00 114.10 3.32 16.19 27609.54 BkNYMeln 38.34 -1.46 45.45 35.06 1.73 15.68 42423.89 Medtronic 69.53 -2.76 79.50 55.54 1.75 28.90 98328.54
Westpc 30.20 -0.90 40.07 29.20 9.65 11.55 67649.32 ChristianDior 160.15 -5.25 195.35 126.10 2.04 11.66 32766.19 FastRetail 47480-1785.00 61970 32615 0.66 41.72 42013.57 Swedbank 189.40 -4.00 223.90 166.20 5.95 13.00 24764.86 BlackRock♦ 294.30 -8.17 382.84 275.00 2.72 15.23 48158.21 Merck 52.53 -1.32 63.62 45.69 3.32 15.75 147957.84
Woolworths 25.57 -0.83 36.52 25.12 7.07 14.06 22786.17 Cred Agr 11.75 -0.34 14.49 9.82 2.87 9.71 34892.32 Fuji Hvy Ind 4081 -189.50 4827.5 2941.5 1.59 11.35 26651.73 TeliaSonera 46.74 -1.04 55.85 44.37 6.37 14.58 23939.78 Boeing♦ 127.44 -3.24 158.83 115.14 2.51 17.76 86594.86 Metlife♦ 47.99 -2.11 58.23 44.49 2.89 8.33 53599.12
Belgium (€) Danone 54.36 -1.03 67.74 49.84 2.66 37.21 40083.7 Hitachi 663.00 -18.80 939.90 639.10 1.59 12.03 26732.73 Volvo 89.40 -2.70 120.50 71.00 3.33 23.03 17160.67 BrisMySq 58.20 -1.27 70.54 47.55 2.46 55.87 97048.66 Microsoft♦ 41.82 -1.70 50.05 39.72 2.82 29.05 334475.56
AnBshInBv 94.79 -2.67 119.65 78.75 3.17 18.97 171630.09 EDF 18.77 -0.52 26.12 18.42 7.04 8.92 39305.98 HondaMtr 3679.5 -144.50 4499 3239 2.28 12.87 55600.84 Switzerland (SFr) Broadcom♦ 49.88 -1.79 57.70 34.50 1.02 28.90 27882.92 Mnstr Bvrg 135.03 -3.43 155.83 88.20 - 50.87 27748.46
KBC Grp 58.14 -1.03 66.00 36.53 - 11.60 27346.57 Essilor Intl 104.25 -2.15 121.10 76.65 0.94 37.75 25367.42 JapanTob 4152.5 -177.00 4848 3101 2.49 17.82 69280.5 ABB 18.40 -0.27 22.31 16.75 - 17.52 44282.89 CapOne 74.32 -3.43 92.10 67.73 1.70 10.78 40313.32 MondelezInt 41.01 -1.35 48.58 31.83 1.43 33.16 66079.71
Esslr Intl 104.25 -2.15 121.10 76.65 0.94 37.75 25367.42 KDDI 2913.5 -104.50 3375 1996 1.86 49.80 65400.7 CredSuisse 25.13 -0.82 28.94 18.57 2.79 11.02 42808.14 CardinalHlth 80.23 -2.04 91.91 71.72 1.72 22.81 26264.05 Monsanto 95.80 -1.85 126.00 89.34 1.99 17.76 44818.55
Brazil (R$)
GDF Suez 17.56 0.67 20.57 16.08 5.77 46.56 46717.29 Keyence 55300-1090.00 70100 42660 0.37 26.84 28048.77 Nestle 70.10 -1.20 77.00 64.15 2.92 16.29 232383.92 Carnival♦ 47.78 -1.45 54.05 33.11 2.10 25.93 28318.64 MorganStly 33.12 -1.33 41.04 30.40 1.32 17.22 64696.13
Ambev 18.71 -0.38 20.29 14.99 10.22 20.29 80055.63
Hermes Intl 309.15 -7.50 365.55 229.00 0.92 36.25 36744.03 MitsbCp 2199.5 -55.50 2837 1942.5 2.60 10.23 29175.18 Novartis 91.70 -3.00 103.20 78.60 2.79 24.35 255230.05 Caterpillar 74.90 -1.54 109.73 70.23 3.64 13.15 45137.18 MylanNV 48.29 -1.30 76.69 44.80 - 23.94 23663.71
Bradesco 24.40 -0.77 34.42 23.03 4.61 7.07 16767.71
LOreal 149.75 -2.95 181.30 117.05 1.74 29.59 94365.47 MitsubEst 2515 -94.00 2975 2151.5 0.53 51.40 29170.8 Richemont 70.70 -1.65 92.25 66.40 1.75 28.10 38371.18 CBS 43.79 -1.45 63.95 40.75 1.34 19.32 19460.64 Netflix 105.79 -9.24 129.29 45.08 - 244.39 45067.05
Cielo 37.60 -0.75 46.27 30.18 2.99 15.83 19311.56
LVMH 144.20 -4.45 176.60 121.40 2.31 12.18 82474.4 MitsubishiEle 1154 -57.00 1718 1122 1.10 20.37 20670.44 Roche 257.40 -6.60 295.80 238.80 3.12 24.72 188022.09 Celgene 115.46 -2.62 140.72 83.16 - 44.85 91275.77 News Corp A 26.60 -0.79 39.27 22.81 1.01 6.95 32477
ItauHldFin 24.71 -0.38 35.22 23.83 2.14 5.46 20496.65
Nmrcble-SFR 44.05 -1.80 60.01 26.38 - -54.00 21734.15 MitsuiFud 3241.5 -118.50 3879 2854.5 0.74 27.96 26808.79 Swiss Re 81.40 -1.65 96.95 69.25 5.20 35.40 31374.03 CharlesSch 29.09 -1.29 35.72 23.35 0.80 31.26 38271.5 NextEraE♦ 95.35 -3.06 112.64 90.33 3.06 14.96 43108.09
Petrobras 9.95 -0.67 23.50 7.88 - -4.68 20159.08
Orange 13.66 -0.43 16.45 10.20 4.24 37.27 40737.39 MitUFJFin 777.00 -23.10 936.80 546.20 2.21 7.36 91838.97 Swisscom 510.00 -12.50 587.50 486.50 4.33 15.69 27468.28 ChevrnTx♦ 78.19 -2.80 129.38 69.58 5.33 12.38 147132.83 Nike 108.63 -3.12 117.72 78.35 1.00 29.23 73643.12
Vale 17.10 -0.82 29.57 14.77 12.86 -9.21 14976.3
PernodRic 91.05 -2.47 117.75 82.23 1.90 23.49 27207.94 Mizuho Fin 240.00 -8.70 280.40 178.10 3.23 7.40 49635.95 Syngent 332.00 -3.00 435.20 273.20 3.22 19.96 32083.55 Cigna 139.00 -1.79 170.68 85.75 0.03 17.67 35791.86 NorfolkS♦ 75.71 -2.20 117.64 72.10 2.99 13.33 22818
Canada (C$) Murata Mfg 16455-1095.00 22220 10200 0.84 31.99 30921.48 Cisco 25.12 -0.76 30.31 22.49 3.10 14.60 127757.52 Northrop♦ 159.37 -4.37 176.83 118.24 1.77 16.55 29864.75
Renault 71.77 -2.32 100.25 49.50 2.55 8.04 23894.97 UBS 19.63 -0.40 22.57 13.58 3.83 15.42 76736.74
BCE 51.99 -1.21 60.20 46.43 5.03 17.15 33415.09 NipponTT 4491 -138.50 5066 3001.5 1.91 17.87 85170.52 Citigroup 50.94 -2.54 60.95 46.60 0.15 12.53 153321.52 NXP 81.84 -2.81 114.00 53.81 - 44.28 20603.34
Safran 68.00 -1.62 71.35 43.66 1.70 -21.40 31926.79 Zurich Fin 260.00 -5.70 334.60 255.00 - 10.88 40656.35
BkMontrl 68.74 -2.26 85.71 64.01 4.64 10.62 33433.98 Nissan Mt 1053 -44.00 1350 917.40 2.99 9.28 39710.64 CME Grp 91.12 -3.32 100.87 75.30 2.07 26.44 30776.33 Occid Pet 70.01 -3.00 99.50 64.83 4.05 -22.46 53484.22
Sanofi 86.00 -2.17 101.10 69.58 3.20 24.35 127054.09 Taiwan (NT$)
BkNvaS 58.24 -1.98 73.33 52.60 5.75 11.08 53265.82 Nomura 743.30 -22.80 909.20 576.20 1.67 10.59 23702.3 Coca-Cola 38.75 -0.57 44.87 36.56 3.19 23.32 168562.64 Oracle 36.01 -1.08 46.71 35.14 1.42 16.25 156142.13
Sant Gbn 39.76 -1.21 44.84 29.51 1.50 27.65 25672.2 Chunghwa Telecom 97.40 -1.40 99.80 90.00 4.76 19.61 23305.47
Brookfield♦ 40.69 -0.72 48.64 32.21 1.41 9.63 30214.58 Nppn Stl 240.40 -9.30 350.50 227.10 2.18 9.63 19057.94 Cognizant 61.23 -1.71 69.35 42.94 - 25.32 37321.48 Pepsico 91.33 -1.60 100.76 76.48 2.85 21.67 134163.14
Schneider 55.15 -1.18 75.29 52.03 3.36 19.78 36484.36 HonHaiPrc 89.80 -2.70 103.00 77.90 1.83 9.36 41958.82
CanadPcR 185.61 -5.48 247.56 172.01 0.78 19.49 22457.02 NTTDCMo 2433 -105.50 2873.5 1612.5 2.55 22.88 82925.4 ColgtPlm 61.27 -1.54 71.56 50.84 2.32 25.24 55151.06 Perrigo♦ 179.46 -3.51 215.73 135.00 0.25 201.13 26251.31
SocGen 41.98 -1.48 48.77 31.85 2.76 10.65 38094.23 TaiwanSem 124.00 -5.00 155.00 112.50 6.19 10.29 99176.97
CanImp 94.51 -2.18 107.37 83.10 4.41 10.61 28433.37 Panasonic 1297 -40.50 1853.5 1130 1.06 55.93 26541.06 Comcast 55.02 -1.31 64.99 49.33 1.68 16.68 117255.21 Pfizer♦ 31.36 -0.86 36.46 27.51 3.36 22.84 193408.03
Total 40.41 -0.40 52.09 36.92 6.13 31.39 109842.33
CanNatRs 28.36 -1.29 47.42 25.01 3.31 19.06 23500.82 Seven & I 5039 -251.00 5998 3794.5 1.41 26.14 37261.99 Thailand (THB) ConocPhil 47.75 -1.40 81.37 41.10 5.96 36.35 58897.65 Phillips66 77.59 -1.48 87.98 57.33 2.59 10.24 41717.01
UnibailR 224.50 -6.75 262.00 180.70 4.19 13.21 24928.93
CanNatRy 71.75 -1.46 88.89 68.81 1.62 17.26 43323.48 ShnEtsuCh 6401 -272.00 8529 6360 1.49 21.42 23073.33 PTT Explor 264.00 -4.00 398.00 240.00 3.42 16.75 21092.69 Corning♦ 16.70 -0.51 25.16 15.42 2.57 8.54 20473.12 PhilMorris 77.78 -2.02 90.25 75.27 5.01 16.71 120495.66
Vinci 56.30 -1.11 60.35 39.65 3.32 12.04 37908.87
Enbridge 52.74 -1.63 66.14 47.43 3.19 215.80 34214.02 Softbank 6853 -210.00 8760 6600 0.56 10.39 68639.21 United Arab Emirates (Dhs) Costco 138.30 -1.75 156.85 117.03 1.06 26.41 60781.14 PNCFin 87.19 -3.93 100.52 76.69 2.18 12.24 44780.77
Vivendi 21.67 -0.38 24.83 17.32 4.55 -85.04 33359.62
GtWesLif 33.03 -0.60 37.70 29.30 3.95 11.85 24945.15 Sony 3051 -111.00 3970 1782 0.78 -52.05 32123.94 Emirtestele 12.70 -0.15 15.85 9.41 5.13 13.59 30070.27 CrownCstl 81.46 -1.93 89.44 74.45 3.36 55.16 27188.25 PPG Inds♦ 91.35 -3.94 118.95 85.78 1.46 23.14 24730.4
ImpOil 44.61 -1.84 57.70 42.12 1.15 17.14 28631.98 Germany (€)
SumitomoF 4818 -146.00 5770 3823 2.77 10.60 56833.54 United Kingdom (p) CSX♦ 26.73 -0.65 37.99 24.47 2.41 13.67 26408.74 Praxair 102.38 -3.37 134.06 101.01 2.60 20.46 29328.96
Manulife 20.33 -1.05 24.20 18.91 3.22 12.91 30345.56 Allianz 138.90 -3.35 170.15 115.05 4.76 9.81 71465.74
Takeda Ph 5700 -262.00 6657 4337.5 3.01 -30.35 37568.42 AscBrFd 3129 -73.00 3293 2407 1.09 43.85 37964.55 CVS 100.27 -2.13 113.65 77.40 1.21 24.74 111749.53 Prec Cast 229.60 -0.65 249.12 186.17 0.05 22.89 31569.45
Potash 33.62 -0.64 47.10 31.74 5.47 14.46 21256.11 BASF 69.96 -1.86 97.22 63.00 3.80 13.41 72343.3
TokioMarine 4656 -220.00 5504 3102 1.95 14.93 29422.6 AstraZen♦ 4033.5 -86.50 4931.68 3746 4.43 68.00 78123.59 Danaher 84.79 -2.23 92.92 70.12 0.54 23.96 57952.95 Priceline 1215.36 -33.28 1395 990.69 - 27.77 61620.69
RylBkC 71.33 -2.01 83.87 68.05 4.25 10.93 77951.59 Bayer 117.05 -3.90 146.45 96.83 1.85 28.67 108975.52
Toyota 7000 -192.00 8783 5710 2.73 10.36 199591.09 Aviva 469.30 -14.50 578.68 449.86 3.86 12.28 29099.22 Deere 80.00 -1.78 98.23 76.76 2.95 12.50 26253.3 ProctGmbl 68.90 -1.77 93.89 65.02 3.67 23.11 186895.5
Suncor En 36.05 -1.21 44.61 30.89 3.20 36.51 39466.78 BMW 80.10 -2.12 123.75 74.59 3.49 10.18 54288.14
Mexico (Mex$) Barclays♦ 253.15 -8.30 289.90 204.05 2.57 113.37 65095.52 Delphi 72.03 -3.49 90.57 58.23 1.35 16.46 20481.63 Prudntl♦ 77.12 -3.58 94.30 74.05 2.87 13.89 34781.12
ThmReut♦ 50.05 -1.13 54.47 39.45 3.42 15.97 29622.79 Continental 185.85 -3.60 234.25 136.85 1.69 15.30 41848.99
AmerMvl 15.09 -0.18 17.64 13.48 1.82 - 38072.04 BG♦ 964.90 -29.70 1420 780.55 1.89 -48.66 50510.16 Delta 43.77 -0.01 51.06 30.12 0.80 19.84 34814.58 PublStor 199.00 -2.27 217.99 162.34 2.89 35.67 34420.5
TntoDom 51.22 -1.26 57.97 47.75 3.81 12.33 71905.39 Daimler 69.91 -1.75 96.07 55.10 3.38 9.62 84204.74
FEMSA UBD 147.10 -2.25 154.14 116.20 0.78 27.80 31239.38 BP♦ 349.40 -11.10 499.25 326.25 7.39 -15.86 97933.59 DirectTV 93.55 1.36 95.51 82.04 - 16.82 47176.52 Qualcomm♦ 55.02 -1.56 78.53 52.59 3.08 15.46 86447.54
TrnCan 44.02 -1.88 63.86 41.95 4.79 16.91 23631.36 Deut Bank 25.59 -0.69 33.42 22.66 2.83 22.32 39729.69
WalMrtMex 40.44 0.31 41.00 28.26 1.37 30.77 41960.39 BrAmTob♦ 3391 -88.00 3894 3231.5 4.37 15.74 96882.76 DiscFinServ 51.35 -2.38 66.75 50.92 1.90 10.90 22353 Raytheon 100.04 -2.52 113.36 92.96 2.48 14.78 30366.94
ValeantPh 296.20 -8.79 347.84 125.50 - 95.37 76526.41 Deut Tlkm 14.83 -0.42 17.63 10.07 3.25 36.66 76914.09
BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 Disney 99.51 -2.37 122.08 78.54 1.77 21.22 167958.74 Regen Pharm 496.42 -17.08 605.93 320.06 - 128.27 50504.05
DeutsPost 23.94 -0.62 31.19 21.55 - 16.26 32644.68 Netherlands (€)
China (HK$) BT♦ 421.15 -16.20 481.75 351.90 2.71 16.16 54026.37 DominRes♦ 67.80 -1.95 80.89 65.53 3.59 23.79 40295.03 ReynoldsAm 40.83 -1.05 44.14 40.59 3.20 15.50 29175.11
E.ON 9.88 -0.22 15.46 9.56 1.37 -7.61 22266.87 Altice 23.69 -1.74 143.20 20.61 - -137.32 19989.53
AgricBkCh 3.07 -0.06 4.55 3.05 7.33 4.58 12176.57 Compass 1019 -16.00 1223.36 924.41 2.65 19.78 25732.83 DowChem 41.66 -2.10 54.97 35.11 3.81 12.58 48246.53 Salesforce 66.63 -2.73 78.46 51.04 - -431.39 43975.8
Fresenius Med 67.03 -1.18 82.32 50.75 1.10 22.29 23477.65 ASML Hld 80.32 -1.36 104.85 68.29 0.84 26.83 39185.41
Bk China 3.44 -0.10 5.68 3.42 7.35 4.59 37117.42 Diageo♦ 1691 -39.00 2055 1592.5 3.16 17.88 65191.26 DukeEner♦ 69.05 -1.86 89.97 68.66 4.49 21.09 47529.22 Schlmbrg♦ 75.42 -1.95 109.93 68.01 2.33 22.97 95440.17
Fresenius SE 61.76 -1.29 66.56 36.00 0.69 29.75 30333.04 Heineken 69.00 -1.50 77.77 54.03 1.36 24.82 44745.88
BkofComm 5.65 -0.19 8.61 5.29 5.91 5.21 25524.7 GlaxoSmh♦ 1295 -45.50 1645 1247.5 6.18 6.51 96588.35 DuPont♦ 50.02 -1.48 76.61 48.01 3.70 15.32 45260 Shrwin-Will♦ 248.53 -7.28 294.35 202.01 0.96 25.89 23165.64
HenkelKgaA 79.95 -1.87 99.44 66.70 1.56 20.82 23384.61 ING 13.23 -0.42 16.00 9.68 - 29.12 57635
BOE Tech 1.90 -0.08 4.78 1.12 2.05 26.40 48.78 Glencore 133.50 -14.80 373.70 133.00 8.57-310.47 26776.02 Eaton 54.90 -2.16 73.82 49.21 3.69 12.18 25665.75 SimonProp 175.01 -4.31 206.31 162.43 3.06 37.41 54473.75
Linde 152.05 -2.85 195.55 141.80 2.00 27.79 31794.75 Unilever♦ 34.95 -0.79 42.75 28.75 3.19 21.40 67471.72
Ch Coms Cons 8.78 -0.44 17.00 5.45 2.76 7.78 5015.91 HSBC♦ 499.00 -19.70 674.57 482.55 6.51 11.25 149601.27 eBay 26.48 -0.63 29.35 19.50 - 11.35 32258.68 SouthCpr 25.44 -1.22 33.31 23.41 1.69 16.97 20276.04
MuenchRkv 162.45 -1.35 206.50 141.10 4.40 9.34 31630.15 Norway (Kr)
Ch Evrbrght 3.37 -0.17 5.65 3.32 6.59 4.21 2986.8 ImpTob♦ 3113 -46.00 3413 2482.72 4.12 15.59 45662.36 Ecolab 105.42 -3.72 118.46 97.78 1.17 26.62 31108.62 Starbucks 53.50 -1.21 59.32 35.39 1.11 30.94 79404.7
SAP 58.71 -1.28 70.81 50.08 1.81 23.74 81202.27 DNB 115.50 -2.90 143.00 100.90 3.38 8.28 22686.45
Ch Rail Cons 9.69 -0.47 17.70 6.92 1.73 7.97 2596.01 LlydsBkg♦ 75.56 -1.82 89.35 70.90 0.99 41.07 82746.64 EMC 24.01 -0.86 30.92 22.66 1.87 20.02 46212.68 StateSt 69.68 -2.24 81.26 64.21 1.73 16.92 28437.32
Siemens 86.84 -1.62 106.35 80.17 3.66 13.25 86134.11 Statoil 123.10 -0.80 182.50 113.90 6.01 -9.72 47334.92
Ch Rail Gp 6.62 -0.33 12.30 4.03 1.29 10.45 3593.91 Natl Grid 849.40 -10.70 965.00 806.40 4.97 15.92 48731.92 Emerson♦ 46.27 -1.45 65.94 44.03 3.88 13.19 30405.88 Stryker 95.46 -3.19 105.34 77.87 1.37 40.17 35946.25
Volkswgn 161.95 -4.75 254.50 147.35 2.86 7.64 53804.01 Telenor 160.70 -4.40 186.10 128.90 2.43 22.41 29096.86
ChConstBk 5.34 -0.11 7.98 5.33 7.25 4.50 165654.75 Prudential♦ 1367.5 -50.50 1761.5 1287 2.70 13.92 53885 EOG Res 76.02 -2.29 109.85 68.15 0.80 30.85 41748.02 Sychrony Fin 31.71 -1.24 36.40 23.76 - 12.49 26438.69
China Vanke - - - - - - - Hong Kong (HK$) Qatar (QR) EquityResTP 69.48 -1.77 82.53 60.44 2.95 30.01 25296.44 Target♦ 75.39 -2.32 85.81 58.72 2.71 16.95 47377.36
RBS 328.00 -8.80 414.00 300.30 - -22.87 32542.27
ChinaCitic 4.53 -0.22 7.40 4.51 - 4.23 8698.77 AIA 42.15 -0.70 58.20 39.10 1.04 19.34 65521.83 QatarNtBk 182.00 3.00 237.00 159.90 4.01 11.91 34988.87 Exelon♦ 29.96 -0.80 38.93 29.75 4.03 11.36 25814.07 TE Connect♦ 57.91 -1.38 73.73 51.03 2.02 13.01 23302.09
ReckittB♦ 5655 -102.00 6300 4895 2.46 24.03 61616.97
ChinaLife 25.55 -1.25 41.00 21.00 1.91 13.09 24531.69 BOC Hold 24.75 -1.45 33.70 23.85 4.41 10.38 33764.49 ExpScripts 81.93 -1.67 94.61 68.06 - 27.64 55362.64 Telsa Mtrs 238.63 -10.43 291.42 181.40 - -59.14 30339.93
Russia (RUB) RELX 1019 -26.00 1199 921.50 2.45 95.89 32385.86
ChinaMBank 18.02 -0.44 26.85 13.12 4.60 6.38 10674.53 Ch OSLnd&Inv 22.15 -0.55 34.05 19.80 2.17 6.66 28182.03 ExxonMb♦ 72.08 -3.16 99.59 66.55 3.79 13.16 300533.86 TexasInstr 46.34 -1.50 59.99 41.47 2.78 16.82 47562.72
Gzprm neft 144.50 -3.69 166.94 113.73 5.78 7.45 51568.01 RioTinto♦ 2271 -117.00 3283.5 2107.78 6.01 22.59 48492.93
ChinaMob 92.75 -1.15 118.00 85.00 3.34 14.11 245038.17 ChngKng 53.70 -0.60 77.55 50.10 - - 26743.68 Facebook 87.23 -2.20 99.24 70.32 - 91.47 197116.82 TheTrvelers 97.49 -2.06 110.49 90.83 2.26 9.11 30339.44
Lukoil 2455 -76.00 3297.7 1913 2.84 12.70 31478 RollsRoyce 727.00 -16.50 1061 685.50 3.18 -53.46 20486.09
ChinaPcIns 27.80 -0.40 47.10 24.80 1.86 15.27 9955.2 Citic Ltd 13.42 -0.78 16.40 11.64 1.94 8.31 50372.7 Fedex 148.03 -2.58 185.19 130.01 0.54 40.29 41818.61 ThrmoFshr 121.45 -3.92 141.25 107.33 0.48 25.47 48396.33
MmcNrlskNckl 10329 -240.00 12247 6766 13.30 12.52 24639.88 RylDShlA♦ 1638 -57.00 2475.5 1542.5 7.41 12.14 98357.18
ChMinsheng 7.27 -0.24 11.88 6.97 3.15 4.47 6504.11 Citic Secs 14.86 -0.68 40.50 14.70 2.35 6.81 4368.49 FordMtr 13.72 -0.15 17.87 10.44 3.91 15.24 53466.65 TimeWrnr♦ 69.44 -1.66 91.34 66.82 1.87 16.90 56633.97
Novatek 610.00 -23.00 633.00 364.50 9.89 29.86 27920.59 SABMill 2959.5 -94.50 3857 2773 2.39 21.59 73375.47
ChMrchSecs RMB 16.56 0.60 40.00 10.74 2.52 9.82 12497.33 CK Hutchison 101.20 -2.10 174.90 97.50 3.43 4.43 50399.61 Franklin 39.45 -1.13 59.43 38.25 1.41 10.87 24215.12 TimeWrnrC 183.37 -2.65 194.22 128.78 1.99 27.13 51888.99
Rosneft 242.70 -2.40 294.20 183.95 6.24 6.87 38774.81 Shire 4865 -160.00 5870 3448.28 0.29 14.73 44141.77
Chna Utd Coms RMB 6.50 -0.05 10.74 3.36 1.04 34.62 21647.87 CNOOC 9.22 -0.39 15.80 7.60 6.00 8.19 53115.74 GenDyn 138.89 -3.14 153.76 114.73 1.84 16.48 44823.58 TJX Cos♦ 69.39 -0.93 76.93 58.58 1.04 21.60 46794.59
Sberbank 73.14 -1.36 81.30 47.21 - 5.01 23800.91 StandCh♦ 724.20 -40.80 1250.18 707.30 7.63 16.11 28266.93
ChShenEgy 12.80 -0.64 24.40 12.34 7.04 7.74 5613.1 HangSeng♦ 137.70 -0.20 162.10 123.20 3.96 10.12 33968.91 GenElectric 23.88 -0.94 28.68 19.37 3.71 47.60 241102.72 T-MobileUS 38.96 -0.65 42.56 24.26 - 118.24 31747.52
Surgutneftegas 33.75 -0.55 39.80 21.82 2.06 1.26 18176.31 Tesco 185.40 -5.95 252.52 155.40 6.09 -2.64 23120.4
ChShpbldng RMB 11.81 -0.59 20.19 5.13 - 181.25 33322.78 HK Exc&Clr♦ 180.00 -2.20 311.40 162.00 2.15 31.65 27811.24 GenMills 55.53 -1.23 59.87 47.43 3.02 28.01 33301.71 UnionPac♦ 83.38 -2.36 124.52 79.31 2.45 14.71 72348.12
Saudi Arabia (SR) Vodafone 220.00 -6.70 258.00 179.10 5.03 10.27 89510.19
ChStConEng RMB 6.24 0.11 12.52 3.13 2.43 7.44 29314.89 MTR♦ 33.80 -0.75 40.00 29.95 2.67 12.81 25506.74 GenMotors 28.64 -0.80 39.00 24.62 4.29 10.84 45310.3 UPS B 95.20 -2.45 114.40 93.64 2.87 22.79 66492.27
AlRajhiBnk 52.98 -0.66 77.50 48.40 3.57 13.27 22954.02 WPP 1311 -40.00 1616 1091 2.91 13.55 26035.47
ChUncHK 10.04 -0.14 16.00 9.68 2.46 16.19 31022.96 SandsCh 26.25 -0.65 49.50 25.60 7.38 14.67 27330.13 GileadSci 101.49 -3.58 123.37 85.95 0.41 11.00 148947.28 USBancorp 40.27 -2.08 46.26 38.10 2.40 13.21 70915.64
SHK Props 94.90 -3.30 137.60 94.20 3.47 8.84 35224.87 Natnlcombnk 54.54 -0.49 72.75 48.80 - 12.90 29004.92 United States of America ($)
CNNC Intl RMB 8.41 -0.67 14.38 4.07 - - - GoldmSchs♦ 182.12 -6.48 218.77 171.26 1.28 11.07 78834.47 UtdHlthcre 112.63 -3.07 126.21 80.72 1.41 18.40 107399.75
Tencent 127.20 -4.60 171.00 104.50 0.28 37.37 154278.89 SaudiBasic♦ 79.98 -0.80 136.50 70.25 6.50 10.04 63972.9 3M♦ 138.50 -3.64 170.50 130.60 2.65 18.55 86527.24
CSR 8.72 -0.34 20.70 6.80 1.33 17.02 4918.1 Google 629.56 -18.26 713.33 490.91 - 32.12 182500.8 UtdTech♦ 89.72 -1.89 124.45 87.17 2.67 13.21 79904.43
SaudiTelec 59.55 -0.44 76.50 52.75 6.14 11.29 31754.5 AbbottLb 43.57 -1.72 51.74 39.28 2.06 28.40 64938.53
Daqin RMB 10.19 0.12 15.15 7.33 4.71 10.61 23802.77 India (Rs) Halliburton♦ 37.95 -1.40 68.18 30.93 1.77 22.81 32437.73 ValeroEngy♦ 57.40 -1.94 71.50 42.53 2.29 6.74 28534.22
Singapore (S$) Abbvie 60.50 -1.91 71.60 52.06 2.96 48.16 100144.22
Gree Elec Apl 0.21 -0.03 0.45 0.13 - -1.82 303.91 Bhartiartl 345.40 -8.90 452.45 332.50 1.02 27.35 20842.36 HCA Hold 84.32 -2.30 95.49 43.91 - 17.72 35008.99 Verizon 44.90 -1.11 51.73 38.06 4.77 19.22 182549.55
DBS♦ 17.47 -0.29 21.50 17.43 3.39 19.09 30971.3 Accenture 92.29 -1.98 105.37 73.98 2.22 20.76 73608.74
GuosenSec - - - - - - - HDFC Bk 1000.1 -27.35 1128 838.65 0.81 25.20 37951.86 Hew-Pack 27.81 -0.25 41.10 24.85 2.30 11.14 50236.4 VertexPharm 124.04 -3.48 143.45 90.99 - -41.40 30347.07
JardnMt US$♦ 49.68 -0.26 67.88 46.20 2.79 10.97 34706.78 Ace 99.72 -2.44 117.89 96.00 3.20 11.51 32289.84
HaitongSecs 10.54 -0.64 27.90 10.32 2.93 5.67 4636.98 Hind Unilevr 853.75 -7.15 981.00 707.15 1.37 45.92 27887.25 HiltonWwde♦ 24.10 -0.73 31.60 20.72 - 37.48 23797.57 VF Cp 70.75 -1.68 77.83 61.75 1.68 30.05 30114.17
JardnStr US$♦ 28.32 -0.21 37.84 27.06 0.93 10.30 31721.3 Actavis 298.98 -2.94 317.72 201.91 - -34.92 117333.1
Hngzh HikVDT - - - - - - - HsngDevFin 1157.4 -28.75 1402.3 975.00 1.25 20.73 27541.86 HomeDep♦ 113.07 -2.80 123.80 86.35 1.84 22.46 145193.56 Viacom 40.39 -0.38 81.99 36.32 3.35 9.66 14033.91
OCBC♦ 8.82 -0.11 10.92 8.63 4.17 8.32 25299.52 Adobe 75.99 -2.58 87.25 58.51 - 105.22 37816.07
Hunng Pwr - - - - - - - ICICI Bk 270.95 -6.95 393.40 267.15 3.71 11.83 23745.3 Honywell♦ 95.96 -3.31 107.41 82.89 2.03 17.65 75017.92 Visa Inc 68.96 -2.34 76.92 48.80 0.65 29.69 134567.67
SingTel 3.71 -0.03 4.57 3.63 4.63 14.91 41885.53 AEP♦ 52.99 -1.30 65.38 51.58 3.84 15.28 25994.75
IM Baotou Stl RMB 4.13 0.17 7.50 2.46 0.30-304.61 10215.16 Infosys 1089 -5.40 2336 932.65 3.47 19.21 37573.1 HumanaInc 179.25 -3.54 219.79 121.04 0.61 21.76 26567.51 Walgreen♦ 86.04 -0.51 97.30 58.39 1.58 22.00 93980
UOB 19.20 -0.18 25.05 18.51 3.73 9.56 21784.24 Aetna 111.55 -2.97 134.40 71.81 0.83 17.35 38896.16
In&CmBkCh 4.50 -0.08 7.10 4.50 7.03 4.74 50396.09 ITC 315.45 -9.70 409.95 294.00 1.70 27.89 38206.47 IBM♦ 142.68 -5.21 195.00 140.62 3.14 9.75 139759.32 WalMartSto 63.82 -0.91 90.97 61.50 3.03 13.10 205535.41
Aflac 56.65 -1.95 65.10 51.41 2.65 9.76 24398.82
IndstrlBk RMB 14.85 0.27 21.42 9.99 3.28 5.50 37751.09 L&T♦ 1557.9 -45.00 1893.8 1401 0.94 25.36 21883.79 South Africa (R) IllinoisTool 81.84 -2.69 100.14 78.79 2.31 16.89 29960.69 Wellpoint 128.71 0.94 129.96 81.84 1.64 12.65 34744.16
AirProd 135.92 -3.61 158.20 118.20 2.27 29.21 29220.41
Kweichow RMB 194.37 -1.00 290.00 145.50 - 15.25 38363.92 OilNatGas 234.10 -5.20 457.95 223.00 4.25 7.41 30233.82 Firstrand 50.61 -2.30 58.47 40.27 3.91 12.34 21216.26 Illumina 193.13 -4.48 242.37 145.12 - 60.58 27945.91 WellsFargo 50.99 -2.34 58.77 46.44 2.72 12.74 261749.99
Alexion 170.85 -1.34 208.88 150.06 - 59.89 38638.52
Midea 1.93 -0.02 2.68 1.65 5.09 9.46 53.55 RelianceIn 839.85 -16.05 1067.85 796.45 1.17 10.38 41053.03 MTN Grp 175.10 -1.87 263.44 161.10 7.64 9.78 24149.52 Intcntl Exch 224.52 -3.89 246.39 184.27 0.89 23.62 24806.89 Williams Cos 46.01 -2.19 61.38 40.07 4.87 17.29 34494.22
Allstate♦ 57.14 -1.14 72.87 54.12 1.98 9.86 22878.28
New Ch Life Ins 28.75 -1.55 56.55 26.20 0.90 7.84 3836.18 SBI NewA 239.10 -8.25 336.00 234.61 1.27 10.93 27308.98 Naspers N 1629.78 -89.22 2029.97 1130.01 0.30 41.30 51087.41 Intel 27.82 -0.72 37.90 24.87 3.26 12.11 132256.28 Yahoo 31.60 -0.64 52.62 29.00 - 4.49 29747.95
Altria 52.03 -1.55 56.70 42.92 3.90 20.66 102014.96
PetroChina 6.19 -0.25 11.70 5.90 5.20 14.29 16851.69 SunPhrmInds 901.95 3.00 1200.8 748.00 0.17 30.60 32764.52 South Korea (KRW) Intuit 84.10 -1.65 109.21 77.96 1.11 75.62 23183.75 Yum!Brnds 79.10 -0.67 95.90 65.81 1.97 39.74 34108.36
Amazon 496.54 -16.35 580.57 284.00 - -1260.31 232236.83
PingAnIns 37.15 -0.80 62.90 28.53 0.41 10.65 35700.11 Tata Cons 2537.4 -26.65 2839.7 2345 1.56 24.55 75025.69 HyundMobis 203000-3500.00 293500 185500 1.51 9.95 16551.36 John&John♦ 92.09 -1.89 109.49 81.79 3.02 16.64 255006.99 Venezuela ()
AmerAir 39.20 0.22 56.20 28.10 0.99 6.95 26335.37
PngAnBnk RMB 11.57 0.50 17.50 8.32 1.50 7.45 21458.59 Indonesia (Rp) KoreaElePwr 48500 500.00 53100 38750 1.12 8.37 26571.59 JohnsonCn 39.37 -1.77 54.52 38.48 2.48 14.86 25750.71 Bco de Vnzla 110.00 -5.00 143.95 27.00 - - 31342.56
AmerExpr 74.00 -2.72 94.89 71.71 1.75 13.23 74094.96
Pwr Cons Corp RMB 7.93 0.14 20.00 2.92 1.26 15.76 4111.7 Bk Cent Asia 12575 -325.00 15600 11000 1.21 17.52 21992.27 SK Hynix 34400-1400.00 51700 30300 0.89 5.24 21372.53 JPMrgnCh 61.45 -2.65 70.61 50.07 2.60 11.38 227246.24 Bco Provncl 3950 - 4400 839.99 - - 33274.88
AmerIntGrp 58.73 -1.61 64.93 48.56 0.83 11.84 75989.98
SaicMtr RMB 17.44 0.14 29.18 14.00 6.88 6.73 30212.26 SmsungEl 1085000-4000.00 1510000 1033000 2.01 6.46 119739.05 Kimb-Clark 104.03 -2.50 119.01 99.57 3.22 60.36 37895.53 Mrcntl Srvcs - - - - - - -
Israel (ILS) AmerTower 90.03 -2.16 105.20 89.39 1.73 55.54 38107.81
ShenwanHong 0.19 - 0.49 0.17 - -2.55 62.10 Spain (€) KinderM 31.39 -1.02 44.71 28.50 5.59 45.19 68804.9
TevaPha♦ 257.00 0.40 275.90 182.70 1.98 22.55 62733.87 Amgen♦ 147.46 -4.32 181.81 127.67 1.85 20.05 111811.6
ShgPdgBk RMB 15.33 0.37 19.17 9.40 4.94 5.92 35944.05 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 7.99 -0.28 9.91 7.21 0.97 12.48 56690.52 Anadarko 68.29 -3.29 112.99 58.10 1.54 -14.13 34692.15
Sinopec Corp 5.05 -0.11 8.23 4.80 6.18 13.29 16624.81 Kroger 33.85 -0.65 39.43 25.42 1.03 18.14 16441.34 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 3.91 -0.10 4.50 3.36 3.27 79.49 41436.55 BcoSantdr 5.31 -0.15 7.96 5.09 10.87 11.46 85540.02 Aon Cp 90.28 -3.16 107.08 78.26 1.13 21.15 25282.28
Sinopec Oil RMB 6.66 -0.74 14.23 2.92 - 191.25 470.89 L Brands♦ 83.85 -0.05 95.78 63.51 1.81 22.11 24481.22 based on intraday trading over a rolling 52 week period.
ENI 14.38 -0.25 19.64 12.98 7.51-680.21 58836.3 CaixaBnk 3.75 -0.12 5.00 3.54 1.03 24.26 24320.83 Apple 107.72 -5.04 134.54 92.00 1.75 12.78 614297.21
Denmark (kr) Iberdrola 5.93 -0.12 6.49 5.11 2.52 15.71 41666.98 LasVegasSd 45.33 -0.90 65.83 40.00 4.94 15.69 36148.46 ♦ ex-dividend
Generali 16.07 -0.26 19.21 14.40 3.60 12.74 28167.51 ArcherDan♦ 43.34 -1.65 53.91 41.63 2.34 12.27 26391.44
DanskeBk 204.10 -1.90 218.00 139.20 2.60 33.04 31053.42 Inditex 28.99 -0.76 32.54 19.29 1.38 34.76 101704.71 LibertyGbl 46.54 -1.58 58.66 39.95 - -29.58 11751.72 ■ ex-capital redistribution
IntSPaolo 3.16 -0.10 3.65 2.00 1.56 28.19 56373.98 AT&T 32.32 -0.88 36.45 30.97 5.64 32.84 198800.32
MollerMrsk 11110 -220.00 16450 10860 2.53 8.81 35964.5 Repsol 12.30 -0.46 19.50 12.23 - 17.35 19028.92 Lilly (E)♦ 79.80 -2.55 90.18 60.58 2.42 42.52 88461.54 # price at time of suspension
Luxottica 58.75 -1.65 67.80 34.74 1.18 38.77 31968.05 AutomData 75.10 -2.22 90.23 64.29 2.53 26.67 34982.34
NovoB 358.60 -10.60 415.00 244.50 1.35 30.98 111572.36 Telefonica 12.23 -0.36 14.31 10.76 3.15 19.54 67997.61 Lockheed♦ 197.62 -3.56 213.34 166.28 2.87 18.01 61367.83
Unicred 5.63 -0.20 6.61 4.82 2.06 15.54 37823.08 Avago Tech 119.37 -6.60 150.50 68.75 1.12 48.21 31003.93
Lowes 67.75 -1.42 76.25 49.85 1.35 24.07 63189.45

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
Petrobras 10.62 10.62 0.00 0.00 1.74 19.6 -14.08 DirectTV 93.55 92.19 1.36 1.48 - - 0.42 Sep 01 date Coupon S* M* F* price yield yield yield US Sep 01 date Coupon S* M* F* price yield yield yield US
ShgPdgBk 15.33 14.96 0.37 2.47 2.46 19.1 1.73 ReynoldsAm 40.83 41.88 -1.05 -2.50 -41.21 -50.2 -52.41 High Yield US$ US$
Daqin 10.19 10.07 0.12 1.19 1.50 17.3 -0.29 BOE Tech 1.90 1.98 -0.08 -4.04 -0.32 -14.4 -30.91 Windstream Services, LLC 11/17 7.88 BB- B2 BB 103.84 6.04 0.00 -0.81 5.34 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 114.90 4.54 0.00 -0.04 2.36
Vale 17.92 17.92 0.00 0.00 2.57 16.7 -4.31 Citic Secs 14.86 15.54 -0.68 -4.38 -2.18 -12.8 -29.91 High Yield Euro Bank of America Corporation 10/26 4.25 BBB+ Baa3 A- 98.52 4.47 0.00 -0.08 2.29
IM Baotou Stl 4.13 3.96 0.17 4.29 0.58 16.3 -5.71 Syngent 335.00 335.00 0.00 0.00 -43.80 -11.6 -16.98 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- 99.20 4.44 0.00 0.08 2.26
CanNatRs 29.65 29.65 0.00 0.00 3.81 14.7 -11.15 Glencore 133.50 148.30 -14.80 -9.98 -10.80 -7.5 -35.82 Korea Electric Power Corporation 08/27 6.75 A+ Aa3 AA- 97.98 7.12 0.00 0.02 -
IndstrlBk 14.85 14.58 0.27 1.85 1.89 14.6 -4.44 Bk China 3.44 3.54 -0.10 -2.82 -0.26 -7.0 -18.87 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 119.61 4.52 0.00 0.01 -
Kweichow 194.37 195.37 -1.00 -0.51 24.73 14.6 -6.02 Altice 23.69 25.43 -1.74 -6.82 -1.79 -7.0 -79.40 Peru 05/16 8.38 BBB+ A3 BBB+ 104.57 1.46 0.00 0.07 0.76 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 119.71 4.80 0.00 0.00 -
BakerHu 54.38 56.00 -1.62 -2.89 6.64 13.9 -6.48 FastRetail 47480.00 49265.00 -1785.00 -3.62 -3420.00 -6.7 -22.04 Mexico 09/16 11.40 BBB+ A3 BBB+ 110.79 0.86 -0.02 -0.08 0.17
Brazil 01/18 8.00 BBB- Baa3 BBB 108.42 4.19 -0.18 -0.16 3.50 Euro
CNOOC 9.22 9.61 -0.39 -4.06 1.12 13.8 -4.06 SandsCh 26.25 26.90 -0.65 -2.42 -1.70 -6.1 -23.47 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- A3 A 105.37 2.30 0.00 0.10 0.13
Halliburton 37.95 39.35 -1.40 -3.56 4.48 13.4 -9.19 Sinopec Oil 6.66 7.40 -0.74 -10.00 -0.42 -5.9 -27.29 Russia 07/18 11.00 BB+ Ba1 BBB- 118.92 4.04 0.00 0.48 3.35
Peru 03/19 7.13 BBB+ A3 BBB+ 116.35 2.34 0.00 -0.02 0.84 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 94.08 3.25 0.00 0.15 -
SaicMtr 17.44 17.30 0.14 0.81 2.05 13.3 -9.45 SBI NewA 239.10 247.35 -8.25 -3.34 -14.25 -5.6 -11.46 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 109.86 2.27 0.00 0.15 -
ConocPhil 47.75 49.15 -1.40 -2.85 5.56 13.2 -5.15 Naspers N 1629.78 1719.00 -89.22 -5.19 -96.84 -5.6 -7.92 Brazil 01/21 7.88 BBB- Baa3 BBB 101.36 4.57 0.09 0.25 3.06
Turkey 03/21 5.63 - Baa3 BBB- 106.27 4.39 0.00 0.17 2.89 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 106.88 2.28 0.00 0.16 -
Gree Elec Apl 0.21 0.24 -0.03 -11.72 0.02 12.2 -15.26 ChUncHK 10.04 10.18 -0.14 -1.38 -0.56 -5.3 -8.23
Poland 04/21 5.13 A- A2 A- 112.10 2.81 0.00 -0.01 1.30 Yen
PngAnBnk 11.57 11.07 0.50 4.52 1.22 11.8 -6.39 NextEraE 95.35 98.41 -3.06 -3.11 -5.16 -5.1 -9.36
Colombia 07/21 4.38 BBB Baa2 BBB 102.34 3.96 0.00 0.30 2.45 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
ChevrnTx 78.19 80.99 -2.80 -3.46 8.17 11.7 -11.71 Firstrand 50.61 52.91 -2.30 -4.35 -2.72 -5.1 -7.54
Bk Cent Asia 12575.00 12900.00 -325.00 -2.52 1275.00 11.3 -4.01 BkofComm 5.65 5.84 -0.19 -3.25 -0.30 -5.0 -17.16 Turkey 04/26 4.25 - Baa3 BBB- 93.73 5.08 0.00 0.15 2.90 £ Sterling
EOG Res 76.02 78.31 -2.29 -2.92 7.66 11.2 -1.52 ChinaCitic 4.53 4.75 -0.22 -4.63 -0.23 -4.8 -18.08 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 125.66 3.86 0.00 0.17 1.68
Suncor En 37.26 37.26 0.00 0.00 3.64 10.8 -2.14 AstellasPh 1695.50 1800.00 -104.50 -5.81 -85.00 -4.8 -8.49 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- 105.41 3.40 0.00 0.13 1.22
SK Hynix 34400.00 35800.00 -1400.00 -3.91 3350.00 10.8 -7.28 H&M 318.30 325.80 -7.50 -2.30 -15.80 -4.7 -7.26 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.80 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 3.27 0.00 0.11 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- 115.10 3.96 0.00 0.20 1.78
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Sep 01 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Sep 01 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.08 16-12-2008 0.14 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 31.40 2.97 28.43 53.29 10.88 Sep 01 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 29.80 2.79 27.01 56.32 7.04 Tr 2pc '16 100.59 0.47 -2.08 2.17 -9.62 -31.88 101.97 100.59 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 170.30 -0.34 -2.74 -4.48 -2.74 -6.20 VXN 32.95 3.03 29.92 46.72 11.15 Tr 1.75pc '17 101.66 0.55 1.85 0.00 -11.29 -45.54 102.68 101.59 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 292.51 0.04 -1.16 -0.34 -1.16 3.34 VDAX 29.94 2.01 27.93 29.94 - Tr 5pc '18 110.67 0.71 0.00 2.90 -15.48 -47.79 113.65 110.64 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 249.21 0.08 -0.59 -0.51 -0.59 -0.51 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.13 0.98 0.00 1.03 -13.27 -38.36 115.07 111.71 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 210.26 -0.15 -0.78 -1.15 -0.78 0.38 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.45 1.22 0.00 0.83 -10.95 -31.84 119.04 114.45 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 221.36 -0.27 -1.06 -0.14 -1.06 2.67 Tr 8pc '21 136.15 1.44 0.00 2.13 -8.28 -25.39 142.92 135.31 0.24
Gilts( £) 287.15 0.03 0.33 0.53 0.33 6.49 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.32 1.52 -0.65 1.33 -8.43 -25.49 119.85 112.16 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 245.85 0.10 -1.20 -1.99 -0.68 -5.11 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 127.84 1.80 -1.10 1.69 -8.63 -24.37 134.70 122.10 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 293.19 0.03 -0.79 -0.10 -0.79 3.68 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.77 2.05 -0.49 1.99 -5.96 -19.92 131.90 116.13 0.31
Sep 01 (Libor: Aug 31) night Day Week Month month month month year Overall ($) 225.23 -0.06 -0.12 0.47 -0.12 0.47 Australia 10/18 3.25 104.46 1.78 0.00 0.03 -0.22 -1.04 Tr 4.25pc '32 126.37 2.34 0.00 2.63 -3.70 -15.52 136.85 117.16 0.35
US$ Libor 0.13350 0.000 0.001 0.000 0.19855 0.32900 0.53425 0.84330 Overall( £) 286.28 0.03 -0.02 0.34 -0.02 5.61 04/26 4.25 114.01 2.72 -0.03 0.05 -0.18 -0.74 Tr 4.25pc '36 128.53 2.47 -0.40 2.49 -3.14 -14.24 140.37 117.65 0.28
Euro Libor -0.18071 0.000 -0.001 0.000 -0.10500 -0.03000 0.04500 0.15671 Overall(€) 217.91 -0.22 -0.85 -0.27 -0.85 2.06 Austria 10/18 1.15 103.64 0.05 0.00 0.00 0.00 0.00 Tr 4.5pc '42 138.74 2.53 0.00 2.43 -2.32 -13.65 153.16 124.52 0.26
£ Libor 0.48125 0.000 0.000 0.000 0.50600 0.58688 0.74813 1.04900 Treasuries ($) 217.17 -0.14 0.17 0.98 0.17 0.98 10/25 1.20 100.76 1.12 -0.01 0.05 0.19 0.00 Tr 3.75pc '52 130.50 2.48 -0.40 2.06 -3.13 -15.65 145.21 112.07 0.22
Swiss Fr Libor 0.000 -0.78100 -0.72400 -0.67600 -0.56100 FTSE Belgium 06/18 0.75 101.70 0.13 0.01 0.02 0.03 -0.28 Tr 4pc '60 142.26 2.44 0.00 2.52 -2.79 -16.44 159.23 119.83 0.21
Yen Libor 0.000 0.05300 0.08929 0.13086 0.23971 Sterling Corporate (£) 110.59 1.54 - - -1.17 -0.69 06/25 0.80 96.78 1.15 0.07 0.01 0.18 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor 0.000 -0.09800 -0.03300 0.03900 0.16000 Euro Corporate (€) 106.22 -0.31 - - -1.20 -2.55 Canada 11/17 0.25 99.57 0.45 -0.02 0.07 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.51000 0.60000 0.78500 Euro Emerging Mkts (€) 817.01 -19.17 - - -7.52 -13.60 06/26 1.50 98.93 1.61 -0.03 0.13 0.03 0.00
US$ CDs
Euro CDs
0.000
0.000
0.18000
-0.10500
0.29000
-0.06500
0.47000
-0.00500
Eurozone Govt Bond 112.11 -0.52 - - -1.48 -0.29 Denmark 11/16 2.50 103.40 -0.32 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 1.75 107.03 1.02 0.07 0.09 0.21 -0.16
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 99.74 1.10 0.00 0.04 -0.01 0.00
Fixed Coupon Sep 01 chg % Return 1 month 1 year Yield
Sep 01 term notice month month month year Markit iTraxx 09/25 0.88 98.23 1.06 0.01 0.00 0.00 0.00
1 Up to 5 Years 98.09 0.00 2355.97 0.21 2.27 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 338.67 14.69 -5.78 54.69 371.85 242.25 France 11/16 0.25 100.52 -0.17 0.00 0.00 0.00 0.00
2 5 - 10 Years 178.17 0.07 3212.95 0.49 5.23 1.64
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 74.39 2.84 0.84 12.14 81.85 52.94 11/19 0.50 101.25 0.20 0.03 0.04 0.13 -0.16
3 10 - 15 Years 206.27 0.15 3771.51 0.63 7.54 2.03
Swiss Franc - - - - - - - - - - - - Japan 5Y 64.20 1.76 -3.65 6.24 69.98 48.09 05/25 0.50 93.99 1.16 0.07 0.03 0.20 0.00
4 5 - 15 Years 184.60 0.09 3347.67 0.52 5.86 1.76
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 84.98 3.90 0.31 11.60 100.19 62.28 05/45 3.25 125.41 2.09 0.07 0.04 0.20 -0.18
5 Over 15 Years 297.30 0.12 4279.17 -0.23 10.78 2.46
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 0.25 101.08 -0.16 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 171.80 0.07 3203.22 0.11 6.45 2.22
Japanese Yen -0.02 0.08 -0.06 0.04 -0.30 0.00 -0.15 0.05 -0.10 0.10 -0.05 0.15 10/20 0.25 100.57 0.14 0.04 0.05 0.10 0.00
Emerging Markets 5Y 345.26 -0.20 -51.33 18.39 396.59 278.35 08/25 1.00 101.90 0.80 0.06 0.07 0.16 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 392.19 7.61 -34.73 35.10 426.92 337.73 08/46 2.50 124.46 1.51 0.08 0.11 0.16 -0.26
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Sep 01 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 81.73 1.53 -6.25 9.92 87.98 60.22 Greece 07/17 3.38 87.22 11.33 -0.80 -1.42 -9.25 8.02
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 309.56 0.12 -0.18 -2.59 2353.80 -0.18 -1.24
02/26 3.00 63.55 9.07 0.03 -0.17 -2.47 2.97 2 Over 5 years 577.93 0.22 -0.99 10.09 4256.54 -0.99 10.99
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 111.76 -0.04 0.00 0.00 0.00 0.00 3 5-15 years 430.79 0.35 -0.36 0.54 3265.18 -0.36 1.85
03/25 5.40 134.86 1.45 0.06 0.04 0.26 -0.50 4 Over 15 years 715.09 0.16 -1.24 14.82 5170.61 -1.24 15.52
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/18 0.25 99.59 0.40 0.02 0.01 0.14 0.00 5 All stocks 534.28 0.20 -0.87 8.74 3984.09 -0.87 9.70
05/20 0.70 98.86 0.95 0.04 -0.02 0.18 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 99.43 2.07 0.03 0.00 0.00 0.00 Yield Indices Sep 01 Aug 31 Yr ago Sep 01 Aug 31 Yr ago
Crude Oil† Sep 45.26 -2.84 Corn♦ Sep 355.25 -8.50 Aug 31 Aug 31 Prev return stock Market stocks
09/46 3.25 104.97 3.02 0.10 0.05 0.19 0.00 5 Yrs 1.28 1.29 1.69 20 Yrs 2.49 2.49 2.87
Brent Crude Oil‡ 49.28 -3.72 Wheat♦ Sep 483.00 -1.00 Can 4.25%' 21 129.05 -0.345 -0.321 -0.82 5.18 69529.85 7
Japan 08/17 0.10 100.17 0.01 0.00 0.01 0.00 0.00 10 Yrs 1.95 1.96 2.38 45 Yrs 2.45 2.46 2.94
RBOB Gasoline† Sep 1.39 -0.08 Soybeans♦ Sep 884.75 -11.75 Fr 2.25%' 20 112.95 -0.366 -0.362 -1.62 20.31 205479.56 14
09/20 0.05 99.70 0.11 0.00 -0.01 0.00 0.00 15 Yrs 2.32 2.33 2.71
Heating Oil† Sep 1.70 0.02 Soybeans Meal♦ Sep 318.10 -2.40 Swe 0.25%' 22 107.44 -0.720 -0.701 -0.89 30.88 217287.46 6
06/25 0.40 100.35 0.36 -0.02 -0.01 -0.03 0.00
Natural Gas† Sep 2.69 0.00 Cocoa (ICE Liffe)X Sep 2110.00 24.00 UK 2.5%' 16 - - - - - - -
06/45 1.60 104.22 1.40 0.00 0.01 0.00 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Sep 3145.00 28.00 UK 2.5%' 24 338.69 -0.759 -0.759 -0.55 6.82 479991.25 25
Netherlands 04/17 0.50 101.12 -0.19 0.00 0.00 0.00 0.00 Real yield Sep 01 Dur yrs Previous Yr ago Sep 01 Dur yrs Previous Yr ago
Uranium Sep 36.75 0.00 Coffee(Robusta)X Sep 1583.00 2.00 UK 2%' 35 231.77 -0.775 -0.775 -0.71 9.08 479991.25 25
07/25 0.25 92.94 1.01 0.08 0.04 0.19 0.00 Up to 5 yrs -0.77 2.67 -0.73 -1.26 -1.47 2.69 -1.43 -2.02
Carbon Emissions - - Coffee (Arabica)♥ Sep 119.55 -1.45 US 0.625%' 21 101.61 0.348 0.361 -0.48 35.84 1085310.80 36
Diesel Sep 121.25 0.00 White SugarX 336.30 -5.10 New Zealand - - - - - - - Over 5 yrs -0.85 23.52 -0.84 -0.39 -0.88 23.61 -0.87 -0.43
US 3.625%' 28 133.91 0.795 0.361 -1.13 16.78 1085310.80 36
Unleaded Oct - - Sugar 11♥ 10.69 0.05 12/17 6.00 107.73 2.49 -0.02 -0.05 -0.07 -1.37 5-15 yrs -0.74 9.89 -0.71 -0.60 -0.85 9.90 -0.82 -0.72
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.20 0.59 0.04 0.03 -0.05 -0.88 Over 15 yrs -0.86 29.11 -0.85 -0.36 -0.88 29.16 -0.87 -0.39
Base Metals (♠ LME 3 Months) Cotton♥ Oct 63.73 -0.37 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 1.75 101.49 1.58 0.10 0.14 0.08 0.00 All stocks -0.84 20.42 -0.83 -0.40 -0.89 20.57 -0.88 -0.45
Aluminium 1600.00 -5.00 Orange Juice♥ Sep 127.85 -1.70 amount.
Aluminium Alloy 1703.00 43.00 Palm Oil♣ Sep 484.00 11.25 Portugal 02/16 6.40 102.94 -0.12 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 5072.00 -71.50 Live Cattle♣ Oct 140.98 -2.00 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 101.36 2.72 0.13 0.01 0.33 0.00
Lead 1724.00 -7.00 Spain 04/18 0.25 99.51 0.44 -0.01 0.00 0.11 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Sep 200.45 -2.40
Nickel 9745.00 -315.00 Lean Hogs♣ Oct 68.10 -0.38 Spread Spread Spread Spread 10/25 2.15 100.12 2.14 0.08 0.04 0.19 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 14605.00 555.00 Bid vs vs Bid vs vs Sweden 01/18 0.88 99.66 1.02 0.00 0.05 0.00 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1806.00 -6.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 116.39 0.74 0.04 0.11 0.00 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 31 Month Year Australia 2.72 1.92 0.54 Italy 2.07 1.27 -0.11 Switzerland 10/16 2.00 102.96 -0.65 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1142.30 7.30 S&P GSCI Spt 364.14 8.02 - Austria 1.12 0.32 -1.06 Japan 0.36 -0.44 -1.81 05/26 1.25 113.99 -0.05 0.00 0.00 0.00 0.00
Silver (US cents) 1468.00 24.00 DJ UBS Spot 88.74 3.36 - Belgium 1.15 0.35 -1.03 Netherlands 1.01 0.21 -1.17 United Kingdom 07/18 1.25 100.97 0.91 0.00 0.00 -0.07 -0.60 Data provided by Morningstar | www.morningstar.co.uk
Platinum 1005.00 2.00 R/J CRB TR 196.52 -3.24 -33.03 Canada 1.61 0.81 -0.57 Norway 1.58 0.78 -0.60 01/21 1.50 100.12 1.48 0.00 0.00 0.00 0.00
Palladium 598.00 25.00 Rogers RICIX TR 2395.59 - - Denmark 1.02 0.22 -1.16 Portugal 2.72 1.92 0.54 09/25 2.00 100.57 1.94 -0.02 0.03 -0.06 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 280.29 -0.51 -34.46 Finland 1.06 0.26 -1.12 Spain 2.14 1.34 -0.04 01/45 3.50 119.21 2.57 -0.01 0.05 0.03 0.00
Iron Ore (Platts) 56.25 0.00 UBS Bberg CMCI TR 13.52 -4.05 -34.08 France 1.16 0.36 -1.02 Switzerland -0.05 -0.85 -2.23 United States 07/17 0.63 99.87 0.70 0.00 0.10 -0.05 0.00
Iron Ore (The Steel Index) 55.70 0.00 LEBA EUA Carbon 7.51 -0.27 30.84 Germany 0.80 0.00 -1.38 United Kingdom 1.94 1.14 -0.24 08/20 1.38 99.36 1.51 -0.03 0.00 0.00 0.00
GlobalCOAL RB Index 53.75 0.65 LEBA CER Carbon 0.50 8.70 316.67 Greece 9.07 8.27 6.89 United States 2.18 1.38 0.00 08/25 2.00 98.41 2.18 -0.04 0.12 0.00 0.00
Baltic Dry Index 911.00 8.00 LEBA UK Power 2249.00 -10.97 -38.35 Ireland 1.45 0.65 -0.73 08/45 2.88 98.65 2.94 -0.01 0.14 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 Wednesday 2 September 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 -17.00 1857.39 1298.48 3.32 13.51 260.0 Severfd♦ 66.75 - 73.00 57.00 - 1390.63 16.3 BHP Bltn 1056 -76.00 1938 955.60 7.40 9.12 14311.7 SEGRO♦ 414.00 -5.60 466.70 330.90 3.65 3.87 1901.1 Lavendon 170.75 -5.25 214.25 155.50 2.69 18.01 336.2
AvonRub♦ 856.00 -9.00 900.00 610.73 0.66 19.43 5.9 DBAG € 26.83 -0.63 34.50 20.20 1.48 7.22 10.3 SKF SKr 157.50 -4.40 231.70 134.80 3.47 14.48 2960.3 BisichMg 89.50 - 104.00 60.15 4.47 6.89 0.5 Shaftbry 889.00 -11.00 975.50 648.00 1.47 4.94 384.0 MngCnslt 16.00 - 26.50 13.25 5.16 -78.05 49.0
BAE Sys 444.60 -7.60 549.00 419.30 4.61 20.08 10584.2 El Oro 55.00 - 78.00 40.00 6.73 -4.71 2.0 Spirax-S 3058 -96.00 3767.56 2698.37 2.19 23.46 153.6 EVRAZ 70.90 -8.05 209.90 70.40 - -1.37 3351.4 Town Ctr 295.00 -6.00 324.65 230.00 3.54 5.52 21.7 MearsGp 397.00 -1.00 475.00 354.75 2.52 15.35 27.3
Chemring 226.00 1.00 248.00 197.48 1.81 -25.85 151.6 Hargr Lans 1080 -45.00 1299 827.00 2.07 31.71 833.2 Tex 109.50 -2.00 117.00 86.30 5.48 7.79 5.0 Fresnillo♦ 601.50 -19.00 978.00 593.00 0.32 127.17 1693.1 Wkspace 876.00 -21.50 988.00 592.00 1.25 3.85 207.1 MenziesJ 447.00 -5.00 525.00 306.25 3.62 39.74 60.1
Cobham 284.70 3.10 349.10 250.50 3.74 -165.33 3933.0 HBM Hlth SFr 94.75 -1.25 113.50 80.50 - - 10.9 Trifast 112.25 0.25 134.00 88.63 1.43 15.88 73.3 GemDmnd 127.75 -2.25 217.00 121.00 2.49 10.47 41.9 Real Estate Inv & Services MichaelPge 493.80 -13.20 568.00 358.70 2.23 23.90 615.4
Meggitt 488.70 11.30 593.50 421.70 2.81 20.34 5784.7 HenderGp♦ 243.50 -15.90 303.30 180.10 3.70 16.99 5334.1 Vitec 611.50 -3.50 670.85 540.00 3.92 24.20 1.2 Harmony R 11.09 -0.19 38.50 10.81 - -1.48 1744.9 Cap&Count 435.00 -8.50 475.10 313.00 0.34 6.39 962.5 MITIE 293.40 -3.30 329.90 263.90 3.85 30.99 732.3
RollsRoyceX 727.00 -16.50 1061 685.50 3.18 -53.46 7992.6 ICAP 444.30 -9.80 573.00 354.40 4.95 34.86 1415.1 Weir 1355 -49.00 2786 1230 3.25 - 1254.9 Hochschild 68.25 0.50 177.00 60.97 - -4.20 492.5 Cardiff 1045 - 1085.5 950.00 1.24 4.53 0.5 PayPoint 1013 -7.00 1112.15 779.82 3.58 17.66 12.0
Senior 281.00 -4.80 361.70 248.90 2.00 18.90 601.6 Indvardn SKr 151.20 -3.00 183.50 111.40 4.10 6.94 616.4 Kenmr 2.85 0.04 12.50 2.18 - -1.29 717.7 CLS 1840 20.00 2037 1270 - 3.92 6.9 PremFarn 128.00 -2.60 204.60 116.50 8.13 9.94 719.1
ICG 524.50 -9.50 712.83 421.98 4.74 8.93 797.1
Industrial General Lonmin 33.41 -1.69 236.70 26.50 - -4.38 4211.0 Rentokil♦ 151.70 3.40 154.20 110.90 1.71 21.24 5281.6
UltraElc♦ 1767 10.00 1914 1646 2.51 -155.01 114.4 Daejan 5845 -25.00 6614.2 4700 1.40 4.27 2.7
IPF 394.20 -3.40 542.50 348.00 3.04 11.46 583.1 BritPoly 703.00 -2.00 730.00 571.35 2.28 11.30 3.2 Petra 121.00 -4.00 210.80 116.00 - 14.63 1817.2 Ricardo 860.00 5.00 967.50 605.50 1.77 23.41 216.7
DvlptSec 250.00 -5.00 293.00 179.00 2.24 9.34 33.9
Automobiles & Parts Investec 511.50 -23.00 649.50 477.20 3.81 18.97 1200.6 CoatsGrp 25.25 - 31.86 19.00 - -376.87 1137.9 Petropvlsk 5.80 -0.13 45.00 4.21 - -0.84 4579.2 Grainger 228.20 -7.30 256.00 167.80 1.10 26.46 709.4 RbrtWlts 438.00 -10.00 478.00 270.00 1.37 25.54 113.7
FordMtr $X 13.72 -0.15 17.87 10.44 3.91 15.24 50148.2 Jupiter 432.80 -13.50 478.20 313.70 3.05 12.94 628.1 JardnMt $X♦ 49.68 -0.26 67.88 46.20 2.79 10.97 283.7 PolymtIntl 483.20 0.70 634.00 315.18 2.81 -14.90 206.5 RPS 228.00 -5.75 293.70 181.50 3.71 16.12 353.0
Jard Str $X♦ 28.32 -0.21 37.84 27.06 0.93 10.30 107.0 HelclBar 423.00 -2.00 460.00 320.00 1.62 6.96 114.3
GKN♦ 280.20 -11.50 389.00 272.30 3.00 31.19 5582.9 Liontrust 325.00 -1.00 393.50 210.00 1.23 23.93 34.3 RndgldRs 3926 -33.00 5752.1 3638 0.95 27.36 773.8 HK Land $♦ 6.79 -0.13 8.80 6.47 2.73 12.83 1218.9 Shanks 92.00 -1.50 113.50 84.50 3.75 -20.00 362.8
Man♦ 150.20 -10.90 217.80 108.30 4.24 10.18 14846.6 Macfrlne 49.00 -0.25 50.00 34.00 3.37 11.88 92.1 RioTintoX♦ 2271 -117.00 3283.5 2107.78 6.01 22.59 6702.5 SIG 186.60 -1.20 212.20 143.40 2.36 33.43 1600.7
Banks REXAM♦ 533.00 -5.50 592.50 424.60 3.32 18.85 1762.4 Lon&Assc 36.25 - 50.00 34.50 0.43 -5.12 14.0
NB GFRIF 94.90 0.25 99.75 93.90 3.92 24.29 765.3 Troy Res A$ 0.28 - 0.88 0.27 - -0.55 373.2 MacauPrp 170.00 -4.00 255.25 167.00 - 8.94 30.4 SpeedyHr 47.00 -0.75 80.50 45.75 1.38 1205.13 71.6
ANZ A$X 27.07 -0.86 37.25 26.41 10.53 9.24 9277.1 RPC♦ 634.00 -22.50 696.24 488.20 2.24 30.48 2061.4
Paragon 408.70 -3.10 461.50 313.70 2.20 12.58 616.4 VedantaRs 561.00 13.50 1105.22 353.21 7.43 -1.27 1764.7 Mntview 11820 -42.50 12900 7481.95 2.12 14.48 0.0 St Ives 180.00 - 219.25 156.68 3.97 51.68 36.4
BcoSant 388.38 -17.75 758.00 369.65 10.93 11.42 11890.8 Smith DS 387.30 -7.40 423.70 231.82 2.71 23.62 1736.1
Providnt 2893 -57.00 3268 1942 3.39 21.59 280.5 Q'tainEst 129.75 -0.25 134.44 75.00 - 18.02 551.8 TribalGrp 132.00 -2.00 188.00 131.75 1.36 -22.46 2.2
BankAm $X 15.58 -0.76 18.48 14.60 1.25 17.05 118508.8
RathbnBr 2203 28.00 2348 1774 2.36 28.38 11.1 Smiths 1103 -26.00 1363 1006 3.65 19.57 1392.2 Oil & Gas Vp 741.00 -9.00 816.00 539.00 2.08 15.76 0.3
BnkGeorgia 1705 -38.00 2604 1609 2.69 8.55 66.4 SmurfKap € 25.30 -0.84 30.31 14.92 2.11 23.25 249.4 Afren 1.79 -0.05 114.22 1.28 - - 9090.3 RavenRuss 43.00 - 74.75 37.25 - -3.04 79.3
Record 35.50 - 41.00 29.00 4.23 13.41 262.2 RavenR Prf♦ 126.88 -0.50 146.00 101.50 9.46 - 10.7 Watermn 71.25 - 76.00 50.00 1.40 54.39 2.8
BankIre € 0.35 0.00 0.39 0.07 - 16.37 21972.6 Vesuvius♦ 392.50 -6.30 530.00 374.50 4.11 11.04 177.5 Aminex 2.03 -0.10 3.17 0.83 - -23.82 3048.4
S&U 2469 41.50 2520 1775 2.31 16.01 0.9 RavenR Wrt 29.50 -1.50 49.64 25.00 - - 10.0 Wolseley 4097 -110.00 4398 2990 2.01 36.99 596.5
BkNvaS C$X 58.24 -1.98 73.33 52.60 5.75 11.08 2306.3 BGX♦ 964.90 -29.70 1420 780.55 1.89 -48.66 12436.8
Schroder♦ 2720 -118.00 3441 2086 2.87 16.69 683.6 Industrial Transportation Safestre 289.00 -3.50 323.25 185.25 2.58 5.94 252.0
BarclaysX♦ 253.15 -8.30 289.90 204.05 2.57 113.37 43535.5
..N/V♦ 2147 -82.00 2629 1692 3.63 13.18 249.0 BPX♦ 349.40 -11.10 499.25 326.25 7.39 -15.86 55287.2 Tech - Hardware
CanImp C$X 94.51 -2.18 107.37 83.10 4.41 10.61 1750.8 BBA Aviat 287.90 -3.50 362.10 267.60 3.60 17.10 818.2 Cadogan 10.13 - 13.25 8.25 - -0.61 9.8 Savills 886.50 -16.50 991.46 577.00 1.24 20.72 196.3 ARM Hldgs 913.50 -20.00 1233 778.50 0.77 43.36 8459.1
SVG Cap 463.00 -2.40 535.00 226.00 - 11.55 437.0 Braemar 462.75 11.75 515.00 390.00 5.62 50.46 9.8 SchroderRE 58.50 -0.75 63.00 53.25 4.24 5.19 342.2
HSBCX♦ 499.00 -19.70 674.57 482.55 6.51 11.25 37525.5 CairnEng 145.20 -6.40 210.00 137.28 - -2.37 4263.4 CSR 899.50 0.50 900.00 550.00 1.02 25.43 2323.5
TullettPre 372.20 -5.10 415.90 242.60 4.53 7.95 511.0 Clarkson 2320 20.00 2855 1835 2.59 47.82 10.1 Smart(J) 101.50 - 112.40 86.00 2.92 42.17 2.5
LlydsBkgX♦ 75.56 -1.82 89.35 70.90 0.99 41.07 180146.7
Tungsten 75.25 3.25 409.75 52.49 - -2.86 1146.6 Cape 246.00 -11.50 327.25 177.00 5.69 13.54 185.9 Laird 376.90 -4.30 413.30 281.50 3.32 18.34 216.1
RylBkC C$X 71.33 -2.01 83.87 68.05 4.25 10.93 2862.7 Eurotunnl € 11.93 -0.14 14.57 8.62 1.46 60.93 675.1 DragnOil 800.00 -0.50 803.50 447.50 2.85 12.37 55.1 StModwen♦ 447.30 0.70 499.40 324.59 1.03 4.22 534.4 Pace 333.20 -7.80 520.80 316.34 1.31 9.54 330.3
WlkrCrip 44.50 - 55.00 37.50 3.57 65.15 58.7 Fisher J 1052 7.00 1442 958.50 2.09 13.63 36.5 UNITE Gp 633.00 -16.00 706.00 395.60 1.77 5.11 785.2
RBSX 328.00 -8.80 414.00 300.30 - -22.87 19343.2 Endeav Int' $ - - 0.60 0.02 - - - SpirentCM♦ 78.00 -0.25 98.87 65.95 3.16 86.38 404.1
StandChX♦ 724.20 -40.80 1250.18 707.30 7.63 16.11 11584.2 Food & Beverages Flybe Grp 86.50 -1.50 135.75 52.00 - -7.86 201.5 EnQuest 33.50 -0.25 122.20 21.50 - -2.93 5674.4 Urban&C 255.00 2.75 278.00 215.00 0.59 8.30 359.0
..7.375%Pf 115.00 - 128.00 108.50 6.41 - 21.5 AngloEst 545.00 -13.00 690.00 521.00 0.55 -42.55 5.6 Goldenpt 125.00 -6.00 370.00 113.80 - -0.46 0.6 Exillon 106.00 5.75 175.57 90.00 - 6.51 39.0
Tech - Software & Services
OceanWil♦ 825.00 15.00 1185 790.00 4.85 75.84 1.4
Retailers Anite 125.75 - 129.75 69.25 1.51 39.36 4191.0
..8.25%Pf 127.00 - 141.00 119.50 6.50 - 0.2 AscBrFdX 3129 -73.00 3293 2407 1.09 43.85 856.4 ExxonMb $X♦ 72.08 -3.16 99.59 66.55 3.79 13.16 23953.1 AA 325.00 -7.60 434.50 273.90 - -140.88 1010.7
TntoDom C$X 51.22 -1.26 57.97 47.75 3.81 12.33 3788.3 Barr(AG) 565.00 4.00 699.36 515.97 2.00 21.85 56.9 RoyalMail 450.30 -13.70 532.50 388.00 4.44 13.86 2618.0 GenelEgy 350.25 -5.50 912.50 276.25 - -4.30 1951.0 AVEVA 2060 -105.00 2344 1183.9 1.33 31.73 118.3
UK Mail 375.00 -11.00 606.53 370.00 5.73 12.98 7.6 AO World 129.40 - 240.00 106.86 - -216.39 227.2 Computcnt 781.50 9.50 802.40 651.67 2.53 8.50 55.2
VirginMoney♦ 406.10 -18.50 472.90 278.00 - -1015.25 293.8 Britvic 653.00 -16.50 788.00 600.72 3.20 16.22 655.0 GeoPark $ 3.90 0.63 11.00 2.70 - -3.68 89.5 AshleyL 27.75 -0.25 36.00 24.94 7.21 11.03 283.0
Westpc A$X 30.20 -0.90 40.07 29.20 9.65 11.55 6010.5 C&C € 3.57 0.02 4.42 3.16 2.82 -14.77 56.0 GrnDnGas 265.00 -7.50 548.50 265.00 - 21.53 1.3 DRS Data 12.50 -0.50 16.50 11.25 - -5.27 1.5
Insurance Brown N 300.00 -0.30 400.66 247.19 4.74 14.17 530.7 Elecdata 65.50 - 79.00 64.00 3.05 21.79 9.6
CarrsGroup 155.00 - 178.50 136.00 2.19 11.90 8.3 Admiral GulfKeyst 32.00 1.50 85.00 20.25 - -1.52 6300.2 Caffyns 590.00 10.00 665.00 480.00 3.18 1.78 0.2
Basic Resource (Ex Mining) 1516 -34.00 1640 1175.33 3.05 14.45 1529.3 MicroFoc 1277 -28.00 1442 836.50 2.39 34.70 321.8
Coca-Cola H 1281 -56.00 1497 1051 3.95 20.35 475.3 Amlin 508.50 -7.50 533.08 418.20 1.59 11.08 704.3 HellenPet € 4.36 0.03 5.80 3.35 - -8.68 39.5 Card Factor 374.50 -14.50 389.90 209.50 - 35.26 149.3
Ferrexpo♦ 57.00 -4.75 135.90 47.60 7.36 5.85 581.8 NCC Grp♦ 240.00 9.50 250.00 169.80 1.53 30.60 140.2
Cranswk♦ 1675 -6.00 1730 1181.6 1.95 19.99 21.5 AvivaX 469.30 -14.50 578.68 449.86 3.86 12.28 10414.8 Hunting 492.70 -25.30 907.00 376.20 4.01 -30.98 1128.7 Dairy Fm $♦ 6.24 -0.26 10.54 6.18 3.59 18.55 173.6
IntFerMet# 0.90 0.06 8.35 0.76 - -0.55 562.4 RM♦ 174.75 -2.25 185.00 120.00 2.29 11.00 8.7
Dairy Cr 589.00 3.00 618.00 367.39 3.63 39.53 291.4 Beazley♦ 328.80 -5.90 346.45 248.50 2.86 11.44 541.2 ImpOil C$X 44.61 -1.84 57.70 42.12 1.15 17.14 968.4 Debenhm 75.00 -0.70 96.80 56.85 4.53 10.20 3788.1
Mondi♦ 1417 -61.00 1614.36 919.00 2.10 18.37 1644.4
Devro♦ 299.00 10.00 328.00 230.00 2.94 53.42 137.7 JKX 15.75 - 51.13 10.23 - -0.42 0.3 Sage 504.00 -11.50 584.00 346.70 2.40 27.59 2805.1
Vale BRLX 17.10 -0.82 29.57 14.77 12.86 -9.21 6385.2 Chesnar 357.25 -2.50 364.75 309.25 5.15 14.01 85.2 Dignity 2404 -18.00 2643 1406 0.84 -27.63 131.4 SDL 372.25 -10.50 472.00 306.00 0.67 35.35 20.7
Glanbia € 17.55 -0.06 19.59 10.75 0.60 33.50 43.0 DirectLine♦ 348.10 -5.00 388.70 283.96 4.14 10.91 5877.9 Lamprell 129.75 -3.00 178.00 93.50 - 10.36 225.1 DixonsCar♦ 417.50 -13.90 490.80 339.50 1.26 49.12 3882.7 Telecity♦ 1074 -13.00 1250 815.63 1.26 85.33 218.4
Chemicals Grncore♦ 295.20 -2.10 359.40 228.50 1.85 19.94 610.6 Eccles prf 129.75 0.25 146.00 123.00 6.65 - 100.2 Nostrum 497.60 7.70 798.50 370.00 3.41 20.69 143.0 Dunelm 895.50 -36.00 970.00 767.00 2.23 19.07 91.7
HiltonFd 420.50 -12.25 500.00 342.25 3.07 16.84 0.1 OphirEgy 98.20 1.35 256.40 80.80 - -2.27 5986.7 TriadGp 36.00 - 42.00 9.25 - 15.50 2.7
Alent 475.50 -1.50 493.96 294.56 1.92 22.10 862.1 Hansard 110.00 -2.50 116.39 80.00 7.64 18.21 10.4 Findel 177.00 -1.75 265.44 177.00 - -24.58 4.1
Bayer €X 117.05 -3.90 146.45 96.83 1.85 28.67 2636.6 Kerry € 64.32 -1.08 71.88 49.30 0.88 22.45 47.8 Hiscox♦ 894.00 -6.00 959.00 615.50 2.63 10.97 484.4 Petrofac 887.50 -4.50 1203 594.00 4.78 -24.00 2073.8 Halfords 510.00 -11.00 563.51 417.10 2.86 15.30 360.1 Telecommunications
Carclo♦ 143.25 2.25 169.75 80.00 1.85 -4.31 70.8 Nestle SFrX 70.10 -1.20 77.00 64.15 2.92 16.29 8019.0 JardineL 1047 -7.00 1112 815.00 2.76 20.46 73.5 Lukoil RUBX 2455 -76.00 3297.7 1913 2.84 12.70 1455.4 Inchcape♦ 712.00 -18.50 906.65 589.50 2.82 19.17 1248.8 BTX♦ 421.15 -16.20 481.75 351.90 2.71 16.16 16014.0
Croda♦ 2850 -42.00 3150 1965 2.30 22.19 517.0 PremFds 34.00 -0.75 47.79 26.13 - -1.34 272.8 Lancashire♦ 656.50 4.50 703.45 506.00 1.34 9.40 706.4 PremOil 103.70 -1.60 354.00 87.00 - -1.11 8812.0 JDSportsF 874.50 -1.50 887.13 392.00 0.78 24.86 85.1 Colt Grp 190.00 0.50 194.00 113.10 - -13.73 187.9
Elemntis 233.10 -4.30 324.10 224.00 2.27 10.13 687.0 REA 255.00 -10.13 444.50 260.00 3.02 53.43 102.1 Leg&Gen♦ 246.70 -6.00 296.02 209.20 4.56 14.37 16648.3 RylDShlAX♦ 1638 -57.00 2475.5 1542.5 7.41 12.14 12431.7 Lookers 163.60 1.60 172.00 117.50 1.74 13.35 352.1 Inmarsat 966.50 -14.50 1041.24 653.00 3.22 21.54 2038.1
Syngent SFrX 332.00 -3.00 435.20 273.20 3.22 19.96 503.8 SABMillX 2959.5 -94.50 3857 2773 2.39 21.59 3604.8 NovaeGp 861.00 12.00 862.50 516.50 2.88 11.29 116.4 ..B♦ 1646 -60.50 2580.54 1550 7.37 12.20 9990.5 Marks&Sp 505.50 -16.00 600.00 380.80 3.40 17.11 4420.3 KCOM Gp 96.00 2.00 101.00 78.50 5.25 39.33 256.4
Synthomer 339.90 -3.90 364.10 176.64 2.29 22.93 367.3 StckSpirit♦ 190.25 -5.75 316.00 172.00 0.93 28.48 33.6 Old Mut 187.40 -12.80 241.60 163.80 4.64 13.02 11074.6 Schlmbrg $X♦ 75.42 -1.95 109.93 68.01 2.33 22.97 14908.0 MossBros 90.00 -3.50 112.00 77.50 7.11 23.67 19.5 TalkTalk 283.40 -17.50 415.10 261.00 4.45 36.88 2729.7
Victrex 1775 -21.00 2202.55 1542 2.54 17.94 224.4 Tate&Lyl 538.50 -3.50 744.50 492.20 5.20 82.85 1741.5 PermTSB 0.06 - 0.10 0.05 - -0.08 0.0 SEPLAT 77.00 3.25 240.25 67.25 12.21 5.16 540.5 Next 7700 -245.00 8055 6130 1.86 18.80 598.7 TelePlus 1085 -29.00 1507 725.50 3.50 26.99 145.6
TongtHu R 112.85 -2.13 174.93 110.50 3.84 11.45 53.8 PhoenixGrp♦ 827.50 -16.00 935.00 693.00 6.45 17.40 542.5 Soco Int 167.75 13.75 436.30 117.00 5.81 -14.49 1410.2 Ocado 347.00 4.20 478.50 216.80 - 304.12 6448.3
Construction & Materials Unilever♦ 2563 -60.00 3087 2397 3.21 21.36 2858.1 TrnCan C$X 44.02 -1.88 63.86 41.95 4.79 16.91 1633.9 Pendragn 45.00 -0.75 46.17 28.25 2.00 7.88 528.1 Tobacco
PrudntlX♦ 1367.5 -50.50 1761.5 1287 2.70 13.92 6350.5
Alumasc 157.00 4.50 166.73 113.60 3.18 13.57 268.5 ..NV €♦ 34.86 -0.73 42.98 28.81 3.20 21.34 9.7 Tullow 218.70 -4.50 739.50 177.00 1.93 -2.02 9696.2 Photo-Me 145.25 -1.00 159.50 107.85 2.95 19.56 67.2 BrAmTobX♦ 3391 -88.00 3894 3231.5 4.37 15.74 3333.3
RSA Ins 506.50 -7.50 528.00 391.70 0.39 78.02 5782.1
BalfourB 267.30 -5.20 272.50 145.59 2.10 -4.48 2757.0 Saga 200.30 -2.90 225.10 143.75 - 23.56 327.8 ImpTobX♦ 3113 -46.00 3413 2482.72 4.12 15.59 2270.7
Health Care Equip & Services SagicFin 56.50 -4.50 68.00 55.00 4.50 5.45 2.5 Pharmaceuticals & Biotech
..CvPf 118.75 - 124.50 101.00 8.15 - 103.2 SignetJwl 8722 -486.00 9499 6371 0.57 26.63 11.9
Bioquell 140.50 -1.00 155.50 80.00 2.35 140.22 26.8 StJmsPl 875.00 -40.50 1008 637.00 2.66 26.04 5410.1 BTG 622.00 -9.00 835.87 556.00 - 69.10 413.6 Travel & Leisure
Boot(H) 232.25 -7.75 245.00 170.00 2.41 14.21 40.4 SuperGroup 1445 -22.00 1579 750.00 - 25.90 153.7
ConstMed 950.00 1.50 1045 650.00 1.91 62.91 49.9 Stan Life 400.00 -16.10 505.68 362.30 4.57 29.53 4450.4 CathayIn 20.00 -2.25 36.50 16.00 - -20.81 96.3 888 Hldg 167.25 4.50 185.75 118.75 3.04 22.26 322.2
ClarkeT 74.25 0.75 84.01 37.50 4.18 - 123.5 TescoX 185.40 -5.95 252.52 155.40 6.09 -2.64 32029.3
Costain 387.50 -0.50 390.00 263.50 2.45 16.39 1262.9 GNStre kr 116.60 -2.20 158.50 113.70 0.74 27.71 364.8 Media Dechra 955.50 5.00 1068 702.50 1.61 37.95 25.9 AirPrtnr 416.75 5.38 470.31 245.00 4.96 15.15 24.1
UDGHlthC 504.00 -0.50 551.50 315.20 1.45 14.25 596.2 Genus 1350 -27.00 1535 1058.35 1.31 25.86 35.5 VertuMotor 65.00 -0.25 67.00 50.50 1.31 13.61 913.0 bwin.party 115.60 -0.80 128.00 70.40 3.09 319.34 2055.4
CRH 1880 -42.00 2478.5 1220 2.36 7.04 1717.8 4imprint♦ 1135 34.00 1350 651.00 1.81 26.03 3.3
GalfrdT 1721 -20.00 1824 1085 3.08 17.54 117.3 Blmsbury♦ 165.00 -4.00 185.00 140.50 3.55 13.87 46.5 GlaxoSmhX♦ 1295 -45.50 1645 1247.5 6.18 6.51 8429.0 Support Services Cineworld 582.00 -8.00 599.00 298.40 2.32 19.50 410.9
House, Leisure & Pers Goods HikmaPhm♦ 2225 -50.00 2617 1580 0.63 28.80 351.3 CompassX 1019 -16.00 1223.36 924.41 2.65 19.78 4433.9
Keller♦ 980.50 -2.00 1105 742.00 2.57 30.96 82.2 Centaur 84.00 -1.50 87.09 56.20 3.10 12.44 34.9 Acal 287.00 -8.00 334.75 180.00 2.50 59.79 2.9
AGARmst 210.00 26.75 210.00 78.44 - -45.47 4499.4 Oxfd Bio 7.70 -0.45 13.38 3.33 - -19.69 3739.0 EntInns 116.10 -3.70 139.60 96.85 - 19.44 220.7
KierGp 1495 -4.00 1779 1260 3.85 38.67 131.2 ChimeCm 365.00 3.25 365.00 239.00 2.30 128.43 119.8 Aggreko 1026 -41.00 1726.32 991.00 2.64 13.58 1196.8
BarrttDev 623.50 -16.00 660.00 357.20 1.65 16.51 4446.4 RichterG $ 15.26 0.08 17.28 12.20 0.76 21.01 0.0 FirstGrp 107.00 -2.00 129.90 88.65 - 17.18 2882.5
Kingsp € 21.79 -0.03 24.00 11.03 0.72 28.74 32.6 Creston♦ 150.00 2.00 157.85 108.00 2.70 12.05 43.3 APR Engy 68.50 -7.50 599.50 68.00 4.98 -0.12 194.6
Bellway 2443 -46.00 2560 1445 2.13 12.62 264.0 ShireX 4865 -160.00 5870 3448.28 0.29 14.73 1978.6 Fuller A 1063 2.00 1235 890.00 1.48 21.08 0.6
LowBonr♦ 66.00 -1.00 83.00 44.25 4.09 16.99 216.4 DlyMailA 806.00 -15.00 989.50 699.00 2.53 10.96 543.5 AshtdGp♦ 917.00 -28.50 1231 838.00 1.34 15.25 2939.8
Berkeley♦ 3284 -88.00 3570 2033 5.48 10.49 597.4 VecturGp 172.70 0.70 183.75 113.25 - 192.10 1425.7 Go-Ahead 2507 -24.00 2745 2184 3.37 16.18 61.8
Marshlls 338.00 3.00 340.00 184.00 1.78 27.56 1186.6 HaynesPb 122.50 - 192.00 110.00 6.12 14.14 2.1 AtknsWS 1439 -29.00 1580.34 1225 2.38 16.85 113.9
BovisHme 1088 -15.00 1206 723.00 3.22 13.35 487.9 GreeneKg♦ 805.50 -15.50 891.00 712.00 3.57 19.84 812.0
MorgSdl 815.50 -5.50 865.00 570.00 3.31 -23.86 11.5 ITE Grp 149.25 -1.25 211.90 125.00 4.96 11.93 189.1 Real Estate Babcock 945.00 -24.00 1207 908.50 2.32 17.95 1121.1
CrestNic 532.50 -20.50 587.92 291.98 2.69 11.92 467.8 IrishCtl € 4.42 0.03 4.70 2.63 2.29 12.59 65.6
Norcros 20.50 0.25 22.76 14.69 2.56 15.77 480.7 ITV 239.00 -11.20 281.90 192.10 1.97 18.36 18280.3 Berendsen 978.50 -19.50 1161 895.50 3.07 19.22 243.0
GamesWk♦ 570.00 14.00 624.50 487.25 9.12 14.89 5.3 Harworth Gr 11.13 -0.13 14.00 5.35 - 2.69 310.9 Ladbrokes 98.35 -1.65 147.00 95.70 9.05 -37.65 3107.8
StGobn €X 39.76 -1.21 44.84 29.51 1.50 27.65 2937.3 JohnstnP 95.50 -5.25 7830 94.69 - -199.37 48.2 Brammer 309.00 4.75 432.75 265.00 3.46 43.13 329.7
Gleeson 427.50 -9.50 465.00 324.66 1.40 13.36 43.9 REITs MandarO $♦ 1.45 -0.05 1.84 1.45 4.63 18.78 33.1
Tyman♦ 291.50 6.50 342.00 228.25 2.74 42.28 153.5 News Corp A $ 13.07 -0.56 17.80 12.67 - -52.30 4948.7 Bunzl 1718 -21.00 1969 1517 2.07 25.17 1058.2
Headlam 484.50 6.50 512.00 390.00 3.61 16.11 40.1 Assura 52.25 1.25 62.25 43.50 3.54 11.12 596.3 Marstons 151.50 -0.30 174.40 134.50 4.42 -32.08 1120.1
NewsCpB $ 13.31 -0.52 17.44 12.62 - -53.26 2551.2 Capita 1196 -40.00 1336 1000.5 2.44 32.42 1976.2
Electronic & Electrical Equip McBride 118.00 - 125.00 74.00 - -12.65 143.4 BigYellw 661.00 -13.00 720.00 479.40 2.84 9.20 191.1 Carillion 333.50 -7.80 371.40 294.03 5.32 26.66 1752.8 Natl Exp 292.60 -3.40 324.80 213.40 3.52 18.13 427.3
Persimn 2042 -61.00 2156 1247.08 - 14.18 1558.8 Pearson♦ 1092 -41.00 1517.42 1010 4.67 46.77 3331.1
Dialight 633.00 1.50 960.00 398.00 2.37 33.87 200.4 BritLand 803.50 -16.50 891.50 649.00 3.42 5.07 4152.8 Comnsis 48.25 0.50 68.25 44.65 4.15 -6.62 98.3 PPHE Htl 662.50 2.50 668.50 420.58 2.67 10.10 13.7
Philips € 22.51 -0.42 28.00 20.69 - 94.23 3912.5 Quarto 197.50 -6.50 239.00 136.66 4.19 7.67 1.5
e2v Tech 236.75 6.25 268.00 145.44 1.90 21.85 48.8 Cap&Reg 66.75 0.25 70.05 46.25 1.42 4.06 484.3 ConnectGp 151.25 -3.00 191.45 128.02 6.21 11.86 87.7 Rank Gp 260.00 7.60 268.00 151.90 1.73 21.52 107.4
PZCusns♦ 312.10 -4.80 392.10 288.50 2.51 25.09 274.5 RELX NV € 14.36 0.18 24.17 13.85 - - 3278.3
Halma 740.50 -14.50 786.50 557.50 1.55 26.95 719.4 Countrywd 501.00 -21.50 608.00 404.30 2.99 24.95 215.4 DCC 4794 -65.00 5320 3050 1.66 31.52 191.6 Restaurt 674.50 8.00 748.70 607.00 2.28 24.09 1350.3
ReckittBX♦ 5655 -102.00 6300 4895 2.46 24.03 1207.7 RELX PLCX 1019 -26.00 1199 921.50 2.45 95.89 3877.7
MorganAd 329.90 -5.10 375.84 258.10 3.30 57.08 236.4 DrwntLdn 3539 -70.00 3818 2615 1.12 4.90 234.9 DeLaRue 479.00 -10.75 779.00 445.03 7.62 14.31 150.5 Sportech 61.50 -1.50 79.50 47.00 - -1.47 0.2
Redrow 472.30 -9.60 497.00 248.64 0.64 12.31 673.0 STV Grp 450.00 - 494.00 322.00 1.78 13.75 14.1
OxfordIn 841.00 1.00 1114 671.58 1.51 -76.23 163.3 Gt Portld 818.00 -10.50 883.50 600.04 1.09 5.55 1202.4 Diploma 715.50 -10.50 916.50 631.00 2.38 21.85 55.3 Stagech♦ 362.00 -0.90 437.90 331.60 2.71 14.99 1060.7
TaylorWm♦ 196.00 -5.30 207.40 104.60 0.80 15.43 18764.9 ThmReut C$X♦ 50.05 -1.13 54.47 39.45 3.42 15.97 1095.5
Renishaw 2146 -19.00 2672.9 1520 1.97 12.81 49.9 Green Reit € 1.50 - 1.70 1.21 - - 33.5 Elctrcmp 182.60 -0.90 263.10 170.50 6.43 11.45 870.2 ThomasCook 103.40 -3.80 162.20 99.05 - -26.69 4248.3
TedBaker 3024 -42.00 3438 1768 1.17 37.32 15.1 UTV Med 175.00 2.50 222.00 137.00 4.14 31.29 54.3
Spectris 1825 1.00 2420 1606 2.55 16.90 344.1 Hammersn♦ 610.50 -17.50 708.00 537.00 3.34 7.05 3965.3 EnergyAst 550.00 24.00 640.00 375.00 - 20.67 13.5 TUI 1150 -6.00 1294.78 996.74 - 64.29 2299.5
WPPX 1311 -40.00 1616 1091 2.91 13.55 6274.3
TT Elect 158.75 -0.25 164.00 96.00 3.46 -81.29 100.3 Industrial Engineering Hansteen 115.00 - 128.95 98.70 4.35 5.67 2035.3 Essentra 844.00 -8.50 1069 624.50 2.17 30.21 393.6 Whitbrd 4701 -96.00 5475 3767 1.54 23.18 1024.0
XP Power 1625 24.50 1750 1340 3.82 16.15 0.8
Bodycote 627.00 -14.00 797.59 542.50 2.30 20.07 264.0
Mining HIBERNIA 1.30 -0.03 1.39 1.03 - - 2473.7 Experian 1075 -34.00 1264 909.95 2.41 21.00 2885.3 Willim H 354.00 -6.00 432.10 333.40 3.45 17.68 3965.4
Acacia♦ 236.60 -2.70 318.90 191.70 1.13 23.67 884.7 Highcrft 1025 - 1090 795.00 3.51 18.78 5.0 Grafton 737.00 -12.00 868.00 570.00 1.46 19.10 758.4
Financial General Castings 422.00 -8.00 480.00 360.00 3.09 13.27 21.0
INTU 315.00 -8.00 376.50 305.50 4.35 16.47 3045.2 Utilities
Fenner♦ 169.75 -1.00 367.50 156.00 7.07 824.03 419.7 AngloAmer♦ 684.40 -56.60 1603 649.30 7.97 -1.98 9932.4 HarvyNah 97.75 - 112.00 66.32 3.41 13.57 14.0
3i 459.20 -32.60 571.50 343.61 3.48 6.30 2994.2 LandSecs 1224 -28.00 1363 988.50 2.58 4.02 3026.2 Centrica 237.00 -6.20 327.00 234.40 5.70 -23.85 14669.1
Goodwin 2440 60.50 3698 2120 1.74 11.69 1.1 AngloPacif 84.00 -1.75 165.25 74.75 12.14 -2.00 39.4 Hays 159.00 -0.70 173.70 108.15 1.65 23.63 3953.4
AberAsM 307.90 -11.00 509.64 291.90 5.85 13.56 6584.7 LondonMtrc 160.80 -1.50 173.20 132.30 4.35 6.30 944.9 DeeVally 1405 5.00 1450 1135 4.45 18.65 0.5
Hill&Sm 717.50 0.50 734.00 520.00 2.51 27.85 4.5 AnGoldA R 105.00 -1.79 183.95 71.59 - -171.12 2209.1
Homesve 421.10 0.20 447.84 312.00 2.89 23.27 240.5
Ashmore 250.90 -11.80 355.90 249.00 6.56 12.00 2624.7 McKaySec 260.00 -5.88 275.00 215.00 3.31 7.33 8.0 Drax 279.70 -12.90 664.00 246.00 4.25 6.55 1757.8
IMI♦ 1017 -21.00 1454.55 965.50 3.70 15.71 1047.5 Antofagasta 574.50 -34.50 811.50 519.50 2.38 37.32 6239.6 HowdenJny 477.10 -4.50 532.00 309.00 1.76 20.31 1648.3
BrewDlph 275.80 -7.60 361.00 236.80 3.59 41.91 110.2 MucklGp 488.00 -10.50 510.00 421.00 4.15 5.68 3.8 Natl GridX 849.40 -10.70 965.00 806.40 4.97 15.92 11264.0
MelroseInd♦ 259.50 -7.50 314.78 242.70 3.20 40.60 3644.3 ..5%Pf 0.60 - 0.60 0.60833.33 - - Intserve 583.50 -1.00 878.50 487.20 3.94 15.86 207.3
Canaccord♦ 300.00 30.00 695.00 270.00 3.40 -16.48 0.7 PrimyHth 416.00 4.75 421.25 324.00 4.75 11.66 118.8 Pennon♦ 746.50 -24.00 925.00 714.50 4.02 23.84 1397.0
Renold 72.00 0.25 86.00 49.00 - 29.20 3.1 AquarsPl 8.51 0.16 24.25 5.53 - -3.62 5248.0 Intertek 2440 -96.00 2844 2141 2.01 20.72 701.2
CtyLonInv 328.00 2.25 380.37 251.25 7.86 15.39 7.7 Redefine 52.20 -0.55 59.90 48.00 6.13 5.16 760.8 UtdUtils 828.00 -27.00 1045 784.00 4.42 20.86 2475.8
Rotork♦ 201.70 -7.40 289.00 188.10 2.48 17.57 4243.7 Barrick C$ 8.89 -0.26 19.77 8.60 2.17 -3.01 3853.1 Latchways♦ 1077 357.00 1077 705.01 3.68 28.44 69.2

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 398.00 -6.00 500.00 351.00 6.66 15.67 4.1 Insurance Egdon Res 12.13 -0.25 25.93 6.24 - -7.77 175.9 LXB Retail 80.00 -0.25 149.00 77.00 - - 103.4 Tech - Hardware
Cohort♦ 380.00 -2.50 390.00 195.40 1.16 27.66 28.1 Share 29.00 0.25 41.68 26.75 2.14 308.51 9.1 Gable 26.00 - 84.00 16.75 - -7.28 49.6 Enegi Oil 0.63 - 4.14 0.58 - -0.24 73.0 NewRiver 337.50 -1.75 342.00 271.00 2.52 18.26 310.8 AminoTech 159.50 - 171.00 75.24 3.13 14.20 45.4
ShoreCap 407.50 - 431.50 400.00 2.21 19.60 0.2 Helios 192.50 2.50 200.00 120.00 0.78 15.74 5.5 EuropaOil 5.13 0.25 10.75 4.50 - -7.28 354.0 Palace Cap 382.50 2.50 405.00 295.00 2.22 4.77 10.5 IQE 23.75 0.25 26.50 12.08 - 98.55 756.2
Banks STM Group 51.00 1.50 55.90 16.50 - 27.45 160.1 FalkldO&G 21.25 -2.50 45.00 16.75 - -45.80 702.5 PnthrSec 352.50 - 375.00 300.00 3.40 13.51 4.2
BCB Hldgs 7.50 - 13.50 6.00 - -1.27 13.9 WH Ireland 108.50 - 130.00 79.00 1.84 41.75 0.9 Media GETECH 56.00 - 71.70 32.00 3.93 8.49 22.2 PSPI 31.00 0.50 31.00 23.00 - -5.74 1.2 Tech - Software & Services
STB♦ 2917 64.00 3024 2257 2.33 21.20 0.5 Avesco 220.00 - 233.00 95.00 2.73 15.33 10.8 Infrastrata 1.63 0.25 8.88 1.38 - -1.42 1413.5 SiriusRE € 0.49 0.00 0.53 0.28 2.17 10.58 3731.7 Blinkx 22.50 -1.25 45.00 14.75 - -6.44 2548.6
Food & Beverages Cello Gp 93.00 -1.00 106.70 81.00 2.59 35.32 29.9 Iofina 19.13 0.63 65.56 15.00 - -5.71 86.7 SumGermny € 0.91 - 0.99 0.50 2.05 3.64 0.1 BondInt 123.50 - 148.25 83.00 1.78 23.91 7.9
Basic Resource (Ex Mining) FinsbryFd 99.00 - 101.98 56.00 1.01 13.27 68.6 M&Csaatc 337.50 7.00 395.00 249.75 1.67 -1424.05 9.9 Brady 99.25 - 110.13 64.00 1.71 177.87 13.8
Ithaca Engy 36.25 1.00 137.50 26.25 - -6.77 1976.2 TaliesinPr 2335 22.50 2545 1750 - 8.46 0.0
CropperJ 515.00 - 570.00 355.00 1.53 25.60 0.2 Nichols 1395 - 1459 834.56 1.61 24.16 9.3 MissionMk 44.50 - 51.00 37.00 2.25 8.80 33.9 Datatec 355.00 5.00 369.66 261.25 3.10 14.87 0.6
KBC Adv 113.50 -0.50 130.31 77.00 0.88 20.51 31.4 Winkworth♦ 155.00 - 180.00 115.00 3.81 13.14 6.7
PureCircle 400.00 - 635.00 352.24 - 311.53 8.5 Next15Cm 180.50 -4.00 198.00 117.00 1.53 116.75 27.3 DDD 2.63 -0.13 5.00 1.25 - -2.73 114.6
Chemicals Max# 0.16 - 1.35 0.08 - -0.08 634.1
Retailers
RealGdFd 51.00 0.50 59.40 23.00 - 60.00 41.0 YouGov 117.50 - 133.00 98.50 0.68 211.33 0.9 PetrelRes 2.50 - 7.45 2.00 - -1.09 20.0 Eckoh 39.25 - 48.50 33.00 0.79 46.39 79.0
Scapa 197.50 3.50 225.25 120.00 0.51 31.83 176.3
Wynnstay 577.50 - 607.25 474.52 1.77 16.27 5.1 Petroceltic 61.00 7.50 224.00 42.75 - -0.66 535.6 ASOS 2984 -10.00 4259 1742 - 68.60 984.0 EgSoltns 63.50 - 84.00 62.00 - 18.03 3.2
Construction & Materials Mining Koovs 67.50 - 171.00 60.00 - - 0.8 Iomart 253.75 9.50 284.25 159.93 0.69 30.79 499.2
Health Care Equip & Services PetroNeft 4.30 0.15 6.65 3.60 - -5.30 1028.3
Abbey 1012.5 - 1050 800.00 0.79 7.55 0.1 AMC 14.00 - 44.58 2.85 - -69.31 2775.1 Majestic 441.50 1.75 480.00 280.00 3.62 21.68 47.7 K3BusTc 271.00 - 275.00 205.00 0.46 30.07 22.7
Advnc Med 148.00 -2.00 161.00 111.00 0.43 24.33 138.5 Plexus 190.25 -7.13 267.32 165.00 0.58 30.62 22.6
AccsysTch 70.38 -0.13 81.50 0.93 - -6.93 10.9 BotswanaD 0.80 - 4.15 0.72 - -1.71 10.4 StanlGib 212.50 -1.50 322.00 206.00 3.41 53.45 53.2 OMG 41.00 - 49.00 26.00 1.22 118.16 109.0
AVO 7.88 -0.13 16.90 3.50 - -10.50 3476.2 PresidentEn 10.38 - 39.48 9.00 - 4.62 171.6
Aukett 6.63 - 9.50 5.76 3.17 8.69 80.7 CentAsiaM 153.50 -2.50 198.00 135.16 6.83 4.34 0.1 Progility 3.13 - 10.10 2.75 - 3.31 14.3
CareTech 247.00 -0.50 263.25 190.00 3.24 11.65 13.8 Rockhop 52.50 -2.75 95.50 40.00 - -10.27 1306.0 Support Services
Connema 1.38 -0.13 3.81 0.25 - -2.39 490.0 Pub Tech 140.50 2.50 240.00 120.00 - -4.33 25.0
Sound Oil 16.25 -0.50 26.73 8.75 - -11.89 1153.4
Electronic & Electrical Equip ImmunDiag 305.00 -1.00 478.00 264.40 2.79 38.16 1.8 C'royG&NR 0.65 - 1.60 0.50 - -7.07 161.4 AndSyks 340.00 - 385.00 260.00 7.00 15.43 0.2
SciSys 64.00 - 96.75 38.50 2.34 8.82 0.1
SphereMed 13.25 - 31.00 12.00 - -1.49 23.0 TowerRes 0.17 -0.01 0.88 0.09 - -0.16 12813.5 Augean 57.50 - 62.00 37.65 0.61 12.75 28.0
CeresPow 8.60 -0.03 10.93 6.50 - -6.25 28.8 GrekaDrill 5.85 0.13 16.80 5.32 - -6.31 174.7 WANdisco 176.00 - 545.00 170.30 - -1.72 2.3
Tristel 94.00 - 107.99 65.00 1.72 23.43 25.2 TrinityE 4.25 0.65 93.57 2.92 - -0.04 288.0 Begbies 42.50 -0.25 54.76 38.50 5.33 16.61 2.3
Densitrn 8.50 - 9.75 3.50 - 293.10 5.0 Herencia 0.14 - 0.49 0.12 - -1.73 1136.4
UnJackOil 0.17 - 0.48 0.14 - -4.25 1069.1
ElektronT 6.75 -0.38 8.70 3.25 - 67.50 201.0 House, Leisure & Pers Goods HighldGld 49.00 - 71.50 17.73 10.82 -9.96 492.0 Christie 131.00 - 162.00 115.00 1.34 14.57 0.1 Telecommunications
VictorOil 50.75 - 89.05 1.21 - -1.47 334.5 Empres 71.00 - 91.50 38.13 0.49 9.43 26.7
FlowGp 13.13 - 50.00 12.20 - -3.33 74.1 KarelianDd 1.00 -0.05 2.08 0.80 - -14.29 1412.0 AltNetwks 484.00 -1.50 545.00 415.00 3.00 26.13 27.7
Airea 20.00 - 20.80 10.25 3.00 13.04 4.8 VolgaGas 55.50 - 121.00 54.00 4.33 5.46 1.4 Hargreaves 332.75 -3.25 794.00 280.00 7.66 3.53 81.9
LPA♦ 63.50 0.50 112.00 60.00 2.44 56.10 3.0 KEFI Min 0.70 -0.05 1.80 0.66 - -1.73 5536.2 AvantiCom 226.75 -15.00 325.00 170.25 - -4.05 129.3
Churchll 555.00 2.50 630.00 460.00 2.90 17.22 4.6 Hydrogen 53.00 - 90.25 48.25 8.68 -126.19 1.4
ThorpeFW 182.00 0.50 196.00 120.00 1.79 20.14 8.9
gamingrealm 23.00 -1.00 41.00 20.00 - -4.92 40.0
OracleC 1.50 - 2.00 0.25 - -7.28 100.0 Pharmaceuticals & Biotech Peoples Op 125.00 - 147.60 120.00 - -55.19 0.5
Zytronic 304.00 -1.00 319.00 219.00 3.29 14.87 12.6 RamblMtls 8.75 - 27.40 7.30 - -30.49 143.2 Abcam 570.00 -8.50 614.50 355.25 1.36 32.44 597.8 Impellam 785.00 - 859.60 455.00 0.80 12.82 3.4
Mulberry 902.50 2.50 969.00 562.50 0.55 -384.53 7.7
ShantaGold 4.63 - 13.00 4.25 - -9.54 1935.9 ISG 157.50 -7.00 356.00 140.00 6.00 -5.75 44.5 Travel & Leisure
AllcePharm 56.00 -1.50 63.00 31.65 1.68 17.74 158.6
Financial General Portmern 907.50 -2.50 960.00 840.00 2.92 14.85 9.1
SierraRut 22.13 -0.25 38.00 17.00 - -19.06 20.0 JhnsnSrv 91.50 3.50 91.50 56.00 1.43 31.55 145.5 CastleStIn 35.25 - 41.25 17.00 8.51 - 19.2
TelfordHms 394.75 -3.00 495.00 317.50 2.58 12.11 146.3 Epistem 192.50 - 339.00 175.00 - -6.43 0.4
Ambrian 6.00 - 12.50 5.13 - 18.18 7.8 Sirius Min 16.75 0.25 29.50 6.40 - -33.30 1498.2 JourneyGp 176.50 - 180.47 113.00 1.63 15.29 0.1 Celtic 73.50 - 79.00 72.18 - -19.13 1.0
WalkerGb 224.50 1.50 244.85 151.05 0.86 27.13 11.4 e-Thera 32.38 -0.25 49.40 24.25 - -11.00 7.6
Arbuthnot 1472.5 -0.50 1650 1000.00 1.83 20.22 0.8 SolGold 2.03 0.03 6.65 1.77 - -3.84 789.5 LonSec 2100 - 2400 1800 2.95 20.31 1.3 ..6%CvPf 65.00 - 80.00 35.00 4.98 - 1.0
GW Phrms 568.00 -28.00 708.55 299.11 - -37.29 391.8
Aurora 9.38 - 12.88 8.00 - -0.96 12.4 Industrial Engineering Stratex 1.93 0.05 3.00 1.00 - -3.99 886.7 Matchtech 562.50 - 587.80 495.00 3.56 17.54 4.4 ..Cv Pf 135.00 - 150.00 120.00 - - 16.0
HtchChMd 1795 - 2020 1040 - 1602.68 8.4
BP Marsh 136.50 -1.00 156.75 121.00 2.01 8.08 12.1 Xtract Res 0.24 -0.01 0.49 0.06 - -2.67 52940.1 NewmkSec 3.33 0.18 4.93 1.66 2.26 7.07 890.3 Dalata 289.00 - 299.00 111.15 - 102.45 672.8
600 Grp 16.75 - 20.89 14.60 - 6.50 1.0 ImmuPhar 41.00 - 67.00 37.00 - -11.94 26.5
BrooksMac 1759.5 -3.00 1900 1300 1.48 28.10 0.1 ZincOx 11.00 -0.25 18.00 6.00 - -0.81 45.0 NormanBr 14.00 - 23.00 8.50 - -1.52 43.3 Dart 442.00 -11.00 500.00 200.00 0.65 19.91 140.1
Molins 76.50 - 141.00 68.01 7.19 -18.65 19.4 ReNeuron 5.38 - 6.50 2.80 - -10.79 635.7
Camellia 9550 -50.00 10000 8450 1.32 324.05 0.4 NWF 156.50 -1.50 165.00 120.00 3.26 12.29 10.7 GoalsSocc 196.00 -0.50 242.00 192.00 0.94 22.04 2.8
MS Intl 171.50 - 201.80 116.00 4.66 20.92 2.4 Sareum 0.22 - 0.68 0.19 - -3.71 1650.8
CaptlMgt 115.00 -2.00 190.00 103.00 - -1.47 0.0 Oil & Gas Optimal Pay 300.75 -17.25 575.00 215.00 - 46.00 7248.9 MinoanGp 6.88 -0.13 15.73 6.57 - -10.90 146.6
Pres Tech 201.50 - 750.00 180.00 4.17 12.22 11.7 SinclairIS 38.75 - 48.00 23.30 - -14.86 50.2
Fairpoint 160.00 1.50 170.00 105.66 3.84 24.49 39.8 AlkneEng 22.00 - 40.35 19.50 0.91 9.84 47.7 PennaCns 217.50 - 230.00 116.00 1.61 14.41 2.8 PeelHtls 103.50 - 110.00 75.00 - 19.74 5.1
TP Group 3.75 - 7.40 3.00 - -4.24 190.1 Vernalis 77.00 -1.25 85.00 42.00 - -115.79 53.7
Leeds 34.00 - 43.79 30.00 - 8.91 71.0 AmeriRes 26.00 -0.25 64.51 19.10 - 15.91 3609.5 Petards 11.63 - 15.99 9.75 - 10.48 4.0
MattioliWds 595.00 5.50 598.00 414.00 1.53 26.65 138.1 Industrial General AndesEnrg 20.75 -1.75 49.42 16.50 - -15.31 81.1 Real Estate Utilities
RedhallGp 10.75 -0.25 18.50 8.50 - -0.37 105.2
Miton 24.75 - 38.50 18.50 2.18 -7.57 10.0 BahamasP 1.93 0.02 4.70 1.50 - -8.23 1354.9 ModernWtr 10.50 - 28.98 10.00 - -0.47 41.6
Powerflte 75.75 1.50 80.00 35.00 1.38 47.11 579.3 Conygar 173.00 1.75 195.00 160.00 1.01 8.77 81.4 Renew 324.00 -0.50 348.00 237.00 1.54 18.78 81.6
MAB 297.50 -2.50 309.26 160.00 - 31.03 5.1 BorSthnPet 3.13 -0.35 13.90 2.07 - -6.07 829.7 RenEnGen 46.50 - 68.00 46.00 4.73 -32.49 1.0
RM2 64.00 -1.00 77.00 46.00 - -6.72 58.5 FltchKng♦ 51.00 6.00 65.00 38.00 5.88 7.10 16.9 Restore 242.50 - 289.00 211.00 0.87 40.45 35.0
Numis 238.25 -5.25 280.00 196.09 4.41 18.09 21.1 Circle Oil 5.63 0.50 28.70 4.75 - -0.92 1281.4 Rurelec 1.48 - 6.48 1.32 - -2.81 227.4
Symphny 7.75 0.25 11.22 6.50 - -33.12 74.0 InlandHms 69.00 0.13 74.00 45.00 0.87 21.81 281.6 SafeCharge 258.00 -2.00 297.00 205.00 0.72 38.78 26.6
Park Grp♦ 70.38 -0.63 77.50 47.00 3.62 15.30 15.0 ClontarfEn 0.35 - 1.40 0.26 - -3.80 88.1 SeaEnergy 7.25 - 39.50 7.00 - -1.61 370.7
Lok'nStor 284.00 - 300.30 199.17 2.46 120.70 24.3 Servoca 23.00 - 26.03 11.00 - 17.11 49.2
Utilityws 155.25 -8.75 311.05 142.00 2.58 10.83 135.1

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 103.25 - 107.89 102.00 - - - JPMGIConv 93.75 -1.88 112.00 90.00 6.00 98.6 -4.9 ScotAmer♦ 241.75 -3.00 276.50 221.99 4.36 229.4 5.4 Albion Ent 90.50 - 91.75 85.00 5.52 98.2 -7.8 Marwyn Val 223.00 -0.25 251.93 196.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin Inv 670.00 -11.00 706.00 565.20 3.52 659.0 1.7 JPM GEI♦ 92.50 -2.00 130.00 86.11 5.30 94.0 -1.6 Scottish In 588.00 -11.00 670.00 536.00 2.04 650.6 -9.6 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 163.60 -1.00 189.56 151.00 4.57 - - Edin WWd 433.00 -6.00 502.44 332.25 0.46 460.5 -6.0 JPM I&C Uni 361.00 -0.50 370.00 330.06 - 344.7 4.7 ScottMort 243.50 -5.00 283.40 204.00 1.19 236.8 2.8 AlbionVCT 66.00 - 68.65 63.00 7.58 67.0 -1.5
AbnAsianIn 155.50 -5.75 213.80 142.50 5.27 165.1 -5.8 EP Global 220.00 -4.00 262.10 207.04 1.50 229.2 -4.0 JPM Inc&Gr 104.00 - 115.85 98.50 2.12 107.8 -3.5 ScottOrtll 690.00 -32.00 900.00 660.00 1.67 807.5 -14.6 ArtemisVCT 63.50 - 70.52 59.23 6.30 71.3 -10.9 ISDX
AbnAsian 706.50 -33.00 1014 653.77 1.42 812.0 -13.0 Estabmt 145.00 -0.50 188.00 140.00 3.24 195.1 -25.7 JPM Ind 489.50 -17.00 605.50 430.00 - 541.5 -9.6 SecTstScot 128.50 -3.88 148.00 123.00 3.74 134.0 -4.1 Baronsmd 76.13 - 75.60 69.50 4.60 79.9 -4.7
Euro Ast 1047.5 -20.00 1160 800.00 4.99 1054.1 -0.6 JPM JpSm 220.50 -9.50 261.75 184.00 - 267.0 -17.4 Seneca I&G♦ 141.00 - 150.00 131.00 3.97 140.8 0.1 ..VCT 2 98.63 - 99.00 91.00 4.56 103.9 -5.1 52 Week Vol
AbnJapInv 485.50 -20.50 571.00 357.50 0.93 488.2 -0.6
EuroInvT 740.00 -8.00 849.00 659.33 1.89 777.6 -4.8 JPM Jap 260.50 -9.75 307.95 195.00 1.07 295.2 -11.8 Shires Inc 227.00 -3.50 261.00 214.00 5.29 231.2 -1.8 ..VCT 3 101.75 -0.50 104.69 94.00 7.37 106.9 -4.8 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn 49.63 -2.88 85.68 44.25 8.56 54.8 -9.4
F&C Cp&I 251.00 -8.50 277.00 231.75 3.94 250.2 0.3 JPM Mid 970.00 -12.00 992.00 669.10 1.86 988.1 -1.8 StdLf Eqt 455.00 -13.00 471.46 362.50 3.08 445.8 2.1 ..VCT 4 94.88 - 94.35 86.75 3.16 99.5 -4.6 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
..Sub 0.25 0.05 2.63 0.10 - - -
F&CGblSmlr 941.50 -18.50 1028.92 781.00 0.87 937.5 0.4 JPM O'seas 982.00 -15.00 1159 890.95 1.53 1067.6 -8.0 StdLf Sml 321.00 -6.00 340.00 256.00 1.40 351.5 -8.7 ..VCT 5 78.13 - 78.88 72.00 5.12 81.7 -4.4 ShephdNm 1145 5.00 1260 1000.00 2.26 25.40 1.5
AbnNewDn♦ 148.00 -5.00 205.23 136.00 2.43 170.4 -13.1
F&CMgdG 148.50 -0.75 158.00 130.00 - 144.9 2.5 JPMRussian 293.50 0.75 446.00 223.25 4.43 354.0 -17.1 StrategicEq 229.50 -2.25 241.50 155.90 0.34 212.9 7.8 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 9.7
AbnNewThai 355.00 -2.63 489.88 324.00 2.25 425.9 -16.6
AbnSmlCo 216.50 1.00 229.00 174.00 3.00 249.8 -13.3 F&CMgdI 117.00 0.25 130.00 110.00 4.23 115.1 1.7 JPMSnrSec 89.50 -0.50 101.00 89.00 - 93.9 -4.7 Temp Bar 1088 -30.00 1274 1040 4.30 1120.3 -2.9 ..VCT2♦ 55.00 - 60.50 51.98 8.18 60.5 -9.1
Abn UK 290.00 -10.00 334.75 281.83 3.52 305.2 -5.0 FidAsian 210.50 -4.25 285.50 195.50 0.52 240.1 -12.3 JPM Smlr 850.00 -9.25 868.00 527.00 1.13 1016.5 -16.4 TempEmerg 409.00 -7.00 626.64 370.00 1.77 469.7 -12.9 Crown Place 29.00 - 30.50 27.75 8.62 28.1 3.2
Abf Gd Inc 200.50 -1.25 212.00 138.25 3.67 218.4 -8.2 FidChiSpS 114.50 -6.50 179.78 105.06 1.00 139.8 -18.1 JPM US Sml 166.75 -2.25 193.75 135.77 - 176.6 -5.6 TRIG♦ 99.75 -0.25 109.00 99.00 6.10 - - FrsightSol 103.50 - 106.00 95.00 5.80 108.5 -4.6 Guide to FT Share Service
Abf Sml 1185 3.00 1235 966.00 2.09 1282.7 -7.6 Fid Euro 167.90 -3.50 187.50 137.40 1.85 174.8 -3.9 JupUSSmCo 586.50 -17.75 704.03 574.28 - 685.7 -14.5 ThreadUKSel♦ 168.50 - 181.78 160.00 2.58 180.9 -6.9 Inc&GthVCT 93.50 - 104.00 88.25 19.25 103.7 -9.8
AcenciADbt $ 1.56 - 114.00 1.53 3.95 1.7 -8.2 Fid Jap 77.75 -3.63 88.25 64.00 - 91.8 -15.3 KeystoneInv 1770 -35.00 1900 1651.76 2.85 1809.6 -2.2 TREurGth 608.50 -7.50 661.00 438.00 1.07 660.2 -7.8 KingsAYVCT 18.00 - 19.50 17.25 5.56 19.9 -9.5
AdvDvpMk 368.00 -7.88 483.00 350.00 - 427.8 -14.0 Fid Spec 189.00 -8.50 217.00 159.37 1.75 - - Law Deb♦ 475.25 -7.00 545.50 452.50 3.30 451.9 5.2 TroyInc&G 67.50 -1.00 74.71 60.00 3.37 66.7 1.2 Maven I&G 66.50 0.50 68.00 59.50 6.77 65.0 2.3
Alliance 456.40 -10.00 531.50 420.20 2.17 522.0 -12.6 FinsG&I 547.00 -11.50 609.36 464.25 2.14 540.1 1.3 LinTrain £♦■ 499.00 - 537.00 364.40 1.35 403.9 23.5 UtilicoEmg♦ 158.75 -2.75 206.09 142.94 3.84 175.1 -9.3 MavenVCT2 52.25 - 56.75 49.00 7.37 59.4 -12.0 For queries about the London Share Service pages e-mail
AllianzTech 573.00 -17.00 640.43 463.07 - 589.3 -2.8 FstPacfic H HK$ 4.95 -0.10 9.48 4.95 4.17 - - Ln&StLaw 351.00 -8.00 384.00 330.80 3.93 358.7 -2.1 UtilicoInv♦ 110.00 -1.50 128.25 103.00 6.82 150.5 -26.9 MavenVCT3 73.75 - 79.00 70.00 2.71 87.0 -15.2 ft.reader.enquiries@morningstar.com.
AltAstsOps 38.25 - 47.00 36.80 - 44.2 -13.5 For & Col 421.60 -8.40 467.90 365.00 2.23 450.0 -6.3 Lowland 1380 -2.00 1440 1219 2.75 1336.6 3.2 ValAndInc 236.75 -3.75 274.00 228.50 3.67 304.5 -22.2 MavenVCT4♦ 83.75 -0.75 88.39 80.00 5.97 96.3 -13.0 All data is as of close of the previous business day. Company classifications
Art Alpha 255.50 -2.63 306.50 249.50 1.27 309.8 -17.5 Geiger 13.75 - 27.63 12.50 - 16.6 -17.2 M&GHighInc 153.00 -4.50 179.95 148.00 3.01 164.4 -6.9 Witan 738.00 -21.00 850.00 642.00 2.12 733.8 0.6 MavenVCT5 35.75 0.75 37.00 32.00 2.80 41.8 -14.5 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 19.00 - 44.73 18.00 6.32 - - GenEmer 440.00 -8.20 583.00 391.70 - 495.0 -11.1 Majedie 250.00 -6.75 283.00 206.41 3.00 249.1 0.4 WitanPac 215.00 -4.00 274.75 203.03 2.09 253.1 -15.1 Nthn 2 VCT 69.75 - 88.00 67.25 2.87 74.2 -6.0 100 constituent stocks are shown in bold.
AsianToRt 177.00 -2.63 224.00 163.25 1.84 196.3 -9.8 GFIS 16.50 - 28.39 15.00 - 43.8 -62.3 Man&Lon 236.25 3.25 260.49 219.00 3.17 277.2 -14.8 WorldTst♦ 242.00 5.00 285.25 212.00 0.22 269.2 -10.1 Nthn 3 VCT 90.00 - 104.00 88.00 6.11 95.5 -5.8 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 151.50 - 166.79 144.00 2.51 158.6 -4.5 GRIT 11.00 -0.13 35.00 9.79 - - - MCGlobPort 166.25 -4.50 195.00 155.00 2.41 167.8 -0.9 WwideHlth 1877 -32.00 2108.5 1355 0.75 1914.0 -1.9 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 425.00 -19.75 493.25 316.50 - 411.6 3.3 GoldenPros 19.75 - 41.04 18.00 - 23.0 -14.1 MCurPac 243.00 -8.13 336.00 236.73 3.09 290.7 -16.4 ProVenGI 79.00 - 81.25 76.00 5.06 87.3 -9.5 ratios (PER) are based on latest annual reports and accounts and are updated
Conventional - Private Equity 52 Week Dis(-)
BG Shin 362.50 -32.25 424.00 282.50 - 373.4 -2.9 Hansa 810.00 -33.00 988.00 810.00 2.35 1107.0 -26.8 MercantIT 1702 -20.00 1762.96 1316.55 2.35 1860.7 -8.5 ProVenVCT 94.38 -0.13 97.89 89.50 4.77 105.0 -10.1 with interim figures. PER is calculated using the company’s diluted earnings
Price +/-Chg High Low Yld NAV or Pm
BSRT 18.00 -3.00 39.80 18.00 - 39.6 -54.5 ..A 812.50 - 940.00 795.00 - 1107.0 -26.6 MrchTst 432.50 -19.50 505.58 413.00 5.48 443.0 -2.4 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 215.00 -4.50 254.00 215.00 1.40 276.4 -22.2 Mid Wynd 317.50 -0.50 352.50 260.07 1.20 312.7 1.5 AbnPvtEq♦ 83.00 - 96.00 80.88 2.69 121.3 -31.6
Bankers 584.00 -10.50 674.50 506.00 2.59 598.3 -2.4 Ordinary Income Shares 52 Week HR paid in the last financial year and updated with interim figures. Yields are
Hen Div 89.50 -0.38 95.50 87.50 5.70 89.1 0.4 MitonUKMic 54.25 - 56.25 50.00 - - - Altamir € 10.40 -0.27 11.82 9.43 - 16.0 -35.0
BrngEmEu 470.25 -10.75 679.00 432.00 4.04 538.4 -12.7 Price +/-Chg High Low Yld WO GRY 0% shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuroF 993.50 -46.50 1148.5 816.47 2.36 985.1 0.9 MitonWw 158.25 -0.50 164.65 149.00 - 168.9 -6.3 Dun Ent 313.00 -7.00 408.25 305.00 1.50 507.0 -38.3
BH Global 1302 -1.00 1343.6 1178 - 1372.0 -5.1 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenEuro 840.00 -7.50 957.00 678.25 2.08 835.9 0.5 MMP 3.50 0.25 5.00 3.00 - - - Electra 3200 -50.00 3349.01 2338 - 3675.8 -12.9 JPM I&C 96.25 - 106.00 86.00 6.75 -13.8 -8.6
..EUR € 12.00 - 14.00 11.80 - - - capital changes where appropriate.
HenFarEs 271.50 -3.50 362.00 238.25 6.81 271.5 0.0 Monks 385.30 -5.20 458.90 348.40 1.03 432.5 -10.9 ElectraPrf 151.00 - 152.05 144.25 - 145.9 3.5 JupiterDv&G 4.25 - 5.50 3.50 17.41 7.1 -32.0
..USD $ 12.80 - 13.35 11.70 - 13.5 -5.2 Trading volumes are end of day aggregated totals, rounded to the nearest
HendGlob 361.00 -9.38 416.81 336.20 2.77 406.8 -11.3 MontanSm 490.00 -18.00 544.00 390.50 1.43 553.9 -11.5 F&C PvtEq 219.00 -0.50 230.00 197.00 4.95 283.2 -22.7 M&GHI&Gt 58.75 -0.25 67.00 55.00 - -14.4 -17.1
BH Macro 2065 - 2191 1946 - 2174.0 -5.0 1,000 shares.
HenHigh 180.00 -0.50 195.25 156.50 4.83 170.5 5.6 Mur Inc 682.50 -12.50 796.60 646.50 4.81 710.5 -3.9 GraphEnt 571.50 -18.00 605.00 536.10 1.31 689.0 -17.1 Rghts&Icp 4800 - 4900 3800 - -79.7 -0.5
..EUR € 19.96 - 21.10 18.88 - 21.0 -5.0
HenInt Inc 117.50 -1.25 137.69 103.00 3.66 114.3 2.8 Mur Int 824.00 -21.50 1123 787.96 5.46 839.4 -1.8 HVPE $ 13.33 -0.03 13.85 12.04 - 16.3 -18.2 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.81 0.01 21.10 18.80 - 20.9 -5.2 Income Shares 52 Week HR
Hen Opp♦ 997.00 -13.50 1059.1 755.00 1.25 1042.5 -4.4 ..B 750.00 - 1445.47 650.00 - 839.4 -10.7 HgCapital 1079 -6.00 1169 1006 2.97 1300.1 -17.0 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 748.50 -41.50 898.92 492.52 - 784.6 -4.6 Price +/-Chg High Low Yld WO GRY 0%
HenSmlr 651.00 -13.50 696.00 468.13 1.77 725.2 -10.2 NB DDIF $ 1.16 - 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 - 119.88 55.25 9.62 61.8 1.1 JPM In&Gr♦ 95.25 - 100.50 90.15 4.62 -69.8 10.1
Herald 680.00 -9.00 742.50 594.00 - 841.8 -19.2 NewCtyEgy 12.63 -0.13 37.00 10.50 - 18.1 -30.2 JZ Capital 430.50 -3.50 480.00 390.00 - 685.6 -37.2 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 183.00 -0.13 247.00 164.58 1.27 213.8 -14.4 M&GHghIc 58.00 - 63.00 51.00 - -14.4 -18.8
HICL Infra♦ 151.40 - 161.40 140.10 5.96 136.3 11.1 ..Sub 0.13 - 0.15 0.06 - - - Mithras 134.50 0.50 151.91 130.00 0.74 162.4 -17.2 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 102.50 -0.13 133.28 95.25 4.06 106.2 -3.5 Rghts&I♦ 1075 - 1245 895.00 3.35 - 46.3
Impax Env. 141.00 -1.13 167.75 136.00 0.99 161.5 -12.7 NewCityHY 57.00 -2.00 66.50 52.00 7.42 56.2 1.4 NB PE Ptnr $ 11.42 -0.11 12.20 10.80 - - - in pence.
BlckRGtEur 237.00 -7.00 264.50 201.75 1.98 246.5 -3.9
Ind IT 349.00 - 364.00 268.50 1.43 355.5 -1.8 NewIndia 305.00 -6.63 371.30 263.00 - 338.6 -9.9 Nthn Invs 556.50 10.00 665.00 385.25 1.80 526.7 5.7 Capital Shares 52 Week HR
..Sub 12.50 -0.13 25.63 8.75 - - -
Intl PP 134.90 -0.90 140.59 130.34 4.67 128.4 5.1 New Star IT 72.50 -1.00 77.91 65.45 - 106.0 -31.6 Pantheon 1256 -14.00 1355 1140 - 1561.8 -19.6 Price +/-Chg High Low SP WO TAV 0% X FT Global 500 company
BlckR I&G♦ 176.50 -1.00 193.00 158.01 3.23 178.5 -1.1
InvAsTr 164.50 -2.00 213.58 147.00 2.10 184.9 -11.0 NorthAmer 763.50 -19.00 906.45 729.50 3.73 833.3 -8.4 PantheonR 1235 - 1300 1058 - 1561.8 -20.9 JPM Inc&Gr 10.75 - 15.19 9.00 6.0 -0.5 1.0 ♦ trading ex-dividend
BlckRIncStr 132.75 -2.00 140.50 119.25 4.86 130.0 2.1
Inv Inc 282.00 -10.00 305.00 255.00 3.55 292.1 -3.5 NthAtSml 2018 -2.00 2050 1625.86 - 2535.3 -20.4 PrincssPE € 7.71 0.14 8.12 6.50 6.75 9.0 -14.3 M&GHghIc 2.85 -0.13 5.39 2.00 15.6 14.5 - ■ trading ex-capital distribution
BlckRckLat 288.50 -9.75 508.45 267.02 6.66 339.6 -15.0
InvPerp 71.25 -0.50 79.00 70.00 7.02 69.8 2.1 Oryx Int 547.50 - 565.00 375.00 - 634.0 -13.6 Riverstone 870.00 14.50 1114 822.00 - 1068.8 -18.6 # price at time of suspension from trading
BlckRckNrAm♦ 106.00 -3.50 124.50 98.75 3.77 114.5 -7.4 Zero Dividend Preference Shares 52 Week HR
IPST BalR 117.50 -1.25 123.00 114.00 - 115.1 2.1 PacAsset 177.50 -7.75 226.15 156.25 1.46 183.8 -3.4 StdLfEuPv 200.00 -5.25 236.42 198.00 2.50 262.0 -23.7
BlckRSmlr 920.00 -5.50 969.39 697.00 1.40 1020.3 -9.8 Price +/-Chg High Low SP WO TAV 0% The prices listed are indicative and believed accurate at the time of publication.
BlckRThrmt 331.00 -3.25 351.79 238.00 1.33 379.3 -12.7 IPST Gbl Eq 156.00 -0.50 172.00 138.00 2.95 149.6 4.3 PacHorzn 153.00 -3.50 223.77 142.50 0.92 175.1 -12.6 Conventional - Property ICs 52 Week Dis(-) Abf Gd Inc 150.25 -0.50 153.25 143.25 -45.6 - 159.7 No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRWld♦ 213.25 -6.75 483.85 202.00 9.85 236.7 -9.9 IPST Mngd 102.25 -0.25 104.00 100.75 - 103.2 -0.9 Perp I&G 400.30 -11.20 431.00 350.81 3.02 390.5 2.5 Price +/-Chg High Low Yld NAV or Pm EcofinWatr 154.38 0.25 155.10 149.75 -68.9 -87.1 160.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 189.50 0.10 194.60 183.20 - 201.2 -5.8 IPST UK Eq 162.00 -0.50 174.39 143.00 3.80 158.3 2.3 PerAsset 33760 -90.00 36313.1 33436 1.66 33571. 0.6 Direct Property JPM I&C 174.00 - 175.00 165.50 -17.9 - 192.1 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 457.10 -13.40 557.08 444.40 2.30 525.4 -13.0 InvPpUK♦ 377.75 0.25 390.46 281.00 1.72 394.7 -4.3 1 JupiterDv&G 110.50 -0.50 114.00 99.50 -6.4 -98.5 128.5
AseanaPr $ 0.55 - 0.58 0.43 - 0.6 -8.3 or use of the information.
Brunner♦ 512.00 -5.50 584.12 486.00 2.34 584.8 -12.4 Invs Cap A 92.50 - 102.00 87.00 4.84 94.4 -2.0 PolarFins 103.50 -2.75 112.84 92.00 3.00 107.2 -3.5 JZ Capital 357.50 - 358.90 342.50 -86.5 -97.8 369.8
AXA Propty 48.38 -0.50 49.25 39.45 - - -
Calednia 2316 2.00 2517.66 2104 2.14 2682.5 -13.7 Invs Cap B 92.50 -1.00 103.00 87.03 1.24 94.4 -2.0 ..Sub 7.00 -0.25 13.00 5.00 - - - M&GHghIc 114.38 - 115.29 110.01 -18.2 -96.6 122.8 The London Share Service is a paid-for-print listing service and may not be
CustdnREIT♦ 108.50 0.63 111.50 104.00 3.46 - -
CanGen C$♦ 18.75 0.75 22.00 17.08 2.86 24.6 -23.8 Invs CapU 373.00 - 404.95 347.00 - 377.8 -1.3 PolarHealth 172.75 -0.75 187.50 142.50 2.05 178.0 -2.9 UtilicoFn16 184.63 - 186.00 177.51 -68.1 - 192.8 fully representative of all LSE-listed companies. This service is available to all
F&CComPrp 143.20 -0.80 149.00 123.00 4.19 127.1 12.7
Cap Gear 3175 -60.00 3575 3125 0.50 3179.9 -0.2 JLaingInf 117.90 0.60 128.60 116.00 5.62 107.6 9.6 PolarTech 555.00 -9.50 614.00 458.80 - 555.5 -0.1 UtilicoFn18 139.00 -0.25 146.50 129.00 -20.5 -33.5 160.5 listed companies, subject to the Editor’s discretion. For new sales enquiries
F&CUKRealE 101.25 0.50 104.50 86.75 4.94 97.0 4.4
City Merch 180.75 -0.75 194.00 180.50 5.53 178.8 1.1 JPM Amer 261.20 -6.00 296.14 236.05 1.24 267.7 -2.4 ProspJap $ 0.95 -0.02 1.15 0.91 - 1.2 -20.8 UtilicoFn20 119.25 -1.00 123.75 103.50 -9.3 -12.1 154.9 please email stella.sorrentino@ft.com or call 020 7873 4012.
InvistaERET 0.25 0.15 3.56 0.03 - 4.5 -94.4
CityNatRs 82.50 0.50 146.00 75.00 6.79 102.7 -19.7 JPM Asn 191.50 -7.88 268.92 182.00 1.15 225.8 -15.2 QatarInvF $ 1.23 -0.01 1.49 1.09 - 1.4 -12.1
Longbow 106.25 0.13 106.75 101.25 5.41 - -
City Lon 375.80 -8.50 418.35 345.00 3.96 363.8 3.3 JPM Brazil♦ 38.50 -1.00 76.49 36.00 2.21 42.4 -9.2 RIT Cap 1520 -27.00 1615 1265.55 1.95 1552.8 -2.1
PictonProp 72.00 -0.50 74.75 60.50 4.17 69.7 3.3 Investment Companies - AIM
DexionAb 186.00 -1.00 191.00 167.00 - 195.4 -4.8 JPM China 148.00 -7.50 233.96 136.30 1.08 180.3 -17.9 RobecoNV € 30.38 - - - - - -
SLIPropInc 84.00 0.25 90.25 74.75 5.53 78.0 7.7 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 - 101.5 -1.5 RolincoNV € 28.32 - - - - - - 52 Week Dis(-)
UKComPrp 86.10 -0.65 94.00 80.50 4.27 84.3 2.1
..USD $ 3.85 - 3.89 3.60 - 4.1 -6.1 ..MG♦ 585.00 -5.50 635.00 507.66 1.21 596.3 -1.9 Ruffer Inv 219.50 -0.25 226.00 193.50 - 214.7 2.2 Price +/-Chg High Low Yld NAV or Pm
DiverseInc 89.75 -1.75 93.00 73.02 2.62 87.7 2.3 ..MI♦ 96.75 -2.50 110.00 92.00 1.76 99.7 -3.0 SchdrAsiaP 248.50 -4.50 321.50 226.25 1.11 279.3 -11.0 Property Securities AdFrntMkt 51.00 -0.75 65.50 49.00 - 56.8 -10.2
JPM Emrg 523.50 -9.50 674.65 486.00 1.05 598.0 -12.5 Schdr Inc 263.00 -6.75 348.25 235.50 3.84 266.3 -1.2 SchdrGlbRe♦ 114.50 -1.00 132.98 98.88 1.90 121.5 -5.8 CrysAmber 155.00 - 170.00 129.81 0.3 160.1 -3.2
Dun Inc 234.00 -5.00 275.00 221.50 4.74 242.9 -3.7
JPM EurGth 234.75 -2.38 263.00 193.00 2.85 250.5 -6.3 SchdrJap 142.50 -4.50 165.00 115.25 1.26 154.9 -8.0 TR Prop 299.10 -7.40 325.00 232.40 2.52 301.5 -0.8 GLI Finance♦ 54.50 -0.75 65.00 51.00 9.2 - -
Dun Sml 203.00 -6.88 229.00 171.30 2.59 242.4 -16.3
EcofinWatr 119.00 -2.00 176.75 114.75 5.88 144.8 -17.8 JPM EurInc 124.50 -1.88 147.50 104.75 2.05 130.7 -4.7 SchdrOrient 172.50 -4.00 215.25 154.00 4.43 174.0 -0.9 VCTs 52 Week Dis(-) IndiaCap 58.00 -0.75 69.40 46.00 - 70.2 -17.4
JPM EuSm 240.75 -7.00 256.00 164.00 1.20 265.8 -9.4 SchdrUK 152.50 -4.75 174.00 145.25 3.11 167.9 -9.2
..CULS
EdinDragn
102.00
227.00
-0.25 111.70 102.00
-8.75 311.00 212.50
-
0.97
-
264.0
-
-14.0 JPM Clavr 586.00 -14.50 645.18 534.51 3.50 597.0 -1.8 SchdrUKMd 475.00 -8.75 504.50 402.49 1.79 520.3 -8.7
Price +/-Chg High Low Yld NAV or Pm Infra India
MMP
20.00 -
3.50 0.25
21.99 10.00
5.00 3.00
-
-
51.1
- -
-60.9
www.morningstar.co.uk
AlbionDev 69.00 - 70.89 66.00 7.25 73.7 -6.4
Wednesday 2 September 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 83.64 88.86 -0.08 4.04 CF Seneca Diversified Income B INC 103.73 - -0.23 5.69 EUR Accumulating Class (H) € 9.25 - -0.01 0.00 UK Gilt Bond £ 1.27 - 0.00 1.96 Corp Pens UK Index Tracker £ 1.88 1.88 0.00 -

Artemis Strategic Bond R Q Inc 54.43 57.82 -0.05 4.12 CF Seneca Diversified Income N INC 102.78 - -0.22 5.69 EUR Distributing Class € 11.13 - -0.05 2.86 UK Gilt Gross £ 2.02 - 0.00 1.93 Guardian Linked Life Assurance Ltd
ACPI Global UCITS Funds Plc (IRL)
www.acpishard.com Artemis UK Growth R Acc 452.52 479.62 -2.12 0.55 Investment Adviser - DSM Capital Partners EUR Distributing Class (H) € 8.95 - -0.01 3.07 UK Long Corp Bond £ 1.36 - 0.00 4.40 Managed Acc £ 17.39 18.30 0.00 -
Regulated The Westchester X $ 26.31 - -1.04 0.00
Artemis UK Smaller Cos R Acc 1112.52 1201.50 2.73 0.50 GBP Distributing Class £ 9.91 - 0.03 2.96 UK Long Corp Bond - Gross £ 2.44 - -0.01 4.25 Equity Acc £ 31.71 33.38 0.00 -
ACPI Emerging Mkts FI UCITS Fund USD A $ 108.24 - -0.19 0.00
The Westchester Class 1 GBP Acc £ 18.56 - -0.68 0.00 Fixed Interest Acc £ 17.00 17.90 0.00 -
Artemis UK Special Sits R Acc 504.22 536.23 -0.95 1.68 GBP Distributing Class (H) £ 9.01 - -0.01 3.02 UK Long Corporate Bond Fund - Gross Income £ 10.86 - -0.02 4.39
ACPI Global Credit UCITS Funds USD A $ 13.87 - -0.01 0.00
The Westchester Class 2 GBP Acc £ 18.60 - -0.68 0.00 International Acc £ 12.63 13.30 0.00 -
Artemis US Abs Ret I Acc 104.65 - -0.15 - USD Accumulating Class $ 9.31 - -0.01 0.00 UK Specialist £ 1.81 - -0.01 3.32
ACPI Global Fixed Income UCITS Fund USD A $ 150.95 - -0.12 0.00 Investment Adviser - Morant Wright Management Limited
Artemis US Equity I Acc 106.13 - -2.33 - 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 £ 6.49 6.83 0.00 -
Q ACPI India Fixed Income UCITS Fund USD A $ 9.79 - -0.06 - Regulated CF Morant Wright Japan A X 256.35 - -7.95 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ
USD Accumulating Share Class $ 15.85 - -0.05 0.00 Emerging Markets - retail £ 1.14 - -0.03 0.08 International S-PA Acc £ 3.92 4.13 0.00 -
Artemis US Select I Acc 108.38 - -2.37 - Callfree: Private Clients 0800 414161
ACPI India Fixed Income UCITS Fund USD A3 $ 83.62 - -0.47 0.00 BlueBay EmMkt B-USD $ 286.67 - 0.69 0.00 CF Morant Wright Japan A Inc X 252.56 - -7.83 0.00
GBP Accumulating Share Class £ 16.99 - 0.01 0.00 Broker Dealings: 0800 414 181 Europe Long Term Growth £ 1.54 - 0.00 1.84 International S-EU Acc £ 3.16 3.33 0.00 -
Artemis US Select I Inc 96.80 - -2.12 -
ACPI International Bond UCITS Fund USD A $ 17.94 - -0.03 0.00 BlueBay EmMktCrp B-USD $ 161.26 - 0.48 0.00 CF Morant Wright Japan B X 272.41 - -8.43 0.55 Authorised Inv Funds
GBP Distributing Share class £ 12.42 - 0.01 0.76 {*}CAR - Net income reinvested
Artemis US Smlr Cos I Acc 115.22 - -2.16 - Managed S-PR Acc £ 6.61 6.95 0.00 -
BlueBay EmMktSel B-USD $ 145.05 - 0.37 0.00 Unit Trust
CF Morant Wright Japan B Inc X 256.89 - -7.94 0.57
EUR Accumulating Share Class € 21.21 - -0.13 0.00 Fixed Interest S-IL Acc £ 6.42 6.76 0.00 -
Artemis US Ex Alpha I Acc 111.19 - -2.04 - Cash Accum Units 186.35 186.35 0.00 0.00
BlueBay EmMkLocCy B-USD $ 134.56 - 0.42 0.00 CF Morant Wright Nippon Yield ACC A X 265.39 - -6.20 2.17
ACPI Select UCITS Funds PLC (IRL) Dodge & Cox Worldwide Funds plc-International Stock Fund FIL Fund Management (LUX) Deposit Accum £ 4.45 4.68 0.01 -
Cash Fund £ 1.00 1.00 0.00 0.12
Regulated BlueBay GlblConv I-USD $ 185.99 - 0.64 0.00 CF Morant Wright Nippon Yield ACC B X 274.85 - -6.42 2.16 USD Accumulating Share Class $ 13.99 - -0.03 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 $ 13.77 - -0.02 0.00 Gross Accum Cash £ 1.28 1.28 0.00 0.00
Artisan Partners Global Funds PLC (IRL) BlueBay GlblHgYd B-USD $ 131.85 - 0.17 0.00 CF Morant Wright Nippon Yield Fund A Inc X 232.97 - -5.45 2.21 EUR Accumulating Share Class € 14.68 - -0.08 0.00 Regulated Pens. Managed Acc. £ 22.60 23.79 0.00 -
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.14
ACPI Balanced UCITS Fund EUR Retail € 10.40 - -0.01 0.00 BlueBay HgYield B-EUR € 336.19 - 1.58 0.00 CF Morant Wright Nippon Yield Fund B Inc X 241.35 - -5.63 2.20 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
Tel: 44 (0) 207 766 7130 China Consumer A-GBP £ 13.43 - -0.14 0.00 Pens. Equity Acc. £ 33.56 35.33 0.00 -
ACPI Balanced UCITS Fund GBP Retail £ 10.51 - -0.01 0.00 USD Accumulating Share Class $ 17.70 - -0.08 0.00 MoneyBuilder Global £ 2.54 2.54 -0.01 0.20
FCA Recognised BlueBay HgYieldCp B-EUR € 142.43 - 0.57 0.00 China Focus A-GBP £ 4.01 - -0.02 0.75
Artisan Partners Global Funds plc OEIC Funds
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - BlueBay InvGr B-EUR € 170.70 - 0.17 0.00 GBP Accumulating Share Class £ 17.94 - -0.02 0.00
Cavendish Asset Management Limited (1200)F (UK) American £ 26.04 - -0.48 0.00 Global Financial Services A-GBP £ 0.43 - 0.00 0.12
Artisan Emerging Markets I USD Acc $ 6.45 - -0.01 0.00 HPB Assurance Ltd
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - BlueBay InvGEurGv B-EUR € 147.39 - 0.18 0.00 Chelsea House, Westgate, London W5 1DR GBP Distributing Share Class £ 11.44 - -0.01 0.53
American Special Sits £ 10.84 - -0.11 0.00 Global Health Care A-GBP £ 0.56 - 0.00 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Artisan Global Equity Fund Class I USD Acc $ 14.61 - -0.19 0.00 IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - BlueBay InvGEurAg I-EUR € 147.73 - 0.15 0.00 EUR Accumulating Share Class € 20.47 - -0.15 0.00 International Insurances
Authorised Inv Funds Asia Pacific Ops W-Acc £ 0.98 - -0.02 - Global Industrials A-GBP £ 0.62 - 0.01 0.00
Artisan Global Opportunities I USD Acc $ 11.83 - -0.14 0.00
Asset Management
ACPI Horizon UCITS Fund $ 13.07 - -0.01 0.00 BlueBay InvGLibor B-EUR € 125.04 - 0.08 0.00 Holiday Property Bond Ser 1 £ 0.49 - 0.00 0.00
Cavendish Opportunities Fund B Class 1085.00 - 1.00 1.40 Global Inflation-Linked Bd A-GBP-Hdg £ 1.16 - 0.00 0.56

Asset Management
Artisan Global Value Fund Class I USD Acc $ 15.55 - -0.05 0.00 Fidelity Asian Dividend Fund A-Accumulation £ 1.00 - -0.02 1.51
HighIncomeLoan H-EUR € 194.53 - -0.06 0.00 Holiday Property Bond Ser 2 £ 0.59 - 0.00 0.00
Cavendish Opportunities Fund A Class 1078.00 - 2.00 0.61 Fidelity Asian Dividend Fund A-Income £ 0.95 - -0.03 2.84 Global Real Asset Securities £ 1.35 - -0.01 0.00
Artisan US Value Equity Fund Class I USD Acc $ 10.77 - 0.00 0.00
Abbey Life Assurance Company Limited (UK) Cavendish Opportunities Fund C Acc 1120.00 - 2.00 1.20 China Consumer £ 1.33 - -0.04 0.08 Global Technology A-GBP £ 0.24 - 0.00 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
BONHOTE Cavendish Worldwide Fund B Class 290.10 - -3.10 0.84 Global Telecomms A-GBP £ 0.28 - 0.00 1.19 Hamon Investment Group
additional fund prices can be found @ www.abbeylife.co.uk Emerging Asia £ 1.07 - -0.02 0.16
Ashmore Sicav (LUX) Other International Funds Other International Funds
Insurances Cavendish Worldwide Fund A Class 289.20 - -3.20 0.07 India Focus A-GBP £ 4.22 - -0.04 0.00
2 rue Albert Borschette L-1246 Luxembourg Emerg Eur, Mid East & Africa H £ 1.33 - 0.00 1.00 Asian Market Leaders - USD $ 22.75 - -0.61 0.00
Life Funds Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6806.00 - 4.00 2.22
FCA Recognised Cavendish Worldwide Fund C Acc 296.60 - -3.20 0.80 Latin America A-GBP £ 1.33 - -0.03 0.65
Dragon Capital Group Enhanced Income - Acc £ 1.82 - -0.01 7.14 Asian Market Leaders - GBP £ 11.54 - -0.30 0.00
Prop. Acc. Ser 2 1545.60 1627.00 5.90 - Ashmore SICAV Emerging Market Debt Fund $ 93.94 - 0.64 8.00 Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10147.00 - -123.00 0.90
Cavendish AIM Fund B Class 159.90 - -0.10 0.38 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Enhanced Income - Inc £ 1.17 - -0.02 7.48
Selective Acc. Ser 2 1562.20 1644.40 -7.90 - Greater China - USD $ 9.78 - -0.29 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 146.01 - 1.25 0.94 Fund information, dealing and administration: funds@dragoncapital.com
Cavendish AIM Fund A Class 155.10 - -0.10 0.00 European - Inc £ 1.39 - -0.02 1.56 Findlay Park Funds Plc (IRL)
American Ser. 4 1568.90 1651.50 -43.70 - Other International Funds Greater China - GBP £ 4.01 - -0.11 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 81.17 - 0.38 5.63 Braemar Group PCC Limited (GSY) Cavendish Asia Pacific Fund B Class 148.30 - -3.50 1.64 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Vietnam Enterprise Inv. (VEIL) NAV $ 3.40 - -0.11 0.00 European £ 15.80 - -0.17 1.18 Selected Asian P'folio $ 43.41 43.42 -0.27 0.00
Custodian Ser. 4 482.20 507.60 -3.80 - Regulated FCA Recognised
Ashmore SICAV Global Small Cap Equity Fund $ 112.28 - 3.26 0.00
Cavendish Asia Pacific Fund A Class 147.40 - -3.50 0.75 Vietnam Growth Fund (VGF) NAV $ 22.04 - -0.66 0.00 European Opportunities £ 3.67 - -0.02 0.25
UK Agricultural Class A £ 1.26 - 0.00 0.00 American Fund USD Class $ 79.43 - -0.53 0.00
Equity Ser. 4 540.10 568.50 -8.50 - Ashmore SICAV Local Currency Fund $ 82.01 - 0.11 0.32
Cavendish Asia Pacific Fund C Acc 152.50 - -3.60 1.62 Vietnam Property Fund (VPF) NAV $ 0.82 - 0.04 0.00 Extra Income £ 0.26 - 0.00 3.30
UK Agricultural Class B £ 1.38 - 0.00 0.00 American Fund GBP Hedged £ 43.29 - -0.29 0.00
European Ser 4 554.00 583.10 -10.50 - EM Mkts Corp.Debt USD F $ 93.46 - 0.30 7.80 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Cavendish European Fund B Class 136.70 - -1.20 1.28 Extra Income - Gross £ 0.26 - 0.00 3.30
Student Accom Class B £ 0.55 - -0.17 0.00 American Fund GBP Unhedged £ 51.66 - -0.19 - PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Fixed Int. Ser. 4 889.90 936.70 -1.40 - EM Mkts Loc.Ccy Bd USD F $ 78.01 - 0.27 4.46
Cavendish European Fund A Class 134.90 - -1.20 0.37 Enquiries 0117 90090000
Global Dividend - Acc £ 1.48 - -0.02 3.31 Latin American Fund USD Class $ 11.70 - -0.11 0.00
Intl Ser. 4 416.80 438.80 -9.90 - DSM Capital Partners Funds (LUX) www.hl.co.uk
Cavendish Japan Fund B Class 149.20 - -5.50 0.80 www.dsmsicav.com Global Dividend - Inc £ 1.32 - -0.03 3.46 Latin American Fund GBP Unhedged £ 7.61 - -0.05 - Authorised Inv Funds
Japan Ser 4 356.00 374.70 -14.60 - CAF Financial Solutions (UK)
Regulated
Kings Hill, West Malling, Kent 03000 123 222 Cavendish Japan Fund A Class 147.70 - -5.50 0.00 Global Focus £ 12.65 - -0.15 0.00 Hargreaves Lansdown Funds
Man. Ser. 4 1603.40 1687.80 -23.50 - Global Growth I2 Acc € 126.91 - -1.54 0.00 Unit Trust
Property & Other UK Unit Trusts Cavendish North American Fund B Class 183.60 - -0.50 0.61 Global High Yield Fund - A Gross Acc £ 11.95 - 0.01 4.89
Money Ser. 4 524.30 551.90 0.00 - CAF UK Equitrack Inc Fd 68.29 68.29 -0.53 3.40 Global Growth I1 Eur € 94.95 - -1.15 - HL Multi-Manager Special Situations Trust A Acc 260.55 274.26 4.24 0.38
Cavendish North American Fund A Class 178.00 - -0.50 0.00 Global High Yield Fund - A Gross Inc £ 10.01 - -0.04 5.54
Prop. Ser. 4 1099.60 1157.50 3.40 - CAF UK Equitrack Acc Fd 95.12 95.12 -0.73 3.40 HL Multi-Manager Special Situations Trust M Acc 260.55 274.26 4.24 0.00
Cavendish Technology Fund B Class 264.00 - -1.70 0.09 Global High Yield Fund - A Net Acc £ 11.54 - 0.01 4.94
Custodian Ser 5 463.30 487.70 -3.70 - FP CAF Alternative Strategies A Class Acc 111.02 - -0.12 0.49 HL Multi-Manager Income & Growth Trust A Acc 161.47 169.89 2.15 3.53
Cavendish Technology Fund A Class 251.20 - -1.70 0.00 Eclectica Asset Management (UK)
Global High Yield Fund - A Net Inc £ 10.01 - -0.03 5.54
International Ser 5 400.50 421.60 -9.50 - Aspect Capital Ltd (UK) FP CAF Alternative Strategies A Class Inc 110.18 - -0.12 0.52 40 Dukes Place, London EC3A 7NH HL Multi-Manager Income & Growth Trust M Acc 161.46 169.87 2.16 0.29
Other International Funds Cavendish UK Balanced Income Fund B Class 137.50 - -0.70 5.34 Order desk: 0845 6080941 Switchboard 0870 6072555 Global Property - Acc £ 1.38 - -0.03 1.34
Managed Ser 5 1540.60 1621.70 -22.60 - FP CAF Fixed Interest A class Acc 113.60 - 0.12 2.91 HL Multi-Manager Income & Growth Trust A Inc 98.30 103.43 1.31 3.62
Aspect Diversified USD $ 435.74 - 11.68 0.00 Cavendish UK Balanced Income A Class 130.80 - -0.70 5.61 Authorised Corporate Director - Capita Financial Managers
Global Property W Inc £ 1.12 - -0.05 3.02 Fleming Financial Trust Investment Fund Limited (NZ)
Money Ser 5 513.30 540.40 0.00 - FP CAF Fixed Interest A class Inc 99.94 - 0.11 2.97 Authorised Inv Funds HL Multi-Manager Income & Growth Trust M Inc 98.28 103.41 1.31 0.29
Aspect Diversified EUR € 262.10 - 6.41 - Cavendish UK Select Fund B Class 153.40 - 0.10 1.86 Incorporated in New Zealand, Reg No 5141841
CF Eclectica Agriculture A EUR Acc ♦ € 1.41 - -0.01 0.00 Global Special Sits £ 24.07 - -0.43 0.00
Property Ser 5 1056.50 1112.10 3.20 - FP CAF Fixed Interest B class Acc 114.11 - 0.13 2.91 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand HL Multi-Manager Balanced Managed Trust A Acc 179.22 188.52 2.44 0.93
Aspect Diversified GBP £ 133.80 - 3.48 0.00 Cavendish UK Select Fund A Class 153.00 - 0.10 1.01 Index Emerging Markets P-Acc £ 0.93 - -0.01 2.79 www.fftinvestmentfund.com
Pension Funds CF Eclectica Agriculture A GBP Acc ♦ 103.49 - -0.80 0.00 HL Multi-Manager Balanced Managed Trust M Acc 179.22 188.51 2.44 0.00
FP CAF Fixed Interest B class Inc 100.25 - 0.11 2.97 info@fftinvestmentfund.com
Aspect Diversified CHF SFr 125.61 - 3.21 0.00 Index Europe ex UK P-Acc £ 1.00 - -0.01 2.50
American 1796.10 1890.70 -51.00 - CF Eclectica Agriculture A USD Acc ♦ $ 1.58 - -0.02 0.00 Other International Funds
FP CAF International Equity A Class Acc 135.73 - 0.72 0.65 HL Multi-Manager Equity & Bond Trust A Inc 107.75 113.25 0.93 2.01
Aspect Diversified Trends USD $ 129.12 - 0.82 0.00
Equity 4741.20 4990.70 -66.30 - Cedar Rock Capital Limited (IRL) CF Eclectica Agriculture C EUR Acc ♦ € 1.46 - -0.01 0.33 Index Japan P-Acc £ 1.07 - -0.04 1.59 Fleming FT Investment Fund
FP CAF International Equity A Class Inc 131.97 - 0.71 0.65 HL Multi-Manager Equity & Bond Trust M Inc 107.73 113.23 0.92 0.17
Aspect Diversified Trends EUR € 129.33 - 0.81 0.00 Regulated Fleming Fund $ 3.83 3.93 0.01 -
European 1113.10 1171.70 -21.60 - CF Eclectica Agriculture C GBP Acc ♦ 107.28 - -0.83 0.38 Index Pacific ex Japan P-Acc £ 0.95 - -0.03 4.10
FP CAF UK Equity A Class Acc 146.38 - 0.58 2.13 Cedar Rock Capital Fd Plc $ 365.29 - -3.41 0.00 HL Multi-Manager Equity & Bond Trust A Acc 144.87 152.26 1.25 1.99
Aspect Diversified Trends GBP £ 133.84 - 0.88 0.00 Index UK A-Acc £ 0.81 - -0.01 2.97
Fixed Int. 1631.10 1716.90 -2.50 - CF Eclectica Agriculture C USD Acc ♦ $ 1.63 - -0.02 0.40
FP CAF UK Equity A Class Inc 133.86 - 0.52 2.16 Cedar Rock Capital Fd Plc £ 367.41 - -3.53 0.00 HL Multi-Manager Equity & Bond Trust M Acc 144.87 152.26 1.24 0.17
International 880.20 926.60 -21.30 - Index UK P-Acc £ 0.99 - -0.01 3.22 Foord Asset Mgt (Guernsey) Ltd (GSY)
FP CAF UK Equity B Class Acc 146.38 - 0.57 2.13 Cedar Rock Capital Fd Plc € 342.24 - -5.15 0.00 HL Multi-Manager Strategic Bond Trust A Acc 166.40 171.54 -0.12 1.48
Regulated
Japan 373.30 393.00 -14.00 - Atlantas Sicav (LUX) Index US A-Acc £ 1.52 - -0.02 1.53
FP CAF UK Equity B Class Inc 133.85 - 0.53 2.16 Foord International Trust $ 34.22 - 0.61 0.00 HL Multi-Manager Strategic Bond Trust M Acc 166.41 171.55 -0.11 0.13
Regulated
Managed 4135.40 4353.00 -60.70 - Index US P-Acc £ 1.17 - -0.02 1.75
American Dynamic $ 3398.29 - 124.32 0.00 HL Multi-Manager Strategic Bond Trust A Inc 139.36 143.67 -0.10 1.50
Property 2846.50 2996.30 10.80 -
Charles Schwab Worldwide Funds Plc (IRL) Index World A-Acc £ 1.35 - -0.02 1.89
American One $ 3125.67 - 119.01 0.00 Regulated HL Multi-Manager Strategic Bond Trust M Inc 139.36 143.67 -0.10 0.13
Security 1476.40 1554.10 0.00 - Index World P-Acc £ 1.10 - -0.01 2.01 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 82.62 85.15 2.23 0.00
Bond Global € 1363.96 - 23.17 0.00
Selective 1994.60 2099.60 -11.50 - Japan £ 2.63 - -0.09 0.00 Other International Funds
Eurocroissance € 843.40 - 41.68 0.00 HL Multi-Manager European A Acc 98.69 101.72 1.63 0.14
Formerly Hill Samuel Life Assurance Ltd EdenTree Investment Management Ltd (UK) Japan Smaller Companies £ 1.89 - -0.06 0.00 Franklin Emerging Market Debt Opportunities Fund Plc
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Far East $ 633.56 - 13.02 0.00 Chartered Asset Management Pte Ltd PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 HL Multi-Manager UK Growth A Acc 101.74 104.88 1.25 0.16
Franklin Emg Mkts Debt Opp CHFSFr 17.49 - -0.36 6.60
Other International Funds MoneyBuilder Asset Allocator £ 1.16 - -0.01 0.53
Managed Ser A (Life) 1540.10 1629.70 11.10 - Authorised Inv Funds
Franklin Emg Mkts Debt Opp EUR € 12.32 - -0.30 6.67
CAM-GTF Limited $ 271270.16 271270.16 -5157.63 0.00 Amity UK Cls A Inc 210.80 - -0.70 1.48 MoneyBuilder Balanced £ 0.49 - 0.00 4.15
Managed Ser A (Pensions) 1024.30 1078.20 9.00 - CCLA Investment Management Ltd (UK)
BLME Asset Management (LUX) Senator House 85 Queen Victoria Street London EC4V 4ET
Franklin Emg Mkts Debt Opp GBP £ 10.28 - -0.15 6.52 Haussmann
CAM GTi Limited $ 647.80 - -62.67 0.00 Amity UK Cls B Inc 210.80 - -0.70 2.29 Money Builder Dividend £ 2.47 - -0.04 4.49
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$ 22.71 - -0.27 6.36
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 122.10 - -0.60 5.00 MoneyBuilder Growth £ 0.72 - -0.02 2.29 Haussmann Cls A $ 2859.39 - -18.19 0.00
The Public Sector Deposit Fund
Managed (Life) 1560.80 1642.90 11.30 - Franklin Emg Mkts Debt Opp USD $ 17.43 - -0.32 6.43
Income Fund - Share Class A Acc $ 1138.13 - -0.18 0.00 The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.50 Higher Income Cls B Inc 125.60 - -0.60 4.93 MoneyBuilder Growth ISA £ 0.73 - -0.02 2.45 Haussmann Cls C € 2504.82 - -16.57 0.00
Managed Growth (Life) 491.40 517.30 4.80 - Income Fund - Share Class B Acc $ 1158.33 - -0.17 0.00 MoneyBuilder Income £ 0.35 - 0.00 3.23
The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.30 UK Equity Growth Cls A Inc 234.40 - -1.10 0.61 Haussmann Cls D SFr 1328.55 - -9.32 0.00
Managed (Pensions) 6147.20 6470.70 55.00 - Income Fund - Share Class C Acc $ 1006.35 - -0.18 0.00 MoneyBuilder Income -Gross £ 0.35 - 0.00 3.23 Frontier Capital (Bermuda) Limited
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.35 UK Equity Growth Cls B Inc 239.70 - -1.20 1.23
Managed Growth (Pensions) 598.10 629.60 7.20 - Other International
Income Fund - Share Class D Dis $ 996.27 - -0.16 1.22 The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.40 Amity Balanced For Charities A Inc 106.60 - -0.70 6.05 Multi Asset Adventurous A-Acc £ 1.29 - 0.00 0.48
additional fund prices can be found on our website Commercial Property-GBP Class £ 71.42 - -0.53 - Heartwood Wealth Management Limited (IRL)
Income Fund - Share Class G Acc £ 1078.18 - -0.14 0.00 The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.30 Amity European Fund Cls A Inc 194.00 - -2.20 1.27 Multi Asset Alloc Adventurous A-Acc £ 3.65 - -0.03 2.39 Regulated
Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Income Fund - Share Class M Acc € 1013.32 - -0.16 0.00 Amity European Fund Cls B Inc 196.20 - -2.30 2.15 Multi Asset Alloc Strategic A-Acc £ 1.15 - -0.01 0.28 Heartwood Caut Multi Asset B Acc 139.29 - 0.45 0.00

Income Fund - Share Class W DisA$ 1033.77 - -0.04 - Cheyne Capital Management (UK) LLP (IRL) Multi Asset Alloc Def - Gross A £ 1.11 - 0.00 0.28
Amity Global Equity Inc for Charities A Inc 98.46 - -0.95 4.07
CCLA Investment Management Ltd (UK) Regulated
Gl Sukuk Fund - Share Class A Acc $ 1229.60 - 0.21 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Amity International Cls A Inc 192.10 - -1.90 1.45 Multi Asset Alloc Def - Net A £ 1.10 - -0.01 0.25 Henderson Global Investors (UK)
Cheyne Convertibles Absolute Return Fund € 1345.20 - 3.17 0.00
Gl Sukuk Fund - Share class B Acc £ 1096.87 1096.87 0.22 0.00 Property & Other UK Unit Trusts PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Amity International Cls B Inc 193.80 - -2.00 2.36 Multi Asset Alloc Growth A £ 1.18 - 0.00 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 106.60 - -0.30 5.18 Multi Asset Defensive £ 1.21 - 0.00 0.36 Authorised Inv Funds
Investment Inc 1274.36 1288.46 -88.91 3.78 Cheyne Global Credit Fund € - - - 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Amity Sterling Bond Fund B Inc 115.00 - -0.30 5.16 Multi Asset Defensive - Gross £ 1.22 - 0.00 0.35 Asia Pacific Capital Growth A Acc 648.10 - -11.00 0.98
Alceda Fund Management S.A. Investment Acc 2570.49 2598.92 -179.32 -
www.alceda.lu Regulated Multi Asset Growth £ 1.34 - 0.00 0.36 Asian Dividend Income Inc 79.73 84.13 -1.56 6.93
Global Equity Inc 144.11 145.70 -12.76 4.31 Fundsmith LLP (1200)F (UK)
FCA Recognised Global Liquidity USD $ 1.00 - 0.00 0.22 Cheyne Capital Management (UK) LLP
MultiManager Balanced £ 1.09 - 0.00 0.56 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Cautious Managed A Acc 234.70 - -0.80 3.26
AC Opp - Aremus Fund EUR A € 113.10 - 0.36 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 £ 0.46 - 0.01 0.82 Authorised Inv Funds Cautious Managed A Inc 146.30 - -0.50 3.32
AC Risk Parity 7 Fund EUR A € 118.52 - -0.25 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 £ 1.22 - 0.01 1.25 Fundsmith Equity T Acc 204.31 - -1.47 1.26 China Opportunities A Acc 737.30 - -19.00 0.44
AC Risk Parity 12 Fund EUR A € 141.13 - -0.50 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 2.52 Fundsmith Equity T Inc 192.95 - -1.39 1.28 Emerging Markets Opportunities A Acc 136.20 - -1.10 0.81
AC Risk Parity 17 Fund EUR A € 86.64 - -0.50 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 € 2.56 - -0.02 2.26 Multi Asset Strategic £ 1.51 - 0.00 0.53 European Growth A Acc 161.70 - -1.10 0.81
ACQ Risk Parity Bond Fund EUR A € 95.88 95.88 -0.12 0.00 Fixed Interest Acc 497.29 499.29 3.51 -
Sterling Bond F £ 0.45 - -0.01 3.35 European Opportunities I GBP £ 1.86 - -0.02 2.44 Open World A-Acc £ 1.16 - 0.01 0.00 European Selected Opportunities A Acc 1242.00 - -13.00 0.69
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 $ 2.89 - -0.02 1.98 Multi Asset Income A Gross Acc £ 1.55 - 0.00 3.72 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 € 2.51 - -0.01 1.57 Multi Asset Income A Gross Inc £ 1.09 - -0.01 5.20 Fixed Interest Monthly Income A Inc 21.96 23.03 0.00 5.47
Internet: gam.com
Dealing and Enquiries 020 7214 1004
Cheyne Total Return Credit Fund December 2019 $ 143.50 - 2.25 - Global Opportunities I USD $ 1.64 - -0.02 2.10 Multi Asset Income A Net Acc £ 1.46 - -0.01 3.74 Authorised Inv Funds Global Care Growth A Inc 193.80 - -1.60 0.12
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 £ 1.07 - -0.01 1.99 Multi Asset Income A Net Inc £ 1.09 - -0.01 5.21 Global Equity Income A Inc 46.95 - -0.89 3.91
GAM Global Diversified Acc 3887.36 - -16.01 0.00
Dynamic Capital Growth Acc 636.10 671.30 -5.60 1.67 Property & Other UK Unit Trusts Global Opportunities I EUR € 1.47 - 0.00 2.06 South East Asia £ 7.32 - -0.14 0.13 Global Growth Fund 1963.37 2052.36 -27.34 0.00
COIF Charity Funds (UK) Cohen & Steers SICAV (LUX) GAM North American Gwth Acc 3198.90 - -16.59 -
Dynamic Capital Growth Inc 254.60 268.60 -2.20 1.70 Regulated Global Opportunities A GBP £ 1.01 - 0.00 1.50 Special Situations £ 29.82 - -0.07 0.80 Global Technology A Acc 883.70 - -8.20 0.00
Algebris Investments (IRL) Investment Inc 1207.33 1220.68 27.53 3.62
Asset Management
GAM UK Diversified Acc 1855.25 - -1.86 -
Regulated Eastern Acc GBP 592.10 - -11.90 0.00 European Real Estate Securities € 22.4155 - 0.0296 1.68 Pan European Opportunities I EUR € 1.57 - 0.00 - Strategic Bond £ 0.31 - 0.00 2.96 Multi-Manager Absolute Return A Acc 135.20 - 0.30 0.31
Algebris Financial Credit Fund - Class I EUR € 130.42 - 0.21 0.00 Eastern Inc GBP 581.00 - -11.70 0.00
Investment Acc

Ethical Invest Inc

11506.05 11633.32 262.40

186.36 188.42 4.29 3.73

-
Europ.RealEstate Sec. IX € 30.0089 - 0.0396 0.00 Strategic Bond Gross £ 0.31 - 0.00 2.96 Multi-Manager Active A Acc ▲ Asset Manageme 170.40 - 0.10 0.00
Algebris Financial Income Fund - Class I EUR € 121.67 - 0.13 0.00 Europe Select Inc GBP 2524.00 - -16.00 0.68 Gbl RealEstate Sec. I $ 10.2421 - -0.1441 1.49 Target 2015 £ 0.50 - 0.00 0.27 GAM Limited (IRL)
Multi-Manager Distribution A Inc 126.20 - 0.90 3.18
Ethical Invest Acc 237.57 240.20 5.47 - FCA Recognised
Algebris Financial Equity Fund - Class B EUR € 99.06 - -0.14 - European Growth Inc 1016.00 1071.00 -12.00 1.42 Gbl RealEstate Sec. IX $ 12.1131 - -0.1704 0.00 Target 2015 - Gross £ 0.50 - 0.00 0.30 GAM Fund Management Ltd Multi-Manager Diversified A Acc 77.86 - 0.33 2.70
Global Equity Inc 142.58 144.16 4.37 4.41
Algebris Asset Allocation Fund - Class B EUR € 99.91 - 0.29 - German Growth Acc GBP 568.60 - -8.50 0.30 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Target 2020 £ 0.56 - 0.00 0.51 Multi-Manager Global Select Acc 174.40 - -0.20 0.00
Global Equity Acc 209.38 211.70 6.42 - GAM Star Fund Plc
German Growth Inc GBP 523.50 - -7.90 0.29 Target 2025 £ 1.28 - -0.01 0.29 Multi-Manager Income & Growth A Acc 150.80 - 1.10 2.10
Fixed Interest Inc 133.82 134.35 -0.08 4.14 GAM Star Asia-Pacific Eqty USD Acc F $ 11.67 - -0.18 0.00
Strategic Bond Inc 116.20 122.10 0.00 1.08 Target 2030 £ 1.37 - -0.01 0.26 Multi-Manager Income & Growth A Inc 139.50 - 1.00 2.12
Fixed Interest Acc 759.46 762.51 -0.48 - GAM Star Asian Eqty USD Ord Acc F $ 12.30 - -0.08 0.00
Global Growth Inc 362.20 381.60 -9.40 0.00 EFG Hermes UK Select £ 2.38 - -0.01 0.89 Multi-Manager Managed A Acc 224.20 - 0.10 0.43
Property Inc 112.52 116.29 0.07 5.79 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE GAM Star Balanced GBP Acc £ 10.24 - 0.10 0.00
Japan Growth Acc 130.30 137.20 -4.80 0.27 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com UK Growth £ 3.51 - -0.01 0.00 Multi-Manager Managed A Inc 220.10 - 0.10 0.42
Property Acc 248.62 256.95 2.77 - GAM Star Cap.Appr.US Eqty USD Inc F $ 16.85 - -0.11 0.00
Korea Acc 264.00 279.70 -5.70 0.00 Other International Funds
Local Authorities Property Fd (LAMIT) (UK) UK Smaller Companies £ 2.08 - 0.01 0.19 Sterling Bond Acc 193.99 202.69 -0.35 2.80
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 152.70 - -1.10 1.52 Property 274.76 295.14 2.73 4.81 WealthBuilder A Acc £ 0.99 - 0.00 0.64 Sterling Bond Inc 60.49 63.20 -0.11 2.84
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 £ 10.30 - 0.08 0.00
Multi Asset A Inc ... C 146.20 - -0.90 1.54 FCA Recognised Fidelity PathFinder Strategic Bond A Inc 126.60 - 0.00 5.34
FCA Recognised
Saudi Arabia Equity Fund SR 13.81 - 0.14 0.00 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.08 - 0.00 - GAM Star China Equity USD Acc F $ 20.95 - -0.32 0.00
UK Growth Inc 235.00 248.50 -1.80 1.56 Comgest Magellan € 18.85 - -0.13 0.00
Allianz Best Styles Global Equity £ 100.33 100.33 -1.63 - UK & Irish Smaller Companies A Acc 561.00 - 0.80 0.00
CG Asset Management Limited (IRL) GAM Star Cont European Eqty GBP Acc F £ 3.45 - -0.02 0.00
Charity Fund Fidelity PathFinder Foundation 1 Acc (clean) £ 1.08 - 0.00 -
Allianz Global Fundamental Strategy £ 102.00 102.00 -0.67 - Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland UK Absolute Return A Acc 146.80 - -0.30 0.00
0800 032 6347 (charity enquiries) 00 353 1 434 5098 GAM Star Cred Opportunities GBP Acc £ 12.29 - 0.01 4.60
Electric & General (1000)F (UK) Fidelity PathFinder Foundation 2 Acc (clean) £ 1.07 - 0.00 -
Allianz Global Small Cap Equity £ 105.49 105.49 -1.37 -
Targeted Return Fund Acc 141.30 142.10 -0.90 3.23 FCA Recognised
Comgest AM International Ltd (IRL) UK Alpha A Acc ♦ 111.60 - -0.40 1.00
46 St Stephen's Green, Dublin 2, Ireland Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Foundation 3 Acc (clean) £ 1.05 - 0.00 - GAM Star Defensive GBP Acc £ 10.82 - 0.18 0.00
Capital Gearing Portfolio Fund Plc £ 26389.94 26389.94 55.03 0.63 Orders & Enquiries: 0845 850 0255 UK Equity Income & Growth A Inc 603.00 - -2.30 3.82
Targeted Return Fund Inc 109.80 110.40 -0.70 3.30 FCA Recognised GAM Star Discretionary FX USD Acc F $ 12.73 - 0.00 0.00
Authorised Inv Funds Fidelity PathFinder Foundation 4 Acc (clean) £ 1.06 - 0.00 -
CG Portfolio Fund Plc UK Index A Acc 476.90 - -3.80 2.63
Amundi Funds (LUX) Comgest Gth Asia Pac ex Jap DIS F $ 7.42 - -0.04 0.13
Authorised Corporate Director - Carvetian Capital Management GAM Star Dynamic Gbl Bd USD Acc H $ 10.04 - -0.03 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.11 - -0.02 -
Real Return Cls A £ 167.83 167.83 2.67 2.38 Comgest Gth Emerging Mkt DIS F $ 29.48 - -0.22 0.46 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 136.60 - -1.20 2.12 GAM Star Emerg. Market Rates USD Acc F $ 11.43 - -0.02 0.00
Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.10 - 0.00 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Dollar Fund Cls D £ 129.92 129.92 2.44 1.62 Comgest Gth Europe DIS F € 19.67 - -0.03 0.00 UK Property A Inc 97.68 102.81 0.03 4.16
FCA Recognised GAM Star European Eqty USD Acc F $ 23.20 - -0.03 0.00
FCA Recognised Fidelity PathFinder Focussed 1 Acc (clean) £ 1.09 - 0.00 -
Bd. Euro Corporate AE Class - R - EUR € 18.41 - -0.03 0.00 Capital Value Fund Cls V £ 128.67 128.67 0.41 0.27 Comgest Gth GEM PC DIS F € 11.78 - -0.03 0.16 UK Tracker A Acc 212.80 - -2.00 2.36
ASEAN Frontiers A GBP Inc £ 101.63 - -1.04 0.62 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Focused 2 Acc (Clean) £ 1.10 - 0.00 - GAM Star Flexible Gbl Port GBP Ac £ 12.45 - -0.02 0.00
Bd. Global AU Class - R - USD $ 25.63 - -0.05 0.00 US Growth A Acc 749.10 - -9.70 0.00
5 Kensington Church St, London W8 4LD 020 7368 4220 GAM Star GAMCO US Equity Acc F $ 12.85 - -0.02 0.00
Asia Growth A GBP Inc H £ 40.07 - -0.80 0.00 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.09 - -0.01 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FCA Recognised
Australia A GBP Inc £ 61.39 - -2.07 2.10
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.10 - 0.00 - GAM Star Global Rates USD Acc F $ 12.49 - -0.25 0.00

Asset Management
Ennismore European Smlr Cos NAV £ 96.50 - -0.25 0.00
Eq. Emerging World AU Class - R - USD $ 80.17 - -0.13 0.00 PO BOX 10117, Chelmsford, Essex, CM1 9JB

Asset Management Asset Management

Baring China Bond Fund $ 9.85 - 0.06 0.00 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.12 - 0.00 - GAM Star Global Selector USD Acc F $ 13.07 - 0.00 0.00
Dealing & Client Services 0845 0264281 Ennismore European Smlr Cos NAV € 132.04 - -0.60 0.00
Eq. Greater China AU Class - R - USD $ 534.28 - 2.90 0.00
Authorised Inv Funds GAM Star Japan Eqty USD Acc F $ 12.95 - -0.17 0.00
Baring Emerging Markets Corporate Debt Fund $ 9.33 - 0.00 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.07 - 0.01 -
Eq. Latin America AU Class - R - USD $ 341.37 - -3.85 0.00 Consistent UT Inc 53.31 53.94 -0.26 4.83
Baring European Opportunities Fund Class A EUR Acc € 13.10 - -0.07 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.06 - 0.01 - GAM Star Keynes Quant Strat USD Acc F $ 12.26 - -0.02 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.90 - -0.03 0.00 Consistent UT Acc 124.24 125.72 -0.62 4.68 Ennismore European Smlr Cos Hedge Fd
GAM Star Local EM Rates and FX USD Acc $ 10.80 - -0.07 0.00
Baring Global Mining Fund - Class A GBP Inc £ 3.88 - -0.04 0.58 Canada Life Investments (UK) Other International Funds Fidelity PathFinder Freedom 1 Acc (clean) £ 1.06 - 0.00 -
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Practical Investment Inc 204.97 209.95 -1.74 3.80 GAM Star North of South EM Equity Acc F $ 9.65 - -0.07 0.00
Dynamic Emerging Markets A GBP Acc F £ 8.72 - -0.06 0.00 NAV € 482.14 - 6.07 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.04 - 0.01 -
Authorised Inv Funds
Hermes Investment Funds Plc (IRL)
The Antares European Fund Limited Practical Investment Acc 976.32 1000.03 -8.30 3.70 GAM Star Technology USD Acc F $ 14.74 - -0.17 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Eastern Europe A GBP Inc £ 39.76 - 0.71 1.87 Asia Pacific B Acc 758.09 - -21.60 1.14 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.03 - 0.01 -
Other International FCA Recognised
Emerging Mkt Debt LC A GBP Hedged Inc £ 7.41 - -0.03 6.82 GAM Star US All Cap Eqty USD Acc F $ 13.14 - -0.14 0.00
AEF Ltd Usd $ 630.92 - -19.03 - Balanced B Acc 142.22 - -0.72 1.53 Equinox Fund Mgmt (Guernsey) Limited (GSY) Fidelity PathFinder Freedom 5 Acc (clean) £ 1.08 - 0.00 -
Hermes Abs Return Credit Fund Class F Acc £ £ 0.99 0.99 0.00 -
Regulated GAM Star Worldwide Eqty USD Acc F $ 3232.07 - -16.14 0.00
AEF Ltd Eur € 633.71 - -18.64 0.00 Emerging Opportunities A GBP Inc H £ 16.69 - -0.36 0.00 Corporate Bond B Inc 203.81 - -0.19 4.07 Fidelity PathFinder Income 1 Income (clean) £ 1.02 - -0.01 3.97
Hermes Abs Return Credit Fund Class R Acc € € 1.95 1.95 0.00 -
Equinox Russian Opportunities Fund Limited $ 113.57 - 2.96 0.00
Glb Emerging Markets A GBP Inc H £ 16.98 - -0.39 0.00 European B Acc 242.88 - -2.41 1.64 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.02 - -0.01 4.86
Hermes Active UK Inflation Fund Class F Acc £ 1.30 1.30 -0.01 0.00
Glb Resources A GBP Inc H £ 10.52 - -0.08 0.38 Global Bond B Inc 91.30 - 0.19 2.96 Fidelity PathFinder Income 2 Income (clean) £ 1.02 - -0.01 3.72 GYS Investment Management Ltd (GSY)
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.39 1.39 -0.02 0.00
Arisaig Partners Regulated
Other International Funds High Yield Bond A GBP Hedged Inc H £ 6.45 - 0.01 7.00 Euronova Asset Management UK LLP (CYM) Fidelity PathFinder Income 2 gross £ 1.03 - -0.01 4.70
Global Equity B Acc 570.82 - -3.81 1.14 Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.02 3.02 -0.05 0.00
Regulated Taurus Emerging Fund Ltd $ 173.48 177.02 2.37 0.00
Arisaig Africa Consumer Fund Limited $ 14.85 - 0.17 0.00 Hong Kong China A GBP Inc £ 522.48 - -14.89 0.64 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.02 - -0.01 4.63
Global Equity Income B Inc 119.34 - 0.12 4.02 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 -0.02 0.00
Arisaig Asia Consumer Fund Limited $ 61.20 - -0.42 0.00 India Fund - Class A GBP Inc £ 13.81 - -0.36 0.00 www.creditandorra.com Fidelity PathFinder Income 3 Income (clean) £ 1.03 - 0.00 4.31
Global High Yield Bond B Inc 95.61 - 0.19 4.92 Smaller Cos Cls Two Shares (Est) € 23.54 - -1.00 0.00 Hermes Global Emerging Markets Fund Class R Acc € 2.74 2.74 -0.06 0.00
Arisaig Global Emerging Markets Consumer Fund $ 9.92 - -0.01 0.00 FCA Recognised Institutional OEIC Funds Generali International Limited
Latin America A USD Inc H $ 27.07 - -1.32 0.21 Global Infrastructure B Acc 108.20 - -0.27 0.95 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 £ 1.44 1.44 -0.01 0.00
Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 America £ 3.73 - -0.05 0.56
Arisaig Global Emerging Markets Consumer UCITS € 11.42 - 0.00 0.00 MENA A GBP Inc F * £ 12.29 - -0.07 0.64 International Insurances
Global Resource B Acc 77.13 - 2.65 1.32 Smaller Cos Cls Four Shares (Est) € 15.19 - -0.68 0.00 Hermes Global Equity Fund Class R Acc € 3.77 3.77 -0.04 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Emerging Markets £ 2.87 - -0.07 0.87
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.61 - -0.03 0.00 Global Multi-Strategy Managed $ 4.62 4.98 -0.29 0.00
Japan B Acc 49.86 - -1.69 0.94 Hermes Global ESG Equity Fund Class F Acc £ 1.11 1.11 -0.01 0.00
Crediinvest SICAV Fixed Income Eur € 10.75 - -0.01 0.00 Europe £ 3.98 - -0.04 1.59
Arisaig Latin America Consumer Fund $ 20.32 - -0.02 0.00 UK Multi-Strategy Managed £ 4.72 5.09 -0.21 0.00
Baring International Fd Mgrs (Ireland) (IRL) Portfolio III B Acc 106.14 - -0.14 2.04
Asset Management
Hermes Global High Yield Bond Fund Class F Acc £ 1.08 1.08 0.00 0.00
Crediinvest SICAV Fixed Income Usd $ 10.49 - 0.00 0.00 Fidelity Pre-Retirement Bond Fund £ 116.70 - -0.10 3.05
Regulated EU Multi-Strategy Managed € 2.94 3.17 -0.14 0.00
Portfolio IV B Acc 107.33 - -0.39 2.24 Hermes Global High Yield Bond Fund Class R Acc € 2.82 2.82 0.00 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Crediinvest SICAV Spanish Value € 261.61 - -1.41 0.00 Global Focus £ 2.69 - -0.03 1.70 Global Bond USD $ 3.47 3.75 -0.02 0.00
Portfolio V B Acc 106.00 - -0.55 1.39 Hermes Global Small Cap Fund Class F Acc £ £ 0.96 0.96 0.00 -
Crediinvest SICAV International Value € 222.44 - 0.27 0.00 Index Linked Bond £ 2.66 - -0.01 0.71
Portfolio VI B Acc 104.53 - -0.83 1.50 Hermes Global Small Cap Fund Class R Acc € € 1.88 1.88 -0.01 -
Crediinvest SICAV Big Cap Value € 17.21 - -0.10 0.00 Index Linked Bond Gross £ 3.21 - -0.02 0.71
Barings (Luxembourg) (LUX)
Portfolio VII B Acc 100.72 - -1.00 1.22 Genesis Asset Managers LLP Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.99 0.99 0.00 -
FCA Recognised Crediinvest SICAV US American Value $ 17.82 - -0.13 0.00 Index-Linked Bond Fund Gross Inc £ 12.53 - -0.07 0.71 Other International Funds
North American B Acc 783.98 - 1.44 0.79 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 £ 23.85 - 0.50 0.00 Crediinvest SICAV Sustainability € 14.98 - 0.00 0.00 Japan £ 1.96 - -0.06 0.81 Emerging Mkts NAV £ 5.02 - 0.04 0.00
Regulated
Strategic Return B Acc 98.14 - -0.51 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.24 1.24 -0.01 0.00
Artemis Fund Managers Ltd (1200)F (UK) (LF) Absolute Return € 1.29 - -0.01 0.00 Long Bond £ 0.50 - 0.00 2.85
57 St. James's Street, London SW1A 1LD 0800 092 2051 Total Return B Acc 102.41 - 0.87 2.98 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.20 1.20 -0.02 1.36
Barmac Asset Management Ltd (UK) DAVIS Funds SICAV (LUX) (LF) Balanced - Active Fund (RON)RON 16.22 - -0.06 0.00 Long Bond Gross £ 0.82 - 0.00 2.79
Authorised Inv Funds UK Equity B Inc 105.79 - -0.50 1.76
Guardian (UK)
40 Dukes Place, London, EC3A 7NH Regulated Hermes Sourcecap EU Alpha Fund Class R Acc € 2.99 2.99 -0.05 0.00
(LF) Cash Fund € € 1.18 - 0.00 - Long Bond Fund Gross Inc £ 11.19 - -0.04 2.85 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Artemis Capital R ACC 1228.87 1299.23 -6.90 1.29 Authorised Corporate Director - Capita Financial Managers UK Equity & Bond Income B Inc 225.23 - -0.62 5.31 Davis Value A $ 39.78 - -0.28 0.00 Insurances Hermes Sourcecap EX UK Fund Class F Acc £ 1.29 1.29 -0.02 0.00
Dealing: 0845 922 0044 (LF) Cash Fund (RON) RON 15.61 - 0.00 0.00 Pacific (Ex Japan) £ 3.24 - -0.08 2.02
Artemis European Growth R Acc 238.67 252.21 -2.20 1.21 Guardian Assurance
Authorised Inv Funds UK Equity Income B Inc 398.17 - -1.41 5.32 Davis Global A $ 27.83 - -0.28 0.00 Hermes Sourcecap EX UK Fund Class R Acc € 3.03 3.03 -0.04 0.00
(LF) Eq Emerging Europe € 0.73 - 0.00 0.00 Pan European £ 2.58 - -0.02 2.10
Artemis European Opps R Acc - - - 0.85 Equity S-GH Class B £ 11.99 - -0.10 -
The Castleton Growth Fund Ret Acc 2 114.09 - 0.06 0.00 UK Government Bond B Inc 47.05 - -0.09 1.97 Hermes UK Small & Mid Cap Fund Class F Acc £ 1.62 1.62 0.01 0.00
(LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00 Reduced Duration UK Corporate Bond £ 10.50 - 0.02 3.15
Artemis Global Emg Mkts I GBP Acc 79.22 - -0.91 - Managed Fund Bond £ 22.76 23.71 0.00 -
The Castleton Growth Fund Ret Inc 2 112.73 - 0.06 0.00 Hermes UK Small & Mid Cap Fund Class R Acc € 4.84 4.84 0.01 0.00
Discretionary Unit Fund Mngrs (1000)F (UK) (LF) Global Bond Fd € 12.07 - 0.01 0.00 Reduced Duration UK Corporate Bond Gross £ 10.66 - 0.01 3.15
Artemis Global Emg Mkts I GBP Dist 79.22 - -0.90 - Choices Wth-Pfts Lg-tm 319.60 336.40 0.00 -
The Castleton Growth Fund Ret Acc X F 110.44 - 0.05 0.00 1 Poultry, London EC2R 8JR 020 7 415 4130 Hermes US All Cap Equity Class F Stg £ Acc £ 0.95 0.95 0.00 -
Capita Asset Services (UK) (LF) Global Equities € 1.12 - -0.01 0.00 Reduced Duration UK Corporate Bond Inc £ 9.94 - 0.02 3.15
Artemis Global Energy R Acc 22.43 23.84 0.54 0.00 Authorised Inv Funds Choices Wth-Pfts St-tm 270.80 285.10 0.00 -
The Castleton Growth Fund Ret Inc X F 110.89 - 0.05 0.00 40 Dukes Place, London EC3A 7NH Hermes US All Cap Equity Class R € Acc € 1.85 1.85 -0.01 -
Order Desk 08459 220044 Switchboard 0870 607 2555 Disc Inc 1571.80 1620.40 -11.70 0.00 (LF) Eq Mena Fund € 13.88 - 0.02 0.00 Reduced Duration UK Corp Bond Gross Inc £ 9.95 - 0.02 3.15
Artemis Global Growth R Acc 173.46 183.10 -3.89 0.84 Choices Managed 598.35 629.84 0.00 -
Authorised Inv Funds Hermes US SMID Equity Fund Class F Acc £ 1.57 1.57 0.01 0.00
Do Accum 5897.30 6079.70 -43.90 0.00 (LF) Greek Government Bond € 16.57 - -0.11 - Select Emerging Markets Equities £ 1.09 - -0.02 1.71
Artemis Global Income R Acc 90.88 96.04 -1.48 4.28 Choices Equity 666.41 701.48 0.00 -
BlackRock (JER) CF Heartwood Cautious B Acc X 126.63 - -0.14 0.11 Hermes US SMID Equity Fund Class R Acc € 3.34 3.34 0.00 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 73.18 77.34 -1.19 4.45 Freedom With Pfts Long-Tm 219.30 230.90 0.00 -
Regulated CF Heartwood Cautious Income B Inc X 110.25 - -0.10 2.06
(LF) Greek Corporate Bond € 10.26 - 0.00 - Select Global Equities £ 2.85 - -0.04 1.17
Artemis Global select R Acc 67.57 71.31 -1.46 0.00 BlackRock UK Property £ 40.42 - 0.08 3.29 Freedom With Pfts Short-Tm 197.20 207.60 0.00 -
CF Heartwood Growth B Acc X 139.82 - -0.98 0.68 Hermes Property Unit Trust (UK)
(LF) FOF Balanced Blend € 1.40 - 0.00 0.00 South East Asia £ 3.24 - -0.08 2.17
Artemis High Income R Inc 78.29 83.41 -0.16 5.84 Blackrock UK Long Lease £ 1063.18 - 5.39 0.00 Freedom Managed 350.00 368.42 0.00 -
CF Heartwood Balanced Income B Inc X 111.68 - -0.22 2.51 Property & Other UK Unit Trusts
(LF) FOF Equity Blend € 1.29 - 0.00 0.00 Sterling Core Plus Bond Gr Accum £ 2.04 - 0.00 3.46
Artemis Income R Inc - - - 4.44 BLK Intl Gold & General $ 3.93 4.14 0.04 0.00 Freedom Equity 391.16 411.75 0.00 - Property £ 5.64 6.00 0.06 4.08
CF Heartwood Balanced B Acc X 122.69 - -0.60 0.35
(LF) FOF Glob. Emerging Mkts € 0.82 - -0.01 0.00 Sterling Core Plus Bond Inc £ 1.33 - 0.00 5.18
Artemis Income R Acc 335.29 355.40 -2.40 4.32 Corp Pens Mananged 211.23 211.23 0.00 -
CF Heartwood Defensive Multi Asset Fund B Accumulation 109.05 - -0.14 0.01
(LF) FOF Dynamic Fixed Inc € 11.58 - 0.05 0.00 UK £ 3.47 - -0.02 2.32
Artemis Monthly Dist R Inc 61.17 64.96 -0.48 4.85 Corp Pens Equity 217.57 217.57 0.00 -
CF Richmond Core X 180.45 - -0.29 0.00 Dodge & Cox Worldwide Funds (IRL) Hermes UK Residential Real Estate (UK)
(LF) FOF Real Estate € 15.67 - -0.03 0.00 UK Aggreg Bond Gr Accum £ 1.80 - 0.00 4.62
Artemis Pan-Euro Abs Ret GBP 109.94 - -0.01 - 6 Duke Street,St.James,London SW1Y 6BN Corp Pens Fixed Interest 296.29 296.29 0.00 - Property & Other UK Unit Trusts
CF Seneca Diversified Growth A ACC 213.05 - -0.03 1.35
Artemis Strategic Assets R Acc 74.49 79.02 -0.06 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 UK Aggregate Bond Inc £ 1.21 - 0.00 4.73 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 125.86 - -0.01 1.42 FCA Recognised
Artemis Strategic Bond R M Acc - - - 4.05 UK Corporate Bond £ 1.21 - 0.00 3.98
Dodge & Cox Worldwide Funds plc - Global Bond Fund Corp Pens Deposit 190.77 190.77 0.00 -
CF Seneca Diversified Growth N ACC 124.69 - -0.01 1.22
Artemis Strategic Bond R M Inc 54.18 57.56 -0.20 4.12 UK Corporate Bond - Gross £ 2.24 - 0.00 3.85
EUR Accumulating Class € 11.50 - -0.05 0.00 Corp Pens Protector 361.02 361.02 0.00 -
CF Seneca Diversified Income A INC 87.54 - -0.20 5.58
UK Corporate Bond Fund Gross Inc £ 11.01 - 0.00 3.97
 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 £ 2.14 - 0.02 0.00
Env Mkts (Ire) Euro A € 2.00 - 0.01 0.00
Env Mkts (Ire) USD A $ 1.72 - 0.02 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV £ 7.82 - -0.05 0.00
Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR € 17.69 - 0.06 0.00
IVI European Fund GBP £ 17.40 - -0.04 1.03
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 396.75 - -6.73 0.97
Asian Inc ♦ F 356.35 - -6.04 0.98
Asian Equity Income Acc ♦ F 54.00 - -0.75 4.77
Asian Equity Income Inc ♦ F 46.01 - -0.64 4.90
Balanced Risk 6 Acc 51.60 - -0.08 0.00
Balanced Risk 8 Acc 52.83 - -0.14 0.00
Balanced Risk 10 Acc 53.96 - -0.17 0.13
Childrens Acc ♦ F 388.40 - -3.09 1.82
set Management
Corporate Bd Acc (Gross) ♦ F 205.19 - 0.00 3.62
Corporate Bd Inc (Gross) ♦ F 88.77 - 0.00 3.72
Corporate Bond Acc ♦ F 182.90 - -0.02 3.64
Corporate Bond Inc ♦ F 88.51 - -0.01 3.73
Distribution Acc ♦ F 107.93 - -0.10 4.32
Distribution Acc (Gross) ♦ F 123.34 - -0.11 4.30
Distribution Inc ♦ F 63.24 - -0.31 4.40
Distribution Inc (Gross) ♦ F 63.23 - -0.36 4.40
Emerging European Acc ♦ F 34.03 - 0.69 3.00
Emerging European Inc ♦ F 31.03 - 0.63 3.08
European Equity Acc ♦ F 826.55 - -10.42 2.27
European Equity Inc ♦ F 699.32 - -8.81 2.32
European Equity Income Acc ♦ F 72.07 - -0.74 3.51
European Equity Income Inc ♦ F 55.79 - -0.57 3.60
European High Income Acc ♦ F 79.23 - -0.34 3.40
European High Income Inc ♦ F 57.81 - -0.39 3.45
European Opportunities Inc ♦ F 84.74 - -0.33 0.16
European Opportunities Acc ♦ F 86.78 - -0.33 0.16
European Smlr Cos Acc ♦ F 190.29 - -0.92 0.23
Global Bd Acc (Gross) ♦ F 129.31 - 0.23 1.17
Global Bd Inc (Gross) ♦ F 80.10 - 0.15 1.18
Global Bond Acc ♦ F 121.56 - 0.22 1.17
Global Bond Inc ♦ F 80.00 - 0.14 1.18
Glbl Distribution Acc 52.38 - -0.16 4.14
Glbl Distribution Acc (Gross) 52.97 - -0.16 4.14
Glbl Distribution Inc 50.04 - -0.34 4.17
Glbl Distribution Inc (Gross) 50.04 - -0.37 4.17
Global Emerging Markets Acc ♦ F 223.69 - -2.09 1.04
Global Emerging Markets Inc ♦ F 201.72 - -1.88 1.05
Global Equity (acc) ♦ F 451.15 - -6.65 0.51
Global Equity (inc) ♦ F 409.00 - -8.55 0.51
Global Equity Income Acc ♦ F 115.41 - -1.68 3.34
Global Equity Income Inc ♦ F 93.73 - -3.87 3.43
Gbl Financial Capital Acc 88.07 - -0.13 4.34
Gbl Financial Capital Inc 75.62 - -0.12 4.47
Gbl Financial Cap Acc Gross 91.89 - -0.13 4.84
Gbl Financial Cap Inc Gross 75.96 - -0.11 5.03
Global Opportunities Acc ♦ F 90.65 - -1.38 0.49
Global Smaller Cos Acc ♦ F 1626.16 - -20.43 0.21
Global Smaller Cos Inc ♦ F 1552.78 - -19.51 0.21
Global Targeted Rets Acc 56.17 - 0.11 0.29
High Income Acc ♦ F 798.81 - -3.79 3.45
High Income Inc ♦ F 440.65 - -2.09 3.53
High Yield Fund Acc 107.94 - 0.16 4.86
High Yield Fund Acc (Gross) 125.67 - 0.19 4.83
High Yield Fund Inc 43.19 - 0.06 4.98
High Yield Fund Inc (Gross) 43.26 - 0.07 4.98
Hong Kong & China Acc ♦ F 429.42 - -8.26 0.80
Income & Growth Acc ♦ F 927.22 - -4.29 4.19
Income & Growth Inc ♦ F 402.27 - -1.87 4.31
Income Acc ♦ F 3080.97 - -11.80 3.29
Income Inc ♦ F 1740.12 - -6.67 3.36
Japan Acc ♦ F 304.34 - -10.11 0.31
Japanese Smlr Cos Acc ♦ F 64.02 - -1.03 0.00
Latin America Acc ♦ F 102.83 - -1.26 1.53
Latin America Inc ♦ F 85.60 - -1.94 1.54
Managed Growth Acc ♦ F 155.64 - -1.61 0.73
Managed Growth Inc ♦ F 129.57 - -1.34 0.73
Managed Income Acc ♦ F 155.12 - -1.37 3.21
Managed Income Inc ♦ F 95.59 - -1.05 3.27
Money Acc ♦ F 90.12 - 0.00 0.22
Money Acc (Gross) ♦ F 95.23 - 0.00 0.22
Monthly Income Plus Acc ♦ F 295.87 - 0.00 4.76
Monthly Income Plus Acc (Gross) ♦ F 347.20 - 0.03 4.73
Monthly Income Plus Inc ♦ F 109.74 - -0.40 4.85
Monthly Income Plus Inc (Gross) ♦ F 109.86 - -0.49 4.85
Pacific Acc ♦ F 910.15 - -21.40 0.40
Pacific Inc ♦ F 835.95 - -19.66 0.40
Tactical Bond Acc ♦ F 68.39 - 0.01 0.97
Tactical Bond Inc ♦ F 59.52 - 0.01 0.97
Tactical Bond Acc (Gross) ♦ F 70.92 - 0.02 0.97
Tactical Bond Inc (Gross) ♦ F 59.60 - 0.01 0.98
UK Aggressive Acc ♦ F 194.01 - -1.75 1.87
UK Aggressive Inc ♦ F 161.57 - -1.46 1.90
UK Growth Acc ♦ F 531.82 - -4.14 1.90
UK Growth Inc ♦ F 337.41 - -2.63 1.93
UK Smaller Cos Equity Acc ♦ F 856.79 - 5.17 0.80
UK Smaller Cos Equity Inc ♦ F 656.11 - 3.95 0.80
UK Strategic Income Acc ♦ F 179.02 - -0.67 3.48
UK Strategic Income Inc ♦ F 134.20 - -0.50 3.57
US Equity Acc ♦ F 516.89 - -6.67 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 166.10 - -2.81 1.56
Asian (No Trail) Inc ♦ F 151.03 - -2.55 1.57
Asian Equity Income (No Trail) Acc ♦ F 110.43 - -1.54 4.76
Asian Equity Income (No Trail) Inc 94.10 - -1.31 4.89
Balanced Risk 6 No Trail Acc 105.03 - -0.16 0.16
Balanced Risk 8 No Trail Acc 107.50 - -0.28 0.44
Balanced Risk 10 No Trail Acc 109.79 - -0.36 0.59
Corporate Bond (No Trail) Acc ♦ F 162.71 - -0.01 3.89
Corporate Bond (No Trail) Inc ♦ F 117.05 - -0.01 3.98
Distribution (No Trail) Acc ♦ F 165.41 - -0.15 4.31
Distribution (No Trail) Inc ♦ F 110.33 - -0.53 4.39
Emerging European (No Trail) Acc ♦ F 70.73 - 1.44 3.60
Emerging European (No Trail) Inc ♦ F 62.50 - 1.27 3.71
European Equity (No Trail) Acc ♦ F 145.79 - -1.83 2.78
European Equity (No Trail) Inc ♦ F 123.14 - -1.55 2.86
European Equity Income (No Trail) Acc ♦ F 148.33 - -1.50 3.50
European Equity Income (No Trail) Inc ♦ F 114.84 - -1.17 3.59
European High Income (No Trail) Acc ♦ F 163.10 - -0.70 3.39
European High Income (No Trail) Inc ♦ F 119.00 - -0.81 3.44
European Opportunities (No Trail) Acc ♦ F 181.49 - -0.70 0.66
European Opportunities (No Trail) Inc ♦ F 172.23 - -0.66 0.67
Asset Management
European Smaller Companies (No Trail) Acc ♦ F 233.46 - -1.11 0.73
Global Balanced Index (No Trail) Acc ♦ F 151.98 - -1.43 1.81
Global Bond (No Trail) Acc ♦ F 136.55 - 0.25 1.42
Global Bond (No Trail) Inc ♦ F 124.16 - 0.22 1.43
Glbl Distribution Acc (No Trail) 105.42 - -0.32 3.86
Glbl Distribution Inc (No Trail) 100.73 - -0.67 3.93
Gbl Emerging Markets (No Trail) Acc ♦ F 146.47 - -1.36 1.67
Gbl Emerging Markets (No Trail) Inc ♦ F 136.10 - -1.26 1.69
Global Equity (No Trail) acc ♦ F 198.95 - -2.92 1.04
Fund Bid Offer +/- Yield
Global Equity (No Trail) inc ♦ F 184.08 - -4.84 1.05
Global Equity Income (No Trail ) Acc ♦ F 238.50 - -3.45 3.33
Global Equity Income (No Trail) Inc ♦ F 193.71 - -7.98 3.41
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 161.59 - -3.00 1.36
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 189.29 - -3.83 1.79
Gbl Fin Cap No Trail Acc 179.29 - -0.26 4.32
Gbl Fin Cap No Trail Inc 153.98 - -0.23 4.45
Global Opportunities (No Trail) Acc ♦ F 233.03 - -3.54 1.02
Global Smaller Companies (No Trail) Acc ♦ F 237.34 - -2.97 0.77
Global Smaller Companies (No Trail) Inc ♦ F 226.78 - -2.84 0.77
Global Targeted Rets (No Trail) Acc 113.41 - 0.24 0.84
High Income (No Trail) Acc ♦ F 170.64 - -0.80 3.44
High Income (No Trail) Inc ♦ F 125.46 - -0.59 3.53
High Yield Fund (No Trail) Acc 223.46 - 0.33 4.84
High Yield Fund (No Trail) Inc 166.57 - 0.24 4.96
Hong Kong & China (No Trail) Acc ♦ F 170.13 - -3.26 1.34
Income & Growth (No Trail) Acc ♦ F 218.07 - -0.99 4.18
Income & Growth (No Trail) Inc ♦ F 172.63 - -0.79 4.30
Income (No Trail) Acc ♦ F 169.13 - -0.64 3.27
Income (No Trail) Inc ♦ F 125.75 - -0.48 3.35
Japan (No Trail) Acc ♦ F 144.46 - -4.80 0.78
Japanese Smaller Companies (No Trail) Acc ♦ F 162.93 - -2.61 0.00
Latin American (No Trail) Acc ♦ F 99.33 - -1.21 2.33
Latin American (No Trail) Inc ♦ F 89.20 - -2.62 2.35
Managed Growth (No Trail) Acc ♦ F
Managed Growth (No Trail) Inc ♦ F
188.54
173.39
-
-
-1.95 1.27
-1.79 1.28
Managed Income (No Trail) Acc ♦ F 185.76 - -1.63 3.20
Managed Income (No Trail) Inc ♦ F 153.52 - -1.67 3.26
Monthly Income Plus (No Trail) Acc ♦ F 170.48 - 0.01 4.74
Monthly Income Plus (No Trail) Inc ♦ F 108.05 - -0.39 4.84
Pacific (No Trail) Acc ♦ F 168.68 - -3.95 0.91
Pacific (No Trail) Inc ♦ F 160.09 - -3.76 0.99
Tactical Bond (No Trail) Acc ♦ F 139.86 - 0.02 1.46
Tactical Bond (No Trail) Inc ♦ F 119.26 - 0.02 1.48
UK Aggressive (No Trail) Acc ♦ F 159.45 - -1.44 2.43
Asset Management
UK Aggressive (No Trail) Inc ♦ F 134.17 - -1.20 2.48
UK Enhanced Index (No Trail) Acc ♦ F 385.64 - -3.01 3.63
UK Enhanced Index (No Trail) Inc ♦ F 245.01 - -1.91 3.71
UK Growth (No Trail) Acc ♦ F 140.52 - -1.08 2.44
UK Growth (No Trail) Inc ♦ F 114.98 - -0.89 2.49
UK Smaller Companies Equity (No Trail) Acc ♦ F 278.67 - 1.70 1.30
UK Smaller Companies Equity (No Trail) Inc ♦ F 257.08 - 1.57 1.32
UK Strategic Income (No Trail) Acc ♦ F 710.39 - -2.62 3.47
UK Strategic Income (No Trail) Inc ♦ F 532.57 - -1.96 3.55
US Equity (No Trail) Acc ♦ F 215.03 - -2.76 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 € 2.92 - 0.00 0.00
Invesco Asia Balanced A dist $ 13.75 - -0.38 3.79
Invesco Asia Consumer Demand Fund A income $ 12.23 - -0.29 0.20
Invesco Asia Infrastructure (A) $ 12.25 - -0.39 1.55
Invesco Asia Opportunities Equity A $ 98.60 - -1.70 0.00
Invesco Balanced Risk Allocation Fund A € 14.59 - -0.12 0.00
Invesco Emerging Europe Equity Fund A $ 8.04 - 0.02 0.00
Invesco Emerging Local Currencies Debt A Inc $ 6.99 - -0.03 7.07
Invesco Emerging Mkt Quant.Eq. A $ 9.12 - -0.13 0.00
Invesco Energy A $ 18.66 - 0.02 0.00
Invesco Euro Corporate Bond Fund (A) € 17.14 - -0.01 0.00
Invesco Euro Inflation Linked Bond A € 15.37 - -0.02 0.00
Invesco Euro Reserve A € 322.82 - 0.00 0.00
Invesco Euro Bond A € 7.03 - -0.02 0.00
Invesco European Growth Equity A € 23.32 - -0.44 0.00
Invesco Global Absolute Return Fund A Class € 11.20 - -0.02 0.00
Invesco Global Bond A Inc $ 5.52 - -0.01 0.97
Invesco Global Conservative Fund 90 (EUR) A € 11.94 - 0.03 0.00
Invesco Global Equity Income Fund A $ 57.59 - -1.19 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.00 - -0.16 2.19
Invesco Global Inv Grd Corp Bond A Dist $ 11.67 - -0.02 3.07
Invesco Global Leisure A $ 35.11 - -1.03 0.00
Invesco Global Smaller Comp Eq Fd A $ 55.38 - -0.99 0.00
Invesco Global Structured Equity A $ 44.51 - -1.06 0.76
Invesco Global Total Ret.(EUR) Bond Fund A € 13.27 - -0.01 0.00
Invesco Gold & Precious Metals A $ 3.75 - -0.03 0.00
Invesco Greater China Equity A $ 41.33 - -0.76 0.00
Invesco India Equity A $ 51.54 - -1.00 0.00
Invesco Japanese Equity Adv Fd A ¥ 3614.00 - -148.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1184.00 - -46.00 0.00
Invesco Latin American Equity A $ 6.04 - -0.03 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 989.00 - -41.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 18.94 - -0.42 0.00
Invesco Pan European High Income Fd A € 13.84 - -0.13 2.20
Invesco Pan European Small Cap Equity A € 22.48 - -0.22 0.00
Invesco Pan European Structured Equity A € 16.35 - -0.32 0.00
Invesco UK Eqty Income A £ 30.81 - -0.12 0.00
Invesco UK Investment Grade Bond A £ 0.98 - -0.01 2.93
Invesco US Structured Equity A $ 20.30 - -0.53 0.00
Invesco US Value Eq Fd A $ 30.13 - -0.63 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 £ 2.59 - -0.02 3.37
Invesco Asian Equity A $ 5.87 - -0.09 0.55
Invesco ASEAN Equity A $ 88.85 - -0.60 0.44
Invesco Bond A $ 27.07 - 0.04 2.20
Invesco Continental Eurp Small Cap Eqty A $ 197.89 - -1.54 0.00
Invesco Emerging Markets Equity A $ 34.15 - -0.45 0.00
Invesco Emerging Markets Bond A $ 20.64 - 0.00 4.87
Invesco Continental European Equity A € 8.66 - -0.16 0.20
Invesco Gilt A £ 14.95 - -0.02 1.46
Invesco Global Small Cap Equity A NAV $ 118.51 - -1.78 0.00
Invesco Global High Income A NAV $ 12.40 - 0.01 5.46
Invesco Gbl R/Est Secs A GBP F F £ 7.34 - -0.12 0.94
Invesco Global Health Care A $ 132.76 - -4.96 0.00
Invesco Global Select Equity A $ 12.79 - -0.26 0.00
Invesco Jap Eqty Core A $ 1.80 - -0.04 0.00
Invesco Japanese Equity A $ 17.69 - -0.51 0.00
Invesco Korean Equity A $ 33.42 - -0.56 0.00
Invesco PRC Equity A $ 47.83 - -1.51 0.00
Invesco Pacific Equity A $ 44.97 - -0.92 0.19
Invesco Global Technology A $ 14.81 - -0.60 0.00
Invesco UK Eqty A £ 7.90 - -0.13 1.37
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 64.61 - -0.70 0.00
Invest AD - Emerging Africa Fund $ 955.66 - 8.11 0.00
Invest AD - GCC Focus Fund $ 1529.14 - -17.82 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 58.14 - -1.27 0.00
America Equity Inc 58.14 - -1.27 0.00
Asia Acc 109.20 - -2.10 0.35
Asset Management
Asia Inc 60.61 - -1.15 0.34
Cautious Managed Rt Acc 67.49xd - -0.58 0.18
Cautious Managed Rt Inc 59.38xd - -0.52 0.18
Diversified Real Ret Acc 50.66xd - -0.21 1.06
★ FINANCIAL TIMES Wednesday 2 September 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 49.21xd - -0.21 1.08 Strategic Bond A Acc 179.15 - 0.08 1.85 Vantage 1500 (EUR) MA € 10.21 - 0.00 0.00 US Conc.Growth A1 $ 14.77 - -0.17 0.00 Mir. -Eq Spain A € 26.61 - -0.13 0.00 Asia Pac Eq GBP Ord Inc £ 87.86 - -0.31 3.90
Emerging Mkts Acc 129.40 - -2.40 0.80 Strategic Bond A Inc 118.99 - 0.05 1.85 Vantage 3000 (EUR) MA € 10.34 - 0.00 0.00 US Government Bond A1 $ 17.05 - -0.01 0.00 Mir. - Eq Swiss Sm/Mid A SFr 310.26 - 1.21 0.00 Asia Pac Eq USD Ord Inc $ 88.37 - -0.31 3.27
Emerging Mkts Inc 55.66 - -1.04 0.81 UK Equity Absolute Return A Acc 118.83 - -0.08 0.00 PrivilEdge Value A1 $ 21.13 - -0.16 0.00 Mir. - Glb High Yield Bds A $ 109.37 - 0.12 - Asia Pac Eq USD Inst Acc $ 93.65 - -0.33 0.00
Inc.Pt.RMB Dt.CNH PA CNH 101.13 - -0.09 0.00
Emrg Mkts Inc Acc... C 47.82xd - -0.47 5.54 UK Equity A Acc 224.07 - -1.87 1.42 Mir. - Glb Eq High Income A USD $ 99.05 - -0.39 0.00 Asia Pac Eq USD Inst Inc $ 98.62 - -0.34 4.00
Inc.Pt.RMB Dt.SH CHF PA SFr 9.66 - 0.02 0.00
Emrg Mkts Inc Inc... C 42.05xd - -0.42 5.74 UK Equity Income A Acc 196.63 - -1.49 4.24 Mir. - Glb Strat. Bd A USD $ 105.47 - 0.05 0.00 Dyn Europ Eq EUR Ord Inc € 170.13 - -0.03 1.40
MMIP Investment Management Limited (GSY)
Inc.Pt.RMB Dt.SH EUR PA € 9.73 - 0.02 0.00 Regulated
Europe Acc 1018.00 - -11.00 1.53 UK Equity Income A Inc 153.67 - -1.17 4.36 Dyn Europ Eq GBP Ord Inc £ 180.89 - -0.01 1.77
Multi-Manager Investment Programmes PCC Limited
Inc.Pt.RMB Dt.USD PA $ 9.78 - 0.01 0.00
Europe Inc 58.60 - -0.63 1.53 UK Opportunities A Acc 160.42 - -1.20 1.33 Dyn Europ Eq USD Ord Inc $ 169.92 - -0.02 1.31
European Equity Fd Cl A Initial Ser € 2630.39 2630.39 115.75 0.00
Jenn. US Eq.Opp. USD PA $ 9.47 - -0.06 0.00
Eur Dynamic exUK Acc 158.40 - -1.80 0.83 UK Smaller Companies A Acc 274.82 - 1.25 0.65 China Equity EUR Ord Acc € 130.49 - -2.36 0.00
Japanese Equity Fd Cl A Initial Ser ¥ 374586.00 374586.00 2750.00 0.00
Neubrg.Berman US Core PA $ 13.51 - -0.05 0.00
Eur Dynamic exUK £ hdg Acc 180.70 - -2.30 0.73 China Equity GBP Ord Acc £ 136.31 - -2.56 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1343.33 1343.33 -11.03 0.00
Sands US Growth PA € 13.38 - -0.24 0.00
Eur Dynamic exUK Inc 72.73 - -0.83 0.82 China Equity USD Ord Acc $ 132.69 - -2.47 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 $ 16.17 - -0.29 0.00
Eur Smaller Cos Acc 461.00 - -2.20 0.00 China Equity USD Inst Acc $ 136.11 - -2.52 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 € 15.02 - -0.12 0.00 Montello Real Estate Opportunity Fund (LUX)
Eur Smaller Cos Inc 59.95 - -0.29 0.00 Global Val.Cr.Fd GBP Ord Inc £ 111.32 - 0.05 3.62
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 $ 12.56 - -0.11 0.00
Fusion Balanced Acc 54.01 - 0.19 0.48 Property Income B Acc 116.68 - 0.29 - Regulated Global Val.Cr.Fd USD Inst Acc $ 122.89 - 0.06 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 53.99 - 0.18 0.48 Property Income B Inc 109.50 - -0.12 - Global Val.Cr.Fd GBP Ord Acc £ 177.31 - 0.09 0.00
Fusion Conservative Acc 53.55 - 0.14 0.66 Lothbury Property Trust (UK) Global Val.Cr.Fd USD Ord Acc $ 166.45 - 0.07 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Manek Investment Mgmt Ltd (1000)F (UK)
Fusion Conservative Inc 53.43 - 0.13 0.68 MW Japan Fund Plc (IRL) Global Val.Cr.Fd EUR Ord Acc € 155.35 - 0.07 0.00
Kames Capital VCIC (IRL) Property & Other UK Unit Trusts P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Fusion Growth Acc 55.21 - 0.08 0.48 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Authorised Inv Funds FCA Recognised Swiss Select Equity Inst Acc SFr 112.97 - 0.56 0.00
Lothbury Property Trust GBP £ 1732.06 1858.39 27.09 3.34
FCA Recognised Growth Fd Acc 58.39 61.75 1.04 0.00 MW Japan Fund PLC A $ 23.80 - -0.88 -
Fusion Growth Inc 55.21 - 0.08 0.48 Swiss Select Equity Ord Acc SFr 111.90 - 0.55 0.00
Absolute Return Bond B GBP Acc 1077.87 - 0.20 - MW Japan Fund PLC B $ 24.03 - -0.89 -
Fusion Growth + Acc 56.79 - 0.20 0.49 US Growth USD Ord Acc $ 204.05 - -2.57 0.00
Eq Market Neutral B Acc 1018.76 - -0.53 - MW Japan Fund PLC C $ 91.45 - -3.99 -
Fusion Growth + Inc 56.79 - 0.19 0.49 Manulife Global Fund (LUX) US Growth EUR Ord Acc € 195.56 - -2.40 0.00
Eq Market Neutral Plus B Acc 1032.60 - -0.79 - 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Fusion Income Acc...C 53.23 - 0.04 2.44 US Growth GBP Ord Acc £ 205.23 - -2.61 0.00
High Yield Global Bond A GBP Inc 529.77 - 1.11 3.76 www.manulife.com.hk
Fusion Income Inc...C 50.91 - 0.04 2.46 FCA Recognised Morant Wright Funds (Ireland) PLC (IRL) US Growth USD Inst Acc $ 188.08 - -2.35 0.00
High Yield Global Bond B GBP Inc 1100.40 - 2.36 4.27 FCA Recognised
Global Allocation Acc 52.70 - -0.65 0.66 American Growth Fund Class A F $ 28.6994 - -0.4816 0.00 Wealthy Nat Bd EUR Inst Inc € 108.11 - 0.04 3.82
Investment Grade Global Bd A GBP Inc 554.29 - -0.73 2.56 Morant Wright Fuji Yield EUR Acc Hedged € 10.86 - -0.36 -
M & G Securities (1200)F (UK)
Asset Management
Global Allocation Inc 52.36 - -0.64 0.67 American Growth Fund Class AA F $ 1.6570 - -0.0087 0.00 Wealthy Nat Bd GBP Inst Inc £ 112.03 - 0.04 3.66
Kames Global Equity Income B GBP Acc 1087.25 - -13.20 - PO Box 9039, Chelmsford, CM99 2XG Morant Wright Fuji Yield EUR Dist Hedged € 10.80 - -0.36 -
Global Bond exUK Acc
Global Bond exUK Inc
248.90xd
195.80xd
-
-
-0.30 0.76
-0.20 0.76
Kames Global Equity Income B GBP Inc 1040.28 - -12.62 -
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds
American Growth Fund Class AA (HKD) FHK$ 10.2916
Asian Equity Fund Class A F $ 2.7276
-
-
-0.1734 0.00
-0.0488 0.46
Morant Wright Fuji Yield GBP Acc Hedged £ 11.08 - -0.37 -
Wealthy Nat Bd EUR Ord Inc
Wealthy Nat Bd GBP Ord Inc
Asset Manageme
€ 107.37
£ 112.68
-
-
0.04 3.58
0.04 3.39
Strategic Global Bond A GBP Inc 1098.85 - 0.54 0.58 Morant Wright Fuji Yield GBP Dist Hedged £ 10.85 - -0.36 -
Charifund Inc 1408.76 - 11.05 4.84 Asian Equity Fund Class AA F $ 0.8773 - -0.0157 0.00
Global Bond Opport. Acc 49.19xd - 0.00 2.87 Wealthy Nat Bd USD Ord Inc $ 109.66 - 0.03 3.37
Strategic Global Bond B GBP Inc 623.27 - 0.35 1.08 Morant Wright Fuji Yield USD Acc Hedged $ 10.78 - -0.35 -
Charifund Acc 19117.46 - 149.85 4.70 Asian Small Cap Equity Fund Class AA F $ 1.9097 - -0.0258 0.00 New Capital Alternative Strategies
Global Bond Opport. Inc 48.46xd - -0.32 2.91
Morant Wright Fuji Yield USD Dist Hedged $ 10.91 - -0.36 -
M&G Corporate Bond A Acc 62.12 - 0.20 3.09 Asian Small Cap Equity Fund Class AA (HKD)HK$ 7.7244 - -0.1051 0.00 All Weather Fd USD Cls $ 121.26 - 0.57 0.00
Global Eq Income £ hdg Acc... C 64.92xd - -1.27 3.68
Morant Wright Fuji Yield YEN Acc ¥ 1111.49 - -36.75 -
Global Eq Income £ hdg Inc ... C 46.76xd - -0.92 3.76 Kleinwort Benson Bank (UK) M&G Corporate Bond A Inc 39.26 - 0.12 3.09 China Value Fund Class A F $ 7.5909 - -0.2225 0.78 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 ¥ 979.27 - -34.57 -
M&G Dividend A Inc 58.93 - 0.41 4.65 China Value Fund Class AA F $ 2.3764 - -0.0697 0.53 All Weather Fd GBP Cls £ 117.69 - 0.54 0.00
Global Eq Income Acc... C 67.88xd - -1.19 3.67 Dealing and enquiries: 0800 024 2400
Morant Wright Fuji Yield YEN Dist ¥ 1099.26 - -36.34 -
Authorised Inv Funds M&G Dividend A Acc 590.29 - 4.14 4.49 Dragon Growth Fund Class A F $ 1.7535 - -0.0486 0.69 Tactical Opps USD Cls $ 141.87 - 4.75 0.00
Global Eq Income Inc ... C 59.14xd - -1.05 3.75
Unit Trust Manager/ACD - Host Capital Morant Wright Sakura Fund Sterling Acc Hedged £ 13.19 - -0.56 0.00
M&G Episode Growth X Inc 50.97xd - 0.44 1.83 Dragon Growth Fund Class AA HKDHK$ 8.4789 - -0.2357 0.66 Tactical Opps EUR Cls € 119.12 - 4.09 0.00
Global Equity Acc 957.10 - -15.80 0.16
HC KB Capital Growth A Acc 159.01 - -0.99 1.36 Morant Wright Sakura Fund Euro Acc Hedged € 13.17 - -0.56 0.00
M&G Episode Income A Acc 135.62 - 2.18 3.65 Emerging Eastern Europe Fund Class AA F $ 1.2827 - 0.0037 0.54 Tactical Opps GBP Cls £ 133.65 - 4.43 0.00
Global Equity Inc 71.13 - -1.18 0.15
HC KB Capital Growth A Inc 148.89 - -0.93 1.38 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1343.93 - -57.12 0.00
Global Financials Acc 705.40 - -14.70 0.89
M&G Episode Income A Inc 114.09 - 1.83 3.72
Asset Management
Emerging Eastern Europe Fund Class A F $ 2.9867 - 0.0085 0.96
HC KB Enterprise Equity Income A Inc 107.70 - 2.01 3.78 Morant Wright Sakura Fund Dollar Acc Hedged $ 13.12 - -0.56 0.00
M&G Extra Income A Inc 710.82 - 4.99 4.55
Asset Management
Global Financials Inc 40.12 - -0.83 0.89 European Growth Fund Class A F $ 10.2826 - -0.2790 1.23
HC KB Enterprise Equity Income A Acc 158.55 - 2.95 3.69 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.08 - -0.56 0.00
M&G Extra Income A Acc 5767.24 - 40.48 4.42 European Growth Fund Class AA F $ 0.7435 - -0.0202 0.60
Global High Yield Bd Mth Inc C 37.59xd - -0.07 6.52
HC KB Endeavour Multi Asset Balanced A Acc 128.71 - -0.17 0.81
M&G Global Basics A Inc 601.27 - 10.49 0.30 Global Contrarian Fund Class AA F $ 0.8727 - -0.0172 0.00
Global High Yield Bd Acc C 98.56xd - 0.24 6.45
HC KB Endeavour Multi Asset Balanced A Inc 122.33 - -0.15 0.81
M&G Global Basics A Acc 907.69 - 15.83 0.31 Global Property Fund Class AA F $ 0.9361 - -0.0225 0.80
Global High Yield Bd Inc C 37.72xd - 0.09 6.53
HC KB Enterprise Fixed Income A Acc 122.06 - 0.29 3.44
M&G Global Dividend Fund A Acc 183.27 - 3.98 3.44 Global Property Fund Class AA (HKD)HK$ 8.7946 - -0.2121 -
Global Property Secs Acc 54.41xd - -1.86 0.62
HC KB Enterprise Fixed Income A Inc 108.97 - 0.26 3.44 Northwest Investment Management (HK) Ltd
M&G Global Dividend Fund A Inc 145.68 - 3.16 3.51 Global Resources Fund Class AA F $ 0.6452 - 0.0057 0.00
Global Property Secs Inc 46.96xd - -1.61 0.61 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
M&G Glbl Emrgng Mkts A Acc 178.05 - 3.53 0.97 Greater China Opportunities Class AA $ 0.8813 - -0.0231 0.00 Other International Funds
Income Acc ... C 49.74xd - 0.01 6.65
Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Glbl Emrgng Mkts A Inc 172.01 - 3.40 0.98 Northwest $ class $ 2331.51 - -97.83 0.00
Income Inc ... C 46.81xd - -0.18 6.71 Healthcare Fund Class AA F $ 1.8714 - -0.0512 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 105.70xd - 0.45 0.87 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Northwest Warrant $ class $ 2413.75 - -188.47 0.00
Japan Acc 276.60 - -11.00 0.00 India Equity Fund Class AA F $ 1.2952 - -0.0246 0.00
Lloydstrust Gilt £ 12.2500 - -0.0200 2.43 M&G Global Macro Bond Fund A Inc 73.34xd - 0.32 0.87 www.morganstanleyinvestmentfunds.com
Japan Inc 66.58 - -2.65 0.00 International Growth Fund Class A F $ 4.4042 - -0.0848 0.14
FCA Recognised
Lloyds Investment Funds Limited M&G Global High Yield Bond X Inc 49.59 - 0.24 4.30
Multi-Asset Inc Mth Inc ... C 63.01xd - -0.69 3.86 International Growth Fund Class AA F $ 1.0107 - -0.0195 0.00 US Advantage A F $ 54.57 - -1.14 0.00
Euro High Income € 1.6220 - -0.0040 2.91
M&G Global High Yield Bond X Acc 115.94 - 0.56 4.30 Japanese Growth Fund Class A F $ 3.2587 - -0.0888 0.61
Multi-Asset Inc Acc... C 83.54xd - -0.64 3.77 Asian Equity A F $ 39.36 - -0.76 0.00
European £ 7.1870 - -0.0850 1.42
M&G Managed Growth X Inc 73.60 - 1.09 0.70 Japanese Growth Fund Class AA F $ 0.8377 - -0.0228 0.00
Multi-Asset Inc Inc... C 63.21xd - -0.49 3.86 Asian Property A F $ 17.06 - -0.41 0.00
High Income £ 0.8614xd - -0.0042 5.04
M&G Optimal Income A Inc 142.47 - 0.35 1.94 Latin America Equity Fund Class AA F $ 0.7042 - -0.0015 1.85
Multi-Asset Macro Acc 67.72 - 0.09 0.00 Asian Property AX F £ 10.47 - -0.12 0.54
International £ 3.8950 - -0.0350 1.13
M&G Optimal Income A Acc 186.79 - 0.47 1.94 Russia Equity Fund Class AA F $ 0.4107 - 0.0070 0.00
Multi-Asset Macro Inc 67.73 - 0.09 0.00 Diversified Alpha Plus A F € 31.34 - 0.01 0.00
North American £ 15.1900 - -0.0700 0.20 Oasis Crescent Management Company Ltd
M&G Recovery GBP A Inc 118.16 - 1.15 0.74 Taiwan Equity Fund Class AA F $ 1.4645 - -0.0243 0.23
Multi-Manager Growth Acc 694.20 - -7.10 0.48 Emerg Europ, Mid-East & Africa Eq A F € 65.83 - -0.04 0.00 Other International Funds
Sterling Bond £ 1.4650 - -0.0010 3.65
Multi-Manager Growth Inc 647.90 - -6.60 0.48
M&G Recovery GBP A Acc 265.32 - 2.59 0.74 Turkey Equity Fund Class AA F $ 0.6534 - -0.0126 0.00 Emerging Markets Debt A F $ 75.37 - 0.22 0.00 Oasis Crescent Equity Fund R 9.28 - 0.02 0.00
UK £ 6.5370 - -0.0660 1.41
M&G Strategic Corp Bond A Inc 72.98 - 0.19 2.74 US Bond Fund Class AA F $ 1.2069 - -0.0020 3.94
Natural Resources Acc 348.00 - 2.90 0.12 Emerging Markets Domestic Debt AX F £ 10.38 - -0.04 5.78
Lloyds Gilt Fund Limited
M&G Strategic Corp Bond A Acc 104.19 - 0.27 2.74 U.S. Bond Fund Class AA Inc F $ 0.9774 - -0.0016 3.14
Natural Resources Inc 24.64 - 0.20 0.12 Lloyds Gilt Fund Quarterly Share £ 1.2740 - -0.0010 1.97 Emerging Markets Equity A F $ 32.61 - -0.52 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
M&G Global Leaders GBP A Inc 185.77 - 3.72 1.47 Regulated
New Europe Acc 132.50 - 2.40 2.74 Monthly Share £ 1.2240xd - -0.0030 1.97 US Bond Fund Class AA (HKD) HK$ 9.8904 - -0.0171 - Euro Bond A F € 15.60 - 0.00 0.00
M&G Global Leaders GBP A Acc 433.40 - 8.68 1.45 Oasis Global Investment (Ireland) Plc
New Europe Inc 31.49 - 0.58 2.70 Lloyds Money Fund Limited U.S. Bond Fund Class AA (HKD) IncHK$ 9.7417 - -0.0169 3.05 Euro Corporate Bond AX F £ 21.75 - -0.08 1.71
Oasis Crescent Global Short Term Income Fund $ 1.00 - 0.00 0.49
Sterling Class £ 52.5920 - 0.0010 0.16 M&G UK Inflation Lnkd Corp Bnd A Acc 112.30 - 0.47 0.09
Portfolio Acc 194.40 - -1.00 0.70 U.S. Special Opportunities Fund Class AA F $ 0.8960 - -0.0004 7.27 Euro Strategic Bond A F € 43.15 - -0.07 0.00
Oasis Global Equity $ 26.50 - -0.05 0.24
Lloyds Multi Strategy Fund Limited M&G UK Inflation Lnkd Corp Bnd A Inc 110.69 - 0.46 0.09
Sterling Corporate Bond Acc 82.00xd - -0.08 2.56 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - European Currencies High Yield Bd A F € 21.76 - 0.11 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Conservative Strategy £ 1.0890 - 0.0020 1.97
Sterling Corporate Bond Inc 51.53xd - -0.05 2.57 U.S. Special Opportunities Fund Class AA Inc $ 0.8843 - -0.0004 4.66 European Equity Alpha A F € 43.80 - 0.07 0.00 Oasis Crescent Global Equity Fund $ 26.92 - -0.02 0.00
Growth Strategy £ 1.4640 - 0.0100 1.32
Strategic Bond Acc 68.61xd - 0.04 2.69 M & G Securities Ltd (UK) US Small Cap Equity Fund Class AA F $ 1.0753 - -0.0120 0.00 European Property A F € 33.97 - -0.70 0.00 Oasis Crescent Variable Balanced Fund £ 10.38 - 0.00 -
Aggressive Strategy £ 1.7840 - 0.0150 0.00 Property & Other UK Unit Trusts
Strategic Bond Inc 57.26xd - 0.03 2.70 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2700 - -0.0041 0.06 Eurozone Equity Alpha A F € 11.44 - -0.03 0.00 OasisCresGl Income Class A $ 10.97 - -0.01 2.31
Global USD Growth Strategy $ 1.3810 - 0.0080 0.00 Charibond 123.36 - 0.34 5.24
UK Active Index + E Acc 270.70 - -2.10 3.17 Global Bond A F $ 38.68 - -0.10 0.00 OasisCresGl LowBal D ($) Dist $ 11.64 - -0.02 0.00
Dealing Daily (Accum Units) 3603.75 - 9.92 5.24
UK Active Index + E Inc 51.05 - -0.38 3.17 Global Brands A F $ 90.79 - -2.01 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 11.77 - -0.03 0.33
Manulife Global Fund
NAACIF 73.53 - 0.71 4.69
UK Dynamic Acc 156.00xd - -1.30 1.51 Other International Funds Global Convertible Bond A F $ 42.03 - -0.24 0.00 Oasis Crescent Gbl Property Eqty $ 9.30 - -0.09 1.91
(Accum Units) 6503.31 - 63.03 4.57 Asia Total Return Fund Class AA $ 0.9617 - -0.0002 -
UK Dynamic Inc 127.60xd - -1.00 1.52 Global Property A F $ 26.56 - -0.68 0.00
M&G Property Portfolio A Acc 132.13 139.08 0.04 3.62 Asia Total Return Fund Class AA (HKD) Inc FHK$ 9.5175 - -0.0033 -
UK Eq & Bond Inc Acc ... C 136.80xd - -0.80 3.34 Indian Equity A F $ 34.57 - -0.62 0.00
Property Portfolio A 122.04 128.46 0.03 3.71 Asia Total Return Fund Class AA Inc $ 0.9107 - -0.0003 3.24
UK Eq & Bond Inc Inc ... C 80.40xd - -0.47 3.41 Latin American Equity A F $ 39.17 - 0.15 0.00
Property Portfolio X 122.04 122.04 0.03 3.69 Asia Value Dividend Equity Fund Class AA F $ 1.5084 - -0.0285 0.00
UK Higher Inc Acc ... C 874.30xd - -6.20 4.29 Short Maturity Euro Bond A F € 20.41 - 0.02 0.00
Asia Value Dividend Equity Fund Class AA Inc $ 0.9155 - -0.0172 -
UK Higher Inc Inc ... C 508.20xd - -3.60 4.42 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 $ 1.0781 - -0.0013 4.46
UK Managed Equity Acc 63.12xd - -0.58 2.11 US Growth A F $ 64.78 - -1.43 0.00
Regulated Regulated
Odey Asset Management LLP (UK)
UK Managed Equity Inc 53.23xd - -0.49 2.14 Lombard Odier Funds The M&G Offshore Fund Range US Growth AH F € 45.93 - -0.24 0.00
40 Dukes Place, London, EC3A 7NH
UK Smaller Cos Acc 379.40 - 1.00 0.00 Absolute Ret Bond (EUR) PA € 12.02 - 0.00 0.00 Corporate Bond 1306.78 1347.20 -0.33 3.09 Marlborough Fd Managers Ltd (1200)F (UK) US Growth AX F £ 43.00 - -0.28 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Absolute Ret Bond (USD) PA $ 17.65 - -0.01 0.00 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
UK Smaller Cos Inc 73.67 - 0.19 0.00 Global Basics 2213.44 2281.89 38.44 0.00 US Property A F $ 62.50 - -2.06 0.00 Authorised Corporate Director - Capita Financial Managers
www.marlboroughfunds.com
Authorised Inv Funds
UK Strategic Eq Inc Acc ... C 147.10xd - -0.90 3.68 All Roads (CHF) PA SFr 17.49 - 0.03 0.00 Global Leaders 3226.29 3360.72 64.53 1.26 Authorised Inv Funds
CF Odey Continental European GBP R Acc 700.48 - -6.31 0.19
All Roads (USD) PA $ 11.12 - 0.02 0.00 Balanced 149.72 158.24 0.23 0.05
UK Strategic Eq Inc Inc ... C 96.25xd - -0.58 3.77 Global High Yield Bond 976.22 1006.41 1.20 4.30
Morgens Waterfall Vintiadis.co Inc CF Odey Opus GBP R Inc 3646.01 - -38.41 0.00
All Roads (GBP) PA £ 11.35 - 0.02 0.00 Bond Income 49.81 52.71 -0.46 4.91
UK Strategic Gth Acc 109.00 - -0.50 1.21 Global Macro Bond Fund 10992.32 11332.29 47.92 0.89 Other International Funds
CF Odey Absolute Return GBP R 312.27 - 1.86 0.00
All Roads (EUR) PA € 11.27 - 0.01 0.00 Cash 50.17 - 0.00 0.32 Phaeton Intl (BVI) Ltd (Est) $ 412.16 - 9.41 0.00
UK Strategic Gth Inc 101.70 - -0.40 1.22 North American Dividend Fund 151.01 157.30 3.89 0.63
CF Odey Portfolio Fund GBP R Inc 140.36 - -2.94 0.07
Alpha Japan (EUR) PA F € 11.59 - -0.09 0.00 Cautious Inc 81.78 86.07 0.35 1.33
US Acc 674.00 - -12.00 0.00 Optimal Income Fund 141.33 145.70 0.15 1.94
Alpha Japan (CHF) PA F SFr 14.49 - -0.11 0.00 Defensive A Inc 115.87 - 0.19 0.98
US Inc 93.28 - -1.67 0.00 Recovery Fund Limited 'A' Participating Shares 10206.85 10632.14 -27.97 0.43
Alpha Japan (JPY) PA F ¥ 1376.00 - -11.00 0.00 Emerging Markets 209.67 - -1.20 1.82 Odey Asset Management LLP (CYM)
US Equity Income Acc ... C 112.80xd - -2.50 2.23 Recovery Fund Limited 'I' Participating Shares 10212.33 10315.48 -27.15 1.24
Regulated
Alpha Japan (USD) PA F $ 16.59 - -0.13 0.00 ETF Global Growth A 150.66 - 0.08 0.00
US Equity Income £ hdg Inc ... C 93.97xd - -2.24 2.30 Strategic Corporate Bond Fund 132.69 138.22 0.18 2.74 OEI Mac Inc GBP A £ 363.01 - 4.91 0.00
Alternative Beta PA F SFr 115.34 - -0.62 0.00 ETF Commodity A 72.38 - 2.88 0.00
US Equity Income Inc ... C 96.26xd - -2.08 2.25 UK Growth 1482.20 1543.96 -9.27 1.20 OEI Mac Inc GBP B £ 196.98 - 2.63 0.00
Alternative Beta PA F € 77.79 - -0.43 0.00 European Multi-Cap 265.20 - -1.64 0.20
US Select Acc 105.00 - -2.10 0.00 OEI MAC Inc USD $ 1943.43 - 26.13 0.00
Alternative Beta PA F $ 116.33 - -0.62 0.00 Extra Income 77.75 82.27 -0.32 4.56 Natixis International Funds (Lux) I SICAV (LUX)
US Select Inc 103.70 - -2.00 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 5.34 - 0.00 0.00 Far East Growth A Inc 146.92 - -1.09 2.03
US Smaller Cos Acc 370.00 - -4.20 0.00 FCA Recognised Odey European Inc GBP A £ 324.51 - 6.17 0.00
Commodities (EUR) PA € 5.40 - 0.00 0.00 Global 173.13 182.22 2.13 0.00 Harris Global Equity R/A (USD) $ 254.77 254.77 -1.85 0.00
US Smaller Cos Inc 96.97 - -1.09 0.00 Odey European Inc GBP B £ 184.16 - 3.50 0.00
Commodities (USD) PA $ 5.58 - 0.00 0.00 Global Bond Inc 135.14 143.00 0.05 3.22 Harris Concentrated US Equity H-N/A (GBP) £ 136.26 136.26 -0.30 0.00
Odey European Inc USD $ 390.05 - 7.39 0.00
Convertible Bd P A € 17.24 - -0.03 0.00 High Yield Fixed Interest 73.58 78.07 -0.06 5.64 Harris Concentrated US Equity R/D (GBP) £ 96.02 96.02 -0.39 36.41
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 13.42 - -0.02 0.00 MFS Investment Funds (LUX) Multi Cap Income A Inc 155.86 - -0.18 4.32 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 98.62 98.62 0.10 0.90
Property & Other UK Unit Trusts FCA Recognised
Convertible Bd Asia PA F € 14.30 - -0.02 0.00 Nano-Cap Growth A Acc 101.9920 112.4100 -0.0242 -
UK Equity Fund for Charities I...C £ 2.716000 2.726690 -0.021670 3.51 Blend.Research Gb.Eq.Fd. € 99.48 - -0.67 - Odey Asset Management LLP (IRL)
Convertible Bd Asia PA F $ 14.39 - -0.03 0.00 Special Situations A Acc 1146.00 1212.70 1.42 0.39
Natixis International Funds (Dublin) I plc (IRL) FCA Recognised
Bond Fund for Charities £ 1.345540 1.351790 -0.002280 3.75 Blend.Research Gb.Eq.Fd. £ 97.38 - -0.96 -
Emerg. Consumer (CHF) PA SFr 11.47 - -0.05 0.00 UK Multi-Cap Growth A Inc 230.90 244.34 -0.97 0.40 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Odey Pan European EUR R € 340.79 - 1.71 0.00
Blend.Research U.S.Core Eq.Fd. ¥ 9984.00 - -74.00 - Regulated
Emerg. Consumer (EUR) PA € 11.60 - -0.05 0.00 UK Micro Cap Growth A 472.03 499.50 0.60 0.00 Odey Allegra European EUR O € 262.97 - 0.88 0.00
Blend.Research Gb.Eq.Fd. $ 98.41 - -0.80 - Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.40 13.40 -0.05 1.13
Emerg. Consumer (USD) PA $ 11.57 - -0.06 0.00 US Multi-Cap Income 304.96 - -0.33 0.18 Odey Allegra International EUR O € 174.05 - 1.01 0.00
Em.Mk.Eq.Fund Euro € 104.41 - -0.36 0.00 Loomis Sayles High Income R/D (USD) $ 8.87 8.87 -0.01 13.86
Emerg.Eq. Risk Par.(EUR) PA € 7.68 - 0.03 0.00 MFM - Third Party Funds Odey Allegra Developed Markets USD I $ 129.02 - 0.78 0.00
Em.Mk.Eq.Fund Sterling £ 89.45 - -0.59 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 12.99 12.99 -0.05 4.60
Junior Oils 73.68 77.97 5.26 0.00
Emerg. Eq. Risk Par.(USD) PA $ 6.02 - 0.02 0.00 Odey European Focus Fund € 17.62 - 0.03 0.53
Em.Mk.Eq.Fd.US Dollar $ 89.35 - -0.44 0.00
Junior Gold C Acc 21.54 - 0.81 0.00
Emerg. Loc.Cur.&Bds DH (CHF) PASFr 7.88 - 0.00 0.00 Odey Atlas Fund GBP I S £ 1.17 - 0.00 0.00
Em.Mk.Loc.Ccy Debt Fd.FC ¥ 7946.00 - -81.00 6.15 Natixis International Funds (UK)
MFM Artorius Fund 144.28 - -7.41 0.19
Emerg.Loc.Cur.Bd.Fdt PA SFr 8.10 - 0.02 0.00 Odey Giano European Fund EUR R € 117.00 - -0.53 0.00
GAM Em.Mk.Loc.Ccy Debt Fd.FD ¥ 9646.00 - -88.00 6.45 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 € 10.77 - -0.03 0.00 Authorised Funds Odey Naver Fund EUR I € 123.96 - 0.09 0.00
Gb.Conc.Eq.Fd.Euro € 263.43 - -2.06 0.00
Regulated MFM Hathaway Inc 101.87 106.67 -2.02 1.60 H2O MultiReturns Fund N/A (GBP) $ 12.51 12.51 -0.02 1.77
Emerg.Loc.Cur.Bd.Fdt PA $ 8.38 - -0.04 0.00 Odey Odyssey USD I $ 157.00 - 0.37 0.00
Gb.Conc.Eq.Fd.Sterl.UK T £ 160.45 - -1.76 0.00
JB BF ABS-EUR B € 105.02 - 0.01 0.00 MFM SGWM Managed A Acc 121.31 - 1.08 0.16 H2O MultiReturns Fund I/A (GBP) £ 1.35 - 0.00 1.67
Euro BBB-BB Fdt PA SFr 15.49 - -0.01 0.00 Odey Orion Fund EUR I € 123.28 - 0.46 0.00
Gb.Conc.Eq.Fd.Sterling £ 243.02 - -2.67 0.00
JB BF Abs Ret Def-EUR B € 110.74 - -0.06 0.00 MFM Techinvest Special Situations Acc 127.29 - -4.10 0.01 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 0.99 - -0.02 0.00
Euro BBB-BB Fdt PA € 12.29 - -0.01 0.00 Odey Swan Fund EUR I € 100.49 - -0.78 0.00
Gb.Conc.Eq.Fd.US $ 186.83 - -1.73 0.00
JB BF Abs Ret EM-USD B $ 116.80 - 0.02 0.00 MFM Techinvest Technology Acc 337.06 - -28.75 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.00 - -0.01 0.00
Euro BBB-BB Fdt PA £ 10.86 - -0.01 0.00 Odey European Absolute Return GBP S £ 100.13 - -0.22 0.00
Gb.Eq.Hdg Fd.Euro IRE T € 177.15 - -1.17 0.00
JB BF Abs Ret-EUR B € 129.95 - -0.16 0.00 MFM UK Primary Opportunities A Inc 308.63 - -1.32 1.43 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.93 - 0.00 4.47
Euro BBB-BB Fdt PA $ 17.44 - -0.02 0.00
Gb.Eq.Euro Hdg Fd. € 251.12 - -1.66 0.00
JB BF Abs Ret Pl-EUR B € 128.66 - -0.28 0.00 Slater Investments Ltd - Investment Adviser
Euro Credit Bd PA F € 12.84 - -0.02 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.01 - 0.00 4.35
MFM Slater Growth 386.49 410.07 0.59 0.11 Odey Wealth Management (CI) Ltd (IRL)
JB BF EM Corporate-USD B $ 107.30 - -0.03 0.00 Gb.Eq.Fund Euro € 271.78 - -1.67 0.00
Euro Government Fdt PA € 12.36 - -0.03 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.33 - -0.03 0.28 www.odey.com/prices
MFM Slater Income A Inc 160.19 - -0.18 3.86
JB BF EM Infl Link-USD B $ 82.06 - -0.55 0.00 Gb.Eq. Fd Euro IRE T € 171.91 - -1.05 0.00 FCA Recognised
Euro Inflation-Lk Fdt PA € 11.86 - 0.00 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.31 - -0.03 0.49
MFM Slater Recovery 166.75 176.92 0.61 0.25
JB BF EM Inv Grade-USD B $ 98.94 - -0.07 0.00 Gb.Eq.Fd.Sterling UK T £ 200.16 - -1.86 0.00 Odey Opportunity EUR I € 218.36 - 0.44 0.00
Euro Resp.Corp. Fdt PA € 18.08 - -0.03 0.00
Gb.Eq.Fd.US Dollar $ 304.41 - -2.31 0.00
JB Emerging (EUR)-EUR B € 331.77 - -0.33 0.00
Europe High Conviction PA € - - - 0.00 NatWest (2230)F (UK)
JB Emerging (USD)-USD B $ 404.32 - -0.07 0.00 Gb.Eq.Fund Sterling £ 197.98 - -1.85 0.00 Marlborough International Management Limited (GSY)
Eurozone Small&Mid Caps PA € 50.50 - -0.02 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 $ 254.11 - -1.79 0.00 Gb.Val.Ex-Jap.Fd.USD $ 113.56 - -0.73 0.00 Enquiries: 0800 085 5588 Other International Funds
Fdmt.Eq.L/S SH Sd EUR PA € 10.96 - 0.00 0.00 FCA Recognised Authorised Inv Funds
Gb.Val.Ex-Japan Fd.Yen ¥ 13532.00 - -67.00 0.00 Estimated NAV $ 979.10 - 25.55 0.00
JB BF Total Ret-EUR B € 98.60 - 0.03 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 $ 10.98 - -0.01 0.00
Low Volatility Gb.Eq.Fd. € 98.73 - -0.40 -
JB EF Abs Ret Eur-EUR B € 120.08 - 0.10 0.00 Marlborough Tiger Fund Ltd F £ 23.08 23.31 -1.67 0.00 United Kingdom Equity Index Fund £ 12.41 - 0.12 2.76
Gbl.Gvt.Fdmt PA € 10.32 - -0.03 0.00
Low Volatility Gb.Eq.Fd. £ 96.64 - -0.70 -
JB EF Euro Value-EUR B € 183.27 - -1.75 0.00 UK Specialist Equity Inc £ 19.08 - 0.14 0.41
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.42 - 0.06 0.00
Low Volatility Gb.Eq.Fd. $ 97.65 - -0.55 -
JB EF Japan-JPY B ¥ 16600.00 - -638.00 0.00 Contl Europe Spec Equity £ 15.69 - 0.01 0.00
Gbl.Gvt.Fdt.SH (CHF) PA SFr 26.52 - -0.04 0.00 Marwyn Asset Management Limited (CYM)
JB EF Luxury B-EUR B € 215.56 - -1.32 0.00 Regulated US Spec Equity Fund £ 13.24 - 0.10 0.00
Gbl.5B Fdmt (EUR) PA € 11.69 - 0.01 0.00
JB Ms EF Special Val. EUR/A € 137.18 - -0.26 0.80 MFS Meridian Funds SICAV (LUX) Marwyn Value Investors £ 535.69 - -21.99 0.00 Japan Specialist Fund X £ 9.56 - 0.18 0.00
Gbl.5B Fdmt (CHF) PA SFr 10.36 - 0.06 0.00
Regulated
JB Strategy Balanced-CHF/B SFr 148.06 - -0.14 0.00 Pacific Basin Specialist Equity Fund £ 20.36 - -0.44 0.71
Gbl.5B Fdmt SH (USD) PA $ 10.92 - 0.00 0.00 Optima Fund Management
Absolute Return A1 € 19.49 - -0.09 0.00
JB Strategy Balanced-EUR € 152.83 - -0.37 0.00 McInroy & Wood Portfolios Limited (UK) UK Sovereign Bd Index Fund £ 10.89 - 0.01 2.60 Other International Funds
Generation Global (CHF) PA F SFr 12.70 - -0.02 0.00
Asia ex-Japan A1 $ 21.82 - -0.13 0.00
JB Strategy Balanced-USD/B $ 128.06 - -0.42 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867 UK Specialist Equity Income Fund £ 9.64 - 0.06 3.83 Cuttyhunk Fund II Limited $ 1525.63 - -43.67 0.00
Generation Global (EUR) PA F € 19.30 - -0.14 0.00 Bond A1 $ 10.33 - 0.00 0.00 Authorised Inv Funds
JB Strategy Growth-CHF/B SFr 90.29 - -0.15 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.99 - 0.00 3.21 JENOP Global Healthcare Fund Ltd $ 17.12 - -0.24 0.00
Generation Global (USD) PA F $ 14.73 - -0.13 0.00 Balanced Fund Personal Class Units 3806.60 - -25.30 1.95
China Equity Fd A1 $ 8.97 - 0.00 0.00
JB Strategy Growth-EUR € 113.45 - -0.41 0.00 Inflation Lkd Sov Bd Fund £ 12.57 - 0.01 0.67 OPTIKA Fund Limited - Cl A $ 115.74 - -4.14 -
Global Energy (USD) PA F $ 7.05 - 0.14 0.00 Income Fund Personal Class Units 2327.70 - -7.20 2.95
Continental European Eqty A1 € 17.13 - -0.05 0.00
JB Strategy Inc-CHF/B SFr 118.85 - -0.03 0.00 Global Emerg Mkts Equity Fund X £ 10.48 - -0.13 0.57 Optima Fd NAV $ 94.52 - -1.59 0.00
Golden Age (CHF) PA F SFr 21.71 - -0.19 0.00 Emerging Markets Fund Personal Class Units 1540.80 - -12.70 2.53
Emer Mkts Debt Lo Curr Fd A1 $ 11.22 - 0.00 0.00
JB Strategy Inc-EUR/B € 158.62 - -0.25 0.00 Series 2 (Investment Management customers only) Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Golden Age (EUR) PA € 14.75 - -0.12 0.00 Smaller Companies Fund Personal Class Units 3522.50xd - 7.40 1.76
Emerging Markets Debt A1 $ 32.89 - 0.03 0.00 United Kingdom Equity Index Fund £ 12.42 - 0.11 3.24
JB Strategy Inc-USD/B $ 145.60 - -0.29 0.00 The Dorset Energy Fd Ltd NAV $ 30.55 - 1.64 0.00
Golden Age (USD) PA F $ 20.45 - -0.18 0.00 Emerging Markets Eq.A1 $ 10.05 - -0.04 0.00 UK Specialist Equity Inc £ 19.29 - 0.14 1.74 Platinum Fd Ltd $ 83.56 - -4.56 0.00
Sh.T- Money Mkt EUR PA € 112.32 - -0.01 0.00 European Concentrated A1 € 17.18 - -0.07 0.00 Meridian Fund Managers Ltd Contl Europe Spec Equity £ 16.49 - 0.01 0.62
Platinum Fd Ltd EUR € 16.26 - -0.86 0.00
Sh.T- Money Mkt CHF PA SFr 128.85 - -0.01 0.00 Other International Funds
European Core Eq A1 € 30.33 - -0.14 0.00 US Spec Equity Fund £ 13.82 - 0.11 0.16
Global Gold & Resources Fund $ 180.02 - -1.51 - Platinum Japan Fd Ltd $ 53.86 - -2.22 0.00
Sh.T- Money Mkt GBP PA £ 10.27 - 0.00 0.00
European Res.A1 € 31.84 - -0.19 0.00 Japan Specialist Fund X £ 10.16 - 0.20 0.52
Global Energy & Resources Fund $ 37.95 - -6.10 - Optima Partners Global Fd (Est) $ 14.94 - 0.24 0.00
Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00
European Smaller Companies A1 € 49.80 - -0.13 0.00 Pacific Basin Specialist Equity Fund £ 20.30 - -0.44 1.41 Optima Partners Focus Fund A $ 16.87 - -0.36 0.00
Sw.Fr.Bd(For) PA SFr 23.75 - -0.01 0.00
European Value A1 € 34.64 - -0.13 0.00 UK Sovereign Bd Index Fund £ 11.06 - 0.01 2.60
Sw.Fr.Credit Bd(For) PA SFr 13.65 - -0.01 0.00 Metage Capital
Kames Capital ICVC (UK) Global Conc.A1 $ 34.93 - -0.32 0.00 UK Specialist Equity Income Fund £ 10.39 - 0.06 3.78
Other International Funds Oryx International Growth Fund Ltd
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Tactical Alpha (CHF) PA SFr 10.08 - 0.00 0.00 Global Credit Fund $ 10.34 - 0.00 0.00
MGS -Master Series (Est) $ 240.66 - -2.89 - Global Spec Inv Grade Bd Fund GBP £ 10.14 - 0.01 3.21 Other International Funds
0800 45 44 22 www.kamescapital.com
Tactical Alpha (EUR) PA € 10.39 - 0.00 0.00 Global Energy Fund A1 $ 12.79 - 0.05 0.00
Authorised Funds MEMO - Master Series $ 501.03 - -3.56 0.00 Inflation Lkd Sov Bd Fund £ 12.69 - 0.01 0.67 NAV (Fully Diluted) £ 6.45 - 0.27 0.00
Tactical Alpha (USD) PA $ 14.93 - 0.00 0.00
Diversified Income B Acc 109.51 - -0.46 5.29 Global Equity A1 $ 44.18 - -0.31 0.00 Global Emerg Mkts Equity Fund X £ 10.13 - -0.13 0.79
MEMO - MEMV Series $ 117.28 - -0.07 0.00
Technology PA € 13.14 - -0.16 0.00
Diversified Income B Inc 100.96 - -0.78 5.47 Global Equity A1 € 24.81 - -0.35 0.00 The initial charge you will pay will depend on the amount you invest
Technology PA $ 19.90 - -0.25 0.00 **Address and Telephone number for series 1 only
Diversified Growth A Acc 130.13 - -1.17 2.71 Global High Yield Fund $ 24.81 - 0.02 0.00
Ministry of Justice Common Investment Funds (UK)
Ethical Cautious Managed A Acc 163.50 - -0.66 1.62 Wld Gold Expertise PAF SFr 9.19 - -0.11 0.00 Global High Yield Fund € 16.00 - -0.10 0.00 Property & Other UK Unit Trusts
Wld Gold Expertise PA € 7.32 - -0.09 0.00 Global Multi-Asset A1 $ 15.41 - 0.03 0.00 Asset Management
Ethical Cautious Managed A Inc 135.27 - -0.54 1.64 The Equity Idx Tracker Fd Inc 1275.00 1275.00 -17.00 2.85
Asset Management
Ethical Corporate Bond A Acc
Ethical Corporate Bond A Inc
194.56
110.41
-
-
-0.05 3.32
-0.02 3.32
Wld Gold Expertise PA
LO Selection
$ 9.72 - -0.11 0.00 Global Res.A1
Global Total Return A1
Asset Management $ 25.48
€ 16.97
-
-
-0.19 0.00
-0.17 0.00
Distribution Units
Permal Investment Mgmt Svcs Ltd
Balanced (CHF) PA F SFr 106.80 - 0.09 0.00 www.permal.com
Ethical Equity A Acc 171.06 - -1.34 1.22 Inflation-Adjusted Bond A1 $ 13.99 - -0.01 0.00 Mirabaud Asset Management (LUX)
Other International Funds
Balanced (EUR) PA F € 124.61 - 0.22 0.00 www.mirabaud.com, marketing@mirabaud.com
Offshore Fund Class A US $ Shares
High Yield Bond A Acc 115.25 - 0.23 4.07 Japan Equity A1 $ 10.12 - -0.06 0.00
Conservative (CHF) PA F SFr 103.52 - 0.12 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 52.82 - -0.07 4.07 Latin American Equity Fd A1 $ 12.09 - -0.07 0.00 Mir. Conv. Bds Eur A EUR € 135.58 - -0.04 0.00
Conservative (EUR) PA F € 113.90 - 0.17 0.00 FCA Recognised
Macro Holdings Ltd $ 4197.79 - 38.91 0.00
Limited Maturity A1 $ 14.02 - 0.00 0.00
Asset Management
Investment Grade Bond A Acc 158.18 - -0.11 3.04
Asset Management
Mir. Conv. Bds Glb A USD $ 113.96 - -0.03 0.00 New Capital UCITS Funds
Global Allocation (GBP) PA F £ 9.89 - -0.01 0.00
Fixed Income Holdings N.V. $ 386.95 - -15.12 -
Investment Grade Bond A Inc 115.89 - -0.09 3.04 Prudent Wealth Fd A1 $ 14.47 - 0.01 0.00 Mir. - Eq Asia ex Jap A $ 159.90 - -3.00 0.00 Asia Pac Bd USD Inst Inc $ 90.84 - -0.07 3.32
Growth (CHF) PA F SFr 111.29 - 0.12 0.00
Permal Absolute Return Fund $ 169.53 - 2.94 0.00
Sterling Corporate Bond A Acc 69.18 - -0.03 2.95 Research Bond A1 $ 16.52 - -0.01 0.00 Mir. - Eq Glb Emrg Mkt A USD $ 83.94 - -1.61 0.00 Asia Pac Bd USD Ord Inc $ 92.75 - -0.08 2.57
Growth (EUR) PA F € 134.39 - 0.31 0.00
Sterling Corporate Bond A Inc 30.90 - -0.01 2.95 UK Equity A1 £ 7.85 - -0.03 0.00 Mir. - Eq Global Focus A USD $ 99.96 - -0.53 0.00 Asia Pac Eq EUR Ord Inc € 84.85 - -0.29 3.44
Wednesday 2 September 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 £ 18.89 - 0.05 0.00 LTIF Stability A ACCU € 166.29 - 0.28 -

UK Real Return - Inst Acc £ 23.02 - 0.00 0.00

Taube Hodson Stonex Ptnrs UT (1200)F (UK) Unicorn Asset Management Ltd (UK) Money Market
UK Sterling Long Average Duration - Inst Acc £ 21.56 - 0.02 0.00 50 Bank Street, Canary Wharf, London E14 5NT PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287

UK Sterling Low Average Duration - Inst Acc £ 14.03 - 0.00 0.00

SIA (SIA Funds AG) (CH)
Other International Fds
Admin: 50 Bank Street, Canary Wharf, London E14 5NT
Dealing & Enquiries: 0870 870 8433
Authorised Inv Funds Trusts and
UK Growth A Inc 397.88 - 0.65 0.00
Bank Accounts
Unconstrained Bond - Inst Acc $ 12.05 - -0.03 0.00 LTIF Stability Growth SFr 185.90 - -14.50 - Authorised Inv Funds
THS Growth & Value Funds Mastertrust A Inc X F 351.77 - -3.42 0.00
LTIF Stability Inc Plus SFr 165.20 - -12.90 6.13 Gross
US Fundam.Index StocksPLUS Inst Inc $ 11.87 - -0.07 0.00
International UK Growth B Inc 400.49 - 0.69 0.23 Gross Net AER Int Cr
Pictet Asset Management (Europe) SA (LUX) US High Yield Bond Fund Inst Acc $ 27.83 - 0.01 0.00 Robeco Asset Management (LUX) Santander Asset Management UK Limited (1200)F (UK)
15, Avenue J.F. Kennedy L-1855 Luxembourg Coolsingel 120, 3011 AG Rotterdam, The Netherlands. 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 IGV - Inc A 325.20 - -2.40 2.41 Mastertrust B Inc X F 317.12 - -3.03 0.40
Tel: 0041 58 323 3000 www.robeco.com/contact Authorised Funds Smith & Williamson Investment Management (1200)F (UK) IGV - Inc B 324.90 - -2.40 1.59 CCLA Investment Management Ltd
25 Moorgate, London, EC2R 6AY 020 7131 8100 Outstanding British Cos A Acc X F 241.80 - -0.10 0.45
FCA Recognised FCA Recognised Santander Atlas Range Senator House 85 Queen Victoria Street, London EC4V 4ET
www.sandwfunds.com IGV - Acc X 397.50 - -2.90 1.88 Outstanding British Cos B Acc X F 252.15 - -0.09 1.16 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Pictet-Absl Rtn Fix Inc-HI EUR € 106.57 - -0.06 0.00 Asia-Pacific Equities (EUR) € 125.41 - -1.88 0.00 Santander Atlas Port 3 Acc Ret 146.90 - -0.10 -
Authorised Inv Funds
IGV - Acc Y 425.90 - -3.10 2.37 UK Smaller Cos A Inc X F 435.90 - -1.27 0.08
Pictet-Absl Rtn Glo Div-I EUR F € 123.92 - 0.25 0.00 Chinese Equities (EUR) € 69.32 - 0.74 0.00 Santander Atlas Port 3 Inc Ret 102.20 - -0.10 - European Growth Trust A Class 497.00 - -5.80 0.74
IGV - Acc Z 395.00 - -3.00 1.60 UK Smaller Cos B Inc X F 428.63 - -1.21 0.77
CCLA Fund Managers Ltd
Pictet-Agriculture-I EUR F € 187.03 - -0.81 0.00 Em Stars Equities (EUR) € 161.58 - -0.38 0.00 Santander Atlas Port 3 Acc Inst 161.30 - -0.10 - Far Eastern Income and Growth Trust A Class 392.20 - -8.10 3.32 Senator House 85 Queen Victoria Street, London EC4V 4ET
European UK Income A Acc X F 259.68 - -1.24 5.93
Pictet-Asian Equities Ex Japan-I USD F $ 189.17 - -2.56 0.00 Emerging Markets Equities (EUR) € 135.49 - 0.16 0.00 Santander Atlas Port 4 Acc Ret 178.10 - 0.10 - COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Fixed Interest Trust A Class 121.20xd - -0.20 3.39
EGV - Acc S 270.20 - -1.70 -
Pictet-Asian Local Currency Debt-I USD F $ 148.50 - -0.09 0.00 Flex-o-Rente (EUR) € 109.03 - -0.18 0.00 Santander Atlas Port 4 Inc Ret 128.60 - 0.00 - UK Income A Inc X F 235.31 - -1.12 6.17
Platinum Capital Management Ltd Global Gold and Resource Trust A Class 132.00 - 2.20 0.00
EGV - Acc Z 270.20 - -1.70 0.83
Pictet-Biotech-I USD F $ 869.66 - -25.94 0.00 Other International Funds Glob.Consumer Trends Equities (EUR) € 146.91 - -1.22 0.00 Santander Atlas Port 4 Acc Inst 161.60 - 0.10 - UK Income B Acc X F 275.25 - -1.29 5.89
MM Endurance Balanced Fund A Class 209.60 - 0.80 1.21 Continental
Pictet-Brazil Index I USD $ 40.14 - -1.25 0.00
Platinum All Star Fund - A $ 120.00 - - -
High Yield Bonds (EUR) € 125.35 - 0.88 0.00 Santander Atlas Port 5 Acc Ret 187.40 - -0.20 - MM Global Investment Fund A Class 2093.00 - -12.00 1.84
UK Income B Inc X F 249.53 - -1.17 6.13 Data Provided by
CGV Acc S 110.30 - -0.80 -
Platinum Global Dividend Fund - A $ 59.09 - - -
Pictet-CHF Bonds I CHF SFr 505.26 - -0.11 0.00 Lux -O- Rente (EUR) € 138.73 - -0.40 0.00 Santander Atlas Port 5 Acc Inst 158.90 - -0.20 - North American Trust A Class 1654.00 - -7.00 0.00 CGV Acc X 109.60 - -0.80 -
Platinum Global Dividend UCITS Fund $ 68.46 - 0.28 5.32
Pictet-China Index I USD $ 103.10 - 0.06 0.00 New World Financials (EUR) € 51.80 - -0.17 0.00 Santander Atlas Port 6 Acc Ret 254.20 - -0.10 - Oriental Growth Fund A Class 136.40 - -2.20 1.09 CGV Inc A £ 1.10 - -0.01 -
Value Partners Hong Kong Limited (IRL)
Platinum Essential Resources UCITs Fund $ 5.69 - 0.11 0.00 www.valuepartners.net, fis@vp.com.hk
Pictet-Clean Energy-I USD F $ 79.53 - -1.26 0.00 US Premium Equities (EUR) € 176.59 - -1.17 0.00 Santander Atlas Port 6 Acc X 181.50 - 0.00 - UK Equity Growth Trust A Class 410.60 - -2.80 0.66 CGV Inc B £ 1.10 - -0.01 - Regulated
Platinum Maverick Enhanced Fund Limited $ 103.46 - - 0.00
Pictet-Digital Communication-I USD F $ 238.96 - -3.45 0.00 US Premium Equities (USD) $ 197.29 - -1.29 0.00 Santander Atlas Port 6 Acc Inst 156.20 - 0.00 - UK Equity Income Trust A Class 218.00 - -4.50 6.20 Value Partners Classic Equity Fund USD Z Unhedged $ 10.49 - -0.23 0.00
Pictet-Eastern Europe-I EUR F € 271.26 - 0.79 0.00 Santander Atlas Port 7 Acc Ret 196.70 - 0.20 - Value Partners Classic Equity Fund CHF HedgedSFr 11.00 - -0.25 0.00
The Hartford International Funds (IRL)
Pictet-Em Lcl Ccy Dbt-I USD F $ 155.68 - -0.68 0.00
Royal Bank of Scotland (2230)F (UK) Santander Atlas Port 7 Acc Inst 155.90 - 0.20 -
Smith & Williamson Fd Admin Ltd (1200)F (UK)
Regulated Value Partners Classic Equity Fund EUR Hedged € 11.10 - -0.25 0.00 www.morningstar.co.uk
Pictet-Emerging Markets-I USD F $ 465.06 - -4.17 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index (GBP) £ 1573.73 - -2.57 0.00
25 Moorgate, London, EC2R 6AY 0141 222 1150 Value Partners Classic Equity Fund GBP Hedged £ 11.34 - -0.25 0.00
Authorised Inv Funds Data as shown is for information purposes only. No
Max 70% Shs Acc Ret 161.90 - -1.20 - Authorised Inv Funds
Pictet-Emerging Markets Index-I USD F $ 212.09 - 0.02 -
Series 5 (Minumum Initial Investment £75,000) UK Corporate Bond £ 1550.63 - -1.00 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 11.83 - -0.12 0.00 offer is made by Morningstar or this publication.
Max 70% Shs Inc Ret 137.10 - -1.10 - S&W Deucalion Fd (OEIC) 2102.00 - -89.00 0.24
Pictet-Emerging Corporate Bonds I USD $ 105.63 - -0.02 0.00 United Kingdom Equity Index Fund £ 15.52 - 0.14 2.75 Gilt £ 1578.15 - -0.39 0.00 Value Partners Classic Equity USD Hedged $ 12.87 - -0.28 0.00
Investments Inc Acc Ret 153.70 - -0.30 - S & W Magnum 366.30 387.40 -2.20 1.94
Pictet-Emerging Markets High Dividend I USD $ 93.68 - -0.77 0.00 UK Specialist Equity Inc £ 19.09 - 0.14 0.41 Global Eq (Ex Japan) Index Fund ¥ 1.34 - 0.00 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 9.11 - -0.04 -
Polar Capital Funds Plc (IRL)
Investments Inc Inc Ret 102.10 - -0.20 - S & W Marathon Trust 184.30 195.10 -0.20 1.92
Pictet-Emerging Markets Sust Eq I USD $ 85.18 - 0.43 0.00 Regulated Contl Europe Specialist Fund £ 23.17 - 0.02 0.00 Global Eq (ex Japan) Class HJ4 ¥ 1.39 - -0.01 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 8.69 - -0.02 -
Equity Inc Inc Inst 235.40 - -1.40 - Charity Value and Income Fund Acc 134.00 134.80 -0.40 4.72
Pictet-Environmental Megatrend Sel I EUR € 150.69 - -1.37 0.00 Asian Financials I USD $ 270.29 270.29 -4.57 0.00 Japan Specialist Fund X £ 14.47 - 0.27 0.00 Global Eq (ex Japan) Class JP5 ¥ 1.52 - 0.00 0.00 Value Partners Health Care Fund USD Class A Unhedged $ 8.72 - -0.02 -

Guide to Data
Equity Inc Inc Ret 202.20 - -1.30 - Charity Value and Income Fund Inc 91.30 91.80 -0.23 4.86
Pictet-EUR Bonds-I F € 547.15 - -1.13 0.00 Biotechnology I USD $ 19.06 19.06 0.07 0.00 US Spec Equity Fund £ 17.89 - 0.13 0.00 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.39 - 0.00 0.00
European Income Acc EUR € 11.35 11.35 0.04 - Equity Inc Acc Inst 142.10 - -0.90 -
Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.34 - -0.19 0.00 Pacific Basin Specialist Equity Fund £ 35.90 - -0.78 0.72 Gbl Govt Bond (Ex Japan) Index ¥ 1.34 - 0.00 0.00
N&P UK Gwth Inc Ret 158.10 - -1.20 - Veritas Asset Management LLP (IRL)
Pictet-EUR Corporate Bonds-I F € 198.01 - -0.20 0.00 European Ex UK Inc EUR Acc € 9.64 9.64 0.01 - UK Sovereign Bd Index Fund £ 10.67 - 0.00 2.60 Standard Life Wealth (JER) Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.31 - 0.00 0.00 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland The fund prices quoted on these pages are supplied by
Stckmkt 100 Track Gwth Acc Inst 88.47 - -0.92 - PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
Pictet-EUR Government Bonds I EUR € 155.25 - -0.37 0.00 Financial Opps I USD $ 12.55 - 0.03 2.11 Veritas Funds Plc the operator of the relevant fund. Details of funds
Inflation Lkd Sov Bd Fund £ 12.81 - 0.01 0.67 FCA Recognised Japan Equity Index Fund ¥ 1.01 - -0.05 0.00
www.veritas-asset.com published on these pages, including prices, are for the
GEM Growth I USD $ 8.44 - 0.04 0.00 Stckmkt 100 Track Gwth Acc Ret 163.80 - -1.70 - Standard Life Offshore Strategy Fund Limited
Pictet-EUR High Yield-I F € 243.25 - 0.06 0.00 UK Specialist Equity Income Fund £ 9.62 - 0.06 3.83 Japan Equity Class JP3 ¥ 1.23 - -0.06 0.00 +353 1 635 6799 purpose of information only and should only be used
UK Growth Acc Inst 276.40 - -2.10 - Bridge Fund £ 1.5508 - -0.0129 2.13 as a guide. The Financial Times Limited makes no
Pictet-EUR Short Mid-Term Bonds-I F € 136.60 - 0.01 0.00 GEM Income I USD $ 9.50 - 0.05 0.00 FCA Recognised
Global Emerg Mkts Equity Fund X £ 10.12 - -0.13 0.53 representation as to their accuracy or completeness
UK Growth Acc Ret 320.70 - -2.50 - Institutional and they should not be relied upon when making an
Global Alpha I USD $ 12.68 12.68 0.06 0.00 Diversified Assets Fund £ 1.1630 - -0.0039 3.03
Pictet-EUR Short Term HY I EUR € 119.20 - 0.05 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.84 - 0.01 3.21 The National Investor (TNI) Veritas Asian Fund A USD H $ 290.73 - -6.86 0.69 investment decision.
Global Convertible I USD $ 11.57 11.57 0.05 0.00 UK Growth Inc Ret 213.40 - -1.70 - Global Equity Fund £ 1.7795 - -0.0170 1.14 www.tni.ae
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.06 - 0.00 0.00 Series 6 (Investment Management Customers Only)
Managed OEIC Veritas Asian Fund A GBP H £ 350.76 - -7.48 0.51 The sale of interests in the funds listed on these pages
United Kingdom Equity Index Fund £ 15.33 - 0.14 3.24 Global Balanced Fund - Income Units £ 1.3032 - -0.0106 1.97 Other International Funds
Pictet-Euroland Index IS EUR € 129.85 - -0.52 0.00 Global Insurance I GBP £ 3.92 - 0.00 0.00 may, in certain jurisdictions, be restricted by law and
Glob Em Shs Port Acc Ret 148.60 - 0.30 - TNI Blue Chip UAE Fund * AED 10.69 - 0.01 0.00 Veritas Asian Fund A EUR H € 294.33 - -6.55 0.44
UK Specialist Equity £ 19.29 - 0.14 1.74 Global Balanced Fund - Accumulations Units £ 1.5126 - -0.0123 1.94 the funds will not necessarily be available to persons
Pictet-Europe Index-I EUR F € 168.55 - -0.26 0.00 Global Technology I USD $ 21.98 - 0.06 0.00
Max 70% Shs Port Acc Ret 250.80 - -0.30 - TNI Funds Ltd (BMU) Veritas China Fund A USD $ 141.40 - -0.72 0.00 in all jurisdictions in which the publication circulates.
Healthcare Blue Chip Fund I USD Acc $ 11.21 11.21 -0.03 - Contl Europe Specialist Fund £ 24.14 - 0.02 0.62 Global Fixed Interest Fund £ 1.0064 - 0.0020 3.47 Persons in any doubt should take appropriate
Pictet-European Equity Selection-I EUR F € 622.07 - -0.56 0.00 MENA Hedge Fund $ 995.03 - 3.99 0.00
Max 70% Shs Port Acc X 180.10 - -0.20 - Veritas China Fund A GBP £ 146.29 - -0.72 0.00 professional advice. Data collated by Morningstar. For
Healthcare Opps I USD $ 41.89 - 0.12 0.00 Japan Specialist Fund X £ 15.25 - 0.29 0.52 Sterling Fixed Interest Fund £ 0.8444 - -0.0010 3.10 other queries contact reader.enquiries@ft.com +44
Pictet-European Sust Eq-I EUR F € 235.57 - -0.42 0.00 TNI Funds Plc (Ireland)
Max 70% Shs Port Acc S 145.60 - -0.20 - Veritas China Fund A EUR € 140.36 - -0.76 0.00 (0)207 873 4211.
Income Opportunities B2 I GBP Acc £ 1.72 1.72 0.00 0.00 US Spec Equity Fund £ 18.71 - 0.14 0.16 UK Equity Fund £ 1.8876 - -0.0130 2.78 MENA UCITS Fund * $ 1181.01 - 25.64 0.00
Pictet-Global Bds Fundamental I USD $ 116.93 - -0.44 0.00
Investment Port Acc Ret 230.90 - 0.00 - Veritas Global Equity Income Fund D USD $ 115.65 - -1.27 4.86
Japan Alpha I JPY ¥ 198.03 198.03 -10.44 0.00 Pacific Basin Specialist Equity Fund £ 35.82 - -0.78 1.40 The fund prices published in this edition along with
Pictet-Global Bonds-I EUR € 159.98 - -0.14 0.00
Investment Port Acc X 163.70 - 0.10 - Veritas Global Equity Income Fund D EUR € 199.29 - -2.04 4.12 additional information are also available on the
Pictet-Global Emerging Currencies-I USD F $ 96.18 - -0.41 0.00 Japan I JPY ¥ 2008.63 - -104.93 0.00 UK Sovereign Bd Index Fund £ 10.78 - 0.00 2.60 Financial Times website, www.ft.com/funds. The
Max 50% Shs Port Acc Ret 241.30 - -0.10 -
Thesis Unit Trust Management Limited (UK)
Veritas Global Equity Income Fund D GBP £ 146.32 - -1.28 4.75 funds published on these pages are grouped together
Pictet-Global Emerging Debt-I USD F $ 353.76 - 0.13 0.00 North American I USD $ 17.20 17.20 0.00 0.00 Inflation Lkd Sov Bd Fund £ 12.68 - 0.01 0.67 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
by fund management company.
Max 50% Shs Port Inc Ret 216.00 - 0.00 - Authorised Funds Veritas Global Focus Fund D USD $ 25.40 - -0.26 2.78
Pictet-Global Megatrend Selection-I USD F $ 219.53 - -2.48 0.00 UK Absolute Equity I GBP £ 12.16 12.16 0.05 - UK Specialist Equity Income Fund £ 10.39 - 0.06 3.78
Max 50% Shs Port Acc X 174.70 - -0.10 - TM New Court Fund A 2011 Inc £ 12.88 - -0.01 0.00 Veritas Global Focus Fund D EUR € 22.69 - -0.22 2.60 Prices are in pence unless otherwise indicated. The
Pictet-Greater China-I USD F $ 428.34 - -7.88 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.11 - 0.00 3.21 change, if shown, is the change on the previously
Max 50% Shs Port Acc S 146.30 - 0.00 - TM New Court Fund - A 2014 Acc £ 12.91 - -0.01 0.00 Veritas Global Focus Fund D GBP £ 28.07 - -0.22 2.42 quoted figure (not all funds update prices daily). Those
Pictet-Health-I USD $ 283.78 - -5.40 0.00 Global Emerg Mkts Equity Fund X £ 10.13 - -0.13 0.76 designated $ with no prefix refer to US dollars. Yield
Polar Capital LLP (CYM) Max 100% Shs Port Acc Ret 270.20 - 0.70 - TM New Court Equity Growth Fund - Inc £ 12.99 - -0.01 0.00 Veritas Global Focus Fund A GBP £ 27.05 - -0.22 2.21
Address and telephone number for Series 5 only Stenham Asset Management Inc percentage figures (in Tuesday to Saturday papers)
Pictet-High Dividend Sel I EUR F € 149.95 - -0.44 0.00 Regulated
www.stenhamassetmanagement.com Veritas Global Focus Fund A EUR € 13.20 - -0.12 2.06 allow for buying expenses. Prices of certain older
Max 100% Shs Port Acc X 193.90 - 0.50 -
ALVA Convertible A USD $ 129.05 - 0.44 0.00 Other International Funds insurance linked plans might be subject to capital
Pictet-India Index I USD $ 97.06 - -0.90 0.00
Max 100% Shs Port Acc S 141.40 - 0.40 - Veritas Global Focus Fund A USD $ 24.46 - -0.25 2.34 gains tax on sales.
Pictet-Indian Equities-I USD F $ 430.16 - -8.03 0.00
European Conviction A EUR € 151.07 - -9.24 0.00 Royal London Unit Managers Ltd. (1200) F (UK) Stenham Asia USD $ 135.37 - -2.06 -
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Enhanced Inc Inc Ins 206.80 - -0.70 - Veritas Global Focus Fund C GBP £ 29.23 - -0.23 0.00 Guide to pricing of Authorised Investment Funds:
European Forager A EUR € 180.73 - -0.07 0.00 Stenham Credit Opportunities A Class USD $ 104.62 - -0.76 0.00
Pictet-Japan Index-I JPY F ¥ 15540.33 - -616.99 0.00 Authorised Inv Funds (compiled with the assistance of the IMA. The
Enhanced Inc Inc Ret 195.70 - -0.70 - Veritas Global Focus Fund C EUR € 23.73 - -0.23 0.00
Stenham Emerging Markets USD B1 $ 105.21 - -2.06 0.00 Investment Management Association, 65 Kingsway,
Pictet-Japanese Equities Opp-I JPY F ¥ 9212.45 - -366.33 0.00 Royal London Sustainable Diversified A Inc £ 1.52 - 0.00 2.02
Enhanced Inc Inc X 166.20 - -0.60 - Veritas Global Focus Fund C USD $ 26.50 - -0.27 0.00 London WC2B 6TD.
Polunin Capital Partners Ltd Royal London Sustainable World A Inc 164.30 - -1.10 0.70 Stenham Gold USD $ 143.57 - -11.96 0.00 Tel: +44 (0)20 7831 0898.)
Pictet-Japanese Equity Selection-I JPY F ¥ 13821.31 - -544.39 0.00
Enhanced Inc Acc Inst 151.80 - -0.50 - Veritas Global Equity Income Fund A GBP £ 140.32 - -1.23 4.78
Other International Funds Stenham Growth USD $ 228.02 - 2.78 -
Pictet-LATAM Index I USD $ 52.57 - -0.61 0.00 Royal London Corporate Bond Mth Income 88.09 92.73 -0.55 4.20 Toscafund (CYM) OEIC: Open-Ended Investment Company. Similar to a
Emerging Markets Active $ 42.54 - -2.14 - Managed Investments OEIC Veritas Global Equity Income Fund A EUR € 193.74 - -1.99 4.15
Stenham Healthcare USD $ 200.89 - 7.01 0.00 Regulated unit trust but using a company rather than a trust
Pictet-LATAM Lc Ccy Dbt-I USD F $ 110.68 - -1.78 0.00 Royal London European Growth Trust 105.00 110.50 -0.90 0.95 Max 30% Shs Port Acc Ret 153.70 - -0.20 - structure.
Luxcellence Em Mkts Tech $ 737.12 - -113.65 0.00 Tosca (Est) $ 302.21 - -2.82 0.00 Veritas Global Equity Income Fund A USD $ 111.36 - -1.23 4.89
Royal London Sustainable Leaders A Inc 443.20 - -2.10 0.86 Stenham Helix USD $ 31.00 - -73.66 -
Pictet-Pacific Ex Japan Index-I USD F $ 316.66 - -4.93 0.00 Max 30% Shs Port Acc X 153.40 - -0.20 -
Polunin Developing Countries $ 721.06 722.07 9.49 0.00 Veritas Global Equity Income Fund C GBP £ 163.73 - -1.43 - Different share classes are issued to reflect a different
Stenham Managed Fund USD $ 120.10 - 1.29 - Tosca Mid Cap GBP £ 267.76 - 6.83 0.00
Pictet-Premium Brands-I EUR F € 152.73 - -1.06 0.00 Royal London UK Growth Trust 464.00 488.40 -2.90 1.51 Max 30% Shs Port Acc S 147.30 - -0.20 - currency, charging structure or type of holder.
Polunin Discovery - Frontier Markets $ 1429.96 - -23.40 0.00 Tosca Opportunity B USD $ 313.41 - 20.23 0.00 Veritas Global Equity Income Fund C EUR € 225.41 - -2.31 -
Royal London UK Income With Growth Trust 216.10 227.40 0.00 4.57 Stenham Multi Strategy USD $ 123.16 - 0.52 -
Pictet-Quality Global Equities I USD $ 129.36 - -1.10 0.00 Max 30% Shs Inc Port Inc Ret 152.20 - -0.70 - Selling price: Also called bid price. The price at which
Polunin Small Cap $ 1215.96 1231.16 -175.10 0.00 Veritas Global Equity Income Fund C USD $ 129.13 - -1.42 -
Stenham Quadrant USD A $ 402.92 - 6.77 - units in a unit trust are sold by investors.
Pictet-Russia Index I USD $ 49.94 - -0.26 0.00 Royal London US Growth Trust 149.60 157.30 0.10 0.00 Max 30% Shs Inc Port Inc X 152.40 - -0.70 - Veritas Global Real Return Fund A USD $ 20.09 - 0.01 2.09
Additional Funds Available Stenham Trading Inc USD $ 116.54 - 1.77 - Buying price: Also called offer price. The price at
Pictet-Russian Equities-I USD F $ 41.68 - -0.05 0.00 Max 30% Shs Inc Port Inc S 146.20 - -0.60 -
Please see www.royallondon.com for details Veritas Global Real Return Fund A GBP £ 11.23 - 0.01 2.07 which units in a unit trust are bought by investors.
Private Fund Mgrs (Guernsey) Ltd (GSY) Stenham Universal USD $ 458.70 - 2.19 - Includes manager’s initial charge.
Pictet-Security-I USD F $ 194.28 - -2.05 0.00 Max 60% Shs Port Acc Ret 263.90 - 0.30 -
Regulated Veritas Global Real Return Fund A EUR € 11.85 - 0.01 0.17
Stenham Universal II USD $ 170.21 - 0.74 0.00
Pictet-Select-Callisto I EUR € 106.39 - -1.43 0.00 Monument Growth 25/08/2015 £ 455.96 461.05 -26.55 1.08 Max 60% Shs Port Inc Ret 210.60 - 0.20 - Retail Single price: Based on a mid-market valuation of the
Ruffer LLP (1000)F (UK) underlying investments. The buying and selling price
Pictet-Small Cap Europe-I EUR F € 1094.65 - 2.93 0.00 40 Dukes Place, London EC3A 7NH Max 60% Shs Port Inc X 163.00 - 0.10 - Veritas Asian Fund B USD $ 202.03 - -4.78 0.50
for shares of an OEIC and units of a single priced unit
Pictet-ST.MoneyMkt-I € 140.50 - 0.00 0.00 Order Desk and Enquiries: 0845 601 9610 Stratton Street Capital (CI) Limited (GSY) Veritas Asian Fund B GBP £ 258.13 - -5.52 0.04 trust are the same.
Max 60% Shs Port Inc S 144.00 - 0.20 -
Prusik Investment Management LLP (IRL) Authorised Inv Funds Regulated
TreeTop Asset Management S.A. (LUX)
Pictet-ST.MoneyMkt JPY I USD ¥ 101533.19 - -2.41 0.00 Enquiries - 0207 493 1331 Authorised Corporate Director - Capita Financial Managers Eq Inc Port Acc Ret 284.20 - 0.90 - Regulated Veritas Asian Fund B EUR € 216.26 - -4.84 0.00 Treatment of manager’s periodic capital charge:
Japan Synthetic Warrant Yen Class ¥ 1630.64 - -117.68 0.00 TreeTop Convertible Sicav The letter C denotes that the trust deducts all or part
Regulated CF Ruffer Investment Funds
Pictet-ST.MoneyMkt-ICHF SFr 124.51 - -0.01 0.00 Eq Inc Port Inc Ret 221.70 - 0.70 - Veritas China Fund B GBP £ 141.39 - -0.67 0.00 of the manager’s/operator’s periodic charge from
Prusik Asian Equity Income B Dist $ 150.43 - -1.66 3.99 Japan Synthetic Warrant GBP Hedged Class £ 196.68 - 2.04 0.00 International A € 294.23 - -0.20 0.00
Pictet-ST.MoneyMkt-IUSD $ 135.09 - 0.00 0.00 CF Ruffer Gold Fund C Acc 74.93 - 1.31 0.00 Managed Investments OEIC 2 capital, contact the manager/operator for full details
Veritas China Fund B EUR € 166.75 - -2.49 0.00
Prusik Asia A $ 183.98 - -3.20 0.00 Japan Synthetic Warrant USD Class $ 17.29 - -0.99 0.00 International B $ 377.93 - -0.31 0.00 of the effect of this course of action.
Pictet-Timber-I USD F $ 147.63 - -1.01 0.00 CF Ruffer Gold Fund O Acc 74.24 - 1.30 0.00 Investments Inc Port Inc Ret 162.70 - -0.30 - Veritas Global Focus Fund B USD $ 17.62 - -0.18 1.70
Prusik Asian Smaller Cos A $ 139.39 - -1.88 0.00 Japan Synthetic Warrant USD Hedged Class $ 195.83 - 2.73 0.00 International C £ 127.10 - -0.13 0.00 Exit Charges: The letter E denotes that an exit charge
Pictet Total Ret-Agora I EUR € 112.32 - 0.01 0.00 Equity & General C Acc 380.28 - 4.53 0.25 Investments Inc Port Inc X 147.50 - -0.20 - Veritas Global Focus Fund B GBP £ 20.62 - -0.17 1.75 may be made when you sell units, contact the
Renminbi Bond Fund AUD Cls A A$ 116.82 - 0.69 4.00 International D € 273.12 - -0.19 3.11
Equity & General C Inc 350.94 - 4.18 0.25 £ Gov Bond Inc Inst (gross) 177.60 - -0.40 - manager/operator for full details.
Pictet Total Ret-Corto Europe I EUR € 134.34 - 0.15 0.00 Veritas Global Focus Fund B EUR € 15.68 - -0.15 1.65
Renminbi Bond Fund AUD Cls B A$ 118.60 - 0.70 3.73 Pacific A € 260.26 - -2.88 0.00
Pictet Total Ret-Divers Alpha I EUR € 104.28 - -0.09 0.00 Purisima Investment Fds (UK) (1200)F (UK) Equity & General O Inc 349.63 - 4.16 0.00 £ Gov Bond Inc Inst 145.70 - -0.30 - Veritas Global Equity Income Fund B GBP £ 129.24 - -1.14 4.84 Time: Some funds give information about the timing of
40 Dukes Place, London EC3A 7NH Renminbi Bond Fund CHF Cls A SFr 114.58 - 0.69 4.04 Pacific B $ 327.95 - -3.53 0.00 price quotes. The time shown alongside the fund
Pictet Total Ret-Kosmos I EUR € 108.95 - 0.05 0.00 Equity & General O Acc 376.80 - 4.48 0.00 £ Gov Bond Acc Inst 146.50 - -0.30 - Veritas Global Equity Income Fund B EUR € 178.00 - -1.84 4.20 manager’s/operator’s name is the valuation point for
Order Desk 08459 220044, Enquiries: 0870 607 2555 TreeTop Global Sicav
Renminbi Bond Fund CHF Cls B SFr 114.38 - 0.68 3.79 their unit trusts/OEICs, unless another time is
Pictet Total Ret-Mandarin I USD $ 112.56 - -0.41 0.00 Authorised Inv Funds European C Acc 507.30 - 5.89 0.22 Strat Bond Inc Inst (gross) 182.10 - -0.10 - Veritas Global Equity Income Fund B USD $ 110.53 - -1.22 4.95
Global Opp.A € 140.23 - -1.13 0.00 indicated by the symbol alongside the individual unit
Authorised Corporate Director - Capita Financial Managers Renminbi Bond Fund CNH Cls A CNH 123.25 - 0.35 3.46
Pictet-US Equity Selection-I USD $ 184.18 - -2.10 0.00 European O Acc 502.71 - 5.83 0.00 Strat Bond Inc Inst 149.90 - -0.10 - trust/OEIC name.
Global Opp.B $ 138.94 - -1.27 0.00 Veritas Global Real Return Fund B USD $ 19.46 - 0.02 1.64
Global Total Fd PCG A 156.50 - -1.61 0.37 Renminbi Bond Fund CNH Cls B CNH 123.00 - 0.35 3.22
Pictet-US High Yield-I USD F $ 146.55 - -0.06 0.00 Japanese Fund C Acc 181.63 - 8.36 0.01 Strat Bond Acc Inst 149.90 - -0.10 - Veritas Global Real Return Fund B GBP £ 11.00 - 0.01 1.65 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Global Total Fd PCG B 155.19 - -1.60 0.13 Renminbi Bond Fund Euro Cls B € 115.85 - 0.69 3.79 Global Opp.C £ 173.25 - -1.84 0.00
Managed Investments OEIC 3 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Pictet-USA Index-I USD F $ 173.60 - -1.47 0.00 Japanese Fund O Acc X 179.75 - 8.27 0.00 Veritas Global Real Return Fund B EUR € 12.67 - 0.01 1.46
Global Total Fd PCG INT 153.26 - -1.58 0.00 Sequoia Equity A € 145.72 - -0.56 0.00 midnight. Daily dealing prices are set on the basis of
Div Inc Port Inc Ret 168.30 - -1.00 - Renminbi Bond Fund GBP Cls B £ 117.68 - 0.70 3.57
Pacific C Acc 289.71 - 14.64 0.49 the valuation point, a short period of time may elapse
Pictet-USD Government Bonds-I F $ 633.36 - -0.80 0.00 Sequoia Equity B $ 149.99 - -0.92 0.00
Corp Bond Acc Inst (gross) 210.50 - 0.20 - Renminbi Bond Fund SGD Cls B S$ 116.65 - 0.68 3.54 before prices become available. Historic pricing: The
Pictet-USD Short Mid-Term Bonds-I F $ 129.31 - -0.13 0.00 Pacific O Acc 286.80 - 14.48 0.18 letter H denotes that the managers/operators will
Corp Bond Inc Inst 141.80 - 0.20 - Renminbi Bond Fund USD Cls B $ 117.10 - 0.69 3.33 Sequoia Equity C £ 167.17 - -1.32 0.00 Veritas Asset Management LLP normally deal on the price set at the most recent
Purisima Investment Fds (CI) Ltd (JER) Total Return C Acc 397.19 - 6.20 1.40
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.58 - 0.00 0.00 www.veritas-asset.com valuation. The prices shown are the latest available
Regulated Corp Bond Acc Inst 143.20 - 0.10 - Renminbi Bond Fund YEN Cls B ¥ 12927.00 - 78.03 0.00
Total Return C Inc 277.71 - 4.33 1.42 Other International Funds before publication and may not be the current dealing
Pictet-Water-I EUR F € 258.53 - -2.27 0.00 PCG B X 160.19 - 3.01 0.00 levels because of an intervening portfolio revaluation
Multi-Manager OEIC Renminbi Bond Fund USD Cls A $ 161.43 - 0.95 3.58 Real Return Asian Fund USD (Est) € 284.54 - -6.58 0.00
Total Return O Inc 275.05 - 4.29 1.42 or a switch to a forward pricing basis. The
PCG C X 158.03 - 2.96 0.00 Bal Intl Track Acc Ret 257.20 - 0.00 -
Renminbi Bond Fund GBP Cls A £ 156.83 - 0.94 3.82 Real Return Asian Fund GBP (Est) £ 303.70 - -7.13 0.00 managers/operators must deal at a forward price on
Total Return O Acc 393.53 - 6.13 1.40 request, and may move to forward pricing at any time.
Pimco Fds: Global Investors Series Plc (IRL) Bond Mthly Inc Acc Ret 142.70 - 0.10 -
Renminbi Bond Fund SGD Cls A S$ 154.49 - 0.91 3.79 Real Return Asian Fund EUR (Est) $ 299.76 - -7.08 0.00 Forward pricing: The letter F denotes that that
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
Putnam Investments (Ireland) Ltd (IRL) Bond Mthly Inc Inc Ret 92.19 - 0.11 - managers/operators deal at the price to be set at the
http://gisnav.pimco-funds.com/ Renminbi Bond Fund YEN Cls A ¥ 19133.86 - 115.71 0.00
next valuation.
Dealing: +44 20 3640 1000 Regulated
Renminbi Bond Fund EUR Cls A € 106.53 - 0.64 4.04
PIMCO Funds: +44 (0)20 3640 1407 Putnam New Flag Euro High Yield Plc - E € 1013.78 - 0.19 4.30 Troy Asset Mgt Ltd (UK)
Waverton Investment Funds Plc (1600)F (IRL) Investors can be given no definite price in advance of
FCA Recognised Santander Asset Management UK Limited (1200)F (UK) Poland Geared Growth £ 0.46 - -0.04 0.00 40 Dukes Place, London EC3A 7NH
waverton.investments@citi.com the purchase or sale being carried out. The prices
287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 FCA Recognised appearing in the newspaper are the most recent
Asia Local Bond Fund - Inst Acc $ 9.40 - -0.04 0.00 Order desk: 0845 608 0950, Enquiries 0845 608 0950
Authorised Inv Funds Waverton Asia Pacific A USD $ 17.39 - -0.30 1.16 provided by the managers/operators. Scheme
Authorised Inv Funds particulars, prospectus, key features and reports: The
Capital Securities Inst Acc $ 14.97 - 0.01 0.00 Santander Premium Fund (OEIC) ACD Capita Financial Mgrs Waverton Global Bond Fund Cls A $ 8.79 - 0.00 5.51 most recent particulars and documents may be
Commodity Real Return Fund Inst Acc $ 6.64 - 0.12 0.00 A Shares Trojan Investment Funds obtained free of charge from fund
S W Mitchell Capital LLP (CYM)
Waverton Global Equity Fund A GBP £ 13.51 - -0.05 0.39
Europe (ex-UK) 269.50 - -3.50 - managers/operators. * Indicates funds which do not
Credit Absolute Return Fund Inst Acc $ 11.32 - 0.00 0.00 Regulated Spectrum Fund 'O' Acc ♦ 157.99 - 2.86 0.28 price on Fridays.
S W Mitchell European Fund Class A EUR € 355.68 - 15.96 - Japan Equities 148.10 - -5.20 - Waverton UK Fund A GBP £ 12.81 - -0.09 1.90
Diversified Income - Inst Acc $ 19.40 - -0.01 0.00 Spectrum Fund 'O' Inc ♦ 154.00 - 2.79 0.28
Waverton Equity Fund A GBP £ 14.39 - 0.12 0.00 Charges for this advertising service are based on the
S W Mitchell Small Cap European Fund Class A EUR € 235.00 - -3.60 - Pacific Bas (ex-Japan) 472.10 - -6.90 - Spectrum Income Fund 'O' Acc 95.58 - 1.04 - number of lines published and the classification of the
Diversified Income Durat Hdg Fund Inst Acc $ 11.40 - 0.01 0.00 Ram Active Investments SA
The Charlemagne Fund EUR € 333.23 - -14.24 - Sterling Bonds 262.50 - -0.30 - Waverton Sterling Bond Fund A GBP £ 9.50 - 0.00 5.48 fund. Please contact data@ft.com or
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 8.70 - -0.04 0.00 www.ram-ai.com E.I. Sturdza Strategic Management Limited (GSY) Spectrum Income Fund 'O' Inc 95.58 - 1.04 - call +44 (0)20 7873 3132 for further information.
Other International Funds UK Equities 257.00 - -2.00 - Regulated
Emerging Asia Bond Fund Inst Acc $ 9.49 - -0.06 0.00 Trojan Fund O Acc ♦ 251.59 - 0.49 0.45
RAM Systematic Emerg Markets Core Eq $ 79.85 - 0.00 - Nippon Growth Fund Limited ¥ 101567.00 - -8824.00 0.00
S W Mitchell Capital LLP (IRL) US Equities 252.00 - -1.40 - Trojan Fund O Inc ♦ 208.72 - 0.41 0.45 WA Fixed Income Fund Plc (IRL)
Emerging Local Bond - Inst Acc $ 10.99 - -0.06 0.00
RAM Systematic Emerg Markets Eq $ 140.81 - -0.21 - Strat Evarich Japan Fd Ltd JPY ¥ 96133.00 - 6676.00 0.00 Regulated
Regulated B Shares
Emerging Markets Bond - Inst Acc $ 38.06 - 0.00 0.00 Trojan Global Equity O Acc 205.62 - -1.06 0.94
RAM Systematic European Eq € 369.03 - 0.53 - SWMC European Fund B EUR € 15789.20 - 0.05 0.00 Strat Evarich Japan Fd Ltd USD $ 952.04 - 65.50 0.00 European Multi-Sector € 115.53 - -0.43 0.00
Pacific Bas (ex-Japan) 471.40 - -6.90 -
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.87 - 0.00 0.00 Trojan Global Equity O Inc 175.15 - -0.90 0.95
RAM Systematic Global Shareholder Yield Eq $ 96.97 - -0.60 - SWMC UK Fund B £ 11945.56 - 120.47 0.00
Emerging Markets Curr.Fd- Inst Acc $ 11.77 - -0.07 0.00 Trojan Income O Acc ♦ 259.50 - -0.90 3.89
RAM Systematic Long/Short Emerg Markets Eq $ 118.44 - 0.29 - SWMC Small Cap European Fund B EUR € 13752.42 - 16.04 0.00 E.I. Sturdza Funds PLC (IRL)
Euro Bond - Inst Acc € 22.43 - 0.03 0.00 Saracen Fund Managers Ltd (1000)F (UK) Trojan Income O Inc ♦ 164.38 - -0.57 4.01
RAM Systematic Long/Short European Eq € 139.89 - 0.25 - SWMC Emerging European Fund B EUR € 8772.90 - 76.32 0.00 19 Rutland Square, Edinburgh EH1 2BB Regulated
Euro Credit - Inst Acc € 14.62 - 0.01 0.00 Dealing: 00 353 1 603 9921 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1096.16 - 15.99 0.00
RAM Systematic North American Eq $ 223.79 - -1.05 -
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Euro Income Bond - Inst Acc F € 12.92 - 0.02 0.00 Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1288.75 - 18.89 0.00 UBS Global Asset Mgmt Fds Ltd (UK)
RAM Tactical Convertibles Europe € 141.51 - -0.17 - Authorised Inv Funds
Euro Long Average Duration - Inst Acc € 21.14 - 0.06 0.00 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 100903.00 - 1465.00 0.00 21 Lombard Street, London, EC3V 9AH
RAM Tactical Global Bond Total Return € 139.17 - -0.12 - Saracen Growth Fd Alpha Acc £ 3.63 - 0.02 0.99 Client Services 0800 587 2113, Client Dealing 0800 587 2112
Euro Low Duration Fund Inst Acc € 11.25 - 0.00 0.00
Saracen Growth Fd Beta Acc £ 5.80 - 0.04 1.48 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 84566.00 - 1227.00 0.00 www.ubs.com/retailfunds Yuki International Limited (IRL)
RAM Tactical II Asia Bond Total Return $ 122.92 - -0.08 -
Authorised Inv Funds Tel +44-20-7269-0207 www.yukifunds.com
Euro Real Return - Inst Acc € 13.18 - -0.02 0.00 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82216.00 - 1193.00 0.00
Saracen Global Income & Growth Fund A - Acc £ 1.14 - 0.01 3.05 Regulated
OEIC

Asset Management
Euro Short-Term Inst Acc € 12.28 - 0.00 0.00 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 54721.00 - 795.00 0.00 Yuki Mizuho Umbrella Fund
Saracen Global Income & Growth Fund A - Dist £ 1.06 - 0.01 2.79 Global Emerg Mkts Eqty B Acc £ 1.21 - -0.02 1.83
Rathbone Unit Trust Mgmt (1200)F (UK)
Euro Ultra Long Duration - Inst Acc € 28.25

Global Advantage - Inst Acc $ 12.10

-

-
0.20 0.00

-0.03 0.00
PO Box 9948, Chelmsford, CM99 2AG
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
RobecoSAM
Tel. +41 44 653 10 10 http://www.robecosam.com/
(LUX) Saracen Global Income and Growth Fund -Acc # £ 1.41 - 0.01 3.43 Strategic China Panda Fund USD $ 2100.48

Strategic China Panda Fund Hedged EURO € 2046.25

-

-
20.90 0.00

21.22 0.00
Global Optimal B Acc Asset Management
£ 0.94 - -0.01 0.68
Yuki Mizuho Japan Dynamic Growth ¥ 6551.00

Yuki Mizuho Japan Large Cap ¥ 6936.00

-

-
-260.00 0.00

209.00 0.00
Asset Management
Saracen Global Income and Growth Fund -Dist # £ 1.24 - 0.01 2.82 UBS UK Opportunities Fund B Acc £ 0.86 - 0.00 3.08
Authorised Inv Funds Regulated
Global Advantage Real Return Fund Inst Acc $ 8.60 - -0.04 0.00 Strategic China Panda Fund Hedged Sterling £ 2072.63 - 22.22 0.00 Yuki Japan Low Price ¥ 26547.00 - -986.00 0.00
Blue Chip Income Inc 143.17 147.87 -0.71 4.49 RobecoSAM Sm.Energy/A £ 10.67 - -0.09 1.37 Saracen UK Income Fund - Acc £ 1.03 - 0.02 - US Equity B Acc £ 1.44 - 0.00 0.30
Global Bond - Inst Acc $ 27.66 - -0.02 0.00 Strategic Euro Bond Accumulating Class CHFSFr 990.35 - -0.63 0.00 Yuki Japan Value Select ¥ 12451.00 - -474.00 0.00
Blue Chip Income Acc 213.44 220.23 -1.06 4.36 RobecoSAM Sm.Materials/A £ 117.18 - -1.12 2.10 Saracen UK Income Fund - Dist £ 1.02 - 0.02 - UBS S&P 500 Index C Acc £ 0.51 - 0.00 -
YMR Umbrella Fund
Global Bond Ex-US - Inst Acc $ 19.24 - -0.02 0.00 . Strategic Euro Bond Institutional Class EUR € 1013.23 - -0.44 0.00
Ethical Bond Inc 90.30 92.30 -0.04 5.04 RobecoSAM Gl.Small Cap Eq/A £ 76.25 - -0.63 1.78 UBS Targeted Return B Acc £ 1.22 - -0.01 1.25 YMR N Growth ¥ 16040.00 - -636.00 0.00
Global Fundam.Index StocksPLUSInst Acc $ 10.93 - -0.08 0.00 For Save & Prosper please see Countrywide Assured
Strategic Euro Bond Fund Accumulating Class Shares € 1137.03 - -0.51 0.00
Ethical Bond Acc 171.10 174.56 -0.08 4.93 RobecoSAM Sustainable Gl.Eq/B € 174.83 - -0.82 0.00 UBS Sterling Corporate Bond Indexed Fund 50.58 - -0.54 3.33 Yuki Asia Umbrella Fund
Global High Yield Bond - Inst Acc $ 20.11 - 0.01 0.00 Strategic Euro Bond Fund Distributing Class Shares € 1026.18 - -0.46 2.91 Yuki Japan Rebounding Growth Fund JPY Class ¥ 22522.00 - -891.00 0.00
Global Opportunities Acc 132.84 137.08 -0.72 0.12 RobecoSAM S.HealthyLiv/B € 174.54 - -0.87 0.00 UBS Multi Asset Income B Inc (net) £ 0.49 - 0.00 3.66
Global Investment Grade Credit - Inst Income $ 12.23 - -0.02 3.61 Schroder Property Managers (Jersey) Ltd Strategic Global Bond RMB Acc $ 1051.31 - 4.38 0.00
RobecoSAM S.Water/A £ 158.73 - -1.43 2.37 UBS UK Equity Income B Inc Net £ 0.38 - 0.00 4.91 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 906.58 - -36.72 -
Income Inc 838.48 867.72 -3.94 4.06 Other International Funds
Global Investment Grade Credit Fund Inst Acc € € 11.50 - -0.01 0.00 Strategic Global Bond USD Acc $ 1044.02 - 0.76 0.00
Income Acc 1274.27 1317.26 -5.97 3.88 Indirect Real Estate SIRE £ 130.50 136.46 1.01 3.16 Corporate Bond UK Plus B Inc Net £ 0.52 - 0.00 4.00
Global Investment Grade Credit Fund Inst Acc $ $ 16.56 - -0.03 0.00 Strategic US Momentum and Value Fund $ 827.86 - 0.79 0.00
Multi Asset Enhanced Growth Acc 118.40 - 0.17 0.00 UBS Global Allocation (UK) B Acc £ 1.05 - -0.01 1.87 Zadig Gestion (Memnon Fund) (LUX)
Global Multi-Asset - Inst Acc $ 14.45 - 0.02 0.00 Strategic US Momentum & Value Fund USD I Class $ 549.04 - 0.52 0.00 FCA Recognised
Multi Asset Strategic Growth inc 146.11 - 0.47 1.41 UBS Global Enhanced Equity Income C Inc £ 0.45 - 0.00 -
Scottish Friendly Asset Managers Ltd (UK)
Global Real Return - Inst Acc $ 18.03 - -0.01 0.00 Strategic US Momentum and Value EUR Hedged Class EUR € 578.67 - 0.55 0.00 Memnon European Fund I GBP £ 111.34 - -0.24 0.00
Multi Asset Strategic Growth acc 154.41 - 0.49 1.40 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 UBS US Growth Fund B Acc £ 1.43 - -0.02 0.00
Income Fund Inst Acc $ 12.25 - -0.01 0.00 Authorised Inv Funds Strategic US Momentum and Value CHF Hedged Class CHFSFr 577.19 - 0.44 0.00
Multi Asset Total Return inc 125.76 - 0.05 1.88 UBS Emerging Markets Equity Income B Inc £ 0.37 - 0.00 6.05
Inflation Strategy Fund Inst Acc $ 8.93 - -0.04 0.00 Managed Growth ♦ 230.10 - -1.70 0.00
Multi Asset Total Return acc 137.80 - 0.06 1.86
Zebedee Capital Partners LLP (CYM)
Low Average Duration - Inst Acc $ 14.76 - 0.00 0.00 UK Growth ♦ 250.60 - -1.80 0.00 Regulated
Recovery Inc 419.88 435.68 -0.78 2.35 Unicapital Investments (LUX) Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.73 - -0.01 0.00
Recovery Acc 498.46 516.78 -0.92 2.32 Regulated
Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
StocksPLUS{TM} - Inst Acc $ 22.26 - -0.23 0.00 SIA (SIA Funds AG) (LUX) Investments III € 27.41 - 0.58 0.00
Strategic Bond Ret Acc £ 1.18 1.20 0.00 4.24 Regulated Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Total Return Bond - Inst Acc $ 27.08 - -0.01 0.00 Investments IV - European Private Eq. € 292.33 306.94 2.23 -
Strategic Bond Ret Inc £ 1.04 1.06 0.00 4.29 LTIF Classic € 326.00 - -0.73 0.00
UK Corporate Bond - Inst Acc £ 17.11 - 0.03 0.00 Investments IV - Global Private Eq. € 416.23 437.04 -20.82 -
LTIF Natural Resources € 72.00 - 0.22 0.00
26 ★ FINANCIAL TIMES Wednesday 2 September 2015

MARKETS & INVESTING

Commodities
EM squared

China’s great dilemma: what

next for the renminbi?
With August and a week of
tremendous market
volatility behind us, it is
worth asking whether this
new month will bring a
return to stability and
perhaps even an
opportunity to get back
into beaten-down
emerging market assets,
writes Dan Bogler.
A big part of the answer
is the outlook for China.
And that outlook remains
very risky in the opinion of
Medley Global Advisors, a
macro research service
owned by the Financial
Times. The measures taken
by the mainland
authorities last week,
including cuts to official
interest rates and reserve
ratio requirements, were a
positive step. So is the
news, reported by the FT,
that Beijing intends to stop
intervening to prop up
share prices.
But all of this is less
important right now than
the currency — the tail
that is wagging the dog in
China. As long as the
renminbi is widely
expected to depreciate
further, both by
international investors and
Chinese citizens, capital
will continue to flow out of
Renminbi
Against the dollar (rmb per $)
Mainland quote
Hong Kong quote
Jan 2015
Source: Thomson Reuters Datastream
The Commodities Note
Aluminium trading houses
hit by collapse in premiums
While aluminium prices
have declined to six-year
lows, what has really hurt
big trading houses such as
Glencore and Noble Group
is the sharp fall this year in
what is known in industry
speak as “premiums”,
writes Henry Sanderson.
This is the extra cost
added on to the price that
buyers pay to obtain the
metal in a certain region,
which normally includes
insurance and delivery
costs. It is the money you
are paid on top of the
London Metal Exchange
price when you sell or
trade physical aluminium.
Commodities trader and
miner Glencore said last
month that its marketing
division’s earnings fell due
to “tough metals trading
conditions, particularly
aluminium and nickel
affected by the collapse in
physical premiums”.
Noble Group’s profits
before interest and tax in
its metals and mining
segment fell 98 per cent in
the first half of the year.
the country. And Beijing’s
attempts to restore
domestic liquidity through
reserve requirement ratio
cuts and central bank
injections are fighting a
symptom rather than an
underlying cause.
The People’s Bank of
China is well aware of this.
Hence it has been using its
daily renminbi fix to guide
the currency stronger
again since the shock
depreciation of August 11.
But it is hard to stuff
that genie back into the
bottle. At this point,
depreciation expectations
are pretty well entrenched
— as shown by the
sizeable gap between the
onshore renminbi and its
offshore counterpart,
which is weaker because
the PBoC does not control
it directly.
The central bank is likely
to stick to its current policy
of keeping the currency
stable and strong for now
given this week’s military
celebrations. But at some
point it will probably have
to acknowledge currency
strength is only further
tightening domestic
liquidity and will choke
already stuttering growth.
www.ft.com/em2
6.2
6.3
6.4
6.5
Sep
The Asian commodities
trader said its aluminium
business “had a very
difficult quarter as
premiums for metals in key
distribution locations
weakened sharply,
impacting the overall
business”.
Over the past few years
premiums have ranged
from about $150 to $350 a
tonne for aluminium, a
small percentage of the
overall price but a big part
of traders’ profit margin.
But in the US, the
Midwest premium has
fallen 67 per cent this year.
It is now at its lowest level
since January 2012,
according to CRU, close to
$170 a tonne. In Europe,
the premiums are trading
near levels last seen in
2010. “It’s a pretty nasty
drop. What happens is all
the big boys have got
crushed. They’re sitting on
stock which then becomes
worth a lot less so you’ve
got to mark it down,” one
trader said.
www.ft.com/commodities
Oil bear forecasts return to $25 a barrel
Andurand says impact of
US capex cuts will not be
felt on supplies until 2019
DAVID SHEPPARD AND NEIL HUME
One of the biggest bears in the oil mar-
ket has not been swayed by the snap
rally that pushed the crude price up by
more than 25 per cent in just three trad-
ing sessions.
Pierre Andurand, the hedge fund
manager who returned 51 per cent
before fees last year by betting against
the oil price, told the Financial Times
that the market had overreacted to signs
of slowing US crude production and
comments by Opec. He said prices
would head lower again, possibly drop-
ping below $30 a barrel.
“The market will remain oversup-
HFT’s role in Treasuries gives regulators pause
High-speed prop trading firms
are, for good or ill, affecting
liquidity as banks retreat
JOE RENNISON — NEW YORK
Depending on who you speak to, high-
frequency traders are either the scourge
of the US Treasury market, contributing
to volatile price movements, or its sav-
iour as banks make a broad retreat.
What is less debatable is that they are
carving out an increasingly significant
role for themselves, and regulators are
trying to decide if they need to react.
An influx of foreign buyers, the
growth of the Federal Reserve’s balance
sheet, banks’ adaptation and the fear of
worsening trading conditions have all
contributed to changes in the world’s
largest government bond market.
The $12tn Treasury market is integral
to the global economy and the ecosys-
tem of which HFT groups are part has a
direct impact on the cost of funding for
the US government.
While none of them are primary deal-
ers, responsible for underwriting the
country’s debt, HFTs play an important
role in price discovery; and the price at
which bonds trade affects the cost of
issuing debt in the future.
“They’re here. That’s the point,” says
a policy adviser at one US regulator.
“And we need to figure out what to do
with them.”
Although they are most commonly
referred to as HFTs, other names,
including “prop shops” and PTFs (for
proprietary trading firms), are used
interchangeably to refer to what are a
diverse set of entities.
PTFs operate in the “interdealer”
market, so called because it was once
home to banks trading only with other
banks. Actual investors tend to operate
outside this market, relying on banks to
quote prices over the phone or on elec-
tronic trading venues. Citadel, a large
Chicago-based market maker, is cur-
rently the only non-bank that trades
directly with investors.
When banks cannot offset, or
“hedge”, client trades with one another
or internally, they turn to the inter-
dealer market and to PTFs. PTFs trade
in smaller sizes and at tighter prices,
concentrated in the most recently
issued, or “on-the-run”, bonds.
PTFs also hedge their own positions,
either back into Treasuries or into other
markets in which they are active, such
as Treasury futures or interest rate
derivatives, and in this way bridge
plied in 2016 and 2017,” said Mr Mr Andurand said there was “nothing
2.5%
Andurand, who called the 2008 oil spike new” in comments on Monday from
and subsequent crash. “We need low Opec, the oil producing cartel, which Hedge fund
Andurand Capital’s
prices for longer to rebalance the mar- some traders had interpreted as indicat- gain for August,
ket. There are no quick fixes.” ing the group wanted to co-ordinate despite a late 27%
His hedge fund, Andurand Capital, is with other producers to raise prices. crude price rally
up 10.3 per cent before fees so far this Equally, a survey from the US Energy
year (6.5 per cent after fees) and rose 2.5 Information Administration showing $25-$50
per cent in August, in spite of the 27 per US output fell between April and June
Pierre Andurand’s
cent price oil rally between Thursday should not have been a surprise, he said. expected price
and Monday. That spike moved both “It was well expected by us and other range for West
Brent and US crude into positive terri- market participants that US production Texas Intermediate
tory for the month, closing August at peaked in April and has been declining,” over next two years
$54.15 a barrel and $49.20 respectively. Mr Andurand said.
Oil prices reversed course again yes- “[But] we don’t expect US production
terday, with both contracts dropping to go down much further, maybe
almost 8 per cent by mid-afternoon another 200,000 b/d relative to today.
London time, with a contraction in That’s not going to be enough to rebal-
China’s manufacturing sector refocus- ance the market so there need to be sup-
ing traders on slowing economic growth ply cuts from other countries.”
in the world’s largest commodity Mr Andurand’s fund has assets under
importer. Brent dipped back below $50. management of about $575m — a near
Analysis. Capital markets
A trader uses the gap between buyers and sellers moves. Instances of firms trading with
the high-speed across products. Cross-market trading themselves rose to almost 15 per cent
facilities at a between futures and cash, where trades from just less than 6 per cent on normal
‘prop shop’: are executed within a few milliseconds days. “Self-trading” includes unwitting
critics say of each other, has gone from virtually nil interaction between two algorithms at
algorithmic 10 years ago to about 10 per cent of all the same firm, as well as deliberate
trading cash trading, says the Federal Reserve. attempts to skew prices.
exacerbates PTFs say their role was vindicated Borut Miklavcic, chief investment
price moves during wild price swings on October 15 officer at Lindengrove Capital, says:
Chris Ratcliffe/Bloomberg
after a report by five US regulators “These electronic, high-frequency firms
showed that in a 15-minute window — in add to the liquidity problem because
which the 10-year Treasury yield plum- they exaggerate volatility and exagger-
meted 33 basis points before bouncing ate market moves and it is becoming
back — PTFs were responsible for more more and more frequent.”
than 70 per cent of all trading. Quotes to buy or sell at various prices
“It underscored just how important a sent by algorithms to trading screens
role PTFs play and how the banks aren’t rocketed in number, as did cancella-
the liquidity providers any more,” says tions of these orders. PTFs argue that if
Bill Harts, chief executive of Modern prices move quickly, order cancellations
Markets, an industry association. inevitably increase as old orders, based
For critics the yield swings that day on an old price, become stale.
showed a market reeling in shock as “There is this premise that PTFs are
banks pulled back, leaving PTFs trading the ones providing liquidity, but that’s
almost solely with each other, algorithm bad,” says Matt Haraburda, president at
versus algorithm, exacerbating price XR Trading, an electronic market
50 per cent increase since January —
driven by new investor cash and positive
returns so far in 2015.
While Mr Andurand has always bet on
big oil market trends, his current opera-
tion remains nimble enough to be able
to pare back positions when the market
turns suddenly.
He said while oil companies were
slashing capital expenditure, the long
lead times on most projects meant the
impact would not be felt on supplies in
the market until around 2019. As such,
US benchmark West Texas Intermedi-
ate could fall as low as $25 a barrel for up
to a month this year, he said — a $20 fall
from levels yesterday.
“I would expect the range for WTI to
be $25-$50 over the next two years.
“If we stay at almost $50 WTI I think
US production will grow again relatively
strongly.”
10-year cumulative net
aggressive volume (cash)
$m
Aggregate
PTF 1000
Bank/dealer
Hedge fund
Other
500
0
-500
9:30 9:36 9:39 9:42 9:45
Stacked 1-second observations on Oct 15
10-year cumulative net
passive volume (cash)
$m
Aggregate
PTF 500
Bank/dealer
Hedge fund
Other
0
-500
-1000
9:30 9:36 9:39 9:42 9:45
Stacked 1-second observations on Oct 15
Source: US Department of the Treasury
maker in Treasuries. “It’s crazy . . . I
just don’t understand the argument.”
It is an important debate. The price
and amount available to trade on inter-
dealer platforms affect the prices banks
give to their clients.
But as banks reduce their presence in
the market, the importance of a poten-
tial alternative liquidity provider is
amplified. While most PTFs agree they
are less likely than banks to hold large
positions on their balance sheets, many
claim to take on real risk, improving the
market’s health.
“I don’t think HFTs can replace
banks,” says Mr Haraburda. “Proprie-
tary trading groups don’t have the bal-
ance sheets that banks have to hold
massive positions overnight.”
US regulators have been cautious not
to wade in clumsily, vowing to analyse
the issue further. For now the US Treas-
ury market is in flux. High-frequency
trading has arrived but regulators are
still figuring out what to do about it.

Capital markets Capital markets

US corporate debt barren spell hits 10 days
KADHIM SHUBBER
US bond markets have suffered the
longest barren spell for at least 20 years
as stock market volatility has deterred
even the bravest investment-grade
companies from issuing debt.
It is 10 business days and counting since
a company issued US investment-grade
bonds, the longest stretch of inactivity
excluding Christmases in the records of
Dealogic, which go back to January 1995.
The last US marketed IG bond,
excluding financial institutions, was a
$600m issue by Hershey on August 18,
the first day of what became a painful
six-day rout in US equities.
“Given that no one is desperate to
come to market, it can be waited out,”
said Jack Flaherty, investment director
at GAM. “Whenever we get some stabil-
ity back in the market, the machine will
turn back on. There was a huge front-
loading of issuance this summer —
record volumes. Currently market con-
ditions being what they are have kept
issuers away.”
Investment-grade issuance has run at
record levels this year as companies
have tried to take advantage of low
interest rates to refinance, and to fund
share buybacks and takeovers.
US-marketed IG bond issuance is
$567bn this year, according to Dealogic.
But stock market chaos last month
put a brake on a rush of companies try-
ing to get through the door before the US
Federal Reserve raises rates this year, a
move that is now up for debate.
Investors had shown signs of fatigue
even before the current market shut-
down and were charging higher premi-
ums for holding corporate debt.
The spread between yields on US cor-
porate debt and Treasuries has climbed
almost a third to 1.55 per cent this year,
though it has moderated since an
August peak of 1.6 per cent.
Bruno Velloso, credit strategist at Bar-
clays, said supply was expected to slow
in the second half of the year, regardless
of market volatility. Much of the merg-
ers and acquisition-driven debt supply
had come to market in July, he noted,
and there was unlikely to be a wall of
issuance when markets calmed again.
“There’s definitely less of a rush to
come in. In July the market wasn’t
receptive to supply but new issuance
was high; but now, if the market isn’t
receptive, issuance won’t be pushed
through,” he said.
One factor behind the calm may not
last, however. “As soon as the volatility
goes down, the risk of a Fed hike goes
up,” added Mr Velloso.
European banks rush to issue covered bonds
THOMAS HALE
European markets saw a rush of cov-
ered bond issuance yesterday as pri-
mary market activity proved resilient
to global volatility coming from China.
The deals included covered bonds
issued by Santander, UniCredit Bank
Austria and Danske Bank, which raised
a total of €2.5bn. A 10-year €500m
bond issued by Commerzbank on Mon-
day met strong demand.
Covered bonds, an idiosyncrasy of
European debt markets, are backed by
mortgage assets on banks’ balance
sheets and are viewed as low-risk invest-
ments. The investor has recourse to
both the issuing bank and the underly-
ing assets in the event of a default.
Yesterday’s issuance, the highest this
year, came amid falling global stock
markets as jitters over China continued
to unnerve investors. Demand for the
asset class is supported by European
Central Bank purchases under a long-
standing bank support programme.
“The general market sentiment is
probably not that great, but at least in
the covered bond market it’s holding up
very well,” said Joost Beaumont, fixed-
income strategist at ABN Amro. “Execu-
tion risk was quite high during times of
volatility and that has come down sig-
nificantly, as confirmed by [the] deals.”
Markets were expecting significant
supply in the coming months, he added.
Volatility in global financial markets
— stemming from central bank inter-
vention, Greek negotiations and
extreme market movements in China —
has been a thorn in the side of primary
market activity in recent months, with
many issuers reluctant to brave unwel-
coming conditions.
In May European bank bond issuance
dried up after the 10-year German Bund
yield rose sharply. In July Greek fears
derailed primary debt market activity.
This week’s sharp rise in primary cov-
ered bond issuance comes after the ECB
increased its purchases of the assets last
week through its third covered bond
purchase programme. The ECB bought
€1.9bn of covered bonds last week, and
holds a total portfolio of about €111bn
through the third programme.
Investors have complained that ECB
intervention is distorting the market,
saying the programme dramatically
reduces outstanding supply. But accord-
ing to Mr Beaumont, the demand
ensured by the ECB’s presence contrib-
uted to this week’s activity. “It’s most
positive for issuers,” he said. “If you
bring a deal, you know the eurosystem is
there to absorb part of the deal.”
Wednesday 2 September 2015
TRADING POST
Jamie
Chisholm
Bond traders already have their eye on
Friday’s US non-farm payrolls report.
If sturdy, it could help cement a
September rate rise by the Federal
Reserve.
The policy-sensitive US two-year
yields should punch decisively above
the 0.75 per cent level they have been
butting up against for a few months.
But for longer-term bonds it may be
argued that today is currently more
important.
This is when the latest US oil
inventory data will be released, and as
any commodity watcher knows, crude
prices have become startlingly
sensitive to shifting supply
perceptions.
WTI oil surged 27.5 per cent in just
three recent sessions as evidence of
slowing US shale production and talk
that Opec might reconsider its supply
policy caused energy bears to buy
back short positions.
Lower energy costs have been
adding to global disinflation pressures,
helping suppress long-term price rise
forecasts. The US five-year break-even
rate, a gauge of inflation expectations,
has been tracking the oil market
pretty tightly of late.
And it is clear from watching recent
trading that such a correlation is being
reflected in the intraday moves for
10- to 30-year US government paper.
If the Fed were to raise rates soon
and oil to fall back again, then it is
possible that longer-term bond yields
could actually decline in response to
the central bank’s move as the market
prices in a longer lasting
disinflationary environment.
jamie.chisholm@ft.com
US inflation expectations and
oil price
US 5-year Crude oil WTI
breakeven rate (%) ($ per barrel)
2.0 100
1.5 50
1.0 0 ending with a 1.3 per cent loss.
Jun 2015 Sep
Sources: Thomson Reuters Datastream; Bloomberg
London
Glencore retreats
V
as fears grow over
capital shortfall
Bryce Elder
Glencore hit another record low
yesterday on growing concerns that it
may be forced into an equity issue.
Miners slumped on data showing
that China’s factory activity contracted
at its highest pace in three years, which
put further pressure on copper and
coal prices.
Glencore closed down 10 per cent to
133.5p, which took its loss since flotation
in 2011 to 75 per cent. With the big
miners needing to raise as much as
$60bn to recapitalise their balance
sheets, companies should act quickly,
argued Merrill Lynch.
“Early recappers could be rewarded
with less dilution, premium market
ratings and possibly a licence to
undertake M&A,” it told clients. That
gives Glencore shares a net present
value of 42p a share at current spot
Wall Street
Carmakers in reverse
despite strong August
Kadhim Shubber
Strong August car sales were not enough
to spare the likes of Ford, GM and
Chrysler yesterday as Wall Street
started September on an empty tank.
US car dealerships still hummed in
August even as the stock market fell
sharply, helping Ford deliver its highest
August sales in nine years.
Despite the performance, its shares
fell 1 per cent to $13.73 after jumping 2
Global overview
Stocks slide as US and China data
rekindle global growth concerns
Oil switches into reverse
after three-day rally while
risk-off mood lifts
Treasuries, yen and gold
ahead of US jobs figures
DAVE SHELLOCK
World stock markets suffered another
bruising session as concerns about the
outlook for global growth were rekin-
dled by weak manufacturing figures out
of China and the US.
Oil prices went into reverse after three
days of hefty gains while the risk-averse
mood offered support to Treasury
bonds, gold and the yen ahead of the
release on Friday of US jobs data that
may offer clues on when the Federal
Reserve could raise interest rates.
In New York, the S&P 500 ended 3 per
cent lower at 1,913.9 points as selling
accelerated going into the close of busi-
ness. That left the US equity benchmark
just over 10 per cent down from the
record high it reached in May, but clear
of last week’s 10-month low of 1,867.
The CBOE Vix volatility index, the so-
called US equity “fear gauge”, rose 13 per
cent to 32, which, although elevated,
was nowhere near the intraday six-year
high of 53 struck last week.
European equities took a similar beat-
ing, with the pan-regional FTSE
Eurofirst 300 starting the month with a
drop of 2.8 per cent and the FTSE 100 in
London sliding 3 per cent as mining
stocks fell sharply.
That followed a weak session in Asia,
where the Nikkei 225 in Tokyo tumbled
3.8 per cent and Hong Kong stocks shed
2.2 per cent.
Chinese stocks had another day of
wild swings, with the Shanghai Compos-
ite sliding as much as 5.8 per cent before
The catalyst for the latest bout of vola-
tility came from the National Bureau of
Meggitt
Share price (pence)
600
550
500
450
400
Sep 2014 2015 Sep
Source: Thomson Reuters Datastream
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prices and would leave “limited equity
value” in a deeper downturn, Merrill
said.
Merrill estimated that, if current spot
commodity prices stretch into
perpetuity, Glencore has a $9.3bn
capital shortfall against the debt target
needed to safeguard its credit rating and
would need to raise more than $16bn to
cut net debt to 2 times earnings before
interest, tax, depreciation and
amortisation.
Sector peers matched the slump, with
Anglo American off 7.7 per cent to
684.4p, BHP Billiton 6.7 per cent lower
at £10.56 and Antofagasta slipping
5.7 per cent to 574.5p.
The FTSE 100 was down 3 per cent,
off 189.40 points, to 6,058.54.
Aerospace engineer Meggitt was the
only FTSE 100 gainer, up 2.4 per cent to
per cent in morning trade as Ford
reported August car sales up 5 per cent,
beating analyst forecasts for a
0.2 per cent rise. “We also had our best
month of Ford SUV sales in 12 years,”
said Mark LaNeve, Ford’s vice-
president of US marketing, sales and
service.
GM’s sales were 0.7 per cent lower
last month but were ahead of an
expected 2.6 per cent fall. Even so,
shares failed to make gains, down
2.8 per cent to $28.63. Chrysler, too,
defied analysts’ forecasts to record a rise
in sales last month, with the company
delivering 2 per cent more vehicles
compared with a year ago. Sales were
forecast to decline 1.7 per cent.
Shares fell 3.4 per cent to $13.65.
Airlines struggled in morning trading,
despite a note from Deutsche Bank
raising its rating on American Airlines,
Delta and Copa from hold to buy, citing
the benefit from falling oil prices.
“The decline in energy prices is
substantial and could more than offset
an even greater decline in [passenger
revenue per available seat mile] than
forecasted,” said Deutsche.
★★★ FINANCIAL TIMES 27
MARKETS & INVESTING
Markets update
S&P 500 index
Change on day 2.96%
2100
2000
1900
1800
Aug 2015 Sep
Meanwhile, US factory data painted a US equities Energy, financial and
broadly uninspiring picture. The US technology stocks led the S&P 500
Institute for Supply Management’s lower amid worries about China’s
manufacturing index fell to a two-year economy and uncertainty over when
low of 51.1 last month from 52.7 in July, US interest rates might start to rise
reflecting the continued impact of the
strong dollar and softening global FTSE 100 index
demand. Change on day 3.03%
Danske Bank noted that the new 7000
export orders sub-index had dropped to
its lowest level since July 2012, when the 6500
euro crisis was at its peak. 6000
“At that time the decline in the export
5500
order index was not mirrored in actual Aug 2015 Sep
export data, suggesting some of the
weakness reflected sentiment effects. UK equities The FTSE 100 index
“This could be the case this time as underperformed its continental
well, but developments in China are key European peers as mining stocks came
to the outcome,” Danske said. under pressure from worries about
“We believe that today’s data moved falling Chinese demand for resources
the probability of a Fed funds rate rise in
September down markedly, and we Eurofirst 300 index
stick to our call that the Fed will deliver
Change on day 2.87%
a first rate rise in December.” 1600
Such reasoning put the dollar under
pressure. Against the yen, viewed by 1500
— Martin Divisek/Bloomberg
many as a bolt-hole in times of turmoil, 1400
Death crosses and oil spikes: FT.com/video the US currency was down 1.2 per cent
1300
John Authers discusses a dramatic month for markets that at Y119.73, while the euro was up 0.8 per
Aug 2015 Sep
ended with a ‘death cross’ for the S&P 500 and big rise for oil cent at $1.1299.
Gold was up $5 at $1,139 an ounce. European equities A renewed bout of
The weak dollar also reflected action concerns over Chinese growth helped
Statistics’ official purchasing managers’ will see broadly stable equity prices in the US government bond market, push stocks across the region lower,
index, which showed China’s manufac- around this lower level, if not another where the yield on the two-year Treas- with the German and French markets
turing sector contracting last month for rally; and third, we will see a broadly ury, which moves inversely to its price, both falling 2.4 per cent
the first time since February. stable, but somewhat higher, dollar/ren- was down 3 basis points at 0.71 per cent.
“Despite some disruptions to activity minbi rate. However, policy responses The 10-year yield was 4bp lower at 2.16
in August, we believe the weaker NBS aimed at encouraging stability are actu- per cent while the equivalent maturity Nikkei 225 index
PMI suggests continued downside risks ally worsening the situation. German Bund yield edged up 1bp to (’000) Change on day 3.84%
21.0
for the economy,” said Barclays. “In terms of growth, it is hard to envi- 0.80 per cent 20.0
“Following the latest move by the Peo- sion what new driver can keep GDP at Elsewhere, a strong rally for oil prices
19.0
ple’s Bank of China, we expect further the desired 7 per cent year-on-year went sharply into reverse. Brent crude
18.0
monetary easing in coming months.” level, absent the kind of deregulation settled at $49.56 a barrel, down 8.5 per
Michael Every, head of financial mar- that the government is retreating from cent, after climbing 25 per cent over the 17.0
Aug 2015 Sep
kets research for Asia-Pacific at rather than moving towards. previous three sessions. US West Texas
Rabobank, warned that further action “A retreat back to state pump-prim- Intermediate was 8.2 per cent weaker at Japanese equities Pharmaceuticals
could be counterproductive. ing and infrastructure/property spend- $45.15. were the day’s biggest fallers as the
“For now the authorities are trying ing, which may be inevitable, will only Copper fell 1.3 per cent in London to sector ran into profit-taking. Takeda
very hard to convince markets that first, worsen debt issues and is already seeing $5,067 a tonne, after hitting a six-year fell 4.4 per cent and Eisai 7.5 per cent
growth will pick up ahead; second, we ever less ‘bang’ for each ‘buck’.” low of $4,855 last week.
488.7p. Traders pinned the move on a
Trading Directory
return of longstanding takeover
speculation, which had been quelled by
Meggitt’s $200m purchase of Cobham’s
composites businesses.
Berkshire Hathaway’s $37bn
purchase of Precision Castparts last
month has helped refresh speculation
that Meggitt might be targeted by a US
peer. The group was continuing to buy
back its own shares yesterday, however,
suggesting it was not sitting on market-
sensitive information.
after Exane BNP Paribas upgraded it to
model could still meet a need for
retailers, in spite of the success of
asset-light grocery delivery services
such as Instacart, but expansion would
be slow and the market was probably
right to price in just $1.5bn of
international retail sales by 2020,
Exane said.
Pumpmaker Weir faded 3.5 per cent
to £13.55 and Lonmin, the platinum
miner, slid 4.8 per cent to 33.4p ahead of
its likely relegation in this week’s FTSE
index review.
Housebuilder Berkeley Homes is
expected to replace Weir in the blue-
chips while Circassia Pharmaceuticals
and software maker Sophos looked
likely additions to the FTSE 250.
Berkeley lost 2.6 per cent to £32.84,
Weir was off 3.5 per cent to £13.55 and
Sophos edged up 0.9 per cent to 268.3p.
Man Group faded 6.8 per cent to
150.2p. The hedge fund manager’s AHL
funds have lost about 6 per cent in
three sessions.
Delta rose 1.6 per cent, but pared
gains to close flat at $43.79, while Copa
made shortlived gains and fell 3.3 per
cent to $49.57. American Airlines rose
0.6 per cent to $39.20 after swinging
between a 1.2 per cent gain and loss.
The S&P 500 lost 3 per cent while the
Dow Jones Industrial Average dropped
2.8 per cent and the Nasdaq Composite
Index shed 2.9 per cent.
Implied market volatility as
measured by Vix, a barometer of
investor sentiment, jumped 2.97 points
to 31.40. The reading remains well
above 20, which is considered a mark of
heightened investor fear but below the
highs reached last month.
The New York Stock Exchange again
invoked Rule 48, which is designed to
ease trading at the opening of the stock
market, in anticipation of a troubled
day for equities.
Trading Directory
The arcane rule, which was deployed
last month as markets fell heavily, FT BUSINESS
allows for the opening of securities Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
without designated market makers Business Wanted, Franchises
disseminating price indications before .....................................................................................................................................................................................................................................................................................................................................................................................................................
Classified Business Advertising
the bell “in the event of extremely high
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
market volatility”.
28 ★★★ Wednesday 2 September 2015

INSIGHT Analysis. Currencies

John
Bilton
Global worries hold EM valuations in check
Bottom draws nearer for units Adjustments beckon
such as Malaysia’s ringgit but
China’s lower demand there is still reason for caution
Currency changes
Against the dollar, since end-Aug 2014 (%)

for commodities is ROGER BLITZ

China Taiwan India Singapore South Korea Mexico Brazil

not the whole story If there is a mood of anxiety across the

US and Europe over the impact of China
catching a cold, there is an air of déjà vu
for emerging market investors.

F
or those tracing the cause of August’s rout in The panicked reaction to “Black Mon-
world stock markets, most roads lead back to day” in Chinese equities suggests much
China. An outsized investor reaction to the fall in of the developed world has only just
the renminbi and dark talk of currency wars woken up to the risk that a slowing Chi-
-3.7%
quickly gave way to very real concerns about nese economy poses around the globe. -8.0% -8.6%
China’s economic strength, compounding the negative But it is nothing new for EM countries.
mood. Yet for all the prevailing attention on China, there “The biggest surprise [about last week’s -11.6%
are actually four themes that will set the agenda for asset market panic] was not that China has -14.3%
allocators as we roll into autumn. slowed but that it has come as such a
First, the timing of the US Federal Reserve’s rise in inter- surprise,” says Paul McNamara, EM
est rates will continue to captivate investors. A rate rise portfolio manager at GAM Holding. -21.9%
this year is highly likely, on the grounds that the US job and China’s slowdown has been worrying
housing markets remain robust, even if inflation still lags. EM countries throughout 2015. It has
Typically stock markets struggle over the first rate rise. been a year of falling commodity prices,
They have historically dipped 5 per cent on average in the partly brought lower by the drip-drip -38.3%
three months after a rise, before regaining their poise and evidence that China’s investment drive FT graphic Source: Thomson Reuters Datastream
outperforming bonds for the rest of the hiking cycle. — which fuelled growth in commodity
Given the focus on the US rate cycle, and the de-risking countries — was being checked.
prompted by China, markets arguably have already dis- Black Monday, says Mr McNamara,
counted much of the weakness normally seen at the start was “a pretty intense dose of what we’ve ‘There’s not Five years of easy money — the quan- Instead, they are doing the opposite. but the health of economies like China,
of a rate rise cycle. After all, if the US economy is strong been seeing all year”. titative easing programmes of the US, Stuart Oakley, Nomura’s head of EM FX, Korea and Taiwan are fantastic com-
enough to justify higher rates, and it is only the recent mar- Take Colombia, a big oil producer. enough Japan and now the eurozone — distorted says capital has been “closing out and pared to other EM countries.”
ket volatility that is staying the Fed’s hand, the start of the The peso had fallen 24 per cent from the conviction to resource allocations in emerging mar- running away from EM and back home” In his view “we are very near to the
cycle should be taken as a signal of normalisation. beginning of the year to Black Monday, play [in EM kets, says Daniel Tenengauzer, head of in fear of slowing and deleveraging EM bottom of EM currencies”.
History tells us investors should dump stocks on the last when it dropped a further 4 per cent. EM FX strategy at RBC Capital Markets. economies and policy shifts. Mr McNamara is more cautious.
rate rise, not the first; cautious optimism on stocks, and a EM countries have been pummelled currencies], “A rising dollar is part of a valuation The main question, he says, is the There will be a turn in some currencies,
clear “buy the dip” mentality, is still a sensible base case. this year by China’s slowdown and the even if adjustment that’s necessary in EM,” he capacity of EM countries to deal with particularly among commodity import-
Second, while a softening China will not derail global continuous focus on when the US will they are says. “Malaysia was very overvalued a portfolio flows moving out of EMs. ers such as India, Poland and Mexico, he
growth, it still has far-reach- raise rates, which has driven dollar year ago. It made a very significant In China, Taiwan, South Korea, Singa- says. “But the big problem is that word
ing global implications. China strength and weakened EM currencies. undervalued’ adjustment and is now close to fair pore and India the strength of other again — growth.
is in the painful process of try-
Sector weakness The result is a fall of a fifth over a year value. Mexico was about 5-10 per cent factors, including net international “We had a brief surge in credit after
ing to move from an invest- implies negative in JPMorgan’s EM currency index. over. Now it’s under. The vast majority investment positions, current account the financial crisis when most of EM cut
ment-led growth model to one How much further can they fall? If fair [of EM currencies] are either close to balances and GDP growth, gives the rates at the same time as the developed
driven by consumption. Mar-
feedback loop valuation were an investor’s only bench- fair value or are undervalued.” lie to the idea that these countries are market. But with the credit leg kicked
ket liberalisation efforts, such for emerging mark then for several EM currencies the But fair valuation is not the only in the grip of persistent, long-lasting away, the export leg isn’t kicking in with
as moves towards floating the answer would be: not much further. benchmark. Mr Sen adds: “There’s not weakness. sufficient strength to really drive EM.”
currency, are fundamental to
economies “EM currencies are now going from enough conviction to play [in EM cur- “The reason a lot of EM economies are The adjustment has been such that it
this process. being overvalued to being close to fair rencies], even if they are undervalued. slowing down is many of them are com- is hard to see EM currencies falling
There is real and concerning weakness in China, but the value or dipping into undervalued Valuations are quite interesting, but modity exporters,” says Mr Oakley. much further, Mr McNamara adds. “But
notion that the renminbi’s drop in value constituted the territory,” says Arko Sen, EMEA strate- because of poor global risk sentiment, “You can’t lump them all together. Bra- without the engine of growth, we are not
opening salvo in some global currency war is far-fetched. gist at Bank of America Merrill Lynch. investors don’t want to take the risk.” zil, Mexico and Indonesia are suffering, going to see a strong EM rally.”
Far more profound is China’s reduced demand for com-
modities, a secular issue that will weigh meaningfully on
emerging markets for some time. The ramifications
extend beyond traditional commodity producers because Equities
the structural decline in commodity prices is likely to
affect many policymakers’ outlook for inflation.
Third, the European recovery and the aftershocks of the
eurozone periphery crisis will remain critical. We should
Manufacturing fall in
not play down the hard road that Greece has ahead, but
that has little bearing on Europe’s broader economy. A big-
China hits global stocks
ger issue will be how the eurozone works through height-
ened political uncertainty — notably the Spanish general
election due late in the year. PATTI WALDMEIR paring back losses. The
European equity earnings growth is outstripping the US — SHANGHAI Shanghai Composite index
MICHAEL HUNTER — LONDON
for the first time in five years, albeit from a much lower closed down 1.3 per cent.
base. Economic sentiment in the euro area remains opti- Activity in China’s manufac- Wang Tao, chief China
mistic, and continued improvements in credit conditions turing sector contracted at economist at UBS, said the
should reinforce the domestic recovery. Significantly for its fastest pace in three reading showed the persist-
Europe, where around four-fifths of corporate financing years, sending global shares ence of downward pressure
comes from banks, lending growth relative to GDP is at its down and exacerbating on growth — a pressure that
best level since before the financial crisis, adding further fears of a Chinese slowdown has triggered a flurry of sup-
support to equity markets for the next 12 months. that have hit global markets. portive measures from Bei-
Fourth, the double dip in oil prices will drive the global jing, dented stock markets
markets agenda. Weak oil, especially in combination with In New York, the S&P 500 around the world and sent
a strong dollar, is not helpful for US equities earnings. If we ended 3 per cent lower at emerging market currencies
account for the effect of oil and the dollar, US earnings will 1,913.9 yesterday as selling into a swoon. “This is why
have gained little ground this year. The bad news is we accelerated going into the [Beijing] has . . . [announ-
have forgone a year of earnings growth; the good news is close of business, led by falls ced] plans to bring forward
we know why, and it is unlikely to repeat in 2016. in energy and financial some key infrastructure
Based on the factors discussed above, there are three stocks. That left the US projects,” Ms Wang said.
areas in which our investment conviction is increasing. equity benchmark just over Frederic Neumann, co-
First, we see the weakness in commodities, metals, bulks 10 per cent down from the head of Asia economic res-
and energy alike as structural — it is too soon to be buying record high it reached in May earch at HSBC, said the PMI
into weakness in the commodity sector. but clear of last week’s 10- numbers added to pressure
Second, this weakness implies lower inflation and a neg- month low of 1,867. The Nas- for more stimulus. “What’s
ative feedback loop for emerging markets, where we daq also ended 3 per cent critical at this point is to avoid
remain cautious relative to developed markets. lower. In London, the FTSE a deterioration in the labour
Third, regardless of whether the Fed moves in Septem- 100 slid 3 per cent as mining market that could ultimately
ber or December, short-dated US interest rates look to be stocks fell sharply. weighonconsumption.”
headed higher, supporting the dollar and potentially Commodities, too, were China’s central bank cut
putting still further pressure on EM economies. hit, with Brent crude sliding interest rates last week and
10.4 per cent to $48.50 a said it would inject liquidity
John Bilton is head of global multi-asset strategy at JPMorgan barrel, and West Texas Inter- into the banking sector.
Asset Management mediate, the US marker, fall- Lian Ping, chief economist
ing 10.1 per cent to $44.23 a at China’s Bank of Communi-
barrel. Both oil prices had cations, expected further
settled roughly 8 per cent weakness before the benefits
lower earlier in the day. of those measures kicked in.
The official Purchasing But “as the government
More comment and data on ft.com Managers’ Index fell to 49.7 policy starts to take effect,
in August from the previous we think there’s little possi-
month’s reading of 50, the bility for the PMI in the last
Y Fast FT Our global economies, headed first time since February that quarter of this year to decline
team gives you market- by Brazil, Russia, India the bellwether figure for further”, he said.
moving news and views, and China. large industrial enterprises Eric Rosengren, president
24 hours a day, five days ft.com/beyondbrics has fallen below 50 — the of the Boston Federal Reser-
a week. ft.com/fastft level that separates expan- ve, warned that slowing for-
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a sion from contraction — and eign economies, stock mar-
irreverent financial blog. look at what is driving its lowest since August 2012. ket volatility and falling
Join Paul Murphy and the global currency The Chinese PMI reading commodity prices could hit
Bryce Elder for the daily market. ft.com/podcasts backs up the earlier Caixin US growth. In a speech in
Markets Live session at flash PMI, representing small New York, he said the devel-
Y Lex Video Analysis and medium-sized enter- opments “might suggest a
11am. ft.com/alphaville
and opinion from the prises, which fell to 47.1 in downward revision in the
Y beyondbrics News and team on the hot issues August from 47.8 in July. forecast that is large enough
comment from more affecting companies and China’s stock markets spi- to raise concerns about
than 40 emerging markets. ft.com/lexvideo ralled as much as 5.8 per cent whether further tightening
lower after the data, before of labour markets is likely”.